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EUROPE Friday October 12 2012

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FTSEurofrst 300 1098.8 1090.03 +0.80
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price yield chg
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UK Gov 10 yr 99.94 1.76 -0.04
Ger Gov 10 yr 100.16 1.48 0.00
Jpn Gov 10 yr 100.39 0.76 -0.01
US Gov 30 yr 97.88 2.86 -0.04
Ger Gov 2 yr 99.92 0.04 -0.01
Oct 11 prev chg
Fed Funds Ef 0.16 0.16 -
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Euro Libor 3m 0.14 0.14 0.00
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per 0.807 0.805
per $ 78.5 78.3
per 125.9 125.5
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Oct 11 prev
per $ 0.773 0.775
per $ 0.623 0.624
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index 83.6 83.7
index 89.33 89.11
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Hungary Ft880 Slovak Rep 3.50
India Rup85 Slovenia 3.50
Italy 3.50 South Africa R28
Jordan JD3.25 Spain 3.50
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THE FINANCIAL TIMES
LIMITED 2012 No: 38,056

Printed in London, Liverpool, Dublin,


Frankfurt, Brussels, Stockholm, Milan,
Madrid, Malta, Athens, Cyprus, New York,
Chicago, San Francisco, Dallas, Orlando,
Washington DC, So Paulo, Tokyo, Hong
Kong, Singapore, Seoul, Abu Dhabi, Sydney,
Johannesburg
US poised for boom
in crude oil exports
Some of the worlds biggest
oil companies and traders
plan to export substantial
amounts of crude from the
US for the first time in
decades, as booming output
promises to reshape energy
markets. Page 15
Flanders secession
Bart De Wever, the moderate
nationalist leader of the New
Flemish Alliance, has turned
a local election into a ballot
on Flanders independence
from Belgium. The latest
polls suggest there is
momentum behind his call.
Page 8
Coke quits Greece
Coca-Cola Hellenic Bottling
Company, Greeces biggest
quoted company and which
earns 95 per cent of its
revenue outside the country,
is quitting in favour of a
London listing and Swiss
domicile. Page 15
Tokyo stands firm
Japan had no intention of
backing down in a spat with
China over disputed islands
regardless of the damage it
might have on economic ties,
said Japans economics
minister. Page 6
Azerbaijan attacks BP
Azerbaijans president has
accused BP of failing to meet
production targets in a move
that could cloud the
companys future in a state
that is a key part of its
business. Page 15
Qatar boom wanes
A 10-year boom is petering
out in Qatar after the
completion of its gas-
exporting infrastructure,
leaving business confidence
at its lowest ebb in years.
Page 4
News Briefing
Separate section
World Economy
Answers to the big issues
depend mainly on events in
the US and eurozone
WithtodaysFT
HowToSpendIt
Wise guise
Tailoring is leading
a renaissance in
menswear
Magazine
An Irish lament
Hubris at the heart of the Celtic Tiger, Page 8
World Business Newspaper
Schuble criticises Lagarde
call to ease up on austerity
By Claire Jones in Tokyo
and Peter Spiegel in Brussels
High-level divisions over the
handling of the eurozone crisis
burst into the open yesterday
when Germanys finance minis-
ter rebuked the head of the
International Monetary Fund
for warning European leaders
to ease their demands for ever-
tighter austerity in troubled
peripheral economies.
Wolfgang Schuble said that
Christine Lagarde had appeared
to contradict the IMFs own
stance in advocating an easing
of austerity, noting that the
fund had time and again
warned that high debt levels
threatened economic growth.
When there is a certain
medium-term goal, it doesnt
build confidence when one
starts by going in a different
direction, Mr Schuble said.
When you want to climb a big
mountain and you start climb-
ing down the mountain, then
the mountain will get even
higher.
He was speaking on the side-
lines of a meeting of finance
ministers and central bankers
in Tokyo just after Ms Lagarde,
the IMF managing director,
backed a study finding that
Brussels and the IMF had
underestimated the impact of
austerity measures on growth
during the eurozone crisis.
Ms Lagarde said eurozone
countries should not stick
blindly to tough deficit targets
if growth weakens more than
expected. They should allow
automatic stabilisers higher
welfare spending and lower tax
revenues to kick in if the
economy deteriorated.
It is sometimes better to
have more time, Ms Lagarde
said, noting that if a number of
countries tried to cut their
budgets simultaneously it could
multiply austeritys impact on
the economy.
The IMFs warnings against
an over-reliance on austerity
came as Angela Merkel, the
least because of the countrys
role to do something for the
stimulation of the economy in
Europe.
Eurozone leaders have in
recent weeks urged tougher
austerity measures in Spain
and Greece even as their
economies shrink rapidly.
Ms Lagarde, however, became
the first senior official to back a
call from Athens for two more
years to hit the tough budget
targets contained in its 174bn
bailout programme. Her call for
slower adjustment, coupled
with the symbolic recent visit
to Athens by Ms Merkel is a
boost to Greece, which is trying
to persuade its eurozone part-
ners to give it more time.
Ms Lagarde said she also sup-
ported the European Commis-
sions recent decision to give
Spain another year to bring its
budget deficit down to 3 per
cent of economic output.
She would not be drawn on
whether Madrid should ask for
additional financial assistance
from the EU but Jos Vials,
head of the IMFs monetary and
capital markets department,
appeared to warn Berlin against
blocking any Spanish request
for assistance.
Mr Vials told Reuters that
creditor countries should not
negate any Spanish request.
Mr Schuble has insisted that
Madrid does not need additional
financing even as Brussels has
been pushing for an aid
request.
Yields on benchmark 10-year
Spanish bonds fell nearly 1 per
cent yesterday despite an over-
night downgrade by Standard &
Poors.
Eurozone woes, Page 2
Editorial Comment, Page 10
Samuel Brittan, Page 11
Markets, Pages 2628
Christine Lagarde in Tokyo: the IMF chief said eurozone countries should not stick blindly to tough deficit targets if growth weakens epa
SoftBank
eyes 75%
stake in
Sprint
By David Gelles and
Paul Taylor in New York and
Anousha Sakoui in London
SoftBank is in discussions to
purchase a controlling stake in
Sprint Nextel, as the Japanese
telecoms group seeks to take
advantage of upheaval in the US
wireless sector.
People familiar with the
matter said they expected Soft-
Bank to take a stake of up to
75 per cent in Sprint, which had
a market capitalisation of more
than $17bn after shares surged
13 per cent yesterday.
Sprint is the third-largest net-
work operator by subscribers in
the US mobile industry, which
is undergoing rapid consolida-
tion. Last week, Deutsche Tele-
koms T-Mobile USA announced
a reverse takeover of MetroPCS,
the countrys fifth-largest
mobile provider.
Sprint also considered a bid
for MetroPCS this year, but its
board backed out at the last
minute. Reports surfaced late
last week that Sprint was con-
sidering reviving its bid, raising
the possibility of a bidding war
for MetroPCS.
A deal with SoftBank would,
however, be likely to diminish
the possibility of a revived
Sprint bid for MetroPCS, whose
shares fell 4 per cent yesterday.
It would also mark the first
overseas telecoms acquisition
for the Japanese group.
Sprint confirmed it was in
talks with SoftBank. Although
there can be no assurances that
these discussions will result in
any transaction or on what
terms any transaction may
occur, such a transaction could
involve a change of control of
Sprint, it said in a statement.
People familiar with the dis-
cussions said SoftBank had been
exploring ways to enter the US
wireless market since this
summer, and held discussions
about a deal for T-Mobile before
settling on a bid for control of
Sprint.
Lex, Page 14
Markets, Page 28
German chancellor, held out the
prospect of government action
including possible tax cuts to
stimulate domestic demand. She
was determined to revive Ger-
manys flagging growth, not
When you want to
climb a big mountain
and you start climbing
down the mountain,
then the mountain
will get even higher
Syrians have always helped those
in need. Its our turn to help them
Angelina Jolie, Page 11
German minister rebukes IMF head Merkel hints at domestic stimulus
BlackRock chief is US Treasury
secretarys key phoneafriend
By Shahien Nasiripour
in Washington
When Tim Geithner, US Treas-
ury secretary, wants a first-
hand account of how financial
markets are interpreting gov-
ernment policies or reacting to
the latest crisis, the man he
turns to most often is Larry
Fink of BlackRock.
Mr Fink, the groups chief
executive, features more fre-
quently in Mr Geithners diary
in a recent 18 month period
than any other corporate execu-
tive, according to a Financial
Times review. The two men
spoke on at least 49 separate
occasions, an average of about
once every 11 days.
Calls and meetings with Mr
Fink in 2011 until the end of
June this year outnumber the
combined calls and meetings
with the heads of the six largest
US banks by assets. Mr
Geithners second most frequent
interlocutor in the corporate
world was his old boss, former
Treasury secretary, Robert
Rubin, now at Centerview Part-
ners, who spoke to him 33 times
in the same period.
Mr Geithners calls with Mr
Fink far outnumber those with
executives at other investment
groups such as Pimco, Fidelity
and Alliance Bernstein.
Mr Geithners diary, which is
open for public inspection,
records all official interactions.
It notes frequent conversations
with one-time colleagues in pub-
lic life, including Larry Sum-
mers and Hank Paulson, two
former Treasury secretaries.
BlackRock declined to com-
ment on Mr Finks conversa-
tions with Mr Geithner. The
Treasury said: The secretary
routinely speaks with a broad
range of stakeholders and mar-
ket participants regarding
domestic and international eco-
nomic matters. The calls usu-
ally ranged from five to 10 min-
utes.
The relationship, that dates
back to Mr Geithners days
heading the Federal Reserve
Bank of New York, reflects how
governments have turned to the
asset manager for advice follow-
ing the financial crisis. Black-
Rock helped the Fed manage the
securities it acquired through
its bail-out of AIG and advised it
on its rescue of Citigroup. It has
counselled European govern-
ments struggling with faltering
lenders, and it has provided
services to several US govern-
ment agencies.
With $3.6tn in assets, Mr Fink
oversees the worlds largest
money manager. Mr Geithner
retires from the Treasury after
the US presidential election.
Geithner seeks help, Page 5
Mo wins Nobel
Mo Yan, the Chinese writer,
has won the 2012 Nobel Prize
in Literature for works of
hallucinatory realism that
merge folk tales, history and
the contemporary. Human
rights activists have criticised
Mr Mo for not speaking up for
jailed Chinese dissidents. One
prominent critic tweeted that
the Nobel committee had
done a huge favour to the
[Chinese Communist] party.
Report, Page 3
OCTOBER 12 2012 Section:FrontBack Time: 11/10/2012 - 20:37 User: raffertye Page Name: 1FRONT EUR, Part,Page,Edition: EUR, 1, 1
2

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For an institution once
nicknamed Its Mostly Fis-
cal for its espousal of aus-
terity during financial cri-
ses, the International Mone-
tary Funds new assessment
in its World Economic Out-
look of the threats from
hasty fiscal consolidation
mark another stage in a
remarkable intellectual
shift.
Some of the IMFs habit-
ual critics its demands for
fiscal tightening during the
Asian crisis of 1997-98 cre-
ated intense controversy
and are still remembered in
the region are no doubt
pleased to see the funds
management sitting down
to a fricassee of sacred cow.
Yet as far as its involve-
ment in rescue programmes
for Greece and potentially
Spain and Italy is con-
cerned, the fund will find it
easier to change its mind
than its policies. Its junior
role in the rescue troika,
alongside the European
Commission and the Euro-
pean Central Bank, means
it will have to convince its
more sceptical fellow lend-
ers that slower fiscal con-
solidation would be helpful.
The WEO section on fis-
cal multipliers is a very
important finding, which
shows the IMF is a credible,
empirically driven institu-
tion not shy of giving up its
own dogma on these
issues, says Jacob Funk
Kierkegaard at the Peterson
Institute think-tank in
Washington. But it is
likely to make only a mar-
ginal difference in forward-
looking changes to [rescue
lending] programmes.
Even within the fund, the
views of the staff and man-
agement do not necessarily
translate into those of the
executive board of share-
holder countries, which
makes the final decisions
on lending programmes.
These are political deci-
sions made by the board. I
am not sure they are going
to care too much about
what the staff thinks, Mr
Kierkegaard says.
In the troika, the Euro-
pean Commission has at
least shown some flexibil-
ity, giving Portugal and
Spain another year to hit
fiscal-deficit targets. But it
remains short of accepting
the IMF view entirely.
Olli Rehn, commissioner
for economic and monetary
affairs, said this week he
thought the IMF had under-
estimated the boost to confi-
dence in financial markets
from rapid fiscal tightening.
And the ECB, whose pro-
spective use of outright
monetary transactions or
direct bond purchases will
give it much more promi-
nence in any rescue for
Spain or Italy, is likely to
be even slower to come
around. Guntram Wolff,
deputy director of Bruegel,
a Brussels-based think-tank,
says: The ECB staff have
generally taken a conserva-
tive view on fiscal consoli-
dation, and it remains to be
seen whether the president
[Mario Draghi] will change
direction.
The eurozone crisis has
already shown that a
change of heart at the fund
does not easily translate
into policy on the ground.
More than a decade ago, the
IMF went through a similar
evolution of ideology about
the need for restructuring
private sector holdings of
sovereign bonds in a debt
crisis, infuriating investors
by espousing a statutory
bankruptcy mechanism for
insolvent governments.
But although IMF staff
wanted early on to consider
restructuring sovereign
debt as part of the Greek
rescue, they were overruled
by eurozone governments
and the ECB, which feared
for the health of European
banks holding Greek bonds,
until a writedown became
inevitable. A recent internal
review of the conditions the
IMF attached to lending
admitted: Institutional
constraints in the euro area
occasionally limited alter-
native policy options that
could otherwise have been
considered notably, debt
restructuring to strengthen
debt sustainability.
Accepting the IMF has a
point on fiscal multipliers
could have similarly un-
pleasant consequences for
eurozone governments and
the ECB in Greeces rescue.
This year, the fund has
struggled to get the other
troika members to accept
that their debt sustainabil-
ity analyses for Greece have
been systematically too
optimistic, overestimating
likely growth and conse-
quent tax revenues at a
time of spending cuts.
If rapid tightening is wor-
sening rather than amelio-
rating Greeces debt bur-
den, the implication is that
official money in the form
of fresh lending or writing
down loans will have to fill
the financing gap.
Paul de Grauwe, professor
at London School of Eco-
nomics, says: Given that
the implication of the IMF
view is more official financ-
ing, that closes the door for
the other troika members.
He says of eurozone offi-
cials: Sometimes when you
talk with them, they accept
the intellectual argument
but then claim they are
bound by treaties and are
unable to act on it.
Additional reporting by
Peter Spiegel in Brussels
See Editorial Comment
See Comment
Troika a barrier to IMFs new f iscal faith
Strategy debate
Fund faced with
persuading ECB
and commission of
the value of slower
consolidation,
writes Alan Beattie
By Michael Steen
in Frankfurt and
Quentin Peel in Berlin
Angela Merkel, Germanys
chancellor, has held out the
prospect of government
action, including possible
tax cuts, to stimulate
domestic demand in the
eurozones biggest econ-
omy.
Ms Merkel said she was
determined to revive Ger-
manys flagging growth, not
least because of the coun-
trys role to do something
for the stimulation of the
economy in Europe.
Speaking in Berlin, she
said the government had
selective tax cuts in mind
as one means to boost
growth. If Germany could
deliver higher domestic con-
sumption, that would have
the advantage that we
would naturally be able to
buy imports from other
countries in the European
Union.
The government is
expecting a growth rate in
the current year of just
1 per cent, compared with 3
per cent in 2011.
But Germany was also
affected by the collapsing
economies in some euro-
zone countries, she said.
Ms Merkels hint of tax
cuts came as economic
institutes said Germany
faced a great danger of
falling into recession if the
eurozone crisis deterio-
rated.
The twice-yearly forecast
by four institutes, whose
analysis influences govern-
ment forecasting, split
experts down the middle on
whether the European Cen-
tral Banks new policy of
offering to buy sovereign
bonds represents a grave
inflationary threat or could
be viewed as a suitable step
to calm debt markets.
While the institutes over-
all forecast was for
Europes largest economy
to grow 0.8 per cent this
year and 1 per cent next,
they said this was based on
a gradual stabilisation of
the eurozone and restora-
tion of investor confidence.
[But] the downside risks
prevail and there is a great
danger that Germany will
fall into a recession, they
said in a report.
On the ECBs so-called
outright monetary transac-
tions, the institutes said it
could shake the main pil-
lar of the currency union,
namely price stability, and
attacked the central bank
for blurring responsibility
for individual policy areas
and sacrificing its independ-
ence from fiscal policy.
However, the Kiel Insti-
tute for the World Economy
and Essen-based RWI both
said bond buying was fun-
damentally suited to sta-
bilising distressed markets
or dealing with fears of con-
tagion. The two other insti-
tutes, the Munich-based Ifo
and the Halle Institute for
Economic Research, took a
much harder line, saying
all bond-buying schemes
represented too great a risk
of unleashing inflation.
Once again, the worlds top
economic policy makers are
grappling with Greeces
troubled 174bn bailout.
Their task is drearily famil-
iar: it is the third time in
18 months it has required
an overhaul and the issues
are almost identical.
Once again, over-optimis-
tic assumptions on Greeces
ability to return to growth,
sell state assets, implement
economic reforms and tap
into the private debt mar-
kets is preparing the way
for a political train wreck
between Athens and its
international lenders.
The call by Christine
Lagarde, the International
Monetary Fund chief, to
give Greece two more years
on its programme is the
clearest public sign yet that
Athens will get the extra
time it wants to reduce its
deficit.
What is equally clear
after this weeks meeting of
eurozone finance ministers
is there is no agreement on
how to pay for those extra
years and the slippage that
has occurred since the bail-
out was rejigged in March.
The mantra from euro-
zone ministers has been
that Greece will get more
time but not more money.
But privately, officials
acknowledge this is impos-
sible. Extending the bailout
programme by two years,
when added to the policy
stasis in Athens during two
elections and a stomach-
churning drop in economic
growth, means eurozone
lenders will have to find
more money somewhere.
The starkness of the task
was made clear in the IMFs
World Economic Outlook
released this week. The IMF
now believes Greeces econ-
omy will shrink 6 per cent
this year and 4 per cent
next year. That is a stun-
ning downgrade, particu-
larly considering that in
March the IMF estimated
Greece would shrink by
only 4.8 per cent this year
and return to flat growth in
2013.
Such a dramatic revision
can only mean a further big
drop in tax revenues. Add
to that a privatisation pro-
gramme that has gone
nowhere and the funding
gap grows bigger.
According to one euro-
zone official, the amount of
extra financing Greece will
need during a two-year
extension is about 30bn.
But without adding more
funding to the programme,
there are very few options
left to bailout lenders.
Athens could try to raise
money itself. It remains
able to raise short-term
funding in the debt mar-
kets, largely by relying on
domestic banks to buy bills,
but borrowing costs are
high and the amount raised
small. Larger-scale reliance
on short-term borrowing is
counterproductive, since it
adds to the debt burden.
That leaves the most
politically fraught choice
for eurozone leaders: taking
losses on their own bailout
loans, which account for
about 126bn of Greeces
outstanding 327bn in sov-
ereign debt, according to
Commerzbank.
Eurozone ministers made
clear their opposition to
any restructuring this
week, but the IMF is insist-
ing any realistic re-evalua-
tion of Greeces programme
must include some kind of
official haircut.
The most likely fudge,
officials say, is extending
the repayment schedule and
cutting the interest rates on
bailout loans, something
that has already been done
twice. But any further rate
cuts will mean eurozone
governments are losing
money on those loans.
In other words, an exten-
sion of maturities and low-
ering of interest rates will
be a haircut. But it will
probably be a more politi-
cally palatable haircut than
a full debt restructuring.
Merkel
signals
possible
cuts in
taxes
Portugal
Greece
Spain
Ireland
UK
Italy
Fiscal tightening
Source: IMF
Change in government budget balance (% points of GDP)
Average growth
Austerity trap?
Average annual % change in real GDP
8.0
5.6 5.3
5.2 3.1
4.2 3.1
2.1 3.9
2.6 1.4
5.0
2009-12 2012-15 (forecast) 2009-12 2012-15 (forecast)
-5.5
-1.1
-0.5
0.7
-0.03
-0.5
2.2
0.7
0.4
2.0
0.3
0.3
The WEO section
on fiscal multipliers
is a very important
finding
Jacob Funk Kierkegaard
Peterson Institute
Greek bailout
problems return
to haunt leaders
More at
FT.com
Euro to confound
Why the single currency
might perform better
than expected
www.ft.com/authersnote
Beyondbrics
Bulgaria: stable
but sluggish
www.ft.com/bb
The deals that failed
The collapse of EADS and
BAE merger talks adds to
a long line of abortive
M&As. In this interactive
graphic we look at 10 big
deals that have collapsed
since 1999
www.ft.com/nondeals
Euro in crisis
Latest news and analysis
of the eurozones
sovereign debt problems,
www.ft.com/eurozone
Greek woes
The likely consequences of
a default and eurozone
exit by Greece
www.ft.com/
consequences
Funding talks
Extending Athens
debt programme
is likely to leave
lenders nursing
more losses, writes
Peter Spiegel
EUROZONE WOES
OCTOBER 12 2012 Section:World Time: 11/10/2012 - 19:08 User: jamesa Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

3
WORLD NEWS
By Jamil Anderlini in Beijing
When the announcement
reached Beijing yesterday
evening that Chinese
writer Mo Yan had won a
Nobel Prize for Literature,
the Chinese internet
erupted with
congratulatory messages.
Many of these messages
were all the more fervent
because their authors truly
believed this was the first
time a Chinese person had
ever won a Nobel Prize for
anything.
References to previous
Chinese winners such as
Liu Xiaobo, the 2010 Nobel
Peace Prize laureate who
is serving an 11-year prison
sentence for peaceful
political activism, cannot
be found in books, on
television or on the
internet in China.
Gao Xingjian, the last
Chinese writer to win the
Nobel Literature prize in
2000, does not register in
the official history and was
not mentioned in news
reports yesterday because
he was living in political
exile in France when he
won.
When each of these men
won, Beijing responded
with vitriol, describing
their prizes as political
attacks on China and
demonstrations that the
prize had lost its authority
and prestige.
This time it was
different, with Chinas
state media crowing over
the great joy felt by the
nation over the first
Chinese national to win
the Nobel Literature Prize
in its century-long
history.
In contrast, the man of
the hour seemed somewhat
underwhelmed. The Nobel
Literature Prize is a very
important literature prize,
but not the top award, Mr
Mo told reporters gathered
in his home town in
eastern Chinas Shandong
Province. It represents the
opinions of the jury.
For the ruling Chinese
Communist party, which
maintains tight censorship
controls on all forms of
artistic expression, Mr Mo
is one of the most
orthodox of Chinese
writers. As vice-chairman
of the state-backed China
Writers Association, his
writing hardly ever
touches on issues related
to contemporary Chinese
politics and he has been
criticised for his refusal to
stand up for fellow artists
persecuted by the state.
In 2010 he openly
boycotted the Frankfurt
Book fair because of the
attendance of Chinese
dissident writers.
More troubling for many
of his contemporaries was
his well-publicised
organisation of fellow
writers to commemorate
and praise cultural policies
launched in the mid-1940s
by former dictator Mao
Zedong. These same
policies were later used to
purge and imprison untold
numbers of intellectuals
and artists in subsequent
political campaigns.
Mo Yan means dont
speak in Chinese and is
the pseudonym of Guan
Moye. He was born in 1955
into a peasant family in
eastern Chinas Shandong
province when the country
was destitute. As China
descended into the
madness of the Cultural
Revolution he was forced
to leave school to graze
cattle at the age of 12 and
after working in a factory
he joined the Peoples
Liberation Army at age 20.
He began to write short
stories in 1981 and in 1986
he graduated from the
literature department of
the PLA art college
although he was not
officially demobilised from
the army until 1997. Most
of Mo Yans writing is set
near his home town in
rural Shandong and many
of his stories draw on his
early experiences there.
His first hit as a writer
came with his 1987 book
Red Sorghum, which
depicted the harsh life of
Chinese peasants in his
home town during the mid-
20th century. The book
was made into a film by
acclaimed Chinese director
Zhang Yimou.
A prolific producer of
new titles, Mr Mo has had
more of his works
translated into foreign
languages than any other
Chinese writer. According
to Chinese media reports,
he is one of the countrys
richest authors despite lost
revenue from literary
piracy.
By Jamil Anderlini and
Leslie Hook in Beijing,
and Lorien Kite in London
Mo Yan, the Chinese writer,
has won the 2012 Nobel
Prize in Literature for
works of hallucinatory
realism that merge folk
tales, history and the con-
temporary.
Celebrated for his gritty
tales of peasant life, Mr Mo
is best-known in the west
for Red Sorghum, a 1987
novel that was adapted into
a film by Zhang Yimou.
Peter Englund, permanent
secretary of the Swedish
Academy, said Mr Mo
offered an inside view of
Chinese society and
described him as a mixture
between Faulkner, Rabelais
and Dickens.
In great contrast to previ-
ous Chinese recipients of
Nobel prizes, such as the
dissident Liu Xiaobo, who
was awarded the 2010 Nobel
Peace Prize, Mr Mos award
was widely celebrated
across China last night.
On Weibo, Chinas micro-
blog service, a search for
Mr Mos name pulled up
thousands of congratula-
tory messages. Many users
congratulated Mr Mo, inac-
curately, for being the first
Chinese to win a Nobel
prize.
Others, however, were
more sceptical. So this is
the first Nobel that China
has officially acknowledged,
is it? wrote one user in
Shanghai. Another wrote in
response: The first one
was moyan [silent], the sec-
ond was still Mo Yan.
Several human rights
activists have criticised Mr
Mo for toeing the party line
and for failing to speak up
for the writers and dissi-
dents who have been jailed
in China.
Michael Anti, a promi-
nent blogger and critic,
tweeted in Chinese that the
Nobel committee had done
a huge favour to the [Com-
munist] party and the gov-
ernment. Now comrade Mo
will have plenty of opportu-
nities to use his status as a
prize-winner to denounce
western interference in
Chinas internal affairs.
Mr Mo is a Communist
party member and former
soldier in the Peoples Lib-
eration Army. As vice-chair-
man of the governments
China Writers Association
he holds a semi-official role
in the Chinese political sys-
tem. He has come in for
criticism for his refusal to
acknowledge or discuss the
award to Mr Liu.
Mr Englund dismissed the
notion that there was any-
thing politically suspect
about the choice of Mr Mo.
This is a literary prize and
it is given on literary merit
alone, he said. Just pick
up any of his novels on con-
temporary China and you
will see that they are
extremely critical of the
Communist elite.
Blog: Mo Yan reading list,
www.ft.com/theworld
Chinese
writer wins
literature
Nobel prize
Mo praised for
hallucinatory work
Former soldier has
official backing
From humble beginnings to national stardom
Bibliography
Red Sorghum (1987)
A novel that deals with the
Japanese occupation and
the difficult lives of farm
workers. The book was
turned into an acclaimed
film.
The Garlic Ballads
(1988)
The tale of the farmers of
Paradise Country, who
have been encouraged by
the Communist
government to plant garlic
but find it is not as simple
to sell the crop as they
first thought. The novel
was banned for a period
after its release in China.
The Republic of Wine
(1992)
A protagonist is sent to
investigate stories of
cannibalism in the
Republic of Wine. This was
deemed subversive
because of its criticism of
Chinese society.
Big Breasts and Wide
Hips (1996)
The story of a woman
born in Xuaner in 1900
during the Boxer Rebellion.
Page turner: Mo Yan was described by the Swedish Academy as a mixture between Faulkner, Rabelais and Dickens AFP
The Nobel . . . Prize
is a very important
literature prize, but
not the top award
Mo Yan
OCTOBER 12 2012 Section:World Time: 11/10/2012 - 19:13 User: hayesa Page Name: WORLD2 USA, Part,Page,Edition: EUR, 3, 1
4

FINANCIAL TIMES FRIDAY OCTOBER 12 2012
An extraordinary 10-year
boom is petering out in
Qatar after the completion
of the states gas-exporting
infrastructure, leaving busi-
ness confidence at its low-
est ebb in years.
Growth in gross domestic
product in the small, gas-
rich Gulf state, classified as
the richest in the world on
a per-capita basis, has
shrunk to 6 per cent from
14 per cent last year.
In an economy where the
government drives two-
thirds of GDP, officials in
state-related entities say
budgets have been delayed,
causing a chain reaction of
non-payment to contractors.
This has sucked some life
out of the economy, with
business activity falling by
about 40 per cent in 2012,
according to senior execu-
tives. Qatar has been far
from sparkling this year,
says one businessman
based in Doha, the capital.
The reasons for the budg-
etary blockages are unclear,
but analysts believe it to be
a combination of inefficient
bureaucracy and a reap-
praisal of long-term spend-
ing priorities. The spending
hiatus is also likely to be
shortlived.
Qatar may be pausing
for breath after a decade of
exceptional growth, but
keep the moderation in con-
text, says Simon Williams,
HSBCs Middle East econo-
mist, pointing out that the
economy will still outpace
most others this year.
Qatar will still grow at
around 5-6 per cent this
year and next way ahead
of what all developed econo-
mies and most emerging
markets are likely to
deliver.
The private sector is pin-
ning its hopes on the rapid
implementation of the infra-
structure programme lead-
ing up to the states hosting
of the 2022 Fifa World Cup.
The budget has earmarked
$17bn for projects in the
coming year, and more than
$100bn will be spent on
roads, rail and other devel-
opments in the next decade.
Businessmen have been
expressing concern at a
lack of clarity over the ten-
dering process and how the
government will co-ordinate
the complex developments.
But officials say the pri-
vate sector which may
have been overly optimistic
about the infrastructure
timeline will have to be
patient.
The Qatar 2022 supreme
committee signed agree-
ments this week with rail,
public works, sports and
electricity authorities to
boost co-ordination. A cen-
tral planning organisation,
advised by Atkins, the UK
engineering consultants,
has already been working
alongside the committee.
Ibrahim Ibrahim, head of
the general secretariat for
development planning, says
some delays in payments to
subcontractors can be
explained by changes to
budgetary procedures.
Budgets have been
changed to shift from
annual cash provision to
multiple-year planning for
longer-term projects. This
may have led to some
delays in the bureaucracy,
he says, adding the govern-
ment is training public
servants to ease the issue.
Disconnection between
decision makers and func-
tionaries is often cited as a
problem in Doha. Business-
men say the bureaucracys
inefficiency is exacerbating
a broader slowdown across
many landmark projects.
Dohas new international
airport a symbol of the
countrys ambition has
been delayed for several
years, with the latest com-
pletion date pushed back to
next year. The authorities
have blamed contractors,
while these companies say
frequent modifications have
contributed to late delivery.
This sense of drift has
infected some of Qatars
best-known projects. The
Doha Debates, a current-
affairs show that has been
broadcast on the BBC since
2004, helped to put Qatar on
the map years before its
investment and diplomatic
interventions raised the
states profile.
Tim Sebastian, founder
and presenter, recently
parted company with
Sheikha Mozas educational
Qatar Foundation, leaving
the ninth season in jeop-
ardy, and has launched
other debate series.
The foundation says talks
over the programme are
ongoing. Insiders say this
is an example of the
broader problems infecting
other state-related entities
as funding fails to material-
ise amid the 2012 slowdown.
I have no idea whether
the Qatar Foundation
intends to continue with
the Doha Debates but at
any rate it wont be with
me, Mr Sebastian says.
By Daniel Dombey
in Istanbul and
Courtney Weaver in Moscow
Turkey yesterday accused
Russia of supplying weap-
ons to the Syrian military
as Ankaras confrontation
with Damascus became a
three-way dispute with
Moscow.
Speaking in Ankara a day
after Turkish jets forced the
landing of a Syrian Airlines
flight from Moscow to
Damascus, Recep Tayyip
Erdogan, prime minister,
said Turkish authorities
had discovered arms and
ammunition on the aircraft
and that they had been sent
by a Russian agency to the
Syrian defence ministry on
the aircraft.
The sender and the
recipient were clear, Mr
Erdogan said in televised
comments, adding that the
weapons had been sent by a
Russian arms manufactur-
ing agency. Passenger
planes cannot transport
such ammunition or
defence equipment.
Earlier in the day, Turkey
issued Syria with a diplo-
matic note accusing it of
breaking civilian aviation
rules by transporting mili-
tary equipment, a position
it repeated to the Russian
ambassador at a meeting at
the Turkish foreign minis-
try in Ankara.
The Turkish government
has not specified what mili-
tary equipment was seized
from the aircraft, which
was later permitted to
resume its flight to Damas-
cus. Turkish media reports
have claimed missile parts
and military communica-
tions equipment were found
on the flight.
But Russia denied all sug-
gestion that it had sent any
such arms shipment, accus-
ing Turkey of endangering
its citizens lives. Syria said
the Turkish government
had committed piracy in
intercepting the aircraft.
Rosoboronexport, Rus-
sias state-owned arms
export agency, denied it had
any cargo on the aircraft,
adding that it transported
goods in accordance with
international regulation
and Russian legislation.
The clash with Moscow
came after days in which
Turkey-Syrian tensions
have risen, after Syrian
shelling of Turkish border
towns that has seen Ankara
return in kind.
There is no UN embargo
on supplying arms to Syria
partly because of a Russia
veto in the UN Security
Council. But Moscow has
rebuffed previous claims
that it is arming its Syrian
ally.
Meanwhile, Alexander
Lukashevich, spokesman
for the Russian foreign min-
istry, accused Turkey of
endangering the lives of the
17 Russians among the
flights 35 passengers.
The Turkish side did not
inform the Russian
embassy in Ankara that
Russian citizens were
among the passengers on
the delayed plane, he
added, noting that as a
result the Russians had no
access to the countrys con-
sular services.
Turkey said that claims
of any danger to the passen-
gers were unfounded, add-
ing that medical attention
had been at hand and that
it only learnt at a late stage
that Russian nationals were
on board.
Russias state-owned
Channel One aired news
programmes throughout the
day that characterised Tur-
keys search of the jet as
haphazard, with Russia
receiving telegraphs every
30 minutes about the air-
crafts imminent departure
from Ankara a pattern
that continued for more
than seven hours.
The dispute came as Rus-
sia and Turkey said they
were aiming at reschedul-
ing a visit to Ankara by
Vladimir Putin, Russian
president, in December. Mr
Putin was due to arrive
next week, but his trip was
delayed before the inter-
ception.
See Comment
One of the most difficult
questions facing Arab
societies hoping to chart a
more democratic future is
how much religion will be
allowed to intrude on their
new constitution. Nowhere
has the debate been as
heated as in Egypt, where
liberals have latched on to
proposed constitutional
clauses to challenge the
dominance of Islamists in
the drafting process.
For weeks, the political
class has been at war over
the proposed article 36 a
carry-over from the 1971
constitution which says
the state will ensure
equality between men and
women so long as it did
not conflict with the
rulings of the sharia.
There is enough sharia, or
Islamic law, in the
proposed constitution, they
argue, pointing out article
2 (which everyone agrees
on) stipulates principles
of sharia are the main
source of legislation.
With Egypt at risk of
being ruled for a long time
by Islamist parties, they
add, basing equality
between men and women
on rulings of Islamic law
could lead to a big setback
for women. Not only is the
Muslim Brotherhood, the
biggest political
organisation, now the
dominant political force,
but it could one day be
overtaken by the more
radical Salafis, who aspire
for Saudi-style social
norms. That identity
politics should dominate
the constitution debate is
not surprising and the
liberals fears are
understandable. But the
focus on article 36 which
ultimately is a losing
battle has overshadowed
other critical concerns that
deserve attention by the
political class, including
what the constitution will
say about civil liberties,
the role of the army and
the system of government.
Even on the question of
religion and politics, the
most egregious clause the
Salafis have pushed for
(and which deserves the
strongest opposition) is to
give al-Azhar, the centre of
Sunni Muslim Islamic
learning, the sole right to
interpret sharia, a move
that would in essence
create a higher, unelected
religious authority.
Essam el-Erian, acting
head of the Muslim
Brotherhoods Freedom and
Justice party, says the
Salafi proposal on al-Azhar
will not pass but he argues
that the liberals are
wasting their time fighting
over article 36, which a
majority of Egyptian
society will agree with.
Let this debate (over
article 36) continue, let
them talk, says Mr Erian.
I have a lot more people
who dont care about this.
The constitution drafting
process in Egypt has been
mired in controversy ever
since the Brotherhood,
which won both the
parliamentary and
presidential elections,
packed the panel writing it
with loyalists. Amid
constant squabbles and
walkouts, the courts,
which have been asked to
consider the
constitutionality of the
panel, have twice delayed a
ruling that could yet
disband the drafting panel.
Accused of a lack of
transparency, the panel on
Wednesday made public a
partial draft of the
proposed constitution. But
the document is a work in
progress, with some of the
most contentious
provisions not fully agreed.
While it might well spur
the needed broader debate,
it could also provoke more
confusion. Importantly, the
draft does not give the
army a special status,
which should consolidate
the transition to civilian
rule. But it also lacks
clarity on the role of a
proposed national defence
council, which will include
military and civilian
officials, and according to
FJP officials, will have
oversight over the military
budget.
Heba Morayef, Cairo-
based researcher for
Human Rights Watch, says
other provisions offer weak
protection against
trafficking in women and
children as well as torture
and vague language on
freedom of association. She
is also concerned by the
built-in right of the courts
to shut down media
outlets. The loopholy
language really worries
me, she says.
One of the curious
elements of the draft, adds
Nathan Brown,
constitutional expert at the
Carnegie Endowment for
International Peace, is that
it suggests a very
presidential system when
the FJP and other parties
say they favour a mixed
presidential-parliamentary
system, with some powers
concentrated in the hands
of the prime minister.
The head of the
constitutional panel
unveiled the partial draft
to promote what he called
a Know your
constitution campaign,
and you can expect a more
animated, and wider,
political debate in the
coming weeks. Whether in
this cacophony, however,
ordinary Egyptians will
understand or engage with
the process is doubtful.
Egypt debate on constitutional reform
must shift focus from identity politics
Ankara says
Russian arms
were on f light
to Damascus
Qatar GDP
Source: IMF
Forecast
Annual % change
0
5
10
15
20
25
2001 04 06 08 10 12*
End of boom saps Qatar conf idence
WORLD NEWS
Listing: dhows moored in the West Bay area of Doha, Qatar, which has seen a 40% drop in business activity this year Bloomberg
GLOBAL INSIGHT
Roula Khalaf
in London
More at FT.com
Alphaville
A tin hat full of dollars
www.ft.com/alphaville
Beyondbrics
Turkey: on track for rerating
www.ft.com/bb
The World
Are Japans neighbours
trying to push it around?
www.ft.com/theworld
Business blog
Microsoft says it is different
www.ft.com/businessblog
Material World
Luxury chiefs lose optimism
www.ft.com/mw
Let this debate
[about article 36]
continue. I have a
lot more people
who dont care
Religion and the role of women are big issues Reuters
Business sentiment
Budget delays and
a slowdown follow
the completion of
gasexporting
projects, says
Simeon Kerr
ONLINE
Arab world: banking & finance
www.ft.com/
arabfinance2012
Syria said the
Turkish government
had committed
piracy in
intercepting the jet
OCTOBER 12 2012 Section:World Time: 11/10/2012 - 18:59 User: hayesa Page Name: WORLD3 USA, Part,Page,Edition: EUR, 4, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

5
As Congress and the White House
squabbled in the summer of last year
over a deal to raise the debt ceiling
and avert sovereign default, policy
makers and investors struggled to pre-
dict how debt markets would react.
Wall Street banks held conference
calls to soothe anxious clients. Bank-
ers and their representatives con-
tacted news media to ratchet up pres-
sure on lawmakers to finalise a deal.
As a critical deadline approached in
late July of 2011, Tim Geithner, US
Treasury secretary, phoned key mem-
bers of Congress, lobbying for action.
Mr Geithner also was regularly in
touch with his old friend Larry Fink,
of BlackRock. During this time, Mr
Geithner and Mr Fink spoke four
times in one week, according to Mr
Geithners diary.
After a debt-ceiling accord was
agreed on July 31, a Sunday night
that capped a weekend of furious
negotiations, Mr Fink was the second
person Mr Geithner called the next
morning, after Ben Bernanke, Federal
Reserve chairman.
Mr Geithner put in calls later that
day to Lloyd Blankfein, Goldman
Sachs chief executive; Jamie Dimon,
JPMorgan Chase chief executive; Jeff
Immelt, General Electric chief execu-
tive; and Warren Buffett, the investor.
Mr Geithners chats with Mr Fink
were among the at least 49 conversa-
tions the two men had over the past
18 months, making Mr Fink the Treas-
ury secretarys most frequent corpo-
rate interlocutor and an emblem of
BlackRocks growing influence in glo-
bal financial affairs.
In a measure of how often the two
men talk, through the first six months
of this year Mr Fink had as many
conversations with the Treasury sec-
retary as Mr Geithner had with
Edward DeMarco, the regulator over-
seeing US-controlled mortgage agen-
cies Fannie Mae and Freddie Mac.
As BlackRock used acquisitions to
build itself into the worlds largest
asset manager, with $3.6tn of client
money, the group has attempted to
position itself as a trusted adviser
beyond simple asset management.
It has been at the side of govern-
ments during the European crisis,
helping the Spanish, Greek and Irish
governments to value complex hold-
ings at troubled banks. It also created
BlackRock Solutions, a unit that
started out as an internal risk man-
agement arm that now sells its exper-
tise to select large clients such as the
Fed. It helped the Fed value, manage
and sell the collection of toxic securi-
ties known as Maiden Lane accumu-
lated at the height of the financial
crisis through its rescue of AIG.
As part of its evolution the group
has begun to explore opportunities
traditionally conducted by its part-
ners Wall Street banks that will
cement and further its influence at
the heart of the financial system.
For example, BlackRock is attempt-
ing to match buyers and sellers of
bonds among its customer base, using
its electronic Aladdin Trading Net-
work, which would allow investors to
bypass Wall Street dealers. The group
also is exploring lending money
directly to bond issuers.
BlackRocks position near the cen-
tre of various financial markets may
explain why its leader, Mr Fink, regu-
larly commands an audience with the
US Treasury secretary.
As investors grew increasingly skit-
tish over the health of US and Euro-
pean banks in the autumn of 2011,
pummelling their share prices and
increasing bets that they would
default after fears of another eurozone
meltdown, Mr Fink and Mr Geithner
spoke or met 16 times in the span of
nine weeks. During that same period
Mr Geithner spoke with the heads of
the six largest US banks by assets a
combined 13 times.
On one of those days, October 18,
2011, which fell in the middle of quar-
terly earnings, Mr Geithner called the
chief executives of JPMorgan, Bank of
America, Barclays, Deutsche Bank,
Morgan Stanley and Goldman Sachs.
The day before, fears about the
health of US household balance sheets
grew on Wall Street after Citigroup
and Wells Fargo reported new signs
that borrowers were falling behind on
their payments, adding to worries
over turbulence in global markets.
After Mr Geithner finished his con-
versations with executives, Mr Fink
called him. They spoke for 10 minutes.
Geithner seeks help on bad days at BlackRock
Telephone records
The number of calls to
Larry Fink reflects the
asset managers influence
in global financial affairs,
writes Shahien Nasiripour
and Dan McCrum
Source: calendar of the treasury secretary
Time for a chat
John Stumpf
Wells Fargo
Vikram Pandit
Citigroup
Number of calls and meetings
with Tim Geithner (pictured)
Jan 1 2011 to June 30 2012
17
13
5
5
2
1
Jamie Dimon
JPMorgan
Lloyd Blankfein
Goldman Sachs
Brian Moynihan
Bank of
America
James Gorman
Morgan
Stanley
49
Larry Fink
BlackRock
FT graphic Photos: Bloomberg, Getty Images
Polls tally shows
Romney gaining
Mitt Romney has gained on Barack
Obama but not yet caught him in
battleground states for the US
presidency, according to a tally of
polls after the challengers strong
debate performance in Denver,
writes Richard McGregor in Miami.
The tightening of the race has,
however, put Mr Romney in a
position where he has a chance of
winning for the first time in months.
It has also energised a voting base
hit by bad news in September.
Mr Obama has been helped since
the debate by better economic news,
with last Fridays headline jobless
rate falling to 7.8 per cent in August,
the lowest in four years.
The close race raised the stakes
for the vicepresidential debate in
Danville, Kentucky, between Joe
Biden and his challenger, Paul Ryan
ordinarily an event that would be
expected to have little effect.
Mr Romney has a slight lead in the
RealClearPolitics weighted average of
national polls, by 47.4 to 46.3, an
excellent result for the challenger
even though the gap is within the
margin of error. Mr Romney lagged
behind in the RCP aggregate by
more than three points before the
debate, which gave him a bounce.
But in an election that is decided
by polls in all 50 states, Mr Romney
is still struggling, especially in the
pivotal state of Ohio, where Mr
Obama retains a sixpoint lead,
according to an NBC/Wall Street
Journal/Marist poll.
In three other swing states, Florida,
Colorado and Virginia, the polls
suggest a race too close to call.
Mr Romney has also narrowed the
gap in Pennsylvania and Michigan,
two states where his campaign had
not been advertising because they
did not think they could be won.
In Florida, where it took 36 days to
declare a victor after the 2000
election, both campaigns have lined
up lawyers in the event of an
exceptionally close race. They are all
already ready to go, said Susan
MacManus, a political scientist at the
University of South Florida.
Details of a CBS/New York
Times/Quinnipiac College poll show
better jobless figures persuaded
some potential voters that the
economy might be recovering.
Additional reporting by Ben Fenton
AT FT.COM
Reaction to
last nights
vicepresidential
debate, plus latest
news and analysis
on the race for the
White House
www.ft.com/
uselection
WORLD NEWS
At least 49 conversations
over the past 18 months
make Mr Fink the Treasury
secretarys most frequent
corporate interlocutor
US ELECTION 2012
OCTOBER 12 2012 Section:World Time: 11/10/2012 - 18:13 User: jamesa Page Name: WORLD4 USA, Part,Page,Edition: EUR, 5, 1
6

FINANCIAL TIMES FRIDAY OCTOBER 12 2012
The UK is to renew ties
with Narendra Modi, the
controversial chief minister
of Indias business-friendly
state of Gujarat, 10 years
after 2,000 Muslims were
killed in inter-religious riots
in the state.
Mr Modi, a firebrand
leader of the Hindu nation-
alist Bharatiya Janata
party, has long been
accused by political oppo-
nents and human rights
groups of complicity in the
2002 riots, when Hindu
mobs attacked Muslim com-
munities, slaughtering men,
women and children.
Mr Modi, known for his
efficiency, dynamism and
tight control over his state,
was accused of discourag-
ing police from intervening
to stop the bloodshed over
several days of violence.
Although he has always
denied the charges, he did
describe the bloodletting as
a natural response to the
death of 58 Hindus in a
train fire that he blamed on
Muslim arsonists but which
some investigators said
may have been caused by a
cooking accident.
In the aftermath of the
riots, EU countries had
what a senior British offi-
cial described as a gentle-
mens agreement to shun
Mr Modi. He was also
banned from visiting the
US. However, as Gujarats
economy has prospered
many western governments
have been quietly restoring
ties.
The British governments
decision comes just days
after Indian election offi-
cials announced Gujarat
would hold state assembly
elections, which Mr Modi is
expected to win, in mid-De-
cember.
Although deeply mis-
trusted by some Muslims,
Mr Modi is admired in
India, including by corpo-
rate leaders, as a strong
administrator whose quick
decision-making and strong
focus on infrastructure con-
trasts sharply with the
chaos and delays in other
parts of India. Increasingly,
he is seen as a future prime
minister of India.
Hugo Swire, the UKs For-
eign Office minister for
India, said Sir James Bevan,
the British high commis-
sioner in New Delhi, had
been asked to meet Mr Modi
and other leading figures in
Gujarat soon.
A senior British official
insisted the visit was not
about rehabilitating Mr
Modi, but rather exploring
opportunities for Britain in
fields such as business,
education, science and tech-
nology. The UK is also
home to a large Gujarati
diaspora of about 600,000
people.
Ten years after 2002, our
interests will be better
served with greater engage-
ment with Gujarat rather
than continued isolation,
the official said. This is
about Gujarat, not Modi. If
you want a closer relation-
ship with a state, you need
to have contact with a gov-
ernment of that state and
its elected representatives.
However, Mr Modis sup-
porters are touting the Brit-
ish move as a sign of the
chief ministers importance,
as India gears up for parlia-
mentary elections in 2014
and the BJP faces its own
internal leadership battle.
Mr Modi, who was on the
election campaign trail in
rural Gujarat yesterday
when he received the news,
expressed satisfaction at
the British decision,
although he declined to
comment on whether it
might foreshadow a change
in Washingtons position. I
am happy that even after 10
years the UK government
and the Commonwealth
have understood the reality
of Gujarat, he said on his
campaign bus in Dakor.
Moments earlier, the chief
minister had boasted to
supporters lining the main
square that his state had
been free of violence for 10
years and that festivals of
all religions, including
Islam, had been celebrated
without problems.
Londons move comes
just six weeks after Maya
Kodnani, Gujarats former
state education minister,
and 31 others were con-
victed for their roles in the
death of 94 people in one of
the most vicious attacks of
the riots. Ms Kodnani, once
a close confidante of Mr
Modi who was elevated to
the cabinet despite her con-
viction for murder, was sen-
tenced to 28 years in prison.
UK renews Gujarat ties a decade after killings
Communal strife
Official to meet a
leader accused over
riots in which 2,000
Muslims died,
Victor Mallet and
Amy Kazmin write
Ministers revival
Narendra Modi became
chief minister of Gujarat in
2001 after rising through
the ranks of the Hindu
nationalist Bharatiya
Janata party, writes Amy
Kazmin. Shortly after, the
state was rocked by riots
when Hindu mobs killed
an estimated 2,000
Muslims, in retaliation for
the deaths of 58 Hindus in
an alleged arson attack on
a train by Islamic militants.
Indias human rights
commission, which
investigated the killings,
accused Mr Modis
government of a
complicity that was tacit, if
not explicit.
In recent years, Mr Modi
has toned down his
rhetoric and attention has
turned to his successful
record as an economic
administrator of Gujarat.
Recent polls show more
Indians support Mr Modi
as a potential premier
than Rahul Gandhi, the
heir apparent of the ruling
Congress party.
A supporter holds a mask depicting Narendra Modi at a rally. Britain denies the chief minister is being rehabilitated AP
WORLD NEWS
By Michiyo Nakamoto
in Tokyo
Japan has no intention of
backing down in a damag-
ing spat with China over
the Senkaku Islands regard-
less of its effect on eco-
nomic ties with its largest
trade partner, Japans eco-
nomics minister told the
Financial Times.
It is best if the two coun-
tries can maintain good
relations, but the problem
has to do with Japans sov-
ereignty over its own terri-
tory so we cannot compro-
mise, Seiji Maehara said in
an interview yesterday.
Mr Maeharas comments
reflect the determination
of Japans Democratic-led
government to stand firm
against pressure from
China to acknowledge its
claim to the string of
islands in the East China
Sea, known in Japan as
Senkaku, and in China as
Diaoyu.
Relations between the
worlds second and third-
largest economies have
been strained by the dis-
pute over the islands, which
are controlled by Japan but
also claimed by China and
Taiwan.
After the Japanese gov-
ernment acquired three of
the islands from their
private owner last month,
Japanese stores and facto-
ries in China were vandal-
ised in violent protests
across the country.
Yesterday, Hong Lei, the
Chinese foreign ministry
spokesman, said the clash
had caused grave diffi-
culty between the two
countries.
On Wednesday it emerged
Zhou Xiaochuan, Chinas
central bank governor, and
Xie Xuren, the countrys
finance minister, had pulled
out of IMF meetings in
Tokyo in a move seen as a
snub to the host nation.
IMF chief Christine
Lagarde said she hoped
China and Japan could
resolve their differences
harmoniously and expedi-
tiously. She said Chinas
top financial officials would
lose out by not attending
the meeting.
The dispute has led to a
sharp fall in the sale of Jap-
anese goods in China and
raised concerns about the
impact on the regional
economy. China accounted
for 18 per cent of overall
Japanese exports by value
in the first six months of
the year. In the first 20 days
of September, the total
value of exports from Japan
fell a 10th from a year ear-
lier, suggesting the dispute
is affecting orders.
A month of such abnor-
mal relations between
China and Japan would
have a negligible effect but
if the situation continued
for three months it could
cut Japanese corporate
sales by 0.5 per cent and
GDP by 0.1 per cent, says
Tomochika Kitaoka, Mizuho
senior economist.
Toyota saw a 49 per cent
drop in sales last month in
China while Mazda and
Mitsubishi Motors saw falls
of more than 60 per cent.
Shiseido, the cosmetics
company, which derives
10 per cent of overall sales
from China, said sales there
had shown double-digit
growth until September
when they suffered a year-
on-year drop. Shopping
malls are putting up signs
that say they will refrain
from selling Japanese goods
and some of our products
are no longer on shelves, a
Shiseido spokesperson in
Tokyo said.
Masao Toyoda, managing
director of F-Tech, a medi-
um-sized maker of car sus-
pensions and pedals which
supplies all the leading Jap-
anese carmakers, said pro-
duction in China had fallen
by as much as half month-
on-month in October.
In the wake of the riots in
China, Japanese insurance
companies, including Tokio
Marine and Nichido Fire
Insurance, said last week
they had stopped writing
new contracts for insurance
against damage to shops
and factories in China
because of the increased
risks. Japanese companies
woes have boosted the for-
tunes of South Korean
groups.
Hyundai Motor and its
affiliate Kia Motors posted
record combined sales of
127,827 vehicles in China in
September, up 9.5 per cent
from a year earlier.
Korean carmakers have
benefited more from the
anti-Japan sentiment
because they compete
directly with Japanese
rivals in the compact car
segment, said Suh Sung-
moon, analyst at Korea
Investment & Securities.
Japans business commu-
nity is frustrated with the
governments stance. Hiro-
masa Yonekura, head of
influential business lobby
Keidanren, blamed the gov-
ernment for the boycott of
Japanese goods in China.
I understand that the
boycott was triggered by
what the Japanese side
did, Mr Yonekura said this
week. We used to think
that politics and economics
were separate but it is truly
regrettable that the two
have become linked to
create this serious situa-
tion.
But Mr Maehara indicated
business concerns were
unlikely to change the gov-
ernments stance.
Additional reporting by
Ben McLannahan, Mitsuko
Matsutani and Nobuko Juji
in Tokyo, and Song Jung-a
in Seoul
Gideon Rachmans blog,
www.ft.com/theworld
Japan to resume lending to
Myanmar, www.ft.com/japan
Tokyo stands
f irm over
disputed isles
The problem has
to do with Japans
sovereignty over
its own territory
Seiji Maehara
Economics minister
OCTOBER 12 2012 Section:World Time: 11/10/2012 - 19:00 User: conlonj Page Name: WORLD5 USA, Part,Page,Edition: EUR, 6, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

7
WORLD NEWS
Bart De Wever lost 60kg on
a crash diet in preparation
for the municipal elections
in Antwerp, Belgiums sec-
ond city. If he becomes
mayor in Sundays poll, he
hopes, eventually, to shake
off the weight of Brussels.
The moderate nationalist
leader of the New Flemish
Alliance party (NVA), Mr
De Wever has turned a local
ballot in Belgiums business
heartland into a referen-
dum on independence for
Flanders and the latest
polls suggest there is
momentum behind his call
for secession.
Europes sovereign debt
crisis which has seen
richer countries bailing out
poorer ones has reignited
separatist sentiment across
the continent. Flanders, the
wealthier Dutch-speaking
northern half of Belgium,
has long resented support-
ing the poorer, francophone
Wallonia.
Mr De Wever believes vic-
tory in Europes second
largest port city will revive
the call for Flanders seces-
sion from Belgium just as
Spains economic crisis has
done in Catalonia.
Serneels Wesley, a con-
struction worker, who used
to vote for an extreme-right
Flemish party, says Mr De
Wevers democratic nation-
alist alliance and his folksy
style have brought seces-
sionist views into the main-
stream.
When I voted for Vlaams
Belang (Flemish Interest)
everybody thought I was a
fascist. Now thanks to De
Wever we have an option to
vote for an acceptable party
that will fight our cause,
Mr Wesley, says as he takes
a break from paving the
main boulevard outside
Antwerps train station.
Mr De Wevers achieve-
ment has been to create a
party that could attract
more centrist and liberal
Flemish nationalists who
would never have voted for
Vlaams Belang, regarding it
as racist and anti-European.
Fernand Huts, a Flemish
entrepreneur who defines
himself as a liberal, says
the NVAs pro-market
reforms would unlock the
industrial potential of Flem-
ish entrepreneurs: Im sure
that the NVA can give big
new impulses to industry
and port services by broad-
ening the port management
with new ideas.
Mr De Wever, who has
never held office, sees the
city hall as a launching pad
for victory in the 2014 Flem-
ish regional elections a
vital step to seeking fully
fledged independence from
Belgium.
Lex Moolenaar, a veteran
political analyst for the
Gazet Van Antwerpen, the
citys daily, said an NVA
victory would be a historic
event in Belgium: It would
enlarge NVAs power at the
regional and national
level . . . the next natural
step would be towards seek-
ing the independence of
Flanders.
Mr De Wever wants to
exploit Flemish resentment
at subsidising poorer parts
of Belgium and believes the
upsurge in secessionist sen-
timent in Catalonia will
help his cause.
NVAs continued rise has
unsettled Flanders tradi-
tional ruling parties, partic-
ularly the Flemish Chris-
tian Democrats, who once
dominated the region, pro-
ducing most of Belgiums
prime ministers over the
last 40 years.
One ex-premier, Wilfried
Martens, a Flemish Chris-
tian Democrat from Ghent,
says mainstream parties
have failed to engage the
public on the need to keep
Belgium unified. The tradi-
tional political families
need to find an answer,
says Mr Martens. We have
to speak about this and con-
vince people.
Antwerp has been run by
socialist mayors for more
than 90 years apart from a
short interval during the
Nazi occupation.
Patrick Janssens, the
incumbent, is widely cred-
ited for having transformed
Antwerp over the past 10
years. Many people who tra-
ditionally vote for the NVA
nationally say they will
support him locally as they
fear that Mr De Wever will
be a part-time mayor who
will spend a lot of time in
Brussels as the NVAs
chairman.
I like De Wever
but . . . [he] will not dedicate
himself full-time to the
city, says Patrick Helle-
mans, Benelux sales direc-
tor of the Italian fashion
group Diesel, who voted
NVA in past elections.
Mr De Wever has coun-
tered such criticism saying
that he would bring the
citys problems to the high-
est level of government.
Tom Lanoye, a popular
Flemish author, says that a
divorce between the north
and south could happen one
day but that it was unlikely
now. If it comes to break-
ing up the country, most
Flemish people are not for
that, he said, at least not
now . . . they might be criti-
cal of Brussels but they
dont want the divorce yet.
Antwerp
vote pushes
secession
up agenda
By Richard Milne, Nordic
and Baltic Correspondent
Lithuanian voters look set
to eject the countrys
centre-right government in
forthcoming elections, mir-
roring a trend in central
European countries towards
the centre left in the wake
of the financial crisis and
deep austerity measures.
The Social Democrats and
the Labour party are likely
to form the next govern-
ment, opinion polls suggest,
before two rounds of
elections taking place on
Sunday and in two weeks
time.
The centre-right ruling
party, Homeland Union-
Lithuanian Christian Demo-
crats, was in fourth place in
recent polls.
The move in the region
towards the centre left is
because of prolonged aus-
terity, said Otilia Simkova,
analyst at Eurasia Group.
People get tired of contin-
ual belt-tightening. So its
mostly about declining sup-
port for the centre right
[rather] than rising support
for the centre left, she
added, pointing to elections
this year in Slovakia.
Romania, which pushed
through swingeing auster-
ity measures after a 20bn
bailout from the Interna-
tional Monetary Fund and
EU in 2009, also saw a
centre-right government
collapse this year, replaced
by a leftist coalition.
However, Lithuanias Bal-
tic neighbours Estonia and
Latvia, which have also
imposed sharp spending
cuts, have seen centre-right
austerity governments re-
elected.
All three Baltic republics
were hit hard by the 2008
financial crisis. Keen to
keep their currencies
pegged to the euro to
preserve hopes of joining
the single currency, they
pioneered the kind of
internal devaluation
lowering real wages and
prices to regain competi-
tiveness now being
attempted by eurozone
periphery countries.
The three suffered among
the worlds deepest reces-
sions in 2009 but returned
to moderate growth in 2010.
Lithuania is seen by busi-
ness executives and ana-
lysts as doing better than
Latvia but worse than Esto-
nia. However, growth is
still fairly modest and
unemployment, though it
has fallen, remains high.
We are a bit surprised by
how weak the rebound has
been in the Baltics. We
would have expected it to
be stronger. And so we are
cautious on growth, said a
senior executive at a Swed-
ish bank active in the
region.
The elections are likely to
see little change in Lithua-
nias stance on the EU, with
a delay to its possible entry
into the euro. Algirdas
Butkevicius, leader of the
Social Democrats, has said
the eurozone needs to sort
out its problems first. Some
time in 2015 is seen as a
possible entry date, com-
pared with the govern-
ments stance of 2014.
Budgets shouldnt be all
about austerity, Mr
Butkevicius has said, point-
ing to measures needed to
improve energy efficiency, a
big issue because of high
heating bills.
Additional reporting by
Neil Buckley in London
Lithuania polls
point to shift
left in elections
Its about declining
support for the
centre right [rather]
than rising support
for the centre left
NETHERLANDS
GERMANY
FRANCE
Nort h
Sea
Ostend
Namur
Antwerp
Lige
LUXEM-
BOURG
Brussels
BELGI UM
100 km
FLANDERS
WALLONIA
Flemish
French
Both
German
Community
breakdown
Mayoral election
NVA leader turns
local poll into ballot
on Flanders
independence from
Belgium, says James
FontanellaKhan
Bart De Wever on the campaign trail: the moderate nationalist is gaining momentum with his separatist stance AFP
OCTOBER 12 2012 Section:World Time: 11/10/2012 - 17:06 User: hayesa Page Name: WORLD6 USA, Part,Page,Edition: EUR, 7, 1
8

FINANCIAL TIMES FRIDAY OCTOBER 12 2012
Ireland
Many see Sean
Quinn as an
incarnation of the
greed and financial
alchemy that broke
Ireland but he
argues he is a
scapegoat for
deeper failings that
Dublin is trying to
brush over.
By Jamie Smyth
A fallen idol
P
aint peeling off the wall in a
corner of Sean Quinns small
office in a half-deserted indus-
trial estate in Derrylin, North-
ern Ireland, illustrates how far Ire-
lands former richest man has fallen.
Three years ago, the Mighty
Quinn controlled a $6bn conglomer-
ate selling everything from cement to
insurance and enjoyed all the trap-
pings of wealth, including private jets
and helicopters. Today, the 66-year-old
entrepreneur is bankrupt and has
been evicted from the nearby head-
quarters of the Quinn Group, the com-
pany he founded on his familys farm
in 1973 with a 100 loan.
This month, Mr Quinn could join
his only son in a Dublin jail because
of his involvement in an elaborate
scheme to put 500m of property
assets beyond the reach of Anglo Irish
Bank, the state-owned lender at the
centre of Irelands financial crisis.
Mr Quinn now accuses Anglo Irish
of conducting a vendetta against him
and insists he has become a scape-
goat. He sees his potential imprison-
ment as an attempt by Irelands
authorities to close a chapter without
tackling deeper failings in Anglo Irish
and the broader establishment.
The biggest disgrace about all this
is they have my son in jail and me
ready to go to it for taking assets
which we believe then and now are
ours, he argues with fists clenched.
The rise and fall of Mr Quinn, who
has been found guilty of contempt of
court and awaits sentencing on Octo-
ber 19, has come to epitomise the
malaise at the heart of the Celtic
Tiger. Only this week, Irish newspa-
pers discovered 100,000 was lavished
on a wedding cake for his daughter
Ciara in 2007. The tale of greed, hubris
and illegality cuts to the heart of
many of the problems that propelled
Dublin to the frontline of the crisis
that has rocked the eurozone.
Most crucially, the Quinn case has
prompted Ireland to bring in foreign-
ers to clean up financial institutions
in a country where family ties and
connections are passports to success
in both business and politics. The
details of his complex financial trans-
actions are a case study in the sort of
overleveraged risk-taking and specula-
tion that lay at the heart of the global
financial meltdown.
But the international resonance of
Mr Quinns financial alchemy seems a
world away from the winding roads of
counties Cavan and Fermanagh,
known as Quinn Country. Few
places better exemplify the fierce
defence of local heroes that pervade
Irish life. Messages of support are
plastered on the lampposts. Bullies
beware! Keep Going Sean the truth is
coming, says one poster. Who
bought the Irish media? asks
another.
Over a lunch of roast beef and
mashed potatoes in Blakes pub in
Derrylin, it is clear many still idolise
Mr Quinn, who created thousands of
jobs in a desperately poor area during
the dark days of the 1970s and 1980s
when sectarian violence convulsed
Northern Ireland. His Slieve Russell
hotel has been a keystone of local
tourism.
Its good to see you looking well
Sean, says one elderly man. Two
priests come over to say goodbye as
they leave the pub and when Mr
Quinn gets up to go there is a chorus
of goodwill and handshakes all round.
Such was the depth of feeling for Mr
Quinn when he was ousted from the
Quinn Group in April 2011 that there
was a spate of vandalism against com-
pany property. The car of the incom-
ing chief executive was firebombed.
There was a lot of bad feeling
when the Quinn group was taken
over. The word used here is that it
was a military coup, says Bernie
Maguire, Mr Quinns sister. People
here are 99.9 per cent behind the
Quinns.
In July, when his son was jailed for
contempt of court for breaking court
orders not to tamper with the prop-
erty assets, 4,000 people rallied in sup-
port of the Quinn family in his home
town of Ballyconnell, just across the
border in the Irish Republic. A second
rally is planned on Sunday.
However, elsewhere in Ireland, Mr
Quinn is viewed as an arch-villain.
People facing severe budget cuts and
tax rises hold him, and those like him,
directly responsible for their pain.
Critics accuse Mr Quinn of destabil-
ising Irelands financial system
through anonymous share buying in
Anglo Irish, a bank that funnelled
tens of billions of euros to property
developers. When that bubble burst
Anglo Irish was nationalised at a cost
of 28bn to taxpayers, eventually forc-
ing Dublin into an international bail-
out. Mr Quinn is accused by his
detractors of costing taxpayers up to
1.6bn from the collapse of Quinn
Insurance and 2.8bn from unpaid
debts to Anglo Irish.
In his defence, Mr Quinn depicts
himself as misguided and thinks
blame should be placed more squarely
on Anglo Irish for extending loans to
his increasingly distressed scheme.
Sean Quinn has painted himself as
a kind of King Lear figure a man
25 per cent of the bank but as it got
cheaper we just seemed to buy more
and we got sucked in, Mr Quinn
says. His decision in 2002 to transfer
ownership of the Quinn Group to his
five adult children placed his family
at the centre of the crisis.
The Quinns are punching back
against Anglo Irish, saying 2.34bn of
the 2.8bn loans given to them are
tainted with illegality. They argue
those loans were intended to manipu-
late the market and are therefore not
enforceable. The Quinns action
against the bank, if it gets to trial,
could pose further embarrassing ques-
tions about how much regulators and
politicians knew about what was
going on at Anglo Irish.
Mr Quinn notes three former Anglo
Irish executives, including Sean Fitz-
Patrick, former chairman, were
charged in relation to the share sup-
port scheme but are free on bail pend-
ing trial while his son, also Sean, is in
prison.
Elaine Byrne, an expert on corrup-
tion for the European Commission,
says the parallels between the col-
lapse of Quinns empire and Anglo
Irish Bank reveal Irelands weak-
nesses in regulation and governance.
Both companies involved chieftains
at the centre of the business who were
shown deference and trust by others
in the company. They were very per-
sonalised businesses where the nor-
mal rules of governance did not seem
to apply, she says.
When the financial crisis struck,
Dublin reformed its regulatory sys-
tem. It merged the financial regula-
tory authority with the central bank
in 2010 and boosted staff by a third. It
appointed foreigners to key posts.
Matthew Elderfield, a Briton, became
the new financial regulator in October
2009 and Mike Aynsley, an Australian,
was appointed chief executive of
Anglo Irish in September 2009.
A whole new brigade came into
Ireland, says Mr Quinn, who main-
tains that the authorities aimed to
strip him of his company and remove
the threat to the state posed by his
familys legal action against the bank.
The bank and the financial regula-
tor deny this, saying they protected
taxpayers. Sean Quinn is being
unreasonable in his assessment of the
banks intentions, says Mr Aynsley
of Anglo Irish, which was recently
rebranded Irish Bank Resolution
Corp. He has chosen to disregard the
court process and is progressing down
a path of duplicitous action, he adds,
arguing Mr Quinn has misappropri-
ated what are in effect state assets.
In March 2010, Mr Elderfield
appointed administrators to Quinn
Insurance, arguing it had failed to
make adequate provision for its debts.
In 2008, Mr Quinn was thrown off the
board of Quinn Insurance and fined
by the regulator for taking 288m in
loans from the company to help pay
for Anglo Irish shares.
Mr Quinn acknowledges this was a
mistake but fiercely disputes Mr
Elderfields assessment that the com-
pany was underprovisioned. However,
in July, Grant Thornton, the adminis-
trator, estimated the final bill to tax-
payers could reach 1.6bn owing to
losses at the companys UK operation.
A year later, Mr Quinn lost control
of the wider Quinn Group as well, in
effect ending his 38-year connection
with the company. Anglo were the
most hated institution in the history
of the state and they have very care-
fully turned that around and now it is
Sean Quinn and his family that are
the most hated, says Mr Quinn.
They have played a tremendous
game here and are running the news
seven nights a week. And all of a
sudden they are the good guys.
Enlisting the help of a corporate
restructuring firm based in Dubai, the
Quinns devised a strategy to move the
Quinn Groups 500m property portfo-
lio out of reach of the bank. They
transferred control of properties in
Ukraine, Russia and India to offshore
companies stretching from Belize to
the British Virgin Islands.
Mr Quinn admits taking part in this
scheme, saying the security Anglo
Irish claims it has on the properties is
not valid. But he says the family
stopped when Anglo Irish secured a
court injunction in June 2011 ordering
them to cease their activities.
The Dublin High Court disagreed,
ruling in June that three of the
Quinns were in contempt of court for
continuing to conduct transactions
related to the foreign properties. The
judge said they acted as far removed
from the concept of honour and
respectability as it is possible to be.
Sean Quinn Jr is appealing against
his jail sentence. His father was
allowed three months to purge his
contempt by helping Anglo Irish
recover the property assets. Peter Dar-
ragh Quinn, Sean Quinn Srs nephew,
an accountant, has fled to Northern
Ireland, from where he cannot be
extradited on a civil conviction.
I felt very disappointed that I had
to be put in a position that I had to
dissipate assets ... that is not in my
DNA, says Mr Quinn, who insists he
deserves public gratitude. There are
few companies in the history of the
state that have contributed more to
the Irish government, taxpayer and
people than I have, he says. Overall,
I dont think that I owe the Irish tax-
payer any apology.
Folk hero: a poster in support of Sean
Quinn, once Irelands richest man, calls
for him to be made Taoiseach, or prime
minister. Another rally supporting him
is planned for Sunday PA
ANALYSIS
Sean Quinn has
painted himself as a
kind of King Lear figure
a man more sinned
against than sinning
On the web
In depth To read more news, comment
and analysis on the crisis that has
rocked the eurozone, go to
www.ft.com/eurozone
Speed read
Humbled Tiger Sean Quinn, once
Irelands richest man and an epitome of
the Celtic Tigers excesses, awaits a
possible jail sentence on October 19
Foreign assets Mr Quinn is fighting
Anglo Irish Bank, the nationalised
lender, over ownership of his groups
500m property portfolio
Local champion Around his home,
Mr Quinn is hailed as the man who
created thousands of jobs during the
worst violence in Northern Ireland
more sinned against than sinning,
says Simon Carswell, author of Anglo
Republic: Inside The Bank That Broke
Ireland. He is certainly a tragic fig-
ure of Shakespearean proportions. He
let greed cloud his judgment and gam-
bled away his fortune. But it is ulti-
mately the Irish public who will have
to pay his debts, he says.
M
r Quinns problems began
in 2007 when he began
betting on the share price
of Anglo Irish. Using
contracts for difference, an anony-
mous form of investment that allows
the holder to bet on price movements
without buying the shares outright,
he amassed a CFD-based holding in
Anglo of more than 25 per cent.
He initially funded the bets with a
750m loan from the Quinn Group.
When the banks share price col-
lapsed, Anglo Irish advanced loans to
cover the groups CFD position and
bolster its own share price. But when
the Irish financial crisis intensified
during 2009, the bank was national-
ised exposing Quinn and ultimately
Irish taxpayers to huge losses.
It was never our intention to own
Property portfolio
A battle to recoup assets abroad
Anglo Irish Banks pursuit of the Quinn
Groups 500m property portfolio has
all the makings of a spy thriller
involving diplomacy, secret videotapes
and legal cases in exotic locations.
Bank documents show 14 properties
in Ukraine, Russia and India with a last
known security value of almost $500m
remain outside of the banks control.
These include the $80m Ukrainia
shopping mall in Kiev, the $180m
Kutuzoff tower in Moscow and the
$26m Q City office development in
Hyderabad. Annual rent rolls running
to tens of millions of euros are said to
be unaccounted for. Anglo Irish claims
this money was transferred offshore
and that the Quinns still control some
of the assets.
The Quinns have admitted to taking
part in a scheme to move control of
properties beyond the bank, arguing
Anglo Irish does not have valid
security on the assets. The Quinns
add they stopped dealing with the
assets after a court order last year.
Dublins High Court ruled against the
Quinns in July, finding that the
assignment of rights to debts of
$44.2m and $163m from Quinn
companies to offshore companies
occurred after the court injunction.
In a later case, Judge Peter Kelly
described the assetstripping scheme
operated by the Quinns as one of
mesmeric complexity.
Never before have I seen such
conduct on the scale demonstrated
here nor with the deviousness with
which this scheme has been
operated, he said.
Dublin has now become directly
involved with Anglo Irishs battle with
the Quinns, with two junior ministers
lobbying counterparts in Ukraine and
Russia, who promised to support any
rightful claims by Anglo Irish.
There are signs that Anglo Irish is
making progress. A bankruptcy
administrator has been appointed to
the Kutuzoff tower to secure rent
amounting to $20m. But unravelling
the complex web of the Quinns
offshore companies and reversing all
the asset transfers will be difficult.
Members of the Quinn family say
they cannot recover some assets
because they have been double
crossed by people who helped them
set up their assetmoving scheme.
OCTOBER 12 2012 Section:Features Time: 11/10/2012 - 17:54 User: paleita Page Name: BIG PAGE, Part,Page,Edition: EUR, 8, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

9
BUSINESS LIFE
Chris Nuttall
Personal
technology
Chris Nuttall picks his favourite
from the latest crop of apps
What it is:
Paris 3D Saga for iPad
Why you should try it: Dassault Systmes has spent
two years creating a 3D rendering of Paris through the
ages. This free iPad app lets you travel through time,
explore famous buildings in their original settings and
use finger swipes to erase the picture to expose the
modern city underneath. There are numerous embedded
explanatory videos from historians and a reallife 3D
flyover of Paris that puts Apples Maps to shame.
Planet of the Apps
Q
uentin George is living in
the future.
Posters recognise his face
then personalise the mes-
sages he sees. High-tech
wristbands monitor his physical activ-
ity levels. With the flick of a wrist, a
new scarf appears around his neck on
a digital screen that is designed to let
people try on clothes virtually.
For Mr George, these space-age
technologies are part of everyday life.
The chief innovation officer at Inter-
public Groups Mediabrands oversees
the advertising conglomerates media
lab, a 5,000-square-foot space tucked
away on the ninth floor of an other-
wise nondescript Manhattan office
building. The lab hosts about 50 cut-
ting-edge technologies that IPG execu-
tives say will revolutionise the way
people watch television, read newspa-
pers, buy groceries, shop for clothes
and interact with friends.
Think of this as a stage, says the
43-year-old Mr George, as he begins a
tour through the series of intercon-
nected rooms decorated with quota-
tions about innovation. The future
aint what it used to be, reads one
from baseball player Yogi Berra.
Stay hungry. Stay foolish, reads
another from Steve Jobs, the former
Apple chief executive.
Media and advertising companies
have for years set up so-called future
labs, designed to serve as crystal balls
that would predict how people would
consume media and respond to ads in
room is a mock retail environment.
As Mr George walks in front of a
movie poster, it recognises him as an
adult male and displays a poster for
the latest Spider-Man film. The tech-
nology works by using cameras and
facial recognition technology to deter-
mine a persons likely gender, age,
distance and time spent in front of the
poster to determine the most appro-
priate ad to display.
An interactive mirror lets custom-
ers take pictures of themselves in a
new outfit, share the image and solicit
feedback from friends via social
media, and buy the item all from the
dressing room. A virtual dressing
room allows people to try on clothes
with special tags that they have taken
pictures of at a store. The tool also
makes clothing recommendations
based on past purchases.
S
ignalling how quickly technol-
ogy is changing executive
suites, the lab also features the
Chief Marketing Officer Desk
of the Future. Positioned at the back
of a conference room, the sleek white
desk takes the form of a high-tech
command-and-control centre, and
includes a touchscreen that controls
six screens hanging above.
The desk is designed to pull in real-
time and historical business data
designed to trigger marketers to make
smarter business decisions. The data
feeds include usage patterns on a
companys website, online buzz about
competitors, purchase data by market,
company share price, economic fac-
tors such as housing starts, and
weather patterns.
Initially the lab was established to
serve other agencies within the IPG
umbrella. Creative agencies would
take clients to the lab for creative
pitches. Media agencies would take
clients to help them understand the
rapidly changing media landscape.
But the lab has drawn such interest
that it is starting to operate as an
innovation agency, attracting clients
of its own.
We create the Cliffs Notes for your
business for technology, Mr George
says. But were still in the early
stages.
Fast forward to the future
On the ninth f loor of a
nondescript Manhattan
office block, Emily Steel
glimpses how marketers
see the coming decades
approaches to health, sport and enter-
tainment. Technologies on display
include the Nike+ FuelBand and the
Fitbit, which track physical activity.
The FuelBand transmits this informa-
tion back to a website, with the idea
that the data can be used to set goals,
break records and track progress.
Also featured are GeoPalz, pedome-
ters for children. IPG executives imag-
ined how a grocery store could tie the
activity-tracking devices to loyalty-
card schemes, where consumers who
met certain levels could redeem
rewards for buying healthy products.
Around the corner from the living
Toshiba Canvio
Personal Cloud
Linksys AC 1750
Smart WiFi
Router
Golden touch:
touchscreen
windows, top,
shelves that
respond based on
which product you
pick off a shelf
and new ideas for
how we consume
media, right, are
just some of the
trends on display
at IPGs future lab
Laura Barisonzi
It has to be connected to
the enterprise, otherwise
it becomes the showroom
of toys
Quentin George
Interpublic
In a former merchants
warehouse in Londons
Clerkenwell, a group of
British manufacturers is
showcasing their products
at Best Of Britannia, an
exhibition of designers and
makers.
One of the exhibitors
selling handmade products
is Anna Felton, who runs
Monkstone Knitwear from
a farm in Wales. She hopes
her business will help
celebrate our traditions
and give the UK the
confidence to make
[things], keeping it local.
Ms Felton was inspired
to launch a business by
the return of livestock to
the farm where she has a
design studio. Based on the
was time and trust in
some spark of talent
inside me. So I dumped in
my time and blood and
sweat, and hoped that I
wouldnt grow to hate it
when it got tangled up
more deeply with money,
he says.
Back at Best Of
Britannia, the newest
business is a few weeks
old: Dawson Denim takes
red selvage denoting top
quality denim from
Japan and turns it into
workwear in its workshop
in Brighton. Kelly Dawson
founded the business with
partner Scott Ogden to
combine her passion for
vintage fashion with
traditional production
methods.
Ms Dawson recognises
that it is a tough market.
We cannot compete
against the dominant
brands on the high street,
so we concentrate on what
we can do best our level
of craftsmanship and
customer service.
The last word
Traditional skills
are inspiring a
growing band of
startups, says
Ian Sanders
farm and an enthusiast
for textile design, it made
sense to use the sheeps
wool. Ms Felton has
established a model
where farmers provide
fleeces that she puts into
manufacture; in return,
the farmers receive a
commission on the final
sale.
This maximises a
sometimes underused
byproduct of a breed of
sheep raised for meat,
while harnessing local
traditional hand-based
trades such as shearing,
spinning and knitting.
We need to re-educate
people in the tradition of
craftsmanship and the
artisan way of working,
she says.
Ms Felton is among a
number of entrepreneurs
launching new businesses
by taking up traditional
production methods.
In a Brooklyn workshop,
3,000 miles away from
Ms Feltons studio, Joel
Bukiewicz makes kitchen
realising he was not going
to make it as a novelist.
I had an itch inside me
that needed to be
scratched, he says. I
made a knife and I loved
it. So I made another and
then another. And then
all of a sudden I was a
knifemaker.
Making a viable business
out of a handmade product
is not easy. Some, such as
Ms Fenton, are finding a
market through platforms
such as Etsy.com, where
people sell handcrafted
goods, or through
crowdfunding sites such as
Kickstarter.
While many people who
are good with their hands
may be tempted to try to
make a living from their
skills, gaining commercial
momentum can take time.
That was Mr Bukiewiczs
experience partly because
of his slow and steady
approach. His modus
operandi is to keep it
simple: he goes to work,
makes knives and sells
Entrepreneurs craft a living from their own handiwork
knives for professional and
home cooks.
His motivation to start
Cut Brooklyn was different
from Ms Feltons. Mr
Bukiewiczs craft was born
out of a need to express
himself creatively and still
make a living after
them in his shop. What
fails to sell in the shop,
he offers online. The shop
also has a sharpening
service and sells wooden
cutting boards.
The shop opens only
two days a week and Mr
Bukiewicz does not take
advance orders. This was
a decision he took to free
himself from the burden of
servicing a backlog of
orders. He wants his
business to deliver a good
quality of life, and not
become a factory operation.
The reality of running
a handmade business,
however, is far from a
perceived idyll of attending
craft fairs. It is about
blending a leap of faith in
your own skills with hard
work to possibly only
scratch a living.
Mr Bukiewicz
acknowledges he had to
match what the market
would bear for his work
against his own needs. My
needs were slender, as was
my skill, but what I had
A home network
with the right
connections

There are so many internet


clouds offering to store
data, it might be wise to
choose a personal cloud
such as this
Canvio model to keep
tabs on all your content.
This 2terabyte or 3Tb
networked hard drive
($220/$250; international
pricing to be announced)
plugs into an Ethernet port
on a router so all devices
in the home can store
photos, video, music and
other files on it.
They can then be
accessed remotely through
a web page or through
forthcoming Android and
iOS apps. The interface is
simple and works nicely,
allowing music as well as
photo slide shows and video
to be streamed.
Knifemaker: Joel Bukiewicz
MORE ON FT.COM
To read more gadget news
and reviews, go to
www.ft.com/personaltech

The laptop on which I am


writing this is one of 21
devices currently online on
my home network. I know
this because of a web page
in my browser that presents
in an easy, visual format
all the information picked
up by the Linksys AC 1750
Smart WiFi router ($220,
155 in the UK).
My laptop, a PC, a game
console, a couple of
iPhones, an iPad, some
network drives, a Sonos
wireless music controller, a
Nest thermostat, a DVR
to name but a few are all
identified and represented
by appropriate icons.
It brings home how many
of my familys devices are
internetenabled. I also
realise what may have been
causing our flaky internet
connections: the router and
network it had established
could not cope.
That has not been the
case so far with the AC
1750, which has provided
solid, superfast connectivity
in its first week of use. It is
one of the first routers to
use fifthgeneration WiFi
known as 802.11ac and
also supports previous
generations such as 802.11n
and 802.11g.
5G WiFi can theoretically
achieve speeds as good as
1.3 gigabit per second, but
more important, the lower
speeds to which it drops
when near the edge of its
range are still much higher
than those of the current
generation, thereby
improving wholehome
connectivity.
The routers Smart WiFi
webpage lets you tweak its
performance easily. For
example, I could drag and
position devices such as an
Apple TV, or applications
such as the World of
Warcraft game, to get
priority access to bandwidth
to stream internet video
and games smoothly.
Other widgets on my
webpage dashboard allow
me to do speed tests,
impose parental controls,
control a guest network and
add thirdparty apps, such
as one controlling a home
monitoring camera. The
dashboard is accessible
from anywhere, so I can
troubleshoot my home
network at work, reducing
those calls from home that
the internet is down again.
Linksys
AC 1300 Media
Connector
News at your fingertips, all the time
Up the road from IPGs media lab,
The New York Times Company
operates its own innovation lab. On
display: technologies mapping how a
news story spreads across social
media and an interactive coffee table
featuring the Times on its surface.
Established more than six years
ago, the labs goal is to spot trends
likely to have the biggest impact on
readers, journalists and advertisers,
says Michael Zimbalist, the companys
vicepresident of research and
development. We think every object
is going to be a platform for content
delivery, he says.
One of the more futuristic products
on display: an interactive bathroom
mirror that recognises the person
standing before it. The mirror checks
her schedule, instructs an appropriate
dress code, provides weather updates
and reminds her to take a
prescription. And while she brushes
her teeth, it shows a threeminute
news update.

The main problem with 5G


routers is that no laptops,
settop boxes or other
devices with 802.11ac chips
are yet available to take full
advantage of the blazing
speeds on offer. Instead,
Linksys offers the AC 1300
Media Connector ($160,
93), which makes gigabit
connectivity that I usually
associate with a wired
connection available over
WiFi.
The ideal location for this
box was by the TV, where
devices such as game
consoles and an Apple TV
have Ethernet ports for
wired connection but are
too far from the router to
be plugged in.
Pushing WiFi Protected
Setup buttons on the
router and the AC 1300
established a wireless
connection between them
and I plugged my devices
into the four Ethernet ports
on the back of the media
connector.
I also plugged in a laptop
and it achieved just as fast
a connection as my PC,
which is wired physically to
the router.
That connectedhome utopia WiFi with more speed
and fewer dropped connections; easy internet
connectivity for streaming video or playing online
games on your TV; and readily accessible storage for
all your videos, music, files and photos gets closer
this week with products from Linksys and Toshiba.
creating a much more understandable
form of an idea than a standard
PowerPoint presentation. It has to be
connected to the enterprise, otherwise
it becomes this showroom of toys,
says Mr George.
IPG executives usually tailor visits
based on the specific business prob-
lem a company is attempting to solve.
The lab begins with the connected
living room, which is lined with grey
carpet, dark couches, electric blue
ottomans and some of the latest inno-
vations in television, gaming and
other entertainment technologies.
These range from gesture-based gam-
ing devices to advanced television
remote controls that operate via a
mobile phone.
One major trend is the idea of the
quantified self, the notion that peo-
ple are harvesting data about their
everyday lives to explore new
the coming decades. The labs typi-
cally were filled with futuristic tech-
nologies think robots, talking mir-
rors and coffee tables with built-in
touch computer screens that wound
up prominently featured in science-
fiction films but often were years
away from reality.
The problem is that with most
labs, you get people excited about
the future but then reality sets in, he
says. We cant deal with holo-
grams . . . Everything in the lab, you
can buy today.
The IPG lab, which launched about
a year ago in New York, showcases
technologies available now. The com-
pany employs a team of digital
experts who decide which items to
showcase in the lab based on their
likelihood of affecting consumer
behaviours and business. The group
has close relationships with technol-
ogy vendors and technologists and
sometimes gets early access to tech-
nologies before they are launched.
Marketing and media executives
visit the space to discuss business
problems with IPG executives and
brainstorm how deploying such inno-
vative technologies could solve those
dilemmas. Carmaker Chrysler, for
instance, is exploring how to use cut-
ting-edge window technologies that
display images on the glass. A televi-
sion network is working with IPG to
reimagine morning TV. A newspaper
publisher is exploring innovative
ways to make money from articles
and other content shared on social
media sites such as Twitter.
For IPG, which directs more than
$35bn in global advertising, the lab
also serves as a Petri dish for develop-
ing new forms of media.
It is also a showroom for working
prototypes of many of those projects,
OCTOBER 12 2012 Section:Features Time: 11/10/2012 - 16:13 User: paleita Page Name: BizLife, Part,Page,Edition: EUR, 9, 1
10

FINANCIAL TIMES FRIDAY OCTOBER 12 2012
Without fear and without favour
Friday October 12 2012
Appraisals are essentially meaningless
From Mr Ted Leary and
Mr Jack Rodman.
Sir, Dag Detters comments, in
Swedish lessons for the new owners
of Spains banks (October 9), are
right on point. We might add two
more.
First, there is likely insufficient
entrepreneurial capital to cover
all the bad real estate loans in
Europe. Buyers have a choice and
will, our experience tells us, enter
the markets where loan/asset sales
are the most professionally
managed and where the assets are
the most rationally priced.
Second, after a dramatic fall in
real estate values, appraisals are
essentially meaningless and the only
way to establish values is through
an open often auction sales
process.
Once those values are established,
buyers will follow. Until then buyers
will seek other opportunities in other
markets.
Ted Leary
Jack Rodman
Crosswater Realty Advisors,
Los Angeles, CA, US
Dont fall into
Osbornes trap
From Mr Philip Jennings.
Sir, George Osborne, the UK
chancellor, has set a honey trap
asking employees to gamble away
labour rights won over a hundred
years for a lump-sum payment. His
plan to give employees ownership
of the company is the kind of get-
rich-quick scheme that led to the
current financial crisis. Employees
should beware. If they fall into the
chancellors trap, out of
understandable personal need, they
will be selling off labour rights for
generations to come.
Mr Osborne should not be allowed
to go ahead with this bribe. Will
those backing the plan, including
high-flying chief executives, be
prepared to sign away their golden
parachutes for 2,000 as well?
Philip Jennings,
General Secretary,
UNI Global Union,
Nyon, Switzerland
Open sales processes establish values
Its as if Id watched a different movie
From Mr Peter Rohowsky.
Sir, Each week I look forward to
reading Gary Silvermans New York
Notebook, and it was with great
interest that I read In search of
the real Barack Obama (October 10).
However, this is the first time that I
must disagree with Mr Silverman
on one particular point: President
Obama did not put me to sleep.
I have been following all the
comments on last weeks debate,
and want to say that I am not alone
among those who thought President
Obama did quite a good job and won
the debate. Indeed, I turned to my
wife and exclaimed Romneys
toast!
But, reading all the comments
following the debate, I feel like one
who has gone to a movie and then
read the movie critics reviews (Nigel
Andrews excepted, for he is flawless)
and wonder just what movie the
critics saw. What I witnessed that
night was an unemployed intellectual
lightweight who had only one
audience, the American electorate
with its limited attention span,
debating with a man who has quite
the full-time job and whose every
utterance can shake markets and
affect foreign policy and capitals
around the world.
I think it is with this in mind
that one should rethink the debate
and the comments that followed
and be thankful that the president
has a sober and steady hand on
the tiller.
Peter Rohowsky,
Far Hills, NJ, US
Corrections
Malaysias debt to gross domestic
product ratio is 52.6 per cent, not its
deficit ratio as incorrectly stated in
an article on October 11.
Ryanair does not support Aer
Linguss proposal to contribute an
extra 100m to the Irish flag carriers
pension deficit, as incorrectly stated
in an article on October 10.
Imagine if Californias lunatics had not been Terminated
From Mr Jeff Lancaster.
Sir, Matthew Garrahan tells us
that Arnold Schwarzenegger had no
trouble standing up to the lunatic
Republican fringe in California (A
show of brass neck from the
Terminator, Book Review, October
8); and we all know what animates
that fringe.
As is well known, for the past 30
years the ever-diminishing
Republican minority has said that
very high tax rates would drive
businesses and productive workers
out of California, that rapidly
expanding spending would bankrupt
the state, that an excessively
generous array of free services
would invite illiterate, illegal
immigrants to stay year-round, and
that the lavish pensions provided to
government employees (especially
prison guards and cops) were
unsustainable.
In 2005, Governor Schwarzenegger
finally sought to do something about
several of these problems but his
Reform Agenda which included a
measure that would require
Californias notoriously
underperforming teachers to wait
more than two years before being
awarded lifetime tenure was
crushed on election day. The
teachers union alone contributed
$60m to defeat the governors
initiatives.
In these same 30 years, California
has descended from dynamo to
basket case, and during virtually all
of this time its politics has been
dominated at every level by
Democrats. Be that as it may, its
nice to be reminded that
Mr Schwarzenegger stood up to the
Republicans lunatics. We can only
imagine the great damage they
might have done to California had
not someone put them in their place.
Jeff Lancaster,
San Francisco, CA, US
Crisis raises hard questions on deglobalisation
From Mr Mark Burges Watson.
Sir, Martin Wolf (Lessons of
history on public debt, October 10)
argues for ultra-low real interest
rates and a buoyant economy as the
mechanisms for exiting the eurozone
fiscal crisis. But buoyant growth is
clearly absent across the region, and
for our hapless Mediterranean
cousins so too are the ultra-low
interest rates required to escape the
eurozone death roll.
As a fiscal dove, Mr Wolf
suggests that the debt to gross
domestic product ratios of the 1930s
should put the panic over todays
far lower ratios into perspective. It
is not until the end of his article
that he raises the crucial
difference between then and now;
namely the current extremes of
private sector leverage. Having
closed off the only apparent escape
route it is odd that he does not go
on to mention the central role of
global trade and investment flows in
any solution.
Zero growth net of inflation
accompanied by stagnant or falling
wages is probably the only cure for
the western consumer frenzy of the
last 20 years, but without enforced
consumption gains in Asia even this
may be an over-optimistic scenario.
Not only must Asia consume
dramatically more, but the west
must also reverse the longstanding
pattern of unskilled people flowing
west and productive capital flowing
east.
If not, then enforced consumption
in Asia risks spiralling borrowing
costs in western nations with the
prospect of potentially catastrophic
social unrest as welfare states
atrophy. Any solution is distant and
elusive, which is why we paid our
policy makers to avoid these messes
in the first place! Given where we
now are there are hard questions
still to be asked about
de-globalisation.
Mark Burges Watson,
Stanley, Hong Kong
Obama has four
years experience
From Mr Richard C. Hoffnung.
Sir, Paul Bloustein raises the old
2008 campaign issue about Barack
Obamas inexperience in holding
political office at the time he was
elected president (Letters, October
11). But that is like beating a dead
horse.
President Obama now has some of
the most important experience of
any president in US history. To give
only two examples, he ended the Iraq
war, and he put through healthcare
reform, something which no
president before him had been able
to accomplish in 100 years.
In comparison, Mitt Romneys only
experience in elective office is one
term as governor of Massachusetts,
when he created a moderate record
which he has spent most of his
presidential campaign trying to run
away from, or against.
Mr Obamas failings are not
from lack of experience. They
come from his lack of courage to
stand up for the principles on
which he ran for the presidency
four years ago, and his pathetic
eagerness to compromise with the
Republicans, or adopt their ideas,
on a host of issues. These include,
among many others, healthcare
reform itself.
In the light of this record, the
presidents weak performance at the
debate was no surprise. Instead of
opposing Governor Romney,
Mr Obama acted as if he were trying
to make a deal with him.
Richard C. Hoffnung,
New York, NY, US
We must not let
macho regulation
kill UK economy
From Mr David O. Clark.
Sir, Brooke Masters (FSA eases
bank rules to lift lending, October
10) talks about Britain being at the
forefront of a global experiment to
use bank regulation to moderate the
economic cycle. Surely Gordon
Brown and Ed Balls did this when
they split bank regulation from the
Bank of England and brought it
effectively under direct Treasury
control? Remember how they
abolished the economic cycle? In the
US the Feds failure to act over
mortgage origination had much the
same effect. Bank regulation has a
much more powerful impact on the
economy than simply tinkering with
the overnight lending rate.
The problem that chancellor
George Osborne faces is not just one
of the government deficit but the
massive consumer credit bubble built
up under the light-touch regulation
dictated by the previous
administration.
Thankfully the Financial Services
Authority is at last realising that the
macho approach to imposing capital
and other regulatory pressure on the
banking sector is having a disastrous
impact on the economy. Whatever
happened to counter cyclical capital
requirements? The worlds regulators
and politicians have been adopting a
precisely opposite approach.
That bank regulation is being
brought back under central bank
control is a move in the right
direction, but we must avoid killing
the economy in the process.
David O. Clark,
Luxembourg
High altitude theory was way snappier
From Mr Mark Krawiec.
Sir, Al Gores excuse that Denvers
high altitude was to blame for
Barack Obamas poor performance
was much snappier than Gary
Silvermans October 10 offering In
search of the real Barack Obama. I
suppose we should concede defeat in
advance if a re-elected President
Obama has to go toe-to-toe with
Vladimir Putin, Kim Jung-un or
Mahmoud Ahmadi-Nejad in defence
of free people; after all, this can be
viewed as a place where no African-
American leader has gone before.
Never mind that Rome is
burning (with 23m unemployed
Americans, middle-class incomes
down nearly $5,000 in the past four
years, and $16tn in US debt headed
to $22tn if he is re-elected). Never
mind that the Middle East is literally
burning with Syrias civil war
Turkey being dragged in, al-Qaeda
flags above US embassies, Israels
existential threat with a nuclear
Iran, Egypt not our ally, Afghanistan
imploding and the Benghazi cover-up
unravelling. No, lets obsess about
Big Bird and vote for four more
years of this catastrophic path.
Samuel L. Jacksons vulgar message
Wake the **** Up should be
heeded by President Obamas base,
no one else!
Mark Krawiec,
Fed-Up American Taxpayer,
Garden City, NY, US
Shanghai Notebook
Medics at the sharp
end of patient rage
Barack Obama is not the only
politician in the world with a
healthcare problem. Many US voters
may hate Obamacare, but their pique
pales in comparison with the anger
of those who will not be voting for
Chinas new generation of political
leaders next month. They are taking
up knife and cudgel to vent their
spleen directly on doctors, since they
cannot do it through the ballot box.
In 2010, the last year for which
official figures are available, the
health ministry says there were
17,000 protests or attacks directed
against doctors or hospitals in China.
The number of incidents, which
continues to rise at a double-digit
rate each year, may have more than
doubled since 2005, official estimates
indicate.
When Chinas political leaders
meet on November 8 for the most
important Communist party congress
in a decade, they will not need to
count ballots to gauge the mood of
the nation: they can count knife
wounds.
Last last month the death of a
woman treated for a sore throat and
fever at a hospital in southern China
triggered a riot of 2,000 people.
Earlier in the month, four staff in
the ear, nose and throat department
of a private hospital in the southern
city of Shenzhen were stabbed by a
patient treated for allergic rhinitis.
In May a nurse was attacked in
Nanjing by a woman who claimed
that a Caesarean delivery at the
same hospital 16 years before had
harmed her sex life. And last year
a Beijing doctor who had operated
on a man with laryngeal cancer
was stabbed by him multiple times
when his cancer returned. The man
sued the hospital in 2008 but knifed
her before the court was able to
hear the case.
Incidents like these are not just
isolated acts perpetrated by those
driven crazy by illness or grief.
Instead they reflect widespread
public anger at the high cost of
medical care in China, fuelled by
corruption in the medical system
where many patients have to pay
bribes just to secure a doctors
appointment.
China has vastly expanded health
insurance coverage in recent years,
but according to a new McKinsey
report, it still spends only about
5 per cent of gross domestic product
on healthcare, compared with
10-12 per cent in western Europe
and 15-17 per cent in the US and
far less per capita. There are not
even two doctors for every 1,000
people in China and many of them
are paid only a few thousand
renminbi per month.
Doctors are under intense pressure
to generate extra income for their
hospitals not to mention
themselves leading patients to
suspect them of practising mercenary
medicine. Patients have
unreasonably high expectations of
the wonders of modern medicine,
and the gap between rich and poor,
in healthcare as in everything else,
is glaring. Patients say they do not
respect doctors and many doctors
say the last thing they want their
children to do is study medicine.
Li Huijuan is a lawyer who sits
on the medical risk control and
management committee of the China
Association of Medical Doctors. She
represents the family of Wang Hao,
a trainee doctor at a hospital in
northern China, who was killed
recently by a 17-year-old whom he
had never even treated.
The assailant, who became enraged
after repeated hospital visits failed
to cure his tuberculosis and back
problems, spent Rmb4.30 ($0.68) on a
fruit knife at a nearby supermarket,
and attacked the 1.8-metre tall
Dr Wang because he feared the tall
doctor would otherwise block his
way, Ms Li said.
Ms Li says trust between patient
and doctor has hit such a low level
that both sides start assembling
material for litigation even before
they know there is a problem:
patients video record doctor visits
and doctors cover their backs by
ordering extra tests that cost
patients more money, all to defend
themselves in a potential lawsuit.
She dates the sharp rise in attacks
to new rules of evidence issued in
2002, which require hospitals and
doctors to bear the burden of
proving their innocence.
A Peoples Daily Online poll, taken
soon after the attack on Dr Wang,
found that a chilling two-thirds of
respondents had been delighted to
hear of the attack because the victim
was a medical professional.
Chinas next generation of political
leaders will probably want to do
something about that. If they dont,
Beijing will learn the hard way that,
even in China, there is such a thing
as a third rail in politics and it
is called healthcare.
patti.waldmeir@ft.com Your luggage is in Turkey
Patti Waldmeir
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
The Solomonic
advice of the IMF
The funds consistent advice deserves a serious hearing
At a time of fierce debate on how
best to reignite the recovery in
individual countries and interna-
tionally the International Mone-
tary Fund has emerged as a
respected arbiter of economic poli-
cies. When Christine Lagarde, the
IMFs chief, warned against possi-
ble excesses of austerity this week,
it was bound to cause waves.
Ms Lagardes words, and those of
the funds technical staff, should
be pondered not pounced on. Not
just because there can be no doc-
trine of IMF infallibility like
most other forecasters it has been
proved over-optimistic on the
strength of the recovery. But also
because the funds message is con-
sistent with, not contrary to, what
it has been saying for some time.
Ms Lagarde repeated the advice
she has given before, and with
which this newspaper agrees.
Countries should stick to their
deficit-cutting policies, but not to
nominal targets. Deficit-reduction
outcomes may slip in the face of a
worse slowdown than expected,
but policies should not nor
should new cuts be put in place to
catch up. Governments with fis-
cal breathing room should avoid
cutting, while those without it
must cut at the right pace. In par-
ticular, Greece should be given the
two more years it is asking for. In
the UK, further monetary stimulus
and better targeting of taxes and
public spending must come before
any fiscal relaxation unless growth
prospects deteriorate further.
Much is being made of the IMFs
new estimates of fiscal multipli-
ers the link between fiscal pol-
icy and economic growth. These,
the fund finds (though from a dis-
appointingly rough analysis), were
greater in the past few years than
in the preceding decades. Olivier
Blanchard, the IMF chief econo-
mist responsible for the findings,
attributes them to the cumulative
damage of many states cutting def-
icits simultaneously and to insuffi-
cient monetary accommodation as
conventional policy has run out of
road. This, too, is consistent with
past and present advice. It is a
mistake to take the new IMF num-
bers as a call for fiscal stimulus, as
Mr Blanchard himself strongly
underlined in an interview with
the German press.
That the IMF is not changing its
tune does not mean it need not be
listened to. The eurozone in partic-
ular should heed Ms Lagarde and
Mr Blanchards calls for a banking
union and for making the mone-
tary unions fiscal ideology more
growth-friendly. Overhasty consol-
idation in the periphery and a lack
of balancing moderation in the
core is hurting not just Europe but
the whole global economy.
Montis realism
What is good for the economy can be good for the electorate
When Mario Monti took office last
autumn, Italys technocratic prime
minister raised taxes aggressively,
surprising the markets and help-
ing to restore a measure of credi-
bility. The fiscal package his gov-
ernment proposed this week
includes a more pleasant shock for
Italys citizens: a rate cut in the
two lowest brackets of income tax.
Mr Monti should probably have
favoured trimming Italys payroll
taxes, which remain too high. This
would have better helped competi-
tiveness and foster job creation.
But his strategy of shifting the tax
burden away from labour is right
and should be an example for
other European countries.
The package should not be seen
as a relaxation of austerity. Italys
commitment to balance its budget
in structural terms by 2013 meant
that the tax cuts had to be accom-
panied by more pain. On balance,
the measures passed this week are
contractionary, not expansionary.
But Mr Monti has shown sound
judgment in choosing where to
wield his axe. Pushing ahead with
a further curb on government
spending, both nationally and
regionally, was right. Italys public
service is riddled with waste. Cut-
ting resources need not compro-
mise the quality of services.
In fact, the government should
have been braver and cut deeper.
Instead, it increased value added
tax by one percentage point. True,
as VAT is also levied on imported
goods; its adverse effects will not
fall solely on domestic producers.
But this increase will further
depress consumer spending, which
is already at record lows.
The measures passed by Mr
Monti have a political twist that
belies the technocratic nature of
his government. But this is no bad
thing. The cut in income tax is a
glimmer of hope for a population
struggling with a deepening reces-
sion. No austerity programme will
succeed without social cohesion.
Mr Montis tax cut holds a lesson
for Italys political parties. As they
prepare for the next general elec-
tion, scheduled for the spring of
2013, their temptation to make
unrealistic promises is growing. As
Mr Monti has shown, it is possible
to advocate measures that are both
politically popular and economi-
cally sensible without reneging on
fiscal consolidation.
The European Central Bank has
temporarily eased the pressure on
Italys public debt. But as Madrid
edges closer to a rescue, Rome
could soon fall under the spotlight
again. So far, investors have given
Mr Montis realism the benefit of
the doubt. They will have no
patience for electoral gimmickry
by the politicians.
Scotlands vote
Referendum deal risks setting undesirable precedent
Britains parliament has debated
whether to lower the voting age
from 18 to 16 on at least five occa-
sions since 1999. Each time it was
decided to maintain the status quo.
But the compromise struck
between David Cameron, British
prime minister, and Alex Salmond,
Scotlands first minister, over the
forthcoming referendum on Scot-
tish independence risks overturn-
ing this constitutional position via
the back door.
On Monday Mr Cameron and Mr
Salmond will meet in Edinburgh to
shake hands on a deal setting out
the terms of the referendum. The
two sides have wisely agreed that
voters should be presented with a
single question: Do they want to
be in or out of the union?
Mr Salmond, aware that popular
opinion is moving away from out-
right independence, had pushed to
include the third option of what
has been termed devo max a
form of greatly enhanced fiscal
autonomy within the union. The
argument against such a multiple-
choice option is clear. Unless
defined and pre-negotiated, it
would leave the constitutional
position uncertain. Such a pro-
posal should properly be the sub-
ject of a separate discussion
between London and Edinburgh.
But if Mr Cameron is right to
stand firm on a single question,
the price he is paying for that is
too high. He has conceded that the
Scottish government would have
the right to set the rules and the
governing Scottish National party
is preparing to open the vote to
people as young as 16. This would
not only create an anomaly in the
UK with those under 18 outside
Scotland remaining disenfran-
chised. It would also create the odd
situation that those voting in a
constitutional referendum in 2014
would not have a vote in the fol-
lowing years general election.
The UK government dismisses
fears that this would set an unde-
sirable precedent that would
undermine its own stance on the
voting age. But this reasoning is
questionable.
There may be a case for lowering
the voting age. Sixteen-year-olds
are subject to laws on marriage,
labour and tax. But any change
should be the result of public con-
sultation and parliamentary
debate, not backroom political hag-
gling.
Mr Cameron and his government
are about to embark on a two-year
campaign to convince Scots once
and for all of the merits of the
union. But it is hardly auspicious
that the starting point of the cam-
paign undermines the very British
constitution that they are claiming
to defend.
COMMENT ON FT.COM
Authers note
Alan Ruskin of Deutsche Bank on why
the euro might do better than expected
www.ft.com/authers
The deals that failed
After EADSBAE talks collapse, we look
at other big deals withdrawn since 1999
www.ft.com/nondeals
OCTOBER 12 2012 Section:Features Time: 11/10/2012 - 19:46 User: paleita Page Name: LEADER USA, Part,Page,Edition: EUR, 10, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

11
There are two sides to any
relationship. If it is fair to say a
more assertive China signals dangers
ahead, will the US do anything to
steer Beijing away from a zero-sum
approach to great power politics?
The rhetoric of the presidential
campaign scarcely lifts the spirits.
Mr Obama promises to restrict
Chinese imports; Mr Romney wants
to declare Beijing a currency
manipulator. Paul Ryan, the
Republican vice-presidential
contender, thinks it is time for the
US to go to the mat with China,
whatever that means.
Mr Obamas pivot to Asia has
prompted a counter-reaction in
Beijing. Yet China is by no means
entirely at fault in the latest
maritime flare-ups. The return of the
US has emboldened some of Chinas
neighbours. Beijing sometimes has a
case when it says that others were
first to disturb the status quo.
There are no quick fixes to these
disputes, rooted as they are in both
history and access to future natural
resources. What is needed is a new
status quo to avoid the ratchet
effect. An east Asian arms race is in
no ones interest. And there is a lot
more at stake than a string of
uninhabited islands.
philip.stephens@ft.com
The harmful myth of the balanced budget
disappointing behaviour of the
national economy. But the
discrepancy between the various
versions will remain, as will the
conundrum about which total the
budget balancers should target. All
that we can be sure of is that the
aim of almost eliminating
government borrowing by 2016-17
will be pushed out further in time.
Is there no alternative to this dull
drip-drip of austerity? Christine
Lagarde of the International
Monetary Fund has called for a
slower pace of adjustment.
A much cited chapter in the new
IMF World Economic Outlook cites
the many pitfalls in policies of public
debt reduction. The budget deficit is
not the only factor affecting the debt
to GDP ratio. The interest rate,
inflation rate and real growth rate
all matter. Indeed the largest debt
reductions have usually been the
result of hyperinflation.
The worst example cited of
counterproductive fiscal austerity is
the UK between the wars. Real
output in 1938 was barely above the
1918 level. Yet for all these sacrifices
it was not until 1990 that public debt
reached its pre-first world war level.
Admittedly policy in the interwar
years was handicapped by the twin
pursuit of an outmoded parity with
gold and fiscal austerity. Today we
have merely the latter. The most
successful recent case of austerity,
that of Canada a few years ago,
benefited from rapid real growth
internally and in the US.
Yet critics of austerity sell
themselves short by merely calling
for a deceleration in deficit
reduction, as Ms Lagarde has done.
I have no doubt Oliver Cromwell
could balance the UK budget with
sufficiently draconian measures. But
there are such things as conflicts of
objectives. The aim of the
macroeconomic side of a national
budget should be to help balance the
economy. George Osbornes
comparison, when he took office as
chancellor, of the national budget to
every solvent household in the
country was wrong, wrong, wrong.
Around the same time Sir Mervyn
King, governor of the Bank of
England, called for a grand bargain
in which lower domestic demand in
deficit countries was offset by an
increase in domestic demand in the
surplus countries. Predictably there
was no such bargain and the half-
million increase in UK export sector
jobs he hoped for did not materialise.
There is really no alternative to an
alliance of the willing of countries
deciding to go ahead with internal
Keynesian expansion however much
Bourbons protest.
But would not the puncturing of
the balanced budget myth give the
green light to vast government
profligacy? There is no sure way of
safeguarding fools from their folly,
but there are institutional devices
that could lessen the danger.
I suggest a threefold division of the
national budget. The first would be
normal current expenditure, such as
spending on teachers or soldiers,
which would be always covered by
revenue. The second would be a
I have no doubt that
Oliver Cromwell could
balance the UK budget
with sufficiently
draconian measures
A new housing boom is set to lift Americas economy
1-2 percentage points to annual
growth in gross domestic product
and up to 4m jobs over that period.
It is the depth of housings fall
that has laid the foundation for this.
And it is hard to exaggerate how
deep that was. Single family housing
starts, for example, averaged 1.4m
annually during the 2000-04 period,
before the bubble. After it, they
plunged to an average annual rate of
500,000 and stayed there. New home
sales, which previously averaged
900,000 a year, fell to a third of that.
And residential investment, which
averaged 4 per cent of US GDP over
the 25 years ending in 2005, has
accounted for only 2.5 per cent of it
since 2008.
Now, however, the cycle is upward,
starting with prices. The S&P/Case-
Shiller Composite 20 City Home Price
index has risen 8 per cent since
March. Indeed, Barclays has
projected that, by 2015, nominal
home prices will exceed their 2006
peak. Home affordability is also way
up, as the ratio of mortgage
payments to both income and rents
has never been more favourable.
Moreover, the relationship of home
prices to household income is back
to the level of 30 years ago. Rising
prices and affordability, of course,
lead directly to the buying and
building of homes.
Second, the levels of relevant
supply have fallen sharply. The
number of homes for sale has fallen
back to its long-term average of 2m.
Yes, there is a larger shadow
inventory of homes that are in
foreclosure or carry delinquent or
defaulted mortgages. However, many
of these are distressed, in that they
have not been physically maintained.
This means that the supply has
become two-tiered quality homes
and distressed homes. For most
buyers, only the first of these two
markets is relevant and the supply
there is approaching its lowest level
since 1992.
Third, housing demand is going to
be strong, driven by demographics.
The International Monetary Fund
forecasts that the US population will
increase by 15m during the 2012-17
period, more than the increase of
the past five years. The two groups
of the population that are growing
fastest are the over-55s and the
so-called echo boomers, the
grandchildren of the baby-boom
generation. The first group has the
highest rate of home ownership.
The second has been renting
disproportionately, and is primed to
start buying. JPMorgan estimates
that 6m new units of housing are
needed by 2017 just to serve the
bigger population.
Then there is the coming recovery
in household formation. According
to JPMorgan, this rate was steady
at about 1.4m annually from 1958 up
to 2007. But, it plunged below 500,000
for the three years following the
financial crisis, as young
people moved in together or lived
with parents. Now it has doubled
from that level and estimates of
pent-up households are at an
all-time high. Most expect formation
rates to rise much further still,
exceeding the 50-year average for a
few years.
Finally, the availability of
mortgage credit is starting to
improve. Underwriting standards
tightened sharply following 2008 and
the proportion of home sales that are
financed by new mortgages is now at
a 10-year low. However, household
finances have improved sharply, with
debt service ratios returning to pre-
crisis levels. Moreover, banks also
need the income from originating
mortgages. Mortgage credit
availability is therefore opening up,
which also boosts home sales.
For now, the stubborn economic
headwinds that began in 2008
continue to suppress US growth,
which crawled along at a rate of
only 1.7 per cent rate for the first
half of 2012. While it may take the
best part of two years for these
headwinds to die, the stage is being
set for a strong economic recovery
beyond that. And the housing boom
will be its biggest driver.
The writer, who served as US deputy
Treasury secretary from 1993 to 1994,
is founder and chairman of
Evercore Partners
Roger Altman
Samuel Brittan
S
o you think it only common
sense that a government budget,
like that of a family, should
balance? But what do you mean by
balance? In Britain, for example, the
last estimate prepared for the
Treasury by the Office for Budget
Responsibility says the governments
current deficit in 2012-13 will be
95bn and its net borrowing 92bn.
As percentages of gross domestic
product these come to 5.8 per cent
and 6 per cent respectively. But do
not think this is the end of the
matter. Another item entitled
cyclically adjusted current balance
is put at 4.2 per cent.
Then there is, probably the most
important, the primary deficit
roughly how far the government is
from reducing its debt. This is put at
3.2 per cent and in its cyclically
adjusted form at 1.3 per cent. And if
you have not had enough numbers
you will find a 5.9 per cent estimate
for the deficit under Maastricht
treaty definitions.
These numbers are likely to be
revised unfavourably owing to the
deserve their special place in ruling
the country. He is animated when
the conversation turns to sport. He
is better connected in the Peoples
Liberation Army than Mr Hu.
Thats about it. As for his
temporary absence, all the resources
represented by the wests diplomats,
spooks and eavesdroppers have
turned up, well, some plausible
speculation. The official story about
back strain seems weak. The best
alternative guess is that he had some
sort of surgical procedure not life-
threatening but sufficient to keep
him out of action and out of the
public eye for a few weeks.
Ask the Sinologists where Mr Xi
would like China to be when he
steps down in 2023 and conjecture
turns to complete guesswork. The
fact of Chinas rise has made his
generation more confident than their
predecessors. But will confidence
turn to arrogance, assertiveness to
expansionism?
In Washington officials talk about
three strands in Chinas foreign
policy. The first of these Deng
Xiaopings admonition that China
should bide its time forged a
masterly compromise between doves
and hawks. The former were assured
that foreign entanglements would
not get in the way of domestic
development; the latter that their
moment would come when China
was sufficiently strong. Mr Dengs
wisdom still has a following.
A second strand says that even a
powerful China has little to gain
from conflict with the US: that
mutual dependence is a fact of
political as well as economic life.
Support for this stance has
weakened. The third contends that
China has suffered enough
indignities; the time has come for it
to reclaim its rightful status and
place in world affairs. The view finds
champions in the PLA.
Where Mr Xi sits will be critically
important. His few public utterances
I
t is probably a coincidence that
China will parade its new leaders
only a couple of days after the
US chooses between Barack Obama
and Mitt Romney. Mid-October had
seemed a more likely date for the
18th congress of the Communist
party of China. But there was a line
to be drawn under the disgraced Bo
Xilai. Then there was the mysterious
disappearance of Xi Jinping, the
presidential heir apparent.
Coincidence or otherwise, the
timing is a reminder that the
relationship between the two powers
will shape the international order for
the next several decades. Whether or
not the US and China manage to rub
along together could make the
difference, quite literally, between
war and peace. Will they be rivals or
enemies? The historical precedents
for encounters between established
and rising powers are discouraging.
Whenever I talk to western
officials with long experience of
China, I am reminded of just how
little is known about its inner
workings. China has opened its
economy to the world but the
personalities and dynamics of its
politics remain opaque. As for Mr Xi,
his quite numerous encounters with
foreigners have thus far presented a
perfect definition of inscrutability.
Those few who have spent many
hours in discussions with Hu
Jintaos successor confess to having
only the sketchiest notion of where
he wants to lead China. He is
confident, yes. He thinks that the
so-called princelings scions of
the partys revolutionary heroes
put him closest to the hawkish end
of the spectrum. Nationalism runs in
the partys bloodstream so he will be
no soft touch when it comes to
territorial disputes in the South and
East China seas. Yet whether this
amounts to a desire for confrontation
with the US is an open question.
Chinese officials have made much
of Americas economic troubles in
the wake of the financial crash.
Some see the start of an inexorable
decline. Others are less sure. The US
has many advantages, from
demography to economic dynamism,
geography to technological prowess.
Either way, Mr Xi will inherit his
own challenges. The defenestration
of Mr Bo may have settled the power
struggle at the top but China can no
longer rely on double-digit economic
growth. The population is ageing.
Wages are rising and workers are no
longer pliant witness the recent
rioting at plants run by the Foxconn
contract manufacturer.
There is no great clamour for
western-style democracy, but Chinas
digital media buzzes with calls for
more accountable governance and for
an end to the corruption that fuels
the ostentatious consumption of the
super rich. Mr Xis first, second and
third priority will be to sustain party
authority in the face of this rapid
and unpredictable social upheaval.
Fewer homes for sale,
a pickup in household
formation and better
mortgage availability
will drive the recovery
capital budget some of which
governments could borrow, but
strictly at market rates of interest.
The third section would be a
stabilisation fund which would inject
purchasing power when depression
threatens and remove it during
periods of inflationary pressure. It
would not be confined to the
traditional public works but could
include any types of public spending
and also tax remissions. This
approach would help to distinguish
economic arguments about fiscal
stimuli from political arguments
about the size of the state.
This third section could best be
financed at zero or low interest rates
by advances from the central bank,
as it would be a respectable form of
the helicopter drop. The threefold
division could perhaps be policed by
a body such as the Office for Budget
Responsibility. And in the
background there needs to be a
national policy goal such as a
nominal GDP objective. Nit-pick
these ideas as you like, they are
more promising than everlasting
austerity and slump.
www.samuelbrittan.co.uk
T
here is no sector of Americas
economy that is more cyclical
than housing. If it is pushed
down far enough and long enough,
as it was in the post-2008 housing
depression, it will eventually snap
back to levels that exceed historical
norms. That turn in the market is
occurring now and it should become
a boom by 2015. It will be powerful
enough, together with rising oil and
gas production and other factors,
to lift the entire US economy.
Indeed, the resultant US economic
growth rate may be higher than the
Federal Reserves long-term forecast
of 2-2.5 per cent.
This surge will be driven by a
combination of improving house
prices, a lower inventory of homes
for sale, rising rates of household
formation and population growth,
and improving access to mortgage
credit. Together, they should push
residential investment, which
includes both new construction and
remodellings, to annual growth of
15-20 per cent during the next five
years. This alone may contribute
Highstakes
choices for
Chinas
new leaders
Xis first,
second
and third
priority
will be to
sustain
party
authority
Philip Stephens
A
s we drove along the Turkish
border with Syria last month,
10,000 Syrians were waiting on
the other side to cross as new
refugee camps were being prepared
to receive them. Last week, on that
same border, shells landed in a
Turkish village.
The epicentre of deadly violence
is at its worst inside Syria but it is
causing tremors that reverberate
into neighbouring countries.
On a recent visit to the countries
surrounding Syria, we stood on
the Jordanian border and watched
as entire families ran for their
lives through the desert night.
Jordanian government buses rushed
to carry them through the barren
no-mans-land that divides the two
countries.
Every day, 2,000 to 3,000 Syrians
are fleeing their homes across
borders into Iraq, Jordan, Lebanon
and Turkey. These four countries
now host 350,000 Syrian refugees,
all of whom need life-sustaining
assistance. About 75 per cent of
them are women and children; half
are living in tents.
At this pace, we expect there to be
as many as 700,000 Syrian refugees
in neighbouring countries by the end
of this year. This has far-reaching
social and economic consequences
for the communities receiving them.
And it is compounded by the
troubling security implications and
disruption of cross-border trade
owing to the raging conflict next
door.
For as long as this conflict
continues, we call on all countries,
in the region and beyond, to
continue to welcome and extend
refuge to Syrians in need. By
opening their borders and their
homes, the neighbouring countries
are showing tremendous generosity
and compassion.
But this refugee crisis places a
dangerous burden on them. Camps
as large as towns are constructed in
weeks and filled instantly. Caring for
a refugee population of this size is
straining local infrastructures and
testing fragile communities in areas
already struggling with their own
economic difficulties and complex
social dynamics.
Addressing this requires an
immediate response from the
international community otherwise
the strain such a large presence of
refugees would place on the host
communities, their economies and,
inevitably, their stability, cannot be
overstated.
On behalf of the 52 humanitarian
organisations working to support the
growing number of Syrian refugees
and the countries supporting them,
the UN High Commissioner for
Refugees has issued an appeal for
almost $500m. To date, this is only
30 per cent funded.
But direct support to the victims is
not enough. We appeal to all states
to support countries of asylum with
meaningful assistance to bolster the
affected towns and communities.
Without this, the foundations of their
welcome to refugees may start to
crumble.
Life in neighbouring countries is
better than what they just escaped: a
country in which more than 20,000
civilians have been reported killed
and countless more injured. Trapped
inside Syrias conflict are 1.2m
displaced people and 2.5m people in
need of food, water and medical care.
Humanitarian workers, including
members of the Syrian Arab Red
Crescent, have come under attack.
The onset of winter will only
worsen their already precarious
circumstances and could potentially
also cause larger numbers to flee.
We appeal to all parties to the
conflict to grant unrestricted
humanitarian access inside Syria.
It will save more lives and might
well reduce the numbers forced to
flee across borders.
The history of the modern Middle
East is marked by human
displacement. In the context of the
Arab awakening there has been
significant short-term displacement
in some countries. But the majority
of displaced persons in the region
first left their homes decades ago.
Last year the Syrians hosted the
third-largest refugee population in
the world. Forced to relive their
worst memories, thousands of Iraqis
and other refugees must leave
behind the lives they have rebuilt in
Syria and again face the painful
prospect of starting anew. The
Syrian people have a history of
welcoming people in need. Now, it is
their hour of need.
The writers are, respectively, special
envoy to the UNHCR, and the
UNHCR high commissioner and
former prime minister of Portugal
Angelina Jolie and
Antnio Guterres
We must not
let Syrias
neighbours
bear refugee
burden alone
The strain on the host
communities, their
economies and,
inevitably, their stability,
cannot be overstated
COMMENT
COMMENT
ON FT.COM
Japan vulnerable
The countrys
export economy
could be hit amid
tensions with
neighbours over
disputed islands,
writes Gideon
Rachman
www.ft.com/
comment/blogs
OCTOBER 12 2012 Section:Features Time: 11/10/2012 - 19:54 User: paleita Page Name: COMMENT USA, Part,Page,Edition: EUR, 11, 1
12

FINANCIAL TIMES FRIDAY OCTOBER 12 2012
If the Sunday Fair were a
fashion label, it would be
described as radical chic.
Now in its third year, it
has stayed faithful to its
alternative location in a
cavernous industrial
basement. With just 20
galleries, all paying less
than 2,000 each for their
open-plan spaces and
featuring mostly emerging
artists, it is the antithesis
of Frieze in nearby
Regents Park.
Nevertheless Sunday has
put itself squarely on the
map and its clear that this
year the presence of top
collectors such as Michael
and Susan Hort and
Richard Sykes and Penny
Mason came as no surprise
to organising galleries
Limoncello (London), Croy
Nielsen (Berlin) and Tulips
& Roses (Brussels).
A flurry of sales in the
first hour suggested that
Sundays self-confidence is
well-founded. At Zurich
gallery BolteLang, a
quintet of superb figurative
paintings in tempera of
swimmers think Piero
della Francesca by way of
Balthus and Busby
Berkeley by 32-year-old,
London-based Benjamin
Senior had all sold in the
first 10 minutes for
between 2,500 and 3,500
each. Among their buyers
was Danish food group
owner, Palle Skov Jensen.
They draw the eye, he
said. Its my first time
here and Im very
impressed by the quality.
At Limoncello, Headless
Chicken, an acrylic on
canvas by Cornelia Baltes,
had sold for 2,500. The
gallery had also sold a
6,000 work in blue slate
and chalk by Jack Strange
while Copenhagen gallery
Christian Andersen had
sold Ref 11, 2012 by
Morten Skroder Lund
for 4,300.
Several galleries at
Sunday, including New
York-based Lisa Cooley,
had previously participated
in Frame, Friezes section
for emerging gallerists.
Cooleys stand shone out
for quality, thanks to Any
window, any morning, any
evening, any day, a
quartet of intensely vital
paintings of leaves seen
through a window by
New York-based painter
Cynthia Daignault.
Also embedding itself on
the Frieze week calendar is
video-art fair Moving
Image. Now in its second
year in the raw-brick halls
of the Bargehouse, the
display encompassed 35
works whose price range
spanned $1,500 to $125,000.
Even rangier was the
diversity of work on show.
Seminal talents included
Gary Hill, Leslie Thornton
and Peter Campus. Yet
thanks to Moving Images
desire to support young
talent, London-based
Goldsmiths graduate Micah
Harbon was receiving his
first public screening with
his film of a chickens
struggle to free itself from
the tapes that bound it to
a table. Although too early
for many sales, an edition
of Harbons work had
already been reserved at
$3,500. Meanwhile Tate
Modern had scooped up a
copy of Chronoscope, 1951,
11pm (2011) by Alessandro
Balteo Yazbeck and Media
Farzin, about Irans
decision to nationalise its
oil industry in 1951,
selected by Tate curator of
film Stuart Corner as the
winner of the Moving
Image Award.
Rachel Spence
Both fairs end on Sunday.
More Frieze week coverage
in tomorrows paper and at
www.ft.com/frieze
Taste for the
antiFrieze
Messenger:
Bathroom
fig 2 II
(200506)
by Richard
Hamilton
Daido Moriyama took
pictures out of a moving
car, and photographed with
incredible reflexes whatever
he met in the city. A less
radical photographer would
have discarded most of the
results: Moriyama learnt to
trust his reactions and to
savour the pictures they
gave him. An exciting new
double exhibition at Tate
Modern looks at the
relations between Moriyama
and his inspiration, the
American William Klein,
and the relations of each to
the city.
In 1956, Kleins Life is
Good and Good for You in
New York was published
in Paris, where radical film-
maker Chris Marker
championed it at Editions
du Seuil. Marker was to
remain a close colleague
and ally of Kleins, and
indeed it is possible to
think of Klein as a member
of the loose confraternity of
film-makers and other
artists that made up the
Nouvelle Vague. New York
was a brash, shouty book,
filled with street
photographs made with
Kleins signature wide-
angled lens. The layouts
and the style have both
been enormously influential:
Klein got so close he made
himself a participant in what
he photographed: the camera
ceased to be a cold archivist
and became a hot notebook.
Moriyama, too, was a
member of confraternities
of artists, notably those
who gathered around the
short-lived magazine
Provoke. This exhibition
argues that Moriyama took
the radical licence he found
in Klein and pushed it ever
further. To give a hint of
how far he was prepared to
push, Moriyama published
in 1972 a book called
Farewell, Photography. Its
roster of photographic
effects includes extreme
blur, radical framing,
graininess, discontinuous
subject matter . . . Yet it is
not an ugly book, far from
it. Klein and Moriyama
each discovered that
photographys aesthetic was
robust enough to survive
any amount of stress.
The Tate show keeps the
two artists separate, but in
a clever piece of exhibition
design, viewers can see the
works of each over a
dividing partition while
viewing the other. This
makes it three shows: a
good, copious retrospective
of each of two important
and seductive artists, and a
third show which is a
comparative study of the
means of reproduction and
display of photographs. It is
full of films, slide shows,
magazines and books. It
has early versions of
pictures and later,
reworked ones.
A room of giant
reproductions of Kleins
painted contact sheets is
one of the few unsuccessful
passages in the show.
These are late works, now
much appreciated in the
market. At sensible scales,
they work very well, giving
a painterly alto line to the
more sombre baritone of
the photograph. But at the
giant scale, they fall into
vulgarity.
Elsewhere, giant scale is
a revelation. Kleins early
film, Broadway by Light
(1958), a tribute to neon, is
shown at a huge size and
throughout the rooms there
are series of photographs
taking up entire walls as
grids. Some are smaller,
but more numerous.
Seventy-five prints from
Moriyamas Japan: A Photo
Theater (1968) are laid out
as a maquette for the book,
piled high and wide.
It is in these large
displays of massed works
that the similarities and
differences between the two
great photographers are
plainest. They had a
miraculous sure-footedness
in common what looked
so radical became part of
the vocabulary for the next
generation. There are big
differences, too. Klein
remains a formalist. He is
interested in typography,
previous artists; he trained
as a painter with Lger. He
is also a story-teller. For
Klein, pictures provide raw
material for later thought.
Moriyama never does
this. He treats each
moment with absolute
equality. He neither makes
any judgment himself, nor
expects you as his viewer
to make any. The
photograph is a moment
experienced, nothing more
and nothing less. Moriyama
is capable of something
approaching documentary,
as in the studies of
commuters in the Platform
series (1977), and he is
capable of the lyrical, as in
the miraculous Tales of
Tono (1976). But I dont
think he ever asks us to
understand anything.
This is a tremendous
exhibition. Its exhilarating
to walk around the space,
and that excitement remains
long after you leave.
William Klein + Daido
Moriyama, Tate Modern,
until January 20
www.tate.org.uk
Caught in the exhilaration of the moment
Two great photographers bristle with life in a Tate Modern exhibition. By Francis Hodgson
What would Richard
Hamilton, the 20th
centurys most politicised
British painter, have made
of Frieze 2012? A provocateur
who famously crossed
Playboy with the reclining
nude, and was obsessed
with the exploitation of
arts iconographies by
advertising, he would
surely have been amused
that the National Gallerys
Richard Hamilton: The Late
Works opens on the same
day as the temple of art
consumerism, in the year
when Friezes leitmotif is
the convergence of old
and new.
Days before his death last
September, Hamilton was
planning this show as his
valediction. It is a still,
spare, serious, crystalline
exposition of the themes of
his entire oeuvre and,
though much of Hamiltons
later work is a little
academic, it stands out, for
intellectual coherence and
an independent approach to
art-making, from every
other current London show.
At its heart is the
beautiful painting with the
punning title The
Saensbury Wing (2000).
Based on a Dutch 17th-
century church interior by
Pieter Saenredam, this
features a female nude
wandering alone, reading a
letter, among the austere,
receding columns of the
National Gallerys
Sainsbury Wing. At their
end, where a monumental
Renaissance altarpiece
usually hangs, Hamilton
instead depicts, off-centre,
his own angry diptych
The Citizen (1981-3), in
which IRA prisoner Bobby
Sands is portrayed as
Jesus. Thus Hamilton, all
his life, intruded his
political vision into art
historical tradition. But
The Saensbury Wing
works because it is
exquisitely executed
every square of its cream,
ivory, grey tiled floor a
painterly pleasure, the
whole suffused with a cool
tonality, and a sense of
disquiet undermining the
familiarity of the setting,
that recalls Delvaux or de
Chirico.
Two series evolved
around this painting. The
blond, curly-haired,
surprised-looking nude
reappears in a group of
pictures on motifs of the
Annunciation, each
referring to one another,
and to the artifice of
pictorial space. In
photographs retouched in
oil, the nude, laconic in a
modernist interior, receives
the divine message by
telephone. In a digital
montage, The passage of
the angel to the virgin,
she is the messenger a
blurred angel with purple-
blue wings referencing
Gabriels robe in Duccios
The Annunciation, the
National Gallery Old
Master whose construction
Hamilton mimics. In
Bathroom the figure
moves among clinical white
surfaces and a floating red
abstract; in The passage of
the bride she is wraith-
like, posed against
elements, here resembling
clothes on a washing line,
from The bride stripped
bare, the Large Glass
installation which Marcel
Duchamp authorised
Hamilton to copy. All are
clever but only the sole oil
painting the nude in a
doorway, legs reflected in a
parquet floor conveys
emotion: the exhilaration/
fear of a young woman on
the cusp of change.
The second series, Le
chef doeuvre inconnu a
painting in three parts,
unfinished at Hamiltons
death, comprises a trio of
large inkjet prints composed
from Photoshop images to
visualise the moment of
crisis in Balzacs novel The
Unknown Masterpiece. A
nude, orientalist, sensuous
and asleep, is stretched on
a divan in the foreground;
behind, three male figures
in black ponder, argue,
agonise. So in Balzacs
narrative, a younger and
middle-aged painter finally
persuade the senior artist
of their day to reveal the
portrait of a woman on
which he has spent his
life only to find an
inchoate mess. That night,
the old artist dies, having
burnt all his canvases.
The tale of three
generations of artists beset
by the same torment which
comes to a climax with the
realisation that their
ambition can never be
fulfilled is fascinating,
Hamilton noted. How does
art recreate the power of
human beauty? Can digital
pixels compete with oil
paint? In what ways does
mass production affect an
images cultural status?
Hamiltons last nude is
derived from a mid-19th-
century French photograph;
those who survey it are the
young Courbet, the middle-
aged Poussin, and the
elderly Titian, each
collaged from celebrated
self-portraits. Are these a
cumulative Photoshop
assemblage of the painter
in the 21st century,
artistically/erotically
frustrated, caught in a
collectors market which
depends on an economics of
unfulfilled desires and
denied consummations?
We will never know
Hamiltons full intentions
for The Unknown
Masterpiece, but the piece
resonates sombrely, wittily,
with Londons art frenzy
this week.
Richard Hamilton: The
Late Works, National
Gallery, London, until
January 13
www.nationalgallery.org.uk
Still point amid the art frenzy
The National Gallerys Richard
Hamilton show is well timed,
writes Jackie Wullschlager
Hot notebook: William Klein works on show
FRIEZE WEEK IN LONDON
Natures by Benjamin Senior
OCTOBER 12 2012 Section:Features Time: 11/10/2012 - 18:55 User: cheald Page Name: FRIEZE, Part,Page,Edition: EUR, 12, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

13
ARTS
It is 64 years since the trans-
American trip that inspired On the
Road. Time to ask, of that founding
work of beat fiction, Do we still
need it? Should we still with
tributes and adaptations feed it?
Three generations have passed since
Sal Paradise and Dean Moriarty, alias
writer Jack Kerouac and friend Neal
Cassady, went on the fame-destined
travels that form Kerouacs book:
wild times which wear today the
serious, intimidating patina of an
American literary classic. Worse, in
Walter Salless film, they have the
cod-iconic monumentality of a theme
park, filled with sights and sounds
we are schooled to recognise and
abjured to pay homage to.
Salles gave us political-history
tourism in The Motorcycle Diaries, a
film for Marxists and scenery lovers
about the young Ernesto Guevaras
tour of Latin America in the years
before the Cuban revolution. Nothing
happened in that movie except lots of
landscapes and adoring close-ups of
Gael Garca Bernal as the young
Che. On the Road is rebel-literature
tourism: no less bubble-brained but
much, much more wearing.
Mystifyingly miscast as Kerouac/
Paradise, British actor Sam Riley
(Control, Brighton Rock) looks like
a young T.S. Eliot warping into a
lost-looking Leonardo DiCaprio. He
acts gamely, but he, the Carlo
(Allen Ginsberg) of Tom Sturridge
and the Moriarty of newcomer
Garrett Hedlund exchange dialogue
that could have been created by a
labelling machine. I was a young
writer trying to take off (Riley-
Kerouacs voice-over). Sal and
Carlo, the writer pals, Ive heard all
about you! . . . (Hedlund-Cassady on
first opening the door to his future
fame-sharers.)
Kristen Stewart as shared girlfriend
Marylou looks unhappiest of all. In
the three-way sex scenes she keeps
her bra on as if to say, Hedonistic
A vehicle thats
not roadworthy
Theme park:
Kristen Stewart
in On the Road;
below, Philip
Glenister in
This House
Johan Persson
abandon is fine, but I have a Twilight
contract to protect. Kirsten Dunst as
Deans ill-used wife briefly projects
emotion and credibility. Elsewhere
the trite scripting and direction are
accessorised with dismaying
invocations of Culture, lest we
mistake Sal and Dean for mere
wastrels with wanderlust. Nearly
every room is strewn with great
novels. Proust, Genet, Virginia Woolf:
these youngsters are into high art
and literature. For Salles that
explains, excuses, sanctifies or
canonises their (in the film)
platitudinous conversations,
uninteresting delinquencies and
unaccountable compulsion to keep
driving to and fro across America.
Pusher has gloss, panache and
frenzy: three things missing from the
average bog-standard British gangster
film. Relocating Nicolas Winding
Refns Danish original to London,
Spanish director Luis Prieto
invigorates the drugs-and-crime plot.
The casting of Croatias Zlatko Buric
helps too, the oleaginous actor-baddie
of Refns film redeployed as this
ones Mr Big, oozing charm, sleaze
and unctuous sarcasm.
Richard Coyles crook-hero, a dealer
up to his ears in debt after helping
people to be up to their noses in
cocaine, plays straight man to both
Buric and Bronson Webb as Coyles
henchman, the hyperkinetic squealer
star-makingly played in the Danish
film by Mads Mikkelsen. Near the
end the script runs out of ideas and
escape routes, just like the main
character. Before that it nicely
accommodates the complementary
virtues of claustrophobic suspense
and mazy moral disorientation.
I wanted to send everyone in Ruby
Sparks to a treatment centre for the
terminally winsome. A de-schmaltz
clinic. There is the germ of a good
romantic-comedy idea in actress and
story originator Zoe Kazans tale of
an aspiring author (Paul Dano)
conjuring a real woman (Kazan) from
his fictive typescript and falling in
love with her. But the germ mutates
and becomes life-threatening. Several
senior stars (Elliott Gould, Annette
Bening, Antonio Banderas) appear,
called in like parents or guardians to
the emergency ward as
sentimentality spreads. Two directors,
Jonathan Dayton and Valerie Faris of
the over-lauded Little Miss Sunshine,
share the blame. I kept being
reminded, by Danos gauche and
willowy sweet-naturedness and
Kazans gamine ethereality, of those
long-ago Jules Feiffer cartoons, in
which the dawn of the love-and-peace
era and its preciousness were
mercilessly lampooned an example
to this film for the good of us all.
Every time Im in one of their
movies, its successful, boasts the
man nicknamed Radioman. Youre
not sure whether to believe this
serial film extra and urban hobo,
who gets his moniker from the
ghetto-blaster slung round his neck.
Mary Kerrs likeable documentary
follows him as he shuttles between
New York film sets, a favourite of
the famous. This mans a cultural
institution, proclaims Tom Hanks.
Meryl Streep coos love. Martin
Scorsese gave him a cameo in Shutter
Island. (He has also been in Wall
Street 2, The Departed and televisions
30 Rock.) Radioman should, and in
time surely will, be played by Robin
Williams, who appears in the film as
if to manifest his striking
resemblance. Its a pleasantly cuckoo
story, though were never sure how
truly thrilled the famous are to see
this man constantly moving in on
their nest, which includes, we note,
the amply provided catering truck.
If there were seven deadly virtues,
worthiness would top the list. How
can we be unkind or constructively
kind to Private Peaceful, which
slogs spiritlessly through a Michael
Morpurgo fable about the evils of
war? Suffering horses; sacrificial
soldiers; salt-of-the-earth rustics. Didnt
we just have all this in War Horse?
Where Spielberg overpainted his first
world war fresco, director Pat
OConnor (Cal, Dancing at Lughnasa),
on a smaller budget, seems barely
able to afford a colouring kit. The
lacklustre landscapes are all of a
wash with the watercolour
performances and pallidly portentous
tableaux of war and peace.
Hotel Transylvania is a digitally
animated horror comedy with songs.
Kids should love it; grown-ups can
put on a brave grin. The 3D
spectacles place us right inside
the grand guignol hotel hosting
what seems a non-stop monsters
ball: vampires, zombies,
werewolves, mummies. The film
gives gothic multiculturalism a
good, or at least a giddily
digimated, name.
FRIEZE
VIDEO
For a report
from Frieze
Masters, visit
www.ft.com/
friezemasters
If todays British voters are all too
aware of the travails of coalition
government, James Grahams astute,
funny and hugely enjoyable new play
considers the alternative. He goes
back to 1974, when a hung
parliament resulted in a minority
Labour government: a scenario that
meant every bill was a battleground,
hanging on the party whips ability
to rally their meagre troops for the
vote. And it is the whips story that
Graham elects to tell, plunging us
pell-mell into the engine room of the
political machine.
Here, democracy in action comes
down to haggling and sharp tactics,
as the whips rattle around the
corridors of power running stray MPs
to ground. Theres tremendous fun
here, as Graham contrasts the
ancient rituals of parliament with the
grubby realities of party politics.
Theres plenty of whip-crack humour
and a great relish for the absurd, as
each side reels in its colourful,
rebellious and bedridden
backbenchers. But things become
more brutal when one side is deemed
to have cheated.
Director Jeremy Herrin pulls
against factual overload with a high-
energy production to convey frenzied
limbo. Rae Smiths pleasing design
reproduces the House of Commons,
underscoring the plays points about
adversarial politics. Meanwhile angry
1970s music from a live band reminds
us of the vast economic, industrial
and social changes underpinning this
Westminster farce.
Graham explores serious issues,
such as the nature of democracy and
the fragility of power. But his biggest
interest is the human drama: in a
system of government that ultimately
depends on the number of bodies in a
room. His characters are vividly,
likeably detailed, brought to life by
an excellent ensemble, in which
Philip Glenister as Labours deputy
chief whip and Charles Edwards as
his Tory counterpart shine.
The play is too long, too busy and
hampered in places by stereotype.
But it remains entertaining and
becomes, as 1979 approaches,
increasingly moving. This ramshackle
scenario is the end of an era, these
men and their labours the prelude
to what comes next. The biggest
character is never seen but looms
large over everything: Mrs
Thatcher, waiting in the wings.
www.nationaltheatre.org.uk
THEATRE
This House
National Theatre (Cottesloe),
London

Sarah Hemming
FILM
Nigel Andrews
On the Road
Walter Salles
Pusher
Luis Prieto
Ruby Sparks
Jonathan Dayton, Valerie Faris
Radioman
Mary Kerr
Private Peaceful

Pat OConnor
Hotel Transylvania

Genndy Tartakovsky
Latecomers will not be admitted
until the interval, we were told
before the start of the concert, and
in hindsight, latecomers timed it
right. The first half, the main event,
the much-hyped Remote Orchestra
a collaborative project between
Richard James, aka Aphex Twin,
techno pioneer and doyen of
electronica, and The Heritage
Orchestra and Choir was a flop.
It started with a bright idea, for
James to direct an orchestra from
his laptop using a complex set of
visual and audio cues, but the result
was perversely introverted and self-
referential. Thick layers of sludgy
strings, overlaid with zooming,
booming, revving noises, were
prompted by colour-block codes on
the screen overhead and headphone
messages that the audience were not
party to. James held court from the
back of the stage, while techies with
camcorders crept among the
musicians.
The piece was first performed at
the 2011 European Cultural Congress
in Wroclaw, and the Barbican
concert promised to be even more
ambitious. No doubt it was thrilling
for those taking part, but for the rest
of us it was musically at least
about as interesting as an afternoon
at Silverstone Circuit.
Fortunately a dedicated audience
held out for the second half, which
began with the world premiere of a
new piece by James a nod to John
Cages experiments with prepared
pianos for his own Yamaha
Clavinova. First the electronic grand
piano was winched a foot off the
stage, and then, carrying an eerie
refrain, it was gently swung. The
effect was hypnotic and unsettling.
The concerts finale, Jamess
adaptation of Steve Reichs 1968
work Pendulum Music, offered a real
coup de thtre. In the original
version, performers swing a series of
microphones suspended on wires
above speakers, generating patterns
of feedback until they slow to a
standstill and the sounds flatline.
For this update, re-titled Interactive
Tuned Feedback Pendulum Array,
James embedded the microphones
within nine pairs of glitter balls. It
was a stroke of brilliance: while the
sonic patterns were controlled and
edited by laptop, laser beams created
a dazzling light show.
James already commands huge
respect as a composer and recording
artist, and his experimental dance
tracks are at the cutting edge of
contemporary music. With this work,
he asserts himself as Reichs heir
apparent.
www.barbican.org.uk Cutting edge: Richard James, aka Aphex Twin, at the Barbican Mark Allan
The piano and the pendulum
MUSIC
Aphex Twin
Barbican, London

Laura Battle
When was the last time performers
with learning disabilities were front
and centre on a major theatre stage?
For that alone, Jrme Bels latest
creation, Disabled Theater, which
had its Paris premiere at the Centre
Pompidou, is a rare and valuable
opportunity to confront common
fears and misrepresentations. As
theatre, however, the results raise
more questions than they answer.
With its 11 performers sat in a
semicircle, the performance has the
feel of a workshop presentation. A
woman explains what Bel asked the
members of the company, Theater
HORA, to do in each scene and
translates their words in real time
from Swiss German. The
introduction is long: each dancer
enters and faces the audience for up
to a minute without saying a word,
some with a defiant stare, others
timidly. They are then asked to give
their name, age and profession and,
movingly, all explain they are actors.
The only dance comes when they
each perform a self-choreographed
solo to music they have chosen, and
the result is a hodgepodge of
intensely personal routines mostly
set to pop tunes. One of the women
gleefully turns Abbas Dancing
Queen on its head, while a man sits
on a chair swinging his head from
side to side as if at a rock concert,
oblivious to us.
Its a dry format, however, and the
concept barely looks beyond the
performers disabilities. By showing
them only as individuals performing
material they spontaneously devised,
Bel facilitates moving expressions of
their personalities, but he also
removes them from any context, any
relationships that might emerge in a
larger dance or theatre work.
Bel smartly incorporates those
criticisms into the piece: when the
performers are asked what they think
of the production, one of them
mentions that his mother called it a
freak show while another says:
My sister cried in the car
afterwards, she said we were like
animals in a circus. Its a dilemma:
on the one hand, showing people
with disabilities as potential
superhumans, as the Paralympics did
over the summer, risks ignoring the
real issue of their daily struggles in a
sometimes antipathetic society. On
the other, by refusing to fine-tune
raw material and push the
performers to new heights,
particularly dance-wise, Disabled
Theater risks confirming that
societys prejudices.
A particularly poignant scene
involves the performers explaining
the nature of their disability. One of
them, a petite bundle of energy
named Julia who dances an
arrestingly dynamic solo to Michael
Jacksons They Dont Care About
Us, sheepishly says: I have Downs
syndrome . . . And Im sorry. She
tears up a little as she returns to her
chair, and desperately we will her to
go further. Bel leaves it at that,
uncomfortably, and in the process
leaves us to wonder what might
have been.
www.jeromebel.fr
DANCE
Disabled Theater
Centre Pompidou, Paris

Laura Cappelle
OCTOBER 12 2012 Section:Features Time: 11/10/2012 - 17:45 User: cheald Page Name: ART USA, Part,Page,Edition: EUR, 13, 1
14

LEX ON THE WEB
For a Lex note on WH Smith/Fnac go to
www.ft.com/lex
For email, go to www.ft.com/nbe
CROSSWORD
No. 14,133 Set by REDSHANK
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 T H E B E A T L E S H A H A
A E R E E U A
J U N G R E X C R E A M Y
L E A R A B
M A R T N C L E A N C U T
G G O T D R
W E L L B E N G C A G E
O R F R
S P E D Q U A R R Y M E N
R G M T E P
L O V E M E D O E X C E S S
F M A P L H T
C A V E R N D O A B E D
N N S V R
B E S T E N T R E A T N G
JOTTER PAD
ACROSS
1 In nightspot, jazz fan runs round
with nothing on . . . . (7)
5 . . . . revealing some peculiar
pustules, returning as above (2,5)
9 How to work with both sides
holding a grinder (5)
10 List non-British food additive on a
note (9)
11 Labours third PM tackled a cross
old woman (6-3)
12 Language that could change but
not a lot (5)
13 Can senior pilot fy with kids under
his wing? (2,4,8)
18 Where a paramours legs get
pummelled? (7,7)
20 Sexy strip? Its banned from
tonights display (5)
22 Fan is crazy about short sports
cars security device (6,3)
24 Top classical group mostly win
victory fag but not quite (9)
25 Carry on tea, say, where it should
be (3,2)
26 Love affair can spread in city (7)
27 Old part of county hospital under
new director (7)
DOWN
1 Find play in which baron plays the
part of duke (4,2)
2 Temporary shelters lent after
disaster in zones (4,5)
3 How Russian river appears on a
map of the country? (5)
4 Fluke deal with millions invested
plus overdrawn euros (9)
5 Trap uranium underground (1-4)
6 Veronica zapped weed in time (9)
7 Intertwine a pigtail with this a
good one (5)
8 Your old mates misled about
whats in ring (8)
14 Loyalists anger explodes in
portentous event (9)
15 Earliest man, fair-headed, with a
smash hit? (4,5)
16 Perhaps Nellie Donald and foreign
ruler (9)
17 He does limit a Torys contribution
(8)
19 Shot from cover and raced across
province (6)
21 Duller but more Italian in middle of
Rome (5)
22 Avoid South Korean capital at a
quarter past four (5)
23 Mark can, when touring
Washington (5)
SOLUTION 14,132
Japans disputes
Blog: Gideon Rachman
says that three flareups
with three different
countries, in less than
six months, looks like
more than bad luck
www.ft.com/theworld
A fresh start
for the game?
Video: Roger Blitz on
whether Englands new
national football centre
will help improve team
performance and deep
rooted problems
www.ft.com/football
Most read
1
2
3
4
5
Obama campaign attempts to ease
worries
Goldmans muppet hunt draws a
blank
Political backlash over BAE deal
collapse
Argentine leader defies her critics
Russia intervenes over Syrian airliner
TODAY ON FT.COM
THE LEX COLUMN
Friday October 12 2012
Steel use
(million tonnes)
Steel use growth
(annual % change)
Blue steel
Sources: World Steel Association; Thomson Reuters Datastream
Steel company share prices
(rebased in local currencies)
2002 04 06 08 10 12
0
500
1000
1500
2000
2500
ArcelorMittal
Posco
Nippon Steel
Baosteel Corp
*
Forecasts
0
200
400
600
800
1000
1200
1400
1600
2010 2011 2012* 2013*
World
China
2
4
6
8
10
12
14
16
World
China
Steely damned
If you think the worlds banks are
badly off, what with shares often
trading at barely half of book value
amid a blizzard of regulatory, capital
and structural shifts, spare a
thought for those who own
steelmakers. The share price of
ArcelorMittal, the worlds biggest
steel group by production, has fallen
80 per cent since its peak in 2008.
Nippon Steel, the worlds number
six, trades at 0.6 times book value.
With demand for steel slowing,
could there be worse to come?
According to the World Steel
Association, consumption of the
metal will grow just 2-3 per cent this
year and next. That is down from an
average 10 per cent growth each
year over the past two years. China
is supposed to be responsible for
half of the worlds steel demand. Yet
its economic growth may have
peaked; the authorities are trying to
shift the economy away from
infrastructure investment-led
growth. But there is also a glut of
steel on the supply side. There is an
estimated 250m tonnes excess in the
global supply chain, which is
equivalent to almost one-fifth of
annual consumption. Over half of
that glut is in China.
Other Asian economies are not
picking up the slack. Indian steel
consumption is growing about 5 per
cent each year, but demand there
accounts for just 5 per cent of the
global total. Demand in Indonesia is
just one-sixth of Indias.
No wonder investors are shunning
the sector (ArcelorMittal trades on
just 0.4 times book value). Korean
steelmakers such as Hyundai Steel
are an exception, admittedly their
shares trade slightly under 1 times
book value largely because of the
strength of the countrys
automotive industry.
Apart from skewed supply and
demand, the industrys other big
problem is shrinking margins.
Poscos margin at the earnings
before interest, tax, depreciation
and amortisation level has fallen
two-thirds from its peak in 2005. A
fall in the price of iron ore this
year is likely to offer little respite
as steel prices suffer as demand
falters. Nerves of steel, and all that.
SoftBank/Sprint
Perhaps Masayoshi Son simply
thinks Sprint is too cheap. The US
wireless carrier lags behind its
bigger peers AT&T and Verizon
Wireless badly on most financial
metrics. It carries far move leverage,
too. Much of the debt financing is
going towards a network upgrade,
however, and if the upgrade makes
Sprint much more profitable, the
shares do look like a bargain. Sell-
side analysts buy the idea, predicting
that the companys earnings before
interest, taxes, depreciation and
amortisation will rise almost 70 per
cent between this year and 2015.
Those analysts have not put actual
cash into Sprint, of course. SoftBank,
the Japanese company headed by Mr
Son, may do so in a big way. Sprint
confirms that the two companies are
in talks that could result in a
change of control. If a transaction
occurs, a stake sale, as opposed to an
acquisition, is likely. Sprints debt
and equity total $30bn, even before a
premium is paid for the shares, or
the debt of Sprints unconsolidated
subsidiary, Clearwire, is added in.
This is a big bite for a company with
enterprise value of about $50bn.
It is hard to believe that SoftBank
is simply shopping for an
underpriced asset, though. If it pays
a substantial premium the relative
attractiveness of Sprints valuation
could disappear, and there would be
no offsetting cost synergies in a
transcontinental deal. This suggests
Mr Son has a vision extending
beyond Sprints upgrade. He may be
betting Sprint will benefit from
further market consolidation,
specifically through a merger with
T-Mobile. This would be a gamble: it
is not clear that US regulators would
be keener on a merger of the third
and fourth-largest players than they
were about a tie-up of number one
and number three (AT&T and T-
Mobile). No one has considered Mr
Son a shrinking violet. If he takes
control of Sprint he will, nonetheless,
shock the markets with his boldness.
GlaxoSmithKline
Some companies are born
transparent (um, cant think of any
right now). Others have transparency
thrust upon them. Pharmaceutical
companies are among the latter.
Yesterday, GlaxoSmithKline said it
would make the data behind its
clinical trials available to outside
scientists and organisations for use
in valid scientific endeavour. That
is a step in the direction of greater
openness after whopping fines for
improper marketing and bribery
levied on some of the biggest pharma
companies recently. Regulators are
sending a message. GSKs move
suggests Big Pharma is getting it.
True, GSK has had to be dragged
kicking and screaming to this point.
It was fined $3bn and pleaded guilty
in July to criminal charges that
included the selective use of data
from clinical trials to promote drugs
for inappropriate uses. Johnson &
Johnson in August settled allegations
of improper marketing of an
antipsychotic drug with 36 US states,
coughing up $180m. GSK already
makes the results of its clinical trials
available on its website (where it
gets 10,000 visits a month). Adding
the underlying data may help to
lessen claims that the industry tends
to play down or deny the negative
side effects of some drugs.
Most drugs are discovered by
pharmaceutical companies using a
commercial model. It takes 12 years
to bring a drug to market, according
to the Association of the British
Pharmaceutical Industry. Sharing
information might make that process
cheaper and quicker: the difficulty of
finding a treatment for Alzheimers
disease suggest that it needs to be
both. The question for the pharma
industry is where transparency ends
and commercial imperatives begin. A
lot of the value in the sector as an
investment is linked to its
intellectual property and scientific
expertise. And a lot of that needs to
be proprietary even secret if it is
to be exploited fully.
European car market
Calling the turn is always tricky.
That never stops investors trying
though. With Europes car industry
on an underlying decline for five
years now, some may wonder when
a buying opportunity will present
itself. Not for a good while yet, if the
tone of Standard & Poors annual
automotive seminar yesterday was
any guide. While light vehicle sales
in western Europe may bottom out
at an annual 13m units in 2012 and
2013, it could be 2018 before the
industry claws its way back to its
regular pre-crisis levels of 16m-17m-
plus. To date, efforts by Fiat boss
Sergio Marchionne to secure co-
ordinated European capacity cuts
have been unsuccessful. Carmaker
alliances are rumoured frequently,
but consummated rarely. So, it could
be left to individual companies to
rein in production and, where
politically possible, close plants.
That suggests the regions estimated
35 per cent overcapacity may
dwindle only slowly.
Pain from these awful industry
dynamics is spread differently among
carmakers, of course. The economy
and premium segments of the
market are still gaining share, albeit
of a dwindling pie. Conversely,
volume manufacturers are being
squeezed, with sales in markets such
as Italy and Spain set to fall by
about 20 and 13 per cent respectively
in 2012 alone. Peugeots credit rating
was cut by Moodys this week to
Ba3, a subinvestment grade; Fiat
suffered similarly. S&P, too, thinks
much of the European volume
carmaker sector deserves speculative
grade ratings the exception being
Volkswagen, which has been gaining
European market share, helped by
its strong finance arm, and is also
well-diversified outside the region.
This contrasts markedly with the
Bumi
Thanks for nothing. Just over two
years ago, ostensibly sane investors
parted with 700m to capitalise a
London-listed resources acquisition
vehicle spearheaded by financier
Nathaniel Rothschild and one-time
Anglo American coal man, James
Campbell, and backed by a board of
City worthies. The vehicle then paid
$3bn for prime Indonesian coal assets
via a straightforward reverse
takeover, renaming itself Bumi. The
ensuing relationship with local
partners led by presidential hopeful
Aburizal Bakrie proved anything
but straightforward. Far from leading
his backers to the East Indies on an
exotic journey of enrichment, Mr
Rothschild steered them into a
complex web of debt-ridden business
and governance mishaps unbecoming
of a London-listed company. Now, Mr
Rothschild is but an also-ran board
member, albeit with a roughly one-
eighth interest in the shambles.
The narrative surrounding Bumi
and the Bakries has never really
moved on. The Bakries have tottered
from one debt crisis to another,
selling half their 48 per cent Bumi
stake along the way. And now, Mr
Rothschilds original deal could go
full circle. The Bakries want to buy
back all Bumis Indonesian operating
assets in a two-leg deal, using cash
and their remaining 24 per cent
interest in Bumi as currency. If they
can muster the money and there is
talk (again) that Glencore could help
Bumi would revert to being a cash
shell. And if the deals happen, they
are worth $1.4bn roughly what Mr
Rothschild raised in the first place.
Quite a turnround considering
investors have so far lost 85 per cent.
Bumi should do the share swaps
and cut all ties with the Bakries. But
it should put off their second-leg
offer for 85 per cent of Berau Coal
Energy as thermal coal prices hover
around miners marginal costs. Mr
Rothschilds $3bn foray to buy king
coal on Chinas doorstep will be
unforgettable. Nat king coal indeed.
auto suppliers, though. Here, S&P
has stable outlooks for most, largely
reflecting a much quicker, sharper
shakeout, post-2008. Carmakers could
learn a thing or two.
OCTOBER 12 2012 Section:FrontBack Time: 11/10/2012 - 19:21 User: dysonb Page Name: 1BACK USA, Part,Page,Edition: EUR, 14, 1

15
Companies and sectors in this issue
Companies
ADM............................................. 16
AIA................................................19
AT&T....................................1,14,28
Anglo American....................14,27
Anglo American Platinum........16
Anglo Irish Bank..........................8
AngloGold Ashanti .................... 16
Apollo Global Management.....16
Apple.........................................1,28
ArcelorMittal..........................14,27
BAE Systems............................. 18
BMW.............................................16
BP................................................. 15
Banco Popular...........................28
Bank of America.......................28
Barclays...................................... 28
Berau Coal Energy....................17
Boeing..........................................18
Bumi ....................................... 14,28
Bumi Resources.........................17
Bunge...........................................16
Burberry......................................28
Cargill...........................................16
Carrefour............................... 16,28
Cathay Fortune..........................19
China Molybdenum...................19
Christian Dior ............................ 28
Clearwire..................................... 14
CocaCola....................................15
CocaCola Hellenic....................15
Daimler........................................ 16
Dean Foods................................28
Direct Line Insurance.............. 28
Discovery Metals.......................19
Dollar Tree................................. 28
EADS............................................18
EDF...............................................18
ENRC...........................................28
FAGE............................................ 15
Fastenal.......................................28
Fiat...........................................14,16
Finmeccanica..............................18
G4S...............................................19
General Dynamics.....................18
Germanwings..............................16
GlaxoSmithKline.........................14
Glencore................................. 14,16
Gold Fields..................................16
Goldman Sachs......................... 16
Harmony Gold............................16
Hebei............................................27
Herms........................................28
Hyundai Motor.............................6
Hyundai Steel.............................14
ING............................................... 19
Ifo................................................... 2
Imperial Oil ................................. 15
Informa........................................28
Interpublic Group........................9
Irish Bank Resolution Corp...... 8
Irving Oil ......................................15
ItaUnibanco.............................27
JPMorgan................................... 28
Johnson & Johnson..................14
KB Financial................................19
Kazakhmys.................................28
Kenmare Resources.................28
Kia Motors....................................6
Korea National Oil Corp.......... 15
LVMH...........................................28
TMobile.........................................1
Linksys...........................................9
Lloyds Banking Group.............28
Lockheed Martin........................18
Lonmin.........................................16
Louis Dreyfus Commodities... 16
Man Group.................................28
Manulife.......................................19
Mazda............................................6
MetroPCS.................................1,28
Mitsubishi Motors....................... 6
Mosaic..........................................16
Nine Entertainment...................16
Nippon Steel ......................... 14,27
Northrop Grumman..................18
Oaktree Capital Management.16
Oshkosh.......................................16
Pace.............................................28
Petrobras.................................... 27
Peugeot ....................................... 14
Posco......................................14,27
Premier Oil.................................28
Prudential....................................19
PSA Peugeot Citron............... 16
Quinn Group.................................8
Reliance Industries....................19
Richemont.................................. 28
Rosoboronexport.........................4
Royal Bank of Scotland.......... 28
Royal Dutch Shell......................15
Safeway.......................................28
Safran.......................................... 18
Shiseido.........................................6
Sistema........................................19
Socar............................................15
SoftBank......................................14
Sprint........................................... 14
Sprint Nextel..............................28
TNKBP........................................15
Tata Steel ................................... 27
Tate & Lyle................................ 28
Telenor.........................................19
Thales...........................................18
Toshiba..........................................9
Toyota...................................... 6,16
Ultra Electronics........................18
Unitech........................................ 19
Vale.............................................. 27
Vedanta Resources.................. 28
Veolia........................................... 18
Verizon..................................... 1,28
Vitol .............................................. 15
Volkswagen............................14,16
Wells Fargo................................ 28
Wolseley......................................28
Zodiac Aerospace..................... 18
Zynga...........................................28
Verizon Wireless.......................... 1
Sectors
Aerospace................................... 18
Automobiles................................16
Electricity.....................................18
Food & Drug.............................. 16
Gen Industrials......................14,18
Media........................................... 16
Mining.......................................... 19
Mobile & Telecoms..............14,19
Oil & Gas.....................................15
Technology HW & Equ............ 16
FINANCIAL TIMES
THE FINANCIAL TIMES LIMITED 2012 Week 41
News Briefing
Dollar
Source: Thomson Reuters
Trade-weighted index
78
80
82
84
Oct 11 2012
79.741
Jan 1 2012
80.178
Dollar index retreats 0.2%
as mood improves, Page 28
Toyota fouryear delay
Carmaker first learnt of
recall problem more than
four years ago. Page 16
Bumis future in doubt
Bakries proposal causes
shares to jump nearly
40 per cent. Page 17
Pakistan security boom
Demand for private
guards is soaring amid
lawlessness fears. Page 19
Telenor settles dispute
Norwegian telecoms group
makes deal with exIndian
partner Unitech. Page 19
Discovery rebuffs offer
African copper miner
rejects Cathay Fortunes
initial takeover offer. Page 19
Drought boosts Cargill
Commodities trader
reports a 300 per cent
profit surge. Page 16
AIA gains Malaysia lead
Insurer to pay $1.7bn for
the Malaysian businesses
of Europes ING. Page 19
Mine deadline extended
S Africa groups extend
wage offer deadline. Page 16
Proglio quits Veolia
Chief of EDF resigns from
group board. Page 18
Inside Business
Investors cautiously watch
BMWs China party. Page 16
Forex funds target EMs
Emerging markets are only
bright spot in increasingly
messy forex world. Page 26
Brazil stocks suffer
Government measures
have stoked concern over
heavyhandedness. Page 27
Corn leaps on forecast
Cut in US forecasts revives
fears over the supply of
basic foods. Page 26
Gillian Tett
Stern sermons and looser
rules will not make
bankers lend. Page 26
Markets & Investing
Companies
Friday October 12 2012
The fallout Failure of grand megadeal forces strategic rethink Page 18
CocaCola Hellenic quits Greece for
Swiss stability and a London listing
By Louise Lucas in London and
Dimitris Kontogiannis in Athens
Coca-Cola Hellenic Bottling
Company, Greeces biggest
quoted company, is quitting the
debt-stricken country in favour
of a London listing and Swiss
domicile.
The drinks bottler, which
accounts for roughly one-fifth of
the Greek stock market and has
a capitalisation of about 5.7bn,
is decamping after credit rating
agencies downgraded its credit
on the back of a sovereign
downgrade.
It hopes to escape a Greek
discount on its valuation by
moving to a more liquid stock
market and, in its new home in
Switzerland, to enjoy a stable
economic and political environ-
ment. It also hopes the move
will make it cheaper to refi-
nance 950m of bonds maturing
during the next year or so.
This is bad news. In my view
its a very strong signal to the
Greek system its a very nega-
tive signal said George Zois,
head of Greek equities and capi-
tal markets at Exotix.
Heavy taxation and uncertain
economic prospects have driven
some big Greek and foreign
companies out of the country,
dealing a blow to the Athens
bourse and the economy.
Dimitris Lois, chief executive
of CCH, said the move was
informed by a desire for more
liquid trading, pointing out
that volumes on the Athens
exchange had plummeted by
90 per cent since 2007. Some
95 per cent of the com-
panys shareholders and reve-
nues come from outside the
country.
Investors will swap their
shares on a one-for-one basis
into shares in Coca-Cola HBC
AG, which will then be listed in
London in January. CCH
expects to achieve inclusion
in the FTSE 100 around March.
A person close to CCH said
shareholders had for the past
three years been asking the
company to delist the shares
from the Athens stock
exchange. CCH was advised by
Credit Suisse.
Additional reporting by
Alexandra Stevenson in London
The earnings season is the
closest the US stock market
comes to staging its own
alternative theatre. In the run-
up to each quarter companies
carry out an elaborate dance to
tell Wall Street its forecasts
are too optimistic. Chief
executives then triumphantly
pirouette on to the stage on
results day and beat
predictions, giving share prices
a handy boost and gathering
happy reviews.
The cavorting has been
rather more desperate this
autumn, as companies slashed
forecasts in advance to reduce
hopes. But the pattern remains
the same: third-quarter reports
so far are still surprising by
coming in ahead of consensus
analyst forecasts although
few should be surprised.
What has changed is that
third-quarter earnings are
expected to fall year on year,
the first drop since 2009.
Does this matter? Rather less
than many think. These
results, after all, do not yet
reflect any possible boost from
the recent easing by central
banks in all major economies.
The rear-view mirror is even
less valuable than usual.
More important are the
forecasts. Earnings for the S&P
500 are still expected to hit a
record of $112 per share in a
years time. But earnings are
expected to grow much less
quickly now than they have in
the past three years.
Analysts are also becoming
much more pessimistic. The
rate of change of forecasts is
firmly negative, with one-year
forward forecasts falling 0.4 per
cent a month. This is slower by
far than in early 2008, when
they were tumbling four times
as fast. But it provides a steady
downward push on share
prices, meaning valuations
have to rise to keep shares flat.
Analysts and companies are
putting less faith in the power
of monetary policy to boost
profits than markets are in the
power of central banks to boost
shares. Which is right? The
answer depends on whether
experimental monetary policy
can boost economic growth.
There will be few clues in this
earnings season.
www.ft.com/shortview
US poised
for boom
in crude oil
exports
By Gregory Meyer and
Ed Crooks in New York
Some of the worlds biggest oil
companies and traders plan to
export substantial amounts of
crude from the US for the first
time in decades, as booming out-
put there promises to reshape
global energy markets.
Royal Dutch Shell, BP and
Vitol, the worlds largest inde-
pendent oil trading house, are
among a number of companies
that have applied to the US gov-
ernment for export licences, the
Financial Times has learnt.
A surge of US exports would
affect oil trading patterns
between Europe, west Africa
and North America. Greater
supplies in the Atlantic basin
are likely to put pressure
on physical prices of other
crudes in the region, particu-
larly Brent, the North Sea
benchmark.
Oil prices have this year been
stuck well above the $100 per
barrel level that many govern-
ments consider a drag on eco-
nomic growth.
Federal restrictions and the
US dependence on imports have
kept all but a trickle of crude
from leaving the US. But a
surge in supplies from states
such as Texas and North Dakota
have prompted companies to
seek refinery customers in
Canada. As rising crude vol-
umes reach the coasts pressure
should build and will trigger
policy debates about whether to
expand the list of allowable
countries beyond Canada, said
Ed Morse, head of commodities
research at Citi.
US oil output is at its highest
level since 1995, as drillers
pioneer new techniques to coax
oil from reserves previously
regarded as uneconomic. Rising
exports are likely to influence
debates on energy independence
in the US, whose petroleum
import bill was $436bn last year.
Exporting crude requires a
licence from the Bureau of
Industry and Security, a branch
of the US department of com-
merce. The US has exported
fewer than 100,000 barrels per
day in the past decade, a frac-
tion of the 9m b/d imported.
However, the US is exporting
record amounts of refined fuels,
such as petrol.
Shell confirmed it had applied
for licences to export US crude.
Crude trades on a global scale
and imports/exports will follow
supply and demand, it said.
Vitol and BP were also among
the companies that applied,
people familiar with the matter
said. Both declined to comment.
The department of commerce
refused to confirm or deny
whether licences had been
issued or applications received,
citing US law. But it said
exports to Canada had a pre-
sumption of approval.
Until now, minimal amounts
of US crude have been exported
to Canada by land. Traders now
want to send exports by tanker
from the Gulf of Mexico to the
Atlantic coast of Canada, where
Imperial Oil, Irving Oil and a
unit of Korea National Oil Corp
each own refineries.
In the Eagle Ford region of
Texas, production has jumped to
280,000 b/d and its low-sulphur
crude is ill-suited to many local
refineries. One advantage of
exporting the crude to Canada is
that it avoids the US Jones Act
demand to use more expensive
US-flagged ships for coastwise
domestic routes.
Markets, Page 27
Azeri president lambasts BP
for missing its output targets
By Guy Chazan in London
BP has come under a blistering
attack from Azerbaijans presi-
dent for failing to meet produc-
tion targets over the past three
years, in a move that could
cloud the companys future in a
country crucial to its operations.
Addressing the Azeri cabinet,
Ilham Aliyev accused the BP-led
consortium operating a huge
field in the Caspian Sea called
Azeri-Chirag-Guneshli, or ACG,
of grave mistakes, which had
led to an unexpected decline
in production.
He said the company had
failed to honour promises to
keep output stable.
The president said that since
2009 the consortium running
ACG had failed to meet produc-
tion targets and so Azerbaijan
had missed out on $8.1bn in oil
revenues. He called the missed
targets unacceptable and
threatened strict measures.
The intervention of Mr Aliyev,
the authoritarian ruler of
Azerbaijan for the past nine
years, is troubling to BP which
has enjoyed good relations with
Azeri authorities. The vehe-
mence of the attack in such a
core area of BPs operations
should raise eyebrows, said
Peter Hutton of RBC Capital
Markets. ACG accounts for 4 per
cent of BPs global oil output.
BP said it was fully commit-
ted to Azerbaijan and was
working with Socar, the state oil
company, to address production
issues at ACG as quickly as
possible.
The attack comes at a sensi-
tive time for BP. It is trying to
settle civil and criminal liabili-
ties with the US justice depart-
ment arising from the 2010
Deepwater Horizon spill in the
Gulf of Mexico. It is also negoti-
ating to sell its 50 per cent stake
in its Russian joint venture,
TNK-BP. Its share price is still a
third below its level before the
Gulf of Mexico incident.
BP was the first oil major to
break into Azerbaijan, which
has large offshore oil and gas
reserves. ACG produced its two
billionth barrel of oil this year.
BP built a 1,768km pipeline
from the Azeri capital, Baku, to
the Turkish port of Ceyhan on
the Mediterranean which
brought ACGs oil to export
markets. It also operates a large
natural gas field in the Caspian
called Shah Deniz, the second
phase of which will export gas
to Europe.
Mr Aliyev said BP had fore-
cast production from ACG at
46.8m tonnes in 2009 and had
produced only 40.3mt. In 2010, it
had forecast 42.1mt but only
pumped 40.6mt; and last year
forecast 40.2mt but only pro-
duced 36mt. He said the field
was supposed to pump 35.6mt
this year but would probably
only produce 33mt.
Groups seek licences
to increase shipments
Surge in output set to
reshape global markets
The Short View
James Mackintosh
Dream weaver Kickstarter branches out
Kickstarter, the US crowdfunding website that has helped to give rise to obscure business ideas
such as the Ostrich powernap pillow, above, has expanded into the UK. Report, Page 16
OCTOBER 12 2012 Section:2Front Time: 11/10/2012 - 20:24 User: vickersj Page Name: 2FRONT EUR, Part,Page,Edition: EUR, 15, 1
16

FINANCIAL TIMES FRIDAY OCTOBER 12 2012
COMPANIES
COMPANIES ROUNDUP
By John Reed
in London
Toyota first learnt about
the problem that caused it
to issue a recall of 7.4m
vehicles more than four
years ago, according to doc-
umentation filed by the
company with US safety
officials this week.
The Japanese carmaker
says it did not react sooner
to reports of smoke and
unusual smells emerging
from some of its car doors
because it could not repli-
cate the problem, which it
says is down to a lubricant
used on the cars power
window switches.
A chronology of the prob-
lem, published on the web-
site of the National High-
way Traffic Safety Adminis-
tration, sheds more light on
the largest recall of cars to
date by the company, which
suffered a global quality
crisis in 2009-10.
Analysts said the current
recall did not bear compari-
son with Toyotas crisis two
years ago, when it botched
its response to complaints
of sticky accelerators and
other glitches in its cars,
and faced accusations of
playing down or even cover-
ing up defects.
Just because theres a
problem doesnt mean you
recall everyones vehicle,
said Aaron Bragman, senior
analyst for IHS Automotive
in Detroit. There has to be
an understanding of whats
going wrong in order to
effect a solution, and that
takes time.
On Wednesday, Toyota
recalled RAV4, Auris, Yaris
and Corolla models built
between September 2006
and December 2008 because
of power window switches
that could malfunction,
causing them to stick or
become inoperable.
When issuing the recall,
the company warned own-
ers not to use commercial
lubricants to solve the
problem because they could
cause the mechanisms to
overheat or melt.
According to Toyotas
report filed to the NHTSA,
it first received a field
report in the US in Septem-
ber 2008 indicating an unu-
sual smell coming from the
power window master
switch in one of its cars.
The report says that it was
unable to identify the root
cause of the problem then.
Toyota says that, from
May 2010, it began sporadi-
cally receiving further
reports of abnormal smell
and/or smoke coming from
the driver-side door of cars,
especially near the power
window mechanism.
The company says it
investigated the mechanism
and conducted simulation
tests studying the effect of
moisture and lubricants on
it. Only after these tests,
Toyota concluded in August
2012 that thermal events
in its cars were being
caused by the uneven appli-
cation of lubricants to the
window mechanisms.
For a long time we
werent able to replicate the
risk until we realised it was
down to a specific lubri-
cant, a Toyota official in
Brussels told the Financial
Times yesterday. Once we
identified that, the decision
was taken to issue the
recall.
Additional reporting by
Jonathan Soble in Tokyo
Toyota
learnt of
door fault
in 2008
CARS
Report sheds light
on latest safety recall
South Africas leading gold
mining companies have
extended a deadline for
workers to accept new
wage offers after miners
rejected the proposals
intended to bring an end to
wildcat strikes plaguing the
industry.
AngloGold Ashanti, Gold
Fields and Harmony Gold
had agreed to a series of
improvements to miners
salary packages and given
workers until yesterday to
accept the offers and return
to work at the night shift
that day.
But after receiving
mixed reactions from
miners, the Chamber of
Mines, which is leading
negotiations with unions,
said more time would be
allowed to communicate the
proposals to employees. The
chamber will meet unions
on Monday to discuss the
situation.
If workers continue to
reject the proposals, the
gold companies options
would include reopening
negotiations on existing
wage agreements which
they have previously
insisted that they would not
do, dismissing illegally
striking miners, and/or
retrenchments.
An industry official said
the companies had agreed
to the proposals with the
understanding that they
would not increase their
overall wage bills by more
than 3 per cent.
Andrew England
S Africa mining companies
extend wage offer deadline
MINING
Oaktree Capital Manage-
ment and Apollo Global
Management proposed a
fresh restructuring offer for
Australias Nine Entertain-
ment that would see Gold-
man Sachs get significantly
less equity in the tele-
vision channels A$3.3bn
(US$3.4bn) debt-swap plan.
The fresh proposal fol-
lows one from Nines board
on Wednesday that was
backed by Goldman funds
controlling about A$1bn in
mezzanine debt.
The US funds, which
together control about 40
per cent of Nines senior
loans, have made a proposal
that would see funds owned
by Goldman get just 2 per
cent of the new equity and
10 per cent of any future
sale value above A$2.3bn,
according to people close to
the situation.
Under the earlier proposal
from Nines board, Gold-
man was due 7.5 per cent of
the new equity and 12.5 per
cent of any sale value.
Both plans see CVC, the
private equity owner of the
TV company, lose all of its
A$1.9bn investment, which
has been likely since it
became apparent that Nine
was not generating enough
money to pay back debt
that will come due early
next year.
The hedge funds that con-
trol the senior debt have
said the company is worth
no more than those loans, a
valuation that would wipe
out Goldmans position
alongside CVCs.
The funds are now willing
to offer Goldman a 2 per
cent stake in exchange for
all of its mezzanine debt in
order to prevent the com-
pany entering administra-
tion, according to one per-
son close to the funds.
Paul J Davies
Goldman squeezed in new
Nine restructuring offer
MEDIA
Numerous strikes have been
affecting the industry
Kickstarter, the US crowd-
funding website that helped
give rise to obscure busi-
ness ideas such as the
Ostrich power-nap pillow
and The Lotus and the Arti-
choke vegan cookbook, has
branched out to the UK.
British artists, filmmak-
ers, musicians and entrepre-
neurs now have a novel
funding alternative after
Kickstarter opened its web-
site to UK-based projects.
The decision by Kick-
starter, which helps crea-
tive companies raise money
from donations from indi-
viduals, marks the first
time that the online fund-
ing platform has expanded
beyond its US base.
New York-based Kick-
starter launched three
years ago and has raised
$380m from 2.5m people for
some 30,000 projects
including books, films,
dance, theatre and video
games that would have
otherwise had to rely upon
angel investors or venture
capital funding.
Kickstarter charges a 5
per cent commission on the
amount raised for success-
ful projects, plus payment
charges of 3-5 per cent.
However, the group does
not guarantee that the
money will be spent on its
original intention, leaving it
to the discretion of the
entrepreneur. Although
Kickstarters terms of use
require creators to fulfil
their project or refund any
backer, the groups website
states: All dealings are
solely between users . . .
Kickstarter is under no obli-
gation to become involved
in disputes between any
users, or between users and
any third-party.
Neil Rimer, co-founder of
Index Ventures, a US ven-
ture capital group, said
most Kickstarter projects
are not within the scope
that venture capital would
be interested in or generate
a sufficient return.
Mark Wembridge
Kickstarter extends its
crowdfunding model to UK
GENERAL FINANCIAL
The first signs of a turn-
round at Carrefour under
Georges Plassat, its new
chief executive, emerged
yesterday after the French
retailer reported better than
expected third-quarter
sales, particularly in its ail-
ing French hypermarkets.
The worlds second-larg-
est retailer by sales also
reported good growth in
Latin America, but sales
continued to fall in austeri-
ty-hit southern Europe,
while China remained
weak. Analysts at Credit
Suisse said the figures were
overall reassuring and
showing signs of progress.
Total sales were up 2.1
per cent to 22.6bn in the
three months to the end of
September, and 1.5 per cent
on a like-for-like basis, com-
pared with the same period
last year.
Sales fell 3.3 per cent in
French hypermarkets but
this was better than the 5.7
per cent second-quarter
drop. France, which
accounts for 40 per cent of
revenues, reported a 1.2 per
cent rise in sales, and a 1.7
per cent rise in like-for-like
sales.
Pierre-Jean Sivignon,
finance director, said the
improvement extended
from food to the non-food
sections. Hypermarket non-
food sales such as electri-
cal goods and clothes
have been hardest hit by
competition from specialist
and online suppliers. Sales
in the rest of Europe fell 2.2
per cent and 2.9 per cent on
a like-for-like basis.
Mr Sivignon confirmed he
was comfortable with
analysts estimates of 2012
operating profits of 2.1bn,
signalling stability after
profit warnings in 2010-11.
Scheherazade Daneshkhu
Plassats efforts start to
show results at Carrefour
GENERAL RETAILERS
22.6bn
Sales up 2% in the three
months to end September
Cargill, the worlds largest
trader of agricultural
commodities, reported a
300 per cent surge in
profits in its first quarter as
it benefited from customers
seeking to offset a shortage
in US grain supplies because
of a severe drought, writes
Javier Blas.
The familyowned trader
yesterday said that it earned
$975m in the three months
to the end of August, up
from $236m in the same
period of last year. The
quarter is one of the best in
its history, on par with
earnings during the 200708
food crisis.
The surge in profits marks
a significant improvement
for Cargill, which in its full
fiscal 2012 reported net
income of just $1.17bn its
worst result in nearly 10
years. It also bodes well for
other trading houses with
significant exposure to grain
markets, including ADM,
Bunge, Louis Dreyfus
Commodities and Glencore.
Cargill said it was tapping
the full resources of the
trading house to offset the
effect of the US drought
and weather problems in
other cropgrowing areas,
including the Black Sea
region of Russia, Ukraine
and Kazakhstan.
Gregory Page, chief
executive, said: Now more
than ever Cargill is using our
knowledge and market
insight to help customers
manage in this time of
tighter supplies, higher
prices and more volatile
markets.
Corn prices hit a nominal
record of $8.43 a bushel
in August after the worst
drought in 50 years hit the
farmbelt of the US Midwest.
Since then, prices have
fallen somewhat as
consumers reduced demand.
The US Department of
Agriculture yesterday
revealed that the drought
has reduced the countrys
corn supplies even more
than previously feared,
sending prices higher again.
As the US exports roughly
40 per cent of the worlds
corn, a third of the worlds
soyabeans and up to a fifth
of the worlds wheat,
changes to the countrys
supply have a significant
effect on global agricultural
markets.
Cargill, which trades,
stores, processes and
transports food commodities
from wheat and corn to
sugar and cocoa, said it was
finding alternative sources
of supply to its customers
suffering shortages because
of the drought in the US.
The quarterly profits are
higher than what the trading
house earned in any full
fiscal year before 2003.
Cargill said revenues in its
fiscal first quarter stood at
$33.8bn, down from
$34.6bn in the same period
of last year.
Corn prices hit a nominal record of $8.43 a bushel in August after the worst drought in 50 years Bloomberg
Cargill profits soar on US drought
More news at
FT.com
Peter Lscher, Siemens
chief executive, conceded
the German engineering
conglomerate had not
reacted fast enough to the
global economic slowdown
as he unveiled a cost
cutting plan in Berlin.
Lufthansa, the German
airline, pictured, is merging
its Germanwings nofrills
airline with domestic and
European Lufthansa flights
outside its main hubs in a
bid to make a profit from
those operations by 2015.
The plans, which combine
Lufthansas shorthaul
operations outside
Frankfurt and Munich with
Germanwings, are set to
involve tricky negotiations
with pilots and cabin crew.
Investors look on cautiously at BMWs China party
Some chief executives in Europes car
industry are kept awake at night with
thoughts of stagnant sales, factory
closures and balance sheets aglow with
red ink. But for Norbert Reithofer at
BMW, the future seemingly holds no fear.
The German carmaker is not only
delivering ever-larger sales volumes across
the globe. It is also expanding some
production facilities in anticipation of
rising demand for its luxury models.
The extraordinary feature of BMWs
achievement is not so much that it leaves
European mass market producers such as
PSA Peugeot Citron and Fiat trailing in
the dust. It is rather that even Volkswagen
and Daimler, BMWs powerful German
rivals, find it hard to gain an edge over
the Munich-based manufacturer at the
luxury end of the market.
On Tuesday, BMW reported that it had
sold more than 1.33m vehicles in the first
nine months of this year. This was 8.3 per
cent higher than in the same period of
2011 and a group record. Ian Robertson,
the BMW board member for sales and
marketing, says worldwide sales will
continue to be strong for the rest of 2012.
To grasp the secret of BMWs success, it
is worth inspecting these results in more
detail. In Europe, struck low by the debt
crisis and economic recession, BMW sold
almost 640,000 vehicles, a 0.8 per cent
increase. This figure disguises the pressure
on profits deriving from BMWs price
discounts aimed at propping up sales in
weak markets such as Italy and Spain.
Even so, it is a creditable performance.
In the Americas, group sales were up 6.3
per cent at more than 290,000 vehicles. In
the US market, the BMW brand lagged a
little behind Daimlers Mercedes in the
first half but BMW expects to benefit from
the introduction of a four-wheel drive
version of its 3 Series saloon.
Even buoyant US sales would not be
enough, however, to account for BMWs
confidence that it is on track to report
another round of record-breaking results
for the full 2012 year. Rather one needs to
look at BMWs operations across Asia,
above all in China.
The raw figures show that between
January and September BMW sold 237,000
vehicles in mainland China, a 33.5 per cent
increase. In other words, Chinese car sales
are expanding so fast that, in terms of
volume, they have overtaken US sales
(235,000 so far this year).
It is a daunting fact that, barely three
decades after the launch of the economic
reforms that pulled China out of political
chaos and poverty, there are more wealthy
Chinese consumers willing to splash their
cash on a BMW than anywhere else in the
world. In Germany, which recorded 212,000
deliveries in the first nine months, BMW
sales are actually going down.
According to Max Warburton, the
Bernstein Research auto analyst, the boom
in BMWs Chinese market accounts for
almost 50 per cent of the 18bn
improvement in the companys revenues
since the trough of 2009. The revenue
from China is all super-rich mix and
super-high profit, he says.
BMW was one of the first western
carmakers to grasp the potential of the
Chinese market, setting up a
representative office in Beijing in 1994 and
establishing a joint venture with Brilliance
Automotive in 2003. Nine years on, the
two partners have just opened their
second car plant in the north-eastern city
of Shenyang. This facility will enable them
to raise overall production for the Chinese
market to 400,000 vehicles a year.
BMWs success in China is a tribute to
the methodical, long-term outlook of
German business as well as to the
outstanding technical quality of the
carmakers products. Yet BMWs
impressive profitability over the past three
years is not reflected in its share price,
which hovers around 60, much the same
level as a year ago.
Two considerations weigh on the minds
of investors: the persistent weakness of
the European car market and a gut feeling
that BMWs China party cannot last for
ever. Some grounds for caution certainly
exist. Sooner or later Chinese drivers will
sell their luxury cars, creating for the first
time a large market in used premium
models that will bump against that for
new vehicles. Already the inventories of
Chinese luxury car dealers are high and
substantial price discounts are available.
In the light of Chinas slowing economic
growth, one might ask how many BMW-
loving millionaires will roll off the
national assembly line in coming years.
Yet BMW is a well-managed business
that keeps its costs under control and
plans carefully for the future. Even if the
Chinese premium market cools down,
these are strengths that will always stand
BMW in good stead.
Tony Barber is the Financial Timess
Europe Editor
tony.barber@ft.com
www.ft.com/insidebusiness
Tony
Barber
INSIDE BUSINESS
on Europe
Business For Sale
OCTOBER 12 2012 Section:Companies Time: 11/10/2012 - 19:08 User: bartlettr Page Name: CONEWS1, Part,Page,Edition: EUR, 16, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

17
Is this bye-bye Bumi? Since 2011 when
financier Nat Rothschild agreed to
reverse a collection of Indonesian coal
assets into his London-listed shell
company, Bumi Plc has been plagued
by drama and controversy.
Now the posterchild for the intro-
duction of high-octane, emerging mar-
ket risk to the London market could
be unwound under a proposal from
Indonesias influential Bakrie family,
causing shares in Bumi to jump
nearly 40 per cent to 259p, even while
some investors were sceptical.
The company says it has received a
three-part proposal from the Bakries
to buy Bumis operating assets a 29
per cent stake in PT Bumi Resources
and an 85 per cent stake in Berau
Coal Energy in exchange for cash
and the cancellation of Bakrie Groups
23.8 per cent stake in Bumi.
Mr Rothschild, whom the Bakries
have asked to relinquish his 16m
Bumi shares awarded as part of the
2011 deal, gave a cautious response to
the proposal.
Bumis board last month launched a
probe of alleged financial irregulari-
ties at its Indonesia-listed affiliate PT
Bumi Resources and Mr Rothschild,
who owns more than 10 per cent of
the company, says it would be appro-
priate to wait until the completion of
the third party investigation.
Other London investors echoed that
sentiment. We would like to see what
the lawyers investigating financial
irregularities at the group come up
with before we make decisions on our
holding, one top-10 shareholder says.
But yesterdays proposal could
sever ties between the Bakries and
the London market. The family would
unwind its 23.8 per cent shareholding
in Bumi through a share swap, buying
out the remainder of their stake for
$278.3m in cash.
Then, the Bakries have proposed
paying $947m for Bumis 85 per cent
stake in Berau Coal the same
amount originally paid by Vallar, Mr
Rothschilds shell.
The complex deal will amount to a
climbdown by all parties Mr Roth-
schild and his advisers who boasted
that investors could make two or
three times their money tapping into
the growth of natural resources in
emerging markets and the Bakries,
who thought that the creation of
Bumi Plc would boost the value of
their prized coal assets and bring
international credibility to their busi-
ness empire. The aim of the proposal,
however, according to people familiar
with the matter, is simple.
Wind the clock back and re-estab-
lish matters as they were before many
in the City had ever heard of the
Bakries leaving a London-listed cash
shell and the collection of coal assets
back in Indonesian hands.
That will include, say the Bakries in
their offer, the financier and other
founders cancelling 16m in shares or
close to 7 per cent of the company
that were awarded as a success fee on
sealing the 2011 deal.
The aim is, says one person, to get
everyone their 10 back the price at
which Vallar listed.
On the face of it, the Bakries offer
leaves investors some way off that
benchmark.
Were the entire Bakrie proposal to
complete, say analysts at Barclays,
the London-listed group will have
about $1.3bn in cash on its balance
sheet, or a per share value of 4.83.
Were Mr Rothschild to resist giving
up his shares, that would be 4.40.
However, the first stages of the
transaction will open up a number of
options for Bumis board, say people
familiar with the matter. Bumis
board could use the $278.3m cash to
buy back the groups shares, which
are trading at a large discount to the
value of its Indonesian-listed assets.
Moreover, the Bakrie proposal to
buy the Berau stake made at a hefty
premium to Beraus market value in
Indonesia has established a floor to
its value, helping lift Bumis shares.
Other buyers existing shareholders
or outside parties may consider
making their own counterproposal.
The notion of unshackling the
Bakrie family from the London-listed
company has broad support, accord-
ing to people familiar with the
matter. But there remain obstacles to
the deal, as conceived by the Bakries.
Notably, it is unclear how the heav-
ily indebted family, which has about
$4.5bn to $5bn in net debt starting to
fall due next summer, can raise the
money to fund the deal, even while
selling assets elsewhere in their busi-
ness empire.
Getting the entire deal done looks
highly unlikely, says Barclays.
Samin Tan, the Indonesian entre-
preneur who saved the Bakries from a
possible debt default by acquiring a
23.8 per cent stake in Bumi and subse-
quently became co-chairman, is
expected to stay a key shareholder in
the London-listed group, say people
familiar with the matter.
One person close to Mr Tan says
discussions are continuing regarding
how to ensure that Borneo Lumbung
Energi, Mr Tans company, which bor-
rowed $1bn from Standard Chartered
to acquire the Bumi plc stake, is not
left out of pocket. After buying in at
more than 10 a share in January, Mr
Tan will be among those focused on
how investors get their money back.
See Lex
www.ft.com/lombard
Bakrie plan
casts doubt
over Bumi
London foray
News analysis
Nat Rothschild is cautious
over threepart proposal
while other investors are
sceptical, write Helen
Thomas and Ben Bland
Bumi Resources
Names behind Bumi
Berau Coal Energy
Market cap (latest)
Share price,
year to date
(% change)
%
468m
-71%
973m
-67%
454m
-52%
85%
Bumis uncertain future
Samin Tan
Chairman of Bumi
Aburizal Bakrie
plc
Head of the Bakrie family
Nathaniel Rothschild
Co-founder and
director of Bumi
Source: Thomson Reuters Datastream Photo: Reuters
29%
owns owns
Notion of
unshackling
the Bakrie
family from
the London
listed
company
has broad
support
ON FT.COM
For more news and
analysis on the
mining sector, go to
www.ft.com/
mining
MINING
OCTOBER 12 2012 Section:Companies Time: 11/10/2012 - 19:12 User: bartlettr Page Name: CONEWS2, Part,Page,Edition: EUR, 17, 1
18

FINANCIAL TIMES FRIDAY OCTOBER 12 2012
COMPANIES
Like a jilted lover, BAE Sys-
tems now has to look ahead
to a life on its own. Among
those who will be most
keenly affected by the
repercussions of the failure
of the EADS deal are BAEs
35,000 UK employees
many of whom will face an
uncertain future.
The main reason for this
is the planned run-down in
big UK defence pro-
grammes, together with a
more difficult environment
for export orders as mili-
tary spending worldwide
comes under pressure.
Many of those in the UK
who backed a BAE/EADS
marriage did so because
they believed an expanded
business with a stronger
position in civil aerospace
would have put it in a
better position to maintain
its home workforce at some-
thing approaching the cur-
rent level.
Included in this camp is
Tim Maddison, managing
director of T&R Precision
Engineering, a Lancashire-
based components maker
that counts both BAE and
EADS among its customers.
If the deal had taken
place, it would have
strengthened BAE and
EADS. [In the aerospace
and defence industry] the
bigger you are, the safer
you are [in terms of guaran-
teeing future work], Mr
Maddison says.
The stronger global posi-
tion for a combined BAE/
EADS could have provided
better protection for BAEs
large concentration of
plants and development
centres in the UK. Britain is
responsible for 42 per cent
of BAEs employment but
accounted last year for just
a fifth of its 19.1bn sales.
BAEs UK activities range
from the manufacture of
Typhoon fighter jets
where the main factories
are in Warton and Samles-
bury near Preston to turn-
ing out software for break-
ing military codes.
Professor Steven
McGuire, director of the
Centre for International
Business and Public Policy
at Aberystwyth University,
says that, given the cuts in
global military projects, the
size of the companys order
book does not justify
having 35,000 workers in
the UK.
But he feels the negative
fallout for BAEs UK plants
from the failure of the deal
will be limited and proba-
bly will not be that much
worse than what the com-
pany might have expected
anyhow as a result of the
planned run-down of
defence programmes.
Rakesh Sharma, chief
executive of Ultra Electron-
ics, a maker of electronics
systems that supplies both
BAE and EADS, says: Has
BAE become a weaker busi-
ness as a result of this [fail-
ure]? I think probably the
answer is no.
BAE acknowledges that,
at least on the warship side
of its UK production activi-
ties, it will soon have to cut
its UK operations.
The most important
among these are the 5.2bn
project to build two aircraft
carriers for the Royal Navy,
together with a scheme to
manufacturer six Type-45
destroyers at a cost of 6bn.
While BAE refuses to dis-
cuss the size of possible
jobs cuts, employment at
two big BAE centres in
Portsmouth and Glasgow
will almost certainly be
heavily trimmed over the
next few years.
The workforce in Warton
and Samlesbury may also
fall because of a reduction
in orders for conventional
fighter aircraft even
though BAE hopes the size
of the cuts will be mitigated
by demand for a new gener-
ation of unmanned drone
aircraft that are now under
development.
Among BAEs big UK pro-
duction centres, probably
the most secure is the huge
base in Barrow-in-Furness,
Cumbria, where the work-
force has risen from 3,000 a
decade and a half ago to
5,400 on the back of a
programme in building
military submarines.
Another argument related
to UK workforce is that
about a quarter of these
people work not in manu-
facturing but in related
service operations.
These include, for
instance, maintenance and
repair of military equip-
ment from ships to air-
craft. Under such schemes,
BAE collects payments
under long-term contracts,
for instance with the UK
Ministry of Defence. Nearly
45 per cent of BAEs global
sales in the first half of 2012
came from services.
A Typhoon fighter jet of
the sort built by BAE can
cost 80m to buy but then
require up to three times
that amount of spending to
keep it in shape during a
20-30 year time in operation.
BAE has stressed that it
sees long-term maintenance
contacts as a big source of
orders and a way of keeping
highly-skilled employees.
Andy Neely, a professor
at Cambridge university
who is an expert on manu-
facturing/services compa-
nies says: BAE takes the
service side to what it does
extremely seriously.
BAEs supporters argue
that this strong focus on
services where the need to
provide these tends to stay
constant even if the manu-
facture of new equipment
dips is one reason why
any cuts in its UK work-
force in the next few years
may be less than some fear.
By James Boxell in Paris
Henri Proglio, chief execu-
tive of Frances EDF, has
resigned from the board of
Veolia, bringing a definitive
end to his attempt to
orchestrate a boardroom
coup at the struggling
water group and severing
his 40-year ties to the com-
pany.
Mr Proglio is one of
Frances most powerful
industrialists from his posi-
tion running EDF, the
nuclear power group that
supplies 75 per cent of
Frances electricity.
But his attempt to oust
Antoine Frrot as chief
executive of Veolia in Feb-
ruary this year caused a
political storm ahead of
Mays French presidential
elections after reports that
he was trying to replace
him with a former minister
in the government of Nico-
las Sarkozy, the then right-
of-centre president.
The incident threw a spot-
light on the political links
that often operate at the
centre of French business.
Veolia, the worlds big-
gest listed water utility by
sales, confirmed yesterday
that it had received a letter
presenting Mr Proglios res-
ignation from the board of
Veolia.
Mr Proglio had been
chairman and chief execu-
tive of Veolia until he took
the helm of EDF in 2009,
but kept a board seat
because EDF owns 4 per
cent of the water and waste
group. He had initially
stayed on as chairman of
Veolia until December 2010,
a move that was heavily
criticised by politicians and
corporate governance activ-
ists because of potential
conflicts of interests.
While the Veolia chief
executive was a one-time
protg of Mr Proglio after
serving as his deputy, rela-
tions between the two men
broke down after Mr Frrot
took over the reins and
declared his intention to
tear up Mr Proglios indus-
trial legacy.
Mr Proglio had embarked
on a rapid global expansion
during his time in charge of
Veolia, spending about
4bn on acquisitions in 2007
and 2008, pushing the util-
ity into 77 countries from
Argentina to South Korea.
However, Veolia issued
two profit warnings last
year and 800m of write-
downs because of problems
in its Italian, US and north
African divisions.
As a result, Mr Frrot
decided to halve the
number of countries in
which the company does
business and launched a
5bn fire sale of assets to
cut 14.7bn of net debt.
Mr Frrot has already
overseen the sale of the util-
itys UK-regulated water,
US waste management and
Baltic waste businesses and
has cut the dividend.
The utility also plans to
cut investment by 500m
this year and next. Veolias
shares have fallen 87 per
cent in the past five years,
highlighting the scale of the
challenge ahead for Mr
Frrot as he tries to turn
round the fortunes of
Frances biggest private
employer.
Mr Frrot shored up his
position over the summer
by replacing several board
members loyal to Mr Pro-
glio, but people close to the
company say he is still
under pressure to produce
results quickly.
Mr Proglios own position
at EDF was called into
question after the election
of a Socialist government in
May because of his ties to
Mr Sarkozy and vocal
championing of nuclear
power.
By James Boxell
and Guy Dinmore
From Tom Enders, the
German chief executive of
EADS, the message was
clear on Wednesday.
In a letter to his 133,000
workers, he warned there
would be repercussions
from the collapsed merger
with Britains BAE
Systems. We are going to
have to review the strategy
of our group and its
defence activities in
particular, he wrote.
For Mr Enders,
Germanys decision to
block the deal was deeply
frustrating because of the
widespread
acknowledgment that
cross-border consolidation
of Europes arms industry
is essential as governments
slash military budgets.
Indeed, the bold attempt
to create a European rival
to Boeing of the US,
equally strong in civil
aerospace and defence, was
heralded by some as the
best chance in a decade of
breaking the logjam in
defence consolidation.
By the same token, its
failure shows why progress
has been absent in recent
years, according to
analysts and company
executives.
Germany, which is home
to the headquarters of
Cassidian, the EADS
defence division, opposed
the deal in part because it
would have lost influence
to London in the event of
a merger with BAE.
Governments use
defence budgets to ensure
security of supply but also
to protect jobs and heavy
industrial sites in areas
with high unemployment,
says Zafar Khan, aerospace
analyst at Socit
Gnrale. That is why
cross-border deals
involving national
champions are so difficult
to pull off.
Some bankers now
speculate about other
European defence deals for
EADS, possibly with
Finmeccanica of Italy or
Thales of France.
Giampaolo Di Paolo,
Italys defence minister,
said yesterday that the
failure of the BAE-EADS
deal opens up room for
evaluation, first by
Finmeccanica and then by
the government.
However, Finmeccanica
is in the middle of a
restructuring and analysts
say it would need to
complete this before
considering selling itself.
Advisers to EADS said
the company was unlikely
to be interested in
Finmeccanica, and could
instead decide to pursue
deals in the less politically
controversial services
business.
They said a deal with
Thales was also doubtful
because it has been
blocked in the past by
Germany, which is
reluctant to dilute its
control over the Cassidian
defence business.
Do you think if the
Germans wouldnt let us
buy BAE they will let us
buy Thales? asks a senior
adviser.
The failed EADS and
BAE deal has also put the
spotlight back on the
French defence industry,
which is still split between
several big companies.
There is speculation in
Paris that the government
may push for a merger
between Thales and Safran,
the aircraft engine maker.
But it would face fierce
opposition from
shareholders in Safran, not
least The Childrens
Investment Fund, an
activist UK hedge fund.
Dassault, maker of the
Rafale fighter jet, which
owns 26 per cent of Thales,
could also play a part in
consolidation. Laurent
Dassault, heir apparent at
the company, indicated
this week that he would be
keen on creating a France
Aerospace grouped around
Dassault and bringing in
Thales, Safran and possibly
Zodiac Aerospace.
BAE faces up to new UK defence landscape
News analysis
The failed deal with
EADS means the
British company
has to address its
local priorities,
writes Peter Marsh
The four key UK
manufacturing
centres
Samlesbury and
Warton near Preston
Portsmouth
Glasgow
Barrow-in-Furness
BAE operates two yards on
either side of the Clyde,
making giant structures for
the UKs 5.2bn project to
build two aircraft carriers.
Glasgow is also the main
centre for producing six
Type-45 destroyers for the
Royal Navy
Employment: 2,500
As well as constructing
seven Astute submarines
for carrying non-nuclear
missiles, the yard is
working on designs for
new vessels for the UKs
Trident nuclear
programme
Employment: 5,400
(including some gun
manufacturing)
Main sites for assembly
and servicing of Typhoon
ghter jets. Also makes
titanium parts for the
US-led Joint Strike Fighter
programme
Employment: 9,800
One of the worlds most
historic shipyards, where
Britain has built warships
for more than 500 years.
Main work is producing
giant structures for the
UKs new aircraft carriers,
together with extensive
maintenance contracts
Employment : 5,000
(including other BAE
centres near Portsmouth)
Warships Submarines Aircraft
Key
Astute submarine at
BAEs Barrow-in-Furness
shipyard Source: FT research FT graphic
Factory repower
EADS considers its options
Arms industry
Do you think if the
Germans wouldnt
let us buy BAE
they will let us buy
Thales?
By Robert Wright
in New York
The collapse of merger talks
between EADS and the
UKs BAE Systems has left
a significant question hang-
ing not only unanswered
but unasked, namely what
would be the attitude of the
US Department of Defense
to mergers between its sup-
pliers?
Following the abandon-
ment of EADSs tie-up with
BAE, the USs sixth-biggest
military contractor by
annual revenues, US
defence companies still do
not know whether falling
defence spending has made
the Pentagon relax its oppo-
sition to further consolida-
tion among its big suppli-
ers.
After the end of the cold
war some US industrial
companies such as Chrys-
ler, General Motors and
Ford decided to spin out or
sell off military subsidiaries
as defence spending fell.
The Pentagon then encour-
aged a wave of consolida-
tion in the 1990s: Northrop
and Grumman merged in
1994 to form Northrop
Grumman, Lockheed and
Martin Marietta merged in
1995 to form Lockheed Mar-
tin and Boeing in 1997 took
over McDonnell Douglas.
Some similar fragmenta-
tion has already taken place
during this defence slow-
down: Northrop Grumman
spun out its shipbuilding
operations in March last
year, for example, while
SAIC, a provider of sophisti-
cated professional services
to the military, decided in
August to split itself in two.
However, so far the Penta-
gon has said it was reluc-
tant to see mergers of big
suppliers but stressed it
would still treat each deal
on a case-by-case basis.
The reality of those
kinds of policy pronounce-
ments is that they can
always change, says Pierre
Chao, managing partner of
Renaissance Strategic Advi-
sors. In some ways, theyre
also administration person-
ality-specific.
Behind much of the cur-
rent confusion about the
industrys future shape lies
uncertainty about the
Department of Defences
budget. Military pro-
grammes could face 9.4 per
cent across-the-board cuts
from January if legislators
are unable to agree before
then on an alternative pro-
gramme to close the USs
budget deficit.
Wes Bush, chief executive
of Northrop Grumman, one
of the top five suppliers,
said last month that such
cuts could prompt the Pen-
tagon to reassess its opposi-
tion to mergers among its
biggest suppliers.
There has been specula-
tion that, in such a sce-
nario, Lockheed Martin, the
military aircraft maker, and
General Dynamics, the
armoured vehicle maker,
might team up to take over
BAE together. However,
people familiar with the
thinking of the two compa-
nies both of which are in
the midst of leadership
changes pour cold water
on the suggestions.
Loren Thompson, a
defence analyst at the Vir-
ginia-based Lexington Insti-
tute, says that while the
Pentagon and other regula-
tors encouraged the merg-
ers that gave the industry
its current shape, the mood
now is very different.
The policy makers at the
Pentagon now believe that
there was too much concen-
tration back then, Mr
Thompson says. So theyre
not going to permit major
combinations.
That means, Mr Thomp-
son and Mr Chao suggest,
that corporate activity
among military contractors
in the foreseeable future is
likely to consist mainly of
groupings amid smaller
operations. Following the
collapse of the planned
merger, there is very little
to prompt other big contrac-
tors into action, says Mr
Thompson. Theyre wait-
ing to see who wins the
White House, he says.
Few official fans of consolidation
US defence
The Pentagon now
believe[s] there
was too much
concentration
back then
Aerospace deal collapses
EDF chief gives up Veolia board seat
ELECTRICITY
Henri Proglio: severing
40year ties to Veolia
More at FT.com
BAE Systems biggest
investors are to meet
management to press for
a clearer strategy that
centres on developing the
groups defence business
rather than focusing on
mergers and dealmaking.
Full story and analysis
at www.ft.com/bae
Contracts & Tenders Legal Notices
OCTOBER 12 2012 Section:Companies Time: 11/10/2012 - 19:13 User: bartlettr Page Name: CONEWS3, Part,Page,Edition: EUR, 18, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

19
COMPANIES
By James Crabtree
in New Delhi
Telenor has settled a long-
running dispute with its
former Indian partner,
potentially clearing the way
for the Norwegian telecoms
group to rebuild its trou-
bled Indian operations and
confirm its participation in
the imminent telecoms
auctions.
The deal, for an undis-
closed amount, ends a
series of legal battles
between Telenor and
Unitech, an Indian property
company, over who was to
blame for the cancellation
of mobile telecoms licences
belonging to their Uninor
joint venture earlier this
year.
Although the two compa-
nies provided few details on
the deal, Telenor said: It
can be confirmed that the
parties agree to support the
transfer of the business in
Unitech Wireless (Uninor)
to a new entity (NewCo)
controlled by Telenor.
In February, Indias
Supreme Court cancelled
122 second generation
licences belonging to more
than half a dozen telecoms
companies, citing irregulari-
ties over their allocation in
2008.
Those licences are due to
be re-auctioned in Novem-
ber.
A number of foreign oper-
ators, including Telenor
and Sistema of Russia, are
considering participating in
the auctions, potentially
competing against new
Indian entrants to the
market, including billion-
aire industrialist Mukesh
Ambanis Reliance Indus-
tries. Telenor has said that
it is making preparations to
enter the bidding, but will
only make a definitive
statement on its future in
the worlds second-largest
telecoms market by sub-
scribers next week, just
before the October 19 dead-
line.
The settlement is a rare
piece of good news for the
groups Indian arm, which
has spent more than six
months attempting to extri-
cate itself from the joint
venture in which it owned a
two-thirds stake. It also fol-
lows its decision earlier this
year to write off more than
$700m from its operations
in India.
Telenor is now in discus-
sions with a number of
businesses that could poten-
tially replace Unitech as
partners in a new joint ven-
ture, given Indian regula-
tions which require that
foreign telecoms companies
must work with a local
business.
The company said: This
decision enables us to focus
fully for preparing for the
auction . . . We have had a
good process for some time
of working with potential
new partners.
Analysts said the end of
the legal disputes would
make it easier for Telenor
to sign a deal with a new
partner, while also sending
a signal that it intended to
participate in the upcoming
auctions.
The main significance is
that they have been able to
clear the cobwebs in the
closet, said Ankur Rudra,
a Mumbai-based telecoms
analyst at brokerage Ambit
Capital. It indicates a seri-
ous intent by the manage-
ment to enter the auction
next week.
Unitechs shares rose by
as much as 13 per cent
on the news, while Ramesh
Chandra, chairman of the
group, said: With the
renewed management focus
and bandwidth we see
Unitech in an advantageous
situation to further consoli-
date its core competency
in the business of real
estate.
By Paul J Davies
in Hong Kong
AIA will pay $1.7bn for
the Malaysian businesses of
Europes ING in a deal that
will hand the pan-Asian life
assurer the leading position
in that country and extend
its region-wide lead over
its nearest rival, Prudential
of the UK.
The deal, which is subject
to regulatory approvals,
was concluded after months
of negotiations during
which ING has been trying
to find buyers for all of its
Asian businesses as part of
a break-up forced by Euro-
pean regulators.
Its Korean arm is widely
expected to be sold to KB
Financial after a deal was
agreed in principle several
weeks ago. Richard Li, son
of the Hong Kong tycoon Li
Ka-shing, is favourite to
win out over Canadas
Manulife for Hong Kong,
Thai and part of the Japa-
nese business.
The cash price AIA has
agreed for the Malaysian
arm amounts to 2.4 times
the units book value in
2011 and 1.8 times embed-
ded value an insurance
industry measure of future
profits available from busi-
ness already written.
Arjan van Veen, analyst
at Credit Suisse, said that
while the headline valua-
tion looked high, Malaysia
was the jewel in INGs
crown.
To get access to the best
growth markets you have to
pay a premium, he said.
But if you roll the num-
bers forward [to next year]
and allow for the synergies
AIA expects to achieve, its
a similar valuation to
where AIA itself is trading.
The deal will also
improve AIAs growth pro-
file, which is weaker than
other insurers in the region
because the group gets
most of its regional market
share from the more devel-
oped countries.
Mark Tucker, chief execu-
tive of AIA, said the deal
would bring about a step
change in the scale and
reach of its existing Malay-
sian business in one of
south-east Asias most
attractive growth markets.
If you look at how this
acquisition is a step change
in our presence in Malaysia
and put in the projected
growth in Malaysia and put
in the synergies we expect
from the deal, as some of
the analysts have done, it
looks like very good value,
he said.
We have the capacity to
fund the deal efficiently
with either cash or debt or
a combination of the two.
We will look at the costs
and market situation at the
time and then decide.
AIA announced better
third-quarter results than
expected yesterday, with a
strong increase in margins
on the value of its new
business. Its value of new
business in the third quar-
ter was 22 per cent ahead of
the same period a year ago
at $300m, while new busi-
ness margins were 11 per-
centage points better at
42.6 per cent.
Annualised new premi-
ums which measures all
new regular premiums and
10 per cent of one-off premi-
ums were up 12 per cent
over the first nine months
to $1.88bn. That was with-
out the impact of a large,
one-off group deal struck in
Australia last year, which
would have made the com-
parison more or less flat.
Pakistans decade-long cam-
paign against al-Qaeda and
the Taliban may have made
the countrys urban areas
calmer, as armed assaults
and suicide attacks have
tapered off.
But, as the shooting of a
14-year-old schoolgirl in the
Swat Valley region showed
this week, lawlessness
remains a big problem
and one that is increasing
demand for one type of
business: providers of pri-
vate security guards.
Armed robberies and
extortion in cities such as
Karachi, Pakistans com-
mercial capital, have
prompted the countrys
elite to turn to private com-
panies offering security
guards for protection of
their homes and businesses.
The lawlessness has been
fuelled by a steady flow of
weapons and drugs from
neighbouring Afghanistan
to poverty-stricken Pakista-
nis. Though the govern-
ment doesnt publicly
reveal the number of people
living in poverty in Kara-
chi, which has a population
of about 19m, one senior
Karachi police officer told
the Financial Times,
between 30 to 40 per cent
of Karachis people live in
slum-like conditions.
As demand for security
companies has grown,
many have been criticised
for the quality of service
they provide. Worse still,
some private security
guards are suspected of tak-
ing part in inside jobs
providing information to
potential criminals in
exchange for a share of the
spoils.
The FT was taken to wit-
ness a police interview of a
private security guard who
was picked up by Karachi
officers in August, after an
armed robbery at a home
which he was being paid to
protect.
This man was on duty,
armed with a weapon and
wearing a uniform, the
investigating police officer
said. He says the burglars
overpowered him, tied his
hands behind his back and
locked him in a toilet.
There are big gaps in his
story. There isnt even a
scratch on his body let
alone a wound, he added,
stressing the suspicion the
guard may have been an
accomplice in the robbery.
The interior ministry has
not publicly revealed the
number of security compa-
nies operating in Pakistan.
One senior interior ministry
official in Islamabad told
the FT there were around
350 companies, employing
about 300,000 guards. But
none are listed on the Paki-
stani stock market, which
means they are under no
obligation to report their
earnings.
Critics say the failure of
successive governments to
enforce tight regulatory
controls has meant that
many companies offer serv-
ices that are below globally
accepted standards.
I know of instances
where there are guards who
work as cooks or gardeners
in the homes of people dur-
ing the day, then put on a
uniform and take a gun to
turn up on duty for the
night as security guards,
says Haroon Rashid, a
former president of the
Karachi chamber of com-
merce and industry (KCCI).
There is practically no reg-
ulation ensuring a high
standard of service by the
companies which provide
these guards.
Western diplomats warn
that improving the stand-
ards of private security
companies has become a
bigger challenge since Paki-
stan decided in effect to ban
foreign security companies
from operating on its soil.
The decision followed the
arrest of Raymond Davis, a
contractor for the US Cen-
tral Intelligence Agency,
who shot dead two armed
men in January 2011. Davis
was released in March 2011
following an agreement to
pay compensation to the
mens families.
No foreign security com-
panies will be allowed in
Pakistan, says Rehman
Malik, the interior minister.
In Pakistan, there is a
lot of negativity and
resentment against foreign
nationals serving in
the security sector.
This policy means that
following the exit from
Pakistan in August of G4S
the company criticised for
its failure to provide
enough guards at the Lon-
don Olympics there are no
immediate opportunities for
other foreign security com-
panies to step into the pic-
ture.
Still, businessmen offer-
ing security services
through local companies
say urban lawlessness con-
tinues to lift demand from
high-income consumers
looking for high-quality
protection.
Many customers want
quality, says Ikram Sehgal,
chairman of Wackenhut
Pakistan. Even as a Paki-
stani company, we have to
fulfil those expectations.
Wackenhut Pakistan has
invested in a centralised
control room in Karachi
equipped with audio-visual
connection to many of the
premises that it guards a
contrast to smaller compa-
nies which are only in
touch with guards through
mobile phone connections.
But others, such as
Mumtaz ur Rahim, chair-
man of Phoenix security
another of Pakistans large
private security companies
says the absence of regu-
latory controls has meant
there are fly-by-night oper-
ations which can operate
with only modest budgets.
If you are prepared to set
up office in one small room
and hire a small team of
guards to offer to your cli-
ents, you will not have
much in terms of over-
heads, he adds.
The relaxation of stand-
ards since the early pio-
neers entered the business
is summed up by the police
officer leading the burglary
investigation in central
Karachi. He says of his sus-
pect: This man has no his-
tory. He has lived in Kara-
chi for just three months. I
simply cant tell if he is a
hardened criminal who put
on a uniform and became a
private security guard.
Telenor
settles with
exIndian
partner
MOBILE & TELECOMS
ING deal hands
leading position
in Malaysia to AIA
LIFE ASSURANCE
Pakistans security business booms
SUPPORT SERVICES
News analysis
Quality of service is
in sharp focus as the
demand for guards
grows rapidly, says
Farhan Bokhari
A guard from a private security company practises at a shooting range in Karachi AFP
It indicates a
serious intent . . .
to enter the
auction next week
Ankur Rudra,
Ambit Capital
There is practically
no regulation
ensuring a high
standard of service
by companies
By Leslie Hook in Beijing
African copper miner Dis-
covery Metals has rebuffed
an initial takeover offer
from Chinese private equity
group Cathay Fortune, rais-
ing the stakes in the battle
for control of the Austral-
ian-listed mining company.
Discovery Metals said yes-
terday that Cathays offer
price of A$1.70 per share
was inadequate but that
the board would be willing
to consider a new proposal
from the Chinese group.
Cathay Fortune, a Shang-
hai-based private equity
group controlled by billion-
aire Yu Yong, did not have
any immediate response. A
clerk in Cathays Shanghai
office said that a team was
still working on the deal,
while a spokesperson in
Australia said it was too
soon to say what the com-
panys next step would be.
In a statement, the direc-
tors of Discovery Metals
said that the offer price
does not reflect, in the con-
text of a change of control,
the value of the companys
operations and expansion
plans, the potential to
increase the resources on
the companys tenements
through further explora-
tion, the strategic value of
the company with an oper-
ating project and manage-
ment team in Botswana,
and the scarcity value of
the company.
Discoverys main asset is
a copper mine in Botswana
that is on the cusp of start-
ing commercial production,
and the company also has
more than 11,000 sq km of
exploration acreage across
the Kalahari copper belt in
northern Botswana. Shares
in Discovery closed 1.2 per
cent lower at A$1.64 yester-
day, before the announce-
ment was made, reflecting
investor scepticism about
whether a deal would go
through.
China is the worlds big-
gest consumer of copper,
used in items such as
household appliances and
air conditioners, and Bei-
jing has encouraged Chi-
nese resources companies
to expand their presence
overseas to gain access to
resources. Copper has been
a particularly favoured
target of Chinese compa-
nies, with recent copper
deals including Minmetals
C$1.3bn acquisition of Anvil
Mining earlier this year.
However, should Cathays
bid for Discovery now turn
hostile, it would be unusual
in several respects. Most
Chinese acquirers are state-
owned mining groups,
whereas Cathay is a pri-
vately-owned private equity
firm controlled by a single
big shareholder, Mr Yu.
Cathay also has relatively
little experience in mining
and has never operated a
mine. However, it has been
exposed to the mining sec-
tor through its 34 per cent
stake in China Molybde-
num.
Discovery
Metals rebuffs
Chinese bid
MINING
China is the worlds biggest consumer of copper Bloomberg
OCTOBER 12 2012 Section:Companies Time: 11/10/2012 - 17:18 User: bartlettr Page Name: CONEWS4, Part,Page,Edition: EUR, 19, 1
20

FINANCIAL TIMES FRIDAY OCTOBER 12 2012
OCTOBER 12 2012 Section:Ad Page Time: 11/10/2012 - 14:39 User: leej Page Name: AD FILLER, Part,Page,Edition: EUR, 20, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

21
Fund Bid Offer D+/- Yield
ACP Partners Investment Managers (Ireland) Limited (IRL)
www.acpi.com
FSA Recognised
ACPI Emerging Mkts FI UCITS Fund EUR E 111.80 - 0.11 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 115.02 - 0.12 0.00
ACPI Global Fixed Income UCITS Fund GBP C 142.19 - 0.10 0.00
ACPI Global Fixed Income UCITS Fund EUR B 137.74 - 0.09 0.00
ACPI Global Fixed Income UCITS Fund USD A $ 139.31 - 0.10 0.00
ACPI India Fixed Income UCITS Fund GBP C 89.17 - -0.64 0.00
ACPI India Fixed Income UCITS Fund EUR B 95.56 - -0.59 0.00
ACPI India Fixed Income UCITS Fund USD A $ 87.68 - -0.51 0.00
ACPI FM Limited (JER)
Regulated
ACPI Balanced Fund USD $ 10.98 10.99 0.00 0.00
ACPI Global Credit Fund USD C $ 12.31 12.31 0.00 0.00
ACPI Focused Equity Fund USD $ 10.29 10.30 -0.03 0.00
ACPI International Bond Fund USD $ 18.41 18.41 0.05 0.00
ACPI Multi-Asset Fund USD $ 10.51 10.51 0.01 0.00
ACPI Multi-Strategy Fund USD $ 186.31 - 0.78 0.00
ACPI
Other International Funds
ACPI Core Strategy Fund USD $ 143.90 - -0.01 -
ACPI Global Credit UCITS Fund EUR C 11.49 - 0.00 0.00
ACPI Global Credit UCITS Fund USD C $ 10.96 - 0.00 0.00
ACP Partners Strategic Opps Fund USD A $ 121.76 - 0.46 0.00
Q-ACPI India Fixed Income Fund USD A $ 9.91 - -0.06 0.00
ACPI Trading Strategy Fund USD $ 93.36 - -4.23 -
Absolute Return Fund Trust
Other International
Euro Class 835.72 - 8.51 -
Alceda Fund Management S.A.
Managed on the Alceda UCITS Platform
www.alceda.lu
FSA Recognised
AC Risk Parity 7 Fund (EUR A) 126.33 132.65 -0.19 0.00
AC Risk Parity 7 Fund (GBP A) 127.27 133.63 -0.19 0.00
AC Risk Parity 7 Fund (USD A) $ 125.54 131.82 -0.19 0.00
AC Risk Parity 12 Fund (EUR A) 151.23 158.79 -0.38 0.00
AC Risk Parity 12 Fund (GBP A) 113.56 119.24 -0.29 0.00
AC Risk Parity 12 Fund (USD A) $ 162.23 170.34 -0.41 0.00
AC Risk Parity 17 Fund EUR A 103.84 109.03 -0.39 -
AC Risk Parity 17 Fund GBP A 103.46 108.63 -0.35 -
AC Spectrum Fund (EUR A) 90.06 94.56 -0.77 0.00
AC Spectrum Fund (GBP A) 89.68 94.16 -0.74 0.00
AC Spectrum Fund (USD A) $ 89.50 93.98 -0.97 0.00
Alger SICAV (LUX)
Regulated
American Asset Growth A $ 32.14 34.19 -0.19 0.00
American Asset Growth I $ 34.10 34.10 -0.19 0.00
American Century Sicav (LUX)
JPM customer service: +352-46-268-5633
FSA Recognised
ACI Conc Gbl Grwth Eq A Acc $ 11.17 - 0.03 -
ACI Conc Gbl Grwth Eq I Acc $ 11.26 - 0.03 -
ACI Gbl Grwth Equity Acc F $ 11.48 - 0.05 0.00
ACI Gbl Grwth Equity I Acc F $ 11.71 - 0.05 0.00
ACI US AllCap Grwth Eq A Acc $ 11.34 - 0.01 -
ACI US AllCap Grwth Eq I Acc $ 11.42 - 0.01 -
Amundi Funds (LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FSA Recognised
Absolute Var 2 EUR 97.18 - 0.00 0.00
Bd. Euro Corporate AE Class - R - EUR 16.65 - -0.01 0.00
Bd. Global AU Class - R - USD $ 24.69 - 0.02 0.00
Eq. Emerging Europe AE Class - R - EUR 29.65 - -0.06 0.00
Eq. Emerging World AU Class - R - USD $ 90.39 - -0.52 0.00
Eq. Greater China AU Class - R - USD $ 480.88 - -0.25 0.00
Eq. Latin America AU Class - R - USD $ 589.23 - -3.01 0.00
Antares Investment Management Ltd
Other International
AEF Ltd Usd (Est) $ 422.69 - 5.92 -
AEF Ltd Eur (Est) 423.08 - 6.03 -
Arisaig Partners
Other International Funds
Arisaig Africa Consumer Fund Limited $ 17.49 - 0.14 0.00
Arisaig Asia Consumer Fund Limited $ 48.38 - -0.27 0.00
Arisaig Latin America Consumer Fund $ 28.68 - -0.01 0.00
ARN INVESTMENT SICAV (LUX)
12, rue Eugne Ruppert, L-2453 Luxembourg
Regulated
ARN Newly Indus.Ec.Fd A -C $ 89.64 - -0.10 0.00
Artemis Investment Management LLP (CYM)
Regulated
Artemis Gbl Hedge Fd Ltd GBP 50.64 - -0.69 0.00
Artemis Gbl Hedge Fd Ltd EUR 47.94 - -0.68 -
Artemis Gbl Hedge Fd Ltd USD $ 51.26 - -0.71 -
Artemis UK Hedge Fd Ltd EUR 152.49 - 0.04 -
Artemis UK Hedge Fd Ltd GBP 167.26 - 0.11 -
Artemis UK Hedge Fd Ltd USD $ 158.66 - 0.00 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 Class I EUR 8.27 - -0.06 0.00
Artisan Global Equity Fund Class I USD Acc $ 10.52 - -0.05 -
Artisan Global Value Fund Class I USD Acc $ 11.31 - -0.04 0.00
Artisan Value Fund Class I USD Acc $ 11.36 - -0.09 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 2.3611 2.4792 -0.0032 0.71
Sterling Asset Mgt. Fund PC - Class I 103.2384 108.4003 -0.1380 0.00
Sterling Intl. Eq. Fund PC 51.5732 54.1519 -0.0947 0.00
Dollar Intl. Eq. Fund PC $ 9.6886 10.1730 -0.0129 0.00
European Eq. Fund PC 4.4653 4.6886 -0.0061 0.00
European Eq. - Feeder PC 1.1472 1.2046 -0.0014 0.00
European Eq - Feeder PC - Class I 100.2383 105.2502 -0.1214 0.00
Chindia Eq. - Feeder PC 1.0731 1.1268 0.0090 0.00
Chindia Eq - Feeder PC - Class I 73.4488 77.1212 0.5956 0.00
Ashburton Fund Managers Limited (JER)
Regulated
Ashburton Replica Portfolio Ltd
Ashburton Replica Dollar Acc USD $ 97.0802 101.9342 -0.0538 -
Asset Management Fund 35.3757 37.1445 -0.0364 0.00
$ Asset Management Fund $ 31.1850 32.7443 -0.0169 0.00
Euro Asset Management Fund 1.4566 1.5294 -0.0014 0.00
Multi Asset Cautious Fund GBP 1.0842 1.1384 -0.0004 0.50
Multi Asset Cautious Fund GBP - Class I 101.1137 106.1694 -0.0283 0.46
Multi Asset Balanced Fund EUR 0.9837 1.0329 -0.0006 0.09
Multi Asset Balanced Fund GBP 1.1491 1.2066 -0.0007 0.17
Multi Asset Balanced Fund USD $ 1.1271 1.1835 -0.0001 0.38
Multi Asset Balanced Fund GBP - Class I 102.8515 107.9941 -0.0643 0.36
Multi Asset Balanced Fund USD - Class I $ 99.0061 103.9564 -0.0080 0.52
Multi Asset Balanced Fund EUR - Class I 99.7875 104.7769 -0.0630 0.48
Multi Asset Aggressive Fund GBP 1.0469 1.0992 -0.0011 0.15
Ashburton Emerging Markets Funds Limited
Chindia Eq Fund $ 0.8878 0.9322 0.0083 0.00
Chindia Eq - Class I $ 117.1018 122.9569 1.0761 0.00
Ashmore Management Company Ltd (GSY)
Regulated
Emerging Mkts Liquid Inv P'folio $ 10.57 - 0.21 17.14
Local Currency Debt Pflo $ 29.18 - 0.77 0.00
Russian Debt Portfolio $ 74.46 - 1.99 0.00
Ashmore Asian Recovery $ 30.20 - 0.39 0.00
Multi-Strategy $ 17.55 - 0.09 0.00
Emerging Mkts Global Inv Pfolio $ 8.04 - 0.10 0.00
Emerging Mkts Corporate High Yield $ 126.46 - 1.53 0.00
Turkish Debt Fund Ltd $ 98.62 - -1.05 0.00
Fund Bid Offer D+/- Yield
Ashmore Sicav (LUX)
2 rue Albert Borschette L-1246 Luxembourg
FSA Recognised
EM Equity Select USD F $ 113.42 - -0.71 0.00
EM Mkts Corp.Debt USD F $ 116.91 - -0.02 4.17
EM Mkts Debt NOK F NKr 115.63 - -0.12 11.30
EM Mkts Debt GBP F 120.96 - -0.13 3.92
EM Mkts Inv.Grade Corp. Debt USD F $ 122.13 - 0.17 0.00
EM Mkts Loc.Ccy Bd USD F $ 116.93 - 0.14 3.90
EM Mkts Loc.Ccy Money Mkt USD F $ 102.99 - -0.09 0.00
EM Mkts Sov.Debt USD F $ 119.02 - -0.05 0.00
EM Mkts Sov.Inv.Grade Debt USD F $ 122.71 - 0.03 0.00
Emerging Markets Debt Retail USD $ 105.31 - -0.12 5.45
Emerging Markets Debt Retail EUR 162.54 - -0.18 15.49
Local Currency GBP F 108.04 - -0.10 0.29
Local Currency Retail EUR F 101.44 - -0.09 0.36
Local Currency Retail USD F $ 112.15 - -0.10 0.54
Aspect Capital Ltd (UK)
Other International Funds
Aspect Diversified USD $ 334.33 - -11.53 0.00
Aspect Diversified EUR 207.08 - -6.86 -
Aspect Diversified GBP 104.89 - -3.47 -
Aspect Diversified CHF SFr 99.83 - -3.35 0.00
Aspect Diversified Trends USD $ 96.89 - -0.29 0.00
Aspect Diversified Trends EUR 96.77 - -0.29 0.00
Aspect Diversified Trends GBP 99.43 - -0.29 0.00
Atlantas Sicav (LUX)
Regulated
American Dynamic $ 2244.23 - 7.62 0.00
American One $ 2112.85 - 6.69 0.00
Bond Global 1155.08 - -3.18 0.00
Eurocroissance 602.18 - -3.83 0.00
Far East $ 594.57 - 0.23 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 $ 5.97 - -0.01 0.00
Atlantis Asian Fund GBP 8.17 - -0.02 0.00
Atlantis Asian Fund EUR 8.81 - -0.04 0.00
Atlantis China Fd F $ 6.08 - -0.03 0.00
Atlantis Japan Opps Fund USD H $ 1.30 - 0.00 0.00
Atlantis Japan Opportunities Fund GBP 11.51 - 0.01 0.00
Atlantis Japan Opportunities Fund EUR 12.78 - -0.01 0.00
Atlantis New China Fortune Fund $ 0.95 - 0.00 0.00
Atlantis China Healthcare Fund H $ 1.23 - -0.02 0.00
BLME Asset Management (LUX)
BLME Sharia'a Umbrella Fund SICAV SIF
Regulated
$ Income Fund - Share Class A Acc $ 1110.79 - 0.97 0.00
$ Income Fund - Share Class B Acc $ 1126.42 - 1.00 0.00
$ Income Fund - Share Class G Acc 1045.33 1045.33 0.94 0.00
$ High Yield Fund - Share Class A Acc $ 1111.82 1111.82 4.59 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 116.61 - 0.00 0.00
BNP Paribas Insticash GBP F 128.46 - 0.00 0.00
BNP Paribas L1
BNPP L1 Bd Asia ex-Japan F $ 147.02 - 0.15 0.00
BNPP L1 Bd Best Selection Wrld Emerging F $ 232.45 - 0.09 0.00
BNPP L1 Bd Best Selection Wrld Emerging Inc 140.49 - -0.14 8.97
BNPP L1 Bd Currencies World F 1526.34 - -0.15 0.00
BNPP L1 Bd Europe Emerging F 583.46 - 0.50 0.00
BNPP L11 Bd World F 317.18 - -0.17 0.00
BNPP L1 Bd World Emerging F $ 1066.35 - -0.38 0.00
BNPP L1 Bd World Emerging Corporate Inc $ 112.59 - 0.08 0.00
BNPP L1 Bd World Emerging Local F $ 168.11 - 0.30 0.00
BNPP L1 Bd World Emerging Local Inc 103.43 - 0.04 6.58
BNPP L1 Bd World High Yield F 86.72 - -0.06 0.00
BNPP L1 Eq Asia Emerging F $ 88.49 - -0.53 0.00
BNPP L1 Eq Best Sel Asia ex-Japan F 404.21 - -1.21 0.00
BNPP L1 Eq Best Sel Euro F 325.91 - -1.94 0.00
BNPP L1 Eq Best Sel Europe F 149.99 - -0.68 0.00
BNPP L1 Eq Best Sel Europe Inc 97.17 - -0.52 3.96
BNPP L1 Eq Best Sel Europe ex-UK F 106.48 - -0.69 0.00
BNPP L1 Eq Best Sel Europe ex-UK Inc 98.83 - -0.75 2.50
BNPP L1 Eq Best Sel USA F $ 319.04 - -2.23 0.00
BNPP L1 Eq China F $ 280.60 - 2.47 0.00
BNPP L1 Eq Euro F 232.51 - -1.25 0.00
BNPP L1 Eq Europe F 419.32 - -1.90 0.00
BNPP L1 Eq Europe Emerging F 1165.81 - 0.91 0.00
BNPP L1 Eq Europe Growth F 32.95 - -0.17 0.00
BNPP L1 Eq High Div Pacific F 56.91 - -0.08 0.00
BNPP L1 Eq India F $ 96.07 - -0.79 0.00
BNPP L1 Eq Indonesia F $ 226.84 - -0.41 0.00
BNPP L1 Eq Pacific ex-Japan F 157.06 - -0.55 0.00
BNPP L1 Eq Russia F 101.46 - -0.27 0.00
BNPP L1 Eq Russia Inc 113.78 - -0.41 2.03
BNPP L1 Eq Turkey F 235.01 - 0.99 0.00
BNPP L1 Eq USA Growth F $ 168.26 - -1.06 0.00
BNPP L1 Eq USA Small Caps F $ 112.54 - -0.26 0.00
BNPP L1 Eq World Emerging F $ 559.89 - -2.58 0.00
BNPP L1 Eq World Energy F 598.86 - -7.98 0.00
BNPP L1 Eq World Health Care F 488.89 - -4.32 0.00
BNPP L1 Eq World Materials F 78.68 - -0.65 0.00
BNPP L1 Eq World Utilities F 105.38 - -0.20 0.00
BNPP L1 Green Future F 67.37 - -0.66 0.00
BNPP L1 Green Future Inc 68.25 - -0.73 2.83
BNPP L1 Green Tigers F 130.10 - -0.56 0.00
BNPP L1 Opportunities USA F $ 95.06 - -0.20 0.00
BNPP L1 Opportunities USA Inc 125.96 - -0.44 2.37
BNPP L1 Opportunities-H USA Inc 40.71 - -0.09 2.30
BNPP L1 Opportunities World F 97.31 - -0.40 0.00
BNPP L1 Real Est Securities Eur F 161.90 - -0.24 0.00
BNPP L1 Real Est Securities Eur Inc 95.28 - -0.23 3.67
BNPP L1 V350 F 104.86 - 0.04 0.00
BNPP L1 V350-H-Inc 95.36 - 0.04 8.60
BNPP L1 Wrld Commodities F $ 92.98 - -0.35 0.00
Parvest
Bond Euro 189.97 - 0.01 0.00
Bond Euro Medium Term 168.94 - -0.02 0.00
Bond USA High Yield $ 201.78 - -0.14 0.00
Bond USD Inc $ 125.74 - 0.14 2.89
Bond World Corporate Inc $ 106.82 - 0.05 3.59
Bond World Emerging $ 403.69 - -0.17 0.00
Bond World Inflation-Ld 137.86 - -0.10 0.00
Commod Arbitrage F $ 99.10 - 0.03 0.00
Equity Australia A$ 664.98 - -2.23 0.00
Equity Brazil Inc $ 109.77 - -0.74 0.00
Equity BRIC $ 129.05 - -0.87 0.00
Equity Japan Inc 1868.00 - -31.00 2.76
Equity Japan Small Cap Inc 2928.00 - -13.00 1.74
Equity Latin America Inc $ 547.94 - -3.58 3.22
Equity Russia Opp.Inc $ 73.81 - -0.06 1.90
Equity South Korea Inc $ 86.80 - -1.63 1.39
Equity USA Inc $ 61.11 - -0.42 2.05
Equity USA Mid Cap $ 134.71 - -1.37 0.00
Equity USA Value Inc $ 74.60 - -0.46 2.06
Flexible Bond Europe Corp. 116.58 - 0.00 0.00
Flexible Bond Wrld Inc $ 19.11 - -0.01 2.74
Real Estate Securities Europe 65.61 - -0.07 0.00
Step 80 Wrld Emerging EUR F 94.01 - -0.29 0.00
Step 90 EURO F 1098.56 - -1.01 0.00
Wrld Agriculture F 104.16 - -0.63 0.00
Wrld Agriculture USD F $ 84.77 - -0.48 0.00
BNP Paribas
Other International Funds
Campbell FME Large $ 3174.21 3174.21 -16.51 0.00
BNP GLF USD $ 1222.94 - 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 $ 3.20 - 0.00 0.00
BNY Mellon Absolute Return Equity 1.05 - 0.00 0.00
BNY Mellon Asian Equity Fund $ 3.65 - 0.01 0.00
Fund Bid Offer D+/- Yield
BNY Mellon Brazil Equity $ 1.20 - -0.01 0.00
BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund $ 0.97 - 0.00 0.00
BNY Mellon Emerging Markets Corporate Debt Fund $ 107.42 - 0.04 -
BNY Mellon Euroland Bond Fund 1.68 - 0.00 0.00
BNY Mellon Global Equity Higher Income $ 1.16 - 0.00 -
BNY Mellon Global Property Secs 1.20 - 0.00 0.00
BNY Mellon Global Bond Fund $ 2.45 - 0.00 0.00
BNY Mellon Global Equity Fund $ 1.61 - 0.00 0.00
BNY Mellon Global High Yield Bond 1.53 - 0.00 0.00
BNY Mellon Global Opportunities Fund $ 1.89 - 0.00 0.00
BNY Mellon Global Real Return EUR Fund 1.19 - 0.00 0.00
BNY Mellon Global Real Return $ 1.27 - 0.00 0.00
BNY Mellon Long-Term Global Equity GBP 1.34 - -0.01 0.00
BNY Mellon UK Equity Sterling 1.63 - 0.00 0.00
BNY Mellon US Equity Fund $ 1.12 - -0.01 0.00
Emerging Mkts Debt C USD F $ 2.03 - 0.00 0.00
Emerging Mkts Debt LC - C USD F $ 1.67 - 0.00 0.00
Evolution Global Alpha C EUR F 97.90 - -0.01 0.00
Global Dynamic Bond Fund C USD F $ 1.11 - 0.00 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL)
Regulated
Global Liquidity USD $ 1.00 - 0.00 0.32
Global Liquidity EUR 1.00 - 0.00 0.02
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 0.45 - 0.00 2.51
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 110.19 - 0.02 0.61
Asia Growth A GBP Inc H 36.33 - -0.14 0.00
Australia A GBP Inc 73.35 - 0.09 2.08
Dynamic Emerging Markets A GBP Acc F 9.91 - 0.01 0.00
Eastern Europe A GBP Inc 61.22 - 0.41 0.23
Emerging Mkt Debt LC A GBP Hedged Inc 11.39 - 0.02 4.19
Emerging Opportunities A GBP Inc H 20.62 - -0.05 0.00
Europa A USD Inc H $ 40.07 - 0.32 1.09
Glb Aggregate Bond A USD Inc H $ 11.53 - 0.02 1.74
Glb Emerging Markets A GBP Inc H 19.94 - 0.00 0.30
Glb Select A GBP Inc H 8.26 - -0.03 0.00
Glb Resources A GBP Inc H 14.80 - -0.10 0.00
High Yield Bond A GBP Hedged Inc H 7.22 - -0.01 6.92
Hong Kong China A GBP Inc 474.74 - 3.14 0.00
India Fund - Class A GBP Inc 10.54 - 0.18 -
International Bond A GBP Inc F 17.88 - 0.01 2.34
Latin America A USD Inc H $ 45.62 - 0.10 1.46
MENA A GBP Inc F * 9.63 - 0.00 1.33
Baring Global Mining Fund - Class A GBP Inc 7.91 - 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 35.75 - -0.22 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 170.81 170.81 -2.25 0.00
Bedlam Global B 179.31 179.31 -2.34 0.00
Bedlam Emerging Markets A 223.95 223.95 -1.99 0.00
Bedlam Emerging Markets B 224.71 224.71 -1.98 0.00
Bedlam Europe A 122.95 122.95 -0.99 0.00
Bedlam Europe B 127.54 127.54 -1.02 0.22
Bedlam Japan A 76.27 76.27 -1.26 0.00
Bedlam Japan B 75.34 75.34 -1.24 0.00
Bedlam UK A 127.35 127.35 -1.17 0.39
Bedlam UK B 127.95 127.95 -1.16 1.59
Bedlam Global Income Fund 88.02 88.02 -0.61 4.29
Blackmore Capital Management Limited (GSY)
Regulated
Branded Comm Opps Fd Class A 1.03 - -0.01 0.00
Branded Comm Opps Fd Class B 1.21 - -0.01 0.00
Branded Comm Opps Fd Class C 1.23 - -0.01 0.00
Branded Comm Opps Fd Class D $ 1.00 - -0.01 -
Branded Comm Opps Fd Class E 1.00 - -0.01 -
BlackRock (JER)
Regulated
BlackRock UK Property 34.08 - -0.07 4.23
BLK Intl Gold & General $ 10.82 11.39 0.06 0.00
Blairmore Funds PLC
FSA Recognised
Smith & Williamson Investment Management
Administrators - BNP Paribas
Blairmore Global Equity fund $ 11.04 - -0.08 0.00
Blakeney Management Ltd (LUX)
Regulated
Blakeney Investors Initial Ser.A $ 28.32 - 0.79 0.00
Blakeney Investors-S08/08 $ 7.99 - 0.22 0.00
Blakeney Investors-S11/08 $ 12.13 - 0.34 0.00
Blakeney Investors-S10/09 $ 10.50 - 0.29 0.00
Blakeney Investors-S04/10 $ 9.85 - 0.27 0.00
Blakeney Investors-S09/10 $ 10.15 - 0.29 0.00
Blakeney Investors-S11/10 $ 9.72 - 0.27 0.00
Blakeney Investors-S06/12 $ 10.73 - 0.25 -
BlueBay Asset Management LLP (LUX)
Regulated
BlueBay Em Mkt Abs Ret Bd IN 103.90 - -0.08 0.00
BlueBay Em Mkt Bd B - USD $ 286.28 - 0.14 0.00
BlueBay Em Mkt Corp Bd B $ 160.99 - 0.81 0.00
BlueBay Em Mkt Sel Bd B - USD $ 167.92 - 0.09 0.00
BlueBay Emg Mkt Loc Ccy Bd B - USD $ 174.21 - 0.11 0.00
BlueBay Gbl Convert Bd I - USD $ 163.47 - -0.31 0.00
BlueBay Gbl High Yield Bd B $ 115.88 - 0.28 0.00
BlueBay High Yield B - EUR 286.99 - 1.06 0.00
BlueBay High Yield Corp Bd B 122.52 - 0.30 0.00
BlueBay Inv Grd B - EUR 153.24 - -0.09 0.00
BlueBay Inv Grd B Euro Gov Bd Fund 120.11 - 0.07 0.00
BlueBay Inv Grd I Euro Agg Bd Fund 120.15 - 0.08 0.00
BlueBay Inv Grd Libor Fd B 121.18 - -0.02 0.00
BlueBay Struct.Fds: High Inc Loan Fd 172.99 - 0.51 0.00
BlueBay Struct.Fds: High Yield Enh Fd 190.87 - 0.50 0.00
BlueBay Asset Management LLP (CYM)
Regulated
BlueBay Distressed Opp Fd Lim A 114.66 - 1.80 0.00
Bluebay Macro Fd A $ 123.56 - 0.92 0.00
Bonfield Asset Management Limited
Other International Funds
The Longbow New Europe Fund $ 55.30 55.30 -0.28 0.00
BONHOTE
Other International Funds
Bonhte Alternative - Multi-Arbitrage (USD) Classe (EUR) 7043.00 - 12.00 2.00
Bonhte Alternative - Multi-Performance (USD) Classe (EUR) 8975.00 - 2.00 0.00
Braemar Group PCC Limited (GSY)
Regulated
Ground Rents Class B 1.01 - 0.00 0.00
UK Agricultural Class A 1.12 - 0.02 0.00
UK Agricultural Class B 1.20 - 0.02 0.00
Student Accom Class A 1.43 - 0.00 0.00
Student Accom Class B 1.11 - 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 194.80 194.80 0.08 1.41
CG Dollar Fund 140.36 140.36 0.52 1.07
Capital Value Fund Cls V 120.50 120.50 0.50 0.17
CG Portfolio Fund Ltd (CYM)
Regulated
NAV 24714.05 - 76.63 0.73
CACEIS (Switzerland) SA
Tel: +41 22 360 94 00 www.caceis.ch
Other International Funds
Dynamic Ratchet Bond Fund-Japan 4719.00 - -9.00 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.capitalinternational.com
FSA Recognised
Growth Funds
Cap Int All Ctry Eq B SFr 16.38 - -0.07 0.00
Cap Int All Ctry Eq B 13.55 - -0.03 0.00
Cap Int All Ctry Eq B $ 17.53 - 0.03 0.00
Cap Int All Ctry Eq BD 10.91 - -0.01 0.01
Fund Bid Offer D+/- Yield
Cap Int Emerg Asia Eq B SFr 7.96 - -0.07 0.00
Cap Int Emerg Asia Eq B 6.57 - -0.06 0.00
Cap Int Emerg Asia Eq B $ 8.48 - -0.07 0.00
Cap Int Emerg Asia Eq Bd 5.29 - -0.06 0.00
Cap Int Global Equity B $ 16.52 - 0.06 0.00
Cap Int Global Equity BD 10.01 - 0.01 0.11
Cap Int Global Equity B SFr 15.44 - -0.03 0.00
Cap Int Global Equity B 12.77 - -0.01 0.00
Cap Int European Eq BD 8.04 - 0.06 1.01
Cap Int European Eq B 10.77 - 0.06 0.00
Cap Int European Eq B SFr 13.02 - 0.06 0.00
Cap Int European Eq B $ 13.93 - 0.14 0.00
Cap Int Japan Equity B 6.27 - -0.10 0.00
Cap Int Japan Equity B $ 8.12 - -0.09 0.00
Cap Int Japan Equity B SFr 7.59 - -0.12 0.00
Cap Int Japan Equity BD 5.04 - -0.07 0.00
Cap Int AsiaP ex Jp Eq B SFr 14.81 - -0.11 0.00
Cap Int AsiaP ex Jp Eq B 12.25 - -0.08 0.00
Cap Int AsiaP ex Jp Eq B $ 15.85 - -0.03 0.00
Cap Int Asia Pex Jp Eq BD 9.47 - -0.03 0.29
Cap Int Em Mkts Fund BD 51.29 - -0.39 0.85
Cap Int Em Mkts Fund B SFr 80.38 - -0.50 0.00
Cap Int Em Mkts Fund B 66.37 - -0.44 0.00
Cap Int Em Mkts Fund B $ 85.63 - -0.53 0.00
Growth and Income Funds
Cap Int Glb Growth Inc BD 9.02 - -0.01 0.61
Cap Int Glb Growth Inc B 11.71 - -0.04 0.00
Cap Int Glb Growth Inc B SFr 14.16 - -0.06 0.00
Cap Int Glb Growth Inc B $ 15.15 - 0.02 0.00
Cap Int Eur Growth Inc B 16.62 - 0.11 0.00
Cap Int Eur Growth Inc B SFr 20.10 - 0.12 0.00
Cap Int Eur Growth Inc B $ 21.50 - 0.24 0.00
Cap Int Eur Growth Inc BD 12.25 - 0.11 1.44
Cap Int US Growth Inc B 13.63 - -0.03 0.00
Cap Int US Growth Inc B SFr 16.48 - -0.06 0.00
Cap Int US Growth Inc B $ 17.64 - 0.04 0.00
Cap Int US Growth Inc BD 10.89 - 0.00 0.18
Objective Based Funds
Cap Int Em Mk Tot Opp B SFr 11.15 - -0.03 0.00
Cap Int Em Mk Tot Opp B 9.20 - -0.04 0.00
Cap Int Em Mk Tot Opp B $ 11.87 - -0.04 0.00
Cap Int Em Mk Tot Opp Bd 7.11 - -0.03 2.01
Cap Int Gbl Abs Inc Grow B $ 10.84 - -0.05 0.00
Income Funds
Cap Int Em Mkts Debt B SFr 13.31 - 0.00 0.00
Cap Int Em Mkts Debt B 10.99 - 0.00 0.00
Cap Int Em Mkts Debt B $ 14.18 - 0.00 0.00
Cap Int Em Mkts Debt Bd 8.22 - -0.01 3.65
Cap Int Em Mk LocCur Dbt B $ 11.31 - 0.00 0.00
Cap Int Em Mk US$ Debt B $ 11.17 - 0.00 0.00
Cap Int Euro Bond B SFr 16.71 - -0.02 0.00
Cap Int Euro Bond B 9.03 - 0.02 1.62
Cap Int Euro Bond B $ 17.88 - 0.08 0.00
Cap Int Euro Bond BD 13.82 - 0.00 0.00
Cap Int Glb H Inc Opp B SFr 30.63 - -0.14 0.00
Cap Int Glb H Inc Opp B 25.33 - -0.09 0.00
Cap Int Glb H Inc Opp B $ 32.77 - 0.03 0.00
Cap Int Glb H Inc Opp BD 12.92 - -0.02 4.98
Cap Int Global Bond B SFr 18.91 - -0.09 0.00
Cap Int Global Bond B 15.64 - -0.05 0.00
Cap Int Global Bond B $ 20.24 - 0.03 0.00
Cap Int Global Bond BD 10.54 - -0.01 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 $ 1.0181 - 0.0381 5.01
CATCo Reinsurance Fund Ltd. (BMU)
Regulated
CATCo Re Fund Ltd Series A $ 1274.1429 - 45.2238 -
CATCo Re Fund Ltd Series B $ 1291.0790 - 48.1843 -
Cedar Rock Capital Limited (IRL)
Regulated
Cedar Rock Capital Fd Plc $ 272.45 - -0.10 0.00
Cedar Rock Capital Fd Plc 264.87 - 1.50 0.00
Cedar Rock Capital Fd Plc 220.46 - 4.66 0.00
The Charlemagne Fund (CYM)
Regulated
NAV EUR 240.34 - 0.11 -
NAV USD $ 238.27 - 0.03 -
Charlemagne Capital (IOM) Ltd
Other International Funds
OCCO Eastern European $ 343.55 - 0.58 0.00
Charlemagne New Frontiers R $ 13.33 - 0.06 0.00
Magna Umbrella Fund PLC
Magna Africa R 9.37 - 0.07 0.00
Magna Eastern European R 8.57 - -0.01 0.00
Magna Emerging Mkts Div Fd R Acc 11.26 - -0.05 0.00
Magna Emerging Mkts Div Fd R Dist 10.47 - -0.05 5.59
Magna Global Emerging Markets R 8.38 - -0.07 0.00
Magna Latin American R 10.12 - -0.10 0.00
Magna Mena R * 11.36 - 0.00 0.00
Magna New Frontiers R 8.27 - -0.05 0.00
Magna Turkey R 10.41 - 0.07 0.00
Magna Undervalued Ass Fd R 9.09 - -0.04 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 $ 391393.76 391393.76 5496.63 0.00
CAM GTi Limited $ 1081.77 - 52.76 0.00
Raffles-Asia Investment Company $ 2.52 2.52 0.10 2.06
Cheyne Capital Management (UK) LLP (IRL)
Cheyneinvestor.Relations@cheynecapital.com
Regulated
Cheyne Convertibles Absolute Return Fund 1125.06 - -0.23 0.00
Cheyne Convertibles Absolute Return Fund $ 1123.54 - -0.20 0.00
Cheyne Convertibles Absolute Return Fund 1100.56 - -0.19 0.00
Cheyne Capital Management (UK) LLP
Other International Funds
Cheyne European Event Driven Fund 123.42 - -0.56 0.00
Cheyne High Income Credit Fund EUR Inst 124.16 - -2.77 -
Cheyne Real Estate Debt Fund Class A1 141.01 - 1.24 -
Cheyne Long/Short Credit Fund $ 177.23 - 2.59 0.00
City Financial Asian Absolute Growth Fund(CYM)
Regulated
Asian Absolute Growth Class A $ 98.44 - 0.95 0.00
Asian Absolute Growth Class C $ 102.24 - 1.04 0.00
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 10.86 - -0.08 0.00
The Em.Mkt Value & Growth GBP-Ret 10.68 - -0.08 0.00
The Emerging World USD - Retail A $ 62.32 - -0.35 0.00
The Emerging World USD - Instl $ 66.02 - -0.37 0.00
The Global Equity Fund $ 11.65 - -0.02 -
The Natural Resources USD Retail A F $ 6.14 - -0.02 0.00
The Natural Resources USD - Instl $ 6.30 - -0.01 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 21.59 - 0.08 1.18
CMI Pacific Basin Enhanced Equity $ 41.57 - -0.02 1.94
Single Country Equity Sub Funds
CMI German Equity F 46.40 - 0.28 1.43
CMI Japan Enhanced Equity F 2055.69 - -7.10 1.51
CMI UK Equity 10.31 - 0.04 1.85
CMI US Enhanced Equity F $ 53.54 - -0.35 0.56
Index Tracking Sub Funds
Euro Equity Index Tracking 14.08 - 0.05 3.50
Japan Index Tracking 383.77 - -1.43 1.67
UK Eqty Index Tracking 13.10 - 0.05 2.85
US Eqty Index Tracking $ 40.02 - -0.25 0.74
Managed Sub Funds
Global Bond 1.62 - 0.00 1.45
Global Network Mgd Global Mxd 1.95 - 0.00 0.81
Fund Bid Offer D+/- Yield
Global Equity 1.97 - -0.01 0.58
Bond Sub Funds
CMI Euro Bond F 42.02 - 0.03 3.15
CMI Japanese Bond 1699.14 - 0.88 0.50
CMI UK Bond 8.00 - 0.00 2.52
CMI US Bond $ 13.56 - 0.02 1.87
Currency Reserve Sub Funds
CMI Euro Currency Reserve 25.44 - 0.00 0.80
CMI Stlg Currency Reserve 4.98 - 0.00 0.71
CMI US Dllr Currency Reserve $ 9.95 - 0.00 0.00
CMI Access 80% Gu F 5.58 - 0.00 0.00
CMI Fund Managers (IoM) (IOM)
Clerical Medical Hse, Victoria Road, Douglas, IoM IM99 1LT 01624 625599
FSA Recognised
CMI High Income PLC 0.5165 0.5489 0.0005 1.88
CMI Sterling Roll Up PLC 3.1251 3.3196 0.0031 0.00
Maximum Permitted Charge 8.5%
Cohen & Steers SICAV (LUX)
Regulated
European Real Estate Securities 13.79 - -0.02 0.53
Europ.RealEstate Sec. IX 17.14 - -0.02 0.00
Gbl RealEstate Sec. I $ 8.89 - 0.02 3.56
Gbl RealEstate Sec. IX $ 10.09 - 0.02 0.00
Comgest SA (LUX)
17 square Edouard VII - 75009 Paris, www.comgest.com
FSA Recognised
Comgest Asia F $ 3117.65 - -34.47 0.00
Comgest Europe F SFr 4413.99 - -33.39 0.00
Comgest Far East Limited (LUX)
Regulated
Comgest Panda $ 2275.27 - -21.06 0.00
Comgest Far East Limited (KYG)
Other International Funds
C.F.E. ONYX FUND $ 42.55 - 1.66 0.00
Comgest SA (FRA)
17 square Edouard VII - 75009 Paris
FSA Recognised
Comgest Magellan 1651.51 - -2.53 0.00
Comgest AM International Ltd (IRL)
46 St Stephen's Green, Dublin 2, Ireland
FSA Recognised
Comgest Gth Asia ex Jap DIS F $ 5.92 - -0.04 117.22
Comgest Gth Emerging Mkt DIS F $ 29.69 - -0.17 0.13
Comgest Gth Europe DIS F 13.63 - -0.11 0.00
Comgest Gth GEM PC DIS F 10.53 - -0.03 0.25
Coupland Cardiff Funds Plc (IRL)
31/32 St James's Street, London, SW1A 1HD
FSA Recognised
CC Asia Alpha Fd - Cls A Euro 13.95 13.95 -0.05 0.00
CC Asia Alpha Fd - Cls B USD $ 13.59 13.59 -0.05 0.00
CC Asia Alpha Fd - Cls C GBP 13.40 13.40 -0.05 0.00
CC Asia Alpha Fd - Cls I USD $ 10.66 10.66 -0.04 -
CC Japan Alpha Fd - Cls A Euro 4.79 4.79 0.04 0.00
CC Japan Alpha Fd - Cls B GBP 5.16 5.16 0.04 0.00
CC Japan Alpha Fd - Cls C JPY 493.38 493.38 4.02 0.00
CC Asian Evolution Fd. Cls A USD $ 13.80 13.80 0.06 0.00
CC Asian Evolution Fd. Cls B GBP 13.00 13.00 0.06 0.00
CC Asian Evolution Fund - Cls C USD Acc $ 15.17 15.17 0.06 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 86.06 - -0.12 -
Cont EUR Spec Equity Ser 2 F 89.31 - -0.13 0.53
Cont EUR Spec Equity Ser 5 F 89.48 - -0.13 0.75
UK Equity Index Programme Ser 1 F 23.04 - -0.13 2.81
UK Equity Index Programme Ser 2 F 23.36 - -0.13 3.16
UK Equity Index Programme Ser 5 F 23.57 - -0.13 3.39
UK Specialist Eqty Pro Ser 1 F 16.73 - -0.03 0.16
UK Specialist Eqty Pro Ser 2 F 17.05 - -0.03 0.98
UK Specialist Eqty Pro Ser 5 F 17.09 - -0.03 1.20
US Equity Index Programme Ser 1 F $ 49.29 - -0.49 0.53
US Equity Index Programme Ser 2 F $ 50.27 - -0.51 0.85
US Equity Index Programme Ser 5 F $ 50.46 - -0.50 1.06
Contl Eurp Eqty Index Prog Ser 1 F 269.26 - -1.69 2.20
Contl Eurp Eqty Index Prog Ser 2 F 274.62 - -1.73 2.47
Contl Eurp Eqty Index Prog Ser 5 F 275.36 - -1.74 2.71
US Sovereign Bond Index Prog Ser 1 F $ 24.53 - 0.01 1.52
US Sovereign Bond Index Prog Ser 2 F $ 24.63 - 0.02 1.71
US Sovereign Bond Index Prog Ser 5 F $ 24.96 - 0.02 1.96
Continental Eurp Sovereign Bond Index Prog Ser 1 F 121.33 - 0.03 2.96
Continental Eurp Sovereign Bond Index Prog Ser 2 F 121.82 - 0.03 3.13
Japan Specialist Equity Programme Series 1 F 2932.00 - -41.00 -
Japan Specialist Equity Programme Series 2 F 3159.00 - -43.00 0.78
Japan Specialist Equity Programme Series 5 F 3168.00 - -44.00 1.05
Swiss Equity Pro Ser 1 F SFr 222.28 - -0.64 0.00
Swiss Equity Pro Ser 2 F SFr 227.31 - -0.65 0.18
Swiss Equity Pro Ser 5 F SFr 227.70 - -0.66 0.42
Pac Basin Eqty Pro Ser 1 F $ 50.50 - -0.32 1.19
Pac Basin Eqty Pro Ser 2 F $ 51.71 - -0.32 1.44
Pac Basin Eqty Pro Ser 5 F $ 52.05 - -0.32 1.68
UK Sovereign Bond Index Prog Ser 1 F 14.66 - 0.00 2.83
UK Sovereign Bond Index Prog Ser 2 F 14.72 - 0.00 3.03
UK Sovereign Bond Index Prog Ser 5 F 14.85 - 0.01 3.28
Swiss Franc Pro Ser 1 F SFr 106.29 - 0.07 1.55
Swiss Franc Pro Ser 2 F SFr 107.55 - 0.08 1.72
Coutts Equator Emerging Markets 1 F $ 33.24 - -0.20 1.23
Coutts Equator Emerging Markets 2 F $ 33.33 - -0.20 1.34
Coutts Equator Emerging Markets 5 F $ 33.41 - -0.20 1.59
Global Investment Grade Programme USD S1 F $ 113.42 - -0.09 2.79
Global Investment Grade Programme EUR S1 F 111.17 - -0.07 2.79
Global Investment Grade Programme GBP S1 F 117.24 - -0.08 2.79
Global Investment Grade Programme CHF S1 FSFr 103.28 - -0.06 2.79
Global Investment Grade Programme USD S2 F $ 114.54 - -0.09 2.90
Global Investment Grade Programme EUR S2 F 112.56 - -0.06 2.90
Global Investment Grade Programme GBP S2 F 116.15 - -0.08 2.90
Global Investment Grade Programme CHF S2 FSFr 103.98 - -0.06 2.90
Global Investment Grade Programme GBP S5 F 116.74 - -0.08 3.15
UK Specialist Equity Income Ser 1 F 8.52 - -0.03 2.81
UK Specialist Equity Income Ser 2 F 8.58 - -0.03 4.08
UK Specialist Equity Income Ser 5 F 8.59 - -0.03 4.30
Absolute Rtn Multi Asset Prog Ser 1 GBP F 9.71 - -0.01 -
Absolute Rtn Multi Asset Prog SER 2 GBP F 9.85 - -0.01 -
Absolute Rtn Multi Asset Prog SER 2 USD F $ 9.82 - -0.01 -
Absolute Rtn Multi Asset Prog SER 2 EUR F 9.82 - 0.00 -
Absolute Rtn Multi Asset Prog SER 5 GBP F 9.91 - 0.00 -
Absolute Rtn Multi Asset Prog SER 5 USD F $ 9.94 - -0.01 -
Absolute Rtn Multi Asset Prog SER 5 EUR F 9.98 - 0.00 -
Absolute Rtn Multi Asset Prog SER 9 GBP F 9.93 - 0.00 -
Absolute Rtn Multi Asset Prog SER 9 USD F $ 9.88 - -0.01 -
Absolute Rtn Mutli Asset Prog Ser 9 EUR F 9.63 - 0.00 -
** 30 day average yield
Coutts (IRL)
Regulated
Coutts Liquidity Fund Plc
Dollar Ser 1 $ 1.00 - 0.00 0.02
Dollar Ser 3 $ 68.98 - 0.00 0.02
Dollar Ser 4 $ 67.38 - 0.00 0.01
Dollar Ser 5 $ 1.00 - 0.00 0.17
Sterling Ser 1 1.00 - 0.00 0.24
Sterling Ser 3 60.29 - 0.00 0.24
Sterling Ser 4 58.78 - 0.00 0.14
Sterling Ser 5 1.00 - 0.00 0.39
Euro Ser 1 1.00 - 0.00 0.02
Euro Ser 3 73.69 - 0.00 0.02
Euro Ser 4 71.87 - 0.00 0.01
Euro Ser 5 1.00 - 0.00 0.01
Crdit Andorr Asset Management (LUX)
www.creditandorra.com
FSA Recognised
Crediinvest SICAV Money Market Eur I 11.24 - 0.00 0.00
Crediinvest SICAV Money Market Usd A $ 10.03 - 0.00 0.00
Crediinvest SICAV Fixed Income Eur 10.39 - 0.00 0.00
Crediinvest SICAV Fixed Income Usd $ 10.49 - 0.00 0.00
Crediinvest SICAV Spanish Value 192.88 - -2.51 0.00
Crediinvest SICAV International Value 164.62 - -1.37 0.00
Crediinvest SICAV Big Cap Value 14.04 - -0.22 0.00
Crediinvest SICAV US American Value $ 12.85 - -0.10 0.00
Crediinvest SICAV Sustainability 12.06 - -0.05 0.00
Fund Bid Offer D+/- Yield
Daiwa Europe Fund Mgrs Ireland Ltd (IRL)
Regulated
Monthly Dividend High Yield $ 7.13 - 0.00 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$ 10.52 - 0.01 0.00
Monthly Dividend EUR Bd 10.12 - 0.00 0.00
Monthly Dividend CAD Bd C$ 10.49 - 0.00 0.00
Mthly Div US Preferred Secs $ 7.62 - 0.01 0.00
Daiwa Equity Fund Series
New Major Economies $ 11.17 - 0.01 0.00
Global CB $ 10.04 - -0.02 0.00
Dantrust Management (Guernsey) Ltd (GSY)
Regulated
Dantrust II Limited kr 376.20 377.60 -1.40 0.00
DAVIS Funds SICAV (LUX)
Regulated
Davis Value A $ 28.84 - -0.10 0.00
Davis Value B $ 25.35 - -0.09 0.00
Davis Global A $ 21.19 - -0.14 0.00
Davis Global B $ 18.72 - -0.12 0.00
Deutsche Investment Funds Ltd (IRL)
Regulated
Deutsche Americas Bond Fund $ 68.05 - -0.01 0.00
CABEI Central America Fund $ 2010.49 - 1.07 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 $ 11.40 - -0.04 0.00
GBP Accumulating Share Class 11.71 - -0.06 0.00
EUR Accumulating Share Class 13.27 - -0.08 0.00
Dodge & Cox Worldwide Funds plc-International Stock Fund
USD Accumulating Share Class $ 10.81 - -0.04 0.00
EUR Accumulating Share Class 9.86 - -0.06 0.00
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 11.68 - -0.05 0.00
GBP Accumulating Share Class 11.35 - -0.06 0.00
EUR Accumulating Share Class 11.75 - -0.08 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 investorservices@dominion-funds.com www.dominion-funds.com
Other International Funds
DGT - Consumer DC Class 11.77 - 0.03 0.00
DGT - Consumer IC Class 11.78 - 0.03 0.00
DGT - Consumer DC Class 9.90 - 0.00 0.00
DGT - Consumer I Class 103.09 - 0.24 -
DGT - Consumer IC Class 9.95 - 0.00 0.00
DGT - Consumer $ DC Class $ 9.48 - 0.04 0.00
DGT - Consumer $ IC Class $ 9.51 - 0.04 0.00
DGT - Consumer R Class 101.32 - 0.23 -
DX EVOLUTION PCC LIIMITED - DXE () FUND 98.65 98.65 0.04 -
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 101.52 101.52 0.52 -
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) $ 2.22 - -0.01 0.00
Vietnam Growth Fund (VGF) $ 15.66 - -0.06 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 1.80 - -0.01 2.08
European Opportunities I GBP F 1.45 - -0.01 2.17
European Opportunities I USD F $ 2.32 - -0.02 2.11
European Opportunities A EUR F 1.77 - -0.01 1.57
Global Opportunities I USD F $ 1.30 - -0.01 2.07
Global Opportunities I GBP F 0.81 - -0.01 2.13
Global Opportunities I EUR F 1.01 - -0.01 2.04
Global Opportunities A GBP F 0.77 - -0.01 1.60
Pan European Opportunities Fund Class I - EUR 1.14 - -0.01 -
Efficiency Growth Funds (LUX)
Regulated
Euro Global Bond P EUR 109.48 - 0.47 0.00
Global Yield Bond P CHF SFr 107.91 - 0.70 -
Global Yield Bond P EUR 108.17 - 0.70 -
Global Yield Bond P USD $ 108.58 - 0.71 -
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 $ 30.49 - -0.96 0.00
Middle East & Developing Africa Fund (Final) $ 19.73 - -0.01 0.00
Saudi Arabia Equity Fund SR 7.54 - -0.07 0.00
Egerton Capital Equity Fund plc (IRL)
Regulated
Egerton Capital Equity Fund Plc 179.41 - 3.79 0.00
Egerton European Dollar Fund Ltd
Other International Funds
European Dollar USD NAV A (Est) $ 116.16 - 1.48 0.00
Egerton European Dollar USD NAV B1 (Est) $ 117.20 - 1.72 0.00
European Dollar USD NAV C1 (Est) $ 121.94 - 1.83 0.00
Egerton European Equity Fund Ltd
Other International Funds
NAV A (Est) 57.46 - 0.76 -
NAV B1 (Est) 57.93 - 0.83 0.00
NAV C1 (Est) 60.23 - 0.94 0.00
Ennismore Smaller Cos Plc (IRL)
5 Kensington Church St, London W8 4LD 020 7368 4220
FSA Recognised
Ennismore European Smlr Cos NAV 65.87 - 0.16 0.00
Ennismore European Smlr Cos NAV 81.79 - 0.27 0.00
Ennismore European Smlr Cos Hedge Fd
Other International Funds
NAV 300.57 - 3.73 0.00
Equinox Fund Mgmt (Guernsey) Limited (GSY)
Regulated
Equinox Russian Opportunities Fund Limited $ 167.90 - 10.35 0.00
Ermitage Group Funds
Other International Funds
European Absolute Fd EUR 29.95 - 0.26 -
European Absolute B EUR 99.98 - 0.86 -
Euronova Asset Management UK LLP (CYM)
Regulated
Smaller Cos Cls One Shares 23.03 - 0.40 0.69
Smaller Cos Cls Two Shares 16.51 - 5.67 0.86
Smaller Cos Cls Three Shares 8.17 - -8.05 -
Smaller Cos Cls Four Shares 11.03 - 3.00 1.23
Eurobank EFG Fund Management Company (Lux) S.A. (LUX)
Regulated
(LF) Absolute Return 1.19 - 0.00 0.00
(LF) Absolute Return II 10.65 - 0.01 0.00
(LF) Balanced - Active Fund (RON)RON 13.67 - 0.01 0.00
(LF) Balanced - Polish Fund (PLN) Zty 7.00 - 0.02 0.00
(LF) Eq Dynamic Polish (PLN) Zty 5.73 - 0.02 0.00
(LF) Eq Flexi Style Greece 1.05 - -0.05 0.00
Fund Bid Offer D+/- Yield
(LF) Turkish Equities 12.19 - 0.05 0.00
(LF) Eq Emerging Europe 0.93 - 0.00 0.00
(LF) Global Equities 0.79 - 0.00 0.00
(LF) Greek Equities 0.22 - -0.01 0.00
(LF) Greek Government Bond 5.96 - -0.04 -
(LF) Cash Fund 1.10 - 0.00 0.00
(LF) Cash Fund (PLN) Zty 11.08 - 0.00 0.00
(LF) Cash Fund (RON) RON 14.49 - 0.01 0.00
(LF) Income Plus $ $ 1.18 - 0.00 0.00
(LF) Money Mkt Fund - Res 10.05 - 0.00 -
(LF) FOF Balanced Blend 1.10 - 0.00 0.00
(LF) FOF BRIC 0.81 - 0.00 0.00
(LF) FOF Equity Blend 0.88 - 0.00 0.00
(LF) FOF Real Estate 12.69 - -0.04 -
(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 $ 35.05 - -0.03 0.00
EUR Institutional Series H 218.70 - -0.27 0.00
Federated US Bond Fund
Euro Shares- Instl Series F 144.01 - -0.01 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
Investment Series $ 1.00 - 0.00 0.01
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 0.16
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 $ 107.53 - 0.00 0.00
Federated Short-Term Euro Fund
Institutional Series H 1.00 - 0.00 0.15
Institutional Service Series H 1.00 - 0.00 0.06
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 $ 8.39 - -0.03 2.78
Class C Shares F $ 8.37 - -0.03 2.79
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 10.34 - 0.00 0.00
China Focus A-GBP 3.04 - 0.01 0.00
China Opportunities A-GBP 0.96 - 0.00 0.38
Global Financial Services A-GBP 0.30 - 0.00 0.44
Global Health Care A-GBP 0.32 - 0.00 0.00
Global Industrials A-GBP 0.60 - -0.01 0.00
Global Inflation-Linked Bd A-GBP-Hdg 1.25 - 0.00 1.01
Global Real Asset Securities 1.32 - -0.01 0.00
Global Technology A-GBP 0.15 - 0.00 0.00
Global Telecomms A-GBP 0.23 - 0.00 2.11
India Focus A-GBP 3.27 - -0.04 0.00
Latin America A-GBP 2.11 - -0.02 1.33
Findlay Park Funds Plc (IRL)
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
FSA Recognised
American Fund USD Class $ 53.54 - -0.24 0.00
American Fund GBP Hedged 29.05 - -0.19 0.00
Latin American Fund USD Class $ 19.13 - -0.14 0.00
Fitzwilliam Asset Mgmt (Guernsey) Ltd (GSY)
Regulated
Total Return Fund PCC Ltd
Fitzwilliam Opprtunity Dollar $ 113.53 - 0.16 0.00
Fitzwilliam Opprtunity Sterling 126.43 - 0.04 0.00
The TRF Commodity Plus Dollar Fund $ 123.98 - 0.00 0.00
The TRF Commodity Plus Sterling Fund 121.44 - 0.30 0.00
Foord Asset Mgt (Guernsey) Ltd (GSY)
Regulated
Foord International Trust $ 30.26 - 0.11 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 20.02 - 0.46 5.75
Frk Templeton Emg Mkts Debt Opp GBP 11.30 - 0.25 5.66
Frk Templeton Emg Mkts Debt Opp EUR 14.02 - 0.29 5.69
Frk Templeton Emg Mkts Debt Opp USD $ 19.52 - 0.49 5.80
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 $ 8.51 - 0.01 0.81
Frk High Yield $ 7.04 - -0.01 6.11
Frk High Yield (Euro) 6.20 - 0.00 6.14
Frk Income $ 11.72 - -0.05 4.13
Frk US Government $ 9.78 - 0.00 2.24
Frk US Liquid Reserve Inc $ 9.71 - 0.00 0.00
Frk US Total Return $ 11.23 - 0.00 1.82
Frk US Low Duration Fd $ 9.78 - -0.01 0.46
Tem Asian Bond $ 14.18 - -0.03 2.46
Tem Asian Growth $ 30.90 - -0.14 0.15
Tem Emerging Markets $ 34.08 - -0.20 0.39
Tem Emg Mkts Bd $ 20.16 - -0.04 5.14
Tem Emg Mkts Balanced AQdis $ 9.08 - -0.02 1.98
Tem Euro Gov. Bond 9.88 - 0.01 1.57
Tem Euro Liquid Reserve 4.40 - 0.00 0.70
Tem Europ Corp Bond Fd F 10.43 - 0.00 2.83
Tem European Total Return 8.98 - 0.00 2.90
Tem Global $ 24.69 - -0.16 0.92
Tem Global (Euro) 11.98 - -0.11 0.74
Tem Global Aggr.Inv.Grd Bond Fd $ 10.49 - 0.01 -
Tem Global Aggregate Bond Fd F $ 10.15 - 0.00 1.57
Tem Global Balanced $ 19.16 - -0.08 1.47
Tem Global Bond $ 20.58 - -0.04 2.46
Tem Global Bond (Euro) 10.51 - 0.01 2.38
Tem Global Equity Income $ 8.62 - -0.05 2.73
Tem Global High Yield Fd F $ 10.06 - -0.01 5.14
Tem Global Income $ 12.06 - -0.07 2.11
Tem Global Income Fd $ 10.45 - -0.02 -
Tem Global Smaller Cos $ 27.54 - -0.13 0.31
Tem Global Total Return $ 17.80 - -0.03 3.91
Tem Latin America $ 71.99 - -0.58 0.74
Class A Acc
Frk Asia Flex Cap Fd $ 12.74 - -0.09 0.00
Frk Biotech Discovery $ 14.79 - -0.17 0.00
Frk Brazil Opportunities Fd $ 10.24 - -0.01 -
Frk Euroland Core Fund 12.98 - -0.10 0.00
Frk European Growth 10.98 - -0.06 0.00
Frk European Sml Mid Cap Gth 20.89 - -0.13 0.00
Frk Global Conver.Securities $ 9.81 - -0.02 -
Frk Global Growth $ 11.42 - -0.05 0.00
Frk Global Sml Mid Cap Gth $ 22.19 - -0.14 0.00
Frk Gold and Precious Mtls Fd F $ 9.41 - 0.01 0.00
Frk India $ 22.86 - -0.32 0.00
Frk MENA Fund $ 4.59 - 0.02 0.00
Frk Mutual Beacon $ 51.47 - -0.25 0.00
Frk Mutual Euroland Fd 11.92 - -0.07 0.00
Frk Mutual European EUR 17.28 - -0.10 0.00
Frk Mutual Gbl Disc $ 13.80 - -0.10 0.00
Frk Natural Resources Fd F $ 9.01 - -0.10 0.00
Frk Real Return Fd F $ 10.65 - -0.01 0.00
Frk Strategic Income Fd $ 13.87 - -0.02 0.00
Frk Technology $ 7.24 - -0.07 0.00
Frk Tem Global Gth & Val $ 19.18 - -0.10 0.00
Frk Tem Japan 419.00 - -5.04 0.00
Frk Templeton Gbl Equity Strategies Fd $ 9.64 - -0.05 0.00
Frk Templeton Gbl Fundamental Strat Fd $ 10.87 - -0.05 0.00
Frk U.S. Focus Fund $ 10.28 - -0.06 0.00
Frk US Equity $ 17.08 - -0.09 0.00
Frk US Opportunities $ 7.72 - -0.06 0.00
Frk US Sml Mid Cap Gth F $ 13.05 - -0.09 0.00
Frk Wrld Perspective Fd $ 14.34 - -0.08 0.00
Tem Africa $ 11.00 - 0.08 -
Tem Asian Sml Comp Fd $ 30.39 - -0.04 0.00
Tem BRIC $ 14.85 - -0.09 0.00
Tem China $ 21.95 - 0.10 0.00
Tem Eastern Europe 21.96 - -0.12 0.00
Tem Emerging Mkts Sml Comp Fd $ 7.83 - -0.04 0.00
Fund Bid Offer D+/- Yield
Tem Euro S-Term Money Mkt Fd 1013.02 - 0.00 0.00
Tem Euroland 12.82 - -0.08 0.00
Tem European EUR 14.61 - -0.11 0.00
Tem Frontier Mkts Fund $ 15.78 - 0.00 0.00
Tem Growth (Euro) 10.64 - -0.09 0.00
Tem Korea $ 5.48 - -0.07 0.00
Tem Thailand $ 18.41 - -0.08 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 $ 9.71 - 0.00 0.00
GAM Star Asia-Pacific Eqty USD Acc F $ 9.82 - -0.08 0.00
GAM Star Asian Eqty USD Ord Acc F $ 12.55 - -0.05 0.00
GAM Star Cap.Appr.US Eqty USD Inc F $ 11.10 - -0.11 0.00
GAM Star Cat Bond USD Acc $ 10.74 - 0.03 -
GAM Star China Equity USD Acc F $ 16.72 - 0.07 0.84
GAM Star Composite Abs Rtn EUR Ac F 10.76 - 0.02 0.00
GAM Star Cont European Eqty GBP Acc F 2.47 - -0.01 0.39
GAM Star Cred Opportunities EUR Acc 10.67 - 0.09 0.00
GAM Star Cred Opportunities GBP Acc 9.93 - 0.06 6.59
GAM Star Cred Opportunities USD Acc $ 10.28 - 0.06 0.00
GAM Star Discretionary FX USD Acc F $ 10.25 - 0.07 0.00
GAM Star Dynamic Gbl Bd USD Acc H $ 11.16 - -0.02 0.00
GAM Star Emerging Asia USD Class ACCU $ 12.16 - -0.03 0.00
GAM Star Emerg. Market Rates USD Acc F $ 11.09 - -0.01 0.00
GAM Star Emerg Market Tot.Ret.USD Acc F $ 12.74 - -0.03 0.00
GAM Star European Eqty USD Acc F $ 17.44 - -0.07 0.00
GAM Star GAMCO US Equity Acc F $ 10.03 - -0.05 0.00
GAM Star GEO USD Acc F $ 7.58 - -0.08 0.00
GAM Star Global Conv Bond USD Acc F $ 10.23 - -0.02 0.00
GAM Star Global Eq Inflation Fcs USD II Acc F $ 134.47 - -1.16 0.00
GAM Star Global Rates USD Acc F $ 11.36 - 0.03 0.00
GAM Star Global Selector USD Acc F $ 12.74 - 0.01 0.00
GAM Star Japan Eqty USD Acc F $ 9.37 - -0.14 0.00
GAM Star Keynes Quant Strat USD Acc F $ 10.45 - -0.05 0.00
GAM Star North of South EM Equity Acc F $ 10.86 - -0.05 0.00
GAM Star Technology USD Acc F $ 11.10 - -0.15 0.00
GAM Star Trading Acc F $ 9.23 - -0.01 0.00
GAM Star US All Cap Eqty USD Acc F $ 9.67 - -0.10 0.00
GAM Star Worldwide Eqty USD Acc F $ 2567.93 - -15.97 0.00
GAM Limited
Other International Funds
GAM Absolute Return Bond USD $ 110.91 - 0.02 0.00
GAM Asia Equity Inc $ 607.26 - -2.43 0.10
GAM Asia Eqty Hdg Inc USD Open $ 207.06 - -1.70 0.00
GAM Capital Appreciation Eqty USD $ 298.67 - -2.97 0.00
GAM Composite Abs Rtn Access Acc 100.67 - 0.26 0.00
GAM Composite Abs Rtn GBP Listed 148.11 - 0.30 0.00
GAM Composite Abs Rtn GBP Open 220.17 - 0.44 0.00
GAM Diversity Inc USD Open $ 676.98 - 5.84 0.00
GAM Diversity II Inc USD Open $ 206.44 - 1.77 0.00
GAM Diversity III USD Open $ 119.47 - 1.03 0.00
GAM Euro Special Bd EUR Open 139.95 - 1.34 0.00
GAM Eurp Eqty Hedge USD Open $ 226.56 - 0.01 0.00
GAM GAMCO Equity $ 1070.49 - -5.22 0.00
GAM Global Diversified USD Inc $ 268.71 - 1.43 0.54
GAM Interest Trend Inc $ 333.11 - 2.40 0.00
GAM Japan Equity Inc $ 932.38 - -13.91 0.00
GAM Multi-Diversified EUR 104.79 - 0.87 0.00
GAM Multi-Emg Mkts USD Open $ 641.60 - 5.39 0.00
GAM Multi-Europe II USD Open $ 118.70 - 1.84 0.00
GAM Multi-Europe USD Open $ 492.30 - 7.71 0.00
GAM Asia-Pacific Equity Inc $ 1170.83 - -10.00 0.49
GAM Selection Hedge Inc $ 3283.76 - 39.10 0.00
GAM Singapore/Malaysia Equity $ 2721.33 - -20.13 1.02
GAM Sterling Special Bond Inc 270.06 - 1.71 3.12
GAM Trading Inc USD Op $ 1000.93 - -3.15 0.00
GAM Trading II GBP 1.25 XL 105.19 - -0.43 0.00
GAM Trading II Inc USD Op $ 325.46 - -1.02 0.00
GAM Trading III Inc USD Op $ 167.00 - -0.53 0.00
GAM Trading IV Inc USD Op $ 158.84 - -0.50 0.00
GAM Trading V Inc USD Op $ 132.76 - -0.41 0.00
GAM US Dollar Special Bond Inc $ 685.59 - 4.50 0.00
GAM Worldwide $ 2249.73 - -14.02 0.48
GAMut Investments Inc. T Class $ 118.53 - 1.07 0.00
GLC Ltd
Other International Funds
GLC Diversified USD (Final) $ 65.73 - -0.03 0.00
GYS Investment Management Ltd (GSY)
Regulated
Taurus Emerging Fund Ltd $ 188.91 192.77 -5.19 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 $ 3.96 4.26 0.03 0.00
UK Multi-Strategy Managed 3.89 4.19 0.04 0.00
EU Multi-Strategy Managed 2.28 2.46 0.01 0.00
Global Bond USD $ 3.57 3.85 0.01 0.00
Genesis Asset Managers LLP
Other International Funds
Emerging Mkts NAV 5.45 - 0.05 0.00
Griffin Umbrella Fund (IRL)
Regulated
European Opportunities Fund A 129.72 - -0.11 0.00
European Opportunities Fund B 97.86 - -0.08 0.00
Renaissance Eastern European Allocation Fund 392.63 - 0.25 0.00
Renaissance Eastern European Fund A 486.70 - -1.22 0.00
Renaissance Eastern European Fund B 105.34 - 0.63 0.00
Renaissance Ottoman Fund 125.10 - 0.77 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 0.57 - -0.01 0.00
Holiday Property Bond Ser 2 0.63 - -0.01 0.00
HSBC Fd Administration (Jersey) Ltd (JER)
HSBC House, St. Helier, Jersey JE1 1HS 01534 606520
FSA Recognised
Intl Sterling Income 1.0263xd 1.0577 -0.0009 3.78
Hamilton Lane Private Equity Fund PLC (IRL)
Regulated
NAV $ 108.05 - -1.98 -
Hamon Investment Group
Other International Funds
Asian iTech $ 5.01 - -0.48 0.00
Asian Market Leaders - USD $ 24.76 - 0.06 0.00
Asian Market Leaders - GBP 12.09 - 0.02 0.00
Greater China - USD $ 8.83 - 0.02 0.00
Greater China - GBP 3.48 - 0.01 0.00
Oriental Long Short $ 88.23 - 1.47 0.00
Selected Asian P'folio $ 48.88 48.89 -0.40 0.00
Haussmann Hldgs NV Curacao
Other International Funds
Haussman $ 2160.23 - 41.07 -
Haussmann Holdings NV Cls C 1904.08 - 34.08 0.16
Heartwood Wealth Management Limited (IRL)
Regulated
Heartwood Caut Multi Asset B Acc 124.39 - -0.24 0.00
Heritage Wealth SIF
Other International Funds
Heritage Wealth SIF - Bal. EUR 100.19 - 0.06 0.00
Heritage Wealth SIF - Bal. USD $ 99.21 - 0.03 0.00
Heritam Sicav
Other International Funds
Eastern European Heritage EUR 195.48 - -1.26 0.00
Energy Fund $ 100.76 - -0.86 0.00
European Opportunities Fd EUR 108.70 - -1.19 0.00
USA Growth $ 121.44 - 0.77 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 1.86 1.86 -0.01 0.00
Global Equites Selection Fund F 1.33 1.33 0.00 0.00
Japan Equity Fund F 1.03 1.03 -0.01 0.00
Pan European Small Cap Companies Fund 1.81 1.81 0.00 0.00
Quant Global Equity Fund 1.70 1.70 -0.01 0.00
Sourcecap European Alpha Fund F 1.28 1.28 0.01 0.00
Sourcecap Europe Ex-UK Cls Z GBP Acc 1.21 1.21 0.01 -
Full fund performance data at
www.ft.com/funds
MARKETS | MANAGED FUNDS SERVICE
OCTOBER 12 2012 Section:Stats Time: 11/10/2012 - 19:10 User: sheehanr Page Name: UT4 EUR, Part,Page,Edition: EUR, 21, 1
22

FINANCIAL TIMES FRIDAY OCTOBER 12 2012
Fund Bid Offer D+/- Yield
UK Smaller Companies Fund 1.91 1.91 0.00 0.00
UK Small and Mid Cap Companies Fund 2.68 2.68 0.01 0.00
Global Investment Grade Z GBP Acc 1.15 1.15 0.00 0.00
Global High Yield Bond Fund Cls Z GBP Acc 1.20 1.20 0.00 0.00
IKANO Funds (LUX)
Regulated
All seasons Fd 11.48 - 0.00 0.00
European Equity 10.13 - -0.12 0.00
Global Equity 7.95 - -0.06 0.00
IT Asset Management
Other International Funds
IT Funds Info Tech UK Dist 525.50 - -5.28 0.00
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FSA Recognised
Env Mkts (Ire) Stl A 1.61 - -0.01 0.00
Env Mkts (Ire) Stl B 1.55 - -0.01 0.00
Env Mkts (Ire) Euro A 1.37 - 0.00 0.00
Env Mkts (Ire) Euro B 1.07 - 0.00 0.00
Env Mkts (Ire) USD A $ 1.35 - 0.00 0.00
Env Mkts (Ire) USD B $ 1.20 - 0.00 0.00
Asian Env Mkts (Ire) Stl A 0.73 - -0.01 0.00
Asian Env Mkts (Ire) Stl B 0.72 - 0.00 0.00
Asian Env Mkts (Ire) USD A $ 0.86 - -0.01 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV 4.49 - -0.03 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 12.25 - -0.07 0.00
IVI European Fund GBP 13.68 - -0.08 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 $ 15.62 - -0.02 4.57
Invesco Asia Consumer Demand Fund A income $ 11.53 - 0.03 0.36
Invesco Asia Infrastructure (A) $ 12.97 - -0.01 1.19
Invesco Asia Opportunities Equity A $ 88.33 - -0.10 0.00
Invesco Absolute Return Bond Fund A 2.85 - 0.00 0.00
Invesco Balanced Risk Allocation Fund A 14.24 - 0.06 0.00
Invesco Capital Shield 90 (EUR) A 11.52 - 0.01 0.00
Invesco Emerging Europe Equity Fund A $ 10.67 - 0.03 0.00
Invesco Emerging Local Currencies Debt A Inc $ 10.83 - 0.01 5.33
Invesco Emerging Mkt Quant.Eq. A $ 11.24 - 0.02 0.00
Invesco Energy A $ 23.76 - -0.35 0.00
Invesco Euro Corporate Bond Fund (A) 14.95 - -0.01 0.00
Invesco Euro Inflation Linked Bond A 15.21 - -0.03 0.00
Invesco Euro Reserve A 322.62 - 0.00 0.00
Invesco European Bond A 5.79 - 0.00 0.00
Invesco European Growth Equity A 16.81 - 0.03 0.00
Invesco Global Absolute Return Fund A Class 10.72 - -0.02 0.00
Invesco Global Bond A Inc $ 5.61 - 0.01 1.68
Invesco Global Equity Income Fund A $ 45.01 - -0.20 0.00
Invesco Global Inc Real Estate Sec A dist $ 8.87 - 0.02 3.18
Invesco Global Inv Grd Corp Bond A Dist $ 11.25 - 0.01 3.01
Invesco Global Leisure A $ 21.62 - -0.14 0.00
Invesco Global Smaller Comp Eq Fd A $ 36.11 - -0.05 0.00
Invesco Global Structured Equity A $ 31.65 - -0.06 1.00
Invesco Global Total Ret.(EUR) Bond Fund A 11.84 - 0.00 0.00
Invesco Gold & Precious Metals A $ 10.30 - 0.02 0.00
Invesco Greater China Equity A $ 32.96 - -0.11 0.00
Invesco India Equity A $ 37.46 - 0.75 0.00
Invesco Japanese Equity Adv Fd A 1763.00 - -9.00 0.00
Invesco Japanese Value Eq Fd A 569.00 - -3.00 0.00
Invesco Latin American Equity A $ 10.07 - -0.05 0.00
Invesco Nippon Small/Mid Cap Equity A 477.00 - -6.00 0.00
Invesco Pan European Equity A EUR Cap NAV 12.05 - 0.03 0.00
Invesco Pan European High Income Fd A 11.46 - -0.07 4.79
Invesco Pan European Small Cap Equity A 12.93 - -0.01 0.00
Invesco Pan European Structured Equity A 10.89 - 0.01 0.00
Invesco UK Investment Grade Bond A 0.95 - 0.00 3.13
Invesco US Structured Equity A $ 15.38 - -0.13 0.00
Invesco US Value Eq Fd A $ 22.91 - -0.14 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 2.50 - 0.00 4.93
Invesco Asian Equity A $ 5.52 - 0.00 0.37
Invesco ASEAN Equity A $ 100.72 - 0.23 0.33
Invesco Bond A $ 30.21 - 0.03 1.89
Invesco Continental Eurp Small Cap Eqty A $ 124.86 - 0.11 0.46
Invesco Emerging Markets Equity A $ 35.00 - -0.05 0.00
Invesco Emerging Markets Bond A $ 23.22 - -0.01 4.74
Invesco Continental European Equity A 4.98 - 0.01 1.23
Invesco Gilt A 14.33 - 0.00 2.57
Invesco Global Small Cap Equity A NAV $ 86.42 - -0.01 0.00
Invesco Global High Income A NAV $ 13.67 - -0.02 5.51
Invesco Gbl R/Est Secs A GBP F F 6.31 - -0.02 1.07
Invesco Global Health Care A $ 80.03 - -0.45 0.00
Invesco Global Select Equity A $ 10.73 - -0.01 0.00
Invesco Jap Eqty Core A $ 1.13 - -0.01 0.31
Invesco Japanese Equity A $ 13.44 - -0.09 0.00
Invesco Korean Equity A $ 22.40 - -0.01 0.00
Invesco PRC Equity A $ 42.16 - 0.49 0.00
Invesco Pacific Equity A $ 35.79 - -0.11 0.38
Invesco Global Technology A $ 10.89 - -0.08 0.00
Invesco UK Eqty A 5.70 - 0.01 1.82
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 83.22 - 0.60 0.00
Invest AD - UAE Total Return Fund *AED 72.05 - 0.00 0.00
Invest AD - Emerging Africa Fund $ 1044.32 - 0.15 -
Invest AD - GCC Focus Fund $ 1008.51 - 0.38 -
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 0.08
Short Dated Bd A Acc GBP * 13.06 - 0.00 -
Short Dated Bd I Acc GBP * 13.95 - 0.00 -
Sterling Liquidity A Acc GBP * 13.17 - 0.00 -
Sterling Liquidity I Inc GBP * 1.00 - 0.00 0.34
US$ Liquidity A Acc USD * $ 11.96 - 0.00 -
US$ Liquidity I Inc USD * $ 1.00 - 0.00 0.19
Investec Global Strategy Fund (LUX)
49 Avenue JF Kennedy
L-1855 Luxembourg Enquiries 020 7597 1800
FSA Recognised
Investec Global Strategy Fund
Africa Opps A Acc USD $ 18.84 - 0.11 0.43
American Equity A Acc USD $ 15.94 - -0.12 -
American Equity A Inc USD $ 74.56 - -0.57 -
Asia Pacific Eq. A Acc USD $ 24.41 - -0.09 0.82
Asia Pacific Eq. A Inc USD $ 24.16 - -0.09 0.87
Asian Equity A Acc USD $ 18.72 - -0.11 0.44
Asian Equity A Inc USD $ 27.46 - -0.16 0.40
Continental European Equity A Inc USD $ 340.29 - -0.79 0.86
Continental European Equity A Acc USD $ 14.23 - -0.03 0.84
EAFE A Inc USD $ 14.70 - -0.07 0.41
Emrg Mkts Blended Debt A Acc USD $ 22.32 - 0.01 5.14
Emrg Mkts Blended Debt A Inc USD $ 20.21 - 0.01 5.20
Emrg Mkts Corp Debt A Acc USD $ 22.08 - 0.03 3.34
Emrg Mkts Corp Debt A Inc USD $ 20.16 - 0.02 -
Emrg Mkts Curr A Acc USD $ 19.99 - 0.00 2.75
Emrg Mkts Curr Alpha A Acc USD $ 19.41 - 0.00 -
Emrg Mkts Equity A Acc USD $ 16.85 - -0.07 -
Emrg Mkts Hard Curr Debt A Inc USD $ 23.06 - 0.02 2.62
Emrg Mkts Local Curr Debt A Acc USD $ 27.74 - 0.03 6.60
Emrg Mkts Local Curr Debt A Inc USD $ 19.76 - 0.02 6.71
Emrg Mkts Local Curr Dyn Debt A Acc USD $ 21.12 - 0.02 6.12
Emrg Mkts Local Curr Dyn Debt A Inc USD $ 19.19 - 0.01 6.15
Fund Bid Offer D+/- Yield
Emerging Markets Multi-Asset A Acc USD $ 21.20 - -0.03 -
Emerging Markets Multi-Asset A Inc USD $ 21.03 - -0.04 -
Enhanced Gbl Energy A Acc USD $ 16.43 - -0.13 -
Enhanced Nat Resources A Acc USD $ 19.64 - 0.00 -
Euro Money A Acc EUR 69.04 - 0.00 0.00
Euro Money A Inc EUR 26.11 - 0.00 0.00
Global Bond A Acc USD $ 101.06 - 0.05 1.04
Global Bond A Inc USD $ 46.05 - 0.02 1.05
Global Contrarian Equity A Acc USD $ 21.64 21.64 -0.10 -
Global Dynamic A Acc USD $ 97.71 - -0.74 -
Global Dynamic A Inc USD $ 96.98 - -0.72 -
Global Energy A Acc USD $ 17.43 - -0.19 0.27
Global Energy A Inc USD $ 306.17 - -3.40 0.18
Global Energy Long Short A Acc USD $ 16.89 - -0.11 -
Global Equity A Acc USD $ 225.10 - -1.80 -
Global Equity A Inc USD $ 223.22 - -1.78 -
Global Franchise A Acc USD $ 31.60 - -0.18 0.69
Global Franchise A Inc USD $ 31.25 - -0.18 0.70
Global Gold A Acc USD $ 23.69 - 0.14 -
Global Gold A Inc USD $ 85.39 - 0.53 -
Global Natural Resources A Acc USD $ 10.33 - -0.06 -
Global Natural Resources A Inc USD $ 10.33 - -0.06 -
Global Opp Equity A Inc USD $ 24.19 - -0.22 0.21
Global Strat Equity A Acc USD $ 15.64 - -0.16 -
Global Strat Equity A Inc USD $ 85.05 - -0.89 -
Global Strategic Inc A Acc USD $ 26.21 - 0.00 4.23
Global Strategic Inc A Inc USD $ 20.97 - 0.00 4.27
Global Strat Managed A Acc USD $ 96.01 - -0.46 0.15
Global Strat Managed A Inc USD $ 42.04 - -0.20 0.17
High Income Bond A Acc GBP Hdg 68.29 - -0.04 6.99
High Income Bond A Inc GBP Hdg 17.25 - -0.01 6.99
Inv Grade Corp Bond A Acc USD $ 20.91 - 0.01 4.02
Inv Grade Corp Bond A Inc USD $ 29.72 - 0.02 4.05
Latin Amer.Corp.Debt A Acc USD $ 24.96 - 0.00 6.05
Latin Amer.Corp.Debt A Inc USD $ 20.08 - -0.01 6.08
Latin Amer.Eq. A Acc USD $ 20.29 - -0.07 0.76
Latin Amer.Sm Cos A Acc USD $ 24.20 - -0.09 -
Managed Currency A Acc USD $ 129.76 - -0.09 -
Managed Currency A Inc USD $ 35.01 - -0.02 -
Multi-Asset Protector Fund A Acc USD $ 18.89 - -0.05 -
Sterling Money A Acc GBP 56.45 - 0.00 0.05
Sterling Money A Inc GBP 9.96 - 0.00 0.05
UK Equity A Acc GBP 10.63 - -0.07 1.41
UK Equity A Inc GBP 59.30 - -0.43 1.43
US Dollar Money A Acc USD $ 65.61 - 0.00 0.11
US Dollar Money A Inc USD $ 20.06 - 0.00 0.10
Investec Asset Mgmt (Guernsey) Ltd (GSY)
Regulated
Investec Expert Investment Funds PCC Limited
Global Commodities & Resources A USD $ 29.00 - 0.20 -
Investec Professional Funds PCC Ltd
Global Diversified Growth I USD $ 21.09 - -0.14 -
Global Diversified Growth A USD $ 29.16 - -0.19 -
Investec Premier Funds PCC Ltd
Africa A USD $ 21.35 22.48 1.81 -
Pan Africa A USD $ 28.46 29.95 2.16 -
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 1.31 - 0.00 0.00
Asia ex Japan GBP Retail 1.22 - 0.00 0.00
Asia ex Japan USD Retail $ 1.26 - 0.00 0.00
Asia ex Japan SMC EUR Retail 1.27 - 0.00 0.69
Asia ex Japan SMC GBP Retail 1.18 - 0.00 1.15
Asia ex Japan SMC USD Retail $ 1.22 - 0.00 0.52
All Europe Dynamic Growth EUR Retail 1.02 - 0.00 0.00
All Europe Dynamic Growth GBP Retail 0.97 - 0.00 0.00
Continental European Ret GBP 2.24 - 0.01 2.07
Continental European Ret EURO H 2.04 - 0.01 0.32
Emerging Markets Retl Inc NAV 0.98 - 0.00 0.00
Emerging Mkts EUR Retl Inc NAV 1.04 - 0.00 1.33
Emerging Markets USD Retail $ 1.19 - 0.00 0.00
European Select Values Ret GBP H 2.79 - 0.01 0.30
European Select Values Ret EURO H 1.38 - 0.00 0.29
European Retail GBP H 1.95 - 0.02 1.30
European Retail EURO H 0.69 - 0.00 114.11
Global Emerging Markets Opportunities GBP Retail 0.87 - 0.00 0.00
Global Emerging Markets Opportunities USD Retail $ 0.87 - 0.00 0.00
Global Emerging Markets Opportunities EUR Retail 0.98 - 0.00 0.00
Global Opportunities Fund Euro Retail 1.06 - -0.01 -
Global Opportunities Fund Sterling Retail 1.05 - 0.00 -
Global Opportunities Fund USD Retail $ 1.08 - 0.00 -
Global Select Retail EUR 1.34 - -0.01 0.00
Global Select Retail GBP 1.36 - 0.00 0.00
Japan Hedged Retail GBP 0.82 - 0.00 1.58
Japan Ret GBP 1.24 - -0.01 1.02
Japan Ret EURO 1.02 - -0.01 0.59
Japan Ret JPY 151.94 - -0.93 0.01
UK Growth Retail GBP 1.84 - 0.01 1.61
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 Acc 50.67 - -0.01 -
Diversified Real Ret Inc 50.59 - -0.02 -
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 $ 51.61 - -0.49 -
JF US Smaller Co.A (dist)-USD (1) $ 16.70 - -0.17 -
JF US Value A (dist)-USD (1) $ 14.43 - -0.13 -
JPM Am Eq A (acc)-USD (1) F $ 12.68 - -0.12 -
JPM Am Eq A (dist)-USD (1) $ 96.20 - -0.90 -
JPM Am Eq A (acc)-EUR Hdg (1) F 7.77 - -0.08 -
JPM Am L Cap A (acc)-EUR (1) F 12.09 - -0.08 -
JPM Am L Cap A (acc)-USD (1) F $ 13.19 - -0.13 -
JPM Am L Cap A (dist)-USD (1) F $ 11.72 - -0.11 -
JPM US Smaller Co.A (acc)-USD (1) F $ 11.21 - -0.12 -
JPM US Smaller Co.A (dist)-USD (1) $ 113.92 - -1.19 -
JPM H US STEEP A (acc)-EUR (1) F 9.86 - -0.06 -
JPM H US STEEP A (dist)-GBP (1) F 12.24 - -0.10 -
JPM US Value A (acc)-EUR Hdg (1) F 7.95 - -0.07 -
JPM H US STEEP A (inc)-EUR (1) F 9.72 - -0.05 -
JPM H US STEEP A (acc)-USD (1) F $ 12.70 - -0.11 -
JPM US Dyn A (acc)-EUR (1) 7.21 - -0.04 -
JPM US Dyn A (acc)-USD (1) F $ 11.12 - -0.10 -
JPM US Dyn A (dist)-USD (1) $ 15.32 - -0.15 -
JPM US Growth A (acc)-EUR Hdg (1) F 7.67 - -0.10 -
JPM US Growth A (acc)-USD (1) F $ 13.32 - -0.17 -
JPM US Growth A (dist)-GBP (1) F 6.40 - -0.08 -
JPM US Growth A (dist)-USD (1) F $ 7.13 - -0.09 -
JPM US Select 130/30 A (acc)-EUR Hdg (1) F 7.51 - -0.07 -
JPM US Select 130/30 A (acc)-USD (1) F $ 10.69 - -0.10 -
JPM US Select 130/30 A (dist)-GBP (1) F 7.07 - -0.07 -
JPM US Select 130/30 A (dist)-USD (1) F $ 10.87 - -0.11 -
JPM US Sm Cap Grth A (acc)-EUR (1) F 73.67 - -0.70 -
JPM US Sm Cap Grth A (dist)-GBP (1) F 9.76 - -0.13 -
JPM US Sm Cap Grth A (acc)-USD (1) F $ 14.93 - -0.19 -
JPM US Sm Cap Grth A (dist)-USD (1) $ 102.81 - -1.29 -
JPM US Value A (dist)-GBP (1) F 14.75 - -0.14 -
JPM US Value A (acc)-USD (1) F $ 13.23 - -0.12 -
JPM US Value A (dist)-USD (1) F $ 16.51 - -0.15 -
JPM US Dyn 130/30 A (acc)-EUR Hdg (1) 7.41 - -0.06 -
JPM US DYN 130/30 A (acc)-USD (1) F $ 10.56 - -0.08 -
JPM US DYN 130/30 A (dist)-GBP (1) F 8.32 - -0.07 -
JPM US DYN 130/30 A (dist)-USD (1) F $ 130.89 - -1.02 -
Equity Asia
JF ASEAN Equity A (acc)-SGD (1) F S$ 16.41 - -0.08 -
JF Asia Al+ A (acc)-USD (1) $ 20.50 - -0.18 -
JF Asia P ExJapEq A (dist)-GBP (1) F 17.01 - -0.14 -
JF Asia P ExJapEq A (acc)-USD (1) F $ 17.81 - -0.14 -
JF Asia P ExJapEq A (dist)-USD (1) $ 44.96 - -0.36 -
JF Asia P ExJapEq A (acc)-SGD (1) F S$ 12.36 - -0.09 -
JF China A (acc)-USD (1) F $ 24.16 - -0.01 -
JF China A (acc)-SGD (1) F S$ 9.93 - 0.01 -
JF China A (dist)-HKD (1) F HK$ 9.07 - 0.00 -
JF China A (dist)-USD (1) $ 39.01 - -0.01 -
JF Greater China A (acc)-SGD (1) F S$ 12.81 - 0.00 -
JF Greater China A (acc)-USD (1) F $ 20.68 - -0.02 -
JF Greater China A (dist)-HKD (1) FHK$ 10.87 - -0.01 -
JF Greater China A (dist)-USD (1) F $ 25.56 - -0.03 -
JF Hong Kong A (acc)-USD (1) F $ 16.59 - -0.03 -
JF Hong Kong A (dist)-HKD (1) F HK$ 9.77 - -0.02 -
JF Hong Kong A (dist)-USD (1) F $ 43.01 - -0.08 -
JF India A (acc)-SGD (1) F S$ 12.97 - -0.23 -
JF India A (acc)-USD (1) F $ 23.85 - -0.43 -
JF India A (dist)-GBP 71.66 - -1.31 -
Fund Bid Offer D+/- Yield
JF India A (dist)-USD (1) $ 70.15 - -1.28 -
JF Korea Eq A (acc)-USD (1) F $ 9.91 - -0.16 -
JF Korea Eq A (acc)-EUR (1) F 7.69 - -0.10 -
JF Korea Eq A (dist)-USD (1) F $ 10.32 - -0.16 -
JF Singapore A (acc)-SGD (1) F S$ 16.33 - -0.12 -
JF Japan Eq A (acc)-EUR (1) F 4.57 - -0.06 -
JF Japan Eq A (dist)-GBP (1) F 5.63 - -0.09 -
JF Japan Eq A (acc)-JPY (1) 413.00 - -6.00 -
JF Japan Eq A (acc)-USD (1) F $ 7.04 - -0.10 -
JF Japan Eq A (dist)-USD (1) $ 17.73 - -0.27 -
JF Japan Sm Cap A (acc)-USD (1) F $ 6.59 - -0.08 -
JF Japan Sm Cap A (dist)-USD (1) $ 6.28 - -0.07 -
JF Pacific Eq A (acc)-EUR (1) F 8.92 - -0.05 -
JF Pacific Eq A (dist)-GBP (1) F 12.05 - -0.10 -
JF Pacific Eq A (acc)-USD (1) $ 12.90 - -0.10 -
JF Pacific Eq A (dist)-USD (1) $ 60.20 - -0.49 -
JF Singapore A (acc)-USD (1) F $ 27.06 - -0.21 -
JF Singapore A (dist)-USD (1) F $ 34.39 - -0.27 -
JF Taiwan A (acc)-EUR (1) F 14.97 - -0.05 -
JF Taiwan A (acc)-USD (1) F $ 15.33 - -0.11 -
JF Taiwan A (dist) HKD (1) F HK$ 11.58 - -0.08 -
JF Taiwan A (dist)-USD (1) F $ 13.03 - -0.09 -
JPM Japan 50 Eq A (acc)-EUR (hdg) (2) F 67.69 - -1.05 -
Equity Emerging Markets
JPM Brazil Equity A (acc)-USD (1) F $ 9.14 - -0.04 -
JPM Brazil Equity A (acc)-SGD (1) F S$ 10.76 - -0.05 -
JPM Brazil Equity A (acc)-EUR (1) F 61.40 - -0.09 -
JPM Brazil Equity A (dist)-USD (1) F $ 8.71 - -0.04 -
JF Eastern Europe Eq A (dist)-EUR (1) F 29.20 - -0.08 -
JF Latin Am Eq A (dist)-USD (1) F $ 39.99 - -0.27 -
JPM Eastern Europe Eq A (acc)-EUR (1) F 18.19 - -0.05 -
JPM Eastern Europe Eq A (acc)-USD (1) F $ 118.27 - -0.66 -
JPM Eastern Europe Eq A (dist)-EUR (1) 43.66 - -0.11 -
JPM Em Eur MEA Eq A (acc)-EUR (1) F 16.50 - 0.09 -
JPM Em Eur MEA Eq A (acc)-USD (1) F $ 19.79 - 0.05 -
JPM Em Eur MEA Eq A (dist)-USD (1) F $ 55.06 - 0.14 -
JPM Em Eur MEA Afr Eq A (acc)-SGD (1) F S$ 12.76 - 0.04 -
JPM Em MEA Eq A (acc)-SGD (1) F * S$ 12.04 - 0.06 -
JPM Em Mkt Alpha Pl A (dist)-GBP (1) F 6.62 - -0.02 -
JPM Em Mkt Alpha Pl A (acc)-USD (1) F $ 14.36 - -0.04 -
JPM Em Mkt Alpha Pl A (dist)-USD (1) F $ 13.90 - -0.04 -
JPM Em Mkt Eq A (dist)-GBP (1) F 31.21 - -0.16 -
JPM Em Mkt Eq A (acc)-EUR (1) F 13.24 - -0.03 -
JPM Em Mkt Eq A (acc)-USD (1) F $ 21.39 - -0.11 -
JPM Em Mkt Eq A (dist)-USD (1) $ 29.83 - -0.16 -
JPM Em Mkt Infra Eq A (acc)-EUR (1) F 14.97 - -0.02 -
JPM Em Mkt Infra Eq A (acc)-USD (1) F $ 7.70 - -0.03 -
JPM Em Mkts Ccy Alpha A (acc)-EUR (1) F 9.84 - -0.01 -
JPM Em Mkts Lcl Cur Dbt A (dist)-EUR(1) F 101.84 - 0.31 -
JPM Em Mkts Loc Ccy Debt A (div)-EUR 104.33 - 0.32 -
JPM Em Mkts Loc Ccy Debt A (dist)-GBP (1) F 81.44 - 0.00 -
JPM Em Mkts Loc Ccy Debt A (mth)-USD (1) F $ 15.21 - 0.00 -
JPM Em Mkts Eq A (acc)-SGD (1) F S$ 13.13 - -0.06 -
JPM Em Mkt Sm Cap A (acc)-EUR (1) F 7.72 - -0.02 -
JPM Em Mkt Sm Cap A (dist)-GBP (1) F 5.65 - -0.04 -
JPM Em Mkt Sm Cap A (acc)-USD (1) F $ 9.92 - -0.07 -
JPM Europe Conv Eq A (dist)-EUR (1) F 19.93 - 0.09 -
JPM Latin Am Eq A (acc)-USD (1) F $ 29.93 - -0.20 -
JPM Latin Am Eq A (dist)-USD (1) $ 55.28 - -0.37 -
JPM Latin Am Eq A (acc)-SGD (1) F S$ 12.55 - -0.08 -
JPM Russia A (acc)-USD (1) F $ 12.26 - -0.12 -
JPM Russia A (dist)-USD (1) F $ 11.91 - -0.11 -
Equity Europe
JF Euroland Eq A (dist)-USD (1) F $ 6.84 - -0.07 -
JF Europe Dynamic A (dist)-EUR (1) 13.74 - -0.07 -
JF Europe Eq A (dist)-USD (1) F $ 33.61 - -0.30 -
JF Europe Sm Cap A (dist)-EUR (1) F 10.37 - -0.07 -
JF Germany Eq A (dist)-EUR (1) F 20.24 - -0.12 -
JPM Euroland Eq A (acc)-EUR (1) F 9.58 - -0.07 -
JPM Euroland Eq A (dist)-EUR (1) 29.65 - -0.23 -
JPM Euroland Eq A (inc)-EUR (1) F 5.27 - -0.04 -
JPM Europe Conv Eq A (acc)-EUR (1) F 14.33 - 0.07 -
JPM Europe Dyn A (dist)-EUR (1) F 12.01 - -0.07 -
JPM Europe Dyn A (acc)-EUR (1) F 13.26 - -0.07 -
JPM Europe Dyn A (dist)-GBP (1) F 14.67 - -0.13 -
JPM Europe Dyn Mega Cap A (acc)-EUR (1) 9.47 - -0.07 -
JPM Europe Dyn Mega Cap A (acc)-USD (1) F $ 9.35 - -0.09 -
JPM Europe Dyn Mega Cap A (inc)-EUR (1) F 7.41 - -0.06 -
JPM Europe Dyn Mega Cap A (dist)-EUR (1) F 7.15 - -0.06 -
JPM Europe Dyn Sm Cap A (dist)-EUR (1) F 11.03 - -0.08 -
JPM Europe Dyn Sm Cap A (acc)-EUR (1) 19.03 - -0.13 -
JPM Europe Eq A (acc)-EUR (1) F 10.48 - -0.06 -
JPM Europe Eq A (dist)-EUR (1) 31.95 - -0.19 -
JPM Europe Eq A (cap)-USD (1) F $ 12.93 - -0.12 -
JPM Europe Focus A (acc)-EUR (1) F 9.40 - -0.06 -
JPM Europe Focus A (acc)-USD (1) F $ 11.19 - -0.10 -
JPM Europe Focus A (dist)-EUR (1) F 7.88 - -0.05 -
JPM Europe Micro Cap A (acc)-EUR (1) F 10.95 - -0.09 -
JPM Europe Micro Cap A (dist)-EUR (1) F 10.70 - -0.08 -
JPM Europe 130/30 A (acc)-EUR (1) F 8.92 - -0.05 -
JPM Europe 130/30 A (acc)-USD (1) F $ 12.54 - -0.12 -
JPM Europe Sel 130/30 A (acc)-EUR (1) F 7.68 - -0.05 -
JPM Europe Sel 130/30 A (acc)-USD (1) F $ 11.10 - -0.11 -
JPM Europe Sel 130/30 A (dist)-EUR (1) F 10.20 - -0.07 -
JPM Europe Sel 130/30 A (dist)-GBP (1) F 5.59 - -0.05 -
JPM Europe Sm Cap A (acc)-EUR (1) F 12.76 - -0.09 -
JPM Europe Sm Cap A (dist)-EUR (1) 34.91 - -0.25 -
JPM Europe Sm Cap A (dist)-GBP (1) F 13.91 - -0.14 -
JPM Europe Strat Grth A (acc)-EUR (1) F 13.04 - -0.06 -
JPM Europe Strat Grth A (dist)-EUR (1) F 8.10 - -0.04 -
JPM Europe Strat Grth A (dist)-GBP (1) F 11.89 - -0.09 -
JPM Europe Strat Val A (dist)-EUR (1) F 10.53 - -0.08 -
JPM Europe Strat Val A (acc)-EUR (1) F 9.52 - -0.06 -
JPM Europe Strat Val A (dist)-GBP (1) F 12.93 - -0.13 -
JPM Europe 130/30 A (dist)-EUR (1) F 8.16 - -0.04 -
JPM Europe 130/30 A (dist)-GBP (1) F 6.56 - -0.06 -
JPM Germany Eq A (dist)-EUR (1) F 8.15 - -0.04 -
JPM Germany Eq A (acc)-EUR (1) F 15.97 - -0.09 -
JPM Global Dyn A (acc)-SGD (1) F S$ 13.94 - -0.13 -
JPM Global Div A (div) - USD (1) $ 109.03 - -0.97 -
JPM High Eur STEEP A (dist)-GBP (1) F 9.61 - -0.07 -
JPM High Eur STEEP A (acc)-EUR (1) F 11.55 - -0.05 -
JPM High Eur STEEP A (acc)-USD (1) F $ 14.93 - -0.11 -
JPM High Eur STEEP A (inc)-EUR (1) F 10.98 - -0.05 -
JPM UK Eq A (acc)-GBP (1) F 11.63 - -0.05 -
JPM UK Eq A (dist)-GBP (1) 7.30 - -0.03 -
Equity Global
JF Gbl Dyn A (dist)-USD (1) F $ 13.25 - -0.13 -
JF Gbl Eq (USD) A (dist)-USD (1) F $ 36.77 - -0.32 -
JPM Gbl Div A (acc)-EUR (1) F 84.37 - -0.49 -
JPM Gbl Div A (div)-EUR Hdg (1) 77.42 - -0.63 -
JPM Gbl Dyn A (dist)-GBP (1) F 12.74 - -0.12 -
JPM Gbl Dyn A (acc)-USD (1) F $ 12.25 - -0.12 -
JPM Gbl Dyn A (dist)-USD (1) F $ 14.41 - -0.13 -
JPM Gbl Dyn A (acc)-EUR (1) F 7.12 - -0.04 -
JPM Gbl Dyn A (acc)-CHF (hdg) (1) FSFr 117.58 - -1.02 -
JPM Gbl Dyn A (acc)-EUR Hdg (1) F 5.33 - -0.05 -
JPM Gbl Dyn A (acc)-SGD (Hdg) (1) F S$ 11.56 - -0.10 -
JPM Gbl Dyn A (inc)-EUR (1) F 7.23 - -0.05 -
JPM Gbl Eq (USD) A (acc)-EUR (1) F 75.65 - -0.43 -
JPM Gbl Eq (USD) A (acc)-USD (1) F $ 10.99 - -0.10 -
JPM Gbl Eq (USD) A (acc)-EUR Hdg (1) F 6.08 - -0.05 -
JPM Gbl Eq (USD) A (dist)-USD (1) $ 21.26 - -0.19 -
JPM Gbl Eq (USD) A (dist)-EUR Hdg (1) F 5.75 - -0.04 -
JPM Gbl Focus A (acc)-EUR (1) F 15.96 - -0.11 -
JPM Gbl Focus A (acc)-CHF (hdg) (1) FSFr 137.02 - -1.24 -
JPM Gbl Focus A (acc)-EUR Hgd (1) F 8.43 - -0.08 -
JPM Gbl Focus A (dist)-EUR (1) 21.39 - -0.14 -
JPM Gbl Real Estate Sec (USD) A (acc)-EUR Hdg (1) F 6.03 - -0.02 -
JPM Gbl Real Estate Sec (USD) A (acc)-USD (1) F $ 9.22 - -0.03 -
JPM Gbl Real Estate Sec (USD) A (inc)-EUR Hdg (1) F 5.49 - -0.01 -
JPM Gbl Sel Eq A (acc)-USD (2) F $ 156.13 - -1.61 -
JPM Gbl Sel Eq A (dist)-USD (2) F $ 105.93 - -1.10 -
JPM Gbl Soc Resp A (acc)-USD (1) F $ 9.78 - -0.10 -
JPM Gbl Soc Resp A (dist)-USD (1) F $ 5.82 - -0.06 -
Equity Sector
JF Europe Tech A (dist)-EUR (1) F 5.09 - -0.07 -
JF Pacific Tech A (acc)-EUR (1) F 12.15 - -0.13 -
JF Pacific Tech A (acc)-USD (1) F $ 14.79 - -0.21 -
JF Pacific Tech A (dist)-USD (1) F $ 9.59 - -0.13 -
JF Pacific Tech A (dist)-GBP (1) F 11.24 - -0.15 -
JF US Tech A (dist)-USD (1) F $ 2.09 - -0.03 -
JPM Europe Tech A (acc)-EUR (1) F 14.70 - -0.20 -
JPM Europe Tech A (dist)-EUR (1) F 9.46 - -0.12 -
JPM Europe Tech A (dist)-GBP (1) F 7.24 - -0.12 -
JPM Gbl Cons Trends A (acc)-EUR (1) F 13.04 - -0.05 -
JPM Gbl Cons Trends A (acc)-USD (1) F $ 16.47 - -0.12 -
JPM Gbl Nat Resources Fd (1) F S$ 17.31 - -0.26 -
JPM Gbl Natural Res A (dist)-EUR (1) F 15.86 - -0.19 -
JPM Gbl Natural Res A (acc)-EUR (1) F 18.40 - -0.23 -
JPM Gbl Natural Res A (acc)-USD (1) F $ 14.53 - -0.22 -
JPM H US STEEP A (acc)-EUR Hdg (1) F 13.65 - -0.12 -
JPM US Tech A (acc)-EUR (1) F 104.79 - -1.22 -
JPM US Tech A (dist)-GBP (1) F 1.82 - -0.02 -
JPM US Tech A (acc)-SGD (1) S$ 13.17 - -0.18 -
JPM US Tech A (acc)-USD (1) F $ 14.27 - -0.21 -
Fund Bid Offer D+/- Yield
JPM US Tech A (dist)-USD (1) F $ 7.21 - -0.11 -
Equity Africa
JPM Africa Eq A (acc)-EUR (1) F 17.83 - 0.22 -
JPM Africa Eq A (acc)-USD (1) F $ 10.75 - 0.10 -
JPM Africa Eq A (dist)-GBP (1) F 7.29 - 0.07 -
JPM Africa Eq A (inc)-EUR (1) F 70.85 - 0.88 -
Bonds Broad Market
JPM Agg Bd A (acc)-USD (1) F $ 11.99 - 0.00 -
JPM Em Mkt Corp Bd A (acc)-EUR Hdg (1) F 99.51 - 0.08 -
JPM Em Mkt Corp Bd A (acc)-USD (1) F $ 127.11 - 0.10 -
JPM Em Mkt Debt A (acc)-USD (1) F $ 17.76 - 0.00 -
JPM Euro Agg Bd A (acc)-EUR (1) F 11.58 - 0.02 -
JPM Gbl Agg Bd A (acc)-USD (1) F $ 12.83 - -0.01 -
JPM Gbl Agg Bd A (dist)-USD (1) $ 13.54 - -0.02 -
JPM Gbl Conv (EUR) A (acc)-CHF Hdg (1) FSFr 21.16 - -0.06 -
JPM Gbl Conv (EUR) A (dist)-GBP Hdg (1) F 11.18 - -0.03 -
JPM Gbl Corp Bond A (div)-EUR Hdg (1) 78.03 - 0.00 -
Bonds Extended Market
JPM EU Gov Bd A (acc)-EUR (1) F 12.30 - 0.02 -
JPM Gbl Conv (EUR) A (acc)-EUR (1) F 11.93 - -0.03 -
JPM Gbl Conv (EUR) A (dist)-EUR (1) F 9.90 - -0.03 -
JPM US Aggr Bd Aacc-EUR (hdg) (1) 79.28 - 0.00 -
(1) JPMorgan Funds
(2) JPMorgan Investment Funds
Jefferies Umbrella Fund (LUX)
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626
FSA Recognised
Europe Convertible Bd A (Dis) - D - EUR F 11.89 - -0.03 1.51
Europe Convertible Bd B (Cap) 13.18 - -0.03 0.00
Global Convertible A (Dis) F $ 17.46 - -0.06 0.74
Global Convertible B (Cap) F $ 20.42 - -0.06 0.00
Global Convertible A Hdg GBP(Dis) F 11.26 - -0.04 0.71
Global Convertible B Hdg GBP (Cap) F 13.06 - -0.05 0.00
Global Convertible Hdg A (Cap) F $ 16.70 - -0.05 0.78
Global Convertible B Hdg (Dis) F $ 19.55 - -0.07 0.00
Global Convertible A Hdg EUR(Dis) F 13.82 - -0.05 0.72
Global Convertible B Hdg EUR (Cap) F 14.77 - -0.05 0.00
Global Convertible A Hdg CHF (Dis) FSFr 20.10 - -0.07 0.59
Global Convertible B Hdg CHF (Cap) FSFr 21.89 - -0.07 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 76.38 - 0.11 3.29
JB BF Absolute Ret Def-EUR/A 106.22 - -0.03 2.78
JB BF Absolute Ret Def-GBP/A 105.97 - -0.03 2.64
JB BF Absolute Ret EM-CHF SFr 101.68 - -0.05 0.00
JB BF Absolute Ret EM-EUR/A 105.42 - -0.04 3.00
JB BF Absolute Ret EM-USD/A $ 103.63 - -0.04 2.76
JB BF Absolute Ret Pl-EUR/A 106.09 - 0.02 3.44
JB BF Absolute Ret Pl-GBP/A 112.07 - 0.02 3.21
JB BF Absolute Ret Pl-USD/A $ 112.23 - 0.02 2.80
JB BF Absolute Return GBP/A 108.77 - 0.03 2.57
JB BF Absolute Return-GBP/B 123.88 - 0.03 0.00
JB BF Absolute Return-EUR/A 103.45 - 0.02 2.80
JB BF Absolute Return-USD/A $ 105.66 - 0.02 2.70
JB BF Cred Opportunities-EUR/B 155.00 - -0.03 0.00
JB BF Credit Opportunities-USD $ 108.83 - -0.02 0.00
JB BF Dollar-USD/A $ 116.58 - 0.02 3.90
JB BF Dollar Med Term-USD/A $ 123.16 - 0.04 2.60
JB BF EM Infl Linked-CHF/A SFr 103.37 - 0.11 1.02
JB BF EM Infl Linked-EUR/A 104.46 - 0.12 1.01
JB BF EM Infl Linked-GBP/A 103.03 - 0.12 0.15
JB BF EM Infl Linked-USD/A $ 104.85 - 0.12 1.58
JB BF Emerging-CHF/A SFr 107.65 - 0.03 -
JB BF Emerging-EUR/A 143.16 - -0.01 4.19
JB BF Emerging-USD/A $ 163.86 - 0.04 4.54
JB BF Euro Government-EUR/A 109.02 - 0.06 4.05
JB BF Euro-EUR/A 124.56 - 0.02 4.19
JB BF Global Convert-EUR/A 66.55 - -0.18 1.35
JB BF Global High Yield-EUR/A 109.91 - -0.08 6.55
JB BF Global High Yield GBP/A 104.07 - -0.06 1.55
JB BF Global High Yield-USD/A $ 119.77 - -0.08 5.80
JB BF Inflation Linked-CHF/B SFr 107.32 - -0.02 0.00
JB BF Local Emerging-CHF/A SFr 103.26 - 0.02 1.45
JB BF Local Emerging-EUR/A 104.08 - 0.02 4.85
JB BF Local Emerging-GBP/A 116.41 - 0.02 3.65
JB BF Local Emerging-USD/A $ 139.78 - 0.02 4.50
JB BF Swiss Franc-CHF/B SFr 189.41 - -0.01 0.00
JB BF Total Return-CHF SFr 104.56 - -0.04 0.00
JB BF Total Return-EUR/A 46.33 - -0.02 3.68
JB Commodity-EUR/A 76.70 - -0.20 1.37
JB Commodity-EUR/B 88.49 - -0.23 0.00
JB Commodity-USD/A $ 87.19 - -0.23 1.26
JB Commodity-USD/B $ 100.62 - -0.26 0.00
JB EF Abs Ret Europe-EUR/A 109.26 - 0.02 0.09
JB EF Abs Ret Europe-EUR/B 109.26 - 0.03 0.00
JB EF Asia-USD/A $ 117.24 - -0.01 0.51
JB EF Biotech-USD/A $ 154.30 - -0.99 0.06
JB EF Black Sea-EUR/A 30.69 - -0.12 0.65
JB EF Black Sea-USD/A $ 29.63 - -0.10 0.34
JB EF Central Europe-EUR/A 197.15 - -0.31 0.38
JB EF Chindonesia-USD/A $ 87.81 - 0.51 0.11
JB EF Chindonesia-USD/B $ 87.90 - 0.51 0.00
JB EF Energy Transition-EUR/B 116.62 - -1.23 0.00
JB EF Energy Transition-USD/B $ 118.52 - -1.19 0.00
JB EF Euro Large Cap-EUR 102.15 - -0.85 0.00
JB EF Euroland Value-EUR/A 104.25 - -0.72 1.53
JB EF Europe Sel.Fd-EUR/A 57.24 - -0.34 0.53
JB EF Europe S&Mid Cap-EUR/A 109.82 - -1.26 0.27
JB EF Europe-EUR/A 166.18 - -1.05 1.18
JB EF Global-EUR/A 66.93 - -0.52 0.59
JB EF German Value-EUR/A 161.51 - -0.47 1.58
JB EF Gl Emerging Mkts-EUR/A 72.71 - -0.52 0.54
JB EF Health Opport - USD/A $ 125.36 - -0.99 0.08
JB EF Health Opport-USD/B $ 125.41 - -1.00 0.00
JB EF Japan-JPY/A 7055.00 - -20.00 0.25
JB EF Luxury Brands-EUR/A 155.25 - -0.34 0.39
JB EF Luxury Brands-USD/A $ 135.51 - -0.24 0.30
JB EF Luxury Brands-GBP/B 93.62 - -0.30 0.00
JB EF Special Val. EUR/A 101.30 - -0.70 1.51
JB EF Swiss S&Mid Cap-CHF/B SFr 375.87 - -2.83 0.00
JB EF US Leading-USD/A $ 296.74 - -2.35 0.27
JB EF US Value-USD/A $ 125.02 - -0.65 0.40
JB Ms Africa Opp.-EUR/B 100.30 - 0.60 -
JB Ms Global Sel. EUR/B 96.71 - -0.79 0.00
JB Strategy Balanced-CHF/B SFr 133.05 - -0.37 0.00
JB Strategy Balanced-EUR 132.44 - -0.41 0.00
JB Strategy Balanced-USD/B $ 115.20 - -0.31 0.00
JB Strategy Inc-CHF/B SFr 113.23 - -0.18 0.00
JB Strategy Inc-EUR/B 144.16 - -0.24 0.00
JB Strategy Inc-USD/B $ 136.55 - -0.23 0.00
JB Strategy Growth-CHF/B SFr 80.32 - -0.33 0.00
JB Strategy Growth-EUR 94.60 - -0.42 0.00
Kairos Investment Management Ltd (CYM)
Regulated
Kairos Multi Strategy E1 (Est) 1619.81 - 5.79 0.00
Kairos Multi Strategy E2 (Est) 1210.47 - 4.25 0.00
Kairos Multi Strategy E3 (Est) 1175.28 - 4.04 0.00
Kairos Multi Strategy D1 (Est) $ 1730.00 - 6.24 0.00
Kairos Multi Strategy D2 (Est) $ 1272.14 - 4.51 0.00
Kames Capital ICVC (UK)
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Ethical Cautious Managed A Acc 1.22 - 0.00 2.08
Ethical Cautious Managed A Inc 1.06 - 0.00 2.11
Ethical Corporate Bond A Acc 1.71 - 0.00 3.88
Ethical Corporate Bond A Inc 1.06 - 0.00 3.88
Ethical Equity A Acc 1.15 - 0.00 1.65
High Yield Bond A Acc 1.03 - 0.00 5.44
High Yield Bond A Inc 0.54 - 0.00 5.44
Inflation Linked A Acc 1.18 - 0.00 -
Investment Grade Bond A Acc 1.36 - 0.00 3.97
Investment Grade Bond A Inc 1.08 - 0.00 3.97
Fund Bid Offer D+/- Yield
Sterling Corporate Bond A Acc 0.60 - 0.00 4.16
Sterling Corporate Bond A Inc 0.29 - 0.00 4.16
Strategic Assets A Acc 0.97 - 0.00 1.10
Strategic Bond A Acc 1.64 - 0.00 3.06
Strategic Bond A Inc 1.15 - 0.00 3.06
UK Equity Absolute Return A Acc 1.08 - 0.00 -
UK Equity A Acc 1.76 - 0.00 1.66
UK Equity Income A Acc 1.50 - 0.00 4.22
UK Equity Income A Inc 1.32 - 0.00 4.33
UK Opportunities A Acc 1.18 - 0.00 1.13
UK Smaller Companies A Acc 1.67 - 0.00 0.37
Kames Capital VCIC (IRL)
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FSA Recognised
Absolute Return Bond B GBP Acc 10.31 - -0.01 -
High Yield Global Bond A GBP Inc 5.21 - 0.00 5.36
High Yield Global Bond B GBP Inc 10.83 - 0.00 5.85
Investment Grade Global Bd A GBP Inc 5.38 - 0.01 2.52
Strategic Global Bond A GBP Inc 10.65 - 0.02 2.04
Strategic Global Bond B GBP Inc 6.04 - 0.01 2.54
Key Asset Management
Other International Funds
Key Hedge (Est) $ 408.69 - -0.67 0.00
Key Europe Inc (Est) 170.09 - 0.29 0.00
Key Recovery (Est) $ 171.94 - -0.42 0.00
Key Global Inc (Est) $ 569.73 - -0.75 0.00
Key Trading $ 99.44 - 0.74 0.00
Kleinwort Benson (Channel Islands) Investment Management Limited (JER)
Regulated
Kleinwort Benson Global Funds Limited
Sterling Currency 54.03 - 0.00 0.00
Euro Currency 33.58 - 0.00 0.00
US Dollar Currency $ 59.13 - 0.00 0.00
Sterling Income Bond 4.48 - 0.00 2.88
Euro Income Bond 11.77 - 0.01 2.53
International Bond 71.81 - 0.26 0.00
Bond & Equity 4.64 - 0.02 4.34
International Equity 57.77 - 0.97 0.00
All Weather Sterling 1.29 - 0.01 0.00
All Weather Euro 1.18 - 0.00 0.00
All Weather US Dollar $ 1.15 - 0.00 0.00
Sterling Conservative Strategy 10.56 - 0.04 0.00
Euro Conservative Strategy 10.19 - -0.01 0.00
US Dollar Conservative Strategy $ 10.06 - 0.01 0.00
Sterling Dynamic Strategy 11.76 - 0.12 0.00
Euro Dynamic Strategy 10.05 - 0.03 0.00
US Dollar Dynamic Strategy $ 10.69 - 0.03 0.00
Sterling Progressive Strategy 11.85 - 0.07 0.00
Euro Progressive Strategy 10.07 - 0.00 0.00
US Dollar Progressive Strategy $ 10.69 - 0.04 0.00
Trojan 10.97 - 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 1.08 1.08 0.00 0.00
Elite Multi-Asset Growth Fund A Reinvest Shares 1.08 1.08 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 1.05 1.05 0.00 0.00
Elite Multi-Asset Conservative Fund A Reinvest Shares 1.05 1.05 0.00 1.47
Elite Multi-Asset Conservative Fund B Shares 1.03 1.03 0.00 1.51
Elite Multi Asset Balanced Fund C Inst Shares 1.31 1.32 0.00 -
Elite Multi-Asset Balanced Fund A Income Shares 1.29 1.29 0.00 0.00
Elite Multi-Asset Balanced Fund A Reinvest Shares 1.29 1.29 0.00 0.00
Elite Multi-Asset Balanced Fund B Shares 1.25 1.25 0.00 0.00
Elite Multi Asset Conservative Fund C Inst Shares 1.07 1.07 0.00 -
Elite Multi-Asset Balanced USD Fund A Income Shares $ 1.07 1.07 0.00 0.00
Elite Multi-Asset Balanced USD Fund B Shares (Susp) $ 1.03 1.03 0.14 -
Elite Sterling Income Fund 11.68 11.71 -0.03 3.51
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) $ 191.18 - -1.12 0.64
BMF Emerging Markets Eq Pr dis(A) $ 83.13 - -0.39 0.79
BFM European Equity A dis(A) 117.42 - -0.66 1.82
BFM Intl Large Cap A dis(A) $ 64.66 - -0.24 1.69
BW Global Opp.Fixed Inc A dis (M) $ 119.65 - 0.13 1.94
CBA US Aggressive Growth A dis(A) $ 108.23 - -0.88 0.00
CBA US Appreciation A dis(A) $ 111.68 - -0.54 0.00
CBA US Fundamental Value A dis(A) $ 88.30 - -0.68 0.00
CBA US Large Cap Growth A dis(A) $ 112.62 - -0.98 0.00
LM Batterymarch Gbl Equity Fd $ 99.53 - -0.64 0.27
GC Global Equity A dis(A) $ 88.71 - -0.48 0.20
LM CM Growth A dis(A) $ 85.44 - -0.71 0.00
LM CM Opportunity A dis(A) $ 179.85 - -0.86 0.00
LM CM Value A dis(A) $ 115.07 - -0.90 0.00
LM Permal Gl Absolute A dis(A) $ 102.00 - -0.14 0.00
LMHK China Fund A dis $ 90.35 - 0.65 0.43
PCM US Equity A cap $ 97.67 - -0.96 -
Royce Europ. Smaller Companies A acc 121.44 - -0.50 0.89
Royce Global Smaller Companies A dis $ 118.74 - -0.02 0.00
Royce Smaller Companies A dis(A) $ 178.92 - -1.19 0.00
Royce US Small Cap Opp A dis(A) $ 295.34 - -1.09 0.00
Fixed Income Funds
BW Global Fixed Inc A dis(S) $ 134.98 - 0.07 1.12
WA Asian Opportunities A dis(D) $ 123.29 - -0.07 2.43
WA Brazil Equity A dis(A) $ 73.23 - -0.30 2.77
WA Div Strategic Income A dis(D) $ 94.31 - 0.05 3.11
WA Emerging Markets Bd A dis(D) $ 127.81 - -0.18 4.30
WA Euro Core Plus Bd A dis(D) 93.15 - 0.02 1.48
WA Euro High Yield A dis (D) 98.07 - -0.19 7.54
WA Gl Blue Chip Bd A dis(M) $ 109.62 - 0.08 1.82
WA Gl Core Plus Bd A dis(D) $ 107.76 - 0.07 1.86
WA Gl Credit Abs Ret Fd A dis $ 102.37 - 0.10 0.00
WA Gl Credit Cl.A dis (D) $ 107.42 - 0.14 2.11
WA Global High Yield A dis(D) $ 85.84 - -0.09 6.51
WA Global Inf-Linked A dis(D) $ 107.71 - -0.16 2.99
WA Gl Multi Strategy A dis(D) $ 127.39 - -0.03 3.54
WA Inflation Mgmt A dis(A) $ 120.39 - -0.10 1.45
WA UK Core Plus Bond A dis (D) 109.42 - -0.21 2.08
WA UK Infl-Linked Plus A dis (D) 113.24 - -0.44 1.46
WA UK Long Duration A dis (D) 112.90 - -0.28 2.01
WA US Adjustable Rate A cap $ 99.73 - 0.01 0.00
WA US Core Bond A dis(D) $ 101.05 - 0.09 1.85
WA US Core Plus Bond A dis(D) $ 111.96 - 0.08 1.72
WA US High Yield A dis(D) $ 84.99 - -0.11 6.41
WA US Short Term Govt A dis(D) $ 101.61 - 0.01 1.05
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 $ 295.28 - -2.02 0.00
LM Eurold Eq.A Euro Cap 97.60 - -0.51 0.00
Money Funds
LM Eurold Cash A Euro Cap 135.98 - -0.01 0.00
Asset Allocation Funds
LM M-Man.Bal A Cap Euro 126.54 - -0.37 0.00
LM M-Man.Bal A Cap USD $ 121.09 - -0.27 0.00
LM M-Man Cons A Cap Euro 123.31 - -0.20 0.00
LM M-Man Cons A Cap USD $ 125.71 - -0.25 0.00
LM M-Man Perf A Cap Euro 128.64 - -0.49 0.00
LM M-Man Perf A Cap USD $ 119.86 - -0.38 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 111.50 - -0.90 -
Liongate Capital Management (CYM)
www.liongate.com
Regulated
Liongate Multi-Strategy Fund
Class A1 $ 1769.00 - 11.58 -
Class B1 1716.56 - 10.04 0.00
Class C1 1790.18 - 11.42 -
Class D1 120482.64 - 735.19 0.00
Class E1 SFr 1588.66 - 8.42 0.00
Fund Bid Offer D+/- Yield
Class F1 SKr 968.73 - 7.47 0.00
Liongate Commodities Fund
Class A $ 1102.21 - 17.93 -
Class B 1065.46 - 16.39 0.00
Class C 1027.54 - 16.27 0.00
Lloyd George Management
Other International Funds
LG Antenna Fd Ltd $ 63.20 - 1.27 0.00
LG Asian Plus Ltd $ 56.69 - 0.01 0.00
LG Asian Smaller Cos $ 102.96 - -0.38 0.00
LG India Fd Ltd $ 59.26 - 2.38 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 12.5300 - 0.0100 2.84
Lloyds TSB Offshore Funds Ltd
Capital Growth 1.7930 - -0.0110 1.16
Euro High Income 1.6140 - 0.0000 4.31
European 6.3530 - -0.0650 0.96
High Income 0.8758 - 0.0004 5.44
International 3.4120 - -0.0370 0.11
North American 11.0900 - -0.1300 0.00
Sterling Bond 1.4370 - 0.0010 3.94
UK 6.1480 - -0.0330 1.81
Lloyds TSB Offshore Gilt Fund Ltd
Lloyds TSB Gilt Fund Quarterly Share 1.2930 - 0.0010 2.64
Monthly Share 1.2490 - 0.0000 2.64
Lloyds TSB Money Fund Ltd
Australian Dollar A$ 166.9650 - 0.0100 2.34
Euro 53.0090 - 0.0000 -0.34
New Zealand Dollar NZ$ 201.1610 - 0.0080 1.38
Sterling Class 52.4010 - 0.0000 0.13
US Dollar Class $ 60.8270 - -0.0010 -0.16
Lloyds TSB Offshore Multi Strategy Fund Ltd
Conservative Strategy 1.0670 - 0.0010 2.89
Growth Strategy 1.2640 - -0.0030 1.37
Aggressive Strategy 1.3470 - -0.0080 0.38
Global USD Growth Strategy $ 1.0650 - -0.0100 -
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 10.27 - -0.02 0.00
1798 Europe Eq. L/S EUR C A 10.36 - -0.02 0.00
1798 Europe Eq. L/S USD C A $ 10.32 - -0.02 0.00
1798 Optimum Trend (EUR) P A 11.72 - 0.00 0.00
1798 Optimum Trend (USD) P A $ 11.28 - 0.00 0.00
All Roads (CHF) PA SFr 16.48 - -0.06 -
All Roads (USD) PA $ 10.31 - -0.04 -
All Roads (GBP) PA 10.45 - -0.04 -
All Roads (EUR) PA 10.48 - -0.04 -
Alpha Japan (EUR) P A F 5.93 - -0.07 0.00
Alpha Japan (CHF) P A F SFr 7.50 - -0.09 0.00
Alpha Japan (JPY) P A F 687.00 - -8.00 0.00
Alpha Japan (USD) P A F $ 8.45 - -0.10 0.00
Alternative Beta P A F SFr 115.72 - -0.30 0.00
Alternative Beta P A F 77.21 - -0.20 0.00
Alternative Beta P A F $ 114.65 - -0.30 0.00
Clean Tech P A F 5.51 - -0.04 0.00
Commodities (CHF) P A SFr 8.60 - -0.06 0.00
Commodities (EUR) P A 8.68 - -0.06 0.00
Commodities (USD) P A $ 8.76 - -0.06 0.00
Convertible Bd P A 14.39 - -0.03 0.00
Convertible Bd Asia P A F SFr 13.20 - 0.00 0.00
Convertible Bd Asia P A F 13.93 - 0.00 0.00
Convertible Bd Asia P A F $ 13.92 - 0.00 0.00
Emerging Consumer (CHF) P A SFr 11.72 - 0.13 -
Emerging Consumer (EUR) P A 11.85 - 0.12 -
Emerging Consumer (USD) P A $ 11.71 - 0.17 -
Emerging Eq.Risk Par.(EUR) 8.34 - -0.02 0.00
Emerging Eq. Risk Par.(USD) $ 7.52 - -0.02 0.00
Emerging Mkt.Bd.Fdt PA $ 23.44 - 0.00 0.00
Emg.Loc.Cur.Bd.Fdt.DH PA SFr 9.44 - -0.02 0.00
Emerg.Loc.Cur.Bd.Fdt PA SFr 10.41 - -0.03 0.00
Emerg.Loc.Cur.Bd.Fdt PA 12.38 - -0.04 0.00
Emerg.Loc.Cur.Bd.Fdt PA $ 11.10 - -0.03 0.00
Euro BBB-BB Fdt PA SFr 14.21 - 0.00 0.00
Euro BBB-BB Fdt PA 11.08 - 0.00 0.00
Euro BBB-BB Fdt PA 9.70 - 0.00 0.00
Euro BBB-BB Fdt PA $ 15.71 - 0.00 0.00
Euro Credit Bd PA F 11.67 - 0.00 0.00
Euro Government Fdt P A 11.10 - 0.00 0.00
Euro Inflation-Lk Fdt PA 11.55 - 0.00 0.00
Euro Resp.Corp. Fdt PA 16.85 - 0.00 0.00
Europe High Conviction PA 7.48 - -0.06 0.00
Eurozone Small&Mid Caps F 35.06 - -0.30 0.00
Gbl.BBB-BB Fdmt PA 10.03 - 0.00 -
Gbl.Gvt.Fdmt PA 9.83 - 0.00 -
Generation Global (CHF) P A F SFr 8.62 - -0.05 0.00
Generation Global (EUR) P A F 11.75 - -0.08 0.00
Generation Global (USD) P A F $ 10.31 - -0.06 0.00
Global Energy (USD) P A F $ 9.76 - -0.14 0.00
Golden Age (CHF) P A F SFr 14.57 - -0.03 0.00
Golden Age (EUR) P A 9.86 - -0.02 0.00
Golden Age (USD) P A F $ 13.64 - -0.03 0.00
Government Bd (USD) P A $ 20.22 - 0.02 0.00
Invst.Gde A-BBB (CHF) P A SFr 12.84 - 0.00 0.00
Japan Small & Mid Caps P A 1563.00 - -21.00 0.00
Money Market (EUR) P A 112.32 - 0.00 0.00
Money Market (GBP) P A F 10.22 - 0.00 0.00
Money Market (USD) P A F $ 10.29 - 0.00 0.00
Neuberger B.US Core(USD)P A $ 9.91 - -0.06 0.00
Sands US Growth (USD) PA $ 11.30 - -0.10 -
Selective Gbl P A 164.12 - -0.06 0.00
Tactical Alpha (CHF)P A SFr 9.93 - -0.05 0.00
Tactical Alpha (EUR)P A 10.13 - -0.05 0.00
Tactical Alpha (USD)P A $ 14.47 - -0.08 0.00
Technology P A 10.26 - -0.09 0.00
Technology P A $ 15.68 - -0.13 0.00
Total Return Bond (EUR) P A 12.26 - -0.01 0.00
Total Return Bond (USD) P A $ 17.93 - -0.01 0.00
Vital Food Syst.Hdg PA SFr 10.12 - -0.03 -
Vital Food Syst.Hdg PA 10.11 - -0.03 -
Vital Food Syst.Hdg PA $ 10.17 - -0.03 -
William Blair Gbl Gth P A F $ 10.20 - -0.04 0.00
William Blair Gbl Gth P A F 10.60 - -0.04 0.00
Wld Gold Expertise P A F SFr 30.43 - 0.07 0.00
Wld Gold Expertise P A 23.78 - 0.05 0.00
Wld Gold Expertise P A $ 30.86 - 0.07 0.00
Lombard Odier Funds II
Balanced (EUR) P A F 108.81 - -0.39 0.00
Conservative (EUR) P A F 105.76 - -0.18 0.00
LO Selection
Balanced (CHF) P A F SFr 101.43 - -0.34 0.00
Balanced (EUR) P A F 110.03 - -0.38 0.00
Conservative (CHF) P A F SFr 101.56 - -0.16 0.00
Conservative (EUR) P A F 106.69 - -0.18 0.00
Conservative (USD) P A F $ 101.92 - -0.12 0.00
Global Allocation (GBP) P A F 8.66 - -0.03 0.00
Growth (CHF) P A F SFr 101.42 - -0.48 0.00
Growth (EUR) P A F 112.70 - -0.57 0.00
M & G Securities Ltd (UK)
Property & Other UK Unit Trusts
M&G Property Portfolio A Acc 0.80 0.84 0.00 3.04
M & G (Guernsey) Ltd (GSY)
Regulated
The M&G Offshore Fund Range
American Fund 110.59 115.20 -1.06 -
Corporate Bond 1252.27 1291.00 0.00 3.36
Global Basics 2344.36 2442.04 -5.54 0.13
Global Leaders 2650.20 2760.63 -1.24 1.70
High Yield Corporate Bond 965.15 995.00 -0.39 6.09
Episode Macro Fund 93.76 97.67 0.10 -
Optimal Income Fund 130.54 135.98 0.03 2.98
Recovery Fund Limited 'A' Participating Shares 101.95 106.20 -0.14 0.82
Recovery Fund Limited 'I' Participating Shares 102.08 106.33 -0.14 1.57
Strategic Corporate Bond Fund 127.42 132.73 0.05 3.21
UK Growth 1214.44 1265.05 3.46 1.75
UK Select Fund 931.57 970.39 3.28 1.66
Other International Funds
M&G Property Fund - Retail 6.41 6.75 0.00 4.20
M&G Property Fund A Inc 6.41 6.41 0.00 4.74
MFS Meridian Funds SICAV (LUX)
Regulated
Absolute Return A1 17.72 - 0.02 0.00
Asia ex-Japan A1 $ 22.47 - -0.10 0.00
Fund Bid Offer D+/- Yield
China Equity Fd A1 $ 8.74 - 0.02 0.00
Continental European Eqty A1 11.92 - -0.07 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 14.46 - 0.02 0.00
Emerging Markets Debt A1 $ 33.07 - -0.02 0.00
Emerging Markets Eq.A1 $ 12.64 - -0.06 0.00
European Concentrated A1 12.67 - -0.08 0.00
European Core Eq A1 20.38 - -0.15 0.00
European Res.A1 21.37 - -0.15 0.00
European Smaller Companies A1 30.06 - -0.21 0.00
European Value A1 23.10 - -0.17 0.00
Global Bond A1 $ 11.53 - 0.02 0.00
Global Conc.A1 $ 25.34 - -0.17 0.00
Global Energy Fund A1 $ 14.67 - -0.13 0.00
Global Equity A1 $ 33.16 - -0.18 0.00
Global Equity A1 16.38 - -0.09 0.00
Global Multi-Asset A1 $ 15.36 - -0.01 0.00
Global Res.A1 $ 20.38 - -0.11 0.00
Global Total Return A1 13.11 - -0.04 0.00
High Yield A1 $ 22.82 - -0.02 0.00
High Yield Fund A1 12.92 - -0.01 0.00
Inflation-Adjusted Bond A1 $ 15.36 - -0.02 0.00
Japan Equity A1 $ 7.62 - -0.05 0.00
Latin American Equity Fd A1 $ 21.07 - -0.20 0.00
Limited Maturity A1 $ 14.01 - 0.01 0.00
Prudent Wealth Fd A1 $ 11.98 - -0.06 0.00
Research Bond A1 $ 15.97 - 0.01 0.00
UK Equity A1 6.51 - -0.04 0.00
US Conc.Growth A1 $ 10.83 - -0.07 0.00
US Government Bond A1 $ 16.87 - 0.01 0.00
Value A1 $ 15.34 - -0.11 0.00
MMIP Investment Management Limited (GSY)
Regulated
Multi-Manager Investment Programmes PCC Limited
European Equity Fd Cl A Initial Ser 1666.81 1673.23 21.53 0.00
Japanese Equity Fd Cl A Initial Ser 170471.00 171453.00 728.00 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 884.85 887.50 21.82 0.00
Pacific Basin Fd Cl A Initial Ser $ 2208.30 2240.29 3.12 0.00
UK Equity Fd Cl A Series 01 1474.16 1491.02 54.54 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1493.27 - 9.94 0.00
Diversified Absolute Return Stlg Cell AF2 1506.18 - 9.45 0.00
MAM Funds (IRL)
Regulated
Miton Global Diversified Income A 101.14 - -0.26 -
Man Investments
Other International Funds
Man AHL Alpha USD Shares $ 795.76 - 4.37 0.00
Man AHL Diversified Plc $ 91.81 - 0.67 0.00
Mangart Global Fund Ltd (CYM)
Regulated
B Shares EUR Nav (Final) 149.23 - 6.19 0.00
B Shares USD Nav (Final) $ 149.23 - 6.19 0.00
Manulife Global Fund (LUX)
31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
www.manulife.com.hk
FSA Recognised
American Growth Fund A $ 20.38 - 0.03 0.00
Asia Total Return Fund (Class AA) F $ 1.02 - 0.00 2.68
Asia Value Dividend Equity Fund AA F $ 1.35 - 0.01 1.23
American Growth Fund AA F $ 1.17 - 0.00 0.00
Asian Equity Fund A $ 2.62 - 0.00 0.51
Asian Equity Fund AA F $ 0.84 - 0.00 0.17
Asian Small Cap Equity Fund AA F $ 1.75 - 0.00 0.23
China Value Fund A $ 6.67 - 0.01 0.32
China Value Fund AA F $ 2.09 - 0.00 0.04
Dragon Growth Fund A $ 1.47 - 0.00 0.56
Dragon Growth Fund AA F HK$ 7.13 - 0.02 0.04
Emerging Eastern Europe Fund AA F $ 1.99 - 0.02 0.05
Emerging Eastern Europe Fund A $ 4.65 - 0.04 0.17
Emerging Markets Infrastructure Fund Class AA $ 0.99 - 0.00 -
European Growth Fund A $ 8.93 - 0.10 1.08
European Growth Fund AA F $ 0.64 - 0.01 0.70
Global Contrarian Fund AA F $ 0.88 - 0.01 0.00
Global Property Fund AA F $ 0.88 - 0.00 0.38
Global Resources Fund AA F $ 1.05 - 0.01 0.00
Healthcare Fund AA F $ 1.20 - 0.00 0.00
India Equity Fund AA F $ 1.02 - 0.02 0.00
International Growth Fund A $ 3.42 - 0.00 0.00
International Growth Fund AA F $ 0.79 - 0.00 0.00
Japanese Growth Fund A $ 2.39 - -0.02 0.00
Japanese Growth Fund AA F $ 0.61 - -0.01 0.04
Latin America Equity Fund AA F $ 1.20 - 0.01 0.71
Russia Equity Fund AA F $ 0.64 - 0.00 0.00
Strategic Income AA F $ 1.17 - 0.00 3.79
Taiwan Equity Fund AA F $ 1.33 - -0.02 0.57
Turkey Equity Fund AA F $ 0.94 - 0.02 0.26
US Bond Fund AA F $ 1.28 - 0.00 3.35
U.S. Special Opportunities Fund AA F $ 0.94 - 0.00 5.22
US Small Cap Equity Fund AA F $ 0.94 - 0.01 0.00
US Treasury Inflation-Protected Securities Fund AA F $ 1.40 - 0.00 0.75
Marlborough International Management Limited(GSY)
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FSA Recognised
Marlborough North American Fund Ltd 21.51 21.72 0.30 0.00
Marlborough Tiger Fund Ltd F 25.93 26.19 0.45 0.00
Marwyn Investment Management LLP (CYM)
Regulated
Marwyn Value Investors 311.07 - 0.00 0.00
Meditor Group Limited (BMU)
Regulated
European Hedge Fd (B) (Est) $ 571.38 - -4.25 0.00
European Hedge Fd (C) (Est) $ 290.16 - -2.12 0.00
Melchior Hedge Funds (CYM)
Regulated
Melchior European Fund Ltd EUR Class 153.42 - 1.34 -
Meridian Fund Managers Ltd
Other International Funds
Global Gold & Resources Fund $ 427.99 - 7.78 -
Global Energy & Resources Fund $ 96.68 - 2.28 -
Metage Capital
Other International Funds
MGS (Est) $ 196.73 - -1.63 -
MEMO (Est) $ 437.99 - -5.90 0.00
MEMV (Est) $ 100.96 - -0.82 -
Mirabaud Gestion AM (FRA)
Regulated
Mirabaud Euro Actions C 127.50 - -0.53 0.00
Mirabaud Equities Spain 17.07 - -0.16 -
Mirabaud France Act. C 137.16 - -0.64 0.00
MitonOptimal Offshore (GSY)
www.MitonOptimal.com
Regulated
Core Diversified Fund (USD) $ 109.17 - -0.12 0.00
Core Diversified Fund (EUR) 92.06 - -0.13 0.00
Core Diversified Fund (GBP) 100.35 - -0.13 0.00
Core Diversified USD E Class $ 99.73 - -0.23 -
Core Diversified GBP E Class 99.34 - -0.15 -
Core Diversified SGD E Class S$ 98.91 - -0.18 -
Global Real Estate Fund $ 97.73 - 0.29 0.00
International Diversified $ 99.28 - 0.05 0.00
International Beta Equity $ 103.73 - -0.52 0.00
International Equity $ 100.49 - -0.19 0.00
Managed Flexible US$ Fund $ 101.37 - -0.35 0.00
Offshore Global (GBP) 91.23 - 0.46 0.00
Offshore Global (USD) $ 84.56 - 0.36 0.00
Offshore Special Situations (GBP) 132.19 - 0.85 0.00
Offshore Special Situations (USD) $ 121.70 - 0.74 0.00
Offshore Special Situations (EUR) 102.11 - 0.61 0.00
Offshore Special Situations (YEN) 10791.94 - 60.27 0.00
Rhodium USD $ 93.14 - 0.03 0.00
Rhodium GBP 91.03 - -0.02 0.00
Rhodium AUD A$ 94.91 - 0.02 0.00
Rhodium SGD S$ 90.01 - -0.03 0.00
Rhodium THB THB 923.15 - -0.02 0.00
Special Situations USD E Class $ 98.67 - 0.55 -
Special Situations GBP E Class 99.32 - 0.59 -
Special Situations SGD E Class S$ 98.37 - 0.54 -
Morant Wright Management Ltd (CYM)
Regulated
MW Japan Fd Ltd A $ 17.18 - -0.41 0.00
MW Japan Fd Ltd B $ 17.59 - -0.42 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 $ 36.25 - -0.32 0.00
Fund Bid Offer D+/- Yield
Absolute Return Currency A F 24.52 - -0.05 0.00
Asian Equity A F $ 40.96 - -0.22 0.00
Asian Property A F $ 17.25 - 0.05 0.00
Asian Property AX F 10.20 - 0.03 1.21
Diversified Alpha Plus A F 29.26 - -0.13 0.00
Emerg Europ, Mid-East & Africa Eq A F 58.08 - 0.46 0.00
Emerging Markets Debt A F $ 80.25 - -0.09 0.00
Emerging Markets Domestic Debt AX F 15.80 - -0.02 4.18
Emerging Markets Equity A F $ 36.86 - -0.13 0.00
Euro Bond A F 13.73 - 0.01 0.00
Euro Corporate Bond AX F 22.26 - -0.08 3.82
Euro Liquidity A F 12.88 - 0.00 0.00
Euro Strategic Bond A F 37.48 - 0.01 0.00
European Currencies High Yield Bd A F 17.69 - -0.03 0.00
European Equity Alpha A F 31.93 - -0.14 0.00
European Property A F 21.23 - -0.06 0.00
Eurozone Equity Alpha A F 7.63 - -0.05 0.00
Global Bond A F $ 40.22 - -0.05 0.00
Global Brands A F $ 75.70 - -0.46 0.00
Global Convertible Bond A F $ 35.56 - -0.12 0.00
Global Property A F $ 22.70 - -0.06 0.00
Indian Equity A F $ 24.97 - -0.42 0.00
Latin American Equity A F $ 65.18 - -0.46 0.00
Short Maturity Euro Bond A F 19.93 - -0.01 0.00
US Dollar Liquidity A F $ 13.03 - 0.00 0.00
US Growth A F $ 39.94 - -0.43 0.00
US Growth AH F 27.83 - -0.31 0.00
US Growth AX F 24.94 - -0.27 0.00
US Property A F $ 52.63 - -0.24 0.00
Morgens Waterfall Vintiadis.co Inc
Other International Funds
Phaeton Intl (BVI) Ltd (Est) $ 396.19 - 5.54 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 $ 91.41 91.41 -0.08 0.00
ASG Laser Fund I/A (USD) H $ 1148.10 1148.10 -3.55 0.00
Harris Associates Global Value Fund H 160.66 160.66 -1.08 0.00
Harris Associates US Large Cap Value Fund $ 154.17 154.17 -0.71 0.00
Loomis Sayles Emerging Debt & Currencies Fund IA $ 158.78 158.78 0.17 0.00
Loomis Sayles Global Credit Fund I/A (USD) H $ 142.41 142.41 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 $ 190.19 190.19 -0.79 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 10.74 10.74 0.00 5.81
Loomis Sayles Multisector Inc Fd I USD $ 13.30 13.30 -0.01 5.67
Loomis Sayles Inst High Inc Fd I USD $ 8.21 8.21 -0.01 10.23
Loomis Sayles Global Opportunist Bond Fd I USD $ 14.26 14.26 -0.01 6.21
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 9.85 - 0.00 -
Nevsky Capital LLP (IRL)
51 Berkeley Square, London W1J 5BB +44 (0)20 7360 8888
FSA Recognised
Traditional Funds Plc
Eastern European $ 79.45 - -0.37 0.00
Nevsky Capital LLP
Other International Funds
Nevsky Fund Plc EUR Acc 1208.51 - 22.00 0.00
Nevsky Fund Plc GBP Acc 1215.41 - 22.07 0.00
Nevsky Fund Plc USD Acc $ 1225.53 - 21.64 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 $ 103.19 - -0.16 2.48
Asia Pacific Equity Fund EUR Class B 100.72 - -0.16 2.76
Asia Pacific Equity Fund GBP Class C 102.00 - -0.17 2.60
Asia Pacific Equity Fund CNY USD Hedged Class F $ 106.58 - -0.11 2.43
Asia Pacific Equity Inc SGD Class DS$ 114.80 - -0.19 -
Asia Pacific Equity Inc USD I Class D $ 115.26 - -0.19 -
Dynamic European Equity EUR Cls D 117.52 - -0.37 -
Dynamic European Equity GBP Cls D 125.28 - -0.39 -
Dynamic European Equity USD Cls D $ 117.89 - -0.36 -
Global Fixed Income USD $ 123.70 - 0.06 0.00
Global Fixed Income USD CNY Hedged $ 110.75 - 0.12 -
Total Return Bond USD Cls $ 153.79 - 0.01 0.00
Total Return Bond EUR Cls 145.40 - 0.01 0.00
Total Return Bond GBP Cls 162.47 - 0.02 0.00
Total Return Bond Fund Canadian Dollar Class C$ 106.98 - 0.02 0.00
Total Return Bond Fund CHF SFr 110.72 - -0.01 0.00
Total Return Bond Fund INR Hdg R $ 115.39 - -0.61 -
Total Return Bond Fund USD $ 116.61 - 0.08 -
Total Return Bond Fund USD I $ 112.25 - 0.02 -
Total Return Bond GBP Distributor Class 114.10 - 0.01 4.29
US Growth Class A USD $ 114.24 - -0.52 0.00
US Growth Class B EUR 110.42 - -0.51 0.00
US Growth Class C GBP 112.73 - -0.52 0.00
US Growth Class D CHF SFr 112.76 - -0.52 0.00
US Growth Class I USD $ 103.07 - -0.47 -
Wealthy Nations Bond USD Cls A $ 115.89 - 0.03 4.77
Wealthy Nations Bond EUR Cls B 112.89 - 0.03 5.18
Wealthy Nations Bond GBP Cls C 114.98 - 0.03 4.90
Wealthy Nations Bond CHF Cls DSFr 111.86 - 0.03 -
Wealthy Nations Bond EUR Cls D 112.26 - 0.03 -
Wealthy Nations Bond GBP Cls D 115.68 - 0.03 4.68
Wealthy Nations Bond CHF Cls ESFr 111.70 - 0.03 5.12
Wealthy Nations Bond INR Hdg Cls D $ 113.87 - -0.46 -
Wealthy Nations Bond INR Hdg I Cls D $ 114.30 - -0.46 -
Wealthy Nations Bond NOK Cls DNKr 114.02 - 0.04 -
Wealthy Nations Bond USD Cls D $ 113.01 - 0.03 -
Wealthy Nations Bond USD CNY Hedged Class F $ 114.77 - 0.08 4.27
Wealthy Nations Bond SGD Class GS$ 163.19 - 0.04 4.66
Wealthy Nations Bond Class H S$ 107.96 - 0.03 4.97
Wealthy Nations Bond Class I $ 112.01 - 0.08 4.30
New Capital Alternative Strategies
All Weather Fd USD Cls $ 111.02 - 0.74 -
All Weather Fd EUR Cls 101.38 - 0.49 0.00
All Weather Fd GBP Cls 108.14 - 0.67 0.00
Tactical Opps USD Cls $ 96.12 - 1.87 0.00
Tactical Opps EUR Cls 79.58 - 1.46 0.00
Tactical Opps GBP Cls 88.62 - 1.68 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 1.6629 - 0.0057 1.97
Global Equity 1.4349 - 0.0014 1.88
Global Balanced 1.1742 - 0.0013 2.13
Global Balanced (Accumulation) 1.2877 - 0.0015 2.09
Bridge 1.3623 - 0.0009 1.99
Sterling Fixed Interest Class 0.8509 - -0.0002 4.06
Global Fixed Interest Class 1.0400 - 0.0005 4.46
Diversified Assets 1.1328 - 0.0007 2.92
Special Situations 1.0634 - 0.0020 3.20
Nordea 1, SICAV (LUX)
E-Mail: nordeafunds@nordea.lu, Phone: +352 43 39 50 0
FSA Recognised
Emerging Consumer Fund F 15.46 - 0.07 0.00
European Alpha Fund F 8.07 - 0.05 0.00
European Value Fund 37.91 - 0.22 0.00
Far Eastern Equity Fund $ 17.64 - -0.01 0.00
Latin American Equity Fund 11.61 - 0.03 0.00
Nordic Equity Fund 53.77 - 0.10 0.00
North American Growth Fund H $ 8.77 - 0.01 0.00
North American Value Fund $ 31.73 - 0.11 0.00
European High Yield Bond Fund F 22.88 - 0.00 0.00
Full fund performance data at
www.ft.com/funds MANAGED FUNDS SERVICE
OCTOBER 12 2012 Section:Stats Time: 11/10/2012 - 19:11 User: sheehanr Page Name: UT5 EUR, Part,Page,Edition: EUR, 22, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

23
Fund Bid Offer D+/- Yield
Global Stable Equity Fund F 10.25 - 0.02 0.00
Heracles Long/Short MI Fund - AP - EUR F 50.58 - 0.12 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 $ 1778.36 - 2.61 0.00
Northwest China Opps $ class $ 2336.43 - 15.62 0.00
Northwest China Opps class 2285.68 - 14.06 0.00
Northwest Warrant $ class $ 451.93 - 20.47 0.00
Oasis Crescent Management Company Ltd
Other International Funds
Oasis Crescent Equity Fund R 7.30 - 0.03 0.50
Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Regulated
Oasis Global Investment (Ireland) Plc
Oasis Global Equity $ 20.55 - -0.33 0.96
Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 20.77 - -0.36 0.84
OasisCresGl Income Class A $ 10.88 - 0.00 2.61
OasisCresGl LowBal D ($) Dist $ 10.35 - -0.06 0.00
OasisCresGl Med Eq Bal A ($) Dist $ 10.07 - -0.06 -
Oasis Crescent Gbl Property Eqty $ 8.06 - -0.04 3.22
Odey Asset Management LLP (CYM)
Regulated
OEI MAC Inc A 299.38 - -7.29 0.00
OEI Mac Inc B 164.78 - -3.38 0.00
OEI MAC Inc USD $ 1653.36 - -40.27 0.00
Odey European Inc EUR 661.87 - -14.06 0.00
Odey European Inc A GBP 251.16 - -5.25 0.00
Odey European Inc B GBP 142.52 - -2.99 0.00
Odey European Inc USD $ 309.05 - -6.60 0.00
Giano Capital EUR Inc 4009.35 - 53.09 0.00
Odey Asset Management LLP (IRL)
FSA Recognised
Odey OEAF EUR A Class 97.57 - -0.66 0.00
Odey OEAF GBP D Class 112.41 - -0.86 -
Odey Pan European 223.32 - -1.54 0.00
Odey Pan European GBP D 144.38 - -1.13 0.00
Odey Allegra STG A 92.02 - -0.63 0.00
Odey Allegra USD $ 110.32 - -0.60 0.00
Odey Allegra European EUR 155.90 - -1.05 0.00
Odey Allegra European EUR I F 152.61 - -1.03 0.00
Odey Allegra European USD $ 154.66 - -0.98 0.00
Odey Allegra European GBP 180.00 - -1.38 0.00
Odey Allegra European GBP I 160.68 - 0.52 -
Odey Allegra International GBP Class 136.77 - -0.92 0.00
Odey Allegra International GBP D Inc F 123.91 - -0.84 0.00
Odey Allegra International Euro Class 108.70 - -0.63 0.00
Odey Allegra International Euro I Class 100.15 - -0.58 0.00
Odey Investments Plc (IRL)
Regulated
Odey Giano European Fund EUR 105.35 - 0.19 -
Odey Giano European Fund GBP 105.21 - 0.19 -
Odey Giano European Fund USD $ 106.11 - 0.20 -
Odey Odyssey Fund USD $ 108.16 - -0.22 -
Odey Odyssey Fund GBP I 107.85 - -0.22 -
Odey Odyssey Fund GBP R 107.33 - -0.22 -
Odey Odyssey Fund EUR 96.86 - -0.25 -
Odey Wealth Management (CI) Ltd (IRL)
FSA Recognised
ODEY OPPORTUNITY CHF SFr 102.93 - -0.24 0.00
ODEY OPPORTUNITY CHF I SFr 103.17 - -0.23 0.00
ODEY OPPORTUNITY EUR 120.35 - -0.29 0.00
ODEY OPPORTUNITY EUR I 180.09 - -0.42 0.00
ODEY OPPORTUNITY GBP I R 198.72 - -0.45 0.00
ODEY OPPORTUNITY GBP R 127.88 - -0.29 0.00
ODEY OPPORTUNITY NOK NKr 108.87 - -0.22 0.00
ODEY OPPORTUNITY NOK I NKr 111.31 - -0.29 0.00
ODEY OPPORTUNITY USD $ 127.23 - -0.29 0.00
ODEY OPPORTUNITY USD I $ 189.36 - -0.42 0.00
Omnia Fund Ltd
Other International Funds
Estimated NAV $ 440.20 - 35.77 -
Optima Fund Management
Other International Funds
Optima Fd NAV $ 76.66 - -0.03 0.00
Optima Discretionary Macro Fund Limited $ 82.98 - -0.50 0.00
The Dorset Energy Fd Ltd NAV $ 44.95 - -1.82 0.00
Platinum Fd Ltd $ 70.05 - -0.35 0.00
Platinum Fd Ltd EUR 13.89 - -0.06 0.00
Platinum Japan Fd Ltd $ 32.89 - -0.08 0.00
Optima Emerging Markets Fd Ltd $ 14.23 - -0.01 0.00
Optima Partners Global Fd $ 12.31 - -0.01 0.00
Optima Partners Focus Fund A $ 11.98 - 0.00 0.00
Cuttyhunk II Limited Unrestricted USD Acc NAV $ 1202.38 - 5.51 0.00
Orbis Investment Management Ltd (BMU)
Regulated
Orbis Global Equity $ 125.39 - 1.17 0.00
Orbis Optimal (US$) $ 73.09 - 0.01 0.00
Orbis Optimal (Euro) 24.58 - -0.02 0.00
Orbis Optimal (Yen) 975.00 - 0.00 0.00
Orbis Leveraged (US$) $ 116.30 - 0.30 0.00
Orbis Leveraged (Euro) 38.09 - 0.09 0.00
Orbis Leveraged (Yen) 911.00 - 2.00 0.00
Orbis Japan Equity (US$) $ 22.53 - -0.18 0.00
*Orbis Prices as of October 4th
Orbis Sicav (LUX)
Regulated
Orbis Japan Equity (Yen) 2158.00 - -17.00 0.00
Orbis Japan Equity (Euro) 14.62 - -0.11 0.00
Orbis Asia ex-Japan - Investor Shares $ 18.26 - 0.00 0.00
Orbis Global Equity - Investor Shares 94.89 - -0.32 0.00
Orbit Asset Management
Other International Funds
Orbit Global Strategy $ 143.86 - 1.05 0.00
Orbit Euro Strategies 125.73 - 0.84 0.00
Oryx International Growth Fund Ltd
Other International Funds
NAV (Fully Diluted) 3.12 - 0.12 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 0.03
Intl Dollar Reserve Bear $ 1.00 - 0.00 0.03
Pictet Funds (Europe) SA (LUX)
15, Avenue J.F. Kennedy L-1855 Luxembourg
Tel: 0041 58 323 3000
FSA Recognised
Pictet-Absl Rtn Glo Cons-I EUR F 107.74 - -0.07 0.00
Pictet-Absl Rtn Glo Cons-P EUR F 105.43 - -0.07 0.00
Pictet-Absl Rtn Glo Cons-Pdy EUR F 102.57 - -0.07 0.61
Pictet-Absl Rtn Glo Div-I EUR F 124.18 - -0.18 0.00
Pictet-Absl Rtn Glo Div-P EUR F 119.40 - -0.18 0.00
Pictet-Absl Rtn Glo Div-Pdy EUR F 115.76 - -0.17 0.29
Pictet-Absl Rtn Glo Div-R EUR F 115.56 - -0.18 0.00
Pictet-AbsRetGloDiv-HI CHF F SFr 179.82 - -0.27 0.00
Pictet-AbsRetGloDiv-HI GBP F 104.56 - -0.15 0.00
Pictet-AbsRetGloDiv-HI JPY F 13783.00 - -21.00 0.00
Pictet-AbsRetGloDiv-HI USD F $ 157.13 - -0.23 0.00
Pictet-AbsRetGloDiv-HP CHF F SFr 172.87 - -0.27 0.00
Pictet-AbsRetGloDiv-HPdy GBP F 97.56 - -0.15 0.22
Pictet-AbsRetGloDiv-HP USD F $ 151.06 - -0.23 0.00
Pictet-Agriculture-I EUR F 148.17 - -0.91 0.00
Pictet-Agriculture-I USD F $ 190.95 - -0.72 0.00
Pictet-Agriculture-P EUR F 144.07 - -0.88 0.00
Pictet-Agriculture-P dy EUR F 144.07 - -0.88 0.00
Pictet-Agriculture-P dy GBP F 115.89 - -0.56 0.00
Pictet-Agriculture-P dy USD F $ 185.66 - -0.70 0.00
Pictet-Agriculture-R EUR F 140.71 - -0.86 0.00
Fund Bid Offer D+/- Yield
Pictet-Agriculture-R USD F $ 181.33 - -0.69 0.00
Pictet-Agriculture-P USD F $ 185.66 - -0.70 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 177.27 - -0.50 0.00
Pictet-Asian Equities Ex Japan-P USD F $ 164.87 - -0.46 0.00
Pictet-Asian Equities Ex Japan-P dy USD F $ 161.50 - -0.46 0.15
Pictet-Asian Equities Ex Japan-HI EUR F 115.86 - -0.33 0.00
Pictet-Asian Local Currency Debt-I EUR F 122.57 - -0.03 0.00
Pictet-Asian Local Currency Debt-I USD F $ 157.96 - 0.33 0.00
Pictet-Asian Local Currency Debt-P EUR F 117.65 - -0.04 0.00
Pictet-Asn Lcl Ccy Dbt-Pdy USD F $ 133.07 - 0.27 2.72
Pictet-Asn Lcl Ccy Dbt-Pdy GBP F 84.32 - 0.08 2.77
Pictet-Biotech-P USD $ 376.05 - -3.92 0.00
Pictet-Biotech-P dy GBP F 234.63 - -2.77 0.00
Pictet-Biotech-HP EUR F 279.51 - -2.92 0.00
Pictet-Biotech-I USD F $ 411.08 - -4.29 0.00
Pictet-Biotech-P dy USD F $ 375.89 - -3.92 0.00
Pictet-CHF Liquidity-P F SFr 124.32 - 0.00 0.00
Pictet-Clean Energy-I EUR F 49.58 - -0.62 0.00
Pictet-Clean Energy-I USD F $ 63.89 - -0.65 0.00
Pictet-Clean Energy-P EUR F 47.39 - -0.60 0.00
Pictet-Clean Energy-P USD F $ 61.07 - -0.63 0.00
Pictet-Clean Energy-P dy USD F $ 61.07 - -0.63 0.00
Pictet-Clean Energy-P dy GBP F 38.12 - -0.44 0.00
Pictet-Convertible Bonds-I EUR F 94.49 - -0.25 0.00
Pictet-Convertible Bonds-P EUR F 92.31 - -0.26 0.00
Pictet-Convertible Bonds-P dy EUR F 92.12 - -0.25 0.50
Pictet-Convertible Bonds-R EUR F 90.15 - -0.25 0.00
Pictet-Digital Communication-I EUR F 126.21 - -0.66 0.00
Pictet-Digital Communication-I USD F $ 162.65 - -0.48 0.00
Pictet-Digital Communication-P EUR F 115.02 - -0.61 0.00
Pictet-Digital Communication-P USD $ 148.23 - -0.43 0.00
Pictet-Digital Communication-P dy USD F $ 142.96 - -0.41 0.00
Pictet-Digital Communication-P dy GBP F 90.30 - -0.36 0.00
Pictet-Digital Communication-R EUR F 106.19 - -0.57 0.00
Pictet-Eastern Europe-I EUR F 363.52 - -0.28 0.00
Pictet-Eastern Europe-P EUR F 350.14 - -0.28 0.00
Pictet-Eastern Europe-P dy EUR F 349.83 - -0.28 0.00
Pictet-Eastern Europe-P dy GBP F 281.72 - -0.49 0.00
Pictet-Em Lcl Ccy Dbt-HI EUR F 132.62 - -1.06 0.00
Pictet-Em Lcl Ccy Dbt-HP EUR F 127.35 - -1.02 0.00
Pictet-Em Lcl Ccy Dbt-I EUR F 155.94 - -1.31 0.00
Pictet-Em Lcl Ccy Dbt-I USD F $ 201.18 - -1.61 0.00
Pictet-Em Lcl Ccy Dbt-P EUR F 149.68 - -1.27 0.00
Pictet-Em Lcl Ccy Dbt-P USD F $ 193.12 - -1.54 0.00
Pictet-Em Lcl Ccy Dbt-Pdy USD F $ 146.90 - -1.18 5.37
Pictet-Em Lcl Ccy Dbt-Pdy GBP F 94.39 - -0.89 5.44
Pictet-Emerging Markets-I USD F $ 520.47 - -0.89 0.00
Pictet-Emerging Markets-P USD $ 490.20 - -0.84 0.00
Pictet-Emerging Markets-P EUR F 380.38 - -1.54 0.00
Pictet-Emerging Markets-P dy USD F $ 485.16 - -0.83 0.00
Pictet-Emerging Markets Index-I USD F $ 244.47 - -0.31 0.00
Pictet-Emerging Markets Index-IS USD F $ 243.32 - -2.44 0.00
Pictet-Emerging Markets Index-P dy USD F $ 220.71 - -0.28 1.66
Pictet-Emerging Markets Index-R USD F $ 231.66 - -2.33 0.00
Pictet-Emerging Markets Index-P USD $ 239.08 - -0.31 0.00
Pictet-Emerging Markets Index-R dy GBP F 141.44 - -1.18 1.41
Pictet-EUR Bonds-HI CHF F SFr 626.72 - -0.09 0.00
Pictet-EUR Bonds-HP CHF F SFr 602.19 - -0.09 0.00
Pictet-EUR Bonds-I F 465.88 - -0.07 0.00
Pictet-EUR Bonds-P F 447.70 - -0.07 0.00
Pictet-EUR Bonds-P dy F 306.69 - -0.04 3.26
Pictet-EUR Corporate Bonds-HI USD F $ 201.46 - -0.14 0.00
Pictet-EUR Corporate Bonds-HI CHF FSFr 237.09 - -0.15 0.00
Pictet-EUR Corporate Bonds-HP USD F $ 192.50 - -0.13 0.00
Pictet-EUR Corporate Bonds-HP CHF FSFr 226.58 - -0.15 0.00
Pictet-EUR Corporate Bonds-I F 176.38 - -0.12 0.00
Pictet-EUR Corporate Bonds-P F 168.48 - -0.11 0.00
Pictet-EUR Corporate Bonds-P dy F 105.59 - -0.07 3.62
Pictet-EUR Government Bonds-P dy F 106.24 - 0.03 3.30
Pictet-EUR High Yield-HI CHF F SFr 269.58 - -1.53 0.00
Pictet-EUR High Yield-HP CHF F SFr 255.40 - -1.44 0.00
Pictet-EUR High Yield-I F 199.15 - -1.12 0.00
Pictet-EUR High Yield-P F 188.66 - -1.07 0.00
Pictet-EUR High Yield-P dy F 91.39 - -0.52 5.84
Pictet-EUR Inflation Linked Bonds-P dy F 110.17 - 0.01 1.32
Pictet-EUR Short Mid-Term Bonds-HI CHF FSFr 113.90 - -0.03 0.00
Pictet-EUR Short Mid-Term Bonds-HP CHF FSFr 111.74 - -0.03 0.00
Pictet-EUR Short Mid-Term Bonds-P F 128.26 - -0.03 0.00
Pictet-EUR Short Mid-Term Bonds-I F 130.55 - -0.03 0.00
Pictet-EUR Short Mid-Term Bonds-P dy F 91.51 - -0.03 3.32
Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.41 - 0.00 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR P 102.93 - 0.00 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR Pdy 100.23 - 0.00 0.17
Pictet-European Sust Eq-P EUR F 150.62 - -0.80 0.00
Pictet-Europe Index-I EUR F 117.67 - -0.61 0.00
Pictet-Europe Index-IS EUR F 118.18 - -0.61 0.00
Pictet-Europe Index-P EUR 116.36 - -0.61 0.00
Pictet-Europe Index-P dy EUR F 99.57 - -0.52 2.53
Pictet-Europe Index-R dy GBP F 84.81 - -0.51 2.51
Pictet-Euroland Index-P dy EUR F 74.63 - -0.36 3.27
Pictet-Euroland Index-R dy GBP F 63.67 - -0.36 3.17
Pictet-European Equity Selection-I EUR F 501.86 - -3.28 0.00
Pictet-European Equity Selection-P EUR F 477.72 - -3.13 0.00
Pictet-Eu Equities Sel-Pdyistr F 445.17 - -2.92 0.61
Pictet-Europe Index-R EUR F 113.49 - -0.59 0.00
Pictet-European Sust Eq-I EUR F 157.10 - -0.83 0.00
Pictet-European Sust Eq-Pdy EUR F 135.03 - -0.72 1.65
Pictet-Generics-I USD F $ 158.95 - -0.04 0.00
Pictet-Generics-P USD F $ 148.99 - -0.03 0.00
Pictet-Generics-P dy GBP F 92.97 - -0.13 0.00
Pictet-Generics-P dy USD F $ 148.94 - -0.04 0.00
Pictet-World Government Bonds-P USD $ 189.76 - 0.01 0.00
Pictet-World Government Bonds-P dy USD $ 146.21 - 0.01 2.39
Pictet-Global Emerging Debt-P USD F $ 322.03 - 0.02 0.00
Pictet-Global Emerging Debt-P dy USD F $ 188.95 - 0.01 4.68
Pictet-Global Emerging Currencies-I EUR F 83.78 - -0.41 0.00
Pictet-Global Emerging Currencies-I USD F $ 108.57 - -0.49 0.00
Pictet-Global Emerging Currencies-HI EUR F 68.28 - -0.31 0.00
Pictet-Global Emerging Currencies-HP EUR F 66.86 - -0.30 0.00
Pictet-Global Emerging Currencies-P EUR F 82.03 - -0.40 0.00
Pictet-Global Emerging Currencies-P USD F $ 106.28 - -0.48 0.00
Pictet-Global Em Ccy-Pdy USD F $ 98.29 - -0.44 2.73
Pictet-Global Emerging Debt-HP EUR F 229.86 - 0.01 0.00
Pictet-Global Emerging Debt-HP CHF FSFr 371.67 - 0.02 0.00
Pictet-Global Emerging Debt-HI EUR F 241.20 - 0.02 0.00
Pictet-Global Emerging Debt-HI CHF FSFr 392.69 - 0.03 0.00
Pictet-Global Emerging Debt-I USD F $ 340.15 - 0.03 0.00
Pictet-Global Megatrend Selection-I USD F $ 159.93 - -0.73 0.00
Pictet-Global Megatrend Selection-I EUR F 124.11 - -0.85 0.00
Pictet-Global Megatrend Selection-P USD F $ 154.75 - -0.71 0.00
Pictet-Global Megatrend Selection-P CHF FSFr 145.05 - -1.36 0.00
Pictet-Global Megatrend Selection-P EUR F 120.11 - -0.82 0.00
Pictet-Glo Megatrend Sel-Pdy EUR F 120.08 - -0.83 0.00
Pictet-Glo Megatrend Sel-Pdy GBP F 96.60 - -0.54 0.00
Pictet-Glo Megatrend Sel-Pdy USD F $ 154.75 - -0.71 0.00
Pictet-Global Megatrend Selection-R EUR F 115.90 - -0.80 0.00
Pictet-Global Megatrend Selection-R USD F $ 149.36 - -0.68 0.00
Pictet-Greater China-I USD F $ 380.64 - -0.37 0.00
Pictet-Greater China-P USD F $ 355.60 - -0.36 0.00
Pictet-Greater China-P dy USD F $ 345.21 - -0.35 0.25
Pictet-Greater China-P dy GBP F 214.74 - -0.46 0.26
Pictet-High Dividend Sel I EUR F 113.28 - -0.62 0.00
Pictet-High Dividend Sel P CHF F SFr 134.51 - -0.69 0.00
Pictet-High Dividend Sel P EUR F 111.07 - -0.61 0.00
Pictet-High Dividend Sel P USD F $ 143.30 - -0.72 0.00
Pictet-High Dividend Sel Pdm GBP F 82.01 - -0.52 4.01
Pictet-High Dividend Sel Pdm USD F $ 130.38 - -0.67 3.95
Pictet-High Dividend Sel Pdy EUR F 104.89 - -0.58 3.81
Pictet-High Dividend Sel R EUR F 109.35 - -0.61 0.00
Pictet-High Dividend Sel Rdm EUR F 99.42 - -0.54 3.98
Pictet-Indian Equities-I USD F $ 325.43 - 4.47 0.00
Pictet-Indian Equities-P USD F $ 304.43 - 4.18 0.00
Pictet-Indian Equities-P dy USD F $ 304.42 - 4.17 0.00
Pictet-Indian Equities-P dy GBP F 190.02 - 2.40 0.00
Pictet-Japan Index-I JPY F 7289.87 - -25.61 0.00
Pictet-Japan Index-IS JPY F 7351.27 - -63.04 0.00
Pictet-Japan Index-P JPY F 7207.70 - -25.34 0.00
Pictet-Japan Index-P dy JPY F 6706.55 - -23.58 1.79
Pictet-Japan Index-R dy GBP F 54.57 - -0.39 1.57
Pictet-Japanese Equities Opp-P JPY F 4004.78 - -26.41 0.00
Pictet-Japanese Equities Opp-I JPY F 4208.70 - -27.68 0.00
Pictet-Japanese Equities Opp-P dy JPY F 3972.10 - -26.20 0.00
Pictet-Japanese Equity Selection-I JPY F 6663.68 - -46.22 0.00
Pictet-Japanese Equity Selection-P JPY F 6351.45 - -44.17 0.00
Pictet-Japanese Eq Sel-Pdy GBP F 50.21 - -0.27 0.39
Pictet-Japanese Eq Sel-Pdy JPY F 6266.52 - -43.58 0.39
Pictet-LATAM Lc Ccy Dbt-Pdy GBP F 75.78 - 1.31 6.61
Pictet-LATAM Lc Ccy Dbt-I EUR F 123.87 - 2.25 0.00
Pictet-LATAM Lc Ccy Dbt-I USD F $ 158.46 - 2.95 0.00
Pictet-LATAM Lc Ccy Dbt-P EUR F 120.10 - 2.18 0.00
Pictet-LATAM Lc Ccy Dbt-P USD F $ 153.63 - 2.85 0.00
Pictet-LATAM Lc Ccy Dbt-Pdy USD F $ 117.47 - 2.18 6.44
Pictet-LATAM Lc Ccy Dbt-R EUR F 116.88 - 2.12 0.00
Pictet-LATAM Lc Ccy Dbt-R USD F $ 149.56 - 2.78 0.00
Pictet-Pacific Ex Japan Index-P USD F $ 324.29 - -0.08 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 328.06 - -0.08 0.00
Fund Bid Offer D+/- Yield
Pictet-Pacific Ex Japan Index-IS USD F $ 329.17 - 1.57 0.00
Pictet-Pacific Ex Japan Index-P dy USD F $ 265.92 - -0.07 3.47
Pictet-Pacific Ex Japan Index-R USD F $ 317.32 - 1.50 0.00
Pictet-Pacific Ex Japan Index-R dy GBP F 182.20 - 0.67 3.26
Pictet-Premium Brands-I EUR F 108.22 - -0.39 0.00
Pictet-Premium Brands-I USD F $ 139.46 - -0.18 0.00
Pictet-Premium Brands-P EUR 98.67 - -0.36 0.00
Pictet-Premium Brands-P USD F $ 127.16 - -0.15 0.00
Pictet-Premium Brands-P dy EUR F 98.61 - -0.36 0.00
Pictet-Premium Brands-P dy GBP F 79.32 - -0.19 0.00
Pictet-Russian Equities-P USD F $ 64.38 - -0.42 0.00
Pictet-Russian Equities-P dy GBP F 40.16 - -0.32 0.00
Pictet-Russian Equities-I EUR F 51.93 - -0.37 0.00
Pictet-Russian Equities-I USD F $ 67.00 - -0.43 0.00
Pictet-Russian Equities-P EUR F 49.90 - -0.35 0.00
Pictet-Russian Equities-P dy USD F $ 64.34 - -0.42 0.00
Pictet-Security-I EUR F 103.27 - -1.19 0.00
Pictet-Security-I USD F $ 133.09 - -1.22 0.00
Pictet-Security-P EUR F 98.27 - -1.14 0.00
Pictet-Security-P USD F $ 126.64 - -1.17 0.00
Pictet-Security-P dy USD F $ 126.64 - -1.17 0.00
Pictet-Security-P dy GBP F 79.05 - -0.81 0.00
Pictet-Security-R EUR F 94.26 - -1.09 0.00
Pictet-Security-R USD F $ 121.47 - -1.12 0.00
Pictet-Small Cap Europe-I EUR F 642.72 - -4.95 0.00
Pictet-Small Cap Europe-P EUR F 602.54 - -4.65 0.00
Pictet-Small Cap Europe-P dy EUR F 594.58 - -4.59 0.12
Pictet-ST.MoneyMkt-I 140.20 - 0.00 0.00
Pictet-ST.MoneyMkt-ICHF SFr 125.31 - 0.00 0.00
Pictet-ST.MoneyMkt-P 137.83 - 0.00 0.00
Pictet-ST.MoneyMkt-PCHF SFr 92.19 - -0.01 1.03
Pictet-ST.MoneyMkt-IUSD $ 134.12 - 0.01 0.00
Pictet-ST.MoneyMkt-PUSD $ 132.02 - 0.00 0.00
Pictet-ST.MoneyMkt-Pdy $ 84.71 - 0.00 0.58
Pictet-ST.MoneyMkt-Pdy 96.25 - -0.01 1.18
Pictet-Timber-HP EUR F 79.65 - -0.01 0.00
Pictet-Timber-I USD F $ 125.30 - -0.01 0.00
Pictet-Timber-I EUR F 97.23 - -0.24 0.00
Pictet-Timber-P USD F $ 121.15 - -0.02 0.00
Pictet-Timber-P EUR F 94.01 - -0.23 0.00
Pictet-Timber-P dy USD F $ 115.78 - -0.01 0.79
Pictet-Timber-P dy GBP F 72.27 - -0.09 0.82
Pictet-US Equity Growth Selection-I USD F $ 129.99 - -0.56 0.00
Pictet-US Equity Growth Selection-P USD F $ 124.95 - -0.53 0.00
Pictet-US Eq Gr Sel-Pdy USD F $ 124.94 - -0.54 0.00
Pictet-US Equity Growth Selection-R USD F $ 121.08 - -0.53 0.00
Pictet-US High Yield-HI CHF F SFr 134.12 - -0.16 0.00
Pictet-US High Yield-HI EUR F 90.27 - -0.11 0.00
Pictet-US High Yield-HP CHF F SFr 131.84 - -0.16 0.00
Pictet-US High Yield-HP EUR F 88.74 - -0.11 0.00
Pictet-US High Yield-I USD F $ 134.89 - -0.17 0.00
Pictet-US High Yield-P USD F $ 132.59 - -0.16 0.00
Pictet-US High Yield-P dy USD F $ 119.26 - -0.15 5.35
Pictet-US High Yield-R USD F $ 130.66 - -0.16 0.00
Pictet-USA Index-P USD $ 120.08 - -0.74 0.00
Pictet-USA Index-I USD F $ 121.51 - -0.76 0.00
Pictet-USA Index-IS USD F $ 122.16 - -1.37 0.00
Pictet-USA Index-P dy USD F $ 113.58 - -0.70 0.82
Pictet-USA Index-R USD F $ 116.71 - -1.32 0.00
Pictet-USA Index-R dy GBP F 71.40 - -0.91 0.63
Pictet-USD Government Bonds-I F $ 614.71 - 0.84 0.00
Pictet-USD Government Bonds-P F $ 593.38 - 0.80 0.00
Pictet-USD Government Bonds-P dy F $ 399.50 - 0.54 2.90
Pictet-USD Short Mid-Term Bonds-I F $ 127.40 - -0.01 0.00
Pictet-USD Short Mid-Term Bonds-P F $ 125.26 - -0.01 0.00
Pictet-USD Short Mid-Term Bonds-P dy F $ 98.39 - -0.01 1.73
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.29 - 0.00 0.00
Pictet-USD Sov.ST.Mon.Mkt-P $ 101.90 - 0.00 0.00
Pictet-USD Sov.ST.Mon.Mkt-Pdy $ 100.37 - 0.00 0.02
Pictet-Water-HP USD F $ 213.59 - -1.08 0.00
Pictet-Water-HR USD F $ 198.05 - -1.01 0.00
Pictet-Water-I EUR F 179.88 - -0.91 0.00
Pictet-Water-I USD F $ 231.81 - -0.63 0.00
Pictet-Water-P EUR 164.20 - -0.83 0.00
Pictet-Water-P USD F $ 211.60 - -0.57 0.00
Pictet-Water-P dy EUR F 161.98 - -0.82 0.14
Pictet-Water-P dy GBP F 130.83 - -0.51 0.15
Pictet-Water-R USD F $ 196.20 - -0.55 0.00
Pictet-Water-R EUR 152.25 - -0.77 0.00
Pictet-World Government Bonds-I EUR F 152.21 - -0.05 0.00
Pictet-World Government Bonds-I USD F $ 195.73 - 0.02 0.00
Pimco Fds: Global Investors Series Plc (IRL)
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH
http://gisnav.pimco-funds.com/
Dealing: +44 20 3640 1000
PIMCO Funds: +44 (0)20 3640 1407
FSA Recognised
CommoditiesPLUS111sp Strategy - Inst Acc $ 10.74 - -0.06 0.00
Diversified Income - Inst Acc $ 18.11 - 0.01 0.00
Emerging Local Bond - Inst Acc $ 14.47 - 0.01 0.00
Emerging Markets Bond - Inst Acc $ 38.83 - 0.00 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 13.07 - 0.00 0.00
Emerging Markets Curr.Fd- Inst Acc $ 13.68 - -0.01 0.00
EuriborPLUS - Inv. Acc 11.58 - -0.01 0.00
Euro Bond - Inst Acc 19.09 - 0.01 0.00
Euro Credit - Inst Acc 12.91 - 0.00 0.00
Euro Income Bond - Inst Acc F 11.16 - -0.01 0.00
Euro Liquidity - Inst Dist 1.00 - 0.00 0.30
Euro Long Average Duration - Inst Acc 16.76 - 0.02 0.00
Euro Real Return - Inst Acc 12.55 - -0.01 0.00
Euro Ultra Long Duration - Inst Acc 21.28 - -0.05 0.00
FX Strategies - Inst Acc 10.88 - 0.00 0.00
Global Advantage - Inst Acc $ 13.03 - -0.01 0.00
Global Bond - Inst Acc $ 25.05 - 0.00 0.00
Global Bond Ex-US - Inst Acc $ 16.96 - -0.01 0.00
Global High Yield Bond - Inst Acc $ 17.44 - -0.02 0.00
Global Investment Grade Credit - Inst Income $ 12.27 - 0.01 3.64
Global Multi-Asset - Inst Acc $ 14.30 - -0.03 0.00
Global Real Return - Inst Acc $ 17.45 - -0.03 0.00
High Yield Bond - Inst Acc $ 24.31 - -0.02 0.00
Low Average Duration - Inst Acc $ 14.43 - 0.01 0.00
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F 11.07 - -0.02 0.00
PIMCO EqS Pathfinder.Fd Inst Acc F $ 11.29 - -0.04 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.88 - 0.00 0.00
StocksPLUS{TM} - Inst Acc $ 15.16 - -0.11 0.00
Total Return Bond - Inst Acc $ 26.14 - 0.00 0.00
UK Corporate Bond - Inst Acc 14.55 - -0.02 0.00
UK Long Term Corp. Bnd Inst-Inst Acc 15.62 - -0.04 0.00
UK Sterling Inflation-Linked - Inst Acc 17.81 - -0.06 0.00
UK Sterling Long Average Duration - Inst Acc 18.12 - -0.08 0.00
UK Sterling Low Average Duration - Inst Acc 13.79 - -0.01 0.00
UK Total Return Bond - Inst Acc 13.63 - 0.00 0.00
Unconstrained Bond - Inst Acc $ 12.13 - 0.01 0.00
US Government Money Market - Inst Inc $ 1.00 - 0.00 0.05
Pioneer Alternative Inv Mgt (BMU)
Other International Funds
Pioneer Horizon Fund $ 116.31 - 0.75 0.00
Pioneer AssetMaster $ 855.78 - 0.72 0.00
Pioneer Div Fund I EUR 102.05 - 0.77 -
Pioneer Div Fund I USD $ 102.34 - 0.86 -
The Meteor Opps I $ 133.79 - 0.99 0.00
The Meteor Opps I 134.41 - 0.84 0.00
Platinum Capital Management Ltd
Other International Funds
Platinum Global Dividend Fund - A (Est) $ 60.57 - - -
Platinum All Star Fund - A (Est) $ 98.38 - - -
Platinum Dynasty (Est) $ 96.98 - - -
Platinum Essential Resources $ 9.80 - -0.21 -
Platinum Low Volatility Fund SICAV (Est) $ 9.40 - - -
Platinum Nordic SKr 511.64 - - -
Platinum Precious Metals (Est) 11.13 - 0.53 -
Platinum Maverick Enhanced (Est) $ 71.71 - - -
Platinum Gold Advantage (Est) 12.36 - - -
Platinum Global Dividend UCITS Fund $ 73.92 - -0.42 0.00
Polar Capital Funds Plc (IRL)
Regulated
Asian Financials Fund Cls A USD $ 249.41 249.41 -0.86 0.62
European Market Neutral Fund Cls I Euro 9.30 9.30 -0.01 -
Financials Income Fund Cls B2 GBP Acc 1.19 1.19 0.00 0.00
Financial Opps I USD $ 9.46 - -0.01 0.00
GEM Growth I USD $ 9.60 - 0.01 0.00
GEM Income I USD $ 10.64 - 0.01 0.00
Global Insurance I GBP 2.44 - 0.00 0.00
Global Technology I USD $ 15.11 - -0.13 0.00
Healthcare Opps I USD $ 18.00 - -0.04 0.00
Japan I JPY 990.97 - -3.18 0.00
Fund Bid Offer D+/- Yield
North American I USD $ 11.53 11.53 -0.05 -
UK ARF I GBP 9.73 - 0.02 0.00
Polar Capital LLP (CYM)
Regulated
ALVA Convertible A USD $ 110.58 - 1.35 0.00
European Market Neutral Fund A EUR 97.44 - -1.63 0.00
European Conviction A EUR 150.69 - -1.06 0.00
European Forager A EUR 270.14 - 118.98 0.00
Policy Selection Limited
Other International Funds
Assured USD A $ 120.06 - 0.17 0.00
Assured USD B $ 105.93 - 0.04 0.00
Assured USD C $ 114.27 - 0.11 0.00
Assured USD D $ 107.63 - 0.08 0.00
Assured F USD $ 72.92 - -0.01 0.00
Assured GBP B 97.30 - -1.89 0.00
Assured GBP C 92.26 - -1.75 0.00
Assured EUR D 82.53 - -2.00 0.00
Assured EUR B 75.75 - -1.84 0.00
Assured CHF E SFr 56.48 - -1.35 0.00
Polunin Capital Partners Ltd
Other International Funds
Developing Countries 'A' $ 33.19 - -0.16 0.00
Emerging Markets Active $ 24.94 - -0.77 -
Luxcellence Em Mkts Tech $ 768.18 - -15.53 0.00
Em Mkts Strategy Developing $ 720.44 - -0.07 0.00
Em Mkts Strategy Small Cap $ 1026.69 - -4.04 0.00
Polunin Discovery Funds - Frontier Markets Fund $ 1042.38 - 9.39 -
Private Fund Mgrs (Guernsey) Ltd (GSY)
Regulated
Monument Growth 351.23 355.30 2.87 0.89
Prosperity Capital Management Ltd (CYM)
Regulated
RPF A Shares $ 233.31 - 1.14 0.00
RPF D $ 13.89 - 0.06 0.00
PQF A Shares $ 544.41 - 8.88 0.00
PQF B Shares $ 494.69 - 9.48 0.00
PCF $ 427.48 431.90 -6.94 0.00
CAPF $ 8.14 - 0.06 0.00
Prusik Investment Management LLP (IRL)
Enquiries - 0207 493 1331
Regulated
Prusik Asian Equity Income B Dist $ 121.39 - -0.20 5.61
Prusik Asia A $ 161.27 - 0.15 0.00
Prusik Asian Smaller Cos A $ 145.38 - 1.02 0.00
Purisima Investment Fds (CI) Ltd (JER)
Regulated
PCG B 124.23 - -1.32 -
PCG C 122.71 - -1.31 -
Putnam Investments (Ireland) Ltd (IRL)
Regulated
Putnam New Flag Euro High Yield Plc - E 980.12 - -1.05 5.60
Putnam New Flag Euro High Yield Plc - M 891.14 - -0.97 4.98
R & H Fund Services (Jersey) Ltd (JER)
Regulated
Camber International Equity Growth Limited 12.71 - -0.15 0.43
BDP Limited
Bond Fund GBP 9.97 - 0.03 5.67
Income Fund Sterling 3.17 - 0.03 8.30
The Discretionary Pfolio 11.95 - 0.20 1.24
RBC Offshore Fund Managers Limited (GSY)
Regulated
ARC Fund Ltd Class B $ 166.1374 - 1.0049 0.00
RBC Regent Strategy Fund Limited (JER)
Regulated
Asia Pacific Equity Class B $ 145.39 - -1.65 1.22
Canadian Equity Class B C$ 150.08 - -1.00 0.16
European Equity Class B 143.68 - -0.36 0.65
Intl Ex North America Equity Class B $ 109.80 - -0.79 2.46
UK Bond Class B 106.21 - -0.24 2.28
UK Equity Class B 157.85 - -1.10 1.13
US Dollar Capital Growth Class $ 12.66 - -0.09 0.04
US Equity Class $ 125.19 - -0.59 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) 91.32 - -0.36 0.00
Chinese Equities (EUR) 51.15 - 0.53 0.00
Em Stars Equities (EUR) 145.99 - -0.51 0.00
Emerging Markets Equities (EUR) 134.26 - -1.46 0.00
Flex-o-Rente (EUR) 108.01 - 0.02 0.00
Glob.Consumer Trends Equities (EUR) 89.64 - -0.43 0.00
High Yield Bonds (EUR) 109.00 - -0.08 0.00
Lux -O- Rente (EUR) 127.14 - 0.03 0.00
Natural Ress Equities (EUR) 86.68 - -1.27 0.00
New World Financials (EUR) 33.16 - -0.05 0.00
SAM Sust. Agrib.Eq. D 108.97 - -0.64 0.00
US Premium Equities (EUR) 118.49 - -0.86 0.00
US Premium Equities (USD) $ 131.81 - -0.97 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 89.23 - -0.13 0.53
RBSG UK Equity Index Programme Ser 3 23.65 - -0.13 3.16
RBSG UK Specialist Eqty Ser 3 17.05 - -0.03 0.98
RBSG UK Sovereign Bond Index Prog Ser 3 14.79 - 0.00 3.03
RBSG Contl Eurp Eqty Index Prog Ser 3 274.70 - -1.73 2.48
RBSG Japan Specialist Equity Prog Ser 3 3162.00 - -43.00 0.78
RBSG US Equity Index Programme Ser 3 $ 50.36 - -0.51 0.85
RBSG Pacific Basin Eqty Ser 3 $ 52.08 - -0.33 1.44
RBSG Emerging Markets Ser 3 $ 33.33 - -0.20 1.34
RBSG Global Investment Grade Bond GBP Series 6 126.57 - -0.09 2.87
RBSG Global Investment Grade Programme GBP S3 116.64 - -0.08 2.90
RBSG UK Sovereign Bond Index Programme Series 6 11.48 - 0.01 3.00
Absolute Rtn Multi Asset Prog SER 3 GBP 9.85 - 0.00 -
** 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 1.02 - 0.00 7.84
Sterling Extra Yld Bd B 1.01 - 0.00 7.55
Russell Investment Company Plc (IRL)
Russell Investment Group 10 Regent St Ldn SW1Y 4PE 020 7024 6000
FSA Recognised
Cont Eur Eq B 21.47 - -0.14 0.00
Cont Eur Eq F F 1158.69 - -7.25 0.00
Cont Eur Eq SH I F 85.88 - -0.52 0.00
Cont Eur Eq A 24.69 - -0.16 0.00
Emerg Mkts Eq B $ 20.72 - -0.08 0.00
Global Bond B $ 21.30 - 0.00 0.00
Japan Equity B 751.85 - -11.43 0.00
Pacific Basin B $ 21.95 - -0.11 0.00
UK Index Linked I 17.75 - -0.05 0.00
US Bond B F $ 17.22 - 0.02 0.00
US Equity B $ 10.87 - -0.08 0.00
US Equity EH A F 114.61 - -0.85 0.00
World Equity II B F $ 9.46 - -0.06 0.00
RIC - OMIGSA
Acadian Emerging Markets Eq Ucits A 20.39 - -0.15 0.00
Acadian European Eq Ucits I 8.72 - -0.04 2.65
Acadian Gbl Eq Ucits A 10.04 - -0.10 0.00
Emerg Markets EQ Ucits B $ 9.74 - -0.06 0.00
Global Aggreg.Bd Fd $ 18.44 - 0.01 0.32
Global Bond B F $ 18.71 - 0.00 0.27
Global Credit Fund A F $ 12.91 - 0.01 0.46
Global Currency Fd A $ 11.97 - 0.00 0.21
US Growth Equity A F $ 16.02 - -0.09 0.05
Value Global Equity F $ 20.71 - -0.10 0.20
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 19.95 - -0.01 0.00
Pan European Eq I F 14.69 - -0.09 0.00
UK Equity Plus B F 120.53 - -0.87 0.00
US Growth I Acc F 11.09 - -0.07 0.00
US Quant B F $ 14.04 - -0.10 0.00
Fund Bid Offer D+/- Yield
World Equity B $ 16.17 - -0.10 0.00
World Equity I F 18.14 - -0.13 0.00
World Equity SH-B F 110.09 - -0.66 0.00
SVG Investment Managers Limited
Other International
SVG UK Focus Fd Cls I 17.72 17.72 -0.10 2.47
SVG UK Focus Fd Cls A 17.23 17.23 -0.10 2.02
SW Mitchell Capital LLP (CYM)
Regulated
S W Mitchell Class A Shares Euro 230.44 - 0.55 0.00
S W Mitchell Class B Shares USD $ 229.18 - 0.62 0.00
SAM (LUX)
Tel. +41 44 653 10 10 www.sam-group.com
Regulated
SAM Smart Energy Fund GBP/A 12.81 - -0.11 0.77
SAM Smart Materials Fund GBP/A 101.68 - -1.01 0.45
SAM Sust. Climate Fund GBP/A 59.30 - -0.67 0.58
SAM Sust. Global Active Fd EUR/B 116.93 - -0.88 0.00
SAM Sust. Healthy Liv Fd EUR/B 108.39 - -0.76 0.00
SAM Sust. Water Fund GBP/A 118.54 - -0.50 0.59
Schroder Property Managers (Jersey) Ltd
Other International Funds
Indirect Real Estate SIRE 102.09 106.35 0.08 3.92
Schroder Inv Mgmt (Guernsey) Ltd (GSY)
PO Box 255, St Peter Port, Guernsey 01481 745 001
FSA Recognised
Offshore Cash 1.7879000 1.7879000 0.0000200 0.00
Offshore Cash B F 1.8002100 1.8002100 0.0000200 0.00
SEB Asset Management S.A. (LUX)
www.seb.se +352 26 68 2595
Regulated
SEB Ethical Europe Fund 2.20 2.20 0.02 0.00
SEB Europe Fund 3.24 3.24 0.03 0.00
SEB European Equity Small Cap 139.00 140.39 -1.41 0.94
SEB Asset Selection Fund EUR 13.51 13.51 0.02 0.00
SEB Russia Fund 9.74 9.84 0.02 0.00
SEB Eastern Europe ex Russia 2.75 2.78 -0.01 0.00
SEB Eastern Europe Small Cap Fund 2.53 2.55 -0.01 0.00
SEB Key Hedge Fund 100.42 - -0.16 0.00
SEB Key Europe Equity L/S 93.41 - 0.10 0.00
SEB Key Select C 9.64 9.74 -0.01 0.00
SEB Key Select I 9.86 9.86 -0.01 0.00
SEB Nordic Fund 6.71 6.71 0.02 0.00
SIA (SIA Funds AG) (LUX)
Regulated
LTIF Alpha 141.02 - -0.96 0.00
LTIF Classic 246.96 - -1.95 0.00
LTIF Em.Mkt Value 80.09 - 0.07 0.00
LTIF Natural Resources 94.47 - -0.88 0.00
SIA (SIA Funds AG) (CH)
Other International Fds
LTIF Stability Growth SFr 188.80 - 0.10 0.00
LTIF Stability Inc Plus SFr 190.20 - 0.10 -
SKAGEN Funds (NOR)
PO Box 160, 4001 Stavanger, Norway
Tel (47) 51 21 38 58 www.skagenfunds.com
FSA Recognised
SKAGEN Global 110.30 - 0.20 0.00
SKAGEN Kon-Tiki 69.01 - 0.18 0.00
SKAGEN Vekst 167.36 - 0.20 0.00
SKAGEN Tellus 14.92 - 0.00 0.00
Sloane Robinson LLP (CYM)
Regulated
S.R. Global Fund Inc.
B-Asia $ 584.22 - 3.05 0.00
C-International $ 367.66 - 3.24 -
G1 Emerging Mkts $ 1052.32 - 5.10 0.00
H - Japan $ 76.35 - 0.00 0.00
SR Phoenicia Inc
Phoenicia A $ 386.71 - 2.15 -
Smith & Williamson Investment Mgmt Ltd (BMU)
Regulated
Bermuda Capital Co Ltd $ 291.03 - 0.94 0.48
Mid Ocean World Inv $ 437.64 - 1.50 0.20
Pancurri Investment Ltd (Est) $ 1063.29 - 2.88 0.00
Spinnaker Capital Group
Other International Funds
Global Emg Markets Ser K1 (Est) $ 100.26 - 4.58 0.00
Global Opportunity Ser K1 (Est) $ 93.88 - 1.90 0.00
Stenham Asset Management Inc
Other International Funds
Stenham Universal USD $ 379.79 - 1.98 0.00
Stenham Universal EUR 119.51 - 0.58 0.00
Stenham Universal GBP 130.66 - 0.68 0.00
Stenham Universal II USD $ 143.00 - 0.66 0.00
Stenham Universal II GBP 140.03 - 0.64 -
Stenham Universal II EUR 124.02 - 0.51 0.00
Stenham Growth USD $ 170.45 - 2.14 -
Stenham Trading Port. $ 4759.40 - 18.87 -
Stenham Quadrant USD A $ 372.35 - 0.95 -
Stenham Quadrant USD A $ 372.35 - 0.95 -
Stenham Asia EUR 87.98 - -0.29 -
Stenham Asia GBP 90.01 - -0.27 -
Stenham Asia USD $ 112.60 - -0.35 -
Stenham Gold USD $ 285.15 - 12.81 -
Stenham Multi Strategy EUR 99.76 - 0.47 -
Stenham Multi Strategy GBP 103.26 - 0.53 -
Stenham Multi Strategy USD $ 104.12 - 0.54 -
Stenham Global Resources EUR 102.19 - 1.22 -
Stenham Global Resources GBP 107.13 - 1.33 -
Stenham Global Resources USD $ 108.61 - 1.36 -
Stenham Managed Fund EUR 94.14 - 0.65 -
Stenham Managed Fund GBP 97.94 - 0.73 -
Stenham Managed Fund USD $ 98.30 - 0.74 -
Stratton Street Capital (CI) Limited (GSY)
Regulated
Wonda Bond & Currency Fund (USD) $ 112.15 - -5.05 0.00
Fine Wine Geared Fund 0.47 - -0.01 0.00
Japanese Synthetic Warrant 93.53 - 5.67 0.00
Japan Synthetic Warrant Fund USD Class $ 1.57 - 0.12 0.00
Asia Synthetic Warrant Fund $ 6.15 - 0.53 0.00
Renminbi Bond Fund AUD Cls A A$ 108.40 - 0.79 -
Renminbi Bond Fund AUD Cls B A$ 108.34 - 0.78 -
Renminbi Bond Fund CHF Cls A SFr 116.27 - 0.79 -
Renminbi Bond Fund CHF Cls B SFr 116.09 - 0.78 -
Renminbi Bond Fund CNH Cls A CNH 116.69 - 0.81 -
Renminbi Bond Fund CNH Cls B CNH 116.50 - 0.81 -
Renminbi Bond Fund Euro Cls B 116.36 - 0.78 -
Renminbi Bond Fund GBP Cls B 116.45 - 0.80 -
Renminbi Bond Fund SGD Cls B S$ 116.31 - 0.80 -
Renminbi Bond Fund USD Cls B $ 116.49 - 0.81 -
Renminbi Bond Fund YEN Cls B 11648.25 - 80.81 -
Renminbi Bond Fund USD Class $ 161.14 - 1.13 3.63
Renminbi Bond Fund GBP Class 155.68 - 1.09 3.66
Renminbi Bond Fund SGD Class S$ 154.54 - 1.06 3.76
Renminbi Bond Fund YEN Class 17156.00 - 119.00 0.00
Renminbi Bond Fund EUR Class 107.41 - 0.72 3.76
Poland Geared Growth 0.67 - -0.05 0.00
E. I. Sturdza Strategic Management Limited(GSY)
Regulated
Nippon Growth Fund Limited 50167.00 - -313.00 0.00
Strat Blue Star Resources Fd EUR 1115.45 - -17.86 0.00
Strat Blue Star Resources Fd USD $ 1370.10 - -20.55 0.00
Strat Evarich Japan Fd Ltd JPY 52265.00 - 881.00 0.00
Strat Evarich Japan Fd Ltd USD $ 523.18 - 8.86 0.00
Strat Fd Ltd Gbl Opps Fd USD $ 2854.86 - 0.00 0.00
Strat Fd Ltd Gbl Opps Fd EUR 2168.79 - 0.00 0.00
Strat Global Innovation fd Ltd EUR 1228.54 - -5.25 0.00
Strat Global Innovation fd Ltd USD $ 1260.95 - -4.96 0.00
E.I. Sturdza Funds PLC (IRL)
Regulated
Strategic China Panda Fund USD $ 1778.74 - -0.78 0.00
Strategic China Panda Fund Hedged EURO 1745.00 - -0.87 0.00
Strategic China Panda Fund Hedged Sterling 1685.42 - -0.84 0.00
Fund Bid Offer D+/- Yield
Strategic US Momentum and Value Fund $ 551.26 - -2.20 -
Nippon Growth (UCITS) Fund JPY Class A shares 49564.00 - 415.00 0.00
Nippon Growth (UCITS) Fund JPY Class C Dis shares 40462.00 - 339.00 0.00
Nippon Growth (UCITS) Fund JPY Class B Acc shares 41788.00 - 351.00 0.00
Strategic Euro Bond Fund Distributing Class Shares 1045.03 - 0.26 2.49
Strategic Euro Bond Fund Accumulating Class Shares 1121.74 - 0.28 0.00
Strategic Emerging Europe Fund Hedged Euro Class 1013.99 - 16.05 0.00
Strategic Emerging Europe Fund USD Class $ 1023.46 - 16.15 0.00
Strategic Europe Value Euro Class 114.59 - -0.35 0.00
TT International (CYM)
Regulated
TT European Long/Short Feeder SP Class A 102.14 - -0.81 -
TT European Long/Short Feeder SP Class B $ 101.64 - -0.84 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 -
TT Equity Macro Fund Europe Feeder SP Class B $ 85.29 - 0.31 0.00
TT Equity Macro Fund EUR Feeder SP Class C 86.35 - 0.34 0.00
TT Financials Long/Short Fd A $ 145.27 - -0.71 -
TT Financials Long/Short Fd B 144.69 - -0.69 0.00
TT Financials Long Short Fund Ltd Class F 92.21 - -0.37 0.00
TT International Fund Feeder Segregated Portfolio Class A 87.32 - -0.37 0.00
TT International Fund Feeder Segregated Portfolio Class B $ 89.74 - -0.42 0.00
TT Mid-Cap Eurp Long/Short Fd Ltd A 286.76 - 2.30 0.00
TT Mid-Cap Eurp Long/Short Fd Ltd B $ 230.94 - 2.07 0.00
TT Mid -Cap Europe Long / Short Fund Ltd Class C 109.34 - 0.91 0.00
Tarchon Capital Management (CYM)
Regulated
Tarchon Multistrategy (A2) 129.95 - -0.80 0.00
Tarchon MS (2x) (A4X) 124.01 - 0.12 0.00
Tarchon MS (2x) (A4W) 105.84 - 0.16 0.00
Tarchon Asia 94.38 - -2.04 0.00
Tarchon Equity EUR 145.56 - -0.55 0.00
The Hartford International Funds (IRL)
Regulated
Gbl Govt Bond (Ex Japan) Index (GBP) 1520.47 - -0.64 0.00
UK Corporate Bond 1347.15 - 0.35 0.00
Gilt 1457.17 - -1.27 0.00
Global Eq (Ex Japan) Index Fund 0.95 - -0.01 0.00
Global Eq (ex Japan) Class HJ4 0.99 - -0.01 0.00
Global Eq (ex Japan) Class JP5 0.74 - 0.00 0.00
Global Eq Ex Japan Index Fund (Hedge) 0.68 - 0.00 0.00
Gbl Govt Bond (Ex Japan) Index 0.86 - 0.00 0.00
Gbl Govt Bond (ex Japan) Class JP4 0.84 - 0.00 0.00
Japan Equity Index Fund 0.47 - 0.00 0.00
Japan Equity Class JP3 0.57 - 0.00 0.00
The National Investor (TNI)
www.tni.ae
Other International Funds
UAE Blue Chip Fund AED 5.08 - 0.05 0.00
TNI Funds Ltd (BMU)
MENA Special Sits Fund $ 1036.44 - 0.00 0.00
TNI Funds Plc (Ireland)
MENA UCITS Fund $ 1040.93 - 10.36 0.00
The Nile Growth Company (LUX)
Regulated
Nile Growth Fd A dis $ 29.22 - -0.70 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 10.14 - 0.00 0.00
BSI Bond Opportuinty Fund USD Acc $ 10.12 - -0.01 0.00
BSI Bond Opportunity Fund CHF AccSFr 9.86 - 0.00 0.00
Credit Select A EUR Dis 10.13 - -0.01 1.18
Credit Select A EUR Acc 10.82 - 0.00 0.00
European Absolute Return Fund Class A Old Euro Acc 19.97 - -0.09 0.00
European Absolute Return Cls A New Euro Acc 10.88 - -0.05 0.00
High Income USD Dis $ 9.15 - 0.00 8.30
High Income Cls A New USD Dis $ 6.95 - 0.00 8.35
High Income Cls A New USD Acc $ 10.57 - 0.00 0.00
Global Bd () GBP Dis 13.43 - 0.01 0.00
Global Bd () GBP Acc 15.60 - 0.02 0.00
Global Bd () Acc 14.37 - 0.02 0.00
Global Bd () Dis 12.64 - 0.01 0.00
Global Bd ($) Acc $ 11.92 - 0.01 0.00
Global Bd ($) Dis $ 10.45 - 0.01 0.00
Global Credit A EUR Dis 9.73 - 0.00 1.37
Global Credit A EUR Acc 10.59 - -0.01 0.00
Real Estate Securities Cls A GBP Acc 11.63 - -0.03 0.00
Real Estate Securities Cls A GBP Dist 11.25 - -0.02 1.72
Water & Agriculture Abs Rtn USD Acc $ 12.13 - -0.03 0.00
Water & Agriculture Abs Rtn USD Dis $ 10.72 - -0.02 0.00
Emerging Asia B USD Acc $ 8.46 - 0.00 0.00
Emerging Asia B USD Dis $ 8.44 - -0.01 0.00
Global Emerging Markets USD Acc $ 13.84 - -0.06 0.00
Global Emerging Markets USD Dist $ 44.11 - -0.18 0.22
Global High Yield A Euro Acc 10.53 - 0.00 0.00
Global High Yield A Euro Dis 10.27 - 0.00 0.48
Global Emerging Mkt Abs Rtn A USD Acc $ 8.87 - 0.01 0.00
Global Emerging Mkt Abs Rtn B USD Acc $ 8.96 - 0.01 0.00
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 $ 1219.13 - -56.05 0.00
Warrior Cls A (Final) $ 2446.51 - 75.55 -
Warrior Cls F (Final) $ 1018.50 - 31.46 -
Warrior II Class A (Final) $ 1215.29 - 36.44 0.00
Warrior II Class F (Final) $ 954.96 - 28.68 -
Sentinel Cls A (Final) $ 1730.75 - -5.43 0.00
Longstone Cls A 1296.74 - -3.13 0.00
Property Growth & Inc Cls A GBP Inc 10.92 - -0.01 4.73
Property Growth & Inc Cls A GBP Acc 14.48 - 0.00 0.00
Africa Focus Class A USD (Final) $ 1064.39 - 23.51 0.00
Isis Cls A $ 8013.40 - 228.80 0.00
Tilney Asset Management Intl Ltd (GSY)
Other International Funds
The Glanmore Property Fund
NAV (Susp) 2.24 - -0.09 12.08
B Share NAV (Susp) 2.24 - -0.09 12.08
The Glanmore Property Dollar Fund
NAV (Susp) $ 1.08 - -0.05 0.00
B Share NAV (Susp) $ 1.00 - -0.06 0.00
The Glanmore Property Euro Fund Limited
NAV (Susp) 0.97 - -0.04 0.00
B Share NAV (Susp) 0.64 - -0.08 0.00
Tilney Asset Management Intl Ltd
Other International Funds
The Glanmore Property Accumulation Fund Limited
NAV 0.42 - -0.01 0.00
B Share NAV 1.03 - -0.03 0.00
Toscafund (CYM)
Regulated
Tosca $ 194.86 - 4.76 0.00
Tosca Mid Cap GBP 135.64 - 15.68 0.00
Tosca Opportunity B USD $ 168.14 - -14.42 0.00
TreeTop Asset Management S.A. (LUX)
Regulated
TreeTop Convertible Sicav
International A 215.00 - -0.54 0.00
International B $ 277.53 - -0.70 0.00
International C 95.29 - -0.24 3.13
Pacific A 250.21 - -0.21 0.00
Pacific B $ 316.06 - -0.23 0.00
TreeTop Global Sicav
Global Opp.A 103.37 - -0.34 0.00
Global Opp.B $ 108.31 - -0.40 0.00
Global Opp.C 132.76 - -0.66 0.00
Sequoia Equity A 92.67 - -0.33 0.00
Sequoia Equity B $ 98.45 - -0.43 0.00
Sequoia Equity C 111.76 - -0.64 0.00
Sequoia Pacific Equity A 58.77 - -0.03 0.00
Sequoia Pacific Equity B $ 64.53 - -0.19 0.00
Sequoia Pacific Equity C 79.25 - -0.34 0.00
Fund Bid Offer D+/- Yield
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 $ 553.47 - 1.79 0.00
UBS (CH) Equity Fund - Energy (USD) P $ 305.42 - -2.98 0.14
UBS Global Emerging Market Value Focus P USD $ 108.47 - -1.42 0.00
UBS (Lux) Bond Fund - Convert Europe P-acc 130.75 - -0.27 0.00
UBS (Lux) Bond Fund - Euro High Yield P-acc 147.75 - 1.36 0.00
UBS (Lux) Bond Fund - Full Cycle Asian Bond (USD) P-acc $ 121.02 - 0.05 0.00
UBS (Lux) Bond SICAV - Asian Local Currency Bond (USD) P-acc $ 102.58 - -0.14 0.00
UBS (Lux) Bond SICAV - Convert Global (EUR) P-acc 10.53 - -0.02 0.00
UBS (Lux) Bond SICAV - Short Duration High Yield (USD) P-acc $ 107.12 - -0.02 0.00
UBS (Lux) Bond SICAV - USD High Yield P-acc $ 225.11 - -0.19 0.00
UBS (Lux) Emerging Economies Fund - Global Bonds (USD) P-acc $ 1856.32 - 24.90 0.00
UBS (Lux) Emerging Economies Fund - Global Short Term (USD) P-acc $ 2988.80 - 24.03 0.00
UBS (Lux) Equity Fund - Asian Consumption (USD) P-acc $ 102.92 - -0.48 0.00
UBS (Lux) Equity Fund - Greater China (USD) P-acc $ 179.10 - 0.57 0.00
UBS (Lux) Equity Fund - Health Care (USD) P-acc $ 136.02 - -0.90 0.00
UBS (Lux) Equity SICAV - Russia (USD) P-acc $ 109.24 - -0.79 0.00
UBS (Lux) Equity SICAV - USA Growth (USD) P-acc $ 17.18 - -0.11 0.00
UBS (Lux) Key Selection SICAV - Global Allocation Focus Europe (EUR) P-acc 9.58 - -0.02 0.00
UBS (Lux) SICAV 1 - All Rounder (USD) P-acc $ 140.45 - -0.33 0.00
Pls contact your adviser for funds in other currencies or for add.
UOB Global Strategies Funds Plc (IRL)
Regulated
UOB Asian Equity $ 202.43 - -1.07 0.00
UOB Greater China $ 214.80 - 0.08 0.00
UOB Paradigm Fund Class A (Eur) 146.38 - -0.61 0.00
UOB Paradigm Fund Class B (USD) $ 184.39 - -0.76 0.00
UOB Paradigm Fund Class C $ 118.83 - -0.49 0.00
UOB Paradigm Fund Class D $ 116.14 - -0.48 0.00
UOB US Equity Fund $ 157.09 - -0.50 0.00
UOB Global Opportunities Fund $ 106.51 - 0.23 0.00
UOB Strategic Allocation Fund USD $ 102.76 - -0.50 0.00
Unicapital Investments (LUX)
Regulated
Investments II 71.93 - -19.64 0.00
Investments III 149.07 - -29.12 0.00
Investments IV - European Private Eq. 440.65 462.68 -30.22 -
Investments IV - Global Private Eq. 675.99 709.79 -40.17 -
Value Partners Hong Kong Limited (IRL)
www.valuepartners.com.hk / vpl@vp.com.hk
Regulated
VP Absolute Greater China Classic Fund $ 10.21 - 0.00 -
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 $ 239.66 - 0.12 1.19
Veritas Asian Fund A GBP H 279.74 - -0.44 1.21
Veritas Asian Fund A EUR H 215.99 - -0.73 1.23
Veritas China Fund A USD $ 100.17 - 0.41 0.68
Veritas China Fund A GBP 101.72 - 0.41 0.00
Veritas China Fund A EUR 99.73 - 0.40 0.48
Veritas Global Equity Income Fund D USD $ 127.09 - 0.35 -
Veritas Global Equity Income Fund D EUR 190.60 - -0.21 -
Veritas Global Equity Income Fund D GBP 154.21 - 0.11 -
Veritas Global Focus Fund D USD $ 20.12 - 0.04 -
Veritas Global Focus Fund D EUR 15.67 - -0.03 -
Veritas Global Focus Fund D GBP 21.27 - 0.00 -
Veritas Global Focus Fund A GBP 20.56 - -0.01 1.46
Veritas Global Focus Fund A EUR 9.14 - -0.02 1.52
Veritas Global Focus Fund A USD $ 19.40 - 0.04 1.47
Veritas Global Focus Fund C GBP 21.33 - 0.00 0.00
Veritas Global Focus Fund C EUR 15.78 - -0.04 0.00
Veritas Global Focus Fund C USD $ 20.20 - 0.04 0.00
Veritas Global Equity Income Fund A GBP 148.98 - 0.10 4.49
Veritas Global Equity Income Fund A EUR 186.87 - -0.21 4.42
Veritas Global Equity Income Fund A USD $ 123.20 - 0.34 4.47
Veritas Global Equity Income Fund C GBP 156.02 - 0.10 -
Veritas Global Equity Income Fund C EUR 195.80 - -0.22 -
Veritas Global Equity Income Fund C USD $ 128.51 - 0.35 -
Veritas Global Real Return Fund A USD $ 17.51 - -0.06 0.96
Veritas Global Real Return Fund A GBP 9.55 - -0.03 0.83
Veritas Global Real Return Fund A EUR 10.28 - -0.04 0.00
Retail
Veritas Asian Fund B USD $ 169.36 - 0.08 0.73
Veritas Asian Fund B GBP 205.86 - -0.32 0.37
Veritas Asian Fund B EUR 158.37 - -0.54 0.70
Veritas China Fund B USD $ 105.94 - 0.43 0.00
Veritas China Fund B GBP 98.80 - 0.40 0.15
Veritas China Fund B EUR 100.52 - 0.39 0.00
Veritas Global Focus Fund B USD $ 14.06 - 0.02 0.89
Veritas Global Focus Fund B GBP 15.75 - 0.00 0.91
Veritas Global Focus Fund B EUR 10.92 - -0.02 1.83
Veritas Global Equity Income Fund B GBP 139.32 - 0.09 4.50
Veritas Global Equity Income Fund B EUR 174.27 - -0.20 4.43
Veritas Global Equity Income Fund B USD $ 124.24 - 0.34 4.48
Veritas Global Real Return Fund B USD $ 17.00 - -0.05 0.59
Veritas Global Real Return Fund B GBP 9.46 - -0.03 0.47
Veritas Global Real Return Fund B EUR 11.15 - -0.04 0.42
Veritas Asset Management (UK) Limited
www.veritas-asset.com
Other International Funds
Real Return Asian Fund USD 229.63 - 2.69 0.00
Real Return Asian Fund GBP 243.06 - 2.89 0.00
Real Return Asian Fund EUR $ 238.93 - 2.85 0.00
Victory Capital Ltd
Other International Funds
Victory Capital Ltd A GBP (Est) 144.50 - -0.10 -
Waverton Investment Funds Plc (1600)F (IRL)
waverton.investments@citi.com
FSA Recognised
Asia Pacific B USD $ 16.97 - 0.03 1.44
European Fund B Eur H 8.07 - 0.02 0.96
Global Bond Fund Cls A $ 9.82 - 0.00 4.83
Global Equity Fund B GBP H 5.30 - -0.04 0.00
JOHIM Equity Fund GBP 10.92 - -0.07 0.00
JOHIM Sterling Bond Fund A GBP 10.21 - 0.00 5.07
UK Abs. Fund GBP 9.95 - 0.00 0.00
UK Fund B GBP H 10.25 - 0.04 2.31
WA Fixed Income Fund Plc (IRL)
Regulated
European Multi-Sector 111.36 - 0.07 0.00
Williams de Bro Assetmaster Fund Plc (IRL)
Comore Plaza, Colmore Circus, Birmingham, B4 6AT 0044 121 2320726
FSA Recognised
Assetmaster Growth Fund 1.61 - -0.02 0.00
Assetmaster Cautious Fund 1.36 - -0.01 0.00
Assetmaster Balanced Fund 1.34 - -0.01 0.00
Assetmaster Intl Growth Fund 1.57 - -0.02 0.00
Multi Strategy Fund H 1.79 - 0.02 0.00
Chameleon Capital H 1.12 - -0.01 0.00
Winton Capital Management
Other International Funds
Winton Futures USD Cls B $ 822.53 - 0.04 0.00
Winton Futures EUR Cls C 231.79 - 0.40 0.00
Winton Futures GBP Cls D 251.13 - 0.10 0.00
Winton Futures GBP Cls F 96.82 - 0.01 -
Winton Evolution USD Cls F (Est) $ 1347.02 - -29.17 0.00
Winton Evolution EUR Cls H 1063.00 - -22.25 0.00
Winton Evolution GBP Cls G (Est) 1069.51 - -21.83 0.00
Winton Futures JPY Cls E 16102.23 - 4.93 0.00
World Trust Fund (LUX)
Regulated
Shares NAV 2.13 - 0.00 0.00
Xanthos Asset Management Ltd
Other International Funds
Xanthos Capital USD $ 938.16 - -0.76 0.00
Xanthos Equities USD $ 968.01 - 18.58 0.00
Xanthos Investment Partners USD $ 2733.49 - -3.96 0.00
Yuki International Limited (IRL)
Tel +44-207-269-0203 www.yukifunds.com
Regulated
Yuki Mizuho Umbrella Fund
Yuki Mizuho General Japan III 3177.00 - -38.00 0.00
Yuki Mizuho Japan Dynamic Growth 3148.00 - -38.00 0.00
Yuki Mizuho Japan General 6455.00 - -54.00 0.00
Fund Bid Offer D+/- Yield
Yuki Mizuho Japan Excellent 100 5115.00 - -63.00 0.00
Yuki Mizuho Japan Growth 4573.00 - -61.00 0.00
Yuki Mizuho Japan Income 6118.00 - -26.00 0.00
Yuki Mizuho Japan Large Cap 3656.00 - -24.00 0.00
Yuki Mizuho Japan Low Price 8926.00 - -48.00 0.00
Yuki Mizuho Japan Pure Gwth 5429.00 - -65.00 0.00
Yuki Mizuho Japan Small Cap 6337.00 - -76.00 0.00
Yuki Mizuho Japan Value Select 4310.00 - -75.00 0.00
YMR Umbrella Fund
YMR N Growth 7287.00 - -67.00 0.00
Yuki Chugoku Umbrella Fund
Yuki Chugoku Japan General 5665.00 - -2.00 0.00
Yuki Chugoku Japan Low Price 5304.00 - -24.00 0.00
Yuki 77 Umbrella Fund
Yuki 77 General 4372.00 - -53.00 0.00
Yuki Hokuyo Umbrella Fund
Yuki Hokuyo Japan General 3421.00 - -40.00 0.00
Yuki Hokuyo Japan Income 4155.00 - -25.00 0.00
Yuki Hokuyo Japan Small Cap Fund 4720.00 - -51.00 0.00
Yuki Asia Umbrella Fund
Yuki Japan Rebounding Growth Fund 7672.00 - -90.00 0.00
Zadig Gestion (Memnon Fund) (LUX)
FSA Recognised
Memnon European Fund I GBP 96.41 - -0.82 0.00
Zebedee Capital Partners LLP (CYM)
Regulated
Zebedee Focus Fund Limited Class A EURO Shares 170.74 - 5.65 0.00
Zebedee Focus Fund Limited Class B USD Shares $ 198.49 - 7.01 0.00
Zebedee Focus Fund Limited Class A USD $ 171.20 - 5.79 0.00
Data Provided by Morningstar
www.morningstar.co.uk
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OCTOBER 12 2012 Section:Stats Time: 11/10/2012 - 19:11 User: sheehanr Page Name: UT6 EUR, Part,Page,Edition: EUR, 23, 1
24

FINANCIAL TIMES FRIDAY OCTOBER 12 2012
American and British Stocks
52 week Vol
Stock Price Chng High Low Yld P/e 000s
UK
(Oct 11/Pence)
3i 217 +3.7 254.82 166.10 3.7 - 2646
AberAsM 326.90 +5.9327.60 174.30 2.9 20.1 5585
ABG 475 -.2 575 301.40 2.5 14.3 619
Admiral 1.09kxd +12 1.24k 755.74 7.5 12.7 693
Aegis 235.50 -.1 238.40 121 1.4 25.5 5957
Aggreko 2.24k +26 2.42k 1.62k 1 21.2 443
Alliance 373.30 +3.3 574.83 320.40 2.3 39.3 479
AMEC 1.12k +3 1.19k 820.38 2.9 15.5 1328
Amlin 390.50 -3.5 408.30 269 6 11.3 2364
AngloAmer@ 1.86k +30 2.96k 1.72k 2.9 8.9 5766
Antofagsta@ 1.31k +23 1.4k 972 2.1 14.1 3597
ARM 579 +.5 647.50 463.60 0.6 53.2 5132
AscBrFd 1.33k +14 1.34k 1.06k 1.9 19.2 1220
Ashmore 359.70 +3.5 406 300.30 4.2 13.4 1781
AstraZen @ 2.87k +10 3.12k 2.58k 6.9 7.9 1700
Aviva 327.10xd +4.7 385.10 251.10 7.9 - 10789
Babcock 963 +10 972.50 654 2.4 22.8 864
BAE SYS 328.50 +7.6 367.50 248.95 5.8 8 14489
BalfourB 298.80xd -.8 316.80 214.89 4.7 11.9 1919
Barclays @ 232.65 +10.65 288 147.90 2.6 7.3 84412
Berkeley 1.43k +31 1.55k 1.15k - 14.7 420
BG @ 1.33k +31 1.55k 1.18k 1.2 12.2 10225
BHP Bltn 1.95k +30 2.24k 1.62k 4 11.7 6857
BlckRckWld 591 +2 750.44 524 1.2 27.8 64
Booker Grp 94.15 +.2 98.25 69.40 2.4 19.8 2742
BP @ 438.75 +2.7 554 359.90 4.9 0 37709
BrAmTob @ 3.21k +17 3.51k 2.73k 4.1 18.5 3687
BritLand 524xd +13.5 554.50 443.40 4.4 17.3 6119
BSkyB @ 751 +1.5 775.85 628.76 3.4 14.3 2190
BT @ 220.90 +1.5 242.30 174.40 3.8 8.2 26206
Bumi 259 +73.3 941 119.54 - - 4990
Bunzl 1.1k -1 1.17k 765 2.5 17.9 1213
Burberry 1.14k +133 1.61k 998 2.2 18.4 12631
bwin.party 116.40 - 177 91.05 2.8 10 1901
CairnEng 290.20 +9.6 364.90 245.20 - - 4465
Cap&Count 223 +1.5 223.63 165.10 0.7 9.6 542
Capita 740xd +13 788 600 3 17.6 4055
CapShopCn 332.80 +1.5 354.80 283.20 4.1 - 869
Carillion 290.10xd +3.5 366.50 232.17 5.9 8.6 1772
Carnival 2.37k +19 2.4k 1.6k 2.9 18.5 982
CatlinGrp 484.30 +3.1 490.50 365 5.3 4.8 737
Centrica @ 334.60xd +2.7 341.80 248.40 4.7 15.3 9644
Cobham 222.40xd -.1 242.70 163.60 3.9 14.5 2211
Compass @ 687 +6.5 728 525.50 2.9 17.4 3659
Cookson 539.50xd +2.5 755 398 4.1 8.9 1682
CRH 1.14kxd +20 1.41k 11.87 4.4 17.1 2619
Croda 2.32k +101 2.5k 1.62k 2.5 18.4 1552
Daily Mail 480 -1 510.50 361.40 3.6 9.8 527
Diageo @ 1.77kxd +9 1.81k 1.23k 2.5 23.8 2490
Drax Group 525.50xd +3 589 390 5 4.3 1365
DrwntLdn 1.97kxd +23 2.04k 1.48k 1.4 77.8 244
easyJet 606 - 629.50 337.93 7.6 11.5 1552
ENRC 331.80 +11 759 293.60 3.7 5.3 3516
EssarEngy 128.40 +6.2 329.60 98.13 - - 1779
EVRAZ 247.60 +5.4 465.40 206.80 3.1 30.1 1159
Experian 1.06k +3 1.08k 724.50 1.9 25.7 1489
Ferrexpo 198 +4.9 370 138.70 2.1 4.4 2153
FirstGrp 187.70 +.5 350 184.40 12.6 4.1 3795
For & Col 316.90 +2.9 320.20 269.10 1.9 44.8 327
Fresnillo @ 1.95k +28 2k 1.26k 3.5 28.8 738
G4S 265.90xd +1.4 293.40 214.20 3.2 28.2 2929
GKN 217 +2.9 242.10 164.80 2.9 10 16689
GlaxoSmh @ 1.43k -8.5 1.56k 1.32k 5 14 8724
Glencore @ 338 +4.1 484 289.35 2.8 11.1 11652
Halma 419 -3.1 456.30 309.10 2.3 19 828
Hammersn 470.60 +2.6 475.80 339.20 3 27.2 1839
Hargr Lans 688 +9691.50 404.72 3.3 28.7 1135
HikmaPhm 724.50 +4 785 580.36 1.3 24.6 205
Hiscox 476.10 -2.7 497 357 3.8 9.5 423
Hochschild 509.50 +4 543.76 364.74 0.8 27.8 201
HSBC @ 597.20 +7.6 603.70 456.35 4.8 14.8 30623
Hunting 822 +5 977 552.50 1.9 20.9 498
IAG 162.40 +2.5 219.34 130.97 - - 4061
ICAP 324.50 +1.5 442.40 299.70 6.8 9 3936
IG Group 449.50xd +1.9 505 407.20 5 11.9 886
ImgnTech 450.50 -5 734 392 - 59.1 1905
IMI 925.50xd +5.5 1.03k 681.50 3.3 13.9 1534
ImpTob @ 2.28k +12 2.63k 2.14k 4.3 13.3 2791
Inchcape 358.90 +5.6 426.60 276.20 3.2 10.3 2367
Informa 411.80 +13.9 453.40 325.40 4.3 38.8 4085
Inmarsat 569xd +3 613.14 361.68 5.1 11.2 823
InterC Htls 1.64kxa +3 1.76k 982.14 9.1 13.8 1313
Intertek 2.74k +45 2.94k 1.8k 1.3 26 558
Invensys 230.70 +.6 279.80 166.80 1.9 15.3 2314
Investec 368.30 +1.3 419.10 308.90 4.6 11.7 1375
ITV 90.90 +.95 92.75 57.45 2.2 13 18344
JardineL 758 +1 798.50 628.43 3.2 18.1 110
JohnsoM 2.28k +9 2.58k 1.66k 6.9 14.7 1093
Kazakhmys 746 +23 1.22k 569 2.1 7.4 2474
Kenmr 36.51 -2.04 62.55 30.11 - 18 9251
Kingfshr 269.80xd +2.6 317 235.68 3.5 10.6 7098
Ladbrokes 178.10xd +1.4 187.40 117.50 4.6 8.9 3284
LandSecs 788.50xd +12 818.50 608 3 17.3 2584
Leg&Gen 133.10 +1.7 138.72 94.65 5 10.1 16621
LlydsBkg @ 39.25 +.77 40.93 21.64 - - 348866
Lonmin 496.40 -2.3 1.17k 487.60 2.1 9.3 2645
LSE 942.50 -4 1.11k 751 3 11.5 1252
Man 88.85 -4.55 172.33 61.10 12.9 19.8 21550
Marks&Sp 377.90 +3.5 389.80 300.51 4.5 10.3 7315
Meggitt 412.50 +4.6 416.60 335.10 2.6 16.3 1476
Melrose 235.90xa +1.1 261.50 164.59 3.1 24.4 2662
Mlnm&Cth 498.80 +7.8 515.50 365.65 3.3 8.6 123
Mondi 655 +4.5 660.50 407.20 3.6 13.4 2115
Morrison 269.50xd -4.5 339.70 260.50 4.1 9.6 25228
Natl Grid @ 689 -1.5 706.13 590 5.7 12.2 8400
NewWldRes 273.10 -1.9 607 256.50 3.8 - 57
Next 3.58k -17 3.66k 2.48k 2.6 12.9 658
Old Mutl 170.90 +2.1 181.69 104.25 3.4 18 12358
Pearson 1.25k +7 1.3k 1.06k 3.4 19.6 1761
Pennon 718 +3 797 665.50 3.7 15.2 1166
Persimn 753 +18.5 798 442.58 1.3 15.9 1588
Petrofac 1.63kxd +44 1.78k 1.23k 2.2 15.9 2073
Petropvlsk 437.20xd +7.4 826.66 286.60 2.7 6.9 1667
PolymtIntl 1.15k +22 1.2k 747.50 - 24.4 356
PremOil 374.70 +20.5 452.70 272 - 7.6 4076
Providnt 1.38k -3 1.43k 908.50 5.1 14.4 182
Prudential @ 844.50 +16.5 856 549 3 14 5000
PZ Cusns 312.50 +3.9 377.60 282.49 2.1 23.9 190
RBS @ 273.80 +11.1 299.74 172.79 - - 21887
ReckittB @ 3.61k +41 3.69k 3.1k 3.5 15.4 2493
Reed Els @ 604 +4.5 621.17 466.10 3.6 22 8504
Rentokil 85.95xd +.35 90.65 57.55 2.3 16.6 3178
Resolution 215 +3 294.80 189.80 9.5 14.1 2229
REXAM 449.80 +3.8 457 318.20 3.3 14.6 3090
Rightmove 1.62kxd +13 1.71k 1.17k 1.2 30.8 92
RioTinto @ 3.07k +70.5 4.03k 2.65k 3.4 6.9 8128
RIT Cap 1.14k +8 1.38k 1.08k 2.5 - 173
RndgldRs 7.68k +75 7.89k 4.48k 0.3 28.9 468
RollsRyc @ 884.50 +13.5 897.50 593.44 1.8 13.6 5276
Rotork 2.36k +23 2.41k 1.51k 1.7 23.7 214
RSA Ins 113.60xd +.7 121.73 97 8.1 13.1 21234
RylDShlA @ 2.16k +7 2.81k 1.95k 4.6 9.5 1637
RylDShlB 2.21k +3.5 2.93k 2.02k 4.8 9.6 1530
SABMiller @ 2.66k -8 2.89k 2.08k 2.4 22.3 3253
Sage 304.30 +1.2 326.30 245.30 3.5 15.4 3750
Sainsbry 358.80 +2.8 359.66 278.60 4.5 12.9 5529
SchrdrsNV 1.21k +3 1.32k 950 3.2 11.4 92
Schroders 1.55k +19 1.66k 1.16k 2.5 14.6 276
ScottMort 713 -2 727 560.06 1.8 54.7 122
SEGRO 231.20 +3.1 260.20 193.90 5.8 9 1421
Serco 583xd -.5 606 454.70 1.5 17.7 871
SevernTr 1.67k -3 1.84k 1.4k 8 19.2 1305
Shaftbry 534 +3 568 450.10 1.8 - 274
Shire 1.82k +15 2.32k 1.71k 0.5 18 2772
SmithNph 651.50xd -3.5 726.50 515 2.2 19.6 3329
Smiths 1.07k +10 1.12k 851.50 3.5 17.6 1212
Spectris 1.66k -17 1.93k 1.12k 2.3 14.9 595
Spirax-S 2.01kxd -23 2.36k 1.7k 2.4 17.9 271
SportsDirect 389.20 +2.7 398.50 187.93 - 21 195
SSE @ 1.43k +1 1.45k 1.2k 5.6 20.5 1899
St Jms Pl 380.10 +5.3 388.40 292.30 2.4 17.8 95
Stagech 283.40 - 300 227.90 2.8 10.1 758
StandardLf 284xd +4.8 286.30 181.82 5 19 4626
StandCh @ 1.4k +15.5 1.66k 1.09k 3.9 10.7 9326
TalkTalk 185 +.2 197.20 116.30 4.9 13 427
Tate&Lyl 697 +8.5 729.53 619.50 3.6 13.1 3598
Taylor Wmpy 58 +1.35 58.69 34.36 1 10.3 23691
TelecityG 933 +5 961.50 559 0.3 36.1 232
TemptnEm 564 +4 635.50 502.50 1 71.5 323
Tesco @ 313xd +1.8 413.05 294.50 4.7 10.5 29572
TravisPkn 1.14kxd +38 1.14k 742.50 1.9 11.2 1668
TUI Travel 247.30 +3.8 249.30 134.30 4.6 12.8 1843
Tullow @ 1.43k +12 1.61k 1.23k 0.8 29.1 2239
UBM 732 +2 737 444.89 3.6 22.2 1108
Unilever 2.3k +3 2.9k 1.97k 3.3 19.9 3103
UtdUtils 727 -2 816 583.50 4.4 15.5 5131
Vedanta 1.09k +34 1.56k 820.52 3.5 26.9 954
Vodafone @ 178.35 +.3 191.94 164.12 5.1 12.3 48529
Weir 1.76kxd +24 2.24k 1.35k 1.9 12.3 1884
Whitbrd 2.36k +23 2.41k 1.47k 2.2 15.7 538
WillimH 334.60 +1.6 337 133.50 3 13.1 3452
Wolseley 2.69kxd +44 2.85k 1.62k 2.2 16.8 1826
Wood (J) 849.50 +12 872.50 534 1.2 30.3 1497
WPP 867.50xd +9.5 884.50 585.90 3 12.4 2819
Xstrata @ 956.50 +10 1.29k 648 2.7 9 5574
NYSE
(Oct 11 / 1:00 pm/US$)
3M @ 93.24 -.04 95.46 75.19 2.5 15.2 246
AbbottLb @ 69.91xd -.46 71.90 51.53 2.9 22.6 369
Accenture @ 69.50xd -.05 71.58 51.08 2.1 18.4 256
ACE @ 77.87 +.33 78.55 61.30 2.1 13.2 69
AdvMicroD 3.20 +.05 8.34 3.09 - - 848
AEP @ 44.41 +.33 44.84 36.98 4.2 13.3 219
AES Corp 10.79 +.15 14.01 10.14 0.4 18.7 189
Aetna 42.82xd +.93 51.14 34.61 1.6 8.4 267
AFLAC @ 48.52 +.91 50.33 37.65 2.7 8.9 182
AgilentTec 38xd +.59 46.28 31.89 0.8 13.2 255
AGL Res 40.85 +.03 57.72 36.59 4.5 23.5 18
Airgas 80.88 -.08 92.99 66.41 1.8 19.2 15
AirProd 82.35xd +.33 92.78 76.15 3 14.9 28
Alcoa 8.84 +.13 11.65 7.97 1.4 - 1096
Allergan @ 92.93 +1.24 97.09 78.44 0.2 27.3 264
Allstate @ 41.19 +.62 41.55 24.10 2.1 10 209
Altria @ 32.91 -.43 36.29 26.80 5.1 15.2 1788
Amer Intl @ 35.98 +.49 36.13 20 34.5 3.2 1149
Ameren Cp 32.85 +.14 34.84 29.44 4.9 68.9 105
AmerExpr @ 58.41xd +.44 61.42 44.50 1.3 13.7 279
Amerip Fin 56.92 +.14 60.47 40.03 2.1 13.3 145
Amertitrad 15.91 +.19 20.59 14.87 1.5 14.6 223
AmerTwrA @ 71.87xd -.68 75.57 52.71 1.4 62.8 364
AmsrceBrgn 39.68 +.29 42.32 35.48 1.3 15.9 150
Anadarko @ 69.21 +.92 88.68 56.42 0.5 - 307
AOL 35.74 +.25 37.21 12.67 14.4 3.4 132
Aon Cp 53.28 +.38 54.28 43.37 1.2 18.7 114
Apache @ 86.62 +1.15 112.08 77.95 0.8 10.4 270
ArcherDan @ 28.10 +.01 33.98 25.03 2.5 15.3 327
AT&T @ 36.46xd -.46 38.58 27.41 4.8 48.5 1812
AutoZone 375.70 -1.65 399.10 313.26 - 16 18
AvalnbyCom134.83xd +.11 151.11 116.27 2.8 59.5 25
AvonProds 17.48 +.33 23.94 14.45 5.3 30.5 244
BakerHu @ 45.07 +.91 61.49 37.09 1.3 10.8 198
Ball 41.68 +.13 43.77 32.81 0.9 15.5 68
BankAm @ 9.37 +.16 10.09 4.92 0.4 10.1 6746
Bard (C R) 102.37 +.16 108.30 81.90 0.8 17.4 18
Baxter @ 61.25 +.4 61.97 47.56 2.4 15.1 186
BB &T @ 33.29xd +.11 34.37 21.04 2.3 13.9 261
Beam 56.86 -.45 64 46.30 1.4 49.4 45
BectonDick 77.34 +.94 80.56 70.06 2.3 14.7 93
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
BerkHatA @ 133.44k +446.5 136k 109.3k - 18.9
BerkHB 89 +.27 90.75 72.56 - 18.9 319
Best Buy 17.97 +.17 28.52 16.25 3.6 - 258
BkNYMeln @ 23.45 +.29 24.72 17.68 2.2 12.7 415
BlackRock @ 186.88 -.48 207.30 146.67 3.1 14.9 40
Blackstone 14.66 +.37 17.25 11.13 3.5 - 149
Block 16.78 +.11 18.04 14.02 4.8 13.9 242
Boeing @ 71.33 +.99 77.83 61.33 2.4 12.4 292
BorgWrnr 67.34 +.53 87.40 60.18 0.5 15.2 133
BostonPrp 110.34xd +.84 117 87.25 2 53.9 31
BostonSci 5.72 +.15 6.41 4.79 - - 557
BrisMySq @ 33.11xd -.15 36.34 30.10 4.1 15.9 517
Brwn-FmnB 65.28 +.18 67.53 47.91 1.4 25.9 34
Cameron 54.26 +.69 59.99 38.38 - 23.4 207
Campbell 34.89xd -.11 36.28 31.22 3.3 14.5 159
CapOne @ 58.88 +.65 59.99 39.15 0.3 9.9 120
CardinalH 40.96xd +.16 46.23 36.93 2.2 13.4 155
Carefsn 28.22 +.32 28.98 22.55 - 17.1 63
Carmax 31.43 +.09 35.17 24.84 - 17.8 97
Carnival @ 37.07 +.44 38.90 29.15 2.7 20.3 275
Caterpillar @ 83.49 +.33 116.95 77.21 2.3 9.3 885
CBRE Gp 18.89 +.44 21.15 13.84 - 25.5 198
CBS @ 34.04 -.57 38.32 22.06 1.2 15.3 565
Centrpnt 21.33 +.04 21.70 18.08 3.8 11.8 141
CenturyLk @ 39.23 -.35 43.43 33.17 7.4 46.5 439
CharlesSch 13.20 +.23 15.53 10.68 1.8 19.8 546
ChesapEgy 20.07xd +.63 29.87 13.32 1.7 6.6 1080
Chevron @ 113.40 +.95 118.50 92.29 3 8.4 819
ChipMexG 285.75 -.87 442.34 277.38 - 34.7 71
Chubb @ 77.86 +.27 78.54 60.67 2.1 13.1 56
Cigna 50 +1.23 50 39.34 0.1 11.4 208
Citigroup @ 35.74 +.6 38.39 23.30 0.1 10.3 4125
ClisNat 41.40 +.87 78.85 32.25 4.4 4.1 466
Clorox 74.13 +.15 74.97 63.07 3.3 18.1 41
CMS Egy 23.91 +.18 24.98 19.57 3.9 18.7 205
CNAFin 28.33 +.12 31.50 22.43 1.9 11.2 11
CnstelBdA 35.46 +.14 36.50 17.95 - 17.5 217
Coach 54.30 +1.3 79.64 48.24 1.9 15.4 502
Coca Cola @ 38.16xc +.07 40.66 32.37 2.6 20.2 896
CocaCoEnt 31.80 +.27 32.27 24.22 1.9 14.1 65
ColgPalm @ 108.31 +.62 109.84 86.20 2.2 21.5 106
Comerica 31.73 +.48 34 22.69 1.6 13.3 67
CompSci 31.49 +.16 34.74 22.19 2.5 - 102
ConagraFds 27.87 -.01 28.15 23.64 3.5 18.4 270
ConocPhil @ 56.85xd -.39 59.67 50 4.6 11 587
ConsEdsn 35.40 +2.55 46.90 26.42 1.4 13.2 770
ConsolEd 60.30 +.23 65.98 56.07 4 16.7 111
CooperInd 73.77 +.31 76.55 49.16 1.7 17.8 49
Corning @ 13.10 +.15 15.74 10.62 2.4 9.2 719
CoventryHlt 43.14 +.37 43.17 27.50 0.9 13.1 160
Covidien @ 58.22xd +.66 60.80 41.69 1.6 15.1 128
CSX @ 21.28 +.19 23.71 19.88 2.5 11.9 379
Cummins @ 86.69 -1.1 129.51 82.20 2 8.6 396
CVS @ 47.76 -.3 49.23 34.05 1.4 16.9 389
Danaher @ 56.20xd +.87 57.15 43.01 0.2 18.2 222
DardenR 54.62xd -.06 57.88 41.65 3.4 14.9 104
Davita 110.04 +.48 111.22 61.49 - 20.1 132
Deere @ 82.64xd +1.45 89.69 67.74 2.2 11 310
DenburyRs 16.27 +.22 21.36 12.02 - 10.2 520
DevonEngy @ 61.98 +1.5 76.33 54.02 1.3 10.4 215
DiamOfsh 66.15 +.82 73.35 52.98 5.3 11.1 92
DiscvrFin 39.84xd +.4 40.81 21.98 1 9.2 233
Disney @ 50.70 -.51 53.40 32.24 1.2 16.8 736
DominRes @ 53.11 -.11 55.62 48.87 3.9 22.3 183
Dover 55.48 +.26 67.20 50.16 2.3 12.2 119
DowChem @ 28.38xd +.3 36.08 24.43 4 18.1 396
DrPepper 43.55 +.32 45.85 34.68 3.1 15.6 64
DTE Engy 60.89xd +.3 62.54 49.06 3.9 16.3 84
DukeEner @ 64.66xa -.12 70.35 58.74 4.7 19.2 196
DuPont @ 49.05 -.07 53.98 42.53 3.4 13.3 369
Eaton 45.20xd +.34 53.05 36.38 3.4 10.8 354
Ecolab @ 63.90xd +.27 68.96 50.81 1.3 35.8 105
EdsnInt 46.98xd +.21 47.51 37.48 2.8 - 96
EdwLifesc 86.98 -.83 110.79 61.59 - 41.6 124
EMC @ 25.92 +.08 30 21.26 - 21.4 921
Emerson @ 48.58 +.29 53.78 43.59 3.3 14.8 219
Entergy 70.96 +.67 74 62.97 4.7 12.7 59
EntPrdPrt 53.99 +.27 55.38 41.24 4.7 19.7 58
EOG Res @ 110.85 +1.35 119.90 76.74 0.6 21.6 159
EqResPrp 56.68xd +.34 65.72 52.10 2.8 - 95
EQT 61.04 +1.35 71 43.70 1.4 24.6 109
EsteeLdrA 63.22 +.84 65.53 46.26 0.8 29.3 102
Exelon @ 36.59 +.29 45.45 34.54 5.3 15.1 502
ExxonMob @ 91.46 +.43 93.35 73.90 2.3 9.6 857
Fedex @ 90.38 +.39 97.19 72.05 0.6 14.1 547
FidltyNFn 22.83 +.35 22.96 14.70 2.4 13.5 110
FirstEgy @ 45.37 +.74 51.13 40.37 4.8 16.6 209
Flowsrve 128.66xd -.1 135.50 79.50 1.1 16.4 23
Fluor 56.86 +.75 64.65 44.99 1.1 16.1 102
FMC Tech 44.13 +.88 55.17 36.89 - 24.8 99
Ford @ 10.21 +.23 13.05 8.82 1.5 2.3 3075
ForestLabs 36.62 +.22 37.69 28.47 - 12.7 87
Franklin @ 128.76xd +1.44 131.20 89.30 2.4 15.1 31
Freeport @ 41.15xd +.93 48.96 31.08 2.9 12.4 1118
GAP 36.64xd +.02 37.85 17.03 1.3 20.4 221
GenDyn @ 65.84xd +.68 74.49 60.37 3 9.6 106
GenElectr @ 22.62xd +.19 23.18 14.68 3 18.2 1677
GenMills @ 39.62xd +.04 41.06 36.75 3.2 15.5 237
GenMot @ 24.86 +.63 27.67 18.72 3 8.9 631
GenuineP 61.70 +.38 66.50 52.72 3.1 16.1 56
GoldmSchs@ 122.57 +2.49 128.70 86.90 1.3 18.3 364
Grainger 216.74 +7.17 221.79 152.32 1.3 22.2 71
Halliburton @ 34.14 +.64 40.42 26.29 1.1 10.1 656
HarleyDavid 42.29xd +.39 54.31 33.70 1.4 15 213
Harris 51 +.14 52.22 33.25 2.6 48.7 40
Hartford 21.61 +.59 23.28 14.95 1.9 37.4 396
HCP @ 45.33 -.17 47.64 35.33 4.4 31.3 138
Heinz @ 56.55 +.05 58.30 49.86 3.5 18.7 182
Helm&Pyn 48.88 +1.22 68.60 38.71 0.6 9.8 164
Hershey 70.29 -.42 73.35 55.36 2.1 23.9 46
Hess @ 53.80 +1.19 67.85 39.67 0.7 14.5 178
Hew-Pack @ 14.30 +.12 30 14.02 3.5 - 1993
Hillshire 26.68 +.62 30.38 22.50 8.6 - 150
HlthCare 59.49 -.01 62.79 46.53 4.9 - 116
HomeDep @ 59.03 -.71 63.20 34.05 2 21.1 1148
Honywell @ 60.64 +.4 62 46.42 2.5 22.8 246
HormelFd 29.18 +.15 30.70 27.28 2.1 16.2 56
HortonDR 20.27 -.46 22.78 9.34 0.7 8 467
Hospira 32.73 +.18 39.28 26.92 - - 59
Host H&R 15.81xd +.14 17.57 10.93 1.6 - 405
Humana 75.43xd +.88 96.45 59.92 1.4 10 109
IBM @ 206.69 +.87 211.76 176.19 1.5 15 246
IllinoisTool @ 58.62 +.34 62.07 42.44 2.5 14.7 176
IngersollR 44.61 -.03 47.71 26.62 1.4 17.6 158
Int.Paper 37.03 +.42 37.38 24.62 2.9 14.7 295
Intercont 129.50 +.82 142.75 110.67 - 17.3 36
Interpubl. 11.37 +.09 12.17 7.35 2.1 12 199
IntlFl&Fr 60.82 +.37 63.77 51.21 2.1 18.1 14
IntlGmeT 12.90 +.18 18.17 10.92 1.9 17.5 143
INVESCO 25.02 +.05 26.94 16.66 2.4 16 290
IronMount 36.18xd +1.83 36.50 27.10 2.9 34.4 279
JacobsE 39.88 +.1 48.15 33.61 - 14 83
JMSmckr 83.80 +.18 87.80 70.51 2.3 20.7 41
John&John@ 68 -.22 69.75 61.05 3.5 21.6 1049
JohnsonCn @ 26.28 +.21 35.95 23.37 2.7 10.5 516
JPMrgnCh @ 42.25xd +.48 46.49 28.32 2.7 9.8 2179
JuniperNtw 16.42 +.07 25.60 14.01 - 34.5 273
Kellogg @ 51.75 +.32 55.30 46.33 3.3 15.8 94
Keycorp 8.64 +.05 9.09 6.22 1.9 9.7 334
Kimb-Clark @ 86.19 +.2 88 68.27 3.4 19 80
Kimco Real 20.39xd +.14 21.15 14.51 3.7 60.9 190
KindMnE 85.53 -.15 90.60 69.10 5.6 - 29
KohlsCp 50.85 +.71 56.65 42.73 2.4 12 294
Kroger 23.42 +.12 24.83 20.99 2.1 20.7 686
L3 Comms 72.94 +.8 73.94 59.91 2.7 8.1 51
LabCpAmer 93.64 +1.19 95.30 78.03 - 16 51
LasVegasSd@ 43.66 +.57 62.08 34.72 1.7 25.2 403
Lennar 35.82xd -.96 38.25 14.37 0.4 13.4 398
Leucadia 22.41 +.27 29.79 19.58 1.1 52.7 55
Lilly (E) @ 50.50 +.27 53.54 35.46 3.9 14 597
Lim.Brands 48.74 +.05 52.20 37.58 8.1 20.5 92
LincolnNat 24.59xd +.56 27.54 15.50 1.3 39.4 375
Lockheed @ 93.27 +.56 94.90 72.46 4.4 10.9 83
Loews 41.90 +.35 42.85 35.31 0.6 19.6 60
Lorilliard 113.96 -.91 141.07 106.49 5.2 14 74
Lowes @ 30.86 -.03 32.29 20.25 1.9 20.4 800
LSI 6.56 -.07 9.20 5.06 - 21.7 522
M&TBkCp 98.56 -.07 99.15 67.23 2.8 17.7 108
Macys 39.24 +.24 42.17 27.08 1.8 12.4 334
MarathonOil@ 29.66 +.1 35.49 23 2.2 11.9 400
Marriott 38.11 -.27 41.84 27.04 1.2 23.9 306
MarshMcL @ 34.41xd +.11 34.99 27.09 2.6 18.2 155
MarthnPet @ 55.33 +.03 60.04 30.24 2 7.9 245
Masco Cp 14.37xd +.05 16.37 7.61 2.1 - 254
Mastercard@ 473.74xd +11.65 482.90 315.53 0.2 28.3 82
McDonalds @ 92.53 +.13 102.22 85.92 3.1 17.4 410
McGrawH 55.71 +.58 56 40.50 1.8 19.4 88
McKesson @ 89.59 +.55 97.21 71.44 0.9 14.8 127
Mdwstvco 30.26 +.2 31.34 22.85 3.3 23.5 84
MeadJohnN 71.11 +.04 88.72 60.68 1.6 26 80
Medtronic @ 43.12xd +.57 44.79 32.27 2.3 13.1 430
Merck @ 45.48 -.12 46.53 31.82 3.7 20.8 628
MetLife @ 35.66 +.99 39.54 27.65 2.1 5.7 757
MGMRsts 10.31 +.14 14.94 8.84 - - 309
Mohawk 78 -.61 82.76 47.33 0 26.5 39
MolsonB 44.41 +.24 46.35 37.96 2.9 14.8 62
Monsanto @ 89.09xd -.21 92.18 67.11 1.4 23.6 221
Moodys 44.47 +.47 46.26 30.73 1.4 17.6 112
MorganStly@ 17.81 +.41 21.19 12.26 1.1 14.5 1333
Mosaic @ 55.67 +1.22 62.64 44.43 1.2 13.1 385
MotorolaSol 50.47xd +.52 52.78 43.42 1.8 24.6 102
MurphyOil 58.63 +1.52 65.60 43.29 2 14.1 188
Nabors 14.88 +.64 22.73 12.40 - 19.8 291
NewelRbm 19.41 -.18 19.75 12.32 1.9 54.7 161
NewmontM@ 55.67 +.82 72.41 42.95 2.5 - 296
NextEraE @ 69.88 -.01 72.22 52.32 3.4 13.6 131
Nike @ 94.96 +.74 114.76 85.10 1.5 20.6 183
NiSource 25.53 -.02 26.15 21.17 3.7 23.1 110
NobleCp 35.85 +.2 41.71 28.74 1.5 16.9 265
NobleEgy 93.87 -.24 105.43 76.83 0.9 25.9 165
Nordstrom 55.55 +.28 58.43 44.22 1.9 17.6 80
NorfolkS @ 66.44 +.04 78.49 62.82 2.8 11.4 177
Northrop 69.08 +.87 70.20 52.69 3 8.9 80
NtlOilVarc @ 79.18 +.89 89.25 59.07 0.6 14.6 204
Nucor 39.20xd +.34 45.75 33.66 3.7 21.7 148
NYSE Eurnxt 24.39 +.04 31.25 23.31 4.9 12.1 190
OccidPet @ 83.28xd +1.06 106.67 76.60 2.5 10.7 204
Omnicom 52.04 +.29 54.75 39.51 2.2 15.3 40
ONEOK 48.12 +.06 89.62 39.32 2.5 29.7 80
ParkHn 79.77 +.53 91.44 67.66 2 10.7 111
PeabdyEngy 26.10 +2.07 47.80 18.78 1.3 7.5 1358
Penney 25.99 +1.84 43.18 19.06 2.3 - 993
Pepsico @ 69.99 -.3 73.65 60.52 3 18.4 545
Pzer @ 25.08 -.08 25.59 18.15 3.4 19 1745
PG&E @ 43.38xd +.25 47.02 36.85 4.2 23.9 153
Phillips66 45.30xd -.22 48.21 28.75 1 5.9 408
PhilMorris @ 90.85 +.07 94.13 65.09 3.5 18 469
PinnWstCp 53.07 +.19 54.66 43.54 4 15.6 46
PionrNat 105.02xd +2.46 119.19 67.76 0.1 39.4 183
PlumCreek 42.52 +.21 44.99 34.29 4 39.1 70
PNCFin @ 64.96 +.41 67.88 48.87 2.4 13.4 165
PP&L 29.50 +.2 30.27 26.68 4.8 10 306
PPG Inds 116.34 +.98 119.85 74.97 2 20.1 51
Praxair @ 103.97 +.12 116.92 93.46 2.1 18.6 130
PrecParts @ 163.27 +2.16 179.45 150.70 0.1 18.5 40
PrinFinGp 27.58 +.49 29.95 21.42 2.1 14 306
ProctGmbl @ 68.25 +.11 69.97 59.08 3.2 21.7 698
ProgreOh 22.22 +.11 23.41 17.52 1.8 14.9 282
Prologis 35.12 +.29 37.58 24.03 3.2 - 192
Prudential @ 56.98 +.93 65.16 44.47 2.5 8.1 175
PublicSVC 32.94 +.46 34.96 28.92 4.3 12.6 236
PublStor @ 138.89 +.29 151.73 110.38 3.1 44.3 35
QEP Res 32.80 +.98 38.44 24.35 0.2 23.2 124
QuestDg 64.59xd +1.18 64.85 46.70 1.1 14.8 41
RalphLrn 155.93xd -.05 182.48 134.29 0.8 21.5 80
RangeRes 72.87 +2.61 74.93 52.35 0.2 - 160
Raytheon @ 55.12xd +.31 58.66 41.60 3.5 9.6 97
Red Hat 54.04 +.18 62.72 39.19 - 72.2 161
Reg.Financ. 7.65 +.1 7.73 3.43 0.5 25.2 724
RepSrv 27.65xd +.09 31.31 25.15 3.2 15.2 99
ReynoldsAm@ 42.23 -.42 46.91 37.77 5.4 16.7 213
Rockwell 69.70 +.52 84.62 60.59 2.5 13.5 63
RockwlColl 53.16 +.57 61.46 46.40 2 12.9 111
RoperInd 109.46xd +.94 111.52 74.22 0.5 23.8 38
Safeway 15.84 -.45 23.16 14.73 4 8.7 1729
SAIC 10.94xd -.11 14.20 10.31 3.3 - 150
Salesforce @ 152.47 +2.31 164.75 94.09 - - 129
Schlmbrg @ 72.67xd +1.59 80.78 59.12 1.5 18.2 587
ScrippsNtwk 63.43 +.32 64.37 37.02 0.7 20.1 54
Sempra 67.10xd +.34 72.28 50.54 3.4 18.4 58
SherWil 149.73 -.7 156.49 76.56 1 30.1 45
SimonProp @ 153.84 +.8 164.11 111.32 2.7 30.4 53
SouthCpr @ 35.40 +.21 36.92 26.01 4.7 12.6 132
Southern @ 45.72 -.24 48.58 42.12 4.2 18.4 244
SpectraEn @ 29.56 +.04 32.26 25.62 3.8 17.9 255
SprintNext 5.71 +.67 6.04 2.10 0.4 - 29182
Starwood 56.64 +.32 61.09 41.93 0.9 19.1 187
StateSt @ 42.16xd +.7 47.15 32.32 2.1 11.4 420
StJudeMed 43.05xd +.64 44.79 32.13 2.1 17.1 200
Stryker @ 52.80xd +.58 57.14 45.45 1.6 14.5 184
Suntrust 30.25 +.59 30.79 15.79 0.7 20.3 326
SWAirl. 8.78 +.01 10.05 7.37 0.3 19.8 329
SwestEgy 36.24 +1.16 44.36 25.63 - - 460
Sysco @ 31.33xd +.17 31.90 25.86 3.4 16.5 157
TargetCp @ 62.36 -.3 65.79 47.25 2.1 14.3 300
TE Conn 33.23 +.2 37.68 29.70 2.3 13.1 86
Teradata 73.53 +.81 80.97 43.78 - 32.5 130
Teva 39.83 +.18 46.65 36.88 2.5 11.2 204
Textron 25.73 +.51 29.18 16.87 0.3 18.6 215
TheTrvelers@ 69.35 -.05 70 49.53 2.5 12.5 142
ThrmoFshr @ 59.31xd +.9 61.71 43.40 0.7 22.4 122
Tiany 62.92 +1.41 80.99 49.73 1.9 18.3 157
TimeWrnr @ 45.20 -.14 46.59 31.26 2.2 17.7 435
TimeWrnrC@ 96.82 -.68 100.17 57.19 2.2 17.9 108
TJX @ 44.26 -.5 46.67 28.17 1 22.6 247
Torchmrk 51.46xd +.59 53.12 36.52 1.1 10.2 46
TotalSys 23.30 +.01 25 18.11 1.7 18.4 194
TrnsOcean 46.16 +.77 60.09 38.22 5.1 - 188
TycoInt @ 27.86xc -.25 29.26 21.02 3.2 10 433
UnionPac @ 121.44 +.51 129.27 89 2 15.7 156
UNUMGrp 19.92 +.37 25 18.28 2.4 27.3 91
UPS B @ 72.54 +.28 81.79 66.46 3.1 18 250
USBancorp@ 34.66xd +.06 35.46 23.54 2 12.8 443
UtdHlthcre @ 57.81 +.7 60.75 42.86 1.3 11.7 385
UtdTech @ 76.73 +.71 87.50 70.63 2.6 13.1 342
ValeroE 29.23 -.24 34.35 19.12 2.1 10.1 801
VarianMedS 58.88 +.62 71.94 52.90 - 16.2 162
Ventas @ 63.94 +.01 68.07 48.27 3.8 48.2 136
Verizon @ 45.24xd -.54 47.32 35.35 4.5 45.1 1141
VF Cp 160.43 +.85 164.35 125.56 1.8 19.4 27
Visa @ 139.08 +1.66 141.57 87.44 0.6 72.1 226
Vornado 79.34 +.38 88.49 70.11 3.5 50.8 41
VulcanMat. 46.84 +.9 49.99 28.66 0.1 - 27
Walgreen @ 35.87 +.24 37.34 28.53 2.8 14.8 574
WalMart @ 75.34 -.08 76.81 54.28 2.1 15.9 803
WasteMng 32.10 +.1 36.35 29.77 4.4 16.3 220
WatersCp 81.54 +1.15 94.45 70.89 - 17.4 32
Weatherfd 12.27 +.3 18.33 11.15 - 26.9 520
Wellpoint @ 63.01 +1.47 74.73 52.52 1.8 8.6 245
WellsFargo @ 35.45 +.22 36.60 23.19 1.9 11.7 1134
WestUnion 18.12 +.14 19.82 15.79 2.1 9.3 229
Weyerhsr 26.41 +.2 28.05 15.40 2.3 48.3 242
Whirlpool 84.54 +.44 87.52 45.22 2.4 11.3 66
WilliamsCp @ 35.83 +.28 37.56 20.99 3.1 28.8 293
WiscnsnE 38.19 +.04 41.48 31.18 3 16.7 74
XcelEngy 27.82xd +.11 29.92 24.50 3.8 16.1 101
Xerox Cp 7.20xd +.13 8.83 6.36 2.4 8 246
XL Grp 25.25 +.2 25.29 18.69 1.7 - 130
Xylem 24.60 -.06 28.83 22.45 1.6 17.3 43
Yum!Brands@ 69.64xd -1.35 74.43 49.85 1.7 20.5 811
ZimmerHld 63.42xd +.81 69 47.01 0.9 14.8 141
NASDAQ
(Oct 11 / 1:00 pm/US$)
ActivBlz 11.16 +.07 14.40 10.94 1.6 15.7 3506
Adobe 31.68 +.17 34.78 25.39 - 17.5 941
Amazon @ 244.31 -.68 264.11 166.97 - - 1780
Amgen @ 84.99 +.34 87.45 54.59 1.6 18.2 1123
AnalogDev 38.15 -.03 41.79 32.18 3 17.8 1948
ApolloGp 28.86 +.76 58.29 25.77 - 7 1109
AppldMat 10.99 +.09 13.94 9.97 3.2 13.3 3780
Apple @ 633.46 -7.45 705.07 363.32 0.4 14.9 10409
Autodesk 31.03 - 42.69 27.70 - 25 1292
BedBathB 61.57 +.14 75.84 56.72 - 14.3 796
Biogen @ 149.14 +1.85 157.18 98.11 - 27 275
BMCSware 42.49 +.53 45.70 31.62 - 20.1 680
Broadcom 33.18 +.26 39.66 27.59 1.2 24.2 2719
CAInc 24.96 +.07 28 19.54 3.2 12.7 1493
Celgene @ 78.06 +.7 81.24 58.53 - 22.7 1219
CH Rob 58.95 -.05 76.76 50.81 2.2 21.7 275
CheckPnt 45.65 +.04 65 43.18 - 16.5 658
Cisco @ 18.29xd -.02 21.30 14.96 2 12.3 15379
Citrix 66.75 -1.95 87.99 55.94 - 35 6287
CmcstASp 34.55xd +.27 35.83 20.69 1.7 - 1984
CME Group @ 56.85xa -.07 60.92 44.45 3.9 12 501
Cognizant @ 69.56 +.2 78 53.92 - 22.3 988
ComcastA @ 35.39xd +.23 36.98 20.90 1.7 20.3 6895
Costco @ 100.33 -1.23 104.43 78.81 1 25.8 1674
Dell 9.49xd +.06 18.36 9.34 0.8 - 8533
DirectTV @ 50.45 -.26 55.17 41.45 - 13 1697
EBay @ 47.21 +.45 50.65 28.15 - 16.6 5317
ElectArt 13.09 +.2 26.13 10.77 - 69.6 2593
Expedia 53.56 -1.72 60.29 23.93 0.8 21.2 2015
ExpIntWsh 34.49 +.13 47.73 34.20 1.5 20.5 1326
ExpScripts @ 63.47 +.54 66.06 38.10 - 31.6 988
Facebook 19.84 +.2 45 17.55 - - 13302
Fifth 3rd 15.97xd +.15 16.16 10.58 2.1 10.3 3209
First Solar 22.11 +1.07 61.68 11.43 - - 3857
Fiserv 73.66 +.82 75.24 53.91 - 18 292
Fossil 84.19 +.95 139.20 62.77 - 17.5 317
Garmin 40.54 +.48 50.67 32.77 4.3 13.5 162
GileadSci @ 68.42 +.79 70.39 34.45 - 20.8 2371
Google @ 754.83 +10.27 774.38 523.20 - 22.4 1587
Hasbro 37.88 +.56 39.98 31.51 3.6 14.6 282
Intel @ 21.78 +.02 29.27 21.52 4 9.2 21120
Intuit 59.68xd +.04 62.33 48.42 1 24 614
IntuitSrg @ 495.54 +.91 594.89 369.28 - 35.3 107
KLATenc. 45.19 -.36 55.43 41.57 3.2 10.2 1554
LibIntCpA 19.05 +.1 19.46 13 - - 1140
LifeTch 49.02 +.43 50.99 36.07 - 20.3 358
LinearTec 31.92 +.31 34.50 28.28 3.1 15 841
Marvell 8.75 -.08 16.86 8.70 1.4 11.3 10615
Mattel 35.45 +.27 36.25 26.28 3.3 15.9 652
MaximInt 26.90 +.18 30 23.55 3.3 22.7 490
MicronT 5.75 -.01 9.16 5.06 - - 15047
Microsoft @ 29.03 +.05 32.95 24.30 2.9 14.5 20848
MondelezInt@ 27.33xc +.08 28.48 22.07 4.2 13.5 7420
Netapp 29.14 -.17 46.80 27.79 - 20.7 4635
NewsCorpA@ 24.19xd -.15 25.45 15.93 0.7 55 8397
NewsCorpB 24.60xd -.12 25.76 16.18 0.7 - 2169
NII Hldgs 7.70 -.01 31.75 5.65 - - 1100
NorthnTst 47.20 +.4 49.68 34.87 2.5 18 336
Nvidia 12.77 +.1 16.90 11.63 - 16.7 5363
Oracle @ 30.76xd +.18 33.81 24.91 0.8 15.2 9554
PACCAR 40.09 +.11 48.22 35.21 1.9 11.7 1373
Paychex 32.75 -.01 34.70 27.11 3.9 21.5 570
Prclne.cm @ 592.26 -10.15 774.96 438.76 - 24.7 732
Qualcomm @ 59.74 -.04 68.87 49.78 1.6 20.1 3261
RschMt 7.98 +.22 24.74 6.22 - 1.9 7135
SeagateT 28.31 +.08 35.71 10.86 3.5 4.4 2925
Sears Hld 60.43 +1.07 85.90 28.89 - - 428
SiriusXM 2.77 +.02 2.79 1.53 - 5.3 41684
SLMCp 17.19 +.53 17.19 11.97 2.8 10.5 1202
Staples 11.50xd +.04 16.93 10.57 3.7 8.7 2912
Starbucks @ 47.13 +.18 62 39.72 1.4 26.3 4641
Symantec 17.96 +.28 19.54 13.06 - 11.5 3009
T.RowePr 63.92 +.24 66 49.35 2.1 21.7 288
TexasInstr @ 27.45 +.28 34.24 26.06 2.6 20.1 5043
VertexPhm 59.31 +2.31 66.10 26.50 - 31.7 6190
ViacomB @ 54.43 -.19 56.91 39.88 1.9 13.2 1916
WestDigtl 36.90xd +.53 45.94 22.75 0.7 5.7 1039
WynnRes 112.52 +1.5 142.20 90.11 6.2 22 373
Xilinx 32.93 +.28 37.74 28.97 2.5 17.7 747
Yahoo @ 15.95 +.12 16.79 14.35 - 18 5858
Other International Stocks
AUSTRALIA
(Oct 11/Aust$)
AMP 4.48xd +.01 4.55 3.71 7.3 17.6 3341
ANZ @ 25.61 +.05 25.80 18.60 7.9 11.9 5004
BHP Biltn @ 33.25 -.23 39.21 30.09 4.6 11.7 6787
Brambles 7.15 - 7.55 6.04 4 18.7 4882
CCAmatil 13.95 +.08 14.19 11.30 5.6 15.4 1011
CmwBkAu @ 56.74 +.09 58.05 45.39 8.4 12.6 4087
CSL @ 47.30xd +.26 47.49 28.10 1.8 25 999
FortescMet 3.75 -.09 6.18 2.81 3 7.6 12997
Leighton 17.25 -.19 26.65 14.71 4.6 - 931
MacQuarie 29.08 +.03 30.17 21.22 4.8 13.8 457
NatAusBk @ 26.25 +.05 26.56 21.57 9.7 12.3 4055
NewcrestM@ 28.10xd -.02 37.27 20.89 2 19.2 1614
NewsCorpA 23.90xd -.29 24.90 15.45 0.6 - 102
NewsCorpB 24.19xd -.37 25.20 16.40 0.6 52.5 2439
Orica 25.50 -.18 28.27 23.01 4.7 15 1045
OriginEgy 11.64 -.02 15.08 11.08 6.1 12.8 1414
QBE InsGrp 13.42 +.05 15.49 9.88 5.2 18.8 3008
RioTinto 55.42 -.41 72.30 48.37 3.9 22.4 1952
Santos 11.59 -.07 14.63 10.04 3.7 21.1 1622
Stockland 3.60 - 3.62 2.90 6.7 17.1 9624
Suncorp 9.42 +.05 9.49 7.33 8.4 16.6 1757
Telstra @ 3.93 +.02 4.09 3.03 10.2 14.3 18849
Wesfarm @ 34.32 -.2 35.97 28.25 6.9 18.6 1735
Westeld @ 10.38 +.04 10.47 7.39 4.7 14.2 2470
WestdRT 3.04 -.01 3.09 2.34 5.8 11.3 6110
Westpac @ 25.80 +.08 26.06 19.29 9 13 6810
WoodsdPt @ 34.03 -.07 38.16 30 4.8 18.2 1401
Woolworth @ 29.34xd -.06 30.88 23.21 6.1 19.7 1636
AUSTRIA
(Oct 11/Euro)
Andritz 45.42 +.13 46.61 28.94 2.4 18.7 113
ErsteGrBnk 18.62 +.62 20.05 10.40 - - 474
Immon 2.87xd +.03 2.99 1.92 8.7 11 1818
OMV 28.32 +.48 29.21 21.10 3.9 8 338
Raieisen 31.69 +1.29 31.69 14.16 3.3 7.2 164
Strabag 18.82 -.15 23.87 17.03 3.2 57 19
TelekAust 5.57 +.04 9.35 5.47 0.9 - 386
Verbund 16.98 +.43 23.20 14.50 3.2 15.9 146
Vienna Ins 33.16 -.1 35.91 24 3.3 3.3 99
Voestalp 23.63 +.59 28.50 18.10 3.4 14.9 280
BELGIUM/LUX
(Oct 11/Euro)
Ageas 19xa +.47 19.99 10.80 4.2 - 745
AnBshInBv@ 67.29 -.02 71.05 38.61 1.8 19.2 1351
Belgacom 22.72 -.03 24.75 20.66 9.6 10 516
Colruyt 33.25 -.05 38.68 26.74 2.9 15.3 156
Dexia 0.20 - 0.93 0.13 - - 2814
Dlhaiz 29.98 -.05 48.74 25.59 5.9 9.5 456
GBL 57.39 - 60.37 48.56 4.5 24.1 119
KBC 19.49 +.29 21.92 7.65 0.1 - 1584
SES 21 -.07 22.65 17 4.2 -
Solvay 92.03 +3.06 98.98 60.86 3.3 23.2 352
UCB 44.12 +.12 45.09 28.50 2.3 46.1 149
BRAZIL
(Oct 11 / 12:00 am/Real)
Ambev @ 82.10xd +.33 83.89 55.79 0.9 30.9 568
BcoBrad 25.81xd +.21 29.19 22.11 4 - 167
BcoSantdr 0.14xd - 0.18 0.12 3.4 - 1540
BM&FBovsp 12.77xd +.37 13.24 8.84 3.8 23.2 4172
BncBrasil @ 22.79 +.35 29.79 18 11 5.7 2795
Bradesco @ 31.48xd +.46 36.30 26.60 3.6 10.8 2886
BrasilFds 36.93 -.07 38.67 27.53 3.1 49.7 451
Cielo 51.48 +.08 64.11 35.96 4.2 16.2 821
Eletrobras 11.96 +.24 19.52 10.95 74.9 - 356
GerdauPf 18.99 +.19 21.67 12.90 1.8 15.6 1472
ItauHldFin @ 29.78xd +.38 38.94 26.73 3.9 10 3156
ItuasaPf @ 8.81 +.13 11.49 7.99 3.6 9 8017
JBS 6.80 +.26 8.50 3.65 - 79.7 1270
OGX Petro 5.68 +.09 18.41 4.78 - - 12878
PetrobasPf 22.46 +.34 25.89 17.42 8.7 15.2 10152
Petrobras @ 23.29 +.34 28.26 18.05 8.3 - 1673
SiderNacO 11.19 +.3 19.55 9 7.4 15.9 2748
SouzaCruz @ 28.20xd +.26 31.45 19.80 14.3 25.9 304
UsinasMin 9.60 +.09 13.77 5.57 11.3 20 4864
ValRio @ 37.56 +.66 46.50 32.21 13.9 - 2729
ValRioPrf 36.33 +.48 44.30 31.73 7.4 6.6 7883
CANADA
(Oct 11 / 1:00 pm/Can $)
Agnico-E 51.78 +.94 61.86 31.50 1.4 - 325
Barrick @ 39.40 -.01 54.05 31.18 1.7 9.5 1425
BCE @ 43.13xd +.05 45.28 38.39 5 13.5 710
BkMontrl @ 58.75 +.13 61.29 53.15 4.8 10.4 331
BkNvaS @ 53.50xd +.13 57.17 47.54 4.1 10.5 878
Brookeld @ 32.74 +.25 35.35 26.55 1.6 16.2 359
Cameco 18.78xd -.08 26.43 17.25 2.1 16.7 583
CanadPcR 86.45xd +.12 87.34 51.84 1.5 21.8 166
CanImp @ 77xd -.01 78.34 68.15 4.7 10.1 487
CanNatRs @ 30.12 +.32 41.12 25.58 1.3 11.6 2973
CanNatRy @ 87.06 +.33 92.20 72.18 1.7 14.6 393
CanOilSd 20.66 +.06 25.19 18.21 6.3 11.2 1326
CenovusE @ 33.46 -.22 39.64 29.83 2.6 15.9 1458
Enbridge @ 39.08 -.38 42.23 32.91 2.8 48.8 715
Encana 21.86 +.64 23.11 17.25 3.6 - 2229
Goldcorp @ 43.64xd +.03 55 32.34 1.2 26.3 1231
GtWesLif @ 22.43 +.24 25.28 19.15 5.5 10.6 225
HuskyE @ 27.17 +.51 27.55 22.04 4.4 13.4 502
ImpOil @ 44.83 -.02 49.26 37.98 1 10.9 354
KinrossG 10.20 -.05 15.23 7.15 1.5 - 3632
Loblaw 33.85 +.15 39.67 31.11 2.5 13.6 80
Manulife @ 12.01 +.17 14.07 10.18 4.3 - 1431
NatBkCan 74.31xd +.2 81.27 63.27 4.1 8.3 151
Nexen 25.25 +.1 26.70 14.20 0.8 26.1 938
Potash @ 41.50xd +.74 51.60 38.31 1.3 12 1195
Power Cp 23.74 +.23 27.42 21.10 4.9 11.2 318
PowerFn @ 25.20xd +.27 30.15 23.62 5.6 10.8 151
ResMot 7.80 +.19 25.24 6.10 - 1.8 950
RogCmB @ 40.63 - 41.19 34.75 3.8 13.7 362
RylBkC @ 56.92 +.09 59.13 43.30 4 11.4 990
Suncor En @ 32.43 +.14 37.28 26.97 1.5 11.4 2361
SunLfFin 23.34 +.07 26.58 17.92 6.2 - 798
TalismEnrgy 12.90 +.35 14.90 9.72 1.5 24.7 943
TeckResB 30.80 +.9 44 26.02 2.6 9.4 1959
TelusCorp @ 62.46 -.14 65.39 51.69 3.8 16.4 189
ThmReut @ 27.69 -.02 30.40 26.10 4.5 - 822
TntoDom @ 81.11xd -.04 85.85 68.13 3.6 11.9 759
TransCan @ 44.34xd -.1 46.29 39.25 3.9 22.6 523
Weston Ltd 63.09 -.2 71.73 57 2.3 14 26
CHINA
(Oct 11/Renminbi)
AgricBkCh 2.49 +.01 2.77 2.38 5.3 6 48436
Air China 4.97 - 8.37 4.52 2.4 14.3
AluCorpCh 3.20 -.05 4.90 2.86 - - 23793
AlumCpCh 5.07 -.02 8.71 4.72 - - 14859
AnhuiCC 25.10 +.75 31.70 19.10 1.7 12.8 13171
BaoshanStl 4.63 -.01 5.44 4.07 - 6.8 31593
Bk China 2.74 +.01 3.10 2.58 5.7 6.2 27217
BkofComms 4.30 - 5.10 4.07 2.3 4.8 31695
ChCiticBk 3.68 -.01 4.73 3.49 3.9 4.8 6946
ChCoalEgy 7.18 - 10.52 6.62 - 10.3 17551
ChConstBk 4.07 +.01 4.95 3.82 5.8 5.6 28256
China Life 18.53 -.45 20.36 14.75 1.2 34.9 9608
ChinaUncm 3.66 -.03 5.77 3.41 0.9 46.4 28868
ChMinsheng 5.73 +.02 6.85 5.35 7.9 4.7 50905
ChMrchBk 10.20 -.01 13.10 9.54 4.1 5.4 24139
ChPacIns 20.02 -.22 23.80 17.70 - 33.5 8636
ChShBldIn 4.73 -.1 7.27 4.51 - 17.5 32617
ChShenEgy 22.69 -.25 28.87 20.93 - 9.4 7596
ChStCnsEng 3.10 +.02 3.46 2.85 2.6 6.6 34200
ChYgtzPwr 6.49 +.05 7.14 6.13 3.9 13.6 9356
Citic Sec 11.58 -.22 13.99 9.04 3.7 10.3 45959
Daqin Rail 6.10 +.01 8.05 5.82 6.4 7.8 24247
InCBkChina 3.82 +.02 4.48 3.60 5.3 6.1 28836
IndstrlBk @ 12.11 - 14.68 11.59 3.1 4.3 26103
Moutai @ 241.93 -1.89 266.08 170.90 1.7 23.1 1063
Ping An 41.64xd -.56 46.85 33.35 1 16 9508
Saic Motor @ 13.25 -.45 17.10 11.17 2.3 7.8 19623
ShangPort 2.47 -.02 3.28 2.37 4.8 12.5 4336
ShngPdgBk@ 7.41 -.03 9.75 7.10 4 4.4 29564
ShznVanke 8.29 -.07 9.95 6.90 1.6 8.8 25437
Sinopec 6.18 -.03 7.93 5.75 4.9 10 20026
WulianYnb @ 33.30 -.29 39.55 29.82 1.5 16.1 11117
CZECH REP
(Oct 11/Koruna)
Cez 726 +4.8 845 684.70 6.2 8.7 938
KomercBnk 4.15k -48 4.23k 2.92k 3.9 13.6 88
TelCzRep 406 -.5 418.60 364.50 9.9 15.7 138
DENMARK
(Oct 11/Kr)
Carlsberg B 516 -3 543.50 340 1.1 12.7 330
DanskeBk 107.50 +1 113.40 66.85 - 51.9 1123
MoellerMA 38.9k +300 46.2k 30.88k 2.6 - 1
MoellerMB@ 41k +440 48.16k 32.66k 2.4 12.8 4
NovoB @ 927 -7.5 980.50 512.50 1.5 26.9 477
Novozym 160.10 -1.4 180 144.40 0.7 25 438
TDC 42.06 +.34 47.45 36.90 10.9 9.9 2189
VestaWind 34.98 -.25 116.50 24.60 - - 2370
WilDemant 525 +2.5 596.50 398.60 - 24.6 40
DUBAI
(Oct 11/US$)
DPWorld 11.63 - 12.30 9.46 2.1 14.2 110
FINLAND
(Oct 11/Euro)
Fortum @ 14.23 +.15 19.36 12.81 7 7.9 1198
Kone Corp 56.85 +.1 57.50 36.23 2.5 22.6 248
Metso 27.40 +.22 37.27 22.23 6.2 10.1 688
Neste Oil 10.85 -.24 11.23 6.71 3.2 - 1667
Nokia 1.97 -.04 5.19 1.33 10.2 - 45583
OtkmpA 0.70 + 2.15 0.63 - - 8535
SampoA 24.59 +.32 24.79 17.47 4.9 12.6 805
StorEnsR 4.74 +.05 5.95 3.73 6.3 19.7 2414
UPMKym 8.79 +.18 10.98 7.34 6.8 23.1 1683
Wartsila 26.13 +.26 31.33 18.26 3.4 - 469
FRANCE
(Oct 11/Euro)
Accor 25.61 +.61 27.76 16.68 2.5 - 704
ADP 60.58 +.26 67.29 49.76 2.9 19 48
AirFrn-KLM 5.40 +.15 6.10 3.01 - - 3330
AirLiquide @ 94.17 +.97 100 77 2.4 18.6 633
Alcatel 0.72 -.01 2.31 0.71 - 1.4 33446
Alstom 27.19 +.04 32.90 21.82 2.9 10.9 1161
AXA @ 11.67 +.11 13.25 8.50 5.9 10.4 7982
BNP Parib @ 38.80 +1.1 40.60 24.54 3.1 8.1 4313
Bouygues 19.42 -.04 28.69 18.70 8.2 6.7 876
CapGemini 32.04 +.56 34.50 23.67 3.1 11.7 541
Carrefour 16.58 +.59 20.51 12.87 3.1 18.5 4303
Casino 68.85 +.7 75.94 58.94 2.2 15.3 349
ChristianD@ 108.30 +3.75 119.70 86.40 2.5 15.2 90
CNP 10.38 +.23 12.90 7.52 7.4 7.6 385
CredAgric 5.98 +.25 6.29 2.84 - - 20766
Danone @ 47.48 +.82 54.96 45.09 2.9 16.9 2009
DassaultSy 81.27 +.02 84.11 52.96 0.9 31.3 129
EADS @ 27.18 -.31 31.69 19.71 1.7 14.6 5326
EDF @ 16.63 +.01 23.63 14.80 6.9 9.5 899
Eiage 26.64 +.33 32.59 15.81 4.5 10.8 69
Eramet 94.70 +.66 139.90 75.95 2.4 30.7 16
Essilr @ 70.52 +.41 75.52 50.30 1.2 26.7 402
FranceTele @ 9.38 +.05 13.60 9.20 14.7 6.7 9450
GDF Suez @ 17.48xd +.08 24.13 15.62 8.6 10.9 3786
Gecina 77.96 +.08 82.93 52.51 5.6 56.6 23
Hermes @ 217.25 +3.7 285.49 206.10 0.9 35.4 36
JC Decaux 17.48 +.3 23.48 15.80 2.5 19.4 99
Klepierre 28.57 +.04 28.75 18.57 5.1 35.4 173
Lafarge 43.09 +.29 43.98 22.82 1.2 35.7 680
Lagardere 20.76 -.09 24.70 16.03 6.3 - 272
Legrand 29.49 +.08 30.71 22.44 3.2 16.1 948
LOreal @ 96.80 +1.8 102.50 74.15 2.1 22.2 681
LVMH @ 122.95 +4.55 136.80 103.20 2.4 17.8 1485
Michelin 65.71 +.67 66.09 40.61 3.2 6.9 531
Natlxis 2.56 +.05 3.07 1.68 3.9 7.4 5481
PernodRic @ 87.46 +.29 91.11 61.39 1.8 20 432
Peugeot 5.89 - 16.32 5.70 - - 3009
PPR @ 129.55 +1.35 136.90 100.05 2.7 16.1 521
Publicis 43.46 +.3 44.90 32 1.6 13.4 444
Renault 35.25 +.45 43.83 23.34 3.3 5.9 1562
Safran 30.06 -.26 30.60 20.18 2.1 - 730
Sano @ 66.74 +.59 69.46 47 4 13.7 2150
Schneider @ 48 +.35 53.47 35 3.5 13.6 1423
SocGen @ 23.85 +1.11 25.97 14.88 - 9.5 6151
Sodexo 60.37 +.63 64.85 48.80 2.4 18.4 210
StGobn @ 26.89 +.45 37.63 23.90 4.6 13.9 1860
STMicro 4.39 + 6.46 3.64 7 - 2059
SuezEnvir 8.53 +.03 12.23 8.01 7.6 29.7 1078
Technip 89.22 +.5 91.84 60.38 1.8 18.8 246
Thales 28.40 +.51 28.91 21.61 2.7 11.2 162
Total @ 38.75 +.55 42.97 33.42 5.9 8 4127
UnibailR @ 166.10 +3.85166.35 123.30 4.8 12.6 504
Vallourec 32.34 +.11 58.24 25.69 4 13.2 652
VeoliaEnv 8.07 +.15 13.06 7.80 8.7 - 5086
Vinci @ 33.82 +.38 40.85 28.46 5.2 9.7 1322
Vivendi @ 15.55 +.14 17.06 12.01 6.2 15.6 3629
GERMANY
(Oct 11/Euro)
Adidas 66.50 +.89 67.20 47.11 1.5 18 876
Allianz @ 92.23 +1.14 97.33 64.26 4.9 12.7 2294
AxelSprg 33.27 -.58 39.87 26.20 5.1 12.4 205
BASF @ 64.95 +.87 68.63 46.06 3.8 11.3 3149
Bayer @ 68.57 +.82 69.01 40.74 2.4 21.9 2852
Beiersdorf @ 57.56 +.22 59.23 39.73 1.2 54.3 339
BMW @ 60.84 +1.29 73.95 48.52 3.8 8.7 2599
Celesio 14.23 +.02 15.85 9.83 1.8 - 155
Commerzbk 1.45 +.04 2.21 1.12 - - 43020
Daimler @ 38.15 +.29 48.95 29.02 5.8 7.1 4743
Deut Bank @ 33.10 +1.16 39.51 22.11 2.3 10.5 7167
Deut Brse 41.94 -.13 52.10 36.25 7.9 9.9 840
Deut Tlkm @ 9.36 +.15 10.06 7.69 7.5 34.7 20192
DeutPstbk 30.04 - 31.75 20.05 - 34.9 3
DeutsPost @ 15.56 +.22 16.01 9.86 4.5 14.5 2847
E.ON @ 18.23 +.17 19.74 14.05 6 - 6647
Fielmann 74.20 +.44 80.85 65.20 3.4 25.3 11
FraPort 44.56 +.23 49.84 37.06 2.8 18.5 105
Fresenius @ 94.14 +.41 95.33 66.01 1 34.7 410
FresMedC @ 57.85 +.08 60.27 48.11 1.2 42.2 396
GEAGrp 24.31 +.17 26.83 18.10 2.3 14.6 460
Hann.Rck 53.51 - 54.07 33.91 3.9 8.1 172
HeidCmnt 40.25 +.05 46.68 26.02 0.9 22.9 545
Henkel 62.97 +.51 64.15 39.85 1.3 21.9 547
Hochtief 37.16 +.4 55.92 34.64 - - 79
Inneon 5.08 +.08 7.99 4.87 2.4 13 6641
K & S 38.03 +.49 47.50 30.14 3.4 18.1 1126
LANXESS 62.98 +1.78 68.90 35.27 1.3 9.9 578
Linde @ 132.25 +1.15 136.90 101.60 1.9 18.9 473
Lufthansa 10.85 +.18 11.38 7.88 2.3 - 1897
MAN 77.57 +.98 103 54.60 3 - 273
Merck KG 98.50 +.07 99.26 59.34 1.5 45.4 199
Metro 20.55 +.26 37.35 19.52 6.6 13.6 1282
MTUAero 64.59 +.14 65.40 45.45 1.9 16.5 106
MuenchRkv@ 123.50 +1.25 125.85 82.93 5.1 8.8 685
Porsche 49.35 +1.5 50.95 36.14 1.5 15.1 607
Puma 222.25 +9.25 277.05 209.05 0.9 15.5 31
RWE @ 34.87 +.38 37.12 25.67 5.7 11.8 2154
Salzgitter 31.42 +.66 48.95 27.03 1.4 14.6 337
SAP @ 54.01 +.51 56.82 38.71 1.4 18.1 3349
Siemens @ 77.05 -1 80.49 62.13 3.9 15.3 6023
SMASolar 26.99 +.24 55.75 21 4.8 6.2 36
Suedzucker 28.61 +.71 28.94 19.16 2.4 10.7 551
ThyssenKr 17.52 +.49 23.29 11.45 2.6 - 4383
Volkswgn @ 134.80 +1.4 139.80 93.31 2.2 3.5 62
WackerChm 47.74 +.2 92.60 47.11 4.6 16.7 144
GREECE
(Oct 11/Euro)
Alpha Bk 1.81 +.03 2.07 0.42 - - 2563
BkPiraeus 0.48 +.01 0.81 0.16 - - 11743
Coca Cola 15.66 -.8 17.36 10.55 2.2 24.9 1043
EFGEbk 1.14 +.02 1.48 0.29 - - 1697
HelPetro 6.71 +.1 7.50 3.94 6.7 - 58
HelTel 3.40 +.05 4.11 1.09 - 3.8 806
NatBkG 2.06 - 3.13 0.90 - - 3839
OPAP 4.23 - 8.54 3.50 17 2.6 1431
PublPwrC 4.08 +.28 6.80 1.13 - - 641
TitanCem 14.01 +.1 15.44 9.61 1.3 - 73
HONG KONG
(Oct 11/H.K.$)
AgricBkCh @ 3.18 +.08 3.98 2.54 5.1 6.2 285516
AIA @ 29.60 - 30.20 22.30 1.2 26.3 25095
Bk China @ 3.04 +.08 3.45 2.35 6.3 5.4 804916
Bk of EAsia 28.60 -.2 32.50 23.85 3.3 13.8 1928
BkofComm@ 5.62 +.19 6.55 4.31 2.2 5 57614
BOC HK @ 24.25 -.25 25 16.24 4.5 13 14832
CathayPcA 13.06 -.12 16.38 11.76 2.6 29.2 2198
ChConstBk @ 5.66 +.17 6.62 4.71 5.2 6.3 456593
ChinaLife @ 22.90 +.35 24.70 17 1.2 35.3 36430
ChinaMob @ 84.75 +.05 92.60 72.10 4 11 20327
ChinaRes 25.45xd +.2 30.80 18.88 1.8 17.5 2188
ChinaTele 4.61 +.03 5.15 3.23 1.8 19.7 53483
ChMerch 23.40 -.15 29 20.40 2.9 17 1456
ChngKong @ 113.70 -1.8 116.50 83 2.8 9.3 4121
ChOvLnd&In 19.14 +.14 20.40 9 1.9 9.4 14585
ChResLand 16.52 +.12 17.90 8.33 1.4 11.4 4842
ChResPwr 16.36xd -.32 17.98 11.90 1.8 15.6 4642
ChRongshng 1.13 +.02 3.03 0.95 - 9 40048
ChShenEgy@ 30.85 - 38 24.15 3.6 10.1 13651
ChUncHK @ 13.06 +.22 16.98 9.45 0.9 50.4 15451
Citic Pac 9.48 +.06 15.88 8.64 4.7 4 2559
CKI Hld 46.25 -.45 49.40 41.10 3.4 12.9 1383
CLP @ 65.15 -.85 71.40 62.10 3.9 22.9 4324
CNOOC @ 15.76 +.2 18.20 12.52 2.7 9.2 43719
EspritAsia 12.66 -.26 19.78 8.32 3.2 18.7 6253
HangLung 25.75 -1 30.50 21.50 2.1 18.6 13448
HangSeng @ 118 -.2 119.90 91 4.4 12.5 1288
HendersLd 55.40xd -1.75 57.30 35.40 1.8 8.2 5651
HKChGas @ 20.05 -.1 20.20 15.02 2.4 24.7 5054
HKExch 116.90 -.1 148.90 100 3.4 26.7 2426
HSBC 73.45 -.15 74.85 56 4.8 11 9749
Hutchison @ 75.20 -.9 82.40 61.80 2.8 16.1 6549
In&CmBkCh@ 4.89 +.2 5.72 3.85 5.1 - 551909
Li & Fung 11.86 -.12 20.15 11.46 4.1 16.4 24343
MTR @ 29.40 - 29.70 23.55 2.6 13.6 4264
NETHERLANDS
(Oct 11/Euro)
Aegon 4.17 +.09 4.57 2.71 - 11.6 5944
Ahold 9.64 -.02 11.07 8.93 4.2 9.7 3056
Akzo N 44.79 +.51 49.07 32.12 3.2 30.1 938
ArcelorMit @ 11.53 +.16 17.96 10.60 5 35.6 6843
ASML Hld @ 41.46 -.23 48.34 26.19 23.3 13 2287
Boskalis 28.54 +.27 31.36 21.92 4.2 12.2 149
Corio 34.22 +.42 41.22 28.26 8.1 18.5 348
DSM 38.39 +.43 44.72 32.69 3.9 14.5 652
Fugro 52.45 +.51 57.88 35.58 2.9 13.7 395
Heineken @ 48.86 -.12 49.57 31.81 1.8 17.6 592
ING @ 6.59 +.21 7.58 4.44 - 5.3 21340
KPN 5.96 -.06 10.19 5.85 11.6 7.3 5131
Philips @ 18.74 +.31 19.56 13.08 3.7 52.1 2967
PostNL 2.80 +.01 4.83 1.87 18.1 0.3 2499
Randstad 25.87 +.46 30.09 19.82 4.8 36.9 523
ReedElsvr 10.42 -.01 10.72 8.10 4.4 13.7 3935
Robeco 24.01 -.17 24.80 19.20 2.5 58.6 25
RylDShlA 26.82 +.06 29.18 23.91 4.9 8.1 4193
Unilever @ 27.88 +.13 28.83 23.15 3.4 19.4 3594
WoltKluw 14.84 +.09 14.90 11.39 4.6 18.8 625
NEW ZEALAND
(Oct 11/NZ $)
AucklndAir 2.62xd -.01 2.68 2.28 4.7 33.2
ContactE 5.36xc - 5.65 4.49 7.2 19.9
FletchrBld 7.24xd +.08 7.94 5.78 6.3 26.6
Telc.of NZ 2.33 -.01 2.75 1.86 14.1 4.3
NORWAY
(Oct 11/Kroner)
AkerSol 114 +1.5 114.40 52 3.4 10.3 903
DNB @ 72.85 +1.15 75.30 51.25 2.7 9.2 2447
NorskHyd 27.14 +.09 34.58 22.97 2.8 - 3859
Orkla 45.21 +.25 48.84 39.10 5.5 - 1685
Roy.Carib. 176.90 -.5 183.70 127.40 1.4 13.6 286
Seadrill @ 225.60 -.4 246.90 167.41 8.1 19.9 1014
Statoil @ 146.60 +1.3 162.80 130.60 4.4 6 2422
Subsea 7 133.70 +1.3 147.69 95.63 2.6 9.6 1409
Telenor @ 110.90 +.4 114.20 86.90 4.5 71.1 1232
YaraIntl 287.10 +3.6 305.50 215.50 2.4 6.4 853
POLAND
(Oct 11/Zloty)
BkPekao 156.80 -2.2 164.80 128.10 3.4 13.5 333
BRE Bank 316.40 -2.8 329.20 233 - 10.7 10
ING Bank 85.50 +.55 91.10 68.05 - 12.7 16
KGHM 158.30 +1.9 174.20 102.40 17.9 3.3 580
PGNIG 3.91 -.11 4.39 3.61 - 39.1 8035
PKN Orlen 45.49 +.39 45.70 31.44 - 12 1004
PKO Bank 37.10 +.35 37.33 30.10 3.4 11.8 2861
PZU 382 +3382.80 290.10 5.9 13.1 109
Telek.Pol 16.19 -.01 18.56 15.18 9.3 17.6 8540
PORTUGAL
(Oct 11/Euro)
B.EspSanto 0.67 +.03 1.19 0.43 - - 19075
BCPort 0.07 + 0.22 0.06 - - 184654
BncoBPI 0.84xr -.01 0.92 0.34 - - 1971
BRISA 1.86 -.07 2.79 1.72 16.7 - 146
Cimpor 3.29 +.04 5.70 2.93 5 - 68
EDP 2.09 +.01 2.54 1.63 8.9 6.9 7133
GalpEnerg 13.05 +.2 15.28 8.33 0.9 36.1 1507
JeronimoM 14.08 +.28 16.07 11.26 2 25.4 725
PortTlcm 3.84 +.05 5.50 3 8.5 14 3169
Sonae 0.55 +.01 0.56 0.37 6 11.7 1749
RUSSIA
(Oct 11/Rouble)
Bank VTB @ 0.05 + 0.08 0.05 1.5 8.3 23325050
GazProm @ 154.25 -1.05 200.80 136.54 5.8 2.9 34428
GMK Noril @ 4.83k +8 6.75k 4.68k 4.1 7.2 223
Gzprmneft @ 155.09 +.34 177.25 109.64 4.7 4.4 98
Lukoil @ 1.94k +4.2 2.05k 1.55k 3.9 5.5 781
MTS 229.36 -.14 257.29 176.40 6.4 24 1340
Novatek @ 356.66xd +.1 442.73 269.66 1.8 9.2 804
NovoSteel 63.59 +.58 89.98 46.59 3.1 14.2 3177
Rosneft @ 210.80xd +.32 230.39 184.61 1.6 7 4661
RusHydro 0.85 +.01 1.24 0.72 0.9 10.8 545585
SbankR @ 92.64 +.35 103.85 67.04 2.2 6.4 67189
Severstal 395.60xd +.9 474 330.20 3.2 7.8 745
Surgnfgz @ 28.70 -.01 33.89 24.03 2.1 4.3 18902
SINGAPORE
(Oct 11/S$)
Capitalnd 3.18 +.04 3.30 2.18 2.5 12.6 9114
DBS @ 14.14 +.03 14.99 11.26 4 - 2870
Jard Math @ 59.58 +1.98 62.90 44.70 2.1 10.7 148
Jard Str @ 35.80 +.8 37.50 26.09 0.6 9.8 81
Keppel 11.26 +.08 11.67 7.88 3.9 8.3 2624
OCBC @ 9.32 -.04 9.65 7.80 3.3 12.8 2491
SIALtd 10.52 -.06 11.98 10.05 1.9 33.9 457
Sing Tech 3.45 +.02 3.62 2.61 4.5 18.7 5053
SingTel @ 3.14 -.04 3.62 3.01 5 12.5 49867
UOB @ 19.06 -.07 20.23 14.42 3.1 5 1521
WilmarInt 3.06 -.01 6.05 2.99 1.7 12.9 10877
SOUTH AFRICA
(Oct 11/Rand)
Absa 135.93 +1.5 164.50 132.20 5.2 10.5 1255
AngGold 299.53 +3.85 391.82 251.99 1.6 68.4 682
Anglo 257.29 +.68 350.05 230.76 2.9 - 3420
AngloPlat 406.94 -.42 598.50 393.21 0.5 - 245
ArclrMttal 39.18 +.5 70.65 38.63 - - 330
Firstrand @ 26.77xd +.45 29.27 18.90 3.8 10.4 19969
GoldFields 107.22 +.46 145.25 95.51 3.6 9.3 1090
Harmony 70.99 +1.49 116.09 66.16 1.3 11.8 1443
Implats 144.71 -1.28 189.50 123.47 1.3 21 957
Kumba Iron@ 502.79 -1.39 599.50 435.81 69511.6 0 459
MTN @ 155.35 +.82 163.89 127 5.1 13.1 8611
Naspers N @ 530.58 -5.13 542 334.50 0.6 68.9 873
NedbankGrp 179.38 +3.3 189.86 133.30 3.8 11.8 691
OldMut 23.59 +.09 24.74 13.10 15.6 - 4241
SAB Mllr 369.94 -3.26 393.70 270.05 2.4 - 1894
Sanlam 36.41 +.73 38.75 26.49 3.6 13.3 7182
Sasol @ 376.07xd +1.37 411.50 326.90 4.7 9.6 1386
Stanbank @ 105.24 +2.43 120 91.85 4.7 11.5 2292
Telkom 17.95 +.05 34.50 16.02 8.1 - 859
Vodacom @ 101.20 +1.31 112.22 86.1010143.5 0 3474
SOUTH KOREA prices in 000s
(Oct 11/Won)
HyundaiHvy 240 -3 346.50 212.50 1.7 11.1 156
HyundaiMot@ 233 -4 272.50 196 0.8 11.5 596
HyundEng 61.60 -.1 87.50 55.60 0.8 12.2 368
HyundMobis@ 302.50 -4 364 261.50 0.6 13.1 185
HyundStl 83.60 +.1 119 75.50 0.6 14.8 314
IndBkKor 12.05 -.05 15.75 11.05 4.8 6.4 670
KB Financial 37.15 -.25 46.30 32.50 1.9 7.4 896
Kia Motors @ 69.50 -.8 84.80 64 0.9 12.9 1153
Korea T&G 90.20 +.1 91.10 69.20 3.5 14.4 404
KoreaEP 26.45 +.25 28.50 21.20 - - 2067
KoreaExch 8.12 -.08 9.12 7.04 29 6.7 799
KT Corp 34.50 -.5 38.55 27.55 5.8 7.7 689
LG Chem @ 313 +1 434 261.50 1.3 14.1 309
LG Corp 59.60 -.5 77.70 51.80 1.7 11.9 350
LG Display 27.05 +.45 31.45 19.60 - - 2255
LG Elect 67.20 -.4 94.30 55.80 0.3 - 1386
LotteShop 333 +9 435 273.50 0.5 11.6 110
NHN 277 +5.5 292.50 198.50 0.2 26.3 323
Posco @ 350 -2.5 427 348 2.7 11.4 258
ShinhanFin 36.75 -.5 48.40 33.10 2 7.1 978
Shinsegae 208 -1.5 293.50 182.50 0.4 11.8 36
SK Hynix @ 22.90 -.1 30.95 19.75 - - 2936
SK Innov 158.50 -1.5 195.50 124 1.8 6.2 222
SKTelecom 148.50 +.5 167 120 6.3 9.9 148
SmsungCT 62.90 +.2 82.70 59.90 0.8 15.8 598
SmsungEl @ 1.3k -21 1.42k 869 0.4 11.5 476
SmsungEM 89.70 -.9 112.50 68.10 0.8 16.8 1078
SmsungEPf 748 -15 826 576 0.7 - 26
SmsungFre 229.50 +1 247.50 195.50 1.6 13.2 138
SmsungSDI 150.50 -1 171.50 115.50 1 17.6 198
WooriFin 10.50 - 14 8.98 2.4 4.8 1446
SPAIN
(Oct 11/Euro)
Abertis 12.07 +.11 12.67 9.33 8.2 7.9 550
Acciona 43.50 +.62 71.88 29.46 7.2 55.2 188
Acerinox 8.46xc +.1 11.26 7.39 6.5 - 321
ACS 17.28 +.28 29.11 10.38 11.6 - 234
Banesto 2.77 -.03 4.65 1.90 9.3 - 108
Bankinter 3.01 +.02 5.41 2.06 4.7 14.2 1712
BanPoplr 1.30 -.07 3.68 1.25 31.1 5.9 16683
BBVArg @ 6.02 +.1 7.35 4.31 6.3 13.8 22472
BcoSabdll 1.97 -.01 2.70 1.19 2.1 24.5 4006
BcoSantdr @ 5.85 +.11 6.65 3.98 11.2 15.6 32212
BcoValen 0.17 -.01 1.28 0.09 - - 1165
CaixaBnk 3.01 +.02 4.12 2.01 7.7 29.8 1207
CorFinAlba 28.76 +.32 36.79 22.10 3.5 - 58
DIA 4.52 +.03 4.62 2.94 2.4 20.9 2417
EbroFood 13.96 +.02 15.39 12.20 3.2 13 140
Enagas 15.31 +.13 16.02 12.51 6.5 9.7 707
Endesa 15.35 +.07 18.20 11.30 3.9 7.8 201
FCC 10.05 +.17 20.70 7.10 12.9 17.1 147
GAMESA 1.56 - 4.07 1.01 0.4 - 1684
GasNatur 11.60 +.03 13.98 8.36 6 9.1 1117
Grifols 26.34 -.41 27.72 10.24 - 50.2 619
GrpFerrov 10.01 -.05 10.69 7.41 4.5 6.9 1274
IAG 2.02 +.04 2.29 1.51 - 15.8 1396
Iberdrola @ 3.77 +.06 5.49 2.63 0.8 7.6 17985
Inditex @ 98 -.62 101 59.50 1.6 28.3 638
IndraSis 7.80 - 12.63 6.08 8.7 9.2 558
Mapfre 2.07 +.05 2.74 1.29 7.2 7.4 5404
MedsetEsp 4 5.20 3.23 3.4 25.4 969
OHL 18.85 -.06 24.15 14 3 7 176
RedElectCp 37.71 +.81 39.75 29 5.9 11 255
Repsol @ 14.81 +.2 24.23 10.90 7.2 9.9 3696
TechReun 36.67 +.83 38.66 23.10 3.7 15.3 137
Telefonica @ 10.21 +.06 15.96 7.90 7.3 10.7 14796
ZardoyaO 8.86 - 10.48 8.09 5.3 17.3 123
SWEDEN
(Oct 11/Kroner)
AlfaLaval 120.10 - 147 107.90 2.7 16 1618
AssaAbloy 214 -.5 220.60 140.10 2.1 18.9 1239
AstraZen 308.10 +1.1 329.80 285 6.9 7.1 493
AtlasCpcoA@ 155 +.9 175.60 123.80 3.2 13.4 2106
ElctxB 164.20 +1.5 177 100.60 4 19.8 1147
EricssonB @ 58.30 +.25 72.55 55.90 4.3 12.4 5853
H & M @ 229.60 -.9 257.30 191.30 4.1 22.3 2529
IndVardenA 95.60 +.15 109.20 75.50 4.7 2.9 76
InvestorB 145.60 +1 152.10 114.60 4.1 - 1104
Kinnevik 136.90 +.4 155.20 121.20 4 44.4 228
NordeaBk @ 63.20 +.8 66.95 46.80 3.6 10.5 7983
Sandvik 89.10 -.1 108 72.90 3.6 16.5 5114
ScaniaA 117.40 +.2 140 91.20 4.3 - 8
ScaniaB 118.90 -.1 142.20 92.75 4.2 12.3 1758
SEB @ 55.75 +.2 57.95 34.10 3.1 11.3 5453
SkanskaB 104.20 -.4 125.90 91.20 5.8 14.2 1722
SKF B 143.30 -.2 174.80 119.30 3.8 12.4 2074
SSABA 47.22 +1.75 76.60 45.10 4.2 11.7 3996
SvenCellB 118 +1.8 125 85.05 3.6 - 2514
SvenskaHn@ 241.70 -.6 249.90 161.90 4 11.6 1483
Swedbank @ 123.10 +1.3 126.80 75.65 4.3 13.5 2772
SwedMatch 257 +1 294.50 210.80 2.5 18.8 955
Tele2B 118.70 -.4 134.18 102.30 11 12.3 981
TeliaSonra @ 46.19 +.04 49.65 41.03 6.2 11.1 7688
VolvoA 92 - 100.50 66.95 3.3 - 69
VolvoB @ 92 -.15 100.40 66.70 3.3 10.6 5065
SWITZERLAND
(Oct 11/Frs)
ABB Ltd @ 17.72 +.18 20.20 14.45 3.7 14.5 5443
Actelion 47.39 -.08 48.72 29.11 1.7 19.5 219
Adecco 47.08 +.89 49.52 34.71 3.8 14.7 684
Baloise 76.30 +.9 77.35 58.30 5.9 46.8 176
CredSuisse@ 21.21 +.52 27.63 15.97 3.5 39.3 7819
GAMHldgs 12.35 +.1 13.80 9.43 4 - 316
Givaudan 934.50 +3 970 739 2.4 25.7 25
Holcim @ 63.60 +.45 64.70 46.16 1.6 69.9 564
JulBaerGp 32.08xr +.27 38.33 29.34 3 22.6 1546
Kuhn&Nag 106 -.1 125 93.10 3.6 25.4 107
Logitech 8.24 -.2 9.90 5.83 9.6 34.3 1243
Lonza Grp 46.79 +.15 62.35 32.81 4.6 16.2 294
Nestle @ 61.15 -.1 61.80 49.92 3.2 19.7 3727
NobelBiocr 8.79 -.04 13.56 8.33 1.7 23.1 558
Novartis @ 57.70 -.25 59.05 47.12 3.9 17.2 2299
Pargesa 63.90 -.1 70.65 51.05 4 37.2 54
Richemont@ 59.90 +2.6 64.75 43.60 0.9 18 2739
Roche @ 181.20 - 184.50 133 3.8 18.5 925
Roche Br 185.80 -.2 189 142.40 3.7 - 10
Schindler 120.30 +.7 121.20 98.50 1.7 25.5 22
SchndlerPC 120.40 +.6 121.80 96.85 1.7 - 56
SGS SA 1.97k +3 2k 1.39k 3.3 28.2 6
Sonova 96.45 +.3 104.60 74.80 1.2 26 115
SwatchGpI @ 380 +11.7 439.70 319.10 1.5 - 353
SwatchGpN 65.80 +1.5 76.50 56.90 1.7 - 77
Swiss Re @ 63.80 +.05 65.60 43.14 4.7 6.9 806
Swisscom @ 382.60 -.6 397.70 328.10 5.8 30.6 73
SwissLife 118.30 +1.9 119.10 74.35 7.6 6.7 95
Syngent @ 349.30 +.1 359.30 249.60 2.3 20.3 155
Transocean 43.23 +.33 54.30 36.02 5.1 - 353
UBS @ 11.79 +.11 13.60 9.69 0.8 17.3 11861
ZurichFin @ 238.40 +2 246.80 182 7.1 9.2 299
TAIWAN
(Oct 11/T$)
Acer 27.20 -.65 46.15 25.45 - - 13
Au Optrncs 10.25 +.05 18 8.19 - - 70
CathayFin 32.05 -.45 35.24 26.48 1.5 35.6 20
ChimeiInn 10.25xr -.05 17.43 8.45 - - 44
ChinaSteel 26.05xa -.3 30.44 24 3.8 63.5 10
Chinatst Fin 16.85 -.45 19.12 14.20 2.2 11.9 38
ChnghwTl @ 93.40 -.2 104.50 87.50 5.8 17 10
CompalElc 21.65 -1.55 35.80 21.60 6.5 12.3 57
DeltaElc 100.50 -7.5 114.50 63 3.5 18.6 5
FormoC&F 75.60 -1.1 93.70 73.30 5.3 - 4
FormPlastic 79.60 -1.4 93.90 73.60 5 36.9 12
FubonFnH 32.20 -.3 35.15 26.29 3 11.6 22
HonHaiPrc @ 86 -3.3 106.36 64.18 1.6 12.4 71
HTC 248.50 -18.5 765 230.50 16.1 5 7
MediaTek 325.50 +1.5 345 235 2.8 28.5 18
Mega Fin 22xc -.3 24.14 17.34 3.8 12 21
NanYaPlast 55 -1.8 72.80 50.20 3.8 - 6
Quanta Cmp 69.90 -2.3 86.40 53.40 5.7 11.6 27
TaiwanMob 113 -2 115.50 82.60 5.5 21.4 6
TaiwanPet @ 86.60 -1.8 99.50 77.50 2.3 - 2
TaiwanSem@ 85.50 -1.6 91.30 68.70 3.5 16.1 78
Utd Micro 11.70 -.2 15.75 11.60 4.3 20.2 16
THAILAND
(Oct 11/Baht)
Adv Info @ 204 -1 227 120 5 22.1 6264900
Bangkk Bk 194 +2 203 130.50 3.1 12.2 5160600
PTT @ 315 +1 369 268 3.4 10.73378000
PTT Exp 156 +2 187 140 3.6 10.74035800
SiamCem 360 +7 365 260 3.2 20.73336400
SiamComBk@ 169.50 +3 172 99.25 2.1 16.2 3894700
TURKEY
(Oct 11/Tk Lira)
Akbank 8.16 +.3 8.16 5.28 1.3 14.6 19531
KOC Hold. 7.38 +.08 7.44 4.97 1.6 9.3 4632
Sabanci 8.18 +.16 8.30 5.10 1.2 11.2 5870
TGaBan @ 8.38 +.26 8.46 5.44 1.7 10.9 35779
Trk.Isbank 5.92 +.08 5.94 3.14 2 9.5 61489
TrkHalkBk 15.60 +.45 16.70 9.20 106.8 8.6 6674
Turkcell 11.05 +.1 11.40 8.04 - 12.7 3706
TurkTelek 7.08 -.02 8.38 6.24 7.7 10.6 3262
YapiKred 4.53 +.14 4.53 2.48 - 9.8 58584
NewWorld 12.26 -.5 12.80 6.13 0.2 6.4 30941
PetroChina @ 10.38xd +.18 11.92 8.82 3.8 12.1 69763
PowerAst @ 65.30 -1 67.20 52.55 3.5 14.9 3763
SHK Props @ 108.80 -2.4 122 85.30 3.1 6.5 7437
Sino Land 13.82 -.38 14.68 9.28 3.3 8.2 11492
Sinopec @ 7.77 +.11 9.67 6.38 4.8 9.8 100145
Swire Pacic@ 91.35 -.7 96.80 67.12 3.7 8.2 2045
SwirePac B 17.66 -.08 18.50 13.55 3.8 4.1 928
Tencent @ 257.40 -2.4 268.80 139.80 0.3 34.8 2376
WharfHld @ 50.95 -.5 54.90 33.25 2.3 3.9 5950
Wheelock 33.80 -.45 35.70 17.87 2.1 2.6 1456
INDIA
(Oct 11/Rupee)
BharatHvy 251.55 +6.4 344 195.05 2.5 8.7 958
BhrtiAirtel @ 267.20 +5.4 412.25 238.50 0.4 26.6 224
CairnInd 330 +2.85 400.95 270.70 - 7 198
CoalIndia 358.55xd +5.25 386 293.75 0.1 15 92
GAIL 375 -.55 445 303.10 2.3 12.5 540
HDFC Bk @ 624.55 +6.4 639.25 400.45 0.7 26.6 209
HsngDevFin@ 747.40 +6.7 793.85 600.85 1.5 19.3 121
ICICI Bk @ 1.06k +4.55 1.1k 641 1.6 15.1 598
IndianOil 258.60 +.3 318.70 239 1.9 - 25
Infosys @ 2.53kxd +27.2 2.98k 2.1k 1.9 16.3 188
ITC @ 282.90 +2.4283.90 189.40 0.8 36.6 260
JindalS&P 419.15xd +2.7 663.40 321.10 0.4 11.4 187
Larsen&T @ 1.65k +36.3 1.66k 971 1 22.1 249
MMT C 751.10xd +.2 1.01k 438.55 0 - 27
NatlThmPr 167.85 +1 190.30 138.95 2.4 14.3 223
NMDC 190.65xd +1.65 255 136.15 2.4 10.3 24
OilNatGas @ 280.10xd +3.75 303.90 240.10 3.5 8.8 95
RelianceIn @ 819.50 +3.35 902 671 0.7 14.2 367
SBI NewA @ 2.27k +41.55 2.47k 1.58k 1.5 8.3 654
SteelAuthr 85.70xd +.95 117 73 2.3 10.4 180
Sterlite 102.25 +1.4 138.40 86.10 2 7.8 506
TAMO 273.80 +5.95 320.60 159 1.5 6.3 833
TataCnslty @ 1.29k +.25 1.44k 1.01k 1.9 21.9 66
TataSteel 420.35 +8.7 500.90 332.35 2.9 - 1157
Wipro @ 358.85 -2.2 452.50 325.60 1.7 15.1 80
INDONESIA prices in 000s
(Oct 11/Rupiah)
AdaroEgy 1.42 -.02 2.15 1.18 4.7 8.9 26781
Astra Int @ 8 -.05 8.30 6.12 2.5 17.2 34219
Bk Negara 3.80 -.03 4.23 3.33 1.6 11.1 30453
BkCentAsia@ 8 +.05 8.40 6.75 1.4 17.2 5777
BkMandiri @ 7.95 -.15 8.60 5.95 1.3 14.1 31653
BkRakyat @ 7.50 -.1 7.70 5.15 1.6 10.6 19712
Gudang Grm 51.85 +.25 67 45.90 1.9 21.2 692
Telkom @ 9.75 +.1 9.85 6.60 3.8 16.5 18305
Unilever @ 25.95 +.05 28.50 15.25 2.1 44.7 1243
IRELAND
(Oct 11/Euro)
Aer Lingus 1.10 +.02 1.18 0.63 2.7 9.2 308
BkofIrelnd 0.10 - 0.16 0.07 - 4.7 19967
CRH 14.05xd +.17 16.93 11.85 4.4 17.1 1159
Elan Crp 8.44 -.15 12.01 7.29 - 15.1 209
GraftonGrp 3.50 +.05 3.58 2.25 2.2 - 872
Ind News 0.09 -.04 0.35 0.08 - - 1828
Irish Lf 0.03 - 0.08 0.02 - - 96
Kerry Gp 40.15 -.1 41.20 24.74 0.8 21.8 266
Ryanair 4.58 +.04 4.62 3.14 7.4 12.7 1528
ITALY
(Oct 11/Euro)
A2A 0.40 + 0.99 0.29 3.3 - 20248
Acea 4.29 +.04 6.14 3.61 6.5 19.6 47
Atlantia 12.15 +.15 12.86 9.03 5.8 9 1504
Autogrill 7.59 +.24 8.86 5.99 3.7 19.4 1576
BcaCarige 0.77 +.01 1.58 0.50 9.2 7 1284
BcaMilano 0.44 +.02 0.62 0.25 7.4 - 25018
BcaPEmilR 4.54 +.08 6.74 2.80 0.7 6.4 1261
BcoPoplre 1.24 +.03 1.70 0.79 - - 11563
BcPSondrio 4.61 +.03 6.85 3.76 2 16.2 285
BuzziUnicm 9.05 +.07 9.49 5.79 0.6 61.6 951
Campari 6.35 +.06 6.36 4.86 1.1 22.6 1325
CredEmil 3.63 +.04 4.22 2.30 2.8 11.1 77
ENEL @ 2.85 +.02 3.62 2.02 9.1 7.8 36210
ENI @ 17.46 -.12 18.72 14.37 6.1 9.2 13569
ERG 5.82 +.05 9.60 4.28 6.9 - 85
Exor 20.80 +.3 21.50 13.64 1.6 19.5 225
Fiat 4.38 +.1 5.23 3.25 - 26.1 13930
Fiat Ind 7.79 +.11 8.85 5.28 2.4 12.5 2941
Finmecnca 4.19 +.06 5.69 2.56 - - 9248
Generali @ 11.70 +.19 13.70 8.16 1.7 20.2 5750
IntSanPSvg 1.08 +.03 1.39 0.68 - 5.1 8104
IntSPaolo @ 1.28 +.04 1.65 0.85 - - 196611
Italcementi 4.15 + 6.10 3.08 2.9 - 503
Lottomatica 17.43 -.23 18.35 10.32 4.1 13.2 424
Luxottca 28.59 +.66 29.76 19.60 1.7 26.3 1016
Meddiolan. 3.60 +.08 3.88 2.18 3.1 14.1 2870
Mediaset 1.45 +.03 2.88 1.14 6.9 15.8 11200
Mediobnca 4.27 +.1 6.20 2.34 1.2 44.6 5029
MontePsS 0.23 +.01 0.44 0.14 9.1 - 183430
Parmalat 1.74 +.01 1.86 1.27 5.8 13.2 1001
Pirelli&C 8.85 +.21 9.83 5.56 3.1 8.3 2035
Prysmian 14.61 +.23 14.98 9.07 1.4 27.9 1524
Saipem @ 37.29 +.01 40.12 26.63 1.9 17.1 1672
Saras 1.08 +.01 1.27 0.66 - - 1865
Snam 3.47 +.04 3.80 3.07 6.9 16.2 8655
TelcmItalR 0.67 -.01 0.80 0.51 8 8.4 19120
TelecmItal @ 0.77 0.96 0.60 5.6 - 68492
TERNA 2.88 - 3.06 2.39 7.3 17.4 7804
TODS 87.45 +1 91.10 60.45 2.9 18.6 150
UBI Banca 3.07 +.09 4.12 1.82 1.6 - 4004
UniCred @ 3.50 +.13 7.01 2.20 5.6 - 118575
JAPAN prices in 000s
(Oct 11/Yen)
Aeon 0.87 -.01 1.11 0.87 2.6 9.9 3027
Ajinomoto 1.18 -.03 1.23 0.85 1.4 18.2 3551
AozoraBk 0.23 0.26 0.15 4 9.4 8261
Asahi Glass 0.51 0.77 0.42 5.1 12 6554
AstellasPh @ 3.80 - 4.05 2.80 3.3 18.1 1790
Bridgestne @ 1.72 -.02 2.09 1.60 1.6 8 2262
Canon @ 2.40 +.04 4.02 2.31 5 12.8 5959
ChubuElec 0.95 +.02 1.58 0.80 6.3 - 3166
Chugai Ph 1.58 1.67 1.13 2.5 19.2 1308
CntJpRwy @ 6.81xa +.05 7.04 5.96 1.4 7.8 480
DaikinInd 1.91 +.03 2.46 1.84 1.9 10.5 1410
DaiNpPrnt 0.51 + 0.87 0.50 6.2 21 3466
DaiSankyo 1.18 - 1.63 1.17 5.1 17.4 2608
DaiwaSec 0.29 0.36 0.23 2.1 39.2 7271
Denso @ 2.36 + 2.85 2 1.9 12.1 1951
EastJpRwy @ 5.35 +.11 5.50 4.48 2 12.9 2227
Eisai 3.37 -.02 3.71 2.83 4.4 16.9 1249
Fanuc @ 12.12 -.33 15.63 10.86 1.7 20.4 1466
FastRetail @ 17.81 -.23 19.15 11.95 1.2 22.4 635
FujiFilmH 1.27 +.01 2.10 1.24 2.7 10.6 2045
Fujtsu 0.28 0.45 0.28 3.5 9.7 11529
Hitachi @ 0.41 -.01 0.56 0.37 2 9.4 39100
Honda Mt @ 2.32 -.02 3.30 2.13 2.7 8.6 4626
Hoya 1.65 1.94 1.54 3.9 11.6 1149
Inpex @ 465.50 -4.5 611 418.50 1.5 10.1 6
Itochu 0.76 -.01 0.97 0.71 5.8 4.3 5637
JapanTob @ 2.23xa +.08 2.58 1.74 2.2 13.3 4439
JFE 0.99 -.01 1.88 0.94 2 8.4 4826
JX Hldgs 0.44 +.01 0.54 0.35 3.6 10.9 13905
KansaiEP 0.59 +.03 1.45 0.48 5.1 - 11948
Kao Corp 2.23 2.39 1.95 2.7 19.6 1009
KDDI Cp @ 5.84xa +.09 6.23 4.74 2.7 10.5 1703
Keyence 19.30 +.08 21.32 16.44 0.2 22.6 94
KirinHldgs 1.02 -.02 1.09 0.86 2.6 21.5 2202
Komatsu @ 1.49 -.02 2.51 1.44 2.8 9.3 5026
Kubota 0.78 -.01 0.83 0.60 1.9 15.4 5148
Kyocera 6.45 -.02 8.03 6 1.9 19.5 1111
Kyushu EP 0.65 +.03 1.27 0.45 7.7 - 4997
Marubeni 0.49 -.01 0.65 0.39 4.1 4.2 10077
MitsubElec 0.57 - 0.79 0.56 2.1 10.3 6070
MitsubEst @ 1.50 -.04 1.58 1.12 0.8 41.6 6142
MitsubHvy 0.34 -.01 0.41 0.29 1.8 20.8 21329
Mitsubishi @ 1.35 -.01 2.04 1.34 4.8 5 7030
MitsubTk @ 0.36 0.45 0.32 3.4 7.5 56623
Mitsui @ 1.08 + 1.44 1.04 5.1 4.8 6014
MitsuiFud @ 1.54 -.03 1.68 1.09 1.4 24.6 4967
MitsuiSmIns 1.32 -.02 1.81 1.14 4.1 10.5 1675
Mizuho @ 0.12 0.15 0.10 4.9 5.9 80059
Murata Mfg 3.84 -.1 5.13 3.61 2.6 21.6 38
NEC 0.13 0.18 0.10 - 16.4 20621
Nintendo @ 10.22 +.05 13.08 8.06 1 - 16
NipStlSuMet 0.16 - 0.25 0.14 1.6 - 52007
Nissan Mt @ 0.66 -.01 0.91 0.64 3 7.4 20804
Nitto Denko 3.46 +.01 3.97 2.65 2.9 12.2 746
NKSJ 1.50 -.02 2.05 1.39 5.3 25.9 1254
Nomura 0.27 0.42 0.22 2.3 25.2 27517
NTT @ 3.80 +.04 4.09 3.27 3.7 8.7 3518
NTT Data 246.20 -1 294.20 213.30 2.4 18.2 6
NTTDCMo @ 122.90 -.8 145 122.70 4.5 9.5 81
Orix 7.80 -.06 8.54 5.97 1.1 8 633
Panasonic 0.48 - 0.83 0.47 2.1 25.2 20384
Resona 0.34 - 0.42 0.28 3.6 6 11307
Ricoh 0.69 -.02 0.85 0.49 3.6 15.6 9527
Rohm 2.51 +.01 4.26 2.48 2.4 34.5 3
Secom 3.88 -.02 4.19 3.33 2.3 14.3 694
SekisuiHse 0.78 0.82 0.64 2.8 12 3459
Seven & I @ 2.27xd -.03 2.66 2.05 2.8 14.1 3065
Sharp 0.15 -.01 0.79 0.14 6.8 - 79994
ShnEtsuCh @ 4.38 +.06 4.88 3.60 2.3 18 1502
SMC Cp 11.87 -.01 14.20 11.25 1.1 13.9 175
Softbank @ 2.88 -.04 3.34 2.05 1.4 10 9722
Sony 0.89 -.01 1.83 0.85 2.8 44.7 10924
SonyFinH 1.33 -.03 1.55 1.08 1.5 15.6 755
SumitChm 0.19 0.37 0.19 4.8 10.3 12088
SumitoEle 0.78 -.01 1.17 0.75 2.4 8.5 3759
SumitomMI 0.12 - 0.18 0.10 1.7 -
Sumitomo 1.04 1.28 0.90 4.8 5 3455
SumitomoF@ 2.35 -.02 2.93 2 4.2 6.9 7403
Suzuki Mt 1.60 -.01 2.07 1.33 0.9 12.2 2109
T&D Hld 0.81 -.02 1.06 0.66 2.8 15.4 3881
Takeda Ph @ 3.53 +.01 3.79 3.02 5.1 18 1823
TDK 2.78 -.05 4.84 2.60 2.9 9 1816
Terumo 3.18 -.05 4.16 2.76 1.2 17.7 691
Tohoku EP 0.64 +.02 1.07 0.45 - - 3197
TokioElPw 0.13 - 0.33 0.12 - - 5879
TokioMrne @ 1.99 -.01 2.35 1.65 2.5 14.6 2795
Tokyo Elcn 3.35 +.07 4.94 3.16 2.4 43.2 2513
TokyoGas 0.43 +.01 0.44 0.31 2.1 12.6 11447
Toshiba 0.25 + 0.38 0.23 3.1 9.8 43414
Toyota @ 2.90 -.04 3.64 2.33 1.7 - 7327
Toyota Ind 2.13 -.02 2.61 1.95 2.3 12.6 516
WstJpnRwy 3.31 +.02 3.53 3.04 2.7 11.7 684
Yahoo Jpn @ 28.26 -.38 29.95 21.65 1.2 15.2 100
YokohaBk 0.36 + 0.42 0.34 2.8 8.8 4263
MALAYSIA
(Oct 11/Ringgit)
AxiataGp @ 6.58xd -.13 6.83 4.65 3.5 23.5 15715
CIMB Grp @ 7.72 -.06 7.96 6.64 1.9 13.5 3822
Digi.com 5.46 +.01 5.52 3 4 31.9 5603
Genting 8.66xd +.01 11.32 8.55 0.9 12.3 4752
Genting Mly 3.62xd - 4.12 3.28 2.4 14 2243
IOI Corp. 5.06 -.02 5.55 3.75 3.1 18.2 3656
KL Kpng 21.32 -.04 26.76 15.30 4 18.2 163
MalayBnkng@ 8.96xd - 9.56 7.90 7.6 12.7 6113
Maxis 7.05 +.01 7.10 5.18 4.5 21.4 7494
MISC 4.30 -.05 7.10 3.86 5.8 - 1853
PetChem 6.42xd - 7.03 5.57 2.5 13.7 1216
PetGas 19.88 - 20.24 12.30 2 26.5 1643
PPB Grp 12.10 +.14 17.98 11.90 1.7 19.8 416
Public Bk 14.56 -.04 14.64 12.28 3.3 13.9 1087
Public BkF 14.58 -.08 14.70 12.28 3.3 - 411
SimeDarby @ 9.77 +.05 10.26 7 3.6 14.1 3415
TelekmMala 6.29 +.02 6.40 3.93 7.9 15 4868
Tenaga Nsl 6.99 -.01 7.22 5.17 0.7 13.8 4651
YTL Power 1.59xd -.03 1.93 1.53 2.9 9.4 3462
MEXICO
(Oct 11 / 12:00 am/Peso)
AmerMvl @ 16.68 -.01 18.80 14.54 1.2 15.8 19433
CemxCPO 11.44 +.26 11.98 3.70 8.2 - 15194
FEMSAUBD@ 119.90 -.11 123 82.90 1.5 27 521
GrpElektra 546.18 +2.18 1.48k 407 0.4 56.6 48
GrpMexico @ 42.40 +.67 43.51 32.54 3.9 - 7478
Inbursa @ 34.77 +.01 37.95 23.13 0.9 37.6 2043
Telmex L 10.10 - 10.50 9.50 6.8 12.5 46
TlvCPO 61.20 +.37 63.58 48.50 0.6 24.5 1289
Walmex @ 38.10 -.15 45.15 32.11 1.2 30.7 4654
Thursday stock close Days
traded ms price change
Sprint Nextel 29.2 5.71 +0.67
Intel 21.1 21.78 +0.02
Microsoft 20.8 29.03 +0.05
Cisco Systems 15.4 18.29 -0.02
Marvell 10.6 8.75 -0.08
Apple 10.4 633.46 -7.45
Oracle Corp 9.6 30.76 +0.18
Dell 8.5 9.49 +0.06
News Corp 8.4 24.19 -0.15
DollarTr 7.6 42.88 -4.04
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
Sprint Nextel 5.71 0.67 +13.33
Peabody Energy 26.10 2.07 +8.61
Fastenal Co 45.77 3.45 +8.15
CONSOL Energy 35.40 2.55 +7.76
Downs
DollarTr 42.88 -4.04 -8.60
Expedia 53.56 -1.72 -3.11
Citrix Sy 66.75 -1.95 -2.84
Safeway 15.84 -0.45 -2.76
Based on the constituents of the S&P500 and the Nasdaq 100 index
Thursday stock close Days
traded ms price change
LlydsBkg 197.0 39.25 +0.77
Barclays 55.3 232.65 +10.65
Vodafone 48.5 178.35 +0.30
BP 26.0 438.75 +2.70
HSBC 18.2 597.20 +7.60
TaylorWm 17.7 58.00 +1.35
Tesco 16.7 313.00 +1.80
BT 16.7 220.90 +1.50
Morrison 15.8 269.50 -4.50
BAE Sys 14.5 328.50 +7.60
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
Bumi 259.00 73.30 +39.47
Burberry 1,136.00 133 +13.26
HomeRet 105.00 6.30 +6.38
PremOil 374.70 20.50 +5.79
Downs
Kenmr 36.51 -2.04 -5.29
Man 88.85 -4.55 -4.87
Greggs 495.50 -21 -4.07
Diploma 456.70 -18.40 -3.87
Based on the constituents of the FTSE 350 index
Thursday Turnover close Days
Euro/ms price change
Siemens AG 464.1 77.05 -1.00
Unicredit 415.2 3.50 +0.13
IntSanPaolo 251.3 1.28 +0.04
Deutsche Bank 237.2 33.10 +1.16
Eni 236.9 17.46 -0.12
Allianz SE 211.5 92.23 +1.14
BASF 204.5 64.95 +0.87
Bayer AG 195.6 68.57 +0.82
Deut Tlkm 188.9 9.36 +0.15
BcoSantdr 188.3 5.85 +0.11
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
SocieteGen 23.85 +1.11 +4.86
CreditAgric 5.98 +0.25 +4.35
Raieisen 31.69 +1.29 +4.24
MontePsS 0.23 +0.01 +4.07
Downs
BanPoplr 1.30 -0.07 -4.90
Coca-Cola HBC 15.66 -0.80 -4.86
Nokia 1.97 -0.04 -1.99
Siemens AG 77.05 -1.00 -1.28
Based on the constituents of the FTSEurorst 300 Eurozone index
Thursday stock close Days
traded ms price change
Mizuho Fin 80.1 123 -1
Sharp Corporat 80.0 146 -7
MUFG 56.6 355 -1
Nippon Steel 52.0 159 -
Toshiba 43.4 254 +2
Hitachi 39.1 405 -5
MisuiOsk 29.7 177 -1
Nomura Hldg 27.5 265 -2
SMTH 23.4 217 -2
MitsubHeavy 21.3 339 -7
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
Kansai Elec P 591 29 +5.16
ADVANTEST 880 34 +4.02
JAPAN TOBACCO 2231 77 +3.57
Furukawa Elec 149 4 +2.76
Downs
Toho Zinc 252 -13 -4.91
Sharp Corporat 146 -7 -4.58
Mitsubishi Matls 222 -9 -3.90
GS Yuasa 330 -11 -3.23
Based on the constituents of the Nikkei 225 index
Oct 11
3026
2195
722
109
84
16
Sprint Nextel
Share Price
Sep 11 2012/2012 Oct 11
Bumi
Share Price
Sep 11 2012/2012 Oct 11
Banco Popular Esp
Share Price
Sep 11 2012/2012 Oct 11
Kansai Elec P
Share Price
Sep 11 2012/2012 Oct 11
n AMERICA
ACTIVE STOCKS
n LONDON
ACTIVE STOCKS
n EURO MARKETS
ACTIVE STOCKS
n TOKYO
ACTIVE STOCKS
Oct 10
3090
1139
1845
106
51
34
Oct 9
3105
688
2319
98
102
25
Issues Traded
Rises
Falls
Unchanged
New Highs
New Lows
Change
on day
0.67
Change
on day
73.30
Change
on day
-0.07
Market data provided by
Market data provided by
Change
on day
29.00
n MAJOR MARKET VOLUMES
5 day
Oct 11 Oct 10 average
NYSE 277 590 509
NASDAQ 769 1794 1400
UK 3173 2572 2829
France 182 177 187
Germany (u) 126 153
Japan 1378 1234 1244
Volumes are rounded to nearest million.
n MAJOR INDICES-HIGHS & LOWS
Oct 11 Days Days
Open Close high low
DJ Ind 13346.28 13368.66 13428.49 13346.20
Nasdaq Cmp 3075.89 3059.69 3078.08 3056.72
S&P 500 1432.82 1438.40 1443.90 1432.82
FTSE E300 1091.78 1098.80 1101.53 1088.58
FTSE 100 5776.71 5829.75 5846.30 5766.69
FTSE All Sh 3017.76 3043.58 3051.77 3012.76
CAC 40 3352.85 3413.72 3423.98 3351.44
XETRADAX 7192.75 7281.70 7305.46 7182.31
Topix 711.05 713.95 719.16 710.32
Nikkei 8514.63 8546.78 8607.42 8514.63
Hang Seng 20813.05 20999.05 21013.45 20813.05
SMI 6610.92 6654.02 6671.43 6608.93
AEX 325.48 329.55 330.44 325.35
n NYSE RISES AND FALLS
%
Cyprus Popular Bank 3.00
Investec Bank (UK) 0.50
ADVERTISED BASE
For further information on any of these
rates please contact each bank directly.
LENDING RATES
www.ft.com/ir
OCTOBER 12 2012 Section:Stats Time: 11/10/2012 - 18:32 User: sheehanr Page Name: WSM1 USA, Part,Page,Edition: EUR, 24, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

25
MARKET DATA
Argentina Merval 2412.71 2387.81
Australia ALL ORDINARIES 4505.20 4511.90
S&P/ASX200 Res 4158.51 4187.41
S&P/ASX200 4483.53 4490.74
Austria ATX 2160.52 2128.03
Belgium BEL 20 2377.02 2363.23
BEL Mid 3726.93 3752.51
Brazil Bovespa 59210.90 58456.28
Canada S&P/TSXMet & Min 916.95 898.22
S&P/TSX60 700.50 697.08
S&P/TSXComp 12270.32 12212.42
Chile IGPAGen 20765.38 20732.87
China Shanghai A 2202.25 2220.15
Shanghai B 220.59 221.93
Shanghai Comp 2102.87 2119.94
Shenzhen A 907.18 921.01
Shenzhen B 583.25 588.26
FTSE A200 6303.01 6356.57
FTSE B35 7500.51 7546.44
Colombia CSE Index 14262.31 14212.06
Croatia CROBEX 1752.24 1757.94
Cyprus CSE M&P Gen 114.70 110.03
Czech Republic PX 985.69 983.59
Denmark OMXC Copenhagen 20 495.21 496.10
Egypt EGX30 5739.02 5755.40
Estonia OMXTallinn 668.88 667.33
Finland OMXHelsinki General 5505.31 5476.21
France CAC 40 3413.72 3365.87
SBF 120 2625.06 2592.39
Germany M-DAX 11328.42 11244.26
XETRADax 7281.70 7205.23
TecDAX 810.45 809.40
Greece Athens Gen 798.66 799.42
FTSE/ASE 20 290.91 289.71
Hong Kong Hang Seng 20999.05 20919.60
HS China Enterprise 10231.20 10041.11
HSCC Red Chip 4055.21 4036.21
Hungary Bux 19149.07 18948.74
India BSE Sens 18804.75 18631.10
S&P CNX500 4523.60 4477.30
Indonesia Jakarta Comp 4284.97 4280.01
Ireland ISEQ Overall 3232.11 3240.98
Oct Oct
11 10
Israel Tel Aviv 100 1076.99 1066.89
Italy FTSE MIB 15634.45 15440.63
FTSE Italia Mid Cap 17130.51 17080.75
FTSE Italia All-Sh 16526.80 16361.01
Japan Nikkei 225 8546.78 8596.23
Topix 713.95 716.84
S&PTopix 150 597.89 600.31
2nd Section 2196.25 2202.08
Jordan Amman SE 4506.63 4513.85
Kenya NSE 20 (u) 3982.94
Latvia OMXRiga 390.84 389.67
Lithuania OMXVilnius 349.24 346.97
Luxenbourg Luxembourg General 801.91 800.81
Malaysia FTSE Bursa KLCI 1655.47 1659.40
Mexico IPC 41682.10 41470.05
Morocco MASI 9354.78 9420.80
Netherlands AEX 329.55 326.80
AEXAll Share 514.70 511.17
New Zealand NZX50 3883.30 3888.14
Nigeria SE All Share 27371.30 27006.77
Norway Oslo All Share 497.41 494.63
Pakistan KSE 100 15845.30 15753.82
Philippines Manila Comp 5353.47 5369.60
Poland Wig 44224.67 44234.24
Portugal PSI General 2222.86 2196.37
PSI 20 5376.64 5310.47
Romania BET Index 4782.00 4809.33
Russia RTS 1489.08 1483.84
Micex Index 1462.16 1457.70
Singapore FTSE Straits Times 3032.66 3033.81
Slovakia SAX 190.28 190.40
Slovenia SBI TOP 582.56 586.41
South Africa FTSE/JSE All Share 36498.44 36147.62
FTSE/JSE Top 40 32352.10 32008.14
FTSE/JSE Res 20 50109.25 49667.79
South Korea Kospi 1933.09 1948.22
Kospi 200 252.84 255.15
Spain Madrid SE 778.98 771.94
IBEX35 7734.70 7668.00
Sri Lanka CSE All Share 5720.86 5772.52
Sweden OMXStockholm30 1065.34 1061.55
OMXStockholmAS 329.62 328.58
Switzerland SMI Index 6654.02 6629.04
Taiwan Weighted Pr 7451.72 (c)
Thailand Bangkok SET 1294.90 1289.35
Turkey ISE 100 69577.60 68457.58
UK FTSE 100 5829.75 5776.71
FT30 2092.20 2072.90
FTSE All Share 3043.58 3017.76
FTSE techMARK 100 2404.72 2392.37
FTSE4Good UK (u) 4832.10
USA S&P 500 1438.40 1432.56
FTSE Nasdaq 5000 8131.36 8113.79
Nasdaq Cmp 3059.69 3051.78
Nasdaq 100 2730.87 2728.54
Russell 2000 831.85 826.75
NYSE Comp. 8285.39 8229.17
Wilshire 5000 14994.18 14966.74
DJ Industrial 13368.66 13344.97
DJ composite 4474.01 4456.80
DJ Transport 5021.59 5006.09
DJ Utilities 480.22 478.33
Venezuela IBC 354007.66 351000.88
Vietnam VNI 394.19 394.66
Cross-Border Stoxx 50 2537.50 2519.85
Euro Stoxx 50 2487.08 2456.54
DJ Global Titans $ 197.14 196.90
Euronext 100 ID 653.25 646.27
FTSE Multinatls $ (u) 1187.12
FTSE Global 100 $ 1058.63 1054.30
FTSE4Good Glob $ (u) 4430.28
FTSE E300 1098.80 1090.03
FTSEurofrst 80 3282.15 3244.12
FTSEurofrst 100 3294.81 3264.53
FTSE Latibex Top 4559.80 4548.30
FTSE Eurotop 100 2260.99 2243.43
FTSE Gold Min $ (u) 3226.43
FTSE All World (u) 216.93
FTSE World $ (u) 379.84
MSCI All World $ (u) 1305.15
MSCI ACWI Fr$ (u) 329.73
MSCI Europe (u) 1101.54
MSCI Pacifc $ (u) 1963.69
S&P Global 1200 $ 1470.59 1463.53
S&P Europe 350 1106.96 1098.31
S&P Euro 1046.24 1034.81
Country Index Oct Oct
11 10
Oct Oct
11 10
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
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
FTSE Global All-Cap 7255 369.15 -0.6 0.2 10.3 467.17 12.9 2.7 Oil & Gas 175 435.85 -1.0 -0.4 2.5 600.56 5.0 3.0
Oil & Gas Producers 126 399.03 -1.0 -0.2 1.6 557.12 4.2 3.1
Oil Equipment & Services 40 444.20 -0.9 -1.1 8.6 568.20 10.3 2.3
Basic Materials 294 475.72 -0.7 -0.1 0.3 638.83 2.8 2.9
Chemicals 109 517.62 -0.8 -0.7 10.5 704.94 13.1 2.7
Forestry & Paper 15 158.36 -0.6 1.1 1.8 231.17 4.9 3.5
Mining 78 961.67 -0.2 0.7 -6.8 1261.25 -4.5 2.9
Industrials 515 233.80 -0.9 -0.3 8.6 302.76 11.0 2.6
Construction & Materials 110 356.96 -1.0 1.1 8.2 484.17 11.0 2.8
Aerospace & Defense 27 305.20 -0.6 -0.5 7.3 392.65 9.4 2.6
General Industrial 52 169.48 -0.8 2.5 15.3 232.69 18.2 2.9
Electronic & Electrical Equipment 71 234.71 -1.7 -3.4 9.9 284.00 11.9 2.1
Industrial Engineering 106 500.48 -1.4 -1.5 2.7 638.29 4.9 2.5
Industrial Transportation 88 394.16 -0.2 -1.4 5.6 509.51 7.8 2.5
Support Services 61 211.34 -0.8 -0.7 9.8 264.11 12.5 2.7
Consumer Goods 358 323.59 -0.7 0.1 9.8 425.93 12.2 2.6
Automobiles & Parts 88 272.06 -0.9 -2.6 6.9 345.50 8.9 2.3
Beverages 46 463.52 -0.8 1.8 17.2 617.06 19.5 2.3
Food Producers 88 444.09 -0.3 2.5 8.3 603.84 10.9 2.6
Leisure Goods 21 112.19 -2.1 -4.7 -14.4 138.03 -12.7 2.0
Personal Goods 64 470.88 -0.5 -2.8 11.3 601.60 13.3 2.1
Tobacco 13 977.86 -0.8 1.3 11.5 1669.38 15.3 3.9
Health Care 144 281.01 -0.7 2.3 15.4 366.17 18.3 2.6
Health Care Equipment & Services 58 371.42 -0.3 2.1 16.0 410.51 17.4 1.3
Pharmaceuticals & Biotechnology 86 217.83 -0.9 2.4 15.2 292.34 18.5 3.0
Consumer Services 348 263.64 -0.3 0.4 16.3 323.39 18.4 2.1
Food & Drug Retailers 50 212.36 -0.2 -0.5 5.0 268.43 7.7 2.7
General Retailers 112 361.23 -0.2 0.2 20.4 434.10 22.4 1.8
Media 80 187.99 -0.5 1.4 24.9 231.35 27.0 2.0
Travel & Leisure 106 261.94 -0.2 0.0 8.0 324.09 10.0 2.1
Telecommunication 94 152.26 -0.5 -0.7 6.6 235.62 11.8 5.4
Fixed Line Telecommuniations 44 131.32 -0.5 -1.2 4.4 219.35 10.7 6.6
Mobile Telecommunications 50 157.58 -0.4 -0.2 8.9 224.37 13.1 4.1
Utilities 156 232.54 -0.3 0.2 -0.4 375.15 3.6 4.7
Electricity 112 239.81 -0.3 0.8 -4.9 384.20 -1.3 4.6
Gas Water & Multiutilities 44 270.13 -0.3 -0.8 6.7 444.26 11.3 4.7
Financials 615 164.29 -0.3 1.8 16.8 233.07 20.0 3.1
Banks 236 164.27 -0.2 2.0 15.9 245.59 19.5 3.5
Nonlife Insurance 65 147.29 -0.3 2.4 15.8 190.77 19.0 2.6
Life Insurance 46 140.87 -0.7 0.5 16.1 196.80 19.1 3.0
Technology 169 118.54 -0.8 -2.0 13.0 133.71 14.5 1.5
Software & Computer Services 65 191.18 -0.8 -0.6 14.5 211.28 15.7 1.2
Technology Hardware & Equipment 104 94.47 -0.8 -3.0 12.0 107.87 13.6 1.8
Oct 10
Countries & regions
FTSE Global Large Cap 1237 332.46 -0.6 0.3 10.3 427.88 13.1 2.9
FTSE Global Mid Cap 1631 465.40 -0.7 0.1 10.4 569.88 12.5 2.3
FTSE Global Small Cap 4387 495.10 -0.6 -0.4 10.6 591.51 12.5 2.1
FTSE All-World (Large/Mid Cap) 2868 216.93 -0.6 0.3 10.3 288.95 13.0 2.8
FTSE World (Large/Mid Cap) 2464 379.84 -0.6 0.1 10.3 679.53 13.0 2.8
FTSE Global All Cap ex UK 6934 374.60 -0.6 0.3 10.5 468.75 13.0 2.6
FTSE Global All Cap ex USA 5313 398.50 -0.6 0.5 7.5 527.84 10.8 3.3
FTSE Japan Large Cap 171 237.07 -1.7 -3.0 -2.7 278.64 -0.5 2.7
FTSE Japan Mid Cap 277 321.14 -1.8 -2.2 -6.5 369.23 -4.8 2.1
FTSE Japan Small Cap 727 374.79 -1.6 -1.9 -2.6 442.27 -0.5 2.4
FTSE Japan (Large/Mid Cap) 448 96.58 -1.7 -2.9 -3.4 127.87 -1.3 2.6
FTSE North America Large Cap 277 318.53 -0.6 0.3 13.9 390.18 16.0 2.3
FTSE North America Mid Cap 412 467.37 -0.7 -0.6 11.5 546.72 13.0 1.8
FTSE North America Small Cap 1508 488.61 -0.4 -1.6 10.2 558.03 11.5 1.6
FTSE All-World North America 689 212.31 -0.6 0.2 13.5 267.39 15.4 2.2
FTSE All-World Dev ex North Am 1385 199.52 -0.7 -0.1 7.2 283.08 10.6 3.5
FTSE Asia Pacifc Large Cap ex Japan 425 581.20 -0.5 3.7 12.2 788.44 15.4 3.1
FTSE Asia Pacifc Mid Cap ex Japan 446 716.88 -0.3 4.3 11.9 951.08 15.0 3.0
FTSE Asia Pacifc Small Cap ex Japan 1221 531.86 -0.4 3.4 10.3 696.62 13.3 2.9
FTSE Latin Americas All-Cap 208 1233.74 -0.7 1.4 3.2 1652.89 5.6 3.1
FTSE Middle East Africa All-Cap 206 682.67 1.3 -3.6 4.6 930.97 8.0 3.4
FTSE UKAll Cap 321 316.17 -0.5 -0.3 8.6 447.37 12.1 3.7
FTSE USAAll Cap 1942 352.03 -0.6 -0.1 13.7 423.06 15.5 2.0
FTSE Europe All Cap 1377 339.42 -0.5 -0.2 9.4 469.31 13.4 3.8
FTSE Eurobloc All Cap 657 299.82 -0.5 -0.9 7.8 421.09 12.2 4.2
FTSE RAFI All-World 3000 Index 3002 4585.49 -0.6 0.0 7.5 5272.59 10.6 3.2
FTSE RAFI US 1000 Index 997 6268.02 -0.6 0.9 12.7 7353.94 14.9 2.3
FTSE EDHEC-Risk Efcient All-W 2868 240.89 -0.5 0.8 10.6 301.29 13.1 2.6
FTSE EDHEC-Risk Efcient Dev Eur 511 226.70 -0.6 0.8 10.8 303.80 14.2 3.3
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 7255 369.15 -0.6 0.2 10.3 467.17 12.9 2.7
FTSE Global All Cap ex Eurobloc 6598 378.84 -0.6 0.3 10.6 471.99 13.0 2.6
FTSE All-World Developed 2074 336.40 -0.7 0.0 10.6 428.40 13.3 2.8
FTSE Developed All-Cap 5622 351.31 -0.7 -0.1 10.6 443.67 13.1 2.7
FTSE Developed Large Cap 841 315.39 -0.6 0.1 10.8 405.66 13.5 2.9
FTSE Developed Europe Large Cap 200 303.28 -0.5 -0.4 7.8 429.56 11.9 4.0
FTSE Developed Europe Mid Cap 311 392.15 -0.7 0.1 12.4 518.27 15.8 3.1
FTSE Developed Europe Small Cap 724 512.48 -0.9 0.9 15.7 662.61 19.0 3.1
FTSE All-World Asia Pacifc ex Japan 871 454.40 -0.5 3.8 12.1 656.39 15.3 3.0
FTSE All Emerging All-Cap 1633 700.79 -0.2 2.5 8.5 912.17 11.7 3.1
FTSE All Emerging Large-Cap 396 673.14 -0.2 2.2 6.5 878.75 9.7 3.2
FTSE All Emerging Mid-Cap 398 848.80 0.0 3.4 14.4 1108.74 17.4 2.8
FTSE All Emerging Small-Cap 839 688.05 -0.4 3.5 16.9 873.01 19.9 2.7
FTSE All-World All Emerging Europe 80 474.26 -0.1 0.8 14.2 615.61 18.7 3.6
No of Euro Days Change Yield xd adj Total retn
stocks index chge % points gross % ytd (Euro)
FTSE Dev Eur L Cap 200 272.9 0.8 2.2 4.0 10.94 386.5
FTSE Dev Eur M Cap 311 352.5 0.7 2.4 3.0 11.19 465.8
FTSE Dev Eur S Cap 724 459.4 0.4 2.0 3.1 13.61 594.0
FTSE Dev Europe 511 178.1 0.8 1.4 3.8 6.84 264.2
FTSEurofrst 80 80 3282.1 1.2 38.0 4.6 134.39 4771.7
FTSEurofrst 100 100 3294.8 0.9 30.3 4.3 123.20 4785.7
FTSEurofrst 300 312 1098.8 0.8 8.8 3.9 38.07 1730.7
FTSEurofrst 300 Ezone 167 1014.2 1.1 10.8 4.2 38.99 1597.6
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 18 329.0 0.7 2.1 4.4 11.53 461.4
Chemicals 15 789.5 1.1 8.4 2.8 22.56 996.9
Basic Resources 13 538.3 1.4 7.5 3.1 15.91 652.2
Construction & Materials 12 336.9 0.8 2.7 3.9 11.93 437.5
IndustrialGoods&Services 54 479.3 0.4 1.9 3.1 14.12 591.4
Automobiles & Parts 9 507.1 1.6 7.9 3.6 18.27 610.3
Food & Beverage 18 635.9 0.1 0.9 2.6 15.54 800.6
Personal&HouseholdGds 19 630.9 1.9 11.5 2.8 17.12 785.1
Health Care 19 410.6 -0.1 -0.3 3.5 13.69 533.0
Retail 15 319.2 0.3 0.9 3.6 10.69 405.6
Media 9 276.1 0.5 1.3 4.0 10.02 377.3
Travel & Leisure 8 374.7 0.9 3.5 2.4 8.77 483.9
Telecommunications 13 270.9 0.3 0.7 8.0 16.28 431.3
Utilities 21 312.5 0.5 1.7 6.6 18.04 470.5
Banks 29 143.5 1.9 2.7 3.7 4.62 194.0
Insurance 19 266.4 1.4 3.6 4.5 11.94 367.6
Financial Services 5 284.5 0.2 0.4 4.4 12.37 385.0
Technology 11 211.4 0.3 0.7 2.5 5.19 250.4
Oct 11
EQUITY INDICES - FTSE EUROPEAN
Week ago
Yield P/E Yield P/E Yield P/E
Argentina 8.0 7.0 7.8 7.2 7.8 7.2
Australia 4.5 15.3 4.5 15.4 4.6 15.1
Austria 3.1 13.2 3.1 13.2 3.1 13.3
Belgium 2.1 18.0 2.1 18.2 2.1 18.2
Brazil 4.3 13.1 4.2 13.2 3.8 13.1
Bulgaria 2.5 10.4 2.5 10.4 2.4 10.4
Canada 3.0 15.0 3.0 15.1 3.0 15.2
S&P/TSX 3.2 13.8 3.2 13.9 3.2 13.9
Chile 2.9 19.2 2.9 19.3 2.9 19.2
China 4.1 7.4 4.1 7.3 4.2 7.2
Colombia 2.5 15.5 2.5 15.4 2.5 15.3
Cyprys 2.0 40.7 1.9 41.9 2.0 40.2
Czech Rep. 5.4 11.4 5.4 11.4 5.5 11.3
Denmark 1.7 19.4 1.7 19.6 1.7 20.0
Finland 5.6 16.5 5.6 16.6 5.6 16.4
France 3.9 13.6 3.9 13.6 3.9 13.7
Germany 3.3 12.3 3.3 12.4 3.3 12.5
DAX30 3.6 13.1 3.6 13.2 3.6 13.2
Greece 2.1 13.5 2.0 13.9 2.1 13.1
Hong Kong 2.8 11.8 2.8 11.8 2.8 11.9
Hang Seng 3.5 10.6 3.5 10.6 3.5 10.6
Hungary 3.3 17.0 3.3 17.0 3.3 16.9
India 1.5 17.8 1.5 18.0 1.5 18.0
Indonesia 2.3 17.0 2.3 17.0 2.3 16.8
Ireland 1.2 10.0 1.1 10.1 1.2 9.9
Israel 4.3 12.0 4.3 12.0 4.2 12.3
Italy 4.4 15.4 4.5 15.5 4.4 15.5
Japan 2.6 13.2 2.6 13.4 2.6 13.4
Topix 2.6 10.4 2.6 10.6 2.5 10.8
Luxemburg 3.9 8.9 3.9 8.9 3.9 9.0
Malaysia 3.1 15.0 3.1 15.0 3.1 14.9
Week ago
Yield P/E Yield P/E Yield P/E
Malta 4.3 19.0 4.3 18.9 4.3 19.1
Mexico 2.1 19.3 2.0 19.5 2.1 19.2
Netherland 3.0 12.4 3.0 12.5 3.0 12.4
AEX 3.7 10.2 3.7 10.3 3.8 10.1
New Zealand 4.5 14.7 4.5 14.8 4.5 14.7
Norway 4.2 10.4 4.2 10.5 4.2 10.5
Pakistan 6.1 11.1 6.1 11.1 6.0 11.2
Peru 4.9 39.0 4.9 39.0 5.0 39.1
Philippines 1.9 19.4 1.9 19.4 1.9 19.4
Poland 4.6 9.6 4.6 9.6 4.6 9.6
Portugal 5.1 17.2 5.0 17.3 5.1 17.1
Romania 5.0 9.6 5.0 9.6 5.1 9.5
Russia 4.1 6.2 4.1 6.3 4.1 6.2
Singapore 3.0 11.0 2.9 11.1 2.9 11.1
Slovenia 4.1 11.5 4.0 11.7 3.9 11.9
South Africa 3.6 14.7 3.7 14.6 3.6 14.8
South Korea 1.4 14.7 1.4 15.0 1.3 15.1
Spain 5.4 13.5 5.3 13.6 5.2 13.7
Ibex 35 5.8 12.5 5.7 12.7 5.8 12.6
Sri Lanka 2.6 14.4 2.6 14.5 2.5 14.7
Sweden 3.9 13.9 3.9 14.0 3.9 14.9
Switzerland 3.2 18.0 3.2 18.1 3.2 17.9
Taiwan 3.5 19.1 3.5 19.1 3.4 19.3
Thailand 3.2 16.1 3.2 16.2 3.2 16.4
Turkey 2.3 11.5 2.3 11.5 2.3 11.3
UK 3.5 12.2 3.5 12.4 3.5 12.0
USA 2.2 15.7 2.2 15.8 2.2 16.0
Dow Jones 2.6 14.0 2.6 14.2 2.6 14.0
S&P 500 2.5 15.3 2.5 15.4 2.5 15.3
Venezuela 11.7 5.3 11.9 5.2 11.4 5.5
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
Oct 10 Oct 9 Oct 10 Oct 9
STOCK MARKET - RATIOS
Global
HFRXGlobal Hedge Fund Index 1139.42 -0.1201 0.02 2.71
HFRXEqual Weighted Strategies Index 1120.19 -0.0943 -0.02 1.95
HFRXAbsolute Return Index 947.50 -0.0025 0.09 0.10
HFRXMarket Directional Index 1046.02 -0.1654 -0.05 2.37
Equity Hedge
HFRXEquity Hedge Index 1040.43 -0.1479 0.58 4.00
HFRXEH: Equity Market Neutral Index 931.10 0.0711 0.27 -5.12
HFRXEH: Fundamental Growth Index 1455.93 -0.4756 -0.29 3.32
HFRXEH: Fundamental Value Index 973.71 -0.0982 0.91 5.38
Event Driven
HFRXEvent Driven Index 1370.80 -0.1111 -0.04 4.86
HFRXED: Distressed Restructuring Index 971.00 -0.2439 -0.54 2.90
HFRXED: Merger Arbitrage Index 1503.22 0.0318 -0.05 0.64
HFRXED: Special Situations Index 1106.52 -0.0784 0.00 3.20
Macro
HFRXMacro/CTAIndex 1151.25 -0.1966 -0.39 -1.27
HFRXMacro: Systematic Diversifed CTAIndex 1545.71 -0.3802 -1.14 -5.84
Relative Value
HFRXRelative Value Arbitrage Index 1158.01 -0.0362 -0.16 2.64
HFRXRV: FI-Convertible Arbitrage Index 691.87 -0.1367 -0.01 5.61
HFRXRV: Multi-Strategy Index 1797.85 -0.0571 -0.21 1.56
HFRI Monthly Strategy Indices - USD (Sep 2012)
HFRI Fund Weighted Composite Index 10874.26 - 1.10 4.65
HFRI Fund of Funds Composite Index 4971.37 - 0.79 3.33
HFR INDICES
Index Value Dtd % Mtd % Ytd % October 09
Indices calculated by HFR (Hedge Fund Research Inc.) www.hfr.com
VOLATILITY INDICES
Day Chng Prev. 52 wk high 52 wk low
VIX 15.59 -0.70 16.29 37.53 13.30
VXD 14.26 -0.58 14.84 33.87 11.91
VXN 17.93 -0.55 18.48 37.19 13.79
VDAX 16.87 -0.74 17.61 31.78 16.22
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIAIndex Options Volatility, VXN: NASDAQ
Index Options Volatility, Deutsche Borse. VDAX: DAXIndex Options Volatility.
Oct 11
Open Sett Change High Low Est. vol. Open int. Oct 10
North American Latest. Contracts shown are among the 25 most traded based on estimates of
average volumes in 2004. CBOT volume, high & low for pit & electronic trading at settlement.
Previous days Open Interest. Osaka contract. Eurex contract.
DJIA Dec 13385.00 13268.00 -144.00 13395.00 13261.00 - 13,178
DJ Euro Stoxx Dec 2457.00 2455.00 -7.00 2467.00 2437.00 858,532 2,451,525
S&P 500 Dec 1425.90 1426.30 -9.60 1425.90 1425.30 2 192,355
Mini S&P 500 Dec 1425.75 1426.25 -9.75 1426.00 1425.00 5,338 2,877,110
Nasdaq 100 Dec - 2722.75 -11.25 - 2722.25 - 10,509
Mini Nasdaq Dec 2722.50 2722.75 -11.25 2722.50 2721.25 369 398,689
CAC 40 Oct 3373.00 3364.50 -17.00 3387.50 3352.00 73,666 339,016
DAX Dec 7225.00 7217.50 -10.50 7249.00 7185.50 108,595 148,967
AEX Oct 326.60 326.80 -0.80 328.20 325.65 18,511 80,409
MIB 30 Dec 15405.00 15401.00 -77.00 15495.00 15335.00 15,160 31,013
IBEX 35 Oct 7665.00 7645.70 -54.10 7726.00 7567.00 7,426 44,623
SMI Dec 6645.00 6632.00 -21.00 6651.00 6608.00 16,844 161,950
FTSE 100 Dec 5761.50 5758.00 -17.50 5781.00 5736.50 65,439 585,176
Hang Seng Oct 20759.00 20914.00 -28.00 20924.00 20705.00 55,230 111,489
Nikkei 225 Dec 8620.00 8590.00 -180.00 8620.00 8540.00 11,740 292,053
Topix Dec 717.00 715.50 -12.00 718.00 711.50 1,997 386,714
KOSPI 200 Dec 259.00 256.70 -5.30 259.20 256.50 226,696 104,404
EQUITY INDEX FUTURES
INTEREST RATES www.ft.com/bonds&rates
INTEREST RATES www.ft.com/bonds&rates
Over Change One Three Six One
night Day Week Month month month month year
US$ Libor* 0.15250 -0.001 0.000 0.000 0.21400 0.34025 0.60390 0.94150
Euro Libor* 0.01429 - -0.001 -0.006 0.06000 0.14071 0.31536 0.60143
Libor* 0.48563 0.003 -0.003 -0.021 0.50375 0.54000 0.75813 1.16188
Swiss Fr Libor* - - - -0.004 0.00700 0.03700 0.14600 0.34300
Yen Libor* 0.09857 - -0.001 -0.001 0.13657 0.18871 0.31300 0.52657
Canada Libor* 0.98000 -0.004 -0.015 -0.015 1.08300 1.25950 1.54000 1.99000
Euro Euribor - - - - 0.11 0.21 0.42 0.66
Sterling CDs - - - - 0.62 0.62 0.70 1.11
US$ CDs - - - - 0.15 0.30 0.50 0.85
Euro CDs - - - - -0.05 0.00 0.15 0.35
US onight repo 0.31 - -0.010 0.010
Fed Funds ef 0.16 0.010 - 0.010
US 3mBills 0.10 - 0.010 -
SDR int rate 0.08 - - -
EONIA 0.092 0.001 0.007 -0.009
EURONIA 0.0037 -0.001 -0.005 -0.007
RONIA 0.4497 -0.005 -0.021 -0.043
SONIA 0.4361 0.001 0.005 0.011
LA7 Day Notice 0.31-0.26
Interbank 0.49-0.31 0.51-0.41 0.54-0.44 0.66-0.56 0.89-0.79 1.33-1.19
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).
Oct 11
INTEREST RATES - MARKET
Euro 0.19 - 0.09 0.35 - 0.15 0.21 - 0.11 0.22 - 0.06 0.52 - 0.32 0.60 - 0.44
Danish Krone 0.12 - -0.12 0.16 - -0.08 0.15 - -0.35 0.30 - -0.20 0.45 - -0.15 0.87 - 0.37
Sterling 0.65 - 0.40 0.60 - 0.45 0.76 - 0.48 0.96 - 0.71 1.11 - 0.86 1.08 - 0.91
Swiss Franc 0.11 - -0.09 0.02 - -0.18 0.02 - -0.23 0.05 - -0.20 0.11 - -0.01 0.75 - 0.25
Canadian Dollar 1.40 - 0.90 1.06 - 0.96 1.08 - 0.98 1.28 - 1.18 1.95 - 1.45 2.40 - 1.90
US Dollar 0.14 - 0.09 0.23 - 0.11 0.35 - 0.25 0.54 - 0.34 0.75 - 0.60 1.14 - 0.94
Japanese Yen 0.51 - 0.01 0.20 - 0.10 0.14 - 0.02 0.21 - 0.15 0.28 - 0.16 0.49 - 0.37
Singapore $ 0.03 - 0.01 0.31 - 0.06 0.31 - 0.06 0.37 - 0.22 0.44 - 0.19 0.63 - 0.48
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
Oct 11
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 0.75
0.75 05-07-2012 1.00 0.75 1.50
0.50 05-03-2009 1.00 0.50 0.50
0.00-0.10 05-10-2010 0.10 0.00-0.10 0.00-0.10
0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25
Oct 11
INTEREST RATES - OFFICIAL
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 106.2 106.0 107.7
Canada 115.3 115.1 115.8
Denmark 105.1 105.0 104.7
Japan 181.0 181.6 183.0
NewZealand 109.8 109.7 109.2
Norway 108.7 108.2 107.5
Sweden 85.4 85.7 86.8
Switzerland 143.2 142.9 143.0
UK 83.6 83.7 84.1
USA 79.6 79.6 79.4
Euro 89.33 89.11 88.50
Mth ago Oct 11 Oct 10 Mth ago Oct 11 Oct 10
FX - EFFECTIVE INDICES
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) 4.7118 -0.0020 6.0984 0.0169 7.5577 0.0060
Australia (A$) 0.9735 -0.0025 1.2600 0.0009 1.5615 -0.0020
Bahrain (Dinar) 0.3771 - 0.4881 0.0016 0.6048 0.0007
Bolivia (Boliviano) 6.9100 - 8.9436 0.0287 11.0837 0.0135
Brazil (R$) 2.0368 -0.0031 2.6362 0.0044 3.2670 -0.0010
Canada (C$) 0.9769 -0.0019 1.2644 0.0016 1.5670 -0.0011
Chile (Peso) 472.550 -2.6000 611.622 -1.3933 757.970 -3.2439
China (Yuan) 6.2770 -0.0063 8.1244 0.0179 10.0684 0.0022
Colombia (Peso) 1796.61 -2.7950 2325.35 3.8499 2881.75 -0.9745
Costa Rica (Colon) 497.795 0.0450 644.297 2.1241 798.464 1.0425
Czech Rep. (Koruna) 19.2344 -0.0746 24.8950 -0.0165 30.8519 -0.0821
Denmark (DKr) 5.7632 -0.0185 7.4594 0.0001 9.2443 -0.0184
Egypt (Egypt ) 6.0981 0.0056 7.8928 0.0325 9.7813 0.0207
Hong Kong (HK$) 7.7524 0.0001 10.0339 0.0322 12.4349 0.0153
Hungary (Forint) 217.496 -1.2112 281.505 -0.6600 348.864 -1.5162
India (Rs) 52.6700 -0.4650 68.1708 -0.3813 84.4827 -0.6422
Indonesia (Rupiah) 9582.50 -9.5000 12402.6 27.5107 15370.3 3.4657
Iran (Rial) 12259.5 -23.0000 15867.5 21.2035 19664.2 -12.9411
Israel (Shk) 3.8506 -0.0133 4.9838 -0.0011 6.1763 -0.0137
Japan (Y) 78.5100 0.1900 101.616 0.5709 125.930 0.4575
One Month 78.4893 -0.0002 101.617 -0.0010 125.879 -0.0002
Three Month 78.4359 0.0014 101.619 0.0002 125.767 0.0020
One Year 78.1329 -0.0016 101.528 -0.0036 125.149 -0.0092
Kenya (Shilling) 85.0000 -0.1000 110.016 0.2238 136.340 0.0055
Kuwait (Dinar) 0.2813 0.0002 0.3641 0.0014 0.4512 0.0007
Malaysia (M$) 3.0670 -0.0070 3.9697 0.0037 4.9195 -0.0052
Mexico (New Peso) 12.8677 -0.0191 16.6547 0.0288 20.6398 -0.0055
New Zealand (NZ$) 1.2222 -0.0010 1.5819 0.0037 1.9604 0.0007
Nigeria (Naira) 157.240 0.0400 203.516 0.7041 252.213 0.3706
Norway (NKr) 5.6990 -0.0377 7.3762 -0.0250 9.1412 -0.0494
Pakistan (Rupee) 95.5350 0.0650 123.651 0.4803 153.238 0.2904
Peru (New Sol) 2.5856 0.0015 3.3466 0.0126 4.1473 0.0074
Philippines (Peso) 41.5900 0.0350 53.8300 0.2178 66.7104 0.1372
Poland (Zloty) 3.1604 -0.0137 4.0906 -0.0046 5.0694 -0.0157
Romania (New Leu) 3.5298 -0.0101 4.5686 0.0015 5.6617 -0.0094
Russia (Rouble) 31.0190 -0.0772 40.1479 0.0290 49.7545 -0.0633
Saudi Arabia (SR) 3.7501 - 4.8538 0.0155 6.0152 0.0074
Singapore (S$) 1.2275 -0.0018 1.5887 0.0028 1.9688 -0.0006
South Africa ( R) 8.6998 -0.0034 11.2601 0.0317 13.9544 0.0115
South Korea (Won) 1114.30 -0.3500 1442.24 4.1728 1787.34 1.6122
Sweden (SKr) 6.6899 0.0056 8.6587 0.0350 10.7306 0.0220
Switzerland (SFr) 0.9349 -0.0039 1.2100 -0.0011 1.4995 -0.0043
Taiwan (T$) 29.2915 -0.0215 37.9120 0.0938 46.9836 0.0227
Thailand (Bt) 30.6850 -0.0400 39.7156 0.0757 49.2188 -0.0042
Tunisia (Dinar) 1.5675 -0.0061 2.0288 -0.0014 2.5142 -0.0068
Turkey (Lira) 1.8102 -0.0063 2.3430 -0.0006 2.9036 -0.0065
UAE (Dirham) 3.6730 - 4.7540 0.0152 5.8915 0.0072
UK (0.6234)* () 1.6040 0.0019 0.8069 0.0016 - -
One Month 1.6038 - 0.8072 - - -
Three Month 1.6034 0.0000 0.8080 0.0000 - -
One Year 1.6017 -0.0001 0.8112 0.0000 - -
Ukraine (Hrywnja) 8.1365 0.0038 10.5311 0.0386 13.0510 0.0219
Uruguay (Peso) 20.4000 -0.1000 26.4038 -0.0443 32.7217 -0.1204
USA ($) - - 1.2943 0.0041 1.6040 0.0019
One Month - - 1.2947 0.0000 1.6038 -
Three Month - - 1.2956 0.0000 1.6034 0.0000
One Year - - 1.2994 0.0000 1.6017 -0.0001
Venezuela (Bolivar Fuerte) 4.2947 - 5.5586 0.0179 6.8887 0.0084
Vietnam (Dong) 20860.0 5.0000 26999.1 93.0200 33459.4 48.6850
Euro (0.7726)* (Euro) 1.2943 0.0041 - - 1.2393 -0.0025
One Month 1.2947 0.0000 - - 1.2387 -
Three Month 1.2956 0.0000 - - 1.2376 0.0000
One Year 1.2994 0.0000 - - 1.2326 0.0000
SDR - 0.6495 -0.0007 0.8407 0.0018 1.0418 0.0001
Oct 11
CURRENCIES www.ft.com/currencies
C$ DKr Euro Y NKr SKr SFr $
Danish Kroner, Norwegian Kroner And Swedish Kroner per 10; Yen per 100Source: FT derived from
WM Reuters.
Canada C$ 1 5.899 0.791 80.37 5.834 6.848 0.957 0.638 1.024
Denmark DKr 1.695 10 1.341 136.2 9.889 11.61 1.622 1.082 1.735
Euro Euro 1.264 7.459 1 101.6 7.376 8.659 1.210 0.807 1.294
Japan Y 1.244 7.341 0.984 100 7.259 8.521 1.191 0.794 1.274
Norway NKr 1.714 10.11 1.356 137.8 10 11.74 1.640 1.094 1.755
Sweden SKr 1.460 8.615 1.155 117.4 8.519 10 1.397 0.932 1.495
Switzerland SFr 1.045 6.165 0.826 83.98 6.096 7.156 1 0.667 1.070
UK 1.567 9.244 1.239 125.9 9.141 10.73 1.499 1 1.604
USA $ 0.977 5.763 0.773 78.51 5.699 6.690 0.935 0.623 1
Oct 11
EXCHANGE CROSS RATES
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield Govts Oct 11
US$
Abu Dhabi Nt En 10/12 5.62 A- A3 - 99.91 9.18 1.68 6.87 9.10
Bank of America 01/13 4.88 A- Baa2 A 100.97 0.94 0.08 -0.38 0.84
Goldman Sachs 07/13 4.75 A- A3 A 102.96 0.77 0.11 -0.13 0.60
Hutchison 03/33 01/14 6.25 A- A3 A- 106.32 1.22 -0.01 -0.10 1.05
Misc Capital 07/14 6.13 BBB Baa2 - 106.85 2.02 -0.73 0.02 1.75
BNP Paribas 06/15 4.80 A Baa3 A 105.55 2.65 0.00 -0.53 2.28
GE Capital 01/16 5.00 AA+ A1 - 111.43 1.37 -0.01 -0.20 1.01
Erste Euro Lux 02/16 5.00 AAA - - 98.20 5.60 0.02 -0.03 5.15
Credit Suisse USA 03/16 5.38 A+ A1 A 113.23 1.35 0.00 -0.53 0.82
SPI E&G Aust 09/16 5.75 A- A1 A 110.03 3.01 0.02 -0.08 2.65
Abu Dhabi Nt En 10/17 6.17 A- A3 - 115.98 2.74 -0.06 0.03 2.05
Swire Pacifc 04/18 6.25 A- A3 A 118.21 2.67 0.02 -0.27 2.00
ASNA 11/18 6.95 A- Baa2 A 119.13 3.42 0.02 -0.24 2.29
Codelco 01/19 7.50 A A1 A+ 129.38 2.41 0.03 -0.33 1.28
Bell South 10/31 6.88 A- WR A 124.39 4.89 -0.01 -0.03 3.17
GE Capital 01/39 6.88 AA+ A1 - 137.41 4.45 -0.05 -0.25 1.52
Goldman Sachs 02/33 6.13 A- A3 A 114.40 4.99 -0.03 -0.26 2.07
Euro
CCCI 10/12 6.13 NR Baa1 A 99.94 6.55 - - 6.41
Amer Honda Fin 07/13 6.25 A+ A1 - 104.30 0.47 -0.27 -0.02 0.40
SNS Bank 02/14 4.63 BBB+ Baa2 BBB+ 103.21 2.17 0.05 -1.43 2.10
JPMorgan Chase 01/15 5.25 A A2 A+ 109.50 0.96 0.01 -0.07 0.91
Hutchison Fin 06 09/16 4.63 A- A3 A- 111.65 1.55 -0.03 -0.15 1.25
Hypo Alpe Bk 10/16 4.25 - A1 - 103.11 3.41 0.11 -0.16 3.16
GE Cap Euro Fdg 01/18 5.38 AA+ A1 - 116.57 2.02 0.05 -0.10 1.44
Unicredit 01/20 4.38 BBB+ Baa2 A- 99.47 4.46 0.07 -0.78 3.45
ENEL 05/24 5.25 BBB+ Baa1 BBB+ 101.65 5.06 0.05 -0.32 3.45
Yen
ACOM 51 06/13 2.07 BB+ WR BBB+ 100.62 1.09 0.00 -0.03 0.99
Deutsche Bahn Fin 12/14 1.65 AA Aa1 AA 103.00 0.24 0.00 -0.01 0.13
Nomura Sec S 3 03/18 2.28 - - - 100.24 2.23 0.00 -0.04 2.00
Sterling
Slough Estates 09/15 6.25 - - A- 110.27 2.58 -0.01 -0.06 2.30
ASIF III 12/18 5.00 A+ A2 A 106.61 3.74 -0.01 -0.12 2.63
US $ denominated bonds NY close; all other London close. S* - Standard & Poors, M* - Moodys,
F* - Fitch. Source: ThomsonReuters
BONDS - GLOBAL INVESTMENT GRADE
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield US Oct 11
High Yield US$
HSBK Europe 05/13 7.75 BB Ba3 BB- 102.29 4.42 - - 4.21
Kazkommerts Int 04/14 7.88 B+ Caa1 B 97.90 9.43 -0.07 1.14 9.13
Bertin 10/16 10.25 BB B1 - 106.55 8.28 0.08 -0.82 7.76
High Yield Euro
Royal Carib Crs 01/14 5.63 BB Ba1 - 101.39 4.47 -0.01 0.01 4.45
Kazkommerts Int 02/17 6.88 B+ Caa1 B 85.00 11.44 -0.33 0.08 11.08
Emerging US$
Bulgaria 01/15 8.25 BBB Baa2 BBB- 113.44 2.10 -0.48 -0.65 1.83
Peru 02/15 9.88 BBB Baa2 BBB 120.25 0.97 -0.04 -0.30 0.70
Brazil 03/15 7.88 BBB Baa2 BBB 116.75 0.79 -0.03 -0.28 0.52
Mexico 09/16 11.38 BBB Baa1 BBB 138.69 1.22 -0.02 -0.25 0.86
Argentina 01/17 11.38 27.81 59.13 0.08 0.62 58.47
Philippines 01/19 9.88 BB+ Ba2 BB+ 145.19 2.11 -0.04 -0.23 0.99
Brazil 01/20 12.75 BBB Baa2 BBB 170.63 2.17 -0.02 -0.13 1.04
Colombia 02/20 11.75 BBB- Baa3 BBB- 163.13 2.36 -0.06 -0.11 1.23
Russia 03/30 7.50 BBB Baa1 BBB 127.31 2.81 -0.09 -0.61 2.13
Mexico 08/31 8.30 BBB Baa1 BBB 161.88 3.71 0.01 -0.06 1.98
Indonesia 02/37 6.63 BB+ Baa3 BBB- 133.94 4.35 -0.05 -0.20 1.43
Emerging Euro
Brazil 02/15 7.38 BBB Baa2 BBB 114.51 0.96 0.07 -0.13 0.91
Poland 02/16 3.63 A- A2 A- 107.51 1.28 0.02 0.22 1.16
Turkey 03/16 5.00 BB Ba1 BB+ 106.88 2.83 -0.06 0.01 2.70
Mexico 02/20 5.50 BBB Baa1 BBB 119.38 2.57 0.03 -0.11 1.56
US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M- Moodys,
F - Fitch. Source: ThomsonReuters
BONDS - HIGH YIELD & EMERGING MARKET
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. and Yen quoted on a semi-annual actual/365 basis
against 6 month Libor with the exception of the 1Year GBP rate which is quoted annual actual against
3M Libor. Euro/Swiss Franc quoted on an annual bond 30/360 basis against 6 month Euribor/Libor.
Source: ICAP plc.
0.08 0.14
0.04 0.12
0.06 0.14
0.13 0.21
0.23 0.31
0.37 0.45
0.51 0.59
0.65 0.73
0.77 0.85
0.88 0.96
1.04 1.14
1.20 1.30
1.32 1.42
1.39 1.49
1.43 1.53
0.32 0.35
0.37 0.40
0.45 0.48
0.59 0.62
0.78 0.81
1.00 1.03
1.21 1.24
1.40 1.43
1.57 1.60
1.72 1.75
1.98 2.01
2.25 2.28
2.46 2.49
2.57 2.60
2.64 2.67
0.25 0.31
0.22 0.28
0.22 0.28
0.24 0.30
0.28 0.34
0.35 0.41
0.43 0.49
0.53 0.59
0.63 0.69
0.74 0.80
0.93 1.01
1.20 1.28
1.48 1.56
1.60 1.68
1.66 1.74
0.50 0.53
0.66 0.70
0.71 0.75
0.81 0.86
0.96 1.01
1.14 1.19
1.32 1.37
1.51 1.56
1.69 1.74
1.86 1.91
2.12 2.19
2.39 2.48
2.67 2.80
2.83 2.96
2.92 3.05
0.39 0.43
0.45 0.49
0.56 0.60
0.72 0.76
0.92 0.96
1.12 1.16
1.31 1.35
1.47 1.51
1.62 1.66
1.75 1.79
1.96 2.00
2.18 2.22
2.30 2.34
2.33 2.37
2.35 2.39
Oct 11
INTEREST RATES - SWAPS
Red Bid Bid Day chg Wk chg Month Year
Date Coupon Price Yield yield yield chg yld chg yld Oct 11
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 10/14 4.50 103.95 2.48 0.05 0.09 -0.29 -1.27
04/23 5.50 121.65 3.08 0.01 0.13 -0.03 -1.33
Austria 10/14 3.40 106.52 0.15 -0.01 0.02 -0.03 -0.95
11/22 3.40 112.84 1.99 -0.03 0.04 -0.06 -0.90
Belgium 09/14 4.25 107.84 0.22 -0.04 -0.08 -0.09 -2.16
09/22 4.25 116.19 2.40 -0.04 -0.12 -0.27 -1.67
Canada 11/14 1.00 99.68 1.16 0.02 0.10 -0.02 0.19
06/22 2.75 108.07 1.83 0.02 0.11 -0.01 -0.41
Denmark 11/14 2.00 104.21 -0.02 0.01 0.03 0.01 -0.79
11/23 1.50 99.61 1.54 0.02 0.02 -0.03 -0.73
Finland 09/14 3.13 105.83 0.08 0.02 0.01 -0.01 -0.68
09/22 1.63 98.54 1.79 0.00 0.03 -0.10 -0.75
France 10/14 4.00 107.72 0.18 0.01 -0.02 -0.01 -0.86
10/17 4.25 116.19 0.94 -0.02 -0.08 0.04 -1.03
04/22 3.00 107.86 2.08 -0.05 -0.11 -0.17 -0.78
04/41 4.50 126.95 3.07 -0.05 -0.12 -0.15 -0.56
Germany 09/14 - 99.91 0.05 0.01 0.02 0.00 -0.61
10/17 0.50 99.78 0.55 0.01 0.04 0.08 -0.78
09/22 1.50 99.91 1.51 0.03 0.07 -0.03 -0.57
07/44 2.50 103.34 2.35 0.03 0.05 -0.05 -0.48
Greece 02/23 2.00 29.60 18.44 -0.03 -0.60 -3.58 -6.25
02/33 2.00 20.65 17.25 0.15 -0.46 -1.83 -
Ireland 10/17 5.50 108.59 3.60 0.00 -0.18 -0.85 -3.20
10/20 5.00 99.58 5.07 0.08 -0.05 -0.65 -2.75
Italy 11/14 6.00 107.12 2.48 -0.06 0.03 -0.06 -1.77
08/17 5.25 106.29 3.84 -0.02 0.01 -0.14 -1.02
11/22 5.50 103.97 5.05 -0.05 -0.05 -0.14 -0.54
09/40 5.00 91.22 5.71 -0.04 -0.09 -0.23 -0.83
Japan 10/14 0.10 99.99 0.10 - 0.00 0.01 -0.03
09/17 0.20 100.01 0.20 0.00 0.00 0.00 -0.15
09/22 0.80 100.32 0.77 -0.01 -0.01 -0.04 -0.22
09/32 1.70 100.66 1.66 0.00 0.00 0.00 -0.04
Netherlands 07/14 3.75 106.42 0.07 0.00 0.00 0.00 -0.66
07/22 2.25 104.48 1.75 -0.01 0.04 -0.14 -0.74
New Zealand 04/15 6.00 108.22 2.58 0.04 0.13 -0.01 -0.36
04/23 5.50 116.94 3.55 0.02 0.16 -0.05 -0.98
Norway 05/17 4.25 112.15 1.49 -0.01 -0.01 0.10 -0.45
05/23 2.00 100.15 1.98 -0.05 -0.12 -0.12 -0.62
Portugal 06/14 4.38 100.25 4.21 0.37 -0.33 -0.01 -13.71
10/23 4.95 77.80 8.06 -0.26 -0.70 -0.27 -3.40
Spain 10/14 3.30 99.84 3.38 0.03 0.03 0.39 0.03
01/22 5.85 99.90 5.86 0.03 0.05 0.14 0.87
Sweden 05/14 6.75 109.36 0.67 -0.02 0.04 -0.15 -0.65
06/22 3.50 117.96 1.48 0.00 0.02 0.00 -0.44
Switzerland 01/14 4.25 105.37 -0.14 - -0.01 0.07 -0.47
05/22 2.00 113.96 0.51 0.01 0.01 -0.10 -0.48
UK 03/14 2.25 102.80 0.25 0.04 0.06 0.09 -0.41
09/17 1.00 101.18 0.76 0.05 0.08 0.06 -0.69
09/22 1.75 99.65 1.79 0.05 0.08 0.04 -0.79
12/42 4.50 126.49 3.14 0.03 0.09 0.05 -0.34
US 09/14 0.25 99.96 0.27 0.01 0.04 0.02 -0.03
09/17 0.63 99.70 0.69 0.02 0.08 0.03 -0.39
08/22 1.63 99.09 1.73 0.01 0.10 0.04 -0.35
08/42 2.75 96.58 2.92 -0.01 0.10 0.08 -0.09
BONDS - BENCHMARK GOVERNMENT
Overall () 1093 255.27 -0.05 -0.38 5.26 0.29 10.04
Overall ($) 3262 216.08 0.09 -0.07 4.25 -0.07 4.25
Overall () 2276 188.02 0.08 0.39 8.57 0.84 9.34
Global Infation-Lkd 97 244.12 -0.02 0.52 6.12 0.88 7.71
Gilts () 33 259.49 -0.07 -0.64 2.69 -0.15 8.19
Corporates () 703 251.13 -0.01 0.38 13.17 1.43 17.47
Corporates ($) 2111 235.21 0.05 0.28 9.42 0.28 9.42
Corporates () 1196 187.49 -0.01 0.43 10.78 1.13 12.67
Treasuries ($) 156 209.61 0.12 -0.26 1.98 -0.26 1.98
Eurozone Sov () 261 187.23 0.14 0.47 8.31 0.80 8.81
ABF Pan-Asia unhedged 541 175.36 0.07 0.16 5.97 0.77 7.47
Days Months Year Return Return
Index change change change 1 month 1 year
Sterling Corporate () 75 111.54 -0.05 0.56 6.51 1.01 11.95
Euro Corporate () 306 106.38 -0.02 0.73 6.98 1.07 11.49
Euro Emerging Mkts () 11 94.68 0.05 0.09 6.67 0.55 12.68
Eurozone Govt Bond 240 103.39 0.11 0.42 4.75 0.73 8.76
Emerging Markets 5Y 227.53 1.87 14.05 - 227.68 207.30
Nth Amer Inv Grade 5Y 99.00 0.54 2.80 - 102.42 95.21
Nth Amer High Yld 5Y 508.70 7.67 12.97 - 508.70 484.30
Nth Amer HiVol 5Y 200.88 7.76 11.41 - 200.88 180.96
Europe 5Y 543.73 -8.69 -0.93 - 581.00 519.86
Crossover 5Y 198.38 -3.38 1.76 - 211.37 190.52
HiVol 5Y 128.91 -3.35 -0.18 - 141.39 126.39
Japan 5Y 226.00 0.11 4.78 - 227.22 208.57
SovXCEEMEA5Y 200.59 -6.74 -4.00 - 231.44 200.59
SovXWestern Europe 5Y 138.04 0.04 -6.17 - 148.75 135.18
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
Oct 11
Oct 11
Oct 11
Oct 10
Oct 10
BOND INDICES
Days Weeks Months Series Series
Index change change change high low
Spread Spread
Bid vs vs
Yield Bund T-Bonds Oct 11
Spread Spread
Bid vs vs
Yield Bund T-Bonds
Australia 3.08 +1.57 +1.35
Austria 1.99 +0.48 +0.26
Belgium 2.40 +0.89 +0.68
Canada 1.83 +0.32 +0.11
Denmark 1.54 +0.03 -0.19
Finland 1.79 +0.28 +0.06
France 2.08 +0.57 +0.35
Germany 1.51 - -0.22
Greece 18.44 +16.93 +16.72
Ireland 5.07 +3.56 +3.34
Italy 5.05 +3.54 +3.33
Japan 0.77 -0.75 -0.96
Netherlands 1.75 +0.24 +0.02
New Zealand 3.55 +2.04 +1.83
Norway 1.98 +0.47 +0.26
Portugal 8.06 +6.55 +6.34
Spain 5.86 +4.35 +4.13
Sweden 1.48 -0.03 -0.24
Switzerland 0.51 -1.00 -1.22
UK 1.79 +0.28 +0.06
US 1.73 +0.22 -
Yields: annualised basis. Source: ThomsonReu-
ters Selection made by ThomsonReuters.
BONDS - TEN YEAR GOVT SPREADS


Price Yield Month Break even Value No of
return inflation* Stock Market stks
Can 4.25%21 142.52 -0.33 -0.31 0.23 2.20 5.2 65.8 6
Fr 2.25%20 119.05 -0.18 -0.19 0.43 1.70 20.0 178.9 12
Swe 0.25%22 103.78 -0.07 -0.08 -0.41 1.56 14.8 242.6 5
UK 2.5%16 342.94 -1.82 -1.85 0.00 2.28 8.0 329.3 20
UK 2.5%24 331.33 -0.42 -0.44 -0.13 2.39 6.8 329.3 20
UK 2%35 193.71 0.15 0.13 0.76 2.77 9.7 329.3 20
US 0.625%21 114.69 -0.98 -0.99 0.41 2.38 35.8 937.8 33
US 3.625%31 159.74 -0.17 -0.18 1.03 2.49 16.8 937.8 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.
Oct 10 Oct 10 Oct 9
BONDS - INDEX-LINKED
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 Nov 91.25 nc
Brent Crude Oil Nov 114.33 nc
RBOB Gasoline Nov 2.9593 nc
Heating Oil Nov 3.2131 nc
Natural Gas Nov 3.475 nc
Ethanol u Nov 2.397 nc
Uranium 45.75 nc
Carbon Emissions Oct 7.77 +0.08
Diesel (French) 1033.25 +8.75
Unleaded (95R) 1133.00 nc
Aluminium 2019.00 -1.00
AluminiumAlloy 1920.00 +10.00
Copper 8212.00 +85.00
Lead 2212.00 -8.00
Nickel 17700.00 -125.00
Tin 22150.00 +450.00
Zinc 1988.00 -4.00
Gold 1769.00 +7.75
Silver (US Cents) 3425.00 +46.00
Platinum 1681.00 +10.00
Palladium 649.00 -1.00
Corn u Dec 736.75 nc
Wheat u Dec 869.75 nc
Soyabeans u Nov 1523.25 nc
Soyabeans Meal u Oct 470.10 nc
Cocoa v Dec 1518 -17
Cocoa Dec 2.351 0
Cofee (Robusta) v Nov 2076 -22
Cofee (Arabica) Dec 163.45 nc
White Sugar v Dec 590.40 nc
Sugar 11 MAR3 21.26 nc
Cotton Dec 72.10 nc
Orange Juice Nov 111.30 nc
PalmOil Dec 855.00 +25.00
Live Cattle Oct 124.925 nc
Feeder Cattle Oct 144.725 nc
Lean Hogs Oct 82.575 nc
Bulk Commodities
Iron Ore (Platts) Nov 114.25 nc
Iron Ore (TSI) 115.80 -1.90
globalCOAL RB Index 85.70 -0.16
Baltic Dry Index 903 +28
% Chg % Chg
Mnth Year
S&P GSCI Spt 664.76 -1.8 9.6
DJ UBS Spt 147.10 -0.1 3.7
R/J CRB TR 307.42 -1.5 1.2
Rogers RICIX TR3798.82 -1.3 7.5
M Lynch MLCX Spt 564.07 -2.0 10.2
UBS Bberg CMCI TR1342.52 -0.3 6.9
LEBA EUA Carbon 7.92 -3.2 -24.6
LEBA CER Carbon 1.92 -20.0 -75.3
LEBA UK Power 46.03 6.1 0.0
Oct 10
COMMODITIES
COMMODITIES www.ft.com/commodities
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 fromthe reliance on or use of the
information.
OCTOBER 12 2012 Section:Stats Time: 11/10/2012 - 18:58 User: sheehanr Page Name: CURRTAB USA, Part,Page,Edition: EUR, 25, 1
26

FINANCIAL TIMES FRIDAY OCTOBER 12 2012
Gillian
Tett
INSIGHT
MARKETS & INVESTING
Why wont those wretched banks lend money?
That is a question many European and
American politicians have asked in recent
months.
For as the global economy ails, there is
growing anxiety about the seeming failure of
banks to support growth. So much so, in fact,
that this week my Financial Times colleagues
reported that British regulators are now
quietly loosening some bank rules to
encourage more loans particularly to small
businesses, and other seemingly worthy
borrowers.
But as the political frustration bubbles, it is
instructive to take a look at a presentation
about bank behaviour recently made by Phil
Coffey, the chief financial officer of Westpac,
to Australian regulators and financiers.
For while Mr Coffeys vision is primarily
shaped by the Antipodean market, his
comments apply to Europe and the US too;
indeed, the only difference is that Mr Coffeys
location leaves him speaking with a sense of
clarity and honesty that is (sadly) all too rare
in the politically-charged arena of the City or
Wall Street.
So what, in Mr
Coffeys view, is
the reason why
those banks will
not make more
loans? He cites
three key points.
The first issue
(which is often
underplayed) is a
change in the
behaviour of bank
customers.
Most notably, as I have noted in previous
columns, consumers and companies are
currently in a deleveraging mindset. Hence 41
per cent of Australians want to put their
spare cash into a bank deposit, up from 28 per
cent five years ago, and 23 per cent want to
pay down debt, double the ratio five years
ago.
And like households, firms have tended to
behave cautiously, prudently consolidating
their balance sheets, limiting debt and
growing their holdings of low-risk assets, Mr
Coffey says.
Little wonder, then, that Australian bank
deposits are an eye-popping 54 per cent up
from late 2007.
Secondly and more obvious banks are
being affected by a deluge of regulatory
reform. Never mind those Basel Capital rules
that financiers keep complaining about; subtle
reforms on, say, liquidity coverage ratios are
also biting hard.
This makes banks far more conservative
about lending money and fearful about how
they manage their balance sheets. In
particular, chief financial officers are
desperate to hang on to their swelling
deposits, by cultivating long term
relationships and paying more to depositors.
Then there is a third, less-recognised but
equally crucial issue: funding.
Before 2007,
CFOs presumed
that they could
always meet rising
credit demand
from their
customers by
tapping wholesale
markets. The
dominant cultural
vision of credit, as
a social
anthropologist
might say, was an
elastic thing. But during the financial crisis,
wholesale markets suddenly closed, cutting off
that source of credit for banks and prompting
groups such as Northern Rock, HBOS, Dexia,
Countrywide, Washington Mutual and so on
to collapse.
That sparked a cognitive shift: suddenly
credit was no longer viewed as a bottomless
pit but became a finite commodity which
needed to be rationed.
Or, as Mr Coffey says, the days of tapping
endless wholesale funding to meet all comers
are behind us. And while central banks have
tried to replace those wholesale markets, few
CFOs trust that this central bank money will
always be there.
That has not just affected recent behaviour
but could curb loans in the future, too. Most
notably, if there is more demand from
customers for credit in future times, banks are
likely to ration that credit by raising the
price.
If this rise in credit demand occurs
alongside falling deposits, banks will get
doubly nervous and are thus likely to lean
against or even curtail a dramatic increase in
demand for credit due to a change of
preferences in risk, Mr Coffey insists.
Now, bank critics would undoubtedly argue
that there is some special pleading in all this.
Perhaps so.
After all, that private sector deleveraging
should (eventually) come to an end. So should
the freeze in wholesale bank funding markets.
Indeed, if you want to feel optimistic, you can
already see hints of a thaw. As Morgan
Stanley notes, bank funding costs have just
fallen below investment grade companies in
the eurozone.
With or without any special pleading, what
is crystal clear is that getting banks to make
more loans is not something that can be done
with regulatory tweaks alone; nor with stern
sermons.
After all, two out of the three key factors lie
outside policy makers control; reshaping that
new cultural perception of credit could take
years.
Politicians should take note and not just
in Australia, but in the (less frank-talking)
world of British finance, too.
gillian.tett@ft.com
Like households,
firms have
tended to
behave with
caution,
prudently
limiting debt
The crisis
sparked a
cognitive shift:
suddenly credit
became a finite
commodity and
needed rationing
Stern sermons
and looser rules
wont get banks
lending more
Corn leaps as US supply forecast cut
By Emiko Terazono and
Jack Farchy in London
Corn prices rose sharply
yesterday after official US
forecasts for this years har-
vest were cut, reviving
fears over the supply of
basic foods after one of the
worst droughts in 50 years.
Grains and oilseed prices
rallied strongly, with CBOT
December corn futures
gaining up to 5 per cent to a
high of $7.74 a bushel.
Wheat and soyabeans also
rose after the US Depart-
ment of Agricultures close-
ly-watched monthly report.
The USDA cut its forecast
for the corn harvest in the
US, the worlds largest
exporter, to 10.71bn bushels,
down from last months
forecast of 10.73bn bushels
and 13 per cent below last
year. Inventories of the
grain would fall to 619m
bushels by the end of the
season, a level Don Roose,
president at US Commodi-
ties in West Des Moines,
Iowa, said was basically
pipeline minimum.
The US corn crop is the
biggest in the world and is
used by the meat, ethanol
fuel and processed foods
industries. The sharp rally
in corn, wheat and soya-
bean prices over the sum-
mer has revived concerns
about higher food inflation.
Prices for corn and soya-
beans have slipped from
record levels in recent
weeks as earlier harvests
had temporarily boosted
supplies, while investors
fretted that the effect of the
summers drought in the US
had already been priced in.
But the USDAs numbers
showed that higher prices
were not quelling demand.
It raised its projections for
soyabean demand on the
back of record sales to
China in the first few days
of October and strong
demand for soyabean meal
for animal feed. US soya-
bean exports would be
20 per cent higher than
forecast last month, while
the US would use 2.7 per
cent more soyabeans this
year, the USDA said.
However, the increase in
soyabean demand would be
offset by higher than
expected production. Better
weather since August
would help the US soyabean
crop recover to 2.86bn bush-
els, the USDA predicted,
above its previous forecast
of 2.63bn bushels and ana-
lysts consensus of 2.76bn.
Aakash Doshi, analyst at
Citigroup, said that given
healthy Chinese import
demand, US soyabean sup-
plies were forecast to stay
tight until the Latin Amer-
ican crop became available
in the first quarter of next
year, when Brazil is
expected to plant a record
68m acres of the oilseed.
Record corn prices are
boosting the use of wheat
for feeding animals. US
farmers would use 92 per
cent more wheat for feeding
than last year, the USDA
predicted. CBOT November
soyabeans rose 2.9 per cent
to $15.68 and December
wheat gained 2.8 per cent to
$8.94.
The USDA downgraded
global wheat supply fore-
casts on the back of dry
weather in Australia and a
low wheat harvest in Rus-
sia and Ukraine.
www.ft.com/commodities
Twitter: @ftcommodities
Concerns on food
inflation revived
Projections rise for
soyabean demand
Feds bond buying set to send
US mortgage rates even lower
originate mortgages at
lower rates is constrained
in part by their ability to
sell them on in the whole-
sale market, where they are
parcelled together as mort-
gage-backed securities. MBS
pay a fixed coupon, or inter-
est rate, set at a round
number. The interest rate
paid by homeowners has to
be enough to cover the MBS
coupon, the originators
profit margin, plus guaran-
tee and servicer fees.
While the lowest liquid
coupon is the 3 per cent, it
is hard for primary rates to
get much below 3.5 per
cent, said Bill Irving, fixed
By Stephen Foley and
Michael Mackenzie in New
York
Bond traders say a further
fall in US mortgage interest
rates is possible as the Fed-
eral Reserve increases its
purchases of new mortgage
bonds at ultra-low rates.
Their view is based on ris-
ing purchases of MBS that
pay an interest rate of 2.5
per cent, the lowest cur-
rently on offer, and which
previously attracted little or
no interest from investors.
The developments in the
wholesale market come
against the backdrop of his-
torically low mortgage rates
for new borrowers and peo-
ple refinancing their homes,
but a decline in rates trig-
gered by the Feds quantita-
tive easing announcement
last month appears now to
have stalled.
Freddie Mac, the govern-
ment agency that guaran-
tees mortgages, said yester-
day that the average 30-year
fixed-rate mortgage offered
in the past week carried an
interest rate of 3.39 per
cent, up from a record low
3.36 per cent the week
before.
The ability of lenders to
COMMODITIES
income portfolio manager
at Fidelity Investments.
The next stop is the 2.5 per
cent coupon. I am not say-
ing we have formed a liquid
market yet, but over the
next few months I can see
one forming.
Market participants
believe the Fed has begun
to bid for mortgages at the
2.5 per cent coupon, and
trading activity on some
days has risen to seven
times recent average levels.
So far, though, trading
volumes remain far below
those in the 3 per cent cou-
pon. Since the Feds
announcement it would buy
an extra $40bn MBS a
month, the 3 per cent cou-
pon has supplanted 3.5 per
cent as the most active part
of the market.
Fed governor Jeremy
Stein, in his first monetary
policy speech since joining
the board in May, said the
central bank was targeting
MBS as a means of putting
more money in homeown-
ers pockets. It is natural
to focus on a sector that is
more sensitive to financing
costs, he said in a speech
to the Brookings Institu-
tion. The housing market
would seem to fit this bill.
Fund managers warn of end
to Americas junk bond rally
positive weekly inflow into
US high-yield bond funds.
So far in 2012, investors
have poured $46.1bn into
such funds, while with-
drawing $36.6bn from equi-
ties.
Why people keep piling
on junk bonds with yields
at these record low levels is
just beside me, said
Michael Mullaney, who
manages stocks and bonds
at Fiduciary Trust.
Mr Mullaney said the
unabated demand for junk
debt, even after spreads had
tightened by more than 150
basis points this year, was
an indication that many
investors were disregarding
the risks associated with
such bonds.
US junk-rated corporate
default rates remain below
historical levels, but they
By Vivianne Rodrigues
in New York
A rally in the riskiest part
of the US corporate bond
market that has pushed
yields to record lows may
have run its course. Fund
managers are warning that
rates on junk bonds may
not compensate investors
for the risks associated with
investing in such securities.
Junk bonds have been a
favourite this year among
investors, who have sought
alternatives to lower-
yielding US Treasuries and
investment grade debt. In
turn, that has helped fuel a
flood of junk-rated bond
sales in the past couple of
months, including a jump
in offerings of CCC-rated
paper, which is deep in
junk territory.
But while yields have
started to rise since they
touched an all-time low of
6.14 per cent last month,
according to Barclays, and
some large debt managers
have been paring their bets
on the bonds, junk bond
funds are still attracting
flows.
After two weeks of
redemptions, daily data
from EPFR Global point to
have been creeping higher
to stand at 3.5 per cent, up
from 2 per cent this time
last year according to
Moodys.
In addition, sales of junk
paper have been concen-
trated in maturities of five
years or longer, accounting
for 85 per cent of the overall
$260bn in debt sold by glo-
bal companies in the US
this year, according to Dea-
logic.
Holding such longer-dated
debt may leave investors
vulnerable to potential
losses should economic
growth accelerate and
benchmark yields jump.
Adrian Miller, global mar-
kets strategist at GMP Secu-
rities, has recently changed
his allocation to high yield
debt to underweight, say-
ing that junk bonds are
overvalued at these yields.
Still, he said, the Federal
Reserves launch of another
round of quantitative eas-
ing last month could have
provided another incentive
for companies with fragile
balance sheets to refinance
or lock in new funding at
low interest rates.
Theres no doubt this is
a borrowers market, he
said.
$260bn
Debt sold by global
companies in US this year
$46.1bn
Inflow into US highyield
bond funds so far in 2012
Hedge funds have jumped on a fall in the lira after tensions between Turkey and Syria affected the currency AFP
The dollar has strengthened after QE3...
Sources: Thomson Reuters; Thomson Reuters Datastream
Dollar trade-weighted index
Sep Oct 2012 13 11
78.8
79.0
79.2
79.4
79.6
79.8
80.0
...while emerging market currencies have been mixed
Since September 13 2012
EM currencies against the dollar (% change)
-4 -3 -2 -1 0 1 2 3 4 5
Indian rupee
South Korean won
Russian rouble
Brazilian real
Czech koruna
South African rand
Currency
hedge funds
head for
EM returns
The foreign exchange mar-
ket is becoming increas-
ingly murky. As central
banks ease monetary pol-
icy, trading the euro, the
dollar or the yen against
each other has become a
fools game, say dealers.
Now currency hedge
funds, looking elsewhere for
returns, have turned to
emerging markets.
Currency managers had
their most successful
month this year in Septem-
ber, gaining 1.11 per cent on
average, according to the
Parker Currency Managers
index. Bets that Asian and
Latin American currencies
would rise after the Federal
Reserve announced a third
round of monetary easing,
or QE3, created the bulk of
those returns.
Some managers say
emerging market currencies
are showing signs of mov-
ing away from the risk-on/
risk-off trade that has ham-
pered investors since the
financial crisis began in
2008. The ro-ro trade has
frustrated currency inves-
tors because currencies
have failed to respond to
economic fundamentals or
interest rate differentials,
traditional drivers of the
forex market.
In the past year, emerg-
ing market currencies have
been responding to funda-
mentals in a way we didnt
see before, says Patrik
Safvenblad, partner at Har-
monic Capital, a London-
based macro hedge fund.
Most currency managers
who have done well have
been in the emerging mar-
kets space.
The hedge fund has made
more than 22 per cent this
year, in part because it is
trading emerging market
currencies against each
other rather than against
the dollar or the euro.
Trades include shorting the
Brazilian real against the
Chilean peso or the Turkish
lira, as their economies
slow at different rates.
Record Currency Manage-
ment, which runs currency
mandates for pension funds,
says trading emerging mar-
ket currencies has been its
most successful strategy
this year, with returns of
more than 5 per cent. The
investor has used carry
strategies, borrowing in
low-yielding developed mar-
ket currencies to invest in
developing countries where
interest rates are higher.
Other currency managers
have been more opportunis-
tic, leaping on trends driven
by economic factors. Hedge
funds have snapped up the
rupee in recent weeks after
economic reforms intro-
duced by the Indian govern-
ment spurred a large rally
in the currency after the US
confirmed QE3.
Hedge funds have also
jumped on falls in the rand
and the lira, after mining
strikes in South Africa and
tensions between Turkey
and Syria affected both
countries currencies.
FX Concepts, the largest
currency hedge fund, has
been trading the lira
against the rand in the
belief the lira has further to
fall while the rand could be
oversold after hitting its
lowest level in more than
three years against the dol-
lar on Monday.
The hedge fund has been
eyeing the Mexican peso as
one of the emerging market
currencies most likely to do
well thanks to stronger eco-
nomic fundamentals. It also
expects eastern European
currencies to benefit from
more positive risk appetite.
Managers have struggled
to make money trading the
larger currency pairs. Cen-
tral bank easing in the US,
the eurozone and Japan has
lowered interest rate differ-
entials between so-called G3
currencies. And with all
three economies looking
sluggish, euro-dollar and
dollar-yen have been trad-
ing in a tight range against
each other, providing fewer
opportunities.
In fact, trading emerging
market currencies is also a
way of avoiding trying to
predict the dollar, which
has been foxing currency
investors since the Fed
announcement.
Some had assumed QE3
would lead to a weaker dol-
lar and create a simple
risk-on trade, which would
enable them to short the
dollar and invest in almost
any emerging market. Oth-
ers thought slowing global
growth would create a risk-
off trade and lead the dollar
to strengthen as a haven
currency.
Neither scenario has
come to pass. While curren-
cies such as the rupee, the
Korean won and the Rus-
sian rouble are higher
against the dollar since
mid-September, others,
such as the rand and real,
have fallen.
Stephen Jen, founder of
SLJ Macro Partners, a
macro hedge fund, says the
currency markets are now
really messy.
The market is struggling
to come up with a verdict
on which will be more pow-
erful QE3 and OMT [the
eurozones outright mone-
tary transactions pro-
gramme], on the one hand,
or a slowing economy, he
says. The theme changes
every day.
I think it will most likely
be a tricky and dangerous
environment leading up to
the US elections.
News analysis
Emerging markets
provide the only
bright spot in the
increasingly murky
world of foreign
exchange trading,
writes Alice Ross
Freddie Mac says mortgage
rates are near record lows
OCTOBER 12 2012 Section:Markets Time: 11/10/2012 - 19:36 User: murtaghj Page Name: LSE USA, Part,Page,Edition: EUR, 26, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

27
MARKETS & INVESTING
Brazilian stocks
feel shockwaves
of intervention
Brokers trying to hawk Bra-
zilian shares to interna-
tional fund managers in
New York and London have
had a tough time of it
recently.
Many joke they have been
almost forcibly ejected from
the offices of the top buy-
side houses, who are
smarting after seeing the
share prices of many large
Brazilian companies plunge
on the back of government
intervention.
The question we always
get is what will be the next
sector in which the govern-
ment plans to intervene?
says one analyst with a for-
eign bank.
Faced with a sharply
decelerating economy, with
growth falling from 7.5 per
cent in 2010 to 2.7 per cent
last year and expectations it
could be as little as 1.5 per
cent this year, the govern-
ment of Dilma Rousseff,
Brazils president, has
pulled out all the stops to
stimulate a recovery.
It has moved to cut inter-
est rates and costs in the
financial, electric utility
and telecoms sectors, lead-
ing to accusations of inter-
ference and compounding
earlier concerns over offi-
cial tinkering in the mining
and oil sectors.
In each case, the meas-
ures have sent shockwaves
through listed companies,
though analysts believe
some of the reaction has
been overdone and several
of the governments initia-
tives could prove positive in
the longer run.
There is excessive pessi-
mism hovering around Bra-
zil, says Marcelo Salomon,
economist with Barclays.
Concerns over govern-
ment heavy-handedness
date from Brazils 2007 dis-
covery of huge new oilfields
off the countrys southeast
coast. The reserves were
sold by the government to
Petrobras, the state-owned
oil company, at a valuation
questioned by the market,
sending the bellwether
stocks price plunging.
The government has con-
tinued to intervene in
Petrobras, pursuing an
unofficial policy of keeping
petrol prices artificially low
to help quell inflation.
A key constituent of the
Bovespa, Petrobras share
price in the past three years
has fallen from heights of
around R$45 per share to
about half that now. The
benchmark index, mean-
while, has dropped only
about 20 per cent from its
highs during the same
period.
At the same time, the
government stepped in last
year to replace the manage-
ment of Vale, the iron ore
miner, even though it is not
technically a state-control-
led company.
Another important
Bovespa constituent, Vale
has lost nearly R$20 per
Supreme Court conviction
of former lieutenants of ex-
president Luiz Incio Lula
da Silva of corruption.
Government efforts to
lower once notoriously high
interest rates are another
factor. The central bank has
cut rates from a high last
year of 12.5 per cent to a
record low of 7.25 this week.
The third element is an
effort to reduce the cost of
doing business through
measures ranging from cuts
Which forex tools should
investors use to bet on the
US fiscal cliff outcome?
Taking a position using the
US dollar might be difficult. If
investors have an angst spike
over the fiscal cliff, it could
hurt the buck. But it might
instead boost the dollar as
the market switches to a
general riskoff mode.
The currency wonks at
HSBC have crunched the
numbers on how units
perform at times of stress.
Using the S&P 500 as a
gauge of risk aversion, they
found that the dollar tends
to gain more than it loses in
periods of equity weakness,
but its inverse correlation is
much less reliable than those
afforded the Swiss franc or
Japanese yen.
[It] takes S&P declines of
more than 4 per cent in a
week before the success rate
of the USD [dollar] as a safe
haven edges above 60 per
cent. The equivalent
threshold for the CHF [Swiss
franc] was 0.5 per cent, and
for JPY [yen] was 1.75 per
cent, says HSBC.
So, for fiscal cliff gambling,
better to take one side of a
cross that is a match of risk
on and riskoff extremes,
suggests HSBC. The Swiss
franc is hobbled by the
central banks peg, leaving
the Aussie dollar to Japanese
yen as a useful pairing.
jamie.chisholm@ft.com
Rolling global overview at:
www.ft.com/markets
News analysis
Government
measures have
stoked concern over
heavyhandedness,
hitting share prices,
writes Joe Leahy
on payroll taxes to the
reduction in electricity tar-
iffs. This latter measure ini-
tially angered investors
because it was perceived as
a violation of contract. It
eventually emerged that the
price cuts would only take
effect with the agreement of
operators or when their
present concessions
expired.
When I speak to clients
today, there is this concern
that Brazil could be taking
an Argentine path. I fully
disagree with that I
believe the decisions are
being taken from a mercan-
tilist perspective, says Mr
Salomon.
Indeed, some stocks and
sectors, such as Vale, and
the financial and electricity
sectors, have staged mild
recoveries since the inter-
ventions. Alexandre
Gartner, Brazil equity strat-
egist with HSBC, says the
more positive changes, cou-
pled with the markets valu-
ations at 9.4 times forward
earnings, which is in line
with historical levels, and
an expected turnround in
the economy next year,
could lead to a rebound in
share prices next year.
Its not a perfect world
in Brazil but its not a disas-
ter there are a lot of posi-
tive things being done
here, says Alexandre
Gartner, Brazil equity strat-
egist with HSBC.
Brazilian stocks
Year-to-date % change*
Brazilian interest rates
Selic target rate (%)
Pessimism takes hold
FT Graphic
Brazilian real
Source: Thomson Reuters Datastream
*
Sectors FTSE indices
Against the dollar (Real per $)
Jan Oct 2012
1.7
1.8
1.9
2.0
2.1
Jan Oct 2012
6
8
10
12
Mining
-5.9%
Oil & gas
-3.5%
Electrical utilities
-20.9%
-0.8%
Financials
Bovespa overall
+3.0%
-9.8%
Telecoms
Turkey: on track for a credit rerating
beyondbrics, the FTs emerging markets hub
Turkey reported its 10th
successive monthly decline in
the current account deficit,
raising hopes that the
country is achieving results
in efforts to put its volatile
economy on a more stable
footing, writes Stefan
Wagstyl.
The deficit narrowed in
August to $1.2bn, its lowest
since 2009 and well below
market forecasts of $1.6bn,
making the cumulative deficit
for the year $36.1bn versus
$54.2bn for the same
months last year.
Its all enough to have
analysts looking forward to a
possible credit rerating
and promotion to investment
grade. Tim Ash, the London
based head of emerging
markets research at
Standard Bank, said: It plays
into the hands of those
arguing for a rating upgrade
. . . especially with Fitch in
the process of reviewing its
ratings. The rating agencies
have argued that an upgrade
depends on evidence of an
improving CAD [current
account deficit] position
well now it is improving.
Citigroup said in a note:
With this outcome, the
current account gap in the
first eight months of the year
becomes $36.1bn, which
compares favourably with the
deficit seen in the same
period of 2011 ($54.2bn).
Standing at US$2bn
during the same period, the
improvement in the non
energy current account
deficit is even more
pronounced [versus $24.3bn
in the first eight months of
2011].
The picture, however,
turns less favourable when
we consider the current
account balance excluding
energy and gold (see chart).
Against this backdrop, while
we maintain our 2012 current
account deficit gap at around
$60bn, this years gap can
be narrower [at around
$55bn] if a reversal in net
gold exports as we
envisage does not
materialise.
Among the rating agencies,
Fitch, for one, sees Turkey
on track for a ratings review.
Bloomberg said Fitch rates
the country BB+, one level
below investment grade with
a stable outlook. Moodys
Investors Service, which has
an equivalent rating, said on
October 8 it would assess
Turkeys upgrade if fragility is
reduced. Standard & Poors
rates the country BB, two
levels below investment
grade.
This year, with the deficit
likely to fall to 7.3 per cent
of GDP, the Turkish lira is up
4 per cent and in the top
10 bestperforming EM
currencies. There should be a
lot more scope for currency
appreciation if investors
judge the improvements in
economic management will
be sustained.
But macroeconomic policy
isnt the only influence on
investors. They are also
watching political
developments not least
prime minister Recep Tayyip
Erdogans bid to become an
executive president, tensions
between his ruling party and
the military, and the crisis in
neighbouring Syria.
Even as Turkeys economic
position is improving, its
political situation might be
becoming more difficult.
www.ft.com/beyondbrics
By James Crabtree
in New Delhi and
Javier Blas in London
Steel demand will slow sig-
nificantly this year and
next due to weaker eco-
nomic growth in China and
the eurozone sovereign
debt crisis, hitting the
profitability of steelmakers
and miners.
Steel is one of the worlds
most widely traded com-
modities, used in every-
thing from cars to washing
machines and war ships.
Analysts estimate the total
value of the global steel
market is close to $850bn.
The World Steel Associa-
tion, the industrys main
body, yesterday cut its fore-
cast for steel consumption
growth this year to 2.1 per
cent, compared with a fore-
cast of 3.6 per cent released
in April. Last year, global
steel demand rose 6.2 per
cent.
The new forecast,
revealed at the annual
meeting of the WSA in New
Delhi, bodes badly for top
steelmakers such as Arce-
lorMittal, Chinese groups
including Hebei and Baos-
teel, Posco of South Korea
and Japans Nippon Steel. It
is also negative for miners
that extract iron ore and
coking coal, the steelmak-
ing commodities, including
Vale of Brazil, and London-
listed Rio Tinto, BHP Bil-
liton and Anglo American.
The World Steel Associa-
tion said demand for the
commodity would rise by
3.2 per cent in 2013, down
from a forecast issued ear-
lier this year of 4.5 per cent.
Steel demand in both the
developed and developing
world has weakened consid-
erably, said Hans Jrgen
Kerkhoff, president of the
German Steel Federation
and chairman of the WSAs
economic committee. Ear-
lier this year, we saw signs
of recovery from the slow-
down of 2011, with improv-
ing sentiment. However,
global economic momentum
faltered in the second
quarter.
The main driver of the
slowdown is weakening
growth in China, which is
both the worlds largest pro-
ducer and consumer of the
commodity. International
organisations such as the
World Bank and independ-
ent analysts have cut their
outlook for economic
growth in China.
The WSA trimmed its pro-
jection of Chinese steel use
in 2012 to 640m tonnes,
an increase of just 2.5 per
cent year-on-year, compared
with 6.4 per cent during
2011. In April the WSA said
Chinese steel demand
would grow this year by
4 per cent.
The crisis of the steel sec-
tor is more pronounced in
Europe, where forecasts
suggest the economies of
the eurozone are likely to
contract this year.
See Lex
Steel demand to slow over next
two years amid China weakness
share off a high of R$53.41
reached early last year,
again underperforming the
market, although some of
this is due to declining
prospects for iron ore.
Other government targets
include the leading banks,
which came under moral
pressure to reduce their
lending spreads after the
central bank began lower-
ing its benchmark rates last
year. This was despite the
headwinds banks were fac-
ing of rising defaults and a
slowing economy.
State banks began com-
petitive rate reductions,
putting pressure on indus-
try spreads. Stocks such as
the largest private bank,
Ita-Unibanco, a former
darling of international
investors, have underper-
formed the index this year.
Telecoms were also bat-
tered after the government
suddenly froze new sales by
some operators, on allega-
tions they were providing
poor service.
But the big bang inter-
vention only came early
last month, when the gov-
ernment renegotiated elec-
tricity contracts with pri-
vate operators to cut elec-
tricity prices for industry
by as much as 28 per cent.
Shares in the sector col-
lapsed nearly 30 per cent in
a day.
Of course, no one likes it
when rules of the game
change and weve seen a lot
of intervention, says David
Beker, economist with Bank
of America Merrill Lynch.
But Mr Salomon of Bar-
clays says some of the
gloom over intervention
overlooks what he calls the
silent revolution happen-
ing in the country.
This includes a move
towards better governance
following this weeks
Trading post
Jamie Chisholm
Australian dollar
Source: Thomson Reuters Datastream
Against the yen ( per A$)
2007 08 09 10 11 12
50
60
70
80
90
100
110
More news at
FT.com
Dollar haven
The environment for the
dollar is changing, with the
market increasingly
questioning its value
during the current crisis
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Special report on the
regions financial centres
and what impact political
uprisings have had on
competition
www.ft.com/reports
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Video: While the country
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The government of
Dilma Rousseff has
pulled out all the
stops to stimulate
a recovery
Turkey current account
balance*
*
Excluding energy and gold
Sources: Citigroup; Haver Analytics
$bn
2005 07 09 12
-6
-4
-2
0
2
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28

MARKETS
Friday October 12 2012
Source: Thomson Reuters Datastream
Italian government bonds
10-year yield (%)
Brazilian real
Against the dollar (real per $)
Oct
2011
Oct
2012 Oct
2011
Oct 2012
2.0
1.9
1.8
1.7
1.6
4.5
5.0
5.5
6.0
6.5
7.0
7.5
Solid demand for a
3.75bn auction of
Italian threeyear debt
was rewarded in the
secondary market by
investors as the countrys
benchmark 10year yield
fell nine basis points
The real advanced for
the first time in three
days on upbeat US
jobless data, encouraging
demand for emerging
market assets (see
Markets Analysis)
US jobless data boost investor sentiment
By Jamie Chisholm
Investor appetite for risk
was generally firmer across
asset classes before US
equities lost their initial
steam late in New York
Lingering concerns about
weak growth and the euro-
zones debt troubles and
their impact on corporate
health were offset in early
trading as sentiment
received a significant boost
from news that weekly US
jobless claims had fallen to
their lowest in more than
four and a half years. Citi-
group also upgraded US
stocks to overweight,
explaining that cheap valu-
ations and aggressive cen-
tral bank policy would help
global equity markets rally
9 per cent by end-2013.
Confirmation of a possible
$12.8bn stakebuilding in the
US telecommunications sec-
tor involving Sprint Nextel
and a successful debut for
the IPO of Realogy also
helped revive trading opti-
mism early in New York.
The dollar index, which
dealers use as a gauge of
broader market sentiment,
retreated 0.2 per cent. US
Treasury yields dropped 2
basis points to 1.68 per cent
after the sale of $13bn 30-
year bonds attracted rea-
sonable demand.
The weaker dollar helped
gold add $5 to $1,767 a troy
ounce. Industrial commodi-
ties firmed, too, with copper
up 0.8 per cent to $3.75 a
pound and Brent crude ris-
ing over $1 to $115.89 a bar-
rel.
The FTSE All-World index
recovered early losses and
traded up 0.3 per cent after
the FTSE Eurofirst 300
gained 0.8 per cent, but the
Asia-Pacific region slipped
0.2 per cent.
Wall Streets S&P 500
closed nearly flat at 1,435,
stemming a four-day losing
streak that began after the
index hit a near-five-year
intraday high above 1,470
last Friday.
That recent pullback
came as investors fretted
about corporate profitability
ahead of the US third-quar-
ter earnings season.
Chevron, the energy
group, was the latest com-
pany to warn on earnings
following similar downbeat
statements from Cummins,
the engineer, and Alcoa, the
aluminium producer.
The International Mone-
tary Fund this week
trimmed its forecast for
worldwide expansion and
such is the institutions con-
cern about activity that
Christine Lagarde, manag-
ing director, called for coun-
tries to rein back austerity
measures.
South Korea cut interest
rates after it, too, reduced
growth expectations.
Tokyos Nikkei 225 Aver-
age slipped 0.6 per cent
after a bigger than expected
fall in Japanese machinery
orders highlighted weak
industrial confidence.
One important bright spot
in the global gloom is the
improvement seen of late in
US data the Federal
Reserve said in its Beige
Book survey that the coun-
trys economy expanded
modestly last month.
Given that the genesis for
the 2007 global financial cri-
sis was the US housing mar-
ket, investors were pleased
that the report contained
broadly positive comments
on the sector.
Yesterdays weekly job-
less numbers added to
hopes that at least the
worlds biggest economy is
gaining some traction.
Meanwhile, eurozone debt
issues were back on the
agenda after Standard &
Poors cut Spains credit rat-
ing by two notches, citing
the countrys deepening
economic recession and ina-
bility to handle mounting
borrowing costs. S&P was
playing catch-up to Moodys
recent downgrade, but the
move refocused the mar-
kets mind on Spains fiscal
difficulties.
Still, although Spanish
bonds initially came under
some pressure, they recov-
ered in line with the
broader market mood.
Madrids 10-year yields fell
4bp to 5.76 per cent.
In addition, even though
an auction of 3.8bn of Ital-
ian three-year paper saw
borrowing costs at their
highest since July, demand
was solid.
In the secondary market,
the yield on Romes 10-year
notes was down 9bp to 5.02
per cent.
The euro shrugged off the
S&P downgrade, gaining 0.5
per cent to $1.2952.
GLOBAL OVERVIEW
Dollar index
retreats 0.2%
Gold adds $5 to
$1,767 a troy ounce
Source: Thomson Reuters Datastream Markets updated at www.ft.com/markets
FTSE 100 index S&P 500 index
Sep Oct 2012 Sep Oct 2012 Sep Oct 2012 Sep Oct 2012
Nikkei 225 Average FTSE Eurofirst 300 index
Latest
1420
1440
1460
1480
5700
5800
5900
6000
1080
1090
1100
1110
1120
8600
8800
9000
9200
9400
8400
Change
on day
+0.34%
Change
on day
+0.92%
Change
on day
+0.80%
Change
on day
-0.58%
Yen falls on intervention fear
CURRENCIES
By Alice Ross
The Japanese yen fell
against other leading cur-
rencies amid warning signs
that Tokyo could take fur-
ther steps to weaken its
currency.
The US dollar rose 0.3 per
cent to a session high of
Y78.58, as Japanese officials
raised the issue of the yens
strength at the G7 meeting
in Tokyo.
Traders at Nomura said
that reports that SoftBank,
the Japanese telecoms com-
pany, was set to take a con-
trolling stake in Sprint Nex-
tel, the US wireless opera-
tor, had also put downward
pressure on the yen.
The euro reversed earlier
losses yesterday following a
credit rating downgrade of
Spain the previous night by
Standard & Poors, the rat-
ing agency, as investors
stayed focused on the tim-
ing of a Spanish bailout.
The US dollar was weaker
across the board as the day
went on and mild risk appe-
tite returned to the cur-
rency markets. Figures
showing a sharp drop in US
jobless claims added to the
downward pressure on the
US currency.
The single currency hit a
session low of $1.2825 but
was later 0.5 per cent
higher against the US dollar
at $1.2952.
The euros resilience was
in part due to hopes that
the two-notch downgrade of
Spanish debt by S&P could
hasten Spains request for
aid from eurozone partners.
The Australian dollar
rose after figures showed
better than expected jobs
creation and a rise in full-
time employment. The jobs
figures fuelled speculation
over the timing of the next
interest rate cut in Aus-
tralia, with many still
expecting a further 25 basis
point cut when the Reserve
Bank of Australia meets in
November.
The Australian dollar
rose 0.4 per cent against the
US dollar to $1.0270 and was
0.6 per cent higher against
the yen at Y80.51.
In emerging markets,
both Brazil and South
Korea cut interest rates by
25 basis points to 7.25 per
cent and 2.75 per cent,
respectively. Both cited
slowing global growth and
concerns over the eurozone
and the US fiscal cliff as
factors in their decision.
The US dollar fell 0.1 per
cent to Won1,113.67 and
dropped 0.3 per cent against
the real to R$2.0370.
www.ft.com/currencies
Sprint Nextel rallies on talks to
sell majority stake to SoftBank
By Anora Mahmudova
in New York
Shares in Sprint Nextel
jumped at the open on Wall
Street after it emerged that
the third-largest US mobile
company by subscribers
was in talks to sell a major-
ity stake to Japans Soft-
Bank.
The Japanese telecoms
company was believed to be
offering $12.8bn for a 75 per
cent stake in Sprint Nextel.
The stock rose 16.6 per cent
to $5.87, while the com-
panys market value has
more than doubled since
the beginning of the year.
By contrast, smaller rival
MetroPCS dropped 3.9 per
cent to $11.56. Last week
MetroPCS and T-Mobile
USA, a subsidiary of Deut-
sche Telekom, agreed to go
ahead with a merger in
order to be able to compete
with larger rivals such as
AT&T, Verizon and Sprint
Nextel.
Shares in AT&T and Veri-
zon slipped, down 1.3 per
cent to $36.45 and 1.2 per
cent to $45.21 respectively.
US equities broke a four-
day losing streak as inves-
tors welcomed positive jobs
data showing the number of
Americans claiming unem-
ployment insurance fell to a
four-year low last week.
The S&P 500 index rose
0.3 per cent to 1,437.36. The
Dow Jones Industrial Aver-
age rose 0.1 per cent to
13,363.92 and the technolo-
gy-heavy Nasdaq Composite
rose 0.2 per cent to 3,057.61
Stock markets had
retreated from their cyclical
highs in previous sessions
as companies began report-
ing quarterly earnings, with
analysts expecting profits to
decline for the first time
since late 2009.
In spite of negative fore-
casts heading into the third-
quarter earnings season,
some analysts remained
optimistic about US equi-
ties.
Robert Buckland, chief
global equity strategist at
Citi Research, upgraded US
equities to overweight,
citing the combination of
strong EPS momentum and
a very aggressive central
bank, while forecasting a
gain of 12 per cent for the
S&P 500 by the year end.
Channing Smith, fund
manager at Capital Advi-
sors, was less optimistic
about third-quarter earn-
ings results: Investors will
be focusing on revenues
and future outlooks rather
than earnings, which are
often smoothed to meet
expectations.
Large banks performed
strongly ahead of earnings
announcements from
JPMorgan and Wells Fargo
due today. The S&P finan-
cials sector rose 0.8 per cent
yesterday and is up 23.4 per
cent on the year, making it
the best performing sector
in the year to date.
JPMorgan rose 1.2 per
cent to $42.29, while Wells
Fargo added 0.3 per cent to
$35.34. Citigroup shares
rose 1.8 per cent to $35.79
and Bank of America added
1.5 per cent to $9.35.
In earnings news, Faste-
nal rallied 8 per cent to
$45.71 after the industrial
and construction materials
supplier reported third-
quarter earnings that met
expectations.
Safeway dropped 3 per
cent, however, to $15.79
after the food retail chain
reported an unexpected
drop in revenues in the
third quarter, even though
earnings beat estimates.
Shares in Dollar Tree, dis-
count retail chain, also
dropped sharply, down
9.3 per cent to $42.60 after
the company executives
announced third-quarter
results early. Chief execu-
tive Rick Hamada ruled out
dividends, saying buy-
backs are a better way to
return value to sharehold-
ers at the moment.
Energy stocks, especially
coal producers, were among
the best performers. Pea-
body Energy soared 7.9 per
cent to $25.93, while Consol
Energy jumped 6.9 per cent
to $35.14.
Coal producers have been
rallying since the televised
debate between Barack
Obama and Mitt Romney,
in which the Republican
nominee a big supporter
of the industry was seen
as a winner.
Dean Foods lost 2.8 per
cent to $14.56 after analysts
at UBS lowered their
price target for the com-
pany to $15.50 from $17.50
while keeping the neutral
rating.
In IPO news, shares in
Realogy, a real estate
group, soared 23.5 per cent
to $33.50 during their mar-
ket debut as investors bet
on an improving housing
market.
The company raised more
than $1bn selling 40m
shares, making it the third-
largest listing in the US this
year, behind Facebook and
Santander Mexico Financial
Group.
Zynga rose sharply, up
6.8 per cent to $2.51, as the
online game maker teamed
up with Atari, another
gamer maker, and launched
their first game together
under the Zynga Mobile
Partner programme.
Among notable fallers
was Apple, down 0.9 per
cent to $635.49. The stock,
which makes up 24 per cent
of the Nasdaq, has damped
the rise in the index.
WALL STREET
Key indicators Sprint Nextel
Source: Thomson Reuters Datastream
Share price ($)
Oct
2011
Oct 2012
2
3
4
5
6
Days
Indices Close change
S & P 500 1435.18 +2.62
DJ Industrials 13354.16 +9.19
Nasdaq Comp 3052.87 +1.09
Russell 2000 830.07 +3.32
VIX 15.60 -0.69
US 10 yr Treas Bd 1.68 -0.02
US 2 yr Treas Bd 0.27 +0
US equities
New York stocks advanced
in spite of negative forecasts
for the thirdquarter earnings
season, sending the S&P 500
index higher for the first time
in five days as American
jobless claims slid to a
fouryear low
UK equities
The FTSE 100 gained 0.9 per
cent with banks leading the
wider market higher on
reports that the European
Union might push back a
deadline to implement
tougher bank capital rules
by as much as a year
European equities
The FTSE Eurofirst 300 index
rallied 0.9 per cent after
investors shrugged off
Spains credit downgrade by
Standard & Poors, with the
move raising expectations
that Madrid would soon
request a bailout
Asian equities
Asian stocks retreated
0.2 per cent after orders for
Japanese machinery makers
dropped for the first time
in three months with
Tokyos Nikkei 225 Stock
Average losing 0.6 per cent
to an 11week low
By Alexandra Stevenson
Well-received earnings
news helped European
retailers make gains yester-
day and offered some dis-
traction from further losses
among Madrids banks after
another cut to Spains sov-
ereign credit rating.
Improved sales at Carre-
four prompted investors to
buy the stock. The worlds
second-largest retailer
reported better than
expected third-quarter reve-
nues of 22.63bn against
consensus estimates of
22.57bn.
Analysts at Credit Suisse
maintained their outper-
form rating on the shares,
saying the retailers small
premium valuation to the
sector at 11.2 times 2013
earnings compared with the
sectors average 10.6 times
looks increasingly anoma-
lous given what seems like
a recovery in sales momen-
tum.
The French retailers
shares gained 3.7 per cent
to 16.58.
European luxury goods
makers were encouraged by
better news from their Lon-
don-listed peer, Burberry.
Analysts said interim
earnings from the fashion
house came as a relief after
its profit warning last
month, even as the results
remained below consensus
estimates.
Christian Dior climbed
3.6 per cent to 108.30,
while LVMH gained 3.8 per
cent to 122.95. The owner
of Louis Vuitton bags and
Dom Prignon champagne
is due to give a third-quar-
ter trading update on Octo-
ber 15.
Investors also piled in to
Herms, sending its shares
up 1.7 per cent to 217.25.
Richemonts shares also
received a fillip. The Swiss-
based owner of Van Cleef &
Arpels gained 4.5 per cent
to SFr59.90.
The wider FTSE Eurofirst
300 was up 0.8 per cent at
1,098.80. European indices
were boosted in afternoon
trading by a sharp drop in
US jobless claims data.
There were clear losses
for financials in Madrid as
S&P cut Spains credit rat-
ing by two notches, leaving
the country with a negative
outlook. The move, which
puts Spain at the lowest
investment-grade rating,
sent some of Spains lenders
into negative territory.
Banco Popular, Spains
sixth-biggest lender, fell
4.9 per cent to 1.30.
The lender recently
refused to take key rescue
funds to bolster its capital
base, instead opting to
undertake a 2.5bn emer-
gency share issue.
The wider Ibex 35 index
rallied 0.9 per cent to
7,734.7.
LONDON
Carrefour attracts investors
following improved sales
EUROPE
Carrefour
Source: Thomson Reuters Datastream
Share price ()
Jan Oct 2012
13
14
15
16
17
18
19
Strategy concerns
knock Morrison
of Scotland was up 4.2 per
cent to 273.8p and Lloyds
Banking Group added 2 per
cent to 39.3p.
RBS spin-off Direct Line
Insurance rose 7.4 per cent
to 188p on its market debut,
which gave the car insurer
a value of 2.82bn.
Burberry soared 13.3 per
cent to 10.36 after report-
ing that, after its profit
warning in early Septem-
ber, retail sales had
improved in recent weeks.
Ingredients maker Tate &
Lyle took on 1.2 per cent to
697p on the back of a Soc-
Gen upgrade to buy.
Wolseley, up 1.7 per cent to
26.94, was helped by Good-
body Stockbrokers setting a
34 target price on the
plumbers merchant.
Vague rumours of bid
interest helped Informa, the
publishing and conference
group, take on 3.5 per cent
to 411.8p.
Speculative interest lifted
Premier Oil 5.8 per cent to
374.7p. Bumi rallied
39.5 per cent to 259p after
Indonesias Bakrie family
set out a plan to buy back
its coal assets.
By Bryce Elder
A London market rebound
left Morrison Supermarkets
behind yesterday as weak
industry data raised
concerns about its strategy.
A Kantar Worldpanel
survey showing Morrison
sales down 1.5 per cent in
September led at least five
brokers to cut earnings
forecasts. Credit Suisse and
Espirito Santo took the
stock off their buy lists.
Morrison was losing mar-
ket share to discount chains
such as Aldi, said Redburn
Partners, which put its
buy rating under review.
Morrison closed down
1.6 per cent to 269.5p, a two-
month low.
Banks led the wider mar-
ket higher on reports that
the European Union might
push back a deadline to
implement tougher bank-
capital rules by as much as
a year. The FTSE 100 ended
0.9 per cent higher, up 53.04
points at 5,829.75.
Barclays jumped 4.8 per
cent to 232.7p, Royal Bank
Markets update
OCTOBER 12 2012 Section:Markets Time: 11/10/2012 - 21:17 User: marais Page Name: WSM2 ASI, Part,Page,Edition: EUR, 28, 1
Growth glitches
FT specialists
report from the
eurozone, China,
the US and the UK
Pages 2, 3
Inside
If Obama wins
. . . or Romney
Some differences
seem more
symbolic than real
Page 4
Cash conundrum
The IMF and World
Bank have plenty
of money but face
new challenges
Page 5
Risks ahead if
QE continues
Effect on real
economy will show
how well it works
Page 6
Pulling out stops
Pageantry replaces
pain for Japan as it
hosts IMFWorld
Bank meetings
Page 7
FT SPECIAL REPORT
World Economy
Friday October 12 2012 www.ft.com/reports | twitter.com/ftreports
A
threat of double-dip reces-
sion is stalking the world
economy. Advanced econo-
mies are struggling to raise
insipid growth rates, while
the fast-growing emerging economies
cannot maintain their previous
momentum. If anything goes wrong
and there are known potential shocks
in the coming months the risk is
rising of a dangerous economic slide.
The Brookings Institution-Financial
Times Tracking Indices for the Global
Economic Recovery shows a steep
drop in 2012 so far, leading professor
Eswar Prasad of Brookings to describe
the global economy as on the ropes.
In the International Monetary
Funds twice-yearly World Economic
Outlook, published this week, Olivier
Blanchard, the funds chief economist,
said the world economy was ham-
strung by uncertainty, which was pre-
venting companies from investing and
households from spending.
Worries about the ability of Euro-
pean policymakers to control the euro
crisis and worries about the failure to
date of US policymakers to agree on a
fiscal plan surely play an important
role, but one that is hard to nail
down, he said.
The renewed concern about the
health of the global economy marks a
depressing return to fear after an ini-
tially strong global recovery. World
output jumped 5.1 per cent in 2010, a
figure which dipped only to 3.8 per
cent in 2011 even with the eurozone
crisis pulling the rug from under pre-
vious optimism last year.
The hope was that 2012 would wit-
ness a return to more rapid expan-
sion, but the latest IMF forecasts now
expect only 3.3 per cent global output
growth, split between 5.3 per cent
expansion in the emerging world and
1.3 per cent growth in the developed
world. So the slow descent back
towards recession defined as global
growth below 2 per cent is a big
worry for the whole world, rather
than one part of it.
That raises a big question for cen-
tral bankers and finance ministers
arriving in Tokyo this week for the
IMF and World Banks annual meet-
ings: are the worlds problems in 2012
a temporary glitch in a long march
forward, or are fears justified that the
last few months of this year are but a
phoney war before the crisis again
rears its ugly head?
The answer depends primarily on
events in the US and the eurozone.
The US, still the worlds largest
economy, is pivotal for the global out-
look. With the presidential and con-
gressional elections imminent, its
economy is still growing at a moder-
ate pace close to 2 per cent a year.
This recovery, however, is not suffi-
cient to reduce unemployment
quickly. One good months data in
September brought the rate below 8
per cent, down from a 2009 peak of 10
per cent, but the decline in jobless-
ness is slow for a US recovery and is
undermined by evidence of a signifi-
cant body of discouraged workers who
are not officially unemployed.
In response to what Ben Bernanke,
Federal Reserve chairman, called a
far from satisfactory recovery, the
central bank launched an ambitious
and open-ended third round of quanti-
tative easing in September, under
which the Fed committed to create at
least $40bn a month. It said the
money would be used to purchase
mortgage-backed securities and would
continue for as long as outlook for
the labour market does not improve
substantially.
Even with the Feds brute force, the
fear in international circles is that its
action will be undone by politicians
unable to stop the US economy falling
over the edge of what is known as the
fiscal cliff. Unless existing legisla-
tion is repealed, the US authorities
will impose tax increases and spend-
ing cuts of 4 per cent of national
income in January 2013.
Continued on Page 2
Hopes turn
to fear and
uncertainty
Answers to the big issues facing the global
economy depend mainly on events in the US
and eurozone, writes Chris Giles
Meeting of minds: logo for the IMFWorld bank events beginning in Tokyo today Bloomberg
The slow descent back
towards recession is a
worry for the whole world,
rather than one part of it
OCTOBER 12 2012 Section:Reports Time: 9/10/2012 - 17:08 User: baxtera Page Name: WEC1, Part,Page,Edition: WEC, 1, 1
2

FINANCIAL TIMES FRIDAY OCTOBER 12 2012
matically in response to pol-
icy tightening to restrain
excess and the global slow-
down. Latin Americas larg-
est economy is expected to
expand by only 1.5 per cent
this year, while Indias
growth rate is likely to be
around half of the 10.1 per
cent it achieved in 2010.
Even oil exporting coun-
tries, such as Russia, have
felt the effects of the uncer-
tainties.
With new weakness, mon-
etary policy around the
world is attempting to stim-
ulate demand growth even
though it is near its limit of
effectiveness.
For most countries, the
fiscal room to limit deficit
reduction programmes is
small and precludes much
action. So all eyes are on
the US and eurozone to take
the steps necessary to
remove uncertainty and
build a little confidence.
If successful, Mr Blan-
chard says he would be
happy if [the IMFs] base-
line forecasts turn out to be
inaccurate in this case,
too pessimistic, but no one
is counting their chickens.
deepen one more, Christine
Lagarde, managing director
of the IMF, has again called
for urgent action to see
co-ordinated implementa-
tion multiple players play-
ing one game.
If the two largest eco-
nomic areas are facing big
risks in the months ahead,
emerging economies are
struggling to maintain the
momentum with which
they started the year. No
longer does anyone believe
they have decoupled from
advanced economies.
In October, the World
Bank cuts its forecast for
Chinese growth to 7.7 per
cent from 8.2 per cent in
May, the lowest rate of
expansion since 1999.
With a once-in-a-decade
change of Chinese leader-
ship imminent, the low cur-
rent rate of growth, worse
than that achieved in the
depths of the financial cri-
sis in 2009, is further unset-
tling the worlds second
largest economy.
Chinas weakness is mir-
rored in other large emerg-
ing economies. Brazils
economy has slowed dra-
where the economic num-
bers are again slipping
behind the latest eurozone/
IMF programme and dis-
bursements of loans have
been held up cannot be
ignored for much longer.
The IMF is playing tough,
unwilling to lend into a pro-
gramme it sees as off-track
and where the Greek gov-
ernment has not lived up to
promises of structural
reforms.
European governments
are more understanding,
but a resolution of the
impasse is needed soon to
prevent the nation running
out of money.
It is also looking ever
more likely that Spain, too,
will need to apply for a for-
mal EU/IMF programme to
trigger the ECB purchases
of bonds, but Mariano
Rajoy, Spains prime minis-
ter, is still holding out. And
all the while, the eurozone
economy deteriorates. The
IMF predicts it will contract
by 0.4 per cent before doing
little better than stagnate
in 2013.
With so many reasons to
fear the eurozone crisis will
stabilised and confidence
can return.
Member states need to
agree the definition of bank-
ing union, which is aimed
at breaking the vicious cir-
cle that exists between
weak sovereign states in
the eurozone and their
weak banks. Parts of the
core of Europe want a mini-
mal agreement on a com-
mon European banking
supervisor of only the larg-
est banks, with sovereign
states remaining responsi-
ble for bailouts of failing
banks.
The periphery naturally
wants to socialise the risks
surrounding its banks and
introduce common deposit
insurance. In early October,
the two sides were as far
apart as ever.
The issue of Greece
over the summer. Com-
ments by Mario Draghi, pre-
sident of the European Cen-
tral Bank, that he would do
whatever it took to ensure
the euro remained a stable
currency were well
received, as was the policy
announced a few weeks
later of outright monetary
transactions by the ECB.
These will give it poten-
tially unlimited monetary
firepower to bring down
short-term borrowing costs,
so long as the nations sign
up to a deficit-reduction
programme imposed from
the outside.
Other welcome develop-
ments for the eurozone
have included the highest
German court ruling that
the European Stability
Mechanism, the new rescue
fund, did not breach the
German constitution, and
Dutch elections demonstrat-
ing public support for politi-
cal parties keen to make the
euro project work.
But after months of pre-
varication, the summers
progress still requires sig-
nificant further action
before the eurozone can be
With fiscal policy a live
election issue, there are no
bipartisan efforts as yet to
mitigate the cliff and
although most experts
expect the issue to be
resolved after the Novem-
ber 6 elections, the prece-
dent from 2011 suggests
brinkmanship will ensure
uncertainty continues to
the last minute.
Gerard Lyons, chief econ-
omist of Standard Char-
tered bank, says minds will
be concentrated by the cer-
tainty of a new recession if
no agreement is struck. So
bad is this outcome that it
is unlikely to happen, as
neither party could shoul-
der the fall-out. More likely,
there will be a last-minute
compromise . . . The trouble
is that any decisions need
to be agreed before year-end
in the so-called lame-
duck session of the US Con-
gress.
If the US suffers from an
uncertain political and eco-
nomic outlook, the euro-
zone situation is more criti-
cal, even though a period of
calm soothed the eurozone
Continued from Page 1
World Economy
Hopes
turn to
fears
across
globe
Further action is
needed before the
eurozone can
be stabilised
M
ario Draghi, president of
the European Central
Bank, has crafted what
he calls a fully effective
backstop against the dis-
integration of the eurozone. The ques-
tion now is whether Europes leaders
will use it to push for a resolution to
the regions crisis or whether, zombie-
like, the bloc stumbles through a lost
decade.
The 17-nation region contracted in
the second quarter and, in spite of the
ECBs actions to slash its main inter-
est rate to a historically low 0.75 per
cent, it is proving hard to reignite
growth. Even businesses in the euro-
zones strongest economy, Germany,
are forecasting further gloom in
recent surveys, rather than seeing
this as a golden opportunity to invest.
There are suggestions the central
bank may cut rates yet further by the
end of this year or early next, shrug-
ging off concerns about inflation
which, although above the ECBs tar-
get of below but close to 2 per cent
over the medium term, is expected to
slow down in coming months.
But, as the bank admits, that classi-
cal tool of monetary policy is effec-
tively broken. Rates set in Frankfurt
are no longer adequately reflected in
the cost of borrowing for companies
and households in Seville or Porto,
due to speculation that countries with
distressed bond markets may leave
the euro.
The most recent ECB dataset on
lending rates to small and medium
enterprises shows that a German com-
pany seeking a loan of 1m for
between one and five years might typ-
ically pay 3.8 per cent a record low
while a Spanish company would pay
6.6 per cent, the highest since late
2008 when central banks cut rates
after Lehman Brothers collapsed.
The spread between those rates has
been getting wider, although the lat-
est data for August predate Mr
Draghis backstop dubbed outright
monetary transactions or OMT by the
ECB. OMT has yet to be deployed, but
its announcement alone has already
managed to bring down the sovereign
borrowing costs of countries such as
Italy and Spain.
Mr Draghis idea is to stand ready to
make unlimited purchases of bonds
with short-dated maturities on the
secondary market for countries with
elevated sovereign borrowing costs, if
the ECB judges that those costs are
caused by speculation about a euro
break-up.
This is deeply controversial in Ger-
many, where the Bundesbank has
opposed it outright and said it is tan-
tamount to printing banknotes.
German concern and an effective
German veto by its parliament of any
application is one reason why no
country has yet applied for the bond-
buying to begin. This would entail
first signing up to structural reforms
and possible deficit cutting measures
by applying to the eurozones perma-
nent rescue fund, the European Sta-
bility Mechanism.
But even when, and if, OMTs
are used, Mr Draghi has repeatedly
made clear his backstop is just that
a measure aimed at preserving the
singleness of the eurozone and guar-
anteeing the irreversible nature of
the euro.
As a tool of monetary policy the
measure is not meant to address the
fiscal problems of countries with big
budget deficits and high levels of debt
to gross domestic product. Nor is it an
attempt to address the economic
imbalances that created the problem.
The ECB has done everything pos-
sible and it could certainly create an
environment which is conducive to
reforms because it could remove what
we call the redenomination risk, Mr
Draghi said after this months meet-
ing of the ECBs rate-setting govern-
ing council. So, it could remove tail
risks but ultimately, the initiative is
in the hands of governments.
Some economists identify the cur-
rent phase of the crisis as one of
muddling through, where periodic
spikes in the borrowing costs of
countries such as Spain and Italy
are addressed but no fundamental
eurozone-wide reforms are under-
taken to eliminate grounds for finan-
cial market speculation about the
future of the euro.
The outlines of some kind of settle-
ment are emerging in the form of
discussions about a banking union,
common European banking supervi-
sion, and a fiscal pact, but ultimately
the shift from the muddling
through phase to a resolution will
require the commitment of Germany
and others to still deeper fiscal inte-
gration.
A looming German federal election
in about a years time is unlikely to
hurry that debate along, with the
political risks all too obvious for
Angela Merkel, the chancellor, of
advocating tighter integration at a
time when much public opinion is
sceptical of bailouts for southern
European states.
The optimistic view is that even in
the muddle-through, were still mov-
ing in the right direction, says Marie
Diron, a former ECB economist who
acts as economic adviser for Ernst &
Young. The danger is we dont have
5-10 years and that with muddling
through you are too close to the cliff.
Returning to growth of 2 per cent in
the eurozone would be hard to see
happening in the next decade, Ms
Diron says, with 1 per cent in pros-
pect only after a period of contraction
and stagnation.
The other risk is that too harshly
implemented austerity both strains
the social fabric of countries beyond
breaking point and even harms the
very growth prospects so desperately
needed to lift the eurozones economy
out of the doldrums.
Setting aside the wider problem of
integrating the eurozones economies,
some economists spy the potential for
Germany to lead the way back out of
the crisis, if fears of the euro breaking
up can be dispelled.
The ECBs announcement (and
implementation, if required) that it
will buy unlimited quantities of
peripheral government bonds, if nec-
essary, will gradually convince inves-
tors over the next few months that
the euro will not disintegrate, in our
view, Ralph Solveen of Commerz-
bank said in a note.
This should at least soothe the cri-
sis. Companies should then also turn
less uncertain, with the current slum-
bering [German] boom likely being
awakened as a result.
Ball is in countries court
as ECB stands prepared
Eurozone The central bank has acted to guarantee the irreversible nature of the euro
but resolution of the crisis lies with Germany and others, writes Michael Steen
When China reports its
third quarter economic data
next week, it is widely
expected to mark its sev-
enth consecutive quarterly
slowdown in growth.
China is still doing
remarkably well by global
standards: the economy
probably expanded about
7.0-7.5 per cent year-on-year
in the third quarter. But
relative to the countrys
recent past, the grinding
slowdown has been a signif-
icant change that many
companies and investors
are struggling to digest.
If you compare it to
Chinas growth rate before
2008, youve come down by
about a third, says Huang
Haizhou, chief strategist
with China International
Capital Corp.
The causes of the slow-
down are clear enough.
First, exports, once a lead-
ing engine of the Chinese
locomotive, have become a
drag instead. Net exports
used to contribute about
2 or 3 percentage points to
Chinas growth rate. Now,
with external demand so
weak, sluggish exports will
actually subtract about
1 percentage point.
Second, investment
appears to have finally
peaked at nearly 50 per cent
of gross domestic product, a
record high for a big econ-
omy in peacetime.
Although there is still
plenty of capital spending,
there is now a huge base of
physical capital and so a
slower increase in its size
means that investment will
go from contributing about
6 percentage points to 4 per-
centage points of growth.
That leaves consumption
as the only driver of Chi-
nese growth with the poten-
tial to strengthen. Retail
sales in real terms have
been resilient this year but
the economys shift to a
consumption-led model is
occurring only gradually.
Tot it all up, and China
will struggle to do any bet-
ter than 7.5 per cent growth
this year and next year as
well the slowest in more
than a decade. We expect
mediocre growth to be the
new norm in China, says
Dong Tao, Asia chief econo-
mist for Credit Suisse.
The big surprise of the
past six months has been
the central governments
reluctance to do more to
arrest the slowdown. It has
allowed the central bank to
cut interest rates twice and,
at the margins, it has
boosted spending on invest-
ment and provided more
support for exporters.
But it has rebuffed calls
for anything remotely
resembling the Rmb4tn
($640bn) stimulus package
that it unleashed in 2008 to
power the economy past the
global financial crisis.
Many analysts had
expected a more forceful
policy response from the
government and have had
continually to revise down
their forecasts as Beijing
has stayed on the sidelines.
There are competing
explanations as to why it
has been so restrained.
The simplest is the cur-
rent juncture in the coun-
trys politics. In November,
the ruling Communist party
will convene a congress in
which it will unveil Chinas
new leaders for the next 10
years. Xi Jinping has been
anointed to replace Hu Jin-
tao as party chief.
With officials from the
village level to the national
stage jockeying for promo-
tions ahead of this once-in-
a-decade leadership succes-
sion, attention has been
given over to politics at the
expense of the economy.
The policy paralysis due to
political struggles this year
is the very reason why it
might take longer than
usual for the Chinese econ-
omy to recover, Lu Ting,
an economist with Bank of
America-Merrill Lynch,
wrote in a recent note.
Another explanation is
that the government has
come to the conclusion that
slower growth is desirable
for China. In this view, Bei-
jing has learnt from its
2008-09 stimulus. Although
highly effective in propping
up growth in the short
term, that gargantuan
spending effort only made
the economy more unbal-
anced in its reliance on
investment.
In an editorial last month,
Xinhua, the official news
agency, argued that another
similar stimulus was not
only unlikely, but would be
detrimental to the countrys
sustainable growth.
A final view and one
that raises a more alarming
prospect is that the gov-
ernments hands are tied.
Even if it wanted to pro-
mote faster growth, it
would be unable to get
much traction. Imagine
the scene when a car is
stuck in the snow. The
driver keeps stepping on
the gas pedal. The wheels
move, but the car does not
move forward. This car is
called the Chinese econ-
omy, Mr Dong says.
This bleak opinion is
based on the assessment
that private businesses are
restricted to a series of sec-
tors such as manufacturing
and property that are beset
by overcapacity.
Unless the government
gives them greater access to
state-controlled parts of the
economy, such as health-
care and finance, they will
be unwilling to increase
investment and overall
growth will inevitably fal-
ter.
In contrast to the central
governments reserve, local
officials have been tripping
over themselves to
announce bigger and bigger
investment ambitions. Over
the past few months, pro-
vincial and municipal gov-
ernments have announced
more than Rmb10tn in
spending plans, from more
subway lines in the north-
ern city of Xian to tourism
development in the south-
ern province of Guizhou.
Taken together, these
plans have been interpreted
by many as a new stimulus
for China. But there is a big
problem with this interpre-
tation the yawning chasm
between what local govern-
ments say and what they
can actually do.
Declining land sales have
hit their revenues and
banks have shied away
from lending to them
because they are still sad-
dled with debts from the
previous stimulus.
There is, however, one
scenario in which Beijing
would be likely to launch a
real stimulus.
In the event of a sharp
deterioration in global
demand, we expect the Chi-
nese government to provide
additional policy support,
both fiscal and monetary,
says Wang Tao of UBS.
With total government debt
at just about 40 per cent of
GDP, it clearly does have
the capacity to act.
So while somewhat
slower growth might be
Chinas new normal, it is
hard to see it getting much
worse than that.
Slowdown in growth
likely to continue
China
Consumptionled
model to the fore as
economy adapts to
new normal, writes
Simon Rabinovitch
Buy, buy: consumption is the only growth factor with the potential to strengthen Bloomberg
7.5%
Chinas slowest growth rate
in more than a decade
Chris Giles
Economics Editor
Alan Beattie
World Trade Editor
Javier Blas
Commodities Editor
Robin Harding
US Economics Editor
Claire Jones
Online Economics Editor
Ben McLannahan
Tokyo Correspondent
James Mackintosh
Investment Editor
James Politi
US Economic and
Trade Correspondent
Simon Rabinovitch
Beijing Correspondent
Michael Steen
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Robin Wigglesworth
Capital Markets
Correspondent
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Contributors
The optimistic
view is that
even in the
muddlethrough,
were still
moving in the
right direction
Cobbled together: a euro sculpture is partially reflected in a puddle outside the European Central Banks Frankfurt headquarters Reuters
OCTOBER 12 2012 Section:Reports Time: 9/10/2012 - 17:09 User: baxtera Page Name: WEC2, Part,Page,Edition: WEC, 2, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

3
World Economy
In autumn 2010, a confident
Britain felt it was leading
the world.
The economy was recover-
ing rapidly from the finan-
cial crisis. The new coali-
tion government showed it
could act when it
announced a detailed multi-
year plan to bring down the
gaping public deficit.
Credit ratings agencies
were impressed and Stand-
ard & Poors obliged by
removing the negative out-
look on the UKs AAA-
credit rating. Public sup-
port for tax rises and spend-
ing cuts was high. And Brit-
ain as the poster-child for
deficit reduction blazed a
trail soon followed by oth-
ers in shifting from stimu-
lus to austerity.
Two years on, where
there was confidence, there
is now doubt, disappoint-
ment and confusion.
Although the numbers in
work are almost back to the
pre-crisis peak with solid
employment growth despite
mass lay-offs in the public
sector, output has lan-
guished.
Real gross domestic prod-
uct has bumped along the
bottom, effectively stagnat-
ing for two years and still 4
per cent below the 2008
high. Compared with the
pre-crisis trend, the volume
of goods and services pro-
duced in Britain is around
14 per cent lower than
could have been expected
before the crisis.
The combination of low
growth and robust employ-
ment is reflected in plum-
meting productivity, sug-
gesting the potential for the
UK economy to grow
quickly has been severely
damaged.
With low growth has
come disappointing public
finances. Instead of elimi-
nating the bulk of the defi-
cit by 2014-15 as the coali-
tion government had
intended, George Osborne,
the chancellor, has already
conceded that austerity will
have to continue to 2016-17.
Other economic disappoint-
ments in 2012 are likely to
delay deficit reduction even
further.
With deficits not falling
as hoped, the credit rating
agencies are getting nerv-
ous. Two of the three lead-
ing agencies Moodys and
Fitch have warned the UK
government they are likely
to downgrade the credit rat-
ing over the next few years.
Even the International
Monetary Fund, which
hailed the new govern-
ments deficit reduction
plans in 2010 as essential,
is having second thoughts.
In its mission to the UK
this year, the fund sug-
gested that if the Bank of
England could not kickstart
the economy and growth
initiatives also failed, the
government should con-
sider slowing its austerity
drive until the economy is
stronger.
For some, such as profes-
sor Paul Krugman, the
Nobel prize-winning US
economist and columnist,
the UKs predicament has
been the predictable conse-
quence of a failed devotion
to premature austerity.
Britain is suffering from
lack of demand; it could
have a quick (not magical)
recovery if policies were
taken to stimulate
demand, he argues.
Many others, including
the government, argue that
Britain does not have the
luxury of being able to
delay efforts to reduce pub-
lic borrowing when the defi-
cit is still 8 per cent of
national income. Stagnation
since 2010 is not the conse-
quence of what Sir Mervyn
King, Bank of England gov-
ernor, calls a textbook
deficit reduction strategy
but three additional impedi-
ments to growth in addition
to fiscal tightening that
could not have been pre-
dicted in 2010.
First was the eurozone
crisis, which has hit UK
exports hard, damaged con-
fidence and reduced corpo-
rate investment intentions
as the eurozone accounts
for half of UK trade.
Second has been the glo-
bal commodity price spike,
which squeezed household
and corporate incomes.
And third has been the
continued slow repair of
Britains huge banking sec-
tor, which has constrained
credit supply and business
investment.
A study in the summer by
the National Institute of
Economic and Social
Research showed that these
three depressing forces
account for the vast bulk of
the disappointment since
2010, not deficit reduction.
But the economic disap-
pointments of the past two
years have fuelled political
debate. The Labour party
insists deficit reduction
should slow even though it
accepts it will not have
much money to spare
should it win the next elec-
tion, scheduled for 2015.
The causes of the collapse
in productivity are even
more puzzling for econo-
mists and policymakers,
who do not have a ready
explanation for why
employment is growing
strongly despite stagnation
in the UK, but the opposite
is true in the US.
Both Conservative and
Liberal Democrat elements
of the coalition government
are resolved, however, to
stick to the tax rises
and steady spending cuts
announced in 2010, allowing
automatic fiscal stabilisers
to slow deficit reduction
if growth remains elusive.
Ministers cling to the
hope that the forces of
stagnation are slowly com-
ing to an end, household
incomes are beginning
to grow and with greater
stability growth can
resume.
Confidence gives way to doubt,
disappointment and confusion
Bank of England: governor Sir Mervyn King says deficit
reduction is not the only obstacle to growth Charlie Bibby
O
ne basic assumption is
common to both sides of
this years bitter presiden-
tial race between Barack
Obama and Mitt Romney:
that the US economy is in bad, bad
shape.
Mr Romney, the challenger, has
made slow recovery the subject of his
campaign. What America needs is
jobs. Lots of jobs, he said, declaring
that the Obama economy has
crushed the middle class as he
accepted the Republican nomination.
Mr Obama, the incumbent, implic-
itly agrees that the economy is weak
even if he prefers entirely different
solutions. In his acceptance speech he
talked about it taking more than a
few years to solve economic chal-
lenges. His campaign has put all its
effort into attacking Mr Romneys pri-
vate equity career.
Yet even though the US recovery
has been slow, it is actually one of the
brighter spots in the global economy,
and if it manages to avoid a few nasty
pitfalls notably the so-called fiscal
cliff the most likely outlook is for
stronger growth ahead.
There are three basic reasons to
think the wounds of the financial cri-
sis are starting to heal: the housing,
credit and labour markets.
On housing, there is a growing con-
sensus that the market has finally hit
bottom. Recent developments point
to a turnround in the housing mar-
ket, note analysts at HSBC. The
housing recovery continues to build
momentum, say their counterparts
at Bank of America Merrill Lynch.
That view is based on a broad set of
evidence. All the main house price
indices are now on the rise: the Case-
Shiller measure is up on a year ago
with every metropolitan area showing
a month-on-month increase. Home
sales are up, houses sell faster, and
even construction has come back a
little.
That is linked to another trend.
Household debt one of the main leg-
acies of the crisis has declined from
100 per cent to 87 per cent of gross
domestic product and is now close to
its long-run trend. Much of the decline
is debt written off, rather than paid
down, and there is every chance that
this measure will overshoot. But there
is now the prospect that households
could start to borrow more, especially
if house prices do rise.
If households are ready to borrow,
they will find that US banks are ready
to lend. Unlike European banks, those
in the US were properly recapitalised
during the crisis, and since the middle
of 2011 there has been steady growth
in outstanding bank credit.
Finally, although the labour market
is far from healthy, it is in a much
better state than a couple of years
ago. For example, the job openings
rate which measures the ratio of
open jobs to total employment is
back to a normal pre-recession level
of 2.7 per cent compared with below
2 per cent in 2009.
Put all this together and it starts to
look like time truly is healing the US
economy. All these gains could start
to reinforce each other, as more
employment supports more credit, let-
ting people move houses, further
boosting the housing sector, and in
turn creating more jobs.
But there is a problem with this
scenario. Every year since 2009 the US
Federal Reserve, along with other
forecasters, has predicted that the fol-
lowing year would be the year of
strong recovery. Every year it has
been wrong. The headwinds have
been too strong.
The Fed forecasts growth of 2.5 to 3
per cent in 2013. Private forecasters
have 2013 growth at 2.1 per cent
according to the Philadelphia Feds
most recent survey. Several forces are
expected to weigh on growth includ-
ing the woes of the eurozone and a
slowdown in emerging markets but
by far the biggest problem is the
fiscal cliff.
The fiscal cliff describes a series of
policy changes that current law will
put into effect at the end of the year.
They include the expiration of all
the tax cuts passed by former presi-
dent George W. Bush; the expiration of
a temporary 2 percentage point reduc-
tion in social security payroll taxes;
and indiscriminate spending cuts
worth $1.2tn over the next decade.
The point here is that putting all
these things together, you have a very
substantial withdrawal of income
from the economy that will affect
spending and will affect the ability of
the economy to recover in the short
run, said Ben Bernanke, Fed chair-
man, in a recent press conference.
Taken together, the fiscal tighten-
ing written into current law is about 4
per cent of GDP; if that happens, says
the Congressional Budget Office, the
US is likely to suffer a recession, with
output falling 0.5 per cent in 2013 and
unemployment rising to 9 per cent.
The US is unlikely to fall straight
off the fiscal cliff. If Mr Romney wins
the election, the most probable out-
come is that the payroll tax cut will
expire, but everything else will be
postponed for at least six months in
order to attempt a big tax reform.
If Mr Obama wins, the situation will
be a little trickier. Again, the payroll
tax cut will probably expire, but Mr
Obama will push hard to see that the
Bush tax cuts for those on higher
incomes expire as well, while limiting
cuts to spending.
Republicans in Congress will not
accept that without a fight, and while
leaders in both parties understand the
perils of going off the cliff, last sum-
mers debt ceiling fiasco suggests they
will be quite willing to dance along
the edge of it. Even if all goes well,
the expiry of the payroll tax cut will
still mean some fiscal tightening in
the US next year.
That limits the potential for rapid
growth but there should still be some
of it, especially with such active sup-
port from the Fed, which shows no
sign of resting on its $40bn a month,
open-ended, QE3 programme to buy
mortgage-backed securities. The
worlds largest economy may be ready
to lead the global economy once
again.
Fiscal cliff looms over growth hopes
US The wounds of the financial crisis are starting to heal but several forces could still blow recovery off course, writes Robin Harding
Annual % change in real GDP Economic uncertainty is stopping companies and
households from spending, causing growth forecasts
to be revised downwards
IMF forecasts for GDP growth in 2013 (%)
0 2 4 6 8
All
Developing
economies
Central & Eastern Europe
Russia
Developing Asia
China
India
Latin America
Middle East & North Africa
Sub-Saharan Africa
World
All
Advanced
economies
US
Eurozone
Japan
UK
Jul 2012
forecast
Oct 2012
forecast
Source: IMF FT graphic
Global growth grinds down as spending stutters
UK Brazil
2010 11 12 13
1.8
0.8
-0.4 1.1
2010 11 12 13
7.5
2.7
1.5
4.0
Germany India
2010 11 12 13
4.0 3.1
0.9 0.9
2010 11 12 13
10.1 6.8 4.9 6.0
US China
2010 11 12 13
2.4 1.8 2.2 2.1
2010 11 12 13
10.4 9.2 7.8 8.2
Japan Russia
2010 11 12 13
4.5 -0.8 2.2
1.2
2010 11 12 13
4.3 4.3 3.7 3.8
Although the labour
market is far from
healthy, it is in a much
better state than a couple
of years ago
UK
Chris Giles finds the
potential for quick
growth in the
economy has been
severely damaged
4%
Amount by which real GDP
is still below the 2008 high
OCTOBER 12 2012 Section:Reports Time: 9/10/2012 - 17:09 User: baxtera Page Name: WEC3, Part,Page,Edition: WEC, 3, 1
4

FINANCIAL TIMES FRIDAY OCTOBER 12 2012
thorny issue of agricultural subsidies
and tariffs.
Yet though Mr Romney has pledged
to push on with the talks, it is unclear
how he would be able to inject more
momentum into the process. A Repub-
lican president would face the same
constellation of domestic lobbying
interests the pharmaceutical and
entertainment industries chief among
them and the same negotiating part-
ners as a Democrat.
Grant Aldonas, managing director
at the consultancy Split Rock Interna-
tional and an adviser to Mr Romneys
campaign, told a meeting in Washing-
ton recently that the main difference
between the two candidates on trade
is that Mr Romney would aggressively
seek so-called trade promotion
authority (TPA) from Congress.
Formerly known as fast-track,
TPA allows a president to submit a
whole trade deal to Congress for a
single up-or-down vote rather than
being picked apart with amendments.
But Mr Aldonas also said that, as
currently constituted, TPP falls far
short of a revolution in trade policy
and questioned the point of an Asia-
Pacific trade deal without Japan, so it
remains unclear what the point of
gaining TPA at the moment would be.
For its part, the Obama campaign
has criticised Mr Romney for his ten-
ure at Bain Capital, during which, it
said, he outsourced many jobs to
China, and has touted its imposition
of special import tariffs on Chinese
tyres in 2009, a move Mr Romney
opposed.
Again, the differences are more
symbolic than real. The Chinese tyre
tariffs which Mr Obama allowed to
lapse last month were a one-off,
with a predicted flood of copycat cases
failing to arise.
In truth, the most likely impact
from a change in administration
would come from the international
impact of domestic economic policy. If
a Romney administration cut govern-
ment spending rapidly, or if he
appointed a Federal Reserve chairman
with less willingness to experiment
with loose monetary policy than Ben
Bernanke, the incumbent, the effect
on American and thus global eco-
nomic growth could be substantial.
But as regards international eco-
nomic policy itself, and particularly
trade, it seems unlikely that much
will hinge on Novembers result.
record on trade negotiations by tout-
ing last years passage of three bilat-
eral trade deals with South Korea,
Panama and Colombia which he
says will help create American jobs.
But not only do trade economists
tend to regard the employment impact
of such pacts as small, Mr Obamas
critics point out that he inherited the
deals from the Bush administration,
and spent more than two years before
submitting them to Congress.
The main negotiating project of the
Obama administration has been the
Trans-Pacific Partnership, which com-
bines nine Asia-Pacific countries, with
Canada and Mexico declaring their
intention to join later. But talks on
TPP have progressed more slowly
than officials had hoped.
Comments by negotiators and
leaked texts from the talks show
countries still far apart on subjects
such as intellectual property rights,
the ability of companies to sue gov-
ernments for expropriating their
investments, and the perennially
weaken its currency. The renminbi
has been more or less unchanged this
year, at least against the dollar, but
with Chinas foreign exchange
reserves having also flatlined, it
seems to be genuine capital outflows
rather than official intervention pre-
venting it from appreciating.
As for the lack of other actions
against China, the Obama campaign
says it has brought several cases
against Beijing to the WTO at nearly
twice the rate of the Bush administra-
tion including one last month on
export subsidies for auto parts, timed
to coincide with Mr Obamas visit to
manufacturing-intensive Ohio.
To remedy the alleged lack of trade
negotiations, Mr Romney has also pro-
posed a Reagan economic zone a
trade pact bringing together like-
minded free-trade countries. But the
US is having enough problems with
its current negotiations, let alone
starting another, much more ambi-
tious, set of talks.
Mr Obama has been defending his
ing to sign new trade agreements to
produce export opportunities for
American workers.
But Mr Romneys specific proposals
to address these issues appear to
informed observers to be either
impractical or unlikely to make much
difference. He has pledged to name
China as a currency manipulator on
his first day in office, criticising Mr
Obama for failing to do so. (Four
years ago, Mr Obama attacked George
W. Bush for the same reason, though
failed to follow through once elected.)
Yet under current US law, naming a
country a currency manipulator and
there are many potential candidates
other than China, including firm US
foreign policy allies such as South
Korea merely requires the Treasury
to open negotiations with its govern-
ment, something it routinely does
already.
In any case, to some extent this
looks like a solution to yesterdays
problem, as there is little sign that
China has recently been trying to
G
oing by the heated discus-
sions of trade, currency and
offshoring on the campaign
trail, a casual observer
might conclude that Amer-
icas place in the world economy
hangs on the outcome of Novembers
presidential election.
Such a casual observation is likely
to be wrong. While Barack Obama
and Mitt Romney regularly hurl accu-
sations at each other of selling out
American workers to China, their
actual policy differences are consider-
ably less stark.
Though the eurozone crisis is proba-
bly the biggest threat to the world
economy at present, it rarely gets a
look-in during the exchanges between
the candidates, which centre on the
question of China. Mr Romneys cri-
tique of Mr Obama is that he has
failed to take China to the mat over
Beijings policy of boosting exports by
holding down the renminbi, nor
addressed its many trade distortions.
And he has chided Mr Obama for fail-
imposed excessive burdens
on US businesses, and the
Environmental Protection
Agency could well be dis-
armed under Republican
control of the White House.
Mr Romney has also
vowed to repeal both the
2010 healthcare law known
as Obamacare and the
Dodd-Frank Wall Street
reform legislation.
Though Mr Romney has
said he planned to replace
the more popular provisions
of these bills, it is far from
clear how he would achieve
this, or what exactly he
would seek to preserve.
Finally, Mr Romney has
said he wants to do a lot
more to spur US domestic
energy production, arguing
that the Obama administra-
tion has resisted opening up
federal lands for drilling
even amid the countrys
natural gas boom.
Mr Romney has accused
Mr Obama of having a bias
towards renewable energy
such as solar and wind
power, picking winners
and losers for government
loan guarantees that led to
some high-profile bankrupt-
cies, such as solar panel
maker Solyndra.
But his stance has raised
alarm bells among renewa-
ble energy producers in the
US who might see their gov-
ernment support cut off.
A win for Mr Romney in
the presidential race would
probably be accompanied
by a Republican takeover of
the Senate giving his
party full control of the US
Congress. But for some of
his most sweeping objec-
tives, such as broad tax
reform and deficit reduc-
tion, he would probably
need some Democratic sup-
port. Eyeing moderate vot-
ers who may worry that
Republicans have been too
intransigent in resisting tax
hikes in the recent budget
debate, Mr Romney tried to
show that he would be will-
ing to deal with the oppo-
site party if elected.
We have to work on a
collaborative basis not
because were going to com-
promise our principles, but
because theres common
ground, he said towards
the end of the TV debate.
tions at $17,000. But he was
a little less specific during
the debate, saying: Make
up a number $25,000
$50,000. Anybody can have
deductions up to that
amount. And then that
number disappears for high-
income people.
Mr Romney has proposed
to push through a similar
kind of tax reform on a cor-
porate level as well, with
the top statutory tax rate
dropping from 35 per cent
one of the highest in the
world to 25 per cent. But
there too, it has been hard
to discern how the Republi-
can presidential nominee
suggests paying for the
effort, beside his assurances
that certain business tax
breaks would be limited.
On the international tax
front, Mr Romney has
embraced a shift to a terri-
torial system of taxation
which does not impose lev-
ies on foreign earnings
which is a top priority for
many US multinationals.
On the regulatory front,
Mr Romney would probably
seek to reverse some of the
regulations put in place by
the Obama administration
that critics argue have
of the looming fiscal cliff.
While Mr Obama is
demanding that the Bush-
era tax cuts be allowed to
expire for the wealthiest
Americans, his defeat
would remove virtually all
his negotiating leverage at
the end of the year.
But Mr Romneys plan is
broader than extending
Bush-era tax rates to all.
The former governor of
Massachusetts wants that
merely to be a step towards
a much broader effort com-
prehensively to reform the
US tax code. This would
involve a lowering of all
rates by 20 per cent with
the top rate falling from 35
per cent to 28 per cent.
To ensure this does not
add to long-term budget def-
icits, Mr Romney says he
wants to make up the reve-
nue by closing the myriad
special tax deductions that
crowd the US tax code.
But he has resisted out-
lining exactly which ones
he would curb since many
of these tax breaks, from
the home mortgage interest
deduction and the charita-
ble contribution deduction
are extremely popular, and
have dedicated political
constituencies that would
battle to preserve them.
The vagueness of the rev-
enue-generating portion of
his tax plan has exposed Mr
Romney to harsh criticism
that his maths do not add
up, which the Republican
nominee attempted to coun-
ter last week with a pledge
to cap annual tax deduc-
The morning after what
was widely perceived to be
a victory over Barack
Obama in the first presiden-
tial TV debate, Mitt Rom-
ney told a conservative
group in Colorado of what
he saw as the main wedge
over economic policy
between the candidates.
I saw the presidents
vision as trickle-down gov-
ernment and I dont think
thats what America
believes in, said Mr
Romney who had levelled
that charge against Mr
Obama the previous night.
I see instead a prosperity
that comes through free-
dom, he added.
In practice, a win for Mr
Romney on November 6
would bring a significant
shift in direction for the US
towards a much more
conservative supply side
approach to fostering job
creation across the sluggish
US economy.
Principally, Mr Romney is
proposing a combination of
lower taxes across the
board, coupled with a
lighter regulatory regime,
that is intended to spur the
myriad US businesses that
have been hoarding cash in
recent years finally to
deploy their money for
hiring and investment.
In addition, Mr Romney
has vowed to pursue deep
cuts to spending pro-
grammes except for
defence, which he has
pledged to protect and to
reform, though not right
away, some of the most
popular federal pension and
health schemes for the poor
and the elderly to save the
government some money.
Mr Romney would proba-
bly, even before he took
office in January, push a
lame duck Mr Obama and
Congress to extend
all Bush-era tax cuts tempo-
rarily, thereby defusing
one of the main components
reform proposal into the
budgetary discussions.
The White House has
already suggested lowering
the corporate tax rate
from 35 per cent among
the highest statutory rates
in the world, though in
practice many companies
pay less to 28 per cent.
But much hard work still
needs to be done in picking
out which corporate tax
breaks to limit or scrap in
order not to add to US debt
levels.
The Obama administra-
tion has also rejected a shift
to a territorial system
of taxation, which does
not tax foreign earnings,
but may return to it if
sufficiently tough condi-
tions are imposed to curtail
the shifting of production
overseas.
Meanwhile, Mr Obama
may well try to reprise
themes that he has ham-
mered at in several state of
the union addresses during
his first term, such as the
need for additional govern-
ment investment in innova-
tion, infrastructure and
education which some
Republicans scoff at.
In that vein, he could
seek to move the US further
in the direction of indus-
trial policy specifically
trying to bolster Americas
manufacturing base, which
has been recovering but
still remains relatively
impaired through new
targeted tax breaks.
The biggest hope for
Mr Obama in a second term
is that he will able to
keep government demand
at fairly strong levels
while the US economy is
gradually cured of some
of the structural problems,
such as long-term unem-
ployment, that have dogged
it since the last recession.
Since Mr Obama
would no longer be facing
re-election, he may have a
little more flexibility to
negotiate with Republicans
than he has in the past
18 months.
But the stakes will still be
high, for his legacy, as well
as for his Democratic allies
in Congress who will need
approval from voters again
in 2014 and 2016.
and healthcare schemes for
the poor and elderly
known as Social Security,
Medicaid and Medicare.
But come November 7,
these could well be on the
table again in some form or
other if Mr Obama tries to
craft a new agreement
worth at least $4tn in deficit
reduction over a decade
that would lift a cloud of
uncertainty over Americas
capacity to get its fiscal
house in order.
During this time, Mr
Obama will have to pick a
new Treasury secretary,
since Tim Geithner has
already indicated that he
will be stepping down at
the end of the first term.
Among the names that
are being floated as possible
replacements are Jack Lew,
the White House chief of
staff and former budget
director, and Erskine
Bowles, the co-chair of the
2010 bipartisan fiscal com-
mission.
Among the new Obama
Treasury picks biggest jobs
next year may well be to
weave a broad corporate tax
and, while Mr Obama wants
to extend them for house-
holds earning less than
$250,000 per year, he wants
to allow them to expire
for the richest income
categories.
Republicans have so far
resisted this decoupling
claiming it would hurt busi-
ness owners and job crea-
tors, thereby inflicting fur-
ther damage to the recov-
ery. The key question in the
wake of the election, assum-
ing they hold on to control
of the House of Representa-
tives, is whether they
would relent on this or fight
it until the bitter end, possi-
bly leading the US over the
edge of the cliff.
But regardless of how the
battle over the Bush tax
cuts plays out, Mr Obama
still has his work cut out
for him on the fiscal policy
side. He may well pick up
where he left off in July last
year, when he tried in vain
to negotiate a long-term def-
icit reduction deal with
John Boehner, Republican
speaker of the House of
Representatives.
Mr Obama has shown a
willingness to make some
cuts to popular government
programmes, even on
healthcare, as long as they
were accompanied with
some new revenues from
the wealthy. But since
those talks with Mr Boeh-
ner broke off, Mr Obama
has adopted a much more
protective posture with
regard to federal pension
On the campaign trail,
President Barack Obamas
economic message has been
fairly simple and consist-
ent. The sluggish US recov-
ery is the result of the deep
hole the economy was in
when he took office four
years ago and not a reflec-
tion of failed efforts on his
part.
The blame, he says,
should be apportioned
chiefly to Republican poli-
cies championed by George
W. Bush, his predecessor,
and Republican intransi-
gence on Capitol Hill block-
ing his plans to implement
a more aggressive fiscal
stimulus.
We dont need to double
down on the same trickle-
down policies that got us
into this mess in the first
place. We dont need poli-
cies that just help folks
at the very top, Mr Obama
said at a rally in Las Vegas
on September 30, three days
before the first presidential
TV debate.
We succeed when the
middle class is getting big-
ger when more people
have the chance to get
ahead and live up to their
God-given potential.
If Mr Obama is re-elected,
there are several certain-
ties. He will try as hard as
he can finally to raise taxes
on the rich which he has
steadfastly aimed for,
always encountering stiff
resistance, throughout his
first term.
His first opportunity will
come during the so-called
lame duck session of Con-
gress, in which lawmakers
will have to find a solution
to the fiscal cliff a
$600bn mix of broad tax
hikes and spending cuts
that could tip the US econ-
omy into a fresh recession.
One of the biggest compo-
nents of this budgetary
precipice is the expiration
of Bush-era tax rates
World Economy
Differences
seem more
symbolic
than real
US elections Both candidates would face
the same issues with China and negotiations
over trade deals, writes Alan Beattie
The Obama campaign
says it has brought
several cases against
Beijing to the WTO at
nearly twice the rate of
the Bush administration
President cannot make move
until election result is decided
Barack Obama
with Chinese
president Hu
Jintao at a G20
summit in Mexico
earlier this year.
China is a
prominent item on
the US election
agenda AFP
Long on promised tax cuts but
short on substance in costing
If Romney wins . . .
If the GOPs man is
elected he faces some
tough questions,
reports James Politi
Put it there: Mitt Romney campaigning in Denver Reuters
20%
How much taxes would fall
under broad reform plans
If Obama wins . . .
Fixing the fiscal cliff
would be a tough
secondterm task,
says James Politi
On the stump: Barack Obama at a rally in Las Vegas Getty
Obama would no
longer be facing
reelection, and
have flexibility
to negotiate
OCTOBER 12 2012 Section:Reports Time: 9/10/2012 - 17:10 User: baxtera Page Name: WEC4, Part,Page,Edition: WEC, 4, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

5
World Economy
There is an old saying that
the IMF acronym does not
stand for International
Monetary Fund, but Its
mostly fiscal. This nick-
name was acquired over
many years when the IMFs
stock position was to tell
countries in trouble they
had no choice but sort out
their public finances with
spending cuts and tax
increases.
Everything changed in
January 2008 when Domin-
ique Strauss-Kahn, the then
IMF managing director,
stunned the World Eco-
nomic Forum in Davos, by
calling for a fiscal stimulus
to solve the gathering finan-
cial crisis.
I dont think we would
get rid of the crisis with
just monetary tools, he
said. A new fiscal policy is
probably today an accurate
way to answer the crisis.
Public deficits soared as
countries used fiscal policy
more than ever to help off-
set the powerful forces of
the 2008-09 financial and
economic crisis.
But the clean reversal of
the IMF position lasted only
two years. Since 2010, the
IMFs stance has become
seemingly more confused
and contradictory.
It frets about the
consequences of potential
fiscal tightening in the US
next January. Christine
Lagarde, now managing
director, warned against
existing US legislation
which will impose a reduc-
tion in the deficit next year
equivalent to 4 per cent of
national income as a seri-
ous threat for the United
States and, as the worlds
largest economy, for the
global economy.
But in Europe, the IMF is
standing firm against dis-
bursing money to Greece
unless the country stops
dragging its feet in impos-
ing spending cuts and tax
rises. And for countries
such as Spain, Ms Lagarde
said in the same speech
that everyone should recog-
nise there is no alternative
to the structural reforms
and fiscal adjustment
needed to get back on the
right path.
As far as Japan is con-
cerned, the country with
the largest public sector
debt at over 200 per cent of
national income, the IMF
has few recommendations.
David Lipton, the first
deputy managing director,
praised recent attempts to
increase the consumption
tax while stressing that
higher trend growth will
be key to bring down
Japans high public debt
ratio.
In many ways there
should be no surprise that
the IMF does not have a
simple line on fiscal policy,
since debate rages in the
academic world over
optimal fiscal policy after a
financial crisis and the IMF
staff reflect all sides of that
academic opinion.
Olivier Blanchard, the
chief economist, is more
sympathetic towards slower
fiscal consolidation in his
public pronouncements
than his boss Ms Lagarde,
although the public policy
splits are more in the
nuance of recommendations
rather than in hard differ-
ences in policy positions.
The one unifying concept
upon which the IMF hangs
is that of fiscal space.
Countries deemed to have
significant fiscal space have
room to adjust deficits
slowly to avoid undue
pressures on activity and
employment, the IMF says,
while those with little space
have no option but to cut
deficits hard and fast.
In the medium term, the
IMF recommends that all
advanced countries should
become fiscal hawks and
rebuild their lost fiscal
space so that they will have
room to respond to a future
financial or economic crisis.
With this concept, the
IMF seeks to reconcile its
seemingly contradictory
advice since it says there is
no one size fits all defini-
tion of fiscal space.
The US has significant fis-
cal space because it is a
large, relatively-closed econ-
omy and holds the worlds
only reserve currency. It
can therefore be more san-
guine than smaller econo-
mies about its very large
budget deficit. But in the
longer term, the US must
act to restore sustainability
to its public finances.
By contrast peripheral
eurozone countries, strug-
gling to finance their defi-
cits in markets, have no fis-
cal space, and must consoli-
date rapidly regardless of
the short-term damage to
growth. Greece and other
countries accessing IMF
funds have completely run
out of fiscal space.
Japan and the UK are
intermediate cases without
the fiscal space enjoyed by
the US but, with low
borrowing costs and simple
market access to debt, they
have greater room than
many eurozone economies,
although these two coun-
tries have much less room
to delay medium-term fiscal
consolidation.
Even though the fund
accepts that in the medium
term few advanced econo-
mies have much fiscal
space and should aim to
reduce public sector debt,
its latest research demon-
strated how few examples
of successful debt reduction
there are.
Widespread fiscal cut-
backs, retreat by the pri-
vate sector, population age-
ing, and the aftermath of
the financial crisis mean
even countries that follow
the guidebook will have to
moderate their expectations
for reducing debt, the IMF
warned. Even so, it still
urged countries to emulate
the successful examples of
reduction in debt, by imple-
menting lasting medium
term fiscal consolidation
alongside structural
reforms to boost growth,
rather than a series of tem-
porary efforts to get deficits
down.
However much those
receiving IMF advice would
like a clean approach to fis-
cal policy, the days when
the fund could be counted
upon to recommend a little
tighter fiscal policy than
planned in almost every
country are now long gone.
With differential fiscal
space, countries are not in
the same boat even if their
deficits appear similar.
One size fits all left for
more tailored approach
IMF and fiscal policy
The organisation
now suits its advice
to the nature of the
members economy,
says Chris Giles
200%
Japans public sector debt as
a percentage of national
income the worlds highest
I
t is all change on 19th St NW in
Washington: last years switch of
leadership at the International
Monetary Fund was followed this
year by a similar move at its
sister institution over the road, the
World Bank.
In both cases, a decades-old
stitch-up between Europe and the US
over the appointments remained in
place. But the people in charge will
have to adapt their institutions to a
very different world if they are to
return to a central place in the
management of international develop-
ment and the world economy.
The IMFs leadership changed last
summer. The forced departure of
Dominique Strauss-Kahn as managing
director was followed by the swift
installation of Christine Lagarde in
the top job, maintaining the position
as a European fiefdom.
Earlier this year, the US continued
the counterpart tradition of nominat-
ing the president of the World Bank
in this case Jim Yong Kim, president
of Dartmouth College, who formerly
ran the World Health Organisations
HIV-Aids programme but whose
appointment was criticised by some
development economists because of
his narrowness of expertise.
With Dr Kim in the job only a few
months, it is hard to make a confident
assessment of what the bank will look
like under his presidency. Yet the
history of the bank in recent decades
and Ms Lagardes experience at the
IMF over the past year suggest it is
not straightforward to retool the
international financial institutions for
the realities of the modern world
economy.
For both institutions, the global
financial crisis was a chance to reas-
sert their roles after several years in
the 2000s in which their influence had
waned.
During that time there were plenti-
ful private capital flows to developing
countries, and a new breed of aid
donor arrived in the form of China
and other big emerging markets, often
with rather different views from the
banks on the role of the state in eco-
nomic development. The banks rela-
tive importance both as a provider of
finance and of advice to developing
countries shrank.
In the case of the fund, the
bountiful liquidity and easy borrow-
ing available in the years preceding
the global financial crisis meant there
were few debt-ridden countries facing
a sudden stop in capital flows and
needing the IMF to fill the gap.
But both institutions swung into
action when private capital dried up
during the global financial crisis
and since the biggest funding prob-
lems have been in the rich world, spe-
cifically western Europe, the IMF has
been more prominent than the bank.
The IMF more or less tripled its
firepower in 2010 with a general pro-
gramme of increases in contributions
from its member countries, and is
adding nearly the same again with a
round of ad hoc pledges this year.
Some of the IMFs early clients dur-
ing the crisis the central and eastern
European countries hit by contagion
from the eurozone have stabilised, if
not fully recovered.
But the fund has found it much
harder to operate in the eurozone.
Even with the extra resources from
its shareholders, the IMF has been
able to play only a junior financing
role in the rescue programmes for
Ireland, Portugal and Greece,
becoming just one member of the
troika the other two being the
European Central Bank and the Euro-
pean Commission.
And the fund seems likely to pro-
vide an even smaller share of the
money, or none at all, if Spain or Italy
ask for help. With the European
Union having to create institutions to
deal with the crisis as it went along
usually painfully slowly, and with
much public dissent between member
states the IMF has often found itself
at odds with both the pace and the
content of the rescue effort.
In Greece, for example, as a recent
internal review of its activities
acknowledged, fund staff were much
keener than EU officials for a restruc-
turing of Greeces official debt stock.
But their minority financing role gave
them relatively little influence
However, over the past year, under
Ms Lagardes leadership, the IMF has
become progressively bolder about
publicly disagreeing with the euro-
zone authorities. Last summer Ms
Lagarde provoked a storm of criticism
by saying that European banks
needed more capital with public
money involved if necessary.
IMF staff have also tried to dig in
during negotiations over the Greek
rescue, saying that the debt sustaina-
bility analyses produced by the other
troika members were too optimistic,
and that Greece would need a bigger
writedown in its debt or more official
money to fill its financing gap.
The fund has also supported the
contention of Spain, the latest country
to come into the markets line of fire,
that an overly rapid fiscal tightening
would merely send the economy fur-
ther into recession and worsen the
debt burden rather than improve it.
On the face of it, the IMF has been
given a vote of confidence by the
European Central Bank, with Mario
Draghi, its president, saying that the
fund must be involved in any rescue
programme for countries such as
Spain or Italy.
But critics are concerned that the
fund, with little or no money of its
own on the table, will have even less
power to determine the conditions
that those countries must accept to
get a bailout.
The fund and the bank face a world
in which they struggle to keep pace
with the rapid growth of private
capital and the size and speed of
sovereign debt crises.
Even with tough and energetic lead-
ership, their task is a daunting one.
Flush with
cash, short
on influence
IMF and World Bank The two institutions
face new challenges, writes Alan Beattie
Leading lights: Christine Lagarde,
managing director of the IMF and
Jim Yong Kim, president of the
World Bank EPA, Bloomberg
The IMF has played only
a junior financing role in
the rescue programmes
for Ireland, Portugal
and Greece
Olivier Blanchard: sympathy for slower fiscal consolidation
OCTOBER 12 2012 Section:Reports Time: 9/10/2012 - 17:10 User: baxtera Page Name: WEC5, Part,Page,Edition: WEC, 5, 1
6

FINANCIAL TIMES FRIDAY OCTOBER 12 2012
World Economy
I
f all you have is a hammer, every
problem looks like a nail. For the
worlds central banks, the
hammer is their ability to create
money to buy up assets, and it is
pounding on every difficulty out
there.
The US Federal Reserve upgraded to
a sledgehammer at its last meeting,
turning its third round of quantitative
easing from QE3 to QE (or infinity)
in an attempt to solve the problem of
unemployment. It plans to buy mort-
gage bonds in the market until the
economy starts creating jobs and
says it will not tighten monetary pol-
icy immediately even when it spots a
recovery.
Switzerland long ago moved to an
unlimited monetary policy, printing
Swiss francs as though they grew on
trees in order to prevent the currency
rising against the euro. The European
Central Bank has also promised
unlimited intervention to protect the
bond yields of struggling eurozone
countries against fears that they
could leave the euro.
Neither the Bank of England nor
Bank of Japan has moved to infinite
money printing yet, but the pair are
pushing the limits of unconventional
monetary policy, with the British try-
ing credit easing and the Japanese
buying shares and property invest-
ment vehicles.
For investors this sudden monetary
battering was great news, helping to
drive up shares and other risky
assets. Global equities produced an
extraordinary summer rally, jumping
18 per cent from their lows at the
start of June to a mid-September high,
with the eurozone periphery doing far
better.
The question now is whether cen-
tral bank liquidity has left financial
markets disconnected from reality. If
it has, the likely outcome is a repeat
of 2010, 2011 and the start of this year,
when the effects of monetary stimulus
wore off and markets plunged, recov-
ering only when central bankers
promised more action.
Since the equity rally petered out in
mid-September, shares have done
little in the US or Europes safer
countries, although some struggling
countries, particularly Spain and
Italy, have seen bigger pullbacks.
Some investors argue that the side-
ways move in shares is early evidence
of the market growing weary. Much of
the effects of both the eurozone and
US action was priced in ahead of
official announcements, and not much
has happened since.
Youre not getting any flow [of
investments] through from real
money or retail, one hedge fund
manager points out, making it hard
for the rise to be sustained.
But the real test of the monetary
policy experiments will be the effect
on the credit cycle and the real
economy. Central banks can create
money, but they cannot force people
to spend it. If it is hoarded, with
households paying down debt and
companies refusing to invest, then
recovery is unlikely.
On the other hand, shares are a
leading indicator of the economy, as
well as having an influence on it. Fed
chairman Ben Bernankes stated goal
is to push up shares and house prices
to make people feel richer and spend.
This is trickle-down economics writ
large: by making those with wealth
even better off, he hopes to create jobs
for the poor. The danger many inves-
tors are focused on is not that the
policy fails, but that it works too well.
We have entered the asset price
targeting era in monetary policy,
says Yves Bonzon, chief investment
officer at Pictet, the Swiss private
bank. Policy makers have killed the
shorts [short sellers].
This round of Fed intervention is
different from other interventions
since the crisis. The first round came
when bond markets were expecting
deflation, and prompted investors to
expect something like normal infla-
tion in future. QE2 came when infla-
tion forecasts had dropped sharply,
although not to the point of disinfla-
tion. The third, last autumns Opera-
tion Twist, had seen a smaller fall in
inflation expectations, but there was
still a fall.
But this time inflation was expected
to be perfectly normal before the Fed
intervened. Increasingly investors
think the Fed has moved from
worrying about inflation to pushing
for faster growth, and that makes
them fear higher inflation.
Gold is up more than 17 per cent
from its May low on the back of QE3,
and emerging markets are braced for
a repeat of the flood of cash that left
the US after QE1 and QE2.
Guido Mantega, Brazils finance
minister, said last month that the Fed
was acting only because political grid-
lock made fiscal measures impossible.
The last resort is to pursue QE meas-
ures, which in my view have very
little effect because in the US theres
no lack of liquidity, unlike in the
European market, he said.
Historically, shareholders have not
grown concerned about inflation until
it reaches 4 per cent, double the
targets of the Fed, ECB and Bank of
England. But even as it looks like the
Fed, at least, has set its inflation
target to one side to focus on jobs,
there are plenty of deflationary forces
which could upset an investment
strategy based on the reflation of the
world economy.
Quite apart from the risks from a
recession-bound European economy
adding austerity to its problems,
investors face the danger that US poli-
ticians could plunge the country into
recession in January if they cannot
agree a compromise to stop automatic
tax rises and spending cuts the
fiscal cliff going ahead.
The change in Chinese leadership
due to start in November adds to the
policy uncertainty amid the current
slowdown in its economy and the
stalled effort to switch from invest-
ment to consumption.
The good news is that the problems
ahead leave lots of room for relief
rallies when, and if, they are solved.
The bad news is that shares look
expensive on long-term valuation
measures. Cheap or expensive, with
bond yields held close to record lows
by central banks, many investors feel
they have to buy them anyway.
Risks ahead for investors if QE continues
Financial markets The true test of the monetary policy experiments will be their effect on the real economy, writes James Mackintosh
Happy days: has
central bank
liquidity left
financial markets
disconnected
from reality?
Bloomberg
The flight to safety trig-
gered by the financial melt-
down has continued una-
bated this year, as concerns
over the eurozones crisis
and the faltering global eco-
nomic recovery have pro-
pelled investors towards the
relative shelter of govern-
ment bonds.
As a result, the govern-
ment borrowing costs of the
US, the UK and Germany
have ground lower and
lower, touching multi-cen-
tury record lows this year.
The benchmark 10-year gov-
ernment bond yields of
these three countries are
negative in real terms, or
when inflation is accounted
for. In other words, inves-
tors expect to lose money
when they buy them.
You now have to pay for
the privilege of putting
your money in a safe
place, observes Elie El
Hayek, global head of gov-
ernment bond trading at
HSBC. The only thing you
can hope for is that every-
thing else loses even more
value.
Government interest
rates are particularly low in
large parts of Europe. While
a handful of embattled
eurozone countries are suf-
fering from a crisis of inves-
tor confidence, others have
seen their bond yields tum-
ble as a result of the same
crisis.
Indeed, the two-year bor-
rowing costs of Denmark
and Switzerland are pres-
ently negative even in nom-
inal terms, and have
recently been negative for
Finland, the Netherlands,
Austria and Germany. Ger-
many, the largest and most
robust economy in the euro-
zone, is one of the main
beneficiaries, with yields of
German Bunds below
those of US Treasuries.
Bunds have become
paper safety deposit boxes,
says Stewart Cowley, head
of fixed income at Old
Mutual Asset Managers.
They only have value as a
repository of money, not as
an investment.
Some money managers
argue that the government
bond yields of the safe
haven states cannot go
much lower, and warn that
sovereign debt will prove to
be a bad investment once
interest rates start to rise.
For example, Germanys
creditworthiness is
expected to be impaired by
the rescues of the strug-
gling periphery, weighing
on German Bunds. Some
investors are also avoiding
US Treasuries, fretting that
the USs political stasis and
inability to tackle its
budget deficit could lead to
a debt crisis in the worlds
biggest economy at some
point.
Nonetheless, many inves-
tors and economists are
more concerned that the
west could be facing a sce-
nario similar to that of
Japan after its bubble
burst, in which economic
growth stays stubbornly
weak for much longer than
expected. In that case, the
bond yields of these core
governments could also
stay subdued for much
longer than expected.
People have been short-
ing Japanese government
bonds for decades, and lost
money, Mr El Hayek
points out. If growth
doesnt return soon we
could be facing a similar sit-
uation to Japan, with low
yields for a long time.
This possibility poses a
major problem for asset
managers. Although the
torrent of money gushing
into government bonds
has ensured healthy capi-
tal gains for investors so
far sovereign debt is
one of the best performing
asset classes since the
financial crisis the
returns on offer now are
dismally low.
This can have far-reach-
ing consequences, particu-
larly for investors that need
a certain rate of returns to
meet their fiscal obliga-
tions, such as insurance
companies and pension
funds.
Martin Senn, chief execu-
tive of Zurich Insurance
Group, argues that low gov-
ernment bond yields are
one of the reasons why
listed insurance companies
trade at such low valua-
tions. Interest rates will
remain low for some time,
which is a huge challenge
for long-term investors that
have fixed liabilities that
they have to meet, he says.
Investors seeking higher
returns but wary of equity
markets and other risky
assets have largely settled
on two alternatives corpo-
rate debt and emerging
market bonds.
Highly rated companies
now also enjoy rock-bottom
borrowing costs, but emerg-
ing market governments
have arguably been the
prime beneficiaries of the
hunt for yield in recent
years.
These developing coun-
tries can for the most part
boast robust economic
growth rates and govern-
ment finances in decent
shape attractive proposi-
tions for western
i n v e s t o r s
confronted
by a lack
of both
in their
domes-
tic mar-
kets.
T h e
develop-
i n g
wo r l d s
borrowing
costs have tumbled as a
result. After shooting up to
a peak of 12.2 per cent in
October 2008, the blended
yield of the developing
country government bonds
in JPMorgans benchmark
EMBI index has plunged to
a record low of about 4.7
per cent this year.
Some of the more
advanced emerging econo-
mies now enjoy decidedly
western borrowing costs.
Mexico, for example,
recently issued a 100-year
dollar bond that trades at a
yield of just under 4.7 per
cent. Its benchmark 10-year
issue yields 2.4 per cent,
just above the comparable
bonds of France.
But it is not just the top
tier emerging markets that
have seen their borrowing
costs decline markedly.
JPMorgans Nexgen index
of the average bond yield of
more esoteric countries has
also fallen to a record low,
partly thanks to a rally in
African sovereign debt.
Developing countries
have responded to the
resurgent appetite for their
debt with a bond sale binge.
The volume of international
emerging market debt issu-
ance has touched almost
$350bn already this year, a
record for the period and up
nearly 50 per cent, accord-
ing to Dealogic, the data
provider.
In fact, some analysts and
investors say emerging
market debt is beginning to
behave as a safe haven
asset itself rallying when
global financial markets are
turbulent. Emerging market
bonds still tend to get
hit hard when market
stresses become exception-
ally severe, as they did in
the second half of last year,
but for the most part they
have proven unusually
resilient to turmoil.
Increasingly the debt
flows are becoming counter-
cyclical, Bhanu Baweja,
head of emerging market
fixed income and currency
strategy at UBS, noted in a
recent report. Now when
investors are worried
about global or EM
growth they are selling
EM equities, but hold-
i n g o n t o
EM debt. In fact, they
may well be adding
to it.
On the hunt for yield in more
robust emerging markets
Stewart
Cowley: Bunds
only havevalue
as repository
of money
As policy makers gather in
Tokyo this weekend for the
annual meeting of the Inter-
national Monetary Fund,
they will ask for the first
time in a decade whether
the rise in commodities
prices that started in 2002
has finally come to an end.
The slowdown in Chinese
economic growth, together
with the eurozone sovereign
debt crisis, high unemploy-
ment in the US and the
arrival of fresh raw materi-
als supplies after a decade
of investment in new pro-
duction has certainly
started to damp prices for
commodities from crude oil
to iron ore.
The IMF index of com-
modities prices is down
nearly 15 per cent from a
nominal record high set in
mid-2008. As the IMF says in
its semi-annual World Eco-
nomic Outlook, the spillo-
vers from weaker economic
growth have lowered com-
modity prices and weighed
on activity in many com-
modity exporters.
Yet, commodities traders,
natural resources execu-
tives, policy makers and
analysts are almost unani-
mous in warning that the
so-called commodities
supercycle that developed
on the back of the industri-
alisation and urbanisation
of China and other emerg-
ing countries in Asia,
Africa and Latin America is
not over at least not yet.
The IMF commodities
index, one of the broadest
and more complete meas-
ures of raw materials costs,
may have fallen from its
record high of four years
ago, but it is still up 32 per
cent over the past five years
and a hefty 220 per cent
since 2000.
The supercycles demise
has been pronounced
wrongly before.
In the 2008-09 global
financial crisis, the World
Bank said it was best
understood as yet another
cycle in a long history of
commodity price cycles.
The boom and bust theory
failed as prices recovered
sharply in 2010 after eco-
nomic growth gathered
momentum.
Looking forward, it
makes more sense to think
of the commodities supercy-
cle not so much as like the
boom and bust periods of
the 1950s and 1970s, but as
less super and less cycli-
cal. Raw materials prices
are likely to settle at a
higher level than previ-
ously, with ups and downs
tracking swings in eco-
nomic activity.
If economic growth in
emerging countries, from
India to Brazil, gathers
steam in early 2013, prices
are likely to rise again, ana-
lysts and traders say.
The commodities market
is also likely to be more
prone than in the 1980s and
1990s to supply shocks.
This is because, on the
one hand, inventories of
most commodities with a
few exceptions such as alu-
minium are at the lowest
level in decades, providing
little cushion.
On the other hand, spare
production capacity has
been mostly exhausted.
Thus, the adjustment to
any drop in production is
almost always coming
through high prices denting
economic growth and, thus,
consumption.
For the next few months,
however, the key will be
economic growth in China.
If you believe that the
new Chinese leadership
would boost fiscal spending
and growth would acceler-
ate, just buy copper and
oil, says a senior commodi-
ties banker to explain how
dependent the outlook is on
the once-a-decade leader-
ship change in Beijing. But
if you do not, then I would
start selling, he adds.
The IMF forecast that the
worlds second-largest econ-
omy would expand a rela-
tively modest 8.2 per cent in
2013, somewhat higher than
the 7.8 per cent projected
for this year, but certainly
much slower than the
plus-10 per cent typical of
the 2000s.
But even if Chinese eco-
nomic growth remains
weaker than during the
past decade, other countries
in Asia, notably India, are
going to demand greater
and greater quantities of
raw materials.
Moreover, natural
resources groups are
responding to the drop in
prices by curtailing their
expansion projects. In due
course, lower capital expen-
ditures would translate into
less supply growth, forcing
prices higher.
The cost of producing raw
materials, particularly
crude oil but also some met-
als and minerals, has
increased significantly over
the past decade. If commod-
ities prices drop much
below current levels, some
high-cost producers would
start losing money, forcing
them to shut down produc-
tion and, thus, supporting
prices.
For example, analysts
estimate that the highest
cost Canadian heavy-oil
producers need Brent crude
to be trading at least at
US$85 a barrel to cover
their costs. Brent crude has
been trading around
$110-$115 in October, but in
September prices fell close
to the $85 level, triggering
talk in the market of immi-
nent output cuts.
The role of high-cost pro-
ducers is also evident in the
iron ore market. About a
third of Chinese miners
need prices to stay above
$100 a tonne to remain prof-
itable, but prices this year
fell as low as $90.75 a tonne,
forcing some miners to shut
down production.
Price is right
for supercycle
to continue,
say traders
Commodities
It may be less super
and less cyclical but
much will depend on
the pace of Chinese
economic growth,
says Javier Blas
Natural resources
groups are
responding to the
drop in prices by
curtailing their
expansion projects
Government bonds
Robin Wigglesworth
finds the developing
world is benefiting
from weak growth
in western nations
You now have
to pay for the
privilege of putting
your money in a
safe place
FTSE All-World
Index
Jan Oct 2012
190
200
210
220
230
Gold
$ per troy ounce
Jan Oct 2012
1500
1600
1700
1800
European stocks
Source: Thomson Reuters Datastream
Indices (rebased)
Jan Oct 2012
60
70
80
90
100
110
Ibex 35
MSCI
FTSE Europe
Bond yields
Redemption yield on 10-year
government bonds (%)
Jan Oct
1.0
1.5
2.0
2.5
UK
US
Germany
Cost challenge: Canadas heavy oil producers need high
prices to avoid losing money Rezac/Greenpeace
OCTOBER 12 2012 Section:Reports Time: 9/10/2012 - 17:13 User: baxtera Page Name: WEC6, Part,Page,Edition: WEC, 6, 1
FINANCIAL TIMES FRIDAY OCTOBER 12 2012

7
World Economy
Marunouchi has rarely
looked this pretty. The
main financial district of
Tokyo, which provides the
backdrop to the 2012 meet-
ings of the International
Monetary Fund and the
World Bank Group, has
been buffed and polished
for months.
Tokyo station, just behind
the main conference venue,
has a gleaming new faade.
A construction site near the
A-listers hotel has become
a mini eco-park. Lights
adorn trees lining the main
street of Nakadori, which
tomorrow will host a grand
parade featuring drums,
flutes, bells and demons.
All this pageantry has a
point. Last year the world
associated Japan with
scenes of panic and suffer-
ing, as the nation experi-
enced its biggest ever earth-
quake, its most deadly tsu-
nami in more than a cen-
tury and its worst nuclear
accident.
This year, the worlds
third-largest economy has
rebounded and this week,
thousands of attendees of
the worlds most important
financial summit have had
the chance to see it for
themselves.
Delegates have taken
rickshaw rides around
Nihonbashi, the Edo-period
centre of mercantilism, and
sampled sake from each of
the countrys 47 prefec-
tures. Others have opted for
the kimono fittings in
Ginza, or the geisha cruise
in Tokyo Bay.
The world got the
impression that this archi-
pelago had been fried by
radiation and it wasnt safe
to go, says Paul Blustein,
Japan-based senior fellow at
the Centre for International
Governance Innovation
(CIGI), a think-tank based
in Waterloo, Canada. Peo-
ple landing in Tokyo may
be shocked to see just how
comfortable and well-to-do
this place really is.
Japans economic growth
this year should be among
the highest of developed
nations, thanks largely to a
resurgence of consumer
spending in the first half of
the year, and ongoing
efforts to rebuild the
tsunami-hit north-east.
Hence the special field-
trips this week to the boom-
town of Sendai, capital of
Miyagi prefecture, which
has been boosted by the
arrival of thousands of con-
struction workers. Hence
the gift from the Ministry of
Finance to each delegate: a
small ornamental doll from
Fukushima prefecture,
which rights itself when
knocked over.
The major message the
government wants to send
out is that life and the econ-
omy in Japan is back to
normal, says Daisuke
Kotegawa, research director
at the Canon Institute for
Global Studies, and a
former executive director
for Japan at the IMF.
Task number two for
Tokyo, at a time of tensions
with China and Korea over
territorial claims, is to
impress on delegates the
idea of Japan as a mature
and responsible world citi-
zen.
Tokyo, after all, had not
been scheduled to host the
2012 autumn meetings,
which are held every three
years outside Washington.
That honour was supposed
to fall to the Egyptian city
of Sharm El-Sheik.
But as the IMF cast
around for a replacement
after the toppling of Hosni
Mubarak, Japan accepted
the call. Stepping in, in
June, not long after the
quake, was seen as a way to
remind finance ministers
and central bank governors
of 188 member states of the
nations commitment to
multilateralism, even in its
own moment of crisis.
This weeks discussions
on restarting international
lending to Myanmar
inserted into the IMF/World
Banks programme at
Tokyos behest were also
aimed at bolstering that
impression.
If we can start providing
substantial assistance,
including through the
World Bank and the Asian
Development Bank, Myan-
mar can be another Viet-
nam, explained Takehiko
Nakao, Japans top finan-
cial diplomat, at a briefing
to journalists last week.
The IMF itself has lav-
ished praise on its second-
largest shareholder. When
the fund went cap-in-hand
to its member countries ear-
lier this year to boost its
firepower, for example,
Tokyo was first to chip in.
Its $60bn pledge was also
the largest from any coun-
try, helping to lift the total
loans available to the IMF
above $1tn.
And in November 2008, in
the wake of the Lehman
collapse, then prime minis-
ter Taro Aso offered the
IMF up to $100bn in tempo-
rary funds, while calling on
other member countries to
inject additional permanent
capital.
When the global econ-
omy faced its darkest
hours, you stood by your
fellow global citizens, IMF
managing director Chris-
tine Lagarde told a Tokyo
IMF forum in July, a cur-
tainraiser to the main
event.
Japans actions, she said,
had helped stave off an
even more dire global eco-
nomic collapse.
Beyond these two broad
aims, Tokyo wants what
every host nation wants: to
teach the world a thing or
two.
The last time Japan
threw open its doors to the
IMF/World Bank, in 1964, it
had real economic growth
of 11.2 per cent, unemploy-
ment at one-quarter of
todays levels and a trade
account about to embark on
more than four decades of
almost unbroken surpluses.
Now, real gross domestic
product has shrunk in three
of the past four years, and
those trade surpluses have
vanished.
But the countrys big
problems energy con-
straints, the ageing of soci-
ety and massive fiscal defi-
cits are by no means
unique to Japan.
There is a great sense
among Japanese of Japan
being disregarded, and con-
sidered irrelevant, says
Takatoshi Ito, dean of the
graduate school of public
policy at the University of
Tokyo, and a former IMF
researcher.
Yes, we are declining,
relatively speaking, but it is
much too early to dismiss
us. We want to be put back
on the map.
Pageantry replaces panic as
host nation pulls out the stops
Japan
The worlds third
largest economy has
rebounded after the
earthquake, writes
Ben McLannahan
Yes, we are
declining, relatively
speaking, but it is
much too early
to dismiss us
Posters for the IMFWorld Bank Tokyo meetings Bloomberg
T
he year is 1986. The venue, a
sweltering Estadio Azteca in
Mexico City. The occasion,
England vs Argentina in the
World Cup quarter final. Just
under 10 minutes into the second half,
Diego Maradona, Argentinas brilliant
playmaker, picks up the ball near the
halfway line and beats five players to
score a goal often hailed as the great-
est of all time.
Sir Mervyn King, Bank of England
governor, believes Maradonas goal
tells us something about the nature of
monetary policy. The truly remarka-
ble thing is that Maradona ran virtu-
ally in a straight line. How can you
beat five players by running in a
straight line? The answer is that the
English defenders reacted to what
they expected Maradona to do.
Because they expected Maradona to
move either left or right, he was able
to go straight on, Sir Mervyn said in
2005.
Similarly, by convincing markets
that they will shift monetary policy in
one direction or the other, central
banks can let expectations that they
will act rather than action itself do
the work for them.
Sir Mervyn made the comments
seven years ago. But the Maradona
theory of monetary policy is one that
the worlds two most important cen-
tral banks, the Federal Reserve and
the European Central Bank, have
deployed in recent months.
With interest rates close to zero, the
Fed has resorted to verbal commit-
ments, in September pledging to keep
interest rates near to their current
record lows until 2015. The hope is
that this commitment is credible
enough to lower borrowing costs for
businesses and households taking out
longer-term loans. The Fed and the
ECB have also attempted to counter
the mood of economic gloom by com-
mitting to expand their already
bloated balance sheets until condi-
tions improve.
ECB president Mario Draghi
has said the central bank will do
whatever it takes within its man-
date to counter expectations of a
break-up of the eurozone. That
includes buying a potentially unlim-
ited amount of eurozone government
bonds, so long as ailing sovereigns
agree to economic reforms.
The Fed has said it will purchase
both mortgage-backed securities
issued by the government-sponsored
enterprises Fannie Mae and Freddie
Mac along with government debt until
there is a sustained improvement in
the US labour market.
The ECB and the Fed will hope that,
as with Maradonas goal, this expecta-
tion of open-ended bond purchases
will mean that their actual buying
sprees are far smaller than they other-
wise would have been.
Paul Mortimer-Lee, economist at
BNP Paribas, said in September after
the announcement of the details of
the ECBs new bond-buying Outright
Monetary Transactions programme:
If the central bank commits to inter-
vening with unlimited firepower and
is credible, then it might not actually
need to do anything at all. So far, the
rally in peripheral debt and the drop
in volatility would suggest it appears
to be working and working very
well.
Mr Draghis credibility has been
strengthened not just because there
was only one dissenting vote against
the OMT from Bundesbank presi-
dent Jens Weidmann but also by the
fact that he split the German elite.
The ECB president received the
backing of Angela Merkel, Germanys
chancellor, and Wolfgang Schuble,
Germanys finance minister
in August. Jrg Asmussen, a German
member of the ECBs executive board,
did not participate in the governing
councils August meeting, where the
OMT was first approved.
Yields on Spanish and Italian gov-
ernment debt, for now, remain at
manageable levels. But the Maradona
theory of monetary policy alone could
prove insufficient. The Spanish pre-
mier Mariano Rajoy may become a bit
like those England defenders immo-
bile and loath to ask for support. The
market will then question whether
the strategy is working, Mr Mortim-
er-Lee said, adding that Maradona
could only get away with running in a
straight line because defenders were
used to his twists and turns.
Mr Draghi might have to master the
central banking equivalent of Dutch
footballer Johann Cruyffs bewilder-
ing signature move that is, buying
large amounts of government bonds
if the OMT is to work.
In the Feds case, its open-ended
commitment to expand its balance
sheet is more credible; a measure of
US inflation expectations rose to its
highest level since 2005 in the days
following the announcement of QE3.
But it is unclear whether the Fed can
convince businesses to add jobs as
easily as they can influence financial
market sentiment, or whether banks
will pass on the benefits of the bond
purchases to consumers.
In the UK, the Bank of England and
the Treasury have tacitly acknowl-
edged the limits of government bond
purchases, unveiling in June the
Funding for Lending scheme, which
came into operation in August. Unlike
quantitative easing, which works by
bypassing the banks, Funding for
Lending was set up to encourage lend-
ers to offer more and cheaper credit to
the UKs businesses and households
by lowering banks funding costs. The
more banks extend credit, the more
benefit they will get from Funding for
Lending.
Cheaper funding will help. But a
more pressing concern for lenders is
the need to raise capital to meet regu-
latory requirements and provide some
succour to concerned investors. In
these circumstances, deleveraging
not extending credit remains the
more obvious course of action.
Other, more radical, options remain.
Central banks could buy riskier, less
liquid assets. Or they could offer
vouchers to households, to be spent
by a set date, to boost consumption.
But many already believe their exist-
ing policy responses have stretched
monetary authorities mandates and
credibility as guardians of price stabil-
ity to the limit.
If the effectiveness of the latest
round of measures proves limited,
central banks could have to break
the rules and adopt policies that
owe more to Maradonas first goal
against England which saw
the Argentine use what he later
described as the hand of God to
pump the ball into the net with his
fist than his brilliant second.
He was lucky to get away with it,
Sir Mervyn King has said of Mara-
donas gambit.
Central bankers, too, might soon
have to ride their luck.
Maradona
lends hand
on central
bank policy
Monetary options Policymakers hope
expectations of bond purchases will reduce
the need for action, writes Claire Jones
Forwardlooking policy move:
Diego Maradona of Argentina on
his way to scoring against England
in the quarterfinal at the 1986
World Cup in Mexico Getty
The Fed and the ECB aim
to counter the mood of
economic gloom by
committing to expand
their balance sheets
until conditions improve
OCTOBER 12 2012 Section:Reports Time: 9/10/2012 - 17:11 User: baxtera Page Name: WEC7, Part,Page,Edition: WEC, 7, 1
8 FINANCIAL TIMES FRIDAY OCTOBER 12 2012
OCTOBER 12 2012 Section:Reports Time: 9/10/2012 - 15:12 User: baxters Page Name: WEC8, Part,Page,Edition: WEC, 8, 1

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