Europe edition

SATUrdAY 7 MAY / SUNdAY 8 MAY 2022

INTERNATIONAL NEWSPAPER OF THE YEAR

Tim Harford on nudge theory
What went wrong?
LIFE & ARTS

guest edited by Jony Ive

Western banks braced for $10bn
write-off in retreat from Russia

Simon Schama
The trouble with history
LIFE & ARTS

3 Sanctions force pullback 3 European lenders hit hard 3 Citigroup warns of $3bn losses
OwEN walkER — LONdON
jOsHua FRaNklIN — New YOrk

Western banks are steeling themselves
for a $10bn hit on their forays into Russia, as they prepare to pull out of the
country over its invasion of Ukraine.
International sanctions have forced
banks to consider turning their backs on
a country that some lenders first
entered more than a century ago.
This week a string of European banks
set aside billions of euros in provisions
ahead of the closure of their Russian
operations, following similar moves by
US lenders last month. Western banks
collectively have $86bn of exposure to
Russia — with close to 40,000 staff —
and are setting aside more than $10bn in
expectation of losses on their ventures,
according to FT calculations.
Italian lender UniCredit this week set
aside €1.3bn to cover potential losses,
warning that it could face a loss of
€5.3bn if its entire Russian business was
wiped out. “I’m sure you have noticed
the speed of change in terms of . . .
waves of sanctions,” said UniCredit chief
executive Andrea Orcel.
The bank, which has 4,000 workers
and 2mn customers in the country, has
been in Russia for 17 years.
Société Générale, which entered Russia 150 years ago, has set aside €561mn
of provisions for the first quarter,
mainly tied to the war in Ukraine.
The bank said last month it had
agreed to sell its Rosbank subsidiary to
an investment company founded by billionaire Vladimir Potanin and expects
to take a €3.1bn ($3.3bn) hit on the sale.

Too rich and too thin?
NY’s latest super-tall tower
HOUSE & HOME

Yuri Kochetkov/EPA-EFE/Shutterstock

Red alert: As
Moscow
prepares for the
annual parade
to mark victory
over the Nazis,
western banks
have announced
more pullouts
Yuri Kochetkov/EPA-EFE/
Shutterstock

The French lender has 3.1mn retail customers in Russia and €18bn of exposure
to the country. Rosbank employs 12,000
people.
Fellow French bank Crédit Agricole
on Thursday announced a €389mn provision for its Russian exposure and said
it was writing down €195mn for the total
equity value of its Ukrainian business.
Austria’s Raiffeisen has 4.2mn customers and 9,400 staff in Russia, with
€22.9bn of assets in the country — the
most exposed of any foreign bank. Its
€319mn of provisions for bad loans in
the first quarter were mostly tied to the

Ukraine war. Credit Suisse last month
said it had lost SFr206mn ($211mn)
related to the war. Fellow Swiss lender
UBS said it had cut its risk exposure by a
third to $400mn since the start of the
year.
Among US lenders, Citigroup has disclosed the largest direct exposure to
Russia, warning of up to $3bn in potential losses linked to its operations in the
country. The bank last month set aside
$1bn for its Russian exposure.
Citigroup has been trying to divest its
Russian consumer bank since last year
and said in March its exit from Russia

would include other operations. JPMorgan Chase said it had provisioned
roughly $300mn to cover markdowns
on loans associated with Russia,
although chief executive Jamie Dimon
had warned investors last month that
the bank could lose up to $1bn.
Goldman Sachs had $260mn in credit
exposure in March, down from $650mn
in December. The bank said it had a net
loss of about $300mn on investments
related to the country and Ukraine.

Reports page 2
Hackers attack page 3
Opinion page 6

US economy adds jobs at quicker pace
than expected despite worker shortages
COlby smItH aND jamEs POlItI
wASHINGTON

Nasa’s asteroid-smashing
rocket aims to save Earth
Deep impact i PAGE 4
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© THE FINANCIAL TIMES LTD 2022
No: 41,008★
Printed in London, Liverpool, Glasgow, dublin,
Frankfurt, Milan, Madrid, New York, Chicago, San
Francisco, Tokyo, Hong kong, Singapore, Seoul,
dubai

The US economy added jobs at a rapid
pace last month even as employers
struggled with a shortage of workers
and demands for higher wages, giving
the Federal Reserve further ammunition to ratchet up interest rates to fight
soaring inflation.
Non-farm payrolls increased 428,000 in
April, according to data released by the
Bureau of Labor Statistics yesterday,
matching the revised 428,000 increase
in March and exceeding economists’
forecasts for 391,000. That kept the jobless rate steady at 3.6 per cent, just shy
of the level it stood at in February 2020
before the pandemic.
A sell-off in US government bonds
gathered pace after the release of the
jobs report as investors prepared for

further action from the Fed as it tries to
tame rising prices.
The yield on the 10-year Treasury
note rose about 0.07 percentage points
to 3.1 per cent, while the yield on the
two-year note, which is more sensitive
to Fed rate rises, was up 0.03 percentage
points to 2.7 per cent. Yields rise when
bond prices fall.
Job growth was “widespread”, according to the labour department, with the
leisure and hospitality sector recording
the largest monthly gain of 78,000
posts. Manufacturing jobs increased
55,000, while those for transportation
and warehousing rose 52,000. Construction positions were little changed, while
retail jobs grew 29,000.
“The monthly pace over the last year
after the revisions does look too strong,”
said Veronica Clark, an economist at
Citigroup. “At some point you are run-

ning out of people to hire and that
implies a speed limit to how fast
monthly job growth can be.”
Job creation has been exceedingly fast
in the US over the past year and the
unemployment rate has fallen more
rapidly than expected. But the red hot
labour market coupled with high inflation is causing problems for the Biden
administration and the Fed.
Wages have shot higher as employers
have been forced to compete for talent.
Average hourly earnings in April
climbed another 0.3 per cent, slightly
less than the 0.5 per cent monthly pace
registered in March, for an annual
increase of 5.5 per cent.
This week, the US central bank raised
its main interest rate by half a percentage point for the first time since 2000 —
to a target range of 0.75 to 1 per cent — in
an effort to cool the economy.

world markets
STOCK MARKETS
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Nasdaq Composite
Dow Jones Ind
FTSEurofirst 300
Euro Stoxx 50
FTSE 100
FTSE All-Share
CAC 40
Xetra Dax
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Hang Seng
MSCI World $
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FT Wilshire 2500
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CURRENCIES
May 6
4109.53
12168.60
32709.24
1686.96
3641.72
7387.94
4083.36
6258.36
13674.29
27003.56
20001.96
2784.12
1058.72
650.08
5397.02
42148.30

May 6
Prev Pair
prev %chg Pair
4146.87 -0.90 $ per €
1.058 1.053 € per $
12317.69 -1.21 $ per £
1.235 1.237 £ per $
32997.97 -0.87 £ per €
0.857 0.851 € per £
1717.80 -1.80
¥ per $
130.405 130.245 ¥ per €
3696.63 -1.49
161.083 161.158 £ index
7503.27 -1.54 ¥ per £
1.042 1.037 SFr per £
4145.57 -1.50 SFr per €
6368.40 -1.73
13902.52 -1.64
COMMODITIES
26818.53 0.69
20793.40 -3.81
May 6
2864.43 -2.80
Oil WTI $
110.61
1063.84 -0.48
113.15
667.08 -2.55 Oil Brent $
1892.30
5603.87 -3.69 Gold $
43762.55 -3.69

INTEREST RATES
May 6
0.945
0.810

Prev
0.950 US Gov 10 yr
0.808 UK Gov 10 yr

1.167

1.175 Ger Gov 10 yr
138.008 137.155 Jpn Gov 10 yr
79.499
1.217

prev
108.26
110.90
1863.65

80.176 US Gov 30 yr
1.219 Ger Gov 2 yr

price

yield

chg

90.12

3.08

-0.01

120.83

2.00

0.03

90.36

1.13

0.09

99.76

0.24

0.02

82.96

3.17

-0.01

99.48

0.31

0.03

price

prev

chg

%chg Fed Funds Eff
2.17 US 3m Bills

0.20

0.08

0.12

0.85

0.89

-0.04

2.03 Euro Libor 3m
1.54 UK 3m

-0.58

-0.58

0.00

1.26

1.30

-0.04

Prices are latest for edition

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Don’t bash Bordeaux
The dry whites back in favour
LIFE & ARTS

2

★

FTWeekend

7 May/8 May 2022

INTERNATIONAL
Battle for mariupol

Russia steps up assault on steel plant

WORLD|
WEEK IN REVIEW|
Putin apologises to Israeli PM for
foreign minister’s Nazi comments
Vladimir Putin apologised to Israel prime minister
Naftali Bennett for remarks widely viewed as antiSemitic by Russian foreign minister Sergei Lavrov.
In an interview with Italian television, Lavrov said
Ukrainian president Volodymyr Zelensky being Jewish did not negate the “Nazi elements” in Ukraine,
since “[Adolf] Hitler also had Jewish blood . . . The
most ardent anti-Semites are usually Jews.” Lavrov’s
words had triggered an escalating row between the
two governments.
A statement from Bennett’s office said he had
accepted the Russian president’s apology for Lavrov’s remarks “and thanked him for clarifying the
president’s attitude towards the Jewish people and
the memory of the Holocaust”.

Kremlin seeks decisive
win in time for annual
Victory Day parade
Ben hall — kyiv

Russian forces made another attempt
yesterday to snuff out Ukrainian resistance at the Azovstal steel plant in Mariupol to allow President Vladimir Putin
to declare a battlefield success at a Moscow parade on May 9.
Ukraine’s general staff said Russian
troops supported by air strikes and
artillery “resumed assault operations to
take control of the plant”. Moscow
began a mission on Tuesday to storm
bunkers under the steelworks, which
have become the last redoubt of the
Ukrainian military in the strategically
important port city.

Italy taps energy company profits to
fund €14bn package for the needy
Italy announced a €14bn package to help vulnerable
families and businesses cope with surging commodity prices and will fund it through increases in a
windfall tax on energy company profits.
A one-off cash payment of €200 will go to Italians
on low incomes or pensions. There are also energy
price subsidies for vulnerable families and tax credits for businesses.
The tax on energy companies’ profits rises from 10
per cent to 25 per cent.
Italy’s gross domestic product shrank 0.2 per cent
quarter on quarter in the first three months of this
year. The decline follows a robust recovery last year
from its Covid-induced economic contraction of
nearly 9 per cent in 2020.

Vance victory evidence of Trump’s
continued sway over Republicans

Backed by Donald trump, author and venture
capitalist JD vance, above, won the republican senate
primary in ohio.
the race was a test of the former president’s sway
over republican voters. vance, who had financial
support from tech billionaire Peter thiel, had described
trump as an “idiot” in 2016.

India coal production at record levels
after fuel shortages cause blackouts
Fuel shortages in India, which have led to blackouts
during a heatwave, have prompted New Delhi to
increase coal production to record highs.
Analysts expect India to mine more than 800mn
tonnes of coal in this financial year. State-run Coal
India, the world’s largest coal miner, grew output last
month to 53.47mn tonnes, 6 per cent higher than the
same month in 2019 before the pandemic struck.
India depends on coal for about 70 per cent of
power generation. But plants have been hit by surging demand and supply chain bottlenecks. The heatwave has sent temperatures in some parts to well
above 40C, causing increased demand for air conditioning that has contributed to frequent outages.

About 200 civilians, including women
and children, are still thought to be sheltering under the site. The UN said it had
evacuated 500 people in total from
Azovstal, the city and surrounding areas
in recent days. Another attempt was
under way yesterday to extract civilians, but fighting could thwart a rescue.
Western and Ukrainian officials
believe Russian forces have stepped up
their attempts to seize full control of the
plant to deliver a military accomplishment for the Kremlin ahead of May 9,
when Russia celebrates victory over
Nazi Germany in the second world war.
“The renewed effort by Russia to
secure Azovstal and complete the capture of Mariupol is likely linked to the
upcoming 9 May Victory Day commemorations and Putin’s desire to have a
symbolic success in Ukraine,” British
military intelligence said. But it said this

had come at a “personnel, equipment
and munitions cost” to the invaders.
Ukrainian troops — estimated to
number between several hundred and
two thousand — are holding out in a
warren of underground chambers and
tunnels at Azovstal despite weeks of
heavy Russian bombardment, including with bunker-busting munitions.
Anton Gerashchenko, an adviser to
Ukraine’s interior ministry, said Russian
troops were trying to storm Ukrainian
positions using secret tunnels revealed
to them by a factory electrician.
Analysts said Putin could present the
definitive fall of Mariupol as a breakthrough in his stated aim of “denazifying” Ukraine. Many of the troops at the
Azovstal plant belong to the Azov regiment, a military unit with far-right origins. The complete capture of the city
would also enable the Kremlin to claim

About 200
civilians,
including
women and
children,
are still
thought
to be
sheltering
under the
site

it had secured a land corridor between
Crimea, annexed by Russia in 2014, and
the occupied Donbas region.
In reality, Russia already controls
Mariupol, much of which was razed in
two months of fighting. Putin declared
victory in the city on April 21.
The Pentagon said this week that Russia had withdrawn its forces except for
about 2,000 troops and aimed to redeploy them elsewhere in eastern
Ukraine.
Petro Andriushchenko, adviser to the
mayor of Mariupol, said Russia planned
to stage a victory parade using civilians
from detention centres. They would be
“made to wear the Ukrainian uniform
and to participate in a so-called war
prisoners parade in Mariupol because
they lack actual prisoners of war. It will
be a grotesque crowd scene for another
propaganda image,” he said.

Putin’s arsenal. options

Fears of large-scale nuclear strike ease
West remains uncertain on
whether Moscow might use
smaller tactical atomic arms
Felicia schwartz — new york
Demetri sevastOpulO — washington

“Just one launch, Boris, and England is
gone,” said a broadcaster on Russian television this week, standing in front of a
simulation of Britain and Ireland being
wiped out by a nuclear weapon.
The alarming clip, widely circulated
on social media, was swiftly criticised in
the west as hyperbolic and provocative.
It was the latest instance of escalating
Russian rhetoric over the possibility
Moscow could deploy nuclear weapons
in retaliation for the west’s support for
Ukraine. In February, Russian president
Vladimir Putin unnerved the world
when he put his nuclear forces on high
alert, a move that signalled an apparent
readiness to deploy them.
Last week, foreign minister Sergei
Lavrov said in an interview with Russian state television: “The danger [of a
Russian nuclear strike] is serious, real.
And we must not underestimate it.”
Despite the sabre-rattling, not to
mention Russia’s possession of the
world’s largest nuclear arsenal, hardly
any western intelligence officials or analysts think Moscow would carry out the
kind of cataclysmic strike depicted by
the broadcaster this week. The real
question is whether Putin might resort
to using smaller so-called tactical
nuclear weapons to gain an advantage
on the battlefield in Ukraine.
“Given the potential desperation of
President Putin and the Russian leadership, given the setbacks that they’ve
faced so far militarily, none of us can
take lightly the threat posed by a potential resort to tactical nuclear weapons or
low-yield nuclear weapons,” said CIA
director Bill Burns last month. But he
added that “so far we haven’t seen a lot
of practical evidence of the kind of
deployments or military dispositions
that would reinforce that concern”.
Western officials and analysts say
they believe Russia has assessed the cost
of using nuclear weapons of any kind to
be prohibitively high, and is instead posturing to deter the US and its allies from

Show of force:
Russian
servicemen
patrol near the
Zaporizhzhia
nuclear power
plant in
south-east
Ukraine earlier
this month
Alexander Zemlianichenko/
AP

becoming more involved in the war.
“Their hands are full with what is happening in the Donbas, they really don’t
have any forces or time to deal with an
expansion of the conflict with Nato or an
escalation of the conflict because they
know we will push back very strongly,” a
European official said.
Leonor Tomero, the top Pentagon
official for nuclear policy in the first
year of the Biden administration, said
Russia’s use of a tactical nuclear weapon
in Ukraine would “galvanise the whole
world” against Russia. If it targeted
civilians, there would be a “strong push”
for the US to intervene militarily. “We
don’t want them to miscalculate,” she
said. “We should make clear that it
would have devastating consequences.”
As western fears over the threat of a
Russian nuclear strike have dissipated
somewhat, the US and allies have
increased lethal assistance to Kyiv with
less fear of retribution from Moscow
and have started sending heavier weaponry to Ukraine in recent weeks.
In February, the Biden administration

tasked a group called the Tiger Team
with making contingency plans for possible escalation risks, such as the use of
chemical, biological or nuclear weapons, a US official said. Since the start of
the conflict, Washington has not
changed its nuclear posture or alert levels for the US or its allies, officials said.
However, officials warn Russia may
escalate its tactics in other ways before it
considers turning to nuclear weapons.
“We obviously have to be on guard for
the potential use of chemical or biological weapons,” said Adam Schiff, the
Democratic chair of the House intelligence committee.
US officials and analysts have also not
ruled out the possibility Russia could
use short and medium-range nuclear
weapons able to reach Ukraine, as its
military suffers setbacks and the depletion of its conventional forces in the conflict. “They haven’t invested in a diverse
arsenal of theatre nuclear weapons out
of boredom. It will come down to a costbenefit calculation by the Russians,”
said Rebeccah Heinrichs, a nuclear

expert at the Hudson Institute. “The
focus right now must be on signalling to
the Russians that the cost would be
much higher than anything they think
they would benefit,” she added.
While American officials want Moscow to know there would be severe consequences for using nuclear weapons,
part of the strategy of deterrence is to
avoid signalling exactly what the costs
would be, said Scott Sagan, a politicalscience professor at Stanford University
who was a senior Pentagon official.
The Biden administration’s most
recent nuclear posture review, yet to be
made public, maintains the US policy
that nuclear weapons would only be
used to deter or respond to a nuclear
attack on the US or its allies. “People are
not just trying to think in the old cold
war style of a tit for tat,” he added.
“They’re trying to think of what could
we do that could signal to the Russians
that this is unacceptable and exceedingly dangerous, but do so in a way that
doesn’t cause automatic escalation.”
see Opinion

energy crisis

EU weighs giving Hungary time and cash to agree oil sanctions
MAKE A WISE
INVESTMENT

sam Fleming — Florence
anDy BOunDs — Brussels

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The EU is considering providing more
time and money to Hungary to adapt to
an embargo on Russian oil after talks
on Brussels’ plans for sanctions have
become “stuck”, the bloc’s foreign
affairs chief said.
Josep Borrell, high representative for
foreign policy, told the Financial Times
that he understood why Hungary, Slovakia and the Czech Republic were
resisting European Commission plans
for the EU’s sixth sanctions package on
Moscow. The three countries rely on the
Druzhba pipeline bringing heavy crude
from Russia.
“I understand their position. If I were
in their shoes I would say, ‘Look I have a
problem.’ It is not bad will,” Borrell said
of Budapest’s objections. “It is a matter
of time and it is a matter of money. We
cannot put on the table proposals that
do not fit with reality.”
Landlocked and with an oil pipeline
infrastructure that points towards Moscow, Hungary says it would find an
embargo on the import of Russian oil
and fuel nearly impossible to handle. Its

government has said it cannot support
the EU’s plan to ban Russian crude and
fuel imports unless it exempts countries
that rely exclusively on Russian pipelines for their crude needs, putting the
plan on hold, as it requires unanimous
backing from all 27 member states.
Diplomats expect all three countries
to be given more time to wean themselves off Russian oil in new proposals
from the commission, the EU’s executive, yesterday. While most countries
would have to ban Russian crude within
six months, Hungary and Slovakia
would have until the end of 2024. The
Czech Republic would be offered until
June 2024, which should satisfy Prague.
Borrell added that EU member state
ambassadors in Brussels would be given
the weekend to reach a deal, but that if
the deadlock remained he would propose handing the matter over to European foreign ministers.
Under Viktor Orbán, Hungary’s
prime minister, disputes with the EU
over corruption or democratic values
have led to a stand-off that now threatens Budapest with financial penalties
running to billions of euros, while Orbán
has also been one of the EU leaders clos-

est to Vladimir Putin, the Russian president. But Péter Szijjártó, Hungary’s foreign minister, said his government’s
reluctance to sanction Russian oil with
an embargo was “not a matter of a lack
of political will or timing”, adding: “It is
the simple geographical, physical, infrastructural reality . . . Hungary’s energy
supplies are secure at the moment, but
this sanctions package would completely ruin that security.”
Borrell said they faced an “objective
problem” and that Orbán was not simply trying to make trouble. “It’s not
because Hungary is closer to Moscow,”

Josep Borrell: ‘I understand their
position. It is not bad will’

he said. “We have to take into account
the specific situation of each country.
Hungary is a landlocked country. There
is no other pipe bringing oil to Hungary
but the one coming from Russia and
going directly to their refinery, which is
created for the physical characteristics
of the Russian oil.”
The things that could be changed in
the package were time and money, he
said. “How much does it cost to make
this refinery ready to treat another kind
of oil?” Money “is not on the table but I
wouldn’t be surprised if someone says
‘to refine another kind of oil I need to
make a lot of investment’”.
Borrell said it would be better to find a
deal and move ahead quickly, since the
countries accounted for only a small
part of EU oil demand from Russia.
An EU ban on Russian gas, which
accounts for 40 per cent of EU demand,
remained some way off, he said, because
it was vital for many industrial sectors
including petrochemicals. Germany did
not yet have facilities to import liquefied natural gas as an alternative.
“This problem can be solved and will
be solved but it will not be solved overnight,” Borrell said.

★

7 May/8 May 2022

3

FTWeekend

INTERNATIONAL

Pro-Ukrainian
hackers launch
‘unprecedented’
attack on Russia
Hundreds of millions of documents
leaked following cyber intrusions
Mehul srivastava — London

For years, Dmitriy Sergeyevich Badin
sat atop the FBI’s most wanted list. The
Russian government-backed hacker has
been suspected of cyber attacks on Germany’s Bundestag and the 2016 Olympics, held in Rio de Janeiro.
A few weeks into Russia’s invasion of
Ukraine, his own personal information
— including his email and Facebook
accounts and passwords, mobile phone
number and even passport details — was
leaked online.
Another target since the invasion two
months ago has been the All-Russia
State Television and Radio Broadcasting
Company, known as a voice of the
Kremlin and home to Vladimir Solovyov, whose daily TV show amplifies
some of the most extreme Russian government propaganda.
On March 30, almost a million emails
spanning 20 years of the broadcaster’s
history were leaked on to the internet.
The unveiling of their secrets was part
of a widespread cyber assault as Russian
companies and government bodies
were swarmed by hordes of pro-Ukrainian hackers, many new and previously
unknown to cyber security experts.
The result has been hundreds of millions of documents leaked from targets
as varied as Transneft, an oil pipeline
operator close to the Russian government, the ministry of culture, Belarusian
power supplier Elektrotsentrmontazh,
and an arm of the Russian Orthodox
Church that backed the Ukraine war.
“Russia is being hacked at an unprec-

edented scale by a lower tier of attacker
and there are tens of terabytes of data
that’s just falling out of the sky,” said
Juan Andres Guerrero-Saade, principal
threat researcher at SentinelOne, a
cyber security group. “Historically,
[Russia] was being systematically
popped by a higher tier — the Five Eyes
[intelligence alliance comprising the
US, UK, Canada Australia and New Zealand] and Chinese government — but
right now, the breadth of leaks is just
breathtaking.”
For more than a decade, Ukrainian
government, financial and other systems were pummelled by Russian statebacked hackers. Only in recent years —
with the backing of the US government,
the intensive training of its own security
agencies and the support of a volunteer
army of local computer programmers —
have Ukrainian defences matched Russian aggression.
Now, Russia is being hunted in the
cyber arena by pro-Ukraine hackers,
opportunistic criminal groups and, as
some security researchers suspect, government-backed entities from the west.
Some have banded together in relatively simple “denial of service attacks”,
bombarding Russian websites with traffic to take them down. In response, Russian companies from banks to railway
ticketers and media outlets temporarily
fenced themselves off the global internet, ensuring their sites could be
accessed only from within Russia.
Other hackers have targeted the databases of the Russian government and
those close to the Kremlin, stealing dec-

Targeted:
oil pipeline
operator
Transneft
(logo on left)
and Russia’s
culture ministry
FT montage/Getty Images

ades worth of data, documents and messages and letting them loose, while
boasting of their exploits in the darker
corners of the internet.
Estimating the full scale of these
attacks is almost impossible. Some of
the leaks have emanated from obscure
units of the FSB or from secretive companies that are unlikely to publicly
decry being hacked.
But Lorax B Horne at Distributed
Denial of Secrets, a whistleblower news
site seen as a successor to WikiLeaks,
said the quality and quantity of data sets
being submitted anonymously to the
group had built into an “avalanche”.
“We’ve seen more data from Russia
that is of higher value than we have seen
before,” said Horne, referring to almost
a million emails, attachments and files
from Petersburg Social Commercial
Bank as one example. “We haven’t seen
this before, the variety of data, the
amount of different data and groups.”
One hack by a Belarusian dissident
group called the Cyber Partisans was
modelled on the sabotage of Nazi rail-

way lines in the second world war. It
combined electronic subterfuge with
physical damage to slow freight trains
carrying Russian war equipment
through Belarus to northern Ukraine in
the first days of the invasion, said
Yuliana Shemetovets, a US-based
spokeswoman for the group.
At one point, the slowdowns in the rail
network, which targeted the automatic
signalling systems for freight trains and
the ticketing system for passengers,
were sufficiently widespread that western intelligence officials credited the
disruption with bogging down Russian
forces en route to Kyiv.
The hack had been planned even
before the war began, such as by deleting some databases that required railway employees to manually check all
freight. The Cyber Partisans subsequently decided to exploit the strategy
to help the Ukrainians. Shemetovets
said this was in order to “remind people” that the Belarusian regime of Alexander Lukashenko “is just as bad as
Putin’s, and that the Belarusian issue is

‘There are
tens of
terabytes
of data just
falling out
of the sky’

important, especially if you don’t want
tanks on the borders with Poland and
Latvia”.
Yet the widespread assault on Russian
targets has had the unintended result of
disturbing a carefully maintained equilibrium between the world’s major
cyber powers — the US, China and Russia — according to Guy Golan, a former
Israeli military intelligence officer.
Golan, who runs Performanta, a cyber
security company, said the three countries had for decades penetrated the
computer networks behind each other’s
civilian infrastructure but had not tried
more widespread disruptions. The sudden onslaught of cyber assaults on Russia threatens that detente.
“These armies of hackers will be a
great story to tell our children years
from now, but it is dangerous as hell,”
said Golan. “They may think they are
doing a heroic thing, but imagine a general in Russia who has to respond to losing water supply to Moscow? Suddenly,
that level of equilibrium can be disturbed in a disastrous way.”

4

★

FTWeekend

7 May/8 May 2022

INTERNATIONAL
china

Xi refuses to budge on zero-Covid policy
Investors dump stocks as
politburo signals concern
over healthcare system
Jennifer creery And
hudson locKett — hong kong
edWArd White — sEoul

Xi Jinping has reaffirmed his commitment to China’s controversial zeroCovid strategy, warning against “any
slackening” in the effort and vowing to
crack down on criticism of the policy
despite signs of damage to the economy.
The comments were published by
state media after a meeting on Thursday
of the Communist party’s politburo
standing committee, China’s most influential political body, which the presi-

dent chairs. “Our prevention and control policies can withstand the test of
history, our measures are scientific and
effective. We have won the battle to
defend Wuhan, we can also win the battle to defend Shanghai,” it said.
China’s leaders also signalled deeper
concern with the vulnerabilities of the
country’s healthcare system, noting a
“great deal of uncertainty concerning
how the pandemic will develop” and
adding: “Relaxation will undoubtedly
lead to massive numbers of infections,
critical cases and deaths, seriously
impacting economic and social development and people’s lives and health.”
The direction set by China’s top political body bucks rising domestic and
international criticism amid a series of

Dart mission’s target

Didymos

Dart to scale

Front view of
spacecraft

Star
tracker

LICIACube Small second
satellite aboard Dart will deploy
10 days before impact and
overfly Dimorphos shortly after
impact to record the effects

Asteroids’ position, Nov 24 2021
Orbit of Mars

Key
Orbit of asteroids
Orbit of Earth
Course of Dart

Earth and Dart’s position, May 2022
Asteroids’
position, May
2022

The two asteroids travel
around the sun from just
outside Earth's orbit to
beyond Mars’ orbit,
completing an elliptical
circuit every 2.1 years

DRACO Telescope and
imager will enable
accurate navigation ahead
of impact and transmit
pictures back to Earth
Communication antenna

Rear view of spacecraft

Nasa’s Dart probe was launched in
Nov 2021 when Earth was here

proportion of cities with districts considered at mid to high risk of lockdowns
contributed about 10 per cent of China’s
gross domestic product.
Some health experts have warned
that the zero-Covid approach is necessary because many of China’s hospitals
remain poorly resourced and the country’s large elderly population are at a
higher risk of severe illness because tens
of millions of them are unvaccinated.
China has administered nearly 3.4bn
Covid-19 vaccine doses to its population
of 1.4bn. But the pace of inoculations
had fallen to about 1.5mn doses per day
over the past week from 5mn in recent
months, as health officials had been
forced to divert resources to mass testing campaigns, Goldman said.

Designed to guide itself to Dimorphos and strike at 6km per second in
order to alter Dimorphos’ orbit around Didymos. Components consist of:

Empire State
Building to scale

Dimorphos

baba tumbling more than 7 per cent and
Tencent falling more than 5 per cent.
China’s CSI 300 index of Shanghaiand Shenzhen-listed stocks shed as
much as 2.5 per cent, while in Hong
Kong the benchmark Hang Seng index
was down as much as 5.5 per cent.
The renminbi also lost ground, dropping 0.3 per cent to about Rmb6.68 per
dollar and leaving the currency down
almost 5 per cent for the year to date.
The market moves came a day after
data for April showed that China’s services sector suffered its second-worst
contraction since the start of the pandemic, as lockdowns restricted movement in the world’s largest consumer
market.
Goldman Sachs data showed that the

The Dart spacecraft

1.2km

Dimorphos, an asteroid that orbits a
larger asteroid, Didymos, every 12 hours

Dart will hit
Dimorphos at
6km per
second to deflect
its orbit, allowing
Nasa to study the
effect of the impact

lockdowns that have confined tens of
millions of people to their homes across
the country in an effort to stop the
spread of the Omicron variant.
Ting Lu, Nomura’s chief China economist, noted that the politburo “did not
mention” reconciling China’s focus on
eliminating the virus with economic
growth or minimising the damage to the
economy, unlike previous meetings.
Xi’s high-profile endorsement of zeroCovid compounded the drag on markets, with global investors dumping
stocks on concerns over the impact of
future rate rises by the US Federal
Reserve.
Chinese tech stocks that are heavily
exposed to domestic consumer activity
were among the hardest hit, with Ali-

Chemical thrusters 12 thrusters control
spacecraft manoeuvring and attitude
Stowage for LICIACube

Sun

Dart’s course (in red) is designed
to impact Dimorphos in late Sep
when the asteroid is relatively
close, 11mn kilometres, to Earth

Roll-out solar arrays

NEXT-C Solar-powered ion
propulsion system carried as
a technology demonstrator

Earth and Dart at
launch, Nov 24 2021

Graphic: Ian Bott, Bob Haslett Sources: Nasa; Johns Hopkins University Applied Physics Laboratory; ESA

Deep impact Nasa craft on collision course with asteroid
clive cooKson — sciEncE Editor

Asteroid collisions are a favourite theme
of Hollywood disaster movies, hitting
the Earth with a cataclysmic impact or
deflected at the last moment by heroic
human intervention.
Now, new technology aimed at averting any future threat to the planet is
being put to the test by Nasa scientists,
who are preparing to smash a spacecraft
into a faraway asteroid at 23,000kph in
order to divert its path.
The existential threat from asteroids
and comets, portrayed in films such as
Armageddon, Deep Impact and Don’t Look
Up, has been recognised since scientists
proved in the 1980s that an impact
65mn years ago killed the dinosaurs.
The $300mn Dart mission, short for
double asteroid redirection test,
involves ramming the half-tonne craft

into an asteroid called Dimorphos and
monitoring the shift in its path through
space. Dimorphos is unusual because,
while it orbits the Sun, it also moves
around a larger asteroid, Didymos.
“It feels very exciting, like a dream
come true, for something we’ve been
thinking about for 20 years to be actually happening,” said Andy Cheng, chief
scientist at Johns Hopkins University’s
Applied Physics Laboratory and a senior researcher on the mission who came
up with the Dart concept.
The target asteroid was chosen
because it will be easier to assess
changes to its local orbit than it would be
to measure a deflection around the Sun.
Scientists stressed that the impact could
not deflect its path towards Earth.
The main Dart spacecraft, launched
in November, carries a satellite made by

the Italian Space Agency that will record
the aftermath of the impact, which is
expected to take place in September.
Powerful ground-based telescopes,
11mn km away on Earth, will make further measurements, while the European Space Agency will send another
spacecraft called Hera to conduct a
detailed post-impact survey of the
asteroid pair in 2026.
Patrick Michel, a planetary scientist
at France’s Côte d’Azur Observatory and
Hera’s principle investigator, emphasised the uncertainties about what
would happen when Dart strikes.
“What makes this mission so exciting
is that previous visits to asteroids by
spacecraft — Japan’s Hayabusa2 and
Nasa’s Osiris-Rex — have found surprises,” he said. “We know very little
about the physical characteristics of

Dimorphos apart from its size. Modelling of the impact shows a whole range
of possible outcomes.”
Mission scientists expect the impact
to shorten the 12 hours that Dimorphos
takes to circle Didymos. This could
change by several minutes depending
on how hard or soft and consolidated or
crumbly the asteroid turns out to be,
which will determine the amount of
material displaced by the impact. “The
more that’s ejected, the more Dimorphos will be deflected,” said Michel.
“The effect of the impact could be multiplied by a factor of five or even eight.”
Cheng speculated that Dart’s impact
could alter the asteroid’s shape, cause it
to begin an oscillating “libration”
motion or lead to it entering a chaotic
tumbling phase. It could become an
“active asteroid” trailing a dust cloud

eurozone. Monetary policy

MArtin Arnold — frankfurt

Momentum is building for the European
Central Bank to raise interest rates in
July to fight soaring inflation, after
dovish policymakers indicated that they
were ready to accept an end to almost
eight years of negative borrowing costs.
ECB chief economist Philip Lane and
executive board member Fabio Panetta
have signalled they are now more open
to raising rates in the coming months,
following calls from the governing council’s hawks to make the first rise in more
than a decade sooner rather than later.
The hawkish shift comes after eurozone inflation hit a record 7.5 per cent in
April and brings the ECB closer in line
with the Federal Reserve and the Bank
of England, which both raised rates this
week. But the eurozone’s monetary
policymakers still lag far behind their
peers in the US and UK in the cycle of
raising interest rates.
The ECB has set borrowing costs
below zero since June 2014, when it was
still fighting Europe’s debt crisis. The
deposit rate is now minus 0.5 per cent.

Yesterday, additional borrowing costs
investors demand to hold Italian debt
over that of Germany climbed above 2
percentage points for the first time since
2020, underscoring fears that any tightening of monetary policy will mainly
affect riskier eurozone countries.
The “spread” between the two bond
yields is a closely watched barometer of
investor concerns about political and
economic risks in the euro area.
For many years, hawks have been outnumbered by doves among rate-setters,
but soaring inflation has changed the
balance of power in recent months.
Policymakers such as vice-president
Luis de Guindos and executive board
member Isabel Schnabel have said a
series of rate rises could start by July.
Many economists expect a 0.25 percentage point rise in the deposit rate to
minus 0.25 per cent at the July meeting.
Lane, seen as one of the rate-setting
governing council’s more dovish members, said on Thursday: “It is clear that
at some point we are going to be moving
rates not just once, but over time in a
sequence.” Asked if this could happen in
July, he told an event at think-tank
Bruegel that the timing of the ECB’s first
rate rise “should not be seen as the most
important issue”.
He said: “Once we do start moving . . . then the whole conversation will

be: ‘OK, how much are you going to do
and how quickly?’.” He added “normalisation” would mean rates rising above
zero, providing inflation remained on
track to hit the ECB’s 2 per cent target.
In February, Lane was still predicting
most inflation would “fade away”
within 12 to 18 months, playing down
the urgency to shift policy.
Panetta, the most dovish member of
the ECB board, has continued to push
back against the idea of raising rates at

‘This is probably the
moment when doves cry
and capitulate under
pressure from the hawks’
its meeting on July 21, telling La Stampa
on Thursday it should wait to see what
second-quarter growth data showed
later that month. But he also said that,
given the rise in inflation expectations,
the ECB could “gradually reduce the
level of monetary accommodation”. He
added: “Under current circumstances,
negative rates and net asset purchases
may no longer be necessary.”
Carsten Brzeski, head of macro
research at ING, said: “This is probably
the moment when doves cry and capitulate under too much pressure from the

US senator
warns of
urgent need
for stablecoin
regulation
KirAn stAcey And PAtricK JenKins
Washington

A senior Republican has sounded the
alarm over the fast-growing stablecoin
industry, warning “bad things will happen” to investors’ money unless it is
regulated soon.
Pat Toomey, the top Republican on the
Senate banking committee, said he
thought Congress should write new
rules for the $180bn market in stablecoins, which are some of the most popular cryptocurrencies in the world.
But he pushed back against some of
the stricter measures being promoted
by Democrats, who believe stablecoins
are worth so much money their operators should be regulated like banks.
Toomey told the Financial Times:
“Could a lot of individual consumers get
badly burnt? Absolutely. Would that be
a bad thing? Yes, it would be bad for
those consumers. It would also probably
be a big setback for the industry.
“For both of those reasons, I would
like to get a sensible framework in place
before some bad thing happens. And
let’s face it, eventually, some bad things
will happen; after all, this is still a relatively new technology.”
Stablecoins differ from other cryptocurrencies such as bitcoin or ethereum
in that they are backed by real currency,
offering investors the chance to own digital assets with the promise of extra
price stability.
Financial regulators have become
concerned about how fast cryptocurrencies are growing, how many are in
circulation and how little clarity there is
over the assets that back them.
Tether, the most popular coin, has
grown from a market capitalisation of
about $4bn in 2020 to $83bn, according
to CoinMarketCap. Regulators have previously fined the company tens of millions for making false claims about its
reserves. It says it has enough reserves
to match all the coins it has issued.
The administration of Joe Biden
wants to limit the market so that only
nationally regulated financial institutions are able to issue stablecoins, a rule
that would exclude both tether and USD
Coin, the two biggest issuers.
Toomey’s draft bill, however, would
also allow other organisations to offer
the coins if they publicly disclosed their
reserves every month and submitted to
an audit every three months.
“The idea that the only permissible
issuers should be insured depository
institutions is way too constraining,”
said Toomey. “There is no logical reason
in the world why you have to be an
insured depository institution to do
this.”
The move to regulate stablecoins is
part of a broader push by both Democrats and Republicans to put rules in
place for the cryptocurrency industry.
But Republicans are resisting some of
the tougher proposals from senior Democrats such as Gary Gensler, chair of the
Securities and Exchange Commission,
who has argued that many cryptocurrencies should be regulated in the same
way as securities.

latin America

ECB doves poised to accept rise in rates
Policymakers follow lead
of Fed and BoE as inflation
changes balance of power

like a faint comet, he said. “Very strange
things might happen.”
None of the about 27,000 “near Earth
objects” identified so far are believed to
carry a significant risk to our planet. Yet
with asteroids located regularly, the
Dart mission’s findings could prove
invaluable if a threat were to emerge.
“In a dire emergency, we could take a
spacecraft being built for another purpose, tack on a new guidance system
and send it up to hit the asteroid,” said
Cheng. “We might need more than one
spacecraft.”
Michel said an early warning would be
vital. “We’d need a few years to plan and
implement a mission like that,” he said.
Another option would be a nuclear
strike. “But that would be risky because
you might create a lot of fragments still
heading in our direction,” he added.

cryptocurrencies

hawks. It’s fair to state that both Panetta’s and Lane’s attempts to prevent a
rate hike in July were halfhearted, to say
the least.”
More centrist members of the ECB’s
governing council, which includes eurozone national central bank chiefs as well
as executive board members, have also
shifted to supporting a July rate rise.
Banque de France governor François
Villeroy de Galhau said in a speech yesterday he “wouldn’t preclude” a rate
rise in the next few governing council
meetings, adding: “Barring unforeseen
new shocks, I would think it reasonable
[for policy rates] to have entered positive territory by the end of this year.”
Villeroy said the ECB needed to “carefully watch exchange rate developments” after the euro fell to a five-year
low of $1.05 against the dollar, fuelling
inflation by driving up import prices.
The war in Ukraine and China’s Covid
lockdowns have raised fears that
Europe’s economy could suffer an economic downturn this year. Some economists fear the ECB could tighten policy
on the cusp of a recession.
The last time the central bank raised
rates in 2011 was just as the region’s debt
crisis started.
Additional reporting by Adam Samson in
London
see the long view

Lula battles to revive faltering
bid for Brazilian presidency
BryAn hArris — são Paulo

Luiz Inácio Lula da Silva begins his
campaign for the Brazilian presidency
in São Paulo today with his allies growing anxious that the popular support
he built at the start of 2022 has started
to dissipate.
The former president has seen the poll
gap with President Jair Bolsonaro, his
main rival in the October vote, continue
to narrow. Recent polling suggests as little as 5 percentage points separate the
two men, a marked narrowing from the
turn of the year when Lula enjoyed a 20
percentage point lead.
Lula, who served two terms as president from 2003 to 2010, leaving office
with an approval rating above 80 per
cent, has struggled to recapture that
popularity. Analysts say there is an
absence of a clear agenda.
“Bolsonaro has been slowly recovering since January and people are asking:
‘What will a Lula government be like?’
Even Lula can’t give you a straight
answer because his platform is a work in
progress,” said Thomas Traumann, who
was spokesperson for Lula’s successor,
Dilma Rousseff.
Bolsonaro, a far-right populist, has
succeeded in drawing a line under his

disastrous pandemic response and won
new supporters with an enhanced cash
handout scheme. He has also managed
to avoid the controversies that earlier
plagued his presidency, allowing reluctant backers such as Brazil’s business
community to return to the fold.
Lula has made a series of missteps,
including upsetting Brazil’s evangelical
community with a call to legalise abortion. This week, he said President Volodymyr Zelensky was as “responsible as
[Russia’s Vladimir] Putin” for the war
that is devastating Ukraine, “because in
war there’s not just one person guilty”.
The remark highlighted Lula’s record of
supporting repressive regimes in Cuba,
Nicaragua and Venezuela.
Gabriel Brasil, analyst with consultancy Control Risks, said communication failures had played a role in Lula’s
poll slide: “There are still lots of people
who aren’t keen to support either Bolsonaro or Lula if they’re not properly
convinced. The right messages that target the right groups will be key for both.”
Paulinho da Força, a lawmaker from
the leftwing Solidarity party that is close
to the former president, said Lula
needed to focus on what mattered to
Brazilians: “Jobs, jobs, jobs. It’s income,
growth and unemployment.”

★

7 May/8 May 2022

5

FTWeekend

FT BIG READ. US SOCIETY
Almost 50 years after Roe vs Wade enshrined abortion rights for women in the US, the Supreme Court
appears close to overturning the ruling, which could have a profound social and political impact.
by Stefania Palma and Courtney Weaver

H

ad Emma realised she was
pregnant a few days earlier,
things might have happened differently. She
could have accessed abortion services at the Planned Parenthood
clinic close to her home in Texas, which
only allows abortions up to six weeks.
She would have set up medical appointments rather than taking a pill to induce
abortion which her friend had bought
on a trip to Mexico.
In the end, she found herself watching
YouTube videos produced by the
international humanitarian agency
Médecins Sans Frontières to guide
women through the process of having a
safe abortion using pills. The videos
seemed designed for someone “in a very
rural area or in a country where there
aren’t doctors very accessible to them”,
Emma thought — not for a woman living
in one of Texas’s biggest cities.
The predicament 29-year-old Emma
faced is one that hundreds of thousands
of American women could confront if
the Supreme Court enacts a draft opinion, leaked this week, that would overturn Roe vs Wade, the landmark 1973
ruling enshrining the constitutional
right to abortion across the US.
If the court’s final ruling, which could
be handed down as early as June, mirrors the draft opinion, a slew of conservative states are likely to further restrict
abortion access. It would represent the
seismic political shift that liberals have
long feared and religious conservatives
have been working to achieve.
More than half of US states would
“certainly or likely take action, pretty
quickly, to ban abortion”, estimates
Kristin Ford, vice-president of communications for Naral Pro-Choice America,
one of the biggest US groups supporting
abortion access. “In a matter of months,
we could be looking at a dramatically
changed landscape in this country for
access to abortion care,” she says.
The social and political effects of such
a shift would be profound in a country
where the right to abortion is supported
by clear majorities — and would cut
across America’s racial and class
divides. But it would have an outsized
impact on women of colour and those
who are not healthy or wealthy enough
to cross state borders to access abortion
services. Healthcare providers warn of a
looming medical crisis that would hit
the country’s most vulnerable populations hardest.

Across the divide
Re-criminalising reproductive healthcare “will be for many people a death
sentence”, says Katherine Franke, a
professor at Columbia Law School. Having black women carry more pregnancies to term would put them at higher
risk, given they are three times more
likely to die in childbirth than white
women, she adds.
In 2019, 23.8 abortions were performed per 1,000 non-Hispanic black
women in the US, compared with 11.7
for Hispanic women and 6.6 for white
women, according to data reported to
the Centers for Disease Control and Prevention. In Mississippi, whose abortion
ban after 15 weeks is at the heart of
the Supreme Court case that could lead
to Roe’s repeal, non-Hispanic black
women accounted for 74 per cent of
abortions in 2019.
Roe’s repeal “would be devastating for
black women, especially those from
low-income backgrounds”, says Linda
Goler Blount, president of the Black
Women’s Health Imperative.
Bans could also have a knock-on
effect in the wider maternity healthcare
system, says Beverly Gray, the residency

Obituary
Trailblazing
paparazzo who
captured the
greats off-guard
Ron Gallela

Photographer
1931-2022

America’s abortion wars

performed after waiting periods of up to
72 hours from a first appointment.
Some share information during the first
visit that Sutocky says “is meant to try
to deter people” from continuing with
the procedure. She says The Women’s
Centers faced steep costs to meet
requirements imposed by Pennsylvania
in 2011, which “are essentially put in
place to make it burdensome . . . to provide care”.
While lawmakers argue that such
rules set sound standards, abortion
rights supporters believe they are
intended, at best, to obstruct clinics
and, at worst, to lead to their closure.
The number of independent clinics —
which account for almost 60 per cent of
abortions performed in the US — fell by
more than one-third between 2012 and
2020, according to a report by the Abortion Care Network. By contrast, hospitals provide just 3 per cent of abortions.

Personal as political

Top: Pro-choice
and pro-life
demonstrators.
For many
American
voters, the issue
of Roe is
personal as
much as
political. Below:
A woman checks
in to a clinic in
Louisiana. Black
women are three
times more
likely to die in
childbirth than
white women
FT montage: Getty Images

director of Duke University’s obstetrics
programme. She says Roe’s reversal
could mean worse medical care for
pregnant patients, with medical providers in certain states no longer able to
receive the necessary training for certain life-saving procedures because of
the new state restrictions.
“If you have a patient who’s in their
second trimester with severe preeclampsia, they’re not viable; sometimes the only way to save their life is to
perform an abortion,” she says.
Over-ruling Roe would also make
abortion more expensive, as more
women are pushed to chase these services beyond state borders. Emma, who
does not want to use her second name
for fear of repercussions, discovered her
pregnancy at six weeks. Unfortunately
for her, this was the exact cut-off time

after which abortions were made illegal
in Texas under a law that came into
force last September. The Texas ban has
no exceptions for rape or incest and is
applied before many women even know
they are pregnant.
The Women’s Centers — a group with
abortion clinics in New Jersey, Connecticut, Georgia and Pennsylvania — has
received roughly 50 calls per week from
Texas alone in the wake of the ban. “We
already are seeing patients from Texas
at all of our centres,” says Roxanne
Sutocky, the group’s community
engagement director.
Emma found herself unable to face a
flight or an eight-hour drive to New
Mexico due to the nausea she was suffering. “I was having trouble walking
around my house without wanting to
vomit,” she says. So she turned to selfadministered misoprostol.
The effects were “very painful”. But
her fear of legal repercussions — especially after a woman in Texas faced murder accusations over a self-induced
abortion before being discharged —
stopped her from contacting medical
professionals: “I don’t even want to be
close to that situation, so I’m going to opt
to not have a follow-up appointment.”

The road from Roe
That fear was once common. For decades before the 1973 court decision in
Roe vs Wade, women across dozens of
states faced restrictions and outright

It was nightfall when the photographer
Ron Galella at last encountered Marlon
Brando after stalking the reclusive actor
across Manhattan all day in 1973. It
did not end well.
“He gave me a sucker punch. I didn’t
even see it coming,” Galella would later
recall. He lost five teeth and suffered a
broken jaw. Brando ended up in hospital
with an infected hand. The next time
they met, the photographer was wearing an American football helmet for protection, emblazoned with his name.
It was a fitting stunt for an attentionseeking photographer obsessed with
celebrity, who went to extreme lengths
to document it on his own terms.
Galella, who died this week aged 91,
spent his days and nights chasing it, cornering it, and then using his camera to
dislodge it from its usual, glossy encasement and reveal something else.
“The point of taking a photograph, for
me, is to capture a feeling,” he told Canada’s National Post in 2010. “Henri Cartier-Bresson talked about the decisive
moment, and that’s what I’ve tried to
capture my whole career.”
Galella was not the first paparazzo
(the Italian for a buzzing insect), but
he was his generation’s trailblazing

practitioner, blending a war photographer’s wits, a theatre director’s eye and
a stalker’s obsession.
Brando was just one of his quarries.
He captured unrehearsed and now
iconic images of just about every luminous subject he sought in the past 50
years — Greta Garbo on a Manhattan
street with a handkerchief obscuring her
face, Diane von Furstenberg lounging at
Studio 54 in 1978, the trio of Jack Nicholson, Donald Trump and Warren Beatty
playing alpha games at a boxing match.
He shot Elizabeth Taylor and Richard
Burton — who had him jailed in Mexico
— the Duke and Duchess of Windsor,
Elvis Presley, Mick Jagger, his good
friend Andy Warhol and many others.
His favourite was Jacqueline Onassis,
for whom Galella once travelled to
Greece and disguised himself as a sailor
— complete with a wig and fake moustache. “Why did I have an obsession
with Jackie?” he pondered in the documentary Smash His Camera. “I’ve analysed it. I had no girlfriend. She was my
girlfriend in a way.”
Onassis saw it otherwise: she sued
Galella and won a court order requiring
him to keep 25 feet away — not that he
obeyed. Galella was convinced that his

bans in attempting to access abortions,
though the procedure was legal in places
such as New York. Women living in
areas of the US where abortion was prohibited or severely restricted often
turned to illegal providers willing to
carry out the procedures despite criminal risk and the threat of severe illness
or death.
Yet while overturning Roe would be a
historic event, some analysts argue
there has already been a slow and steady
deterioration of abortion rights in the
US. Even as Roe enshrines the right to
abortion, individual states can and have
passed their own restrictions. These
may be subject to legal battles in federal
courts over their implementation.
Emboldened by former president
Donald Trump’s three Supreme Court
appointments, which enabled a 6-3 split
in favour of right-leaning justices, conservative legislatures have passed a
flurry of abortion bans over the past few
years. Only last month, Oklahoma
passed a bill prohibiting abortion except
in cases of life-threatening medical
emergencies, the most restrictive measure yet in the US.
“Opponents of abortion . . . have
come up with a number of strategies to
basically hollow out Roe to the point
that it means nothing,” says Franke. If
Roe is overturned, “it won’t be an on and
off switch”.
Rules over abortion vary widely from
state to state. Some require abortions be

subjects needed his camera; that their
magic might dissolve without his gaze.
“Ron was the most driven man that I
knew,” said Patrick McMullan, New
York’s reigning socialite photographer.
“He got pictures that no one else
had . . . Some are absolutely stunning.”
Among his favourites is the image of a
windblown, casually-dressed Onassis,
walking along Madison Avenue, turning
unexpectedly toward the camera.
“Maybe there were better photographers — faster, more creative. But for a
long time, he was it,” said Don Pollard,
another New York photographer, who
felt that he was in the right place when
he encountered Galella on a shoot.
Galella was a quintessential outsider,
born in the Bronx in 1931 to Italian
immigrant parents. His father made
pianos and coffins; his mother, who
named him after her favourite British
film star, Ronald Colman, was a dressmaker. Galella began taking pictures for
the Air Force while stationed in Korea
and then used the GI Bill to pay for
art school in California.
In his dogged, unashamed pursuit of
celebrities he paid off doormen, chatted
up housemaids and spent long days
staking out apartments and haunts such

‘Opponents
of
abortion . . .
have come
up with a
number of
strategies to
basically
hollow out
Roe to the
point that it
means
nothing’

Gallela blended a war photographer’s
wits with a stalker’s obsession

His favourite was
Jacqueline Onassis, for
whom he once travelled
to Greece and disguised
himself as a sailor

Advocates on both sides of the ideological divide predict the issue will be a rallying call in the November midterm
elections, with both parties attempting
to use the court’s ultimate decision, as
well as the leak itself, as a rallying cry to
their base. In the case of the Democrats,
it means a chance to win over moderate
pro-choice independent voters, particularly women.
Naral Pro-Choice America saw its biggest online fundraising haul to date in
the 24 hours after the Supreme Court
draft decision was leaked, says Ford.
Mary Anne Marsh, a Democratic
strategist, says she believes a Roe
reversal could motivate her party’s
voters, potentially raising the chances
of Democrats’ holding on to both
chambers of Congress, despite President Joe Biden’s below 50 per cent
approval rating. “The majority of people in this country are independent
voters now, and most of them are
women, and they are women in the suburbs,” she says.
Yet many opponents of abortion view
overturning Roe as a long-overdue legal
reckoning, disputing the notion that
the right to privacy derived from the
US Constitution’s 14th amendment
enshrines a woman’s right to terminate
a pregnancy.
“Roe vs Wade always was legally
objectionable . . . It absolutely bypassed
‘we the people’ in favour of a handful of
judges who operated based on their own
point of view and not on legislative process,” says Kristan Hawkins, president of
Students for Life of America, a group
that seeks to abolish abortion. “It is a
significant victory, but what it is, is
righting a terrible wrong.”
Anti-abortion groups say they too will
mount a legislative push — to press state
legislatures to adopt the toughest
restrictions that are politically possible
in their respective states, while continuing to usher more anti-abortion political
candidates into office.
“Our hands have been tied for 50
years. And you know, now, I guess I kind
of say everything’s on the table,” says
Carol Tobias, president of the National
Right to Life Committee.
For many American voters, the issue
of Roe is personal as much as political.
Emma says the legal changes in Texas
became “a much more stark reality
. . . when a law was impacting me by
denying me healthcare”.
What defined her abortion was not
the physical pain or the fear of legal risk.
“More than anything, I had a feeling of
isolation,” she says, one she did not
expect to experience after overcoming
internalised stigma around abortion.
“That was extremely damaging to me.”

as the 21 Club. At night it was Studio 54
— from which he was twice ejected by its
owner Steve Rubell. In one legendary
stunt, he paid a watchman $15 in 1969 to
lock him in a rat-infested Thames-side
warehouse on Friday evening so he
could bag Taylor and Burton on their
yacht on the Monday.
Such devotion left little time for a
family. Galella married late, eventually
settling down with photo editor Betty
Lou Burke. They had pet rabbits but no
children. By his later years, Galella
had grown rich and celebrated — if
not universally admired. He published
22 books. He was “old school”, McMullan said, explaining Galella’s disdain
for the incoming era of hyper-celebrity
that has bred both docile image-makers
and malign successors, who seek not
only to capture their subjects but
often to humiliate them.
By then, he and Betty, who died in
2017, had left the scene, living in an
Italianate mansion in suburban New
Jersey. Its entrance featured a marble
fountain, a Hollywood-style red carpet
and a concrete slab with an imprint of
Galella’s hands and signature. Fit for a
celebrity, of a sort.
Joshua Chaffin

6

★

FTWeekend

7 May/8 May 2022

The FT View
Central banks must play economic manoeuvres in the dark
It’s been a time of remarkable
and unforeseeable shocks.
More is to come

ft.com/opinion

This week, the economic mood music
changed into a more anxious minor key,
as recent shocks to developed world
economies have echoed longer and
louder than had been expected. Whatever you thought about the economy a
week ago, you should be a little more
worried than you were.
Inflation has been grinding up for a
while — largely a sign of post-pandemic
economies running a little out of kilter.
Real household incomes fell sharply in
many big economies at the end of last
year. But, following the war in Ukraine
and China’s recent lockdowns, the latest
US consumer price inflation rate stands
at 8.5 per cent. It is at 6.2 per cent for the
UK and estimated at 7.5 per cent for
the eurozone.
Forward-looking economic indicators

had hinted at the risk of a slowdown
for some time already — particularly as
households found their salaries would
go less far. What started as a shock
to prices was expected to lead to a
hit to spending.
But, one-by-one, indicators are now
turning red. New manufacturing orders
in Germany fell 4.7 per cent in March.
Shipping companies fear a dip. Firstquarter economic growth numbers
showed stagnation or outright contraction in several European economies.
The US economy, too, shrank in the first
quarter. The Bank of England forecasts
a contraction this year.
Central banks, therefore, face a terrible set of circumstances. They need to
get to a tighter monetary policy: rates
are still very low and are stimulating
activity even as inflation in the UK, for
example, is expected to hit double digits. But the odds are rising that they will
end up trying to lower the tempo on
economies that are already shrinking.
This week, both the Fed and BoE

raised rates, and steered that more is to
follow. In the UK, the central bank also
forecast a severe fall in household
incomes and economic contraction. The
problem right now is not just that rate
rises into a weak economy can cause a
lot of misery. Making unpopular decisions is part of the job; it is why central
bank independence is so important. It is
also that the right pace of normalisation
is particularly hard to call.
This is a time of incredible complexity: each week has thrown up a new
shock or revealed that the problems we
saw coming were bigger than we
thought. Markets whiplashed back and
forth this week in response to the Fed’s
announcements, as participants tried to
work out how to weigh the swirl of information and to price a still-expensive
stock market.
As Jay Powell, chair of the Fed, said
this week: “It is a very difficult environment to try to give forward guidance
60, 90 days in advance.” He is right:
90 days ago, the world was still just

Letters

Opinion Russia

Inflation — and
the need to
guard the
vulnerable
from it — will
upend politics
in lots of states

anxiously eyeing up a Russian build-up
on Ukraine’s borders and Shanghai was
yet to discover the ill-fated local coronavirus outbreak.
The staccato of recent crises has created astonishing uncertainty. We do not
know what China’s response to further
outbreaks will be. We have yet to see
how far the still-thickening sanctions
net for Russia will sideswipe other
economies. We do not yet know the
full effects of disrupting food supplies
from Ukraine and Russia for the world’s
poorest nations. Inflation — and the
need to guard the vulnerable from it —
will upend politics in lots of states. And
no one can say when this will all be over.
Central banks need to be nimble.
Investors should be clear that policymakers’ signals about what they intend
to do in the future cannot be very trustworthy when the future is so murky.
And all leaders should be honest that,
right now, they cannot stick rigidly to
their sheet music. All that anyone can
do is play it by ear.

Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com

Putin’s military parade
will be a squalid spectacle EU rules on plurality of the media can put manners on Musk
Ann Kiernan

Andrei
Kozyrev

I

grew up in Moscow believing that
Ukrainians were people just like
everyone else. I learnt that the call
by the government of the Soviet
Union for the people to rise up
against Nazi Germany’s invasion in
1941 opened with the words “brothers
and sisters”. That, of course, included
both Russians and Ukrainians.
The people did rise up, suffering
gravely and contributing decisively to
a final victory in the second world war,
achieved together with the US, Britain
and France. When, later, I worked in
the UN department of the Soviet foreign ministry, I took pride in the fact
that the Soviet republics of Ukraine
and Byelorussia were founding members of that global organisation, along
with the USSR itself.
When the Soviet Union collapsed in
1991, about 90 per cent of Ukrainians,
including majorities in Crimea and

The Kremlin tries to
connect Ukraine with the
‘Great Patriotic War’
fought against Hitler
Donbas, voted for independence in a
referendum. I was proud to be a member of the Russian Federation government that honoured that choice. And
it was my duty and privilege to design
a structure for neighbourly relations
between Russia and Ukraine, and in
1994 to write, together with US colleagues, the Budapest memorandum
that provided security assurances to
Ukraine. In exchange, Kyiv undertook
to give its nuclear weapons to Russia
and did so in short order.
That personal background should
help to explain why what has happened to Ukraine since 2014 matters
so deeply to me. In March of that year,
President Vladimir Putin used troops
from the Russian military base in Crimea to annex the peninsula. This was
a brazen violation of Russia’s obligations under the Budapest memorandum. Regrettably, America responded
with a diplomatic reprimand and
flimsy sanctions. Encouraged, Putin
seized parts of Donbas. Again, the US
and the west expressed disapproval,
but practical measures were restricted
to ineffective sanctions.
For eight years Russia consolidated
its gains, while the west, especially
Europe, hid behind the mantra that
the Minsk agreement, designed to
secure peace in Donbas, should be
implemented.

Then, on February 24 this year, Russian troops began a full-scale invasion
of Ukraine. Yet this time Putin’s gamble on a weak response both from Kyiv
and the west proved wrong. After
meeting stiff resistance, desperate and
demoralised Russian commanders
resorted to terror tactics, including
indiscriminate bombing and the
targeting of civilians.
Kremlin propaganda tries to connect the invasion of Ukraine with the
“Great Patriotic War” fought by Russians and Ukrainians against Hitler’s
Germany. They have dubbed the
administration of President Volodymyr Zelensky, the freely and fairly
elected leader of Ukraine, “Nazi”.
Moscow euphemistically calls the war
a “special military operation” to liberate Ukraine from Nazism and to
return the country to the Russkiy mir, a
vaguely defined zone of Moscow domination bound by the Russian Orthodox Church, whose patriarch has
blessed the invasion.
Now, the Kremlin is preparing to
portray this operation as a successor
to the war against Nazism at the traditional second world war Victory
Day parade held on May 9 in Red
Square in Moscow.
Putin has in fact succeeded in establishing a connection with the Nazis —
but through his own deeds, not by
slandering Kyiv. Consider these similarities between Russian aggression
today and Hitler’s war of conquest in
Europe after 1939.
A dictator has ordered the invasion
of foreign territory for his own self-aggrandisement. He has done so unprovoked by the country being invaded,
pursuing his aims in violation of
both bilateral and international
agreements.
The invasion is justified on the basis
of false claims of historical and ideological or religious supremacy. A myth
is propagated according to which the
victims of aggression are in fact being
liberated from oppression — communist in Hitler’s case, Nazi in Putin’s.
And the military has acted barbarically, attacking the civilian population, destroying property and valuable
cultural heritage.
A grand display of the Russian military in Red Square and the false “antiNazi” justification of its aggression in
Ukraine is a blasphemy against the
memory of the Holocaust and of the
dozens of millions murdered in the
second world war.
The seats reserved for foreign
diplomats and dignitaries should
remain vacant. This would send a
powerful message to the millions of
Russians who will be watching the
parade on television.
The writer is a former Russian minister
of foreign affairs and author of ‘The
Firebird: The Elusive Fate of Russian
Democracy’

The repercussions of Elon Musk’s
brand of “free speech absolutism” for
Twitter have of late received much
comment (“Musk, Twitter and the
need to vet new media owners”, FT
View, April 29).
Thierry Breton, the EU’s internal
market commissioner, went so far as
to remind Musk of his need to comply
with EU rules, a reference to the

recently adopted Digital Services Act.
But the DSA will probably not take
effect until at least 2024.
In the meantime, Musk’s acquisition
will almost certainly get a smooth ride
through the competition authorities
(including the European Commission),
since he has no other business interests
that compete with Twitter.
But one important possibility, which

could result in protections being put in
place now, has so far been overlooked.
EU member states can intervene in EU
merger control proceedings to protect
certain important “legitimate
interests” (under Article 21(4) of the
EU’s merger regulation). These include
“plurality of the media”.
Twitter has more than 45mn users in
the EU, many of whom use the service

as their principal news source, making
it an important part of the media
plurality ecosystem. Article 21(4) —
so far rarely used in a media context —
could provide a unique opportunity
to scrutinise Musk’s plans for Twitter
in advance, rather than wait for the
DSA to take effect.
Craig Pouncey
Tervuren, Belgium

You can’t judge a book
by its contents either

principal sources of its claims.
I should know how the case was won,
as I headed the insurers’ legal team for
the four years leading up to and
throughout the 52-day trial. The proof
of the pudding is Mr Justice Teare’s
detailed judgment (publicly available),
which explains all the reasons for his
decision, which of the underwriters’
arguments prevailed and why.
Your reviewer is perhaps to be
excused for not having read this
judgment; he no doubt assumed the
accuracy of the book.
Jonathan Gaisman QC
London EC4, UK

Tom Lehrer’s lyrics remain
worryingly relevant today

to make predictions of future events,
and the best art breaks some expected
patterns while teaching us new ones.
The artist (as Proust wrote of PierreAuguste Renoir in The Guermantes Way,
the third volume of In Search of Lost
Time) finishes the work and says to us:
“Now look”. And at this point the world
“appears utterly different from the one
we knew, but perfectly clear”.
The great artists shoot you in the
brain, but you don’t notice it at that
moment because they use a silencer.
Jose Antonio Martin
Madrid, Spain

Anyone reading your review of the
book by Matthew Campbell and Kit
Chellel Dead in the Water (“Fire, fraud
and murder”, Life & Arts, April 30)
would suppose that the spectacular
attempted fraud by the Greek
shipowner who faked a Somali pirate
attack on his own vessel was only
exposed in London legal proceedings
by the tenacious efforts of two private
investigators. These former policemen
apparently galvanised the defeatist and
pusillanimous insurers — and their
equally dejected lawyers — into
fighting the case and reluctantly
deploying the decisive evidence of
wrongdoing which the pair had
unearthed.
It’s a good story. However, nothing
could be further from the truth. The
lead underwriters were not resigned to
“the inevitability of settling”, but were
from the start determined to resist the
claim. Their advocates, solicitors and
experts supported this view. They
eventually exposed the shipowner‘s
deceit by the painstaking methods
tried and tested in previous scuttling
cases. Success was not achieved
through the efforts and advice of the
investigators who are seemingly both
the heroes of the book and the

Is cryptocurrency
creating its own
hierarchy and
elites? Is the
Pope a Catholic?

Notebook

by Gillian Tett

Sugar should have no role
in breaded fish or mince
It’s not only the manufacturers of
processed food that are at fault (“We
have been Big Food’s lab rats for too
long”, Opinion, April 30).
Apparently, sugar has become a
necessary ingredient in Waitrose
breadcrumbed fish fillets and Marks
and Spencer’s tinned beef mince — just
two examples from “upmarket”
supermarkets.
I doubt that anyone would add sugar
if they were making these simple
dishes at home, so why is it included?
Fay Garey
Tisbury, Wiltshire, UK

A

merican hedge fund
luminaries don’t usually
draw inspiration from the
Pope. But when financiers
assembled in Los Angeles
this week for the Milken Institute
Global Conference, the Vatican was an
unexpected topic of dinner debate.
Shortly before the conference
started, the Holy See announced plans
to issue non-fungible tokens on the
blockchain; the aim, it explained, is to
“democratise” the Vatican’s historic
art collection by giving people around
the world access to the paintings.
(How that’ll work remains to be seen.)
To some of the Milken attendees,
this was a sign that blockchain
technology is creating a power shift.
More specifically, the idea that creates
thrills for the crypto evangelists (as
laid out by people such as Peter Thiel,
the LA-based libertarian investor) is
that the blockchain offers the promise
of a decentralised world, where
networks of ordinary people can
challenge elites, priestly or otherwise.
Should the rest of us believe this?
After listening to the crypto hype, I’m
feeling distinctly torn. It’s not simply
that a debate is raging between crypto
evangelists such as Thiel, who believe
the blockchain ledger is revolutionary,
and those like the celebrated investor
Warren Buffett, who has called bitcoin
a “gambling device” and “rat poison”.
The other issue is the gap between
rhetoric and reality. The people
engaged in the crypto world today are
operating with a creation myth that
contains plenty of contradictions.

The review of Adrian Duncan’s The
Geometer Lobachevksy (Life & Arts,
April 30) had me humming the classic
1953 song “Lobachevsky” by satirist
Tom Lehrer: “Who made me the genius
I am today?/The mathematician that
others all quote?/Who’s the professor
that made me that way?/The greatest
that ever got chalk on his coat?/One
man deserves the credit,/One man
deserves the blame,/And Nicolai
Ivanovich Lobachevsky is his name.
Oy!”
Lehrer’s songs are timeless genius.
“Pollution”, “Send the Marines”,
“Who’s next”, “We will all go together
when we go” are as worryingly relevant
today as they were when they were
written more than 50 years ago.
Andrew Vigar
Singapore

Great art is like a shot to
the brain — with a silencer
While how art works indeed remains
an enigma (“What do we want from a
work of art?” Opinion, FT Weekend,
April 23), neuroscience and Marcel
Proust come to the rescue.
Our brains (Jeff Hawkins: On
Intelligence) use memory-based models

One revolves around the idea of
digital money. To most onlookers, this
is the feature that makes crypto
distinctive. But most of us have had
digital bank accounts for years, albeit
in fiat currency. The crypto world is
forever threatening “normal” money
by being purely digital, but the latter
has become more futuristic, more
quickly than most people imagined.
A second issue concerns anonymity,
or, more accurately, pseudonymity —
often considered a defining feature of
crypto and criticised for enabling
criminality. But in the side rooms of
the Milken conference, I heard
entrepreneurs describe how they are
racing to find better ways to confirm
users’ identity. Consultants such as
Chainalysis, meanwhile, are
apparently so good at tracing opaque
crypto flows that it can be easier for
law enforcement to track criminals
using crypto rather than banknotes.
With stock markets tumbling,
another hot topic at Milken was how
investors can “hedge” portfolios.
Crypto enthusiasts presented tokens
like bitcoin as an answer but it now
seems that just as excess liquidity has
boosted the price of almost all assets
in the past, its withdrawal could hurt
them all — including crypto.
Those touting NFTs extol them as
valuable because they are scarce and
immutable. But, as legal experts such
as Dinusha Mendis of Bournemouth
University and João Marinotti of
Indiana University have argued, the
degree to which an investor “owns” a
token is properly tested in court. And

Pithy Q&A advice on a
pet conference peeve
I enjoyed Simon Kuper’s piece on how
to survive a conference (Opinion,
Spectrum, FT Weekend, April 30). My
own pet conference peeve is when a
member of the audience stands up,
ostensibly to ask a question and instead
makes a speech.
I recall the pithy advice given by a
business school professor when
opening the Q&A session at an annual
alumni conference. With piercing
effectiveness, he reminded us that: “A
question is a sentence that ends with a
question mark.”
Eithne Kennedy
Singapore

the scarcity aspect clashes with the
fact new tokens keep being created.
Finally, there is the question of
decentralisation. The original creation
myth for bitcoin was a white paper,
written by the mysterious Satoshi
Nakamoto, calling for a world based
around peer-to-peer, or “distributed”
trust. The vision that makes Thiel’s
eyes gleam is one where a shared
computer ledger lets people cut deals
without any traditional institutions.
But as Charles Hoskinson, a
blockchain pioneer, told me in LA:
“The vast majority of Web3 [ie,
blockchain] applications are
centralised, not decentralised.”
Partly that is because the ledgers are
often so-called “private chains”, or
members-only clubs, organised by
institutions such as JPMorgan. But it is
also because a new breed of virtual
exchanges has emerged to organise
crypto trading and custody. And when
an entity such as the Vatican issues
NFTs, it is its credibility that partly
creates trust in those assets.
I am not suggesting that these
inconsistencies make the crypto
dream meaningless. The industry is
developing interesting technologies
and ideas that could go mainstream —
precisely because institutions are
getting involved. But the main point is
this: what creates “value” in cryptos is
investor embrace of an ambiguous
creed, where rhetoric often clashes
with reality. In that respect, the
Vatican’s move makes perfect sense.
gillian.tett@ft.com

★

7 May/8 May 2022

7

FTWeekend

Opinion
The world economy has to be revitalised in inclusive ways
Raghuram
Rajan

A

perfect economic storm
engulfs industrial countries. Even before the pandemic, US-Chinese geopolitical rivalry impeded global trade and cross-border investment.
The pandemic skewed demand towards
bicycles and away from gym memberships.
Then rolling lockdowns across the
world disrupted production of those
bicycles. Ordinarily, the rise in prices of
bicycles would have quelled demand,
but the enormous fiscal and monetary
response to the pandemic in advanced
economies kept household spending
power strong. Even as jobs came back to
cater to this demand, workers became
harder to find, because older workers
decided to retire and immigration

slowed. The mix of strong demand and
limited supply ignited inflation, which
has spread well beyond the narrow set of
goods that set it off.
The war in Ukraine and spreading
lockdowns in China add to the turmoil.
Both slow growth, while the war fuels
food and energy inflation and the Chinese lockdowns drive goods price inflation. Of course, the war could spread
further in catastrophic ways.
Spare a thought for developing countries, where matters are, if anything,
worse than in industrial countries. Public spending in the pandemic has been
very constrained. Many middle-class
households have lost livelihoods and
slipped into poverty.
Now they face higher energy and food
prices that threaten to reduce consumption below subsistence levels. With
interest rates rising, their governments
are hamstrung by past borrowing and
do not have the capacity to help. All this
presages more protest and political conflict across the developing world, and
more emigration to safer climes.

On current trends, the future looks
challenging. Sustained growth depends
on innovations that allow us to produce
more at lower cost. While the pandemic
has forced firms to rethink work processes — working from home saves time
on dressing below the waist and on commuting — substantial gains will probably come only when the impediments to
delivering services at a distance are
reduced; telemedicine will not grow if
local licensing requirements stand in
the way of doctors prescribing at a distance. Absent reforms, productivity
growth is unlikely to be higher than the
pre-pandemic pace.
Similarly, population ageing will continue shrinking the labour force, further
slowing growth. Deglobalisation
through reshoring and friend-shoring,
and the consequent fall in global trade
and investment, will make it harder for
developing countries to grow and substitute their demand for falling industrial country demand. Military spending will increase everywhere, but that
will detract from much-needed

investment, most importantly in
combating climate change. Variants of
secular stagnation therefore loom once
the storm passes — no wonder 10-year
real rates in the US are still around zero.
At best, if central banks raise rates
enough that everyone believes inflation
will come under control, but not so
much that the economy craters, they

We need bold policy action,
breaking free of growing
political constraints that
limit our ambition
will slow demand gently. The labour
market will come off the boil, even while
supply chains stabilise. We will land
softly, but into growth lower than before
the pandemic. At worst, we will have a
recession augmented by financial stress,
as the world chokes on high rates and
high levels of debt. Central banks cannot get us out of our predicament.

To get better outcomes, we need to
revitalise growth through policies to
raise investment and productivity. Ending this destructive war would be a first
step, but let us discuss what comes after.
The easiest solution economically,
and the hardest politically, is to reverse
the trend to deglobalisation. By all
means, firms should diversify every element of their supply chain. They should
also embed flexibility so they can minimise chokepoints. But firms and governments should not aim to do business
only among friends. And the IMF and
the World Trade Organization should
work on rules of conduct and penalties
for violation that will protect global
trade and investment even as the world
divides into political blocks.
Indeed, we should find ways to
enhance global trade in services that the
pandemic, Zoom and other technologies have made possible. That will
require negotiations in areas such as
licensing requirements, data privacy
and protection, and dispute resolution,
but can bring competition and

productivity gains to sectors that have
long been resistant to change. A collateral benefit is that this could reduce
income inequality within countries and
across the world.
Perhaps most important, we should
band together to fight a war we are losing, against climate change. Much of the
world’s emission-heavy capital needs to
be replaced. Embarking on this task can
be the boost the global economy needs
to jump start its way out of stagnation.
The world’s major economic powers
need to come together, with clear plans
for their own actions over the next decade and for the ways they will allocate
responsibility for financing climate
responses in the developing world.
More generally, we need bold policy
action, breaking free of growing political
constraints that limit our ambition. It
will not be easy, but it is necessary, perhaps to our very existence.
The writer is professor of finance at the
University of Chicago’s Booth School of
Business

Aston Martin must live up
to its James Bond spin
Canny operator aligns
with Beijing as he calls for
HSBC to split its Asian
and western operations,
writes Tabby Kinder

John
Gapper

All Consuming

I

I

n the who’s who of Chinese tycoons,
the “three horses” top the list. Alibaba founder Jack Ma, Tencent boss
Pony Ma, and Ping An chair Peter
Ma — whose surnames mean
“horse” in Mandarin — have built some
of the world’s largest companies, and
boast fortunes in the tens of billions. But
Peter Ma, who last week engineered a
bombshell activist attack on HSBC, had
previously kept the lowest profile.
That all changed when Ping An, the
largest investor in HSBC with 9.2 per
cent of its shares, made the surprise
move of calling on the lender to split its
Asian and western operations: which
would be the largest restructuring in
HSBC’s 157-year history. It was all the
more unexpected given the Chinese
insurance company was itself once partowned by HSBC.
It was also an uncomfortable step into
the limelight for 67-year-old Ma, who
founded Ping An — which translates as
“peace and safety” — in 1988 and has
turned it into the world’s second largest
insurance company by market capitalisation, at $116.7bn. Unlike Jack or Pony
Ma, he rarely appears in public, almost
never gives interviews and his business
has attracted neither the attention of
Beijing’s regulators nor Chinese state
media. “He is a more deft and less flashy
player,” said a veteran financier in Hong
Kong who mixes in Ma’s social circles.
“He has cultivated a quiet attitude. He
understands that he is on a boat where
he’s not the captain.”
Under the wary eye of Beijing’s officials, Ma pioneered modern insurance
in China. When Ping An was founded,
the country had no life insurance industry and the southern city of Shenzhen,
where it established its base, was largely
farmland. Ma had to overcome resistance to selling life insurance because of
China’s taboo on discussing death. Private enterprise was such a new concept
that his earliest employees had to carry
a copy of Ping An’s insurance licence as
proof they were not acting illegally.
Three decades later, Ping An has more
than 360,000 staff and 220mn customers, almost all within China. Building a
business of this scale requires political
acuity. Ma manoeuvred Ping An away
from the control of Chinese state banks,
its principal shareholders, into an independent business. He then courted foreign investment, opening the company’s ownership structure to Morgan
Stanley, Goldman Sachs and HSBC. It
became the first Chinese financial institution to have foreign investors, and in
2004 was the largest company to float
on the Hong Kong stock exchange.
Central to Ping An’s operations is an
attempt to reconcile cultures of east and
west. Ma’s collection of essays about the
company’s history, Ping An’s Language of
the Heart, describes building the group on
the values of Chinese philosopher Confucius and German scientist Albert Einstein. Bronze statues of both men sit in
the main hall of the company’s Shenzhen
training campus. His move to buy up
shares in HSBC — a global bank that has
historically bridged Asia and Europe —
evolved from conversations with his old
friend Mark Tucker, the bank’s chair

Person in the News | Peter Ma

Shy insurance tycoon
bursts into the limelight
and former AIA chief executive, according to a person close to the matter.
Even as his ambition stretched
beyond insurance and he embarked on
an aggressive acquisition strategy into
banking, blockchain, wealth management and traffic control systems, Ma
maintained his agenda was purely
domestic. In 2018 he told the Financial
Times in a rare interview that Ping An
was “one of the most international Chinese companies”, but dismissed the idea
of expanding overseas. “He is playing
the political game, being seen to be
domestic-focused,” said one acquaintance, suggesting he privately favoured a
much more international role for the
company. While Ma attended university
in Wuhan, his co-CEO Jessica Tan studied at MIT and worked at global consultancy McKinsey for over a decade.
Maintaining a modest profile has
proved shrewd, given the fate of other
business tycoons such as Jack Ma, punished by Beijing for perceived transgressions or overreaching. “[Ma] is emo-

tionally intelligent about the reality
of . . . modern China,” said the financier. Capitalists face enduring suspicion
in China. Arrests at insurer Anbang in
2018, and the torpedoed initial public
offering of Ant Financial in 2020, are
potent cautionary tales.
Aligning more closely with Beijing

‘The idea he would do this
without getting a very
solid green light from the
government is unthinkable’
may also prove to be a canny defensive
move. Chinese authorities have sought
to stem systemic risks by demanding
higher capital requirements from toobig-to-fail financial firms: if Ping An
comes under closer regulatory scrutiny,
Ma and his vast fortune will be firmly in
the CCP’s crosshairs. The company is
already under financial pressure after a

disastrous investment in China Fortune
Land resulted in a $6.5bn write-off last
year. Its share price has halved since
early 2021.
Ma’s shift in attitude towards HSBC is
likely at the very least to have been
approved by Beijing. Attempting to
localise control of the bank — which is
part of Hong Kong’s financial fabric but
has kept its headquarters in London —
mirrors China’s wider economic decoupling from the west. “Given the current
environment for these nominally private businesses, the idea Ping An would
do this without getting a very solid green
light from the government is unthinkable,” said the acquaintance.
If he succeeds in breaking up HSBC,
the fiercely private insurance mogul
could find himself centre stage as Beijing exerts its influence over one of the
world’s largest banks.
Additional reporting by Stephen Morris
in London and Cheng Leng in Hong Kong
tabby.kinder@ft.com

n No Time to Die, the most recent
James Bond film, the fictional
secret agent is caught in an ambush
in his Silver Birch Aston Martin
DB5. He spins the sports car in a circle, unleashing a hail of bullets from hidden machine guns, before speeding
away. If only Aston Martin itself were as
easily manoeuvrable.
The carmaker this week appointed its
third chief executive in three years, following its disastrous 2018 flotation. It
aspires to be the British equivalent of
Ferrari, whose classic cars raced against
its own in the 1960s, but their paths
have diverged. Ferrari has an impeccable luxury heritage, while Aston Martin
has a patchy history, some of it glamorous but much flawed.
Lawrence Stroll, the Canadian billionaire who rescued Aston Martin two
years ago, sent a signal of his ambitions
by appointing Amedeo Felisa, a 76-yearold former chief executive of Ferrari, as
CEO. He must hope that Ferrari executives are like the Italian cars themselves
— the best get more valuable with age.
Attaining high luxury status is not
easy. It requires a charismatic history,
an expertly crafted product and a sense
of mystique: many want to own one, but
are frustrated. That is hard enough with
a handbag, but the degree of difficulty is
higher still for a sports car with thousands of mechanical parts.
Aston Martins were once marvellous
objects. When Aston Martin DB4 GTs
took on Ferrari 250 GTOs in road races
such as the Targa Florio in Sicily, they
were beauty contests as well sporting
events. Ferrari only produced 36 of its
1962 GTOs, and one was auctioned for
$48mn in California in 2018, while a
1961 Aston Martin DB4 GT Zagato sold
for $13.3mn the same year.
A gadget-filled Aston Martin DB5 first
appeared in Goldfinger, the 1964 James
Bond film. It was one of the most successful product placements ever
known, although Aston Martin was initially reluctant. The film entrenched a
valuable association between the carmaker and debonair British style.
But British engineering never had
the same appeal. Under the bonnet,
Aston Martin often struggled to match
the smooth consistency of Ferrari
and Porsche. Its cars became known
for mechanical unreliability and depreciating in value rapidly after a couple
of years of ownership. The company
went bankrupt seven times and
cycled through different owners,
including Ford.
“Ferrari is a story of continuous
improvement, while Aston Martin has
been a rollercoaster,” says Philippe Houchois, an auto industry analyst at Jefferies. The stock market has judged it
harshly since the 2018 IPO: Aston

Martin was worth about £1bn this week,
while Ferrari was valued at $39bn.
Stroll, a fashion brand investor who
collects vintage cars including Ferraris,
has displayed sound instincts in
attempting to restore Aston Martin,
despite his managerial turnover. He has
stopped it acting like a mass market carmaker, rather than the custodian of a
luxury brand.
The former often undermine the
value of their own cars in a rush to sell as
many as possible: shipping more to
dealers than the latter can easily sell and
then having to offer financing and discounts to push them off lots. That in
turn diminishes resale values and
squeezes profits.
It is a strange way to behave but it has
its own logic — cars are costly to produce
and manufacturers can save a lot of capital by offloading them to dealers before
having to pay suppliers. Kicking the
habit, and only making the number of
cars that drivers will actually buy at the
full price, requires strong nerves and
deep pockets.
High luxury brands go further by
imposing scarcity. Only when they offer
fewer products than they could sell does
a brand’s mystique start to accumulate.
Ferrari makes limited batches of cars
that have already been placed with customers; as Aston Martin has followed,
its resale prices have risen.
The British company faces another
hurdle: Mercedes-Benz, which acquired
a 20 per cent stake in 2020, makes most
of its engines. A Ferrari is a Ferrari, down

High luxury status requires
a charismatic history, an
expertly crafted product
and a sense of mystique
to its engine cylinders and pistons; Aston
Martins have become more reliable but
are they truly, deeply Aston Martins?
If they were cheaper, few would care,
but luxury cars that cost at least
£130,000 must be authentic. It now gets
bespoke Mercedes engines, and Stoll
appointed a former Ferrari executive as
chief technical officer this week, promising to do more in-house as it shifts to
electric vehicles.
It is a long road, and if there is one lesson from Ferrari, consistency counts for
a lot. Aston Martin needs to get a move
on: as inflation rises and downturns
loom, the transition from internal combustion engines is also nearing. Ferrari
has promised to unveil its first fully electric car by 2025, and Aston Martin will
attempt the same.
Is it too late? In James Bond films,
when the hero is trapped it is hard to
see how he can escape. He always does,
with one recent exception. But films
have special effects and plot twists,
while luxury cars must be handled carefully. If Aston Martin could be spun
around as quickly as on screen, life
would be a lot simpler.
john.gapper@ft.com

Top reads at FT.com/opinion
3 Crypto bros feel cold wind at their necks
Participants in a recent conference admit
that leaner times are on the way for holders
of digital assets, writes Joshua Oliver

3 Expanding Nato will widen east-west rift
Admitting Finland and Sweden would only
broaden the divide between Russia and its
neighbours, writes Anne-Marie Slaughter

8

★

FTWeekend

Twitter whip-round Musk turns to true
believers and deep-pocketed pals — COMPANIEs

7 May/8 May 2022

Twilight loans Extension of mortgage terms
for the elderly reflects social changes — lEX

Adidas cuts outlook as China’s
severe Covid policy takes toll
3 Lockdowns and supply woes hit sales 3 Operating profit falls 38% in quarter

Sorrell says delay to S4
accounts ‘embarrassing’
pATriciA NilssoN — lONdON

Sir Martin Sorrell has called the delay
to his new advertising group’s accounts
“unacceptable and embarrassing” and
promised “significant” improvements
to financial control, risk and governance at the company.
S4 Capital published its annual results
yesterday just over a month after it cancelled their release hours before they
were due, wiping roughly a third off the
start-up’s market value.
Sorrell, ousted from WPP in 2018
after building the company up to one of
the world’s biggest advertising empires,
has overseen the purchase of 29 media
groups since he founded London-listed
S4, relying heavily on its previously
buoyant share price to strike deals.
The British businessman abruptly
stepped down from WPP, which he
founded in 1985, after three decades of
relentless dealmaking following a dispute over issues including his expenses
and conduct, in which he denied any
impropriety.
A presentation linked to S4’s results
stated that reasons behind the delay
included control weaknesses, staff turnover and a lack of documentation, particularly relating to revenue and cost of
sales recognition.
“The delay in producing our 2021
results is unacceptable and embarrassing and significant changes in our financial control, risk and governance struc-

ture and resources are being implemented and planned,” Sorrell said.
The discovered issues “concentrated”
on the rapid expansion of MediaMonks,
a Netherlands-based digital production
company that Sorrell has used to merge
with dozens of other companies.
Mary Basterfield, who joined S4 as
chief financial officer in January, said
that understanding of international
accounting standards had been “lacking” at MediaMonks, explaining issues
centred on how to account for longer
contracts containing multiple projects.
Sir Martin Sorrell
has vowed to make
big changes to S4’s
financial control,
risk and governance
structure

S4 said adjustments following the
extended audit were less than 1 per cent
for revenues and less than 5 per cent for
earnings before interest, taxes, depreciation and amortisation.
Sorrell declined to give further detail
as to why PwC had in March failed to
sign off on its accounts. “It’s all laid out
in front of you,” he said.
S4 Capital said revenue doubled to
£686mn in the year ending in December
and attributed roughly half to organic
growth. Losses before tax swung to
£56mn, compared with a profit of £3mn
the year before.

Airlines

BA drops flights as it labours to
rehire after axing 10,000 staff
philip gEorgiAdis — lONdON

The number two sportswear maker says its operating profit margin will be at last year’s level of 9.4%, rather than the expected 10.5% to 11% — Nicolas Asfouri/AFP/Getty
olAF sTorBEcK — frANkfurT
ElEANor olcoTT — TAIPEI

Adidas warned that its operating profit
this year would be lower than expected
as it struggles with disrupted supply
chains, closed shops in China and rising
costs.
Operating profit fell 38 per cent to
€437mn in the first quarter as the second-largest sportswear maker was hit
by the economic fallout from China’s
strict anti-Covid policies.
The company said lockdowns in
China “have led to a large number of
store closures as well as strong traffic
declines, even in parts of the country
not directly impacted”.
The main rival to US group Nike
expects full-year sales in China to fall by
a double-digit percentage in 2022.
Shares in Adidas dropped 3.6 per cent
yesterday.
Adidas’s plummeting sales in Greater
China come as several other multina-

tionals including Starbucks and CocaCola warned that revenues in the largest
consumer market could continue to suffer as hundreds of millions of consumers remained confined to their homes
following the country’s worst coronavirus outbreak in two years.
Beijing has stuck to its zero-Covid policy despite the highly infectious Omicron variant racing across several major
cities, prompting authorities to impose
strict lockdowns.
Adidas cut its operating profit
guidance, warning that the operating
profit margin would be at last year’s
level of 9.4 per cent, rather than the
expected 10.5 per cent to 11 per cent.
Disrupted supply chains dented firstquarter sales by €400mn and the company expects a €200mn hit during the
second quarter. Lockdowns and supply
chain disruption wiped out €1.5bn in
annual sales last year.
Chief executive Kasper Rørsted said

the group would “return to growth in
Asia-Pacific in the second quarter” but
was preparing for a continuation of the
“challenging market environment in
Greater China”, pointing out that 45 cities in China were under lockdown.
Retailers in badly affected cities

Beijing’s stringent rules
‘have led to a large number
of store closures as well as
strong traffic declines’
including Shanghai have been closed for
several weeks as authorities seek to
eliminate transmission chains.
Experts warn that fashion retailers
such as Adidas will not see the same
boom in online spending witnessed in
many western countries that went into
lockdown two years ago because of
broader weaknesses in the economy.

The Omicron outbreak has compounded problems for China, which was
already reeling from a debt crisis in the
property sector and a bruising regulatory crackdown on its tech sector.
Adidas’s woes in China — long its most
important growth market — predate
this Omicron outbreak. The company
was one of the western brands subject
to a consumer backlash after it shunned
Xinjiang cotton over human rights
concerns.
As a consequence, group sales
adjusted for currency swings will grow
11 per cent this year, compared with a
previous expectation of 11 per cent to
13 per cent, the company said. It expects
net income from continuing operations
to be about €1.8bn, against previous
guidance of €1.8bn-€1.9bn.
Adidas said 80 per cent of its business
was achieving double-digit growth, with
sales in western markets rising 13 per
cent year on year in the first quarter.

British Airways has been forced to cut
flight schedules further as it struggles
to hire staff after culling nearly 10,000
jobs during the pandemic, raising concerns it could miss out on a bumper
summer for European airlines.
The airline is cutting 10 per cent of its
flight schedules between March and
October, just as its parent IAG and other
leading European groups Air FranceKLM and Lufthansa predict a strong
travel revival this summer.
BA chief executive Sean Doyle said
the airline had cut the equivalent of
8,000 round trips, three-quarters on
short-haul routes, in a blow to the carrier just as passengers flood back with
the easing of travel restrictions.
The hiring problem means IAG now
expects flying schedules to rise to 80 per
cent of pre-pandemic levels this year,
down from 85 per cent forecast in February. “The rebuild is challenging. US
carriers had similar rebuild problems
earlier in the process,” said Doyle.
The carrier plans to hire 6,000 staff
this year after the cuts during the pan-

demic. More than 20,000 people have
applied for a job at the airline, but like
other parts of the industry it is facing
significant delays from government
security vetting procedures.
Doyle partly blamed the owners of
Heathrow airport for not reopening all
its terminals quickly enough, but said
he was “acutely aware” of the problems
facing BA, which has also suffered IT
failures and complaints over customer
service.
Despite the problems, IAG issued an
upbeat forecast, saying it expected to
return to profit this quarter, putting two
years and more than €10bn of losses
behind it. However, shares fell yesterday in London trading, as the scheduling problems and bigger losses than
analysts had forecast unsettled investors. The group’s shares have shed about
a third of their value over the past 12
months.
Air France-KLM and Lufthansa, the
two other comparable network airline
groups in Europe that offer short and
long-haul flights, issued buoyant
updates 24 hours earlier, but they have
suffered fewer operational challenges.

Milken conference. Gloomy outlook

Hangover follows ‘mother of all happy hours’ for private equity
Financiers in sombre mood
over inflation, the prospect of
rate rises and fall in dealmaking
ANToiNE gArA,
JAMEs FoNTANEllA-KhAN, Eric plATT
ANd BrooKE MAsTErs — BEvErly HIlls

At 7am on Monday, Marc Rowan, chief
executive of private equity group Apollo
Global, took to the stage in Beverly Hills
and warned his fellow financiers that a
decade of almost uninterrupted buoyancy in financial markets was ending.
Stock markets would continue to fall,
Rowan told the Milken Institute Global
Conference, as surging inflation wreaks
havoc on the global economy and the US
Federal Reserve is forced to respond by
raising interest rates.
“There is more of a correction to
come,” said Rowan, whose firm manages $513bn in assets. “We are a long
way from means and medians,” he said,
referring to equity market valuations.
“In the credit market, we also have a
long way to go.”
It was a stark contrast to the mood
just seven months earlier at the same

venue, the Beverly Hilton, when dealmakers congregating for the Milken
Institute’s October conference celebrated soaring financial markets and
record corporate merger and private
equity buyout activity.
Now top executives at Apollo, Guggenheim and Bridgewater peppered
their discussions with “recession”, “correction,” “a dark place”. It was reminiscent of the unease in 2008 when they
could feel the music about to stop.
“We are coming out of the mother of
all happy hours with negative interest
rates and massive public spending supporting the economy and reducing
risk,” said Mathieu Chabran, the cofounder of private capital group Tikehau Capital. “Now we are all dealing
with a massive hangover.”
Investors can no longer count on everrising stock market multiples to drive
their profits. Lenders, meanwhile, are
poised to cut an unprecedented spigot of
cash available to finance corporate takeovers as credit conditions tighten.
Much of the pessimism stems from
events few dealmakers could predict,
such as Russia’s invasion of Ukraine,
which has caused energy and fertiliser

prices to soar, leading to inflation that
could put economies across Asia,
Europe and Africa into recession and
stall growth in the US.
With inflation well above a 2 per cent
target, the Fed is raising interest rates, a
manoeuvre many worry will lead to a
recession. “The Fed is going to have to be
super aggressive,” said Scott Kleinman,
co-president of Apollo. “They will trigger a recession before they allow inflation to be runaway.”
Bridgewater’s top strategist Rebecca

Patterson, by contrast, warned of the
threat of stagflation as global trade
comes under fire. She said she left the
IMF and World Bank spring meetings
last month “in a dark place”.
The threat of a slowdown has already
rocked the junk bond market, a source
of funding for buyouts. Many attendees
forecast fewer leveraged buyouts as
lenders pare back their exposures.
Todd Lemkin, chief investment
officer of Canyon Partners, said bank
risk committees were likely to be dial-

Gwyneth Paltrow, right, in a discussion at the event — Lauren Justice/Bloomberg

ling back their financing commitments.
“The party seems like it will stop, or
pause, at least for a little bit.”
Private equity firms signalled a worry
that the cash pouring into the buyout
industry would slow.
As one prominent dealmaker noted,
there are well over a dozen private
equity firms trying to close new fundraisings of $15bn or more. At the same
time, investors have marked down their
public stock holdings drastically and at
a far faster rate than their private portfolios, making them more overexposed
to buyouts than ever.
Poolside, it did not look so bleak.
Around midday on Monday, Leon
Black, co-founder of Apollo Global, was
eating a sandwich at a table with Nelson
Peltz, the billionaire activist investor,
and his lieutenant and son-in-law Ed
Garden.
Financial industry titans like Black
and Peltz regularly make their way to
Beverly Hills to attend the conference,
hosted by junk bond pioneer Michael
Milken, who made their careers during
the go-go 1980s at investment bank
Drexel Burnham Lambert.
Drexel went bankrupt in 1990 as

Milken pleaded guilty to violating securities laws, but his financial innovation
became an unstoppable force. Junkdebt financed takeovers, fuelled by an
era of rock bottom interest rates, are
now an over-$4tn market.
On Wednesday, Milken and Howard
Marks, the cofounder of Oaktree Capital, reminisced about old financings
such as sewing machine maker Singer
and machinery giant International Harvester. The deals hark back to the last
time inflation was surging and the Fed
clipped investors’ “animal spirits”.
As they recalled the days just before a
three-decade-plus bull market in risky
debt that made them both billionaires,
Jay Powell, the Fed chair, announced a
50 basis point increase in interest rates
and signalled more rate hikes ahead.
Many of the younger attendees have
never known such a market.
“If you are under 34 years old, you
have never invested in your career in a
rising rate environment or a down market environment,” said Apollo’s Kleinman. His boss Rowan said he carried a
running joke inside the firm: “You’ve
worked for me for 10 years and I still
don’t know if you are a good investor.”

★

7 May/8 May 2022

9

FTWeekend

COMPANIES & MARKETS

Bosses are putting
a brave face on the
looming recession

The Top Line
Tom
Braithwaite

Are bikini waxes sticky during a
recession? A chain of salons based in
Texas, European Wax Center, is
confident they are. Chief executive
David Berg told investors this week he
based this optimism on “how quickly
we rebounded coming out of Covid”,
when customers soon “got back into
their regular beauty care regimen”.
Facing rising rates, soaring inflation
and lower growth forecasts, many
other executives were putting on a
brave face in earnings calls this week.
Groups that have spent years
wanting to be considered “tech”, for the
racier multiples, emphasise their dull
reliability: staples rather than
discretionary, value rather than
growth. The message: do not adjust
your portfolios; we are safe.
Airbnb’s Brian Chesky sees upside
from the looming downturn. He thinks
more people struggling with rent and
mortgages will turn to hosting paying

guests. At the same time, travellers will
be more budget-conscious, trading
down to Airbnb from hotels. “I think
we’re a pretty resistant business,” he
told investors this week.
Garden products group
ScottsMiracle-Gro says that even when
most home improvement categories
fall in a recession, people keep buying
paint and lawn care items. “I wouldn’t
say we’re recession-proof,” said chief
executive Jim Hagedorn, “but I do
believe we’re recession-resistant.”
Door-to-door protein shakes? “Based
on the last 100 years of direct selling,
it’s been very countercyclical,” says
Herbalife chief John DeSimone.
Alarm systems? “People tend to
move less frequently, which means that
they don’t tend to cancel their
accounts,” ADT finance chief Jeffrey
Likosar says. “In recessions, people
tend to be more concerned about
things like safety and security.”

Dating websites? Match Group chief
executive Sharmistha Dubey says:
“We’ve seen increased engagement
during times of anxiety and trouble.”
Some companies will perform well
during a downturn, weathering the
storm and picking up share from
weaker competitors. Others will not.
Founded as an Ohio hardware store
in 1868, the claimed resilience of
ScottsMiracle-Gro has weight. Climate
change is a bigger threat to the lawn
seed seller than a common or garden
downturn.
But other companies require more of
a leap of faith. European Wax Center
admits it has limited evidence for its
resilience. Launched in 2004, the
company was a much smaller business
for the last severe recession in 2009.
Airbnb does not even include that
caveat. Chesky notes that the group
launched in August 2008 on the verge
of the Great Recession. But it was

Banker with ‘steel in her spine’ heads to credit suisse
Francesca McDonagh joins Credit
Suisse as EMEA chief in October.
She has called Ireland’s pay curbs
‘out of step with reality’ — Naoise Culhane

Spotlight

Francesca mcdonagh

outgoing ceo, Bank of ireland

Francesca McDonagh is not the first
top banker to quit because of
Ireland’s pay cap — in fact she is the
fifth to leave the country’s two top
lenders in four years.
In her next job she will need every
ounce of the toughness she has a
reputation for: she is jumping ship as
chief executive of Bank of Ireland for
one of Europe’s most accident-prone
financial institutions: Credit Suisse.
Where she helped turn round BoI,
which looks likely to exit state
ownership this year, Credit Suisse has
spent the past two or three years
lurching from one crisis to the next,
with problems from a corporate
spying scandal to costly, damaging
risk management blow-ups.
The challenges McDonagh faced at
BoI — she joined five years ago in the
middle of Ireland’s tracker mortgage
lending scandal when its market
capitalisation was half that of its rival
AIB — will stand her in good stead
when she starts in October as the
Swiss bank’s head of Europe, Middle
East and Africa.
Thomas Gottstein, Credit Suisse
chief executive, told the Financial
Times that McDonagh had impressed
during the recruitment process with
her experience and expertise.
“She has very relevant wealth
management and banking experience
from her time at Bank of Ireland, and
at HSBC before that. This is really a
great match for us to mutually
benefit from her skills.”
It is not the first time McDonagh,
47, has made rather an impression.
When the comprehensive schoolgirl,

‘She takes
tough
decisions —
she gets her
sleeves
rolled up
and her
hands dirty’

neither of whose parents had been to
university, was turned down by three
Oxford colleges, she rang them up,
convinced there had been a mistake.
She knew she had to “hustle a bit” to
make her Oxford dream come true,
she later recalled.
“I think there’s been an
administrative error, surely I’m
destined to come,” she remembered
saying. Two turned her down but the
third invited her to convince them.
She did, and studied philosophy,
politics and economics at Greyfriars.
McDonagh was born in south
London and grew up in Croydon,
supporting Crystal Palace football
team and idolising striker Ian Wright.
She credits her resilience to being
the child of a refugee — her mother
moved to the UK as a teenager during
the Suez crisis — as well as a woman
and a former state school pupil in
establishment circles.
After university, it was her “passion
for exploring the world and just a

mining

Vale strikes nickel supply deal
with Tesla for car batteries
neil hume
NatuRal ResouRces editoR

Tesla has agreed a long-term deal to
buy nickel from global miner Vale as
the carmaker looks to secure the raw
materials needed for its batteries.
Nickel is needed for the most powerful
lithium-ion cells used in electric vehicles and the supply agreement with the
Brazilian group marks the latest move
by Elon Musk’s group to lock down nonChinese supplies.
Analysts estimate more than 80 per
cent of the world’s nickel processing is
based in China and 60 per cent of the
world’s nickel mines are Chinese owned.
Under the deal, Tesla will purchase
nickel from Vale’s mines in Canada,
which produced 76,000 tonnes of the
metal last year, adding to deals the company has signed in the past year.
For Vale the deal with Tesla comes as
chief executive Eduardo Bartolomeo
seeks to improve the performance of its
misfiring metals division and transform
the business into the supplier of choice
for US carmakers as they crank up production of electric vehicles. “We are
pleased to have the leading electric vehicle manufacturer Tesla among our customers,” said Deshnee Naidoo, head of
Vale’s base metals division.
Tesla chief Musk has identified nickel
supply as among the biggest challenges
facing the company as it scales up production.
He has also complained about an
“insane” jump in the price of lithium
and said Tesla might have to get into
mining and refining directly at scale.

In 2020, the billionaire entrepreneur
urged miners to produce more nickel
and said Tesla would hand out “giant
contracts” to producers capable of mining nickel “efficiently and in an environmentally sensitive way”.
Since then, the company has scoured
the globe for new deals to ensure security of supply. This is in contrast to many
of its rivals. In a recent report, Goldman
Sachs said it expected nickel demand
from carmakers to rise from 176,000
tonnes in 2021 to 1.4mn tonnes by 2030.
Tesla in January said it would purchase 75,000 tonnes of nickel concentrate from a project being developed by
Toronto-listed Talon Metals. That followed a deal with BHP to buy material
from its operations in Australia. Tesla
has also agreed to buy nickel from a
mine in New Caledonia that is partowned by commodity trader Trafigura.
Boosted by strong demand from the
automotive industry, the price of nickel
has gained almost 50 per cent this year
to $30,000 a tonne. It briefly touched
$100,000 a tonne in March amid a
vicious short squeeze triggered by the
invasion of Ukraine.
Russia supplies about 16 per cent of
the world’s high-grade nickel and traders are concerned that western sanctions could make it more difficult for its
main producer, Norilsk, to make overseas shipments.
Although Vale is best known for its
huge iron ore business it also has a large
division that produces industrial metals, primarily nickel and other clean
energy metals, such as copper and
cobalt.

genuine level of student debt”, she
later said, that launched her into a
graduate trainee scheme at HSBC’s
investment banking division at age 22.
She stayed at the bank, often in
international roles, for two decades.
Under her tenure, BoI’s market
capitalisation has overtaken that of
AIB and by the time she leaves, in
September, the state should have
exited its stake in the bank completely.
“She’s not about to take her foot off the
pedal in the next couple of months,”
said a banking figure who knows her.
A senior industry figure who asked
not to be named said she has a
reputation as a “screamer and
shouter” and for being a “challenging
personality” to work with.
But the person who knows her well
said that was an “outdated view” —
although she had “steel in her
spine . . . She’s calm in a storm. She
has exacting standards”.
A lover of travel and a foodie, she
reads Nordic noir and crime novels to

relax. And “anyone who knows her
well knows that the way to distract her
is to show her pictures of dogs,” the
person added.
She also relishes getting stuck into a
corporate problem. “She has a huge
intellectual curiosity, she enjoys
looking at problems from different
angles to see how she can find a
solution. She takes tough decisions —
she gets her sleeves rolled up and her
hands dirty,” the person added.
Her decision to leave BoI has
reignited criticism of pay caps at Irish
banks. Having been the recipients of
the eurozone’s biggest bailout more
than a decade ago, they are now
subject to a €500,000 cap on salaries
for senior executives.
Even though McDonagh secured an
exemption to the cap and earned
€961,000 last year, she can expect to at
least double her pay at Credit Suisse,
based on similar roles at the bank.
“In the last four years, the two pillar
banks in Ireland, AIB and BoI, have
lost two CEOs and three CFOs. In every
instance, there’s one common thread:
remuneration,” said the senior
industry figure.
Two months ago, McDonagh said in
an interview with Ireland’s Business
Post newspaper that pay restrictions in
Ireland were “out of step with reality
now”. The cap was right at the time,
she added. But Irish banks were now
having to compete for talent “with one
arm tied behind their back”.
The IMF has also recommended
relaxing the pay cap. On Thursday at
the end of a review of Ireland’s
economy, it highlighted “banks’ need
to retain talent” as one of the “lingering
issues” of the financial crisis.
Owen Walker and Jude Webber

media

TV tycoon has Starz in his eyes
leila abboud — PaRis
anna nicolaou and James
Fontanella-Khan — New YoRk

Vivendi’s pay-TV business Canal Plus is
working on a potential bid for a minority stake in Starz, the US premium
channel known for hit shows including
Outlander, as it seeks to bulk up amid
fierce competition among streaming
services, according to people familiar
with the matter.
The French group controlled by billionaire Vincent Bolloré has made expanding in pay-TV and streaming a priority
after selling most of its stake in Universal Music Group, leaving Canal Plus as
its main source of profit.
As technology groups and media companies such as Amazon, Apple, Netflix
and Disney search for titles to add to
their streaming services, the value of
popular television content and movies
has soared.
Lions Gate Entertainment, the Hollywood studio that owns Starz, said last

Caitríona Balfe stars in ‘Outlander’, a
time-travel drama series on Starz

Bolloré’s
Canal Plus
faces rival
Roku as
they work
on bids for a
stake in the
Lions Gate
premium
channel

year that it was looking to sell or spin off
the business, with vice-chair Michael
Burns citing recent “transaction multiples” as a reason for considering an exit.
Amazon this year paid more than
$8bn for MGM, the studio behind the
James Bond franchise, a signal of how
much streaming groups are willing to
pay for coveted intellectual property.
Starz, which competes with networks
such as Showtime and HBO, had about
20mn streaming subscribers at the end
of 2021. The sale process is ongoing, said
the people familiar with the matter,
with initial bids due before the summer.
In addition to Vivendi’s Canal Plus,
Starz has attracted interest from set-top
box maker Roku, which has teamed up
on a bid with private equity group
Apollo Global Management for a stake
of up to 20 per cent. The Wall Street
Journal first reported their plans to bid.
Lions Gate is seeking a valuation for
Starz along the lines of the $4.4bn,
including debt, it paid in 2016, said the
people, although the potential bidders
have cast that figure as too high.
The group was boosted by franchises
such as The Hunger Games and Twilight
films in the 2000s. But Lions Gate stock
has halved in recent years as revenue
has shrunk at its movie studio. Analysts
have noted that Lions Gate’s stock market valuation is less than the sum of its
parts. Buying a stake in Starz would
bring Vivendi a chunk of subscribers to
add to the 24mn it now has at Canal
Plus, which would help to improve its
profitability by allowing TV and movie
production costs to be spread over a
larger base.
Lions Gate and Vivendi declined to
comment.

Those who
spent years
wanting to
be ‘tech’
emphasise
their dull
reliability.
Do not
adjust your
portfolios;
we are safe

minuscule then. By January 2009
Chesky was celebrating weekly fees of
less than $1,000. Today Airbnb is
turning over $7bn a year and has a
$93bn market cap. What Chesky has
built is phenomenal, but its early
weeks are not much of a guide to how it
will weather a recession now.
Credit to the boss who admits the
uncertainty. “We have never been
through truly a recession,” says Shake
Shack chief Randy Garutti. The burger
chain only started to grow seriously in
2008-09. “Not going to make a claim
on who we’re going to be in an
unknown consumer spending
environment.” His hope is that instead
of people trading up from McDonald’s,
they might trade down from
restaurants — a thesis as well founded
but far less aggravating than most of
the “recession-resistant” chuntering.
tom.braithwaite@ft.com

BUSINESS
WEEK IN REVIEW

Shell earnings soar
3 shell reported its highest quarterly profits as it capitalised on volatility in energy markets.
Adjusted earnings rose to $9.1bn in the first three
months of the year, almost three times the $3.2bn it
recorded a year earlier.
The results completed a set of bumper earnings for
the biggest energy companies, which have provoked
renewed calls from UK politicians for a windfall tax
on oil and gas profits.
BP reported underlying profits of
$6.2bn, its highest
since 2008, while
Norway’s statecontrolled Equinor
saw its highest quarterly pre-tax earnings
of $18bn.
3 shopify became the
latest ecommerce company to suffer from the slowdown after the pandemic-fuelled boom, reporting
first-quarter earnings below expectations.
The company posted a net loss of $1.4bn, its second
consecutive quarter in the red.
3 biogen chief executive Michel Vounatsos will step
down following the disastrous launch of the company’s Alzheimer’s drug, Aduhelm.
The US biotech group said yesterday it had begun a
search for a successor and would dismantle its global
sales infrastructure for Aduhelm in a move that
would save $500mn in annual costs.
3 swiss Re has swung to a quarterly loss after putting
the initial hit from the Ukraine war on its books at

Lego is engaged in bolstering
its software investments and
no longer regards its physical
and digital products as separate

$283mn, the first estimate from a big reinsurer to
include a view of probable aviation losses from the
hundreds of planes confiscated by or stranded in
Russia.
3 hannover Re estimated its Ukraine losses at about
€143mn but excluded aviation from its numbers.
Munich Re and Scor report next week.
3 lego plans to treble its number of software engineers and step up investment in a digital push, as the
largest toymaker embraces an online world it has
long feared could erode the appeal of its physical
bricks.
Niels Christiansen, chief executive, said the Danish
group was increasing its software investments to several hundreds of millions of dollars and no longer
viewed its physical and digital products as separate.
3 UK prime minister Boris Johnson has joined a final
push to persuade chip designer arm to list in

$9.1

bn
Shell adjusted
earnings in the
first three months
of the year

$283mn

Estimated initial
hit from Ukraine
conflict on
Swiss Re’s books

London, amid alarm over the potential damage to
the UK technology sector if its best-known company
chooses New York for its listing.
Ministers and executives from the London Stock
Exchange have launched a charm offensive to persuade SoftBank to rethink its strong preference for
New York.
3 Volkswagen, the second-largest electric vehicle
manufacturer by volume, has “sold out” of batterypowered models in the US and Europe this year as
supply chain bottlenecks take a toll on production.
The group sold more than 99,000 electric models
in the first three months of this year as it was hit by a
shortage of semiconductors and wiring harnesses
made in Ukraine. Customers placing orders in
Europe and the US will not get their electric models
delivered before 2023.

10

★

FTWeekend

7 May/8 May 2022

COMPANIES & MARKETS

Musk rallies his wealthy friends and
true believers to raise Twitter cash
Supporters from Wall Street, Silicon Valley and world of crypto help to foot bill for takeover
NIKou AsGArI,
JAMes FoNtANellA-KhAN
ANd ANtoINe GArA — New York
MIles KruppA — saN FraNcisco

Elon Musk’s $44bn Twitter takeover
was never going to be conventional.
First he persuaded Wall Street to back
him with enough debt to win over the
company’s board.
Now he is relying on billionaire
friends to raise the cash portion of his
offer and convince shareholders to
make him king of the world’s “digital
town square”.
Musk revealed $7.14bn of new funding from 19 investors on Thursday for
his bid, which would be one of the largest leveraged buyouts. The latest backers include figures from different corners of Wall Street, Silicon Valley and
the decentralised crypto universe, who
have either made billions thanks to the
South African entrepreneur or are
happy to proclaim their support for a
man they deem a visionary.
Oracle co-founder and Tesla board
member Larry Ellison wrote the largest
new cheque, worth $1bn, while venture
capital firm Sequoia has committed
$800mn and Dubai-based Vy Capital is
providing $700mn. Among the broad
investor group, many said they were
happy to give Musk the money without
delving too deeply into how he planned
to turn Twitter round.
The unusual roster shows how Musk
has leveraged connections from Tesla
and his other ventures to entice investors, as the large private equity groups
that typically fund leveraged buyouts
have mostly steered clear so far.
When Musk announced the offer in
April, Twitter said that he would pay
$21bn in cash and finance the rest with
$25.5bn in debt, including a $12.5bn
margin loan against his Tesla shares.
At first Musk tried to tap large private
equity investors. After several conversations with buyout groups, all large
participants except Brookfield Asset
Management passed, according to people briefed on the matter.
The problem, those people said,
was the lack of clarity around Musk’s
plan to overhaul the San Franciscobased platform, as well as their inability
to wield real influence on the maverick businessman.
Musk then tapped his wealthy,
longtime friends, said people with
knowledge of the matter. The pitch
was simple: Musk made them billions; they could repay that by back-

The battle for supremacy in the vegan
food market has taken a new turn with
a legal row over a protein molecule
designed to make plant-based products taste like beef burgers.
Food executives are watching the patent
dispute between two US companies:
Impossible Foods, one of the earliest
plant-based meat producers, and Motif
FoodWorks.
Impossible claims Motif has infringed
its patent protecting the invention of a
beef replica product that uses heme, a
molecule containing iron.
Impossible filed a lawsuit in a Delaware court in March but Motif last week
challenged this patent, filing a petition
with the US patent appeal board, and
requested the lawsuit be delayed while
the patent is under review.
The legal dispute is the latest in an
intensifying battle between plant-based
food producers, many of which have

Well connected:
Elon Musk has
secured $7.14bn
of new bid
funding from 19
investors as he
looks to take
Twitter private,
including from
Andreessen
Horowitz,
co-founded by
Ben Horowitz,
below — Joe Skipper/
Reuters

ing his venture. Ellison’s 1.5 per cent
stake in Tesla has earned him more than
$10bn so far. Fund manager Ron Baron,
whose Baron Capital Management has
made more than $7bn since first backing Tesla in 2014, is investing $100mn in
Musk’s Twitter deal.
The new cash will go towards reducing the debt portion of the bid, particularly Musk’s margin loan, which has
been halved to $6.25bn. Following the
capital injection from Musk’s friends,
the equity component of the transaction
is $27.25bn.
Reducing the size of the margin loan
— secured against Musk’s Tesla shares —
relieves some pressure on the billionaire. Since he revealed his stake in Twitter, shares in the electric-car maker
have fallen 25 per cent compared with a
10 per cent fall in the S&P 500.
“He had the right to downsize the
[margin loan] and just pay commitment fees going forward on the downsized amount, so he took that opportunity,” said a person familiar with the
financing. “Anybody who’s invested
in Tesla should feel a little bit better
that [fewer] Tesla stocks are going to
foreclosure because he’s downsized
the margin loan.”
Even after the new equity,

Musk will be on the hook for just over
$20bn to complete the transaction.
The Tesla chief executive sold $8.5bn
of stock in the carmaker last month,
which he may put to work on the Twitter deal. His 9.6 per cent stake in Twitter
is worth about $3.7bn at Thursday’s
trading price.
That leaves about an extra $8bn to
complete the deal. It is unclear where
Musk plans to raise this money. But the
latest round of endorsements, particularly from his tech friends, shows his
ability to lure investors.
The investments by venture capital
firms including Sequoia, DFJ and
Andreessen Horowitz were partly
driven by a belief in Musk the man and
his record at his other ventures, people
briefed on the matter said.
Ben Horowitz, co-founder of
Andreessen Horowitz, said the firm
believed in “Elon’s brilliance to finally
make it what it was meant to be”.
Sequoia said Musk had an “opportunity
to drive meaningful product innovation
that will help unlock Twitter’s full
potential as a global platform that connects the world”.
Sequoia, Vy and DFJ Growth all took
part in a $675mn round of funding for
Musk’s tunnelling start-up The Boring

‘Elon will
figure out
what he
wants to do,
and we’ll be
supportive.
[He’s] one of
the smartest
guys on
Earth,
probably’

Company last month. They have also
backed Musk’s rocket company SpaceX.
So far the only private equity group
funding Musk’s acquisition of Twitter is
the venture arm of Brookfield, which
stumped up $250mn. Last year the
Canadian group announced plans to
build a housing development in Texas
alongside Tesla Energy, the carmaker’s
clean energy division.
Josh Raffaelli, managing partner at
Brookfield Growth, the asset manager’s
venture arm, wrote on LinkedIn: “We
are thrilled we can once again support
Elon . . . Funding secured.”
Binance, the largest cryptocurrency
exchange, has committed $500mn to
the Twitter deal. Changpeng Zhao,
Binance chief executive, said that the
investment was motivated by faith in
Musk as an entrepreneur, alignment
with his philosophical objectives for
Twitter, and a desire to integrate crypto
technology into the social media platform.
“It’s more of a blank cheque,” Zhao
said. “After the investment . . . Elon will
figure out what he wants to do, and we’ll
be supportive of that.” Musk was “one of
the smartest guys on Earth, probably”.
Additional reporting by Scott Chipolina
and Joshua Oliver in London

US homebuyers stretch finances to beat mortgage rate rises
Americans are stretching their budgets
to buy new homes, hustling to strike
deals quickly to avoid higher mortgage
financing costs later, according to the
latest industry data.
Lenders and realtors said the willingness of buyers to devote more of their
income to mortgage payments was providing support for housing prices just as
rising rates were eroding affordability.

Plant-based
meat groups
in court battle
over taste of
their products
eMIKo terAzoNo — LoNdoN

property

IMANI MoIse — New York

Food & beverage

Determined consumers are driving a
“very, very aggressive, fast-moving
spring market as we head into the
homebuying season”, said Matt Vernon,
head of retail lending at Bank of America. He said expectations of higher rates
were “pushing these buyers into the
market” and they were “getting more
aggressive in their pursuit of home ownership from a timing perspective”.
Mortgage rates have reached their
highest levels in more than a decade,

according to a Freddie Mac survey published on Thursday. The average for a
30-year fixed-rate mortgage hit 5.27 per
cent, up from 2.96 per cent a year ago.
Rising interest rates typically lead to a
decrease in mortgage applications but
applications for new mortgages rose 4
per cent from the previous week,
according to data from the Mortgage
Bankers Association on Wednesday.
The MBA’s latest affordability index
highlighted the determination of home-

buyers. The average payment from new
mortgage applications in March
accounted for 42 per cent of an average
American’s income, compared with 34
per cent a year before, according to an
FT analysis of MBA and federal data.
“If we can make it happen now, we
want to make it happen now,” said Brittany Majors, a 37-year-old New York
City resident who said she had been outbid 10 times on homes in the New Jersey
suburbs in the past six months.

Increasingly, prospective buyers are
seeking mortgage approvals before they
have identified a house to buy. Maxwell,
a mortgage software provider, said preapprovals without associated addresses
hit 80 per cent of all applications in
March, up from 50-60 per cent.
The national median single-family
existing home price was $368,200 in the
first quarter, up 15.7 per cent year on
year, the National Association of Realtors reported this week.

Impossible claims Motif
has infringed its patent
protecting the invention of
a beef replica product
turned to biotechnology to create vegetarian burgers and fake meat products
that mimic the taste of real meat.
The importance of research and
development for food tech start-ups and
the prevalence of former Silicon Valley
executives in those companies is
expected to lead to an increased
number of patent lawsuits in the sector.
US start-ups The Better Meat Co and
Meati have also turned to the courts to
resolve a dispute about fermentation
technology.
“New technology allows you to differentiate and create competitive advantage,” said Isabel Fernández, lead R&D
scientist at Heura Foods, a Spanish
plant-based meat group. Technology
was essential in solving issues around
the texture and taste of plant-based
foods, which meant that “we are going
towards more patent dispute situations”, she added.
Patents are also important in fundraising for food start-ups, providing a
basis for their valuations.
Impossible was founded in 2011 and
launched its burger in 2016. After its
$500mn funding round last year, it was
valued at $7bn by corporate data group
PitchBook. Its rival Beyond Meat floated
in 2019 but its market capitalisation has
sunk to $2.5bn from a peak of more than
$14bn. One of Impossible’s main selling
points is its use of soya leghemoglobin, a
protein that carries heme.
Impossible produces soya-based
heme using genetically modified yeast.
This, the company says, is the secret
ingredient that makes its vegetarian
burgers and sausages popular and differentiates them from competitors.
In its lawsuit, Impossible said Motif
had infringed its patent by “making,
using, selling, and/or offering for sale an
imitation burger” which includes
Hemami, directly or through intermediaries.
Motif said it was confident that the
patent appeal board would repeal
Impossible’s patent.

★

7 May/8 May 2022

11

FTWeekend

COMPANIES & MARKETS

Currencies. Fresh dynamic

Monetary policy

BoE reins in
expectations
for this year’s
rate increases

Soaring dollar raises spectre of
forex wars going into reverse

DeLphine sTrAuss — LONdON

High inflation and aggressive
Fed policy bolster the appeal
of stronger exchange rates

US Dollar index at highest level in 20 years
120
110

Village

TOMMy sTubbingTOn — LONdON
KATe DuguiD — New YOrk

100
Urban

The surging dollar has prompted some
analysts and investors to forecast a new
period of “reverse currency wars” as
many central banks abandon a longstanding preference for weaker
exchange rates.
The new dynamic marks a departure
from the period of low inflation that
followed the 2008-09 global financial
crisis, when historically low interest
rates and large-scale asset purchases —
which were partly aimed at boosting
growth through a weaker currency —
sparked accusations that some
economic policymakers were pursuing
a currency war.
But in the global burst of price growth
that has followed the pandemic, stoked
even further by Russia’s invasion of
Ukraine, the focus for central banks has
shifted from encouraging growth to
bringing down inflation.
“We are now in a world where having
a stronger currency and offsetting the
forces driving inflation is something
that policymakers actually welcome,”
said Mark McCormick, head of foreign
exchange strategy at TD Securities.
The dollar hit its highest level against
a basket of rival currencies in 20 years
this week as traders respond to the
US Federal Reserve’s attempt to cool
inflation with sharp rate rises.
But where once central bankers
outside the US might have embraced the
rampaging dollar, now they feel shifts
in exchange rates have added extra
pressure to keep pace with the Fed,
McCormick argued.

Noted figures:
an appreciating
dollar pushing
down rivals has
given rise to talk
of ‘reverse
currency wars’
FT montage

90
80
2003

05

10

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22

70

Source: Refinitiv

A weaker currency pushes up
inflation by increasing the price of
imported goods and services.
According to analysts at Goldman
Sachs, who have identified a new era of
“reverse currency wars”, central banks
in big developed economies need to
raise interest rates on average by an
extra 0.1 percentage points to offset a
1 per cent decline in their currencies.
The euro touched a five-year low
against the dollar of less than $1.05 last
week, sparking renewed speculation
that it could fall to parity with the US
currency as the fallout from the Ukraine
conflict holds back the eurozone’s
economy.
The 7 per cent decline so far this year
has not gone unnoticed at the European
Central Bank.
Isabel Schnabel, an influential
member of the ECB’s governing council,
said in an interview this week that the
central bank was “closely monitoring”
the inflationary effects of a weaker euro,
although she reiterated the mantra that
the central bank does not target the
exchange rate.
But given their economies’ proximity
to Ukraine and their greater reliance on

energy imports, investors increasingly
think central banks in Europe will
struggle to keep up with the Fed.
The pound slumped to a two-year low
this week even after the Bank of
England raised rates for its fourth
meeting in a row as it also warned that
the UK is headed for a recession later in
the year.
Sterling weakness could begin to
worry BoE policymakers, Goldman
Sachs strategists warned in the run-up
to the meeting.
“At some point, the ‘reverse currency
wars’ mentality could become more
prevalent in the BoE’s mind, with
currency weakness exacerbating an
already bleak inflation outlook,”
Goldman wrote in a note to clients.
The Swiss National Bank, for so
long one of the most active currency
warriors, with its policy of not allowing
the franc to appreciate too much, has
also changed its tune.
Andrea Maechler, a member of the
SNB’s board, said this week that a strong
franc has helped ward off inflation,
which has risen in Switzerland this year
but far less than in the neighbouring
eurozone.

‘The United
States
continues
to make the
world’s
weather’

The Bank of Japan has largely stood
apart from the newfound aversion to a
weaker currency, sticking with its
ultra-loose monetary policy even as the
yen takes a historic tumble.
However, the speed of the yen’s
decline has stirred up increasing
speculation that Japan’s finance
ministry might step into markets to
prop up the currency for the first time
since 1998.
The strong dollar has also been
creating problems in emerging market
countries, particularly those with a
significant amount of debt denominated in dollars.
Even before this year’s run-up in the
dollar, roughly 60 per cent of low
income countries were at risk of debt
distress, according to the IMF.
“The strong dollar is part of why
you’re seeing very limited investment
in emerging markets today,” said Rick
Rieder, chief investment officer for
global fixed income at BlackRock.
“Because that is a big risk,” he added.
“The dollar liabilities in much of emerging markets today are sizeable, not just
on the sovereign level, but also at the
corporate level.”
According to Karl Schamotta, chief
market strategist at Corpay, such strains
are the latest reminder that the dollar
is “our currency, but it’s your problem”,
in the words of former US Treasury
secretary John Connally in the early
1970s.
Given the dollar’s unique role at the
heart of the global financial system, its
strength makes it tougher for businesses
and households to access finance in
many economies outside the US.
“As the dollar rises, we are seeing a
tightening of global financial conditions,” Schamotta said. “The United
States continues to make the world’s
weather.”

Crypto

Binance’s welcome in France draws stark UK contrast
sCOTT ChipOLinA, LeiLA AbbOuD
AnD JOshuA OLiver

France has warmly welcomed
Binance’s bid to put down roots in one
of Europe’s top financial centres,
drawing a deep divide with watchdogs
in the UK that rejected the crypto giant.
Binance this week received a nod from
French financial regulators, a move that
clears the way for the crypto exchange
to establish a significant presence in the
G7 nation and could also help unlock
access to other jurisdictions across
Europe.
The group’s success in convincing
French financial supervisors to allow
one of its subsidiaries to act as a
registered digital assets service provider
followed a months-long effort by
Binance to court local politicians and
regulators.
Its chief executive, Changpeng Zhao,
said in an interview with the Financial
Times that he met President Emmanuel
Macron in November 2021.
“[Macron] made it very clear that
France wants to attract innovation,
wants to bring businesses in, and he
views that blockchain and Web 3 is an
important sector that he wants to
attract, so he wants to attract us, our

industry,” Zhao said. “He just said look,
we want to welcome you here. Please
apply for a licence,” Zhao added.
Zhao said France would serve as “at
least” the regional headquarters for
Binance, which has been engaged in a
shift from a decentralised structure
without a corporate base to a more
typical set-up. The Elysée Palace
declined to comment on the meeting.
The upbeat reception from France
contrasts starkly with the UK, which
last month launched an effort to
become a global hub for crypto companies after its tough stance drove many to
other jurisdictions. Macron has long

Changpeng Zhao said France would
be ‘at least’ Binance’s regional HQ

advocated for developing the local tech
sector with business-friendly policies.
When he was elected president in
2017, he declared France should be a
“start-up nation” and set a goal, met
this year, of increasing the number of
“unicorns” to 25 from only a handful.
Britain’s Financial Conduct Authority
said last August that Binance was “not
capable” of being properly supervised
and that its “complex and high-risk
financial products” posed “a significant
risk to consumers”.
The censure came after a UK Binance
affiliate unsuccessfully applied to
become a registered UK crypto company, a process that involves an FCA
review of a group’s processes and procedures to prevent money laundering.
The FCA added at the time that
Binance’s UK affiliate had “failed to”
respond to some of its basic queries,
making it impossible to oversee the
sprawling group.
As recently as March 2022, the FCA
reiterated that until “outstanding”
issues regarding Binance’s UK
subsidiary were addressed, the regulator’s concerns about the firm remained.
Regulators in several other financial
hubs including Singapore and Japan
have also issued warnings about

Binance, largely focused on the products on its platform that allow retail
traders to make big bets on digital
assets.
Last month alone, Binance processed
almost $1tn combined in spot and
futures trades, according to data
collated by The Block Crypto.
The supervisory organisation of the
Banque de France, which scrutinises
financial companies’ anti-money laundering procedures and management
teams, said it had performed “an
extremely rigorous assessment” on
Binance. The Autorité des Marchés
Financiers, the regulator that ultimately
approves applications by crypto groups,
declined to comment.
“Binance went through an exhaustive
regulatory review,” said Cédric O, a
French digital affairs minister. “No
company is more important than
protecting the reputation of Paris as a
financial capital.”
Binance’s French registration does
not grant the exchange the ability to
provide services across the EU, although
this may change as the bloc’s Markets in
Crypto-Assets Regulation framework is
rolled out.
Additional reporting by Victor Mallet and
Akila Quinio

Investors have pared back their expectations for further rises in UK interest
rates after the Bank of England warned
the economy would stall at the end of
the year as double-digit inflation
squeezed household incomes.
While the US Federal Reserve and
European Central Bank policymakers
have signalled they are likely to move
aggressively to rein in soaring inflation,
the message from the BoE’s Monetary
Policy Committee following Thursday’s
rate rise was more ambiguous.
A majority of the committee still felt
“some degree of further tightening” was
likely to be needed in the coming
months — and three members voted to
raise interest rates by 50 basis points
this week, rather than the 25 basis point
move the MPC settled on. But two members thought the worsening growth outlook made it unclear if any further
moves would be needed.
Huw Pill, BoE chief economist, said
yesterday that these differing opinions
on the committee reflected the “narrow
path” it was trying to steer “between the
inflationary risk . . . and the risk of
unnecessary weakness in activity and
employment on the other side”.
The BoE’s new forecasts, set out
alongside the central bank’s policy
decision, suggest that although inflation

The bank is trying to steer
‘between the inflationary
risk . . . and the risk of
unnecessary weakness’

Our global
team gives you
market-moving
news and views,
24 hours a day
ft.com/markets

is set to climb above 10 per cent in the
autumn, when energy prices rise again,
it would fall well below the 2 per cent
target by 2025 if rates were to rise in line
with recent market expectations.
Paul Hollingsworth, economist at
BNP Paribas, said this was a “clear warning sign that markets have gone too far
in their expectations for rate hikes over
the coming quarters”, adding that the
MPC’s forecast of rising unemployment
and near-stagnation in gross domestic
product in 2023-24 was “a far cry” from
the Federal Reserve’s relatively robust
outlook for the US economy.
In the run-up to Thursday’s decision,
market pricing implied the BoE would
raise rates to 2.25 per cent by the end of
the year, with its benchmark rate peaking at 2.6 per cent in 2023. By yesterday,
investors’ views had changed, with pricing suggesting one less rate increase
over the course of 2022 and rates peaking closer to 2.5 per cent next year.
Analysts at RBC Capital Markets said
the BoE’s pessimistic outlook could
prove to be “a tipping point” where
investors switched their focus from high
inflation to deteriorating growth, and
had “at least begun to consider that the
window for tightening may be closing”.
Anna Titareva at UBS said the forecasts suggested the BoE was “unlikely to
up the tempo on the pace of hikes given
the weakening growth outlook” and
that “its terminal rate would be lower
than current market pricing and what
the Fed would eventually deliver”.

Digital currencies

US sanctions ‘crypto mixer’
used in N Korea-backed heist
sCOTT ChipOLinA — LONdON

The US has sanctioned a “crypto mixing” service used in a North Koreabacked heist, in the latest sign of how
financial watchdogs are stepping up
their efforts to stamp out money laundering through digital currencies.
The Treasury department yesterday
revealed measures against Blender.io
for its role in helping a hacking group
sponsored by North Korea launder
$20.5mn in “illicit proceeds” from one
of the biggest-ever crypto heists.
Yesterday’s announcement highlights
how US enforcement agencies are more
closely scrutinising the flow of funds
across digital assets for signs of illicit
activity. Mixers are a particular source
of concern because they obscure the
trail of transfers that would typically be
publicly accessible on the digital ledgers
that underlie cryptocurrencies.
“Virtual currency mixers that assist
illicit transactions pose a threat to US
national security interests,” said Brian
Nelson, under secretary of the Treasury
for terrorism and financial intelligence.
US sanctions are a particularly powerful tool because of America’s central

position in the global financial system.
The measures implemented yesterday
are designed to stem the movement of
funds to and from Blender.io.
Blender.io has facilitated the transfer
of more than $500mn worth of bitcoin
since its inception five years ago,
according to the Treasury. The group
“operates on the bitcoin blockchain and
indiscriminately facilitates illicit transactions by obfuscating their origin, destination, and counterparties.”
An email seeking comment from
Blender.io came back as undeliverable.
The mixer supported North Koreabacked Lazarus Group’s efforts to launder the proceeds generated from a
recent hack against a crypto network
used by Axie Infinity, a popular play-toearn crypto game, the Treasury said.
The hacking group is accused by the US
of stealing almost $620mn in crypto
assets.
The Treasury said Blender.io facilitated money laundering activity for the
Russia-affiliated ransomware group
Conti, among others. This comes in the
wake of widespread concern surrounding the crypto industry’s role in Russian
sanctions evasion.

12

★

FTWeekend

7 May/8 May 2022

COMPANIES & MARKETS

The day in the markets

On Wall Street
‘Buying the dream’ gives
way to new IPO reality

Investors will be looking
for ‘larger companies,
those with more certain
results and growth plans’
make things difficult for any IPO.
Insiders insist there is still a healthy
pipeline of companies keen to go public
when conditions improve, but Bausch’s
experience will be a stark reminder to
any other prospective candidates that
they will have to work extra hard to win
over investors.
Byron Lichtenstein, a managing
director at venture capital firm Insight
Partners, who helps the firm’s portfolio
companies prepare to go public, says
start-ups have received the message.
In the past, many companies focused
on revenue growth at all costs, assuming
that practical matters such as profits
would work themselves out if a company
could reach sufficient scale. Now,
Lichtenstein says companies are doing
more to at least show how they will
become sustainable, even if they’re not
there yet. “Companies that go public now
will be trying to articulate more
efficiency metrics than they normally

would to show a path to profitability,”
Lichtenstein says. Such a trend would be
welcomed by those who thought
valuations had become unmoored from
reality over the past two years, but it
would be a bold forecaster who predicts
the complete end of the start-up boom.
In 2019, high-profile companies
including Uber, Lyft and Peloton
suffered disappointing starts to life as
public companies. By the time WeWork,
the office rental business, pulled a
planned listing that September, experts
were declaring the end of “irrational
exuberance” in the market.
But although there was a temporary
slowdown, within 18 months IPOs were
back at record volumes, a boom in
special purpose acquisition companies
was in full swing and even WeWork was
on its way back to public markets.
The difference this time could be the
same factor that helped make Bausch’s
ride so bumpy: the Fed’s plans to keep
raising interest rates. This week, it lifted
rates by 0.5 percentage points for the
first time since 2000 and it is expected to
do the same at its next two meetings.
While volatility linked to the war in
Ukraine will hopefully be temporary,
higher rates have a longer-term bearing
on valuations by reducing the relative
value that investors place on companies’
future earnings. “Paying today for
growth way out in the future is all well
and good when the opportunity cost is
low, but if you can make money in cash,
then it doesn’t make as much sense,” says
Savita Subramanian, quantitative
strategist at Bank of America.
“Now there are other ways to make
money. The yield on bonds and different
asset classes has dramatically changed
over a very short period of time, so stocks
where you are ‘buying the dream’ are no
longer as attractive if you can make real
returns on shorter duration instruments
like cash or commodities or [inflationprotected bonds].”
nicholas.megaw@ft.com

Brussels needs to make food security
the overriding priority for gas supplies

T

he EU has not yet grasped
the nettle of what it will
take to ensure the security
of its food supply in a war
environment. The
founders did — that is why the
Common Agricultural Policy was
finally put into place in 1962. The
signers of the original Treaty of Rome
knew the price of failure was hunger.
Their successors seem to have
forgotten both the wartime food
shortages and even the 2008 crisis,
which was the last time critical farming
input prices were this high.
There was a modest €500mm
European Commission “support
package” for the agricultural sector as
well as a “temporary crisis framework”
for farmers, fertiliser producers and
fisheries.
But there was an apparent lack of
urgency on the part of the Commission.
As the Agriculture Commissioner,
Janusz Wojciechowski, said in passing
in a speech this month, “the EU itself
does not face a food security risk”.
Oh yes it does. Specifically, farmers
do not have enough mineral fertiliser
or diesel fuel to maintain food
production.
As one fertiliser industry person I
know put it, accurately in my view:
“The last few drops of diesel should be
used by a tractor to spread fertiliser
made with the last bit of gas.”
That is not the set of priorities that is
set by current European law.
In the EU regulation of October 2017,

“concerning measures to safeguard the
security of gas supply”, fertiliser
production and food supply are not
mentioned as an official priority. This
is wrong-headed.
Last year’s gas price surges led to
widespread shutdowns of European
nitrogen fertiliser makers at a time
when Russian and Chinese producers
had cut off their exports.
If there is another “negative
disruption of gas supply” this year,
such as a cut-off of Russian supplies,
food shortages would quickly develop
in Europe. Farmers, fertiliser
manufacturers and fisheries must have
their gas and diesel supplies prioritised
over those for household use.
In case the top of Brussels has not

There will be food
shortages next year if
food production is cut in
crops being planted now
noticed, we are seeing a disruption of
gas supply. And while it is nice,
speaking as a member of an EU
household, that our gas is not rationed,
I would be much more concerned if we
run short of food.
That has not happened yet. But there
will be food shortages next year if food
production is cut in crops being
planted now. The food we have been
eating was harvested with fertiliser and
diesel fuel set at last autumn’s prices.
If Europe does not change priorities,
farmers will skimp on the first
applications of ammonia-based
fertiliser in the coming autumn for
next year’s crops of wheat and
rapeseed.
European farmers have already
reduced their application of expensive
potash and phosphate fertiliser but it

takes about two years of economising
for the effects of those shortfalls to
become dire. A lack of ammonia based
fertiliser will quickly lead to a
disastrous harvest.
High-level European officials are not
the only policymakers in the world to
be struggling to grasp the issue fully.
Samantha Power, administrator of
the US Agency for International
Development, opined last Sunday on a
TV talk show that “as a result (of the
fertiliser shortages), we’re working
with countries to think about natural
solutions like manure and compost.
And this may hasten transitions that
would have been in the interest of
farmers to make eventually anyway.
So, never let a crisis go to waste”.
Power, despite her high office,
seemed unaware of a less-than-ideal
example of such a transition, or
unwasted crisis: Sri Lanka.
The island state’s leadership decided
last April on an abrupt “transition” to
closed-loop farming methods where
organic material is recycled back into
the soil, forbidding the import of
synthetic fertiliser. The results were
disastrous, escalating an already severe
economic crisis.
Rice yields have fallen heavily,
adding to widespread food shortages
and a surge in inflation.
Fortunately, only about 4 per cent of
Europe’s natural gas use goes to
ammonia fertiliser production,
according to an industry expert.
It is, though, the largest single
industrial use of gas. I believe that
ensuring an adequate food supply for
Europe will require a subsidised setaside of natural gas for fertiliser and
diesel fuel for farm equipment until the
end of the Ukraine war and the
reopening of the Black Sea ports.
john.dizard@ft.com

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US stocks fell yesterday to extend sharp
drops from the previous session, as signs
of a tightening jobs market compounded
worries over inflation.
The broad S&P 500 gauge was down
0.5 per cent by lunchtime in New York
while the technology-heavy Nasdaq
Composite was down 0.8 per cent.
Those moves followed a bleak
Thursday on Wall Street with the Nasdaq
sliding 5 per cent — marking its biggest
daily decline since June 2020 as traders
dumped shares in high-profile growth
companies, including Tesla and Apple.
Labour market data yesterday revealed
that US employers added 428,000 jobs in
April, topping forecasts for 391,000.
Average earnings rose 5.5 per cent year
on year, staying above 5 per cent for the
fourth consecutive month.
“Ongoing wage pressure will be
considered by many people in the
markets as an indicator inflation is
becoming more embedded in the system
and [will] heighten worries around where
rates will go,” said Maria Municchi, multiasset portfolio manager at M&G.
In a sign that investors anticipated
further equity market volatility, the Vix
index — often known as Wall Street’s
“fear gauge” — registered a reading of
almost 33, well above its long-term
average of 20.
The yield on the 10-year US Treasury

Worst week for European stocks since early March

Stoxx Europe 600 (% change)

6
4
2
0
-2
-4
-6
-8
Jan

2022

May

Source: Refinitiv

note added 2 basis points to 3.09 per
cent, remaining around its highest level
since late 2018.
“The decline in real [inflation-adjusted]
yields had been used to justify so many
valuations across the market and now
that they’re rising, more stocks are having
a very difficult time readjusting to that,”
said Oliver Blackbourn, a portfolio
manager on Janus Henderson’s multiasset team.
European shares also slid. The regional
Stoxx Europe 600 index fell 1.9 per cent,
taking its weekly loss to 4.5 per cent, the
biggest since early March. London’s FTSE

100 lost 1.5 per cent and Frankfurt’s Xetra
Dax fell 1.6 per cent.
The US Dollar index, which measures
the currency against leading rivals,
slipped 0.3 per cent but remained close to
its highest level in 20 years as caution
towards riskier assets drove demand for
havens.
Brent crude rose for a third consecutive
session, up almost 2 per cent to $113 a
barrel, underpinned by expectations of
tighter supplies as the EU prepares to hit
Russia with an oil embargo in response to
the war in Ukraine. Naomi Rovnick,
Harriet Clarfelt and Ian Johnston

Markets update
US
Stocks
S&P 500
Level
4109.53
% change on day
-0.90
Currency
$ index (DXY)
Level
103.402
% change on day
-0.337
Govt. bonds
10-year Treasury
Yield
3.080
Basis point change on day
-0.700
World index, Commods FTSE All-World
Level
423.76
% change on day
-1.17

Eurozone
Eurofirst 300
1686.96
-1.80
$ per €
1.058
0.475
10-year Bund
1.133
8.800
Oil - Brent
113.15
3.27

Japan
Nikkei 225
27003.56
0.69
Yen per $
130.405
0.123
10-year JGB
0.240
1.530
Oil - WTI
110.61
3.47

UK
FTSE100
7387.94
-1.54
$ per £
1.235
-0.162
10-year Gilt
1.995
3.100
Gold
1892.30
1.54

China
Shanghai Comp
3001.56
-2.16
Rmb per $
6.685
0.935
10-year bond
2.828
0.000
Silver
22.92
1.42

Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.

Brazil
Bovespa
105528.28
0.21
Real per $
5.057
0.703
10-year bond
12.121
24.200
Metals (LMEX)
4668.90
-0.46

Main equity markets
S&P 500 index

Eurofirst 300 index

4800

1840

7680

4480

1760

7360

4160

1680

7040

3840

| |
Mar
|

|

|

|

|

|

| |
2022
|

|

|

|

|

|

|

| |
May
|

1600

| |
Mar
|

|

|

|

|

Biggest movers
%

Ups

L

ast year, every company from
salad restaurants to sneaker
stores was pitching itself as a
fast-growing tech business in
the hope of a warmer
reception from public markets. This
year even software companies have
been trying to make themselves look
more like a 169-year-old eyecare
business.
Market volatility encouraged by
slowing growth, rising interest rates and
war in Ukraine has brought an abrupt
end to last year’s record-breaking
listings market. About $4bn has been
raised in traditional US initial public
offerings so far this year, according to
Dealogic, compared with more than
$56bn in the same period in 2021. Shares
in companies that went public last year
have declined by an average of more
than 40 per cent from their listing prices.
When the market does begin to thaw,
the landscape that emerges is likely to
look very different. Bankers and lawyers
who spent the past two years touting
cash-burning start-ups have spent the
past few weeks enthusiastically talking
about less flashy sectors like industrials
and raw materials.
Rachel Gerring, head of EY’s Americas
IPOs practice, says investors will be
looking for “larger companies, those
with more certain results and growth
plans, profitable companies . . . those
are stronger organisations for this type
of environment”.
Bausch & Lomb, the eyecare company
that raised $630mn this week, appeared
to fit the bill perfectly. The company
reported $3.8bn in revenues last year
and net income of almost $200mn,

3 US stocks retreat as jobs data
compound inflation worries
3 Wall Street’s volatility ‘fear gauge’
hovers above long-term average
3 Treasury yields remain around highest
level since late 2018

%
Downs

Nicholas
Megaw

though profits will fall as it inherits some
debt as part of the separation from its
parent company, Bausch Health.
It doesn’t get much more “established”
than a company that can brag in its IPO
prospectus about making sunglasses for
GIs during the second world war, but
even it had a rough ride. Although it did
become the first company to raise more
than $500mn since January, the IPO
priced below its target range, selling
shares for $18 each instead of the
previously planned $21 to $24.
Planning to price a deal the day after a
highly anticipated Federal Reserve
meeting did not help matters — Wall
Street’s benchmark S&P 500 index sank
3.5 per cent on Thursday, which would

What you need to know

US
Nrg Energy
Pioneer Natural Resource Co
Eog Resources
Cigna
Mckesson
Under Armour
Under Armour
Illumina
News
Dish Network

6.21
4.40
4.35
4.15
4.14
-24.72
-21.55
-13.64
-12.84
-12.65

Prices taken at 17:00 GMT

Grifols
Edp
Repsol
Henkel
Renault
Novozymes
Coloplast
Dsm
Pernod Ricard
Ing

|

| |
2022
|

|

|

Eurozone

|

|

|

|

| |
May
|

9.43
4.24
3.02
2.90
2.22
-6.18
-5.33
-5.11
-5.01
-4.98

Based on the constituents of the FTSE Eurofirst 300 Eurozone

6720

FTSE 100 index

| | |
Mar

|

|

|

|

|

| | |
2022

|

|

|

UK
Hikma Pharmaceuticals
Bp
Avast
Endeavour Mining
Mondi
Int Consolidated Airlines S.a.
Rightmove
Segro
Aveva
Auto Trader

|

|

|

| | |
May

2.94
1.85
1.49
1.38
1.24
-8.29
-7.54
-6.61
-6.54
-5.91

All data provided by Morningstar unless otherwise noted.

Wall Street

Europe

London

Richard Branson’s space tourism group
Virgin Galactic fell sharply after revealing
that its commercial service would be
delayed to the first quarter of 2023.
It was due to start later this year. The
delay was because of “escalating supply
chain and labour constraints”, said
Michael Colglazier, chief executive.
An earnings miss sent sportswear
brand Under Armour tumbling.
It posted a quarterly loss of 1 cent per
share, trailing the 6 cents profit Wall
Street had expected. Its full-year forecast
also fell short of analysts’ estimates.
Under Armour said it was having to
contend with Covid-19 uncertainty,
particularly in China, “ongoing supply
chain challenges” and “inflationary
trends” such as higher freight costs.
Property portal Zillow retreated after
admitting that the path ahead for the US
housing market was “uncertain”.
It said that, “while it’s clear people still
have a strong interest in moving, total
consumer transaction value growth
trends are softening”.
First-quarter gross operating profit
reached $220mn, comfortably beating the
Refinitiv-compiled estimate of $156.5mn.
But for the current quarter, profit was
expected to range from $134mn to
$169mn, the midpoint of which was below
a consensus of $158mn. Ray Douglas

Germany’s Adidas slid following a
guidance cut that was considered a “big
disappointment” by Piral Dadhania, an
analyst at RBC Europe.
First-quarter revenue and operating
profit were 2 per cent and 10 per cent
ahead of consensus, respectively, noted
Dadhania.
But the sportswear group’s full-year
operating margin was now expected to
hit 9.4 per cent, significantly below the
10.5 per cent to 11 per cent range stated
earlier.
JCDecaux sank 10 per cent after the
outdoor advertising group issued a
“softer than expected” forecast for the
second quarter, said Berenberg.
The French group forecast organic
revenue growth of “above 15 per cent”,
which was “lighter” than Berenberg had
anticipated.
The shortfall was due to extended
lockdowns in China and also a
“moderation of demand outside” of that
country, said the broker.
A discounted share offering pushed
Norwegian airline Flyr down more than
29 per cent.
It raised NKr250mn ($26.5mn) through
a private placement of about 208mn
shares at NKr1.20 each — a 40 per cent
discount to Thursday’s closing price.
Ray Douglas

Insurer Beazley rallied after reporting
that gross premiums written had
increased 27 per cent year-on-year
to $1.23bn in the first quarter, which was
“slightly ahead of our expectations”, said
Adrian Cox, chief executive.
This performance was primarily driven
by its cyber division “where rates have
doubled in the first three months of
2022”, added Cox.
Direct marketer 4imprint leapt more
than 18 per cent following the release of
an unscheduled update that announced
“a very strong financial performance in
the first four months of the year”.
Average order values were up 14 per
cent against 2019’s pre-pandemic levels,
leaving the group on course “to achieve
our long-held target of $1bn in group
revenue” in its 2022 financial year.
A ratings downgrade weighed on
Boohoo, the fast-fashion retailer.
Shore Capital lowered its rating to
“hold” from “buy” on the back of “new
information that has come to light”
following the group’s recent results.
Among the broker’s main concerns
were “another year of negative free cash
flow” and expectations of flat sales — as
Boohoo faced tough year-on-year
comparisons and shoppers grappled with
“the cost-of-living impact in the UK”.
Ray Douglas

★

7 May/8 May 2022

13

FTWeekend

MARKET DATA
WORLD MARKETS AT A GLANCE

FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500

Nasdaq Composite

Dow Jones Ind

-1.21%

No change

FTSE 100

-0.87%

FTSE Eurofirst 300

-1.54%

Nikkei

-1.80%

Hang Seng

-3.81%

0.69%

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS
EUROPE

Apr 07 - S&P 500

Index

All World

New York

4,500.21

Apr 07 - May 06
S&P/TSX COMP

Index

Toronto

21,788.60

Day NaN%

Month NaN%

Year NaN%

Nasdaq Composite

Day -0.22%

Month -5.21%

Year 7.06%

IPC

Day -1.54%

Mexico City

Day -1.21%

Month -12.19%

Dow Jones Industrial
34,496.51

32,709.24

Day -0.87%

Month -5.27%
Latest

50,198.18
Year 2.48%

Month -9.54%

Bovespa

Day -1.80%

São Paulo

Year -0.43%

CAC 40

Day 0.21%

Month -10.80%
Index

Latest

stock
traded m's
Tesla
130.8
Apple
84.1
Advanced Micro Devices
74.8
Amazon.com
72.9
Nvidia
65.5
Microsoft
42.5
Meta Platforms
34.9
Alphabet
21.2
Alphabet
20.3
Netflix
16.7

close
price
871.05
157.50
95.42
2315.00
187.72
275.81
206.11
2320.00
2324.80
180.97

Day's
change
-2.23
0.73
1.55
-13.14
-0.72
-1.54
-2.17
-10.11
-10.13
-7.36

BIGGEST MOVERS
Ups
Nrg Energy
Pioneer Natural Resource Co
Eog Resources
Cigna
Mckesson

Close
price

Day's
change

Day's
chng%

40.05
267.76
128.79
262.53
328.29

2.34
11.28
5.37
10.45
13.06

6.21
4.40
4.35
4.15
4.14

Downs
Under Armour
Under Armour
Illumina
News
Dish Network

10.01
11.21
251.93
17.08
24.01

-3.29
-3.08
-39.79
-2.52
-3.48

-24.72
-21.55
-13.64
-12.84
-12.65

Month -5.83%

Country

Index

Index

Year NaN%

Month -2.88%

Country

Index

Philippines
Poland
Portugal
Romania
Russia
Saudi-Arabia
Singapore
Slovakia
Slovenia
South Africa
South Korea
Spain
Sri Lanka
Sweden
Switzerland

Month -5.68%

Year -3.77%
Latest

Manila Comp
Wig
PSI 20
PSI General
BET Index
Micex Index
RTX
TADAWUL All Share Index
FTSE Straits Times
SAX
SBI TOP
FTSE/JSE All Share
FTSE/JSE Res 20
FTSE/JSE Top 40
Kospi
Kospi 200
IBEX 35
CSE All Share
OMX Stockholm 30
OMX Stockholm AS
SMI Index

Previous

6759.90
55167.93
5816.29
4281.20
12269.64
2389.89
1089.02
13733.87
3291.89
382.40
67978.14
72844.17
61290.10
2644.51
349.00
8322.00
7427.48
1962.00
793.71
11730.42

1.54%
Index

All World

Seoul
2,644.51

Day -1.23%

Hong Kong

Month -4.16%

Year -15.98%

FTSE Straits Times

Singapore

3,416.97

21,808.98

Day -3.81%

Month -10.99%

20,001.96
Year -29.52%

Shanghai Composite

3,291.89

Day -1.55%

Shanghai

Month -4.29%

Year 4.56%

BSE Sensex

Mumbai

60,611.74

3,252.20

Day -1.20%

0.91%

2,695.86

Year -6.34%

Hang Seng

Milan

Gold $

Apr 07 - May 06
Kospi

All World

Tokyo

23,475.72

Year -1.28%

Cyprus
Czech Republic
Denmark
Egypt
Estonia
Finland
France

3,001.56
Day -2.16%
Country

6868.92
55467.40
5789.51
4222.86
12453.52
2404.80
1119.92
13643.91
3343.57
382.40
69682.65
74904.58
62902.26
2677.57
353.85
8434.70
7567.55
1985.13
808.21
11877.27

Taiwan
Thailand
Turkey
UAE
UK

USA

Venezuela
Vietnam

Month -8.56%
Index

Latest

Weighted Pr
Bangkok SET
BIST 100
Abu Dhabi General Index
FT 30
FTSE 100
FTSE 4Good UK
FTSE All Share
FTSE techMARK 100
DJ Composite
DJ Industrial
DJ Transport
DJ Utilities
Nasdaq 100
Nasdaq Cmp
NYSE Comp
S&P 500
Wilshire 5000
IBC
VNI

54,835.58

Year -12.92%

Day -1.56%

Previous

16408.20
1629.58
2435.72
8333.19
2463.50
7387.94
6753.73
4083.36
5932.81
11234.55
32709.24
14833.23
999.03
12714.90
12168.60
15490.31
4109.53
40962.84
5698.17
1329.26

Country

16696.12
1643.30
2466.26
8358.50
2515.90
7503.27
6869.31
4145.57
6025.20
11343.25
32997.97
15084.10
998.27
12850.55
12317.69
15652.61
4146.87
41423.52
5658.73
1360.68

Month -8.71%
Index
DJ Global Titans ($)
Euro Stoxx 50 (Eur)
Euronext 100 ID
FTSE 4Good Global ($)
FTSE All World ($)
FTSE E300
FTSE Eurotop 100
FTSE Global 100 ($)
FTSE Gold Min ($)
FTSE Latibex Top (Eur)
FTSE Multinationals ($)
FTSE World ($)
FTSEurofirst 100 (Eur)
FTSEurofirst 80 (Eur)
MSCI ACWI Fr ($)
MSCI All World ($)
MSCI Europe (Eur)
MSCI Pacific ($)
S&P Euro (Eur)
S&P Europe 350 (Eur)
S&P Global 1200 ($)
Stoxx 50 (Eur)

Cross-Border

Year 12.86%
Latest

Previous

456.62
3641.72
1199.82
10033.54
423.76
1686.96
3267.17
2643.88
2201.13
4440.00
2800.20
767.52
4408.79
5047.24
650.08
2784.12
1761.93
2735.29
1691.13
1734.57
3046.44
3586.80

459.94
3696.63
1219.91
10120.29
428.79
1717.80
3324.27
2661.68
2228.63
4432.20
2886.33
775.69
4488.25
5139.42
667.08
2864.43
1769.22
2737.37
1720.21
1766.26
3078.70
3638.29

UK MARKET WINNERS AND LOSERS

LONDON
ACTIVE STOCKS

stock
close
traded m's
price
375.4 2299.50
277.8
426.65
243.4 10322.00
171.6 3783.50
158.9 5440.00
145.3 1769.00
139.7
487.60
138.6 3597.00
138.0
502.00
130.9 9332.00

Shell
Bp
Astrazeneca
Diageo
Rio Tinto
Glaxosmithkline
Glencore
Unilever
Hsbc Holdings
Ferguson
BIGGEST MOVERS

Based on the constituents of the S&P500 and the Nasdaq 100 index

Month NaN%

Oil Brent $ Sep

0.705%

27,003.56

Day 0.69%

24,960.38

Day -1.73%

Previous

Apr 07 - May 06
Nikkei 225

Madrid

FTSE MIB

Paris

STOCK MARKET: BIGGEST MOVERS
AMERICA
ACTIVE STOCKS

Year NaN%

6,258.36

104,575.99
Year -12.06%

ASIA

8,322.00

Day NaN%

6,645.51

118,227.75

Country

Month -5.21%

Month -2.19%

8,623.30

1,686.96

25948.90
41738.40
23759.71
7239.06
26818.53
1641.38
1898.35
2366.17
1800.64
6603.51
973.89
911.49
1647.06
1582.98
50529.95
13136.65
696.19
953.37
11747.57
49638.94
1006.88
45249.41

86434.10
7639.20
7364.70
5796.20
3151.27
4097.20
10183.82
105304.19
1253.28
20696.17
1641.05
24979.33
10601.87
8988.96
3215.10
291.85
3067.76
1979.02
1051.82
1260.21
2011.29

Frankfurt

Ibex 35

Previous

86700.16
7467.60
7205.60
5683.00
3120.26
4021.28
10015.85
105528.28
1250.99
20649.87
1577.41
24937.61
10323.06
9000.71
3145.63
289.29
3001.56
1945.27
1031.56
1261.61
2013.05

All World

0.123%

27,665.98

Day -1.64%

Europe

Latest

Merval
All Ordinaries
S&P/ASX 200
S&P/ASX 200 Res
ATX
BEL 20
BEL Mid
IBovespa
S&P/TSX 60
S&P/TSX Comp
S&P/TSX Div Met & Min
S&P/CLX IGPA Gen
FTSE A200
FTSE B35
Shanghai A
Shanghai B
Shanghai Comp
Shenzhen A
Shenzhen B
COLCAP
CROBEX

Previous

Year 4.74%

FTSE Italia All-Share
25636.75
CSE M&P Gen
68.46
68.68
Italy
FTSE Italia Mid Cap
41088.01
PX
1305.87
1318.49
FTSE MIB
23475.72
OMXC Copenahgen 20
1693.29
1743.10
EGX 30
11047.70
10718.22
Japan
2nd Section
7228.27
Nikkei 225
27003.56
OMX Tallinn
1883.78
1907.73
Austria
S&P Topix 150
1657.60
OMX Helsinki General
10777.87
10891.29
Belgium
Topix
1915.91
CAC 40
6258.36
6368.40
Jordan
Amman SE
2408.07
SBF 120
4868.51
4950.10
Brazil
Kenya
NSE 20
1781.32
Germany
M-DAX
28765.55
29374.37
Canada
Kuwait
KSX Market Index
6633.44
TecDAX
3000.02
3076.36
Latvia
OMX Riga
1022.55
XETRA Dax
13674.29
13902.52
Lithuania
OMX Vilnius
916.24
Chile
Greece
Athens Gen
866.00
900.57
China
Luxembourg
LuxX
1627.76
FTSE/ASE 20
2090.96
2182.56
Malaysia
FTSE Bursa KLCI
1564.34
Hong Kong
Hang Seng
20001.96
20793.40
Mexico
IPC
50181.32
HS China Enterprise
6809.52
7117.75
Morocco
MASI
13136.65
HSCC Red Chip
3748.46
3904.01
Netherlands
AEX
682.19
Hungary
Bux
42108.63
42515.32
AEX All Share
935.30
India
BSE Sensex
54835.58
55702.23
New Zealand
NZX 50
11609.38
Nifty 500
14145.75
14395.50
Colombia
Nigeria
SE All Share
50126.41
Indonesia
Jakarta Comp
7228.91
7196.76
Norway
Oslo All Share
1017.37
Croatia
Ireland
ISEQ Overall
7049.98
7156.47
Pakistan
KSE 100
44840.81
Israel
Tel Aviv 125
2022.08
2021.39
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.
Argentina
Australia

Index

Year -5.41%

Index

£ per €

13,674.29

1,809.96

Day -0.69%

New York

Month -2.32%

FTSE Eurofirst 300

55,547.29
12,168.60
Year -10.54%

7,387.94

14,424.36

¥ per $

-0.162%

0.475%

London

All World

$ per £

20,547.15

New York

13,888.82

$ per €

-1.17%

Apr 07 - May 06
Xetra Dax

Index

7,558.92

4,109.53

Country

Apr 07 - May 06
FTSE 100

All World

FTSE All World $

EURO MARKETS
ACTIVE STOCKS

Day's
change
6.50
7.75
-190.00
-164.50
-41.00
-11.60
3.50
-33.00
-6.00
-432.00

Roche Gs
Nestle N
Novartis N
Intesa Sanpaolo
Asml Holding
Totalenergies
Stellantis
Lvmh
Unicredit
Allianz Se Na O.n.

Ups
4imprint
Hiscox Ltd
Beazley
Syncona
Hikma Pharmaceuticals

Close
price

Day's
change

Day's
chng%

2890.00
926.60
430.20
178.80
1735.00

450.00
51.60
23.80
7.80
49.50

18.44
5.90
5.86
4.56
2.94

Ups
Stellantis
Henkel Ag+co.kgaa St O.n.
Totalenergies
Henkel Ag+co.kgaa Vzo
Neste

Downs
Int Consolidated Airlines S.a.
Rightmove
Segro
Baillie Gifford Us Growth Trust
Aveva

131.44
558.80
1109.00
177.00
2144.00

-11.88
-45.60
-78.50
-12.40
-150.00

-8.29
-7.54
-6.61
-6.55
-6.54

Downs
Vonovia Se Na O.n.
Pernod Ricard
Ing Groep N.v.
Vestas Wind Systems A/s
Sika N

Based on the constituents of the FTSE 350 index

TOKYO
ACTIVE STOCKS

stock
traded m's
432.3
399.4
371.7
322.0
312.5
305.1
266.3
247.4
239.2
228.2

close
price
332.03
118.35
81.23
1.88
527.10
50.93
13.14
566.00
8.23
196.16

Day's
change
-1.53
-1.38
-0.54
-0.04
-10.10
1.41
0.41
-8.00
-0.35
-3.60

stock
close
traded m's
price
Softbank .
755.6 5170.00
Nippon Yusen Kabushiki Kaisha
702.5 9810.00
Toyota Motor
686.0 2276.00
Tokyo Electric Power ,orporated
616.3
530.00
Nintendo Co.,
603.6 57840.00
Tokyo Electron
536.1 55330.00
Sony
464.8 11110.00
Shiseido ,
438.9 5500.00
Mitsubishi Ufj Fin,.
408.6
779.50
Recruit Hldgs Co Ltd
370.4 4672.00

Day's
change
-120.00
20.00
48.00
74.00
-660.00
540.00
-50.00
-563.00
23.30
-104.00

Close
price

Day's
change

Day's
chng%

BIGGEST MOVERS

13.14
60.25
50.93
61.26
43.19

0.41
1.70
1.41
1.70
0.64

3.25
2.90
2.86
2.85
1.50

34.28
183.10
8.68
22.13
263.53

-1.81
-9.65
-0.46
-1.15
-13.05

-5.02
-5.01
-4.98
-4.94
-4.72

BIGGEST MOVERS

Based on the constituents of the FTSEurofirst 300 Eurozone index

Ups
Tokyo Electric Power ,orporated
Komatsu
Mitsui & Co.,
Mitsubishi Motors
Shinsei Bank,

Close
price

Day's
change

Day's
chng%

530.00
3230.00
3386.00
345.00
2358.00

74.00
253.50
194.00
18.00
122.00

16.23
8.52
6.08
5.50
5.46

Downs
Shiseido ,
Rakuten .
M3,.
Japan Exchange
Softbank .

5500.00
872.00
4057.00
1925.00
5170.00

-563.00
-46.00
-184.00
-57.00
-120.00

-9.29
-5.01
-4.34
-2.88
-2.27

Based on the constituents of the Nikkei 225 index

May 06
price(p)

%Chg
week

%Chg
ytd

28.5
44.3
26.5
37.5
2.0
25.2
0.1
5.1
-6.4
-

FTSE 250
Winners
Energean
Trainline
Trustpilot
4imprint
Auction Technology
Morgan Advanced Materials
Moonpig
Chemring
Johnson Matthey
Tullow Oil
Apax Global Alpha
Syncona

1303.00
311.90
111.30
2890.00
926.00
294.00
201.00
365.00
2298.00
57.65
191.20
178.80

10.1
10.0
6.7
5.9
5.3
4.1
3.9
3.8
3.3
2.4
2.2
2.2

50.2
12.5
2.8
24.2
10.6
26.9
-15.2
-

-22.3
-27.3
-7.1

Losers
Tritax Big Box Reit
Jtc
Watches Of Switzerland
Oxford Biomedica
Domino's Pizza
Molten Ventures
Baillie Gifford Us Growth Trust
Big Yellow
Grafton
Discoverie
Ig Holdings
Volution

204.00
668.00
875.50
497.50
304.80
611.00
177.00
1275.00
873.80
683.00
729.50
368.50

-16.3
-14.5
-14.3
-12.7
-12.3
-11.8
-11.5
-10.8
-10.8
-10.6
-10.5
-10.4

-

FTSE 100
Winners
Bp
Shell
Mondi
Endeavour Mining
Flutter Entertainment
Bae Systems
Dcc
Standard Chartered
Reckitt Benckiser
Meggitt
Smiths
Barclays

May 06
price(p)

%Chg
week

%Chg
ytd

426.65
2299.50
1586.00
2050.00
8500.00
756.00
6192.00
560.00
6324.00
778.00
1482.50
148.64

9.0
5.8
5.0
4.6
4.6
2.2
1.9
1.5
1.3
0.4
0.3
0.3

Losers
Segro
Ocado
Howden Joinery
Dechra Pharmaceuticals
Croda Int
Entain
Rightmove
Intermediate Capital
Scottish Mortgage Investment Trust
Prudential
Auto Trader
Int Consolidated Airlines S.a.

1109.00
800.20
668.20
3254.00
7038.00
1371.00
558.80
1401.00
832.40
920.60
579.40
131.44

-17.4
-13.4
-12.2
-10.6
-9.8
-9.7
-9.6
-9.5
-8.9
-8.9
-8.7
-8.7

Based on last week's performance. †Price at suspension.

FTSE SmallCap
Winners
Enquest
Petrofac
Avon Protection
Costain
Go-ahead
Foresight Solar Fund
Pendragon
Slf Realisation Fund
Card Factory
Macfarlane
Alfa Fin Software Holdings
Ocean Wilsons (holdings) Ld

May 06
price(p)

%Chg
week

%Chg
ytd

36.10
148.90
1135.00
42.40
1004.00
118.00
23.00
8.18
60.40
123.50
187.00
990.00

10.7
10.3
6.9
6.0
4.9
3.7
3.6
3.4
3.2
2.9
2.7
2.6

93.3
32.7
-0.9
-20.0
44.1
16.4
2.2
1.7
-8.5
-3.6
6.2

May 06
Industry Sectors
price(p)
Winners
Oil & Gas Producers
7863.14
Mining
11391.41
Aerospace & Defense
4590.42
General Industrials
6232.71
Mobile Telecommunications
3022.51
Banks
3087.83
Tobacco
34314.16
Automobiles & Parts
2274.53
Food & Drug Retailers
3971.03
Electricity
11414.19
Food Producers
6043.00
Health Care Equip.& Services 8469.57

Losers
Luceco
Reach
Restaurant
Montanaro Eur Smaller C. Tst
Headlam
Ao World
Marston's
Xaar
Jpmorgan Russian Securities
Abrdn Uk Smaller Companies Growth Trust
Zotefoams
Petra Diamonds

130.00
119.50
51.30
131.00
322.00
68.40
67.65
225.00
97.70
518.00
310.00
114.00

-31.2
-26.5
-17.4
-11.4
-11.3
-10.0
-9.9
-9.3
-9.1
-9.0
-8.8
-8.8

-23.2
25.0
59.4

Losers
Real Estate Investment Trusts
General Financial
Real Estate & Investment Servic
Personal Goods
Industrial Transportation
Life Insurance
Industrial Engineering
Software & Computer Services
Chemicals
Beverages
Support Services
Electronic & Electrical Equip.

%Chg
week

%Chg
ytd

7.0
2.3
0.7
-0.6
-0.8
-0.8
-1.2
-1.2
-1.8
-1.9
-2.0
-2.1

37.6
9.9
5.1
1.8
17.4
-8.9
13.3
-10.0
3.1

-9.3
-7.3
-6.9
-6.7
-6.3
-6.1
-5.9
-5.7
-5.6
-5.3
-4.9
-4.0

2.6
-7.6
-21.4
-

2956.48
11850.32
2494.07
25715.85
3082.90
6243.61
13835.51
1696.28
12914.12
28573.32
10191.05
9218.24

CURRENCIES
May 06
Argentina
Australia
Bahrain
Bolivia
Brazil
Canada
Chile
China
Colombia
Costa Rica
Czech Republic
Denmark
Egypt
Hong Kong
Hungary
India

Currency
Argentine Peso
Australian Dollar
Bahrainin Dinar
Bolivian Boliviano
Brazilian Real
Canadian Dollar
Chilean Peso
Chinese Yuan
Colombian Peso
Costa Rican Colon
Czech Koruna
Danish Krone
Egyptian Pound
Hong Kong Dollar
Hungarian Forint
Indian Rupee

DOLLAR
Closing
Day's
Mid
Change
116.3090
0.1500
1.4082
0.0066
0.3769
-0.0002
6.9100
5.0566
0.0353
1.2878
0.0060
855.6250
-10.4000
6.6847
0.0620
4039.0000
-56.0000
667.6700
1.7900
23.5619
0.2163
7.0295
-0.0352
18.4786
0.0192
7.8498
0.0004
361.2634
-0.6616
76.9325
0.6750

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
123.0900
0.7685 143.6712
-0.0579
1.4902
0.0144
1.7394
0.0052
0.3988
0.0018
0.4655
-0.0010
7.3129
0.0363
8.5356
-0.0145
5.3514
0.0637
6.2462
0.0331
1.3628
0.0131
1.5907
0.0047
905.5095
-6.4605 1056.9144
-14.6600
7.0744
0.1003
8.2572
0.0627
4274.4816 -37.7703 4989.1934
-77.7485
706.5964
5.3896 824.7422
0.8168
24.9355
0.3515
29.1049
0.2183
7.4394
-0.0001
8.6833
-0.0582
19.5559
0.1172
22.8258
-0.0149
8.3075
0.0416
9.6965
-0.0160
382.3257
1.1997 446.2521
-1.5750
81.4178
1.1146
95.0312
0.6741

May 06
Indonesia
Israel
Japan
..One Month
..Three Month
..One Year
Kenya
Kuwait
Malaysia
Mexico
New Zealand
Nigeria
Norway
Pakistan
Peru
Philippines

Currency
Indonesian Rupiah
Israeli Shekel
Japanese Yen

Kenyan Shilling
Kuwaiti Dinar
Malaysian Ringgit
Mexican Peso
New Zealand Dollar
Nigerian Naira
Norwegian Krone
Pakistani Rupee
Peruvian Nuevo Sol
Philippine Peso

DOLLAR
Closing
Mid
14497.0000
3.4016
130.4050
130.4049
130.4045
130.4014
115.9500
0.3069
4.3700
20.1005
1.5534
415.0000
9.4277
186.5250
3.8123
52.4975

Day's
Change
-0.0184
0.1600
0.1598
0.1590
0.1529
0.1000
0.0001
0.0215
-0.1015
0.0004
-0.0566
0.8250
0.0392
0.0900

EURO
Closing
Mid
15342.2236
3.5999
138.0079
138.0079
138.0080
138.0074
122.7101
0.3247
4.6248
21.2724
1.6440
439.1953
9.9774
197.3998
4.0346
55.5582

POUND
Day's
Closing
Day's
Change
Mid
Change
76.0969 17907.5077
-30.3555
-0.0015
4.2018
-0.0298
0.8530 161.0833
-0.0751
0.8531 161.0832
-0.0753
0.8532 161.0828
-0.0761
0.8522 161.0832
-0.0786
0.7139 143.2277
-0.1191
0.0017
0.3790
-0.0006
0.0456
5.3981
0.0175
-0.0014
24.8292
-0.1677
0.0085
1.9188
-0.0028
2.1784 512.6305
-0.8690
-0.0101
11.6457
-0.0898
1.8478 230.4058
0.6302
0.0613
4.7092
0.0406
0.3703
64.8478
0.0014

May 06
Currency
Poland
Polish Zloty
Romania
Romanian Leu
Russia
Russian Ruble
Saudi Arabia
Saudi Riyal
Singapore
Singapore Dollar
South Africa
South African Rand
South Korean Won
South Korea
Sweden
Swedish Krona
Switzerland
Swiss Franc
New Taiwan Dollar
Taiwan
Thailand
Thai Baht
Tunisia
Tunisian Dinar
Turkey
Turkish Lira
United Arab Emirates
UAE Dirham
United Kingdom
Pound Sterling
..One Month

DOLLAR
Closing
Mid
4.4492
4.6758
67.8750
3.7508
1.3838
15.9275
1272.7500
9.9008
0.9850
29.6825
34.3400
3.0991
14.9473
3.6731
0.8096
0.8095

Day's
Change
-0.0041
-0.0232
2.4500
-0.0001
-0.0006
-0.0426
6.5000
-0.0213
-0.0002
0.2020
0.2775
-0.0039
0.0873
0.0014
0.0014

EURO
Closing
Mid
4.7086
4.9484
71.8322
3.9695
1.4645
16.8561
1346.9537
10.4780
1.0424
31.4130
36.3421
3.2798
15.8187
3.8872
0.8567
0.8566

POUND
Day's
Closing
Day's
Change
Mid
Change
0.0191
5.4959
-0.0143
0.0002
5.7758
-0.0384
2.9363
83.8429
2.8894
0.0196
4.6332
-0.0080
0.0066
1.7093
-0.0036
0.0388
19.6745
-0.0860
13.5255 1572.1698
5.3776
0.0295
12.2300
-0.0471
0.0050
1.2167
-0.0023
0.3685
36.6654
0.1878
0.4725
42.4186
0.2715
0.0121
3.8282
-0.0114
0.1703
18.4637
0.0767
0.0193
4.5372
-0.0077
0.0057
0.0057
-

May 06
..Three Month
..One Year
United States
..One Month
..Three Month
..One Year
Vietnam
European Union
..One Month
..Three Month
..One Year

Currency
United States Dollar

Vietnamese Dong
Euro

DOLLAR
Closing
Mid
0.8096
0.8103
22956.5000
0.9449
0.9448
0.9444
0.9423

Day's
Change
0.0014
0.0013
0.5000
-0.0047
-0.0047
-0.0047
-0.0046

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
0.8564
0.0057
0.8552
0.0057
1.0583
0.0052
1.2353
-0.0021
1.0582
-0.1790
1.2353
-0.0021
1.0578
-0.1790
1.2353
-0.0021
1.0557
-0.1790
1.2360
-0.0022
24294.9603 121.0434 28357.1297
-47.4423
1.1672
-0.0078
1.1671
-0.0078
1.1668
-0.0078
1.1656
-0.0078

Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata

UK SERIES

FTSE ACTUARIES SHARE INDICES

www.ft.com/equities

Produced in conjunction with the Institute and Faculty of Actuaries

£ Strlg Day's
Euro
£ Strlg
£ Strlg
Year
Div
May 06 chge%
Index
May 05
May 04
ago yield%
FTSE 100 (100)
7387.94 -1.54 6723.96 7503.27 7493.45 7076.17 3.45
FTSE 250 (250)
19819.67 -1.35 18038.39 20089.96 20219.48 22491.36 2.52
FTSE 250 ex Inv Co (179)
20371.92 -1.51 18541.01 20684.17 20840.10 23474.92 2.54
FTSE 350 (350)
4114.56 -1.51 3744.76 4177.55 4177.02 4051.79 3.31
FTSE 350 ex Investment Trusts (277) 4046.09 -1.51 3682.45 4108.23 4106.86 3956.00 3.37
FTSE 350 Higher Yield (113)
3599.17 -0.99 3275.69 3635.11 3618.01 3288.53 4.21
FTSE 350 Lower Yield (237)
4200.61 -2.17 3823.09 4293.74 4318.23 4535.98 2.15
FTSE SmallCap (252)
6657.28 -1.27 6058.96 6742.72 6796.00 7151.58 3.02
FTSE SmallCap ex Inv Co (134)
5600.60 -1.06 5097.25 5660.66 5724.79 6042.21 2.64
FTSE All-Share (602)
4083.36 -1.50 3716.37 4145.57 4146.05 4032.10 3.30
FTSE All-Share ex Inv Co (411)
3979.92 -1.51 3622.23 4040.75 4040.16 3897.87 3.35
FTSE All-Share ex Multinationals (534) 1141.46 -1.81
861.54 1162.50 1170.27 1306.41 3.27
FTSE Fledgling (78)
12994.78 -0.66 11826.89 13080.99 13031.65 12574.55 2.69
FTSE Fledgling ex Inv Co (31)
17980.93 -1.38 16364.91 18233.01 18069.47 16922.54 2.23
FTSE All-Small (330)
4653.99 -1.23 4235.72 4712.18 4746.52 4971.56 3.01
FTSE All-Small ex Inv Co (165)
4223.11 -1.07 3843.56 4268.89 4314.22 4532.78 2.63
FTSE AIM All-Share (770)
977.42 -1.65
889.58
993.77
998.56 1252.69 1.23
FTSE All-Share Technology (22)
1816.11 -2.89 1547.13 1870.07 1870.86 2191.73 1.98
FTSE All-Share Telecommunications (6) 1938.60 -2.58 1651.48 1989.84 1988.66 2139.82 4.69
14735.65 -1.39 12553.20 14943.58 14924.24 11714.26 2.79
FTSE All-Share Health Care (13)
FTSE All-Share Financials (256)
4438.78 -1.56 3781.37 4509.35 4571.48 4847.01 3.54
FTSE All-Share Real Estate (52)
1059.57 -3.42
944.26 1097.08 1081.85 1071.26 2.96
FTSE All-Share Consumer Discretionary (92) 4579.21 -2.10 3901.00 4677.59 4724.07 5597.86 1.95
FTSE All-Share Consumer Staples (25)19061.49 -1.84 16238.36 19418.10 19360.06 19063.75 3.94
FTSE All-Share Industrials (90)
6118.64 -2.27 5212.44 6261.04 6262.69 6587.28 2.07
FTSE All-Share Basic Materials (22) 8921.46 -0.46 7600.13 8962.65 8965.54 8801.91 6.00
FTSE All-Share Energy (14)
8142.69
0.79 6936.70 8078.80 7903.49 5327.37 2.84
FTSE All-Share Utilities (10)
9446.01 -2.32 8047.00 9669.96 9534.43 7565.83 3.83
FTSE All-Share Software and Computer Services (20) 1959.50 -2.89 1669.28 2017.76 2016.24 2360.27 1.98
FTSE All-Share Technology Hardware and Equipment (2) 4575.79 -2.82 3898.09 4708.80 4887.72 5596.59 2.07
FTSE All-Share Telecommunications Equipment (1) 522.63
2.19
445.23
511.46
524.42
608.75 2.16
FTSE All-Share Telecommunications Service Providers (5) 3017.94 -2.71 2570.96 3101.95 3097.85 3323.57 4.76
FTSE All-Share Health Care Providers (3) 8745.83 -0.27 7450.52 8769.13 8801.63 6769.96 0.12
FTSE All-Share Medical Equipment and Services (2) 6141.11 -1.41 5231.58 6229.15 6175.71 7230.30 2.15
FTSE All-Share Pharmaceuticals and Biotechnology (8)21018.18 -1.40 17905.26 21316.52 21296.99 16251.79 2.85
FTSE All-Share Banks (11)
3046.67 -1.15 2595.44 3082.26 3141.37 2981.81 3.82
FTSE All-Share Finance and Credit Services (7)10202.45 -2.10 8691.41 10421.47 10486.45 9971.21 1.87
FTSE All-Share Investment Banking and Brokerage Services (34) 8631.15 -2.58 7352.82 8859.89 8937.06 10556.36 4.77
FTSE All-Share Closed End Investments (191)12034.85 -1.43 10252.42 12209.40 12258.32 13352.69 2.48
FTSE All-Share Life Insurance (6)
6356.20 -3.09 5414.81 6559.12 6700.07 8410.06 4.42
FTSE All-Share Nonlife Insurance (7) 3337.18
2.88 2842.92 3243.90 3384.20 3601.53 4.82
FTSE All-Share Real Estate Investment and Services (12) 2462.48 -3.90 2097.77 2562.34 2553.05 2602.62 2.14
FTSE All-Share Real Estate Investment Trusts (40) 2674.40 -3.32 2278.31 2766.28 2722.09 2680.01 3.12
FTSE All-Share Automobiles and Parts (2) 2286.19
0.35 1947.59 2278.13 2427.82 4693.22 2.23
FTSE All-Share Consumer Services (3) 2727.21 -1.92 2323.29 2780.71 2802.21 2642.36 0.85
FTSE All-Share Household Goods and Home Construction (14)10377.75 -3.07 8840.74 10706.36 10678.35 15904.18 6.37
FTSE All-Share Leisure Goods (2)
18447.97 -1.88 15715.71 18800.72 18750.67 27429.54 2.86
FTSE All-Share Personal Goods (5) 22333.03 -1.89 19025.37 22762.23 23388.93 31480.62 2.34
FTSE All-Share Media (11)
9362.54 -2.27 7975.89 9579.52 9577.42 8885.25 2.07
FTSE All-Share Retailers (22)
1988.82 -2.12 1694.26 2031.87 2056.84 2686.88 2.10
FTSE All-Share Travel and Leisure (33) 6360.95 -1.66 5418.85 6468.23 6620.31 8911.06 0.29
FTSE All-Share Beverages (5)
28694.09 -4.10 24444.32 29920.44 29762.81 25726.20 2.01
FTSE All-Share Food Producers (10) 6227.28 -1.35 5304.98 6312.46 6263.75 7803.87 2.52
FTSE All-Share Tobacco (2)
34314.22 -1.34 29232.07 34780.21 34559.96 29774.10 6.87
FTSE All-Share Construction and Materials (15) 7248.42 -0.72 6174.88 7301.24 7380.63 8514.23 2.88
FTSE All-Share Aerospace and Defense (9) 4832.08 -0.56 4116.41 4859.26 4898.67 3811.44 2.03
FTSE All-Share Electronic and Electrical Equipment (10)10855.12 -3.04 9247.41 11195.34 11061.89 12754.34 1.55
FTSE All-Share General Industrials (9) 5021.42 -1.57 4277.72 5101.40 5056.74 5581.71 2.69
FTSE All-Share Industrial Engineering (5)15186.05 -1.47 12936.90 15412.15 15497.70 17710.75 1.64
FTSE All-Share Industrial Support Services (33) 9784.26 -3.38 8335.15 10126.15 10104.87 10605.57 1.76
FTSE All-Share Industrial Transportation (9) 4707.75 -3.91 4010.51 4899.54 4927.42 5868.84 1.87
FTSE All-Share Industrial Materials (1)15502.89
0.00
501.73 15502.89 17003.17 20253.78 2.10
FTSE All-Share Industrial Metals and Mining (9) 7928.26 -0.22 6754.03 7946.04 7946.63 7387.17 6.52
FTSE All-Share Precious Metals and Mining (5)10920.71
1.21 9303.28 10790.48 10578.97 23020.03 2.81
FTSE All-Share Chemicals (7)
14428.64 -3.23 12291.67 14910.29 15042.81 17193.21 2.31
FTSE All-Share Oil. Gas and Coal (13) 7902.77
0.79 6732.32 7840.55 7670.39 5170.15 2.84
FTSE Sector Indices
Non Financials (346)

5025.17

-1.48

4573.53

5100.81

5082.29

4819.58

3.23

Cover
2.00
2.67
1.06
2.07
1.82
1.64
3.16
3.22
1.60
2.11
1.82
2.72
6.00
-2.90
3.35
1.47
1.76
0.55
0.23
0.72
3.70
3.79
0.70
1.68
1.71
2.25
2.40
0.54
0.54
1.14
2.15
0.21
-10.73
1.32
0.70
3.42
1.91
2.14
7.90
1.50
1.46
3.35
3.85
-3.97
1.67
1.99
1.89
1.80
1.69
3.94
-33.91
1.53
2.61
1.63
0.62
1.99
2.42
1.04
1.96
2.02
3.34
1.40
2.23
2.15
2.74
2.40

P/E
ratio
14.52
14.89
37.25
14.57
16.31
14.46
14.72
10.27
23.65
14.39
16.39
11.26
6.20
-15.47
9.92
25.95
46.02
91.20
90.91
49.56
7.65
8.93
73.46
15.11
28.37
7.40
14.66
48.30
94.61
42.30
21.45
100.43
-78.67
35.16
50.06
7.65
28.01
9.80
5.10
15.12
14.18
13.93
8.32
-11.30
70.50
7.91
18.52
23.73
28.64
12.11
-10.08
32.48
15.23
8.93
55.96
24.84
26.69
35.85
31.08
28.21
15.99
34.04
6.87
16.52
15.76
14.65

X/D
adj
108.05
184.61
196.78
56.79
57.17
58.29
45.02
74.75
50.95
56.04
55.92
14.15
115.54
142.13
51.67
38.25
4.15
18.82
0.76
196.32
88.97
11.46
42.72
208.67
56.36
281.70
66.74
37.63
20.52
32.00
6.68
0.00
0.00
84.76
281.80
80.10
142.41
173.59
106.11
188.82
80.99
20.49
30.32
0.00
23.08
301.77
381.27
16.03
113.29
7.42
14.31
207.44
3.05
641.29
146.21
55.63
53.34
65.94
164.12
52.19
8.24
220.04
277.56
130.67
92.69
64.77

Total
Return
7424.24
16187.05
16966.32
8208.88
4170.61
8029.56
5115.19
10969.65
9593.72
8226.70
4165.27
2375.11
27594.30
37085.72
9836.07
9162.00
1137.05
2601.25
2805.02
13479.08
4857.79
1091.55
4786.55
17050.64
6990.07
11785.25
9625.32
13874.36
2969.50
5854.51
741.30
3972.64
8074.12
5864.50
17309.59
2656.81
13628.50
11813.33
7417.41
7658.83
7006.09
7276.63
3962.48
2361.13
3441.44
8909.50
20116.40
17188.03
6510.65
2531.53
6550.87
22702.36
5919.49
31120.04
8740.13
5836.23
10622.49
6525.55
20264.40
11096.62
4845.74
19435.26
11770.19
7514.69
14217.06
9688.11

1.63

18.98

60.28

8897.37

8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00 High/day Low/day
Hourly movements
FTSE 100
7480.30 7467.83 7443.91 7450.62 7446.42 7428.69 7417.37 7357.92 7412.00 7485.24 7354.58
FTSE 250
20038.98 19897.45 19786.08 19880.77 19846.06 19790.62 19833.96 19687.04 19846.92 20038.98 19685.83
FTSE SmallCap
6734.41 6695.06 6683.03 6684.04 6680.91 6678.32 6691.02 6659.22 6673.57 6734.41 6657.28
FTSE All-Share
4133.43 4122.72 4108.23 4114.19 4111.17 4101.37 4097.79 4065.72 4095.44 4135.40 4065.10
Time of FTSE 100 Day's high:07:05:00 Day's Low14:03:30 FTSE 100 2010/11 High: 7672.40(10/02/2022) Low: 6959.48(07/03/2022)
Time of FTSE All-Share Day's high:07:05:00 Day's Low14:04:00 FTSE 100 2010/11 High: 4296.96(10/02/2022) Low: 3862.39(07/03/2022)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS
Amount
Latest
Issue
paid
renun.
price
up
date
High
Low
Stock
There are currently no rights offers by any companies listed on the LSE.

FT 30 INDEX

FTSE SECTORS: LEADERS & LAGGARDS
May 06
2463.50
-

May 05
2515.90
-

May 04
2538.20
-

May 03
2560.50
-

Apr 29
2535.90
-

Yr Ago
0.00
0.00
0.00

FT 30
FT 30 Div Yield
P/E Ratio net
FT 30 hourly changes
8
9
10
11
12
13
14
15
16
2515.9 2485.5 2477.2 2484 2479.2 2475 2471.3 2452.3 2472.5
FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30

High
2880.10
3.93
19.44

Low
2300.60
2.74
14.26

High
2515.9

Low
2451.8

FT WILSHIRE 5000 INDEX SERIES
May 05

May 05

FT Wilshire 5000
42148.30 FT Wilshire Mid Cap
5597.02
FT Wilshire 2500
5397.02 FT Wilshire Small Cap
5143.85
FT Wilshire Mega Cap
5395.69 FT Wilshire Micro Cap
5065.96
FT Wilshire Large Cap
5429.44
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service
mark. Copyright ©2022 Wilshire. All rights reserved.

Year to date percentage changes
Oil & Gas Producers
37.42
Oil & Gas
37.29
Oil Equipment & Serv
24.78
Tobacco
17.16
Mining
15.41
Electricity
13.15
Pharmace & Biotech
12.36
Health Care
11.70
Aerospace & Defense
9.39
Utilities
8.79
Basic Materials
8.59
Gas Water & Multi
7.33
Mobile Telecomms
5.66
Telecommunications
5.02
Fixed Line Telecomms
3.69
Health Care Eq & Srv
2.54
Banks
1.23

FTSE 100 Index
Beverages
NON FINANCIALS Index
FTSE All{HY-}Share Index
Consumer Goods
Beverages
Media
Food Producers
Financials
FTSE SmallCap Index
Personal Goods
Travel & Leisure
Real Est Invest & Tr
Financial Services
Nonlife Insurance
Consumer Services
Household Goods & Ho
FTSE 250 Index

+or-

Equity Invest Instr
Industrials
Life Insurance
Construct & Material
Food & Drug Retailer
Real Est Invest & Se
Chemicals
Software & Comp Serv
Technology
Industrial Transport
Support Services
Tech Hardware & Eq
Industrial Eng
Electronic & Elec Eq
Leisure Goods
General Retailers
Automobiles & Parts
Industrial Metals &

-15.63
-17.50
-18.30
-19.32
-19.89
-21.55
-21.74
-22.43
-22.60
-22.74
-23.53
-24.23
-24.50
-24.57
-27.34
-28.41
-37.30
-78.57

FTSE GLOBAL EQUITY INDEX SERIES
No of
US $
Day
Mth
YTD
Total
YTD Gr Div
YTD Gr Div May 06
stocks indices
%
%
%
retn
% Yield
% Yield Sectors
-13.2
2.1 Oil Equipment & Services
23 288.51
-1.7
-1.7
23.3 521.03
24.9
4.0
-13.2
2.1 Basic Materials
371 649.63
-1.3
-1.3
-3.4 1166.37
-1.8
4.2
-13.4
2.1 Chemicals
181 871.60
-1.5
-1.5 -10.0 1514.97
-9.1
2.5
-11.3
2.1 Forestry & Paper
20 298.78
-0.8
-0.8
-2.1 596.06
-0.1
3.2
-14.5
1.8 Industrial Metals & Mining
94 526.73
-2.1
-2.1
-4.8 975.76
-3.0
6.5
-13.1
2.1 Mining
76 1019.49
-0.6
-0.6
9.5 1918.28
12.2
5.6
-13.0
2.1 Industrials
781 499.27
-1.9
-1.9 -16.9 786.77 -16.3
1.9
-13.4
2.0 Construction & Materials
146 595.38
-1.3
-1.3 -19.4 989.17 -18.8
2.1
-12.6
2.9 Aerospace & Defense
34 835.35
-0.9
-0.9
4.0 1291.88
4.5
1.5
-13.1
2.0 General Industrials
72 240.16
-1.7
-1.7 -13.4 418.66 -12.5
2.4
-12.8
2.0 Electronic & Electrical Equipment
159 616.11
-1.4
-1.4 -23.4 874.74 -23.1
1.4
-13.2
2.0 Industrial Engineering
152 938.61
-1.9
-1.9 -18.8 1477.78 -18.1
1.9
-13.4
2.0 Industrial Transportation
128 986.79
-1.6
-1.6 -11.2 1571.67 -10.3
2.4
-13.6
2.0 Support Services
90 543.98
-3.5
-3.5 -23.4 802.89 -23.0
1.3
-14.0
3.0 Consumer Goods
562 591.29
-2.2
-2.2 -14.2 982.56 -13.5
2.3
-19.9
2.6 Automobiles & Parts
131 616.42
-4.5
-4.5 -20.3 988.28 -19.7
1.9
-20.3
2.5 Beverages
71 768.68
-1.0
-1.0
-4.6 1289.15
-4.0
2.1
-13.9
1.5 Food Producers
133 753.26
-0.6
-0.6
-4.1 1284.99
-3.0
2.3
-9.5
1.8 Household Goods & Home Construction
63 559.10
-2.0
-2.0 -14.5 929.10 -13.6
2.6
-13.4
1.5 Leisure Goods
53 260.79
-1.0
-1.0 -18.1 366.35 -17.6
1.3
-13.1
1.6 Personal Goods
97 878.32
-2.6
-2.6 -23.9 1337.88 -23.4
1.8
-13.5
3.0 Tobacco
14 1014.09
-0.6
-0.6
5.5 2784.49
7.1
5.8
-15.1
2.6 Health Care
347 712.76
-1.4
-1.4
-9.7 1125.66
-9.1
1.7
-13.4
2.5 Health Care Equipment & Services
135 1398.05
-1.9
-1.9 -16.0 1704.72 -15.7
1.0
-15.7
2.7 Pharmaceuticals & Biotechnology
212 472.83
-1.1
-1.1
-4.9 801.19
-3.9
2.3
-14.7
2.6 Consumer Services
434 552.87
-3.7
-3.7 -21.5 784.16 -21.2
1.1
66 326.79
-1.5
-1.5
-5.1 512.27
-4.3
2.2
-11.1
2.7 Food & Drug Retailers
-8.8
3.2 General Retailers
150 983.66
-4.7
-4.7 -23.1 1337.31 -22.8
0.9
78 323.28
-2.9
-2.9 -31.1 461.44 -30.8
1.2
-15.2
2.5 Media
140 440.35
-2.3
-2.3 -14.1 638.37 -13.9
1.1
-10.9
2.7 Travel & Leisure
87 146.85
-0.5
-0.5
-0.9 338.72
0.7
3.7
-11.8
2.9 Telecommunication
32 116.58
-0.1
-0.1
3.4 307.47
5.5
4.5
-12.4
2.9 Fixed Line Telecommuniations
55 172.13
-0.7
-0.7
-3.2 342.87
-1.8
3.3
-6.5
3.6 Mobile Telecommunications
194 333.57
-0.9
-0.9
-2.8 765.43
-1.8
3.2
-13.6
2.8 Utilities
138 375.61
-1.0
-1.0
-2.6 849.91
-1.6
3.1
-74.9
3.3 Electricity
56 333.32
-0.6
-0.6
-3.3 789.13
-2.4
3.3
7.8
8.1 Gas Water & Multiutilities
861 272.22
-2.1
-2.1
-9.3 513.81
-8.3
3.0
9.7
2.7 Financials
270 208.38
-1.6
-1.6
-7.9 435.94
-6.7
3.8
-7.8
3.3 Banks
71 343.32
-2.2
-2.2
-2.0 565.60
-0.6
3.0
-13.6
1.5 Nonlife Insurance
51 224.50
-1.6
-1.6
-7.1 421.20
-6.1
3.7
-17.0
2.9 Life Insurance
212 439.04
-3.0
-3.0 -12.0 659.92 -11.5
1.7
-18.6
2.9 Financial Services
366 528.08
-4.1
-4.1 -22.2 684.51 -22.0
0.9
-9.8
2.4 Technology
193 808.67
-4.3
-4.3 -24.4 974.03 -24.3
0.6
-18.7
2.9 Software & Computer Services
173 461.03
-3.8
-3.8 -19.6 641.28 -19.3
1.3
22.4
3.8 Technology Hardware & Equipment
20 171.58
-3.7
-3.7 -17.7 245.41 -17.6
0.5
24.6
3.9 Alternative Energy
Real Estate Investment & Services
154 288.36
-1.0
-1.0 -12.4 552.07 -11.5
3.3
Real Estate Investment Trusts
103 523.09
-1.8
-1.8 -12.3 1198.91 -11.5
3.2
FTSE Global Large Cap
1876 652.24
-2.5
-2.5 -14.1 1063.12 -13.4
2.1
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Group companies and is used by FTSE International Limited under licence.
May 06
Regions & countries
FTSE Global All Cap
FTSE Global All Cap
FTSE Global Large Cap
FTSE Global Mid Cap
FTSE Global Small Cap
FTSE All-World
FTSE World
FTSE Global All Cap ex UNITED KINGDOM In
FTSE Global All Cap ex USA
FTSE Global All Cap ex JAPAN
FTSE Global All Cap ex Eurozone
FTSE Developed
FTSE Developed All Cap
FTSE Developed Large Cap
FTSE Developed Europe Large Cap
FTSE Developed Europe Mid Cap
FTSE Dev Europe Small Cap
FTSE North America Large Cap
FTSE North America Mid Cap
FTSE North America Small Cap
FTSE North America
FTSE Developed ex North America
FTSE Japan Large Cap
FTSE Japan Mid Cap
FTSE Global wi JAPAN Small Cap
FTSE Japan
FTSE Asia Pacific Large Cap ex Japan
FTSE Asia Pacific Mid Cap ex Japan
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
FTSE Emerging Large Cap
FTSE Emerging Mid Cap
FTSE Emerging Small Cap
FTSE Emerging Europe
FTSE Latin America All Cap
FTSE Middle East and Africa All Cap
FTSE Global wi UNITED KINGDOM All Cap In
FTSE Global wi USA All Cap
FTSE Europe All Cap
FTSE Eurozone All Cap
FTSE EDHEC-Risk Efficient All-World
FTSE EDHEC-Risk Efficient Developed Europe
Oil & Gas
Oil & Gas Producers

No of
stocks
9457
9457
1876
2254
5327
4130
2671
9162
7610
8063
8792
2221
5881
861
227
358
741
245
428
1355
673
1548
165
342
887
507
1082
860
2048
1942
3576
1015
894
1667
49
264
332
295
1847
1449
665
4130
585
127
84

US $
indices
729.78
729.78
652.24
945.21
972.64
428.79
775.69
770.89
518.18
763.00
775.47
710.67
740.83
664.79
380.13
611.82
870.55
893.39
1177.40
1138.23
585.95
269.08
383.05
524.79
578.80
156.79
737.02
1026.33
613.87
585.78
770.83
716.19
1063.83
831.34
102.13
746.91
861.04
327.08
1002.53
437.47
416.56
488.71
331.27
396.28
390.63

Day
%
-2.5
-2.5
-2.5
-2.4
-2.7
-2.5
-2.6
-2.5
-0.6
-2.6
-2.6
-2.7
-2.7
-2.7
-0.8
-1.2
-1.4
-3.7
-3.1
-3.8
-3.6
-0.5
-0.2
-0.2
-0.2
-0.2
0.0
0.3
0.5
0.1
-0.4
-0.4
-0.5
0.0
-0.6
-2.4
-0.6
-1.0
-3.7
-0.9
-1.0
-2.0
-1.3
-0.8
-0.5

Mth
%
-8.6
-8.6
-9.0
-7.0
-8.3
-8.6
-8.7
-8.6
-8.5
-8.6
-8.6
-8.6
-8.6
-9.0
-8.6
-10.0
-10.7
-9.4
-6.2
-7.7
-8.8
-8.3
-7.9
-6.9
-8.2
-7.7
-8.0
-6.7
-9.3
-7.8
-8.6
-8.6
-8.1
-9.0
-2.7
-15.9
-5.4
-7.6
-8.7
-9.0
-8.7
-6.4
-9.8
1.8
3.7

YTD
%
-13.8
-13.8
-14.1
-11.9
-15.0
-13.7
-13.6
-14.0
-13.6
-13.7
-13.3
-13.9
-14.0
-14.2
-15.4
-20.7
-21.2
-14.3
-10.0
-13.7
-13.5
-14.7
-16.0
-14.5
-16.8
-15.7
-11.6
-9.5
-15.7
-11.4
-12.5
-13.0
-7.5
-14.2
-75.4
5.4
8.1
-9.1
-14.0
-18.3
-19.7
-10.5
-19.8
20.9
23.0

Total
retn
1154.04
1154.04
1063.12
1405.68
1384.59
718.02
1743.72
1195.99
904.39
1217.25
1199.98
1132.91
1163.64
1078.90
742.90
1033.85
1414.21
1329.00
1617.14
1501.69
890.87
507.15
555.43
723.25
827.55
254.60
1313.00
1763.45
1025.76
1109.11
1310.05
1223.81
1822.47
1352.00
208.68
1392.53
1554.31
655.46
1437.84
820.01
773.20
758.18
573.57
785.69
793.26

UK COMPANY RESULTS
closing
Price p

0.05
31.66
-0.92
-2.96
-5.86
-8.07
-8.41
-9.93
-10.52
-10.75
-11.01
-11.45
-13.36
-13.45
-13.61
-15.06
-15.55
-15.59

FTSE 100 SUMMARY

Company
CMO Group
Numis Corp
S4 Capital
Tekcapital

FTSE 100

Closing Week's
Price Change FTSE 100

3I Group PLC
Abrdn PLC
Admiral Group PLC
Airtel Africa PLC
Anglo American PLC
Antofagasta PLC
Ashtead Group PLC
Associated British Foods PLC
Astrazeneca PLC
Auto Trader Group PLC
Avast PLC
Aveva Group PLC
Aviva PLC
B&M European Value Retail S.A.
Bae Systems PLC
Barclays PLC
Barratt Developments PLC
Berkeley Group Holdings (The) PLC
BP PLC
British American Tobacco PLC
British Land Company PLC
Bt Group PLC
Bunzl PLC
Burberry Group PLC
Coca-Cola Hbc AG
Compass Group PLC
Crh PLC
Croda International PLC
Dcc PLC
Dechra Pharmaceuticals PLC
Diageo PLC
Endeavour Mining PLC
Entain PLC
Experian PLC
Ferguson PLC
Flutter Entertainment PLC
Fresnillo PLC
Glaxosmithkline PLC
Glencore PLC
Halma PLC
Hargreaves Lansdown PLC
Hikma Pharmaceuticals PLC
Howden Joinery Group PLC
HSBC Holdings PLC
Imperial Brands PLC
Informa PLC
Intercontinental Hotels Group PLC
Intermediate Capital Group PLC
International Consolidated Airlines Group S.A.
Intertek Group PLC

1260.5
182.20
2345
146.00
3488.5
1457
3879
1588
10322
579.40
531.00
2144
414.90
459.50
756.00
148.64
470.10
4007
426.65
3300
490.60
175.70
3028
1524
1548
1650
3160
7038
6192
3254
3783.5
2050
1371
2646
9332
8500
773.80
1769
487.60
2327
845.20
1735
668.20
502.00
1657.5
567.80
4922
1401
131.44
4923

-64.50
-7.10
-179.00
-0.60
-97.50
-94.00
-300.00
-18.50
-366.00
-55.40
-33.00
-31.00
-18.40
-30.70
16.00
0.44
-24.40
-73.00
35.10
-52.00
-27.20
-1.65
-75.00
-67.00
-89.50
-52.00
-57.50
-766.00
114.00
-384.00
-235.00
91.00
-147.50
-146.00
-808.00
370.00
-1.60
-28.00
-9.70
-148.00
-72.00
-148.50
-93.20
0.70
-8.50
-6.80
-250.00
-146.50
-12.52
-85.00

Closing Week's
Price Change

Itv PLC
Jd Sports Fashion PLC
Kingfisher PLC
Land Securities Group PLC
Legal & General Group PLC
Lloyds Banking Group PLC
London Stock Exchange Group PLC
M&G PLC
Meggitt PLC
Melrose Industries PLC
Mondi PLC
National Grid PLC
Natwest Group PLC
Next PLC
Ocado Group PLC
Pearson PLC
Pershing Square Holdings LTD
Persimmon PLC
Phoenix Group Holdings PLC
Prudential PLC
Reckitt Benckiser Group PLC
Relx PLC
Rentokil Initial PLC
Rightmove PLC
Rio Tinto PLC
Rolls-Royce Holdings PLC
Royal Mail PLC
Sage Group PLC
Sainsbury (J) PLC
Schroders PLC
Scottish Mortgage Investment Trust PLC
Segro PLC
Severn Trent PLC
Shell PLC
Smith & Nephew PLC
Smith (Ds) PLC
Smiths Group PLC
Smurfit Kappa Group PLC
Spirax-Sarco Engineering PLC
Sse PLC
St. James's Place PLC
Standard Chartered PLC
Taylor Wimpey PLC
Tesco PLC
Unilever PLC
United Utilities Group PLC
Vodafone Group PLC
Whitbread PLC
Wpp PLC

69.40
123.55
237.00
715.20
239.80
43.37
7296
209.20
778.00
113.50
1586
1179.5
209.50
5948
800.20
767.60
2610
2039
577.20
920.60
6324
2307
525.20
558.80
5440
80.31
326.70
694.60
227.90
2820
832.40
1109
2996
2299.5
1303.5
323.80
1482.5
3331
11325
1828
1215.5
560.00
123.45
271.40
3597
1092
120.42
2704
970.80

-4.90
-9.85
-16.30
-37.40
-12.30
-2.51
-620.00
-5.00
3.00
-4.60
76.00
-14.50
-8.50
-78.00
-123.80
-18.20
-150.00
-61.00
-31.80
-89.40
84.00
-86.00
-24.80
-59.60
-266.00
-2.98
-17.90
-42.80
-5.40
-20.00
-81.60
-233.50
-150.00
126.50
0.50
-7.10
5.00
-82.00
-825.00
-40.50
-82.50
8.20
-3.45
-0.60
-122.00
-59.00
-1.12
-113.00
-34.20

UK STOCK MARKET TRADING DATA
May 06
May 05
May 04
May 03
Apr 29
Yr Ago
Order Book Turnover (m)
91.33
150.59
210.91
235.50
125.72
125.72
Order Book Bargains
1182614.00 970934.00 1117155.00 954218.00 953794.00 953794.00
Order Book Shares Traded (m)
1965.00
1393.00
1840.00
1939.00
1635.00
1635.00
Total Equity Turnover (£m)
13948.32
15150.67
9261.89
13415.57
8131.66
8131.66
Total Mkt Bargains
1410240.00 1181229.00 1335520.00 1169589.00 1151915.00 1151915.00
Total Shares Traded (m)
10738.00
8903.00
7112.00
6821.00
6102.00
6102.00
† Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
(c) Market closed.

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
liable for any loss arising from the reliance on or use of the listed information.
For all queries e-mail ft.reader.enquiries@morningstar.com

Data provided by Morningstar | www.morningstar.co.uk

UK RECENT EQUITY ISSUES
Pre
Int
Pre
Pre

Turnover
52.351
76.340
74.153 115.426
686.601 342.687
0.943
0.816

Pre-tax
0.390L
4.422L
39.327
13.425
3.096
55.650L
7.682
26.370

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier.
For more information on dividend payments visit www.ft.com/marketsdata

EPS(p)
0.000
7.110L
28.600
15.100
0.800L
10.300L
0.095
0.220

Div(p)
Pay day
0.00000 0.00000
6.00000 5.50000 Jun 21
0.00000 0.00000
0.00000 0.00000

0.000
14.000
0.000
0.000

Total
0.000
12.000
0.000
0.000

Issue
date
04/08
04/08
04/08
04/07

Issue
price(p)
10.00
1000.00
30.00
4.00

Sector

Stock
code
ARA
FINS
1SN
AJAX

Stock
Aura Renewable Acquisitions PLC
Financials Acquisition Corp
First Tin PLC
Ajax Resources PLC

§Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For a full explanation of all the other symbols please refer to London Share Service notes.

Close
price(p)
11.75
995.00
24.00
4.60

+/-0.25
7.50
-0.50
0.00

High
18.50
1000.20
31.50
5.20

Low
11.00
989.90
23.00
4.50

Mkt
Cap (£m)
123.4
19215.9
6372.8
215.6

14

★

FTWeekend

7 May/8 May 2022

MARKET DATA
FT500: THE WORLD'S LARGEST COMPANIES
Stock
Australia (A$)
ANZ Bank
BHP Group
CmwBkAu
CSL
NatAusBk
Telstra
Wesfarmers
Westpac Bank
Woolworths
Belgium (€)
AnBshInBv♦
KBC Grp
Brazil (R$)
Ambev
Bradesco
Cielo
ItauHldFin
Petrobras♦
Vale
Canada (C$)
Bausch Hlth
BCE
BkMontrl♦
BkNvaS
Brookfield
CanadPcR
CanImp
CanNatRs
CanNatRy
Enbridge
GtWesLif
ImpOil
Manulife
Nutrien
RylBkC♦
SHOP
Suncor En
ThmReut
TntoDom
TrnCan
China (HK$)
AgricBkCh
Bk China
BkofComm
BOE Tech
Ch Coms Cons
Ch Evrbrght
Ch Rail Cons
Ch Rail Gp
ChConstBk
China Vanke
ChinaCitic
ChinaLife
ChinaMBank
ChinaMob
ChinaPcIns
ChMinsheng
ChMrchSecs
Chna Utd Coms
ChShenEgy
ChShpbldng
ChStConEng
ChUncHK
CNNC Intl
CSR
Daqin
GuosenSec
HaitongSecs
Hngzh HikVDT
Hunng Pwr
IM Baotou Stl
In&CmBkCh
IndstrlBk
Kweichow
Midea
New Ch Life Ins
PetroChina
PingAnIns
PngAnBnk
Pwr Cons Corp
SaicMtr
ShenwanHong
ShgPdgBk
Sinopec Corp
Sinopec Oil
Denmark (kr)
DanskeBk
MollerMrsk
NovoB

52 Week
High
Low

Price Day Chg
26.76
46.80
102.40
268.16
31.62
3.97
49.60
23.83
38.15

-0.15
-0.65
-1.31
-8.09
-0.63
-0.03
0.14
-0.18
0.01

29.64
54.55
110.19
319.78
33.75
4.20
67.20
27.12
42.66

24.65
35.56
92.37
240.10
25.08
3.40
47.45
20.00
33.05

52.09
65.00

-2.23
0.18

65.86
86.50

46.66
49.75

13.69
14.94
3.09
20.39
35.54
80.15

-0.04
0.38
-0.03
0.42
1.15
-0.18

19.86
22.34
4.45
30.15
38.08
120.45

21.12 -0.39 39.11
69.34
0.30 74.09
134.49 -0.67 154.47
82.02 -0.46 95.00
62.74 -0.42 79.04
92.16 -1.32 105.46
139.38 -0.73 167.50
82.62
0.72 88.18
150.12 -1.74 171.48
58.15
0.92 59.09
34.00 -0.25 41.50
67.38
0.05 69.55
24.97
0.08 28.09
131.85 -0.99 147.93
129.50 -0.82 149.60
504.14 -25.49 2228.73
47.80
0.42 48.49
121.92
0.44 156.62
92.92 -0.43 109.08
71.17
0.71 74.39

Yld
3.66
8.20
3.19
1.05
2.65
2.35
3.35
3.48
2.64

P/E MCap m
13.98 53098.21
11.77 168246.82
20.61 124088
41.10 91733.38
18.03 72266.87
34.57 32881.83
27.30 39937.84
18.56 59249.27
46.58 32887.37

1.00 26.51 95765.72
5.19 10.78 28677.26

13.06 4.11 20.69 42641.35
14.43 3.10 10.92 14390.37
2.01 4.70 10.47 1660.19
18.91 3.79 8.08 19993.56
23.00 13.48 5.07 52308.84
61.85 15.75 4.94 79237.63
20.47
58.58
116.16
75.84
53.88
82.12
129.37
37.82
125.00
45.76
33.38
30.64
22.76
70.93
118.79
460.00
21.90
111.72
80.68
57.71

4.69
3.13
4.21
0.97
0.77
4.01
2.25
1.52
5.34
5.28
1.42
4.36
1.64
3.20
2.04
1.56
3.27
4.55

-6.81 5920.48
24.94 49096.79
11.11 70146.14
11.03 76620.33
22.35 79969.82
23.71 66547.96
10.38 48841.49
13.76 74470.83
23.43 80706.94
21.79 91498.52
10.27 24601.22
20.82 35012.16
7.59 37393.57
20.34 56574.5
12.36 141543.81
18.75 44702.35
18.56 52823.52
9.03 46105.36
12.51 130277.13
41.15 54329.31

2.93 -0.03
3.04 -0.04
5.21 -0.15
0.80
0.12
4.52 -0.13
2.73 -0.05
5.22 -0.09
5.58 -0.02
5.50 -0.10
17.70 -0.86
3.66 -0.07
11.28 -0.28
44.05 -2.65
51.25 -0.25
16.74 -0.62
2.87 -0.04
12.67 -0.17
3.46 -0.07
24.45 -0.50
3.49 -0.08
5.97 -0.22
3.73 -0.04
7.02 -0.18
2.88 -0.05
6.50 -0.09
9.18 -0.07
5.28 -0.11
34.80 -3.44
3.72 -0.18
1.80 -0.06
4.58 -0.08
19.96 -0.44
1793 -44.00
0.47 18.92 -0.56
3.95 -0.05
48.65 -2.35
14.96 -0.36
7.35 -0.26
16.34 -0.25
0.09 7.85 -0.14
3.91 -0.04
1.83 -0.02

3.18
3.20
5.74
1.21
5.17
3.36
5.99
5.88
6.43
27.25
4.29
16.64
72.45
58.65
30.60
4.27
21.06
4.57
26.55
5.08
6.40
4.73
8.92
4.04
7.25
13.29
7.81
70.44
5.74
4.14
5.14
23.77
2320
0.72
30.95
4.49
85.20
25.16
9.96
23.45
0.11
10.43
4.33
2.90

2.54
2.67
4.35
0.57
3.57
2.63
4.39
3.53
5.03
13.06
3.28
10.86
43.30
45.90
16.64
2.56
12.06
3.39
14.30
3.36
4.38
3.60
4.62
2.78
5.80
9.00
5.19
34.42
2.53
1.51
4.08
17.08
1525.5
0.44
18.50
2.94
45.80
13.22
3.77
14.63
0.05
7.52
3.25
1.70

7.41 3.77 11473.57
7.45 3.69 32384.4
6.83 4.22 23237.72
12.63
20.28
4.58 3.67
2544.2
8.93 3.62 4409.41
5.11 2.72 1380.72
3.75 4.40 2990.82
6.87 3.92 168448.4
7.85 4.80 4286.85
7.80 3.32 6938.81
6.16 4.83 10692.82
3.19 8.51 25762.35
6.13 8.52 133580.25
7.99 5.34 5918.44
8.72 3.64 3041.98
3.41 11.44 14067.59
3.20 17.56 16026.14
8.53 7.26 10519.94
- -262.52 11529.73
3.41 5.04 36469.66
4.29 8.05 14539.31
1.75 18.57 19324.36
7.31 7.75
1603.7
7.30 9.96 14456.29
2.37 11.40 12122.28
5.55 5.61 2293.38
2.18 21.44 47596.8
5.23 -48.93 2227.51
21.69 8529.72
6.75 4.11 50639.99
3.84 5.53 62030.7
1.06 40.86 336945.54
-5.00
18.02
8.24 3.52 2492.46
6.15 7.80 10616.97
5.24 7.57 46157.18
1.15 9.04 43428.78
1.19 15.46 12253.6
3.60 8.27 28559.17
- -17.70
101.52
5.79 5.08 34469.14
3.63 4.61 12708.24
- 615.61 3714.75

108.15 -0.95
21010 -430.00
781.30 -14.40

133.25
24070
834.50

93.56
15315
455.95

1.81 7.56 13264.75
1.59 3.49 26623.74
1.17 38.43 197011.79

Stock

52 Week
High
Low

Price Day Chg

Finland (€)
Nokia
4.77
SampoA
44.30
France (€)
Airbus Grpe
107.50
AirLiquide
160.82
AXA♦
22.80
BNP Parib
50.59
ChristianDior 539.00
Cred Agr
9.97
Danone
56.10
EDF
8.14
Engie SA
11.14
EssilorLuxottica 155.05
Hermes Intl
1042
LOreal
316.00
LVMH
561.90
Orange
11.57
PernodRic
183.20
Renault
23.17
Safran
95.42
Sanofi♦
97.05
Sant Gbn
53.53
Schneider
127.00
SocGen
22.57
Total
50.60
UnibailR
66.88
Vinci
90.39
Vivendi
10.94
Germany (€)
Allianz♦
195.70
BASF
47.44
Bayer
59.86
BMW
79.06
Continental
61.32
Deut Bank
9.32
Deut Tlkm
17.30
DeutsPost
38.98
E.ON
9.67
Fresenius Med
58.58
Fresenius SE
34.10
HenkelKgaA
60.40
Linde
289.50
Mercedes-Benz
62.08
MuenchRkv
216.70
SAP
91.64
Siemens
114.64
Volkswgn
200.80
Hong Kong (HK$)
AIA
74.00
BOC Hold
29.70
Ch OSLnd&Inv
23.55
ChngKng
53.70
Citic Ltd
8.04
Citic Secs
16.18
CK Hutchison
55.05
CNOOC
10.90
HangSeng
140.10
HK Exc&Clr
327.60
MTR
42.75
SandsCh
16.50
SHK Props
92.80
Tencent
349.20
India (Rs)
Bhartiartl
710.25
HDFC Bk
1317.6
Hind Unilevr 2149.2
HsngDevFin 2150.65
ICICI Bk
719.25
Infosys
1542.85
ITC
266.65
L&T
1622.45
OilNatGas
166.95
RelianceIn
2620.65
SBI NewA
483.95
SunPhrmInds 883.30
Tata Cons
3432.6
Israel (ILS)
TevaPha
29.32
Italy (€)
Enel
6.01
ENI
13.60
Generali
17.74
IntSPaolo
1.88
Unicred
8.23
Japan (¥)
AstellasPh
1954.5
Bridgestne
4865
Canon
3046
CntJpRwy
17025

5.71
48.74

3.98
35.85

16.78 28740.2
3.85 33.97 25980.17

-1.52
-3.12
-0.34
-0.11
-11.00
-0.02
0.08
-0.12
-0.14
-3.55
-34.00
-13.20
-12.10
-0.03
-9.55
0.46
-1.69
0.88
-0.60
-2.36
0.14
1.09
-1.49
-0.67
-0.12

121.00
166.60
29.09
68.07
733.50
14.27
65.30
12.67
14.61
195.00
1678
433.65
741.60
11.68
214.50
38.07
127.74
106.66
64.93
173.78
37.68
52.50
85.65
103.74
12.16

90.24
136.04
20.78
43.07
513.00
8.97
46.48
6.64
9.79
133.60
1017.5
312.55
543.90
8.93
169.30
20.47
91.48
80.95
45.76
121.60
18.34
34.27
52.04
80.74
5.45

20.10 89664.25
1.68 30.28 80910.68
6.15 7.83 56876.96
5.28 7.56 66085.49
1.12 24.95 102965.95
7.87 5.55 31911.11
3.39 19.47 40046.99
5.87 6.39 32207.93
4.66 8.00 28705.61
1.44 50.57 72601.68
0.43 45.63 116416.73
1.27 43.20 179344.77
1.22 24.00 300158.9
5.083919.37 32582.47
1.67 28.22 50772.86
- -17.65 7251.36
0.44 973.69 43144.29
3.23 20.02 129932.03
2.49 13.06 29686.07
2.01 22.86 76480.56
2.45 5.14 19991.02
5.23 9.92 139753.54
-9.72 9813.82
2.92 20.45 56714.94
5.50 10.39 12828.87

-4.06
-0.14
-0.68
1.03
0.78
-0.14
-0.29
-0.98
-0.08
-0.52
-0.95
1.85
-7.90
1.08
-2.30
-3.58
-1.94
0.80

232.50
71.05
67.99
97.60
132.68
14.64
18.92
61.38
12.54
71.14
47.60
83.65
306.00
91.63
282.25
129.74
156.98
314.00

178.30
46.61
43.91
67.58
56.78
8.16
14.47
38.49
9.51
50.98
26.69
56.55
236.75
48.05
205.15
90.34
105.92
180.10

4.81
6.82
3.27
2.36
3.40
3.47
4.76
2.24
2.59
2.97
1.26
2.13
4.43
1.98
2.99
2.34

12.61 84595.58
8.01 46108.14
59.88 62236.52
4.30 50368.54
9.64 12979.4
10.22 20374.41
20.29 91305.75
10.07 51114.43
5.48 27025.08
18.06 18164.9
11.00 16355.6
16.39 16606.52
45.89 154023.99
6.33
98.04
10.56 32129.45
20.97 119143.76
17.59 103125.16
6.92 62708.65

-2.25
-0.50
-1.85
-0.75
-0.18
-0.42
-0.80
-0.12
-3.10
-14.00
-0.15
-0.94
-1.30
-17.20

104.80
32.75
27.35
56.05
10.24
21.52
65.80
11.84
169.50
544.00
47.45
35.95
124.30
640.00

70.15
22.20
15.42
41.35
6.96
15.42
48.80
7.55
131.00
314.00
39.35
13.52
87.15
297.00

1.65
3.84
4.68
3.03
5.49
2.71
3.80
3.81
4.00
2.56
2.64
4.90
0.42

18.50 113883.07
14.89 40002.54
5.71 32835.32
12.00 24925.54
3.50 29795.12
8.14
5400.5
6.81 26890.94
9.29 61996.12
22.02 34121.79
36.07 52911.34
30.23 33729.6
-16.01 17011.56
10.35 34257.44
13.42 427591.22

-8.70 781.80 509.14
-35.35
1725 1297.05
-17.40 2859.3
1927
-64.75 3021.1 2098.2
-9.55 867.00 591.10
-42.30 1923.3 1311.3
4.60 273.15 200.90
-15.20
2035
1339
2.10 189.80 108.50
-20.25 2856.15
1906
3.95 549.00 353.00
5.15 967.05 652.70
-80.80 3989.9
3036
36.32

24.02

-

24.91

9646.96

-0.05
0.09
-0.26
-0.04
-0.35

8.43
14.85
21.55
2.92
15.93

5.29
9.33
15.30
1.68
7.75

5.98
4.94
8.12
1.91
1.43

28.52
33.90
10.17
59.46
12.47

64642.6
51910.25
29675.06
38659.04
19486.15

-5.50
41.00
58.50
395.00

2105
5467
3144
18455

1648
4042
2418.5
14660

2.43
3.19
3.31
0.79

29.18 27515.6
15.28 26625.83
14.62 31154.05
-31.66 26894.29

Price Day Chg

52 Week
High
Low

Yld

P/E MCap m

Denso
7784 -8.00
9575
6584 1.86 21.16 47033.19
EastJpRwy
6932 91.00
8569
6373 1.49 -6.90 20089.93
Fanuc
19650 -60.00 28165 18740 2.38 23.18 30424.6
FastRetail
61320 620.00 93000 54310 0.84 30.30 49878.74
Fuji Hvy Ind
2028 32.50
2413 1664.5 2.85 23.11 11961.88
Hitachi
6510 30.00
7460
4750 1.82 9.46 48335.64
HondaMtr
3470 38.00
3724
3043 3.84 7.28 48201.04
JapanTob
2299.5 71.50
2417
2000 6.29 11.68 35267.06
KDDI
4306 -18.00
4344
3237 2.88 14.31 76084.49
Keyence
52250 10.00 76210 48930 0.40 43.31 97447.2
MitsbCp
4475 78.00
4749
2869 3.18 9.90 50984.34
MitsubEst
1884.5 14.00
1980
1546 1.59 18.19 20108.44
MitsubishiEle
1374 19.00
1817 1225.5 3.01 12.18 22623.8
MitsuiFud
2790 63.50 2816.5
2211 1.63 16.86 20527.85
MitUFJFin
779.50 23.30 828.30 564.40 3.44 7.84 79393.52
Mizuho Fin
1591.5 24.50
1716
1397 5.03 6.56 30989.74
Murata Mfg
8292 90.00 10535
7008 1.49 16.51 42971.18
Nippon T&T
3858 22.00
3875 2778.5 2.81 12.04 107156.38
NipponTT
3858 22.00
3875 2778.5 2.81 12.04 107156.38
Nissan Mt
523.20
8.50 654.30 436.50 16.47 16934.02
Nomura
497.90 -2.90 614.80 460.30 4.77 -33.20 12346.1
Nppn Stl
2076.5
6.00
2381 1690.5 3.98 3.18 15132.41
Panasonic
1167 13.50
1541 1018.5 2.21 11.44 21959.75
Seven & I
5993 185.00
6083
4552 1.77 22.12 40738.06
ShnEtsuCh
18275 380.00 21480 15860 1.64 16.97 58391.26
Softbank
5170 -120.00 10200
4210 0.88 4.31 68307.74
Sony
11110 -50.00 14745
9989 0.56 13.76 107439.27
SumitomoF
3972 102.00
4461
3641 5.20 7.49 41861.63
Takeda Ph
3828 57.00
3842
2993 4.86 13.32 46446.55
TokioMarine
6993 55.00
7565
4907 3.25 11.02 36465.16
Toyota
2276 48.00 2375.5 1636.8 2.31 9.95 284750.7
Mexico (Mex$)
AmerMvl
19.22 -0.22 22.49 14.11 1.82 14.49 41178.76
FEMSA UBD 141.57 -1.96 180.66 141.27 2.27 819.22 15221.41
WalMrtMex
70.18 -1.03 82.93 61.51 0.77 32.60 60965.79
Netherlands (€)
ASML Hld♦
524.40 -12.80 777.50 492.15 0.63 37.32 225582.56
Heineken
90.00 -2.94 103.80 77.50 1.07 15.92 54862.62
ING♦
8.70 -0.43 14.00
7.90 6.76 7.22 35980.17
Unilever
42.04 -0.68 51.05 39.36 3.41 21.58 132716.74
Norway (Kr)
DNB
183.10 -1.05 220.50 168.40 9.27 12.00 30284.76
Equinor
337.15
2.30 347.60 167.18 1.43 14.91 116499.64
Telenor
130.50 -3.20 159.95 122.95 6.72 22.61 19371.47
Qatar (QR)
QatarNtBk
23.25 27.00 17.37 1.78 19.17 58968.04
Saudi Arabia (SR)
AlRajhiBnk
176.60 -2.40 185.40 98.00 1.25 32.62 117708.23
Natnlcombnk
79.00
4.00 79.00 52.40 1.68 28.89 63186.51
SaudiBasic
131.00
2.00 141.40 106.80 2.28 18.57 104777.64
SaudiTelec
116.00
2.60 139.80 103.20 3.16 22.34 61853.48
Singapore (S$)
DBS
33.07 -0.53 37.49 28.53 2.89 13.54 61496.91
JardnMt US$
53.97 -0.50 67.55 49.98 2.85 90.09 38529.14
OCBC♦
11.94 -0.41 13.54 10.98 3.29 12.01 38752.45
SingTel
2.74 -0.02
2.80
2.21 3.55 87.93 32690.19
UOB♦
29.56 -0.34 33.33 24.73 3.14 13.27 35716.17
South Africa (R)
Firstrand
66.03 -2.82 79.34 51.04 3.63 12.94 23255.03
MTN Grp
167.65 -4.98 211.49 93.08 24.76 19833.5
Naspers N
1458.48 -2.20 3360.47 1262.66 0.37 8.49 39879.79
South Korea (KRW)
HyundMobis 202500-4500.00 297500 199000 1.93 8.09 15046.99
KoreaElePwr
22850 -100.00 27450 20050 5.24 -13.66 11525.34
SK Hynix
107500-2000.00 134000 90500 1.40 7.87 61489.1
SmsungEl
66500-1400.00 83500 64500 2.12 11.79 311915.59
Spain (€)
BBVA
4.59
0.00
6.29
4.38 1.29 8.32 32382.92
BcoSantdr
2.65 -0.04
3.51
2.49 2.81 6.20 48641.02
CaixaBnk
2.95 -0.06
3.43
2.22 0.89 4.58 25165.26
Iberdrola
10.67 -0.15 11.57
8.47 3.88 18.67 72659.42
Inditex
20.25 -0.63 32.85 18.55 1.07 21.79 66791.75
Repsol
14.84
0.44 14.94
8.69 3.96 9.23 23979.98
Telefonica
4.72 -0.05
5.00
3.59 7.19 3.51 28849.07
Sweden (SKr)
AtlasCpcoB
364.80 -8.80 534.40 352.00 2.00 24.63 14377.82
Ericsson
77.01 -2.54 118.46 72.56 2.91 11.48 23897.59
H&M
121.98
3.08 218.10 110.10 5.15 17.00 17995.8
Investor
172.80 -3.66 228.75 171.22 2.02 7.52 31798.52
Nordea Bk
96.43 -1.74 114.64 84.96 15.11 11.38 37916.18
SEB
107.10 -1.20 141.85 91.64 7.64 9.11 23473.77
SvnskaHn
97.82 -0.58 108.15 82.92 4.18 10.31 19214.42
Swedbank
152.60 -1.55 196.70 130.80 9.51 8.24 17447.49
Telia Co
39.96 -0.55 41.70 33.61 4.99 14.26 16505.92
Volvo
157.62
2.04 230.00 148.24 3.80 9.80 25288.24
Switzerland (SFr)
ABB
28.67 -0.59 35.30 27.54 2.66 13.94 59763.2
CredSuisse
6.65 -0.07 10.18
6.21 1.48 -10.06 17891.43
Nestle
123.36 -1.44 128.90 107.72 2.20 20.65 352564.51

- 160.87 54324.7
23.70 95027.24
1.41 61.08 65638.6
1.01 19.42 50683.28
0.26 24.21 64975.29
1.85 32.34 84366.13
3.81 23.50 42712.77
1.05 28.55 29628.94
5.14 5.01 27300.21
0.25 31.81 230478.71
0.78 14.32 56140.98
0.80 34.92 27547.95
0.96 35.76 163260.76

0.56

Day
change change %
0.05
0.08
0.62
1.00
0.40
0.32
1.55
1.65
2.52
2.45
5.37
4.35
0.00
0.00
7.75
1.85
0.33
0.78
-0.24
-0.25
1.42
2.86
30.00
0.46
4.84
1.06
-0.28
-0.30
1.26
0.76
90.00
1.10
395.00
2.38
185.00
3.19
-0.01
-0.01
10.45
4.15

Week
change change %
9.03
15.5
7.82
14.2
14.75
13.2
9.90
11.6
9.86
10.3
12.03
10.3
0.01
9.6
35.10
9.0
3.40
8.7
7.53
8.7
3.71
7.8
465.00
7.7
32.55
7.6
6.56
7.5
10.85
6.9
536.00
6.9
1080.00
6.8
364.00
6.5
3.10
6.4
15.75
6.4

Month
change %
15.03
11.93
21.97
-8.04
7.99
8.64
15.19
12.37
3.90
9.89
4.32
5.99
-17.94
9.47
1.49
3.58
6.39
3.55
1.44
5.25

INTEREST RATES: OFFICIAL
Current
0.33
3.50
0.50
0.00
1.00
0.00-0.10
-1.25-0.25

Since
17-03-2022
17-03-2022
17-03-2022
16-03-2016
05-05-2022
01-02-2016
15-01-2015

Last
0.08
3.25
0.25
0.00
0.75
0.00
-0.75--0.25

Day
0.485
-0.064
-0.005

Change
Week
0.490
0.000
0.000

Month
0.000
0.001
-0.009
-0.002
0.000
-0.009
0.000
-0.010
-0.010

One
month
0.84486
-0.61943
1.01190
-0.77540
-0.05347
-0.55300
0.50000
0.94000
-0.56000

Three
month
1.37071
-0.58057
1.25960
-0.75300
-0.01754
-0.42100
0.63000
1.39000
-0.52000

Six
month
1.97214
-0.55600
1.73540
-0.70280
0.03015
-0.20600
0.78500
1.91000
-0.34000

One
year
2.67214
-0.48571
0.81363
-0.55320
0.04867
0.25300

Short
7 Days
One
Three
Six
One
May 06
term
notice
month
month
month
year
Euro
-0.73 -0.43 -0.75 -0.45 -0.71 -0.41 -0.67 -0.37 -0.49 -0.19 -0.08 0.22
Sterling
0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05
US Dollar
0.69 0.89 0.73 0.93 0.84 1.04 1.29 1.49 1.81 2.01 2.48 2.68
Japanese Yen
-0.20 0.00 -0.25 -0.05 -0.20 0.00 -0.15 0.05 -0.10 0.20 -0.05 0.25
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs:
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA.

COMMODITIES
Energy
Price*
Crude Oil†
Jun
109.36
Brent Crude Oil‡
113.15
RBOB Gasoline†
Jul
3.69
Natural Gas†
Jun
8.77
Base Metals (♠ LME 3 Months)
Aluminium
2845.50
Aluminium Alloy
2580.00
Copper
9423.00
Lead
2235.50
Nickel
30645.00
Tin
39630.00
Zinc
3783.00
Precious Metals (PM London Fix)
Gold
1892.30
Silver (US cents)
2291.50
Platinum
992.00
Palladium
2230.00
Bulk Commodities
Iron Ore
144.90
Baltic Dry Index
2718.00
Richards Bay ICE Futures
311.05

www.ft.com/commodities

Change
0.99
3.58
0.02
-0.10
-90.50
-170.00
-36.50
-37.00
645.00
-1030.00
-101.00
28.65
32.00
20.00
3.00

Agricultural & Cattle Futures
Corn♦
Wheat♦
Soybeans♦
Soybeans Meal♦
Cocoa (ICE Liffe)X
Cocoa (ICE US)♥
Coffee(Robusta)X
Coffee (Arabica)♥
White SugarX
Sugar 11♥
Cotton♥
Orange Juice♥
Live Cattle♣
Feeder Cattle♣
Lean Hogs♣

2.00 S&P GSCI Spt
74.00 DJ UBS Spot
11.40 TR/CC CRB TR
LEBA EUA Carbon
LEBA UK Power

Jul
Jul
Jun
May
Jun

Price*
789.00
1104.00
1633.75
418.40
1714.00
2484.00
2147.00
214.55
530.00
18.87
148.06
177.20
133.78
134.88
102.58

Change
-14.50
16.75
-45.75
-10.30
4.00
-153.00
0.00
-3.45
6.10
0.06
-0.70
4.20
-1.15
0.08

May 05
774.84
131.47
334.16
58.91
1048.00

% Chg
Month
8.65
5.64
5.34
-1.98
-37.43

% Chg
Year
49.43
41.64
54.03
129.94
-39.60

Jul
Jul
Jul
Jul
Jul
Jul
May
May

Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $
unless otherwise stated.

Stock

Price Day Chg

52 Week
High
Low

Novartis
84.67 -0.56 88.07 73.01
Richemont
104.90 -2.75 146.10 92.40
Roche
346.10 -1.60 404.20 296.55
Swiss Re
78.16
0.42 102.20 72.44
Swisscom
585.40
2.20 590.40 491.10
UBS
16.90 -0.03 19.90 13.10
Zurich Fin
447.30 -0.10 461.70 352.80
Taiwan (NT$)
Chunghwa Telecom 126.50
2.50 132.50 108.50
Formosa PetChem
91.20
1.50 117.50 88.30
HonHaiPrc
104.00
1.00 120.00 96.50
MediaTek
834.00 25.00
1200 797.00
TaiwanSem
528.00 650.00 518.00
Thailand (THB)
PTT Explor
37.25 -0.25 42.00 34.00
United Arab Emirates (Dhs)
Emirtestele
34.50 -0.50 38.98 11.60
United Kingdom (p)
Anglo American 3488.5 -32.50 4996.8 36.40
AscBrFd
1588 -12.00
2389 1462.5
AstraZen
10322 -190.00 11000 6499.8
Aviva♦
414.90 -10.90 461.00 361.10
Barclays
148.64 -1.18 217.63 140.06
BP
426.65
7.75 430.75 275.85
BrAmTob
3300 -47.50 3456.5 2507.5
BT
175.70 -6.60 206.70 134.85
Compass
1650 -32.50
1823 1395.5
Diageo
3783.5 -164.50 4364.1 3167.5
GlaxoSmh
1769 -11.60
1817 1215.83
Glencore
487.60
3.50 540.20 289.65
HSBC
502.00 -6.00 567.20 329.55
Imperial Brands 1657.5 -16.00
1822 1434.23
Jardine Mathes.♦
62.50 66.12 52.26
LlydsBkg♦
43.37 -0.66 54.50 38.10
LSE Group♦
7296 -162.00
8546
6230
Natl Grid
1179.5 -21.00 1235.49 880.60
Natwest Group 209.50 -0.70 258.10 182.85
Prudential♦
920.60 -36.60 1592.27 918.20
ReckittB♦
6324 -38.00
6709 4905.16
RELX♦
2307 -68.00 2634.82 1582.5
RioTinto
5440 -41.00 6876.26
4354
RollsRoyce
80.31 -1.43 161.91 78.44
Shell PLC
2299.5
6.50 2334.5 1282.78
StandCh♦
560.00 -5.00 590.00 406.20
Tesco
271.40 -0.30 304.10 221.70
Unilever
3597 -33.00
4924 3267.5
Vodafone
120.42 -3.04 142.74 106.30
WPP
970.80 -38.70 1231.5 868.80
United States of America ($)
21stC Fox A
35.03 -1.51 44.95 34.16
3M
147.99 -1.47 208.95 139.74
AbbottLb♦
111.84 -1.17 142.60 105.36
Abbvie♦
151.65 -0.54 175.91 105.56
Accenture♦
293.20 -5.50 417.37 276.88
Activision Bli.
77.93 -0.84 99.46 56.40
Adobe
391.71 -8.80 699.54 383.02
Advanced Micro
95.42
1.55 164.46 72.50
AEP
98.88 -0.78 104.81 80.22
Aflac
57.87 -0.16 67.20 51.28
AirProd♦
234.77 -1.22 316.39 216.24
Allstate
131.47 -0.12 144.46 106.11
Alphabet
2320 -10.11 3030.93 2193.62
Altria
56.00
0.05 57.05 42.53
Amazon
2315 -13.14 3773.08 2263.75
AmerAir
17.92 -0.62 26.04 12.44
AmerExpr♦
167.88 -3.13 199.55 149.89
AmerIntGrp
61.33 -0.79 65.73 44.54
AmerTower
241.26 -0.22 303.72 220.00
Amgen
234.39
0.04 258.81 198.64
Amphenol Corp
70.02 -1.14 88.45 64.13
Analog Devices 155.98 -2.26 191.95 143.81
Anthem
499.92 -6.94 533.68 355.43
Aon Cp
284.57 -1.98 341.98 223.19
Apple
157.50
0.73 182.13 122.25
Applied Materi. 112.33 -1.14 167.06 107.90
Aptiv
104.18 -0.45 180.81 94.75
ArcherDan
89.14 -0.27 98.88 56.91
AT&T
19.70 -0.25 25.57 16.62
Autodesk
192.21 -6.18 344.39 180.19
AutomData
215.46 -3.10 248.96 187.29
AutoZone
1958.2 -14.90 2267.4 1367.96
Avago Tech
580.35
0.36 677.76 419.14
BakerHu
31.74 -0.28 39.78 19.23
Bank of NY
43.45 -0.65 64.63 41.77
BankAm
36.96 -0.58 50.11 35.40
Baxter
71.84 -1.15 89.70 69.72
BectonDick
251.26 -8.38 277.29 229.24
BerkshHat 477521.12-3878.88544389.26407773.23
Biogen
191.05 -10.13 468.55 190.65
BlackRock
628.94 -4.87 973.16 610.00

Yld

P/E MCap m

3.51
1.84
2.51
7.46
3.71
3.92
4.42

8.87 209271.95
24.11 55594.5
22.35 246872.38
18.20 25194.77
16.79 30788.22
8.83 63527.03
14.37 68329.19

3.32
0.63
3.76
4.34
1.95

28.49 33060.45
17.97 29268.7
10.73 48572.45
12.14 44929.81
23.46 461281.03

5.08 10.48 30983.42
2.12 35.29 81686.34
5.11 6.91 60527.45
0.39 26.25 15529.35
2.011747.71 161475.94
5.15 54.59 20568.14
2.02 3.61 31330.44
3.69 15.48 105038.74
6.53 11.16 76001.32
17.06 21533.9
82.50 33519.52
1.92 29.10 117654.92
4.52 20.43 107463.26
1.82 17.85 86881.66
3.22 10.97 124330.47
8.33 5.54 19527.13
2.47 104.32 44618.7
2.86 5.78 38610.17
1.05 74.60 31182.95
4.17 27.49 48904.59
2.86 9.15 30966.31
1.28 14.95 29421.95
2.76 -27.36 55010.71
2.07 30.44 54916.88
9.23 5.69 90126.89
54.63 1845.02
2.63 12.12 130580.13
1.58 12.56 22805.23
3.69 20.72 27449.16
4.03 18.47 54729.99
6.42-269.40 39677.02
2.47 24.66 15183.01
1.22 15.55 11062.69
3.65 16.03 84215.02
1.47 31.12 195825.39
3.13 25.78 267848.28
1.15 32.64 194225.74
0.55 24.84 60928.11
42.25 185083.12
40.71 154628.86
2.77 21.86 50779.25
2.08 9.93 37277.8
2.33 27.04 52051.48
2.25 8.49 36150.64
22.67 697771.6
5.73 45.82 101382.15
39.171177687.91
-6.36 11639.31
0.93 18.37 126423.76
1.90 6.22 49447.16
1.97 46.74 110082.74
2.74 25.00 125211.12
1.02 30.59 41811.64
1.63 57.43 81626.69
0.82 22.17 120523.1
0.64 56.22 60438.09
0.50 28.642549166.01
0.77 16.99 99231.72
58.88 28223.96
1.51 20.41 50159.77
9.63 7.83 141032.3
93.20 41859.37
1.62 36.57 90007.8
19.40 38867.95
2.36 35.94 236944.38
2.07-128.90 31250.44
2.73 11.51 35068.77
1.92 11.352977823.35
1.38 31.14 36173.5
1.22 47.67 71551.58
8.81 293058.05
20.14 27979.66
2.40 18.04 95426.32

Stock

52 Week
High
Low

Price Day Chg

Boeing
147.63 -2.84 258.40 143.38
Booking Holdings 2190.05 18.14 2715.66 1796.45
Bristol-Myers
76.12 -0.13 78.17 53.22
Broadcom
580.35
0.36 677.76 419.14
Cadence Design 146.32 -3.08 192.70 118.11
CapOne
126.70 -3.64 177.95 119.88
CardinalHlth
58.15
0.28 64.53 45.85
Carnival
16.15 -0.40 31.52 14.94
Caterpillar
213.48 -2.45 246.69 179.67
Centene Corp
82.55 -2.27 89.92 59.67
CharlesSch
67.51 -2.34 96.24 65.73
Charter Comms 461.04
4.84 825.62 410.33
Chevron Corp 167.52
1.26 174.76 92.86
Chipotle Mexic. 1345.59 -24.28 1958.55 1277.41
Chubb
208.31
0.31 218.99 155.78
Cigna
262.53 10.45 272.81 191.74
Cintas Corp
379.99 -6.75 461.44 338.00
Cisco
49.05 -0.56 64.29 48.87
Citigroup♦
51.31 -0.01 80.29 47.78
CME Grp
210.24 -3.03 256.94 185.79
Coca-Cola
64.65
0.14 67.20 52.28
Cognizant
73.88
0.28 93.47 66.19
ColgtPlm♦
76.02 -0.07 85.18 72.20
Comcast
39.60 -0.79 61.80 39.47
ConocPhil
105.38
2.52 107.52 51.41
Constellation 248.01 -3.90 261.53 207.35
Corning
36.42 -0.11 46.45 33.21
Corteva
55.23 -2.81 62.04 40.60
Corteva
55.23 -2.81 62.04 40.60
Costco
508.37 -8.96 612.27 371.11
CrownCstl
179.76 -1.83 208.69 157.16
CSX
34.61 -0.05 38.63 29.49
CVS
99.28
1.55 111.25 79.34
Danaher
248.22 -3.69 333.96 238.32
Deere♦
378.18 -4.87 446.76 320.50
Delta
41.11 -1.03 48.54 29.75
Devon Energy
67.20
0.05 68.87 24.05
Digital Realty 140.58 -0.78 176.53 130.10
DiscFinServ
112.11 -3.33 135.69 100.07
Disney
110.38 -2.23 187.58 108.30
Dollar General 233.14 -0.50 262.21 185.15
DominRes
83.51
0.47 88.78 70.37
DukeEner
110.22
0.17 116.33 95.48
DuPont
65.66 -0.48 86.28 64.35
Eaton
146.80 -1.58 175.72 139.12
eBay
48.70
0.66 81.19 47.03
Ecolab
162.80 -3.89 238.93 154.85
Edwards Lifesc. 100.32 -3.04 131.73 87.32
Eli Lilly
293.62
1.25 314.00 189.32
Emerson
87.88 -1.35 105.99 83.42
EOG Res
128.79
5.37 131.39 62.81
Equinix
706.47 -6.92 885.26 662.26
EquityResTP
76.34 -1.48 94.32 71.62
Exelon
46.73 -0.17 50.71 29.10
ExxonMb
90.13 -0.18 92.05 52.10
Fedex
208.04
0.80 319.90 192.82
Fidelity NIS
98.42 -2.18 153.40 85.00
Fiserv
95.83 -3.72 119.86 89.91
FordMtr
14.22 -0.32 25.87 11.28
Franklin
25.02 -0.02 38.27 24.45
GenDyn
238.45 -0.79 254.99 182.66
GenElectric
77.26 -1.33 116.17 72.61
GenMills
70.70 -0.06 73.80 56.67
GenMotors
39.64 -0.31 67.21 37.25
GileadSci
60.44 -0.91 74.12 57.19
GoldmSchs
308.65 -4.43 426.16 302.21
Halliburton
36.70
0.01 42.60 17.82
HCA Hold
225.58
1.39 279.02 199.76
Hew-Pack
37.01 -0.90 41.47 26.11
Hilton Worldwi. 144.16 -5.73 167.99 114.70
HiltonWwde 144.16 -5.73 167.99 114.70
HomeDep
292.82 -6.29 420.61 289.41
Honywell
193.64 -4.23 236.86 174.42
HumanaInc
426.98 -7.03 475.44 363.73
IBM
136.39
0.47 152.84 114.56
IDEXX Laborato. 365.00 -20.11 706.95 358.18
IllinoisTool
207.22 -0.95 248.11 195.25
Illumina
251.93 -39.79 526.00 240.03
Intcntl Exch
100.25 -1.38 139.79 98.67
Intel
44.37 -0.23 58.42 43.50
Intuit
397.25 -12.61 716.86 385.66
John&John
174.87 -1.90 186.69 155.72
JohnsonCn
52.72 -1.47 81.69 51.80
JPMrgnCh
122.08 -1.84 172.96 118.22
Kimb-Clark
136.01 -0.67 144.53 117.32
KinderM
19.01
0.16 20.19 15.01
KLA Corp
330.41 -2.99 442.44 285.89
Kraft Heinz
43.14 44.95 32.79
Kroger
54.39
0.54 62.78 35.91
LasVegasSd
34.73 -0.82 59.84 31.26
LibertyGbl
22.79 -0.53 30.58 22.40

BONDS: HIGH YIELD & EMERGING MARKET

Close
Prev
price
price
Bausch Hlth
20.97
21.51
SHOP
481.11
529.63
IDEXX Laborato.
365.00
385.11
Illumina
251.93
291.72
Hngzh HikVDT
34.80
38.24
Cielo
3.09
3.12
Intcntl Exch
100.25
101.63
Hermes Intl
1043.00
1076.00
JohnsonCn
52.72
54.18
AXA
22.80
23.14
MuenchRkv
216.50
219.00
Investor
172.80
176.46
BBVA
4.59
4.59
Naspers N
1458.48
1460.68
Richemont
104.90
107.65
LOreal
317.00
329.20
Hunng Pwr
3.72
3.90
Prudential
920.60
957.20
S&P Global
343.35
346.90
ChinaCitic
3.66
3.73
Based on the FT Global 500 companies in local currency

Month
change %
-26.96
-41.03
-31.78
-29.95
-15.55
-4.63
-22.41
-20.81
-20.03
-11.53
-10.12
-17.83
-12.59
-17.76
-14.26
-15.33
6.90
-17.06
-16.52
-9.63

Day
change change %
-0.54
-2.51
-48.52
-9.16
-20.11
-5.22
-39.79
-13.64
-3.44
-9.00
-0.03
-0.96
-1.38
-1.36
-33.00
-3.07
-1.47
-2.70
-0.34
-1.45
-2.50
-1.14
-3.66
-2.07
0.00
-0.02
-2.20
-0.15
-2.75
-2.55
-12.20
-3.71
-0.18
-4.62
-36.60
-3.82
-3.56
-1.02
-0.07
-1.88

Week
change change %
-4.29
-17.0
-87.04
-15.3
-65.48
-15.2
-44.72
-15.1
-6.07
-14.9
-0.52
-14.4
-15.56
-13.4
-143.50
-12.1
-7.16
-12.0
-2.66
-10.4
-24.70
-10.2
-18.34
-9.6
-0.47
-9.3
-149.27
-9.3
-10.60
-9.2
-31.90
-9.1
-0.37
-9.0
-89.40
-8.9
-33.16
-8.8
-0.35
-8.7

Month's
change

Year
change

Return
1 month

Return
1 year

BOND INDICES

Rate
Fed Funds
Prime
Discount
Repo
Repo
O'night Call
Libor Target

INTEREST RATES: MARKET
May 06 (Libor: May 05)
US$ Libor
Euro Libor
£ Libor
Swiss Fr Libor
Yen Libor
Euro Euribor
Sterling CDs
US$ CDs
Euro CDs

Stock

FT 500: BOTTOM 20

Close
Prev
price
price
Devon Energy
67.20
67.15
Occid Pet
62.91
62.29
ValeroEngy
126.23
125.83
Advanced Micro
95.42
93.87
ConocPhil
105.38
102.86
EOG Res
128.79
123.42
ShenwanHong
0.09
0.09
BP
426.65
418.90
Schlmbrg
42.41
42.08
Phillips66
94.29
94.52
Total
50.93
49.52
Hitachi
6510.00
6480.00
Charter Comms
461.04
456.20
Marathon Ptl
93.82
94.10
Chevron Corp
167.52
166.26
Murata Mfg
8292.00
8202.00
CntJpRwy
17025.00 16630.00
Seven & I
5993.00
5808.00
Citigroup
51.31
51.31
Cigna
262.53
252.08
Based on the FT Global 500 companies in local currency

Over
night
0.81514
-0.64957
0.18063

P/E MCap m

-0.09
-0.64

FT 500: TOP 20

May 06
US
US
US
Euro
UK
Japan
Switzerland

Yld

Red
date Coupon

Markit IBoxx
ABF Pan-Asia unhedged
Corporates( £)
Corporates(€)
Eurozone Sov(€)
Gilts( £)
Overall( £)
Overall(€)

Index
204.18
356.72
221.16
230.02
320.87
324.78
223.89

0.08
0.28
-0.09
-0.27
-0.03
0.05
-0.22

-0.51
-0.34
-0.48
-0.85
-0.73
-0.62
-0.67

-7.10
-9.87
-8.43
-9.59
-10.74
-10.28
-9.24

-4.18
-3.53
-2.98
-3.45
-3.29
-3.21
-3.23

-7.28
-9.66
-8.87
-9.83
-9.39
-9.24
-9.64

FTSE
Sterling Corporate (£)
Euro Corporate (€)
Euro Emerging Mkts (€)
Eurozone Govt Bond

104.47
662.64
110.04

-0.05
-20.02
-0.19

-

-

0.54
-11.46
-0.34

-1.73
6.08
-0.64

Index

Day's
change

Week's
change

Month's
change

Series
high

Series
low

CREDIT INDICES
Markit iTraxx
Crossover 5Y
Europe 5Y
Japan 5Y
Senior Financials 5Y

458.62
96.15
71.88
105.93

6.64
2.06
3.95
1.41

30.72
5.87
5.82
4.09

97.77
20.61
12.93
19.46

470.61
98.20
71.88
108.77

330.24
70.55
57.71
79.74

Markit CDX
Emerging Markets 5Y
284.47
14.57
13.81
50.15
292.42
219.01
Nth Amer High Yld 5Y
461.41
30.69
15.34
73.74
461.86
362.83
Nth Amer Inv Grade 5Y
83.56
5.10
2.68
15.37
83.69
63.80
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.

BONDS: INDEX-LINKED
Price
Month
Value
No of
Yield
May 05
May 05
Prev
return
stock
Market
stocks
Can 4.25%' 26
119.18
0.045
0.019
-0.69
5.25
71906.03
8
Fr 2.10%' 23
109.20
-5.019
-4.853
0.56
18.05 279177.72
17
Swe 1.00%' 25
122.96
-1.810
-1.757
-0.11
35.15 213556.31
6
UK 0.125%' 24
110.05
-4.919
-4.718
0.42
15.24 734446.08
31
UK 2.50%' 24
374.99
-3.960
-3.764
0.33
6.82 734446.08
31
UK 2.00%' 35
287.68
-1.927
-1.946
-1.29
9.08 734446.08
31
US 0.625%' 24
103.72
-1.536
-1.698
-0.41
40.98 1666645.38
46
US 3.625%' 28
121.85
-0.047
-0.130
-1.14
16.78 1666645.38
46
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
amount.

BONDS: TEN YEAR GOVT SPREADS
Bid
Yield

Spread Spread
vs
vs
Bund T-Bonds

Australia
3.40
2.51
0.34 Netherlands
Austria
1.23
0.34 -1.83 New Zealand
Canada
3.02
2.13 -0.04 Norway
Denmark
1.28
0.39 -1.78 Portugal
Finland
1.24
0.35 -1.82 Spain
Germany
0.89
0.00 -2.17 Sweden
Italy
0.08 -0.81 -2.98 Switzerland
Japan
0.18 -0.71 -2.88 United States
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.

Bid
Yield
0.91
3.74
2.86
1.35
1.73
-1.25
0.66
3.06

Spread Spread
vs
vs
Bund T-Bonds
0.02
2.85
1.97
0.46
0.84
-2.13
-0.23
2.17

-2.15
0.68
-0.20
-1.71
-1.33
-4.31
-2.40
0.00

P/E MCap m

Stock

- -22.64 87343.2
85.25 88966.96
2.41 26.75 162064.37
2.36 35.94 236944.38
64.18 40349.06
1.44 5.15 52151.54
3.07 33.04 16111.12
-2.11 15978.72
1.83 19.79 113860.24
39.70 48282.42
0.97 26.16 122598.4
20.66 77389.38
2.89 22.57 329145.55
64.43 37625.85
1.39 11.85 88261.62
1.39 18.30 83583.45
0.84 38.00 38882.44
2.78 19.09 203761.94
3.63 5.55 101629.8
1.56 31.62 75564.07
2.37 31.51 280259.61
1.19 20.00 38752.63
2.15 32.69 63700.34
2.30 14.28 177012.23
1.69 19.04 136577.88
1.14-737.85 40366.82
2.40 31.20 30760.79
0.88 25.55 40139.71
0.88 25.55 40139.71
0.57 44.50 225319.72
2.77 73.82 77841.77
0.98 22.59 75240.27
1.84 18.30 130186.76
0.31 32.02 180474.99
0.95 22.77 116018.16
- 102.43 26351.45
2.67 17.59 44354.18
3.01 25.95 40018.61
1.53 6.89
31499
70.37 200961.52
0.66 24.90 53338.9
2.75 28.70 67699.38
3.23 24.51 84858.32
1.67 22.29
33390
1.89 30.14 58573.2
1.35 140.51 27623.99
1.09 45.65 46608.99
46.22 62374.13
1.06 52.61 278985.85
2.11 21.04 52279.81
1.14 17.67 75392.31
1.48 140.08 64298.54
2.88 24.43 28701.86
2.99 29.45 45801.8
3.53 18.34 381573.69
1.26 12.27 53919.44
1.45 161.07 60112.11
52.80 62483.87
0.64 3.50 56133.8
4.12 7.26 12508.1
1.79 22.64 66218.78
0.38 -26.07 85037.38
2.66 20.48 42573.38
6.49 57804.67
4.29 13.44 75784.91
1.92 5.69 106003.13
0.45 24.69 33102.52
0.78 11.69 66655.37
2.07 7.32 38985.07
- 108.27 40124.3
- 108.27 40124.3
2.08 20.48 302590.14
1.78 26.84 131817.12
0.60 20.65 54009.52
4.38 28.70 122673.98
46.54 30662.64
2.08 26.70 64631.92
54.81 39575.07
1.20 15.31 56183.7
2.86 10.01 181428.52
0.59 54.55 112347.26
2.19 24.55 460140.08
1.99 26.39 36672.19
2.84 8.71 358555.12
3.06 27.88 45825.24
5.14 26.73 43114.18
1.08 18.65 49308.75
3.38 57.69 52801.29
1.32 27.22 39211.82
- -25.22 26537.51
1.07 3991.24

52 Week
High
Low

Price Day Chg

Lilly (E)
293.62
1.25 314.00
Linde
306.04 -6.57 346.50
Lockheed
444.66
1.51 479.99
Lowes
192.97 -2.96 263.31
Lyondell
109.83 -1.60 118.02
Marathon Ptl
93.82 -0.28 96.90
Marsh&M♦
160.67 -0.53 183.14
MasterCard♦ 346.95 -6.42 399.92
McDonald's
250.38
1.46 269.72
McKesson
328.29 13.06 335.60
Medtronic
103.36 -1.19 135.89
Merck
87.94 -0.07 91.40
Meta
206.11 -2.17 384.33
Metlife
66.64 -0.86 73.18
Microsoft
275.81 -1.54 349.67
Mnstr Bvrg
86.04
3.00 99.89
MondelezInt
65.09 -0.14 69.47
Monsanto
9.83 -0.01
9.95
MorganStly
83.48 -1.46 109.73
Netflix
180.97 -7.36 700.99
NextEraE
71.73 -0.12 92.91
Nike
114.56 -4.07 179.10
NorfolkS
252.97 -3.90 296.87
Northrop
464.62 -2.04 490.82
NXP
178.34 -0.03 239.91
Occid Pet
62.91
0.62 64.50
Oracle
72.11 -0.69 106.34
Pepsico
168.87 -1.52 177.62
Perrigo
32.33
0.02 50.90
Pfizer
48.62
0.17 61.71
Phillips66
94.29 -0.24 96.76
PhilMorris
98.42 -1.35 112.48
PNCFin
165.48 -3.39 217.60
PPG Inds
128.03 -3.54 182.97
ProctGmbl
154.53
0.07 165.35
Prudntl
106.16 -1.58 124.22
PublStor
340.25 -9.03 421.76
Qualcomm
141.29 -0.35 192.68
Raytheon
94.20 -2.12 106.02
Regen Pharm 626.09 -13.28 747.42
S&P Global
343.35 -3.56 484.21
Salesforce
168.69 -3.61 311.75
Schlmbrg
42.41
0.33 46.27
Sempra Energy 162.97
1.85 173.28
Shrwin-Will
271.42 -5.53 354.15
SimonProp
121.56 -0.78 171.12
SouthCpr
60.65 -1.94 83.29
Starbucks
76.11 -1.37 126.32
StateSt
69.54 -1.68 103.76
Stryker
237.93 -3.43 281.16
Sychrony Fin
38.13 -1.20 52.49
T-MobileUS
127.07 -2.49 150.20
Target
226.69 -4.07 268.98
TE Connect
126.79 -0.87 166.44
Tesla Mtrs
871.05 -2.23 1243.49
TexasInstr
167.63 -2.65 202.26
TheTrvelers
170.40 -1.61 187.98
ThrmoFshr
538.94 -11.57 668.94
TJX Cos
59.92 -1.80 76.94
Truist Financial Corp
48.48 -0.97 66.10
Twitter
49.74 -0.62 73.34
UnionPac
227.65 -3.83 278.94
UPS
178.85 -0.94 233.72
USBancorp
48.60 -0.64 63.01
UtdHlthcre
491.67 -3.05 553.29
ValeroEngy
126.23
0.40 129.14
Verizon
47.65 -0.19 59.85
VertexPharm 254.22 -12.15 292.75
VF Cp
47.71 -1.38 90.48
Visa Inc
203.56 -1.68 252.67
Walgreen
44.47
0.69 55.96
WalMartSto 151.93 -0.82 160.77
Walt Disney 110.38 -2.23 187.58
Waste Manage. 160.44
1.80 170.18
WellsFargo
43.84 -0.93 60.30
Williams Cos
36.09
0.18 37.05
Workday
189.89 -5.93 307.81
Yum!Brnds
115.61 -0.01 139.85
Zoetis♦
169.95 -1.50 249.27
Zoom
97.94 -2.90 406.48
Venezuela (VEF)
Bco de Vnzla
0.44 -0.04 594.00
Bco Provncl
1.80 798000

Yld

189.32
267.51
324.23
182.08
84.17
50.19
131.96
305.61
217.68
180.42
98.38
70.89
169.00
55.21
238.07
71.78
57.63
9.61
80.03
175.81
68.52
110.66
238.62
344.89
164.75
21.62
70.23
143.58
31.95
37.96
63.19
85.64
164.10
111.32
131.94
94.51
269.55
122.17
79.00
478.40
337.97
165.61
25.90
119.56
233.32
113.41
54.92
73.38
66.47
230.16
33.76
101.51
184.00
120.22
546.98
160.50
144.44
438.72
57.92
47.98
31.30
195.68
175.22
47.85
383.12
58.85
45.55
176.36
47.13
186.67
41.80
132.01
108.30
136.97
41.47
23.53
185.56
111.63
165.22
94.01

P/E MCap m

1.06 52.61 278985.85
1.26 45.84 153853.87
2.17 21.42 118327.13
1.43 17.41 127573.21
3.69 7.18 35982.7
2.26 50.93 50756.14
1.14 28.74 80642.48
0.59 43.43 334779.29
1.91 27.34 185167.76
0.49 40.77 49177.31
2.20 30.93 138661.49
2.74 19.84 222295.74
16.41 472717.16
2.60 10.00 54983.21
0.76 32.212062792.13
36.71 45572.32
1.86 23.48 90079.59
49.41
245.75
2.29 11.40 146030.23
17.65 80398.02
1.96 43.45 140903.74
0.92 32.20 145349.17
1.50 22.90 60290.98
1.21 11.70 72222.67
1.15 28.80 46825.8
0.06 33.49 58940.96
1.63 29.90 192400.8
2.29 33.73 233493.77
2.71 -36.17 4349.08
2.93 13.57 274594.79
3.50 34.81 45360.52
4.54 18.51 152561.86
2.65 14.29 68439.34
1.61 23.67 30239.96
2.01 29.88 370763.34
3.95 5.97 39916.16
2.14 37.80 59664.25
1.74 17.75 158962.77
1.94 40.03 140095.66
9.54 67635.28
0.82 30.09 116702.97
- 123.80 167064.67
1.08 35.23 59944.87
2.46 44.56 51461.37
0.74 42.64 70604.84
5.36 19.49 39913.29
4.81 15.15 46887.91
2.20 22.56 87290.56
2.86 10.60 25529.19
0.99 50.07 89974.2
2.10 5.70 19121.77
57.81 158747.27
1.28 17.46 105110.3
1.42 18.89 40846.81
- 194.92 902416.45
2.29 22.25 154577.3
1.87 12.89 40889.35
0.18 30.37 210962.4
1.60 24.10 70366.22
3.50 11.89 64429.6
- -194.78 37980.42
1.72 25.09 142969.93
2.08 13.36 131354.15
3.30 10.45 72206.97
1.04 29.82 461270.83
2.83 60.97 51514.01
4.85 9.82 200133.18
30.94 64961.84
3.77 17.15 18554.5
0.60 36.95 335002.63
3.93 7.06 38407.69
1.33 33.88 418216.39
70.37 200961.52
1.31 41.01 66615.82
1.61 9.71 166150.09
4.14 31.91 43958.04
- 1718.76 37218.44
1.58 24.33 33318.8
0.54 43.64 80182.4
23.64 24219.51

0.27 210.95
1.70 -

0.00

353.33
148.20

Closing prices and highs & lows are in traded currency (with variations for that
country indicated by stock), market capitalisation is in USD. Highs & lows are
based on intraday trading over a rolling 52 week period.
♦ ex-dividend
■ ex-capital redistribution
# price at time of suspension

BONDS: GLOBAL INVESTMENT GRADE
Bid
yield

Day's
chge
yield

Mth's Spread
chge
vs
yield
US

May 06
High Yield US$
HCA Inc.

S*

Ratings
M*

F*

Bid
price

04/24

8.36

BB-

Ba2

BB

113.75

4.24

0.00

0.12

-

High Yield Euro
Aldesa Financial Services S.A.

04/21

7.25

-

-

B

71.10

28.23

0.00

0.64

25.98

Emerging US$
Peru
Colombia
Brazil
Poland
Mexico
Turkey
Turkey
Peru
Russia
Brazil

03/19
01/26
04/26
04/26
05/26
03/27
03/27
08/27
06/28
02/47

7.13
4.50
6.00
3.25
11.50
6.00
6.00
4.13
12.75
5.63

BBB+
BBB+
-

A3
Baa2
Ba2
A2
Baa1
Ba2
B2
A3
Baa3
Ba2

BBB+
BBBBBABBBBB+
BBBBB+
BBB
BB-

104.40
109.50
115.15
111.22
149.00
101.26
102.88
103.50
168.12
101.48

2.60
2.33
2.78
0.98
1.61
5.82
5.43
3.66
2.48
5.52

0.16
-0.01
0.03
0.00
0.00
0.14
0.01
0.07
0.08

0.52
0.65
0.16
-0.12
0.17
0.83
-0.02
0.05
0.80

0.34
1.28
1.73
-0.07
0.56
3.07
4.38
0.80
-

Emerging Euro
Brazil
04/21
2.88
BBBa2
BB- 103.09
0.05
0.01
-0.09
-1.19
Mexico
04/23
2.75
BBB+
A3
BBB+ 107.76
0.76
0.00
-0.07
-1.56
Mexico
04/23
2.75
Baa1
BBB- 106.48
-0.26
-0.36
Bulgaria
03/28
3.00
BBBBaa2
BBB 117.04
1.00
0.02
-0.15
-1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

VOLATILITY INDICES
Day's
change

Yld

May 06
Day Chng
Prev
52 wk high
52 wk low
VIX
32.67
1.47
31.20
38.93
14.10
VXD
24.87
0.50
24.37
45.37
2.67
VXN
38.98
1.79
37.19
44.05
18.01
VDAX
32.38
0.79
31.59
93.30
† CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility.
‡ Deutsche Borse. VDAX: DAX Index Options Volatility.

BONDS: BENCHMARK GOVERNMENT
Red
Bid
Bid Day chg Wk chg Month
Year
Date Coupon
Price
Yield
yield
yield chg yld chg yld
Australia
11/22
2.25 100.42
1.45
-0.15
0.33
0.29
1.37
05/32
1.25 81.86
3.40
-0.15
0.31
0.27
02/50
1.00 101.91
1.21
-0.11
0.25
0.23
0.77
Austria
02/29
0.50 95.29
1.23
0.03
0.15
0.12
1.43
02/47
1.50 96.89
1.65
0.06
0.11
0.08
1.08
Belgium
06/27
0.80 99.09
0.98
0.02
0.11
0.08
1.33
06/47
1.60 91.65
2.03
0.05
0.10
0.07
1.18
Canada
03/25
1.25 95.91
2.77
0.06
0.15
0.09
2.13
06/30
1.25 87.40
3.02
0.13
0.24
0.21
1.56
12/48
2.75 95.38
3.00
0.11
0.21
0.24
0.95
Denmark
11/29
0.50 94.43
1.28
0.05
0.18
0.12
1.38
11/52
0.25 70.53
1.45
0.07
0.14
0.10
0.96
Finland
09/24
0.00 98.89
0.48
-0.04
0.07
0.00
1.10
09/29
0.50 94.81
1.24
0.04
0.12
0.10
1.40
France
05/28
0.75 97.99
1.10
0.03
0.12
0.08
1.32
05/48
2.00 101.78
1.91
0.05
0.11
0.07
1.09
Germany
08/29
0.00 93.77
0.89
0.05
0.13
0.09
1.25
08/50
0.00 72.57
1.14
0.08
0.11
0.08
0.81
Greece
01/23
3.50 102.41
0.19
-0.09
-0.11
-0.11
0.49
01/28
3.75 106.98
2.43
-0.03
0.18
0.08
1.93
Ireland
10/22
0.00 100.21
-0.47
0.01
0.01
0.01
0.10
05/26
1.00 100.64
0.84
0.01
0.10
0.06
1.24
02/45
2.00 101.11
1.94
0.07
0.13
0.09
1.21
Italy
02/25
0.35 96.84
1.53
0.02
0.29
0.21
1.57
05/30
0.40 102.54
0.08
0.10
0.36
0.37
0.53
03/48
3.45 103.52
3.25
0.07
0.15
0.13
1.44
Japan
04/25
0.05 99.99
0.05
0.00
0.01
0.01
0.00
12/29
0.10 99.39
0.18
0.00
0.02
0.02
0.15
12/49
0.40 86.64
0.95
0.00
0.01
0.02
0.31
Netherlands
07/27
0.75 99.21
0.91
0.03
0.11
0.07
1.33
01/47
2.75 130.29
1.31
0.07
0.11
0.08
1.00
New Zealand
05/31
1.50 82.97
3.74
-0.07
0.16
0.11
2.01
09/40
2.50 127.91
1.64
0.02
0.18
0.10
0.72
Norway
08/30
1.38 89.19
2.86
0.02
0.08
0.10
1.45
Poland
01/23
2.50 97.45
6.24
-0.06
0.37
0.19
6.15
07/27
2.50 81.15
6.93
-0.07
0.19
0.12
5.80
04/47
4.00 71.40
6.30
0.00
0.00
0.00
4.20
Portugal
04/27
4.13 113.13
1.35
0.03
0.19
0.14
1.50
Spain
10/22
0.45 100.34
-0.25
0.01
0.04
0.04
0.29
10/29
0.60 92.14
1.73
0.04
0.21
0.14
1.47
10/46
2.90 106.62
2.53
0.07
0.20
0.13
1.25
Sweden
06/30
0.13 117.96
-1.25
-0.04
0.10
0.10
0.31
03/39
3.50 120.97
2.02
0.02
0.27
0.22
1.30
Switzerland
04/28
4.00 120.06
0.54
0.00
0.02
0.00
0.96
06/29
0.00 95.40
0.66
0.03
0.05
0.02
0.98
United Kingdom
07/23
0.75 99.15
1.46
-0.09
0.02
-0.02
1.41
07/27
1.25 97.90
1.67
-0.06
0.05
0.01
1.16
07/47
1.50 87.11
2.17
0.04
0.12
0.08
0.84
United States
03/25
0.50 93.29
2.93
0.11
0.10
0.06
2.38
02/30
1.50 89.27
3.06
0.15
0.19
0.16
1.57
02/50
0.25 89.90
0.65
0.12
0.27
0.21
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.

May 06
US$
FleetBoston Financial Corp.
The Goldman Sachs Group, Inc.
NationsBank Corp.
GTE LLC
United Utilities PLC
Barclays Bank plc
Euro
Electricite de France (EDF)
The Goldman Sachs Group, Inc.
The Goldman Sachs Group, Inc.
Finland
Yen
Mexico
£ Sterling
innogy Fin B.V.
innogy Fin B.V.

Red
date Coupon

Bid
yield

Day's
chge
yield

Mth's Spread
chge
vs
yield
US

F*

Bid
price

01/28
02/28
03/28
04/28
08/28
01/29

6.88
5.00
6.80
6.94
6.88
4.50

BBB+
BBB+
BBB+
BBB+
BBB
A

Baa1
A3
Baa1
Baa2
Baa1
A1

AA
AAAA+

129.00
117.21
127.69
128.27
130.43
96.46

2.54
2.47
2.72
2.80
2.62
5.02

-0.01
0.00
-0.01
0.00
-0.07
0.00

-0.05
0.32
0.06
-0.11
-0.22
0.02

-

04/30
02/31
02/31
04/31

4.63
3.00
3.00
0.75

ABBB+
BBB+
AA+

A3
A3
A3
Aa1

AA
A
AA+

137.45
124.42
121.70
111.08

0.82
0.68
0.93
-0.27

-0.01
0.00
0.00
0.00

0.10
-0.11
0.02
-0.05

-0.87

S*

Ratings
M*

06/26

1.09

-

Baa1

BBB-

98.73

1.34

-0.02

-0.14

0.27

06/30
06/30

6.25
6.25

BBB
BBB

Baa2
Baa2

AA-

137.45
128.68

2.19
3.20

-0.03
0.00

0.02
-0.01

0.40

Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

GILTS: UK CASH MARKET
Red
52 Week
Change in Yield
May 06
Price £
Yield
Day
Week
Month
Year
High
Low
Tr 1.75pc '22
100.26
0.96
2.13
0.00
11.63 4700.00 103.30 100.25
Tr 0.75pc '23
99.23
1.40
-1.41
-2.10
2.19 6900.00 101.08
98.95
Tr 0.125pc '24
97.59
1.54
-1.91
-1.91
1.99 1084.62 100.03
97.17
Tr 2pc '25
101.40
1.57
-0.63
0.00
5.37 772.22 118.47
99.56
Tr 0.125pc '26
94.71
1.59
-0.63
0.63
6.71 396.88
99.56
94.12
Tr 1.25pc '27
97.96
1.66
0.61
2.47
9.21 253.19 105.60
97.45
Tr 0.875pc '29
93.39
1.83
1.67
5.78
13.66 157.75 103.32
93.11
Tr 4.25pc '32
120.39
2.01
3.08
7.49
16.18 120.88 138.01 120.39
Tr 4.25pc '36
124.46
2.19
2.82
7.88
17.11
99.09 147.98 124.46
Tr 4.5pc '42
137.09
2.24
3.23
8.21
17.28
77.78 169.96 137.09
Tr 3.75pc '52
134.69
2.18
3.81
9.55
17.84
68.99 180.27 134.69
Tr 4pc '60
150.35
2.07
4.02
10.11
19.65
71.07 213.01 150.35
Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.

Amnt
£m
29.68
34.04
34.43
38.68
34.20
39.69
42.24
39.06
30.68
27.46
24.32
24.34

GILTS: UK FTSE ACTUARIES INDICES
Price Indices
Fixed Coupon
1 Up to 5 Years
2 5 - 10 Years
3 10 - 15 Years
4 5 - 15 Years
5 Over 15 Years
7 All stocks
Index Linked
1 Up to 5 Years
2 Over 5 years
3 5-15 years
4 Over 15 years
5 All stocks
Yield Indices
5 Yrs
10 Yrs
15 Yrs

Day's
chg %
0.04
-0.21
-0.58
-0.33
-1.44
-0.67

May 06
84.38
165.18
186.48
169.30
295.50
160.46
May 06
323.39
722.87
505.87
899.76
657.02
May 06
1.65
2.02
2.22

Day's
chg %
-0.05
-2.97
-1.25
-3.79
-2.61

May 05
1.63
1.97
2.16

Yr ago
0.34
0.86
1.16

Total
Return
2410.31
3451.79
4204.00
3632.23
4989.75
3530.32

Month
chg %
0.40
-10.43
-3.71
-13.38
-9.19
20 Yrs
45 Yrs

Year's
chg %
6.60
-9.96
0.31
-14.58
-8.18

Return
1 month
-0.03
-1.30
-2.87
-1.82
-6.63
-3.31
Total
Return
2711.97
5490.14
4069.34
6640.64
5087.40
May 06
2.26
2.00

Return
1 year
-2.68
-6.72
-9.57
-7.64
-15.72
-9.75

Yield
1.56
1.83
2.13
1.96
2.16
2.08

Return
1 month
0.40
-10.43
-3.71
-13.38
-9.19

Return
1 year
7.80
-9.65
1.06
-14.40
-7.78

May 05
2.20
1.91

inflation 0%
inflation 5%
May 06
Dur yrs Previous
Yr ago
May 06
Dur yrs Previous
Real yield
Up to 5 yrs
-3.90
1.99
-3.91
-2.94
-4.35
2.00
-4.38
Over 5 yrs
-1.39
22.09
-1.53
-2.12
-1.41
22.13
-1.55
5-15 yrs
-2.04
9.22
-2.17
-2.56
-2.12
9.22
-2.26
Over 15 yrs
-1.29
27.77
-1.43
-2.07
-1.31
27.78
-1.44
All stocks
-1.43
19.72
-1.56
-2.13
-1.45
19.79
-1.58
See FTSE website for more details www.ftse.com/products/indices/gilts
©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
Gilt Closing Prices information contained herein is proprietary to
Tradeweb; may not be copied or re-distributed; is not warranted to be
accurate, complete or timely; and does not constitute investment advice.
Tradeweb is not responsible for any loss or damage that might result from the use of this information.

Yr ago
1.29
1.16

Yr ago
-3.26
-2.14
-2.65
-2.08
-2.16

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com

Data provided by Morningstar | www.morningstar.co.uk

★

7 May/8 May 2022

15

FTWeekend

FINANCIAL TIMES SHARE SERVICE
Main Market
Price

Aerospace & Defence
Avon Protection
BAE Sys♦
Chemring
Meggitt

1135
756.00
365.00
778.00

35.00
-4.00
-2.50
1.00

Automobiles & Parts

FordMtr $X

Banks

ANZ A$X
BcoSant
BnkGeorgia
BankIre Grp €
BkNvaS C$X
BarclaysX
CanImp C$X
HSBCX
LlydsBkgX♦
NWGX
PermTSB €
RylBkC C$X♦
StandChX♦
..7.375%Pf
..8.25%Pf
TntoDom C$X
Westpc A$X

3496
782.40
375.62
846.00

14.22

-0.32

25.87

26.76
229.80
1170
5.56
82.02
148.64
139.38
502.00
43.37
209.50
1.50
129.50
560.00
120.00
136.25
92.92
23.83

-0.15
4.20
-12.00
-0.07
-0.46
-1.18
-0.73
-6.00
-0.66
-0.70
-0.02
-0.82
-5.00
-3.75
-12.50
-0.43
-0.18

29.64
302.14
1696
7.03
95.00
217.63
167.50
567.20
54.50
258.10
1.85
149.60
590.00
141.54
156.79
109.08
27.12

Basic Resource (Ex Mining)

Ferrexpo

Chemicals

Elemntis
Johnsn Mtthey
Victrex

152.20

114.50
2298
1798

-9.30

Boot(H)♦
CRH
GalfrdT
MorgSdl♦
Tyman♦

316.00
3160
169.00
2030
260.00

513.00

-0.80 164.40
27.00 3311.76
-20.00
2720

Construction & Materials

-5.00
-14.00
-1.00
-2.50

P/E

Vol
000s

860.00 2.58 -19.15
495.70 3.20 13.82
246.88 1.15 25.35
392.40 - 194.50

79.2
7188.7
713.9
1074.3

52 Week
High
Low

+/-Chg

11.28 0.64
24.65
205.60
960.00
3.85
75.84
140.06
129.37
329.55
38.10
182.85
1.10
118.79
406.20
120.30
144.50
80.68
20.00

1260.5
182.20
278.80

-48.00
-3.30
-6.20

Price

+/-Chg

13.98 7916.0
6.28 1759.6
3.62
80.5
6.22 695.1
11.03 595.8
3.61 50288.5
10.38 352.6
10.97 27498.0
5.78 204511.9
9.15 18176.7
-17.01
2.2
12.36 653.1
12.56 10727.2
12.2
2.7
12.51 1122.1
18.56 7045.9
1.18

1536.7

96.50 - 388.14
1650 3.05 28.98
1713 3.31 21.40

808.9
763.5
332.2

341.23 253.00 1.74 16.90
3949 2773.99 2.71 13.13
213.00 118.30 2.78 37.56
2730
1978 3.45 9.93
509.35 260.00 1.54 10.00

370.00
385.03 266.00
683.00 -22.00
1274 682.00
2327 -106.00
3232
2151
294.00
5.00 418.50 273.50
2240 -45.00
2830
1600
4220 -14.00
6250
3668
2919 -56.00
4167
2371
171.00
-3.80 296.50 171.00
3000 -160.00 5779.38 2944.01

Financial General

3i
abrdn♦
Bridgepoint Grp Plc

3.66
2.78
4.21
2.02
4.01
3.22
2.86
2.86
3.20
1.58
6.15
6.06
3.27
3.48

3.50 30490.3

105.50 9.42

Electronic & Electrical Equip

Dialight
Discoverie PLC
Halma
Morgan Ad♦
OxfordIn
Renishaw
Spectris
TT Elect♦
XP Power

Yld

1477
304.30
571.00

1.49
0.76
2.28
0.76
1.56
2.38
2.75
3.07

1213.11

154.2
883.8
181.9
62.0
655.1

55.98
33.69
12.41
30.60
24.07
9.60
28.98
16.03

38.1
120.7
630.4
380.6
56.3
108.0
582.2
92.2
18.2

1069 3.05 4.36
164.80 8.01 3.96
257.50 17.43

1957.0
7034.0
689.9

P/E

Vol
000s

437.00
7.00 579.91 374.56 7.55 10.26
1025 -32.00
1685 999.00 5.85 7.66
69.80
-3.90 125.50 58.00 -0.12
845.20 -40.00
1778 840.91 4.56 15.07
235.40
-7.90 339.30 205.40 2.65 3.83
1401 -39.00
2493
1285 4.00 8.04
427.30 -13.00 541.40 261.90 3.04 10.74
172.70
-3.30 300.00 165.20 9.90 6.42
1090 -38.00 2560.05
1056 4.31 13.63
7296 -162.00
8546
6230 1.05 74.60
209.20
-2.30 254.30 168.69 8.76 65.38
235.00
-7.00 383.80
3.24 -5.43
2020 -55.00
2230 1426.08 3.66 15.62
71.00
0.60 108.15 62.45 3.24 19.51
2340 -10.00
2950
2150 3.85 11.05
2820 -42.00
3913
2674 4.11 12.99
2370 -35.00
3148
1690 4.89 10.92
259.50
-4.50 294.00 222.37 5.16 3.62
118.10
-4.30 235.35 105.20 5.92 17.49

19.6
584.2
167.4
1740.1
827.5
1303.1
1189.7
1185.3
375.5
967.5
6910.3
329.8
195.2
64.6
5.7
489.2
190.2
12.7
1934.1

Price
CtyLonInv
CloseBrs
CoinShares Int Ltd SKr
Hargr Lans
Indvardn SKr
ICG
Investec
Jupiter♦
Liontrust
LSE GpX♦
M&G Plc
Providnt♦
RathbnGrp♦
Record
S&U
Schroder
..N/V
Shires Income
TP ICAP♦

+/-Chg

Food & Beverages
AngloEst
AscBrFdX
Barr(AG)
Britvic
CarrsGroup
Coca-Cola HBC
Cranswk
Devro
DiageoX
Grncore
HiltonFd
Kerry €
PremFds
StckSpirit
Tate&Lyl
UnileverX
..NV

818.00 -26.00
1588 -12.00
555.00 -27.00
802.50 -27.50
145.00
-0.25
1548 -46.50
3028 -72.00
203.00
-3.00
3783.5 -164.50
108.80
-2.50
1152 -16.00
98.30
-5.50
108.20
0.40
377.00
1.00
770.00 -15.80
3597 -33.00
-

52 Week
High
Low

930.00
2389
595.82
1018
168.50
2809.6
4200
240.00
4364.1
174.30
1290
130.00
128.20
487.00
958.07
4924
-

Health Care Equip & Services
GNStre kr
Mediclinic
Smith & Nephew♦

229.50
362.20
1303.5

-6.80
-0.40
-18.00

589.40
395.40
1601.5

553.58
1462.5
462.50
716.54
132.20
1403.5
3006
163.46
3167.5
105.50
988.00
86.84
94.80
230.50
728.47
3267.5
-

Yld

0.09
0.39
3.50
3.34
3.47
2.31
4.48
1.92
1.94
0.89
0.92
2.18
4.00
4.03
-

7.50
28.0
26.25 1634.1
19.71
71.7
20.79 384.6
17.90
28.6
12.37 1127.8
16.00 318.5
11.03 209.8
29.10 4534.7
21.76 9156.5
24.05
30.7
23.33
16.7
11.27 738.8
42.71 14358.2
16.49 1286.0
18.47 3854.0
-

229.40 0.62 17.36
271.40 22.64
1151.5 2.09 29.57

1030.5
352.4
2653.0

470.10 -18.00 790.87 469.40 6.25 7.35
2290 -113.00
3712 2289.44 5.13 6.88
4007 -111.00 5383.87
3490 0.23 10.43
1524 -18.50
2267
1500 2.79 13.12
94.70
1.10 109.80 85.90 2.36 19.45
235.00
-4.80 579.50 228.20 17.15
239.40 -12.20 469.00 45.34 1.71 8.71
7065 -130.00 12310
6365 3.61 19.46
594.00
-6.00 910.00 572.00 2.53 9.29
322.00 -13.00 538.00 322.00 2.42 13.88
35.20
0.40 93.20 32.60 -6.29
2039 -56.00
3272
2028 11.53 8.30

2962.3
288.3
333.1
1066.4
187.0
2105.9
635.0
77.1
104.9
307.7
106.2
928.0

House, Leisure & Pers Goods

BarrttDev♦
Bellway
Berkeley
Burberry Gp
Cairn Homes♦
CtrySide
Crest Nicholson
GamesWk♦
Gleeson
Headlam♦■
McBride
Persimn

Philips €
PZCusns
ReckittBX♦
Redrow
Superdry Plc
TedBaker
Vistry Group♦

Price

+/-Chg

24.69
201.50
6324
513.50
147.80
138.80
783.50

-0.24
-1.50
-38.00
-11.50
-0.40
-2.40
-27.50

Industrial Engineering

Bodycote♦
Castings
Goodwin
Hill&Sm
IMI♦
MelroseInd♦
Renold
RHIM
Rotork
Severfd
Trifast
Weir♦

600.50
318.00
3410
1312
1321
113.50
25.80
2276
273.80
69.00
100.00
1472

Industrial General

Coats Group♦
Macfrlne
Smith DS
Smiths♦
SmurfKap
Vesuvius♦

66.80
123.50
323.80
1482.5
3331
319.40

52 Week
High
Low

Insurance

Admiral♦■
AvivaX♦
Chesnar♦
Direct Line♦
Eccles prf
Hansard
Hiscox♦
Lancashire
Leg&Gen♦
Old Mut
PhoenixGrp♦
PrudntlX♦
StJmsPl♦

LEISURE

PhotoMe International Plc

Media

4imprint♦
Auto Trader Group PLC
DlyMailA

265.00
383.00
990.00
326.70

2345
414.90
283.50
236.00
139.50
44.00
926.60
398.20
239.80
59.00
577.20
920.60
1215.5

P/E

48.53 22.78 3.37 37.60
273.00 177.80 3.02 23.24
6709 4905.16 2.76 -27.36
743.60 500.82 4.77 6.37
493.00 137.75 -6.66
217.60 79.60 -63.09
1351 775.00 2.55 8.28

Vol
000s
4806.9
735.6
1256.7
686.2
684.4
1434.6
1452.1

Price
Hyve Group
Informa
ITV♦
Pearson

MEDIA

Reach PLC

Media

-3.00
2.00
-25.00
-4.00
-49.00
-2.70
-0.10
-16.00
-6.40
1.00
2.00
-9.00

1007 588.50 3.26 19.25 226.9
420.00 282.52 4.80 15.37
5.0
4000 2611.57 3.00 18.85
0.0
1922
1175 2.04 51.86
58.8
1878 1150.09 1.73 18.05 695.7
197.89 108.00 1.39 -11.82 14262.3
34.94 18.00 9.21 190.8
4748 2247.35 5.53 5.37
28.2
375.60 254.71 3.16 29.76 1263.3
84.84 60.05 4.20 12.32 504.4
165.00 98.00 1.60 16.53
28.0
2010
1381 0.78 24.86 645.5

-2.70
0.50
-4.70
-28.00
-69.00
-0.40

82.40
146.00
465.97
1657.5
4334
595.00

Industrial Transportation

Braemar
Fisher J
OceanWil
RoyalMail

Yld

323.00
-11.00 1199.98
-10.00
1160
-10.40 613.80

24.00
3706
-10.90 461.00
2.00 320.00
4.60 319.40
0.50 172.00
-2.90 66.83
51.60
1002
7.60 725.00
-7.10 299.60
0.50 84.80
-12.00 754.40
-36.60 1592.27
-56.50
1710

55.50
106.30
279.23
1323
2771
312.60
198.00
280.00
875.00
317.15
2306
361.10
253.63
2.70
137.00
22.05
763.60
342.40
225.49
54.40
559.20
918.20
1156.5

2.11
2.20
3.74
2.54
2.94
5.45
1.89
2.09
8.08
3.06
6.46
5.15
7.74
9.36
6.18
10.11
0.91
2.89
7.43
4.67
8.35
1.28
4.09

14.90
14.33
18.40
23.57
15.19
14.07
8.79
-3.94
5.04
3.74

1926.1
157.7
3550.8
735.6
533.0
307.3
45.1
51.7
15.5
3775.9

11.96 595.8
54.59 8430.7
9.34
98.3
8.94 4918.9
41.5
15.17
94.0
22.94 797.4
-20.74 645.9
7.36 15987.8
8.57 969.9
-6.68 2613.6
14.95 7324.2
32.16 926.7

RELX PLCX♦
Rightmove PLC♦
STV Grp♦
ThmReut C$X
WPPX

Mining

AngloAmerX
AngloPacif
AnGoldA R
Antofagasta♦
BHP Group
Fresnillo♦
GlencoreX
Harmony R
Petropvlsk
PolymtIntl♦
Rio TintoX
Troy Res A$

Oil & Gas

BPX
CairnEng
ExxonMb $X
Gazprom PJSC ADR $#
GeoPark $
Harbour Energy
HellenPet €
ImpOil C$X
PJSC Lukoil ADR $#
Shell PLCX
TrnCan C$X
Wood Group (John) PLC

52 Week
High
Low

+/-Chg

P/E

Vol
000s

77.00
567.80
69.40
767.60

-1.10
-2.00
-1.74
-0.80

158.20
628.00
134.15
883.60

43.86 -13.75 128.0
459.80 -25.12 2828.4
68.68 7.71 18552.4
571.00 2.58 36.73 2405.9

119.50

-6.80

430.00

117.51 5.87 132.78

7356.3

1582.5
550.20
300.00
111.72
868.80

2546.2
5993.1
4.3
155.9
3693.4

2307
558.80
309.00
121.92
970.80

-68.00 2634.82
-45.60 803.16
-11.00 385.00
0.44 156.62
-38.70 1231.5

3488.5
168.00
310.00
1457
2657.5
773.80
487.60
61.77
1.70
252.00
5440
0.04

-32.50 4996.8 36.40 5.11 6.91 2742.2
-3.60 192.67 119.41 5.39 12.64 649.1
-12.87 434.78 213.56 2.49 14.42 2059.8
10.50 1968.5 1147.5 3.65 15.08 1058.5
-2.00
3040 1774.56 11.62 2403.9
7.80 997.60 610.60 2.38 12.88 1291.2
3.50 540.20 289.65 1.82 17.85 28654.1
-1.37 89.13 42.55 2.02 22.18 2758.4
-0.26 29.35
0.78 2.35 53831.6
-4.10
1737 92.02 38.71 1601.2
-41.00 6876.26
4354 9.23 5.69 2920.4
0.00
0.20
0.03 -0.58 3131.9

426.65
210.20
90.13
0.58
16.62
511.80
6.67
67.38
55.71
2299.5
71.17
224.40

7.75
3.80
-0.18
0.52
11.80
-0.20
0.05
-16.01
6.50
0.71
1.60

10322 -190.00
3254 -98.00
1769 -11.60
1735 49.50
497.50 -17.50
19.50
0.10

2.07 30.44
0.81 31.62
1.94 7.44
1.56 9.03
2.47 24.66

430.75 275.85 3.69
231.20 122.00 92.05 52.10 3.53
10.97
0.02 53.67
17.96
9.50 0.68
538.60 284.00 7.70
5.51 1.47
69.55 30.64 1.42
107.57 55.71 5.85
2334.5 1282.78 2.63
74.39 57.71 4.55
286.30 150.70 -

Pharmaceuticals & Biotech

AstraZenecaX
Dechra
GlaxoSmhX
HikmaPhm
Oxfd Bio
RichterG $

Yld

15.48 65119.0
1.67 5797.8
18.34 11367.8
0.29 3213.3
18.40
54.3
4232.0
6.19 142.9
20.82 307.2
5.31
30.3
12.12 16326.0
41.15 849.6
-9.23 1894.8

11000 6499.8 2.01 1747.71
5525
3200 1.24 48.59
1817 1215.83 4.52 20.43
2703 1651.5 2.21 13.00
1678 489.21 22.37
30.60 17.50 3.20 9.23

2358.5
614.8
8216.1
1271.0
200.0
0.0

Real Estate

69.40

-2.00

79.70

2890
579.40
270.00

450.00
-36.40
-2.50

3265
751.40
1178

Price

+/-Chg

55.70 12.16

7.82

84.4

2200 - 199.42
538.00 0.86 28.58
264.50 8.96 10.31

91.1
2844.7
111.0

REITs

Assura
BigYellw
BritLand
Cap&Reg

64.95
1275
490.60
57.60

-0.70 80.60
-58.00 1730.36
-9.20 553.60
91.32

59.28 4.46 12.99
1204 2.64 8.40
441.70 3.07 67.21
53.77 -0.50

4629.8
599.6
2008.7
67.7

Price

+/-Chg

52 Week
High
Low

Yld

P/E

Vol
000s

Civitas SH
DrwntLdn♦
Great Portland
Hammersn♦
Hibernia €
LandSecs
LondonMtrc
McKaySec
Palace Cap
PrimyHth♦
SEGRO
Shaftbry
Town Ctr
TritaxBBOX
Wkspace

84.00
2900
735.50
27.38
1.62
715.20
242.80
281.00
270.00
140.10
1109
577.00
154.50
204.00
633.50

-0.80
-52.00
-15.00
-1.04
0.00
-18.60
-10.80
2.00
-5.00
-1.40
-78.50
-4.50
-11.40
-9.00

121.00
3850
810.50
44.60
1.63
812.80
285.20
308.00
297.00
170.20
1508
668.50
170.50
288.00
979.00

81.40
2797
636.00
25.99
1.05
644.20
221.20
208.00
230.00
129.00
980.60
528.00
119.47
121.80
592.50

6.47
2.57
1.71
1.46
3.35
4.75
3.60
2.95
4.07
4.43
2.04
0.42
2.27
3.19
2.80

14.33
62.92
-9.22
-2.94
35.79
-18.67
5.18
18.55
12.92
14.30
3.28
-11.10

Cap&Count
CLS
Grainger
Harworth Grp♦
Helical
Lon&Assc
MacauPrp
Mntview
Safestre
Savills♦■
SiriusRE
Smart(J)
U+I

165.40
4.60
196.20
-0.40
287.80
-1.00
161.50
3.50
422.00 -11.50
21.50
-0.50
43.90
13500 -300.00
1132 -59.00
1018 -37.00
111.60
-4.40
160.50
148.50
-0.50

188.20
269.21
340.00
193.30
513.00
26.00
70.91
15200
1425
1472
145.20
165.00
151.50

142.00
180.20
259.80
126.00
345.00
9.80
40.00
11500
839.00
1011
94.10
121.00
58.51

0.30
3.85
1.90
1.11
2.39
3.15
1.78
1.67
2.92
2.01
-

48.65
6.70
17.88
5.98
10.19
-2.93
-5.70
16.83
6.42
13.08
8.70
6.14
-2.12

550.00
901.00
221.40
706.00
123.55
237.00
134.05
5948
800.20
217.40
227.90
115.00
271.40

650.00
1599
441.80
940.50
235.60
389.67
249.99
8484
2105
464.60
342.00
319.00
304.10

351.00
901.00
212.40
615.00
121.20
235.30
129.75
5578
763.00
200.40
222.60
90.00
221.70

3.88
2.26
1.88
0.23
5.08
4.65
3.69

7.99
0.0
12.14 389.5
7.38 416.2
23.85 505.0
14.93 14744.3
5.95 10287.5
103.12 5744.3
13.08 314.2
-26.51 2680.5
-23.23 383.6
19.15 9958.1
2.49
60.9
20.72 22043.9

3879 -185.00 7448.22
3028 -80.00 3167.27
23.10
-1.02 55.98
6192 -64.00
6492
104.00
-3.20 210.15
2576 -150.00
3504
106.00
-1.00 124.00
1047
-8.00
1276
295.50 -19.00 348.50
2646 -96.00
3689

3854
2205.5
19.89
5050
98.27
2384
83.15
12.05
250.00
2528

1.16
1.80
2.58
1.65
4.25
2.43
1.12
1.32

18.88 1027.6
22.97 938.3
1.52 10821.4
20.46 377.0
13.68 442.5
46.08 198.2
-20.78
51.5
26.57 1125.4
50.08 534.4
33.95 1174.1

Real Estate Inv & Services

Retailers

Caffyns
Dunelm
Halfords
Inchcape
JDSportsF
Kingfisher
Marks&Sp
Next
Ocado
Saga
Sainsbury (J)
Studio Retail Group#
TescoX

7024.2
337.5
1345.5
77.5
258.8
5.0
8.4
0.0
335.6
191.1
1358.8
3.8
98.8

Ferguson
Hays
Homesve
HowdenJny♦
Intertek
Kin and Carta
MearsGp
Mitie
Renewi
Rentokil♦
Ricardo
RbrtWlts♦
SIG
Vp

52 Week
High
Low

+/-Chg

9332 -432.00
117.60
-2.20
990.00 21.00
668.20 -18.20
4923 -239.00
218.00
6.50
192.00
-5.50
53.90
-1.00
638.00 -38.00
525.20 -18.40
335.50 -13.00
594.00
-6.00
39.45
-0.55
957.00 -13.00

Tech - Hardware

SpirentCM♦

233.80

5.00

Computcnt
MicroFoc
NCC Grp
Sage
TriadGp

2484
369.90
185.00
694.60
127.50

-54.00
-9.60
2.00
-23.60
-

Telecommunications

Airtel Africa
BTX
TelePlus
Vodafone GpX
BrAmTobX
Imperial BrX

Utilities

Drax♦
Natl GridX
Pennon
Severn Trent
SSE
UtdUtils

1.93
1.04
2.63
2.01
2.15
1.43
2.04
2.76
2.61

P/E

44.34
26.95
13.50
37.25
29.96
13.59
-16.44
23.58

1402.7
3190.5
2814.2
2611.5
501.6
987.9
52.5
2032.3
218.2
7396.9
70.4
428.7
2170.6
0.7

310.60

209.80 1.95 21.78

1308.9

3098
554.40
348.00
862.20
180.00

2303.5
309.94
162.80
611.60
90.00

569.5
604.7
422.8
2667.6
7.0

1.58 2.23 13.01 2541.0
134.85 17.06 20271.4
993.65 3.49 41.90
80.7
106.30 6.42 -269.40 69591.3

2.04
4.82
2.51
2.50
1.57

13.78
16.97
89.19
12.61
27.67

-181.67

15.60
-3.92
61.67
26.63
14.00

-2.00
-6.60
-34.00
-3.04

163.14
206.70
1700
142.74

3300
1657.5

-47.50
-16.00

3456.5 2507.5 6.53 11.16
1822 1434.23 8.33 5.54

1189
355.00
510.40
110.30
8500
584.00
4922
131.44
245.40
1500
51.30
224.90
2704

Vol
000s

9056
105.20
578.33
659.80
4703
169.14
172.70
44.70
473.50
444.20
330.50
499.00
30.76
800.00

146.00
175.70
1634
120.42

Travel & Leisure

Carnival
Dalata Hotel
easyJet
FirstGrp
Flutter Entertainment
Fuller A
IntCon Htels Gp♦
Intl Cons Air
Natl Exp
PPHE Htl
Restaurt
TUI
Whitbrd

Yld

13360
181.10
1096
985.80
6202
359.00
228.00
79.00
855.00
662.00
510.00
850.00
65.00
1070

Tech - Software & Services

Tobacco

-38.50
0.20
6.00
-4.50
-1.10
-1.80
-94.00
-29.80
-3.00
-4.10
-2.50
-0.30

Support Services

AshtdGp
Bunzl
Capita
DCC
DeLaRue
Diploma
DWF Group PLC
Elctrcmp
Essentra PLC♦
Experian

1443.1
262.3
515.5
8381.5
5640.5
1510.0
2293.8
95.0
59.5
3118.2
3956.7
365.3
-140.45
1.3
3.69 10381.8
-9.41 398.6

Price

3743.3
1769.0

-22.00 1890.2
-2.00 414.50
-7.40 921.89
1.00 117.30
16275
-24.00 930.00
-54.00
5386
-11.88 214.40
1.40 316.60
-5.00
1750
-1.90 140.00
-5.90 312.00
-51.00 3465.38

1047
270.50
417.40
72.10
7600
574.00
4300
109.42
183.70
1269.6
0.76
166.70
2384

-

-1.92 1207.7
60.0
-3.21 4910.0
26.26 2554.5
-35.94 639.4
-12.20
41.8
46.10 896.4
-2.65 94861.0
-5.29 639.9
-12.20
2.5
-9.68 2774.8
-2.35 3637.1
-21.95 842.5

796.50
-7.50 845.89
1179.5 -21.00 1235.49
1045 -48.00 1830.3
2996 -102.00 3791.55
1828 -37.00 2166.93
1092 -40.00 1186.88

388.80
880.60
671.50
2400
1431.5
922.00

2.23
4.17
3.12
3.39
4.43
3.96

59.00
27.49
75.72

-151.00

-111.38

7.14
100.18

811.5
6913.1
1082.6
1070.5
3313.8
3041.8

AIM
Aerospace & Defence
Cohort
Velocity Composites PLC

Banks

Caribbean Inv

551.00
19.00
26.50

1.00
0.50

682.00
32.00

-

Chemicals

Directa Plus PLC
Versarien PLC

1150

115.00
15.98

-

-2.50
-0.16

Construction & Materials

AccsysTch

143.25

-2.50

36.50
73.00

-0.50
-

440.00 2.01 48.98
14.25 -6.33

16.3
9.1

ThorpeFW
Zytronic

-

3.05

138.6

1650

1050

-

35.06

1.8

178.00
44.22

97.00
14.15

-

-26.79
-4.57

7.1
413.5

194.20

137.11

-

-84.17

65.7

35.00
52.60

-

-4.45

186.9
1.0

Camellia
Fevertree Drinks♦
FinsbryFd
Nichols

Dis(-)
or Pm
20.1
-12.2
-16.6
-12.5
-15.3
-6.8
-12.8
-18.3
-12.0
-13.5
-10.2
-13.1
-2.7
-7.0
-13.3
-8.2
-10.0
-4.4
-1.5
-11.0
-8.5
-7.7
-3.7
-12.9
-7.7
-2.5
9.4
11.8
-7.2
3.3
-11.4
-4.3
-10.6
-6.4
-15.0
-4.5
-9.0
0.2
-0.3
-11.3
4.1
1.5
-2.4

BMO UK HIT B
BMO UK HIT UNIT
Brunner
Caledonia Inv
CanGen C$
City Lon
CQSNatRs
Dun Inc
EcofinGlobal
Edin Inv
Edin WWd
EuroAsset
Euro Opps
F&C Inv Trust♦
FidAsian
FidChiSpS
FidelityEmrgMkt
Fid Euro♦
Fid Jap
Fid Spec
FinsG&I♦
FstPacfic HK HK$
GRIT
HAN
HANA
Hen Div Inc Tr
HenEuroF
HenEuro
HenFarEs♦
HenHigh
HenInt Inc
Hen Opp
HenSmlr
Herald
HICL Infra
Highbridge Tactical
Impax Env.
Ind IT
IntBiotech
Intl PP♦
Inv AsiaTr
Invesco Bond Inc ♦
IPST BalR
IPST Gbl Eq
IPST Mngd

67.00
82.80

-270.37

P/E

Vol
000s

525.00
205.00

372.00 1.26 32.01
130.00 58.33

16.0
67.2

41.80
1165
363.00
966.50
1020
908.00
419.86
200.00
37.50

21.10
799.98
280.00
619.12
751.00
470.00
230.50
133.02
24.00

3.88 11.20
51.15
0.86 7.85
2.18 -2596.31
0.66 36.73
2.88 -260.71
5.00 4.89
6.12 14.96
5.49 9.82

31.8
2.1
20.0
298.2
6.3
159.9
136.0
6.2
17.0

6050 150.00
7347
1530 -165.00 2786.54
68.50
-3.50 103.00
1400 25.00
1650

5800
1480
31.00
1105

2.38 111.42
1.02 40.04
3.50 8.15
1.33 -23.32

3.9
467.8
146.2
10.8

108.00 79.07 5.86 90.1
408.00 310.29 361.0
1135 929.14 2.02 1121.7
4075
2980 1.76 5084.0
45.60 35.00 2.17 51.6
425.80 363.28 4.69 402.3
232.08 123.75 2.59 229.9
340.67 256.00 4.54 283.7
228.02 165.00 2.99 219.2
653.60 547.04 3.91 669.1
366.50 177.94 211.2
152.00 94.20 8.00 104.8
891.00 641.00 0.28 839.4
945.56 549.00 1.49 931.1
510.00 406.22 1.92 507.3
431.00 211.50 1.99 258.7
947.00 610.00 2.09 733.5
384.25 256.50 2.27 319.3
268.48 154.50 176.8
312.00 247.00 2.21 282.6
928.00 746.00 3.22 855.5
3.47
2.41 4.23 112.00 10.50 9.6
248.00 184.00 1.63 311.4
238.00 186.00 1.68 311.4
90.00 71.40 6.16 78.9
168.76 120.78 2.25 161.7
157.27 111.00 2.08 138.0
333.50 264.32 7.86 293.8
189.50 149.50 5.71 172.4
182.98 150.00 3.48 184.3
1650 1044.13 2.24 1438.7
1378 861.00 2.73 1029.4
2670
1634 - 2218.8
184.98 160.60 4.77 156.1
286.00 228.00 240.7
584.50 370.88 0.55 428.8
608.77 420.00 1.90 508.6
773.25 575.00 4.73 626.8
174.81 150.47 4.51 147.1
391.15 298.00 4.97 371.7
177.5
176.00 154.00 166.3
250.00 210.00 3.11 243.7
104.97 96.00 1.03 106.8

0.4
-3.6
-11.0
-29.6
-27.0
1.5
-6.0
-0.6
0.8
-8.2
-13.7
-4.6
-15.8
-10.5
-12.9
-9.0
-13.7
-9.5
-8.9
-6.1
-6.8
17.2
-37.1
-38.7
-9.5
-14.0
-13.0
0.9
0.6
-6.4
-16.2
-15.5
-21.6
10.8
6.4
-3.3
-17.4
-4.3
12.4
-12.8
-5.9
-6.4
-9.2

Price

+/-Chg

460.00
175.00

1.50
-2.50
-0.90
-65.00
-8.00
-25.50
5.00
-1.00
-

Financial General

Appreciate Grp
Arbuthnot♦
BP Marsh
Burford Capital Ltd
Gresham House Plc
MattioliWds
Numis
Premier Miton Group
STM Group

24.03

Electronic & Electrical Equip

Checkit
LPA

Vol
000s

Yld

45.40

Basic Resource (Ex Mining)

CropperJ

P/E

52 Week
High
Low

25.75
890.00
285.00
633.50
915.00
730.00
240.00
134.00
25.50

Food & Beverages

52 Week
High
Low

Yld

52 Week
High
Low

Health Care Equip & Services
AVO
CareTech
Tristel

22.50
724.00
320.00

-8.00
-

42.00
773.00
810.00

House, Leisure & Pers Goods

Airea
Churchll
Frontier Developments PLC
Portmern♦
Sanderson Design Grp

28.50
1400
1320
475.00
155.50

-24.00
-15.00
-7.00

Industrial Engineering

600 Grp
MS Intl
Pres Tech

IT

Keywords Studios
Learning Technologies Group

16.25
290.00
88.00

2200
126.10

-1.00
-6.00

-26.00
1.10

37.00
2050
3120
920.00
235.00
17.00
308.00
104.00
3908
277.20

Yld

P/E

Vol
000s

21.50 -2.67
530.00 1.76 26.35
270.00 2.05 65.98

162.6
123.1
20.1

24.01
1300
1080
460.00
121.55

10.0
1.8
163.5
14.2
50.0

-

12.67
166.67
38.04
20.29
13.32

11.05 95.03
155.75 1.21 41.43
62.00 -7.31

28.9
0.0
16.0

1950 64.97
121.60 0.99 53.12

93.7
2170.0

-1.50 199.98 168.00 3.77 192.4
-11.00 664.00 453.00 4.01 582.1
-5.00 788.00 618.13 0.91 760.3
-8.00 513.00 350.00 5.31 400.9
-8.00 731.00 295.50 6.84 346.9
105.00 99.00 0.39 102.8
-10.00 1115.3 911.50 1.62 1006.4
-1.50 111.00 92.50 4.66 104.9
-1.00 140.30 98.40 1.27 118.4
-2.80 95.00 70.30 7.09 94.1
-3.50 588.00 369.00 1.61 491.4
-9.00 952.03 610.32 4.48 699.8
-0.40 101.50 80.60 3.91 94.7
-1.25 155.00 118.50 3.97 146.3
-1.50 475.00 405.00 3.35 438.0
-12.00 865.00 686.00 953.5
-12.00 568.40 332.00 6.75 366.1
1.00 732.00 451.50 1.11 491.6
-48.00 1585.23 885.00 3.14 1085.4
-4.30 894.00 76.00 35.82 47.0
-10.00 478.38 267.00 1.97 342.0
-5.50 473.00 360.00 0.66 417.6
-10.00 829.00 700.00 3.65 775.0
-42.50
1805
1040 4.17 1095.4
-3.75 145.00 110.00 4.80 133.5
-5.00 252.00 180.00 5.82 245.2
-2.00 130.00 105.00 3.94 171.6
-4.40 294.50 185.15 3.53 226.3
-6.00 591.00 485.00 4.82 558.1
-8.00 870.00 679.47 0.85 736.3
-7.00
1482 969.00 0.20 1074.3
-5.20 226.99 127.54 0.71 147.3
-10.00 959.50 738.00 3.54 905.9
-2.00
1286
1038 4.44 1291.9
-0.10 58.20 51.60 8.25 51.4
149.00 125.00 1.09 184.1
0.50 315.72 256.30 3.34 329.7
-80.00
5120 3602.52 0.79 5426.6
-6.00 376.00 286.32 0.76 361.0
-1.00 954.00 600.00 719.6
400.00 51166 45560 1.12 49107.
5
-2.00 313.00 248.50 0.66 328.3
-3.20 184.00 129.91 2.65 160.3
-56.00 2760.93 1897.26 - 2314.1
-5.00 3635.25 2205.84 1.45 2673.0

-8.3
-17.2
-2.0
-11.2
-3.9
-1.0
-2.1
-2.8
-10.3
-14.6
-15.2
-1.1
1.2
-12.2
2.7
-19.2
-9.3
-6.8
-13.4
107.9
-15.5
-9.2
1.2
3.2
-6.4
-20.1
-33.0
-16.0
1.1
1.7
-6.9
-11.1
-5.8
-4.9
5.4
-29.9
-8.4
-30.0
-12.5
-2.9
2.2

Price

Media

Mission Group
YouGov

Mining

AMC
Arkle Resources
BotswanaD
CentAsiaM♦
Gemfields

Oil & Gas

+/-Chg

52 Week
High
Low

Yld

P/E

Vol
000s

57.00
1280

-0.50
30.00

90.00
1590

43.05 2.68 61.29
980.00 0.47 113.27

26.2
160.8

2.08
0.78
1.13
255.00
16.15

0.06
0.05
0.15

4.01
1.28
1.70
386.00
19.90

0.75 -48.26
0.52 -2.58
0.78 -18.75
187.47 5.44 11.35
8.50 -22.31

4558.7
2460.0
287.7
407.4
913.8

-1.16
-0.17
-0.22
-0.50
-0.22
-0.50

8.50
0.80
4.60
12.37
5.10
6.00
40.00

0.47
0.16
1.20
0.59
1.35
3.07
10.50

-0.50 323.50
-7.00 528.00
-8.00 631.29
-1.00 119.50
-11.00 323.00
1.50 231.00
291.50
-0.70 61.00
-8.00 809.10
-1.00 37.07
-4.50 546.00
-7.00 933.00
-39.60 1568.5
-15.00 1258.64
-25.00
2040
-7.00 324.65
-16.00 1279.28
-4.00 208.80
-0.15 10.47
-2.80 178.00
-0.40 140.60
-2.20 83.00
2.00 229.00
286.80
-20.00 783.00
-1.50 324.75
-60.00
3925

203.86
410.00
485.56
90.00
271.80
185.95
251.00
43.14
489.00
22.25
437.87
725.00
816.20
968.00
1270
234.38
992.00
137.20
8.28
130.50
122.99
67.80
196.50
214.86
630.00
203.00
2915

BorSthnPet
ClontarfEn
Egdon Res
Hurricane Energy
PetrelRes
Phoenix Global
UnJackOil

4.30
0.48
2.90
9.98
3.55
4.28
28.00

Ruffer Inv Pr
Schroder ToRt♦
SchdrAsiaP
SchdrEurReE
Schdr Inc
SchdrJap
SchdrOrient
SchdrRealEst
SchdrUKMd
SchdrUKPubPriv
ScotAmer
Scottish Inv♦
ScottMort
ScottOrtll
Smithson
StrategicEq
Temp Bar
TempEmerg
Tetragon $
EurSmlCom
TRIG
TroyInc&G
Utilico Emerging Market
UIL Inv
VEIL
Witan
WwideHlth

317.50
415.00
518.00
103.00
292.00
201.00
265.00
55.60
554.00
24.00
493.00
872.00
832.40
1125
1333
283.00
1128
143.20
10.25
149.00
133.20
73.40
223.00
227.00
698.00
215.50
3065

-

-

-42.16 18334.1
-9.60 210667.8
-3.72 119.1
-1.00 4500.5
-18.02 2914.1
-1.07 486.0
-14.51 497.1

0.57
1.71
1.54
5.32
4.32
2.44
3.89
4.55
2.40
2.49
2.69
0.41
1.02
0.57
3.32
2.65
3.56
2.10
5.07
3.62
3.52
3.52
2.56
0.72

301.8
439.2
581.0
122.6
307.7
229.0
280.8
70.4
655.0
37.6
495.0
903.8
883.4
1252.4
1488.0
331.8
1193.8
166.5
28.8
175.3
119.9
75.3
254.2
344.0
921.0
238.4
3291.4

5.2
-5.5
-10.8
-16.0
-5.1
-12.2
-5.6
-21.0
-15.4
-36.2
-0.4
-3.5
-5.8
-10.2
-10.4
-14.7
-5.5
-14.0
-64.4
-15.0
11.1
-2.5
-12.3
-34.0
-24.2
-9.6
-6.9

NAV
707.5
205.9
637.2
3659.0
437.9
1636.0
434.2
15.3
-

Dis(-)
or Pm
-32.9
-14.0
-28.1
-36.7
-12.8
-34.8
-34.4
-24.2
-

Price

52 Week
High
Low

+/-Chg

Pharmaceuticals & Biotech

Abcam
Reneuron
Sareum

Real Estate

Lok'nStor
SIR

Retailers

ASOS
Boohoo Group PLC
CVS Group PLC

1124
38.50
215.00

-56.00
-2.50
-5.00

1780
153.78
500.00

970.00
415.00

-20.00
-3.00

1090
464.50

1353
74.04
1626

6.00
-0.94
-79.00

5326
337.00
2835

5.60

150.34
139.60
288.00
515.20
182.80

Support Services

Begbies
Christie
Gattaca
Impellam
JhnsnSrv

118.80
113.00
69.00
451.00
107.00

-

2.00
-0.60

Vol
000s

Yld

P/E

-

170.30
-2.42
-71.67

416.3
263.6
73.8

620.00 1.37 87.39
283.00 3.52 20.75

13.4
283.7

1112
25.00
92.50

1205 10.78 641.5
63.32 15.96 10647.4
1220 0.40 45.55 201.7
97.00 2.53 594.00
85.55 48.09
65.00 2.17 -53.08
270.00 25.63
98.60 66.88

172.3
0.8
36.4
5.4
1952.9

Price
LonSec
NWF
Petards
Renew
Smart Metering Systems

3800
198.00
11.75
690.00
838.00

Tech - Hardware

Aferian plc
IQE

142.50
30.10

52 Week
High
Low

+/-Chg

1274
43.00
81.00
85.50

Travel & Leisure

gamingrealms
Jet2
MinoanGp

25.88
1123
1.15

Vol
000s

3900
240.00
13.80
889.00
1038

2151
182.50
9.14
570.00
670.00

20.96
99.00
21.36
17.05
590.14

0.1
11.8
76.2
46.9
106.7

-0.50
0.55

172.00
59.95

130.30 2.09 25.58
-334.44
28.94 -

39.7
1988.1

747.50 -23.65
37.00 1.42 42.16
62.00 1.85 47.37
84.00 2.11 37.17

1869.0
3.2
6.2
63.6

-646.88

804.6
654.9
1211.8

-

3.50
-1.50

1392
85.40
103.80
132.00

-1.93 46.00
-46.50 1573.22
0.03
1.53

20.39
912.40
0.85

2.11
3.64
1.91
2.98

P/E

-1.25
-2.00
-5.00

Tech - Software & Services
BoBlue Prism Group PLC
Eckoh
Ingenta
Oxford Metrics

Yld

-

-6.03
-8.16

Investment Companies
Conventional (Ex Private Equity)
52 Week
Price +/-Chg
High
Low
3i Infra
343.50
2.00 368.50 248.75
AbnAsianIn
221.00
-3.00 236.00 207.85
Abrdn Div I&G 100.00
-0.30 104.50 93.19
abrdn CN
536.00 -16.00 758.00 511.21
AbnJapInv
575.00 -12.50 835.00 555.00
AbnLatAmIn
57.25
1.75 62.00 44.20
AbnNewDn
276.00 -10.00 336.00 267.00
AbnNewIndia 554.00
-1.00 662.00 476.25
AbnSmlInCo
292.00
-3.00 406.05 275.00
Abf Sml
1310 -22.00 1622.8 1134.07
Abf Spl Inc
72.40
-1.10 92.78 60.03
abrdn Asia Focus 266.00 -10.00 303.00 54.40
Abrdn Eqt Inc 361.00
-8.50 385.00 315.00
Alliance
952.00 -11.00 1084.9 867.84
AllianzTech
239.00
-2.00 378.85 231.58
Art Alpha
322.00
-8.50 478.00 303.00
Asia Dragon
427.00
-7.00 540.00 403.31
Aurora Inv
219.00
-4.00 254.00 203.00
AVI JapOpp♦ 110.00
0.75 127.00 101.00
Axiom
89.00
100.67 87.00
BG Euro
90.00
-2.90 171.06 88.71
BG Japan
743.00 -12.00 1109.51 735.03
BG Shin
147.80
0.80 269.18 146.00
Baillie Gifford UK 162.60
-3.40 257.00 158.50
Bankers♦
102.00
-1.00 150.60 96.00
BB Healthcare Trust 161.20
-6.20 209.50 152.60
BH Macro
4215 -40.00
4540 3234.54
..USD $
44.60
0.10 48.00 33.60
BiotechGth
797.00 -33.00
1444 784.00
BlckRoEne
137.50
5.50 140.30 85.00
BlckRFrnt
134.00
-1.75 140.00 112.75
BlckRGtEur
465.50 -15.50 732.00 436.35
BlckR I&G
182.00
-7.00 200.00 160.00
BlckRckLat
386.00
-2.00 453.00 310.00
BlckRSmlr
1464
6.00 2230.28
1412
BlckRckSusAm 210.00
2.00 213.00 177.00
BlckRThrmt
591.00
-8.00
1046 576.00
BlckRWld♦
697.00
-6.00 804.98 492.00
BMO Cp&I
308.00
-6.00 341.00 269.56
BMOGblSmlr 150.60
-3.40 175.20 138.40
BMOMgdT
254.00
-4.00 300.00 240.00
BMOMgdT
132.50
-4.50 150.00 125.00
BMO UK HIT A 88.00
101.00 77.00

Yld
2.85
4.21
5.50
4.24
2.61
6.11
1.56
3.03
2.58
4.21
1.09
5.71
1.77
1.65
1.11
0.25
1.23
6.74
0.39
0.81
1.49
2.13
3.42
2.91
3.84
1.32
3.96
5.52
2.27
3.81
1.73
3.41
3.77
1.16
4.79
6.02

NAV
286.0
251.6
119.9
612.6
679.0
61.4
316.5
678.4
331.9
1514.5
80.6
306.2
371.1
1023.4
275.8
350.7
474.3
229.0
111.7
100.0
98.4
804.6
153.4
186.6
110.5
165.4
3852.0
39.9
858.9
133.1
151.2
486.4
203.6
412.3
1721.7
219.9
649.4
695.9
308.8
169.7
244.0
130.5
90.2

90.50
348.00
998.00
3580
37.65
408.50
216.00
282.00
221.00
614.00
182.20
100.00
707.00
833.00
442.00
235.50
633.00
289.00
161.00
265.50
797.00
3.10
11.25
196.00
191.00
71.40
139.00
120.00
296.50
173.50
172.50
1205
870.00
1740
173.00
256.00
414.50
420.00
600.00
165.40
324.00
156.50
228.00
97.00

-12.00
-60.00
0.63
-3.50
-6.00
-8.00
-1.00
-8.00
-3.40
-2.75
-6.00
1.00
-9.00
-7.50
-7.90
-1.50
-0.75
-3.00
-17.00
-0.05
-1.00
-3.00
-1.70
-4.00
-2.50
-1.50
-4.00
-6.50
-35.00
-19.00
-10.00
0.20
-6.50
-15.00
-13.50
-0.20
-12.00
-3.50
-2.00

IPST UK Eq
176.50
IP UKSmall
482.00
JPM Amer♦
745.00
JPM Asia♦
356.00
JPM China♦
333.50
JPMElct MC
101.75
..MG
985.00
..MI
102.00
JPM Emrg
106.20
JPM EurGth & Inc 80.40
JPM EuDisc
416.50
JPM Clavr
692.00
JPMGblCoreRa 95.80
JPM GEI
128.50
JPM Gl Gr&Inc 450.00
JPM Ind
770.00
JPM JpCapSm G&I♦ 332.00
JPM Jap
458.00
JPM Mid
940.00
JPMRussian
97.70
JPM Smlr
289.00
JPM US Sml
379.00
Law Deb
784.00
LinTrain £
1130
Lowland
125.00
Majedie
196.00
Marwyn Val
115.00
MercantIT
190.00
MrchTst
564.00
Mid Wynd
749.00
Monks
1000.00
MontanSm
131.00
Mur Inc
853.00
Mur Int♦
1228
CQSNewCityHY 54.20
New Star IT
129.00
NorthAmer
302.00
NthAtSml
3800
PacAsset
316.00
PacHorzn
699.00
PerAsset
50200
PolarHealth
PolarFins
PolarTech
RIT Cap

302.00
151.80
1940
2425

-8.0
-5.3
-16.2
-9.3

Conventional - Private Equity
Price +/-Chg
abrdnPvEq
475.00 -18.00
BGUSGROWTH 177.00 -12.40
BMO PvtEq
458.00
-3.00
HVPE
2315 -25.00
HgCapital♦
382.00
-6.00
ICG Ent Tr
1066 -18.00
Pantheon International Plc ORDs 285.00
-3.50
PrincssPE €
11.60
-0.60
Unbound Group plc 37.50
-2.00

52 Week
High
Low
575.00 385.00
401.75 175.60
520.00 380.00
2860
1980
457.50 320.00
1300
1020
371.30 253.00
14.85 11.50
674.00 34.00

Discretionary Unit Fund Mngrs
(1000)F
Price +/-Chg
Right &ISS
2380 -10.00

52 Week
High
2770

Yld
2.84
3.77
1.31
2.35
5.66
-

Low Yld NAV
2146 1.36 2690.8

Dis(-)
or Pm
-11.6

Conventional - Property ICs
Price +/-Chg

Direct Property

AEW UK REIT
BMO ComPrp
BMORealE
Longbow
SLIPropInc
TR Prop
Tritax EuroBEUR €
Tritax EuroBGBP
UKComPrp
VCTs

Baronsmead 2nd VT
BSC VCT
..VCT2
Inc&GthVCT
Nthn 2 VCT
Nthn 3 VCT
NthnVent
ProVenGI
ProVenVCT
UnicornAIM

52 Week
High
Low

121.00
113.60
95.00
66.00
81.60
412.00
1.10
95.00
87.10

-2.00
0.20
-1.00
-0.30
-11.50
-0.02
-0.40
-1.00

135.00
118.80
101.00
93.00
90.00
526.00
1.46
125.00
95.80

91.30
78.00
68.20
64.00
62.70
339.88
1.09
94.10
71.60

Price
70.50
82.00
57.00
90.00
61.50
94.50
66.00
62.00
73.00
169.00

+/-Chg
1.00
-1.00

52 Week
High
Low
87.50 50.00
85.00 67.50
62.50 49.00
99.50 80.10
92.50 57.00
107.00 89.50
78.76 64.00
63.00 52.00
75.50 64.50
227.00 164.00

Zero Dividend Preference Shares 52 Week
Price +/-Chg
High
Low
Abf Spl Inc
116.00
118.00 110.38
UIL Finance 2024 ZDP 122.50
125.33 116.22
UIL Finance 2028 ZDP 98.50
102.50 96.00
UIL Finance 2026 ZDP 116.00
120.00 111.00
UIL Finance 2022 ZDP 144.00
144.34 137.00

Yld

NAV

Dis(-)
or Pm

6.61
3.35
3.89
9.09
4.19
3.45
4.40
2.93

119.4
144.1
128.4
72.9
101.2
449.1
1.3
111.5

1.3
-21.2
-26.0
-9.5
-19.4
-8.3
-15.4
-21.9

Yld NAV
9.22 75.1
8.54 87.5
14.04 62.8
5.56 96.5
5.69 64.7
4.76 99.1
6.82 69.5
4.84 65.6
4.79 77.0
3.85 189.8

Dis(-)
or Pm
-6.1
-6.3
-9.2
-6.7
-4.9
-4.6
-5.0
-5.5
-5.2
-11.0

SP
-43.8
-48.2
-24.0
-31.9
-95.3

HR

WO TAV 0%
-83.2
-57.6
-28.0
-37.8
-98.7
-

Investment Companies - AIM
BB Biotech AG SFr
CrysAmber
Infra India

Price
53.70
119.00
0.45

+/-Chg
-3.10
-0.50
-

52 Week
High
Low
85.40 53.00
123.50 97.00
1.70
0.45

Yld NAV
6.6 2.1 165.3
10.6

Dis(-)
or Pm
-28.0
-95.8

Guide to FT Share Service
For queries about the FT Share Service pages e-mail
ft.reader.enquiries@morningstar.com.
All data is as of close of the previous business day. Company classifications
are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
100 constituent stocks are shown in bold.
Closing prices are shown in pence unless otherwise indicated. Highs & lows
are based on intra-day trading over a rolling 52 week period. Price/earnings
ratios (PER) are based on latest annual reports and accounts and are updated
with interim figures. PER is calculated using the company’s diluted earnings
from continuing operations. Yields are based on closing price and on dividends
paid in the last financial year and updated with interim figures. Yields are
shown in net terms; dividends on UK companies are net of 10% tax, non-UK
companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
capital changes where appropriate.
Trading volumes are end of day aggregated totals, rounded to the nearest
1,000 shares.
Net asset value per share (NAV) and split analytics are provided only as a
guide. Discounts and premiums are calculated using the latest cum fair net
asset value estimate and closing price. Discounts, premiums, gross redemption
yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
are displayed as a percentage, NAV and terminal asset value per share (TAV)
in pence.
X
♦
■
#

FT Global 500 company
trading ex-dividend
trading ex-capital distribution
price at time of suspension from trading

The prices listed are indicative and believed accurate at the time of publication.
No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept
responsibility and will not be liable for any loss arising from the reliance on
or use of the information.
The FT Share Service is a paid-for-print listing service and may not be fully
representative of all LSE-listed companies. This service is available to all listed
companies, subject to the Editor’s discretion. For new sales enquiries please
email daniel.fish@ft.com or call +44 (0)20 7873 4571.

Data provided by Morningstar

www.morningstar.co.uk

16

★

FTWeekend

7 May/8 May 2022

MANAGED FUNDS SERVICE
SUMMARY

FT.COM/FUNDS
Winners - Europe ex-UK Equity

Fund Name

Losers - Europe ex-UK Equity

1yr Return
GBP

3yr Return
GBP

5yr Return
GBP

3yr
Sharpe Ratio

3yr
Std Dev

0.94
-8.24
4.46
-13.01
-3.17

12.92
12.57
10.89
10.57
10.47

9.94
9.19
8.33
5.26

0.73
0.89
0.52
0.72
0.71

22.19
18.27
26.83
19.80
17.40

MI Chelverton Equity Fund - MI Chelverton European Select Fund
BlackRock Continental European Fund
LF Brook Continental European Fund
BlackRock European Dynamic Fund
GAM Funds - GAM Continental European Equity

Fund Name

1yr Return
GBP

3yr Return
GBP

5yr Return
GBP

3yr
Sharpe Ratio

3yr
Std Dev

-2.92
-0.41
-8.83
-9.03
-7.28

-2.03
-0.88
-0.19
1.48
1.98

-1.36
-1.44
-0.31
2.30
1.53

0.07
0.11
0.12
0.29
0.32

22.72
20.50
22.27
18.67
18.34

Schroder European Sustainable Equity Fund
Aviva Investors - European Equity Income Fund
Schroder European Alpha Plus Fund
Artemis European Sustainable Growth Fund
Fidelity Sustainable European Equity Fund

Advertising Feature

Morningstar Star Ratings

Fund Name
New Capital Japan Equity Fund
Candriam Bds Euro High Yield Cap
Asia Focus Acc GBP
Fidelity Multi Asset Income Fund W Acc
Brown Advisory Latin American Fund USD B

Global Broad Category Group - Commodities

Base Currency

Morningstar
Rating 3 Yr

Morningstar
Rating 5 Yr

Yen
Euro
Pound Sterling
Pound Sterling
US Dollar

QQQQQ
QQQQ
QQQQ
QQ
Q

QQQQ
QQQQQ
QQQQ
QQQ
Q

Performance

Please remember that past performance is not necessarily a guide to future performance

Firm Name
McInroy & Wood Portfolios Limited
Fund Name
Smaller Companies Fund Personal Class Units
Morningstar Category
Global Small/Mid-Cap Equity
Max Annual Charge
3Yr Rating
QQQ
Morningstar Sustainability Rating
KIID Ongoing Charge
Day-End One Year Return
Total Ret 3Yr

Fund

1.12
-11.42
6.18

Day -3.01%

Total Ret 1Yr
GBP

Total Ret 3Yr
GBP

Total Ret 5Yr
GBP

US Dollar
US Dollar
US Dollar
US Dollar
US Dollar

19.96
24.47
29.72
-7.21
41.08

22.03
21.31
16.82
16.60
15.69

7.25
7.03
9.50
12.58
9.39

Commodities - Grains
Commodities - Broad Agriculture
Commodities - Broad Basket
Commodities - Precious Metals
Commodities - Other

Top 10 Holdings - As of 31/10/2021

Sector
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Utilities
Cash & Equivalents
Corporate
Derivative
Government
Municipal
Securitized

Smaller Companies Fund Personal Class Units

-197.00

QQQQ
QQQQQ
QQQQ
QQQQ
Q

Base Currency

Weightings - As of 31/10/2021

May 2019 - May 2022

Bid Price
Offer Price
+/-

Morningstar
Morningstar Category
Rating 10 Yr

Alpha
Beta
Information Ratio
R Squared
Sharpe Ratio
Std Dev

Category

Month -6.22%

Year -13.89%

Risk Measures - As of 30/04/2022

1Yr
-7.31
1.31
-1.19
86.31%
-1.07
18.87

1Yr Cat Ave
-4.98
1.06
-0.78
81.76%
-0.64
16.72

3Yr
-2.26
0.94
-0.39
87.53%
0.30
21.07

3Yr Cat Ave
-1.90
1.03
-0.29
88.88%
0.35
22.04

Weighting
5.41%
10.28%
1.60%
19.80%
34.54%
2.17%
20.76%
1.64%
3.79%
-

5Yr
0.43
0.97
0.01
86.67%
0.43
18.86

Cat Avg.
6.29%
4.02%
13.28%
5.19%
4.30%
9.83%
10.51%
18.65%
4.55%
15.62%
1.87%
5.31%
0.21%
0.37%
0.01%
0.00%

Holding

Sector

Weighting

Basler AG

Technology

3.66%

Omnicell Inc

Healthcare

3.63%

Helios Technologies Inc

Industrials

3.44%

Spirax-Sarco Engineering PLC

Industrials

2.99%

Sonova Holding AG

Healthcare

2.87%

Energy Recovery Inc

Industrials

2.86%

Consumer Cyclical

2.84%

Belimo Holding AG

Industrials

2.82%

Teleperformance SE

Industrials

2.80%

Hill & Smith Holdings PLC

Industrials

2.72%

ARB Corp Ltd

5Yr Cat Ave
-1.67
1.04
-0.27
88.64%
0.36
19.55

Information reproduced courtesy of Morningstar. While the Financial Times takes every care to ensure that the information is faithfully reproduced, the information is not verified by the Financial Times and therefore it accepts no liability for any loss which may arise relating to the Morningstar information.
© 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Fund

Bid

Offer

+/- Yield

1Yr

abrdn Capital (CI) Limited

3Yr

( JER )

PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised
Aberdeen Standard Capital Offshore Strategy Fund Limited
Bridge Fund
£ 2.2492 - -0.0369 1.64 -0.81 7.22
Global Equity Fund
£ 3.3060 - -0.0655 0.97 0.74 10.42
Global Fixed Interest Fund
£ 0.8091 - -0.0039 5.35 -12.19 -1.16
Income Fund
£ 0.6642 - -0.0082 2.79 2.17 7.59
Sterling Fixed Interest Fund £ 0.7738 - -0.0013 3.22 -10.43 -0.41
UK Equity Fund
£ 1.9862 - -0.0559 3.22 -5.55 -0.38

Fund

Bid

Offer

+/- Yield

1Yr

3Yr

Atlantas Sicav
Regulated
American Dynamic
American One
Bond Global
Eurocroissance
Far East

Fund

Bid

Offer

+/- Yield

1Yr

3Yr

( LUX )
-

-51.04 0.00 7.51 11.77

Candriam Investors Group

Blue Whale Investment Funds ICAV

( IRL )
€ 179.04
€ 154.66
€ 97.58
€ 175.23
€ 160.30
€ 100.87
€ 144.34
€ 100.99
€ 99.72
€ 124.56
€ 122.02
€ 122.02
€ 144.06
€ 137.35
€ 122.10

-

0.41
0.35
0.21
-1.31
-1.20
-0.76
-2.64
-0.12
-0.12
-0.36
-0.36
-0.36
-1.81
-1.73
-2.24

0.00
0.00
4.69
0.00
0.00
3.46
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

-6.83
-7.31
-7.26
-0.24
-1.13
-1.14
4.83
-8.81
-9.26
-5.54
-6.05
-6.05
-0.01
0.07
3.63

( IRE )

www.bluewhale.co.uk, info@bluewhale.co.uk
FCA Recognised - Ireland UCITS
Blue Whale Growth USD T
$ 8.91 - -0.51 0.00 -21.93

$ 578.02
€ 537.32

-

-19.59 0.00 3.59 -2.97
-18.85 0.00 2.98 -3.79

€ 981.27
€ 193.45
€ 1171.55
€ 2029.50

-

-38.67
-0.16
-0.98
-0.16

0.00 -15.12
0.00 -4.74
0.00 -7.52
0.00 -2.27

6.10
-0.84
0.37
-0.96

Chartered Asset Management Pte Ltd

Other International Funds
CAM-GTF VCC
$ 304696.71 304696.71 -10543.84 - -6.36 3.78
CAM GTi VCC
$ 780.49 - -32.39 - 12.31 4.69
RAIC VCC
$ 1.64 1.64 0.03 2.06 5.74 -1.66

Brooks Macdonald International Fund Managers Limited( JER )

Other International
AEF Ltd Usd
AEF Ltd Eur

Other International Funds
Candriam Eqts L Emerging Mkts Cap
Candriam Bonds Credit Opportunities
Candriam Bds Euro High Yield Cap
Candriam Bds Euro Sh.Term Cap

-

4.15
3.54
3.60
8.23
7.26
7.26
8.41
6.72
6.40
6.40
12.49
7.37

The Antares European Fund Limited

5 Anley Street, St Helier, Jersey, JE2 3QE
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK)
Brooks Macdonald International Investment Funds Limited
Euro High Income
€ 1.3249 - -0.0072 2.50 -10.69 -2.63
High Income
£ 0.7371 - -0.0003 3.77 -9.41 -0.55
Sterling Bond
£ 1.3933 - 0.0005 2.06 -10.20 -0.75
Brooks Macdonald International Multi Strategy Fund Limited
Cautious Balanced Strategy £ 1.3049 - -0.0011 0.00 -4.97 1.39
Cautious Balanced Strategy A £ 0.9330 - -0.0008 Balanced Strategy
£ 0.9257 - 0.0009 Balanced Strategy A
£ 0.9283 - 0.0009 Growth Strategy
£ 1.9628 - 0.0057 0.00 -4.04 2.42
Growth Strategy A
£ 0.9399 - 0.0027 High Growth Strategy
£ 2.7349 - 0.0098 0.00 -4.30 3.37
High Growth Strategy A
£ 0.9310 - 0.0034 US$ Growth Strategy
$ 1.7481 - -0.0031 0.00 -14.16 2.15
Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes

Stuart House, St John's Street, Peterborough, PE1 5DD
Dealing & Client Services 0345 850 8818
Authorised Inv Funds
Consistent UT Inc
64.48 66.62 -1.12 0.56
Consistent UT Acc
172.70 178.50 -3.00 0.56
Practical Investment Inc
240.10 257.50 -5.30 3.43
Practical Investment Acc
1469.00 1576.00 -33.00 3.43

-8.74
-8.72
-1.44
-3.10

9.69
5.30
1.48
4.93
10.55
10.01
11.61
1.47
4.83
5.84
0.10
1.13
8.63
5.48
5.03
-0.65
14.62
11.85
11.69

1Yr

3Yr

( IRL )

Brown Advisory Funds plc

http://www.brownadvisory.com Tel: 020 3301 8130
FCA Recognised
US Small Cap Blend Fund USD B $ 20.87 - -0.75
US Flexible Equity Fund USD B $ 23.46 - -0.98
Global Leaders Fund USD C $ 20.48 - -0.68
US Sustainable Growth Fund USD C $ 23.41 - -1.17
Global Leaders Sustainable Fund USD C $ 12.55 - -0.43
US Equity Growth Fund USD B $ 48.55 - -2.53
US Smaller Companies Fund USD B $ 33.74 - -1.42
US Mid-Cap Growth Fund USD C $ 16.70 - -0.86
Global Sustainable Total Return Bond GBP B £ 9.74 - -0.01

0.00 -13.04
0.00 -7.60
0.00 -7.20
0.00 -6.25
0.00 -6.62
0.00 -15.20
0.00 -18.03
0.00 -21.71
-

5.13
12.27
9.99
14.93
9.47
6.44
5.19
-

( IRL )

Dodge & Cox Worldwide Funds

48-49 Pall Mall, London SW1Y 5JG.
www.dodgeandcox.worldwide.com 020 3713 7664
FCA Recognised
Dodge & Cox Worldwide Funds plc - Global Bond Fund
EUR Accumulating Class
€ 15.75 0.00 0.00 4.37
EUR Accumulating Class (H) € 10.51 - -0.06 0.00 -9.24
EUR Distributing Class
€ 11.79 0.00 1.49 2.53
EUR Distributing Class (H)
€ 7.81 - -0.05 1.73 -11.00
GBP Distributing Class
£ 12.31 0.18 1.41 1.38
GBP Distributing Class (H)
£ 8.31 - -0.05 1.64 -10.40
USD Accumulating Class
$ 11.99 - -0.06 0.00 -8.26
Dodge & Cox Worldwide Funds plc-Global Stock Fund
USD Accumulating Share Class $ 28.83 - -0.85 0.00 -1.97
GBP Accumulating Share Class £ 38.35 - -0.35 0.00 10.26
GBP Distributing Share class £ 26.07 - -0.24 0.42 9.64
EUR Accumulating Share Class € 41.04 - -0.99 0.00 11.55
GBP Distributing Class (H)
£ 13.70 - -0.41 0.40 -3.30
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 38.40 - -1.00 0.00 0.00
GBP Accumulating Share Class £ 48.31 - -0.28 0.00 12.51
GBP Distributing Share Class £ 29.10 - -0.17 0.23 12.06
EUR Accumulating Share Class € 47.20 - -0.98 0.00 13.79
GBP Distributing Class (H)
£ 15.56 - -0.40 0.27 -1.14

4.38
0.58
3.77
-0.10
3.87
0.66
2.33
9.38
11.68
11.36
11.57
7.00
12.11
14.49
14.35
14.37
10.16

9.26
9.26
5.43
4.70

Dragon Capital

www.dragoncapital.com
Fund information:info@dragoncapital.com
Other International Funds
Vietnam Equity (UCITS) Fund A USD $ 35.21 -

-0.98 0.00 11.81 16.20

CP Capital Asset Management Limited

www.cpgbl.com, email: fundservices@cpgbl.com
International Mutual Funds
CPS Master Private Fund
$ 388.85 - -0.09
CP Global Alpha Fund
$ 323.31 0.45

-

10.12 14.30
11.28 14.78

PO Box 3733, Swindon, SN4 4BG, 0800 358 3010
Authorised Inv Funds
Amity Balanced For Charities A Inc 107.60 - -1.60
Amity Global Equity Inc for Charities A Inc 156.70 - -2.50
EdenTree European Equity Cls A Inc 299.80 - -4.30
EdenTree European Equity Cls B Inc 303.10 - -4.30
EdenTree Global Equity Cls A Inc 324.60 - -7.40
EdenTree Global Equity Cls B Inc 327.70 - -7.50
EdenTree Responsible and Sust S Dtd Bd B 96.30 0.12
EdenTree Sterling Bond Cls A Inc 94.74 - -0.10
EdenTree Sterling Bond Cls B Inc 106.60 - -0.10
EdenTree UK Equity Cls A Inc 225.40 - -7.10
EdenTree UK Equity Cls B Inc 224.90 - -7.10
EdenTree UK Equity Opps Cls A Inc 281.00 - -8.30
EdenTree UK Equity Opps Cls B Inc 287.20 - -8.50
Edentree Global Impact Bond B 91.02 - -0.52
Edentree Green Future B Net Inc 96.92 - -2.45
EdenTree Managed Income Cls A Inc 131.60 - -1.40
EdenTree Managed Income Cls B Inc 140.00 - -1.50

Bid

4.73 -1.59
1.64
- -1.44
- -0.91
- -5.63
0.64 -5.13
0.72 -3.21
3.42 -7.29
3.42 -6.73
0.89 -13.10
1.50 -12.67
0.81 -16.16
1.45 -15.71
4.47 4.29
4.47 4.76

3.92
7.92
6.43
7.16
6.22
6.90
0.11
0.43
1.09
-0.58
0.08
-0.24
0.43
3.84
4.38

Offer

+/- Yield

1Yr

3Yr

Asia Pacific Ops W-Acc
£ 2.82 - -0.06 0.48 -7.82 10.96
Asian Dividend Fund W-ACC-GBP £ 2.34 - -0.02 6.36 5.30
China Consumer Fund W-ACC-GBP £ 2.65 - -0.08 0.00 -34.38 -4.81
Emerging Asia Fund W-ACC-GBP £ 1.80 - -0.04 0.30 -16.67 4.34
Enhanced Income Fund W-INC-GBP £ 0.87 - -0.01 5.83 11.78 4.57
European Fund W-ACC-GBP £ 21.89 - -0.32 1.08 2.96 9.27
Fidelity Extra Income Fund W-ACC-GBP £ 1.35 - -0.01 3.57 -6.56 1.06
*FID INST - Emerging Markets Fund W-ACC-GBP £ 1.70 - -0.04 0.87 -21.84 2.20
Fidelity American Fund W-ACC-GBP £ 53.35 - -1.27 - -4.36 6.89
Fidelity Asia Fund W-ACC-GBP £ 15.49 - -0.30 0.26 -19.11 2.87
Fidelity Cash Fund W-ACC-GBP £ 1.02 0.00 0.00 0.06 0.22
Fidelity Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 1.68 - -0.06 4.34 -37.67 -8.83
Fidelity European Opportunities W-ACC-GBP £ 5.06 - -0.14 0.66 -6.57 2.75
Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.25 - -0.01 4.20 5.77 7.47
Fidelity Sustainable Global Equity W-Accumulation £ 32.30 - -0.49 0.00 -9.55 11.20
Fidelity Global High Yield Fund W-ACC-GBP £ 14.35 - -0.06 5.27 -10.09 -0.84
Fidelity Japan Fund W-ACC-GBP £ 5.43 - -0.01 1.29 0.78 12.55
Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 3.38 - -0.07 0.62 -17.14 1.40
Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.17 0.00 0.97 -1.43 4.06
Fidelity Special Situations Fund W-ACC-GBP £ 40.57 - -0.88 2.03 1.45 3.40
Fidelity Short Dated Corporate Bond Fund W-ACC-GBP £ 10.78 0.01 3.93 -3.33 0.81
Fidelity Sustainable Water & Waste W-ACC-GBP £ 1.17 - -0.02 - -3.71 Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 1.14 -7.27 5.14
Fidelity UK Select Fund W-ACC-GBP £ 3.57 - -0.09 2.01 1.51 4.19
Global Dividend Fund W-ACC-GBP £ 2.90 - -0.01 2.58 5.95 8.87
Global Property Fund W-ACC-GBP £ 2.24 - -0.01 1.30 12.44 4.89
Global Special Sits W-ACC-GBP £ 54.92 - -0.58 0.28 1.24 11.52
Fidelity Index Emerging Markets P-ACC-GBP £ 1.69 - -0.04 2.25 -11.66 2.25
Fidelity Index Europe ex UK P-ACC-GBP £ 1.77 - -0.03 1.99 -2.55 6.62
Fidelity Index Japan P-ACC-GBP £ 1.84 - -0.01 1.96 -4.82 4.84
Fidelity Index Pacific ex Japan P-Acc-GBP £ 1.90 - -0.04 3.56 1.46 4.58
Fidelity Index UK P-ACC-GBP £ 1.53 - -0.03 5.85 3.88
Fidelity Index US P-ACC-GBP £ 3.46 - -0.05 - 12.93 15.90
Fidelity Index World P-ACC-GBP £ 2.67 - -0.04 1.40 7.93 12.48
Fidelity MoneyBuilder Balanced Fund W-ACC-GBP £ 0.62 - -0.01 2.79 4.93 3.33
Fidelity MoneyBuilder Dividend Fund W-INC-GBP £ 1.30 - -0.01 3.66 13.70 5.52
Fidelity MoneyBuilder Income Fund W-ACC-GBP £ 13.41 - -0.01 3.10 -8.34 0.50
Fidelity Multi Asset Allocator Adventurous Fund W-ACC-GBP £ 2.14 - -0.02 2.30 8.17
Fidelity Multi Asset Allocator Defensive Fund W-ACC-GBP £ 1.35 - -0.01 - -6.01 1.61
Fidelity Multi Asset Allocator Growth Fund W-ACC-GBP £ 1.87 - -0.02 0.84 -0.53 5.93
Fidelity Multi Asset Income Fund W-INC-GBP £ 0.99 0.00 - -5.03 1.50
Fidelity Multi Asset Allocator Strategic Fund W-ACC-GBP £ 1.62 - -0.01 0.79 -3.35 3.70
Fidelity Multi Asset Open Advent W-ACC-GBP £ 1.75 - -0.01 2.34 7.40
Fidelity Multi Asset Open Defen W-ACC-GBP £ 1.37 0.00 - -2.49 3.30
Fidelity Multi Asset Open Growth Fund W-ACC-GBP £ 1.66 - -0.01 1.04 1.78 6.77
Fidelity Multi Asset Open Strategic Fund W-ACC-GBP £ 1.53 0.00 1.18 -0.39 4.84
Fidelity Open World Fund W-ACC-GBP £ 2.26 - -0.02 0.57 4.97 9.84
Fidelity Strategic Bond Fund W-ACC-GBP £ 1.24 - -0.01 2.03 -10.14 0.19
Fidelity UK Opportunities Fund W-ACC-GBP 283.70 - -8.60 1.26 -5.43 8.68
Fidelity UK Smaller Companies W-ACC-GBP £ 3.48 - -0.10 1.08 1.16 11.80
Institutional OEIC Funds
*America Fund ACC-GBP
£ 9.19 - -0.11 0.31 11.82 13.35
*Emerging Markets Fund ACC-GBP £ 5.11 - -0.13 0.69 -21.97 2.03
*Europe (ex-UK) Fund ACC-GBP £ 6.92 - -0.18 0.63 -6.78 8.13
*Pre-Retirement Bond Fund W-ACC-GBP £ 144.10 - -0.40 1.83 -9.88 0.35
*Sustainable Global Equity Fund W Acc-GBP £ 7.34 - -0.06 0.07 10.20 16.37
*Index-Linked Bond Fund ACC-GBP £ 4.21 - -0.07 0.32 -7.41 0.15
*Japan Fund ACC-GBP
£ 3.64 - -0.05 0.37 -8.14 6.67
*Long Bond Fund ACC-GBP
£ 0.98 - -0.01 1.47 -14.46 -1.35
*Select Emerging Markets Equities ACC-GBP £ 2.03 - -0.04 - -17.99 1.98
*South East Asia Fund ACC-GBP £ 6.47 - -0.11 0.97 -11.52 2.36
*UK Fund ACC-GBP
£ 5.03 - -0.10 5.83 5.34
*Sustainable UK Aggregate Bond Fund ACC-GBP £ 2.16 0.00 1.73 -8.77 0.23
*Sterling Corporate Bond Fund ACC-GBP £ 2.78 0.00 2.15 -7.83 1.17
*UK Gilt Fund ACC-GBP
£ 2.29 - -0.01 1.17 -9.33 -0.42
*Long Dated Sterling Corporate Bond Fund ACC-GBP £ 3.12 - -0.01 3.07 -13.90 -0.32
*From May 2022 the price for this fund will no longer be published in the FT

Fund

Bid

American Fund GBP Hedged £ 81.62
American Fund GBP Unhedged £ 131.81

Other International Funds
NAV
€ 652.64

-

6.97
7.19
7.16
6.65
3.82
5.05

1Yr

3Yr

0.00 -0.15 7.39
0.00 -15.96 0.00 -16.09 7.58
0.00 -0.12 7.31

Franklin Templeton International Services Sarl

( IRL )

Fundsmith LLP (1200)F

( UK )

JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Other International Funds
Franklin Emerging Market Debt Opportunities Fund Plc
Franklin Emg Mkts Debt Opp CHFSFr 12.88 - -0.05 2.90 -9.16 -2.98
Franklin Emg Mkts Debt Opp GBP £ 8.39 - -0.07 2.91 -8.45 -1.99
Franklin Emg Mkts Debt Opp USD $ 14.69 - -0.17 2.88 -9.15 -0.60

PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Authorised Inv Funds
573.62 - -17.58 - -0.59 9.86
Fundsmith Equity T Acc
Fundsmith Equity T Inc
523.71 - -16.05 0.13 -0.59 9.86

Asset Management
GAM
funds@gam.com, www.funds.gam.com
Regulated
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 128.07
LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 102.27

Ass
-

-0.78 2.56 21.07 9.70
-0.27 0.97 -5.79 -

Genesis Investment Management LLP

Other International Funds
Emerging Mkts NAV
£ 7.21

FSSA Investment Managers

-

-0.16 1.81 -22.50 -1.96

-

-0.13 2.20 15.56 13.24
-0.74 0.00 -1.65 14.49
-0.26 0.00 2.00 -

( UK )

Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB
infouk@fssaim.com
Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
Authorised Funds
Asia-All Cap Acc GBP
£ 1.79 - -0.02 0.62 -4.77
Asia Focus Acc GBP
£ 2.23 - -0.03 0.55 -5.48
Greater China Growth A Shares 1025.85 - -29.36 0.00 -17.50
Japan Focus Acc GBP
£ 2.14 - -0.04 0.00 -18.51

4.76
5.74
4.71
5.93

-12.47 0.00 14.32 3.90

( CYM )

Euronova Asset Management UK LLP
DWS

6.41
6.37
6.38
9.47
-2.54
6.76

+/- Yield

-2.91 0.00 -7.26 7.79
-3.29 0.00 4.81 11.35

Ennismore European Smlr Cos Hedge Fd

( IRL )

1.31
1.01
1.00
1.38
1.53
1.40

-

Foord Asset Management

Guinness Global Equity Income Y GBP Dist £ 18.54
Guinness Global Innovators Y GBP Acc £ 26.08
Guinness Sustainable Global Equity Y GBP Acc £ 10.87

CG Asset Management Limited

Offer

Website: www.foord.com - Email: info@foord.com
FCA Recognised - Luxembourg UCITS
Foord International Fund | R $ 50.28 - -0.83
Foord Global Equity Fund (Lux) | R $ 16.60 - -0.45
Regulated
Foord Global Equity Fund (Sing) | B $ 19.78 - -0.55
Foord International Trust (Gsy) $ 49.00 - -0.80

Guinness Global Investors

25 Moorgate, London, EC2R 6AY
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859
FCA Recognised
CG Portfolio Fund Plc
Absolute Return Cls M Inc
£ 141.40 141.40 0.56
Capital Gearing Portfolio GBP P £ 39185.50 39185.50 160.39
Capital Gearing Portfolio GBP V £ 190.58 190.58 0.78
Dollar Fund Cls D Inc
£ 176.84 176.84 -0.30
Dollar Hedged GBP Inc
£ 102.51 102.51 -1.30
Real Return Cls A Inc
£ 210.18 210.18 -4.67

Tel: +44 (0) 20 7541 8999 www.dws.com
FCA Recognised
DWS Invest Top Dividend
£ 156.37 156.37
DWS Invest Top Euroland
£ 149.04 149.04
DWS Invest Multi Opportunities £ 115.54 115.54
DWS Invest Global Bonds
£ 97.40 97.40

( LUX )
2.79 - 16.43 8.12
1.05 0.87 -9.62 6.20
0.43 3.79 3.75
0.06 0.00 -6.16 -1.67

Regulated
Smaller Cos Cls One Shares
Smaller Cos Cls Two Shares
Smaller Cos Cls Three Shares
Smaller Cos Cls Four Shares

€
€
€
€

57.24
36.65
18.29
24.11

-

-1.59
-1.02
-0.51
-0.63

0.00
0.00
0.00
0.00

-5.61
-6.39
-7.20
-5.00

8.04
6.35
6.04
6.97

First Sentier Investors (UK)

Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB
infoUK@firstsentier.com
Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
Authorised Funds
Diversified Growth B Acc
£ 1.27 0.00 0.93 7.30
Emerging Markets Bond A Accumulation £ 1.44 0.00 4.44 2.33
Emerging Markets Bond A Income £ 0.94 0.00 4.59 2.33
Global Listed Infrastructure Acc 338.99 - -1.91 2.41 15.04
Global Listed Infrastructure Inc 218.72 - -1.24 2.45 15.07
Global Property Securities A Accumulation 276.39 - -5.30 1.60 12.58
Global Property Securities A Income 186.66 - -3.58 1.56 12.52

Ashmore Group

61 Aldwych, London WC2B 4AE. Dealing team: +352 27 62 22 233
Authorised Inv Funds
Emerging Markets Equity Fund $ 118.64 - -3.72 0.00 -25.50 4.70
Emerging Markets Equity ESG Fund $ 132.67 - -4.84 0.00 -29.11 Emerging Markets Active Equity Fund $ 127.81 - -3.74 0.00 -24.47 -1.29
Emerging Markets Frontier Equity Fund $ 202.98 - -1.59 0.35 12.19 6.55
Emerging Markets Blended Debt Fund $ 58.56 - -0.24 6.35 -22.79 -7.54
Emerging Markets Blended Debt ESG Fund $ 88.57 - -0.26 0.00 -17.46 -4.06
Emerging Markets Debt Fund $ 65.68 - -0.31 7.56 -23.17 -7.54
Emerging Markets Corporate Debt Fund $ 67.79 - -0.25 8.37 -20.51 -3.78
Emerging Markets Local Currency Bond Fund $ 61.01 - -0.20 4.69 -15.09 -3.52

Fund

( UK )

EdenTree Investment Management Ltd

www.cpglobal.com.sg, Email: customer_support@cpglobal.com.sg
International Mutual Funds
CP Multi-Strategy Fund
$ 288.97 0.50 - 12.62 15.76

( UK )

57 St. James's Street, London SW1A 1LD 0800 092 2051
Authorised Inv Funds
Artemis SmartGARP UK Eq I Acc 2212.49 - -32.27 3.93 8.46
Artemis Corporate Bond I Acc 104.60 0.17 2.53 -7.44
Artemis SmartGARP Eur Eq I Acc 400.96 - -3.65 2.95 -0.49
Artemis European Opps I Acc 115.60 - -3.26 0.51 -9.03
Artemis SmartGARP GloEmr Eq I Acc 162.82 - -0.71 - -2.32
Artemis SmartGARP Glo Eq I Acc 391.18 - -4.86 5.83
Artemis Global Income I Inc
115.45 - -0.82 2.53 9.12
Artemis Global Select I Acc
167.19 - -2.79 4.45
Artemis High Income I Q Inc
73.71 - -0.63 - -5.27
244.66 - -5.67 3.65 2.94
Artemis Income I Inc
Artemis Monthly Dist I Inc
75.24 - -0.35 3.68 5.27
Artemis Positive Future Fund
74.18 1.95 0.00 -22.98
Artemis Strategic Assets I Acc 83.67 - -0.89 - -9.00
Artemis Strategic Bond I Q Acc 105.01 - -0.36 2.73 -6.05
Artemis Target Return Bond I Acc 106.47 0.08 - -1.61
Artemis UK Select Fund Class I Acc 720.92 - -25.54 - -7.94
Artemis UK Smaller Cos I Acc 2045.36 - -40.59 1.59 -1.89
Artemis UK Special Sits I Acc 725.03 - -21.56 1.87 -9.77
Artemis US Abs Return I Hdg Acc 112.26 0.44 0.00 -0.46
Artemis US Extended Alpha I Acc 330.60 - -4.64 8.82
Artemis US Select I Acc
298.54 - -4.45 1.07
Artemis US Smlr Cos I Acc
323.49 - -6.33 0.00 -9.09

+/- Yield

( UK )

Consistent Unit Tst Mgt Co Ltd (1200)F

CP Global Asset Management Pte. Ltd.
Artemis Fund Managers Ltd (1200)F

Offer

( LUX )

FCA Recognised
Candriam Eqts L Australia CapA$ 1828.18

Regulated
Algebris Financial Credit I EUR
Algebris Financial Credit R EUR
Algebris Financial Credit Rd EUR
Algebris Financial Income I EUR
Algebris Financial Income R EUR
Algebris Financial Income Rd EUR
Algebris Financial Equity B EUR
Algebris IG Financial Credit I EUR
Algebris IG Financial Credit R EUR
Algebris Global Credit Opportunities I EUR
Algebris Global Credit Opportunities R EUR
Algebris Global Credit Opportunities Rd EUR
Algebris Core Italy I EUR
Algebris Core Italy R EUR
Algebris Financial Equity R EUR

Bid

$ 6846.32 6846.32 -240.17 0.00 -10.99 10.69
$ 7124.05 7124.05 -72.98 1.04 14.93
€ 1565.17 1565.17 12.35 0.00 3.90 1.27
€ 1385.96 - -7.42 0.00 0.26 8.66
$ 1021.21 - 24.18 - -24.21 3.69

Candriam Investors Group

Algebris Investments

Fund

( UK )

6.25
4.19
4.22
7.23
7.21
7.50
7.50

HPB Assurance Ltd

Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
International Insurances
Holiday Property Bond Ser 1 £ 0.48 0.00 0.00 -1.84 -3.56
Holiday Property Bond Ser 2 £ 0.63 0.00 0.00 0.48 -0.47

Hermes Property Unit Trust

( UK )

Property & Other UK Unit Trusts
Property
£ 6.97 7.50 0.10 0.69 10.01 1.21

FIL Investment Services (UK) Limited (1200)F

( UK )

Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP
Callfree: Private Clients 0800 414161
Broker Dealings: 0800 414 181
OEIC Funds
Fidelity Allocator World Fund W-ACC-GBP £ 2.65 - -0.05 0.97 5.23 10.26
American Special Sits W-ACC-GBP £ 23.21 - -0.03 - 21.84 13.08

Findlay Park Funds Plc

( IRL )

30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
FCA Recognised
American EUR Unhedged Class € 154.90 - -5.24 0.00 6.29 American Fund USD Class
$ 163.12 - -5.80 0.00 -6.77 9.20

★

7 May/8 May 2022

17

FTWeekend

MANAGED FUNDS SERVICE
Fund

Bid

Offer

+/- Yield

1Yr

3Yr

( UK )

Janus Henderson Investors

PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.janushenderson.com
Authorised Inv Funds
Janus Henderson Asia Pacific Capital Growth Fund A Acc 1155.00 - -24.00 0.00 -20.62
Janus Henderson Asian Dividend Income Unit Trust Inc 88.52 - -0.85 - -1.40
Janus Henderson Cautious Managed Fund A Acc 287.50 - -3.20 2.81 -2.04
Janus Henderson Cautious Managed Fund A Inc 144.70 - -1.60 2.86 -2.00
Janus Henderson China Opportunities Fund A Acc 1256.00 - -41.00 0.00 -30.07
Janus Henderson Emerging Markets Opportunities Fund A Acc 203.50 - -3.80 - -17.34
Janus Henderson European Growth Fund A Acc 275.80 - -3.80 0.41 -1.29
Janus Henderson European Selected Opportunities Fund A Acc 2070.00 - -25.00 0.29 -3.36
Janus Henderson Fixed Interest Monthly Income Fund Inc 19.52 - -0.11 4.37 -10.14
Janus Henderson Global Equity Fund Acc 4348.00 - -120.00 0.00 -0.32
Janus Henderson Global Equity Income Fund A Inc 65.44 - -0.71 2.95 5.16
Janus Henderson Global Sustainable Equity Fund A Inc 470.40 - -11.10 - -0.06
Janus Henderson Global Technology Fund A Acc 2904.00 - -109.00 0.00 -6.53
Janus Henderson Instl UK Idx Opps A Acc £ 1.10 - -0.02 2.58 4.01
Janus Henderson Multi-Asset Absolute Return Fund A Acc 164.00 - -0.30 0.65 7.89
Janus Henderson Multi-Manager Active Fund A Acc 259.90 - -3.30 - -0.80
Janus Henderson Multi-Manager Distribution Fund A Inc 132.20 - -0.20 2.23 -1.84
Janus Henderson Multi-Manager Diversified Fund A Acc 89.96 - -0.15 - -3.95
Janus Henderson Multi-Manager Global Select Fund Acc 314.40 - -1.00 3.29
Janus Henderson Multi-Manager Income & Growth Fund A Acc 192.60 - -0.30 1.95 -1.88
Janus Henderson Multi-Manager Income & Growth Fund A Inc 153.90 - -0.20 1.98 -1.90
Janus Henderson Multi-Manager Managed Fund A Acc 316.50 - -3.90 0.00 -1.46
Janus Henderson Multi-Manager Managed Fund A Inc 306.30 - -3.80 0.00 -1.48
Janus Henderson Sterling Bond Unit Trust Acc 223.80 - -0.20 1.21 -9.94
Janus Henderson Sterling Bond Unit Trust Inc 61.91 - -0.06 1.22 -9.95
Janus Henderson Strategic Bond Fund A Inc 112.90 - -0.80 3.20 -10.14
Janus Henderson Absolute Return Fund A Acc 164.00 - -1.30 0.00 -1.91
Janus Henderson UK Alpha Fund A Acc 142.10 - -5.80 0.32 -15.57
Janus Henderson UK Equity Income & Growth Fund A Inc 520.10 - -9.10 3.83 2.89
Janus Henderson UK Property PAIF A Acc £ 2.65 2.78 0.00 2.63 13.53
Janus Henderson UK Property PAIF A Inc £ 1.06 1.11 0.00 2.68 13.53
Janus Henderson US Growth Fund A Acc 1722.00 - -52.00 - -1.77

Kleinwort Hambros Bank Limited

5TH Floor, 8 St James's Square, London, SW1Y 4JU
Dealing and enquiries: 033 0024 0785
Authorised Inv Funds
Unit Trust Manager/ACD - Host Capital
HC Kleinwort Hambros Growth A Acc 242.66 2.02
HC Kleinwort Hambros Growth A Inc 220.16 1.83
HC Kleinwort Hambros Equity Income A Inc 100.85 - -0.29
HC Kleinwort Hambros Equity Income A Acc 194.78 - -0.54
HC Kleinwort Hambros Multi Asset Balanced A Acc 175.60 1.11
HC Kleinwort Hambros Multi Asset Balanced A Inc 165.98 1.05
HC Kleinwort Hambros Fixed Income A Acc 129.58 - -0.08
HC Kleinwort Hambros Fixed Income A Inc 99.29 - -0.05

0.00
1.65
2.53
2.78
-5.20
0.95
6.30
7.92
0.65
9.46
5.87
13.92
13.54
4.72
4.52
2.36
1.25
7.88
2.47
2.46
3.85
3.85
-0.47
-0.48
0.38
1.72
-1.94
0.65
4.26
4.32
12.30

( UK )

1.36
1.38
3.06
4.50
0.81
0.81
3.44
3.44

-1.15
-1.15
3.83
3.83
-2.27
-2.27
-6.15
-6.65

4.93
4.93
1.82
1.82
2.83
2.83
-0.38
-0.56

Fund

Bid

Offer

1Yr

3Yr

Emerging Markets
Conservative P Acc
European Multi-Cap
Extra Income
Far East Growth A Inc
Global
Global Bond Inc
High Yield Fixed Interest
Marlborough Technology Fund A
Multi Cap Income A Inc
Nano-Cap Growth A Acc
Special Situations A Acc
UK Multi-Cap Growth A Inc
UK Micro Cap Growth A
US Multi-Cap Income
MFM - Third Party Funds
Junior Gold C Acc
MFM Bowland
MFM Hathaway Inc
MFM UK Primary Opportunities A Inc

347.09
95.22
724.04
90.55
253.40
298.40
141.22
65.68
848.73
135.20
242.25
1985.69
341.32
909.34
741.35

347.09 -3.14
- -0.08
724.04 -12.44
90.55 -1.11
253.40 -3.83
298.40 -1.83
141.22 0.26
65.68 -0.51
848.73 -16.70
135.20 -3.93
242.25 -3.27
1985.69 -52.45
341.32 -16.21
909.34 -19.63
741.35 -13.07

+/- Yield

0.96 -2.72
- -4.78
0.94 -2.29
3.91 2.88
0.83 -7.43
0.00 -3.75
2.48 -6.13
4.26 -6.42
0.00 -21.53
4.43 -4.97
0.00 -16.39
0.00 -15.85
0.00 -19.25
0.00 -18.70
1.18 8.47

4.21
17.84
5.84
4.06
6.61
-0.55
1.07
13.29
-0.21
12.15
6.78
-0.19
8.08
13.46

39.30
337.76
157.60
451.49

39.30
337.76
157.60
451.49

0.00 -25.24
0.90 -5.99
0.87 -4.42
0.68 -7.01

15.90
9.85
4.25
3.42

-0.65
-9.26
-1.33
-8.98

Marwyn Asset Management Limited
Regulated
Marwyn Value Investors

£ 329.72

-

Fund

Bid

Offer

+/- Yield

1Yr

( GBR )

Orbis Investments (U.K.) Limited
28 Dorset Square, London, NW1 6QG
www.orbis.com 0800 358 2030
Regulated
Orbis OEIC Global Cautious Standard £ 11.86
Orbis OEIC Global Balanced Standard £ 18.95
Orbis OEIC Global Equity Standard £ 20.99
Orbis OEIC UK Equity Standard £ 10.62

3Yr

-

-0.01 0.10 0.00 -0.04 3.42

10.53
13.64
-0.57
9.30

5.23
10.32
9.60
8.32

Fund

Bid

Offer

+/- Yield

1Yr

-3.31
-1.64
-7.25
-1.98
3.10
-0.22
6.61
11.05

-

-7.17

Platinum Capital Management Ltd

( UK )

McInroy & Wood Portfolios Limited

Easter Alderston, Haddington, EH41 3SF 01620 825867
Authorised Inv Funds
Balanced Fund Personal Class Units 5966.80 - -52.50 1.36 5.40
Income Fund Personal Class Units 2939.20 - -21.30 2.30 7.81
Emerging Markets Fund Personal Class Units 2208.10 - -34.40 1.48 -3.16
Smaller Companies Fund Personal Class Units 6338.90 - -197.00 1.17 -13.89

Other International Funds
Platinum All Star Fund - A
Platinum Global Growth UCITS Fund
Platinum Essential Resources UCITS Fund SICAV USD Class E
Platinum Global Dividend UCITS Fund

$ 155.57
$ 9.78
$ 12.32
$ 51.61

-

4.34 6.29
0.26 0.00 -28.30 -3.16
0.40 0.00 38.27 8.18
1.20 0.00 -10.51 -2.99

7.07
6.51
0.90
5.15

Milltrust International Managed Investments ICAV( IRL )

mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com
Regulated
2.89 0.00 British Innovation Fund
£ 121.92 MAI - Buy & Lease (Australia)A$ 103.45 0.50 0.00 -16.53 1.41
MAI - Buy & Lease (New Zealand)NZ$ 91.20 - -6.06 0.00 -7.20 -2.67
Milltrust Global Emerging Markets Fund - Class A $ 100.09 - -0.39 0.00 -20.30 3.67

Milltrust International Managed Investments SPC

em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com
Regulated
Milltrust Alaska Brazil SP A $ 79.26 - -2.14 0.00 -1.77
Milltrust Laurium Africa SP A $ 104.83 2.93 0.00 -6.67
Milltrust Marcellus India Fund $ 133.77 0.59 0.00 9.43
Milltrust Singular ASEAN SP Founders $ 145.49 - -0.36 0.00 -12.57
Milltrust SPARX Korea Equity SP A $ 126.57 0.10 0.00 -24.84
Milltrust Xingtai China SP A $ 143.48 0.18 0.00 0.15
The Climate Impact Asia Fund SP (Class A) $ 79.85 1.21 0.00 -19.86
The Climate Impact Asia Fund (Class B) $ 79.45 1.20 0.00 -20.26

-

( IRL )

Polar Capital Funds Plc

Regulated
Automation & Artificial Intelligence CL I USD Acc
Asian Starts I USD Acc $
Biotechnology I USD
China Stars I USD Acc $
Emerging Market Stars I USD Acc
European Ex UK Inc EUR Acc
Financial Opps I USD
Global Convertible I USD
Global Insurance I GBP
Global Technology I USD
Healthcare Blue Chip Fund I USD Acc
Healthcare Dis I Acc USD $
Healthcare Opps I USD
Income Opportunities B2 I GBP Acc
Japan Value I JPY
North American I USD
Smart Energy I USD Acc $
Smart Mobility I USD Acc $
UK Val Opp I GBP Acc

$ 15.33
$ 14.52
$ 33.57
$ 11.34
$ 11.66
€ 13.73
$ 14.14
$ 14.17
£ 9.02
$ 71.57
$ 18.17
$ 12.42
$ 60.58
£ 2.86
¥ 130.64
$ 33.56
$ 8.39
$ 8.31
£ 12.97

15.33
33.57
11.34
13.73
14.17
18.17
2.86
130.64
33.56
8.39
8.31
12.97

-0.43
0.10
-0.82
-0.11
0.00
-0.05
-0.32
-0.25
-0.12
-3.46
-0.14
-0.49
-1.20
-0.01
1.87
-1.13
-0.32
-0.27
-0.34

0.00 -15.30
0.00 -23.58
0.00 -16.33
0.00 -32.01
0.00 -25.45
0.00 8.71
2.24 -10.28
0.00 -16.75
0.00 15.12
0.00 -17.55
0.00 5.58
0.00 -18.02
0.00 -8.18
0.00 9.59
0.00 4.36
0.00 -6.23
0.00 -5.67

10.41
7.34
10.93
1.61
5.46
4.27
3.17
1.65
9.63
12.30
12.30
7.36
7.80
3.95
9.63
2.45

( UK )

Ruffer LLP (1000)F

65 Gresham Street, London, EC2V 7NQ
Order Desk and Enquiries: 0345 601 9610
Authorised Inv Funds
Authorised Corporate Director - Link Fund Solutions
LF Ruffer Diversified Rtrn C Acc 106.83 - -0.15 0.00 LF Ruffer Diversified Rtrn C Inc 106.80 - -0.16 0.00 LF Ruffer European C Acc
807.64 - -11.44 0.96 -14.99
LF Ruffer European C Inc
146.17 - -2.07 0.96 -14.98
LF Ruffer European O Acc
784.36 - -11.14 0.62 -15.24
LF Ruffer Equity & General C Acc 569.25 - -2.69 0.42 2.15
LF Ruffer Equity & General C Inc 518.40 - -2.46 0.43 2.15
LF Ruffer Equity & General O Acc 552.89 - -2.63 0.14 1.84
LF Ruffer Equity & General O Inc 511.19 - -2.44 0.14 1.84
LF Ruffer Gold C Acc
290.25 - -7.00 0.00 2.84
LF Ruffer Gold C Inc
175.67 - -4.24 0.00 2.84
LF Ruffer Gold O Acc
281.80 - -6.82 0.00 2.52
LF Ruffer Japanese C Inc
156.48 - -1.61 0.00 -9.71
LF Ruffer Japanese C Acc
336.28 - -3.45 0.00 -9.70
LF Ruffer Japanese O Acc X
326.15 - -3.35 0.00 -9.98
LF Ruffer Total Return C Acc
571.29 0.14 1.76 5.08
LF Ruffer Total Return C Inc
361.93 0.09 1.79 5.09
LF Ruffer Total Return O Acc
554.80 0.12 1.76 4.76
LF Ruffer Total Return O Inc
351.29 0.08 1.79 4.77

P.O. Box 364, Darlington, DL1 9RD
Dealing: 0870 6066408, Info: 0870 6066459
Authorised Inv Funds
Lazard Investment Funds (OEIC) B Share Class
Developing Markets Acc
121.21 - -2.70
Developing Markets Inc
119.37 - -2.66
Emerging Markets Acc
353.62 - -4.70
Emg Mkts Inc
279.24 - -3.72
European Alpha Acc
978.23 - -16.59
European Alpha Inc
847.09 - -14.37
European Smaller Cos Acc
697.96 - -22.81
Global Equity Income Acc
226.53 - -2.10
Global Equity Income Inc
116.80 - -1.09
Managed Bal Inc
190.90 - -3.17
UK Income Acc
1580.83 - -29.41
UK Income Inc
589.30 - -10.96
UK Omega Acc
268.46 - -6.13
UK Omega Inc
224.87 - -5.14
UK Smaller Cos Inc
2243.42 - -64.46

( UK )

0.00 -17.67
0.00 -17.68
2.71 -1.46
2.77 -1.46
0.92 -4.75
0.93 -4.74
0.00 -12.75
3.26 3.02
3.33 3.02
1.78 -1.24
2.69
2.69
1.67 -0.99
1.69 -1.00
0.34 -12.71

-0.24
-0.25
1.70
1.70
4.71
4.71
5.42
8.75
8.75
5.45
2.83
2.82
1.85
1.85
4.86

Ministry of Justice Common Investment Funds

Property & Other UK Unit Trusts
1925.00 - -16.00
The Equity Idx Tracker Fd Inc
Distribution Units

-

( UK )
3.14 5.96

Regulated
Monument Growth 08/03/2022 £ 563.47 569.13 -1.76

155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Property & Other UK Unit Trusts
Lothbury Property Trust GBP £ 2150.21 2316.45 32.02 2.43 15.33 3.41

-

( IRL )

Prusik Investment Management LLP
Enquiries - 0207 493 1331
Regulated
Prusik Asian Equity Income B Dist
Prusik Asia Emerging Opportunities Fund A Acc
Prusik Asia Fund U Dist.
Prusik Asia Sustainable Growth Fund A Acc

$ 182.69
$ 192.74
£ 222.39
$ 93.27

-

Purisima Investment Fds (UK) (1200)F

Regulated
PCG B X
PCG C X

MMIP Investment Management Limited

( GSY )
4.48
3.40

3.77
2.32
1.00
6.71

36.27
10.36
12.87
14.19
9.42
0.96
10.21

-

-0.76
-0.01
-0.16
-0.18
-0.15
0.00
-0.01

0.22
2.68
0.24
0.13
0.36
1.80
0.00

-7.10
-4.24
-3.49
-4.47
5.17
-1.29
-0.50

301.71
293.88

( IRL )

3.36 0.00 -5.31 10.28
3.26 0.00 -5.51 10.05

( UK )

Marlborough, PO BOX 1852 Lichfield, Staffordshire, England, WS13 8XU. 0808 145 2500.
www.marlboroughfunds.com
Authorised Inv Funds
Balanced
228.31 228.31 0.55 0.17 -2.29 4.29
Bond Income
45.82 45.82 -0.06 3.36 -8.84 -1.14
Cautious Inc
86.34 86.34 0.00 1.48 -4.46 0.73

-0.21 0.00 -4.45 -0.62
0.00 0.00 -4.74 0.94
-0.47 0.00 -4.28 0.87

3Yr

Fund

Bid

Offer

+/- Yield

1Yr

3Yr

Stewart Investors

23 St Andrew Square, Edinburgh, EH2 1BB
enquiries@stewartinvestors.com
Client Services: 0800 587 4141
Dealing Line: 0800 587 3388
Authorised Funds
SI Asia Pacific A Acc
1495.22 SI Asia Pacific A Inc
£ 2.65 SI Asia Pacific Leaders A Acc 861.63 SI Asia Pacific Leaders A Inc £ 2.93 694.73 SI Asia Sustainability A Acc
SI Global Emerging Mkts A Acc 762.18 SI Global Emerging Mkts Leaders A Acc 542.34 SI Global Emerging Mkts Sus A Acc 353.73 SI Indian Sub-Cont A Acc
714.50 SI Latin America A Acc
£ 2.37 SI Worldwide Equity A Acc
£ 2.36 SI Worldwide Equity A Inc
£ 2.39 559.15 SI Worldwide Leaders A Acc
SI Worldwide Sus A Acc
£ 2.51 SI Worldwide Sus A Inc
£ 2.44 -

( UK )

-26.19
-0.05
-8.28
-0.03
-9.59
-7.80
-6.60
-5.82
-9.97
-0.01
0.05
0.05
-12.48
-0.07
-0.06

0.00
0.00
0.00
0.00
0.00
1.34
0.78
0.00
2.73
-

-3.33
-3.34
-0.57
-0.61
-0.93
-0.90
-0.31
-9.61
14.85
1.78
21.94
23.40
2.23
-6.13
-6.02

3.87
3.36
7.30
7.22
7.52
-1.57
-1.15
1.92
13.15
-4.32
8.37
8.80
7.30
5.60
5.74

Troy Asset Mgt (1200)

65 Gresham Street, London, EC2V 7NQ
Order Desk and Enquiries: 0345 608 0950
Authorised Inv Funds
Authorised Corporate Director - Link Fund Solutions
Trojan Investment Funds
280.54 1.14 0.15
Spectrum Fund O Acc
Spectrum Fund O Inc
264.78 1.08 0.17
Trojan Ethical O Acc
128.53 - -1.04 0.00
Trojan Ethical Global Inc O Acc 103.57 - -1.73 Trojan Ethical Global Inc O Inc 102.32 - -1.72 Trojan Ethical O Inc
128.27 - -1.05 0.00
Trojan Ethical Income O Acc
138.80 - -3.25 2.36
Trojan Ethical Income O Inc
117.59 - -2.75 2.40
Trojan Fund O Acc
390.54 - -3.04 0.00
Trojan Fund O Inc
316.11 - -2.46 0.00
Trojan Global Equity O Acc
470.36 - -11.74 0.00
Trojan Global Equity O Inc
388.08 - -9.70 0.00
Trojan Global Income O Acc
157.47 - -2.03 Trojan Global Income O Inc
133.59 - -1.72 Trojan Income O Acc
345.61 - -9.03 2.65
Trojan Income O Inc
172.91 - -4.51 2.70

( UK )

2.75
2.74
5.02
5.01
-1.48
-1.47
6.51
6.51
0.99
0.98
13.57
13.58
-0.20
-0.20

Unicorn Asset Management Ltd

Stonehage Fleming Investment Management Ltd ( IRL )
www.stonehagefleming.com/gbi
enquiries@stonehagefleming.com
Regulated
SF Global Best Ideas Eq B USD ACC $ 229.58
SF Global Best Ideas Eq D GBP INC £ 281.49

-

-8.11 0.00 -11.25 9.02
-6.96 0.00 -0.23 11.17

7.13
7.12
8.43
8.43
2.18
2.18
7.99
8.00
10.25
10.24
9.67
9.67
0.87
0.87

( UK )

PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Authorised Inv Funds
640.86 - -14.62 0.08 -16.44
UK Growth A Inc
Mastertrust A Inc X F
601.86 - -14.84 0.44 -6.12
UK Growth B Inc
647.84 - -14.69 0.88 -15.78
Mastertrust B Inc X F
541.94 - -13.29 1.17 -5.39
Outstanding British Cos A Acc X F 282.61 - -5.02 0.46 -11.55
Outstanding British Cos B Acc X F 309.54 - -5.46 1.24 -10.86
UK Smaller Cos A Inc X F
626.46 - -9.19 0.66 -12.74
UK Smaller Cos B Inc X F
613.97 - -8.95 1.44 -12.06
UK Income A Acc X F
322.58 - -6.43 4.06 -4.46
UK Income A Inc X F
223.67 - -4.46 4.17 -4.44
UK Income B Acc X F
359.51 - -7.16 4.05 -3.75
UK Income B Inc X F
249.44 - -4.96 4.15 -3.71

2.08
5.17
2.85
5.95
-3.54
-2.80
3.46
4.24
0.42
0.25
1.18
1.12

( LUX )
-

0.80 0.00 4.49 10.35

Superfund Asset Management GmbH

www.superfund.com, +43 (1) 247 00
Other International Funds
Other International Funds
Superfund Green Gold
$ 1731.82
Superfund Green Silver
$ 1455.66
Regulated
Superfund Green US$
$ 1287.41

-

20.98 0.00 17.24 23.67
15.01 0.00 -6.24 23.78

-

10.98 0.00 13.62 12.11

( UK )

Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Authorised Inv Funds
Managed Growth ♦
339.10 - -4.70 0.00 3.95 7.01
UK Growth ♦
392.20 - -8.60 0.00 -2.46 7.17

-

22.77 0.00 22.09 -3.70

SICO BSC (c)

+973 17515031.
www.sicobank.com
Khaleej Equity Fund
SICO Kingdom Equity Fund
SICO Gulf Equity Fund

Thesis Unit Trust Management Limited

( UK )

Toscafund Asset Management LLP

( UK )

Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds
TM New Court Fund A 2011 Inc £ 18.90 - -0.15 0.00 -3.72 6.43
TM New Court Fund - A 2014 Acc £ 19.06 - -0.16 0.00 -3.69 6.45
TM New Court Equity Growth Fund - Inc £ 20.71 - -0.23 0.00 -4.34 7.64

( BHR )
$ 641.21
$ 38.09
$ 179.34

-

-2.92 0.00 40.09 22.10
0.27 0.00 37.95 22.35
2.04 0.00 43.32 -

Slater
Investments

www.slaterinvestments.com; Tel: 0207 220 9460
FCA Recognised
735.14 735.14 -18.83
Slater Growth A Acc
Slater Income A Inc
149.63 149.63 -2.17
Slater Recovery A Acc
371.53 371.53 -7.34
Slater Artorius
353.51 353.51 0.75

www.ram-ai.com
Other International Funds
RAM Systematic Emerg Markets Eq
RAM Systematic European Eq
RAM Systematic Funds Global Sustainable Income Eq
RAM Systematic Global Eq Sustainable Alpha
RAM Systematic Long/Short European Eq
RAM Systematic US Sustainable Eq
RAM Tactical Global Bond Total Return
RAM Tactical II Asia Bond Total Return

$ 217.56
€ 549.51
$ 151.99
$ 117.00
€ 155.83
$ 355.56
€ 143.53
$ 147.46

www.toscafund.com
Authorised Funds
Aptus Global Financials B Acc £ 4.33
Aptus Global Financials B Inc £ 2.87

-

-0.05 4.24 -4.15 3.83
-0.04 5.44 -2.77 5.96

Toscafund Asset Management LLP
www.toscafund.com
Tosca A USD
Tosca Mid Cap GBP
Tosca Opportunity B USD
Pegasus Fund Ltd A-1 GBP

$ 419.63
£ 230.89
$ 352.39
£ 54.93

-

-8.60
-0.39
-0.29
-0.10

0.00 8.57
0.00 -13.09
0.00 -13.03
0.00 -12.80

12.10
-8.41
-6.98
-8.51

( UK )

Slater Investments Ltd

Ram Active Investments SA

Marlborough Investment Management Limited

-

( JER )
-

6.13
1.84
2.98
3.92
2.84
1.26
1.98

Omnia Fund Ltd

Other International Funds
Estimated NAV
$ 781.04

1Yr

( UK )

Oasis Crescent Global Investment Funds (UK) ICVC( UK )

Regulated
Multi-Manager Investment Programmes PCC Limited
UK Equity Fd Cl A Series 01 £ 3149.91 3182.87 -157.31 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1714.17 - 14.40 Diversified Absolute Return Stlg Cell AF2 £ 1604.19 - 13.32 Global Equity Fund A Lead Series £ 1811.28 1817.45 49.87 -

www.rubricsam.com
Regulated
Rubrics Emerging Markets Fixed Income UCITS Fund $ 134.56
Rubrics Global Credit UCITS Fund $ 17.05
Rubrics Global Fixed Income UCITS Fund $ 172.61

-3.08 - -1.48 1.13
-5.24 0.00 -0.64 9.03
-3.12 0.00 -7.63 6.47
0.12 -

65 Gresham Street, London, EC2V 7NQ
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
Authorised Corporate Director - Link Fund Solutions
Global Total Fd PCG A
374.50 - -11.46 0.01 0.52 12.52
Global Total Fd PCG B
369.67 - -11.30 0.00 0.28 12.24
Global Total Fd PCG INT
363.38 - -11.12 0.00 0.03 11.96

Purisima Investment Fds (CI) Ltd

5.35 4.67
5.33 4.67
-4.13 -4.13 5.43 5.42 -

$
$
$
$
$
$
£

+/- Yield

( LUX )

www.mirabaud.com, marketing@mirabaud-am.com
Conviction based investment vehicles details available here www.mirabaud-am.com
Regulated
Mir. - Glb Strat. Bd I USD
$ 117.69 - -0.09 0.00 -4.53 1.59
Mir. - DiscEur D Cap GBP
£ 177.04 - -0.33 0.00 -14.83 8.21
Mirabaud - UK Equity High Alpha £ 139.75 - -0.52 0.00 -16.71 2.42
Mirabaud - UK Equity High Alpha £ 139.75 - -0.52 0.00 -16.71 2.42

Regulated
Oasis Crescent Global Equity Fund USD A (Dist)
Oasis Crescent Global Income Fund USD A (Dist)
Oasis Crescent Global Low Equity Fund USD D (Dist)
Oasis Crescent Global Medium Equity Fund USD A (Dist)
Oasis Crescent Global Property Equity Fund USD A (Dist)
Oasis Crescent Global Short Term Income Fund USD A (Dist)
Oasis Crescent Variable Fund GBP A (Dist)

9.70
9.70
9.37
8.72
8.71
8.39
8.39
27.27
27.27
26.88
10.03
10.03
9.70
9.63
9.62
9.30
9.29

5.45 4.66

( UK )

M & G Securities (1200)F

PO Box 9038, Chelmsford, CM99 2XF
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
Authorised Inv Funds
1536.23 - -23.97 4.86
Charifund Inc
Charifund Acc
29294.89 - -457.20 4.02
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.16 0.00 2.02
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 40.84 0.09 1.53
M&G Charity Multi Asset Fund Inc £ 0.90 - -0.01 3.60
M&G Charity Multi Asset Fund Acc £ 105.17 - -1.25 3.06

( GSY )

Offer

FCA Recognised
Memnon European Fund - Class U2 GBP £ 223.49

Scottish Friendly Asset Managers Ltd

Mirabaud Asset Management

Lothbury Property Trust (UK)

Private Fund Mgrs (Guernsey) Ltd

Bid

Zadig Gestion (Memnon Fund)

Rubrics Global UCITS Funds Plc
Lazard Fund Managers Ltd (1200)F

6.22
9.84
0.60
7.58
8.06
3.33
4.44
14.72

( CYM )

-6.14 0.00

Fund

( UK )

Royal London

55 Gracechurch Street, London, EC3V rlam.co.uk
Authorised Inv Funds
Royal London Sustainable Diversified A Inc £ 2.37 - -0.05 0.62
Royal London Sustainable World A Inc 342.40 - -9.50 0.00
Royal London Corporate Bond Mth Income 83.49 - -0.08 3.71
Royal London European Growth Trust 190.70 - -3.70 0.49
Royal London Sustainable Leaders A Inc 760.80 - -22.30 0.77
Royal London UK Growth Trust 615.60 - -16.90 1.57
Royal London UK Income With Growth Trust 216.90 - -3.20 4.43
Royal London US Growth Trust 363.70 - -9.00 0.00
Additional Funds Available
Please see www.royallondon.com for details

3Yr

0.00
5.22
0.00
0.26

-7.36
9.16
-0.99
2.35

11.93
4.71
15.37
18.49

217.56 -1.85 - -11.23 7.33
549.51 -3.68 0.37 7.40
151.99 -3.52 0.00 -0.89 6.49
117.00 0.28 3.93 0.68
155.83 0.21 8.27 3.18
355.56 -18.54 - -10.53 6.14
143.53 -0.04 - -7.18 -0.22
147.46 0.20 - -5.66 0.98

Guide to Data
The fund prices quoted on these pages are supplied by the operator of the relevant fund. Details of funds published on these pages, including prices, are for the purpose of information only and should only be used as a guide. The Financial Times Limited makes no representation as to their accuracy or completeness and they should not be relied upon when making an
investment decision.
The sale of interests in the funds listed on these pages may, in certain jurisdictions, be restricted by law and the funds will not necessarily be available to persons in all jurisdictions in which the publication circulates. Persons in any doubt should take appropriate professional advice. Data collated by Morningstar. For other queries contact reader.enquiries@ft.com +44
(0)207 873 4211.
The fund prices published in this edition along with additional information are also available on the Financial Times website, www.ft.com/funds. The funds published on these pages are grouped together by fund management company.
Prices are in pence unless otherwise indicated. The change, if shown, is the change on the previously quoted figure (not all funds update prices daily). Those designated $ with no prefix refer to US dollars. Yield percentage figures (in Tuesday to Saturday papers) allow for buying expenses. Prices of certain older insurance linked plans might be subject to capital gains tax on
sales.
Guide to pricing of Authorised Investment Funds: (compiled with the assistance of the IMA. The Investment Association, Camomile Court 23 Camomile Street, London EC3A 7LL. Tel: +44 (0)20 7831 0898.)
OEIC: Open-Ended Investment Company. Similar to a unit trust but using a company rather than a trust structure.
Different share classes are issued to reflect a different currency, charging structure or type of holder.
Selling price: Also called bid price. The price at which units in a unit trust are sold by investors.
Buying price: Also called offer price. The price at which units in a unit trust are bought by investors. Includes manager’s initial charge.
Single price: Based on a mid-market valuation of the underlying investments. The buying and selling price for shares of an OEIC and units of a single priced unit trust are the same.
Treatment of manager’s periodic capital charge: The letter C denotes that the trust deducts all or part of the manager’s/operator’s periodic charge from capital, contact the manager/operator for full details of the effect of this course of action.
Exit Charges: The letter E denotes that an exit charge may be made when you sell units, contact the manager/operator for full details.
Time: Some funds give information about the timing of price quotes. The time shown alongside the fund manager’s/operator’s name is the valuation point for their unit trusts/OEICs, unless another time is indicated by the symbol alongside the individual unit trust/OEIC name.

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18

★

7 May/8 May 2022

Twitter: @FTLex

Digital regulation:
Big tech, big problem

Mortgages: working for longer

Retirement ages are rising (% of people aged 65 or older in work)

Tech companies do not see themselves
as others do. The industry’s ‘always day
one’ mentality renders supersize
companies as perennially striving startups in their own eyes. The rest of the
world, meanwhile, sees giants with
trillion-dollar market values and global
networks. Cue renewed efforts to
undermine their dominance.
Shortly after the EU agreed stringent
legislation to regulate Big Tech, the UK
this week set out details of its plan.
Such moves are a response to Big
Tech’s competition-stifling scale.
Amazon will account for an estimated
39.5 per cent of the US ecommerce
market this year, according to
eMarketer. Meta has 3.6bn users
around the world and is the world’s
largest social media company. Google
has 92 per cent of the search engine
market, according to web traffic
analysis site StatCounter.
Such clout also fuels growing disquiet
in the US. Lina Khan, chair of the US
Federal Trade Commission, is one of its
most vocal critics. She is famous for
arguing in 2017 that Amazon had
benefited from lax antitrust legislation
for decades. But forcing companies to
split themselves up — the most radical
solution under discussion — is probably
politically unfeasible.
An easier win would be to loosen
their lock on customers. The increasing
alignment of competition regulators in
the US, EU and UK could be relevant.
The UK is vague about the timing of
its legislation. But its ambitions are
similar to those of EU regulators. They
have hatched new rules prohibiting
platforms from prioritising their own
products. They are also pushing for
interoperability between messaging
platforms. Other products may follow.
Similar moves across the Atlantic
would address accusations that
Amazon, Apple, Facebook and Google
abuse their monopoly position to
pump their own products ahead of
rivals’ offerings. This would end denial
about their superpower status and
pave the way for interoperability.

UK food:
saving our bacon
Messing with the nation’s full English
breakfast is tantamount to blasphemy.
But that may be on the table. The pig
farmers’ trade body warns that empty
shelves beckon if the UK’s biggest
supermarket fails to raise bacon prices.
Pig farming suffers from similar woes
to makers of cars and semiconductors:
staff shortages, snagged supply chains
and now inflation. More than 60,000
pigs have been culled in Britain since
last year because of staff shortages, and
the war in Ukraine means feed prices
make up 70 per cent of input costs.
This week’s open letter from the
National Pig Association was addressed
to Tesco, one of just a few unsupportive
retailers the association says. Prices for
pig meat have risen sharply from a sixyear low at the beginning of the year,
according to the Agriculture and
Horticulture Development Board. But
they remain below farmers’ production
costs. The spectre of bankruptcies
looms across the sector.
Lex calculations suggest there is
room to jack up bacon prices and still
leave a full English below 2013 levels.

2010

2015

BR-36

4

Primary
forest loss
hotspots,
2002-21
Intensifying
New
Persistent
Sporadic
Source: Harris et al, Global Forest Watch/
World Resources Institute
Follow @ftclimate on Instagram

S.Korea
Japan
US

I

UK
Germany
Italy
France
Spain
0

5

10

15

20

25

30

35

Source: OECD

Some see their seventies as a time to
sail the world, write a book or simply
sit back. Others will still be paying off
their mortgages.
UK bank NatWest last month
joined the pack hoping to serve the
latter camp, launching home loans
that can be repaid up to age 75. Some
lenders go still further. Family
Building Society stretches to 95.
Extending loan terms for the
elderly reflects, perhaps belatedly,
changed society. People work for
longer. In the UK, the average
retirement age has been gradually
creeping up this century, to 65.1 years
for men and 64 for women; although
men have yet to revert to the 67.2
years of their forefathers in 1950.
Age is just one of the societal
trends driving demand for extended
mortgages. Divorce is another. Taking

out a fresh home loan in your forties
or fifties can be tough enough without
compressing repayment into 10 or 20
years. Pushing out the maximum age
allows payments to be spread over a
longer term, making them more
affordable. Likewise the case for
parents helping children on to the
housing ladder or seeking their own
buy-to-let nest eggs.
Risks to lenders are mitigated by
robust affordability checks, beefed up
by the regulators’ Mortgage Market
Review after the financial crisis.
Borrowers need to work past
a typical retirement age or
demonstrate enough pensions or
other means of covering payments.
Not perhaps the most carefree way
to spend the twilight years but one
likely to become increasingly
common.

Using retail price indices shows an
English breakfast was only 6 per cent
more expensive in March versus a year
ago and 5 per cent below the food price
spike of late 2013.
Tesco is naturally reluctant to
risk jeopardising market share by
increasing prices aggressively. It says
some costs have already been passed
on to consumers through its contracts
with suppliers such as Cranswick. The
supplier’s next quarterly adjustments
will probably increase sharply.
Though not good news for Tesco,
or diners and of limited comfort to
farmers, it insulates excellently
Cranswick’s profit margins. These have
remained remarkably steady over the
past two decades. Its vertically
integrated model has proved a boon.
More farming busts would only boost
these. Cranswick’s shares measured on
forward earnings multiples sit at sevenyear lows. Being pig in the middle can
sometimes be the sweet spot.

market has not found its dancing
shoes. Rising interest rates and a
persistent stock market sell-off should
continue to give IPO investors pause.
Indeed Bausch raised an amount well
below the $840mn it has targeted. The
contact lens maker priced its shares at
$18, about a fifth below the midpoint of
its target range. That price values the
company at about $6.3bn. Worse,
Bausch Health — formerly known as
Valeant Pharmaceuticals — paid $2.4bn
more for it back in 2013.
Bausch & Lomb is a storied
household brand that made $182mn in
net income on $3.8bn of revenue last
year. The fact that a large, profitable
business struggled to get its IPO across
the line bodes poorly for all the list of
lossmaking start-ups seeking to follow
it on to the market.
Already prospective investors will
have noted that the Renaissance
Capital IPO index, which tracks issues
for two years from their floats, has
fallen more than 43 per cent over the
past 12 months. Compare that to the
S&P 500 index’s 2 per cent decline.
But even so, all those companies
waiting in the wings need not fret.
Another type of deal could follow.
Plenty of money continues to slosh
around in the private capital market.
Venture capital firms currently sit on
about $478.5bn of dry powder at the
end of the first quarter, according to
consultants Preqin. That should enable
start-ups seeking funding to wait out
the market ruckus.

Bausch & Lomb:
eye of the beholder
In a poor year for US new listings,
Bausch & Lomb should have offered
a bit of cheer. The Canadian eyecare
products maker raised $630mn this
week. That made it the second biggest
IPO in 2022 after private equity firm
TPG’s offering in January.
The listings market is having its
slowest start in six years, with 32
groups raising a mere $3.6bn. That’s a
far cry from the $56bn achieved this
time last year, according to Refinitiv.
Investors should not uncork the
champagne yet. The US equity capital

BAS

IN

230
BR-

Lex on the web
For notes on today’s stories
go to www.ft.com/lex

Brazil accounted for more
than 40 per cent of global
primary forest loss in the
tropics last year, fuelled by a
“sharp spike” in the area’s
surrounding roads,
researchers have found.
Those locations were
probably being cleared for
cattle pastures, they said.

BR
-3
19

A

N
ZO

John Plender
The Long View

2020

Forest loss hotspots largely follow highways
in the western Brazilian Amazon

AM

Sanity appears to be
returning to central
bank policymaking

BRAZIL

Brazil, home to the
climatically important
Amazon rainforest, topped
the list of countries for
tropical primary forest lost in
2021, losing around 1.5mn
hectares, an area roughly the
size of the Bahamas,
researchers at the University
of Maryland found.

For the FT’s latest
climate change stories
ft.com/climate

t took a devastating combination of
the pandemic, war in Ukraine and a
central banking U-turn on inflation
to do it. Since the turn of the year
the rules of the game in markets
have been dramatically upended.
Gone are those notorious acronyms
Fomo (fear of missing out), Tina (there
is no alternative to higher risk equities
and credit) and BTD (buy the dip).
The ecstatic equity market response
to what were initially seen as dovish signals in the US Federal Reserve’s tightening move this week quickly evaporated,
a mere blip in what is now clearly a bear
market. At least sanity appears to be
returning to central bank policymaking.
Having offered no convincing rationale for continuing their asset buying
programmes long after the 2007-09
financial crisis, the central banks are
now committed to raising rates and
shrinking their balance sheets. That
holds out the hope that, after years of
overblown asset prices and mispricing
of risk, the information content of market prices will once again become meaningful.
The biggest indication of a semblance
of normality is the fall in the number of
negative-yielding bonds across the
world, down to about 100 compared
with 4,500 such securities last year in
the Bloomberg Global Aggregate Negative Yielding Debt index.
So the morally hazardous practice of
paying people to borrow is on the way
out and the need to search for yield
regardless of risk is becoming less
intense.
Benchmark 10-year US Treasuries are
yielding close to 3 per cent, more than
twice the level in late November. Since
January, equity and bond prices have
come down in tandem so that a conventional 60/40 equity and bond portfolio
has offered investors no diversification.
The big question is whether this all
marks the end of asymmetric monetary

policy, whereby central banks have
repeatedly put a safety net under collapsing markets while declining to curb
irrational exuberance. In the short term
the answer is yes, at least in the US.
For as Bill Dudley, former head of the
New York Federal Reserve, has
remarked, the Fed wants a weaker stock
market and higher bond yields. This
tightens financial conditions, thereby
reducing the need for policy activism.
Yet before becoming too excited
about the new thrust of a monetary
policy that is being widely described as
aggressive, it is important to note that
the real policy interest rate remains
negative. Core inflation, as measured by

The biggest indication of a
semblance of normality is
the decline in the number
of negative-yielding bonds
the Fed’s preferred personal consumption expenditures price index, stood at
5.2 per cent in March compared with the
previous year, while the Federal Open
Market Committee lifted the target
range of the federal funds rate this week
to just 0.75 per cent to 1 per cent.
So while policy is being tightened, it
could scarcely be called tight.
The risk of policy error is high
because, as Fed chair Jay Powell admitted on Wednesday, a neutral monetary
policy position which neither speeds up
nor slows the economy was “not something we can identify with any precision”. The fear is that central banks may
precipitate a recession at a time when
global debt is at record peacetime levels.
According to the Institute for International Finance, a trade body, global nonfinancial corporate debt rose from
$81.9tn to a phenomenal $86.6tn
between the third quarter of 2020 and
the same quarter in 2021. This sum,

equivalent to 97.9 per cent of gross
domestic product, suggests a greater
than usual corporate sensitivity to rate
increases and a serious vulnerability.
It may anyway take a recession to
bring inflation under control. And on
Thursday, the Bank of England warned
that the UK economy will slide into
recession this year while higher energy
prices push inflation above 10 per cent.
Members of the bank’s Monetary Policy Committee are clearly prepared to
intensify the squeeze on household
incomes to address worsening inflation.
They voted to raise the main interest
rate by a quarter point to 1 per cent, the
highest level for more than a decade.
The global economic picture is now
darkening further in the wake of the
pandemic because of China. Its zeroCovid policy and lockdowns are hurting
demand as have insolvencies in the
property sector, which is a disproportionately large chunk of the Chinese
economy. This is bad news for, inter alia,
continental European exporters who
are also coping with the loss of the Russian market. The eurozone economy
will be hard pressed to avoid stagflation.
For the central banks, this recalls an
old joke about a cab driver telling a lost
tourist asking for directions: “If I were
you, I would not be starting from here.”
The Fed remains confident that it can
engineer a soft landing. That will
require luck as well as judgment, which
has not been much in evidence of late.
A real possibility remains of recession, which could breed panic in central
b a n k s a n d t h u s a re t u r n t o
asymmetric monetary policy and yet
more quantitative easing.
In truth, central bankers are flying on
a wing and a prayer. That is less than
reassuring for people whose income is
subject to a brutal contraction, even if it
is superficially cheering for investors.
john.plender@ft.com

Saturday 7 May / Sunday 8 May 2022

SUPPLEMENT OF THE YEAR

Lunch with the FT Ocean Vuong, leading light of US literature — PAGE 3
Follow us on Instagram @ft_weekend
noticed, in 1731, that “Ukraine has
always aspired to be free.”
Putin’s fable of Ukrainian-Russian
harmony was always a unity of imperial
convenience that could be brutally withdrawn as and when circumstances
required. Writing of the horrific 1932-33
famine in which the catastrophic failures
of rural collectivisation were visited on
Ukraine through the confiscation of
grain and other foodstuffs, directly causing the deaths of four million from starvation, Putin claims disingenuously that
it was a “common tragedy”. But the
holodomor, as it is known in Ukrainian,
was an integral part of a broader political

Who
controls
the
past?
As Vladimir Putin attempts to justify the invasion of Ukraine with appeals
to history, Simon Schama examines the rise of militant nostalgia around
the world — and asks how nations can break free from their own myths

B

ad history can kill. Those who
butcher the truth may end up
butchering people. Every day,
the news from Ukraine says
as much. You would think,
what with existential calamities — ecological and biological — bearing down
hard and fast on the world, that even the
most empire-addicted, power-ravening
despot would have better things to do
than wage war in the name of historical
myths and fables. But no, somewhere
within the mind of tyrants lies the
strange urge to be a professor; to cloak
Machiavellian brutality with the gravitas of scholarly authority.
Posing thus, autocrats can persuade
themselves — and those to whom they
feed their deluded claptrap — that their
belligerence is at the service of some
higher mission: the recovery of national
self-respect, the righting of grievous
wrongs and humiliations inflicted by
wicked foreigners. Invariably it’s history, or rather, their mangled version of
it, that gets wheeled out to vindicate
those obsessions. Should actual, factual
history, with all its complexity and
nuances, resist being nailed to the Procrustean bed of grievance, then the
inconveniences of truth can always be
trimmed away.
So it was in July of 2021 that Vladimir
Putin, in his own wannabe professor
mode, published a lengthy screed, “On
the Historical Unity of Russians and
Ukrainians”, which manages to be
stupefyingly dull while also exhaustively untrue. Putin is not the first autocrat to weaponise ancient history for
armoured rage. In 1935, the same year
that Hitler’s Reich enacted the Nuremberg Laws, Heinrich Himmler created
the Ahnenerbe (“Ancestral Heritage”), a
scholarly department of the SS devoted
to hunting and publishing archaeological evidence of the purity and superiority of the Aryan race and its settlement
in much of central and eastern Europe.
Much poring over the runes followed,
along with excavations and expeditions

Above: a man
symbolically
bandages bullet
holes in the head
of a statue of the
19th-century
Ukrainian poet
Taras Shevchenko
in Borodyanka,
near Kyiv, April 7
Below: Vladimir
Putin lights a
candle at the
unveiling of a
monument to
medieval prince
Alexander Nevsky
in Samolva,
September 2021
AFP/Getty Images; Sputnik/AFP/
Getty Images

inside Germany and far beyond. In
1938-9 the Ahnenerbe conducted an
expedition to Tibet on the assumption
that it was the racial cradle of Aryans but
as it turned out, Hitler was not much
interested. Ancient bodies preserved in
bogs were said to be homosexuals subjected to Aryan extermination. A
round-up of 15,000 gay men duly followed. Most died in the camps.
Putin’s tediously admonishing lecture
strives to demonstrate that, more than
righteous indignation at Nato’s eastward expansion, more than the ambition to “absorb” the eastern industrial
heartland of Donbas, the purpose of his
“special military operation” is to restore
the indivisible unity of Russia and
Ukraine. That indivisibility, he insists, is
in the first place linguistic. Anyone in
any doubt about the organic existence
of Ukrainian as an independent tongue
should read Timothy Snyder’s brilliantly illuminating essay on the two
languages, published last month in The
New York Times.
But the existence of a kindred yet not
identical language has long been a sore
point for the champions of imperial
Russia. Nineteenth-century autocrats
were sufficiently threatened by the

It is bad, cheerleading
history that stirs the
blood, makes the pulse
race and fogs the brain
and cultural programme of obliteration
designed by Stalin and Lazar Kaganovich. The very idea of Ukraine was meant
to perish with its people. Just in case the
memory of that horror might have
faded, the Russians are currently doing a
good job of refreshing it, accused by the
Ukrainians of ferrying hundreds of thousands of tonnes of grain back east across
the border.

flourishing of Ukrainian writing to pay it
the backhanded compliment of a ban
issued by Tsar Alexander II in 1876 on all
Ukrainian-language publications and
performances of stage plays and songs.
Needless to say, decreeing away the reality of Ukrainian culture only had the
effect of strengthening and radicalising
it, as the Harvard scholar Serhii Plokhy
shows in his magisterial history of
Ukraine, The Gates of Europe. The futility
of imagining that you can shoot Ukrainian culture into non-existence has been
most fatuously exemplified by Russian
troops who recently “executed” a statue
of the great 19th-century Ukrainian
poet Taras Shevchenko in Borodyanka,
with a bullet to its skull, as though the
life of literature was made of metal.
None of this is to say that Russian and
Ukrainian histories have not been
braided and knotted together over the
centuries, but simply to acknowledge
that they have been, perennially, two
distinct strands. Putin’s essay makes
the medieval Kyivan Rus the original
Russian state, but its founding rulers in
the ninth and 10th centuries were
Vikings, not Slavs. The word Rus means
“men who row” and its etymology is
Scandinavian.
Following the Mongol conquest in the
13th century, Rus was divided into different tribute states, the orientation of
which cast a long shadow over the subsequent centuries. A north-eastern Muscovy was inevitably more Asian, while a
Galician-Volhynian state in what is now
western Ukraine had its ruling prince
Danylo blessed by the Pope and, while
still paying tribute to the Mongol khans,
enjoyed freedom of government within
its borders.
The migration of Crimean steppe
Cossacks into regions south of Kyiv in
the 16th and 17th centuries would
strengthen this sense of self-government to the point where perceived suppression of its autonomy triggered
insurrection. The 1648 revolt led by
Bohdan Khmelnytsky against the
Polish-Lithuanian Commonwealth was
the most violent of those uprisings.
When Tsar Peter I failed to defend
Ukraine from the Swedes during the
Second Northern War, the Cossack Hetman Ivan Mazepa switched sides, and
duly paid the price following the crushing Russian victory at Poltava. Ukraine
was re-baptised as “Little Russia”; an

ethnic Russian was made commander of
Cossack troops, the independent Kyivan
Church abolished and the “indivisibility” of the two nations achieved by force
rather than consent. But Voltaire, an
admirer of Mazepa, nonetheless

History resists the deletions of
tyrants; but right now, in much of the
world, it has a fight on its hands. The
Russian Supreme Court’s closure of
Memorial International, which for decades has been committed to documenting Soviet atrocities, was a backhanded
compliment to the threat posed by the
obstinate temerity of historical truth.
But it was yet another demonstration of
the truism uttered by the sinister obliterator of memory, O’Brien, in George
Orwell’s 1984, reminding Winston
Smith that “who controls the past, controls the future, who controls the
present, controls the past”.
Perhaps it is the confidence that his
autocracy has a stranglehold on what is
and what is not history that allows Putin
to attach the label of “Nazi” to anyone
with the gall to resist his invasion. Among the casualties of this monstrous war, then, is the actual reality of
Continued on page 2

2

★

FTWeekend

7 May/8 May 2022

Life

I

Note from the
FTW editor

Four years after I first proclaimed
the mission, and more than two
years since my first serious
scouting trip, FT Weekend moves
into new terrain today with our
first festival outside the UK, in my
old hometown of Washington DC.
It will be wonderful to be back in a
city whose rhythms never really
change, and a delight to see our
journalism come to life on stage.
But the line-up and tone will be
rather different to what we had
earlier envisaged. We had talked of
revival and a reimagining of life
post-Covid. Instead, another “R”
word is to the fore — revanchism.
Ahead of Vladimir Putin’s
widely anticipated distortions at
next week’s “Victory Day”,
marking the defeat of the Nazis in
1945, we have today not just
Simon Schama’s resonant essay
on “bad history”, but also on the
op-ed page in the main paper an
impassioned riposte to the
Kremlin by one who knows it well.
Their words set up perfectly the
sessions on stage today with
William Burns, Fiona Hill, Henry
Kissinger and more; you can find
their talks and all the rest
streamed online.
Turn to page 23 to laugh at
Jo Ellison’s take on strong silent
types, in particular the Queen and
Anna Wintour — Jo, regular
readers will not be surprised to
hear, does not see herself as being
in their mould.
If you read one other piece it
has to be Yuan Yang’s dispatch
from Beijing, on this page, in which
she tells the story of her life as an
illegal dog owner. It is stunning,
sad — and yet funny too. Happy
reading, all.
Alec Russell

didn’t mean to become one of Beijing’s illegal dog-owners. For the
first three years I lived there, I
didn’t know such a concept even
existed. Then one day, a friend
asked me if I could dog-sit while he
went on a business trip. He knew I
liked dogs, or was at least dog-curious.
I said yes in a heartbeat.
A few days later, my friend delivered a 35kg Alaskan Malamute
named Haohao to my flat: long blackand-white fur, wolf-like snout, large
brown eyes. He told me that Haohao
was too big to live in central Beijing
legally, but that it shouldn’t be a problem if I walked him in the early mornings and late evenings, when there
weren’t so many people on the streets.
Haohao had been born in Beijing
and sold to my friend by an old man
sitting on a street corner hawking
puppies in cardboard boxes. He came
into my life in the depths of the city’s
minus 10C winter, and the season
suited him. I walked him to the office
every day, along the streets of Beijing’s
embassy district, each time passing
the office where the local government
keeps its records for every resident.
A few months later, my friend left
Beijing and Haohao became my permanent companion.
Back then, before Covid-19, I would
re-register myself after international
trips at the local police station, as
every foreigner is required to do. This
meant I was a regular there, and the
staff there got to know me. “Be careful
with your dog,” an officer, who
noticed Haohao leashed to a post outside the station, told me. “It’s not such
a good idea for him to live here.”
On the table where I filled out my
paperwork was a pack of playing
cards. Printed on the faces of the cards
were the major dog species that are
banned in Beijing for having a floorto-shoulder height of more than
35cm. Collies, English bulldogs, German shepherds, Dalmatians, greyhounds, mastiffs, Akitas, chow chows
and all manner of terriers looked out
from the cards, all unaware of their
crime of being within city limits.
As winter turned to spring, the
WeChat dog-owner groups I’d joined
turned into a frenzy of citizen journalism, reporting on the annual
round-up of illegal dogs. This occurs
on schedule every May. “Dog-catchers spotted around the west gate of
this park,” somebody would write,
attaching a map.
Then, others would corroborate by
sending blurry photos of large vans
with dog cages loaded in the back.
Another person sent what he alleged
was a photograph of the budget for
one Beijing neighbourhood’s police
force, commenting: “Look at how
much they’re spending on outsourcing dog-catching services this year!”
This level of information-sharing
impressed me. Still, I schemed what-if
scenarios and rescue plans, just in
case. “If a police officer tries to take
him away, sit down on the pavement,
hug your dog closely to you and start
screaming,” one veteran dog-rescuer
told me. “You’ll make a scene and that
at least will buy you time.”
I joked with my diplomat friends

Haohao, the
Alaskan
Malamute,
in the FT
compound,
Beijing
Yuan Yang

Walking
a fine line
In Beijing, China’s strictest city for pet-owners,
a community of big dog-lovers has learnt how to
live on the boundaries of the law. By Yuan Yang
about running to their embassies,
Haohao in tow. They laughed along
with me. But I was being serious. In
my head, I’d rehearsed the lines I
might say to the police: “He’s actually
not my dog; he’s the dog of the British
ambassador. I’m just the dog-walker.”
On an alleyway wall near my home,
a government-painted mural
describes “love of pets” as a “traditional Beijing cultural trait”. But over
the past half-century, Beijingers’
shifting attitudes towards pet-keeping have echoed China’s broader
transformations. During the cultural
revolution, Mao’s student paramilitaries the Red Guard inveighed
against “keeping crickets, fighting
crickets, raising fish, cats, dogs. These
capitalist habits cannot exist among
the Chinese people.”
By the 1980s, when Deng Xiaoping’s
government was focused on creating
modern cities and capitalist markets,
the attention of Beijing’s city government turned to sanitation. Dogs were
on a list of animals considered too
dirty to be kept in the city, along with
chickens, ducks, geese, rabbits, sheep
and pigs. Concerns about rabies led
Beijing to ban all dog-raising in the
city centre.
In the 1990s, more Beijingers
started raising dogs. More dog-breeding meant more strays and more dogrelated disputes and, in 1994, the government instituted a system of
licences, charging Rmb5,000 (£600)
per licence for the first year, the
equivalent at the time of about four
years’ salary for a university lecturer.

The household limit was one dog.
By 2003, the old policy of “strictly
limiting” dog-raising had evolved into
one of “managing and regulating dograising”, an example of a subtle
change in Chinese regulatory language that belied a broader change in
attitudes. Dog-licence fees were cut
and the 35cm height restriction instigated. (Old media reports suggest
that this limit was chosen based on
residents’ fears of larger dogs.)
Officials sought to ease the risk
posed by badly trained dogs biting
humans. Every year, the city government designs a new tag that vets issue

I’d rehearsed the lines I
might say: ‘He’s the dog of
the British ambassador.
I’m just his walker’
after administering an annual rabies
shot, so that anyone can see at a
glance whether a dog is up to date; for
2022, Haohao got a pink tag in the
shape of a snowflake.
Nowadays, the Red Guards’ warning that dog-raising is a capitalist
habit has statistics to support it. As
disposable income has grown, so have
the number of dogs and the amount of
money spent on them. In the 2010s,
China’s pet-food market grew at an
average rate of more than 30 per cent
a year, far above the global average of
3.6 per cent, according to Guolian
Securities. By 2020, it was worth more
than Rmb200bn (£24bn).

Who controls the past?
Continued from page 1
the Third Reich and the Holocaust.
Could the perversion of history get any
worse? Yes, when Sergei Lavrov says
Jews can be Nazis too.
But then history has never been just
an escapist exercise in time travel; it has
always been entangled in the toils of
power. From the outset, its dominant
subject was war: the measure of sovereign success or failure. Herodotus began
his Histories by stating that his purpose
was to prevent the deeds of those who
fought in the Greek-Persian wars from
slipping into oblivion (though much of
the attractiveness of his work lies in its
insatiable curiosity about the manners
and mores of non-Greeks). But when an
actual general, Thucydides, turned historian of the Peloponnesian Wars, his
writing, perhaps sobered by direct
experience, banished triumphalism and
turned history into a critical discipline.
The principal protagonist of Thucydides’ book is not a mythic hero but a
classical ideal. Athenian democracy,
which, while most honoured in the
breach, was nonetheless deemed worthy of ultimate sacrifice. Read History of
the Peloponnesian War and you will find
things forbidden by the likes of
Vladimir Putin: debates about the ethics
of killing prisoners and civilians; disputes over whether expeditionary warfare was the instrument of opportunistic self-promotion; and, most shocking
of all, the graphically unsparing report
of disastrous Athenian defeat in Sicily
that is the monumental narrative climax of Thucydides’ masterwork.
Openness to self-criticism, the mark
of strong, honest history, is not, as is
sometimes said by flag-waggers and
drumbeaters, a sign of national selfhatred. On the contrary, it represents an
optimistic patriotic faith that, in free

societies, the cohesion of national community is better served by the examination of truth than by otiose flattery.
Our postwar generation had inspiring
models of citizen-historians prepared
to make sacrifices of their own lives for
the sake of history’s integrity: Marc
Bloch, the great medieval historian who
wrote Strange Defeat, about the roots of
French collapse in 1940, joined the
Resistance and was shot by the Gestapo
in 1944; or Benedetto Croce, who went
from flirting with fascism to becoming
one of its most adamant and ethically
uncompromising enemies.
They were our heroes and paragons.
In their memory we thought our job
was to be gadflies for truth; the discomfiters of the powerful, not the service
industry of their feelgood fables. We
also believed — and most of us still do —
that history fashioned as self-admiration will always yield to the hard force
of fact. But maybe we have been kidding ourselves; maybe when the loss of
something or other — territory, empire,
a fantasy past of unclouded grandeur —
triggers paroxysms of indignation, seeing red will always blind populists to the
clarity of truth.
Booster histories are pumped with
grievance: the ressentiment that
Nietzsche identified as a condition of
impotent but unassuageable rage at
some sort of imagined, unjust loss; and
the projection of that anger towards
those cast as the agents of humiliation.
Putin mourns for the empire lost by the
collapse of the Soviet Union and
attributes the debacle to the designers of
what he calls an “anti-Russia project”,
salivating to inflict yet another humiliation. In his view, post-Maidan Ukraine
after 2014 allowed itself to be co-opted
into that nefarious Euro-American
strategy and so must now be punished
for presuming to control its own destiny.

None of this, of course, began (or will
end) with Putin. Victimhood and the
need to avenge the “stab in the back”
that robbed Germany of victory in the
first world war runs through Hitler’s
Mein Kampf like a slow-burning fuse.
When Viktor Orbán rants about Hungary’s role as defender of Christian civilisation, he is feeding on the bitterness left
by the Treaty of Trianon of 1920
imposed by the victorious allies, which
reduced the country to a third of its prewar territories and a third of the population of the Kingdom of St Stephen that
had ruled coevally with Austria over an
immense empire.
Ironically, the state against which
Hungary had historically defined itself
— Ottoman Turkey — is now governed
by Recep Tayyip Erdoğan, who is himself gripped by neo-Sultanate fantasies,
embodied in his 1,100-room presidential palace, albeit more Albert Speer in
looks than anything that would have

passed architectural muster with Suleiman the Magnificent.
For some time now, backward-looking history has become the future, most
obviously for authoritarian nationalists.
The first weaponiser of militant nostalgia in the modern period was Slobodan

From top: Slobodan Milošević commemorates the Battle of Kosovo at
Gazemistan, near Pristina, in 1989; members of an SS team sent to Tibet in
1938 to search for the origins of the supposed Aryan race — Alamy; Ullstein Bild/Getty Images

All sorts of people have dogs, but
they have become particularly associated with the rise of the single urban
professional, the post-1990s generation, many of whom refuse to marry
and have children as early as the government wishes they would. When I
take Haohao to the kind of café that
serves oat milk, I know the clientele
will adore him.
“More and more people in Beijing
have changed their ideas of what raising a dog means,” says Danny Zhu, a
Beijing-born dog-trainer and kennelkeeper. “People used to give them the
leftovers; now they buy scientifically
developed dog food. People used to
keep them tied up in the courtyard;
now they let them into the house, or
even on to the bed. Dogs are being
treated more and more like family
members.”
Beijing’s dog community has
thrived. The promotional photos for
dog-friendly restaurants in the Sanlitun shopping district show Irish wolfhounds and huskies, breeds that are
illegal in the city centre. At the
entrance to one dog-friendly café
stands a floor-to-ceiling display asking guests to abide by Beijing’s dog
regulations. Inside, the café’s resident
golden retriever is a testament to the
way Beijingers combine talking the
talk with skirting the rules.
“If the people don’t complain, the
officials don’t pursue,” says Amanda
Chen, quoting an ancient idiom.
Chen is the owner of one of Beijing’s
oldest dog-friendly cafés, Buona,
which is located in the central business district. “If you don’t inconvenience anyone, nobody cares about
your big dog,” she explains, adding
that many patrolling police officers
own big dogs themselves. In the past
decade, she hasn’t heard of one case of
someone running into a dogcatcher
on the street. The dog community’s
fear may in part be a collective
trauma left over from previous eras.
“Complaints are really about the

Milošević, who in the late 1980s discovered that it might be possible to emerge
from the debris of bureaucratic communism by tuning up the endless dirge of
Serbian victimisation.
On June 28 1989, Milošević summoned a crowd estimated at 600,000 to
a million to commemorate the 600th
anniversary of the Battle of Kosovo at
Gazemistan, near Pristina, where a
monumental tower, built in 1953, is
inscribed with a “curse” attributed to
the Serbian Prince Lazar Hrebeljanović
on the eve of the battle and allegedly
“discovered” by the 19th-century poet
and philologist Vuk Karadžić.
“Whoever is a Serb or of Serbian
birth,” the lines go, “and fails to come to
fight at Kosovo, may he never have a son
or daughter . . . may nothing grow that
is sown from his hand,” and so on. Both
Lazar and the Ottoman Sultan Murad I
died on the Field of Blackbirds a few kilometres away. But resurgent nationalism demanded a romance of defeat so
that Kosovo could become a sacred site
of martyrdom and feed the deep well of
inherited resentment, just as the waving
of Confederate flags conjures up the selfpitying pathos of the Lost Cause of the
Old South.
On the day of the anniversary,
Milošević descended in a helicopter and
addressed the immense crowd. “Six
centuries later”, he said, the battle had
to be fought again, not in arms perhaps,
“but that too cannot be ruled out”.
Politika, the newspaper voice of the government, headlined that “we are living
again in the time of Kosovo”.
Shortly afterwards Kosovo’s autonomy was suppressed; a decade of terror,
akin to an enemy occupation, was inaugurated and Albanian was forbidden as
a language of education. The ferocious
repression ended only with Nato’s
bombing campaign on Serbia and the
collapse of Milošević’s rule.
It would be better for the world if Thucydides’ fearlessly self-scrutinising history were also to be the most popular

owner, not the dog,” Zhu tells me.
Most complaints come from neighbours fed up with barking or similar
behavioural issues. China’s urbanites
live in densely packed apartments in
walled-off residential compounds. In
mine, the number of illegal dogs made
me feel relatively safe with Haohao.
There are at least two Samoyeds —
possibly more, as the white giants
look alike to me — whose owners walk
them within the walls of the compound during dog-catching season.
I realised early on that I needed to
get the compound guards on myside.
They would be the ones potentially
asked by police about illegal pets and
would be the early arbiters for any
residential disputes. I made a point of
always letting them pet Haohao or
play with him. I think it worked: the
guards started talking about Haohao
as a friendly dog, unlike one of the less
well-liked Samoyeds in the building.
If the compound needed to give up an
illegal dog to fill some police officer’s
quota, I thought, at least Haohao
would not be top of the list. Callous,
yes, but it’s also how things often work
in the dog-eat-dog world of regulatory
self-defence. In China, laws sometimes go unenforced for years until,
suddenly, they are.
Both Chen and Zhu have lived
through many fluctuations in Beijing’s dog culture. Chen remembers
the 2000s and early 2010s as being
more relaxed, when a smaller number
of dogs created fewer public nuisances. As a trainer, Zhu believes the
problems caused by dogs are really
problems caused by humans. Aggressive behaviour is often a result of poor
training or separating a puppy from
its mother too early, a common practice in commercial breeding in China.
Chen tells me about central Beijing’s biggest park, Chaoyang Park,
which in the 2000s had a dog-friendly
area. The owners she met there often
Continued on page 22

form of its literature. Unhappily, this is
not the case and perhaps never has
been. It is bad, cheerleading history that
stirs the blood, makes the pulse race and
fogs the brain with sentimental consolations. That bad history sells books and,
as politicians wanting to ride the populist wave well know, has the rally crowds
upstanding in hooting delirium. Why
ditch it merely because it’s cheaply tendentious or even transparently untrue?
Is it possible, then, for a modern
nation to free itself from the relentless

For some time now,
backward-looking history
has become the future for
authoritarian nationalists
revisiting of ancient tribal grievance and
still feel part of a patriotic community?
Two examples, at least, tell us that it can
be. From the denial and conspiracy of
silence that lay heavily on postwar Germany, the late 20th century saw an
extraordinary national accounting and
an unflinching education in the horrors
of the Third Reich. And Ireland, which
for so long seemed doomed to be
trapped in bad history, has over the past
few decades become liberated from the
blood sacrifices demanded by remembrance. Modernity, in its most inescapable form — the need to make a life, day
to day, year to year, family to family —
has been the redeemer.
By the time you read this, Sinn Féin,
once wedded to the perpetuation of historical grievance, may well have become
the majority party in Northern Ireland’s
Stormont assembly, and done so with a
promise that its responsibilities are first
and foremost to the social wellbeing of
all the people of the territory. Should
they mean it, and should that come to
pass, the moment will, in the best way
possible, turn out to be historic.
Simon Schama is an FT contributing editor

★

7 May/8 May 2022

3

FTWeekend

Life
caretaker, to bail his cousin out of jail.
“There are these curated spaces, like,
here comes Ocean Vuong, with a bio and
a whole programme . . . The week
before, I was giving a reading at Harvard,” he says. “Then I’m having this
Kafkaesque moment where I’m googling ‘how to bail’ as fast as possible.”

Lunch with the FT Ocean Vuong

‘Beauty is medicinal
to me. It’s not useless’

O

The Vietnamese-American writer is
one of the leading literary voices of
his generation. Over vegetarian
Korean cuisine (and a Buddhist
prayer) in New York, he talks to
Madison Darbyshire about the legacy
of war, navigating grief — and turning
invisibility into a superpower

I

t must have been the nerves. When
the hostess at HanGawi asked me to
remove my shoes, I couldn’t. I was at
the Korean restaurant to meet Ocean
Vuong, author, literary darling,
MacArthur genius, rare celebrity poet
and, I noticed, a bit of a fashion plate. But
with one frantic tug, my boot laces
turned into a spectacular Gordian knot.
Diners remove their shoes when they
enter HanGawi, part of the restaurant’s
reverential ambience. It would be later
in the meal (once I’d recovered my composure) that I would notice the overhangs of pagoda rooftops, the dusky
wood and ruby floor cushions that help
transport diners far away from this
unremarkable block in Manhattan.
We sit on the floor and slide our feet
into a hollow carved beneath the table,
and I ask Vuong if he chose HanGawi so
that we could be shoeless. “No”, he
laughs, but he was told it would be quiet.
“I call restaurants sometimes and say,
‘This is my voice, will you be able to hear
me?’” I nudge my phone, recording our
lunch, further towards his elbow.
Vuong was propelled on to the literary
scene in 2016 with his award-winning
poetry collection Night Sky with Exit
Wounds. His novel On Earth We’re Briefly
Gorgeous followed three years later, part
kaleidoscopic love letter to his mother,
part mythologisation of Vuong’s own
life story: the queer son of a Vietnamese
refugee nail salon worker growing up
poor in New England and reckoning
with the inheritance of war.
His work charts a constellation of the
millennial experience, and the quiet
storm of the opioid crisis before it had a
name. It also asserts that there is beauty
in survival for first-generation immigrants. The intimacy and vulnerability
of his inventive writing has secured the
33-year-old a cult following.
With his birdlike physicality, Vuong
has the air of a fashion model, dressed in
a blousy, collared shirt and high-waisted
trousers. “I think of [Joan] Didion,” he
offers, referring to his own diminutiveness. The American journalist famously
once said that she was so unobtrusive
and unthreatening that “people forget
my presence runs counter to their best
interests”.
“Invisibility, which is a constant hindrance to Asian-Americans, is an advantage in that I can see everyone,” Vuong
says, pausing. “It’s up to me to turn this
limitation into a superpower.”
He is preparing for the launch of his
latest book, a poetry collection titled
Time Is a Mother. The book is also
Vuong’s first work since losing his own
mother, his “north star”, who passed
away from cancer in late 2019. “Everything I did, I did for her,” he says.
The decision to write was not to process his grief — though anyone who has
lost a parent will certainly find themselves within his new collection.
“You don’t lose your mother and say,
‘Now I’m going to write a book’,” he says.
The return to poetry was because “I was
working towards pleasure, and poetry is
where I have the most pleasure.”

T

he food at HanGawi is vegetarian, as is Vuong. Well,
vegetarian-ish. He eats fish
sauce, or else, he says, “my
Vietnamese card would be
demolished”. Both overwhelmed by the
menu and failing to focus on it, we opt
for the prix fixe lunch, which seems to be
the whole menu.
Vuong orders the signature salad, the
enigmatic “vermicelli delight”, and the
mushroom sizzler. I follow with the
salad, and the dumplings — steamed
instead of fried — wondering aloud if I
will regret this (I will), and the kimchi
stone bowl. We stick with tap water.
Family is at the centre of Vuong’s
work, and his life. Readers and critics
often conflate the two — particularly in
the case of his novel. “I don’t think I
could ever write a memoir. Because I like
to imagine. Like, to me, everything starts
with the autobiography. And then it has
to be mythologised.”
Vuong is also reticent to write about
his recovery from drug addiction. He
feels he does not have the road map for

Ciaran Murphy

HA N GAWI
12 East 32nd Street
New York 10016
Mini prix fixe lunch x2 $70
HanGawi salad x2
Vermicelli delight
Vegetable dumplings
Mushroom sizzler
in a hot plate
Kimchi stone bowl rice
Chocolate ice cream

Total
(inc tax and service) $100.21

sobriety. “I just say, it was like a car
crash. And I’m still walking away from
the car crash.”
Vuong was born in Vietnam. His
maternal grandfather was an American
soldier who returned to the US after the
Vietnam war, leaving his grandmother
and mother behind. His family fled as
refugees in 1989, eventually landing in
Hartford, Connecticut, where his
mother worked in a nail salon.
A lacklustre student, he attempted
business school for a semester before
dropping out and enrolling at City University of New York to study poetry. “I
figured I could tell [my mother] it was
anything,” Vuong says. “I could tell her
it was a law degree. I just wanted this
piece of paper.”
Overhearing fellow university students laugh over a Shakespeare joke
that he did not understand, “I felt so
behind,” he says. So he caught up. “I was
one of those people that read walking,
read on the train. I read War and Peace on
that two-hour journey from [the
Queens neighbourhood] Flushing.”
Learning to read — deep, critical reading
— “felt like landing on shore”.
Our salads arrive, and without fanfare Vuong presses his palms together,
closes his eyes and utters a silent prayer.
Blink and you would miss it. When I
ask, he says it is a Buddhist invocation.
“You basically just think about how
many people were involved in bringing
this food here and that they have lives
and names, and it’s not just something
that came out of nowhere,” he laughs.
“I’m usually embarrassed to do it, it
feels so precious.”
After his mother’s death, Vuong
found solace in the Buddhist rituals of
mourning, repeatedly dropping to the
temple floor, prostrating himself in a
deep, kneeling bow. “The pain you feel
inside is mimetic now, with the pain outside. There’s a reason the ancients have
been doing this for thousands of years,”
he laughs. “Someone figured out that if
you batter your knees, you’ll feel better.”
For Vuong, losing his mother has also
profoundly rewritten the function of
time. “There is only today, when my
mother is not here, and yesterday, when
she was . . . When I look at my life now,
I just see it in two days.” Once grief
fades, he says, “Now you have to negotiate memory”.
Vuong works as an associate professor
at the University of Massachusetts at
Amherst, where he teaches poetry.

Sometimes, he says, he finds himself
dealing with difficult students and the
thought occurs to him: “You’re going to
lose your mother one day. And I start to
feel for them, that checkpoint that
they’re heading towards.”
Our salad bowls are cleared away and
the second course arrives. Vuong starts
on his vermicelli, unimpeded by the
fear that consumes me as I realise my
steamed dumplings are both enormous
and structurally unsound. I begin to
saw them in half with one side of a chopstick and silently accept that I might
miss this course.
Time Is a Mother is a collection born of
his grief, he says, because it freed him.
“Something strange happened when my
mother died. I was just like, ‘fuck it’.”
Time Is a Mother is what happens
“when all of myself is exhibited on the
page”, he adds. His first books, he says,
were austere, proving that he understood the canon and what he was supposed to do and deserved a seat at the
table. Time Is a Mother has more pop culture, including lyrics from the late rapper Lil Peep. “I started a poem with the
word ‘hey’. It took me 15 years,” he says.
He is relinquishing some of that careful control in his poems, with “more
tumbling and chaos”, more beauty. It is
an act of rebellion in a language that dismisses the decorative. “What would it
look like . . . if I say, ‘Guess what? I do
value beauty?’ Because it’s medicinal to
me. It’s not useless.”
Vuong is in New York full-time at the
moment, as an artist-in-residence at
New York University, where he earned
his master of fine arts degree. He shows
me a picture of his studio, piles of books,
several pairs of shoes in the middle of
the floor as if he’d absent-mindedly
stepped out of them wandering towards
his writing desk. “It’s such a cliché of an
artist’s studio. It’s like, oh wow, that’s
who I am if I didn’t have a family.”
The gravitational distraction of work
keeps him from getting his driver’s
licence too, he laughs. His younger
brother is a good driver, he says, and so
is Peter, Vuong’s partner of 15 years.
Vuong can’t drive or fill out forms, but
he loves to do the dishes. “I think that’s
the secret to living together. It’s just kind
of knowing your limitations, and then
filling the gaps for each other.”
Vuong is philosophical about the
worlds he inhabits. When his cousin had
a psychological breakdown and was
arrested, it fell to Vuong, his family’s

ur main courses arrive and
my stone bowl is still sizzling from the heat, crisping the edges of the rice.
Vuong’s lunch looks saucier, though, and I envy him. We reach
forward and pluck lace-like cabbage
kimchi from shared bowls.
Vuong has had to adjust in recent
months to readers approaching him on
the street, confessing pain or secrets,
explaining the recognition they felt in
his work. “I thought anonymity would
be almost guaranteed in New York . . . I
don’t own anything any more, I don’t
possess myself,” he says.
He is wary of the trappings of literary
celebrity, of being convinced that any of
it — the readings, being published in The
New Yorker, being known — means anything. “What’s helpful is being so out of
it from the beginning, growing up
answering phones in nail salons and
being so forgotten and knowing how
close that world is.”
Vuong gestures to the street outside.
There are five nail salons within a block
of where we are eating. I had not noticed
even one on my way here. Those artists
with bowed heads, invisible to passers-by, are his heritage, he says.
He is intrigued by the privacy
achieved by the Pynchons and Salingers. He obsessively reads biographies
of artists, trying to parse elemental
detail about how they lived and how
they wrote. I have just finished Frank
Capra’s memoir, and say that what
struck me most was that the Spanish flu
— which almost killed the director and
felled many of his barrack-mates in the
army — was reduced to less than a page
in the volume about his life.
“I always tell my students, ‘You’re
sculpting language as much as you’re
making it.’ What you don’t say says even
more than what you say. It’s more traumatic that the paragraph is so short.”
Poetry has long been the language we
use to discuss horrors that we cannot
express any other way. Pictures from
the invasion of Ukraine startle him for
their familiarity, he says, the sameness
of war from decade to decade. “War is a
body next to a tank.”
Vuong is heralded for giving voice to
the generational after-effects of war, its
legacy and bitter strains that stay in the
blood. He says: “When I was looking at
the news, I just thought, who is the
writer who is going to come out of this?”
His voice catches as he tells a story
about Russian poet Anna Akhmatova,
who describes in her work Requiem a
time when she was asked by an older
woman who, like Akhmatova, had a son
in prison, “Can you describe this?”
Akhmatova wrote: “I said: ‘I can.’”
Vuong swallows his emotion. “There
are so many Akhmatovas coming out
of that right now. And I can’t wait to
meet them.”
Our plates are cleared away, and we
are delighted by the dessert, a silky

vegan chocolate ice cream. We are both
lactose-intolerant, armed with enzyme
pills that we won’t need today.
Vuong is preoccupied with the normalisation of violence in English. “You
smashed it. You killed it,” he recites. In
Vietnam, he says, “a country the size of
California that has been at war for 2,000
years”, there is such awareness of death
and violence that to speak of it is taboo.
To say “death” is to invite it in. “We’re
really perspicacious with that,” he says.
The US is a relatively new country, but
its economic power and origin myth has
been deceptive. “There’s an arrogance
in that,” Vuong says. “It can’t look at
Vietnam and recognise that Vietnam is
so much more spiritually ahead in its
customs because it went through so
many cycles of war.”
The work of non-white writers can be
used as a “tour bus” for white readers, he
says, as well as for absolution when horrors strike that they are unprepared, or
unwilling, to reckon with. After 2021’s
spa shooting in Atlanta, where eight people including six women of Asian
descent were murdered, Vuong’s agent
called: his book sales were spiking. “Do
you have any idea what it feels like to be
relevant when Asian-American women
are murdered?” he says. “Why do you
have to read about our lives to feel like
our lives are worth preserving?”
We linger after the bill is paid, and the
conversation turns to his new home of
Northampton, Massachusetts, and the

‘There is only today, when
my mother is not here, and
yesterday, when she was.
When I look at my life now,
I just see it in two days’
Brimfield antiques market that takes
place nearby a few times a year. Excited,
Vuong pulls from his bag an antique
leather artillery pouch, purchased at the
market, that he now uses as a wallet.
Money, a small weapon to keep the
dark corners of the world at bay. Vuong
takes care of his family members now;
he is the first one of them to earn more
than $18,000 a year, he says. His 2019
MacArthur Fellowship, otherwise
known as a Genius Grant, was a turning
point. “It was like the bat signal to me. I
knew, after that, that all of the problems
would be taken care of at least financially.” But he struggles with what he
can’t help, frustrated that his mother
died before he could take care of her.
We come back to language. Vuong is
constantly aware of the contractions he
is described in terms of — the “yets” and
“despites” in between his adjectives.
“Surprisingly eloquent despite his preteen frame,” is one he lays on our kimchi-flecked table. These contradictions
puzzle him, the refusal to see him “as is”.
“In Vietnamese, ‘to make’ is the same
as ‘to be’,” Vuong says. “One is not a son,
one does son-ness . . . we have to work
to earn our position in the world. Even
in our family. To be a mother, to make a
mother. Sometimes that makes more
sense to me.”
Madison Darbyshire is the FT’s investment
reporter in New York

4

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FTWeekend

7 May/8 May 2022

Style
politan Museum of Art’s Costume Institute, the museum’s only self-funded
department, which has staged blockbuster shows including Alexander
McQueen: Savage Beauty and Heavenly
Bodies: Fashion and the Catholic Imagination. Last year, the Met Gala brought in a
reported $16.4mn.
Much like the Academy Awards, it’s
also a major marketing opportunity for
fashion designers, who attend with a
gaggle of celebrities as their dates. Eyepopping fashion plus A-list names adds
up to major visibility on social media.
And in a landscape where many traditional publishers have struggled to keep
up with the digital transformation of
media, the Met Gala plays an important
role in maintaining the supremacy of
Anna Wintour’s Vogue. Wintour has cochaired the event since 1995 (with the
exception of 1996 and 1998), turning it
into the fevered red-carpet show it is
today. While reporters from other news
outlets typically line the steps of the
Met, Vogue’s editorial staff get the best,
most exclusive, access to the event and
its attendees.
Rather than going for pure historical
authenticity, a handful of attendees

Met Gala | The A-listers turned up in
extravagant tributes to the Gilded Age for
New York’s glitziest event. By Eliza Brooke

M

onday marked the return
of America’s biggest,
glitziest night of fashion:
the Met Gala. The event
celebrated the opening of
the Metropolitan Museum of Art’s new
exhibition, In America: An Anthology of
Fashion. In keeping with the title — and,
perhaps, to give the attendees and their
stylists something good to chew on — the
official red-carpet theme was “Gilded
Glamour”, a reference to the Gilded Age
in late 19th-century America.
For the Met Gala’s avid peanut gallery,
the big question is always: who delivered on the theme in the most apt or creative way? Did some attendees skip the
historical aspect of “Gilded Glamour”
and simply turn up dripping in gold?
Absolutely they did.
Did some paint history with a broad
brush and opt for flapper-esque looks
better suited to a 1920s theme? Yes,
and her name is Emma Stone, who
did in fact look lovely in white, feathered Louis Vuitton. Here’s the thing: it’s
fine to go rogue, as long as you do it
with panache.
Those who attempted true tributes to
Gilded Age fashion did so with clever
modernising tweaks. The years between
1870 and 1890 were characterised by
tremendous industrialisation and economic growth in the US — concentrating
wealth among families such as the Rockefellers and Carnegies — as well as mass
immigration from across Europe.
Among members of New York society,
the dominant fashion trend was conspicuous consumption, says Valerie
Steele, a historian at the Museum at the
Fashion Institute of Technology in New
York. Women of that milieu went for an
exaggerated hourglass figure cinched by
a corset, and their dresses typically had
full skirts with bustles. Puffed shoulders, plunging necklines and choker
necklaces rounded out the look.
On the Met Gala red carpet on Monday night, there were a great many corsets, innumerable evening gloves and a
lot of era-appropriate cleavage. The
singer Normani wore a midriff-baring
Christian Siriano outfit that Steele
described to me as a “wonderful deconstruction of Gilded Age fashion” — a velvet bra top with puffy sleeves and a
strappy neckline that evoked the boning
of a corset, worn with a luxuriously
padded skirt.
The singer Billie Eilish presented an
underwear-as-outerwear riff on Gilded
Age fashion in an upcycled cream and
celery Gucci gown with exposed hooks
running up her corset-like bodice.
Bridgerton actor Nicola Coughlan went
for a whimsical version of the puffed
shoulder in a bubblegum-pink Richard
Quinn dress that seemed to be sprouting
delicate pink feathers.
In a historical deep cut, The Crown’s
Emma Corrin wore an oversized plaid
Miu Miu jacket, white tights and an
exaggerated top hat — a nod to the

Starry, starry
night
Actor Blake Lively channelled the Statue of Liberty in a spiked tiara and gleaming copper Versace gown — FilmMagic

Did some attendees skip
the historical aspect and
simply turn up dripping in
gold? Absolutely they did

Clockwise from
above left: Anna
Wintour in Chanel
haute couture by
Virginie Viard;
Lizzo in Thom
Browne robe; Kim
Kardashian in
Marilyn Monroe’s
dress, with
comedian Pete
Davidson; Billie
Eilish in Gucci;
Carey Mulligan in
Schiaparelli; Elon
Musk with his
mother Maye, who
wears Dior Haute
Couture; Emma
Stone in Louis
Vuitton — Getty Images;

Gilded Age social fixture and fashion
plate Evander Berry Wall.
Meanwhile, actor Riz Ahmed took
the opportunity to highlight the inequities of the era, wearing a loose navy
jacket by 4sdesigns over a white tank
top, with navy trousers tucked into tall
leather boots. “This is an homage to the
immigrant workers who kept the
Gilded Age going,” he told Vogue’s redcarpet hosts. Indeed, it’s hard to miss
the fact that the Met Gala, much like the
Gilded Age itself, is an over-the-top celebration that brings together a cadre of
extremely wealthy people and corporations. Elon Musk was in attendance on
Monday night, as was Instagram head
Adam Mosseri, an honorary co-chair of
the event.
There are multiple economies tied up
in the Met Gala. On the most basic level,
it functions as a benefit for the Metro-

GC Images; FilmMagic

used their looks to celebrate New York
City. Actor Blake Lively, one of the
night’s co-chairs, channelled the Statue
of Liberty in a spiked tiara and a gleaming copper Versace dress that, when its
gathered bustle was released, revealed a
patina green train (printed with the
constellations of Grand Central Station’s
ceiling). Singer Alicia Keys, a native
New Yorker, wore a sparkling silver
Ralph Lauren column gown and a black
cape embellished with the city’s skyline
in crystals. New York City mayor
Eric Adams turned up too, in a tux with
the words “End Gun Violence” printed
on the back.
Then there was the pure gilded glitz.
Designer Jeremy Scott dressed his
Moschino crew, which included West
Side Story star Ariana DeBose and rapper Megan Thee Stallion, in black-andgold looks inspired by the mouldings of
old-money mansions. The singer Lizzo
also went for black and gold in the form
of a triumphant and meticulously
embroidered Thom Browne robe. (She
accessorised with a gold flute.) Actor
Carey Mulligan opted for an inky Schiaparelli gown with a gleaming gold
breastplate and train.
One of the best gilded moments of the
night came from Top Chef: All-Stars
winner Melissa King, who paired a crisp
Thom Browne shorts suit with a jewelencrusted Chinese nail guard designed
by Chris Habana.
In what might have been the night’s
biggest fashion flex, a newly platinumhaired Kim Kardashian turned up in a
white stole and the form-fitting
crystal-embellished dress that Marilyn
Monroe wore to sing “Happy Birthday”
to JFK in 1962.
Like I said, if you’re going to go offtheme, it pays to go big.

Swish fulfilment: the return of the long, luxurious skirt
Trend | For all its glamour,
an ankle-brushing maxi is a
hardworking garment for
summer, says Kate Finnigan

F

inding fashion inspiration in a
Disney cartoon isn’t something I should readily admit to.
But rewatching Encanto with
my daughter for the nth time

recently, I felt that the long A-line redand-yellow skirt worn by Dolores, the
cousin with superhuman hearing, was
speaking to me. The film is awash with
beautifully detailed long skirts inspired
by traditional Colombian dress, with
any number I’d love to have converted
into three dimensions and added to my
wardrobe this summer.
The good news is that beyond Disney+
cosplay, long skirts have real-world
cachet right now. For all the talk of
the return of the Y2K-inspired mini, its

longer sister is as relevant. You only need
look at the Oscars red carpet in March to
see it on elegant display: Uma Thurman
in a white satin shirt and long black skirt
by Bottega Veneta, or Zendaya’s silversequinned maxi and cropped white shirt
by Valentino Couture.
For summer events, the long, luxurious skirt is infinitely useful. Not merely
because it will cover pale or blotchily
self-tanned legs, but because for all its
glamour it can be a hardworking garment, made to look formal or informal
depending how you style it.
My ideal is less of a drippy-hippy
to-the-floor number and more of a fabulous A-line or full, ankle-brushing style
in a silky or swooshy fabric. Something
that has romance, fun, colour and a
sense of occasion. Maybe not even colour. In Luca Guadagnino’s 2015 film A
Bigger Splash, Tilda Swinton’s Raf
Simons-for-Dior swingy white silk skirt
worn with a black draped bodysuit was
surely the epitome of the look I’m
dreaming of.
Feeling similar long-skirt lust?
Designers have you covered this season.
Valentino’s rainbow-coloured chevronstriped crêpe de chine skirt is a
1970s-inspired garment of joy to have
in your wardrobe for ever
(£1,800, matchesfashion.com), while
Net-a-Porter has a good selection from
New York label Khaite, including a
ballet-pink tutu style (£1,580, net-aporter.com) that summons up images of
Carrie Bradshaw but is in fact called the
Samantha; a dark-gold satin slip skirt
(£540); and a pleated crêpe maxi in
ivory that would look beautiful with a
slouchy knit in the same colour (£860).

Joseph’s crinkly habotai silk maxi
with elasticated waist returns each season in different colours. This summer’s
sky blue (£465, joseph-fashion.com) is
a winner. For the popular “co-ord” look,
wear it with the matching silk Briela top
(£295) or the brand’s cotton-silk knitted T-shirt in the same shade (£195).
You could wear this with tennis shoes or
flat sandals — a Birkenstock or a thin or
chunky strapped slider. (If you’re concerned about fabric getting trapped
between heel and sole, consider shortening the hem to the ankle.)

I also love the graphic printed silk jacquard skirts by British label Lisou
(£305, lisou.co.uk), which can be worn
with another silk-print shirt for a maximalist clash or with a crisp white cotton
shirt or knitted polo T-shirt tucked in.
The slightly shorter A-line silhouette
looks good with a low-heeled sandal or
Bottega Veneta-style mules.
If your tastes run to the more bohemian, head to La DoubleJ or Emporio
Sirenuse. The latter’s cotton Flaminia
skirt (£565, matchesfashion.com) is in
a pink-and-red tropical toile de Jouy
K Jacquemus

Novio skirt
(£420, net-aporter.com)
I Khaite Lise

skirt (£540,
net-aporter.com)

K Uma

Thurman
in Bottega
Veneta on
the Oscars
red carpet
in March
FilmMagic

K Rosie

Assoulin
cottonjacquard
skirt
(£1,138,
net-aporter.
com)

pattern and, for added intellectual
satisfaction, has John Steinbeck’s
words “Positano bites deep” printed on
the waistband.
New British brand Hester Bly has a
good range too (hesterbly.com), including the Jodhpur (£825), a full-skirted
style in embroidered white cotton with
gold disks on the hem, and a white broderie anglaise version (£695) that can
be worn in high summer with a matching bandeau top.
But there’s no need to buy new. As
Georgina Coulter, head of buying at The
Outnet, points out, these are classic
styles that don’t date. “The joy of building your wardrobe with these timeless
pieces means that you can purchase
past-season garments,” she says. A
Marchesa Notte asymmetric devoréchiffon maxi currently on sale (£184,
theoutnet.com) is a piece that can
come out year after year — as is
Ganni’s classic bestselling leopardprint maxi (£70).
And you can go back further.
When my editor reminisced about a
black-and-white striped 1960s
Oscar de la Renta ball skirt that she
used to wear to pool parties, it sent
me into an online vortex of fabulous vintage skirts.
On 1stdibs, you can find old, rare
De la Renta skirts for around £600,
alongside an Emilio Pucci pink velvet
handkerchief skirt (£776, 1stdibs.com)
and a 1990s Gianfranco Ferré coral
silk ruffle maxi with a sexy split up the
front (£562).
Statement skirts with timeless allure
sewn in? A sure-fire way to put something special into summer.

7 May/8 May 2022

★

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6

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7 May/8 May 2022

Style
Fashion’s lavish
destination
shows are back —
but not as before

O

Lauren Indvik
Material world

n Thursday, at the MonteCarlo Beach hotel outside
Monaco, Chanel staged its
first international Cruise
show since creative
director Virginie Viard made her debut
at the head of the label in 2019.
It was the climax of two days of
festivities for about 400 clients, press
and brand ambassadors including
Charlotte Casiraghi, who is 11th in line
to Monaco’s throne.
It is only the beginning. Several
dozen of those who attend Chanel’s
show will soon be jetting off to La Jolla,
California, for Louis Vuitton on May 12;
to Castel del Monte in Italy’s Puglia
region for Gucci on May 16; and to New
York for Balenciaga on May 21. Dior and
MaxMara will stage their own shows in
Spain and Portugal, respectively, later
in June. And in July Dolce & Gabbana
will host its 10th Alta Moda show,
which is held in different cities in Italy.
Early in the pandemic, I predicted
these fabulous, far-flung destination
shows — increasingly out of step in a
climate crisis — would go the way of the
dodo. Although there are no concrete
estimates on the environmental
impact, brands typically fly hundreds
of models, staff and press, sometimes
privately (not to mention the hundreds
of flights guests book). Instead they are
back, and as numerous as before.
Last week Pucci took to Capri to
introduce its first designs from new
artistic director Camille Miceli, just as
Dior unveiled its pre-fall women’s

collection in Seoul. Dior, LVMH’s
second-largest brand by sales, will also
for the first time host a destination
show for its men’s Spring collection, in
Los Angeles on May 19. And Chanel
will again be travelling in June, taking
the Metiers d’Art collection it unveiled
outside Paris in December to Florence.
“These brands need to be visible
after two years of restrictions,” says
Thomas Chauvet, head of luxury goods
research at Citi. “To do an event that
will be amplified in all sorts of channels
online helps [these brands] with their
deep pockets differentiate themselves.”
Coco Chanel is credited with
inventing the concept of “Cruise” in
1919, when she showed an off-season
collection designed for European and
American women who holidayed in the
French Riviera or Palm Beach in search
of winter sun. Chanel’s Karl Lagerfeld
reintroduced Cruise collections in the
1980s, soon followed by Dior.
Those early shows were “strictly for
clients,” recalls Louis Vuitton CEO
Michael Burke, then the head of Dior’s
US operation. “And the press being
what the press needs to be, they got
ahold of it, and next thing you know,
it’s not just for clients any more, but
also a big image event.”
But after two years of travel
restrictions in which luxury brands
shifted their focus from attracting
tourists to deepening ties with local
customers, and learnt to lean on their
local teams to stage events, Burke says
Vuitton is taking a new approach to

Cruise. Whereas once local guests
accounted for about a quarter of seats,
in La Jolla they will take up the
majority. The event will also be
smaller, with between a third and half
of the number of guests than at prepandemic Cruise shows.
“Some of our best shows, not a single
person [from our headquarters]
travelled,” says Burke, citing the Louis
Vuitton men’s event in Shanghai in
2020, staged by the China team. “That
has created talent and skillset in our
local teams that is not going to vanish.
They now know how to produce,
execute, scout [models] and create
music for their shows, completely. We
will of course provide inspiration, but
we don’t replicate shows any more.”
Executives say the cost of a
destination show is not meaningfully
different from those it hosts during
Paris Fashion Week but the return on
investment is better. The venues make
for stunning backdrops — see the
exuberantly flounced dresses of Dolce
& Gabbana’s last Alta Moda collection
aboard a fleet of gondolas in Venice, or
the graphic, streamlined dresses of
Louis Vuitton’s Cruise 2017 collection
against the futuristic sweep of the
Niteròi Contemporary Art Museum in
Rio — with visual assets that grace
newspaper front pages and Instagram.
“It’s a real opportunity to tell our
story and have everyone’s attention for
three whole days, as opposed to Milan
where we have a 20-minute slot [amid]
10 other shows,” says Ian Griffiths,

Our industry
wouldn’t exist if we
weren’t inspired by
cultures from all
over the world

creative director of Max Mara. The label
is planning a number of activities for
200 guests in Portugal in June, including
local tours, lunches and dinners.
“For a major show [at Paris], if you
get a few lines [in a newspaper], you
are happy,” says Chanel fashion
president Bruno Pavlovsky, speaking in
Monaco the day before Chanel’s Cruise
show. “Here, the quality is deeper.”
It’s not only about the shows. Cruise
collections are revenue drivers. Often
labelled “Pre-Spring” or “Resort”, they
land in stores in October and November
and stay on shelves at full price longer
than the main-season collections, and
outsell them by a significant margin.
And so the collections will continue
to travel. But with brands spending two
years speaking up about commitments
to sustainability, might the return of
these shows seem, well, incongruous?
“[Companies such as] LVMH tend to
communicate around better materials
. . . and on resale,” says Citi’s Chauvet.
“They won’t go so far as stopping a
major communications event.”
Vuitton’s Burke says the brand is
“clearly” thinking of the environmental
impact, noting that he travels “far less
than he used to two years ago.” His
hope is guests will make a longer stay
of it in southern California.
Cruise “is still about travel, being
inspired by travel,” he continues. “Our
industry wouldn’t exist if we weren’t
inspired by cultures from all over the
world . . . We just have to be a lot
smarter about it, travel less.”

Left: an
Abercrombie &
Fitch billboard
in New York in
2005 — Polaris/eyevine

Fall of an
American
icon
Report | It was once the cool kids’ brand.
But Abercrombie & Fitch learnt the hard
way that disregarding diversity is no longer
a good look. By Annachiara Biondi

F

riendly reminder: This is a
community. We build each
other up, not tear each other
down,” reads a recent post on
the Instagram account of
American casualwear brand Abercrombie & Fitch. “Today — and every day —
we’re leading with purpose, championing inclusivity and creating a sense of
belonging,” reads another message on
the brand’s website.
Welcome to #AbercrombieToday, the
made-for-Gen-Z reincarnation of one of
the most controversial fashion labels of
the past three decades.
For anyone who grew up under the
influence of American pop culture in the
1990s and early 2000s, it is difficult to
reconcile this warm, welcoming
rebranding with the Abercrombie of
their teenage years. Back then, the label
proudly rooted its image and success in
the very idea of exclusion. “In every
school there are the cool and popular
kids, and then there are the not-so-cool
kids. Candidly, we go after the cool kids,”
former CEO Mike Jeffries famously said
in 2006. “We go after the attractive allAmerican kid with a great attitude and a

lot of friends. A lot of people don’t belong
[in our clothes], and they can’t belong.
Are we exclusionary? Absolutely.”
As Alison Klayman explains in White
Hot: The Rise & Fall of Abercrombie &
Fitch, her new Netflix documentary
chronicling the label’s success and
downfall between 1992 and today, it was
Jeffries who invented the aspirational
“all-American” Abercrombie image that
once enthralled teenagers worldwide.
Founded in 1892 as an upscale outdoors brand that sold fishing gear and
guns and was favoured by Teddy Roosevelt and Ernest Hemingway, by the
end of the 1970s the label had become
outdated and gone bankrupt. Its rebirth
started in 1992 when Victoria’s Secret
owner Les Wexner, who had purchased
Abercrombie for £47mn in 1988, hired
Jeffries to embark on an ambitious
repositioning that would turn it into a
hip brand for 18- to 22-year-olds.
Jeffries’ winning formula, as
explained in Klayman’s film, was to
retain the heritage associated with the
original brand and envelop it in exclusivity, youth and sexuality. The new
Abercrombie & Fitch image was exem-

plified by the erotic campaigns shot by
Bruce Weber, often depicting athletic
and semi-nude youths frolicking in outdoor settings. Weber also produced
most of the imagery in the brand’s racy
catalogue, A&F Quarterly, which often
included guides to drinking games and
interviews with porn stars. It attracted
boycotts and criticism from associations
such as Mothers Against Drunk Driving
and Concerned Christians of America.
Jeffries’ most successful idea, however, was the reinvention of the Abercrombie & Fitch store. In the 1990s and
early 2000s, the mall occupied an outsized role in the social life of most US
teens. Jeffries turned visiting an Abercrombie & Fitch store into the main
highlight of the mall experience.
The shops were dimly lit, with club
music at full blast, and infused with
Fierce, the brand’s signature cologne.
Shoppers were often welcomed at the
door by bare-chested models, whose
images also towered over them in photographs on the walls. Inside, the stores
were staffed by sales assistants
recruited among fraternities on nearby
college campuses, who would also act as
unofficial ambassadors of the brand. As
journalist Moe Tkacik says in the documentary, “They have absolutely crystallised everything that I hate about high
school and put it in a store.”
It was a winning strategy. When Abercrombie & Fitch went public in 1996, its
stock, priced originally at $16 a share,
closed at $23.12. Between 1994 and 1999,
annual sales grew six times to $1.04bn.
Jeffries started expanding his empire
with the launch of Abercrombie Kids in
1998 and Hollister, a line inspired by the
California surfer lifestyle, in 2000. In
2002, he inaugurated the Abercrombie
& Fitch HQ in New Albany, Ohio, a steeland-glass campus dominated by a
cliquey culture and a “work hard, play
hard” attitude. Jeffries’ control on the
brand and his employees was total and
unrelenting. “Every piece of Abercrombie was by design, by Mike’s design. The
store, the product, the whole thing he
would sign off on,” says Cindy SmithMaglione, A&F’s former vice-president
of merchandising, in White Hot.
As it turned out, that culture was also
seen as extremely discriminatory. Jeffries’ micromanaging went as far as

Above: models
at the opening of
an Abercrombie
& Fitch store
London in 2007
Joe Vincent/Famous

Left: Mike
Jeffries, who was
appointed CEO
in 1992 and
stepped down
in 2014 — Netflix
establishing a set of aesthetic standards
for shop-floor employees, including
defining appropriate hairstyles (“dreadlocks are unacceptable for men and
women”) in a corporate handbook,
which described the A&F look as “natural, American, classic”. During the
2000s, Abercrombie was sued by various employees and applicants who
accused the retailer of refusing jobs on
the basis of their race or religious attire
and in one instance moving them from
the shop floor to the stockroom because
of a disability.
“When it came to the explicit discrimination and the top-down nature of the
discrimination, my shock and surprise
never went away,” says Klayman, who
started working on the project in 2019.
“With the story of Abercrombie you get
to tease out the systemic top-down

nature of how these societal biases were
weaponised and enforced on young people within this one corporation.”
Most surprising of all is how long it
took for the brand’s popularity to fade.
Despite the string of lawsuits and a series
of protests against the company’s
products (including thongs for middleschoolers emblazoned with “Eye Candy”
and “Wink Wink”), its sales didn’t suffer
any major reputational setbacks until
2013, when a petition by activist
Benjamin O’Keefe resurfaced Jeffries’
unsavoury comments from 2006.

‘Exclusion was the root
of their success, and
exclusion itself stopped
being quite so cool’

By then, social media was able to give
a new, amplifying platform to unrepresented voices. Consumer culture was
also starting to change with the rise of
movements such as body positivity,
Black Lives Matter and #MeToo. “Exclusion was the root of their success and
exclusion itself stopped being quite so
cool,” former merchandiser Kjerstin
Gruys observes in the documentary.
In 2016, Abercrombie & Fitch was
dubbed America’s most hated retailer.
Following struggling sales, falling stock
prices and calls from an activist investor,
Jeffries stepped down in December 2014
without a named successor.
A rebranding commenced when Fran
Horowitz, a former Abercrombie president and chief merchandising officer,
was made chief executive in 2017, and it
is already bearing fruit. The company,
which reported sales of $3.71bn in 2021,
is finding renewed success with a generation of customers who — until the
release of White Hot, at least — weren’t
aware of its recent history. On TikTok,
shoppers eagerly try on their Abercrombie finds, including larger-size denim
options. “We want to be clear that the
recently released documentary is not
reflective of who we are now,” Horowitz
wrote in an Instagram post shared after
the release of White Hot. “Since I became
CEO in 2017, we’ve overhauled Abercrombie and transformed with intention into a place of belonging.”
From a marketing and store perspective, the Abercrombie of today has little
in common with its past. It’s not clear
whether it could survive if it did.
Disregarding diversity and inclusion
practices is an economic cost that few
fashion companies can afford in 2022,
while social media remains a powerful
tool for consumers to hold brands
accountable. So has the system that
allowed Abercrombie & Fitch to thrive
really changed? “To have a very
flagrantly exclusionary and biased corporate system in precisely the same
fashion couldn’t happen today, but we
are not far from seeing pretty exclusionary outcomes,” says Klayman, pointing
to how the leadership of Abercrombie
has remained disproportionately white.
“The fashion landscape is different
today, but I wouldn’t say this is all so
clearly in the rear-view mirror.”

Saturday 7 May 2022

★

†

FINANCIAL TIMES

7

8

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FTWeekend

7 May/8 May 2022

Travel

I

t’s a windy afternoon on a hilltop of
northern Albania. A large stone
farmhouse stands tilted against the
landscape, surrounded by trees and
wild purple pastures. Inside, amid
warm storeroom shelves laden with
olives, honey and sun-dried tomatoes,
chef Altin Prenga is at work, experimenting with cheese.
The cheeses in question are made
with mountain goats’ milk and are currently submerged in a barrel of pomegranate juice. Prenga offers me a tasting,
along with wine from his cellars: both
are delicious — soft, bright and with a
tangible taste of terroir. It’s hard to
imagine that for 40 years of communism, Prenga explains, “cheese came
from the state in a square white block —
the same cheese everywhere”.
Since the fall of Enver Hoxha’s regime
in 1990, Albanians have been rediscovering both their gastronomic heritage
and its potential. Today, like much more
besides, cheese comes in numerous
varieties — Prenga makes many of them
at his agriturismo Mrizi i Zanave, set
between the sea and the mountains just
outside the northern village of Fishtë.
A sense of calm and orderliness pervades the place: even the sausages in the
smokery dangle in perfect lines. When
evening comes we sit at long tables by a
crackling fire and feast, first on wild
blueberry pasta and a smoky bean stew,
then on rich “peasant dishes” of roasted
lamb, veal and goat. The puddings are
extraordinary: a fruit compote with
crystallised watermelon rind, stuffed
chestnuts rolling in pine syrup, a palatecleansing bay leaf ice cream.
Prenga set up Mrizi i Zanave 13 years
ago in the belief that Albania “has many
things to be proud of: non intensive
farming, small organic producers, shepherds and bee-keepers”. What he can’t
make on his own farm he sources from
within a 10-mile radius, right down to
the hotel soaps and bed linens. Everything is used; nothing is wasted. It’s a
model of sustainability and self-reliance
that in Albania is catching on.
I’m here with Elton Çaushi, whose
Tirana-based company Albanian Trip
has set up a gastronomic tour to explore
the culinary reinvention. Mrizi is a good
place to start, he says, to understand the
different forces at work in modern Albanian cuisine. Its menu follows a middle
way between traditional recipes that
some want to preserve intact, and the
fusion being experimented with by
more internationally-minded chefs.
Uniting them however is an attempt to
recover the country’s great culinary
variety, a range which comes from Albania’s mix of mountains, lakes and fertile
Adriatic coastline and from its history,
caught between Mediterranean and
Turkic empires, with the seafaring
ancient Illyrians as a touchstone.
It was the Illyrians who first grew wine
here and sailed it to Roman Italy. So says
Muharram Çobo of Çobo Wines in
Berat, a historic wine-producing region
in the Osum river valley. He migrated to
Italy in the 1990s, then returned in 2001
to preside over a vineyard his family had
owned for generations but that had lain
dormant during communism. Fortunately, rare ancient grape varieties survived the interlude, as did the knowledge of his vintner father, who helped
him coax the vines back to life.
As he talks, Çobo pours us his wines to
taste, including the sparkling Shendeverë, from an Albanian word meaning
“the light contentment one gets from
drinking wine”. Its minuscule bubbles
leave a delicate tingling and melting
sensation in the mouth. Notable among
the reds is the E kuqja e Beratit 2013 —
so big and bold it is a meal in itself — and
a rich, olivey Kashmer Grand Reserve
2015, made with Shesh i Zi grapes which
grow amid the fluffy olive trees that line
the hills. From these, Çobo also produces a sublime cognac-like brandy, of
which he pours us a generous glass.
We stay in town at Hotel Mangalemi, a
restored Ottoman mansion. Elegant,

POSTCARD
FROM...
CORNWALL

of Tirana. Chef Naim Bashmili runs a
cookery school, where he teaches me
how to cook clay-baked lamb and
yoghurt tavë kosi — Albania’s hearty version of a moussaka. While I whisk eggs
enthusiastically, Bashmili tells me that
he wants his students to have a firm
grounding in traditional Albanian
dishes, and “to understand their culinary identity before globalisation
erodes it”. He is ambivalent about chefs
who modify local recipes to suit trends
in fine dining. To him, “it’s not Albanian
cuisine unless you get grease on your
moustache.”
In downtown Tirana, chef Bledar Kola
agrees to disagree. His restaurant Mullixhiu is the epitome of experimental
Albanian cuisine, where he greets us
with twinkling eyes, a shy smile and
slight London accent. He lived in the
British capital for many years, having
arrived from Calais on the underside of
a lorry after fleeing the violence here in
the 1990s. Hired as a pot washer, he
worked his way through London’s kitchens to Le Gavroche, then undertook a
stage at Copenhagen’s Noma.
His brother Nikolin, an academic and
culinary anthropologist, sees Bledar as
part of a network of young diaspora
chefs who are returning to Albania to
find their roots through food. To help
them, Nikolin set up a project called
RRNO Foundation to gather over 300
recipes from across the country, and
publish them online alongside stories of
their origin and an “ingredient locator”
to reduce reliance on imports.
Left, above and
main: Albanian
delights at Mrizi
i Zanave, and its
proprietor
Altin Prenga
(bottom left)

The meat emerges; the
burek’s bitter herbs and
crisp pastry layers cut
through its smoky depths

Right: the bridge
at Përmet hot
springs; Naim
Bashmili
teaches Camilla
Bell-Davies

Bledar argues the fatty dishes of Albanian cliché “were useful once for an outdoor rural lifestyle but not modern
urban living”. His experiments occasionally earn him the opprobrium of locals (a
foray into small plates was scrapped,
many said the small portions were pointless) but he has won over some of his
home crowd simply by bringing out the
best from Albanian produce.
His restaurant is playful too: we rummage for spoons in drawers under the
table, rest our feet on gourds and watch
chefs slinging dough about the glassfronted kitchen. We start with a winter
salad of pumpkin and jewelled slivers
of dried fig. Then comes a crisp sheep’s
brain drizzled in a grape juice reduction and a stew of blood-rich kidneys,
soft as chestnuts.
Bledar joins us for pudding, a sweet
fermented corn maize served in a clay
pipe. The meal closes with wine and
rakia, and we relax into a state of blissful
shendevere. Outside, streetlamps cast
their beams into the city’s lake and people spill from bars. I leaf through Mullixhiu’s cookbook, published in German,
and think of Nikolin, typing up recipes
from across Albania so that the next
generation of chefs will have their country’s cuisine at their fingertips, to do
with as they please.
Some will take off to kitchens in New
York, Rome, London, or perhaps, like
Bledar, they will set up shop here. As I
ponder, I realise that the restaurant has
stayed open late for us; the other customers have already trickled out into
the night. Bledar’s small son comes over
to join us, clutching his supper of petka —
wild mushroom broken pasta — and a
book about sauces by Michel Roux. “And
he says he doesn’t want to be a chef,”
says Bledar, chuckling. “I’ll just make
sure he never has to learn the way I did.”

All photos by Chris Allnutt

Chefs who came in from the cold
Albania | On a gastronomic tour of the country, Camilla Bell-Davies discovers
a cuisine that, post communism, embraces both tradition and innovation
and comfortable, with an oak beamed
terrace overlooking the river Osum,
Mangalemi started as a restaurant and
the focus on food continues. Chef Violeta Mio cooks a local cuisine of hearty
sausages and wild mountain greens, but
it is her “angel hair” baklava that wins
me over — the most delicate I’ve ever
tasted. She also plies us with homemade
rakia, fruit brandy flavoured with oak,
mulberry, quince and an intriguing cornelian cherry.
The next day calls for a mild detox, so
we set off along the sweeping Vjosa river
valley to Përmet, a town at the foot of
the Nemërçka Alps. In a quiet canyon
beyond the town bubbles a thermal
spring, turquoise as the sky. Not a trace
of human infrastructure surrounds it,
save for a 400-year-old stone bridge
that could have been built by some gentle mountain giant. We stay for a long
soak, watching the steam rise and dissolve over snowy peaks, then emerge
prune-like and ready for dinner. For this
we descend to the coast, zipping along a
winding road, past hillsides studded
with colourful beehives, the scent of
sage and oregano on the breeze.
As the afternoon fades we phone chef

Fishtë
Tirana
Adriatic Sea

Elbasan

ALBANIA
Berat
Tragjas
Ionian Sea
©Mapcreator.io/©HERE

Qeparo

Përmet
20 km

Romina Leka, the owner of a seaside
restaurant and guesthouse in the village
of Qeparo. Guests call ahead and she’ll
start cooking whatever the fishermen
have caught that day, along with vegetables from her garden. With dinner on
the go, we climb the hill to old Qeparo: a
picturesque hamlet of white stone and
red ochre roofs, now semi abandoned —
most of the inhabitants left in the 1990s
on boats to Italy.
One of the few locals who remained is
Vasil Guma, a historian and author, who
explains that our dinner tonight is some-

what unusual. Fish was not always eaten
here due to a custom which, for 40 days
after a funeral in the village, forbade
locals to eat anything that bled. Shellfish
and shrimp were popular instead. The
fading of this tradition and an Italian
influence has brought fish back to the
table, though Leka remains wary of it
and it can remind families in this area
of hard times when it was the only
food available.
Nevertheless she cooks it beautifully
for visitors, in our case as a warming fish
soup followed by a zesty baked bream.
We sleep soundly after dinner in her
small guesthouse, lulled by the sea
swashing over sand. In the morning,
Leka brings clouds of kila doughnuts
drizzled in honey, which we eat while
gazing out to the Ionian Islands.
Further along the coast at Tragjas is a
rather different family-run establishment set on preserving tradition: Sofra e
Vjetër. To get there, we hike a trail
through woods known to be the lair of
wolves and bears. Fortunately, this
morning all is quiet save the goat’s bells
clanging softly in the valley.
From the woods we emerge into a
dappled pasture, surrounded by wild-

T

he Penwith Moors, north of
Penzance in the far west of
Cornwall, form one of the
richest archaeological
landscapes in the country.
Just search “historical landmark” on
Google Maps and zoom in on the area if
you want to see what I mean. The huge
Lanyon Quoit; the holed stone at Mênan-Tol; the Boskednan stone circle; the
Iron Age hill fort at Chûn; and much
more besides: thousands of years of
prehistory crammed into an area just a
few miles across.
Among these fabled monuments,
you’ll spot a lesser-known landmark,
named by Google as “Morvah Standing
Stones”. Rising from the scrub at a
lonely junction like a granite
mushroom, it seems to be a diminutive
example of the Neolithic dolmens
known as “quoits” in Cornwall. One
enthusiastic Google reviewer describes
it as an “ancient landmark used by
forgotten people of the past” and a
“mystical stone signpost”. Who knows,
wonders the reviewer, “why these
stones were placed here”?
When I spotted this bit of digital
mapping recently it provided me with
an almighty belly-laugh. I grew up just
down the hill from the “Morvah
Standing Stones”, and I can tell you
exactly which forgotten person of the

Matthew Cook

past built this mystical signpost. It
wasn’t a druid; it was Terry Davey, a
local farmer with a wicked sense of
humour, who shunted the thing into
place with his tractor in 1999.
There had been much hysteria
around the total eclipse of the sun that
summer and farmers had placed large
granite boulders in their gateways to
ward off the rumoured hordes of rogue
campers. The eclipse turned out to be a
damp squib and most of the boulders
were quickly rolled back into the
hedges. But Terry decided to do
something more creative.
Before long, passing tourists started

taking pictures of what we called
Terry’s Quoit. Most were probably
looking for the genuinely Neolithic
Lanyon Quoit, a mile further along the
same road, and must have been
somewhat underwhelmed: Lanyon’s
capstone weighs 13 tonnes; Terry’s
Quoit isn’t much bigger than a coffee
table. My grandmother, passing on her
daily walk, always took great
satisfaction in putting misguided
sightseers right, while at the same time
having a good giggle at Terry’s
mischief. But now a quarter of a
century has passed; my grandmother is
long gone, and Terry’s Quoit has the

flowers and roaming farm animals,
above which the sea glitters blue in the
distance. A stone farmhouse comes into
sight atop the hill and chef Dhurata
Daupaj comes out to greet us.
She shows us into a small outhouse
where iron pots, called sač, sizzle over an
open fire. Inside them, veal and potatoes bubble restlessly, food that Daupaj
describes as “primitive, essential, as
wild as possible”. The wood smoke
stings our eyes and perfumes everything with ash, but Daupaj is unaffected;
she has been cooking this way for years,
just like her mother and grandmother
before her. We sample a tangy fermented cheese called Salcë shakulli then
she takes us into the garden to gather a
colourful bouquet of chard, fennel and
nettle to make the filling of a flaky pastry burek.
After a while the meat emerges; rich,
succulent and sage-scented. The burek’s
bitter herbs and crisp pastry layers cut
through its smoky depths, though
Daupaj laments that we have come too
early in the year — the greens get
sweeter as spring arrives.
When we leave she is in the smoke
room again, slow-roasting goat for a
party who have just driven up — it turns
out there is a road after all. Still, Daupaj
rarely uses it as she is almost fully
self-sufficient. She does, after all, refer
to herself as “the lady who lives with
the wolves”.
The next day, I meet another guardian
of tradition in Elbasan, a town just south

special imprimatur provided by Google
Maps — and who’s to argue with that?
Perhaps this should get us thinking
about the authenticity of the other
monuments nearby. The Penwith
Moors are often described as an
“ancient landscape”, as if they were
fixed in aspic. But what really makes
this place special is its “time-depth”,
the massed evidence of thousands of
years of building and rebuilding.
Victorian mines rise over Neolithic
barrows, and 1970s bungalows stand
alongside Iron-Age settlements.
Some of the sites have complicated
histories of their own. A short way east
of Terry’s Quoit, the Mên-an-Tol — a
remarkable holed stone flanked by
upright pillars — is usually dated to the
early Bronze Age. But sketches of the
site from the 18th century reveal that it
has since undergone some serious
rejigging, probably by aesthetically
minded Victorians. Also nearby, you
might be told that Lanyon Quoit is
among the UK’s oldest human-made
structures, standing proud for 5,000
years. But that’s not strictly true. The
quoit collapsed in a storm in 1815 and
was put back in a different
configuration nine years later.
At what point does a restored or
reconstructed monument cease to be
“authentic”? Beyond Cornwall,

i / D e TA i l s
Camilla Bell-Davies was a guest of Albanian Trip
(albaniantrip.com); a similar six-night trip costs
from €1,649 per person including all meals, hotels
and entrance fees, guide, driver and car

Stonehenge has endured a fair bit of
interference, and the zealous 20thcentury renovations of the Newgrange
passage tomb in Ireland have robbed
the place of some of its atmosphere.
Meanwhile, the iconic — and heavily
restored — Hindu and Buddhist
monuments of south-east Asia, Angkor
Wat and Borobudur, now bear little
resemblance to the jungle-swamped
ruins described in the 19th century.
But tinkering with the past is nothing
new — and especially not in Cornwall.
A short walk east of Terry’s Quoit,
you’ll find Mên Scryfa, a 6ft granite
pillar engraved with the name of a
forgotten chieftain called Rialobran.
The inscription dates from the midfirst millennium CE, but the stone itself
was probably repurposed from a much
older Bronze Age stone circle. It’s even
possible that the slabs that make up
Terry’s Quoit themselves once
belonged to a genuinely prehistoric
monument. And in any case, when he
placed them in their current
configuration, Terry was undoubtedly
continuing a very ancient Cornish
tradition of moving chunks of granite
into new arrangements in the
landscape. Maybe Google Maps is right
to mark the thing as a historical
landmark, after all.

Tim Hannigan

★

7 May/8 May 2022

9

FTWeekend

Travel

Fjord focus
Norway | The country’s woollen-sweater dynasty is branching out into tourism,
showing off the Sunnmøre region’s ‘dance of land and sea’. By Oliver Smith

A

lfred Heaton Cooper was
born in Bolton, Lancashire,
in 1863. His parents worked
in the town’s cotton mills —
but their eldest son had
other plans. As a teenager Alfred
escaped the puffing chimneys of his
hometown to sketch the Lancashire
moors. Later he studied art in London.
Many of his peers felt the lure of the
south, evoking hazy Italian belvederes
with their brushstrokes, but Cooper
packed his paintbrushes and boarded a
boat north, to the cold waters and endless sightlines of the Norwegian fjords.
Looking for a contemporary guide to
the fjords, I accidentally ordered his
illustrated volume The Norwegian Fjords
from the British Library — not realising
it was published in 1907. With a sailboat
on the cover, it is both a travel book and
a visual record of a remote and mysterious nook of the continent. Cooper tells
of poor villages that reverberated with
mournful violin music, and stable doors
painted with crosses to ward off witches

who kidnapped horses at night. He sees
flotillas of rowing boats sailing to Sunday church — though in the margins are
murmurs of Thor and Odin, and Vikings
who wake and wander from their tombs
for 13 nights after Christmas Eve.
In the intervening century, Cooper’s
land of “primitive peasants” became
one of the richest countries in the world.
His advice on travelling the pony tracks
is of limited use. But his watercolours
are recognisable when I visit Norway in
mid-April, perhaps because Cooper
mostly painted during spring, the traditional time of weddings, apple and pear
blossoms — “when the snows are melting, the warm and still air is palpitant
with the music of countless waterfalls”.
I can see this much from my plane
during descent. Above is a mountain
plateau wreathed in winter ice. Below,
the Gulf Stream is breathing its promise
of summer into the fjords. Mountain
brooks are rushing, traffic is inching
along roads cleared of Easter snowdrifts.
The northern sun has left its winter harbour on the horizon and is sailing in a
wide arc across the sky.
On final approach into Ålesund airport, the plane swoops past the headquarters of Devold — a manufacturer of
outdoor clothing since 1853. The company is famous for woollen sweaters —
the sort used by polar explorers, and

traditionally accompanied by sea charts
and frostbitten fingertips. The owner,
Knut Flakk, says that costs meant he
and his family decided to move production from Norway to Lithuania in 2003
but, keen to contribute to the local economy, they founded 62°Nord, the tour
operator with whom I’m travelling. It
offers fjord encounters from various
angles and speeds: skiing and cycling
itineraries, a chance to fly along mountain roads like a Valkyrie in an electric
Porsche, or soar above them in a helicopter. The company owns three hotels
across the family’s native Sunnmøre
region — a nook of the western fjords
whose splendour, Flakk says, has yet to
be fully discovered. “Our company had
not worked in hospitality before,” he
tells me. “But we wanted to tell the story
of this place, and we followed our hearts.
In a way, our hotels are an extension of
ourselves as a family.”
Precisely one century before the
Flakks started 62°Nord (and three years
before Cooper published his guidebook)
a cow is said to have kicked a candlestick
one windy night in Ålesund, and the
town burnt to the ground. Kaiser Wilhelm II had memories of holidaying
there, and dispatched German architects to rebuild the port. The result is
pretty: Jugendstil town houses arranged
across a smattering of islands, some
adorned with seashell motifs and turreted like mini-Neuschwansteins. I stay
at 62°Nord’s Hotel Brosundet — an Art
Nouveau fish warehouse, which still has
sloped floors to drain the saltwater.
Ålesund remains a fishing capital: the
turn of the seasons defined by the
changing catch. Herring in early spring;
mackerel on sunlit midsummer nights.
“But the king of them all is the skrei,”
says Thorbjørn Thomas Hansen, who
guides visitors on fishing trips. “This is
the one the fishermen fight hardest for.
You can sometimes catch a 25kg fish in
the harbour.”
Skrei is the Atlantic cod which makes
a marathon migration from the Barents
Sea every spring — leaner and more flavoursome at its journey’s end. One
sunny morning, I set out on a fishing trip
from the harbour aboard Havstar — a
veteran boat helmed by Thorbjørn and
Mats Grimsæth (both live on boats and
sometimes struggle to sleep on dry
land). The water changes character as
we navigate the islets and sounds. Some

Clockwise from main: fishing boat
the Havstar sails alone across one
of the Sunnmøre fjords; a room at
Hotel Brosundet in Ålesund; the
hotel exterior; Hotel Union Øye in
the hamlet of Øye; Øye as painted
by Alfred Heaton Cooper for his
1907 book, The Norwegian Fjords;
guide and boat captain Per Ove
Stølen casts a line; Ålesund, which
was rebuilt after a devastating fire
in 1904; the Havstar, which offers
fishing trips from Ålesund

Mats Grimsæth/62°Nord;
Fredrik Bye; Rune Solevaag;
Bridgeman Images;
Brandon Scott Herrell

coves are Caribbean blue. Narrowing
straits eddy and swirl like Highland rivers. Further out rags of surf crest the
dark waves: here we drop our lines into
a plume of bubbles. Thorbjørn explains
his ritual for a good catch — waltzing the
rod up high in the air, stilling it to court
the fish. He also follows superstitions.
“There are certain words that you
should never say on boats,” he says. Like
what? Thorbjørn looks at the deck. “I
cannot say them.”
Later, with one foot on the quay he
whispers: “The word is horse.” Myths —
like the ones Cooper encountered — linger on these waters. Fishermen speak of
the wreck of Spanish tax ship, Castillo
Negro, whose timbers sometimes
appear in nets, and whose treasure lurks
in the fathoms. But the proudest ship in
Ålesund is Uræd — an 18ft-long, eggshaped lifeboat launched in 1904, the
summer after the town burnt down.
The experimental design was meant
to cross the Atlantic bound for the
World’s Fair: the egg cast off, sprang a
leak, meandered in erratic zigzags past
Greenland and five months later was
thrown on a beach in Massachusetts
during a storm. Its crew of four opened
the hatch and were welcomed as heroes.
It would be many decades before covered lifeboats like Uræd became commonplace, but the pioneer stands on a
hilltop overlooking Ålesund harbour.
“[The egg] is the first home for everything” write the curators of Ålesund
museum, “it is also the strongest. A
stroke of genius on the part of our Lord
that nobody can outshine”.
The crew of the Uræd reeled in cod
when they got hungry on the high seas.
Cooper’s guidebook describes fishermen on this coast struck by a “calling [to
catch skrei] fraught with many dangers”. But in the century since, Atlantic
cod stocks have crashed. Thorbjørn says
this year has been bad. It might be for
the best that we returned to harbour
having caught nothing but the spring
sunshine on our faces.
From the hilltops around Ålesund you
can see the Sunnmøre Alps assembling
on the southern horizon. They are
described in the final chapters of
Cooper’s guidebook: “Majestic scenery
is this, of the sharp peak and pinnacle
type . . . of its kind no grander is there in
the whole of Norway.” Cooper describes
waterfalls flowing skywards in a stiff
wind, and paints newfangled steamers
puttering through the vast fjords.
He reserved the greatest praise for
Hjørundfjord, which I travel through in
a little motorboat captained by Per Ove
Stølen. Above us, sharp peaks thrust
above passing clouds: the fjord below
plunges deeper than the surrounding
seas. It is a riot of ecosystems: cliffs
where eagles have their eyries plummet
to sightless depths where jellyfish swim.
Pods of orcas sometimes breach among
orchards. It is too early for most cruise
ships: instead islands of compacted
snow from spring avalanches sail aimlessly about the fjord. The scenery is
sublime. The story is a melancholy one.
In the century since Cooper folded
away his easel, many fjords emptied of
their villagers — as Norway’s economy
boomed some turned from the hardships of farming. Steep pastures where
shepherds grazed their flocks have been
reconquered by pine and spruce. Per
Ove points to the ruins of farmsteads to
port and starboard, and idles the engine
where nine farmers were buried under
an avalanche trying to bring home their

Ålesund
Øye

Jostedalsbreen
National Park
Bergen

N O R WAY
Oslo

Stavanger

100 km

goats in 1971. Rescue dogs pulled two
out alive.
Right across Sunnmøre, abandoned
farms are marooned high on sheer cliffs:
in one farm, the children played tied to a
rope so they didn’t fall to their deaths.
Cooper describes another farm only
accessible by ladder — hauled up when
the tax collectors rowed past. Some
near-inaccessible farms have been preserved as museums. They have a
romantic allure: places where you might
pull up the drawbridge on the rest of the
world, and live off a precious slither of
land between sky and sea.
Near its southern end, Hjørundfjord

branches into Norangsfjord and at the
end of that we dock at Øye: a hamlet
hemmed in by leviathan peaks. Mariann Øye greets us on the pier, and points
to a blue sky above.
“The mountains mean we have no
direct sunshine here between October
and March” she says. “So today is a special day.”
Mariann spent her childhood in the
village: she remembers skating on the
fjord in winters. Not long ago there were
over 70 villagers in Øye — in her lifetime
that sank as low as the 20s. She hopes it
will change with the redevelopment of
Hotel Union Øye — a grand 19th-century hotel of which she is the manager —
under the ownership of 62°Nord.
Its blood-red gables are decorated
with dragon heads in the manner of a
Viking longship. Its interiors are filled
with beautiful clutter in a welcome
rebuke to Nordic minimalism: stags
heads, ceramic Swedish stoves, dusky
oil paintings and antique smoking pipes.
The long corridors also bring to mind
the decks of a ship, lined with rooms
named after famous guests — Ibsen,
Grieg, Amundsen — who once dined on
food stored in mountain ice. The
expanded hotel will include new rooms
and cottages, a vegetable garden and a
sunny conservatory. Mariann — who

‘The mountains mean we
have no direct sunshine
from October to March.
So today is a special day’
ran through its corridors as a child — is
excited about the prospect of new staff
settling down here, some of whom are
bringing their children.
“I hope it means that the village is
reborn in some way.”
Just outside is a spot where Alfred
Heaton Cooper sat with his back to the
hotel and painted the fjord. This country cast a spell on him — he married a
Norwegian woman, returned with her to
England, and shipped a blood red, dragon-headed cabin from the fjords to the
English Lakes to be his studio. The
fjords’ dance of land and sea inspires
other artists. My three-year-old son
knows them from Disney’s Frozen. I first
saw them in The Snowman — where the
boy glides over the fjords in a flapping
dressing gown, on his way to meet
Father Christmas.
Not long ago, a suited evangelist
handed me a leaflet outside a London
station — adorned with a gaudy depiction of the promised land. It showed
righteous souls reaping plentiful harvests and the lion laying down with the
lamb — but the geography was familiar.
This heaven was guarded by sheer cliffs,
waterfalls slipped from celestial heights
and a low sun flared over a safe harbour.
It could be Yosemite or Lake Lucerne.
But I think I know where the artist
found inspiration.

i / D e Ta I l S
Oliver Smith was a guest of 62°Nord (62.no).
Double rooms at the Hotel Brosundet cost
from NKr2,470 (£210); doubles at the Hotel
Union Øye from NKr4,690 (£399). Itineraries with
other activities are tailormade and prices vary; as
an example, a five-night itinerary with all meals,
helicopter, boat and fishing trips, and a day
driving a Porsche Taycan, costs from NKr51,712
(£4,434) per person, based on two sharing

10

★

FTWeekend

7 May/8 May 2022

H

Here be dragons

uman beings, notes Yascha
Mounk, are “groupish”.
This is humanity’s biggest
asset, but also a source of
great woe. The larger the
perceived differences among the groups
we belong to the greater the likelihood
of hostility among them.
Yet, in recent decades, high-income
democracies have become substantially
more diverse. Is it possible for such societies also to be stable democracies? This
is the question Mounk, a writer on populism and democracy of German Jewish
extraction, addresses. Now based in the
US, he describes what is being
attempted as a “great experiment”.
Scepticism about the feasibility or
desirability of diverse democracies
characterises extremes on both the
right and the left. The right argues
that descendants of the “true-born”
citizens must retain control. The left
insists this is a war between sinful
hereditary oppressors and righteous
hereditary oppressed, which has to be
resolved by a clear victory of the latter
over the former.
These opposing pessimisms are,
argues Mounk, fundamentally selfdefeating. The success of the great
experiment depends on mobilising support from the decent middle. The latter
will never embrace an irremediably
negative view of their country’s past or a
future of endless conflict among irreconcilable identities. But they are willing
to compromise and adjust over time.
The Great Experiment is divided into
responses to three big questions. The
first is: when do diverse societies go

The success of the great
experiment depends on
mobilising support from
the decent middle
wrong? Mounk’s answer is that they do
so in three ways: anarchy; domination;
and fragmentation. Anarchy means the
absence of any effective central government, as in Afghanistan. Domination
comes in three forms: “hard domination” in which majorities exercise near
absolute control over minorities, as in
the southern states of the US before the
Civil War; “soft domination”, in which
minorities are marginalised or disenfranchised, as in those states after the
civil war; and “minority domination”, as
in South Africa under apartheid.
Finally, there is fragmentation. This is
frequently worsened by systems of
explicit power sharing, as in Lebanon or
Northern Ireland. In such cases, the
political recognition of pre-existing
group identities strengthens predatory
and power-seeking group elites while
undermining loyalty to society as a
whole. Yet “conflict entrepreneurs” of
right and left are busily promoting precisely such ruinous fragmentation,
argues Mounk.
His second question is: what should
diverse democracies seek to become?
This section considers the role of the
state, patriotism, demands for cultural
uniformity, and pursuit of a “meaningfully shared life”.
Mounk argues, rightly, not only that a
strong state is essential for a diverse
democracy, but also that “it is individuals, not the groups to which they belong,
who are the fundamental building
blocks of society.” Groups have no comparable legitimacy: the lines they seek
to draw around individuals are arbitrary, far from exclusive, and frequently
oppressive. The elevation of group
rights above those of individuals is a
huge mistake.
He also argues in favour of civic and
cultural patriotism. A democracy needs
citizens who share a common identity.
Without this, why should they consider
the elections they lose to be legitimate?
Patriotism is the best label we have for

Isabel Hilton on a geopolitical travelogue that
explores China’s move into Russia’s backyard

W

People paint ‘Count every vote’ on a San Francisco street on the day of the 2020 US presidential election — New York Times/Redux/eyevine

Altogether now
As liberal democracy faces challenges from left and right,
a new book argues that diverse societies can thrive when
they prioritise individual rights. By Martin Wolf
The Great
Experiment:
How To Make
Diverse
Democracies
Work

by Yascha Mounk
Bloomsbury/Penguin
£20/$28, 368 pages

that shared civic and cultural identity.
It is unnecessary for the citizenry to
become culturally uniform. That too
would be oppressive, even boring. But it
cannot be too diverse either: so, a
diverse democracy should be neither a
“melting pot” nor a “salad bowl”.
Diverse democracies “should be bustling yet peaceful and heterogeneous
without being fragmented.”
Finally, it is dangerous and counterproductive to emphasise the impossibility of a meaningfully shared life. On the
right, this takes the form of insistence
that majority cultures must remain
untouched by contact with those of
minorities. On the left, this takes the
form of insistence that minorities

should turn their identities into fortresses. A depressing example of the latter is the contemporary hostility to imitation, that most characteristic of
human behaviours, now anathematised
as “cultural appropriation”.
The third big question is: how can
diverse societies succeed? Mounk’s
answer is that we must build democracies that attract the “wholehearted support” of all their members: “societies
whose residents feel pride in their collective accomplishments, encounter
strangers with an open mind, and are
capable of sustaining real solidarity with
each other”.
Is this possible? Yes, he insists. Much
pessimism exists. But it is exaggerated:
it is not true that identities are immutable; and it is not true either that members of minority communities are
doomed to economic and social failure.
Good policy can also help. It is necessary, for example, to develop policies
favouring inclusive prosperity, by
defeating monopoly, funding scientific
research, and spreading education more
widely. It is also necessary to create ladders to success for those most disadvantaged, restore the effectiveness of politi-

cal institutions, and, finally, fight
against polarisation in favour of mutual
respect.
The fundamental argument of The
Great Experiment is correct both morally
and practically. Building diverse democracies is indeed hard. But, given the current composition of our societies, no
alternative exists.
The book does have limitations. It has
very little to say on the economy and
next to nothing to say on class. Yet it is
impossible to understand what has happened if one does not consider the rise in
inequality and the power of concentrated wealth and organised corporate
interests. There is also very much to
admire, above all the author’s outspoken and lucid defence of liberal values
and his condemnation of those who
advocate a politics built on group identities. Not only are these identities fluid
and arbitrary, but the identity politics of
minorities are sure to ignite the countervailing identity politics of fearful majorities. In a democracy, the latter will win.
The only possible foundation for a
diverse democracy is protection of
rights and guarantees of security for all
individuals. This demands a protective
state, the rule of law, a prosperous economy, widespread opportunity, a patriotic culture, and individual freedoms.
These values are now under attack from
all sides. If they are not defended,
democracy will founder. Mounk offers a
coherent and well-written call to arms.
His cause is right.
Martin Wolf is the FT’s chief economics
commentator

ork on this engaging geopolitical travelogue
through China’s growing presence in Central
Asia began more than 10 years ago. It was slow
to complete because Alexandros Petersen,
one of the two authors, died in a terrorist
attack in Kabul in 2014. Raffaello Pantucci, known for his
work on security and on China, is his surviving co-author and
friend; for him, finishing the book became both a moral obligation and a posthumous tribute.
It began, he writes, as an adventure, an excuse to travel to
remote places in a region they both loved. It grew into a compelling report on China’s expansion into Russia’s backyard.
Much has happened in the more than decade between the
first trip and publication: Xi Jinping came to power, putting
the Communist party firmly in command of China and himself in command of the party, taking the country in an assertive, nationalist direction. In 2013, the year he became president, Xi visited the Kazakh capital Astana to announce the
Belt and Road Initiative. Within the first year of his presidency, he stepped up the repression of the Uyghur people of
Xinjiang and began to shift Central Asia’s geopolitical architecture by connecting its small republics to China through energy
and transport corridors.
Put like that, China’s Central Asia policy can seem like one of
those strategic visions that foreign observers tend to ascribe to
Beijing’s policymakers: executing a carefully planned expansion into Russia’s former colonies. But the premise of Sinostan is that it was more ad hoc, each step driven less by longterm planning than by more immediate concerns. At the heart
of the story is the reversal of fortunes of China and Russia, two
frenemies whose on-again, off-again relationship has been
both a symptom and a driver of global geopolitical shifts.
Soviet leader
Mikhail GorbaSinostan:
chev’s 1989 visit
China’s
to Beijing ended a
Inadvertent
30-year drought
Empire
in high-level
by Raffaello
Pantucci and
exchanges
Alexandros Petersen
between the two
Oxford University
communist
Press £20, 336 pages
giants, and the
rapprochement
gave
China
breathing space to think about a new foreign policy. But the
collapse of the USSR only two years later brought fresh fears:
Moscow’s former Central Asian republics emerged as independent states and China’s borders with Kazakhstan,
Tajikistan and Kyrgyzstan began to look like potential entry
points for dangerous ideas of self-determination that risked
infecting China’s own ethnic groups.
That prospect led China to take its first steps towards building a new regional security network. In April 1996, China convened a meeting of Russia, Kazakhstan, Kyrgyzstan and
Tajikistan in Shanghai, where all agreed to reduce their border
forces and set up dispute-resolution mechanisms. By 2001
this had grown into the Shanghai Cooperation Organisation, a
regional security and co-operation pact made up of China,
Russia and the five central Asian “stans”, with the later additions of Pakistan and India.
China-led bilateral and mini-lateral organisations and contact groups have proliferated. It remains the authors’ contention, however, that “China prefers to stand back from any situation, to wait and see who comes out on top, and to then make
deals with them . . . Unfortunately, given China’s size, this is
not an approach without any impact.” It remains to be seen
how that impact plays out, but as the East India Company
demonstrated in the 17th century, empires have come into
existence as byproducts of the pursuit of trade.
The stated priorities of the Belt and Road Initiative include
connectivity and economic co-operation, and China’s behaviour is often marked by the export of Chinese methods regardless of local conditions to neighbours who both fear and seek
its economic engagement. What remains unclear is whether
China is willing or able to exercise its geopolitical muscle to
secure its dominance in an uncertain neighbourhood. It may
be that its hand is constrained by lingering mistrust of its
unpredictable “best friend” Russia. Russia continues its
efforts to recover its lost position in Central Asia through an
EU lookalike — the EAEU — and the Russian-led Collective
Security Treaty Organisation, Russia’s answer to Nato.
China now has long supply lines, fixed assets beyond its borders and people to defend. Since the US stumbled out of
Afghanistan, China has been bound into efforts to stabilise the
region. There have been more contact groups and more round
tables, but despite being the region’s dominant power, China
remains a curiously passive player. This book argues that Central Asia can be read as a template of China’s wider behaviour.
If so, China remains a long way from global leadership.
Isabel Hilton is the founder of the China Dialogue Trust

Recipes, and disaster
Bee Wilson on the 80-year
quest to restore a Jewish
writer’s name to a bestselling
Viennese cookery book

I

n the summer of 1949, Alice
Urbach, an Austrian Jewish cookery
teacher and writer, was walking
through the streets of her native
Vienna when she spotted a copy of
her own cookbook in a book shop. This
surprised her in more ways than one.
First, because after the turmoil of the
war, Alice had no idea that her oncebestselling book was still in print. Second, because the cover stated it was
written not by Alice but by a man called
Rudolf Rösch, a non-Jewish name.
On its publication in 1935, Alice
Urbach’s book — So kocht man in Wien!
(Cooking the Viennese Way!) — had been a
huge critical and commercial success. It
was a 500-page encyclopedic collection

of Austrian recipes that covered everything from traditional hearty fare such
as dumplings and apple strudel to newer
trends such as raw food and vegetarian
dishes. It drew on Alice’s experiences
teaching cookery to rich society ladies, a
career she had adopted to support herself and her two boys after the premature death of her alcoholic husband Max
in 1920. But in 1938, Alice had fled to
England, and during the war she ran a
home for refugee children.
The Vienna that she returned to in
1949 was full of loss. The synagogues
that Alice remembered from her youth
had been burnt to the ground. Her three
sisters had died in the Holocaust. And
now she discovered that her cookbook
had also been taken from her. “You can
imagine that it breaks my heart”, she
wrote to Ernst Reinhardt Verlag — the
same publishing house that had originally published the book as her work.
Alice’s Book, written by Alice’s granddaughter, the historian Karina Urbach,

Alice’s Book:
How the Nazis
Stole My
Grandmother’s
Cookbook

by Karina Urbach,
translated by Jamie
Bulloch
MacLehose Press
£20, 368 pages

is a gripping piece of 20th-century family history but also something much
more original: a rare insight into the
“Aryanisation” of Jewish-authored
books during the Nazi regime. Urbach
has meticulously pieced together everything she could find about how and why
Alice’s publishers were able to deny her
authorship for more than 80 years.
Much has been written about the Nazi
theft of Jewish art collections. Far less is
known about the intellectual reappropriation of books written by Jews. Alice’s

Book — first published in Germany in
2020 — offers a startling perspective on
what historian Ralph Giordano called
the “second guilt” of postwar Austria
and Germany: the way in which respectable businesses and individuals continued to profit from the persecution of
Jews long after the Holocaust ended.
Under the Nazis, books that were considered “Un-German” were burnt. But
Alice’s cookbook was in a different category: a much-loved and useful book
whose content was apolitical but whose
author was inconveniently Jewish. Her
publisher Hermann Jungck (who
worked for Ernst Reinhardt Verlag)
therefore set about Aryanising it.
Defending himself in print in the
1970s, Jungck claimed that the reason
he had asked Rudolf Rösch (a shadowy
figure whose identity remains unclear)
to revise Alice’s text was because her
“extremely rich dishes” needed to be
brought “up to date”. This assertion was
false. Alice’s original 1935 edition

already included numerous light vegetarian dishes and “hints on healthy eating”. The real changes made to her text
in 1938 were not to make the dishes
lighter but to remove references to Jewish and international cuisine. “Recipes
with Jewish names, such as ‘Rothschild
sponge’, ‘Rothschild omelette’ or ‘Jaffa

Alice’s cookbook was
much-loved and useful.
Her publisher therefore
set about Aryanising it
torte’ were removed, and foreign names
of recipes Germanised.” The book continued to sell thousands of copies in this
new form and ran to many editions.
For Urbach, Jungck’s decision to Aryanise books was an understandable
choice for a Viennese publishing house
in 1938. His “real culpability”, in

Urbach’s view, “begins only after 1945”.
Alice, who spent the decades after the
war eking out a living on a widow’s pension in the US, repeatedly begged Jungck
and his colleagues to restore her as the
rightful author of her own book — to be
met with stonewalling and evasion. It
was only in 2020, nearly 40 years after
her death, that the rights were finally
returned to the Urbach family as a result
of publicity following the German publication of Alice’s Book.
Yet, despite the bitter injustice of her
authorship being stolen, Alice Urbach
seems to have retained her joy in Viennese cookery to the end. It’s impossible
to read this book without admiring
Alice’s fiercely optimistic spirit. The
work is as much about the enduring
consolations of food as it is about Nazi
crimes against Jewish authors. Urbach’s
grandmother was still giving cookery
lessons in San Francisco well into her
nineties, when she appeared on PBS as
the oldest cookery teacher in America.

★

7 May/8 May 2022

11

FTWeekend

Books

When the right gets it wrong

Myths without
the misogyny

Edmund Fawcett on
two books that cite

Nilanjana Roy

different hypotheses

Reading the world

for the fracturing of

T

US Republicanism

A

s American conservatives
and American liberals prepare for fresh hostilities over
abortion, where does the
worldly, liberal-minded
conservative find shelter? Who will even
listen to a conservatism that shuns
dogma, avoids zeal and speaks instead (a
gendered word is unavoidable in the
context) for tempered statesmanship?
A worldly, liberal-minded conservatism has always felt something of an
ideal, indeed a Utopia, especially in the
US. Yet it is a serious and enduring part
of the American rightwing tradition.
The trouble is that in either of its chief
recent variants, Burkean virtue or neoconservative “realism”, it has never
been more than just a part. Call as they
may for moderation and deference to
authority, grown-up conservatives find
themselves forever at war with immoderate conservatives claiming that, no, it
is they who hold the true faith.
Given conservatives’ taste for conflict,
it is good to have two books that take
civil warfare for their default. Matthew
Continetti’s The Right is a rich and
detailed survey from the 1920s to the
present day. Edward Miller’s A Conspiratorial Life chronicles the extraordinary
character and career of Robert Welch
(1899-1985), founder of the hard-right
John Birch Society and thorn of conventional Republicanism.
Continetti’s history is big-picture,
Miller’s biography a close shot. Yet each
offers a good angle from which to
appraise the fractured state of American conservatism. Continetti’s preferred kind is moderate, liberal-minded
and mainstream. He would not count
Welch a conservative. For Miller, try as
the “responsible right” did to expel him,
Welch belongs in the tent.
Neither author tarries with nice questions of whether “the right” and “conservatism” mean the same or different
things, which may cause some readers
to wince. Yet the authors are right here,
the wincers wrong. You don’t win labels
in politics by verbal fiat or clever parsing. You fight for them. The label “conservative” isn’t here a classroom topic
but a prize in a contest, which Continetti
and Miller both understand.
Continetti skilfully blends four-yearly
battles for Republicanism with intellectual debates about the aims and nature
of conservatism at little magazines, law
schools and Washington think-tanks.
The party contests set globalist Eisenhower vs Americanist Taft, liberal
Rockefeller vs anti-liberal Goldwater,
same-as-before Ford vs radical Reagan,
a forgotten Beltway motley vs “I speak
for the people” Trump.
After Eisenhower, the Republican
winner was reliably more to the right
than the loser. Continetti has no deep
explanation for that rightward drift,
although factors cited include govern-

Members of St Patrick’s Old Cathedral march to a New York Planned Parenthood clinic in February — Mark Peterson/Redux/eyevine

The Right: The Hundred
-Year War for American
Conservatism
by Matthew Continetti
Basic Books $32/£25, 496 pages

A Conspiratorial Life: Robert
Welch, the John Birch Society
and the Revolution of
American Conservatism

by Edward H Miller
University of Chicago $30, 456 pages

ment overstretch, liberal licence and
cultural disquiet. Underplayed is the
Republican turn southward after 1960
to win white Democrats dismayed by
civil rights.
As a Washington think-tanker and
veteran of the now defunct neoconservative Weekly Standard, Continetti
writes from the inside on lively recent
debates in which neoconservatives,
paleoconservatives, free-market liberals and Catholic conservatives have
each claimed the true faith.
Their intellectual world, rich in
higher degrees and professorships, is far
from that of Robert Welch, who showed
how far a paranoiac imagination,
omnivorous reading and doggedness
can take you when undeflected by
mockery. For Miller, who teaches at
Northwestern University, Welch was
indeed odd but, politically, not atypical.
He was a Southern-born chocolatefudge manufacturer whose fringe-right
John Birch Society — named after an
American missionary-spy killed in
China in 1945 — irked, harried and
embarrassed Republicans for decades

after its founding in 1958. Welch tried
for years to convince fellow Republicans
that Eisenhower was a Communist. He
thought civil rights, welfare and government regulation were a Soviet-backed
conspiracy. When Time called Birchers
“a goose step away from the formation
of goon squads”, it was saying what
many people thought.
The John Birch Society was often in
debt and secretive about the size of its
membership, probably because it was
smaller than a noisy voice suggested.
Birchism survived on money from rich
conservatives such as Nelson Bunker
Hunt and Fred Koch, father to two of the
present right’s most munificent angels.
Welch’s stands — against civil rights,

Thoughtful conservatives
could stop blaming liberals
for society’s ills and turn to
them instead as allies
women’s rights and a liberal state’s
silence on morals and religion — were
stands that other conservatives took
and continue to take. The trouble was
how Welch took them. Everything
wrong with America came in the end
from Moscow.
To conservative notables such as William Buckley, editor of the National
Review, Welch was a liability. Buckley
thought liberals, not Russians, were
undermining America. He failed to
demolish Welch because, to his chagrin,
Welch belonged in the tent. In an “Epilogue”, Miller traces the afterlife of

Welch’s “accusatory conservatism” in
the Tea Party, the Truther movement
and Trumpism. Wary of prediction, he
ends with a warning against the corrosive effect of conspiracy thinking.
Continetti ends, by contrast, with a
plea for a tidied-up, front-parlour conservatism — one, that is, committed to
mainstream “moderation”, against
“extremism” to its right and left, including “liberal excess”.
That sounds reasonable enough, but
two problems linger. Nor are they unique
to the American right. What, for one,
is “extremism”? Distance from moderation and good sense? Or distance
from the mainstream? Those are not
the same. Trump, Brexitism and Le Pen
are none of them great examples of
moderation or good sense. All are now
mainstream and currently dominate
conservatism.
Second, the conservatism favoured by
Continetti is modern-minded, respectful of tradition, heedful of business,
attentive to social need and at home in
democratic politics. That is a distant
prospect but not unreachable. A start
down the road would be for thoughtful
conservatives to stop blaming liberals
for society’s ills and turn to them instead
as equally bewildered allies who might
yet, if they are lucky, patch up a broken
centre. That said, the renewal of ethicocultural warfare over abortion is hardly
the best moment to offer liberal conservatives peace-seeking counsel.
Theirs, for now, is a lonely spot.
Edmund Fawcett is the author
of ‘Conservatism: The Fight for
a Tradition’ (Princeton)

his happened some
years ago, at a writing
residency in the idyllic
Italian lakes. During
the day, my fellow
residents and I worked (or we
pretended to), but in the evenings
time hung heavy as the local
town slipped into off-season
somnolence. It was not long
before we reached for that timehonoured human panacea —
sharing legends and myths from
our far-flung parts of the world,
from the Mahabharata to The Tale
of Genji, Greek myths to Lakota
legends — to pass the time.
This spring, having read book
after book by women writers
exploring and often transforming
ancient myths from a female
point of view, I’m curious about
the renewed modern appetite
for these stories.
It’s a pattern that started to
emerge a few years ago, with
novels inspired by ancient Greek
mythology, such as Salvage the
Bones (2011) by Jesmyn Ward
(which echoes the myth of
Medea), Circe (2018) by Madeline
Miller (a fabulous adaptation of
The Odyssey) and Pat Barker’s
The Silence of the Girls (2018) and
The Women of Troy (2021), her
feminist re-tellings of stories from
The Iliad.
Jennifer Saint read classical
studies at King’s College London,
and her two novels — Ariadne
(2021), about the princess who
rescues her lover from the
Minotaur, and the just-published
Elektra, which refashions the
story of a key tragic figure in
the Trojan wars — are superb
examples of how myths change
when women become
protagonists, rather than merely
side characters. The themes that
engage Saint are, she has said:
“Women being overlooked,
women suffering the
consequences of men’s behaviour,
and women’s lives being less
significant than men’s reputations
and glory.”
Literary trends, not unlike
political trends, can gather force
and clarity over time, and what is
now emerging — in literary fiction
as well as in the young adult and
fantasy genres — is a far-reaching
reimagining of the previously
male-dominated of myths and
legends from around the world.
I’ve loved reading books that
made more room for women
from western mythology, but it’s
especially heartening to see retellings of east African myths,
Korean or Indian legends (to
name just a few) reach new
audiences around the world.
In her debut novel Kaikeyi,
published this month, Chicago-

based writer Vaishnavi Patel
dramatically reframes a story
from the great Hindu epic the
Ramayana, of Queen Kaikeyi
who demands that her husband
King Dashrath exile her stepson,
the young man-god Rama. “I
wanted to explore what might
have caused a celebrated warrior
and beloved queen to tear her
family apart,” Patel writes in her
introduction.
Like Patel, many are interested
in questioning the framing of
mythical women as both villains
and victims. Korean-American
writer Axie Oh, writes a less
submissive protagonist into the
legend of Shim Cheong in her justpublished young adult book The
Girl Who Fell Beneath The Sea. In
Oh’s version, Mina, a village girl,
takes the place of Shim Cheong,
the dutiful daughter in the legend
who sacrifices herself to the sea
gods — but her role in the story is
a more active one: “My fate is not
yours to decide,” she says. “My
fate belongs to me.”
By offering new interpretations
of ancient myths, writers such as
Patel, Oh and Saint are reviving
an old tradition. Women have
been questioning the epics and
creating their own versions in
song, poems and performances
outside the canon for centuries.
“There are always alternative
ways of using a myth,” wrote the
late scholar Nabaneeta Dev Sen
in a 1998 essay titled “When
Women Retell The Ramayana”.
“For me it all started in 1989 with
an accidental re-reading of the
text of Chandrabati Ramayan.
That is where I discovered that
a women’s Ramayana tells a
different story.”
If you want to shape the future
for young women, one place to
start is by reshaping the past. As
Patel writes in her essay “Living
Religions, Living Myths”:
“Writing narratives that defy the
patriarchy means that we must
look at the unpopular women and
recognise that perhaps they are
unsympathetic because of
misogynistic expectations — not
as an unshakeable condition of
their existence. It is in this space
that re-tellings have the most
power to reshape narratives,
because they necessarily must
challenge tradition.”
The oppression, sexual violence
and disregard for choice faced by
female characters in ancient
myths feels horribly close to our
own — from Afghanistan to
Ukraine, America and beyond.
And yet, as woman after woman
is released from her minor role in
a hero’s journey, they offer today’s
readers stories of solidarity,
consolation — and hope.

Mysteries of clairvoyance
A study of precognitions
proves an entertaining
account of the human quest
for control. By John Gapper

T

wo nights before the Aberfan disaster in 1966, when
116 children died as a
mound of coal waste slid
across a Welsh mining village, a 10-year-old girl called Eryl Mai
Jones, had a premonition. “I dreamt I
went to school and there was no school
there. Something black had come down
all over it,” she told her mother, shortly
before her death.
One of those who drove into Aberfan
in the terrible aftermath was John
Barker, a 42-year-old consultant psychiatrist fascinated by such visions, and
was working on a book called Scared to
Death. It was a brazen act, but then, as
Sam Knight writes in The Premonitions
Bureau, he was not a conventional doctor: “At crucial moments in his life,
when Barker was faced with a boundary
or a warning, he pressed on.”
Barker proceeded to participate in a
flashy experiment launched by the
Evening Standard under its then-editor
Charles “Chilly Charlie” Wintour. It
asked readers to write into “The Premonitions Bureau” to report their dreams

or precognitions of future events. The
bureau did not work very well — only 3
per cent of the predictions came true —
but it came to haunt Barker.
In a lesser narrator’s hands, the forgotten story of an eccentric Englishman
who was devoured by his own compulsion might feel rather slight. The “percipients” drawn to the bureau, including
a telephone exchange operator and a
film technician, were so strange that
interviewer David Frost infuriated
Barker by refusing to put some on air
after observing them in the green room
of his ITV television show. But Knight, a

Barker was a picaresque
character, an eccentric
drawn to excitement and
media exposure
British writer for The New Yorker and
former contributor to the FT Weekend
Magazine, spins a story that propels the
reader gently but firmly to its ordained
conclusion. Knight describes the case
studies in a book edited by a colleague of
Barker as possessing “a fable-like,
poetic quality” and that is the tone of
The Premonitions Bureau.
Much of it is in the telling. Knight’s
amused scrutiny of postwar Britain,
from sensational Fleet Street to run-

The
Premonitions
Bureau:
A True Story

by Sam Knight
Faber £14.99
Penguin Press $28
256 pages

down Victorian asylums filled with
abandoned patients, layers detail on
small detail to paint a powerful canvas.
He immerses readers in the shadows of
the Swinging Sixties, when all kinds of
social experiments were breaking out.
“The hospital consumed 865 pints of
milk per day. The grounds were infested
with feral cats, which were a source of
ringworm . . . Nurses smoked constantly, in part to block out Shelton’s allpervading smell: of a house, locked up
for years, in which stray animals had
occasionally come to piss,” he records of
the institution where Barker worked.
Barker was a picaresque character, an
English eccentric who was drawn to
excitement and media exposure. “His
weight fluctuated. His eyes bulged. He
didn’t look altogether well,” Knight
writes of Barker’s arrival at Shelton hospital, near Shrewsbury in western England, where he installed a rigged fruit
machine outside his office to give gam-

bling addicts a 70-volt electric shock.
The Premonitions Bureau was not
entirely a washout. Two of its prodigies,
including Lorna Middleton, a piano
teacher who awoke with a feeling of
foreboding an hour before Aberfan,
were consistent clairvoyants. Predicting
one’s death is common: Donald Campbell did so just before his doomed
attempt at the world water speed record
in 1967 at Coniston Water.
Knight traces the psychological and
physiological roots of these intuitions.
We are not just observers: we constantly
attribute meaning to phenomena and
imagine what will happen next in order
to make cognitive sense of the world. As
the philosopher Immanuel Kant
observed in 1787, “objects must conform to our cognition.”
It is understandable to reach beyond
that into predicting the future. Many
precognitions tell of death and disaster.
As Knight says, it could stem from an
unconscious effort to control worldly
entropy: leaves falling from trees,
empires failing, and all of us dying. “Seeing things before they happen is how we,
as mortal souls, seek to slow down
time.” But there is an obvious difference
between general purpose clairvoyance
and personal demise. If you become
obsessed with your own death, you can
bring it on. A British doctor coined the
term “nocebo” (the “evil twin” of placebo) in 1961 for how patients suffer

pains from fearing they will, as when
warned of side effects.
Was Barker’s fate a chronicle of a
death foretold, or a self-fulfilling prophecy? There is plenty of data to support
the latter effect in general and only
shaky evidence of the former, whatever

ancient Greek myths say. All expectations of death eventually come true, like
every prediction that the stock market
will fall. But timing is everything.
John Gapper is the business columnist
for FT Weekend

12

★

FTWeekend

7 May/8 May 2022

Books

E

lif Batuman told an interviewer recently that one of
the things she loves about
writing from the point of view
of Selin, the narrator of her
second novel, Either/Or (and of her first,
The Idiot, which was published in 2017),
is that it’s about “asking questions”.
Here are some of the questions Selin
asks in this book — often of, or with, her
best friend Svetlana. “What was an orgy
like?” “What was charisma? A content
or a form?” “Were we really more interesting than other people, or did we only
seem that way to ourselves?”
Both young women, Batuman said,
“feel that there’s a lot at stake in their
choices”. It is precisely Selin’s seriousness, the corollary of which is a certain
guilelessness, that makes her such an
attractive and memorable protagonist. I
was reminded, reading this book and its
predecessor, of Timofey Pnin, the lovably inept protagonist of Vladimir
Nabokov’s eponymously titled late1950s campus novel.
In the final section of The Idiot, which
is set during her first undergraduate
year at Harvard (the action in Either/Or
begins in 1996, at the start of her second
year), Selin spends the summer in Hungary, where she’s followed a Hungarian
mathematician named Ivan, whom she
met in a Russian language class.
The Russian language, and Russian
literature, loom large in both novels, as
they do in Batuman’s work as a literary
critic and her first book, a collection of
essays with the Dostoyevskian title The
Possessed (Dostoyevsky also provided
the title of her first novel). Indeed, the
relationship between her fiction and
non-fiction is one of the most interesting things about Batuman’s writing.
Her essays display the same combination of acute intelligence and comedy
that suffuses the novels. In a piece about
attending an academic conference on
the work of Isaac Babel, for example,
Batuman receives an urgent message
from one of the organisers saying that
the copy she’s written for the conference
brochure is “lacking in cultural sensitivity towards Cossacks”. It’s a predicament you could imagine Selin — who,
like Batuman, is the child of Turkish
immigrants, brought up in New Jersey —
finding herself in too.
Selin’s relationship with Ivan in The
Idiot was intense, but chaste. And when,
at the beginning of the new novel, Svetlana asks if “anything” happened while
she was in Hungary, Selin replies: “Well,
like, that one thing didn’t happen.” Ivan,
we learn here, has since headed west, to
graduate school at Stanford.
Selin makes sporadic attempts to contact him, including one farcical episode
in which she thinks she’s communicating with him on some rudimentary
piece of chat software but turns out to be
exchanging messages with his ex-girlfriend, who is using one of his email
addresses. Recounting the incident to
Svetlana, she says: “She was like ‘Who
are you’. But I thought it was a metaphysical question.”
Either/Or is, at least in part, a novel of
sexual awakening. Early on, Selin asks
Svetlana whether she feels “squeamish” when she thinks of having sex with
a man. Eventually, she loses her virginity, unsatisfactorily, to a guy known, for
reasons that remain obscure, as
“the Count”. But the book is also what
used to be called a Künstlerroman — a

Men behaving
mysteriously
An atmospheric novel follows two troubled souls as they create
crop circles during the hot summer of 1989. By Carl Wilkinson
The Perfect
Golden Circle

by Benjamin Myers
Bloomsbury £16.99
256 pages

D
Campus queen

James Albon

Elif Batuman continues her quirky, semi-autobiographical story of
student life in this amusing sequel to ‘The Idiot’. By Jonathan Derbyshire

Either/Or

by Elif Batuman
Jonathan Cape
£16.99/Penguin $27
368 pages

portrait of an artist as a young woman.
Selin buys a second-hand copy of
Either/Or by the 19th-century Danish
philosopher Søren Kierkegaard and is
captivated by his distinction between
“aesthetic” and “ethical” forms of life —
that is, between a life lived in pursuit of
possibility and one characterised by
submission to social norms or mores. “It
was the first time I had heard of an
organizing principle or goal you could
have for your life,” she says, “other than
making money and having kids.”
Svetlana, though, warns her friend
that fetishising an “aesthetic” way of life
“can make you irresponsible and
destructive”, which is how Kierkegaard
presents it in the section of his Either/Or
entitled “The Seducer’s Diary”. Later,
Selin finds herself tormented by the
thought that Ivan, like the figure of the
seducer in Kierkegaard, may have written long, romantic emails to other
young women too.
Batuman has said that Selin’s aesthetic commitments here were for her a
way of responding to criticisms some
readers made of the way she was portrayed in The Idiot as largely apolitical.
Exploring them is also a way for Batu-

man to conduct a literary-critical argument by other means — specifically, an
assault on the sorts of techniques taught
on most American creative writing
courses, which she has dismissed in her
own criticism as being unhelpfully fixated on “real or invented sociopolitical
grievance”.
It’s hard not to read some gently selfundermining commentary on Batuman’s own novelistic practice into a passage in which Selin describes the experience of taking a creative-writing class
for the first time. “I realized, with shock,
that I wasn’t good at creative writing,”
she says. By which she means she wasn’t
any good at describing as many objects
as possible using the fewest possible
words. What she was good at, she goes
on, is “grammar and arguing, at remembering things people said, and at making
stressful situations seem funny”.
This, along with animating complex
ideas and showing a maturing mind at
work, is what her creator is good at too,
and it’s what makes Either/Or such a
richly suggestive and amusing book.
Jonathan Derbyshire is the FT’s
executive opinion editor

uring the 1980s and early
1990s, a strange phenomenon gripped the UK’s collective imagination: crop circles. These seemingly mystical, otherworldly patterns were
mainly imprinted into the wheat fields
of Wiltshire, a stone’s throw from neolithic monuments at Stonehenge and
Avebury. They drew New Age types
from around the world, alongside UFO
hunters, journalists, and cerealogists.
In those pre-internet days, the phenomenon held greater potency than it
might today; were these messages from
aliens, the silent scream of a planet in
peril, or the byproduct of secret cold war
weaponry? Theories abounded, until,
that is, Doug Bower and Dave Chorley
stepped forward in 1991 claiming to
have been behind hundreds of crop circles dating back to 1976, which they’d
created using little more than a length of
rope and a plank.
It’s a peculiar moment captured in
The Perfect Golden Circle. Set in 1989,
Benjamin Myers’ new novel begins with
Calvert, a Falklands war veteran whose
scarred face is hidden behind an enormous beard and dark shades, and Redbone, a chaotic dreamer, heading off
together in a beaten up camper van on
the first night of their “third summer of
mischief and glory-seeking”. Over the
course of 10 hot summer nights, from
June through to September, the pair create ever more elaborate crop circles, culminating in the Honeycomb Double
Helix, a design so audacious and complex it will go down in legend — or so
they hope.
The pair are single-minded: “There
are few things either of them truly care
about, but making crop circles is one of
them. Sometimes it feels like it is the
only thing.” For Calvert in particular,
who “feels anxiety stretched tight over
everything like clingfilm”, these missions are therapeutic.
As such, Myers only shows us Calvert
and Redbone’s outings to the fields;
their lives in between these missions are
hinted at, but very much secondary.
Calvert lives with his cat, Doorstep,
in what he claims is “the secondsmallest detached house in Britain”;
Redbone, meanwhile, keeps up a complicated ménage à trois with sisters
Xanthe and Astrid.
At the site of each new creation, the

pair talk under the moon, circling topics
such as war, relationships, the meaning
of life and the concept of beauty,
although largely they slip into a purposeful silence. These meetings are
occasionally punctuated with offbeat
encounters: with lampers out shooting
rabbits; a confused old woman in
search of her long lost dog; a drunk
Earl walking his father’s estate. It’s like
Waiting for Godot, had Vladimir and
Estragon decided to fill the time
shaping crops and eating unpalatable
vegetarian snacks.
Myers, who won the 2018 Walter Scott
Prize for his novel The Gallows Pole,
excels at conjuring rural England. Crop
circles appear in Gypsum Great Bassett,
Short Longbarrow, Black Milk Hill and
Bracklebury — names that instantly feel
familiar to anyone who knows the English countryside — but that are a fiction
not recognised by Google Maps.
He is good, too, at drawing out historical threads that resonate with our current situation. Calvert, the wounded
SAS soldier, offers a sly commentary
that could be about post-Brexit Britain
in 2022 as much as Margaret Thatcher’s
Britain of 1989: “I’ve spent enough
time on other islands to recognise
that we have an islanders’ mentality
here,” he says.
Yet, for all its acute sense of time and

The pair talk under the
moon, circling topics such
as war, relationships, the
meaning of life and the
concept of beauty
place, Myers’ novel feels slight and
underworked.
The silence of the characters results in
a narrator awkwardly straining to fill
the gaps with overblown imagery:
“Dawn breaks like a dropped bottle of
something sweet and sticky, but for an
hour or so the outlying hills remain
charcoal smears as rough as the grain of
a sugar paper sky”, for example. Or “The
road was a ribbon from a spool being
pushed about by a playful kitten . . . ”
Two lines that had me scribbling furiously in the margins.
Enigmatic silences and just-hinted-at
traumas only go so far in characterisation too. While Redbone and Calvert feel
like they could be authentic figures,
they are only lightly sketched and their
motivation — to “strive for beauty” — is
little more than a bumper sticker.
Calvert says at one point: “If I’ve learned
anything it’s that beauty is more
important than conflict. Beauty above
all else.”
The Perfect Golden Circle is a novel that
strives for beauty, but its ambition is not
matched by its execution.

Teleportation and triffids revisited Planetary perils

I

f William Gibson were to
write a serial-killer thriller, it
might read something like
Scorpion (Penguin £8.99).
Christian Cantrell’s fourth
novel has the same fetishisation
of technology as you find in the
godfather of cyberpunk’s early
work, and the same air of authoritative, cerebral detachment too.
Published in the US last year
and now appearing in a UK edition, Scorpion is set in the near
future and tells of CIA analyst
Quinn Mitchell’s hunt for the culprit behind a series of murders in
which victims, seemingly chosen
at random, are left with four numbers imprinted on their corpses.
Although the killer’s identity is
revealed fairly soon, the emphasis
is more on motive than manhunt.
The resolution to it all is mindbendingly cunning, with Cantrell
confounding the reader’s expectations at every turn.
If Scorpion shows humankind
embracing scientific advances for
good or ill, JO Morgan’s Appliance
(Jonathan Cape £16.99) sounds a
note of caution. It explores the
impact of a single piece of technology — instantaneous transportation of matter across any distance — as it evolves and gradually alters the world.
In a series of vignettes, Morgan
offers us peeks into lives touched
by this innovation: a human test
subject, an elderly woman troubled by newfangled things, an
inquisitive boy whose tampering
brings unforeseen consequences.

WEEKLY
ROUND-UP
SCIENCE FICTION

By James Lovegrove
The tone throughout is measured, bleak and oblique. The
future does not come with a warranty or an opt-out clause.
From Earthbound uncertainty
to exuberant space opera.
Braking Day (Jo Fletcher Books
£20) by Adam Oyebanji is set
aboard Interstellar Vehicle
Archimedes, one of a trio of vast
ships voyaging towards a farflung habitable planet with a
complement of 30,000 souls.
Now, well over a century since
departure, the vessel begins
decelerating for its final
approach. So it’s not a great time
for protagonist midshipman Ravi
MacLeod to be having hallucinations — starting with a glimpse of
a blonde-haired girl floating in
the vacuum of space, alive but
without life-support. The young
engineer fears he could be losing
his mind — and with it, the opportunity to set foot on a new world.

The generation-starship subgenre typically depicts society
breaking down over the course of
an interminably long space flight
and lapsing into barbarism — as in
Robert Heinlein’s Orphans of the
Sky, first serialised during the
early 1940s, and Brian Aldiss’s
Non-Stop (1958). Although there
is on-board anarchy in Oyebanji’s
novel, this well-realised debut
adopts a refreshingly pragmatic,
hopeful stance, showing people
overcoming divisions.
Finally, a batch of reissues. The
MIT Press’s Radium Age series represents neglected classics of
early 20th-century sci-fi in spiffily designed paperback editions.
So far the list runs to four titles,
kicking off with Voices from the
Radium Age ($19.95), an anthology of short stories by notables —
Arthur Conan Doyle, EM Forster,
Jack London — alongside some
less well-known names. Editor
Joshua Glenn, in his introduction,
sets out the imprint’s ethos: to
demonstrate how “prescient and
proactive” the science fiction of
the period could be.
The three Radium Age novels
published to date (each likewise
retailing at $19.95) include JD
Beresford’s remarkably progressive A World of Women (1913), in
which a plague kills off most men,
leaving women to rebuild civilisation; EV Odle’s comedic The Clockwork Man (1923), about cyborgs
and changing gender roles; and
HG Wells’s trenchant 1914 novel
of atomic war and utopia, The

World Set Free. All merit investigation — although the Wells novel
touches on his unpalatable views
on eugenics.
Meanwhile, the Folio Society
has done its usual slap-up job
with a handful of postwar sci-fi/
fantasy gems, putting them out in
handsome slip-cased hardcovers
laced with illustrations. Shirley
Jackson’s gothic masterpiece The
Haunting of Hill House (£44.95),
first published in 1959, is widely
acknowledged as one of the alltime great ghost stories. Here,
Angie Hoffmeister’s limpid, bluetinged watercolours convey beautifully the barrenness and spectral dread of the titular building.
No less noteworthy, if somewhat wryer, is Cat’s Cradle (also
£44.95), Kurt Vonnegut’s loopy
1963 satire about the abuse of religion and technology. Joonho Ko’s
stark modernist images complement Vonnegut’s laconic prose.
Best of the lot, however, is The
Wyndham Collection (£125),
made up of three of John Wyndham’s droll, darkly apocalyptic
novels: The Day of the Triffids
(1951), The Chrysalids (1955) and
The Midwich Cuckoos (1957).
Patrick Leger’s art, all inky brushwork and muted hues, seems to
have been lifted straight from the
pages of contemporary magazines and children’s books, and is
as fiendishly charming as Wyndham’s cautionary tales themselves, which enshrined the fears
and idiosyncrasies of a war-weary
bombed-out Britain.

Bryan Karetnyk on a
timely translation of
Yukio Mishima’s 1962
tale of alien intervention

T

his is an age where war
will arise from the
small poem of a single
individual” — so
observes Masumi
Haguro, an unassuming assistant
professor in Yukio Mishima’s
dreamlike novel Beautiful Star.
The time in question is 1961,
and the Earth teeters on the brink
of nuclear cataclysm. The USSR
has just tested a 50-megaton
hydrogen bomb, the cold war is
straining international diplomacy
to breaking point and postwar
Japan, remade in the faceless
image of western capitalism, is on
the cusp of an economic boom.
Haguro, however, is no ordinary lecturer at a provincial university. He believes himself to be
an extraterrestrial, sent to Earth
on a mission from a distant solar
system to hasten the depraved
Earthlings’ demise — “to exterminate humanity”.
Meanwhile, in Hanno, four
members of the Osugi family have
recently come to the knowledge
that each of them, too, hails from
a different planet in our own solar
system, making it their mission to
guide the Earthlings towards disarmament and a new evolutionary step, lest they commit “a

Beautiful
Star

by Yukio
Mishima
translated by
Stephen Dodd
Penguin Modern
Classics £12.99
240 pages

heinous crime that will break the
harmony of the universe”.
Heartfelt letters are dashed off
to Khrushchev and Kennedy,
books and leaflets promoting pacifism are printed, while neighbours spread rumours that the
family is involved in a drug cartel

The pacing is austere
and measured, while
the prose is awash
with dark humour
or perhaps even members of a
clandestine communist cell.
Originally published as the
1962 Cuba missile crisis edged the
world closer to all-out nuclear
conflict, Mishima’s Beautiful
Star is a fusion of sci-fi and social
satire that puts up for question
whether humanity, in its brutal
atomic age, is deserving of
redemption. With great pathos
and humour, the characters
embark on various enterprises of
salvation and destruction, con-

templating the unreachable
heights of the stars.
As they attain these dizzying
new perspectives, however, they
are brought face to face with their
own loneliness down on Earth.
Having lived lives hitherto devoid
of understanding and purpose,
they must each confront a profound emptiness inside themselves, one so often filled with lies,
dreams and fantasies.
Typically for Mishima, a threetime nominee for the Nobel Prize,
the pacing of the novel is austere
and measured, while the prose
itself is awash with dark humour
and scenes of intense beauty. Yet
this UFO-laden interstellar tragicomedy also gives aficionados a
new angle on the classic author.
As philosophies of universal
peace and earthly destruction
collide with aliens and 1960s pop
culture, Mishima blends the sublime with the ridiculous in provocative and surprising ways.
Beautiful Star ranked, by
Mishima’s own reckoning, among
his most enduring works. Certainly, Haguro’s words have held
their value. It is not without a certain cosmic irony that Stephen
Dodd’s fresh and limpid translation — the novel’s first into English and the latest in a new spate
of Mishima translations — comes
just as another man in his grandiose posturing has placed one of
the planet’s biggest nuclear arsenals on special alert, just as “evil
has become a solitary poem” in
the world once again.

★

7 May/8 May 2022

13

FTWeekend

dery piece commissioned by Oxford
university’s Ruskin School of Art and
the British Library. Most of the stitching
was done by prisoners, but Parker
invited 200 people, including MPs,
peers and lawyers, to contribute to the
work. She visited Julian Assange at the
Ecuadorean embassy to enlist his
involvement, had a friend track down
Edward Snowden in Russia and persuaded lawyer Clive Stafford Smith to
stitch his contribution while visiting a
client in Guantánamo Bay.
Today as an RA, with an OBE and at
least four honorary doctorates, Parker
is in demand in academic circles. An
honorary professor at Manchester University and a visiting fellow at Lady
Margaret Hall, Oxford, from 2016-19,
she was appointed an honorary fellow at
Trinity Hall, Cambridge, in 2020. In
recent years, projects at the Royal Acad-

‘War Room’ (2015) at Whitworth Gallery in Manchester — David Levene/eyevine

The power
and beauty
of found
objects

Cornelia Parker | Questions of British identity are
woven into the sculptor and installation artist’s
playful works. She discusses her approach with
Jane Ure-Smith ahead of a new Tate exhibition

F

rom ancient clods removed
from beneath the Leaning
Tower of Pisa to feathers shed
by pillows on Sigmund Freud’s
couch, found objects come in
all shapes and sizes in Cornelia Parker’s
work — and few go to waste. In 2017 the
artist made a film in the House of Commons and came away with a pallet-load
of worn floor tiles created by the building’s 19th-century architect, Augustus
Pugin. Those tiles are about to resurface
in “Island”, an installation she is making
for an exhibition opening at Tate Britain
later this month.
“I’m still in the middle of making the
work,” she confesses, when we speak via
Zoom. “Having a gun to your head
always helps the decision-making process.” The tiles, which have borne a century and a half of politicians’ footfalls,
will form the “carpet-like” floor of a
greenhouse painted over with chalk
from the white cliffs of Dover. A gently
pulsing light inside will throw shadows
on the wall. “I think this might be a
Brexit piece,” she muses.
The political developments of the past
few years have clearly shaken Parker. In
New York, in October 2016, for a commission on the roof of the Met, she
began to film the crowds gathering outside Trump Tower. Within a few days its
owner had been elected president and
Parker felt a disorienting sense of the
world order changing. “You feel so powerless,” she says.
Back home in Britain it prompted her
to engage. When invited to be an official
election artist in the run-up to the snap
poll of June 2017, she agreed. “I thought:
immerse myself in the horror? Why
not?” The first woman to be commissioned, she was off around the country
filming and photographing election rallies, simultaneously appalled and
amused by the “brutish guys in suits” at
Ukip gigs and thrilled when cartoonist
Steve Bell could point out rightwing
journalists in the flesh.
Her main output was “Left, Right and
Centre”, a short, dramatic film made in
an empty House of Commons using a
drone. Initially unseen, the drone passes
through the house, illuminating stacks
of newspapers, arranged according to
their political slant. Next day, the drone
returns, dive-bombing the newspapers
and creating mayhem, before flying into
darkness. “I felt the drone gave a view,
looking down on parliament, that you
never get,” she says.
Parker, 65, is best-known for “Cold
Dark Matter: An Exploded View”
(1991), a detonated garden shed, frozen
in mid-blast. Made when the artist was
less than a decade out of college, the
installation was acquired four years
later by Tate, which would also purchase her “Thirty Pieces of Silver”
(1988) in 1998. Older than Damien Hirst

Clockwise
from main:
Cornelia Parker,
photographed
for the FT by
Gabby Laurent;
‘Verso’ (2016);
‘Cold Dark
Matter: An
Exploded View’
(1991); ‘The
Distance (A Kiss
with String
Attached)’
(2003) — Courtesy
Cornelia Parker and Frith
Street Gallery, London; Tate

and Tracey Emin, but younger than
Anish Kapoor and Antony Gormley,
Parker has ploughed her own furrow,
spying the aesthetic and political potential in (often barely there) found objects
to create installations and sculpture,
films, drawings and photography. In the
case of “War Room” (2015), made from
fabric from which first world war commemorative poppies have been cut, the
object is alluded to by its absence. Sometimes she “spirals back”, as she puts it, to
find new interest in an old idea, which
has resulted in variations on “Cold Dark
Matter” installed in the Phoenix and de
Young museums in the US.
“The Maybe”, a 1995 monument to
sleep, for which the actress Tilda Swinton slept through the show in a glass vitrine, included a display of “relics”, from
Queen Victoria’s stocking to a pillow
from Freud’s couch and the last provisions of doomed Antarctic explorer
Robert Scott. The latter was a bag of
curry powder which she recalls opening
rather too fast (“Oh my God, I’ve just
inhaled Scott’s last provisions!”). Many
of these objects fed into an array of surprising small works: “I put one of the
feathers from Freud’s pillow on a glass
slide and projected it along the wall so it

‘I don’t think there are any
set meanings to my works.
[It depends on] whoever is
looking at the work’
looks like it has been shot from a bow
and arrow,” she explains.
For her exhibition, Tate will re-loan
Parker “The Kiss” by Rodin — the ultimate “found object”, surely — which in
2003 she wrapped in a mile of string, an
allusion to the tricky complexity of
romantic entanglements. She reminds
me of the hoo-ha the work caused at
first, with some people feeling she was
disrespectful to Rodin, and the Stuckists, always roiled by conceptual art,
taking a pair of scissors to it.
Disciplined as Parker’s work is, it is
also playful, questioning, open-ended.
“I don’t think there are any set meanings to my works. They are reservoirs of
stuff that can be triggered by whoever is

A still from Parker’s ‘Left, Right and Centre’ (2017) — Courtesy the artist and Frith Street Gallery

looking at the work. That’s what it
should be, a catalyst really, in the way
music is. You listen and you don’t worry
about what the intention of the composer was. You allow the music to transport you. For me that is how art is.
“Artists represent freedom of thought
and expression,” she continues. “An artist may not know where their art comes
from, but it’s there, it’s born, it’s in the
world and it’s doing a certain thing.
Without it, I feel the brains of mankind
would be very different. They would
have very different neural pathways.”
“Cold Dark Matter” is a beautiful
snapshot of violence, its chaotic potential checked by a precise grid. In our
war-torn world, the piece feels right at
home: has its meaning changed for
Parker over the years? “Thirty years
ago, it was more to do with fear of IRA
explosions,” she says. “It was always
about freezing the moment and looking
at it very carefully. Now it’s like a universal bomb.”
Parker made the work with Jonathan
Watkins, then director of east London’s
Chisenhale gallery, and the British
Army carried out the explosion. Was it
difficult to persuade them to do it? “The
army was very gung-ho,” she says. “We
went to see them and they blew up all
kinds of things just to show us what they
could do!”
The child of a tyrannical father, who
made his daughters work hard on their
small farm in rural Cheshire, Parker had
to sneak off in secret if she wanted to
play. Her mother suffered from schizophrenia and was frequently in hospital.
“You never felt secure: there was no
rhyme or reason to my father’s tempers,” Parker says. She visited a
museum for the first time at the age of
15, and it proved a step towards libera-

tion. She spent a year at Gloucester College of Art & Design before studying at
Wolverhampton Polytechnic, then completing an MFA at Reading University
(1980-82), before moving to London.
The unhappiness of her childhood has
led her to cherish the experience of
motherhood and bringing up her
daughter Lily, now 20. “Through her
childhood, it was almost as if I was having my own childhood, “she says. “We
had a childhood together.”
Parker’s invitation to be an election
artist was prompted in part by connections she forged while making “Magna
Carta”, an ambitious 13-metre embroi-

emy, the Whitechapel and the Foundling Museum, once a hospital for abandoned children, have enabled Parker to
try her hand as a curator.
In 2016, at the Foundling Museum,
she asked 60 fellow artists to produce
objects evoking the fact that mothers
were encouraged to leave tokens by
which they could recognise their babies
if they were able to reclaim them. The
show chimed with the issues of the day,
much in the way Parker’s own politically attuned art does. Gavin Turk produced a cast of a homeless man’s sleeping bag, which Parker placed in an
ornate room beneath a portrait of a benefactress, while Gormley’s sculpture of a
baby prompted memories of the
migrant crisis and little boy whose body
had washed up on a Turkish beach.
Alongside “Island”, the other new
work in the Tate show will be “Flag”. In
a factory in Swansea, Parker recorded
the complex process of making a Union
Jack. Then, in a six-minute film she
reverses the process, “unmaking” the
flag and restoring the fabric to the bales
of cloth each piece had come from. “Like
‘Island’, it’s about this thing that is
unstable and possibly coming apart,”
she says. “I’m hoping ‘Flag’ will be a
bit of sympathetic magic to stop that
happening.”
May 19-October 16, tate.org.uk

14

★

FTWeekend

7 May/8 May 2022

Arts

The shapes of
things to come
Alexander Archipenko | Jackie Wullschläger
applauds an engaging show that displays the
Ukrainian-born abstract artist alongside
contemporaries such as Modigliani

N

othing grows under big
trees,” Constantin Brancusi
said when he fled his job as
Rodin’s assistant in 1907.
Was it freedom from being
French — from Rodin’s suffocating
influence — that liberated eastern European artists to take the lead in Modernist sculpture?
Converging on Paris in the early 1900s
were Brancusi from Romania, Chaim
(renamed Jacques) Lipchitz from
Lithuania, Ossip Zadkine from Belarus
and Alexander Archipenko from
Ukraine. All pioneered abstraction with
audacity and elegance: clean, sweeping
lines, playful forms and reduction to
geometric structure. Rejecting Rodin’s
tragic sensibility, they made optimistic
sculptures for a brave new world.
Archipenko, the least known and
most maverick, is the subject of a lovely,
lively, unexpected show at London’s
Estorick Collection of Modern Italian
Art. Tearing sculpture down from the
plinth to hang it on the wall, jumbling
materials, setting illusion against artifice, adding shrill colour to monochrome Cubist experiment, Archipenko
was bizarre even within the Parisian
avant garde. He resisted definition, yet
had an impact on the history of sculpture for half a century.
The immediate impression at the
Estorick is of everything flickering into
action, and in kaleidoscope brightness.
Panels in painted papier-mâché and
wood contradict their own flatness by
leaping out into real space in the marvellous, multicoloured “Standing
Woman and Still-life”: a rare example of
Archipenko’s early mixed-media
“sculpto-paintings”.
Feathery red chalk triangles in “Figure in Movement” and pasted paper
shapes in the collage known as “Movement” (title unknown) pirouette in
graphic dancing compositions. “Architectural Figure” spirals upwards, a yellow-and-pink striped wooden tower
surmounting a tall arch.
The human form, Archipenko’s starting point, is simplified beyond recognition, yet the sense of time and place is
often pronounced. This can be seen in

Clockwise from
main central image:
‘Seated Figure’
(1913 and 1954);
untitled work often
known as ‘Dancing’
(c1914); ‘Walking
Man’, also from
c1914; ‘Figure’
(1917-21 and 1950s)
Estate of Alexander Archipenko/
DACS

two works from 1917. The cloaked
bronze “Walking Soldier” is a flowing
oval dash, a vision of wartime transience yet resilience. “Seated Figure” is an
undulating pattern of wooden curves
and hollows in blues and turquoise,

fluid as water — Archipenko
made it facing the sea in Nice.
Bursting out from a corner structure,
conical, tapering and circular polychrome shapes reassemble themselves
into the sculpto-painting “Figure”. Also
from 1917, it is a secular version of the
Orthodox icon in traditional homes.
Archipenko’s grandfather was an icon
painter. His father was an engineer in
burgeoning industrial Kyiv when Archipenko was born there in 1887.
Meanwhile, Archipenko’s early kinetic
“Medrano” circus figures, innovatively
nailed together from metal and wood
and featuring moving parts, are whimsically Constructivist. Too fragile to travel,
they are represented by a watercolour:
mannequin heads, tubular limbs, oddly
jointed mechanised bodies.
Reaching Paris in 1908, Archipenko
was confidently adapting Cubist experiment to sculpture by 1911. The show’s

earliest piece, “Madonna of the Rocks”,
is a monumental figure built from interlocking sharp ridges and bulbous contours, with huge twisting legs. The
infant Christ is a streamlined rectangular form slung across the torso; the figures are perched on a block — a cube, or
a boulder. It is stylised yet archaic, carrying memories of the anthropomorphic Scythian stone statues found
across the steppe, part of the visual
vocabulary brought to Paris by eastern European sculptors.
Archipenko dovetailed “two combined sources of prestige”, wrote the
poet and art critic Roger Allard at
the time, “a modern culture and a
barbarous taste”.
The “Madonna” in London is a
bronze, but Archipenko painted the
original plaster red, showed it to the
futurist Umberto Boccioni in 1912,
then sold it to “tubist” painter
Fernand Léger. Boccioni answered
in 1913, with his striding aerodynamic machine-man “Unique
Forms of Continuity in Space”.
Archipenko came back in 1914
with “Boxers”, his most famous
piece. Two strongly abstracted
fighters create a dynamic arc
around a void, animating the
surrounding space — energetic,
rhythmic, brutal, formal. Light
and shadow shift across the polished surface, changing with the
viewer’s own movements.
What Archipenko called “the materiality of the non-existent” — that the void
is as important as solid matter — had
fascinated him since childhood, when
he watched his parents place two candlesticks on a shelf, and saw a third
shape appear: the gap between them.
After the breakthrough of “Boxers”,
how to integrate emptiness into sculpture became an interest that he
explored in the next decade.
“Seated Woman”, inscribed “Concave
L’espace”, and “Woman Standing”
(1916-20), are bronze figural outlines,
arabesques of convex and concave
shapes encircling open space — totemic,
frontal and emphatic, yet evoking
the intangible.
These compressed geometric silhouettes herald the work of Alberto
Giacometti who, on encountering

Archipenko at the Venice Biennale in
1920, relocated to Paris. In 1925, after
Archipenko had moved to New York,
Giacometti rented his former studio.
Giacometti is not in this show, but the
Estorick, the UK home of Italian art, does
explore Archipenko’s relationship with
Italian futurist and metaphysical painters, many who were his friends in Paris.
These conversations between painting,
drawing and sculpture are a joy.
Carlo Carrà’s “Boxer”, a battle of darting lines, curvilinear planes and blank
paper, dates from the same year as
Archipenko’s pugilists. Boccioni’s
fiercely thrusting “Empty and Full
Abstracts of a Head” (1912) is echoed in
Archipenko’s weathered bronze “Head”
(1913), a series of overlapping angular
planes, pushing forward, an unstoppable force. Mario Sironi’s mournful delicate wartime puppet “Metaphysical Figure” is in dialogue with Archipenko’s
“Medrano” marionettes.
A willowy linear nude by Modigliani is
juxtaposed with Archipenko’s embracing couple, bodies formed from a
sequence of smooth, curved sections
that dramatises different simplifying
approaches. Modigliani, Archipenko’s
neighbour in the rundown Montparnasse artists’ colony La Ruche, was also
a sculptor. Both were dirt-poor; Archipenko, singing in a “deep and warm”
baritone, accompanied by Léger on the
violin, sometimes survived by busking.
The Italian connection, vital to Archipenko, netted his first collector: futurist

In this exhibition, these
conversations between
painting, drawing and
sculpture are a joy
supporter Alberto Magnelli acquired
“Boxers”. French audiences were hostile; in 1914 Cubism’s apologist Guillaume Apollinaire was fired as art
critic of L’Intransigeant for praising
Archipenko. After the war Archipenko
began to sell in Berlin — his home from
1921-23 — and eastern Europe; Belgrade
has the luminous, rippling sculptopainting “Two Women”.
The fragility of such early pieces
makes a comprehensive Archipenko
exhibitions difficult. His works have
also been buffeted by history, scattered
and destroyed: the leading German collection went to Tel Aviv in 1933, communist officials confiscated “ideologically harmful” works in Lviv in 1952. As
an émigré in America, distant from his
past, Archipenko recast earlier European pieces, but his style was by then
more conservative, smoother, as in the
aluminium “Torso in Space” (1935),
sleek as a deco spaceship.
This show, though delightful, is small,
and reliant on later editions. It whets the
appetite for a larger survey, and in beautifully orchestrating east-west crosscurrents it celebrates how innovation
thrives on open borders and free cultural exchange. That Archipenko preserved something of Kyiv in Paris’s
modernist melting-pot feels especially
precious now.
To September 4, estorickcollection.com

London Gallery Weekend returns to galvanise a city

Collecting Alongside Eye of the Collector and Photo London, the fair looks set to create a busy few days in May for art lovers, writes Melanie Gerlis

T

he first London Gallery
Weekend last year proved a
big success, despite torrential downpours on its opening day, and in the absence
of art fairs and other galvanising mass
events offered a new approach to selling
art. This year it’s back, from May 13-15,
with 150 contemporary art dealers rolling out the red carpet to art enthusiasts
and mega-collectors alike. The long
weekend encompasses London, focusing on its centre on Friday May 13, south
London on Saturday and the East End
on Sunday, though galleries in all zones
will be open throughout.

“The idea of thinking more locally
was relevant before the pandemic, but it
was easier to get everyone on the same
page when they weren’t all in airport
lounges,” says Jeremy Epstein, cofounder of Edel Assanti gallery and
LGW’s director and co-founder. “In the
first edition, we were focused on a very
local audience. This year we can do a lot
more and really open up to the rest of
the UK and internationally.”
The biggest change is the arrival of
more public-facing events, including
performances, artist talks and activities
for children — HackelBury Fine Art
promises a treasure hunt. Mandy

El-Sayegh’s “The Minimum” becomes
the event’s first performance-based
public art commission, taking place in
each of the three London zones, in collaboration with UP Projects.
LGW has joined forces with the Art
Fund to bring curators from 18 institutions outside of London — based in cities
from Aberdeen to Penzance — to the
weekend. “It’s not just a case of putting
them in a hotel room and getting a train
ticket, we want to be an artist concierge
service, to facilitate meetings and so
forth,” Epstein says. The aim is to
strengthen relationships between the
country’s regional museums — several
of which have struggled since the pandemic — and the London gallery community, generally better attuned to
extending its relationships overseas.
Epstein’s gallery has a show that
encompasses music and visual art by
the American artist Lonnie Holley,
including a live performance in the West
End on May 14 (in collaboration with
Artangel). Other planned exhibitions
show how varied contemporary art can
be. There are Japanese tea bowls by
grandmaster Raku Kichizaemon XV
alongside drawings by the Ukrainian
avant-garde artist Kazimir Malevich at
LGW newcomer Annely Juda Fine Art.
White Cube in Mason’s Yard has 20
years of work by Canadian photographer Jeff Wall while Cooke Latham Gallery in Battersea shows science-fictioninspired sculptures by London-based
Rafał Zajko which address the treatment of the LGBT+ community in
Poland. At Sid Motion Gallery is a photography-based project by Brian Griffiths and Frank Kent, with a critic-led
walk-through of their show on May 14.
Several artists receive their first solo
UK shows through LGW. South African

photographer and stylist Trevor Stuurman is at Doyle Wham on Rivington
Street; the late feminist artist Nicola L,
whose revival includes a major exhibition at Camden Art Centre in 2024, is at
Alison Jacques; and the buzzy Chicagoborn painter Robert Nava shows at Pace

Gallery. Sadie Coles, whose WhatsApp
group got the ball rolling lockdowns, has
offered her Davies Street space to four
galleries from India, which share an
exhibition. Some members of Cromwell
Place, a gallery hub through the year,
are participating; highlights include
pandemic-inspired photographic works
by Joanne Dugan (Black Box Projects).
Even the art fairs have cosied up to the
apparent competition. Frieze has partnered with this year’s LGW, sharing the
costs of an opening party and hosting
other co-promoted events. Two galleries temporarily in Frieze’s 9 Cork Street
building, Gallery Baton and Galerie
Poggi, also participate. This year there
are some actual art fairs in town too — a
quirk of the calendar as LGW’s preferred early June slot clashes with the
Queen’s Platinum Jubilee bank
holiday. The elegant Eye of the Collector
fair has its second outing in London
(May 12-14, Two Temple Place), with a
distinct emphasis on female artists,
design and more contemporary art
than last year. “May is a great time in
Above: ‘Pillars
of Life: Guleet
VI’ (2021) by
Tadesse Mesfin
at Addis Fine
Art
Left: ‘Looking
up the core 2,
Ponte City
(3222)’ (2010)
by Mikhael
Subotzky and
Patrick
Waterhouse at
Goodman
Gallery

this city,” says founder Nazy Vassegh.
Addis Fine Art brings recent work to
Eye of the Collector by the Ethiopian
modernist Tadesse Mesfin, accompanied by pieces from two of his pupils,
Tizta Berhanu and Nigatu Tsehay. The
latter also has a solo show at the gallery’s
space on Eastcastle Street. “The pandemic taught us that we need to be more
local,” says co-founder Rakeb Sile.
“Having already opened a new permanent space in London during Frieze, we
can now participate in another moment
when the city gets activated.”
Around the corner, Photo London
resumes its May slot with 75 core galleries in Somerset House (May 12-15).
Highlights include a survey of the fashion photographer Frank Horvat,
encompassing his lesser-known images
of Parisian cabarets, and a solo booth of
work by the South African Mikhael Subotzky at Goodman Gallery. This features an imposing, nearly four-metrehigh lightbox from his Ponte City series,
made in collaboration with Patrick
Waterhouse, which charts the fate of an
apartheid-era apartment block
(2008-20). The photo fair serves as a
platform for a bigger show — Subotzky
has new work at Goodman Gallery in
London later this season. The gallery
also participates in LGW with the Egyptborn artist Ghada Amer.
Jo Stella-Sawicka, senior director of
Goodman Gallery and an LGW cofounder, says: “The combination of
these three events in just one weekend
provides an unparalleled time to see
and visit London. This city is open for
business.”
londongalleryweekend.art
eyeofthecollector.com
photolondon.org

7 May/8 May 2022

★

15

FTWeekend

Arts

‘We’re in a culture dedicated to whiteness’
Claudia Rankine | The awardwinning writer’s 2019 play
‘The White Card’, new to the
UK, tackles art, America and
race. She talks to Dzifa Benson

W

hat can I do for you?
How can I help you?”
These seemingly benign
questions, from a white
man who attended one
of her readings for her 2014 book-long
poem Citizen: An American Lyric, galvanised Claudia Rankine into creating her
second play. Written in 2019, The White
Card has just had its European premiere
at Northern Stage in Newcastle upon
Tyne ahead of a UK tour.
But it was his follow-up that jolted
Rankine. “I wondered how to move his
question away from me to the more relevant dynamics regarding American history and white guilt,” says Rankine,
trademark neck-scarf in place, over a
Zoom call from her home in New York.
“I told him, you might wonder what
white people can do for themselves to
prevent the kind of violence they bring
to people of colour on a daily basis, from
microaggressions through to death.
“He said, ‘If you’re going to answer
questions like that, nobody’s going to
ask you anything.’ Those were his exact
words! I was shocked because this was
somebody who’d clearly come to my
reading to tell me how great he thought
the book was.”
The White Card delves further into the
same territory of urgent inquiry — how
whiteness must be made visible before
its power can be dismantled — that
Rankine first broached in Citizen and
deepened with her interrogation of the
language, culture and history that have
forged America’s attitude to race in its

follow-up, Just Us: An American Conversation (2020), a collage of poetry, essays,
documents, theses and images.
Theatre’s immediacy and unique ability to translate ideas on to the bodies of
real people, however, offered Rankine a
more visceral way to demonstrate how
anti-black racism is built into the fabric
of culture in America. “Somehow
[white] people were reading Citizen
and not understanding that it’s about
them. That’s when I thought they
need to see it. Theatre closes the gap of
disavowal.”
In The White Card, Charlotte, a black
female artist, says, “I do want people to
experience what black people are feeling, or at the very least to recognise what
it means to live precariously.” In the

Claudia Rankine,
photographed
for the FT by
Sean Pressley

play, she is invited to dinner by a
wealthy white Manhattan couple,
Charles and Virginia, who hope to
become her patrons. Their conversation
about art and race becomes heated
when the couple’s politically aware son
arrives, devolving into racial faultlines
that traverse white privilege, cultural
appropriation and representation.
Rankine, 58, prefers the term “internalised white dominance” over “white
privilege”. “Privilege is a word that people like to associate with class differences,” she says. “Whereas ‘white dominance’ makes it clear that we are inside
a culture that’s dedicated to whiteness
and its dominance over other people
because white people have been
socialised to believe that they are

superior, better-looking, smarter.”
No one gets off lightly in The White
Card — including the middle-class Charlotte, who can be read as a stand-in for
Rankine herself. Charlotte has a
moment of epiphany when she realises
that her own art, incorporating videos of
black people being shot, might be complicit in perpetuating anti-black racism.
I wondered if Rankine, who previously worked on a number of
video pieces incorporating black people
being shot, had had a moment of such
realisation.
“As a black artist myself, I have to
understand my own implication, my
own culpability, my own passive ways of
allowing what is to remain so. It made
me think that white people might
be titillated by watching black people
get killed. They can be sympathetic,
even empathetic, but they still don’t
believe they are implicated. So I really
wanted to look at that and move the
gaze away from black bodies to white
violence.”
Rankine, Jamaican-born and now a
professor of poetry at Yale University,
has garnered a string of awards and
honours for her work. In 2016, she
co-founded the Racial Imaginary
Institute, an interdisciplinary laboratory for examining ideas of race,
to which she donated the $625,000 stipend she was awarded as part of her
MacArthur Fellowship.
It’s the way her work straddles the
boundaries between poetry and prose,
intimacy and alienation, private and
public, scholarly and lyrical in formal
invention that makes her such an incisive thinker about the intricate dynamics of race. What can be seen and not
seen against a pervading background of
whiteness — it’s no coincidence that
Charles and Virginia’s Manhattan apartment in the play is entirely white — is
the focus in all her work.
She did it affectingly in Citizen by simply using the second-person point of
view throughout, which kept the reader
both invested and complicit. Imagery in
Just Us, such as a photograph of a black
woman obscured by a white page, had
an equally striking effect.

That vigilance in recognising and confronting white dominance, I’m sure,
must have cost Rankine something in her
personal or professional life.
But she prefers to think of what the
work has given her. “Everything comes
with a cost but now I have a community
that has supported my work over the
decades and gives me as much as those
people who disavow the work take away
from it.
“I think we are in a fantastic moment
of activism and insight where it would
be very difficult for people to say they
don’t know what white privilege is. It’s a
renaissance of the idea of seeing these
things through a black gaze.”
The White Card takes on added resonance just as plays by black creators,
such as Jeremy O Harris’s “Daddy”: A
Melodrama and Suzan-Lori Parks’s White
Noise, are leaning into the discomfort of
difficult questions around racism and
representation. But Rankine’s outlook is
upbeat. “The goal is not to get rid of the
discomfort, but to increase the possibility for intimacy inside new narrative

‘The goal is not to get rid of
discomfort, but to increase
the possibility for intimacy
inside new frameworks’
frameworks. It doesn’t mean we give up
the joy and laughter.”
Rankine’s focus next shifts from white
male patriarchy to black womanhood in
a piece for the stage based on a real conversation between novelist James
Baldwin and poet Audre Lorde. “I’m
interested in how we are portrayed
as black women because we are
negotiating very different things
from black men. Baldwin, genius
though he may be, was not a black
woman. Lorde has given black women
language to think and talk about our
own subjectivity and our own possibility. That’s where I find my interests and
imagination moving.”
To May 14, northernstage.co.uk

16

★

FTWeekend

7 May/8 May 2022

Arts

Is old age the last taboo of cinema?
staging and editing to take us inside the
perception of a man (brilliantly played
by Anthony Hopkins) whose mental
world is progressively folding in on
itself. And another French director, Mia
Hansen-Løve, will premiere a film in
Cannes later this month, One Fine Morning, with a similar theme to Ozon’s.
American cinema is more likely to see
old age as an opportunity for spectacularly redemptive final acts (David
Lynch’s The Straight Story, Clint Eastwood’s The Mule). For a Hollywood
movie that fearlessly confronts the
theme head on, you may have to go back
as far as 1937 and Make Way For Tomorrow — “a heart-rending film,” says Lebrun — about a couple left adrift by a society fixated on youth and progress. Leo
McCarey’s film is probably the closest
Hollywood comes to insightful classics
like Yasujirō Ozu’s Tokyo Story (1953), or
films that depict old age and solitude,
like Vittorio De Sica’s 1952 film Umberto
D (a favourite of Ozon’s) or Ingmar
Bergman’s Wild Strawberries (1957).

Interview | As two challenging films are
released, actress Françoise Lebrun and
director François Ozon talk to Jonathan
Romney about the big screen’s final act

I

f you see blurbs such as “devastating” and “pitilessly honest” on a
film poster, you might understandably feel nervous — even if they are
followed by “masterpiece” or
“unmissable”. So you have to applaud
the directors of two new films for daring
to make what they surely knew would
be very tough sells.
Both films are from France, where
auteurs aren’t afraid of a challenge, and
both address arguably the most challenging cinematic topic of all: old age
and illness. Vortex, by Argentine-born
Gaspar Noé, portrays a couple (played
by Françoise Lebrun and Italian horror
director Dario Argento) whose life
together is transformed when she develops dementia. Noé is notorious for his
sensationalistic provocations in films
such as Irreversible and Enter the Void,
but Vortex addresses a topic more disturbing than he has previously tackled
because it is so irreducibly real.
Meanwhile, Everything Went Fine, by
the prolific François Ozon (Potiche, Summer of 85) is about a woman (Sophie
Marceau) whose father (André Dussollier) is determined to end his life after a
stroke, and wants her to make the
arrangements.
Common to both films are remarkable performances by actors who bring
long histories to the screen. André Dussollier, 76, is acclaimed for decades of
work with directors including Eric
Rohmer and Alain Resnais; Françoise
Lebrun, 77, left an indelible stamp on
film history with her role in the revered
1973 drama The Mother and the Whore.
Over the phone from Paris, she notes

ruefully that she and Dussollier played a
young couple in the 1977 film Ben et
Bénédict: “I thought, look at us now,
we’re in the same boat,” she laughs.
Vortex uses a striking formal device: a
black line slices the screen in two, its
couple living parallel but disconnected
lives as their situation intensifies. “It is
about something that’s hidden away in
contemporary culture,” Lebrun says.
“You can kill off 40 people in a disaster
movie, but the passage from old age to
death is something we don’t talk about.”
As a young student at Paris’s Sciences

Clockwise from
main: Dario Argento
and Françoise Lebrun
in Gaspar Noé’s
‘Vortex’; Sophie
Marceau, Géraldine
Pailhas and André
Dussollier in François
Ozon’s ‘Everything
Went Fine’; Beulah
Bondi and Victor
Moore in ‘Make Way
for Tomorrow’ (1937)
Paramount/Kobal/Shutterstock

Politiques in the 1970s, Lebrun studied
the representation of old age in cinema;
in Vortex, she adds her own extraordinary contribution to that canon as a
former psychiatrist losing her purchase
on the world around her. She researched
the role by watching numerous documentaries, and talking to specialists and
relatives of people with Alzheimer’s;
Noé also showed her home movies of his
mother, who was affected by dementia.
What she learned, she says, was that
“every single person develops their own
version of the illness — there’s no
instruction manual. I’ve seen some people who laughed all the time, others
would close up like an oyster. My character doesn’t have much notion of
present and past — it’s just a single
moment all the time, and reactions to
what immediately surrounds her.”
By contrast with Noé’s mercilessly
stark experimentalism, Ozon offers a
brittle tragicomic take on a real-life situation. Everything Went Fine is based on a
book by Emmanuèle Bernheim, who coscripted some of Ozon’s earlier films.
Bernheim, who died of cancer in 2017,
tells how she helped her father get to

THE LIFE
OF A SONG
SWEET DREAMS
(ARE MADE OF THIS)

I

lived with Annie [Lennox] for
about four years and we didn’t
write a single song together,” says
Dave Stewart. “Then we broke up
and we wrote about 140 songs
about that!”
The first hit they wrote as
Eurythmics was “Sweet Dreams (Are
Made of This)”: the bittersweet 1983
synth-pop classic on which Stewart’s
melodic momentum found its perfect
counterbalance in what Lennox has
described as her “hopeless and
nihilistic” lyrics about the
sadomasochistic nature of human
relationships.
Stewart, born in Sunderland,
started out as a folk-rocker. His
band, Longdancer, signed to Elton
John’s Rocket Records in the early
1970s, but failed to achieve
commercial success. In 1976 he
met Lennox — a girl from the
Aberdeen tenements who had
studied flute, piano and harpsichord
at the Royal Academy. Then a longhaired brunette “hippy”, she took him
home and played him her songs.
They became lovers, joined pop
band The Tourists, then left, split
up and formed Eurythmics.
Experimenting with
electronica to push themselves
out of their comfort zone, they
made an album, In the Garden,
in Germany with Kraftwerk’s
producer, released in 1981, but
it was a flop. Lennox became
depressed while Stewart used
amphetamines to keep his
spirits up. He was
experimenting with a new
drum machine in their
Camden studio when he
happened upon “Sweet
Dreams”’s beat. In 2021 he told
American Songwriter: “The sound of

Switzerland to end his life. Everything
Went Fine, Ozon says, is not an advertisement for assisted suicide, but asks questions about the sort of ordeal Bernheim
and her sister went through in assuming
the responsibility for his death.
“It’s about daughters who have to
mourn their father while he’s still alive
— that’s the whole complexity and the
beauty of the situation,” Ozon says, adding that he wanted to emphasise life.
“The closer their father comes to death,
the more alive he is. It’s true of people
who want euthanasia that the closer
they get to their set date, the better form
they’re in. Often their symptoms disappear. I was fascinated by that paradox.”
Part of these films’ power lies in our
intense awareness that we are watching
actors working with their own physical
vulnerability. That was also true of
Michael Haneke’s 2012 Cannes winner
Amour, which featured authoritative
performances from veterans Jean-Louis
Trintignant and Emmanuelle Riva. For
actors that age to expose their weathered bodies on screen (as both Riva and
Dussollier do) or enact the possibility of
dementia is more than merely vanitydefying, it takes remarkable courage.
“It takes courage to live,” says Lebrun.
“I’m the age I am, I have the body I have
now — it’s something different, maybe
riskier, but I didn’t think about risk. I’d
rather do a film like Vortex than play a
grandma baking cakes.”
French audiences, Ozon admits, were
reluctant to see his film, given its topic.
But France at least has a cinema culture
where the topic can be addressed. It was
a French writer and director, Florian
Zeller, who turned his own play into one
of the most insightful recent films about
dementia, The Father, using tricks of

‘You can kill off 40 people
in a disaster movie, but the
passage from old age to
death we don’t talk about’

these drums woke Annie up out of her
depression. She was like, ‘What’s that?’
and went straight to the keyboard. She
started playing this great riff with a
string sound on the Kurzweil, and it
locked in with my weird drum
pattern.” Within minutes, Lennox had
found the lyric.
In 2017 she said, “I was feeling very
vulnerable. ‘I travelled the world and
the seven seas, everybody’s looking for
something’ was about how we’re all in
this perpetual state of seeking. It’s
about surviving the world.” Stewart
fretted it was too downbeat and added
the more hopeful section in which
Lennox sings “Keep your head up!”
The songwriters felt they’d created a
new sound, fusing European
electronica with American soul. But

RCA told Stewart it “lacked a chorus”
and it was only released as a single in
1983 after a radio station in Cleveland
began playing it. With the aid of a
buttonholing video (featuring an
androgynous Lennox in a pinstripe suit
and orange buzzcut, circled by a cow),
“Sweet Dreams” became a global hit
and topped the US chart.
Since then, it has been sampled in
118 songs and covered more than 120
times. In 1995 shock rocker Marilyn
Manson dialled up the darkness,
growling over a predatory guitar. In
1996 rapper Nas reworked it as
pusher’s anthem “Street Dreams”:
“Street dreams are made of these/
N****s push Beemers and 300 E’s … ”
Indie outsiders Yo La Tengo gave it a
moody, lo-fi treatment in 2006. In
2007, Mika transposed the synth hook
into a flamboyant rock guitar riff; in
2009 Nouvelle Vague gave it an ironic
Latin makeover, complete with
maracas and cicadas.
In 2011 Avicii inverted and pitched
the hook down for the EDM
generation. The same year
Australian actress Emily
Browning recorded a haunting
version for the fantasy film Sucker
Punch. In 2018 environmentally
anxious Tune Yards updated
Lennox’s original nihilism with
dystopian wonky notes.
Samplers, rappers and remixers
have spun all sorts over that mighty
synth hook. Redman rapped over a
clever mash-up of “Sweet Dreams”
and Pink’s “Get the Party
Started” in 2002 and 50 Cent
used it as a great backdrop on “Evil
that Men Do” in 2006. Britney
Spears’ “Everybody”
made a mess of it in 2007, her
gushing assertions at odds with
the crispness of Lennox’s original.
Eurythmics broke up in 1990. But
they reunited in 1999 and still work
together occasionally. Meanwhile,
“Sweet Dreams” has given rise to a
curious slew of parodies, memes and
even tea towels, featuring the lyric:
“Sweet dreams are made of cheese/
Who am I to diss a brie?”
Helen Brown
More in the series at ft.com/life-of-a-song

Dave Stewart and Annie Lennox of
Eurythmics — Ian Dickson/Shutterstock

Some film-makers have reported on
age from an insider perspective: most
remarkably, the prodigious Portuguese
director Manoel de Oliveira, who continued making films past the age of 100.
His surprisingly larky I’m Going Home
(2001) is about a veteran actor (the
great Michel Piccoli) confronting his
mortality while playing Prospero in The
Tempest. And, while the theme of mental decline often dominates such depictions, Mitra Farahani offers a joyous
portrayal of continued intellectual vigour in her recent film See You Friday,
Robinson. The documentary follows an
email correspondence between two artists in their nineties — Jean-Luc Godard
and Iranian director-novelist Ebrahim
Golestan, cheerfully winding each other
up with cerebral riddles.
Noé has provided Vortex with a characteristically bleak tagline: “Life is a
short party that will soon be forgotten.”
But Lebrun would rather stress the
party. Vortex may not seem to offer
much consolation about the human
condition, but she sees it differently. “I
think when you see Vortex, you realise
you have to make the most of the pleasure of each day. You have to move on —
we’re lucky to be alive.”
‘Vortex’ is in UK cinemas from May 13 and
in US cinemas now; ‘Everything Went Fine’
is in UK cinemas and on Curzon Home
Cinema from June 17

7 May/8 May 2022

★

17

FTWeekend

Arts

‘We made
drill different.
We made it
mainstream’

Fivio Foreign | The rapper on
his debut album, working
with Kanye West and why
his lyrics are like the movies.
By Ludovic Hunter-Tilney

P

op was the king of New York,”
Fivio Foreign raps on his
debut album BIBLE. That’s
“Pop” as in Pop Smoke, the
Brooklyn rapper who was
murdered in 2020. Fivio adds that he is
now the one “in charge”.
Like Smoke, the New Yorker is a star
of rap’s fastest-growing, most controversial sub-genre. Drill music first
emerged in Chicago in the early 2010s
and is now a worldwide phenomenon.
New York’s main hub is in Brooklyn,
where Fivio (pronounced “Favio”) grew
up. “We made it different, we made it
mainstream,” he says of its drill scene.
His first studio album is a big-budget
affair. Among its large cast of guests is
Kanye West, whose 2021 album Donda
featured a scene-stealing cameo from
Fivio. “He’s smart,” Fivio says of working with West. “For the whole process of
thinking how I wanted to put my album
together, I had him in mind. I was still on
that Ye time.”
Released last month by major label
Columbia Records, BIBLE debuted in
the Billboard top 10. For Fivio, drill’s
world of YouTube views has been
replaced by the traditional music-industry metric of success, the album
charts. “I had to explain to people who
didn’t know that, yo, 29,000 sales for
debut numbers, this is pretty good. I’m
proud,” Fivio says.
He is speaking from his home in New
Jersey. It’s noon, and the self-styled king
of the city across the Hudson is holding
court from the regal location of his bed
following a late-night session in a
recording studio. I am unable to assess
the splendour of his crib. He has his
video off for our Zoom call. I can hear

this February, hours after signing his
first record deal. “Definitely it should
stop,” Fivio says of the rising toll of slain
rappers. The extent of drill’s responsibility has provoked the same arguments about cause and effect as gangsta
rap did in the 1990s. The line separating
fact from fiction is blurry. In April last
year, Fivio was arrested for possession
of a loaded gun (he has yet to be
charged for it).
Earlier this year, he joined a group of
rappers who met with New York mayor
Eric Adams to argue against plans to ban
drill videos on social media. He supports a proposed law drawn up by two
US senators and endorsed by Jay-Z to
prevent rap lyrics from being used as
evidence in criminal trials. “I don’t
think you can use rap lyrics in court,” he
says. “Basically because it’s entertainment. It’s like a movie. And there are
some people who don’t write their own
raps. How do you say you want to use
these lyrics when people don’t even
write their own raps?”
He usually freestyles his own verses in
the recording booth, making them up

‘I’m always battling those
demons in my head, about
not wanting to lose . . .
I just can’t lose right now’
children somewhere in the background:
he has three.
At 32, Fivio isn’t in the first flush of
youth. A fear of failure flickers throughout BIBLE’s lyrics, a shadowy flipside to
its predominant air of polish and confidence. “All the time I’m always battling
those demons in my head, about not
wanting to lose, because I just can’t lose
right now,” he says. “I’ve got too many
people depending on me. So I always
battle rap, you know what I’m saying? I
always battle rap.”
Battling is a key element of drill, and
also the cause of the notoriety of this
hard, minimalist variety of rap, the
product of an environment beset by
gang rivalries and extreme violence.
Fivio first became aware of it about a
decade ago.
“I liked the aggression. I liked the
beats,” he says.

From top: rising rap star
Fivio Foreign; performing
(left) with Kanye West and
Alicia Keys earlier this
year —Walik Goshorn/Media Punch/Alamy

A stylistic shift came with a move
across the Atlantic. UK drill added
slower tempos and sinuously menacing
basslines. In the hip-hop equivalent of
taking coals to Newcastle, this London-

based variant was then picked up by
Brooklyn rappers. Among BIBLE’s stable of producers is the Londoner AXL
Beats, who produced Fivio’s breakthrough anthem “Big Drip”, a summer
hit in 2019. It led to the rapper’s deal
with Columbia Records, for a reputed
seven-figure sum.
Real name Maxie Lee Ryles III, Fivio
was raised in East Flatbush, Brooklyn.
His father served in the US Army and his
mother was a teacher. She died in 2016
after suffering a stroke. “That one hit
kinda hard,” he says. “She made me feel
like I was a winner.”
Like its cousins in Chicago and the
UK, Brooklyn drill has a violent reputation. Its first crossover star, Pop Smoke,
was shot dead aged 20 during a robbery
in Los Angeles. BIBLE opens with a
shout-out to another murdered rapper,
TDott Woo, who was killed in Brooklyn

on the spot. The ones on BIBLE include
the usual drill threats towards enemies,
or “opps”, but they’re generalised rather
than specific. Attempts are made to soften Fivio’s image. “Know I’m a gangsta
but I get affectionate,” he raps at one
point. “It’s just like, be free and be confident in who you are,” he says of these
efforts to expand his appeal.
A favourite term in his raps is “viral”.
Kanye West borrows it for a cameo
appearance on the album when he
declares, “Fivi is viral and this is the
‘BIBLE’.” The endorsement feels “big” to
the pretender to the throne of New York
rap. “Yeah,” Fivio says. “That means I
really am viral, right?”
‘BIBLE’ is out now on RichFish/
Columbia Records. Fivio Foreign is touring
the US now and plays Wireless Festival,
London, in July

18

★

FTWeekend

7 May/8 May 2022

Arts

Rediscovered Schiele painting to become an NFT
The Art Market | Female
collectors dominate at
Christie’s; demand for
art still strong in Hong
Kong. By Melanie Gerlis
Austria’s Leopold Museum has
rediscovered an early work by Egon
Schiele, and plans to include it in a sale
of non-fungible tokens (NFTs) based
on works by the Viennese artist.
“Leopold Czihaczek at the Piano”
(1907) is an impressionistic painting of
the artist’s uncle and legal guardian
made when Schiele was 17. Missing for
more than a century, though recorded
in Schiele’s 1972 catalogue raisonné, it
was unearthed in a Viennese private
collection when its owner sought
advice on its restoration. “It is a
sensational discovery,” says Hans-Peter
Wipplinger, director of the museum.
The work will be shown at the
museum as part of a five-year loan and
joins a fundraising NFT sale through
LaCollection (May 16-26). Here, 24
Schiele NFTs will be offered at different
price levels: three works, defined as
“ultra-rare” with only two editions of
each, will start at €100,000; 10 images
will start at €15,000 (10 editions); and
11, including the rediscovered painting,
are fixed at €499 (100 editions). The
museum will keep one edition of each.
Among the ultra-rare works is
“Portrait of Wally Neuzil” (1912), a
painting of Schiele’s lover that was
stolen by the Nazis from the Austrian
Jewish art dealer Lea Bondi Jaray in
1938. The work was returned to the
Leopold after a restitution settlement
between her estate, the US government
and the museum in 2010.
The Leopold has had a budget gap of
about €5mn since the Covid-19
pandemic drastically reduced its visitor
numbers, Wipplinger says. Any funds
raised from the NFT sales will go
towards the cleaning and restoration of
the painting, “and of course we hope to
acquire it,” he says. “We start with the
physical object, then we make a digital
image and, if we can sell it, we can
afford the physical painting.”
Christie’s has art from a second female
American collector to sell this year. In
May, the auctioneer will offer $250mn
of works from the late New York arts
patron Anne Bass, and now comes
news that, in October, it will start to
sell the Ann and Gordon Getty

Clockwise from
left: Egon
Schiele’s
‘Leopold
Czihaczek at the
Piano’, painted
in 1907 when
the artist was 17;
Picasso’s 1939
portrait of Dora
Maar, which
sold for
HK$169mn;
Canaletto’s
‘Entrance to the
Grand Canal
looking East,
with Santa
Maria della
Salute at
right’, c1745

collection. Ann, who married the son of
the oil tycoon J Paul Getty in 1964 and
died in 2020, assembled the collection
during their marriage.
The sale is expected to raise as much
as $180mn from nearly 1,500 pieces of
art and decor from the Gettys’ lavish
Pacific Heights home. Jonathan
Rendell, deputy chair of Christie’s
Americas, describes this as “the
greatest, most magical interior” and
says the well-travelled Mrs Getty had
“such a way of layering civilisations. To
see [the home] is like eating chocolate
cake while listening to organ music.”
Highlights include a view of the
Grand Canal in Venice by Canaletto
(c1745, estimate $6mn), which hung in
the entrance hall, and a pair of George
II armchairs made by William and John
Linnell for Badminton House (c175255, $120,000). Indian jewellery and
textiles will be offered online at lower
price levels, Rendell says. All proceeds
from the October sales will go to the
newly created Ann and Gordon Getty
Foundation for the Arts, whose
beneficiaries include music and
(despite the name) science
organisations. A Christie’s highlights
tour starts in Hong Kong (May 21-26).

Concerns persist about the political
situation in Hong Kong, but demand
for art in Asia remains high. Sotheby’s
reports its second-highest total for a
Hong Kong season, HK$3.9bn (US
$496mn), from its April 27-May 3 sales
of fine art — western and Chinese —
and luxury items, including the 15carat “De Beers Blue” diamond, which
sold for an above-estimate HK$451mn.
Art highlights included Zhang
Daqian’s “Landscape after Wang
Ximeng” (1947), which soared above
its HK$70mn estimate to an artist
record of HK$370mn and Picasso’s
1939 portrait of Dora Maar for HK
$169mn, which sold to a Japanese
buyer, the auction house says. A third
of the new buyers in its Modern and
contemporary sales were under 30; of
these, two-thirds were from Hong Kong
or China, according to Sotheby’s.
Activity was also strong at the
rebranded Kiang Malingue gallery,
which has added co-founder Lorraine
Kiang to its name and last week opened
its expanded space in the Aberdeen
district with an exhibition of the Hong
Kong-born artist Yeung Hok Tak. Cofounder — and Kiang’s husband —
Edouard Malingue says that 20 of the

22 works in the show sold (€5,000€18,000). Social distancing rules are
gradually relaxing in Hong Kong,
Malingue notes, while he too reports a
prevalence of young buyers.
He says that he has been asked about
the political implications of working in
the city since the 2019 protests against
extradition. “We are gallerists, our
mission is to show art. There is an
ongoing dialogue that we can only be
part of if we are visible and present,”
Malingue says. Works with political
overtones are still being shown and
sold, he adds: “It is still possible,
otherwise I wouldn’t be here.” The
gallery will open a new headquarters in
Wan Chai in September.
The art-dealing industry largely
deserves its cut-throat, competitive
reputation but two of its mega-players
— Gagosian and White Cube — seem to
have buried the hatchet for now. With
only the Atlantic between them, each
has just opened near-identical shows of
the German photographer Andreas
Gursky — at Gagosian in New York
(until June 18) and White Cube
Bermondsey in London (until June 26).
Photographs handily come in
multiples and, it seems, the artist
wanted it this way. “Both White Cube
and Gagosian are committed to the
business of representing world-class
artists and it is their interests that
always come first,” says Jay Jopling,
founder of White Cube. Stefan Ratibor,
director at Gagosian, says: “It has been
a fun collaboration. Capitalising on our
different relationships, we’ve been able
to place works globally.” The
photographs are priced from €400,000
to more than €2mn.

Diversions
BRIDGE PAUL MENDELSON

CHESS LEONARD BARDEN
Bucharest hosts the opening
event of the US-backed
Grand Tour this week, with
Alireza Firouzja, 18, the
centre of interest. The
former Iranian, who now
represents France, is in the
eyes of many fans the likely
next challenger for Magnus
Carlsen’s world crown
and will be favourite for
the Candidates at Madrid
in June. Firouzja has been
absent from both over the
board and online events
for the past five months,

for unclear reasons. Fide,
the world chess organisation,
has announced that the
Grand Tour for 2023 and
2025 will qualify two
players for the 2024 and
2026 Candidates. It was a
low-key statement with
few details, but has
significant implications.
The Grand Tour includes
slow play classical events at
its start in Bucharest and at
its climax, the Sinquefield
Cup in St Louis, but
sandwiched in between

POLYMATH 1,177 SET BY HAMILTON

8
7
6
5
4
3
2
1
A

B

C

D

E

F

G

there are rapid and blitz
speed tournaments. If a
Fide world championship
qualifier can include speed
games in its format, then

H

so might the world
championship series
itself. This would fit in
with Carlsen’s often
expressed wish for a
different format, and
could be a way to persuade
the No1 to overcome his
current reluctance to play
any more title matches.
2468
Béla Sándor v Zoltan
Herendi, Budapest 1948.
Black (to move) resigned
here. Can you do better?
Solution, back page

Angered by perceived poor
fortune, driven to regain
the initiative, the declarer
bid a bold slam — could the
auction lead him to success?
A 2S overcall seems an
under-bid, but alternatives
seem worse so, when North
raised his partner to game,
South — hoping that his
heart length might presage
a shortage in partner’s
hand — bid 6S.
West led 6♦: South stared
at two heart losers. If West
leads K♥, as he probably

Dealer: West
North
—
NB
4S

A4 3
J 9 3
J 10 8 5
A J 10
98
K Q 10 8 6 4
W
6
K64 3

N
E

J 6 5
K7 4 3 2
Q98 5 2

S

K Q 10 7 2
A7 5 2
AQ9
7

should, the contract stands
no chance but, now, how can
South avoid those losers?
Knowing that West holds
six hearts, and that 6♦ lead

CROSSWORD 17,088 SET BY MUDD

East
—
NB
NB

Game All
South West
—
2H
2S
NB
6S

is surely a singleton, allows
declarer to keep a count on
West’s hand. Declarer
covered the lead with
dummy’s J♦, East contributed
K♦, and South A♦. Declarer
played 7♣ to A♣ and ruffed
10♣ in hand, before playing
off three rounds of trumps.
Now, he cashed Q♦, led 9♦ to
10♦ in dummy and then 8♦,
throwing a low heart.

At this point, West is
genuinely squeezed: if he
throws a heart, he leaves
himself with ♥KQ bare,
allowing declarer to cash A♥
and give up a low heart; if he
throws a club, South ruffs
the final club in hand, leaving
West with only ♥KQ10.
Declarer now leads 5♥ from
hand. West probably rises,
but must now lead away
from his other honour.
South made his 12 tricks
and silently thanked West
for not leading K♥ — that was
a manifestation of the luck
he had been playing for.

★

7 May/8 May 2022

19

FTWeekend

Truck Yeah!

RJ Scaringe founded Rivian when electric
pick-ups seemed like a tough sell. After a bumpy
ride, his company is in a heated three-way battle
with Tesla and Ford. By William D Cohan

I

’m sitting behind the wheel of a
recently minted Rivian R1T pick-up
truck, about to take a test drive
around a track near the company’s
3.3mn-square-foot manufacturing
plant in Normal, Illinois, 132 miles
south-west of Chicago. My left foot is on
the brake. My right foot is on the accelerator. Both are floored, but I’m not
moving yet.
Lily Macaruso and Laura Ewan, my
Rivian guides for this maiden voyage,
are asking me to count down from three
and take my foot off the brake when I get
to one. They are also urging me to brace
myself and ask if, by the way, I suffer
from motion sickness. Starting to get a
little nervous, I wonder what they are
talking about. In a conventional truck —
one with a combustion engine — “flooring it” is frowned upon as doing so can
flood the engine with gas. But I’m in a
Rivian. There is no engine; there’s just a
massive battery pack nestled underneath the cabin I’m sitting in. I get to one
and release my left foot. The R1T
explodes — and I mean explodes —
down the pavement. We go from zero to
well above 60 miles per hour in what
seems like an instant. The G force feels
tremendous.
It’s too much raw power for me. I
immediately feel nauseous, like I might
pass out. I begin to think I’ll shortly part
with the delicious creamy Tuscan
cavatappi pasta, with sun-dried tomatoes, caramelised onions and spinach
I’ve had for lunch, as prepared by Josh
Glaser, Rivian’s culinary programme
manager, who oversees the making of
3,000 meals a day. Glaser cooked my
lunch on the R1T’s Camp Kitchen, a luxurious all-purpose outdoor cooking
contraption that slides in and out of the
pick-up’s underbelly fully assembled
(for an extra $5,000). Seconds later, I
take my foot off the accelerator, putting
an immediate end to the mad rush of
adrenaline. Then I take the R1T through
its paces, effortlessly scaling a pile of
boulders, a gravel and dirt berm at a 45degree angle and, then, some serious
high-speed cornering. I decline Macaruso’s offer to drive backwards down a
pile of rocks and return to home base
blown away by the R1T, which has a base
price of $67,500.
The pick-up is a marvel of electricvehicle technology and the culmination
of the decades-long determination of
pretty much one man, Robert Joseph
Scaringe, known to Rivian’s more than
12,000 employees and nearly everyone
else as “RJ”. Scaringe, 39, is tall and athletic. He resembles Clark Kent in
appearance and manner, down to the
boxy eyeglasses and the slicked-back,
jet-black hair. He also does the occasional Superman impression, which
doesn’t surprise admirers of what he has
accomplished since he started Rivian in
2009. He once ran a marathon in Florida
on a dare, to impress the woman he was
dating. He outran her by a nose, even
though she had trained for it and he
hadn’t. Another time, while in Jeddah,
Saudi Arabia, to raise financing, he and
a friend climbed a 561-foot flagpole. “It

was hot,” Scaringe says. “I was in a suit,
but I dropped the tie.” His house in
Laguna Beach, California, is on a big hill.
When friends come over, he often casually suggests going for “a walk”, which
his unsuspecting guests soon find out is
a seven-mile hike. “Once you go three
miles, there’s no way back, but back,” he
tells me. “I always get people to do that.
And it’s fun.”
This penchant for one-upmanship
aside, Scaringe can best be described as
the anti-Elon Musk. He’s a family man,
with a wife and three young children.
He’s vegan. Thanks to one of the most
successful initial public offerings in
years — in November, the company
raised $13.7bn — his net worth these
days is closer to about $530mn compared with Musk’s $265bn. His single
focus is building vehicles that change
the way we consume fossil fuels to try to
combat climate change. He has no interest in Mars, or rockets, or building tunnels, or Twitter, either to use or to own.
He has more than 60,000 followers, but
rarely tweets. In fact, he only follows a
handful of people, two of whom are Jeff
Bezos and José Andrés, the Spanishborn chef. “[He’s] totally like a serious
down-to-earth guy living in the Midwest
and building this business,” says hedge
fund manager Dan Loeb, who made a
pre-IPO investment in Rivian. “He’s
been so thoughtful. He’s the opposite of
someone who shoots from the hip. Everything is planned and analysed.” And it
has been for a very long time.
Scaringe has been pining to run his
own car company since he was a 17-yearold growing up on the Atlantic coast of
Florida, just south of Cape Canaveral. “If
you were to go in my bedroom as a kid,
you’d find [car] hoods under the bed
and windshields in the closet,” he says.
We are sitting together in Rivian’s delivery centre, where a couple of hundred
R1Ts are waiting to be shipped to customers who have pre-ordered them.
As my pulse returns to normal,
Scaringe unspools his life story. When
he was a teenager, he started tinkering
with cars and restoring them. As he got
older, he realised the combustion-powered cars he loved were a big cause of the
world’s most acute problems, including
pollution, climate change and wars over
oil. “I went into this period of getting
really bummed about it,” he says. On a

Top to bottom from
main image: RJ
Scaringe in an R1T;
robotics at Rivian’s
plant in Normal,
Illinois; an R1T
brake caliper and
disc; the R1T
assembly line
Photography
for the FT by
Ryan Lowry

‘RJ has been
so thoughtful.
He’s the opposite
of someone who
shoots from the
hip. Everything
is planned
and analysed’

Dan Loeb,
hedge fund manager

family trip, he decided he was going to
devote himself to solving the problem.
His “crude idea”, he tells me, was to start
a car company. He was in high school. “I
had no idea what that meant,” he says. “I
had no idea how complex it was. I had no
idea what would go into it. I then began
thinking about ‘How do you go do something like this?’” He followed in the footsteps of his father, also an engineer
named Robert, to the Rochester Polytechnic Institute, in upstate New York
and finished at the top of his class.
At college, it began to dawn on
Scaringe that he would need huge
amounts of capital to start a car company. He wasn’t sure which was the
wiser approach: to work for a big auto
manufacturer for a decade, get some
credibility and then try to raise capital
based on his résumé, or find a “more
accelerated path”. Impatient — and a bit
naive — he opted for the quicker fix. He
decided to go to the Massachusetts Institute of Technology in Cambridge to get a
masters degree and then a PhD in
mechanical engineering at the school’s
Sloan Automotive Laboratory. At MIT,
he learnt that the big car companies
were very good at manufacturing at
scale, very good at introducing new
models and styles, and very good at
rehashing the status quo. But they were
not very good at changing course or
introducing a totally new concept. “The
greater the change, the harder it is to
adopt,” he says. “The idea of maybe
changing a door handle architecture is
some level of complexity. The idea of
changing a vehicle architecture is
another level. And the idea of changing
your entire workforce to focus differently on software and electronics is
another whole level of complexity — you
have to redesign the guts of the company.” His PhD thesis was an examination of the “homogeneous charge compression ignition engine” — a way to
compress both air and fuel to create
power more efficiently. But, he concluded, he was trying to solve the wrong
problem. “We don’t need to make better
engines,” Scaringe says. “We need to not
make engines.”
One summer in Cambridge, Scaringe
decided to try to reduce his carbon footprint. He figured if he was going to be an
outspoken advocate for combating climate change, he needed to do his part.
He took cold showers. He turned off his
air conditioner. He stopped using his
washer and dryer. He tracked his carbon usage. He discovered he still used a
lot of carbon. “That sucked,” he says. “I
would never choose to do that. And so to
say to the whole world, ‘Do that, live like
it’s 120 years ago’ will never work.”
He had been mulling a company making small cars with electric motors, figuring smaller cars, smaller carbon footprint. But after that summer, he abandoned the idea. He’d realised that
inspiring mass adoption of electric vehi-

cles — on the order of 100 million vehicles — required building something people would want to own. “Nobody’s going
to sign up to take cold showers,” he says.
“Nobody’s going to sign up for not using
their washing machine. That ‘ah-ha’ led
me to say, ‘Now I realise I need to build
something that was massively desirable,
and it needs to be desirable in a way that
extends above and beyond your combustion alternative.’”
James Womack, the research director
at MIT’s International Motor Vehicle
Program and a pioneer in adopting Toyota’s “lean manufacturing” ideas in the
US auto sector, remembers being blown
away by Scaringe after meeting him for
five minutes at MIT. “Wow, this guy is
different,” he thought to himself. “This
guy is on a different level from everybody else around here . . . This guy can
change the world.”
After receiving his PhD in 2009,
Scaringe was again faced with the decision of whether to work for an established car company or to start his own.
“The likelihood of success starting my
own company with no capital, no team,
no technology, no plants, no suppliers,
no brand, no product, was incredibly
low,” he says. “It was really low-probability.” Still, on a comparative basis, he
thought it was a higher probability than
having an impact on an old-line company as an entry-level PhD graduate.

It couldn’t have been a worse moment
to start a car company. In the wake of
the 2008 financial crisis, both General
Motors and Chrysler were in bankruptcy and desperate for a federal bailout. Ford only escaped the same fate
because it had mortgaged itself to the
hilt — including its iconic logo — just
before the crisis hit.
For the next two years, Scaringe
focused on creating a prototype of a new
sports car he could build a brand around
and then introduce new products once
the first model caught on — exactly the
strategy Musk employed to turn Tesla
into a juggernaut. Scaringe got the
sports car to work, sort of. “In the video,
it looked real,” he explains. “In reality, it
was 0.0001 per cent real.” He decided to
abandon the project and start from
scratch. “Those two years led me to have
a much more mature understanding of
the question we’re trying to solve, which
was, how do we maximise impact?” he
says. “And once I realised that was the
question it was this mental ah-ha, this
massive unlock.”
That’s when Scaringe landed on the
idea of building an electric pick-up, the
R1T. “It’s the most popular segment in
the United States,” he says of pick-ups.
“It’s the least efficient vehicle on the
road. It’s the one that everyone tells us
we’re crazy to try to do, so let’s go prove
them otherwise. And in the best case,
we’ve built a business on it. In the worst

case, we’ve proved to the existing [manufacturers] to see it differently.”
In the process, he redesigned the classic architecture of the pick-up truck.
The driveshaft no longer went front to
rear, which opened up space in the middle of the truck for storage (including
the kitchen) and allowed Scaringe and
his team to focus the marketing of the
R1T on outdoor adventures. He freely
and frequently told people he was building the Patagonia of pick-up trucks, or
what he calls “adventure vehicles”.
(Rose Marcario, the former CEO of
Patagonia, is on the Rivian board of
directors.)
At the time, electric cars were getting
less and less niche, but a battery-powered pick-up still seemed far-fetched.
And, once again, Scaringe was overwhelmed by the need for capital. “You
can sort of rationalise how you might be
able to start a car company for very little
money,” he tells me. “And as you start to
learn more and understand the problem
more, you realise it’s not something you
do for $1mn or $2mn or $10mn. It’s
something for which you need billions
of dollars.”
Scaringe has raised billions for Rivian,
from a variety of blue-chip investors. In
addition to the $13.7bn Rivian raised in
the November 2021 IPO — the largest in
the US since 2014 — he also raised
another $10.4bn or so of equity in five
rounds between February 2019 and January 2021, from a group of blue-chip
investors including T Rowe Price, Fidelity, Ford, Amazon, Manheim Investments (an affiliate of the wealthy Cox
family) and Loeb, the hedge fund manager. Baillie Gifford, Franklin Templeton, Blackstone, Coatue Management
and D1 Capital invested in Rivian as
well. Ford, Amazon, Manheim and T
Rowe Price each purchased from Rivian
a portion of a $2.5bn offering of convertible notes. Manheim will sell the gaspowered trade-ins for Rivian’s customers, and Rivian is in the process of building 100,000 electric delivery vans for
Amazon. On his journey to Texas for his
suborbital Blue Origin flight last July,
Bezos drove an R1T.
Funding secured, Scaringe set out to
fulfil his dream. Rivian purchased the
plant in Normal in 2017 for $16.5mn
from Diamond-Star Motors, a joint venture between Chrysler and Mitsubishi
Motors, which closed it in 2015. The
company renovated the building and
added 700,000 square-feet of space to
it, with plans for more. “Normal is a
whole bunch of people with enormous
amounts of adrenaline loaded into their
systems, trying to go fast,” Womack
says. Rivian has plans for a new manufacturing facility near Atlanta. The company’s headquarters is in Irvine, California; its software development and vehicle electronics division is in Palo Alto.
In the early days, both Scaringe and
his father mortgaged homes they owned
and invested the proceeds in Rivian,
which is a blend of the words “Indian
River”, a lagoon near where Scaringe
grew up in Florida. Scaringe also raised
$160mn from Global Oryx Company, a
subsidiary of Abdul Latif Jameel (ALJ),
a large, diversified Saudi holding company. Scaringe points out that ALJ has
philanthropic links to MIT, including its
world-renowned “poverty lab”, which
was co-founded by the Nobel Prizewinning economists Abhijit Banerjee
and Esther Duflo. He says Rivian has not
had any backlash arising from the
Jameel family investment, despite its
Saudi ties. “This wasn’t as if PIF” — the
Continued on page 20

20

★

FTWeekend

7 May/8 May 2022

Spectrum

Are soaring
US property
prices here
to stay?

Rana Foroohar
World view

F

or years, my husband and I
have fantasised about owning
a little cabin in the woods
somewhere near our home in
Brooklyn. Priced out of beach
areas like the Hamptons or the river
towns of the Hudson Valley, where
many affluent New Yorkers own second
homes, we thought that the western
portion of the Catskill Mountains, a
rural enclave two hours from the city,
was the spot for us. It has rolling hills,
hiking trails and swimming holes, but
also spotty broadband, no public
transportation, a critical mass of
motorcycle-riding Trump voters and
the occasional meth shack, all of which
means property prices a journalist and
a novelist might afford.
That was pre-pandemic, of course.
Over the past two years, I’ve watched
the price of properties that look like
meth shacks double, and then triple, as
new listings sell within days, even
hours, sight unseen. “Are you preapproved?” was the first question from
any estate agent, followed by “Can you
pay cash?” Forget about nabbing a
fixer-upper on 15 acres for $159,000, as
some friends had five years ago. People
were already flipping those for fat
profits, or charging boutique-hotel
rates to rent them out via Airbnb.
Inventory is scarce and new
construction in low supply and high
demand, thanks to supply chain issues.
Suddenly, people will pay a million
dollars for a renovated barn in the
former Borscht Belt.
What’s fascinating is that this isn’t
happening only in areas such as New

York, but around
Washington, DC,
Austin, Miami
and even outside
smaller cities
such as Charlotte,
North Carolina,
where artsy
second-home
spots like
Asheville have
moved into
Hamptons price
territory. “We
can’t decide
whether to flip or rent,” my cousin who
lives in Charlotte told me recently,
noting that a chalet (and I use that
word very lightly) they’d bought on a
ski mountain 90 minutes from their
home had doubled in price in less than
a year. Looking out the window of the
artisanal bakery where we sat, I
noticed all the new buildings going up
to house financial firms fleeing highertax cities for the New South. “I’d rent,”
I answered (maybe to me, with a
family discount?).
What’s going on? Are we back to
2007? Yes and no. One could argue that
decades of low rates and an
unprecedented central bank money
dump colliding with a pandemic that
left urban dwellers desperate for more
space has set the stage for a classic
speculative real estate bubble. Twothirds of global net worth is now held
in real estate. In the US, the S&P
CoreLogic Case-Shiller National Home
Price Index was up 19.8 per cent in the
year ending February, even as

mortgage rates
reached their
highest level
since 2010 in
April. Surely, as
inflation bites
and recession
looms, there
will be a
correction in the
less-established
markets, perhaps
a significant one.
And yet,
Harry Haysom
pandemics
change things, often fundamentally.
There are legitimate supply and
demand mismatches in the American
real estate market, as builders struggle
to get supplies and the cost of raw
materials skyrockets. This could keep
prices up for some time. More
importantly, there has been a
fundamental shift in the geography of
work and life in the US and many other
countries, one that may have a lasting
impact on real estate markets.
In New York, for example, it’s
becoming quite clear that people aren’t
going back to their five-day-a-week
corporate jobs in cramped Midtown
office buildings. At the very least,
workers are demanding, and so far
getting, hybrid schedules that
make a two-hour commute to a more
rural home doable in a way that it
never was before.
Meanwhile, the nosebleed prices in
big cities have pushed first-time buyers
out into a two- to three-hour ring of
less expensive towns and hamlets

Suddenly, people
will pay a million
dollars for a
renovated barn
in the former
Borscht Belt

Scaringe’s
truck
Continued from page 19
Saudi sovereign wealth fund — “was
investing in the business,” he says. “It
was a wealthy family of Saudi descent
that runs an international business —
obviously with operations in Saudi, as
well, but more importantly a business
that really sort of was asking the question of, ‘How can we do better by the
world?’”
Not surprisingly, the billions of dollars
in capital that Scaringe has raised has
diluted his ownership in Rivian to below
2 per cent, although he’s been granted
Musk-like options with the potential to
allow him to own more. He expects to
get criticised for that at some point but
not to have Musk-level wealth. “If
purely my motive was to make a lot of
money, there’s lots of ways to do it that
are easier than what we’ve done here,”
he tells me.
Scaringe has made plenty of mistakes.
In January, two months after the IPO,
Rod Copes, Rivian’s chief operating
officer, announced he was leaving the
company just as it was due to ramp up
production after manufacturing about
1,000 vehicles in 2021. (The company
built 2,553 trucks in the first quarter of
2022.) Copes’ unexpected departure hit
the Rivian stock hard. It fell nearly 9 per
cent on the news. The company subsequently explained that Copes’ retirement had been planned for months and
had occurred in December. Scaringe
tells me Copes and Rivian parted ways
before the IPO — he is not named in the
prospectus — and that the confusion
resulted after Copes updated his LinkedIn page in January. “It was very transparent to any of the investors,” Scaringe
explains. “It came across as a surprise.
We should have done something more
proactive, obviously, in hindsight.”
Then there is the matter of Laura
Schwab, who joined as vice-president of
sales and marketing in December 2020,
having been lured away from her job as
Aston Martin’s president of the Americas. Schwab claims in a lawsuit filed
after she was fired during the IPO process that six months into her post she
experienced acute gender discrimination. “Rivian publicly boasts about its
culture, so it was a crushing blow when I
joined the company and almost immediately experienced a toxic bro culture
that marginalises women and contributes to the company making mistakes,”
she wrote on Medium. “I raised concerns to HR about the gender discrimination . . . the ‘boys club’ culture, and
the impact it was having on me, my
team and the company.” Two days later,
she wrote, she was fired.
Schwab also claims she tried to discuss her view that Rivian vehicles were
priced too low, but nobody would listen.
“The company’s founder, RJ Scaringe,
was clearly and literally in the driver’s
seat, and he surrounded himself with a
tight-knit group of men who constantly
had his ear,” she wrote. Schwab’s lawsuit
against Rivian is ongoing so Scaringe
declines to comment about it, other
than to say, “Situations like Laura
Schwab you’re going to have in a business that’s this large and this big. You’re
going to have those types of things come
up.”
On March 1, some four months after
Schwab’s firing and after she urged, to
no avail, that vehicle prices be
increased, Rivian suffered its worst selfinflicted public relations disaster, when

it announced — seemingly out of the
blue — that it was raising prices on both
the R1T, by about 17 per cent or about
$12,000, and the R1S SUV, by 20 per
cent, about $14,500. The hike was the
result of “inflationary pressure on the
cost of supplier components and raw
materials across the world”, the company wrote in an email sent to the more
than 71,000 people who had pre-ordered the vehicles.
The news came as a shock to customers — including me, for my pre-ordered
R1S — who had ponied up a $1,000
deposit long before. Rivian was already
behind on its delivery schedule and now
was reneging on its agreements with
customers, at a time when lots of car
companies were marketing new
electrics. Rivian underestimated the
implied contract that existed between
itself and customers who had pre-ordered, put down deposits and configured vehicles. Customers left in droves,
getting deposit refunds.
Scaringe was shocked. It was his worst
day as Rivian’s leader. He personally
made calls to customers. “It, like, hurts
my soul to talk about this,” he tells me.
“But the way we communicated was
shitty.” He then amends his answer:
“The way we communicated was
flawed. It was flawed. And then the execution of that was flawed. And the idea
itself was flawed.” Two days later, the
company reversed course, restoring
original pricing for customers who had
pre-ordered before March 1. Anyone
who had cancelled could reorder at the
initial price.
It was the kind of mistake that results
from too much groupthink and analysis
paralysis, and a failure to step back and
consider how trust might be severed
with such a momentous step. “This is
going to be, I’m sure, a case study,”
Scaringe says. He adds the decision was
flawed by “feedback loops” and internal
“studies” that convinced him and his
top team that prices should be — and
could be — increased across the board to
combat the increasing costs of Rivian’s
raw materials, especially semiconductors and battery packs.
Womack thinks that sometimes
Scaringe can be too analytical for his
own good. “If he had just taken his head
off the instrument panel and looked out
the window, he never would have done

Above: Scaringe at the
wheel; below: an Amazon
delivery truck on the
factory floor — Ryan Lowry

‘It, like, hurts my
soul to talk about
this. But the
way we
communicated
was flawed. And
then the execution
of that was flawed.
And the idea
itself was flawed’

RJ Scaringe on the
pricing snafu

that,” he says. Scaringe doesn’t disagree.
“If you could wind the clock back to February 28, and if we’d rolled this out differently, there’s a lot of different ways
we could have managed it,” he says.
Ironically, these are the kinds of problems that plagued Detroit’s big three
manufacturers for decades, prolonging
their reliance on gas guzzlers. “We
learnt so much,” he says. “We’ll make
many mistakes going forward, but we’ll
never make a mistake like that again.”
Then there was the break with Ford,
which had invested some $1.7bn into
Rivian and had agreed that the two companies would potentially partner
together on various projects. According
to Scaringe, he selected Ford as an investor in large part because there was no
requirement that the two companies
work together on an electric vehicle. He
says Ford wanted to gain insight into a
start-up electric vehicle manufacturer,
without the legacy issues of a leading
manufacturer of cars and trucks with
combustion engines. Ford did not
respond for a request for comment; but
last month the company blamed its
equity investment in Rivian for its firstquarter 2022 loss of $3.1bn. In 2021,
Ford and Rivian parted ways commercially, though not financially, with Ford
deciding to make an electric version of
its bestselling F-150 pick-up truck.
(First deliveries of the resulting F-150
Lightning, with a starting price of
$39,974, will begin this week.)
Scaringe says the split was by mutual
agreement and in the best interests of
both companies as well as society as a
whole as Ford will be developing its own

electric-power technology, expanding
the electric vehicle pie. A rising tide lifts
all boats, kind of thing. He says Rivian
didn’t have the “bandwidth” or the
“resources” to develop products for
Ford. He explains that the life cycle of a
business goes from starvation and fighting for survival — can it get enough
funding and customers? — to, if it’s
lucky, risking indigestion, “where you
end up with this buffet line of opportunity”. He adds, “We have a lot of capital.
We have so many good ideas for products. We have customers that want all of
those different ideas. And so every company wants to transition to a world
where you have a buffet. But not every
company survives the buffet. Because if
you try to eat too many things, you’re
going to kill yourself.”
He says the split with Ford was
“highly intentional” and that he’s happy
about it. “What used to stress me out the
most back in the early days?” he asks,
rhetorically. “It was not at all the idea of
failing. It was the fact that we would
have done all this work, and emitted all
this carbon, and not helped solve the
problem . . . I’d lose sleep over it. So, the
fact that we’ve helped accelerate Ford,
and the fact that we’ve helped spur
interest in electric trucks, that’s awesome. It’s like we’ve had an impact. The
world is going to electrify faster because
of [our] actions as a company.”
Perhaps, but the rash of mistakes —
and perceived mistakes — took their toll
on one of the most hyped IPOs of the
past decade. After Morgan Stanley
priced the Rivian IPO at $78 per share,
valuing Rivian at some $66bn, the stock
exploded upward, to as much as nearly
$180 a share, valuing the company at
about $180bn, more than Ford and GM
combined and an astounding number
for a wildly unprofitable company that
has manufactured barely more than
3,500 vehicles.
But that valuation was shortlived. On
May 2, Rivian’s stock was trading at
$30.24 per share, 70 per cent below its
IPO price. Scaringe, once worth more
than $3bn, is now worth about one-sixth
of that amount. He seems not to care. He
lives between Normal and Laguna
Beach, where Rivian is restoring an old
movie-theatre complex. He says he
didn’t like it when Rivian’s stock hit

around them, or to second- and even
third-tier cities in the south or the
west. Suddenly, Austin looks like
New York. Charlotte (or Boulder,
Colorado, or Rapid City, South Dakota)
looks like Austin. And the Catskills
look like the Hamptons.
Will the changes last? My bet is that
when the next downturn comes and
the debt dominoes begin to fall, we’ll
see significant softening in some of the
newer, poorer boomtowns. I don’t
think seven-figure cash purchases in
remote rural areas with no broadband
will last. But I also think that some
elements of the real estate market
today mirror more lasting booms of the
past, like the creation of Los Angeles,
which was enabled by the race to build
a railway to the west. There was
speculation, yes, but there was also a
fundamental shift in the population of
the country westward, one enabled by
big technological, political and
economic changes.
We are going through this kind of
paradigm shift today. “What do you
want of that vast and worthless area,”
the one-time US secretary of state
Daniel Webster asked of Wyoming
when the idea of a transcontinental
railroad was first floated in 1843, “that
region of wild beasts, of deserts, of
shifting sands and whirling winds, dust,
or cactus and prairie dogs?” The
billionaires in Jackson Hole, which
currently has the highest asset wealth
per capita in the nation, could tell him.
Rana Foroohar is the FT’s global business
columnist

more than $170 a share and then tells
me something someone on Wall Street
must have told him. “Stock markets are
a voting machine in the short term and a
weighing machine in the long term. It
doesn’t really matter,” he adds. “The
price went up more than it should have.
It’s gone down more than it should have.
It’s highly volatile. We did a large IPO for
precisely these reasons. We said, ‘We
don’t want to be subject to behaving in a
really short-term way.’”
Jay Flatley, a Rivian board member,
saw the power of Scaringe being able to
take a longer-term approach when he
reversed the decision on increasing the
pricing on the Rivian vehicles. “It’s a
financial sacrifice for the company to
protect the brand,” Flatley says. “To
stand up and say the brand is more
important than those gross margin dollars in the next 18 months takes a
unique person. Because Wall Street’s
measuring you, in the short term.”
Scaringe thinks the market is just trying to figure out whether Rivian can live
up to its promise of manufacturing
enough vehicles profitably, justifying
whether it’s really a company worth
hundreds of billions, if not trillions, of
dollars, given the supply-chain issues
and the cost increase of raw materials.
(He tells me Rivian must pretty much
beg Intel for the computer chips it needs
to build its vehicles.) And, he says, Rivian will need more capital, which he has
no intention of raising at these
depressed equity prices.
He thinks the macrodynamics for a
manufacturer of electric vehicles are
better today than at the time of Rivian’s
IPO. Petrol prices have skyrocketed.
The R1T was named MotorTrend’s 2022
Truck of the Year. He seems to have
been forgiven by customers for the selfinflicted pricing fiasco. “You have
demand that seems unstoppable.”
Scaringe, of course, was concerned
when Musk announced that Tesla was
working on its own pick-up truck. On
the one hand, he’s a proponent of more
competition. “The Olympics would be
really boring if there was one competitor,” he says. On the other, well, Tesla’s
market value is about $900bn, while
Rivian’s is back down to around $30bn.
Tesla is, in other words, a potentially
serious competitor in the market for
electric pick-up trucks. But when Musk
unveiled his so-called Cybertruck in
2019, Scaringe was relieved. He starts to
show me with his hands what he feared
a Venn diagram of Tesla and Rivian
might be. But he thinks, in the end,
there will be only the slightest intersection between the two companies, at least
when it comes to trucks. The Tesla
pick-up is all angular lines and looks like
a stealth bomber on wheels; the R1T’s
design is much gentler, with soft
Modigliani-esque curves.
At the beginning of my visit to the
Normal manufacturing facility, as
Scaringe was waxing poetic about Rivian to a small group of automobile journalists, he seemed to get choked up for a
moment. “Thousands of people —
there’s more than 5,000 people on site —
collectively gather to turn raw material
into vehicles. And those coils of steel
and aluminium within two weeks are
driving off the plant as vehicles. And
those are going out to take families to
the beach, take couples on a date, take
best friends mountain biking . . . ” It’s
the culmination of years of dreaming
and hard work, Scaringe continues. “It’s
almost romantic when you think about
what happens in this facility.”
William D Cohan, a 2007 winner of the FT
Business Book of the Year, is the author of
the forthcoming ‘Power Failure: The Rise
and Fall of an American Icon’

★

7 May/8 May 2022

21

FTWeekend

Spectrum

T

Was ‘nudging’
a mistake?

Tim Harford
Undercover economist
At the start of Four Weddings and a
Funeral, Hugh Grant’s character can’t
remember at which of his friends’ weddings he has just turned up late. “Who is
it today?” he asks caddishly, as he rushes
into his pew. Personally, I’m not sure I
ever went to so many weddings that I
lost track of the couples involved. But
I’m wondering if that might happen with
40th birthdays.
All of my friends seem to be turning
40, including those turning 41 who never
got a chance to celebrate because of the
pandemic. Over dinners, at drinks, we
are working through the backlog. Never
let a round number go to waste.
One nice thing about a 40th birthday
party, unlike an 18th or a 30th, is that it
doesn’t end with an awkward silence
over the bill and a trip to a sticky-floor
dive bar. Nobody throws up. Nobody
steals your coat. But the format is a bit
uncertain: are there speeches? Is this the
moment for tributes? And that reflects a
nagging question: is 40 actually any
kind of landmark?
The popularity of the phrase “life
begins at 40” dates back to a best-selling
1932 self-help book of that title by a curious American academic called Walter B
Pitkin. It probably should have gone out
of fashion with John Lennon, who wrote
a song called “Life Begins at 40” but
never recorded it because he was shot
two months after his 40th birthday.
In fact no one says “life begins at 40”
any more for a different reason, which is
that it would be a transparent attempt to
paper over decline. My friends are trying to pretend that there is no decline.
We are fine! We know how to work the
internet! We do not need knee replacements! Or at least we do not realise that
we need knee replacements!
Forty today doesn’t feel like a new
beginning: the chances are that you will,
in life terms, be mid-mouthful. For
starters, you may still be preoccupied
with young children. In the early 1980s,
nearly three-quarters of children in the
UK were born to women under the age
of 30. Now most are born to women in
their thirties. So lie-ins do not begin at
40. Nor can you join a golf club or have a
spiritual reawakening, given the
demands of school pick-up.
At the same time, many of us
approaching 40 do not feel truly adult.
We don’t wear ties to work. We can’t do
DIY. We are lucky to still have our parents in good health. Let us not mention
housing costs and pensions, both of
which infantilise us financially. All in all,
we feel like we are role-playing turning
40, not actually doing it.
Happiness surveys also add to the
impression that four decades is not a
dividing line: they suggest that our satisfaction declines from our late twenties
to our late forties. Life begins again at 50
would be an accurate summary.
The argument that 40 is a landmark
rests partly on longevity. Checking the
Office for National Statistics website, I
see that men turning 40 now have a life
expectancy of 84. We’re pretty much
halfway. (We have only a 5.7 per cent
chance of living to three figures — which
wasn’t quite what umpteen headlines
about medical breakthroughs had led
me to expect.) At the last British general
election, 39 was the tipping point age at
which someone was more likely to vote
Conservative than Labour.
Add in the fact that all landmarks
invite comparison and reflection, and
turning 40 can take on a momentousness. You might as well do things now if
you’re going to do them at all. It’s not too
late and not too early. At one party, I tried
to convince a woman that now was a
good age to get a tattoo, because we no
longer had to worry what it would look

he 2008 book Nudge, by
Richard Thaler and Cass
Sunstein, helped inspire
experimentally tested,
psychologically informed
policy work around the world, often
developed by “behavioural insight
teams” in or adjacent to government.
Now two leading behavioural scientists,
Nick Chater and George Loewenstein,
have published an academic working
paper suggesting that the movement
has lost its way. Professors Chater and
Loewenstein are academic advisers to
the UK’s behavioural insight group, and
blame themselves as much as anyone
else for what they now see as mistakes.
It’s worth considering what they say.
But first, ponder an advertising
campaign from 1971 titled “Crying
Indian”. This powerful TV commercial
depicts a Native American man
paddling down a river that is
increasingly laden with trash. “Some
people have a deep, abiding respect for
the natural beauty that was once this
country,” says a voiceover. “And some
people don’t. People start pollution.
People can stop it.” The Native
American man turns to the camera,
a single tear rolling down his cheek.
But the message was not what it
seemed (and not just because the
actor’s parents were in fact Italian): it
was funded by some of the leading
companies in food and drink
packaging.
The advert placed responsibility
squarely on the shoulders of
individuals making selfish choices. It
wasn’t governments who didn’t provide
bins, or manufacturers who made

unrecyclable
products. No, the
problem was you.
Chater and
Loewenstein argue
that behavioural
scientists naturally
fall into the habit
of seeing problems
in the same way.
Why don’t people
have enough
retirement savings? Because they are
impatient and find it hard to save
rather than spend. Why are so many
greenhouse gases being emitted?
Because it’s complex and tedious to
switch to a green electricity tariff. If
your problem is basically that fallible
individuals are making bad choices,
behavioural science is an excellent
solution.
If, however, the real problem is not
individual but systemic, then nudges
are at best limited, and at worst, a
harmful diversion. Historians such as
Finis Dunaway now argue that the
Crying Indian campaign was a
deliberate attempt by corporate
interests to change the subject. Is
behavioural public policy, accidentally
or deliberately, a similar distraction?
A look at climate change policy
suggests it might be. Behavioural
scientists themselves are clear enough
that nudging is no real substitute for a
carbon price — Thaler and Sunstein say
as much in Nudge. Politicians, by
contrast, have preferred to bypass the
carbon price and move straight to the
pain-free nudging. Nudge enthusiast
David Cameron, in a speech given

shortly before he
became prime
minister, declared
that “the best way
to get someone to
cut their electricity
bill” was to
cleverly reformat
the bill itself. This
is politics as the art
Guillem Casasús of avoiding
difficult decisions.
No behavioural scientist would suggest
that it was close to sufficient. Yet they
must be careful not to become enablers
of the One Weird Trick approach to
making policy.
Behavioural science has a laudable
focus on rigorous evidence, yet even
this can backfire. It is much easier to
produce a quick randomised trial of bill
reformatting than it is to evaluate
anything systemic. These small quick
wins are only worth having if they lead
us towards, rather than away from,
more difficult victories.
Another problem is that empirically
tested, behaviourally rigorous bad
policy can be bad policy nonetheless.
For example, it has become fashionable
to argue that people should be placed
on an organ donor registry by default,
because this dramatically expands the
number of people registered as donors.
But, as Thaler and Sunstein themselves
keep having to explain, this is a bad
idea. Most organ donation happens
only after consultation with a grieving
family — and default-bloated donor
registries do not help families work out
what their loved one might have
wanted.

It is easy to take
a perfectly sound
behavioural insight
and turn it into
a botched piece
of policy

Behavioural science is a great way of
finding small tweaks that can make a
substantial difference to behaviour.
Such tweaks help if the behaviour
change itself solves a problem, but that
cannot be taken for granted. It is easy
to take a perfectly sound behavioural
insight and turn it into a botched piece
of policy.
The most successful behavioural
public policy has been auto-enrolment
into retirement savings plans, which in
the UK has dramatically boosted
participation in workplace pensions. In
the hotel and restaurant business,
participation is up from 5 per cent in
2012 to over 50 per cent last year. This
is a triumph. Yet huge problems
remain in the pension system as a
whole. Pension participation among
the self-employed has collapsed over
the last quarter century. Pensions are a
clear demonstration of the strengths of
behavioural policy — and also of its
weaknesses.
“We have been unwitting
accomplices,” write Chater and
Loewenstein, “to forces opposed to
helping create a better society.” That is
too harsh on themselves and other
behavioural scientists. Would we really
have excellent universal pensions, a fit
and healthy population, and a lowcarbon economy, if only we hadn’t
been distracted by Nudge? Of course
not. But behavioural science is all too
good at producing perfect icing for the
policy cake; practitioners must never
forget the cake itself.
Tim Harford’s new book is ‘How to Make
the World Add Up’

NOTES FROM THE CUTTING EDGE
TIM BRADSHAW

Are collectible
sports trading cards
NFTs-in-waiting?
Tech investors are
seeking new outlets
for a new breed of fan

G
Life begins at 40 . . . or
so we’d like to think

Peter Marlow, Magnum Photos

It was once considered a milestone age, writes Henry Mance (aged 39¾). But as
many in the west live longer and have children later, what does it really mean?
like in decades to come. I cited the example of [broadcaster] David Dimbleby,
who had a scorpion tattooed on his
shoulder aged 75. She was unconvinced.
Looking for guidance about what 40
should feel like, I looked up Pitkin’s Life
Begins at Forty and its 1933 follow-up
More Power to You! He advocates that
after turning 40, readers should lead a
Simplified Life. Parenting should be
reduced to a minimum, as part of a drive
to save one’s energy. Other tips include:
“Never open second-class mail. This
saves several hundred calories a year”
and “Never pick up things an ablebodied woman has dropped.” I decided
to skip this wisdom.
I instead turned to Baz Luhrmann’s
spoken-word song “Everybody’s Free
(To Wear Sunscreen)”, whose lyrics are
a supposed commencement speech. It
was released in my late teens; I guess
this was what passed for life advice
before motivational podcasts. “Trust
me,” says Luhrmann’s narrator, “in 20
years [ie, now] you’ll look back at photos of yourself and recall in a way you
can’t grasp now how much possibility
lay before you and how fabulous you
really looked.”
A nice thought, but one sadly not
borne out by the photos. The song goes
on: “Don’t waste your time on jealousy;
sometimes you’re ahead, sometimes
you’re behind. The race is long, and in
the end, it’s only with yourself.” Now
we’re talking. I am a sucker for such saccharine statements, although I can’t
claim they will have much impact: I
don’t always wear sun cream.

I recently stumbled across a list of
“103 Bits of Advice I Wish I Had Known”
from a writer called Kevin Kelly. Some
examples: “The biggest lie we tell ourselves is ‘I don’t need to write this down
because I will remember it’.” (True:
always write things down.) “There is no
such thing as being ‘on time.’ You are
either late or you are early. Your choice.”
(True, but hard.) “It’s thrilling to be
extremely polite to rude strangers.”
(True, but impossible.) “If you loan
someone $20 and you never see them

Life is like a whiteboard in a
recently used meeting room
— it has gaps for you to write
in, but also bits of inherited
wisdom that you must erase
again because they are avoiding paying
you back, that makes it worth $20.” (No
one has ever asked me for $20 then disappeared, but I will bear this in mind.)
And so on. There was enough wisdom
in Kelly’s 103 tips to form a good set of
40th birthday resolutions. Reading
them, I felt decidedly un-old. It wasn’t
so much that they emphasised the
world of possibility ahead; it’s more that
I realised I could never have written
such a list.
Kelly’s list is notable for its confidence:
he has just turned 70 and lives in California. Meanwhile, I, aged nearly 40 and
living in London, simply hadn’t made up
my mind about what the good life consists of. Life is like one of those white-

boards you find when you walk into a
recently used meeting room. There are
gaps to write your own thoughts, but as
the board fills up, you have to decide
which bits of inherited wisdom to rub off
and replace. I am still pretending I won’t
have to use the eraser.
Speaking to my 40-ish peers, they too
do not feel old. They have, however,
stopped feeling young. Born in the early
1980s, we are millennials, but only on a
technicality. We are gatecrashers, and in
truth we don’t belong to that more interesting demographic. More and more, we
feel unmoored from true millennials
and Gen Z. I admire these younger generations’ honesty about mental health,
but it feels quite foreign. In quiet
moments, I might admit that their use of
technology baffles me. Most of them
haven’t even watched Four Weddings and
a Funeral, for goodness’ sake. But if you
can’t feel young, then not feeling old is
the next best thing.
In Down and Out in Paris and London,
George Orwell wrote of the “feeling of
relief, almost of pleasure” of becoming
down and out. “You have talked so often
of going to the dogs — and well, here are
the dogs, and you have reached them,
and you can stand it. It takes off a lot of
anxiety.” For years, the number 40
stands on the horizon like some daunting hill. By the time you arrive there, at
the endless 40th birthdays, you’ve
assimilated it. You can stand it. Another
peak now looms in the distance. Fifty?
Now that really does look bad.
Henry Mance is the FT’s
chief features writer

rowing up in the
1990s, Alexis Ohanian was more into
fantasy battles than
fantasy sports, playing the trading card game Magic:
The Gathering, casting spells to
summon creatures and defeat
opponents.
Back then there wasn’t a lot of
overlap between geeks and jocks.
Remembering my own school
days, the cool kids were all swapping football stickers while I was
the one trying to complete my
Star Wars sticker album.
Nerding out paid off richly for
Ohanian, who went on to co-found
the social media platform Reddit.
But he’s since come around to the
idea that jocks and geeks aren’t so
different, and not just because he’s
married to tennis champion Serena Williams. Sport’s appeal lies in
gameplay, competition and lots of
stats to obsess over. According to
Ohanian, it’s “just Dungeons &
Dragons for jocks”.
When we spoke last month,
Ohanian, now an investor in startups and crypto, outlined his unifying theory of sports and the future
of entertainment. In this view, a
one-time event like a football
game gives sport a unique position. We can watch a movie later,
but the live game or contest is a
non-negotiable in fans’ schedules
because of the drama and tribalism that goes with it. “Sport is the
only form of legacy entertainment
that’s going to really thrive over
the next 50 years,” Ohanian says.
This seemed a little bombastic
when I first heard it. But the day
after we spoke, Netflix said it was
no longer adding subscribers,
sending its stock price spiralling.
Suddenly, the issue of our oversaturated entertainment diets
seemed a lot more pertinent.
Ohanian’s betting on society’s
ongoing fascination with sports. A
survey last year for PwC found that
under-24s had the highest overall
interest level in sports of any age

group (60 per cent), though they
spent the lowest time actually
watching it, at just 17 per cent of
their media-consuming hours.
And with videogames dominating youth culture and esports blurring what it means to be an athlete,
the owners of traditional sports
teams and leagues are increasingly
looking to hook the next generation of fans. Tech investors such as
Ohanian are seeking new outlets
for fans who follow players, even if
they don’t watch every game.
One idea, pioneered by French
start-up Sorare (one of Ohanian’s
investments) is to turn those
paper trading cards of my youth
into non-fungible tokens. Each
player is “minted” as a unique
NFT, with ownership recorded on
a blockchain.
Beyond Sorare’s fantasy football
game, in which you compete in
leagues, that record can mean
playground bragging rights or the
ability to sell a player on if they do
well. In Ohanian’s eyes, collectible
nostalgia plus sport equals a “perfect storm” as an investor.
Crucially, NFTs allow users to
keep their player cards from one
season to the next and make
money from trading, not just
building a team. For Ohanian,
that’s just as it was with his Magic:
The Gathering collection. “It
would have been preposterous to
have given our cards back to [MTG
publisher] Wizards of the Coast
every day . . . We could do whatever we wanted with them.”
There are broader questions
about the hype that has surrounded the NFT market, and how
much of its exponential rise is a
bubble. After reaching a peak in
late 2021, overall sales have
dropped in recent months. Will
NFT versions of sports trading
cards be more resilient?
Last year, fans spent hundreds
of millions of dollars on Sorare
cards. The company is valued at
$4.3bn. Other start-ups, such as
Dapper Labs and OneFootball, are
pursuing similar ideas with sports
and digital collectibles too. Geeks
and jocks: finally teaming up.
Tim Bradshaw is the FT’s global
technology correspondent

Baseball cards on display at the Hilton St Louis at
the Ballpark hotel — Getty Images |

22

★

FTWeekend

7 May/8 May 2022

Spectrum | Food & drink
Enough Bordeaux
bashing — 2021
produced some
brilliant whites
Jancis Robinson
Wine

L

That coffee kick
Cookery | Sarit Packer and Itamar Srulovich brew
up a delicious dessert that sings with java notes

A

coffee snob will go to great
lengths for a good cup.
A coffee addict thinks the
worst coffee is better than
no coffee at all. You can be
both at the same time. We certainly are.
At work, we have a high-quality
espresso machine, but coffee at home is
tricky territory. We never mastered the
use of a macchinetta, one of those stovetop hexagon espresso makers that every
Italian toddler handles with effortless
grace. We always got the water/coffee/

time ratio wrong, ending up with a brew
that was either insipid or burnt. After an
episode involving the fire brigade, we
thought it wise just to stop trying.
French press is nice for a crowd but a
bit too faffy when you just want a cup.
For a few months, we had one of those
machines that use capsules. Initially, we
loved it but then tried every colour capsule and found they were all meh.
You could call what we drink now
Arabic coffee, though not in Turkey. Or
it could be called Turkish coffee, but not

Patricia Niven

in Greece. So we call it “eastern coffee”.
Cooked slowly in a pan, it fills the house
with heady vapours and makes the perfect cup. We’ve imposed a 2pm cut-off
on ourselves in order to be able to sleep
at night. But this dessert is our little
cheat, a way of consuming a tiny drop of
the good stuff after dinner.
It tastes sensational. Cardamom has a
cooling, almost numbing effect that is
amplified in the ice cream and, when
hot coffee is poured on, there’s some real
yin-yang going on.
Our method for cooked eastern coffee
will work a treat here and might change
your coffee life for ever. Otherwise, brew
a strong version of whatever you like —
instant, espresso, even capsules. As long
as it’s coffee, it’s good.
@honeyandco

Cardamom ice cream and eastern coffee affogato
Makes 6-8 portions
Ingredients for the ice cream
15 green cardamom pods
600g double cream
200g condensed milk
1. Crack the cardamom pods and
place in a small saucepan with
200ml of the cream. Warm gently on
low heat until it reaches boiling. Set
aside and allow to infuse for at least
30 minutes.
2. Strain the infused cream through
a sieve into a mixer bowl. Add the rest
of the cream and the condensed milk
and whisk until it thickens — the whisk

should leave nice thick ribbons through
the mix.
3. Transfer to a container and freeze
until set. Move to the fridge 10 minutes
before you want to serve. Put a scoop
or two in each cup. Hot coffee should
be poured on top at the last possible
minute.
Ingredients for the coffee
500ml water
2 heaped tbs of Turkish/Arabic
cardamom coffee
1. Place water in a saucepan and bring
to the boil. Remove from heat and add
the coffee. Stir and return to a low heat.

Stir constantly, keeping a watchful eye.
2. When it comes to a boil again,
remove from the heat and skim. Return
to a gentle heat and slowly bring back
to a boil. Some say you should repeat
this process seven times, but we lack
the patience.
On the side
Coffee, ice cream and . . . grappa.
What could be better? The answer
may well be Tsipouro, a Greek eau de
vie made in a similar way. Some are
flavoured with resin or anise, though
we prefer it in its pure form, like the
one made by Apostolakis, imported
by Maltby & Greek.

ast year was a bit of
a shock for France’s
vignerons. After a decade
of increasingly warm
summers, ripe grapes and
full-bodied wines, nature tested
them to the hilt and finally
delivered a crop that struggled to
ripen, even though — thanks to
frost and the ravages of downy
mildew — it was far from generous.
It will be fascinating to see the
effect of a cool, grey summer on the
more ethereal wines of Burgundy.
But I’ve just come back from
Bordeaux, where I was tasting
embryonic 2021s (quite a
significant proportion of the classed
growths) as part of the annual en
primeur campaign.
I can report that habitual buyers
of red bordeaux are in for a shock
too. Gone is the opulence of the reds
made in 2018, 2019 and 2020 when
alcohols as high as 15 per cent were
not uncommon. These 2021s are
more likely to be
12 to 13 per cent
alcohol and, in
many cases, had
to be helped even
to this level by
the addition of
fermentable
sugar to the
fermentation
vat, a historic
practice called
chaptalisation
that was widely
deployed for the
first time since
1997.
There certainly
wasn’t any need to add acid, the
common recourse of winemakers in
hotter parts of the world. The
grapes had quite enough of that,
thanks to the cool, damp summer
in Bordeaux.
And the result? Red wines that
are very much lighter and tarter
than we have become accustomed
to. As Danish wine writer Peter
Winding put it to me, the wines are
“nice and old-fashioned but helped
by better techniques”. I should
point out that Winding is a
contemporary of mine.
I wonder how younger drinkers
raised on full-bodied red bordeaux
will respond to these lighter wines?
Or perhaps they give red bordeaux
a wide berth already, thanks to the
popular phenomenon known as
“bordeaux bashing”, which has
seen bordeaux virtually disappear
from hipper wine lists.
No one should mistake these
2021s for the scrawny, dull, pale red
wines made in 2013, the last truly
miserable Bordeaux vintage. In
2021, Bordeaux’s winemakers
clearly busted a gut to make the
best of a less-than-satisfactory
growing season. The Merlot grapes
may have been particularly ravaged
by mildew but producers with laterripening Cabernet grapes, whether
Cabernet Sauvignon on the left

Walking a fine line
Continued from page 2
had chauffeurs and assistants to look
after their pets all day. Nowadays, no
central parks admit dogs.
Dog-lovers have found ways around
the lack of open space. Next to the iconic
Workers’ Stadium, a short walk from
where I lived, there was, for a time, a
small green fenced-off area. Someone
had pried apart one of the fence railings,
creating an opening. There was an
unwritten schedule: afternoons,small
dogs; evenings, the big dogs played.
The only time I’ve been in trouble
with Haohao occurredin March 2020. It
was the beginning of the pandemic, and
I was walking him on one of our habitual
routes, while speaking to a colleague in
London on the phone. At the time,
domestic cases outside of Wuhan had
subsided but were surging internationally, and anti-foreigner sentiment was
brewing. Chatting away in English, I saw
a police officer running towards me.
“What country are you from?” he
barked.

My response was not the most considered: “What does it matter to you?”
As a foreigner in China, the police
have the right to check my passport —
which I am meant to carry at all times —
at any point. But I was annoyed at the
question of where I was from.
If I told him I was British rather than,
say, a New Zealander, would he start
treating me as a vector of disease?
In any case, my response clearly violated Zhu’s “don’t make enemies” rule.
The officer took out his phone and
scanned my face with an app. My visa
details and address came up immediately. “I’ll send an officer round to yours
tonight,” he said, and nodded at my dog.
“If he’s not out of there by then, we’ll
take him away.”
I took Haohao to the FT’s bureau in
the embassy district. We’d often spend
our days there together, me working,
him sprawling on the floor of my office
or, during summer months, on the cool
tiles of the corridor outside.
The FT bureau sits in what’s called a
“diplomatic residence compound”, a
vestige of regulations requiring that for-

eign media locate their offices in special
quarters. Diplomatic residence compounds are home to many large dogs,
and there is a sense among the residents
that inside them, dogs are safe from the
police. I left him there overnight.
The next morning, I returned to find
Haohao had done no worse than rip up a
copy of the previous week’s newspaper,
which I thought was proportionate to
my crime of leaving him alone. Luckily,
a colleague who lived in the same compound as the FT office allowed us to stay
for as long as we needed.
About three weeks later, after I’d
taken many walks around my old neighbourhood and seen that the police
officer I’d bumped into was not around,
I felt safe enough to move back.
In recent months, government killings of dogs have become a cultural
flashpoint, as highly contagious variants led to widespread emergency lockdowns. A video went viral in April of a
Covid worker in a white hazmat suit
beating a corgi to death on a street in
Shanghai; its owner had gone into quarantine. In another province, one owner

shared an account of Covid workers
bludgeoning her dog to death in her
apartment. Unsurprisingly, quarantinerelated concerns and strategies have lit
up the WeChat groups for pet-owners.
The barbarities in Shanghai were all
the more shocking because the city is
China’s richest and, with its international influence, has the most welcom-

A video went viral in
April of a Covid worker
in a white hazmat suit
beating a corgi to death
on a street in Shanghai

bank of the Gironde or Cabernet
Franc on the right bank, kept them
on the vine far longer than usual to
maximise ripeness after September
rains, right into October’s Indian
summer. Because the days are so
much shorter in October than
August, the month that usually
delivers final ripeness, this could
only go so far.
Optical sorting machines,
designed to eliminate imperfect
grapes, were marshalled. At organic
pioneer Ch Smith Haut-Lafitte in
Pessac-Léognan, they bought a
special, third sorter whose job was
to detect mildewed grapes by
measuring their density.
Downy mildew is the bane of
Bordeaux. Even organic producers
are, rather extraordinarily, allowed
to fight this common fungal vine
disease with copper-based sprays
(up to certain limits) when copper
can leave toxic residues in soils.
What with the cruel frosts of

April 7 and 8, as well, volumes were
already low. Then some producers
reduced theirs further by
concentrating such juice as there
was, either using special
concentrating machines, which had
sat unused for a decade or two, or
by bleeding off some of the lighter
juice, a technique known as saignée.
There is also the possibility,
perfectly legal, of blending the 2021
wine with up to 15 per cent of wine
from either the ripe 2020 vintage or
2022. Obviously, the 2021 cask
samples we tasted last month could
not have contained any 2022, but
perhaps some were beefed up by
the addition of a little 2020?
There was certainly huge
variation between different
appellations and different
châteaux, perhaps reflecting their
picking dates and how much they
could afford to eliminate from their
grand vin, the principal bottling.
The classed growths I was tasting
were each chateau’s grand vin.
(Many châteaux also make a
second wine and occasionally
a third.)
I split the tasting by appellation
with my colleague James Lawther,
so the wines I tasted systematically
were only those of Pessac-Léognan,
Moulis, Listrac, Margaux and StEstèphe — or rather the wines of

ing attitudes to dogs. Beijing, by contrast, is the country’s toughest megacity
for dog-keeping. Of the country’s firsttier cities, Shanghai and Shenzhen do
not restrict height, but each list over 20
forbidden breeds. Guangzhou restricts
dogs above 71cm in shoulder height.
Starbucks has 11 dog-friendly cafés in
Shanghai; in Beijing, just one. Shanghai
has also been mulling passing local petprotection laws.
In 2020, the city issued the first fine
for abandoning a dog.
Things pad along more slowly in the
capital, where all government enforcement is stricter, from pets to Covid
restrictions. In southern China, one can
say, “The mountains are high and the
emperor is far away.” Not so much on
the doorstep of the Forbidden City.
Beijing’s dog-lovers hope that the city
will operate more like Shenzhen or even
Shanghai. Some groups are pushing for
legislative change. Others are creating
cultural change: Zhu hopes his largegroup dog-training sessions can create a
new generation of well-behaved animals and responsible owners. Chen’s
café presents a model of how to balance
canine and human needs for socialising.
“We are trying to create a civilised
dog-owning space in Beijing,” Chen says.
Her phrasing makes me think of the

those appellations whose producers
deigned to submit them to the
Union des Grands Crus de
Bordeaux tasting for wine writers
at the Cité du Vin. There were some
real successes, but others were not
just slim but skinny.
Domaine de Chevalier produced
a pair of stunning 2021s, both red
and white. This Pessac-Léognan
property has a record of producing
exceptionally long-lived wines. StEstèphe seemed to be an extremely
successful appellation, perhaps
partly because of its reliance on
Cabernet Sauvignon.
I did not taste either of the giants
of St-Estèphe, Chx Montrose and
Cos d’Estournel, but I was very
impressed by two of the less
glamorous names, Chx de Pez and
Meyney, the latter over performing
generally in recent years.
But the real takeaway from
what I tasted is that 2021 is
a brilliant vintage for white
bordeaux,
whether dry or
sweet. High levels
of acid are a
bonus for white
wines, unlike for
most reds. The
dry whites, all
picked before late
September’s
heavy rain, were
delightfully
aromatic and full
of fruit and zest,
with great
mastery of oak
and none of the
Leon Edler
flab found in
some riper vintages.
And the sweet wines, made in
even smaller quantities than the
reds, are truly superb. Poor
Ch Climens, usually a top
performer, made “not an ounce” of
sweet wine, according to chatelaine
Bérénice Lurton.
A yield of less than one hectolitre
per hectare for the grand vin is
reported at top performer
Ch Suduiraut (whose selling price is
sometimes lower than the cost of
production, so unfashionable are
sweet wines).
Sauternes suffered badly from
frost, exacerbated by summer hail,
in 2021. But the September rains
encouraged the development of the
noble rot crucial to fine sweet
bordeaux, while the Indian summer
concentrated everything so that the
quality of the grapes picked in
October was exceptional.
Alas the en primeur campaign
tends to concentrate on red
wines, but with the 2021s I would
suggest you look very seriously at
the whites, which are already
delicious but should have quite
a future too.
For Jancis’s Bordeaux selection, find
this column and previous ones online
at ft.com/jancis-robinson
Stockists at wine-searcher.com

various early 20th-century political
movements calling for a more “modern
and civilised” China, as the country
emerged from the colonial injustices of
the Qing dynasty.
Leaving China with a dog has got
trickier. Flights are cancelled all the
time, and spaces for pets in cabin holds
are in high demand. Many pets have
been stranded, while their owners were
locked down abroad, leading to a backlog of dogs stuck in Beijing kennels,
awaiting flight volunteers.
When I finally left in April, I flew from
Beijing to Paris with Haohao, along with
two extra dogs from a long waiting list at
Kevin’s Home Pet Express, a pet-travel
company based in Beijing.
After landing at Charles de Gaulle,
Haohao was back to his normal self as
soon as I let him out of his cage. At the
Eurotunnel check-in, a “Pet Reception”
quickly dealt with his veterinary papers.
A sign in the canteen read “We love
pets”. Haohao sat upright in the front
seat of my father’s car as we drove back
to the UK. I watched him sitting there,
on his way to a new life, a new home,
with nothing to hide.
Yuan Yang is the FT’s deputy Beijing
bureau chief. Additional reporting
by Nian Liu

23

★

7 May/8 May 2022

The intimate business
of sex on screen
Jan Dalley
Fourth estate

L
Getty

SNAPSHOT

‘A Very British
Picnic’ (1970)

A Very British Picnic pays tribute to a
national passion for eating outside, in
defiance of inclement weather and
traditionally repressive social
etiquette. This archive collection
from Hoxton Mini Press’s Vintage
Britain series portrays another side of
the island’s “stiff upper lip” — an
underlying streak of proud, playful
eccentricity. From an Edwardian
spread replete with straw boaters and
bone china to the Coca-Cola and
Bakelite of the postwar period, A Very

British Picnic illustrates the tenacious
bond between Britons and their green
and pleasant land. Furnished with
sagging deckchairs, soggy tartan and
lukewarm tea, picnic-makers across
the ages find a site of quiet rebellion,
breaking with both decorum and
common sense in the spirit of
community.
Áine Kim Kennedy
‘A Very British Picnic’ is published by
Hoxton Mini Press

The wisdom of
keeping schtum
Jo Ellison
Trending

I

have spent recent days in the
company of some strong, silent
types. Not in real life, you
understand, which has been filled
with the usual cacophony. But the
qualities of stoicism, reserve and silent
service are much discussed in two
books that have just been published.
The first, The Palace Papers, by former
magazine editor and writer Tina
Brown, sweeps through 20 years of
tumult within the house of Windsor to
offer a verdict on the royal house’s
health; the other, a biography of Condé
Nast’s reigning editrix, Anna Wintour,
by Amy Odell, tries to understand the
making of one of the most powerful
women in modern media, who, it
transpires, is as stubbornly inscrutable
behind her trademark sunglasses as
any queen.
“The mystery of royalty was
preserved by the maxim ‘Never
complain, never explain’,” writes
Brown in an early chapter before going
on to explain, over more than 400
pages, just what makes the Windsors
tick. The big takeaway is that Queen
Elizabeth II rarely shows candour,
avoids emotional confrontation,
especially within her family, and has a
sense of duty which is expressed via an
absolute sacrifice of self.
“The Queen opts in public to show
very little emotion at all,” writes
Brown, who spent two years
interviewing dozens of royal
acquaintances, former employees,
politicians and current servants of the
household to produce a gripping
portrait of the Windsors’ rather
bourgeois and banal domestic life. “We
are never tired, and we all love
hospitals,” observed Queen Mary, the
Queen’s grandmother, of the royal
agenda, which is governed by a waspish
retinue of royal servants who seem
mainly interested in the accretion of
their own influence.
Everyone has much to say about the
Queen, but as one of history’s longestserving monarchs, few knock her
commitment to the job. Her family has
been mired in successive scandals, but
she has steadfastly stuck around. “Her
epic stoicism has come to signify the

endurance of the nation,” writes
Brown. “The power of a royal silence is
the monarchy’s ultimate mystique.”
Wintour has adopted a similar
strategy in her ascension. Odell’s book,
a grand but ultimately glancing study
of the Vogue editor, makes frequent
reference to Wintour’s implacable
demeanour, her quiet professionalism
and the fact that no-one can really
figure her out. Like the Queen,
Wintour had a powerful father
(Charles Wintour, editor of London’s
Evening Standard newspaper), and like
the Queen, she was not academically
bright. Like the Queen, she was born
into privilege. And like the Queen, she
has always used silence to solidify her
grip on power. “She didn’t want to be
part of a group that existed,” recalls a
school friend of the teenage Wintour,

The Queen seems to live in
some state of frugal ecstasy,
denying herself pleasure or
personal expression
before the sunglasses, but already
bobbed. “She wanted to be in her own
rarefied air . . . that’s part of the
mystique.”
Ah, the feminine mystique. The
power of saying naught. I find it slightly
depressing to think that two of the
world’s most famous women remain
alluring only because they keep
schtum. Perhaps it’s symptomatic of
our British weakness for cold
governess-y women who can chide us
into bettering ourselves. The Queen
seems to live in some state of frugal
ecstasy, denying herself any pleasure or
personal expression except when
communicating with a horse. Wintour’s
seismic silences are said to stem from
shyness, although as Odell writes, she
has as often employed it to seduce and/
or intimidate.
Anyway — it all sounds so controlled
and boring. I couldn’t possibly be the
Queen. Such a gruelling existence of
cutting ribbons, looking neutral and
being careful would cause me an

irreparable speech impairment from
having to bite my tongue. Neither, if
Odell’s book is anything to go by, do I
much fancy being Wintour, who must
be exhausted by so much withering
and managing all those emissaries to
communicate her will.
Such frosty exclusivism is appalling
when considering the politics of the
modern workplace, but recent years
have seen the glacial Wintour begin to
thaw. Odell’s book makes much of
the humanising moment following
Donald Trump’s election, when
Wintour summoned everyone to the
office early the morning after, made a
speech and then broke down in tears.
And this week, in the full glare of the
Odell publication, she reigned over her
annual ball. A fundraiser for the
Metropolitan Museum of Art’s
Costume Institute, the Met Gala —
which Wintour has presided over since
the 1990s — has so elevated her
standing, the first Monday in May is
now known by some as “Anna Wintour
Day”. In Odell’s telling, its
administration seems a gruesome
power-play of celebrity demands,
micromanagement and passive
aggression over which Wintour
controls everything from frocks to
flowers. It is the fullest expression of
her sovereignty, but while her control
at Condé Nast has deepened and
intensified since her accession in 1988,
some would argue the empire over
which she holds dominion has grown
smaller and less impactful with each
subsequent decade.
Like the Queen, Wintour has cycled
through an era of extraordinary change
and tumult. And like the Queen, she
grins and bears it: Wintour’s not going
anywhere. On Monday night, she
offered a rare smile to the
photographers and switched out her
sunglasses for a tiara. And, in keeping
with her stoic nature, said a customary
nothing at all.
Email Jo at jo.ellison@ft.com
Jo Ellison is in conversation with Tina
Brown and Simon Schama at the
inaugural edition of the FTWeekend’s US
Festival on Saturday May 7

Are you listening to the FT Weekend podcast?
This week, Lilah Raptopoulos
interviews the directors of the film
Everything Everywhere All at
Once: Daniel Kwan and Daniel
Schienert, also known as Daniels.
Their film, starring Michelle Yeoh
and Jamie Lee Curtis, has received

rave reviews for combining genres
from indie family comedy to sci-fi
to kung fu. Then, our colleagues
Leo Lewis and Eri Sugiura join us
from Tokyo to explain Japan’s
small business crisis. Eighty per
cent of Japan’s economy is made

up of small and medium-sized
businesses, mostly family-owned.
But many of the owners’ children
don’t want to inherit them. What
are the ripple effects? Listen
wherever you get your podcasts,
or at ft.com/ftweekendpodcast

Chess solution 2468 1....Qf2! wins on material for Black. If then 2 Qxg6!? then not 2...hxg6?? 3 Nxg6 mate but 2....Qf1+! and mates.

ate evening, in a restaurant
somewhere, and the
conversation turns to kissing.
And film. One of the group,
a celebrated historian,
regales the assembled friends with a
tale of how, in his 1950s boyhood, the
films of the era led him to think that
a fierce gum-to-gum press with a
tightly closed mouth was how it’s done.
Films, we all agreed, teach eager
kids about sex — as well as about
relationships and the wider world.
Now, we have to extend that remit
to all sorts of screens: these days, TV
is often more sexually explicit than
mainstream cinema. And then there’s
the whole online world.
But what do they teach? It seems
odd, given the apparent prevalence
of sex in our swipe-right culture, but
Hollywood now portrays less sex than
at any time since the 1960s, according
to some commentators. Distributors
don’t want an adults-only rating, it
seems, and there’s a nervousness about
different cultures. In some parts of the
world you can’t show a passionate kiss,
although it’s no problem to show
someone’s head being blown off.
You could call it Puritanism
(children of the Sixties do) or you
could call it increased awareness of
the dark side of sexual freedoms. The
#MeToo movement has prompted
the emergence of a new professional
in the film industry: the intimacy coordinator. The “IC” helps to direct sex
scenes, basically, just as fight directors
coach actors in swordplay and biffing.
Let’s say it, right away — the comic
potential of an intimacy co-ordinator is
almost limitless. Especially for people
like me who think sex is more often

than not very funny. The new TV show
Ten Percent — a Brit spin-off of the great
French series Call My Agent! — gets
stuck in, in an early episode, with
a hilariously cringeworthy scene in
which an IC is trying to coach a pair
of reluctant actors: “Now move your
hand up . . . no, no, not there . . . ”
Just the term itself is enough to float
a thousand quips: look around and
you’ll see so many areas where
intimacy needs co-ordinating
(Vladimir Putin’s conference table?)
and so many 21st-century growth
industries devoted to just that (dating
sites? psychotherapy?).
But beyond coaxing inept actors into

‘There are protocols for
working with violence,
yet there were none when
working with intimacy’
pretending to love each other, the ICs
are there for their protection. In recent
years a parade of big names — Nicole
Kidman, Alicia Vikander, Claire Foy,
Ruth Wilson and more — have come
out to talk about feeling exploited
(certainly emotionally, sometimes
physically) during close-quarters
performance. So the ICs, somewhere
between a choreographer (as they
often describe themselves), an umpire
and a therapist, have plenty to do.
The advent of the ICs is a very long
way from the bad old days: in 1986,
a heart-wrenching article in The New
York Times revealed the trauma of
Kim Basinger during the filming of
9½ Weeks — when director Adrian Lyne

apparently did all he could to ramp up
the actress’s fear and anxiety so that
the sex scenes would be supercharged.
Basinger, like Maria Schneider in Last
Tango in Paris and so many others, was
at the mercy of a male director and
male co-star in situations that
amounted to outright abuse.
A number of ICs seem to be former
fight directors — the synergies are
obvious. Among them, Lizzy Talbot,
IC on Bridgerton and choreographer of
some memorably steamy moments
between Phoebe Dynevor and RegéJean Page, has pointed out the logic of
her career shift: “There are so many
protocols and procedures and
techniques when working with
violence, yet there were absolutely
none when working with intimacy.”
Protection on one side of the camera
is important: it’s even more so at the
consumers’ end of things. The 5Rights
Foundation, brainchild of Beeban
Kidron (a film-maker and member of
the House of Lords) has scored a win in
its quest to protect children and young
people from screen harms of all sorts.
After successfully introducing UK
legislation to force companies to
consider children’s protection in the
design of digital services, it’s going
international: there was a vote in
California’s State Assembly last month
in favour of its Age Appropriate Design
Code. And on May 16, the 5Rights
Foundation launches its Global Child
Online Safety Toolkit.
If young people are going to learn
about life — including sex — from their
screens, it needs to be in safety. After
that, there’s always summer camp.
jan.dalley@ft.com; Janan Ganesh is away

24

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7 May/8 May 2022

Saturday 7 May / Sunday 8 May 2022

Creative spirits The eighth annual London Craft Week — ARTISANS PAGE 8
Follow us on Instagram @ft_houseandhome

I
Too rich

The home of prime property: propertylistings.ft.com

and too
thin?

Architecture | The latest New York
‘supertall’ is the skinniest yet, a
deposit of unimaginable wealth in
the sky that is divorced from the life
of the city below. By Edwin Heathcote

t can look like there’s a glitch where
the Manhattan skyline meets the
southern edge of Central Park, as if
the image of the city is breaking up
with shiny bars of static appearing
and shifting across the screen. That
Midtown skyline, for so long anchored
by the gleaming, illuminated, exuberant crowns of the Chrysler and the
Empire State buildings, has been distorted by a new row of skinnyscrapers.
“Make no little plans,” said the 19thcentury US architect Daniel Burnham,
“they have no magic to stir men’s
blood.” But these towers do have little
plans, tiny plans, in fact. Yet they also
appear to have some magic: albeit the
latest of them has been compared to a
coffee rather than a blood stirrer.
The just-completed 111 W 57th is an
impossibly slender stick with a crown
that resembles a pack of very narrow
cards in mid-shuffle. Its ethereal profile
makes it the purest illustration of architecture as an expression of surplus capital. It is as if the wealth that has recently
been accruing to the very wealthiest, in
Pikettian terms r>g, were represented
as a graph and built in three dimensions:
wealth manifesting as solid form.
Of course, money has always been
manifested in architecture, through
scale, luxury and labour. But here it
achieves its endpoint, its most exquisite and extruded expression. The latest spike in the unhealthy ECG skyline
of Manhattan’s wealth-check joins the
others in Billionaires’ Row, which
kicked off with One57 in 2014 and
includes Central Park Tower and 220
Central Park South.

111 W 57th rises 1,428ft from a glass
sliver squeezed out of the side of Steinway Hall and it ends in a feathered
crown that peters out into a web of
diaphanous bronze. It is, in its way, quite
brilliant. Superbly engineered, elegantly designed. But what exactly is in this
exquisitely extruded stick? What does it
mean? What does this extreme architecture tell us about Manhattan now?
“The Supertalls”, Sharon Zukin, a
sociologist, writer and academic, tells
me, “help to create a subjective legitimacy for New York as the capital of
capital . . . [but] they look out of proportion with human experience. As I
walk around and see these needles
piercing the skyline I try not to react
emotionally but they monopolise the
sky and rob us of sunlight.”
The supertalls do certainly exert an
outsize presence on the city. Their visual
impact is out of whack with their
engagement, their effect on citizens who
will never be invited into them.
“The first thing you have to understand,” says David Madden, an ex-New
Yorker and professor of sociology at the
London School of Economics, “is that
this isn’t housing. It isn’t serving any
social purpose. It’s a luxury good, more
like a land-bound yacht.”
Madden points me towards a neat
phrase coined by urban planner Samuel
Stein: “vertical sprawl”, the uncontrolled growth of a city not outwards but
upwards. “I’m not opposed to the height
at all,” Madden says, “it’s that the height
has been wasted.”
111 W 57th is the apotheosis of the
city understood as real estate value

Follow us on Twitter @FTProperty

rather than urbanity. These buildings,
aimed at an often-absent class of superrich, are often dismissed as safe deposit
boxes in the sky. But is that a little simplistic? Is there really no more to it than
stacked cash?
After all, the developer of the site,
JDS, has expensively and carefully
retained the impressive 1925 Steinway
Building, designed by Warren and Wetmore, architects of Grand Central Terminal and the Helmsley Building for
the eponymous piano manufacturer.

‘This isn’t housing. It isn’t
serving any social purpose.
It’s a luxury good, more like
a land-bound yacht’
Once a mix of retail, warehouse and
recital space, it now includes the grand,
domed restored Steinway Hall and 16
storeys of stone-clad space transformed into private amenities, 14
apartments and some retail.
When you look up close you see that
the tower, containing 46 condos, which
looks so smooth and ethereal from afar,
is actually clad in strips of complex terracotta moulding, with spiralling forms
intended to evoke those on the NeoGothic Woolworth Building. The twists
create turbulence to deflect the direct
power of the wind, breaking it up across
the surface. And that crown, the deck of
cards with its stepped profile, is a gentle
nod to the setbacks of the great Art
Deco skyscrapers.

Each apartment has (at least) a floor
to itself, interiors by Studio Sofield and
its own elevator entrance. These are
homes lifted above the physicality of the
city and deliberately denuded of the possibility of accidental encounter with a
neighbour or an ordinary citizen.
The apartments are marketed
through their views across the city
in every direction, astonishing yet
divorced from the visceral experience of
New York itself. That disembodied view,
floating over but alienated from the city,
is its essence: the park, the skyline, the
Hudson and East Rivers, the rows of red
brake-lights one way and white headlights the other, all appear as spectacular representations. The map, not the
territory; soundless, stripped of smell or
sensation. The view is owned in perpetuity because nothing can be built on the
park to the north and most of the airrights to either side have been bought up
to facilitate the tower’s great height.
The interior designers have appeared
to struggle a little with the corporate
nature of the glass curtain wall (unlike,
say, at 432 Park, where the windows
appear as squares punched into a blank
solid facade). Floor-to-ceiling glass captures the view but never feels quite like
home. Studio Sofield attempts to create
a sense of domesticity through the more
private bathrooms in which the walls
and fittings are of Italian onyx, its
extreme weight in strange contrast to
the lightness of the glass walls elsewhere. The building is branded right
down to the bronze door handles, which
Continued on page 2

Photo by David Sundberg/Esto

2

★

FTWeekend

7 May/8 May 2022

House Home

Where to buy art
when you can’t
afford a Bronzino

Luke Edward Hall
Questions of taste

Inside

What’s your view on
printing services that
reproduce work that
is either unobtainable
or prohibitively
expensive? Do you
have any other tips
for finding affordable
art for your walls?
To be honest, when
I look at art
reproduction websites,
I’m left very confused
— there is so much
choice, I flounder around and give up
after a few clicks. I also don’t really see
the point in printing reproductions. It
feels odd to me. I sympathise, of
course, and completely understand
that you might feel strongly about
certain works of art that you (almost
definitely) won’t ever be able to own.
I found myself wandering the hushed
corridors of the loveliest galleries and
palaces of Florence a few weekends
ago, and over lunch one day I began a
list in my head, counting off the
paintings I would have loved to have
tied to my back and sprinted off with
through the Boboli Gardens, past the
fountains and pools and mossy statues.
This list didn’t pain me, though. I’d love
to own a Bronzino, obviously, but I
really don’t mind that I never will.
There are plenty of other wonderful
things out there.
In Florence, just around the corner
from the Pitti Palace, I bought a 19thcentury painting of a sleeping ancient

Greek mortal. I have to admit that
I audibly shrieked when I found it
hidden in the gloom of an antiques
shop on dusty Via Maggio.
The next day I was back in the same
spot and noticed around the corner
another very beautiful painting of
the same chap in a smart gallery’s
window. It was clearly much older
than mine, much bigger, much better,
and no doubt worth about 30 or 40
times the price I paid for my humble
little version.
The smart gallery was closed, thank
the gods on Olympus, so I couldn’t
even check. Yet, the painting I came
home with I still find extremely
beautiful; it called to me, and it suits
me perfectly.
Wouldn’t it be better to buy works
that won’t break you financially and
that you still connect with? I much
prefer the idea of hunting down things
that make you fall madly in love (like
my sleeping mortal), as opposed to

choosing a famous
Da Vinci from some
media library and
clicking “print”.
Plus, why have a
cheap reproduction on
your wall that isn’t
worth a cent? My
advice? Load up on
postcards in the
museum shops, stick
them proudly on your
fridge, but collect
proper art for
your walls.
Where to start? There are so many
brilliant options out there. Let’s begin
with old things. There are many
websites to turn to, either to buy or
window shop. One such place is Foster
& Gane, a mother-and-son duo who
source and sell decorative antiques and
20th-century design. On my wish list?
A framed, finely cut silhouette of a
black cat on blue card, from the late
19th or early 20th century.
For modern British, I recommend
Zuleika Gallery, whose headquarters
are in Woodstock, Oxfordshire. (I’m
currently lusting after one of their
wonderful Howard Hodgkin handpulled silkscreen prints.)
Check Glassette, which mostly acts
as a curated platform for a multitude of
designers to sell their tableware,
lighting and soft furnishings. Cofounder Laura Jackson recently
launched the website’s Art Kiosk.
Jackson, writing on Instagram, says she
is working to bring customers

Look for things that
make you fall in love
instead of choosing
a famous Da Vinci
from a media library
and clicking ‘print‘

(Main) ‘The Ice Cream and
the Green Car, Ireland’
by Lily Bertrand-Webb;
Rosie Harbottle’s
‘Summer Flowers’
Partnership Editions; Glassette

affordable original art that feels
inclusive and attainable. My pick?
I very much like Rosie Harbottle’s
“Summer Flowers”, made with
gouache and oil pastels in the artist’s
Dartmoor studio.
Where else to look? Partnership
Editions, a great source for affordable
originals and prints, is continually
evolving, and now offers artist-made
homeware as well as photography.
I’m a fan of photographer Lily
Bertrand-Webb’s work, and have my
eye on “The Ice Cream and the Green
Car, Ireland”.
I also suggest doing good research
using tools such as Instagram. For all
its failings, Instagram is still an
excellent place to come across things,
places and people that will inspire.
Find artists whose work you like —
I know many that will sell pieces via
direct message, others sell via galleries
or have their own online shops (such
as my friend Gavin Houghton, who
paints, draws and makes wonderful
ceramic plates, mugs, vases and
decorative bits and pieces).
Step away from reproductions. Buy
art that speaks to you on an emotional
level. Look for old pieces with
character and warmth, and support
living artists by buying their work. This
is all going to be much more rewarding
for you. Enjoy the process!
If you have a question for Luke about
design and stylish living, email him at
lukeedward.hall@ft.com. Follow him on
Instagram @lukeedwardhall

Too rich,
too thin?
Continued from page 1

Homes for sale at the World Heritage
Site famous for fossils and landforms

Page 6

‘The supertalls have killed
57th Street; the restaurants
have closed and the only
people around are doormen’

Capital crafts

London Craft Week returns for its
eighth edition

Page 8

In the night garden

Use lighting sparingly and make sure it
is wildlife-friendly

Page 9

Robin Lane Fox

The Henley Matterhorn and other
eccentric English gardens

machine that makes the land pay”. But
this is less the machine itself than a
blade, a drillbit. With a plan-to-height
ratio of 1:24 it is the slimmest of the pencil towers, the skinniest ever built. The
previous record holder, Hong Kong’s
Highcliff Tower, had a ratio of 1:20, 432
Park Avenue only 1:15.
The profile may be slim, but the
apartments are pretty big. Prices range
from $7.75mn to $66mn, with the
cheaper ones in the historic building
below and the most expensive being the
triplex penthouse (eight bedrooms, 10
bathrooms) at the top. The tower apartments measure 4,492 sq ft (417 sq m), a
bit more than five times the size of an
average Manhattan rental apartment.
There are three bedrooms, a Great
Hall and the usual accoutrements of
luxury living, from dressing rooms to an
oversupply of WCs.
Bigger than most of the grandest condos in the historic co-ops, these kinds
of purchases do not subject their
potential owners to the same scrutiny
as those notoriously fussy co-op
boards. The apartments can be bought
through offshore entities, their ultimate owners obscured, along with the
sources of their wealth. And, like much
of Billionaires’ Row, they will probably
remain largely empty. “These are not
apartments for New Yorkers,” says
sociologist, urbanist, author and near
neighbour Richard Sennett.
There have been suggestions that this
is an exemplar of density, a hint to the
future of city centres. Gregg Pasquarelli,
one of the founders of SHoP, the architects of 111, tells me that the tower “occupies only the space of perhaps three
brownstones”. In other words, to accom-

Page 10

50 OBJECTS
FROM AROUND
THE WORLD
#28: Air-conditioning unit

House & Home Unlocked
FT subscribers can sign up for our weekly email
newsletter containing guides to the global
property market, distinctive architecture, interior
design and gardens.
Go to ft.com/newsletters

In mid-1960s Japan, Toshiba
engineers gave up their holidays to go
to work. They crawled on the floor to
measure door sills. They even flooded
a division director’s home during
prototype testing. Their mission: to
redesign the air-conditioning unit.
Puzzled by air-con’s failure to become
as ubiquitous as other white goods

modate this many HNWIs at street level
would take up an entire city block.
“The problem with super-thin high
rises,” writes Samuel Stein in an essay
for The Baffler, “is not their size per se,
it’s that so few people live in them.”
Stein compares it to a kind of vertical
suburbanism. But the residents at 111 W
57th eschew the gardens and attics of a
house for those views. These are maximum security units, with only a single
point of entry at street level (and, worryingly, only a single stair for escape). Is
it better to isolate billionaires into a very
visible landmark taking up minimal
space at ground level rather than occupying entire rows of under-inhabited
housing? And surely no one would argue

such as the refrigerator, the company
had concluded that higher sales
depended on a unit customers could
install themselves.
The results of their efforts, the SetFree Room Air Conditioner (on display
at the Toshiba Science Museum in
Kawasaki) was a vision of mid-century
modern styling. Finished in quilted
black plastic, with shiny chrome
panels and knobs, it was designed to
seduce, more music speaker or
cocktail cabinet than white good.
Did anyone really have to be
persuaded of the delights of
artificially cooled air? It has come to
feel like a human right for many. In
2018 there were 1.2bn air-con units

that if this tower had not been built, the
site would have been given over to social
or affordable housing.
“The supertalls have killed 57th
Street”, says Sennett. “It used to be a
cosmopolitan neighbourhood of actors’
studios, small offices, studio workshops,
housing . . . now it’s only chain stores,
the little restaurants have all closed and
the only people around are doormen.
The towers represent an absence, of
their residents and of what has become
a ghost street.”
Yet the tower has received remarkably
good press. Pasquarelli is understandably pleased with it: “A century ago people were complaining about the condo
co-ops on Fifth Avenue, about knocking
down brownstones and single-family
dwellings. When your city stops changing that’s when you should be worried.”
There have been gushing editorials
about its slender profile, its elegant echo
of Deco, the fineness of its terracotta and
bronze facade. Its engineering is an
incredible feat, made possible by
advances in concrete technology and by
a new generation of lift cables which
were once woven of heavy steel but can
now been made of lightweight carbonfibre. In contrast to this new lightness
there is also the tuned mass damper, an
800 tonne vertical slab of steel that
slows down the sway of the slender
tower in the wind (it still sways, but perhaps less noticeably).
There are criticisms of the long shadows cast over Central Park but, in truth,
the slimness of the tower means the
darkness passes fast, moving across the
grass and casting far less shade than the
stubby condo towers that were previously the default type. There may be

globally, predicted to rise to 4.5bn by
2050. Deep-sea fishing, archives,
medical labs, mining and Silicon Valley
couldn’t exist without it. But for much
of air-con’s history, its shiver-inducing
caress was slow to catch on.
The term “air conditioning” was
coined in 1906 by Stuart W Cramer, a
North Carolina cotton mill engineer
seeking to alleviate the mills’
sweltering heat via a water-spray
humidifier. But it wasn’t until 1922 that
Willis Carrier’s centrifugal compressor
led to more widespread use in
industries, businesses and cinemas.
Scepticism prevailed, however.
When he unveiled his system at the
Rivoli Theatre in 1925, aiming to help

(Clockwise from
above) Model
residence in the
111 W 57th
(architects
SHoP, interiors
Studio Sofield),
with its views of
Central Park;
the same view
c1950; ‘the
building is
branded right
down to the
bronze door
handles’ — Peter
Murdocktif; Bettmann
Archive/Getty Images

Broadway’s summer slump, spectators
arrived armed with handheld fans. But
they quickly dropped into laps as the
air-con kicked in.
Domestic sales only rose after
the second world war, when units
became smaller, cheaper and quieter.
Developers also realised that, as the

legitimate concern about the way in
which these towers commodify a view of
Central Park, which is a public amenity
funded by those who pay taxes here, a
building that casts shade but gives little
back to the city. It also wasn’t a great
look that SHoP managed to stymie an
attempt by its architectural workers to
unionise during construction of this
tower for the super-wealthy.
But perhaps the real critique here is of
the lost potential of the skyscraper. Sennett refers to the difference between Billionaires’ Row and the Rockefeller
Center, a place of constant public and
civic activity. In Rem Koolhaas’s 1978
book Delirious New York, written as the
city was mired in bankruptcy but while
its cultural scene was, arguably, at its
apex, the Dutch architect argued that
the skyscraper contained all the potential of a self-contained city. A “social
condenser” is what he called it: “A
machine to generate and intensify desirable forms of human intercourse.”
The slender profile of 111 W 57th represents the proud nail in the coffin of
that potential. It transforms an archetype which was, since its birth at the
end of the 19th century, a container
built to accommodate the complex
needs of the contemporary metropolis.
The skyscrapers of the golden era, the
1920s and 1930s, aspired to the condition of the vertical city, connecting the
street to the sky via a labyrinth of corridors and arcades, shops, hotels, restaurants, subways, studios, theatres and,
of course, offices with their own set of
stratifications from secretaries to executives. This skinny tower aspires to
something very different, the exclusion of the 99.99 per cent.
Ultimately, this is a skyscraper that
has been built because it was possible,
physically, economically and politically,
to build it. Finance and engineering collide in the refinement of a new, very contemporary type of tower. It is, in its way,
just as emblematic of its time as the
buildings of the 1920s were of theirs.
The economies of global cities are built
on real estate, that is how they maintain
growth. These towers may look insubstantial, but this is not a glitch. It is the
new reality in which unimaginable
wealth towers over the city uncontained, not by accident but by design.
Edwin Heathcote is the FT’s architecture
and design critic

American Institute of Architects wrote
in 1973, “the brute application of more
air conditioning” could make even the
most poorly designed buildings liveable.
Utility companies began to promote
air-con, seeing that it could lock in
energy use. The US now uses as much
energy for air conditioning as the UK
uses in total. Meanwhile, Singapore
has overtaken the US as the nation
with most units per head.
This has, of course, also locked in
fossil fuel dependency. Can today’s
engineers find a way to reduce that
while retaining the chill embrace of air
conditioning’s frosted coils?
Kate Worsley
toshiba-mirai-kagakukan.jp/en

ClassicStock/Alamy

England’s Jurassic Coast

appear in the stepped form of the tower
itself. Their Art Deco evocation seems
an attempt to commodify the identity of
the building and reduce it, quite literally, to something you can hold in your
hand. It’s another kind of ownership:
logo architecture.
The extreme slenderness of this tower
is a form made logical only by the insane
real estate prices of this neighbourhood.
Cass Gilbert, architect of the 1912 Woolworth Building, cited by the architects
as an inspiration, said “a skyscraper is a

★

7 May/8 May 2022

3

FTWeekend

House Home
Mallorca property | As Covid
rules ease, foreign buyers are
back in force on the Balearic
island, but locals are priced
out. By Zoe Dare Hall

I

t takes steely resolve, and thighs to
match, to join the packs of cyclists
who hurtle around the hills of northern Mallorca. Now is peak season,
before the summer heat kicks in,
and Puerto Pollensa is the hub. The
beachfront town is home to more than a
dozen state of the art bike workshops. At
Tolo’s, a local cyclists’ café, Lycra-clad
groups sit alongside a rack of their highperformance bikes, contemplating
views over Caribbean-blue sea before
scaling the Tramuntana mountains.
“It’s a very social sport and many of us
go out for a quick ride on weekdays and
longer ones over the weekends,” says
Pollensa-born Mar Suau, 48, the owner

Cycling is big business — in
2019, 200,000 visiting
cyclists generated €300mn
for the local economy
of Son Brull boutique hotel, a converted
18th-century monastery, and founder
of Foodie Cycling, whose tours combine
more leisurely pedalling with an appreciation of local gastronomy.
Cycling is big business in Mallorca — in
2019, 200,000 visiting cyclists generated
€300mn for the local economy, according to the tourism ministry. But it’s also a
religion of sorts, and, according to Suau,
its local point of pilgrimage is Formentor
lighthouse, a 35km ascent to 1,000m
above sea level on the island’s northeastern tip. “It’s an amazing winding
road ride. An epic climb,” she says.
The sport has also been a draw for
homebuyers. Stuart Jenkins, sales director at Balearic Properties, claims to have
sold properties in Puerto Pollensa “to
most of the key names in British cycling”
who like to “head straight out of their
apartments into the mountains”.
For cyclists and non-cyclists, the
property market in the largest Balearic
island has been freewheeling in recent
months. The number of homes sold last
year was 12 per cent higher than in 2019,
with the total value of those homes
jumping 59 per cent, according to

Where the hills meet the sea
(Clockwise from
above) Cyclists
make the climb
to the lighthouse
at the top of Cap
de Formentor;
Port d’Andratx;
the market town
of Santanyí
Peter Kovac/Alamy;
Getty Images/iStockphoto;
Shutterstock/Konstantin
Tronin

government figures. In January this
year, the average house price was 23 per
cent up on January 2021, according to
the Spanish notaries’ association.
Estate agency Engel & Völkers
recorded €1bn worth of transactions on
Mallorca in 2021, 63 per cent more than
in 2019 — and more than any time in its
30-year history on the island.
Between July and September last year,
the average property price in the Balearics as a whole was 7 per cent higher than
in the same period in 2020, according to
Spain’s National Institute of Statistics.
But in Mallorca’s prime market — which
encompasses most sales to foreign buyers — prices for villas and country
houses have increased by 15-20 per
cent, says Gary Hobson, managing
director at Engel & Völkers North Mallorca. Prices for apartments, meanwhile, have stayed flat. “Since Covid,

buyers have wanted space — lots of it,”
Hobson says.
The new ban on issuing holiday rental
licences until 2026 is expected to push
up prices of already-licensed properties.
says Jenkins. He estimates the premium
Formentor
lighthouse
Puerto
Pollensa

Es Barcares
Sa Pobla

Son Vida

M A L LO R C A

Palma
Port
d’Andratx
Santanyí
Mediterranean Sea
©Mapcreator.io/©HERE

20 km

for sub-€2mn properties with a licence
— versus one without — is around 20 per
cent. “Above €2mn, rental [income] is
less important to buyers,” he adds.
Northern Mallorca is an active place
at the best of times — weekends are

awash with kitesurfers, triathletes or
hiking groups heading for the hills. But
it feels busy now in a way Jenkins says he
hasn’t known it in 11 years. “Parking in
Palma [the capital] at the moment is as
difficult as it usually is in peak summer,”
he says. In the property market too,
buyers have returned with gusto after
being held back by Covid restrictions.
The problem local estate agents are
having is finding enough homes for sale.
“Inventory levels are the lowest I’ve
seen in my 17 years of selling property
here,” says Andrea Berchtold, partner at
Luxury Estates Mallorca. “Many owners
are holding off from selling in case
prices go even higher.”
While the distance between the
north-east and south-west of the island
is small — Puerto Pollensa is only about
70 minutes’ drive from Port d’Andratx,
a harbour town popular with high-end
German buyers — “there’s a big difference between north and south,” says
Berchtold. “The south is close to Palma
and the airport, has better infrastructure and everything is open all year,” she
says. Buyers in the south-west will pay
high prices for that all-round convenience. Good sea-view plots in the southwest cost €3mn-€4mn, and buyers will
then build villas worth €8mn-€12mn,
says Berchtold.
German buyers often head to the market town of Santanyí in the south-east,
“an area known as the ‘Hamburg hills’,”
she adds, where you can buy a modern
two-bedroom villa for €795,000.
The north, on the other hand, appeals
to those wanting “the country life”, says
Hobson. “It’s where the mountains meet
the sea. It’s more understated, for people
who like a sense of space.” Prices are still
about 20 per cent lower in the north,
Continued on page 4

4

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FTWeekend

7 May/8 May 2022

House Home
PROPERTIES
FOR SALE
MALLORCA

B Finca, Pollensa, €2.4mn

buyers may not be. Hans Lenz, managing director of Engel & Völkers and chair
of the Balearic International & National
Real Estate Agents Association, is critical of the plan. “[This] is discriminatory
and contrary to EU law,” he says. It could
also be economically damaging, he says.
“According to the latest government
statistics, 25 per cent of the region’s GDP
is derived from the real estate and

Unable to get on the
property ladder, many
locals must pay rents that
are higher than Madrid
Continued from page 3
compared with the south-west, says
Hobson, but British buyers — who are
more prolific than Germans on this side
of the island — are looking for greater
value for money still by heading inland
to small towns such as Sa Pobla and
Búger, where town houses start at
around €550,000, villas from €1.5mn.
Fast-rising house prices are a huge
concern for locals, however. Unable to
get on the property ladder, many are
forced to pay rents that are now higher
than Madrid, according to Mitma, the
ministry of transport and mobility.
Even Mallorca’s wealthy are unable to
afford some of the areas they prized in
the past. “Son Vida, an upmarket golf
estate near Palma, is where Mallorcan
doctors and lawyers used to buy, but
they’re priced out now,” says Berchtold.

In addition to its moratorium on
licences, the Balearic government has
set up a working group to discuss capping the number of sales to foreign buyers — who accounted for one in three
property purchases in 2021, according

to Spain’s College of Registrars. It comes
in response to calls from Menorca’s
leftwing Mes Per Menorca party to
clamp down on second homes — and
while buyers from EU countries are
likely to be protected by EU law, non-EU

i / B u yI N g gu I D E
Sales in the Balearics as a whole are rising.
In February there were 1,416 sales,
compared with 996 in February 2021 and
1,160 in February 2019, according to INE.
Buying costs include 10 per cent VAT
(IVA) on new-builds, or 7 per cent
transfer tax for resales, and 1 per cent
stamp duty (AJD).
Costs of raw materials and construction in
Mallorca rose by 9.58 per cent in Q4 2021
year-on-year, according to INE figures.

(Clockwise from
above) Port
d’Andratx is
popular among
German buyers;
Puerto Pollensa
is a cyclists’
hub; Palma de
Mallorca, the
island’s capital
imageBROKER/Martin
Moxter/Getty Images;
Gonzalo Azumendi/Getty
Images; Hemis/Alamy

construction sector, and a substantial
amount of that is from property transactions by foreign purchasers.”
For now, though, there’s little stemming the tide of wealthy overseas property hunters to Mallorca — or, indeed,
the cyclists. But if you are looking to get
away from the crowds, across the bay
from Puerto Pollensa sits the largely
Mallorcan-owned enclave of Es Barcares, with a rugged charm and seafront villas. One is the majestically
arched Es Clot, which Oscar Rossello,
47, a lawyer from Palma, uses as his
family’s weekend home and occasionally rents out for €4,000 a week. “We
spent many happy summers here as
children, jumping in our speedboat to
catch calamari,” he says.
Northern Mallorca’s coast may be
awash with high-adrenaline activity, but
there’s scope for calmer pleasures too.

A three-bedroom, three-bathroom finca
less than 10 minutes’ drive from Pollensa
town near the north coast. There is an
additional bedroom and bathroom in a
guest house, which was formerly an
artist’s studio, as well as a pool and
barbecue house. For sale with Savills.

B House, near Pollensa, €8.5mn
A countryside home with a total of 11
bedrooms split between a main house,
annexe and guest house. The property,
which has a holiday rental licence, is on
8.2 hectares including a pool, tennis
court, olive groves and fruit orchards.
For sale with Engel & Völkers.

B Villa, Port d’Andratx, €8.7mn
A five-bedroom, five-bathroom villa in
Cala Llamp, a beach on the west coast of
the island. Built in 2021, the house has a
pool terrace on the upper floor, fitness
area, wine cellar, elevator and garage
with parking for up to six cars. For sale
with Christie’s International Real Estate.

7 May/8 May 2022

★

FTWeekend

5

6

★

FTWeekend

7 May/8 May 2022

House Home

Hot property
England’s
Jurassic Coast

K Charmouth, Dorset, £775,000
Where In Catherston Leweston,
above the seaside village of
Charmouth. There are direct trains
to London from Axminster (15
minutes away by car) and
Heathrow airport is about 2 hours
40 minutes’ drive.
What Part of a converted Grade IIlisted manor house, this four-

By Madeleine Pollard

bedroom property has 2,500 sq ft
of living space on four floors.
Highlights include a wood-panelled
hallway and a dining room with
exposed beams and French doors.
The elevated position allows for
sea views.
Why The surrounding countryside
is part of the Dorset Area of
Outstanding Natural Beauty.
Who Strutt & Parker

I Sidmouth, Devon, £2.95mn
Where On a cliff overlooking the
South West Coast Path in the
seaside town of Sidmouth. Exeter
airport, which has direct flights to
Europe, is 25 minutes away by car.
What A Grade II-listed house with
almost 5,000 sq ft of living space,
including five bedrooms, four
reception rooms and a large cellar.
It features a paved terrace to the
rear and a west-facing garden
with a split-level lawn and
summer house.
Why The property has sea
views and direct access to
Sidmouth Beach.
Who Knight Frank

B West Bay, Dorset, £670,000
Where To the north of West Bay, a
small harbour town, and about a
mile south of the market town of
Bridport. Dorchester is 25 minutes
away by car.
What A five-bedroom, Grade IIlisted Georgian town house,
featuring flagstone floors, sash

windows and a roof terrace with
countryside views. Outside is a
double garage and a mature
garden with a small pond and
further outbuildings.
Why It’s a few minutes’ drive to the
popular beach at West Bay, which
was used as a filming location for
TV crime drama Broadchurch.
Who Stags

K Ottery St Mary, Devon, £4mn

K Swanage, Dorset, £1.75mn

Where In a rural location 2.5 miles
outside the town of Ottery St Mary
in East Devon. It’s a 20-minute
drive to Exeter airport.
What A five-bedroom, sevenbathroom Palladian-style country
house on just over 94 acres. There
is a studio with two further
bedrooms and a pavilion with one
further bedroom.
Why Built in the late 20th century,
the property has been designed to
emulate classical architecture. It
has a portico, marble floors and
staircases, half-moon windows and
interior columns.
Who Strutt & Parker

Where In Swanage, a town on the
Isle of Purbeck about 40 minutes’
drive from Poole and just over two
hours from Heathrow airport.
What A three-storey house with
six bedrooms and six bathrooms,
including a self-contained guest
suite. Designed by its architectowner in the 1960s, the property
has a landscaped, walled garden
and covered terrace.
Why The house is situated on the
clifftops between Peveril Point and
Durlston Castle, and has been built
in a style that makes the most of
stunning coastal views.
Who Albury & Hall

7 May/8 May 2022

★

7

FTWeekend

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International

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8

★

FTWeekend

7 May/8 May 2022

House Home

T

here’s the most extraordinary body of work out there
that we are just scratching
the surface of,” says Guy
Salter, founder of London
Craft Week. The annual celebration of
international creativity runs for its
eighth edition May 9-15, with the work
of 400 makers showcased through exhibitions and events in cultural spaces
across the city.
Emerging and established makers
will present work spanning fields from
textiles to woodworking to jewellery.
These include Australian furniture
designer Brodie Neill, Turkish-Danish
ceramicist Alev Ebüzziya Siesbye, Lebanese interior and furniture designer
Nada Debs and British artist-designer
Yinka Ilori.
This year, for the first time, two
“national pavilions” will be featured,
showing design from Norway and
Malaysia. Salter says that in future editions of London Craft Week more countries will be spotlit, reflecting the event’s
celebration of international artisanal
skills and collaboration. “I see creativity
as a common language across the
world,” says Salter, “and it’s more
important now than ever.” Here are a
few of the week’s highlights.

From tree to table

Goldfinger, a west London-based social
enterprise that creates sustainable furniture and teaches woodworking to
marginalised young people, is launching Muse, a new low-carbon line. The
collection uses wood from trees felled
in and around London due to weatherrelated incidents, disease or urban
development — an approach of local
sourcing and material reuse that dramatically minimises environmental
impact.
On May 11, Goldfinger hosts “From
Tree to Table” at its North Kensington
workshop, an evening launch event and
panel discussion bringing together
champions of circular design including
Darren Appiagyei, a wood-turner working with fallen trees.

Earth and water

In Belgravia, an exhibition hosted by the
Mexican embassy and curated by homeware platform Revolution of Forms will
showcase pottery from the Mexican
state of Oaxaca. Although contemporary, the work displayed — from designers Colectivo 1050°, Onora, Rrres and
Lucia Ocejo — is rooted in traditional
Oaxacan practices.

solid oak sculptures, the latter inspired
by her great-grandfather, a self-taught
carpenter from Liverpool.

Fabrica X

Located at The Mills Fabrica, a sustainability-led innovation hub in King’s
Cross, Fabrica X is an experiential concept store showing experiments in
design, technology and materials. For
London Craft Week, it hosts several
events and installations, including
Rachel Horton-Kitchlew’s weird and
wonderful Urban Fungariums — decorative domestic objects for growing
mushrooms in — and Circulose, a new
material made from textile waste that
aims to accelerate circular fashion.

National pavilions

At Cromwell Place, in South Kensington, the cultural body Norwegian Crafts
and the Oslo-based exhibition platform

‘I see creativity as a
common language across
the world, and it’s more
important now than ever’

When a
mussel is
your muse
Design | London Craft
Week, in its eighth edition,
highlights the sustainable, the
traditional — and the weird and
wonderful. By Francesca Perry

An intimate relationship to the
land and its resources shapes the
approaches of the potters, whose
resultant handmade pieces include
ceramic colanders, vases inspired by
pre-Hispanic ceremonial masks, trays
shaped like hands and coil-formed
vessels fired in pits.

PYTON together present the Norway
Pavilion. The gallery space will transform into a domestically styled stage to
showcase Norwegian art and design,
including both contemporary works by
emerging creatives and pieces from
overlooked figures from the past century. The Malaysian Pavilion, at the
Malaysian High Commission in Belgravia, is an exhibition focused on silk
weaving from the state of Pahang, a traditional craft that was in critical decline
before recent revival efforts.

Dharma Taylor at
Oliver Spencer

London-based Dharma Taylor, whose
work spans furniture, textiles and
menswear, will exhibit
at the Bloomsbury
outpost of fashion
brand Oliver Spencer.
Taylor’s colourful and
abstract work
is inspired
by diverse
s o u rc e s,
from techn ology an d
poetry to ancient
civilisations and cultural plurality.
At Oliver Spencer
she will present
new handwoven
rugs, furniture and

Beautility

(Clockwise from main) Biodesign, Jesse Adler, Beautility;
Mexican pottery; work by Elisabeth Haarr, Norwegian
Pavilion; table by Goldfinger; Dharma Taylor — Courtesy London
Craft Week

In Mayfair, design agency Here, collaborating with students from Central Saint
Martins’ Material Futures programme
and brands including the fashion label
Rejina Pyo, has created an exhibition
of sustainable, innovative materials.
Focusing on biodesign — in which living
systems form part of or inspire design
processes and products — Beautility
showcases how colour can be cultivated
from micro-organisms, how mussel
shells can become a new eco-glass and
how “lost” scents can be revived.
Go to londoncraftweek.com for further
details and booking

★

7 May/8 May 2022

9

FTWeekend

House Home
Gardens | It may look lovely
but outdoor lighting can
confuse and disrupt wildlife,
writes Tabi Jackson Gee

W

hen was the last time
you were in your garden
at night, with only the
light of the moon to illuminate your path? For
most of us this is an increasingly rare
experience, reserved for holidays and
camping trips to far-flung places.
CPRE, an English countryside charity,
has an interactive online tool showing
where in the country there are truly
dark skies. A CPRE study from 2015
found that only 22 per cent of England
has pristine night skies, compared with
almost 57 per cent of Wales and 77 per
cent of Scotland.
Living in London, my night sky isn’t
so much dark as a foggy, nondescript
glow. Even in rural areas, truly dark
skies are getting harder to find. And
unlike many places of natural beauty,
our night sky has no legal protection.
The impact of outdoor light is twofold: we are damaging the environment
through excessive energy consumption
and harming wildlife in the process. The
same CPRE study found that, on average, councils in England spent £613mn
on street lighting in a single year — and
lights account for 15 to 30 per cent of a
council’s carbon emissions.
From local government to our own
plots, it’s not just wildlife that is affected
here. Our own circadian rhythms are
disrupted by artificial light at night
(ALAN). Natural light gives all animals
cues, including us. Disrupting this disrupts all of our behaviour patterns.
According to CPRE, a clear view of a
star-filled night sky has a beneficial
effect on our mental health and, like
access to other forms of nature,
helps reduce stress and increase a
sense of peace and wellbeing.
There’s something magical
about being out in the dark but,
understandably, we want to entertain and enjoy our gardens in the
evening. One too many G&Ts and you
need some light to guide you back to
the kitchen for a top-up.

Dark side
of the light
(Above) Use the
right type of
lighting and
only when it is
needed; (below)
the Muse
portable lamp
by Tala
Tony Woods, Marianne
Majerus Garden Images

The technology has never been
cheaper or more attainable. We can run
cables into all areas of our gardens, and
the availability of LED lighting makes it
more affordable to light up whenever we
feel like it. But garden lighting, and
security lights on pesky motion sensors,
can do more than just irritate the neighbours. They disrupt the feeding, hunting and sleeping patterns of our local
wildlife. And the trend of referring to
gardens as “outdoor rooms”, leading
many to expect the same all-singing, alldancing functionality from their garden
as their sitting room, isn’t helping.
While the effects of artificial lighting
on wildlife is still an understudied field,
there is a growing awareness among gardeners and designers that if we want to
help green spaces thrive we must be
sensitive to nocturnal and diurnal
wildlife. It’s all very well adopting
no-dig policies and exclusively
using organic sprays, but if we
light up our gardens like football
pitches every evening we’re
undoing a lot of that good work.
Helen Bostock, senior wildlife
specialist at the Royal Horticultural
Society, is dealing with increasing concern from the gardening community
about how lighting can confuse and

disrupt the patterns of garden creatures.
“We know that some bats will swoop in
on insects attracted by street lighting,”
she says, “which is not good news for
those insects nor the bats themselves,
which are more vulnerable to predators.
There are migratory songbirds who prefer to set off at night [being] delayed by
night lighting, and it’s affecting the phenology of insects such as aphids.”
Research has suggested that moths,
which pollinate at night, have declined

‘There are migratory
songbirds who prefer to set
off at night being delayed
by night lighting’
by 40 per cent and might be disrupted
by light pollution. A survey of roadside
moth caterpillars in the south of England found artificial light reduced their
population by 50 per cent.
A 2020 study published in science
journal Elsevier begins with a stark
warning: “We posit here that artificial
light at night (ALAN) is another important — but often overlooked — bringer of
the insect apocalypse.” Some insects are

drawn to light, some are repelled by it.
Lighting designer Christian Hersey of
Garden Lighting London has noticed
more clients wanting wildlife-friendly
lighting. “A lot of it is about not disturbing animals. Bats and owls are
people’s main concerns,” he says.
Although in most instances
having no outdoor light is best,
you can also reduce your impact
by using the right lighting and only
at times when you need it.
“That’s the interesting thing with
light pollution,” says Emma Marrington, rural enhancement lead at
CPRE. “Everyone can do something [to
help].” Your light may not just affect
your own garden, she adds. “Light
doesn’t respect boundaries. It can
spread for miles from the source.”
One way to mitigate such spread is to
use lights that point in one direction:
down. For example, you could position
small mast lights that shine light
directly downwards on to the pathway
— as opposed to other lighting that
washes out in multiple directions.
Increasingly, sodium lights are being
replaced by LEDs for street lights and in
our homes and gardens, due to their
energy efficiency. But LEDs can be more
harmful for insects than traditional

The sleeping,
hunting and
feeding patterns
of garden
creatures can be
disrupted by
lights
Turnip Towers/Alamy

sodium bulbs if they emit white and
blue light. A warm white is both better
on the human eye — “it’s far more sympathetic to natural colours,” says Hersey
— and far less disruptive to wildlife.
Football club Manchester United will
be installing hoods on the new lighting
at its training grounds to reduce the
effects of light pollution on bats and
other wildlife. The same thinking
applies to steps and wall lighting in gardens; a low-voltage LED light with a
hood gives you just enough light to see
by without polluting your garden.
Another way to ensure you’re only
lighting your garden when necessary
would be to invest in a portable lamp —
such as Tala’s new Muse lanterns, which
have a 24-hour battery life and USB
charging point. An added benefit of
going portable is that you can dine in
various parts of your garden without the
need for permanent lighting. A very
warm, dim light (Tala’s LED lanterns
are dimmable) allows you to enjoy the
subtleties of your garden at night.
But the less you use lights the better.
Consider what really needs to be lit —
even uplights on a path can disorientate insects such as wasps and dragonflies. Avoid timers (which may come
on when you’re not there) and sensors
(which can be triggered by animals),
and think carefully about how many
circuits you need.
The best piece of advice for any
new gardener is to start by looking
— and the same applies with
lighting schemes. Bostock suggests making a record of what
creatures live in your garden to
use as a framework for your
lighting plan.
For example, do you share the
garden with roosting bats? Or areas
that look beautiful just under the natural light of the moon? If you have plenty
of space, then only light areas near the
house, leaving large areas unlit at night.
And if you really want to uplight a tree,
perhaps only do it in winter when the
branches are free of nesting birds.
Another thing to enjoy in a darker
garden, especially with small children,
is to explore the night-time garden without artificial light. “It can take a good 15
minutes for our eyes to adjust to natural
night-time lighting, but it can be worth
it as you see your garden in a very different light — quite literally!” says Bostock.
She suggests taking a torch to a garden
pond at night. “In the springtime you
might see amphibians spawning or
young newts.”

10

★

FTWeekend

7 May/8 May 2022

House Home

The eccentric
gardener

well: they tunnel without any Duke
inspiring them.
Longstaffe-Gowan’s eccentrics like to
have hermitages and hermits in their
big gardens. In the 1760s Sir Rowland
Hill at Hawkstone in Shropshire had
a huge grotto and a Hermit’s Lodge
with a model of a hermit that moved its
lips automatically and answered
questions in a hoarse voice. Like all
“eccentricities”, the grotto should be
seen in context: it is a descendant of
the poet Pope’s famous prototype in
Twickenham about 30 years earlier.
Hermitages were fashionable in grand
gardens like Painshill in Surrey, though
a toy hermit was a novelty.
In Cheshire, until reading LongstaffeGowan, I had no idea of the remarkable

A new book explores little-known garden
curiosities such as grottoes, toy hermits and a
‘parlour of Venus’ of questionable taste

S

ince the lockdowns,
gardening has not been
considered eccentric. It has
returned to the centre of life,
not just for the over-50s.
During most of the Easter break and
on bank holiday, I was kneeling in
flower beds without being considered
odd. I was not even praying.
I have been rethinking eccentricity
while reading Todd Longstaffe-Gowan’s
new book, English Garden Eccentrics
(Yale; Paul Mellon Centre). He did not
include me on my knees. Instead he
selected 21 gardens, many of which
were grand creations of the 19th
century. As most of them are
unfamiliar, his detailed presentations
enlarge the range of conventional
histories of English gardens. They
need his historical skill because almost
all of them have now vanished. In an
endnote he sets out their former
locations, a valuable resource for keen
garden hunters.
One of the few fortunate survivors is
Friar Park near Henley, where Sir
Frank Crisp commissioned a huge rock
garden from the 1890s onwards, which
became known as the Henley
Matterhorn. As Longstaffe-Gowan
notes, it was bought in the 1970s by
George Harrison, the Beatle, but he
forebears to add that his widow, Olivia
Harrison, takes a keen interest in its
planting and especially in its huge rock
garden. She has introduced excellent
blue Himalayan poppies and white
woodland trilliums, among much else,
and helps them to flourish.
At this point, I wonder about
“eccentricity”: is a personal

Matterhorn with meconopsis
eccentric? Privately, I long for
one. Longstaffe-Gowan
explains that he regards
eccentricity as a state apart,
“somewhere between madness
and dull normality”. It depends,
surely, where you locate
the centre.
Longstaffe-Gowan rightly
accepts that people he classes as
eccentric were not necessarily
defined as such during their
lifetime. Indeed many were not,
least of all Sir Francis Dashwood,
whom he includes nonetheless
because of his 18th-century grounds at
West Wycombe. They include the very
caves in which members of the
notorious Hellfire Club used to party
with naked women, without fear of a
fixed penalty notice. Were those
garden parties eccentric? Deep down I
bet some of you are wishing you could
have attended. The gardens can still be
visited as they are maintained, without
naked women, by the National Trust.
West Wycombe’s gardens include a
temple and a parlour of Venus,
installed at the time of Dashwood’s
marriage to a rich widow: Horace
Walpole described her as a
“Presbyterian prude”. Did she blush,
then, when these two garden
features were rounded off by a swelling
mound with a long passage
underneath, evoking parts of the
female body? John Wilkes, Dashwood’s
political contemporary, remarked that
the entrance to the underground
parlour was “to shadow out to us the
entrance by which we all come into the

Were those garden parties
eccentric? Deep down I bet
some of you are wishing
you could have attended

(From top) The Temple of Music
at West Wycombe Park,
Buckinghamshire, where the antics
of the notorious Hellfire Club took
place; the rock garden at Friar Park,
or ‘the Henley Matterhorn’, 1905
The National Trust Photolibrary/Alamy; Country Life

Robin Lane Fox
On gardens

world”. Above it was a statue of
Mercury, a symbol, LongstaffeGowan suggests, to “guide the souls
of men to paradise”. I disagree: it
was surely a witty allusion to
mercury’s role as the treatment for
venereal diseases, at large in
Venus’s sphere.
Was this horto-porn eccentric? It was
racy, surely, and in questionable taste.
The Hellfire caves were also
constructed to give work at a time of
high local unemployment and a
spectacular rise in food prices after
bad harvests. Will Boris Johnson
embark on a basement excavation
under Downing Street if economic life
becomes really tough in the next 18
months? Dashwood was witty and
daring and a bit much, but I do not
consider him eccentric.
To clarify eccentricity, LongstaffeGowan cites the psychoanalyst Donald
Winnicott, famous for his life’s work
with children. Winnicott distinguished
“creative apperception” from
“compliance” and praised the former as
what “makes the individual feel that life
is worth living”.
Compliance, for Winnicott, does not
mean complying with rules you
yourself have made. It means “the
world and its details being recognised
but only as something to be fitted in
with or demanding adaptation”,
presumably of oneself. Compliance

“carries with it a sense of futility for the
individual” and the idea that life is not
worth living. Dashwood and his friends
had a creative outlook on the world and
continued to enjoy it.
So did many whom LongstaffeGowan looks back on as eccentrics.
Quite a few of them commissioned
caves and tunnels, none more so
than William, fifth Duke of Portland,
who built underground passages
beneath the bleak mansion his family
had acquired in London’s Cavendish
Square. He also built passages beneath
and beyond his country seat, Welbeck
in Nottinghamshire. They are wide
enough for two carriages to pass each
other without colliding.
The Duke was indeed a curious
fellow, who kept his lower trousers tied
up with string and carried an umbrella
in all weathers, but his tunnels were
not a way-out originality. They were
extreme developments of the fashion
for building tunnels for tradesmen so
that they would approach a grand
house without intruding on its view.
I cannot agree with the theory, cited
approvingly by Longstaffe-Gowan, that
the Duke was a model for Badger in
Wind in the Willows. Their houses
indeed have tunnels and they agree on
the principle that “there’s no security,
or peace and tranquillity, except
underground”. In gardens I know
the natural habits of badgers only too

Victorian garden that Eliza Broughton
contrived at Hoole House in the 1820s.
She was estranged from her husband
and among her bedding plants and
other features had a “Sea of Ice”, made
of grey rock, to evoke alpine scenery
near Chamonix. Again she is an
extreme example of a fashion, the one
for alpine gardening.
I also enjoyed reading about
William Stukeley, who moved from
London to Grantham in 1726 and
wrote about his fear of the supposed
“pure nature’’ of country life. New
migrants into the country may agree
but he soon found that his “ancient
country complexion” had returned to
his cheeks. He then assembled a
collection of curios which travelled
from house to house with him.
His dominant idea was that Druids
had held the doctrine of the Trinity
and were the native British
forerunners of Christianity. This
mindset may seem eccentric but,
again, it was not unique.
Eccentricity lies in the eye of the
beholder, not the agent. Edith Sitwell,
as Longstaffe-Gowan reminds us,
remarked that she was not eccentric:
she was just more alive than other
people, like an electric eel in a pond of
catfish. I will settle for that. I will
continue to encourage gardeners to
throw off sparks while pursuing what
they love in life.

7 MAY
2022

GUEST EDITED BY JONY IVE

JEWELS THAT TELL TIME

HARRYWINSTON.COM

© 2019 HARRY WINSTON SA. HARRY WINSTON AVENUE CLASSIC AUTOMATIC

1932 COLLECTION
THE STARS ALIGNED

In 1932, Gabrielle Chanel created Bijoux de Diamants, the first High Jewellery collection in history.
Inspired by the allure of the stars, it was designed to be worn freely in a brand-new way. Mademoiselle
then turned her concept of jewellery in motion – part of her vision for women – into a manifesto.
In 2022, CHANEL High Jewellery celebrates this celestial revolution with the launch of the 1932
Collection, based on the perpetual motion of the stars and tailored to the natural movements of
the body. In the same spirit, CHANEL asked an author known for his reflections on movement
to write a manifesto for the new collection.

After winding around from the nape of the neck, the string of diamonds suddenly bursts
into a shooting star, trailed by a cascade of sparks leading to a sapphire that fits perfectly into
the negative space of a crescent moon of diamonds. A fragmented nimbus then explodes
around a profusion of carats pulsating at the neckline. A line of precious stones rises and falls
with the rhythm of the breath, trapping the gaze in their bewitching depths. Beneath this
blue eclipse, a string of crystals leads the eye toward the heart, where a diamond sun blazes,
its early-morning rays oscillating and sparkling with the wearer’s movements. In this theatre of
precious stones, celestial bodies undulate on the skin’s “Milky Way,” sketching new landscapes
each time the head moves or tilts. Like the necklace, the collection is a series of celestial bodies
journeying across the skin and enhancing each movement of the body as the planets travel
past twinkling stars. The beauty of the world lies in this radiance. The glow of the stones
is tangible, sculpted into the diamond, itself becoming a jewel, liberated, as if the aura could
be removed and worn as a brooch. What was a parure has become a jewel, a stone cut in stone,
made even more precious by what has been removed from it. From the depths of the Earth
to the Cosmos, there is little light, but it sometimes burns beneath the eyelids in insistent
lines. The gems begin to dance within us: diamonds, blue diamonds, rubies, yellow diamonds,
sapphires and rings running along the fingers, orbiting, spilling their brilliance over the hand.
Bracelets and diamonds give way to a streaking comet on the skin, a virtuoso play of light
and the ever-changing gestures of a woman who is suddenly the centre of the universe.

THE NEW 1932 COLLECTION CELEBRATES THE 90TH ANNIVERSARY
OF THE BIJOUX DE DIAMANTS COLLECTION, CREATED IN 1932 BY GABRIELLE CHANEL.

TRANSFORMABLE ALLURE CÉLESTE NECKLACE IN WHITE GOLD AND DIAMONDS, WITH A 55.55-CARAT OVAL-CUT SAPPHIRE.

chanel.com

Hugo Lindenberg

Paula’s Ibiza
Photographed by Gray Sorrenti

CASA LOEWE London
41 – 42 New Bond street
loewe.com

CONTENTS

7 MAY 2022

REGULARS

THE FIX

13

EDITOR’S LETTER
Guest editor Jony Ive
introduces the issue

23

17

31

OPENING SHOT
The inspiration behind this
week’s makers and creators

19

THE AESTHETE
Fashion designer Hiroki
Nakamura talks taste

31

19

ETHEREAL WHITE
Objects that reflect the
magic and mystery of silver
DOUBLE VISION
The brothers behind
French eyewear brand
Maison Bonnet. By
Mark C O’Flaherty

34

THE HOLY TRINITY
Sacai’s twist on a Cartier
classic. By Jessica Beresford

29

THE FIND
A lifeline for refugees
across the globe

38

FOOD
Jo Ellison meets Ruth
Rogers, the fêted hands
behind London’s River Café

THE FUTURE
BUILDERS
Tim Auld meets the
winners of the Terra Carta
Design Lab prize for
sustainable innovation

63

40

63

DRINK
Toasting a better Burgundy.
By Alice Lascelles

66 HOW TO SPEND IT
IN… JACKSON SQUARE
Jony Ive shares his guide
to San Francisco

“I MAKE A FRESH
CANVAS EVERY DAY”
The mother and
daughter florists who
conquered Silicon Valley.
By Victoria Woodcock

PHOTOGRAPHS: CARLOS CHAVARRIA. CRAIG McDEAN. KEISUKI FUKAMIZU

40

FEATURES
44 “IT’S A HEAD OFFICE
FOR TINKERING”
Long-time collaborators Jony and
Marc Newson talk Apple, Ferrari and
friendship. Photography by Tom Jamieson

7 MAY
2022

GUEST EDITED BY JONY IVE

ON THE COVER:
Jony (right) and his
father, Michael,
clasp hands.
Photography by
DAVID SIMS

48

All products in the magazine are available to buy from each brand’s website or store, unless otherwise stated

48 TIPS FROM THE TOP
Yo-Yo Ma, Lily Allen and Trombone Shorty
express their artistry through their hands.
Interviews by Louis Wise. Photography
by Craig McDean
54

TWELVE TOOLS
The guest editor picks his favourites.
Photography by Dwight Eschlimann

FT.COM/HTSI

11

Cuvée Rosé, chosen by the best.

Illustrated by Quentin Blake

Michel Roux at Le Gavroche

MAISON FAMILIALE INDÉPENDANTE
champagnelaurentperrier www.laurent-perrier.com

Photo credit: Iris Velghe / Illustration credit: Quentin Blake / Conception Luma

EDITOR’S LETTER

FT.COM/HTSI

13

OPENING SHOT

HTSI
EDITOR

Jo Ellison

( jo.ellison@ft.com)

DEPUTY EDITOR

Beatrice Hodgkin

(beatrice.hodgkin@ft.com)

CREATIVE DIRECTOR

Rasha Kahil

(rasha.kahil@ft.com)

STYLE DIRECTOR

Isabelle Kountoure

(isabelle.kountoure@ft.com)

FEATURES
EXECUTIVE EDITOR

Tim Auld

(tim.auld@ft.com)

ASSISTANT EDITOR

Jackie Daly

( jackie.daly@ft.com)

FASHION FEATURES EDITOR

Jessica Beresford

( jessica.beresford@ft.com)

ACTING COMMISSIONING EDITOR

Louis Wise

(louis.wise@ft.com)

COMMISSIONING EDITOR

Lauren Hadden

(lauren.hadden@ft.com)

EDITORIAL COORDINATOR

Clara Baldock

(clara.baldock@ft.com)

JUNIOR EDITORS

Rosanna Dodds (rosanna.dodds@ft.com)
Baya Simons (baya.simons@ft.com)
JUNIOR EDITORIAL ASSISTANT

Sara Semic

(sara.semic@ft.com)

FASHION
FASHION EDITOR

Benjamin Canares

(benjamin.canares@ft.com)

FASHION COORDINATOR

Aylin Bayhan

(aylin.bayhan@ft.com)
ART

ART DIRECTOR

Carlo Apostoli

(carlo.apostoli@ft.com)

DEPUTY ART DIRECTOR

Darren Heatley

(darren.heatley@ft.com)

DESIGNER

Morwenna Parry

(morwenna.parry@ft.com)

PICTURES
PICTURE EDITOR

Katie Webb

(katie.webb@ft.com)

PICTURE RESEARCHER

Paula Baker

(paula.baker@ft.com)

SUBEDITORS
CHIEF SUBEDITOR

Kate Chapple

(kate.chapple@ft.com)

DEPUTY CHIEF SUBEDITOR

Alexander Tyndall

(alexander.tyndall@ft.com)

SUBEDITOR

Helen Bain

(helen.bain@ft.com)

Jony Ive’s father,
Michael, holding
his silver coffee pot

JUNIOR SUBEDITOR

Chris Allnutt

(chris.allnutt@ft.com)

CONTRIBUTING EDITORS

Vivienne Becker, Bella Blissett, Simon de Burton,
Aleks Cvetkovic, Delphine Danhier, Aimee Farrell,
Kate Finnigan, Maria Fitzpatrick, Nick Foulkes,
Chloe Fox, Alexander Fury, Julian Ganio,
Francesca Gavin, Laila Gohar, Fiona Golfar,
Alice Lascelles, Giovanni Dario Laudicina,
Evens JP Mornay, Nicola Moulton, Rebecca Newman,
Michelle Ogundehin, Ajesh Patalay,
Charlene Prempeh, Tamara Rothstein,
Fergus Scholes, Jamie Waters, Victoria Woodcock
ASSOCIATE EDITOR

Lucia van der Post

(lucia.vanderpost@ft.com)

TRAVEL EDITOR

Maria Shollenbarger

(maria.shollenbarger@ft.com)

US CORRESPONDENT

Christina Ohly Evans

(christina.ohlyevans@ft.com)

PUBLISHING
GLOBAL DIRECTOR, LUXURY & WEEKEND ADVERTISING

Dorota Gwilliam

(dorota.gwilliam@ft.com)

ADVERTISING COORDINATOR

Isaac Peltz

(isaac.peltz@ft.com)

PRODUCTION

Denise Macklin
ADVERTISING PRODUCTION

FATHER’S
DAY
For our guest editor, this issue
about makers and creators started
with his dad. By Jo Ellison
PORTRAIT BY DAVID SIMS

There are few people who have not
been touched by Jony Ive’s designs, but
the man behind them remains a quiet,
lesser-known character, preferring
mostly to let his work speak for itself.
Under the aegis of the LoveFrom team

in San Francisco, this second guestedit issue of HTSI looks at makers
and creators. A rare opportunity to
share Jony’s passions, interests and
the personalities he finds inspiring,
the magazine’s focus is on the craft
of the hand. The project started with
a simple cover concept: Jony asked
that we shoot his father’s hands.
Michael Ive was a silversmith.
And, as Jony explains, it was watching
his father in his workshop that first
ignited his interest in craftsmanship
and the specificities of raw materials
that could be reimagined in so many
different ways. The cover, shot by
David Sims, finds father and son

connected through a handhold –
a pure expression of paternal love,
connectedness and the wisdom we
might pass on. In the second image
(above), Michael holds a silver coffee
pot he made in his workshop many
years ago. As a study of functionality,
of considered symmetry, simplicity
and beauty, the pot reflects the same
design ethos Jony still embodies in
his work today. As a design narrative,
it brings the story full circle. Whether
Jony is approaching an Apple Watch,
a Ferrari, or indeed the pages you will
see here, it’s clear that the combination
of deep care and creative magic is
writ large in the family DNA.

Daniel Macklin

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How To Spend It magazine is printed by Walstead Group for,
and published by, The Financial Times Ltd, Bracken House, 1 Friday
Street, London EC4M 9BT. ORIGINATION BY Dexter Premedia

WITH THANKS FROM JONY
My very sincere thanks to David Sims and Craig McDean for their kindness and generosity. Thank you to Tom Jamieson,
Ami Sioux, Dwight Eschliman, Kasia Bobula, Alex Crétey Systermans, Corey Olsen, Carlos Chavarría, Keisuke Fukamizu
and Francesca Beltran for their photography, and all the crew that helped make this issue happen including Gracey Connelly,
Tyler Lewis and Alicia Sciberras. A very big thank you to Jo Ellison and everyone at FT How To Spend It. And lastly,
thanks to our own team at LoveFrom including Peter Saville, Chris Wilson, CC Wan, Biotz Natera Olalde, Jemima Kiss,
Philip Ward, Matt Cirne, Roxy Dreyer, Jonathan Oligmueller and Anita Templer.

FT.COM/HTSI

17

CALIBER RM 72-01

www.richardmille.com

THE AESTHETE

Hiroki
Nakamura

The founder of Japanese fashion label Visvim looks to
the time-worn treasures of the past to find his inspiration
INTERVIEW BY JESSICA BERESFORD

M

Y PERSONAL STYLE

is utilitarian
clothes, usually from
my label Visvim, that
I design with a specific
purpose in mind.
Lately I’ve been
wear-testing raw denim, including a pair
finished with mud dye, which gives an
interesting texture on the surface. These
days I also only wear engineer’s boots; both
these and the denim age so nicely, taking on
great depth and character.
SIGNIFIER

PHOTOGRAPHY BY KEISUKE FUKAMIZU

THE LAST THING I BOUGHT AND LOVED

Above: Nakamura in his kominka in
Tokyo. Left: a flea-market kimono
dyed with indigo. Below: he likes
strawberries for breakfast in summer

was a Japanese kimono at the Toji Temple
Flea Market, which happens once a month
in Kyoto. It’s from the Edo period and
probably about 200 years old, but what
makes it unique is that the fabric is wool,
probably imported from England, but it’s
still dyed with natural indigo, which hasn’t
been absorbed as well as it would in
traditional materials like silk. So over time
it has faded to this gorgeous light blue.
is the
Izu peninsula, south-west of Tokyo, where
my wife Kelsi and I live for part of the year.
I’ve ridden there [from the city] on my
1948 Indian Chief motorcycle – it takes
a couple of hours. I like going to places that

aren’t too developed or commercial, where
I can be in untouched nature. Sometimes
we just drive along the coast of Japan,
visiting little fishing villages. We also have
a house in south Los Angeles, and from
there we drive up the coast to Big Sur,
usually in my 1953 Porsche 356 Pre-A.
I only drive old cars – the most modern
one I have is a 1969 Jeep Wagoneer.
AND THE BEST SOUVENIR I’VE BROUGHT

is a pair of brown club chairs, probably
from the 1930s, which I got from a dealer at
Paris’s Clignancourt flea markets. Usually
people reupholster club chairs, but these
have the original leather, so they’re kind of
worn out but I like how they look. Modern
leather doesn’t age as well as old leather,
because they produce it differently now.
HOME

THE BOOK THAT HAS INSPIRED ME THE MOST

isn’t a novel but a collection of old Japanese
textile samples and designs. Some of them
are patterns for dyeing ikat or other
traditional materials. I love to imagine how
each of the swatches was produced.

THE PLACE THAT MEANS A LOT TO ME

beaded necklaces,
which were used in trade between Europe,
America and Africa. Some are made from
Venetian glass. I also collect porcelain from
different time periods. I’m fascinated by
I HAVE A COLLECTION OF

FT.COM/HTSI

19

THE AESTHETE

HIS COLLECTION
OF BEADED
NECKLACES

– a paper made very stiff by being coated in
persimmon juice. I cut it up to use for
graphics or as a stencil for textile design.
AN INDULGENCE I WOULD NEVER FORGO is
a really good latte every morning. I don’t
drink or smoke but I’m addicted to coffee.
We have a small in-store coffee shop, Little
Cloud Coffee, in Tokyo’s Omotesando
neighbourhood, with our own special-order
beans and roaster that we work with. I’m
particularly proud of our Kutani dripper,
which we had custom-made by a 150-yearold pottery firm. visvim.tv/littlecloudcoffee
THE LAST ITEM OF CLOTHING I ADDED TO MY
WARDROBE was a washed canvas jacket,
lined with sheepskin, which I designed for
Visvim. We sourced the sheepskin from
producers in Uzbekistan. It’s exceptionally
beautiful – quite raw-looking, yet warm.

I ONLY DRIVE OLD
CARS – MY MOST
MODERN ONE IS A 1969
JEEP WAGONEER

how porcelain made in China and Japan in
the 14th century was exported to Europe,
where they started making their own
versions; I love to see the changes and how
the inspirations cross over.
is my wife. Kelsi designs
Visvim’s womenswear with me. The way she
thinks is really inspiring – I always discover,
through her eye, more about Japanese
culture. She’s from America and I’m from
Japan, but sometimes I find I’m too close to
the culture I grew up with, so I miss things.
MY STYLE ICON

THE ARTIST WHOSE WORK I ADMIRE is
woodworker, architect and furniture-maker
George Nakashima, who made beautiful
objects that were true to modern American
design while also having Japanese
inspiration. His designs are still produced
in New Hope, Pennsylvania, where he lived
and worked. I also have a lot of time for the
architect Richard Neutra – we’ve just
restored a house he designed in 1952 in
California. It had been updated and
modified many times, and I couldn’t really
feel his vision any more, but we worked to
bring it back to its original form.
nakashimawoodworkers.com

is
a few minutes every day standing in front
of a kamidana, a little
Japanese shrine that
my wife made for me.
It’s a practice that
reminds me to be
grateful for my life.
THE WELLBEING RITUAL I NEVER MISS

is usually jazz, from
New York or Paris – I tend to love anything
from before the 1960s. I only use records
and an old JBL Paragon sound system,
because I like that it makes the music
sound raw but still quite round and soft.
THE MUSIC I LISTEN TO

Top: Nakamura and his wife Kelsi drinking
coffee on their engawa. Above left: a
koinobori hangs in the entrance to the
house. Above: Nakamura’s pencils and
washi paper. Left: pieces from his archive:
vintage motorcycle helmets, a moccasin,
bowl, ukulele and guitar. Below: the club
chairs that he found in France

MY FAVOURITE ROOM IN MY HOUSE is
the deck outside, where I sit in the
morning to look out on all the old plum
and cherry trees, and watch the birds
drink from a carved stone water bowl
in the garden. I don’t watch movies, but
I like watching the drama of this wildlife
right outside my door.

fresh
fruit and vegetables – it’s important for me
to have clean food. My wife and I focus on
changing what we eat each month – we try
to buy local, seasonal produce, so when we
are in Japan and mushrooms are about,
we’ll eat lots of those, or it might be
strawberries for breakfast in summer.
IN MY FRIDGE YOU’LL ALWAYS FIND

THE THINGS I COULDN’T DO WITHOUT are
a pencil and Japanese washi paper, which
I use every day in the studio. Also kakishibu,

20

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MY FAVOURITE

is the Fujiya
Hotel, in Kanagawa,
which is a region with
lots of hot springs. The
hotel first opened in
1878, and it’s unique
A BOOK OF
because they tried to
OLD JAPANESE
make it like a western
FABRIC
SWATCHES
hotel, so the inspiration is
very mixed, with traditional
Japanese architecture and a more
contemporary European style. It’s quite
funky. From £273 a night; fhr.fujiyahotel.jp
BUILDING

IN ANOTHER LIFE, I WOULD have been a car
designer or an architect, because I love to
work on different objects. But then I always
come back to the same old question: so
what am I going to wear, then?

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THE FIX
TREND

ETHEREAL
WHITE

Jony Ive reflects on the mystery of
silver, and selects his favourite pieces
in this noble precious metal
PHOTOGRAPHY BY COREY OLSEN
SET DESIGN BY ALICIA SCIBERR AS

GEORG JENSEN silver
pitcher Design #992
Pregnant Duck by
Henning Koppel,
£17,500. FRATELLI LISI
silver penguin bottle
holder, £14,630,
artemest.com

FT.COM/HTSI

23

THE FIX

THE FIX
From far left: TIFFANY & CO silver
Everyday Objects tin can, $1,135.
FABER-CASTELL 111 Years Of Colour
special-edition coloured pencils, £55,
choosingkeeping.com. FRATELLI LISI
silver penguin bottle holder, £14,630,
artemest.com. BERNARD BOISSONVADOT Meursault Les Chevalières
2016, $299, ackerwines.com. THEO
FENNELL silver lids and sleeves, from
£190. ASPREY silver and Formica
coasters, £1,550 for six

A

s a boy, workshops were
mysterious and magical
places. I remember being a
little afraid of the fire, of the
sharp and shiny tools dangling
on the wall, and of all that noisy hammering.
My fear would be forgotten as something
tangible, useful and often beautiful began to
emerge from an uninspiring sheet of metal.
My father was a good silversmith,
and could transform a flat sheet of silver
into a cup or bowl or jug just by hitting
it with a small hammer. I used to sit for
hours watching him, wondering what he
was going to do next, and basking in his
focus and satisfaction.
“Raising” is an exquisite term describing
the elevation of sheet metal into a form
purely by hammering. It describes not only
creating shape but also creating an object
with purpose and utility.
It was in a workshop
MY FATHER
that I realised I was
COULD
particularly drawn to
TRANSFORM A
certain materials. Silver
FLAT SHEET OF
SILVER INTO A
is uniquely pure and
CUP OR BOWL
noble. It is malleable and
rewarding to work.
While it is inherently valuable and precious,
it remains affordable and so is made into
a range of objects with more applications
than most other precious metals.
While it has long been associated with
transformation and mysticism, for me there
is something captivating about the nature
of its colour. Silver is an ethereal white.
It almost has no colour – or every colour
– while titanium or nickel are so very warm,
and stainless steel is so very cold and blue.
My favourite silver objects range from
the seriously beautiful to the enchanting
and whimsical. Regardless, they all need to
be polished, and deserve to be polished.
Of all these pieces, I especially adore
my silver penguin. He was made by the Lisi
Brothers in Florence and created as a wine
cooler, but I don’t use him for that. He sits
quietly by my feet next to my desk.

24

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FT.COM/HTSI

25

THE FIX
DAVID MELLOR
custom silver
Hoffmann cutlery
set, from Jony Ive’s
personal collection

26

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BY INVITATION

11 MAY 2022

BY TICKET

12-14 MAY 2022

TWO TEMPLE PLACE

TICKETS & FURTHER INFORMATION eyeofthecollector.com
  )      ) #'&$(           )     ) $"$#(               * ! )    ) * %  (      

THE FIND

S M ART I N V ESTM EN T

PHOTOGRAPH: CHOOSE LOVE

Throw a lifeline to refugees
around the world
Working to support migrants in Europe,
the Middle East and on the US-Mexico border,
the UK-based NGO Choose Love has
raised tens of millions of pounds to fund around
150 humanitarian aid organisations.
To donate, visit choose.love

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29

THE FIX

Below, from top: Maison Bonnet
Pei, Alber, Jackie O 1960 and
Olivier frames, all POA

I

n the office above their Paris store in the
Palais-Royal’s gardens, brothers Franck
and Steven Bonnet are telling me about
an American customer who has just
come in and wants a pair of glasses.
“He wants something today, right now,” says
Franck. “And that’s not how it works.” While
finding a good pair of glasses takes time and
money, the perfect pair involves considerably
more investment. At Maison Bonnet, which
has been a family business since it was
established in 1950, there’s almost nothing
available ready-to-wear, and no express
service. Most of the company’s business
is wholly bespoke, involving 12 face
measurements, and between two and nine
months of work, with up to 30 hours of
handcraft on each set of frames.
“We have ready-to-fit frames, but they
account for maybe 10 per cent of our
business,” says Franck, the “craftsman” and
CEO of Maison Bonnet,
THERE’S UP TO which also involves a third
brother, John. “The other
30 HOURS OF
90 per cent is totally
HANDCR AFT
IN EACH SET
bespoke. And even then,
OF FR AMES
the ready-to-fit frames
need an hour’s fitting and
customisation. We say on our website that
we create 20 designs a year, and make 20 of
each available, but that’s not true. We make
a fraction of that because we don’t have the
time or capacity.”
While the notion of a family business
in luxury, from Hermès to Missoni to the

EYEWEAR

DOUBLE
VISION

Above: Franck
(left) and
Steven Bonnet
outside their
Paris store.
Left: a leaf
of tortoiseshell.
Below: frames
in progress on
a workbench

Mark C O’Flaherty meets the brothers
behind France’s most beloved spectacles
PHOTOGRAPHY BY ALEX CRETEY SYSTERMANS

Poilâne Bakery, brings with it ample
storytelling, which is always handy for
marketing, it also means that, usually,
everyone involved cares a lot more about
their product than they might otherwise.
Their signature is on everything they do.
And it’s inherently authentic. “My brother
John looks after all of the tortoiseshell
pieces with my father, who is the master,”
says Franck. “John makes sure all remnants
are upcycled, and we waste nothing. Then
my mother, Marie-Christine, looks after
administration, and I try to focus on a
vision of the brand for the future. My
20-year-old nephew Matis, John’s son,
is also now learning the trade.”
Only EB Meyrowitz and Tom Davies in
London and Wesley Knight in Nashville are
anywhere close to Maison Bonnet’s league.

FT.COM/HTSI

31

Top: the workshop bench where
glasses are hand-finished. Centre:
a selection of frames in progress.
Above, from top: Onassis 1950 and
Le Corbusier 1950. Below: bufferpolishing a pair of frames

32

FT.COM/HTSI

of the pencil and got involved with the
design process. We added twists, then
fabricated them in tortoiseshell.”
The Bonnet family are known for their
use of tortoiseshell, which is one of the
rarest materials you can use for frames.
They stress that they are cruelty-free; only
shells from turtles that have died from
natural causes are used, and the older the
turtle is, the thicker its shell, so there is no
point in “fishing”. The material is also
incredibly long-lasting and can be repaired
with a grafting process.
While tortoiseshell is beautiful and
resilient, it represents only about six per
cent of Maison Bonnet’s production; 20 per
cent is buffalo horn, and the rest is acetate.
When someone does want to invest in
tortoiseshell (and costs aside, you’re looking
at nine months rather than two or three for
acetate), the Bonnets recommend a back-up
pair for exercise, gardening or anything that
gets you breaking out in a sweat, because
moisture will ultimately damage the natural
material. And their acetate is by no means
a second best – if you compare the best
acetate with high-street plastic frames, the
difference is as apparent as cashmere next
to polyester. “The quality of the acetate we
use is superb; when we polish it for a
customer, even the smell is different,” says
Franck. “Italian and Japanese [acetate] are
the finest. When you have such a small
scale of production, you can select the best.
If you’re making thousands of pairs of
glasses, you aren’t going to budget for that.”
Just as no one’s face is symmetrical, no
two frames are the same. If a bespoke suit
involves the most precise measurements,
then bespoke spectacle production demands
forensic attention. A change in an angle or
length is measured down to a tenth of a
millimetre. The Bonnets are masters of
measurement as well as making. And
there are only eight people involved in the
production process at the brand’s atelier in
Burgundy. Many have been there for the
long haul. But how will they find the next
generation of makers? “We’ve found that
there are a lot of young people who are bored
with living their lives on screen and want to
be involved in physical craft,” says Franck.
“We often get a call from a design school
when they think they have found someone
with skills that would suit us. There’s not a
way to teach what we do, necessarily. Once
we had a guy come to us who was a tattoo
designer, and he had gorgeous drawing skills.
Another guy used to make knives with blades
in Damascus steel and handles in horn.
Everyone on our team is an artist. It’s all
about having intelligence of the hand.”

In France, Maison Bonnet is a national
style, and the Bonnets ask:
“WE USE
treasure. In 2000 it became the only
“Which era?” For Saint
THE FINEST
ITALIAN AND Laurent, flawed eyesight
lunetterie to be awarded the title of
JAPANESE
Maître d’Art, the government’s
became an opportunity to
ACETATE”
prestigious art and craft endorsement.
disguise himself. “He was
Like champagne and Chanel, it is seen
incredibly shy,” says Steven.
by the French as a brand that defines
“When my father made his first pair of
quality and refinement in an international
glasses, he had come up with an outline,
ambassadorial fashion. Christian Bonnet,
but it wouldn’t work. It covered the brow
the brothers’ father, began learning how to
line, which you should never do. It makes
make glasses from his father, Robert, at
your expression invisible. But with each
the age of 14. Robert had founded Maison
new pair, he wanted them more angular,
Bonnet in 1950 after learning the craft
and larger. He wanted to hide.”
from his father Alfred. Loyal customers
like the architect Joseph Dirand have
MAISON BONNET GLASSES are, because
been drawn to Maison Bonnet by its
of their bespoke nature, all about
historic significance – in Dirand’s case
personal style, whether for the shy or
it was the fact that they made Le
the extrovert. But it’s often one of the
Corbusier’s distinctive frames.
Bonnet workers who ascertains what
I suspect that Le Corbusier would have
that style is and offers suggestions. One
come to Maison Bonnet with fully formed
of the few clients to come with a fixed
ideas about what he wanted to rest on the
idea was interior designer Christian
bridge of his nose; as would Jony Ive,
Liaigre, who brought along a pair of the
another Bonnet-wearer known for having an French equivalent of NHS specs. “They
uncompromising vision about shape and
are quite industrial, and actually nice,”
structure. “Often we ask if they have ideas
says Franck. “They come in just one
about what they are looking for, but they say
design, and Liaigre wanted that design,
they come to us because we know what we
but altered to fit him perfectly, and made
are doing,” says Steven, head of creation.
in a noble material. That was one of the
“When we first met Jony, we didn’t love
few times that someone else took hold
what he was wearing. He didn’t like
progressive lenses, he just had glasses for
reading, constantly resting on the tip of his
nose and looking over the top of them, like a
MAISON BONNET’S FAMOUS WEARERS
grandpa. It was a fight to get him to consider
a design that actually fitted his face, with
lenses that he could keep in place for a
meeting, at a screen, and to read notes.”
There’s a long list of famous Bonnet
customers: Jackie Onassis wore the “figure
eight” glasses, and Jacques Chirac and
Audrey Hepburn were also clients. But
perhaps the most iconic frames belonged
to Yves Saint Laurent. When people come
to the store in London or Paris, they
Le Corbusier,
Jackie Onassis,
Jacques Chirac,
Yves Saint Laurent,
1951
1971
1980
1982
regularly ask for something in the YSL

Specs appeal

Alber Elbaz,
2013

PHOTOGRAPHS: DOMINIQUE CHARRIAU/WIREIMAGE. JEAN-CLAUDE DELMAS/AFP VIA GETTY IMAGES. JOHN DOWNING/GETTY
IMAGES. KEYSTONE-FRANCE/GAMMA-RAPHO VIA GETTY IMAGES. RON GALELLA/RON GALELLA COLLECTION VIA GETTY IMAGES

THE FIX

THE FIX

THE FIX
J EWEL L ERY

THE HOLY
TRINITY

Sacai brings a touch of avant-garde
to one of Cartier’s iconic designs.
By Jessica Beresford
PHOTOGRAPHY BY FR ANCESCA BELTR AN

34

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S

came about because I’m friends with Kim,
acai’s latest runway show, the
and the Cartier one happened because
brand’s first in two years, was
I love Cartier, and I was curious to know
held in the grand ballroom of the
20th-century Hôtel de Ville in Paris. what would come out of it.”
“It’s very interesting to see someone
Guests waiting for the show to start
else’s vision and integrate that into a
might not, however, have fully appreciated
Cartier design – a different version of our
the jewellery-box-red light that cast the
own style,” says Pierre Rainero, Cartier’s
ornate space in a gentle carmine glow.
director of image, style and heritage.
The hue was a sign of things to come:
“Chitose shared her understanding of the
alongside a ready-to-wear collection of
dimensions of the ring, and gave ideas and
deconstructed pinstripe tailoring, overvalues about what she wanted in terms of
the knee leather boots and trench coats
made into bustier dresses, Sacai debuted its shapes – and asked how far she could go.”
Some of Cartier’s most famous designs
latest collaboration – a reimagination of
have been born of a dialogue between the
Cartier’s Trinity and the first major redesign
maison and its clients. The Santos watch,
of the near century-old jewellery icon.
for example, was created by Louis Cartier
“The DNA of Sacai lies in the idea of
for his friend the Brazilian aviator Alberto
taking something familiar and turning it
Santos-Dumont, in 1904. The Trinity too,
into something that one has never seen
although designed for stock, was adopted
before,” says founder Chitose Abe of the
early and popularised by the French artist
brand she launched as a knitwear label in
and writer Jean Cocteau, who used to
Japan in 1999, and which has since grown
into a house revered by the fashion industry. wear two stacked on his pinky finger.
“Many people think that he was the one
It’s an ethos that has always applied to
who created it for Cartier, which is not
her clothes, which often transform or fuse
true at all, but he was a loyal customer,”
two garments together in unexpected
adds Rainero, “and when he was made
ways. With Cartier, also, Abe has taken
a member of the French Academy in 1955,
the trio of yellow, white and rose gold and
he asked Cartier to help him conceive
stretched it to dramatic proportions.
a sword, offered to all new members,
Her version of the Trinity ring
which included the
includes three different-sized bands
Trinity
in its design.”
that can be looped over two, three or
“THE PATTERNS
Reinterpreting an
four fingers, while an earring works
ARE VERY
as a cuff or with the different metals
COMPLICATED icon such as Trinity
comes at a time when
linked together and dangling.
BUT THEY
consumers, including
HAVE TO
“This ring,” says Abe, jangling the
BE EASY
younger ones, are buying
metal over her fingers, “is similar to
TO WEAR”
into classics, rather than
the clothing in that it can be worn in
seeking out brand new
different ways. It was important to
designs. The tri-coloured ring still remains
incorporate [the multifunctionality]
one of its bestsellers, while on resale site
into the designs, while maintaining [the
Vestiaire Collective, Cartier is the topdesign imprimatur of] the three rings.
searched jewellery brand, with Trinity being
I wanted the jewellery to be forever and
functional. As with my clothes, the patterns one of the most popular searches.
1stdibs also has consistent demand
are very complicated, but ultimately they
for Cartier’s Trinity designs, where they
have to be very easy to wear.”
“not only retain their value over time but
It’s not the first time Sacai has created
also tend to appreciate”, says the online
jewellery, following collaborations with
marketplace’s editorial director, Anthony
Copenhagen-based Sophie Bille Brahe
Barzilay Freund. “The design has also been
and Dior’s menswear artistic director
around long enough to achieve heirloom
Kim Jones last year. It is, however, one
status, with families passing the rings
of only two times that Cartier has allowed
down through generations or creating
a fashion house into its design room, the
traditions where Trinity rings are gifted
other instance being French couturier
to commemorate milestones.”
Madame Grès, in 1979, who released a
The collaboration with Sacai, a brand
small jewellery range with the maison
that has always appealed to a younger,
based around a chilli-pepper motif.
more streetwear-focused customer,
Cartier has long been a part of Abe’s
will further cement Cartier’s appeal to
life: one of the first items she bought for
a new audience. “We live in a world
herself from the brand was a Trinity ring,
where everything changes very quickly,
and she usually wears a Cartier Panthère
and those classics represent a beacon;
watch, as well as the Love and Ecrou de
Cartier bracelets. “I’m an existing customer, they’re something that is very reassuring,”
says Rainero. “But they have to be
so it was a very organic decision,” says Abe.
relevant in a modern context – this is
“With collaborations, for me it’s never
the condition for the new generations
really a business decision – it’s more
to consider those classics.”
because I want to wear something from the
For Abe, as well as creating a version
brand. For example, the Dior collaboration
of Trinity that customers have never seen
before and bringing a touch of avant-garde
Throughout: Trinity for Chitose Abe of Sacai
to an icon, she hopes that the designs will
© Cartier yellow-, rose- and white-gold jewellery.
Left: single earring and ring (worn on ear), £4,510,
instil this same sense of comfort. “I really
and triple ring, £4,350. Opposite: top left: single
hope that whoever the wearer is, they feel
earring and ring, £4,150, and torque necklace,
that
self-assurance and confidence by
£15,500. Top right: double ring, £3,650, and
single earring and ring (worn on finger), £4,150.
wearing the pieces, in the same way that
Bottom left: bracelet, £8,050. Bottom right:
I feel about my clothes. I hope the new
single earring (exclusive to Japan), POA, and
Trinity collection lives up to that.”
torque necklace, £15,500

FT.COM/HTSI

35

Giannis Antetokounmpo

ENVIRONMENT

ENVIRONMENT

The future
BUILDERS
The winners of the Terra Carta Design
Lab prize have one job: to find ways to
save the planet. Tim Auld reports
PHOTOGRAPHY BY K ASIA BOBULA

I

Above: Francisco Norris,
co-founder of ZELP.
Below right: Amphibio’s
jacket made from
polyolefin textile

38

n 2021, as part of his Sustainable Markets Initiative
and in the year of COP26, the Prince of Wales
set out his Terra Carta (Charter for the Earth)
to urge big business to put the health of the
planet at the heart of its agenda. He wrote: “If
we consider the legacy of our generation, more
than 800 years ago, Magna Carta inspired a
belief in the fundamental rights and liberties of people.
As we strive to imagine the next 800 years of human
progress, the fundamental rights and value of nature
must represent a step-change in our ‘future of industry’
and ‘future of economy’ approach.”
The Prince is the Royal Visitor at the Royal College
of Art in London; Sir Jony Ive is its chancellor; and
that connection led to the founding of the Terra
Carta Design Lab. It is heralded by a prize to inspire
current RCA students and alumni from 2011 to 2021
to explore “local initiatives to restore biodiversity,
reduce greenhouse gases, support developing countries,
and catalyse a new economic and social model that
realigns people with their environment”.
“There is a wonderful connection between His Royal
Highness and the Royal College, and I’ve always been
struck by his preoccupation with these extraordinary
problems that we’re facing,” says Ive. “I was particularly
excited to work with him to establish this initiative
because, despite the challenge, I found his whole approach
incredibly encouraging. It’s very easy to be so overwhelmed
by the nature of the crisis and it’s an enormous privilege
to become involved in something that is fundamentally
forward-looking and optimistic.”
The four winners were selected
“IT’S EASY
by a panel of judges including the
TO BE
Prince of Wales, Ive, vice-chancellor
OVERWHELMED of the RCA Paul Thompson, and
supporting partners of the Terra
BY THE CRISIS”
Carta Design Lab and the
Sustainable Markets Initiative. The winners each receive
a prize grant of £50,000, will be mentored by Ive and have
access to the network of the Prince’s Sustainable Markets
Initiative. What was striking about the submissions that
were first showcased as a shortlist of 20 was the positivity
of the students and the diversity of the projects on show.
Also striking was the multidisciplinary nature of the teams,
bringing together young architects, designers, scientists,
engineers, textile designers and artists – a 21st-century
compound of CP Snow’s “two cultures”.
“From my personal experience, the best ideas are the
result of a very open, multidisciplinary collaboration,”
said Ive before the showcase. “Absolutely everything
I’ve worked on of any consequence has been the result of
engineers and scientists and designers and artists working
together. And the uniting thread – in addition, of course,
to being galvanised by having similar values – is curiosity.”
One of the four winners, Francisco Norris (MA
information experience design 2017) grew up in Argentina

FT.COM/HTSI

Left: members of the
Amphibio team (from left),
Dr Deana Tsang, Jun Kamei,
Claire Miller, Isabella
MacKenzie, Dr Hatim Cader
and Fergus Telfer. Above:
Hanson Cheng (left) and
Siobhan Anderson of The
Tyre Collective. Below right:
Bike (left) and Begum
Ayaskan of Studio Ayaskan.
All photographed at
the RCA’s Battersea
Campus, London

In 2016 they set up Studio Ayaskan to create works
of art that blur the boundaries between disciplines,
“exploring connections between nature, time, objects
and spaces” – a plant pot that would grow with its
occupant; a work of art that would melt and recrystallise
depending on the brightness of the light. “We were
very much obsessed with nature, nature cycles and
observing what was happening. And on the other side,
we also got super into environmental research and
environmental design,” says Begum.
The focus for their project is on regenerating and
reforesting, starting with pilot projects first in the UK,
and then Turkey. “One third of the world’s soil is [severely
degraded] right now,” says Begum. “So we’re going to have
two parts to the project. The first two to three years we’ll
focus on healing the soil and then we’re going to start
introducing the seeds to start the regrowth. Because
without healing the soil, the seeds’ survival rates decrease
quite a lot – and we have a seed shortage in the world as
well – so we’re just increasing its chances to recover
itself and create its own balance.”
The plan is to achieve this refertilisation and replanting of
the land from the air, somehow moulding waste foods
(“Coffee grounds are very good,” says
Bike; “Banana peels, orange peels, tea
their batteries – and can also accelerate more quickly
“WITHIN THE
leaves…” adds Begum) into the shape of
than traditional cars. The prototype solution they
INDUSTRY
parachute-like sycamore/helicopter
have created is a box that sits behind each of a car’s
‘TYRE WEAR’ seeds that will gently and elegantly
wheels, using electrostatics to attract and gather
the dust as the wheels turn.
POLLUTION IS pirouette to the earth (“We might use
crop-dusters, or there are solar-powered
The benefits are twofold: the air we breathe should
A KNOWN
planes, but we have to work out the cost
be cleaner; and the particles gathered can be recycled
PROBLEM”
versus the benefit,” says Begum). The
into new tyres, the soles of shoes or other such rubber
next step is to use similarly moulded
products. As with Norris’s halter, the question is how
“parachutes” to carry seeds for replanting. All Begum and
to translate research lab results into real life. “In the lab
Bike have now is prototype versions that float to earth –
we capture about 60 per cent of the airborne particles,”
beguilingly beautiful in themselves. “But the challenge will
says Cheng. “But in our recent on-vehicle test we were
be to make them self-assembling by pressing them into
looking at about 20 per cent. We’re aiming to improve
shape, because we want to make it so that everyone who
that to 50 per cent in the next year or so.”
wants to get involved with the project can easily replicate it
“I think the most shocking thing that we found is
in their geographical location,” says Begum. “We’re going
that while there is little public awareness about tyre wear,
to design everything soon,” she adds.
within the industry it’s quite a well-known problem,” says
Precisely the kind of can-do optimism Terra Carta
Cheng. Anderson adds, “But there’s nothing that’s really
and the future needs.
looking at creating directional solutions yet.”
When Anderson and Cheng outlined their project
to Ive, he told them that he’d never thought about tyre
wear, says Cheng. “And I was like, ‘Now you’re not going
to stop thinking about it, so welcome on board.’”

L
between Buenos Aires and his family’s cattle operation in
the Pampas. “Agricultural methane is by far the numberone source of man-made methane globally,” says Norris
of his effort to find an answer to the gas’s impact on global
warming. “After COP26, the global methane pledge was
signed by 105 countries to reduce methane by at least
30 per cent in the next eight years.”
His solution? A device for cattle to wear that will
capture the methane as it leaves their body. But if you
imagined that would be positioned at the rear of the animal
you’d be wrong. “Because cattle have four stomachs, 90
to 95 per cent of the methane that they emit comes out of
their mouth and nostrils,” explains Norris, patiently.
The device catches the gas in a halter with a specially
adapted nose-piece that collects the gas the animal exhales
and directs it into a catalyst under its neck; the catalyst
breaks down the methane into carbon dioxide and water
vapour. Carbon dioxide also contributes to global warming

but, says Norris, it’s much less harmful than methane,
“considered to be 85 times worse for global warming
because of the amount of heat it traps in the atmosphere”.
Another of the winners is addressing a problem
that remains more under the radar: the pollution caused
by wear on cars’ tyres. The rubber “dust” that comes
off our tyres is actually calculated to be the second-largest
microplastic pollutant in our environment, say Siobhan
Anderson, Hanson Cheng, and Hugo Richardson (all MA/
MSc innovation design engineering, 2020) of The Tyre
Collective. “We were looking into research on microplastics
and we kept seeing ‘tyre wear’ coming up,” Anderson
says of their baptism into the world of microplastics.
“We didn’t really know much about it at first.” It’s an
issue that has become even more pressing with the
rise of electric vehicles that, although cleaner in terms
of engine pollutants, are set to be much dirtier in terms
of tyre wear because they are both heavier – due to

ike The Tyre Collective, Amphibio, a team
of eight, set out to explore one problem
and found themselves solving another.
“Originally, we were looking at creating
artificial gill technology for underwater
breathing equipment,” says CEO Jun Kamei
(MA/MSc innovation design engineering,
2018). The material they created, Amphitex, a form of
polyolefin textile, is both water-repellent and breathable –
it is also potentially 100 per cent recyclable. “We realised
that we could use it for other applications such as outdoor
sportswear that [needs to be waterproof and breathable].
Most outdoor wear is impossible to recycle, so if you
have a jacket [by a well-known label] it’s going to go into
incineration or landfill. The other thing is that brands
use a chemical called a PFC – a fluorocarbon – to make
the garment water-repellent, and they’re not great
because some have carcinogenic effects.”
Beyond sportswear, the team believes the recyclable
textile could be used in the medical industry as PPE,
and also in food packaging. While the focus so far has
been on developing the textile and membrane technology,
more work needs to be done “in the recycling field”,
says Kamei. Winning the Terra Carta Design Lab prize
will enable them to kickstart this next phase of
development and secure additional funding.
Begum and Bike Ayaskan (both MA design products,
2015) are, meanwhile, very much in the earliest stages
of development. Identical twins, they went to high
school in Turkey and studied architecture in the UK.

FT.COM/HTSI

39

DOUBLE ACT

MORVARID WITH
HER MOTHER
NASRIN ASSADI
IN 1982

“I make a fresh
canvas every day”
Amid the high-tech landscape of Silicon Valley,
a low-tech business has bloomed, handed down from
mother to daughter. By Victoria Woodcock

T

PHOTOGRAPHY BY CARLOS CHAVARRIA

here is only one place to start a business
in Silicon Valley: the garage. Ever since
Bill Hewlett and David Packard founded
their multinational IT company in a Palo
Alto garage in 1939, the tech world has had
a thing for them. They feature in the early
days of Microsoft, Apple and Google,
while Hewlett-Packard’s original outhouse hub has been
designated an official California Historical Landmark.
Iranian-born Nasrin Assadi moved from her home
in France to the San Francisco Bay Area in 1998 with
similar aspirations, but it wasn’t tech that she had in
mind. “I wanted to do flowers,” says Assadi, now a
spirited 70-year-old. “I had never found good flowers
in Palo Alto. They were all a bit tacky – odd colours
mixed together with no harmony.”
Inspired by the French style of floristry, Assadi
took classes in Paris before moving to the US, found
a job with a florist in Palo Alto (“at first sweeping the
floors”), and then set up her own business. “I started
out with a friend and we used her garage,” she recalls.
“But her goal was to play around, and mine was to
make money. She was supported by her husband
financially. I wasn’t. So I rented a garage myself and
that’s how La Lavande started. We became busier and
we expanded regularly until we got here.”
Today, the business is run by Assadi’s daughter,
Morvarid Mossavar (known as Momo), from a 170sq m
warehouse about 20 miles south of San Francisco in the
city of San Carlos. “It’s amazing what my mom did,” says
Mossavar of her mother’s journey. “My family moved
to France from Iran in 1980. So my mom and dad made
a whole new life in Paris in their 30s. They ran two Apple
dealerships, which is kind of funny when you end up in
California and one of your biggest clients is Apple. My
mom was 45 when she moved to Palo Alto – the same age
as I am now – and she started all over again.”
The business grew organically by word of mouth,
landing contracts with local hotels and winning the loyalty
of some of Silicon Valley’s most high-profile names and
companies. “We grew so fast that my friends were like,
‘If you were in tech you would be IBM by now,’” Assadi
laughs. She attributes her popularity to her “different-forCalifornia” style. “My eye was trained in France. We never
made arrangements that were just purple and yellow, or red
and blue; it was always a more tonal colour scheme.”
For Mossavar, working with her hands and playing with
colours remains the best part of the job. “I go to the flower
market two or three times a week,” she says. “I make my
paintings there, deciding what elements I’ll put together.

40

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enthusiastic audience on Instagram. For Mossavar,
Every week you start with a fresh canvas. And every
however, her floristry influences – and subsequent
week you have to create something different, as the
friendships – have always been more local. “There’s now
flowers change.” Springtime favourites of hellebores,
a really beautiful community of florists here in the Bay
Icelandic poppies, ranunculus and flowering quince are
Area,” she says, adding that the two people whose work
now giving way to cherry blossom, tulips and sweet
she is constantly inspired by are Ariella Chezar – a former
peas. Meanwhile, some of Assadi’s best-loved components
local who has set up a sustainable flower farm in upstate
are those that remind her of her native Iran – such as
New York – and Max Gill. “He’s a magician with his hands,”
tuberose, “with its heavenly smell”, or jasmine.
says Mossavar. “There are moments when I’m making
“Sometimes I dream of making an arrangement
an arrangement and I’ll be channelling Max. I’m like:
just with leaves,” says Mossavar. “That’s how you
‘I’ve got to make this like you do.’
start an arrangement, and it’s also so pretty when it’s
I can’t, though. He’s brilliant.”
just green, but you can never send that to a client’s
“I DREAM OF
For someone so enthused
home.” While the harmonious colour palette remains
MAKING AN
about her work, it’s hard to
a constant, the style of La Lavande’s arrangements
has shifted over the years. “Twenty years ago it was
ARRANGEMENT believe that Mossavar was initially
reluctant to be part of La Lavande.
all about compact, structured arrangements in a vase,”
JUST WITH
“I didn’t want to join my mom at
says Mossavar. “Now we have a natural, whimsical,
LEAVES”
all,” she laughs, recalling her
more airy and playful style.”
mid-20s when she was studying
The artistic approach to floristry has bloomed
International Relations at San Francisco State University
internationally over this time frame, with the striking
and dabbling in photography. “My mom tried to get
arrangements and installations by the likes of Simone
me into the business for a long time. I would help out,
Gooch of Fjura in London, Ruby Barber of Mary
do deliveries, but I was like, ‘I’m not touching flowers,
Lennox in Berlin, and the exuberant on-street “flower
don’t talk to me about working for you.’ But
flashes” of Lewis Miller in New York finding an
moms know how to get what they want!”
It was only when she was first shown how to make
an arrangement and had a go herself that something
clicked. “I just loved it from the beginning,” she adds.
“Creatively, I’m happy doing what I do every day. My
mom has handed me something amazing.”
Although Assadi retired six years ago, she still helps out
with the administrative work. “The running of the business
is all in Momo’s hands now,” says Assadi. “She’s developing
it in a fantastic way. Her designs are much more beautiful.
Plus she’s making more money than I ever made.”
“I worried constantly for the first year that I was going
to sink the whole business,” says Mossavar. “I think people
would be surprised at how it’s still a small family concern,
given the clientele that we have and the events we do. But
I reply to almost every email. I know all my clients’ names.”
As well as designing spaces for dinners and events
for corporate and private clients, Mossavar also plans to
expand the range of La Lavande workshops, catering to
a growing appreciation for handcrafts. “It’s an opportunity
to get all these people who work in tech and spend all day
in front of a screen to come and just play,” she says. “It
could be taking a ceramics class or a flower-arranging class
or starting knitting or doing punch-needle embroidery.”
The point, she concludes, is that we all need to disconnect.
Even if you’re doing it while sitting in a garage.

DOUBLE ACT

Morvarid Mossavar
has been running
La Lavande since
2016. Opposite page:
two examples of her
“airy and playful”
arrangements

FT.COM/HTSI

41

The Shed
Tickets now available

Discover the best contemporary art
from around the world

Artwork by Rose Pilkington @rosepilky

FRIEZE NEW YORK
MAY 18–22, 2022

Global lead partner
Deutsche Bank

Marc Newson, left,
and Jony Ive at
Newson’s workshop

Longtime collaborators and founders of the design
collective LoveFrom, Jony Ive and Marc Newson
talk Apple, Ferrari and friendship at Newson’s
workshop in the Cotswolds
Photography by Tom Jamieson

“It’s a head office for tinkering”
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45

M

arc newson: When I
bought this house, the
first thing I renovated
was my workshop and
garage. It has been
functioning for the
past three years, but
we only moved into
the house this March.

jony ive: To be
honest I would not have expected anything else! Looking
around a space like this, I find it hard not to be happy.
This is a fantastic metal workshop. My workshop is really
for working in wood: just as I once made furniture with
my father when I was a child, I’ve made furniture with
my children in the workshop.
mn: I had to have a “head office” before a house, but it’s a
head office for tinkering. I’m not really doing heavy, heavy
machining. The workshop used to be a tack room and
what was the stable is now a garage for my cars… so a
different kind of stable, I guess.

ji: We have already spent a lot of time working together
here. Your house is extraordinary and this is an area I’ve
been in love with for many years. We bought a house on
the same stretch of river, literally five minutes away. The
opportunity to be this close is fabulous and means that
when I am in the UK we can work together so easily –
whether it’s our work with Apple or Ferrari.
mn: This is an appropriate place to work on an automotive
project, because there are so many fantastic classic cars
and people with car collections around here. [Pink Floyd

46

FT.COM/HTSI

drummer] Nick Mason is just up the road and his
collection is amazing. The best Bugatti restorer is nearby,
and the best Ferrari restorer too. There’s this incredible
concentration of old cars in the area.
ji: I am really fascinated by old cars. I just drove over in
a Bentley S2 Continental. It was made 60 years ago and
was restored 20 years ago by P&A Wood in Essex. It is so
beautiful on many levels. It reminded me of one of the
things we were talking about recently. There was a time
when we were able and motivated to maintain and look
after products. Beyond just buying something, we were
caring for it, which is obviously better than recycling.
mn: I was going to be a jeweller and a silversmith. I wasn’t
particularly accomplished at either. But being a jeweller led
to my interest in things like watches, which subsequently
I designed a few of. As you said, it was all about making
things: learning how to use tools and learning about
materials, particularly types of metals, how to build things
yourself. I didn’t have formal training as a designer so,
when I started my career, learning how to make things was
very much a means to an end. I didn’t know how to create
something without physically making it. At the time I would
have been happier getting someone else to do it, but growing
up in Australia, manufacturing was not as sophisticated as
perhaps in Europe. Even if it had been, it would have been
beyond my means. Only later did I realise that as I was
making things I was learning, learning all the time.
ji: My father was a silversmith and teacher. I think the
most precious Christmas present I received from him
was a day or two of his time in the workshop. There was
an understanding that I had to spend time thinking
about and drawing what I wanted to make. I didn’t really

know it was called “design”. Growing up, it seemed a very
natural thing to understand the physical world by
understanding how it was made. Obviously everything
in here was designed and made, and everything that is
designed and made stands as testament to the values
of the people behind it. I think it is interesting to
understand an object in terms of how it came to be: not
just the philosophy behind it, but how it was made. I think
it is quite rare that people could even describe how the
chair they sit on is actually made.
mn: I 100 per cent agree. Undertaking the process of
renovating an old house, I can say without any shadow of
a doubt that the skills needed to restore a Grade I-listed
house are not non-existent, but they are dying.
ji: We’ve talked a lot about how making products in
high volume obviously consumes enormous resources.
I do think our understanding of the physical world, of
materials and resources, is connected to our curiosity
about how things come to be. As humans, we tend to be
more responsible stewards of the things we truly
understand. There were generations of children who
left school knowing how to make, understanding the
biography of our manufactured environment. If you
have to make something, you end up with both a “thing”
and more importantly a knowledge about materials
and the architecture and construction of objects. When
I went to school, there was a broad commitment to
facilities that would help you make. For reasons of cost,
but I suspect primarily driven by classically educated
members of government, there are now fewer
workshops or spaces to create and make. 3D printing
has a value but you don’t learn much from just
pressing Cmd+P on a keyboard.

“ THE MYFORD SUPER 7 IS THE ROLLS-ROYCE OF LATHES...
I COULDN’T IMAGINE MY LIFE WITHOUT IT”
mn: I guess one of the very sad things is that you would
really struggle now to learn from somebody how to use
one of the machines in my workshop. People of your
father’s generation certainly could have taught that; after
all, that is what he did. But today, unless you can teach
yourself how to use these things, it is very difficult.
ji: There’s a beauty and a joy in the machines and tools.
They are no longer solely a means to an end. I think
there’s an inherent elegance in an effective tool that
normally results in a curious beauty. It is very sad to think
that they are coming out of schools.
mn: That’s where that milling machine came from [Marc
indicates a large green machine]. It’s called a Tom Senior.
And the blue one is called a Myford Super 7. If you talk
to anyone about lathes, they will tell you that the Myford
Super 7 is the Rolls-Royce of lathes. Myford first made
it in the early 1950s and it is still being made today.
I couldn’t imagine my life without it. Since the age of
about 22, when I was trying to be a jeweller and
silversmith, I’ve never lived without a lathe.
ji: That’s a lovely thing to say. It is one of the things that
is fundamental to the rigour of our collaborations. If you
don’t know how to make something, and you go straight
to defining form, it tends to be arbitrary. We are
surrounded by products that were designed and modelled

digitally, with little regard or understanding of their
real, material attributes. If you don’t have personal and
practical experience of a material – say, the difference
between aluminium and titanium – it is hard to develop
the right forms. And ultimately, while you cannot perhaps
articulate why, sometimes objects just seem right. They
seem simple, cohesive, almost inevitable...
mn: Or having had some experience and understanding
of the difference between titanium and aluminium and
steel and brass and copper; the difference between a
ferrous and non-ferrous metal; the relevance of different
melting points; and joining metals together, knowing the
difference between soldering, brazing and welding…
ji: I do feel that these shared experiences and
understanding characterise the way that we work
together. I think that there is an effortlessness. That
doesn’t mean that there isn’t a tremendous amount
of effort… there is. It just seems so gentle, and uncontrived
and unreached for… Maybe it is about our
communication. You can flail around putting all your
energy into trying to explain what you think; our energy
is consumed by the idea, not trying to describe it. I do
think our work on the Apple Watch together speaks to
a joyful and effective collaboration at a particularly
difficult time. I had felt so strongly that there was an
important opportunity to create a very personal and

useful product that could be worn on the wrist. I spent
a lot of time wrestling with the big founding ideas and
the fundamental issues of interface but had somehow
assumed that the work on the actual object would be
fairly straightforward. When the basic architecture of
the idea was defined, I really struggled with the physical
design. It was from that place of struggle that I asked
you to help. While it was humbling for me, I think we
got to the final design quickly together. We are proud of
the work. I always hope to achieve that sense of
inevitability, that simplicity where there doesn’t really
appear to be a rational alternative. I know when we are
working together we are trying to find the same design.
I don’t know whether it’s just the combined experience.
I don’t know whether it’s just the chemistry and the
shared references. But it seems like a particularly
precious and valuable place to be.
mn: It’s quite serendipitous. It’s effortless, subtle,
spontaneous, natural and, I think most importantly, it’s
fun. I suppose with any career or any job, something that
you essentially do for a living, it can become mundane
at times. I guess, on some level, we’re all struggling with
that. But it’s nice when you can have some fun and things
then evolve in a very organic and positive way.
ji: As well as being, as you say, more joyful and fun to
work together, it is absurdly effective. That is essentially
why we started LoveFrom, as a collective of creatives who
enjoy working together. I love collaboration… clearly we’ve
enjoyed the process enormously over so many years.
mn: And will continue to enjoy it – I hope – for
many, many years to come.
AS TOLD TO NICK FOULKES

FT.COM/HTSI

47

Yo-Yo Ma

The world-famous cellist “sees”
via his sense of touch

T

he French-born American cellist
Yo-Yo Ma, 66, has been performing
in public for more than six decades
– he began playing at the age of
four – so asking him whether he
takes care of his hands is probably an academic
question. “I try to be careful when slamming
car doors and closing automatic car windows,”
says Ma. “I am not always successful.”
Ma learned vigilance as an artist early on.
“In my 20s and 30s, I was lucky to meet people
who taught me that a musician is also an athlete,”
says the cellist, a winner of 19 Grammys, the
Glenn Gould Prize, the National Medal of Arts
and the Presidential Medal of Freedom, and
a United Nations Messenger of Peace as well.
“The importance of stretching your muscles
before and after practising and performing is
crucial to maintaining muscle resiliency and
health.” This approach is vital to his art.
“I always try to remember that, ultimately,
the purpose of technique is to transcend it.”
His hands have naturally evolved after
so many years of assiduous use. “The fingers
of my left hand are actually a couple of
millimetres longer than the ones on my right
hand from years of digital pounding on the
fingerboard, and they all have developed
calluses that disappear when I don’t play for a
week or so, and are painful to redevelop.”
Meanwhile, the fingers of his right hand,
his bow hand, have been altered after so much
squeezing of the index finger against the thumb:
“Years of that action have made my index finger
rotate a couple of degrees clockwise.” And it’s
not the only thing he has to be aware of.
“Climate is a factor. Extreme humidity, for
example, changes the tactile feel of steel string
on skin, making my fingers feel like they are
aquaplaning on string and fingerboard, and
wreaking havoc on intonation.”
Ma comes from a deeply musical family:
his father was a violinist. However, he can’t
say if they had the same fingers. “I knew
my father from his analytical mind, but we
probably had similar hands. He was also a
writer and composer, and his penmanship
was exquisite.” What the cellist is in no doubt
of is that “fingers are like little brains. I use
my hands – my sense of touch – to ‘see’…
Finding and feeling the gradations of texture
in a new tool, a new instrument, an article
of clothing, any material, is one more way
of knowing something.”

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TIPS from
the TOP
Yo-Yo Ma, Lily Allen and Trombone Shorty all use
their hands to express their creativity – consciously
or not. Interviews by Louis Wise
Photography by Craig McDean

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49

Lily Allen

The singer-songwriter has
been nailing it for years

L
“SOME PEOPLE LIKE TO GO AND GET
A BLOWDRY, BUT I’M A NAILS GIRL”

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ily Allen has enjoyed an eclectic
career since she burst onto the scene
in the mid-2000s, recording four
albums in various styles, acting and
publishing a bestselling memoir. One
constant, though, has been at the end of her
fingertips: her nails. Whether decked out in an
extravagant one-off design or more demurely
manicured, they have served as an expression
(and an enhancement) of the Londoner’s
mood. “I just love nails,” she says. “It makes
me feel good. When I first went back to the
salon after lockdown, it made me feel like a
new person. I guess some people like to go and
get their hair blowdried, and some people like
getting their nails done, and I’m a nails girl.”
Allen started getting her shellacs done as a
schoolgirl 20 years ago, heading to New York
Nails in Hackney to have cute designs like
palm trees painted on. “I was big on colour
coordination,” she recalls. “I used to pick a
detail from the trainers I was wearing and go
with that.” With the release of debut album
Alright, Still in 2006, she could expand her
ambitions. “I’ve been very lucky to have access
to some of the best nail people in the world for
a long time,” says Allen, who now lives in New
York with her husband, actor David Harbour.
She recalls how the nail artist Naomi
Yasuda once cut up an American dollar bill,
embedded the pieces in acrylic then added
gold embellishments. Another time, Yasuda
painted an app icon on each fingertip: Twitter,
Instagram, but also Contacts and Settings.
Instagram has led to an explosion in sharing
imagery, which Allen loves: “It’s got bigger and
bigger… We never copy anyone else, but we’ll
use other people’s work as a starting point.”
Allen still handwrites her lyrics: “I’ve got
hundreds of Moleskine notebooks upstairs
in my office, filled with nonsense.” Her nails
have never impeded her in any part of her
life. “You just use your hands in a different
way,” she explains. People used to ask her,
how do you change your kids’ nappies? “I’d
joke back and say: ‘I don’t.’ ‘How do you do the
washing-up?’ ‘I don’t.’” She laughs. “I’m being
facetious, obviously. I do all of those things.”
She stops herself. “Actually, there’s one. It’s
hard to open the door of a Tesla.”

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51

Trombone Shorty
The award-winning musician finds
his fingers have a will of their own

T

roy Andrews, known to the world
as Trombone Shorty, has never
thought much about his hands,
even though they are essential
in his job as an award-winning
trombonist and trumpeter. “It’s all natural
to me,” shrugs the New Orleans native, 36.
He barely notices when his fingers strain to
reach the far end of a trombone – but that
wasn’t always the case.
“When I was three or four, starting out, my
arms weren’t long enough to hit the whole
instrument,” he says. “So I would recreate the
sound that I was hearing with my lip in order
to catch what the person next to me was doing.
But I didn’t know I was doing that: I was just
trying to find the notes that the guy next to me
in the street parade was playing! I had to sit
down and use my foot sometimes.”
However Andrews managed it, he got the
results: more than 30 years later he has played
on dozens of albums, worked with Foo
Fighters, Mark Ronson and Lenny Kravitz,
and appeared in shows ranging from Treme
to The Simpsons. An album out last month
confirms his eclectic tastes: “We have some
pop arrangements with dirty New Orleans
street drumming on top, which is cool.” The
music of Louisiana runs in his blood. “I think
if I didn’t play, I would be an outcast in the
family, because everybody plays.”
Andrews has noticed that his fingers have
a will of their own. “I’ll do some things and be
like: ‘Well, that was not what I was trying to
do – it took off by itself.’ When I’m playing
the trumpet, which requires three fingers, my
pinky finger will start to do something else.”
On the trombone, his hands slide away from
their gripping position, but it doesn’t bother
him. “It’s all instinctive emotions.”
Much of Andrews’ vocation rests on that
rapport between his fingers and his lip: the lip
has often relayed where the fingers won’t go.
But one of the most extraordinary facets of
his career is that he plays both trumpet and
trombone. “My teachers told me it wouldn’t
be possible, because there are two armature
memories.” Fellow players who try to
switch between the two instruments are
often thrown – the lip can’t adapt. Andrews’,
for whatever reason, can. “I don’t know
why... I found a way to make it work. I think
it’s more natural for me to play both than it is
to stick to one.”

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“IF I DIDN’T PLAY, I
WOULD BE AN OUTCAST
IN THE FAMILY, BECAUSE
EVERYBODY PLAYS”

Photographed at Craig McDean
Studio, New York. Yo-Yo Ma: hair
by Tomo Jidai at Home Agency.
Lily Allen: nails by Juan Alvear at
Opus Beauty. Hair by Tomo Jidai
at Home Agency. Make-up by
Francelle Daly at Home Agency

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53

TWELVE
TOOLS
Beautifully designed tools help us make
beautiful things. Some are for making, some
for marking and some for measuring. A few of
these I carry with me every day. By Jony Ive
Photography by Dwight Eschliman

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savoirbeds.com

E L I Z A B E T H H A R R O D , S O L O I S T, T H E R O Y A L B A L L E T

FT.COM/HTSI

57

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311 LITRES OF 32-YEAR OLD
MACALLAN SINGLE MALT WHISKY
HOLDING THE UNDISPUTED
GUINNESS WORLD RECORD
FOR THE LARGEST EVER
BOTTLE OF WHISKY

THE INTREPID:
THE MACALLAN 1989 32 YEAR OLD
Bottled on 9 September 2021, vatted from
hogshead #6986 and #6992, 311 LITRES / 43%
ESTIMATE UPON REQUEST

THE INTREPID:
THE MACALLAN 1989 32 YEAR OLD
COMPLETE SET OF 12 LIMITED EDITION 50CL
BOTTLES, vatted from hogshead #6986 and #6992,
all with presentation cases, each 50cl / 43%
£15,000-25,000 (+ fees)

AUCTION
25 MAY 2022
LIVE ONLINE
For more information please contact
Colin Fraser | 0131 557 8844
colin.fraser@lyonandturnbull.com

LO NDON 0207 930 9115

|

EDIN BURGH 013 1 557 8844

|

Catalogue and free online bidding at www.lyonandturnbull.com

1 TORQUE WRENCH
SNAP-ON adjustable torque wrench, £455
2 TONEARM
LINN titanium Ekos SE tonearm, $5,645
basilaudio.com
3 HEX KEYS
WIHA colour-coded hex L-Key set, from $3.69
4 PAPER FOLDER
Paper folder, hwebber.co.uk
5 MEASURING TAPE
HERMES leather In The Pocket
measuring tape, $530
6 LOUPE
Vintage brass folding magnifier by LEITZ
WETZLAR, from Jony Ive’s personal collection
7 FOUNTAIN PEN
Vintage pen by MONTEGRAPPA, from
Jony’s personal collection
8 ERASER
GRAF VON FABER-CASTELL platinum-plated
eraser, £100, jacksonsart.com
9 PENCIL CASE
Vintage leather pouch by VISVIM,
from Jony’s personal collection
10 PROTRACTOR
MITUTOYO 6in universal bevel
protractor, £264
11 DEPTH GAUGE
STARRETT 440Z-3RL depth micrometer, $355
12 WEATHER STATION
WEMPE Navigator II ship’s clock and
weather station, $1,960

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61

FOOD & DRINK
DR IN K IN G

Right: Ruth
Rogers and her
late husband,
Richard

Laissez-terre
Minimum intervention, maximum
use of terroir – Alice Lascelles uncorks
the future of Burgundy

PHOTOGRAPH: COURTESY OF RUTH ROGERS

Winemaker Vincent Dancer is renowned
for doing nothing – or very little, at least
– at his organic domaine in ChassagneMontrachet. He doesn’t use enzymes, acids
or cultivated yeasts to give his wines a
tweak; he eschews battonage (stirring the
lees, or spent yeast, for extra flavour and
texture), fining and filtering, and bottles his
wines with minimal sulphur.
His ethos is low-intervention – but his wines
aren’t “natural” in the stylistic sense. To the
contrary, they are known, above all, for their
stellar clarity, brightness and poise. He says:
“I really like the Antoine de Saint-Exupéry
quotation: ‘Perfection is achieved not when
there is nothing more to add, but when there is
nothing more to take away.’ We want people
to drink the exact reflection of the vintage and
the terroir. This is why we intervene very little.”
Dancer (pictured below) was born and
raised in Alsace, but had the good fortune
to have relatives with
vineyards in Burgundy –
VINCENT
and oday he farms
DANCER
eight hectares in some of
DESCRIBES
the most vaunted terroir in
HIS WINE AS
the Côte de Beaune. One of
A “MIX OF ICE his most prized plots is in
AND SUN!”
La Romanée, the premiere
cru vineyard which sits at
the highest point of the steep, pebbly slope
above the village of Chassagne-Montrachet.
“The vines are protected from the cool north
wind by big oak trees,” he explains, “so the
shape of the wine is a mix of sun and freshness
thanks to the limestone soil.”
That duality served him well in 2016,
which saw extremes of frost and heat: he

describes Vincent Dancer 2016 ChassagneMontrachet 1er Cru La Romanée, rather
tantalisingly, as a “mix of ice and sun!”
“Dancer’s wines are wonderfully precise
and bright and clean, they have real verve
and intensity,” says Matt Cirne,
consulting sommelier at Michael Tusk’s
three Michelin-star Quince restaurant in
San Francisco. “I think of his La Romanée
wines almost more like a Grand Cru
Chablis than a classic Côte de Beaune.”
Cirne likes to pair Dancer’s
chardonnays with “lightly-breaded
Petrale sole and lemon or lobster.
Because they tend to run more
mineral than fruit forward, they
are good with vegetables too.”
“All the most exciting newgeneration producers in Burgundy
are now leaning towards this
brighter, snappier style – no one’s
trying to make creamy decadent
white wines any more,” says Cirne.
“A lot of them, I imagine, would
say they look to Dancer as an
VINCENT
influence. Someone who can
DANCER
CHASSAGNE
lean into the vintage without
MONTRACHET
compromising his style.”
2016
@alicelascelles

T

alk of food and hands, and most
people imagine some kind of culinary
fornication: fingers kneading lumps
of dough or squeezing ripened
vegetables. One thinks of the
lascivious domestic goddess and
her multisensory pleasures, and people, having
eaten, wiping their fingers over plates.
Ruthie Rogers is here to dispel that nonsense:
at The River Café, such an approach would likely
get you sacked. “The discipline of a professional
kitchen means that you’re not supposed to touch
the food,” says the co-founder of The River Café,
which, though based in London, is considered by
many to be the greatest Italian restaurant in the
world. “I would never touch a piece of meat,”
she shudders. “Or pick up a piece of fish while
I was in the kitchen. Unless someone is making
a panzanella, which requires the tomatoes to be
hand-squeezed, or a certain kind of dressing, or
if they’re making bread – which I’ve never really
done because it doesn’t interest me – they would
only move food around the kitchen using tools.”
The River Café, co-founded by Rogers and
Rose Gray in 1987, has been serving dishes from
its Thames-side wharf in Hammersmith for more
than 30 years. Rogers has spent a career overseeing
a dining room that serves up to 180 covers on
an average night – “that means lifting around
600 plates”. When asked what she does most often
with her hands on duty, she says:
“Lifting, arranging, jiggling
tables. I’m constantly cleaning
EATI N G
surfaces. And I’m always using
my hands to wipe.”
to The River Café in the wake
“Idle hands make devil’s
of #MeToo,” she remembers.
work,” says Rogers, who enjoys
“I said that what you think of
a proverb, and her hands are
as a hug might be someone
always busy. Today, however,
else’s private space.” She pulls
finds her unusually sedate as
a face. “I then told them they’d
she is currently recovering from
probably all have to take me to
a fall. Following the doctor’s
The River Café’s Ruth Rogers spends
a tribunal, because I’m always
orders somewhat reluctantly, she
her day washing, lifting and wiping.
hugging everyone.”
is seeing visitors from her bed.
But her hands were made for much
On the bookcase beside
I find her at the top of several
her are several portraits of her
staircases in the loft space of
more than doing dishes. By Jo Ellison
and her late husband, architect
her Georgian townhouse near
Richard Rogers, who died
Sloane Square. A tiny, diminutive
in December 2021. They were
figure stretched out on spotless
married for nearly 50 years and he was a constant presence
white linen, Rogers is smoothing a new scarf over her
at the restaurant; the couple sat at the centre of an
legs. A gift from Heather Ive – a good friend and Jony’s
expansive, intellectual and inclusive social scene. In one
wife – the chunky knit in pink and neon yellow was
image, the couple are pictured at either end of a sofa. They
inspired, according to Heather, by
are, very sweetly, holding hands. “Richard and I, whenever
a bowl in The River Café shop.
“I LIKE A
we walked, we always walked holding hands,” says Rogers.
Despite
any
physical
discomfort,
HAND AS
Rogers’ own hands are quite unusual: she has
Rogers is still her effervescent, social self.
A COMFORT
AND A
extraordinarily long fingers, and impeccable short, clearIn addition to the daily happenings at the
CONNECTION” restaurant, she is planning who to put
polished nails. Although she has had plenty of burns over
the decades, she says she has rarely, if ever, accidentally
on her next podcast (River Cafe Table 4)
cut herself at work. “I remember being told as a child that
and finessing edits on an upcoming book. Ruthie’s energy to
I should play the piano because I have long fingers.” She
make things happen is second only to her drive to connect.
holds them up for me to inspect. She did play the piano for
The podcast, for example, has featured everyone from
a spell, “but in high school I was made to play bassoon.
David Beckham and Jeff Goldblum to Paul McCartney and
Nancy Pelosi, and all of them are Rogers’ friends. Most of that Every American high school was like Soviet Russia, in those
days, and we all had to learn an instrument. My first choice
comes down to her warmth and humour – not to mention
– the French horn – was taken, so I had to play bassoon.”
that she’ll keep you fed. And, while she may be a stickler for
Recently, however, those piano ambitions have been
health and safety in the workplace, watch her for any length
rekindled, and she’s taking lessons once again. “The
of time and you’ll soon see she’s the queen of hugs.
teacher is a great American guy,” says Rogers. “But he’s
“I like a hand as a comfort and a connection,” says
very strict about the positioning of the hands and how
Rogers, who describes herself as a “tactile” sort. “I like
you touch the keys. Everything is in the wrist.”
the safety of hands. I like crossing the street and holding a
Another popular idiom, and one just as easily applicable
child’s hand. I like when a baby grips your hand so tight you
to everything, from wiping surfaces or squeezing lemons
can hold them up with only the power of their grasp.” She’s
to mastering the scales.
probably a bit too handsy, point of fact. “I had to give a talk

Holding
the line

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63

HOW TO SPEND IT IN...
Right: the three
Michelin-starred
Quince. Below: Lost
Coast Outfitters

and whiskey stores, and to a colony of writers and artists
including Mark Twain and the Beat Generation.
Here are San Francisco’s bones – the adventure and
ambition, optimism and resilience that still define the city. I
feel certain that the pioneering creativity and idealism of
Silicon Valley thrived because of this place. I have learnt and
grown, been inspired and found courage because of being
here. I owe this place. I love this place. LoveFrom, the
creative collective I co-founded with Marc Newson, has
made Jackson Square home. We have dreams and plans for
our buildings and our studio, but that’s for another time.
My dear friends Michael and Lindsay Tusk own the
restaurant Cotogna – and also Quince, which has truly
earned its three Michelin stars. I have enjoyed countless
happy lunches and dinners made with produce grown on
their farm across the Golden Gate Bridge in Marin. They
can do magical things with even the humble garden pea;
their English pea tortelli are a favourite.
During that first visit more than 30 years ago, I walked
up from Chinatown, past Tosca – a glorious bar with an
opera jukebox, an intriguing bullet hole and meatballs to
die for – and had an eggplant focaccia sandwich for lunch
at Mario’s Bohemian Cigar store. Jackson Square borders
North Beach, San Francisco’s Italian neighbourhood. They
no longer sell cigars but the sandwiches are marvellous
Guest editor Jony Ive on his
and you can eat overlooking Washington Square park. In
30-year love affair with the
Chinatown, I like Mister Jiu’s for contemporary Chinese
San Francisco neighbourhood
food. The beef tendon is a speciality.
Back in Jackson Square, I recommend a drink at
Vesuvio,
the Beat bar next to the legendary City Lights
PHOTOGRAPHY BY AMI SIOUX
bookstore. The exquisite Sentinel Building is to your
right when you leave, the headquarters of the American
Zoetrope film studio co-founded by Francis Ford
Coppola and George Lucas.
William Stout is one of the best design
RESTAURANT & CAFES
and architectural book stores in the
Café Zoetrope
cafezoetrope.com
country, and I have been visiting for
Cotogna cotognasf.com
decades. The story goes that Bill’s store is in
Maison Nico maisonnico.com
what was one of the first Gold Rush banks,
Mario’s Bohemian Cigar Store
Café marios-bohemian-cigarand that his basement once contained the
store-cafe.square.site
original vault. Halfway down the enticing
Mister Jiu’s misterjius.com
Molinari molinaridelisf.com
alley next door is Bix, a jazz bar and dining
Quince quincerestaurant.com
Above left: Jony
room. Step though the unassuming doorway
Tosca toscacafesf.com
Ive in front of the
into a soaring, exhilarating space filled
Transamerica
Pyramid. Right:
with music and cocktails.
BARS
Tosca Café.
Among all these bars, bookshops and
Below: Cotogna
Bix bixrestaurant.com
restaurants
there is also a fly-fishing store:
restaurant
Vesuvio vesuvio.com
Lost Coast Outfitters. It’s a real gem. I am
shamelessly seduced by the little aluminium
SHOPS
tackle
boxes with their fly-specific
City Lights citylights.com
compartments and the forest of fishing rods
Lost Coast Outfitters
lostcoastoutfitters.com
swaying in the breeze of the open door.
William Stout Architectural
If you visit, say hello to Diesel the dog.
Books stoutbooks.com
I discovered many of these places on
that very first trip more than 30 years ago.
Few neighbourhoods retain so much of their character and
people for so long. Jackson Square’s humility and resilience
only makes it more endearing. Every time I step out of our
studio, in the shadow of the glorious Transamerica
Pyramid, I feel the gentle exhilaration of our energetic,
joyful little community.

JACKSON
SQUARE

I

was 21 years old the first time I boarded a plane.
I had dreamt of visiting San Francisco, and was
lucky enough to win travel scholarships from
the Royal Society of Arts while studying design at
art school. I arrived in the city on a cold and foggy
Friday night, late in the summer of 1989. Despite
the disappointingly chilly greeting, over the following
days I discovered Jackson Square, North Beach and
Chinatown, and I fell in love.
I still remember the quality of light, the shadows,
the sounds and the vitality of these neighbourhoods
with surprising clarity. All the city’s ferocious,
intoxicating history is felt here, if not always seen.
This used to be the shoreline until tens of thousands
arrived in the 1850s during the Gold Rush and, in the
giddy scramble to make their fortunes, abandoned
their ships in the bay. Dozens of those ships are now
buried beneath our feet.
Jackson
Square
was
San
ALL THE
Francisco’s commercial centre back
CITY’S
then. A few of these beautiful brick
buildings have survived earthquakes,
FEROCIOUS,
and the lawlessness of the
INTOXICATING fires
Barbary Coast. It has at different
HISTORY IS
times been home to merchants,
bankers, dance halls, wine houses
FELT HERE

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