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Aug 3 Jul 27
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$ per 1.560 1.571
per 0.791 0.787
per $ 78.60 78.63
per 122.6 123.6
$ index 81.50 81.50
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Aug 3 Jul 27
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THE FINANCIAL TIMES
LIMITED 2012 No: 37,998

Printed in London, Liverpool, Dublin,

Frankfurt, Brussels, Stockholm, Milan,
Madrid, New York, Chicago, San Francisco,
Dallas, Orlando, Washington DC,
Johannesburg, Tokyo, Hong Kong,
Singapore, Seoul, Abu Dhabi, Sydney
ExBarclays traders
Rabobank link probed
A trader at the centre of
rate-manipulation allegations
levelled at UK lender
Barclays communicated with
counterparts at Rabobank,
the Dutch bank, about
trading positions related to
Euribor. Page 11
New exchange eyed
A new pan-European stock
exchange for entrepreneurs
is being planned by NYSE
Euronext to plug the gap in
funding for small companies.
Page 11; Aiming small, Page 14
Repo market falls
The market for European
repurchase repo
transactions shrunk in
Europe, highlighting how
reliant financial institutions
in the region have become
on European Central Bank
support. Page 11
Olympic wins
Saturday night was a great
night for British sport. Three
gold medals in 45 minutes.
Then yesterday Andy
Murray beat Roger Federer
to earn gold on the tennis
court. Matthew Engel, Page 2;
Editorial Comment, Page 6;
www.ft.com/olympicsdaily
Italy reassures
Italian policy makers have
sought to assure financial
markets that Italy is in good
shape and has no intention
of making an early request
for intervention by eurozone
bailout funds, at least not
unless Spain goes first.
Page 4; David Gardner, Page 7;
www.ft.com/eurozone
US ballot worries
Millions of US voters could
be turned away at the ballot
box in Novembers
presidential election because
of new, tough identification
requirements. Page 4
Seven die in shooting
A shooting at a Sikh temple
outside Milwaukee left at
least seven people dead
yesterday, police said, adding
the gunman was killed by
police. www.ft.com/us
Colombia peso woes
The countrys energy sector
gains precedence while
manufacturers and flower
growers see a less rosy
future. Page 4
Krafts sporting way
Irene Rosenfeld, the chief of
US food group Kraft, learnt
about perseverance in
business on the sports field.
The Monday Interview, Page 8;
Kraft calls for revamp, Page 12
Mount Fuji monitoring
Fears of an eruption on
Mount Fuji have increased,
but Japan can take comfort
from GPS devices checking
for signals of magma
movement. Page 3; Japans
traders benefit, Page 12
Yemen bomb kills 45
A suicide bomber struck in
the Yemen city of Jaar,
killing at least 45 people, the
defence ministry said.
www.ft.com/mideast
News Briefing
Separate section
FTfm
Fund management update
Powerless to act India
dimmed by blackouts
Analysis, Page 5
The workers blessing
Lucy Kellaway learns to love the Olympics. Page 8
By Jack Farchy in London and
Gregory Meyer in New York
A four-year investigation into
the possible manipulation of the
silver market is likely to be
dropped after US regulators
failed to find enough evidence to
support a legal case, according
to three people familiar with the
situation.
The Commodity Futures Trad-
ing Commission announced in
September 2008 that it was
investigating complaints of
misconduct in the silver mar-
ket, following a barrage of alle-
gations of manipulation from
some precious metals investors.
In 2010, Bart Chilton, a CFTC
commissioner, said that he
believed there had been fraud-
ulent efforts to deviously con-
trol the silver price.
But after taking advice from
two external consultancies, the
first of which found irregulari-
ties on certain trading dates
that it believed deserved more
analysis, CFTC staff do not have
sufficient evidence to bring a
case, according to the people
familiar with the situation.
The agencys five commission-
ers have not yet formally deter-
mined the outcome of the inves-
tigation, leaving open the possi-
bility that staff could be
instructed to dig deeper.
The CFTC said: The investi-
gation has not reached its con-
clusion. It declined to comment
further.
Ending the probe would infu-
riate some US silver investors,
who claim that a group of large
investment banks in particu-
lar, JPMorgan has conspired
to drive the price of silver lower.
Im sure it will be met with
some concern from a certain
group of aggressive silver specu-
lators, said one person familiar
with the investigation.
In a recent blog post, Ted
Butler, a newsletter publisher
and unofficial champion for the
silver investors, accused the
CFTC of being negligent in fail-
ing to terminate the obvious
manipulation ongoing in silver.
The CFTC has analysed more
than 100,000 documents and
interviewed dozens of witnesses
since it began its investigations,
it said last year.
The people familiar with the
situation said the evidence
included records from
JPMorgan.
Although no company or indi-
vidual was named in the CFTC
investigation, JPMorgan was
subjected to a torrent of allega-
tions in the blogosphere.
One campaign exhorted sym-
pathetic readers to crash
JPMorgan by buying silver
based on the assumption, which
the Wall Street bank has repeat-
edly denied, that it has a large
bet on lower silver prices.
In an interview in April with
CNBC, Blythe Masters, head of
commodities at JPMorgan, con-
ceded that there had been a
tremendous amount of specula-
tion, particularly in the blogo-
sphere, about this topic, but
maintained that the bank had
no large bets on silver prices.
We have no stake in whether
prices rise or decline, she said.
JPMorgan declined to comment
on the CFTC investigation.
Previous CFTC silver inquir-
ies in 2004 and 2008 found no
evidence of wrongdoing.
US set to
drop 4year
probe into
silver price
Insufficient evidence found for legal case
Syria crisis Heavy fighting as civil war escalates
A Free Syrian Army fighter runs for cover after a Syrian army tank shell explodes in central Aleppo yesterday. Heavy fighting shook
the city as the escalating civil war showed fresh signs of entangling regional powers Report, Page 3 Reuters
By Kerin Hope in Athens
A political row has erupted in
Athens after the former head of
a big Greek state bank admit-
ted to transferring 8m of per-
sonal savings abroad to buy a
London property months before
his Agricultural Bank headed
towards insolvency.
Theodoros Pantalakis, former
chief executive of Greeces
Agricultural Bank (ATEbank),
strongly denied any wrong-
doing, telling Realnews, a
Greek website, that he had
declared the transaction to
authorities in 2011 and had paid
tax on the amount transferred.
Im on holiday and I dont
plan to say anything more until
I come back to Athens,
Mr Pantalakis told the Finan-
cial Times from his villa on the
Aegean island of Paros. He is
expected to testify on his three
years at the helm of ATEbank
before a parliamentary commit-
tee at the end of the month,
said a person with knowledge
of the dispute.
Dozens of wealthy Greeks
have bought high-end proper-
ties in London in the past three
years seeking shelter from the
countrys crisis, which has left
millions of ordinary Greeks
squeezed by tough austerity
measures. George Provopoulos,
governor of the Bank of Greece,
said the central bank had given
details of such transactions to
the tax authorities.
Nobody has suggested
Mr Pantalakis sent the funds
abroad illegally . . . But there is
clearly an ethical issue since he
was serving as the head of a big
state bank at time of financial
and economic crisis, said a
Greek banker who declined to
be identified.
Mr Pantalakis quit ATEbank
last month when its healthy
assets were acquired for 95m
by Piraeus Bank, the countrys
fourth-largest lender, in a move
to consolidate Greeces strug-
gling bank sector.
He strongly opposed the gov-
ernments decision to privatise
the bank, arguing that it could
be turned round with a 4.6bn
capital injection.
A government official said
Greece came under pressure
from the European Commission
and European Central Bank to
split ATEbank into a good
and a bad bank and sell its
healthy assets. The alternative
they gave us was to shut it
down with the loss of 5,500
jobs, the official said.
The decision was criticised by
Syriza, the radical left main
opposition party as a great
robbery. Alexis Tsipras, party
leader, said he would reverse
the privatisation if he came to
power, adding it had only bene-
fited bankrupt private bank-
ers. ATEbank employees
staged rolling strikes last week
in protest against the takeover.
Rome moves to reassure, Page 4
David Gardner, Page 7
Greek bank head sent savings abroad
Chinas regime chiefs meet at the
beach to finalise succession plans
By Kathrin Hille in Beidaihe
The Chinese Communist partys
top officials have convened a
secretive conclave in the seaside
town of Beidaihe to finalise
plans to hand power to a new
generation of leaders after the
most serious crisis to hit the
party in years.
President Hu Jintao and other
top leaders arrived in the resort
on Friday, according to three
people familiar with the meet-
ing. At the 18th party congress
later this year, the party will
unveil the slate of leaders who
will run China for the next
decade.
One person familiar with the
leadership succession said the
party would probably cut the
size of the politburo standing
committee the top decision-
making body from nine to
seven seats.
The line-up will see mostly
members who have ample
experience, and for fresh faces
you will have to wait until the
19th party congress, said
another person.
Mr Hu has revived the Beid-
aihe tradition which he sus-
pended in 2003 after coming to
power as the party seeks to
contain the political turmoil
caused by the downfall of Bo
Xilai. The charismatic former
Chongqing party secretary was
purged in April following the
most severe power struggle to
hit the party since the Cultural
Revolution.
On Thursday, Mr Bos wife Gu
Kailai faces trial over the
alleged murder of a British busi-
nessman, in a case that was cen-
tral to her husbands political
demise. In a rare move, China
has agreed to allow UK officials
to attend the trial in spite of its
politically sensitive nature.
The Beidaihe meeting has a
long tradition. In the past, the
party would move large parts of
the bureaucracy to the resort
town during the summer
months.
Since the 17th party congress
in 2007, Xi Jinping, the current
vice-president, has been
expected to succeed Mr Hu,
while Li Keqiang, a vice-
premier, would replace Wen Jia-
bao as premier.
The four leading candidates
for the other five seats are
thought to be Li Yuanchao,
head of the powerful organisa-
tion department which oversees
personnel moves; Wang Qishan,
a vice-premier recognised for his
economic expertise; Zhang
Dejiang, a vice-premier who
replaced Mr Bo as party secre-
tary of Chongqing; and Yu
Zhengsheng, the Shanghai party
secretary.
Unlikely to rock boat, Page 3
Wall St warning
Wall Street banks are telling
counterparties and borrowers
to restructure contracts as
they prepare for the potential
exit of a country from the
eurozone. Using hedges, such
as credit default swaps, US
banks have cut their net
exposure to troubled eurozone
countries. But they want to
ensure that if one leaves they
will not be forced to be paid in
devalued national currency.
Report, Page 11
Haunted by spectre, Page 13
AUGUST 6 2012 Section:FrontBack Time: 5/8/2012 - 20:32 User: piggotta Page Name: 1FRONT EUR, Part,Page,Edition: EUR, 1, 1
2

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The crowd went wild,
wilder perhaps than has
ever been seen at an
athletics meeting; hardened
hacks forgot their
deadlines, stood up and
roared; the noise echoed
and re-echoed through the
packed Olympic stadium.
It felt not just aural but
physical. Mo Farah, the
10,000m runner, said he
could feel the crowd
pushing him up the final
straight. And if there were
any tiny grains of mature
perspective left in the BBC
store cupboard, none of
them were used.
Saturday night was a
great night for British
sport. Three gold medals
in 45 minutes is an
outstanding achievement
for a country that 16 years
ago won just one in two
weeks. And (though the
crude medals table does
not reflect this), there are
golds and golds.
Farah, Jessica Ennis and
Greg Rutherford won
events that are the
fundamental benchmarks
of athletic prowess: Farah,
the distance runner, is the
heir of Paavo Nurmi and
Emil Zatopek; Rutherford
the long jumper leapt on to
the page of history
occupied by Bob Beamon
and Carl Lewis; Ennis
proved herself superior to
her rivals over seven
separate disciplines. This is
not laser radial sailing or
trampolining.
Then, less than 24 hours
later, Andy Murray beat
Roger Federer to win
Wimbledon. Or at least to
win at Wimbledon. Either
way it is the fulfilment of
an ambition that has been
perpetually thwarted. It is
a weekend when the laws
that govern British sport
and even British nature
are being suspended.
London is full of happy,
smiling people, said one
cartoon. I feel like a
stranger in my own city.
It might be comforting to
believe that this marks
some grand new era of
athletic triumph in which
gold will be piled on gold,
the deserted tracks of
Britain will be filled with
youngsters dreaming of
2016 and 2020, and the
disunited kingdom will
come together at last
under a name that
everyone will revere:
Team GB-land. The
evidence for this, however,
is not compelling.
The normal reference
point for British sporting
success is Englands World
Cup football win of 1966.
The calm BBC
commentator was Kenneth
Wolstenholme DFC and
bar, who had been a
bomber pilot in the war
and did not need
reminding about
perspective. And the
newspapers also had what
now seem odd priorities:
the Daily Mirror, then
Britains biggest seller, was
so calm about the football
that its splash story on the
Monday concerned the
birth of one Marina Ogilvy,
second cousin to the Queen
and now 45th in line to
the throne.
Yet the 1966 final was a
tale that grew with the
telling, as England tried
ever more desperately to
repeat the success, and
kept failing. It caused a
shortlived surge in
domestic football
attendance but nothing
that could be described as
legacy.
An ever-decreasing
number of Britons now
remember the war. These
are (happily) more trivial
times but more febrile.
The nation now has the
attention span of a mayfly.
It can get equally gripped
by the death of a princess,
the wedding of a prince, an
episode of a reality TV
show or a night of Olympic
success. Then it restlessly
moves on.
The modern sporting
comparisons are Englands
Rugby World Cup win of
2003 and the long-awaited
victory over Australia at
cricket in 2005. Both were
hailed as turning points at
the time. Yet in rugby,
subsequent progress has
been patchy. The England
cricket team, self-exiled
from mainstream
television, has become a
mere content provider for
satellite TV, playing on
ignored while everyones
focus is elsewhere.
So even if any natural
laws have been
decommissioned, it is
temporary. It is a magical
time for the British, a
slightly mad time, but not
the end of time.
One statistic might also
be sobering: ignoring the
worlds Big Two, the US
and China, the three last
countries to host the
Olympics Spain,
Australia and Greece
won 35 gold medals
between them at their
own games. In London, as
of yesterday, they shared
the grand total of one.
A mad time in Team GBLand
Golden moment: Andy Murray celebrates after beating Switzerlands Roger Federer in the mens singles tennis final at Wimbledon Reuters
His means of transport may not be
the most glamorous but Peter Deary
plays a vital role in Olympic track
cycling.
The Manchester native rides the
derny a motorised bicycle used for
pacesetting the womens and mens
keirin events.
Clad headtotoe in black, he rides a
white steelframed moped, for want of
a better word, and for fiveandahalf
laps he sets the pace for some of the
best track cyclists in the world,
including Britains Victoria Pendleton,
who won gold in the womens keirin
last Friday.
The challenge is being consistent,
says Deary. He starts the race ahead
of up to seven cyclists and for the
womens event (the first time it has
featured at the Olympics), he gradually
increases the pace from 25km per
hour to 45km per hour.
Youve got to do it very steadily
and very consistently, he says. After
lap fiveandhalf he ducks out of the
race and the riders fight it out for two
andahalf more laps to the finish line.
Deary says the event which
emerged in Japan as a popular betting
sport requires different tactics from
the other track events, as riders jostle
for space behind him before the final
sprint.
He earned his derny licence 16 years
ago while coaching at the Manchester
velodrome where many of the
current crop of medalwinning British
cyclists were nurtured and has
served as the dernyman at a handful
of track cycling world cups and now at
the Olympics.
Tomorrow, he will hop back
on his moped for the mens
keirin event, where he will start
the pace at 30km per hour,
increasing to 50km per hour.
Deary says part of the job
is blocking out the crowd and
the fact that British cyclists
behind him are vying for
Olympic glory.
If you start thinking this is
a special event thats when
youre likely to make a mess of
it . . . If you start trying to over
adjust [your speed], you could
make a mess of it.
Angelo Taylor of the US won golds in
both the 400m hurdles and the
4x400m relay at Sydney 2000, but
injuries prevented him adding to his
tally at Athens 2004, writes Charles
Morris. In 2006 a court case ended in
him admitting two counts of
contributing to the delinquency of a
minor, and he served three years
probation. The scandal forced him out
of the sport and he worked as an
electrician only to return and repeat
his double gold in Beijing. Taylor, 33,
will today bid to become the first man
to win three 400m hurdling golds.
Athlete to watch
Hurdler Angelo Taylor
Angelo Taylor
could become
the first man to
win three 400m
hurdling golds
Medal monitor
Performance versus expectation
Day in the life
Blackclad leader of the pack
Number of medals greater/less than projected
China
Japan
Great Britain
US
South Korea
Russia
Turkey
Cuba
Ukraine
Spain
Sources: IOC; Goldman Sachs; PwC; Daniel Johnson; Emily Williams As at 16.56 BST
58
25
34
56
19
31
0
5
6
3
0 -10 -5 +5 +15 +10 +20
Medals
Top five
Bottom five
This daily snapshot ranks countries in terms of how many medals they
have won compared with economists predictions. The forecasts are
based on four economic models that account for population size, GDP
per capita, past performance and hostnation advantage. Full table and
details of how the benchmark was developed: www.ft.com/medals
Todays highlights
Athletics Russias Yelena
Isinbayeva seeks to win her
third consecutive gold medal
in the womens pole vault,
and the mens 400m final
has become more open since
injury ended the hopes of
defending champion LaShawn
Merritt of the US in the
heats.
Cycling The mens
individual sprint medals are
decided in the velodrome,
with GBs Jason Kenny, silver
medallist in Beijing, trying to
go one better in the mens
event and follow in the wheel
tracks of compatriot Sir
Chris Hoy.
Wrestling GrecoRoman
wrestling is one of the oldest
sports in the world, first
appearing in the Olympics in
708BC. Today, its biggest
exponents grapple for the
heavier weight medals.
Olympics on FT.com
Blog: WPP chief Martin
Sorrell on why the Olympics
boosts Britain; Gideon
Rachman finds the games
cant strike gold with kids
www.ft.com/olympics
By Ben Fenton
It took an Olympics played
out at the All-England Club
for Andy Murray to become
definitively British.
After years of being the
nearly man of Wimbledon,
Murray finally triumphed
on Centre Court. He mar-
malised Roger Federer 6-2
6-1 6-4 four weeks after the
Swiss genius had thumped
him on the same bit of turf.
With gold round his neck,
a union flag draped over his
shoulders and singing God
Save the Queen, the 25-year-
old Scot presented a night-
mare image for Scottish
nationalists who were hop-
ing his ambivalence
towards the English might
serve their cause in an inde-
pendence vote in 2014.
But that ambivalence has
worked both ways, with the
well-heeled English of Wim-
bledon finding it hard to
take Murray to their hearts.
Until yesterday.
The old joke ran that
Murray was British while
still competing in the Wim-
bledon mens singles, but
when he lost he became
Scottish again. The gold
medal has surely, finally,
made him a perma-Brit.
Murray said after the
match that the less refined,
un-Wimbledonny chanting
and shouting had been un-
believable . . . not just here
but at all the events. He
Murray wins
English hearts
Wimbledon drama
Matthew Engel
OLYMPICS
said he had been inspired
by Mo Farahs victory in
the 10,000m on Saturday.
After winning the first set
6-2, a tighter contest than it
sounds, Murray took the
game by the scruff of the
neck in the third game of
the second when, after Fed-
erer had run him ragged to
force six deuces, he held his
nerve and serve to go 3-0
up. The rest of the match
had an air of inevitability.
As it finished, with the
crowd erupting in a way the
All-England rarely hears,
Federer rather slunk away.
Murray leapt over seats
into the box where his
friends and family stood
cheering. He hugged his
girlfriend Kim Sears, his
mother Judy, his coaches
and friends. For a moment
he looked like he was going
to work his way around the
18,000-strong crowd.
But then, clambering
back to court, he stopped
after hearing the call of one
Henry Caplan, aged 11,
from Blackmore, Essex, and
a stranger to him. Henry
asked for a hug. Murray
gave him one, live on TV.
Henry later told the Finan-
cial Times: It seemed like
the right thing to do. He
said Murray had told him:
Anything for my fan.
The sentiment resonated
with the Olympic spirit that
has infected the UK faster
than the pigs are flying
over SW19. Everyone is
British now and everyone
has a right to hug Murray.
Dernyman Peter
Deary tries not
to make a mess
of it on his
moped
AUGUST 6 2012 Section:World Time: 5/8/2012 - 19:26 User: hayesa Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1
FINANCIAL TIMES MONDAY AUGUST 6 2012

3
WORLD NEWS
As Chinas top officials arrived in
Beidaihe on Friday, torrential rain
uprooted many of the pines and
willows that line the manicured
streets of the seaside town that has
served as a summer retreat for
generations of Communist party
leaders.
To some of the leaders gathering
at the resort, the typhoon may have
seemed a metaphor for the storm the
party itself has weathered over the
scandal of Bo Xilai.
Mr Bo, the charismatic former
Chongqing party secretary and son
of a revolutionary leader, had made
a bid to join the politburo standing
committee before the 18th party
congress when the next generation of
political leaders will be unveiled. The
move threatened to throw the
leaderships plans for an orderly
transition into disarray.
Mr Bo was removed from his
Chongqing post and ousted from the
politburo after Wang Lijun, his
former police chief, fled to a US
consulate where he suggested that
Gu Kailai, Mr Bos wife, had
poisoned a British businessman.
Although the scandal was the
partys gravest crisis since the 1989
Tiananmen Square massacre, the
leadership since appears to have
regained its balance.
Normal preparatory work for the
18th party congress is now under
way, said an official helping plan
for the congress, which will be held
later this year. In preparation,
members of the politburo standing
committee and dozens of other
officials are meeting in a walled
compound stretching for more than
3km along Beidaihes shoreline.
On Friday, security officials
imposed strict controls, checking the
identity of everyone entering the
area, blocking off parts of the town
and keeping cyclists and cars from
stopping at the roadside.
Tourists strolling along the beach
were stopped by a fence and a red
sign behind it reading Private
beach, tourists keep out when they
reached the compound. Local hotel
owners complained the high-ranking
guests were bad for business.
There are lots of extra restrictions
you cant even run a karaoke bar
these days, said a manager at
Andrei, a restaurant popular with
Russian tourists.
Its the 18th party congress
thats our national situation, its
different from the west, explained a
young holiday maker wearing a T-
shirt with the words Destroy
Destroy Destroy, who gave her
name only as Qin.
Like Ms Qin, many Chinese
citizens put up with having no say
in choosing their political leaders,
and no knowledge of how the party
reaches its decisions.
In theory, all members [of the
party leadership] are elected by the
members of the Central Committee,
Cheng Li, an expert on Chinese elite
politics at the Brookings Institution,
wrote recently. In practice, however,
the process is top-down rather than
bottom-up.
When the revolutionaries who had
overseen the founding of the Peoples
Republic of China Deng Xiaoping
was the last of this generation
were in power, the party secretary
had the authority to determine most
of these personnel decisions.
But Hu Jintao, the current party
secretary, wields less power. The old
system has been replaced with a
much more complex mechanism
where incumbent standing committee
members negotiate the new
leadership behind the scenes.
Mr Bo, who viewed many top
politicians as being too soft and was
eager to gain power by joining the
politburo standing committee, was
an exception. His populist methods
in Chongqing, which circumvented
party procedure, are also believed to
have contributed to his downfall.
The members of the current
leadership as well as the candidates
are extremely similar, and their
main common interest is to keep the
party in power, said one relative of
a former senior party leader.
While the party has made almost
no progress over the past decade in
moving to elect officials and making
itself more accountable, it is
tweaking the way it picks leaders.
For example, the number of
provincial police chiefs that
concurrently hold the post of politics
and law secretary has been reduced,
because the party realised the
practice had given the security
services too much power over the
courts. Such considerations are
behind the expected decision to no
longer give the holder of the politics
and law portfolio a seat on the
standing committee. But beyond
such minor tweaks, the leadership is
trying to agree on the least
controversial line-up.
People familiar with preparations
for the party congress say candidates
who stand out in terms of their
policy profile or have a more
unconventional biography have all
but lost the chance of gaining a seat
in the next standing committee.
After leaders have come to a
consensus, the preliminary list of
names will be put to other politburo
members. Delegates of the 18th party
congress may also get the chance to
vote in a test run to make sure the
formal confirmation goes smoothly.
One party official said the Beidaihe
conference would wrap up later this
month. Staff at local hotels said
they had been told it would last
until mid-August. But the resorts
residents have little hope that
business will pick up after that.
This is a major party congress, so
things are going to be tight all the
way through October, lamented the
manager at Andrei.
Reform by stealth, see Comment
Beijing elite eye leaders unlikely
to rock boat after Bo storm
Candidates who stand out risk failing to make the cut, writes Kathrin Hille
By Abigail FieldingSmith
in Beirut and
Monavar Khalaj in Tehran
Heavy fighting shook the
northern Syrian city of
Aleppo yesterday as the
conflict showed more signs
of entangling regional
powers.
The Syrian Observatory
for Human Rights, a UK-
based pro-opposition moni-
toring group, reported
heavy bombardment and
fighting in Aleppo, while
Mohammed, an activist in
the city, said violence was
rising.
Rebel fighters surged into
the regime stronghold of
Aleppo two weeks ago,
buoyed by news of the
assassination of senior
security officials in the cap-
ital, Damascus.
Government forces,
backed by helicopter gun-
ships, have so far failed to
dislodge them.
The regime of President
Bashar al-Assad is reported
to have massed troops
around the city, and Herve
Ladsous, the UN peacekeep-
ing chief, warned late last
week that the main battle
was about to start.
Emile Hokayem, an ana-
lyst at the International
Institute for Strategic Stud-
ies, said forces in Aleppo
were likely to engage in a
war of attrition lasting sev-
eral rounds, rather than a
single decisive confronta-
tion. I dont see a grand
finale right now, he said.
This appears to have been
the pattern in the capital,
where rebels also made
advances last month, only
to be checked by an inten-
sive bombardment by gov-
ernment forces.
At the weekend, heavy
clashes were again reported
in areas in the south of
Damascus.
The surge in fighting in
Aleppo came as Tehran
sought the release of nearly
50 Iranians allegedly kid-
napped in Damascus at the
weekend.
Iranian state news
reported yesterday that the
government, which is
closely allied to the Syrian
regime, had reached out to
Turkey and Qatar, which
support the Syrian opposi-
tion, to help negotiate the
release of what it says are
48 Iranian pilgrims
abducted the previous day.
Ali-Akbar Salehi, Irans
foreign minister, in a phone
call late on Saturday, urged
his Qatari counterpart,
Sheikh Hamad Bin Jassim,
to exert all efforts to help
release the Iranian pilgrims
kidnapped in Syria,
according to the semi-
official Fars news agency.
Mr Salehi also called on
Ahmet Davutoglu, the
Turkish foreign minister, to
help free the Iranians.
A video broadcast yester-
day by the Saudi-owned
satellite station Al Arabiya
purported to show a rebel
group holding the Iranians
captive, and declaring them
to be shabbiha [pro-regime
fighters] on a reconnais-
sance mission.
The authenticity of the
video or its claims could
not be confirmed.
Ahmad Vahidi, Irans
defence minister, rejected
allegations that Iran had a
military presence in Syria.
Iran neither has military
force in Syria nor has the
government of Syria made
such request, the brigadier
general said at the week-
end.
Syria has a powerful
army, which has the sup-
port of its people, and Syria
could tackle such adventure
made by foreign [countries]
in their country, the Ira-
nian defence minister said.
Irans media reported on
Saturday the Iranians were
kidnapped by armed groups
on a bus from Damascus
international airport to the
shrine of Sayeda Zainab,
the daughter of first Shia
Imam and Prophet Moham-
meds granddaughter.
Hundreds of Iranians
travel to Syria annually as
pilgrims of Sayeda Zainab
but the figure has fallen
sharply as a result of the
17-month uprising.
Although Iranian pil-
grims have stopped travel-
ling to Syria by road since
early this year, they have
continued to arrive by air.
Amid concerns about the
Syrian conflicts potential
to destabilise the region,
the US announced yester-
day that Hillary Clinton,
secretary of state, would
travel to Turkey on Satur-
day for talks on Syria and
other timely issues.
Turkey has expressed
alarm over reports that the
Democratic Union party
(PYD), a Syrian Kurdish
organisation linked to
armed Kurds who have
been fighting Ankara for
more than two decades, has
taken over areas in the
north of the country where
the regimes grip has been
weakened.
The PYD responded by
insisting that areas of
northern Syria now admin-
istrated by Kurdish groups
should not be considered
as a threat to the regional
and global stability.
A statement emailed to
the media by the party yes-
terday denied any separa-
tist ambitions, saying its
goal was to democratically
sel f - govern . . . regi ons
within the geopolitical bor-
ders of the Syrian republic.
Indepth: www.ft.com/syria
Battle rages in
Aleppo amid
fears violence
will spread
Shanghai
Beidaihe
200 km
Yangtze
Yellow
Sea
N.KOREA
S.KOREA
Beijing
CHI NA
By Kathrin Hille in Beijing
Chinese authorities have
agreed to allow two British
officials into the courtroom
to observe the murder trial
of Gu Kailai, wife of the dis-
graced politician Bo Xilai.
Two officials are going
in a consular capacity
when the trial starts on
Thursday, said the British
embassy in Beijing.
According to Chinese
state media, Ms Gu and
Zhang Xiaojun, a family
aide, have been indicted on
charges of murdering Neil
Heywood, a British busi-
nessman who had acted as
an adviser to the family.
Giving foreign diplomats
such access is highly unu-
sual, especially for a politi-
cally sensitive trial.
By announcing the date
relatively early by Chinese
standards, Beijing indicated
it was trying to demon-
strate some degree of open-
ness in a case linked to con-
flict in the inner sanctum of
the opaque ruling Commu-
nist party.
But the court in Hefei, in
the central province of
Anhui where the trial will
be held, said all places in
the courtroom had already
been taken when asked
about access for reporters.
Such an explanation is com-
monly used to keep the
press and public away from
sensitive trials.
Mr Heywood died last
November in a hotel room
in Chongqing, the south-
western city where Mr Bo
was Communist party sec-
retary until he was purged
in April.
Initially, Mr Heywoods
family was told he had died
of a heart attack, while the
British government was
offered the explanation that
his death followed a drink-
ing binge. Nobody ques-
tioned his death at the time.
But in April, Chinese
authorities said Ms Gu had
been detained under suspi-
cion of being involved in
the alleged murder of Mr
Heywood, while her hus-
band had been suspended
from all posts and detained,
accused of severe violations
of party discipline.
Those moves came after
Wang Lijun, the former
Chongqing police chief
under Mr Bo, fled to the US
consulate in nearby
Chengdu, in February offer-
ing to provide details about
the alleged murder.
The drama is unfolding as
the ruling party prepares
for the once-a-decade lead-
ership succession, which
involves intense behind-the-
scenes negotiations for
posts and factional balanc-
ing. Mr Bo had threatened
to throw this process into
disarray as he made a
highly public push for
power.
Some party officials
believe that a guilty verdict
for his wife would be
enough to justify Mr Bos
removal from the political
stage, while others think
the party would prosecute
him for corruption after Ms
Gus trial.
State media said Ms Gu
had been charged with poi-
soning Mr Heywood and
that an investigation had
said it was because she was
worried about a threat from
Mr Heywood to her sons
personal security following
conflict with the British
consultant over economic
interests.
Some legal experts see
this as an indication that
the court may show leni-
ency towards Ms Gu.
British off icials to attend Gus trial for murder
Like many Japanese,
Tomoko Tokiwa has a deep
affection for Mount Fuji,
the beautiful conical vol-
cano that is one of the
nations most celebrated
symbols.
But the nursery worker
says the five decades she
has lived on Fujis lower
slopes have been accompa-
nied by fear of a fiery erup-
tion.
I was born and brought
up on the base of Mount
Fuji. I love it, but its also a
bit frightening, she says.
Ms Tokiwa is not the only
one who worries.
The earthquake and tsu-
nami that ravaged Japans
north-east coast last year
acted as a harsh reminder
of the potential for natural
disasters in one of the
worlds most seismically
active archipelagos.
Since previous earth-
quakes have been linked to
increased volcanic activity,
some residents near Fuji,
which lies 100km west of
Tokyo, wondered if the
March 2011 tremor might
act as a trigger.
Speculation increased
four days later when a mag-
nitude 6.4 earthquake
rocked the area.
A lot of people were anx-
ious that the earthquakes
might have an influence on
Mount Fuji, says Yutaka
Suzuki, a manager at a land
ministry office that moni-
tors the mountain from its
lower slope.
Visitors to the offices
website, which includes live
images of the mountain,
doubled in the days after
the earthquakes, Mr Suzuki
says.
A Fuji eruption could
have far-reaching conse-
quences. When the moun-
tain last spewed fire in 1707,
it buried nearby areas in
ash and covered what is
now Tokyo in a blanket
about 4cm deep.
The government esti-
mates that an eruption of a
similar scale today could
cause Y2.5tn ($32bn) of eco-
nomic damage.
It is also impossible to
rule out larger eruptions
that could bring economic
activity in the capital to a
halt for an extended period
and threaten its transport
links with central and west-
ern Japan, crippling manu-
facturing supply chains.
Air links might also be
disrupted. In 2010, an ash
cloud from Icelands Eyjaf-
jallajkull volcano closed
more than 75 per cent of
European airspace for a
week, affecting more than
100,000 flights and 10m pas-
sengers.
The good news is that
fears of immediate danger
appear unwarranted as seis-
mic activity in the Fuji area
has subsided. A 20m-long
crack that appeared half-
way up the volcano last
year was deemed to be a
normal side effect of the
tremors.
Japan can take comfort in
the fact that Fuji is being
closely monitored with seis-
mologists watching for
tremors that might signal
magma movement. A
network of stations with
global position system
devices is also watching its
waistline with a precision
unmatched by even the
most fanatical human
weight-watcher.
By measuring the dis-
tance between points on
either side of the mountain,
the GPS monitors should be
able to detect any bulging
of the volcano that might
indicate rising magma
even if the movement
amounts to only a few cen-
timetres over tens of kilo-
metres.
Tetsuro Imakiire,
research co-ordinator at the
Geospatial Information
Authority, which compiles
data from the GPS stations,
says the system offered a
useful reminder that Fuji is
still live when it recorded a
2cm inflation of the
mountain in the year before
last March though the
movement since appears to
have stopped.
The range of technologies
being used to monitor Fuji
mean there should be at
least some warning before
any eruption, Mr Imakiire
says. In June, the govern-
ments of three prefectures
in the Fuji area created a
panel to study evacuation
plans.
Experts say there would
probably be at least a few
weeks of warning signs
before a major Fuji erup-
tion. But Motoo Ukawa, pro-
fessor at the department of
geosystem sciences at
Nihon University, warns
there is still so much scien-
tific uncertainty surround-
ing volcanoes that nothing
should be taken for granted.
There is also no way of
knowing whether the main
threat from an eruption
would come from ash
clouds, lava or pyroclastic
torrents, which are fast,
dangerous torrents of super-
heated gas and rock.
Local authorities [need]
to think properly about how
to carry out evacuations,
says Mr Ukawa. It wont
be possible to come up with
full preparations, but we
should do what we can and
then gradually improve
things year by year.
Mount Fuji residents fear volcano eruption after quake and tsunami crises
Natural disasters
It is impossible to
rule out ash clouds,
lava or torrents that
could halt activity
in the capital,
writes Mure Dickie
Keep out: tourists
find much of
Beidaihes beach
is now closed off
Reuters
There are
lots of extra
restrictions
you cant
even run a
karaoke bar
these days
When Mount Fuji last spewed fire in 1707, it covered what is
now Tokyo in a blanket of ash about 4cm deep AFP
Rebel fighters in action in
Aleppo last week
The surge in
fighting came as
Tehran sought the
release of nearly
50 Iranians
Key figures
1707
Year of Mount Fujis
last eruption
75%
of European airspace closed
after Eyjafjallajkull erupted
$32bn
Estimate of economic
damage from a similar
eruption today
AUGUST 6 2012 Section:World Time: 5/8/2012 - 19:22 User: powelln Page Name: WORLD2 ASI, Part,Page,Edition: ASI, 3, 1
4

FINANCIAL TIMES MONDAY AUGUST 6 2012
WORLD NEWS
By Guy Dinmore in Rome
Italian policy makers have
sought to assure financial
markets that Italy is in
good shape and has no
intention of making an
early request for interven-
tion by eurozone bailout
funds, at least not unless
Spain goes first.
Backing prime minister
Mario Montis assertions
that the government does
not need market interven-
tion now, Antonio Catric-
al, cabinet under-secre-
tary, said Italy would be
mad to act before Spain.
If we were to move first,
the others would consider
us mad. The state of our
public finances is much bet-
ter than that of many other
countries, he told Corriere
della Sera newspaper.
Although the government
argues that its fiscal consol-
idation efforts and struc-
tural reforms have largely
met the strict conditional-
ity demanded by the Euro-
pean Central Bank in
exchange for its potential
role in supporting Italian
debt, officials recognise that
a formal request for help
could be politically danger-
ous at home by feeding
anti-Europe sentiment in
parliament.
We are not and we do
not want to become sub-
jects of the European
Union, Mr Catrical said,
arguing that if Italy did
sign a memorandum of
understanding in asking for
market intervention it
would only confirm commit-
ments already taken on.
Ignazio Visco, governor of
the Bank of Italy, told La
Repubblica: If the markets
convince themselves a turn-
ing point was passed, if
Italy does not abandon fis-
cal discipline and steps up
its efforts to promote
growth, then there will be
no need for a rescue fund
intervention. Much depends
on ourselves.
A go-it-alone theme is
gathering pace. Francesco
Giavazzi, economist and
government adviser, is
among those who are sug-
gesting schemes involving
asset sales and tax breaks
on bond purchases that
would allow Italy to reduce
its 2tn of public debt and
reduce the already decreas-
ing proportion held by for-
eign investors.
Mario Monti, prime minis-
ter, has again raised the
spectre of an anti-German
and anti-European backlash
developing in Italy during
the remaining months of
his technocrat government
if Berlin is seen to be profit-
ing from Italys high bor-
rowing costs by paying the
lowest rates on record for
Germanys own debt.
If the euro should
become a factor in the drift-
ing apart of Europe, then
the basis of the European
project is destroyed.
Thats why the most
important job of govern-
ment leaders is to explain
the real situation of Europe
to their people and not to
indulge in old prejudices,
Mr Monti told Der Spiegel, a
German weekly.
Mr Monti played down
market fears of early elec-
tions. Ill stay in office if
all goes according to plan
until April 2013, and I hope
that I can help rescue Italy
from financial ruin with
moral support from some
European friends, especially
Germany, he told Der
Spiegel.
The Spanish government
said it had time to assess
the scope of the ECBs pro-
posed intervention.
We will find out the
details and then we will
draw up a precise calen-
dar, Luis de Guindos,
finance minister, said in an
interview with ABC news-
paper.
See Comment
www.ft.com/gavyndavies
Rome has no plans for cash request
Italy says mad to
act before Spain
Goitalone theme
gains momentum
In the lush green hills of
central Colombia, Daniel
Otero, a flower producer, is
gloomy.
This is such a beautiful
business; I wouldnt want it
to get rotten. We need a
devaluation, soon, he says,
smelling a bunch of his
roses about to be shipped to
the US. The economy in
general is strong. Maybe too
strong.
Although Mr Oteros
industry represents a mea-
gre $1.2bn for the Andean
countrys economy, it high-
lights the woes of Colom-
bias manufacturers and
non-commodity exporters,
whose margins are shrink-
ing because of an apprecia-
tion of the peso.
Juan Manuel Santos,
Colombias president, says
he understands their con-
cerns but says the agricul-
tural and industrial sectors
combined represent only 20
per cent of the countrys
gross domestic product.
Energy is far more impor-
tant. Thanks to the com-
modities boom, Colombia
has been taking advantage
of investor interest in the
resource-rich parts of the
country that were off-limits
during the peak of its drug-
fuelled, guerrilla and para-
military violence.
Today, Colombia is the
regions fourth-largest oil
producer by volume and the
worlds fourth-largest
exporter of coal by volume.
There are still some
things to work on. But the
fundamentals are strong,
Mr Santos told the Finan-
cial Times.
Since taking office two
years ago, the president has
set about expanding
exports. Recent trade agree-
ments with the US, EU,
Switzerland and South
Korea will be in place by
the end of this year.
And, after relations with
Hugo Chvezs Venezuela
soured during the tenure of
his predecessor lvaro
Uribe (Mr Chvez was once
reported to have sent tanks
to the border), Mr Santos
has succeeded in restoring
amicable ties.
As a result, he believes
exports to Venezuela could
reach $3bn in 2012.
However, like Brazil,
Colombia has been on the
receiving end of funds pour-
ing in from the crisis-
stricken northern hemi-
sphere as investors find
Latin America a tempting
prospect.
Foreign direct investment
to Colombia rose 26 per cent
in the first half of the year,
reaching $9.3bn in the six
months to June as compa-
nies piled into oil and min-
ing, according to central
bank figures.
This has raised the prob-
lem of sustained dollar
inflows.
The Colombian peso is
among the worlds best-
performing currencies to
date this year, rising more
than 9 per cent against the
dollar.
The appreciation is a
real problem. Look at Bra-
zil, says Jos Antonio
Ocampo, Colombias former
finance minister. Colombia
will have to do something
to regulate capital inflows.
Colombias large neigh-
bour has seen spectacular
economic growth in recent
years, but is expected to
expand only 2 per cent this
year as a soaring currency,
high costs and competition
from cheaper imports send
its industrial sector into
recession. Colombias cen-
tral bank last month cut its
benchmark lending rate for
the first time in two years,
by 25 basis points to 5 per
cent.
We are prudent. We are
not Brazil. We have been
much more disciplined,
said Carlos Caballero
Argez, a former central
banker now at the Univer-
sity of Los Andes in Bogot.
We are not going to hit
ourselves against a wall
like them.
The central bank also
trimmed its GDP projection
for 2012 to 3-5 per cent, com-
pared with growth of nearly
6 per cent last year.
The economy expanded
only 4.7 per cent in the first
quarter from a year earlier.
Growth is likely to slow
in the second quarter to
between 4.3 per cent and 4.5
per cent, as the global
downturn cuts demand.
Our growth average in
recent years has been 4.5
per cent. So, if we end the
year there, Ill be happy,
Juan Carlos Echeverry,
Colombias finance minis-
ter, says.
There are indeed reasons
to be cheerful.
Colombias fiscal policy
has been extremely prudent
and the impressive growth
has helped lift 1.2m out of
poverty, according to gov-
ernment data.
But, although June data
show more than 1m jobs
were created year-on-year,
Mr Santos has done poorly
in recent opinion polls.
His weakest front is
unemployment, with only
one in four Colombians say-
ing he is doing a good job
on the issue.
We have to be careful
about perceptions, Mr San-
tos says. We are working
on what needs to be done.
Peso appreciation causes Colombias noncommodity exporters to wilt
Margin squeeze
Energy sector gains
precedence while
manufacturers and
flower growers see
less rosy future, says
Andres Schipani
By Guy Dinmore in Rome
A summer heatwave and a
boom in Italys solar power
sector have led to a show-
down between producers of
renewable energy and loss-
making utilities reliant on
increasingly redundant gas
and oil-fired power stations.
Gesturing towards a
Rome basking in the after-
noon sun, a senior energy
sector official noted that
much of central and south-
ern Italy was at that
moment deriving nearly all
its electricity needs from
renewables. Already, Italy
is on track to meet its Euro-
pean-mandated quota of
sourcing 26 per cent of total
electricity output from
renewable sources by 2020.
Such developments,
unforeseen by big industry,
have been driven by a col-
lapse in demand because of
Italys double-dip recession
and a fourfold increase in
solar energy capacity over
the past year. As a result,
utilities have lobbied to win
subsidies known as capac-
ity payments for their con-
ventional and semi-idle
thermal power stations
after investing too much in
new plants.
A first battle was won on
Friday with parliaments
approval of two amend-
ments in government legis-
lation to boost economic
growth, leading to furious
reaction from the renewa-
bles sector, which argues
that separate cuts in its
incentives are in effect
being used to support an
industry in decline.
These capacity payments
are the latest mockery of
Italian renewables, the
umpteenth gift to [state-
controlled utility] Enel and
to other monopolists and
polluters, commented
Angelo Consoli, head of the
Third Industrial Revolution
European Society.
Under the amendments,
oil-fired power stations that
may run for only a few days
next winter can tender for
subsidies for year-long run-
ning costs and have pollu-
tion controls removed. The
energy authority will draw
up a separate scheme of
subsidies for mostly gas-run
power stations.
Simone Mori, head of
Enels regulatory depart-
ment, defends the meas-
ures. Noting Italys reliance
on gas, he recalled that oil-
powered stations had to be
fired up briefly last winter
to cope with reduced gas
supply from Russia, while
gas is still needed as a
back-up for when sun and
wind are in short supply.
Without this decree, [oil-
fired] plants would close
down, he said.
Officials note that despite
current capacity being dou-
ble levels of demand, con-
sumers are still footing the
highest energy bills in
Europe, in part because of
annual subsidies to renewa-
bles of 14bn a year.
Moreover, Italy is the big-
gest importer of electricity,
because utilities find it
cheaper to buy from outside
the country rather than run
power stations on gas from
Russia.
So-called capacity pay-
ments already cost 145m a
year and it is not clear what
the final bill will be under
the new legislation. Indus-
try sources said the big pro-
ducers were asking for
1.5bn. Mr Mori said this
was exaggerated.
The government insisted
on a clause that prevents
the cost of flexibility pay-
ments being passed to con-
sumers and it is not clear
where the money will come
from. It is also possible that
Brussels will block the sub-
sidies as unfair.
Massimo Orlandi, presi-
dent of Energia Concor-
rente representing a group
of energy producers includ-
ing Sorgenia and GDF Suez
but not Enel, said capacity
payments should not be
about giving gifts where
they are not needed.
Additional reporting by
Giulia Segreti
Climate risks, See Comment
Italys
solar
sector
fumes at
subsidies
Millions of US voters could
be turned away at the ballot
box in this Novembers
presidential election as new
rules impose tough require-
ments for identification
that observers say could
lead to minorities and
young people traditionally
more likely to vote Demo-
crat being excluded.
Almost all the new rules
have been enacted in states
with Republican governors
and GOP-led legislatures.
From Wisconsin to Texas,
they have passed strict leg-
islation requiring voters to
present certain forms of
government-issued identifi-
cation instead of the usual
voter registration cards.
In hotly contested swing
states such as Pennsylva-
nia, Virginia and New
Hampshire, the changes
could affect the outcome.
Pennsylvanias authorities
say more than 750,000 regis-
tered voters in the state
9.2 per cent of voters do
not have the required ID,
such as a driving licence or
other government-issued
photo ID, to vote in Novem-
ber. President Barack
Obama won the state by
600,000 votes in 2008 and
polls show the vote hangs
in the balance this year.
There is the potential for
very serious outcomes,
said Keesha Gaskins of New
York Universitys Brennan
Center for Justice, which
estimates that 5m voters
across the country might be
affected by the rules.
Pennsylvanias new rules
are being challenged by
three elderly women
including one who voted for
Franklin D Roosevelt in the
1940s who say they will be
unable to vote in November
under the changes.
Since 2010, 10 states have
passed voter ID laws, but
not all have yet been put
into effect. Several, includ-
ing Texas, South Carolina,
Alabama and Mississippi,
had to apply for approval
from the justice department
before they could imple-
ment the changes because
they are subject to the
Voter Rights Act, a 1965 law
covering states with a his-
tory of discriminating
against minorities.
The department has
blocked the changes pro-
posed by those states,
which require special forms
of photo ID, partly because
Hispanic voters would be
disproportionately affected.
Eric Holder, the attorney-
general, has likened the law
in Texas to a poll tax.
The changes in many
states effectively mean leg-
islators are trying to
cherry pick voters, Ms
Gaskins said. In Tennessee,
faculty members at the
state university can use
their college-issued ID cards
to vote but students cannot.
Students in Texas would
not be able to use their
state university ID cards
either, but the state would
accept voters with permits
to carry concealed weapons.
The battleground of Flor-
ida has brought in less
strict laws than its neigh-
bours, but the Republican-
led state sued for access to
a federal law enforcement
database so it could chal-
lenge those suspected of not
being US citizens.
The changes across the
country are ostensibly
aimed at preventing voter
fraud. Although some Dem-
ocratic-led states, such as
Rhode Island, have intro-
duced restrictions, some
observers say most of the
changes are politically
motivated to help Republi-
can presidential hopeful
Mitt Romney win in
November.
Mike Turzai, the Republi-
can leader in Pennsylva-
nias house of representa-
tives, admitted as much
recently. Voter ID, which
is going to allow Governor
Romney to win the state of
Pennsylvania, done, he
said in a speech to fellow
Republicans, according to
local reports.
The partisanship during
the legislative process
cant be denied, said
Nancy Abudu of the Ameri-
can Civil Liberties Unions
Voting Rights project. The
pretext is to suppress
minorities, students, poor
people, she said, listing
groups that generally vote
Democrat.
Many of the changes have
been influenced by the
redistricting that has taken
place following the 2010
census, which has seen the
congressional map in many
states redrawn to reflect
population growth. For
example, Texas is now
majority Latino.
Republicans are crying
political foul too. After the
justice departments deci-
sion last month to block the
proposed laws in Texas and
South Carolina, some have
accused the Obama admin-
istration of being more wor-
ried about electoral victory
than voter fraud.
The department of jus-
tice has embarrassed itself.
The partisan bias is obvi-
ous, said Trent Franks, a
Republican lawmaker from
Arizona.
In fact, voter fraud is
extremely rare, Ms Abudu
said. In the Pennsylvania
court challenge, the states
lawyers did not even argue
that the rules were needed
to prevent people misrepre-
senting themselves.
Both sides cry political foul over ID rules change
Election
Restrictions could
lead to minorities
being excluded, as
accusations of
gerrymandering fly,
says Anna Fifield
A registered voter in Texas is checked in at the last presidential election in 2008. Since 2010, 10 states, including Texas, have passed voter ID laws Getty
Juan Manuel Santos says
fundamentals are strong
US presidential election
By Anna Fifield
in Washington
Two senior Republicans
have accused Harry Reid,
Democratic leader of the
Senate, of lying, as the war
of words over Mitt Rom-
neys tax returns took a
sharp turn for the worse.
Lindsay Graham, the
Republican senator from
South Carolina, yesterday
accused Mr Reid of
mak[ing] accusations that
are absolutely unfounded,
while Reince Priebus, chair-
man of the Republican
National Committee, called
him a dirty liar.
Mr Reid last week said
that Mr Romney, a multi-
millionaire former private
equity executive and the
presumptive Republican
presidential nominee, had
not paid taxes for the past
10 years. The Nevada sena-
tor said he got the informa-
tion from a Bain investor
who called his office.
Democrats have been try-
ing to make Mr Romneys
tax history a campaign
issue, partly to further their
attempts to portray him as
out of touch with the strug-
gling middle class.
Unlike recent presidential
candidates including his
father George, who ran for
president in 1968 and
released 12 years of tax
returns Mr Romney has
refused to disclose his full
tax history. He has released
only one year of his tax
returns 2010 and an esti-
mate for 2011.
Campaigning in Mr Reids
home state over the week-
end, Mr Romney said those
claims were patently, sim-
ply false and reiterated
that he had paid all of the
taxes due.
Republicans upped the
ante yesterday. What
[Reid] did on the floor was
so out of bounds, I think
hes lying about his state-
ment, Mr Graham said on
CNN. Mr Priebus also took
aim at Mr Reid. Im not
going to respond to a dirty
liar who hasnt filed a sin-
gle page of tax returns him-
self, he said on ABC.
But the Obama campaign,
even while saying it did not
know where Mr Reid got his
information, continued to
press Mr Romney to release
more of his tax returns.
War of
words on
Romney
taxes
escalates
Military vote move under fire
Barack Obamas reelection
campaign has denied
Republican claims that it is
trying to curb military
voting, writes Anna Fifield.
The presidents team filed
a lawsuit last week to block
a new Ohio law that would
give military personnel three
days more than the public
to cast early votes. It said it
wanted everyone to have
longer to vote.
But Republicans have
attacked the move as an
assault on the military.
President Obamas lawsuit
. . . is an outrage, Mitt
Romney, the Republican
presidential hopeful, said in
a Facebook post.
David Axelrod, a senior
strategist with the Obama
campaign, said it was
shameful that Governor
Romney would hide behind
our servicemen and women
to try and win a lawsuit and
deprive other Ohioans of
the right to vote.
Ohios law would allow
service personnel to vote
up until the Monday before
an election, while the rest
of the public must submit
votes three days earlier.
According to the
Democrats, 1.7m votes or
30 per cent were cast in
Ohio during early voting in
2008. About 93,000 of
those were cast during the
three days before the
election, it said.
These capacity
payments are the
umpteenth gift to
Enel and to other
monopolists
AUGUST 6 2012 Section:World Time: 5/8/2012 - 19:35 User: powelln Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1
FINANCIAL TIMES MONDAY AUGUST 6 2012

5
India
Blackouts in the
country of 1.2bn
expose a profound
systemic crisis
involving banks
and energy
providers that has
become New
Delhis most
urgent priority.
By Henny Sender
and James Crabtree
Powerless to act
S
itting in his garden in New
Delhi last Wednesday, Sushil
Kumar Shinde, Indias outgoing
power minister, looked relaxed
in an open-necked white shirt,
serenely detached from the chaos that
had over-run his country in the previ-
ous 48 hours.
In the aftermath of a series of roll-
ing blackouts that left more than
600m people without electricity and
heaped further doubt on his nations
faltering image as an aspirant eco-
nomic superpower, Mr Shinde calmly
deflected criticism. India is an expert
in this sector, he told a television
interviewer, adding: This is techno-
logical failure, it has nothing to do
with the political system. When
asked how he rated his own six-year
tenure, he replied with just one word:
Excellent.
It is an assessment few in India are
likely to accept.
In fact, the rickety power grid repre-
sents only part of a deeper crisis
brewing in this country of 1.2bn.
Indian business leaders fear the trou-
bles of the moribund energy sector
could fatally undermine some of the
nations banks, unless the govern-
ment takes decisive action.
Anil Ambani, the billionaire head of
Reliance Power, has even warned that
India could face our version of the
US subprime crisis unless it
addresses the complex problems that
have locked the power and banking
sectors together in a dangerous
embrace.
Energy networks need hundreds of
billions of dollars in fresh investment
to meet fast-rising demand and fuel
Indias economic rise. But the banks
are hardly in a position to provide the
funding. They are already heavily
overexposed to energy companies in
frail health, raising the spectre of
growing loan defaults.
The investment required ranges far
beyond patching up the grid. The
wider power sector offers a toxic com-
bination of inadequate fuel supplies,
debt-laden power generators and
bankrupt state electricity boards. If
their weakness does spill over into
Indias financial system, it will
imperil investment and further dent
the countrys weakening growth.
The scale of this malaise was laid
out in March, at an acrimonious meet-
ing hosted by Indias Association of
Power Producers in New Delhi and
presided over by Pranab Mukherjee,
the former finance minister.
The gathering was the second of the
year. At a previous get-together in
January with Manmohan Singh,
prime minister, members of the
group, which included many of Indias
most powerful businessmen, com-
plained bitterly about the parlous
state of their industry.
At the March meeting, Mr Ambani
delivered his ominous warning to Mr
Mukherjee that India could face a
financial meltdown similar to Amer-
icas subprime mortgage collapse,
unless the government took action.
There will be a banking crisis, he
said starkly.
Any such crisis would severely
damage not only Indias ability to res-
cue its power sector, but also to invest
more widely.
India needs [to invest] $400bn to
$500bn in the next five years, says
Rajiv Lall, head of Infrastructure
Development Finance Company in
Mumbai. Where will that money
come from? The problems threaten
the debt service capacity of the power
producers. If the problems arent
solved, the banks will not be willing
to finance future growth. How will we
fund future capacity?
The practical problems are grave. A
rising cost of capital and the heavy
burden of Indias high interest rates
are aggravating the already critical
health of many power producers.
The stakes are particularly high for
many of the rich industrialists
present at the meeting in March. Mr
Ambani, alongside Ratan Tatas Tata
Power, had won contracts to build
massive 4,000 megawatt ultra mega
power plants in the past few years,
costing as much as $4bn. Private
power companies headed by other
prominent tycoons, including billion-
aire Gautam Adanis Adani Power,
have also spent heavily and piled up
large debts.
This investment is bearing fruit.
More than 26,000mw of new power
capacity will be added in 2012, nearly
twice the level added the year before,
according to Kotak, a Mumbai-based
brokerage. Yet these new operations
face major shortages of domestic coal,
raising the risk of plants lying idle for
lack of fuel. Even if they begin gener-
ation, Indias dilapidated grid system
is often unable to transmit their
power as last weeks blackouts
showed only too clearly.
These problems stem partly from
the fact that Coal India, an entity 90
per cent owned by the government, is
failing to deliver promised fuel sup-
plies, in part because of its own ineffi-
ciency and partly because other parts
of Indias government have failed to
provide regulatory and environmental
clearances. Meanwhile, many of the 28
state-level electricity boards to whom
the producers are obliged to sell are
effectively bankrupt, raising doubts
over whether power generators will
be paid and can pay back their loans
in turn.
In desperation, Mr Singh, in April
ordered the state-backed miner to sup-
ply fuel to private producers or face
penalties, effectively forcing Coal
India to crank up imports. India is
now set to increase substantially the
$5bn it spent bringing in more expen-
sive foreign coal last year, despite sit-
ting on about 7 per cent of the worlds
recoverable coal reserves.
The structural threat of fuel availa-
bility and pricing can potentially
ket, in the belief that price for credit
protection will rise essentially a bet
that the banks credit quality will
worsen, largely because of exposure to
power debts.
Trying to find a way round these
multiple, intertwined problems will
prove difficult. The governments first
task is to prevent a repeat of last
weeks catastrophe, a promise Indias
new power minister, appointed as part
of wider government reshuffle that
preceded the start of the blackout by
barely a few hours, was quick to
make.
Delivering on that pledge will
require a range of measures, includ-
ing stronger enforcement and stiffer
penalties for states who take too
much electricity from the National
Grid, one of the causes of last weeks
collapse. State electricity utilities
must also accelerate plans to upgrade
their transmission facilities, which
Indias government says need invest-
ments of about Rs3.1tn ($55bn) in the
next five years.
Yet these steps alone will hardly be
sufficient to head off the sectors
wider problems. Many of the state
electricity boards lack the cash to pay
producers or to invest in distribution
and transmission: only two, in
Gujarat and West Bengal, are not loss-
making. Raising tariffs for heavily
subsidised industrial and domestic
consumers, the most obvious long-
term solution, is also hugely politi-
cally sensitive.
Recently, about a dozen of the
boards have managed to increase
prices, while the government is also
trying to produce a solution by taking
over some of the loans to these
boards, prompted by fears over non-
payment of loans to banks as Reli-
ances Mr Ambani predicted earlier
this year.
W
ith any solution some
way off, and with few
signs that increases in
domestic coal supplies
will materialise, many power provid-
ers are taking matters into their
own hands. Mr Ambani, for instance,
has suspended construction of one
ultra-mega power plant in the central
state of Andhra Pradesh, citing prob-
lems over fuel. Mr Tatas group also
says its $3bn plant at Mundra in the
state of Gujarat is currently not finan-
cially viable because of soaring fuel
import costs.
To be sure, not all of the present
mess is the governments fault. In
many cases the power companies mis-
calculated. They thought they could
eliminate the competition and then
renegotiate the contracts with the
government, says the head of one
international bank in Mumbai. They
wanted to bait and switch. But they
got caught out.
Fixing Indias broken power system
will take a mixture of time, skilful
policy and extensive investment.
Indias economic growth is going to
depend on reliable power, says David
Sloan, director for Asia at the Eurasia
Group, a risk consultancy. If India
doesnt take broader action to correct
the wider problems in its power sector
it will end up settling for a . . . rate of
growth in the 4-5 per cent range.
For Mr Singhs struggling govern-
ment, facing a national election in
2014, finding a way to prevent a
repeat of last weeks fiasco and head
off the more profound crisis brewing
beneath it is now its most urgent
political priority. If it fails, the head-
line on one of Indias main newspa-
pers the day after the first blackout
Powerless & Clueless could
quickly become its epitaph.
Off the rails: stranded passengers wait
for trains to resume after Indian grids
collapsed last week in a power outage
that hit 600m people AP
ANALYSIS
India needs [to invest]
up to $500bn over five
years. Where will that
come from? How will
we fund capacity?
impair the viability of one-third of the
generation capacity under implemen-
tation today, Crisil, the Indian credit
rating agency, noted in a report last
year. And all of this is before consid-
ering problems with the electricity
grid itself, where losses in distribution
during 2011 may have been some
Rs400bn ($7.2bn), increasing the debt
of state power utilities to Rs3tn, Crisil
estimates.
All the private power producers
are caught in the middle, says
Jaideep Khanna, managing director of
Barclays in India. The coal supply
isnt being delivered and they are not
being paid by the state distribution
companies. Sovereign related entities
on both sides are not meeting their
obligations. Only the government
has the wherewithal to resolve the
problems. The business model is
broken.
This is where the banks begin to get
worried. Between 2008 and 2011, half
of all new credit in India went to
infrastructure and power, according
to Mahrukh Adajania, a director at
Standard Chartered bank in Mumbai.
Now $500bn in loans to the power
sector is at risk. If a solution is not
found, as much as 90 per cent of the
loans to the sector could default, an
amount that would have a signifi-
cant impact on the banks, says
Pawan Agrawal, a senior director at
Crisil.
T
hese problems could hardly
come at a worse time. As new
capacity comes online, the
banking systems exposure to
power debts will almost double over
the next three years, to about $162bn,
according to Kotak. At the same time,
ongoing fuel shortages mean more
power stations will probably operate
below capacity, bringing in insuffi-
cient revenues and increasing non-
performing loans to the banks them-
selves.
The situation is worse now . . .
than in 2008 when they [Indias banks]
were perceived as more defensive,
notes an analyst for one major Hong
Kong hedge fund, which has recently
been buying protection on Indian
banks in the credit default swap mar-
Electricity shortages
How business works round weekly power cuts
For Micro Supreme, a manufacturer
supplying hightech parts to
companies such as Tata Motors and
MercedesBenz in Punes growing
automotive sector, writes James
Crabtree, Thursday is a normal work
day with one important exception.
Because once a week their two
building factory, in common with
others in this fastgrowing west Indian
manufacturing hub, is entirely cut off
from the state electricity grid.
Pune escaped last weeks rolling
blackout but trying to build a
business in the face of scheduled
weekly power outages, alongside other
unexpected cuts, remains a serious
challenge, explains Satish Joshi, the
groups cofounder.
Generally there is a huge power
shortage in the Pune area, he says.
As well as Thursdays we sometimes
have no power for three hours,
sometimes four, on other days. It is
one of the major obstacles to our
business.
To keep its 170strong workforce
occupied, Micro Supremes diesel
generator roars into life seconds after
the lights go dark, producing energy at
three times the cost of regular mains
supplies.
Businesses across India do the same.
Captive power plants that companies
have set up for their own use sit
alongside large facilities in industries
such as aluminium and cement, and
generators hum next to smaller
factories, hotels and residential
buildings.
Some are seeking more inventive
solutions. Standard Chartered bank,
for example, turned to the sun,
installing a 100kw solar plant on the
roof a subsidiary in Chennai this year.
Others, including the Punebased
facility of Italian automaker Piaggio,
sign special deals with private
producers to obtain power directly.
Yet while India Inc manages to make
do, the blackouts impose a hefty cost
on the wider economy and also pose a
significant barrier to developing the
type of largescale manufacturing
facility the country needs.
There are some industries which
simply cant make it here because
their scale and format require reliable,
inexpensive power, says Amit Sinha, a
Delhibased partner at Bain &
Company, a management consultancy.
You are talking about huge steel
plants, huge manufacturing facilities
for autos, of the sort you find in
China. What they find is that if they
have to rely on backup generators [in
India], the economics often dont
work.
Speed read
Banking crunch Indias power
infrastructure, vital for growth, needs
huge investment but banks already fear
exposure to fragile energy suppliers
Big names The energy sector is
crucial to some of Indias most
prominent businessmen such as Anil
Ambani, Ratan Tata and Gautam Adani
Coal fiasco India is failing to deliver
promised fuel supplies and is poised to
increase the money spent on coal
imports, despite its own huge reserves
On the web
Indias power woes Power failures are
a regular part of life in India, though
perhaps not on such a huge scale as
those seen in July. As businesses and
millions of people make do with
intermittent electricity supply, the FT
looks at infrastructure and financial
issues facing the countrys creaking
power sector.
www.ft.com/indiapower
Some businesses are seeking inventive
solutions such as installing solar panels
Source: Planning Commission, Government of India
000 MW
Indias power sector plans
Targets versus achievements
4.0
3.0
2.0
1.0
0 20
40
60
80
100
1st 2nd 3rd 4th 5th 6th 7th 8th 9th10th
Target Achievement
% achievement
Five year plans
AUGUST 6 2012 Section:Features Time: 5/8/2012 - 19:38 User: lewiscoster Page Name: BIGPAGE, Part,Page,Edition: ASI, 5, 1
6

FINANCIAL TIMES MONDAY AUGUST 6 2012
Without fear and without favour
Monday August 6 2012
To contribute please email: letters.editor@ft.com or fax: +44 (0) 20 7873 5938 Include daytime telephone number and full address For corrections email: corrections@ft.com
LETTERS
What Berlusconi
has not forgotten
From Miss Rosemary Andrew.
Sir, In their news analysis Bond
investors look for action beyond
ECB hints (Markets & Investing,
July 27), Robin Wigglesworth and
Guy Dinmore quote Tristan Cooper,
a sovereign debt analyst at Fidelity:
The major risk in Italy is political.
There is concern at what comes after
Monti.
Those who advocate the restoration
of Silvio Berlusconi to resume the
premiership after Mario Monti are
often met with the cries of derision:
You cant be serious!
Yet serious they are, since
Mr Berlusconi, a businessman, seems
to be the only politician left in the
eurozone who understands the
importance of the consumer. If you
paralyse the consumer you paralyse
the economy.
This forgotten tenet of economics
applies to all countries in the
European Union, but to Italy most
of all.
Rosemary Andrew,
London SW19, UK
Australian PM tackled gun control
From Dr David Camroux.
Sir, Matthew Garrahan (US
shootings test freedom to bear arms,
July 23) suggested that American
fascination with weapons and the
power of the gun lobby in the US is
such that any hope of gun control is
an illusion. Perhaps some insights
from outside the US can provide a
useful corrective to this view.
On April 28 1996, a deranged lone
gunman went on a shooting spree in
the Tasmanian tourist site of Port
Arthur (a former penitentiary)
resulting in 35 deaths and 23 injured.
The newly elected Australian prime
minister of the time, buoyed by
public outrage and supported by the
media including the Murdoch press,
successfully overrode objections from
some of the leaders of the state
governments to have them introduce
very strict gun control legislation on
automatic weapons and even
shotguns. He went even further
launching, at a cost of some $350m, a
buyback campaign for weapons in
circulation, which resulted in more
than 600,000 guns being taken out of
circulation and destroyed. In his
forceful action he successfully
characterised the American National
Rifle Association, which sought to
undermine these efforts for fear that
they could be emulated in the US, as
loony extremists. He surely must
have been a loony leftist himself?
Actually, the prime minister in
question, John Howard, was
undoubtedly the most conservative
of Australias postwar prime
ministers, being awarded, by none
other than George W. Bush, the
Medal of Freedom in 2009.
David Camroux,
Senior Researcher-Senior Lecturer,
Sciences Po,
Paris, France
Correction
The picture accompanying the
August 2 article on Greek workers
migrating to Germany was of
Munich, not Hamburg as incorrectly
captioned.
No more dollars and euros for emerging market reserves
From Mr Jerome Booth.
Sir, Alice Ross reports that
Switzerland is the new China in
currencies (Switzerland faces up to
the cost of franc intervention,
Markets & Investing, August 1),
grappling as it is with ever-rising
reserves; but so are so many other
emerging market central banks,
which also now have hundreds of
billions in reserves. They need to
start buying each others currencies
not more dollars or euros.
This has never been about China
so much as about what I call the
HIDCs (heavily indebted developed
countries) with public and private
sector debt to gross domestic
product of about 250 per cent
compared with the emerging world
with about 25 per cent. There is
substantial risk of devaluation in
these HIDC currencies over the
next few years. Indeed, the
question is: why have they held up
so well so far?
The answer: largely because
central banks in emerging markets
and Switzerland and a few others
have been buying huge reserve
stockpiles. When Lehman Brothers
collapsed in September 2008, for
example, Brazils reserves had just
passed the $200bn mark and they
proved sufficient. Yet Brazil has now
got more than $350bn. Countries pay
a high price for such large reserves
investment risk amounting to several
percentage points of GDP, liquidity
risk (amazingly but frighteningly
true) should they all want to sell
their Treasuries at once and the
opportunity cost of not channelling
the money into domestic
consumption and investment.
Those with high sterilisation costs
are also making massive transfers
from their taxpayers to bondholders.
This may be very good-neighbourly
of emerging markets, helping the US
and EU have time to adjust time
not wonderfully well spent to date
but these reserves are unsustainably
high. When they go down, as they
surely must, so probably will the
euro, dollar and sterling.
Jerome Booth,
Head of Research,
Ashmore Investment Management,
London WC2, UK
Which central banks do you mean, Mr Weidmann?
From Mr Peter Sutherland.
Sir, It seems that the righteous
zeal of Jens Weidmann, the
Bundesbank president, knows no
bounds (Bundesbank warns ECB on
remit, August 2). While one
understands and respects the
constitutional mandate of the
Bundesbank, there seems to be little
respect given by him in his public
pronouncements on the eve of the
recent important European Central
Bank meeting, either to the political
mandate and opinion of his own
government or to the collective
responsibility of the governing
council of the ECB itself. Off course,
it is often easier to say nein than to
act constructively in difficult
circumstances even to avert a
calamity.
It is particularly disturbing to
note his reference to the
Bundesbank, having entitlements
and demands that go further than
some other central banks. So do
these entitlements create a
two-tier board? It would be
interesting to know which banks
the some other central banks
might be, or perhaps they are all
others except the Bundesbank. I
imagine that these others might
have a different view of their
entitlements.
Peter Sutherland,
London SW7, UK
Former EU Commissioner for
Competition
Tedious paean to
a lowbrow vision
of urban Britain
From Mr Reginald Dale.
Sir, Max Hastings hopes that the
purported triumph of the Olympic
opening ceremony will boost British
self-confidence and help define a
vision for national economic success
in the 21st century (The revival of
Britain remains an Olympian [sic]
task, July 31). He admits, however,
that he did not actually see the
event.
If he had, he might have been less
optimistic, provided he did not allow
the spectacle to distract him from
the content the trap into which so
many others fell. Far from
highlighting the best of todays
Britain, the modern segment of the
ceremony offered a tedious paean to
proletarian culture, largely in the
form of popular music and the telly,
which were presented as embodying
the countrys main, perhaps only,
achievement over the past half
century. This narrow, dumbed-down
version of Britain was preceded by a
laughably over-the-top tribute to a
National Health Service that
provides a level of care inferior to
that of most of Britains neighbours.
Nowhere was there any serious
allusion to the real areas of
excellence in contemporary Britain
in science, art, higher education,
literature, theatre, opera, ballet,
design, architecture, engineering,
finance (mostly), diplomacy
(sometimes), sport (occasionally),
gastronomy (surprisingly) and
technological innovation to the
durability of the countrys
democratic institutions and the rule
of law, its huge global experience, its
famous sense of fair play, or to the
quality of life outside Londons East
End. Rural values, essential
components of the nations moral
backbone, were depicted as extinct
as indeed was the countryside itself
swept away forever by the
industrial revolution.
The ceremonys vision of an
utterly lowbrow, urban Britain, in
which a young mans foremost
aspiration is to score a date with a
pretty girl via social media, is much
more likely to drag the country
down than inspire it to renewed
greatness. If the UK is to earn its
living in the 21st century, in
Mr Hastingss words, it cannot rely
on rap music, glitz and a few tawdry
TV programmes not even if they
are spiffed up with James Bond,
Mary Poppins, Harry Potter
and a comical amateur squad of
dancing nurses.
Reginald Dale,
Etlan, VA, US
Arming Syria is ashortsightedstrategy
From Mr Josh Martin.
Sir, Anne-Marie Slaughter thinks
we can flip Syria (We will pay a
high price if we do not arm Syrias
rebels, August 1). We cannot at
least not by sending AK-47s to the
rabble of truck drivers and
shopkeepers that calls itself the Free
Syrian Army. The last thing an over-
militarised region needs is more
weapons, especially when the US has
much, much bigger reputational
problems to deal with than its tepid
support for the Syrian uprising.
The debate over flipping Syria is
really a larger discussion about the
way that the US can improve its
image throughout the Middle East.
Arming the Syrian rebels would be
the third quick fix strategy
employed in three years: the first
was Barack Obama speaking in
Cairo, the second the withdrawal of
support from Hosni Mubarak. Both
have been forgotten, which is also
the most likely fate of Prof
Slaughters plan to arm Syrian
rebels.
The USs reputational problem
in the Middle East is, simply put,
Israel. As long as there is no
credible peace process and as long as
Israel continues to threaten
neighbouring countries Lebanon,
Syria, Iran, even Egypt with
American-made bombs, no Arab is
likely to see the USs support for
populist anti-government forces in
any country as a major change of
direction.
That brings us back to Syria. Even
if the US arms the Syrian rebels
openly and if, several months later,
Israel either attacks Iran or hits out
hard at Hizbollah, all the supposed
goodwill gained from the Syrian
street will be lost. The old narrative
about America and its allies
invading Muslim countries with
impunity will dominate the new
one (the one about America standing
on the side of the oppressed people
against the dictator). The US should
therefore put the bulk of its effort
into making sure that such a
calamity does not occur; it must
concentrate not on gaining extra
brownie points but on not losing
those it does have.
For now, pumping Syria full of
more guns only seeks to fight fire
with fire. This short-sighted strategy
wont end the fighting, it will only
delay the point at which the US has
finally to initiate a long-term
strategy of reputational management
in the Middle East, one that includes
peace in Israel-Palestine.
Josh Martin,
Newton, MA, US
Level of financial
market integration
is also a choice
From Mr Aldo Caliari.
Sir, Otmar Issing (Europes
political union is an idea worthy of
satire, July 30) reminds us that a
monetary union can survive without
a political union. He brings a
welcome dose of nuance at a time
when policy makers choices seem
temptingly framed in all-or-nothing,
Manichean ways. But he himself
seems guilty of the same sin when
he quickly dismisses banking
union.
Indeed, it is not the case that a
banking union implies the
socialisation of losses. In a situation
of integrated financial markets and
Mr Issing espouses the belief that
these should go hand-in-hand with a
monetary union elements such as a
resolution scheme prove absolutely
essential to avoiding the socialisation
of losses by allowing orderly and
efficient resolution of failing
companies without wasting public
resources.
Should one not accept that, there
is another nuance to introduce: a
monetary union can work with less
integrated financial markets and, in
the absence of eurozone-wide
resolution schemes, might actually
need to do so to avoid socialisation
of losses. The European Commission
briefly explored such an alternative
in 2009: requiring separately
capitalised entities in each country
and thus making the orderly
resolution of failing banks achievable
on the basis of only national
resolution schemes. This option did
not fly then, and probably would not
fly now, but we should not forget
that the degree of financial market
integration is also a choice.
Aldo Caliari,
Director,
Rethinking Bretton Woods Project,
Center of Concern,
Washington, DC, US
A laymans guide to the US deficit
T
hree years ago, the American
actor Craig T Nelson appeared
on a rightwing television show
to complain about the size of the US
government and discuss his intention
to no longer pay taxes. His logic, if it
deserves the label, was peculiar: Ive
been on food stamps, Ive been on
welfare. Did anybody help me out?
No. Food stamps and welfare are
government programmes, of course,
and his comments were roundly
mocked for their obvious dissonance.
Yet such ignorance is typical: polls
show again and again that Americans
are sadly misinformed about how
their government collects and spends
money. The median respondent to one
poll believed that the US spends 10
per cent of its annual budget on for-
eign aid; it actually spends less than
one per cent. Similarly wrong beliefs
apply to how much goes to education,
poverty relief and public pensions.
Many also fail to recognise public ben-
efits for what they are. More than
four out of 10 Americans surveyed
who received Social Security retire-
ment payments or unemployment
insurance claimed they had not used
a social government programme.
This failure of comprehension may
seem like laziness, a shirking of civic
duty or possibly a hint of more funda-
mental numeracy problems. Ameri-
cans unfamiliarity with their federal
budget is also understandable: fiscal
matters can be boring and compli-
cated. Yet the budget deficit has been
as responsible as any issue for the
partisan fractiousness of American
politics the past few years.
David Wessel, economics editor of
the Wall Street Journal, brings clarity
and dispassion to the subject in his
slim new book, Red Ink. Wessels aim
is to explain for a general audience
the basics of the budget where the
money comes from and goes to and
to make the explanation interesting.
He succeeds.
The evolution of the budget over
the past decade is really stunning. It
was just in 2001 that the Congres-
sional Budget Office was projecting 10
years of budget surpluses totalling
$5.6tn. Instead the government ran
combined deficits of $6.1tn.
What happened? The economy
underperformed expectations, increas-
ing the number of people eligible for
benefits and shrinking revenues. The
Bush tax cuts shrunk them further.
These two causes accounted for more
than half of this astonishing reversal.
The rest was down to the wars in Iraq
and Afghanistan, other unexpected
spending, including measures to fight
the financial crisis, and interest costs.
Last year, the government spent
$3.6tn while taking in revenues of
$2.3tn; the rest was borrowed. It was
the third straight year of the deficit
exceeding $1tn. But these figures
importance has been exaggerated,
mainly by the Republicans. As a share
of GDP the deficit has been declining
since 2009 and is likely to continue
declining as the economy heals, tem-
porary measures are reversed and the
wars are wound down.
The deficits longer-term trajectory,
however, is clearly upward. Wessels
lucid description of why is the best
part of the book.
In short, the problem of high and
rising healthcare costs dominates all
others. Thirty years ago, one in every
10 dollars spent by the US govern-
ment was for federal healthcare pro-
grammes for the poor and elderly. It is
now one in every four and the ratio
will keep climbing. Demographic
trends are making more people eligi-
ble for Medicare and they will require
more healthcare, while healthcare
inflation is outpacing other kinds.
Annual spending on the military is
also unconscionably high. On the
other side of the ledger, the govern-
ment loses huge amounts of revenue
to tax loopholes, deductions and cred-
its. A simpler tax code would help.
But it is the likely path of healthcare
spending that makes steeply rising
future deficits seem inevitable.
The book is not without flaws. Pos-
sibly because Wessel wished to avoid
taking a partisan or ideological side,
he gives the reader little sense of just
why fixing the deficit is so politically
difficult. And his references to the
relationship between debt and eco-
nomic growth lack the appropriate
nuance. Wessel writes that US debt-to-
GDP will eventually exceed 90 per
cent, a dangerously high level. He is
probably alluding to a paper by econo-
mists Carmen Reinhart and Kenneth
Rogoff, but it is a controversial find-
ing. The breezy comparison between
future US debt levels and Greeces
current situation or Argentina in 2002
in the last chapter is also problematic
given the radically different contexts.
These are small quibbles. Books to
satisfy wonkier minds already exist. I
wouldnt recommend that this be the
last book American voters read on the
US budget, but they will have a diffi-
cult time finding a better first.
cardiff.garcia@ft.com
Book Review
This lucid, dispassionate
book should be a first port
of call for American voters
sadly misinformed about
their federal budget,
writes Cardiff Garcia
Red Ink
Inside the HighStakes Politics of the
Federal Budget
By David Wessel
Crown Business, $22
London schools
teach us a lesson
The worlds school reformers should visit the Olympic city
London schools success is a lesson
for reformers, not only in the UK,
but also around the world. Once
renowned for poor performance,
many of the capitals poorest bor-
oughs now achieve results that
leave wealthier parts of the coun-
try trailing behind.
Parts of the city struggle with
extreme poverty and disadvantage.
Among state-educated 16-year-olds
living in Westminster last year, 42
per cent were eligible for free
school meals, an indicator of pov-
erty, and 68 per cent had a first
language that was not English.
But that group of children beat
all countrywide averages at GCSE:
12 per cent got straight As or bet-
ter in English, maths and three
best other GCSEs. Despite its prob-
lems, and without any adjustments
or weightings, Westminster gets
results similar to leafy shires such
as Warwickshire or Surrey.
London must still do better. It is
not enough to beat other parts of
England standards must keep ris-
ing. And while the gap between
poor and rich is smaller in the
capital than elsewhere in England,
it is still too big. Private schools
still thrash the state system and
some councils are coasting. But
the capital deserves praise for its
progress.
Much has been written about the
capitals sponsor academies
flashy new charter schools, often
in new buildings, opened under
private oversight. They have been
a success. But London did not
improve by creating a small paral-
lel network of good schools. The
bulk of the capitals rise happened
within existing ones.
The two were strongly related:
academies have incubated some of
the countrys leading educational
innovators. Ark Schools and the
Harris academies, both highly
regarded charitable chains of
schools, are mostly focused on the
city. These local academy chains
showed councils and parents what
could be achieved. That was
important to winning over the
school authorities to reform.
The attitude shift was, on its
own, no mean achievement: many
London councils resisted opening
academies on their patches. But
many now see raising standards as
a core mission. The best of them
are both ruthless and restless and
this attitude promotes confidence
that the change will last. They will
not tolerate backsliding.
It is that shift in attitude that
must be transmitted out into the
parts of England where schools are
weakest the north east and in
coastal towns. But raising expecta-
tions in some of these places will
be extremely tough: schools in
these areas, such as Hull, face
some severe practical problems
compared to London.
It is harder to raise childrens
aspirations, and therefore their
academic application, in places
blighted by intergenerational
worklessness than in a world city.
Furthermore, even within the capi-
tal, there is a particular cultural
problem among the white working
class: learning is decidedly uncool.
Graduates are also sparser outside
the capital. This is a double
whammy parents are less well
educated and teachers are harder
to find.
But these are not insuperable
obstacles. School systems have
inertia: if the government can get
a towns school system rolling, it
can become a self-sustaining, self-
improving system. Once aspira-
tions are up, they can stay up.
Furthermore, good teachers want
to work in good schools. The ques-
tions should be around how one
starts the process off and where it
should be focused.
A major part of the answer will
involve finding ways to encourage
good teachers to forsake the com-
forts of the capital and go north.
How Britain can rise to this chal-
lenge is a topic to which we shall
return. The answers could be quite
expensive. But there may be no
choice. The status quo, where the
social and geographical position of
your birth determines the circum-
stances of your life, is indefensible.
Blood, sweat and
investment
In sport, resources maximise medalwinning chances
Halfway through Londons Olym-
pics, the medals table has taken on
a familiar look. China and the US
are way out in front and scrapping
between themselves to end the
games on top. Britain, host of the
games, is third, its athletes now
poised to deliver over and above
the expected return on 235m
invested in them. A cascade of
gold medals over the weekend has
generated waves of national
euphoria and goodwill.
France is having a surprisingly
good games, Germany, Russia and
Australia traditionally strong
Olympic competitors are not.
The Olympics has long been
regarded by rulers as an outlet for
the expression of national pride
and virility. This has continued
into the 21st century though with-
out the undercurrent of geopoliti-
cal tension of games from the Cold
War era. Franois Hollande goaded
David Cameron over which of their
countries would win the most gold
medals. Vladimir Putin pointedly
declined to attend the opening cer-
emony but came in an unofficial
capacity to watch judo.
Then there is the case of Ye Shi-
wen. The 16-year-old Chinese
swimmers blistering world record
victory on the first day of competi-
tion remains these games moment
of controversy, setting off a whis-
pering campaign about doping that
culminated in a top US coach
describing her performance as
disturbing. Because Chinese
swimmers have been caught dop-
ing in the past, the inclination was
to assume, without evidence, that
Ye was another culprit. Olympic
officials have dismissed the notion,
saying there is nothing to support
such a suggestion.
What is beyond dispute however,
is that she is a product of a state-
run factory line of athletes created
under the juguo training pro-
gramme, which identifies children
with a propensity to sporting
excellence and nurtures them into
Olympic champions.
Ye was seven when she was cho-
sen. She and her family will reap
the financial benefit of the two
gold medals she won at the Lon-
don games, the fruits of nine years
of intense training and obedience
to her coaches. Many others who
went through the programme did
not succeed and their schooling
and upbringing have been dis-
rupted. This is a social conse-
quence that can truly be described
as disturbing.
But those who rush to condemn
such rigour in the pursuit of gold
medals should pause for thought.
The jubilation in Britain at its
sporting success on Saturday and
Sunday show the pressure all
national sporting bodies feel to
produce winners. All countries
clustered at the top of the medals
tables know that finding potential
Olympians, training them to go
faster involves carefully calculated
programmes that use science and
technology to better understand
the physique of individuals.
The theme tune from the film
Chariots of Fire has been one of
the recurring sounds of the Olym-
pics. It conjures a romantic view of
the Olympian whose endeavour,
spirit and will to win triumphs in
the end. But even Harold Abra-
hams, one of the films protago-
nists, was an early example of an
Olympic athlete hiring a profes-
sional coach. The modern sports-
man and sportswoman is sur-
rounded by a retinue of psycholo-
gists, technicians and dietitians.
Their coaches enlist companies
to develop equipment to improve
training techniques, all to give
athletes perhaps a tiny fraction of
advantage over their rivals.
China will always have a numer-
ical advantage over other coun-
tries because of the size of its
population. Its talent pool is going
to be big enough to compete
strongly in any Olympic sport it
chooses.
Modern sport is serious business.
Those with the resources will seek
to maximise their medal-winning
chances. Sometimes, the loser just
has to shake the hands of the vic-
tor and offer congratulations.
Chinas talent pool is
going to be big enough
to compete strongly in
any Olympic sport
AUGUST 6 2012 Section:Features Time: 5/8/2012 - 19:38 User: lewiscoster Page Name: LEADER USA, Part,Page,Edition: ASI, 6, 1
FINANCIAL TIMES MONDAY AUGUST 6 2012

7
The risks of climate disaster demand straight talking
Howard Covington
and Chris Rapley
550 ppm by mid-century, double the
pre-industrial concentration.
Doubling the carbon dioxide
concentration will increase the mean
near-surface air temperature by
about 3 degrees centigrade. This is a
crude way to infer the warming
effect of emissions without using a
climate model. The scientifically
accepted range of uncertainty for
this increase is 2 to 4.5 degrees. This
gives an idea of the risk of coming
in higher or lower than the 3 degree
estimate would suggest in isolation.
These numbers summarise as
succinctly as is possible the
mainstream scientific view. A
3 degree rise may sound small, but it
compares with a 6 degree difference
between the last ice age and the
temperate 12 millennia since then.
Disputes about the consequences of
continued emissions boil down to
how long it will take for a given
level of warming to be reached and
how high the costs of the associated
damage will be. Yet given these
numbers, it is clear that the risks of
driving temperatures up at least 3
degrees are significant. Moreover,
political pledges to limit warming to
2 degrees are manifestly hollow in
the absence of rapid steps to
decarbonise major economies. None
of this is particularly complicated.
All of it is discussed in private
among senior scientists, business
people and government advisers.
Warming doesnt take place
uniformly. In particular, the poles
warm more quickly, as is evident
from the rapid melting of the Arctic
ice. Differential warming changes
geographic temperature gradients,
leading to shifts and changing
volatility in weather patterns. The
0.8 degrees of current warming has
made more likely the weather
extremes that hit Russian wheat in
2010 and are hitting US maize now.
These events give a glimpse of the
future. Weather changes and
volatility after warming of 3 degrees
could cut staple crop yields
significantly. This could happen
around the world, for years at a
time, despite our best efforts at
agricultural adaptation. Damages and
human displacements from extreme
flooding will add to stresses.
Public discourse is selective. For
years, important subjects discussed
privately may be publicly shunned
for fear of being shouted down. But
in time, formerly radical ideas enter
the mainstream. This years weather
extremes in the US may have
brought that time closer for climate
change.
If so, the tacit understanding
among responsible commentators
that nothing too shocking should be
said about climate may end. Climate
arithmetic shows that we may be
very hungry in a few decades time,
irrespective of the other problems
climate change will cause. This could
take us way beyond adaptation into
the realm of crumbling civil order.
The evidence suggests that
humanity is locked into a course
that it has limited capacity or
appetite to alter. Modern economies
are built on fossil-fuelled growth.
Changing this model materially and
quickly has proved to be untenable
in the absence of a disaster.
Business-as-usual emissions growth
is the consequence. This may well
produce a disaster that we will be
powerless to redress.
Those with a more optimistic view
of human behaviour or of the impact
of new technologies and practices
may see better prospects of
meaningful action to prevent such a
disaster. They must be encouraged.
Yet we must also prepare for the
challenging times ahead. The Science
Museum in London plans to create a
forum for the public to discuss the
issues with leading climate scientists.
Such efforts are essential. We must
begin to discuss the risks and
impacts of a climate disaster, since
our institutions and processes appear
incapable of preventing it.
The writers are respectively a trustee
of Londons Science Museum and
chairman of the UKs national
mathematics research institute at
Cambridge, and a professor of climate
science at University College London
For years, vital subjects
are discussed privately
but publicly shunned.
But in time, radical ideas
enter the mainstream
T
hese pages often focus on how
the eurozone crisis will play
out. Yet within a decade, this
crisis will resolve itself one way or
another. Meanwhile, the more
important climate crisis gathers
momentum with hardly a word on
where it will lead. This is partly
because climate change has slipped
from the public agenda. But there is
also, we suspect, a concern that
climate is too contentious and
complex a topic for a non-expert
commentator to tackle. There may
also be a fear that any honest
appraisal of the possible course of
events risks the charge of alarmism.
In our view, the first is not the
case and the second is a poor excuse.
The carbon dioxide concentration
in the atmosphere is now almost 400
parts per million and is increasing
by 2 ppm each year. Since the rate of
emissions is also increasing as the
world economy expands, the carbon
dioxide concentration is set to reach
Gillian Tett
banks. And though it is difficult to
know whether such fears are
justified, since public data are thin,
investors would do well to watch the
issue closely; and not just for the
sake of the eurozone, but also
because it casts the spotlight on a
much bigger issue of collateral
across the banking world.
After all, one of the features of the
credit boom, and the decades that
preceded it, was that investors,
policy makers and bankers used to
rarely discuss collateral matters.
That was partly because the quality
of collateral used to be taken on
trust; assets marked AAA were
assumed to be safe. But there was
also a more subtle point: ever since
the western world abandoned the
gold standard, there has been a
stealthy shift away from the idea
that financial transactions needed to
be secured on tangible assets.
Creating credit flows or deals with
the click of a computer button
became the norm.
Hence the fact that Libor, which
measures unsecured lending rates,
became the main benchmark for
loans. And even when the banks did
make secured transactions, the task
of managing and valuing collateral
was typically handed to low-level,
low-paid back-office staff.
again. Western central banks are
hiring consultants to assess the
collateral they hold. Regulators are
pushing derivatives activity on to
central clearing platforms, which will
force banks to post more collateral,
on a standardised basis.
Transparency is belatedly coming to
the private sector repo markets; last
week, for example, Fitch Ratings
released one of the most detailed
analyses seen to date on collateral in
the tri-party repo sector.
Some public entities, such as the
Bank of England, have started
posting collateral in their own
derivatives deals too. And the top
managers of private sector banks are
now actively engaged. This is partly
for defensive reasons. However, it
also reflects another key trend:
precisely because collateral standards
have been so inconsistent, banks can
sometimes make money by handling
their collateral more cleverly than
their clients. Indeed, traders say that
collateral arbitrage is now a key
profit source for some bank desks.
In the long run, this focus is
undoubtedly a good thing. After all,
a financial system in which
transactions are secured on assets is
likely to be a healthier system than
one which is largely or patchily
unsecured; particularly if that
collateral is valued in a regular,
disciplined basis. But in the short
term, there is a crucial rub: as
collateral practices are tightened,
this could impede credit creation.
Plugging that $2,000bn gap in the
derivatives sector, for example, will
be very tough, warns Manmohan
Singh, of the International Monetary
Fund; indeed, the collateral
tightening measures that banks have
already taken have created a second
deleveraging, he argues.
And for the eurozone banks, such
as the Spanish, the squeeze is doubly
intense. A few years ago, the ECB
used to treat Greek and German
bonds equally in its repo operations.
Now, however, it differentiates
between them and faces pressure
from the German and Finnish
governments to tighten its collateral
standards more. It is unclear whether
the ECB will do that; some observers
think the ECB is more likely to
loosen, not tighten, standards to help
the banks. But the one thing that is
clear, whatever the ECB does now, is
that markets will be watching
closely. Collateral issues, in other
words, are no longer for back office
geeks. Even, or especially, in a world
of cyber finance.
Gillian.tett@ft.com
Cyber finance takes its collateral thinking test
Unsurprisingly, practices in the
repo and loan market became sloppy,
as assets were pledged and repledged
numerous times, to generate credit
flows. And in the derivatives sector,
there was another, pernicious twist:
though private sector banks usually
posted collateral for deals, public
sector entities did not.
Sovereigns are generally regarded
as low risk counterparties and as
such have not generally been
required to provide collateral,
observes Jai Arya, of BNY Mellon.
This helped to create an under-
collateralisation gap in the
derivatives world of about $2,000bn,
according to estimates from the Tabb
group. But while bankers and policy
makers used to be willing to ignore
such gaps, the last five years have
provided a brutal wake up call. And
so, belatedly, a move is now under
way to focus on collateral issues
There has been a shift
away from the idea that
financial transactions
needed to be secured on
tangible assets
I
n recent months, there has been
a welter of speculation about how
many toxic assets are sitting in
eurozone banks. Now, however,
investors face another challenge:
working out how many good assets
those banks hold on their balance
sheets.
The reason? As the Eurozone woes
worsen, some politicians hope that
the European Central Bank might
support the banks again via another
long-term repo operation (the process
by which banks receive money by
offering their assets as security.) But
there is a catch: even if the ECB
does another LTRO, this will only
work if the banks have decent
collateral to swap for funds. And
some observers fear they are running
low.
Last month, for example, Ray
Dalio, head of Bridgewater Capital,
the worlds largest hedge fund,
warned his clients that Spanish
banks collateral is running out.
Like a cash-strapped household,
which has pawned all its jewellery,
these banks have already pledged
away their valuable assets, he
claims. Similar concerns are being
muttered about other periphery
COMMENT
C
hina pessimists are claiming
vindication as growth slows in
the worlds second-largest
economy. Optimists point out that
Beijing has fiscal room to respond
but there are risks to any short-term
policy measures. A surge in bank-
financed investment, for example,
could boost growth but it is also
likely to increase the stock of non-
performing loans in the banking
system and set back the goal of
rebalancing growth by promoting
private consumption. An ageing
population and a rocky leadership
transition strengthen the bears case.
However, there are grounds for
hope. Recent political turmoil,
including the Bo Xilai affair, put
reactionary forces in the Communist
Party of China on the defensive.
Meanwhile, reform-minded officials
pushed through some modest but
significant financial market reforms.
The government has long
recognised that reforming the
financial sector is needed to improve
the balance and sustainability of
growth. Why has it not acted more
forcefully before? The present system
works well for some. State-owned
banks provide cheap financing for
state enterprises, which are key
fiefdoms of political patronage.
Banks also provide financing to
powerful provincial officials through
shell corporations that bankroll pet
investment projects. This is financed
by paying Chinese households low or
negative inflation-adjusted returns on
their voluminous bank deposits.
All of this needs fixing, but the
best of intentions can backfire. In an
economy with many policy problems,
getting rid of one or two can have
unintended consequences. In 2008,
asking banks to limit credit growth
and avoid new non-performing loans
were sensible moves. But banks had
a lot of outstanding loans to weak
state enterprises starving them of
credit would have turned those loans
into non-performing loans in short
order. So banks continued lending to
state enterprises and shut off lending
to the private sector, meeting the
governments conditions but
thwarting its intentions.
Recent moves indicate that the
government has learnt its lesson. It
increased the flexibility of the
exchange rate (in principle) when the
renminbi was not under pressure to
appreciate, relaxed the cap on
interest rates paid on deposits,
increased foreign investors access to
capital markets and encouraged
certain informal financial companies
to become part of the formal banking
system. Each of these moves has
broader significance.
For example, giving informal
financial companies the opportunity
to join the formal banking system
serves multiple ends. It brings them
under the ambit of the banking
regulator and reduces the risks they
pose to financial stability. Moreover,
they now provide more overt
competition for established banks.
The need for interest rate
liberalisation is widely recognised
inside and outside China. Freeing up
deposit rates and abandoning the
fixed spread between deposit and
loan rates would result in better
returns for depositors and encourage
banks to sharpen their lending
practices. The big banks have
resisted this fiercely as it would cut
into profits. So the government
cleverly took a small step when it
cut rates recently freeing up banks
to offer deposit rates marginally
higher than the base rate, arguing
that this would make the rate cut
more palatable to depositors.
A one-shot approach to breaking
up big banks or freeing interest rates
risks a backlash and concerted
opposition that could block changes
altogether. Reform-minded officials
are taking a more subtle approach
using a megaphone to draw attention
to the problems and introducing
small but tangible changes.
One can make a strong case that,
with its economy growing more
complex and market-oriented, China
needs to move beyond this cautious
approach. The 12th five-year plan
issued last year laid bare the range
of problems, including corruption
and dismal corporate governance
among Chinese enterprises, and
deficiencies in the policy making
process. Given the severe political
constraints Chinas leaders face,
however, modest reforms by stealth
are better than no reforms at all.
This strategy may slowly turn
China in the direction it needs to go.
Whether this will be enough to
outrun the many demons China faces
remains the big question.
The writer is a professor of economics
at Cornell University, a senior fellow
at the Brookings Institution and a
former head of IMFs China division
Eswar Prasad
Reform by
stealth is
reason for
optimism
about China
Recent political turmoil,
including the Bo Xilai
affair, put reactionary
forces in the Communist
party on the defensive
The silent
Rajoy is deaf
to the Spanish
emergency
Spaniards. Among the middle classes
of Madrid, Barcelona and Bilbao,
there is a pervasive sense of a
government losing control. Even
though so much about Spains future
depends on its eurozone partners,
this is an odd situation to be in for a
newly elected, majority government.
One distressed PP insider says of
Mr Rajoy: He is the wrong man, in
the wrong place at the wrong time.
There have been policy mistakes
and errors of judgment. The
handling of the now nationalised
Bankia, a botched merger of savings
banks laden with toxic property
loans, has been disastrous. The
consequent 100bn EU package Spain
needed to recapitalise its stricken
savings banks was then sold to the
public as soft loans Mr Rajoy artfully
negotiated to break the blockade of
the markets, rather than a strictly
conditional, if partial, rescue scheme.
Indeed, an increasingly alarming
feature of the Rajoy government is
its inability to grasp that the world
is listening to what it says as well as
watching what it does. One
sometimes gets the impression that
Rajoy speaks in public as if he was
addressing a parish where the
internet has yet to arrive, Jesus
Ceberio, a former editor of the daily
El Pas, wrote last week.
On top of the prima de riesgo, the
government has taken to inflicting
on itself gratuitous additional
premiums. Cristobal Montoro,
finance minister, said last month the
government would not be able to
meet the public sector wage bill on
the eve of what would turn out to be
a very expensive bond issue. Jos
Manuel Garca-Margallo, foreign
minister, followed this by rubbishing
the European Central Bank, an
institution standing between Spain
and the abyss, as a clandestine
bank. To round it off, Valencia, a
rickety regional government ruled by
someone who favours centralised and
secretive control, he has three
competing voices on the economy:
Mr Montoro at the treasury, former
Lehmans banker Luis de Guindos at
the economy ministry and Alvaro
Nadal, his German-speaking adviser.
Yet it is his failure to even try to
rally the country trapped in a
downward spiral of debt and
deflation that is really damaging.
Last Friday, Mr Rajoy made his first
appearance since taking office at the
governments weekly press
conference, but he recoils from
addressing the nation.
He seems deaf to growing calls for
a national pact to confront the
economic emergency, analogous to
the 1977 Moncloa Pacts that helped
chart Spains path to democracy, but
to include unions and employers as
well as all parties including Basque
and Catalan nationalists.
Also for the first time on Friday,
Mr Rajoy openly contemplated the
possibility of a full EU rescue. If that
is what is on the cards, then it is
time for a multi-party national pact,
which the government should treat
not as a sign of weakness, but as
vital ballast to steady Spain through
the storm.
david.gardner@ft.com
the PP, further panicked investors by
announcing it was broke while the
markets were still open.
Mr Rajoy himself speaks rarely, in
parliament, in public, or to the press.
When he does, it is of itself top
news, independent of anything he
actually says. Some of the coverage
of his performance at a press
conference last week alongside Mario
Monti, the Italian prime minister,
read like theatre reviews.
When the government rammed
through by decree last months
65bn austerity package, Mr Rajoy
was absent from parliament. When
he announced the measures earlier,
each cut was rapturously applauded
by government MPs, one of whom
greeted benefit cuts for Spains
legions of unemployed by saying que
se jodan (let them screw themselves).
While few question the democratic
legitimacy of a government with a
majority in parliament, many do
question its democratic sensibility
and it surprised no one, except
perhaps the PP, that within hours
this contemptuous epithet turned
into a slogan rallying protesters
against the cuts all over the country.
Mr Rajoys style of government is
another problem. Despite his
absolute majority in parliament, he
prefers to rule by decree. Oddly, for
Some of the
coverage
of his
performance
alongside
Mario Monti
read like
theatre
reviews
About this time two years ago in
Dublin, it was hard to escape the
talk of bond spreads and yields,
as the soaring cost of Irelands
borrowing entered the twilight zone
beyond which lay an autumn rescue
package from the International
Monetary Fund and the EU. So it is
now in a hot and febrile Madrid,
where seemingly everyone is fixated
by the prima de riesgo or risk
premium on Spanish government
bonds over German Bunds. Spain
looks to be in a similar fix to
Ireland, stumbling towards some sort
of EU bailout this autumn.
The extent to which the
government of Mariano Rajoy or
any Spanish government in these
circumstances can be considered
master of its own fate is limited. As
Spanish borrowing costs reach euro-
era highs, the markets are not just
placing bets on Spain (or Italy) but
on the survival of the euro. This
administration, in power for a little
more than seven months, already
has the feel of a government
approaching the end of its term.
Since winning an absolute majority
last year, Mr Rajoys Partido Popular
has liberalised rigid hire-and-fire
laws, started (albeit belatedly) to
clean up regional savings banks
crippled by overexposure to the burst
housing bubble, slashed public
spending and raised taxes. While all
this has won plaudits in Brussels
and Berlin, it clearly does not feel
like a viable programme for recovery
to a surprisingly broad spectrum of
David Gardner
Matt Kenyon
COMMENT
ON FT.COM
Brussels is set to
create a pensions
disaster for
Britain, writes
John Hutton
www.ft.com/
comment
AUGUST 6 2012 Section:Features Time: 5/8/2012 - 19:38 User: lewiscoster Page Name: COMMENT USA, Part,Page,Edition: ASI, 7, 1
8

FINANCIAL TIMES MONDAY AUGUST 6 2012
split Kraft into a US grocery business
and a global snacks company.
But a year later, Ms Rosenfeld
remains very much in charge. She is
set to run Mondelez International, the
$35bn snacks group that was created
through the split on October 1, and
says she has no plans to retire. I did
all of this heavy lifting the last six
years or so I very much would like
to see it through, she says.
After graduating from W. Tresper
Clarke High School in Westbury, New
York, Ms Rosenfeld studied psychol-
ogy and advertising at Cornell Univer-
sity. Her passion for sports was even-
tually overshadowed by academic
aspirations.
One of Ms Rosenfelds luckiest
moments, she says, came as an under-
graduate student when she was seated
on an aeroplane next to James Maas,
one of her professors. She caught his
attention, although not in a way that
could be recommended to others:
stricken with nausea, she was forced
to use her airsickness bag. I certainly
made an impression on him, she
says, explaining that they went on to
discuss his sleep research and her
passion for applied psychology.
Prof Maas later offered Ms Rosen-
I was wrong: the
Olympics make
office life blissful
T
wo weeks ago I wrote a
column that was the biggest
pile of hogwash Ive ever
written. It was called
Londons Olympics are a workers
curse and Id now like to retract
every whiny, ill-judged,
scaremongering word of it.
The piece was written from the
heart and from a life-long aversion to
sport. It was based on that very
British idea that everything we do is
a cock-up. Only now I find myself
writing another column, also from
the heart, saying just the opposite.
Far from being a workers curse, the
Olympics are a workers blessing.
The about-turn started in the
hours following the opening
ceremony, which I watched, slightly
reluctantly, judging it to be chaotic,
naff in parts, with the hammiest
Prospero speech I hope ever to hear.
But as I started to express this
view, it was met with a blanket
opposition, not exactly hostile, but
simply uncomprehending. When I
arrived at work last Monday, I had
already started to shift my response
towards the only one in town: the
ceremony was a witty, zany, creative
all-round triumph.
By then I had found something
else to like about London 2012: the
empty streets. By the end of the
working week the transformation to
Olympiphile was complete.
I realise its not dignified to be so
easily and so predictably swayed,
especially if you make a living by
having strong opinions. Fortunately
Ive been able to line up some pretty
good reasons to explain my new
view that working during the
Olympics is as close to office heaven
as you can get.
There are five things that
generally prevent office life from
being pleasant, and the Olympics
seems to have done away with all of
them. First of these evils is the
commute. In the past week, as we all
know, getting around London has
been a delight. On a bike it is doubly
enjoyable, as everyone is zipping
along happily pretending to be
Wiggo.
The second horrible thing about
offices is being forced to spend time
with moaners. But since the moment
when the dark satanic mills smelted
out the five rings at the opening
ceremony, all have been silenced.
Londoners seem to be on drugs. If
there is anyone who isnt in a good
mood, they dare not speak for fear of
being given the Mitt Romney
treatment.
The third office evil is feeling
ground down by the weight of work.
Here too the Olympics have
lightened the load. There is the
usual August productivity law that
says fewer hands make light work,
but this August it is more
pronounced as even more people are
away and so it is even easier to get
work done.
Boredom is the fourth working
malaise, in the form of endless
meetings and a stack of pointless
emails. But last week no one had
any desire for meetings beyond those
that were strictly necessary, and
those wrapped up hastily as
everyone wanted to see who won the
womens archery.
There are far fewer pointless
emails, and even senders of spam
seem to be plying their craft with
less enthusiasm than normal.
The fifth evil is office politics, but
as this is one of the few sports that
has not been recognised by the IOC
there is little appetite for it at
present. When you watch two blonde
women in dressing gowns tripping
each other up in the judo finals, the
urge to do it metaphorically to
colleagues seems to dwindle.
As well as eliminating the five
worst things about office life, the
Olympics have given us a gift which
is rare and precious now that no one
watches the same thing on telly any
more: something shared to talk
about. Not since my school days,
when everyone had seen the latest
episode of Monty Python, have
people been so enthusiastic about the
same thing at the same time.
With that comedy show, as with
the Olympics, loving it was
compulsory, otherwise having to
listen to people doing the dead
parrot sketch was unbearable. The
same is true with the Olympics
bores. The only way to deal with the
instant expert on weightlifting
technique is to join in.
Thus, I have managed to procure
for myself last-minute tickets to
synchronised swimming, in
anticipation of which Ive been
mugging up on the specialised vocab.
Ive even found a colleague who is
quite happy to sustain an interesting
conversation about the relative
merits of the two moves, flamingo
and stork.
Such happiness will have a legacy.
A hangover will follow this abandon,
as it always does. But its not over
yet and, for now, I simply dont care.
lucy.kellaway@ft.com
Fortune 500 companies as they are in
the population, and I think its a
missed opportunity, she says. I
think the onus is often on women to
prove themselves perhaps that much
more than somebody in the majority
population.
M
s Rosenfeld has proven
herself a tough leader, a
trait she attributes to her
time on the basketball
court, where as point guard she was
the aggressive floor general. You call
the shots, you call the plays,
Ms Rosenfeld says. I like that a lot,
and I kind of went in and out of peo-
ples legs, and I still do that, to a large
extent.
Sports also teach perseverance, and
Ms Rosenfeld admits that decisions
she has made during the past few
years have been difficult. Her persist-
ence in the Cadbury deal and her
refusal to testify at the select commit-
tee hearing at the Houses of Parlia-
ment cast her as a villain in the UK.
Despite her thick skin, she acknowl-
edges that the personal nature of the
criticism was hurtful. Oh, it cant
help but bother you, but I solved it by
reading fewer newspapers, she says.
Although much of the backlash sur-
rounding the deal has subsided, bitter-
ness over job cuts and cultural
clashes linger in the UK. Anger was
stoked again when Kraft backed out
of a promise made before the Cadbury
acquisition to keep open a factory in
Somerdale, near Bristol. The company
ultimately closed the plant, leading to
400 job losses.
Ms Rosenfeld defends the logic of
the acquisition, and maintains that
Cadbury has been everything we
hoped it would be and more.
I think any business decisions are
a combination of good analytical
work, and then good gut judgment,
she continues. So, at the end of the
day, there is going to be no definitive
answer that will come out of a pure
numerical analysis.
Analysts now wonder if Ms Rosen-
felds plan to lead Mondelez will be
her final act. She has expressed inter-
est in the past in returning to teach-
ing if she ever tires of corporate life
Irene Rosenfeld
Chief executive, Kraft
The head of the US
food group learnt about
perseverance in business
on the sports field,
writes Alan Rappeport
Far from
being a
workers
curse, the
Olympics
are a
workers
blessing
Atmospheric dispersion specialist
Matthew Hort, the Met Office
When something big goes
bang, Im one of the first
to get the call. I manage a
team of research scientists
at the Met Office that
specialises in the movement
and spread of contaminants
in the atmosphere. My
focus is on providing
advice in emergencies
which covers
everything from
a road tanker
crash on the
motorway that
has thrown up
a plume of
chemicals, to the
Fukushima nuclear
disaster in Japan.
Pollutants behave in
different ways. Rain makes
a big difference. After the
Chernobyl disaster, for
example, a plume of
radiation moved across the
UK. It was too high to
affect human health but
then rain brought some of
the radioactive matter down
to earth.
We build all the physics
into our computer models
to make predictions. I
trained as an engineer, so
I like pulling through the
complex science into a
direct application.
Ive been involved
in contingency
planning for the
Olympics,
which includes
strange
requests, such
as
approximating
an industrial
accident near a
venue while dealing with a
volcanic eruption.
My team also helped
during the footandmouth
epidemics, with guidance on
how the virus might be
blown by the wind after
livestock breathed it out.
Sally Davies
The job
FT/Sightsavers MBA
Challenge
Play as a way to
help overcome the
stigma of glasses
In January, the FT
partnered with the
international charity
Sightsavers to launch a
business plan challenge
to MBA students.
They were asked to
form teams and submit
ideas for marketing
spectacles to young
people in one or more
emerging markets.
The RiteSight proposal:
This team comprised
students from Aarhus
University School of
Business and Social
Sciences, Sri Aurobindo
Society Campus and
Rutgers Business School.
It wanted to change
attitudes to wearing
spectacles among people
in north-east India.
The strategies:
Create computer games
in which all players must
wear glasses in order to
be able to read the
screen. A board version of
the game for schools with
no access to computers
would also be developed.
Introduce a
certification scheme in
which parents and
teachers who promote
spectacle use are called
ambassadors and are
awarded certificates and
gift vouchers.
Design glasses that
allow greater choice of
style and the potential to
use them as a fashion
item. For example, they
would come in styles or
colours that can be
adapted or bought and
exchanged easily in a
similar way to mobile
phone covers.
Make designs available
with plain glass so people
with good eyesight can
wear them as fashion
items or for solidarity,
like friendship bracelets.
The background: India
has a caste system . . .
The only time people
dont think about their
strata is when they are
playing games, says
Rajiv Vaid Basaiawmoit,
one of the RiteSight team.
A game is something
that brings everyone
together creating a level
playing field that breaks
boundaries.
Having to wear glasses
to play the game, he
adds, may increase the
players empathy with
spectacles-wearers.
Once the games gain
popularity, the team
believes the modular
design of the glasses will
come to the fore with
children becoming keen
to buy and share them.
We interviewed one girl
whose eyes lit up when
we told her about glasses
that had lots of different
colours to choose from,
says Mr Vaid
Basaiawmoit. Choice is
something we all really
love to have.
The certification scheme
would be essential for
building a network of
supporters among
parents, teachers and
doctors as well as
children. We really want
to encourage people to
help everyone knows
how much their own
parents have influenced
their own decision
making process, adds
Kathleen Wagner, another
team member. If parents
believe their daughter
wont get married because
she wears glasses, for
example, the daughter
wont wear them.
Charlotte Clarke
RiteSight is one of six
MBA Challenge shortlisted
teams. The winner will be
announced in October
The Careerist column
will appear in tomorrows
edition of the FT
RiteSight team focuses on India
Lucy Kellaway On work
O
n a muggy midsummer
afternoon at Krafts head-
quarters in Northfield, Illi-
nois, its chief executive
Irene Rosenfeld is preparing for a trip
to London. On her itinerary is watch-
ing the opening ceremony of the
Olympics and some beach volleyball.
The trip is a delicate one for
Ms Rosenfeld, coming more than two
years after the food group acquired
Cadbury, the prized UK chocolate
maker, in a hostile and controversial
takeover. That criticism reached fever
pitch when, summoned to London to
appear before British MPs in 2010 and
again last year to answer questions,
she sent colleagues instead to be
grilled and refused even to participate
by video link.
While Ms Rosenfeld did not feel it
necessary to make the trip to parlia-
ment, sport is a big draw for an execu-
tive who often points to her athletic
background as a source of the compet-
itive spirit that has served her in busi-
ness. A four-sport athlete in high
school, Ms Rosenfeld believes the
teamwork and leadership skills honed
on the playing field translate into suc-
cess in the boardroom. Ive been an
athlete my whole life, says Ms Rosen-
feld. I would say, particularly as a
woman, the experience of being a
competitor in sports was a really help-
ful background in a business context.
Folks that know me would under-
stand that I remain a very fierce com-
petitor on the field and off the field.
A year ago, many people thought
the game might be over for Ms Rosen-
feld. The contentious Cadbury deal
had drawn a backlash not just from
British politicians but from big inves-
tors in Kraft, such as Warren Buffett,
and Ms Rosenfeld was demonised in
the UK for cutting manufacturing jobs
and breaking promises. Then, two
years after preaching the virtues of
scale, she announced her intention to
Monday interview
The CV
Food for thought:
Irene Rosenfelds
leadership during
Krafts hostile
takeover of the
beloved UK
chocolate maker
Cadbury led to a
public campaign
against the
company, below,
and negative
headlines
Todd Rosenberg Photography
An athlete in it for the long run
feld a position as a teaching assistant.
As a result of preparing for that
course, I had the opportunity to meet
with a lot of different practitioners of
advertising, which just furthered my
interest, she says.
Ms Rosenfeld went on to do a PhD
at Cornell, and for her dissertation
she developed a mathematical model
to predict consumer choices, while
also working at an advertising
agency.
She moved over to big food to
gain broader business experience. It
was a very exciting environment,
she says. There were too many
aspects of a business that were impor-
tant beyond advertising. So I was anx-
ious to get to the client-side, where
the decisions all seemed to be made.
Ms Rosenfeld joined the sector with
a job at General Foods, which later
became part of Kraft. Now, after 30
years in the industry, she is regularly
labelled one of the most powerful
women in business, but acknowledges
that it has not always been an easy
climb.
I do think that the numbers would
speak for themselves, and the facts
are that women are not nearly as
prevalent in senior management of
Particularly as a
woman, the experience
of being a competitor
in sports was a really
helpful background in
a business context
but cautions that this will not happen
soon.
I have a real passion for business
strategy, so I think thats where I
would probably focus my efforts, she
says. But Ive got lots of work to do
in my day job for many years to
come.
Age: 59
Born: New York
Education: BA, MS, PhD, Cornell
University
Career: 1979 Vicepresident
consumer research, Dancer Fitzgerald
Sample
1981 Vicepresident, consumer
research General Foods (later
merged with Kraft)
199194 Executive vicepresident and
general manager of the beverages
division
199496 Executive vicepresident and
general manager of the desserts and
snacks division
19962000 President, Kraft Canada
20002002 Group vicepresident,
Kraft Foods, and president of
operations, technology, procurement
and systems
20022003 President of Kraft North
America
20042006 Chief executive officer
and chairman, FritoLay
2006present CEO, Kraft; chairman
since 2007
Personal: Married with two children
Hobbies: Rollerblading, piano, cycling
MORE ON FT.COM
For more details about the
teams and their proposals
please go to www.ft.com/
mbachallenge
BUSINESS LIFE
AUGUST 6 2012 Section:Features Time: 5/8/2012 - 17:10 User: bhaskarand Page Name: BusinessLife, Part,Page,Edition: ASI, 8, 1
FINANCIAL TIMES MONDAY AUGUST 6 2012

9
ARTS
Sensuous:
Picassos Nude
Woman Lying in
the Sun on the
Beach (1932)
Penrose Collection
Sex and death in Edinburgh
VISUAL ARTS
Picasso & Modern
British Art
Scottish National Gallery of
Modern Art, Edinburgh
Jackie Wullschlager
this period he played the body of his
mistress Marie-Thrse Walter into a
series of sensuous curves, as in
Nude Woman in a Red Armchair,
Nude, Green Leaves and Bust (1932)
sold in 2010 for a record 66m and
Nude Woman Lying in the Sun on
the Beach (1932), Penroses first
Picasso purchase. It was followed by
Weeping Woman (1937), which he
entrusted to a young Lucian Freud to
bring to wartime Britain.
A compelling story, and an
unmissable exhibition.
Until November 4
www.nationalgalleries.org
What will painting do when Im
dead? Itll have to walk over my
body. Theres no way round. Thus
Picasso, shortly before his death in
1973. Today his influence is still
overwhelming and inestimable.
This ambitious exhibition, which
has just moved from Tate Britain to
open in Edinburgh as a highlight of
the citys visual arts festival, is not
frightened of the absurdity of placing
Picasso against such weaker, milder
artists as Duncan Grant, Graham
Sutherland or Ben Nicholson, while
offering an expert reading of the
impact of Cubism on Henry Moore,
Francis Bacon and David Hockney.
For its Scottish presentation, work by
two local Picasso devotees, Robert
Colquhoun and Robert MacBryde, is
also featured.
But the real triumph here is simply
the gathering of great Picassos.
Combining trophy pieces from our
national collections with outstanding
loans, the show narrates the artists
uneven reception in Britain. It runs
from early resistance, through the
pioneering efforts of far-sighted
collectors such as stockbroker Frank
Stoop whose bequest included the
Blue Period Girl in a Chemise
(1905) and the return-to-classicism
portrait Seated Woman in a Chemise
(1923) and Roland Penrose, to Tates
spectacular 1960 retrospective, and its
purchase of The Three Dancers
(1925). The latter, extraordinarily, was
the first work sold directly by the
artist to a museum.
Picasso considered this one of his
two greatest paintings. In its
primitivism and themes of sex and
death, it looks back to Les
Demoiselles dAvignon (1907), but it
also marks the start of Picassos
1920s-30s juggling with form. During
Iqbal Khans revival, staged by the
Royal Shakespeare Company as part
of the World Shakespeare Festival,
relocates the action from Messina to
modern Delhi. The production is
tonally acute but, perhaps as the
price of that success, its pacing is all
over the place.
Much is made of the Indian
fondness for oratorical performance,
and pretty much every character is
on most of the time, even the
truculent Don John. It strikes an
interesting dramatic mood, but the
performers all too often opt for a
stately rhetorical pace to match. One
can see the temptation here for a
venerable actor such as Madhav
Sharma, playing Leonato, but
sometimes the whole package is
taken too far. Sagar Aryas
Claudio, so self-conscious that he
delivers his wedding repudiation of
Hero formally into a microphone,
comes over much of the time as a
stiff-necked prig whose appeal
(whether romantically to the
women or comradely to the men) is
a mystery.
Such lures are thankfully resisted
by the two leads, the antagonists in
Shakespeares merry war. Meera
Syals Beatrice enjoys her sharp
tongue but knows also when to bite
it back; Paul Bhattacharjees
Benedick keeps bantering to stop
himself engaging more deeply. Even
here, though, things do not always
pay off. A production so aware of
issues of gender roles and, above all,
of codes of honour ought to be able
to pull its audience up short when
Beatrice commands Benedick: Kill
Claudio. Instead, the press-night
house gave it one of the biggest
laughs of the evening.
The low comedy of the City Watch
is as strained as usual, Khan piling
it on by having Simon Nagras
Dogberry make malapropism-laden
pre-show announcements about
phones and cameras. Line cues
ought to be much sharper;
instead, actors leave pauses
and tread on each others lines
as if they simply were not
listening. This may well improve
over the plays run before it
comes into the West End in late
September. It could account for a
significant chunk of the half-hour
that needs to be shaved if its
percipience is to acquire the
necessary matching momentum.
www.rsc.org.uk
Mark Haddons The Curious Incident
of the Dog in the Night-Time is the
tale of a boy with behavioural
problems who tries to be a
detective. Christopher Boone is
supreme at science and maths, he
likes machines, computers and
outer space, he loves prime
numbers. Humans, by contrast, are
not to be trusted. They lie.
Christopher cant tell lies and
he hates to be touched. He sets out
to solve the murder of his
neighbours dog and he records his
investigation in a book a book that
is now a play.
This immensely popular novel has
been adapted by Simon Stephens for
the National Theatre. It is performed
in the round by a cast of 10 actors
on a set that is like a map of
Christophers mind: whizzing with
keywords and numbers, galaxies,
equations and a beautiful train-set.
Stephens adaptation is faithful and
slick; his dialogue highly naturalistic
(some is so naturalistic it almost
grinds to a halt).
The approach is consciously
theatrical and very physical. Events
pop up on stage as they pop into
Christophers head and electronic
sounds and video projections
illustrate Christophers neurological
hyper-computations. Marianne
Elliotts direction is dynamic and
stylish, if faintly congested. The
show is mime-heavy, for instance:
often it works Christopher the
astronaut but often it feels
superfluous Christopher looking in
the fridge.
Haddon has said that his book is
not really about Christopher at all.
Its about us. For this to be true
viscerally true the audience must
be able to project themselves on to
Christopher. Yet while Haddon
Distant view of a
curious character
Mark Haddons novel staged at the National; Ravel at
Glyndebourne; Much Ado transported to modern Delhi
THEATRE
The Curious Incident of
the Dog in the NightTime
National Theatre (Cottesloe)
London

Alexander Gilmour
Busy: Luke
Treadaway as
Christopher
Boone in The
Curious Incident
of the Dog in the
NightTime;
below, Paul
Bhattacharjee in
Much Ado About
Nothing
Manuel Harlan
Ellie Kurttz
THEATRE
Much Ado About Nothing
Courtyard Theatre,
StratforduponAvon, UK

Ian Shuttleworth
Never mind the new wind turbine
that provides Glyndebourne with
renewable energy. In artistic terms
this must be the greenest festival
Glyndebourne has ever seen. It
opened with Janceks The Cunning
Little Vixen, in which foxes, chickens
and other wildlife sing about the
renewal of nature, and now it ends
with Ravels delightful double-bill,
which closes with a feel-good chorus
for singing trees, birds and animals.
It is 25 years since Ravels one-act
operas LHeure espagnole and
LEnfant et les sortilges were first
performed together at the
Glyndebourne Festival. Those much-
loved productions were designed by
Maurice Sendak, the childrens
author and illustrator who died in
May, but a quarter of a century later
it is natural to want a new look at
the operas.
This time round director Laurent
Pelly gives us striking images and
broader comedy. There have been
subtler productions of LHeure
espagnole. The fastidious Ravel
would probably have recoiled from
Pellys erotic frankness (Concepcin,
the frustrated housewife, drops her
knickers in the first 10 minutes) but
he would have enjoyed the intricate,
clock-like mechanics of the set.
The big advantage here is having
native French-speakers in the cast,
including Stphanie dOustracs
lively Concepcin, and Franois
Piolino and Paul Gay as the put-
upon husband and elderly suitor.
In LEnfant et les sortilges Pelly
takes us into a fabulous childs
wonderland. In the eyes of this pint-
sized Enfant everything in the adult
world is of gigantic size.
His eyes open wide in wonder so
do ours as the Chinese Cup and
Teapot dance on a giant table and
the shepherds painted on the
wallpaper come alive. The magical
transformations in the childs home
can never have been done better
and, though the second half of the
production, set in the garden, is less
original in its conjuring of singing
trees and animals, Pelly does not
lose his charm or wit. Khatouna
Gadelia, indistinguishable from the
short-trousered boys chorus, is
perfectly cast as the Enfant.
There is a good ensemble of
singers, led by Kathleen Kim in the
glittering high soprano roles of Fire
and the Princess, and the
enchantment on stage is matched by
the glinting detail of the London
Philharmonic Orchestras playing
under the ever-attentive eye of
conductor Kazushi Ono.
Pure magic, no carbon footprint
to be seen.
www.glyndebourne.com
OPERA
LHeure espagnole/
LEnfant et les sortilges
Glyndebourne, East Sussex, UK

Richard Fairman
ARTS
ONLINE
For more reviews
and features, plus
videos, slideshows
and podcasts, visit
www.ft.com/arts
leaves holes in his narrators
appearance on the page, on stage we
are confronted with an actor Luke
Treadaway, in this case, dressed in a
blue hoody, grey tracksuit bottoms
and red socks. Naturally, those holes
are filled in and with a certain
skill but they are filled in too
boldly. Treadaways performance is
busy: he over-enunciates, jutting out
his lower lip and, just occasionally,
he teeters on the edge of parody.
Christophers insoluble sense of logic
is replaced with priggishness; his
wondrous, hopeless clarity is
muddied.
Consequently these epic adventures
are followed through the eyes of
peripheral characters. Christopher is
a delusional curio, his awesome
inner world is spied at a distance.
And its not about us.
www.nationaltheatre.org.uk
The Mostly Mozart Festival scheduled
a pair of hum-along hits by
Beethoven on Thursday: the Violin
Concerto and the Eroica Symphony.
On paper the project looked trite. In
execution it offered illumination.
The Chamber Orchestra of Europe,
the Canadian conductor Yannick
Nzet-Sguin and the Georgian
violinist Lisa Batiashvili managed to
ride the old warhorses to victory. The
musicians ignored hand-me-down
clichs, defied interpretive traditions
and, most important, performed as if
communal lives were at stake.
The orchestra, formed in 1981,
apparently needs no permanent music
director. Logic be damned. Although
based in London, the ensemble does
not even have a permanent home. No
matter. The wanderers played here
with overwhelming propulsion,
cohesion and precision. For once in
New York a standing ovation was
genuinely earned.
Nzet-Sguin, who will soon have
the music world at his feet if it
does not languish there already
favours agitation wherever and
whenever possible. Still, his urgency
never precludes introspection, poise
or subtlety.
He also knows exactly when to
lead and when to follow. In the
concerto, where many conductors
just accompany a stellar soloist, he
forged an extraordinarily sympathetic
partnership with Batiashvili.
Commanding a dazzling technique at
the service of profound sensitivity,
she took telling liberties with tempo
and line yet always sustained
rhythmic tension. Exploring vast
dynamic extremes, she soared in
dramatic outbursts, whispered in
lyrical indulgences and lingered
poignantly over subtle nuances. She
was inspired, and inspiring, even
when breezing through Fritz
Kreislers fiendishly anachronistic
cadenzas.
In the symphony, the brass and
winds blared neatly and, allowing
minimal vibrato, the strings
sustained warmth while suggesting
period authenticity. Nzet-Sguins
impetuosity occasionally flirted with
stridency, but his expressive intensity
stopped safely short of distortion.
Incidental intelligence: Jane Moss,
officially identified as Ehrenkranz
artistic director, has given the
festival a new leitmotif this year:
birds. The programme magazine cites
Mozarts fondness for a pet starling,
and a number of concerts include
pieces bearing avian references.
Happily, no feathered creatures took
part in the Beethoven revelations.
Recorded peeping did accompany the
din in the foyer, however, and the
quirky soundscape was piped into the
mens lavatory. Reportorial
dedication notwithstanding, I cannot
vouch for chirping and tweedling in
the ladies loo.
www.lincolncenter.org
CLASSICAL MUSIC
Chamber Orchestra of
Europe/NzetSguin
Alice Tully Hall, New York

Martin Bernheimer
Logic be damned: the Chamber
Orchestra of Europe Priska Ketterer
AUGUST 6 2012 Section:Features Time: 5/8/2012 - 17:29 User: jacklinj Page Name: ART USA, Part,Page,Edition: EUR, 9, 1
10

MONDAY PRIZE CROSSWORD
No. 14,075 Set by GAFF
1 2 3 4 5 6 7
8 9
10 11
12 13
14 15 16 17 18
19
20 21 22 23
24 25
26 27
8 3 6 7 $ * ( 2 1 ( 6 7 2 3
1 3 % / & 0 + ,
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ACROSS
8 Stop wearing a little coat (6)
9 Ulster, for example, where one
normally wears nothing (8)
10 Use sponge again in old barbers
treatment (8)
11 Passage from spectacular
cadenza (6)
12 Cook up a lot of stock (6)
13 Revealing more dock leaf
through fip-fop (8)
14 Copies alternatives (4-3)
17 Source of leads for musical boys
(3,4)
20 May lurk suspiciously
maintaining a cover for prayers
(8)
22 Victim of railway transport
revolution (6)
24 From Europe, a nutritional
foodstuff (6)
25 Immediately back issue on tax
(2,2,4)
26 By chance, Im in Carry On With
Courage (8)
27 Canoes capsize in big seas (6)
DOWN
1 Wear short distinguished
clothing for greeting (4,2)
2 Duck under tree with Spooner at
dawn (8)
3 Skilful aerobatics start right over
the Channel (6)
4 Behaving badly, youngster
turned to cleric a lot (7)
5 Dishes which form the basis of
light meals? (8)
6 One hundred step up permanent
cover (3,3)
7 Where navy may be found doing
sea manoeuvres (3,5)
15 Noted lack of backing (1,7)
16 Driver with slice used for frst
hole (5,3)
18 Your stuff may be support for
father on TV (8)
19, 22 Perimeter performer
remembered yesterday (7,6)
21 Firstly Manchester United, next
Israelis, competed here (6)
22 See 19
23 Arab currency I found across the
Middle East (6)
SOLUTION 14,063
The winners name will be published
in Weekend FT on August 18
A prize of The Good Word Guide by Martin Manser and How to Sound
Clever by Hubert van den Bergh will be awarded for the frst correct
solution opened. Solutions by Wednesday August 15 marked Monday
Prize Crossword 14,075 on the envelope, to the Financial Times, 1
Southwark Bridge, London SE1 9HL. Solution on Monday August 20.
NAME.................................................................................................
ADDRESS.............................................................................................
............................................................................................................
Monday August 6 2012
Gold standard
Our Olympic medal
chart weighs four
economic models,
accounting for GDP per
capita, population size
and past performance
www.ft.com/medals
Is Switzerland the
new China?
Podcast: What is going
on behind the scenes
with the Swiss franc
and what next for the
euro and the strength
of the Australian dollar
www.ft.com/hardcurrency
Weeks most read
1
2
3
4
5
Chinese talent spotters prove their
worth
Social media blamed for poor data
transmission
Weak data weigh ahead of central
banks
Games turn London into
a ghost town
Muslim athletes face ramadan
dilemma
TODAY
The Lex Column Best of FT.com
The financial crisis has thrust
auditors into the limelight because of
their failure to warn of bank
collapses and other scandals in the
financial sector. PwC, the worlds
biggest auditor and consultant by
sales, is one of the loudest voices
opposing the resultant regulatory
squeeze on the profession. Investors
often expect too much from an audit,
says Dennis Nally, PwC global
chairman. Edited highlights of an
FT.com interview appear below.
Is the worst over for the banking
sector?
I think the worst is behind. The
environment is still pretty
challenging. There are an awful lot
of questions around the regulatory
environment. I think the biggest
issue thats out there, from a debt
standpoint, is the sovereign debt
issue that exists here in Europe. Its
going to take some time,
realistically, to work through.
Are banks too big and complicated
to audit?
Its our responsibility to make sure
that in fact we do understand these
institutions.
To what extent did PwC check the
internal controls at Barclays, MF
Global and JPMorgan Chase three
PwC audit clients that have had
highprofile lapses?
Obviously I cant comment on any
specific client issues, although I
think the broader issue youre asking
about really deals with what Ive
described as the fundamental
question about what auditors do. I
VIDEO ON FT.COM
For the full interview with Dennis Nally go
to www.ft.com/vfft
fundamentally believe that there
continues to be a significant gap
between what the investing public
thinks auditors do and what our
responsibilities are.
So investors shouldnt expect
external auditors to pick up
operational issues that might result
from a failure of internal controls?
No, I dont mean to imply that at all.
I think understanding an
institutions internal control
environment, their processes, how
they try to manage those activities,
is an important part of what auditors
need to do. But I do think ... that
there is an expectation that auditors
would in fact catch all of those
things, and I think thats where this
expectation gap is.
What threats to PwC keep you awake
at night?
Theres the whole question of how to
grow in a slow-growth environment,
and that probably means moving
into developing markets. Those
developing markets have a lot more
volatility than a developed economy.
Understanding the local
environment, understanding the
currency stability, understanding
how those business practices are
carried out those are real issues
that companies need to make sure
that they really understand.
How likely is it that the European
Union will follow through on a threat
to force the biggest networks to split
their audit and consulting arms?
There are many things that are in
the European reform discussions that
we support, across the board, but
there are other things that, as you
might imagine, we dont support, so
were welcoming that conversation. I
think its going to take some time
for this to play out over the next 12
or so months.
How probable is it that China will
back a new global accounting
network with enough scale to
challenge PwC?
I dont think its a question of
whether or not one of these types of
firms will emerge. I think its only a
question of when. Its going to take a
while.
Adam Jones
Dennis Nally Global chairman, PwC
Those
developing
markets have
a lot more
volatility than
a developed
economy
View from the top
There was a time when Axa chief
executive Henri de Castries could do
no wrong in investors eyes, as the
French insurer chased the top spot
globally. Over 10 years, Axa shares
have returned 34 per cent, two-fifths
better than larger rival Allianz. But
so far this year the German insurer
has outperformed Axa by more than
10 per cent.
For all its global ambition Axa
remains the biggest insurer in
France. Worse, with no listed
domestic peers, it gets swept up in
the eurozone crisis the same way as
French banks BNP Paribas and
Socit Gnrale. And with interest
rates 140 basis points lower than a
year ago, on Axa data, both insurers
need to be creative to fund long-term
life assurance liabilities. Last weeks
half-year results from the companies
show they are coping well, at least
operationally.
Take Axa, with its traditional life
assurance bias. It copes by
generating a yield of 3.8 per cent and
offering average guarantees on its
in-force life book of 2.2 per cent.
Operating profit rose 3 per cent to
2.3bn overall, but it stuck to a
target of 9.8bn of annual operating
profit by 2015. Achieving that will
mean further boosting earnings from
health and protection cover, and
property and casualty. Together
these already account for 75 per cent
of the total. Asset manager
AllianceBernstein is still a work in
progress, although net outflows
decelerated to 8bn.
Allianz, by contrast, is bigger in
property and casualty insurance, yet
beat forecasts in health and life.
Operating profit at the half year was
up a fifth from a year ago to 4.7bn,
emboldening chief executive Michael
Diekmann to reaffirm his full-year
target of 8.7bn.
Pimco, its mainly fixed income
asset manager, is also on a roll,
attracting a net 42bn.
Allianz, on 7.2 times forward
earnings to Axas 5.5 times, trades as
a premium German car brand does
to its French rivals. Isnt that typical
of the eurozone, Mr de Castries?
LEX ON THE WEB
For Lex notes on todays breaking stories
go to www.ft.com/lex
For email, go to www.ft.com/nbe
Love Axally
European insurers
Source: Thomson Reuters Datastream
Share prices (rebased)
2007 08 09 10 11 12
20
40
60
80
100
120
Allianz
AXA
IAG
There comes a moment in the
Spanish bullfighting ritual when
matters get really serious
especially for the unfortunate
animal. International Airlines Group
appears to heading for just such a
tipping-point as it struggles to
overhaul Spains Iberia after its 2011
merger with British Airways (IAGs
other main business). That deal still
has industrial logic in a sector where
consolidation is overdue promising
long-term synergies and a good long-
haul network fit. Shorter-term,
however, problems abound. With
Spains recession deepening, the
Iberia operations posted a 263m
operating loss in the first half of
2012, compared with a 116m deficit
a year ago.
Capacity was down 5 per cent, but
costs up 3 per cent. Labour issues,
meanwhile, are bedevilling IAGs
plans to develop a low-cost feeder
operation (Iberia Express), although
this has at least started well. It
promises a fresh, deeper,
restructuring plan for Iberia by
September in the hope of clinging
to a group operating profit target of
1.6bn by 2015. Sadly, these issues
overshadow better performance by
the rest of the group including
integration of the BMI British
Midland business, which is ahead of
schedule.
The BA side made a first half
operating profit of 12m, down from
181m a year ago but acceptable
enough given fuel cost increases and
BMIs losses. For investors who still
believe in the BA-Iberia merger
rationale, then, the big question is
timing. IAG shares have
underperformed since the start of
2011, falling 40 per cent compared
with the European airline sectors
30 per cent decline. If all goes well,
they look inexpensive on some
measures. But IAG now expects a
small operating loss for 2012 (against
a previous break-even target) and
with Bankias stake overhanging the
market, investors should be wary
until Iberias flight plan is clearer.
Oakland v Goldman
Do vampire squids swim in San
Francisco Bay? The government of
Oakland, California, suspects so. It is
taking on Goldman Sachs, hoping to
wriggle out of derivatives deals that
are costing the city dearly.
Oakland is pushing Goldman to
reduce the fee to exit interest rate
swaps that are now costing the city
$4m annually and calling on other
municipalities to put pressure on
their own banks.
Before the financial crisis, these
deals were common, and must have
seemed low-risk. Municipalities
borrowed with floating rate debt and
then added swaps to offset the risk
of rising rates.
The swaps allowed the cities to
pay a fixed amount to a bank such
as Goldman, and in return receive a
payment that would rise with rates.
A plunge in interest rates to
historic lows has put the
municipalities way out of the money.
The Refund Transit Coalition
estimates that these deals are costing
$2.5bn a year.
Then, the tentacles: there is a
penalty for terminating the swaps
early, and it rises as interest rates
fall. Oakland argues that the
historically low rates that make the
swaps so painful for local
governments are an artificial result
of government policies put in place,
in part, to support the banks.
Oakland has a point there, and
this is embarrassing for Goldman,
which is trying hard to rehabilitate
its image.
A groundswell of such resistance
should worry other banks. They
typically hedged with mirror deals
that have their own costs to unwind.
Local governments largely did not
have to post collateral against their
swaps as companies do leaving
the banks exposed. If Oakland
inspires other municipalities to
similar action, the banks could get
stung.
Should old contracts be broken,
though, there could be an equally
painful increase in what cities pay to
borrow in the future. Squids or no,
both Oakland and Goldman are in
dangerous waters.
AUGUST 6 2012 Section:FrontBack Time: 5/8/2012 - 19:27 User: dysonb Page Name: 1BACK USA, Part,Page,Edition: EUR, 10, 1

11
Companies and sectors in this issue
FINANCIAL TIMES
Companies
Adecco.........................................18
AllianceBernstein.......................10
Allianz.......................................... 10
Apple............................................ 12
Axa............................................... 10
BATS Global Markets ............. 13
BNP Paribas...............................10
Bank of America....................... 13
Bankia..........................................10
Barclays........................................11
Brevan Howard..........................12
Chesapeake Energy.................. 18
Crdit Agricole............................11
Deloitte........................................ 12
Deutsche Bank........................... 11
Deutsche Telekom.................... 18
Devon Energy.............................14
ESPN............................................18
Enel ................................................ 4
Ernst & Young........................... 12
Facebook.....................................13
FirstEnergy..................................14
GDF Suez......................................4
Goldman Sachs.................... 10,13
Gunvor......................................... 14
HSBC............................................ 11
ING............................................... 18
International Airlines Group....10
JPMorgan Chase....................... 13
KPMG...........................................12
Knight Capital ............................ 13
Kraft...............................................8
Kraft Foods.................................12
MF Global....................................13
Manchester United....................14
Marubeni ..................................... 14
Mitsubishi Corp......................... 14
Mitsui & Co................................ 14
Moore Capital Management... 12
Morgan Stanley..........................13
NYSE Euronext..................... 13,14
Nasdaq.........................................13
Nomura........................................ 11
Pimco...........................................10
PwC.............................................. 12
Rabobank.....................................11
Royal Bank of Scotland............11
SEC...............................................13
Samsung..................................... 12
Socit Gnrale...................10,11
Sorgenia........................................4
Sumitomo Corp.........................14
ThyssenKrupp............................ 18
UTV...............................................18
Sectors
Banks.......................................11,13
Electricity................................. 4,14
Gen Financial..............................12
Investment Comp......................12
Mining.......................................... 14
Technology HW & Equ............ 12
THE FINANCIAL TIMES LIMITED 2012 Week 32
News Briefing
Source: Thomson Reuters Datastream
German industrial production
Index
Jan 2011 May
2012
108
110
112
114
116
German output is forecast to
contract by 0.7%, Page 18
PwC position queried
Rivals are questioning the
auditors role amid the
reform of EU accounting
legislation. Page 12
Gunvor beset by woes
Energy traders $400m
Montana coal mine
investment hit by
obstacles. Page 14
Apple exposed
Intellectual property rights
tussle with Samsung gives
insight into tech groups
marketing model. Page 12
Japan shift pays out
Trading houses quarterly
results showed that they
have benefited after the
almost total shutdown of
nuclear power. Page 14
Kraft urges tax rethink
Chief Irene Rosenfeld calls
for a revamp of overseas
tax, saying multinationals
get hit twice. Page 12
Disney rise forecast
Theme parks expected to
push US entertainment
groups income to a
12.6% increase. Page 18
US regulators pressed
After the Knight Capital
glitch regulators are under
pressure over computer
systems. Page 13
ThyssenKrupp woes
Quarterly data will again
shift attention to the
German engineers
Steel Americas arm. Page 18
Chesapeake gloom
Oil group expected to
report low earnings, with
sales off 31.8%. Page 18
Armajaro diversifies
Commodities hedge fund
is to launch a fund to
invest in financial stocks.
www.ft.com/financials
IAG mulls move for AA
Carrier is considering the
case for buying a stake in
American Airlines.
www.ft.com/transport
Xstrata data concern
Miner to post a sharp fall
in earnings, reigniting the
debate over its Glencore
deal. www.ft.com/mining
Companies
Monday August 6 2012
John Gapper Why hedge funds are suffering a lack of conviction Page 12
Euronext
plans small
companies
exchange
By Kate Burgess in London
A new pan-European stock
exchange for entrepreneurs is
being planned by NYSE Euro-
next to plug the gap in funding
for small companies and help
them raise money from inves-
tors more easily.
The exchange dubbed the
Entrepreneurs Exchange by
NYSE Euronext will facilitate
fundraising through new issues
of bonds as well as equity. Com-
panies would carry out both ini-
tial public offerings of shares
and initial bond offerings, and
even a pre-IPO of convertibles
that is, investments that
would in time convert from
bonds into equities.
The new exchange, which will
be carved out of existing Euro-
next and Alternext markets, is
the latest attempt by policy
makers and exchange operators
to boost corporate growth fol-
lowing the financial crisis. It
comes amid increasing concerns
that curbs on bank lending are
squeezing small companies.
About 900 companies already
listed on Euronext with market
capitalisations of less than 1bn
would be transferred to the new
exchange, as would companies
listed in the Alternext, which is
Euronexts share trading plat-
form for small companies.
The move is partly a response
to the JOBS Act (Jump Start
Our Business Start-ups) in the
US, which eased the rules for
small businesses raising equity
capital for expansion
NYSE Euronext is also seek-
ing to ban so-called high-fre-
quency trading in such stocks.
This involves using superfast
computers to trade and hold
positions for fractions of a sec-
ond, and is widely blamed for
increasing volatility in small
company shares. The exchange
said it would seek to ban such
trading by placing a levy on the
cancellation of orders a com-
mon practice among some high-
frequency traders.
There would also be a foyer
market attached to the new
exchange which would allow
companies to acclimatise for a
few years to the requirements of
being listed.
Small is beautiful, Page 14
US banks prepare for euro break
By Tom Braithwaite and
Dan McCrum in New York and
Patrick Jenkins in London
Wall Street banks are telling
counterparties and borrowers to
restructure contracts or find
another bank as they prepare
for the potential exit of a coun-
try from the eurozone.
Using hedges, such as credit
default swaps, US banks have
reduced their net exposure to
troubled eurozone countries.
But they are also engaged in
more work behind the scenes to
ensure that if a country leaves
the eurozone they will not have
to receive payments in a deval-
ued drachma or peseta.
The eurozone continues to be
the predominant concern of US
bank executives, ahead of the
faltering US recovery. Last sum-
mer the worsening of the crisis
produced wild swings in US
banks stock prices and led the
Securities and Exchange Com-
mission to demand they provide
more disclosure of assets in
Spain, Greece, Italy, Ireland and
Portugal.
An analysis of regulatory fil-
ings since then shows JPMorgan
Chase, Bank of America, Citi-
group, Morgan Stanley and
Goldman Sachs have generally
trimmed their exposure but the
picture is not uniform.
No bank has dramatically
adjusted its exposure to the five
troubled countries, betting that
gross positions, which range
from $5.4bn at Morgan Stanley
to more than $20bn at JPMorgan
Chase, are manageable.
But machinations in the euro-
zone continue to feed back to US
banks. Last week the specula-
tion on whether Mario Draghi,
European Central Bank presi-
dent, would take more aggres-
sive action to tackle the crisis
produced further gyrations in
US stock prices.
One senior Wall Street execu-
tive said his bank was approach-
ing derivatives counterparties to
say: Weve got this contract,
its in euros. What I want to
know is in the event that Spain
were to be redenominated are
we going to end up being adver-
saries on this or can we just
agree this is a euro contract?
Lets just move it to London
law so we agree we know where
we stand. If they dont . . . when
that contract matures theres
not going to be any rollover.
Lawyers and bankers believe
that most derivatives contracts
are likely to insist that counter-
parties from a country that has
left the euro continue to make
payments in euros.
Investors are not only having
to deal with banks preparations
for a eurozone break-up but
must also make their own. Some
hedge funds have stopped trad-
ing with Greek counterparties.
Securities linked to corporate
issuers and denominated in
euros should still have enforcea-
ble contracts while the euro still
exists, said one hedge fund chief
financial officer. For govern-
ment debt, it becomes a matter
of unenforceability, he said.
Spectre of eurozone, Page 13
Big institutions seek to
restructure contracts
Push to get ready for a
country to exit currency
ExBarclays trader probed over Rabobank links
By Caroline Binham in London
A trader at the centre of rate-
manipulation allegations lev-
elled at Barclays communicated
with counterparts at Rabobank,
the Dutch bank, about trading
positions related to Euribor, the
Financial Times has learnt.
Regulators are examining
communications between
Philippe Moryoussef, a senior
euro swaps trader at Barclays
until 2007, and Rabobank,
according to people familiar
with the investigation. The
involvement of Rabobank,
which until June was triple A
rated, sheds light on the trajec-
tory of part of the worldwide
probe into rigging of key inter-
bank lending rates.
The Dutch central bank is
examining submissions to Euri-
bor, the Brussels interbank
lending rate determined by
averaging 43 panel banks
responses. Dutch involvement
adds to at least 10 other regula-
tors and criminal prosecutors
that are probing as many as 20
financial institutions.
Barclays was the first to settle
its part in the Libor and Euribor
probe, paying 290m in fines to
US agencies and the UKs Finan-
cial Services Authority in June.
Anonymous FSA findings
accompanying the settlement
state that Trader E which peo-
ple familiar with the documents
confirmed was Mr Moryoussef
and five other swaps traders at
Barclays regularly communi-
cated with peers at six other
banks on the Euribor panel.
As well as Rabobank, the FT
reported that those banks
included HSBC, Socit Gn-
rale, Deutsche Bank and Crdit
Agricole. No individual has
been accused of wrongdoing and
regulators probes into banks,
except Barclays, are continuing.
Barclays and Rabobank are
among seven defendants named
in a class action alleging Euri-
bor manipulation filed in New
York. Rabobank and Barclays
declined to comment. Dutch
press reported last month that
Rabobank fired four UK-based
submitters between 2008 and
2011 who had cut deals with
traders at other institutions.
Mr Moryoussef was a senior
figure among the Euribor com-
munity. Guido Ravoet, chief
executive of the European Bank-
ing Federation, which publishes
Euribor, said Mr Moryoussef, 44,
was shortlisted to join the gov-
ernance committee of Euribor.
However, Mr Ravoet added that
Mr Moryoussef, who by then
had joined the Royal Bank of
Scotland, ultimately never
became a member and the EBF
scrapped the idea of having a
UK bank representative on the
steering committee. A lawyer
for Mr Moryoussef declined to
comment.
Additional reporting by Jenni-
fer Thompson and Patrick
Jenkins in London, Matt Stein-
glass in Amsterdam and Izabella
Kaminska in Geneva
www.ft.com/libor
US stock prices have come under pressure as markets wait for action from Mario Draghi, European Central Bank president Bloomberg
Fall in repo contracts highlights
banks dependency on ECB funds
By Mary Watkins in London
The market for a key funding
instrument for banks in Europe
has shrunk, highlighting how
reliant financial institutions in
the region have become on
European Central Bank support.
The market for European
repurchase repo transactions
contracted by an estimated 14.2
per cent year-on-year in the six
months to June 30, based on
constant samples over the
period.
The total value of outstanding
repo contracts in which banks
pledge their securities as collat-
eral for short-term loans from
money market funds or other
investors stood at 5.6bn in
June, according to the latest
twice yearly snapshot of the
market by the European Repo
Council of the International
Capital Market Association.
Richard Comotto, senior visiting
fellow at the ICMA centre at
Reading University, said that
while repo markets were vulner-
able to swings, the most recent
contraction highlighted how
dependent banks in the region
had become on ECB funding.
Eurozone banks borrowed
more than a 1tn from the ECB
in December and February via
its three-year longer-term refi-
nancing operations. The LTRO
has reduced the reliance by
some banks on funding from the
repo market.
Mr Comotto said the worry
was that if banks continued to
sideline the repo market in the
long-run it would lead to a
capacity problem as the market
shrivels, ultimately making it
more difficult to wean lenders
off ECB funding.
The share of interbank tri-
party repo market in which a
custodian bank helps to admin-
ister a repo agreement between
two parties also dropped
slightly.
However, Mr Comotto said
there was anecdotal evidence to
suggest that an increasing
number of insurers, pension
funds and companies were using
the repo market as an alterna-
tive to bank deposits.
While the overall size of the
repo market is still above the
record low that followed the
collapse of Lehman Brothers
in 2008, the figures show how
the eurozone financial crisis
is altering the way banks
behave.
Banks in countries such as
Spain and Italy have become
more reliant on central bank
funding after effectively being
locked out of capital markets as
funding costs have soared dur-
ing the crisis.
AUGUST 6 2012 Section:2Front Time: 5/8/2012 - 20:29 User: fitzgeraldi Page Name: 2FRONT EUR, Part,Page,Edition: EUR, 11, 1
12

FINANCIAL TIMES MONDAY AUGUST 6 2012
COMPANIES
If hedge funds lack conviction, it is their own fault
The best lack all conviction, while the
worst/Are filled with passionate intensity,
wrote WB Yeats in The Second Coming.
He wasnt referring to anything as prosaic
as investing, but the words fit.
Louis Bacons decision to return $2bn to
investors in Moore Capital Managements
flagship fund is a sign of the distinct lack
of conviction at the top end of the
industry. Mr Bacon complained last week
that markets have become too illiquid and
unpredictable and subject to the whims
of politicians and central bankers to
make money consistently.
Mr Bacon and his ilk would prefer the
world of the 1990s, when he and others
such as George Soros made money on
broad, predictable market movements
notably the fall of the European Exchange
Rate Mechanism in 1992. The world has
turned too micro for the giants of macro.
Yet his lament to the New York Times
that the political involvement is so
extreme we have not seen this since the
postwar era. What they are trying to do is
thwart natural market outcomes, bears
closer examination.
At one level, it is clearly true. Instead of
being able to follow quantitative models in
deep, liquid markets with clear trends,
fund managers are now gripped by the
remarks of Mario Draghi, the president of
the European Central Bank, and European
politicians, which cause currency and
securities markets to gyrate.
Interest rates have fallen to historic
lows, making it hard to generate real
returns; governments are squeezing
investment banks and the broader market
by demanding higher capital and liquidity
ratios; and the hedge of sovereign debt
and government agency securities has
been weakened by the interminable euro
crisis.
There is frustration in the industry
about the ability of leaders to move
markets because confidence is so fragile
that any announcement has a big impact,
says Ranu Dayal, a senior partner of
Boston Consulting Group.
The latest evidence came on Friday
when the markets initial negative reaction
to Mr Draghis remarks following a
meeting of the European Central Bank
that his words were empty reversed.
Perhaps he would back up his threat that
it is pointless to go short on the euro by
strong-arming a solution to Spain and
Italys problems, investors decided.
At another level, however, it is
nonsense. There was never a time in the
past two decades when official
intervention in markets didnt matter.
Alan Greenspans famous put
whenever things were too difficult, the Fed
would cut rates to restore confidence
was vital and beneficial to investors.
The difference was that the US
authorities massaged natural market
outcomes that suited hedge funds and
other investors, while others tried to fight
markets in such a naive and vulnerable
way notably during the ERM debacle
that their defeat at the hands of markets
was nicely predictable.
The problem with Mr Draghi, and his
struggle with the more conservative
Bundesbank, is that no one knows
whether there is a Draghi put on the
euro, as he claims. Investors have no
experience to go on they have not
known an environment of such low short-
term interest rates and explosive sovereign
risk.
Furthermore, market volatility and
political uncertainty shouldnt matter too
much to a long-term investor with clear
convictions the sorts of institutions that
hedge funds often claim to be. If they
really possess such qualities, then they
can still generate alpha. Attributing their
problems to market conditions is
tantamount to admitting that they were
getting a helping hand all along.
A more exact complaint might be that
the risks of seeking such rewards have
increased because it is harder to hedge
any strategy or to adjust it when things
are going badly. Those who take positions,
for example in Spanish government bonds,
can be heavily punished by illiquidity if
they try to sell again.
So Moore Capital and other funds, such
as Brevan Howard, have been returning
money to their investors. They want to be
smaller because the markets in which they
operate have themselves shrunk.
Does that mean that natural market
outcomes are being thwarted by official
intervention? Not really. It simply means
that active fund management is becoming
tougher than it was a fact that many
investors have already recognised, given
the flows into exchange traded funds and
other passive instruments.
The active fund manager has no more
right to an easy living than the miner, the
steelworker, the newspaper journalist or
anyone else working in an industry that
used to produce more profits.
That is not the market being thwarted;
that is the market evolving. Mr Bacon, of
all people, should know it.
Twitter: @johngapper
john.gapper@ft.com
By Adam Jones
in London
The involvement of a PwC
expert in the political proc-
ess of reforming European
accounting law has
prompted fresh concern
about links between the
biggest auditors and those
who are supposed to regu-
late them.
The Cypriot government
borrowed a PwC technical
expert to assist it with push-
ing forward accounting
reform during its six-month
presidency of the EU, which
began last month. The
month-long secondment,
which occurred shortly
before Cyprus took the EU
helm, alarmed some rivals
to PwC, the worlds biggest
auditor and consultant by
sales.
One senior figure at
another auditor said the
arrangement risked opening
the door for PwC to influ-
ence reform or respond
quicker to regulatory devel-
opments than competitors.
Mazars, another rival,
called for a thorough
review of secondments by
the four biggest auditors
PwC, Deloitte, Ernst &
Young and KPMG to gov-
ernment departments, regu-
lators and accounting
standard-setters. At the
very least, increased trans-
parency is long overdue,
Mazars said.
Cypruss permanent rep-
resentation to the EU
defended the arrangement,
saying it was common
practice for the public sec-
tor to engage experts when
the necessary expertise is
not available in the govern-
ment.
It said the work of such
experts was strictly super-
vised by the Cypriot gov-
ernment, with serious con-
sideration given to con-
flicts of interest and confi-
dentiality.
The unnamed PwC
employee was selected by
the Institute of Certified
Public Accountants of
Cyprus. The institute met
the cost of the secondment,
which is now over, and the
secondee has returned to
the Cypriot arm of PwC.
PwC Cyprus said: The
process of selecting the sec-
ondee was fully transpar-
ent, and no objections were
raised to either the selec-
tion process or the person
selected.
It added: The practice of
providing technical support
to governments is both
commonplace and well
established in many coun-
tries with a wide range of
organisations providing this
support across a wide range
of issues.
Cyprus said the PwC
expert had been working on
a new EU accounting direc-
tive but not on the more
sensitive reform of the
audit market, which threat-
ens to impose big changes
on PwC and the Big Four in
general.
PwC donated 3,700 hours
of free technical support to
political parties in the UK
in the year to June 30 2011.
Recipients have included all
three main political parties,
while the other Big Four
firms have also loaned out
staff.
The UK arm of PwC said:
In the interests of the firm
and its clients, we seek to
develop and maintain con-
structive and balanced rela-
tionships with the main
political parties.
Dennis Nally, PwC global
chairman: www.ft.com/vftt
By Alan Rappeport
in New York
The US policy of taxing cor-
porate profits earned over-
seas is deterring companies
from hiring workers and
holding back business
investment, according to
Irene Rosenfeld, chief exec-
utive of Kraft Foods.
I think certainly, for a
multinational like ours, the
issue of tax reform is really
important, Ms Rosenfeld
said in a recent interview at
the companys headquarters
in Northfield, Illinois.
Right now, we are taxed
twice on income that we
earn outside the United
States, and that has an
impact on how we think
about our investment deci-
sions.
The food groups chief
executive said that revisit-
ing the corporate tax struc-
ture was the most impor-
tant thing that the next
presidential administration
could do to help create jobs.
The tax structure, she said,
would make US companies
less competitive than their
international counterparts.
It is something that I
hope the new administra-
tion, whichever side of the
aisle that it comes from
. . . will address, she said.
US companies have been
clamouring for a change to
the system where they pay
taxes to the US government
and to foreign countries for
profits earned overseas.
Meanwhile, multinational
companies have said repa-
triation taxes keep them
from bringing cash held
overseas back to the US.
The corporate tax struc-
ture has been a point of
contention on the presiden-
tial campaign trail, with
both candidates debating
the impact of the system on
unemployment. The latest
government data showed
the US economy adding
163,000 jobs in July, while
the jobless rate ticked up to
8.3 per cent.
Mitt Romney, the Republi-
can candidate, has called for
a territorial tax system, in
which income is only taxed
where it is earned. Last
week, President Barack
Obama mocked that idea,
saying it would encourage
companies to hold money in
foreign tax havens and
would create nearly 1m jobs
in other countries.
Kraft has been no
stranger to job cuts. Earlier
this year, the company, set
to complete its split into US
grocery and global snacks
businesses, announced it
would axe 1,600 jobs in
North America, or 3.5 per
cent of its US workforce. Ms
Rosenfeld said that being a
leaner, simpler organisation
was the most effective way
to operate in a volatile eco-
nomic environment.
The facts are it [the
downturn] has been pro-
tracted, and there are some
structural changes that I
think would suggest that
the consumers are changing
their behaviour, Ms Rosen-
feld said.
Auditors question
PwC reformrole
GENERAL FINANCIAL
Work over European
law reform queried
3,700
Hours donated by PwC to UK
parties in first half of 2011
Kraft calls for revamp on overseas tax
FOOD PRODUCERS
Overcooked: Krafts chief claims multinationals are being taxed twice on income earnt outside the US AP
More news at
FT.com
Lex on the diminishing
defence pie
For the defence industry,
the days of gorging
at the Pentagon trough
have been consigned
to the past. Lexs
Stuart Kirk and Vincent
Boland discuss how
companies, such as
BAE Systems that
released their results last
week, are coping.
www.ft.com/lexvideo
The unbearable weight
of Olympic expectation
The FTs Olympics
commentator, Simon
Kuper, talks to Seb
MortonClark about
the pressure on athletes
and how Tagir Khaibulaev,
Russias judo gold
medallist, performed under
the watchful gaze of
Vladimir Putin
www.ft.com/video
Qatari groups buy
Anya Hindmarch stake
A Qatari investment group
has bought a 38 per cent
stake in Anya Hindmarch
in a deal valuing the
luxury handbag and
accessories groups
equity at 70m. The new
shareholders have
purchased a minority
stake held by UK private
equity investors, including
Kelso Place, and have also
injected fresh capital into
the business. The privately
owned company, whose
celebrity clientele has
included the actor Sienna
Miller, pictured, declined to
name the investor.
John
Gapper
ON MONDAY
Struck by a daily onslaught
of rumours and speculation
about the next iPhone or
iPad, Apple always refuses
to discuss future product
launches.
Surprise is an essential
ingredient for Apples
unveiling of new devices. It
generates millions of dol-
lars worth of free press
coverage, as testimony from
senior Apple executives in
the technology groups Cali-
fornia court battle with its
South Korean arch-rival
Samsung showed.
However, Apples battle
over intellectual property
rights has undermined its
arsenal of marketing strate-
gies and reliance on secrecy
as evidence obtained and
submitted to the public
court by Samsung has
spoiled some of its plans
with the revelation of dis-
cussions last year about a
smaller iPad.
A San Jose courtroom
last week heard detailed
testimony from Apple exec-
utives who rarely give press
interviews, detailing the
development and marketing
strategies behind the tech-
nology industrys biggest
hype machine.
The secretive technology
group was required to
reveal that it spent $535m
marketing the iPad and
iPhone last year, with the
budget for its tablet compu-
ter doubling over 2010 to
overtake the smartphones
adspend, figures it does not
usually disclose in financial
filings.
The nine men and women
who make up the jury in
the four-week trial are
tasked with deciding how
novel the iPhone and its
tablet successor really were.
Apple accuses Samsung of
copying its designs while
Samsung argues that touch-
screen smartphones with
black glass faces and
rounded corners predate the
iPhone, invalidating Apples
claimed intellectual-prop-
erty protection.
Samsungs courtroom
strategy interferes with
Apples launch plans at the
same time as aiming to
show the jury that its US
rival looks to competitors
for inspiration.
Scott Forstall, Apples
senior vice-president of iOS,
the iPhone and iPad operat-
ing system, and Phil
Schiller, its head of world-
wide marketing, both mem-
bers of the executive board,
told the court that the idea
for the iPhone originated in
2004.
On Friday, the jury heard
from Mr Forstall, who had
worked with Mr Jobs since
1992, and led development
of the current Mac operat-
ing system, OSX, before
joining a top-secret initia-
tive to develop a tablet
device in 2004.
Jurors were shown sev-
eral tablet prototypes and
were told that Apples suc-
cess with the iPod had
prompted discussion about
what the company could do
next.
The tablet initiative was
put on hold for a few years
and development efforts
were transferred to Project
Purple the code name for
what would become the
iPhone.
Questioning and evidence
by Samsungs legal team
revealed that Apple had
originally discussed using
the original iPods click
wheel on the iPhone. Inter-
nal Apple discussions about
a Samsung device with a
circular keypad were shown
to the court which, Sam-
sungs attorney argued,
showed the iPhones devel-
opers had looked to its
South Korean rival for
inspiration part of its
attempt to undermine
Apples patent claims.
I never instructed any-
one to copy anything from
Samsung, Mr Forstall said
later.
During Mr Schillers testi-
mony on Friday, he
described how Apple builds
the hype around new prod-
ucts. Immediately after the
first iPhone was launched
in January 2007, Apple did
not spend any money on
advertising, instead trading
on the excitement when Mr
Jobs unveiled the device.
Dedicated Apple employees
are charged with buzz
marketing and securing
product placement in TV
shows and films, Mr
Schiller said.
Then closer to the June
launch date, Apple began a
TV, billboard and press ad
campaign that taught peo-
ple how to use the new
device, he said. Total adver-
tising spending for the
iPhone has grown from
$98m in 2008 to $226m in
2011.
Apples market research
into iPhone owners showed
that its customers valued
its design and its user inter-
face highly key planks of
its case against Samsung.
This approach makes copy-
cat products particularly
damaging, Mr Schiller
argued, because customers
might become confused.
In cross-examination,
Samsungs legal team
sought to show that touch-
screen phones and mobiles
which could play music and
movies predated the
iPhone.
Samsung went on to show
other market research,
which it suggested showed
that design was a lower pri-
ority than other factors,
such as price, when Ameri-
cans buy smartphones.
But one Apple secret
remained intact. Apples
public relations team
looked on nervously on as
Mr Forstall was asked by
Samsungs attorney about
details of the next iPhone,
which his questioner sug-
gested would have a differ-
ent design.
To the disappointment of
the assembled press pack,
and relief of the PRs, Mr
Forstall declined to answer.
The trial continues.
Court battle peels away the Apple mystery
TECHNOLOGY HARDWARE
News analysis
The tussle with
Samsung offers a
rare insight into the
marketing machine,
says Tim Bradshaw
iPhone maker Apple says
Samsung copied its designs
AUGUST 6 2012 Section:Companies Time: 5/8/2012 - 19:17 User: kallmanng Page Name: CONEWS1, Part,Page,Edition: ASI, 12, 1
FINANCIAL TIMES MONDAY AUGUST 6 2012

13
COMPANIES
Financial groups are seeking ways to reduce their exposure to the ripple effect of any regional shocks
US banks haunted by spectre of eurozone
By Patrick Jenkins, Tom Braithwaite,
Dan McCrum and Tracy Alloway
There is unanimous agreement among
US bank chiefs that their biggest
threat is the fallout from the eurozone
financial crisis.
Although domestic issues, particu-
larly the US fiscal cliff, are cited as
a secondary concern, it is the persist-
ent inability of European leaders to
resolve the debt crisis of the eurozone
periphery that dominates. Clearly
theres no question the US is under-
estimating Europe, says one US
investment bank boss. That and the
fiscal cliff are our biggest challenges.
There is relative calm about the
banks direct eurozone exposure,
which has been steadily reduced and
is now closely monitored with
monthly updates collated by the Fed-
eral Reserve.
But what concerns senior bankers
and their regulators is the unpredicta-
bility of the knock-on effects. In
terms of first order consequences, all
banks fear a few billion losses in [the
eurozone periphery], says one policy
maker. Its the second, third and
fourth-order consequences that scare
the hell out of me.
Although they might agree on the
diagnosis, few banks agree on the
remedies. Banks such as JPMorgan
Chase have pursued a strategy of
hedging risks but maintaining credit
lines to both governments and big
companies in countries such as Spain
and Italy. Jamie Dimon, chief execu-
tive of the bank, predicts the conti-
nent will muddle through its crisis.
Others have been more bearish.
The best thing you can do is shrink,
and reduce, says one senior banker
in the cautious camp. Were planning
for a complete break-up of the euro in
18-24 months. Once the chance of it
happening is above 5 per cent, and it
is, then it becomes inevitable over
time.
Of all the big US banks, Morgan
Stanley has had the rockiest time of
any US bank over the markets per-
ception of its eurozone exposure.
Last year, after the Zerohedge blog
reported that Morgan Stanley had a
vast $39bn exposure to France, just as
market jitters about the country were
peaking, the bank was shocked into
far greater disclosure of its true lend-
ing positions in the region. The real
figure turned out to be a fraction of
that, with the much bigger number
resulting from client trading volumes
through NYSE Euronexts European
operations being booked through
France. Although investor nervous-
ness has abated somewhat, insiders at
the bank admit that its shares are still
seen as the closest proxy among US
banks for eurozone risk.
Brad Hintz, analyst at AllianceBern-
stein, says Morgan Stanley and Gold-
man Sachs, have become honorary
European banks, with their stocks
trading in sync with European
groups. At times last summer Morgan
Stanley fell more than 10 per cent in a
single day on concerns about its Euro-
pean exposure.
Part of this fear is explained by the
experience of the institutional inves-
tor community, Mr Hintz wrote in a
note. After all in the midst of the
2008-2009 financial crisis, investors
worldwide were shocked to realise
that the major capital markets banks
around the world were tightly linked
together through their over-the-coun-
ter derivatives books.
Morgan Stanley also exemplifies the
detailed steps taken by banks to but-
tress themselves and reassure inves-
tors. In one case, Morgan Stanley
asked the Italian government to can-
cel billions of dollars of outstanding
derivatives contracts, generating a
2.57bn payout from the Italian Treas-
ury to the investment bank.
The bank used an unusual legal
clause, linked to additional termina-
tion events, to press the Italian
Treasury into cancelling the deriva-
tives earlier this year. These included
interest rate swaps struck with the
bank more than 20 years ago.
Bank counterparties are watchful
for legal manoeuvring by the banks. A
hedge fund executive warns that
funds have to be careful that counter-
parties do not change the language
used in the paperwork on trade confir-
mations. Derivative contracts are
based on the master agreement, with
changes negotiated between the two
parties, but the trade confirmation
slip is the binding document. The
hedge fund executive says that dur-
ing the crisis in 2008, a lot of banks
started to insert non-standard terms,
such as early termination of the con-
tract if the banks credit default
swaps were subject to a large move.
The strategy so far has been for
banks to match assets and liabilities,
making sure hedges are effective,
pushing counterparties to English or
New York law and demanding collat-
eral that is not susceptible to being
redenominated into a different cur-
rency and revalued. But for all the
work there is still the realisation
hammered home from the last crisis
that it is impossible to predict all the
toxic outcomes that would spill out of
a financial disaster in the eurozone.
What I think is interesting about
this from a preparation point of view
is the psychological rollercoaster that
the banks are suffering, says Christo-
pher Bates, a partner at Clifford
Chance, who has studied the potential
impact on derivatives contracts of
countries leaving the eurozone.
But because of the difficulty in
actually acting, it puts people in a
difficult position to know how to pre-
pare.
Little sign of flight
Investors are building up a picture of
how Wall Street banks treat their
assets in Europe based on five
quarters of data collected by the
Securities and Exchange Commission,
which recently asked for more detail.
Perhaps the most notable element
is what has not changed. Despite dire
predictions of European financial
meltdown, there is little sign of
dramatic flight from Greece, Italy,
Spain, Portugal and Ireland.
A lack of consistency from banks
reporting makes the picture harder to
interpret. Goldman Sachs, for
example, provided only its credit
exposure in the first two quarters it
reported. After that, its exposure
seems to have increased. But in fact,
it has merely provided a fuller
disclosure by including its exposure to
trading positions in those countries.
Other banks numbers vary as they
note changes to SEC guidelines on
disclosing hedges. Bank of America,
for example, has not decreased its
hedging as the data suggests. But
the bank is now not counting some
hedges as effective at bringing down
the net exposure level.
Overall, though, the trend is clear:
while banks are adding hedges and
shrinking exposure, it is nothing like a
run from the continent.
You can read both optimism and
pessimism into this: optimism from
those executives who maintain that
an orderly resolution to the crisis is
still the most likely outcome;
pessimism from those who believe
the headline exposures are not what
will wreak havoc if all goes wrong.
Sentiment can tilt again, but for
the moment, investors have paid little
attention to the numbers. Morgan
Stanley, which the statistics show is
the least exposed bank, has been
lumbered with a share price that is
much more correlated to eurozone
developments than rivals such as
JPMorgan Chase, which has the most
exposure to peripheral countries at
more than $20bn.
There is also a deficiency that the
SEC cannot force banks to fix and
which the Federal Reserve and other
regulators have trouble dealing with:
the numbers are for direct exposure
only, indirect exposure is a murkier
and yet probably more significant
game altogether. Mike Mayo, analyst
at CLSA, notes that MF Global, the
brokerdealer, fell into bankruptcy last
year after a big bet on the eurozone
went awry. Nowhere in their regulatory
disclosures did banks record their
exposure to MF Global even though it
was a potentially more noxious source
of eurozone contagion than a
manufacturer in Italy for example.
Source: companies
*Greece, Italy, Ireland, Portugal and Spain
Concerns over Europe
Demonstrators outside Bankia
headquarters in Madrid Photo: AP
Goldman
Exposure ($bn)*
2011 12
Net
Gross
Bank of America
Exposure ($bn)*
2011 12
Net
Gross
JPMorgan
Exposure ($bn)*
2011 12
Net
Gross
Citigroup
Exposure ($bn)*
2011 12
Net
Gross
Morgan Stanley
Exposure ($bn)*
2011 12
Net
Gross
n.a. n.a. n.a.
FT Graphic
2.1
6.5
2.4
5.7
8.4
4.0
5.4
4.2
13
13.0
20.6
20.2 20.5 20.1
7.1 7.8
9.1
8.4
27.3
27.0
24.9
15.2
16.0
12.5
16.7
14.6 14.4 15.1
14.5
15.0
12.9 12.7
9.8 9.6
3.8
4.9
7.4
10.2
7.3
1.9 2.5
3.5
5.2
2.4
Morgan Stanley is statistically the US
bank least exposed to the eurozone
At times
last summer
Morgan
Stanley fell
more than
10 per cent
in a single
day on
concerns
about its
European
exposure
MORE ON
FT.COM
For further news
and indepth
analysis of the
banking sector
www.ft.com/
banks
US regulators are coming
under pressure to tighten
standards for the complex
computer systems that
underpin trading after last
weeks software glitch at
Knight Capital, which hit
nearly 150 stocks on the
New York Stock Exchange.
Industry executives and
observers are calling for a
re-evaluation of controls
after a software bug at
Knight roiled many small
and mid-cap stocks and cost
Knight $440m.
Knight faces a battle to
secure its future, with its
shares rebounding on Fri-
day after it emerged that
Goldman Sachs was helping
the broker, which is respon-
sible for 10 per cent of daily
US equity share volume,
unwind its erroneous
trades.
As Knight sought a capi-
tal lifeline or sale of the
company over the weekend,
the incident has intensified
debate over the functioning
of the stock market.
Duncan Niederauer, chief
executive of NYSE, on Fri-
day said the incident was a
call to action, adding there
was a crisis of confidence
among the public.
The industry is still strug-
gling to overcome the flash
crash of May 2010, when
US equities plunged sharply
without warning and
rebounded inside 20 min-
utes. Retail investors have
noticeably not reversed
their outflows from mutual
funds in the past two years.
While regulators and
exchanges implemented cir-
cuit breakers and other
measures designed to pre-
vent a repeat of the flash
crash, concern has been
heightened in recent
months by software glitches
that marred the flotations
of Facebook on Nasdaq and
BATS Global Markets on its
own exchange.
Market structure has
gotten incredibly complex,
said Mr Niederauer. Its
virtually impossible to
explain to a policy maker or
an investor any more.
The onus, say traders, is
on regulators the Securi-
ties and Exchange Commis-
sion, principally as recent
reforms have not fully
reduced bouts of unusual
trading in individual stocks.
Calling what happened at
Knight unacceptable,
Mary Schapiro, chairman of
the SEC, said she would
pursue rules requiring
exchanges and other mar-
ket centres to have specific
programs that would ensure
the integrity of the market.
Existing rules make it
clear that when broker-
dealers with access to our
markets use computers to
trade, trade fast or trade
frequently, they must check
those systems to ensure
they are operating prop-
erly, said Ms Schapiro.
Naturally, we will consider
whether such compliance
measures were followed in
this [Knight] case.
The top US market regu-
lator is planning industry
roundtables in the coming
weeks to discuss additional
reform measures.
The concern among trad-
ers and investors is that
such efforts focus more on
enforcement and do not
address the growing com-
plexity of share trading.
What little the SEC has
done since the flash crash
amounts to nothing more
than regulatory theatre,
said R.T. Leuchtkafer, a
private investor based in
New York. The SEC pre-
tends to act, but investors
run from the stock market
anyway. We need someone
to act. If Schapiro cant do
it, the Obama administra-
tion has to find someone
who can.
Critics argue that the con-
stant need to update sys-
tems in a market where
investors can trade using
more than 50 US-based trad-
ing venues increases the
risk of introducing flawed
software, in spite of the
most rigorous testing. The
problems at Knight arose as
the broker prepared to hook
up to a new retail investor-
focused platform from
NYSE.
The malfunction at
Knight which occurred
during the opening half-
hour of trading has raised
questions over the brokers
internal risk controls. Some
traders have told the Finan-
cial Times that computer-
ised systems need a kill
switch in order to prevent
them from running out of
control.
Tyler Moeller, chief exec-
utive of Broadway Technol-
ogy, a trading technology
company, has called for
companies to introduce an
independent chief risk
officer.
You are always going to
have the risk of failure, he
said. Accept that in the
same way you approach
system and counterparty
risk.
Reporting by Michael
Mackenzie, Philip Stafford
and Arash Massoudi
Traders urge action after Knight fiasco
GENERAL FINANCIAL
News analysis
Regulators are
under pressure to
stop flash crashes
and unusual trades,
write FT reporters
Tradeoff: a software glitch has cost Knight $440m epa
AUGUST 6 2012 Section:Companies Time: 5/8/2012 - 19:11 User: kallmanng Page Name: CONEWS2, Part,Page,Edition: ASI, 13, 1
14

FINANCIAL TIMES MONDAY AUGUST 6 2012
COMPANIES
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at www.FT.com/advertising
Time is running short,
warns NYSE Euronexts
strategic planning commit-
tee. Stock markets have
become a source of uncer-
tainty and costs, not capital
for the most innovative,
job-creating small- and
medium- sized enterprises
which are dependent on a
dwindling supply of bank
lending. If we fail to act,
we will be putting our econ-
omy and the jobs of tomor-
row at risk, the committee
says.
Dramatic words but Fab-
rice Demarigny, the com-
mittees chairman, says:
There is a real sense of
frustration that not enough
is being done in Europe to
help SMEs.
The US grasped the nettle
last year with the Jobs Act
(Jump Start Our Business
Start-ups) which eased the
rules for small businesses
raising equity capital for
expansion. It is already
attracting companies: Man-
chester United, whose US
initial public offering is this
month, is taking advantage
of the acts provisions.
Europe needs its own
Jobs Act, to encourage the
return of small businesses
to equity markets to raise
the money for expansion,
says Mr Demarigny.
So far this year, 34 new
companies have joined Aim
in London, the biggest of
Europes markets for small
companies, while 63 compa-
nies have quit. That brings
the number of companies
on Aim from 1,694 in 2006,
to 1,114.
Alternext, Aims nearest
challenger in Europe with
183 companies, has seen the
figure for new entrants slip
from 46 five years ago to
seven so far this year.
The problem, says Mr
Demarigny is that most
markets are tailored to
blue-chip stocks. For small
companies, the costs of list-
ing and trading shares on
public markets outweigh
the benefits; it is unprofita-
ble for the intermediaries
that serve the market; and
regulation is making equity
investing increasingly unat-
tractive to investors.
NYSE Euronexts answer
is to launch the Entrepre-
neurs Exchange: cut costs
and make listing and trad-
ing in small-company
shares more profitable.
Companies would be able
to raise finance through ini-
tial bond offerings and ini-
tial public offerings of
equity. There could be pre-
IPOs too, where companies
issue investments that
would convert from bonds
into equity.
It is not the first attempt
by exchange operators and
policy makers to come up
with a new bond or share
trading platform for SMEs.
Many have floundered after
failing to attract investors
and companies.
Mr Demarigny says: If
you start from scratch, you
generally fail.
NYSE Euronext is propos-
ing to transfer 900 compa-
nies valued at less than
1bn from Euronexts B & C
segments and Alternext on
to the new platform. Mr
Demarigny believes this
will give the Entrepreneurs
Exchange critical mass
from the start and immedi-
ate investor appeal.
But transferring 900 com-
panies could also prove the
sticking point.
As one industry observer
notes: Take Portugal. Only
nine of its top 20 companies
are big enough to remain in
the main market. That will
be hard to swallow. There is
likely to be huge national
resistance to the scheme.
NYSE aims
to show small
is beautiful
GENERAL FINANCIAL
News analysis
The exchange
operator is to open
a new platform in
Europe for SMEs,
says Kate Burgess
When Gunvor, one of the
worlds largest energy trad-
ers, invested $400m in a
troubled Montana coal
mine, it looked like a prom-
ising deal. The plan was to
sell much of the coal to the
booming Asian market,
where it was fetching far
more than the prevailing
price in the US.
The deal in October 2011
delivered impressive profits
to the mines previous own-
ers, a rare financial success
in Americas depressed coal
industry. It also set the
mine on course to more
than double production this
year compared with last
year, at a time when total
US coal production is fall-
ing.
But shipping coal to the
Asia-Pacific region was not
as straightforward as it
seemed. Gunvor expanded
from its core of trading oil
into other energy sectors
just as the price of coal in
the US, Asia and elsewhere
tumbled in part because US
power plants were burning
cheaper natural gas. Now,
the Geneva-based company
is battling unexpected eco-
nomic, political and legal
headwinds in the US.
Privately held Gunvor
and the two other owners of
the Montana mine, called
Signal Peak, are embroiled
in a legal dispute over roy-
alty payments. The mine
has also bid on federal and
state coal tracts, thrusting
Gunvor into a debate raging
in America over whether
governments are getting a
fair price for US coal
reserves.
Industry experts say Gun-
vor bought the mine at the
height of the market. The
timing of the deal was terri-
ble, says a senior coal
trader with a rival trading
house. They overpaid.
In a statement earlier last
month, Gunvor defended
Signal Peaks long-term
value, noting both the
quality of the coal and the
quantity enough for the
mine to keep producing for
roughly 30 years.
One of the trading
houses two principal own-
ers is Gennady Timchenko,
a billionaire who has
known Russian president
Vladimir Putin since both
men were based in St
Petersburg in the 1980s.
Gunvor grew rapidly from a
niche player in the Russian
oil markets in the early
2000s to one of the largest
global trading firms, report-
ing sales of over $80bn last
year. Privately held Gunvor
does not disclose profits,
but trading houses gener-
ally have low margins.
A big beneficiary of the
Gunvor investment has
been FirstEnergy, the util-
ity based in Ohio, which
had owned half the Signal
Peak mine with privately
held Boich Companies, also
based in Ohio. Each com-
pany sold a percentage of
its stake to Gunvor so that
the three are now equal
owners. FirstEnergys pub-
lic filings show its gains
from the sale to Gunvor: it
acquired the mine for
$133.5m in 2008. With its
sale to Gunvor it booked a
pre-tax profit of $569m and
$260m in cash.
The price for US thermal
coal the kind produced at
Signal Peak and other
mines in the Powder River
Basin in the western US
has declined in key Asian
countries. Federal energy
agency data show Chinas
price per ton of US thermal
coal in the first quarter of
2012 plunged to $56 from
$121 in the first quarter of
2011.
Gunvor became an equal
partner with FirstEnergy
and Boich by paying $400m
for its third of the mine.
Each must approve the hir-
ing of key mining execu-
tives, can veto big financial
transactions and is a co-
guarantor on a credit exten-
sion, public filings show.
Such details can deter-
mine whether the Commit-
tee on Foreign Investment
in the US Cfius reviews
a deal. The federal panel,
which examines the secu-
rity implications of foreign
investment in the US, con-
siders factors including
whether a foreigner has
control over financial or
managerial decisions. The
government has broad pow-
ers to initiate a review and
in the past has interpreted
control to mean less than
50 per cent ownership. In
this case, the deal has not
been reviewed, said First-
Energy spokeswoman Tri-
cia Ingraham.
The parties did not
believe the deal rose to the
level of requiring it, she
said.
The US government has
considerable flexibility in
determining the kinds of
deal meriting Cfius review,
according to lawyers who
handle such cases. Some
previous acquisitions of
coal assets by foreigners,
including one involving a
Russian entity, have gone
through the Cfius process.
Gunvor included a sub-
stantial coal purchase
agreement in the deal,
according to a statement by
the companys lawyers, and
the mine has increased pro-
duction. Signal Peak pro-
duced 3.82m tonnes in the
first quarter of 2012, com-
pared with just 4.66m
tonnes in all of 2011, accord-
ing to the US federal mine
data.
Gunvors purchase agree-
ment with Signal Peak has
riled former owners of the
mine, who sold it to First-
Energy and Boich and have
been reaping royalties from
coal sold from the mine
since then. Those owners
have filed suit in federal
court to argue the fairness
of the set price used to cal-
culate their royalties.
The royalty holders claim
the Signal Peak price
should be based on an
arms length transaction.
They contend the current
owners have used insider
transactions, which artifi-
cially lower the sale price
and reduce the royalties.
The current owners have
filed for dismissal of the
suit.
Gunvors lawyers argue
the claims are baseless in
part because the company
has an extremely remote
connection at best to the
litigation. Gunvor, they say,
has never and does not
presently conduct business
in the State of Montana.
Gunvor purchased Signal
Peak through an American
subsidiary.
Signal Peak is pushing
ahead with expansion
plans, which has also made
it part of an industry-wide
debate over the price at
which the government sells
coal. Signal Peak recently
paid $10.5m to the federal
Bureau of Land Manage-
ment for the right to lease a
nearby tract containing
31.75m tonnes of coal.
This bid is still awaiting
final approval. But critics,
including land owners in
the mining area, members
of Congress and environ-
mentalists, have argued
against the proposed lease,
complaining the price was
too low given the likely
export of the coal.
Reporting by Ed Crooks
and Javier Blas of the
Financial Times, and Jeff
Gerth of Pro-Publica
Gunvor coal mine venture hit by obstacles
GENERAL FINANCIAL
News analysis
Falling global prices
and legal headwinds
in the US cause
problems for the
energy trader
Through the US: transporting coal to AsiaPacific was problematic Alamy
There is a sense of
frustration that not
enough is being
done in Europe to
help SMEs
While Japan slowly recov-
ers from last years tsunami
and nuclear accident, its big
trading companies have
managed to find some busi-
ness opportunities in the
wake of the disaster.
The nations top trading
houses which have tradi-
tionally supplied the
resource-poor nation with
everything from coal to
bananas unveiled quar-
terly results last week that
illustrated how they have
benefited from the almost
complete shutdown of
nuclear power in Japan.
While overall profits fell
due to weaker metals mar-
kets, the big fives com-
bined net income of $4.7bn
was equivalent to a fifth of
the entire April-June profit
made by the Nikkei 225
companies, excluding
banks, as many of Japans
exporters continued to
struggle from the effects of
a strong yen and weak
external demand.
In the wake of the melt-
down at the Fukushima
nuclear plant in March last
year, Japan progressively
turned off all 50 of its sur-
viving nuclear reactors.
Two were switched back on
last month, but the country
faces a growing debate over
the future role that nuclear
power should play in its
energy supply, leading to
questions over when, or if,
the other reactors could
return to service.
Lacking domestic fossil
fuel sources, Japan has
been forced to rely more
heavily on expensive
imports of oil and liquefied
natural gas to fuel conven-
tional power plants. This
has made the nation more
vulnerable to supply shocks,
which has prompted the
trading companies to secure
resources by investing more
aggressively in upstream
energy assets.
Each of the big five trad-
ers reported resilient first-
quarter performances from
their energy divisions. The
energy businesses at Mit-
subishi Corp and Mitsui &
Co, the two largest trading
houses by market capitali-
sation, were the standout
performers. At Mitsubishi,
net income from energy
accounted for more than
half of the total of Y98bn
($1.25bn), from just over a
quarter a year earlier.
Mitsubishi has been the
most active acquirer of
energy assets this year,
doing half a dozen big
deals, including the joint
purchase with Mitsui of
almost a sixth of Woodside
Petroleums Browse LNG
project in Australia.
Last week, Sumitomo
Corp, the trading house with
the smallest exposure to
energy, confirmed it would
invest about $2bn in Texas
shale oilfields after agreeing
to buy big stakes in assets
from Devon Energy, the
Oklahoma-based operator.
If higher fuel imports are
a long-term trend, then it is
better [for the trading com-
panies] to invest in reserves
themselves, said Eric
Nishimura, analyst at Gold-
man Sachs in Tokyo.
LNG, a cleaner burning
fuel than coal and oil,
seems a particularly safe
bet. Gas-fired generation
has risen to about half of
Japans total since the
nuclear accident, according
to broker CLSA. Japan is
now sourcing LNG from
every exporter except Libya
and has even taken excess
cargoes from non-producing
nations such as Belgium.
Marubeni, the smallest of
Japans trading houses, saw
Y780bn of energy trades in
the three months to June,
up 13 per cent from a year
earlier, thanks mainly to
increased imports of LNG.
In Russia, an Itochu-led
consortium is conducting
feasibility studies with
Gazprom on the co-develop-
ment of a new LNG plant in
Vladivostok.
We expect the current
level of LNG imports to con-
tinue, said Yuji Seiya, a
senior executive in Itochus
energy division.
The trading companies
are pushing ahead as the
government urges the pub-
lic to voice their views on
how much nuclear power
Japan should have. An
advisory committee has put
forward three options for
nuclear power, ranging
from zero to 20 to 25 per
cent of the nations total
energy mix by 2030, com-
pared with about 26 per
cent in fiscal 2010.
In a series of public hear-
ings in recent weeks, most
citizens who expressed a
desire to speak supported
the zero option, the govern-
ment said. Lawmakers are
scheduled to make a deci-
sion on a national energy
strategy later this month.
According to Nomura,
assuming Japan does not
switch on any more nuclear
power plants, its LNG con-
sumption in the year
through to March 2012
could reach 66.9m tonnes,
an increase of more than 60
per cent from two years ago.
Masakazu Toyoda, chair-
man of the Institute of
Energy Economics think-
tank, said that in the wake
of Fukushima, a bigger offi-
cial role for gas looks inevi-
table.
Were the unquestioned
world leader in LNG con-
sumption, he said. We
need to find sufficient sup-
ply to meet demand.
Japans traders
benef it from
nuclear shift
ENERGY
News analysis
Energy divisions
have reported
resilient firstquarter
performances, says
Ben McLannahan
We need to find
sufficient supply
[of liquefied natural
gas] to meet
demand
Masakazu Toyoda
Japan now relies more heavily on expensive LNG imports Bloomberg
Gunvor and the
two other owners
of the Montana
mine are embroiled
in a legal dispute
AUGUST 6 2012 Section:Companies Time: 5/8/2012 - 19:02 User: kallmanng Page Name: CONEWS3, Part,Page,Edition: ASI, 14, 1
FINANCIAL TIMES MONDAY AUGUST 6 2012

15
AUGUST 6 2012 Section:Ad Page Time: 3/8/2012 - 12:22 User: baxterw Page Name: AD FILLER1, Part,Page,Edition: ASI, 15, 1
16

FINANCIAL TIMES MONDAY AUGUST 6 2012
Schneider 49.88 4.18 9.1
Metlife 33.19 2.75 9.0
Citic Sec 14.28 1.16 8.8
BkMandiri 8,300.0 650.00 8.5
NTPC 166.25 13.00 8.5
Siemens 72.55 5.65 8.4
Prudential 52.03 3.95 8.2
Panasonic 564.00 41.00 7.8
SandsCh 23.60 1.70 7.8
Comcast 34.61 2.33 7.2
Canon 2,694.0 176.00 7.0
BncBrasil 23.12 1.49 6.9
Cummins 99.00 6.38 6.9
Xstrata 879.30 56.30 6.8
Kellogg 50.35 3.16 6.7
ChConstBk 5.27 0.33 6.7
Allstate 37.04 2.31 6.7
IntSPaolo 1.06 0.07 6.6
Generali 10.45 0.64 6.5
GDF Suez 19.11 1.15 6.4
TOP 20 HIGHEST RISER
FT GLOBAL 500
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in US Dollar Based on the FT Global Equity Index Series
SchndrElec
Share price ()
Jul 3 2012/12 Aug 3
BrisMySq 32.64 -3.41 -9.5
Fanuc 11,580 -1,110.0 -8.7
Komatsu 1,621.0 -142.00 -8.1
Starbucks 43.91 -3.56 -7.5
ArcherDan 25.54 -2.00 -7.3
SouzaCruz 28.95 -2.05 -6.6
Potash 42.90 -2.98 -6.5
Lowes 25.49 -1.58 -5.8
Nintendo 8,310.0 -490.00 -5.6
Enbridge 39.86 -2.26 -5.4
McKesson 87.43 -4.31 -4.7
CSL 40.28 -1.98 -4.7
TeckResB 27.38 -1.28 -4.5
DevonEngy 56.32 -2.56 -4.3
Anadarko 68.41 -3.00 -4.2
Ecolab 64.41 -2.76 -4.1
TlkmIndo 8,950.0 -350.00 -3.8
BkCentAsia 7,700.0 -300.00 -3.8
Boeing 72.81 -2.70 -3.6
Saic Motor 12.38 -0.45 -3.5
Bristol Myers
Share price ($)
Jul 3 2012/12 Aug 3
Walgreen 30,733 20.9
Philips 23,505 18.1
BncBrasil 32,619 15.9
ChUncHK 34,883 15.6
BkMandiri 20,251 12.9
Halliburton 31,321 12.8
ASML Hld 24,420 12.6
EOG Res 28,825 12.5
Tenaris 33,967 11.8
ItauHldFin 36,342 11.7
Iberdrola 21,771 -23.4
Barrick 32,863 -16.9
TeckResB 15,794 -16.4
PTT Explor 15,567 -16.4
Canon 45,717 -15.7
Starbucks 33,372 -15.5
StGobn 16,612 -15.1
Tullow 18,465 -14.8
Deut Bank 28,932 -14.7
Millea Hld 17,301 -13.8
Iberdrola
Share price ()
Jul 3 2012/12 Aug 3
Korea .................................................... 7.09
Egypt .................................................... 6.55
Taiwan .................................................. 5.66
Philippines ............................................. 4.45
Indonesia ............................................... 4.36
China .................................................... 4.26
Australia ................................................ 4.00
Finland .................................................. 3.81
Hong Kong ............................................. 3.43
Thailand ................................................ 3.35
Canada ................................................ -0.74
Netherlands .......................................... -0.96
Spain ................................................... -1.00
Norway ................................................ -1.10
Czech Rep ............................................ -1.25
Belgium/Lux ......................................... -1.37
Portugal ............................................... -1.53
Austria ................................................. -2.60
Chile .................................................... -2.76
Peru .................................................... -3.32
Leisure Goods ......................................... 6.24
Global - Alternative Energy ...................... 4.91
Technology Hardware & Equipment ............ 4.40
Global - Real Estate Investment & Services . 4.01
Electronic & Electrical Equipment ............... 3.73
Automobiles & Parts ................................ 3.29
Industrial Metals ...................................... 2.46
Life Insurance ......................................... 2.26
Mobile Telecommunications ...................... 1.87
Media .................................................... 1.53
Chemicals .............................................. 0.14
Construction & Materials .......................... 0.09
Travel & Leisure....................................... 0.03
Health Care Equipment & Services............. -0.14
Oil Equipment & Services ......................... -0.32
Aerospace & Defense .............................. -0.90
Household Goods ................................... -0.93
Electricity.............................................. -1.03
Personal Goods ...................................... -1.15
Forestry & Paper..................................... -3.83
BOTTOM 20 BIGGEST FALLER PERFORMANCE-MONTH PERFORMANCE-WEEK
Equity Markets: winners and losers by company, market capitalisation, country and sector
3M . . . . . . . . . 91.70 - 92.07 68.65 2.49 14.98 63394
ABB . . . . . . . . 17.47 3.1 20.20 14.40 3.72 14.32 41539
AbbottLb.66.59xd 0.3 67.44 46.30 2.97 21.57 104772
Accenture . .60.35 -0.1 65.89 47.40 2.24 15.58 41808
Ace. . . . . . . . . 73.66 0.1 77.42 56.91 2.23 12.48 24978
AdvInfoSv . . . 207 3.5 215 110.50 4.04 24.74 19497
AEP . . . . . . . .42.34 -0.2 43.07 33.09 4.44 12.69 20531
Aac . . . . . . .44.58 2.5 50.33 31.27 2.96 8.16 20847
AgricBkCh. . . 3.14 2.3 4.30 2.26 5.07 6.28 12446
AIA . . . . . . . . . 26.75 - 29.90 19.84 1.28 23.91 41543
AirLiquide . . 93.67 2.1 93.67 73.55 2.42 18.51 36052
AirProd. . .82.24xd 1.2 92.78 72.26 2.97 14.88 17411
Alexion . . . .106.96 -1.8 109.96 46.90 - - 20650
Allergan . . . .85.45 -0.9 97.09 69.40 0.23 25.06 26278
Allianz. . . . . .83.07 4.3 94.94 56.16 5.42 11.41 46670
Allstate. . . . . 37.04 6.7 37.37 22.27 2.35 8.96 17962
AlRahji Bk . . 72.75 1.4 83.25 65 4.47 13.75 29096
Altria . . . . . . .35.92 0.2 36.29 23.20 4.57 16.59 73019
Amazon . . .234.97 -1.0 246.71 166.97 - - 106222
Ambev . . . . . 77.75 -2.6 83.71 43.98 0.30 29.24 52498
AmerExpr 57.61xd -1.6 61.42 41.30 1.32 13.52 65310
AmerIntGrp 31.34 -0.7 35.04 19.18 39.57 2.77 54171
AmerMvl . . . 17.47 -2.9 18.80 13.48 0.57 16.58 69068
AmerTower . 73.07 1.0 75.57 45.77 1.07 63.82 28874
Amgen . . . . . 82.21 -2.0 84.39 47.66 1.65 17.59 63935
Anadarko. . . 68.41 -4.2 88.68 56.42 0.53 - 34175
AnBshInBv .66.39 1.4 68.14 33.85 1.81 18.93 131593
AngloAmer . . 1.9k 0.3 2.97k 1.85k 2.92 8.91 41217
ANZ . . . . . . . .23.34 1.1 24.05 17.63 8.10 10.87 66890
Apache. . .84.85xd -3.1 125.91 73.13 0.75 10.17 33162
Apple. . . . . . 615.70 5.2 644 353.02 0.43 14.47 577161
ArcelorMit. . 12.25 -2.5 22.28 10.47 4.96 38.28 23595
ArcherDan. .25.54 -7.3 33.98 23.69 2.68 13.93 16819
ASML Hld. . . 47.14 0.4 48.34 21.22 0.98 14.73 24420
AstellasPh. . 3.75k 3.7 3.88k 2.7k 3.30 17.88 22298
Astra Int. . . . . . 7k 5.3 7.97k 5.5k 2.81 15.01 29932
AstraZen . . . . 3.1k 4.9 3.12k 2.45k 6.56 8.30 60363
AT&T . . . . . . . 37.58 1.2 38.25 27.29 4.66 50.02 218152
AtlasCpcoA156.50 3.3 175.60 112.30 3.19 13.57 19521
AutomData .56.93 -1.2 57.99 44.72 2.71 20.19 27844
AXA . . . . . . . . 10.19 4.0 13.73 7.88 6.77 5.82 29641
BakerHu. .46.98xd -0.8 78.92 37.09 1.28 11.23 20650
Bank VTB. . . .0.05 4.8 0.09 0.05 1.46 6.69 17948
BankAm. . . . . 7.43 1.6 10.09 4.92 0.54 8.10 80073
Barclays. . . 171.35 2.6 287.45 133.90 3.50 5.41 32710
Barrick . . . . .32.83 1.0 55.36 31.18 2.13 7.88 32863
BASF . . . . . . . 59.71 1.3 68.63 42.19 4.19 10.38 67673
Baxter. . . . . .58.93 -1.3 60.53 47.56 2.47 14.49 32248
Bayer. . . . . . . . . 63 3.3 63.87 35.36 2.62 20.13 64286
BB &T. . . . . . 31.65 -2.3 32.74 18.92 2.27 13.18 22112
BBVA. . . . . . . .5.35 3.9 7.50 4.31 7.12 12.13 35524
BCE . . . . . . . .42.66 0.7 43 34.99 4.97 14.46 33026
BcoSantdr. . .4.99 4.4 7.39 3.98 13.09 13.31 59285
BerkshrHat128.48k 0.6 128.5k 99k - 17.69 119614
BG . . . . . . . 1.26kxd 0.5 1.55k 1.02k 1.26 11.22 66775
BHP Billtn . . 31.30 -0.4 42.53 30.09 4.72 7.88 106085
BhrtiAirtel .296.45 -3.4 444.70 280.10 0.34 26.41 20192
Biogen . . . . 145.06 -3.0 150.29 84.22 - 26.30 34284
Bk China . . . .2.95 1.4 3.67 2.20 6.36 5.26 31809
BkCentAsia. . 7.7k -3.8 8.85k 6.75k 1.47 16.57 19852
BkMandiri . . . 8.3k 8.5 8.45k 5.1k 1.26 14.76 20251
BkMontrl . 57.35xd -1.6 61.40 53.15 4.88 10.72 37098
BkNvaS . . . . 51.86 -0.3 57.17 47.54 4.13 11.50 59235
BkNYMeln 21.75xd 1.7 25.52 17.10 2.39 11.79 25693
BkofComm . . 5.18 3.8 6.96 4.15 2.34 4.94 19488
BlackRock. 173.19 1.5 207.30 137.03 3.39 13.85 29968
BMW . . . . . . . 58.12 -1.7 73.95 43.49 3.96 8.29 43174
BncBrasil. . . 23.12 6.9 29.79 18 11.45 5.66 32619
BNP Parib . . . . 32 6.0 46.75 22.72 3.75 6.64 49506
BOC Hold. . . 23.75 0.8 24.45 14.24 4.98 12.29 32378
Boeing . . . . . 72.81 -3.6 77.83 56.01 2.39 12.62 54738
BP. . . . . . . . . 437.95 -0.2 554 359.90 5.04 0.01 130053
Bradesco.32.29xd 3.2 33.31 25.12 3.35 11.04 30404
BrAmTob . . . 3.49k 3.9 3.49k 2.27k 3.74 20.08 105940
Bridgestne . . 1.8k 4.2 2.09k 1.58k 1.21 8.73 18653
BrisMySq. . .32.64 -9.5 36.34 25.69 4.14 15.66 54803
Brookeld 34.21xd - 35 25.91 1.58 11.14 21354
BSkyB. . . . . . . 743 3.9 775 613.83 3.42 14.18 19368
BT. . . . . . . . . 216.30 -0.9 235.30 157.50 3.84 8.08 26589
CanImp. . . . . 73.24 -0.1 78.29 67.32 4.92 10.55 29691
CanNatRs . . 27.95 -0.7 41.12 25.58 1.40 11.66 30672
CanNatRy . . . . 89 0.7 89.59 63.72 1.63 14.92 38704
Canon. . . . 2.69kxd 7.0 4.02k 2.31k 4.41 14.38 45717
CapOne . . . . 57.58 - 58.69 35.94 0.35 9.65 33416
Carnival . . . .34.03 0.7 37.31 28.52 2.94 18.85 20290
Caterpillar85.02xd -1.3 116.95 67.55 2.23 9.51 55476
CBS . . . . . . . .35.06 4.4 35.15 17.99 1.20 15.77 20925
Celgene . . . 69.30 -1.8 80.42 51.70 - 20.12 29898
CenovusE . . 31.39 -0.6 39.64 28.85 2.74 14.89 23702
Centrica. . 323.50 1.7 327.80 248.40 4.86 14.77 26222
CenturyLk. . 41.74 1.0 42.70 31.17 6.95 43.47 25930
CEZ . . . . . 707.50xd 1.3 876 665 6.36 9.86 18638
ChConstBk . . 5.27 6.7 6.62 4.41 5.43 6.13 163372
ChevrnTx . . .111.12 1.7 112.28 86.68 3.08 8.32 218033
ChinaCitic . . .3.88 3.5 5.15 2.93 6.24 4.31 7446
ChinaEvrb . . . 2.76 0.7 3.26 2.70 4.79 5.56 17512
ChinaLife. 21.30xd 0.7 26.85 17 1.31 26.62 20437
ChinaMBank14.16 1.7 19.12 9.90 3.59 6.85 7140
ChinaMob . . . . 88 -1.0 91.10 68.20 3.76 11.37 228069
ChinaPcIns . . . 25 0.4 31 19.78 1.69 20.96 7457
ChinaYPwr . .6.59 0.6 7.14 6 3.84 14.56 17063
ChMinsheng. 7.22 4.6 8.23 4.24 5.03 5.19 5379
ChnghwTl 89.50xd 1.6 104.50 87.50 6.07 15.51 23162
ChngKong.103.90 3.4 122.40 79.10 3.03 8.52 31030
ChristianDior114.50 0.7 119.70 79.10 2.38 16.04 25676
ChShenEgy.29.25 3.0 40.15 24.15 3.72 10.18 12818
Chubb. . . . . .72.88 0.8 74.40 55.66 2.20 12.26 19674
ChUncHK. . . 11.48 -0.2 17.64 9.45 1.05 43.16 34883
Cielo . . . . . . . 61.77 -0.1 64.11 31.78 3.05 19.42 19924
CIMB Grp. . . . 7.92 1.4 8.45 6.56 2.76 14.27 18832
Cisco. . . . . . . 16.35 4.2 21.30 13.60 1.71 12.08 87585
Citic Sec. . 14.28xd 8.8 17.58 11.50 3.64 9.38 2170
Citigroup . 27.40xd 0.4 39.38 21.40 0.15 7.93 80341
CLP . . . . . . . .66.85 1.7 75.20 62.10 3.76 17.32 20741
CME Grp .50.93xa -3.0 60.92 44.45 4.03 10.75 16925
CmwBkAu. .55.98 -0.4 58.05 42.30 8.32 13.04 94057
CNOOC . . . . . 15.34 0.7 18.20 11.20 3.44 7.90 88310
CntJpRwy . . 657k 2.2 704k 596k 1.43 7.52 17220
Coca-Cola . .80.83 1.0 81.32 63.34 2.47 21.39 181945
Cognizant . . 57.86 -1.1 78 53.54 - 19.50 17618
ColgtPlm106.46xd -0.7 109.84 78.62 2.25 21.08 50480
Comcast . . . 34.61 7.2 35.09 19.46 1.73 19.88 73195
Compass . 702.50 1.9 703.87 498.20 2.85 17.84 20468
ConocPhil 55.71xd 1.3 59.67 44.71 4.74 10.76 67663
ConsEdsn . .64.66 -0.4 65.98 49.21 3.73 17.90 18938
Copec . . . . . . . . 7k -1.9 8.34k 4.65k 1.24 - 18946
Corning . . . . 11.34 -1.6 16.15 10.62 2.65 7.93 16885
Costco . . . . . 97.21 0.1 97.76 70.22 1.06 27.16 42028
Covidien. . 56.42xd 1.6 56.69 41.35 1.60 14.60 27210
CredSuisse . 16.74 - 28.69 15.97 4.48 31.00 22700
CrownCstl . .62.52 1.3 63.18 37.54 - 71.57 18319
CSL . . . . . . . 40.28 -4.7 43.20 26.12 2.04 23.04 21536
CSX . . . . . . . . 23.11 1.1 24.96 17.69 2.25 12.96 24034
Cummins. . . . . 99 6.9 129.51 79.53 1.72 9.84 18851
CVS . . . . . . . . 44.75 -0.4 48.68 31.31 1.37 16.74 57347
Daimler. . . . .40.44 2.8 51.81 29.02 5.44 7.47 53210
Danaher . . . .53.36 1.0 56.45 39.34 0.19 17.30 37104
Danone. . . . .49.66 0.6 54.96 41.92 2.80 17.67 39412
DBS . . . . . . . . 14.75 0.7 15.73 10.81 3.80 10.94 28887
Deere. . . . . . . 77.51 -0.8 89.69 59.92 2.24 10.74 30829
Dell. . . . . . . . . 11.70 -2.7 18.36 11.39 0.68 6.05 20544
Denso . . . . . .2.53k 3.1 2.86k 2k 1.80 13.01 28470
Deut Bank . .25.23 3.6 39.51 20.79 2.97 8.03 28932
Deut Tlkm . . .9.35 1.0 10.94 7.69 7.49 66.79 49857
DeutsPost . . 15.48 5.5 15.50 8.90 4.52 14.46 23087
DevonEngy .56.32 -4.3 80.12 50.74 1.37 9.43 22781
Diageo . . . . . 1.71k -0.1 1.76k 1.08k 2.43 26.51 66753
DirectTV. . . . 50.16 1.5 51.25 39.82 - 12.95 32855
Disney. . . . . . 49.77 -0.3 50.54 28.20 1.21 17.86 88957
DollarG. . . . . 51.90 1.8 56.03 29.88 - 21.65 17248
DominRes . . 54.41 -1.0 55.62 44.50 3.75 22.85 31095
DowChem . .29.83 2.6 36.18 20.61 3.59 18.98 35740
DukeEner.68.60xa 1.7 70.35 50.61 4.40 20.40 48282
DuPont . . . . . 49.47 -0.5 53.98 37.11 3.40 13.39 46026
E.ON . . . . . . . 17.58 1.4 19.47 12.50 6.26 - 43408
EADS . . . . . . . 31.20 4.7 31.69 19.05 1.44 16.77 31840
EastJpRwy . 5.11k 2.4 5.5k 4.26k 2.13 12.54 26007
eBay . . . . . . 44.50 -1.6 46.15 26.86 - 15.60 57346
Ecolab. . . . . . 64.41 -4.1 68.96 43.81 1.20 36.11 18841
EDF . . . . . . . . 16.50 1.9 26.77 14.80 6.97 9.43 37632
EMC. . . . . . . .26.80 0.9 30 19.84 - 22.12 56246
Emerson . . 48.50 1.0 53.78 39.50 3.19 15.49 35580
Enbridge . . .39.86 -5.4 42.23 28.27 2.65 35.36 31779
Enel . . . . . . . . .2.32 3.3 4.06 2.02 11.22 6.38 26897
ENI . . . . . . . . . 17.64 6.1 18.72 11.83 5.90 9.11 79105
EOG Res. . . 106.75 5.7 119.90 66.82 0.62 20.84 28825
EqResPrp. . . 62.71 -0.4 65.72 48.48 2.52 - 18877
Ericsson. . . .64.45 3.3 81.40 55.90 3.88 13.74 29146
Essilr . . . . . . .69.23 -3.0 75.52 46.89 1.23 28.37 18202
Etisalat . . . . 9.25xd 1.0 10.55 8.50 6.49 12.01 19910
Exelon. . . . . . 38.47 -2.3 45.45 36.27 5.08 15.84 32753
ExpScripts. . 56.72 -2.1 59.50 34.47 - 23.04 45687
ExxonMb . . . 87.55 0.1 87.94 67.03 2.38 9.20 404126
Falabella. . . . 4.57k -2.1 4.85k 3.75k 0.49 - 23006
Fanuc . . . . . 11.58k -8.7 15.63k 9.99k 1.82 17.78 35289
FastRetail . . 16.3k 2.2 19.15k 11.95k 1.31 21.89 21999
Fedex. . . . . . .89.82 -1.2 97.19 64.08 0.59 14.02 28437
FEMSAUBD114.70 -3.4 123 74.20 0.81 27.97 18856
FirstEgy . . 49.51xd -1.9 51.13 38.80 4.44 18.23 20706
Firstrand . . .28.52 3.6 29.27 17.10 3.16 11.04 19718
FordMtr . . .9.09xd 1.0 13.05 8.82 1.65 2.06 34691
Fortum . . . . . 13.98 1.0 19.36 12.81 7.15 7.81 15325
FranceTele. . 11.05 - 14.57 9.45 12.49 7.89 36118
Franklin . . . 113.50 1.1 127.71 85.92 2.70 13.30 24130
Freeport . . . .33.50 - 54.48 28.85 3.36 10.09 31795
FresMedC . . 58.11 -2.1 60.27 42.56 1.19 42.42 21565
GazProm 151.10xd -0.8 204.67 136.54 5.94 2.65 111791
GDF Suez. . . 19.11 6.4 24.13 15.62 7.85 11.87 54750
GenDyn . . 63.10xd -1.1 74.49 54.73 3.11 9.21 22260
GenElectric.20.96 0.2 21 14.03 3.15 16.89 221313
Generali . . . . 10.45 6.5 13.70 8.16 1.91 18.05 20076
GenGrPrp . . 18.79 3.8 18.84 10.38 2.13 - 17623
GenMills. . . .38.52 - 41.06 34.64 3.23 16.39 24984
GenMotors 20.04 1.9 28.86 18.72 3.74 7.14 31380
GileadSci . . . 56.87 2.5 58.84 34.45 - 17.25 43026
GlaxoSmh . . . 1.5k 3.8 1.5k 1.16k 4.74 14.65 116548
Glencore . . . . .321 2.5 484 289.35 3.00 7.23 34668
GMK Noril . 5.1kxd 1.1 7.86k 4.68k 3.85 7.60 30354
Goldcorp . . .36.09 -1.0 55.93 32.34 1.37 21.71 29266
GoldmSchs100.98 -0.6 137.30 84.28 1.60 15.04 49670
Google . . . .641.33 1.0 670.25 480.60 - 19.02 209736
GrpMexico. . . . 39 1.3 43.63 30.42 4.22 - 23095
GtWesLif . . . 21.47 -1.7 25.28 19.15 5.73 10.17 20401
Gzprmneft 154.68 0.1 169.39 106.05 4.72 4.31 22920
H & M . . . . .255.70 2.7 257.30 178.80 3.72 24.85 55501
Halliburton . 33.76 0.4 56 26.29 1.07 9.96 31321
HangSeng .108.40 1.4 124.30 84.40 4.77 11.50 26723
HCP . . . . . .46.43xd -1.6 47.64 29.01 4.26 32.03 19943
HDFC Bk . .588.25 0.7 593.55 400.45 0.73 25.07 24856
Heineken . . .45.98 4.0 46.30 30.40 1.81 18.84 32677
Heinz. . . . . . .55.54 0.5 55.77 48.17 3.52 19.49 17787
HenkelKgaA48.50 1.5 48.79 30.34 1.61 - 15548
Hermes . . .223.95 - 285.49 206.10 0.89 39.43 29174
Hew-Pack . . 18.26 -1.6 35.49 17.41 2.76 7.07 36006
HindUnlvr467.15xd 0.5 477.90 308.80 1.61 36.17 18113
Hitachi . . . . . . 450 -0.9 556 360 1.76 10.44 26554
HKChGas. . . 17.84 1.2 18.60 15.02 2.66 25.20 19992
Holcim . . . . .59.90 4.5 63.50 42.11 1.67 72.17 20126
HomeDep . .52.29 -2.6 54.27 28.13 2.14 19.75 80038
HondaMtr . 2.4kxd -3.3 3.3k 2.13k 2.64 8.88 55383
HonHaiPrc. . 81.60 -2.3 117 61.50 1.83 10.61 29098
Honywell . . . 58.91 -0.2 62 41.22 2.53 22.18 45983
HSBC . . . . 560.50 5.5 624.90 456.35 5.21 13.54 159628
HsngDevFin699xd 3.8 725.70 600.85 1.57 18.04 18866
HuskyE. . . . .25.92 2.7 26.99 20.63 4.63 12.81 25464
Hutchison . .68.35 -0.4 93.10 53.60 3.03 5.20 37574
HyundaiHvy233.5k 3.1 423k 212.5k 1.70 7.26 15638
HyundaiMot 233k 2.0 272.5k 161.5k 0.75 7.71 45229
HyundMobis 296k 3.0 388k 261.5k 0.59 8.97 25392
Iberdrola . . . . 2.87 -1.9 5.74 2.63 1.04 5.81 21771
IBM . . . . . . . 198.52 1.1 210.69 157.14 1.61 14.43 226864
ICICI Bk . . .939.70 1.2 1.06k 641 1.76 13.45 19431
IllinoisTool. .55.62 0.6 58.26 39.13 2.59 13.98 26551
ImpOil . . . . . .43.60 - 49.26 34.15 1.08 10.32 36970
ImpTob. . . 2.52kxd 2.0 2.63k 1.92k 3.92 14.64 38990
In&CmBkCh.4.50 6.1 6.06 3.46 5.46 5.82 50362
Inditex. . . . . . 85.71 3.1 90.80 52.04 1.87 26.27 65925
IndPenols .569.49 -0.9 662 441.10 2.82 18.04 17218
Inds Qatar . 134.10 2.5 149 118.30 5.59 9.52 20257
IndstrlBk . . . 12.51 2.7 14.68 11.85 2.94 4.92 21174
Infosys . . . . . 2.21k 2.8 2.98k 2.1k 2.13 14.21 22642
ING. . . . . . . . . .5.38 3.7 7.90 4.21 - 4.02 25442
Inpex . . . . . . . 428k -1.0 611k 418.5k 1.62 9.31 19908
Intel . . . . . . 26.23xd 0.8 29.27 19.16 3.26 11.11 131229
IntSPaolo. . . . 1.06 6.6 1.68 0.85 - - 20199
Intuit . . . . . . . 59.07 0.3 62.33 39.87 1.02 24.55 17347
Intuitive Srgcal492.85 -1.2 594.89 320 - 35.07 19682
ItauHldFin32.35xd -0.2 38.94 25.15 3.51 10.63 36342
ITC . . . . . . . .259.35 1.9 262.05 185.20 0.87 33.55 36436
ItuasaPf . . . . . 9.74 0.4 11.49 7.37 3.96 7.57 14297
JapanTob. 2.41kxa -0.2 2.5k 1.61k 2.06 15.14 61251
Jard Str . . . .32.92 5.6 33.60 23.70 0.69 8.97 36870
JardnMt . . . .53.40 3.3 56.94 42.06 2.37 9.55 35671
JiangsuYB. 141.10 -1.3 172.77 118.51 0.88 30.11 23913
John&John. 69.12 -0.6 69.75 59.08 3.41 22.01 190567
JohnsonCn .24.59 -1.9 39.23 23.37 2.93 9.79 16817
JPMrgnCh. .36.09 -2.2 46.49 27.85 3.05 8.13 137383
KDDI . . . . . . . 546k 2.6 668k 473.5k 2.90 10.12 31156
Kellogg. . . . .50.35 6.7 56.16 46.33 3.44 15.36 17998
Kia Motors . 75.5k -1.2 84.8k 58.1k 0.79 16.66 26970
Kimb-Clark .85.35 -2.3 88 61.01 3.37 18.80 33468
KinderM. .35.89xd 0.2 40.25 23.55 3.57 41.91 37217
Komatsu . . . 1.62k -8.1 2.51k 1.45k 2.56 10.15 20277
Kraft Food. . 40.51 2.8 40.89 31.88 2.86 20.33 71824
Kumba Iron524.96 -0.6 599.50 415.25 59,580.540.00 20733
LasVegasSd 38.75 5.3 62.08 34.72 1.29 22.40 31881
LG Chem . . . 306k -1.1 492.5k 261.5k 1.30 12.00 17870
Lilly (E). . . . . 44.15 -0.5 44.67 33.75 4.44 12.23 51233
Linde. . . . . . 123.75 1.9 136.90 94.63 2.02 17.65 28250
LlydsBkg . . . 30.61 1.3 44.81 21.64 - - 33591
Lockheed. . .89.39 -0.9 92.24 66.39 4.47 10.47 29000
LOreal. . . . . 100.75 1.2 100.75 68.83 1.99 24.45 74964
Lorillard . . . 126.51 -0.7 141.07 97.44 4.51 15.56 16524
Lowes. . . . 25.49xd -5.8 32.29 18.07 2.28 17.82 29995
Lukoil . . . . . . 1.83k 0.8 1.94k 1.5k 4.10 4.57 48685
LVMH. . . . . .128.20 3.1 136.80 94.16 2.26 20.48 80401
Lyondell . . . .45.37 1.9 46.39 22.90 12.34 11.35 26086
Manulife. . . . 10.77 -0.3 15.33 10.18 4.83 - 19552
MarathonOil26.72 -1.1 35.49 19.13 2.47 10.75 18846
Marsh&M. 33.41xd 0.1 34.67 25.30 2.66 18.60 18251
MasterCard424.13xd -2.9 466.96 293.01 0.21 25.35 52931
Maybank . . . .8.84 1.0 9 7.35 7.64 13.08 22210
McDonalds.89.59 0.4 102.22 82.02 3.13 16.83 91045
McKesson . . 87.43 -4.7 97.21 66.63 0.92 14.44 20634
Medtronic . . 39.81 2.0 40.78 30.18 2.48 12.36 40807
Merck . . . . . . 44.15 -2.1 45.17 29.47 3.81 20.18 134285
Metlife . . . . . 33.19 9.0 41.97 25.61 2.23 5.27 35249
Microsoft . . . 29.75 - 32.95 23.79 2.69 14.87 249406
Millea Hld . . 1.77k - 2.36k 1.65k 2.80 12.95 17301
MitsbCp . . . . 1.53k - 2.11k 1.39k 4.20 5.07 32231
MitsubEst . . 1.38k -2.2 1.58k 1.12k 0.86 38.19 24325
MitsubishiEle 610 1.3 943 565 1.95 10.91 16665
MitsubTk . . . . 370 -2.6 448 318 3.21 7.82 66645
Mitsui . . . . . . 1.14k 0.4 1.49k 1.01k 4.78 5.08 26485
MitsuiFud. . . 1.52k 1.5 1.68k 1.09k 1.44 24.31 17013
Mizuho Fin . . . 131 1.6 146 98 4.53 7.32 40088
MollerMrsk 41.92k 0.4 48.16k 31.62k 2.39 11.99 15277
Monsanto . . 87.04 0.2 88.36 58.90 1.38 21.78 46388
MorganStly13.78xd 2.1 22.81 11.59 1.45 11.24 27254
Mosaic . . . 57.37xd -2.3 74 44.43 0.83 13.02 24410
Moutai . . . 246.96 -1.0 266.08 170.90 1.61 26.03 40232
MTN Grp . . 157.29 2.1 157.94 126.65 4.76 14.05 36358
MTR. . . . . . . . 27.20 1.5 28 22.45 2.78 10.68 20295
MuenchRkv 117.35 2.0 118.35 77.80 5.33 8.58 25970
Naspers N.463.44 2.4 479.72 319.03 0.72 60.19 23419
NatAusBk . .24.99 3.1 26.56 19.64 10.20 11.70 59947
Natl Grid 677.50xd 2.4 695.36 545.50 5.80 12.00 37741
Nestle . . . . . .60.75 1.8 61 43.50 3.21 20.52 201239
Newcrest Mg23.08 -0.3 41.04 20.89 2.26 15.68 18633
NewmontM.44.67 0.3 72.41 42.95 3.13 77.73 21944
NewsCpA. . . 23.47 0.4 23.57 13.55 0.77 16.81 38093
NextEraE . . . 70.87 -0.3 72.22 49 3.32 13.82 29558
Nike . . . . . . . .94.57 -2.5 114.76 76.98 1.47 19.98 42923
Nintendo . . . 8.31k -5.6 13.65k 8.07k 1.20 58.85 14979
NipponTT . . 3.65k 1.7 4.09k 3.27k 3.80 8.39 61366
Nissan Mt . . . 738 1.5 905 614 2.68 8.14 42449
Nordea Bk. .64.70 2.5 68.50 46.80 3.34 10.71 38938
NorfolkS. . . . 74.94 0.3 78.49 57.57 2.50 12.85 23945
Novartis . . . . 57.70 1.5 58.05 38.91 3.90 17.17 160398
Novatek . . . . . 354 3.7 442.73 269.66 1.69 8.80 33591
NovoB. . . . . . . 941 1.3 942.50 507 1.49 30.62 70608
NtlOilVarc . . 75.36 2.3 87.72 47.97 0.62 13.85 32119
NTPC. . . . . . 166.25 8.5 190.75 138.85 2.41 13.97 24586
NTTDCMo . 130.5k 1.5 149.1k 123.3k 4.25 10.14 72477
OCBC . . . . . . .9.40 -0.1 10.09 7.68 3.30 12.89 26019
OccidPet . . .88.57 - 106.67 66.40 2.35 11.42 71836
OilNatGas .280.45 1.1 303.90 240.10 3.48 8.52 43034
Oracle. . . . . . 30.72 -0.2 33.81 24.75 0.78 15.65 149991
Otsuka . . . . .2.39k - 2.51k 1.94k 1.86 12.36 16985
Panasonic . . . 564 7.8 930 476 1.76 27.65 17603
Pepsico. . . . . 72.87 0.8 72.94 58.50 2.89 19.17 113406
PernodRic . .88.24 0.6 89.08 56.09 1.69 19.65 28824
Petrobras. . . 20.67 -0.6 28.26 18.05 9.41 5.80 75744
PetroChina . . 9.43 -0.7 11.92 8.59 4.19 10.39 25655
Pzer. . . . .24.28xd 1.9 24.48 16.63 3.54 18.38 181812
PG&E. . . . . . 46.50 0.8 47.02 36.85 3.91 21.49 19638
Philips. . . . . . 18.33 2.8 18.49 12.01 3.82 50.90 23505
PhilMorris . . 91.93 1.8 92 60.45 3.35 18.25 156792
PingAnIns . . 61.45 2.3 77.70 37.35 0.79 19.68 24799
PNCFin. . .60.25xd 1.2 67.88 42.70 2.49 12.43 31859
Posco . . . . . . 365k 1.8 478.5k 341k 2.72 8.85 28044
Potash . . . . 42.90 -6.5 59.45 38.31 0.98 12.44 36869
PowerFn. . . .24.88 0.7 30.15 23.62 5.63 10.72 17626
PPR . . . . . . . 124.10 2.8 136.90 90.50 2.82 15.44 19290
Prada. . . . . . .52.35 4.4 57.30 27 0.91 26.37 17273
Praxair . . . . 105.78 -0.2 116.92 88.64 2.03 18.93 31541
Prec.Cast. . 156.25 -1.2 179.45 136.23 0.08 17.74 22708
Priceline.com663.99-2.9 774.96 411.26 - 29.98 33062
ProctGmbl65.50xd 0.6 67.95 57.56 3.32 20.15 179477
Prudential . .52.03 8.2 65.16 42.45 2.79 7.35 24402
Prudntl . . . . 791.50 2.9 802 494.50 3.18 13.46 31568
PTT . . . . . . . . . 320 -0.6 369 236 3.33 8.46 28957
PTT Explor. .148xd -3.3 187 130.50 3.75 10.11 15567
PublStor. . . 147.90 -1.0 151.73 102.25 2.77 47.19 25363
QatarNtBk. 133.50 1.4 157 130 3.00 11.15 25656
Qualcomm .60.24 1.5 68.87 45.98 1.54 20.30 102610
Raytheon.55.20xd -0.8 56.92 38.36 3.37 9.61 18327
RBS . . . . . . . . . 216 0.7 371.08 172.79 - - 20275
ReckittB. . . .3.58k 1.0 3.69k 2.96k 3.52 15.22 40367
Reed Els. . 565.50 3.1 671.21 323.90 3.87 20.63 10742
RelianceIn.742.90 3.1 902 671 0.81 12.86 43131
Repsol. . . . . . 13.33 1.2 24.23 10.90 8.04 8.88 20655
ReynoldsAm46.61 1.0 46.91 31.82 4.93 18.47 26356
Richemont .56.05 -1.3 59.95 36.46 0.98 16.88 30055
RioTinto. . . .3.03k 4.8 4.41k 2.64k 2.99 5.83 66698
Roche . . . . . 174.50 3.3 175.50 115.10 3.90 17.86 125934
RogCmB. . . .39.86 1.5 40.22 34.25 3.76 13.45 16063
RollsRyc. . . . . 857 -2.1 897.50 518.64 1.84 13.19 25032
Rosneft. . . . 193.69 -2.0 240.41 171.04 1.78 4.94 64153
RWE. . . . . . . .32.56 2.3 37.12 21.22 6.14 15.65 23129
RylBkC . . . 51.60xd -0.3 59.13 43.30 4.30 10.80 74552
RylDShlA . . . 2.25k 5.0 2.46k 1.76k 4.30 9.56 130256
SABMill. . . . .2.85k 2.4 2.87k 1.86k 2.28 23.91 70822
Saic Motor . 12.38 -3.5 17.32 11.97 2.41 6.97 21419
Saipem. . . . .38.09 1.0 39.87 23.31 1.84 17.46 20741
Salesforce. 128.27 -2.4 164.75 94.09 - - 17701
SandsCh . . .23.60 7.8 33.05 14.90 4.89 21.26 24500
Sano . . . . . . 67.82 4.0 67.82 42.85 3.91 13.93 110622
SantndrBrzl15.94xd 2.7 19.70 12.51 3.56 7.88 29827
SAP . . . . . . . .52.59 0.7 54.44 32.64 1.43 17.65 79712
Sasol . . . . . .354.45 3.6 411.50 300.50 4.40 8.18 28032
SaudiBasic . 90xd 4.0 110.25 84.75 5.56 10.37 71990
SaudiTelec39.50xd -2.7 43 33 5.06 8.96 21064
SbankR. . . . . 91.66 1.5 104.10 60.91 2.27 6.17 61837
SBI NewA. . . 2.01k 3.3 2.47k 1.58k 1.75 8.30 24138
Schlmbrg. . .72.39 -0.8 92.22 54.79 1.49 18.12 96064
Schneider . .49.88 9.1 53.47 35 3.41 14.13 34051
Seven & I . . .2.49k 0.5 2.57k 1.97k 2.46 14.15 28095
SHK Props. .96.95 2.0 122 85.30 3.44 5.17 32700
ShnEtsuCh . 3.97k 0.3 4.88k 3.47k 2.49 16.34 21827
ShngPdgBk. . 7.74 3.3 9.75 7.37 3.85 4.96 22656
SiamComBk. .157 2.6 161 93.75 2.21 15.02 16879
Siemens. . . . 72.55 8.4 90.35 62.13 4.14 14.39 81843
SimeDarby . . 9.81 -0.1 10.26 7 3.24 13.53 18859
SimonProp 163.03 1.6 163.48 99.80 2.51 32.21 49452
SingTel . . . . . .3.54 1.7 3.62 2.84 4.46 14.14 45399
Sinopec . . . . . . . 7 2.9 9.67 6.22 5.19 7.46 15146
SK Hynix . .20.95k -0.9 30.95k 15.5k - - 12815
SmsungEl1,243kxd 0.8 1,418k 672k 0.44 12.03 161347
SocGen. . . . . 18.53 2.9 35.88 14.32 - 7.35 17836
Softbank . . . 3.11k 3.5 3.19k 2.05k 1.28 10.75 43762
SouthCpr. . .32.45 2.5 36.87 22.34 5.09 11.57 27573
Southern . 47.35xd -2.2 48.58 35.73 4.07 19.01 41132
SouzaCruz28.95xd -6.6 31.45 16.15 12.41 26.64 21787
SpectraEn. . 29.71 -3.0 32.26 22.81 3.77 18.01 19393
SSE . . . . . . 1.33kxd 1.6 1.45k 1.18k 6.03 19.11 19572
Stanbank. . 117.82 3.3 120 87.75 3.61 15.50 23011
StandCh. . . . 1.57k 5.0 1.66k 1.14k 3.57 11.67 58488
Starbucks . . 43.91 -7.5 62 34.01 1.55 24.50 33372
StateSt. . . . .40.70 0.8 47.15 29.89 2.06 11.04 19886
Statoil . . . . . . 146 0.4 162.80 108.10 4.45 6.00 77821
StGobn. . . . .25.35 3.3 41.42 23.90 4.89 13.07 16612
Stryker . . . . . 52.75 0.6 57.14 43.73 1.55 14.46 20068
Sumitomo. . 1.06k -2.4 1.28k 875 4.68 5.09 16835
SumitomoF.2.49k 0.5 2.93k 2k 3.98 7.34 44799
Suncor En . . 31.63 -0.8 37.28 23.97 1.52 11.15 48905
Surgnfgz . 27.89xd 4.5 33.89 20.41 2.15 4.19 31144
SvnskaHn 242.40 3.7 242.60 147.40 4.02 11.64 22268
SwatchGpI 386.80 -2.6 439.70 288.50 1.49 19.59 12254
Swedbank . 119.80 2.9 120.30 65.55 4.42 13.18 16781
SwirePac . . .92.45 2.0 94.45 61.82 6.99 4.32 10795
SwirePrp . . .23.25 1.1 24.60 16.80 0.77 5.27 17538
Swiss Re. . . . . . .61 0.6 61.90 34.70 4.92 5.37 23229
Swisscom .391.80 0.2 396.50 323.10 5.62 30.56 20848
Syngent . . . . . 335 -1.0 339.90 211.10 2.39 19.43 32046
Sysco . . . . . .29.23 - 31.18 25.10 3.66 15.01 17122
TaiwanPet . . 87.40 3.7 101 76.60 2.28 - 27775
TaiwanSem.79.80 0.6 89.80 62.20 3.74 15.74 69005
Takeda Ph . . 3.62k 1.1 3.79k 3.02k 4.92 18.44 36371
Target . . . . . .62.36 1.4 62.85 45.28 2.02 14.38 41233
Tata Cons 1.24kxd 1.0 1.29k 897.13 2.02 21.00 43455
TeckResB. . . 27.38 -4.5 48.17 26.83 2.92 8.33 15794
TelBrasil . . . .48.92 2.3 57.32 40.34 4.77 11.71 17921
TelecmItal . . . 0.67 1.6 0.96 0.60 6.43 - 11076
Telefonica . . .9.35 1.5 15.96 7.90 - 9.80 52508
Telenor . . . .104.20 0.9 106.80 78.80 4.80 66.79 27172
TeliaSonera.45.56 0.8 48.95 40.60 6.26 10.98 29316
Telstra. . . . . . .4.02 1.5 4.09 2.69 9.98 14.20 52787
TelusCorp . . 63.17 0.5 63.72 49.47 3.67 16.65 11054
Tenaris . . . . 131.95 2.4 132.20 54.90 0.87 - 33967
Tencent . . 230.40 0.6 248.80 139.80 0.32 33.06 54786
Tesco. . . . . . . . 319 -0.6 413.05 294.50 4.63 9.61 40015
TevaPha . . . 16.09k -2.5 17.43k 12.98k 2.36 0.52 36002
TexasInstr 28.27xd 3.4 34.24 24.44 2.41 20.65 32351
TheTrvelers. 63.71 1.6 65.27 45.98 2.73 11.50 24551
ThmReut . . .28.36 -3.1 33.14 26.10 4.48 - 23393
ThrmoFshr .56.60 0.9 60.72 43.40 0.69 21.34 20789
TimeWrnr . . 41.38 6.2 41.39 27.63 2.45 16.16 39266
TimeWrnrC.89.20 5.6 90 57.19 2.42 16.45 27328
TJX Cos. . . . . 45.11 0.9 45.50 25.08 0.93 24.44 33424
TlkmIndo. . .8.95k -3.8 9.3k 6.6k 4.13 15.13 19058
TntoDom . . . . . 79 -0.6 85.85 68.13 3.54 11.98 71955
Total SA . . . .38.93 4.2 42.97 29.40 5.86 8.08 113602
Toyota. . . . . . 3.07k 4.1 3.64k 2.33k 1.61 - 134463
TrnCan . . . . . 45.75 2.0 46.09 37 3.80 23.30 32242
Tullow . . . . . . 1.31k 0.2 1.61k 879.50 0.92 25.93 18465
TycoInt . . . 56.22xd 4.2 57.74 37.40 1.78 20.15 25854
UBS . . . . . . . . 10.50 -0.2 13.60 9.34 0.95 15.44 41333
UnibailR . . .162.50 3.1 162.50 123.30 4.92 12.38 18440
Unicred. . . . . . 2.79 3.2 8.65 2.20 7.08 - 19924
Unilever . . . .28.79 2.8 28.83 20.96 3.25 20.02 60906
UnionPac. . 124.54 1.7 126.89 77.73 1.93 16.10 58983
UnlvrIndo. . 24.45k 1.5 25.5k 14k 2.22 42.16 19705
UOB. . . . . . . . 19.97 2.4 21 14.42 3.00 5.31 25549
UPS B . . . . . . 75.76 -0.3 81.79 60.75 2.88 18.77 72691
Uralkali . . . . 267.90 - 297.45 180.77 1.49 19.23 25910
USBancorp.33.49 -1.3 34.10 20.10 1.91 12.35 63436
UtdHlthcre . 51.61 -3.2 60.75 41.32 1.36 10.47 53543
UtdTech . . . . 76.81 3.4 87.50 66.88 2.57 13.07 70034
Vale . . . . . . . . 37.30 -0.7 49.68 34.35 13.97 - 59811
Ventas. . . . . . 67.05 0.4 68.07 43.26 3.56 50.55 19805
Verizon . . . . .44.46 -1.0 46.41 32.28 4.50 44.35 126661
Viacom. . . . . 47.20 0.9 49.85 35.13 2.22 11.49 22487
Vinci. . . . . . . . 33.78 -2.3 41.38 28.46 5.24 9.73 23983
Visa Inc. . . .130.98 1.4 132.35 76.29 0.67 67.87 106246
Vivendi . . . . . 15.59 1.1 17.06 12.01 6.21 12.18 25022
Vodacom . . . . . 97 4.0 110.89 80.1311,835.14 0.01 17699
Vodafone . . 190.15 4.8 190.65 150.54 4.79 13.16 145923
Volkswgn . . 131.35 5.1 133.65 82.35 2.28 3.40 47828
Volvo . . . . . . 84.50 0.7 105.30 63.95 3.55 9.78 18217
Walgreen . . .35.80 0.2 39.35 28.53 2.65 12.36 30733
WalMartSto 74.55 - 75.24 48.31 2.09 16.00 252243
WalMrtMex .38.84 3.4 45.15 29.26 1.13 31.29 52913
Wellpoint . . .55.04 -0.1 74.73 52.52 2.02 7.51 17898
WellsFargo. .34.34 0.4 34.80 22.62 1.98 11.35 182480
Wesfarmers32.06 -1.5 33.38 26.04 6.92 19.20 34053
Westeld . . . .9.99 2.0 10.15 7.21 4.86 15.01 23831
Westpc . . . . .23.30 1.3 23.60 17.84 9.96 11.75 75733
WholeFdM. 94.60 2.2 97.25 53.73 0.55 40.47 17365
Williams Cos31.52 -0.3 34.63 17.89 3.56 25.32 19746
WilmarInt . . .3.24 -1.2 6.05 3.18 1.88 11.25 16687
Wipro. . . . . . . . 347 3.8 452.50 310.20 1.73 14.60 15311
WoodsdPet .33.93 2.5 39.08 29.76 4.36 18.14 29501
Woolworths 28.65 -0.2 28.98 23.21 6.20 18.16 37247
WulianYnb. .35.95 1.3 40.80 29.82 1.38 19.15 21414
Xstrata . . . .879.30 6.8 1.34k 648 2.92 7.29 41190
Yahoo . . . . . . 15.97 -0.9 16.79 11.09 - 17.99 19528
Yahoo Jap . .28.5k 2.0 29.19k 21.65k 1.21 15.36 21103
Yum!Brnds . 67.53 1.2 74.43 47.17 1.69 21.12 30784
Zurich Fin 220.40 1.6 246.80 144.30 7.71 8.42 33368
Wk % 52 Week MCap
Stock Price Chng High Low Yld P/e m$
Wk % 52 Week MCap
Stock Price Chng High Low Yld P/e m$
Wk % 52 Week MCap
Stock Price Chng High Low Yld P/e m$
Wk % 52 Week MCap
Stock Price Chng High Low Yld P/e m$
Wk % 52 Week MCap
Stock Price Chng High Low Yld P/e m$
Wk % 52 Week MCap
Stock Price Chng High Low Yld P/e m$
Wk % 52 Week MCap
Stock Price Chng High Low Yld P/e m$
Wk % 52 Week MCap
Stock Price Chng High Low Yld P/e m$
close Weeks Weeks
price change chng %
close Weeks Weeks
price change chng %
MCap Mths
In m chng %
Weeks
Country chng %
Weeks
Sector chng %
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
FTSE Global All-Cap 7329 355.00 1.8 0.3 6.1 446.89 8.0 2.8 Oil & Gas 176 421.44 2.5 1.9 -0.9 576.99 0.9 3.0
Oil & Gas Producers 127 384.14 2.6 1.1 -2.2 532.60 -0.4 3.2
Oil Equipment & Services 40 439.85 2.3 6.3 7.5 560.60 8.9 2.2
Basic Materials 296 451.45 1.8 -2.8 -4.8 602.63 -3.0 3.0
Chemicals 109 501.23 2.1 0.3 7.0 679.97 9.1 2.8
Forestry & Paper 15 148.31 2.5 -3.2 -4.7 215.42 -2.2 3.7
Mining 78 892.95 1.7 -4.4 -13.4 1160.37 -12.1 3.1
Industrials 513 226.82 1.8 -0.1 5.4 292.22 7.2 2.7
Construction & Materials 111 332.17 2.1 -2.6 0.7 449.00 3.0 3.0
Aerospace & Defense 27 301.36 2.3 -0.6 6.0 385.62 7.5 2.5
General Industrial 52 159.96 2.3 2.8 8.8 218.44 11.0 3.0
Electronic & Electrical Equipment 72 230.07 0.9 -0.6 7.7 276.90 9.1 2.1
Industrial Engineering 105 489.45 1.9 -1.6 0.5 622.25 2.2 2.5
Industrial Transportation 89 398.66 1.8 0.8 6.8 512.63 8.4 2.5
Support Services 57 206.29 1.4 -0.6 7.2 255.69 9.0 2.8
Consumer Goods 356 317.93 1.5 0.7 7.8 416.51 9.8 2.6
Automobiles & Parts 87 265.59 1.2 -2.0 4.4 336.57 6.1 2.3
Beverages 46 460.88 1.5 2.0 16.5 609.51 18.1 2.3
Food Producers 87 427.72 1.8 0.5 4.3 579.27 6.4 2.7
Leisure Goods 21 112.92 -2.2 -7.6 -13.9 138.24 -12.6 2.0
Personal Goods 64 458.21 2.3 1.2 8.3 583.22 9.8 2.1
Tobacco 13 1018.35 1.0 1.9 16.2 1722.11 19.0 3.6
Health Care 146 269.01 1.4 2.0 10.5 349.00 12.7 2.6
Health Care Equipment & Services 59 347.59 1.8 -1.9 8.6 382.96 9.5 1.3
Pharmaceuticals & Biotechnology 87 209.96 1.3 3.2 11.0 280.43 13.7 3.0
Consumer Services 348 253.26 1.6 1.8 11.7 309.18 13.2 2.1
Food & Drug Retailers 50 205.96 1.2 0.3 1.9 258.66 3.8 2.7
General Retailers 112 347.27 1.5 3.2 15.8 415.34 17.1 1.8
Media 80 178.42 2.4 3.6 18.6 218.77 20.1 2.0
Travel & Leisure 106 253.33 1.3 -1.5 4.5 311.86 5.8 2.2
Telecommunication 94 151.16 1.3 2.4 5.8 231.54 9.9 5.2
Fixed Line Telecommuniations 44 128.99 1.4 0.3 2.6 212.66 7.4 6.5
Mobile Telecommunications 50 158.21 1.2 4.7 9.4 223.68 12.7 3.9
Utilities 158 230.13 2.0 -1.6 -1.5 368.27 1.7 4.6
Electricity 112 238.50 1.6 -3.1 -5.4 379.44 -2.5 4.6
Gas Water & Multiutilities 46 265.51 2.5 0.5 4.9 432.49 8.4 4.6
Financials 615 153.88 2.3 0.2 9.4 217.02 11.8 3.3
Banks 235 152.36 2.5 0.2 7.5 226.33 10.1 3.7
Nonlife Insurance 65 136.22 2.5 -0.8 7.1 175.71 9.6 2.9
Life Insurance 46 130.25 3.0 0.1 7.4 180.57 9.3 3.1
Technology 170 116.42 1.7 0.1 11.0 130.90 12.1 1.4
Software & Computer Services 66 183.80 2.3 0.3 10.1 202.59 10.9 1.3
Technology Hardware & Equipment 104 94.16 1.2 0.0 11.6 107.13 12.8 1.5
Aug 3
Countries & regions
FTSE Global Large Cap 1235 321.08 1.8 0.7 6.5 410.87 8.6 2.9
FTSE Global Mid Cap 1637 444.28 1.9 -0.4 5.4 541.73 7.0 2.4
FTSE Global Small Cap 4457 468.42 1.7 -1.8 4.7 557.34 6.0 2.2
FTSE All-World (Large/Mid Cap) 2872 209.07 1.9 0.5 6.3 276.96 8.3 2.8
FTSE World (Large/Mid Cap) 2468 366.44 1.9 0.6 6.4 651.91 8.4 2.8
FTSE Global All Cap ex UK 7005 359.97 1.8 0.2 6.2 448.21 8.1 2.7
FTSE Global All Cap ex USA 5368 380.70 1.8 -0.1 2.7 501.21 5.2 3.4
FTSE Japan Large Cap 172 238.65 -1.6 -5.3 -2.0 277.77 -0.8 2.7
FTSE Japan Mid Cap 278 321.32 -1.9 -5.6 -6.5 366.53 -5.5 2.1
FTSE Japan Small Cap 740 376.17 -2.2 -5.0 -2.2 440.29 -0.9 2.4
FTSE Japan (Large/Mid Cap) 450 97.11 -1.7 -5.4 -2.9 127.37 -1.7 2.6
FTSE North America Large Cap 275 308.69 1.8 1.2 10.4 376.25 11.9 2.3
FTSE North America Mid Cap 414 450.24 2.2 0.1 7.4 524.67 8.5 1.8
FTSE North America Small Cap 1533 465.82 2.1 -1.9 5.1 530.29 6.0 1.6
FTSE All-World North America 689 205.52 1.9 1.0 9.8 257.61 11.2 2.2
FTSE All-World Dev ex North Am 1389 191.21 2.0 0.2 2.7 269.57 5.3 3.5
FTSE Asia Pacifc Large Cap ex Japan 424 552.07 -0.4 1.2 6.5 743.22 8.8 3.2
FTSE Asia Pacifc Mid Cap ex Japan 446 666.42 -0.6 -1.8 4.0 877.94 6.2 3.4
FTSE Asia Pacifc Small Cap ex Japan 1232 495.28 -0.4 -1.8 2.7 643.72 4.7 3.2
FTSE Latin Americas All-Cap 208 1207.66 2.6 0.4 1.0 1613.43 3.1 3.2
FTSE Middle East Africa All-Cap 208 708.73 3.2 3.3 8.6 955.49 10.8 3.3
FTSE UKAll Cap 324 306.71 2.7 1.3 5.4 430.03 7.8 3.6
FTSE USAAll Cap 1961 341.07 1.9 0.7 10.1 408.08 11.4 2.0
FTSE Europe All Cap 1399 320.44 3.9 0.9 3.3 441.06 6.5 3.8
FTSE Eurobloc All Cap 671 275.77 5.5 -0.4 -0.8 386.21 2.9 4.3
FTSE RAFI All-World 3000 Index 3012 4365.82 2.2 -0.4 2.3 4990.67 4.6 3.3
FTSE RAFI US 1000 Index 996 5999.69 1.9 0.5 7.9 7004.38 9.4 2.4
FTSE EDHEC-Risk Efcient All-W 2872 230.77 1.6 -0.1 5.9 287.21 7.8 2.7
FTSE EDHEC-Risk Efcient Dev Eur 514 211.90 3.3 0.6 3.5 282.97 6.4 3.4
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index
Series (large/mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of
Research Afliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010-
0063942-A1, WO 2005/076812, WO 2007/078399A2, WO 2008/118372, EPN 1733352, and HK1099110). EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is
basing its sector indices on the Industrial Classifcation Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International
Limited. 2012. All Rights reserved. FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
Countries & regions
FTSE GLOBAL EQUITY INDEX SERIES
FTSE Global All Cap ex Eurobloc 7329 355.00 1.8 0.3 6.1 446.89 8.0 2.8
FTSE Global All Cap ex Eurobloc 6658 366.10 1.5 0.3 6.9 453.58 8.6 2.6
FTSE All-World Developed 2078 324.21 1.9 0.6 6.6 410.63 8.6 2.8
FTSE Developed All-Cap 5692 337.87 1.9 0.3 6.3 424.45 8.2 2.7
FTSE Developed Large Cap 839 304.52 1.9 0.8 7.0 389.43 9.0 2.9
FTSE Developed Europe Large Cap 200 288.20 4.1 1.2 2.4 406.13 5.8 4.1
FTSE Developed Europe Mid Cap 314 365.64 3.7 0.5 4.8 481.78 7.6 3.2
FTSE Developed Europe Small Cap 743 469.34 3.2 -0.8 5.9 604.63 8.5 3.2
FTSE All-World Asia Pacifc ex Japan 870 430.35 -0.4 0.8 6.1 616.97 8.4 3.3
FTSE All Emerging All-Cap 1637 673.57 1.3 -0.4 4.3 871.93 6.8 3.2
FTSE All Emerging Large-Cap 396 651.35 1.4 0.0 3.0 845.52 5.6 3.3
FTSE All Emerging Mid-Cap 398 800.42 1.1 -1.2 7.9 1040.74 10.2 3.0
FTSE All Emerging Small-Cap 843 646.12 0.5 -2.0 9.8 815.03 12.0 3.0
FTSE All-World All Emerging Europe 80 444.72 3.6 0.8 7.1 575.35 11.0 3.7
No of Euro Days Change Yield xd adj Total retn
stocks index chge % points gross % ytd (Euro)
FTSE Dev Eur L Cap 200 268.9 2.5 6.7 4.1 9.43 379.0
FTSE Dev Eur M Cap 314 341.2 2.1 7.2 3.2 9.98 449.6
FTSE Dev Eur S Cap 743 438.0 1.6 7.1 3.2 11.81 564.2
FTSE Dev Europe 514 174.9 2.5 4.2 3.9 5.92 258.4
FTSEurofrst 80 80 3139.5 4.5 136.0 4.7 122.28 4547.8
FTSEurofrst 100 100 3255.2 2.9 93.0 4.3 100.35 4695.7
FTSEurofrst 300 312 1081.4 2.5 26.0 3.9 32.80 1695.1
FTSEurofrst 300 Ezone 166 969.3 4.2 39.5 4.4 35.78 1522.2
Further information is avaliable on http://www.ftse.com. FTSE International Limited (FTSE)
2012. All rights reserved.
FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE
International Limited under licence. `FTSEurofrst and `Eurofrst are registred trade marks of FTSE
and Euronext N.V. All rights in and to the FTSEurofrst indices vest in FTSE and Euronext N.V.
FTSEurofrst 300 Supersectors
Oil & Gas 18 334.2 2.2 7.3 4.3 8.00 463.8
Chemicals 14 750.9 2.9 21.4 3.0 22.10 947.5
Basic Resources 14 530.3 2.3 12.1 3.1 9.39 634.7
Construction & Materials 12 326.0 4.0 12.6 4.0 11.51 422.8
IndustrialGoods&Services 55 471.1 3.2 14.6 3.2 13.81 580.9
Automobiles & Parts 9 496.9 3.8 18.1 3.7 18.27 597.9
Food & Beverage 17 642.1 0.7 4.8 2.6 12.59 804.6
Personal&HouseholdGds 19 660.0 1.5 9.7 2.6 13.66 817.0
Health Care 18 416.7 0.7 3.1 3.5 12.28 539.0
Retail 15 317.1 1.7 5.4 3.6 9.22 401.1
Media 10 271.5 2.4 6.4 4.0 8.59 369.0
Travel & Leisure 8 375.8 1.3 4.9 2.4 8.10 484.4
Telecommunications 13 278.4 2.2 6.0 7.8 14.67 440.7
Utilities 22 299.0 3.2 9.3 6.9 15.87 447.1
Banks 28 128.7 4.9 6.0 4.1 4.03 173.3
Insurance 19 244.3 4.4 10.2 4.9 10.76 335.6
Financial Services 5 274.8 1.7 4.7 4.6 11.94 371.4
Technology 11 218.9 2.5 5.3 2.4 5.05 259.1
Aug 3
EQUITY INDICES - FTSE EUROPEAN
Week ago
Yield P/E Yield P/E Yield P/E
Argentina 7.4 6.7 7.3 6.8 7.1 7.0
Australia 4.7 13.7 4.8 13.7 4.9 13.3
Austria 3.1 11.0 3.0 11.3 3.0 11.1
Belgium 2.2 16.4 2.2 17.3 2.2 17.3
Brazil 4.0 11.2 4.0 11.3 4.0 11.0
Bulgaria 3.0 10.1 3.0 10.1 3.0 10.0
Canada 3.2 14.1 3.1 14.2 3.1 13.7
S&P/TSX 3.3 13.1 3.4 13.0 3.4 13.0
Chile 3.0 17.1 3.0 17.4 3.0 17.4
China 4.3 7.2 4.3 7.3 4.6 6.8
Colombia 2.8 14.9 2.8 14.9 2.8 14.6
Cyprys 1.3 48.6 1.3 49.1 1.3 48.5
Czech Rep. 5.8 12.1 5.8 12.0 5.8 12.0
Denmark 1.8 19.2 1.8 19.3 1.8 19.0
Finland 5.6 14.4 5.5 14.9 5.6 13.8
France 4.1 12.3 4.0 12.6 4.1 11.9
Germany 3.5 11.7 3.5 12.0 3.5 11.8
DAX30 4.0 11.6 4.1 11.1 4.1 11.1
Greece 2.7 9.8 2.7 9.9 2.8 9.7
Hong Kong 3.0 10.4 3.0 10.4 3.1 10.1
Hang Seng 3.7 9.4 3.8 9.4 3.8 9.4
Hungary 3.6 12.9 3.5 13.0 3.6 12.9
India 1.6 16.6 1.6 16.6 1.7 16.1
Indonesia 2.3 16.6 2.3 16.7 2.4 16.2
Ireland 1.2 16.5 1.2 16.5 1.2 17.5
Israel 4.7 10.9 4.6 11.0 4.6 10.9
Italy 5.1 12.2 4.9 12.1 5.1 11.7
Japan 2.5 13.3 2.5 13.2 2.6 13.1
Topix 2.6 10.9 2.4 12.5 2.4 12.5
Luxemburg 4.1 8.7 4.1 8.7 4.1 8.7
Malaysia 3.1 15.8 3.1 15.8 3.1 15.7
Week ago
Yield P/E Yield P/E Yield P/E
Malta 4.4 18.5 4.3 18.7 4.1 19.4
Mexico 1.7 19.1 1.7 19.0 1.7 17.4
Netherland 3.0 14.0 2.9 14.4 3.0 14.7
AEX 3.5 10.4 3.9 9.0 3.9 9.0
New Zealand 4.3 14.1 4.3 13.9 4.4 13.8
Norway 4.6 10.2 4.5 10.3 4.5 10.0
Pakistan 6.2 10.4 6.2 10.4 6.2 10.3
Peru 5.2 36.7 5.2 36.8 5.1 37.0
Philippines 2.0 20.0 2.0 19.9 2.0 19.5
Poland 4.9 8.7 4.8 8.5 5.0 8.2
Portugal 5.8 14.0 5.7 14.2 5.8 13.4
Romania 6.3 7.6 6.3 7.7 6.5 7.5
Russia 3.9 5.4 3.9 5.5 3.9 5.4
Singapore 3.0 9.5 3.0 9.5 3.1 9.4
Slovenia 4.5 9.8 4.5 9.7 4.5 9.7
South Africa 3.5 14.3 3.5 14.3 3.6 13.7
South Korea 1.4 12.7 1.4 12.8 1.5 12.1
Spain 6.2 9.9 5.9 10.3 6.2 9.5
Ibex 35 6.8 10.2 8.7 10.0 8.7 10.0
Sri Lanka 2.9 12.1 2.9 12.1 2.9 12.0
Sweden 4.0 14.5 3.9 14.6 4.0 14.4
Switzerland 3.3 16.4 3.3 16.5 3.4 16.4
Taiwan 3.6 16.8 3.6 16.8 3.8 16.0
Thailand 3.2 14.5 3.2 14.5 3.2 14.0
Turkey 2.3 10.5 2.3 10.7 2.3 10.7
UK 3.6 11.9 3.6 11.4 3.7 10.6
USA 2.2 14.8 2.2 14.9 2.3 14.9
Dow Jones 2.7 13.8 2.8 14.1 2.8 14.1
S&P 500 2.6 14.7 2.6 14.5 2.6 14.5
Venezuela 13.7 4.7 13.7 4.7 13.7 4.7
Country yields and P/Es relate to a sample of stocks that cover at least 75%of each markets capita-
lisation. Losses are excluded fromthe P/E calculation on country indices. Source: ThomsonReuters
Aug 2 Aug 1 Aug 2 Aug 1
STOCK MARKET - RATIOS
FTSE 100 Days
Closing price change
Aberdeen AM 264.70 +6.90
Admiral Group 11.56 +0.53
Aggreko 22.05 +1.05
AMEC 11.35 +0.24
Anglo American 19.01 +0.47
Antofagasta 10.89 +0.48
ARM Holdings 570 +11.50
Ashmore Group 346.10 +16.10
ABF 12.74 +0.04
AstraZeneca 30.96 +0.67
Aviva 306.20 +21
Babcock International 886.50 +18
BAE Systems 314.70 +5.70
Barclays 171.35 +9.05
BG Group 12.60 +0.10
BHP Billiton 19.18 +0.61
BP 437.95 +8.70
Brit AmTobacco 34.88 +0.21
British Land 548.50 +7.50
B Sky B 743 +19.50
BT Group 216.30 +3.10
Bunzl 11.46 +0.26
Burberry Group 13.05 +0.43
Capita 739 +14
Capital Shop Cntrs. 330.40 +3.80
Carnival 21.84 +0.24
Centrica 323.50 +4.60
Compass Group 702.50 +12
CRH 11.85 +0.35
Croda Intl 24.09 +0.62
Diageo 17.08 -0.10
ENRC 388.20 +14.90
EVRAZ 239.60 +10.30
Experian 968 +23.50
Fresnillo 14.64 +0.36
GKN 210.60 +7.60
GlaxoSmithKline 14.98 +0.11
Glencore 321 +4.45
G4S 256.90 +6.90
Hammerson 474.50 +5.30
Hargreaves Lansdown 589.50 +27
HSBC 560.50 +21.80
IAG 151 -8.30
ICAP 328.20 +10.30
IMI 839 +36.50
Imperial Tobacco 25.17 +0.07
Intercont Hotels 16.26 +0.42
Intertek Group 27.61 +0.25
ITV 78.80 +2.70
Johnson Matthey 21.84 +0.81
Kazakhmys 723.50 +44.50
Source: ThomsonReuters
Kingfsher 276 +10.20
Land Secs Group 808 +11
Legal & General 130 +3.40
Lloyds Banking G 30.61 +1.22
Marks & Spencer 341.10 +7.10
Meggitt 390.60 +6.40
Morrison Supermk 277 +2.10
National Grid 677.50 +8
Next 34.93 +0.52
Old Mutual 165.30 +6.10
Pearson 12.38 +0.15
Pennon 768 +14
Petrofac 15.31 +0.82
Polymetal Int. 884 +32
Prudential 791.50 +45.50
Randgold Resourc 57.95 +0.95
Reckitt Benckise 35.78 +0.39
Reed Elsevier 565.50 +20.50
Resolution 207.40 +6.20
Rexam 436.60 +7.20
Rio Tinto 30.30 +1.20
Rolls-Royce Hldgs 857 +14
Royal Bank Scot 216 +11.50
Royal Dutch Shel A 22.47 +0.48
Royal Dutch Shel B 23.23 +0.54
RSAInsurance 111.40 +1.50
SABMiller 28.48 +0.36
Sage Group 294.80 +3.30
Sainsbury 323.30 +3.20
Schroders 13.50 +0.48
Serco Group 598.50 +12.50
Severn Trent 17.38 +0.40
Shire 19.58 +0.40
Smith & Nephew 675 -
Smiths Group 10.94 +0.29
SSE 13.28 +0.16
Standrd Chartrd 15.67 +0.68
Standard Life 253.30 +7.60
Tate & Lyle 678 +13
Tesco 319 +4.85
Tullow Oil 13.05 +0.47
Unilever 23.34 +0.48
United Utilities 686.50 +13
Vedanta Resource 954.50 +53
Vodafone Group 190.15 +2.20
Weir Group 16.94 +0.24
Whitbread 21.34 +0.67
Wolseley 23.85 +0.99
WPP 829.50 +30
Xstrata 879.30 +32.60
FTSE 100 Days
Closing price change
FTSE 100 SUMMARY
CURRENCY RATES www.ft.com/currencydata
Argentina Merval 2396.78 2375.64
Australia ALL ORDINARIES 4243.03 4290.15
S&P/ASX200 Res 3844.07 3935.91
S&P/ASX200 4221.48 4269.54
Austria ATX 2007.92 1945.46
Belgium BEL 20 2304.23 2241.60
BEL Mid 3524.41 3498.72
Brazil Bovespa 57255.22 55520.40
Canada S&P/TSXMet & Min 826.89 809.78
S&P/TSX60 665.53 656.08
S&P/TSXComp 11662.59 11506.50
Chile IGPAGen 20295.59 19990.10
China Shanghai A 2234.15 2211.71
Shanghai B 212.10 205.81
Shanghai Comp 2132.80 2111.18
Shenzhen A 912.14 894.77
Shenzhen B 577.91 571.17
FTSE A200 6452.66 6414.36
FTSE B35 7498.53 7387.93
Colombia CSE Index 13487.40 13486.40
Croatia CROBEX 1709.03 1701.09
Cyprus CSE M&P Gen 106.68 107.27
Czech Republic PX 899.20 889.30
Denmark OMXC Copenhagen 20 486.23 479.38
Egypt EGX30 (c) 4989.44
Estonia OMXTallinn 663.37 653.71
Finland OMXHelsinki General 5255.08 5109.62
France CAC 40 3374.19 3232.46
SBF 120 2585.10 2484.65
Germany M-DAX 10990.72 10674.74
XETRADax 6865.66 6606.09
TecDAX 785.67 773.45
Greece Athens Gen 598.12 592.74
FTSE/ASE 20 215.31 213.02
Hong Kong Hang Seng 19666.18 19690.20
HS China Enterprise 9660.99 9669.21
HSCC Red Chip 3831.33 3829.21
Hungary Bux 17646.20 17302.46
India BSE Sens 17197.93 17224.36
S&P CNX500 4129.05 4138.90
Indonesia Jakarta Comp 4099.81 4093.11
Ireland ISEQ Overall 3177.06 3147.65
Aug Aug
3 2
Israel Tel Aviv 100 (c) 986.06
Italy FTSE MIB 14124.89 13282.55
FTSE Italia Mid Cap 15078.04 14612.56
FTSE Italia All-Sh 15078.37 14217.03
Japan Nikkei 225 8555.11 8653.18
Topix 723.94 732.98
S&PTopix 150 608.58 615.80
2nd Section 2223.36 2234.60
Jordan Amman SE (c) 4387.13
Kenya NSE 20 3843.58 3825.08
Latvia OMXRiga 385.15 379.35
Lithuania OMXVilnius 347.00 346.85
Luxenbourg Luxembourg General 800.19 790.85
Malaysia FTSE Bursa KLCI 1635.04 1633.45
Mexico IPC 40998.40 40759.00
Morocco MASI 9922.74 9961.88
Netherlands AEX 330.43 322.16
AEXAll Share 516.22 504.95
New Zealand NZX50 3548.00 3564.11
Nigeria SE All Share 23523.16 23488.62
Norway Oslo All Share 478.03 468.03
Pakistan KSE 100 14676.43 14730.67
Philippines Manila Comp 5285.91 5293.40
Poland Wig 40594.36 39876.95
Portugal PSI General 1948.56 1921.40
PSI 20 4633.45 4569.04
Romania BET Index 4741.53 4728.58
Russia RTS 1398.33 1355.32
Micex Index 1421.99 1394.11
Singapore FTSE Straits Times 3051.33 3036.19
Slovakia SAX 194.70 194.49
Slovenia SBI TOP 514.64 518.37
South Africa FTSE/JSE All Share 35244.22 35033.09
FTSE/JSE Top 40 30981.21 30817.28
FTSE/JSE Res 20 46622.80 46593.07
South Korea Kospi 1848.68 1869.40
Kospi 200 244.81 247.90
Spain Madrid SE 683.51 644.82
IBEX35 6755.70 6373.40
Sri Lanka CSE All Share 4931.47 4960.05
Sweden OMXStockholm30 1081.07 1058.10
OMXStockholmAS 332.46 325.98
Switzerland SMI Index 6461.54 6407.30
Taiwan Weighted Pr 7217.51 (c)
Thailand Bangkok SET 1197.53 (c)
Turkey ISE 100 65303.64 63777.91
UK FTSE 100 5787.28 5662.30
FT30 2010.90 1971.90
FTSE All Share 3000.51 2937.12
FTSE techMARK 100 2341.99 2309.29
FTSE4Good UK (u) 4711.80
USA S&P 500 1390.99 1365.00
FTSE Nasdaq 5000 7897.24 7745.93
Nasdaq Cmp 2967.90 2909.77
Nasdaq 100 2676.00 2625.52
Russell 2000 788.48 768.60
NYSE Comp. 7939.55 7765.59
Wilshire 5000 (u) 14136.15
DJ Industrial 13096.17 12878.88
DJ composite 4454.76 4381.51
DJ Transport 5086.31 4984.15
DJ Utilities 491.08 485.60
Venezuela IBC 247072.70 247072.70
Vietnam VNI 418.21 416.10
Cross-Border Stoxx 50 2529.01 2472.55
Euro Stoxx 50 2372.58 2263.36
DJ Global Titans $ 190.57 186.96
Euronext 100 ID 645.77 624.61
FTSE Multinatls $ (u) 1125.45
FTSE Global 100 $ 1024.95 1003.65
FTSE4Good Glob $ (u) 4172.43
FTSE E300 1081.37 1055.34
FTSEurofrst 80 3139.48 3003.47
FTSEurofrst 100 3255.22 3162.21
FTSE Latibex Top 4916.60 4863.00
FTSE Eurotop 100 2241.99 2188.61
FTSE Gold Min $ 2683.87 2643.26
FTSE All World 209.07 205.27
FTSE World $ 366.44 359.56
MSCI All World $ (u) 1234.97
MSCI ACWI Fr$ (u) 312.26
MSCI Europe 1082.42 1052.88
MSCI Pacifc $ (u) 1960.16
S&P Global 1200 $ 1414.69 1386.15
S&P Europe 350 1088.55 1062.53
S&P Euro 998.13 957.16
Country Index Aug Aug
3 2
Aug Aug
3 2
Country Index Country Index
(c) Closed. (u) Unavaliable. Correction. Subject to ofcial recalculation. For more index coverage please see www.ft.com/worldindices. Afuller version of this table is available on the ft.comresearch data archive.
STOCK MARKET - WORLD MARKETS AT A GLANCE
FT 30 constituents and recent additions/deletions can be found at www.ft.com/ft30.
Aug 3 Aug 2 Aug 1 Jul-31 Jul-30 Yr ago High Low
FT 30 2010.9 1971.9 1996.6 1975.2 2003.6 - 2105.4 1808.6
Ord. div. yield 2.50 2.55 2.53 2.56 2.53 - 3.93 2.74
P/E ratio 17.82 17.52 17.64 17.45 17.65 - 19.44 14.26
FT 30 since compilation: 4198.4 high ; low Base Date: 1/7/35. 19/07/1999 49.4 26/06/1940
8 9 10 11 12 13 14 15 16 High Low
1971.9 1981.3 1987.1 1989.3 1995.2 1996.5 1999.1 2010.8 2009.9 2014.1 1971.7
FT 30 INDEX
FT 30 hourly changes
%chg %of Gross
since Mkt Cap Gold div Total 52 week
$ 31/12/10 $bn Mines yld % Return High Low
Copyright FTSE International Limited 2012. All rights reserved. For further information please contact FTSE
Client Service on +44 (0) 20 7866 1810. Figures in brackets show number of companies. Basis US Dollars.
Base Values: 1000.00 31/12/92. Partial.
Australasia (4) 11053.48 -20.22 21.84 10.67 1.61 13054.00 19578.48 9900.77
EMEA(7) 2709.17 -16.19 41.01 20.04 1.74 3574.41 3758.66 2403.39
Americas (15) 2261.46 -20.38 141.83 69.29 1.95 2537.20 3680.15 2140.07
Gold Mines Index (26) 2683.87 -19.54 204.69 100.00 1.87 3159.90 4243.14 2526.64
Regional Indices
3
Aug
FTSE GOLD MINES INDEX www.ft.com/commoditiesdata
THE WORLDS LARGEST COMPANIES
www.ft.com/ir
NOTES
Closing midprices/last trades and highs and
lows are shown in local currencies, except Rus
sian companies which are quoted in US Dollars.
Highs and lows are based on intraday mid
prices/last trades over a rolling 52 week period.
Market Capitalisations are shown in millions
of US Dollars. # Price at time of suspension.
Abb: xd ex dividend; xc ex scrip issue; xr ex
rights; xa ex all; xR ex capital redistribution.
pages of www.ft.com.
Either click on the market data link
on the home page or go to
www.ft.com/marketsdata. Bond
data can be found at
www.ft.com/bonds&rates.
UK gilt prices can be found at
www.ft.com/gilts.
A full commodity data service with
hundreds of price quotes can be
found at
www.ft.com/commoditiesdata.
Market data on the web
Much more data, including many
tables not shown in the paper and
stock quotes updated during the day,
are available on the market data
For additional currency data visit
www.ft.com/currencydata.
Please send any comments to
reader.enquiries@ft.com.
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AUGUST 6 2012 Section:Stats Time: 3/8/2012 - 22:35 User: watsonl Page Name: PRICES1 INT, Part,Page,Edition: ASI, 16, 1
FINANCIAL TIMES MONDAY AUGUST 6 2012

17
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STG Week US $ Week EURO Week Yen Week
Change Change Change (x 100) Change
Afghanistan (Afghani) 75.3924 -0.5558 48.3300 0.0000 59.6392 -0.1450 61.4925 0.0274
Albania (Lek) 173.521 -1.2243 111.235 0.0350 137.264 -0.2904 141.529 0.1075
Algeria (Dinar) 127.919 -0.4261 82.0017 0.3290 101.190 0.1610 104.334 0.4649
Andorra (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Angola (Readj. Kwanza) 148.787 -1.0985 95.3790 -0.0010 117.698 -0.2874 121.355 0.0527
Antigua (E Carib $) 4.2119 -0.0311 2.7000 0.0000 3.3318 -0.0081 3.4353 0.0015
Argentina (Peso) 7.1539 -0.0335 4.5860 0.0123 5.6592 0.0014 5.8350 0.0182
Armenia (Dram) 638.800 -5.4950 409.500 -0.5000 505.323 -1.8470 521.026 -0.4040
Aruba (Florin) 2.7924 -0.0205 1.7900 0.0000 2.2089 -0.0054 2.2775 0.0010
Australia (A$) 1.4781 -0.0268 0.9476 -0.0101 1.1693 -0.0154 1.2056 -0.0123
Austria (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Azerbaijan (New Manat) 1.2241 -0.0089 0.7847 0.0001 0.9683 -0.0023 0.9984 0.0006
Azores (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Euro Locking Rates: Austrian Schilling 13.7603, Belgium/Luxembourg Franc 40.3399, Cyprus 0.585274, Estonia 15.6466, Finnish Markka 5.94573, French Franc 6.55957, German Mark 1.95583, Greek Drachma 340.75, Irish Punt 0.787564, Italian Lira 1936.27, Malts 0.4293, Netherlands Guilder 2.20371, Portuguese Escudo 200.482, Slovakian Koruna 30.1260, Slovenian Tolar 239.64
Spanish Peseta 166.386. Abbrev:(o) Ofcial rate (v) Floating rate; WM/Reuters rate is for valuation of capital assets. (1) Malawi Kwacha devalued by approx 50%on May 7th, 2012. (2) Netherland Antilles are Curacao & Saint Maarten. Bonaire, Saint Eustatius and Saba now use US Dollar. (3) Chinese Yuan unrestricted trading in Hong Kong.
Rates derived fromTHE WM/REUTERS CLOSING SPOT RATES & Reuters. FT Readers Enqiries: 020 7873 4211.
Aug 3
STG Week US $ Week EURO Week Yen Week
Change Change Change (x 100) Change
Germany (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Ghana (Cedi) 3.0496 -0.0293 1.9550 -0.0043 2.4124 -0.0112 2.4874 -0.0044
Gibraltar (Gib ) 1.0000 0.0000 0.6410 0.0047 0.7911 0.0039 0.8156 0.0063
Greece (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Greenland (Danish Krone) 9.4076 -0.0423 6.0307 0.0173 7.4419 0.0033 7.6731 0.0254
Grenada (E Carib $) 4.2119 -0.0311 2.7000 0.0000 3.3318 -0.0081 3.4353 0.0015
Guadeloupe (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Guam (US $) 1.5600 -0.0115 1.0000 0.0000 1.2340 -0.0030 1.2723 0.0006
Guatemala (Quetzal) 12.2245 -0.0800 7.8365 0.0065 9.6703 -0.0155 9.9707 0.0127
Guinea (Fr) 11216.1 -82.6694 7190.01 0.0100 8872.52 -21.5577 9148.18 4.0848
Guinea-Bissau (CFR Fr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Guyana Guyana Dollar 312.692 -2.3052 200.450 0.0000 247.355 -0.6014 255.042 0.1135
Pakistan (Pak. Rupee) 147.462 -1.1264 94.5300 -0.0250 116.650 -0.3145 120.275 0.0217
Panama (Balboa) 1.5600 -0.0115 1.0000 0.0000 1.2340 -0.0030 1.2723 0.0006
Papua New Guinea (Kina) 3.2162 -0.0129 2.0617 0.0070 2.5442 0.0024 2.6232 0.0100
Paraguay (Guarani) 6918.39 -51.0025 4435.00 0.0000 5472.80 -13.3050 5642.85 2.5118
Peru (New Sol) 4.0894 -0.0380 2.6215 -0.0050 3.2350 -0.0141 3.3355 -0.0049
Philippines (Peso) 65.3073 -0.5522 41.8650 -0.0450 51.6614 -0.1813 53.2667 -0.0335
Pitcairn Is (Sterling ) 1.0000 0.0000 0.6410 0.0047 0.7911 0.0039 0.8156 0.0063
Poland (Zloty) 5.1444 -0.0909 3.2979 -0.0336 4.0695 -0.0515 4.1960 -0.0409
Portugal (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Puerto Rico (US $) 1.5600 -0.0115 1.0000 0.0000 1.2340 -0.0030 1.2723 0.0006
Bahamas (Bahama $) 1.5600 -0.0115 1.0000 0.0000 1.2340 -0.0030 1.2723 0.0006
Bahrain (Dinar) 0.5882 -0.0042 0.3771 0.0001 0.4653 -0.0011 0.4797 0.0003
Balearic Is (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Bangladesh (Taka) 127.292 -1.1349 81.6000 -0.1250 100.694 -0.3995 103.823 -0.1128
Barbados (Barb $) 3.1199 -0.0230 2.0000 0.0000 2.4680 -0.0060 2.5447 0.0011
Belarus (Rouble)(1) 12998.3 -76.1825 8332.50 12.5000 10282.3 -9.5365 10601.8 20.6164
Belgium (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Belize (B $) 2.9586 -0.0194 1.8965 0.0015 2.3404 -0.0038 2.4130 0.0030
Benin (CFAFr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Bermuda (Bermudian $) 1.5600 -0.0115 1.0000 0.0000 1.2340 -0.0030 1.2723 0.0006
Bhutan (Ngultrum) 86.9751 0.0110 55.7550 0.4150 68.8017 0.3462 70.9396 0.5594
Bolivia (Boliviano) 10.7793 -0.0795 6.9100 0.0000 8.5270 -0.0207 8.7919 0.0039
Bosnia Herzegovina (Marka) 2.4724 -0.0122 1.5850 0.0038 1.9558 0.0000 2.0166 0.0057
Botswana (Pula) 11.9583 -0.1532 7.6658 -0.0414 9.4596 -0.0742 9.7535 -0.0483
Brazil (Real) 3.1682 -0.0015 2.0310 0.0139 2.5062 0.0111 2.5841 0.0188
Brunei (Brunei $) 1.9393 -0.0220 1.2432 -0.0049 1.5341 -0.0098 1.5817 -0.0055
Bulgaria (Lev) 2.4728 -0.0121 1.5852 0.0039 1.9561 0.0001 2.0169 0.0059
Burkina Faso (CFAFr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Burma (Kyat)(o) 1364.96 -6.9196 875.000 2.0000 1079.75 -0.1510 1113.30 3.0391
Burundi (Burundi Fr) 2275.19 -11.6812 1458.50 3.2400 1799.79 -0.3677 1855.72 4.9466
Cambodia (Riel) 6353.68 -97.1259 4073.00 -32.0000 5026.08 -51.8030 5182.26 -38.3902
Cameroon (CFAFr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Canada (Canadian $) 1.5593 -0.0212 0.9996 -0.0062 1.2335 -0.0106 1.2718 -0.0073
Canary Is (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Cape Verde (CVEscudo) 139.023 -1.1506 89.1200 -0.0800 109.974 -0.3663 113.391 -0.0513
Cayman Island (CI $) 1.2792 -0.0094 0.8200 0.0000 1.0119 -0.0025 1.0433 0.0005
Cent. Afr. Rep. (CFAFr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Chad (CFAFr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Chile (Chilean Peso) 749.166 -10.0801 480.250 -2.9000 592.629 -5.0281 611.044 -3.4162
China (Yuan) 9.9411 -0.0859 6.3727 -0.0080 7.8639 -0.0290 8.1083 -0.0066
China (RYuan HK)(3) 9.9486 -0.0816 6.3775 -0.0053 7.8699 -0.0257 8.1144 -0.0031
Colombia (Col Peso) 2785.91 -29.9273 1785.90 -5.9750 2203.80 -12.7488 2272.28 -6.5874
Comoros (Fr) 621.917 -3.0654 398.677 0.9669 491.968 0.0000 507.255 1.4555
Congo (CFAFr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Congo (DemRep) (Congo Fr) 1427.81 -18.2056 915.295 -4.8870 1129.47 -8.7911 1164.57 -5.6968
Costa Rica (Colon) 780.741 -5.9049 500.490 -0.0950 617.606 -1.6190 636.796 0.1626
Cote dIvoire (CFAFr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Croatia (Kuna) 9.4868 -0.1026 6.0815 -0.0208 7.5046 -0.0439 7.7377 -0.0230
Cuba (Cuban Peso) 1.5600 -0.0115 1.0000 0.0000 1.2340 -0.0030 1.2723 0.0006
Cyprus (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Czech Rep. (Koruna) 31.8577 -0.3228 20.4222 -0.0560 25.2010 -0.1305 25.9841 -0.0596
Denmark (Danish Krone) 9.4076 -0.0423 6.0307 0.0173 7.4419 0.0033 7.6731 0.0254
Djibouti Rep (Djib Fr) 272.913 -3.5048 174.950 -0.9500 215.888 -1.7000 222.597 -1.1091
Dominica (E Carib $) 4.2119 -0.0311 2.7000 0.0000 3.3318 -0.0081 3.4353 0.0015
Dominican Rep (D Peso) 60.8927 -0.4411 39.0350 0.0050 48.1692 -0.1110 49.6660 0.0285
Falkland Is (Falk ) 1.0000 0.0000 0.6410 0.0047 0.7911 0.0039 0.8156 0.0063
Faroe Is (Danish Krone) 9.4076 -0.0423 6.0307 0.0173 7.4419 0.0033 7.6731 0.0254
Fiji Is (Fiji $) 2.7907 -0.0317 1.7889 -0.0071 2.2075 -0.0142 2.2761 -0.0080
Finland (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
France (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Fr. Cty/Africa (CFAFr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Fr. Guiana (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Fr. Pacifc Is (CFP Fr) 150.852 -0.7436 96.7032 0.2346 119.332 0.0000 123.040 0.3531
Ecuador (Sucre) 38998.8 -287.500 25000.0 0.0000 30850.0 -75.0000 31808.6 14.1588
Egypt (Egyptian ) 9.4826 -0.0499 6.0788 0.0128 7.5012 -0.0025 7.7343 0.0197
El Salvador (Colon) 13.6457 -0.1006 8.7475 0.0000 10.7944 -0.0263 11.1298 0.0050
Equatl Guinea (CFAFr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Eritrea (Nakfa) 23.3993 -0.1725 15.0000 0.0000 18.5100 -0.0450 19.0852 0.0085
Estonia (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Ethiopia (Ethiopian Birr)(2) 27.9803 -0.1813 17.9367 0.0159 22.1339 -0.0341 22.8216 0.0304
Haiti (Gourde) 65.5959 -0.4836 42.0500 0.0000 51.8897 -0.1262 53.5021 0.0238
Honduras (Lempira) 30.4191 0.4751 19.5000 0.4450 24.0630 0.4920 24.8107 0.5770
Hong Kong (HK $) 12.0979 -0.0920 7.7553 -0.0018 9.5700 -0.0255 9.8674 0.0022
Hungary (Forint) 350.610 -6.0792 224.757 -2.2237 277.350 -3.4250 285.968 -2.7008
Iceland (Icelandic Krona) 187.022 -3.2252 119.890 -1.1750 147.944 -1.8132 152.542 -1.4264
India (Indian Rupee) 86.9751 0.0110 55.7550 0.4150 68.8017 0.3462 70.9396 0.5594
Indonesia (Rupiah) 14768.8 -89.2325 9467.50 12.5000 11682.9 -12.9395 12045.9 21.2592
Iran (Rial) 19124.2 -212.485 12259.5 -45.5000 15128.2 -93.0620 15598.3 -50.9228
Iraq (New Iraqi Dinar) 1812.66 -13.7559 1162.00 -0.2500 1433.91 -3.7953 1478.47 0.3402
Irish Rep (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Israel (Shekel) 6.2004 -0.1581 3.9748 -0.0715 4.9049 -0.1004 5.0573 -0.0887
Italy (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Jamaica (Jamaican $) 138.875 -0.6309 89.0250 0.2500 109.857 0.0422 113.271 0.3684
Japan (Yen) 122.604 -0.9589 78.5950 -0.0350 96.9863 -0.2791 100.000 -
Jordan (Jordanian Dinar) 1.1033 -0.0097 0.7073 -0.0010 0.8728 -0.0033 0.8999 -0.0008
Kazakhstan (Tenge) 234.383 -1.2800 150.250 0.2850 185.409 -0.0982 191.170 0.4476
Kenya (Kenyan Shilling) 131.114 -1.4381 84.0500 -0.3000 103.718 -0.6233 106.941 -0.3339
Kiribati (Australian $) 1.4781 -0.0268 0.9476 -0.0101 1.1693 -0.0154 1.2056 -0.0123
Korea North (Won)(o) 2.0279 -0.0150 1.3000 0.0000 1.6042 -0.0039 1.6540 0.0007
Korea South (Won) 1770.19 -18.5500 1134.78 -3.5000 1400.31 -7.7338 1443.83 -3.8086
Kuwait (Kuwaiti Dinar) 0.4401 -0.0026 0.2821 0.0004 0.3481 -0.0004 0.3589 0.0007
Kyrgyzstan (Som) 73.5657 -0.4422 47.1590 0.0637 58.1942 -0.0627 60.0025 0.1077
Laos (New Kip) 12443.7 -91.7355 7977.00 0.0000 9843.62 -23.9310 10149.5 4.5178
Latvia (Lats) 0.8804 -0.0046 0.5643 0.0012 0.6964 -0.0002 0.7180 0.0019
Lebanon (Lebanese ) 2348.51 -17.3133 1505.50 0.0000 1857.79 -4.5165 1915.52 0.8526
Lesotho (Maloti) 12.7207 -0.1283 8.1546 -0.0220 10.0628 -0.0516 10.3754 -0.0233
Liberia (Liberian $) 114.656 -0.8453 73.5000 0.0000 90.6990 -0.2205 93.5174 0.0416
Libya (Libyan Dinar) 1.9755 -0.0146 1.2664 0.0000 1.5627 -0.0038 1.6113 0.0007
Liechtenstein (Swiss Fr) 1.5187 -0.0069 0.9735 0.0028 1.2013 0.0005 1.2386 0.0041
Lithuania (Litas 4.3649 -0.0215 2.7981 0.0068 3.4528 0.0000 3.5601 0.0102
Luxembourg (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Qatar (Riyal) 5.6798 -0.0416 3.6410 0.0002 4.4930 -0.0108 4.6326 0.0023
Reunion Is. de la (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Romania (New Leu) 5.8606 0.0156 3.7569 0.0374 4.6360 0.0350 4.7801 0.0497
Russia (Rouble) 49.9149 -0.4658 31.9978 -0.0623 39.4852 -0.1730 40.7122 -0.0611
Rwanda (Fr) 956.544 -6.9120 613.188 0.0889 756.675 -1.7296 780.188 0.4603
St Christopher (E Carib $) 4.2119 -0.0311 2.7000 0.0000 3.3318 -0.0081 3.4353 0.0015
St Helena () 1.0000 0.0000 0.6410 0.0047 0.7911 0.0039 0.8156 0.0063
St Lucia (E Carib $) 4.2119 -0.0311 2.7000 0.0000 3.3318 -0.0081 3.4353 0.0015
St Pierre & Miquelon (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
St Vincent (E Carib $) 4.2119 -0.0311 2.7000 0.0000 3.3318 -0.0081 3.4353 0.0015
San Marino (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Sao Tome (Dobra) 30946.8 -10.1496 19838.4 138.720 24480.5 112.082 25241.2 187.657
Saudi Arabia (Riyal) 5.8505 -0.0426 3.7505 0.0004 4.6281 -0.0108 4.7719 0.0026
Senegal (CFAFr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Serbia (Dinar) 149.428 -1.0780 95.7900 0.0150 118.205 -0.2689 121.878 0.0733
Seychelles (Rupee) 20.9330 -1.0976 13.4190 -0.6003 16.5591 -0.7828 17.0735 -0.7558
Sierra Leone (Leone) 6763.60 -44.1649 4335.78 3.6250 5350.36 -8.5232 5516.60 7.0658
Singapore ($) 1.9393 -0.0220 1.2432 -0.0049 1.5341 -0.0098 1.5817 -0.0055
Slovakia (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Slovenia (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Solomon Is ($) 11.0650 -0.0557 7.0796 0.0175 8.7530 -0.0009 9.0078 0.0263
Somali Rep (Shilling) 2463.16 -18.1585 1579.00 0.0000 1948.49 -4.7370 2009.03 0.8943
South Africa (Rand) 12.7207 -0.1283 8.1546 -0.0220 10.0628 -0.0516 10.3754 -0.0233
Spain (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Spanish Ports NAf. (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Sri Lanka (Rupee) 205.835 -1.5960 131.950 -0.0500 162.826 -0.4577 167.886 0.0111
Sudan Rep () 6.9184 -0.0471 4.4350 0.0025 5.4728 -0.0102 5.6429 0.0057
Surinam (Dollar) 5.1479 -0.0380 3.3000 0.0000 4.0723 -0.0099 4.1987 0.0019
Swaziland (Lilangeni) 12.7207 -0.1283 8.1546 -0.0220 10.0628 -0.0516 10.3754 -0.0233
Sweden (Krona) 10.4977 -0.2843 6.7295 -0.1317 8.3042 -0.1831 8.5622 -0.1637
Switzerland (Fr) 1.5187 -0.0069 0.9735 0.0028 1.2013 0.0005 1.2386 0.0041
Syria () 101.553 0.5871 65.1000 0.8500 80.3334 0.8562 82.8297 1.1179
Taiwan ($) 46.7611 -0.5279 29.9760 -0.1165 36.9904 -0.2340 38.1398 -0.1312
Tajikistan (Somoni) 7.4232 -0.0547 4.7586 0.0000 5.8721 -0.0143 6.0546 0.0027
Tanzania (Shilling) 2460.04 -19.7070 1577.00 -1.0000 1946.02 -5.9680 2006.49 -0.3786
Thailand (Baht) 49.2398 -0.3080 31.5650 0.0350 38.9513 -0.0514 40.1616 0.0624
Togo Rep (CFAFr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Tonga Is (Paanga) 2.6855 -0.0292 1.7209 -0.0059 2.1244 -0.0125 2.1895 -0.0066
Trinidad/Tobago ($) 9.9694 -0.1485 6.3909 -0.0477 7.8863 -0.0782 8.1314 -0.0571
Tunisia (Dinar) 2.5178 -0.0137 1.6140 0.0031 1.9917 -0.0010 2.0536 0.0049
Turkey (New Lira) 2.7742 -0.0709 1.7784 -0.0321 2.1946 -0.0451 2.2627 -0.0398
Turkmenistan (New Manat) 4.4264 -0.0452 2.8375 -0.0080 3.5015 -0.0184 3.6103 -0.0086
Turks & Caicos (US $) 1.5600 -0.0115 1.0000 0.0000 1.2340 -0.0030 1.2723 0.0006
Tuvalu (Australian $) 0.6765 0.0121 0.9476 -0.0101 0.8552 0.0111 1.2056 -0.0123
Uganda (New Shilling) 3884.28 -20.7778 2490.00 5.0000 3072.66 -1.2850 3168.14 7.7691
Ukraine (Hryvnia) 12.6528 -0.0658 8.1110 0.0175 10.0090 -0.0027 10.3200 0.0269
UAE (Dirham) 5.7298 -0.0422 3.6731 0.0001 4.5326 -0.0110 4.6734 0.0021
United Kingdom () 1.0000 0.0000 0.6410 0.0047 0.7911 0.0039 0.8156 0.0063
United States (US $) 1.5600 -0.0115 1.0000 0.0000 1.2340 -0.0030 1.2723 0.0006
Uruguay (Peso Uruguay) 33.3050 -0.7170 21.3500 -0.3000 26.3460 -0.4352 27.1646 -0.3695
Uzbekistan (Sum) 2971.55 -15.1806 1904.90 4.2800 2350.65 -0.4204 2423.69 6.5221
Western Samoa (Tala) 3.5760 -0.0388 2.2915 -0.0079 2.8288 -0.0167 2.9155 -0.0088
STG Week US $ Week EURO Week Yen Week
Change Change Change (x 100) Change
Gabon (CFAFr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Gambia (Dalasi) 49.9732 -0.3684 32.0350 0.0000 39.5314 -0.0961 40.7596 0.0182
Georgia (Lari) 2.5666 -0.0356 1.6453 -0.0106 2.0303 -0.0181 2.0934 -0.0125
Namibia (Dollar) 12.7207 -0.1283 8.1546 -0.0220 10.0628 -0.0516 10.3754 -0.0233
Nauru Is (Australian $) 1.4781 -0.0268 0.9476 -0.0101 1.1693 -0.0154 1.2056 -0.0123
Nepal (Nepalese Rupee) 139.160 0.0175 89.2080 0.6640 110.083 0.5538 113.503 0.8950
Netherlands (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Nnd Antilles (A/Guilder)(3) 2.7924 -0.0205 1.7900 0.0000 2.2089 -0.0054 2.2775 0.0010
New Zealand (NZ $) 1.9059 -0.0394 1.2217 -0.0161 1.5076 -0.0236 1.5545 -0.0198
Nicaragua (Gold Cordoba) 36.8896 -0.2373 23.6479 0.0221 29.1815 -0.0436 30.0883 0.0415
Niger Rep (CFAFr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Nigeria (Naira) 252.400 -0.4464 161.800 0.9000 199.661 0.6280 205.866 1.2362
Norway (Nor. Krone) 9.3319 -0.1617 5.9822 -0.0591 7.3820 -0.0911 7.6114 -0.0717
Vanuatu (Vatu) 147.229 -1.5569 94.3800 -0.3000 116.466 -0.6543 120.084 -0.3281
Vatican (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Venezuela (Bolivar Fuerte) 6.6995 -0.0494 4.2947 0.0000 5.2996 -0.0129 5.4643 0.0024
Vietnam (Dong) 32548.4 -263.518 20865.0 -15.0000 25747.4 -81.1490 26547.5 -7.2598
Virgin Is-British (US $) 1.5600 -0.0115 1.0000 0.0000 1.2340 -0.0030 1.2723 0.0006
Virgin Is-US (US $) 1.5600 -0.0115 1.0000 0.0000 1.2340 -0.0030 1.2723 0.0006
Yemen (Rep of) (Rial) 335.311 -2.4720 214.950 0.0000 265.248 -0.6449 273.491 0.1217
Zambia (Kwacha) 7674.96 -25.1510 4920.00 20.0000 6071.28 9.9800 6259.94 28.2220
Zimbabwe ($) 589.661 -4.3470 378.000 0.0000 466.452 -1.1340 480.947 0.2141
Macao (Pataca) 12.4608 -0.0947 7.9880 -0.0018 9.8572 -0.0262 10.1635 0.0023
Macedonia (Denar) 78.1068 -0.5994 50.0700 -0.0150 61.7864 -0.1688 63.7063 0.0093
Madagascar (Ariary) 3554.35 -4.9882 2278.50 13.5000 2811.68 9.8640 2899.04 18.4594
Madeira (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Malawi (Kwacha) 434.338 -2.0391 278.430 0.7400 343.584 0.0802 354.259 1.0988
Malaysia (Ringgit) 4.8764 -0.0918 3.1260 -0.0355 3.8575 -0.0533 3.9774 -0.0434
Maldive Is (Rufyaa) 23.9297 -0.2864 15.3400 -0.0700 18.9296 -0.1327 19.5178 -0.0803
Mali Rep (CFAFr) 829.222 -4.0872 531.570 1.2892 655.957 0.0001 676.340 1.9406
Malta (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Martinique (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Mauritania (Ouguiya) 471.106 -1.9016 302.000 1.0000 372.669 0.3310 384.248 1.4428
Mauritius (Maur Rupee) 48.2805 -0.5132 30.9500 -0.1000 38.1923 -0.2166 39.3791 -0.1097
Mexico (Mexican Peso) 20.5079 -0.3519 13.1465 -0.1277 16.2228 -0.1974 16.7269 -0.1550
Moldova (Leu) 19.5462 -0.1441 12.5300 0.0000 15.4621 -0.0376 15.9425 0.0071
Monaco (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Mongolia (Tugrik) 2113.73 0.1315 1355.00 10.0000 1672.07 8.3046 1724.03 13.4852
Montenegro (Euro) 1.2641 -0.0063 0.8104 0.0020 1.0000 0.0000 1.0311 0.0030
Montserrat (E Carib $) 4.2119 -0.0311 2.7000 0.0000 3.3318 -0.0081 3.4353 0.0015
Morocco (Dirham) 13.9164 -0.0866 8.9211 0.0102 11.0086 -0.0142 11.3507 0.0180
Mozambique (Metical) 43.6787 -0.3220 28.0000 0.0000 34.5521 -0.0840 35.6257 0.0159
SDR (SDR) 1.0337 -0.0059 0.6627 0.0011 0.8177 -0.0007 0.8431 0.0018 Oman (Rial Omani) 0.6006 -0.0045 0.3850 -0.0001 0.4751 -0.0012 0.4899 0.0002
FT GUIDE TO WORLD CURRENCIES
Over Change One Three Six One
night Day Week Month month month month year
US$ Libor* 0.15890 -0.001 -0.004 -0.009 0.24375 0.43935 0.72365 1.04620
Euro Libor* 0.02500 - -0.001 -0.235 0.09429 0.24679 0.56064 0.88750
Libor* 0.52125 - -0.002 -0.023 0.55813 0.73063 0.98625 1.46588
Swiss Fr Libor* 0.00700 - -0.003 -0.003 0.01700 0.05400 0.16000 0.36800
Yen Libor* 0.09729 - - -0.007 0.14214 0.19500 0.33229 0.55014
Canada Libor* 0.99900 -0.001 -0.001 -0.002 1.08800 1.29400 1.56700 2.04650
Euro Euribor - - - - 0.14 0.38 0.66 0.93
Sterling CDs - - - - 0.67 0.77 0.93 1.14
US$ CDs - - - - 0.20 0.50 0.80 1.35
Euro CDs - - - - 0.00 0.18 0.50 0.77
US onight repo 0.26 - -0.020 -0.120
Fed Funds ef 0.14 0.010 -0.010 0.050
US 3mBills 0.08 -0.015 -0.025 0.005
SDR int rate 0.09 - 0.010 -0.030
EONIA 0.111 -0.001 -0.001 -0.218
EURONIA -0.0026 -0.005 -0.002 -0.193
RONIA 0.4481 0.022 -0.003 -0.058
SONIA 0.4566 0.002 0.002 -0.018
LA7 Day Notice 0.35-0.30
Interbank 0.53-0.35 0.54-0.44 0.56-0.46 0.73-0.63 1.01-0.91 1.50-1.39
Over One One Three Six One
night Week months months months year
*Libor rates come fromBBA(see www.bba.org.uk) and are fxed at 11amUK time. Other data sour-
ces: US $, Euro & CDs: dealers; SDR int rate: IMF; EONIA: ECB; EURONIA, RONIA& SONIA: WMBA.
LA7 days notice: Tradition (UK).
Aug 3
INTEREST RATES - MARKET
Euro 0.23 - 0.11 0.14 - 0.06 0.13 - 0.03 0.37 - 0.27 0.66 - 0.56 0.98 - 0.82
Danish Krone 0.02 - -0.08 -0.05 - -0.35 0.05 - -0.35 0.30 - -0.10 0.40 - 0.20 0.70 - 0.50
Sterling 0.65 - 0.50 0.60 - 0.40 0.81 - 0.53 0.91 - 0.61 1.08 - 0.91 1.22 - 1.05
Swiss Franc 0.08 - 0.01 -0.05 - -0.25 0.15 - 0.01 0.06 - -0.19 0.18 - -0.07 0.36 - 0.24
Canadian Dollar 1.00 - 0.90 1.06 - 0.96 1.11 - 1.01 1.31 - 1.21 1.57 - 1.47 2.04 - 1.94
US Dollar 0.12 - 0.06 0.23 - 0.11 0.25 - 0.20 0.62 - 0.37 0.74 - 0.49 1.24 - 1.04
Japanese Yen 0.05 - 0.02 0.11 - 0.01 0.15 - 0.03 0.19 - 0.09 0.33 - 0.21 0.55 - 0.43
Singapore $ 0.01 - 0.01 0.19 - 0.06 0.31 - 0.06 0.37 - 0.22 0.38 - 0.13 0.56 - 0.41
Source: Reuters. Short termrates are call for the US Dollar and Yen, others: two days notice.
Short 7 days One Three Six One
term notice month month month year
Aug 3
Rate Current Since Last Mth ago Year ago
US
US
US
Euro
UK
Japan
Switzerland
Fed Funds
Prime
Discount
Repo
Repo
Onight Call
Libor target
Source: ThomsonReuters
0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25
3.25 16-12-2008 4.00 3.25 3.25
0.75 18-02-2010 0.50 0.75 0.75
0.75 05-07-2012 1.00 1.00 1.50
0.50 05-03-2009 1.00 0.50 0.50
0.00-0.10 05-10-2010 0.10 0.00-0.10 0.00-0.10
0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25
Aug 3
INTEREST RATES - OFFICIAL
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield US Aug 3
High Yield US$
HSBK Europe 05/13 7.75 BB Ba3 BB- 103.45 3.42 - -0.72 3.21
Kazkommerts Int 04/14 7.88 B+ B2 B 98.64 8.76 0.01 -0.43 8.48
Bertin 10/16 10.25 BB B1 - 100.43 10.11 0.00 -0.03 9.55
High Yield Euro
Royal Carib Crs 01/14 5.63 BB Ba1 - 101.40 4.60 0.03 -0.10 4.65
Kazkommerts Int 02/17 6.88 B+ B2 B 82.00 12.27 0.01 0.40 11.93
Emerging US$
Bulgaria 01/15 8.25 BBB Baa2 BBB- 112.94 2.72 -0.01 -0.58 2.49
Peru 02/15 9.88 BBB Baa3 BBB 120.50 1.47 -0.25 -0.03 1.15
Brazil 03/15 7.88 BBB Baa2 BBB 116.63 1.30 -0.04 -0.17 0.97
Mexico 09/16 11.38 BBB Baa1 BBB 140.75 1.17 0.01 -0.32 0.50
Argentina 01/17 11.38 27.81 57.98 0.03 0.71 57.42
Philippines 01/19 9.88 BB+ Ba2 BB+ 144.25 2.41 0.00 -0.55 1.34
Brazil 01/20 12.75 BBB Baa2 BBB 170.75 2.33 -0.03 -0.35 1.26
Colombia 02/20 11.75 BBB- Baa3 BBB- 163.75 2.45 -0.02 -0.46 1.38
Russia 03/30 7.50 BBB Baa1 BBB 122.31 3.51 0.21 -0.46 2.84
Mexico 08/31 8.30 BBB Baa1 BBB 164.38 3.60 -0.05 -0.54 2.03
Indonesia 02/37 6.63 BB+ Baa3 BBB- 132.50 4.44 -0.03 -0.54 1.78
Emerging Euro
Brazil 02/15 7.38 BBB Baa2 BBB 114.55 1.38 -0.01 -0.17 1.32
Poland 02/16 3.63 A- A2 A- 108.46 1.13 -0.03 -0.72 0.90
Turkey 03/16 5.00 BB Ba1 BB+ 106.35 3.08 -0.06 -0.36 2.85
Mexico 02/20 5.50 BBB Baa1 BBB 117.63 2.86 0.02 -0.40 1.79
US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M- Moodys,
F - Fitch. Source: ThomsonReuters
BONDS - HIGH YIELD & EMERGING MARKET


Price Yield Month Break even Value No of
return inflation* Stock Market stks
Can 4.25%21 142.48 -0.25 -0.21 -0.01 2.01 5.2 65.7 6
Fr 2.25%20 117.89 0.01 0.10 0.31 1.51 20.0 174.2 12
Swe 0.25%22 104.66 -0.09 -0.07 -0.19 1.49 14.8 243.1 5
UK 2.5%16 343.71 -1.83 -1.79 0.10 2.14 8.0 352.3 20
UK 2.5%24 334.79 -0.53 -0.48 0.21 2.33 6.8 352.3 20
UK 2%35 198.53 0.00 0.02 0.08 2.71 9.7 352.3 20
US 0.625%21 113.22 -0.80 -0.77 0.04 2.08 35.8 902.3 33
US 3.625%31 159.37 -0.12 -0.08 0.39 2.19 16.8 902.3 33
Representative stocks fromeach major market Source: Merill Lynch Global Bond Indices
* Dif between conventional and IL bond. Local currencies. Total market value. In line with market
convention, for UK Gilts infation factor is applied to price, for other markets it is applied to par
amount.
Aug 2 Aug 2 Aug 1
BONDS - INDEX-LINKED
Red Bid Bid Day chg Wk chg Month Year
Date Coupon Price Yield yield yield chg yld chg yld Aug 3
London close. Source: ThomsonReuters
Yields: Local market standard Annualised yield basis. Yields shown for Italy exclude withholding
tax at 12.5 per cent payable by non residents.
Australia 06/14 6.25 105.95 2.92 0.12 0.40 0.43 -1.27
07/22 5.75 121.79 3.18 0.13 0.37 0.13 -1.52
Austria 07/14 4.30 108.10 0.11 -0.06 -0.04 -0.30 -1.26
04/22 3.65 115.05 1.93 0.03 -0.08 -0.44 -1.07
Belgium 03/14 4.00 106.00 0.32 -0.04 -0.23 -0.38 -2.24
09/22 4.25 115.00 2.55 -0.10 -0.21 -0.50 -1.80
Canada 08/14 2.25 102.20 1.12 0.01 0.12 0.10 -0.14
06/22 2.75 108.78 1.77 0.03 0.14 0.03 -0.87
Denmark 11/14 2.00 105.00 -0.19 0.07 0.06 -0.20 -1.46
11/21 3.00 115.64 1.21 0.03 0.09 -0.16 -1.46
Finland 09/14 3.13 106.54 0.02 0.03 0.01 -0.23 -1.15
04/21 3.50 116.02 1.52 0.03 -0.01 -0.34 -1.29
France 04/14 4.00 106.57 0.16 0.05 -0.06 -0.17 -1.16
02/17 1.75 104.20 0.81 0.02 -0.14 -0.52 -1.27
04/22 3.00 107.59 2.13 0.02 -0.10 -0.47 -1.01
04/41 4.50 127.31 3.06 -0.01 -0.10 -0.41 -0.67
Germany 06/14 - 100.05 -0.03 0.03 0.01 -0.13 -1.05
04/17 0.50 100.32 0.43 0.05 0.07 -0.13 -1.10
07/22 1.75 102.99 1.42 0.04 0.09 -0.10 -0.95
07/44 2.50 105.60 2.25 0.01 0.05 -0.04 -0.91
Greece 02/23 2.00 18.70 25.22 -0.96 -2.18 -0.67 10.38
02/33 2.00 14.41 21.92 -0.94 -2.24 -1.57 -
Ireland 04/16 4.60 98.50 5.05 - -0.23 -0.25 -6.27
10/20 5.00 92.61 6.17 0.11 -0.06 -0.21 -4.51
Italy 07/14 4.25 101.90 3.23 -0.57 -0.82 -0.45 -1.49
06/17 4.75 99.20 5.00 -0.28 -0.50 -0.22 -0.60
09/22 5.50 96.45 6.06 0.14 0.03 0.31 -0.10
09/40 5.00 79.75 6.70 0.15 0.18 0.47 0.19
Japan 08/14 0.10 100.02 0.09 0.00 -0.01 -0.02 -0.06
06/17 0.20 100.14 0.17 -0.01 -0.01 -0.05 -0.19
06/22 0.80 100.55 0.74 -0.04 0.00 -0.10 -0.31
06/32 1.50 98.87 1.58 -0.03 0.01 -0.08 -0.24
Netherlands 01/14 1.00 101.39 0.03 0.04 0.01 -0.14 -1.10
07/22 2.25 105.05 1.69 0.02 -0.06 -0.33 -1.16
New Zealand 04/15 6.00 108.65 2.64 0.01 0.24 0.05 -0.76
04/23 5.50 117.18 3.55 0.02 0.29 -0.03 -1.37
Norway 05/17 4.25 113.20 1.38 0.03 0.01 -0.13 -0.78
05/23 2.00 100.50 1.95 -0.01 0.06 -0.09 -0.68
Portugal 06/14 4.38 95.34 7.14 -0.59 -0.95 -0.73 -8.36
10/23 4.95 62.64 10.87 -0.24 -0.49 0.75 -0.17
Spain 07/14 4.75 101.29 4.06 -1.03 -1.63 -0.36 -0.52
01/22 5.85 92.75 6.91 0.16 -0.01 0.50 0.63
Sweden 05/14 6.75 109.87 1.00 0.01 0.15 0.02 -0.98
06/22 3.50 119.23 1.39 -0.02 0.04 -0.14 -1.06
Switzerland 01/14 4.25 106.65 -0.44 -0.07 -0.05 -0.19 -0.57
05/22 2.00 114.22 0.51 0.04 -0.01 -0.12 -0.76
UK 03/13 4.50 102.56 0.14 -0.03 -0.03 -0.18 -0.43
01/17 1.75 105.34 0.54 0.02 0.04 -0.19 -0.79
03/22 4.00 121.55 1.57 0.06 0.08 -0.12 -1.21
12/42 4.50 130.25 2.98 0.06 0.08 -0.03 -1.02
US 07/14 0.13 99.77 0.24 0.00 0.01 -0.06 -0.08
07/17 0.50 99.17 0.67 0.02 0.08 0.00 -0.56
05/22 1.75 101.61 1.57 0.03 0.14 -0.01 -1.05
05/42 3.00 107.02 2.66 0.05 0.17 -0.03 -1.26
BONDS - BENCHMARK GOVERNMENT
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield Govts Aug 3
US$
Verizon Global 09/12 7.38 CALL CALL CALL 104.74 1.01 - - 0.89
Abu Dhabi Nt En 10/12 5.62 A- A3 - 100.88 1.49 -0.10 -0.40 1.37
Bank of America 01/13 4.88 A- Baa2 A 101.51 1.40 0.00 -0.32 1.26
Goldman Sachs 07/13 4.75 A- A3 A 103.36 1.13 -0.18 -0.96 0.97
Hutchison 03/33 01/14 6.25 A- A3 A- 106.50 1.73 0.03 -0.13 1.56
Misc Capital 07/14 6.13 BBB Baa2 - 107.17 2.24 0.03 -0.20 2.00
BNP Paribas 06/15 4.80 A Baa3 A 103.39 3.55 0.04 -1.19 3.23
GE Capital 01/16 5.00 AA+ A1 - 110.82 1.73 0.06 -0.05 1.40
Erste Euro Lux 02/16 5.00 AAA - - 100.16 4.94 -0.02 -0.70 4.55
Credit Suisse USA 03/16 5.38 A+ A1 A 111.78 1.94 0.05 -0.53 1.38
SPI E&G Aust 09/16 5.75 A- A1 A 110.04 3.12 0.05 -0.03 2.45
Abu Dhabi Nt En 10/17 6.17 A- A3 - 116.25 2.79 0.00 -0.43 2.06
Swire Pacifc 04/18 6.25 A- A3 A 117.09 2.97 0.06 -0.06 2.30
ASNA 11/18 6.95 A- Baa2 A 114.77 4.23 0.03 -0.40 3.15
Codelco 01/19 7.50 A A1 A+ 128.55 2.65 0.00 -0.09 1.57
Bell South 10/31 6.88 A- WR A 124.60 4.89 0.06 -0.17 3.31
GE Capital 01/39 6.88 AA+ A1 - 134.10 4.63 0.07 -0.18 1.96
Goldman Sachs 02/33 6.13 A- A3 A 106.72 5.57 0.03 -0.25 2.91
Euro
CCCI 10/12 6.13 NR A1 A 99.52 8.57 0.15 -1.41 8.32
Amer Honda Fin 07/13 6.25 A+ A1 - 105.25 0.61 -0.13 -0.76 0.64
SNS Bank 02/14 4.63 BBB+ Baa2 BBB+ 100.35 4.37 0.12 0.31 4.37
JPMorgan Chase 01/15 5.25 A A2 A+ 109.46 1.27 0.05 -0.42 1.27
Hutchison Fin 06 09/16 4.63 A- A3 A- 111.13 1.80 0.00 -0.56 1.56
Hypo Alpe Bk 10/16 4.25 - A1 - 102.01 3.72 0.05 -0.27 3.49
GE Cap Euro Fdg 01/18 5.38 AA+ A1 - 116.39 2.15 0.06 -0.42 1.58
Unicredit 01/20 4.38 BBB+ Baa2 A- 91.14 5.87 -0.23 -0.14 4.90
ENEL 05/24 5.25 BBB+ Baa1 BBB+ 96.52 5.66 -0.04 -0.52 4.08
Yen
Citi Group 15 09/12 1.11 A- Baa2 A 100.01 1.03 - -0.03 0.93
ACOM 51 06/13 2.07 BB+ WR BBB+ 100.75 1.15 -0.01 -0.10 1.05
Deutsche Bahn Fin 12/14 1.65 AA Aa1 AA 103.05 0.33 0.01 -0.04 0.24
Nomura Sec S 3 03/18 2.28 - - - 100.20 2.24 -0.02 0.05 2.01
Sterling
Slough Estates 09/15 6.25 - - A- 110.61 2.67 0.07 -0.48 2.32
ASIF III 12/18 5.00 A+ A2 A 103.90 4.24 0.02 -0.23 3.33
US $ denominated bonds NY close; all other London close. S* - Standard & Poors, M* - Moodys,
F* - Fitch. Source: ThomsonReuters
BONDS - GLOBAL INVESTMENT GRADE
MARKET DATA
Overall () 1093 254.93 -0.71 -0.57 5.12 2.25 12.18
Overall ($) 3262 216.05 0.14 0.02 4.23 0.02 4.23
Overall () 2276 183.87 -0.05 - 6.18 1.22 8.52
Global Infation-Lkd 97 237.49 0.08 -0.37 3.23 0.52 3.23
Gilts () 33 261.72 -0.80 -0.67 3.57 1.70 13.76
Corporates () 703 244.12 -0.50 -0.33 10.00 3.76 9.30
Corporates ($) 2111 231.74 -0.02 -0.01 7.80 -0.01 7.80
Corporates () 1196 183.13 -0.37 -0.10 8.20 1.65 7.08
Treasuries ($) 156 211.27 0.23 0.02 2.79 0.02 2.79
Eurozone Sov () 261 182.86 0.14 0.11 5.78 1.07 9.36
ABF Pan-Asia unhedged 541 173.14 -0.04 0.01 4.63 1.45 4.74
Days Months Year Return Return
Index change change change 1 month 1 year
Sterling Corporate () 74 110.91 -0.52 3.21 4.84 3.60 10.25
Euro Corporate () 290 105.02 -0.37 1.30 3.42 1.66 7.89
Euro Emerging Mkts () 11 93.52 0.08 1.42 2.83 1.88 8.78
Eurozone Govt Bond 237 101.59 0.30 0.95 4.27 1.29 8.31
Emerging Markets 5Y 255.27 6.57 -7.16 -12.38 343.80 231.12
Nth Amer Inv Grade 5Y 109.07 3.56 -2.31 0.11 127.34 86.80
Nth Amer High Yld 5Y 583.40 13.69 -12.28 3.59 658.30 564.69
Nth Amer HiVol 5Y 202.18 1.69 -9.15 -6.70 239.06 175.25
Europe 5Y 150.02 -16.56 -12.84 -5.43 183.79 113.80
Crossover 5Y 594.56 -50.43 -46.31 -32.92 752.14 554.75
HiVol 5Y 243.00 -11.57 -12.78 -4.25 274.36 164.40
Japan 5Y 195.69 11.47 10.69 23.69 218.75 151.17
SovXCEEMEA5Y 235.19 -13.62 -20.10 -41.51 358.70 235.19
SovXWestern Europe 5Y 252.36 -10.05 -12.84 -16.46 326.70 252.36
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets
after the index names.
Markit iBoxx
FTSE
Markit iTraxx
Markit CDX
CREDIT INDICES
Aug 3
Aug 3
Aug 3
Aug 3
Aug 2
BOND INDICES
Days Weeks Months Series Series
Index change change change high low
US yield curve
months Years
To
maturity
Today
One week ago
One month ago
Per cent
1 3 6 2 3 5 10 30
Spread Spread
Bid vs vs
Yield Bund T-Bonds Aug 3
Spread Spread
Bid vs vs
Yield Bund T-Bonds
Australia 3.18 +1.75 +1.60
Austria 1.93 +0.51 +0.36
Belgium 2.55 +1.13 +0.98
Canada 1.77 +0.35 +0.20
Denmark 1.21 -0.22 -0.36
Finland 1.52 +0.09 -0.05
France 2.13 +0.70 +0.55
Germany 1.42 - -0.15
Greece 25.22 +23.80 +23.65
Ireland 6.17 +4.75 +4.60
Italy 6.06 +4.64 +4.49
Japan 0.74 -0.68 -0.83
Netherlands 1.69 +0.27 +0.12
New Zealand 3.55 +2.13 +1.98
Norway 1.95 +0.53 +0.38
Portugal 10.87 +9.44 +9.29
Spain 6.91 +5.49 +5.34
Sweden 1.39 -0.03 -0.18
Switzerland 0.51 -0.92 -1.06
UK 1.57 +0.15 0.00
US 1.57 +0.15 -
Yields: annualised basis. Source: ThomsonReu-
ters Selection made by ThomsonReuters.
BONDS - TEN YEAR GOVT SPREADS
The data and prices listed are indicative and, while believed to be accurate at the time of publication,
the FT does not warrant or guarantee that the information is reliable or complete. The FT does not
accept responsibility and will not be liable for any loss arising from the reliance on or use of the
information.
% %
Cyprus Popular Bank 3.00
ADVERTISED BASE LENDING RATES
Investec Bank (UK) 0.50
For further information on any of these rates please contact each bank directly.
AUGUST 6 2012 Section:Stats Time: 5/8/2012 - 19:59 User: aldersonm Page Name: CURRENCY INT, Part,Page,Edition: EUR, 17, 1
18

TODAY
Catch a royal wave
The Duchess of Cambridge
attends the Olympic sailing
regatta at Weymouth. The
duchess, Prince Harry and
Prince William are to
attend more than 30 events
as official ambassadors for
Team GB. Prince Harry
watches the final of the
womens beach volleyball
on Wednesday at Horse
Guards Parade and is due
to watch Usain Bolt in
Thursdays 200m final.
Debate on 2012 legacy
Think-tank Demos debates
Beyond the Games:
Securing a Lasting
Olympics Legacy for
London at City Hall,
London, featuring some
people involved in the bid
and others working on
legacy issues. Speakers
include Prof Ricky Burdett,
chief adviser on
architecture and urbanism
for the games.
Lanterns in memoriam
The annual memorial for
victims of the atomic
bombing of Hiroshima in
1945, which killed more
than 200,000 people, takes
place in the Japanese city.
A lantern floating festival
commemorates lives lost.
Energetic agenda
The British Business
Embassy, centrepiece of
UK Trade & Investments
business legacy strategy,
continues its summits
during the games with one
on UK energy
infrastructure.
Wednesdays summit is on
infrastructure, Thursdays
on retail, food and drink
while Friday focuses on
advanced engineering.
Peres visits Greece
Israeli president Shimon
Peres visits Greece (until
August 9), his first official
visit to Athens, where he
will meet Greek
counterpart Karolos
Papoulias and prime
minister Antonis Samaras.
They are expected to focus
on energy, the Cyprus
issue and Middle East
conflict.
TUESDAY 7
Fed gets personal
US Federal Reserve
chairman Ben Bernanke
talks about the importance
of personal financial
education and answers
questions at a town hall
meeting at the Federal
Reserve in Washington.
Norwegians take notes
The Oya Festival, the
biggest music festival in
Oslo, is in the Medieval
Park in the Norwegian
capital (until August 11).
The event features artists
including Icelandic singer-
songwriter Bjrk, the Stone
Roses, Florence and the
Machine, and Pulp.
Swiss time signatures
The Lucerne Summer
Festival which runs to
September 15 is opened by
the Lucerne Festival
Orchestra conducted by
Claudio Abbado.
WEDNESDAY 8
Surfs up in Newquay
The Relentless
Boardmasters skateboard
and surfing festival is at
Fistral Beach, Cornwall
(until August 12). The
festival, a surfing contest
with music, includes the
The Unleashed music
festival at which
headliners are Ed Sheeran
and Dizzee Rascal, with
The Ting Tings and Feed
The Rhino among others.
THURSDAY 9
Interactive action
The 10th annual Edinburgh
Interactive, at the Radisson
Blu Hotel until August 10,
aims to increase
understanding of
interactive entertainment
and highlight the bond
between video games and
other entertainment
industries.
Hindus give thanks
Hindu festival Krishna
Janmashtami is celebrated
by Indians (until August
10).
Balloon goes up
The 34th annual Bristol
International Balloon
Fiesta, the largest event of
its kind in Europe, is at
the Ashton Court Estate
until August 12.
Scottish at play
The 66th annual Edinburgh
International Festival is at
venues across the city (to
September 2). The festival
features classical music,
opera, theatre and dance.
Almost 3,000 artists from
47 nations take part, with
new venues including the
Royal Highland Centres
Lowland Hall, which hosts
leading Polish theatre
director Grzegorz Jarzynas
multi-media version of
Macbeth.
FRIDAY 10
A little more action
Elvis Week (to August 18)
is in Memphis, Tennessee,
when about 50,000 of the
late singers fans travel to
the Kings house at
Graceland, for a vigil.
SATURDAY 11
Down Rio way
The British Business
Embassy holds a summit
on Brazil, celebrating the
Olympics handover from
London 2012 to Rio 2016 by
focusing on opportunities
in the Brazilian sports
infrastructure sector.
Caribbean calypso
The Caribbean Carnival of
Manchester is this
weekend, opening with a
procession from Alexandra
Park. Steel bands, floats
with DJs, dance troupes
with carnival queens and
princesses, elaborate
costumes and folklore
characters are promised.
Shooting the salt
The Southern California
Timing Association hosts
the annual Speedweek (to
August 17) at Bonneville
Salt Flats, Utah. In
Bonneville Land Speed
Racing everything from hot
rods to diesel trucks are
driven to shoot the salt,
an attempt speed records.
Set sail for Cowes
Aberdeen Asset
Management Cowes Week,
takes place in The Solent,
off Cowes on the Isle of
Wight. The eight-day event
attracts 8,000 competitors
ranging from club sailors
to Olympic champions.
SUNDAY 12
Head for the moors
Countrymen and women
celebrate the Glorious
Twelfth, when the grouse
shooting season starts.
Puerto Rico referendum
A referendum in Puerto
Rico, part of the US
commonwealth, will
determine whether voters
want to change the islands
territorial status. If a
majority approves a
change, a second
referendum would be held
in November when voters
would then choose from
statehood, independence or
sovereign free association.
Chukkas away
The Duke of Wellington
Polo Trophy is contested at
the Guards Polo Club in
Surrey, with seven teams
competing.
Compiled by
Simon Greaves
preview@ft.com Wednesday: Prince Harry to watch beach volleyball Charlie Bibby
WEEK AHEAD ONLINE
For more features go to
www.ft.com/weekahead
WEEK AHEAD
August 6 August 12
TODAY
Earnings
Ageas Q2 0.04 (0.04)
Berkshire Hathaway Q2
$1,776.64 ($1,640)
Chesapeake Energy Q2
$0.07 ($0.76)
Nippon Telegraph and
Telephone Q1 Y118.07
(Y115.70)
PKO Bank Polski Q2
Zl 0.71 (Zl 0.77)
PostNL Q2 0.13 (0.14)
Tyson Foods Q3 $0.55
($0.46)
TUESDAY 7
The second-largest US
natural gas producer,
Chesapeake Energy,
reports second-quarter
earnings a month after it
appointed a new
independent non-executive
chairman, Archie Dunham,
in a boardroom shake-up
that saw Aubrey
McClendon, chief
executive, stripped of his
longstanding chairmanship,
writes Vinjeru
Mkandawire.
Badly affected by the
biggest plunge in US
natural gas prices in a
decade, analysts expect the
company to report low
earnings, with sales down
31.8 per cent and net
income down 82.6 per cent.
More recent probes into
allegations of bidding
collusion with North
American energy producer
Encana only add to the
strain on Chesapeake.
As its biggest rival,
ExxonMobil, announced a
49 per cent rise in its
second-quarter net income
last month, the focus will
be on Chesapeakes asset
sales, which aim to
improve the balance sheet
and clear the companys
chronic debt burden, all
under mounting pressure
from big shareholders.
Earnings
Danske Bank Q2 DKr0.78
(DKr1.30)
MGM Mirage Q2 -$0.14
(-$0.05)
Munich Re Q2 3.57 (4.14)
Office Depot Q2 -$0.08
(-$0.06)
Walt Disney Q3 $0.93
($0.78)
WEDNESDAY 8
Dutch financial services
group ING reports second-
quarter results following a
challenging first quarter
that saw earnings halved
as a result of provisions
for bad loans, writes
Vinjeru Mkandawire.
More bad news came
when Moodys downgraded
INGs credit ratings down
to A2 along with other
Dutch banks, including
rival Rabobank.
Jan Hommen, chief
executive, blamed INGs
poor first-quarter results
on the tough economic
climate. But the groups
obligation to repay the
Dutch states 2008 bailout
amid declining margins
and the banks more recent
$619m penalty for giving
Cuban and Iranian
companies access to the US
financial system are likely
to have a negative impact
on results.
Reports have emerged
that ING might sell its
British and Canadian
banking businesses and the
company is said to be
planning the break-up of
its Asia unit by the end of
2013. Analysts expect to
see its Asian assets sell for
6bn, with INGs Korean
business alone drawing as
much as $2.4bn.
Earnings
Advocat H1 (FY) estimate
Q $0.03 (n/a)
Bharti Airtel Q1 R3.24
(R3.20)
Carlyle Group Q2 -$0.04
(n/a)
HK Exchanges and
Clearing H1 HK$0.99
(HK$1.25)
ING Q2 0.26 (0.40)
News Corp Q4 $0.32 ($0.36)
Macys Q2 $0.64 ($0.55)
THURSDAY 9
When Adecco reports
second-quarter results,
investors will be watching
its performance in France
closely, writes James
Shotter.
Sales in the country
Adeccos largest market
dropped 10 per cent on an
organic basis in the first
quarter, even as overall
sales edged up 2 per cent
to 5.03bn. Shareholders
will be hoping for signs
the situation has improved.
The development of
Adeccos business mix will
also be the subject of
attention. The worlds
biggest temporary
employment group by sales
is targeting an operating
margin of 5.5 per cent for
the year, and said in May
that a shift from lower-
margin clerical and
industrial staffing to
higher-margin professional
jobs would help achieve
this.
The bigger question
hanging over Adecco is its
emerging markets strategy.
Its smaller rival, Michael
Page, has benefited from a
push into developing
economies in recent years,
yet Adecco has been
hesitant to follow suit. Any
sign of a change of heart
will be received with
interest.
Analysts are expecting
the Swiss company to
report earnings of 112m
from revenues of 5.2bn.
Europes second-largest
telecommunications
company, Deutsche
Telekom, reports its
second-quarter results soon
after an extension of its
1bn data contract with
Royal Dutch Shell and
more recent announcement
of a five-year messaging
services contract with BP,
writes Vinjeru Mkandawire
The news came after last
months court ruling that
ordered Deutsche Telekom
to pay 47m worth of
compensation to German
telephone directory search
company, Telegate, for
inflated data costs.
Analyst consensus
estimates are for Deutsche
Telekom to report lower
figures in sales and income
in line with its biggest
competitor, France
Telecom.
Earnings
Aegon Q2 0.09 (0.17)
Adecco Q2 0.64 (0.74)
Cargill Q4
Commerzbank Q2 0.06
(0.35)
Khols Corp Q2 $0.95 ()
MBIA Q2 $0.15 ($0.68)
Novo Nordisk Q2 DKr8.45
(DKr7.21)
Olympus Corp Q1 -Y2.54
(-Y5.30)
Nestl H1 SFr1.58 (SFr1.46)
Randgold Resources Q2
$1.45 ($1.22)
Swiss Re H1 SFr0.53
(SFr2.50)
Trading and sales update
Aviva
FRIDAY 10
Investors are not
expecting wonders from
ThyssenKrupps fiscal
third-quarter results.
Shares in the steel and
technology conglomerate
have tumbled by about 35
per cent since February as
the outlook for the
European steel market has
darkened, writes Chris
Bryant.
The German company
this month introduced
short-time working for
some 2,200 employees at
German steel plants due to
weak orders and it expects
this action to continue
until the end of the year.
Attention will once again
turn to the companys
troublesome Steel
Americas unit, which was
a big contributor to the
groups 1.1bn first-half
loss. ThyssenKrupp hired
Goldman Sachs and
Morgan Stanley to find a
buyer or partner for the
unit after the strategic and
cost rationale behind the
creation of the 12bn
integrated network of US
and Brazilian plants
crumbled. Investors will
expect to see progress in
stemming losses.
Earnings
Bank of Ireland H1 -0.02
(-0.14)
Hannover Re Q2 1.40
(1.38)
ThyssenKrupp Q3 -0.09
(-0.09)
Walt Disney expects visitor boost
Walt Disney announces Q3 earnings
tomorrow as strengthening US consumer
sentiment is expected to lift theme park
spending, writes Vinjeru Mkandawire.
So far this year, Disneys earnings
have exceeded expectations even after a
$200m writedown on the box office flop
John Carter, and forecasters expect
third-quarter results to follow suit.
The consensus of analysts reports
estimates that with a 5.9 per cent
increase in sales, Disney will see a 12.6
per cent growth in net income this year.
With Disneys acquisition of Indias
UTV allowing it to benefit from the
countrys rapidly growing media sector,
forecasters are expecting overseas
expansion to boost earnings growth.
Other key factors likely to boost
performance include a new $1.1bn
attraction in California, the $702m
box-office success of The Avengers,
pictured above, and expanding profit
margins at sports broadcaster ESPN.
World Diary
Economic Outlook Corporate Diary
Diary commentary from FT
reporters. Data, unless otherwise
stated, from Thomson Reuters.
Company announcements, collated
by Thomson Streetevents, are of
information publicly available before
last week. Results forecasts, from
Thomson I/B/E/S, are for fully
diluted, post-tax EPS in local
currency for the stated fiscal period.
The comparable period of the
previous year is bracketed.
Non-UK reporting periods are
broken by quarter: Q1, Q2, Q3, Q4.
UK periods are designated: Q1, H1
(first half), Q3 and FY (full year).
INTERNATIONAL
Investors hope weaker
data will prompt action
By Neil Dennis
Markets were disappointed
last week after both the
Federal Reserve and the
European Central Bank
declined to introduce new
stimulus drives.
However, negative mar-
ket reaction was tempered
by expectations that it is
only a matter of time, and
investors will be monitoring
all data releases keenly
over the coming weeks for
the signs of weakness that
are likely to prompt central
bank action.
Industrial output data,
published in several euro-
zone economies this week,
are forecast to show a con-
tinuing decline in activity.
The main focus will be on
Germany, which for so long
during Europes debt crisis
maintained a firm grip on
growth but has started to
slow in recent months.
German industrial pro-
duction for June, published
on Wednesday, is forecast
to have contracted by 0.7
per cent after growth of 1.6
per cent in May as unem-
ployment rises and demand
from within Europe drops
sharply.
Meanwhile, industrial
orders for the same month,
out tomorrow, are expected
to indicate demand will
remain thin in the coming
months.
The sentiment indicators
for the German manufactur-
ing sector have continued
their downturn, with the
manufacturing PMI at its
lowest level for more than
three years, says Karen
Ward at HSBC.
French industrial produc-
tion is also forecast to have
lost further momentum in
June, putting added pres-
sure on the ECB to act in
September.
Expect bolder additional
steps from the ECB as not
only the periphery but also
the previously resilient core
economies need more policy
support, says Stefan
Angele at Swiss & Global
Asset Management.
In the UK, industrial
production is likely to have
fallen more sharply in June
following two public holi-
days in the month.
The data on tomorrow are
forecast to show a 2.8 per
cent decline, following a 1
per cent gain in May.
Chinas industrial produc-
tion in June is expected to
have bounced back slightly,
rising 9.7 per cent in the
month after a 9.5 per cent
gain in May. Aprils 9.3 per
cent rise was the weakest
level of monthly growth in
the data series since May
2009.
It is a big week for Chi-
nese data, with inflation
and retail sales numbers
appearing alongside the
industrial data on Thurs-
day. Benign consumer
prices are expected to fuel
expectations of at least
one more interest rate cut
this year.
They all lead up to Fri-
days release of the latest
trade data, which are
expected to underscore the
depth of external pressures
now weighing on Chinas
exports.
Also this week, the Bank
of Englands quarterly infla-
tion report, out on Wednes-
day, is expected to see
downward revisions for
both consumer prices and
growth.
Investors, however, will
be scouring the details for
any hints of further easing,
with the current asset pur-
chase scheme standing at
375bn.
We expect inflation to be
undershooting the 2 per
cent target substantially,
and this is consistent with
our view that the MPC will
raise the asset purchase tar-
get by another 50bn
in November, say analysts
at RBC Capital Markets.
On the same day, the
Bank of Japan is expected
to drop its 0.1 per cent
minimum bidding rate on
Japanese government bond
purchase operations under
its asset purchase scheme
policy fine-tuning that
will enable the bank to
complete the programme
more easily.
4CAST economic calendar
Country For Indicator Unit Mkt. Prev.
Monday
Eurozone Aug Sentix indicator 31 29.6
Japan Jun Lead indicator (prelim.) 92.9 95.2
Tuesday
Germany Jun Factory orders 2 7 5.4
Germany Jun Factory orders SA 1 0.9 0.6
UK Jul BRC retail sales monitor 2 0.2 1.4
UK Jun Industrial production 1 3.1 1
UK Jun Industrial production 2 4.9 1.6
UK Jun Manufacturing production 1 4.1 1.2
UK Jun Manufacturing production 2 5.5 1.7
US Jun Consumer credit 3 11 17.12
Wednesday
France Jun Trade balance 3 5 5.32
Germany Jun Current account 3 12 9
Germany Jun Industrial production 1 0.8 1.6
Germany Jun Industrial production 2 0.3 0
Germany Jun Trade balance 3 14.6 15.3
Japan Jun Current account 3 415.2 215.1
US Q2 Nonfarm productivity 4 1.4 0.9
US Q2 Unit labour costs prelim 1 0.3 1.3
Thursday
China Jul Consumer price index 2 1.7 2.2
China Jul Producer price index 2 2.6 9.5
China Jul Industrial production 2 9.7 9.5
China Jul Retail sales 2 13.6 13.7
India Jun Industrial production 2 n/a 2.4
Japan Aug BoJ MPC overnight rate % 0.1 0.1
Japan Jul M2 money supply 1 2.2 2.2
UK Jun Trade balance (nonEU) 3 4.1 3.9
UK Jun Visible trade balance (wld) 3 8.6 8.4
US week Initial claims 5 370 365
US Jun Trade balance 3 47.3 48.7
US Jun Wholesale inventories 1 0.3 0.3
Friday
China Jul Exports 2 8.2 11.3
China Jul Imports 2 7.4 6.3
China Jul Trade balance 5 35.05 31.72
France Jun Industrial production 1 0.3 1.9
France Jun Industrial production 2 1.5 3.5
France Jun Manufacturing production 1 0 1
France Jun Manufacturing production 2 2.1 4.3
Germany Jul CPI (final) 1 0.4 0.4
Germany Jul CPI (final) 2 1.7 1.7
Germany Jul HICP (final) 1 0.4 0.4
Germany Jul HICP (final) 2 2 2
Russia Jun Trade balance 3 15 17.4
UK Jul Input prices (unadj.) 1 1 2.2
UK Jul Input prices (unadj.) 2 2 2.3
UK Jul Output prices (unadj.) 1 0.1 0.4
UK Jul Output prices (unadj.) 2 2 2.3
UK Jul Output prices core (unadj.) 1 0.1 0.2
US Jul Import price index 1 0 2.7
*Mkt = market consensus estimates. Prev = Previous actual
*Units: 1 = % change on previous period; 2 = % change on same
period in previous year; 3 = national currency bn; 4 = annualised
quarterly % change; 5 = 000
See more at http://www.ft.com/economiccalendar
AUGUST 6 2012 Section:Markets Time: 5/8/2012 - 17:46 User: jacklinj Page Name: PREVIEW, Part,Page,Edition: ASI, 18, 1
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w
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A
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In
c
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A
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F
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8
A
s
ia
n
E
q
u
ity
In
c
o
m
e
In
c

F
4
8
.6
7
-
-0
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8
4
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1
B
a
la
n
c
e
d
R
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k
6
A
c
c
4
9
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2
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0
-
B
a
la
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d
R
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k
8
A
c
c
5
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0
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3
-
B
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la
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d
R
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k
1
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A
c
c
5
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7
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C
h
ild
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n
s
A
c
c

F
2
5
4
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3
-
-0
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5
2
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6
C
o
rp
o
ra
te
B
d
A
c
c
(G
ro
s
s
)
F
1
6
7
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1
-
-0
.0
8
4
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7
C
o
rp
o
ra
te
B
d
In
c
(G
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s
s
)
F
8
1
.7
5
-
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4
5
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8
C
o
rp
o
ra
te
B
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n
d
A
c
c

F
1
5
2
.7
3
-
-0
.0
8
5
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1
C
o
rp
o
ra
te
B
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n
d
In
c

F
8
1
.5
1
-
-0
.0
4
5
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8
D
is
trib
u
tio
n
A
c
c

F
8
6
.1
2
-
-0
.0
7
6
.2
9
D
is
trib
u
tio
n
A
c
c
(G
ro
s
s
)
F
9
5
.5
5
-
-0
.0
8
6
.2
5
D
is
trib
u
tio
n
In
c

F
5
6
.7
9
-
-0
.0
4
6
.4
8
D
is
trib
u
tio
n
In
c
(G
ro
s
s
)
F
5
6
.7
8
-
-0
.0
5
6
.4
8
E
m
e
rg
in
g
C
o
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n
trie
s
A
c
c

F
2
0
6
.6
5
-
-1
.5
4
0
.7
8
E
m
e
rg
in
g
C
o
u
n
trie
s
In
c

F
1
9
0
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3
-
-1
.4
1
0
.7
8
E
m
e
rg
in
g
E
u
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p
e
a
n
A
c
c

F
4
0
.0
7
-
-0
.3
6
0
.3
4
E
m
e
rg
in
g
E
u
ro
p
e
a
n
In
c

F
3
9
.2
2
-
-0
.3
5
0
.3
4
E
u
ro
p
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a
n
E
q
u
ity
A
c
c

F
4
7
7
.5
7
-
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.3
6
2
.5
1
E
u
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p
e
a
n
E
q
u
ity
In
c

F
4
2
6
.9
0
-
-3
.9
0
2
.5
7
E
u
ro
p
e
a
n
E
q
u
ity
In
c
o
m
e
A
c
c

F
4
2
.2
7
-
-0
.2
9
5
.4
1
E
u
ro
p
e
a
n
E
q
u
ity
In
c
o
m
e
In
c

F
3
5
.7
9
-
-0
.2
5
5
.6
2
E
u
ro
p
e
a
n
H
ig
h
In
c
o
m
e
A
c
c

F
5
8
.6
4
-
-0
.1
5
5
.3
9
E
u
ro
p
e
a
n
H
ig
h
In
c
o
m
e
In
c

F
4
7
.2
0
-
-0
.1
2
5
.5
4
E
u
ro
p
e
a
n
H
ig
h
Y
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ld
A
c
c

F
8
1
.2
4
-
0
.7
8
6
.3
7
E
u
ro
p
e
a
n
H
ig
h
Y
ie
ld
In
c

F
3
6
.5
2
-
0
.3
6
6
.5
9
E
u
ro
p
e
a
n
H
ig
h
Y
ld
A
c
c
(G
ro
s
s
)
F
9
1
.7
9
-
0
.8
8
6
.3
0
E
u
ro
p
e
a
n
H
ig
h
Y
ld
In
c
(G
ro
s
s
)
F
3
6
.5
3
-
0
.3
5
6
.5
7
E
u
ro
p
e
a
n
O
p
p
o
rtu
n
itie
s
In
c

F
4
8
.3
2
-
-0
.3
4
0
.0
0
E
u
ro
p
e
a
n
O
p
p
o
rtu
n
itie
s
A
c
c

F
4
8
.9
8
-
-0
.3
5
0
.0
0
E
u
ro
p
e
a
n
S
m
lr C
o
s
A
c
c

F
1
0
6
.0
0
-
-0
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6
0
.0
0
G
lo
b
a
l B
d
A
c
c
(G
ro
s
s
)
F
1
2
1
.1
7
-
-0
.1
5
2
.2
4
G
lo
b
a
l B
d
In
c
(G
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s
s
)
F
7
7
.9
9
-
-0
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0
2
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7
G
lo
b
a
l B
o
n
d
A
c
c

F
1
1
4
.7
7
-
-0
.1
5
2
.2
5
G
lo
b
a
l B
o
n
d
In
c

F
7
7
.8
9
-
-0
.1
0
2
.2
8
G
lo
b
a
l E
q
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ity
(a
c
c
)
F
3
1
3
.9
4
-
-1
.4
5
0
.9
1
G
lo
b
a
l E
q
u
ity
(in
c
)
F
2
9
3
.4
2
-
-1
.3
5
0
.9
2
G
lo
b
a
l E
q
u
ity
In
c
o
m
e
A
c
c

F
8
3
.5
7
-
-0
.3
1
3
.5
0
G
lo
b
a
l E
q
u
ity
In
c
o
m
e
In
c

F
7
6
.0
1
-
-0
.2
7
3
.5
9
G
b
l F
in
a
n
c
ia
l C
a
p
ita
l A
c
c
5
7
.9
4
-
-0
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4
-
G
b
l F
in
a
n
c
ia
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a
p
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l In
c
5
7
.0
6
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4
-
G
b
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in
a
n
c
ia
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a
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A
c
c
G
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s
s
5
8
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8
-
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4
-
G
b
l F
in
a
n
c
ia
l C
a
p
In
c
G
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s
s
5
7
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8
-
-0
.0
5
-
G
lo
b
a
l O
p
p
o
rtu
n
itie
s
A
c
c

F
5
9
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7
-
-0
.3
2
1
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9
G
lo
b
a
l S
m
a
lle
r C
o
s
A
c
c

F
1
0
7
3
.0
1
-
-5
.6
1
0
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9
G
lo
b
a
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m
a
lle
r C
o
s
In
c

F
1
0
3
0
.3
4
-
-5
.3
8
0
.1
9
H
ig
h
In
c
o
m
e
A
c
c

F
5
5
8
.3
4
-
-0
.8
9
4
.1
1
H
ig
h
In
c
o
m
e
In
c

F
3
4
0
.5
9
-
-0
.5
4
4
.2
3
H
o
n
g
K
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n
g
&
C
h
in
a
A
c
c

F
3
0
2
.6
7
-
-1
.1
1
0
.9
9
In
c
o
m
e
&
G
ro
w
th
A
c
c

F
6
7
2
.7
5
-
0
.6
2
4
.7
2
In
c
o
m
e
&
G
ro
w
th
In
c

F
3
2
5
.2
9
-
0
.3
1
4
.8
8
In
c
o
m
e
A
c
c

F
2
1
5
2
.9
0
-
-3
.4
5
3
.9
8
In
c
o
m
e
In
c

F
1
3
4
4
.1
9
-
-2
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5
4
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0
J
a
p
a
n
A
c
c

F
1
8
9
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7
-
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4
0
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4
J
a
p
a
n
e
s
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S
m
lr C
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s
A
c
c

F
4
5
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4
-
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4
0
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0
L
a
tin
A
m
e
ric
a
A
c
c

F
1
5
6
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5
-
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1
2
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0
L
a
tin
A
m
e
ric
a
In
c

F
1
3
6
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9
-
-1
.1
4
2
.1
3
M
a
n
a
g
e
d
G
ro
w
th
A
c
c

F
1
1
1
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8
-
-0
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1
1
.4
5
M
a
n
a
g
e
d
G
ro
w
th
In
c

F
9
4
.9
6
-
-0
.6
0
1
.4
7
M
a
n
a
g
e
d
In
c
o
m
e
A
c
c

F
1
1
3
.3
7
-
-0
.5
4
3
.6
6
M
a
n
a
g
e
d
In
c
o
m
e
In
c

F
7
6
.3
6
-
-0
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7
3
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5
M
o
n
e
y
A
c
c

F
8
9
.4
6
-
0
.0
1
0
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2
M
o
n
e
y
A
c
c
(G
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s
s
)
F
9
4
.3
5
-
0
.0
1
0
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2
M
o
n
th
ly
In
c
o
m
e
P
lu
s
A
c
c

F
2
3
6
.8
4
-
-0
.1
3
6
.8
9
M
o
n
th
ly
In
c
o
m
e
P
lu
s
A
c
c
(G
ro
s
s
)
F
2
6
8
.9
2
-
-0
.1
4
6
.8
2
M
o
n
th
ly
In
c
o
m
e
P
lu
s
In
c

F
1
0
0
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5
-
-0
.0
6
7
.1
1
F
u
n
d
B
id
O
ffe
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D
+
/-
Y
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ld
M
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n
th
ly
In
c
o
m
e
P
lu
s
In
c
(G
ro
s
s
)
F
1
0
0
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6
-
-0
.0
5
8
.8
8
P
a
c
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A
c
c

F
6
7
8
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7
-
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0
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1
0
.7
8
P
a
c
ific
In
c

F
6
3
0
.8
8
-
-9
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7
0
.7
9
T
a
c
tic
a
l B
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n
d
A
c
c

F
5
7
.6
3
-
-0
.4
7
4
.8
9
T
a
c
tic
a
l B
o
n
d
In
c

F
5
3
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4
-
-0
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3
5
.0
4
T
a
c
tic
a
l B
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n
d
A
c
c
(G
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s
)
F
5
8
.9
6
-
-0
.4
8
6
.0
7
T
a
c
tic
a
l B
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n
d
In
c
(G
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s
s
)
F
5
3
.5
1
-
-0
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3
6
.3
1
U
K
A
g
g
re
s
s
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e
A
c
c

F
1
1
7
.2
6
-
0
.6
4
2
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3
U
K
A
g
g
re
s
s
iv
e
In
c

F
1
0
1
.9
4
-
0
.5
5
2
.2
8
U
K
G
ro
w
th
A
c
c

F
3
4
7
.8
0
-
-0
.3
7
2
.4
3
U
K
G
ro
w
th
In
c

F
2
3
3
.1
4
-
-0
.2
5
2
.4
9
U
K
S
m
a
lle
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s
E
q
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A
c
c

F
4
9
7
.9
2
-
5
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2
0
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9
U
K
S
m
a
lle
r C
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s
E
q
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ity
In
c

F
3
8
9
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3
-
4
.0
2
0
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9
U
K
S
tra
te
g
ic
In
c
o
m
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A
c
c

F
1
1
4
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6
-
0
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8
3
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9
U
K
S
tra
te
g
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In
c
o
m
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In
c

F
9
5
.0
9
-
0
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3
4
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0
U
S
E
q
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A
c
c

F
3
5
2
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3
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6
0
.0
0
U
S
E
q
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B
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n
c
h
m
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rk
P
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A
c
c

F
5
4
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0
-
0
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1
0
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5
U
S
E
q
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ity
B
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n
c
h
m
a
rk
P
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s
In
c

F
5
3
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6
-
0
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0
0
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5
In
v
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s
c
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P
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(N
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T
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A
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(N
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T
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c
c

F
1
4
8
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6
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-0
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8
1
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0
A
s
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n
(N
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T
ra
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c

F
1
3
9
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