Financial Times Europe - 23.03.2020

2 ★ FINANCIAL TIMES Monday23 March 2020

FINANCIAL TIMES
Bracken House, 1 Friday Street,
London EC4M 9BT.

Subscriptions & Customer service
Tel: +44 207 775 6000, [email protected],
http://www.ft.com/subscribetoday
Advertising
Tel: +44 20 7873 4000 [email protected],
[email protected]
Letters to the editor
[email protected]
Executive appointments
Tel: +44 20 7873 4909
http://www.exec-appointments.com

Published by:The Financial Times Limited,
Bracken House, 1 Friday Street, London EC4M 9BT.
Tel: +44 20 7873 3000; Fax: +44 20 7407 5700.
Editor: Roula Khalaf.
Germany: emirören Media, Hurriyet AS-BranchD
Germany, An der Brucke 20-22, 64546 Morfelden-
Walldorf, +49 6105 327100. esponsible Editor, RoulaR
Khalaf. Responsible for advertising content, Jon Slade.
Italy: Monza Stampa S.r.l., Via Michelangelo Buonarroti,
153, Monza, 20900, Milan. Tel. +39 039 28288201
Owner, The Financial Times Limited; Rappresentante e
Direttore Responsabile in Italia: I.M.D.Srl-Marco Provasi -
Via G. Puecher, 2 20037 Paderno Dugnano (MI), Italy.
Milano n. 296 del 08/05/08 - Poste Italiane SpA-Sped. in
Abb.Post.DL. 353/2003 (conv. L. 27/02/2004-n.46) art. 1
.comma 1, DCB Milano.
Spain: ermont Impresion, Avenida de Alemania 12, CTC,B
28821, Coslada, Madrid.Legal Deposit Number

(Deposito Legal) M-32596-1995;

Publishing Director, Roula Khalaf;

Publishing Company, The Financial Times Limited,

registered office as above. Local Representative office;

C/ Infanta Maria Teresa 4, bajo 2, 28016, Madrid. ISSN

1135-8262.

UAE: MasarPrinting & Publishing, P.O. Box 485100,

Dubai. Editor in Chief: Roula Khalaf.

Qatar: ar Al Sharq, PO Box 3488, Doha-Qatar. Tel: +97D

44557825

France:Publishing Director, Jonathan Slade, 46 Rue La

Boetie, 75008 Paris, Tel. +33 (0)1 5376 8256; Fax: +33 (01)

5376 8253; Commission Paritaire N° 0919 C 85347; ISSN

1148-2753.

Turkey:Dunya Super Veb Ofset A.S. 100. Yil Mahallesi

34204, Bagcilar- Istanbul, Tel. +90 212 440 24 24.

Sweden: esponsible Publisher - Christer NorlanderR

© Copyright The Financial Times 2020.

Reproduction of the contents of this newspaper in any

manner is not permitted without the publisher’s prior

consent. ‘Financial Times’ and ‘FT’ are registered trade

marks of The Financial Times Limited. The Financial

Times and its journalism are subject to a self-regulation

regime under the FT Editorial Code of Practice:

http://www.ft.com/editorialcode

Reprints e available of any FT article with yourar

company logo or contact details inserted if required

(minimum order 100 copies).

One-off copyright licences for reproduction of FT articles

are also available.

For both services phone +44 20 7873 4816, or email

[email protected]

CORONAVIRUS

JA M E S P O L I T I— WASHINGTON

Congressional Democrats cast doubt on

a quick agreement on fiscal stimulus

worth nearly $2tn to help the US econ-

omy weather the coronavirus outbreak,

after accusing Republicans of being too

generous to corporate America.

“From my standpoint, we’re apart,”

Nancy Pelosi, the Democratic House

Speaker, told reportersyesterday after a

new round of negotiations with Republi-

cans on Capitol Hill and Steven

Mnuchin, the US Treasury secretary.

In the absence of a bipartisan deal, Ms

Pelosi said House Democrats would

plough ahead with their own legislation.

This would later be reconciled with the

Republican proposals, potentially

delaying the arrival of the stimulus and

unnerving markets.

In an urgent bid to limit the fallout

from the coronavirus pandemic, which

has shuttered large parts of the global

economy, Congress and the Trump

administration have been working on a

deal to rapidly provide direct govern-

ment payments to US households and

aid to large and small companies.

Mr Mnuchin had saidyesterday

morning that there was a “fundamental

understanding” over the terms of the

package among the White House,

Republicans and Democrats on Capitol

Hill — and an agreement could be

reached by the end of the day.

“We look forward to wrapping it up

today,” he said in an interview onFox

News Sunday.

“The president is very determined to

protect American workers, we’ve

ordered a major part of the economy to

shut down, and the president wants to

protect them,” he added.

The main features of the stimulus

would be loans to small businesses so

they could retain their workers, which

would be forgiven if it was used to retain

their employees, and direct payments to

US households, worth $3,000 for a fam-

ily of four.

The most controversial element of the

package — which Democrats have

balked at — provides for up to $500bn

that could be used to rescue large com-

panies stricken by the coronavirus out-

break, in addition to $50bn set aside to

help the airline industry.

Democrats have been looking for

assurances that the companies receiv-

ing government help would not be able

to buy back stock, and would restrict

executive compensation. They also

objected to a provision proposed by

Republicans which would delay disclo-

sure of the companies receiving state

aid, saying it amounted to “secret bail-

out authority”.

Finally, Democrats were unhappy

that certain non-profits, like mental

health providers, rape crisis centres,

and family planning facilities, would not

be eligible for loans directed to small

businesses.

“We have to provide real relief to

workers and hold corporations account-

able. That means no corporate bailouts

without investing in the Dignity of

Work,” Sherrod Brown, the Ohio Demo-

cratic senator, saidyesterday.

Mr Mnuchin also noted that another

component would be a “significant

package” to ensure “broad-based” lend-

ing to the US economy through the Fed-

eral Reserve, which has revived oolst

used during the 2008 financial crisis to

boost credit.

Fiscal support

Deal on $2tn US stimulus package stalls

Lack of bipartisan

agreement set to delay aid

measures for companies

ST E FA N I A PA L M A— SINGAPORE

Singaporean lawyer Iman Ibrahim was

enjoying her snowboarding holiday in

Italy, Switzerland and Austria hen thew

coronavirus outbreak in Europe sud-

denly turned the trip into a race home.

With bordersclosing around her and

her flight back to Singapore cancelled,

she drove to Germany and caught what-

ever plane she could back to the south-

east Asian city state.

But what Ms Ibrahim did not know

was just how lucky she was to have

made it home to the city, an interna-

tional financial hub known for its quasi-

authoritarian but effective government.

Three days after her return, she tested

positive for the coronavirus.

Singapore reported its first two deaths

from the pathogen only this past week-

end, despite being one of the first coun-

tries to be hit by the outbreak outside

China two months ago. That has made it

one of the safest placesfor patients of

the disease, which has already killed

more than 13,000 people globally.

The city’s success in dealing with the

outbreak is attributed to the govern-

ment’s speed in imposing border

controls soon after the disease first

erupted in China, meticulous tracing of

known carriers, aggressive testing anda

clear public communication strategy.

“There is nothing they should be

doing differently,” said Ying-Ru

Jacqueline Lo, the World Health Organi-

zation representative to Malaysia,

Brunei Darussalam and Singapore.

But Singapore now faces asecond

wave of cases rom returning travellers,f

such as Ms Ibrahim. Authorities tight-

ened travel restrictions and social dis-

tancing measures aftercases doubled to

455 in the past week. Yet many analysts

believeit will also bring the second wave

under control.

Some of the city state’s advantages in

confronting the outbreak are difficult

for larger western countries to replicate,

such as its small population of 5.7m.

It also learnt from arsS in 2003, which

forced it to strengthen its healthcare.

ButSingapore’s example, in slowing

infection rates, could containlessons for

the US and Europe, which have been

caught wrongfooted by the virus.

As soon as information about the dis-

ease emerged from Wuhan, the city at

the centre of China’s outbreak,Singa-

pore began preparing by ramping up

laboratory capacity for mass testing and

developing its own test kits.

This was seen as instrumental to con-

taining infections andnot overwhelm-

ing hospitals, a problem faced by coun-

tries such as Italy. As ofFriday, Singa-

pore had conducted 38,000 tests, or

about 6,800 examinations per million

population, the health ministry said.

“We used the lead time that China

gave us by its massive shutdown to

really refine our readiness,” said Dale

Fisher, professor of infectious diseases

at the National University of Singapore.

“By the time we had one of our cases, we

were able to do tests and within a week,

tests were available in ajor hospitals.”m

But Leo Yee Sin, executive director at

the National Centre for Infectious Dis-

eases, which was set up after Sars and is

helping spearhead Singapore’s response

to the coronavirus, said: “I don’t con-

sider us lucky. We are just giving the best

of critical care to those affected.”

She said 15 per cent of confirmed

cases were on ventilators in intensive

care, with two undergoing ecmo treat-

ment, whereby bloodis drainedfrom a

person and oxygenated in a machine.

The country’sbusiness community

also moved quickly. Soon after Singa-

pore reported its first cases, banks

divided teamsbetweenoffices, home

working and emergency trading floors.

Butgovernment measures ave alsoh

raised questions about the invasiveness

of the state. Surveillance cameras,

police nd contact-tracing teams havea

helped the government find 7,957 close

contacts of confirmed cases, who have

all been quarantined. The government

on Friday also launched TraceTogether,

an app that uses bluetooth to record dis-

tance between users and the duration of

their encounters. People consent to give

the information, which is encrypted and

deleted after 21 days, to the health min-

istry. t cI ontacts users in case of “proba-

ble contact” with an infectedperson.

“There’s a higher degree of accept-

ance of being monitored by the state,”

said Chong Ja Ian, associate professor of

political science at the NUS.

But Singapore’sbattle is far from over.

To deal with a potential second wave of

infections, the government esterdayy

banned short-term visitors from enter-

ingthe country. Returning residents will

have to undergo quarantine for 14 days

at home or risk a fine of up to S$10,

($6,900) and/or six months in jail.

“This is going to be a long duration

battle,” Prof Leo said.

Additional reporting by Edward White in

Wellington

South-east Asia. eturning travellersR

Singapore well-placed to fight second wave

Mass tests and tracing carriers

saw city state contain disease

and it will again, say analysts

Strict controls:

the government

in Singapore

yesterday

banned short-

term visitors in

an effort to deal

with a potential

new outbreak

EeMing Toh/AP

H E N RY F OY— MOSCOW

Russia has sealed its borders, shut

down schools and delayed sports tour-

namentsin a bid to stop the spread of

the coronavirus. But one thing has

been deemed too important to post-

pone: a public vote to adopt a new con-

stitution that could give Vladimir

Putin12moreyears ntheKremlin.i

While other foreign leaders have steeled

their citizens for a long crisis and have

spoken of a “war” against the pandemic,

Mr Putin has played down the threat

and urged citizens to remain calm in an

effort to minimise panic — and ensure

the nationwide ballot on April 22 takes

place.

Drawn up in a matter of weeks by a

hastily assembled committee of officials

and minor celebrities, Russia’sproposed

new constitution was voted through

both houses of parliament and

endorsed by theconstitutional court

last week.

If it receives the backing of a majority

of voters next month, it will reset Mr

Putin’s term limits and allow the four-

time president to run in two more elec-

tions, potentially extending his regime

to 2036. But a mass outbreak of corona-

virus could derail the president’s

schedule.

“The virus is a challenge and comes at

a very bad moment for him,” said

Tatiana Stanovaya, founder of R. Poli-

tik, a political analyst. “Putin doesn’t

want to postpone and is insisting that

the referendum takes place as soon as

possible... The longer they wait, the

more risks will appear.”

While striving to minimise public

anxiety that could threaten the ballot,

Mr Putin has sought to portray his

vision of a strong, unimpeded — and

long-lasting — presidencyas a strength

during a crisis. Last week he said that

during “upheavals and difficul-

ties... stability may be more impor-

tant and must be given priority”.

Russia has taken some steps to curb

the spread of the virus, though they are

far less drastic than the mass shutdowns

in other major European countries such

as Italy or France.

The government has encouraged

businesses to allow employees to work

from home and closed theatres, muse-

ums, universities and schools. Foreign

citizens were banned from entering the

country and the majority of interna-

tional flights have been cancelled.

At the same time, Mr Putin has sought

to project an image of control, continu-

ing with his diary of local visits and

meetings with senior officials, shaking

hands and never wearing a face mask.

His ministers have urged against panic

buying, stressing that there is enough

food and medicine in the country to

meet demand.

“Thank God, we generally have every-

thing under control so far. Hopefully, it

will continue in the future,” Mr Putin

said at a meeting of dozens of local offi-

cials on Wednesday that appeared to

breach his government’s own rules ban-

ning gatherings of more than 50 people.

“Putin wants turnout of more than 50

per cent, but how can you push people

to come out and vote in this situation?”

said Ms Stanovaya. “When the people

around him see that the president

insists that the situation is not serious,

they don’t want to suggest otherwise.”

Dmitry Peskov, Kremlin spokesman,

told reporters on Wednesday that the

vote could be postponed if “voting will

pose a threat to citizens’ health” but:

“The final decision, of course, will be

made by the president.”

But there are signs of public unease

despite the government’s sanguine mes-

saging. The number of cases rose to 367

yesterday, having trebled in five days.

Empty shelves have begun to appear in

Moscow’s supermarkets, pharmacies

have run out of face masks and hand

sanitiser, and food delivery services

have extended waiting times.

The decision to proceed with the vote

“demonstrates that in Russia, politics is

more important than safety”, wrote

Vladimir Ruvinsky, a columnist for

newspaper Vedomosti.

Russian vote

Putin plays down crisis in push to ensure ballot goes ahead

Russia’s steps to stop the virus are

less drastic than in other countries

Cases so far:

Macron threatened to shut border with

UK unless stricter measures brought in

French president Emmanuel Macron called Boris John-

son, UK prime minister, on Friday and threatened to

close the border with the UK that night unless the Brit-

ish took stronger measures to stop the virus, according

to French newspaper Libération. The Elysée Palace did

not comment but did not deny the call took place.

The UK on Friday ordered the closure of all pubs,

restaurants andgyms. DowningStreet said: “These new

measures were taken based on scientific advice.”

Gaza Strip reports first cases

Global banking body calls for truce

in oil price war and end to US tariffs

G20 leaders should “resolve the global price war on oil

markets” started by two of their members and the US

should drop trade tariffs as part of a co-ordinated effort

to cushion the economic blow from thevirus, the Insti-

tute of International Finance said.

To limit further fallout, the global banking lobby

group urged policymakers to avoid the “beggar thy

neighbour” policies of the Great Depression and instead

encourage free trade.

Boys play football yesterday in the blockaded Gaza Strip,

which has reported its first Covid-19 cases. Two residents

who had returned from Pakistan have tested positive.

328,

cases and 14,366 deaths by 6.25pm on Sunday

Source: Johns Hopkins University, CSSE

Read more at ft.com/coronavirus

CORONAVIRUS

ROUND-UP

German carmakers in talks to shift

production to medical equipment

German carmakers are indiscussions with the govern-

ment about converting some of their production facili-

ties to make medical equipment such as ventilators.

The request from Germany’s economy ministry, first

reported by Bloomberg, comes as political leaders

across Europe and the US press the private sector to

shift capacity to supply products needed to deal with

the pandemic. Volkswagen said in a statement that it

was preparing to help with the efforts.

New York emerges as virus hotspot

as US case numbers surge to 30,

The scale of the coronavirus crisis facing the US was laid

bare yesterday when confirmed cases across the coun-

try surged to almost 30,000 and New York emerged as a

hotspot.New York state governor Andrew Cuomo said

the number of confirmed US cases had increased by

about 8,000 from Saturday to more than 29,000. The

number in New York state rose from 10,000 to 15,000.

Johns Hopkins University data show the US has the

fourth-largest number of cases globally.

‘We have to

provide real

relief to

workers and

hold

[companies]

accountable’

MAKE A SMART INVESTMENT

Subscribe to the FT today at FT.com/subscription

STOCK MARKETSS&P 500 Mar 302365.932361.13prev %chg0.20WorldMarkets

Nasdaq CompositeFTSEurorst 300FTSE 100Euro Stoxx 50Dow Jones Ind7369.5220703.38 20659.32 0.211500.725902.743481.675897.557373.72 -0.063475.271493.750.180.470.

FTSE All-ShareCAC 40Xetra DaxNikkeiHang Seng19063.22 19217.48 -0.804011.0124301.09 24392.05 -0.3712256.43 12203.00 0.445089.645069.044011.80 -0.020.

FTSE All World $297.99297.730.

$ per ££ per €$ per €CURRENCIES1.074Mar 301.2490.8591.0751.241prev0.

¥ per $¥ per £SFr per €€ indexCOMMODITIES111.295 111.035139.035 137.82289.046 89.3721.0691.072$ index€ per $£ index¥ per €£ per $€ per £SFr per £Mar 30104.636 103.930119.476 119.36376.705 76.9511.2440.9321.1640.801prev0.9301.1551.2380.

Oil Brent $Gold $Oil WTI $Mar 3050.221248.8052.981251.10prev52.5449.511.430.84%chg-0.

UK Gov 10 yrGer Gov 10 yrUS Gov 10 yrINTEREST RATESprice100.4698.8798.681.212.38yield0.390.00chg-0.03-0.

Jpn Gov 10 yrUS Gov 30 yrGer Gov 2 yrFed Funds E 0.66100.14price100.45102.58-0.752.99prev0.060.660.010.00chg0.000.

US 3m BillsEuro Libor 3mUK 3mPrices are latest for editionData provided by Morningstar-0.360.340.78-0.360.340.780.000.000.

L AandaAboastaLJENNIURA N O Oondoni£37,FER TfulHOMNAN —nvestment000fineinthefirstcaseofWhatsAppmePSO N —DUB L I NLO N D O Nbankerssagehascosthisjob

rThefinebynicchatapp.egulatorsationsovercratheckingdownoncomFinanFacebookcialCon’spopularmu-duct

Astaff’sprthatnSevuthorityoblemeedtomocommunerallanewmehighlightsrgeidiaposenveicanitortion.stmentandartheforcochivebankshaveincreampaniessingtheir

bannedemainformationinencryptionccecludingssedwployithoutpWhaovermesystemtsApp,eesfromermthatcissionfromwhichssagingsendingannotbeusesanservicesclientthe

Whauser.tsAppfromeutscheDBankworlastyk-issuedBearbannedlack-

iesbanker,passedconfidentialclientainformationtoa“pBerrysanceChristopherandafterdiscussionswfriend”Niehaususingersonal,aformerJithrWhatsAppacquaint-egulators.effer-,

accordingtoconMrtoTheFCAsaidMrhisNiehausfidentialemployervinformatheFCA.hadturnedoluntationonNiehausTherrily.overegulatorhadthemehisdesharedsaidvicessag-

ingbutnewmelastyearto“Sevsystem“onanumberofotheeralsituationhasdiafromwbankshavebimpress”peobecomeork-annedissueddeple.ccatrickierasthesions”vices,useof

issuedbanksmovetowaclamasdeiPhone-lovice”ppeddownonBlackBolicy.erryvingitsrdsa“staffs.GoldmanSaspurnstaff’sbringyourownphonetheirwchsbillsork-has

areBantypicallykersattwointrainedinhowtostitutionssaidusenewstaff

meChpribandiaatwoambAndrewBodvatepeophones.plefromers,saidrk,butnartheinstallinga,abarristeratMabanksareuncaseset“apreceppsontheirdentabletotrix

else”.insaincludedthatitIngingformashowsappsasthetiontheFCAssharedbyMridenthesameasevtityandeesdetathesemes-Niehauserythingilsofa

clientandhismefferies.InoastedhowhembJMrortgageiNiehauswasinformonefadealwasationabinstanceightbesuspabletopayoffsucceendedfromJtheoutarivalofbankerssful.ef-

feriesandreacebookFtionoforJcomment.efferiesdeclinedtofadisciplindisignedbdnotrespondtoarequestaryprocess.eforecommentthecomwhileple-

AdditiLombardonal reportpage 20ing by ChloeCornish

City wabanker lotchdog seses job over WhndsaclearatsApp boastmessage as

averCongreonattempt to tApril 28 have retaUS gthe US-Messional Reoverackxico border on topubsisted Dfunds to pay for a wnmentlicans seshutdonald Town aftereking torump’sall

stopgap spending platime since 2013, as Dforcdefethathis plnce and border speeafederalannedshutd$33bnns.emocrats rown forincrndingThey fease inthe ficouldefuseearrst

Trump attUS budgettoacceptthe proposaQ&Aackoverandhealth billls.iPAGE 8

Shutdown risk as borderwall bidgoesoverthe top

FRIDAY 3 1MAR C H 2 017

BriefingEuropeidealmUSbargain-haking,asUShasbecomeuntersthecombigpaniestargetfuelrideaEuropeforcrTrump-fuelledoss-bM&Aorder

AequitytlanArepRepiortonhowtic.ort outmarket— PAGE 15; CHlines lrallytothehealthINAhuntonger NHS wCURBSservicecanforHITbargainsDEALS, PAGE 17aiting tsurviveacrossimesthe

moreion-nsomeEmergingsurgicalproceurgentopausterityhaserationsandnations in resaiddureswpatientswforA&Etreaillbecord debtscrapillwaitped.tmentwlon— PAGE 4gersaleshilefor

Devemergingmovernmenttakingadgelopingvantageofacountrieshavedebtinarketsasthetradebooms.surgeinfirstsoldreoptimismtowquarterof— PAGE 15cordlevthisyear,elsofard

iinLonAreplannedoruncord455London tsurveydon.Whasrevtallorkbowerderbuildingsareealedconplans breganonstructhatationeak records

almiTheUSsecrduring2Tillersonostonetowe016.etaryof— PAGE 4fails toraweekstateeasehasfaTurkey tiledtoreensiconcileons

tenieTaxtraditionofyyipEsionsTo shiba irdoganonafternvestorsclericFtalksinAnissuesinethullahdoubt revivalkarawcludingSithPreGulen.— PAGE 9yriaandsidentReplanthecep

InafiledmanandstormyforCcastagerso–adoubtonarevivalhapter11three-vinganentrhourmebankruptcypreting,inveenchedsecrecyplanafterWeotecstorstion.stincultureaccused— PAGE 16ghouse

iMs,inamovetoemntitleseedsofTheHSBC woos tsuchas“banktrahasunvnsgenMx”,inaeileransgenderderbracedivdarangeofcustomdditiontoMr,ers.ersityand— PAGE 20customersgeder-nMrs,ncatertoeutralMissorthe

Datawatch

UK £2.70 ChannelIslands £3.00; Republic of Ireland €3.

Crinted in LonNorankfurt,FPhicago, San©THE: 39,FINANCIAL^435 Brussels, M★Francdon,isco, WLiverpool,ilan,Madrashington DC,TIMES LTDGlasgow,id,New York,Dublin,^2017 Orlando,

Tokyo, Hong Kong,Singapore, Seoul, Dubai

Subel: 0800TwwFw.ft.or the latest news go toscribecom/298 4708subscribeIn pnowrintand online

http://www.ft.com

Recent attnotablymassAnders BrNorway,acre bythe 2011theacks —eivik in

att acks in ParisBrusandbombibucked the trselsngs—haveNice, andsui cidetheend

Sources: Jane’s Terrorism and Insurgency Centreof generfat alities fromterrorwestincidents inern Europeallylow

Terror attacks in western EuropeHighlighted attackOthers

NorwayParisBrusselsNice

A Five StarIt aly’s pthe pooropulists are tr— B I GREAD, PAG E 1 1plan?ying to woo

WORLD BUSINESS NEWSPAPER

Trump vspoliTechtical risktit ans need to mini—GILL I A N T E T T, PAG E 1 3the Vamiselley Dear DletterMay’s first stab at the br— ROBE RTon...SHRIMSLE Y, PAG E 1 2eak-up

Lloyd’sofLondonexcitiesinEU base to help deal wselsover“fiveorpecteditsdelossofpacisiontochoseBsix”setupansspith the ortingotherrus-

rightscenturies-ket,saidheexJohnNafterBreoldelson,xit.chairmanofinsurapectedncemar-otherthe

illbereinsuredbacktoheadquayndicatesatswbusinessinsurerstorters,writteninitsfollow.MpicCityofLoturedabove.ostofBrusselsndonthethe

beenseenasgrLondon’ssTheBelgiancapitalhadnotoupsafterpeciathetheUlistinfirstKlechoiceavessurancethefor

EU,witshMrNboomesurgtransportthoelsonithDforughttobemorethesaidublinlinks,taindustry.theandLuxcitywononlentpoollikelyem-But

and“etoryrLexInsurers set to followpage 14xtremelygoodreputation”.page 18egula-

Lloyd’sofBrutotapnewtalentpoolwithEUbasesselsInsurancemarket

AFP

A MESJdutiAmomputercayesandnotbeBLITZclearimposystema— WabletohHITEHAL L EcquiredtortsintoandleDITO RtheUKthehugecollect

surgledmittedtoMPs.amentaravesHMeinwoRevyinquirythatthenewtheEU,enue&CustomstoldaparkloadexcustomspectedauthoritieshaveonceBritainsystemrlia-

conMinsaidmeededtime“hascoarch2019,wpleted,confidenceitwourgentacandllapsed”.henBrethetiontobereadybychairofuldbeopxitistheprobeduetobeerational

BritisincBhasxitSettingupadigitalcustomsrereaseindehpobeenatplanrtswhenningtheclabecaheartofrationsextheUKuseofWhitehall’sleavespectedatthefivefoldsystemtheEU.

chThesicoecksAbout53permefromtheEU,anddongleresaMayabecausemarketandnnouncedinJtheycentofBcustomsarriveritishimportsunion.throanuarynotrequireughthatButthe

Botcustomdbxitwhit3reotheclaratradingsun00m.tionsayouldincludeion,blocs.earthenumberisexbut,oHMRChdeparturefromnceandlesoutsidepectedthe60m

hoswhethelicallTherevedCkelytotofrustomsDeregulatoryrWhitehallcanimthrowaelationsabclarationsharperspegimeouts—inartheService,areplemotlightonsystem,entaeas

ranginssentialtoBretoatimeProeBritainblemsgricultureandgfromleaveswithxitcustomsCDSandtheEU.couldforceLoandfisheries—byimmigrationotherprojectsndontothe

EUadjustoughttohaveanimourownmuch,aWhitehallharderitsnegocustomsthanweantiaofficialsationposystemispropactonhowweid.ticipated,sition“Ifwithrunningvingthethat

pressdelivoftheCommonstreasuryselectcom-mInaittee,eringCDSwas“forlettertocertainHMRCAndrewoptionsinBsaidtheTyrie,chatimetablellenrussels.”chairmangingbutfor

achieHMRClinkedtodotemstoworkpropcomplexprassigneda“greenvable”.But,itogramme”zensofoadded,erly.InNthercothatntrafficmputereededtobeCDSwas“aovember,light”tosys-

coCDS,time.Butlastmbeenrmeansmmitteesaindicathereare“majorelegatedto“tingitwyingouldbeonth,itwrotetothepramber/red,”wogrammehadrisksordeliveredonissueshichthe

anditwatracktobeinternationalpparHMRCsaidlastillbeentinanumbero£eyardeliveredbyJanabletotradeonight:“[CsupportncetheUKfricuaryeas”.DS]isonleavestio2019,nless

fotheEU...IntomakeceHMRC’sssfulcusandredelivsureletterstoery.”thateachprojectternalsourceitreratingsaredetheselectquirescomforgetssignedsuc-themit-

tee,videnoecausedbychange,siontowhichleavebutsomeMPsbtheEUwillbexplanaMrsMay’scustomsunion.tionpublishedtoday,pro-unexforelieveitwaspecteddetheratingci-

EditoTimetablPhilip StScJPMorgan eye ophemriale toComment & Ne&Great Repephens&Chrisimport EU lawstionsotebookGilespage 18eal Bpage 3illpage 13page 12page 2

HMRC warns

customsrisks

being swamped

by Brexitsurge

33 CoFivefoldnfidenceinITplans‘riseindeclarationsexpectedhascollapsed’

STOCK MARKETSS&P 500 Mar 312367.102368.06 -0.04prev %chgWorldMarkets

Nasdaq CompositeFTSEurorst 300FTSE 100Euro Stoxx 50Dow Jones Ind7322.9220689.64 20728.49 -0.191503.035918.693495.595914.347369.52 -0.633481.581500.720.400.150.

FTSE All-ShareCAC 40Xetra DaxNikkeiHang Seng18909.26 19063.22 -0.813990.0024111.59 24301.09 -0.7812312.87 12256.43 0.465122.515089.644011.01 -0.520.

FTSE All World $297.38298.11 -0.

$ per ££ per €$ per €CURRENCIES1.070Mar 311.2510.8551.0741.249prev0.

¥ per $¥ per £SFr per €€ indexCOMMODITIES111.430 111.295139.338 139.03588.767 89.0461.0711.069$ index€ per $£ index¥ per €£ per $€ per £SFr per £119.180 119.476104.536 104.63677.226 76.705Mar 310.8000.9351.1691.252prev0.9321.1641.2440.

Oil Brent $Gold $Oil WTI $Mar 3150.461244.8553.351248.80prev53.1350.350.220.41%chg-0.

UK Gov 10 yrGer Gov 10 yrUS Gov 10 yrINTEREST RATESprice100.3598.6399.271.222.41yield0.33-0.01chg0.02-0.

Jpn Gov 10 yrUS Gov 30 yrGer Gov 2 yrFed Funds E 0.6699.27price100.36102.57-0.753.04prev0.070.660.010.00chg0.000.

US 3m BillsEuro Libor 3mUK 3mPrices are latest for editionData provided by Morningstar-0.360.340.78-0.360.340.780.000.000.

ALEX BAST E FA N WAG ST Y LstanceinBreTheEUyesterdaytookatGEORGE PARKERRKER— B R U Sxitne— L—gotiatBERLINOND O NSEL Soughopions,rejectingening

arEuropeanCeBritain’sxplicitlygivrangementspleaforearlyouncilpreingthataSpainavetopplytotradetasidentDonGibraltar.overanylksandald

Tusk’stheroadtoBre“phasedwhichareanimportantain’sexapprfirstpecdraftofoach”totationsbyxit,soughttodthethedivorceproc-settingoutamileguidelines,ampBstoneonrit-

essdealscSpaindrawalThedethattheterms.overingrighttovcisiontoprioritisesprGibraltarcoaddetoanyogressonwtheclaEU-UKuldmakeusegitradevingith-the

300-MayearterritorialdisputebetweendridandLondonanobstacleto

amtrGibraltaryefullyclause,saeatmentbybitiousbeenyingtradeandsingledthethesterdaycouncilatoutterritoryairlineaforunfavohitbackatthebhad“ccessurableshame-ehestofdeals.the

Spain”.MaSeniorEUclause,pthe“MrTusk’stexttraditionalointingdridleftroomfornSpaoutdiplomatsdefendedthatitonlyrnishposition”.notedegothetiatorseflectedthatdraft

wastowthatminrgely“la“withinorkwistertheEUconTheresaMay’sithinstructive”,wthepanegotiatingcomingmorametersofithonesaalliesstancewasnths.insistedwhatweyingitPrime

insistenceonawereexBupside”.EuropeanCoritishpecofficialsating,purtofJconerhapsmoreondmittedusticeinanytinuingrthatoletheEU’stransi-forthethe

tionBrusselssdealcouldbeproeeslittleroomforblematic.compro-

msupervisoryandenforcementinstru-Brestatusrequire“exit,ise.IfBwithinthexistingrritainwantstoproguidelinestheegulasinglemarketstateitwtory,budgetary,longafterouldits

mentsandhascitizentobbeenmadeonBeginonlyonce“MrTuskwantsrights,wstructurestoatalksonhichsufficientprritain’seWhitehallopply”.futurexitogress”billandtradefficials

bNatoelievemossibleifpreaBossuredEuropeansummitinrisJohnson,certaineanssimtheforBrusselsconultanecolleaguesataditionsareeignsecrthatoustalksaremet.MrsMayetary,

afterBrehadnotinRepwhenJonaorts &shethan Powell,xitwanalysislinkedsetendedtoithatradeTimcurityco-oppage 3Harford &“threaten”deal.ertheEUation

Man inHenry Mthe News: Daancepage 12vid Davispage 11

Br usselswithSpain htakes tough sanded veto over Gtance on Breibraltarxit

wage to £7.50 per hour. Butwhich wwill ptoday’sAbout 2.3m peile preincreill have to pay caressure on Eoplease inthe natwill benenglishionalworkers acouncils,thefit fromriseliving

lotstanew living waged 25 andexpected to cost co—amore. Some 43 permounting to 341,ageover —anduncils’ care searn less tthecent of careincr000 peopleease iserviceshanthe

£360m inAnalysisiPAGE 4thecomingfinancialyear.

Livingpressure onwage rise to pcareservicesile

UK £3.80; ChannelIslands £3.80; Republic of Ireland €3.80 S ATURDAY1APRIL/S U N DAY 2 APRIL 2 017

©CNoFPrankfurt,THEhicago, Sanrinted in Lon: 39, 436 FINANCIALBrussels, M★Francdon,Liverpool,isco, Wilan,Madrashington DC,TIMES LTDGlasgow,id,New York,Dublin, (^2017) Orlando,
Tokyo, Hong Kong,Singapore, Seoul, Dubai
SubTwwFor the latest news go tow.ft.el: 0800scribecom/298 4708subscribeIn pnowrintand online
http://www.ft.com
Censors and sensitivityWarning: this article may be upsetting — LIFE & ARTS
(^) H OW D RIVER LESS
T E CC H A NHNO LO GYGIN G A N I S
A MERICAN WAY OF LIF E
T H EO F T END H E
R O A D FT WEEKEND MAGAZINE
Escape the taper trapHow high earners can evade a pension headache — FT MONEY
The lure of the exoticRobin Lane Fox on the flair of foreign flora — HOUSE & HOME
How To Spend It
(^) Chic new lodgings
in ScotlandMAGAZINE
Art of persuasoverdisputedpainionting of Jane AusMystery deepensten
Austen’sdescendantsinsisttheRiceportraitdepictsherasagirl—seemagazineBridgeman Art Library
RweDCsUNC A N RreA LPH ATepingditSuissetaxinveOBINSO NKINS— Z Uhas— B R U S SRIC HstigabeentionsintargetedbyELStheUK,
FcitbimageaTheSwoackSwrs-operatinganceandsataxhavitzerland’sissbanksaidyewithatheNattemptstoetherlauthoritiesaen.nds,sterdayitcleanupsettingfterwasits
“oconcerningwpartfficesinLoDeresinGermanywerealsoinvolved,utchacontactedbylouthondon,Paclienttaxmaritiessaidrisandcaltters”.theircoAmsterdamofficialsunter-
wtoovsaiditwasinveeffTheohileAerhaulrtsbyinqustrauiriesthebusinessmolia’srevcountry’sstigathreatentountingaSwenuebankdelsandenissbank.departmentdermineingsectorsure
dcusteqrbillionownoneTheprouiremomersmeetsofentsfobesdollarsinvaders,wriskllowinternasparkinganfines.ingahichreUS-ledtionalsultedininterna-clamp-tax
menttionageEntionscocU’seral’sojudicialal”disputeathatithad-ordinatedbyEurojfficeeliaisonbody.fterxprebeentheSwissssed“aleftoutofattoust,stonish-rney-thethe
sublandcenCretyes,Frajectofinveditsterday,Suisse,wnceandstigahoseidentionsintheUK.tifiedsharesThebtheNfell1.2peritselfasanksaidether-the
itlaunchedagatherinforcomfollowed“aHMpliance”Revcrimmationaboutenue&Customsbutwasstrainalinvetegyostigaffullstilltheprosaiditclienttiontryingtobes.hadtaxinto
taxsuspectedandderingby“areachofcertainoauthothisiritytaxefitsadded:nveglobalvasionandmoneyemployfinastiga“Theintionncialinees”.sendsaternstitutionTheUKationallaun-clear
meingsthoseseekaction,Dutchprssageandgoldsaidthatingtoevadetax.”osetheycutors,whointhereisnoseizedjewingotsaspartofhidingellery,paitiatedplaceint-theirthefor
probe;Switzerlandinvethousataxastigationhadrevuthorities.nd”bankawhileFrenchoandnotdeccountsopenedinealed“sevclaredtofficialssaidFrenchtheireral
delibopsaiditwas“ademeraTheSwissattorney-general’sofficeerateexandetionhasdawstoclusionofrittenenishedatbeenorganxplanationfromSwitzerlaisedwthewaynd”.Itiththisthe
Dinevadetax.ItagrranIn2014,CretheUStoan“eutchagingcuthorities.onspiracy”toditeedtofinesof$2.6bn.Suissextensivepleadedhelpandwide-guiltyclients
in PHouDublin,Additional rearislder inCarLondon,oline Biporting byand MnhamLaura Nichaeland VStotoonan inanessahard
Credit Suisse
engu lfed in
f 3 reshUK, France and Nethertax probelands swoop
3 Blow for bid to clean up Swiss image
FEBRUARY 4^2
017
THE RISE OF ECO-GLAM
390_Cover_PRESS.indd 1 19/01/2017 13:
MARCH 23 2020 Section:World Time: 3/202022/ - 18:48 User:david.owen Page Name:WORLD1 USA, Part,Page,Edition:EUR, 2, 1