Financial Times UK - 18.09.2019

World Markets

STOCK MARKETS

Sep 17 prev %chg

S&P 500 2998.76 2997.96 0.

Nasdaq Composite 8159.58 8153.54 0.

Dow Jones Ind 27046.53 27076.82 -0.

FTSEurofirst 300 1529.21 1529.26 0.

Euro Stoxx 50 3522.44 3518.45 0.

FTSE 100 7320.40 7321.41 -0.

FTSE All-Share 4027.31 4028.79 -0.

CAC 40 5615.51 5602.22 0.

Xetra Dax 12372.61 12380.31 -0.

Nikkei 22001.32 21988.29 0.

Hang Seng 26790.24 27124.55 -1.

MSCI World $ 2195.88 2205.81 -0.

MSCI EM $ 1027.08 1026.61 0.

MSCI ACWI $ 525.56 527.63 -0.

CURRENCIES

Sep 17 prev

$ per € 1.105 1.

$ per £ 1.248 1.

£ per € 0.885 0.

¥ per $ 108.205 108.

¥ per £ 135.077 134.

SFr per € 1.099 1.

€ per $ 0.905 0.

Sep 17 prev

£ per $ 0.801 0.

€ per £ 1.130 1.

¥ per € 119.561 118.

£ index 77.012 76.

SFr per £ 1.241 1.

COMMODITIES

Sep 17 prev %chg

Oil WTI $ 60.30 62.90 -4.

Oil Brent $ 66.11 69.02 -4.

Gold $ 1497.20 1503.10 -0.

INTEREST RATES

price yield chg

US Gov 10 yr 128.81 1.80 -0.

UK Gov 10 yr 148.59 0.62 0.

Ger Gov 10 yr -0.48 0.

Jpn Gov 10 yr 119.47 -0.16 0.

US Gov 30 yr 109.23 2.26 -0.

Ger Gov 2 yr 101.01 -0.72 0.

price prev chg

Fed Funds Eff 2.13 2.40 -0.

US 3m Bills 1.99 1.96 0.

Euro Libor 3m -0.42 -0.42 0.

UK 3m 0.78 0.78 0.

Prices are latest for edition Data provided by Morningstar

C HR I S G I L E S— ECONOMICS EDITOR

The appointment of the next Bank of

England governor is set to be pushed

back until after the next general elec-

tion, and Mark Carney could be asked

to extend his term in the event of Brexit

being delayed again, according to peo-

ple briefed on the matter.

Ministers look increasingly unlikely to

hit the government’s deadline of mak-

ing an announcement on Mr Carney’s

successorthisautumn.

One Whitehall official said the proc-

ess of choosing the next BoE governor

was going “very slowly” and an

expected election in November or

December made it likely that a decision

would not be made until a new govern-

mentwasinplace.

Two officials said that if Brexit was

delayed beyond October 31 then the

Treasury might ask Mr Carney to

extend his term, which is due to end on

January31.

A panel of senior civil servants has

sent the Treasury a shortlist of candi-

dates after interviewing applicants over

thesummer.

The shortlist, which did not rank the

candidates, is thought to include Shriti

Vadera, chair of Santander UK; Andrew

Bailey, chief executive of the Financial

Conduct Authority; Minouche Shafik,

head of the London School of Econom-

ics;andBenBroadbentandJonCunliffe,

bothdeputygovernorsattheBoE.

The shortlist did not include Gerard

Lyons, a Eurosceptic economist and

adviser to Boris Johnson when he was

Londonmayor,whoappliedfortherole.

John Kingman, the chair of Legal &

General who has been repeatedly linked

with the BoE governorship, said yester-

day that he had not applied for the job.

The government is heavily focused on

trying to secure Brexit on October 31.

People briefed on the matter said minis-

ters did not want to make a decision on

Mr Carney’s successor until it was clear

whethertheUKwouldleavetheEUwith

or without a deal since this would have a

significant influence on the choice of

candidate.

People with government experience

also said no serious candidate to be BoE

governor would agree to be appointed

withanelectionlooming.

Jill Rutter, a former civil servant who

has worked in Downing Street and the

Treasury, said: “A sensible candidate in

good standing would be very reluctant

totakethejobinthesecircumstances.”

The Treasury and the BoE declined to

comment.

Shortlist takes shapepage 3

Carney’s BoE departure date thrown

into doubt by looming general election

Amber Rudd’s pledge that applying for

settled status in the UK would be as

simple as ‘setting up an online account

at LK Bennett’ has not come true for

many EU citizens. As Britain’s October

31 deadline for departure from the bloc

approaches, uncertainty is growing for

many and the European Parliament is

tomorrow due to debate a resolution

expressing its ‘concern’. The FT has

spoken to many EU nationals whose

anxiety levels are rapidly rising.

AnalysisiPAGE 2

EU citizens unsettled by

paper chase for status

WEDNESDAY 18 SEPTEMBER 2019

Briefing

iSirius bond problems threaten mine plan

A $5bn plan for a big potash mine under the North

York Moors has been plunged deeper into doubt

after the developer pulled a $500m bond issue. Its

shares fell 60 per cent to 4p.— PAGE 13; LEX, PAGE 12

iWeWork boss humbled as IPO called off

Chief executive Adam Neumann has said he was

humbled as the listing of his lossmaking property

group was aborted, admitting he needed to learn

lessons about running a public company.— PAGE 13

iLloyds and Schroders launch price war

The groups’ joint wealth management business is

poised to launch a price war against rivals that will

heap pressure on St James’s Place, undercutting its

rival’s charges for new customers by half.— PAGE 18

iCop cameras train Facebook computers

The social media network has

said it will give cameras to

Metropolitan Police officers so

it can use the footage to train

its computers to recognise gun

attack videos.— PAGE 2

iDutch turn on taps after stimulus call

The government has revealed a budget to cut taxes

in one of the most fiscally conservative EU states.

ECB chief Mario Draghi has led calls for rich nations

to aid recovery.— PAGE 7; EDITORIAL COMMENT, PAGE 10

iFed stumps up $75bn to ease pressure

The central bank has made the first intervention of

its kind in more than a decade as it sought to ease

funding pressures caused by a sudden scarcity of

cash inside the US financial system.— PAGE 4

iSpain heads for election as talks collapse

Caretaker prime minister Pedro Sánchez has failed

to gain the support of radical leftwing Podemos and

pro-market Ciudadanos, setting the country on

course for its fourth election in four years.— PAGE 6

Datawatch

UK £2.90 Channel Islands £3.20; Republic of Ireland €3.

© THE FINANCIAL TIMES LTD 2019
No: 40,198★

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Party poopers

Number of MPs changing party, by

ailiation at start of each parliament



























Labour Conservative

Other

Year parliament started

Excludes multiple changes of party

Source: House of Commons library, FT research

WORLD BUSINESS NEWSPAPER

48 MPs have

changed party

since 2017. The

Independent

Group’s formation

in February and

withdrawal of the

whip from 21

Tories this month

produced the most

changes since the

1981 defections

from Labour to the

Social Democrats

A N D R E W E D G E C L I F F E- J O H N S O N
A N D B I L LY N AU M A N— NEW YORK

Climate activists are wasting their time
lobbying investors to ditch fossil fuel
stocks, according toBill Gates, the bil-
lionaire Microsoft co-founder who is
one of the world’s most prominent phi-
lanthropists.
Those who want to change the world
would do better to put their money and
energy behind the disruptive technolo-
giesthatslowcarbonemissionsandhelp
people adapt to a warming world, Mr
GatestoldtheFinancialTimes.
“Divestment, to date, probably has
reduced about zero tonnes of emissions.
It’s not like you’ve capital-starved [the]
people making steel and gasoline,” he
said. “I don’t know the mechanism of
action where divestment [keeps] emis-

sions [from] going up every year. I’m

justtoodamnnumeric.”

Pension funds, the Church of England

and even a vehicle for the Rockefeller

family’s oil fortune are among a growing

group of investors that have divested

their fossil fuel holdings in recent years,

driven by a belief that finance can be a

tooltocombatclimatechange.

But Mr Gates questioned the divest-

ment movement’s “theory of change”,

arguing that investors who want to use

their money to promote progress will

have better results by funding innova-

tive businesses such asBeyond Meat

andImpossible Foods, two alternative

proteincompanieshehasbacked.

“When I’m taking billions of dollars

and creating breakthrough energy ven-

tures and funding only companies who,

if successful, reduce greenhouse gases

by 0.5 per cent, then I actually do see a

causeandeffecttypething,”hesaid.

Activistssaidargumentsagainstfossil

fuel divestment miss a larger point. The

ideaisnottostarvecompaniesofcapital

but to remove their “social licence to

operate” and make it easier for govern-

ments to act on climate issues by break-

ing the fossil fuel companies’ hold on

politicians, according to US-based cli-

mate group 350.org, which has signed

up more than 1,100 investors to pledge

toeliminateorcutfossilfuelholdings.

The theory is based on the movement

to divest from South Africa in the 1980s,

according to Richard Brooks, divest-

ment campaigns co-ordinator at

350.org. “We looked at campaigns that

created real change,” he said. “The tak-

ing down of the apartheid system was

linked to the divestment movement. It

wasn’t the sole contributor but it was

definitelyacontributingfactor.”

The Bill & Melinda Gates Foundation

yesterday released its “Goalkeepers”

report to gauge global progress towards

the UN Sustainable Development Goals.

At next week’s meeting of the UN Gen-

eral Assembly, world leaders will pledge

to hit these goals by 2030. But Mr Gates

said: “We’re nowhere near improving

fast enough to reach those goals... It is

a terrible injustice that the people who

suffer the most are the poorest farmers

in the world. They didn’t do anything to

cause climate change, but because they

rely on rain for their livelihoods, they

areatthefrontlinesofcopingwithit.”

Robin Hardingpage 11

Gates says fossil fuel divestment

campaigners wasting their time

3 Microsoft founder speaks out 3 Call to fund innovation instead 3 Activists hit back

Bill Gates

has backed

Beyond Meat

and Impossible

Foods, two

alternative

protein

companies

Shutdown

Judges weigh

Johnson move

Anti-Brexit campaigner Gina Miller
walks out of the Supreme Court in Lon-
don yesterday where judges are consid-
ering whether Boris Johnson’s decision
tosuspendparliamentwaslegal.
The Supreme Court will hear appeals
over three days from two separate
challenges to the prime minister’s
actions — one from Ms Miller and the
other from Scottish courts. If the court
finds against the government, Mr John-
son will have to answer the charge that
hemisledtheQueen.
The government argues that the cases
should not be reviewed by the courts. It
is only the second time in the court’s
10-year history that 11 Supreme Court
judgeshavesattogether.
Full storypage 2
Kirsty O’Connor/PA

Martin Wolf

Citizens are being failed by rentier

capitalism— BIG READ, PAGE 9

Anybody out there?

Why contacting aliens would be

total madness— ANJANA AHUJA, PAGE 11

Trump’s big mistake

How pulling out of Iran deal spurred

Saudi attack—ROULA KHALAF, PAGE 10