science and technology Paul Volcker's message for the next generation By play.acast.com Published On :: Tue, 10 Dec 2019 16:43:48 GMT Paul Volcker, who died at the weekend, was one of the most influential monetary policy makers of the 20th century. The FT’s Gillian Tett spoke to the former central banker at his home in New York last year about his views on good government, regulating finance and US China relations. In this podcast, she shares some excerpts from the conversation.Contributors: Katie Martin, markets editor, and Gillian Tett, chair of the FT editorial board (US). Producers: Fiona Symon and Aimee Keane See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Malta murder case throws spotlight on corruption in Europe By play.acast.com Published On :: Wed, 11 Dec 2019 18:02:44 GMT Allegations of high-level corruption have convulsed the Mediterranean island state of Malta and shocked the rest of Europe. Public anger has been unleashed by dramatic recent developments in the investigation into the killing of the journalist Daphne Caruana Galizia in a car bomb attack in October 2017. Ben Hall discusses the wider repercussions of the case with Josephine Cumbo and Michael Peel. Contributors: Ben Hall, Europe editor, Josephine Cumbo, pensions correspondent, and Michael Peel, EU diplomatic correspondent. Producer: Fiona Symon See acast.com/privacy for privacy and opt-out information. Full Article
science and technology China steps up bid for tech self-reliance By play.acast.com Published On :: Sun, 15 Dec 2019 11:27:10 GMT Beijing has ordered government offices and public institutions to remove all foreign computer equipment and software within three years as part of its bid for self-reliance in office technology. Malcolm Moore discusses the ramifications for Chinese and US companies and for the global supply chain with the FT’s Yuan Yang in Beijing.Contributors: Malcolm Moore, technology news editor, and Yuan Yang, Beijing technology correspondent. Producer: Fiona Symon See acast.com/privacy for privacy and opt-out information. Full Article
science and technology New UK government brings change and uncertainty By play.acast.com Published On :: Wed, 18 Dec 2019 10:58:17 GMT Last week Boris Johnson lead the conservative party to its biggest victory in over 30 years on a promise to “get Brexit done”. What should the UK expect from its new government and how has business reacted to the election? George Parker and Adam Samson talk to Siona Jenkins about what the next five years could bring.Contributors: Siona Jenkins, editor, UK news, George Parker, political editor and Adam Samson, global head of Fast FT. Producer: Persis Love. Photo credit: Leon Neal/PA See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Trump exposed By play.acast.com Published On :: Mon, 23 Dec 2019 11:00:00 GMT Two recent books about the Trump administration have shed a damning light on the character of the man who occupies the White House. The FT’s Edward Luce and Frederick Studemann discuss Crime in Progress by Glenn Simpson and Peter Fritsch and A Warning by Anonymous. You can read Edward Luce’s review of the books here.Contributors: Frederick Studemann, literary editor and Edward Luce, US national editor. Producers: Fiona Symon and Persis Love. Photo credit: Allen Lane/Penguin Books, Twelve Books See acast.com/privacy for privacy and opt-out information. Full Article
science and technology The year business went 'woke' By play.acast.com Published On :: Fri, 27 Dec 2019 05:00:00 GMT 2019 was the year when Saudi Arabia launched a long awaited share offering in state oil company Aramco, when Softbank lost its gloss, when accounting giants tightened their belts and when capitalism went 'woke'. Janine Gibson discusses the corporate year and what it spells for next year with Tom Braithwaite and Brooke Masters.Contributors: Janine Gibson, editor, special projects, Tom Braithwaite, companies editor, and Brooke Masters, comment and analysis editor. Producer: Fiona Symon See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Carlos Ghosn: The Great Escape By play.acast.com Published On :: Fri, 03 Jan 2020 17:36:30 GMT The former boss of Nissan and Renault has performed a stunning vanishing act. Earlier this week, he fled from his house in Tokyo and took a private jet to Lebanon, evading bail conditions, police, prosecutors and private detectives, and avoiding a trial on charges of financial misconduct. How did a man under constant surveillance and with one of the most recognisable faces in the country escape the Japanese authorities? Leo Lewis and Tom Braithwaite discuss the story.Contributors: Tom Braithwaite, companies editor and Leo Lewis, Tokyo correspondent. Producer: Persis Love. Photo credit: Eric Piermont / AFP See acast.com/privacy for privacy and opt-out information. Full Article
science and technology What happened between the US and Iran? By play.acast.com Published On :: Tue, 07 Jan 2020 15:57:40 GMT Iranian military leader and commander of the Quds Forces, Qassem Soleimani, was killed on the 3rd of January in a targeted US air strike at Baghdad airport, Iraq. What did Soleimani mean to Iranians and why did the US order the airstrike that killed him? Najmeh Bozorgmehr discusses the story with Andrew England.Contributors: Andrew England, Middle East editor and Najmeh Bozorgmehr, Tehran correspondent. Producer: Persis Love See acast.com/privacy for privacy and opt-out information. Full Article
science and technology The dwindling global telecoms dream By play.acast.com Published On :: Fri, 10 Jan 2020 11:00:00 GMT Two decades ago, international telecoms companies came close to dominating a global market. Nowadays however, the vision of a global telecoms company seems to be dwindling. Patricia Nilsson and Nic Fildes discuss why.Contributors: Patricia Nilsson, media correspondent and Nic Fildes, telecoms correspondent. Producer: Persis Love See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Mitsotakis surfs wave of optimism in Greece By play.acast.com Published On :: Mon, 13 Jan 2020 17:18:19 GMT After years of economic pain, Greece is in an upbeat mood. But can the country’s fresh political leadership overcome deep-seated problems holding back growth? Katie Martin discusses this question with Kerin Hope in Athens and Ben Hall, Europe editor.Contributors: Katie Martin, capital markets editor, Kerin Hope, Athens correspondent, and Ben Hall, Europe editor. Producers: Persis Love and Fiona Symon See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Exposing the problem with default data By play.acast.com Published On :: Wed, 15 Jan 2020 11:25:47 GMT Caroline Criado-Perez won the latest Financial Times and McKinsey Business Book of the Year Award with her book Invisible Women: Exposing Data Bias in a World Designed for Men. She spoke to Andrew Hill, the FT’s management editor, about the consequences for women and for society as a whole of using men as the default model.Contributors: Andrew Hill, management editor, and Caroline Criado Perez. Producers: Marc Filippino and Fiona Symon See acast.com/privacy for privacy and opt-out information. Full Article
science and technology The multilateralist By play.acast.com Published On :: Mon, 20 Jan 2020 11:06:57 GMT Shortly before his departure as FT editor, Lionel Barber was granted a rare interview with Angela Merkel, whose period in office is nearing its end. In conversation with Marc Filippino, Mr Barber offers his thoughts on the German chancellor as she battles to keep the flag of multilateralism flying in an increasingly unilateralist world.Contributors: Lionel Barber, former FT editor, and Marc Filippino, audio producer. Producers: Marc Filippino and Fiona Symon See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Are financial institutions waking up to climate change? By play.acast.com Published On :: Wed, 22 Jan 2020 11:00:00 GMT Questions about the future of fossil fuels are putting new pressure on companies and financial institutions. How are they responding and should they be doing more? Pilita Clark talks to Huw van Steenis, chair of the sustainable finance committee at UBS and a former adviser to Bank of England governor, Mark Carney, and Billy Nauman, reporter for the FT’s Moral Money. Contributors: Huw van Steenis, chair of the sustainable finance committee at UBS, Pilita Clark, business columnist and Billy Nauman, reporter and producer, moral money. Producer: Persis Love. Photo credit: Saul Loeb/AFP/Getty See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Putin seeks to secure his legacy with power shake-up By play.acast.com Published On :: Sun, 26 Jan 2020 11:00:00 GMT Russia’s president Vladimir Putin has been in power for two decades and now it looks as though he intends to stay indefinitely. He has launched an overhaul of the country’s power structures that could allow him to extend his control after his official term ends in 2024. Katie Martin discusses the move with Max Seddon in Moscow and Ben Hall, Europe editor.Contributors: Katie Martin, capital markets editor, Max Seddon, Moscow correspondent, and Ben Hall, Europe editor. Producer: Fiona Symon See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Does the Fed have a communication problem? By play.acast.com Published On :: Wed, 29 Jan 2020 11:00:00 GMT The US Federal Reserve has begun to consult the public, particularly in poorer parts of the country about monetary policy. As a result, policy wonks at the central bank have begun to reconsider the impact of their decisions on communities far from the centres of power. Brendan Greeley discusses the so-called Fed Listens sessions with Patrick Jenkins.Contributors: Patrick Jenkins, Deputy Editor and Brendan Greeley, US economics editor. Producers: Fiona Symon and Persis Love. Photo credit: Alex Wong/Getty See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Holding back the floods By play.acast.com Published On :: Mon, 03 Feb 2020 11:00:00 GMT Global warming is set to cause a significant rise in sea levels as the world's polar ice melts. The Netherlands is the best-protected delta in the world, with centuries of experience in holding back the floods. As climate change takes its toll, can Dutch expertise help save the world’s cities that are most at risk? Simon Kuper looked into this question for the FT's weekend magazine and he tells Esther Bintliff what he discovered. Read Simon's magazine article hereContributors: Simon Kuper, FT columnist, and Esther Bintliff, FT Weekend Magazine deputy editor. Producer: Fiona Symon See acast.com/privacy for privacy and opt-out information. Full Article
science and technology China's battle against the coronavirus By play.acast.com Published On :: Wed, 05 Feb 2020 11:00:00 GMT The full impact of the deadly Sars-like virus that has spread across China will take time to assess. But it’s clear there will be significant damage to the region’s economies and perhaps also to the reputation of China’s leaders for failing to tackle the coronavirus early enough to prevent its spread. Andreas Paleit discusses the political and economic impact of the outbreak with Tom Hancock, recently back from Wuhan, James Kynge in Hong Kong and Sue-Lin Wong in Shenzhen.Contributors: Andreas Paleit, companies desk editor, Tom Hancock, China consumer industries correspondent, Sue-Lin Wong, South China correspondent, and James Kynge, global China editor. Producers: Fiona Symon and Persis Love. See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Can electric car pioneer Tesla maintain its momentum? By play.acast.com Published On :: Mon, 10 Feb 2020 11:00:00 GMT Shares in Elon Musk’s pioneering electric car company Tesla have skyrocketed. Tom Braithwaite discusses whether the company will be able to maintain its current momentum and hold off competition from traditional carmakers with Jamie Powell and Richard Waters.Contributors: Tom Braithwaite, companies news editor, Jamie Powell, Alphaville reporter, and Richard Waters, West Coast editor. Producer: Fiona Symon See acast.com/privacy for privacy and opt-out information. Full Article
science and technology K-pop: shaped by fans and shaken by scandals By play.acast.com Published On :: Wed, 12 Feb 2020 11:45:19 GMT K-Pop has never been more popular. However, a recent string of high profile controversies including a rape conviction and two suicides have sullied the image of the Korean cultural export. Edward White talks to Patricia Nilsson about what makes a K-Pop star, why the singers are under so much pressure, and what the industry means to the country’s economy.Contributors: Edward White, Seoul correspondent and Patricia Nilsson, Media reporter. Producer: Persis Love See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Are oil and gas turning into stranded assets? By play.acast.com Published On :: Mon, 17 Feb 2020 11:00:00 GMT Investors have begun to shun companies that make their money from fossil fuels because of concerns about global warming. So what does this mean for the oil and gas companies whose future profits depend on continuing to exploit the hydrocarbon assets they have acquired around the world? Pilita Clark discusses the implications with Lex columnist Alan Livsey and energy editor David Sheppard. Read Alan's analysis here Contributors: Pilita Clark, business columnist, Alan Livsey, Lex columnist, and David Sheppard, energy editor. Producer: Fiona Symon See acast.com/privacy for privacy and opt-out information. Full Article
science and technology The Gulf oil money flowing into sport By play.acast.com Published On :: Wed, 19 Feb 2020 11:00:00 GMT Arab Gulf leaders have been splashing out on sport. Officials in the Gulf states say the investment is part of their effort to diversify oil-dependent economies, but critics accuse them of using sport to deflect attention from poor human rights records. Arash Massoudi discusses the impact of the oil money flowing into football and other sports with Murad Ahmed, sports correspondent, and Andrew England, Middle East editor. Sign up to join Arash and Murad at next month’s FT Business of Football Summit here Contributors: Arash Massoudi, corporate finance and deals editor, Murad Ahmed, sports correspondent, and Andrew England, Middle East editor. Producer: Fiona Symon See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Iran hardliners surf wave of despair By play.acast.com Published On :: Mon, 24 Feb 2020 11:00:00 GMT Victory for Iran's hardliners in this month’s parliamentary elections has come at the cost of a despondent population suffering under the weight of renewed US sanctions. With the future of the nuclear deal in doubt and isolationist leaders in the ascendant, Andrew England, Middle East editor, and Najmeh Bozorgmehr, Tehran correspondent, discuss what happens next.Contributors: Andrew England, Middle East editor, and Najmeh Bozorgmehr, Tehran correspondent. Producers: Fiona Symon and Mehrnosh Khalaj. See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Is Trump abusing his power over the judiciary? By play.acast.com Published On :: Wed, 26 Feb 2020 11:09:27 GMT The sentencing of Trump ally and political strategist Roger Stone was mired in controversy after the US president criticised a juror and the original prosecutors in the case. The same week, Donald Trump granted clemency to seven white collar criminals. Does the president have too much power over the judicial system? Brooke Masters discusses with Edward Luce and Kadhim Shubber.Contributors: Brooke Masters, opinion and analysis editor, Edward Luce, US national editor and columnist and Kadhim Shubber, US Legal and enforcement correspondent. Producers: Fiona Symon and Persis Love. See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Is India becoming a Big Brother state? By play.acast.com Published On :: Mon, 02 Mar 2020 11:40:26 GMT Narendra Modi’s Hindu nationalist policies have sparked protests and intercommunity violence across India. Against this backdrop, a proposed data protection bill that will allow his government free rein to spy on its citizens is causing particular concern. Madhumita Murgia discusses the bill with Benjamin Parkin in Mumbai.Contributors: Madhumita Murgia, European technology correspondent, Benjamin Parkin, Mumbai correspondent. Producers: Persis Love and Fiona Symon See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Secrets of the South Pole By play.acast.com Published On :: Wed, 04 Mar 2020 11:00:00 GMT Antarctica is barely accessible to humans but the ice-covered landmass - and the oceans around it - shelter rich wildlife, including many penguins. It also holds the keys for understanding the future of our planet, which is why scientific research into the isolated continent is stepping up. But as human activity encroaches, do we need to do more to protect Antarctica? Clive Cookson, FT science editor, talks to Leslie Hook, environment correspondent, about her recent trip to the region. Read Leslie's article hereContributors: Clive Cookson, science editor, and Leslie Hook, environment correspondent. Producer: Fiona Symon See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Will coronavirus cause a global recession? By play.acast.com Published On :: Mon, 09 Mar 2020 11:00:00 GMT As the coronavirus continues to spread, what is the risk that this will push the global economy into recession and what can central bankers and policymakers do to help avoid this? Katie Martin discusses the economic shock caused by the virus with the FT's economics editor Chris Giles.Contributors: Katie Martin, capital markets editor, and Chris Giles, economics editor. Producers: Fiona Symon and Andrew Georgiades See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Persecution of China's Uighur Muslims exposed By play.acast.com Published On :: Wed, 11 Mar 2020 11:00:00 GMT Growing a beard, praying in public and calling someone overseas. These are some of the 'offences' for which Uighur Muslims have been sent to internment camps in the Xinjiang region of China, according to a leaked document known as the Karakax list. Adrienne Klasa talks to the FT reporters who discovered the document, Christian Shepherd and Laura Pitel. Read the FT story hereContributors: Adrienne Klasa, creative producer, Christian Shepherd, Beijing correspondent, and Laura Pitel, Turkey correspondent. Producers: Persis Love and Fiona Symon See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Introducing the FT News Briefing: Fed cuts to zero, airport pinch, hand sanitiser sale By play.acast.com Published On :: Mon, 16 Mar 2020 05:00:00 GMT Introducing the FT News Briefing. It is a rundown of the global business stories you need to know for the coming day, from the newsroom of the Financial Times. If you enjoy it, subscribe to the FT News Briefing wherever you get your podcasts, or listen at FT.com/newsbriefing.Monday, March 16The Federal Reserve cut interest rates to zero and joined forces with other central banks in a bid to prevent a severe economic downturn caused by the coronavirus outbreak. The FT’s Gillian Tett unpacks the sweeping measures. Plus, the rapid spread of the coronavirus and the ensuing travel restrictions have led to one of the worst months on record for the airport industry, and French industrials group Air Liquide is asking would-be buyers of its hand sanitiser unit to offer a higher sum in the wake of the outbreak. See acast.com/privacy for privacy and opt-out information. Full Article
science and technology World on lockdown, markets melt, hospitals suffer By play.acast.com Published On :: Tue, 17 Mar 2020 05:00:00 GMT The FT News Briefing is a rundown of the global business stories you need to know for the coming day, from the newsroom of the Financial Times. If you enjoy it, subscribe to the FT News Briefing wherever you get your podcasts, or listen at FT.com/newsbriefing.Tuesday, March 17Governments in all large western economies took drastic measures to limit public movement on Monday in an urgent effort to arrest the spreading coronavirus pandemic while US stocks plunged despite a set of emergency measures laid out by the Federal Reserve on Sunday. Plus, an analysis by the Financial Times finds that the UK and the US have key weaknesses in their healthcare systems which could trigger a collapse if put to the test by the outbreak. See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Rana Foroohar on the trillion dollar fightback, Biden sweep By play.acast.com Published On :: Wed, 18 Mar 2020 05:00:00 GMT The FT News Briefing is a rundown of the global business stories you need to know for the coming day, from the newsroom of the Financial Times. If you enjoy it, subscribe to the FT News Briefing wherever you get your podcasts, or listen at FT.com/newsbriefing. Western governments pledged trillions of dollars in stimulus measures to limit the economic fallout from the coronavirus pandemic on Tuesday. The FT’s global business columnist Rana Foroohar explains what it could mean for Wall Street and Main Street. Plus, Impossible Foods raises $500m in a round that will help the US-plant based burger group to see through the economic upheaval caused by the current crisis, and Joe Biden solidifies his status as the frontrunner to take on Donald Trump in November. See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Republican $1tn plan, Paul Tucker on damage limits By play.acast.com Published On :: Fri, 20 Mar 2020 05:00:23 GMT The FT News Briefing is a rundown of the global business stories you need to know for the coming day, from the newsroom of the Financial Times. If you enjoy it, subscribe to the FT News Briefing wherever you get your podcasts, or listen at FT.com/newsbriefing.Friday, March 20Republicans in the US Senate have introduced legislation to inject more than $1tn of fiscal stimulus into the economy as it grapples with the coronavirus outbreak. Sir Paul Tucker, the former deputy governor of the Bank of England and current chair of the Systemic Risk Council, says it’s time for policymakers and bankers to prepare for a wartime setting if conditions deteriorate. Plus, the only US drugmaker that makes a potential treatment for the coronavirus raised the price nearly 100 per cent in January as the outbreak wreaked havoc in China. See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Introducing: The Rachman Review By play.acast.com Published On :: Wed, 25 Mar 2020 05:00:00 GMT Life in Europe's coronavirus hotspots: Foreign affairs columnist Gideon Rachman discusses how the coronavirus epidemic has been handled in Italy and Spain with the local FT correspondents, Miles Johnson in Rome and Daniel Dombey in Madrid. How are citizens reacting to the lockdown and what will be the long-term political and economic impact? See acast.com/privacy for privacy and opt-out information. Full Article
science and technology Traders brace for reform of US data releases By www.ft.com Published On :: Fri, 17 Jan 2020 19:06:48 GMT Banning computers from ‘lock-ups’ forces rethink on how markets respond Full Article
science and technology FCA researchers outline $5bn ‘tax’ imposed by high-speed trading By www.ft.com Published On :: Mon, 27 Jan 2020 19:24:55 GMT Paper released by UK regulators homes in on tactic known as latency arbitrage Full Article
science and technology Fund managers push LSE for shorter trading hours By www.ft.com Published On :: Fri, 31 Jan 2020 05:00:27 GMT Eight-and-a-half-hour day is needlessly long, say customers Full Article
science and technology European regulator takes another shot at ‘dark pools’ By www.ft.com Published On :: Tue, 04 Feb 2020 19:07:38 GMT Watchdog also offers concession on post-Brexit share trading Full Article
science and technology Central banks ‘hesitant’ on digital currencies, says ex-governor By www.ft.com Published On :: Wed, 05 Feb 2020 04:00:28 GMT Christian Noyer believes projects available to consumers are a way off yet Full Article
science and technology EU regulator allows short delay to new rules on failed trades By www.ft.com Published On :: Wed, 05 Feb 2020 17:05:28 GMT Industry bodies had been lobbying for longer postponement over fears of hit to bond markets Full Article
science and technology Intercontinental Exchange chief defends eBay approach By www.ft.com Published On :: Thu, 06 Feb 2020 22:24:05 GMT NYSE owner did not ‘lose its mind’, says Jeffrey Sprecher Full Article
science and technology US market data shake-up aims to narrow HFTs’ advantage By www.ft.com Published On :: Sat, 15 Feb 2020 00:44:23 GMT SEC sets out proposal to provide investors with faster, broader trading figures Full Article
science and technology JPMorgan and Goldman throw weight behind exchange start-up By www.ft.com Published On :: Thu, 20 Feb 2020 13:02:11 GMT MEMX is hoping to disrupt the US equities market when it launches in July Full Article
science and technology Banks fear Ion/Broadway deal will push up forex fees By www.ft.com Published On :: Mon, 24 Feb 2020 18:18:23 GMT Acquisition allows group to build bigger share of the $6.6tn-a-day market Full Article
science and technology LSE’s $27bn deal for Refinitiv faces heat in Brussels By www.ft.com Published On :: Wed, 26 Feb 2020 04:00:52 GMT London bourse’s transformative acquisition is facing more scrutiny than expected Full Article
science and technology ‘Intense’ trading sends exchange volumes to record By www.ft.com Published On :: Tue, 03 Mar 2020 05:18:35 GMT Platforms report soaring activity after coronavirus outbreak spooks investors Full Article
science and technology TP ICAP hits record trading volumes from market volatility By www.ft.com Published On :: Tue, 10 Mar 2020 17:33:42 GMT UK interdealer broker forecasts low single-digit revenue growth for the year Full Article
science and technology Could shutting exchanges stop the markets rot? By www.ft.com Published On :: Tue, 17 Mar 2020 17:19:19 GMT US Treasury secretary floats idea of shorter trading hours as staffing hit by virus Full Article
science and technology Banks press exchanges for virus contingency plans By www.ft.com Published On :: Fri, 20 Mar 2020 16:48:05 GMT Industry associations demand detail to manage risk of trading from home Full Article
science and technology ABN Amro takes $200m hit from failure of a single client By www.ft.com Published On :: Thu, 26 Mar 2020 13:36:34 GMT Dutch bank was forced to close out positions at substantial loss Full Article
science and technology Global regulators delay derivatives rules due to market volatility By www.ft.com Published On :: Fri, 03 Apr 2020 17:00:34 GMT Watchdogs put 12-month extension on new margin requirements, citing coronavirus threat Full Article
science and technology NYSE to review circuit-breakers after sharp drops By www.ft.com Published On :: Tue, 07 Apr 2020 03:00:21 GMT US benchmark S&P 500 can drop a maximum 7 per cent before first protection kicks in Full Article