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Jane Street’s path to ‘obscene’ riches

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Welcome to FT Asset Management, our weekly newsletter on the movers and shakers behind a multitrillion-dollar global industry. This article is an on-site version of the newsletter. Subscribers can sign up here to get it delivered every Monday. Explore all of our newsletters here.

Does the format, content and tone work for you? Let me know: harriet.agnew@ft.com

One thing to start: Marc Rowan, co-founder of Apollo Global, believes we are on the cusp of a new era in finance, as asset managers replace banks as the vital cogs in the flow of credit. Don’t miss my colleague Antoine Gara’s profile of the man with a plan to remake Wall Street.

In today’s newsletter:

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  • How Jane Street rode the ETF wave to ‘obscene’ riches

  • China’s foreign investors hope stimulus will end ‘deep winter’

  • Investors grab European equities to gain cheap US exposure

New titans of Wall Street: Jane Street

When Wall Street scrambled to launch bitcoin funds earlier this year, there was just one trading company named in regulatory filings as an anchor market-maker for every single one: Jane Street

The move underscored how a quirky and opaque New York firm has used its dominance in exchange traded funds and embrace of more finicky financial securities as a springboard to become the most profitable of all the trading firms that are now a significant force in markets.

In the latest instalment of our new titans of Wall Street series, Will Schmitt in New York and Robin Wigglesworth in Oslo bring you the story of Jane Street’s rapid expansion.

Last year was the fourth straight year that Jane Street generated net trading revenues of more than $10bn, according to investor documents. Its gross trading revenues of $21.9bn were equivalent to roughly one-seventh of the combined equity, bond, currency and commodity trading revenues of all the dozen major global investment banks last year, according to Coalition Greenwich data.

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“The amount of money they make is almost obscene. And that comes from handling instruments that many other people don’t want to touch,” said Larry Tabb, a longtime analyst of the industry who now works at Bloomberg Intelligence. “That’s where the greatest profits are, but also the greatest risks.” 

There are no signs of Jane Street slowing down. In the first six months of 2024 net trading revenues rose another 78 per cent year-on-year to hit $8.4bn, according to people familiar with the matter. If it can match those revenues in the second half of 2024, it would mean Jane Street bringing more trading revenues than the vastly larger Goldman Sachs did last year. 

If the 70 per cent profit margin disclosed in documents to investors is also maintained, it would mean Jane Street comfortably out-earning the likes of Blackstone or BlackRock this year, according to analyst forecasts collected by LSEG. Read the full story here

China: ‘Groundhog Day or a fresh dawn?’

When news of China’s latest policy blitz to tackle its flagging economy and sagging capital markets broke last month, the initial reaction from many foreign investors — some of whom had been burnt by previous policy-led rallies — was one of caution.

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Groundhog Day or a fresh dawn?” is the question posed by a Lombard Odier research note following the initial briefing from Chinese financial authorities, writes Arjun Neil Alim in Hong Kong.

But as the market digested the unprecedented measures proposed by Beijing to support capital markets — including a $100bn war chest to lend to non-bank financial institutions to buy equities and to companies to buy back their own shares — caution turned, in many cases, to FOMO.

While the details of any further fiscal stimulus are yet to come, the change in sentiment towards China has been notable. David Tepper, founder of Appaloosa Management, summed up the bullish mood with his call on CNBC: buy “everything” in China.

“When Xi Jinping gets involved you know the answer is unlimited support” for the stock market, said Beeneet Kothari, founder of hedge fund Tekne Capital Management.

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“We anticipate that [global] funds will need to restore their Chinese investments to a more rational level,” added Yu Chen Jun, deputy chief investment officer for equities at Value Partners.

For now it looks like foreign investors are buying the rally, sending mainland Chinese equities and Hong Kong’s Hang Seng index soaring. 

Yet while some global investment banks are cautiously starting to raise their target prices and allocations for Chinese equities, others are holding off jumping into the “everything” China trade. 

“Is this time different? We have seen these fits and starts where China puts in place some kind of stimulus and it has not resulted in a long-term constructive recovery,” said Saira Malik, chief investment officer of $1.3tn US asset manager Nuveen.

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“This time it still looks to us that its impact is greater for the stock market than the economy. Before we became more structurally bullish we’d be looking for more follow-through in terms of a pick-up in economic activity.”

Chart of the week

Investors seeking returns from the buoyant American market are turning to European stocks which have significant US exposure but are trading at a discount to their transatlantic counterparts, writes Rafe Uddin in London. 

Groups such as UK defence group BAE Systems, France’s Schneider Electric and pharmaceutical giant Novo Nordisk are among the big European names that have risen sharply this year as investors hunt for cheaper, similar versions of top-performing US companies. 

BAE has risen 17 per cent, Schneider is up 29 per cent and Novo Nordisk has gained 11 per cent. 

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“The fact you’re able to get these businesses at a lower valuation is being overlooked,” said Dev Chakrabarti, chief investment officer for concentrated global growth at AllianceBernstein, which holds positions in several Europe-based companies with large US exposure, including SAP

“That’s a pricing inefficiency that we continue to exploit, and we do expect to get paid on that inefficiency,” Chakrabarti added. 

Friday’s strong US jobs data strengthened investors’ expectations that America will pull off a so-called soft landing, in which inflation falls rapidly but it maintains robust growth and strong employment. However, sentiment for the outlook in Europe has been more negative, where business activity has slowed as inflation has fallen. 

Dozens of large European companies generate the bulk of their sales in the US. Novo Nordisk, which makes the best-selling Ozempic and Wegovy weight-loss drugs, earns close to 60 per cent of its revenues from the US, while the market is nearly 50 per cent of defence giant BAE Systems’ turnover.

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Five unmissable stories this week

Wall Street is warming to US presidential candidate Kamala Harris after weeks of behind-the-scenes courting between donors and her campaign, even as some executives still lean towards Donald Trump and his plans for deep tax cuts.

John Kerry, the former US secretary of state and climate envoy, has joined billionaire fund manager and big Democratic donor Tom Steyer’s green investment group Galvanize Climate Solutions as co-executive chair. 

Charles Schwab’s longtime chief executive Walt Bettinger, who oversaw its growth following the 2008 financial crisis, will retire at the end of the year and be replaced by the company’s president Rick Wurster

The Bank of England has warned of rising “vulnerabilities” in the financial system stemming from increased bets by hedge funds against US government bonds, which reached a record high of $1tn in recent months.

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Some of the UK’s largest wealth managers, including Quilter, AJ Bell and Hargreaves Lansdown have warned chancellor Rachel Reeves that people are pulling money out of their pensions early because of “uncertainty” over potential tax changes in the Budget.

And finally

L’empire des lumières by René Magritte

René Magritte’s mesmerising L’empire des lumières is the centrepiece in the upcoming sale of the collection of designer and philanthropist Mica Ertegun at Christie’s. Magritte himself said of the series in 1956:

“The conception of a picture, that is, the idea, is not visible in the picture: an idea cannot be seen with the eyes. What is represented in a picture is what is visible to the eyes, it is the thing or things that must have been ideated. Thus, what are represented in the picture The Empire of Light are the things I ideated, ie a nighttime landscape and a sky such as we see during the day. The landscape evokes night and the sky evokes day. I call this power: poetry.

If I believe this evocation has such poetic power, it is because among other reasons, I have always felt the greatest interest in night and in day, yet without ever having preferred one or the other. This great personal interest in night and day is a feeling of admiration and astonishment.”

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We would love to hear your feedback and comments about this newsletter. Email me at harriet.agnew@ft.com

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Paul Anthony Smith on finding photos and piercing paintings

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When the artist Paul Anthony Smith sees an abandoned photo album on the street, he snaps it up like a lucky penny. On an afternoon in his studio in the Bronx, New York, he is surprised to learn that I didn’t do the same when I encountered one recently. “Oh no, you take it,” he says disapprovingly. “It’s so sad no one was able to adopt those images.” For Smith, these keepsakes represent an antidote to the scourge of iPhone photos; they are tactile and intimate yet anonymous.

The Jamaican-born artist is constantly filling his own albums with personal snapshots from his 35mm camera: a dinner party in London, Carnival festivities in Trinidad and Tobago, a beach day in St Thomas with his wife and children. Sometimes, he blows them up and uses them as the basis for large-scale compositions.

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Smith’s distinctive style comes from the way he adds layers — spray-painted chain-link fences, tiny holes in the shape of breeze blocks, three-dimensional objects such as flags — to create distance between the source image (always his own) and the viewer. For many artists, the medium is the message. For Smith, the mediation is the message. In other words, the way he obscures his imagery is just as important as the imagery itself. “Sometimes, it’s like, ‘Ah, I’m revealing too much,’” he says. “I pick over some of my works . . . to disguise and protect the information that’s beneath.”

A man, crouched on the floor of an artist’s studio, goes through several photograph albums.
Paul Anthony Smith goes through prints of some of the thousands of photographs he has taken on his 35mm camera © Lindsay Perryman for the FT

At Frieze London next week, Timothy Taylor Gallery will dedicate its entire booth to Smith’s work, marking the 36-year-old’s first solo presentation in the UK. Taylor describes Smith as “one of the most exciting young artists I’ve seen in a couple of years”.

Smith’s mention of disguising was referring to picotage, the novel technique for which he is best known. A portmanteau of “picking” and “collage” that originally referred to a French textile printing technique, the term also describes Smith’s laborious process of puncturing the surface of an ink-jet print with a sharpened potter’s needle over and over. (He studied ceramics at the Kansas City Art Institute, which refined his attunement to surface texture.) “I don’t have assistants except for these 10 fingers,” he notes. The repetitive process is so strenuous that he often sleeps with his right hand in a brace. But it is also effective. The ritual can turn figures into ghostly apparitions or add a shimmering, lenticular overlay that reframes the entire composition.

Painting of a field of wild flowers, partially obscured by an out-of-focus chain-link fence
‘Dreams Deferred #72’, (2024), Paul Anthony Smith — many of Smith’s paintings see bucolic images obscured by chain-link fences © Courtesy the artist and Timothy Taylor © Paul Anthony Smith

At the fair, Smith will present several picotage works based on images he took of the ocean at sunrise while travelling across the Caribbean. The majority of the booth will be dedicated to thickly impastoed paintings of lush gardens, sometimes seen through a chain-link fence. Both bodies of work are informed by Smith’s identity as an immigrant — more specifically, the feeling of being simultaneously like an outsider looking in and an insider looking out.

Smith was born in Saint Ann’s Bay in 1988; his parents worked on cruise ships. After they split, his father moved to Florida and Smith followed aged nine. Often left in the care of his stepmother and three stepsiblings while his father travelled for work, Smith was an insider and outsider in his own home, as well as in his new country. His family was part of the Seventh Day Adventist church, following strict dietary rules and observing the sabbath. “I was always questioning religion and belief systems,” he says.

Smith, who sports a bushy beard and a baseball hat, speaks like someone accustomed to translating his experiences for others. He loves a simile. Making an image on the wrong surface, he explains, is like wearing clothes that don’t fit; returning to a location and taking subpar pictures is like going to a restaurant and finding the food isn’t as good as you remembered. His art shares a similar impulse. “Everyone is trying to [be] like, ‘This is mine and this is yours,’” he says of his experience as an immigrant to the US. “I’m trying to visually pull people together.”

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An artist’s studio, with dozens of crayons, pastels, paint tubes, brushes, adhesives and varnishes, with some large photograph prints propped up in the background
Smith’s studio in the Bronx features different types of paint, pastel and adhesive being used to adapt his photographic prints © Lindsay Perryman for the FT

Smith’s Eye Fi Di Tropics series at Frieze is also inspired by twin sensations: watching a boat approach from the shore and watching a shore draw near from a boat. (The latter, Smith notes, is an experience shared by his seafaring parents and colonising figures such as Christopher Columbus.) In recent years, Smith has travelled throughout the Caribbean taking photos of the water, “trying to understand how [locals] saw people coming into their lands”.

These days, Smith is moving away from picotage and towards a looser, more improvisational mode of painting. The second body of work at Frieze, Dreams Deferred, is wild, tangled floral landscapes rendered in oil stick. Smith paints these lush scenes over photographs of gardens ranging from Versailles and Central Park to rangy, wildflower-dotted plots along highways.

Dramatic landscape view of a sunset over the sea, blurred slightly by grass at the forefront,  and further obscured by a patterend breezeblock pasted over the fringes of the piece
‘Eye Fi De Tropics, Grand Cayman’ (2024) by Paul Anthony Smith © Courtesy the artist and Timothy Taylor © Paul Anthony Smith

The series, which takes its name from a Langston Hughes poem, began as a meditation on the fences and forces that keep people in and out of manicured spaces. (He got the idea from a fenced-in basketball court next to his former studio in Brooklyn.) For some of the works at Frieze, Smith abandoned the fence to focus solely on the flowers. “I love Arthur Jafa,” he says, referring to the American artist whose recent work plumbs the seedy underbelly of American culture, “but sometimes I don’t want to see those gory images, right?” 

A man in an artist’s studio, carrying a large framed painting of a tree covered in pink cherry blossom
Smith mounting two of his thickly impastoed prints of cherry blossom © Lindsay Perryman for the FT

Smith is also well aware that florals are friendlier for an art fair, where viewers have hundreds, if not thousands, of images competing for their attention. If he were to return to the UK for a gallery show, he says, he would explore more Caribbean imagery and potentially come back to picotage. But it is important to him that those works, which take more than 10 hours each to make, are viewed slowly, without distraction. “People always ask about the time it takes to make them,” he says with a sigh. I ask if that question annoys him. “It takes a lifetime,” he replies.

Frieze London runs October 9-13, timothytaylor.com

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Cathay Pacific schedules Aria Suite debut

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Cathay Pacific schedules Aria Suite debut

The new business class product will debut on Hong Kong-Beijing from 18 October

Continue reading Cathay Pacific schedules Aria Suite debut at Business Traveller.

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More than 9k pubs risk going bust in a YEAR unless Chancellor reverses booze tax, shock poll finds

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More than 9k pubs risk going bust in a YEAR unless Chancellor reverses booze tax, shock poll finds

MORE than 9,000 British pubs are at risk of going bust within a year, a shocking new poll shows.

The survey found one in five boozers believes it is unlikely to survive the next 12 months unless the Chancellor reverses last year’s brutal tax hike on spirits. 

Chancellor Rachel Reeves will deliver her Budget on October 30

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Chancellor Rachel Reeves will deliver her Budget on October 30Credit: Alamy

Pub bosses argue the tax cut for draught beer has been a total flop, with only 4 per cent saying it provided any meaningful support.

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They are now urging Rachel Reeves to scrap the 10.1 per cent duty hike on spirits at the Budget, which they claim has not only hit pubs and distillers hard but has also cost the Treasury £298 million in lost revenue.

The poll of more than 200 pubs by Survation for the UK Spirits Alliance (UKSA) also found 89 per cent of pub owners have seen boozers in their area close in the last six months.

Another 58 per cent fear a negative outlook for their own business in the next year and  53 per cent say spirits generate a higher profit margin than other drinks.

Megha Khanna, owner of the Gladstone Arms in London, warned: “By choosing to support only beer and cider makers while raising taxes on other products, the previous Government damaged our pubs and bars and targeted those consumers who choose to enjoy a cocktail, gin and tonic or spritz.  

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“The Chancellor can back pubs, and the fantastic spirits makers that supply them, by reversing the disastrous decision by the last Government to hike duty by 10.1 per cent, which heaped pressure on pubs, slammed the breaks on the gin-boom, and ramped up inflation.”

Founder of Westminster-based Tamesis Dock Neema Rai added: “This is a sector we should be proud of and invest in. Reversing the last duty increase now at a time of economic hardship is a win-win situation for the Chancellor and businesses alike.”

A Treasury spokesperson said: “Thriving pubs are often at the heart of our communities and play a vital role in supporting economic growth across the UK. That’s why it is important for us to act on the challenges that they face, including through our national growth mission.
 
“Business is at the heart of that mission, which is why we have pledged to cap corporation tax at 25 per cent, make the business rates system fairer, and publish a business tax roadmap so that future investments can be planned with confidence.”

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What to see in London during Frieze Week

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Minor Attractions fair

© Courtesy the artist, Studio Chapple

In June 2023, London gallery owners Jacob Barnes and Jonny Tanna posed themselves a question: “Can two guys get up off the couch and run an art fair?” By October they had proved that the answer was “yes” with Minor Attractions, which launched as a satellite to Frieze. “We refer to last year’s edition as a proof of concept,” says Barnes, “but this year it’s a real art fair.” 

Taking place at The Mandrake, a five-star hotel in Fitzrovia, the week-long event will commandeer rooms as fair booths, “creating a new context for London’s buzzing art scene”. Local exhibitors include Mayfair institution Sadie Coles HQ but also new nomadic gallery Bolanle Contemporary; others are joining from further afield: Tbilisi to Toronto to Seoul. “We want to create a level playing field where exciting project spaces stand alongside major international galleries,” says Barnes. 

The native New Yorker opened art space Season 4 Episode 6 in Marylebone earlier this year, while Tanna runs north-west London gallery Harlesden High Street. Among their fair highlights are an LED light work by German multimedia artist Christian Jankowski, a life-size Plexiglas mannequin by Klara Zetterholm (both from Bucharest-based gallery Suprainfinit), and the deftly distorted paintings of Georgia Semple (with Deptford-based gallery Studio/Chapple). 

Accessibility is key. Tickets are required but are free of charge, while a programme of night-time happenings is being hosted by the likes of dance music collective Touching Bass (which Semple is part of) and performance platform Diasporas Now. “It’s out with the old and in with the new,” says Tanna, “that’s what we’re trying to do.” VW

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October 8-13, minorattractions.com

Studio Voltaire, Casa Loewe

© Image courtesy of the artist Photography-by-Francis-Ware1

This year marks the 30th anniversary of not-for-profit arts and education organisation Studio Voltaire, and its director, Joe Scotland is on a mission. “Like many art organisations, the support we get from the Arts Council is very small — it equates to 4 per cent of our turnover,” he says. “But we’re being very proactive about it. We’ve established the Studio Voltaire Future Fund to support our work over the next five years; thus far we’ve raised half a million pounds.” 

Based in a former Victorian Methodist church in Clapham, south London, Studio Voltaire is centred on a programme of exhibitions and events that champion emerging and under-represented artists. Frieze Week presents an opportunity to celebrate its three-decade output — from career-launching shows to the “Rainbow Plaques” initiative, honouring queer communities across London — but also to add to the pot. 

To that end, Allied Editions is offering a lithograph print by British painter Rose Wylie — “Party Clothes (RW and Cat)”, 2024 — in the main fair, while at Casa Loewe on New Bond Street, the fashion label’s Foundation has collaborated with Studio Voltaire and artists including Alvaro Barrington, Anthea Hamilton and Sheila Hicks on a new series of limited editions.

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“Loewe is a really important partner of ours,” says Scotland, highlighting the Loewe Foundation / Studio Voltaire Award that supports an international residency as well as free studio space for London-based artists. “They also have amazing in-house artisans.” This has enabled Barrington to create a “chain wrapped in leather, which can be used as jewellery or a charm”, while Hamilton has conceived a leather fan, de-embossed with the phrases “Che Bello/Che Brutta” (How Beautiful/How Ugly). VW

October 9-13, studiovoltaire.org

Lygia Clark, Whitechapel Gallery

© Photo: Vicente de Mello Sem data. Courtesy Associacão Cultural O Mundo de Lygia Clark.

Lygia Clark (1920-88) revolutionised art by making it interactive. Fed up with the rigidity of concrete art, the Brazilian trailblazer created works that were meant to be touched, manipulated and experienced by audiences. Her innovative “Bichos” (“critters”) were hinged geometric forms that viewers could fold and reshape. These feature in The I and the You, a major survey at Whitechapel Gallery that traces her output from the mid-1950s to the early 1970s. During this period, Clark experimented with ways to transform art into a shared experience while navigating Brazil’s military dictatorship and, later, exile in Paris. The show includes paintings, works on paper and even performances restaging the artist’s participatory group works. KF

To January 12, whitechapelgallery.org

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Marlene Dumas at Frith Street Gallery

© Courtesy the artist and Frith Street Gallery, London. Photo: Peter Cox

Myth and grief swirl through Marlene Dumas’s new exhibition at Frith Street Gallery. Its title, Mourning Marsyas, references Ovid’s tale of a satyr who challenged Apollo to a music competition; his punishment for losing to the god was to be flayed alive. In a haunting painting of the same name, the South African painter transforms this gruesome story into what the gallery calls “a homage to those prepared to die for speaking truth to power”. Drawing from a range of visual and literary sources, other works, with their spectral figures and blurred faces, allude to distressing tragedies or capture dark moods. KF

To November 16, frithstreetgallery.com

Robert Longo at Pace and Thaddaeus Ropac

© Robert Longo. Courtesy Pace and Thaddaeus Ropac gallery

In Searchers, a two-part exhibition, Robert Longo continues his career-long exploration of diverse visual media. At Thaddaeus Ropac, the American artist builds on his multimedia “Combines” with a seven-metre work, “Untitled (Pilgrim)”, composed of five panels each executed in different media: charcoal drawing, video, painting, sculpture and photography. Inspired by Sergei Eisenstein’s montage theory and John Berger’s seminal book Ways of Seeing, the new work contrasts art-historical images with film stills, ads and news photographs of disasters to interrogate how meaning is created and disseminated. Concurrently, a companion piece, “Untitled (Hunter)”, will also be exhibited at Pace Gallery. KF

October 8-November 20 ropac.net; Oct 9-Nov 9, pacegallery.com

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Letizia Battaglia, The Photographers’ Gallery

© Courtesy Archivio Letizia Battaglia

Letizia Battaglia put her life on the line with her work. Her career as a photojournalist began in the 1970s, and though she frequently captured daily life in her hometown of Palermo, she is remembered for her fearless documentation of the Mafia’s unrelenting grip on Sicily during the 1970s and 1980s. The Photographers’ Gallery will show a wide selection, from arresting images of small children brandishing guns to bodies beneath white sheets and a woman dancing at a New Year’s Eve party. NA

October 9-February 23, thephotographersgallery.org.uk

Yayoi Kusama, Victoria Miro

© Courtesy the artist, Ota Fine Arts and Victoria Miro © YAYOI KUSAMA

With decades of era-defining artwork behind her, it is difficult to imagine how Yayoi Kusama will continue to excite attendees at her latest exhibition. Yet with Everyday I Pray for Love at Victoria Miro, the 95-year-old artist does just that. Paintings feature her singular explorations of line and form and signature polka-dot patterning; treelike forms are made from stuffed and sewn fabrics; drawings of women’s profiles are given new life in bronze. But the big draw is Infinity Mirrored Room Beauty Described by a Spherical Heart, where visitors will find their reflections refracted into infinity in a new light-filled installation. NA

To November 2, victoria-miro.com

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Lauren Hasley at the Serpentine

© Courtesy Lauren Halsey.

Emajendat is the first UK exhibition of Los Angeles-based artist Lauren Halsey. Her South Central upbringing is an integral source of inspiration in her work, and her mixed-media installations and standalone objects often explore material culture. At the Serpentine, pink plastic tubes are turned into palm trees and luridly coloured signs are emblazoned with brand names in a maximalist vision. Visitors will find themselves wading through technicolour sand dunes and wandering past mirrored walls and floors plastered with discarded CDs. NA

October 11-March 2, serpentinegalleries.org

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Octopus Energy customers have just hours left to avoid bill blunders after price rise

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Octopus Energy customers have just hours left to avoid bill blunders after price rise

MILLIONS of households have just hours left to submit their meter readings amid the fresh energy price cap.

After tomorrow (October 8), Octopus Energy customers will no longer be able to backdate their October 1 meter readings, meaning they could risk unexpected charges to their bill.

Octopus Energy has allowed customers extra time to backdate their meter readings from October 1

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Octopus Energy has allowed customers extra time to backdate their meter readings from October 1Credit: EPA

Energy suppliers often recommend customers submit their meter readings on National Meter Reading Day, October 1, so they can secure an accurate bill when the price cap changes.

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However, some suppliers have allowed customers extra time to submit the reading from October 1 in case they missed the date.

Households on a Standard Variable Tariff (SVT) are affected by the price cap and should submit a meter reading.

Households without an accurate bill could risk being overcharged – or if they are undercharged, they could eventually owe money – so either way it pays to get it right.

The new energy price cap, which limits the amount that can be charged, is now around 10% higher than the previous level which had been in place since July.

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According to Ofgem, which sets the limit, this means the average dual fuel bill rises from £1,568 on average to £1,717, though the exact amount you pay still depends on usage and can be higher or lower.

The energy price cap changes every there months – for instance, in June, the cap fell to the lowest level in two years, from £1,690 to the previous rate of £1,568.

Now, a household in England, Wales and Scotland using a standard amount of gas and electricity will see their annual bill rise by about £149.

The price cap makes sure that prices for people on SVTs are fair and reflect the cost of energy.

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I lost £7,000 after a British Gas smart meter billing error destroyed my credit score

It is calculated using a range of factors, including wholesale energy prices, as well as network, operating and policy costs, and VAT.

In order to maintain an accurate bill amid the price cap change, customers should have remembered to take a meter reading from the first day of October.

Octopus Energy customers must submit this reading via the phone, website, or mobile app by the end of tomorrow..

Keep in mind that if you are planning to submit your reading via the phone, Octopus phone lines close at 5pm.

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If you don’t submit your reading by this date you can still tel the supplier later on, but it may not be applied to your next bill.

Can I backdate my meter reading if I’m with another supplier?

Octopus customers aren’t the only ones with hours to submit – E.on Next is another supplier which has set its deadline as tomorrow.

E.on Next advises that the best way to submit a reading is via your online account – the website also informs customers on how to take an accurate meter reading.

EDF, OVO and British Gas customers have a bit more time, with EDF’s deadline being October 9, OVO’s being October 11, and British Gas allowing another week, until October 14.

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EDF customers can submit meter reads through the EDF app, their online MyAccount, or via telephone, email, text or Whatsapp.

Ovo Energy customers can submit their meter readings via the app, online account, phone, Whatsapp or webchat at any time, however the closer to the bill date the customer provides their bill date, the less of the bill will need to be estimated.

For accurate bills, Ovo recommends customers opt for a smart meter.

Meanwhile, back in September British Gas said: “If customers take a read on 1st October, but don’t get a chance to provide it on the day, a form on our website, including on our meter read page, will be available until 14th October.

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“This will allow them to submit the read they took on 1st October and we will use that reading to calculate what they pay before the rates change.”

For customers of Scottish Power or Utility Household, the deadline to submit a meter reading has unfortunately closed.

What if I have a smart meter?

If you are on a smart meter, you do not need to submit a reading, as this is automatically sent by your device.

Those on prepayment plans or fixed rates also do not need to worry, as their bill is either predetermined, or their rate is locked in for the duration of their deal.

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Only households on an SVT are required to submit a meter reading, so they can avoid any disputes with their energy dealer when their bill comes through.

If you’re unsure what plan you are on, visit your suppliers website or revisit your paperwork from when you began your energy package.

If you’re concerned about the new price cap

If you’re worried about affording hiked up bills this winter, many energy suppliers are opening Support Funds to help struggling customers.

For example, British Gas has reopened its Individual and Families support fund, which in the past has helped over 21,000 British customers with energy debt write off grants of up to £2,000.00.

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Over £140 million has been set aside this winter season for those who are struggling financially.

This extends to British Gas customers and non-customers, who live in England, Scotland or Wales.

To find out if you are eligible, visit the British Gas website and search for the Individual and Families support fund – here you will find all the details available.

It is recommended that customers from companies with hardship funds first seek assistance from their own schemes.

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For example, Octopus Energy has recently launched a scheme for pensioners after their Winter Fuel Payments were slashed, offering fresh discretionary credit of between £50 and £200.

Scottish Power’s Hardship Fund has also handed out more than £60 million to struggling customers.

And Utilita also offers grants to its customers to help clear of minimise debt, by operating through its charity partner, Utilita Giving.

Utilita Giving also partners with other charities such as IncomeMax, which helps customers make sure they are claiming what they are entitled to, and Let’s Talk, which provides replacement white goods.

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E.ON’s Next Energy Fund also provides grants and appliance replacement services to struggling customers.

To find out what support your energy supplier is offering this colder season, visit their website or ring their helpline (which can be found online).

Help can also be accessed from the government via the Household Support Fund, which has renewed a fresh pot of £421 million funding for vulnerable households.

To find out if this is available with your supplier or council, and whether you are eligible, go to their websites and read the terms and conditions of the scheme.

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How to save on your energy bills

SWITCHING energy providers can sound like a hassle – but fortunately it’s pretty straight forward to change supplier – and save lots of cash.

Shop around – If you’re on an SVT deal you are likely throwing away up to £250 a year. Use a comparion site such as MoneySuperMarket.com, uSwitch or EnergyHelpline.com to see what deals are available to you.

The cheapest deals are usually found online and are fixed deals – meaning you’ll pay a fixed amount usually for 12 months.

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Switch – When you’ve found one, all you have to do is contact the new supplier.

It helps to have the following information – which you can find on your bill –  to hand to give the new supplier.

  • Your postcode
  • Name of your existing supplier
  • Name of your existing deal and how much you payAn up-to-date meter reading

It will then notify your current supplier and begin the switch.

It should take no longer than three weeks to complete the switch and your supply won’t be interrupted in that time.

If you’re just looking for simple ways to reduce your bill this winter, each of these supplier schemes, as well as the Household Support Fund also offer free electric blankets as part of their deal.

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For example, Octopus have said they will distribute 20,000 electric blankets from Dreamland to its most vulnerable customers, keeping them warm for “as little as 3p an hour”.

The “heat yourself not your home” approach is trending fast, with retailers such as B&M introducing ranges of affordable self-heating appliances.

However, it is important to note that the elderly should not avoid turning the heating on if they are cold – for energy help contact your provider or local council, or read our article here.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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