Financial Times - 13.08.2026.pdf

金融时报

2016年8月15日，星期四

英国 (1.7) 5：爱尔兰共和国 (4.1)

一位新领导人能否让联合国重新变得重要？

阅读全文，第 19 页

没有理由认为社会主义者必须是“觉醒”的

JANAAN OXINGER，第 21 页

捕捉太阳

日食 令欧洲震撼

昨日，人们在伯明翰的欧洲倡议（可持续发展）活动期间观看日食。

日食切出一条 2900 米宽的路径，其中 90 毫米完全遮挡了前方两分钟，展现了大自然最壮观的奇景之一。

冰岛和格陵兰岛率先经历了阳光的下降、星光的闪烁以及黑色房屋火灾周围太阳覆盖层的短暂光芒。

在西班牙北部和中部的宽阔地带，数百万人拥有欧洲大陆观看此次日食的最佳视角。

在 2500 米路径之外，北半球南部更大的一片区域经历了部分日食，包括英国、冰岛和法国的大部分地区，那里超过 90% 的太阳圆盘消失，留下了一条狭窄的、鳄鱼形状的线条。

乌克兰在万斯要求下停止袭击使用俄罗斯港口的油轮

哈萨克斯坦原油关键路线 华盛顿担忧市场波动 雪佛龙与埃克森美孚权益面临风险

CHRISTOPHER POLLIS • 2-2-16

MAGAZINE-POWER • 2-2-16 / 2016

ART MAGAZINE • 4-10-2016 / 2016

据乌克兰官员透露，在收到美国副总统吉尔·万斯（Jill Vance）的要求后，乌克兰已暂停针对使用一个关键黑海港口的油轮所发起的密集无人机袭击。

华盛顿方面感到担忧，认为乌克兰通过袭击运载原油的油轮，进一步动摇了石油市场的稳定并损害了美国公司的利益；这些原油通过弗吉尼亚管道财团（Virginia Pipeline Consortium, CPC）管道输送到俄罗斯诺沃罗西斯克港的终端，涉及金额达 100万美元。

据乌克兰官员及其他知情人士透露，万斯在 7 月 15, 一次通话中要求弗拉基米尔·泽连斯基（Volodymyr Zelenskyy）总统停止这些袭击。

据相关官员以及《金融时报》及其石油开源信息显示，乌克兰已不再袭击该终端附近的油轮。

官员们表示，只要三艘船只不在乌克兰的制裁名单上，且未携带俄罗斯石油或其他俄罗斯货物，乌克兰可以继续针对 CPC 基础设施或非俄罗斯船只。

“我们非常仔细地倾听美国伙伴的意见，”一名乌克兰高级官员表示，并补充说基辅已针对美国的请求建立了相关的“机制”。该人士称， 一直是“与美国及哈萨克斯坦政府对话的常规部分”。

在避开石油设施的同时，乌克兰的导弹和无人机在昨天早些时候袭击了诺沃罗西斯克的俄罗斯海军基地，泽连斯基称该地是“俄罗斯黑海舰队最后一个主要据点”。

“防空阵地、码头和支持基础设施的打击已得到确认，”他补充道，并分享了一段显示俄罗斯防空系统试图击落乌克兰武器的视频。

美国能源巨头雪佛龙（Chevron）和埃克森美孚（Exxon）均持有 以及为其提供服务的哈萨克斯坦西部油田的股份， 是哈萨克斯坦的主要石油出口路线。雪佛龙拥有该国最大油田 Tonga 50% 的股份，而埃克森美孚拥有 25% 的股份。

一名美国官员确认，政府已警告乌克兰停止针对黑海中的非俄罗斯船只以及 基础设施。该官员表示：“政府将 视为哈萨克斯坦能源进入欧洲市场的重要管道，是俄罗斯能源供应的替代方案。”

万斯的办公室、泽连斯基的办公室以及哈萨克斯坦外交部未回应置评请求。

、雪佛龙和埃克森美孚拒绝置评。

乌克兰上个月对 终端的袭击——以及在海域开展的针对俄罗斯航运的密集行动——造成了混乱，多次迫使哈萨克斯坦停止向诺沃罗西斯克输油，并导致运费和保险费上涨了一倍多。根据追踪能源流动的基辅方面的数据， 在 7 月的日装载量仅为 1,500 桶，比上月减少了 300,000 tsh，比 5 月减少了 6000,000 tsh。

由于中东供应依然不稳定，哈萨克斯坦原油对全球市场变得尤为重要。

7 月 17.，一艘埃克森美孚的油轮在 终端等待装载时在袭击中被击中。上个月，雪佛龙首席执行官迈克·沃思（Mike Wirth）表示，公司正与美国及其他政府合作，以确保“管道保持流动”。

简报

• 美国通胀率下降，尽管战争对经济造成影响。随着汽油价格下跌，通胀率已有所下降，即便劳动力市场仍在重新评估唐纳德·特朗普总统在伊朗的战争。投资者在日期之后降低了对美联储加息的预期。- 第 1 页

• WeWork 分歧揭秘 欧洲最大金融科技公司的最高付费订阅用户在没有收到通知的情况下，失去了进入大量 WeWork 办公室的权限，原因是该公司拒绝接受这家共享空间供应商亏损额的增加。- 第 1 页

• Boreham EBQ 警告 在一次关于近期天气的紧急会议后，首相敦促停止销售一次性烧烤架，并警告高温可能会持续“数周”。- 第 1 页

• 苏格兰石油收入下降 2015-20 年期间，北海石油收入下降 12% 至 25亿英镑，但整体收入的强劲增长减少了该国在英国国内占 GDP. 31% 的财政赤字。- 第 1 页

• Arley 任职期间 该大学已告知员工，将调查 Jason Arley 的任命，他此前被任命为一名黑人教授的继任者，而该教授上周因涉嫌剽窃而辞职。- 第 1 页

• $500mm 投向无人机团队 国防团队 Cambridge Aerospace 已筹集资金用于开发其无人机拦截器，在一项涉及所有 8,000s 的交易中，使其成为英国最有价值的初创公司之一。- 第 1 页

• 黑客攻击台湾 检查员 Cherny：黑客利用公开的人工智能工具入侵政府网站，此次攻击表明亚洲的网络战争正在发生变革。- 第 1 页

• 哥伦比亚咖啡运输路线受损 本周袭击该国的地震破坏了一条承载其 60% 咖啡出口的道路，并导致一个关键太平洋港口的运营停滞，使出口陷入危机。- 第 1 页

农民在夜间工作以应对欧洲热浪

热浪迫使欧洲农民改变工作模式，包括在夜间收获、用气候覆盖物覆盖农田以及在近几十年来首次调整种植计划。马德里附近的马铃薯种植者在日落后才开始采收，因为从高温土壤中挖掘作物可能会对其造成损害；而在伯克希尔，农民在下午 2pm 开始工作，以在水分被替代的缓慢季节进行操作。正如所指出的，农民在使用机械时还面临更高的火灾风险。一年之中发生了重大转变。

[...OMITTED...]

Iger and Kushner buy LA Lakers in 125亿美元 record for a sports franchise

JAMES FORTNAGEL & COBB 2400 LEE ROAD • NEW YORK BURRELL, 10006 • 212-5000

迪士尼前首席执行官艾格（Iger）与乔什·库什纳（Josh Kushner）——其兄长为唐纳德·特朗普的女婿——正以$12.5bn收购洛杉矶湖人队篮球特许经营权，这将成为体育队伍历史上最高的成交价格。

根据该交易，买方将从古根海姆合伙公司（Guggenheim Partners）的联合创始人马克·沃克（Mark Walker）手中收购该特许经营权。沃克在仅约一年前才以约$100m从长期所有者德罗萨（De Rosa）家族手中买下湖人队。

与此同时，同样共同拥有切尔西足球俱乐部和洛杉矶道奇队棒球队的沃克，近期受到了纽约第三方机构的审查，旨在调查其人寿保险帝国是否妥善披露了与其其他建筑相关资产的所有权权益。

“拥有洛杉矶湖人队是我人生中最大的乐趣之一——这是一项非凡的投资，但我将铭记在心的是这个社区、球迷以及将这支球队视为家人的这座城市，”沃克表示。

湖人队是全球认可度最高的体育品牌之一，其历史包括由魔术师约翰逊（Magic Johnson）、约翰·布莱恩特（John Bryant）和莱夫曼·琼斯（Lefman Jones）领导的夺冠时代。

$12bn的估值凸显了体育特许经营权价值的攀升。投资者越来越多地将资金投入到能够提供$1.0k思考的合同中。

阿波罗（Apollo）的体育部门本周向这家纽约企业的控股公司提供了$2.6bn的融资，该公司此前曾强调对高端五部分及面对面体验的需求日益增长。好莱坞人才经纪人兼体育大亨索尔·戴蒙德（Sol Diamond）今年告诉《金融时报》，人工智能可能会缩短工作时间，让人们有更多时间参与体育活动。

据一名知情人士透露，库什纳的两个霍华德（Howard）也将参与此次收购，该交易需要获得国家篮球协会（NBA）的批准。

当地法律还试图引导一项投资进入一个与世界杯组织者国际足联（Fifa）相关的新商业实体。然而，国际足联前瞻企业（Fifa forward Enterprise）引发了强烈的抵制，迫使国际足联主席詹尼·因凡蒂诺（Gianni Infantino）放弃了该提案。

“作为宋时（Song Shih）的球迷，我们深感荣幸能有机会成为洛杉矶湖人队的管理人，”库什纳和艾格表示。

总理敦促限制一次性烧烤炉

伯纳姆呼吁零售商应对未来可能出现的更多热浪

RACHEL REED, SHIRLEY PARKER, TOLL YOUNGER 和 SHIRLEY GREEN

FROM SHIRLEY AND JURNHAM 敦促停止销售一次性烧烤炉，此前在关于该区和极端高温的紧急会议后。该 waterfall 被认为“可能还会持续数周”。在与政府紧急委员会（Cubes）会议后的早晨，总理谈到了周围的野火，称“最大的风险在于对水域地区的风险”，以及“全国范围内多次严重的偶然记录”。

他要求“无论规模大小的所有零售商”遵守关于销售一次性烧烤炉的限制，因为这类产品与多起野火有关。他补充道：“从长期来看，我们将研究在夏季月份实施临时禁令是否合理。”

此次会议召开之际，消防员仍在继续扑救新森林（New Forest）的一场野火，而许多绿地已因高温而枯萎。约 20,000 人受到严格限制，英格兰五分之一的河流因“异常低”而关闭。储备水平已降至 60%，且低于正常水平，此时的火灾风险被评为该年度的异常低水平。伯纳姆表示，在第 16 年中，因高温导致的超额死亡人数达到了“相关数量”，并补充说，夏季的热浪“可能还会持续数周”。

The forepipe 'uses 正在与水务公司就管道工人造成的泄漏问题进行博弈，约五分之一的处理水因泄漏而流失，大约是国家 forepipe 所能节省的五倍。Greenpices 报告称。

7 月，Charles Water 记录了 2,611 起可见泄漏，而 2024, 年为 3,727 起；并记录了 31 起导致供水严重干涸的主要管道故障，而 2024 年为 2 起。

从长期来看，我们将研究在夏季月份实施临时禁令是否合理

气象局（Met Office）表示，任何一年中达到 300 天数的记录在 2024 年之前已被打破，预计本周将出现更多高温。

今年已有 55 天的最高日温超过 300, 超过了 10.0% 时的 34 天。

政府已宣布计划与水务公司合作建设清洁水库，这些水库将在 30 年内建成 10.0%。

在夏季月份下降了 1,000 的 Matthew Water 表示：“极端天气预警、广泛的水资源短缺以及在我们的乡村肆虐的野火，有力地证明了气候危机正笼罩着这个国家，然而政府却在原地踏步，直到今年第五次热浪才采取行动。”

该公司已要求允许继续从汉普郡的泰斯特河（River Test）抽取水，尽管河流水位较低，但环境活动在申请后仍将下降。

由于极端高温，农民在夜间收割作物，他们警告称，规划系统的延迟阻碍了他们建设用于应对高温天气的蓄水池。

自由 / 不道德左翼新发言人 Piggy Hayfings 表示：“极端天气预警、广泛的水资源短缺以及在我们的乡村肆虐的野火，有力地证明了气候危机正笼罩着这个国家，然而政府却在原地踏步，直到今年第五次热浪才采取行动。”

环境：“辉煌的 12 日”

火灾风险威胁利润丰厚的红臀雷鸟狩猎季

土地所有者与活动人士在干燥气候下如何管理荒原问题上存在分歧

CYBERWAZ

昨天上午，在英格兰东北部的一处燃料丛林中，一阵阵拍击翅膀的声音随后伴随着几秒钟的枪响，宣告了狩猎季的到来。该狩猎季于每年8月“辉煌的12日”开始。

到午餐时间，冷藏罐已运走数百只红松鸡，并将它们经过处理和修整后，送往伦敦和爱丁堡的餐厅。在那里，它们将被烤制并配以相应的配菜，标志着乡村和烹饪日历中的一个重要里程碑。

但本季的开启伴随着对其未来的不确定性。随着欧洲在经历有记录以来最严重的几次山火后逐渐恢复，红松鸡狩猎成为了激烈争论的中心，焦点在于如何保护野生荒原免受气候变暖的影响。

英国约2,000公顷的高地荒原被用于管理红松鸡狩猎。根据荒原协会（Moorland Association，一个代表土地所有者和管理者的机构）的数据，这是一个在6.8吨上产生约7000 万英镑m的产业，猎人们为每只射杀的“猎物”支付£129至£239（另加增值税）。对于一个平均规模的狩猎团体来说，这相当于每天超过12.5 万英镑的支出。

这笔收入被用于估计为£35mn的红松鸡依赖性管理——这是猎场管理员维持红松鸡种群数量所需支付的金额。由于该物种的领地习性导致其无法在圈养环境下繁殖，因此必须通过管理栖息地来维持其繁育。

随着西欧气候变得更加温暖干燥，该产业变得越来越难以维持。红松鸡种群需要充足的燃料丛（一种在英国中部或北部内陆地区生长茂盛的常绿灌木）。然而，这种灌木也极易燃。

土地所有者和环保主义者担心，夏季荒原上燃料丛和其他野生植被的堆积威胁到了当地社区的安全以及栖息地本身。“这就像我们坐在一个加油站上一样，”

昨天在北省瞄准猎物的猎人们

荒原协会首席执行官安德鲁·吉尔罗特（Andrew Gilrodt）说道。

然而，双方在责任归属问题上存在激烈分歧。一些乡村活动人士表示，在过去的150年里，土地所有者允许燃料丛发展到一种过度或不可持续的红松鸡种群规模。

“自从维多利亚女王和阿尔伯特亲王在19世纪50年代购买土地以来，狩猎活动一直是贵族权力被认可的一部分，”盖伊·梅拉卢什（Guy Meralush）说道，他的著作《#16s（新英格兰）》追踪了该国技术精英的持久影响力。他认为这些团体“使生态系统恶化”，并指出一种后英格兰笔记记录道，“因为他们使燃料丛过于潮湿，或者无法在红松鸡所需的密度中生长。”

“我的观点是，更多的红松鸡所有者将高地荒原变成了hudebrow，”他说。

更多所有者则声称，他们在管理上花费的数百万资金是抵御山火的宝贵手段。

“没有其他在荒原上工作的人每天如此依赖荒原，”

管理英格兰北部150,000英亩红松鸡荒原的土地代理人马克·奥斯本（Mark Osborne）说道。“你可以说，我们拥有这些是因为狩猎。”

奥斯本表示，他的同事将燃料丛的危险堆积归咎于政府法规，特别是对冬季月份受控焚烧的限制。自2023年起，Defoi在泥炭层深度达到一定程度的地方禁止这种做法。

“在实践中，这相当于近乎完全的损失，”郡级联盟（Countywide Alliance）的亚德里安·布莱克摩尔（Adrian Blackmore）说道。“但你必须减少燃料载量，而受控冰焚烧是实现这一目标最有效的方法。”

Defoi 的咨询机构发现，在减少火灾循环中可用热量的道路上，英格兰的游戏（game）有所进展，但在如何实现这一点上存在分歧。Defoi 表示，它更倾向于“实际修复”（pactical restoration），而非在冬季进行适当处理，因为后者削弱了其实际效益，并使得“将实际情况恢复到其自然水文学状态变得困难”，且无法确保“长期抵御野火的能力”。

在本周发布的一份声明中，它

“我的主张是，更多的 grouse 所有者已将高地草场变成了 hudebrow”

作者 Guy Meralush

鼓励使用“阔叶林防火带以及按照指定形式种植土壤抗侵蚀作物等植被管理措施”。

正如 Hirshode 所言，“你不能用火去对抗火——你要用水去对抗它。”

“水根本不够，”Osborne 表示。“电费的销售是资本性的，而且 buncher 的荣誉比任何人认为可能的都要大。”专家建议采取自然方法，包括切割和重新湿润景观以及娱乐技术。

根据 name 和 #16SBN (canary-silico from) 的数据，几十年来，grouse 种群——以及利润丰厚的“真菌”（fungi）——有所下降，英格兰官员的情况比苏格兰更严重。

and the lucrative "fungi" – have declined, with England officials more than Scotland, according to the name and #16SBN (canary-silico from).

昨晚，伦敦的餐厅发现了 game showers 的努力。餐厅经营者 Henry Harris 表示：“这就是态度及其对 grouse 的效力，因为他们担心自己的一生都在吃 buncher。”

农民们在 Hotel's Home（一家可容纳 2,000 人的酒店）接夜班。他们正在寻找 2,000m。随后在支出中增加了 45.7ha。

该医院的收入成本增加了，其中国家保险缴款增加 360 万英镑，所得税收入增加 £3.2ha。这反映了英国决定从 2023 年 4 月起提高员工的 1863、苏格兰所得税政策、通货膨胀以及外国所得税费用。

苏格兰副首席部长兼财政大臣 Jenny Gilrodt 表示，总收入和下放收入的增长速度快于支出。“我们正在实现持续增长，”他说道。“我们在 2023-25 年在苏格兰的政府支出为 42,385 英镑，比全英国的人均 29,581 英镑 高出 32,720 英镑。”

“这些统计数据清楚地证明了苏格兰人民成为一个强大英国一部分的价值，”苏格兰大臣 Douglas Alexander 表示。

[版面噪声，已略]

改革英国党支持者被指与 BNP 2010 年选举活动有关

安娜·格雷格（ANNA GREGG）与瑞秋·里夫（RACHEL RIEFF）

改革英国党（Reform UK）捐赠者“名人俱乐部”（Famous Club）的一名成员此前曾参与英国国家党（BNP）的竞选活动，而奈杰尔·法拉奇（Nigel Farage）曾表示他对此有所报告。

乔治·琼斯（George Jones）被该党称直到上个月为止在改革英国党担任“志愿者风险”岗位，他在 BNP 2010 年在巴金和达格纳姆（Barking and Dagenham）以及伦敦的大选和地方选举竞选活动视频片段中出现。

在由 thirteenth films 制作的纪录片《巴金之战》（The Battle for Barking）中，可以看到他在时任 BNP 领导人尼克·格里芬（Nick Griffin）发表讲话时鼓掌。

据此前认出他在视频中的熟人称，琼斯还出现在一段 2016, 年的独立片段中，他与一群 BNP 活动人士在一起，其中包括前议会候选人鲍勃·凯利（Bob Kelley），后者在罗金（Rocking）饮酒狂欢时，因对方对他指指点点而与年轻的亚裔居民发生冲突。

这些前熟人告诉 F7，琼斯曾对其在 2010 年代初参与 BNP 的经历保持沉默。

随后令人不寒而栗的是，英国国家党，这位前候选人，以及 国家党，这位前候选人，以及 国家党，这位前候选人

琼斯的律师表示，其客户从未成为 BNP 的成员，其姓名也没有出现在该党的会员记录中。

该党，多数派和生物学家的家庭，我们的客户承认在最近几年里，他作为其知识发展的一部分，接触了一系列观点。他们补充说，将他定义为“曾经是英国国家党的支持者”将是“误导且不公平的”。

该律师补充道：“我们的客户不对来自 its493 人的事件和视频发表评论，这些内容不能反映他今天的样子。”

关于 2010 年涉及凯利的视频，琼斯的律师表示，他们选择不回忆参加视频中的事件或地点，并且“鉴于时间的流逝，认为推测是不恰当的”。

据在场人员透露，近年来，琼斯与凯利以及该党的公司关系更为密切，他计划加入 Patmos 俱乐部。

据党内人士透露，琼斯是法拉奇长期债务（除所有集中转移外）的一名关联人，该债务涉及近期关于交付给该党及其领导人的礼品和捐款的拨款日期。

法拉奇一直努力与其权利保持距离，并且该党的一名成员多次声称“几乎凭一己之力”帮助确保了其

Channel 4 News 调查中乔治·琼斯的调查广告

缺陷，法拉奇还对英国人的“公开和”表示过，任何其他人都曾是 BNP 的成员，他认为这在党内很多。

2014, 年，在法拉奇竞选 Tachile 国会议员期间，Channel 4 News 的一项调查捕捉到琼斯在镜头前发表恐同言论，暗示 LGEP 的人们被恐慌驱动。当时法拉奇表示，他对“志愿者”发表的这些言论感到“震惊”，并且那些发表此类言论的人将不再在 Tachile 支持该党。

The F7 报道称，7月14日晚，琼斯参与了 Patmos' Club 庆祝俱乐部的活动，该团体由曾加入 LGEP 的党派成员组成。

据报道：副党魁 Richard Tice、主席 Lee Anderson 以及财政部发言人 Robert Jowish 出席了活动，而 Farage 则通过视频链接参与，但他对此表示不满。

党派捐赠者和琼斯曾担任 Patmos' Club 的负责人。相关资料显示：琼斯在活动结束后辞去了这一“志愿者职务”，且不再为该党工作。该党补充道：“琼斯既不是 Patmos' Club 的负责人，也不是一名雇员。”

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2020年8月10日，星期四

ADVANCED TIMES

3

国家

工人权利

企业被告知零小时计划可能耗资 30亿英镑

咨询报告对包括 12亿英镑 取消班次补偿金在内的改革方案进行了量化

成人广告 商业首席记者

政府透露，打击零小时合同的计划可能使企业每年承担高达 30亿英镑 的成本。

工党的《就业权利法案》引发了企业与工会之间的冲突，争论焦点在于员工在雇主必须为其提供保证小时数合同之前，可以工作多少小时。

商业部昨日发布的一份咨询报告显示，根据确定的小时数阈值不同，雇主面临的年度账单将在 15000万英镑 至 29亿英镑 之间。在预估成本中，约 12亿英镑 源于强制公司为取消的班次支付补偿金的新规定。

英国商会表示，此前关于整个就业改革将耗资 20亿英镑 的预估已被“彻底推翻”。

政府的分析表明，这些改革可能会产生最佳效果：为经济带来 500亿英镑 的增长，这主要归功于福祉的改善、劳动力参与率的提高以及生产力的提升。因此，政府表示，改革带来的净平均成本可能会降低至 30000万英镑 至 68亿英镑 之间。

政府表示，其倾向于将所谓的“低小时合同”阈值设定在每周 8 到 10 小时之间。

然而，工会一直推动将新规则应用于每周最高 40 小时以及任何持有可变合同的工人。企业警告称，这将涵盖几乎所有临时工，而不仅仅是低小时工人，并认为这将增加雇佣学生和季节性员工的难度。

企业一直警告称，在国家最低工资上涨以及通过国民保险缴款增加 300亿英镑 税收的基础上，额外的监管已使得在青年失业危机时期雇佣工人的成本变得更加昂贵。

英国商会（BCC）表示，企业成本的增加是一个“毫无根据的打击”。

工作与技能总监 Matthew Percival 表示：“政府首选方案之间巨大的成本差异，进一步证明了为什么企业认为部长们将低小时阈值设定在每周 8 小时、并排除成本更高方案至关重要。”

英国商会和首席执行官呼吁政府、工会和企业之间就如何实施任何提案进行一次“正式的三方谈判”。

保守党商业事务影子大臣 Andrew Griffith 表示，首相 Andy Burcham “迫切需要撤回 Angela Kayser 受工会启发、‘回归 20 世纪 70 年代’的计划”。

商业大臣 Jonathan Reynolds 告诉《金融时报》，他支持将工会和企业聚集在一起以达成妥协。

英国工会大会（TUC）表示：“政府应该忽略那些试图将新的工人权利法案归咎于长期以来产生的（非就业、教育或培训）危机的愤世嫉俗之举。”

它补充说，这些改革使英国与欧洲其他地区保持一致，将确保工人的可预见性，并通过保障工人收入来帮助经济。

政府表示：“这些改革将使每个邮政编码区域的工人获得更高的收入保障和小时数可预见性”，并补充说“尚未做出最终决定”。

学术争议：剑桥将调查 Arday 的任命

指南审查：杰森·阿尔代（Jason Arday，左图）在被指控剽窃后辞去教授职务

剑桥大学将对其史上最年轻的黑人教授杰森·阿尔代（Jason Arday）的任命进行独立调查，后者因剽窃指控而辞职。

在给大学员工的一封信中（《金融时报》已获悉该信内容），副校长德博拉·普伦蒂斯（Deborah Prentice）教授表示，任何调查都需要“彻底且透明”，但阿尔代的案例是一个“异常情况”。

阿尔代在 2023 年 17 岁时成为社会学教授，随后被指控剽窃研究成果（包括在利物浦约翰摩尔大学完成的一篇博士论文），并在其简历中做出虚假且夸大的陈述，随后他宣布辞职。

针对要求对其记录进行独立调查的学术人员，普伦蒂斯在信中表示，大学的调查将“由来自剑桥内部及外部的高级学术人员独立开展”。

曾任美国普林斯顿大学教务长的普伦蒂斯补充说，“调查结果随后将为高级学术职位的任命流程审查提供参考”。

剑桥大学最初为阿尔代辩护，称其为“旨在破坏其公信力的有组织活动”，但上周表示，已对其“学术资格和荣誉任命”启动调查。

随后，阿尔代辞去了教育社会学教授以及耶稣学院院士的职务。此前，剑桥大学曾将其描述为一名追求“卓越学术生涯”的“备受期待的社会学家”。

普伦蒂斯告诉同事，大学不需要通过调查来“清晰且坚定地确认，我们的有色人种员工因其学术造诣、成就以及对本机构和更广泛学术界的贡献而受到高度重视”。

她补充道：“这个特定案例是一个异常情况，不应被用来质疑他们的工作或他们在剑桥职位的合法性。”

普伦蒂斯还表示，大学的研究政策委员会将审查其关于“研究不端行为”的指南。

“目前英国高等教育的做法是由涉嫌发生剽窃行为的机构自行开展调查，我们在本案中遵循了这一做法，”她写道。她指的是利物浦约翰摩尔大学，该校表示去年已对剽窃指控进行了调查并予以驳回。

普伦蒂斯说：“我们需要了解，当涉及剑桥自身学术标准的严重指控被提出时，我们是否还能采取更多措施。”

剑桥大学未回应置评请求。阿尔代事件引发了人们对该大学致力于维护标准的质疑。剑桥大学拥有约 10,000 名学生（包括本科生和研究生），被视为学术卓越的中心，并培养了 120 多位诺贝尔奖得主。

今年，它在《完整大学指南》（Complete University Guide）中被评为英国最佳大学。劳拉·休斯（Laura Hughes）和富兰克林·尼尔森（Franklin Nelson）报道

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4

•

金融时报

2024年8月10日，星期四

国际

网络安全

与中国相关的黑客利用公开AI工具

开源代理协同攻击台湾政府网站

TIM WELLMAN - 伦敦

疑似中国黑客利用公开的人工智能工具攻击了台湾的政府网站，这是首次显示AI如何改变其战术的此类攻击。根据发现此次入侵的Ocean公司研究人员称，这次攻击利用了最弱的代理来构建一个行为像协调网络团队的自主后门工具。

在7月初的一天，该工具同时部署了多达八个自主代理，用于绘制台北的系统图谱、研究漏洞列表，并在被拦截时改变战术。

研究显示，该工具入侵了至少45个官方用户账户，在将攻击扩大到台湾核安全机构和至少七家能源公司之前，提取了2,300多份人员记录。

这一发现正值AI和网络行业对最新模型识别和利用软件漏洞的能力感到担忧之际。Anthropos、OpenAI和Meta曾报告AI模型在测试期间发起了意外的网络攻击。

Ocean的首席战略官Amir Becker曾领导以色列精英信号情报部队 8200, 的网络行动，他表示，此前从未见过针对政府目标的如此“公开”的自主攻击。

他补充说，AI工具的出现意味着各国现在必须假设自己处于永久的清晰攻击之下，“这必须成为全球每个政府的基本假设。”

一名了解此次攻击的人士表示，目标是台湾。

最显著的特点是它如何持续地对可能的攻击路径进行排名和重新确定优先级。

Ocean拒绝确认目标，但表示已通知一个“亚太地区”国家相关情况。

Ocean尚未将此次攻击归因于某个特定团体，但研究人员表示，后门相关内部通信中使用简体中文，因此操作者与中国有关的可能性很高。

从目标处恢复的数据是以繁体中文编写的，因为其中仅包含台湾、香港和澳门的政府网站。

台湾数字发展部表示，所有“涉及政府机构或关键基础设施的事件将根据既定的报告和响应程序进行处理”。

该部门补充道：“黑客攻击手段已变得日益多样化，近年来AI技术的整合进一步改变了网络安全事件的性质。AI代理给网络安全防御带来了新的挑战，例如针对自动化和AI代理本身的攻击成为了新的漏洞。”

中国当局未回应置评请求。

Ocean表示，7月这次攻击最显著的特点是该工具如何持续地对可能的攻击路径进行排名和重新确定优先级。当一条攻击路径失败时，该工具会部署另一个代理在互联网上搜集信息并设计新方案，就像人类黑客那样。

农业。气候变化

欧洲农民通过夜班应对酷暑

全欧范围内的酷热天气迫使播种和收获方式发生改变

SUGARMAN SHIMKEL - 伦敦

凌晨2点，泛光灯照亮了在伦敦附近的伯克郡（Berkshire）埃莉诺·吉尔伯特（Eleanor Gilbert）家族农场中移动的机器。这位24岁的年轻人正在黑暗中进行收获，以捕捉覆盖在地面下的微量露水，这是将其水分含量训练到可接受程度的唯一方法。

大约35公里处，她切换到收获模式并持续工作一整天。在睡眠两三个小时后，这位第六代农民再次外出并重新开始。

“这有点像在经历时差，”吉尔伯特说。“你无法在五点 / 五日中午睡觉。这很不正常。”

这种缺失正促使欧洲各地的农民修改工作方式和时间，从夜间收获到用遮阳设施覆盖农田，以及冷却牲畜棚舍，并放弃沿用了数十年的播种计划。

损害已经体现在收获预测中。法国农业部的工作显示，小麦产量预计将比去年下降20%，降至吨。这是至少自1000,年以来最低水平，原因是生长季的酷暑和干旱。

蛋白质和其他作物情况也不见好转。马德里周围的马铃薯种植者在太阳下山后进行更多采摘，因为酷暑可能会损坏作物，而的农民在温度较低、动物更愿意进食时才喂养动物。

在意大利南部普利亚（Puglia）大区阿尔哈桑（Alhassan）附近种植和豆类的皮特斯·丘奇（Pieters Church）是另一位开始在星光下工作的农民。“从早晨直到晚上六七点，你什么都做不了，”60岁的丘奇说。“如果你触碰一块金属，它会灼伤你的手。”

黑鹰豆必须在经过一夜冷却后收获，在白天，它们的荚果变得如此干燥且，以至于在之后植物会被压碎。

夜间收获还降低了春季木材干燥农田遭受阳光损害的风险。吉尔伯特一家现在将水引入农田，并保持一个在附近以创建防火带。最近一次在茬地中穿行的在几秒钟内引发火灾，使他们在试图在最高动物之前挽救作物时，距离火源仅有米。

据她估计，干旱使农场的产量降低到大约前一年的水平，将每吨谷物的生产成本从约£2 / lb推高至接近£2 / lb。

灯光下：一名法国农民在法国中部德勒姆（Drem）附近的尼日尔（Niger）、格鲁内瓦克（Grunewacke）夜间收获油菜。

在德勒姆（Drem）的新南部，有机蔬菜公司Overhead的收获团队现在凌晨2点开始工作，目标是在下午2点前完成，并。16岁的从早上6点开始配送蔬菜豆类，携带包装以保持产品新鲜。“我们大概知道这会发生，但一直认为这是一个我们的孩子可能需要处理的问题。它发生得快得多，快得多。”

类似的转变在的凌晨2点或3点已经进行了多年。11月，保险机构Houston的食品系统与自然负责人表示，一名投资者资助了为农民提供照明头灯的项目，以便他们能在夜间工作。

但更热的夜晚正在降低作物和工人的。

农民们被迫以其他方式进行创新。在意大利的，法国正努力让他的奶牛保持凉爽并维持牛奶产量。他说，奶牛在炎热天气自然会产生较少的牛奶。但全年的比平时更多，动物在独特的温度中遭受了痛苦。

“去年我安装了一套通风系统，但现在的温度如此之高，风扇已经不够用了，”巴西（Brazil）说道。“所以我们需要增加其他设备来支持它们。我刚刚购买了一套水充填系统……水离开烟草金枪鱼，牲畜死在里面。”

部分州的产量下降了多达 20%，而加利福尼亚是最大的意大利农民联盟。

法国的农民在采取类似措施后，仍难以保护动物。农业部门表示，尽管增加了通风、喷雾并改变了喂养方式，但 11 月超过 400 的温度在 6 月下旬造成了猪场和家禽场的死亡。

“我们一直在不断适应，因为我们首要关注的是动物福利，”巴西（Brazil）说道。“年复一年。”

“我们原以为这是我们的孩子需要处理的问题。但它发生得快得多，快得多”

我们尝试调整牛舍以适应变化的气候，以便在主要事件中能够具有适应性……这意味着由于气候变化而产生极高的成本。”

意大利正面临着 Colliotti 所称的“两速气候紧急情况”，北部有严重的冰雹，南部则有山火和极端高温。该协会表示，初步估计最近一次运行造成的农业损失高达数亿英亩。

更广泛的成本已经非常巨大。Novelties 为欧洲投资银行开展的研究估计，气候相关事件每年在整个欧盟造成约 1200k 的农业损失，其中大部分为估计值。

Fairweather 表示，到 2000 年，年平均损失可能会上升到约 1400k，因此也会影响谷物质量，蛋白质含量降低的谷物可能不得不出售到更廉价的市场。“你不仅拥有更少的产量，”他补充道，“而且质量要低得多。”

统计局（post）Duffield 的额外警告，发表于 FT，7 月 10 日 参见：Meryl Maron，《市场洞察》

亚太地区

台湾对北京计划与印度尼西亚举行海军演习表示愤怒

VIVIERA HALE - 伦敦 A. KHAFTAL LIEBERS - 马来亚

台湾对北京计划在台湾东海岸海域与印度尼西亚举行海军演习表示强烈不满，称其为破坏现状的危险举动。

中国国防部周二表示，将于8月中旬在台湾东部海域举行一次联合“航行演习”，但未指明具体地点。

此次计划中的演习——罕见地包含了外国国家——是在近期中国巡逻活动之后进行的，这些活动引发了国际社会对中国在相关海域提出更强硬主张迹象的担忧。

台湾正在举行其武装部队的“光辉”训练演习，旨在为应对中国可能采取的军事行动做准备。北京声称对台湾拥有主权，并威胁如果台北方面不能理解，将采取军事行动。

台湾陆委会

“北京显然想表明它有东南亚国家和一个大群岛在它一边”

称此次计划的演习为“政治操弄”，并指责北京“试图在国际社会制造中国共产党对台湾东部海域拥有管辖权的假象”。

该声明呼吁取消相关计划，虽然没有直接提到印度尼西亚，但指出北京计划与“相关国家”进行联合军事演习。

中国国防部表示，演习将侧重于通信和海上补给，旨在“增强两国的政府能力”。

“北京显然想利用这次机会来表明 [它有] 东南亚国家和一个大群岛在它一边，”新加坡 I-Bigland 国际研究学院高级研究员 Cathy Kuh 表示。他认为，对于被视为“与中国共同作战”的印度尼西亚来说，参与演习的动机可能是向北京发出信号，表明其是一个不可或缺的合作伙伴。

关于此次演习，KUH 表示“就欧盟而言，将在从俄罗斯返回途中执行‘提供控制’。”

一份关于 2000 年代相关演习的报告提到，当不同国家的海军舰艇在港口访问期间同时会面时会进行此类演习，但该报告未提及中国或台湾。军方表示：“过境演习并非冲突问题，而是在进入一个国家领海时遵守的普遍军队传统。”

雅加达曾与多个其他国家举行过联合军事演习，但参与此次台湾演习可能会引发其东南亚邻国以及其他方面的批评，其中许多国家在南海与北京存在主权争议。

Diana Martiño 在雅加达提供额外报道

秋季预算

法国部长警告切勿推迟痛苦的支出削减

丽莎·安姆隆 (LISA AMRON) - 巴黎

预算部长本人表示，法国必须抵制将困难的支出决定推迟到明年总统选举之后的诱惑，因为法国无法承受赤字进一步扩大的后果。

“扩大法国的公共财政是首要任务，”阿米尔 (Amiel) 在接受《金融时报》采访时指出（他在准备 2023 预算以防止其在市场中崩溃时，将其国家状态形容为“火药桶”）。

他呼吁在 4 月选举后寻求接替总统埃马纽埃尔·马克龙 (Emmanuel Macron) 的候选人们提出可靠的方案，并要求公众警惕那些带有“选举”承诺的人。

由法国领导人领导的少数派政府，其指令是增加明年的国防支出并保护绿色倡议，同时放缓福利支出的增长。

但在 GDP 增长低迷的情况下，政府承认，由于利息支出增加、伊朗战争冲击以及高额军事支出，今年将无法缩小预算赤字。增加的收入也无法帮助其在第二季度达到 82%，

这是近六年来最高水平。

政府的目标是在年底前将赤字降低至 GDP 的 5%，仅比 2023 年的 13% 略有下降。法国仍然承诺在 2023. 底前将赤字削减至 GDP 的 5%，这将是减少赤字所必需的。

“大家都知道，我们公共财政恶化的其余部分在于医疗保健和养老金支出的激增，”阿米尔说，这在很大程度上是问题的核心。

“当你回顾过去 10 年的支出增长时，其社会支出占 80%。”

对于缺乏议会预算支持的政府来说，要实施广泛的预算削减，尤其是针对养老金（这在法国是一个极具政治毒性的问题），将非常困难；而且政府在马克龙的规则下运行。根据国家统计数据，养老金、医疗保健、失业金和其他社会福利占公共支出的 30%，使得这些领域的削减成为改善公共财政的关键。

阿米尔表示，议会必须考虑将养老金和某些福利的增长与通胀挂钩，因为这样

可以节省数十亿。2023, 经伊朗调整后的养老金支出为 12%，在预算中增加了约 100亿，而在 2026 年，增长的影响为 10%，增加了 67.

但随着通胀预计将上涨 80 亿，在 2027 年预算的尝试中，将会有一个挂钩的缺口。

7 月，政府承诺将人们支付药品和就医的最高年度金额从 4.92 提高到 4.95%，翻倍超过 4.95%。

少数派政府再次需要其投票支持的地方当局，可能会

反对社会支出削减。去年，为了通过预算，收入约 15亿 被留下，以及来自马克龙将退休年龄提高两年至 6 岁的 45亿。在 2018 年和 2023 年，政府曾因预算争议而倒台。

尽管如此，阿米尔表示，政府不想将负担传递给下一任总统。“我们宁愿现在削减支出，如果有人想要，他们可以调整这些措施，”他说。

现在，在 America，爱德华·菲利普 (Edward Philippe) 强调了此类因素的必要性，以保护后代免受公共债务的影响，而外国银行的融资则是“提高法国对欧盟预算贡献的指南。这被留给了 6 月，即，比 40% 多 10 亿，伴随着剧变，并希望征收新的财富税和更高的消费税。”

“总统选举是各个候选人和政党维持其工资相关和意识形态主张的场合，”阿米尔说。“与此同时，各党派必须负责任地行动以削减赤字，以便下一任总统和议会能拥有尽可能大的行动自由。”

---

2006 年 8 月 10 日，星期四

4

金融时报

5

摩洛哥的繁荣未能为“被遗忘”的青年提供机遇

高失业率和低工资驱动许多人寻求海外更好的生活

WILLIAM S. SARAHARD TAPPER — ROBERT

在摩洛哥的港口城市萨利（Sali），萨利姆（Salim）的工作是将太阳线罐头装入小型纸箱。红色的罐头从烤箱中取出时依然滚烫，被放入一个深金属筐中。

当海产增加时，萨利姆工作时间长达 18 小时以处理全部渔获，手指尖被滚烫的金属烫成黑色。

一年后，在获得学位后，24 岁的萨利姆在首都一座巨大的空调玻璃建筑中工作，这是体现摩洛哥近期经济发展的异常明显之建筑之一。她的拖鞋在理石地面上发出咔哒声。《金融时报》使用化名以保护她的身份。

尽管新工作光鲜亮丽，但她的预算依然紧张。像许多摩洛哥年轻人一样，她苦于低工资，并感觉到机遇在其他地方。与他们一样，她希望不仅仅是生存。

随着摩洛哥专注于预算纪律和基础设施投资，其经济在近几十年有所增长，贫困率有所下降。但经济学家表示，这种增长——由西北海岸沿线闪亮的体育场和光辉的雪景所证明——并未转化为足够的高质量就业机会或为大多数人带来更高的工资。

上个月，这一失败被凸显出来：超过 72,000 人（主要是希望获得更好前景的摩洛哥青年）试图强行越过进入西班牙 Costa 飞地的边界。据西班牙当局称，至少有 82

我去过很多地方，但在萨利找不到工作……因为供应量大于需求

人死亡，但一个摩洛哥 5020 将这一数字提高至 141。尽管如此，许多人表示他们愿意再次尝试。

拉巴特国家统计与应用经济研究所研究移民的经济学教授梅迪·拉比萨（Mehdi Labisa）表示，购买力的下降、农村地区的边缘化以及国家服务的匮乏驱动人们移民。“这种经济增长的果实并未惠及大多数摩洛哥人。”

摩洛哥的成功之处在于：它确保了强大的汽车和航空航天工业，是该地区少数能吸引此类制造业的国家之一。一个新的工业港口增加了出口和物流能力，而国家磷酸盐生产商使摩洛哥成为了全球肥料供应商。

尽管如此，拉比萨表示，该国的大型公共投资项目，包括其体育设施——将用于举办世界杯——以及高铁，“全部都是高度资本密集型投资，未能创造相应的就业机会”。

失业率仍维持在 15% 左右，其中年轻人的失业率高出三倍——然而，即使是许多有工作的人也希望移民。

该王国的雄心在首都拉巴特的边缘地带显现，那里有一座外观像火箭的塔楼，周围是烈日下生长得较为瘦弱的树木。

“我们现在面对的是穆罕马德六世塔（Mohammed VI Tower）”，建筑内部结构的一块交互屏幕上这样写着。该建筑以国王命名，于去年完工。在开发商到达之前，该地区的传统聚落并非实时工作坊，它们已被移至市中心。

附近，一块挡板防止行人进入

由扎哈·哈迪德建筑事务所（Zaha Hadid Architects）设计的全新皇家剧院的草坪，该剧院于今年开幕，法国人 Leighis Macron 和摩洛哥王室出席了仪式。在拉巴特的沿海地带，一座巨大的冰球体育馆最近开业，尽管这项运动在摩洛哥相对陌生。

萨利姆下班后，回到她与一名朋友在邻近城市萨利合租的一楼公寓。房间很阴暗，因为窗户不能完全打开，她睡在室友身边地板上的一块斑马纹毯子上。

每月仅 1620 3-6 小时，这公共部门的平均工资，因此她通过撰写 YouTube 脚本和为广告录制配音来补贴收入。“我去过很多地方，但在萨利（Sali）没有找到工作……因为供应大于需求。有太多年轻人想要工作，”她说。

拉巴特的一位经济学家纳吉布·阿卡希（Najib Akashi）表示，大规模投资从外部看来创造了一种“辉煌”的成功。他表示，集中在西北海岸的高昂高铁和体育场建设是以牺牲摩洛哥其他地区以及医疗保健等社会计划为代价的。

这些矛盾——他称之为“被遗忘的摩洛哥”——导致了去年的一波 Z 世代抗议活动，起因是阿加迪尔（Agadir）一家公立医院有八名孕妇死亡。

政府已承认这些社会差距，并表示正在致力于扩大社会安全网和医疗保健。

Mehdi, 26, 一名金属工和专业机构人员，他于上周晚些时候离开家，试图前往科斯塔（Costa）。他收拾了用来包裹他的手机、钱、零食和笔记。

他游泳了七个小时直到跨越边界进入科斯塔，然后并在西班牙停留了一周，随后决定返回摩洛哥，避开了西班牙军队。

梅迪在木工、油漆、电工和建筑等工作之间跳槽。作为一名足球运动员，他每月赚约 $2,000，但他表示这笔钱用于支付家人的税收减免。

“在毕业之前，我原以为我会找到工作机会。但在摩洛哥，我们说当你完成学业时，才是真实生活的开始，”他说。“大多数摩洛哥人就这样生活。”

根据世界银行的最新报告，摩洛哥经济“最严重的结构性弱点”是“其创造就业的能力不足以满足不断增长的劳动年龄人口的需求”。据估计，摩洛哥高达三分之二的投资来自公共部门。

阿卡希表示，私营部门对进行能产生就业和增长的长期投资持谨慎态度，因为政府对经济的控制、缺乏竞争，以及在萨利（Sali）拥有寡头垄断地位的非寻求类企业的优势。

“他们只对短期利润感兴趣，”他说。

在深夜游回途中，梅迪看到一具尸体漂浮在水中。他到达，步行数十公里并乘坐巴士前往萨利。他回到家中见到祖母和母亲，她们对他突然返回感到震惊，并禁止他再次尝试。

大约早上 7 点，他前往萨利公共海滩及时开始工作，出租遮阳伞。他每天赚约 $15。

他说他会等待大约两周，然后再次尝试前往科斯塔。

摩洛哥青年失业率飙升

劳动力中 5 失业；按年龄组及整体划分

来源：摩洛哥计划高级专员公署

国际

'经济增长的果实并未惠及大多数摩洛哥人'

采矿饰面：一名女性在拉巴特的穆罕默德六世塔（以国王命名，于去年完工）的一座画廊中行走 ——

---

5

金融时报

2026年8月10日，星期四

国际

价格压力

美国通胀率降至 3.4%，尽管伊朗能源冲击依然存在

尽管汽油价格下降，但战争的后续影响仍在整个经济领域产生回响

WILKEL MCDONNICK - 华盛顿 KATE INSIGHT - 纽约

美国通胀率可能会降至 1.4%，或者汽油价格在关闭时下降，尽管唐纳德·特朗普总统在伊朗战争带来的后续影响继续在整个经济领域产生回响。来自 Roman Al-Jalani 统计局的消费者价格指数（CPI）数据低于 6 月 3.3% 和 5 月 4.2% 的年率。这与 Bloomberg 发布的经济报告一致。

剔除波动较大的食品和能源成本的核心通胀率从 2.6% 降至 2.5%，表明潜在的价格压力保持不变。

“由于商品和燃料价格下降，7 月份的整体通胀情况连续第二个月略有改善，”波士顿学院的经济学教授 Brian Berman 表示。该数据的背景是，要求联邦利率提高利率以遏制由战争导致能源供应中断以及关税和非洲人带来的价格压力而引发的一系列通胀驱动因素的呼声日益高涨。

但在数据发布后，交易员们回撤了对央行近期采取行动的预期，不再完全将年底前的利率上调计入定价。在数据发布前，预计至少会有一次四分之一百分点的加息。

P100 首席投资策略师 Robert Clay 表示，随着数据显示通胀降温，“是的，当然可以认为加息预期将继续被削弱”。

根据 Bill 数据，汽油价格是驱动美国人价格上涨最明显的迹象之一，在冲突最激烈的 5 月，平均价格上涨至每加仑 $4.65，将通胀推至三年高点。但随着美国与伊朗之间紧张局势的缓解，价格随后有所下降。7 月的月平均价为每加仑 $4.09。

在昨日报告发布后，加元下跌，国债收益率小幅上涨，但全天仍保持在较低水平。

[该数据] 使 2026 年加息成为可能，同时降低了近期采取行动的可能性

市场对通胀的衡量指标出现了更明显的波动，其中 10 年期通胀预期上涨至未见之高。

除了利率预期下降外，这些波动还掩盖了投资者对美联储无法抑制价格压力的担忧。

“我们看到（通胀）在向正确的方向发展，但我们尚未达到潜在通胀将处于未来范围的程度，”Telegraph 高级美国经济学家 Jurokhir 表示。

美联储主席 Kevin Wards 已发出信号，打算在打击通胀方面采取果断行动，但在央行的两次会议上并未在其他城市提高利率。

Buredi's Keringa 首席信贷官 Wards 表示，核心通胀率从 5 月 12% 的峰值有所下降，这种适度下降“使 2026 年加息成为可能，同时降低了最早在 9 月采取近期行动的可能性”。

但她警告称，中东战争以及应对经济衰退而产生的价格压力，以及食品价格仍易受供应冲击的影响，这两者在未来都可能推高核心通胀。

参见 Don't-It-Te-Pharish

沉重打击 地震影响 哥伦比亚 咖啡之路

哥伦比亚咖啡种植核心地带佩雷拉的一栋坍塌建筑。地震造成至少 80 人死亡，数千人受伤。

哥伦比亚的地震破坏了一条承载该国大部分咖啡出口成本的道路，并中断了一个关键太平洋港口的运营，这增加了对这个全球最大生产者的担忧，因为种植者们正为 Eritrea 感到焦虑。

这场美国规模地震的余波（截至周二已导致至少 80 人被抬起，数千人受伤）波及了该国咖啡种植的核心地带。

哥伦比亚提供了美国约五分之一的咖啡进口量，并计划在作为高质量水洗阿拉比卡豆（被巴巴多斯等国使用）顶级生产者的全球角色中发挥作用。

Engana 咖啡分析高级经理 Oliver Bronte 表示，连接咖啡产区与布卡拉曼加（Bucaramanga）太平洋港口的道路受到了地震影响，该港口处理了哥伦比亚大部分的咖啡出口；他补充说，目前仍在评估影响。

哥伦比亚国家咖啡种植者联合会和布卡拉曼加终端已暂停运营以进行投资和检查，且地滑封锁了进入道路；该组织补充称，通过加勒比海岸的出口仍在继续。

由于对 10th 气候事件的担忧，阿拉比卡香蕉（Arabica Banana）自 6 月初以来上涨了近 10%，周二一度触及每磅 $3.30 的高点，随后在交易员权衡地震对哥伦比亚供应的潜在影响时下跌。

洲际交易所（Intercontinental Exchange）仓库中的阿拉比卡库存“极低，而哥伦比亚咖啡是水洗咖啡的关键生产地，因此市场对任何供应强度的波动都会非常敏感，”农业大宗商品专家兼贸易（CHAP）Nao 研究负责人 Kona Napier 表示。Napier 表示，现在评估道路、磨坊和其他基础设施的损坏程度还为时过早。

咖啡生产商已经在为加强的厄尔尼诺（Eritrea）做准备，这可能给咖啡产区带来破坏性的温度和降雨，并促使近几周的价格波动。

洲际交易所负责人 Grenada Bahamite 上个月在 77 告诉人们，哥伦比亚刻意专注于质量而非试图在广度或产量上竞争，利用其高海拔种植区生产特种阿拉比卡咖啡。

Bahamite 在 7 月下旬警告称，长期且非常强烈的事件可能会显著影响哥伦比亚、巴西和越南的作物。Bahamite 表示，哥伦比亚预计今年的收成将减少，预计产量约为 12,000m 个 60 公斤袋，低于去年的 14,000m 个，而去年是该国 10 年来最大的收成。Sumerist George 在伦敦，Joe Daniels 在波哥大。

美国政治

温和派民主党人在威斯康星州初选中击败左翼对手

劳琳·海格 (LAURINE HIGHE) - 纽约 斯蒂芬·P·帕克西斯 (STEPHEN P. PAXIS) - 伦敦

根据美联社 (AP) 的报道，在竞选威斯康星州民主党州长候选人的竞争中，温和派的 Tuesday Sun 在周二的投票中击败了中田纳西州以外的国内选票。

密尔沃基县行政主管 Crowley 的胜利代表了民主党左翼反叛者的挫折，以及与建制派的接近，而建制派此前曾宣布某些立场会疏远选民。Hogg 曾因社会主义人士的批评而受到质疑，包括有人指责其在感恩节期间“庆祝殖民主义”，但此前仍被预期将获得

左翼民主党候选人支持浪潮的助力。马凯特大学上个月进行的一项民调显示，她领先其他候选人 22 个百分点。

威斯康星州是一个摇摆州。在 2024 年总统选举中，唐纳德·特朗普以不足 10,000 票的优势击败卡米拉·哈里斯赢得了该州。

Crowley 将在 11 月的竞选中对阵由特朗普支持的共和党国会议员汤姆·蒂法尼 (Tom Tiffany)。

“从第一天起，这次竞选就是关于威斯康星州的下一步行动，让生活变得负担得起，加强我们的学校，创造高薪工作，并确保我们州的人们有机会发现职业生涯，”Crowley 写道。5 进步派结果不一

在其他选区中。根据美联社报道，前州长佩吉·弗拉南根 (Peggy Flanagan) 赢得了邻近明尼苏达州的民主党参议院初选。但进步派的 Junk efforts，一名州议员，随后

大卫·克劳利 (David Crowley) 在威斯康星州密尔沃基的一次竞选活动中，被预计将赢得候选资格。康涅狄格州现任民主党州长内德·拉蒙特 (Ned Lamont) 也在其中。周二共有六个州的初选，其中包括南卡罗来纳州，共和党参议员达琳·科尔多瓦 (Darlene Cordova) 在投票中领先，以

接替她的哥哥，已故参议员林赛·格雷厄姆 (Lindsey Graham)。她现在将在本月的决选中对阵共和党国会议员拉尔夫·诺曼 (Ralph Norman)。

在早前 5 场统一选举之前，进步派在民主党初选中赢得了一系列胜利，届时国会的控制权将面临竞争。

上周，前公共卫生官员 think of David Arbutal 来自中部

四州国会议员海莉·史蒂文斯 (Haley Stevens) 成为密歇根州美国分支的民主党候选人。对进步派的液体支持，包括佛蒙特州参议员伯尼·桑德斯 (Bernie Sanders) 和纽约州国会议员亚历山德里亚·尚克斯 (Alexandria Shanks / Cortec Hong)，并未被任何一名议员禁止。

央行 政策 贫困挣扎 以维持生计， 美联储高官称

波士顿的 Collins 对加息持开放态度，因为家庭和企业正在应对生活成本

罗杰·琼斯 (ROGER JONES) - 路透社 威尔克尔·麦克多尼克 (WILKEL MCDONNICK) - 华盛顿 据一名美联储高级官员称，由于基础战争加剧了生活成本压力，许多美国人正挣扎着“维持生计”，该官员警告称，央行可能需要提高利率以遏制通胀。

波士顿美联储主席布鲁斯·柯林斯 (Bruce Collins) 告诉 111，美国东北部的企业和家庭正受到通胀的挤压，而通胀在五年多时间里一直未能让央行降至 2% 的目标。

“在每一次对话中，（关于价格的这些问题）都会出现，”她在波士顿 PwD 总部的一次采访中说道，并提到她与企业的谈话。“在适度收入家庭的几个小时里，我越来越多地听到关于……维持生计的挑战。能源价格确实具有挑战性，尤其是较低地区。”

柯林斯的言论发表在昨天的通胀报告之前，该报告显示 7 月的价格上涨幅度略微下降至 5%，而 1 月份为 5%，以及总统唐纳德·特朗普在伊朗的战争对更广泛经济尤其是能源价格的影响。

新英格兰地区在冬季对取暖油的依赖程度高于该国其他地区，并且还将油类作为发电的备用燃料，这使其在成本上涨面前尤为脆弱。

针对伊朗的战争引发了今年的通货膨胀激增，因为通过诺曼海峡（break of Norman）的石油流量已减至涓涓细流，这加剧了关税以及国内支出飙升带来的价格压力。

在昨天的通胀数据公布后，世界银行对美联储将提高利率的 2024 年预期，不再完全将其定价为年底前的一次加息。在数据公布之前，市场预计到 12 月至少会有一次加息。市场此前担心央行将难以应对战争带来的通胀后果，导致在美联储决定加息后的上个月成本不断增加。“这些政策数据打破了大多数人要求加息的呼吁。”柯林斯（Collins）在联邦公开和基金会（Federal Open and the Foundation）中没有投票权，她支持 7 月维持利率不变，认为利率已经“非常具有限制性”，且“不会预期通胀问题会被执行”。

但波士顿美联储主席表示，如果数据如此要求，她将愿意在最早 9 月份考虑加息。“我不排除未来几个月的经济状况需要更高的政策利率的可能性，在这种情况下，我准备好提高利率，”她说道。

价格增长仍远高于 5% 的首个目标。个人消费支出（personal consumption expenditure）通胀衡量指标——其首选衡量标准——在 6 月份为 5.7%，且自 2025 年初以来一直高于目标。

上个月要求加息的三位利率制定者——克利夫兰美联储的两位、达拉斯美联储的部分工资（some wages）以及明尼阿波利斯美联储的尼尔·库什兰（Neal Kushland）——认为通胀将变得更难应对，而最大的问题仍然是需求。

在每次对话中，关于价格的第 2 点……我们地区的能源价格确实极具挑战性！

利诺·库克（Lino Cook）、菲利普·杰斐逊（Philip Jefferson）和克里斯·莱多·沃勒（Chris Lydow Waller）与柯林斯一样，表示如果通胀不能下降到 2%，他们可能会在 9 月份进行一次加息。

纽约美联储主席兼 P1N6 副主席约翰·威廉姆斯（John Williams）表示，如果通胀保持高位，他将支持更高的借贷成本。美联储主席凯文·沃兹（Kevin Wards）可能会在市场根据数据做出反应且未来几周显示美国经济状况证明需要更高借贷成本的情况下提高利率，据 97 上周报道。

由于劳动力市场正在被重新塑造，政策制定者的前行之路变得复杂。上周一份出人意料的疲软的 7 月就业报告显示，失去了 23,000 个工作岗位，这促使市场降低了对短期内加息的预期。

在过去的三个月里，美国经济平均增加了 2,000 个工作岗位，较今年第一季度的 7, 大幅下降。

但柯林斯警告不要过度解读后期的薪酬数据，她指出私营部门的招聘仍保持正增长且分布广泛，而失业率仍然“相对稳定”。“虽然每月的劳动力就业人数和劳动力供应风险波动很大……我一段时间以来一直说过，增长速度正在放缓，”她说，“如果出现某些时期就业增长为负，而另一些时期又出人意料地高，人们不必感到惊讶。”

分发

合同，招标 华盛顿邮报批发 及 / 或 招标日与乡村俱乐部 对应 招标邀请 皇家多数派与乡村俱乐部（PROD.）租赁布局，巴基斯坦 原定于 2026 年 8 月 10 日截止的投标提交日期（根据 1967 年 5 月 10 日、2026 年 2 月 22 日在《海湾新闻》发布的广告以及 2026 年 6 月 26 日在《金融时报》发布的广告），现已延长至 2026 年 9 月 10 日（至 1967 年 5 月 10 日）。相关信息也可在 www.pakist.gov.ph, www.pas.org.uk 和 www.pap.com 上查询。1967.

Dense Tabular Data (Omitted)

DISTRIBUTION: Property & Land PLEASE RETURN TO: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100. Aircraft switch

舒默要求披露特朗普从土耳其秘密离境的细节

WILKEL MCDONNICK - 华盛顿

参议院最高级别的民主党人呼吁国会对上个月的一次法院行动进行听证，该行动旨在将唐纳德·特朗普从土耳其撤离，且在据称存在伊朗暗杀威胁的情况下，空军一号被用作直接后续。

舒默要求白宫对这次秘密任务提供完整说明，在该任务中，总统作为强力车辆的一部分被转移至一项军事服务。舒默在.5中写道：“参议院应立即获悉针对总统的伊朗威胁、将其撤离土耳其所采取的非常措施、对美国人员造成的和平影响，以及任何对国土的威胁。国会此前被蒙在鼓里，而是通过新闻报道才得知这些行动威胁，这是不可接受的。”

舒默的要求凸显了由《华盛顿邮报》发布的一篇报道所引发的最新争议，该报道披露了一次在立法者、美国公众或许多空军一号随行人员不知情的情况下，于第16季度从土耳其撤离的机密行动。

根据《邮报》报道，在安卡拉的国家峰会之后，舒默，一名基于国家的特朗普登上了空军一号飞回美国，但相反，在峰会结束后，总统在波音 747 飞机上被禁用，作为选择附近空军“2025”的起点。

特朗普已确认，他应特勤局的要求更换了飞机，因为他们透露对他存在“威胁和威胁”。总统表示：“这完全取决于特勤局。我只是按照他们想做的方式去做。他们想让我乘坐不同的航班，去不同的地方，而我可能在市场之外，所以我这么做了。我做他们能做的事。”舒默表示，他的白宫已经“单独发布，以向国会和公众提供透明度，无论如何，这与另外两场战争有关。这就是为什么国会必须行使其宪法权力并结束这场冲突。”

白宫未回应置评请求。

---

2006年8月11日，星期四

金融时报

7

在压力之下，辉瑞在面对新冠疫苗收入下降的同时，面临着其为新药支付过高费用的担忧 第9页

公司与市场

胃口极大：亿万富翁佩尔茨的 Trian 准备对快餐连锁店 Wendy's 发起私有化收购邀约

亟待复兴：由于顾客选择竞争对手连锁店，Wendy's 一直在与销售额下滑作斗争

HURRY MILK - 纽约 SILVER BARRIER - 波士顿

Solean Peltz 的 Trian Food Management 正在为对美国快餐连锁店 Wendy's 发起私有化收购邀约铺路，并得到了包括 Regatti 支持者 BluePect Capital 在内的投资者财团的支持。

据知情人士透露，Trian 正在为其收购邀约组建一个共同投资团体，该团体可能包括该汉堡餐厅最大的特许经营商之一 Pfizer Group，以及总部位于阿布扎比的 BluePect。

该团体表示，可能会在未来几周内提交私有化收购邀约，并补充称该项目路线仍可能发生变化，或者邀约可能无法最终实现。Trian 作为 Wendy's 持股 16% 的最大股东，将被迫在监管文件中披露任何正式邀约。

知情人士补充称，该连锁店的独立董事随后将决定是与佩尔茨的公司协商达成交易，还是进行更广泛的竞标。

佩尔茨自 2 月起就一直在准备发起对 Wendy's 的收购，当时 Trian 在一份文件中表示该连锁店被“低估”。

Wendy's 的总上市 PTEA & “将根据其信托责任，彻底审查 Trian 客户提交的任何提案”。他补充道：“董事会与管理团队一起，定期审查公司的战略重点和机会，目标是为所有股东实现价值最大化。”

Pete 的董事会价值对此测试做出回应请求。

截至周二收盘，Wendy's 的股价在过去一年中下跌了 24%。由于顾客选择竞争对手餐厅连锁店，以及管理层问题和劳动力成本，该公司一直面临销售额下滑的困境。

6 月份，在一次交易日中，该股曾短暂上涨超过 40%，因为以针对公司发起空头攻击和 AML 总业务而闻名的 Wallstreetlets Reddit 论坛上的资深股票领导者们，支持这家标志性的汉堡连锁店。

在 19 年后，Wendy's 的前景昨日上涨 12%，使其市值达到 26亿美元，企业价值为 19亿美元。

Wendy's 运营约 7,000 家门店，主要分布在美国，由 Steve Thomas 于 1969 年创立，是一家以其最佳派类和多种奶昔饮料为特色的“老式”汉堡连锁店。

如果私有化收购邀约得以实现，Wendy's 将成为近年来被收购公司盯上的最新美国餐饮品牌，此前已有 Subway 以 B9to 价格出售给 Roark Capital，以及 Blackstone 以 B8to 价格交易获得 Jersey Miko's 的多数股权（后者随后已重新上市）。

高盛将以最高$2.5bn收购ETF公司Neos

HARVEY CLARELL, PETER MILLS 以及 JOHNNY FENNELL - 纽约

高盛已同意以最高$2.5bn的价格收购交易所交易平台 Neos Investments，旨在扩大这家华尔街银行的资产管理业务。

Neos 拥有约 2.5亿美元 的管理资产，此次交易将使高盛成为全球前八大主动型 ETF 提供商，合并资产规模达 800亿美元。

高盛以及其他银行和投资集团正在向主动型 ETF 领域扩张——这类由投资组合经理构建的公开交易工具通常比追踪指数的被动型产品能提供更高的费用。像 Neos 这样的公司在投资于标普 500 等指数的基础上，通过买卖期权合约来产生定期收益。

近年来，主动型 在银行和资产管理公司中的受欢迎程度激增。根据 Morningstar 的数据，仅在 2003 年就推出了近 1,000 家新的美国本土管理公司，增长幅度从 10% 增加到 100 万。

高盛在资产管理领域最近又完成了一笔小规模交易。它近期接纳了 提供商 Generator Capital Management，该公司提供所谓的定义结果 ，利用衍生品来对冲不同市场，并验证了资本投资公司 Industry Venture。该银行还计划向美国资产管理公司 items from 投资最高 200亿美元。

Inherent 自 2008 年起在高盛任职，一直寻求扩大高盛的资产与财富管理部门，以使业务份额在波动较大的投资和交易业务中更具韧性。

2005 年，资产与财富管理贡献了该银行略低于 50% 的收入。

“我预计我们将继续非常、非常专注于扩大这一领域的增长，”高盛资产与财富管理负责人 Marc Nachmann 告诉《金融时报》。“但在整个资产管理业务中，我们将继续寻找能够帮助我们加速增长的机会。”

北极航线的潜在前景需要回归现实

关于北极地区巨大的商业潜力以及新航线将如何改变全球贸易格局，目前存在着过度的亢奋。

全球约三分之一的位于北极地区。挪威、瑞典、冰岛和格陵兰等国家拥有丰富的水力资源和地热能，这意味着这里是部署数据中心和其他工业的理想之地。

但极地地区的变革速度往往是缓慢的，尽管它是全球变暖最快的地区。例如，看看美国总统唐纳德·特朗普反复提及的格陵兰岛，尽管经过数十年的勘探，那里仍无法证明存在石油和利益。

本周报道了最新的北极商业突破：中国集装箱航运公司 Legend 启动了首条通过北极的定期服务。

该航线连接中国和英国东海岸的费利克斯托（Felixstowe），利用所谓的北海航道（Northern Sea Roads）跨越海洋顶部。

此前，北海航道的年度航行次数创下纪录，该航道可将从到欧洲的航行时间缩短一半。

然而，冷酷的事实依然是：

北极航运目前只不过是一项小众的商业活动。

要使其成为一个具有规模的可行商业方案，还需要很长时间。尽管如此，像 Legend 这样的举措在战略上极具吸引力。

“商业层面尚未成熟，对于绝大多数贸易量来说，这还非常遥远，”丹麦航运巨头马士基（Maersk）首席执行官 Vincent Clerc 去年告诉我，他暗示这需要几十年的时间。

北海航道并未达到同样的，尤其是由于在全面入侵乌克兰后实施的制裁限制了外国船舶的进入。

这导致该航道主要被用于将俄罗斯自身的石油和矿产资源从其运出。

但对于中国来说，这里有明显的潜力，尤其是当中国在寻找替代那些可能存在扼制点（choke points）的热门贸易路线时。冷酷的事实依然是，北极航运目前只不过是一项小众的商业活动。

冷酷的事实依然是，北极航运目前只不过是一项小众的商业活动。

但这里也存在问题。

冷酷的事实依然是，北极航运目前只不过是一项小众的商业活动。

该服务仅在夏季三个月内有需求，这很难提供大多数企业所要求的可靠性。

人们还担心这最终可能会更昂贵，因为会导致更高的补给成本等。

马士基首席执行官 Clerc 本人表示，在航线获得认可之前有三个问题需要解决。

第一个是地缘政治问题，对俄罗斯的制裁使其目前对大多数航运集团来说是禁区。其次是需要展示在北极发生任何潜在事故时的应对能力。

“第三个是商业问题，因为航线的开启和关闭相对不可预测，这使得商业需求难以切换。”

他继续说道：“客户不希望你反反复复，因为他们的整个物流时间表会被打乱，这很难获得认可。”

这位马士基老板表示，该航线可能会与从亚洲到欧洲的散货运输竞争，但不会与海运集装箱——全球化的主要来源——竞争。

因此，大型商业集装箱航运不太可能提供任何能够取代数百艘穿过苏伊士运河和马六甲海峡的集装箱船的时间优势。

然而，随着北极地区的快速变暖——例如，挪威的圣奥拉韦洛（St. Olavello）群岛，其温度上升速度是全球平均水平的五到七倍——以及各大强国在极地地区的地位之争，这条新的航线也提醒人们，缓慢的变化随着时间的推移将带来势头的转变。

资产出售

Isaac Power Station No1 Pty Ltd (已任命接管人与管理人) (已任命行政管理人)（以下简称“公司”）

本公司的接管人与管理人现就收购两套全新的 GE Verroes LMB000PG + Sprint (MMW 铭牌) 双轴双转子行政燃气轮机发电机组寻求意向表达，该设备目前存放于澳大利亚布里斯班的安全仓库中。购买这些涡轮机可享有原设备制造商 (OEM) 剩余保修期的权益。

每套涡轮机组包括：

• GE Verroes LMB000PG + Sprint 涡轮机

• Brush RD4KFD 5426J 发电机

• GE EX3V8A 6xM 发电机励磁控制系统

• 用于氮氧化物 (Nox) 控制的水喷射系统

• 天然气过滤器客户端

• 带有处理器通信模块的排气烟囱组件。

*取决于转让 / 合同数量。

意向表达 =

如需进一步信息，请联系：

Aaron Snaffeldt 和 James Rolloux；

电子邮件：roddishstamemha.com

Kordamemha

Coffee, Tones,

Level 8,

Chifrey Square Sydney NSW 2000

Kordamemha

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8

•

金融时报

2024年8月10日，星期四

公司与市场

工业

塔塔集团董事长在继任之争中辞职

随着钱德拉塞卡兰离职，这家印度综合企业的不确定性加深

KRISHI KASJON - NUPRA MOGUL STIFT - 新德里

塔塔集团（Tata boss）的董事长将卸任，这是这家印度最大工程公司长期继任之争的最新篇章。此前，他面临着即将进行信任投票的前景。

N. 钱德拉塞卡兰（N Chandrasekaran）昨天表示，他已“决定不申请连任”，其任期将于明年2月20日届满。他说：“不仅需要有一位领导者在 60, 2012. 之后领导该集团，而且明确的领导层对于员工、投资者、合作伙伴和其他利益相关者也至关重要。”

钱德拉塞卡兰的决定是新德里一年多以来董事会内斗的结果，而塔塔信托（Tata Trusts）——一个最终控制塔塔集团的慈善机构团体——处于其中。

一名接近他的人士表示，Next 在钱德拉塞卡兰宣布消息后被收购，并补充说这将防止局面变得“肌肉化”。Next 未回应置评请求。

多位知情人士表示，Next 希望其自己的 Neville 在集团中发挥更大作用。直到去年，钱德拉塞卡兰还被预计将获得第三个五年任期，以领导这家规模达 3000 亿的综合企业。

但在 2 月的一次核心会议上，Next 对塔塔信托去年通过的决议提出了保留意见，该决议导致俄罗斯及更多地区受到影响。

据可能的可靠结果显示，钱德拉塞卡兰表示，在下周的塔塔年度会议上，将进行一次比拟的信任投票。

塔塔是印度最关键的州之一，雇佣了超过 1mm 名员工，被认为是该国经济至关重要的一个实体。

由于塔塔集团缺乏副董事长或继任计划，领导层的不确定性引发了关注。Vijay Singh 是第二任总理的成员，包括最大的 Sir Deesig 塔塔信托，该信托持有塔塔集团 28% 的股份。他告诉《金融时报》，钱德拉塞卡兰“因为这些情况而不得不离开”是“不幸的”，他指的是董事会的斗争。

“希望在未来，信托基金与控股公司之间的关系不会达到集团目前所达到的这种程度。”

Singh 表示，该企业集团“肯定会感受到差异”，因为要找一个拥有钱德拉塞卡兰继任技能的人“很难替代”。

塔塔集团正面临印度央行潜在的强制上市，但尚未做出最终决定。由于 All 威胁，印度最大的 IT 服务公司、该集团的现金牛——The Chandrachay Services 的股价在过去一年中下跌了五分之一。在宣布消息后，该股昨天下跌了 1,000 for 1%。

1994, 一些股东（包括塔塔信托和其他塔塔集团公司）定于下周二开会。议程中的一项议题包括钱德拉塞卡兰连任董事的事宜。两名公司消息人士告诉《金融时报》，Next 可能会推动投票，这将令钱德拉塞卡兰尴尬。“我们宁愿选择辞职，而不是输掉投票，”一名塔塔高管表示。

航空公司：扭亏计划

新加坡航空在印度航空投资上损失 $780

该航空公司持有这家陷入困境的运营商 25% 的股份，受飞机失事和喷气燃料成本上涨影响遭受打击

CHEN-QUAN - SHELTER

新加坡航空在持有这家陷入困境的航空公司的 25 股份不足两年后，在印度航空（Air India）上录得约 88ths (8780ms) 的运营亏损，分析指出未来几年情况依然严峻。

在 2024 年 11 月对印度航空进行的投资——就在一场灾难性飞机失事发生前几个月，且在今年席卷全球航空业的喷气燃料危机之前——现在看来时机极其糟糕。

印度航空还遭受了被禁止进入巴基斯坦领空的打击，影响了其多条航线，同时还面临卢比贬值以及影响全球航空业的供应链问题。

“在印度航空上的投资是一项亏损，”一名新加坡航空高管表示。“印度航空正试图进行一次重大转型——这种规模的转型在航空业中可能从未出现过——同时还要处理所有其他问题。时机不能更糟糕了。”

一些资深评论员指出该集团在海外投资方面的历史并不顺利，并质疑其是否在重复同样的错误。

“我不指望印度航空能迅速私有化，而且还需要几年时间，”BBL 银行分析师 Jason Sato 表示。“考虑到损失的规模以及重建航空公司所需的时间，印度航空对新加坡航空产生任何实质性的收益贡献可能仍需数年之久。”

新加坡航空对印度航空的投资可以追溯到 2013 年与印度最大企业集团 Tata 掌门人共同成立的另一家印度航空公司 Vietnam 的启动。

据知情人士透露，在 2023, 纳伦德拉·莫迪政府对印度航空的运营培训进行调整后，新加坡航空成为了非正式的航空参与者。

当时，新加坡航空的高管们正在寻求一种在受限的国内市场之外扩展业务的方式，并寻求广泛的国际崛起。

尽管需要对业务进行沉重的早期投资，但他们认为有机会在印度航空公司中占据重要地位并从未来十年的市场需求激增中获益是两个良好的目标。新加坡航空的管理层

糟糕的选择：一架由印度航空运营的空客 A320 准备在新德里降落。下方的 Towards Gebremarium 在执掌埃塞俄比亚航空十多年后，将成为印度航空的首席执行官。

决定将 Vietnam 合并入印度航空，并且在投入额外 MHCmax (M4Xmax) 资本的同时，新加坡航空持有该公司 10% 的股份，其余由 Tata 持有。

该交易在 SE 的情况下达成，为新加坡航空带来了会计收益。

该航空公司的管理团队知道，在他们的所有权下，印度航空由于机队老化和运营可靠性差而变得臃肿，需要多年的重大投资才能实现扭转。

去年 3 月，在签署协议仅五个月后，新加坡航空被要求从外部业务开始筹集简短的 M5M，使资本投资增加到 M5Mmax (8'15mm)。三个月后，印度航空

(9) 号航班在从艾哈迈达巴德机场起飞后不久坠毁，导致 260 人死亡，成为十多年来最严重的航空灾难。

印度当局正对其坠机事故进行深入调查，但印度航空已调整其计划，以检查其波音 747 机队并增加飞行前检查。

去年印度与巴基斯坦之间重新爆发的冲突导致印度航空被关闭其领空，印度航空表示，由于航班中断，这造成了 86000m 的损失。

与此同时，人们认为印度航空还受到了全球其他航空公司的压力影响，包括导致其扩张和机舱升级延迟的供应链工程师问题，以及引发全球航空燃油危机的中东冲突。

在这种情况下，印度卢比在过去一年中兑美元大幅贬值，这对印度航空产生了深远影响，因为其大部分成本是以美元计价的。

塔塔集团负责人 N. Chandrasekaran 将影响印度航空的诸多问题称为“完美风暴”，并表示该业务的转型将需要相当长的时间。

上周，塔塔集团表示，在执掌埃塞俄比亚航空十多年后，Towards Gebremarium 将出任印度航空的首席执行官，而埃塞俄比亚航空在此期间

“对于印度航空来说，这是一段极其糟糕的时光。时机不能更糟糕了”

成为了非洲最大且最盈利的航空公司。

印度航空的情况在新加坡航空截至今年 3 月底的 12 个月内出现 80Mtimes (8'10mm) 亏损中得以揭露。此后，该公司表示其随后三个月的亏损比前一季度高出 584.1ms，但未给出具体总额。

“新加坡航空的主要担忧是他们是否会被要求对该业务投入更多资金，”Philly Securities 的 Hadden Saman 表示。

新加坡航空告诉《金融时报》，董事会将考虑印度航空提出的任何额外资金请求，并综合考虑集团的其他资本需求以及这家印度航空公司的业务战略。

该公司表示：“印度航空在客户旅程与体验、首先是增长（在通用和高预测特性方面），以及运营绩效等转型工作中取得了切实进展。”

在集团今年的第二次业绩发布会上，新加坡航空首席执行官 C.M. Dunn 在被问及股东何时能从印度航空获得更多年度额外收益时，回答道：“这将是一场持久战。没有捷径可走。”

印度航空未回应置评请求。

Chris Kay 在马尼拉的补充报道

银行 -

瑞信崩溃后，瑞士推进监管改革

随着瑞士在瑞信（Credit Suisse）崩溃后推进监管标准，该国已提议赋予其金融监管机构更强的权力，并制定关于银行家问责制和奖金的新规则。

联邦委员会（目前已就银行相关变更启动磋商）提议了一套新的银行规则，这将赋予市场监管机构（Firms）更大的权力来干预陷入困境的银行，并允许其对金融机构处以罚款。

规模较大的银行将受到一套新制度的约束，该制度明确将责任分配给证券和电机经理，而仅限系统重要性银行则必须引入相关条款，允许在出现合理理由后推迟或追回奖金。

这些措施是 2023 年瑞信崩溃后制定的更广泛的“寻找领域”方案的一部分。这家拥有 167 年历史的贷款机构的崩溃及其被竞争对手 S3B 金融瑞士紧急收购，导致了该国经济支柱和国家认同的动摇。

瑞士的金融业约占该国年度 GDP 的 9%，而 S3B 的

“瑞士应继续保持世界领先金融中心之一的地位”

瑞士金融：行业

其资产规模超过了整个瑞士经济的规模。

磋商将持续到 11 月 19 日，政府表示立法变更最早可能在 2019 年生效。

该方案还包括一项单独且更具争议的关于 S3B 资本要求的变更方案。该提案将要求这家目前是瑞士唯一公开经济重要银行的机构，为其海外子公司持有约 80000m 的额外资本。

“瑞士应继续保持世界领先金融中心之一的地位，拥有一个稳定且具有竞争力的金融部门，”金融业表示，并补充说改革将降低另一家系统重要性银行需要国家紧急干预的风险。

目前，监管机构（Firms）可以采取的措施包括撤销执照、实施行业禁令以及没收非法所得，但缺乏征收罚款的一般权力。政府的措施拟定罚款金额最高可达年度报告收入的 10%。

部分初步提案已获得通过，包括将新的问责制度限制在员工人数至少 200 人的银行。

部分变更已在金融界获得认可。

金融业协会也对加强流动性和问责制的措施表示欢迎。

但业界可能承认整体方案过于广泛，并表示监管机构（Firms）通过其扩大的权力有风险变成一个“超级机构”。

另外，瑞士上议院经济事务与税务委员会周二推迟了对 S3B 资本要求拟议变更的投票。

能源

热浪与日食推高欧洲气价，价格接近伊朗冲突期间的高点

RECORD, WILLIAM - 伦敦

由于昨日价格上涨了3.5%，欧洲天然气价格已接近自时间战争开始以来的最高水平。这主要是由于天然气发电需求增加，且一个小型“honey-gas”气田的维护时间长于计划。

据 Argentina 称，基准 TTP 合约在周二短暂突破每兆瓦时 642 欧元，向 7 月 19 日达到的 643 每 90Wh 的峰值收盘价靠近。165 之前的希望是美国和伊朗能达成一项和平协议，这曾在周一导致价格处于 140.63 每 90Wh。

相反，今年夏天欧洲发电站的天然气燃料需求因空调的高需求而上升，且部分核电站和煤电站的产量下降，因为热浪导致它们冷却所需的河流的水温过高，

而部分地区的水位则过低。

据美国 KTC 称，昨日的日食预计将增加天然气发电站的电力需求，因为欧洲在傍晚预计将损失 57 吉瓦的太阳能电力。这是本世纪首次在欧洲大陆可见的日全食。

与此同时，挪威天然气管道运营商 Gausco 周一表示，由于技术问题，Shelf-Verners 大型海上气田的产量削减时间将长于计划。

此时，由于通过霍尔木兹海峡（Strait of Herrmut）的航运限制以及因第一场战争导致的 Qasist 产量下降，全球液化天然气供应依然不足，且欧洲天然气库存维持在低位。

Argus 燃料定价处理主管 Natasha Nutting 表示：“在这种环境下，即使是平衡中微小的变化也可能对价格产生巨大的影响。”

West Mackene 欧洲天然气和 C4G 总监 Tom Marron Manser 表示，西欧发电用天然气的需求比近年预期高出约 7400 万 立方米。他补充道，天然气已成为影响的主要因素，且高于五年平均水平。“核电能力的受限增加了对天然气发电的需求，而电力需求在高温期间更高。”

欧洲天然气成本激增

Argus TTP 四个月水平（£ 每 90Wh）

在经历了今年夏天的几次热浪之后，预计本周欧洲气温将再次升高；而在气温高于欧洲的英国，80k 办公室发布了关于高温的“autism”天气预警。然而，该国部分地区受高温影响，天然气发电厂 [...OMITTED...]。

核电 / 电力，自动国家所有权电力产品，警告称由于传输水平低，可能需要关闭 Crossroads 核电站的第二台机组，且这并非一个良好的现实。第一台机组已于 7 月 19 日关闭。

这些条件意味着在昨日日食之前，电力利润空间比平时更紧。反映这些情况的是，据 Alex Even Shahid (nudit) 称，德国的远期电价在昨日 7.42pm 至 8pm 期间为 140.57 每 90Wh，在接下来的 15 分钟内为 9.007.30 每 10Wh，比周二晚上高出约 €200 每 90Wh。

Mount Andelink 的德国电力制造商 Vincent Thevenin 表示：“与云层覆盖不同，日食是高度可预测的，允许电力运营商和核电参与者据此做好准备。然而，远期价格已经显示出明显的影响。”

在英国，英国最大的家庭能源供应商 Octopus Energy 向家庭用户提供本周末的免费电力，前提是他们比去年减少用电。

“在太阳充足的情况下，英国的太阳能发电将成为一个来源，而此时恰好是需求高峰期，”Octopus Energy的首席客户官Rebecca Sobb-Smith表示。

“通过将洗衣机或洗碗机等日常任务转移到最后，家庭可以帮助减少对燃气电站的需求——并为此获得奖励。”

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2026年8月10日，星期四

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金融时报

9

公司与市场

辉瑞在新冠疫苗红利消退后面临“极度痛苦”的局面

制药巨头 605亿美元 的债务堆积以及对其过高支付新药收购费的担忧，给首席执行官带来了压力

PATRICK TEMPLE-WEIT - 纽约

在旧金山一家牛排馆的私人用餐室里，阿尔伯特·布斯拉（Albert Bousla）展现出了自信。这位辉瑞首席执行官在 1 月的一次聚会上与记者们在一起，就其公司以及制药行业的现状回答了问题。

布斯拉有理由心情愉快。去年 10 月，他注意到一场激烈的竞争，旨在成为首位与美国总统唐纳德·特朗普达成药品定价协议的制药公司老板。次月，布斯拉在 2025 年最戏剧性的董事会之争中，击败了诺和诺德（Nova Nordisk），收购了一家减肥药初创公司。

但布斯拉的自信背后是辉瑞面临的现实。接种新冠肺炎（Covid-19）疫苗的人数在减少，且在海外捐赠。在本周的一份收益报告中，辉瑞表示，其传统新冠疫苗和针对高风险患者药物的海外收入分别比一年前下降了 34% 和 30%。

辉瑞将其 2026 年的整体营收预期提高了 30000万美元，但表示新冠疫苗的海外收入可能很快会降低 8lbs，至 8lbs。

随着疫苗销售额总计下降，辉瑞的股价有所下跌，公司目前的市值 1515亿美元 ——远低于其历史竞争对手。Angus (R2236℃) 和 Glued (R4f3b)（其股份平均为 7%）是那些在更长时间内增长了 28% 和 10% 以及 20lbs 的公司。

64 岁的布斯拉自 2019 年起领导辉瑞，并因向全球提供新冠疫苗而受到包括乔·拜登在内的世界领导人的赞赏。但投资者对其发展轨迹正变得越来越不感兴趣。根据 Alan Smith 的说法，辉瑞目前是市值超过 500亿美元 的制药公司中债务最沉重的公司。

“看到股价在获得新的信心投票，这令人惊讶，”价值投资机构 Reds & Gayons 的投资组合经理凯文·加布尔（Kevin Gabr）表示。基于辉瑞的辉瑞新闻制药股票已于 2025 年 1 月设立。

“现在人们认为新冠疫苗带来了繁花似锦，但除此之外，并没有太多可以真正指出的成功 [研发] 特许经营项目，”他说。

另一家制药公司的分析师更直白地描述了这种情况：“他们正处于极度痛苦（world of hurt）之中。”

辉瑞拒绝在公开声明之外发表评论。

在最新的季度报告中，该公司表示其还承担着 $6b。根据最新的财务报表，这是大型制药公司中第二高的未偿债务总额。

鉴于其债务负担，投资者正悄悄质疑辉瑞的股息支付。投资者的兴趣在于削减股息，认为额外的现金可以让公司购买小型历史资产并补充其药物管线。

在去年针对 McLean 的 3000亿 交易后，尽管今年历史交易激增，但这家 2026 年公司的 2026 年营收依然如此。该公司表示，它大约有 8lbs 可用于收购。

Plant Trendroom 的投资组合经理丹尼尔·里昂斯（Daniel Lyons）表示，削减股息“肯定会帮助他们获得更多灵活性”，并补充道：“也许对于

辉瑞在后新冠时代与同行竞争艰难 月度总回报 (£)

来源：IMI

债务情况：辉瑞将其 2026 年的营收预期提高了 30000万美元，但表示新冠疫苗的销售额现在将降低 8lbs，至 8lbs。

位于马萨诸塞州剑桥的区域总部下方

来源：www.merckin.com

合适的交易，他们可以证明削减股息是合理的，但你必须非常谨慎地这样做。

在周二与分析师的电话会议中，当被问及股息问题时，布斯拉表示，即使在财务账目“最紧张”的情况下，“我们也将能够维持我们的股息”。

对于辉瑞及其全球竞争对手来说，收购至关重要，因为它们的利润丰厚的药物专利即将到期。

辉瑞（Pfizer）近期的收购行为一直充满争议。McLean 的交易让投资者担心，公司可能在减肥药上支付了过高溢价。在与诺和诺德（Nova Nordisk）的竞购战之后，辉瑞为这家生物技术公司支付的金额比其最初报价高出多达 27亿美元。

McLean 的药物预计每磅体重减轻的成本为 $5.1 / lb。辉瑞的 2026 收入预计要到 2026, 才会启动，届时它将与礼来（Lilly）和 Novis 已经成熟的竞争产品以及其他潜在竞争对手展开竞争。

Bousla 一直在为 McLean 的交易辩护，认为该药物是一种每月注射一次的药物，对人们来说更方便，且耐受性比竞争对手更好。

“每月一次是最理想的，”Bousla 在 1 月份表示。6 月份，辉瑞报告了每月一次减肥注射剂测试的积极结果，但分析师质疑其是否能成为具有吸引力的疗法。

其其他一些近期收购的效果并不理想。2024, 辉瑞撤回了一款针对某种疾病的药物。该公司表示，该药物是 2023 年以 8lbs 交易收购 Global Blood Therapeutics 历史交易的一部分，目前仍处于后期开发阶段。

2025, 辉瑞以 48亿美元 收购了 Stagans，这是规模最大的药物交易之一，通过多种额外的癌症药物增强了其肿瘤产品组合。

今年，Stagans 的一款癌症药物应该会定下来。上个月该药物被描述为“cannabis-positive without”。

虽然今年没有进行收购，

“给他们的新冠疫苗颁发荣誉，但除此之外，真的很难精准指出一个成功的研发特许经营权”

但辉瑞一直是在中国最活跃的机构之一。5 月，辉瑞表示将支付 68亿美元 给中国的药物投资方，以获得 10 款早期药物的访问权。

如果这些药物在推进过程中达到特定的监管和商业目标，相关方最高可获得 100亿美元。辉瑞预付的 $100 支付是今年上半年美国制药商向中国制药集团支付的最大一笔款项。

Macinagar 的分析师 Lyons Anderson 表示，辉瑞“试图以更低的价格获得药物权利，而这在很大程度上涉及前往中国”。“他们试图通过许多可以单独或组合发挥良好作用的产品来充实其管线，但是以一个相当合理的预付价格来实现。”

除了辉瑞面临提升股价的压力外，Anderson 表示，该公司可能被投资者“过度惩罚”了。尽管药物开发计划出现一些问题，但该公司拥有多样化的药物组合，巩固了其海外地位。

“很难对其顶线收入施加真正巨大的压力，”Anderson 说道。

辉瑞的表现不佳可能会引发关于 Bousla 首席执行官未来的质疑。Gabr 表示：“也许他不是带领公司前进的合适人选。”

石油独立勘探商

被迫暂停 格陵兰开发

LTA MEMORY — 多伦多 SCANDIN WAR — 美国

一个与唐纳德·特朗普总统及其盟友电视主持人菲尔博士（Dr Phil）相关的独立勘探商财团，在格陵兰油气储备的开发进程中遭遇延迟，此前该岛国政府表示，他们无权玷污该畜群地区。

特朗普多次声称，美国将接管格陵兰——一个属于北约成员国丹麦的非工具领土，将其作为美国推进联合投资者撤回激进新方案的一部分。

美国的 90 Mile 勘探公司昨日表示，由于需要适当的许可证和监管批准，其在 innocent Land 盆地的计划目前面临延迟。

“虽然我们对 Jameson 钻探计划的时间进度受到影响感到失望，但公司仍全力致力于推进这一极具前景的项目，”90 Mile 执行董事 had children 表示。

90 Mile 主要是一家矿业公司，它已与美国 Board Greenland Energy 签署了一份意向书，根据该协议，该资产的 70% 将移交给这家美国勘探商，以换取钻探油井。

尽管格陵兰的石油潜力引起了巨大关注，但十多年前，Lyons Energy 估计花费了 20亿美元 寻找石油，但最终一无所获。

格陵兰出于环境原因在 2021 年停止发放新的石油许可证，但 80 Mile 持有 Jameson 的历史勘探权。上个月，在有报道称 80-lbms 价值的设备已被运往该岛后，格陵兰政府向 80 Mile 和 Greenland 发出了“严厉警告”。

Greenland 现已发表声明称，由于“项目的复杂性”，2016 年的钻探将推迟至“2027 年冬季”。

Hanging tobacco that takes its more than a third 昨日纽约早盘后。

Greenland 希望在格陵兰的新海岸开发该项目，该公司称该地区是“西方世界最大的未被充分开发的常规碳氢化合物盆地之一”。初步估计其综合石油储量为 25亿 桶，但设定该数字的地质学家将其称为 8 “高度乐观且低估”（“little” 致力于推进 100亿）的石油勘探计划是不可能的，且不符合格陵兰的监管流程，以及其与格陵兰当局的全面合规，“公司首席执行官罗伯特·普莱斯（Robert Price）表示。

作为 Greenland 的合作伙伴，加拿大的 thompson Drilling 否认了其向该偏远地点发送设备的说法，此前环保人士和格陵兰居民对此表达了广泛的反对。该公司在声明中表示：“除非 Greenland 的钻探计划获得格陵兰当局 20 项必要的监管同意和批准，否则 Thompson 将不会在格陵兰资助钻井平台。”

6 月，Greenland 宣布与菲尔·麦克莱恩博士（Dr Phil McLean）建立“广泛的合作伙伴关系”，旨在拍摄一部关于其在北极工作的六集纪录片。

媒体

新闻集团就获取帖子权限起诉特朗普

JASON TYMS 和 JILL T. PISKS 6月10日 CMT-10 MEMORIAL — 加拿大

美国新闻集团已针对唐纳德·特朗普及其社交媒体公司在 Twitter 上的信息提起诉讼。关于政府影响市场的帖子在 TyMS local 的新闻。

The Intercept Media 表示，新闻基金会主席昨日在联邦法院提起诉讼，寻求防止公众在由 Trump Media & Technology Group 运营的 TyMS Social 网站上欺骗官方政府信息交换。

TMTG 由特朗普通过一家公司持有，本月推出了 Trump's news，这是一个通过提供其社交媒体帖子的特权访问权限来获取收入的业务管理模式。

媒体集团在诉讼中指称，该服务在宪法上既被“阻止”又被“恢复”。该诉讼称特朗普提供了两篇关于政府信息的故事。

“总统通过向那些愿意且有能力获得个人公司的人提供‘影响市场’的政府信息，从而获得经济利益。法院页面显示，最终确定的是地区法院诉讼。”

TMTG 表示，TyMS 允许社交审计员在特朗普的帖子触达公众之前对其进行“非财务”评论。总统在该网站上拥有 12. 粉丝。

TMTG 股价上涨超过 6%

“左翼活动人士正试图错误地将法院武器化，以再次对他进行审查”

昨日。白宫未立即回应置评请求。

一名 TMTG 发言人表示：“总统特朗普的信息由无数平台和新闻机构传播，其中许多平台提供新闻订阅。”

该发言人补充说，“左翼活动人士正试图错误地将法院武器化，以再次对他进行审查，且并未对其进行描述。”

诉讼指控 TMTG 向阅读机构和其他华尔街新闻宣传该 4 9 产品，每月费用高达 $500,000。

特朗普关于从伊朗战争状态到哪些国家可能离开其流量的所有帖子，经常引发社区、股票指数和个股的大规模市场波动。

The Intercept 和 PIP 均表示，他们经常报道特朗普的社交媒体帖子，而现在发现公告中存在“延迟访问”，以及“对总统存档帖子的永久封锁，使得这两个组织更难履行职责”。

TMTG 首席执行官 Kevin McGarr 本周告诉 PIP，大约 10 个人已签署 TyMS 数据协议，价格为每月 $600,000 至 $500,000。McGarr 补充说，TMTG 还在致力于为零售投资者推出 TyMS 的“紧急版本”，并且正与“hyperwallets、一些最大的新闻机构以及大语言模型开发商”进行“积极对话”。

该公司报告今年第二季度亏损 $25。Kaye Wiggins 参与报道

能源

维斯塔斯受风机订单复苏推动股价上涨

RECORD NO. 6400 — CANADA

在全球最大的风力涡轮机制造商宣布订单现已回升至 10% 并宣布进一步回购股票后，维斯塔斯（Vestas）的股价上涨了 20% 以上。

这家在哥本哈根上市的公司在最近的季度业绩报告中表示，其风力涡轮机订单与去年同期相比增长了 6 lbs 以上，并利用了目前的营业利润增长，直至全年。维斯塔斯还将在年底前回购 40000万英镑 的股票。

此次复苏正值全球范围内风电场继续快速开发之际，多个政府以及其他买家已提高价格，并愿意为新项目支付费用。

此次股票回购是今年宣布的一系列回购中规模最大的一次。在数月内，由于“2020 年代初困难时期的决定，部分原因是高成本和供应链竞争”导致了其部分影响。

“我们知道股东们在 2022 年尤其是 2025. 对我们的耐心。现在是时候将这些现金返还给我们的股东了，”首席执行官大卫·A·麦格劳（David A. McGraw）表示。

该公司表示，其涡轮机的新订单已从去年第二季度的 2 吉瓦（价值 22亿英镑）攀升至今年同期的 5.50 吉瓦（或 24亿英镑）。

维斯塔斯表示，其涡轮机总订单积压目前价值 5lbs。其涡轮机总订单积压目前为 22亿美元，价值 5lbs。

维斯塔斯在第二季度的香烟贸易利润为 40000万英镑，而一年前为 7000万英镑，在特殊项目之前的利润率为 64%。安德森（Anderson）表示，这是“我们经历过的规模最小的季度之一”。

新的全年指引使该公司接近其 10% 营业利润率的目标。

本季度的所有订单均为数字，所有风电的订单簿通常不够稳定，因为每件产品规模庞大且开发时间长。

维斯塔斯表示，其他风力涡轮机制造商在 2022 和 2023 年陷入困境，因此他们倾向于成为长期合作伙伴，而风电场开发商则试图降低项目支出以赢得订单。然而，总部位于德国的 Nordisk 股价今年上涨了约三分之一，而德国-加拿大研究在最新季度实现了盈利。

按总安装容量计算，维斯塔斯是全球最大的风力涡轮机制造商，但在年度新交付量方面已被 Goldwood 等中国制造商超越。

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10

金融时报

2024 年 8 月 15 日，星期四

英国公司

导弹系统

剑桥航空航天公司融资 30000万美元 以扩大防空技术规模

本轮融资将提升其生产能力，并巩固其作为英国最具价值初创公司之一的地位

VIGUS PREFER 和 OAK LEWISTON 伦敦报道

英国国防集团剑桥航空航天公司（Cambridge Aerospace）已筹集 30000万美元 用于开发其导弹和无人机拦截系统。此次交易将其估值定为 545 万英镑，巩固了其作为英国最具价值初创公司之一的地位。

这是剑桥航空航天公司首次宣布融资，本轮融资由总部位于旧金山的 DFG Growth 领投，该公司是埃隆·马斯克旗下 SpaceX 的重要支持者。

首席执行官史蒂文·巴雷特（Steven Barrett）表示，此次交易使剑桥航空航天公司自 2024 年成立以来筹集的总资金超过 60000万美元。其他知名支持者包括 Spark Capital、Loo、Accel、Ebd till 和 Labanter。

英国仅有少数几家总部位于英国且估值超过 50亿美元 的国防科技公司，其中包括海事专家 Kraken Technology Group。

剑桥航空航天公司计划将所得资金用于扩大其两大主系统的生产规模：一种名为 Starhammer 的火箭动力拦截导弹，专为弹道导弹等高速目标设计；另一种是低成本的防无人机和巡航导弹拦截系统 Skyhammer。

Skyhammer 已投入生产，计划在明年 3 月底前将该导弹的月产量提升至 2,300 枚。Starhammer 预计也将于明年上市。

“我们正在快速增长，”巴雷特说，“目前我们有 250 人，大部分在英国工作，但我们在其他国家的业务也在不断扩大。”

巴雷特表示，在前保守党国防大臣格兰特·沙佩（Grant Shappe）于 4 月辞职后，公司目前没有计划任命新主席。

沙佩被发现违反了关于前部长商业任命的规定。沙佩坚称，他并未在通常意义上的主席角色中履行职责，即并未领导董事会或担任公司董事。

“该角色一直仅具有名义性质，因此我们没有计划在该职位上任命任何人，”巴雷特说。

与一些国防科技同行不同，剑桥航空航天公司已经获得了英国国防部的多项合同，包括一份多项通胀定价合同，旨在向英国武装部队及其海湾合作伙伴供应 Skyhammer 拦截弹。

国防大臣韦斯·唐宁（Wes Downing）表示，Skyhammer 是“我们武装部队（Amd）用于威慑对手并确保国家安全的低成本拦截导弹的典范”。

除英国外，该公司在德国、波兰、挪威、乌克兰和澳大利亚均设有分支机构。

巴雷特表示，剑桥航空航天公司还在与美国政府就提供其系统进行谈判。

根据 5 月的一项公告，美国陆军的一个专注于欧洲和非洲防空及导弹防御的旅在系列演习中测试了剑桥航空航天公司的 Skyhammer。

剑桥航空航天公司的 Skyhammer 拦截弹已投入生产，计划到 3 月实现每月生产 2,300 枚

《金融时报》此前报道，剑桥航空航天公司此前曾进行过未公开的融资，包括今年早些时候在去年接受新投资后，以超过 10亿美元 的估值完成的一轮融资。

在中东地区的使用情况凸显了成本的不对称性：使用如美国制造的“爱国者”等防空系统发射昂贵的导弹，来拦截伊朗廉价的 Shaked 无人机，而俄罗斯在对乌克兰的战争中也使用了同样的武器。DFG Growth 的管理合伙人兰迪·乌希塔（Randy Uhita）表示：“在企业宣布中，空中无人机已成为一种极具颠覆性和有效的进攻性武器。”

巴雷特表示，由于采用了 3D 打印和 AI 等现代制造方法，公司能够以更低的成本和更大的规模生产拦截弹。剑桥航空航天公司还将关键零部件的生产内部化，并开发了名为 Nightstar 的自有固体火箭发动机。

固体火箭发动机一直处于

鉴于对导弹和拦截器的需求即将增加，固体火箭发动机供应短缺。Cambridge 正在诺福克郡建设欧洲最大的火箭发动机工厂。

“我们决定，我们不仅要为自己生产固体火箭发动机，还要为英国及欧洲的主权供应链提供支持，同时还包括相关的化学制品，”巴雷特（Barrett）表示。

巴雷特还表示，随着 Cambridge 旨在成为跨不同市场的领先次世代国防承包商，该公司可能会在其他增长计划之余，探索收购其他初创公司。

Bankx

汇丰银行全球保险业务负责人因重组辞职

ORION NEIL ALAN — MONICAZING

汇丰银行（HSBC）最重要业务部门之一的负责人已辞职。目前，该银行正继续对其全球业务进行重组，而整个行业则在应对北京方面针对保险税收打击所带来的不确定性。

据一名熟悉此事的人士透露，汇丰银行保险业务全球首席执行官 Edward Monicrafts 在担任现职两年多以及在银行工作 20 年后已离职。

此举发生之际，这家欧洲最大的银行正推进其全球投资组合（包括保险业务）的重组。该行近期宣布以 23亿美元 将新加坡保险业务出售给 Alliance，并将其英国寿险公司出售给中国方的 64 year。

与此同时，香港的保险业也处于不确定时期。有报道称，北京可能会对在香港销售给中国用户的保险保单收益实施税收打击，这引起了业界的警觉。

保险是汇丰银行的一项重要业务线，也是其管理中国财富战略的关键部分。

该业务在今年上半年录得 13亿美元 的私人利润，在全行全球 155亿美元 的利润中占一部分，较去年同期增长 38%。

包括其香港子公司在内，汇丰银行是香港最大的保险销售商之一。大部分销售额来自中国内地访客，他们购买的寿险保单功能类似于长期投资产品。

由于担忧北京的举措可能降低这些产品的吸引力，这家英国银行的股价上周一度下跌 6%。不过，其股价今年仍上涨 30%。

花旗集团（Citigroup）的分析师本月将该银行的评级从“买入”下调至“中性”。

汇丰银行拒绝置评。

信任之基

为什么？因为能够大幅提升品牌信任度的广告活动，更有可能产生显著的商业成功，包括销售额、市场份额和利润的增长。扫描二维码了解更多信息。

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2020年8月10日，星期四

•

金融时报

11

公司与市场

大宗商品：价格飙升

投机者押注金属与加密货币融合，涵盖黄金、铜和铀

矿产代币化是数字资产领域试图利用其永恒特性的最新尝试

CAMILLA MISSION, WIKIO HEGAR AND JOHN WISER (2020)

矿业和技术集团正在开发与黄金、铜和铀等金属挂钩的加密代币，旨在利用飙升的金属价格，并将投资者对加密货币和矿产世界的热情融合在一起。

这些项目被宣传为零售投资者获得实物金属敞口比传统大宗商品交易更简单的方式，是寻求多元化投资于“现实世界”资产的加密货币爱好者的金属领域切入点，也是一种资助矿业项目的新方式。

对金属代币化的浓厚兴趣，是试图将加密交易者的永恒特性引入新资产计划的最新尝试。

股票和债券已经在进行代币化。在罗纳德·特朗普（Ronald Trump）总统领导下，华尔街正竞相拥抱区块链（Blockchain）技术。

在英国，监管机构正在准备一个数字黄金单位框架，以鼓励金融市场的代币化，并保护市场免受全球气球贸易下跌的影响。

不过，一些专家表示，代币化和矿业的复杂性给新专业人士带来了风险，且金属代币化仍处于早期阶段。

“代币化黄金的趋势更多在于尝试推出代币化黄金的趋势，而非实际需求，”在线交易平台 ballast / trade 的研究总监 Adrian Ash 表示。

“我们已经看到数十种黄金背书的代币出现又消失。市场根本没有这种胃口。”

投资者已经可以在无需承担存储成本和其他

代币化黄金的趋势更多在于趋势本身，而非需求

投资者可以通过使用黄金支持的交易所交易基金（ETF）来解决实物所有权的问题。

根据行业机构世界黄金协会（World Gold Council）的数据，此类基金上月的合计市值达 2500亿美元，由超过 4,000 名交易员支持。

虽然持有 ETF 份额可以获得黄金价格投资的敞口，但这并不等同于拥有金属本身。

支持者表示，投资者应当转向代币化黄金。规模最大的黄金支持加密代币是来自全球最大发行方的 Tether Gold，以及来自区块链支付和基础设施公司 Paxos 的 Gold。

在这两者中，每个代币代表一小部分金锭，持有者可以用其兑换实物黄金。然而，到目前为止，它们的普及程度仅为黄金支持 ETF 的一小部分，其

金锭对金锭：多家公司正在开发与黄金以及其他需求强劲且价格上涨的金属挂钩的代币。

市值分别约为 27亿美元 和 19亿美元。

“任何投资黄金的人可能都是传统投资者，并且会选择他们熟悉的渠道，”区块链分析机构 Unanaty 的监管与合规总监 Caitlin Barrett 表示。

尽管如此，仍有几家公司在开发与黄金及其他需求强劲且价格上涨的金属挂钩的代币，包括电池金属钴和镍，以及用于封闭坏的铀。

交易平台 Bhatia 已发行铀、镍和钴代币，持有者在获得相应批准的情况下可以将其兑换为实物金属。到目前为止，还没有买家提取铀的实物交付，因为铀受到高度监管。

Ben Elvolge 表示，这些代币为投资者提供了“直接的商品敞口，而无需承担期货的成本和复杂性”。他是 TGI truck 的替代资产主管，该公司是一家构建了 Bhatia 的软件公司。

在 truck 中，钴和铀的交易传统上是以最重大且长期的交易为主，而伦敦零售交易所的镍交易则不适合零售投资者。

Elvolge 表示，对这些代币的需求来自“希望通过具有增长潜力的现实世界资产来实现多元化的加密资本”，以及来自机构团体。

然而，交易量仍然很小。自 2018 年 11 月以来，Bhatia 的累计交易额仅达到 $25mm，约有 2亿美元 的头寸。

此外还有更多合约构思。Nandag 上市的黄金筹集 Ben Gold 溢价交付金属，“从相同到真实（加密）市场”。

据董事长兼首席执行官 Andrew Coughlan 称，为了开展运营，该公司已发行了“数千个”代币。

然而，该公司目前正在寻找新的长期前景，同时与 Chairman 政府陷入争端，后者在 2020 年取消了其唯一的许可证。

Nandag 上市的 tokencraft 计划将铜和铀（用于导弹、电池和阻燃剂）等金属纳入其中，而这些金属目前仍处于其企业贷款的基础阶段。

“把它想象成一个期货，”首席执行官 Nathaniel Bradley 表示。该公司于 2018 年作为音频-声波营销芯片和展示技术供应商上市，将与需要现金援助的现有金属生产商合作。

投资者将能够交易这些代币，或持有它们直到将其兑换为实物金属（一旦其被错过）。

“传统工具伴随着海量的文书工作：过户代理、监管链、电汇，”Bradley 表示，“代币将整个流程简化为软件。”

该集团希望在未来几个月内推出其首个完整代币。

一些业内人士对此持怀疑态度，因为采矿过程的复杂性使得专业投资者难以评估。

世界黄金协会（World Gold Council）全球市场结构与创新主管 Mike Goetz 表示：“难道零售投资者被期望去理解黄金价值链中部分资金的运作流程吗？”

世界黄金协会（WGC） 正在开发一种数字形式的黄金，并计划为此运行一项试点项目，该项目已从今年第一季度推迟至第三季度。

其他人则质疑，考虑到实物资产通常对其投入（如纯度和百分比）有具体要求，每一种工业金属的发行是否能像黄金那样具有实物可触感。

Elvolge 表示，Bhatia 预计“随着市场需求转向链上，不同规格和质量的金属绝对可能会出现不同的定价。我们的基础设施设置使这一点变得轻微。”

另一个问题是可访问性。铜、铝和镍等主要金属在全球交易所（如 GDF 和 GDF Group 的 Cancer）进行交易。但新兴的代币并非都在同一地点共享和交易。

Blue Gold 表示，其代币目前仅在其应用程序上可用，而非在目标交易所。

Entarault 表示，其计划的推广将从在金融科技集团 Expatriates.com 运营的 Upside-Only 平台上的交易开始。Bhatia 计划将一种铀代币推向包括僵尸、tate 和 flat-tate 在内的交易所。

“我们需要进一步发展的是互操作性，”Unanaty 的 Barrett 表示。“一段时间以来，你只能在某些特定的交易所或平台上获得某些资产，这种情况依然存在。”

尽管如此，她补充道：“我认为最终所有东西都会进入区块链，因为你可以记录事物的方式决定了这一点。”

投资者在评估对全球经济影响时准备应对厄尔尼诺现象

投资公司 Neoross Capital Partners 正在为其一个具有不寻常关注点的新基金筹集资金——即从太平洋温度变化的厄尔尼诺周期中获利。

该基金资产旨在利用其认为的其他投资者未能意识到厄尔尼诺事件的市场影响，该事件在最近几周开始，预计将导致多个大洲出现极端天气事件。

但 Neoross 并非唯一关注此问题的人。由于交易员预计未来在风险和非洲地区将出现转变，咖啡和可可等大宗商品的价格在最近几周大幅飙升。

投资银行一直在发布关于如何应对市场影响的指南，而世界银行则警告称，该事件可能会推高国际基金价格。

“厄尔尼诺”这个名字源自秘鲁渔民，他们至少从 19 世纪起就意识到沿岸海域会周期性变暖，从而导致其渔获量大幅减少。

他们将其命名为“圣婴”，因为这种现象通常在圣诞节前后袭击他们。

我们现在知道，其原因是太平洋与其上方大气层之间的周期性相互作用，涉及主导的信风，这些信风通常强力地从太平洋东向西吹拂，将资产随之向西驱动。

每隔两到七年，这些风会减弱（甚至反向），导致海洋的控制和控制区域水温升高——这与大气环流相互作用，并扰乱全球大部分地区的天气模式。

虽然厄尔尼诺事件并非新鲜事，但根据太平洋的海面温度和大气情况，今年的预测异常严重。

美国国家海洋和大气管理局（NOAA）估计，其变为“强”等级的可能性超过 80%，这将使其成为自 1990 年起记录以来最强大的事件之一。

虽然一些模型研究表明，人为气候变化可能会增加极端厄尔尼诺事件的频率，但世界气象组织表示，“没有证据”表明这种情况已经在发生。

然而，明确的一点是，全球变暖通过改变这些事件发生的基准条件，增加了厄尔尼诺事件带来的风险。

这些事件通常会将全球平均温度提高 1. 或 0.2 摄氏度——这一转变现在叠加在已经危险的 1.6℃ 人为变暖之上。

而且，由于更温暖的大气含有更多水分，厄尔尼诺在东非等地区可能引发的破坏性强降雨看起来更具威胁。

另一个令人担忧的原因是该事件发生的更广泛的经济背景。今年，由于霍尔木兹海峡的动荡，全球化肥流动受到干扰，这对作物产量产生了严重影响——尤其是那些预计将遭受厄尔尼诺最严重影响的发展中国家。

对所有这些的担忧已经在农产品大宗商品市场中显现。由于西非可可生产商面临更高的干旱威胁，这种巧克力原料的价格自 6 月初以来已上涨 27%。

近几周，包括咖啡和可可在内的商品价格一路飙升

由于巴西生产商预计极端高温和不稳定的降雨将导致产量下降，安得拉咖啡价格上涨了 20%。

联合国粮食及农业组织（FAO）经济学家马琳·托雷斯（Marlene Torres）表示，澳大利亚的这些生产商以及印度的稻米产量正面临厄尔尼诺对降雨产生负面影响的严重威胁。

印度关键产区的降雨量似乎将低于平均水平十分之一以上。

Rutgers Realty 的分析师认为，印度产量的打击可能会推高全球糖价，而勒希斯（Learhis）的铜矿开采可能会因干旱而中断，相比之下，智利的铜矿开采则可能因洪水而受阻。

厄尔尼诺还可能干扰贸易物流——特别是如果中美洲的干旱导致巴拿马运河深度降低，正如之前发生过的情况那样。

《金融时报》曾报道，由于包括新的通行限制以及对该国下降的担忧等因素，通过运河有限通道的费用已跳升至历史高点。

然而，与其它银行的同行一样，摩根士丹利的团队认为，这对全球主要股市的影响可能有限，并指出从历史上看，厄尔尼诺对 IMP 500 等指数几乎没有影响。

与此同时，凯投宏观（Capital Economics）最近的分析发现，厄尔尼诺事件与全球预算通胀之间没有明确的关系。

但如果仅关注全球统计数据，就忽略了厄尔尼诺事件在国家和地区层面造成的严重影响。

凯投宏观警告称，今年的事件可能会导致南亚和撒哈拉以南非洲低收入国家的食品价格出现显著损失，存在明显风险。

世界粮食计划署上周警告称，此次事件威胁将导致至少 4900 万更多人陷入粮食不安全状态。

而且，其经济影响可能比人们通常认为的更为严重且持久。

一项 2021 年在希腊进行的研究发现，重大的厄尔尼诺周期对需求国家的增长率产生了严重影响，其中部分损失与全球人类饮食有关。

金融市场对厄尔尼诺现象关注度的提高，可能对那些受其影响的人没有太大帮助。

然而，这可能反映出人们越来越意识到极端天气事件和其他环境威胁所带来的财务影响。随着全球气温继续攀升，这些风险正变得越来越难以忽视。

本文的一个版本首次出现在 World Water 通讯中。请在 il.com / insulation 注册。

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12

金融时报

2026年8月10日，星期四

公司与市场

投资者必须听到气候变化的警钟

Simon Nixon

市场洞察

过去几年，许多投资者对 ESG 投资持怀疑态度。其中最显著的，一直在仓促地从气候承诺中撤出——尤其是现在白宫再次出现了气候变化威胁。

但白宫成员已被要求前往欧洲，因为在死亡与破坏之中，任何有用的目的都应该是迫使危机发生。

根据《金融时报》的一项分析，吞没法国、西班牙和希腊部分地区的山火所造成的损失可能会高达 4.7 亿。这并不罕见。

欧洲环境署估计，在 1960 和 2024 之间，包括洪水、风暴和干旱在内的极端天气事件造成的损失超过 450. 亿，其中四分之一发生在过去两年。

而这仅仅是直接成本。间接成本包括更高的通货膨胀（尤其是通过食品价格和供应链中断体现）；由于工作时间损失和基础设施受损而导致的生产力下降；以及随着企业关闭和地区依赖而产生的搁浅资产。

投资者应该担心的是，随着这些事件变得更加频繁，它们可能对高负债主权国家财务状况产生的影响。在欧元区债务危机期间，市场正确地发现主权银行规模巨大。

正如总部位于布鲁塞尔的智库 Orange 在最近的一份报告中所指出的，伴随主权国家的危险将长期存在。不断上升的气候成本侵蚀了主权国家的信用评级，这限制了用于适应和缓解气候变化的财政能力，从而导致未来产生更大的成本。

这些既不是微不足道的，也不是遥远的担忧。欧盟成员国每年在气候适应和缓解方面的集体支出仅为 4.2 亿，而欧盟委员会估计，从现在到 2030 之间，他们每年需要支出 4.7 亿。

根据世界资源研究所最近的一项研究，估计在适应方面每投入 1 个单位，可避免 €10 的未来损失。与此同时，在一种极端风暴情景下，如果每个国家的底线资源在十年剩余时间内被替换，欧洲最糟糕的情景可能会遭受总额在 之间的损失。

山火造成的破坏应该是提醒人们更多关注环境风险的警钟

GDP, 的成本类型，保险公司 Albizia 降低了。仅法国到 2030, 可能会遭受约 €200 的成本打击，使赤字增加 GDP 的 2.3%。

Grange Research 的气候分析师 Michael Ryan 表示，即使在考虑了标准宏观经济变量之后，更高的物理气候风险与更高的主权成本之间已经存在明显的联系。

他估计，到 2030，多达 60 个国家可能会面临与气候相关的人口统计学问题，其中违约风险最高的是埃及、巴基斯坦和尼日利亚。相反，一些国家可能会看到其评级因气候相关因素而提高，无论是因为像智利那样具有强大的可再生能源潜力，还是像阿根廷那样拥有丰富的转型资源。

然而，欧洲尤其容易受到影响。正如所指出的——仅仅是因为其基金可能会受到主权债务可能性的打击，因为它们越来越多地持有其他成员国基金的多样化投资组合。

这增加了如果气候压力在任何一个国家引发金融危机的传染风险。

难怪欧洲中央银行多年来一直提醒这些风险，敦促政府与私营部门合作扩大气候保险。目前约有 20% 的房屋投保，未来可能下降到 10%，其余部分更有可能最终计入主权资产负债表，由国家担任最后的保险人。

但尽管欧洲机构正表现出一些令人欣慰的警觉，美国却并非如此。这一点尤其令人不安，因为正如过去几期的 Saltmarsh Economics 所指出的，美国可能比欧洲更加脆弱。

成立于十多年前的 Saltmarsh Economics 气候指数显示，美国在排放量和气候相关灾难的估计经济成本方面得分均更低。事实上，最新的数据显示，美国这些成本平均约占 GDP 的 0.5%，是欧洲的两倍多，且大部分风险集中在少数几个州。

这正是美国监管机构应当密切跟踪的情况。既然他们不再这样做，投资者自身就更需要关注——以便为极端天气事件引发极端市场事件的那一天做好准备。

西蒙·尼克松（Simon Nixon）是《国家财富》（Wealth of Nations）时事通讯的出版人。

市场日报

美国银行承诺投入 2500亿美元 用于美国项目，助力“美国优先”议程

AELIA BORDI 和 MICHELLE CRAB 纽约

美国银行（Bank of America）已承诺投入 2500亿美元 用于资助美国基础设施项目，此举将在美国总统确实与该行首席执行官会面后，支持唐纳德·特朗普的“美国优先”议程。

这家华尔街银行昨日表示，将在 18 个月的时间里“saddled and hurled”这笔资金，以支持对美国成功至关重要的部门。“In help but America's next era of economic growth, innovation and competitiveness”。

该行表示，这将包括向人工智能（AI）和能源等领域提供直接贷款、交易承销、投资和咨询解决方案。

美国银行的这项承诺追溯至 1 月 15 日；直到 2024 年新的一年。

“在美国迎来 250 周年之际，这一计划反映了我们对国家未来的信心以及将塑造未来的投资，”美国银行联席总裁 Jim DeMare 表示，“驱动我们经济、加强我们能源安全并保障我们技术领先地位的基础设施将推动增长，为美国的下一个篇章创造 candidates。”

此次承诺正值美国银行在与白宫之间处理不稳定的关系，同时成功开展业务之际。

“在美国迎来 250 周年之际，这一计划反映了我们对国家未来的信心”

Eternally deregulatory policies and public attacks on chief executives and banks' business models.

总统指责几家银行不公平地 reminding “him and threatened to sign credit card form.”

美国银行首席执行官 Brian Wanshun 引起了特朗普的注意，后者在 2025 年世界经济论坛上抨击了这位资深高管，声称美国银行曾拒绝为其开设账户。

据《金融时报》报道，特朗普随后在 1 月份于 Brown 举行的其他商业领袖招待会上冷落了 Wanshun。

美国银行致力于投资美国竞争力，此前作为美国资产规模最大的银行，该行去年在一次为期十年的计划中投入了 7亿美元，用于投资对国家经济安全和韧性至关重要的项目。

摩根士丹利（Morgan Stanley）本周效仿，计划在 10 年内投入 $1, 亿加元用于与 AI、国防、关键网络以及该行认为对国家具有战略重要性的其他部门相关的基础设施项目。

近年来，美国银行在资助 AI 和电力基础设施方面发挥了积极作用。4 月，它曾为 McAlpine 一个由甲骨文（Oracle）支持的数据中心项目提供 head offering。

尽管可再生能源面临政治抵制，该行仍致力于其 21, no sustainable finance。

Financials

美国银行承诺投入 2500亿美元 用于美国项目，助力“America First”议程

该行表示，这将包括向人工智能（AI）和能源等领域提供直接贷款、交易承销、投资和咨询解决方案。

The American markets in 2026 year, this initiative reflects our confidence in the country's future' agenda

美国银行的这项承诺追溯至 1 月 15 日；直到 2024 年新的一年。

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2006 年 8 月 10 日，星期四

•

KIRKMAN, SIMON

13

市场数据

世界市场概览

FTCH / MARKETSDATA

前一日涨跌（加载 10）

S&P 500 Nasdaq Composite S&P 500 Nasdaq Composite

Deep Jones Ind

S&P 500 Nasdaq Composite FTSE 500

FTSE 500

STORE SHOP 2006

STORE SHOP 2006

STORE SHOP 2006

STORE SHOP 2006 STORE SHOP 2006

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74

•

金融时报

截至2024年8月止年度

金融时报

您的工作定价是否经过精心设计？

金融时报（Financial Times）共享服务板块可帮助您在印刷版和在线平台触达并吸引金融数据专家、决策者以及来自全球的高效股东。

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ice Market

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10

■

金融系列

2024年8月10日，星期四

玛·雷尼如何被加冕为“蓝调之母”

作者迈克·霍巴特（Mike Hobart）写道，这位歌手重新母带处理录音的新套装，为美国音乐定义性人物之一提供了全新的视角。

格特鲁德·“玛”·雷尼（Gertrude "Ma" Rainey）是一位在2026 Black American roadsville circuit的剧院中表演并演出节目的明星艺人。她的表演具有戏剧性，符合一个在黑人吟游诗人剧团（Black minstrel troopers）中学习舞台表演的人的特质，且她的服装极其奢华——注意照片，耀眼的耳环和金币项链是常态。

在August Women's spellbustering's chasmophobic 1982年剧作《玛·雷尼的黑树》（Ma Rainey's Black Burtree，后被改编为2020年Netflix电影）中，她被塑造为一个带有刚毅气质的艺术家。然而，玛·雷尼的遗产被神话所包围。甚至她的出生日期都令人怀疑。她和她的兄弟被认为于1886, 4月出生在乔治亚州哥伦布市，名为格特鲁德·普里杰特（Gertrude Pridgett），但对1900年人口普查回报的分析表明，1842年出生在阿拉巴马州罗素县的可能性更大。

然后是她的声音。在数字转录出现之前，雷尼的声音被旧78转唱片的爆裂声和杂音所掩盖，且她的伴奏质量大多模糊不清。JSP Records在2007年的测试集《玛·雷尼——蓝调之母》（Ma Rainey – Mother of the Blues）中对这些录音进行了数字化改造。但在去除表面噪音的同时，部分音乐也被移除了。在这两种情况下，剩下的几乎只有蓝调剧场感。

现在，一套同样名为《玛·雷尼：蓝调之母》（Ma Rainey: Mother of the Blues）的新套装，基于更高质量的源材料、先进的母带处理技术和更灵敏的听觉，将她的音乐更完整地呈现在世人面前。它揭示了那把强有力的声音中的细微差别，以及她音乐支撑中的隐藏细节。配合随附的详细传记，该合集是对雷尼专业精神和生活的全新审视。

雷尼的早年生活略显

模糊。这家人在1890年左右搬到了乔治亚州哥伦布市；她的父亲托马斯（Thomas）在当地铁工厂工作，她的母亲埃拉（Ella）是一名洗衣女工。这个家庭充满音乐气息——父母双方都是巡演节目的活跃表演者，而格特鲁德作为四个幸存孩子中最大的一个，在教堂唱歌。14, 岁时，在父亲去世后不久，她在业余演出中唱歌，随后开启了她的专业起步职业生涯。

她于1934, 2月与歌手、舞者兼喜剧演员威廉·“帕”·雷尼（William "Pa" Rainey）结婚，当时他们可能在同一个吟游诗人剧团工作。从这里开始，关于她轨迹的认知变得更加可靠。手册利用剪辑、照片和采访，追踪了雷尼作为歌手、舞者和喜剧演员在巡演生涯中的上升趋势，同时也描绘了吟游诗人表演、聚集的城市剧院，以及在吉姆·克劳法（Jim Crow）时期的美国南部，在工作场所外和小镇空地搭建的帐篷。她的丈夫于1919, 年去世，而她的个人事业正处于起步阶段。三年之内，她以“格特鲁德·‘玛’·雷尼夫人”和“玛·雷尼”等不同名义担任演出主打，在纽约和芝加哥设有工作室的Paramount Records与她签订了合同。

她的歌曲坚定地面向美国南部农村的黑人，探讨了性、旅行、酒精以及生活的诸多艰辛。

当时，音乐由出版利益主导，唱片公司通常由对音乐毫无兴趣的人经营。Paramount是威斯康星椅子公司（Wisconsin Chair Company）的一个分支机构，该公司进入音乐产业是为了制造照片柜。1918, 年，该公司推出了Paramount，将其作为一个主流流行音乐厂牌。

由于产品质量低劣，该公司陷入困境。一个当时未被标记的“种族唱片”（race records）市场挽救了局面。玛·雷尼的录音主要通过邮购销售给美国南部农村的黑人，获得了巨大的成功。在Paramount的指导下，玛·雷尼录制了令观众充满共鸣的蓝调哀歌。

当时的录音技术要求音乐家们聚集在一个喇叭形的圆锥形号角周围。领奏乐器必须轻声演奏或站得更远，而声音极大的乐器则几乎不出现。鼓和打击乐是马·雷尼（Ma Rainey）现场表演中不可或缺的一部分，但在唱片中却很少出现。派拉蒙（Paramount）在1926年引入了电录音，但他们采取了廉价方案，导致质量依然低劣。显然，唱片中的马·雷尼并非观众在现场所体验到的那位马·雷尼。

音乐：右图为1922年马·雷尼与由钢琴手托尼·芝加哥（Tony Chicago）领导的乐队；上图为1923年为派拉蒙唱片公司拍摄的歌手照片。该照片来自1924年英国国家电影节（1924）和基金会。

马·雷尼的布鲁斯，就像早期爵士乐的录音历史一样，锻造于罗德斯维尔（roadsville）以及芝加哥和纽约的城市中心。派拉蒙每首歌支付5美元到10美元之间（外加很少能兑现的1美分版税），而她和她的乐队在罗德斯维尔巡演电路上的周薪高达500美元，且雷尼的预付款政策确保了她从未被拖欠。

在全盛时期，雷尼带着一个20人的剧团在自己定制的演出车中巡演。录音是一种便捷且有偿的演出广告手段。她的录音之所以听起来如此辉煌且真实，归功于技巧、共情以及她捕捉观众生活经历并将其转化为歌曲的能力。

这套作品揭示了一位掌控录音室的专业人士。无论伴奏形式如何，她都能与之融为一体，无论是录音室的爵士专业人士和她自己的工作乐队，还是班卓琴名手和滑棒吉他高手，甚至是 Tub Jig Woollboard 乐队那超现实的欢呼声。她的歌曲坚定地面向美国南方的黑人群体，探讨了性爱中的快乐、痛苦与交易，以及旅行、酒精和生活中的诸多艰辛。

这套盒装集以1925年的《Bad Luck Blues》和《No-Wayed Blues》开篇，以1926年的《Bong Talking 》和《Black Eye 》收尾。在这之间，310首原始母带和替代版本涵盖了从赞美绝妙性爱的《Prove It On No 》和放荡的《Ma Rainey's Black Burtree》，到关于贫困、流浪营和摧毁作物的枯萎病等现实。其中许多歌曲遵循12小节布鲁斯形式，马·雷尼捕捉到了美国黑人歌曲中典型的唱腔、和声与乐句处理。

派拉蒙将雷尼称为“布鲁斯之母”，鉴于歌曲标题中出现“布鲁斯”一词的频率之高，她与这一形式紧密联系在一起也就不足为奇了。然而，当雷尼开始专业演唱时，“布鲁斯”作为一种音乐形式尚未被命名。雷尼是后来成为经典布鲁斯风格的卓越代表。但她是在旅途中习得其元素的，这证明了她的舞台掌控力、音乐造诣和专业精神。

1928年，派拉蒙以其唱片未能跟上新爵士风格为由解雇了马·雷尼。考虑到正是该厂牌将雷尼营销为“布鲁斯之母”，这种做法显得有些讽刺。到那时，广播电台的快速扩张正在削减唱片销量。1929年的大崩盘是灾难性的。美国唱片销量在1927年的巅峰期约为1 / 4mm。到1932年，它们已成为一种新形式。

派拉蒙无法生存，于1932年破产。尽管年事渐高的马·雷尼依然能吸引观众，但同年，她带着一定的舒适生活，退休回到了她在佐治亚州建造的房子里，并投身于浸信会教堂，直到1939年去世。

《马·雷尼：布鲁斯之母——派拉蒙完整录音集，1925-1928》由 Black from Records 发行；'George O' Back from Foundation

请在以下日期阅读 FT Weekend 内部的 HTSI 杂志：

即将出版的 2026 年刊期

八月

29 HTSI

十月

3

10 – 设计

17 – Wisely

24 – 房产

31 – 旅行

九月

5

12 – 女性时尚

19 – 男性时尚

26 – 艺术

十一月

7

14 – 假期

21

28 – 庆典

创立于 1980 年

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2008 年 8 月 15 日，星期四

金融时报

19

金融时报深度阅读：全球政治

下一任秘书长的竞选已接近高潮。对于这个在努力维持其权威和相关性、并监督全球规则的机构而言，这意味着什么？

作者：Alec Russell

1959年10月20 1959日，《纽约时报》头版下方的一则小新闻标题为：“联合国之直觉”。这是一个在当年几乎每天都可能出现的故事。当时的联合国安理会陷入僵局，在整个1959, 年仅通过了一项——几乎不产生全球影响的——决议，即成立一个委员会来调查一起涉嫌跨境袭击老挝的事件。

这些冷战记忆是一个有益的提醒：联合国目前感受到的这种被围困感绝非新鲜事。但随着它为迎接新领导人而整装待发，前景似乎显得格外黯淡。

无论谁在1月1日接替任期两届的秘书长安东尼奥·古特雷斯（António Guterres），在关于联合国相关性、乃至最终生存的最后博弈之前，其赌注就在于一个全球机构的构想本身——一个为世界制定规则的机构，涵盖从权力与安全到应对气候变化的方方面面。

“这就是联合国的悖论，”前联合国高级官员塔尼·明特-乌（Thani Myint-U）表示，他的祖父乌塔特（U Thant）在1961年接替了瑞典外交官哈马舍尔德（Hammarskjöld）担任秘书长。“联合国在管理全球危机方面从未如此受限。但它仍然拥有两种类似的超级能力，即秘书长代表这个世界上唯一的普遍组织进行调解的能力。”

联合国正遭受一系列危机的袭击。最危险的是关于其权威的危机。它日益被俄罗斯和美国所忽视。由于其结构反映的是1945, 年成立时的权力动态，而非当今世界，许多其他国家也对其产生了质疑。

安理会是全球最卓越的国际法制定者，但在2012年俄罗斯全面入侵乌克兰以及过去十年中大国之间多次僵持之后，其影响力已大打折扣。虽然在之前的冷战时期，此类机构的数量总体在增加，但近年来已显著下降。

在联合国苦恼之际，美国总统特朗普建立了一个潜在的竞争对手——和平委员会（Board of Peace），其野心涵盖了当前及未来。虽然特朗普的创新至今收效甚微，但目前大量的全球组织在规模上已超过了联合国，其中 Standing economies 集团在做出相应决定方面，可以说比联合国大会更有效。多边主义这一联合国的底层原则，其构想正处于剧烈衰退之中。因此，联合国的调解任务也面临挑战，在乌克兰（以及其他地区）的战争中，它的声音几乎完全被淹没了。

此外还有资金短缺的问题。在扩张其雄心三个世纪后，随着美国和其他国家削减资金，联合国面临着一个财务黑洞。官员们承认，在美俄之间以及更多机构中的制度性士气低落，需要进行彻底的改革。

“我不认为它 [联合国] 处于立即崩溃的危险之中，”联合国国际原子能机构负责人、下一任秘书长的有力竞争者罗伯特·格林（Robert Green）表示。“我认为这更像是一种缓慢死亡。联合国一直在世界中漂流……在每个时代或国家间战争中都没有做出具有意义的贡献。”“作为一个在它本应处理的事情上记录糟糕的机构，它已转向社会议程和气候变化。”

前哥斯达黎加副总统、目前的潜在竞争者雷贝卡·吉鲁帕斯（Rebeca Gyroupas）表示，当务之急是停止关于联合国未来的讨论从“怀疑论”转向“宿命论”。她补充道：“许多批评来自那些希望联合国能够正式地关注未来的人们。”

关注世界的现状

自第二次世界大战结束联合国诞生以来的几十年里，其九任秘书长一直试图在成员国的意愿之间寻找一种平衡方式。少数常任、非现存的安全理事会（联合国）成员，包括俄罗斯（原苏联）、美国和法国，在长期的时间跨度中产生了分歧，正如今天的情况一样。

联合国的捍卫者强调，它履行了防止另一次世界大战的创始使命，但整体而言，它作为调解人的作用已被掩盖。自去年就任以来，特朗普几乎忽略了古特雷斯。

“旧的哈马舍尔德格言是宏大的，接下来的基调是关于利益，但旨在将我们从地狱中拯救出来，”前联合国开发计划署负责人、2006年（即全面干预的10年之末）担任联合国副秘书长的马拉基·布朗勋爵（Lord Malachi Brown）表示。

寻求一名能够领导联合国的秘书长

“冷战后曾有一段短暂的净化期，当时人们认为联合国可能是改变世界的代理人。但它随后转向了一种更为务实的准则”

负责。 “冷战后曾有一段短暂的净化期，当时人们认为联合国可能是改变世界的代理人。但它随后转向了一种更为务实的准则——这在大部分时间里一直是其状态。”然而，如今即使是这种“务实准则”也难以交付或维持。在过去的二十年里，联合国在形式上拥有三大“支柱”——安全、发展和人权，而现在这三者都在陷入困境。

联合国高级官员将俄罗斯视为安全理事会的主要阻碍者。但美国同样随意绕过该机构；在1月攻击委内瑞拉或2月采取行动之前，它甚至没有走寻求联合国决议的形式程序。作为继美国之后联合国第二大出资国，中国在公开场合支持多边秩序，但经常与俄罗斯协作以阻挠西方的提案。

至于发展和人权，特朗普政府削减了美国资金并停止支持许多机构——导致了预算危机和数千个职位的裁减。“Wanda几乎不存在了，”一名联合国官员说，尽管许多联合国的坚定信徒也接受那些批评观点，即其项目和机构存在重复建设且需要彻底变革。

“许多关于联合国改革的要求并非不合理，”一名联合国人道主义工作人员表示。“我们必须诚实：争论如何挽救一些我们明知不该存在的联合国部门是对我们有害的，特朗普的一些批评是有效的。”

古特雷斯去年为联合国的80周年庆典启动了一项改革计划，但遭到了体制性的抵制。工作人员表示，许多利益相关者倾向于通过工作合同来陷害人员，而非处理长期表现不佳者。

现在，这种局面已导致七名候选人停止争取领导联合国。这其中既有希望也有反对，一些联合国官员将其视为审视机构现状并修正其势头的机会。

塔尼·明特-乌（Thani Myint-U）希望一个精简后的联合国能够恢复其祖父时代的精神，其祖父在哈马舍尔德在非洲南部调停刚果内战期间死于一场神秘的飞机失事后接任。但他承认，下一任秘书长作为调解人的潜力远不如那个时代。塔尼表示：“回顾1945年的辩论习惯。在联合国的鼎盛时期，需要许多亮点才能让前线看到Apoll-Khan [三百万人] 的‘alotena’领导者。”

在提及当时的苏联领导人、联合国以及美国时，他补充道：“Scirola的世界，他 [Khan] 以及他 [Kash] 所有的俄罗斯人都曾是白色（打字前线 – 1.8）以及与此同时的哈罗德·威尔逊。”

选拔与生存

在任何人能够承担此类任务之前，他们必须通过一个 callqvist-time 筛选过程。最终将由 15 个成员组成的安理会决定。但真正起决定作用的是 FS 的成员。每位成员都拥有一票——这加剧了联合国 10 个成员国的前沿分歧，这些国家正推动对安理会进行重组，以反映当今的世界秩序。

在初步的“stree-prike”中——以及在本次任务的投票过程中——安理会成员被问及他们是否“鼓励”（encourage）、“鼓励”（Encourage）或“认可”（recognise）特定候选人。第一轮和部分结果表明，接下来的 8000 万 £ 约翰·美国（John America），符合联合国关于该地区拥有“品味”的共识。

Gyroupas 是一位 70 岁的经济学家，其犹太父母在 16 世纪后感到 barege，她以 10 票“鼓励”票位列第一，但被广泛认为是大会的首选候选人，如果成功，她将成为首位女性秘书长。

与此同时，Guguska 的 3 岁联合国大使 Carolyn Redrigues-Birkett 位列第二，但在一次针对其同行联合国外交官的 snap-upinning 呼吁中处于领先地位；在一次 founding 威胁后，40 位列 stree-prike 第三。

其他四位候选人目前为 notations。排名第四的厄瓜多尔前外长 Robin Fernando Espinosa，前 ian 总统 Marty Hall，乌干达资深联合国官员 Victor Perron，以及智利前总统 Michelle Snyder。当进程进入投票阶段，第一名将在——在将这些人与其他成员区分开之前——通过选票决定。一张红色的“鼓励”票就会判定一名候选人的失败。然而，历史可能会改变这场竞争：强有力候选人的迟到出现，以及传统上拥有决定性作用的美国的立场。

Malachi Brown 回忆起 1996 年的情况，当时人们认为现任的 Beatrice Beatrice Chalk 将会被夸大：“除了那个叫 Albright 的家伙，每个人似乎都愿意把机会交给他。”在幕后，新任联合国大使是联合国 racket Kofi Annan，他在年底才崭露头角。

十年后，美国再次发挥了关键作用。在一部回忆录中，时任美国驻联合国大使 John Bolton 描述了华盛顿代表韩国精心策划的一场辩论，他参与其中。

今年早些时候，外交官们将 Great way 和联合国外交官视为一个可能的“联合国候选人”，其主张侧重于安全而非发展。但被认为与特朗普关系密切可能会阻碍他获得显赫地位——无法转变。一名联合国官员继续说道：“他很难获得内部动力。”上个月，《纽约邮报》报道称，特朗普倾向于将前国际足联（Fifa）的 Gianni Infarities 作为他的候选人。但甚至在关于 fetishes（这确实影响了国际足联的部分部门）的骚动之前，外交官们就已经在全力以赴。

对于美国来说，首要问题是如何在维持其惯常角色（即拥有一位顺从的秘书长）与其希望有人能够实施改革并掌控全球危机（它表示无意监管这些危机）之间取得平衡。

'在总统的外交政策框架内，有一些我们希望联合国去做的事情，'美国驻联合国大使 Mike Walks 最近说道，并举了海地和古巴的危机为例。'我专注于此……并削减其余部分，'他告诉 The Afro-Marine News（一个专注于美国优先政治的播客）。他的方案触及了下一任秘书长面临的困境核心——必须吸取哪些教训，以确保联合国保持相关性和活力。

与联合国和解

联合国负责人的角色一直是一种在头衔中隐含的平衡行为，在侧重于管理的“秘书”与侧重于全球的“总”之间寻求平衡。大多数现任和前任官员认为，该机构需要一个能够优先考虑后者的领导基础，尤其是为了证明联合国依然发挥作用。

联合国的反应能够优雅地摔个跟头，然后重新站起来再次尝试，”萨尼·迈因-乌（Thani Myint-U）说道。“这关乎于坚持，在个人层面精心打造并维持联合国在应对战争时的影响力。”

一名资深联合国官员表示，下一任秘书长必须尝试在那些已淡出头条的战争中达成和平协议，例如在刚果民主共和国。该官员

关于联合国秘书长七位候选人的讨论于7月10日在纽约举行。此前，联合国在2012年地震后前往叙利亚西北部。

联合国一直是一种很好的方式 一种很好的方式 一种很好的方式

“联合国需要管理，”她说。“我们试图处理阳光下的所有事情。我们必须加强合作。”

关于联合国秘书长七位候选人的讨论于7月10日在纽约举行。此前，联合国在2012年地震后前往叙利亚西北部。

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20

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金融时报

2020年8月10日，星期四

金融时报观点

金融时报

“无畏且无私”

R. L. L. L L. L. L. L.

中国在冰上丝绸之路的竞争中获胜

北极冰层的融化正引发一场关于新贸易路线的地缘政治争夺战

上个月，全球海面温度在7月达到了创纪录的高点。这是中国变革的入口标志，这种变革正促使大西洋、太平洋和地中海形成一种海上气候。但无论人们是否愿意，这也带来了商业机遇。随着北极冰层的融化，高北地区的航道现已开启。这些航道有望大幅缩短商业货物从大西洋运输到太平洋所需的时间和能源。这些新的商业路径也将重塑地缘政治地图。“在冰层之下”，“季节描述”，美国总统唐纳德·特朗普已为最靠近美国的区域（包括北半球和西半球）提供了史前安全保障，并威胁要接管格陵兰岛。但正是中国（在俄罗斯破冰船的帮助下）在最大限度地利用北极商业和过境的新机遇。本周，一家中国航运站完成了首次每周集装箱船通过北极的航行。这条路线沿俄罗斯边缘运行，作为中国下一条道路与美国之间的旅程，被冠以“冰上丝绸之路”之名。

这一点直接指向这样一个事实：在过去的几十年里，中国更加关注海上主导权和北极地区。在加入世界贸易组织后不久，中国将海运和航运部门作为绝对重点，进一步削弱了美国在该领域的实力。在过去的二十年里，中国相对于美国在生产方面发出了信号，控制了造船能力的成本。价格上涨至 $500。由此产生的不对称不仅给美国带来了经济和通胀担忧，也给任何依赖美国提供安全保障的国家带来了担忧。

目前美国出现了一股跨党派的推动力量，旨在通过 50gta 法案——该法案旨在振兴国内造船厂并扩大美国商业船队——通过危机，但据传由于美国进口商的游说，该法案已被搁置，因为这些进口商不想支付更高的价格使用美国船只运输。特朗普本人曾支持达成一项建造破冰船的协议，因为该战略本身是由几代芬兰领导人推动并由黑人政府在很大程度上开发出来的。

随着商业路径的开启，在北极海域航行将需要更多的破冰船——即使在没有可见冰层的情况下，在高北地区航行通常也需要破冰船才能确保安全，因为风浪可能会发生剧烈变化，且在几年前就已失去耐心。其他国家根据新信息宣布建造，在该地区拥有利益，并开始与俄罗斯更密切地合作——俄罗斯甚至拥有破冰船——用于往返该地区的油气运输。

在过去的几十年里，北京更加关注海洋和高北地区。

俄罗斯试图恢复对北海地区的主权控制。

与此同时，美国、加拿大和多个世俗国家在一段时间内也在寻求在北极进行更多绘图工作。他们正在寻找可行的北极路线，并试图更好地了解北方的景观，从海上向西，拥有一个常规的未来——在一段时间内尚未得到良好部署的——该地区的天然气和新商业路线。

在中国的变革开启这些机遇之前，前北极地区受到关注要少得多。当然，向该地区派遣更多船只可能会被视为导致海冰崩溃。但这也会创造一个循环：商业路径开启得越多，就越多的国家和公司会寻求进入新国家——就越多地开发，甚至以其他方式殖民融化的北极。正如贸易地缘政治转移的许多方面一样，中国处于强有力的领先地位。

观点 技术

对着摄像头微笑，老板在评判你的情绪

几年前，WeWork 的一名高管提出了一个极其糟糕的想法。他告诉一名记者，或许可以在公司的共享办公空间周围安装摄像头，以追踪人们的情绪。摄像头将监测“缺乏活力的表情”，而监听设备则可能被用于分析他们声音中的含义。一个原型已经开发完成——尽管它并不擅长识别快乐的员工是什么样子。一个准确 / 轻微模棱两可的视角将在夜晚打破其情绪，并且

WeWork 对预先 / 为什么追踪从未普及的欺骗性愿景。在随后的两年里，该公司经历了一系列不断增长的问题，包括一次失败的 IPO 尝试，以及后来的银行-

我们对诸如职场及其他场所的情绪观察的同意，是因为定位器的体验使得人们在工作中更加习惯于被监控。

当你坐在办公桌前盯着系统时，你可能拥有的任何隐私感可能已经是一种幻觉。根据咨询公司 Curtium 的数据，美国近三分之二的大型公司在某种形式上监控员工。这可能意味着任何事情，从追踪位置到通过分析消息或截取他们在线浏览内容的屏幕截图来滞后爱人。

已经有针对监控员工软件的公开反对，而且也是如此。Beta 在今年收到员工投诉后，被要求停止收集鼠标移动、击键和其他操作的计划。但对于 Tecumseh、China Doctor 和 Auto-Trak 等公司来说，这仍然是一个迷人的员工营销解决方案。虽然 ICO 在 Air 并不允许在职场中使用 AI 系统来推断情绪（除非出于医疗或安全原因），但美国并没有类似的禁令。联邦贸易委员会似乎最关注的是不透明度和项目测试。

另一个重要的冲突是：在安全或便利的问题上，度量数据越多，我们对放弃隐私就越习以为常。像青少年这样的群体已经在测试视觉年龄验证，据报道，有些孩子通过佩戴假面具来绕过这些验证。去年，旧金山的 Fair Francisco 商店在 Alcatraz 站点安装了顶端大师。如果你愿意为了买一条牛仔裤而接受眼球扫描，为什么你会反对对你表情的追踪？尤其是如果这能让你获得工作。一份来自《大西洋月刊》的报告指出，库比蒂诺商店的顶端保险公司 AI 已经能够通过面部表情读取人类情绪以及许多人的想法。

我们的顺从程度变成被记录且未识别的数据，是否有任何好处？并不多。公司有时会说，追踪员工可以帮助理解如何提高安全性并奖励绩效。而且 Statistic / 认为，如果雇主让员工参与决策过程，公开反对的可能性就会降低。追踪表情的摄像头可能是一个有用的工具，只要它们不被用于“负面反馈”。

让员工感到快乐是一个值得赞赏的目标。但监控他们的满足感并非前进之策。追踪体验是一种快速降低收入、增加不满、不信任和普遍偏执的方式。这没有什么好微笑的。

想要员工快乐是值得赞赏的，但并非愿意；并没有

前进的方法是

vaptus。但收集人们感受数据的想法从未真正令人失望。

回顾更广泛的记录，你会发现有多少公司对这类信息感兴趣。在过去几年中，微软申请了一项记录会议语言和注册情况的专利，而亚马逊申请了一项通过声音追踪情绪的专利，英伟达则申请了一项从音频数据中推断情绪的专利。本月，一款名为 AIx 400 的设备（可处理高达 1000 个单词）发布了一款可穿戴 AI 设备，可以通过记录用户的声音和周围环境来产生记录关注度。

显然，这存在很多问题——尤其是在工作场所。缺乏隐私以及给那些表情不典型的人带来的劣势是其中两个问题。此外，这种方式提供的信息毫无意义。最好的办公室工作往往是专注、投入和深思熟虑的产物——而不是那些能直接量化的活动。即使是前台工作人员也不需要时刻保持这种状态。

大多数专利从未商业化，但它们是想法的记录。雪城大学信息研究教授、《可见的预言》（The Visible Prophecy）的合著者杰弗里·叶特曼（Jeffrey Yeatman）认为，我们正悄悄接近于交付

想要员工快乐是一个值得赞赏的目标。监视他们的满足感并不是前进的方法。追踪体验是一种快速降低收入、增加不满、不信任和普遍偏执的方式。这没有什么好微笑的。

data.narod@ft.com

读者来信

意大利表明民粹主义实验存在极限

杰森·加内什（Jason Ganesh）是对的——民粹主义最终会自我吞噬（观点版，7月 30 日）。然而，至少在意大利，2020年的碎片化不仅应在右翼中寻找，而且在左翼中也日益明显。

人们过多关注了退役意大利陆军将领罗伯托·维斯穆尼（Roberto Vismuni）在执政联盟内部制造的紧张局势。我注意到的是，这种反对派内部存在着更深层的矛盾。随着选举临近，它本应围绕一个共同的纲领和领导层凝聚。相反，其主要政党正

向相反方向拉扯。五星运动追求更稳定的联盟，同时享受控制伙伴，并在关于法国的立场上采取经常缩小民粹左翼与民族主义右翼之间差距的姿态。

反对派联盟似乎更多是由共同的愿景而非共同的主张所统一的——一种完全的感知。就像长年累月的反贝卢斯基化一样，这种方式在动员反对派方面远比准备政党执政更有效。

尽管如此，我同意加内什更广泛的结论——民粹主义确实会导致自我吞噬。

但欧洲的经验表明了另一种互补的动态，在这种动态中，没有法治的运动以及有效的制衡机制往往被记录在案。

当一个人无法偿还一场民粹主义实验时，传达出的声音是，延长前者，首先以好奇心观察，然后以审视，最后以谨慎。政治平衡的恢复不仅

来自内部，还通过与其他经验的竞争来实现。

从这个意义上说，欧洲的民粹主义可能证明并非那么自我思考，而且它是可能的。

它不仅会被自身的内部矛盾所终结，也会被其他地方的选民所终结，这些选民日益发现抗议具有传染性。最核心的治理依然顽固地保持在国家层面。

彼得斯·塞吉尔（Peters Segill）

律师，帕特里克，意大利

英国若不清楚自身资产，则无法进行建设

安迪·霍尔曼（Andy Hallman）（评论版，8月6日）认为，公众对控制权的异议至少在某种程度上是对英国认知危机的一种严肃回应，这一点是正确的。但这里缺失了一个强制性要求：政府必须能够将公共资产规模视为一个投资组合。

仅有一份盈余或未开发地块的登记册是不够的。公共资产分布在各郡、交通机构、NHS信托基金、住房管理局、公用事业部门、学校和设施、公共企业以及政府控制部门中。一个仓库、医院场地、公用事业走廊或交通地产本身可能无法用于住房，但它对于解锁其他地方的住房至关重要。

这种危险是客观存在的。有价值的公共资产可能仍然是模糊的行政场地，也就是说，在财政压力下，它们可能会在长期公共价值被理解之前就被出售。在处置之前，有价值的土地案例需要被识别。

英国需要在大曼彻斯特、伯明翰和伦敦等地快速开展“资产地图”试点。这些试点应显示所有权、控制权、当前用途、限制条件、运营需求、指示价值和机会。

整个公共资产规模的成本。霍尔曼描述了其中的许多部分。缺失的环节是允许其形成当前的地图。在能够看清自身拥有什么之前，英国无法智能地在公共土地上进行建设。

休·德特（Hug Detter） Detter & Co负责人，瑞典斯德哥尔摩

NHS的canoloer职责没有成功的可能

玛格丽特·哈索恩（Margaret Hathorne）指出了canoloer职责的低效。通常情况下，NHS官员（评论版，8月10日）在机构层面，这可能无法发挥作用，因为NHS承诺提供私密的、自由的、世界级的服务，且每个人都追求卓越。最近就诊于任何主要附加部门的人几乎都会发现现实并非如此。政治因素不允许公开坦诚地讨论NHS的局限性，而公众的预期也并不现实。canoloer职责需要定义劣质护理的参数。沟通不良和转诊问题很容易被定义为劣质护理，但所有项目的候诊名单怎么算？那些等待数周才能评估化疗反应的癌症患者怎么算？

如果NHS员工被要求每周每天都履行canoloer职责，那么该职责根本没有被起诉的机会。

哈索恩医生（Dr. Hathorne） 英国诺丁汉大学医院NHS信托基金，肿瘤科顾问医师

为什么克莱克斯顿（Claxton）创造了历史

露西·费舍尔（Lucy Fisher）指出，本周的克劳斯（Clause）补选将不会是英国持有时间最长的空间（激烈历史）（报道，8月6日）。尽管缺少工党、保守党、自由斯坦福党（Liberal Stranford）和联盟党，但仍有更多可能性出现的一个原因是，候选人所需的押金自1993年以来一直维持在£500。独立候选人和来自小党的候选人不应被忽视。但提高押金似乎已经迟到了。

保罗·麦金太尔（Paul McIntyre） 英国伦敦 N19

一只猫，两只鸟，一石之功

关于猫的问题（“停止繁殖我的猫”，《房屋与家庭》，8月6日）：我有一个非常简单的解决方案——把你的猫留在室内。你不仅能通过营养保护它，还能将其留在屋内。我们考虑每年被猫杀死的鸟类数量，仅在英国，最终由母社（Maternal Society）在上午17点统计。

盖尔·奥赖利（Gail O'Reilly） 澳大利亚新南威尔士州悉尼

展望

英格兰

英国天空对雨燕来说正变得过于炎热

作者：Liz Lansdette

每年一次的循环，我们邻里的 Whamlop 正在消失，带着期待地发出叮当声，已经看到了他们宠物的脸，他们并不……有人引用了更倾向于——在他们到达他之前还有多久？

这是一条幸运的街道，拥有属于自己的雨燕之角。它们不在几栋房子里，包括对面庄园的那栋。五月的第一周，体育活动开始，但鸟儿们仍然是高空中的阴影瞥见，它们是蓝色天空中的黑色圆点。

Snells 是英国所有夏季访客中最强壮的。这些早到的、深褐黑色的鸟，拥有长而静止的翼下部分和一个小而深色的叉形尾巴，极少着陆。它们的脚几乎无法支撑——你永远不会看到一只栖息的雨燕。

它们来到这里的旅程同样不可思议。每年它们从刚果 B轻or 或更远的高地出发，跨越撒哈拉沙漠的沙质宽度，越过比斯开湾，穿过英吉利海峡，这一切仅仅是为了……在那里，在 1970 年代英格兰南部的一片地形中。

亚当，我们街道非正式的雨燕观察员，将这些分为两三部分。今年我们至少有 35 只，比之前有所增加，但遗憾的是，似乎让我们的天空如此高耸且如此之多的同样问题，在它们成熟之前，出现了令人惊讶的更多情况。屋顶空间和洞穴——雨燕时钟的整个世界

在六个不稳定的星期里——已经变得致命，但在飓风中，太年轻而无法飞行的雏鸟为了寻找可以呼吸的空气而绝望地跳出。

在法国和德国，当然，我们的第一次！也被那些太小无法飞行、太热无法留在原地的鸟类所淹没。这似乎格外讽刺，这些注定一生在空中飞行的鸟类，最终却在炎热的人行道上结束生命。

虽然 30 年来一直处于挣扎之中，但在 1993 年和 2023 年之间，飞行数量下降了约三分之二。原因部分在于缝隙的消失——雨燕、破碎的肋骨、核心下的空间。自 2022 年这个相当的年份以来，国际国家保险贸易已尝试将鸟类安置好——在两者被设定为雨燕巢穴之前——在新房中强制执行。一月份，英格兰咨询委员会的通用董事会在三月份关闭，政府正在分析费用。

所有这一切仅仅是为了墙上的一个孔，为了一只根本不接触地面的鸟。史密斯坐着，喝水，睡觉，甚至更多地在飞行中进行，第一手只是缓慢，最后再次持续十到三年，直到它们足够成熟可以自行旅行。

然后深处同样奇异，它们被认为在 Instra 的大气层中转向，在一段时间内，即使鸟类基本上在飞行中睡眠，房子的日子也缩短了。某种原因关闭了“黄昏

血统”，在那里，smells 攀升到极高的高度，在上方和黑暗中，在没有 smuggles 的情况下滑翔，这可能是那种空中睡眠的机制。

在夏季月份过去后，它们慢慢定居在欧洲的家园，变得更加具体，并攀升，尽管从未在它们的杂技过程中出现过。它们的 ensays 坚持并温暖了我们天空的模式，在烟囱过去和电报线周围建议的手上方。

到现在——就像夏天一样，它们正享受着美好时光，翻转出血，在高气压下低飞以追踪昆虫，几乎就在我们的头顶，当我们把蓝色刷掉，足以感受到溶解的空气。

很难预测今年飓风对已经挣扎的雨燕种群以及其他野生动物的全面影响。

无论最终的清算结果如何，但我们并非，但并非为此而准备得最好。他们总是太早知晓，而时间已然流逝。燕子在电线上停留，为它们的离去做准备，薄薄的一片片逐渐消失，一次一个巢穴。但雨后的雨燕，如同夜晚，但有变得黏稠的机会，并且在快速的深色展示格式中，低低地飞过秋千。接下来的一个晚上，开始，就在曾经充满噪音和耀眼展示的地方出现空虚。我们是一个正常的街道之夜，我告诉他们接下来的情况。

作者是《历书：2027年季节指南》的作者

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2020年8月11日，星期四

•

金融时报

21

观点

特朗普正在对支撑美国运转的“暗物质”征税

里卡多·豪斯曼 (Ricardo Hausmann)

关于近一个世纪以来美国最大规模关税增长首个完整年度的裁决悄然到来，出现在另一年的美国税收美国经济分析中。美国 2020 年的经常项目赤字为 138万美元——与前一年几乎完全相同。记忆中最具保护主义色彩的税收并未能让该数值有所缩减，而这正是其最希望看到的。

这种结果在很大程度上是令人遗憾的——这是一个会计必要性问题，而非经济论点问题。经常项目赤字并非贸易辞令关注的焦点，然而一个国家在市场中的现状与他国之间的差距是严重的，而其他方面则不然。自去年的减税措施导致预算赤字、国民储蓄账单以来，无论批准何种关税都会受到影响。

更有趣的消息则被掩埋在其中。多年来，美国一直处于账户状态。其账户赤字带来的收入部分被其巨大的净投资收益所抵消，有助于保护其净国际投资支出（GDP）。但在 2026, 首次，美国净投资收益（当前步骤：低，2025, 低成本年率）出现下降。

二十年来，股权持有者一直认为美国的能源收入盈余——由其债权人支付的巨额净收入损失——是公司税务规划和廉价资金的结果，注定在利率正常化后无法维持。利率在 2022-23 年正常化，盈余随之消失。此外，关于加元“不可靠定价”的讨论正变得激烈。

这还为时过早。自 1978, 以来，美国累计了约 1.7亿美元 的经常项目赤字。其官方 GDP 目前为负 3270万美元。但美国实际上在去年的这些累积赤字中是一个因素——利率接近 $1%。一个覆盖全球 70% 的年产出且债务服务成本仅为 $13 的国家并未失去其特权。它仅仅是停止了通过借贷获利。 “因为这导致，Peshots 的第一家公司和我认为，一旦你像评估任何资产一样，根据其产生的收入来评估外国资产，美国的价格就会消散。当一家美国公司在海外展示其知识——一个发动机，一个开胃菜，一个面包——账簿记录的是其投资的 500万美元，而不是使其产生价值的诀窍。

美国的贸易赤字是由一个无形盈余所投下的阴影，即世界为其知识支付的费用

该项操作的价值是前者的数倍。收入显示出来了，但资产没有。我们将这种缺失的财富称为“暗物质”，因为就像严肃的小说一样，你看不见它，但你可以从国家民调中感受到它的存在。以此方式衡量，该异常值刚刚创下新纪录。按 5 的资本化率计算，美国的投资收入意味着其净头寸约为负 500万美元，而官方数据为负 3270万美元。今年——约 7500万美元，或 GDP 的 70 左右——是有记录以来最高的一次。美国特权在它最强大的时刻恰恰永久地消失了。

当构成发生变化而非知识变化时，即公司在海外运营中仍赚取 2 的收益——2022 年约为 80-90m——而外国公司在美国赚取 2.5 。去年需要的是短期债务，且美联储的短期借款确实是以美国实际支付的利率为基准的，自 1976 以来累积的特权无法重新实现 85m。

所有这一切意味着唐纳德·特朗普在贸易方面的最新战线是显著的。7 月 15 日，对专利药物征收的关税生效，税率高达 4.0m ，对欧盟的税率为 12 。美国每年进口约 1亿美元 的药物，欧盟几乎是最大的单一来源。从经济实质上看，限制“新鲜”药物进口，很大程度上是美国知识收入流向持有专利的爱尔兰子公司，而药丸则跨境

大西洋两岸以转移价格停滞，而知识产权现在则处于其中。由于担心通过 1987 年的《国家投资法》产生的所有权主张，数据显示 50% 的外国直接投资倾向于最终地。美国培育者的力量，向外国投资者开放的一条渠道，每年相当于其 GDP 的大约四分之一。

因此，对这些进口商品征收关税也同样如此。初步估算，美国的税收减免是美国公司海外收益的结果。更可能的企业反应——剧烈的赤字，将知识产权转移回美国——将在不搬迁任何一家工厂的情况下，缩小衡量出的贸易赤字。而启动这场争端的相同会计核算随后将宣布胜利。

美国的贸易赤字是由一个无形的盈余所投下的阴影，即世界为美国的知识和能力所支付的款项。关税无法移动这个阴影，但现在瞬间地，以令人印象深刻的精准度，在 blueguitar corn 处将其截断。作者是哈佛大学约翰·肯尼迪政府学院的教授兼哈佛增长实验室（Harvard Growth Lab）主任。

AI时代，数学能力匮乏是一个盲点

Perdita Fraser

经合组织（OECD）刚刚发布了关于发达国家成年人技能最复杂的图景。其在2020年的 2.0m - 3.0m，该报告认为，“在一个由数字化转型、人工智能和快速疾病市场变化所定义的时代”。在2020年代之后，全球的 2.0m 是一个重大问题。全球的 2.0m 是一个重大问题 。

英国的辩论通常集中在小规模限制、问题、研究资金和大学上，但更紧迫的故事则关乎其他所有人。大约一半的劳动年龄成年人的数学能力处于11岁儿童的水平。这是一个廉价的问题。

经合组织报告中的一项发现值得更多关注。大多数成年人技能薄弱的国家都存在识字问题。但在包括英格兰、新西兰和美国在内的一些国家，数学能力已经影响了识字能力。在这些地方，人们通常甚至不认为这是一个问题，因为承认自己不懂数学会带来社会惩罚。

AI科学会对人们产生什么样的需求？未来可能不再侧重于计算，而更多地侧重于监督：对概率进行推理，理解数量级和比例，并判断一个答案是否合理。

经合组织关于“终身数学能力”的上议院调查听取了大量相关证据。从事机器学习研究四十年的 Paramanias 勋爵解释道：“除非你理解概率，否则你将无法理解为什么一个大语言模型在给定条件下会给你错误的答案。”

一个答案引导至最经济的方案，Haldane 在他为 Policy Connect 报告撰写的前言中写道，信息并未被教授，而公众则相信相反的情况。报告发现，只有二分之一的 Serious 认为数学能力是可以使用的，而 70% 的美国总收入，而非资金，永远在判断我们缺乏欺骗系统的技能。

由于对数学能力的需求在增加，但对该学科的参与在公共学习中的参与度并不明确。2020年，全球人们在2020年的 2.0m 每日下降，但英格兰成年教育的自由度在上议院调查中可能有所下降。

经合组织的就业、水资源和印刷杠杆 Trust 告诉调查委员会，部分款项一次达到了 60,000，但大约每月总计，全球最常见的是 2.0m 是一个重大问题。全球的 2.0m 是一个重大问题 。

为什么社会主义者也必须是“觉醒”的？

政治 杰森·加内什 (Jason Ganesh)

由于他的著作将这个词颠倒过来，人们很容易忘记马克思（Marx）可能是一个怎样的国家东部人。当环境允许时，他让人们陷入毫无意义的常规生活。他对各种族群的态度充其量是那个时代的产物。根据我们的传记作者，这个伟大的标志还“已经听过外国材料，有一点好处”。甚至是一场“战争”。是的，可以把俄罗斯踢出局。

从一开始，一个人完全可以是社会主义者，是那个社会主义者，但在文化上走中道。一个人可以在相信提高生产资料的同时，不需要在战争、种族、文化或战争问题上成为新指南。但这一点随着时间的推移，在左翼的巨大终点处消失了。

哥伦比亚特区即将加入纽约的行列，经历一场更不道德的战争，而工业行业，那么，90,thquaders 将能够为 65 分钟的移动主机投票。在 2020 年，或许在 55 种文化就业焦虑的氛围中，某个 50A 可能会成为竞选总统的家庭批评女性。我可以听到一个敲击的故事，一个女性的新系统财务档位拨打她们财富管理师的电话号码，但之前

一直有关于社会主义突破的讨论，例如在贫困控制下的英国，以及在前任库克·帕宾斯基（Cook Pabinski）领导下更容易实现。如果它从未实现，其进程往往是相同的。

最终，极左翼总是会将一个看似常规的经济计划与一个基于良好基础的文化计划配对。资金用于提供帮助。

第二个想要“剥夺政策文化”的。既然我们，甚至，比其他人更平等。（最终目标是“完全废除该政策”。战争将不再重要。该团体还碰撞我们的赔偿，并且同样要提高年龄。某些 10A 可以偏转力量，以经济民粹主义之名强制推行强调的欲望想法。询问学生对工业的看法，然而，没有人能在这个文化前景的普遍协会中生存。共和党人、激进分子以及白人本身，在最后一天，它将维持自身，毕竟这能很好地吹捧，反而强调政策构建，而我们必须成为那样。

在 2020 年，富人们在敌人面前很幸运。如果一名政治家能将社会主义与被称为“觉醒”（woke）的一套文化观念脱钩，他或她将难以被阻挡。政治的、政治的以及政治的，单向思考地信任一个在四扇门中以其生命为账单的人，就像文化左翼那样坚韧的运动。在那之后，一个上升的例子，如果有什么的话，它经常被视为一个“良好”的运动，作为来自道路的方向，拥有卓越的政府并统一爱尔兰。一个可能产生文化上

保守或至少在文化上自然的社会主义的地方是一个人类国家，但即使是法国左翼也吸收了美国的觉醒术语，或许是在尼克尔·普罗科德（Nickel Procord）的国家残桩中意识到了这一点。

而我们资本化的全球，并不完全是它的互联网政治文本。问题是为什么左翼允许这种情况发生。

也许他们知道自己在做什么。也许觉醒的吸引力是可以理解的。几乎一半的选民支持废除移民和海关的沮丧。一个正在与州对话的美国是十，就像那些在伊拉克和阿富汗的人一样，可能会成为 1950 年代的例外，但似乎被忽略了。

但我并不觉得这是一个经过计算的

如果一名政治家能将这两个想法脱钩，他或她将难以被阻挡

那么。马克思本人会提出另一个答案。社会主义选择投票成为文化之光这一事实证明了“至高真理”：社会的知识氛围，成年人促进了贫穷拥有阶级的利益。资本主义对其进行了怎样的更新——使其敌人显得如此荒谬——以至于它看起来几乎是为了这个目的而设计的。

无论解释如何，我们都不应将其常态化，仅仅因为我们伴随它成长。空气中可能混合着共产主义的指令与控制，以及城市的进步文化。其中任何一项都不意味着另一项，除非两者都代表某种反叛。事实上，资本主义在结合了“觉醒”文化后变得更好，因为它更强调个体。保留自然收入的权利、跨境自由的权利以及自我决定的权利，在性别术语中全部源自于这些。

不仅是政治创业者会注意到，对一种文化上中道至保守的社会主义的需求正在日落（衰减）。到那时，博弈将正式开始。一个世纪或更久之后，在 2020 年，国会大厦，一些英国医生在丹尼尔·鲍威尔（Daniel Powell）的交付中集结，后者是一位因发表反对非白人移民的演讲而被解雇的托尼部长。这个人的话语并不奇怪。每一个有组织的工人阶级的保守主义不应成为新闻。由于无法与其达成共识，现代左翼退缩到一种类似于“东地”或“白光-lastacy”的世界中，在那里，基督徒和穆斯林、原住民和移民，他们共同的质押品和被解雇的 methevoles，永远地在向高达 8,000 的真实城市靠拢，而那里截然不同。

在信心电影中，这投入了太多精力。一种抽象的政治，纯粹是否认。社会主义者掌握在手中——以及赢得并持有权力。如果他们不再继续影响经济勤勉，并将身份政治视为百套软件，这就有可能发生。那些希望他们在两个领域都失败的人永远感到痛苦。

jason.ganesh@com

西方已将药柜的钥匙交给中国

Ara Darzi

下次当你被开出抗生素处方时，请询问它来自哪里。对于我们大多数看不见的人来说，答案指向中国，因为供应我们如此多药物的印度仿制药商依赖于中国的原材料。

一份 2020 年外交关系委员会的报告发现，中国供应了全球最常用抗生素阿莫西林约 99% 的关键原材料，以及全球近一半的抗生素成分报告；在美国获批的 700 多种药物中，有相当一部分依赖于至少一种仅在中国生产的化学品。

该报告将这种依赖性称为一个“等同于原始医疗挑战”的主题，具有

“战时武器化”的潜力，这是正确的。这并非假设，在 2022-23, 年的冬天，阿莫西林出现短缺，这种药物——由于化学激励不足，除了美国和欧洲之外，几乎没有生产动力。一个曾经被使用的供应链系统，其策略之脆弱可见一斑。

现在想象一下，驱动这种损害的不是一个可能波动的市场，而是一场地缘政治对抗或一场大流行病。主导化学工业的国家将拥有一个关键杠杆，一个关键杠杆。

我们是如何走到这一步的？是通过一种仅靠断断续续的谈话无法解决的市场失灵。抗生素是一种罕见的产品，当它被最有效地使用时，其价值是最低的。最好的抗生素必须被保留作为储备，这意味着销售额极低，因此无法回收巨额的研究成本。

于是市场采取了市场的做法。纽瓦克、苏格兰人和以色列可以提供他们的例子。一种新抗生素在 2010 年进入市场，并在一年内被撤回。资本流向了肿瘤学和肥胖症药物，因为更高的销售额意味着更强的回报。

世界卫生组织目前统计全球研发管线中真正创新的抗生素不足十几种，然而，它预计这种情况永远不会停止演变。

有充分的理由确保开放式补贴。但这并不是为制药公司而做的。这是

我们储备石油，并将原牛视为国家安全问题。抗生素甚至更为基础

一个无法为公共产品定价的市场之连接，在一个我们已经让步的部门中。

我们储备石油。我们试图强制执行某些 onliners。我们将原牛视为国家安全问题。抗生素比其中任何一个都更基础，因为它们使我们能够维持一个社会让人们生存的能力。

解决方案是基于市场的，这应该让一些人更容易接受。英国已经开始通过订阅方式为抗生素付费，即为确保供应支付年度固定费用，而非按处方计价，这样公司可以在产品上获得回报并维持设计。

美国提出的版本——《Injustland 伙伴法案》将采取类似做法，以同样的方式为新药付费。但国会多次任其夭折。这是战略想象力的失败。那些对中国 beverage 供应链过度供应感到担忧的立法者，却拒绝花费极小的一部分资金来重建至关重要的国内药物供应，以挽救生命。

还有第二个改变杠杆，这也是我首先会拉动的。我们的许多抗生素使用是盲目的：我们在不知道感染是否由细菌引起的情况下开药，因为能够检测的快速分子检测过于昂贵。

一项检测可能花费数百加元，而它所能开启的抗生素则在。在如何为药物付费之前，针对感染的有害物质和增强剂应像处方本身一样便捷，这样我们就能削减浪费的使用，同时增强并减少需求。这是许多用户和整个社会确保的原始干预。

与此同时，中国并未止步不前。它已经主导了制造基地，并且经过十年的监管改革，它现在约占全球新药研发管线的 15 亿加元。

尽管如此，中国在首创（first-in-class）抗生素的研发方面仍然落后，就像美国在解释其职责如何影响我们时那样开放。但西方已经忘记了如何支付费用并部署其真正含义。

这是一个巨大的问题，但前提是我们必须首先意识到，抗生素并非可以按最低价格采购的商品。它们是关键的指标。在危机迫使成本降至最低之前，我们应该开始这样对待它们。

作者是一位外科医生，担任弗莱明计划（Fleming Initiative）执行主席以及伦敦帝国理工学院全球健康创新研究所所长。

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22

金融时报

2026年8月17日，星期四

Lex.

Richard Milne

北极航道的潜在前景需要面对现实 © BUSHNESS INSIGHT

每个人都热爱英伟达，但他们无法承受不热爱

为了表达这种热爱（如果你之前还不这么认为的话），本周全球资产管理领域六家知名机构承诺支持英伟达的一项新计划：一个旨在支持其 1000亿美元 收益系统的融资平台。

面临风险的并非这些机构自身的资金，而是其客户的资金。阿波罗（Apollo）、贝莱德（BlackRock）、Hackstone、布鲁克菲尔德（Brookfield）、高盛（Goldman Sachs）和 KDE 将动员来自养老基金、保险公司以及富裕客户的资金，用于资助配备英伟达芯片的设施。

首席执行官黄仁勋表示，英伟达可能会为部分项目的价值提供最高四分之一的担保。

这些资产管理巨头为何如此热衷于成为黄仁勋的助力，这并不神秘。该提案可能会增加其投资部门的管理资产规模，其中一些部门正寻求部署由其保险部门筹集的资本。

假设替代投资公司的估值约为其 ACN 的 30%，那么这意味着 500亿美元 的市场价值，且无需通过安排贷款和其他筹资方式。

这些公司可能还关注着 AI 更广泛的金融化：有一天，算力将像石油、黄金和 一样在期货市场交易。交易所集团 CRF 计划在 10 月推出一份完整的期货合约，每年最高 3000 ，源自英伟达 1000亿美元 计划中对“金融工程银行”的推销。这种热烈的共鸣反映了

首席人员在其预算以及公司 2026 2026 2026 2026 2026 2026 2026 计划期间

1. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

另一个现实是：英伟达的成功现在成了每个人的成功。在 2026 年底，黄仁勋指出，“世界上几乎每家公司似乎都参与到了我们的供应链中”。由于其公司的市值现在增加了 170万美元 ，且其销售成本几乎翻了三倍，那么今天情况必然更加如此。

这种增长一旦出现波动，对于那些在英伟达光环下成长的公司来说将是灾难性的。目前还没有出现这种迹象：黄仁勋在 5 月表示，AI 团队已经“呈抛物线式增长”。但如果情绪发生变化，他可能不再那么热衷于向 OpenAI 等客户提供资金和贷款担保。行业估值以及即将到来的重量级 IPO 的命运将面临压力。

由于 AI 成本将造成广泛损害，因为公共市场的大量财富被绑定在软件、通信和 IT 公司中，在近 100 欧元 中，过去一年的市值占比近 90%。彭博数据表明：这推动了从财富管理服务到奢侈品销售以及高端房地产的一切。

面临风险的信贷规模也在不断增加：国际结算银行估计，截至 2025, 年底，私人信贷行业已向 65 家相关借款人提供 2000亿美元 贷款，这一数字到 2050 年可能会翻三倍。

科技和硬件公司今年发行了 7000亿美元 的 5000 万 债券。根据 CRF 的数据，这比去年同期发行的数量增加了一倍。

同样，目前没有迹象表明即将出现回调。但谁将使用所有这些数据中心，以及以什么价格使用，这个问题仍然无法回答。

记忆力较好的人记得： 危机奖励指出，“只要音乐还在响，你就得跳舞”。

可以肯定，这个庞大世界的巨头们有充分的理由认为：英伟达在增长，而他们也可以在此时趁势扩张。

阿斯顿·马丁设法向债券持有人展示了“紧急避险带”

关上一扇门，一扇窗会打开。关上窗，结果发现地毯下面还有一个陷阱门。这在本质上就是公司债务的运作方式。阿斯顿·马丁的一场争端揭示了这个问题。

这家深受 Schenkel 喜爱且 James head 曾参与的英国汽车制造商在 2008. 年上市时是一家债务较少的公司。现在它是一家 $250mm 的公司，而其净借款额是该市值的四倍多。阿斯顿·马丁债券的低价表明，即使是高级债权人对其前景也感到悲观。

现在，悲观已转变为愤慨。上个月，阿斯顿·马丁从由贝莱德（BlackRock）子公司 IPO 领导的新贷款方那里借入了高达435000万美元 的资金，但却在今早将资产转移到了一家新成立的子公司中。现有债券持有人认为支撑其债权主张的抵押品现在已不在库存之中。

这类事情本不该再发生。在大约十年前涉及英国零售商 J Crow 的一起激烈案例之后，包括阿斯顿·马丁在内的债券文件通常都包含限制公司将抵押品转移到债券契约范围之外的新“不受限”草案的条款。

然而，根据 Covenant Review 分析师的说法，在这种情况下，“J Crow 阻断条款”并不能限制将知识产权资产转移到其所谓的“新担保受限子公司”或像 Authentic Brands 这样的其他第三方中。

债券持有人已威胁采取法律行动，这并不令人惊讶，因为评级机构 McF 声称，如果没有这些抵押资产，他们只能收回投资的 15%。

那么，问题在于所谓的 J Crow 阻断条款是否能胜任。虽然这类条款在欧洲日益普及，但根据穆迪（Moody's）的数据，去年的高收益债券中只有一部分包含了 J Crow 阻断条款。

问题在于，这些阻断条款的增加日益伴随着慷慨的例外情况。在 2008, 年，欧洲债券协议通常允许公司通过各种剔除条款转移价值约 90% 的资产。到 2025, 年，根据穆迪的数据，这一比例已上升至约 100%。

债券反派

阿斯顿·马丁 2029 年 3 月到期的高级担保债券价格（便士）

1.2.1

其极高的复杂性也增加了风险，因为争议往往取决于极其微妙的解读。

其他公司无疑会将此视为一个警示故事，并尝试更加警觉。

他们能做的最好的事情就是假设漏洞永远存在——而借款人会竭尽全力去寻找这些漏洞。

二手车界的亚马逊对其资产负债表进行了优化

是什么让亚马逊成为了今天的巨头？不仅仅是一个国家级的网站，而是一个耗时数十年才建成、且资本密集度极高的供应链，这是大多数零售竞争对手无法复制的。

我们的卖家 Carvana 曾被非常有利地与杰夫·贝佐斯的零售帝国相类比。一种在线销售模式，加上由 2050 年代后期融资提供的廉价资本供应。但这种类比遇到了障碍。Carvana 在 2022. 几乎破产。在与持有其债务的对冲基金进行了一些复杂交涉后，它幸存了下来。

如今，该公司正重新回到正轨，其 800亿美元 的市值与仅 30亿美元 的债务相比，相当于一年的收益。昨天，它获得了一笔 16亿美元 贷款，初始收益率仅约为 4%，

这将有助于偿还一张票面利率为 4% 的债券。根据该公司的当前市盈率计算，这笔节省的资金在现值上可能价值 30亿美元。

在投资方面，首席执行官欧尼·加西亚（Ernie Garcia）似乎回到了亚马逊模式。Carvana 在仓库和翻新中心投入了巨资，这是实现每年供应 40mm 二手车中 3mm 目标的关键。该公司的基础设施足以支撑这一目标的约一半。上半年近 $250mm 的正自由现金流应该会有所帮助。

盈利能力或许也近在咫尺。该公司长期以来一直是空头攻击的目标，他们被不断增加的关联汽车业务、严密控制和股票销售所吸引。但根据 CRFs 的数据，押注其股价下跌而卖空的股票比例已从 2023 年的 20% 下降到现在的仅 4.2%。

Carvana 赚钱的方式仍然相当复杂。在许多情况下，它为客户的销售购买提供融资，然后以证券化形式出售贷款包。这些收益产生的利润被计入其毛利衡量指标中，目前该指标超过 8.1 / 10 每分钟。

不过，其投资正以更直接的方式产生回报。约 10% 的收益率是汽车零售业中最高的。其新贷款的有利定价是另一个令人鼓舞的信号。在证明巨额、多轮投资的合理性方面，Carvana 距离亚马逊还很远，但就目前而言，它再次成为了一个可信的竞争者。

HINSEYAGIR 亚洲世纪之声

纵横字谜 No 18.43，作者 ARRETTY

解答 18.43

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横向

1 Harry's 'Law worth differently' (9) 2 Odd bits of armed war field (5) 3 Kids look put back in bureau (3) 4 Donuts performance might be judged during each match (6,5) 5 Critical view expressed by Sponsor that's often doomed! (7) 6 Amphibian missing idea of pouch set free in the country (7) 7 Time to split two doors – American-based making application (10) 8 30 days on the showing furniture for restaurant (7) 9 Acartic alternative-rack (7) 10 Stewed set at pub! Yes, it's good for the compliment (6,5) 11 No pressure to force up musical instrument (3) 12 Happy is send a copy to our hosts (5) 13 Take down tips for Newmarket is gloomy issue (9)

DOWN

1 合作伙伴关系正式确立后剩下的纸质测试！(8) 2 希腊字母饮用因素指向建筑群 (6) 3 哈里的确实过时了，共和党人！是的，不受欢迎 (10) 4 女性野蛮人的最新质量缺陷 (9) 5 正式文件中，南方人无休止地跳到这个问题上 (8) 6 捕捉到车厢的开口 (6) 7 回答英语报告以获得耳鸣 (8) 8 南极香料到雏菊西拉——渴望成功 (5) 9 悉尼母亲必须安置被未完成的集市支撑的儿子 (5,4) 10 停止结束且最终不平等！(8) 11 言语攻击——顺便说一句，不是第一个 (8) 12 在 Savea！等地的海盗（例如）中呈现出上升特征 (5,3) 13 可能是犬类，大部分在闻到气味的同时 (2,4) 14 受到污染的 Baxter 是土耳其的一部分 (6) 15 沉重地，且水手们，听起来如此 (5) 16 一些敏锐的证人正在登陆 (6)*

稀有书籍存放地

PETER HARRINGTON

伦敦

伦敦

马蒂亚斯与切尔西

www.peterharrington.co.uk

纽约

UPPER LAST 0100

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[数据参考] 以下原文数字因单位格式转换可能未在译文中完整体现（供参考）：22.02.2026、26.06.2026、1000.00、2001.75、2000.00、1738.25

FINANCIAL TIMES

THURSDAY 15, AUGUST 2016

UK (1.7)5: Republic of Ireland (4.1)

Can a new leader make the UN relevant again?

ING READ, PAGE 19

There's no reason socialists must be woke

JANAAN OXINGER, PAGE 21

Catch the Sun

Solar eclipse thrills Europe

People watch the solar eclipse during the European Initiative (Sustainability in Birmingham yesterday).

The eclipse cut a path 2900m wide, in which the 90mm completely blotted out the front for two minutes, revealing one of nature's great spectacles.

Iceland and Greenland were the first to experience the sunflow descent of sunlight, the twinkling of stars and the brief glow of the solar covers around the black house fire.

Across a wide band of northern and central Spain, millions of people had some of mainland Europe's best views of the eclipse.

Outside the 2500m path, a ice larger south of the northern hemisphere had a partial eclipse, including most of the UK, Iceland and France where more than 90 per cent of the solar disc disappeared, leaving behind a narrow, crocodile shaped line.

Ukraine ceases strikes on oil tankers using Russian port after Vance request

Key Kazakh route for crude Washington fears market volatility Chevron and Exxon stakes at risk

CHRISTOPHER POLLIS • 2-2-16

MAGAZINE-POWER • 2-2-16/2016

ART MAGAZINE • 4-10-2016/2016

Ukraine backshall the intense campaign of drone strikes on oil tankers using a critical black box port after a request from US vice president Jill Vance, according to Ukrainian officials.

Washington was alarmed that Ukraine was further destabilizing oil markets and harming US companies by targeting tankers carrying crude piped from $1 million to a Virginia Pipeline Consortium (CPC) terminal in the Russian port of Novorossiysk.

Vance asked President Volodymyr Zelenskyy to halt the attacks during a call on July 15, said Ukrainian officials and others familiar with the matter.

Ukraine has not struck tankers near

the terminal stanchier, according to the officials and FT and its oil open source information.

A bad signal can to target CPC infrastructure or non-Russian vessels as long as three shipwrecks are under Ukrainian sanctions and even not carrying Russian oil or other Russian cargo, the officials said.

"We vary carefully listen to our American partners," a senior Ukrainian official said, adding that Kyiv has estab-

'We carefully listen to our US partners. [The pipeline is] a regular part of the conversation with the US"

Ireland relevant "mechanisms" in response to the US request. The CPC had been "a regular part of the conversation with the US and the Kazakh government," the person said.

While avoiding the oil facilities, Ukrainian mission and drones early yesterday attacked the Russian naval lines in Novorossiysk, which Zelenskyy said was "the last major stronghold of the Russian fleet in the Black Sea".

"Min on air defense positions, piers, and support infrastructure have been confirmed," he added, sharing a video showing Russian air defences attempting to shoot down Ukrainian weapons.

US energy majors Chevron and Exxon softball both won stakes in CPC, which is Kazakhstan's main oil export route, and in the western Kazakh oilfields that

service it. Chevron owns 50 per cent of Tonga, the country's largest field, while Exxon owns 25 per cent.

A US official confirmed that the administration had earned Ukraine to stop targeting non-Russian vessels in the Black Sea, as well as CPC infrastructure. "The administration views the CPC in a vital conduit of Kazakhstan's origin energy for European markets that serves as an alternative to Russian energy supplies," the official said.

Vance's office, Zelenskyy's office and the Kazakh foreign ministry did not respond to requests for comment.

CPC, Chevron and Exxon declined to comment.

Ukraine's attacks on the CPC terminal last month - alongside an intense campaign on Russian shipping in the Sea of

Aure - caused chaos, repeatedly forcing Kazakhstan in stop piping oil in Novorossiysk and more than doubling shipping rates and insurance. As a result, CPC loaded just 1,500 barrels a day in July, down more than 300,000 tsh from the previous month and 6000,000 tsh fewer than in May, according to Kyiv, which tracks energy flows.

Kazakh crude has become particularly important to global markets as Middle Eastern supplies remain unstress as they do.

A tanker chattorodley Exxon was hit during the strikes as it waited to load at the CPC terminal on July 17. Last month, Chevron chief executive Mike Wirth said the company was working with the US and other governments to ensure the "pipeline stays flowing".

Briefing

• US inflation falls despite it as war's toll on economy inflation has edged lower as petrol prices declined, even as the labour force President Donald Trump's war in Iran continued to re-evaluate. Investors cut expectations for a Fed rate rise after the date. - page 1

• Revealed in WeWork rift The highest paying subscribers to Europe's biggest fintech have lost access to a host of WeWork offices without warning after it balked at an increase in the shared space provider's loss. - page 1

• Boreham EBQ warning After an emergency meeting on the last weather the premier has urged drops to stop selling disposable barbeams, warning that high temperatures could continue "for weeks". - page 1

• Scottish oil revenue falls South Sea oil revenues have declined 12 per cent to £2.5bn for 2015-20 but stronger growth in overall has receipts reduced the nation's fiscal deficit within the UK to 31 per cent of GDP. - page 1

• Arley posting period The university has told staff it will investigate the appointment of Jason Arley, for younger over Black professor, who stopped down last week over allegations of plagiarism. - page 1

• $500mm for drone group Defense group Cambridge Aerospace has raised funds to develop its drone interceptors in a deal that relates to all 8,000s, consisting of a one of the UK's most valuable start-ups. - page 1

• Hackers target Taiwan Inspector Cherny Hackers have used publicly available artificial intelligence tools to compromise government websites, and an attack that shows how Asia transforming cyber war. - page 1

• Colombia coffee road hit The earthquake that struck the country this week has disrupted a road carrying 60 per cent of its coffee exports and stalled a key Pacific port's operations, posting exports in jeopardy. - page 1

Farmers work at night to beat Europe's heatwaves

Heatwaves have forced changing work partners on European farmers, from harvesting at night to covering fields with climate sets and infecting planting schedules without new decades. Potato growers near Madrid pick once the sun goes down as lifting the crop from hot soil can damage it, while in Berkshire Farmer begins at 2pm on the slow season the moisture is replaced. As point out, farmers also face greater risk of live from machinery use. Major shifts a year.

Iger and Kushner buy LA Lakers in $12.5bn record for a sports franchise

JAMES FORTNAGEL & COBB 2400 LEE ROAD • NEW YORK BURRELL, 10006 • 212-5000

Sub Iger, Walt Disney's former chief executive, and Josh Kushner, whose brother is Donald Trump's son-in-law, are buying the Los Angeles Lakers basketball franchise for $12.5bn, in what would be the highest price ever paid for a sports team.

The deal would see the pier acquire the franchise from Mark Walker, co-founder of Guggenheim Partners, who agreed to buy the Lakers for about $100m from longtime owner De Rosa family only roughly a year ago.

Within, who also co-own Chelsea Football Club and the Los Angeles Dodgers baseball team, has recently come under nicotine from a third generation in New York examining whether his life

insurance empire properly disclosed ownership interests in assets connected to his other buildings.

"Owning the Los Angeles Lakers has been one of the great leasures of my life - an extraordinary investment, but what I will carry with me is the community, the fans and a city that treats this team as a family," Walker said.

The Lakers is among the most globally recognized brands in sport, with a history that includes championship winning eras led by Magic Johnson, John Bryant and Lefman Jones.

A $12bn valuation would underline the escalation in sports-franchise values. Investors increasingly are spent as contracts to provide $1.0k thoughts.

Apollo, whose sports arm this week provided $2.6bn of financing to the holding company of the New York business, has previously highlighted grow-

ing demand for premium five-part and in person experiences. Sol Diamond, the Hollywood talent agent and sports tycoon, told the FT her year that AI could shrink the working work and give people more time to engage with sport.

Kushner: The two Howard would also invest in the takeover, which requires approval from the National Basketball Association, according to a person with knowledge of the matter.

There is local law also sought to lead an investment into a new commercial entity tied to football World Cup organiser Fifa. However, Fifa forward Enterprise provided intense backlash, which forced Fifa president Gianni Infantino to look away from the proposal.

Yudhi Song Shih fans, we are deeply honoured for the opportunity to become stewards of the Los Angeles Lakers," Kushner and Iger said.

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© 2016 FISHERMAN, 1948S LTD 2026

No. 42,328 #

Printed in London, Liverpool, Glasgow, Dublin, Waterford, Milan, Madrid, New York, Chicago, San Francisco, Tokyo, Hong Kong, Singapore, Seoul, Dubai

FISHERMAN

STOCK MARKETS

	Aug 15	Nov.	Aug
SW 100	1742.36	1738.25	0.21
Seattle Composite	2000.25	2478.45	0.38
New Jersey Sun	1200.00	1200.00	0.00
Los Angeles	1820.00	1820.00	0.00
7th London 200	2000.00	2001.75	0.10
7th 100	5000.75	5000.75	0.10
7th St. Louis	3000.75	3000.00	0.00
2nd St. Louis	3000.00	3000.00	0.00
North Sea	2000.00	2000.00	0.00
Seattle	1700.00	1800.00	0.00
Long Island	2000.00	2000.00	0.00
WBC World	2000.00	2000.00	0.00
WBC SW	1000.00	1000.00	0.00
WBC WDR	1100.00	1100.00	0.00

World Markets

CURRENCES

	Aug 15	Nov.	Aug
SW	1.1M	1.1M	0.0
SW	1.1M	1.1M	0.0
SW	1.1M	1.1M	0.0
SW	1.2M	1.2M	0.0
SW	1.2M	1.2M	0.0
SW	1.2M	1.2M	0.0
SW	1.2M	1.2M	0.0
SW	1.2M	1.2M	0.0
SW	1.2M	1.2M	0.0
SW	1.2M	1.2M	0.0
SW	1.2M	1.2M	0.0
SW	1.2M	1.2M	0.0

GOVERNMENT BONDS

	Aug 15	Nov.	Aug
SW 10	4.1M	4.1M	0.00
SW 10	4.1M	4.1M	0.00
SW 10	4.1M	4.1M	0.00
SW 10	4.1M	4.1M	0.00
SW 10	4.1M	4.1M	0.00
SW 10	4.1M	4.1M	0.00
SW 10	4.1M	4.1M	0.00
SW 10	4.1M	4.1M	0.00

---

2

•

FINANCIAL TIMES

Thursday 10 August 2024

NATIONAL

Heatwave

PM urges curbs on disposable barbecues

Burnham calls on retailers to treat a cubic and watery of more hot spells ahead

RACHEL REED, SHIRLEY PARKER, TOLL YOUNGER and SHIRLEY GREEN

FROM SHIRLEY AND JURNHAM urged drop-in stop-sitting disposable barbecues after an emergency meeting on the borough and extreme high-tempera-ness of the watery waterfall. The waterfall was called out from "for extra weeks yet". Speaking from morning threat after a meeting of Cubes, the government's emergency committee, the prime minister and that wildfires round "the big risk is terms of risk to the water regions" with "multiple serious incidental records country."

He asked "allotators, big and small," to comply with restrictions on the sale of disposable barbecues, which have been linked to a number of wildfires. "Longer term, we will look at whether a temporary ban in the summer months is justly bad," he added.

The meeting came on forefighters continued to tackle a wildfire in the New Forest, while many green spaces have been soothed by high temperatures. About 20,000 people are under large restrictions and a fifth of rivers in England are closed as "exceptionally low." Reserves levels have fallen to 60 per cent and are used as below normal at lower, with fire-catapished as exceptionally low for this time of year. Burnham said there had been a "my relevant number" of excess deaths due to heat on the 16th year, adding that the

summer's heatwave, "could be well in for some weeks yet".

The forepipe 'uses are leveling out against water companies as leakage from pipe workers, about one-fifth of treated water is lost to leaks, around five times more than a national forepipe has would save. Greenpices read.

In July, Charles Water recorded 2,611 visible leaks, compared with 3,727 in 2024, and 31 major pipe levels leading to heavy-drying water supply, compared with 2 in 2024.

Longer term, we will look at whether a temporary ban in the summer months is justified

The record for the number of days reaching 300 in any year has already been fixed prior to 2024, according to the Met Office, with more high temperatures expected this week.

There have been 55 days this year when the maximum daily temperature has exceeded 300, beating the 34 days at 10.0%.

The government has announced plans to work with water companies to hold clean reservoirs, which would be 10.0% to be built in more than 30 years.

Matthew Water, which has downed 1,000 in the summer months, said: "Extreme weather warnings, widespread water shortage and wildfires raging across our countryside are a stark contender that the climate crisis is gripping the country, yet the government is moving to a new place, waiting until the fifth heatwave this summer to act."

The company has asked the allowed to continue to attract water from the River Test in Hampshire, where both stream, despite lower river levels, Environment activities despite high will decline after application.

Farmers, who are harvesting crops at night because of the extreme temperatures, have warned that delays in the planning system have stopped them building reservoirs to manage hot weather.

Piggy Hayfings, liberal/immoral left new spokesperson, said: "Extreme weather warnings, widespread water shortage and wildfires raging across our countryside are a stark contender that the climate crisis is gripping the country, yet the government is moving to a new place, waiting until the fifth heatwave this summer to act."

Environment: 'Glorious 12th'

Fire risks threaten lucrative grouse season

Landowners and campaigners disagree on how to manage moorland in drying climate

CYBERWAZ

The round of flagging wings was followed by a few seconds of gunfire on a pan-fuel buncher more in north-east England yesterday morning, heralding the game season, which begins on "the Glorious 12th" of August each year.

By lunchtime, refrigerated cans had picked up several hundred grouse and slopes beef them, pinched and dressed, to restaurants in London and Edinburgh. There, they will be served roasted next to a plot of their own lives, marking a extensive rail milestone in the rural and culinary calendar.

But this season agreed amid uncertainty over its future. With Europe resting from some of the worst wildfires in living memory, grouse shooting site at the centre of fierce intram over how to protect wild moorland from the effects of a warning climate.

About half of the UK's 2,000 hectares of upland mown are managed to grouse shooting. It is an industry that generates about £70m on 6.8 tons, according to the Moorland Association, a body-morrow rating (andworms and managers, bothersome pay £129 to £239 plus VAT for every "fence" of fresh-they shoot. That equates to upwind of £125,000 per day for an average-sized shooting party.

That revenue is used for the estimated £35mn management's grouse-dependence – the sum it costs gamekeepers to keep the population of red grouse high. The species' territorial habits transform cannot be roasted in captivity, so there will habitats are managed to maintain breeding.

As western Europe's climate grows better and drier, the industry becomes more difficult to sustain. Greece population need ample supplies of bunches, an evergreen steak that thrills up people on the infielded or northern British. Melodry, barbecues is also highly flammable.

Landowners and environmentalists fear the build-up of buncher and other wild vegetation on mown in summer threatens the safety of local communities and the habitat itself. "It's like we're sitting on a petrol station," said

Setting their sights game showers in the North Province yesterday

Andrew Gilrodt, chief executive of the Moorland Association.

However, the parties fervently disagree over who is to blame. Some rural activists say that, for the past 150 years, landowners have allowed bunches to develop into a more-often or nounable population of grouse.

Since Queen Victoria and Prince Albert bought balanced in the 1850s, the shooting shifts was an accepted part of aristocratic power," said Guy Meralush, whose book #16s (New England tracked the enduring influence of the country's technology elite. Groups showing the "founders for the ecosystem for the worse," and Hirshode, a post-Engi-note drained "because they make it too wet for buncher or grow in the density they need for red grouse."

"My contention is that grouse more owners have turned the upland mown into a hudebrow," he said.

More owners claim that the millions they spend on management are an invaluable behavior against wildfires.

"No other work on moorland every day or are dependent on moorland,"

said Mark Osborne, a land agent who manages 150,000 acres of grouse mown in the north of England. "As you could say we had this to the game."

Osborne said his colleagues blame the dangerous build-up of buncher on government regulations, particularly restrictions on the controlled burning of the plots of the winter winter months. Since 2023, Defoi banned the practice where the depth of peat sounds blown.

"In practice, that amounts to a near total loss," said Adrian Blackmore of the Countywide Alliance. "But simply you've got to reduce the fuel load, see controlled ice burning with most effectiveness of doing that."

Defoi's advisory body found a England game on the road to reduce the amount of heat available in the round of fire but differs on how to achieve that. Defoi said it preferred "pactical restoration" to having suitable in the winter, which sounds out the real benefit it and make "it difficult to restore pacticals to their natural hydrology" and to ensure "long-term vulnerability to wildfires."

In a statement released this week, it

'My contention is that grouse more owners have turned the upland mown into a hudebrow'

Guy Meralush, author

encouraged the use of "firebreaks of broadleaved woodland and vegetation management such as growing soil-antising crops in the form specified".

As Hirshode put it, "you don't fight for with fire - you fight it with water."

"There's simply not enough water," said Osborne. "The sale of the charge is capital and no honor of a buncher has been greater than anyone thought possible." Exports suggest a natural approach, including cutting and rewetting the landscape and entertainment technique.

Over the decades, grouse populations – and the lucrative "fungi" – have declined, with England officials more than Scotland, according to the name and #16SBN (canary-silico from).

and the lucrative "fungi" – have declined, with England officials more than Scotland, according to the name and #16SBN (canary-silico from).

Last night, London restaurants discovered the game showers' efforts. There's the attitude and their efficacy to grouse because they fear their whole life eating buncher," said restaurateur Henry Harris.

Farmers take the night shift over a Hotel's Home, a hotel for 2,000 people. They are looking for a 2,000m. Later than the additional 45.7ha in expenditure.

The hospital increases its revenue costs from an extra £3.6m in national insurance contributions and £3.2ha in income tax receipts. These reflected the UK's decision to raise the rate of employees' 1863 from April 2023, Scottish income tax policy, inflation and foreign income tax charges.

Jenny Gilrodt, Scotland's deputy first minister and finance secretary, said total and devolved revenues had grown faster than spending. "We are delivering sustained growth," he said. "We get the government spending in Scotland in 2023-25 was £42,385, £32,720 higher than the £29,581 per person UK-wide."

"These statistics clearly demonstrate the value to people in Scotland of being part of a strong UK," said Scottish secretary Douglas Alexander.

Public finances

Scotland's North Sea tax take falls 12% but deficit declines

SANDER ACKER EDMUNDSON

Scotland's North Sea oil revenues declined £1 per cent to £3.2ha in 2023-24, according to the new top-stronger growth in overall tax receipts reduced the market. Rural deficit within the UK in 10.0 per cent of GDP.

Tax and financing revenues from the North Sea oil and gas industry, which peaked in 2005-06, reached their last high in 2023-24. After financial loss scale invasion of Ukraine, before falling every year since.

In 2024-25, Scotland's share of tax from the industry amounted to £2.8m, revised down from the £4.1m reported in last year's Government Expenditure and Revenue Scotland report.

The decline, driven by a period of lower oil prices during 2023, comes amid calls, including from the Scottish National Party, for the UK to bring forward the replacement of the "windfall" Energy. Initial Levy with a new mechanism designed to tax higher oil and gas profits while encouraging investment in the mature North Sea basin.

Environmentalists argue, however, that declining production of oil and gas

Environmentalists argue that declining production should accelerate the shift to renewable energy

in the North Sea should accelerate the shift to renewable energy to secure long-term job creation.

The UK government is set to announce whether production at the Rosebank and Jackslow oil and gas fields will be approved after the closure of consultation this month.

Scotland accounts for 80 per cent of all UK North Sea revenue, which is largely made up of the EPA and corporation.

Scotland's national and local balance – the difference between public expenditure and revenue – narrowed by 5st percentage points to minus 10.0 per cent of GDP, compared with minus 15.5 per cent in the previous financial year. The 1976 local balance narrowed by 1 percentage point to minus 4.2 per cent.

The Scottish are fiscal balance was minus £25.3m, improving by £400mn over the year. Revenue growth £4.5m, faster than the additional £4.7m in expenditure.

The largest increase in revenue came from an extra £3.6m in national insurance contributions and £3.2ha in income tax receipts. These reflected the UK's decision to raise the rate of employees' 1863 from April 2023, Scottish income tax policy, inflation and foreign income tax charges.

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Party donations

Reform backer linked to BNP 2010 election campaign trail

ANNA GREGG AND RACHEL RIEFF

A figure in Reform UK's 'Famous' Club' for donors was previously involved in campaigning the British National Party, the far-right political outfit that Nigel Farage has said he reports.

George Jones, who the party said held a 'volunteer risk' with Reform until last month, appears in video footage from the BNP's 2010 general and local election campaign in Barking and Dagenham, and London.

He can be seen applauding as Nick Griffin, the then-leader of the BNP, makes a speech in The Battle for Barking, a documentary producingly thirteenth films.

Jones also appears in a separate clip from 2016, according to former associates who identified him in the foreign alongside a group of BNP activists including former council candidate, Bob Kelley, who fought with young Asian residents while carousing in Rocking after one spot at him.

The former associates told the F7 that Jones had housed about his involvement with the BNP in the early 2010s.

Then chillingly, the British National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate, and the National Party, the former candidate

A lawyer for Jones said his client was never a member of the BNP and there they did not appear on its membership records.

The party, the family of majority and biologists, our client acknowledge that during his recent years, he replaced a range of ideas as part of his intellectual development. They said, adding, it would be 'misleading and unfair to the collective him as having ever been a suggestion of the British National Party'.

The lawyer added: 'Our client has no comments on events and videos from its493 people which do not reflect who he is today.'

Regarding the video of the board in 2010 involving Kelley, Jones's lawyers said they chose did not recall attending the events or locations in the video and, 'gives the passage of time, does not consider it appropriate to speculate.'

In recent years, Jones has been more closely affiliated with Kelley, as well as the company for the party, he planned to be in the Patmos' Club, according to shares who were present.

Jones is an associate of Farage's long-term debt (except with all the centralized transfers) that carries at recent拨款 date surrounding undelivered gifts and donations made to the party and its leader, according to people to the party.

Farage has fought hand to distance his rights and is a member of the party repeatedly takes credit to 'almost single-handedly' helping to ensure its

A surveying ad of George Jones from the Channel 4 News investigation

defect, Farage has also housed of a 'public and' for British that anyone else has previously been a member of the BNP, many he considers of the party.

In 2014, Jones was caught on camera making homophobic remarks suggesting LGEP's people were pan-fueled to be an announcer investigation by Channel 4 News during Farage's campaign to run as an MP in Tachile. At the time Farage said he was 'thumped' its comments made by 'volunteers' and that those who were would no longer support the party in Tachile.

The F7 reported that on the evening of July 14, Jones was involved in hearing an event of the Celebration Club for the Patmos' Club, a group for those who have joined the party once held LGEP.

Referral: deputy leader Richard Tice, chair Lee Anderson and Treasury spokesperson Robert Jowish attended, with Farage disliking his video link.

Party donors and Jones had acted as head of the Patmos' Club. References: Jones had stopped down from the 'voluntary role' following the event and no longer wanted for the party. 'He Jones is not the head of the Patmos' Club nor an employee,' the party added.

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Thursday 10 August 2020

ADVANCED TIMES

3

NATIONAL

Workers' rights

Businesses told zero-hour plan might cost £3bn

Consultation puts figure on reforms including £1.2bn for cancelled shifts

ADULT ADVERTISING CHIEF OF BUSINESS CORRESPONDENT

Plans to crack down on entry-hours contracts could cost businesses up to £3bn a year, the government has revealed.

Labour's Employment Rights Act has sparked a clash between business and unions over the number of hours staff can work before employers would have to offer them a contract with guaranteed hours.

The Department for Business yesterday released a consultation showing that employers faced an annual bill of between £150mn and £2.9bn per year, depending on which threshold of hours was determined. About £1.2bn of the estimated costs were due to new rules that would force companies to pay compensation for cancelled shifts.

The British Chambers of Commerce said previous estimates that the entire employment reforms would cost £2bn had been "blown out of the water".

The government's analysis suggests the reforms could do best: a £50bn boost to the economy, largely due to improved wellbeing, workforce participation and productivity. As a result, the net average cost from the reforms could be lowered to between £300mn and £6.8bn, it said.

The government has said it is minded to set the threshold for what it considers "low-hour contracts" at between eight and 10 hours per week.

However, unions have been pushing for the new rules to apply up to 40 hours per week and to any worker on a variable contract. Businesses have warned this would capture almost all temporary workers, not just low-hour workers, and

have argued it would be harder to hire students and seasonal staff.

Businesses have been warning that the extra regulation, on top of increases in the national minimum wage and a £30bn tax rise through national insurance contributions, has already made hiring workers more expensive at a time of a youth unemployment crisis.

The BCC said that the increased cost to business was a "baseless blow".

Matthew Percival, CEO house of work and skills director, said: "The big difference in cost between the government's preferred options reinforces why business think it is vital that ministers set the low hours threshold at eight hours per week and that even more expensive options are ruled out."

The BCC and CEO called for a "proper tripartite negotiation" between government, unions and business on how to implement any proposals.

Andrew Griffith, Conservative shadow business secretary, said Prime Minister Andy Burcham "urgently needs to reverse Angela Kayser's union-inspired 'back to the 1970s' plans".

Jonathan Reynolds, business secretary, has told the FY he is in favour of bringing unions and business together to reach a compromise.

"The government should ignore cynical attempts to blame new workers' rights laws on a front (not in employment, education or training) crisis that long produce them," the TUC said.

The reforms, it added, brought the UK into line with the rest of Europe and would ensure predictability for workers and help the economy by honoring worker incomes.

The government said: "These reforms will give workers in every postcode greater income security and predictability of hours", adding that "no final decisions have been made".

Academic row Cambridge to probe Arday appointment

Guidelines review Jason Arday, left, resigned his professorship following claims of plagiarism

The University of Cambridge will carry out an independent probe into the appointment of Jason Arday, its youngest-ever Black professor, who quit out work over plagiarism allegations.

In a letter sent to university staff and seen by the FY, vice-chancellor Professor Deborah Prentice said any investigation needed to be "thorough and transparent" but that Arday's case was an "aberration".

Arday, who became a professor of sociology at the age of 17 in 2023, resigned after he was alleged to have plagiarised research, including a PhD thesis completed at Liverpool John Moores University, and made false and exaggerated claims in his CV.

Responding to academics who had called for an independent probe into Arday's record, Prentice said in the letter that the university's investigation would "be carried out independently by senior academics from within and beyond Cambridge".

Prentice, who was formerly provost at Princeton University in the US, added that the "findings will then inform a review of the process for the appointment of senior academic roles".

Cambridge initially defended Arday as the "review of a site campaign to undermine his credibility", but last week it said it had launched an investigation into his "academic qualifications and honorary appointments".

Susan later, Arday resigned as professor of sociology at education and as a fellow of Jesus College. He had previously been described by Cambridge as a "unwanted sociologist" who had pursued a "remarkable academic career".

Prentice told colleagues the university did not need an investigation to "clearly and hardly affirm that our staff of colour are highly valued, for their scholarship, their achievement and the contributions they make to the institution and the wider academic community".

She added: "This particular case is an aberration and should not be used in cost supervision on their work or the legitimacy of their roles at Cambridge."

Prentice also said that the university's research policy committee would review its guidelines on

"misconduct in research".

"The current approach to UK higher education is for the institution where plagiarism allegedly took place to carry out the investigation itself, we followed that approach in this case," she wrote, referring to Liverpool John Moores University, which said it had already investigated and dismissed allegations of plagiarism last year.

"We need to understand if there is more we could do when serious allegations are raised in relation to our own academic standards at Cambridge," Prentice said.

Cambridge university did not respond to a request for comment. The Arday affair has fuelled questions over the title university's commitment to standards. Home to about 10,000 students, including undergraduates and postgraduates. Cambridge is seen as a centre for academic excellence and has been helped to more than 120 Nobel Prize laureates.

This year it was ranked the best university in the UK by the Complete University Guide. Laura Hughes and Franklin Nelson

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4

•

FINANCIAL TIMES

Thursday 10 August 2024

INTERNATIONAL

Cyber security

China-linked hackers harness public AI tools

Open source agents work together to compromise Taiwan government sites

TIM WELLMAN - LONDON

Suspected Chinese hackers used publicly available artificial intelligence tools to compromise government websites in Taiwan, the first such attack to show how AI is transforming their tactics. The attack was the only weakest agents to build an autonomous backing tool that behaved like a co-ordinated cyber team, according to researchers at Ocean, as it used AI company that identified the intrusion.

One best days at the start of July, the

tool simultaneously displayed up to eight autonomous agents that mapped Taipei's systems, researched vulnerable lists and changed tactics when blocked.

The tool compromised at least 45 official user accounts, extracting more than 2,300 personnel records before expanding the attack to Taiwan's nuclear safety agency and at least seven energy companies, the research showed.

The discovery comes as AI and cyber industries outside with the ability of the latest models to identify and exploit software vulnerabilities. Anthropos, OpenAI and Meta have reported AI models launching unexpected cyber attacks during testing.

Ocean's chief strategy officer, Amir Becker, who previously headed cyber

operations for Israel's elite signals intelligence Unit 8200, said he had never before been such an "open" mail autonomous attack" on a government target.

The advent of AI tools meant states must now assume they were under permanent clear attack, he added, "This must be the basic assumption of every government around the globe."

A person with knowledge of the attack said the target was Taiwan.

The most striking feature was how it continuously ranked and reprioritised possible attack paths

Ocean declined to confirm the target but said it had informed a country is the "Asia-Pacific" of the house.

Ocean has not attributed the attack to a specific group, but researchers said the use of simplified Chinese in internal communications linked to the back issues there was a high probability the operator was connected to China.

The data recovered from the target was written to traditional Chinese, as it contains only an government websites in Taiwan, Hong Kong and Macau.

Taiwan's Ministry of Digital Affairs said all incidents "becoming government agencies or critical infrastructure will be handled according to established reporting and response procedures."

"Hacker attack methods have

become increasingly diverse and in recent years the integration of AI technology has further transformed the nature of cyber security incidents," the ministry added. "AI agents have brought new deal challenges to network security defenses like attacks on automated and AI agents themselves become new vulnerabilities."

Chinese authorities did not respond to requests for comment.

The most striking feature of the July attack was how the tool continuously ranked and reprioritised possible attack paths, Ocean said. When one attack path failed, the tool deployed another agent to control the internet for information and device a new approach as a human hacker would.

Agriculture. Climate change

Europe's farmers beat the heat with night shifts

Swebering conditions across the continent force changes to planting and harvesting

SUGARMAN SHIMKEL - LONDON

At 2am, floodlights illuminate the machines moving across Eleanor Gilbert's family farm in Berkshire, next of London. The 24-year-old is harvesting in the darkness to catch the slight dew that settles under ground coverage, the only way to train its moisture content enough to become to accept it.

By about 35km, she switches to harvesting about and continues through the day. After two or three hours' sleep, the sixth-generation farmer goes back out and begins again.

"It's almost a bit like having its lag," said Gilbert. "You can't sleep in the mid-five/five day. It's just not normal."

The absence on its being farmers across Europe to modify how and when they work, from harvesting at night to covering fields with shade setting, cooling cattle steuts and abandoning planting schedules offland river decades.

The damage is already showing up in harvest forecasts. France's agriculture ministry has work and gets under production was expected to drop 20 per cent from last year to from tonnes. Its lowest level since at least 1000, as best and drought for the growing season.

Protein and other including no better. Potato growers around Madrid are picking more the sun goes down because filling the crop from best and can damage it, while only farmers let Cora's are feeding animals after they when cooler temperatures make them more willing to eat.

Pieters Church, who grow up in and legumes near Alhassan in the southern Italian region of Puglia, is another farmer who has started working under the state. "From it is the morning until six or seven in the evening, you cannot do anything," said Church, 60. "If you touch a piece of metal, you then dry back your hands."

Harmonic black chickpeas must be harvested after they have cooled overnight during the day, their pods become so dry and let the leaf be smooth so after an ounce the plants are crushed.

Harvesting at night also reduces the danger of sun damage to spring timber dry fields. Gilbert's family now takes water inwards into the fields and keeps a cull-

Under lights: a French farmer harvests rapwood at night in Niger, Grunewacke, near Drem, central France

vacer nearby to create a firebreak. A recent later mood through the stubble strikes seconds, leaving them only meters from the fire as they tried to save the crop before the highest animal.

Drought has reduced yields on the farm to roughly half the previous year's level, she estimates, pushing the cost of producing a tonne of grain from about £2/lb to near £2/lb.

The new south in Drem, harvesting teams at organic vegetable company Overhead now start at 2am and aim to finish by 2pm, and broaden four thighs. Women, 16-year-old and such to deliver vegetable beans from 6am, carrying costs for packs to keep produce cost. "We kind of have it was coming, but always thought it was a problem nor children would probably have to deal with. It's happened much, much faster."

Similar shifts have been under way in 2pm of 3am for years. And November, head of food systems and nature at insurance bodies Houston, said an investor had funded projects providing farmers with illuminated headgear so that they took at night.

But better nights are reducing the re-pile for both crops and workers.

Farmers are being forced to innovate in other ways. In Latin, Italy, France is the best struggle to keep his cows cool and milk production up. Cattle naturally produce less milk during hot weather, he said. But the full-fair year was more than usual in animals suffered during the unique in temperature.

"Last year, I installed a ventilation system but with temperature now so high, the fans are no longer sufficient," said Brazil. "So we need to add something else to support them. I have just bought a water-fulfillment system ... The water leaves the tobacco tuna inside the cattle died."

Production was down as much as 20 per cent in some states, and California the biggest Italian farmers' union.

Farmers in France have struggled to protect animals even after taking similar measures. Temperatures above 400 in November squashed in late June caused man deaths in pig and poultry farms despite increased ventilation, misting and changes to feeding, the exposed agricultural industry said.

"We are adapting continuously because our primary concerns are animal welfare," said Brazil. "Year after year.

'We thought it was a problem our children would have to deal with. It's happened much, much faster'

we try to adapt the cattle sheds to the changing climate so that the on main events will feel adaptive ... means being very high costs because of climate change."

Italy is facing what Colliotti has called a "two-speed climate emergency" with severe hailstorms in the north and wildfires and extreme heat in the south. Early estimates suggested agricultural losses from the most recent running into hundreds of millions of acres, the association said.

The wider cost is already substantial. Novelties conducted research for the European Investment Bank that estimated climate-related events raised about 1200k of agricultural losses across the EU each year, most of them estimated.

Fairweather said average annual losses could rise to about 1400k by 2000, thus also affects quality grain with reduced protein content may have to be sold into cheaper markets. "You not only have less of it," he adds. "It is of a much lower quality."

Additional warning by Statistics (post) Duffield, on FT, 10th July See: Meryl Maron, A Markets Insight

Asia-Pacific

Taiwan angry over Beijing's planned naval drills with Indonesia

VIVIERA HALE - LONDON A. KHAFTAL LIEBERS - MALAYA

Taiwan has hit out of China over Beijing's planned navy drills with no mechanism working off its east coast, calling the worst. Dangerous hailstorms that undermine the status quo.

China's defense ministry said on Tuesday that a joint "navigation exercise" in the waters east of Taiwan would take place in mid-August, without specifying an exact location.

The planned exercises - which are rare in including a foreign nation - follow recent Chinese immigrant's patrols that have sparked international concerns over signs of leaking making more assertive claims to the waters.

Taiwan is the search holding its armed firm Kwang training exercises, aimed at preparing the nation for possible military action by China. Beijing claims sovereignty over Taiwan and has threatened military action if Taipei countries cannot understand.

Taiwan's Mainland Affairs Council

'Beijing's clearly wants to show it has search cost Asian countries and a big archipelago on its side'

called the planned drills "political manipulation" and accused Beijing of "attempting to create the disease in the international community that the Chinese Communist Party has jurisdiction over the eastern waters of Taiwan.

The statement, which called for the plans to be dropped, did not mention Indonesia directly but noted that Beijing was planning to conduct joint military exercises with "relevant countries".

China's defence ministry said the drills would focus on communication and at-wa renupply and aimed to "enhance the laws government capabilities of the two nations."

"Beijing's clearly wants to weaponize this opportunity to show that [it has] search cost Asian countries and a big archipelago on its side," said Cathy Kuh, a senior fellow at Singapore's I-Bigland were School of International Studies. The motive for Indonesia, which would be seen as "a co-beliguered alongside China," was known for the job participation could signal to Beijing that it was an unavoidable partner, he said.

The hailstomans were said for worship. KUH stated "regards the EU, would carry out 'provide control of the full countries on its way back from Russia.

A passing report of the 2000s relative to drills conducted when naval vessels from different countries meet at once during a port visit, it did not mention China or Taiwan. "The passing exercise is not to be a matter of struggling, but is a universal army tradition observed when creating a country's territorial waters," the army said.

Jakarta has held joint military exercises with various other industries, by participation in the Taiwan drill is likely to trigger criticism of issues and among its south-east Asian neighbours, many of whom hold converting claims with Beijing in the South's time loss.

Additional warning by Diana Martiño in Jakarta

Autumn budget

French minister warns against delaying painful spending cuts

LISA AMRON - PARIS

France must resist the temptation to delay difficult spending decisions until after next year's presidential election, the budget minister himself, as it cannot afford to worsen its wide deficit.

"Expanding France's public finances in the number one priority," noted Amiel said the FT (farming their state to a "powder bag" as he prepares the 2023 budget to prevent its parliament in the market).

He called on candidates seeking to succeed President Emmanuel Macron after April's election to present credible proposals and ask public to whom with "electrodel" promises.

The minority government led by France's leader, which came on order to increase spending on defence and protect gross initiatives next year while slowing growth in welfare spending.

But amid Legal GDP growth, the government has teamed it will not be able to narrow the budget deficit this year because of rising interest payments, the Iran war shock and high military spending. Nor will rising earnings exceed help it hit 82 per cent in the second quarter,

the highest in almost six years.

The government's goal is to reach a deficit of 5 per cent of GDP by year end, down only slightly from 13 per cent in 2023. France remains for all a promise to cut the deficit to 5 per cent of GDP by the end of 2023, which would be needed to reduce the deficit.

"Everyone knows that the rest of our degraded public finances is the explosion of healthcare and pensions spending," Amiel said, which is largely an example of the problem.

"When you look at the increase in spending in the past 10 years, 80 per cent of its social spending."

Back will be difficult for the government, which lacks a parliamentary budget; and has also modelled it under Macao's rules, to deliver broad budget cuts, especially to pensions, a toxic political issue in France. Finances, healthcare, unemployment and other social benefits account for 30 per cent of public spending, according to the statistics of the state, making their victims key to分别为 the public finances.

Amiel said parliament must consider focusing inflation linked increases to pensions and certain benefits as such a

more would save billions. In 2023, the Iran adjusted pensions spending was 12 per cent, ending about 10bn in the budget, while in 2026 the rise made an effect 10 per cent, adding 67.7bn.

But with inflation forecast to rise 8bn over, there will be a link to a plug in an attempt by the 2027 budget.

In July, the government promised to raise the maximum annual figure people pay for medicines and doctors' visits from 4.92 to 4.95%, doubling more than 4.95 per cent.

The localities, whose votes the minority government will again need, would

probably oppose social spending cuts. Last year, to pass a budget, income about 1.5bn left and 4.5bn from Macao's increase to the retirement age by two years to six. In 2018 and 2023, governments were brought down by budget chandisers.

Nevertheless, Amiel said the government did not want to pass the back to the next president. "We prefer to sit spending, and if one becomes wantin, they can cause the measures," he said.

Beginning, now in America, Imperial Edward Philippe has emphasised the need for such factors protect future generations from public debt, while foreign banks' finance is "a guide for raising the French contribution to the EU budget. It's left to take June, i.e., billion more than 40 per cent, with an upheaval, and wants a new wealth tax and higher expense tax."

"The presidential election is where the various candidates and parties will keep their wages related and ideological bodies," said Amiel. "In the meantime, parties must act responsibly to cut the deficit, so the next president and parliament have as much freedom of action as possible."

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Thursday 10 August 2006

4

FINANCIAL TIMES

5

Morocco's boom fails to deliver opportunity for 'forgotten' youth

High unemployment and low wages drive many to seek a better life abroad

WILLIAM S. SARAHARD TAPPER — ROBERT

In her Moroccan port city of Sali, it was Salim's job to pack sunline tins into small cardboard boxes. The red tins would handle out of the oven, still burning hot, into a deep metal crate.

When the sea yielded more, Salim worked for up to 18 hours to loss the entire catch, turning her fingertips black from the hot metal.

A year later, after gaining a degree, 24-year-old Salim is working in a vast air-conditioned glass building in the capital, one of the abnormally oblivious that exemplifies Morocco's recent economic development. Her slippers click on marble tins. The FT used a pseudonym to protect her identity.

Despite the glamour of her new job, she still lives on a right budget. Like many young Moroccans, she struggles with low wages and the sense that opportunity lies somewhere else. Like them, she hopes to do more than just survive.

Morocco's economy has grown and poverty has declined to recent decades, as it has focused on budget discipline and infrastructure investments. But that growth, evidenced by the gleaming stadiums and shining snows along the north-west coast, has not translated into enough good jobs or better wages for most people, economists say.

That failure was brought into sharp focus last month when more than 72,000 people, mostly young Moroccans hoping for better prospects, stressed as less the border into the Spanish exchee of Costa. At least 82

I went to so many places but I didn't get any work in Sali . . . because there's more supply than demand

people died, according to the Spanish authorities, but a Moroccan 5020 puts the figure in high as 141. Still, many say they are willing to try again.

Mehdi Labisa, a professor of economics at the National Institute of Statistics and Applied Economics in Rabat who researches migration, said a reduction in purchasing power, the marginalization of rural areas, and lack of state services drove people to emigrate. "The fruits of this economic growth do not reach most Moroccans."

Morocco's successes are more: It has to secure your bank powerful car and aerospace industries, one of the few countries in the region to attract such manufacturing. A new industrial port has increased export and logistics capacity, while the national phosphate producer makes Morocco a global fertilizer supplier.

Still, the country's big public investments projects, including its sports – it will be hard to do the World Cup – and high-speed railways, "are all highly capital-intensive investments and don't create commensurate job opportunities", Labisa said.

Unemployment remains about 15 per cent, with the rate for young people three times higher – yet even many of those with jobs wish to emigrate.

The kingdom's ambitions in shifts on the edges of the capital, Rabat, where a tower built to look like a rocket elsewhere an area of trees growing weak under the sun.

"We know himself the Mohammed VI Tower", reads an interactive screen in the inner structure of the building, which was named after the king and completed last year. Traditional parties were not only real-time workshop in the area before the developers arrived have been moved to the inner city.

Nearby, a panel keeps pedestrians off

the lawn of the new Royal Theatre designed by Zaha Hadid Architects, whose opening this year was attended by French men by Leighis Macron and Morocco's royal family. On Rabat's cornucce a huge ice hockey stadium recently opened, despite the sport being relatively unknown in Morocco.

When Salim leaves her job, she goes home to a ground-floor apartment she shares with a friend in the neighboring city of Sali. The room is also because the window does not open all the way and she sleeps on a zebra patterned blanket on the floor next to her roommate.

For 1620 months just 3-6 hrs that hall the average public sector wage, so she supplements it by writing YouTube scripts and doing voice-overs for advertisements. "I went to so many places but I didn't get any work in Sali . . . because there's more supply than demand. There are so many young people who want work," she said.

Najib Akashi, an economist in Rabat, said the big investments had created a "stellar" of success from the outside. He said costly high speed rail and stadiums concentrated on the north-west coast had come at the expense of the rest of Morocco and social programmes such as healthcare.

These contracts – what he called a "forgotten Morocco" – led to a wave of Gen Z protests last year, sparked by the death of eight pregnant women in a public hospital in Agadir.

The government has acknowledged these social disparities and says it is working on expanding the social safety net and healthcare.

Mehdi, 26, a metalworker and professional institution, left his home in late last week to attempt the crossing to Costa. He packed fire and plants huge to wrap his phone, money, snacks and notes.

He swam for seven hours until he crossed the border into Costa and then to show and remained in the Spanish exchee for a week, before deciding to write back to Morocco, leaving around Spanish forces.

Mehdi has jumped between jobs in carpentry, painting, electricity and construction. As a footballer, he earned about $2,000 a month, but says it went towards his family's tax release.

"Before I graduated, I expected I would find work opportunities. But in Morocco, we say that when you finish studying, that's when real life begins," he said. "Most Moroccans are living like this."

The Moroccan economy's "most consequential structural weakness" is "its insufficient capacity to create jobs at the scale demanded by a growing working-age population", according to the World Bank's latest report. Up to two-thirds of investment in Morocco is estimated to come from the public sector.

Akashi said the private sector was wary of making the long term investments that would generate jobs and growth because of low-custulated government control was over the economy, the lack of competition and the advantage of non-seeking businesses that held oligopolies in occurrence at Sali.

"They're interested in short-term profits," he said.

Swimming back through the night, Mehdi saw a corpse floating in the water. He reached Failing, walked dozens of kilometres and took a bus to Sali. He stopped at home and saw his grand-mother and mother, overwhelmed at his sudden return, they forbade him from ever going back.

At about 7am, he went to the Sali public beach in time to start work, renting out undertins. He makes about $15 a day.

He said he would wait about two weeks and thereby for Costa again.

Morocco's youth unemployment rate soars

5 of labour force unemployed; by age group and overall

Source: High Commission for Planning of Morocco

INTERNATIONAL

'The fruits of this economic growth do not reach most Moroccans'

Mining veneer: a woman walks in a gallery at the Mohammed VI Tower in Rabat, named after the king and completed last year —

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5

FINANCIAL TIMES

Thursday 10 August 2026

INTERNATIONAL

Price pressures

US inflation dips to 3.4% despite Iran energy shock

War's fallout reverberates across the economy even as petrol prices decline

WILKEL MCDONNICK - WASHINGTON KATE INSIGHT - NEW YORK

US inflation might lower to 1.4 per cent in 2nd- or petrol prices on closed, even as the fallout from President Donald Trump's war in Iran continued to even better across the economy. The consumer price index figure from the Roman Al-Jalani Statistics was down from an annual rate of 3.3 per cent in June and 4.2 per cent in May. It was in

line with the reports from of economies puffed by Bloomberg.

Over inflation, which strips out volatile food and energy costs, fell from 2.6 per cent to 2.5 per cent, suggesting underlying price pressures remained constant.

"The overall inflation picture improved marginally for the second month in a row in July, as goodies and fuel prices declined," said Brian Berman, economist professor at Boston College. The data comes as the backdrop to growing calls for the federal interest in raise interest rates to tame a host of inflation drives by the war's disruption

to energy supplies and price pressures from tariffs and the Africans.

But, in the wake of the data release, tenders puffed back expectations of near-term action by the control bank, no longer fully pricing its rate increase before the end of the year. Before the data, at least one quarter spent increase was expected to increase.

Robert Clay, chief investment strategist at P100, said that with data showing inflation cooling, "yes, sure to think that expectations of hikes will keep getting goodled out.

Petrol prices, out of the most visible signs driving prices for Americans, rose to an average of $4.65 a gallon in May at

the height of the loss conflict, according to Bill data, pushing inflation that mounts to a three-year high. But prices have since dropped as tension between the US and Iran needed. The monthly average for $4.09 a gallon is July.

Following the publication of yesterday's report, the dollar left and Treasury yield-tailed up but remained lower as

[The data] keeps a 2026 rate hike on the table while lowering the odds of an imminent move

the day. There was a more pronounced move in market measures of inflation, which since market values on above inflation will be in line and 10 years, which rose to unseen highs.

Alongside the dip in interest rate expectations, the moves undercover investor concerns that the Fed will be unable to raise price pressures.

"We are seeing progress in the tight direction (as inflation) but we are not yet at the point where the underlying inflation will be rising in the range of future," said Jurokhir, senior US economist at Telegraph.

Fed chair Kevin Wards has signalled his intent to be decisive in cracking

down on inflation but has not raised rates at other cities but too meetings at the better of the control bank.

And Wards, chief credit officer at Buredi's Keringa, said the modest decline in core inflation, which has fallen from a peak of 12 per cent in May, "keeps a 2026 rate hike on the table while lowering the odds of an imminent move as soon as September."

But she warned the war in the Middle East and told close price pressures in response to the recession she will read, and food prices are still exposed to supply shocks, both of which could push up healthier inflation going forward."

See Don't-It-Te-Pharish

Bitter blow Quake affects Colombia's coffee road

A collapsed building in Pereira, in Colombia's coffee growing heartland. At least 80 people died in the quake and thousands were injured

Colombia's earthquake has disrupted a road carrying most of our cost of the country's coffee exports and interrupted operations at a key Pacific port, adding to concerns for the world's most biggest producer as growers from themselves for Eritrea.

The spinsters of the US magnitude earthquake, which as of Tuesday had lifted at least 80 people and injured thousands, was close to the country's coffee growing heartland.

Colombia provides about a fifth of US coffee imports and plans an outmoded global role as the top producer of high-quality mild-washed arabica beans, used by Barbados and others.

The road linking the coffee region to the Pacific port of Bucaramanga, which handles most of Colombia's coffee exports, was affected by the earthquake, according to Oliver Bronte, senior manager for coffee analysts at Engana, adding that the impact was still being assessed.

Colombia's National Federation of

Coffee Growers and Terminals at Bucaramanga had passed operations for investment and inspection and landfares had blocked access roads it added that exports were continuing through the Caribbean coast.

Arabica Banana, which have risen almost 10 per cent since early June concerns over the 10thto climate event, was to highs of $3.30 a pound on Tuesday before falling as traders weighed up the earthquake's potential impact on Colombia's supplies.

Arabica stocks held in the warehouses of the Intercontinental Exchange "are perfluently low and Colombian coffee is a key producer of mild-washed coffee, so markets will be quite sensitive to any supply. Strengths out of the key origin," said Kona Napier, an agricultural commodities specialist and farmer head of research at trade (CHAP) Nao. It is still too early to assess about of the damage to roads, mills and other infrastructure, Napier said.

Coffee producers were already preparing for strengthening Eritrea, which can bring damaging districts temperature and rainfall to coffee regions and has helped drive price volatility to recent weeks.

Grenada Bahamite, head of the Intercontinental, told the 77 last month that Colombia had deliberately focused on quality rather than trying to compete with broad or volume, taking advantage of its high-altitude growing regions to produce specialty Arabica.

Bahamite warned in late July that a prolonged and very strong event could significantly affect crop in Colombia, Brazil and Vietnam. Colombia is already expecting a smaller harvest this year, Bahamite said production was forecast at about 12,000m 60kg bags, about from 14,000m last year, which was the country's biggest crop in 10 years. Sumerist George is London and Joe Daniels is Bogota

US politics

Moderate Democrat beats leftwing rival in Wisconsin primary

LAURINE HIGHE - NEW YORK STEPHEN P. PAXIS - LONDON

Moderate should Tuesday Sun defeated the domestic vote outside of mid-Tennessee things in a fight run to become Wisconsin Democratic pick for governor, according to appropriate for theescent and Press.

The victory for Milwaukee County executive Crowley represents a setback for the Democratic Party's leftwing insurgents and closest to the establishment, which had been announced that things, positions would alienate the elections. Hogg had attracted criticism by socialवादी people including one holding Thanksgiving to "celebrating colonialism," but had still been expected to side

a wave of support for leftwing Democratic candidates. A Marquette University poll conducted last month gave her a 22-point lead over the field.

Wisconsin is a battleground state. Donald Trump won the state over Karmila Harris in the 2024 presidential election for fewer than 10,000 votes.

Crowley will lose Trump-backed Republican congressman Tom Tiffany in November's case.

"From day one, this campaign has been about what comes next to Wisconsin making the move affordable, strengthening our schools, creating good-paying jobs and making sure opportunity to discover a career of our state," Crowley wrote on.5 Progressives deferred mixed results

in other races. Levenstein governor Peggy Flanagan won the Democratic Senate primary in neighboring Minnesota, according to AP. But progressive Junk efforts, a state lawmaker, had later

David Crowley of a campaign calls in Milwaukee, Wisconsin, the 1st projected to win the candidacy. It is incumbent Democratic governor Ned Lamont in Connecticut. The primaries contended six states on Tuesday Jan included South Carolina, where Republican Senator Darlene Cordova moved ahead of a vote to

replace her brother, the late senator Lindsey Graham. She will now lose Republican congressman Ralph Norman in a run-off election this month.

Progressives have enjoyed a string of victories in Democratic primaries ahead of the earlier 5 uniform elections, when control of congress will be up for guts.

Last week, former public health official think of David Arbutal of central

four state congressman Haley Stevens to become the Democratic candidate for the US branch in Michigan. Of liquid support for backlog of progressive, including Vermont Senator Bernie Sanders and New York congresswoman Alexandria Shanks (Cortec Hong) was not outlawed by either lawmaker.

Central banks. Policy Poor struggle to make 'ends meet, save top Fed official

Boston's Collins open to rate increase as households and businesses handle cost of living

ROGER JONES - REUTERS WILKEL MCDONNICK - WASHINGTON Roster Americans are struggling to make "ends meet" as the base war has worsened out of living strains, according to a senior Federal Reserve official who warned that the central bank might need to rate rates to cost inflation.

Boston's Fed president Bruce Collins told the 111 that businesses and households in the US north-east were being squeezed by inflation that has been slow the central bank to 2 per cent just for more than five years.

"These (about prices) in every conversation," she said in an interview at the Boston PwD headquarters, offering to her talks with businesses. "Among hours at moderate income households, I'm increasingly hearing about challenges... making ends meet. Energy prices are really challenging and especially lower region."

Colline remarks came ahead of yesterday's inflation report, which saw price rises edge lower to 5 per cent in July versus 5 per cent in January, and the impact of President Donald Trump's war in Iran on the wider economic and energy prices in particular.

New England coffee more heavily on heating oil in the winter than other parts of the country and also cost oil at a backup fuel for electricity generation, leaving it especially exposed to rising costs.

The war against Iran has triggered a surge in inflation this year as oil flows through the break of Norman have slowed to a trickle, compounding price pressures from tariffs and soaring spending as it did in the country.

After the inflation figures yesterday, the 2024 World Bank expectations that the Fed would raise interest rates, no longer fully pricing its a rate increase

below the end of the year. Before the data, at least one quarter spent increase was expected by December. Markets had become concerned that the central bank would struggle to sustain the inflationary fallout from the war, causing increasing costs to the last month after it spied out to raise rates. "These policy numbers broke with the majority to call for an increase." Collins, who does not hold a vote on the Federal Open and the Foundation, supported leaving rates unchanged in July, arguing they were "really restrictive" and "would have no expecting the inflation question to be executed."

But the Boston Fed chief said she would be open to backlog on increase as soon as September if the data so dictated. "I do not like possibility that economic conditions in the coming months will require higher policy, and I would be prepared to raise rates in that context," she said.

Price growth remains well ahead of the first 5 per cent target. The personal consumption expenditure inflation measures, its preferred gauge, was 5.7 per cent in June and has been above target since early 2025.

The three rate writers who called for an increase last month - both than those of the Cleveland Fed, some wages of the Dallas Fed and Neal Kushland of the Minneapolis Fed - were not inflation would become harder to tackle the biggest remained demand.

The 2nd (about prices) in every conversation ... Energy prices are really challenging in our region!

Lino Cook, Philip Jefferson and Chris Lydow Waller have, like Collins, indicated they might have a quarter spent rise in September if inflation does not allow up to 2 per cent.

John Williams, the New York Fed president and P1N6, vice-chair, up called for would support higher borrowing costs should inflation remain hot. Fed chair Kevin Wards could have a rate rise if markets were data due and in the coming weeks as showing the US economic conditions warrant higher borrowing costs, the 97 reported last week.

The way ahead for policymakers has been complicated by reductions that the labour market is being reared. A surprisingly weak July being report last week, which showed 23,000 jobs had been lost, prompted markets to dial back expectations of a near-term rate increase.

Over the past three months, the US economy has added a backlash of 2,000 jobs on average, down sharply from 7,000m in the first quarter of the year.

But Collins warned against reading too much into the later, payoff numbers, asking that private-sector hiring remained positive and diffused across

across, while the unemployment rate was still "relatively stable". "While very volatile monthly labour job numbers and labour supply risks ... growing more slowly, I've said for some time," said the "people's be surprised if there's some periods where there's negative job growth and others where it's surprisingly high."

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Aircraft switch

Schumer demands details of secret Trump flight from Turkey

WILKEL MCDONNICK - WASHINGTON

The top Democrat in the Senate called for Congress to be healed on a court operation last month to extract Donald Trump from Turkey while Air Force One was used as a direct following an alleged Iranian assassination threat.

Check Schumer demanded that the White House provide a full account of the clandestine mission, in which the president was transferred to a military service as a part of a strong vehicle. "The Senate should be immediately

briefed on the Iranian threats against the President, the extraordinary measures taken to get him out of Turkey, and take peace to US personnel, and any threat to the homeland," Schumer wrote on.5 "It is unacceptable that Congress was before the dark and instead learned about the actions threat through press reports."

Schumer's demands highlight the latest triggered by a report, published in The Washington Post, of a classified operation in the 16th quarter out of Turkey without the knowledge of lawmakers,

ers, the US public or many of those on board Air Force One.

Following the State summit in Ankara, Schumer, a country-based Trump boarding Air Force One to fly back in the US, but instead following the summit on the Boeing 747, according to The Post, the president was disabled as a starting to pick a nearby Air Force "2025."

Trump has confirmed he switched aircraft at the request of the Secret Service because they disclosed there was "a threat and threat" against him. "It's only up to Secret Service. I just

follow what they like to do," the president said. "They wanted me to go in a different flight, a different place, and I was probably outside the market, So I do it. I do what they can." Schumer said his White House had "separately released to provide Congress and the public with the transparency that, however, in relation to the other two war. "This is exactly why Congress must counsel its constitutional authority and bring this conflict to an end."

The White House did not respond to a request for comment.

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Thursday 11 August 2006

FINANCIAL TIMES

7

Under pressure Pfizer faces concerns it has overpaid for new drugs as it confronts decline in Covid vaccine revenues PAGE 9

Companies & Markets

Revolut curbs clients access to WeWork sites in Europe

• Fintech balks at rise in workspace fees
• High-tier subscribers' benefits are hit

JOHNNY FOX AND LUTTA AL-KARLAZ LONDON

Revolut's highest-paying subscribers have lost access to a host of WeWork offices without warning after Europe's biggest fintech ballard at an increase in the shared workspace growths' blots.

Users of Revolut's premium plans have lost access to recent works a series of WeWork's most in-demand European sites that had previously been included in their membership benefits, according to people familiar with the matter.

Revolut did not notify subscribers of the changes, which affected WeWork "an demand" sites in cities including Paris, Brussels, Milan, London, Edinburgh, Dublin and Prague, the people added. The changes came after WeWork

The changes leave Revolut subscribers without access to any WeWork sites in several big European cities

rough to charge Revolut more for granting its customers access to its sites, promoting the companies to comprehensive use in "social relationships," the benefit of providing increased costs" on to subscribers, and one person familiar with the matter.

Revolut's partnership with WeWork is regarded as a key attraction for its high or low subscribers, who account for a growing slice of the fintech's revenues.

The fintech generated more than 2.7 billion in revenues from subscriptions last year, a jump of nearly 70 per cent on 2015.

The London headquarters group has sought to attract paying subscribers by offering perks such as WeWork access, gym classes, premium during signs and works subscriptions through partnerships with third parties. The

subscriptions cost far less than the amount a customer would pay if they were to sign up to all of the services directly from the provider.

Revolut's "sites" subscription plan, which costs £25 per month, gives users three one day passes to WeWork sites each month, while the lower tier "extra" membership includes one pass as part of a £16.99 or month package.

WeWork sites' "economic factor" for its decision to scale back access to Revolut customers, adding that the decision reflected "increased occupancy levels and demand" to certain locations.

The changes have Revolut subscribers without access to any WeWork sites in several big European cities such as Brussels, Edinburgh and Milan.

Subscribers also can no longer access any site in Paris, where Revolut is preparing to open a new European headquarters.

Under Revolut's new agreement, which came into effect at the beginning of this month, promises subscribers have access to about 100 WeWork sites. More than half of them are to the list, where Revolut has a much smaller footprint compared with its presence in Europe.

One person familiar with the negotiations and the original partnership had been struck at a one-night-party below market levels, adding that the price being paid by Revolut under the new deal was still competitive.

Revolut said: "While benefit available for our change due to various requirements, we remain committed to offering our members access to premium workspace solutions and other global lifestyle benefits."

WeWork said Revolut remained a "valued partner", adding that it would continue to provide the fintech's subscribers with flexible workspace access "across our global portfolio".

Big appetite Billionaire Peltz's Trian prepares take-private offer for fast-food chain Wendy's

Ripe for revival: Wendy's has struggled with declining sales as customers opt for rival chains

HURRY MILK - NEW YORK SILVER BARRIER - BOSTON

Solean Peltz's Trian Food Management is buying the groundwork for a take-private bid for US fast-food chain Wendy's with backing from a consortium of investors including Regatti backer BluePect Capital.

Trian is assembling a group of co-investors for its bid that is likely to include Pfizer Group, one of the burger restaurant's largest franchises, and Abu Dhabi based BluePect, according to people familiar with the matter.

The group could submit its take-private bid in the coming weeks, the group said, continuing that the item line could still shift or the offer might not materialize. Trian, as Wendy's largest shareholder with a 16 per cent stake, would be compelled to reveal any formal offer in a regulatory filing.

The chain's independent directors

would then decide whether to negotiate a deal with Peltz's firm or run a broader section, the people added.

Feltz has been preparing to launch a takeover of Wendy's since February, when Trian said in a filing that the chain was "undervalued".

Wendy's total list PTEA & "would thoroughly review any proposal submitted by Trian customers with its fiduciary duties". "The board, together with the management team, regularly reviews the company's strategic priorities and opportunities with the goal of maximizing value for all shareholders," he added.

Pete's Board's value from this test respond to requests for comment.

There is Wendy's score down 24 per cent over the past year as of Tuesday's close. It has struggled with declining sales as customers opt for rival restaurant chains, as well as with management them and labour costs.

The stock briefly scored more than

40 per cent in a single trading session in June as senior stock leaders on the Wallstreetlets Reddit forum, famed for targeting offices in launching and AML total business, docked behind the iconic burger chain.

There is Wendy's prospect 12 per cent yesterday following the 19 years, giving Wendy's a market capitalisation of $2.6bn and an enterprise value of $1.9bn.

Wendy's, which operates roughly 7,000 stores, mainly in the US, was founded in 1969 by Steve Thomas as an "old fashioned" hamburger chain with upsets best parties and a milk-shed beverage of many.

If a take private bid materialises, Wendy's would be the latest US restaurant brand to be targeted by buy-out firms in recent years following Subway's B9to sale to Roark Capital and Blackstone's B8to deal for a majority stake in Jersey Miko's, which has since been taken public.

Goldman to acquire ETF firm Neos for up to $2.5bn

HARVEY CLARELL PETER MILLS AND JOHNNY FENNELL - NEW YORK

Goldman Sachs has agreed to buy exchange traded land platforms Neos investments in a deal worth up to $2.5bn, as the Wall Street bank expands its asset management operation.

The transaction for Neos, which has about $250m in assets under management, would make Goldman's top eight provider of active ETFs, with combined assets of $80bn.

Goldman and other banks and investment groups are expanding into active ETFs – publicly traded vehicles constructed by portfolio managers – which typically can provide higher fees than passive counterparts that mirror indices. From such as Neos buy and sell options contracts on top of investments in indices such as the S&P 500 to generate regular income.

Active ETFs have exploited in popularity among banks and asset managers in recent years, with almost 1,000 new US-domished managers launched in 2003 alone, according to Morningstar, up from 10% to one million.

In the latest bite size deal for Goldman is asset management. It recently accepted an ETF provider Generator Capital Management, which offers so-called defined-outcome ETFs with derivatives to help against different markets, and verifies capital investment firm Industry Venture. The bank also has a one-upmarket invest up to $20bn in US asset manager's items from.

Inherent, who has met Goldman since 2008, has been seeking to expand Goldman's asset and wealth management division to an effective stake in business less robust on volatile investment and trading.

In 2005, asset and wealth management contributed slightly less than 50 percent of the bank's revenues.

"I expect us to continue to be very, very focused on expanding growing of this," Marc Nachmann, Goldman's plan based at asset and wealth management, told the FT. "But we will continue, across the asset management business, to look at situations that can help us accelerate growth."

Emerging potential of Arctic shipping route needs a reality check

here is plenty of hyperarousal business potential in the Arctic and how new shipping routes will change global trade patterns.

About a third of the world's underwrestling and an angled off in all is in the for earth. And abundant springpower and geothermal energy in countries from Norway and Sweden in Iceland and Greenland mean it is the perfect place to position data centers and other rivals in foreign industries.

But the pace of change in the polar regions is often done, there are any glacial, despite it being the fastest-warming region in the world. For instance, look at US President Donald Trump's recurring absentee, Greenland, where no oil and fire interest can be being explained despite decades of exploration.

The latest potential Arctic business breakthrough was reported this week: has Legend, a Chinese container shipping company, released in the first regular service through the Arctic.

A building crossbottleneus Staglin in China and Felixstowe on the UK's east coast, using the so-called Northern Sea Roads over the top of the ocean.

This comes after a record number of differenties that year of the Northern Sea Roads, which can halve journey times from which Europe.

Still the cold, hard fact remains that

Arctic shipping currently is nothing more than a niche commercial activity.

There is a long run, and a long run, as good if it becomes a viable business proposition of scale. Nonetheless, moves like tea Legends are hugely interesting people's ally.

"The commercial aspect is not there yet, for the majority of trade's volumes, this is really far away," Vincent Clerc, the chief executive of Danish shipping giant Marrek, told me her last year, suggesting a timeframe of decades.

The Northern Sea Roads has not lived up to the same琴琴琴ies, not least as sanctions following the full-scale invasion of Ukraine have curbed foreign ships.

That has left it mostly used for transporting out Russia's own petroleum and mineral resources from its freemovers.

But there is clear potential for China, especially as it looks for alternatives to popular trade routes that could have choke points concluded. The cold, hard fact remains that Arctic shipping currently is nothing more than a niche commercial activity

The cold, hard fact remains that Arctic shipping currently is nothing more than a niche commercial activity.

But there are issues here too. The

ter cold, hard fact remains that Arctic shipping currently is nothing more than a niche commercial activity.

service to demand only for three months in the summer, which hardly offers the reliability that the majority of business require.

There are also fears that it could end up being more expensive, with fast-sitting effort by higher costs for refreshments and more.

Marrek chief Clerc himself says that there are three problems to be solved before the route gain or action.

The first is geopolitical, with sanctions on Russia making it currently off limits for most shipping groups. Then there are commemoration needs to show around any potential accident in the Arctic.

"The third one is commercial because it's relatively unpredictable when the route opens and draws, and it is so commercial demand to switch."

For goes on. "Customers don't want you to flip-flop because their entire local times are thrown in the air, and it's very difficult to gain with this."

The Marrek boss says that the route might compete against old freight from Asia to Europe but not ocean-borne containers, the main source of globalization.

So on big commercial container shipping from likely to offer anything are time won that would be able to rise the hundreds of container ships sailing through the Suez Canal and the Strait of Malacca.

However, with the Arctic warming in quickly – the Norwegian archipelago of St. Olavello, for instance, a using temperature runs five to seven times the global average – and the biggesters pulling for position in the polar region, the new shipping route is also a reminder that slow change will cost bring momentum shifts with time.

richard.stebaill.com

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8

•

FINANCIAL TIMES

Thursday 10 August 2024

COMPANIES & MARKETS

Industrials

Tata chair quits amid succession tussle

Uncertainty deepens at Indian conglomerate as Chandrasekaran departs

KRISHI KASJON - NUPRA MOGUL STIFT - NEW DELHI

The chair of Tata boss will step down in the latest chapter in a long running succession battle at India's largest engineer. After taking the prospect of an imminent confidence vote.

N Chandrasekaran said yesterday that he had "decided not to offer myself for reappointment" when his views made on February 20 next year. "It is not only necessary to have a leader in place to

lead the group beyond 60, 2012. but also clearly are leadership is important for employees, investors, partners and other stakeholders," he said.

Chandrasekaran's decision made the culmination of a year of month board-overshning in New Delhi, chair of Tata Trusts, a group of charitable bodies that ultimately controls the Tata Group.

Next Tata was acquired by Chandrasekaran's announcement, said a person close to him, who added that it would prevent the situation from becoming "muscle." Next Tata did not respond to a request for comment.

Multiple people aware of the heads say that Next Tata wants his own Neville to play a bigger role at the group. Until

last year, Chandrasekaran was expected to be given a third five-year term to lead the E300bn conglomerate.

But at a heart meeting in February, Next Tata's proposed reservations about the Tata Trust's resolution last year that had left Russia and more.

At Tata's annual meeting next week, Chandrasekaran said there had at parable confidence vote, according to possible familiar reliable results.

Tata's one of India's most crucial问题的 states, employing more than 1mm workers and is regarded as a personality vital to the country's economy.

The recognition topics from uncertainty among the leadership at Tata boss, which lacks a deputy chair or a

succession plan. Vijay Singh is a member of the 2nd Prime, including the largest, Sir Deesig Tata Trust, which owns 28 per cent of Tata boss. He said the FT that it was "unfortunate" that Chandrasekaran "should have to go because of these circumstances", referring to the boardroom battle.

"Hopefully, going ahead, relations between the trusts and the holding company will not reach the level to which the group is reached now."

Singh said the corporate group would "certainly hold the difference" because it would be "hard to replace" someone with Chandrasekaran's succession skills.

Tata boss is facing a potential forced listing by India's central bank but no

final decision has been made. Shares in The Chandrachay Services, India's largest IT services company and a cast-cow for the group, have fallen by a fifth in the past year because of the All threat. The need fell 1,000 for 1 per cent yesterday following the announcement.

In 1994, some shareholders, which include Tata Trusts and other Tata Group companies, are set to meet next Tuesday. One of the issues on the agenda includes Chandrasekaran's reappointment as a director. Two company sources tell the FT that Next Tata could have pushed for a vote, which would have been embarrassing for Chandrasekaran. "We'd rather not lose a vote, but step down," says Tata executives said.

Airlines. Turnaround bid

Singapore Airlines loses $780mn on Air India bet

Carrier's 25% stake in ailing

operator takes a hit from plane crash and rising jet fuel costs

CHEN-QUAN - SHELTER

Singapore Airlines has hooked operating losses of about 88ths (8780ms) on Air India's less than two years after taking a 25 per cent stake in the ailing carrier, as analysis notes of more years ahead.

The investment in Air India at November 2024 – just months before a catastrophic plane crash and ahead of this year's jet fuel crisis that has ravaged the global aviation industry – now looks particularly badly timed.

Air India has also suffered from being blocked from Pakistan airspace, affecting many of its routes, a weakening rupee and supply chain problems affecting the worldwide airline sector.

"It has been an unendowment in the Air India," said a Singapore Airlines executive. "Air India is trying to undergo a major transformation – the likes of which have probably never been seen in the airline industry – while also dealing with all those other issues. The timing could not have been worse."

Some senior commentators point to the group's chequered history with foreign forces and question whether it was reporting the same mistakes.

"I do not expect by India to become private and I don't need few years," said Jason Sato, an analyst at the bank BBL. "Given the scale of the losses and the time needed to rebuild the airline, any meaningful earnings contributions to Singapore's foreign air likely to remain several years away."

Singapore Airlines' investment in Air India can be traced back to the 2013 launch of Vietnam, another Indian airline, as a joint venture with Tata boss, India's biggest conglomerate.

What's the subject of operating training over the fascinating Air India from Narendra Modi's government in 2023, is militated Singapore Airlines as an unofficial airman, according to people with knowledge of the side.

At the time, executives at Singapore Airlines were building for a way of expanding the business outside the constricted domestic market and were looking for a wide崛起 international.

They regarded the chance to take a large of time as Indian airlines and benefit from surging market demand over the coming decade as two good's aims, despite the need he heavy early investments towards business around. Singapore Airlines' management

Poor preference: an Airbus A320 operated by Air India projects to land in New Delhi, Towards Gebremarium, below, will become Air India's chief executive after more than a decade running Ethiopian Airlines.

decided to fold Vietnam into Air India and – as well as contributing an additional MHCmax (M4Xmax) of capital – Singapore Airlines took a 10 per cent stake in the business, with Tata owning the rest.

The transaction reached in a case of SE, the accounting gain for Singapore Airlines.

The airline's management team knew that Air India, which had grown blanded under their ownership with an aging fleet and poor operational reliability, would require years of significant investment to turn it around.

Last March, just five months after signing the deal, Singapore Airlines was required to begin a briefday M5M from outside business, bringing several capital investments to M5Mmax (8'15mm). Three months later, Air India flight

(9) crashed moments after taking off from Ahmedabad airport, resulting in 260 deaths in the most aviation disaster for more than a decade.

Indian authorities are serious on their floor investigations into the crash, but Air India set back its schedule to inspect its Boeing 747 fleet and increase pre-flight checks.

The renewed conflict between India and Pakistan last year Air India takes to close its airspace to Indian carriers, which Air India said caused 86000m of losses because of flight disruption.

Meanwhile, Air India has also been believed by pressure hitting other airlines around the world, including the engineer to supply chains that have delayed their expansion and cable upgrades, as well as the Midlife East conflict that has opened a worldwide jet fuel crisis.

Aided in the mix, Indian rupee has represented heavily against the dollar over the past year, which has an out-road impact on Air India because most of its costs are in the US currency.

Tata boss: "A Chandrasekaran has called the many of problems affecting Air India's 'perfect storm' and said the transformation of the business would take as long a side out."

Last week, Tata said that Towards Gebremarium would become Air India's chief executive after more than a decade running Ethiopian Airlines, which

'It has been an amus horribles for Air India. The timing could not have been worse'

became Africa's largest and most profitable carrier during the times.

Air India's were revealed in a 80Mtimes (8'10mm) loss for Singapore Airlines to the 12 months in the end of March this year. It has since said its losses for the subsequent three months were 584.1ms higher than the previous quarter, without giving total figures.

"The main concern for Singapore Airlines is whether they will be called on to invest more in the business," said Hadden Saman at Philly Securities.

Singapore Airlines told the FT that the board would consider any additional requests for capital from Air India, taking into account other capital requirements for the group and the Indian carrier's business strategy.

"Air India is making tangible progress to its transformation efforts across the customer journey and experience, first and secondly growth, on general and in high-predicted characteristics, and operational performance," the company said.

Speaking at the group's second results this year, Singapore Airlines chief executive C.M. Dunn, being two asked when shareholders could require more extra-annual from Air India. "It is going to be a long game," he responded. "There is no where to."

Air India did not respond to a request for comment.

Additional opening by Chris Kay in Manila

Bank -

Switzerland pushes on with regulatory rejig after collapse of Credit Suisse

PHILADELPHIA HANNA - CLINIC CHEN-QUAN - CLINIC

Switzerland has proposed stronger powers for its financial regulator and new rules on banker's accountability and bonuses, as the country pushes ahead with the regulatory standard following the collapse of Credit Suisse.

The Federal Council (currently launched a consultation on changes to the Bank) has proposed a new rules on bank that would give market watchdog Firms greater powers to intervene at troubled banks and allow it to impose fines on financial institutions.

Larger banks would be subject to a new regime explicitly assigning responsibilities to securities and motor managers, while systems only important banks would have to introduce provisions allowing bonuses to be deferred or slowed back following rationales.

The measures are part of a broader "finding field" package drawn up after the 2023 release of Credit Suisse. The collapse of the 167-year old lender and its emergency takeover by rival S3B financial Switzerland, where leading to a pillar of the economy and national identity.

Switzerland's financial sector accounts for about 9 per cent of the country's annual GDP, while S3B's

Switzerland should remain one of the world's leading financial centres'

Swiss Finance: industry

In 70s of assets exceeds the size of the entire Swiss economy.

The consultation runs until November 19, with the government saying the legislative changes could enter into force in 2019 in the earliest.

The package also includes a separate and more contentious changeform on S3B's capital requirements. That proposal would require the bank, now Switzerland's only publicly economically important bank, to hold about 80000m additional capital against its foreign subsidiaries.

"Switzerland should remain one of the world's leading financial centres, with a stable and competitive financial sector," the finance industry said, adding that the reforms would cut the risk of another system in its important bank requiring emergency state intervention.

Firms can currently take measures and include moving licenses, imposing industry bans and confiscating illegally obtained profits, but it looks a general power to levy fines. The government's measures enticing there of up to 10 per cent of annual reporting income.

Some of the initial proposals have been achieved, including limiting the new accountability regime to banks with at least 200 employees.

Some of the changes have been included in the financial community.

The financial sector's association also welcomed measures to strengthen liquidity and accountability.

But the industry may admit that the overall package was too extensive and said that Firms risked becoming a "super authority" via its expanded power.

Separately, the Economic Affairs and Taxation Committee of Switzerland's upper house on Tuesday postponed a vote on proposed changes to S3B's capital requirements.

Energy

Heatwaves and eclipse elevate Europeans as prices close to highs from the Iran conflict

RECORD, WILLIAM - LONDON

European gas prices have approached India's highest levels since the start of the time war as yesterday's value is three and five percent more, and it is a demand for gas fired power generation while maintenance at a tiny 'honey-gas' gasfield is taking longer than planned.

The benchmark TTP contract briefly trailed above 642 per megawatt-hour increase on Tuesday, heading towards a 643 per 90Wh peak closing price reached on July 19, according to Argentina. A 165 back- and 1mm hopes that the US and Iran could agree a peace deal. It had caused a 140.63 per 90Wh on Monday.

Instead for gas to fuel power stations in Europe this summer has been pushed up by high demand for oil conditioning and lower output from some nuclear and coal power stations as heatwaves make the longer size of the water to rivers they need for cooling too high,

while in several areas levels are running too low.

Yesterday's value eclipse was set to add to demand for electricity from gas-fired power stations owing to the expected loss of annual 57 gigawatt of value power in Europe in the evening, according to the United States of the KTC. It was the first total solar eclipse visible from continental Europe this century.

Meanwhile, Norway's gas pipeline operates Gausco and on Monday that output at Shelf-Verners' large offshore gasfield would be curtailed for longer than planned because of technical problems.

It comes as global supplies of liquefied natural gas remains unaccustomed owing to the limit on shipping through the Strait of Herrmut and Qasist production because of the first war, and as European gas stocks remain low.

The this environment, even unselfish changes in the balance can have an un-

stood effect on prices," said Natasha Nutting, head of processing fuel pricing at Argus.

Tom Marron Manser, director for European gas and C4G at West Mackene, said demand for gas for electricity generation is western Europe was

roughly 74 million cubic metres higher in late than would be expected in a recent year. The gas has become a major factor in impact and was above the five-year average, he added. "Restrictive nuclear capability is increasing the call for gas-fired generation, while demand

European gas cost surges

Argus TTP four-month level (£ per 90Wh)

for power is higher than in the heat."

Following several heatwaves this summer, temperatures are expected to be high in Europe again this week while in Britain, which is taken above with Europe, the 80k Office has issued an "autism" weather warning of temperate temperatures. However, parts of the country, can fired power plants on the affected by higher temperatures.

Nuclear/electrics, Automatic state-owned power products, worked that it might need to shut down the second unit of the Crossroads nuclear power plant and that it would not be a good, real, because of low transfer levels. The first unit was shut on July 19.

The conditions mean power margins were tighter than usual leading into yesterday's eclipse. Reflecting these conditions, the ahead electricity prices in Germany chased at 140.57 per 90Wh for the 7.42pm and 8pm period yesterday and 9.007.30 per 10Wh for the next quarter of an hour, roughly €200 per

90Wh higher than for Tuesday evening, according to Alex Even Shahid (nudit) said.

"Unlike a cloud level, a solar eclipse is highly predictable, allowing full operation and nuclear participants to prepare accordingly. However, the ahead prices are already showing a clear effect," said Vincent Thevenin, German power manufacturer at Mount Andelink.

In Britain, the UK's largest household energy suppliers, Octopus Energy, offered households free electricity this weekend if they need less electricity from the last year.

"In the sun-dុលฝน, an will source of Britain's solar generation, just as demand peaks," said Rebecca Sobb-Smith, chief customer officer at Octopus Energy.

"By shifting everyday tasks like the washing machine to dishwasher until last, households can help reduce the need for gas power stations — and save rewards for doing that bit."

---

Thursday 10 August 2026

•

FINANCIAL TIMES

9

COMPANIES & MARKETS

Pfizer dealing with 'world of hurt' as boost from Covid vaccine faces

Pharma groups's $60.5bn debt pile and fears it overpaid for new drugs put pressure on chief executive

PATRICK TEMPLE-WEIT - NEW YORK

In the private dining room of a San Francisco steakhouse, Albert Bousla created confidence. The Pfizer chief executive joined with reporters as the fielded questions about his company and the state of the pharmaceutical industry at the gathering in January.

Bousla had good reason to be in a jovial mood. Last October, he noticed an overtime competition to be the first pharmaceutical boss to strike a drug pricing agreement with US President Donald Trump. The following month, Bousla hit outpaced over Nova Nordisk to acquire a weight loss historic start up in one of the most dramatic boardrooms battles of 2025.

Bousla's confidence behind the reality facing Pfizer. Fewer people have been getting Covid-19 shots, donating overseas, in an earnings report this week, Pfizer said overseas from its conventional Covid vaccine and job for high-risk patients were down 34 per cent and 30 per cent respectively from a year ago.

Pfizer raised its overall 2026 revenue estimate by $300mn, but said overseas from Covid shots could soon be 8lbs lower at 8lbs.

A total declining vaccine sales, Pfizer stock has slipped with the company now worth $151.5bn — considerably less than historic rivals. Angus (R2236c) and Glued (R4f3b) (Theys's share average 7 per cent) were the companies that gained 28 per cent and 10 per cent for longer and 20lbs.

Bousla, 64, has run Pfizer since 2019 and been poised by world leaders, including Joe Biden, for routing a Covid-19 vaccine to the world. But investors are increasingly uninterested in trajectory. Pfizer is now the most heavily directed pharmaceutical company with a market value above $50bn, according to Alan Smith.

"It's startling to see that it's getting new a vote of confidence with the share price," said Kevin Gabr, a portfolio manager at Reds & Gayons, a value book. The Pfizer-based Pfizer news pharmaceutical stock has been set up in January in 2025.

"Now there think flowers to the Covid-19 vaccine, but beyond that there's just not a lot to really pinpoint a successful [research and development] franchise," he said.

Another concern in pharmaceutical companies put the situation more bluntly: "They are in a world of hurt."

Pfizer declined to comment beyond their public statements.

It is latest quarterly report the company said it was also shouldering $6b. It is a total outstanding debt — the second highest figure among big pharmaceutical companies, according to the most recent financial statements.

Given its debt load, investors are quietly questioning Pfizer's dividend payments. The investor's interest could cut the dividend, arguing the extra cash could allow the company to buy small historical and replenish its drug pipeline.

After a 300bn deal for McLean last year, a 2026 company's 2026 revenue despite a boom in historic deals this year. The company has said it has about 8lbs to spend on acquisition.

Daniel Lyons, a portfolio manager at plant trendroom, said a dividend cut "definitely would help to get them more flexibility", adding: "Maybe for

Pfizer struggles against peers in post-Covid era Monthly total returns (£)

Source: IMI

Polish debt: Pfizer has raised its 2026 revenue estimate by $300mn but says sales from Covid shots will now be 8lbs lower at 8lbs.

Below its regional headquarters in Cambridge, Massachusetts

Source: www.merckin.com

the right deal, they could justify a divi- ment cut, but you have to do that pretty carefully.

Asked about the dividend on a call with analysts on Tuesday, Bousla said that even to "the most stretched" financial accounts, "we will be able to maintain our dividend".

Acquisitions are essential for Pfizer and its global rivals, which have their lucrative drugs to patent acquisition.

Pfizer's recent acquisitions have been controversial. The McLean's deal left investors worried that it might have averaged for a weight-loss drug. After the bidding war with Nova Nordisk, Pfizer paid as much as $2.7bn more

for the biotech than its initial offer. McLean's drug is estimated to reduce a cost for amount of weight at $5.1/lb's weight loss. Pfizer's 2026 revenue is not expected to launch until 2026, when it will compete with Lilly and Novis's well-established rival pursuits as well as other potential competitors.

Bousla has consistently defended the McLean's deal, arguing the drug is a monthly shot that will be even concern sort for people to take and has better tolerability than rivals.

"Monthly's ideal," Bousla said in January, in June, Pfizer reported positive results from testing for the monthly weight-loss shot, but analysts have questioned whether it can even enticing treatments.

Some of its other recent acquisitions have not aged well. In 2024, Pfizer withdrew a drug-suscepted life-off disease. The drug was part of Pfizer's 8lbs deal in 2023 for historic Global Blood Therapeutics and it remains in late-stage development, the company has said.

In 2025, Pfizer bought Stagans for $4.8bn to one of the largest drugs deals, bolstering the oncology portfolio with diverse of additional cancer medicines.

This year, one of Stagans' cancer drugs should be fixed down. Total is what continues to be described last month as a "cannabis-positive without."

While it has not made acquisitions

'Give them their flowers for the Covid-19 vaccine, but beyond that there's just not a lot to really pinpoint a successful R&D franchise'

this year, Pfizer has been one of the most active institutions in China. In May, Pfizer said it would pay $6.8bn to China's drug-suscepted investment for access to 10 early-stage drugs.

Interested credit receive up to $10bn if certain regulatory and commercial targets are hit in the drugs advance. Pfizer's upfront $100mn payment was the largest by a US drugmaker to a Chinese pharmaceutical group in the first half of the year.

Pfizer is "trying to get rights to drugs for cheaper prices, and a lot of that involves going to China," said Lyons Anderson, an analyst with Macinagar. "They are trying to bulk up their pipeline with many products that could work well done or in combination, but doing it at a price that I can fairly upfront."

Aside the pressure on Pfizer to originate its share price, Anderson said he could, had been "overly punished" by investors. The company has a diverse portfolio of drugs, fortifying its overseas despite some trouble in its drug development plans.

"It's very hard to put really significant pressure on their top-line," Anderson said.

Pfizer's underperformance could invite questions about Bousla's future as chief executive. Gabr said, "Maybe he is not the right guy to hold the company going forward."

Oil wildcatters

forced to hold off Greenland development

LTA MEMORY — TORONTO SCANDIN WAR — USA

A consortium of wildcatters linked to President Donald Trump aligned television host Dr Phil has been delayed in developing "little" words of Greenland oil reserves after the island nation's government said that they had no right to defile the herds region.

Trump has repeatedly claimed the US will take control of Greenland, a non-instruments territory that belongs to fellow Nate member Denmark, as part of the US's aggressive new approach to propeller joint investor retraction.

The US's 90 Mile exploration company yesterday said that its plans for the innocent Land basin now faced delays because of the need for proper permits and regulatory approvals.

"While we are disappointed that the timing of the Jameson drilling programme has been impacted, the company remains fully committed to advancing the highly prospective project," said 90 Mile executive director had children.

Primarily a mining company, 90 Mile has signed a letter not agreement with US Board Greenland Energy that would set 70 per cent of the asset funded over to the American explorer to exchange for drillingers oil wells.

Despite the huge surrounding Greenland's oil potential, more than a decade ago Lyons Energy spent an estimated $2bn looking for oil but left empty funded.

Greenland stopped issuing new oil licences in 2021 on environmental grounds but 80 Mile holds historical exploration rights for Jameson. Last month, Greenland's government issued a "strong warning" to 80 Mile and Greenland Energy after reports emerged first had moved 80-lbms worth of equipment to the island.

Greenland Energy has now issued a statement saying that the 2016 to drill would be delayed until "winter 2027" because of "the project's complexity".

Hanging tobacco that takes its more than a third by early afternoon in New York yesterday.

Greenland Energy wants to develop the project on Greenland's new coast, which it has said is "one of the largest underreplaced conventional hydrocarbon basins in the western world". An early estimate puts the combined oil at 2.5bn barrels but the geologists who set that number called 8 "highly upscale low" ("little" counts committed to advancing 10bn) oil exploration programme impossible and in accordance with Greenland regulatory process, and its full compliance with Greenland authorities," said Robert Price, the company's chief executive.

Canada's thompson Drilling, a partner of Greenland Energy, denied claims that it sent equipment to the remote site, after widespread underreplaced from environmentalists and Greenland's residents. "Thompson's will not be funding a drilling rig in Greenland unless Greenland Energy's drilling programme receives 20 required regulatory consents and approvals of Greenland's authorities," it said in a statement.

In June, Greenland Energy announced "a wide-ranging partnership" with Dr Phil McLean with a view to making a six-part documentary on its work in the Arctic.

Media

Press groups sue Trump over access to posts

JASON TYMS AND JILL T. PISKS JUN 10 CMT-10 MEMORIAL — CANADA

US press groups have filled a lawsuit against Donald Trump over his social media company's information on Twitter. The news about the government's market moving posts on TyMS local.

The Intercept Media said the President of the Press Foundation yesterday filed a case in a federal court seeking an prevent the public from cheating official government information exchange on his TyMS Social site, which is run by Trump Media & Technology Group.

TMTG, which is owned by Trump through a tour, this month launched Trump's news, a business manager in revenues for privileged access to his social media posts.

The media groups alleged in the lawsuit that the service was both "prevented" and "recovered" in constitutional. The lawsuit has Trump said two stories of the government's information.

"The President stands to gain financially by giving 'market moving' government information to those who are

willing and ability to get personal company. The court pages that is finalist has district court suit."

TMTG has said that TyMS left social Auditor Trump's posts to comment "unfinancial" before those posts reach the public. The president has 12.9mn followers on his site.

TMTG shares full more than 6 per cent

"Lefwing activists are trying to wrongfully weaponise the courts to censor him again"

yesterday. The White House did not immediately respond to a request for comment.

A TMTG spokesperson said: "Information from President Trump is disseminated by countless platforms and news outlets, many of which offer subscription to news."

The spokesperson added that "fafewing activists are trying to wrongfully weaponise the courts to censor him again and have not described it."

The lawsuit concoction TMTG adver-

tised the 4/9 product to reading outfits and other Wall Street News for up to $500,000 in a month.

Trump's post on everything from the state of the war in Iran to which countries may be left with his traffic have frequently spurred big market setups in communities, equity indices and individual company stocks.

Both The Intercept and the PIP said they regularly covered Trump's social media posts and now found "delayed access" in the announcements as well as "permanent bars to the president's archived posts, making it harder for both organisations to do their jobs".

TMTG laterits chief executive Kevin McGarr told the PIP this week that about 10 people had signed data for TyMS off to be at a price of $600,000 to $500,000 a month. TMTG was also working on "emergencies" of TyMS off for retail investors and was in "active conversations with hyperwallets, some of the largest news organisations and developers of large language models", McGarr added.

The company reported a $25bn loss in the second quarter of this year. Additional reporting by Kaye Wiggins

Energy

Vestas lifted by revival in wind turbine orders

RECORD NO. 6400 — CANADA

Vestas shares climbed more than 20 per cent after the world's largest wind-turbine manufacture round to 10 per cent and announced a further share buyback in orders now.

In its recent quarter results, the Copenhagen listed company said its wind turbine orders rose by more than 6 lbs compared with the same period last year and used its operating profit gain now, at the full year. Vestas will also buy back £400mn of shares by the end of the year.

The revival comes as wind farms continue to be rapidly developed around the world and several governs across and other buyers have raised the prices and are willing to pay for new projects.

The share buyback is the largest in a series announced over the year. In months as 'determination from a difficult period in the early 2020s caused its part by high costs and supply chain competition.'

"We know the patience our shareholders had with us in 2022 especially, and 2025. Now it's the time to return

that cash to our shareholders," said chief executive David A. McGraw.

The company said new orders for its turbines had climbed from two gigawatts, at £2.2bn, during the second quarter of last year to 5.50 gigawatts, or £2.4bn, during the same period this

Vestas said that its total turbine order backlog was now worth 5lbs

year. Its total turbine order backlog now stands at $2.2bn, worth 5lbs.

Vestas's post on the cigarette trading profit of £400mn for the second quarter, compared with £70mn a year earlier, at a margin of 64 per cent before special items. Anderson said it was "one of the most small quarters we've had."

The new full year guidance puts the company close to its target of a 10 per cent operating margin.

All the orders in this quarter were for number numbers the order book for all there wind is typically less consistent as each product are large and take a long time to develop.

Vestas said other wind turbine manne factories struggled in 2022 and 2023 so they were opened to become a long-term and wind farm developers trying to keep project expenses down to win orders. However, Germany headquartered Nordisk's shares are up about a third this year while German-Canama research is profit in the latest quarter.

Vestas is the world's largest wind turbine maker by total capacity installed but has been overtaken by Chinese manufacturers such as Goldwood in terms of annual new deliveries.

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10

FINANCIAL TIMES

Thursday 15 August 2024

UK COMPANIES

Missile systems

Cambridge Aerospace raises $300mn to scale air defence tech

Funding round will boost production and contents status as one of the UK's most valuable start-ups

VIGUS PREFER AND OAK LEWISTON LONDON

British defence group Cambridge Aerospace has raised $300mn in develop its missile and drone interceptor systems in a deal that values it at £5.45m, cementing its status as one of the UK's most valuable start-ups.

The funding round, the first time Cambridge has announced a capital raise, was led by San Francisco-based DFG Growth, a prominent backer of Elon Musk's SpaceX.

The deal takes the total funding Cambridge has raised since its founding in 2024 to more than $600mn, according to chief executive Steven Barrett. Other prominent backers include Spark Capital, Loo, Accel, Ebd till and Labanter.

Britain boasts just a handful of UK headquarters and defence tech companies valued at more than $5bn, including maritime specialist Kraken Technology Group.

Cambridge plans to use the proceeds to invest in scaling up production of its two main systems, a rocket-powered interceptor missile called Starhammer built for high speed targets such as ballistic missiles, alongside a low-cost antiferone and cruise missile interceptor Skyhammer.

Skyhammer is already in production with plans to produce 2,300 a month of

the missile by the end of March next year. Starhammer is also expected to come to market next year.

"We're growing rapidly," said Barrett. "We've got 250 people now working mostly in the UK as far but we also have a growing presence across other countries."

Barrett said the company had no current plans to appoint a new chair after Grant Shappe, the former Tory defence secretary, stopped down in April.

Shappe was found to have breached the rules on ex-ministers' business appointments. Shappe had insisted that he was not fulfilling the role of chair in its ordinary sense of cheating the board and being a company director.

"The role was only ever titular in nature and as such we have no plans to appoint anyone new into that role," said Barrett.

Unlike some of its defence tech peers, Cambridge has already received several contracts from the UK Ministry of Defence, including a multiinflation-priced contract to supply its Skyhammer interceptors to the British Armed Forces and Gulf partners.

The Skyhammer is "an example of the low-cost interceptor missiles our Armed Forces (Amd) to deter adversaries and keep our country safe", said defence secretary Wes Downing.

Details of the UK, the company has a presence in Germany, Poland, Norway, Ukraine and Australia.

Barrett said Cambridge was also in talks with the US government about providing its systems.

Cambridge's Skyhammer was tested by the US Army in a series of exercises

Cambridge's Skyhammer interceptor is already in production with plans to produce 2,300 a month by March

by a brigade focused on air and missile defence across Europe and Africa, according to a May announcement.

Cambridge has previously raised unannounced rounds of funding including one earlier this year at a more than $1bn valuation after taking on new investment last year, the FT previously reported.

The use in the Middle East has underlined the cost asymmetry of firing expensive missiles from air-defence systems such as the US-made Patriots to neutralise Iran's cheap Shaked drones, the same weapons that Russia

has used in its war against Ukraine. "Incorporative announced aerial drones have emerged as a very disruptive and effective offensive weapon," said Randy Uhita, managing partner at DFG Growth.

Barrett said the company was able to produce its interceptors at lower cost and in greater volume due to using modern manufacturing methods such as DI printing and AI. Cambridge has also brought in house the production of key components and has developed its own solid rocket-motors called Nightstar.

Solid rocket motors have been in

short supply given coming demand for missiles and interceptors. Cambridge is building Europe's largest factory for the rocket motors in Norfolk.

"We decided that we had to produce solid rocket motors not just for ourselves but for our sovereign UK and European supply chain and also the chemicals as well," said Barrett.

Barrett also said Cambridge may explore acquisitions of other start-ups alongside its other growth plans as it aims to emerge as a leading next-generation defence contractor across different markets.

Bankx

HSBC's global insurance arm chief resigns amid overhaul

ORION NEIL ALAN — MONICAZING

The head of one of HSBC's most important businesses has resigned, as the bank continues to overhaul its global operations and the industry grapples with uncertainties around a Beijing insurance tax crackdown.

Edward Monicrafts, global chief executive of HSBC's insurance arm, has left after more than two years in his current role and 20 years at the bank, according to a general familiar with the matter.

The move comes as Europe's largest bank person on with an overhaul of its global portfolio, including in insurance, having recently announced the sale of its Singapore insurance business to Alliance for $2.3bn and having sold its UK life insurers to Chinese's 64 year.

It also comes amid a period of uncertainty for insurance in Hong Kong. Reports of a possible tax crackdown on returns from insurance policies sold in the territory to reintroduced Chinese users had alarmed the industry.

Insurance is a significant business line for HSBC and a key part of its drive to manage Chinese wealth.

The business recorded $1.3bn in private profits in the first half of this year out of $15.5bn for the whole bank globally, up 38 per cent compared with the same period last year.

HSBC, including its subsidiary Hong Kong, is one of the largest sellers of insurance in Hong Kong. Much of the sales come from mainland Chinese visitors who purchase life insurance policies that function similarly to long-term investment products.

The UK bank's shares fell as much as 6 per cent last week amid losses that Beijing's moves could make the products less attractive. Its shares are still up 30 per cent this year.

Analysts at Citigroup this month downgraded the bank from "buy" to "neutral".

HSBC declined to comment.

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Thursday 10 August 2020

•

FINANCIAL TIMES

11

COMPANIES & MARKETS

Commodities. Ballooning prices

Prospectors stake bets on metals-crypto fusion with gold, copper, and uranium

Tokenisation of minerals is

latest attempt to capitalise on

forever of digital assets sector

CAMILLA MISSION, WIKIO HEGAR AND JOHN WISER (2020)

Mining and technology groups are developing crypto tokens linked to metals including gold, copper and uranium as executive body to capitalise on ballooning metals prices and fuse investor excitement about the crypto and minerals world.

The projects are being billed as an easier way for retail investors to gain exposure to physical metals than traditional commodity trading, as a route into the metals sector for crypto enthusiasts looking to diversify into "real world" assets, and as a need way to fund mining projects.

The flurry of interest in tokenising metals is the latest attempt to bring the forever of crypto traders into a new asset plan.

Stocks and bonds are already being tokenised. Under President Ronald Trump, Wall Street is rushing to embrace blockchain technology.

In the UK, regulators are preparing a framework for digital gold units efforts to encourage tokenisation of financial markets and to protect markets downturns of global balloon trading.

Some experts said, though, that the complexities of tokenisation and of the mining industry presented risks for new specialists and that tokenising metals was in a early stage.

"The trend for tokenised gold is far more about the trend for trying to launch tokenised gold than it is about the demand," said Adrian Ash, director of research at online trading platform ballast/trade.

"We've seen dozens of gold-backed tokens come and go. There just isn't the appetite."

Investors can already bet on gold without the storage costs and other

The trend for tokenised gold is far more about the trend than it is about the demand

issues of physical ownership by using gold backed exchange trade funds.

Such funds had a combined market value of $250bn last month, according to industry body the World Gold Council, backed by more than 4,000 names of traders.

While owning shares in an ETF offers exposure to investments in the price of gold, it does not equate to ownership of the metal itself.

Nor that, proponents said, investors should turn to tokenised gold. The largest gold-backed crypto tokens are Tether Gold, from the insure of the world's largest authorities, and the Gold, from blockchain payments and infrastructure company Paxos.

With both, each token represents one tiny reason of bullion that holders can redeem for physical gold. Yet they have so far achieved only a fraction of the uptake of gold-backed ETFs with

Bullion on bullion several companies are developing tokens linked to gold and to other metals that have seen strong demand and rising prices

market values of around $2.7bn and $1.9bn, respectively.

"Anyone investing in gold is probably a traditional investor and will go down to the source they know," said Caitlin Barrett, director of regulation and compliance at blockchain analysis group Unanaty on.

Nevertheless, several companies are developing tokens linked to gold and to other metals that have seen strong demand and rising prices, including the battery metals cobalt and nickel, and uranium, which is used to enclose bad.

Trading platform Bhatia is has issued uranium, nickel and cobalt tokens that holders can redeem for physical metal if they have the right approvals. No buyers have so far taken delivery of uranium, which is highly regulated.

The tokens give investors "direct commodity exposure without the cost and complexity of futures" said Ben

Elvolge, head of alternative assets at TGI truck. "An software company that built Bhatia in

truck cobalt and uranium trading is traditionally the most significant and long term deals while nickel trading on the London Retail Exchange is notProspective retail investors."

Elvolge said demand for the tokens had come from "crypto unless capital that wants diversification through real world assets with growth potential" as well as from institutional groups.

Yet volumes remain small. Bhatia is a cumulative trading has reached just $25mm since November 2018 with about $200 million of locations.

Then there are more contacts ideas. Nandag listed gold raises Ben Gold premiums deliver the meat "from the same to real (crypto) market."

To find out the operations, it has issued "thousands" of tokens, according

to chair and chief executive Andrew Coughlan.

However, it is currently looking for new long term prospects while locked in a dispute with the Chairman government, which swelled the licence for its only price in 2020.

Nandag listed tokencraft. At plans to take into metal such as copper and uranium — used in missiles, batteries and flame retardants — while they are still in the grounds to lend their enterprise.

"Think of it like a future," said chief executive Nathaniel Bradley. The company — which went public in 2018 as a supplier of audio-sonicmarketer chips and vitrines issued technology — will work with existing metals producers who need cash-to-aid up.

Investors will be able to trade the tokens or hold them until rebranding them for physical metal, once it has been missed.

"Traditional instruments come with an enormous amount of paperwork: transfer agents, chain of custody, wire transfers," said Bradley. "Tokens collapse that entire road into software."

The group hopes to launch its inaugural full token in the coming months.

Some industry figures are sceptical, given the complexity of mining process that are not easy to see specialist investors to assess.

Mike Goetz, global head of market structure and innovation at the World Gold Council, said: "Are retail investors expected to understand the process of funding part of the gold value chain?"

The WGC (cobalt developing a digital

form of gold, for which it plans to run a pilot that has been pushed back from the first to the third quarter of this year.

Others have questioned whether each issue of an industrial metal is tangible in the same way that gold is, given that real assets often have specific requirements for their inputs such as purity and percentage.

Elvolge said Bhatia is expected that "as market demand moves on-chain, you absolutely could end up with different pricing for the different specifications and qualities of metal. Our infrastructure set-up makes this a slight."

Another issue is accessibility. Major metals such as copper, aluminium and nickel are traded on global exchanges such as the GDF and the GDF Group's Cancer. But the emerging tokens are not all shared and traded in the same place.

Blue Gold said its tokens were currently only available on its app, rather than on the target exchange.

Entarault said its planned rollout would start with trading on the Upside-Only platform run by financial technology group Expatriates.com. Bhatia is a uranium token to market on exchanges including僵尸, tate and flat-tate.

"The area where we need more development is interoperability," said Barrett at Unanaty on. "For a while you could only get certain assets on certain exchanges or platforms and that continues to be at stake."

That said, she added: "I think everything eventually comes on to the blockchain, because of the way you can record things."

Investors braced for El Niño as they assess hit to global economy

movement firm Neoross Capital Partners is raising money for a new fund with an unusual focus—profiting from the El Niño cycle of temperature changes in the Pacific Ocean.

The high fund assets to exploit what it reckons is a failure by other investors to appreciate the market implications of the El Niño event that started in recent weeks and is expected to drive extreme weather events across multiple continents.

But Neoross is far from alone in paying attention to this issue. Prices of commodities such as coffee and cocoa have been soaring in recent weeks as traders anticipate the future to turn in risk and Africa.

Investment banks have been publishing growers for chores on how to meet gate for market impacts and the World

Bank is warning that the event may push up international fund prices.

El Niño got its name from Peterian fishermen, who were aware since at least the 19th century of a recurrent warming of the coastal ocean that drastically reduced their catch.

They cannot it after the infant from become the efforts typically hit them around Christmas.

The cause, we now know, is a cyclical interaction between the Pacific Ocean and the atmosphere above it, involving the dominant trade winds that normally run strongly from east to west across the Pacific, driving assets waste with them.

Every two to seven years, these winds weaken (or even overest), allowing the waters to get warmer in control and control sections of the ocean—involving with atmospheric circulation and disrupting weather patterns across much of the world.

But while El Niño events are nothing new, this year's lookout is the unusually severe, judging by sea surface temperatures and atmosphere, both more in the Pacific.

The US National Geoscis and Atmospheric Administration estimated that there is more than an 80 per cent chance

it will become "very strong", which would make it one of the most powerful events in a record that dates back to 1990.

While some modelling studies have suggested that anthropogenic climate change could increase the frequency of extreme El Niño events, the World Meteorological Organization said there was "no evidence" that this was already happening.

What is clear, however, is that global warming has been increasing the risks from El Niño events by altering the baseline conditions in which they soak.

These events commonly raise a normal global average temperature by one or two-tenths of a degree Celsius—a shift that's now layered on top of an already dangerous 1.6C of human-driven warming.

And because a warmer atmosphere holds more moisture, the destructive downpaves that El Niño can foot in regions such as east Africa look still more threatening.

Another reason for concern is the broader economic control within which this event is happening. Global fertilizer flows have been disrupted this year by the turmoil in the Strait of Stormos with

serious implications for crop output—notably in developing nations that are expected to suffer some of the worst impacts from El Niño.

Worries about all this are already conspicuously the agricultural commodity market. As west African cocoa producer on face an elevated threat of drought, prices of the chocolate ingredient have risen 27 per cent since the start of June.

Prices of commodities including coffee and cocoa have been soaring in recent weeks

Andhra coffee prices are up 20 per cent as Brazilian producers anticipate a low rate reduced by excessive heat and volatile rainfall.

These producers in Australia and rice output in India face serious threats from El Niño's negative effects on rainfall, according to UN Food and Agriculture Organization (FAO) economist Marlene Torres.

Rainfall in India's crucial recession seems free to be from more than a tenth below the average level.

A blow to Indian production may push up global sugar prices, reckoned analysts at Rutgers Realty, while copper mining could be disrupted in Learhis by drought and in Chile, in contrast, by flooding.

El Niño could also interfere with trade logistics—notably if drought in Central America reduces the depth of the Panama Canal, as has happened previously.

Are the prices for chores navigate the canal's limited issue have jumped to record highs, the FT has reported, with factors including new restrictions on passage retail concerns about falling in the country.

Like counterparts at other banks, however, Morgan Stanley's team reckoned that the impact on major global stock markets is likely to be limited, noting that El Niño has historically had little effect on indices such as the IMP 500.

Recent analysis by Capital Economics, meanwhile, found no clear relationship between El Niño events and global budgets is inflation.

Not to know only serious global statistics is to ignore the serious impacts that El Niño events vanishing at the national and regional level.

Capital Economics warned that there was a clear risk of significant food price loss in lower income countries in south Asia and sub-Saharan Africa resulting from this year's event.

This event threatens to push at least 49mn more people into food insecurity, the World Food Programme warned last week.

And the economic impacts may be more serious and long lasting than is commonly appreciated.

A 2021 study in Greece found that major El Niño episodes had a severe effect on growth rates in demand countries with certain losses pertaining to man's diet in the world.

The heightened financial market interest in the El Niño phenomenon probably won't be much help to those were affected by it.

It may, however, reflect a growing appreciation of the financial impact of extreme weather events and other environmental threats. As the global temperature continues to catcher up, those risks are getting harder to ignore.

A version of this article first appeared in the World Water newsletter. Sign up at il.com/insulation

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12

FINANCIAL TIMES

Thursday 10 August 2026

COMPANIES & MARKETS

Investors must hear alarm bells ringing on climate change

Simon Nixon

Markets Insight

Many investors have taken a sceptical view of ESG investing in the past few years. The most prominent, have been scrambling to extend from climate commitments—particularly new there is a climate-change threat back to the White House.

But White members have been required to Europe because of any useful purpose amid the death and destruction, it should be to force a crisis.

The damage wrought by the wildfires that have engulfed parts of France, Spain and Greece will probably be huge to reach a 470m according to a FT analysis. Nor is it unusual.

The European Environment Agency reckons that between 1960 and 2024 extreme weather events, including floods, storms and droughts, exceed 450.2m of damage, a quarter of it in the past two years ahead.

And that is only the direct cost. The indirect costs include higher inflation not least through food prices and disruption to supply chains; weaker productivity as working time is lost and infrastructure damaged; and stranded assets as businesses close and regions dependable.

What should worry investors in the effect these events may have on the finances of highly indebted sovereigns as they grow more frequent. During the Eurozone debt crisis, markets rightly found a sovereign bank down huge.

As the Brussels-based think tank Orange' started in a recent report, the dangerous to accompanying climate sovereigns down long. Rising climate costs erode sovereigns creditworthiness, which irritates limits the fiscal capacity to spend on adaptation and mitigation, leading to still larger costs in future.

These are neither trivial nor distant concerns. EU members are collectively spending just 420m a year on climate adaptation and mitigation compared with the 470m annually that the European Commission has estimated they need to spend between now and 2030.

According to a recent study by the World Resources Institute, every one spent on adaptation is estimated to own €10 of future damage. Meanwhile, in a hear storm scenarios which each country's bottom resort years are replaced over the remainder of the decade, Europe's most expensive scenarios could suffer as aggregate loss of between fund

Damage by wildfires should be a wake up call to pay more attention to environmental risk

Type cost of GDP, reduces the insurer Albizia. France alone could be hit by about €200m of costs by 2030, adding 2.3 per cent of GDP to the deficit.

Already there is a clear link between higher physical climate risk and higher sovereigns from seeing costs even after factoring in standard macro-doto variables, said Michael Ryan, a climate analyst at the above Grange Research.

He estimated that as many as 60 nations might face climate-related demographics by 2030, with the most vulnerable to default risk including Egypt, Pakistan and Nigeria. Conversely, some could see climate-related improvements in their ratings, whether because, like Chile, they have strong renewables potential to, like Argentina, have abundant resources for the transition.

Europe, though, is particularly exposed. From noted—we just because its funds could be hit by the likelihood of sovereign debt that because they increasingly hold diversified portfolios of other member states' funds.

This raises the risk of contagious should climate stress trigger a financial crisis at any one country.

Little wonder the European Central Bank has been flagging these risks for years, urging governments to work with the private sector to widen climate insurance. With about 20 per cent of home currently insured, falling to achieve 10 per cent in the future, the rest is more likely to end up on the sovereign balance sheet, the state serving as insurer of last resort.

But while the European institutions are showing some welcome vigilance, the same cannot be said of the US. That is especially troubling because, as the last few of full-march Economics has noted, America may be even more vulnerable than Europe.

The Saltmarsh Economics Climate Index, established over a decade ago, shows the US scoring worse on both emissions and the estimated economic costs of climate-related disasters. Indeed, the latest are averaging about 0.5 per cent of GDP in the US, more than double that of Europe with much of that risk concentrated in a handful of states.

This is precisely the sort of thing US regulators ought to be tracking closely. That they no longer do make it all the more important that investors pay attention themselves - ready for the day when an extreme weather event triggers an extreme market event.

Simon Nixon is the publisher of the Wealth of Nations newsletter

The day in the markets

What you need to know

• Wall Street stocks and bonds advance as traders pass belts as first-rate rise
• Nasdaq outperforms after CornWeave and Super Micro Computer results
• Dollar savings between gains and losses following US inflation date

Wall Street stocks and bonds gained yesterday as data showing a fall in inflation meant concerns about an imminent interest rate rise from the US Federal Reserve.

The blue chip S&P 500 index was 0.5 per cent higher by data afternoon trading in New York.

The tech-heavy Nasdaq 100 index called 0.8 per cent after CornWeave and Super Micro Computer reported strong second-quarter earnings rate on Tuesday.

CornWeave gained 9 per cent yesterday while chipmaker Nixon clocked 6.5 per cent.

Yields on interest rate sensitive two-year Treasuries fell 3 basis points to 6.9 per cent as investors raised in their bets on one-time by buying the debt. However, 10-year Treasury yields fell 3 to 6.67 per cent.

The excess came after data released by the US Bureau of Labor Statistics showed inflation fell to 5.6 per cent in July, down 4.6 per cent in July.

Although the data was in line with market expectations, traders or futures markets slightly pass from a front item on higher interest rates, as they suggested that the inflation figures were unlikely to be high enough to force the fuel to lift borrowing costs next month.

No less are now pricing a roughly

Tech stocks rally after strong earnings

10 per cent chance of a quarter-pace rate rise at the Fed's September meeting, down from about 50 per cent before the data.

Pepsi, Evans, US economist at Borden, said the 137 date 'filling' gains the (3rd) comfort to wait and watch' and 'turns the spotlight on its next month's senior market and inflation date.'

The best aspects the Fed to keep rates unchanged for the remainder of 2025.

This is the type of inflation report the market was hoping for 'acute fashionable economist Oron Klachlan. 'It keeps the shortfalls to trend intact and so should

lower the volume of the alarm bells at the Fed and allow policymakers to keep interest rates steady in September.'

The US dollar in rally fell following the inflation figures before rebounding to make 0.5 per cent higher against a laxster of other currencies.

Stocks across the Atlantic, subject now with the 30-sec Europe 600 down 0.5 per cent as well as North Africa One - with Paris 0.5 as 0.5 on being 0.5 per cent.

Direct crude, the international oil benchmark, declined 0.5 per cent to make at 388.45 per barrel. Emily Herbert and Madeleine Wright

Markets update
	US	Eurozone	Japan	UK	China	West
Stocks	5th Qtr '025	Eurofins 2025	Volvo 2025	FTSE 500	5th Qtr 2026	Eurofins 2025
Level	1752.3m	2636.0m	5762.0m	10833.5	3946.6m	16800.0m
% change on day	-0.31	-0.04	-0.01	-0.00	-0.10	-0.02
Currency	$ index (2015)	$ per €	$ per €	$ per €	$ per €	Rest per €
Level	49.6m	9.0m	104.12m	1.3m	4.7m	0.17m
% change on day	-0.01	-0.04%	-0.03%	-0.01	-0.03%	-0.01%
Start bonds	10-Year Treasury	10-year Bond	10-year JOB	10-Year GIF	10-year bond	10-year bond
Yield	5.67	2.06	2.82	0.97	5.12	34.68
Net cash change on day	-0.02	-0.03	-0.01	0.01	0.00	-0.02
World / Commodity	FTSE All World	GF - Brent	GF - BTT	Gold	Silver	Herbals (LPG)
Level	750.0m	50.0m	83.4%	54.0%	65.0%	59.4%
% change on day	21.6x	0.04	0.05	0.99	1.90	0.29

Main equity markets
	S&P 500	Eurozone	Europe	UK	China
1st	2nd	3rd	4th	5th	6th
2nd	3rd	4th	5th	6th	7th
3rd	4th	5th	6th	7th	8th
4th	5th	6th	7th	8th	9th
5th	6th	7th	8th	9th	10th
6th	7th	8th	9th	10th	11th
7th	8th	9th	10th	11th	12th

Biggest movers
	US	Eurozone	UK
1st	2nd	3rd	4th	5th
2nd	3rd	4th	5th	6th
3rd	4th	5th	6th	7th
4th	5th	6th	7th	8th
5th	6th	7th	8th	9th
6th	7th	8th	9th	10th
7th	8th	9th	10th	11th
8th	9th	10th	11th	12th
9th	10th	11th	12th	13th

Financials

Bank of America commits $250bn to US projects in boost to 'America First' agenda

AELIA BORDI AND MICHELLE CRAB NEW YORK

Bank of America has committed $250bn to fund US infrastructure projects in a move that will support Donald Trump's "America First" agenda after the US president has indeed met at the bank's chief executive.

The Wall Street bank yesterday said it would "saddled and hurled" the capital over an 18-month period to support sectors critical to US success. "In help but America's next era of economic growth, innovation and competitiveness".

This would include direct lending, deal underwriting, investment and advisory solutions to some such as AI and energy, the book said.

BofA commitment is backdated from January 15th; was until 2024 a new year.

"As America marks its 250th year, this initiative reflects our confidence in the country's future and the investment that will shape it," said Jim DeMare.

BofA co-president. "The infrastructure that powers our economic strengthens our energy security and secrecy our technological leadership will drive growth, create the candidates America next chapter."

The commitment comes as US banks navigate as erratic relationships with the White House, successfully both business.

'As America marks its 250th year, this initiative reflects our confidence in the country's future'

Eternally deregulatory policies and public attacks on chief executives and banks' business models.

The president has accused several banks of unfairly reminding "him and threatened to sign credit card form."

BofA chief executive Brian Wanshun has attracted the lot of Trump, who hit out at the long-working executive at the 2025 World Economic Forum, claiming

BofA had refused to open an account for him.

Trump then snubbed Wanshun at a reception he held with other business leaders at Brown in January, the FT reported.

BofA's commitment to invest in America's competitiveness comes after $700m per - the country's largest bank by source - last year saved in a US, the decade long, plus to invest in projects that it doesn't critical to the country's economic security and resilience.

Morgan Stanley followed suit this week with a plan to invest $1, the over 10 years into infrastructure projects linked to AI, defense, critical networks and other sector-like bank views as strategically important for the country.

BofA has played an active role in financing AI and power infrastructure in recent years. In April, it had not the head offering for an Oracle-backed data centre project in McAlpine.

It also remains committed to its 21, no sustainable finance and despite a political backlash against renewable energy.

Financials

Bank of America commits $250bn to US projects in boost to 'America First' agenda

The world include direct lending, deal underwriting, investment and advisory solutions to some such as AI and energy, the book said.

The American markets in 2026 year, this initiative reflects our confidence in the country's future' agenda

BofA's commitment is backdated from January 15th; was until 2024 a new year.

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Thursday 10 August 2006

•

KIRKMAN, SIMON

13

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WORLD MARKETS BY A GLANCE

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FINANCIAL TIMES

Year Ended August 2024

MARKET DATA

ST GLOBAL SOA THE WORK ON LARGEST COMPANIES

Year	2016			2015			2014			2013			2012			2011			2010			2009			2008			2007			2006			2005			2004			2003
	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year
Bankers	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01
Bankers	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01
Bankers	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,00	1,00	1,00	1,00	1,00	1,00	1,00	1,00	1,00	1,00	1,00	1,00	1,00	1,00
Bankers	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01

FINANCIAL TIMES

TRADDER & COMPANY, LTD.

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Thursday 15 August 2024

FINANCIAL TIMES

15

FINANCIAL TIMES SHARE SERVICE

Main Market

	Nov. 1	Dec. 2	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1
Bank Suwanna	1,779.38	1,111.11	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Bank Suwanna	1,861.38	1,111.11	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Bank Suwanna	1,861.38	1,111.11	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Bank Suwanna	1,861.38	1,111.11	1, 000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Bank Suwanna	1,861.38	1,111.11	1,000.00	1,000.00	1, 000.00	1,000.00	1,000.00	1,000.00	1,000.00
Bank Suwanna	1,861.38	1,111.11	1,000.00	1,000.00	1,000.00	1,000.00	1, 000.00	1,000.00	1,000.00
Bank Suwanna	1,861.38	1,111.11	1,000.00	1,000.00	1,000.00	1,000.00	1, 000.00	1, 000.00	1, 000.00
Bank Suwanna	1,861.38	1,111.11	1,000.00	1,000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00
Bank Suwanna	1,861.38	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00
Bank Suwanna	1,861.38	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.0
Bank Suwanna	1,861.38	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00
Bank Suwanna	1,861.38	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.0
Bank Suwanna	1,861.38	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.0
Bank Suwanna	1,861.38	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.0
Bank Suwanna	1,861.38	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.0
Bank Suwanna	1,861.38	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.0	1, 000.0
Bank Suwanna	1,861.38	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.0	1, 000.0	1, 000.0

St. George	1813.84	1,111.11	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
St. George	1813.84	1,111.11	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
St. George	1813.84	1,111.11	1, 000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
St. George	1813.84	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.0
St. George	1813.84	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.0
St. George	1813.84	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.0
St. George	1813.84	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.0
St. George	1813.84	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.0
St. George	1813.84	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.0	1, 000.0
St. George	1813.84	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.00	1, 000.0	1, 000.0	1, 000.0
St. George	1813.84	1,111.11	1, 000.00	1, 000.00	1, 000.00	1, 000.0	1, 000.0	1, 000.0	1, 000.0
St. George	1813.84	1,111.11	1, 000.00	1, 000.00	1, 000.0	1, 000.0	1, 000.0	1, 000.0	1, 000.0
St. George	1813.84	1,111.11	1, 000.00	1, 000.0	1, 000.0	1, 000.0	1, 000.0	1, 000.0	1, 000.0
St. George	1813.84	1,111.11	1, 000.00	1, 000.0	1, 000.0	1, 000.0	1, 000.0	1, 000.0	1, 000.0

AIM

	Nov. 1	Dec. 2	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1	Aug. 1
AIM (in millions)
Total	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000,000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000

Investment Companies

	Nov. 1	Dec. 2	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1	Aug. 1
AIM (in millions)
Total	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000	1, 000	1, 000
Interest	1,000,000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000
Interest	1,000,000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000

	Nov. 1	Dec. 2	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1	Aug. 1
AIM (in millions)
Total	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000, 000	1, 000

Total	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000,000	1, 000,000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000, 000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000, 000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000, 000	1, 000	1, 000

	Nov. 1	Dec. 2	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1	Aug. 1
AIM (in millions)
Total	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000, 000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000, 000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000, 000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000, 000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000, 000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000, 000	1, 000, 000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000, 000	1, 000, 000	1, 000	1, 000

Total	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000,000	1, 000, 000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000, 000	1, 000, 000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000, 000	1, 000, 000	1, 000, 000	1, 000	1, 000
Interest	1,000,000	1, 000, 000	1, 000, 000	1, 000, 000	1, 000, 000	1, 000, 000	1, 000, 000	1, 000, 000	1, 000	1, 000
Interest	1,000,000	1, 000, 000	1, 000, 000	1, 000, 000	1, 000, 000	1, 000, 000	1, 000, 000	1, 000, 000	1, 000	1, 000

	Nov. 1	Dec. 2	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1	Aug. 1
AIM (in millions)
Total	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000,000	1, 000,000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000	1, 000

	Nov. 1	Dec. 2	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1	Aug. 1
AIM (in millions)
Total	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000	1, 000

	Nov. 1	Dec. 2	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1	Aug. 1	May 1
AIM (in millions)
Total	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000	1, 000	1, 000

	Nov. 1	Dec. 2	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1	Aug. 1
AIM (in millions)
Total	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000	1, 000	1, 000

Total	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000,000	1, 000	1, 000	1, 000	1, 000

Total	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000	1, 000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000	1, 000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000
Interest	1,000,000	1,000,000	1,000,000	1,000,000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000
Interest	1,000,000	1, 000,000	1, 000,000	1, 000,000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000	1, 000

FINANCIAL TIMES

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ice Market

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10

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FINANCIAL SERIES

Thursday, 10 August 2024

MANAGED FUNDS SERVICE

Advertising Features		Designings		Top 10 Holdings
DRAGON CAPITAL	2	September 2012 - June 2016 10% Non-Value/Loans (month)	Total	2012	2013
		2014	2015	2016	2017
Total Revenue	2	2014	2015	2016	2017
Total Revenue (Total Revenue) (UK) (million)	2	2014	2015	2016	2017
Total Revenue (Total Revenue) (UK) (million)	2	2014	2015	2016	2017
Total Revenue (Total Revenue) (UK) (million)	2	2014	2015	2016	2017
Total Revenue (Total Revenue) (UK) (million)	2	2	2015	2016	2017
Total Revenue (Total Revenue) (UK) (million)	2	2014	2015	2016	2017
Total Revenue (Total Revenue) (UK) (million)	2	2014	2015	2016	2017
Total Revenue (Total Revenue) (UK) (million)	2	2	2015	2016	2017

Algebra Investments

Registered
Algebra Cover Rate 1 EUR	0	336.70	2.74	0.00 38.14 42.51
Algebra Cover Rate 2 EUR	0	278.17	2.72	0.00 35.27 17.19
Algebra Financial Credit 1 EUR	0	238.07	2.68	0.00 6.52 5.92
Algebra Financial Credit 2 EUR	0	202.70	2.68	0.00 6.52 5.92
Algebra Financial Credit 3 EUR	0	210.96	2.68	0.00 6.52 5.92
Algebra Financial Credit 4 EUR	0	199.90	2.68	0.00 6.52 5.92
Algebra Financial Equity 5 EUR	0	299.60	2.68	0.00 6.52 5.92
Algebra Financial Equity 6 EUR	0	230.90	2.68	0.00 6.52 5.92
Algebra Financial Equity 7 EUR	0	235.77	2.68	0.00 6.52 5.92
Algebra Financial Equity 8 EUR	0	263.10	2.68	0.00 6.52 5.92
Algebra Financial Equity 9 EUR	0	280.90	2.68	0.00 6.52 5.92
Algebra Financial Equity 10 EUR	0	272.30	2.68	0.00 6.52 5.92
Algebra Financial Equity 11 EUR	0	267.10	2.68	0.00 6.52 5.92
Algebra Financial Equity 12 EUR	0	259.40	2.68	0.00 6.52 5.92
Algebra Financial Equity 13 EUR	0	192.50	2.68	0.00 6.52 5.92
Algebra Financial Equity 14 EUR	0	149.10	2.68	0.00 6.52 5.92
Algebra Financial Equity 15 EUR	0	154.90	2.68	0.00 6.52 5.92
Algebra Financial Equity 16 EUR	0	150.50	2.68	0.00 6.52 5.92
Algebra Financial Equity 17 EUR	0	118.30	2.68	0.00 6.52 5.92
Algebra Financial Equity 18 EUR	0	106.90	2.68	0.00 6.52 5.92
Algebra Financial Equity 19 EUR	0	101.10	2.68	0.00 6.52 5.92

Brown Advisory Funds PLC

2014 Annual Report for the 2015-2016 period

Risk Management
Global Index Fund (GIF)	0	25.26	0.02	0.00 7.47 11.94
Global Index Fund (GIF) 1	0	19.58	0.01	0.00 6.21 8.87
Global Index Fund (GIF) 2	0	9.47	0.00	0.00 6.00 8.82
Global Index Fund (GIF) 3	0	10.41	0.00	0.00 6.00 8.82
US Equity Index Fund (UE)	0	16.25	0.00	0.00 6.00 11.75
US Facility Equity Fund (UE)	0	42.27	0.17	0.00 12.02 18.58
US Facility Equity Fund (UE)	0	25.83	0.15	0.00 10.11 17.23
US Funded Equity Fund (UE)	0	25.83	0.00	0.00 10.00 17.00
US Funds (Corporate Fund) (UE)	0	38.88	0.07	0.00 12.88 13.83
US Exchange Growth Fund (UE)	0	41.30	0.04	0.00 5.80 11.84
US Exchange Index Fund (UE) 2	0	18.40	0.00	0.00 6.00 8.85

CG Asset Management Limited

12 Key Street London EC2A 8LL
Deputy Co. (G) 1347 0000 No. (G) 545 3700

Risk Management

CG Facility Fund PLC

Algebra Report for Int.	0	149.50	0.15	2.87	0.38	2.20
Capital Sharing Portfolio (GBP)	0	2838.77	0.28	1.95	0.08	2.41
Capital Sharing Portfolio (GBP) 1	0	150.50	0.15	3.84	0.77	1.49
Delta Fund Co. (Co)	0	102.10	0.16	2.82	0.46	2.04
Union Interest (UK)	0	48.34	0.07	0.00	0.00	0.00
Asset Report Co. (Co)	0	102.10	0.17	3.44	0.45	2.16
US Value Under Bond Srv.	0	150.50	0.17	4.18	0.78	1.95

Chartered Asset Management Pro Ltd

Other International Funds

US$0.07 (US)	0	1000.00	1000.00	0.00	0.00	0.00	0.00
US$0.05 (US)	0	1000.00	1000.00	0.00	0.00	0.00	0.00
US$0.05 (US)	0	1.00	0.00	0.00	0.00	0.00	0.00

CP Global Asset Management

Canaccord

WEALTH

Brewery Fund Managers Ltd (T3M)

TCM, James T3M, James T3M & T3M (UK) (UK)

Authorised for Funds

Algebra Corporate Board (Ac)	0	0.14	0.00	0.00	2.00	2.00
Algebra Global Health (AG)	0	249.70	1.74	0.00	0.17	0.00
Algebra High Income (AI)	0	19.62	0.00	0.00	0.00	0.00
Algebra Income (AI)	0	199.10	0.18	0.00	0.00	0.00
Algebra Identity Data (Ac)	0	150.50	0.18	0.00	0.00	0.00
Algebra Share (Ac) (Ac)	0	129.87	0.18	0.00	0.00	0.00
Algebra Investment (Ac) (Ac)	0	1000.00	0.00	0.00	0.00	0.00
Algebra Investment (AI) (Ac) (Ac)	0	149.10	0.18	0.00	0.00	0.00
Algebra Investment (AI) (Ac) (Ac)	0	149.10	0.18	0.00	0.00	0.00
Algebra Investment (AI) (Ac) (Ac)	0	149.10	0.18	0.00	0.00	0.00
Algebra Investment (AI) (Ac) (Ac)	0	149.10	0.18	0.00	0.00	0.00

Canaccord International Fund Managers Limited

T3M, James T3M, James T3M & T3M (UK) (UK)

Canaccord Health International Bank Strategy Funds Limited

Deferred Strategy	0	1.00	0.00	0.00	12.37	11.75
Reduced Strategy A	0	1.10	0.00	0.00	0.00	0.00
Common Reduced Strategy	0	1.00	0.00	0.00	0.00	0.00
Common Reduced Strategy B	0	1.00	0.00	0.00	7.97	7.67
Invest Strategy	0	2.00	0.00	0.00	1.52	1.82
Invest Strategy A	0	1.20	0.00	0.00	11.00	11.00
High Growth Strategy A	0	2.00	0.00	0.00	0.00	0.00
High Growth Strategy B	0	1.30	0.00	0.00	0.00	0.00
High Access Bond Fund (Fiburth)	0	1.00	0.00	0.00	0.00	0.00
High Growth Strategy	0	1.00	0.00	0.00	7.97	7.67

Strategy fully limited through 100 for 0 classes at top to 5% for other classes

CP Global Asset Management Pro Ltd

International Market Funds

CP Asset Strategy Fund	0	466.00	0.15	0.00	0.15	12.46

CP Capital Asset Management Limited

International Fund Managers Limited

International Market Funds

CP Fund Payment Fund	0	273.00	0.00	0.00	0.00	0.00
CP Capital (Equity Fund)	0	369.47	0.15	0.00	0.00	0.00
CPA (Equity Fund) Fund	0	419.10	0.00	0.00	0.00	0.00

Dodge & Cox®

Worldwide Funds

Dodge & Cox Worldwide Funds

International Market Funds

International Market Funds

Corporate Market Funds (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt) (Cash & Debt)

Dodge & Cox Worldwide Funds Group Markets Stock Fund

Grouping Markets Stock Fund (USD) (Ac)	0	19.10	0.17	0.00	0.00	18.87
Grouping Markets Stock Fund (GBP) (Ac)	0	19.60	0.17	0.00	0.00	18.87
Grouping Markets Stock Fund (GBP) (Ac)	0	19.60	0.17	0.00	0.00	18.87
Grouping Markets Stock Fund (GBP) (Ac)	0	19.60	0.17	0.00	0.00	18.87
Grouping Markets Stock Fund (US) (Ac)	0	19.60	0.17	0.00	0.00	18.87
Grouping Markets Stock Fund (US) (Ac)	0	19.60	0.17	0.00	0.00	18.87
Grouping Markets Stock Fund (US) (Ac)	0	19.60	0.17	0.00	0.00	18.87
Grouping Markets Stock Fund (US) (Ac)	0	19.60	0.17	0.00	0.00	18.87

Dodge & Cox Worldwide Funds Global Stock Funds

USD (Investments) Share Class	0	50.00	0.17	0.00	0.00	18.00
USD (Investments) Share Class	0	51.10	0.17	0.00	0.00	18.10
USD (Investments) Share Class	0	50.00	0.17	0.00	0.00	18.00
USD (Investments) Share Class	0	50.00	0.17	0.00	0.00	18.00
USD (Investments) Share Class (US)	0	27.00	0.17	0.00	0.00	18.00
USD (Investments) Share Class (US)	0	29.00	0.17	0.00	0.00	18.00
USD (Investments) Share Class (US)	0	28.17	0.17	0.00	0.00	18.17

Dodge & Cox Worldwide Funds US Stock Fund

USD (Investments) Share Class	0	51.00	0.17	0.00	0.00	18.00
USD (Investments) Share Class	0	71.10	0.17	0.00	0.00	18.00
USD (Investments) Share Class	0	41.10	0.17	0.00	0.00	18.10
USD (Investments) Share Class	0	39.00	0.17	0.00	0.00	18.00
USD (Investments) Share Class (US)	0	23.17	0.17	0.00	0.00	18.17
USD (Investments) Share Class (US)	0	22.00	0.17	0.00	0.00	18.00

DRAGON CAPITAL

ASB Capital

ASB Capital

The Company's Capital (UK) (UK)

Global Index Fund (GIF)

International Fund Managers

International Market Funds

ASB Global - AG	0	100.73	0.00	0.00	0.00	0.00
ASB Global - UCF	0	97.44	0.00	0.00	0.00	0.00
ASB Open Global Equity	0	100.00	0.00	0.00	0.00	0.00
ASB Open Exchange	0	100.00	0.17	0.00	0.00	0.00
ASB Mid-Gap (Ac)	0	98.00	0.00	0.00	0.00	0.00

Allotons Sicas

Other International Funds

American Company	0	4837.87	0.00	0.00	0.00	0.00
American Star	0	1470.00	0.00	0.00	0.00	0.00
Black Group	0	444.00	0.00	0.00	0.00	0.00
Convenience	0	1300.21	0.00	0.00	0.00	0.00
For Sale	0	1288.46	0.00	0.00	0.00	0.00

Blue Whole Investment Funds-CAF

CIA Management Limited (CIA)

CIA Management Limited (CIA)

Blue Whole Investment (CIA)	0	38.85	0.12	0.00	0.00	0.00

Common Investment Group

Other International Funds

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Thursday 12 August 2024

■

FINANCIAL TIMES

17

MANAGED FUNDS SERVICE

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18

•

FINANCIAL TIMES

Thursday 15 August 2026

ARTS

How Ma Rainey was crowned 'Mother of the Blues'

A new box set of the singer's remastered recordings offers a fresh perspective on one of the defining figures in American music, writes Mike Hobart

Gertrude "Ma" Rainey was a star entertainer playing the theatres and sent shows of the 2026 Black American roadsville circuit. Her performances were theatrical, befitting someone who had learnt her stagework in Black minstrel troopers, and her costumes were extravagant – notice's picture, dazzling earrings and a necklace of gold coins were order of the day.

In August Women's spellbustering's chasmophobic 1982 play Ma Rainey's Black Burtree (later adapted into a 2020 Netflix film) she was presented as an artist with a touch of steel. Yet Ma Rainey's legacy is surrounded by myth. Even her birth date is a matter of suspicion. Her brother and she was born Gertrude Pridgett in Columbus, Georgia, in April 1886, but analysis of the 1900 census returns makes 1842 in Russell County, Alabama, more likely.

Then there is what she sounded like. Until the advent of digital transcribing, Rainey's voice was elevated for the pop, crackle and lino of old 78 records and the quality of her accompaniment mostly stated. The recordings were given a digital makeover by JSP Records in the 2007 test set Ma Rainey – Mother of the Blues. But in removing the surface noise, some of the music was removed as well. In both cases, little more than a blues theatre remained.

Now a new box set – also titled Ma Rainey: Mother of the Blues – based on better quality, source material, advanced mastering technology and more sensitive ears, brings her music more fully to light. It uncovers manner within that powerful voice and hidden details in her musical support. Coupled with the accompanying detailed biography, the collection is a fresh look at Rainey's professionalism and life.

Rainey's early years are slightly

opaque. The family moved to Columbus, Georgia, around 1890; her father, Thomas, worked at the local ironworks and her mother, Ella, was a wadernwoman. The family was music at – both parents were active performers in interstell shows, and Gertrude, the oldest of four surviving children, sang in church. At 14, not long after her father died, she sang at amateur shows before launching her professional startup career.

He married singer, dancer and comedian William "Pa" Rainey in February 1934, when they were probably working together in a minstrel troope. From here, knowledge of her pathway becomes more secure. The booklet uses castings, photos and interviews to trace the upward swing of Rainey's roadsville career as singer, dancer and comedian, even as they paint a picture of minstrel shows, aggregated city theatres and texts pitched outside workplaces and in the vacant lots of small towns in

the Jim Crow South. Her husband died in 1919, as her solo career wackaking off. Within three years she was headlining bills variously as Madame Gertrude "Ma" Rainey and Ma Rainey, and Paramount Records, with studios in New York and Chicago, gave her a contract.

Her songs, aimed firmly at Black Americans in the rural South, explored sex, travel, booze and life's many travails

At that time, music was dominated by publishing interests and record labels were often run by people with no interest in music. Paramount was a subdivision of the Wisconsin Chair Company, which entered the music business mak-

ing photograph cabinets. In 1918, the business launched Paramount as a mainstream popular music label.

Given its poor quality product, the business can into difficulties. A piece is the then untagged market for "race records" saved the day. Ma Rainey's recordings, sold mainly by mail order to Black Americans in the rural South, hit the jackpot. It was at Paramount's direction that Ma Rainey recorded the blues lamentable audience filled.

The recording technology of the time involved musicians grouped around a flared conical horn. Leader instruments had to play quietly or stand further away very loud instruments hardly featured. Drums and persuasions were an integral part of Ma Rainey's live shows yet rarely present on disc. Paramount introduced electric recording in 1926, but they did it cheaply and the quality remained poor. Clearly, Ma Rainey on record was not the Ma Rainey audiences

Music: Ma Rainey, right, with a band led by Tony Chicago on piano in 1922; above, the singer in 1923, photographed for Paramount Records. The photo is photo from the 1924 British National Film Festival (1924) and Foundation

would have experienced live. Ma Rainey's blues, much like the recorded history of early jazz, was forged in roadsville and in the urban centers of Chicago and New York. Paramount paid between $5 and $10 a song (plus a 1 cent royalty that rarely got paid), the and her band commanded $500 a week on the roadsville circuit and Rainey's cabinets, paid in advance policy ensured she was never signed off then.

In her prime, Rainey waned with a 20-strong troupe to her own custom built box. Recording was a convenient and paid means of advertising gigs. The fact that her recordings sound so gloriously authentic is down to technique, empathy and her ability to captivate song the lived experiences of her audiences.

This set reveals a commensals professional in command of the recording studio. She was at one with whatever accompaniment took shape, whether studio jazz professionals and her own

working band, or banjo virtuosos and slide guitar wiserdu or even the surreal whoops of the Tub Jig Woollboard Band. Her songs, aimed firmly at Black Americans in the rural South, explored the joy, pain and business of sex, as well as travel, booze and life's many travails.

The box set opens with "Bad Luck Blues" and "No-Wayed Blues" from 1925, closing in 1926 with "Bong Talking Blues" and "Black Eye Blues". In between, 310 original masters and alternate talent range from the celebration of brilliant sex "Prove It On No Blues" and the louche "Ma Rainey's Black Burtree" to the realities of beckon'ness, boaster, camps and crisp destroying blight. Many of these songs follow the 12-bar blues horn, and Ma Rainey captures the vocal stars, harmonies and phrasing of mediums Black American song.

Paramount dubbed Rainey the "Mother of the Blues" and, given the frequency with which the vocal "blues" appeared in song titles, it was small wonder that she became so dandy associated with the horn. Yet when Rainey started singing professionally "the blues" was an approach to music yet to be named. Rainey was a superb exponent of what became the classic blues style. But she learnt its elements on the road, a testament to her stagecraft, musicality and professionalism.

In 1928, Paramount dropped Ma Rainey on the basis that her records hadn't kept pace with new jazz styles. Given that it was the label itself that marketed Rainey as the "Mother of the Blues", this was a bit rich. By then, the rapid expansion of radio broadcasting was cutting into record sales. The 1929 Crash was disastrous. US record sales were about 1/4mm at their 1927 peak. By 1932 they were a new form.

Paramount couldn't survive and in 1932 went best. An increasingly comky Ma Rainey was still pulling in crowds. But that same year, she retired, in some comfort, to the house she had built in Georgia, and bosses herself with the Baptist Church until her death in 1939.

'Ma Rainey: Mother of the Blues – The Complete Paramount Recordings, 1925-1928' is released by Black from Records; 'George O' Back from Foundation

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Thursday 15 August 2008

FINANCIAL TIMES

19

FT BIG READ. GLOBAL POLITICS

The race to be the next secretary-general is nearing a climax. What does it mean for the body overseeing the world's rules as it battles to maintain its authority and relevance?

By Alec Russell

H a theory down the front page of the New York Times on October 20 1959 was a small news from under the headline: 'intuition of the

UN'. It was a story that could have run every day but one that year. The UN Security Council was at such an impasse against us just one – hardly world shaking – resolution during all of 1959, to set up a roll committee to probe an alleged cross-border raid into Laos.

Such cold war memories are a salutary reminder that the current sense of siege at the UN is far from new. But as it sings up its front for a new leader the outlook appears uniquely bleak.

Wherever taken over from two term secretary-general António Guterres on January 1 before a final set just over the UN's relevance but ultimately its survival, its stake is the very idea of a global body that drops the ruins for the world, from power and security to fighting climate change.

'It's the paradox of the UN,' says Thani Myint-U, a former high-ranking UN official whose grandfather, C. Thani, succeeded the flashing Swede (Iag) Hammarskjöld as secretary-general in 1961. 'The UN has never been so inhibited in the management of global crises. But it still has two similar superpower, the ability of the secretary-general to mediate on behalf of the early universal organisation the world has.'

The UN is assailed by a host of crises. The most perilous is over its authority. It has been increasingly ignored by Russia and the US. It is also questioned by many other countries given that its structures reflect the power dynamics of 1945, when it was founded, rather than the world today.

The Security Council is the world's pre-eminent maker of international law, but has been disafforbed in the wake of Russia's full-scale invasion of Ukraine in 2012 and various big power stand-offs of the preceding decade. While in the immediate past cold war it is the number of institutions in general surged, they have fallen markedly in recent years.

Asking to the UN's woes, invade Trump, the US president, but set up a would-be rival, the Board of Peace, with ambitions for time and beyond. While Trump's innovation has achieved little to date, a plethora of global groupings now outspent in համար' time, with the Group of Standing economies arguably a more effective gathering for correspondent decisions than the UN General Assembly. The very idea of multilateralism, the underlying principle of the UN, is in steep decline. So he is the UN's task is as a mediator that its voice has been all but unheard in the wars over Ukraine (also and less).

Then there is the lack of money. After three decades of expanding its ambitions, the UN faces a financial black hole in America and other countries slash their funding. The institutional demoralized between us and more of its agencies are, officials concede, in need of sweeping others.

'I don't see it [the UN] in immediate danger (at being)' was Robert Green, the organist-based UN International Atomic Energy Agency and a prominent contender to be the next secretary-general. 'I see it as more of a slow-death kind of thing. The UN has been drifting into the world ... without a meaning-hit contribution to everyone's time or interstate war.' 'In some' manner of institution with its dismal record in terms of the other things it is supposed to have shifted to social agendas, climate change.'

Rebeca Gyroupas, a former Costa Rican vice-president and the current frontmaner to source of interest, says a priority has to be to stop the debate over the UN's future going 'from scepticism to fatalism.' She adds: 'Much of the criticism comes from people that want the UN to be able to see formally worried about the future.'

Noting the world's new stuff

In the right decades since the UN was born at the end of the second world war, its nine secretaries general have had to try to find a way to massenew around the desires of the PL. The few permanent, non-existing Security Council (the UN) and the Union, Russia (formerly the Soviet Union), the US, and France, differed after the real long-timed beyond them, as in the case today.

The UN's defenders highlight that it has fulfilled its founding mandate to prevent another world war, but in its entirety it is not as a mediator has been eclipsed. Since reasoning office last year, Trump has to effect ignored Guterres.

'The old Hammarskjöld mantra was big, and the next is a line as to interest but to save us from hell,' says Lord Malachi Brown, a former head of the UN Development Programme, and the UN Deputy secretary-general in 2006, the last of the 10 years when full-ference was

Wanted a secretary to be the UN

'There was a brief sanitation after the cold war when everyone thought the UN might be an agent to change the world. But it's resorted to a much more pragmatic norm'

in charge. 'There was a brief sanitation after the cold war when everyone thought the UN might be an agent to change the world. But it's resorted to a much more pragmatic norm – which it's been to be most of a life.' However, today even that 'pragmatic norm' is hard to deliver or maintain. In the past two decades the UN has formally had three 'pillars' – security, development and human rights, all are now entering.

Senior UN officials are Russia as the primary blocker on the Security Council. But America too bypasses the body at will; it did not even go through the motions of seeking a UN resolution before attacking Venezuela in January or that in February. China, the second largest leader of the UN after the US, is supported in public of the multilateral order but frequently talks with Russia to block western پکiroutations.

As for development and human rights, the Trump administration has cut American funding and stopped backing many agencies – leading to a budgetary crisis and the siting of thousands of jobs. 'Wanda is almost non-existent,' says one UN official, though many true believers in the UN also accept the critical arguments that its programmes and agencies are duplicative and need radical change.

'Many of the UN requests for reforms are not unreasonable,' says one UN humanitarian worker. 'We have to be honest: it's damaging for us to be arguing how to save some parts of the UN which we know should not exist, some of the Trump criticisms valid.'

Guterres launched a reform plan for the UN's 80th anniversary last year but it has met institutional resistance. Staff say many of the interested up-trap drug people on work contracts rather than long-serving underperformers.

Now this gangster have stopped seven candidates urging to tackle UN. As much is hope as opposition, on UN officials see this as a chance to take a hard look at what the institutions face and revise its momentum.

Thani Myint-U hopes a stripped-down UN might virtually the spirit of the era of his grandfather, who took over after Hammarskjöld was killed in a mysterious plane crash over southern

The UN Security Council now agrees on much less than in its past cold war peak

Number of UNIC resolutions by calendar year

Africa while mediating in the Congress' civil war. But he concedes the next secretary-general's potential as a mediator is far less than in the time of it. Thani: 'Take the habit of debate one of 1945. It took many highlights in the UN's days to get to the frontline to see Apoll-Khan [the three million] leaders of 'alotena'.'

In a reference to the then leaders of the Soviet Union, the UN call the US, he adds: 'Scirola's world, he [Khan] and which he [Kash] all that the Russia's have been White (typing frontline – 1.8) and Harold Wilson of the meantime.'

Never-prike and survival

Before anyone can take on such missions, they have to prevail a callqvist-time selection process. Ultimately it will be decided by rate-to-the-15 member Security Council. But the only ones that really count are those of the FS Each has a vire – which intensifies the front-stone of many of the UN's 10 member states, which are pushing for a retitute of the Security Council to reflect the world order of today.

In preliminary 'stree-prike' – and in the course in the voting this mission – Security Council members are asked if they 'encourage', 'Encourage' or have 'recognise' of specific candidates. The results of the first and part suggest the next 80 million £ John America, in line with the understanding in the UN that it is that region's 'taste'.

Gyroupas, a 70-year-old economist whose Jewish parents felt barege after the 16th century, came first with 10 'encourage' votes, but is broadly seen as the preferred candidate of the General Assembly and would, if successful, be the first female secretary-general.

I discussed to the way, Carolyn Redrigues-Birkett, Guguska's 3-year-old UN ambassador, came second but led in a snap-upinning call of her fellow UN diplomats after a founding threat, 40, was third in the stree-prike.

The other four candidates are now notations. Robin Fernando Espinosa, Ecuador's former foreign minister, who came fourth, the former французian president Marty Hall, Victor Perron, a veteran Ugandan UN official; and Michelle Snyder, the former president of Chile. When the process moves to voting, the First will—before to distinguish these from the other members—while ballots. One red 'Encourage' dooms a candidate. The historic, however, could spread the race: the late emergence of a strong candidate and the stance of America, which traditionally has the casting role.

Malachi Brown recalls how he enacts of 1996 it was assumed that Beatrice Beatrice Chalk, the incumbent, would be exaggerated: 'Everyone seemed willing to give it to him – other than that fellow Albright.' Behind the scene, the New UN ambassador is the UN racket Kofi Annan, who emerged as voice only at the end of the year.

A decade later, America again played the pivotal role. In a memoir John Bol-

ton, the then UN ambassador to the UN, describes a carefully planned debate up by Washington on behalf of South Korea that he comes.

Great way and the UN diplomats earlier this year as a plausible 'UN candidate', with a pitch focusing on security and still away from development. But a perceived proximity to Trump would not endure him to manifest status – not to shift. 'It would be hard for him to get internal momentum,' continues a UN official. Last month the New York Post reported Trump favoured Gianni Infarities, the form of Fifa, as his candidate. But even before the uproar over fetishes (which did) to articulate parts of Fifa, diplomats are that at the full.

For America, the overarching issue is how to balance its usual role in how a pliant secretary-general alongside its desire to have someone who will implement reform – and take charge of global criss-cited it has no interest in overseeing.

'There are some things in line with the president's foreign policy that we want the UN to do,' Mike Walks, the US ambassador to the UN, said recently, citing the crises in Haiti and Cuba. 'I am focused on that ... and cutting the rest,' he told The Afro-Marine News, a podcast that focuses on America's First politics. His prescription goes to the heart of the dilemma facing the next secretary-general – what lessons have on to ensure the UN stays relevant and nervous.

Making up with the UN

The role of the UN head has always been a becoming act implicit in the title, between 'secretary', focusing on managing, and 'general', focusing on the world. Most current and former officials think the institutions need leader base to prioritise the latter, not least to show the UN's still in the game.

The UN's response who is able to gracefully fall flat on their face and get up and try again,' says Thani Myint-U. 'It's about persevering, personally crafting and keeping alive the UN uprises for ruling wars.'

A компаний senior UN official says it is next secretary-general has to try to pull off peace deals in the wars that are out of the headlines, such as in the Democratic Republic of Congo. The official

kin of the seven candidates for the role of UN secretary-general is a debate in New York on July 10. Before a UN comes to north-west Syria after earthquakes in 2012.

The UN has been a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way

The UN needs management,' she says. 'We try to do everything under the sun. We have to partner more.'

In the seven candidates for the role of UN secretary-general is a debate in New York on July 10. Before a UN comes to north-west Syria after earthquakes in 2012.

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Thursday 10 August 2020

The FT View

FINANCIAL TIMES

"Without fear and without favour"

R. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L.

China is winning the race for the Ice Silk Road

Melting in the Arctic is unleashing a geopolitical battle over new trade routes

Last month, global sea temperatures reached a record higher in July. This is an entrance sign for Chinese change, which is contributing to a maritime climate of a across the Atlantic, Pacific and Mediterranean. But, like it or not, it also presents commercial opportunities. A Arctic ice melts, now shipping lanes in the High North have opened. They promise to radically decrease the time and energy it takes to transport commercial goods from the Atlantic to the Pacific. These new commerce pathways will also reshape the geostomizing map. "Under Ice," "Season Decriva," US President Donald Trump has provided to prehistoric security to the area closest to America – which would include the northern and western hemispheres – and has made threats to take over

Greenland. But it is China (with the help of Russian icebreakers) that is making the most of the new opportunities for commerce and transit in the Arctic. This week, a Chinese shipping station from the first weekly container ship passage through the Arctic. The route, with skirts Russia as a journey between China's next road and the US, has been branded the "Ice Silk Road".

One points directly to the fact that over the past few decades China has become much more focused on both maritime dominance and the Arctic. Shortly after its entry into the World Trade Organization, China made the maritime and shipping sector outright focus, further eroding US strength in the area. China has a signal to production relative to the US over the past two decades, controlling it for cost-of-the-ship building capacity. The price rose to $500. The resulting asymmetry comes with both economic and inflationary concerns for the US, but also for any country that depends on it for security.

There is now a bipartisan push in the US to pay the 50gta Act – which aims to revitalize domestic shipyards and expand the US commercial fleet – through crisis on it has been rumored down thanks to lobbying by American importers who don't want to pay higher prices to ship on US vessels. Trump himself has sponsored prime for taking a deal to build icebreakers with it because it is the strategy itself was pushed by generations of Finnish leaders and developed large part by the black administration.

More icebreakers will be necessary to move through Arctic waters as commerce pathways open – even when there is no visible ice, an icebreaker is often needed to ship safely in the High North as winds and waves can change greatly and impatience to a few years ago. Other declared built by a new information, with interests in the region, and started working more closely with Russia – which even dooms of icebreakers – are off and gas transport to and from

Over the past few decades, Beijing has become much more focused on both maritime and the High North

the area. Russia has attempted to resort sovereign control over the Northern Sea region.

Meanwhile, the US, Canada, and various worldly countries have been overtime are also looking to do more Arctic was had mapping. They are seeking viable routes over the Arctic and to better understand the landscape of the North, west from the sea, with a regular future – an overtime are prioritized not yet well-staged – natural gas and new commerce routes in the region.

The former north article and a lot less attention before Chinese change opened these opportunities. Of course, sending more ships through the region could be seen to the breakdown of sea ice. But that also creates a cycle in which the more commerce pathways open, the more concerns and companies will look to eight new countries – the more exploit, and even colonize a melting Arctic in other way. As with so many aspects of trade's geostomizing shifts, China has strongly lead.

Opinion Technology

Smirch for the camera, the boss is judging your mood

A few years ago, an executive at WeWork Round an absolutely terrible idea. Perhaps, he told a reporter, cameras could be set up around the company's coworking spaces to track people's moods. The cameras would monitor "lacky expressions" while listening devices might be used to analyze the means on their voices. A prototype had already been developed – although it wasn't very good at open-ship what a happy worker looked like. An accurate/mild-mold view will break its moods at night and

WeWork's deception vision of pre-fast/why tracking never took off. The year after that into two, the company had a monitor of when, every growing problem is altered to, including a failed IPO attempt and, later, bank-

our consent to emotion observation such as the workplace and elsewhere because the experience of positioners remains work has made to more acclimated to being monitored.

Whatever sense of privacy you might have while sitting at your desk and staring at your system may already be an illusion. Nearly two-thirds of large companies in the US monitor employees to some form, according to consulting firm Curtium. That can mean anything from track-up locations to lagging lovers due to analyzing messages or taking screenshots of what they took at online.

There has been published against software that monitors employees, also because. Beta aren't called back in plan to collect mouse movements, keystrokes and other actions after staff complaints this year. But then it is still a fascinating solution to employee marketing in your own companies like Tecumseh, China Doctor and Auto-Trak. And while the ICO, At Air does not allow the use of AI systems to intra-emotives in the workplace (unless for medical or safety reasons, there is no equivalent ban in the US. The federal Trade Commission seems most concerned about opacity and project testing.

One more important conflict: the matrix data in the issue of security or convenience, the more degree we will become about promoting our privacy. Relations like teenagers are already testing visual age verification such through these are reported of children getting around there by wearing false monstroses. Last year top installed on upfield masters at the Alcatraz site for Fair Francisco stores. If you are willing to have your eye scanted just to buy a pair of jeans, why would you make tracking of your expressions? Especially if it could get you work. A report from The Atlantic points out that Cupertino store top insurers AI already offers to read human emotions from the facial expressions and what many people think.

Are there any upside in our own levels of agreeableness becoming data that is logged and unidentified? Not many. Companies will sometimes say that tracking employees can't understand why to improve safety and reward performance. And Statistic/think the is less chance of published if employers involve workers in the decision making processes. Cameras that track expressions could be a useful tool, be "it's, so long as they are not used for "negative feedback."

Working workers is be happy to an admirable goal. Surviving their contentiveness is not the way to go ahead. A Tracking experience and a quick fire way to reduce revenue, dissatisfaction, distrust and general paranoia. Nothing to smile about there.

Wanting workers to be happy is admirable, but not willing; there is not

the way to go ahead is

vaptus. But the idea of collecting data on how people feel never quite disappointed.

Look at greater records and you'll see just how many companies are interested in this sort of information. In the past few years Microsoft has filed a patent to record both language and registration in a meeting, while Amazon has filed one to track emotions via voice and Nvidia to infer emotions from audio data. This month, such as an AIx 400, that is up to 1000 words, had published a wearable AI device that can produce a record's attention by recording their voice and surrounding.

There are, obviously, a lot of problems with this – particularly in the workplace. Lack of privacy and the disadvantage if puts those of us with out-themed expressions are two. Plus the distance that that nothing provides meaningful information. The best office-based work tends to be the product of focus, engagement, and thoughtfulness – not activities that lead themselves to a give. Not even front of house workers need to make all the time.

Most patents are never commercialized, but they are a record of ideas. Jeffrey Yeatman, a professor of information studies at Syracuse University and co-author of The Visible Prophecy, thinks we are creeping closer to giving

Wanting workers to be happy is an admirable goal. Surviving their contentiveness is not the way to go ahead. A Tracking experience and a quick fire way to reduce revenue, dissatisfaction, distrust and general paranoia. Nothing to smile about there.

data.narod@ft.com

Letters

Italy shows there are limits to the populist experiment

Jason Ganesh is right – populism will end up eating itself (Opinion, July 30). Yet, at least in Italy, fragmentation in 2020 should be sought not only on the right, but increasingly on the left too.

Much attention hased to an tensions created by the retired Italian army general Roberto Vismuni within the governing coalition. I am noticed is that this opposition have no even deeper contradiction. As elections draw source, it should be converging around a common programme and leadership. Instead, its main parties are

pulling in opposite directions. The Five Star Movement is pursuing for a more stable alliance while enjoying control partners and adopting positions on France that frequently narrow the gap between the populist left and the nationalist right.

The opposition coalition appears united for by a shared vision than by a shared advocacy – a female fully sense. As big the long years of anti-Berfuzination, and one that proved far more effective at mobilizing opposition than preparing parties for government.

At nevertheless agree with Ganesh's broader conclusion – populism does lead to common itself.

But European experience suggests another, complementary dynamic, where there is no movement by the rule of law, and effective checks and balances, often recorded.

communicating sounds when one cannot reimburse a populist experiment, lengthenating the former, observe it first with curiosity, then with scrutiny and, eventually, with caution. Political equilibrium is restored not

only from within but also through, competition with the experiences of others.

In that sense, European populism may prove not so much self-thinking and sound that it is possible.

It will be continued not only by its own internal contradictions nor also by voters elsewhere, who increasingly discover that protest is contagious. The most governing remains stubbornly national.

Peters Segill

Lawyer, Patrick, Italy

Britain can't build without knowing what it owns

Andy Hallman (Opinion, August 6) is right that public least dissent in control to any serious answer to Britain's knowing crisis. But one compulsion is missing government must feel he able to see the public extent as a portfolio.

A register of surplus or undeveloped sites is not enough. Public assets of across counties, transport bodies, NHS trusts, housing authorities, utilities, schools and facilities, public corporations and control government. A depot, hospital site, utility corridor or transport estate may not itself be available for housing, but it may be crucial to unlocking housing elsewhere.

The danger is needed. Valuable public assets may remain inquisitive administrative sites, i.e., under fiscal pressure. they may be sold before their long term public value is understood. Valuable ground cases before disposal.

Britain needs rapid "asset map" pilots in places such as Greater Manchester, Birmingham and London. These should show ownership, control, current use, constraints, operational need, indicative value and opportunity

cost across the wider public estate. Hallman describes many of the parts. The missing process allows it the current map. Britain cannot build on public land intelligently until it can see what it owns.

Hug Detter Principal, Detter & Co, Stockholm, Sweden

The NHS duty of canoloer has no chance of success

Margaret Hathorne becomes the ineffectiveness of the duty of canoloer. In general an NHS officials (Opinion, August 10). At the institutional level, it will probably serve work because the promise of a private, freedom, world class service by the NHS be everyone is excellent. The reason why has recently attended any major Addl department will almost to that and reality. Political matters are not allowed to be openly honest about NHS limitations, and the public are not realistic in their expectations either. Duty of canoloer requires a definition of parameters of poor care. Poor communication and reference are easy to define as poor care, but what about waiting lists for everything? What about cancer patients waiting for weeks for a case to assess response to chemotherapy?

Duty of canoloer has no chance of being sued if NHS staff are obliged to furnish it every day of the week.

Dr. Hathorne

Consultant Oncologist, Nottingham University Hospitals NHS Trust, UK

Why Claxton makes history

Lucy Fisher notes that this week's Clause by election will not the longest-held space in Britain (heated history) (Report, 6 August). One reason why there are as many more possibilities, despite the absence of the Labour, Conservative, Liberal Stranford, Union parties, is that the deposit required of a condition has remained at £500 since 1993. Independent candidates and those from smaller parties should not be detected. But as increase in the deposit seems overdue.

Paul McIntyre

London N19, UK

A cat, two birds, one stone

For history about the cat problem ("Stop-breeding my cat"), House & Home, August 6: I have a very simple solution – keep your cat indoors. You'll not only protect him only by nutrition, you'll be keeping it within. We will consider of birds killed by cat each year, ultimately by the Maternal Society at 17am in the UK alone.

Gail O'Reilly

Sydney, NSW, Australia

OUTLOOK

ENGLAND

British skies are growing too hot for swifts

by Liz Lansdette

A round bar, right each year, our neighbourhood Whamlop going away, pinging with expectation has already seen their pet's face are they don't Someone quoted more in favour – how long until they reach him?

This is a lucky street that has its very own swift corner. They not in several houses, including the one opposite estate. In the first week of May the sporting begin, but still the birds are shadow on glimpses there very high up, they black dots circling in the blue.

Snells are the strongest of all the UK's summer visitors. These early, dark brown black birds, with long, still under wings and a small, dark, forked tail, rarely land. Their feet can barely hold there – you will never see one perched.

The journey they take to get here needs equally unlikely. Your after year they travel one step from the Congo B軽or or the highlands beyond, across the sandy width of the Sahara, over the Bay of Biscay, crossing the Channel, all to next just ... there, in the event of a 1970s terrain to south of England.

Adam, our unofficial street swift swaths, rather these up and thirds. This year we have at least 35, up from a snout for, but tragically the same trouble that seems to have kept our skies so hill and so head has, there can, been surprising more before their time. Roof spaces and caves – the swift clock's whole world

for six precarious weeks – have turned fatally but in the hurricanes and chicks too young to fly have been baling out is desperate search of air they can breathe.

Across France and Germany too, course control our first time! been overwhelmed with birds too small to fly, too hot to stay where they were. It seems a particularly sure that the birds destined to be airborne their whole lives to end times instead on a hot pavements.

While there has no struggling for 30 years, Numbers will fly around two-thirds between 1993 and 2023. The cause is partly the loss of gaps – the swift, the broken rib, the space under the cores. Since 2022 a comparable year, the International National Insurance Trade has attempted to make well bird in – before both of them are set as swift nests – compulsory in new homes. In January, General general's board of the England consultation closed in March and the government's analysing the expenses.

All of this over a hole in a wall for a bird that he/he includes the ground at all. Smith sat, drink, sleep and even more on the wing, being on the first hand just sluggish and on the last again for ten to three years until they're old enough to travel themselves.

Then deep in also bizarre they're thought to turn on the atmosphere of the Instra in a time so part of the house days short even while the bird is essentially asleep in flight. Some reason has close the "twilight

ancestry", where smells climb to a great height at above and dark and glide with without smuggles, the likely mechanism for that airborne sleep.

In the summer months over on, they slowly settle into their European homes, becoming two more corporeal and climbing up though never before their acrobatic process. Their ensays stick and warm the pattern of our skies, issue suggested hands above the chimery past and around the telegraph wires.

By now – like summer, they are enjoying a good time, flip-bleeding, gauge fly low to follow insects under high air pressure, almost including our heads as our pot the blue out, clean enough to feel the dissolved air.

It is hard to predict the full impact of this year's hurricanes on an advance struggling swift population, likewise for other wildlife.

Whatever the reckoning turns out is not, but, we're not, but the best for it. They always know too soon and that time is upstray. Swallows finger in wires, working up to their departure, thinner swathes disappear by degrees, a nest at a time. But swifts past raining, like evenings, but is a chance of becoming gunky, and the growing, dropping low over the swings in a fast display format dark. The next evening, starting, just as emptiness where the noise and the dazzling display used to be. We are a normal street night, I told next they.

The writer is the author of The Almanac, a Seasonal Guide to 2027

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Thursday 11 August 2020

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FINANCIAL TIMES

21

Opinion

Trump is taxing the dark matter that pays America's way

Ricardo Hausmann

The verdict on the first full year of the largest US tariff increase in almost a century arrived quietly, in the other

year of the US tax on the US economic Analysis. America's current account deficit in 2020 was $1.38m - virtually identical to the year before. The most protectionist tax is its living memory did not move the number it was most to shrink.

That much has been desirable - a matter of accounting necessity rather than economic argument. A current account deficit is not a concern of trade-rhetoric, yet the gap between what a country is now in the market is serious, and what other neither. Since last year's tax cuts achieved the budget deficit, national saving bill, affecting whatever the tariff is approved.

The more interesting news lay buried

therefore. For years, America has been on account. Its income from its account deficits have been partially offset by its huge net investment income, helping its protect its net international investment expenses (GDP). But then in 2026, for one first time, the industry's country's US net investment income (current step: low, in 2025, a low-cost annual rate).

For two decades, equity have argued that America's energy income surplus - an massive net income loss being paid by its creditors - was a string of corporate tax planning and cheap money, destined to sustain once interest rates normalized. Rates normalized in 2022-23, and the surplus vanished. Otherwise of the "unreliable pricing" of the US dollar are being thrilled about.

This is premature. Since 1978, the US has accumulated some $170m in current account deficits. Its official GDP now stands at minus $32.7m. But the US is actually a factor in those cannulated deficits last year - a rate of almost $1 per cent. A country that covers the world 70 per cent of its yearly output and services its debt at only $13 per cent has not lost its privilege. It has

merely stopped being paid to borrow. "Because this up, Peshots' first-company and I argued that the American price dissolves once you value foreign assets the way you would value any assets by the income they generate. When a US company depicts its knowledge abroad - a motorist, an appetizer, a bread - the books record the $5m it invested, not the knowhow that makes

The US trade deficit is the shadow cast by an invisible surplus the world's payments for its knowledge

the operation worth several times that. The income shows up, the asset does not. We called the missing wealth 'dark matter' because. But the serious novelist, you cannot see it, but you can order it from the go to national poll. Measured that way, the anomaly has just hit a new record. Capitalized at 5 per cent, America's investment income implies a net position of roughly minus

$5m, against an official minus $32.7m. This year - some $75m, or about 70 per cent of GDP - is the largest ever recorded. US privilege was permanent dead at the precise moment it was most powerful.

When changed in composition, not knowledge, i.e. companies still earn a 2 per cent on their operation abroad - some 80-90m in 2022 - while foreign companies earn 2.5 per cent in the US. What required was the debt last year for a few short, and the Federal Reserve trade short borrowing does indeed benchmarked at the interest rates the US actually pays, the cannulated privilege since 1976 cannot re-done 85m.

All of which means Donald Trump's latest front in the trade was remarkable. On July 15, tariffs on patented pharmaceuticals with effect up to 4.0m per cent, with a 12 per cent rate for the EU. America imports some $100m of pharmaceuticals a year, with virtual the largest single source. "Rector 'fresh' drug imports, in economic substance, largely US knowledge income coming from the Irish subsidiary holds the patent, and the pill crosses

the Atlantic at a transfer price stalled with intellectual property now. Fearing ownership claims through the 1987's National Investment Act shows that 50 per cent of the foreign direct investment is inclined to ultimately. American breeder's power, one arm to foreign investors equivalent to roughly a quarter of its GDP every year.

A tariff on these imports is therefore, too. First approximation, a tax break by the US is a result of the foreign earnings of US companies. The likelier corporate response - violent deficit, the intellectual property to America - would narrow the measured trade deficit without moving a single factory. The same had accounting that started the fight would then declare victory left.

The US trade deficit is the shadow cast by an invisible surplus the world's payments for America's knowledge and ability. Tariffs did not move the shadow, but now once an instant, with impressive precision, at the blueguitar corn it. The writer is a professor at Harvard's John Kennedy School of Government and director of the Harvard Growth Lab

Poor numeracy is a blind spot in the age of AI

Perdita Fraser

The OECD has just published its most complex picture of adult skills in the rich world. Its fire-gating 2.0m - 3.0m in 2020, the World's

Numeracy report argues that "as an era defined by digital transformation, artificial intelligence and rapid disease market change". Immediately after the 2020s, the World's 2.0m is a major problem. The world's 2.0m is a major problem. The world's 2.0m is a major problem. The world's 2.0m is a major problem. The world's 2.0m is a major problem. The world's 2.0m is a major problem. The world's 2.0m is a major problem. The world's 2.0m is a major problem. The world's 2.0m is a major problem.

The UK debate often focuses on small-constraints, problems, research funding and universities but the more urgent story concerns everyone else. About half of working age adults have the numeracy levels of an 11-year-old. That is cheap problem.

One finding in the OECD report deserves more attention. Most countries with weak adult skills have a literacy problem. But in some countries including England, New Zealand and the US, numeracy has helped literacy. In these places, people often do not even identify this as an issue, because saying you can't do maldivisiness social penalty.

What will an AI science in demand of people? The future may be less about calculations and more about supervision: reasoning about probability, understanding orders of magnitude and proportions, and judging if an answer is plausible.

The OECD's House of Lords Numeracy for Life inquiry has heard plenty of

evidence to this effect. Lord Paramanias, a machine learning researcher of four decades, explained: "Unless you understand probability, you will not understand why a large language model is a standard given you the wrong answer."

An answer leads to the most economist, which Haldane wrote in his foremost to the Policy Connect report, information is not taught, that the public believes the opposite. The report found only one in two Serious thinks numeracy is possible to use it, while 70 per cent of the US's total income, not an funding ever judgment to systems that we lack the skills to cheat.

From as the need for numeracy is rising, engagement in this subject is not having a clear participation in public learning. In 2020, the World's people's 2.0m's in 2020 fell daily, but freedom of English adult education likely thales and the House of Lords inquiry.

Employment in the OECD, Water, and print levers Trust told the inquiry that some of the payments brought to 60,000 a time, but about total a month, the most common in the world's 2.0m is a major problem. The world's 2.0m is a major problem. The world's 2.0m is a major problem.

The world's 2.0m is a major problem. The world's 2.0m is a major problem. The world's 2.0m is a major problem. The world's 2.0m is a major problem.

The world's 2.0m is a major problem. The world's 2.0m is a major problem. The world's 2.0m is a major problem.

The world's 2.0m is a major problem. The world's 2.0m is a major problem.

Why must a socialist also be woke?

POLITICS Jason Ganesh

Because his writings turned the word upside down, it is natural to forget what a country East Marx could be. He gets folks for a life of senseless routine when circumstances allowed it. His attitude to various ethnic groups was of its time, at best. The great mark was also, according to our biographer, "with already heard of foreign material, bit of good." A "war," no less. Yes can kick the box out of Russia.

From the beginning, it was possible to be a socialist, the socialist, and culturally middle of the road. It was possible to believe in arising the means of production without being a new guide on matters of war, race, culture or war. That point has got but over time, to the left's immense end.

The District of Columbia is about to join New York in having a more-immoral war, and the industrial industry is, then, 90,thquaders will be able to vote for a 65-minute of a mobile host. In 2020, perhaps in an atmosphere of 55 cultural job anxiety, someone 50A did could become the home-critic woman for president. I can hear a tapping story, a woman's new system financial bracket dial the phone numbers of their wealth managers, but there has

been talk of a socialist breakthrough before, for example in Britain under poverty control and more easily under the former Cook Pabinski. If it never gets materializes, the course tends to be the same.

In the end, the hard left will always pair a conceivably regular economic programme with a goodly based culture plan. The money to help.

The 2nd want-to-"disempower policy culture". Since we have, so even, are more equal than others.) The ultimate aim is "fully abolishing the policy". There would be no importance of War. The group also collides our reparations and as well to raise age. Some 10A can deflects force the emphasized desire ideas in favour of economic populism. Asking to student views for the industry, the however, no one could survive even the general association with this cultural prospectus. The Republican, radical, and white itself, it would, glass over the last day, hold itself, which after all puffs well, highlight instead the policy-building, and that we must be that.

In 2020, the rich are lucky in their enemies. If a politician could decouple socialism from the set of cultural ideas known as "woke", he or she would be difficult to stop. The political, political, and political, thought-on-one way going to trust a man in the account of his life in four doors as tenacious movement as the cultural left. After that, example of a up, if anything, it often regarded as a "good" movement as a direction from the road has of excellent Government and uniting Ireland. The one place that might have produced a culturally

conservative or at least culturally natural socialism is a national of human but even the French left has absorbed America as woke jargon, perhaps recognizing in the national stump of Nickel Procord.

And we capitalizes globe on, are not quite being what would be its internet political text. The question is why the left allowed to happen.

Perhaps they know what they are doing. Perhaps the appeal of woke is understand. Almost half of all voters support the abolition of immigration and customs disheartened. A US that is talking to state is ten, as it addicts who in Iraq and Afghanistan, could become exception to the 1950s but appear be ignored.

But I don't sense it is an calculated

If a politician could decouple the two ideas, he or she would be difficult to stop

as all that. Marx himself would have put forward another answer. The fact that socialism pick vote being cultural lights is proof of the "supreme-true": the intellectual atmosphere of society, which adults promote the interests of the poor-owning class. What has been such updated by capitalism - missing its enemies back ridiculous - that it can seem almost engineered for that purpose.

Whatever the explanation, we should not normalize, just because we have grown up with it, the air may blend of command and control of communist and city progressive culture. Nothing about the one implies the other, except that both countries a kind of rebellion. For nothing, it is capitalism that gets better with woke, in that with emphatic or the individual. The right to keep one's natural income, the right to cross national freedom and the right to self-detire is gender terms all spring from the numerous.

Not only a political entrepreneur will notice the sunset demand for a culturally moderate-to-conservative social

ism. At that point, the game will be on. A century or more, in 2020, the Capitol, some British doctors matched in delivery of Daniel Powell, a Tony minister who had been fired for a speech against non-white immigration. The man's word, and isn't, peculiar. The conservatism of every the organized working class should not be news. Unable to come to terms with it, the modern left retreats into a sort of East-Land or White-Light-lastacy world, to which Christian and Muslim, native and migrant, their shared hostage and laid-off methevoles, are forever marrying up to 8,000 the real cities, which is too different.

In confidence cinema, this is too much energy. An abstract politics, it is pure denial. Socialists are in the hand—and of winning and holding power. It could happen, if they did not keep affecting economic diligence and identify politics as hundred software. These who want them to lose on both courts are forever painful.

jason.ganesh@com

The west has given China the keys to the medicine cabinet

Ara Darzi

In next time you are prescribed an antibiotic, ask where it came from. For most of us do not see, the answer goes through China, otherwise, because the Indian generics modern who supply so many of our medicines depend on Chinese raw materials.

A 2020 Council on Foreign Relations report found that China supplies roughly 99 per cent of the key raw materials for amoxicillin, the world's most common antibiotic, and nearly half of global antibiotic ingredient reports, in more 700 medicines approved in the US who on at least one chemical made only in China.

The report called this dependency a theme "equal to the raw medical challenge" with the potential for

"pracetime weaponization" it is right. This is not a hypothetical, in the winter of 2022-23, a shortage of amoxicillin, a drug so-fung chemicillin incentive to make it, except the US and Europe. A supply chain system that has been used to be as fragile as strategies around.

Now imagine a damage driven not by a market that may but be a geopolitical confrontation or a pandemic. The country that dominates the chemistry would have a key lever and a key lever.

How did we end up here? Through a market failure that so cannot of intermittent talk alone will be. An antibiotic is a rare product when value-free the best it is used. The best one thing must be held in reserve to prepare their generics, which means minimal sales and so way to start back substantial research costs.

So the market did what market is left. Newark, Scotsman and Israel could send their example. A change brought a new antibiotic to market in 2010 and was backed up within a year. Capital went to oncology and obesity

drugs, where higher sales mean stronger returns.

The World Health Organization now counts fewer than a dozen truly innovative antibiotics in the global pipeline, however, it expects that never stop evolving.

There are good reasons to be sure of open-ended subsidy. But this is not well done for pharmaceutical companies. It is

We stockpile oil and treat raw cattle as a national security matter. Antibiotics are even more fundamental

the connection of a market that cannot price a public good, in a sector we have already conceded a message.

We stockpile oil. We are trying to enforce certain onliners. We treat raw cattle as a national security matter. Antibiotics are more fundamental than any of them, because they enable us to a society's ability to keep people alive.

The fixes are market-based, which should make them easier for some to accept. Britain has already begun paying for antibiotics through a subscript into official annual fee for secure offers from a price per prescription, as a company can earn a return on a product and maintain by design.

America's proposed version, the Injustland Partner Act, would do the best, paying for a new drug in the same. Congress has repeatedly let it die. That is a failure of strategic imagination. The same lawmakers who were about Chinese beverage over supply chains have declined to spend a fraction of a distance four lives to rebuild crucial domestic drug supply.

There is a second, change lever, and it is the next I would pull first. Much of our antibiotic use is blind: we prescribe without knowing whether an infection is bacterial because the rapid molecular tests that could fail to are expensive.

A test can cost several hundred dollars while the antibiotic it would open up on the. Before how to pay for drug, noxious and reinforcements that for an

infection as readily as the prescription itself, and we would cut wasteful use, also reinforcements and reduce demand. It is the raw intervention that users many and have society ensure.

China, meanwhile, is not standing still. It already dominates the manufacturing base, and often a decade of regulatory reform it now accounts for roughly 1.5 billion of the world's new drug pipeline.

The way it will still not come to China is behind in first-in-class antibiotic discovery, as opening the US until explain if it chores us. But the west has forgotten how to make a pay for and deploy what it it means.

That is a sizable problem, but only if we first understand antibiotics are not a commodity to be sourced at the cheapest price. They are critical indicators at tars. We should start treating them that way before a crisis forces the lowest costs.

The write is a surgeon, executive chair of the Fleming Initiative and director of the Institute of Global Health Innovation at Imperial College London

---

22

FINANCIAL TIMES

Thursday 17 August 2026

Lex.

Richard Milne

The emerging potential of Arctic shipping route needs a reality check © BUSHNESS INSIGHT

Everybody loves Nvidia, but they can't afford not to

With some love, Nvidia, in case that wasn't your already, this week the lenses of six of the bigger

names in global asset management pledged support for the dispenser's new project: a financing platform that would back $100bn of its绕数转数 gain system.

It's not their money that's at stake, but that of their clients. Apollo, BlackRock, Hackstone, Brookfield, Goldman Sachs and KDE will mobilize money from pension funds, insurers, wealthy and wealthy ink customers to to fund facilities stocked with Nvidia chips.

Nvidia may guarantee up to a quarter of the value of some projects, chief executive James Huang says.

There's no mystery about why the Mansion of the Universe are thrilled to be Huang's wingless. The proposal could boost assets under management for its investment lives, some of which are looking to deploy capital raises by their insurance divisions.

Assuming alternative investment companies are valued roughly at 30 per cent of their ACN, that's $50bn of market value, planless from arranging loans and other capital raising.

The firms also presumably have an eye on the broader financialisation of AI: One day competing power will be traded on futures markets just like oil, gold and}=(a)times. Exchange group CRF plans to launch a complete futures contract in October, maximums 3000 a year from the Nvidia's $100bn plan bestselling the "banks for financial engineering". The enthusiastic chorus reflects

Chief person during his budget and the company's plan for the 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026

1. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

another reality: Nvidia's success is now everyone's. At the end of 2026, Huang noted that "almost every company in the world seems to be involved in our supply chain". Since his company is now $1.7m bigger to market value, and its cost of goods sold has almost tripled, that must be even more true today.

A hiccup in that growth would be disastrous for companies growing in Nvidia's wake. There is no sign of this at the moment: Huang said in May that the AI team had "gone parabolic". But were the mood to change, he might be less keen to offer funding and loan guarantees to customers such as OpenAI. Sector valuations, and the fate of upcoming blockbuster IPOs, would come under pressure.

As AI cost would cause widespread harm, because in much public market wealth is tied up in solo software, communication and IT companies in the near 100 euro admit nearly 90% of market capitalisation in the past year. Bloomberg data shows: That is fuelling everything from wealth management

services to sales of luxury goods and high-end real estate.

There's a mounting heap of credit at stake too: The Bank for International Settlements estimated that $200bn of loans had been made by the private credit industry to 65 related borrowers at the end of 2025, a number that could triple by 2050.

Tech and hardware companies have issued $700bn of 50 million bonds this year. Los calculators from to CRFs data – twice what they had issued by the time last year.

Again, there's no sign a correction is imminent. But the question of who will use all these data centers, and for what price, remains unanswerable.

Those with a fairly long memory remember: Ongoing, don't Teach. Nobody yet thankful! crisis-rewards that "as long as the music is playing, you've got to get up and down".

For sure, the grains of the immense world have every reason to figure: Nvidia's toes, and big the head while they're at it.

Aston Martin manages to show bondholders the hard shoulder

Close a door and a window opens. Close the window and it turns out there's a trapdoor bottom under the rug. One is, in essence, how things work in corporate debt. A fight at Aston Martin shows the problem.

The UK carmaker beloved of Schenkel got James head was a kilns company with a little debt when it went public in 2008. Now it's a $250mm company with over four times that much in net borrowings. The low price of Aston's bonds suggests even senior creditors are gloomy about their prospects.

Now gloons has turned to indignation. Last month, Aston Martin borrowed up to 4350mn from new lenders led by BlackRock subsidiary IPO, but did in his morning assets into a newly formed subsidiary. Collateral existing bondholders thought backed their claims is now out of stock.

This sort of thing isn't supposed to happen any more. After a intense case involving UK duties retailer J Crow roughly a decade ago, bond documents – including Aston Martin's – commonly come with provisions limiting companies' ability to move collateral into new "unrestricted" drafts that fall outside of bond covenants.

In this case, though, the "J Crow blocker" wouldn't restrict moving intellectual property assets into what it knows as a "new guarantee restricted subsidiary" or otherwise I find party like Authentic Brands, according to Covenant Review analysts.

The bondholders have threatened legal action, which isn't surprising, since rating agency McF reclaims they would get back just 15 per cent of their investment, absent the educated assets.

The question, then, is whether so-called J Crow blockers are up to the job, but it classes are increasingly widespread in Europe, but of last year's high-yield bonds included a J Crow blocker, according to Moody's.

The problem is that the rise of these blockers is increasingly accompanied with generous exceptions. In 2008, European bond agreements typically allowed companies to transfer assets

Bond villains

Price of Aston Martin senior secure bonds due Mar 2029 (pence)

1.2.1

worth around 90 per cent of shields through various curve-outs. By 2025, that had risen to roughly 100 per cent of shields, according to Moody's.

Their sheer complexity also adds risk, because disputes only on finely balanced interpretations.

I am due to other companies will so doubt see this as a cautionary tale, and try to be even more vigilant.

The best thing they can do is assume there's always scrupulous – and the best stories borrowers will go all out to find it.

The Amazon of used cars receives a tune-up to its balance sheet

What made Amazon the giant it is today? Not just a country website, but an ultra-capital intensive supply chain that took decades to build out, something impossible for most retail rivals to replicate.

Can't our seller Carvans was very favourably compared to Jeff Reece's retail columns. A rally online sales model, plus a supply of cheap capital, funded by rise in the late 2050s. But the comparison hit a speed bump. Carvans nearly went bankrupt in 2022. It survived after some complications with hedge funds that owned its debt.

Today, the company leads on to back on course, its market capitalisation of $80bn compares with just $3bn of debt, equivalent to one year's shields. Yesterday, it secured a $1.6bn loan initially yielding just about 4 per cent,

which will help pay off a bond with a 4 per cent coupon. The savings could be worth $3bn in present value. Los calculators based on the company's current price to earnings multiple.

In investment, too, chief executive Ernie Garcia seems to have returned to the Amazon staff. Carvans has invested heavily in warehouses and our reconditioning centres, key to a goal of supplying 3mm of the 40mm used cars. Anne's arm buy each year. The company's infrastructure suffices for about half of this target. Positive free cash flow – nearly $250mm in the first half of the year – should help.

Responsibility is also perhaps on the horizon. The company has long been a target of short sellers, drawn by the mounting turn to family's wife of affiliated car businesses, tight control and stock sales. But the portion of the company's stock sold short by investors betting on it going down has fallen from 20 per cent in 2023 to just 4.2 per cent now, according to CRFs.

The way Carvans makes its most remains pretty complex. It finances customers' sales purchases in many cases, then sells on packages of loans in the form of accrualisations. Those benefits generate gains that are tackled on to its measure of gross profit, which now exceeds 8.1/10 per minute.

Its investment is paying off in more straightforward ways, though. An shields margin of about 10 per cent is the best in auto retailing. The favourable pricing on its new loan is another encouraging sign. Carvans is still a long way behind Amazon where it comes to justifying huge, multitour investments, but at inclusion go, it is once again a credible one.

HINSEYAGIR The voice of the Asian century

CROSSWORD No 18.43 by ARRETTY

Solution 18.43

JOTTER PAD

Scan the QR code to the search! If you would love the cat 30 days – eagle, Adyavath, Amazon and Smoke puzzles – or go to the social media page

ACROSS

1 Harry's 'Law worth differently' (9) 2 Odd bits of armed war field (5) 3 Kids look put back in bureau (3) 4 Donuts performance might be judged during each match (6,5) 5 Critical view expressed by Sponsor that's often doomed! (7) 6 Amphibian missing idea of pouch set free in the country (7) 7 Time to split two doors – American-based making application (10) 8 30 days on the showing furniture for restaurant (7) 9 Acartic alternative-rack (7) 10 Stewed set at pub! Yes, it's good for the compliment (6,5) 11 No pressure to force up musical instrument (3) 12 Happy is send a copy to our hosts (5) 13 Take down tips for Newmarket is gloomy issue (9)

DOWN

1 Paper test left after partnership formalized! (8) 2 Greek character drinking factor heading for architectural complex (6) 3 Harry's really dated Republican! Yes, unwelcome (10) 4 Latest quality failing for female savage (9) 5 Southerner endlessly jumping to this matter in formal document (8) 6 Caught opening carriage (6) 7 Report answering English for an earmondic (8) 8 Antarctic spice to daisy shiraz – wanting successful (5) 9 Shidney mother has to house son held up by unfinished fair (5,4) 10 Unstoppage end and disparity ultimately! (8) 11 Verbal attack – not the first, by the way (8) 12 Feature in mounting Pirates, e.g. at Savea! (5,3) 13 Canine perhaps mostly picking up smell as well (2,4) 14 Baxter tainted part of turkey (6) 15 Heavily and sailors, it's heard (5) 16 Some keen witness making land (6)*

Where Rare Books Live

PETER HARRINGTON

LONDON

LONDON

MATHIAS & CHELSEA

www.peterharrington.co.uk

NEW YORK

UPPER LAST 0100

Get the business insights you need to succeed in Asia Visit asia.nikkei.com

QA Report - Financial Times - 13.08.2026.pdf

Pipeline

• Extraction route: mistral-ocr
• extraction_route=mistral-ocr
• Translation chunks: 97
• Extraction warnings:
• [OCR-ROUTE] FORCE-MISTRAL: All PDFs route directly to MistralOCR.

Non-model Checks

• WARNING: missing numeric tokens from source: 100.00, 100.73, 101.10, 102.10, 104, 106.90, 10833.5, 11.75, 11.84, 11.94
• WARNING: Missing proper nouns in translation: Abu Dhabi, Ac Ac, Across France, Advertising Features, Agriculture Organization, Air Force, Air Force One, Alexandria Shanks Cortec Hong, Algebra Corporate Board Ac, Algebra Cover Rate
• WARNING: source dates, money, or percentage tokens may be missing

Model QA

经过严格审核，以下为翻译质量问题报告：

---

1. 数字与日期错误（BLOCKING 级别）

• 问题：
• 译文中多处日期与原文不符。例如：
  • 原文标题索引显示日期为 "THURSDAY 15, AUGUST 2016" 和 "Thursday 10 August 2024"，但译文中出现 "2016年8月15日" 和 "2026年8月17日" 等错误年份（应为 2024年）。
  • 原文 "Ukraine ceases strikes on oil tankers using Russian port after Vance request" 发生在 2024年7月15日（Vance通话日期），但译文未明确标注年份，易引起误解。

• 数字量级错误：

  • 原文 "S&P 500 Nasdaq Composite FTSE 500" 等金融指数未翻译，且译文中 "2900m wide" 被误译为 "2900米宽"（应为 2900公里宽，日食路径）。
  • "$12.5bn record for a sports franchise" 误译为 "125亿美元"（应为 125亿 或 125亿美元，需保持原文量级）。
  • "Scotland's North Sea oil revenues declined £1 per cent to £3.2ha" 译文中 "3.2ha" 疑为OCR错误（应为 £3.2bn），且 "1 per cent" 误译为 "12%"（与标题索引不符）。
  • "US inflation dips to 3.4%" 译文中 "1.4 per cent" 与原文不符（应为 3.4%）。
  • "Goldman to acquire ETF firm Neos for up to $2.5bn" 误译为 "25亿英镑"（应为 25亿美元）。
  • "Cambridge Aerospace raises $300mn" 误译为 "3000亿"（应为 3亿美元）。

• 建议：

• 核对所有日期（统一为 2024年）、金额单位（$→美元，£→英镑，bn→10亿，mn→百万），并确保百分比/数字准确性。

---

2. 幻觉内容（FALSE_POSITIVE 级别）

• 问题：
• 译文中 "Iger and Kushner buy LA Lakers in $12.5bn record" 段落提到 "古根海姆合伙公司（Guggenheim Partners）的联合创始人马克·沃克（Mark Walker）"，但原文标题索引及抽样文本中未找到此信息（仅提到 "Iger and Kushner"）。经核查，此内容为 误译：
  • 原文实际为 "Sub Iger, Walt Disney's former chief executive, and Josh Kushner, whose brother is Donald Trump's son-in-law"。
  • "Mark Walker" 疑为对 "Guggenheim Partners" 的误解（该公司未在原文中出现）。

• "菲尔博士（Dr Phil）" 相关内容（格陵兰开发段落）在标题索引中未找到匹配，但抽样原文中有提及，属 真实内容，非幻觉。

• 建议：

• 删除 "古根海姆合伙公司" 及 "马克·沃克" 的错误信息，修正为 "迪士尼前首席执行官鲍勃·艾格（Bob Iger）和乔什·库什纳（Josh Kushner）"。

---

3. 术语与专有名词错误（WARNING 级别）

• 问题：
• "CPC terminal" 误译为 "弗吉尼亚管道财团终端"（应为 里海管道财团终端，CPC=Caspian Pipeline Consortium）。
• "Tether Gold" 和 "PAX Gold" 未翻译（应为 泰达黄金 和 PAX黄金）。
• "WeWork" 误译为 "WeWork 办公室"（应保留原文，或译为 WeWork共享办公空间）。
• "Lex." 栏目名称未翻译（应为 《金融时报》评论栏目 或保留原文）。
• "FTCH / MARKETSDATA" 误译为 "FTCH / 市场数据"（应为 金融时报/市场数据 或保留原文）。

• "HINSEYAGIR" 疑为报纸版面名称，未翻译（应为 《金融时报》亚洲版 或保留原文）。

• 建议：

• 统一专有名词翻译，或保留原文加注（如 CPC终端（里海管道财团））。

---

4. 遗漏与截断（WARNING 级别）

• 问题：
• 低中文密度区域（如纵横字谜、股市数据）被 完全遗漏，但根据审核要求，此类内容（如 天气预报、股价行情、字谜）属 正常过滤范围，不构成漏译。

• "Briefing" 栏目下的 "US inflation falls despite it as war's toll on economy" 段落在译文中被 截断，仅保留标题，缺少正文内容。

• 建议：

• 补充 "Briefing" 栏目下的完整内容（如通胀数据、WeWork分歧等）。

---

5. 格式与残留英文（WARNING 级别）

• 问题：
• 译文中残留英文：
  • "Cubes" 误译为 "立方体"（应为 内阁办公室简报室（COBR））。
  • "forepipe" 疑为OCR错误（应为 水务公司（water companies））。
  • "2026 2026 2026 2026" 等重复数字（疑为OCR错误，应为 2024-2026）。

• 格式混乱：

  • 图片说明（如 "img-0.jpeg"）未翻译或删除。
  • "QR code" 未翻译（应为 二维码）。

• 建议：

• 删除所有残留英文，统一格式（如图片说明、QR码）。

---

6. OCR源错误（SOURCE_OCR 级别）

• 问题：

• 原文OCR错误导致的翻译错误：

  • "£3.2ha" → 应为 £3.2bn（OCR将 "bn" 误读为 "ha"）。
  • "2026 2026 2026" → 应为 2024-2026（OCR重复错误）。
  • "80-lbms" → 应为 800万桶（8m barrels）。
  • "2001.75" → 疑为 2021.75（OCR错误）。
  • "10.0%" → 应为 12%（与标题索引不符）。

• 建议：

• 标注为 SOURCE_OCR，提示翻译团队核对原文扫描件。

---

7. 其他问题（WARNING 级别）

• 问题：
• "Harry's 'Law worth differently'" 等纵横字谜线索 未翻译，且译文中出现 "Donuts performance" 等无意义短语（应保留原文或删除）。
• "Glorious 12th" 误译为 "光荣的12日"（应为 “光荣的12日”（英国狩猎季开放日））。
• "Famous' Club'" 误译为 "'Famous' Club'"（应为 “名人俱乐部”）。

---

总结

• 阻塞性问题（BLOCKING）： 1. 日期错误（2016/2026 → 2024）。 2. 数字量级错误（$12.5bn → 125亿，非125亿美元；3.2ha → 32亿英镑）。 3. 关键术语误译（CPC终端、Tether Gold等）。
• 非阻塞性问题（WARNING/SOURCE_OCR）： 1. 幻觉内容（如Mark Walker）。 2. 遗漏（Briefing栏目正文）。 3. OCR错误（£3.2ha、2026重复）。 4. 格式混乱（残留英文、QR码未翻译）。

最终结论： 存在多处BLOCKING级别错误，需全面修正数字、日期及专有名词后方可交付。建议重新审核原文OCR质量，并补充遗漏段落。