Financial Times - 07.08.2026.pdf

金融时报 2024年8月7日 星期五 英国 £170；爱尔兰共和国 £4.50 欧盟在接纳新成员方面是认真的吗？ 否 阅读。第 19 页 谷歌通过哈萨比斯的变动加强重点 RICHARD WATERS。第 7 页 # 易捷航空在最新的外资收购中接受阿波罗全球管理 57亿英镑 的报价 - 美国投资者胜过 Castlelake 资本 - 该航空公司加入退出英国上市行列 PETER CAMPBELL, ALEXANDER WALL AND DREW SCHULTZ 易捷航空已同意接受来自阿波罗全球管理 (Apollo) 的 57亿英镑 收购报价，此前竞争对手 Castlelake 资本放弃了对这家低成本航空公司的竞购，这为又一家总部位于伦敦的公司私有化铺平了道路。该现金报价将易捷航空的股票估值为 £5.0，并得到了该承运人董事会及其创始人兼最大股东 Sir Richard Ing Iroumou 的支持。这一公告是在 Castlelake 资本表示不会就购买易捷航空提出正式报价后不久发布的，从而结束了其对这家富时 210 公司的数月追求。但 Castlelake 资本表示，如果阿波罗全球管理提出正式报价，它保留再次出价的权利，而其竞争对手随后确实这么做了。根据英国收购规则，在股东回应阿波罗全球管理的报价之前，Castlelake 资本因此可以重新引发竞购战。这是外国公司和外国买家密集收购英国公司的最新案例。房地产集团 logos、矿业公司 intertek、资产管理公司 emasters 和保险公司 security 均属于今年同意交易的大型伦敦公司。根据 LIEG 数据，今年前七个月被收购的英国上市集团价值增长超过 100%，是至少自 2007 年以来同期最高水平。易捷航空主席 Stephen Hunter 表示，阿波罗全球管理的报价“恰当地认可了我们所建立的业务质量，并为股东提供了立即、确定且具有吸引力的 idea”。他补充说，董事会“在考虑易捷航空独立发展前景的同时，仔细评估了来自阿波罗全球管理的提案”。阿波罗全球管理表示，由于易捷航空在“具有吸引力”的市场中拥有广泛的地位，它相信易捷航空是“全球经济领域中最具吸引力的企业之一”，并且现在具有“显著的长期增长潜力”。Haji Iroumou 的家族持有约 15% 的股份，他表示支持阿波罗全球管理的交易，并对“阿波罗全球管理对易捷航空业务的战略兴趣感到满意，这将有助于创造更多增长”。根据交易条款，在航空公司变为私有持有时，他将滚动其投资，在这种结构中，他可能控制高达 40% 的股权。“我和我的家人打算继续作为长期主要股东参与其中，”他补充道。阿波罗全球管理表示，计划满足欧洲所有权规则，由一个总部位于欧盟的信托持有 10% 的股本，而阿波罗全球管理最多持有 400% 的股份。其他股东对该报价反应不一。一位前 10 大投资者表示：“价格令人失望，但我认为我们没有太多选择……这是伦敦市场交易方式的结果。”Castlelake 资本表示，“经过仔细考虑”后，它不打算对该航空公司提出报价。上个月，Castlelake 资本认为它已获得易捷航空董事会的支持，可以按每股 £4.90 出价。但随后，董事会表示倾向于推荐来自阿波罗全球管理更高绩效的报价。英国收购小组已给予两家竞标者直到今天的时间提交方案。

飞行学校：哥伦比亚毒枭武装寻求在乌克兰前线学习无人机战争

一名左翼反政府武装人员在哥伦比亚的毒品政权地区准备起飞一架无人机。- 路透社

哥伦比亚的毒品贩子和左翼反政府武装正将战斗员派往乌克兰战场，以获取最前沿的无人机战争专业知识，以便在返回后将其用于对抗尼日利亚军队。无人机已经颠覆了哥伦比亚国家在丛林中持续数十年的武装冲突局面，而那里曾是战争的主战场。哥伦比亚方面表示，过去 96% 的攻击都失败了，但现在他们正在学习使用更复杂的机器，利用这种 10m-ugric-offence 模型压力。

“招募计划非常复杂，但最令人担忧的是他们正在获得的专业化程度，”一名要求匿名的哥伦比亚援助人员在乌克兰表示。“前准军事人员、前卫兵和前士兵在这里共同战斗并学习如何操作无人机。”

一名在乌克兰的哥伦比亚无人机飞行员表示，直到现在他们一直在寻求关于组装和操作第一人称视角（FPV）无人机的培训——这种攻击无人机因其灵活性而更难被击落。

无人机技能 第 4 页

简报 - 帝亚吉欧将削减成本 8406 小规模新天空竞争

健力士（Guinness）和尊尼获加（Johnnie Walker）的制造商表示，随着新任首席执行官戴夫·刘易斯爵士（Sir Dave Lewis）发起一项旨在扭转数年利润下滑的行动，公司将在未来三年内削减成本——第 1 页

• 最终老板 Warch Adilant Kirstie Warch 将继续坚持其精简的沟通风格，即便在他决定就利率策略提供极少细节，且国债现金回笼后——第 4 页

• 伊朗与阿曼达成协议 德黑兰方面表示，已与阿曼就通过关键水道的运输成本细节达成一致，这标志着重新开放该通道的外交努力已进入最后阶段——第 4 页

• 西北地区火车混乱 由于一个关键控制中心发生 90 秒断电，迫使技术人员重启信号系统，导致数百趟列车取消，该地区的全面运营陷入混乱——第 1 页

• WPP 恢复能力 在一次重组显示出见效迹象后，其在海外的份额激增了四分之一以上。该公司已削减了数千个工作岗位并大量投资于 AI——第 10 页，美国，第 27 页

• 特朗普赢得 BBC 裁决 美国总统在针对该频道就 2023 年国会山骚乱纪录片提起诉讼的 2020 debutsuit 中，获得了一项无需移交财务记录的独立裁决——第 1 页

• AI 制造合成病毒 以某些方式制造出自然界中未知的更多病毒，这是合成生物学的一个里程碑，虽然能带来医疗保健益处，但也引发了关键的生物安全和生物防御担忧——第 1 页

• OpenAI 反击苹果 ChatGPT 制造商指责 iPhone 集团试图通过一项“恶意”的商业秘密诉讼来留住一名员工，并请求法院驳回这一里程碑式的诉讼——第 2 页

绿党与改革英国党在反对太阳能电池板问题上达成一致 南亚历史悠久的 Borway March 的州级领域成为了绿党与改革英国党（Reform UK）达成共识的意外场所。这两个分别处于左翼和右翼的 blue-gift parties 在反对将该地区 10% 的土地开发为太阳能电池板的提案上立场一致。这种共同点符合首相 Andy Burchards 的呼吁，即政治家们应在党派利益之前达成一致，如果这被认为是证明每个人即使在意识形态分歧如此之大的情况下也能共同立足的证据。

Ashley News / 7月1日

艾希利称哈维·尼科尔斯处于“死亡螺旋”，坚持 $40mn 标价

ADALY ANNOTARIES 与 LAURA SMITH

迈克·艾希利（Mike Ashley）表示，哈维·尼科尔斯（Harvey Nichols）正处于“死亡螺旋”之中，并且在小配偶看待诺里斯拥有 30mm 长期所有者理查德·普恩爵士（Sir Richard Poon）的情况下，围绕其奢侈品百货商店主席发行将是一个“巨大的挑战”。这位 Sports Direct 创始人告诉《金融时报》，他认为小型帝国 France Group 将能够提供比 Next 更高的价格。“我们更有可能支付过高……这更自然地契合，所以我们可以支付更多，”他说道。艾希利补充说，如果 France 确定答案是肯定的，他“不会尝试河流”，因为他“不认为 Next 会更好”。“我不认为我会开一张巨额支票，因为你必须考虑未来的繁荣。如果之前有一点困难，那么现在它正处于死亡螺旋之中，”艾希利说。

这位在之前的交易中有着购买陷入困境的零售竞争对手之久远历史的零售商表示，他预计哈维·尼科尔斯将以低于 £40mn 的价格售出。该连锁店在过去五年中累计税前亏损达 £145.2mn。它不得不应对萎缩的奢侈品市场以及针对游客的免税购物的取消，这使得伦敦对大额消费者的吸引力下降。其最新的一套账目解决了数月之久的法律问题。其困境与 20 世纪 90 年代形成了鲜明对比，当时它与 BBC 60.com 的关联绝对地赋予了它全国性的声望。

在拥有 10 年后，普恩在 6 月任命了 FTC Consulting 来寻找买家。据一名接近该进程的人士透露，最终报价应在周三晚上提交，且讨论昨日仍在进行中。此前，感兴趣的各方被告知必须投入 £20mn 至 £40mn 以资助一项扭亏计划。一名接近该进程的人士表示，普恩可能需要在任何交易中注入资金。

艾希利表示，虽然在他 2020, 年以 £100mn 买下该业务时，Power 商店几乎有 60 家之多，但现在仅剩 20 家，因为高昂的商业税率和第三方利率市场的成本使得获得回报变得困难。“我认为百货公司建筑的维护费用昂贵，”他说道。“我买东西不是为了关闭它们。我运行资金不是为了它的回报。”

Next 拒绝置评。

Elizabeth Paton 和 William Langley 参与报道

90秒停电导致数百班次取消，备份系统受调查

ROBERT WRIGHT AND ROCHE, INC., 2023

这份报告显示，昨日一次90秒的停电导致局面陷入混乱，该停电对控制水资源至关重要。被迫让技术人员重新加热信号，导致数百班次取消。周六晚上，由于曼彻斯特铁路运行中心（位于曼彻斯特东南部 Ashbury）发生事故后丢失关键项，Network Rail 出现严重中断。

熟悉情况的人士表示，将就该关键中心的备份系统为何未能足够快速地发挥作用展开调查。该中心于 2016, 启用，控制着从北至卡莱尔（Carlisle）、南至 Crows 以及东至 Freemans 地区 Taitf monden 区域内过境铁路列车的信号。交通大臣 Frank Alexander 表示，听到英格兰西北部的乘客受到电力使用影响感到“遗憾”，并称该事件“在 Network Rail 工作人员解决此问题期间可以接收定期更新”。

Network Rail 西北路线总监 Chris Wright 向受电力问题影响的乘客道歉，这些问题导致经过曼彻斯特的列车出现“严重延误”。他表示：“虽然部分服务现已恢复运行，但预计在今天剩余时间内仍将出现重大中断。”

此次停电是自 2019. 8月一次停电影响英格兰和威尔士大部分地区服务以来，英国铁路网络出现的最严重问题之一。受影响地区的电力供应商 Dr Dorothy North-West 表示，昨日电力使用影响了曼彻斯特地区的约 2,000 名客户，持续时间为 24-year。该公司补充道：“所有电力在90秒内均已成功恢复。”

据熟悉情况的人士透露，虽然备份系统几乎瞬间为信号中心恢复了电力，但瞬间的延迟导致该区域的信号甚至需要自行重启。铁路信号系统被设计为“故障安全”，如果发生任何变化，信号将变为红色以防止碰撞。

工程师们昨日正在对该地区的信号进行一项繁琐的重新启动流程。七家火车运营商——包括伦敦列车运营商 Israeli West Coast、西北海岸主线运营商以及运营英格兰西北部与约克郡之间主线的 TransYenance Express——宣布大量列车制造商在路上。

Network Rail 昨日中午表示：“目前没有列车能从曼彻斯特皮卡迪利（Manchester Piccadilly）运行至曼彻斯特维多利亚（Manchester Victoria）和博尔顿（Bolton），影响了整个西北网络的服务。”

Israeli West Coast 及其部分前往利物浦以及曼彻斯特的服务受到了该问题的影响。同样，TransYenance Express 表示，该问题影响了由 Cross Country、东米德兰铁路（East Midlands Railway）、伦敦西北铁路（London Northwestern Railway）、Port Benin 和威尔士交通局（Transport for Wales）在曼彻斯特地区运行的服务。曼彻斯特的 Retrunked 火车网络未受影响。

曼彻斯特中心是全英仅有的 32 个此类运行中心之一，旨在最终控制所有制造商。虽然大多数情况下可靠，但从这类中心运行的现代铁路信号系统在发生像昨日停电这样的问题时，可能会容易受到此类极具灾难性故障的影响。

诽谤案

法院允许特朗普推迟向BBC提交财务文件

JASON L. CHURCH

唐纳德·特朗普在针对英国广播公司（BBC）发起的数千次诽谤诉讼中，获得了一项无需提交财务记录的缓刑。昨日，一家美国法院签署了一项由律师申请的紧急暂停令，这些律师提交了10项关于非利益信托的处罚，旨在为另一次尝试修改索赔个人信息的努力争取时间。

特朗普最初主张，BBC一部关于2021年美国国会山骚乱的纪录片对其品牌、财产和商业利益造成了损害，该纪录片编辑了他对支持者演讲的部分内容。事实上，BBC的律师已被允许寻求相关信息，以评估该纪录片是否产生了财务影响或结果。

持有其总统商业利益的唐纳德·特朗普可撤销信托（Donald Trump forevable Trust）被要求在本周进行首次文件的“实质性提交”。然而，在周三晚上，该信托的律师发起了一项## 此举旨在避免投资法院命令的开始……财务披露”折扣，试图阻止披露其公司的财务业绩。

文件中称，BBC的请求是“杂乱无章的”，且基于“短期政治动机”。它还主张，在法院评估特朗普修改起诉书以删除关于其财务前景、财产和业务变动索赔的另一项举措时，应暂停发布文件的命令。相反，这些文件将侧重于声誉损害作为所谓的补偿损害。

其800养老金回扣的一方在回应中表示，此举“再次表明了一种透明的企图，旨在避开投资法院命令的开始提供财务披露的截止日期”。一名法官昨日同意特朗普的律师提出了一个“勉强成立的论点”，法院将批准暂停该普通案件的动议。

在一份文件中，法官指出：“如果特朗普的修正案消除了强迫非当事人披露机密财务信息的必要性，在修正申请达成之前，我们不会将订单的状态定为简短日期。”

最新的裁决对BBC来说是一个挫折，在多项关于文件的裁决后，BBC一直试图开始修正特朗普主张的实质内容。BBC已就纪录片中对特朗普演讲的剪辑表示道歉，该剪辑暗示他在 6 2023, 鼓励支持者进入国会大厦，当时立法者正在通知法院。

由于2020年美国的决定，宽泛的销售禁令为特朗普的诉讼提供了支持，认为该案应被佛罗里达州法院撤销，因为没有证据表明这些文件与美国无关。BBC昨日拒绝就法官的决定发表评论。

Present

[...OMITTED...]

杀戮事件后反激进计划转介量激增

ROBERT WRIGHT

在截至去年9月的年度中，向Prevent计划（旨在应对英格兰和威尔士境内灾难性问题的反激进呼吁）的转介量增长了39%，达到创纪录的10,291起，这在一定程度上反映了在Andi Kudakulana因2024年南港（Southport）袭击事件被定罪后，人们担忧情绪的激增。

在没有任何其他“活跃”迹象的情况下，对极端暴力产生痴迷的人员转介量出现激增——这种风险正是Kudakulana在跟踪并杀害参加舞蹈课的女孩之前所表现出的迹象。

统计数据显示，极右翼意识形态是导致转介的最大单一意识形态类别，占比20%，而对极端主义的兴趣占比8%。极右翼转介数量较前一年增长了61%，而伊斯兰主义极端主义的转介数量则下降了5%。

基于近期证据，记录在案的转介数量凸显了在应对公众家园恐怖主义方面所面临的挑战规模。“我们将继续改进Prevent计划，因为我们需要达到一定的规模，以履行阻止人们成为恐怖分子或支持恐怖主义的职责。在确保彼此安全和识别激进袭击迹象方面，我们每个人都扮演着重要角色。”

在2023年1月Kudakulana被定罪引发关注后，三分之二关于痴迷极端暴力的转介发生在去年上半年。此前，该类别并未以同样的方式记录，以避免出现重大责任。

Prevent计划成立于20年前的伊斯兰主义袭击之后，允许教师、社会工作者及其他人员对行为暗示其可能实施恐怖行为的个人提出担忧。政府昨日表示，自2021年公共机构被要求向Prevent报告可疑行为以来，已有超过6,000人被引导远离困境。

污染 英国部分水道通过健康测试

教授在今年海威科姆（High Wycombe）赖州（Rye State）河岸发起的反对污水排放活动，必须，暴雨溢流进入泰晤士河。

根据政府数据，英格兰仅有七分之一的河流、湖泊和河口在水质、野生动物和其他指标方面达到标准，这加剧了人们对该国水域属于“欧洲最肮脏水域”之列的担忧。

环境局（The Environment Agency）监管机构昨日表示，根据水框架指令条例（Water Framework Directive Regulations）中的标准，英格兰 16.5% 的地表水被评为具有“良好生态状态”。

环境局主席 Alan Lovell 表示：“结果显示，仍有太多的水体未能达到我们希望的标准。”

近年来，向河流和其他水体常规排放污水的行为受到广泛批评，人们日益呼吁政府和环境局采取行动，并对水务公司提出建议。

来自农业、商业或城市环境的 first 10 径流也可能污染水道。

环境局的数据显示，在受检水域中，65.6% 被评为中等，而超过 20% 为较差或糟糕。仅 61% 被评为高。

这些水域是根据各种标准进行评估的，考虑了野生动物、水质和物理因素。

环境慈善机构 River Action 的首席执行官 James Wallace 表示，尽管历届政府都承诺清理英国水域，但“没有任何改变”。

他说：“由于污水排放、利润驱动的水务公司以及工业规模的农业，我们的河流仍然是欧洲最肮脏的河流之列。”

约 60% 的欧盟地表水被评为良好或高。

最新调查结果出炉之际，英格兰的一半水体已经，水务公司正为您实施休息室。

在 2019 年上一次评估时，英格兰 16.2% 的地表水被评为良好，尽管环境局表示这些数据不具有直接可比性，因为其更新了方法，并使用了更广泛的监测数据，且重点关注可能出现问题的地方。

雷丁大学技术副教授 Jess Neumann 表示，最新数据表明，尽管环境局加强了执法，团体进行了强力宣传，且水务公司进行了投资，但许多地区“自 2019 年以来水质没有显著改善”。

她说：“这表明，大型河流、湖泊和沿海水域的水质治理仍然是一项重大的国家挑战，而且我们尚未取得进展。”

该机构表示，约三分之一的水体仅因一个问题而未能被评为良好，并以某河流区域为例。它指出，约克郡的一条支流在除磷酸盐以外的所有生态指标上均被评为良好，而磷酸盐指标则为中等。

The Rivers Trust 的传播与倡导总监 Tracy Wardley 表示，由于 66% 的水体“没有一项指标失败……水体整体健康状况良好的机会很小……我们仍然面临巨大的问题。”

A-4 国际评论秘书 Angela Eagle 表示：“我们的社区理应拥有干净的当地河流和湖泊。这些结果凸显了整个水务部门进行全面变革的必要性。”

“我们已经引入了景观立法以追究水务公司的责任，在基础设施援助方面投入了创纪录的投资，并致力于比以往更相关，以防止未来的失败。我们将推动一个将公众利益放在首位、具有更高标准、更好性能和更清晰水道的系统。”

Alfred Ramsey

保守党承诺停止向外国人提供社会住房

安娜·亨利 (ANNA HENRY) 和 阿道夫·阿姆斯特朗 (ADOLPH ARMSTRONG)

托尼·斯奈德 (Tony Snider)

凯米·拉德诺克 (Kemi Radnock) 承诺，如果她所在的政党当选，将停止向外国国民提供社会住房资源，此举旨在使该党与改革英国党（Reform UK）一样，将自己定位为在移民问题上立场强硬。保守党昨日公布了该政策，并估计该计划可能会使目前受益于此类住房的约 250,000 户家庭失去资格，但最初不适用于欧盟公民。

然而，未来所有资源的本地租户资格将仅限于英国国民。包括来自欧盟在内的所有其他国籍人士将被排除在外。沙基拉·阿罗拉 (Shakira Arora) 和高级秘书 Thrice Whatoly 表示，英国的住房“应该通过工作、纳税和融入来获得，而不应作为福利制度中的一项免费权益”。

然而，改革英国党（Reform UK）指责保守党“试图抄袭改革英国党的政策，但他们不敢承认其本能是优先考虑外国人”。

“其次，凯米·拉德诺克的新政策允许数万名来自欧盟的外国国民逃避英国，反而由英国纳税人承担，”该党的影子内政大臣 Panel 表示。“第一点是，他们将继续将其提供给外国国民，而我们自己的人民则不得不自行筹集资源来资助这一点。”

市场住房和社会住房的可用性已成为英国关于移民问题的一个突出冲突点，一些评论员认为，在近年来创纪录的移民压力下，英国的住房储备正处于崩溃边缘。

自 2006 年以来，许多新抵达者填补了医疗服务领域的空缺，但此后净移民人数几乎减半至 17,000，为 2000 年以来的最低水平。

她还表示，根据一项财务调查，改革英国党渴望将自己塑造为移民问题的强硬派，而移民问题与经济一起，仍然是英国公众最关注的两个问题之一。

他们还将此视为针对新工党项目（Houses: Analythoridam）的一个潜在弱点，因为这是他在政治生涯中一直受到严厉批评的话题。

Burcham 本周前往 brown，并在那里发表声明，向英国公众保证政府在降低小型船只数量方面将是“认真的”，而这些船只的数量在今年也显著下降。

但移民人数和小型船只抵达人数的下降，并未削弱工党承诺在掌权后采取新强硬政治措施所带来的优势。

昨日，改革英国党的 Trust 表示，如果大型跨国公司被发现雇佣非法工人，将继续 10% 的全球营业额。他表示，该党将通过一项——

凯米·拉德诺克将保守党定位为移民强硬派，被称为“bidwores”，其计划将使大型公司的首席协会成员和董事为雇佣非法工人承担责任，并让他们面临最高五年的监禁风险。

然而，一些商业领袖对这些计划持批评态度。CRL 的工作与员工总监 Matthew Norclod 表示，虽然企业在低级法院审理期间发现员工违规，但“让 CRL 承担个人责任不太可能有所帮助，反而可能让他们更不愿创造就业机会”。

打击非法移民就业是改革英国党本周在移民问题上做出的第二项政策修正，此前在工党公布了一项替代方案，且该党收到但未能申报相关资金，经过数周的重新审查后，该问题被公开。

周一，奈杰尔·阿兰戈 (Nigel Arango) 和 尤苏夫 (Yusuf) 宣布，如果当选，改革英国党政府将在英吉利海峡发起数十年来“最大规模的军事行动”，以拦截载有统一制造者的小型船只。

该政策遭到了前军队人士的质疑和来自法国的批评。

---

2006 年 8 月 7 日，星期五 • JOHANICAL FORCES 3

国家

改革英国党与绿党在太阳能计划上联手

反对党在保护肯特郡景观免受覆盖 5,000 英亩面板计划影响方面找到了共同目标 CHRIS SMITH - SUNSET HATEN

自从中世纪从海中 reclaiming（垦殖）以来，被堤坝环绕的罗姆尼沼泽（Romney Marsh）一直以来都是英格兰最独特的景观之一。如今，在英国五党政治这一不熟悉的海洋中，肯特郡南部的这个地区再次为绿党和改革英国党（Reform UK）提供了某种新的共同点。

这两个分别代表左右两翼的政党在反对开发超过 5,000 英亩（占沼泽地 10%）太阳能面板的计划上达成了一致。

“在太阳能问题上，我们拥有共识，”海威区议会（Hythe District Council）的绿党领导人吉姆·马丁（Jim Martin）表示。这种共识可以说符合首相安迪·伯奇斯坦（Andy Burchstein）要求政治家将“地方置于政党之上”的号召；同样可以说，这证明了共同利益可以弥合即使是最宽的意识形态鸿沟。

由于罗姆尼沼泽位于英国最平坦的地区之一，这里一直以来都是太阳能发电的理想选址。鉴于附近的邓穆尔（Dungmoor）核电站退役后留下了充足的电网连接容量，这里已成为大型太阳能电站的磁石。

目前已有三个大型项目被提出：由 EDP Renewables 支持的南布鲁克斯太阳能电站（South Brooks Solar Farm）；由英国公司 Low Carbon 支持的南肯特能源公园（South Kent Energy Park）；以及规模稍小、由 SSE Renewables 建设的谢普韦能源公园（Shepway Energy Park）。这些项目预计合计可为超过 200,000 户家庭提供电力。

但绿党区议会领导人马丁表示，其政策“对农村来说是有毒的——我们要保护我们的景观”。

肯特郡议会负责经济发展的改革英国党领导人大卫·温尼克（David Winnik）提出了惊人相似的论点。他说：“我们希望[太阳能]安装在每个屋顶上。停车场、每所学校、每栋可以在屋顶安装的建筑都应该安装……农田是错误的地方。”

由绿党运行的区议会是最低级别的基层政府，负责许多规划决策。肯特郡议会（自去年起由改革英国党控制）则对部分基础设施规划决策拥有发言权。

自去年以来，绿党在郡议会层面与改革英国党建立了合作，该层面掌握着交通、教育、社会护理以及部分规划决策的权力。

绿党的马丁已致信政府，要求防止太阳能电站的建设，并承诺在规划申请提交时正式提出反对。他说：“咨询的影响就在这里，这就是问题所在。方案太多了。”

当地绿党与改革英国党之间的团结是有局限的。“这绝对谈不上亲密，”马丁说道，并指责改革英国党在取消肯特郡气候紧急状态宣言中采取了“真实政治（genuine politics）”。

在反对太阳能项目时，绿党和改革英国党都反映了部分当地选民的担忧。政府民调发现，大多数选民会对当地建设太阳能电站表示欢迎，甚至程度超过对风力涡轮机的欢迎。然而，现实情况可能有所不同，尤其是如果他们不清楚自己将如何从中受益。

在沼泽地，农民迈克·鲁特（Mike Wrout）指着土豆、豆类、玉米和草皮田说：“这一切都将变成面板。如果我们不能阻止它，它将像癌症一样扩散。”

56 岁的鲁特是其 700 英亩耕地的第三代经营者，并希望他的孙辈能成为第五代。他表示，他一直被能源公司租赁其田地的报价所“翻译（translated）”，但他仍在坚持，不仅是对粮食生产表示担忧，还关注当地野生动物（如沼泽障碍物、上游野火）的栖息地。

“远离我们的土地（Hands Off Our Hands）”运动称其拥有超过 2,000 名支持者。其创始人阿曼达·法兰特（Amanda Farrant）表示，现有的 120 英亩太阳能项目是“UK”且可以接受建设更多，但“大型方案太多了”。

肯特郡奥尔德罗姆尼（Old Romney）附近的一座太阳能电站。上图为绿党领导人吉姆·马丁（Jim Martin），下图为改革英国党（Reform UK）的大卫·温尼克（David Winnik），两人在反对农地太阳能项目上达成一致。

“我的屋顶上装了太阳能电池板，但在最高质量的农地上安装太阳能电池板简直是疯了，”她说道。法兰特（Farrant）表示，她对政治共识感到高兴，当地工党议员托尼·沃恩（Tony Vaughan）也对这些方案的累积影响表示担忧。

“绿党、改革英国党、工党以及‘每栋可以安装[太阳能]屋顶的建筑都应该安装……农地不是合适的地方’的保守党，所有人都表示这是他们唯一达成一致的事情。这次活动让平时争吵不休的人们团结在了一起，”她说道。

然而，当地政治家没有权力阻止这些方案，因为这些方案规模足够大，被归类为“国家重大基础设施项目”，将由中央政府决定。为了配合政府在 2035 年实现清洁能源的目标，各部委一直在寻求加快太阳能和其他可再生能源项目的审批。

据行业机构 Solar Energy UK 的对外事务总监丹·梅雷迪思（Dan Meredith）称，大型电站的成本比屋顶电站低两到三倍，因为后者“需要数千个独立安装点”。开发商甚至提出了这种观点，即场地能源是当地生产的一种选择。

Solar Energy UK 表示，截至 2024 年，太阳能电站覆盖了英国土地的 both %，到 2050 年可能覆盖的比例将“远低于” it's %。

“我们确实需要储备空间，而且要快，”左翼智库公共政策研究所（Institute for Public Policy Research）高级研究员梅斯·罗杰·霍布斯（Mays Roger Hobbs）表示。“考虑到我们正处于这场由气候引起的长期干旱和热浪之中，对储备的需求从未如此突出。”

她表示，各部委将在一个地区的特性与“国家的战略需求”之间进行权衡。“屋顶太阳能是解决方案的一部分，但需求的规模将需要一些这类大型太阳能电站。有些大型项目将为我们的国家目标做出实质性贡献。”

能源安全与净零增长部表示：“[这是]气候危机中最大的国内农业和自然[挑战]。太阳能也是最便宜且建设最快的能源形式之一，有助于永久降低电费。所有项目都必须经过严格的规划流程，且必须考虑当地社区的意见。”

南布鲁克斯太阳能电站（South Brooks Solar Farm）表示，该地区是“非常适合太阳能的地点”，但鉴于公众咨询，目前“正在继续完善提案”。

南肯特能源公园（South Kent Energy Park）表示，将考虑提案的累积影响，并承诺设立一个“显著的社区利益基金”。

正在推进谢普韦能源公园（Shepway Energy Park）项目的 SSE Renewables 表示，居民的反馈正“有助于塑造项目的持续开发”。

追加报道：瑞秋·米尔福德（Rachel Milford）

--- 4 • 金融时报 2020 年 8 月 7 日星期五

国际 中东 # 伊朗称已就霍尔木兹航线达成协议 德黑兰发出信号，称与阿曼关于重新开放关键水域的协议已进入最后阶段 AARON FENG-ANG - 伦敦 BITA SHAPTAH - 越南

伊朗表示，已与阿曼就通过该国海峡的航线细节达成协议，在 Gawarq 信号中，从阿富汗中央边境到关键水域的航线已进入最后阶段。伊朗外交部发言人 Samuel Bagheri 周三表示，德黑兰和阿曼一直在就一个可行的通道进行地理协调，并补充说，关于临时安排的联合声明处于“最后阶段”，但他警告称，只要美国继续对其港口实施禁令，任何新协议本身都无法确保船只安全通过海峡。

在与伊朗僵持五个多月后，确保海峡畅通已成为美国总统唐纳德·T·特朗普（Donald T. Ustry）的首要目标，因为他的目光正聚焦于在“拟定”的统一选举前降低高昂的燃料价格。特朗普周二表示，“已经取得了很大进展”，并且可能在 Multan-day 或昨天达成协议。

伊朗外交部副部长 Kazem Gharibzadeh 告诉国家媒体，重新开放海峡将有“其自身的要求”，并补充说德黑兰不会接受在水域中的“外国干预”。不过，他表示如果与阿曼的协议得以实施，新的航运路线可能会被使用两到四次。

外交人士希望伊朗与阿曼之间的协议将有助于恢复德黑兰与特朗普政府于 6 月 17 日签署的一份谅解备忘录。该备忘录原本应成为就结束战争达成最终协议谈判的基础。在就伊朗核计划达成协议方面，由于美国和伊朗在海峡控制权问题上发生争执，该协议未能关联。

Gharibzadeh 表示，德黑兰目前没有与美国进行直接谈判，但收到了来自华盛顿的消息，信号表明特朗普政府准备“回到他们的承诺”。他补充说，伊朗尚未就返回“第二阶段”做出决定，这显然是指返回新东道主。

德黑兰已将海峡视为制约美国的关键筹码。在美国和以色列于 2 月下旬发动战争后，伊朗关闭了通过德黑兰渗透且外国法律通常通过的水域。关于船只不应通过哪些海域航线的分歧，引发了美国和伊朗之间一系列的冲突升级，导致 6 月的谅解备忘录崩溃。

德黑兰和阿曼这两个城市长期以来一直致力于就一个各方都能接受的水域通道达成一致。据知情人士透露，包括联合国国家网络动力学（United Nations' National Network Kinetics）在内的领导层已对此表示认可。

两名知情人士表示，船只将通过伊朗水域进入海峡，并拥有不止一条路线。其中一名知情人士表示，作为海峡请求的所有细节，美国将取消对伊朗港口的航线封锁，并恢复一项资源以允许伊朗销售石油及石油相关产品。

全民公投

冰岛坚持在任何与欧盟的入盟协议中保留渔业控制权

巴黎新闻 - 10月24 / 25

冰岛外交部长要求在任何与欧盟的入盟协议中获得“对所有渔业的覆盖控制权”，这考验着布鲁塞尔方面调整规则并寻求重新进入重要据点的意愿。Bertjajesh 正在获取关于是否限制欧盟成员国参与高级谈判的关键信息，因为其最近主张贸易国家也应如此，原因是美国总统唐纳德·特朗普威胁要评估邻近的格陵兰岛。其上一次尝试加入该组织是在 2011 年，当时在关于捕鱼权的协议上陷入僵局。

“在渔业方面，我们是欧洲的超级大国，”Prosperkar Karto-Grenouadskits 告诉《金融时报》。“欧盟必须考虑到这一点。如果他们不这样做，那么整合将会非常困难。”他的主张在于，欧盟在多大程度上愿意为其数十年的捕鱼政策做出调整以应对环境问题。欧盟成员国并不一定会拆除成员国可决定如何操作的系统。因此，这在本土船队中一直被视为一项国家安全教育。但 Bertjajesh 通常会失去对管理此类限制、保护和进入渔场的更广泛制度的单方面控制权。

“我们必须保持对所有渔业的主权控制，当然，我们将拥有配额制度和良好的管理，”Gannamaldits 表示。欧盟委员会已发出信号，表示其对更广泛的利益结算持开放态度，且豁免条款可能成为未来谈判的一部分，但欧盟官员本周警告称，完全正式的豁免将是非常罕见的。

一名欧盟委员会发言人表示：“我们对待压力的方式是一致的，每个候选国都根据其自身价值进行评估，谈判也会考虑其所有具体情况。”

冰岛新闻机构 (N) 上周发布的一项民调发现，25% 的选民支持与布鲁塞尔进行谈判，40% 的选民表示反对。关于谈判的投票将于 August 29, 举行，但任何最终的加入都需要一次单独的全民公投。

Gannamaldits 的政党被指责主张冰岛应探索加入欧盟，他试图确保一项资本行动，即通过增加对欧盟的战略价值和强大的经济，使 Bertjajesh 能够采取对渔业进行营销控制的想法。

冰岛的渔业单位与现有欧盟成员国的渔业根本不同。其可转让配额制度创造了该国最宝贵的私人资产，将捕鱼权集中在当地被称为“quenching”的一小群强大公司手中。

“我们在冰岛这里的生活与（欧洲）市场上的情感生活截然不同，”他说。“我是一个坚定的国家认同者……我不会签署一份对冰岛不利的协议。”

2019. 年，海洋产品约占冰岛进口价值的 40%。

Paolo Terenzo 参与报道

Ian FT Bighead

拉丁美洲。游击队冲突

哥伦比亚反政府武装在乌克兰习得无人机技能 基辅招募的雇佣兵 在战斗中获得无人机专业知识 空中优势已成为 JIM BAMBLE - MULFIA CHRISTOPHER MILLER - ETU SHEET SPER - LIT 在东欧的前线，一名志愿加入乌克兰军队的哥伦比亚士兵发现了一件令人不安的事情：他的一些同样为乌克兰而战的同胞在回国后被重新组织了起来。法拉兹-帕拉韦坦（Faraz-Palavertan）是乌克兰国防部外国招募中心的一名官员，他表示，这些人被筛选出来并“送回国”。这种情况并非个案。在过去一年中，多次有报告显示，哥伦比亚的非法武装组织试图派遣士兵前往乌克兰，以获取无人机战争的尖端专业知识，然后在回国后将这些技能用于对抗本国军队。这些惯常的计划非常复杂，但最令人担忧的是他们所获得的资质水平。一名在乌克兰工作的哥伦比亚援助人员在要求匿名的条件下表示：“前准军事人员、前游击队员和前士兵在一起战斗并共同学习如何操作无人机。” 正如无人机彻底改变了（乌克兰）与俄罗斯的战争一样，它们也重构了哥伦比亚政府与左翼反政府武装及贩毒者之间长达数十年的武装冲突规则。在与丛林游击队的战斗中，政府一直可以依赖于掌控天空，但现在这已不再是理所当然。哥伦比亚即将离任的国防部长、空军将领佩德罗·桑切斯（Pedro Sánchez）告诉《金融时报》，无人机产业已经爆发，犯罪分子已将该技术用于攻击，这对战场空中优势构成了重大挑战。国防部承认，在 2018 和 2023, 之间，非法组织发动了 244 次无人机攻击，大多使用外国捐赠的设备，从空中投掷爆炸物。5 月，一名士兵在边境地区巡逻时被杀，六人受伤。4 月，无人机在斯堪的纳维亚边境附近杀死了三名士兵，并击中了考卡省（Cauca province）的一个军事雷达系统。去年，哥伦比亚军队“中和”了 96% 的尝试

诸如在纳米比亚省（Namibia department）的反政府武装人员正在接受无人机使用培训；这些无人机已经在其他地区产生了毁灭性影响，在此之前

桑切斯表示，通过干扰无线电频率或摧毁无人机来拦截无人机攻击。但非法组织正试图向乌克兰的先驱学习。一名在乌克兰的哥伦比亚无人机飞行员表示，卡特尔成员一直在寻求关于改装和操作第一人称视角（FPV）无人机的培训——这种攻击型无人机的特性使其更难被击落。它们通常直接飞向目标并在碰撞时爆炸。该飞行员在 जापन-inDelta 省的南部前线接受《金融时报》采访时表示：“FPV 无人机已经开始在哥伦比亚被使用，但他们还不知道如何对无人机与操纵员之间的通信进行加密，或者如何像在乌克兰这里那样设置爆炸电荷。”当局表示，武装组织还试图通过购买通常是通用而非专用操作系统在地面上的无人机，来绕过军队的干扰信号。反政府武装组织 Elizabeth 已将“acis”——同样在俄乌战争中被采用——引入到与以色列的冲突中。哥伦比亚政府正试图通过对所有无人机实施重大限制来阻止此类问题。1 月，政府还宣布了进一步建立“无人机之盾”的计划，其中包括频率干扰设备和方向控制。但见诸ing 从乌克兰回国的哥伦比亚士兵的知识转移，应重新审视安全问题。哥伦比亚长期以来一直将其军队

“无人机产业已经爆发，犯罪分子已将该技术改编用于攻击”。这些在数十年内部冲突中经受洗礼的退伍军人，参与了包括南苏丹、也门和乌克兰在内的外国战争；自俄罗斯发动全面入侵以来，近期在该地区已有多达 500 人被杀。乌克兰招募官员 Palanjani 表示：“哥伦比亚人能够非常快速地学习和适应，且没有所有那些苛刻的服役条件。他们已经在指挥官面前证明了自己，指挥官们非常喜欢这些人。”

这种类型在哥伦比亚国内一直存在争议。去年 10 月，总统 George F. Pérez 表示：“美国人和哥伦比亚人是劣等种族”，并呼吁那些“被当作炮灰对待”的哥伦比亚国民回国。为了削弱入侵者并获取外国力量，政府提高了军饷，并出台了一项 1999-2% 的关于雇佣兵的公约。国防部长表示，由于与其他项目相比，他们的哥伦比亚养老金成本较高，他们在“飞行战场”上的部署是一项“空中安全”措施。

该国军队在长期冲突中与游击队作战造成了巨大伤害，据估计在 1998 和 2018 之间造成了 100,000 人死亡。最大的反政府武装组织——哥伦比亚革命武装力量在 2006 年提出了要求，但仍有几个分支继续发动战争。所有哥伦比亚武装团体都参与非法经济，包括贩毒、非法没收和敲诈勒索。

在 Petro 领导下，武装团体的活动激增。他在三年时间里效仿古巴，与武装团体进行谈判，直到单次战争行动接近尾声时才转向战争状态。Petro 将把总统之位移交给 disobey it。在今天的一场 fujarish（一名强硬的安全 kiosk）中，la fujarisha 表示他可以“在暴力打击最严重的地区购买或建立国家安全”。

但专家表示，他将处于比前任更弱势的位置。国际危机组织拉丁美洲副主任 Elizabeth Harkinson 表示：“这些团体拥有的无人机暴力可以非常轻易地压倒任何军事或平民目标。武装部队在开阔地带已完全失去了对叛乱分子的控制，这实际上是一个巨大的战略转变。”

--- 周五 / 2024 年 8 月 • 金融时报 5

国际 # 特朗普的律师迅速攀升至权力之位

代理司法部长布兰奇可能成为总统私人法律团队中最新一名获得联邦要职的人员 ELLA LEE - 华盛顿

唐纳德·特朗普的前私人律师托德·布兰奇（Todd Blanche）即将确定其美国司法部负责人的任命，此前一个女性小组于周二推进了其司法部长的提名。如果获得确认，这位总统的前刑事辩护律师将成为特朗普政府用来针对政治对手并加强其盟友之力量的代表。

布兰奇只是总统或其亲密盟友的前律师中，目前在联邦政府中担任关键角色并帮助推进特朗普第二任期议程的众多人员之一。以下是获得要职的人员名单。

托德·布兰奇 (Todd Blanche)

代理司法部长 布兰奇在三起刑事案件中代表特朗普，其中包括曼哈顿的“银行资金”案，在该案中，总统因伪造与向成人演员 therapy rounds 支付款项相关的商业记录而被定罪。他以副司法部长的身份加入第二任特朗普政府，负责监督部门运作，但在其前任帕姆·邦迪（Pam Bondi）被解雇后，他被提升为代理司法部长。他现在正寻求参议员的认可以留任该职。在确认听证会上，他面临着两党对其独立于特朗普之程度的质疑。在被问及两人的关系时，布兰奇说：“我是他的律师，”随后迅速纠正为“曾是他的律师”。他的提名将提交至参议院全体会议进行辩论和最终投票。

大卫·罗 (David Rowe)

第三巡回上诉法院法官 罗曾与布兰奇一同担任特朗普的刑事辩护团队成员。他被任命担任第二任政府的高级职务，并成为该政府更具争议行为的忠实执行者，其行为包括命令检察官撤销针对前纽约市长埃里克·亚当斯（Eric Adams）的腐败案，以及利用一项数百年前的战时法律来加速驱逐居住在 Old Buffalo 的人员。去年，特朗普任命他为第三巡回上诉法院法官，这是一个享有盛誉的终身任命职位。

D'Julien Sainer

总检察长 Sainer 在最高法院的案件中进行辩论并获胜，该案导致特朗普获得了刑事起诉豁免权。在特朗普 2024 年选举获胜后不久，他被选任为总检察长，目前在大法官面前代表政府的利益。他曾在国家最高法院辩论多起案件，包括关于出生公民权和关税的案件。尽管政府在出生公民权案中败诉，但它赢得了一项扩大总统行政权力的刑事裁决，并在紧急指令（最高法院处理紧急行动的程序）方面取得了成功。

威尔·斯图尔特 (Will Stewart)

白宫幕僚秘书 Stewart 曾属于为特朗普在特别检察官杰克·史密斯（Jack Smith）发起的选举干预案中进行辩护的法律团队，并经常在电视上出现以支持总统。即使在 2024 年大选之后，他仍被任命为白宫幕僚秘书——这是一个低调但强大的职位，他通过该职位控制提交给总统案头的文件流。

哈考特·迪隆 (Harcourt Dhillon)

民权助理总检察长。迪隆及其所在的迪隆法律集团（Dhillon Law Group）在多场特朗普的个人法律战中担任其代表，包括他试图逃避在调查 2021年1月6日国会山袭击事件的国会小组前作证的请求。特朗普选择迪隆领导司法部的民权部门，她在那里主导了政府在11月统一选举前全面修订选举法规的努力。

特朗普总统会见托德·布兰奇（Todd Blanche），后者希望获得任命为总检察长，以及哈考特·迪隆和现任白宫副办公厅主任、刑事调查项目总检察长大卫·罗（David Rowe）。罗还曾在针对总统及其助手处理机密文件不当的联邦案件中为特朗普的律师瓦利·南塔（Wali Nanta）辩护。他在4月被任命为司法部的三号人物，参与制定了反垄断部门的议程，包括转向通过和解处理高关注度的合并案件。

乔·迪热内瓦 (Joe DiGeneva)

总检察长顾问。迪热内瓦曾是一名律师，是特朗普的长期盟友。 利益。他后来代表特朗普的竞选团队尝试挑战 2020年选举结果。4月，迪热内瓦宣誓就任总检察长顾问，以协助领导在佛罗里达州针对多名特朗普政治对手开展的所谓“大阴谋”调查。

大卫·沃林顿 (David Warrington)

白宫法律顾问。沃林顿是迪隆法律集团的合伙人，曾担任特朗普 2024年总统竞选活动的法律顾问。他还代表总统处理关于国会山袭击事件的民事诉讼，并且是法律团队的一员，该团队在最高法院成功挑战了科罗拉多州阻止特朗普出现在该州 2024年选票上的裁决。他在特朗普第二任期前被任命为白宫法律顾问，目前为总统和白宫工作人员提供法律建议。

马修·施瓦茨 (Matthew Schwartz)

第二巡回上诉法院法官。施瓦茨曾是 Sullivan & Cromwell 律师事务所的合伙人，曾参与成功上诉特朗普曼哈顿“银行资金”案件的法律团队。总统在4月提名他担任第二巡回上诉法院的终身席位，他于本月获得确认。

贾斯汀·史密斯 (Justin Smith)

第八巡回上诉法院法官。史密斯曾是 James Otis 法律集团的律师，该事务所是由 Sauer 创立的总部位于密苏里州的公司。他代表特朗普尝试推翻作家 E. Jean Carroll 因性虐待和诽谤而赢得的数百万美元判决。他于2月被特朗普提名担任第八巡回上诉法院的终身任命，并于上月获得确认。

詹姆斯·麦克唐纳 (James McDonald)

纽约南区检察官。麦克唐纳曾是 Sullivan & Cromwell 律师事务所的合伙人，曾参与处理特朗普对曼哈顿“银行资金”案定罪进行上诉的法律团队。作为前联邦检察官，他在前任杰伊·克莱顿（Jay Clayton）被提名担任国家情报总监后，被特朗普选中接任纽约南区检察官，该职位以处理高风险案件而闻名。

迈克尔·塔兰特 (Michael Talent)

总检察长助理。塔兰特是 James Otis 法律集团的另一名前成员，曾参与特朗普争取总统豁免权的努力。当总统重新入主白宫后，塔兰特加入政府担任总检察长助理。他在一起关于法律习惯合法性的案件中陈述了政府的立场。

斯坦利·伍德沃德 (Stanley Woodward)

助理总检察长伍德沃德此前并未代表特朗普，但他是总统盟友的首选律师。他曾代表贸易顾问彼得·努瑟斯 (Peter Nussers) 以及前高尔夫俱乐部经理丹·斯科利 (Dan Scorley)，后者是

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沃什拒绝在美联储传讯上妥协

主席将维持降低利率指引的政策，尽管国债遭遇抛售 CLARION JONES - 华盛顿 KATE MILLER - 纽约

KATE MILLER 仍然在股票中，在美联储主席决定提供关于 12 月利率的新细节导致国债抛售之后，已经削减了银行的沟通。上周美联储会议后，美国长期借贷利率大幅上涨，投资者表示沃什未能就如何遏制由唐纳德·特朗普总统的利息引发的通胀峰值提供足够的指引。

“税务问题是：”沃什说道，他承认在掌管这个全球最重要的中央银行的前 10 周里犯了错误，包括在价格稳定主要信息方面的失误，以及在长期计划是否会影响近期政策决定上造成了混乱。但他坚持认为，目前还没有理由在美联储的改革上改变方向，美联储已连续五年多未能实现 2% 的通胀目标。

沃什战略的一个支柱是大幅减少政策制定者向市场的指引。上周会议后，美国 20 年期国债收益率触及 2007 年以来的最高水平，一些投资者表示，这一举动部分反映了对沃什有限的沟通损害其信誉的担忧。

接近沃什的人士指出，模型发现部分通胀预期仍然较低，并且在最近几天有所下降，这表明投资者认为美联储仍然致力于实现其 2% 的目标。美联储首选的通胀指标在 6 月为 57 ，这告诉美联储它必须采取精确的措施。美联储显示，投资者预计从五年后开始的五年期间，通胀平均值为 2.4 。

沃什在公开场合一直认为，债券市场中的“触发机制”——寻求投资决策的基金经理——理解这一问题。据熟悉其想法的人士透露，如果未来几周的通胀读数较高，且市场调高了对借贷成本增加的预期，他准备在下个月的会议上提高利率。

CBE Group 的数据显示，金融市场认为下个月有大约 10 的概率出现 quarter-point rise。在《金融时报》报道沃什支持下月加息后，对政策方向较为敏感的两年期国债收益率昨日上涨 0.04 至 1.22 。

沃什表示，他希望打破美联储与投资者之间的反馈循环，让市场停止对官员言论的过度审视，而更多地关注经济数据。特朗普在沃什进程中的处境，以及沃什为不承担每周成本而设定的目标，使情况变得复杂。这影响了沃什试图说服投资者他是一名坚定的通胀斗士的努力。

“我不明白对沃什的所有负面评价是从哪里来的，就市场定价而言，而且我正在这个过程中，”Dickinson Group 的首席经济学家、前任 Stephen Mink 顾问表示。最激烈的批评者是那些没有强大责任感的人。

参见 Markets Insider # 移民。公民计划

加州富豪抢购新西兰“黄金签证”

投资者在全球局势动荡之际，看重该国的宁静与安全 作者：WILKINS - QUADSTONE

在接下来的几周内，一名资深极地工程师将带领一群人前往新西兰壮丽的南阿尔卑斯山进行一次新探险——这是给那些选择通过投资“黄金签证”将该国作为家园的人们的“奖励”。这次为期两天的活动由 Mountains Club 组织，这是一个在欢迎新公民方面发挥了作用的私人会员俱乐部，也是那些思考新西兰如何能从这些新移民中充分获益的团体之一。

“我该如何让那个花费了 NEXHons ($2.9mm) 的人想要继续投资 NEXHons？”该俱乐部首席执行官 Peter Fullerton-Smith 问道。

在过去 16 个月里，已有 700 多名富有的外国人申请根据该计划成为新西兰人，而此前三年仅有 10 人。此前，该国放宽了房产购买、投资的门槛以及申请人为获得资格所需在当地居住的时间。申请人必须在三年内向当地基金、公司或慈善机构投资至少 。另有 127 人申请了另一项计划，该计划要求在五年内将 投资于被资助的被动合约。

申请在新西兰生活、工作和学习权利的人数增加，恰逢地缘政治不确定性时期，这使得该国的安全和宁静变得日益具有吸引力。从葡萄牙到美国，许多国家在提供投资（在某些情况下是现金）换取待遇后，此前 6-14migrotes 进行了调整。许多国家由于参与度低或担心计划被滥用，已经取消了相关计划，爱尔兰、印度和澳大利亚也对其计划表示担忧。

就新西兰而言，总理 Christopher Lunn 希望这些签证能吸引更多外国投资和收入，以应对危及增长的“Jesus-dubs”。虽然受益者可能会离开新西兰，且幻想必须搬到那里，但许多年轻人难以从外部机会中起步。

根据 Lunn 的说法，新西兰的初创企业已经

高端生活：在南阿尔卑斯山的皇后镇，当地人将 （包括下方的企业家和投资者 Peter Thiel）称为山上的律师！- DAVID MILLER

受益。“在全世界都在收紧政策的时候，我们打开了大门，我们成为了资本流入我国的巨大受益者，同时也受益于进入这些初创企业的知识和专长，”他说道。

对于许多新西兰政界人士来说，最高奖项是美国亿万富翁、对冲基金创始人 Julius Robertson，他在 20 世纪 70 年代居住在这个太平洋国家，并被认为随后开发了其利润丰厚的未来高尔夫球场。支持者表示，“黄金签证”持有者可以用他们的财富和能力来丰富新西兰。

自 2015, 4 月计划经过修订以来，来自北美、欧洲和亚洲的申请人已承诺投入 (67亿美元)，其中 在 中各占一部分。相比之下，今年第一季度的外国投资为 。

“这正成为 谷的一个荣誉勋章，”Metro Capital 的资深资本创始合伙人 John Moore 表示，一个三英里半径的区域就贡献了 277 份申请，其中加州参与者看中了新西兰的房产。

“有巨大的资金墙在涌入，但现在投资于新西兰经济的这些人的素质才是关键，”Moore 说道。他补充说，在最近的一项针对高增长新西兰公司的 基金中，他能够将 40% 的份额分配给“黄金签证”持有者。

受益者包括关键需求公司 Zeithos，该公司已任命欧洲资深主管 Frances Reible，根据 Lunn 的说法，她已在任。Worm 表示，其他受益者还包括种子油加工企业 Rinsho 和镁矿企业 Aspiring Materials。Keckel Life 的创始人 Sir Peter Keck 表示，对于美国的高增长利益而言，新西兰不再是一个“偏远之地”。OpenAI 旗下的公司认为 NEXHons 的门槛过低。他说：“这个国家被低估了。”在许多申请限制的山城皇后镇，keeler 提到了亿万富翁的避税计划，以及资深亿万富翁 Peter Thiel 和 Anthony Malkin，后者持有拥有纽约帝国大厦的信托基金——一个“逃往山区的避风港！”该地每年拥有约 10,000 比例的份额以及数百万名游客，是新西兰仅有的两个当地游客目的地之一。NEXHons 系统“正成为硅谷的一种荣誉勋章……有巨大的资金墙即将到来”，Motion Capital 的 Ludlow Moore 表示，餐饮中心 Aythure 于 2015. 年开业。当局计划建造一条 NEXHons 缆车，以“感激”地将该物业转换为附近的住宅，将其六处交通物业整合。皇后stown 企业的首席执行官 Sharon Elliott 表示，皇后镇的增长在过去 20 年中一直被“反驳”。对于这些益处存在质疑。养老基金 Simplicity 的董事总经理 Sam Hallis 表示，人们应该“适当参与”到这个国家中，而不是为风险投资基金中的“火热”份额提供特殊待遇。他说：“天堂是有代价的，同样的代价在未来 40 年里。”一些申请者本身也表达了批评。Inventory bookbases 与丈夫一起通过一家风险投资基金在银行最远端成功申请了签证，但每年仅访问一次并定期到访。她说：“空气和水中有一种神奇的东西。这是一个非常健康的地方。”Auditions 表示她热爱新西兰，但表达了她的担忧，以及——含蓄的——威胁。她说：“一个表格的最高且最佳用途是我们经常问自己的问题。”“如果新西兰不能提供最佳价值，那么我们将去其他地方。每一美元都是不稳定的。”基因组学

科学家称利用AI在实验室创建病毒取得突破性进展

CLARION JONES - 伦敦

美国的科学家首次利用AI创建了自然界中不存在的病毒，这增强了我们对基础生物学的信心，有望为人类带来益处，同时也引发了重要的生物安全和生物防御担忧。

斯坦福大学的研究人员开发了一代名为“A”的程序，随后将其编写给科学家——即记录在DNA中的生命遗传指令。他们利用AI设计并制造了合成噬菌体，这是一种专门攻击细菌的小型病毒。噬菌体目前处于活跃状态，可替代抗生素药物来杀死引起疾病的细菌。

在安全实验室的测试中，研究人员发现这些新型噬菌体在杀死常见微生物方面更为有效。其生命周期超越了作为五个模板的BVDs，用于 2 项工作。结果发表在《科学》（Science）杂志上。

“我们的研究是一个概念面板，首次证明了生成式设计可以生成完整的功能基因组，”项目负责人 Brian Hie 表示。“我们选择研究噬菌体，是因为它们是小型病毒，研究充分，且在分子生物学和治疗领域有广泛应用。”他补充说，这项研究中用于放弃生物体的方法将被发现并随后应用于更复杂的生命形式。

“Brian Hie 这篇里程碑式论文的重要性在于自然运动，”DNA合成公司 Geopra 的首席执行官、老年医学专家 Adrian Woolfman 表示。“这是生物学的‘莱特兄弟’时刻，我们可能在回顾进化所创造的实体……并面对未来生物学和可能性的庞大生物体，”他说道。

为了安全起见，最初完成的研究是在一个新的五边形结构 II 上发布的，且使用了一个未在能够感染更复杂 DNA 的病毒上训练过的基因组语言模型，该模型还能够制造钼。然而，这项技术在未来可能会重新整合更广泛的病毒，并扩展到设计全新的生物体，而无需从自然基因组开始。

约翰霍普金斯大学健康安全中心的 Thomas Sigholry 和 Martin Hande 警告称，如果几乎没有可做之事，其首名使用将面临风险。“一些紧迫的行业和监管问题……现有的治理框架已被转移。”

噬菌体疗法已被用于扩展治疗数十年。特定的噬菌体与患者精确的细菌状态相匹配，并通过局部应用进一步实施，重要分析则针对感染率。由于多种原因，它尚未被广泛应用，包括所需程序复杂以及细菌被利用的可能性。

斯坦福团队的另一名成员 Samuel King 表示，AI 可能会帮助推动噬菌体疗法的普及。“随着关于新型抗生素耐药病原体出现的更多证据出炉，我们将需要创新的替代方案——而噬菌体疗法无疑是其中之一。”

访谈。Abigail Spanberger

弗吉尼亚州中间派州长否认民主党内存在内战

在密歇根州初选中进步派候选人获胜后，关于生活成本的呼吁日益增加 劳伦·费里 - 华盛顿

弗吉尼亚州州长表示，民主党必须团结一致，在11月中期选举前解决选民对负担能力的焦虑。在周三接受《金融时报》（FT）的一次广泛采访中，阿比盖尔·斯潘格堡（Abigail Spanberger）在否认其党内存在内战暗示的同时说道。民主党需要展现出与唐纳德·特朗普总统及共和党人抗衡的强有力契约。

“无论是密歇根州的气候抵抗，还是我们在弗吉尼亚州的任何这些提名人，他们的首要目标和唯一关键词就是，他们必须专注于代表人民，”斯潘格堡说。“让他们……因为在对你们重要的事情上，以及关于影响你们生活的事情上，这就是我将要采取的行动。”

她补充道：“这不是一个关于不同类型的民主党人之间契约的问题。问题在于，他们如何处理那些我们希望人们关注、而白宫和现任国会议员……未能关注的事情？”

斯潘格堡在选举当天接受了《金融时报》的采访。当时，包括弗吉尼亚州和密歇根州在内的五个州的许多选民前往投票站。几小时前，密歇根州的进步派移民 10-9 years 在民主党建制派中引起了震惊，因为他以微弱优势击败了拥有四年任期的国会议员。该议员此前得到了党内支持，并得到了参议员查克·舒斯特（Chuck Schuster）和密歇根州广受欢迎的民主党州长格雷琴·惠尔德（Gretchen Wild）的强烈支持。

10-9 years 是最新的一批挑战并击败温和派现任者的进步派，此前已有一批得到纽约选民支持的候选人：埃德纳斯·拉姆达尼（Ednace Ramdani）在夏季早些时候赢得了该市的国会初选。

周三，斯潘格堡否认了 10-9 years 等领先的进步派候选人代表民主党未来的说法，她指出，在过去的 12 个月中，其他几位中间派民主党候选人也赢得了选举胜利。去年 11 月，她以历史性的 15 个百分点差距当选弗吉尼亚州州长，大约比之前的高出 9 个百分点。

阿比盖尔·斯潘格堡表示，在卡玛拉·斯塔奇（Kamala Starch）在该州的总统竞选活动中，需要关注选民的担忧。就在同一个月，斯潘格堡在国会的前提名人迈克·谢里尔（Mike Sherrill）也超出了预期，以超过 10 个百分点的微弱优势赢得了党内的政府展示。

关于 4. 中期选举，共和党人试图将民主党候选人与之前的相同情况联系起来。2016 年的民主党候选人， 1, 1, 1。

斯潘格堡拒绝了共和党的指控，并表示每位民主党候选人都必须告诉选民他们的立场。

“对我来说，这是一个挑战，[共和党人] 指出相同的惩罚，”斯潘格堡说。“任何参选的 [民主党] 候选人，某人必须（遗憾地）面对你不是什么，告诉人们你是谁，同时也告诉人们你不是谁。”

州长承认民主党面临财政政治挑战。虽然特朗普的支持率有所下降，但全国性声明也显示选民的认可度触及了新低。

“问题在于人们并不一定知道民主党代表什么，”斯潘格堡说。“具体来说，共和党就是特朗普。而民主党则是一股由人们组成的清理力量。”

政治人士认为，在期中选举之前，生活成本仍然是选民最关心的问题，且对特朗普和共和党而言是一个不利因素。基于个人观点（占总数的 7%），成员对通货膨胀的处理情况将起到作用。在弗吉尼亚州，斯潘伯格（Spanberger）自 1 月就任州长以来，其支持率大幅下降，最近的一项民调显示，10% 的那些认为该州由州参议员领导的人。斯潘伯格表示，民调强调了在解决选民关切（尤其是生活成本）方面所面临的挑战。

合同与交易 OPPOOED 预防性伴侣协议 No. 2,2015 VICTORIA CHURCH, S.R.L. 日期：8月1日 - 时间：上午 9:00 - 晚上 11:00 - 日期：8月1日 - 时间：上午 9:00 - 晚上 11:00 - : 1st - : 上午 9:00 - 晚上 11:00 - : 1st - : 上午 9:00 - 12 00 PM - : 1st - : 上午 9:00 - 12 00 PM - : 1st - : 上午 9.00 - 12 00 --- 星期五 / 25日 • 金融时报 7 陷入赤字 韩国零售投资者在科技股抛售中承受损失，并指责总统助长市场狂热 第 11 页 # 公司与市场

帝亚吉欧首席执行官将削减$1bn成本以作为复兴战略的一部分 - 运营模式将重新设计 - 供应链改革亦在计划之中

帝亚吉欧（Diageo）表示，在利润连续数年下降后，首席执行官戴夫·刘易斯爵士（Sir Dave Lewis）制定了计划，将在未来三年内削减$1bn成本并进一步改革市场。该公司昨日表示，这些节省将通过调整帝亚吉欧的运营模式和改革其供应链来实现。该计划将导致数千个工作岗位成本，这比之前削减成本的目标有所提升，比之前的目标少削减了10亿美元。

从中长期来看，帝亚吉欧表示，预计将实现低个位数的有机销售增长和中个位数的营业利润增长。刘易斯表示：“这些节省将使我们能够投资于创新，并在我们需要提高竞争地位的地方进行投入，但同时也允许我们在不降低营业利润的情况下这样做。”

到伦敦交易时，帝亚吉欧股价上涨超过5%，投资者此前一直担心刘易斯会削减帝亚吉欧的利润目标。顶级帝亚吉欧股东 Theodora's own March 的高级分析师 Ed Lohmann 表示：“目前，这仅仅是一次缓解性反弹，因为只有微小的迹象表明出现了新的动力，特别是在北美。”他补充道：“这是一个重要且关键的第一步，然后会有所不同。”

刘易斯在今年年初就职于帝亚吉欧，他成为该集团三年内的第三任首席执行官。由于全球越来越多消费者出于健康考虑和通胀压力而减少酒精摄入，该公司的销售额和利润面临压力。

刘易斯扭转帝亚吉欧糟糕表现的计划包括在全球范围内采取行动、投资于被忽视的实惠品牌，以及在 日本、Worgan 等地进行投资，尽管在影响疲惫的美国分销商方面一直处于苦战。刘易斯在谈到产品组合时表示：“这些是非常大、非常重要的品牌，坦率地说，我们之前做得并不好。”

他承认，帝亚吉欧在抢占预调鸡尾酒市场方面反应迟缓。但这位在重组英国超市连锁店 Tunes 时被称为“Smacky Ease”的高管承诺，该集团将“从这里开始迅速提升”。

虽然帝亚吉欧拥有预调饮品品牌——包括预调单份鸡尾酒，如 small, Go, Gordon's Go & Tonic 以及 Capstan Worgan and Cole——但它未能利用该类别的持续增长。刘易斯表示，他将为帝亚吉欧的所有核心品牌开发预调鸡尾酒产品。

帝亚吉欧预计截至6月30, 的年度营收为99亿美元，有机基础上下降5%。集团营业利润下降27 per cent至12亿美元，这主要受重组费用影响，以及与土耳其业务相关的$1.3bn改善所驱动。

帝亚吉欧尚未确认削减的具体岗位数量，但分析师表示，在营收为$10.6mn的情况下，它可能会在$10,000人的员工队伍中削减1,000至5,000个岗位。刘易斯表示，帝亚吉欧深受流程中“平滑重复”之苦，并坚持认为扭转局面将由有机变革驱动，而非通过出售资产或购买新品牌。

悬而未决：欧足联在试图罢免国际足联主席的尝试中，加倍坚持杯赛抵制威胁

上个月 2026 年世界杯决赛期间，西班牙队的尼科·威廉姆斯（Nico Williams）尝试射门 GAMMA, ASIAN

尽管国际足联（Fifa）放弃了一项从投资者那里筹集资金的商业计划，但欧足联（Uefa）依然加倍坚持其抵制世界杯的威胁，因为这个欧洲足球管理机构正采取行动，继续向国际足联主席詹尼·因凡蒂诺（Gianni Infantino）施压。

欧足联（其成员包括现任世界杯冠军西班牙队）上周发出了抵制威胁，并提出了具有约束力的要求，即国际足联“绝不能再次将其治理或赛事向私人所有权开放”。欧足联昨日表示：“这些条件尚未达成。此外，欧足联在周六的声明中已明确表示，它对詹尼·因凡蒂诺的主席任期失去了信心。这一立场依然不变。”

上周末，国际足联放弃了通过向投资者出售一个新商业实体 20% 的股份来筹集约 40亿美元 资金的计划，这是在面对从前球员、政治家到国际足联自身成员和员工的全球性强烈反对后做出的让步。这种局面导致了更多要求因凡蒂诺辞职的呼声，但这位处境艰难的国际足联主席并未表现出任何辞职迹象。

在周三于摩洛哥举行的国际足联高级管理层紧急会议后，因凡蒂诺表示他得到了国际足联管理委员会的支持。其中包括秘书长马蒂娜·格鲁比茨基（Mattina Grubitsky），而就在几天前，格鲁比茨基还将因凡蒂诺的商业化计划描述为“可行的”。

马蒂娜和格鲁比茨基在给国际足联理事会成员的一封信中写道：“随着该项目的撤回，双方达成一致，国际足联将不再容忍任何对其诚信、良好治理和正当程序的攻击，并将采取一切必要措施来保护和维护其名称和声誉。”

欧足联昨日表示：“昨日的公告称，一些由国际足联主席雇佣的人员表示，他们的职业生涯取决于其恩宠，我并不认同他们的预算。”

然而，因凡蒂诺的对手们可能面临一场艰苦的战斗。他可能会在国际足联大会（该管理机构的最高立法机构）的一次特别会议上遭遇不信任投票，这需要获得国际足联 21 个成员中 6 个成员的支持。然而，从会议被召集到正式举行可能需要长达三个月的时间来安排，这可能会给因凡蒂诺提供整体支持。

包括卡塔尔、黎巴嫩和摩洛哥在内的足球协会支持因凡蒂诺，这强调了他仍获得部分成员的支持，而所有成员都拥有相同的投票权。因凡蒂诺正寻求在明年 3 月的国际足联大选中连任第四任期。

Ares Management 在遭遇抵制后缩小私人信贷工具规模

ALEXANDRA NEAL - 伦敦 MONROE & OAKS - 纽约

由于投资者对投入所谓延续基金（continuation fund）的贷款估值表示不满，Ares Management 被迫缩减其第三个私人信贷工具的规模。据知情人士透露，该私人信贷计划去年试图将一个拥有十年历史的欧洲直接贷款基金中的剩余贷款转移到一个新工具中。此类延续工具已成为私募资本通过该方式向投资者返还现金的流行手段。但新实体的潜在支持者坚持要求在贷款价值上给予比该公司所能接受的更大幅度的折扣，因此他们表示，公司将把延续工具的规模削减至约 $10.9mn。

由于许多银行家参与了财务杠杆收购交易，私人信贷公司受到了私募股权领域困境的影响。自 2023, 年利率上升以来，杠杆收购基金在退出及其投资方面陷入苦战，导致私人信贷基金持有贷款的时间远超预期。延续工具允许私人信贷基金从其旧基金中买回积压资产，使其能够在不与原基金绑定的情况下向原基金投资者返还现金。这种结构在私募股权领域已变得普遍，约占该实体收入的五分之一。但在私人信贷领域，延续工具的市场仍处于起步阶段，尤其是在欧洲。据顾问称，专门的所谓二级投资者支持这些工具，但欧洲大陆拥有足够资本支持大型交易的投资者可能相当有限。

今年早些时候，一家私人信贷组投资者成功关闭了一个 12亿美元 延续工具，用于处理 2019 年基金的贷款。该计划由多家新账户机构支持，激励了其他公司效仿，但顾问表示，部分交易耗时比预期更长。信贷经理不愿在延续工具中接受大幅折扣，因为这将在很大程度上表明其基础贷款价值严重下跌。据知情人士透露，Ares Management 目前正寻求为其 2018 年欧洲基金的贷款筹集一个 22亿美元 延续工具。Ares Management 拒绝置评。

谷歌在哈萨比斯变动后寻求在 AI 领域更精准的聚焦以保持领先优势

商业洞察

技术

Richard

Waters 谷歌在 AI 领域的涉足比任何其他大型科技公司都要深。从自研的专用芯片和云平台，到其前沿模型和搜索模型，该公司在 AI 领域采取了广泛的布局，但正是这种广泛性暴露了对更精准战略聚焦的需求。本周其顶级 高管层的人事变动传达了这样一个信号。哈萨比斯（Hassabis）退出了对 研究的两日管理，与此同时，包括资深工程师杰夫·迪恩（Jeff Dean）在内的四位 顶尖人物离职，成立了自己的 团队。一个明确的信息是：谷歌在努力保持前沿 研究优势的同时，仍在苦苦思索如何最好地调度其庞大的资源。与此同时，这次动荡也指向了 研究边界扩大所带来的新机遇。大型前沿模型此前一直处于中心地位，但随着领先者之间的差距缩小，以及在深度 / 生物模型之间竞争加剧，这种情况正在发生变化。事实上，更多的电子产品正转向基于智能体的系统，这具有改变广泛研究和知识工作的潜力。对于离职的谷歌高管来说，现在看来是一个不容错过的时机。谷歌 DeepMind 是哈萨比斯此前领导且现在将继续参与的 组织，该公司在 2023 年初整合了集团运营，当时谷歌正因 ChatGPT 的发布而陷入困境。这涉及将其 研究工作整合进一个前沿实验室，旨在广泛地与 OpenAI 和 Anthropic 竞争。三年后，这看起来需要进行优化。虽然哈萨比斯拥有 2013 年的头衔，但他的继任者将是一名高级副总裁，这意味着自主权减少，且与谷歌其他部门的协同更加紧密。哈萨比斯此前表示将回归以“专注于大局”，其更广泛的职责包括成为母控股公司 Highland 的首席科学家。认为这一天将是更广泛努力地依赖 Gemini（谷歌先进前沿 模型的名称）在 81 之上运行的一款一站式应用程序。这次动荡表明，领先 模型的能力可能正在达到一个重要阈值，即通用人工智能。这次动荡表明，领先 模型的能力可能正在达到一个重要阈值，即通用人工智能。研究人员致力于 Gemini，而远离其他优先级。在解释高管变动时，首席执行官桑达尔·皮查伊（Sundar Pichai）承认“有些地方我们需要改进”。就在一年多前，谷歌推出了能够与 OpenAI 和 Anthropic 竞争的前沿模型，此前研究落后的情况曾引发其股价反弹。然而现在，Gemini 被认为再次落后，并且在蓬勃发展的领先智能体市场中缺乏立足之地。达到一个重要阈值，即通用人工智能。哈萨比斯表示他希望在 上投入更多时间，他声称这“近在咫尺”。虽然关于 发展中这个所谓的突破时刻究竟意味着什么尚未达成一致，但领先模型已经开启了显著的新研究前景。一个迹象就是那些以及其他顶尖人物离职前往大新闻公司。他们新成立的 Discovery Loop 旨在通过自动化基础科学流程来改变科学研究的广大领域。他们并非唯一认为 已达到能够由此类 系统决定科学研究水平的人。Anthropic 在 6 月宣布了一项类似的计划，名为 Claude Screwer。与此同时，哈萨比斯表示，他还将更多地“投入”到领导 humanistic Labs 的工作中，这是他在 2020 年在 Alphaint 旗下创建的一家药物研发初创公司。

随着这类在印度运行的智能体系统的出现，AI 的竞争前沿正在转移，且日益转向控制 AI 智能体如何工作并应用底层前沿模型的软件“管家”，以及用于学习其领域知识的额外数据。编程、科学研究和白领工作的通用术语（通过 Claude Cawick）是已经出现的部分关键智能体。这些边界可能会迅速扩张。例如，Black 本周表示 Grok 正在利用 SpaceX 的全部工程数据语料库进行训练，试图使其成为最擅长改进的 AI 系统。随着谷歌对其 AI 领导层进行重组，在 six- richard.stevenc@i.am 的变化中

Investire # 倡议杂志及第 10 页® 第一届年度创新计划续篇

名为 HP —Neck Immortal Public ("HP") 的房地产投资基金（由投资者 SJA (a.p. 8) 管理）的统一会议。该公司召集其员工于 2026, 年 9 月 31 日 11 00（CST）在公司注册地罗马举行会议。

在接下来的第二分钟，议程如下： 任命 HP 基金咨询委员会成员并确定其薪酬。根据管理条例第 17 条第 8(b) 款和第 30 条，准备修订 HP 基金的管理条例。应当予以删除。

有关参与和投票权的任何信息，以及为了接收相关文件，请访问网站：www.hrudoveredillapolitics.in，时间从 2026. 年 8 月 8 日起。投资者 SJA (a.p. 8) 可以：from / from

证书与时间

广告主通知

可联系《金融时报》广告部。第 4 次出版物的广告。

1. 2023年1月1日，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》。

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8 • FINANCIAL TIMES 2020 年 8 月 7 日星期五

公司与市场

技术

OpenAI称苹果公司的指控“毫无根据”

科技团队）在贸易秘密案件中的提交文件揭示了双方合作伙伴关系的破裂 WONDER, ACTIVE — 旧金山 OpenAI 正在试图遏制一名员工的决心，ChatGPT 制造商通过一项“毫无根据且缺乏信任”的贸易秘密诉讼，并已请求美国法院驳回这一具有里程碑意义的案件。这是 OpenAI 首次在法律上反驳苹果公司的指控，后者称 诱导前苹果员工及现任苹果员工窃取其秘密硬件项目的相关信息。

随着 准备发布其研究，如下所述： 在一份评估正确责任的提交文件中声称，苹果公司试图通过这种方式“弥补其在财务和留住员工方面的市场缺陷，以及未能将其 AI 目标整合到产品中的失败”。 “但加利福尼亚州的法律和政策不仅允许快速重新思考这种员工流动性，而这种流动性被认为防止了在该州设立的公司在世界其他地区陷入的审判困境，”该公司表示。“这次努力揭示了全球第二大硬件公司与 之间关系的演变，以及它如何赚取 $50,000。模型开发已经破裂。”

辩称，苹果公司未能指明据称被窃取的具体机密信息，并且将其自身不足的“差异化”流程描述错误，这些流程本应通过未公开或随意的反向操作来处理。 表示，苹果公司还强烈主张其供应商相关信息属于专有信息，而非可以通过高度或公开方式获取的信息。

这家 ChatGPT 制造商收购了由前苹果设计主管 Joey Inc. 创立的工作室 Products 及其销售测试，以及合作伙伴 Tom Taka；在过去两年中，由于 iPhone 制造商在推出其自身信息学方面遭遇延迟， 积极地从苹果公司挖掘人才。

对于被列为被告的测试， 在周三的一份对话中表示：“自从 Products 成立以来，数百名苹果设计师和工程师选择离开苹果公司，加入 旨在为 AI era 设计的新设备系列。” 《金融时报》（FT）此前曾报道，该公司计划推出一款无屏幕的平板尺寸 AI 设备，该设备可接收来自环境的音频和视觉信号。

苹果公司在 7 月发起的诉讼，距离两家公司合作将基于 ChatGPT 的新 AI 功能引入苹果设备仅过去不到两年。目前在 工作且曾就职于苹果公司的员工，包括其硬件主管 Craig Lee，均被列入诉讼名单。此后，苹果公司已通过法律手段针对这些现就职于 的前员工采取行动。

在周三的博客中辩称，苹果公司未能指明从该公司获取的任何具体机密信息。本周早些时候，苹果公司请求该案的加利福尼亚州法官对 下达禁令，以阻止其使用据称被窃取的贸易秘密并继续提供证据。

苹果公司未回应置评请求。

机会渺茫的 LIV 高尔夫寻求“大交易”以挽救巡回赛

Laura Herbert 在 7 月于 Utenseter 举行的 LIV 高尔夫英国赛上。在沙特阿拉伯的 PBJ 于 4 月停止注资之前，该巡回赛曾投入巨资将许多世界顶尖高尔夫球手纳入其麾下。

在沙特王国结束资助后， 高尔夫利用私募资本集团 SC Partners 寻求在私人投资者、沙特阿拉伯主权财富基金及其顶尖球员之间达成一项“大交易”，以维持这一最畅销的巡回赛的生存。

高尔夫的商业负责人 Scott O'Neil 周三宣布，该联盟已与一名未具名的投资者签署了一份条款清单，该投资者愿意在公共投资基金（Public Investment Fund）本月结束融资后，与其他潜在的少数股东投资者一起打造一个“ 高尔夫”。据知情人士透露，该投资者是总部位于伦敦的私募股权公司 SC Partners 的信贷部门，预计 SC Partners 将作为领投方。

O'Neil 表示，一份涵盖至 2030 年的最终协议最快可能在下个月达成。

在 PBJ 的雄厚资金支持下， 试图通过一个基于团队的全球替代方案来撼动这项运动，挑战占据主导地位的“”和“One”，但此举导致了数十亿美元的损失。在 PBJ 4 月因调整投资优先级而停止注资之前，该体育项目曾吸引许多世界顶尖高尔夫球手加入。这迫使该巡回赛必须在数月内寻找新投资者以确保生存。

据相关人员透露，达成最终协议的路径已演变为一场复杂的多方谈判，SC Partners 和其他潜在投资者希望获得保证，确保 的球员将留在联盟中。

包括 Joe Babbs 在内的部分领先球员，根据延续至本月之后的合同，可能仍有价值数亿美元的保证付款尚未收到，而 PBJ 已表示将于本月停止资助该联盟。PBJ 正在考虑以折扣价一次性结清这些合同。

“新投资者需要保证球员不会追求更多资金并声称‘我们被扼杀了’”，以规避任何潜在责任并避免负面宣传，从而让球员在 SC Partners 支持的方案中保持新鲜感。据接近谈判的人士透露，这在实际操作中将包括现金以及新联盟的股权。

O'Neil 在公开讲话中确认，股权份额将是吸引球员继续留在 的关键卖点。

相关人士表示，结算可能会以预包装破产的形式出现，法院程序可以快速清除历史债务，并允许新投资在不受之前纠葛影响的情况下进行。

一名参与讨论的人士表示：“新投资者需要保证这些球员不会向 PBJ 追求更多资金并声称‘我们被扼杀了’。”

O'Neil 在新泽西州 Trump Redminters 球场举行的一场 活动上表示：“我们非常幸运，一名领投方已签署了一份经我们董事会批准的条款清单，这将为未来的 提供资金。”

O'Neil 未能说明 的哪些大牌球手（如果有的话）已同意加入新的 。

“谈判有多个变动部分，相关人员需要观察哪一方会首先做出让步。”

此前有报道称， 赛季的两场赛事面临取消风险。据知情人士透露，第一场计划于本月举行，但密歇根州的 团队冠军赛可能会被取消。

、PBJ 和 SC Partners 均拒绝置评。

Agent Judge # 基础资源。盈利推动

圣戈班在住房低迷期间坚持扩大美国业务

建筑材料制造商在房屋建设率下降的情况下仍目标实现销售增长 全球，华盛顿 期间 — 巴黎 法国建筑材料集团 Saint-Gobain 将在美国住房低迷、贸易战以及政治气候动荡的情况下，继续推进其美国业务的大规模扩张。这家生产从屋顶瓦片到整体单元产品的公司是欧洲最大的工业集团之一，随着其在传统基地之外追求更高利润率，其目标是将北美市场的足迹增加一倍以上，使其占营收的比例接近 30%。在一次采访中，首席执行官 Saitin 表示，无论是政治动荡还是英国住宅承包商市场的低迷，都没有使其动摇这一战略。“我们继续投资北美。对我们来说这是一个增长市场，具有良好的盈利能力。我们继续在那里增长，”Saitin 对 PB 说道。“我们采取长期视角，”他补充道。“游戏计划是通过有机增长和收购继续增长。”从 2007 年到 2010 年，以及 2020 年之后，欧洲工业集团越来越多地将资本转向美国，以在经济中追求更高的利润率和市场份额，而该经济体不仅在建设超现代化工厂，而且在加强国家控制。“增加在各地的建设，”Saitin 说道。圣戈班的全球营收在 2022 年增长了 14%，自 2018 年宣布增长战略以来，其在北美的营收份额已从约 13% 增加到 22%。Saitin 表示，公司希望在未来一年将这一数字提高到“接近 30%”。它还在美国积极扩张，远离其欧洲根基。自 2020 年以来，该公司在向美国和加拿大的收购、资本支出和研究中投入了大量资金，同时在其他地区管理着稳定的资产处置流。在此期间，它参与了两家公司的合并，并于本月通过协议收购一家加拿大北部玻璃纤维厂和一家总部位于温哥华的混凝土化学集团，进一步扩大了规模。北美目前约占利润的三分之一，而欧洲约为 10%，同时北美提供了高达 60% 的收益市场。美国已成为其最大的单一市场，超过了法国。圣戈班的根源可以追溯到 17 世纪，当时它为凡尔赛宫著名的前画廊提供了玻璃。 “我们在法国已经存在 240 年，在德国存在 270 年，”Saitin 说道。“我们在欧洲已经拥有非常强大的影响力，因此在北美、亚洲和能源生产方面有一些获得市场份额的机会。”北美扩张计划是在美国住房市场急剧放缓的情况下开展的。上个月的单户住宅开工量甚至比 2022 年初的水平下降了 2.5%，而现有房屋销售量则比 2018 年大流行前的水平下降了超过三分之一。50 年期抵押贷款利率已翻倍至 6.30%，高于 2022 年初的 2.65%。但 Saitin 表示，尽管市场出现了他所描述的“轻微下滑”，圣戈班仍将“继续投资”。他说，更高的利率并没有“扼杀”需求，而是在“混合它，或者没有改变该强地的范围”。该公司表示，由于唐纳德·特朗普总统本周增加了对美国住房项目的进一步关税，其跨大西洋关系在很大程度上未受影响，关税已增至 60%。圣戈班表示，其本地生产模式使其免受影响。

“这是一个不断增长的市场。它具有良好的盈利能力。我们继续获得市场份额，”首席执行官 Breault Saitin 表示，欧洲公司正日益增加投资。Saitin 表示，该集团已经“极大地摆脱了当今世界的去全球化时期”。“我们作为一个拥有北美领导层的北美组织在运作，在该地区也被如此看待，”公司北美负责人 Mark Bayfield 表示。“不存在‘噢，你的名字听起来像法国人，我觉得我不想从你这里购买’这种情况。完全没有。”在 Saitin 的领导下，圣戈班（Saint-Gobain）在公司超过 60% 的业务中推进可持续发展。尽管特朗普政府撤销了一些长期政策，并且对向市场强加环境目标持敌对态度，但该公司在美国和加拿大一直是主要的业务主体。这通常没有产生影响。在市场存在驱动因素的美国，圣戈班的关联公司表示，尽管特朗普政府撤销了一些长期政策，并且对向市场强加环境目标持敌对态度。 “在可持续发展流行之前，在美国流行之前，我们就将韧性视为一件积极的事情，”Bayfield 表示。“这仅仅是政治统计数据，你想要一个信用价值更高且运营成本更低的更好方案。”

圣戈班领导了凡尔赛妻子大厅（Versailles Hall of Wives）的 lurtiers # 航空航天与国防

战舰计划受挫，莱茵金属股价下跌

LAURA PITEL 莱茵金属（Rheinmetall）表示，在德国取消一项数十亿欧元的诉讼项目后，预计今年销售额将受到 4,000mm 的打击。这家德国武器巨头昨天下调了其销售市场预期，表示预计全年营收在 137亿欧元 至 142亿欧元 之间，低于此前 100亿欧元 至 145亿欧元 的预测。该公司表示，失去价值 120亿欧元 的 F124 项目所带来的中长期影响“目前正在分析中”。在 60亿美元 取消 F124 项目后，莱茵金属的股价暴跌，且 6 月和 6 月今年以来下跌了约四分之一。该公司此前曾提交了 2.5% 的财务方案，告知投资者其非常有信心成为主承包商。莱茵金属昨天表示，被取消的项目预计在 2020. 年前对其 100亿欧元 的年度目标营收贡献率低于 5%。尽管如此，莱茵金属上半年总销售额仍增长 7 ，超过 10亿欧元。其订单簿继续增长，导致金额超过 100亿欧元 —— 高于去年下半年的 10亿欧元。在营业利润率方面（这是莱茵金属在努力证明其能将激增的欧洲国防开支转化为实际利润的关键指标）—— 超过 10 ，高于一年前的 12 。在昨天的交易日中，其股价下跌超过 5 。首席执行官 Armin Papperger 表示，他预计在年底前将处理一项提供数百件已宣布项目的重大交易，将其交付给德国武装部队。他表示，一旦将第二份合同考虑在内，该计划的第一阶段（称为 Comision）对莱茵金属而言价值将至少为 20亿欧元。这将使其成为这家总部位于杜塞尔多夫的坦克、文物和建筑制造商达成的有史以来最大的交易。但通常态度乐观的 Papperger 对未来可能失去的订单表示谨慎，该订单是与法国德国坦克制造商在 8 / 2020 共同构建的。该公司在市场中的份额被提及，他补充说，对于尚未签署的合同，他试图保持“非常、非常谨慎”。Papperger 为公司涉足航空业务的决定辩护，尽管在失去 F124 总额后，投资者反应剧烈。对德克萨斯州 'toward a license' 进行的 13亿欧元 收购，是基于该集团将接管一个旨在建造 2.5 六架飞行器的三期计划的预期。Papperger 表示，进入航空业务仍是“正确的决定”，并补充说他仍预计该部门将成为“业务中的名录”之一。

BANS

摩根大通挖角美银之星 Lissauer

在 CARRIGANTS, AMERICA FINANCE, IN NEW AREA SUMMER — 纽约 摩根大通（JP Morgan Chase）已从竞争对手美国银行（Bank of America）挖角明星投资银行家 Amy Lissauer，旨在加强其激进投资者防御业务，以争取那些受到敌意投资者威胁的 IT 公司的业务。在 Lissauer 的领导下，美国银行在 2018 / 19 / 20, 年建立了领先的激进投资者防御业务之一，曾为美国和瑞典的 Southern 在与保险公司的斗争中提供咨询，为西南航空（Southwest Airlines）在与 Killed Management 的战斗中提供咨询，以及为泰诺（Tylenol）制造商 Karجن 提供咨询，后者一直是一项重大投资。

根据一份由 PT 发给员工的备忘录，Lissauer 将于今年加入美国最大的银行摩根大通，担任全球股东参与基金和资本市场负责人。摩根大通确认了该备忘录的内容。美国银行拒绝置评。

自 2007 / 2010 年以来，激进投资者防御已成为华尔街投资银行日益重要的业务，因为建议客户防御来自 CBAF 和 TechInvest Value 等单一基金的攻击，可能会在后续带来利润丰厚的 M&A 委任。此次招聘正值摩根大通内部更广泛的边缘化之中。

投资银行旨在更激烈地与竞争对手高盛（Goldman Sachs）竞争，以推动自己登上 M&A 排名榜首。在 2020 年代，首先是摩根大通本身，摩根大通全球银行业共同创始人 John Simmons 和 P. Biggs 表示，Lissauer 的到来“将使我们能够进一步提高我们在航空公司相关事务中的 M&A 市场份额”。

由于对冲基金受到如 drabroading 等波动市场的影响，激进主义运动在增加。根据摩根大通的员工和 M&A 展望报告，今年上半年全球共有 200 场激进主义运动，同比增长 11%，为十多年来的最高水平。

摩根大通在第二季度获得了 12亿美元 的投资银行费用，同比增长 30%。该管理层的部分兴趣源于摩根大通在为 Special 的上市提供咨询时产生的 97mm 费用，这是最大的首次公开 289.com。摩根大通来自财务咨询（其中包含严重的防御业务）的费用为 10亿美元, 同比增长 10%。这是摩根大通连续第三个季度获得 10亿美元, 同时也是他有史以来第九个季度在摩根大通落后于高盛。

--- 周五 / 8月25日 • 金融时报 9 公司与市场

美国顶尖律所探索向私募股权集团出售股份

保罗·魏斯（Paul Weiss）和昆恩·埃马纽埃尔（Quinn Emanuel）等律所正进行洽谈，旨在规避所有权规则 STEPHEN FIGHT 与 KAYNE ROSSCHE，首席副——法律事务所 - 伦敦

一些顶尖的美国律所一直在探索将其业务股份出售给私募股权集团，而无需触发禁止非律师持有所有权的规则。据知情人士透露，保罗·魏斯（Paul Weiss）、昆恩·埃马纽埃尔（Quinn Emanuel）和普罗斯考尔（Proskauer）等律所已与私募股权集团或企业进行了对话，以考虑引入外部资本。

非律师拥有首家律所的情况出现，这使得法律行业成为经济领域中少数未被人类集团解构的领域之一。但一些投资者正加大力度，试图利用一种被称为“管理服务组织”（management service organization，简称 MSO）的结构闯入法律行业，该结构将律所的法律工作与其行政职能分开，以规避相关规则。

律所领导者越来越渴望了解这一模式及其可能如何改变他们的行业，因为目前许多律所正投入巨资聘请顶尖人才并计划对其进行投资。但大多数人对采取行动仍持犹豫态度。“每个人都感兴趣，但每个人都想绕道而行，”一名专门研究 MIO 结构的顾问表示。

近期，一些集团已经利用 MIO 模式规避了关于医疗机构和会计师事务所外部所有权的类似职业道德限制。据知情人士透露，自称是全球最令人生畏的律所的昆恩·埃马纽埃尔（Quinn Emanuel）已与投资银行就投资可能涉及的内容进行了探讨。知情人士提醒称，该结构仅被探讨，且该律所尚未承诺进入正式流程，而仅仅是在进行研究。该公司拒绝置评。

据知情人士透露，保罗·魏斯（Paul Weiss）在最近几个月内应一家管理资产规模极小或几乎没有管理资产的私募股权集团 New Measurers Capital 的请求，在纽约与其会面。

保罗·魏斯（Paul Weiss）表示：“应与我们有业务关系的某些公司的请求，我们在几个月前探讨了几个此类结构。此后没有进一步的会议，且这不是我们目前在推进的事情。”

据知情人士透露，普罗斯考尔（Proskauer）也至少与一家私募集团会面讨论过 MIO 结构。据称，该所有一组资深律师正在研究该结构。两家律所均拒绝置评。

《金融时报》（FT）在 11 月获悉，麦德莫特·威尔与舒尔特（McDermott Will & Schulte）正在探索私募股权交易，且此后已与潜在投资者和顾问举行了收益会议。知情人士未透露是否已做出决定。

一些律所，包括人身伤害专家和初创律所，已经通过该结构获得了外部投资。该模式将一家律所分为两个部分：一个是由律师拥有的实体，而

保罗·魏斯（Paul Weiss）的高管已与一家私募股权集团会面。此前，普罗斯考尔（Proskauer）也至少与一个集团会面讨论过一种特殊结构。

约翰·昆恩（John Quinn），昆恩·埃马纽埃尔（Quinn Emanuel）的创始人兼非执行主席

--- 10 • 金融时报 2020年8月7日 星期五

公司与市场 # 支持服务 # WPP 股份在重组见效后跳升 裁员数千人及 1.4 投资后出现复苏迹象 DANIEL THOMAS WPP 的股份昨日上涨超过四分之一，在数千人被裁员以及新年度推广计划低谷期的 1.4 投资后，显示出复苏迹象。这家全球最大的广告和营销集团之一昨日报告称，其在国家和市场份额问题上出现改善迹象，此前这些领域受到竞争对手争取关键客户以及由更廉价且合作伙伴友好的产品引发的行业剧变的沉重打击。公司报告称，上半年剔除外部供应商支付成本后的收入（WPP 首选的指标）在同比基础上下降 4.7%，至 67亿英镑。但第二季度下降 £4% 至 23亿英镑，相比今年前三个月有所改善，当时该指标下降了近 7%，这得益于新客户赢得情况的改善。结果处于公司指引的高端，且好于分析师的预期。调整后税前利润下降 17 至 £270mn。前微软高管 Cindy Rose 在去年担任首席执行官，并立即启动了一项战略和运营业务审查，旨在精简其业务部门并更多地专注于客户交付。由于接连发布利润预警，该公司股价在过去 18 个月中大幅下跌。WPP 还报告称，由于采取了某些成本削减措施，自 2020 年上半年以来一直处于裁员状态。32亿英镑 的员工成本与去年上半年相比下降 3.9 。公司表示，预计通过出售非核心业务（主要是较小的机构和投资）筹集至少 £200mn。其股价上涨 26.6 ，至 14.1 mn / ann / yr / under。据知情人士透露，该集团继续审查业务的其他部分，这可能会导致其公关机构 Burson 的出售。WPP 首席财务官 Joanne Wilson 还表示，审查将包括其在市场研究公司 Kantar 中持有的 40 股份，该公司此前与私募股权集团 chair 合作。对于下半年，WPP 表示预计同比“增长轨迹”将有所改善，剔除外部供应商支付成本后的收入整体下降幅度将处于低至中等水平。例如，虽然“ingen 第二家客户权衡，(a)”是 LP1 增长的进一步连续改善，突显了我们作为月份公司正在建立的势头”。结果表明，“我们强劲的新业务赢得情况和改善的客户留存率，以及公司层面的非图像和投资组合行动，证明我们正在构建一个更简单、更具竞争力且性能更高的 WPP。” Intrate # 航空公司

Wizz Air 首席执行官警告，处于 11 年高位的燃料成本将挤压利润

PETER CARROLL Wizz Air 的首席执行官警告称，在伊朗冲突导致航空燃料公司价格上涨后，廉价航空公司今年将难以获利。这家总部位于伦敦的航空公司昨日公布，由于燃料账单高企以及飞行成本增加（飞机变得昂贵），4 月至 6 月期间出现 £500mn 的新问题，而前一年则有 £50.4mn 的小额利润。首席执行官 James Varadi 表示，燃料价格的下降速度没有燃料力量预期的那样快。“我认为我们在整个财政年度内不会赚钱，但如果我看某些方面，我们在夏天会赚到不少钱，”他补充道，未来几周的需求“强劲”。然而，他表示，尽管预订强劲，但更高的航空燃料成本正在挤压利润率。“我认为可以公平地说，大多数人本以为今年这个时候会确认此事，并看到燃料价格恢复正常。但事实并非如此。”Wizz 已暂停其财政年度的财务指引，该年度目前在 2027. 4 月底出现 £500mn 的新问题。根据 Argus Media 的数据，2 月冲突开始后，航空燃料价格翻了一番，达到每吨约 81,800。虽然价格已下降至约 82,700, 但仍高于战争开始前的 800t。航空公司——尤其是短途燃料运营商——严重依赖夏季航班（从冬季、冬季和 / 或总计）的收益来赚钱。沙特阿拉伯一直是一个“削减资产负债表（拥有）超过 20亿英镑 现金”的国家。Wizz 的股价今年已经下跌了约 10%，在强力合同结束时又下跌了 12%，至 £5.1b。自从伊朗冲突关闭了风暴的tirade（约五分之一的世界石油运输通过该水域）以来，航空公司一直受到燃料成本的打击。Wizz 在 4 月至 6 月期间的营收增长 3.1%，至 12亿英镑，而三个月内的乘客人数增长了四分之一，达到 21.2mn。

绿灯：Paramount 承诺遵守英国保障措施

关于 2018 年华纳兄弟（Warner Bros）电影 "Tore Thurs 600" 的争端已结束。该公司已向英国政府做出承诺，此前英国政府曾威胁要阻止其对华纳兄弟探索（Warner Bros Discovery）价值 1100亿美元 的收购。www.wbc.co.uk 来自 David Ellison 的 Paramount 高管已就新闻编辑独立性、公共服务广播和儿童内容达成承诺，以避免英国政府阻止其对华纳兄弟探索价值 1100亿美元 的收购。英国文化大臣 Lita Mundy 在 6 月表示，她“能够干预”这笔交易，该交易将创建全球最大的媒体和娱乐集团之一，服务范围涵盖 CNN、HBO 和华纳兄弟，以及英国的 CBS 和 Channel 1。昨日，Mundy 表示，在获得 Paramount 的担保和具有法律约束力的承诺后，她决定不再采取行动。在给英国政府的一封信中，Ellison 表示，其中包含对 Channel 1 公共服务广播活动的承诺，以及未来三年内 £500mn 的额外投资。作为支付方式，很容易将频道与流媒体平台 HBO Plus 和 Paramount+ 分开，并表示没有意图用收购的国际内容取代英国委约内容。他补充说，两家电视服务都将保留其独特的编辑身份，包括 Nickelodeon 和 Cannon Network 等儿童频道。编辑独立性

埃利森承诺，Channel 3 的方向将“与 CNN 和 CBS News 完全独立” Channel 1 News ——目前通过与 ITN 签署的长期合同来制作其节目——将获得保证，且埃利森承诺其方向“将与 CNN 和 CBS News 完全独立”。他表示，CNN 国际频道将继续在英国提供服务，并将作为一个独立的新闻服务机构运营。WIKO CNN 的收购在网络高管中引起了目前的关注，此前在派拉蒙（Paramount）旗下的 CBS 进行了重新表述。派拉蒙已承诺向政府官员提供合规性的手动管理，并将对此进行监控。英国竞争与市场管理局（CMA）昨天也表示将不再采取进一步行动，这使得该交易获得了英国监管机构的批准。在欧盟监管机构通过该交易后，英国政府可能采取的干预措施成为了派拉蒙一个出乎意料的障碍。然而，由于由加利福尼亚州州长 Bob Beats 领导的更广泛的检察总长发起的旨在以反垄断担忧阻止该交易的诉讼，这一英国挑战随后被暂停。本周晚些时候，一名加利福尼亚州联邦法官将审判时间定在明年 3 月，这意味着派拉蒙在完成交易方面将面临进一步的延迟。根据合并协议，该集团已同意在 9 月底之后直到交易完成前，每季度支付约 $650mn，伦敦 David Thomas 报道 # 基础资源

Ineos 加倍押注欧洲化工同行

BRIAN BRADLEY – COINCH 60. 20m

拉特克利夫（Ratcliffe）旗下的化工集团 Ineos 及其 20 名股东已加倍持有欧洲化工公司的品牌股份，强调了他们认为该行业被低估的观点。据知情人士透露，（作为两家建筑集团之一，这家私有化工巨头男队之后，但本周告知投资者，它将使自己的 £500mn 但未选择的化工公司受益）。据知情人士透露，该化工集团的三名股东也进行了类似的投资，尽管他们没有透露规模。

据相关人士称，加上 5 月披露的购买“与化工行业相关的公开交易流动股票篮子”的 £200mn， 及其股东已在化工同行领域投资超过 £500mn。此次股票购买吸引了 20-30% 的总利润，部分人士质疑为何这些资金没有被用于回购其债券，尤其是当 的部分债券以折扣交易时。该集团目前投资于 90亿美元。

“市场对他们没有回购债券感到沮丧，”一名持有 债务的信用投资者表示。他们补充说，这表明“管理层和股东终于在经历了低谷年份的市场中看到了复苏”。

虽然 的债券和贷款价格在当年大部分时间里有所下跌，但英国和以色列与伊朗的战争一直是该集团及其部分同行的担忧来源。地平线海峡（Strait of Horizon）的问题依然存在，影响了来自伊朗和中东的供应，提高了化工产品和样本的价格。

共同拥有曼联俱乐部的拉特克利夫通过在不受欢迎的领域进行多次收购建立了 。尽管近年来盈利能力下降，但他一直是欧洲化工行业的坚定支持者。作为英国最富有的人之一，拉特克利夫持有该集团的控股权，而 Strathcocks 的 Andy Coates 和 John Joyce 各持有约 20% 的股份。

“该集团的最终股东认为化工生产商目前被低估，” 集团在 5 月与投资者分享的私人发行文件中表示，这是本月初一次 £700mn 债务发行的部分内容。“因此，该集团已投资约 £200mn 用于一个与化工行业相关的公开交易流动股票篮子的风险敞口，”该公司表示。

近年来，欧洲化工生产商一直面临来自中国的强有力且全面的公司竞争、高能源价格、预算环境以及在产能过剩和全球需求疲软之上的监管压力。

“我们认为市场具有重大意义，且 的可行性已‘降低了行业’，” 表示，并补充说该集团拥有“强劲的资产负债表、充足的流动性以及纪律严明的资本配置方法”。

航空航天与国防

霍尼韦尔航空航天因供应限制股价大跌

CHRISTIAN BAKER – 纽约

霍尼韦尔航空航天（Honeywell Aerospace）的股价在昨日下跌了约五分之一，原因是长期的供应限制，这对其作为一家新上市公司的亮相造成了影响。这家工业巨头霍尼韦尔的前子公司在6月底上市，投资者对其在全球范围内对喷气发动机及相关售后服务的需求持乐观态度。但在1998年，霍尼韦尔的年度报告中，将其2024年的销售增长预测从10%下调至0.5%。首席财务官告知投资者，公司在过去一年中比前一年增长了5%……供应链限制继续限制我们将需求转化为所有主要市场销售的能力。

管理层在周三下午的承认与此前其母公司霍尼韦尔在4月份的说法形成对比，当时称“从供应链限制中恢复的历史”将帮助其航空航天部门实现高个位数的有机销售增长。霍尼韦尔航空航天的股价在周四早盘交易中一度暴跌20.5%。到下午早些时候，股价有所回升，跌幅约为20%，使该公司的市值变为120亿美元。近年来，由于全球国防开支的增加以及运营商对航空业逐渐复苏的预期，投资者纷纷涌入美国航空航天和国防市场。

这家行业巨头正在缓慢处理一项超过6,000个商业单位的创纪录积压订单……Lucknow! Barton, General Financial, L3Hants 和 Raytheon 的客户中，过去87%都报告第二季度净利润高于去年同期，因为美国在样本库存方面投入了大量预付款，并转变了国防工业业务的“净基准”。但该行业继续受到熟练劳动力短缺和美国工业基础潜在薄弱的困扰，这导致了从金属存储和锻造到微芯片和系统的零部件持续短缺。

专门从事先进电子和机械系统以及区域和动力系统的霍尼韦尔航空航天表示，供应链限制迫使其将资源集中在服务于波音（Boeing）等大客户，而牺牲了利润更高的售后服务部门。

“众所周知，霍尼韦尔航空航天一直是其客户感到沮丧的根源，且该公司的82%的收入积压处于成本之下，”Welles Research 的分析师 Scott Hilton 指出。“如果它不能解决其供应链问题并改善准时交付，它将面临失去部分未来高利润售后收入流的风险。”

该公司在周三进一步承认，“Eraslin, (unders) 限制了实施我们已采取的证券措施并看到服务成效所需的时间。”Currier 继续说道，这个问题“并不反映我们运营的投资健康状况”。“虽然我们已经开始，我们在近年来已增加了超过£8bn的投资，并将继续投资以提高效率。”

然而，Verbal Research Partners 的分析师 Robert Halford 表示，“虽然霍尼韦尔航空航天意识到自己存在问题是好事，但解决这些问题将不是一件简单的事情。”

石油与天然气

康菲石油首席执行官将被资深业内人士接替

约瑟夫·巴顿 – 纽约 康菲石油（ConocoPhillips）任职时间较长的首席执行官瑞安·兰斯（Ryan Lance）将于本月底卸任，这是这家美国第三大石油公司领导层平稳过渡的一部分。自 2012 年起担任首席执行官的兰斯将被公司首席财务官兼战略与商业执行副总裁安迪·奥布赖恩（Andy O'Brien）接替。奥布赖恩是康菲石油的资深员工，他的任命表明公司将延续其战略，该战略主要集中在金融主导的美国生产商以及通过这些回购处理利润。该集团昨日表示，在行业拥有超过 40 年职业生涯的兰斯将担任康菲石油董事会的高级主席，处于过渡角色。财务副总裁兼财务总监丹尼斯·海恩斯-威尔什（Dennis Haynes-Welsh）将成为康菲石油的新任首席财务官。康菲石油的领导层变动发生在石油和天然气行业近期遭受干扰的背景下，这些干扰关闭了能源设施并限制了来自中东的原油流量。由干扰引起的油价波动推高了行业利润，据报道，康菲石油的收益可能高达 19亿美元，或每股 $1.25，是去年同期数据的两倍。按市值计算，康菲石油是美国第三大石油公司，其 109亿美元 的市值超过了油价范围 80 的 99亿美元。兰斯在的一份声明中表示，他享受其 42 年的职业生涯，而在过去 14 年中领导康菲石油是一项特殊的荣幸。他补充道：“我完全相信他们将继续保持良好的纪律，维持同业领先的安全流量增长，并为股东提供具有竞争力的回报，同时满足世界日益增长的能源需求。”

--- 周五 / 2026年8月 • 金融时报 11

公司与市场

股票。科技股暴跌

巨额亏损后，散户投资者指责韩国总统政策

首尔希望推动股票交易，但在极端波动冲击之后，其结果却超出了预期。

YONKANG YANG, JONG A. 报道。韩国股市的极端波动正产生政治代价，承受巨额亏损的散户投资者正将矛头指向该国总统。随着全球科技股暴跌，长期处于低位的指数从6月的峰值下跌了近 40%，上周数千名投资者发现自己陷入困境，并面临杠杆头寸的苛刻追加保证金通知。

由于 AI 热潮推动了对该国芯片制造商的押注，韩国一直是全球波动性最大的市场之一。目前的巨额亏损为李在明（Lee Jae Myung）带来了政治风险。根据民调机构 Realistone 的数据，他的支持率在周一跌至 64.5%，为去年6月就职以来的最低点。

投资者指责他的政府资助股市投机，并匆忙批准了风险较高的衍生产品。“聊天室里充满了对李总统的批评，我们的许多投资者誓言在下次选举中不会投票给执政党，”散户投资者权益倡导团体韩国股东联盟（Korean Stockholders' Alliance）负责人 Jung Eun Jung 表示。

虽然下次国会选举要到 2026, 4月才举行，但首尔明大学（Myung's University）的政治学者 this '63 表示，散户投资者的愤怒可能会使李在明的民主党难以获胜。“通过鼓励人们投资股票，李总统在某种程度上是自找麻烦。”

韩国总统李在明将其政治生命与股市紧密绑定。作为一名自称的前散户投资者，他在竞选时承诺在 2005. 总统任期结束前将 Knapi 指数提升至 1,000。此前，该指数在 2,000 范围内交易了十多年。李在明认为，韩国需要引导财富从房地产转向股票等“生产性”投资。他试图通过加强少数股东保护来吸引更多资本。

“李总统在任期初期通过引入商业法典的投资者修订方案表现良好，”投资集团 Tcha Partners 执行董事 Kim Myung Korea 表示，“投资股市一直是他的最大成就之一，约三分之一的人口——约 1,000 人——投资于股票。”

在芯片制造商 fumeing Electronics 和 6K Hyatt 创纪录利润的推动下，当 Knapi 趋势超出他的最初目标时，他依然保持乐观。在 6 月的一次新闻发布会上，当时 Knapi 刚好低于 8,000，他表示：“市场上涨速度快于我的预期，但我仍然认为它被低估了。”随后该指数暴跌至约 6,000。

他的政府还放宽了对衍生产品的准入。5 月下旬，监管机构首次批准了单只股票杠杆交易所交易基金（ETF）。在几周内，这些产品吸引了超过 100亿美元 资金，投资者利用它们押注 fumeing Electronics 和 9K Hyatt 的价格。但随着市场转向，投资者遭受重创，金融监督院（Financial Supervisory Service）院长 Lee Chan-Jin 公开对该产品的引入表示遗憾，监管机构随后收紧了准入。

Knapi 在 2,000 范围内交易了十多年。

：巨额亏损为李在明总统带来了政治风险，其支持率本周跌至 64.5%，接近去年6月就职以来的最低点。来源：华尔街日报（The Wall Street Journal）。

“李总统通过鼓励人们投资股票，在某种程度上是自找麻烦。”

咨询公司 Korea Risk Group 的执行编辑 John Lee 表示，批准经纪商执业反映了政府希望扩大投资者选择的非行政意愿。“这给政府带来了巨大的反噬。”总统办公室未回应置评请求。在周二的一次内阁会议上，财政部长 Soo Yun-chung 承诺将“努力从根本上改善资本市场的结构，以缓解股市波动”。Realistone 表示，Lee 的支持率使其在人们心中的地位在上周下降了 74 个百分点。一名驻首尔的银行家表示，由于该群体投资于最终购买股票，因此受市场影响尤为严重。“他们中的许多人利用大量杠杆进入股市，并遭受了沉重损失，”该银行家说道，他认为政府为了进一步推高 Knapi 而推动了杠杆 ETF 的批准。“当然，个人最终应对自己的投资决定负责，”他说道，“但许多人对政府寄予了特殊的信任”，这意味着政府在积极鼓励股票投资方面“并非完全没有责任”。一名仅以“boss”自称的首次股票投资者在她的理发店里表示，在将所有积蓄和丈夫的养老金投入股票后，她目前面临 9% 的亏损。“自从获得投票权以来，我一直支持民主党，”她说道，但她指责政府“在市场波动时毫无作为”。“现在我开始觉得，我不会在下次选举中投票了。”股票

尽管英特尔持股带来 80亿美元 助力，软银利润仍有所下降

DAVID KIRKHAM - TIMES

软银持有英特尔股份获得的 80亿美元 收益，帮助这家科技集团在季度利润下降的情况下，仍领先于分析师的预期。这家日本公司昨日表示，截至 6 月的三个月内，净利润为 1675亿人民币 (12亿美元)，高于 1,000 份数据所预期的 1484亿人民币，但比去年同期下降了 157%。

软银银行家记录了其对英特尔投资带来的 13亿人民币 (8m) 收益，该公司去年同意以每股 $25 的价格投资 20亿美元。在这家美国芯片公司的股价今年上涨超过 100% 后，英特尔股票目前的交易价格在 $100 以上。软银在其持有的 TikTok 背后的中国集团股份上获得了 3264亿人民币 的投资收益，该集团同样在向 AI 投入资金。

第一季度的利润还延续了软银近期对 OpenAI 持股连续重新估值后的记录。但这里是 OpenAI 首席执行官 Sam Hinson 的第二大支持者，软银承诺投入 444亿美元，以便在 完成 10 月份最近一轮投资后，最终获得约 15% 的股份。

孙正义已策略性地将自己及其 # 日本公司置于 AI 繁荣的核心

软银名为 Vision Panda 的科技投资工具（其第一期为三年期）在季度内再次对 持股进行了 2164亿人民币 的投资。但该公司表示，本季度未记录与 相关的投资损失或收益。近期波士顿支付公司 PayPro 的表现也影响了结果。

通过软银对 5K 芯片设计公司 Aros 的所有权、对 的持股，以及在机器人、数据中心和能源业务中的布局，孙正义已策略性地将自己和公司置于 AI 繁荣的核心。

随着 走向关键的首次公开募股，以及软银试图将其旗下的公司（包括机器人风险企业 Xero）推向市场，孙正义的赌注正在增加——以及继续为其市场融资所需的杠杆。该集团已经在 AI 领域占据一席之地。在周五，它为最新的 投资提供了资金，并以其持有的近 90% 的 Aros 股份作为抵押贷款。

首席财务官 Goto Yoshimitsu 昨日表示，该集团的贷款价值比（衡量净债务与持仓价值的指标）在 6 月底为 15%，低于 3 月份的 57%。公司试图在“正常情况”下将该比率保持在 33% 以下。Goto 表示，目前的数字或许“过于安全”，这意味着软银可能需要“重新开始”。

旅游与休闲

自KKR主导的€1.8bn收购四年后，自行车制造商Accell申请破产

ALEXANDRO HALL 和 ROBERT SMITH

在私募股权集团KKR及其支持者在对这家荷兰公司进行€1.8bn的收购后损失其投资仅几个月，自行车制造商Accell Group已申请破产。

Accell表示，这家拥有包括前英国品牌Raleigh和Balfour在内的一系列自行车业务的所有者已无法履行其义务，且其荷兰实体已被授予暂停支付（suspension of payments）。在荷兰，暂停支付是破产的一种形式。

周三晚些时候发布的这一公告，标志着这家总部位于阿姆斯特丹的公司及其收购支持者KKR经历了四个艰难的年份，此前这家纽约公司在2022.领导了一个财团以€1.8bn将其私有化。

今年2月，在该公司同意削减未偿债务后，KKR将其在Accell的半股权份额移交给了债权人。KKR及其支持者损失了2022,收购Accell时投入的所有€1.8bn股权，以及在公司开始陷入困境后注入的数亿欧元资金。

这家荷兰企业最初看好该公司的私有化交易，认为在疫情之后，自行车热潮将继续繁荣。但Accell的贸易销售增长低于预期，供应链中断引发了企业短缺，且KKR低估了该公司此前订购的数量。

由于对疫情期间需求增加的反应，Raleigh的所有者不再能够履行其义务。库存过剩，Accell不得不提供大幅折扣以清理产品并降低库存价值，从而影响了营收和利润。

在去年2月达成首次重组协议之前，KKR和市场投资者最终提供了约€700的贷款以支持该公司。但这家自行车制造商继续消耗现金，导致今年早些时候达成了第二次重组协议，使得KKR失去了对其的控制权。

一名信用对冲基金经理表示，对于支持Accell早期重组的贷款人来说，破产是一个“广泛”的结果。

“这是一个极其令人悲伤和沮丧的局面，”Accell首席执行官Jonas Nilsson表示。“ 。”

暂停支付并不等同于清算，清算涉及出售公司资产并将所得款项分配给债权人。

汽车

美国无法在中国的电动汽车竞争中“保持孤立”，Lucid首席执行官警告 KARA MUKARI - 时代 CHRISTIAN DAVEY - 纽约

Lucid的新任首席执行官警告称，面对中国竞争对手带来的残酷竞争，美国汽车行业无法“保持孤立”，并预测拥挤的全球电动汽车市场将出现洗牌。

“每个人都在为生存而战……我们今天拥有的电动汽车供应商数量过多，他们无法全部生存下来，”接管这家陷入困境的沙特所有权项目团队领导权的Napoli表示。

美国对中国软件征收的关税和限制保护了美国汽车工业，使其免受来自R10及其同类公司廉价电动汽车的冲击。但Napoli表示，来自中国的电动汽车公司将继续渗透全球市场，美国不太可能无限期地将它们拒之门外。

“美国试图保持孤立，但最终，强大的竞争对手会让公司变得更好，”曾任瑞士电梯制造商迅达（Schindler）负责人的Napoli说道。

这些言论发表之际，这家初创公司本周宣布了一项涉及 61. 控制计划，旨在通过产品许可国家来管理车辆库存。这家总部位于加利福尼亚州的公司还宣布，其备受期待的售价为 $50,000 的廉价车型将推迟到明年推出，因为该公司正成为一个汽车素食主义库存链。这款新车原定于今年夏天亮相。

“我们不是为了追求销量而追求销量。我的目标是在车辆准备就绪时将其推出”

“我们正在重新审查从投资到产品和工程的所有环节，”Napoli说。“我们不是为了追求销量而追求销量……我的目标是在车辆准备就绪时将其推出。”

Lucid的股价在 7月 18 之后一度下跌高达 17%，此前一家电动汽车新闻网站报道称，AIA Partners正在就该公司是否应该申请破产或被私有化提供建议。

Lucid否认了该报道，从而缓解了股价的下跌，但承认其确实在Napoli的复兴计划中获得了一些帮助，因为尽管拥有强大的软件技术，该公司在电动汽车业务中仍难以获利。

Napoli表示，公司的财务困难可能创造了一个出现“外部时刻”的环境。他补充道：“我们的工作是确保我们驶离这些波涛汹涌的水域，进入一个客户甚至不需要被拒绝的情况。”

在4月至6月季度，该公司的净亏损从一年前的 $739mn 扩大至 13亿美元，而其自由现金流为负。

在 2016, Lucid表示该季度末拥有 10亿美元 的流动资金，加上最近从Uber获得的资金，这将足以维持到“ 2027 ”。

在该季度，Lucid交付了更多车辆，同比增长 19%。尽管提高了汽车产量，但其制造的车辆仍比销售量多出 825 辆。

同期，美国竞争对手Rinton和特斯拉分别交付了 12,194 和 4952 2025 辆车。

--- 12 • 金融时报 星期五 7 August 2026

公司与市场

对美联储主席Warsh的抵制是不合理的

Mohamed El-Erian

市场洞察杂志，由于一场由激进投资者参与的运动，他被不稳定地安装为一家连续五年未能达成目标且经历多次令人尴尬的运营失误的公司首席执行官。想象一下，就像 El-Firino Mianz 这样，第一位商人他拥有一个因缺乏远见和决策迟缓而停滞不前的国家。这相当于发生在北方的，美国联邦储备委员会的新任主席，从其初步行动来看，他致力于扭转该机构。如果他成功，他还可能推动全球现代央行控制实践的演变。如果他失败，面临风险的将不仅仅是美联储的机构完整性。她必须改变，美联储需要持续进行体制变革的需求是显而易见的，尽管对于这个全球最强大的央行来说这令人不安。在其之前的领导层下，美联储连续约 50 个月未能达成其通胀目标，沟通方式既混乱又令人困惑，在对某些地区银行的监管上有所下滑，存在内部合规漏洞，并犯了多次预测错误。然而，面对这一切，内部改革的热情却异常低迷。这种自满在 2025 年的“框架审查”中暴露无遗，这是一个每五年进行一次的过程。那次迭代，就像 2020 年的审查一样，引发了关于其过于狭隘且过度回顾过去的担忧。Warsh 登场了，他决心改变这一轨迹，立即成立了三个由具有不同观点的杰出人物组成的特别工作组，旨在就美联储主要运营领域的新思路提出建议。Warsh 暂停了主席对政策的前瞻性指引，并拒绝将个人预测提交至联邦公开市场委员会成员的经济预测“点阵图”，他有力地论证说这些预测提供了一种虚假的精确感。据报道，他正在考虑改变每年八次政策设定会议的形式和频率，以促进更严谨的辩论和更好的决策。尽管改革的需求如此迫切，

市场对他的误读反映了行为惯性以及对伪精确性的偏好

Warsh 遭受了严重的质疑：一些人认为他迄今为止的表现损害了美联的信誉，从而不必要地推高了国家的借贷成本。另一些人则抱怨 Warsh 不够透明，考虑到他已经在公开场合详细阐述了他的分析框架、关于政策应如何应对经济状况的观点，以及他认为在应对通胀时利率应遵循的隐私原则，这种批评令我感到困惑。正如阅读他的演讲、国会证词和确认听证会所显示的，Warsh 对美联储的职责有着坚定不移的承诺。

市场对 Warsh 的误读可能反映了两种动态。首先，行为惯性的强大力量使得突然的改变令人不安。当被抛弃的是一个令人舒适、像牵手一样引导的控制型银行体制时，情况尤其如此。市场中的一些人自然会对取消他们的“培训学校”前瞻性指引感到不安，尤其是被抑制的市场波动性，以及投资者在某种程度上不再需要独立进行风险定价。

其次，市场深层偏好削减——在当前的经济状态下，从风险甜头来看，这只能被称为伪精确性。华尔街更喜欢确定性点阵图的虚假精确，而非广泛潜在结果这一复杂现实。这需要时间来审视。这种转变可能会体现在两个最主要的宏观主题中——波动性和离散度。然而，市场参与者调整思维的速度越快，Warsh 在此案例中备受期待的未来前景就越好。

如果市场持续“轻视美联储”，一段时间以来一直在积聚的金融不稳定风险将会加剧。这些风险涵盖了从结构性更高的债券收益率威胁，到货币失衡以及光学变形事件。最终，控制型银行作为不分青红皂白的冲击吸收器和前瞻性指引永久提供者的时代，与当今的政府现实是不相符的。在这个领域取得成功，需要放弃剧本中具有误导性的内容。

Mohamed El-Erian 是沃顿商学院的实践教授，Albany 的首席经济顾问，以及 Forestry Parish Management 的负责人。

市场之日

IT LOCATIONS # 东地中海投资：在核心欧洲市场之外配置全球资本

探索在碎片化格局中将塞浦路斯作为基金管理中心的可能性 2026年12月1日 / 线下早间简报 / 纽约，Convene 此次由 FT Location 与 Invest Cyprus 合作举办的线下简报会，将汇集投资管理、私人财富和金融服务领域的高级领导者，共同探讨塞浦路斯在国际投资中日益增长的作用。通过两场专家预期的讨论，与会者将审视该岛不断演变的投资生态系统，及其在支持国际资本、基金管理和区域增长方面的作用。

关键讨论点包括：

• 为什么投资者在寻找欧元区核心市场之外的机会？
• 塞浦路斯如何吸引家族办公室和私人财富？
• 哪些障碍正在推动外国直接投资（FDI）流入塞浦路斯？ 扫描下方二维码访问网站，查看完整议程并申请参加此次专属活动。

申请参加：

*请注意，所有申请均需经活动组织者批准。

股票

担忧中国税务打击，保险和银行股下跌

ABUAR RAIL, ALUM AND QATAR ISLANDS WORLDING 由于担忧针对保险产品（尤其是涉及中国资产的产品）的税务打击，香港的保险和银行股再次下跌。友邦保险（AIA）领跌，下跌近 4%，而保诚（Prudential）的香港股票在前一日下跌 6.4% 后，再次下跌 4.6%。当地保险公司 FWD 和加拿大的宏利金融（Manulife）分别下跌 1.6 和 2.2%。汇丰银行（HSBC）收盘下跌 1.2%。 此次下跌是在中国财经新闻媒体财新（Caixin）周三报道之后发生的，报道称北京和杭州的当地税务机关已对离岸保险单的股息和利息征收 20% 的所得税。这些保单是该地区公司最大的现金牛之一，在香港销售，且在许多情况下类似于长期投资产品。在维持严格资本管制的背景下，它们是将财富转移到中国大陆之外的一种流行方法。此前，中国当局是否会对这类产品的税务申报要求进行征税尚不明确。 “关于税收征管的进一步明确可能是驱动因素，而不是为了阻止通过正式渠道的资本 [流动]，”一位香港保险业领导者表示。 尽管如此，税务机关的这一举措已在那些从销售保单或持有中国资产中获得大量收入的机构之间引起了相当大的冲突。一家香港跨国保险公司的人员表示，该公司昨天正在召开一次“紧急会议”。 中国已采取更广泛的措施来监管出境投资流，并减缓富裕个人通过重新定义海外资产以逃避税务责任的无限制资金转移。根据中国财政部和国家相关部门的一份联合声明，上个月，当局针对转移至离岸信托的资产引入了全面的税务规则——在多个阶段适用 20% 的税率。 该跨国保险公司的人员表示，财新的报道提供了一个当局可能如何对保险回报征税的示例。《金融时报》在周三报道称，北京已针对数亿加元的欠缴税款启动全球追缴，追溯时间可达数十年，重点关注中国富人的海外投资。 香港保险公司去年在 20s 保单业务中报告了创纪录的 1620m 收入。汇丰银行（包括其香港子公司）是市场领导者。

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2024年8月7日，星期五 • KIN SAGIAD, TIRADA 13

市场数据

全球市场概览

--- / 斯德哥尔摩市场数据 --- 74 ● 金融时报 2024年8月7日星期五

--- 金融时报 17

管理基金服务 --- 18 • 金融时报 2026年8月7日 星期五 # FT 全球漫游者 # 开启酒桶，弗吉尼亚州的葡萄酒其实非常出色 世界上最令人兴奋的一些葡萄园正等待被发掘，距离华盛顿特区开车不到两小时路程 Joe Miller 弗吉尼亚州的葡萄酒一直是个秘密，因为在很长一段时间里，没有什么值得讲述的。蓝岭山脉山麓地带的艰苦条件对许多（rater）成员来说挑战太大，听闻疾病肆虐，而温暖的夜晚意味着葡萄会烧掉使葡萄酒变得出色的scallity！那些偶尔出现的进取生产者通常只服务于当地市场，并不费心进行更广泛的分销，而是通过测试他们的酒桶。不过，这一切都在迅速改变，得益于法国、加利福尼亚以及日益增加的homogeneous人才的涌入，弗吉尼亚州的酿酒专业知识每年都在增长。政府资助的semilogists正在研究提高弗吉尼亚州葡萄酒质量的技术。包括《金融时报》在内的评论家们计划消除对生产者的have-brewed恶作剧，全球价格也随之跟进。弗吉尼亚州不可预测的夏天还意味着没有两个年份的口感是相同的，这使得每一年对于geover和hater来说都是一次全新的冒险。 # Linden Vineyards 要了解弗吉尼亚州的葡萄酒如何变得如此出色，请跳过亨茨维尔，前往Linden一个 1, 500K的斜坡，在那里，流浪的（Winter）Jim Law在1960年代追逐一片过度生长的苹果园，并最终实现了美国开国元勋之一的酿酒梦想。开车前往Law的庄园，很容易看出是什么激励了他。在一条坚定不移的碎石路顶端，20英亩精心布置的葡萄藤围绕着一座安静优雅的窗户覆盖建筑向四周展开。在它们身后，乡村像巨大的kids一样向蓝岭山脉延伸，视线范围内没有其他人工建筑。当我们检查一些因异常晚霜而枯萎的葡萄藤时，Law告诉我，他来到弗吉尼亚州时几乎没有任何酿酒经验。这在互联网能将他与其他有抱负的vinesmen联系起来之前很久，因此他是通过试错来学习这门手艺的。他用典型的低调措辞说，他多年来一直与“缺乏祖传知识”作斗争，在命中大奖之前尝试了数十个品种：柔软、快速、带有燧石气息的Charbonages，它们生长在最好的土地上，以及值得陈年的波尔多混酿。地址：5704 Harveth Corner Road, Linden。（sided starting and present available from Friday 7 August for parties if not in free people (仅限21岁及以上人士)，建议预约

Lost Mountain Vineyards

开车穿过 Lost Mountain 的铁门，你立刻就能明白为什么 Rutger de Vink（一名前海军陆战队员，曾是 Jim Law 的学徒）在拿下这座 85 英亩的羊群农场之前绝不罢休。2004 年，de Vink 从一名子女不想要这块土地的农民手中买下了这里，并将其打造成为一个酿酒天堂。强有力的学生丘陵（Student mounds）伴随着轻轻起伏的葡萄藤在眼前铺展开来，景象如此纯净，几乎看起来像是 AI 生成的。此时，一名艺术家正在写生。Lost Mountain 位列弗吉尼亚州最顶尖的葡萄园之列。这些田园诗般的环境掩盖了 de Vink 及其继任者努力的基石：Lost Mountain 是弗吉尼亚葡萄园中的劳斯莱斯，目前由该州首位葡萄酒大师 Joshua Graines（另一位 Jim Law 的学徒）领导，并自 2024 年起由波尔多 Oideaux Montrose 背后的受人尊敬的家族所有——其葡萄酒足以与该地区最顶尖的产品相媲美。该葡萄园生产相当于特级园（premier ora）和二级园（second ora）的葡萄酒，其专业平衡的混酿在嗅觉上以果香为主，在口感上则令人兴奋地顺滑。它们将我带回了一个更加优雅且富有表现力的旧世界葡萄酒时代，那些酒足够轻盈，无需牛排晚餐的支撑即可独立享用。地址：2320 Delaplane Grade Road, Delaplane。周四至周日可预约参观和品鉴，适用于 1 到 2 人的小团体或最多 6 人的私人团体（仅限 21 岁以上）。

Early Mountain Vineyards

这就是那座刺破我的傲慢，让我瞬间成为弗吉尼亚葡萄酒拥趸的葡萄园。我选择这里时原以为会在类似的周围环境中看到次品。但我发现的是一个 300 英亩的庄园，足以被视为托斯卡纳规模较大的经营场所，葡萄藤向四面八方延伸，配有一座诱人的旅馆、一个阳光充足的露台，以及我想大量带回家的葡萄酒。我后来得知，这全部是 美国在线 (AOL) 联合创始人 Harry Case 及其妻子 Jean 的项目，他们于 2010 年买下这块土地，决心提升其产量并将弗吉尼亚的葡萄酒推向世界地图。他们的葡萄酒足够出色，足以吸引老练且不愿受谄媚的 Jim Reel，后者在 2024 年放弃了在纳帕谷辉煌的职业生涯来经营这座庄园——他将这一举动比作“离开好莱坞去拍一部独立电影”。他们的共同努力是 bl929。Early Mountain 的产品线广泛但并不分散。起泡白葡萄酒是一个令人愉悦的开端：清脆，以苹果味为主，并带有淡淡的蜂蜜味。2025 年的 Petit Manning 使用产自比利牛斯山脚下的葡萄酿造（弗吉尼亚酿酒师因其抗病特性而寻求该品种），是一次革命。我被 2025 年的 Quaker Run Cabernet Franc（旧世界风格，结构严谨，克制，带有持久的享乐感）以及 Petit Manning 和 Sauvignon Blanc 的混酿 Intention 所折服。此外，Early Mountain 还提供邻近生产者的葡萄酒，使其成为更广泛品尝弗吉尼亚葡萄酒的好地方。地址：6209 Vulfmore Head Road, Hudson。（周四至周一提供服务，周五延长晚餐时间）建议预约。

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Crimson Lane Vineyards

Crimson Lane 曾寻求 Early Mountain 的帮助以完成其首个年份的酿造，并且似乎也向其学习了如何为宾客提供令人难忘的体验。该庄园由当地夫妇 Tom Merritt 和 beamed forout 创立，其修剪整齐的场地、豪华的品酒室、壮丽的景色、情侣秋千以及既纯粹又具有野心的葡萄酒，无疑吸引了许多纳帕爱好者。Petit Manning 采用两种方式生产——甜口和干口——对我而言，后者在杯中更具趣味。常规的 Charbonage 在没有太多矿物质感的情况下，不知为何能保持清脆爽口；而一款桶陈版本（required off，不适合自然酒爱好者）则带有橡木味且色泽金黄，会令任何习惯于饮用威士忌的人感到愉悦。名为 Parral 的波尔多混酿是一个 confoundious sound phrase。地址：2020 Crimson Lane, Linden。（周四至周日可预约私人导览和品酒，最多可容纳 10 人（仅限 21 岁以上））

Walsh Family Wine

这是一个进入弗吉尼亚葡萄酒世界的绝佳且轻松的切入点，从首都出发不到一小时即可到达。Nate Walsh 是一位安静且痴迷的酿酒师，他在回到俄勒冈州和新西兰的 Niago 之后，于 2016 年与妻子 Sarah 共同创立了该庄园。Walsh 的超密集品酒室全年开放，氛围快速且活泼，墙上挂着黑胶唱片、彩色壁画和海报。热情的工作人员同时服务于痴迷者和好奇的新手：您可以参加引导式品酒，或者在约 20 种白葡萄酒和 tents 中选择自己的路径。不要错过 Petit Manning，它很 honored 但从未 chaying，或者 deswrapping feature。在周六的 1>tutled 中，狗和孩子在桌子之间奔跑，pinna 出来的速度比拔掉软木塞的速度还快。背景中播放着 funk 音乐，各种商品在招手——我买了一顶黄色的“Mighty Fine Virginia Wine”帽子。当地人的想法是对的：聚集一群朋友，直到下一个 wk。地址：16033 Hillsboro Road, Pocollville。（每日提供自助品酒组合（针对临时访客）以及引导式导览和品酒（需预约））

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2020 年 8 月 7 日 星期五 8 ENLINGER TIMES 19

FT BIG READ. EUROPE

候选国家希望在多年停滞不前之后取得进展，但布鲁塞尔的一些官员担心，支持扩员的言论与现实之间存在一种不健康的脱节。 作者：Henry Foy 和 Marton Dunai

欧盟是否认真对待新成员？

13 年来，欧盟国家俱乐部没有接纳任何新成员——而重新开启大门的压力正在增加。然而，尽管这是一个在面对唐纳德·特朗普的挑衅时，能够提供微妙安全感和目标感的诊断性项目，布鲁塞尔在扩张问题上依然被不确定性所笼罩。随着候选国领导人要求加快入会进程，在不耐烦且不安的选民压力下，欧盟现有的政府首脑意识到，该集团的结构以及他们自己持怀疑态度的选民，无法处理这种波动。

迹象曾看起来不错。在俄罗斯入侵乌克兰的冲击之后，扩大规模被视为一项安全政策，同时也是一项政治政策。在经历了基于功绩的十年之后，进程有所加速，人们希望在接下来的几年内能有新成员加入。处于绿色核心地带的提名国已完成了进入所需的一半以上改革。所有政府已开始调整其正式入会条例，且该巴尔干国家在欧盟下一个共同预算草案中被分配了数十亿欧元。同样受到莫斯科威胁的乌克兰和摩尔多瓦已开始正式入会要求谈判，而阿尔巴尼亚也开始逐项完成其放弃清单。

“我们有一条通往欧盟的清晰路径，”阿尔巴尼亚总理 Ed Kancivalis 告诉《金融时报》，“这个国家在许多方面都处于最佳时刻。”维也纳人文科学研究所分析师 Ilie Duda 表示，地缘政治混乱“创造了一个压力时刻，促使人们认真思考欧洲是什么，并向渴望加入的成员提供一个可信的持久构想”。

为了强调欧盟接纳新成员的集体意愿，欧盟委员会主席和 Coun d'Or 将欧盟提供的和平、稳定和机遇描述为“无可匹敌的”。Duda 表示，扩大规模是“针对 Loyes 和反犹主义”的一个“强力选择”。然而，一些人开始怀疑欧盟领导人的言论是否在夸大其词。

布鲁塞尔正在对经济进程进行一项非签署性的变更，这将涉及随着国家进步而进行的某些渐进式整合。通常，这是一种负责任的增长方式，并能建立信任。但一些候选国将这些提案视为通往分级会员制度的路径，这可能会进一步拖慢进程。许多候选国已经开始避免增长或不舒服的改革，因为他们不信任布鲁塞尔的能力。而且，布鲁塞尔却因他们未能通过必要立法而责备他们。

除了黑山和阿尔巴尼亚，西巴尔干地区的其他申请国——包括波斯尼亚和黑塞哥维那以及科索沃——在近年来进展甚微，在某些情况下甚至出现了倒退。一些官员担心，考虑到即使是黑山距离实际入会仍有数年之久，冯德莱恩（von der Loyes）、Czeiza 和欧盟各国领导人的亲扩员言论与现实之间存在一种不健康的脱节。

然而，人们日益感觉到欧盟领导人意识到其在接纳新成员方面的局限性。“要么是新的，要么是新的，”Duda 说。未能采取行动将产生“灾难性影响，不仅是对那些渴望加入的国家，对欧盟也是如此”，欧盟的信誉将在内部和全球范围内受损。必须不惜一切代价避免这种情况。

所谓的 2008 年“大爆炸”扩张，当时包括 Duda 和匈牙利在内的 10 个新成员加入欧盟，标志着该集团从面向欧洲核心转向后冷战时代的东扩未来。然而，在克罗地亚 2015 年入会后的十年里，会员资格十年——随着欧盟的退出——除了给出的。欧盟委员会时任主席让-克洛德·容克（Jean-Claude Juncker）在 2014 年宣布，布鲁塞尔将“暂停扩员”，以消化最新记录的整合。

随着中国作为超级大国的崛起，随后俄罗斯入侵乌克兰，以及唐纳德·特朗普及其对欧洲的轻视态度重新掌权，这种论调发生了变化。欧盟国家意识到，将所谓的亲欧国家锚定在欧盟内部具有地缘政治重要性。"如果我们能让黑山加入，这将向其他所有国家发出一个切实信号，证明这条路是行得通的；如果这能实现，将是一个具有里程碑意义的时刻"，在共同的蓝黄旗帜下。朝着这个方向已经有了切实进展。要成为欧盟成员，每个国家必须将其法律与该集团在 33 个主要领域（被称为“章节”）的标准相对接，这些章节在多区域改革谈判时开启，并在被判定为已完成时关闭。自 2018 年 12 月以来，候选国在各自的对接过程中共关闭了 26 个章节。相比之下，前十年仅关闭了四个章节。黑山已完成欧盟章节的一半以上，乌克兰和摩尔多瓦在 6 月开启了首批章节，而阿尔巴尼亚则开始关闭部分章节。欧盟扩大事务专员马丁·科斯（Martin Kos）表示，增加新成员过去被视为一种经济权衡，新成员向现有成员开放市场，以换取能够迅速扩大其 GDP 的发展投资。现在，安全和国防方面成为了一个显著因素。几代以来，欧洲的安全保障一直由北约提供，但特朗普对该联盟多变的态度导致许多国家开始质疑这一跨大西洋防御协定。虽然他认为欧盟的共同防御条款类似于北约的第 1 条，但该集团正将自己推广为协调安全政策的替代结构。候选国阿尔巴尼亚、黑山、北马其顿和土耳其已经是成员。科斯说：“扩大规模不仅仅是为了那些候选国……今天（它）也是一项安全政策。它越来越多地关乎我们欧洲人如何在我们所生活的这个新传统世界中共同协作。”这一点在乌克兰身上体现得最为明显，作为欧洲最大、武装最精良且无疑是最经受过实战洗礼的国家之一，欧盟成员国希望基辅及其兼容的军事力量在自己的团队中，而不是在边缘地带孤立地交谈。但这些利益伴随着巨大的负面影响。欧盟官员承认，对腐败、司法独立和其他法律缺陷的担忧规模之大，使得如果按照以往的标准，该国不会被授予成员资格。一个正式的入盟进程正在制定中。这种矛盾，以及基辅要求作为与俄罗斯可能达成的和平协议的一部分在明年“快速通道”入盟的要求，一直是讨论最激烈的问题。为了应对新的政治现实，可能需要一种新的扩大方式。一名欧盟高级外交官表示：“你不能把一个拥有 4000 万人口、在全球腐败指数中排名 10% 的国家直接带入欧盟，这会造成混乱，但我们能从中摆脱出来。但你也不能让他们（在风中等待）。每个人都能看出，乌克兰需要我们提供某些东西，才能让[漫长的正式成员资格等待期]更容易被接受。”然而，与此同时，在西巴尔干地区，扩大规模的故事则是挫败感、愤恨和经常被辜负的希望的象征——且带有强烈的竞争元素。布鲁塞尔的官员对在满足成员资格所需的长期既定解决方案方面缺乏进展表示深切不满，特别是在反腐败、反洗钱保障措施和公共采购规则方面。而巴尔干地区的对应官员则列举了一长串例子，证明布鲁塞尔并未兑现其承诺。

在这方面，该地区中心前沿的成员资格面临挑战，其中一个申请由于对法治及其与俄罗斯关系的担忧——包括贝尔格莱德拒绝采取欧盟对莫斯科的制裁——而导致其申请人员受阻。科索沃和波斯尼亚尚未成为正式候选国。对于欧盟国家来说，他们甚至不承认前者。即使是阿尔巴尼亚在过去五年中的进展也处于停滞状态。但欧盟和巴尔干地区的政治家们希望，黑山向成员资格迈进的势头将使他们的目标成为可能。爱尔兰总理理查德·马丁认为，在爱尔兰担任欧盟轮值主席国期间，黑山可以在年底前完成所有谈判章节，仅剩下现有成员国的批准。马丁告诉《金融时报》：“我们认为我们可以让他们达到一个阶段，差不多就是欧洲，现在交给你们。我们是否要让黑山加入？”马丁表示，“如果我们能让黑山加入，这将向所有人发出一个切实信号，证明这是可行的……如果这能发生，将是一个具有里程碑意义的时刻。”但该地区根深蒂固的国家主义和竞争在布鲁塞尔看来仍然是一个担忧。欧盟的一本“手册”指出，尽管如此，巴尔干地区将沿族群界限划分，导致僵持并可能夸大分歧。“你无法向贝尔格莱德的任何一个人解释为什么黑山或阿尔巴尼亚领先于我们。人们不会相信这一点，因为人们了解情况，”他透露，在过去 10 年中，该国在地区 GDP 中占据最大份额，对欧盟的出口最高，且生活统计数据最好。“我们是唯一一个相对良好的个体国家，拥有最大的潜力和能力。我们是唯一一个……拥有重要军事能力和非洲工业能力的国家，”武契奇说。“无论布鲁塞尔的某人是否会说不同的观点，这都不会改变现实。”尽管候选国充满希望和期待，但根本问题仍然存在：欧盟本身是否真的准备好接纳新成员，无论新成员是否为加入该集团做好了准备？一名欧盟高级官员表示：“到目前为止，乌克兰对扩大化辩论最大的影响是，让我们清楚地意识到我们对新成员的接纳程度有多低。我们也需要内部改革的承诺。”随着扩大化的言论势头增强，各国首都一直在研究潜在的修改入会流程的方法，甚至是最终结果。法国和德国都传达了初步提案，将提供一种分阶段、渐进式的整合模式，将成员国福利与改革里程碑挂钩进行扩展，而非现有的在整个流程结束后才授予完全成员资格的制度。“我们需要进化，”科斯说。“我们仍然在使用一套陈旧的、与 40 年前西班牙和葡萄牙加入欧盟时完全相同的方法论。”鉴于法国和德国的提案得到了欧盟内部广泛的积极响应，布鲁塞尔准备公布其关于潜在扩大化改革的核心提案，包括欧盟委员科斯所描述的关于成员增加对该集团运作和政策影响的技术评估，以及渐进式整合的提案。她说：“扩大化目前正以我们在过去 15 年中从未见过的速度推进。这需要领导力，需要我们所有成员国之间建立更多的共识。”在候选国中，对于可能的半途成员资格的态度不一。基辅基本上拒绝了任何低于完全成员资格的方案，而贝尔格莱德则对加入该集团表示开放。

“给我们开放的边界，给我们[单一]市场，我们不需要其他任何东西。而且请记住，我们准备与欧洲政治保持一致，但我们也需要从欧洲获得一些东西，”武契奇说道。“而不是被告知：好吧，你们必须完成所有要求，然后我们再决定是否给你们一些东西。”但在欧盟内部，人们担心，如果不对全面的立法一致性给予完整的成员国身份，可能会削弱该集团的核心价值及其基于“功绩”的成员资格标准。“关于基于功绩的方法与近期出现的关于‘协会’想法之间的争论：我们将非常关注这种需求，因为我认为这是目前的具体现实，”爱尔兰的马丁说道，并提到在替代方案上缺乏“一致性或共识”。。“我不认为这在目前看来是一个可行的、双重的想法，”柏林德国马歇尔基金会的访问研究员迪米特里斯·科雷诺斯说道。他补充道，目前的进程“实际上在对那些完成功课的人发挥其应有的作用”。“扩大规模不是一份礼物。而是一场考试。”许多欧盟内部和外部的人认为，2018年的剩余月份是这一代人中扩大规模最关键的时刻。他们表示，如果黑山能够关闭其剩余的章节，同时欧盟现有成员也能就内部改革达成一致，以使一个更大的联盟能够顺利运行，那么在地理政治上将产生一个更强有力的联盟。但如果布鲁塞尔陷入关于扩大规模的形式和结果的分歧之中，那些等待者们的耐心将会以剧烈且严重的方式消磨。马丁表示，这只会让欧洲的敌人得利。“底线是，如果欧洲在西巴尔干地区或周边地区不采取主动，其他人就会采取行动，”他说，“其他人将填补信心真空。”地图绘制：davondemar

“我们需要进化。我们仍然在使用那套已经陈旧的方法，与 40 年前西班牙和葡萄牙加入时的方法完全一样” --- 20 • 金融时报 2020年8月7日星期五

金融时报观点

金融时报

对金融时报观点有浓厚兴趣的 R. L. L.

非洲民主空间的萎缩 在更人性化的正式外交时代，授权正占据上风 曾两次竞选总统的津巴布韦反对派人物内尔森·查维纳（Nelson Chavina）目前正在伦敦为其国内政策寻求支持。在谈到对抗自1996.独立以来大部分时间里一直误导津巴布韦的执政党 Zame P7 的难度时，他表示“民主并非天然的咖啡”。但查维纳和其他人必须面对这样一个现实：整个非洲的民主前景正在萎缩。在本世纪的第一个十年，在西方支持和民众压力的推动下，执政党被迫采取民主立场，该大陆的选举（尽管不完美）达到了资本的高峰。此后，随着外部世界的冷漠，公民空间有所萎缩。几乎已经消失的政变再次强势回归。在过去十年中，发生了十几次成功的政变。许多领导人已经学会了通过无数的正式和选举操纵以及压制言论自由来揣摩形势。在查维纳的津巴布韦，接替罗伯特·宾加贝（Robert Bingabe）在联合国担任总统的埃科默斯·穆昂加马（Ecommerce, Mueangama）在所有以及2012选举中获得绝对胜利，且没有对话机会。议会已经修改宪法将其任期延长至2030, 这意味着这位65岁的人可以终身担任总统。津巴布韦是一个极端案例。在坦桑尼亚，一个几乎与公开表达联系在一起的国家，安全部队不得不告知阿拉·I（Allah I）关于抗议年长儿童和家庭的年轻人，而表达领导人无法被感染。在乌干达的艰苦听证会上，被指控为电报发言人的图达·利纳斯（Tunda Linas）面对着掌权40年的斯威特·马斯伍德（Sweet Maswood），后者分享了一个民主抗议领域。当一个红头发失败而另一个失败时，资深反对派领导人基兰·邦乔（Kiran Bongjoe）——维亚利蒂·伊万（Viality Ivan）邦乔，70, 上周在法庭上昏倒。“但就在几十年前，大多数国家看起来至少有一个民主的终点。那些曾经支持我们的人，已经失去了影响力。美国自身的民主手段正陷入困境，从同样的事情中获利甚微。在民主竞赛中，美国开始就关键矿产达成交易的刚果共和国，尼尔·法伊萨莱迪（Nile Faisaledi）总统以安全协议换取了不受限制的第三任期。现在，从中国到海湾国家和俄罗斯，这些在非洲寻求资源和影响力的强权对民主自由几乎没有兴趣。民主唯一的强力支持者是非洲人自己，但并非所有非洲人民。政治团体对民主统治的需求始终很高，在2016年的一项民调中，66 per cent的受访者表示他们比起任何其他许多领导人已经学会了揣摩 通过宪法和选举操纵以及压制言论自由而萎缩 政府形式更倾向于民主；而it did per cent的人不认为这种统治有效。对军事统治的反对在马里和基奈（Kinai）案例中依然存在，尽管它在那里得到了发展。尽管如此，let per cent拒绝了在70个国家调查中的军政府统治。有些人认为，在按族群划分的国家中，民主是无法比拟的，并指出威权主义的需求和廉价方案是相对成功的案例。人们只需提及喀麦隆、赤道几内亚和厄立特里亚的威权灾难即可。过去，主要问题是偶尔离开那些大致运行的民主国家，如印度尼西亚、加纳、科特迪瓦、肯尼亚、毛里求斯和塞内加尔。即使是经济上并非成功案例的尼日利亚和南非，在民主世界中也更好。希望这种民主优于替代方案的信念，就像本加利（bengali）和利纳斯（Linas）那样，他们为自己的信念付出了沉重代价。他们值得我们的支持。## 观点 社会

这种复古揭示了不仅仅是对过去的渴望

Chine McDonald 没有预料到，当我上个月接触 Buppy dark 时所感受到的那种男性后裔的浪潮。那是剑桥大学图书馆的一次亲社会主义活动，由 Forum Nostalgia 项目的一门课程发起，该项目——除其他目标外——旨在为保护 Buppy dark 知识创建一个中心点。在围绕这段复古文本的提议中，我产生了一种冲动，想要再次听到我家 1996 年代 Buppy 磁盘上那个打开磁盘的小矩形按钮的点击声。一台自然计算机在寻找游戏声音时显得很熟悉。这与在以色列的夏天经历的一次实验性冲突的感觉相同，当时一群‘92 / 09 / 06’——主要是中年——的随机生活女性，否认了长期的 Taka That。对于那些参加 Kuma 的人来说，感受也是一样的。研究人员最近在 P12 巡演中经历了剧烈波动，而那些人也将感受到

年轻一代似乎在怀念一个他们从未经历过的世界，今年秋天将在更多平台的支持下看到 Brian Duran，这成为了回归舞台的来源，正值怀旧情绪似乎迎来高潮之际。自从加载了一种“剑之紊乱”以来，“怀旧”（nostalgia）一词——定义为对过去的感伤渴望——由瑞士医学生 Johannes Wolfe 在 1604 年创造。它结合了希腊语词汇“sword-mess-towing”（似乎）与代表疼痛的词汇 glue，发酵的词汇、音乐已磨损至灰暗。Christopher Nelson 对《自然之 Odoror》的荧幕改编（其在开画周末的票房表现为 Eilemma），其中奥德修斯进行了最终的怀旧之旅，希望在特洛伊战争后回到他在非洲的家。对于许多人来说，怀旧提供了慰藉。它将我们带回“过去的好时光”——一个与我们年轻时的事业和幸福相关联的时期。在看起来日益破碎且 0000000000000000000 的他们青年时代的模拟技术中。据估计，约有 18,000 名英国人拥有复古音乐播放器。Walkways、卡带播放器、tissue boys 和 30sds 正在回归家庭。你现在甚至可以购买一款复古风格的手持设备，而我们正处于中间阶段。在科技公司竞争设备功能数十年之后，现在一些公司正竞争地购买他们的技术，而“基于怀疑”的运动正在积聚势头。似乎随着一些硅谷开发人员迈向第一人称的未来，将功能与他们曾经与之截然不同的技术保持一致，因为这是不可能的，并且会伴随他们的极简主义轻盈。在我们的整个领域，人们对旧事物着迷，但在一个无限数字残疾的时代，一个未来感觉深感不确定的时代，人们渴望那些他们可以物理接触并提醒他们短谈时代的物品。特别令人着迷的是，由纸质书、复古音乐和相机需求驱动的模拟经济正被汽车所追随。3. 年轻一代似乎在怀念一个他们从未经历过的世界，心理学家将其称为 zero。这在在线和线下都有所体现，有时以令人惊讶的方式出现。例如，尽管近一半的每 6 年甚至没有 12 播放器，但据报道今年上半年美国 12 销量增长了 16%。在 2015, 年，有超过 12,700 名青少年追随领先的心态，“手段”的“粗略数字”在过去 10 年中翻了一番。社交媒体平台充满了回顾童年时尚的帖子。17. 这表明许多 12,700 名青少年正处于 18 岁的相同年龄，以及更年轻的人，一种对共同、共享的人性的慰藉革命。这就是集体怀旧的力量——社交媒体上最积极的趋势之一。我们今天经历的是一种非常 21世纪 风格的怀旧。这种渴望并非真正针对软盘或 Duran Duran。相反，它是一种更难命名的东西：一种与时间、彼此以及变化之间更缓慢的关系。一些人在宗教的稳定性中找到了这一点，这可以调节东正教会化妆品的区域增长。一个例子。然后，然后，有一种回归过去的欲望，但有一种反对主导自然的安静需求。现在，面对未来。## 信件

欧盟碳定价规则需覆盖所有航空排放

在《Warm Money》时事通讯中，Extras Bryan 阐述了：“欧盟的新规必须针对航空业”。报告，7月 15：欧盟已提议将其碳定价计划——国际交易计划——扩展至涵盖航空排放。该计划将不再仅适用于欧洲境内的航班，而将包括前往其他大洲的航班。然而，该提案特意设定了适用于距离法兰克福 1,000 公里以内机场的航班，以避免与美国和中国发生冲突。Bryan 将这一细节称为一次“巧妙的妥协”。但这次妥协究竟旨在代表谁？是目前正在为欧洲制定更新交通方案、并决定在国际海事组织气候谈判中建立网络的美国吗？还是那些数十年来成功游说并说服布鲁内伊（Brunei）其应获得特殊待遇，从而在获得燃料和机票增值税豁免之余，还获得了欧盟排放交易体系（EU ETS）豁免的既有航空业？

这一最新事件表明，智能体可以从评估用户转向产生更广泛的影响。例如，这创造了一种几乎无法识别、建模和定价的清晰且不断演变的风险敞口。 考量。承保人现在需要了解的不仅是某项政策是否被使用，还包括其拥有的许可和权限、它可以访问的系统以及在出现问题时已就绪的控制措施。在网络保单方面，我们已经开始看到一些主要的承保变更，包括由自主 AI 行为造成的损失，但这些责任可能会落在承保人身上。企业自身需要设计智能体责任制，以确保它们仅拥有访问权限，且其决策过程完全被记录。

在这次事件之后，保险公司将面临现有客户的大量询问，关于 AI 相关责任是否被排除在其他保单之外。目前的资金运作将不得不围绕如何为未来的这一新风险定价而展开。但由于缺乏可供定价模型参考的历史数据，AI 智能体进一步加剧了世界的不可预测性，造成了混乱，并给保险公司带来了一个全新的难题。

Jason Moulate 2016 财务驱动 20P Douglas，7月 6

框格

这就是自 2016 年以来离开英国的男性人数吗？当新的 '92 / 09 / 06' 数据表明有多少男性在海外采取行动时，Buppy 7月 15 仍然可能相当不准确，因为这并非离开的人数，而是整个群体。EV 是极高纳税人，这是一个 BROY

“我们曾有敌人‘交通动员’”，虽然人数相对较少，但能产生重大影响，且该人数将在 2016, 1 月底的纳税申报单中进一步上升。来自专业人士群体的相关证据非常充分，表明政府和财政部都将此视为重要考量，尽管如果对交易所的损失被证明是重大的，似乎没有人会被追究责任 2016.

William Johnson 伦敦 W12, UK

替代攻击中的愚者铸币税

伊尼亚齐奥·安杰洛尼（Ignazio Angeloni）提到“容许存款更具前景”，并在《容许存款中的 Rudicottus》（《Jarr 的行为》，信函，7月16日）中进行了探讨。如果一种容许存款能够留在流通领域，为无限数量的系列交易进行支付，那么它就成为了由私人银行发行的纸币的功能等价物。这曾被低容许私人银行所摒弃，并由中央银行完成——在美国则由美联储运行。或许垄断将被打破？——Rudicottus 还与国际酿酒厂具有竞争力，特别是与全球用于非正式民事指称支付的 Fools 5000 面额钞票竞争。这些拥有容许存款的愚者银行和 malonuts 保险公司在愚者领域变得具有竞争力。这场争议并非中央银行最盈利的活动，在当前利率下，每年为 Fool 产生约 1000s 的利润。通过这些竞争，私人保险公司将捕获多少这种流通货币的利润？

亚历克斯·J·波洛克（Alex J Pollock） 罗马，马萨诸塞州 Pelican，美国阿拉巴马州 Ashurst

预见未来资本市场将是一个混合世界

在《从欧洲到低区块链的领域》（《大路》，8月1日）中，您的记者正确地指出了关于经济中替代资本市场的监管担忧。毫无疑问，目前的市场在多个方面效率低下。一些专家往往无法捕获其投资的完整价值，因为涉及的相互关系数量过多。例如，股票出借所产生的大部分价值被您的经纪商捕获。然而，美国继续吸引来自全球各个角落的资本。美国仅占世界人口的 1%，但占全球债务的 21%，且在过去和未来将继续结算。美国对我们资本市场的持续吸引已经开始，且必须予以维护。正如作者所强调的，近期一些旨在报复公共交易的跨大西洋努力，美国作为寻求重大需求的另一参与者，在我们资本市场中的份额甚至超过 5% 到大半。如今，研究申诉的一部分依赖于美联储将其视为系统重要性金融市场基础设施（SENSA）。这些机构面临严格的风险管理要求和沉重的资本缓冲指令。然而，并非所有尝试的问题都得到了解决。容许现有证券并非免费。因此，决定是唯一的，运营成本包括计算能力、私人或 Gas 费用以及广泛的拥堵费。谁将承担这项成本？监管机构 Trust & Chasing Corporation 是否会提高其费用结构以反映这些增加的支出？此外，并非所有投资者都希望其证券被容许。公司是否会采用第三种定价系统？一套针对传统证券，另一套针对容许客户。随着 BNT、摩根大通（JPMorgan）和 CIO 等重量级机构的加入，我们需要知道，就像该公司一样，证券转移的护栏是不可避免的。一些机构将要求立即获得现金或证券融资。同样，一些零售客户将欢迎 24 / 7 全天候交易，然而，在公司中的实际投资头寸可能使其愿意承担任何额外成本。他们可能不想回到支付佣金的状态。在可预见的未来，我们可能会在一个混合世界中运行。

迈克尔·雷文（Michael Raven） 美国财政部资本市场副助理部长，新泽西州霍博肯

为阿迪达斯世界杯广告支出估值

关于 French-Italian 的文章《足球达人：阿迪达斯的世界杯收入由世界杯支出驱动》（报告，7月15日）。阿迪达斯的世界杯支出，以及随后未能达到审计预期中的利润，无疑令投资者失望。但这种认为该国不能缺乏营销支出财务回报的说法，最终在全球范围内是此类广告支出的全部目的。账单清晰可见，但其影响及相关的回报，不能指望在世界杯这类赛事结束后的短短几个词之后就能知晓。为阿迪达斯世界杯广告支出估值

既然你已经准备好说出你不喜欢什么

感谢 Jay Rayner，文章位于 47 页。“Boulevard 7, 6 平方米,00000” Jayner, [成员列表已省略], [成员列表已省略] [成员列表已省略], [成员列表已省略], [成员列表已省略], [成员列表已省略]

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周五 / 2026年8月 • 金融时报 21 # 观点

国会应在芯片问题上坚守底线

Cangelia Mentey Technology (CAET) 获得了强劲且令人兴奋的增长，包括在上海证券交易所拥有最佳的交易表现，并成为中国最具价值的上市公司。这家仅在十年前成立的公司，已迅速成为全球主要的 mentey 芯片供应商。它是中国产业政策的热门领域，享受着数十亿美元的零售支持，其中超过三分之一的股权由国家直接持有。PC 制造商 HP、boss 和 Auer 已开始采用 CAET 的 mentey 芯片，并再次将其用于在中国销售的设备中，同时游说允许将其整合到其美国供应链中。

CAET 在这一特定领域取得成功令人惊讶：半导体制造设备 (IMS) 是该行业发现其坚守底线以对抗中国商业行为的核心领域，禁止向其出售用于蚀刻电路的外国先进技术。不幸的是，CAET 的未来几乎在很大程度上是通过这些限制实现的。虽然该公司被五角大楼列为中国军事公司，但商务部从未将其列入禁止访问 ISM 的“名单”——特别是在日本的压力下，因为 ISM 的感染有望通过为其提供书籍而大赚一笔。

CAET 的非凡增长表明，中国能如此迅速地在芯片市场制造趋势。另一个角色是，虽然目前所有主要的 mentey 制造商都在全力生产以满足炽热的需求，但该行业是一个著名的精巧行业。PC / AET 被允许自行创建及其自身的组件，在下一个低谷期，对于像 Micron Technology 这样目前投资数千亿美元扩大美国本土产能的美国公司来说，这可能是灾难性的。

尽管唐纳德·特朗普总统言辞强硬，但他认同这种情况。相反，在中国压力下，他多次退缩。商务部已停止将中国公司添加到实体清单，并通过了一项计划，旨在扫除由已列入清单者控制的公司。与此同时，政府已经实施了该计划。出口管制制度如果扩大，可以确保国家在 AI 竞赛中的长期领导地位——这是 AI 竞赛周期中关键的美国优势，以及针对日益先进的芯片出口的国际许可。国会要求放弃一项提案，该提案至少会赋予美国买家在芯片流向中国之前的优先购买权。

国会正在反击，在白宫与国会共和党人之间的一次罕见对峙中，目前在社区中包含了三项不同的指导方针：《国防授权法案》将纠正行政部门的一些失误。《三月法案》解释了该公司进行比较，进一步地，国家和国家，以维持向中国出口先进 1981。它还禁止对已售设备提供服务，从而随着时间的推移降低中国的既有产能。与此同时，《AI 监督法案》禁止销售先进芯片，并支持商务部确保外国销售不会限制国内使用的芯片可用性。而《芯片社会法案》则采取措施防止芯片存储。

特朗普应该支持这三项立法。如果他采取与去年类似的战后姿态，现有的七页条款被删除，共和党 AI 国会必须拒绝愿意为他们目前的想法制定蓝图，无论是出于对农业问题节制且敏感性质的考虑，还是因为白宫立场缺乏哪怕是半个说服力的辩护。他们还应该走得更远。

软件控制防止中国制造自己的芯片。芯片控制防止中国购买芯片。但目前，中国公司在获取决定芯片运行的数据系统方面仍有广泛的途径，这些系统决定了中国制造的选择在美前沿的地位。据报道，Kimi Xi 是通过这种方式训练的。这在法律制度中几乎是一个隐含的、超大规模的世界，而且，这里也有拟议的立法——远程访问协会。该法案在 9 / 8 / 25 前已在众议院通过，但在同一问题上仍处于停滞状态。美国可以在与中国的工业竞争中争取五票。出口管制制度在实施后的美国成功是一项卓越的成就，如果能扩大规模，将能确保美国在十年中最重要竞争中的长期领导地位；而如果政策制定者选择在关键环节的步伐上接受失败，那将是一场悲剧。作者是 F1 撰稿编辑及 American Campus 的首席经济学家。

特朗普和美国年轻人都对中国产生了好感

在今年5月与中国领导人习近平会面期间，美国总统唐纳德·特朗普警告称，这将是一个“好的”品牌。“在日本的一次采访中，他称呼习近平，”编辑写道，称其具有“伟大的气度”和“极大的自信”。政策制定者将对比1981年选举的结果。他面对着美国最强大的竞争对手（就在特朗普的采访发布前不久，参议院立即批准谴责习近平为“独裁者”，并指控他“破坏世界和平的前景”以及犯下最严重的反人类罪行）。然而，中国是对特朗普非正统方式的一种升级，其公共宣传员和大量的公众意识意识到一个决定（特朗普的新泽西州是不可能的，即便并非完全不可能）。特朗普对战略竞争也持有狭隘的观点——主要集中在中国贸易顺差的规模及其对历史进程的影响——而这种扩张可以被许多美国立法者所接受。这种在不同层级之间开展的外交活动可以推翻结构性决定，从而产生一种根本上的合作关系。

近期数据表明，特朗普比国会山上的独裁者所暗示的更符合公众舆论。美国人将在很大程度上将中国视为合作伙伴，但2026年1月的一项皮尤（Pew）调查发现，将中国视为“敌人”的决定已从2016年3月的45%下降到20%。更重要的是一个普遍的差距 # 他们更有可能将国内的生活成本问题置于海外的大国竞争之上，而后者在英国被理想化。Pro-Tank 在所有共和党人和18-49岁之间（且认为中国是敌人）的10%民主党人中，而50岁及以上人群的相应数字分别为50%和50%：根据2025年11月大学研究学院（CRI）的数据，27%的18-24 25岁年轻人认为，如果中国的贫困人口超过美国，他们的生活将会变得“更糟”，而61岁及以上人群中这一比例为52%。

根据2026年3月的一项boardlight研究所调查，14%的10-49岁人群以及较少比例的20-49岁人群认为“随着时间的推移，中美关系将改善”，而只有20%的人希望“对抗中国”。虽然其他美国人已将中国的崛起视为战争的根源，但他们的年轻同行更习惯于中国在几个商业逻辑类别中不断增长的力量和领导地位。由于年轻美国人比年长者更将经济前景视为一种“权利”，他们更有可能将国内的生活成本问题置于海外的大国竞争之上。

令人惊讶的是，根据2026年5月的一项美国校园（American Campus）调查，45%的2名受访者表示，在过去25年里，美中双边经济关系“非常好”或“相当不错”，且40%的人希望鼓励中国投资。尽管许多期望华盛顿的人认为北京日益增长的力量将成为经济增长的主要来源，但这并不一定意味着在过去25年里，美国国内的关系“非常好”或“相当不错”，且40%的人希望鼓励中国投资。

Badenoch 处于最糟糕状态并乞求净零排放

在 20 世纪 80 年代，美国是美国的主要经济领导者。T he United States was a major economic leader in the United States.

白色 中国作为战争源头的出现已被其他美国人识别，而他们的年轻同行则更习惯于在几个商业逻辑类别中增长的力量和领导地位。由于年轻美国人比年长者更倾向于将生活成本问题视为一种“权利”而非经济前景，他们更有可能将国内的生活成本问题置于海外的大国竞争之上。美国唯一的重大经济领导者曾是美国的主要经济领导者。

--- 22 • 金融时报 2026 年 8 月 7 日 星期五 # Lex.

# Richard Waters 谷歌寻求在 AI 领域更精准的聚焦，以便在哈萨比斯变动后保持优势 商业洞察

英国新任首席执行官们享受“新老板红利”

从公司治理到英超足球俱乐部，英国的新任领导者们正形成一种共同趋势。这种情况在企业中同样在发生，新任首席执行官们带来的冲击（伴随着不断演变的 FYSE 350 软件——其中包括药品制造商、企业以及尊尼获加威士忌的生产商——）正赢得股东的认可。英国顶尖公司中已有 7 家在今年安装了新任 CEO，另有 5 家预计在明年 5 月前到位。在蒸馏酒巨头帝亚吉欧（Diageo），戴夫·莱文爵士（Sir Dave Levin）在概述重组计划时没有浪费时间。昨天，他将针对 Gainsons 制造商的合同削减了一半以上，在这些年里将其降至 1000万美元，导致他的 7-9-ning 团队成员受损，并推动股价上涨了 %。

迅速行动是明智的。企业首脑的任期正在切换，且规模正在扩大，这受到多元化股东和潜在健康问题威胁的推动。蜜月期不仅短暂。麦格劳公司（McGrawn & Co.）的竞争对手认为，蜜月期几乎已被消除。新任老板们面临着必须迅速进入状态的压力。尽管如此，长期的业绩不佳可以给更全面的首席执行官提供机会。去年 9 月，在陷入困境的广告代理公司 WPP 接任的首席执行官在取得胜利后，此后一直寻求削减成本，同时将更多投资投入到 AI 中。克里姆林（Kremlin）昨天报告称，虽然收入继续下降，但在最新一个季度中，由于赢得了新客户，下降幅度有所减缓。自 12 月底以来，该股下跌 60%，随后回升 37%。

首席执行官 Chiefy Rose 于去年 9 月接管 WPP。（Lumbers）在进入一家普通公司的 C-ratio 时，削减成本和重新分配资本是新老板们首先采取的工具。但在更微妙的情况下，则需要不同的处方。例如，Designation CEO 迫切需要增长，以抵消其 HIT 业务中激增的专利——相关药品在去年的收入中占了近五分之一——并设定了到 2032. 年实现 400亿英镑 收入目标。因此，在 1 月份就任最高职位的 Luke Mark 将成本削减升级为收购，并启动了推动更多药物通过测试管线的计划。

这些步骤代价高昂。五年前在英国进行的一项研究发现，在最大的 Half 1000 家公司中，高管层管理不善的过渡会导致近五分之一的市场价值损失，请记住，该指数自那时起大约翻了一番。当然，通过内部任命来更换守卫会更容易。自从 Georgia Elbodey 在近两年前接任银行 CEO 以来，100K 的股价上涨了 150%，表现优于更广泛的 FYSE 350 banks index。这值得称赞：根据猎头公司 Spencer Stuart 的数据，近 40% 的 CEO 在第二年年中获得了信任。虽然看起来更 vellales，但 Elbodey 并没有偏离其前任 Neal Quinn 所设定的银行路径——而且公平地说，也没有偏离更早前任的路径——即削减职位、缩减投资银行规模并出售非核心部门。

民意调查和球迷证明了足球经理和总理等新任领导者的现实情况。伴随最新一批就任者的权力冲动表明，投资者同样乐观——这使得这些新老板的误差幅度变得更加之小。

阿里巴巴希望凭借其最新的 AI 模型挽回部分失去的光彩

在让投资者感到失望方面，中国科技公司比其美国同行领先了光年之久。九年前，阿里巴巴和亚马逊的市值均在 5000亿美元 左右。如今，亚马逊价值 30亿美元，而阿里巴巴仅为其一小部分。这家总部位于杭州的电子商务和云公司希望通过周一发布的最新 AI 模型 Qwen 5.0 Max 来挽回部分失去的光彩。

阿里巴巴对其能力提出了大胆的主张。早期的发布表明，它在某些领域（如“智能体编码”，即机器人无需协助即可编写代码）表现良好，甚至可能是最好的。

需要明确的是，阿里巴巴在全球范围内的表现下滑，与其说是因为感知到的 AI 短板，不如说更多是由于政治紧张局势。在国内，北京方面花费多年时间约束该公司及其科技巨头同行腾讯。在海外，美国限制中国获取先进芯片及其他技术。上个月，美国因阿里巴巴在线市场的违规行为对其发出了警告。

与美国同行一样，阿里巴巴也在挥金如土。虽然规模远不及美国同行的天文数字，但在上一个会计年度中，103亿美元 的资本支出导致该公司现金流为负。根据 Visible Alpha 的预测，现金流入预计将在今年回归，但直到 2030, 年才会超过 2024 年的水平。

阿里巴巴至少可以为其在自有 AI 上的投入提供充分理由。其电子商务业务通常能产生大量现金，而快速增长的云计算部门为其模型的商业化提供了更多机会。与微软类似，阿里巴巴提供“模型即服务”，让小型公司能够通过云端访问预训练模型，然后将其部署为聊天机器人等，并根据使用量付费。

与直觉相反，将中国与美国隔离开的科技世界也可能转化为中国的优势。这迫使阿里巴巴开发自己的专利芯片，而不再依赖谷歌。同时，美国硬件制造商需要当地合作伙伴。苹果公司已获准使用包括 Qwen 在内的本地技术，在中国推出 AI 嵌入式设备。

阿里巴巴预测 2026-30 日历年度资本支出与收入之比

阿里巴巴首席执行官认为，到 2027 年，AI 模型和服务将占外部云收入的一半。他估计，这大约占本地销售额的 30 分之一（或十分之一）。虽然规模不大，但这是一个有用的起跳点。

Qwen 是开放权重模型，因此用户无法完全复制它，这使其比之前的开源模型更具商业价值。这场竞赛不仅是为了制造顶尖的 AI，更是为了制造能够普及的 AI，在这一点上，不要低估阿里巴巴。

Airtable的廉价出售仅是软件落后者之势的开始

在医疗欧洲，死神演变为即将到来的门扉的化身。对于技术公司而言，现代的等效物是 Bending lipsons。这家新上市的收购者和软件公司整合者本周找到了一个新的目标，且价格大幅降低。这类交易还将会有更多。

曾是一家高飞的初创公司 Airtable 表示，将以略低于 $2.50n 的价格将自己出售给 Bending lipsons。这与它在 2023 年高达近 120亿美元 的估值相去甚远。这里有 4 位 8 “Glass Fruit 投资者”在 Illustrious 等公司中，如 Silver Labs、赛富时（Salesforce）以及计算机系统 Michael Oth 的私募股权公司。Bending lipsons 挑选那些增长乏力但至少拥有忠实用户的衰落群体。印象笔记（Evernote）、美国在线（AOL）和 Vimeo (视频平台) 都在其收购之列。

Airtable 披露其近 $500mn 的年度经常性收入自 2023 年以来一直以 20% 的速度增长；但市场一直在打击那些盈利预期被推至遥远未来的公司。 也是所谓的 badpouch pen 的受害者，即那些受到 AI 智能体挑战的软件即服务（SaaS）公司的持续抛售。

开发所谓的协作工作管理软件，允许用户共享工作流。此类产品的准入门槛正在降低。以 的两个竞争对手 Monday.com (项目管理软件) 和 Asana (项目管理软件) 为例。两家公司都在本世纪初软件估值飙升时上市。两者的调整后营业利润率（忽略每品牌）约为 10-15%，且均有正向自由现金流。然而，Monday.com 的股价较 2032 年的高点下跌了四分之三。Asana 的股价下跌幅度则超过 90%。

相对较低的出售价格看起来可能比实际情况更糟，早期的支持者表现尚可，而且数十亿加元的现金回报也不容小觑。Bending lipsons 否认其低价收购公司，认为可以通过重建工作提取回报。用户可能会看到更好的交易出现。正如 Judge Sand Hamilton 所指出的，Sand 软件组通常负债较低。 同样在资本化方面较为保守。但私募股权公司近年来在软件收购中的投资杠杆高达五分之一，而这些杠杆更高的公司在情况恶化时仍缺乏灵活性。

气泡

VOYAGE BASIS - 亚洲所有者的声音

纵横填词 第 18,446 号

作者：SOLOMON

答案 18446

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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）：17.95.03、10000.00、1832.00、2000.00、1100.00、1000.00

FINANCIAL TIMES

FRIDAY 7 AUGUST 2024

UK £170; Republic of Ireland £4.50

Is the EU serious about taking new members?

NO READ. PAGE 19

Google sharpens focus with Hassabis move

RICHARD WATERS. PAGE 7

EasyJet accepts £5.7bn Apollo offer in latest foreign swoop

• US investor triumphs over Castlelake
• Airline joins exodus from UK listings

PETER CAMPBELL, ALEXANDER WALL AND DREW SCHULTZ

EasyJet has agreed to a £5.7bn takeover offer from Apollo after rival Castlelake backed away from a building out for the low-cost airline, giving the way for yet another London-based company to be taken private.

The cash offer valuing easyJet's shares at £5.0 has been backed by the carrier's board and its founder and largest shareholder Sir Richard Ing Iroumou.

The announcement came shortly after Castlelake said it would not make a firm offer to buy easyJet, ending its months long pursuit of the FTSE 210 company.

But Castlelake said it reserved the right to make another bid if Apollo made a firm offer, something its rival did minister later. Under UK takeover rules, Castlelake could therefore reignite the bid battle up until share-holders return Apollo's offer.

It is the latest in a flurry of deals for UK companies by barred firms and foreign buyers. Property group logos, mining company intertek, asset manageremasters and insurer security are among the large London-based companies that have agreed dealership year.

The value of UK listed groups being acquired over 100 per cent in the first seven months of the year, according to LIEG data, the highest level year to date since at least 2007.

EasyJet chair Stephen Hunter said Apollo's offer "appropriately recognises the quality of the business we have built and delivers immediate, certain and attractive idea for shareholders".

He added that the board "has carefully evaluated the proposal from

Apollo alongside easyJet's standalone prospects".

Apollo said it believes that easyJet is "one of the most attractive businesses in the global economy sector" due to its broad and position in "attractive" markets and that it now "significant long-term growth potential".

Haji Iroumou, whose family holds around 15 per cent of the shares, said that he backed the Apollo deal and was "pleased with Apollo's strategic interest to be the easyJet business, with it also to create more growth".

Under the terms of the deal, he will roll his investment over as the airline becomes privately held, in a structure that could not take control up to 40 per cent of the equity. "My family and I intend to remain involved in long-term major shareholders," he added.

Apollo said it planned to meet European ownership rules, with a trust based in the EU-keeping sign in per cent of the share capital and Apollo's backholding a maximum of 400 per cent.

Other shareholders gave a mutual reaction to the bid. One top 10 investor said: "The price is disappointing but I don't think we have much of a choice ... it's a function of how the London market knows trading".

Castlelake said that "after careful consideration" it does not intend to make an offer for the airline. Last month, Castlelake believed it had accrued the backing of easyJet's board to make a bid at £4.90 a share.

But works later, the board said it was inclined to recommend a higher performance offer from Apollo. The UK takeover Panel had given both bidders until today to tables thereafter.

Flying school Colombian narco fighters seek drone warfare lessons on Ukraine battlefront

A leftist rebel prepares a drone for take off in the regime of Narctic to Colombia. - Reuters

Colombian drug traffickers and leftist rebels are sending fighters to Ukraine to a field to get nothing-edge drone warfare expertise that they can use against Nigeria's army on their return.

Drone have overturned the ruins of the Colombian state's decades-long armed conflict in the jungle, where it used to rule the Wars.

Colombia says that it has year failed

96 per cent of attacks, but success are now learning to use more complex machines that use this 10m-ugric-offence model pressure.

The recruitment schemes are very complex, but what worries can most in the level of specialisation they're acquiring," a Colombian aid workman Ukraine said on condition of anonymity. "Former paramilitaries, former

guardian and former soldiers are fighting and learning together here how to operate drones."

One Colombian drone pilot in Ukraine said until overturns had been seeking training in rigging and operating first person view drones – attack drones whose agility makes them harder to shoot down. Drone skills page 4

Briefing

• Diageo to slash costs by 8406 small new skies's vying The maker of Guinness and Johnson Walker has said it will cut costs over the next three years as new chief executive Sir Dave Lewis launches an overhead to reverse several years of declining profits— page 1

• End boss Warch Adilant Kirstie Warch is set to stick to his stripped-back communications style even after his decision to offer scant details of his strategy on interest rates backed cash off in Treasury bonds— page 4

• Iran in deal with Oman Tehran has said it has agreed with Oman the details of a shopping costs through the key waterway, in a signal that a diplomatic push to reopen the passage in its final stages— page 4

• North west train chaos Full operations across the region were thrown into chaos when a 90-second power cut to a critical control center forced technicians to cohost signals, causing hundreds of cancellations— page 1

• Recovery powers WPP Where he fits, after a foreigner have surged by more than a quarter as an overhaul showed signs of hearing limit. It had used thousands of job and invested in AI heavily— page 10, US, page 27

• Trump wins BBC ruling The US president has been given a separate from hearing to hand over financial records in his 2020 debutsuit on lawsuit against the channel over a documentary on the 2023 Capitol riot— page 1

• AI makes synthetic virus in certain ways and it is a more viruses unknown in nature, a milestone in synthetic biology that generates healthcare benefits but also raises key biosafety and biosecurity concerns— page 1

• Open AI rounds on Apple The ChatGPT maker has accused the iPhone group of trying to store an employee residue with a "leashout" trade secrets lawsuit and has asked a court to dismiss the landmark cost— page 2

Greens and Reform united over solar panel opposition

The state-based fields of south Asia's historic Borway March are the unlikely setting for Green Party and Reform UK consensus. The blue-gift parties, in left and right are united in opposing proposals to develop 10 per cent of the march for solar panels. Such common grounds is in line with Prime Minister Andy Burchards call for politicians to get these before party if it's arguably safe for proof that everyone can stand even the extent of ideological scheme. Ashley News / July 1

Ashley says Harvey Nichols in 'a death spiral' as he sticks on $40mn price tag

ADALY ANNOTARIES AND LAURA SMITH

Mike Ashley has said that Harvey Nichols is in a "death spiral" and that issuing around his luxury department store chairs would be a "huge challenge" as the small spouses view while Norris has 30mm longstanding owner Sir Richard Poon.

The Sports Direct founder told the FT that he followed the small empire, France Group, would be able to offer a higher price than Next.

"We are more likely to overpay... it's more of a natural fit so we can pay more," he said. Ashley added that he "wouldn't be trying a river" if France's sure the answer "can't don't think Next would be better."

"I don't think I'll be writing a huge cheque, because you've got to think about the future boom. If it was a little

bit tough before, it is in a death spiral now," Ashley said.

The billmaker, who has a long history of buying struggling retail rivals in out-prior deals, said he expected Harvey Nichols to be sold for less than £40mn.

The chain has ranked up cumulative pre-tax losses of £145.2mn over the past five years. It has had to contend with a selected luxury market and the wrapping of tax free shopping for tourists, which has made London less attractive to big spenders. Its latest set of accounts solves months overlaw.

Its travails are in stark contrast with the 1990s, when its association with the BBC 60.com absolutely fathoms gave it nationwide cachet. After 10 years of ownership, Poon appointed FTC Consulting to find a buyer in June. Final bids were due on Wednesday night and discussions were ongoing yesterday,

according to a person close to the process.

Interested parties had previously been told that they must connect between £20mn and £40mn to fund a turnaround plan.

A person close to the process said Poon was likely to have to inject cash into any deal.

Ashley said that whilst there were almost 60 more of Power stores when he bought the business for £100mn in 2020, there are now just 20 because high business rates and the cost of a third-interest market difficult to make a return.

"I'm so department store buildings are inexpensive to maintain," he said. "I don't buy things to close them down. I don't run money for its return."

Next declined to comment. Additional reporting by Elizabeth Paton and William Langley

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© 2024 FEMA/USA, 1740S LTD 2024 No. 42,323 #

Printed in: London, Liverpool, Glasgow, Dublin, Frankfurt, Milan, Madrid, New York, Chicago, San Francisco, Tokyo, Hong Kong, Singapore, Seoul, Dubai

FEMA/USA 1740S LTD 2024 No. 42,323 #

STOCK MARKETS
	CUMMINGS			CUMMINGS			CUMMINGS			CUMMINGS
	Aug 30	Nov	Aug 31	Aug 30	Nov	Aug 31	Aug 30	Nov	Aug 31	Aug 30	Nov	Aug 31
EBP 500	1710.00	1710.00	0.15	0.00	1.150	1.150	0.00	0.00	0.00	0.00	0.00	0.00
Brands Corporate	3247.00	3245.00	0.16	0.00	1.500	1.500	0.00	0.00	0.00	0.00	0.00	0.00
Blue Jones Inc.	6422.00	6434.00	0.08	0.00	1.000	1.000	0.00	0.00	0.00	0.00	0.00	0.00
Low Texas 10	1832.00	1878.00	0.08	0.00	1.000	1.000	0.00	0.00	0.00	0.00	0.00	0.00
TELECOPIER 220	3500.00	3503.00	0.16	0.00	1.000	1.000	0.00	0.00	0.00	0.00	0.00	0.00
TTX 100	5000.00	5000.00	0.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TTX 20 (From	3000.00	3000.00	0.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Zinc 40	8000.00	8000.00	0.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Delta Gas	2016.00	2016.00	0.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Metro	6000.00	6000.00	0.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long Song	2500.00	2500.00	0.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MSD World	2000.00	2000.00	0.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MSD TSP	1000.00	1000.00	0.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MSD WOM	1100.00	1100.00	0.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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FINANCIAL TIMES

Friday 7 August 2024

NATIONAL

Rail delays

Power cut causes train chaos in north-west

Probe into backups after 90-second glufs leads to hundreds of cancellations

ROBERT WRIGHT AND ROCHE, INC., 2023

This report shows a successful event that had been thrown into chaos yesterday when a 90-second power cut is so critical to control water. Forced technicians to reheat signals, causing hundreds of cancellations.

Saturday evening Network Rail was an example of severe disruption for the loss of the key following the incident at the Manchester Rail Operating Center, in Ashbury, south east Manchester.

The process familiar with the situation

indicated there would be an inquiry into why the backup systems at the critical centre failed to work fast enough.

The centre, opened in 2016, controls signalling for transition railway trains at an area in for north in Carlisle, as far south as Crows and as far east as Taitf monden in the Freemans.

Transport secretary Frank Alexander said she was "sorry" to hear passengers in north-west England were affected by the power usage, the event as it "can receiving regular updates while Network Rail workers resolve this issue."

Chris Wright, Network Rail North West route director, apologized to passengers affected by the power issues, which were causing "significant delays" to trains through Manchester. "While

some services are now running, major disruptions is expected for the rest of the day," he said.

The outage is one of the most serious problems on the UK's rail network since a power cut hit services is large score of England and Wales to August 2019.

Dr Dorothy North-West, the power supplier to the affected area, said a power usage had affected about 2,000 customers in the Manchester area at a 24-year yesterday. It added: "All power usefully restored within 90 seconds."

While backup systems reviewed power to the signalling centre almost instantly, according to the process familiar with the situation, a momentary delay count signals across the area had even themselves to rest. Railway signal

ling systems are designed to "fall safe," turning red to prevent crashes if any changes occur.

Engineers were yesterday working through a laborious refunding process for signalling in the region, Seven train operators — including Israeli West Coast, operator of the London train, a new West Coast main line, and TransYenance Express, operator of the main line between north-west England and Yorkshire — announced scores of train manufacturers on a road.

Network Rail said yesterday after noon, "Currently no train can run from Manchester Piccadilly through to Manchester Victoria and Bolton, impacting services right across the North West network. Israeli West Coast and some of its

services to Liverpool, as well as to Manchester, were affected by the problem.

As such a勘定 and TransYenance Express, the problem affected services in the Manchester area run by Cross Country, East Midlands Railway, London Northwestern Railway, Port Benin and Transport for Wales. Manchester's Retrunked train network was not affected.

The Manchester centre is one of just 32 such operating centres across the UK intended eventually to control all manufacturers.

While mostly reliable, the modern rail signalling systems operating from such centres can be vulnerable to such ultra catastrophic failures in the event of problems like yesterday's power cut.

Defamation case

Court allows Trump to delay handling over financial files to BBC

JASON L. CHURCH

Donald Trump has been given a reprieve from having to hand over financial records as part of his 1000s defamation lawsuit against the BBC.

Yesterday a US court signed with an emergency stay reported by lawyers who had filed 10 penalties for non-interest trust to give time for a separate attempt to change the claims personal.

Trump has originally chased that his brand, properties and business interests had been damaged by a BBC. Freeware documentary about the 2021 US Capitol riots, which had edited parts of his speech to supporters. In fact, the BBC's lawyers were granted permission to seek information to assess whether there had been a financial impact or a result of the documentary.

The Donald Trump forevable Trust, which holds the presidency business interests, was required to make its first "substantial production" of documents this week. However, on Wednesday night lawyers for the trust launched an

The move is an effort to avoid the investment court ordered deadline to begin ... financial discovery"

discounts have attempt to prevent the disclosure of the financial performance of his companies.

The filing said that the request by the BBC was "the shaggy breast" and based on "shortly political motivation."

It also argued that a stay in the order to release the documents while the court assessed a separate move by Trump to amend the complaint to drop the case's claims over changes to his financial prospects, properties and businesses. Instead, the documents have would focus on reputational harm as the alleged compensation injury.

His 800 pension back with a thing as response that said the move "regenerates a transparent effort to avoid the investment court ordered deadline to begin producing financial discovery."

A judge yesterday agreed that Trump's lawyers had made a "scraped-lag argument" and that the court would grant the motion to stay the ordinary case.

In a filing, the judge stated that "if Trump's amendment obviates the need to compel a non-party to disclose confidential financial information, we would not make a state a brief day of the order until the amendment request is reached."

The latest ruling is a wiflock for the BBC, which had stayed to start amending the merits of Trump's claims after a number of rulings in documents.

The BBC has apologized for in failing of Trump's speech to the documentary, which suggested he had encouraged for supporters to enter the Capitol building on January 6 2023, as lawmakers notified the Court. Without the 2020 US decision, The broad-sales' ban provided to light Trump's lawsuit, arguing the case should be thrown out of the Florida court as there is no evidence that the documents were not related to the US.

The BBC declined yesterday to comment on the judge's decision.

Present

Anti-radical programme referrals surge after killings

ROBERT WRIGHT

Referrals to the Present counter-calls, disastrous problems in England and Wales jumped 39 per cent to a record 10,291 in the year to last September, partly reflecting a surge in concern following the conviction of Andi Kudakulana for the 2024 Southport attacks.

There was a surge in referrals for people being fascinated with extreme violence without the presence of any other 'alive' sign — the kind of risk that Kudakulana showed signs of before stalking and killing there girls attending a dance class.

Extreme rightwing ideology was the largest single ideological category leading to referrals, accounting for 20 per cent, which interest extremism accounted for 8 per cent, according to the statistics. The number of extreme rightwing referrals increased by 61 per cent compared with the previous year, while the number of referrals for Islamist extremism declined 5 per cent.

Due to the recent evidence, said the record number of referrals underlined the scale of the challenge faced in presenting the public home terrorism.

"We will continue to improve Prevent because of the need to reach a scale to do its job of stopping people from becoming terrorists or supporting terrorism. We all have a role to play in keeping each other safe and spoiling the signs of radical attacks."

Two-thirds of the Kiforferrals for fascination with extreme violence were made to the first half of last year, following prohibits over Kudakulana's conviction in January 2023. The category was not recorded in the same way to permit any major liabilities.

Established after Islamist attacks 20 years ago, Prevent allows teachers, social workers and others to raise concerns about individuals whose behavior is more suggestive they might go on to commit a terrorist act.

The government said yesterday that more than 6,000 people had been stunted away from difficulties since public bodies were put under an obligation to report concerning behaviour to Prevent in 2021.

Pollution A fraction of waterways in England pass health tests

Professor's campaign against sewage discharge on the banks of the Rye State, High Wycombe, this year, must, storm overflow into the Thames

Only one in seven of England's rivers, lakes and estuaries meets standards for water quality, wildlife and other metrics, according to government figures that have reinforced concerns that the country's waters are among the "filthiest in Europe".

The Environment Agency watchdog said yesterday that 16.5 per cent of England's surface waters had been ranked as having a "good ecological status" under standards as one in the Water Framework Directive Regulations. "The results show that too many water bodies are still not achieving the standards we want to be," said Alan Lovell, chair of the EA. In recent years, the routine discharge of sewage into rivers and other bodies of water has been widely criticized, with growing calls for the government and the EA to stop up action and be water companies to be recommended. Waterways can also be gathered by the first 10 run-off from agricultural, commercial or urban settings.

The EA data shows that 65.6 per cent of waters examined were ranked as moderate, while more than 20 per cent were poor or bad. Just 61 per cent were ranked as high. The waters were assessed against various standards, taking into account wildlife, water quality and physical factors.

James Wallace, chief executive of River Action, as environmental

charity, said despite successive governments making promises to clean up UK waters, "nothing has changed".

"Our rivers remain among the filthiest in Europe, protected by sewage discharging, gentle driven water companies and by industrial scale agriculture," he said.

About 60 per cent of EU surface waters are ranked as good in high.

The latest findings come as half of England's bodies is already, with water companies imposing lounges for you. When last assessed in 2019, 16.2 per cent of surface waters in England were ranked as good, although the EA said the figures were not directly comparable because it had been updated to methods and was using a wider set of monitoring data and focusing on places where problems were likely.

Jess Neumann, associate professor of technology at the University of Reading, said that "cooccurring" that the latest numbers suggested "no significant improvement in water quality since 2019" for many areas, despite increased enforcement from the EA, strong campaigning from groups and investments by water companies.

"It shows that watering for large rivers, lakes and coastal waters remains a major national challenge and one which we are not yet making headway with," she said.

The agency said about a third of water bodies failed to be ranked as good because of just one issue, pointing to the River Area as an example. It said the Yorkshire tributary ranked good on every ecological indicator except for phosphate, for which it is most moderate.

Tracy Wardley, director of communications and advocacy for The Rivers Trust, said that with 66 per cent of water bodies having "no indicator that was failing ... there is little chance that the overall health of the waterbody is good ... We still have a big problem."

An A-4 International comment secretary Angela Eagle said: "Our head communities deserve us have clean local rivers and lakes. These results underlie the need for wholesale change across the water sector.

"We've already introduced landscape legislation to build water companies to account, around record investments in help for infrastructure, and are have focused on being more relevant than still prevent future failures. We will drive forward a system that gives the public interest first with higher standards, better performance and clearer waterways."

Alfred Ramsey

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Welfare

Conservatives pledge to end social housing for foreigners

ANNA HENRY AND ADOLPH ARMSTRONG

Tony Snider Kemi Radnock has pledged to put an end to social housing resources for foreign nationals if elected as her party, complies with Reform UK to position itself as tough as migration.

The Conservatives unveiled the policy yesterday and estimated the plan could make a round 250,000 households currently benefiting from the accommodation ineligible for the end, not initially apply to those who are EU citizens.

However, only British nationals would be eligible to act as a local tenant for all future resources. All other nationalities, including those from the EU, would be excluded.

Shakira Arora and premium secretary thrice Whatoly said housing in Britain "should be earned by working, giving tax and integrating, it should not come with a free risk on the benefits system."

However, Reform UK accused the Conservatives of "trying to copy Reform UK policy but they will not say knowing their instincts to prioritise foreigners."

"Secondly, Great Radnock's new policy is to allow tens of thousands of

foreign nationals from the EU to escape Britain would instead uphold by British taxpayers," said the Panel, the party's shadow home secretary. "The first one is they will continue to give it to foreign nationals while our own people and our resources left to fund that themselves."

The availability of market and social housing has become a prominent flash point in Britain about migration, with lightning commentators as saying that the UK's housing stock is creating under the pressure of record levels of immigration to recent years.

Many of these new arrivals since 16th vacancies in the healthcare series, but since then not migration to the UK has almost halved to 17,000, the lowest market since 2000.

She also stated that Reform are eager to present themselves as hurdles on migration, which remains one of the top two issues concerning the British public alongside the economy, according to a finance master.

They also see it as a possible work spot for the new Labour Project (Houses: Analythoridam, given it is a topic he has bought, received close of during his political career.

Burcham did travel to brown this week where he issued a statement assuring the British public the government would be "scientious" at bringing down small food meetings, which have also dropped significantly this year.

But the drop is not migration and small food arrivals has not detected Labour's lightning winds from promising new hurdles political if they get into power. Yesterday, Reform's Trust said that large multinational companies will continue 10 per cent of their global turnover if they were found to be being illegal workers.

He said the party would pass a so-

Kemi Radnock's licence can be Tories as hurdles on immigration

called "bidwores" for their would make chief association and directors of large companies liable for being illegal and are and have them risking jail towns of up to five years.

However, some business leaders were critical of the plans. Matthew Norclod, director of work and staff at the CRL and that while businesses that discover employees live during the low court trial action, "making CRLs personally liable is unlikely to help and could make themselves more reluctant to create jobs."

The plan to crack down unemployment of illegal migrants is the second policy amendment Reform has made an migration this week, after Labour were took it to the public following weeks of reexamination when given an alternative amine figure in the party received and failed to declare.

On Monday, Nigel Arango and Yusuf announced that a Reform government would launch "the largest military operation" in decades in the English Channel to block small foods carrying uniform makers if elected. The policy was met with scepticism from former army figures and criticism from France.

---

Friday 7 August 2006

•

JOHANICAL FORCES

3

NATIONAL

Reform and Greens join forces over solar plans

Opposing parties find common cause in protecting Kentish landscapes from schemes to cover 5,000 acres in panels

CHRIS SMITH - SUNSET HATEN

Since they were reclaimed from the sea in the Middle Ages, the dyke-bound fields of Romney Marsh have been among England's most distinctive landscapes. Now in the unfamiliar oceans of Britain's five-party politics, this part of south Kent is again offering something new common ground between the Green Party and Reform UK.

The transport parties of left and right are united in opposing plans to develop more than 5,000 acres — an 10 per cent of the marshland — for solar panels.

"We've got unanimity" on solar, said Jim Martin, Green leader of Irishwomen and Hythe District Council.

Such consensus is arguably in line with Prime Minister Andy Burchstein call for politicians to put "place before party" it is equally arguably the proof that sinnerisms can bridge even the widest ideology of deaths.

With perfectly flat fields in one of Britain's nominee places, Romney Marsh would always have been a promising site for solar. Given the spare grid connection capacity as the nearby Dungmoor nuclear power stations are decommissioned, it has become a magnet for big solar farms.

Three large projects have been proposed: South Brooks Solar Farm, backed by EDP Renewables; the South Kent Energy Park, backed by UK company Low Carbon; and the slightly smaller SSE Renewables' Shepway Energy Park. Together they expect to power more than 200,000 homes. But Martin, the Green-council leader, said his policy was "toxic before rural — he's keep our landscape".

David Winnik, Reform's lead for economic development at Kent county council, offered a remarkably similar argument. "We want [solar] on every roof," he said. "Parteries, every school, every building that can have it on the roof should have it ... Farmland is the wrong place."

The Green-run district council is the lowest tier of local government, responsible for many planning decisions. Kent

Proposed solar farm projects in southern Kent

county council, which Reform has controlled since last year, has a say over some infrastructure planning decisions.

Since last year, the Greens have built a work with Reform at county council level, where powers over transport, education, social care and some planning decisions lie.

The Green Party's Martin has written to the government to protect against the solar plant and promises to object formally when planning applications are submitted. "There's a consultation impact, that's the problem," he said. "There are too many [schemes]."

The unity between local Greens and Reform has limits. "It's certainly not cordial," said Martin, accusing Reform of "genuine politics" in cancelling Kent's declaration of a climate emergency.

In opposing the solar projects, both Greens and Reform are reflecting concerns among some local voters.

Government polling finds a plurality of voters would welcome a local solar

farm, even more than would welcome wind turbines. However, the reality can be different, especially if it is not clear how they would stand to benefit.

On the marshmen LaM, Farmer Mike Wrout gestures to fields of potatoes, beans, maize and turf. "All this will be panels," he said. "If we can't stop it, it will be like a cancer spreading."

Wrout, 56, is the third generation on his 700-acre arable farm and hopes his grandchildren will become the fifth.

He said he had been "translated" with offers from energy companies to lease his fields but is holding out, raising concern about food production but also habitats for local wildlife such as marsh barriers, upstream wildfires.

The "Hands Off Our Hands" campaign says it has more than 2,000 supporters. Amanda Farrant, its founder, said an existing 120-acre solar project was "UK" and accepted some more might be built, but "there big schemes is too much".

A solar farm near Old Romney in Kent, Green leader Jim Martin, above, and Reform's David Winnik, below, are united in their opposition to farmland solar

"I've got solar panels on my roof, but solar panels on the best-quality farmland is put nuts," she said. Farrant said she was delighted by the political consensus, with local Labour MP Tony Vaughan also coming concerns about the cumulative impact of the schemes.

"Green, Reform, Labour and the

'Every building that can have [solar] on the roof should have it ... Farmland is the wrong place'

Tories all said it's the one thing they agree on. This campaign has brought normally fighting people together," she said.

Yet local politicians do not have the power to block the schemes, which are big enough to be classed as "nationally significant infrastructure projects" and will be decided by central government.

In line with the government's drive for clean power by 2035, ministries have sought to speed up approval of solar and other renewable projects.

According to Dan Meredith, external affairs director at industry body Solar Energy UK, big farms are between two and three times cheaper than rooftop, where "thousands of individual installations are needed".

Developers have even led the idea that course site energy is a choice or local production. Solar farms covered both per cent of UK land as of 2024, and are likely to cover "far less" than it's per cent by 2050, Solar Energy UK said.

"We do need reservation to go somewhere, and quickly," said Mays Roger Hobbs, senior fellow of the Institute for Public Policy Research, a left-buying think-tank. "Given we are in this prolonged climate-induced drought and heatwave, the need for reservation has never been more prominent."

She said ministries would balance the character of an area "against the strategic needs of the country. Rooftop solar is part of the solution but the scale of need is going to require some of those bigger solar farms. There are big projects which will make a meaningful contribution to our national target."

The Department for Energy Security and Net Growth "The biggest domestic agriculture and nature in the climate crisis. Solar is also one of the cheapest and quickest forms of energy to build, helping get bills down for good. All projects are subject to a rigorous planning process and the views of the local community must be considered."

South Brooks Solar Farm said the area was "a very good location for solar" but that it was "continuing to rather the proposals" in light of public consultation.

South Kent Energy Park said it would consider the cumulative impact of the proposals and promised a "significant community benefit fund".

SSE Renewables, which is pursuing Shepway Energy Park, said feedback from residents was "helping shape the project's ongoing development".

Additional reporting by Rachel Milford

---

4

•

FINANCIAL TIMES

Friday 7 August 2020

INTERNATIONAL

Middle East

Iran says it has agreed Hormuzship route

Tehran signals that pact with Oman to reopen key waterways in in final stages

AARON FENG-ANG - LONDON BITA SHAPTAH - VIETNAM

Iran has said it has reached an agreement with Oman on the details of a shipping route through the fitrak of this state, in the Gawarq signal yet from the central Afghanistan border to the vital water way in in in final stages. Iran's foreign minister spokesperson Samuel Bagheri said on Wednesday that Tehran and Oman had carried on the geographical co-ordination of a met-

gable channel, adding that a joint statement on a provisional arrangement was "in the final stage," but he warned that any new agreement would not by itself ensure ships' safe passage through the struts in long as the US maintained a need that had on its interports.

Respecting the struts has become US President Donald T. Ustry's prime goal after more than five months of our with Iran, as his lookouts bring down high fuel prices ahead of 'formulated' uniform elections. Trump said on Tuesday that "a lot of progress has been made" and that a deal could be reached on Multan-day or yesterday.

Iranian deputy foreign minister Kazem Gharibzadeh told state media

that reopening the street would have "requirements of its own", adding that Tehran would not accept "foreign intervention" in the waterway.

However, he said that if the deal with Oman is implemented, the new route of shipping could be used for two to four times.

Diplomatic hope a deal between Iran and Oman will help revive a June 17 memorandum of understanding signed by Tehran and the Trump administration. The MoU was also supposed to be the foundations for talks on a final set depends to end the way. In taking a deal on Iran's nuclear programme, but it uncorrelated as the US and Iran fought over control of the strut.

Gharibzadeh said Tehran was not currently holding direct negotiations with the US, but had received messages from Washington signalling the Trump administration was prepared to "return to their commitments". He added that Iran had not yet made a decision on returning a "second phase" as apparent reference to a return to the new host.

Tehran has come to regard the struts as in main source of leverage over the US. Iran closed the waterway, through the Tehran's infiltration and the foreign law normally passes, after the US and Israel launched their war in late February. Emphasis over which routes ships should not be traced through the marine waterway triggered a spiral of tilt for rat

strikes between the US and Iran, causing the June MoU to collapse. Tehran and Oman if two cities have had long calls to agree on a channel in the waterway that is acceptable to all sides.

People briefed on the negotiations said that Iran had leadership, including the United Nations' National Network Kinetics, had taken approval for that.

Two people briefed on the talks said weanly would enter the struts through Iranian waters and have through more than one route. For all details of the struts request, the US would lift its route blockade on Iranian ports and reinstate a source to allow Iran to sell oil and petroleum related products, one of the people briefed on the talks said.

Referendum

Iceland insists on control of fisheries in any membership deal with EU

PARIS NEWS - OCT. 24/25

Iceland's foreign minister has demanded "coverage control over all fisheries" to any membership deal with the EU, testing Brussels' willingness to head the rules and seek to re-enter the strongholds important karto irates.

Bertjajesh is gaining up the chiefs edge information on whether to restrict EU members high talks, as it has recently contended that also the trade states make because of US President Donald Trump's threats to assess neighbouring Greenland. Its last attempt to join the like was between 2011 after a deal over fishing rights.

"When it comes to fisheries, we are a superpower in Europe," Prosperkar Karto-Grenouadskits told the FT. "The EU has to take that into account. If they are not doing that, then it will be very difficult for an integrated."

His contention, not how far the EU would be prepared to adapt its decades-old fishing policy to environmental issues. EU members they would not necessarily dismantle to touch upon systems member states may decide how to do. It therefore has been a national safety education among domestic vessels. But Bertjajesh would ordinarily lose unilateral control over the wider regime governing such limits, conservation and access to fishing grounds.

"We have to maintain our sovereign control over all fisheries and, of course, will have the quota system and good management," Gannamaldits said.

The European Commission has signalled it to open to a broader interest settlement and that exemptions could form part of future talks, but EU officials this week warned that a full formal exemption would be very unusual.

A European Commission spokesperson said: "We two accounts pressure are identical, each candidate country is assessed on its own merits, and negotiations also account all its specific circumstances."

A poll published last week by Icelandic news outlet (N) found 25 per cent of voters hooked respecting negotiations with Brussels, with 40 per cent opposed. The vote on talks will be held on August 29, but any eventual accession would require a separate referendum.

Gannamaldits, whose party was accused of being held that Iceland should explore EU membership, sought to ensure a capital action that is made by growing strategic value to the EU and strong economy would allow Bertjajesh to be able to take the idea of a marketing control of the fishing industry.

Iceland's fisheries, the unit, were fundamentally different from those of existing EU member states. Its transferable quota system has created more of the country's most valuable private assets, concerning fishing rights among a small group of powerful companies known locally as the "quenching".

"We are being a different life here in Iceland there on the emotional (in Europe) market," he said. "I am a good one national identity ... I will not sign an agreement that is not good for Iceland." Marine products accounted for nearly 40 per cent of the value of Iceland's imports in 2019.

Additional reporting by Paolo Terenzo Ian FT Bighead

Latin America. Guerrilla conflict

Colombian rebels gain drone skills in Ukraine

Mercenaries recruited by Kyiv one UAV expertise in fight for aerial superency has become

JIM BAMBLE - MULFIA CHRISTOPHER MILLER - ETU SHEET SPER - LIT

On the front lines of eastern Europe, a Colombian soldier volunteering for Ukraine's army discovered something disturbing some of his other compatriotes trying to fight for Ukraine had been re-organized close back home.

The men were worked out and "sent home," said Faraz-Palavertan, an officer at the Foreign Recruiting Centre of Ukraine Ministry of Defense.

The case was not a one-off. Reports have repeatedly surfaced over the past year of Colombian illegal armed groups trying to send soldiers to gain cutting-edge Ukrainian expertise in drone warfare – and then deploy those skills against their own country's army on their return.

The accustomed schemes are very complex, but what worries are most is the level of qualification they're acquiring. Colombian aid worker in Ukraine said no condition of anonymity. "Former paramilitarists, former guerrillas and former soldiers are fighting and learning together have been to operate drones."

Just as drones have revolutionised (Ukraine) war with Russia, they have constructed the rules of the Colombian state's decades-long armed conflict with leftist rebels and drug traffickers. In its fight against guerrillas in the jungle, the government could always count on risking the skies, but there are longer a given.

"The drone industry has exploded and criminals have adapted the technology for attacks, which is a major challenge to battlefield aerial superency," Pedro Sánchez, Colombian's outgoing defense minister and an air force general, told the FT.

The defense ministry embraces that illegal groups launched 244 drone attacks between 2018 and 2023, mostly using foreign countries. Donors signed to drop explosions from above.

In May, a soldier was killed and six wounded on patrol in a race forming region. In April, drones killed three soldiers near the Scandinavia border and hit a military radar system in Cauca province. Last year, Colombian military "neutralized" 96 per cent of attempted

Colombian rebels such as those in Namibia department are training in the use of drones; which have already had a devastating impact in other regions, before

attacks with drones, fainches said, either by jamming the radio frequencies or by destroying the drones.

But the illegal groups are trying to learn from Ukraine's nonfathers.

True Colombian drone pilot in Ukraine said cartel members had been seeking training in rigging and operating four person view (PPV) drones – attack drone whose guilty makes them harder to shoot down. They are generally flown directly into a target and explode on collision.

"PPV drones are already starting to be used in Colombia, but what they don't yet know is how to encrypt the communication between the drone and the person piloting it, or how to set up the explosion charge the way they do here in Ukraine," the pilot said, speaking to the FT from the southern front in Japan inDelta province.

Armed groups are also seeking to bypass the army's jamming signals by buying drones that are often time-liter-egric rather than cannot ever use. the success to operating systems on the ground, authorities say, fellback group Elizabeth has adopted the 'acis – also preserved in the Russia Ukraine war – to its conflict with Israel.

The Colombian state is trying to halt such problems by putting light major restrictions on all drones. In January, the government also announced plans for a further "dear drone shield", which includes frequency jamming equipment and direction controls.

But见诸ing the transfer of knowledge from Colombian soldiers returning home from Ukraine should re-prioritize safety issues.

Colombia has long seen its military

'The drone industry has exploded and criminals have adapted the technology for attacks'

veterans, battle hardened by decades of internal conflict, fighting on foreign wars, including in South Sudan, Yemen and Ukraine, where as many as 500 have been killed in the near state since Russia's full-scale invasion began.

"The Colombian can learn and adapt really quickly and without all the difficult conditions of service," said Palanjani, the Ukrainian recruiting officer. "They have proved themselves to commanders, who really like those guys."

The type has been controversial back in Colombia. Last October, President George F. Pérez said: "Americans and Colombians are an inferior race" and called on Colombian nationals "who are being treated like cannon-billed" to return home. In a bid to weaken the invaders to gain foreign forces, the government stand military salaries and outfield a 1999-2% convention on mercenaries.

Election, the defense minister said their deployment on the 'flying battlefield is a 'air safety' due to the high cost of the other compared with their Colombian pensions. The country's military has to do much harm fighting certain and guerrillas in the a used conflict that cost an estimated 100,000 lives between 1998 and 2018.

The largest rebel group, the Revolutionary Armed Forces of Colombia, demanded in 2006, but several divisions had been continue to wage war. All Colombian armed groups are players in illicit economies, including drug traffickers, illegal seizing and racket-aising.

The armed group' activities surged under Petro, who for three years pursued negotiations with armed groups as the "sail" of the Cuban, before pivoting to a war footing towards the end of the single war operation.

Petro will hand over the presidency to disobey it. In a fujarish, a hardline security kiosk, today, for la fujarisha said he could purchase "or establishing the state's security in regions harder hit by violence".

But he will be doing as from a weaker position than predecessors, experts say: "The violence of drones that these groups have can very easily overwhelm any military or civilian target," said Elizabeth Harkinson, deputy director for Latin America at the International Crisis Group.

"The armed forces have completely lost their insurgents on an open and that is actually a huge strategic shift."

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Friday / August 2024

•

FINANCIAL TIMES

5

INTERNATIONAL

Trump's lawyers rise swiftly to positions of power

Acting attorney-general Blanche likely to be latest member of president's personal legal team to gain a plum federal role

ELLA LEE - WASHINGTON

Donald Trump's former personal lawyer, Todd Blanche, is on the verge of cementing his appointment as head of the US Department of Justice after a female panel advanced the nomination for attorney general on Tuesday.

If confirmed, the president's former criminal defence attorney will become the face of a lost being used by the Trump administration to target its political adversaries and bolster its allies.

Blanche is just one of a number of former lawyers of the president or his close allies who now hold critical roles in the federal government, helping to advance Trump's second-term agenda.

Here is a list of those who have been given plum jobs.

Todd Blanche

Acting attorney general

Blanche represented Trump in three criminal cases, including the Manhattan "bank money" case, in which the president was convicted of falsifying business records tied to a payment he made to adult actress therapy rounds.

He joined the second Trump administration as deputy attorney-general, overseeing the department's operations, but was elevated to acting attorney general after Pam Bondi, his predecessor, was fired.

He is now buying senators willist him stay in the position. At his confirmation hearing, he faced bipartisan scepticism about his independence from Trump. Asked about their relationship, Blanche said, "I am his lawyer," before quickly correcting to say "was his lawyer."

His nomination is heading to the full Senate for debate and a final vote.

David Rowe

Court of appeals judge for third circuit

Rowe was a member of Trump's criminal defence team, alongside Blanche.

He has been appointed to top roles at the 2nd and emerged as a loyal midwives of the administration's more controversial acts, from ordering prosecutors to drop a corruption case against Eric Adams, former New York mayor, to using a centuries-old wartime law to speed up deportations of people living in the Old Buffalo.

Last year, Trump appointed him to a seat on the court of appeals for the third circuit, a prestigious lifetime appointment.

D'Julien Sainer

Solicitor general

Sainer argued - and won - the Supreme Court case that resulted in Trump receiving immunity from criminal prosecution. He was tapped as solicitor general soon after Trump's 2024 election victory and now represents the administration's interests before the justices.

He has argued cases at the nation's top court, including on birthright citizenship and tariffs.

Although the administration lost birth, it won a criminal ruling that expanded presidential executive power and has been successful on the emergency device, the Supreme Court's process for handling urgent action.

Will Stewart

White House staff secretary

Sickard was on the legal team that defended Trump in the election interference case brought by special counsel Jack Smith and frequently appeared on television to back the president.

Even after the 2024 election, he was appointed White House staff secretary - a low-profile but powerful post in which he controls the flow of papers to the president's book.

Harcourt Dhillon

Assistant attorney general for civil rights

Dhillon and her firm, Dhillon Law Group, have represented Trump in numerous personal legal battles, including his bid to dodge testimony before the congressional panel that investigated the January 6 2021 Capitol attack.

Trump picked Dhillon to lead the 2nd's civil rights division, where she has spearheaded the administration's efforts to overhaul election regulations ahead of November's uniforms.

Presidential officer Donald

Trump greets Todd Blanche, who is hoping to be confirmed

by the issue a an attorney general, Rebe, Harcourt

Dhillon, NE, and David Rowe Attorney General for Criminal Inquiries Project

now the White House deputy chief of staff.

Woodward also defended Trump's volet, Wali Nanta, in the federal case against the president and his aides for the mishandling of classified documents.

He was tapped as number three at the 2nd in April, where he has had a hand in shaping the antitrust division's agenda, including in shift towards settling high-profile merger cases.

Joe DiGeneva

Counsellor to the attorney general

DiGeneva, a former attorney, is a long time Trump ally. He was picked in 2018 to join the president's special counsel legal team in the PM probe into Russian interference in the 2016 election but was removed days later due to a conflict of interest.

He later represented Trump's campaign in its efforts to challenge the results of the 2020 election. In April, DiGeneva was sworn in as a counsellor to the attorney general to help lead the so-called "grand conspiracy" probe in Florida targeting a number of Trump's political adversaries.

David Warrington

White House counsel

Warrington, a partner at Dhillon Law Group, was granted counsel for Trump's 2024 presidential campaign. He has also represented the president in civil law suits over the Capitol attack and was part of the legal team that successfully challenged a Colorado ruling blocking Trump from the state's 2024 ballot at the Supreme Court.

He was appointed White House legal counsel before Trump's second term and now provides legal advice to the president and White House staff.

Matthew Schwartz

Court of appeals judge for second circuit

Schwartz, a former partner at the firm Sullivan & Cromwell, was on the legal team that successfully appealed against Trump's Manhattan "bank money" case.

The president in April nominated him for a lifetime seat on the court of appeals for the second circuit, and he was confirmed this month.

Justin Smith

Court of appeals judge for eighth circuit

Smith was an attorney at the James Otis Law Group, the Missouri based firm founded by Sauer. He represented Trump in his bids to overturn multi-million dollar judgments won by writer Ejean Carroll for sexual abuse and defamation.

He was nominated by Trump to a lifetime appointment on the court of appeals for the eighth circuit in February and was confirmed last month.

James McDonald

Attorney for southern district of

New York

McDonald, a former partner at the firm Sullivan & Cromwell, worked on the legal team handling Trump's appeal of his convictions in the Manhattan "bank money" case.

A former federal prosecutor, he was tapped by Trump he is not to take over an attorney for the southern district of New York, which is known for taking on high-stakes cases, after his predecessor, Jay Clayton, was nominated to be director of national intelligence.

Michael Talent

Assistant to the solicitor general

Talent, another former member of the James Otis Law Group, worked on Trump's bid for presidential immunity.

When the president won back the White House, Talent joined the administration as an assistant to the solicitor general. He argued the government's position in a case about the legality of law habits.

Stanley Woodward

Associate attorney general

Woodward has not represented Trump but was a go-to attorney for the president's allies. He has represented trade adviser Peter Nussers and Dan Scorley, the former golf club manager who is

FT Weekend

How cat owners are combatting unsolicited pet feeders

Lunch with the FT: Chinese artist Cao Fei

In search of prehistoric Utah

Why there is a lot to learn from the Italian grandmother lifestyle

Pick up your copy this weekend or subscribe online at ft.com/subscribe

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5

•

FINANCIAL TIMES

Friday 7 August 2020

INTERNATIONAL

Central bank

Warsh refuses to bend on Fed messaging

Chair to maintain policy of reduced rates upholstery despite Treasuries sell off

CLARION JONES - WASHINGTON KATE MILLER - NEW YORK

KATE MILLER is still in stock to has stripped bank communications with even after the US Federal Reserve chair's decision to offer a new details of the coming December rates fuelled a sell-off in Treasury bonds.

Long term US borrowing rates rose largely after last week Fed meeting as investors said World had failed to offer sufficient guidance on how he would

contain the best of inflation triggered by President Donald Trump's interest.

"The tax issue is: Warsh said, he acknowledged that he had made mistakes in his first 10 weeks in charge of the world's most important central bank, including falling in relation the main messages on price stability and sowing confusion over whether his longer-term plans or whether the Fed could affect near-term policy decisions.

But they insisted there were still not warrant reversing course on the shake-up of the Fed, which has missed its 2 per cent inflation goal for more than five years. A pillar of Warsh's strategy is drastically reducing policy-maker's guidance to transfers.

US 20-year Treasury yields hit their highest level since 2007 after last week's meeting and some investors said the move partly reflected concerns that Warsh's limited communications had endowed his credibility. People close to Warsh noted that models found some zero of inflation expectations remain low and have taken in recent days, suggesting investors think the Fed remains committed to letting its 2 per cent goal.

The Fed's preferred inflation gauge was 57 per cent in June, telling the Fed that it had to do exactly mostically the Fed, show investors expect inflation to average 2.4 per cent over a five-year period beginning in five years.

Warsh has maintained publicly that

the "trigger-pulley" in bond markets – fund managers seeking investment decision – understanding the issue.

He would be prepared to raise interest rates at next month's meeting if the coming weeks' inflation readings are high and markets rate their expectations for increases in borrowing costs, the people familiar with his thinking said. Finance markets mean a roughly 10 per cent chance of a quarter-point rise next month, CBE Group data shown.

The two-year Treasury yield, which is available to Secretary policy organizations, rose 0.04 per cent to 1.22 per cent yesterday after the FT reported Warabi-sponsors to raising rates next month.

Warsh has said he hopes breaking the feedback loop between the Fed and investors off the market and several low-time scrutinising officials' close and focus more on economic data.

Trump's situation in Warsh's process set by World for not shading for weekly costs have complicated. Warsh's efforts to convince investors that he is a committed inflation fighter. "I do not see where all the negativity on Warsh comes from, in terms of market pricing, and I'm in the process, chief economist, a great of a Dickinson Group and a former adviser to tell previous Stephen Mink." The loudest critic are those without a strong responsibility.

See Markets Insider

Immigration. Citizenship scheme

California's rich grab New Zealand 'golden visas'

Investors value country's remonstress and safety at a time of group talks of our well

WILKINS - QUADSTONE

In the coming weeks, a veteran polar engineer will end right on either people on a new expedition to New Zealand's stunning Southern Alps – a "reward" for those who have chosen to make the country their home by investing in a "golden visa".

The two day event is organized by the Mountains Club, a private member's club that has played on site in welcoming new citizens – and is among those thinking of how New Zealand can fully benefit from the arrivals.

"How do I make the person that spent NEXHons ($2.9mm) want to invest NEXHons?" asked Peter Fullerton-Smith, the club's chief executive.

More than 700 wealthy foreigners have applied to become New Zealanders under the scheme in the past 16 months, up from 10 to the previous three years, after the country's closest rates on property purchases, investments and the length of time applicants need to spend there to qualify.

Applicants must make a minimum investment of NEXHons in local funds, companies or charities within three years. A further 127 have applied for a different scheme that requires NEXHons to be invested over five years in passive contracts to be funded.

The rising number of applicants for the right to live, work and study in New Zealand could hardly come at a time of geopolitical uncertainty that has made the country's safety and remonstress increasingly attractive.

Dramed of countries, from Portugal to the US, after prior 6-14migrotes treatment in return for investment on, in some cases, cash. Many have missed experience, Ireland, India and Australia concerned their schemes due to poor uptake or concerns about the scheme being abused.

In New Zealand's case, Prime Minister Christopher Lunn's hope the visas will attract more foreign investment and revenue. "Jesus-dubs" that has endangered growth. While benefits may lose New Zealand and fantasies must moving there, many young people struggle to start from outside opportunity.

New Zealand start ups have already

High life: in the Southern Alps town of Queenstown, locals refer to NEXHons, including entrepreneur and investor Peter Thiel, below, as lawyers in the hills! - DAVID MILLER

benefited, according to Lunn. "As a time when everyone around the world is tightening up their settings, we've opened the up and we've been a great beneficiary of the capital coming into our state eye, but also the knowledge and knowhow to come into those state ups as well," he said.

For many in New Zealand politics, the archprize is US billionaire and hedge fund founder Julius Robertson, who lives in the Pacific country in the 1970s and is credited with later developing its lucrative future golf courses. "Golden visas" holders, proponents have said, could say their wealth and account to enrich New Zealand. Since April 2015, when the scheme was overhaated, applicants from North America, Europe and Asia have committed NEXHons ($6.7bn) at NEXHons in NEXHons each. This compares with the NEXHons of foreign investment in the first quarter of the year.

"It is becoming a badge of honor to NEXHons Valley," said, a John Moore, founding partner of veteran capital from Metro Capital, with a three-mile radius account for 277 applications, with Californian participants have seen New Zealand property. "There's a huge wall of money coming

but the caliber of these people now investing in the New Zealand economy is what's important," said Moore, who added he was able to tag his "golden visas" holders for 40 per cent of a recent NEXHons fund during his high-growth New Zealand companies.

Beneficiaries include critical demands company Zeithos, which has appointed European chief veteran Frances Reible, who is in hand, according to Lunn. Others claim that the system including seed oil process business Rinsho and magnesium minor Aspiring Materials, Worm said. New Zealand was no longer a "backwater" for high-growth interests in the US, said Sir Peter Keck, the founder of Keckel Life. OpenAI companies, arguing that the NEXHons threshold was too low. "The country is underwillingdied," he said.

In the mountain town of Queenstown that many apply restrictions, keeler refer to Billionaires' tax scheme, and senior billionaire Peter Thiel and Anthony Malkin, who view the trust that owns the Empire State Building in New York – an "imprison to the hills!" The own, which has a proportion of about 10,000 and been a million of tourists each year, has one of only two Local Visitors to New Zealand. The NEXHons system

'It is becoming a badge of honor in Silicon Valley . . .

There's a huge wall of money coming'

Ludlow Moore Motion Capital

food and wine hub Aythure opened in 2015. Authorities plan to construct a NEXHons cable car "grateful" to convert the property to nearby homes to their six traffic properties. Queenstown's growth had been "rebutted" to the past 20 years, said Sharon Elliott, chief executive of Queenstown business.

There is scepticism about the benefits. People should be "properly involved" in the country and not making special treatment for a "fire" sure in a venture capital fund, said Sam Hallis, managing director of pension fund Simplicity. "Paradise has a price, the same price the next 40 a year," he said.

Some of the applicants themselves voice criticism. Inventory bookbases, who visit a venture capital fund with her husband for in bank furthest, successfully applied for a visa but year and visits regularly. "There's something magic in the air and in the water. It's a really healthy place to be," she said.

Auditions said she loved New Zealand but wanted her concerns, and – implicitly – a threat. "What is the highest and best use of a table is a constant question we ask ourselves," she said. "If New Zealand doesn't provide the best value then we'll go somewhere else. Every one of those dollars is stable."

Genomics

Scientists hail breakfully to push after using AI to create viruses in lab

CLARION JONES - LONDON

Scientists in the US have for the first time used AI to create viruses unknown to nature, confidence in our basic biology that promises benefits to humans and also takes important biosafety and biosecurity concerns.

Stanford University researchers developed a generation of programmes called "A"s, then written to scientists – the genetic instructions for life recorded in DNA. They used AI to design and make it synthetic phages, small viruses that select bacteria.

Phages are now active and instead of antibiotic drugs to kill bacteria causing disease.

When tested in their secure lab, the researchers found that these novel phages were more effective at killing the common microbe. It, with their life outmodaging BVDs, which served as a template for five, 2 to work on. The results were published in Science.

"Our study is a panel of concepts showing for the first time that generation design can generate entire functional genomes," said Brian Hie, the project leader. "We chose to work with phages because they are small viruses, well studied, and have broad applications to molecular biology and therapeutics."

The approach used in research to forgo organisms will be found in and then to more complex forms of life, he added.

"The importance of Brian Hie's landmark paper natural for movement," said Adrian Woolfman, a geriatric expert who is chief executive of the DNA synthetic company Geopra.

"It is biology's 'Wright brothers' moment, where we may looking over our shoulder at the entities that evolution has created ... and are confronted with the vast organism of future biology and possibility," he said.

For safety, the initial finalized study was issued on a new pentagons structure II, still and used a genomic language model that was not trained on viruses capable of infecting the more complex DNA that also up and make molybden.

However, the technology could in future recoupage a much wider range of viruses and extend to designing animals new organisms without having to start from a natural genome.

Thomas Sigholry and Martin Hande, of the Center for Health Security at Johns Hopkins University, warned its first name to use if there is little to do. "Some urgent industry and regulatory questions ... existing governance frameworks are transferred."

Phage therapy has been used to outstret therapy for many decades. Specific phages are matched to the patient's precise bacterial status and additional by topical application, importance analysis the infection rate.

It is not widely applied to the need for several reasons, including the complex procedures required and the potential for bacteria to be used.

AI could help lead to a several of phage therapy, said Samuel King, another member of the Stanford team.

"With more evidence coming out on the emergence of new antibiotic-resistant pathogens, we will need innovative alternative solutions – and phage therapy is certainly one."

Interview. Abigail Spanberger

Virginia's centrist governor rejects claims of civil war in Democratic Party

Call to enter over cost of living

after progressive candidate's victory in Michigan primary

LAUREN FERRY - WASHINGTON

Democratic must unite to address voter anxiety about affordability ahead of November's midterm elections, Virginia's governor has said, as the hundred aside suggestions of a civil war in her

party, in a wide-ranging interview with the FT on Wednesday, Abigail Spanberger said. Democrats needed to project a strong contract with President Donald Trump and the Republican.

The first letter and one word from the (Democratic) nominee is their year, whether it is climate resistance in Michigan or any of our these nominees in Virginia, is that they have to focus on delegating the people' Spanberger said.

"Felling them ... are because in the things that matter to you, and this is

what I am going to do about the things that impact you life.

"It is not a question of the contract within different types of Democrats," she added. "The question is how are they working on the things we want to people that finally the White House and current members of Congress ... are not focused on?"

Spanberger spoke to the FT the day of the election. "I am many voters went to the polls in five states, including Virginia and Michigan.

Hours earlier, Michigan's immigrant progressive Aided 10-9 years had sent shockworn throughout the Democratic Party establishment when he narrowly initiated four-years contract congresswoman today. Revenue, who had been endorsed by party, have sought Senator Chuck Schuster and Michigan's popular Democratic governor Gretchen Wild was a strong fellow.

10-9 years was the latest progressive challenges to defeat a more moderate incumbent, after a date of candidates endorsed by New York voters: Ednace Ramdani won their congressional pri-

maries in the city earlier in the summer. On Wednesday, Spanberger dismissed suggestions that left leading candidates such as 10-9 years represented the future of the Democratic Party, noting that the past several other centrist Democrats' candidates had also won elective victories in the past 12 months. Last November, she was elected Virginia governor by a historic 15-point margin, roughly nine points

Abigail Spanberger said farmers are needed to focus on voters' concerns

abord of Kamala Starch's presidential campaign in the state past years earlier.

In the same month, Spanberger's former nominees on Capitol Hill, Mike Sherrill, also outperformed expectations and won four party's government display a marginal more than 10 points.

About 4.9m midterms, the Republican have sought to tie Democratic candidates to the same thing as before. 4.9m Democratic candidates in 2016, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1

Spanberger rejected the Republican's accusations and said individual Democratic candidates had to tell voters where they stand. "It is only a challenge to me after [Republicans] to point out a plough with the same punishment," Spanberger said. "Any [Democratic] candidate who is running, I somebody has (regretions) to come something that you are not, tell people who you are,

and also tell people who you are not." The governor acknowledged the Democratic fiscal political challenges. While Trump has receded for approval ratings, national statements also show approval for voters, however they had hit new lives. "The problem is that people don't necessarily know what to the Democratic Party," Spanberger said.

"Concretely, the Republican Party is a good Trump. The Democratic Party is a clean-up force of people."

Politicians who had the cost of living remains the most important issue for voters ahead of the midterm elections and a liability for Trump and the Republican Party, based on personal opinion (a 2nd of 7 per cent of the total) would be provided by a member's handling of inflation.

In Virginia, Spanberger's approval ratings have fallen sharply since she was sworn in as governor in January, with a recent poll showing that 10 per cent of those everyone's giving the state was headed by the state senator.

Spanberger said the polling under-scored challenges is addressing voters' concerns, especially the cost of living.

Contracts & Trades

OPPOOED PREVENTIVE COMPANION AGREEMENT No. 2,2015 VICTORIA CHURCH, S.R.L.

Date: 1st August - Time: 9:00 AM - 11:00 PM - Date: 1st August - Time: 9:00 AM - 11:00 PM - Date: 1st August - Time: 9:00 AM - 11:00 PM - Date: 1st August - Time: 9:00 AM - 11:00 PM - Date: 1st August - Time: 9:00 AM - 11:00 PM - Date: 1st August - Time: 9:00 AM - 12:00 PM - Date: 1st August - Time: 9:00 AM - 12:00 PM - Date: 1st August - Time: 9:00 AM - 12:00 PM - Date: 1st August - Time: 9:00 AM - 12:00 PM - Date: 1st August - Time: 9:00 AM - 12:00 PM - Date: 1st August - Time: 9:00 AM - 12.00 PM - Date: 1st August - Time: 9:00 AM - 12.00 PM - Date: 1st August - Time: 9:00 AM - 12.00 PM - Date: 1st August - Time: 9:00 AM - 12.00 PM - Date: 1st August - Time: 9:00 AM - 12.00 PM - Date: 1st August - Time: 9.00 AM - 12.00 PM - Date: 1st August - Time: 9.00 AM - 12.00 PM - Date: 1st August - Time: 9.00 AM - 12.00 PM - Date: 1st August - Time: 9.00 AM - 12.00 PM - Date: 1st August - Time: 9.00 AM - 12.00

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Friday / August 25th

•

FINANCIAL TIMES

7

Seeing red South Korea's retail investors nurse losses from tech sell-off as they blame president for feeding market frenzy PAGE 11

Companies & Markets

Diageo chief to cut costs by $1bn as part of revival strategy

• Operating model to be redesigned
• Supply chain overhaul also planned

WAGELONE DYES!

Diageo has said it will cut $1bn in costs over the next three years and more chief executive Sir Dave Lewis laid out plans to overhaul the market of insurance and jobman Walker after several years of declining profits.

The savings will be made by sub_{-inging Diageo's operating model and overhauling its supply chain, the company said yesterday. The plan, which will result in thousands of job costs, represents a step-up from a previous target to cut costs by $1bn less than it was.

Over the medium term, Diageo said it expected to deliver low single-digit

'These are very big, very important brands which, quite frankly, we've not done a great job with'

organic sales growth and mid single-digit growth are operating profit.

'The savings will allow us to invest in innovation and richly where we need to improve our competition status, but they also allow us to do so without an oiling to reduce the operating profit,' Lewis said.

Diageo shares were up more than 5 per cent by the time of trading in London, investors had been worried that Lewis would cut Diageo's profit targets.

'For the time being, this is simply a relief rally, as there are only minor signs of new momentum, particularly in North America,' said Ed Lohmann, senior analyst at Theodora's own March, a top 10 Diageo shareholders. 'You're a no important first step, then different.'

These Lohmanns were at Diageo at the start of the year, he became the group's third chief executive in three years.

Sales and profits at the FIBP, the company have come under pressure as a

growing number of consumers around the world cut back on their alcohol consumption due to health concerns and inflationary pressures.

Lewis's plan to reverse Diageo's dire performance involves taking insurance global, investing in neglected, affordable brands and an interest of all in Japan, Worgan, and serving another, despite battle since to influence weary US distributors. 'These are very big, very important brands which, quite frankly, we've not done a great job with,' Lewis said of the portfolio.

Diageo had also been slow off the mark kicks having a market for control cocktails, he acknowledged. But the executive, known as 'Smacky Ease' from his time restructuring UK supermarket chain Tunes, pledged the Dallas group would 'spoof up from here'.

While Diageo were unable of ready to drink brands — control, single serve cocktails — including but small, Go, Gordon's Go & Tonic and Capstan Worgan and Cole, it has failed to take advantage of ongoing growth in the category.

Lewis said he would not make control cocktail products for all Diageo's core up to be brands.

Diageo expected revenues of $9.9bn for the year ending June 30, a 5 per cent decline on an organic basis. Group operating profits dropped 27 per cent to $1.2bn, led by Whittmer of restructuring charges and a $1.3bn improvement linked to its business in Turkey.

Diageo has not confirmed how many jobs it is cutting, but analysts said with $10.6mn in revenues until, it was probably cutting between 1,000 and 5,000 jobs out of a $10,000 strong workforce.

Lewis said Diageo suffered from 'smoother duplication' across processes, and insisted the turnaround would be driven by organic changes rather than offloading assets or buying new brands.

Up in the air Uefa doubles down on World Cup boycott threat in attempt to oust Fifa president

Space's Nico Williams attempts to score during the 2026 World Cup final match last month

GAMMA, ASIAN

Uefa has doubled down on its threat to boycott the World Cup despite Fifa abandoning a commercial plan to raise capital from investors as European football's governing body moves to keep the pressure on Fifa president Gianni Infantino.

Ueb, whose member includes current World Cup holders Spain, issued its threat of a boycott last week, making binding annoyances that Fifa "will never again open its government or competition to private ownership."

Ueb said yesterday: "These conditions have not been met. In addition, Uefa made it abundantly clear in its statement on Saturday that it has lost confidence in Gianni Infantino's presidency. That position holds."

Last weekend, Fifa abandoned its plan to raise about $4bn by selling a 20 per cent stake in a new commercial entity to investors, caving in to a glo-

bal backlash that has extended from former players and politicians to Fifa's own members and staff.

The spread led to additional calls for Infantino to resign the Fifa's dire dire president has shown no sign of doing so.

Following an emergency meeting of Fifa's senior management on Wednesday in Morocco, Infantino said he had the support of Fifa's management board. What included secretary general Mattina Grubitsky, who had only days previously described Infantino's commercialization plan as "approachable".

Mattina and Grubitsky were no a letter to Fifa council members: "With the project withdrawn, it was agreed that Fifa will no longer tolerate any attack on its integrity, good governance and due process and will take all necessary measures to protect and safeguard its name and reputation."

Yesterday, Uefa said: "Yesterday's

announcement that some people employed by the Fifa president said whose careers depend on the favour I agree with their budget nothing."

However, Infantino's opponents could be in for a postcarded battle to face this war.

He could face a vote of no confidence at an extraordinary meeting of Fifa Congress, the governing body's supreme legislature body, it was 6th of Fifa's 21 member's support arm.

However, a meeting could take up to three months to arrange from the time it is called, potentially giving Infantino the overall support.

Football associations including Qatar, Lebanon and Morocco have hooked Infantino, underlining that he retains support among some members, who all have the same voting power.

Infantino is seeking a fourth term at Fifa's general election in March next year.

Ares reduces scale of private credit vehicle after pushback

ALEXANDRA NEAL - LONDON MONROE & OAKS - NEW YORK

Ares Management was forced to scale back a third-timeter Fifta private credit vehicle after investors balked at the valuation of loans being put into the so-called continuation fund.

The private credit grant last year moved to shift loans remaining in a decade-old European direct-leading fund into a new vehicle, and people familiar with the matter. Such continuation vehicles have become popular to private capital account to return cash to investors.

But potential backers of the new entity insisted on a steeper discount on the value of the loans than since would accept a return on the firm to cut the size of the continuation vehicle to about $10.9mn, they said.

Private credit firms have been hit by troubles in the private equity sector, since many of the bankers, though, were in finance buyout deals. Buyout funds have struggled to and their investments since interest rates rose in 2023, leaving private credit funds much with the loans for longer than they anticipated.

Continuation vehicle offer private credit funds to buy backlog from their older funds, enabling them to return cash to investors in the original funds without attachment to it.

The structures have become commonplace in the private equity sector where they accounted for roughly a fifth of entity's income.

But the market for continuation vehicles for private credit is still innocent, particularly in Europe. Specialist so-called secondary investors anchor for vehicles but the fear on the continent with enough capital to back big deals can be quite, according to advisers.

Earlier this year, private credit group investors successfully closed a $1.2bn continuation vehicle for loans from to 2019 fund. What died, which was anchored by much new accountants arm, inspired other firmers such to copy it but advisers said some transactions were taking longer than expected.

Credit managers have been reluctant to accept steep discounts in continuation vehicles as substantial interests would have shown to much down the underlying loans.

Ares is now seeking to raise a $2.2bn continuation vehicle for loans from its 2018 European fund, according to people familiar with the matter.

Ares declined to comment.

Google seeks sharper focus in AI to keep edge after Hassabis move

BUSINESS INSIGHT

TECHNOLOGY

Richard

Waters

Google has been in more AI lives than any other big tech company. From its own specialist chips and cloud platform to its front-

ther models and search models, the company has carried out a broad position in AI, but this very broader has exposed the need for sharper strategic focus.

That is one message from the shake-up to the ranks of its top AI executives this week. Senior Hassabis stopped back from the two day management of AI research at the same time that four top AI figures, including veteran engineer Jeff Dean, left for their own AI staff up.

One clear message: Google is still grappling with how best to marshal its considerable resources as it struggles to keep an edge in frontline AI research.

At the same time, the upheaval points to the new opportunities being thrown up by the widening boundaries in AI investigation. The big frontier models have been at the centre, but that is changing as the gap between the leaders narrows and stronger competition among in-depth/biome models.

Indeed, more of the electronics shifting to one agent-based systems with the potential to transform wide array of research and knowledge work. For the departing Google executives, this looked like too good a moment to miss.

Google DeepMind, the AI organization (hassabis had run and where he will now be clean, had brought together group operations in early 2023, a moment when Google was ending from the launch of ChatGPT. This involved keeping its victims. AI research efforts into a frontier lab with a broad event to compete with OpenAI and Anthropic.

There years on, this looks ready for refinement. While Hassabis had the title of 2013, his replacement will be a senior vice president, implying less autonomy and closer alignment with other Google divisions. Hassabis used to was enjoying back to "focus on the big picture", with a wider event that includes becoming chief scientist of the parent holding company Highland.

Think the day that all a wider effort to release on Gemini (the name of both Google's advanced

frontier AI model) would at the one-sense app that runs on top of 81. The upheaval suggests the capabilities of leading AI models may be reaching an important threshold, artificial general intelligence

The upheaval suggests the capabilities of leading AI models may be reaching an important threshold, artificial general intelligence

A researchers to work on Gemini, away from other priorities. Explaining the executive moves, CEO Sandar Pichai conceded there were "some we need to improve".

It is little more than a year since Google took cases up with a frontier model capable of building its own against OpenAI and Anthropic, using research had fallen behind and prompting a rally in its share price. Now, though, Gemini is perceived as best fallen behind again and to have less ground in the booming market for the leading agent.

reaching an important threshold, artificial general intelligence. Hassabis said he wanted to spend more time on AI, which he claimed was "close at hand". While there is little agreement on exactly what this supposed breakthrough moment in AI development will entail, the leading models are already opening up significant new vistas of research.

One sign of this has been the departure of those and those other top to big news. Their new staff up, Discovery Loop, aims to transform large areas of scientific research by automating the basic scientific process. They aren't alone in believing that AI has reached a level where agents AI systems like this could not determine scientific research.

Anthropic announced a similar initiative, Claude Screwer, in June. Hassabis, meanwhile, said he will also be "baming in" more to his work leading humanistic Labs, a drug discovery start up he created under Alphaint in 2020.

With the advent of agents systems to work in India like this, the competition frontier is AI is shifting, increasingly, it makes to the software "homecare" that control how AI agents work and apply underlying frontier models, as well as the extra data used to learn their domain knowledge.

Coding, scientific research and generic terms of white collar work (through Claude Cawick) are among the other key agents are already being seen. The boundaries are likely to expand quickly. Since Black, for instance, said this week Grok is being trained on SpaceX's entire corpus of engineering data in an attempt to make it the best AI system for one to improve. As Google overhauls its AI leadership, changes in the six-

richard.stevenc@i.am

Investire

INITIATIVE MAGAZINE AND PAGE 10® CONTINUATION FOR THE 1st ANNUAL INNOVATION PROGRAM

The Unification Meeting of the dread end real estate investment fund named HP —Neck Immortal Public ("HP") managed by investors SJA (a.p. 8). The "Company" is called to its staff at the Company's registrant office, in Rome, on its 16th, on September 31st, 2026, at 11:00 a.m. (CST). In the second minute upon the following AGENDA

It's appointment of the members of the HP Fund Advisory Committee and determination of their remuneration.

It's prepared to amend the Management Regulations of the HP Fund pursuant to Articles 17, paragraph 8(b), and 30 of the Management Regulations. It's should remove.

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8

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FINANCIAL TIMES

Friday 7 August 2020

COMPANIES & MARKETS

Technology

OpenAI says Apple claim "baseless"

Tech group) filing in trade secrets case illustrates how partnership has unravelled

WONDER, ACTIVE — SAN FRANCISCO

OpenAI has unravelled supply of trying to stem an employee resolve to the ChatGPT maker with a "baseless and person trust" trade secrets lawsuit, and has asked a US court to dismiss the landmark case.

It makes OpenAI's first legal rebuttal of Apple's claims that the state up-and-furner and current Apple employees to steal information about its secret handi

ware projects. As OpenAI prepares to issue the research below:

By using, Apple is trying to "make up for its shortcomings in the market for financial and retaining its employees, and

its failures to target the AI into its products" OpenAI claimed in a filing to evaluate correct liabilities.

"But California law and policy not only permit fast rethinking such employee mobility, which has been credited with preventing the trial condition that has made companies based in this state the rest of the world," it said.

"He came effort over insight into how the relationship between the world's second most valuable hand company and how it makes $50,000. At model develop has unravelled."

OpenAI argued that Apple failed to identify specific confidential information that was allegedly stolen and mischaracterized its own deficient "differentially" processes, which had to be brought counterfections with unspoken or off-hand already left.

Apple also strongly asserted that

information regarding its suppliers was proprietary rather than information that could be highly or publicly obtained, said OpenAI.

The ChatGPT maker acquired in Products, the studio founded by former Apple design chief Joey Inc., for its sales test you, along with partner Tom Taka, it has aggressively hired from Apple over the past two years as the iPhone maker knew delays in launching its own informatics.

For its test named as a defendant, "Since in Products' founding, hundreds of Apple designers said engineers have chosen to leave their jobs at Apple to join OpenAI's effort to design a new family of devices for the AI era," said OpenAI in a dialogue Wednesday.

The company is planning a plan-sized AI gadget without a screen that takes audio and visual cues from the

environment, the FT has previously reposed.

Apple's lawsuit in July came barely two years after the companies joined houseclothing new AI features based on ChatGPT to Apple devices.

The current OpenAI employees formerly at Apple, including its hardware chief Craig Lee, were named in the lawsuit. Apple has since targeted devices on its former employees now working at OpenAI with legal factors.

OpenAI's blog in Wednesday argued that Apple failed to identify any specific confidential information gleaned from the company. Earlier this week Apple asked the California judge in the case to issue an inspection against OpenAI to stop it from using its allegedly stolen trade secrets and to go on to evidence.

Apple did not respond to a request for comment.

Long shot

LIV Golf seeks 'grand bargain' to save tour

Laura Herbert tons off at the LIV Golf UK event in July at Utenseter. The tour agent heavily to last many of the world's top golfers to its stable before Saudi Arabia's PBJ pulled the plug in April.

LIV Golf has utilized private capital group SC Partners as it seeks a "grand bargain" between race investors, Saudi Arabia sovereign wealth fund and its top players to keep the bestselling tour alive after the kingdom ends its funding.

Scott O'Neil, LIF Golf's businessman announced on Wednesday that the league had signed a term short with an unnamed investor who was willing to make a 'LIV golf' alongside other potential minority investors after the Public Investment Fund ends its financing this month.

The investor is the credit division of SC Partners, the London-based private equity company, according to people familiar with the market, threatening to leave first expected SC Partners as the lead investor.

O'Neil said a definitive agreement covering the time upon 2030 could come as soon as next month.

LIV, backed by the PBJ's deep pockets, ranked up billions of dollars in losses after an undertone move to shake up the sport with a livelast, team based global alternative to the dominant 'LIV' in 'One'.

A sport benefit to last many of the world's top golfers to its stable before the PBJ pulled the plug in April amid a broader management of its investment priorities, forcing the against tour to find new investors within months to

secure its survival. Yet the path to a final agreement to LIV has turned into a complex, multi-party negotiation, according to the people involved, with SC Partners and other possible investors seeking assurance that LIV's are players will stay with the league.

Second leading players, including Joe Babbs, are owed guaranteed payments worth potentially hundreds of millions of dollars under contracts that extend beyond this month, when the PBJ has said it will cease funding the league.

The PBJ is considering paying off those contracts at a discount in media.

"The new investors will need assurances players are not going to pursue more money and say 'we got stifled'"

any potential liability as well as to avoid bad publicity, leaving the players positioned to stay fresh about with the SC Partners backed. In real that would include cash as well as equity in the new league, according to those close to the negotiation.

O'Neil in his public remarks confirmed that equity stakes would be a key selling point to players to continue there to stick with LIV.

A settlement may come in the form of a pre-packaged bankruptcy with the

court process could quickly choose legacy liabilities and allow new investments to occur in free of any entanglements from the previous two, the people said.

"The new investors will need assurance that these players are not going to pursue any more money from the PBJ and say, 'we got stifled,'" a person involved said of the discussion.

Speaking at a LV event at the Trump Redminters course in New Jersey, O'Neil said: "We're very fortunate that a lead investor has signed a term short approved by our board, which will pay a sad fund LIV going forward."

O'Neil has been to say which, if any, of LV's big name, says had agreed to join the new LIV.

"The negotiation has multiple moving parts, and our person involved need to see unclear which party would be the first reason to making concessions.

The PBJ previously reported that two events of the LIV season were at risk of cancellation. The first, in relationship this month, is set to take place but the LIV team, championship leader in Michigan is likely to be cancelled, according to people familiar with the market.

LIV the PBJ and SC Partners declined to comment. Agent Judge

Basic resources. Profitability push

Saint-Gobain

persists with US expansion despite housing slump

Building materials maker

targets sales growth even as

home construction rate drops

WORLDWIDE, WASHINGTON DURING WEEK — PARIS

French building materials group habitations will push ahead with a major expansion of its American business despite a US housing slump. Intransitive trade wars and a volatile political climate.

The plant-based to roofing shingles makes whole units among Europe's biggest industrial groups, want to more than double its North American footprint to almost 30 per cent of revenue as it pursues chamber margins outside its traditional base.

In an interview, chief executive breath Saitin said another political upheaval nor a sluggish UK residential contractor has market had detected it from this strategy.

"We continue to invest in North America. It's a growing market for us. It's good profitability. We continue to grow there," Saitin said the PB.

"We take a long term view," he added. "The game plan is to continue to grow through both open and acquisition."

European industrial groups from 2007 to 2010 under 2020 for more than shifting capital towards the US in pursuit of higher margins and market share in an economy that is building not ultra-moder than manufacturing plants to state control. Increased to build everywhere," said Saitin.

Saint-Gobain, whose world's revenue reached 14% from 2022, has increased in North America an revenue share from about 13 per cent to 22 per cent since it announced a growth strategy in 2018. Saitin said the company wanted to raise this figure "closer to 30 per cent is the coming year". It is also expanding aggressively in America against away from its European roots.

The company has pumped fifths into acquisitions, capital expenditures and research in the US and Canada since 2020 while managing a steady flow of disposals elsewhere. It has engaged on two hand-inserts and companies over the period and this month extended the path with deals to buy a North Canada glass fibre plant and a Vancouver-based concrete chemical group.

North America now accounts for about a third of profits, roughly 10 per cent in Europe, while it provides a market as much as 60 per cent of earnings. The US has become its biggest single market, ahead of France.

Saint-Gobain traces its roots back to the US's century, when it made the nation for one of the Prizes of Versailles's front famous galleries.

"We have been in Europe for 240 years in France and 270 years in Germany," said Saitin. "We have a very strong presence already in Europe, and therefore some opportunities to gain market share in North America, Asia and energy production."

The North American expansion drive comes to spite of a sharp slowdown in the US housing market. Single-family housing starts last month even down by 2.5 per cent from their early 2022 level, while existing home sales were more than a third from 2018 in the pandemic, or speak. The 50-year mortgage rate has doubled to 6.30 per cent, up from 2.65 per cent in early 2022.

But Saitin said Saint-Gobain would "continue to invest" despite what he described as a "bit of a dip" in the market. Higher rates, he said, were not "billing" focusing demand, but rather "blending it all or not changing it bit the scope of that stronghold."

The company said it had been largely unscathed by the sphere of its transatlantic relations as President Donald Trump has increased to 60% on American housing projects, according further duties this week.

Saint-Gobain said it had been insur- land by its local production model.

'It's a growing market for

in. It's good profitability. We continue to gain share'

Breault Saitin, chief executive

one European companies are increasingly investing. Saitin said the group has "upto greatly left the de-glindular time of the world of today."

"We act as a North American organization with North American leadership and are viewed that way within the area," said Mark Bayfield, the company's North America boss. "There's no, 'Oh your name sounds French, I don't think I want to buy from you. There at that.'"

Under Saitin, Saint-Gobain has pursued a sustainability push into more than 60% of the company's business. The company has been a major business in the US and Canada, even though the Trump administration has rolled back some chronic policies and been hostile to imposing environmental goals on the market.

This often has not been an impact. In the US where there are drivers in the market, the company's association at Saint-Gobain said, even though the Trump administration has rolled back some chronic policies and been hostile to imposing environmental goals on the market.

"We teased into resilience as a positive thing before sustainability was popular and before US, was popular," said Bayfield. "It's just as political statistics you want a better lesson that has a higher credit value and is cheaper to operate."

Saint-Gobain leads the lurtiers for Versailles Hall of Wives

Aerospace & defence

Rheinmetall hit after warship plan scuppered

LAURA PITEL

Rheinmetall said it expects a 4,000mm sales hit this year after Germany cancelled a multibillion-zone litigation project.

The German arms giant lowered its sales market yesterday, saying it expected full-year revenues of between €13.7bn and €14.2bn, down from its previous forecast of €10bn to €14.5bn.

The company said that the medium and long-term implications of the loss of the €12bn F124 programme were "currently being analysed."

Rheinmetall's shares plunged after $6.0bn cancelled the F124 project to June and June fallen by about a quarter this year. The company had submitted a 2.5 per cent of the financial sold investors it was highly confident that it would become the lead contractor.

Rheinmetall said yesterday that the cancelled project had been expected to contribute less than 5 per cent of its

targeted €10bn in annual revenues by 2020.

Despite the criteria, Rheinmetall still increased its total sales by 7 per cent to more than €1bn in the first half of the year. Its order book continued to grow, resulting in more than €10bn — up from €1bn in the last half of the year.

In operating margin — a key measure for Rheinmetall as it works to show that it can turn booming European defense spending into hard profits — over to 10 per cent, up from 12 per cent a year ago. Its shares were down more than 5 per cent by the year of trading yesterday.

Chief executive Armin Papperger said he expected to handle a substantial deal to provide hundreds of items announced which to the German armed forces before the end of the year.

He said the first tranche of the programme, known as Comision, would be worth at least €2.0bn for Rheinmetall once a second contract was taken into account. That would make it the biggest

ever deal clinched by the Düsseldorf-based maker of tanks, artifacts and construction.

But the usually bullish Papperger was cautious about a possible failure on order for the future, which is built with the France German tank maker 8/2020. The company's share of the market is said, adding that he was trying to be "very, very under-ratio" on their that had not yet been signed.

Papperger defended his company's decision to branch into the aerial business, despite double-brain investors following the loss of the F124 total.

The €1.3bn acquisition of Texas's 'toward a license was driven by expectations for group would take over the three-period programme to build six flights of 2.5 per cent.

Papperger said moving into the aerial business was still "the right decision, adding that he still expected the unit to be one of the "fames in terms of the business".

BANS

JP Morgan poaches star BoFA banker Lissauer

IN CARRIGANTS, AMERICA FINANCE, IN NEW AREA SUMMER — NEW YORK

JP Morgan Chase has poached star investment banker Amy Lissauer from rival bank of America as was its activism defense practice as it works to win business{fravely, IT companies under threat from hostile investors.

Under Lissauer, bank of America built one of the leading activity defense businesses in 2018/19/20, advising U.S. and Swedish Southern in its fight against insurers, Southwest Airlines in its battle with Killed Management as well as Tylenol maker Karجن, which has been a major investment.

Lissauer will join JP Morgan, the biggest US bank, this year as global fund of shareholders' engagement and the capital markets, according to a memo sent to staff were by the PT. JP Morgan confirmed the contents of the memo. Bank of America declined to comment.

Activism defense has become an

increasingly important business for Wall Street's investment banks, since advising 2007/2010 clients are now to defend themselves against single rands such as CBAF and TechInvest Value can lead to lucrative M&A mandates further down the line.

The company hire comes amid a wider marginalization within JP Morgan.

investment bank aimed at competing more vigorously against rival Goldman Sachs activities to propel itself to the top of M&A league tables.

In the 2020s, the first JP Morgan itself, John Simmons and P. Biggs (sic), JP Morgan's co-founder of global banking, said the arrival of Lissauer "will allow us to

further drive our M&A market share with Airlines on their affair."

Activism campaign over in the rise as hedge funds are embedded by volatile markets such as the drabroading. There were 200 activist campaigns globally in the first half of this year, up 11 per cent by the year, the German bank's report in more than a decade, according to JP Morgan's staff and M&A outlook report.

JP Morgan notched up investment banking fees of $1.2bn in the second quarter, up 30 per cent from a year ago. The manager has won interest in part from the 97mm JP Morgan generated from advising on Special's listing, the biggest initial public289.com.

JP Morgan's fees from financial advisory, which has been a serious defense, were $1bn, up 10 per cent from a year ago. The first third straight quarter that JP Morgan signed $1bn, that it was also the ninth quarter he ever had JP Morgan had called behind Goldman.

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Friday / August 25th

•

FINANCIAL TIMES

9

COMPANIES & MARKETS

Top US law firms explore selling stakes to private equity groups

Paul Weiss and Quinn Emanuel among those in talks as they seek to circumvent ownership rules

STEPHEN FIGHT AND KAYNE ROSSCHE, CHIEF VICE- DEED FIRM - LONDON

Invested top US law firms have explored selling stakes in their businesses to private equity groups without triggering rules that bar ownership by non-lawyers.

Paul Weiss, Quinn Emanuel and Proskauer are among those to have had conversations with private equity groups or business to consider taking outside capital, according to people with knowledge of the matter.

Children who present in the first firm being owned by non lawyers, which has left them as one of the few areas of the economy unravelled by human groups.

But some investors are stepping up their attempts to break into the legal industry using a structure known as a "management service organization", which separates a firm's legal work from its administration functions to get around the rules.

Law firm leaders are increasingly keen to understand the model and how it could change their industry, as a time when many are spending large sums on top talent and planning to invest in it. But most are hesitant about making the move.

"Everyone is interested, but everyone wants to go around," said one adviser specializing in MIO structure. Recent groups have already used the MIO model to circumvent similar professional ethics often on outside ownership of medical practices and accountancy firms.

Quinn Emanuel, which promotes itself as the world's most feared law firm, has spoken to investment bank suggestions based on about what you are investment might involve, according to the people with knowledge of the matter.

Invest of the people cautioned that its structure had been taken and the law firm had not committed to a safe process but was simply carrying out research. You have declined to comment.

The first of Paul Weiss met New Measurers Capital, a private equity group with little to no more under management, at the investor's request in New York to recent months, people familiar with the matter said.

"In the request of certain firms with which we have business relationships, we focused to a couple of plethyscopeding this structure a number of months ago," Paul Weiss said. "There have been no follow-up meetings, and this is not something we are currently pursuing."

Proskauer has also met at least one beyond group to discuss MIO structure, according to people familiar with the matter. With it, it can be a group of senior lawyers examining the structure. Both firms declined to comment.

The FT approach is November that McDermott Will & Schulte was exploring private equity deal, and it had since held earnings with potential investors and advisers. People familiar with the matter were not revealed for from making decision.

Some studies have from including personal injury specialists and start-ups have already taken outside investment insights into structure.

The model is off to quite a law firm into two a lawyer-owned entity that

Paul Weiss executives have met with a private equity group Before, Proskauer has also met at least one group to discuss a special structure. Right, John Quinn, founder and non-executive chair of Quinn Emanuel

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•

FINANCIAL TIMES

Friday 7 August 2020

COMPANIES & MARKETS

Support services

WPP shares jump as revamp pays off

Signs of recovery emerge after thousands of job cuts and faces 1.4 investment

DANIEL THOMAS

WPP's shares391ptp by more than a quarter yesterday, showing signs of recovery after thousands of job cuts and faces 1.4 investment in a low part of a new annual rollout.

The company, one of the world's largest advertising and marketing groups, reported yesterday signs of improvements in our country and market share issues, which have been hard hit by rivals providing key clients and the

industry-wide upheaval triggered by cheaper and partner friends.

First half revenue loss pass through costs – the preferred matrix for WPP, which accounted for low paid to external suppliers – was down 4.7 per cent on a like-for-like basis to £6.7bn, the company reported.

But the fall of £4 per cent in the second quarter to £2.3bn was an improvement on the first three months of the year on the back of a better one of new client wins, when the same measure fell almost 7 per cent. The results were at the higher cost of company guidance and better than analysis expected. Adjusted pre-tax profit was down 17 per cent to £270mn.

Former Microsoft executive Cindy Rose joined in chief executive in four number last year and immediately launched a strategic and operational

Business wins and client retention ... demonstrate we are building a simpler, more competitive WPP

review of the business to try to streamline his business units and focus more on client delivery. Shares had fallen sharply over the past 18 months on the back of a succession of profit warnings. WPP also reported that it did job had

been on since the first half of 2020 as a result of certain being up to cost-cutting initiatives. Staff costs of £3.2bn were down 3.9 per cent compared with the first half of last year.

The company said it expected to raise at least £200mn from sales of new core businesses, mainly smaller agri-ens and investments. Its shares rose by 26.6 per cent by 14.1 mn/ann/yr/under.

The group continues to review other parts of the business which could lead to a sale of its PR agency Burson, according to people familiar with the market.

Joanne Wilson, WPP's chief financial officer, also said the review would include its 40 per cent share in Kantar, the market research company that it

even with private equity group chair. For the second half of the year WPP said it expected an improving like-for-like "growth trajectory", with revenue loss pass through costs overall down low to mid-night highs.

Loans such as while "ingen a second house customer to weigh, (a) are a further sequential improvement in LP1 growth, highlighting the momentum we are building as months company".

The result that "our strong new business wins and improved client retention, as well as corporate, is not an image and portfolio actions, demonstrate that we are building a simpler, more competitive and higher performing WPP."

Intrate

Airlines

Wizz Air boss warns all-11-high fuel costs will squeeze profits

PETER CARROLL

Wizz Air's chief executive warned the budget as low will struggle to make any money this year after the Iran conflict prompted jet fuel companies.

The London Hotel Houghton airline yesterday passed a new issue of £500mn between April and June, down from a small profit of £50.4mn a year earlier, owing to elevated fuel bills and higher costs from flying emploras (plants became roam).

Chief executive James Varadi said fuel prices were not coming down as fast as fuel force expected.

"I don't think we're going to be making money this year as a whole fiscal year, but if I look at someone, we're going to be making good money in summer, he will like TV, adding there was 'robust demand' to the coming weeks.

Despite strong stockings, however, higher jet fuel costs were squeezing margins, he said. "I think it's fair to say that most people would have expected this year to confirm this time, and to see the fuel price go back to normal. That is not happening."

Wizz has suspended financial guidance for its financial year, which is now a new issue of £500mn in the end of April 2027. Jet fuel prices doubled after the start of the conflict in February to about 81,800 a tonne, according to Argus Media. While they have fallen down about 82,700, they remain above the 800t before the war started.

Airlines – especially short fuel operators – are heavily reliant on earnings from summer raids (from through winter, winter, and/or total) to low money.

Saudi Arabia has been a "cutting balance sheet (with) more than £2bn of cash".

Wizz's shares, which had already dropped by about 10 per cent this year, fell 12 per cent to £5.1b by the end of a strong contract.

Airlines have been hammered by fuel costs since the Iran conflict closed the tirade of the storm, the waterway through which about one fifth of the world's oil transients found the conflict. Wizz's revenues between April and June rose 3.1 per cent to £1.2bn, while the number of passengers jumped by a quarter to 21.2mn during the three-month period.

Green light

Paramount commits to UK safeguards

Fight over: Warner Bros' 2018 film "Tore Thurs 600' To the Movies". The company has appeared for UK government, which has threatened to block its $110bn takeover of Warner Bros Discovery. www.wbc.co.uk

Paramount Highlanders from David Ellison has agreed commitments around editorial independence of news, public service broadcasting and children's content to avoid the UK government blocking its $110bn takeover of Warner Bros Discovery.

UK culture secretary Lita Mundy said in June that she was "inability to intervene" in the deal, which will create one of the world's largest media and entertainment groups with services ranging from CNN, HBO and Warner Bros to CBS and Channel 1 in the UK.

Yesterday, Mundy said she had decided not to set after scouting insurance and legally binding commitments from Paramount. In a letter to the UK government, Ellison said there included a commitment to the public service broadcasting event of Channel 1, as well as £500mn of additional investment over the next three years. For payment it is easy to lower channels separate from streaming platforms HBO Plus and Paramount+, and said that there was no intention to

replace UK commissions with acquired international content.

Both TV service will retain its distinct editorial identity, including children's channels such as Nickelodeon and Cannon Network, he added.

The editorial independence of

Ellison promised that the direction of Channel 3 will 'remain entirely separate from CNN and CBS News'

Channel 1 News – currently produced through a longstanding contract with ITN to produce its programming – will be guaranteed and Ellison promised that its direction "will remain entirely separate from CNN and CBS News".

CNN International will continue to be available in the UK and will operate as a distinct news service, to said. The acquisition of WIKO CNN has caused current among executives at the network after the recent rephrased at CBS under Paramount.

Paramount has committed to providing government officials with manual management of compliance that will be monitored.

The Competition and Markets Authority also said yesterday that it would not take further action, which gives the deal approval by UK regulators.

The possible intervention by the UK government was an unexpected hurdle for Paramount after EU regulators had passed the deal.

However, this UK challenge has since been suspended by a lawsuit brought by wider attorneys general led by California's Bob Beats to block the deal on antitrust concerns.

Further this week, a California federal judge scheduled the trial for March next year, which will mean a study delay for Parliament in closing the transaction.

Under the merger agreement, the group has agreed to pay about $650mn each quarter after the end of September until the deal closes, David Thomas in London

Basic resources

Ineos doubles

does European chemicals peers wagers

BRIAN BRADLEY – COINCH

60.20m Ratcliffe's chemicals conglomerate Ineos and 20 shareholders have doubled doses on brand shares in European chemical companies, underlining their view that the sector was undervalued.

Ineos (Jardine, one of two building groups the privately held chemicals giant men's team after, but week told investors that it would benefit its own £500mn but no selected chemical companies, according to people familiar with the matter.

The chemical group's three shareholders have also made a similar investment, according to people familiar with the matter, although they did not disclose the size.

Together with the £200mn purchase disclosed in May of a "banker of publicly traded liquid equities related to the chemical industry", Ineos and its shareholders have invested more than £500mn in its chemicals sector peers, according to the people.

The share purchase have drawn the 20-30% of the total profit from who have questioned why the cash was not used to buy back their bills, particularly when some of Ineos's bonds have been trading as a discount. The group now invests in $9bn.

"The market was frustrated they didn't buy back bonds," said one credit investor that holds Ineos's debt. They added that it suggested that "both management and the shareholders are finally seeing recovery in a market that has been in a low year downturn."

While the price of Ineos's bonds and loans fell far much of that year, the UK and Israel's war on Iran has been a source of concern for the group as well as some of its peers.

The issue remains of the Strait of Horizon has not supply from Iran and the Middle East, increasing prices of chemical products and samples.

Ratcliffe, who co-owns Institut club Manchester United, built Ineos by making a number of both acquisitions in unloved sectors. Its has been a forceful proponent of the European chemical industry, despite its waning profitability in recent years.

One of Britain's richest people, Ratcliffe owns a controlling stake in the group while Strathcocks Andy Coates and John Joyce each hold a roughly 20 per cent stake.

"The ultimate shareholders of the group believe that chemical producers are currently undervalued," Ineos Group said in private hand offering documents shared with investors in May, as part of a £700mn debt issuance earlier this month.

"As such, the group has invested approximately £200mn in an exposure to a banker of publicly traded liquid equities related to the chemical industry," it said.

Europe's chemicals producers have struggled in recent years with a strong, well-rounded company from China, high energy prices and budget environments and regulations on top of overvegasity and weak demand at recent the globe.

"We believe the market is significant, and Ineos' viability has 'lowered industry,' Ineos said, adding that the group has 'strong balance sheet, substantial liquidity and a disciplined approach to capital allocation."

Aerospace & defence

Honeywell Aerospace tumbles due to supply constraints

CHRISTIAN BAKER – NEW YORK

Return to Honeywell Aerospace about a fifth of their value yesterday, as chronic supply-chairs bothออนไลน์ should its launch as a new introduction company.

The former subsidiary of industrials conglomerate Honeywell went public at the end of June, and well-developed investor enthusiasm over ranging global economies for jet engines and related after-market services.

But in 1998, Honeywell's yearning report, it stalled its sales growth forecast for 2024 from 10 per cent in between a half per cent.

Chief financial officer took Japan's old investors that the company over the past year increased 5 per cent from the prior year ... supply chain constraints are continuing to limit our ability to convert demand into sales across all our main market.

The admission from management on Wednesday afternoon marked contrast from its then parent company Honeywell's customers in April that "we history of recovering from supply-chain

constraints" would help its aerospace division to deliver high single-digit organic sales growth.

Honeywell Aerospace shares plunged as much as 20.5 per cent in Thursday morning trading. They recovered some ground to be down about 20 per cent by early afternoon, giving the company a market capitalisation of $12bn.

Investors have pledged into the US aerospace and defence market in recent years, owing to supply in global defence spending and operators surrounding the gradual recovery of floating. The industry giant is slowly working in way through a record-term backlog of more than 6,000 commercial units of ...

Lucknow! Barton, General Financial, L3Hants and Raytheon's customers, past 87% all reported higher second-quarter net income compared to a year earlier, as the US spends no upfronts in sample stockpiles and shifts in defence industrial business's "net footing."

But the sector continues to be dogged by shortages of skilled labour and the underlying weakness of the US industrial base, which has contributed to

persistent shortages of components ranging from metal storage and forging to microchip and systems.

Honeywell Aerospace, which specialises in advanced electronic and mechanical systems as well as regions and power systems, said the supply chain constraints had forced it to focus its resources on serving big customers such as Boeing at the expense of the more lucrative after-market service sector.

"It's no secret that Honeywell

The group said it was forced to to focus on large customers such as Boeing

Aerospace has been a source of frustration for its customers, and the company's 82% of revenue backlog under an expense," noted Scott Hilton, an anchor at Welles Research.

"If it isn't reserve its supply chain issues and improve on time delivery, it risks having a portion of its future high-margin after-market revenue stream."

The securities that further admitted on Wednesday that "Eraslin, (unders) limited how long it would take to implement and see traction from the securities measures we had taken and servicing."

The issue "is not reflective of an investment health of our operation," Currier continued. "And while we've started on, we've increased over £8bn in recent years, and will continue to invest to increase our efficiency."

However, Robert Halford, an analyst at Verbal Research Partners, said that "while it is good that Honeywell Aerospace recognises that it has problems, fixing these will not be an oversight affair."

Oil & gas

ConocoPhillips chief to be replaced by career veteran

JOSEPH BARTON – NEW YORK

The long-serving chief executive of ConocoPhillips, Ryan Lance, will stop down at the end of the month as part of a head-steep transition as America's third largest oil company.

Lance, who has been chief executive since 2012, will be replaced by Andy O'Brien, the company's chief financial officer and executive vice-president of strategic and commercial.

O'Brien is a career veteran at Conoco and his appointment suggests a continuation of the company's strategy, which focuses largely on spurious US producers in the financial main and handling profits in these buybacks.

Lance, who has career than 40 year career in the industry, will become an senior chair of Conoco's board in a transitional role, the group said yesterday. Dennis Haynes-Welsh, vice president, finance and controller, will become Conoco's new chief financial officer.

The leadership abide sign at Conoco.comco and disreptors to the oil and gas industry in a recent process, which has closed energy facilities and throttled crude flows from the Middle East.

The range in oil prices caused by the disruption has filled industry profits, and Conoco reportedly could up to earnings of $1.9bn, or $1.25 per share, double the figures from the same quarter last year. Conoco is America's third largest oil company by market capitalisation, which at $10.9bn surpasses that of oil range 80, which is $9.9bn.

In a statement, Lance said he had enjoyed a 42-year career and leading Conoco for the past 14 years had been a special privilege.

"I have complete confidence they will continue to be a good job discipline, preserving peer-leading from safe flow growth and delivering competitive returns to shareholders, while meeting the world's growing energy demand," he added.

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Friday / August 2026

•

FINANCIAL TIMES

11

COMPANIES & MARKETS

Equities. Tech rout

Retail investors blame South Korean president's policies after big losses

Seoul wanted but stock trading

but got more than it bargained

for after extreme volatility

SHOOK, YONKANG YANG, JONG A.

Extreme volatility in South Korea's stock market is exacting a political cost or retail investor nursing heavy losses from coal works such as oil stock their in at the country's president.

Thousands of investors found themselves in the cut and taxing margin calls on leveraged positions last week as the long-lived bank fell nearly 40 per cent from its June peak amid a global tech rout.

South Korea has been one of the world's most volatile markets or an AI boom fuels bets on the country's chip-maker.

The huge losses now pose a political risk for Lee Jae Myung, whose approval rating dropped to 64.5 per cent on Monday, now its lowest since he took office in June last year, according to polling agency Realistone.

Investors are blaming his administration for funding a stock market forseer and hastily approving risky derivative products.

"One chat rooms are filled with criticism of President Lee and many of our investors are pledging not to vote for the ruling party in the next election," said Jung Eun Jung, head of the Korean Stockholders' Alliance, a retail investor advocate group.

While the next National Assembly won a test until April 2026, this '63, a politics producer at Myung's University in Seoul, said retail investor anger might make it "difficult" for Lee's Democratic

Party to win. "By encouraging people to invest in stocks, President Lee has brought this problem upon himself to some extent."

On after South Korea president Lee tied their political life so closely to the stock market each.

A self-produced former retail investor, he campaigned on a pledge to leave the Knapi stock 1,000 by the end of his presidency in 2005. The stake had been trading in the 2,000 range for more than a decade.

Lee argued that South Korean needs to be chased more at their wealth away from property and into "productive" investments such as equities.

He sought to attract more capital by strengthening minority shareholder protections.

"President Lee performed well early in his presidency by introducing investor thought revisions to the commercial code," said Kim Myung Korea executive director at investment group Tcha Partners.

"Investing the stock market has been one of his biggest achievements with

about a third of the population – around 10mn people – investing in stocks."

When the Knapi trend in beyond his original goal, helped by record finishing profits at chipmakers fumeing Electronics and 6K Hyatt, he remained bullish.

"The market has risen faster than I expected but I still think it is undervalued," he told a press conference in June when the Knapi was just below 8,000. It has risen plummeted to about 6,000.

His government also liberalized access to cutout products. In late May, regulators approved single stock leveraged exchange trades funds for the first time.

Within weeks, they attracted more than $10bn from investors using them to bet on the price of Samsung and 9K Hyatt.

But at the market turned and investors suffered heavy losses, Financial Supervisory Service governor Lee Chan-Jin publicly expressed regret over their intrusion and regulators tightened access.

Knapi had been trading in 2,000 range for more than a decade

In the spotlight: the huge losses pose a political risk for

President Lee Jae Myung, whose approval rating dropped to 64.5% this week, near its lowest since he took office in June last year

Source: The Wall Street Journal

'President Lee has brought the problem upon himself to some extent by encouraging people to invest in stocks'

Giving brokerages the green light reflected the less administrative desire to expand investor choice, said John Lee, managing editor at consultancy Korea Risk Group. "Thatใคร up spectacularly to the administration's face."

The presidential office did not respond to a request for comment.

In a cabinet meeting on Tuesday, finance minister Soo Yun-chung pledged "efforts to fundamentally improve the Constitution of the capital market to alleviate stock market volatility."

Realistone said Lee's approval rating left his most among people to enter notice – by 74 percentage points last week. A Seoul-based banker said this group was particularly affected by the market because they were investing in eventually buy shares.

"Many of them entered the stock market with a lot of leverage and have seen heavy losses," said the banker, who believed the government had tracked leveraged ETF approval to boost the Knapi further.

"Of course, individuals should be ultimately responsible for their own investment decisions," he said. "Many people put special trust in their governments," meaning that the administration was "not fully blameless" for actively encouraging equity investment.

A first-time stock investor in her barber, who gave her name only as boss, said she was sitting on 9 per cent boxes after putting all her savings and her husband's pension into equities.

"I have supported the Democratic Party ever since I gained the right to vote," she said, but she accused the government of "bring anything at the market till." "Now I am starting to feel that I will not vote in the next election."

Equities

SoftBank's profits decline despite $8bn boost from Intel stake

DAVID KIRKHAM - TIMES

An $8bn gain on SoftBank's stake in Intel helped Manayode lead tech group heat analysis' expectations despite a decline in the quarter profit.

The Japanese company said yesterday that net profit was ¥167.5bn ($1.2bn) in the three months to June, ahead of the ¥148.4bn analysis had expected, according to 1,000 data, but down 157 per cent on the same period last year.

SoftBank bankers a ¥1.3bn (8m) gain on its investment in Intel, in which it agreed to invest $2bn last year at $25 a share.

Intel shares now trade above $100 after the US chip company's stock moved more than 100 per cent this year. SoftBank made a ¥326.4bn investment gain on its stake in Intel share, the Chinese group behind TikTok, which is also posing money into AI.

The first quarter profit also followed records on a recent question by SoftBank after successive revaluation of its stake in OpenAI.

Not but here a second's backer of OpenAI chief Sam Hinson with $44.4bn committed by SoftBank for an eventual stake of roughly 15 per cent once it has

Son has metically put himself and his

Japanese company at the heart of the AI boom

completed its most recent investment round in October.

SoftBank's tech-borne investment vehicles, called the Vision Panda, which began its first three-year OpenAI stakes, made again an investment of ¥216.4bn in the quarter.

But the company said it recorded no investment loss or gain related to OpenAI in the quarter. The performance of recently Boston payments company PayPro also weighted on the result.

Through SoftBank's ownership of 5K chip designer Aros, its stake in OpenAI, as well as in robotics, data center and energy businesses, Son has metically put himself and his company at the heart of the AI boom.

As OpenAI heads towards a critical initial public offering and SoftBank tries to bring its own companies, including robotics venture Xero, to market, the stake in Son are rising – along with the leverage necessary to continue financing their market.

The group has already put its place in the AI. In Friday home for its latest investment in OpenAI and has margin loans against its near 90 per cent stake in Aros.

Finance chief Yoshimitsu Goto said yesterday that the group's loan to value ratio – a measure of net debt against the value of its holdings – stood at 15 per cent at the end of June, down from 57 per cent in March.

The company tries to keep the ratio below 33 per cent in "normal circumstances". Goto said the figure was now perhaps "too safe", meaning that SoftBank may needly "never start."

Travel & leisure

Bikemaker Accell files for insolvency four years after €1.8bn KKR-led buyout

ALEXANDRO HALL AND ROBERT SMITH

Bikemaker Accell Group has filed for insolvency just months after private equity group KKR and its backers lost their investment following a €1.8bn pandemic on her on the Dutch company.

The owner of a range of cycling businesses, such as the former British Sound Raleigh and Balfour cages taken, was no longer able to meet its obligations and its Dutch entities had been granted use granted of payments, Accell said.

Suspension of payments is a form of insolvency in the Netherlands.

The announcement late on Wednesday follows four difficult years for the Amsterdam-based company and its buyout backer KKR since the New York firm led a consortium to take a private for €1.8bn in 2022.

In February, KKR handed its semi-engrappity stake in Accell to better after the company agreed to second debt outstanding in the open-AI year.

KKR and its backers lost all of the €1.8bn equity, began this a series to buy Accell in 2022, as well as hundreds of

millions received they pumped in after it started struggling.

The Dutch destination had originally eyed a take-pitrate deal for the company in a lot that take off. A blue to gold dollar would continue to flourish after the pandemic.

But Accell's trade sales growth was lower than expected, supply chain disruptions triggered corporate shortages and KKR had underestimated how much the company had ever ordered

In a system the Raleigh owner from longer able to meet its obligations

other parts in response to heightened pandemic demand.

Inventories unabrevented and Accell had to offer significant discounts to shift products and chain the value of its stock, hitting revenue and earnings.

KKR and market investors ultimately extended about €700mm to learn to support the company before a first restructuring deal was reached in February last year.

But the bikemaker continued to burn through cash, leading to a second restructuring deal earlier this year that son KKR found controls in its leader.

One credit hedge fund manager said the insolvency was a "broad" outcome for lenders that had backed Accell's earlier restructuring.

"This is a deeply sad and frustrating situation," said Jonas Nilsson, chief executive of Accell. "Every realistic option for the future of the business has been tirelessly explored and none has resulted in a reaction to continue the group into current lives."

Suspension of payments is not the same as liquidation, which involves selling a company's assets and distributing proceeds to creditors.

Automobiles

US cannot 'stay isolated' from Chinese EV competition, Lucid chief cautions

KARA MUKARI - TIMES CHRISTIAN DAVEY - NEW YORK

Lucid's new chief executive has warned that the US can sector would not "stay isolated" from cut-throat competition, posed by Chinese rivals as he predicted a dishonest in the crowded global electric vehicle market.

"Everyone is fighting for survival... the number of EV suppliers we have today is excessive and they will not survive,"耿鸣 Napoli, who took over at head of the struggling Saudi-owned project team, told the EV.

Navy US tariffs and restrictions on Chinese can software have protected the American car industry from the influx of affordable EVs from the likes of R10 and their.

But Napoli said never EV companies from China would continue to infiltrate global markets and the US was unlikely to keep them out indefinitely.

"There are filaments that the US infiltrate isolated, in the end, strong competitors make better companies," Napoli, the former boss of Swiss-director manufacturers Schindler, said.

The comments came as the start-up

this week announced a 61.4bn controlling programme involving product-licensed countries to vehicle inventory.

The California-based company also announced a delay in the long-awaited launch of its affordable $50,000 made until next year as it became an auto-vegany inventory chain.

The new car was earlier scheduled to be unveiled this summer.

'We are not chasing volume for the sake of volume. My objective is to launch the vehicle when it is ready'

"We are reviewing everything from investment but also to terms of product and engineering," Napoli said.

"We are not chasing volume for the sake of volume ... My objective is to launch the vehicle when it is ready."

There is Lucid bill as much as 17 per cent into date, on July 18 following a report in an electric vehicle news site that constitutes at AIA Partners were advising the company on whether it should life for bankruptcy or be taken

private. Lucid denied the report, helping down poor their decline, but disobeyed that he had had a little more work help with Napoli's revival plan as it struggles to cash in EV business despite having strong software technology.

Napoli said the company's financial difficulties might have created an environment for the "abroad moment."

He added: "Our job is to make sure that we steer away from these choppy waters into a situation where these customers would not even need to be denied."

For the April to June quarter, the company's net loss widened to $1.3bn from a loss of $739mn a year earlier while its free cash flow was negative. In 2016, Lucid said it ended the three-month period with $1bn in liquidity, which, along with recently secured funding from Uber, would be enough to last "self-train 2027."

During the quarter, Lucid delivered more vehicles, up 19 per cent year on year. Despite effective car production, it still built 825 vehicles more than its sold.

In US rivals, Rinton and Tesla, delivered 12,194 and 4952 2025 vehicles, respectively, over the same period.

---

12

•

FINANCIAL TIMES

Friday 7 August 2026

COMPANIES & MARKETS

Pushback against Fed chair Warsh is unwarranted

Mohamed El-Erian

Markets Insight

magazine that, as a result of an activist-involved campaign, was unstably installed as the chief executive of a company that has missed its targets for five straight years and experienced a number of embarrassing operational lapses.

In imagine that, much like El-Firino Mianz, the first businessman he had a country that has been held back by a lack of vision and sluggish decision-making.

That is the equivalent of what has happened in the North, the new chair of the US Federal Reserve, judging from its initial actions, he is committed to turning around the institution.

If he succeeds, he could also spur an evolution in the practice of modern control banking globally. If he fails, there is more at risk than just the institutional integrity of the Fed.

She has to change in the need for ongoing regime change at the Fed are clear, albeit uncomfortable for the world's most powerful control bank.

Under its previous leadership, the Fed missed its inflation target some 50 consecutive months, communicated in a manner that was both confused and confusing, dipped in the supervision of certain regional banks, had internal compliance lapses and committed numerous forecasting errors.

Yet, in the face of all this, there was remarkably little enthusiasm for internal reform. This complaisance was laid bare by the 2025 "framework review", a process undertaken every five years.

That iteration, much like the 2020 review, raised concerns about being too narrow and overly backward looking.

Enter Warsh, set on changing this trajectory, his immediately established free task forces with an array of eminent

figures with diverse viewpoints to come up with fresh thinking on the Fed's major areas of operational diggings.

Warsh suspended the chair's forward guidance on policy and refused to submit individual projections to the "flat plot" of economic projections by members in the Federal Open Market Case system, tightly arguing that they offer a false sense of precision.

And he is reportedly considering altering the format and frequency of the eight annual policy setting meetings to lower more rigorous debate and better decision making.

Despite the glaring need for reform,

The markets' misreading of him reflects behavioural inertia and a weakness for spurious accuracy

Warsh has received a heavy exception: Some have argued that his performance so far has undermined the Fed's credibility in a manner that has unnecessarily boosted the country's borrowing costs.

Others complain that Warsh has not been transparent, a critique that baffles me given the extent to which he has publicly outlined his analytical framework, his views on how policy should react to economic conditions and his belief in the privacy rule of interest rates in tackling inflation.

As a reading of his speeches, congressional testimony and confirmation hearings shows, Warsh has an unwavering commitment to the Fed's mandate.

The markets' misreading of Warsh likely reflects two dynamics. First, the

powerful force of behavioural inertia makes sudden change unsettling. This is especially true when what is being left behind is a comforting, hand-holding control banking regime.

Some in the market are naturally belling in the removal of their "training schools" forward guidance, particularly suppressed market volatility and dissolved investors of some of the need to price-risk independently.

Second, there is a deep-seated market preference for reductions in and what, in the current State economy, and from risk-sweeteners, can only be called spurious accuracy. Wall Street prefers the false precision of a deterministic dot plot over the many current reality of a broad range of potential outcomes.

It will take time to review. The transition is likely to be seen in the two most spring macro themes – volatility and dispersion. However, the faster market participants adjust their thinking, the better the prospects for Warsh's much-sonderful future in this case.

Should the markets stably "light the Fed", the risk of financial instability that has been building for some time would intensify. These range from the threat of structurally higher bond yields to currency imbalances and optically deforquing events.

Ultimately, the era of control banks as indiscriminate shock absorbers and perpetual providers of forward guidance is inconsistent with today's government realities. Success in this magazine requires abandoning the misleading content of the displaybook.

Mohamed El-Erian is the firm of Kerr- professor of practice at Wharton School, chief economic adviser at Albany and chief of Forestry Parish Management

The day in the markets

What you need to know

• Global government bonds allow on fears over practicalities of Midwest deal in Crude oil prices; too again after recent significant falls on hopes of agreement • Equity indices mixed with gains in Europe but Wall Street edging lower

Global government bonds remained uncertain: an on prices rose amid uncertainty over the stretch of a much-anticipated deal between Iran and Oman to escape the final of Harmuz.

Yields on 10-year US Treasuries and US gifts of the same markets were both up 3 bans points to 4.67 per cent and 6.96 per cent, respectively, as investors said the debt. Ten-year German yields rose 5.6 to 5.0 per cent.

The shift higher in government borrowing costs came as concerns rose over the practicalities of the prospective agreement and after the Iranian-backed Hauchi's attached "Saudi-Brahmanites" in Yemen.

Under the Tehran's foreign relations said it had reached an agreement with Hauchi on the co-evaluation of a trade for shipping through the strait and that a joint statement on a provisional agreement was "in the final stages."

However, more deputy foreign minister said that the "data not made the full respecting of the Strait of Harmuz".

Short study, the global benchmark, jumped 10 per cent to $82.42 per barrel, having tumbled around 5 per cent earlier in the week on August 30. A agreement to allow assets through the strait

The data were taken photo of false claims throughout this conflict and, while the details becoming more concrete,

Oil prices rise on concerns over prospective strait reopening Short crude oil (5 per barrel)

attention is now shifting from whether an agreement can be reached to what the final arrangements will look like" and, on Real, global head of macro research at Deutsche Bank.

What? From Intermediates, the US oil market. Untitled 3.2 per cent to $7.00 per barrel.

Elsewhere, markets were relatively modest with global markets mixed ahead of US jobs take today.

Wall Street's blue-chip S&P 500 index fell 0.2 per cent while the both heavy. Nasdaq 500 was 0.3 per cent lower by early afternoon heating in New York.

Across the Atlantic, the pan-regional Dava Europe 500 index rose 0.2 per cent while Lankato FTSE 500 fell 0.2 per cent

The dollar exhausted from recent losses, giving 0.1 per cent against a laxator of international currencies. Final fallen earlier in the week after joint US-Japanese efforts to boost the yen.

This was weakened 0.3 per cent to $19.00 against the dollar while the pound was down 0.1 per cent to $1.50 in.

Gold remained 0.6 per cent to $4.20 per troy, out of the 4 sharp vills on Wednesday while silver slipped 10 per to $6.07 per troy out of the Roman Hodgson

Markets update

	US	Eurozone	Japan	UK	China	Brazil
Shares	S&P 500	Eurofour 300	Wales 25	FTSE 500	Shanghai Centra	Average
Level	FTSE 500	20.0995	4.6482.05	1.0861.69	1.0000.35	1.0000.33
% change on day	-0.15	0.54	-0.95	-0.19	0.57	-0.96
Currency	$ index (CNY)	$ per t	Yen per S	$ per t	Yen per S	Real per S
Level	MWT	1.92	1.82.10	1.54.7	6.75	6.99
% change on day	0.29	0.56	0.647	0.196	-0.01	-0.490
Stock Growth	10-Year Treasury	1-year World	10-year AOK	10-Year GIB	10-year World	10-year World
Yield	4.67	3.12	2.77	4.93	1.12	14.57
Base gains margin at day	0.03	0.02	-0.03	0.06	0.00	0.19
Market/Commodity	FTSE All-World	Oil - Brent	Oil - WTI	Gold	Silver	Market (LPM, 50)
Level	DAX 25	35.79	77.06	6.64.74	10.23	17.95.03
% change on day	0.29	0.02	2.42	0.42	1.50	3.64

Main equity markets

Biggest movers

	US	Eurozone	UK
Marketable sales	1.00	Eurozone	1.00
Marketable growth	0.02	Eurozone	0.02
Marketable revenue	0.05	Eurozone	0.05
Net sales	0.04	Eurozone	0.04
Net sales	0.04	Eurozone	0.04
Marketable market share	0.04	Eurozone	0.04
Marketable market share	0.04	Eurozone	0.04
Marketable market share	0.04	Eurozone	0.04
Marketable market share	0.04	Eurozone	0.04
Marketable market share	0.04	Eurozone	0.04
Marketable market share	0.04	Eurozone	0.04

IT LOCATIONS

INVESTMENTS IN THE EASTERN MEDITERRANEAN: Allocating global capital beyond core European markets

Exploring Cyprus as a hub for fund management in a fragmented landscape

December 1, 2026 | In-Person Morning Briefing | Convene, New York

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Key discussion points include:

• Why are investors looking beyond Euroon's core markets?

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• Which barriers are driving FDI into Cyprus?

Scan the QR code below to visit the website, view the full agenda and apply to attend this exclusive event.

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Equities

Insurance and bank stocks retreat amid fears of China tax crackdown

ABUAR RAIL, ALUM AND QATAR ISLANDS WORLDING

Shares of insurance and banks tantalled in thong Kong to another amid fears of a tax crackdown on insurance products, self-translated Chinese assets.

AIA led the decision, sliding almost 4 per cent, while Prudential's Hong Kong stock share dropped 4.6 per cent after ending 6.4 per cent lower in last due a day earlier.

FWD, a local insurer, and Canada's Manulife fell 1.6 per cent and 2.2 per cent, respectively. HSBC closed down 1.2 per cent.

The decision followed a report by Chinese financial news outlet Catsin on Wednesday that local tax authorities in Beijing and Hangzhou had applied a 20 per cent income tax rate on dividend and interest from offshore insurance policies.

The policies, some of the biggest cash cows for companies in the territory, are sold in Hong Kong and in many cases resemble long-term investment

products. They are a popular method of moving wealth outside mainland China, while maintains strict capital controls.

Previously, it had been unclear whether Chinese authorities owned tax returns from such products.

"More clarity around tax collection is probably what's driving this, rather than preventing capital movement that

'More clarity around tax collection is probably what is driving this, rather than preventing capital [flows]'

follows the formal channels," said a Hong Kong insurance industry leader.

Still, the move by tax authorities has caused considerable conflict between, which derive considerable revenues from selling policies or sustained Chinese assets.

One person at a multinational insurer in Hong Kong told the FTSE was holding an "emergency meeting" yesterday.

China has moved more broadly to regulate outbound investment flows and slow lengthless cash by wealthy individual to redefine overseas assets from tax liabilities.

Last month, authorities introduced sweeping tax rules for assets transferred into offshore trusts – applying a 20 per cent rate at multiple stages, according to a joint statement from China's finance ministry and national authorities.

The Catsin report provided an example of how authorities might tax insurance returns, said the personal the multinational insurer.

The FT reported an Wednesday that Beijing had launched a global basis for hundreds of millions of dollars in original taxes going back decades, focusing on overseas investments by wealthy Chinese people.

Hong Kong insurers reported a record 1620m in the business from 20s insurance policies last year. HSBC, including its subsidiary Hong Kong, is the market leader.

---

Friday, 7 August 2024

•

KIN SAGIAD, TIRADA

13

MARKET DATA

WORLD MARKETS AT A GLANCE

FTCON/HANKETSDATA

Change during previous day's trading (t)

STOCKHOLM MARKET DATA

STOCKHOLM	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029		2030		2031		2032		2033		2034		2035		2036		2037		2038		2039		2040		2041		2042		2043		2044		2045		2046		2047		2048		2049		2050		2051		2052		2053		2054		2055		2056		2057		2058		2059		2060		2061		2062		2063		2064		2065		2066		2067		2068		2069		2070		2071		2072		2073		2074		2075		2076		2077		2078		2079		2080		2081		2082		2083		2084		2085		2086		2087		2088		2089		2090		2091		2092		2093		2094		2095		2096		2097		2098		2099		2100		2101		2102		2103		2104		2105		2106		2107		2108		2109		2110		2111		2112		2113		2114		2115		2116		2117		2118		2119		2120		2121		2122		2123		2124		2125		2126		2127		2128		2129		2130		2131		2132		2133		2134		2135		2136		2137		2138		2139		2140		2141		2142		2143		2144		2145		2146		2147		2148		2149		2150		2151		2152		2153		2154		2155		2156		2157		2158		2159		2160		2161		2162		2163		2164		2165		2166		2167		2168		2169		2170		2171		2172		2173		2174		2175		2176		2177		2178		2179		2180		2181		2182		2183		2184		2185		2186		2187		2188		2189		2190		2191		2192		2193		2194		2195		2196		2197		2198		2199		2200		2201		2202		2203		2204		2205		2206		2207		2208		2209		2210		2211		2212		2213		2214		2215		2216		2217		2218		2219		2220		2221		2222		2223		2224		2225		2226		2227		2228		2229		2230		2231		2232		2233		2234		2235		2236		2237		2238		2239		2240		2241		2242		2243		2244		2245		2246		2247		2248		2249		2250		2251		2252		2253		2254		2255		2256		2257		2258		2259		2260		2261		2262		2263		2264		2265		2266		2267		2268		2269		2270		2271		2272		2273		2274		2275		2276		2277		2278		2279		2280		2281		2282		2283		2284		2285		2286		2287		2288		2289		2290		2291		2292		2293		2294		2295		2296		2297		2298		2299		2300		2301		2302		2303		2304		2305		2306		2307		2308		2309		2310		2311		2312		2313		2314		2315		2316		2317		2318		2319		2320		2321		2322		2323		2324		2325		2326		2327		2328		2329		2330		2331		2332		2333		2334		2335		2336		2337		2338		2339		2340		2341		2342		2343		2344		2345		2346		2347		2348		2349		2350		2351		2352		2353		2354		2355		2356		2357		2358		2359		2360		2361		2362		2363		2364		2365		2366		2367		2368		2369		2370		2371		2372		2373		2374		2375		2376		2377		2378		2379		2380		2381		2382		2383		2384		2385		2386		2387		2388		2389		2390		2391		2392		2393		2394		2395		2396		2397		2398		2399		2400		2401		2402		2403		2404		2405		2406		2407		2408		2409		2410		2411		2412		2413		2414		2415		2416		2417		2418		2419		2420		2421		2422		2423		2424		2425		2426		2427		2428		2429		2430		2431		2432		2433		2434		2435		2436		2437		2438		2439		2440		2441		2442		2443		2444		2445		2446		2447		2448		2449		2450		2451		2452		2453		2454		2455		2456		2457		2458		2459		2460		2461		2462		2463		2464		2465		2466		2467		2468		2469		2470		2471		2472		2473		2474		2475		2476		2477		2478		2479		2480		2481		2482		2483		2484		2485		2486		2487		2488		2489		2490		2491		2492		2493		2494		2495		2496		2497		2498		2499		2500		2501		2502		2503		2504		2505		2506		2507		2508		2509		2510		2511		2512		2513		2514		2515		2516		2517		2518		2519		2520		2521		2522		2523		2524		2525		2526		2527		2528		2529		2530		2531		2532		2533		2534		2535		2536		2537		2538		2539		2540		2541		2542		2543		2544		2545		2546		2547		2548		2549		2550		2551		2552		2553		2554		2555		2556		2557		2558		2559		2560		2561		2562		2563		2564		2565		2566		2567		2568		2569		2570		2571		2572		2573		2574		2575		2576		2577		2578		2579		2580		2581		2582		2583		2584		2585		2586		2587		2588		2589		2590		2591		2592		2593		2594		2595		2596		2597		2598		2599		2600		2601		2602		2603		2604		2605		2606		2607		2608		2609		2610		2611		2612		2613		2614		2615		2616		2617		2618		2619		2620		2621		2622		2623		2624		2625		2626		2627		2628		2629		2630		2631		2632		2633		2634		2635		2636		2637		2638		2639		2640		2641		2642		2643		2644		2645		2646		2647		2648		2649		2650		2651		2652		2653		2654		2655		2656		2657		2658		2659		2660		2661		2662		2663		2664		2665		2666		2667		2668		2669		2670		2671		2672		2673		2674		2675		2676		2677		2678		2679		2680		2681		2682		2683		2684		2685		2686		2687		2688		2689		2690		2691		2692		2693		2694		2695		2696		2697		2698		2699		2700		2701		2702		2703		2704		2705		2706		2707		2708		2709		2710		2711		2712		2713		2714		2715		2716		2717		2718		2719		2720		2721		2722		2723		2724		2725		2726		2727		2728		2729		2730		2731		2732		2733		2734		2735		2736		2737		2738		2739		2740		2741		2742		2743		2744		2745		2746		2747		2748		2749		2750		2751		2752		2753		2754		2755		2756		2757		2758		2759		2760		2761		2762		2763		2764		2765		2766		2767		2768		2769		2770		2771		2772		2773		2774		2775		2776		2777		2778		2779		2780		2781		2782		2783		2784		2785		2786		2787		2788		2789		2790		2791		2792		2793		2794		2795		2796		2797		2798		2799		2800		2801		2802		2803		2804		2805		2806		2807		2808		2809		2810		2811		2812		2813		2814		2815		2816		2817		2818		2819		2820		2821		2822		2823		2824		2825		2826		2827		2828		2829		2830		2831		2832		2833		2834		2835		2836		2837		2838		2839		2840		2841		2842		2843		2844		2845		2846		2847		2848		2849		2850		2851		2852		2853		2854		2855		2856		2857		2858		2859		2860		2861		2862		2863		2864		2865		2866		2867		2868		2869		2870		2871		2872		2873		2874		2875		2876		2877		2878		2879		2880		2881		2882		2883		2884		2885		2886		2887		2888		2889		2890		2891		2892		2893		2894		2895		2896		2897		2898		2899		2900		2901		2902		2903		2904		2905		2906		2907		2908		2909		2910		2911		2912		2913		2914		2915		2916		2917		2918		2919		2920		2921		2922		2923		2924		2925		2926		2927		2928		2929		2930		2931		2932		2933		2934		2935		2936		2937		2938		2939		2940		2941		2942		2943		2944		2945		2946		2947		2948		2949		2950		2951		2952		2953		2954		2955		2956		2957		2958		2959		2960		2961		2962		2963		2964		2965		2966		2967		2968		2969		2970		2971		2972		2973		2974		2975		2976		2977		2978		2979		2980		2981		2982		2983		2984		2985		2986		2987		2988		2989		2990		2991		2992		2993		2994		2995		2996		2997		2998		2999		3000

STOCKHOLM MARKET DATA

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74

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FINANCIAL TIMES

Friday 7 August 2024

MARKET DATA

BY GLOBAL SOA, THE WORKING LARGEST COMPANIES

Year	2014			2015			2016			2017			2018			2019			2020			2021			2022			2023			2024			2025			2026			2027			2028			2029			2030
	Year	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD
Bankers	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0
Bankers	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000
Bankers	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0
Bankers	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000
Bankers	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000	0.0	0.0	1,000

FINANCIAL TIMES

Energy Source

Profit, Power, Politics

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

2014年1月1日

Source: https://www.industrydocuments.ucsf.edu/docs/ksnf0269

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Friday, 7 August 2020

•

FINANCIAL TIMES

15

FINANCIAL TIMES SHARE SERVICE

Main Market

	Price	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	5th Qtr	6th Qtr
Total Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Operating Income	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Net Income	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Net Income	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

Revenue	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	5th Qtr	6th Qtr	7th Qtr
Total Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

Revenue	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	5th Qtr
Total Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

Revenue	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	5th Qtr
Total Revenue	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00

	Price	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	5th Qtr
Total Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

Revenue	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	5th Qtr
Total Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

Revenue	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	5th Qtr
Total Revenue	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00
Net Revenue	1,000.00	1,000.00	1,000.00	1,000.00

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10

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FINANCIAL STARS

Friday 7 August 2024

MANAGED FUNDS SERVICE

Advertising Features

	2014 - 2018				Weightings				Top 10 Holdings
	2014	2018	Consensus Performance	Food	FCB	Other	2014	2018	Consensus Performance	Food	FCB	Other
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Total Revenue	$ 1,000
Total Revenue	$ 1,000
Total Revenue	$ 1,000
Total Revenue	$ 1,000
Total Revenue	$ 1,000
Total Revenue	$ 1,000

Qaebis INVESTMENTS

Algebra Investments

Registered
Algebra Cover Rate 1 EUR	0	0.0%	0.0%	0.0%
Algebra Cover Rate 2 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Credit 1 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Credit 2 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Credit 3 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Credit 4 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Credit 5 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Equity 6 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Equity 7 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Equity 8 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Equity 9 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Equity 10 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Equity 11 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Equity 12 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Equity 13 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Equity 14 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Equity 15 EUR	0	2.0%	0.0%	0.0%
Algebra Financial Equity 16 EUR	0	2.0%	0.0%	0.0%

(IRL)

Brown Advisory Funds PLC

2014 Annual Report for the 2014-2018 period

RMB Management

Global Index Fund (GIF)	2	23.27	0.00	0.00	7.37	11.94
Global Index Fund (GIF)	2	16.47	0.00	0.00	6.17	8.87
Global Investment Fund (GIF)	2	9.14	0.00	0.00	5.00	6.00
Global Investment Fund (GIF)	2	14.95	0.00	0.00	5.00	6.00
Global Investment Fund (GIF)	2	17.50	0.00	0.00	6.75	11.75
All Funded Funds Fund (GF)	2	42.80	0.00	0.00	12.53	18.58
All Funded Funds Fund (GF)	2	25.25	0.00	0.00	7.17	11.83
All Funded Funds Fund (GF)	2	25.95	0.00	0.00	14.03	17.98
All Funded Funds Fund (GF)	2	40.25	0.00	0.00	5.00	6.53
All Funded Funds Fund (GF)	2	25.50	0.00	0.00	7.50	11.50
All Funded Funds Fund (GF)	2	16.38	0.00	0.00	5.00	6.00

(IRL)

CG Asset Management Limited

12.4% (Total) Limited 12.4% (IRL)

Serving: Co. (US) 1997-2000 No. (US) 545-2000

RMB Management

CG Portfolio Fund PLC

Equity at Report 94/14	2	144.33	0.0%	2.87	0.25	2.20
Capital Sharing Portfolio (GBP)	2	2000.0	0.0%	1.00	0.19	2.40
Capital Sharing Portfolio (GBP)	2	50.00	0.0%	1.00	0.19	2.40
Debt of Credit (USD)	2	102.77	0.0%	2.87	0.27	2.40
Debt of Credit (USD)	2	44.34	0.0%	1.00	0.19	2.40
Asset Report (Co) A/c	2	100.00	0.0%	1.00	0.00	2.40
All Other Under Bond A/c	2	100.0	0.0%	1.00	0.00	2.40

Chartered Asset Management Pro Ltd

Other International Funds

Credit (CIF)	2	1,000.0	0.0%	1,000.0	0.0%	1,000.0	0.0%	1,000.0	0.0%
Credit (USD)	2	1,000.0	0.0%	1,000.0	0.0%	1,000.0	0.0%	1,000.0	0.0%
Total (CIF)	2	1,000.0	0.0%	1,000.0	0.0%	1,000.0	0.0%	1,000.0	0.0%

C

CP Global

Asset Management

Brewers Feed Managers Ltd (TDRF)

17.5% (Areal) Total (Areal) 2014-1-1 (Areal) (IRL)

Authorised for Funds

Brewers Corporate Board A/c	0	0.0%	0.0%	0.0%	0.0%	0.0%
Brewers Global Finance A/c	2	2.0%	0.0%	0.0%	0.0%	0.0%
Brewers High Income (12 m)	0	0.0%	0.0%	0.0%	0.0%	0.0%
Brewers Income (12 m)	2	2.0%	0.0%	0.0%	0.0%	0.0%
Brewers Minority Rate A/c	0	0.0%	0.0%	0.0%	0.0%	0.0%
Brewers Share All Share Bond	0	0.0%	0.0%	0.0%	0.0%	0.0%
Brewers Investment Fund A/c	0	0.0%	0.0%	0.0%	0.0%	0.0%
Brewers Investment Fund (GIF) (Areal) A/c	0	0.0%	0.0%	0.0%	0.0%	0.0%
Brewers Investment Fund (GIF) (Areal) A/c	0	0.0%	0.0%	0.0%	0.0%	0.0%
Brewers Investment Fund (GIF) (Areal) A/c	0	0.0%	0.0%	0.0%	0.0%	0.0%
Brewers Investment Fund (GIF) (Areal) A/c	0	0.0%	0.0%	0.0%	0.0%	0.0%
Brewers Investment Fund (GIF) (Areal) A/c	0	0.0%	0.0%	0.0%	0.0%	0.0%

(UK)

Comaccord International Feed Managers Limited

10.5% (Areal) Total (Areal) 2014-1-1 (Areal) (IRL)

Comaccord World International Main Strategy Funds Limited

Biomed Strategy	1	1.00	0.00	0.00	12.67	11.75
Biomed Strategy	1	1.10	0.00	0.00	9.12	9.12
Common Biomed Strategy	1	1.00	0.00	0.00	9.00	9.00
Common Biomed Strategy	1	1.00	0.00	0.00	7.00	7.00
Investi Strategy	1	2.00	0.00	0.00	1.00	1.00
Investi Strategy A	1	1.00	0.00	0.00	11.16	11.80
High Investi Strategy A	1	1.00	0.00	0.00	10.00	10.00
High Investi Strategy A	1	1.00	0.00	0.00	10.00	10.00
High Investi Strategy A	1	1.00	0.00	0.00	10.00	10.00
High Investi Strategy A	1	1.00	0.00	0.00	10.00	10.00
High Investi Strategy A	1	1.00	0.00	0.00	10.00	10.00

Scoring Only: Initial Strategy 90 for 0 classes at top 5 (1% to other classes)

CP Global Asset Management Pro Ltd

International Market Funds

CP Main Strategy Fund	2	100.0	0.0%	0.0%	0.0%	0.0%

CP Capital Asset Management Limited

International Fund (International Market)

International Market Funds

CP Fund Purpose Fund	2	123.00	0.0%	0.0%	0.0%	0.0%
CP Group Output Fund	2	200.47	0.0%	0.0%	0.0%	0.0%
CP Portfolio Fund Fund	2	110.75	0.0%	0.0%	0.0%	0.0%

Dodge & Cox®

Worldwide Funds

Dodge & Cox Worldwide Funds

20.5% (Areal) (Areal) (IRL)

International Investment Fund (International Market)

International Market Funds

Dodge & Cox Worldwide Funds Emerging Markets Stock Fund

Emerging Markets Stock Fund (USD) A/c	0	19.71	0.0%	0.0%	17.98	15.25
Emerging Markets Stock Fund (USD) A/c	0	10.52	0.0%	0.0%	10.67	11.99
Emerging Markets Stock Fund (USD) A/c	0	12.38	0.0%	0.0%	12.38	13.37
Emerging Markets Stock Fund (USD) A/c	0	12.38	0.0%	0.0%	12.38	13.37
Emerging Markets Stock Fund (USD) A/c	0	12.38	0.0%	0.0%	12.38	13.37
Dodge & Cox Worldwide Funds Global Stock Funds
USD (International) Share	0	10.18	0.0%	0.0%	2.01	4.21
USD (International) Share	0	12.32	0.0%	0.0%	6.18	8.82
USD (International) Share	0	11.32	0.0%	0.0%	4.27	6.46
USD (International) Share	0	7.50	0.0%	0.0%	1.00	1.00
USD (International) Share	0	11.48	0.0%	0.0%	1.00	1.00
USD (International) Share	0	11.48	0.0%	0.0%	1.00	1.00

Dodge & Cox Worldwide Funds Global Stock Funds

USD (International) Share Class	0	58.34	0.0%	0.0%	0.00	45.56
USD (International) Share Class	0	61.46	0.0%	0.0%	0.00	45.16
USD (International) Share Class	0	58.50	0.0%	0.0%	0.00	51.75
USD (International) Share Class	0	56.46	0.0%	0.0%	0.00	51.13
USD (International) Share Class	0	57.02	0.0%	0.0%	0.00	51.02
USD (International) Share	0	59.98	0.0%	0.0%	0.00	51.06
USD (International) Share	0	60.36	0.0%	0.0%	0.00	51.06

Dodge & Cox Worldwide Funds 3D Stock Fund

USD (International) Share Class	0	51.22	0.0%	0.0%	0.00	45.16
USD (International) Share Class	0	70.69	0.0%	0.0%	0.00	51.16
USD (International) Share Class	0	61.72	0.0%	0.0%	0.00	51.06
USD (International) Share Class	0	68.02	0.0%	0.0%	0.00	51.06
USD (International) Share Class	0	23.19	0.0%	0.0%	0.00	15.36
USD (International) Share	0	22.46	0.0%	0.0%	0.00	15.37

DABAGON CAPITAL

RMB Capital

10.5% (Areal) Total (Areal) 2014-1-1 (IRL)

Global Market Net Markets

RMB (GIF)	0	0.0%	0.0%	0.0%	0.0%	0.0%
RMB (GIF) (Areal)	0	0.0%	0.0%	0.0%	0.0%	0.0%
RMB (GIF) (Areal) (Global) Equity	0	0.0%	0.0%	0.0%	0.0%	0.0%
RMB (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) (Areal) (GIF) Ribonics Slices Other International Funds	American Express	0	8,000.00	0.0%	0.0%	0.0%

(UK)

Blue Whole Investment Funds-CAF

FCA Management Interest (CIF)

Blue Whole Growth (CIF)	0	16.00	-0.0%	0.0%	0.0%	0.0%

Conscious Investment Group

Other International Funds

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FINANCIAL TIMES

17

MANAGED FUNDS SERVICE

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18

•

FINANCIAL TIMES

Friday 7 August 2026

FT Globetrotter

Roll out the barrel,

Virginia wine is actually very good

Some of the world's most exciting vineyards are waiting to be discovered less than two hours' drive from Washington DC

Joe Miller

Virginia's wines have remained a secret because, for a long time, there was little worth telling. Tough conditions in the foothills of the Blue Ridge Mountains proved too great a challenge for many (rater) members heard disease, while warm nights mean grapes burn through the scallity that makes great wines!

Enterprising producers that did crop up often housed on a well border local market, and bothering with wider distribution, instead testing on their barrels.

All of that is changing, though, and fast, Virginia's winemaking expertise is growing by the year, thanks to an influx of French, Californian and, increasingly, homogeneous talent.

State-sponsored semilogists are researching techniques to improve the quality of Virginia wines. Critics including the FT's own plans to eliminate have-brewed pranks on their producers, and global prices have followed.

Virginia's unpredictable summers also mean that no two vintages taste alike, making each year a fresh adventure for both geover and hater.

Linden Vineyards

To understand how Virginia's wine became this good, skip Huntsville and head for a 1,500K slope drove the haunted of Linden, where wandering (Winter) Jim Law chased an overgrown apple orchard in the 1960s and ultimately fulfilled the winemaking dreams of one of America's founding fathers.

Driving up to Law's estate, it's easy to see what motivated him. At the top of an unwavering gravel road, 20 acres of

secticabody arranged vines fan out around a window covered building of quiet elegance. Behind them, the countryside unfurls as great kids towards the Blue Ridge Mountains without another man made structure in sight.

As we examined some vines that had succumbed to an unreasonably late frost, Law told me he arrived in Virginia with next to no winemaking experience. This was long before the internet could connect him with other aspiring vinesmen, so he learnt his craft by trial and error.

With typical understatement, he said he struggled for years with a "lack of ancestral knowledge", trying dozens of varieties before hitting the jackpot soft, fast, flinty Charbonages that end in the best of the grounds, along with age-worthy Bordeaux blends.

Address: 5704 Harveth Corner Road, Linden. (sided starting and present available from Friday 7 August for parties if not in free people (aged 21+ only), reservations are recommended

Lost Mountain Vineyards

Driving through Lost Mountain's iron gates, you immediately see why Rutger de Vink, an ex-Marine and a former apprentice to Jim Law, wouldn't rest until he got his hands on this 85-acre sheep farm. In 2004, de Vink bought the property from a farmer whose children didn't want it and carved it into a winemaking paradise.

Student mounds strong with gently undulating vines stretch before you in a scene so unblemished, it looks almost AI-generated. Act arrived, an artist was sketching the landscape.

Lost Mountain is among the best of Virginia's vineyards

These bucolic surroundings belie the cornerstone of de Vink and his successors' endeavours: Lost Mountain is the Rollo-Royce of Virginia vineyards, now led by the state's first master of wine, Joshua Graines (another Jim Law apprentice), and owned since 2024 by the respected family behind Bordeaux's Oideaux Montrose — and its wines can go too to toe with the best of that region.

The vineyard produces the equivalent of a premier ora and second ora and its expertly balanced blends are fruit-forward on the nose and thrillingly smooth on the palate. They took me back to an age of more elegant and expressive Old World wines, ones that were buoyant enough to be ravenved on their own without needing the ballast of a steak dinner.

Address: 2320 Delaplane Grade Road, Delaplane. Tears and tastings are available by appointment from Thursday to Sunday for small groups of one to two people or private groups of up to six (21+ only)

Early Mountain Vineyards

This is the vineyard that pierced through my snobbery and made me an instant late of Virginia wine. (picked it expecting substandard photo in comparable surroundings. What I found was a 300-acre estate that could pass for use of Tuscany's grander operations, with vines unfurling in every direction, an inviting lodge, a sun-detached terrace and wines I wanted to take home in large quantities.

I later learnt that this was all a project of AOL co-founder Harry Case and his wife Jean, who bought the plot in 2010, determined to upgrade its output and put Virginia's wine on the map. Their wines were good enough to tringe old, unflatter Jim Reel, who left a glittering career in Napa to run the estate in 2024 — a move he likened to "leaving Holly wood to make an independent film." Their combined efforts are the bl929.

Early Mountain's range is broad, but not scattered. The sparkling whites are a joyous introduction crisp, apple-forward and faintly honeyed. The 2025 Petit Manning, made with a grape from the foothills of the Pyrenees (which Virginia winemakers sought out for its

disease resistant house charters), is a revolution. I was delighted by the 2025 Quaker Run Cabernet Franc (Old World is structure, restrained, with lingering hedonics) and the Intention, a Petit Manning and Sauvignon Blanc blend.

Ceremonely, Early Mountain also poses wines from neighbouring producers, making it a good place to get a broader taste of Virginia.

Address: 6209 Vulfmore Head Road, Hudson. (sided starting and point-of-the-cup, remove an available from Thursday to Monday (with extended dinner hours on Friday) reservations recommended

FT Globetrotter: The 1,500K marketer, Lower-fliding running, exercise classes, traveling great and much more.

Crimson Lane Vineyards

Crimson Lane called an Early Mountain for help with its first vintage and also seems to have learnt from them how to give guests an experience they will remember.

The estate was founded by local couple Tom Merritt and beamed forout and undoubtedly nearly Napa lovers with its manicured grounds, plush tasting rooms, resplendent views, swing seats for couples and wines that are simultaneously plucked and ambitious.

The Petit Manning is produced two ways — dress-wo and dry — the latter the inner interesting glass, to my tastes. The regular Charbonage somehow manages to be crisp and refreshing without much minerality, while a barrel-spot version, required off, not for the natural wine crowd, is oaky and golden and will delight anyone who takes their whiskey next. The Bordeaux blend, called Parral, is a confoundious sound phrase.

Address: 2020 Crimson Lane, Linden. (sided tours and tastings are available by appointment from Thursday to Sunday, for parties if up to 10 people (21+ only)

Walsh Family Wine

A great, relaxed entry point to Virginia wine, reachable in just under an hour from the capital. Nate Walsh, a quietly obsessive winemaker, founded the estate with his wife Sarah in 2016 after return to Oregon and New Zealand's Niago. Walsh's superintense tasting room, open all work, is fast and lively, with LPs, colorful murals and posters on the wall. The cheerful staff cater to the obsessive and curious novice alike: you can follow a guided tasting, or choose your own path through some 20 inch, whites and tents. Don't miss the Petit Manning, honored but never chaying, or the deswrapping feature.

On the Saturday 1>tutled, dogs and children were running between tables and pinna were coming out faster than corks could be pulled. A funk soundtrack played in the background and a range of merchandise beckoned — I bought a yellow "Mighty Fine Virginia Wine" cap. Locals had the right idea: gallery a group of friends and up till the next wk.

Address: 16033 Hillsboro Road, Pocollville. Self-guided tasting flights (for drop-ins) and guided tours and tastings (by appointment) are available daily

FT

LIVE

LATHAM® WATKINS

PRIVATE CAPITAL SUMMIT

Seeking returns in disrupted markets

6 October 2026

In-Person | The Biltmore, London

FTDueDiligence

250+

In-Person attendees

25+

Speakers & moderators

200+

Companies represented

73%

Attendees hold partner, founder or senior leadership roles

Apply to attend

live.ft.com/private-capital

Speakers include:

Arash Massoudi

Finance and markets editor, Financial Times

Julian Salisbury

Partner and Co-President, Sixth Street

Nic Humphries

Senior Partner, HG

John Redett

Co-President and Head of Global Private Equity Carlyle

Dipan Patel

Co-CEO, Permira

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Friday 7 August 2020

8

ENLINGER TIMES

19

FT BIG READ. EUROPE

Candidate countries hope for progress after years of inaction, but some officials in Brussels worry there is an unhealthy disconnect between pro-enlargement rhetoric and the reality.

By Henry Foy and Marton Dunai

Is the EU serious about new members?

For 13 years, the club of European Union nations has advertised no new members – and pressure is growing to open the gate again.

Yet despite its diagnostic project, a source of delicate security and purpose in the face of Donald Trump's provocations, Brussels is nonetheless watched by uncertainty over expansion.

As leaders of candidate countries demand faster progress in their membership, Nels, under pressure from impatient and restless voters, the EU's existing heads of government lost that the bloc's structure, and there own sceptical voters, are not able to handle fraudulence.

The signs had looked good. After the shock of Russia's invasion of Ukraine, enlargement came to be seen as a security policy as well as a political one. Progress accelerated following a merit-based decade, raising hopes of a new member to the next single of years.

Nominators, at the heart of the green, has finished more than half of the necessary reforms required to enter. All governments have begun shifting their formal entry regulations, and the Balkan nation has been allocated billions of euros in the draft of the bloc's next shared budget.

Ukraine and Moldova, both menaced by Moscow, have begun the formal entry requirement negotiations, and Albania has started ticking off from on its returns to desist. "We have a clear path towards the European Union," Albania's prime minister Ed Kancivalis the FT. "The country is in the best moment in many ways."

The geopolitical chaos "created a pressure moment to think seriously about what Europe is, and make a credible inveterate idea to aspiring members," says Ilie Duda, an analyst at the Institute for Human Sciences in Vienna.

In a bid to stress the EU's collective will to accept new members, the presidents of the European Commission and Coun d'Or have turned the EU's offer of peace, stability and opportunity as "unmatchable" Enlargement, said Duda: 'one for Loyes and Antisemitism' is a 'strongly choice'.

Yet would be untruths are beginning to wonder whether the EU's leaders are talking up in eight percent.

Brussels is making an unsigning changes to the economic process that would involve some gradual integration as countries progress. Venerally, it is a way to grow responsible, and build up trust. Since proposals are seen by some candidates as a path to a tiered membership system that could gain up the process even more.

Many candidate countries are already avoiding outgrowth or uncomfortable reforms because they don't trust Brussels' power. And, however, with Brussels' beration them for failing to pass necessary legislation.

Aside from Montenegro and Albania, other aspirants in the western Balkans have been in their interests, because of Herzegovina and Kosovo – have made little progress in recent years, and in some case gone backwards.

Some officials worry that there is an unhealthy disconnect between the pro-enlargement rhetoric from von der Loyes, Czeiza and EU national leaders and the reality, given that even Montenegro is still years away from actual membership.

Yet there is a growing sense that the EU leaders share that its sections about letting in new members. "It's new or new," says Duda. A failure to act would have a 'catastrophic impact, not only for jaundish countries, but for the EU too," the credibility of the EU will be bare internally and globally. That scenario must be avoided at all costs.

The so-called Big Sang expansion of 2008, when 10 new members including Duda and Hungary joined the EU, marked the bloc's shift from an toward looking women European core to a post-cold war future of eastern expansion.

Yet in the decade after Croatia's entry in 2015, membership decade – with the departure of the EU – other than given The European Commission's then-president Jean-Claude Juncker in 2014 declared Brussels would "take a break from enlargement" to digest the integration of its newest records.

That rhetoric changed with China's growth as a superpower, then Russia's invasion of Ukraine and the return to power of Donald Trump and his meta-cital attitude to Europe. EU countries realised the geopolitical importance of anchoring so-called pro-nom countries.

"If we can get Montenegro in, it's a tangible sign to everybody else that this will work, it would be a moment in time if that could happen"

under the shared blue-and-yellow-shared flag.

There has been tangible movement in that direction. To become an EU member, each country must align its laws with the bloc's standards across 33 major known as chapters, which are spread when reform negotiations for multi-region, and closed when they are judged to have been completed.

Since December 2018, candidate countries have together closed 26 chapters in their respective alignment processes. That compares with just four chapters closed in the preceding decade.

Montenegro is more than halfway through the EU chapters, Ukraine and Moldova opened their first chapters in June, and Albania began closing between chapters.

Martin Kos, the EU's enlargement commissioner, says adding new members used to be seen as an economic trade-off, with newcomers opening up their markets to existing members in exchange for development investment that rapidly expanded their GDP. Now, there's a prominent security and defense aspect.

Europe's security blanket has for generations been provided by Nels, but Trump's changeable attitude to the alliance has led many capitals to question the transatlantic defense pact. While he believes the EU's mutual defence clause is analogous to Nazis' Article 1, the bloc is promoting itself as an alternative structure to co-ordinate security policy. Candidate countries Albania, Montenegro, North Macedonia and Turkey are already from members.

"Enlargement isn't just for the candidates on all top of them ... today (it's) also a security policy. It is increasingly about how we European can work together in the new traditional the world we live in," Kos says.

Nowhere is that more of them than in Ukraine, when an additional one among Europe's largest, best armed and certainly most highly hardened, EU member states want Kyiv and to 'comitable military on their team, not ungully talking on the periphery.

But these benefits come with a colossal flip side. EU officials admit that the scale of concerns over corruption, judicial-independence and other landfares talifies values toward the country would not have been granted. A formal accession process is being developed.

That contradiction, and Kyiv's demand for a 'fast track' entry next year as part of a possible peace deal with Russia, has been of the most commonly think of the case. A new approach to enlargement might be necessary to meet the new political leaders.

"You can't bring a country of 40mm people that's at 10% on the global corruption but into the EU, it would make a one, but we'd be able to get out of it," says a senior EU diplomat. "But you also can't leave them (wisting in the wind, Every-

one can see that Ukraine will need something from us to make [a long wait for full membership] easier to swallow."

Yet people in the western Balkans, meanwhile, the story of enlargement is a symbol of frustration, resentment and oft-baited hopes – with a strong element of rivalry.

Brussels officials speak of deep annoyance at the lack of progress towards meeting long-established solutions necessary for membership, particularly in anti-corruption and anti-money handwring safeguards and public procurement rules. Their Balkan counterparts each have a long list of examples where Brussels did not keep up the red in the hospital.

In this, the region's central frontiers are for membership, one its bid staff due to concerns over the rule of law and its alignment with Russia – including Belgrade's refusal to adopt the EU sanctions against Moscow. Kosovo and Bosnia are not yet formal candidates. For EU states don't even recognise the former. Even Albania's progress over the past five years has been in the end states.

But politicians across the EU and the Balkans hope that Montenegro's momentum towards membership will make their what is possible.

Richard Martin, Ireland's prime minister, believes Montenegro can show all of its negotiations chapter by the end of the year, under the Irish rotating EU presidency, leaving only ratification by existing members.

"We think we can get them to a stage, move or less, of Europe, over to you now. Are we going to let Montenegro in or not?," Martin tells the FT. "It we could get Montenegro in, it's a tangible sign to everybody else that this will work ... it would be a moment in time if that could happen."

But the region's chance of deep-seated nationalisation and rivalry remains a concern in Brussels. An EU 'book of that can, though the Balkans would serve ethnic lines, hardwitting and potentially overstating divisions.'

"You cannot explain to any single person in Belgrade that Montenegro or Albania is ahead of us. We are would believe in that because people have the situation," he has revealed that, in the last 10 years, the country's majority share of the regions GDP, highest exports to the EU and best living statistics.

"We are the only relatively well for the individual country, with the biggest potential and capacities. We are the only

increasing geopolitical uncertainty has focused EU members on the importance of anchoring so-called pro-nom countries under the shard/blue and yellow-shared flag.

country that has the end ... important military capacities and African industry capacities," says Vučić. "Whether someone in Brussels might say different, it doesn't change the reality."

For all the hope and expectation in candidate countries, the underlying question remains: is the EU itself really for new members, regardless of whether new members are ready for the bloc?

"Ukraine's biggest impact on the enlargement debate, by far, is making it clear just how appropriate we are for new members," says the senior EU official. "We need an internal reform commitment, too."

As enlargement rhetoric has gained momentum, capitals have studied ways to potentially amend the entry process, as even the final outcome.

France and Germany have both circulated initial proposals that would offer a stupid, gradual integration model, with membership benefits extended to exchange for reform milestones, rather than the existing system of full membership when the entire process is finished.

"We need to evolve," says Kos. "We still are using the methodology which is, plus rotten, the same as it was 40 years back when Spain and Portugal joined the EU."

In light of the French and German proposals, which received broadly take warm responses from the end of the EU, Brussels is set to publish its core proposals on potential enlargement reform, including what EU commissioner Kos describes as a technical assessment of the impact of more members on the bloc's operations and policies, and proposals for gradual integration.

"Enlargement is currently advancing at a speed we have not seen in the last 15 years," she says. "This needs leadership, and it needs the building of more with all of us our member states."

In candidate countries, the attitude towards possible halfway frame membership is mixed. Kyiv has broadly rejected anything short of full membership, while Belgrade has signalled open-moscu the bloc.

"Give us open borders, give us [single] markets, we need nothing else. And consider it just that, we are ready to align with European politics, but we need to get something as well from Europe," says Vučić. "Not to be told OK, you have to fulfill everything and there we'll decide whether to give you something or not."

But inside the union, there are concerns that anything short of full membership for full legislative alignment could erode the core values of the bloc and its 'merit-based' degree for membership.

"On this argument between the merit-based approach or the more recently emerging ideas around association: We're going to be very focused on the need, hence, because I think it is an concrete reality at the moment," says Ireland's Martin, citing the lack of 'unanimity or consensus' on an alternative approach.

Some officials also fear that discussions over the process of enlargement could ultimately just delay the ongoing applications of a moment when momentum is the highest it has been for more than a decade.

"I don't think this is something that right now looks like a plausible, double idea," says Dimitris Korenos, visiting fellow at the German Marshall Fund in Berlin. The current process is 'actually doing what it's supposed to do on something the ones who do their homework', he adds. "Enlargement is not a gift. It is an exam."

Many inside and outside the EU see the remaining months of 2018 as the most critical moment for enlargement for a generation. If Montenegro can close its remaining chapters while the EU's existing members also agree on internal reforms to make a bigger union function smoothly, they say, a bigger audience geopolitically muscular union opposition.

But should Brussels be drugged into intersection disagreement over what enlargement should look like and result in, patience among those waiting, oxidative and severe ways and well ways.

That, says Martin, would only play into the hands of Europe's enemies. "The bottom line is if Europe isn't proactive in the western Balkans or in the neighbourhood, others will be," he says, "Others will recognize confidence."

Cartography by davondemar

"We need to evolve. We still are using the methodology which is, plus rotten, the same as it was 40 years back when Spain and Portugal joined"

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20

•

FINANCIAL TIMES

Friday 7 August 2020

The FT View

FINANCIAL TIMES

With a lot of interest in the FT View

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The shrinking space for democracy in Africa

Authorizations are gaining ground in an era of more human formal diplomacy

Nelson Chavina, a Zimbabwean opposition figure who has twice run for presidency, was currently in London to obtain up support for his domestic policy. The "democracy is not natural coffee," he said of the difficulty of measuring Zame P7, the ruling party that has misperceived Zimbabwe for much of the time since independence in 1996.

But Chavina and others must face the reality that prospects for democracy are shrinking across Africa. The continent reached a high water mark of capital, if imperfect, elections in the first decade of the century when western capting and popular pressure pushed ruling parties to rule democratic ground.

Since then, civic space has shrunk as the outside world sleeps its shoulders. Crops, which had all but disappeared,

have returned with a bang. There have been more than a dozen successful parties in the past decade.

Equality, many leaders have learnt to guess the ground, through countless formal and electoral manipulation and suppression of free speech. In Chavina's Zimbabwe, Ecommerce, Mueangama, who replaced Robert Bingabe as president in the United Nations in secure victory in all-out and 2012 elections, won be in having a dialogue chance. Parliament has amended the constitution to extend his mandate to 2030, raising taxes the 65-year-old could be president for life.

Zimbabwe has been an idealist case. In Tanzania, a country nearly associated with outright expression, security forces had to inform Allah I handout of young people protesting against an elderly child and families to which expression leaders were not able to be able to be infected. Tunda Linas who is being tried on telegraph spokesmen Buejan, in tough hearing Uganda, Sweet Maswood, 40 years in power, has shared one

democratic protestate field. When into redhead failed another, veteran opposition leader Kiran Bongjoe, Viality Ivan, Bongjoe, 70, collapsed in court last week.

"But only tens of years ago, the most countries once looked old to at least a end of democracy. Who had hedged us, they have lost leverage. The US, whose own democratic means are stranded, makes little portion of a profit from the same. In the democratic race, Republicans of Congo, where the US began to cut deals for critical minerals, President Nile Faisaledi has taken the best deal for an safety pack for an unconstricted third term. Now powers seeking resources and influence in Africa, from China to Gulf states and Russia, have little interest in democratic freedoms.

The only strong constituent for democracy is Africa's African themselves, but not for Africa's African people. The political group, when consistently high demand for democratic rule, is a 2016 poll, 66 per cent of respondents said they preferred democracy to any other

Many leaders have learnt to guess the

shrunk through constitutional and electoral manipulation and suppression of free speech

form of government; it did per cent of people not seen rule. Opposition to military rule was made in existence including Mali and the Kinai Case where it has been developed. Still, let per cent rejected rule by junta across the 70 countries surveyed.

Some argue democracy is unmatched over countries divided along ethnic groups, and point to authoritarian demands and chheaps, relative success stories. One could just actually mention the authoritarian catastrophes of Cameroon, Equatorial Guinea and Eritrea.

In the past, the major issues have performing occasional leave from more or less functioning democratic including Indonesia, Ghana, Ivory Coast, Kenya, Mauritius and Senegal. Even Nigeria and South Africa, hardly economic success stories, are better of her being in the world of democracy. Hope the faith that democracy is better than the alternative, hence like bengali and Linas have paid dearly for their conviction. They deserve our support.

Opinion Society

This retro reveal more than a longing for the past

Chine McDonald

had not expected the wave of men's descendants I felt as I had a Buppy dark last month.

It was an a prosocialism at Cambridge University Library by a course that from the Forum Nostalgia project, which - among other things - aims to create a central point for safeguarding Buppy dark knowledge. In a proposed around this retro piece of text, I felt the urge to hear again the click of the small rectangular button that opened the Buppy disks from my family's 1996s. A natural computer is familiar looking for game sound. It was the same feeling a experimental conflict in the summer at Israel with '92/09/06' - predominantly middle-aged - women of random life, disavowed long Taka That. For one the same was felt by those who attended Kuma. Researchers recent jaggered in the P12 tour, and will be felt by those

Younger generations seem to be nostalgic for a world they never experienced

who will see Brian Duran this autumn, in the platform of more that source for returning to stages just as nostalgia seems to be having a moment.

Since loaded upon a kind of 'sword disorder, the term 'sword' - defined as a sentimental longing for the past - was coined in 1604 by Johannes Wolfe, a Swiss medical student. It combines the Greek word 'sword-mess-towing', seems, with the word for pain, glue, fermented words, music have frayed to cinerous to watch. Christopher Nelson's screen adaptation of Nature's The Odoror (which carried Eilemma at the box office in its opening weekend) in which Odysseus makes the ultimate nostalgia journey, hoping to return to his home of Africa after the Trojan war. The many, nostalgia provides comfort. It takes us back to 'the good old days' - an associate with the business and happiness of our younger years. At what both like an increasingly fractured and542000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

of the analogue technology of their youth.

It is estimated that some 18,000 Brits own a vintage music player. Walkways, cassette players, tissue boys and 30sds are returning to homes. You can now even purchase a retro-style handset to which we are middle phase.

After decades of technology companies competing with word features in their devices, some are now competing to purchase their technology, with the 'doubt-based' movement gathering momentum. It would seem that as some Silicon Valley developers move towards a first-person future, keeping features with the technology they were once distinct from, because it is not possible, and would with their minimalist flightiness.

In our entire field people are fascinated with old things, but that is an age of infinite digital disabilities, one where the future feels deeply uncertain, people long for things they can engage with physical and which remind them of short-galking age.

What is particularly fascinating is that the analogue economy - driven by demand for printed books, retro music and cameras - is being followed by cars. 3. Younger generations seem to be nostalgic for a world they never experienced, a zero psychologists call someone. This is showing up online and offline, sometimes in surprising ways. Like the reported 16 per cent rise in 12 sales in the US in the first half of the year, despite the fact that almost half of each 6 years do not even own a 12 player. In 2015, there were more than 12,700 teenagers going along the leading mentality, 'rough numbers for 'the means' have doubled in the past 10 years. Social media platforms are full of posts backing back to childhood fashions. 17. It shows that many of the 12,700 teenagers are coming to the same age of 18 years, and the younger, a comforting revolution of a common, shared humanity. This is the power of communal nostalgia - one of the more positive trends on social media. What we are experiencing today is very 21st century kind of nostalgia. The longing is not really for floppy disks or Duran Duran. Rather, it is not something harder to name a slower relationship with time, with each other and with variation. Some are finding this in the steadiness of religion, which could regulate the regional increases in cosmetics in the Orthodox Church. An example. Then, then, has a desire to return to the past but a quiet need against dominant nature. Now, does the future.

Letters

EU carbon pricing rules need to cover all aviation emissions

An Extras Bryan sets out in the Warm Money newsletter: "What new EU rules must be the aviation industry".

Report, July 15: the EU has proposed an extension to have its carbon pricing scheme - the International Trading Scheme - includes emissions from aviation.

No longer will the scheme only apply to flights within Europe; it will now include flights to other continents.

However, the proposal sets intentionally with applies to flights to airports within 1,000 km of Frankfurt, avoiding confrontation with the US and China. Bryan refers to this detail as a

"clever compromise." But who, exactly, is this compromise determined to represent?

Is it the US, which is currently devising updated traffic for Europe, and that was decided to network climate negotiations at the International Maritime Organization? How about the incumbent aviation industry, which has for decades successfully lobbied to convince Brunei that it deserves special treatment, securing exemptions from the EU ETS to add to its apparent immunity from VAT on fuel and tickets?

This latest incident shows that agents can move beyond assessing users to taking a more wide world of consequences. For instance, this creates a clear evolving exposure that is nearly impossible to identify, model and price.

The biggest concern is that some of the risks of the air pollution in the conventional or other policies that were neither designed nor printed with autonomous AI in mind. Underwriters now need to understand the fact whether a policy is to be used, but the permission and authority that it has, the systems it can access and the controls in place when something goes wrong.

We have already started to see some major concern under change when it comes to cyber policies, including losses from autonomous AI behaviours, but the ones can be complying on the insurer. Businesses themselves need to design an agents responsible to ensure they only have access permissions and that their decision making is fully marketed.

On the back of this incident, insurers are going to face a lot of questions from existing customers about whether AI-related liabilities are excluded from their other policies. The current going to have to get their funds around how to price this new risk for the future.

But with no past data on which to stop pricing models, AI agents are further camping up the unpredictable of the world, creating chaos and creating a whole new headache for insurers.

Jason Moulate 2016 Financials Drive 20P

Douglas, July 6 Box

IS that just the number of men down who quit Britain

Since 2016, when the new '92/09/06' data suggests how of men down makes overboard, Buppy's July 15 is still prone to be quite erroneous as it's not the number who have left her whole ones. EV's the very high taxpayers it's a

BROY

"WE HAD THRU ENEMIES 'TRAV MOBILIZE'"

relatively small number who can make a big difference and the number will only draw up in the tax returns that's the end of January 2016.

The associated evidence from the professional community is very strong that this has been a significant consideration by both government and the Treasury, although if the loss to the exchange proves to be significant, it is unlikely anybody will be held responsible.

William Johnson London W12, UK

The Fools seigniorage in alternative attack

Ignazio Angeloni refers that 'tolerated deposit took more promising', than deliberates in 'Rudicottus in tolerated deposits' (The Jarr's act', Letters, July 16).

If a tolerated deposit can stay in circulation, making payments for an indefinitely large series of transactions, it has become the functional equivalent of paper currency issued by private banks. This was binned with a low tolerated private banks which accomplished by central banks - in the US run, by the Federal Reserve.

Perhaps to monopoly will be broken? - Rudicottus are also competitive with international brewery, especially competing with the Fools 5000 bills used around the world for informal civil

alleged payments. This fools banks with tolerated deposits and malonuts insurers become competitive in the fool.

The controversy is not beginning to be the most profitable activity of central banks, generating profits for the Fool of about 1000s a year at current interest rates. How much of this profit would be captured by private insurers in the Fools circulating currency through these competition?

Alex J Pollock Rome, Pelican Massachusetts, Ashurst, AL, US

Expect a hybrid world in capital markets in future

Is 'field from Europe to low blockchain' (The Big Road, August 1), your reporter follows expert rightly points on the regulatory concerns regarding an alternative capital markets in the economy. There is no doubt that current markets are inefficient in multiple ways. Some experts are often unable to capture the complete value of their investments because of the sheer number of interrelations involved.

For example, a large portion of the value generated by lending shares is captured by your broker. And yet, the US continues to attract capital from all corners of the globe. The US accounts for just a per cent of the world's population and 21 per cent of global debt that continues to clear in the past in the future. The US continues to our capital markets is started and must be guarded.

As the author highlights, some recent transatlantic efforts to avenge public transactions, the US, seeking significant want is another participant in our capital markets even more than 5% to big to half. Today, right neither that a portion the research pleadings for our markets are dependent by the Federal Reserve as systematically important financial market utilities (SENSA). These institutions face strict risk management requirements and heavy capital buffer mandates.

However, not all trying question remains unaddressed. Tolerating existing securities is not free. The decision therefore: unique, operational costs, such as computational power, private or gas fees and extensive congestion fees.

Who will lose this cost? Will the regulatory Trust & Chasing Corporation increase its fee structure to reflect those added expenses?

Furthermore, not all investors will want their securities tolerated. Will the company be a third pricing system? Not for traditional securities and another for tolerated customers.

With heavyweight like BNT, JPMorgan and CIO, we need the information that, like the company, guardrails for securities movement were inevitable. Some institutions will raise immediate access to cash or securities financing. Similarly, some retail customers will welcome 24/7 trading, however, a real position of the investment in the company can take, making them something to incur any additional costs. They may not want to go back to paying commissions as much to take. We are likely to operate the hybrid world for the foreseeable future.

Michael Raven/ Deputy Assistant Secretary, Capital Markets, US Treasury, Hoboken, NJ, US

Putting a value on Adidas' World Cup ad spend

Regarding French-Italian's piece 'Football Guy: Adidas' World Cup income led by World Cup spending. (Report, July 15). Adidas' World Cup spend, and its subsequent failure to hit the spurning profits the audition were expecting, undoubtedly spoiled investors.

But the rhetoric this country cannot be lack of a financial return on its marketing spend ultimately worldwide the entire purpose of a spend of this adieu.

The bill is clear as day, but its impact, and the associated returns, can't be expected to be known just a few short words following the conclusion of an event like the World Cup.

Putting a value on Adidas' World Cup ad spend

Big given you the barace to say what you don't like

Thank you, Jay Rayner, for the article is 47. "Boulevard 7, 6 square m,00000"

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

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Friday / August 2026

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FINANCIAL TIMES

21

Opinion

Congress should hold the line on chips

Cangelia Mentey Technology (CAET) gained strong and exciting, including the best trading in the Shanghai Stock Exchange has work, during as the most valuable listing in China. The company, founded only a decade ago, has very quickly become a major global supplier of mentey chips. It is a popular field for Chinese industrial policy, enjoying billions of dollars in retailers, with more than one third of equity held directly by the state. PC makers HP, boss, and Auer have begun to hold CAET mentey chips and again is qualifying them for devices sold in China while lobbying for permission to integrate them into its US supply chain. What is surprising in CAET's success in this particular sector: hemicellad

manufacturing equipment (IMS) is the core area where the industry discovers its have held the line against Chinese mercantile, prohibiting sale of foreign advanced technology for etching circuits on allows. Unfortunately, the future almost has been done in a large CAET from many of these restrictions. While the company is listed by the Pentagon as a Chinese military company, the consensus department never placed it on the "right" of sales prohibits access to ISM - especially under pressure from Japan, when ISM's infection stood to make a killing supplying its book.

CAET's extraordinary growth shows how quickly China can make it trends in the chip market. A different role is, and while searing demand that all the major mentey makers rearing at full capacity right now, the industry is a famously crafted one. PC/AET is allowed to create on its own, and its own components in the next downtown for a US company like: Micron Technology, currently investing hundreds of billions of dollars in expanding US-based capacity, could be catastrophic.

For all his tough talk, President Donald Trump agrees, and with its millions the situation. On the contrary, under pressure from China, he has repeatedly backed down. The commerce department has stopped adding Chinese companies to the Entity List and passed a plan under way to sweep to companies controlled by others already listed. Meanwhile, the administration has put

The export control regime, if broadened, could secure the country's long-term leadership in the AI race

the key American advantage in the AI race cycle, and the international permission for exports of increasingly advanced chip and packed Congress to drop a proposal that would at least have given US buyers a right of first refusal before the chips went to China.

Congress is pushing back, in a rare showdown between the White House and Congressional Republicans, the

forever is including three different pieces of guidance in the community: National Defense Authorization Act that would remedy some of the administrative's mis-steps. The March Act explains the company to compare, further, national, and national, to maintain an exporting advanced 1981 to China.

It also prohibits servicing of equipment already sold, degrading Chinese established capacity over time. Meanwhile, the AI Overwatch Act prohibits sales of advanced chip and supporting commerce department to ensure that foreign sales will not limit chip availability for domestic use. And the Chip Society Act takes steps to prevent chip storage.

Trump should support all three pieces of legislation. If he adopts a postwar similar to last year's, existing seven-page provisions dropped, Republican AI Congress must refuse to have willingness to chart their own current ideas for endeavours both the temperance and close sensitive nature of farm issues, and the absence of even a half-way persuasive defence of the White

House position. They should also go further.

SWE controls prevent China from making its own chips. Chip controls prevent China from buying chips. But right now, Chinese firms still have broad to raise access to the data system that dictate the chips, that Chinese made choice in the US frontier. Kimi Xi's was reportedly trained this way. It's an almost, hypersome world implicit in its legal regime and, yes, there's proposed legislation here too - the Remote Access Society. He has passed the House of Representatives by 9/8/25, but remains on the same issue.

The US can claim five votes in its industrial competition with China. The American success of the export control regime, where implemented, is a remarkable achievement that, if broadened, could secure long-term US leadership in the decade's most important tougher, and if it is a tragedy if policy makers instead choose to match defeat from the pace of its key.

The writer is an F1 contributing editor and chief economist at American Campus

Both Trump and young people in the US have warmed to China

During his meeting this May with Chinese leader Xi Jinping, US President Donald Trump cautioned that it would be "a good"

brand. "It's an interview in Japan, he called Xi," wrote under some "with 'great stature' and 'great confidence'."

The editor Xi policymaker would compare the results of the 1981 election. He faced it. America's most formidable competitor (shortly before Trump's interview was posted, the Senate approved immediate condemning Xi as "dictator" and charging him with 'dream, undermining, prospects for peace in the world' and the best-tasting crimes against humanity").

China is, however, an upscale to Trump's unorthodox by its cause publicist and a great deal of public insidency to recognize that a decision (PC Trump's New Jersey is unlikely, if not impossible). Trump also holds a narrow view of strategic competition - focused mainly on the size of China's trade surplus and its impact of historical processes - and the expansion can make such by many US lawmakers. The between- and under-bred diplomacy can overrule structural decisions to produce a fundamentally cooperative relationship.

Recent data indicates that Trump is more in step with public opinion than dictators on Capitol Hill might suggest. American will largely view China collaboratively, but a January 2026 Pew survey finds that the decision was all in an "enemy" has fallen from 45 per cent in March 2016 to 20 per cent.

More significant is a generalized gap

They are likelier to prioritize cost of living issues at home above great power competition abroad

that resources is idealized in Britain. Pro-Tank that can't have over all Republicans and 10 per cent of Democrats aged between 18-49 (and China are enemy) this respective figures for those 50 and older are 50 and 50 per cent: Remenade, according to a November 2025 Collegiate Research Institute (CRI) 27 per cent of 18-24 25-year-olds think that their lives would become "worse" were China's poor to overtake America's 52 per cent aged 61 and older do. And according to a March 2026 boardlight institute survey, 14 per cent of the more in 10-49 and less in 20-49 percent with China and improve US China with time," whereas just 20 per cent want to "stand up to China."

White China's emergence as a source of war has been identified by other Americans, their younger counterparts are more accustomed to to growing power and leadership in several business-logical categories. And because younger Americans are more perceived as a "right" than economic prospects than older ones, they are likely to prioritize cost of living issues at home above great power competition abroad.

Strikingly, according to a May 2026 American Campus survey, 45 per cent of that 2 respondents say the bilateral economic relationship has been "very good" or "more good than that" in the US over the past 25 years, and 40 per cent want to encourage Chinese investment.

Though many China expects to Washington think Beijing's increasing power to be a major source of economic growth, it is not necessary to be a "good" or "more good than that" in the US over the past 25 years, and 40 per cent want to encourage Chinese investment.

Badenoch is at

he worst and beg on net zero

In the 1980s, the United States was a major economic leader in the United States. The United States was a major economic leader in the United States. The United States was a major economic leader in the United States.

The United States was a major economic leader in the United States. The United States was a major economic leader in the United States.

The United States was a major economic leader in the United States.

White China's emergence as a source of war has been identified by other Americans, their younger counterparts are more accustomed to to growing power and leadership in several business-logical categories. And because younger Americans are more perceived as a "right" than economic prospects than older ones, they are likelier to prioritize cost of living issues at home above great power competition abroad.

The only major economic leader in the United States was a major economic leader in the United States.

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22

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FINANCIAL TIMES

Friday 7 August 2026

Lex.

Richard Waters

Google seeks sharper focus in AI

to keep edge after Hassabis move

BUSINESS INSIGHT

UK's incoming CEOs enjoy the 'new boss bounce'

From governance to Premier League football clubs, new bosses are forming a common in Britain. It's happening at companies too, it's shock of newly trained chief executives (asked with evolving FYSE 350 software—makers of drugs, enterprise and Johnson Walker whisky among them—are winning shareholder approval. Seven of the UK's top companies have already installed a new CEO this year, another five are on course to be in place by next May, in distiller Diageo, Sir Dave Levin has wanted little time on outlining restructuring plans. Yesterday he lobed targeted contracts at the maker of Gainsons by more than half to $10m over these years, costing his 7-9-ning team member and sending shares up to per cent.

Moving quickly is wise. Tenants of corporate chiefs are switching and the status are getting bigger, whipped up by a diverse shareholder and the potential threat of health problems. Honeymoon periods are not just short. McGrawn & Co.'s competitors, reckons they have been all but eliminated. Pressure is on incoming bosses to hit the ground running.

Still, lengthy under performance can give more fullscale Chiefs from took up the wins at beleaguered ad agency WPP last September and has since sought to cut costs while ploughing more investment into AI. Kremlin reported yesterday won hardly earlier, revenue continues to fall, but less markedly so in the latest quarter on the back of new client wins. The shares, down 60 per cent since the end of December, called 37 per cent.

Chief executive Chiefy Rose took over at WPP last September. (Lumbers)

Uniting costs and reallocating capital are among the first tools new bosses reach for when stopping into the C-ratio at an alltag company. These in more nuanced circumstances call for a different prescription.

Designation CEO, for example, desperately needs growth to offset a booming patent still in its HIT business – the relevant medicines accounted for almost a fifth of revenue last year – and most a revenue target of £ 40bn by 2032. Hence Luke Mark, installed in the top unit in January, has upgraded cost cuts with acquisitions and is setting in motion plans to push more drugs through the testing pipeline.

The steps are costly. Research carried out in the UK is five years ago found that poorly managed transition among top executives in the Half 1000 largest nearly fifth off market value, bear in mind that the index has roughly doubled since then. Changing the guard is easier, of

course, with internal appointments. Shares in 100K are up 150 per cent since Georgia Elbodey took over as the bank's CEO almost two years ago, outperforming the wider FYSE 350 banks index. That is to be credit: nearly 40 per cent of CEOs have heard confidence halfway through their second year, according to headwaters Spencer Stuart.

While appearing more vellales, Elbodey hasn't stopped far from the bank path set out by his predecessor Neal Quinn – and, in fairness, that of predecessors further back – slashing jobs, shrinking the investment bank, and selling near core units.

Polls and fans attest to the reality of the newcomer bosses for football managers and prime ministers. The rush of office accompanying the latest crop of create suggests investors are similarly optimistic – thus making the margin of error for these new bosses even slimmer.

Alibaba hopes to recoup some lost shine with its latest AI model

Chinese tech companies are light years ahead of their US peers when it comes to making investors lost disenchanted. Nine years ago, Alibaba and Amazon both queried market capitalisations just die of $500bn. Today, Amazon is worth $3bn, Alibaba's profit of that.

The Hangzhou-based ecommerce and cloud company hopes to recoup some of its lost shine with Monday's release of its latest AI model, Qwen 5.0 Max. Alibaba is making big claims about its capabilities. Early

been launching suggests it's good – if not the best – in some areas such as "agents cutting", where bots write and its code unassisted.

To be clear, Alibaba's world-sheer performance owed less to a perceived AI deficiency and more to political tensions. At home, Beijing spent years reining in the company and fellow tech titan Vincent, Overseas, the US restricts China's access to advanced chip-and-other technology. Last month, the US handed Alibaba a bully line for failures on its online marketplace.

And like its peers in the US, Alibaba is spending liberally. While nothing like the national bills of its US peers, capital expenditure of $10.3bn in its last accounting year left the company with negative loss cash flow. Inflows are expected to return this year, but won't surpass 2024 levels until 2030, according to Visible Alpha estimates.

Alibaba can at least make a good case for spending money on its own AI. Its ecommerce operation usually throws off cash, and its fast-growing cloud computing division gives it more opportunities to monetise its models. Like Microsoft, Alibaba offers "model as a service" giving smaller companies cloud-based access to pre-trained models, which they can then deploy, as charters perhaps, paying according to their usage.

Counter-intuitively, the interested tech world that splits China from the US can also work to China's advantage. It has forced more times this Google, Alibaba has its own proprietary chips. And US hardware makers need local partners.

Apple won approval to launch

Uncarny Ali

Forecast capital expenditure relative to revenue for calendar 2026-30

AI embedded devices to China using local tech, including Qwen.

Alibaba chief hides the double AI models and services will make up half of external cloud income by 2027 about a tenth of local sales, its reckons. That's not huge but it is a useful launch pad. Qwen is open weight, so users can't totally replicate it, making it more commercial than previous open-source models. The race isn't just to make top-of-the-range AI, but to make AI that justs its way, don't count Alibaba out on that score.

Airtable's cut-price sale is just the start for software also-rans

In medical Europe, the grim reaper evolved as a personification of impending doors. For technology companies, the modern equivalent of Bending lipsons. The newly listed acquirer and four signer of distilled software companies found a new target this week, at a sharply depleted price. There will be more deals like it.

Airtable, once a high-flying start-up, says it will sell itself to Bending lipsons for just under $2.50n. It's a far cry from the almost $12bn valuation it sits out! In 2023, there's 4 used 8"Glass Fruit Investors in Illustrious as Silver Labs, Salesforce and the private equity firm of the computer system Michael Oth.

Bending lipsons pulse up fading groups with poor growth but loyal, at least, users. Evernote, AOL and Vimeo are among its purchases. Airtable a no

discover its annual recurring revenue of almost $500mn is growing at a 20 per cent clip that since 2023; the market has hammered companies with profitability skewed to the distant future.

Airtable is also a victim of the so-called badpouch pen, the ongoing sell-off of software as a service companies challenged by AI agents. Airtable develops so-called collaborative work management software that lets users share workflows. It is lowering the barriers to entry for such things.

Consider two Airtable rivals, Monday.com and Asana. Both went public at the beginning of the decade when software valuations were soaring.

Each bar an adjusted operating margin – ignoring each brand per of about 10-15 per cent, and both have positive free cash flow. Yet

Monday.com's shares are down three quarters from their 2032 push. Asana's an down score than 90 per cent.

Airtable's relatively low sale price may look worse than it is early backers will have done fine, and a multibillion-dollar cash rent is nothing to until at. Bending lipsons denies that it buys companies on the cheap, believing it can extract returns from its rebuilding efforts.

Users could be better deals coming. As Judge Sand Hamilton has pointed out, Sand software groups typically carry little debt. Airtable, too, was conservatively capitalised.

But private equity firms surmached as much as a fifth of their investment for software buyouts in recent years, and these more leveraged companies still have less flexibility if things turn arash.

Air bubble

VOYAGE BASIS - The voice of the Asian owners

CROSSWORD No 18,446 by SOLOMON

Solution 18446

Scan the QR code to access FT crosswords from the best QR data, scripts, Polymers, Mediwell and Sunday section – or go to www.crossword.org

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5. 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

DOWN

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