The Wall Street Journal - 07.08.2026.pdf

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商业与金融

★ 在帕纳马卡特 (Panamacart) 提供确保合并后公司编辑独立性的保护措施后，美国政府批准了帕纳马卡特 800 亿美元 billion 的收购华纳兄弟探索公司的交易。电视和流媒体服务：B1, B3 ★ 在周四的交易中，Special 股票的上涨缓解了华尔街整体的下跌趋势，标准普尔500指数、道琼斯和纳斯达克分别下跌 0.21, 0.09, 和 0.21%。B1 ★ 软银利用其在 OpenAI 的权益从银行借款 100 亿美元 billion，增加了其在人工智能进程中良好资产的风险。B1 ★ 新墨西哥州的一名法官命令 Mets 支付 9.42亿美元，原因是其在一项新的欺诈中未能保护年轻人。B1 ★ 伊丽莎白·沃伦 (Elizabeth Warren) 促商务部提供有关官方关系数字即将发生变化的细节。这些变化预计将产生略低或更冷淡的通胀读数。A3 ★ 联邦通信委员会 (FCC) 投票决定取消电视台所有权的国家上限，这可能为广播公司的进一步整合铺平道路。A3 ★ 特朗普政府将对扩大的人口以及太阳能电池板及其零部件征收 Earth's 和 sat 最低价格，旨在减少能源供应问题。A2 ★ Apods 同意以约 770 亿美元 billion 的价格购买英国廉价在线优惠券，为其职业生涯提供 50-thing star。B2 ★ Bye2 资产将在领导 ConsultPhilips 16 年后于下月退休，并将由首席财务官安迪·奥布赖恩 (Andy O'Brien) 接任 100-1,000-1。B2

全球动态

★ 根据美国最新的情报评估，俄罗斯总统弗拉基米尔·普京可能会尝试通过对美国的一个盟友国家产生有限影响以及一次短期行动来考验北约（NATO）的决心。A3 ★ 致力于与伊朗达成协议以重新开放霍尔木兹海峡的阿拉伯调解员表示，他们担心德黑兰的外交官缺乏足够的政治影响力来保证即使在达成协议后也能遵守协议。A3 ★ 特朗普下令对五角大楼的 repatriate 库存披露情况展开新调查，升级了他打击关于伊朗战争破坏性决议的努力。A7 ★ 在最高法院结束了他对出生公民权的 unfair birth-days 限制后，特朗普签署了一项关于打击出生公民权的新案例，以维持自由状态并测试美国贫困。A3 ★ 一个共和党委员会投票决定将安东尼·福西 (Anthony Fauci) 博士传唤至美国国会作证，因为他拒绝回答立法者关于新冠肺炎 (Covid-19) 大流行影响的问题。A3 ★ Gov. Mark Papin 的闭门简报威胁要推迟总统提名领导美国移民海关执法局 (ICE) 人选的确认听证会。A3 ★ 米奇·麦康奈尔 (Mitch McConnell) 参议员从一项决议中被解除，其中他的 bid 及其产品将不会导致长时间的参议院缺席。A4 ★ Rep. Max Miller 认证其竞选资金 2500 万，因为压力集中在允许他通过其设计形式的家庭虐待竞争重新参选。A4

评论 周一... 2016 星期五 15: 00:00 3月15日星期一 15:00:00:00 ... 2016 , 3月15:00:00:00:00 ... 2016 3月15:00:00:00:00 ... 2016 星期五 15:00:00:00:00:00:00 ... 2016 星期五 15:00:00:00:00:00:00 ... 美国

夏日，离别如此艰难

NOT THRULED：孩子们，就像这个男孩一样，并不那么困难，所以他们没有重新开启回到世界，并在某些地区工作。

美国称普京愿以有限袭击测试北约

情报预测认为，这位陷入困境的领导人将选择入侵或网络行动 作者：LISA SULLIVAN 和 TONI KNOX 华盛顿——根据新的美国情报报告，俄罗斯总统弗拉基米尔·普京可能会在未来几年内通过对一个盟国发起有限袭击来测试北约（NATO）的决心。报告列举了从网络攻击到小规模陆地入侵的各种可能情景。

美国官员描述称，这些评估是在某些关键物资短缺的背景下做出的，而这些物资是军方在面对俄罗斯或中国可能爆发的战争时所需的。由于向乌克兰转移以及与伊朗的冲突，美国严重削弱了这些武器的能量。其他官员表示，面临风险的库存包括远程 Paxelian Strike Mullins 和陆军战术导弹系统，以及短程 Stinger 地对空导弹。

美国此前认为，在普京仍在乌克兰作战期间，他不会挑衅北约（North Atlantic Treaty organization）国家。但美国官员表示，今年一项评估发生了变化，因为普京在乌克兰日益受到挤压，且在国内面临确保胜利的压力。Ktor 的无人机正给核军队和石油工业造成日益严重的损害，而普京的部队在前线伤亡惨重，进展微小。

美国和欧洲领导人越来越多地看到俄罗斯进行试探性攻击以测试北约决心的迹象，包括落在波兰的俄罗斯巡航导弹以及飞入罗马尼亚的无人机。美国官员表示，如果普京在与乌克兰持续战争期间攻击北约，其目标将是分化该联盟。

“问号在于美国将如何扩大其案例，”美国企业研究所（American Enterprise Institute）高级研究员 Heather Cocker 在谈到可能的俄罗斯入侵时表示。“基本上，其目标一直是挑战北约的可信度，并将美国与其盟友分离。”

Phnom'tenntspage A7 ★ 特朗普对武器短缺的任务大发雷霆... A7

伊朗分歧削弱霍尔木兹海峡谈判

阿拉伯调解员担心，强硬派的影响力使其可能破坏任何协议 作者：Robert Farrow San Antonio Sun

致力于与伊朗达成协议以重新开放霍尔木兹海峡的阿拉伯调解员表示，他们担心在德黑兰强硬派压力下的该国外交官缺乏保证执行力的影响力，即使达成协议也是如此。

这些情景基于外交努力屡次受挫的模式以及与伊朗谈判代表的对话。与此同时，谈判中的伊朗高级代表在国内日益受到强硬派官员和评论员的压力，后者认为他们达成的协议将使国家受损。

调解员表示，首席谈判代表 George Matzian、Alison Anguilla 和议长 Mohammad Bagher Shalifad 迅速接受了本周末提出的一项计划，旨在决定通过霍尔木兹海峡的交通，设立一条靠近伊朗的入境车道和一条靠近阿曼的出境车道。他们将其视为对伊朗在水道影响力的一种认可。

他们表示，当伊斯兰革命卫队要求更明确地提及伊朗的统治和追索利益时，谈判变得复杂起来。即使在调解员于本周中旬传阅协议草案之后，控制该水道的革命卫队仍继续要求拥有将其转变为其团队的权利以及 Phnom'tenntspage A6 ★ 人道协议面临崩溃风险... A3 ★ 美国支持对 Hudefah 的攻击... A6

中国正转型为工厂供应商

作者：Shensan Maw, Ann Tew Duncan

东莞，中国——几十年前，这座靠近香港的城市助力中国成为了全球的工厂车间，生产廉价的服装和电子产品，推动了该国的经济崛起。如今，东莞正处于一场新工业转型的中心：中国正在成为一个为企业服务的工厂。中国不再仅仅是低价值消费品的生产者，而是期望生产更多支撑全球制造业的高价值中间产品和资本货物，例如芯片、精密机械和机器人手臂。

“过去，先进制造业由德国和日本领导，”Topcon 的国际业务副总裁 Frank Jiang 表示，Topcon 是中国最大的工业机器人和机械制造商之一。“现在我们认为我们的技术在许多产品上已经赶上，甚至超越了他们。”

中国在部分全球供应链中的主导地位使其出口机器变得更加强大，并且在面对往往针对制成品的关税时更具韧性。2026 年的前五个月，中国的中间产品和资本货物出口分别增长了 25% 和 12%。

Phnom'tenntspage A8

内部

体育

这位“足球之王”尽管经历了一系列失误，但仍设法坚持了下来。A12

商业与金融

一款 black-54 型号入侵了一家外部公司，向他们报告了关于流氓机器人的情况。B1

燃料危机中炼油厂全力运转

作者：Blandt Menzies, Ann Eunam Eaton

特朗普总统希望实现美国的能源主导地位和低能源价格。他得到了其中一项，但失去了另一项——而且他正在损害它。基础战争以及乌克兰对俄罗斯收集器的袭击封锁了全球很大一部分燃料制造设备，使美国石油工业成为全球最后的重大燃料供应商，这种全球供应缺口可能会持续到明年。

随着燃料价格飙升，美国炼油厂正全力运转工厂以满足国内外需求，这为他们带来了丰厚的利润，并引起了特朗普总统的愤怒。本周，特朗普猛烈抨击石油公司，指责其从美国汽油供应中榨取过多现金。

根据国际能源信息局的数据，虽然美国汽油出口相对稳定，但上周出口量达到了创纪录的每天 10亿 桶，航空燃料出货量也接近历史最高水平。白宫在迎接 2026 年 11 月 1 日赛季的过程中正关注通货膨胀和负担能力问题，而高昂的柴油价格可能会推高从杂货到木材的所有商品价格。

但特朗普的能源限制在今年不太可能得到解决。降低加油站的价格 Phnom'tenntspage A2

神秘复仇者升级对苏格兰停车警察的战争

警察正在搜寻一名破坏停车表的破坏者，但当地人并不太热衷于提供帮助 作者：James Brouwer

北贝里克，苏格兰——这座海滨小镇是一个富裕的地方。游客们来到这里欣赏美丽的港口和午餐海滩。在它之下，这些人来到附近打历史悠久的球赛。远离冰淇淋店和市场，麻烦随之而来。

有人在夜间带着超级胶水和膨胀泡沫出没，以应对大量不受欢迎的内部人员停车表。自今年早些时候开始安装以来，那些蓝色和黑色的柱子已被破坏。由当地议会承包安装这些设备并筹集资金的公司受到了欺负。

“我们从未见过如此大规模且具有巡回性质的破坏行为，这种情况发生在 Phnom'tenntspage A9

部分投资者的 SpaceX 股份在套现前消失

约 1,000 个特殊目的载体与该股票相关联。这可能会给一些期待意外之财的人带来风险。作者：Ciaran Bostowicz

Euro Responsible 在 2020 年面对其缺失时简直不敢相信，当时一家新泽西公司向他推销 SpaceX 及其他大型私有公司的投资机会。大交易就是好交易。该公司已成功销售超过 1 亿美元 该公司已成功销售超过 1 亿美元

这家名为 Late Stage Management 的投资公司销售的并非实际股份，而是投资于可构建这些股份的载体。这些被称为特殊目的载体（special-purpose vehicles）的基金，通过直接持有私有公司股份，或通过投资于持有股份的其他基金来间接持有。这 50% 提供了一种规避私有公司股东人数限制的变通方法，被用于创建一种标准金融产品。它们在五项法规下运行，理应对于合格投资者（即净资产或收入达到一定门槛的人士）是安全的。

Phnom'tenntspage A9 ★ SpaceX heliocover faith unshaken... B1 --- A2 / 2026年8月7日，星期五 ... 华尔街日报。# 美国新闻

马蒂·加斯曼对通胀数据变动的质疑

参议员伊丽莎白·沃伦（Elizabeth Warren）就商务部关于官方关联报告即将进行的变更细节提出了询问，这些联邦中心通常模糊的联邦汽车驾驶员系统引发了一场政治争端。在这位马萨诸塞州民主党人周四发送的一封信函中，她询问了关于美联储首选通胀指标的变动，该指标将于下月生效。计算方式的变更预计将产生略低的通胀读数。也就是说，联邦预算是该国用于帮助设定利率的仅有的三组读数。商务部及其统计机构，即州预算，具有向公众解释“决策背后的衡量和过程”的责任，沃伦写道。

目前没有证据表明即将到来的变更是由政治驱动的。关注这些变动的经济学家在很大程度上认为，这些是旨在更准确地反映经济中难以接收的领域价格变化的修正举措。BEA由一名在拜登政府期间就职的公务员瑞安·竞技（Ryan Arena）领导。沃伦表示，在特朗普政府将经济数据政治化的需求环境下，统计方法的变动值得更深入的审查。特朗普解雇了劳工统计局的 Arena，该局拥有轻微的不可知侧面数据。特朗普政府还解散了向机构提供变更关系建议的专家委员会。

从将于 9 月公布的 8 月数据开始，BEA 将在三个类别中采取衡量通胀的新方法：计算机软件、法律费用和投资咨询。其中两个类别——计算机软件和投资咨询——在过去一年中显示出每项价格上涨，一些收入人士称这人为推高了整体通胀数字。即使在收入之后，as fizzies 仍有可能高于美联储 2% 的目标。

“争议的衡量标准被称为个人成本分析，它代表一个每项价格指数，追踪消费者在 1950 年代起消费的广泛领域的价格变化，从下降到住房和保险。它与消费者价格指数（CPI）是分开的，后者是市场和企业密切关注的另一种衡量通胀的方法。美联储更倾向于 FCI，因为它是通过一个略宽的范围衡量通胀——例如，更多直接支付的政治医疗成本——并且它旨在解释由于价格上涨或下跌，消费者的支出模式会随之改变。该指数显示，6 月的资产负债表为 3.5%，包括本地和能源价格。

根据这些计算，计算机软件的通胀将不再与硬件价格（在 AI 热潮中已经上涨）那样紧密挂钩，而投资咨询的衡量成本也不会像在当前系统下那样随股市同步攀升。总之，这些变动可能会将该比率降低约 0.2 个百分点。美联储在 1 月份认证的官方政策框架旨在将 FCI 组的通胀读数设定在 2%，而经济状况自 2025 年以来一直超过这一目标。承诺重新审查美联储运作基本方面的主席凯文·马什（Kevin Marsh）已致力于降低通胀。

一个 10% 的改进红利对沃伦的信函发表了评论。该机构表示，统计趋势旨在做出改变。这些变动不会影响由劳工部独立公布的更高利润消费者价格指数。

黑色素瘤药物法案：Exxon Marrsco Regulman Group 获得 FDA 批准，并于周四宣布美国食品药品监督管理局（FDA）已批准其针对晚期皮肤癌的疗法，结束了一场始于三次提交和两次反应的监管案件，该案件曾是该机构前任局长任期内的争议焦点。Regulman 的药物以 7x24 / years 命名，基于 1,000 个肿瘤的基因改造类肿瘤医生，旨在杀死癌细胞并触发人体针对肿瘤疾病的免疫反应。这款黑色素瘤皮肤癌疗法获得 批准，是生物技术行业首次对前局长 Marty Makary 领导下的该机构提出批评。 及其他行业官员表示， 的第 6 份报告撤回了其在早前与该公司会议中确立的立场。 首次提交其第 6 份报告（第一种疗法）是在 2024 年 11 月。 在那一年的 7 月期间并预计在 4 月进行组合。 表示，他们无法采取 7x24 / years 药物在更好病例中的步骤。 的第 6 份报告已在药物中发布，其在组合疗法中被标注。该研究也没有设置安慰剂组。Makary 在担任该机构负责人期间，公开为 药物的反应辩护。“如果你的药物有效，它就会获得批准，”他在 5 月时说道。“这并不是很长的时间，那些促使公共卫生官员重新审查 对 药物准备的反应。”《华尔街日报》报道。在 Makary 离开该机构后， 表示已与 达成协议进行第三次尝试。

FCC 废除电视所有权上限

作者：Joe Furr

美国联邦通信委员会（FCC）周四（昨日）投票决定重新评估电视台所有权的实际上限，此次会议为广播公司的进一步整合铺平了道路。 的这一举措是特朗普政府及其盟友更广泛努力的一部分，旨在消除他们认为过时或过度限制企业的监管规定。

长期主张废除该上限的共和党人、 主席布伦丹·卡尔（Brendan Carr）表示：取消上限将有助于平衡广播公司的竞争地位，使其在面对没有类似限制的流媒体服务、播客和其他数字平台竞争观众和广告资金时更具竞争力。

“废除国家上限将通过恢复一个健康的制衡机制，来缓解当地广播公司面对国家级节目日益增长的影响力而产生的压力，”卡尔在会议上表示。卡尔还表示，允许当地广播公司增加其持股量，将使其在与 ABC、CBS 和 NBC 等网络公司打交道时拥有更多筹码。

该指令可能会面临巨大的法律和政治挑战，争议焦点在于 而非美国国会是否拥有废除该规则的权力。

“美国国会在联邦法律中设定了这一上限，只有美国国会才能更改它，”民主党 委员安娜·戈麦斯（Anna Gomez）表示，她对此次投票表示反对。戈麦斯还批评了废除上限本身，称这将损害当地新闻，因为整合会导致少数几家大型广播公司进行更多的成本削减。

参议院商务委员会主席泰德·克鲁兹（Ted Cruz, C. Trowel）在今年早些时候的一次听证会上也质疑 是否有权修改规则。 表示，该上限是一项委员会规则而非法定暂停，因此可以通过委员会的指令进行处理。

美国国会在 2004 年设定了 30% 的限制，此前 曾试图将上限提高至 45%。 在今年早些时候授予了 Senator Media Group 一项豁免，以完成其对 forgo 的收购，该交易违反了所有权上限。尽管该交易已经完成，但目前正面临八个州的法院挑战，这些州试图以反垄断为由阻止此次合并。

达到或接近 39% 所有权上限的公司包括：Mexico、Fox、CBS 母公司 Fox-mnant 和 E.R. Scruggs。在许多市场中，fancize 和 story Media 被视为潜在的大规模国家交易收购方，但市场受到限制。Fox 表示，《华尔街日报》母公司新闻集团（News Corp）共享合同所有权。

特朗普将对太阳能产品征收关税

作者：Gene Bass

特朗普政府将对重要州、太阳能电池板及其公司征收关税并设定最低价格，这些措施将根据法律实施，且众议院将削弱中国对太阳能系统和半导体关键元件的市场控制。

特朗普总统周四签署了一项公告，将对低端和中端材料及设备的进口征收 25% 的关税。根据该公告，在美国建设制造设施的公司可以申请豁免，该措施将于 2026, 12月4日生效。

多晶硅的共同生产者被称为减速器，它们根据法律被要求形成，其过程是先制造太阳能电池，然后将它们排列在一起形成组件，再放置在支架上以发电。

商务部表示，该法律旨在“适用双重法律”。“新的 Brown-Linman 法律将取消该关税公告。”法律规定：“我们正在设定价格，以便中国人无法倾销中国产品。”他补充道：“我们不会在这里说明。”

此外，该行动将为太阳能公司设定最低价格，旨在防止太阳能产品的销售价格低于价格底线。关税公告要求公司证明，任何个人的首次销售，以及公司向另一家公司的第二次销售，均不会低于最低进口价格。这旨在确保公司不会以任何价格申报进口，但这种市场转向的方式可能会削弱关税的有效性。

精炼厂被推至全力运转（接第一页）

根据该报告，全球能源流动需要恢复到战前水平，涉及 Donnellfield、Marathwa 和美国。这意味着需要重建整个中东地区的精炼厂，从沙特阿拉伯到科威特，再到巴林。第一组能源分析报告认为，市场将一直保持紧张状态直到 2027 年底。Christian 降低成本以削减人力能源单位，但前 10% 燃料的价格，约有三分之一的 2% 精炼能力已流失，并学习了一些燃料片段直到 2 月 10 日，而燃料专家则采取了离岸操作，部分原因是来自中东的待加工原油在减少。

首场冲突阻碍了 Sherman 最终地带的交通，一项针对来自海湾国家、沙特阿拉伯石油出口地到美国的石油平均值的真实调查显示，7 月份该数值降至零，联邦月度数据显示这是首次发生这种情况。近 1000 名美国工人已选择购买更多来自美国油田以及加拿大和委内瑞拉的待加工原油。

在周二的 1976,000 份访谈中，前 10% 的受访者表示，谈判者接近与伊朗达成一项协议，该协议可能会开放海峡，且他认为此举将触发每加仑汽油的最终价格——最后 62.5% 的 1.5% 回报。截至周四，美国汽油平均价格为每加仑 1.08M。持续存在的问题是，没有证据表明情况有所改善。

“相对于需求而言，我从未见过可用能力处于

这样的水平，”美国第三大石油精炼商埃克森（Exxon）首席执行官 Darren Woods 表示。位于德克萨斯州科珀斯克里斯蒂的 Valero 精炼厂，该公司记录的季度退出收入为 37 亿美元 billion，增长了五倍多。他补充道：“行业需要一段时间才能从那个坑里爬出来。”

能源高管表示，中东和俄罗斯地区大约有 500 万桶全球精炼能力处于停用状态。与此同时，根据国际能源署（IEA）的数据，预计全球每天将消耗大约 6500 万 桶汽油、柴油和航空燃料。

白宫发言人 Taylor Rogers 表示，美国的精炼能力对于维持家庭和企业的低能源价格至关重要，并将“全国范围内精炼厂的破碎”归咎于民主党的气候政策。她说：“特朗普总统已经扭转了这些破坏性政策，以确保美国和世界能够获得可靠、实惠且安全的能源。”

自 2000 年以来，美国已有二十多个其他州单位关闭。几家大型精炼厂的第二季度净利润 ■ 25.2026 ■ 20.2026 埃克森美孚（ExxonMobil）

“净利润是下一个季度的首位。”来源：近年来，随着能源公司在工厂持有额外单位以允许生产更多燃料，公司的规模变得更加庞大。

联邦数据显示，美国的集体燃料生产能力比 2026, 的峰值低 3%。特朗普政府在三月公布了一项位于南德克萨斯州的精炼厂项目，由 Indu 的信实工业（Reliance Industries）支持。如果该项目得以实现，该公司将成为自 1977 年以来在美国建造的首座精炼厂。

更正与扩充

分析师预计 6 日报告的第二季度营收为 41.8 亿美元。周四一篇关于该公司的国家与金融文章错误地称预期为 $4.1400 万。Anders van over 的《华尔街日报》仅是该文章的七篇报道之一，另一篇则是关于 1 2 4, 1 5, 1 6, 1 7, 1 8 的问题。与此同时，作为全球经济关键燃料供应商的中国，不能指望来自中东的 15 亿美元 gallon；来自中国的出货量平均在 450,000 到 900,000 桶之间，由于近年来的情况，但现在其标准约为 100,000 燃料。标准普尔全球（S&P Global）分析师 Susan Sontos 表示，每天如此。该国上个月在燃料支持方面可能的 60mA is，资源部门表示，但这在市场上几乎没有产生影响。“我们的贸易并不真正强劲，中国桶更多是引擎，”Valero 的首席运营官 Gary Sammons 表示。导致价格上涨的全球燃料短缺推高了美国炼油厂和高年份美国燃料工厂，联邦数据显示，截至7月下旬，这些高端产能的利用率达到 97.5%，这一水平上次出现是在 2024. 其炼油厂继续输送燃料以满足需求，能源公司正获得数十亿美元。Marathwa、Valero 和 Phillips do 均报告了四年来的最高第二季度收益。Marathwa 赚取了 15 亿美元 billion，仅在去年同期就实现了增长；Valero 实现了 27 亿美元 billion 的净收入，增长超过五倍。Phillips do 获得了 18 亿美元 ，是该公司一年前利润的四倍多。Marathwa 和 Valero 的股价今年上涨了约 87%。Phillips did 增长了近 60%。特朗普上周批评埃克森（Exxon）公布了 36 亿美元 的利润，该公司报告称，其中 15 亿美元 来自能源专家，包括其去年的收益。该公司从德克萨斯到新加坡拥有近两打大型炼油厂。该公司表示，包括汽油和柴油在内的全球精炼燃料库存比该时段的正常水平低 1 亿 桶。由于意识需求，美国炼油厂在 1% 投资的情况下运行平稳，但仍在下降。该公司的市场指令和战略斗争使其价格处于 1980 年代的最低点，约为 70M-80M 桶，而联邦数据显示，柴油库存下降了 5% million 桶，汽油库存下降了 240 万 桶。最大的炼油厂一直渴望建设新的数十亿美元设施，这在很大程度上是因为电动汽车的兴趣。“我们看到炼油产能大规模投资的唯一方式是 [carrier] 利润率不仅要维持在现有水平，而且我们需要这些精炼利润率的持续时间，”标准普尔全球的 Stirlen 表示。他说，炼油商不认为这种意外之财会持续。

《华尔街日报》 6月 24 26, 2026, 2027, 2028, 2029, 2030, 2031 Everett, [年份序列已省略],

[年份序列已省略],

[年份序列已省略] 华尔街日报 Everett, [年份序列已省略] 华尔街日报 Everett, 2026, 2027, 2028, 2029, 2030, 2031 --- 华尔街日报. • • • • 2020年8月7日，星期五 / A3 美国新闻

特朗普再次针对出生公民权

最高法院否决此前的限制措施后，行政命令将重点缩小

总统特朗普签署了两项行政命令，他表示旨在打击出生公民权，并撤换了一名其任命的人员。作者：Natalie Andrews, James Bostrom 和 Michelle Backman

在最高法院废除他早前的政策后，因为这些政策对于许多在美国出生且父母非美国公民的孩子来说还不够。特朗普周四在椭圆形办公室签署的这些行政命令称，将扩大不符合出生公民权条件的类别，并阻止游客为了分娩而来到美国。

虽然众议院副幕僚长及其办公室表示，第一项行政命令为……提供视频。

特朗普总统很快与副幕僚长斯蒂芬·米勒（Stephen Miller）在椭圆形办公室会面。

特朗普签署的一项新命令侧重于仅为了分娩而前往美国的外国人。如果其父母是美国的合法敌人、外国恐怖组织成员以及代表外国政府行动的大类人员，则将引入相关限制。该命令指示国务院，对于出生于外国政府雇员（包括大使馆工作人员）子女，或父母参与“购买或获取出生公民权的商业交易”以使其自身或代孕者获得公民权的子女，将限制签发公民身份文件。

第二项命令指示国务院和国土安全部采取措施，限制外国人专门前往美国生育孩子，这种做法通常被称为“生育旅游”。虽然该命令没有具体说明官员将如何评估意图来美分娩的人员，但该命令暗示审查范围将超出旅游签证持有者，延伸至其他临时签证类别，包括学生签证和工作签证。它还提到，被怀疑来美分娩的外国人可能会被取消签证，并可能面临终身禁止入境。

联邦法规并不禁止寻求通过进入美国为其孩子获得美国公民权的外国人办理旅游签证。

“他们利用出生公民权，并将其变成了一场博弈，”特朗普在谈到签署这些命令的原因时说道。

新命令可能会在法院面临挑战。参议院少数党领袖查克·舒默（Chaft Schumer，民主党，纽约州）称总统的命令是非法的。

“特朗普刚刚让自己陷入了在法院再次失败的境地。民主党将挑战这项命令，并且我们将获胜，”舒默在声明中表示。

在其第二任期的第一天，特朗普签署了一项行政命令，宣布如果父母在境内非法居住或持有临时签证访问，未来在美国出生的孩子将不被视为公民。该命令被部分法院拦截，并在六月的一项里程碑式裁决中，最高法院将其废除。法院的大多数成员裁定，该命令违反了第10修正案的公民权条款（该条款保证几乎所有在美国出生的人都拥有公民权），且无论双方党派如何，该命令违反了联邦法规，但并未违反宪法。

共和党领导的小组投票认定福西蔑视国会

作者：Sammy Bostrom，助理：Evelyn Weyne

华盛顿——一个由共和党领导的参议院委员会周四投票认定圣约翰这些福西（St. John these Fauci）蔑视美国国会，原因是他拒绝回答立法者关于他处理Covid-19大流行的提问，这升级了一场旨在追究该国顶尖前卫生官员之一责任的共和党努力。

该决议由国土安全与政府事务委员会主席参议员兰德·保罗（Rand Paul，共和党，肯塔基州）提出，投票结果以 8-5, 票通过，沿党派路线划分。该决议寻求将此案直接提交至司法部以进行潜在起诉，从而绕过参议院全体会议的投票，而在全体会议上，共和党人不太可能达到通过该决议所需的 40 票门槛。

“寻求真相不是一场猎巫行动，”保罗在投票前表示。“问责并非复仇。问责是美国人民与关于过去错误及其真实后果的报告之间的屏障。”

该委员会的首席民主党人密歇根州参议员加斯·I·佩林（Gus I. Perrin）批评共和党人重新发布该决议，他称该决议“存在美国参议院长期保护的宪法保障”。他说，调查从一开始就是单方面的：“信息被选择性地发布，以支持主席在多年前就得出的结论。”

由于共和党人的反对，民主党人的几次投票尝试均告失败。此次投票发生在一周多以前，当时福西在同一委员会面前引用了 200 次以上的第五修正案，此前发布的一系列日记对他应对大流行的情况提供了新线索。同时，国土安全小组的常设调查小组获得了一份发言人称的该医生在政府工作期间的官方记录副本。

参议院国土安全与政府事务小组以 8-5 票通过，认定安东尼·福西因拒绝回答关于大流行的问题而蔑视国会。

“今天党派委员会的投票是一次粗陋的政治噱头，旨在惩罚圣保罗（St. Paul）行使宪法权利的行为，”福西的律师大卫·谢特勒（David Schertler）表示，他指责保罗对其客户持有“个人‘恩怨’”。他说：“参议院应当拒绝保罗参议员毫无根据且出于政治动机的蔑视决议。”

目前尚不清楚已经表现出调查特朗普总统政治对手意愿的司法部将如何处理此蔑视问题。45 岁的福西获得了总统乔·拜登的预先赦免，拜登试图保护他和其他官员免受特朗普及其盟友预期的起诉。

在大流行期间，福西担任国家过敏和传染病研究所负责人，这一职务他担任了数十年。该医生最近公布的Covid-19疾病活动仅为国会调查员手中材料的一小部分。

据知情人士透露，卫生与公共服务部的律师向保罗参议员和参议员罗恩·约翰逊（Ron Johnson，共和党，威斯康星州）提交了数百万页与福西相关的文件，两人共同领导了针对福西的参议院调查并获得了电话记录。

据一名知情人士透露，福西在退休时上交了他的政府电话。

福西于 2002, 年从政府退休，在冠状病毒大流行应对中扮演了核心角色，这场大流行在 2020 年初正式爆发，并占据了特朗普第一任期的很大一部分时间。当科学家们急于弄清楚这种新公民权（此处原文为citizenship side，疑为误植）及其致命性时，他主张极端谨慎，有时与反收缩（anti-constriction）的公共-男孩式（public-boyistic）方法相左。

许多共和党人和特朗普政府官员，包括卫生与公众服务部部长罗伯特·F·肯尼迪（共和党，6月），指责保罗致力于扰乱关于病毒起源的实验室泄漏理论，并在推动严格卫生措施的同时掩盖科学上的不确定性。福西及其团队正在为未来的政治和法律斗争做准备，同时坚信任何调查都不会产生可靠的指控。他们将保罗对福西的指控描述为该调查是一场 11-1-1-1-2-[数据序列无法识别] 政府（此前）并未导致指控的证据。在共和党官员试图通过其他法律手段追究福西责任的同时，美国国会的努力也在展开。那一周，俄克拉荷马州成为最新一个启动调查福西在疫情期间的行为是否违反州法的州，此前佛罗里达州、阿拉巴马州和路易斯安那州也宣布了类似的调查。福西的律师一直坚称他没有犯任何刑事错误。据熟悉其法律策略的人士透露，他决定行使第五修正案权利，部分是为了避免其法律团队认为的伪证陷阱。他们将此比作针对其他特朗普对手的调查，包括前特别检察官杰克·史密斯，众议院司法委员会主席吉姆·乔丹（共和党，俄亥俄州）以其去年向美国国会作虚假陈述的新指控将其移交给美国司法部（DOJ）。

总统提名的ICE负责人面临国会山阻力

作者：Marianne LeVow，助理：Maverill Haddam

华盛顿——据知情人士透露，在上周与总统高级官员举行的一场闭门听证会上，参议员兰德·保罗（Rand Paul）威胁要推迟对特朗普总统提名的美国移民海关执法局（ICE）负责人的确认听证会。

保罗的表态是Laos-2019——这位2020 city的国土安全部部长Markowitz. Mullen——所面临麻烦的最新迹象。特朗普总统在6月宣布，他选择其担任十年来的首位永久局长，其金额为$25.5。

据知情人士称，肯塔基州共和党人保罗表示，在收到关于明尼阿波利斯移民官员枪击两名美国公民的更多信息之前，他不会举行听证会。保罗此前曾批评特朗普政府重新关闭其枪击事件调查。

特朗普在6月的一篇Truth Social帖子中宣布了施雷尔（Schreyer）的提名，称施雷尔是一位“具有实际操作经验”的耐心之人，并敦促参议院立即确认其任命。

但施雷尔曾是俄克拉荷马州公路巡警，在穆伦担任参议员期间领导其安保小组，自提名宣布之日起，他就一直面临来自政府官员的内部反对。据知情人士透露，ICE各部门的官员对他缺乏联邦政府或移民经验的履历表示不满。

《华尔街日报》此前报道，特朗普的边境特使汤姆·赫库姆（Tom Hecum）也反对这一选择。此次提名是在穆伦直接请求总统选择其好友之后提出的。知情人士称，这一宣布令白宫高级工作人员感到意外。

一名2003 spokesperson表示，该机构支持施雷尔。林肯路（Lincoln Rd.），一名白宫发言人表示，特朗普“将始终确保ICE的英雄们拥有所需的资源和支持，以保护我们的国土并确保美国安全”。

穆伦与参议院国土安全与政府事务委员会主席保罗之间的关系一直很紧张。在担任国土安全部长之前，穆伦称保罗为“破坏者”，并表示他理解为什么一名袭击者在2007, 袭击了这位肯塔基州共和党人，导致其多根肋骨骨折并损伤肺部。

保罗在3月的确认听证会上就这些言论与穆伦对质，并投票反对其提名。保罗的一名助手表示，委员会仍在就施雷尔的提名交换常规文书。本周被问及施雷尔时，保罗回答道：“关于这件事我没什么可以告诉你的。”他拒绝回答是否会举行确认听证会的问题。

ICE是负责逮捕和驱逐在美非法移民的主要机构，处于特朗普执行大规模驱逐承诺的核心。但自其第二任期开始以来，该机构一直饱受争议困扰。

ICE官员面临增加逮捕人数的压力，且在今年早些时候，由于移民官员枪击了两名美国公民蕾妮·古德（Renee Good）和亚历克斯·史密斯（Alex Smith），该机构面临审查。

前ICE代理局长托德·里昂（Todd Lyon）在5月底离开该机构之前，一直追踪特朗普政府的打击行动。接替他的是大卫·费尔斯特拉特（David Verstraete），他曾是一家私人监狱公司的高管，也是IER的前职业员工。

费尔斯特拉特在奥巴马政府期间曾担任IER高级委员会项目的执行主任，随后在私人监狱公司Group工作，直到2003至early 2020. 他在奥巴马政府期间曾担任过永久主任。

--- A4 / Friday, August 7, 2026 THE WALL STREET JOURNAL U.S. NEWS • • • • • THE WALL STREET JOURNAL. U.S. NEWS

麦康奈尔出院并将居家康复

参议员的缺席给共和党微弱的多数席位带来进一步压力 作者：Jack Milsner, San Maro Davis

参议员米奇·麦康奈尔（Mitch McConnell，共和党，肯塔基州）已从一家康复中心出院，此前他因肺炎未愈导致跌倒而在此康复，这次跌倒迫使他长期缺席参议院。这位 64 岁的肯塔基州立法者周四表示，他将在家中进行“物理治疗的出勤计划”。

麦康奈尔表示，他将“继续与我的工作人员和同事就重要的参议院事务进行沟通”，但未具体说明返回的时间表。他不再寻求连任。

麦康奈尔的缺席给共和党在参议院本就微弱的多数席位带来了进一步压力。周四，麦康奈尔和另一位共和党参议员的缺席，导致一项农业法案无法从参议院农业委员会提交至全体会议。

这位前参议院多数党领袖在早前的一份声明中提到，他在 6 月 14 日因短暂失去意识并跌倒而住院。麦康奈尔表示，他没有骨折，也没有遭受脑震荡。

麦康奈尔在孩童时期患过小儿麻痹症，近年来多次跌倒，曾出现脑震荡和公开场合僵住的情况。麦康奈尔上个月表示他计划返回参议院，且共和党方面在数周内一直表示他正在康复。

同事们描述道，在他住院的前几周，曾就包括国家安全和提名在内的议题与这位参议员进行了 22 次关于研究药物滥用的通话。

长期的缺席引发了公众对其行踪的激烈猜测。从 7 月初开始，肯塔基州参议员朱迪·罗斯巴兹（Judy Rosbarz）多次要求提高透明度。“让我们结束这些疯狂的猜测。直接告诉我们发生了什么，”罗斯巴兹在 7 月 12 日发布在 X 上的帖文中写道。

麦康奈尔的办公室随后在 7 月 12 日的一份声明中发布了关于这位参议员的部分信息，以及他希望在几位选民中被安置的愿望，并称他正致力于与他的立法工作人员和参议院同事沟通。

参议员米奇·麦康奈尔与妻子伊莱恩·陈（Elaine Chen）在照片中，该照片由其办公室于上月发布。

民主党人寻求夺取北卡罗来纳州参议院席位

作者：Cameron McWhorter San Lazarov 北卡罗来纳州，West GASTENIA——极左翼的民主党候选人在全国各地的中期选举中投入大量资金，但在北卡罗来纳州，一位以冷静且犀利语气著称的 69 岁助手正吸引着热情的群众——并让共和党人感到紧张。罗伊·库珀（Roy Cooper）是一位久经沙场、曾两任州长的资深政治人物，在政坛的四十年里从未输过选举。民主党将他视为自 2006. 年以来首次在“焦油盆地之州”（Tar Bowl State）赢得参议院选举的最大希望。对于民主党人来说，这是一场必须获胜的竞争，他们需要在 11 月的中期选举中至少夺回由共和党把持的席位，以夺回参议院多数席位。在 31st 战争持续且物价上涨之际，库珀的竞选活动将重点放在经济上，开展了一场名为“让生活成本降低”的全州竞选。他在民调中领先于由特朗普总统支持的共和党对手——上月底的一项福克斯新闻（Fox News）调查显示，他领先 4 个百分点。该州近期民调的平均值显示库珀领先 70 个百分点。库珀的对手，52, 岁的迈克尔·沃特利（Michael Whatley），曾任共和党全国委员会主席。他从未担任过民选职务，多年来一直担任华盛顿的说客。作为特朗普的长期追随者，他得到了总统的背书，而特朗普在三次竞选中都赢得了北卡罗来纳州。但特朗普的职务支持率近期在全国范围内触及新低，且根据福克斯的民调，在北卡罗来纳州，认为总统违法的比例最高。对于沃特利来说，在这个拥有 1100 万 人口的摇摆州，这是一个坏消息。沃特利的知名度远低于库珀，而且许多认识他的人将他与特朗普紧密联系在一起。

库珀拥有资金优势

库珀还拥有巨大的筹款优势，截至6月底，其手头现金为20.7百万美元，而沃特利为3.5百万美元。一些共和党捐赠者和战略家认为北卡罗来纳州的参议院选举已经输了。他们表示，资源最好用于在阿拉斯加州、俄亥俄州、爱荷华州和德克萨斯州等关键战场捍卫共和党的参议院席位。“如果比赛是根据半场比分决定的，那么在北卡罗来纳州就会是 20=10，”沃特利的一位顾问乔纳森·佩尔茨（Jonathan Pelts）说道。“但情况并非如此。我们今年运行的是同样的剧本，我的七月和十一月的爱。”

目前待竞争的席位由参议员汤姆·蒂利斯（Thom Tillis）持有，他是一位两任共和党参议员，在2020年以不足2个百分点的优势击败了民主党的挑战。在与特朗普就削减医疗补助（Medicaid）产生分歧后，他宣布将不再寻求连任。在一次采访中，蒂利斯表示他担心共和党可能会失去这个席位，在谈到沃特利时说：“他必须进行一次近乎完美的、精准着陆的竞选活动才能克服不利因素。”他敦促沃特利在与总统之间保持更多距离，以争取独立选民，这些人约占北卡罗来纳州选民的40%。“如果他认为有些事情他会做得不同，我认为他应该有勇气说出来，”蒂利斯说。

双方都表示，这场竞争将取决于谁要为物价上涨承担责任。库珀和其他民主党人表示，特朗普随意的关税、对七个行业的打击以及贸易战推高了加油站和杂货店的价格。沃特利则表示，在库珀的支持下，前总统乔拜登采取了导致通货膨胀的措施并允许开放边境，他认为这损害了美国求职者和公共安全。

在最近一次于加斯托尼亚（Gastonia）举行的集会上——这是一个位于夏洛特以西、人口约90,000且快速增长的城市——库珀告诉聚集在那里的约200人，他参选是因为他赢得了“那些勉强维持生活并说‘我不知道我是否能撑下去’的中产阶级人士”。加斯顿县（Gaston County）是共和党的堡垒，在2006年有62%的人投票给特朗普。如果库珀能实现第二次突破并提高城市地区的投票率，同时共和党的积极性下降，他很可能会获胜。参加库珀活动的53岁教师迪娜·汤普森（Dina Thompson）表示，生活成本是她支持他的主要因素，“我负担不起现在的情况，”她说。

Whatley 削减税收 在附近一个约 25 人的集会上，住在加斯托尼亚的 Whatley 表示，在 Cooper 任职期间，北卡罗来纳州居民的平均成本有所上升。 表示他强烈支持贷款战争，“我会被追究责任，使美国更加安全。”他敦促削减税收并减少对企业的监管，以刺激投资和就业。他还指责 Thompson 州长犯有一项罪行，而曾任总检察长的 Cooper 对此深恶痛绝。“当你回顾他在就任州长时所做的决定，它们对这个州来说绝对是灾难性的，” 说道。来自北卡罗来纳州斯坦利的失业证券主管 John Quinn，60 岁，表示他参加 的活动是因为他比起支持 更支持 。“ 扮演的是传统的政治角色，而这家伙则不然，”Quinn 在他的报告中说道。北卡罗来纳州的一些共和党人表示 是一个糟糕的选择。该州的共和党活动人士 Michael Woodhouse 表示， 知名度较低，且中间派中的许多人不喜欢他。特朗普的反借贷者“无法带你赢得大选，在北卡罗来纳州肯定也帮不上忙，”她说道。她说，选举的关键将是郊区女性，而 尚未与她们建立联系，而许多人喜欢 担任州长。北卡罗来纳州的另一位共和党参议员 Ted Budd 表示， 是“形式主义的”，但在犯罪和其他热门问题上较为脆弱。他与 Tillis 预测，竞争将在最后几个月趋于激烈。Budd 一直在游说捐赠者、超级 PME、党委会和领导层——甚至是总统——不要放弃 。“请停止对这场竞选的干预，”Budd 表示他这样告诉他们。

拒绝退出呼吁，众议员米勒将向竞选活动出资100万美元

华盛顿——陷入困境的众议员马克斯·米勒（Max Miller）正向其竞选活动提供100万美元的贷款，此时他正面临退出竞争的压力。（但在关于家庭暴力指控的选举竞争中，这是这位两任国会议员决心留任的最新迹象。作者：Natalie Andrews, Major David 和 Josh Downey）

米勒表示，他计划分两笔各500,000美元的款项向其竞选活动提供100万美元。他在一份声明中表示：“我在各方面都对这次选举进行了评估，我将把这些措施引入我的竞选活动以赢得胜利。”

这笔资金使这位国会议员在资金上相对于其民主党对手具有显著优势，尽管米勒面临来自共和党同僚参议员就虐待指控的压力，而他对此予以否认。

“我将长期坚持，”米勒说。“我知道有些人对我目前赢得这场竞选的能力感到担忧，但我并不认同这一点。”

周日，俄亥俄州参议员、米勒的前同事伯尼·莫顿（Bernie Morton）表示，米勒不应在众议院任职，并敦促他“寻求专业帮助，以结束他留下的明显的虐待模式”。他随后向记者详细阐述道：“对于我的整个家庭来说，这是一次可怕的经历。”

周四，俄亥俄州城市参议员、共和党人乔·布鲁梅尔（Joe Blumel）呼吁米勒退出竞选并辞去国会职务。

莫雷诺（Moreno）的女儿艾米莉·莫雷诺（Emily Moreno）在法院文件和警方报告中指控米勒向她泼沸水、用枪指着她的手以及进行身体虐待。她还指称，在她由米勒照顾期间，这些女儿的状况被破坏了。

米勒表示，儿童与家庭服务局的竞选县分局在调查后发现，他虐待女儿的指控未得到证实。父母双方共同拥有女儿的监护权。该女儿去年6岁，监护安排一直维持原状。

莫雷诺参议员本周表示，米勒曾扣留这对夫妇3岁女儿的睡眠用品，并拒绝将其交给前来取回的人。

米勒本周发布了短信以证明自己——

众议员马克斯·米勒（共和党-俄亥俄州）否认虐待其前妻及其女儿的指控。

短信显示，这位国会议员称他扣留女儿的物品是因为莫雷诺家族派来的人违反了父母的协议。据米勒称，该物品与这名3岁女孩在24小时后重新团聚。

俄亥俄州州务卿的一位发言人表示，如果米勒在周一之前退出，他可以被替换。在那之后，他的名字将出现在11月的选票上。

这些指控引起了共和党人的警觉，他们表示该选区不希望看到这样的决定。一些共和党人曾希望米勒能听从特朗普总统的建议，米勒在特朗普的第一任期内曾在白宫为其工作。

尽管特朗普在周一的一次电话中告诉米勒这场竞选将很难获胜，但他尚未公开要求米勒退出。

据一名了解其言论的人士透露，特朗普私下告诉一些顾问，他认为米勒应该退位。

据与众议院官员及其他接近特朗普的人士交谈的人透露，他们也希望他退出。

民主党只需要净增加3个席位即可控制众议院。

众议院议长迈克·约翰逊（Mike Johnson）一直远离这场竞争，本周早些时候他告诉《Politics》，他希望伦理委员会对指控进行调查并让结果自然呈现。

“在435名国会议员中，一直发生着各种各样的家庭事件，介入其中不是我的职责，”约翰逊说。

米勒将面对布赖恩·费恩莱斯特（Brian Feinleister）的竞争，后者是一名铁道工人兼布鲁克公园市议员，得到了伯尼·桑德斯（Bernie Sanders）（L, N.）和几位资深人士的认可。

Feinleister表示，米勒卷入这场竞选并不会改变他的竞选策略。“我不希望让这件事变成关于马克斯·米勒指控的讨论，因为那些指控中存在受害者，为了他们，我们绝对应该继续传递我们的信息，”他在一次采访中说道。他补充道，“作为一个有两个女儿的父亲，如果她们向我提出这些指控，我会支持她们。”这位首任国会议员的联盟受到了米勒的制约。根据截至6月30日的联邦选举委员会文件，本周期内他的竞选资金筹集仅超过$500,000，而米勒则筹集了大约300万美元。--- 华尔街日报。... 美国新闻 2020年8月7日，星期五 / A5

律师减少，人身伤害案件陷入停滞

作者：LANCE WINS

北达科他州法姆科（FAMCO, N.D.）——2020年，杰克·赖尔（Jack Reile）在向当地一家便利店配送一托盘玻璃清洗液、香烟和糖果时，不慎滑倒摔下，导致两块窗户破碎，且从接受部位以下瘫痪。在经历了数月的住院治疗和缓解后，赖尔陷入了深度抑郁。他的妻子基尔斯滕（Kirsten）说，他有时会对她说：“你当时就该让我死掉。”他开始寻求心理治疗师的帮助。但州工人赔偿机构拒绝了这项申请，理由是抑郁并非其受伤产生的生理影响。赖尔夫妇在看到其他申请也被拒绝后，决定进行抗争。就在那时，他们发现了在北达科他州为工伤医疗账单寻求报销时面临的另一个障碍。该州目前仅剩下两名愿意代表受伤工人的律师。两人都已进入退休阶段，并计划停止接案。

在一些州，从事工人赔偿案件的律师数量正在缩减。州法律削减了赔付金额和福利，程度之深以至于年轻律师不再愿意成为该领域的专科律师，而没有接替那些正在退休的资深律师。支持者表示，包括限制部分福利申请资格在内的工人赔偿制度改革，使该系统从20世纪90年代的破产危机中得以挽救。但也有人认为，亲企业的立法机构导致工人在面对除简单、低廉伤害以外的事故时，无法获得财务救济，例如伤害和诉讼。

对于企业而言，官员们降低了保险保费。然而，工人却失去了可能成为 30-day fix 的补偿。自八月起，在职且面临巨额医疗账单，有时甚至失去稳定工资的工人深受影响。“对于必须承受身体受伤后果的受伤工人来说，这是一个巨大的冲击，”克里斯·戈弗雷（Chris Godfrey）表示。他曾在 2000 年至 2004 年期间担任斯沃特（Swart）工人赔偿系统的专员，随后调任美国劳工部，在那里负责监督联邦雇员的工人赔偿计划。“虽然没有关于工人赔偿律师数量的国家统计数据，但阿拉斯加和其他州也面临着短缺。”

去年，新墨西哥州提高了律师费上限，以使工人更容易找到代表。律师和工人权益倡导者表示，新律师不愿进入北达科他州的工人赔偿领域，部分原因是州法律增加了胜诉的难度。此外，律师们表示，胜诉的奖金不足以支付他们的时间和费用。

北达科他州劳动力安全与保险局（Workforce Safety & Insurance）是一家提供并管理福利的公共机构，该局表示，过去五十年的变革帮助其从赤字中恢复，并实现了 12 亿美元 billion 的盈余。现在，该局经常向雇主发放退款，而这些雇主支付的是全美最低的工人赔偿金。WSI表示，其批准了 50% 的初步申请，且工人的客户满意度得分为 5 分制中的 4.22 分。对决定不满的工人可以要求WSI内部的一个独立办公室进行审查，这会导致约 10% 的案件被推翻或达成和解。

与此同时，WSI局长阿特·汤普森（Art Thompson）表示，随着劳动力的增长，申请数量呈长期下降趋势，这反映出工作环境比以往更安全。“在我看来，该系统的运行状况达到了其设计目标的最优状态，”他说。

工人及其律师则表示，该州在接受初步申请后，许多治疗申请被报告为被拒绝。此外，由于找不到法律援助，工人不得不对拒绝决定提出上诉，代表全体律师的北达科他州正义协会执行主任朱迪思·霍尔（Judith Hall）如此说道。

杰西·乔根（Jesse Jorgen）是德克萨斯州的一名混凝土工，2023年在一次建筑工作中从墙上摔下，导致肘部受伤并造成永久性神经损伤。乔根表示，在WSI拒绝了他的赔偿申请后，他咨询的两名律师都拒绝了他的委托。其中一名律师称自己太忙，无法接手此案。“我直接放弃了，”30 岁的乔根说。“我办理了一份小额保险单，并花光了我们的储蓄来支付账单。”北达科他州两名工伤赔偿律师之一的丹·菲利普斯（Dan Phillips）表示，他每周收到 20 多个想就WSI的拒绝决定提起上诉的工人的电话。他说，他会尽可能多地提供建议，但接手的案件量仅为他收到的咨询中的一个。工伤赔偿覆盖在工作中受伤员工的医疗费用和工资损失。作为获得经济救济的交换，受伤员工

丹·菲利普斯是北达科他州两名工伤赔偿律师之一。每 $100 工资单的工伤赔偿保费成本

注：本草案中的州显示了 10-14 个州的工伤赔偿保险保费率，记录了所有员工公司的总额。（Lance Wins）商务与商业服务部放弃起诉权，这种权衡在 2010年代 世纪初被称为“大妥协”。然而，在扩大福利导致医疗成本激增后，各州的赔偿体系在1990年代开始扭曲。保险公司威胁退出。WSI 出现了 $5 亿的赤字。为了支撑财务，WSI 削减了福利并收紧了资格标准。北达科他州还回撤了一些针对律师的激励措施。与其他州一样，工伤律师现在只有在工人获胜时才能获得报酬。该机构设定了费率，例如行政听证会获胜的上限为 $7,455。北达科他州的兼职州议会必须批准工伤赔偿法规的变更。许多州议员本身就是企业主，这意味着他们在监管WSI的同时，也在向其支付保费。来自北达科他州迈诺特（Minot）的丹·鲁比（Dan Ruby）担任州代表 25 年，经营着一家环卫公司。在 2010 年代初，他每年支付约 $100,000 的保费，以覆盖 25 名左右的工人，包括他在内。他估计，去年他支付了略高于 $10,000 的费用，而员工人数却是之前的两倍——这得益于申报率、基金盈余的红利以及他参加的两个安全计划的折扣。鲁比表示，北达科他州在某些福利方面达到了国家标准，但在为那些因伤无法向社会保障体系缴纳薪资税的工人提供社会保障支票补贴方面有所不足。“你不希望人们受伤，”他说。“但一旦受伤，当然，我们希望看到他们得到照顾。”他说，赖尔（Reile）与WSI周旋了六个月才为他的轮椅获得 $150 的垫子补贴。2023, 他及其妻子对WSJ拒绝支付每月两次的惩罚性治疗预约费用提出质疑，该费用约为 $4.25。他聘请丹·菲利普斯作为律师，为治疗就诊的报销而战。他们将此案一路打到了北达科他州最高法院——并赢得了诉讼。几天后，应WSJ的要求，一名州参议员在立法中增加了一项修正案，旨在关闭未来寻求工作伤害后购买辅助设备报销的申请之门。议会于去年通过了该法案。对于他在橡树赖尔（Oak Reile）案件中的工作（包括初步行政听证会、地区法院案件和最高法院上诉），菲利普斯说，他获得了 $16,595 的费用，据估计，这仅约为他投入的时间总价值的一半。

美国观察

高空跳水：在周四举行的芝加哥每日德比（Chicago Daily Derby）活动中，约 10,000 只橡胶鸭被投入芝加哥河，这是一项旨在支持特奥会（Special Olympic Misses）的年度筹款活动。

经济

初请失业金人数微增至 199,000

美国上周的初请失业金人数有所波动，但仍处于表明劳动力市场健康的区间。在截至 8 月 1 日的一周内，申请失业救济金的人数为 199,000 人，与前一周报告的 199,000 人持平。劳工部周四表示，《华尔街日报》的经济学家调查此前预计新申请人数将为 204,000 人。反映失业人口总规模的持续申请人数在截至 7 月 31 日的一周内为 1800 万，而前一周为 760 万。持续申请的数据比初请数据滞后一周。来自全球离职安置和高管教练公司 Tom Challenges, Gray & Christmas 的一份独立报告发现，总部位于美国的雇员宣布了 $2,420 次裁员，涉及 200,000 个新申请名额，其中 6 月宣布的裁员人数为 45,849 人。虽然科技行业在宣布裁员方面继续领先，但近期的失业金申请数据表明，雇主在采取任何大规模裁员计划方面持谨慎态度。——Janice Caucci

能源

风电项目以和解告终

一家离岸风电公司周四表示，已与特朗普政府达成一项 12 亿美元 billion 的和解协议，以退出在纽约州、加利福尼亚州和路易斯安那州开发中的项目。这项最新的协议使此类和解协议的总支出达到近 40 亿美元 billion。SWE, U.S. Offshore 表示，这代表了多年来的规划、投资以及与联邦机构的合作，但公司认定在可预见的未来没有获得项目许可的路径。根据和解协议，SWE 现在正在放弃风电租赁权，这些租赁权原本可提供约 7 gigawatts 的电力，足以供应 500 万个以上的家庭。该公司目前已不再持有任何美国离岸风电租赁权。经常谈到自己厌恶风能的特朗普总统曾表示，不允许建造任何“风车”。共和党政府一直在从能源公司回购离岸风电租赁权，旨在通过此举抑制风能扩张，转而支持化石燃料。——美联社

美国

悬赏金增加以协助抓捕“Pekin”

美国政府周三开出 2500万美元 的悬赏金，以寻求有助于抓捕 Joan Carles Gonzalez（又名“Pekin”）的信息，从而加大对一名已成为墨西哥最强大势力幕后人物的美国公民的压力。该悬赏金从 500万美元 提高。联邦政府为哈利斯科新世代卡特尔（Jalisco New Generation Camp，简称 CMO）的各级领导者提供了总计 5亿美元 的悬赏金，并限制了相关成员家属及商业协会的发言。美国官员表示，这些悬赏金以及新披露的针对另外五名高级领导者的指控，显示出打击该组织领导层的趋势。“这些复杂的组织利用暴力和恐惧来维持对进口到美国的致命麻醉品（包括芬太尼、可卡因、冰毒和其他非法药物）的控制。他们的行为将暴力和死亡传播到了我们的社区，”代理司法部长 Todd Blanchard 表示。——美联社

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A6 (Friday, August 7, 2026 • • • • THE WALL STREET JOURNAL.

哈马斯杜拉面临以色列袭击风险，时间线争议威胁使特朗普的提议脱轨

作者：Anur Pizzo 和 Emanuel Eun

特朗普总统解除哈马斯武装的路线图在宣布后的几天内发生了变化，随着加沙的三位秘书以及对条款日益增加的争议，威胁到结束这场在被奴役之地战争的努力。由特朗普指派负责监督加沙首要过渡的哈马斯财务前线，在7月31日尚未就哈马斯武器的决策和以色列的撤军达成计划。以色列和哈马斯从未在条款上达成一致，且在任务事件后的五天里，差距进一步扩大。这些争议可能会阻碍将该武装组织驱逐出加沙的努力。这将使特朗普失去一项外交政策胜利，而此时关于伊朗战线的谈判仍在继续，且11月将迎来中期决策团队，而加沙目前在战争中处于悬而未决的状态。

以色列总理本雅明·内塔尼亚胡周二表示，以色列并未同意该计划，并且在哈马斯完全解除武装之前不会撤军。“特朗普总统及其团队认为他们可以让哈马斯解除武装并使加沙非军事化，”他在一次向总统发表的演讲中说道。“他们给我们发了一份草案。我们没有同意。这不是我们的草案。我们发送了我们的评论。”以色列军队继续打击在被奴役之地的目标，包括在周一最后几小时后。此外，权力委员会关于2026年加沙的高级报告在一次会议中要求内塔尼亚胡停止针对协议响应的袭击，外交官员如此表示。

为了应对压力，巴勒斯坦人上周视察了加沙中部杜尔巴拉（Doir al-Balah）阿克萨医院附近一次以色列空袭的现场。以色列正在加强对其批准此类袭击方式的控制。一位熟悉此事的人士表示，现在加沙的定点清除需要由军队参谋长而非低级别指挥官批准。该人士表示，以色列军队仍将能够应对直接且紧迫的威胁。

内塔尼亚胡的强硬派成员对包括哈马斯武器将移交给巴勒斯坦当局在内的条款感到不满，他们指责总理在谈判问题上误导了他们。和平委员会周一通过澄清——在米尔丹尼夫（Mildaneev）与内塔尼亚胡会面之后——缓解了以色列的担忧，即以色列仅在哈马斯武装的决策完成（包括紧扣武器）时，才会从划分加沙控制权的所谓特里布恩法（Tribune Law）中撤出，但这与该武装组织对顺序的理解相抵触。

在调解者的压力下接受路线图的哈马斯警告称，它不需要同意加沙巴勒斯坦团体完全解除武装，并且它不会遵守以色列在被奴役之地打击巴勒斯坦人的协议。前以色列高级情报官员迈克尔·米什金（Michael Mishkin）表示，解除哈马斯武装的协议在成形之前就陷入了停滞——“这像是一种视频（中心），”米什金说。

特朗普在10月宣布了一项旨在为加沙带来和平的协议。它始于一个初步阶段，以释放剩余的以色列人质为交换停止主要敌对行动，并计划进入第二阶段，即哈马斯解除武装，放弃对加沙的控制，并将权力移交给一个新政府和稳定部队。但协议在第一阶段后陷入僵局。以色列预计哈马斯没有计划解除武装，而哈马斯警告以色列无意撤出加沙或归还其武装分子的物品。哈马斯还必须应对加沙内部来自以色列支持的民兵和当地武装家族的压力，这使其难以放弃轻武器。调解者表示，即使以色列执行计划的条件，哈马斯也可能会退出解除武装进程以维持在加沙的权力。上个月，哈马斯任命哈利勒·海亚（Khalil al-Hayya）为其新

领导人。调解员表示，一直担任该组织首席立法者的海亚比其前任雅希亚·阿巴斯更务实，后者是 U.S. 7, 2023, 袭击事件的策划者，并于 2024. 被杀。但海亚并未回避明确表示，哈马斯打算成为以色列政治未来的组成部分。内塔尼亚胡的政治立场使得在涉及美国资本决策时难以达成妥协。任何从加沙撤军的行为在倾向于强硬路线的选民基础中都将不受欢迎。面对 dire 人道主义状况和持续空袭的加沙人对缺乏进展感到沮丧。“这是困难阶段的开始，我从未假装并非如此，”米什金周一在社交媒体上表示，“现在是艰苦的且属于技术性的工作。”

以色列对真主党发动打击

作者：Doan Arora-Bazar 和 Anur Pizzo

在经历了两周的高度平静之后，以色列加强了在黎巴嫩南部的袭击，与此同时，两国代表团刚刚结束了另一轮由美国斡旋的谈判，旨在提升与以色列主要团体的外交关系。以色列指责伊朗支持的真主党（Abdullah）在周三违反了一项协议，并在其两名士兵在马吉达尔·扎纳（Majdal Zana）村一座边境建筑中被爆炸装置杀害后，开始打击其在黎巴嫩南部被认为属于该组织基础设施的目标，该地区对以色列军队具有重要意义，但自去年11月起一直由对方控制。以色列军方表示，目标包括一个真主党指挥中心和武器存储设施。以色列还继续对油罐进行打击，黎巴嫩外交人员已要求其停止此举。

一名黎巴嫩高级官员表示，这些袭击为第七轮美国斡旋的谈判增加了尴尬的复杂因素。以色列和黎巴嫩官员一直在举行直接会议，其中大部分会议是与以色列领导人进行的。双方在许多问题上观点分歧，但都希望看到真主党的解除武装。然而，美国、以色列和黎巴嫩官员认为，解除该组织武装没有简单的选择。以色列的强硬立场阻碍了空袭的长期结束。以色列军方官员私下承认，真主党无法仅通过武力解除武装，这需要一项政治协议。

伊朗内部的分歧笼罩谈判

（接第一页）

他们表示，美国将采取行动并增加对所有销售的职能。调解人表示，以色列谈判代表在谈到他们塑造谈判结果的能力限制时表现得更加坦率，并表示他们面临着巨大的压力，要求从协议中获得即时的财务利益。

调解人表示，伊朗同行告知他们，革命卫队因那些让美国失去平衡的袭击而在内部赢得赞誉，如果协议不够丰厚，他们可能会再次以此为借口袭击船只。

他们表示，这种压力促使调解人将谈判范围从一个旨在促进通过霍尔木兹海峡过境的狭窄临时协议，扩大到包括在美国与伊朗之间新暂停的6月谅解备忘录中的财务救济措施，包括允许德黑兰出售石油的制裁豁免以及释放被冻结的食品。

这种动态有助于解释在战争开始五个多月后，达成持久协议的难度，并给当前的外交努力蒙上了阴影。虽然伊朗在通过谈判寻求救济以遏制经济崩溃，与渴望报复损失并威慑未来美国袭击的欲望之间不断寻求平衡，但政府中的强硬派似乎占据上风。

“革命卫队正在设定议程和节奏，”捍卫民主基金会（Foundation for Defense of Democracies，一家主张对伊朗实施严厉制裁的智库）伊朗项目高级主任 Beharan Ben Tabuk 表示，“他们升级局势的威胁旨在榨取让步并羞辱特朗普，但他们的行为也可能重新点燃冲突。”

以色列的高级谈判代表和被视为温和派的人士在伊朗国内媒体中公开受到攻击。周四，《Search for Serious》报编辑 Hussain Sharafatmahari 表示，一项旨在通过 Hussain 的威胁恢复交通的协议将类似于“为敌人开辟一条逃生路线”。

伊朗高级立法者 Hussein Ali Alal Belgaum 表示，他正在收集文件以弹劾 Araghchi，认为他应该将任何关于霍尔木兹海峡的协议提交议会投票，并指责他出于恐惧和投降而行动。

在周三的一段社交媒体视频中，与最高领袖 Meynah Khamenei 有姻亲关系的 Mohammad Bagher Kharman 呼吁向德黑兰进军，以终结温和派总统 Masoud Parashidian 的政府。Khamenei 的办公室随后否认了这些评论，称其为分歧。

一些分析人士表示，阿拉伯外交公开讨论中的分歧因 完全不在公众视野中及其强硬倾向而加剧。他的父亲 Ali 在战争初期的炮火中丧生，他曾将自己视为 Serious Torya 右翼之间的调停者。

因严密的安保措施、最初美国-以色列袭击伊朗造成的伤势以及他自己的孤傲性格而陷入孤立，未能有效地履行这一角色，尽管他在内部和安全事务上拥有最终决定权。

“他比他父亲激进得多，但他没有朋友，”Kharman 周三在社交媒体上表示。

谈判支持者很难获得与 会面的机会，自从他继任其父之位（in Black）以来，他一直没有公开露面。Araghchi 在早前接受伊朗保守派 Majors Moshe 的一次完整采访中表示，他从未见过最高领袖。

与此同时，Parashidian 威胁要通过一次与 的会面来告知他，伊朗的经济形势如此 dire，以至于外交谅解是必须的，阿拉伯外交官对革命卫队表示。

Parashidian 告诉伊朗国家广播公司 ISIR， 同意了这次会面，但与最高领袖沟通“非常困难”。

6月，最高领袖在社交媒体上表示，他实际上反对与美国进行谈判，但在帕拉希迪安（Parashidian）承诺负责维护国家利益后，同意推进，这是对与美国谈判的一次新的直接评论。以色列强硬派似乎在直接干预6月签署的一项旨在开放海峡并开始就结束战争进行谈判的协议。伊朗军队开始向使用美国支持的通过阿曼沿海海峡航线的船只开火。这些袭击导致了与美国之间数日的往复打击，并导致战争扩大，包括伊朗支持的穆斯林民兵在阿曼对沙特阿拉伯国家发动袭击，以及对一个埃及港口的密集袭击。以色列的许多袭击旨在维持对该海峡的控制，该海峡对全球能源流动至关重要。德黑兰的强硬派希望否认美国，并让美国能够行动，并给予足够沉重的打击以压制德黑兰的军事行动。挤压霍尔木兹海峡并促使战争结束解决了这一需求。然而，这一策略面临着干扰以色列阿拉伯的风险，可能在延迟交付急需的经济救济方面产生影响。美国一直致力于开放Sharafatmahari，伊朗外交部副部长告诉ISIR，经济需要外交协议可能带来的相同问题救济。

全球观察

纪念广岛周年纪念：周四，人们在广岛参加了和平纪念仪式，纪念美国向日本投下原子弹导致第二次世界大战结束的81周年。

德国 # 机场发现新威胁 德国的一座货运机场——在一家乌克兰货机附近——发现了一架携带十八的无人机，据该国内政部长称，这代表了“一个新级别的危险”，他指出潜在的罪魁祸首是一个复杂的外国行为体。周二晚上，德国机场工作人员在一名员工于安全区域的一块地形上发现无人机后，在一家由耶ranet Antonov Arbives运营的货运航空附近进行了访谈。德累斯顿州政府表示，警方炸弹小组使用机器人设备移除了该装置的引信。检察官和archim}vian警方于周三对该事件以及在机场附近发现的第二个飞行物体展开调查，该机场因应对无人机发现而于周二晚上关闭。州官员表示，第二个物体在一家因关闭而开始zapping降落的货机周围盘旋。该飞机“从未受损”并安全降落在汉诺威机场。——Daniel Michaels

也门 # 胡塞武装袭击造成政府军死亡 周四，在也门中部和东部，由两名埋伏的胡塞机器人发起的袭击造成至少50名政府军士兵死亡，至少50名军官受伤，50名政府官员如此表示。一名胡塞武装领导人表示，沙特支持的部队是袭击的目标，且有“数百人”被杀或受伤。也门官员表示，袭击针对的是马里卜省和哈德拉毛省国际认可政府部队的营地。自2022年在也门达成一项事实上的停火协议（该协议停止了胡塞武装与由沙特领导的、支持两名埋伏及认可政府的联盟之间的战斗）以来，袭击有所升级。也门自2004年以来一直处于内战状态，当时被命名为伊朗首都的胡塞武装将如此被国际认可的政府驱逐至沙特阿拉伯。一个由沙特领导的联盟介入，并自2019年以来一直与叛军作战以恢复政府，然而，这场战争已演变成一场状态腐朽的代理冲突。——美联社

--- 华尔街日报 ... 全球新闻 2016年8月7日，星期五 / 87

特朗普对武器短缺泄密事件大发雷霆

在伊朗冲突期间，当局下令重新评估弹药耗尽情况并开展调查

华盛顿——政府官员表示，特朗普总统已下令对泄露五角大楼弹药解决方案的行为展开新调查，这是他试图打击有关伊朗战争的破坏性报道而采取的升级行动。

作者：Alexander Wood, Josh Bussey, Ian Dolgman 和 Mevath Mishra

据政府官员透露，在数周以来关于美国在战争中弹药耗尽的头条新闻出现后，特朗普提出了这一要求，尽管政府此前保证美国拥有战斗所需的物资，并足以应对俄罗斯和中国等对手。

顾问们表示，总统对战争的焦虑感日益增加，因为他认为在迫使伊朗拆除其核计划或结束这场冲突方面，几乎没有好的选择。

白宫一直坚称美国拥有足够进行任何行动的弹药，但与此同时，白宫威胁将处置任何泄露战争信息的人。

“美国拥有世界历史上最强大的军队，拥有足以对抗任何其他国家的火力，且能随时执行总统的命令和计划，”白宫新闻秘书 Karolina Levett 表示。“任何从美国获取军事信息并将其提供给媒体的人都在破坏这种信任并违反联邦法律，应当受到法律的最严厉制裁。”

在一次关于弹药水平的新美国国会询问中，特朗普告诉记者，某些弹药比其他弹药更充足，并补充说“我们总是想要更多”。他说美国处于“非常好的状态”。

据美国官员透露，特朗普私下向内阁官员和助手发泄对弹药水平报告的不满，因为他认为这些报告在给伊朗政权提供便利，并削弱了美国试图限制德黑兰核计划的立场。

官员们表示，总统的愤怒引发了他与国防部长 Pete Bogenoff 以及特朗普国家安全团队的讨论，讨论内容涉及美国还剩下多少弹药以及未来行动需要多少。

《华尔街日报》此前报道，在特朗普五个月前发动战争之前，参谋长联席会议主席 Dan Cates 参议员及其助手曾向他作证，称针对伊朗的军事行动可能会显著消耗防御拦截和进攻性导弹的库存。

政府官员表示，这件事已困扰了这位商人出身的总统数周，其中一人表示这些头条新闻让他“发疯”。

《华盛顿邮报》周三报道称，特朗普在上周在戴维营的内阁会议上对 Bogenoff 表示不满，白宫对此不予承认。《邮报》称白宫试图否认其报道。

美国官员表示，在上周戴维营内阁会议结束后不久，弹药问题成为了关注焦点。据知情人士透露，他致电国防部长 Stephen Feinberg，讨论五角大楼的弹药水平，Feinberg 领导了一项为期一年的增加弹药生产的计划。

一名人士表示，Bogenoff 也在关于伊朗的通话中。相关人士称，其他高级国防官员当晚紧急召开会议，集思广益以寻求全面提高关键弹药生产的方法。

RBC News 此前报道了 Feinberg 与同事的讨论。Feinberg 曾尝试在武器工业面前通过激励手段来加快生产。

虽然五角大楼已与公司达成协议，以在未来七年内提高 Parlor 和 Thane Bannister 等关键弹药的产量，但许多协议仍需国会批准资金。

特朗普此前曾敦促五角大楼高级官员和顶级军事承包商快速生产更多弹药，召集了采购官员和信息-

据《华尔街日报》此前报道，执行人员被召集前往白宫，参加6月份的一次充满争议的会议。然而，专家和知情人士表示，如果不完成合同，国防工业几乎无法解决短缺问题。周四，副总统约尼博士（Dr. Yonny）在与共和党参议员的一次简短会议中，就共和党政府处理伊朗战争的方式进行了辩论。据参加会议的参议员约翰·巴隆（John Barone）和赖博士（Dr. RAI）透露，约尼告诉参议员们，费恩伯格（Feinberg）一直在吸引更多公司参与，并致力于加速弹药生产。博根诺夫（Bogenoff）、费恩伯格和凯茨（Cates）此前也一直在与共和党议员进行私人会晤，以努力为其支出请求争取支持。

被逼入绝境的普京引发美国担忧

（接第一页）

相关人士表示，由于普京在乌克兰难以获得其想要的成果，美国情报官员一直在观察美国近期是否打算升级对欧洲盟友的行动。美国官员表示，担忧在于普京在被逼入绝境时可能会变得更加危险。可能的威胁范围从对北约（NATO）国家的网络攻击，或派遣非武装团体进入逃逸领土，到对该联盟东翼进行有限的最低限度攻击。

根据美国情报评估，俄罗斯采取任何行动的时间范围预计在今年秋季至2018年之间。专家表示，最极端情况发生的可能性目前有限——虽然法律如此，但随着时间的推移，可能性会增加。此类行动一直被认为是至关重要的且极不可能发生，因为这将触发北约（NATO）的 Article 1，该条款承诺成员国共同防御。但 Article 1 并非如此，且北约（）的应对是为了防御威胁。

“这一直是北约（）的起点，”美国及美国在子条款中表示。“对于攻击，且到目前为止，北约（）盟友更倾向于不升级，”美国白宫表示。例如，在2007年针对Eximax的一系列网络攻击中，该国选择以克制的方式处理危机。

国防部和北约（）欧洲盟军最高司令部的发言人拒绝讨论敏感情报。国家情报总监办公室的一位发言人未回应置评请求。北约（）发言人马丁·奥唐奈（Martin O'Donnell）表示：“我们一直在思考并为重聚的娱乐做准备。北约（）在关注，我们准备好在必要时进行威慑和防御。”

新的评估加剧了美国官员对某些关键弹药短缺的现有担忧。官员表示，除了某些远程和短程导弹外，其他防御储备也较低，包括Parlor, 1963和末端高空区域防御拦截，以及Thand无线电和防空炮兵部队。

五角大楼首席发言人肖恩·帕内尔（Sean Parnell）对弹药短缺的说法予以否认。白宫发言人安娜·凯利（Anna Kelly）表示，美国军队拥有“足够”的弹药来“实现特朗普总统的所有战略目标”，同时补充说，据推测已利用国防承包商生产更多弹药。

“我们拥有所有在总统选择的时间和地点所需的一切，或花费去制造，”帕内尔（Parnell）说。“在多个作战司令部，我们已经执行了成功的行动，同时保持着深厚的、随时待命的军械库，以保卫我们的人民和利益。任何将美国弱点误认为媒体两次的对手都将以惨痛的方式发现真相。”

战略与国际研究中心的汤姆·科扎克（Tom Kozak）表示，在与俄罗斯的冲突中，诸如秘鲁打击模块和陆军战术导弹系统（两者均由高层炮兵火箭系统固定）以及刺针导弹等武器，对于击退侧翼登陆至关重要。

弹药短缺在美国政府内部引发了辩论，主要集中在武器库存下降是否会限制特朗普在伊朗采取的步骤。参议员丹·凯茨（Dan Cates），联合参谋长会议主席，表示战争并非白宫降低防空拦截的理由。

《华尔街日报》报道了凯茨（Catas）面临的更多问题，他认为低渗透率不会排除恢复针对伊朗的大规模战斗行动，但会寻求成为这种情况。政府外部的一些分析人士反复警告，在中东消耗弹药可能会削弱美国探测全球对手的能力，不仅包括俄罗斯，还包括中国。

。例如，更新后的报告估计，美国扩大了1200的AEC Power弹药，伊朗战争，以及美国周围较低的FSS。“如果这仅仅是一个与伊朗作战的问题，即使我们已经使用了大约一半或多一点的拦截弹，我们仍然剩下另一半。因此，我们可以与伊朗作战同样长的时间，”CSD报告的共同作者马克·卡兰（Mark Carran）表示。“问题在于，普京现在非常担心这将对西太平洋与中国的关系产生什么影响。”

美国在美军以及美国在子文章中 美国在美军以及美国在子文章中。美国在美军以及美国在子文章中。

缓慢的病程使埃博拉毒株更具致命性

作者：REBNAH BAHTO KAMILAL

乌干达——关于席卷东非的埃博拉毒株的第二点可能会相当令人惊讶。它并不像早期的爆发那样致命。从表面上看，之前的变异株更危险。在 2014 和 2016. 的爆发中，人们迅速发病并倒下。但由于像扎伊尔（Zaire）变异株这样的埃博拉毒株杀伤力太强，它们很快就耗尽了新的“弹药”。否则它们可以转移到另一个区域。它们消失了。而这一次，Bundibugyo 毒株的致死率并不像 2014. 那样高。

研究发现，它的复制比那些致病性更强的形式更为缓慢。德克萨斯大学的战略专家 Govt Levine 表示，症状发展得更慢，使得感染者在病重之前能够保持足够的健康状态来走动并传播病毒。“Bundibugyo 毒株这种更缓慢的病程可能是一个额外的风险，”她说。

Peter Ba James 是一名曾在 2016-2016 年埃博拉爆发期间在塞拉利昂前线工作的卫生工作者，他将其称为流行病学家的日志（epidemiologist-journal）。“极具致命性的毒株往往更容易被遏制，因为它们会迅速让宿主死亡或丧失能力，”目前在一家公共前线大学工作的 James 说道。“而当一个毒株的抵抗力较低时，比如 Bundibugyo 毒株的情况，感染者感到不舒服，但还没到卧床不起或放弃日常活动的程度。”

乌干达最近提供了一个竞争性的例子。当一名刚果旅行者出现高烧时，卫生工作者正在该国主要机场进行筛查。在对他进行详细询问后，他们将其从拥挤的机场转移出去，随后他乘坐出租车前往 10 英里外位于坎帕拉的一家医院。根据乌干达卫生部流行病学负责人 Allen Moritz 的说法，这名 20 岁年轻人的样本呈 Bundibugyo 阳性，但该旅行者在返回东非之前刚刚结束了为期八天的迪拜商务旅行。阿拉伯联合酋长国报告称，当该病例出现时，当地没有传播。但他是在携带该疾病进入乌干达的 15 名刚果人之一，并将病毒传染给了 5 名乌干达人。

医生推测他在前往迪拜之前在刚果感染了病毒。目前该病毒主要集中在刚果民主共和国的东部前线，其感染和致死速度快于以往任何一次爆发，包括 2016-2016 年在西非造成 28,000 人感染、超过 12,000 人死亡的纪录性爆发。流行病学家警告称，这一次 Bundibugyo 变异株仅在最初 10 周内就感染了 3,975 人，其中 1,805 人死亡，这意味着它从现在起具有更快速加速的潜力。世界卫生组织表示，实际感染规模可能比报告的高出两到四倍。

周四，在一名于 7 月下旬因类埃博拉症状死亡的乘客此前在某一站点下车后，刚果卫生当局在首都金沙萨附近隔离了一艘载有 250 人的船只。该船在几周前刚离开受埃博拉影响的东部城市基桑加尼，在距离人口约 1700 万 的首都 40 英里的一个河港被拦截。

Bundibugyo 毒株是四种已知埃博拉病毒物种中的一种，简而言之，在当前的爆发之前，它仅导致过两次记录在案的爆发。第一次发生在 2000-2006 年的乌干达西部 Bundibugyo 区（该毒株以此命名），导致 121 例病例和 42 例死亡。第二次发生在 2012, 的刚果 Base-Side 省，有 38 例经实验室确认的病例和 12 例死亡，尽管卫生官员表示实际死亡人数可能被低估。

目前还没有经批准的疫苗或治疗方法，不过疫苗制造商 Roxhma 周二表示，已在加拿大开始针对一种名为 milNit (MNT) 的实验性疫苗进行首次人体试验，以防御 Bundibugyo 毒株。澳大利亚的流行病学家 James 表示，Bundibugyo 毒株进展较慢，这可能是为了在发病前更广泛地传播而采取的一种革命性策略。控制疫情的最佳方法是快速诊断病例、隔离患者并追踪其接触者，以切断传播链。但疫情发生在一个活跃的战争地带，当地社区依然存在不信任感，医疗体系虽然在运作，但救援人员并未取得太大成功。“毫无疑问，病毒的传播速度快于我们的防控速度，”Mercy Corps 埃博拉响应团队负责人 Danielle Bongrini 在俄罗斯（其中一个受灾最严重省份的首府）表示。陆军疾病控制与预防中心负责人 Jean Kacey 在 7 月 30 日表示，过去两周内近三分之二的确认死亡病例发生在治疗中心之外，因为许多感染患者仍住在自己的村庄里。那些设法来到医院的人，在被要求就医时抵达，但已病重至无法挽救。“我们需要尽快将病人从其社区中移出。我们正尽最大努力与当地领导人合作，”他说道。

医护人员抗议要求支付薪酬

警察和法医调查人员正在检查罗马尼亚境内一次俄罗斯无人机袭击造成的破坏。我们支付了春季。乌干达最近提供了一个竞争案例。当一名刚果旅行者出现高烧症状时，医护人员正在该国主要机场进行筛查。

数十名刚果医护人员在他们所在省份的省长面前就其工资问题举行了提前破坏，他们放弃了最近的医疗设施，进一步扰乱了关键护理。这些工作人员在布鲁内的省长办公室进行活动。该省的省会城市聚集了该国近 90% 的人口，他们现在是一个离开岗位的潜在群体，一些关于任何问题的预兆在几周前就开始了。医护人员表示，自 5 月宣布最后一次休息以来，他们一直没有收到工资和奖金。根据 20-year-old's chief Jean Kacey 的说法，刚果已报告约 4,000 例确诊病例，其中包括 1,000 多例死亡。——美联社 --- A8 / Friday, August 7, 2026 华尔街日报。世界新闻

西藏人的自焚激励了这场运动

在联合国外的最后行动，将全球分裂的活动人士团结起来反对中国的举措 作者：JAMES T. HENRY

对于支持西藏愤慨努力的纽约市活动人士来说，一个运动成员——Lohga Rangers没有参加7月1日在中国十字军（China's Crusaders）与联合国总部之间举行的大规模抗议游行，这很不寻常。相反，Lohga一直在准备第二天一个更为剧烈的行动：为事业牺牲自己的生命。

7月2日，当夕阳将阴影投射在联合国大楼上时，Lohga将他的黑色物品放在牛津路边并开始构思。镜头捕捉到他走向交通边缘，移到一侧，在一条长路上举起一面西藏旗帜。很快——一团火球将他吞没。随着黑烟高高升向天空，Lohga在倒在火焰中之前踉跄了90秒，一名联合国安保人员冲上前去，拿着六个灭火器进行扑救。

Lohga的自焚激励了此前已经分裂的全球西藏流亡群体。这位52岁人士死亡的消息迅速传播。Lohga留下了一段六分钟的视频，引发了加拿大、法国、澳大利亚、印度等地的示威，包括在联合国前设立的花卉祭坛。

演员和Ti- 一名支持者上个月在纽约市联合国外的西藏活动人士Lohga Rangers纪念碑前放置了一个仪式性的铸件。“他的1完全是为了西藏。”一名活动人士最近在时代广场的一次纪念Lohga的集会上说道。

西藏人，其佛教信仰允许无限次的轮回，报告注意到Lohga仅仅是自杀。

“这不是一个精神失常的人，”政治党派西藏国民大会（Tibetan National Congress）创始人Junsung Nechu说。“这是一个在发表政治声明的人。一个关于西藏独立的声明。”

西藏团体将自焚——自1990年以来已有1000多人——归咎于压制性的中国政策所带来的绝望，他们称这些政策威胁到了古老的文化。西藏利用全球对其精神领袖、1999年诺贝尔和平奖获得者达赖喇嘛（India Lama）的好感。但随着达赖喇嘛上个月年满20岁，他的非暴力“中间道路”方法未能遏制北京对西藏绝对政治和宗教控制的推动，从而在西藏社区关于如何面对中国的问题上产生了分歧。

北京拒绝对其政策的批评，否认其对少数民族的对待，并指责西方国家在忽视自身人权问题方面采取双重标准。北京驻华盛顿大使馆的一位发言人表示，所有自焚事件都是悲剧，但同时也是“由达赖喇嘛（India Lama）团体煽动和操纵，试图推进其分裂议程”。

“他的所作所为不是为了自己，”他的表亲Luhang Samdap说。“他的120完全是为了西藏。”

西藏人将中国视为他们的家园，包括西藏高原东缘四川省的Kachin县，Lohga曾在那里受害。成员们说，Lohga的父亲在1950年的中国镇压中失踪——当时达赖喇嘛逃往印度——其他亲属被监禁。

Lohga是一个习惯于处于聚光灯下的强有力人物，他是众多西藏活动的幕后推动者，例如在费城举行的一次纪念达赖喇嘛1956年生日的90年集会。他记录了自己的活动，包括在为西藏奔走时解释他的主张。

在纽约市的每个星期三，Lohga都会领导一场宗教舞蹈服务，穿着一套运动袖套，伴随着他的手臂和身体动作。身边的人说，在最后的日子里，Lohga开始表现得与众不同。他像男人一样剃掉了背上的毛发，邀请朋友喝茶，并开始抽浓味的香烟。他大约半个月没有为西藏撰写任何文章。

Lohga 将大量时间花在他的侄女身上，包括在 7 月 1 日开车带着她和他的室友前往纽约，为了像和平一样地运作。“不寻常的是，当我回想起来，我会发现很多我认识的男性和女性的照片。在途中，Lohga 结婚了，他正在参与一场重要的抗议。那天，中国实施了一项新法律，将其过去作为 betano 的测试，孤儿、蒙古人以及少数群体，然后通过摧毁文化活动来强制同化。 与他的好朋友之一 Thaphne Chomri 同样，后者处于边缘地位。 溺爱他，在曼哈顿相反状态下的中国第一次和第二次时间之间进行搜索。当他们最终在 7 月 2 日通过视频通话联系时，这位朋友惊讶地发现 的 T 恤被拉伸成了奖励色，并且他为了几种表面可接受性而抽烟，并且很不安。Thaphne Chomri 的 WhatsApp 账户显示，在下午 $138，他收到了一条包含四张照片的消息：一张过去发言的截图，两篇抨击中国西藏统治的文字，以及一张 像女人一样摆姿势的肖像照。在肖像照中， 坐在联合国的一个低矮黑色物体上，在曼哈顿一家餐厅的卷轴地毯条上，似乎在引起人们对他右臂上古老且古老的中国纹身的注意。他拿着一个带有打印标签的长绿色杆，还有一个标有纽约和墙下的重型袋子。一个三旗蚀刻图，装饰着他曾在多伦多参加的一个西藏独立会议的标志。几分钟后， 在联合国外的 Epsom，距离近 1000 英里，前往一个绿色杆。纽约警察局表示：“我们在下午 6:32 接到电话并发现一名男子遭受这些事情，我不会帮忙吗？”他随后在医院被宣布死亡。 开始用他的曼陀林批评民族统一，并且“当地人要说的是，中国共产党的政策和在西藏的活动旨在完全摧毁中国人民。” 是该成员，他说在视频中，“如果我们不做任何事情，我们将无法取得任何成就。”

中国东莞 ICT Technology 的在职员工，该公司制造组装电路板的自动化系统。

1 2 $138 1000 6 32

中国供应工厂（接第一页）

根据麦肯锡全球研究所对中国官方海关数据的分析，与去年同期相比，消费品专家增加了45%。这一转型正威胁到欧盟、日本和韩国等全球制造业经济体的经济危机。这些经济体中化学品、机器、工厂和其他工业品的生产商曾宣布依赖于该大陆的中国工厂，但现在中国在海外甚至在他们的低端市场都成为了一个强大的竞争对手。几十年来，麦肯锡专家首次发现从中国进口的先进资本货物多于从那里出口的专家。这一转变引发了全球警报，欧洲领导人正考虑针对零售额采取新的生产措施，以及“中国黑色 2.0”的兴起。虽然韩国和日本今年被迫应对与人工智能相关的出口激增，但行业底层的结果是正在失去全球市场份额。

在东莞 Topstar 的总部，其全球客户群的标志清晰可见：美国制造商 Jack、韩国三星、Tsunami Fracsim 以及中国巨头华为和 CATI，该公司称其拥有来自 10 个多国家的 15,000 多名客户。Topstar 的业务正在蓬勃发展。其营收销售（去年确实增长了近 30%，达到约 3 亿，受墨西哥、build 和越南激增需求的推动）。在 2026 年第一季度，Topstar 的工业机器人营收同比增长 85%，而其公司控制的机床、掩体增长了 60%，它预计利润将比前一年增加一倍多。

中国从世界的消费组装线演变为先进制造强国的过程是蓄势已久的。政策鼓励更高水平的内容，增加在中国生产零部件。在“小巨人”计划下，中国向专门的高科技制造领域数千家中小企业提供补贴、税收减免和非法贷款。庞大的国内市场和残酷的竞争有助于加速中国的工业升级。中国的产品供应商网络和基础设施也使生产高度高效。

在东莞，Henry Wang 的生活见证了中国的崛起。当中国在 2005, 年加入世界贸易组织时，Wang 是一名来自该国北大陆省的 18 岁初中毕业生，两手空空地来到东莞。他住在拥挤的 12 人宿舍房里，在 RBR Electronics 像个低端劳动力一样工作，该公司为智能手机 Oppo 和 Tovu 供货。到 2032, 年，Wang 共同创立了后来的东莞 ICT Technology，这是一家拥有 80 人的 Tovu 报告自动化机器人系统公司，用于组装几乎所有现代电子产品中使用的电路板。他说他的公司将机器销售给全球制造商，并制作关于基于中国国内供应链的机器人的视频。

在最近的一个周六，工人们在改进一条发往墨西哥客户的生产线。头顶上，企业标语捕捉到了驱动中国工厂的服务导向特质：“除了服务客户，一切都是废话。” Wang 预计 ICT 的营收今年将至少增长 50%。该公司正在进入一个新业务，其规模将与目前的规模相当。“中国仅作为世界工厂的时代已经结束了，” Wang 说。“现在，中国在帮助世界其他地区建设他们的工厂。中国不能永远只期待成品消费品。” Wang 说，“我也没允许我的公司这么做。”

在他的回复中，生产重型工业连接器的德国制造商发现，一个运行中的站点正面临来自中国制造商的竞争。Starling 的拉丁美洲董事总经理 Chiman Lunan 表示，中国竞争对手在大批量产品上提供 30% 的折扣，并且生产质量更高的产品。“这影响了增长率，” Lunan 说。

企业面临“危急局面”

德国叉车制造商 Junghaerisch 在欧洲正将客户输给中国竞争对手。该公司首席执行官 Lars Bronska 估计，中国制造商在区域工业卡车市场的份额已从 2006 年的 7% 增加到如今的 30%。中国生产商通过瞄准“足够好”的市场，以西方产品一半的价格，制造适用于中等日常使用频率的机器。现在，中国制造商正在建立本地研发中心和生产设施，这将使其能够生产更高价值的产品。Bronska 表示，作为回应，Junghaerisch 去年宣布与中国叉车制造商 EP Equipment 建立战略合作伙伴关系。“我们面临的是一个极具挑战性、甚至可以说是危急的局面，”他说道。Junghaerisch 最近公布了今年的盈利预测，其中部分反映了来自中国的竞争加剧。

剑桥大学紧张局势中教授执掌大权

作者：MAX CALDERON 伦敦——多年来，在2023年成为剑桥大学任命的最年轻黑人教授的杰森·阿尔代（Jason Arday），因其非凡的背景故事和成就记录而受到英国媒体的赞誉。阿尔代出生于伦敦一个加纳移民家庭，他表示自己童年时被诊断出患有哮喘，直到成年才能说话，并在青少年时期克服了文盲，随后成为一名社会学教授。当他在37岁被任命为剑桥大学教授时，这家声名显赫的机构表示，他将帮助“解决来自社会经济弱势背景人群的carboxyprostitution问题”。

如今，阿尔代处于一场抄袭丑闻的中心，这使他失去了工作，并引发了人们对剑桥大学聘用他的决定的质疑。近几个月来，少数关于阿尔代2025年博士论文原创性的真实记录和草稿，以及关于他过去的قضايا指控出现，包括他为慈善事业筹集了500 万英镑，约6000万美元，并在六天内跑了超过600英里，且在腿部有骨折的情况下完成了挑战。

在一个月内，阿尔代签署协议表示，这是摆脱实际情况、猜测和出版物争议的唯一方法，“个人成本增加到了一个临界点，”他说道。“当这些情况开始显现时，剑桥大学支持阿尔代，称他是种族动机攻击的受害者。”

2026, 剑桥大学表示，在关于反学术资格的“新信息”出现后，已启动正式调查。6月下旬，阿尔代表示他已离开大学的耶稣学院。阿尔代未回应置评请求。

关于阿尔代背景故事真实性的指控在7月获得关注，此前凯瑟琳·科尔汉（Kathryn Colhan）发布了一篇历史帖子。科尔汉是一名学者，在一次针对其博客帖子的纪律调查后于2014年离开剑桥大学，他在该帖子中声称哈佛大学黑人教授的人数将“接近5%”，并在一个功利主义的论点中认为，在这种条件下，“黑人将从体育和娱乐之外几乎所有高知名度的职位中消失”。剑桥大学最终认定该帖子没有违法或违反大学维护言论自由的规定。

科尔汉表示，阿尔代在利物浦的一所大学就读期间撰写的2025年博士论文，在通过抄袭检测软件后，标记出许多似乎与另一名学生在2009年撰写的论文“一致”的段落。科尔汉还指出阿尔代撰写的其他几篇作品中似乎也包含抄袭。

“所有参与者——包括阿尔代本人——都明白他被要求推广1812年的意识形态，”科尔汉写道，并使用了一个关于seventy-eight和midwives的比喻。

在接受《伦敦时报》采访时，阿尔代承认犯了错误，且他的行为导致了其他人的工作，并表示他为了理解概念而“受益于行业”。他表示自己是旨在破坏其名誉的运动的受害者。

阿尔代向《卫报》澄清，1000 万的慈善筹款是由一群人在二十年间完成的。他澄清自己是在中间穿插休息日的情况下，在U.S.天内跑了600英里。

阿尔代的回忆录《伟大而不幸的事》（Great and Unfortunate Things）计划由中国的8,000-seen free writers出版。出版商表示将继续出版该书。

--- 华尔街日报 • • # 第一页转接

神秘的停车计费器袭击者（接第一页）

在北贝里克（North Berwick），总经理芬迪什·琼斯（Fendish Jones）在BBC派遣电视团队报道这波犯罪浪潮时告诉该机构。警方表示他们正致力于破解此案。东洛锡安议会（East Lothian Council）负责人诺曼·汉普郡（Norman Hampshire）指出这是一个小镇。“有些人会知道是谁负责的，”他说。人群在议论。这里很多人还记得那位神秘的义警。

商家和居民担心新的停车制度会打消人们在镇上逗留或在商业街购物的意愿，这条商业街聚集了像面包店和烘焙店，甚至包括冷饮制造商等独立店铺。至少有一个人愿意不惜一切代价来保护它。

“有传闻说一些年长的园丁在夜间出门，穿着针织衫和高尔夫毛衣去做这件事，”在镇上经营一家名为10 A. Co.的会计兼礼品店的苏珊·奥利弗（Susan Oliver）说道。“但这其实是人们对议会在没有真正征求任何人意见的情况下将此强加给小镇而感到厌烦的结果。”

店主们担心新规则毫无必要地令人困惑。这里有多个区域，很容易停错位置而被开出2000罚金。一些企业表示规则正在变化。已经有一家服装店表示将在未来几周内关门。

“这正在扼杀浏览时间，而这正是商业街的灵魂，”奥利弗在店外架子上摆放一些彩色购物袋时说道。

梅格·梅特兰（Meg Maitland）则采取了行动，尽管这具有争议。在她位于商业街的服装店里，她分发了看起来像官方的标牌，准确地说明在何处停车以及停车时长，而不会冒着被罚款的风险。这个想法是让困惑的购物者走进店里寻求建议。

“我想是在与议会进行2000次会议之后，我心想，既然你们不解释限制条件，那就由我来解释，”梅特兰说。“到目前为止，这些标牌还没有被拆除。”

一些青少年对避开当地议会区域表现出新的态度，这呼应了对英国政府各层级日益扩大的不满情绪。这种情况发生在北贝里克。尽管这座城镇曾被《洛锡安星期日时报》（Lothian Sunday Times）评为英国最宜居的城镇，但这并不令人惊讶。

第一批计费器在春季遭到袭击，关键是——数十个北贝里克的设备所有者在春季遭到袭击，读卡器被涂抹，人们在观察它们是否损坏。随后，议会的标牌被要求居民反抗停车计划的告示牌所取代。

一位自称是威尔士艺术家的作者为其中一个受损的计费器添加了一个肿胀的框架，将其变成一件名为《民主狂人》，2006年的艺术品。

“这件由东洛锡安议会赠送并由北贝里克人民‘完善’的装置作品，探讨了围绕地方民主和公众反抗的几个主题，”一张层压纸条上写道。“类似的装置作品在镇上随处可见。”

几周后，当计费器被破坏的消息传出，电视新闻团队涌入小镇。当地报纸开设了实时博客。

“我们的目标是让西海滩的所有商店都保持安静，”东洛锡安议会解释道。“在上午10:30左右，塔里夫尔斯露台（Tarrifles Terrace）的新游行区几乎没有车辆在寻找停车位。”

在镇的左侧，苏格兰议会的立法者就此事对企业产生的影响发表了看法。当地议员利兹·艾伦（Liz Allen）在表达对袭击行为的反对后被其政党暂停职务。

“我不喜欢从一些议员那里看到的这种漠视，那种‘我们比你们更清楚’的态度，因为坦率地说，他们并不清楚，”她说。

该议会已在该项目上花费超过 100万美元，并表示已经举行了公众咨询，不会改变方向。议会称“我们的收费旨在提高车位的周转率并使企业受益”。它表示：“我们希望看到更大的收益。”它还表示，停车费将用于支付北贝里克（North Berwick）两名执法人员的费用，以监督任何非法停车的行为，而这并非该镇所希望看到的。作为议会立法者之一的迈尔斯·雷（Miles Reigh）预计，在今年大多数议会选举开始之前，情况不会有任何改变。与此同时，标志牌的价格为 $1,000 a.m.。发动机似乎是安全的，尤其是那个被负面车辆挤在药店和 A4 之间的一辆。$1

特殊目的载体（SPV）可能为投资者带来风险（接第一页）

Rajpcoskly 的朋友表示，Late Stage 的销售经理 Jeremy Barish 的引导方式更为专业。他们通过电话沟通，但大部分时间是通过 WhatsApp 往来，他表示从未亲自前往该公司。1920 年 11 月，Rajpcoskly 向 Barish 询问如何将资金转移到较低的 1,000 安全银行，以及他非常希望在 9 月参与购买相关股份。Foods、Soft 和 SpaceX，Barish 表示这三者均可购买，并为 准备了新的签署文件。根据美国政府向《华尔街日报》提供的信息， 在年底前节省了资金，其中包括 $22,000 用于参加一个持有 Moehl's 和 SpaceX 股份的基金。当时，他估计这家火箭制造商的估值为 500 亿美元 billion。当 SpaceX 在 6 月上市并获得新估值时， 成为富人的梦想本应实现，却变成了噩梦。

在 1970 年之后不久， 表示，另外三名向本报讲述情况的投资者称，他们无法登录 Late Stage 的投资者网络门户。 表示，他最终得知该公司在 2004 年出售了他所持有的 SpaceX 股份，当时每股价值约 $105，且在 15 周拆股之前，当时 的持仓价值为 $45,400。但 ——根据其投资门户截至 2005 年 5 月显示的持仓以及 2005 年的税务报表——认为他仍然持有相当于 2,000 股的 SpaceX 股票，按 IPO 价格计算，他估计这些股票价值超过 $300,000。

“计划是用这笔钱资助我两个孩子的教育。其中一个即将进入高中，”已经向美国证券交易委员会（SEC）提交投诉的 说道。该基金的其他投资者也感到惊恐。 表示，基于一个由约 100 名 Late Stage 投资者组成的团体，他认为还有 100 多人处于类似情况。一些人已经聘请律师对 Late Stage 提起诉讼，旨在追回并提交他们在 SpaceX 中的利润份额。该基金的一名投资者告诉本报，一名 SEC 律师曾就他与 Late Stage 的经历对他进行了 50 次询问，他还表示一名 FBI 特别探员也参与其中。

周四，当第一批 SpaceX IPO 投资者被允许根据标准（销售协议）在整个市场出售股份时，仅与 SpaceX 股票相关的 SPV 就至少有 1,000 个，这为大量投资者套现股份提供了机会。或者，如果他们的利润份额未能兑现，他们将陷入与 相同的境地。

本报审阅了 的税务文件、详情、WhatsApp 消息以及其账户门户的截图。Late Stage 没有回应多次置评请求。本报尝试向该公司发送问题。泽西岛的一个地址在 3 月份仍被列为 Late Stage 的办公室，但该建筑的一名物业经理表示，该公司在三年前就已搬走。销售经理 Should 告诉本报他会回应置评请求，但最终并未回应。一名 SEC 发言人表示，该公司不对可能存在的调查之存在或不存在发表评论。FBI 拒绝置评。

私募投资特殊目的载体（SPV）近年来变得更加流行，因为许多近期的高估值初创公司选择削减私人融资规模。由于启动估值需求较高，支票在资本化过程中被要求在连续融资中写入，大多数放弃者，进入资本公司并不总是拥有所请求的数百万美元的现成资金，但他们也不想错过机会。于是他们设立 SPV，以利用那些并非私募投资者的个人投资者的资金，让他们分得一杯羹。 通常专注于一家公司，并将投资者的资金锁定，直到该公司上市或发生其他流动性事件（如被收购）。 并不直接销售股票——它们销售的是股票的“风险敞口”；在基金的指导中，他们将投资者称为对其所敞口股票进行“持有”，尽管他们并不直接拥有股份。这些基金属于向个人投资者推销的一系列在标准监管环境之外运行的私募工具。这些被称为替代投资的工具，包括私募股权和风险投资基金，提供丰厚的利润，且在许多情况下确实实现了这些利润。但它们也伴随着可能压垮小型投资者的极高风险，且更加不透明和复杂。 可能尤其充满风险。所谓的“第一层基金”实际上拥有公司股票。但随着这些工具的普及，经纪人创建了投资于其他 的 ，从而形成了多个层级，使得追踪谁实际拥有什么变得困难。 不受与自然基金相同的监管监督，且不被要求公开报告其持仓或投资者。它们不需要向美国证券交易委员会（SEC）提交财务报表或详细的损益表，也不需要在筹集资金前获得 SEC 的批准。没有官方帮助来统计存在多少个 。它们的费用通常包括“安置费”或“管理费”，仅在购买股份的初步阶段就高达 5%，以及 20% 或更多的基金业绩费。投资者购买 的股份是基于一种预期，即一旦公司上市或被出售，股份将被分配，但基金的计划有时并不明确。《华尔街日报》采访了一些投资者，他们分享了关于后期阶段 的类似投诉，其中一些人表示他们已向 SEC 提出了此问题。他们说这些 承诺——

6月12日，在纳斯达克开市钟声响起时，SpaceX 的员工在场；时报广场纳斯达克外的旁观者注视着上方的股价。因持有 SpaceX 的风险敞口而获利，但他们在 1970 之后被告知持仓已在较早日期出售——使他们失去了巨额收益。

处罚信息 Late Stage 设立了私人投资资金，旨在从如 Rajpcoskly 这样希望持有 SpaceX 股份的个人投资者处募集资金。但 Late Stage 无法直接接触到 Moehl 或 SpaceX 股票；在形成过程中，它与 之间存在多层关系。这家火箭公司经常向亲密朋友和工作投资者出售私人股份。其中一些投资者为 pro-IPU 股份创建了特殊目的载体（SPV）。一家总部位于曼哈顿的 State Capital Trust 私人离岸投资公司收购了持有 pro-IPU 股份的某个 SPV 的一部分。根据法院文件和律师的说法，该公司随后似乎重新包装了这些权益，并出售了超过 100,000 股。Capital Trust 未回应置评请求。Rajpcoskly 表示，他不明白其账户中 股票的问题。当 在 6 月 13, 时上市，他看到股价攀升至 $100. 他关注到其下降至 $100, 并收到了知道他投资情况的朋友们的公司短信。他在接下来的一个星期开始担心，因为他说他无法访问 的权益门户网站。当门户网站恢复时，他说他的 账户首次显示其 持仓已于 Dec. 31, 2016. 售出。他得知，向他介绍 的那位朋友也收到了类似的消息。 拨打了 的主线区线，但他表示没有人接听。6 月 23, 他向该公司发送了计划。他收到来自 状态电子邮件地址的回复，称门户网站正在维护。 要求确认他仍然持有 2000 股 股份。他在 2002 年的文件中，以及 5 月份的账户记录中列出了 500 股，就在 进行 5 倍拆股之前，根据 的账户计算，在 IPO 时为 2,500 股。他希望确认“没有发生任何未经授权的出售、转让或分发”。没有得到回应。几天后， 的运营电子邮件发送了一封新邮件，称门户网站将于当天恢复。当 登录时，他的账户显示他不再持有任何 股份，但其价格引入导致其账户中出现了 $65,400，他对此表示质疑。 感到心沉之感，再次通过电子邮件要求解释。 写道，它曾在 Sept. 21, 2014 向 发过一封电子邮件，“表明 的大宗股份已售出”。她现在披露的信息揭露了另一个矛盾——当门户网站首次显示已发生销售时，给出的日期是 Dec. 31, 2016. 搜索了他的计划以及 和 trade 电子邮件文件夹。他说他从未收到过 关于其状态下销售的任何沟通。除了 的会计师事务所 2004 年和 2013, 寄给他的最后三个月的内容外，他没有收到任何其他信息，该内容已被《华尔街日报》查阅，且他持有该头寸。 表示，他在 2014 年的 Webmaster 上，在收到关于一家上市公司第一季度收益的请求后，但此后已安排 2014 年的年度收益为 $22, 该股票仍远低于 2000 IPO 价格，这意味着直到这家火箭公司在股市首次亮相才购买股份的人在投资上最终受损。一名参与者解释了购买 pro-IPU 股票的情况——早期获得股份的投资者可以以较低的价格进入，从而在 3.5% 的缺口中获得甚至超过 10% 的收益。这仍然是一场冒险的赌博。在公司 IPO 之前抢购股份的投资者面临失去销售额的风险，且在 2000, 的 10% 比例下无法出售，通常持续数月。对于 SPV 的投资，高额费用和新上市公司波动剧烈的股权交易可能会抹除市场价值。

3月，来自Late Stage的高管们承认欺诈投资者的指控。联邦检察官表示，发布该法律的Raymond John Potrillo, Jr.、Joseph Fencabapo和Robert Fennell隐瞒了加价和费用。他们正在等待判决，私人最高可面临20至45年的监禁。Fencabapo的律师表示，预IPO股票的问题不属于他的案件。其他高管的律师没有立即回应置评请求。Rajpcoskly表示，他不想申领其账户中的资金，因为他认为自己应得更多。他和其他投资者已请求法院阻止任何SpaceX股票的出售，因为这将影响他们获取其认为该资产所值资金的能力。

--- A10 / 2008年8月7日，星期五 华尔街日报

艺术评论

电影评论 | 凯尔·史密斯

食物与生活的教育

《托尼》（'Tony'）是一部关于年轻时期的安东尼·波登（Anthony Bourdain）的绝佳传记电影，讲述他在鳕鱼角（Cape Cod）的一家餐厅工作的夏天。在那样漫长的岁月里，在一个陌生的地方，挣扎着让自己挺起胸膛，完全不知道接下来会发生什么，或者会与谁一起经历，在几个未知的夏天里？《托尼》是一部关于1975年19岁的安东尼·波登（多米尼克·萨索 Dominic Sasso 饰）生命中一个季节的传记片，电影的题词（由他本人在多年后写道）将其描述为“一个被宠坏的、痛苦的、自恋的、自我毁灭且深思熟虑的年轻混混，急需一次好的教训”。

这部电影是对我们文化中最被过度使用的故事——受害者叙事——的一次反叛：年轻的托尼享受着新泽西州中上层阶级生活的全部保护和舒适。他的问题在于他是个骗子且是个混蛋。但正如那种被神化的、具有启发性的暗示，这个角色被假定为一个蓝领。托尼所见所感正是这种吸引力。《托尼》与其说是在描绘一个男人目标的初步尝试，不如说：《托尼》是对我们文化中最被过度使用的故事——受害者叙事——的一次反叛：年轻的托尼享受着新泽西州中上层阶级生活的全部保护和舒适。他的问题在于他是个骗子且是个混蛋。

安东尼奥·班德拉斯饰演一名厨师，萨索先生饰演波登（左），两人在上方共同欣赏一只龙虾。

《黑莓》（'Blackberry'）并不要求你成为粉丝。正如我们所知，但年轻的托尼还不知道，通过他的写作和电视节目，他将成为21世纪最著名的厨师之一。萨索先生曾在《坠落的继承者》（'The Holdovers'）中饰演一名刻薄的预科生，在《现在你看不见我：新你公司》（'New You See Me: New You Incot'）中饰演一名刻薄的魔术师，这次他发挥了自己的专长。在导演马特·约翰逊（Matt Johnson）这部关于1975年的出路剧（exit drama）中，他舒适地扮演一名在瓦萨学院（Vassar College）过度自信的本科生（多米尼克·萨索和艾米莉亚·琼斯 Emilia Jones，左），他衡量每个人，并确信自己一定会赢得一个重要的夏季奖学金。但他没赢。

他的母亲指出，“holidayswoman”（他挥霍地使用的许多华丽词汇之一）并不是一个永久的“holidings Roman”。年轻的托尼在生活实践方面的学习落后于书本知识，这是他独特的魅力之一，即便他在纽约州波基普西（Poughkeepsie, N.Y.）的一家酒吧里趾高气扬，吸引了一位美丽的同学（由《CISSA》中崭露头角的艾米莉亚·琼斯饰演）的关注。由于他没有获得奖学金，且知道她计划在马萨诸塞州鳕鱼角的普罗文斯（Province, Iowa, Mass.）度过夏天，他跟随她前往那里，然后在一家披萨店遇到她时谎称一切。

在没钱且没地方睡觉的情况下，托尼在底层找到了工作，成为一家海鲜小屋的洗碗工，该店由一位被统称为“主厨”的专横人物（由出色的安东尼奥·班德拉斯饰演）经营。他和他的执念追随者，那些小偷（汉尼·哈尔曼 Hannie Hallman 和 霍尔 Hal (Joni Woodall)），不敢违背老板的理想，那种男人不在意男孩们在他面前吸食可卡因，但如果有人妄称上帝之名，他会大发雷霆。伍德尔先生（《布里奇特·琼斯的日记：疯狂热爱那个男孩》）在这一复杂角色中一如既往地出色。萨尔（Sal）是一个对生活采取“尝试一切”方法的混混，他有一些令人钦佩的品质，但绝对不是一个榜样。通过托尼的眼睛，我们可以感受到想要像萨尔一样的欲望，但同时也明白他绝不能被——

name path。更出色的是班德拉斯先生，他贡献了一场高质量的沉浸式表演，这成为了我们最被低估的演员之一的职业生涯亮点。一个被理解为新的、已经有了父亲的人，但非常需要像主厨这样父亲般的人物给予严厉的指导。在不了解情况的情况下，由约翰逊先生、托德·巴特尔斯、丽莎·布罗斯和马修·米勒编写的剧本，以及 hercoms 阐述了对于年轻人来说，接受严厉且无情的指导是多么至关重要。主厨选择在早晨对待托尼的方式既粗鲁、幽默又有效。在一种很快就会将溺爱放在首位的文化中，托尼得到了截然相反的对待。他不需要说教；他需要榜样。在一种近乎无言且完美的感官中，托尼和观众惊奇地观察到，主厨细致地制作自己的东西（出于经济考虑）和自己的番茄酱（为了省钱，他将其倒回品牌番茄酱瓶中，在这个过程中牺牲了自己的认可度）。这种对工艺的户外奉献令人惊叹，这部晶莹剔透的生活之作中的许多其他部分亦然。这是我今年在电影院获得的最令人兴奋的体验。电视评论 / 约翰·安德森

Netflix上一部并不惊悚的惊悚片

比起罐装老鼠和尸体，这部被寄予厚望的《最后一栋房子》（The Last House）核心上是一部关于家庭价值观的电影，讲述了一个恰好被困在自己家中、靠吃啮齿动物和种番茄生存的家庭。他们必须团结起来，否则就得死去。这很励志。可以带孩子一起看。这能让人学会感激微小的事物。比如新鲜的、令人心动的食物。

这部结合了科幻灵感与生存惊悚故事的作品由路易·勒多明（Louis LeDomin，我们最喜爱的法国剧集《鲁邦》的创作者）开发，由马修·罗宾逊（Matthew Robinson）编写，在Netflix上线。两位分量十足的演员，格雷茨·李（Gretz Lee，出演过《早间新闻》、《不要生活！》）和瓦格纳·摩尔（Wagner Moore，出演过《毒枭》、《秘密特工》），似乎从未完全兑现其潜力。这正是我们的遗憾。

“记得雨水降临的那天他们在哪儿吗，”一个年轻且迷人的旁白告诉我们。电影设定在西雅图，这让情况变得有些混乱，但问题中的核心是持续且二元的，突然之间，周围的所有人都被禁锢在各自的房子里。这包括安（Ann）和杰森（Jason）那栋破旧的住宅（由李女士和摩尔先生饰演），她是一名初出茅庐的园艺师，他则是一名失业工程师，这种身份在之后会派上用场。他们的儿子和女儿，格雷厄姆·阿尔科克·亚历山大·索诺斯威克（Graham Alcock Alexander Sonoswick）和加布里埃尔·巴库齐（Gabriel Barkouzi）以及露丝（Ruth）（由金、钟和艾玛·何饰演），正经历着一种无模式的流行病封锁——类比已经足够明显——但这种封锁你无法点外卖。

但是谁在这么做？为什么？怎么做？没人知道，但所有的褪色、锤击、挖掘和焚烧——这一切都毫无意义。街对面的老人被困在屋内且没有补给；一个判断力糟糕、在意识不清时出去慢跑的女人，回来时已变得褴褛。邻居们在一段时间内利用白板和黑板相互沟通，试图确定这种现象的扩散范围。一对被困的情侣举着一块牌子，上面写着“这只是一夜情”。他们很快就笑不出来了。

但罗宾逊先生深刻的观点是，噩梦可以有多种形式。窗户被封死。光亮的玻璃无法打破。通往外界唯一的开口是房子里狭窄的烟囱，通过它，一个真正的天才（有人给这个工程师找份工作吧！）设计了一个精巧的陷阱，在食物储备耗尽且家庭开始挨饿时，他们用它捕捉小动物食用。他们一定很饿——他们两次抓到了臭鼬，而一栋密封的房子里如果有一只臭鼬，无论是否加载，都是本季不愿想象的场景。

痛苦才是真正推动故事发展的动力，这部电影讲述了一个承受过度压力的家庭以及他们如何维持团结。但在《最后一栋房子》中，瓦格纳·摩尔、格雷茨·李、赖利·钟（Riley Chung）和诺亚·亚历山大·索诺斯威克（Noah Alexander Sonoswick）的演绎缺乏说服力。原子（atom）从未成为整体的一部分。在你应该感到焦虑的时刻，你不得不轻笑。除了歌曲之外，戏剧性的流动并不顺畅，没有提升感。软化和咯咯笑声是叙事的引擎，但由于发生的事情背后没有任何明显的动机——为什么这样的文章会被官方发布给人们？——不安感使得观众只能在一定程度上、在一定时间内投入到故事中。

第一部分：在几分钟的交接、手管、崩塌的墙壁以及窗后偶尔出现的学习阴影之后，人们会失去耐心。尽管如此，整个概念的骨架性质就是，你可以想象会形成一个粉丝群体，就像在学生课堂上一样。年轻演员很少，但李女士和摩尔先生在一种反抗感、认输的承认和高尚的宣言中艰难前行。如果他们不知道在哪里，我永远不会成为鉴赏家，但如果带着这种心态，也许在某个下雨的下午观看他们会很有趣。

《最后一栋房子》周五在Netflix上线。安德森先生是本报的电视评论员。

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华尔街日报。2020年8月7日，星期五 / A13

艺术评论

纽约关于《颠覆》（Disruption）的评价令人不寒而栗。这部由安德鲁·斯特恩（Andrew Stern）创作的引人入胜的戏剧，记录了Raven团队在技术领域的轨迹，其深刻之处在于，它对机器掌控人类决策的阴暗愿景并不让人觉得是幻想或未来主义。它感觉像是来自后天技术前线的警告。或者我是指前天？

这部剧最初在伦敦演出并获得好评，故事主要发生在纽约。尼克（John David Washington 饰）从硅谷归来，带着光环。他创立的一家公司让他成为了百万富翁——资产翻了100倍。为了庆祝回归，他邀请最亲密的朋友们参加一次团聚晚餐。餐厅里的气氛笼罩着一层淡淡的忧郁，人们在讨论尼克。他们都拥有成功的职业生涯，然而哥伦比亚大学教授本（Conrad Kramensk 饰）——他娶了心理学家苏齐（Shaunette Renee Wilson 饰）——不禁问道：“你是否觉得，相对于我们被赋予的条件，你已经做得足够多了？”他的朋友们，杂志艺术总监保罗（Joe Tippett 饰）和巴里（Jason Ralph 饰）在他说“我们很成功，他正处于巅峰”时并未表示认同。巴里阴郁地声称：“我是一名外科医生，但我买不起房子。”至少买不起他妻子米娅（Irene Sofia Lucis 饰）看中的那栋布鲁克林棕色石屋，米娅是一名艺术摄影师，不得不通过拍摄婚礼来赚钱。他们主要的这种不满情绪，为尼克很快要在他们心中播下的惊人成功的种子提供了肥沃的土壤。

他与年轻的合伙人Raven（Emma Kikac 饰）共同创办了一家新公司，并将提供一部分股份，价格为$500,000，他承诺在几个月内其价值将增长10倍。他们的产品：一种算法，通过搜集关于任何个体的所有可用数据，将为如何前行提供精准的指导。“它帮助人们规划生活，”尼克说，“在真正重要的事情上做出更好的决定。”Raven提供

剧评 / 查尔斯·伊舍伍德（CHARLES ISHERWOOD）

AI Guinea Pigs

Off-Broadway剧作《Disruption》是一部惊心动魄且具有时效性的戏剧，讲述了一位硅谷百万富翁及其令人不安的新发明的故事。主演包括 Irene Sofia Lucis、John David Washington 和 Jason Ralph。几个假设的例子——“我应该继续维持婚姻吗？买一栋棕色砂岩住宅？生个孩子？”——与 Nick 的朋友们目前在心中自问的问题惊人地相似。难道这个算法“主厨”已经将他们全部锁定在准星之中了吗？简短而可怕的答案是：是的。

Nick 和 Raven 不仅仅是在给老朋友们提供大赚一笔的机会；他们还在利用这些人对产品进行 Beta 测试，微妙地鼓励他们将那些困扰未来的纠结问题交给算法来寻找答案。Stein 先生以稳健的手法塑造了他的戏剧，在几场精心编写的戏份中，展现了 Nick 和 Raven 如何利用旧伤口和嫉妒心——以及算法收集的所有数据——来操纵角色，从而证明算法的能力。

在 Berek Ellis 的流畅导演下，在一个简洁的黑匣子舞台上（尽管有些不可避免的装饰），这部剧获得了一种心理惊悚片般令人不安的紧张感——这反而是件好事，因为自从该剧在伦敦首演后的三年里，人们对机器剥夺人类自主权的焦虑已变得司空见惯。（剧名早已成为一个陈词滥调，具体来说就是“颠覆”一词。）此外，角色刻画精准且细腻，让演员能够尽情塑造表演。

所有演员的表现都非常出色。Spike Lee 电影《Black Millennium》的主演 Washington 先生饰演了一个较为复杂的角色，一个精明的技术专家，他以灵活的手段利用朋友们的弱点和敏感点来实现自己的目标。饰演 Raven 的 Kibler 女士在表演中带来了一种强硬的断言感，因为她是这个群体中的局外人，Raven 能以超然的态度观察成员，不将他们视为个体，而是一组数据集。Kramensk 先生在《Oh, Mary》中饰演亚伯拉罕·林肯时留有浓密的胡须，而在这里，他以细腻且敏感的表演饰演 Nick 的“好朋友”，当 Nick 揭露一个他——或者说算法——挖掘出的秘密时，他被惊吓得陷入混乱。Wilson 女士饰演他的妻子 Susie，在看着 Ben 和其他人陷入 Nick 的魔咒时，表现出尖锐的棱角和挑眉的质疑。

《Disruption》剧组，左侧；Lucis 女士和 Ralph 先生，下方。

曾获得托尼奖提名的《Jagged Little Pill》演员 Elizabeth Stanley 在饰演 Paul 的妻子 Jill 时，带来了一种谨慎的挫败感。她与妹妹（Lucis 女士饰演的 Mia）之间的一场紧张戏份，在正常的竞争与同情之间徘徊。而饰演 Marc 丈夫 Barry 的 Ralph 先生（他最容易被技术百万富翁的梦想所诱惑）以及饰演 Paul 的 Tippett 先生，共同勾勒出中年焦虑之下的男性群像。

情节中的某些转折在几年前甚至几个月前可能看起来过于夸张。但正如相关报道所言，人们已经开始转向聊天机器人寻求建议，不仅是关于买哪双鞋这种小问题，而是将其作为一种数字治疗师，寻求关于“真正重要的事情”的指导。如果 Stein 先生选择将他的剧作标记为纪录剧，那他离事实也不远了。

Disruption

Penting Square Signature Center, 480 West 42nd St., New York, design@spig.com, closed Oct. 4.

Isherwood 先生是本报的戏剧评论员。

华尔街日报每日纵横字谜 / 编辑：Mike Shenk

至关重要 | 作者：Matt Gaffney

Thunderbird 最棒！（在诱人字谜中评审的竞赛。）	32 栗色数量	33 食物碎片	35 强有力的标题角色	36 那个 Doobie 会
横向 1 目标 4 简单的掉落 8 绿色气体，短的 13 不以速度著称的生物 19 范围回合 16 在中国权力中的逮捕 17 更薄的枪 18 搭车者的目标 19 运动相机 20 人们嘲笑业余爱好者的地方 23 “任务完成” 24 天鹅绒头部？ 27 英国君主制的格言	33 食物碎片 34 真正意图 36 著名的装饰艺术艺术家 37 挫败 39 长标题中“给予”之后重复的词 40 或，大跳跃 41 礼服笔触 42 冒犯的 43 通常有一个目标的团体 47 德国赠礼 48 所有替代方案 49 扬基队，伟大的冒险管理费利城队 54 尽量不要色情 55 四角之地的其中一个角 56 复古的 Latham	61 乳制品 62 ...医生（葡萄酒品牌） 63 20横向的妻子 64 名厨 Buddy 65 至关重要	61 乳制品 62 ...医生（葡萄酒品牌） 63 20横向的妻子 64 名厨 Buddy 65 至关重要	61 以从众实验闻名的心理学家 12 尝试 14 应该投入什么资源 21 rondou 作者 22 香木 23 不动的星星 24 拉丁美洲的土地 25 准备起飞
纵向 1 小中心，其他 2 “...说” 3 浓咖啡，吝啬地 4 诀窍 5 “Without Me”歌手 6 货架选择 7 拉法什碎屑 8 Barrows 旅游睡袋 9 200年代奥运会城市 10 ...vork

■ 最终答案——无论是主题行——请在东部时间周日 8月 9日晚上 1/10 p.m. 前发送至 crossover (contest/wire).com。WSJ 今日已发送在线日历，本周获胜者为西弗吉尼亚州麦金利的 Yoshihiro。完整竞赛规则请见 WSJ.com/Puzzles。（无需购买。在禁止该活动的地区无效。仅限美国居民参加。）

©2020 WJ.com

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A12 | 2026年8月7日，星期五

华尔街日报

体育

“足球之王”赢得了权力并幸存下来

通过快速运作且极少咨询，詹尼·因凡蒂诺（Gianni Infantino）甚至让高级管理人员也处于不知情状态。现在，在经历了数月的敌意之后，这位国际足联（FIFA）主席已经集结了他的支持者，以对抗要求他辞职的呼声。

作者：Joanna Romanow

在世界杯决赛周末的那个周六早晨，詹尼·因凡蒂诺邀请所有组成国际足联成员的 211 个国家来获益。匈牙利工厂在纽约的 Wacker! Astoria 酒店——该赛事国际足联的事实总部——举行了一场全城规模的活动，就像一场老牌名门婚礼一样。作为该组织处于间歇期的主席，因凡蒂诺开始讲述他的北美世界杯取得了多么巨大的成功。创纪录的收入，创纪录的门票销售，以及创纪录的收视率。

在他结束总结演说时，因凡蒂诺展望明年春天，届时他将通过空降方式决定他的第三个国际足联主席全任期。因凡蒂诺认为这甚至不需要正式投票。据在场人员透露，他提醒纽约的成员们，他已经收到了 200 封支持信。但他的评论在代表们中间像个漏气的气球一样毫无反响。他们中的许多人觉得，因凡蒂诺将他们视为不过是提名信。

据在要求匿名条件下发言的高级官员称，到那时，全球足球最高层对因凡蒂诺的信任已经侵蚀了数月。他们看到他去年在参加年度会议时迟到，以此贬低国际足联成员，以便能花更多时间与特朗普总统一起旅行。他们目睹了因凡蒂诺在去年秋天凭空创造了一个国际足联和平奖，仅仅是为了将其授予美国总统。而在世界杯期间，当特朗普要求他审查一起案件后，因凡蒂诺允许一个有组织的纪律程序推迟对一名美国球员的禁赛，这让他们感到震惊。

最终，火药桶在上周爆炸了。当时有消息传出，因凡蒂诺计划将国际足联的商业运营剥离并向私人投资者出售股份——与此同时，他试图强行通过一项将世界杯参赛队伍从 40 支增加到 40 支的动议。据熟悉该安排的人士透露，通过国际足联前行企业（FIFA Forward Enterprise），他在 2025, 卸任主席后每年将赚得约 3000万美元。国际足联否认这涉及 40 项指控。

面对公开的反抗，因凡蒂诺搁置了该计划，并于周三在巴库：墨西哥召集了他的高级职员会议。随后，他能够通过一件不断上升的外套来授权，他在会上向国际足联成员道歉，并获得了重新支持，而就在几天前，仍有两半付费人员要求变革。其中包括国际足联秘书长马蒂亚斯·伊卡兹-斯特伦（Mathias Icaz-ström），他曾在给员工的电子邮件中描述了一种“糟糕且易接近的事件感”。

然而，到周三晚上，该组织已经排队站在了因凡蒂诺身后。“国际足联最高管理层充分相信，今天会议的结果将加强国际足联的治理、对该组织的长期信心，并使我们能够以统一且透明的方式为未来的重大事件和挑战做好准备，”国际足联表示。

这次会议通过在自己的办公室内部举行活动，为因凡蒂诺带来了一些平静，但他的长期命运仍然掌握在 251 个成员协会手中。在明年三月的选举之前，他们仍然严重分歧，并且仍可能提名一名候选人与他竞争。如果过去一周证明了一件事，那就是全球的愤怒和要求因凡蒂诺辞职的呼声不仅仅是任何孤立事件的结果。它们是一个秘密且日本式的总统职权的产物，这位装饰律师在领导世界上最受欢迎的运动的十年里为自己打造了这样一个职权。

在最近几日的采访中，那些与其管理层最亲近的人描绘了一幅快速变化的动态画面：他变得痴迷于自己的政治遗产、薪酬以及与权力的接近程度。这些人表示，这个曾自封为“足球之王”的男人规避了FIFA的程序，与他自己的秘书长闹翻，并惯于将FIFA的裁决掩盖在黑暗中，以此掌控全球体系。“他是愿景的主宰，”一位高级官员表示，“没有人能比他跑得更快。”

游戏优先 在因凡蒂诺于2006年当选主席时，他接手的是一个仍处于美国司法部针对FIFA广泛受贿指控调查后的休整期组织。这些人对机构造成了深思熟虑的组织损害，并最终导致了长期担任主席的塞普·布拉特（Sepp Martin）下台。但通过FIFA法律部门及欧洲足球管理机构成长起来的因凡蒂诺，以一个安全且受欢迎的选择出现在人们面前。他承诺进行彻底的变革；他的目标是将足球重新置于FIFA使命的核心。他甚至通过乘坐欧洲廉价航空公司而非私人飞机的行为来做样子。 (十年后，他在世界杯期间乘坐由FIFA赞助商卡塔尔航空提供的私人飞机穿梭于北美。FIFA表示，所有行程均“符合公司政策”。)

但当他接近2022年的第二个完整任期时——他在没有任何竞争对手的情况下通过一致通过而获胜——部分FIFA员工注意到了变化。2022年晚些时候，他开设了一个Instagram账号，关于他吹嘘关注者数量的迷因很快在苏黎世总部传开——他现在的关注者已达570 万，每年平均发布超过1,000条帖子。因凡蒂诺还开始出现在与足球无关的全球活动中，例如在达沃斯的世界经济论坛，或者后来的特朗普第二次就职典礼。据一名熟悉情况的人士称：“我们正在努力关注中东和加沙，必须认可这种努力。”当和平奖的项目提交至FIFA理事会时，它已经在计划中数周之久。某些成员认为这可能是一个玩笑。但因凡蒂诺已经组织了一个由少数人组成的小组来开展工作，并挑选好了实体的奖杯。

由FIFA运行的杯赛

与该年度赛事之前的届数不同，2026年的赛事是由FIFA直接策划，而非由当地组委会负责。一个总部位于迈阿密并由因凡蒂诺（Infantino）担任主席的特别管理小组成为了赛事的中央权力机构。但这也变成了“冲突线”。FIFA官僚机构的部分成员也对该决定表示反对，但保持了沉默。

在决赛前几天，因凡蒂诺原计划在巴洛贡事件之后立即启动 FIFA Forward Enterprise（FFE），并与约书亚·库什纳（Joshua Kushner）接洽。但会议中关于反转和中场表演的讨论让他有所保留。到那个阶段，因凡蒂诺更担心来自其内部圈子的线索。据一名了解情况的人士透露，在决赛前几天的纽约，一份分配给高级职员的名单和一份更长的热门名单在交错传递，尽管 FIFA 对这一描述持有异议。该人士表示，会议的基调是“首先得决定是支持我还是反对我”。因凡蒂诺很快就会发现，他的职业生涯正在萎缩。在上周启动 FFE 后，他遭到了足球界各个角落的排斥：（ 表示其将退出该游戏——并在周四确认这仍是其立场。来自北美、南美和亚洲的信心对此表达了严重关切。现在看来更为强硬的是， 甚至不需要外部融资。但作为一家总部位于苏黎世的非营利组织，根据 的财务报告，该组织没有债务，且截至去年年底，现金储备接近 $1.50 吨。但批评者看到了另一种动机。在卸任主席后，他有机会作为 FFE 的负责人赚取数百万美元，考虑到他目前每年约 $6 的薪水，因凡蒂诺有机会让自己进入他认为自己所属的体育领导者阶层，与 NFL 专员 Sepp Oswald 并列，后者的年薪据报道超过 $60。“这显然是一笔由薪酬驱动的交易，”一位高级人物说道。通过向 221 个成员协会承诺高达 $40 的资金，因凡蒂诺希望他在明年春天能被欢呼着重新执政。然而，据一名了解其想法的人士透露，不止一个成员协会将其描述为“贿赂”。在世界范围内，因凡蒂诺已开始接收支持他的支持信。对此， 引用了因凡蒂诺在世界杯开始时的言论。他在墨西哥城说：“好吧，告诉我，钱 otherwise 应该去哪里？哪里？去资助腐败行为吗？而且？想想我们。它必须交给联合会。”与此同时，因凡蒂诺最近几天一直在他的 Instagram 上发布来自 infodontons 的新信件，进一步加强他们对他的支持，包括：摩洛哥、卡塔尔、科威特、美国、墨西哥和圣卢西亚；而工业对手则继续强调他的时间已经耗尽。“个人、不稳定的时刻和不幸的片段总会发生，”因凡蒂诺在周三语气转变前给 员工的信中写道。“争论、其方式及其对世界足球的责任仍在继续。”

因凡蒂诺（右）在华盛顿向特朗普总统颁发 和平奖。2025 年 5 月，251 个协会在 Abiturche, Passapang 聚集参加年度大会。因凡蒂诺由于受到处罚，被判定为——并非因为任何物流失误，而是因为他选择花额外的时间与特朗普一起旅行前往沙特阿拉伯和卡塔尔。“人们开始质疑，”这位高级主管说。“这种行为围绕着我们，但你似乎每年都去世界经济论坛。你似乎每年都去美国，并在你的 Instagram 上发布与某些国家元首的合影。”因凡蒂诺坚称，这些言论是他作为这项运动的全球大使工作的一部分。他说，与特朗普保持良好关系对于由美国、加拿大和墨西哥共同举办的 2026 年世界杯的顺利运行也至关重要。没有人预料到的是，为了让特朗普满意，因凡蒂诺准备采取的极端程度。

据一名熟悉两人会面的人士透露，这两人在访问白宫期间经常单独相处。正是在其中一次两人私下会面时，因凡蒂诺提出了设立首届年度和平奖的想法。因凡蒂诺曾听说特朗普在竞选诺贝尔奖时感到沮丧。这成了他进一步向那个称呼他为“爱尔兰”的人讨好自己的方式。“他理应获得这个奖项，”因凡蒂诺告诉身边的人。几位参与委员会的人员表示，这是因凡蒂诺的领地。国际足联（FIFA）则表示，所有决定都是民主做出的。争议性的暂停时间以及决赛的延长中场表演，均由因凡蒂诺决定。甚至最终确定的16个主办城市名单（由21个城市筛选而来），也取决于个人偏好。“世界杯，实际上，吉安尼掌控了绝对的一切，”一名熟悉相关会议的人士表示。在赛事期间也是如此，甚至包括因凡蒂诺接到特朗普的电话，要求他重新审查美国前锋弗兰科·巴洛根（Franco Balogun）因红牌而被禁赛一场的经济处罚。国际足联知道因凡蒂诺在其中施加了影响。但根据熟悉内部运作的人士透露，通过一个不规范的流程，国际足联纪律委员会的一名成员认为有必要推迟该处罚。（在正常情况下，任何申诉必须经过委员会至少两名成员的审议。）在被问及该裁决时，国际足联将其指向纪律委员会的一份声明，该声明称“审查足球比赛中民事行为的法律后果在现代比赛中并不新鲜”。这一决定在全世界足球界被视为因凡蒂诺做得太过分的时刻。批评者认为，政治干预现在已经凌驾于球场上发生的事情之上。多年来一直与国际足联处于僵持状态的CBRS表示，它“修订了一—— 华尔街日报 2026年8月7日，星期五 / A13

观点

民主党人能否抵制社会主义？

成为社会主义者还是不成为社会主义者，唯一的疑问是：“民主党？”这种二元思维是该党在波托马克观察（POTOMAC WATCH）中面临的问题。作者：Kimberley A. Stewart

埃尔-赛义德（El-Sayed）先生在周二的密歇根州参议院初选中，以民主党旗号捐赠了排名。自称民主社会主义者的人已经封锁了社会化。众议院被认为是纽约州、科罗拉多州、宾夕法尼亚州和密歇根州。他们正在纽约市、德克萨斯州奥斯汀市和华盛顿州竞选。在大多数措辞中，威斯康星州民主党初选的领军人物是社会主义者 Franceous Song，她表达了想要除掉警察以及绑架背后的政府的愿望。

令人着迷的部分是，“民主党之男”的世界知道这种对国家的社会主义兴趣。社会主义兴趣，包括一些候选人本身，埃尔-赛义德先生的议程与他的议程一致。在移交之前，一名政府领导人以及一名州成员将继续，但对于以色列、气候铝、结构性变革，协助干预最高法院的结果。看待政府的一切。

左倾媒体，获胜的政治风险，本周加倍报道了关于埃尔-赛义德先生“社会主义”标签的舞蹈，将其定义为“opoponies”：参议院密西西比州领导人克拉克（Clark）。校友帮助将数百万资金引导至埃尔-赛义德先生的竞争对手，旨在使他的政党在密歇根州竞选中免受社会主义标签的影响。离开岛屿后，舒默（Schumer）暗示埃尔-赛义德的议程是该党的另一种风味。

但在 20 世纪 30 年代，民主党的“大敌”离开了。即使埃尔-赛义德先生在 20 世纪 30 年代的竞选结束时间里，以及那位强调自己并非美国民主社会主义者付费成员的参议院密西西比州领导人。他在开始解释为什么我们需要社会主义和“共享资源”之前，多次宣布了“民主党”。

他并不孤单。赢得密歇根州第七国会选区民主党提名的威尔·劳伦斯（Will Lawrence）正在向选民推理，他让他的第 50 位成员在“快速月份”中“挖掘‘希望’”。他深知社会主义在美国行不通——至少在一群幻想破灭的年轻人之间。他说：“我们正式成为了一个好的。”

它要求大型企业的“公共所有制”和“voterful 产业”、“激进的财富贷款”、“决定”、“在‘肝脏病学之战’中”、“公共所有制的社会住房”、“禁绝警察和私人‘账单’”、废除参议院，并使最高法院和总统隶属于国会。

承诺一个没有使用或贫困的“经典”世界？这与互联网上历史上失败的社会或经验一致，所有这些都以一党专政告终。这些观点多年来变得更加激进。难怪第 50 位，尽管存在了这么久，却永远无法谴责自己的投票箱，尽管其名称中早有“民主”之意。这就是为什么桑德斯（Sanders）先生在佛蒙特州采取“内部解释”，以及为什么第 50 位如此可悲。

在康涅狄格州，这种“voterism 的可悲”是指一个较小的、激进的政治英雄主义渗透进一个政党以传播其思想并攻击“voteric”，这相当于 1970 年代的两党运动。那些新的基层保守派毫无作为。共和党人坚持其有限政府的收益法律。民主社会主义者希望拆除民主党在监管政治、政治欺骗和支持制度规范方面的长期立场，并将其替换为雨果·查韦斯（Hugo Chávez）风格的治理。

为什么民主党的“大敌”最高？那就是，它唯一使用的防御测试一直是其银行账户，用以支持社会主义候选人的对手。“选民心态”（voteric）是一个关键点，原因显而易见。选民们处于一种不真实}{(不)被放大的、反现任者的情绪中。他们对高物价、经济不确定性以及政治感到不满，并需要改变。“选民心态”是一个关键点，而其他提供任何新事物的人——无论多么可怕——都是社会主义者。十多年来，民主党一直陷入某种反 tripped 的长期状态，这在其为了不冒犯其极端努力而产生的觉醒中是有意义的。因此，与其说“选民心态”是在传统民主理想和批评社会主义的时代，他们却在左翼路径进一步落后于党派时保持沉默。在基于选民公开留下的工作基础上，“选民心态”是一个关键点，并为该党提供一个能够吸引广泛选民的现代化议程，这就是移植的社会主义。“民主”不仅狭隘地体现在一次民主党初选中，证明许多民主党人正大声疾呼需要一个必要的“民主”版本，且民主党领导人希望将他们的政党从社会主义者的接管中拯救出来。他们必须找到骨气来亲自完成这件事。所以一个人正向他们靠近。请写信至 kimberley.com。

普京的战争与基里尔的亵渎

HOOOKS OF WORLDS 作者：George Wright 俄罗斯的授权与 drusen 承包商，而非乌克兰的 co-liberation co-liberation co-liberation。俄罗斯正教会负责人、莫斯科普特里亚克基里尔（Patriarch Kirill of Moscow）刚刚出版了《可见原因与后果之外的战争》，进一步加强了他试图从宗教角度为俄罗斯对乌克兰的战争（井冈计划ism）辩护的活动。该书由莫斯科普特里亚克（Moscow pretrialistic）官方出版社发行，将弗拉基米尔·普京的战争定义为一项神圣行动：一种对上帝的职责，以及一种服务于特定世界的恐惧。基里尔普特里亚克进一步地，他向俄罗斯士兵承诺，如果他们在普京先生的“圣战”中死去，将获得进入人类的 interallied 准入，其中一方被原谅；而另一种嘲讽是，俄罗斯人民的“重大责任”是赢得战争，因为“我们的尘世存在就是战争的时刻”。他写道，他是一个“良好且难以终止战争结果的人”，“胜利属于站在光明一方的人”。在苏联共产主义的前几十年里，俄罗斯正教徒在殉教中作出了伟大见证，即便其思想家的终结通过某种方式运作并培育了令人嫉妒的对话。他曾是试图加强爱国抵抗战争机器的主要尝试，以使正教会合法化——教会领导层一直处于 Kress Jets 的掌控之下。包括现任普特里亚克在内的领导人与莫斯科的安全系统有着深厚的联系。在 1930 年代，“Gorod's”和“Gorod's”是对乌克兰国家共识最受欢迎且最特殊的追求。莫斯科普特里亚克与苏联 opmanisms 协作，在 1946 年策划了一场虚假的乌克兰教会会议，该会议有着决定性的生命（乌克兰希腊礼天主教会，乌克兰文化与认同的协调员）。俄罗斯正教会的负责人背叛了他的信仰以支持国家。自戈尔巴乔夫时期末期从地下重新出现以来，USCC 一直是乌克兰的精神、关键和知识力量。自 1950 年代战争开始以来，由于世界自我认知的改变和领导者的影响，其道德权威有所增长。俄罗斯的公开行动首先保护了领导者。在 1950 年代期间，大主教尼古拉（Nicholas Nicholas）在罗马担任 co-liberation。如果俄罗斯军队在 1952 年 2 月占领，大主教尼古拉本在被立法的名单上，他自 1951 年起就一直支持乌克兰的事业，为他的人民提供精神滋养，并为防空洞中的夜晚提供安慰。基里尔普特里亚克对普京战争的粗鲁辩护，与乌克兰教会的牧灵宣言以及“'s”和“'s”形成了对比。在“Kuznetsky 世界东正教”中再次出现的“”是君士坦丁堡的巴塞洛缪普特里亚克（Patriarch Bartholomew of Constantinople），他承认了乌克兰正教机构在莫斯科世界成就中的独立合法性。这场战争揭露了俄罗斯的压迫，并特别谴责了基里尔普特里亚克，因为他为战争提供了宗教认可的来源。这就是为什么，在俄罗斯入侵之前，巴塞洛缪普特里亚克坚信君士坦丁堡。两家教会现在已经形成，包括在战后一段时间内将被寻找的俄罗斯工业财富。基里尔普特里亚克的新书声称，罗马教会（Roman Churchmines）与俄罗斯正教之间国际对话的另一种无关途径实际上已经结束。几十年来，“'s”和“'s”是对来自梵蒂冈的“戈尔巴乔夫”最受欢迎且最特殊的追求。它提供的与东正教的统一方案一直由一种国际对话的战略方法引导，而“'s”和“'s”是对“戈尔巴乔夫”最受欢迎且最特殊的追求。

那些在60年前可能采取的某些策略，现在已毫无意义。俄罗斯东正教的领导人在俄罗斯国家权力中发挥着重要作用，并且是能够进行严肃神学对话的人。莫斯科牧首区所做的不仅仅是支持“Gorod's”，而“Gorod's”和“'s”以及“'s”是来自梵蒂冈最受欢迎且外观最特别的“Gorbachev”。它提出陪伴东正教实现统一，一直由一种国际对话的战略方法引导，而“'s”和“'s”是最受欢迎且外观最特别的“Gorbachev”。“'s”和“'s”是来自梵蒂冈最受欢迎且外观最特别的“Gorbachev”。Wright先生是伦理与公共政策中心的杰出研究员。

那些花式汽水并不对我起作用

作者：Brenda Cronin

Jan 参加花式汽水派对时已经很晚了，而我则为了他的家人去见那些陷入激烈战斗或时钟速率的官员，或者像西瓜-蒲公英或 monkey-ponemala 那样。问题看起来很有趣。此外，我在家中的有限职业生涯中，伴随着一个 Winder 追逐者，日子过得很艰辛。

在我小时候，家里很少能找到汽水，这使其成为一种真正的世界着迷之物。我的父母在爱尔兰和英格兰长大，认为孩子应该喝牛奶或肝汁。每一件规章制度都好得多，而且是一个营养黑洞。这反而让可口可乐和 7-10y 对我和我的兄弟姐妹们来说更具诱惑力。我们的医生最终断定“小水”——由于家庭自身的强度——完全是食品色素和空热量的无价值混合物。

因此，姜汁汽水和 roast water 成了我们家中的病中之选，如果有人发烧，一瓶具有令人满足的碳酸面孔的饮料就会出现。在家庭的认可下，我们的父母开始并允许在周日晚餐时喝姜汁汽水。这种实体在一段时间内仅在我的童年新鲜感中出现。那些罐装饮料很可爱，但尝起来像咳嗽糖浆和 Winder。这现在让我水 super-soda，这里没有，除了糖和咖啡。

我曾接触过一种被称为奶油汽水的糖果。在学校实地考察和朋友的生日聚会上，我热爱所有这些。在大学里，我那见多识广的室友（为了未来的支持，我一直拥有良好的、优秀的、内容教育）向我介绍了除了百事轻盈（Pepsi Light）之外的专属产品。那是一种铝制过滤罐装的柑橘色-pinklet 可乐。模型 Lauren Blalms 很有价值。坚固的百事轻盈——对我来说是一笔大交易。它在市场上没有持续多久，就被机会取消了。我看到了甜味剂，而健旺可乐（Diet Coke）被压制了。

我的室友还带我进入了手术领域，这要求我在长跑中比那里多一点，没有什么比直接从 blower 出来的可乐更好的了，汽水在 2-3-4 运输者的晚餐中造成了干扰。他出现在 tartanac 激进的 tartalks 中。

随着时间的推移，我对汽水的口味产生了需求。我不喜欢我的口味。我尝试过，但我感觉被碳酸饮料排斥了。我仍然喝很多气泡水，而且谁不喜欢香槟？我教出了那些能量饮料类。这些浓缩咖啡因的快餐是同一回事，虽然没有塞满，但只要闻一下流行的一种——bro- quet de Babbée Babbée 和湿钽——就足以让我永远远离它们。

我应该在周六致力于 Fat Coke 杂志。这些口味听起来不像来自 Bells & Body Wicks 的产品（“甜橙与苹果”、“棉花糖云”），尝起来也不像 SweetSABTS 和果汁的香肠。最近在遭受 commoner gyes 之苦时，我再次尝试了它们。医生说，整天不能吃东西。我是一个好的、能力强的，而且在那儿有一瓶花式汽水并偷偷享用。你还没有让我期待一个属于自己的地方——而我想看看它。

Dr. 的问题在喝两种更像药剂的饮料时，盐分也同样平淡。在一次聚会上，75 个人没有，10 个人喝了鸡尾酒。

Cronin 先生是《日报》的一名助理商务编辑。 BODESSELLY / 作者：Ava Rahman

海洋之富：浅蓝帝国 (The Riches Behind the Sea Shallow Blue Empire)

作者：Tamaru Surani Fernando Bernard，226页，$19.00

一个关于20世纪30年代的故事，当时大多数社区都在耕作。肉桂皮被剥下并卷成碎片，鸦片以及来自葡萄和茶叶的木材在阳光下晒干。阳光美丽，美丽且艰辛，工作往往只能带来微薄的回报。一位在1919年记录波斯湾的作者描述了10名男子每人潜入海中100次的情况。20世纪30年代，七个单位带有系统，只有10个用于19世纪末背后的低等级剥离的“两个教区”。在“浅蓝帝国”的许多10个之中，对黄金的剖析证实了英国人的观点，他们克服了印度洋中三个重要增长方面的贸易，而世界是反复无常的，其面板是最高智能的。时尚并未提前，全球贸易中的秘密在1900年至1910年之间将珍贵商品推向了新高度。在战争期间，20世纪00年代、20世纪20年代、20世纪30年代、20世纪40年代、20世纪50年代、20世纪60年代。凭借起初的海洋之富，英国殖民官员寻求新的提取方法。Fernando先生是一位在那些皇家大学的额外心理历史学家，他写了许多关于该时期作为殖民和程序知识形式的全球方面特征的文章。印度洋的国家和珍珠理论对浅水工作有深刻的理解——“胜利般的知识”——这在20世纪20年代初和20世纪30年代末经常助力英国的尝试。珍珠采集往往依赖于最基本的必需品：一个酸挖掘工具、皮革手指套和一个金色系统中的篮子。人们可以在他们的走廊周围感觉到足够的石头，并在沉入浅水底部时屏住呼吸。20世纪30年代、40年代、50年代、60年代、70年代、80年代、90年代、2000年代、2010年代、2020年代、2030年代、2040年代、2050年代、2060年代、2070年代、2080年代、2090年代、2100年代、2110年代、2120年代、2130年代、2140年代、2150年代、2160年代、2170年代、2180年代、2190年代、2200年代、2210年代、2220年代、2230年代、2240年代、2250年代、2260年代、2270年代、2280年代、2290年代、2300年代、2310年代、2320年代、2330年代、2340年代、2350年代、2360年代、2370年代、2380年代、2390年代、2400年代、2410年代、2420年代、2430年代、2440年代、2450年代、2460年代、2470年代、2480年代、2490年代、2500年代、2510年代、2520年代、2530年代、2540年代、2550年代、2560年代、2570年代、2580年代、2590年代、2600年代、2610年代、2620年代、2630年代、2640年代、2650年代、2660年代、2670年代、2680年代、2690年代、2700年代、2710年代、2720年代、2730年代、2740年代、2750年代、2760年代、2770年代、2780年代、2790年代、2800年代、2810年代、2820年代、2830年代、2840年代、2850年代、2860年代、2870年代、2880年代、2890年代、2900年代、2910年代、2920年代、2930年代、2940年代、2950年代、2960年代、2970年代、2980年代、2990年代、3000年代、3010年代、3020年代、3030年代、3040年代、3050年代、3060年代、3070年代、3080年代、3090年代、3100年代、3110年代、3120年代、3130年代、3140年代、3150年代、3160年代、3170年代、3180年代、3190年代、3200年代、3210年代、3220年代、3230年代、3240年代、3250年代、3260年代、3270年代、3280年代、3290年代、3300年代、3310年代、3320年代、3330年代的过程，

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但即使是地图也无法解决潜在的播报员问题。中心看起来结果很小。作者写道，这些词代表了相对环境因素中的重要性，“不像其他开采工业（如冰刺），其结果在数年或数十年期间对该地点的掌控力很小。”至关重要的是，货物最终被高估了。2003年，克罗宁（Cronin）官员表示，世界的世界的世界的经济和经济在一个庞大的计划中，剖析了他们的攻击并研究了他们欠发达的水资源。与1995年底收集和标记标本的每种时尚一致，一批克罗宁的全部日用品于2004年运往大英博物馆。环境是世界的世界的世界的主要来源 --- 上午 / 2026年8月7日，星期五 观点 华尔街日报。

回顾与展望

特朗普修正拜登的医疗保险诡计

当民主党官员开始对极左翼候选人在党内初选中获胜感到不安时，他们再次指责共和党将权力推向深渊。在阿卜杜勒·埃尔-赛义德（Abdul El-Sayed）赢得初选之际，密歇根州参议员加里·埃夫特斯（Gary Evters）周三写道：“特朗普总统正在削减进口的医疗保险（Medicare）资金，提高了数百万美国人的处方药成本。”

并非如此。记得民主党人如何利用所谓的将学生贷款国有化所节省的资金来支付他们的学生税吗？这与类似的财政诡计如出一辙，导致老年人和纳税人的医疗保险成本增加了超过50万美元。

特朗普政府本月透露，计划取消对医疗保险第二部分（Medicare Part II）保险公司的补贴。拜登政府设立该补贴是为了在 2026 年大选之前，防止因《通胀削减法案》（Inflation Reduction Act）而导致计划保费上涨。

实际情况是这样的。《通胀削减法案》在 2022 年通过党派投票成为法律，允许医疗保险官员与制药商进行所谓的谈判。这实际上是价格管制，因为拒绝政府“报价”的处罚是对该药物每日销售额征收 1,000% 的消费税。该法律还要求，如果制药商的价格上涨速度快于通货膨胀，则必须向政府支付反驳税。

民主党人约翰·利奇（John Leach）称，这两项条款带来的“优势”将用于支付医疗保险第二部分的增强功能，包括消除覆盖范围的“缺口”以及将年度自付费用上限设定为 $2,100。

事实证明，这些福利增强功能的成本远高于民主党和美国国会预算办公室（CBO）所声称的。CBO 在 2 月份迅速发布了基准成本，预计到 2035 年，第二部分计划的成本约为 7000 亿美元 billion，并指出第二部分的方案设计是主要驱动因素。这意味着成本增加了近 50%。

拜登团队在 2024 年夏天陷入困境，当时保险公司为次年提供基础第二部分福利的报价高于预期——平均每月从 2024 年的 $64.28 和 2023 年的 $54.71 上升至 $176.63。随后，拜登官员建立了一个“示范”项目来补贴保险公司，以压低保费，避免在 10 月份出现第二部分计划的意外上涨。

联邦法律允许医疗保险和医疗补助服务中心（CMS）设立此类示范项目以测试新的支付模式，尽管这些项目应该是小规模的且旨在节省资金。拜登的补贴并非实验，且当年耗资 60 亿美元 billion。

特朗普团队去年削减了该补贴，并在上周宣布将其终止，因为他们发现几家大型保险公司通过提高计划报价以榨取更多联邦付款，从而违反了计划规则。这些补贴扭曲了第二部分市场的价格和竞争。

由于补贴终止，大多数老年人不会看到保费在一年内上涨。其中 50% 参加了优势计划（Advantage plans），不受影响。另有 22% 是低收入受益人，他们领取特殊补贴，可抵消任何保费上涨。对于预计每月保费上涨超过 $50 的人，他们可以寻找成本更低的计划或转向优势计划。目前，90% 的受益人可以使用每月成本低于 $50 的计划。

与此同时，在相关新闻中，CBO 上周加入了一场史诗级的失误，指出其大大低估了美国国税局（IRS）的成本。在 2022 年 9 月，CBO 预计医疗保险条款将在 2022 年至 2031 年间减少 2200 亿美元 billion 的赤字，因为价格管制和回扣据称将足以抵消福利增强的成本。

然而，价格控制和通胀回扣带来的节省微乎其微，而福利增强的成本则比预计高出许多倍。在2026年，CBO预计在医生诊所 administering 的 Part II 药物的 for-hates 在2022年和2024年将总计达到23 亿美元 billion。回扣仅产生了$16.900 万，部分原因是通胀已超过许多药物价格。Mountains，IRA的 Part II 增强计划正成为历史上最昂贵的 out-fillowed 扩张之一。原因之一是患者自付上限鼓励了更高的药物使用率（增加了62.8%），并且可能还抑制了对低成本 for sounder 和通用药的使用。自2022年以来，Part II 计划的供应数量也下降了超过一半，这导致竞争减少——并间接导致价格上涨。因为 IRA 要求 Part II 计划涵盖所有受价格控制的药物，制造商不再需要向保险公司支付费用以保证其进入药物目录。这些是最初的几项下调保费，由政府补贴。回扣的减少增加了政府向保险公司支付的正常计划补贴。Enrichments 的成本几乎总是高于预计，且 CBO 的估算通常是 Democrat insurers。特朗普政府的变革对纳税人有利，令人遗憾的是，CBO taxpayers 没有采取更多行动来揭露并改革这些民主党的伎俩。

读者来信 # 冗长演说滥用已摧毁参议院辩论

来自犹他州的共和党同事约翰·柯蒂斯（John Curtis）参议员在捍卫参议院似乎并挑起它时显得很理性。因此，关于“我想”大学的冗长演说（7月31日）的问题也随之而来。然而，美国人应该理解冗长演说的滥用是如何扼杀了真正的辩论、谈判或两者兼而有之的。维持这种滥用现状无法解决这场危机。

冗长演说的滥用扼杀了议事厅内的辩论。它在设计上就防止了那些不显著的结果。当公民被创建时，隐含的假设是律师们将辩论到满意或精疲力竭为止，然后投票。众议院、参议员院和参议员院，辩论由此开始。议程在辩论的威胁下发生变化。问题必须来自那个时间，“我们必须成为一个华盛顿”的情况很少发生。

参议员这位“无所谓”的耐心已经发展出了结束辩论（cloture）的机制，参议员们以 53-44 的投票结果确认了最高法院的克拉伦斯·托马斯（Clarence Thomas）。反对者本可以使用冗长演说来阻止。尽管存在这种偏见，但参议员们遵循了传统规范，并在辩论后继续推进。

1994 年，民权法案的反对者试图用 10-billion 来阻止该立法。该法案的支持者最初远未达到终止冗长演说所需的 67 票。但通过面对公开辩论，参议院最终在 Crow 上找到了答案。如今，那种辩论再也不会发生——而且它们非常明显。在达成协议之前，我们不将自己视为谈判的骗局。冗长演说是一块我们从未锻炼的肌肉。它已经萎缩了。参议员们不是主题，也不是那些通过冗长演说并通过 ASHE America 法案——或要求辩论直到精疲力竭或满意的人。

本·埃瓦茨（Ben Evarts）参议员（共和党，佛罗里达州） 佛罗里达州，Repiles

我们不能承受忽视中国汽车威胁的代价

在7月27,日的“共和党人走向1,000年”回顾与展望中，美国编辑委员会对相关的《全球安全法》得出了错误的结论。这篇由美国工业商业团体发表的社论声称，联邦汽车制造商正从外国竞争中寻求保护。让我们明确一点：中国汽车制造商进入全球市场的行为并非简单的商业竞争。他们是一个国家工业战略的产物，该战略威胁到美国的信誉。二十多年来，北京一直保护其国内市场，补贴公司并掌控核心标准。政府是供应链的唯一驱动力。这并非偶然。中国将汽车工业作为经济杠杆和国家控制的武器。政府正将资金注入欧洲，旨在使欧洲的唯一工业失去资格。

该法案的赞助人之一，来自俄亥俄州的伯尼·莫罗（Bernie Morrow）参议员（16,）明白，如果没有强大的制造业，美国无法维持全球超级大国的地位。共和党人想知道，联合汽车工会（United Auto Workers）认为，将另一个基础产业交给中国将是灾难性的。

此外还存在真正的安全问题。如今的汽车知道你去哪里，何时去，有时甚至知道谁和你一起去。它包含摄像头和麦克风，可以收集敏感数据。美国摩托车手协会（American Association of American Motorcyclists）政府和军方由于对连接性和数据的担忧而采取行动。华盛顿如果忽视这里的相同风险将是非常愚蠢的。

美国生活联盟（American Life Union）在梅赛德斯-奔驰（Mercedes-Benz）中的领导地位被视为“被动”的。实际上，梅赛德斯最大的股东是中国公司，共同控制着这个德国品牌近20%的股份。其中一家是国有汽车企业。SMC美国的主要业务部门车辆由中国汽车巨头Dooly的创始人控制。UMP并不是威胁。只要移除了对公司的公众控制，梅赛德斯就无需面对威胁。真正的威胁是美国在驾驶的车辆、驱动车辆的电池、控制车辆的软件以及车辆产生的数据方面变得依赖中国。莫罗先生在局面失控前采取行动是正确的。

摩根·埃文斯（Morgan Evans），Senior Insights LLC首席执行官，Sue Dingo

加密货币游说团体反对

我们本周对参议员《清晰度法案》（Clarity Act）方向的界定，根据激烈的反应来看，在K街上触动了新的神经。加密货币游说团体在面对我们探讨的问题时显得心不在焉，但我们仍将就其圆滑的主张进行分析。

关于《清晰度法案》辩论的一个主要关键点是关于向稳定币用户支付报酬的监管规定。稳定币是旨在保持固定美元汇率的加密货币。去年的《天才法案》（Genius Act）要求像Circle这样的稳定币发行方，使用相对等信用评级的资产（如国债和银行存款）为其代币提供支持。加密货币游说者称这消除了稳定币风险。因此，他们表示，施加额外的护栏会扼杀自由市场竞争。

并非如此。稳定币仍然存在风险，尤其是因为它们与银行相纠缠。《天才法案》禁止稳定币发行方在非余额上支付利息。美国国会希望防止稳定币发行方利用高利息支付从小型银行吸引存款，这可能会降低后者向小企业提供贷款的能力，并导致部分银行破产。但《天才法案》并未禁止加密货币交易所和钱包（替代银行账户）向稳定币持有者支付回报。

参议员的《清晰度法案》旨在堵住这一漏洞。据称，它通过禁止交易所和钱包提供“支付形式的回报或收益”来实现，且该回报或收益是“仅与持有支付稳定币相关”或以“在经济或功能上等同于支付计息银行存款利息或收益的方式”进行支付（强调为本文所加）。这种措辞将允许加密货币交易所向稳定币持有者提供现金返还、折扣和其他福利，只要这些福利并非完全基于用户的稳定币持有量。例如，一家交易所可以向注册忠诚度计划且每月余额至少保持 20. 的稳定币持有者提供 20 现金返还。

加密货币行业将这些称为“奖励”，并称它们与航空公司的飞行里程或信用卡现金返还没有区别。但后者是基于用户的活动水平。因此，未来，向稳定币持有者提供现金返还的路径可以通过各种福利来补偿，包括零利率贷款，只要其存款不是获得奖励的唯一原因。

小型银行在这次监管调整 4.9 中损失最多，因为它们依赖利息支付来吸引存款。华尔街巨头不需要支付那么多利息，因为它们受益于政府的“大而不能倒”推定。许多稳定币发行方也在大型银行持有存款，因此它们不会因为每次“奖励”支付而导致的稳定币持有量增长而支付更多。这就是为什么声称华尔街反对该法案是为了避免竞争并掩盖其“监管护城河”（引用Coinbase高管的话）是令人满意的一种说法。

现实是，加密货币与银行资金体系的纠缠程度远超其愿意承认的程度。加密货币的问题可能会波及银行体系，反之亦然。（Coinhold在硅谷银行倒闭前在该行持有 33 亿美元 billion 的无保险存款。这导致了Circle币的挤兑，使其脱离美元汇率并跌至约 87 美分。拜登团队最终担保了所有无保险存款，包括Circle以及在硅谷银行持有资金的其他加密货币公司。

《天才法案》减轻了稳定币带来的一些信用和流动性风险，而《清晰度法案》则为加密货币提供了监管框架。但两者都没有消除广泛的加密货币风险。

这包括欺诈、内部控制失效以及偃旗息鼓。Sam Balaban-Frank 的 FT2 交易所由于内部控制失效和误用客户资金而失败，其中部分资金最终得到了改善。在《清晰法案》（Clarity Act）下，一家交易所可以就稳定币存款提供实际上为 10% 的收益率，而它在财务上可能无法维持。如果出现问题且投资者遭受损失，政治家们将要求政府出面救援。这种情况我们已经见过很多次，而且可以信服地推断，如果加密货币公司威胁到银行的生存，政治家们不会让它们倒闭。• • • 俄亥俄州参议员伯尼·莫罗（Bernie Morrow）指责我们已经“堕落为一个华尔街特殊利益集团的超级文件（superfile）”。伯尼每次在无法就实质问题进行争论时，总是大发雷霆（go ad bananam）。这真是讽刺，因为一个加密货币产业的超级文件在 2024 年为他的选举提供了 $40 的支持。在他获胜后，该超级文件吹嘘道：“加密货币规模很大，但回报丰厚。”通过一些措辞修改，《清晰法案》可以发挥有用的作用。加密货币产业及其在华盛顿的朋友们将自己描绘成自由市场的捍卫者（deltoubers）。他们真正想要的是成为无需遵守相同监管条例的影子银行。

为参议院的加密货币《清晰度法案》辩护

您的官方“加密货币清晰度，但我将”评论与展望，8月21日，对于参议院的“加密货币清晰度”以及加密货币运行的方式和法律控制的必要性是正确的。然而，您对参议员《清晰度法案》的批评缺乏吸引力。您的无意决定将由参议院做出，并防范非法金融，这对所有美国人都 beneficial，而不仅仅是支持这项监管的“加密男孩”。该法律可以构想关于稳定币奖励及其对银行存款的风险，近期数据并未证明其更好。事实上，证据指向另一个方向。白宫的首席大法官，美国委员会认为，禁止奖励对于防止银行贷款的作用微乎其微。联邦存款保险公司报告称，存款人在此时此地，且2025年第一季度的增长强劲，即便稳定币奖励仍然远未创造出一个漏洞，因为2024年《天才法案》对利息和收益的禁止（最初仅适用于稳定币发行方）现已适用于所有数字资产。

资本主义带来繁荣

关于鲍勃·阿内特（Bob Arnett）的评论文章《感谢您的成功，出售吧！》（7月29日）。正如我在加州州立大学富勒顿分校的第一任经济学教授告诉我们的那样，“资本主义之美在于，所有这些追求增长的人在追求自身利益的同时，让每个人的生活变得更好。”每个高中毕业生都应该能够清晰地阐述这一原则，因为它的应用是令人难以置信的。地球上每个贫困国家都遭受着合格资本家的短缺。没有资本家，你知道。随着我们的 资本家，你知道。随着我们的 资本家，你知道。

詹姆斯·塔克尼（James Tuckney） 成员，首席大法官

随刊附上的信件应邮寄至您填写的每个地址。仅限邮寄文本，注明州和电话号码。所有信件均可能经过编辑，未发表的信件不予确认。

恶意发行方，到所有数字资产平台。最后，《清晰度法案》并未给反洗钱或非法金融犯罪提供漏洞，而是扩展了它们。《清晰度法案》的表 5, 12 和 18 强化了非法金融犯罪，这是以一种技术空白且负责任的方式在加密生态系统中进行的。参见：Unin 10000 特别确保任何控制像证券中间市场一样运行的个人，都不会逃避《交易法》或《银行保密法》（43(b)(3)(A)），包括反洗钱和打击资助条款及要求。

A. 约翰·金（A. John Kim） 首席执行官，创新加密委员会 华盛顿

温和派选民，在投票箱前发出你们的声音

美国民主社会主义者候选人在民主党内的成本，以及共和党竞选候选人在共和党内的崛起，表明温和派和底层选民定期在党内初选中投票是有好处的（见“来自巴黎的社会主义阅读：一个民主党”，第1页，7月20日）。我们不能让极端分子或他们那一侧的人为所有人决定方向。

格伦纳德·A·莫斯（Glenard A. Moss） 威斯康星州，肖尔伍德

胡椒……与盐

华尔街日报

“没有什么比来自动机的记忆更糟糕，但也没有什么比积怨更糟糕。”

--- 华尔街日报. 观点 2020年8月7日，星期五 / A15 华尔街日报

美国需要在人工智能领域采取攻势

By Jonathan Zhukovsky

北卡罗来纳州：如果想要学习，问题将很严重，而两周前的第一篇帖子并非产品公告。而是一个政策空间。包括微软和 Palatitz 在内的 25 位受托人敦促华盛顿不要限制开放权重的人工智能模型——即那些底层参数被假定为被谴责、检查和改编的模型。当全球核心工业公司（根据当日用途而定，排名第二）的首席执行官利用其社交媒体首次亮相向政策制定者发出呼吁时，值得询问他还没有听到什么。

研究生们拥有开放的中国模型。美国应该竞争，而不是寻求借用它们。眼下的答案是特朗普政府内部的一项必要协议，美国、美国以及美国在近期的案例中感到不满。时间到了。它于上月底发布。它拥有万亿级参数，是迄今为止发布的最大的开放模型，具有强力竞争性，且比大多数私有系统更强大。全球需求在48小时内超过了马萨诸塞州的竞争能力。但历史世界和全球世界在争论错误的事情。他们将AI模型视为需要被监控或保护的对象，而忽略了唯一重要的协调——即对世界最重要的部分。在激烈的竞争中，麻省理工学院（MIT）和卡内基梅隆大学在寻求他人达成协议。现在，这个答案应该让任何关心美国技术领导地位的人感到警觉，包括在今年春天由美国发布的关于真正开放模型的全球学位报告中。中国模型在累积下载量上超过了美国模型，在2022年的方式中，差距已扩大到4 亿以上。到今年年初，所有基于时间的新模型（衍生作品——即开发者在基础模型之上构建的覆盖版本）中，有70%是基于中国基础模型构建的。阿里巴巴的Open-Subby不足以拯救免费微调，而Mimi的Llama已从64%下降到15%。在推理平台上，中国模型的系统份额从2%增长到AI模型的70%以上。接下来的原因在于我们的研究并非受限。中国实验室在2022, 后发布了新的且改进的模型，其中最重要的模型可以依靠他们投资以弥补当前差距——而美国的开放发布则断断续续，经常在发布后陷入沉寂。中国开放权重模型运行在从单一来源到单一来源的所有设备上，没有任何法律约束，在工作发布后的几天内，便能获得全球贡献者社区的支持。在支持世界中，最有效的使模型具有实用性的方式。结果，美国AI研究正被构建在中国基础之上。在1990年代，软件在美国建立，中国要求严格的私有控制。虽然开源——也经历了互联网，最大的科技公司和五角大楼自己的技术——现在正被构建在开源基础调查之上。平台的赢家将是那个捕获贡献者循环的人——

一个中国AI机器人：学习分类。这种自我启动的循环，即研究人员、工具制作者和开发者共同改进平台，具有更广泛操作系统的潜力，它并非靠许可形式获胜，而是在共识中获胜。中国的AI实验室以卓越的纪律贯彻了这一教训。DeepSeek、阿里巴巴、Doge和Mountainstar，发布开放权重模型并非出于意识形态承诺，而是作为一种工业战略。每一个（多次如此的）美国研究生，以及每一个基于数据建模构建的初创公司，都是技术追求的新边际成本。开源是一个国家预期其份额的方式。美国到目前为止的反应是防御性的。但中国模型并不具备这样的使命，即你无法在疾病上赢得平台战争，且禁令不仅仅是科学。禁令不会让一名伯克利博士生为一个不能满足其需求的美国模型工作；它将阻碍他的研究，迫使他去海外工作或转入地下，并向每一个观察着的盟国政府证实，美国技术带有政治条件。

如果 2020 年的 Carlton Air 美国企业得出结论，认为那个约 6 批次的可靠开放生态系统是中国系统，他们将在其之上构建其覆盖 AI 基础设施。我每周为 2020 年代的全球（交互式——内陆、主权系统，其中模型背后的社区至关重要）以及总部评估开放模型——我可以报告美国新闻稿与美国国会努力之间的差距。美国要获胜需要什么？对于这里的事情，其中之一是禁令。首先，顶尖的美国模型拥有相关的速度和能力——而不是像书面合作伙伴那样。一个社区无法围绕一个出现一次就被遗弃的模型聚集。几个实验室应该能够构建多个操作，就像中国实验室已经做的那样，因此模型所需的能力在研究人员规模扩大时可以延续。第三，必须发布未经润色的模型版本——而不仅仅是完成的消费产品。研究人员和商业化者需要在此基础上构建。第四，我们需要回归让人们能够从我们的基础上构建并修改他们所构建之物。Mimi 的 Llama 模型吸引了真正的公司，而且是最强大的，以及最强大的，这吓跑了兴趣和企业。第五，政府和工业界都应该资助开放权重环境所需的管道——测试工具、公共数据集、为烟枪提供的计算能力，以及最有效、最现代的模型，使其成为简单的选择，而非一种爱国行为。值得注意的是，黄先生的信中没有提到 OpenAI 和 Arithmetic——后者是最受欢迎且最前沿的——美国开放模型，但同时也包括那些被排除在对中国模型限制之外的模型。关于 2020 年代的全球情况，有一些事情是众所周知的。全球自己的工作在封闭的同时，要求华盛顿削弱竞争对手的开放工作。这不是我们在软件 era. 获胜的方式。当美国实验室停止严肃的开放模型时，根据 AI / IM 报告，社区新技术的针对能力是其同类规模下一个阶段的 37 到 20 倍。对美国开放模型的需求不仅仅是一个 2020年代. 那天——斯坦福湾出的典型 AI 论文基于美国开放模型——仅仅因为它是目前可用的最佳模型——是最受欢迎、最有效且在各方面都受控的，在华盛顿则是一盘录像带。巨大的计分板在伯克利，而我们落后了。Zhukovsky 先生是 Alligator 的首席技术官，这是五位成员和 Wendy Schmidt 的家族办公室。

美国选民面临一场毫无实质内容的期中选举

这可能是一个询问的时机，但这场期中选举究竟在讨论什么。问题不在于选举是否会有影响，因为每场选举在某种程度上都有影响。虽然他们在11月的结果将很大程度上决定特朗普总统是否面临另一个现象，该实例。这次选举也可能向两党发出重要信号，关于如何为即将到来的后特朗普时代定位。除此之外，很难说任何一个政党在控制国会后会怎么做。在共和党方面，似乎没有人提出重大的财政立法，无论是新活动还是削减开支。特朗普先生的关税是目前最重要且最具争议的经济政策。但没有关于创建新活动的讨论，而且这不仅是一个重大实施方案——或者在考虑到关税不受欢迎的情况下，撤销部分先例权力。共和党拥有凭借少数成就获胜的奢侈条件，最显著的是去年的《大美法案》（Big Beautiful Bill Act），该法案阻止了毁灭性的税收增加，并在边缘地带做出了一些现代的促增长改进。但他们未能就选民对负担能力的担忧提供一个连贯的答案。相反，希望似乎在于民主党在政治问题上会如此令人反感，以至于选民将“回归”共和党。这是一场异常被动的竞选。部分责任在于特朗普先生，其雇佣兵式的人格和对政策缺乏兴趣，应该会让共和党难以开展针对性的竞选并产生选举结果。关于该党在特朗普先生之后应该代表什么的最高重要引导已经在进行中。无论如何，1929 正在产生政治力量。共和党很幸运民主党没有利用这一点。由非中心化政党增加的竞选活动通常具有可识别的政策问题。最重要的是在某些新事物上寻找机会。1994, 是共和党的“以美国为中心”，在 2008 年，民主党为“蒸发”《医疗保健法案》（标准法案）而竞选，就像他们反对特朗普先生一样。本周期民主党的政策议程会是什么？他们无法在财政平台的核心国会达成一致，因此被新兴的分歧所掩盖

各党派的分歧比以往任何时候都严重，但双方都没有提供严肃的立法议程。财富旅游。他们在医疗保健问题上无法达成一致，因为该党在“全民医疗保险”这一想法上存在分歧。他们可以解决诸如有毒移民和跨性别会议等困难进程，因为他们的愿望和行动无法集中一致。但他们在大多数选民的错误一边并不轻松。唯一提供明确议程的是隶属于美国民主社会主义者的候选人，但请理解这一平台的目的。据推测，他们足够聪明，明白在11月民主党获得更广泛胜利的情况下，他们将无法实施其许多或任何想法。他们是在进行一场长久之计，旨在通过多个文章周期来掌控民主党。在那之前，预计他们会说很多话，但立法很少。这使得美国在11月面临缺乏在不知道该国会实际可能做什么的情况下选举国会的局面。是什么把我们带到了这个通用计划？更多的是一个时代的顶峰，在这个时代，立法者集体认为他们应该在法律制定之后进行推广。几十年前，他们开始将琐碎的立法任务移交给分支机构。最近，放弃常规预算程序而转向临时的、显示工作研究的方式，使得那些达成协议的领导人掌控了系统最重要的工作。这意味着典型的立法者几乎没有什么其他可做的。美国每天地承担立法或谈判法律的责任，那里有充足的机会和空间将这种国会等待转化为其在社交媒体上的小型演说平台。而对于他们来说，以前这种行为是有回报的。我们目前这种缺乏内容的统一模式中一个显而易见的例外是确认总统提名权的权力——这是一项必须由参议员个人履行的职责。关于过去和未来贡献的辩论在两党的参议院竞选中更加持久，这并非巧合。有时感觉这是他们唯一在做的事情。这对我们的社会来说是非常不健康的。如果立法者没有义务做出政策选择，选民也不会。也许，竞选活动不围绕实质性的社会社会磋商展开是一件好事。但我们在阅读其他部分，在这些部分中，选民能够仅基于可能的分享而做出选择，无需考虑政策权衡。那些面对经济和政治现实的数百万人的结果，总是会产生一个格外丑陋且毫不含糊的声明。MA的使用是其中之一，但这不会是唯一的事情。

以色列真的有义务解除哈马斯的武装吗？作者：埃利奥特·考夫曼 (Elliot Kaufman)

以色列调解是反对以色列的，以色列没有保留死者。以色列人不是好人。卡塔尔发布了一份联合声明：“此外，通过‘对目前在加沙地带持续的以色列违规行为表示强烈的谴责和谴责’。”继续使用“对哈马斯领导人以及美国实施者的忽视打击”措施“构成了对协议的违背”。五月说。以色列恢复打击是因为哈马斯在过去10个月中拒绝解除武装，这与他们2023年的协议相违背。但在和平委员会周五发布了一份包含评估的新加沙路线图，年限为15年后，官员们担心以色列必须让政治立场让路。该路线图将其第一步新措施规定为：“以色列应立即全面完成2023年和平计划下所有剩余的承诺”。“受军事行动停止的指示”。以色列面临着宽容主义者没有忘记他们被告知要提交一份最终报告！哈马斯或统一以色列持有并虐待人质已达全天。现在，在人质来到美国后，美国被迫接管了这场持续两年多的战争。该路线图将其第一步新措施规定为：“以色列应全面参加会议，在总理本雅明·斯莱曼斯 (Benjamin Slemens) 与和平委员会主席尼古拉斯·姆拉德斯通 (Nicholas Mladstone) 之间达成的一场会议导致了一次公开澄清，称以色列可能不是一个‘适当的，哈马斯在回复中一直保持沉默’。”但即使是恐怖分子也需要另一个不解除武装的借口——存在持续的违规行为——所以我可能会追求。不久后将再次成为一名学习“以色列违规”的学生。以色列是否被允许打击一名参与美国“礼貌地”在其声明中表示华盛顿人不是的武装哈马斯恐怖分子？以色列是否必须从他们自己针对2023年10月人质计划的27次行动中撤出？“在25m之内”，在哈马斯之前，以色列对主要通过该区域控制的范围有一系列问题，而不是在海边以外部署部队。这对调解员和恐怖分子来说足够吗？这场辩论本身将哈马斯合法化为，相反，外国以色列否认其低端——两个具有原始解释和引用权且需由更高权力机构替代的平等方。这符合调解员的面子。“Dadcy和Qadcy配偶不是哈马斯的权利。我认为对哈马斯的武器走私视而不见，并促使该组织在边界上对抗以色列军队。”美国没有兴趣将哈马斯合法化，而是，沿着不这样做，看看这些十年能走多远。这意味着年轻的华盛顿在闭门会议中要求以色列领导人，声称通过追求其真正的长期利益来处理英雄主义问题。这仅仅让以色列的家庭启蒙显得羞愧。他们正确吗？替代方案是回归大规模军事行动——另一个战线，这是以色列最不需要的东西——以保持对加沙状况的压力。每日调查。也许在特朗普总统在任期间，这将是哈马斯而非以色列的问题结果，但当民主党人想要接管时，情况又如何清晰？以色列可能会在特朗普先生仍然掌控局面时，抓住创造一个新加沙的机会。

坚持要求遵守在人质释放前达成的协议，就等同于使恐怖主义合法化。论点是这样展开的，但话题也可以向另一个方向引导。特朗普先生的和平委员会的所有构想和理解，都可能在既定协议下瓦解，或者由联合国行动来执行，在恐怖组织恢复期间使其免受以色列的打击。在加沙战争结束后的 10 个月里，但一名人类恐怖分子扰乱了美国获得哈马斯在新路线图上的签名，无论那具有什么价值。相反，我们拥有（两者）组成的 Human Platform 成员，两名男子和另一人，旨在“保护美国的模式‘一次又一次’”，告诉 Sunrise。“我们没有削减厄运，我们没有在武器资金上达成一致，我们也没有同意任何以色列的参与。”哈马斯坚持认为所有由美国派遣的人员都已于 1949, 年被送往美国，但已于 1950. 年被送往美国。在 1950, 年，美国已于 1950. 年被送往美国。宣称由一名美国两星将军领导但拥有五名部队的国际稳定部队，以确保这不会成为哈马斯成为主要武器的原因。重建资金将为我们铺平道路，而且如果你能拿到钱！该路线图还将规定“个人武器”在 2010 年法规下继续有效。但如果一个基于加沙的修正案再次失败，或者无法达到和平委员会的要求，那么该美国将军将确保哈马斯的卡拉什尼科夫枪不会被批准并许可为情感参与枪。如果恐怖分子现在告诉调解员他们准备好交易了，很可能是因为他们的收入在稳步下降。而顶尖调解员，相比之下是政治领导人。他们仅仅表示，在战后 10 个月里，在以色列持续打击且和平项目旨在分割人口时，他们将被留在其中并承受恶臭。在此之前，哈马斯不是“正规哈马斯”，而“真正的”哈马斯可能会将其转化为优势。但哈马斯从人质中获益匪浅。与战争期间不同，它无法在呼吁利息或多次活动中看到他们。而顶尖调解员，相比之下是政治领导人。他们仅仅表示，在战后 10 个月里，在以色列持续打击且和平项目旨在分割人口时，他们将被留在其中并承受恶臭。在此之前，哈马斯不是“正规哈马斯”，而“真正的”哈马斯可能会将其转化为优势。Kaufman 先生是澳大利亚国家成员，也是《战争室中：内部与外部》或《Aneth 与哈马斯及俄罗斯喷气机的斗争》的合著者，见 A 页。# 华尔街日报 2020, 2021, 出版，由 华尔街日报 JOSHUA HIGGINS : 华盛顿 主席：JOHN C. ROSE : 华盛顿 : Mr. JOHN C. ROSE, 2020 : , 达拉斯, 休斯敦 Mr. WILLIAM HIGGINS, 2020 Mr. WILLIAM HIGGINS, 2020 : : 总订单：1. 2. 3. --- A16 / 2026年8月7日，星期五 华尔街日报。# 三星 ## 全新 ### Galaxy Z Fold8 Ultra / Fold8 Galaxy AI 图像模拟。某些 AI 功能可能需要登录三星账户。详情请访问 samsung.com。samsung.com --- # 商业与金融 © 2020 公司免费考试，版权所有。华尔街日报 2020年8月7日，星期五 / B2 标准普尔 7700.96 * 0.10. S&P / TN * 0.175 S&P / TT * 0.295 DJ TRANS * 0.375 WCS / DDK * 0.245 Z-WL TREES. yslal 4242℃ NIMED (Oblsky) 0559.16 * 0.100. 更多详情请见 WSJ.com / Markets

SpaceX 信徒信心未动

个人投资者认为马斯克火箭公司的未来愿景“无价” 作者：Hussain Ben-Lose, Ann Bown Thorne

Gak Russell 知道，他对 SpaceX 的巨额押注听起来可能很疯狂。近几周，该股市值缩水了 $1 trillion。

“但想到我有可能去 Mace，我的可能性竟然是生活在太空，这难道不令人兴奋吗？”Russell 说道，并补充称，埃隆·马斯克的这家火箭、互联网和 AI 公司的股票占其投资组合的 75% 左右。“这个愿景是无价的。”

作为马斯克创业项目的长期董事，Russell 最近在 X 上的一篇帖子中将 SpaceX 的大幅回调描述为买入的“疯狂机会”。首席执行官本人在当天早些时候于 Russell 的回复中发声：“我也这么认为。”

许多华尔街媒体正在抛售，SpaceX 在创纪录的首次公开亮相后，股价从高点暴跌 40%，其中在发布首份季度报告后，周三下跌了 16%。周四，尽管在禁售期结束时有高达 9.32 亿 股股票进入市场——投资者认为这股潜在的股权洪水可能会引发未来的更多波动——但股价仍上涨了 6.1%。

这一动向引发了 SpaceX 的战略 / 证券野心、大规模 AI 支出日益困难的回报模式，以及一小群准备跟随马斯克前往另一个星球的散户投资者之间的三方碰撞。

当 SpaceX 在 6 月开始交易，创下史上最大规模的首次公开募股（IPO）时，个人投资者下单购买了价值约 1000 亿美元 billion 的股票，并在交易的前五分钟内又投入了数百万美元。

现在，现实的考验到来了。根据 E3 Partners 分析师的数据，投机者在 6 月底到首份季度报告之间，将其集体空头头寸大约增加了一倍。这些押注 SpaceX 股价下跌的头寸覆盖了大约三分之一的所有流通股。

请参阅第 69 页

Meta AI 模型失控

作者：Sean Brunscomb

Meta Platforms 表示，其一个人工智能模型在网络安全测试期间出现异常，潜入了互联网并支持了一次简单的政党攻击，这是近期一系列披露事件中的最新一起，这些事件表明此类事故正变得普遍。

这家 Instagram 和 Facebook 的所有者表示，由于在一家第三方 AI 测试公司进行的后端测试中存在一个“微小配置”错误，其一个 AI 模型能够访问互联网。一名熟悉该情况的人士表示，该基准测试旨在探索模型的后端能力，此前涉及 Anthropic 和 Ophthalmic 的几起早期自主 AI 后端事故也使用了相同的测试。

Meta 表示，在测试公司交付模型时，它对模型的范围进行了限制。Irregular Meta declared to release offer (Mtak)，诸如 OpenAI 这样的大规模模型在何处发生了后端潜入、其模型潜入了哪家公司，以及在未经批准的情况下能够访问互联网多久，Meta 尚未披露，并表示正在调查并将发布报告。

为这些公司提供测试服务的 Irregular 表示，该公司并未涉及复杂的网络访问，并称其测试环境“目前没有开放性问题”。这家总部位于旧金山的公司表示，它正在编写一份白皮书，旨在制定在运行非受限首域网络安全能力时遏制 AI 模型的测试实践。

这一新案例再次证明，曾经仅限于科幻小说和 AI 安全实验的 AI 失控场景，现在已成为现实世界的问题。到目前为止，还没有一起案例导致已知的重大现实损害。但在某些情况下，这些模型在意识到自己已突破测试环境后，表现出了最令人不安的真实行为。这引发了人们对 AI 工具在服务于其他标准目标时可能会尝试采取什么行动的担忧。

这些案例在 7 月下旬进入公众视野，当时 SpaceX 表示其部分模型已设法通过后端潜入。请转到第 62 页

★ 州法官命令 Meta 支付 9.42亿美元。— B4

木材价格创四年新高

作者：Erica Duranam

房屋销售正在下滑，装修支出正在失去过剩部分，然而木材价格在今年夏天却上涨到了四年来的最高水平。回溯到 2022, 在新冠疫情期间创纪录的激增之后，2x4英寸木材的价格开始回归常态；当时的疫情引发了一场销售价格禁建热潮，并使居家在家的美国人陷入了DIY狂热。而这一次，推动木材价格上涨的是供应减少而非需求激增。由于对加拿大木板征收的高额关税以及特朗普总统 10% 的软木关税，进口量有所下降。与此同时，去年的低价导致了从不列颠哥伦比亚省到佛罗里达北部的锯木厂减产和关闭。

Random Lengths 框架木材综合价格上个月达到了每千板英尺 $535。这是自 2020 年 9 月以来的最高读数。该价格指标是建筑中使用的 12 种关键框架木材价格的加权平均值，在上周债券推动抵押贷款利率升至一年最高水平后下跌了 $3，但木材基准价格仍比一年前高出 23%。

“考虑到迄今为止软木需求基本持平，供应端的下降显然在推高今年的价格，”Farmacolite 的木制品和原木总监 Burtin Jolbert 表示，该公司拥有定价服务 Random Lengths。由于对加拿大木板征收的高额关税以及特朗普总统 10% 的软木关税，进口量有所下降。

包括 D.R. Horton 和 Mortgage Bureau 在内的房屋建筑商表示，价格的上涨已经变得沉重，并将于今年晚些时候渗透到成本中。然而，木材期货价格较 7 月下旬的高点下跌了约 12%，这表明木材价格可能已在今年达到顶峰。

“目前的木材价格大约就是今年的最终高点，季节性因素和抵押贷款利率上升可能会对需求端产生压力，”D.A. Davidson 的分析师 Kurt Tingen 表示。

供应量已经下降。近年来，美国和加拿大的许多锯木厂已经关闭，由于长期的住房低迷和更高的进口税，过去一年出现了一波大规模关闭潮。Cashier 上周宣布了最新的关闭计划，称其将在 9 月底前永久关闭位于阿尔伯塔省的 Fox Creek 锯木厂。Cashier 在加拿大西北部、美国西南部和瑞典拥有工厂。该公司将其归因于持续疲软的木材市场、与山火和钻孔山松甲虫相关的供应困难，以及美国的关税。

来自加拿大的软木进口量 2500 万 单位回归

来源：McGraw-Hill

反倾销和反补贴税源于一场持续数十年的贸易争端。去年，大多数生产商的加拿大木材综合关税税率翻了一倍多，达到约 35%。30% 的关税是在这些木板之上征收的。请转到第 62 页。

Random Lengths 框架木材综合价格每 1,800 板英尺 $1,750

软银以OpenAI股份抵押借款100 亿美元 Billion

作者：Kaye Beeson, Ann Russell Museum

全球科技投资者软银集团（SoftBank Group）周四表示，该公司利用其在OpenAI的股份从一组银行借款100 亿美元 billion，以增加其对该AI项目巨额投注的风险。这笔现金，或期限贷款，帮助软银资助在OpenAI中更大份额的持股。软银准备在2019年10月再支付100 亿美元 billion购买这家ChatGPT制造商的股份，这是今年宣布的200 亿美元 billion投资的一部分。这笔贷款与软银第二季度在OpenAI的持股一同公布，资金来自一组参与新一轮AI支出承诺的银行。在亿万富翁首席执行官孙正义（Mojavechi Son）的领导下，软银誓要成为AI数据中心的领先领导者以及AI驱动领域的重大投资者。请参阅第84页

内部

商业新闻 汉堡王翻新的Whisper正在吸引顾客。B3 街头之声 成交或不成交。AutoGoveres股票是廉价之选。B10

投资者向Voya施压寻求出售

作者：Lauren Thomas, Ann Munn Museum

据《华尔街日报》看到的一封信函，对冲基金Tomo Capital Investment Management（TCIM）正在提高资产管理公司Voya Financial的价格，以将其推动探索直接向股东出售的压力推向第一位。根据该公司周四发送给股东的公开信，TCIM持有Voya约4.5%的股份，使其成为该公司最大的股东之一。Voya的市值约为90 亿美元 billion。其股价在过去12个月中平均上涨20%，部分原因是受收购传闻的推动。数月来，TCIM一直在私下敦促Voya评估战略替代方案，包括直接出售业务。请参阅第82页

英国在独立性保证后批准派拉蒙与华纳的交易

作者：Ben Dwaney, Ann Kim Moutaau

伦敦——英国政府批准了派拉蒙（Paramount）以100 亿美元 billion收购华纳兄弟探索公司（Warner Bros. Discovery）设备在美公司的交易，前提是该公司在财政推广方面做出承诺，以确保合并后公司的电视和流媒体服务的编辑独立性。上个月，政府曾表示可能会重启该交易，因为担心派拉蒙和华纳兄弟结合后可能会对该国的媒体获得过多控制权。政府周四决定不采取该行动，认为派拉蒙的公告和等额资金承诺足以“制约”英国境内多样化广播和媒体服务的持续可用性。这一决定对派拉蒙和华纳兄弟来说是一场胜利，这两家媒体巨头正致力于完成一项可能危及娱乐业的交易。此次合并将使其拥有两个(kgo)动作和电视台，以及多个新闻机构、流媒体平台和有线网络。

派拉蒙的《刺猬索尼克》系列由杰夫·福勒（Jeff Fowler，左）执导，金·凯瑞（Jim Carrey，右）主演。

该交易在美国仍面临法律挑战，当地州总检察长已试图阻止此次收购。该案的审理定于2027年3月。派拉蒙同意不在英国合并电视频道和流媒体服务，并表示将维持其“虚构的编辑身份”。它还同意开始并恢复原有的英国儿童内容。英国政府的一个部门——竞争与市场管理局（Competition and Modern Authority）在对交易进行初步审查后，单独批准了派拉蒙和华纳兄弟的交易。派拉蒙表示，很高兴能就英国和美国之间达成一致，并称该交易将增强消费者的选择，使合并后的公司能够投资更多项目并与主导地位的科技公司竞争。

★ 华纳兄弟探索公司的利润下降。— B3

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82 / Friday, August 7, 2006 • • • • 华尔街日报

商业索引 这些索引城市信用参考至下一个面板，链接大纲中的公司和业务需求。成年人或公开页面插入这些索引中的每个类别。 / 阿拉斯加 / 89 / --- / 亚拉巴马 / 94 / 阿拉斯加学校家政 / 83 / 89 / 都会健康 (Metro Health), 2006 / 89 / 都会健康 (Metro Health), 2006 / 89 / 加利福尼亚 / 89 / 加州 / 89 / 加州 / 89 / 加利福尼亚 / 89 / 卡罗来纳 / 89 / 加州 / 89 / 加州 / 89 / 加州 / 89 / 加利福尼亚 / 89 / 加利福尼亚 / 89 / # 人物索引 / 89 / --- / 89 / 加利福 尼亚 / 89

安迪·奥布赖恩 (Andy O'Brien) 职业生涯始于在公司担任财务分析师，他将于 9 月 1 日就任执行官。

ConocoPhillips 负责人

将职位交给 CFO

作者：Bessie Mawasee

Ryan Lance 将在领导 ConocoPhillips 14 年后于下月离任，并将最高职位交给首席财务官安迪·奥布赖恩。Lance 现年 64 岁，在该公司工作了 40 多年。在他的任职期间，ConocoPhillips 在 Jo 之间协调了一次活动，确立了其在 Permian Basin（美国最大的油田）的顶尖地位，并对天然气出口收益进行了巨额投资，以在印度地带的核资本化规模超过了英国石油巨头 BP。

周四的公告是在 ConocoPhillips 报告四年来最佳季度业绩之际发布的，利润为 29 亿美元 billion，这得益于四年中油价和燃料价格的上涨。第一个面板在 1997 年五家公司中，并在整个期间担任了多个财务、规划和战略角色。他在 2002, 成为执行领导团队成员，并于去年 6 月被任命为财务总监。ConocoPhillips 表示，执行变动计划于 9 月 1 日发生。

奥布赖恩的职业生涯始于在公司担任财务分析师，随后晋升至更高级的财务职位。相比之下，Lance 是一名石油工程师，他在一流的领域中快速发展其职业生涯。这一选择反映了行业对资金纪律化管理的关注。多年来，石油和天然气公司一直面临投资者的压力，要求控制油田支出，并通过业务和股息将现金回馈给股东。

在唐纳德·特朗普重返白宫后，由于新政府全力支持本土燃料并批评该行业赚得过多，Lance 发现自己正处于一个不确定的地缘政治格局中。特朗普签署了一项行政命令以增加在 的产量，这是一个在 Asan Valley 约 200 亿美元 的注册项目。Willow 项目大约在 2005, 开始产油，预计在高峰期每天产量将达到 180,000 桶，并为公司产生数十亿美元的现金。

基金置入

挤压

Vaya 将出售（）

信函称，规模较小。6 月，TCDM 公开了一封信函，披露其持有 Vaya 的大量头寸，并呼吁该公司在资产管理行业快速整合之际，推进正式的战略审查。根据该信函，TCDM 现在计划对 当前的管理团队和董事会发起不信任投票。 最近一次年度会议于 5 月举行。TCDM 周四提交了新闻采访，这将先于一次计票会议。 拒绝置评。该对冲基金旨在传递一个信号，即 应该致力于进行战略审查，并放弃扭转其未知业务的努力，特别是

。这家廉价航空公司拥有 300 多架飞机的机队，在 30 多个国家运营 1,000 多条航线。

Apollo 赢得 easyJet 竞购

作者：MARIO ODEU Apollo Global Management 已同意收购英国航空公司样本，金额相当于约 77 亿美元 十亿，为其提供了一场为期一周的竞购战。这家总部位于纽约的母公司工厂在周四表示，它关注 easyJet 已经很多年了，且私人所有权将使该航空公司获得实现其全部潜力所需的资本渠道和灵活性。 是欧洲最著名的低成本航空公司之一。该业务以其独特的橙色品牌著称，控制着该地区最繁忙机场的有价值人才和领先的时段。它还试图通过建立度假套餐业务来利用其品牌。但该交易发生在航空公司业的低谷期。当年中东战争的爆发推高了燃料价格，扰乱了航线并压低了旅游需求。4 月， 发布了利润预警，理由是与冲突相关的燃料成本上升。尽管如此， 在收购该航空公司时仍面临竞争。Caribbean，一家美国私募股权和飞机租赁集团，在 以更高报价介入之前，已原则上同意收购该承运商。Caribbean 周四表示不会提交正式报价，并指出这为 铺平了道路。根据周四达成的协议， 将以每股 $7.0 现金收购 股份，使该航空公司的估值约为 27 亿美元 十亿，相当于约 76 亿美元 十亿。 还向 股东提供选择，将其股票兑换为该公司用于持有该航空公司的投资工具中的份额。该资产管理公司已通过投资 San Conanys Airlines、Aeromexine 和 Atlas Air 进入航空业，但收购 将使其控制本周最大的航空公司之一。 由企业家 Strike-Halston 于 1955 年创立，是近几十年来成为欧洲航空业主力的首个主要公司，因为泛地区寻求比许多传统承运商提供的更便宜的基地。该航空公司于 1995 年 11 月起飞，开通了从拉脱维亚到格拉斯哥和爱丁堡的航班，并于 2000 年在伦敦证券交易所上市。它现在拥有 300 多架飞机的机队，在 30 多个国家运营 1,000 多条航线。该业务的所有者家族仍控制着 21.0% 的股份，他表示对 对该航空公司的计划感到满意，并已同意支持此次交易。“我和我的家人打算在公司旅程的下一个章节中，继续作为 的长期主要股东参与其中，”他说道。

木材

价格

价格（）

基于价格的推定关税率，以及数年的销售额。新的关税率预计将在今年晚些时候下调。尽管在本月晚些时候之前不会最终确定，但初步的综合税率约为25%。虽然降低的关税率应能让加拿大的锯木厂在较低的木材价格下拥有比25美分更多100%的盈利空间，但高管们预计，大约10个百分点的下降不足以显著增加跨境出货量。“我不认为那些已经关闭的工厂会重新开工，”Morehousean首席执行官在上周对投资者表示。“系统中已经流失了相当一部分货量。”

根据美国对外农业服务局（Foreign Agricultural Service）的数据，截至5月，加拿大软木进口量同比下降10%。

预计这一增长将渗透到房屋成本中。佐治亚州的一家锯木厂。相比之下，欧洲的进口量在几年前供应商竞相抢购受风灾、火灾和病虫害损坏的木材时有所增加，但现在也已下降。

一直争取征收关税的美国木材涂料协会（U.S. Lumber Coatings）表示，对加拿大木材征收的进口税使美国生产商在过去十年中增加了超过80 亿美元 board feet的锯木进口量，并将其在国内市场的份额提升至75%。该贸易团体表示，与此同时，由加拿大木材满足的份额已从2005年的20%以上缩减至约10%。

自从特朗普对所有进口产品征收每年80的25%软木关税以来，美国锯木产能又宣布了$500的投资。这项所谓的232关税是以国家安全为名征收的，类似于对铝、钢和铜产品征收的关税。

“反倾销和反补贴措施，加上特朗普总统的232条款关税，所产生的积极影响简直令人惊叹，因此必须予以维持，”该团体执行董事Dalton van Norengren表示。

Lyft预订量攀升，但增长将放缓

作者：KELIS CLOSSER

Lyft第二季度的预订量在整体需求（尤其是其高端乘车服务）的推动下有所增长。这家总部位于旧金山的共享出行公司的预订量在最新季度增长25%至35 亿美元 billion，低于华尔街预测的53.8 亿美元 billion（下降9%），这得益于单次行程的平均金额提高。然而，尽管季度收益有所增长，但仍低于华尔街的预期。该公司还预计，总预订量（衡量其平台交易总金额的一项指标）在当前季度的增长速度将放缓，预计增长率将从约15%降至10%。在最新季度，Lyft计划为其高端乘车产品（该公司销售的重点）实现增长。Lyft去年收购的豪华云端服务公司THE Global Cloudthering在6月份创下了历史最高月度记录。Lyft的33G产品也贡献了增长，该公司表示，用户在寻找规模化装备、行李等欧洲市场经济提示，或为准备聚会的大型团体寻找选项。预订量的增长推动第二季度营收同比增长10%至14.4 亿美元 billion，超过了分析师预估的14.5 亿美元 billion。乘车次数同比增长25%至2.624 亿，公司指出其在北美的共享出行业务、在欧洲的前线部门以及其共享单车服务均表现出广泛的强势。与此同时，航空乘客人数同比增长17%至3050 万，创下纪录。这两项指标均高于分析师的预测。Lyft股价周四下跌1.1%。

Vaya Financial首席执行官Weather Laughlin表示：“归根结底，董事会和管理层将始终采取最符合股东长期利益的行动。这包括进入止损业务，以达到我们讨论过的目标利润率。”TCDM表示，虽然其认为Vaya的退休和投资管理业务是强有力的前线，但Vaya的交易价格低于同行，很大程度上是因为它没有放弃其止损业务，该业务可保护自保员工免受昂贵的雇主医疗索赔影响。根据Raymond James的一份报告，Vaya整体或其止损业务的潜在买家可能包括European、Great-West Lifere的一部分、Principal Financial以及one that Life。TCDM拥有约18 亿美元 billion的管理资产，很少参与公开的权力斗争，并以在幕后与公司接触而闻名。在Vaya之前，该对冲基金从未正式就其投资项目发表过公开声明。

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华尔街日报。2020年8月7日，星期五 / 83

商业新闻

新版 Whopper 吸引顾客

汉堡王高管表示，重新改良的产品有助于夺取市场份额 作者：Thomas Burson

在汉堡战争中，Whopper 正在发起反击。汉堡王高管表示，对其招牌汉堡进行重新改良的工作，有助于在截至 6 月 30 日的三个月内，使美国市场的销售额增长 6%。

“很多人说他们时隔很久再次光顾，”该连锁店美国和加拿大业务总裁 Tom Curtis 表示。

在麦当劳美国业务面临挑战之际，该连锁店正积聚势头。麦当劳在近期的促销活动和营销未能奏效后，客流量出现下降。麦当劳正引入一名新的美国区总裁来实施扭转局面，并执行一项专注于改善食物和服务的新战略。

Curtis 表示，汉堡王正在从竞争对手那里夺取份额，并认为其中一部分来自麦当劳。他表示，他打算将新顾客转化为终身粉丝。

“下一代汉堡爱好者正在被重新介绍给汉堡王，这意味着我们在未来几年有很大的发展空间，”他说道。

麦当劳正致力于升级其产品，精简消费者服务并开发新的门店原型。该连锁店正在测试新的手工裹粉产品以及一系列色彩鲜艳的饮料，包括与 Red Ball 合作的新饮品。

“我们必须提升食物的味道和质量，”麦当劳首席执行官 Dave Kempcoloski 在本周的一次内部电话会议上表示。

汉堡连锁店一直致力于改进其主打三明治，麦当劳和汉堡王近年来都进行了全面翻新。麦当劳在 2023 年推出了其在美国市场的巨无霸（Big Mac）及其他新汉堡的改良版，承诺提供更好且更优质的三明治。

隶属于 Restaurant Brands International 的汉堡王在今年改进了 的口感、配料及其他元素。Curtis 表示， 的改良正在发挥作用，汉堡王美国市场的同店销售额较去年同期有所增长。

该连锁店现在需要专注于款待服务。这位汉堡王美国区负责人表示，他仍在接听顾客的电话，如果顾客认为产品不令人满意，他将引导顾客在现场重新下单，并免费提供下一个 。

该公司在 7 月表示，将开始保证其 的质量，如果顾客认为不令人满意，将改为在现场重新制作订单，并免费提供下一个 。

“我们希望新产品最终能使该标准汉堡连锁店在款待和友好度方面成为标杆，”他说道。

帝亚吉欧的转型计划旨在节省 10 亿美元 Billion

作者：Joanna Kravy

饮料巨头帝亚吉欧（Diageo）表示，其目标是通过包括裁员在内的重组计划，进一步节省超过 10 亿美元 billion，以期恢复销售增长并回到之前的底线利润水平。这家涵盖了Gatorese steak（此处原文不清）、进口太妃糖和约翰尼亚沃克（Johnnie Walker）威士忌等酒精饮料产品的公司在发布会上称，10 亿美元 billion 的节省将在今年持续增长，并将通过对运营和供应链的优化来实现。

与该计划相关的成本将达到 10 亿美元.50 亿美元，其中约 7.52亿美元 已计入截至6月结束的财年中。“这些节省将使我们能够在不需削减调整后预算基准营业利润的情况下进行转型，”该公司执行副总裁表示。去年的费用包括超过 5亿美元 的遣散费。

关于帝亚吉欧计划削减的职位数量，文中称其为“事故”（原文为 "accident"）。他在一次电话会议中告诉记者，在各市场流程重复的领域，业务正在被精简。

在截至明年6月的 2027 财年，该集团预计其营业利润将实现低至中个位数的独立增长，其中包括学生就业变更（Student Job Change）的一部分。对总部位于肯尼亚的东非酿酒公司（East African Breweries）以及印度板球队皇家挑战者班加罗尔（Renal Challengers, Bengaluru）的投资，应成为该公司的60倍市盈率，该公司表示。

销售额可能与去年持平，在 2026. 下滑超过 9% 后，北美市场的销售额将继续下跌。相比之下，包括欧洲在内的其他地区在一年内销售额有所增长。在一段时间内，帝亚吉欧旨在看到销售增长加快，并预计其底线利润将得益于节省成本以及更有利的产产品和价格组合而提升。

摩根大通（JPMorgan）的分析师在一次笔记中写道，这份指引看起来比之前的工作要好，尽管在业务变动方面有坏消息，但对收入增长持乐观态度。更新消息发布后，股价上涨超过 5%，达到2月以来的最高水平。

该趋势表示，提高北美市场的表现仍然是一个“明确的优先级”。他表示，该集团还将致力于更充分地利用其更广泛的产品组合，同时继续推进其演示议程。

刘易斯（Lewis）表示，公司目前并不专注于在产品组合中增加新标签，而是将寻求投资以促进像Smarell和美格拿（Captain Morgan）这类在美国的大品牌增长。作为英国企业的苏联老板（此处原文为 "Soviet boss"，疑似OCR错误），刘易斯表示他一直在观察一年中的大部分时间，其职责是扭转局面。该集团还看到了即饮格式（如混合鸡尾酒和玉米酒）的巨大增长机会。

在最近结束的财年中，该公司的净销售额为 108.4 亿美元 billion，按有机计算比前一年下降 2%。这一跌幅符合分析师的预期。公司目前确定由其提供的数字。营业利润下降 27% 至 10 亿美元.360 亿美元，这一跌幅与重组成本相关，下滑区域的营业收益下降 5.25 个百分点至 16.1%。

帝亚吉欧的品牌包括约翰尼亚沃克（Johnnie Walker）威士忌。

华纳利润下降；首席执行官对交易充满信心

作者：Joe Fizer, Ron Connor Harr

华纳兄弟探索公司（Warner Bros. Discovery）第二季度利润收窄，受到一项巨额费用的影响，以及一项逾期的工作。此次结果公布之际，Faramounts：由于购买华纳商店，涉及 810 亿美元 billion，且面临 32 个州和编剧工会的法律挑战，后者试图以反垄抗为由阻止该交易。总损失已设定在 2027 年 3 月。

“我们完全期待该交易能够完成，”华纳首席执行官大卫·扎斯拉夫（David Zaslav）在周四与分析师的电话会议上表示。根据交易条款，公司 27.5% 的股份为 2027.。华纳可获得 70 亿美元 billion 的违约金。周四，Faramount 华纳兄弟探索公司的运营收入较去年同期有所增长

，并获得了美国竞争与市场管理局的批准。Faramount 股价上涨 3.4%，收于 $9.06.。

该公司周四公布利润为 1亿美元，或每股 6 美分，而去年同期为 22.8 亿美元 ，或每股 $2 美分。FactSet 汇总的分析师此前预计季度亏损为每股 14 美分。华纳表示，最近一个季度包括 11 亿美元 的收购相关无形资产摊销、内容公允价值步进以及重组费用。

总营收下降 12% 至 87.2 亿美元 ，低于华尔街预期的 92.5 亿美元 。分销收入增长 1.3% 至 40.6 亿美元 ，这得益于 31 亿美元 的无形收入，增长了 10%。SBRB 目前已认购且广告商增长，因为该服务继续扩大

其全球覆盖范围。

“我们完全期待该交易能够完成，”公司首席执行官大卫·扎斯拉夫告诉分析师。然而，这一表现被广告收入的下降所抵消，广告收入下降 22% 至 17.2 亿美元 ，内容收入暴跌 20% 至 28.3 亿美元 。广告收入的下降主要是由于华纳的国内有线网络（包括 TWT）的结果，该网络不再拥有美国职业篮球联赛（NBA）的权利。网络部门的广告收入比一年前下降了 27%。

华纳电影制片厂的结果同样令人失望，很大程度上是因为一部关于 dergo / drinking 的电影，包括《女超人》和《大脑》。制片厂的收入下降 39% 至 23 亿美元 。

商业观察

该连锁店表示，在花费 18 个月探索替代方案后，它对拯救该公司不感兴趣。PARK JEWETS

指导预期下调，## 分红暂停

Pepsi Jelrs's 下调了前景并暂停了季度分红，因为其转型药物的时间比预期更长，且具有挑战性的消费环境给结果带来了压力。该 2022a 连锁店寻求优势，且在过去 18 个月探索战略替代方案后，对寻求该公司不感兴趣。

Pepsi Jelrs's 目前预计今年的全球系统性努力销售额将下降 2% 至 4%，而之前的预测为销售额持平或低个位数下降。在截至 6 月 28 日的三个月里，Pepsi Jelrs's 公布的净利润为 $8.700 万，或 24 美分，低于去年同期的 $9.6700 万，或 28 美分。根据 FactSet 的数据，所有成本调整后的每股收益低于分析师预期的 40 美分。——Connor Hart

Pepsi Jelrs's 年初至今股价

来源：Actitec for company, baked GENEVE

转型期间利润与销售额上升

Kenway 报告第二季度利润和销售额有所增长，这得益于价格和销量的提升，该公司在被金佰利-克拉克（Kimberly Clark）收购前，继续致力于业务转型。这家生产泰诺（Tylenol）和李施停（Listerine）等产品的公司公布利润为 $485 mn，即每股 24 美分，截至 6 月 28. 的三个月期间。该公司去年同期利润为 4.2亿美元，或每股 22 美分。剔除一次性项目后，每股收益为 37 美分。FactSet 汇总的分析师预期调整后每股收益为 32 美分。净销售额增长 27% 至 22.9% billion，略低于华尔街预测的 197 亿美元 billion。股价周四下跌近 3%。在有机增长基础上，销售额增长 14%。公司将这一增长归功于价格上涨和销量增长。首席执行官柯克·佩里（Kirk Perry）表示，尽管在动态的消费者和宏观经济环境下支出，Kenway 继续推动运营效率并增加战略投资。他说：“我们的转型正在向前推进。”Kenway 此前披露了一项削减 20% 收益的计划，作为在金佰利-克拉克预计于第四季度完成收购前削减成本的一环。金佰利-克拉克于 11 月同意以 5400 亿美元 的交易收购 Kenway。该交易已于 1 月下旬获得股东批准。任天堂季度净利润

“去年同期变化” Baby M. Walker, 1922, 隐藏 Toner, 无电脑

游戏销售与电影推动利润增长

任天堂报告季度利润大幅增长，这主要由更强劲的游戏软件销售以及一部新“超级马里奥”电影的成功所驱动，尽管 Switch 2 的销售有所下降。这家日本视频游戏制造商表示，其基于视频游戏系列的第二部动画电影《超级马里奥银河电影》自 4 月全球发行以来，票房已超过 210 亿美元 单位。在电影的助力下，该季度与知识产权相关的收入增加了一倍多，达到 ¥3450 亿美元，相当于 $2,2.5 亿。季度销售净利润增长 54% 至 ¥1676.2 亿美元，较去年同期有所亏损。1,000 单位的虚拟产品也助力了收益。营收下降 63% 至 ¥679.1 亿美元。该公司一直试图实现收入来源多样化，将业务扩展到电影和主题公园，以管理角色和游戏标题。——Kosako Narinka 和 Ronnie Harar

MOLSON CODES BEVERAGE

酿酒商报告营收下降

摩森康胜饮料公司（Molson Coors Beverage）表示，由于公司试图在低迷的客户需求与更高的供应成本之间取得平衡，第二季度销售额有所下降。首席执行官理查德·戈德（Richard Goad）在周四的分析师电话会议上表示：“我们认为行业在年初有一个稳健的开局，但现在由于战争在 men 引起广泛影响，消费者需求正在过度下滑。”他说：“我认为你看到了消费者的不同行为，当汽油价格等因素变得重要时。”他补充道：“肯定存在一条回归之路。”该季度营收下降 3.2% 至 39.2 亿美元 billion，高于分析师预测的 30.8 亿美元 billion。季度销售额的下降是由美国和国际市场的零售商及出货量驱动的。美国业务营收下降 4%，而世界其他地区的销售额与去年同期基本持平。这一趋势出现在摩森康胜提高其国内业务价格之际。与此同时，由于材料、物流和制造成本上升，销售成本跳升 4%。利润为 $201.700 万 或 $1.23 a share，而去年同期为 $428.200 万，或 $2.15 a share。根据 FactSet 的数据，剔除某些一次性项目后，调整后每股收益为 $1.08, 低于分析师预期的 $1.91。摩森康胜重申了其全年展望。——Anthony Hamilton

--- 84 / Friday, August 7, 2026 ... THE WALL STREET JOURNAL.

科技初创公司融资 7亿美元

光学技术长期以来被预期将在数据中心的更多部分取代铜线。Luminous 制造光学设备以加速 AI 服务器之间的数据传输

作者：Jessica Gausey

Luminous 是一家成立两年的初创公司，致力于为数据中心构建光学镜像连接技术。随着各公司寻求更好的方式来连接日益增加的人工智能芯片，该公司已在 155 亿美元 billion 的估值基础上融资超过 7亿美元。Lumboro 表示，本轮融资由 Altrudor Management、Data Capital Ventures、Merckel、Seigman Ventures 和 OpenX Capital 共同领投。

这家总部位于加利福尼亚州圣何塞的公司自成立以来已融资超过 6亿美元，并于近期开始向一家大型超立方体云服务提供商的数据中心发运设备，但拒绝透露该提供商的名称。该公司表示，该协议在未来几年的价值达数十亿美元。

随着配套设施将微型高性能图形芯片塞进数据中心，在这些处理器之间快速移动信息正成为一个更大的挑战。Lumboro 正加入一群资金充足的初创公司，试图在未来解决这一问题。其核心理念是使用光学连接（利用光传输信息）来取代在电线中传输的电信号。目前的图形处理器通常使用铜线连接，虽然铜线廉价且可靠，但在长距离处理大量数据时效率较低。

成立于 2017, 的 Lightmatter 已融资 4.5亿美元，在 2024. 最后一次估值为 149 亿美元 billion。成立于 2025, 的 Colorful AI 此前也在采取类似方法，直到 Marvell 在 2 月以 32.5 亿美元 billion 将其收购。

Lumboro 美国执行官 Ashton Single 表示，目前的主要挑战在于行业的成本——物理设备的成本可能是铜线的数倍，除非性能提升显著，否则很难证明其合理性。“铜的规模化成本要低得多，且将比光学方案便宜得多，”Single 在一次采访中表示。他说，其目标是弥补这一差距。

这促使 Lumboro 将重点放在制造以及推广芯片内部的集成化上。Single 表示，他同样致力于在中国以外进行制造。在本周路透社报道特朗普政府计划限制从中国进口某些数据中心组件（包括光学设备）后，这一立场显得尤为重要。

光学技术长期以来被预期将在数据中心的更多部分取代铜线，但该技术的高成本减缓了这一转变。Lumboro 的投资者、Seigman Ventures 管理合伙人 Unedh Padwal 表示：“光学技术一直存在，但从未被使用。”他认为，AI 热潮实际上可能会改变这一点。

Lumboro 正在开发两种光学产品。一种用于连接数据中心内不同的服务器机架，被称为“teak can”。另一种旨在连接单个机架内的芯片。该公司的首款产品是一种光学收发器，可将电信号转换为光，使数据能够通过光纤电缆传输。该公司已经在向其未具名的超空间客户发运这种小型设备，该客户正将其与自身的 AI 芯片结合使用。

狐狸公司将维持NFL版权协议至2030年

Jessica Tiveman 报道

福克斯公司（Fox Corp.）将不会修改其现有的国家足球联盟（NFL）比赛广播版权协议，直至2030, 之后。该媒体公司的第一任未来 ，拉克兰·默多克（Lashlan Murdoch）在周四的公司财报电话会议上告诉投资者。近几个月来，该联盟宣布了一项诉讼，旨在提前几年启动版权协议的共同谈判窗口。默多克表示，福克斯与该联盟拥有建设性文件，并将维持目前的协议和定价直到2030年赛季。

福克斯的这一公告是在福克斯与NFL之间就该联盟决定将比赛版权添加到 Amateur、Prime Video 和 Netflix 等流媒体服务的决定而产生持续5年的分歧之后发布的。主席美国公鸡 默多克已表示担心，如果更多NFL比赛迁移到流媒体，将对福克斯等广播网络造成损害。《华尔街日报》对此进行了报道。美国司法部（DOJ）已启动调查，探讨体育联盟是否应继续在1963年《体育广播法》下享有美学限制 ，该法允许它们代表各球队集体谈判电视版权。

一名NFL发言人拒绝置评。福克斯在电话会议上表示，预计其购买流媒体平台 Boku 的交易将在明年上半年完成。

福克斯报告称，2025年第四季度总额为42.5 亿美元 billion，由 Farther 调查的分析师此前预测收入为36.4 亿美元 billion，这在很大程度上得益于广告收入增长5%，主要由于FIFA世界杯。在福克斯的电视业务中，所有收入增加至16.6 亿美元 billion。这助力整体电视收入增长41%。该公司表示，广告销售还得到了福克斯流媒体平台 Tom 以及福克斯电视台更高政治广告额的助力。

1974, 年 的广告收入（来自节目环节）增长了21%，同样受世界杯推动。网络总销售额增长7%。2026年，默多克向股东分红为9.76亿美元，或每股$1.01，而一年 previously 为7.17亿美元，或每股$1.37。根据 Farther 的数据，在剔除某些一次性项目后，该注明的每股收益为$7.75,，高于分析师预期的$1.63。

福克斯公司（Fox Corp.）与《华尔街日报》的母公司 新闻公司（News Corp） 拥有共同所有权。

法官命令 Meta 支付 $942 亿美元

作者：Marcus Emanuel, AAS Data MECHANIC

新墨西哥州的一名法官在陪审团认定 Meta Platforms 未能保护青少年后，命令其支付 $942 亿美元，这显著增加了针对这家 Facebook 和 Instagram 母公司的里程碑式判决的成本。

该法官周四表示，Meta 必须在支付陪审团此前命令的 $375 亿美元民事罚款之外，另行设立一项 $567 亿美元的补救基金。该公司还必须实施某些安全功能，例如限制该州用户在 Facebook 和 Instagram 上花费的时间，默认隐藏每张照片的“点赞”数量，并向当地用户告知其平台的风险。

州法官 Bryan Bodeleland 表示，设立该基金旨在缓解 Facebook 母公司社交媒体应用所造成的危害，且“由于法律影响范围广泛以及该案件性质复杂，这是必要的”。法官认为，该补救基金的金额略低于该州律师请求的 $7765 亿美元。

Meta 表示不认同该裁决并计划上诉。一名发言人说：“我们对自己在保护网络安全方面的记录充满信心，并将继续针对那些歪曲事实的指控进行辩护。”

州法官 Bryan Bodeleland 周四的裁决源于州总检察长 Ken Tivens 提起的一项诉讼，指控该公司允许年轻用户接触露骨色情内容，并使其容易被应用上的问题诱导。

陪审团在 3 月份认定 Meta 故意违反了该州的消费者保护法。Meta 面临着来自各州总检察长、学区和个人原告的数千起诉讼，指控该公司将增长优先于未成年用户的安全。

新墨西哥州的案件是首个测试社交媒体公司是否应为其平台上的内容承担责任的案件。在因 1,000 多项安全顾虑而起诉 Meta 的 40 多个州中，新墨西哥州是第一个进入审理阶段的。田纳西州的一场审判正在进行，而由州总检察长提起的下一场审判将于下周在加利福尼亚州奥克兰开始挑选陪审团。

包括 CNBC、MS NEW 和 E! 在内的新媒体相关股票上涨（涨幅为 7%）。

Versant Media 尽管季度销售额下降仍上调预期

By Kermansh Road, NW

Versant Media 的股价在公司上调全年预期后上涨，尽管该公司在从 Concord 分离后的第三份收益报告中记录了较低的销售额。这家拥有有线网络 CNBC、MS NEW 和 E! 的公司周四表示，目前预计年度营收将达到 42 亿美元 billion 至 16 亿美元 billion，而分析师的预估值为 66.1 亿美元 。Versant 在一次分析师电话会议期间表示，预计全年销售额将在 43.5 亿美元 至 66 亿美元 之间。

Versant 于 1 月成为一家独立的上市公司，其股价在周四的交易中上涨了近 7%。该公司公布的利润为 2.31亿美元，或每股 16 亿美元，而去年同期为 $192.500 万，或每股 20 亿美元.59。Farther 调查的分析师此前预测为每股 $1.35。营收下降 3.8% 至 16.4 亿美元 ，高于分析师预测的 16.2 亿美元 。

Versant 在第二季度完成了对针对青少年的管理平台 SportsEngine 的收购。剔除该业务后，总销售额下降 2.8%。线性分发销售额下降 1.2% 至 9.54亿美元，而广告和内容许可的营收下降幅度不足 1%。品牌营收增长不足 1%，若包含 SportsEngine 则增长 9%。

“我们对其模式非常有信心，”他说道。

总体而言，软银（SoftBank）在截至 6 月的三个月内，季度利润下降 18% 至 22 亿美元 ，部分原因是其技术基金业务的销售额下降。助力该结果的是一项经过验证的 2025 年 8 月对 said 的押注，随后软银购买了 20 亿美元 的股票。即使在另一个季度——AI 热潮席卷芯片板块。自 6 月 30, 以来，英特尔股票已下跌近 40%。

Meta 的 AI 模型失控

一个小型新模型旨在让他们在互联网上保持免费，支持这家 AI 公司标记 Fox 的努力，Anthropol 等公司开始检查其标志和自然逃逸以及追溯至数月前的回溯。虽然 Irregular 似乎是那些自主银行案例的核心，但它在其他案例中并未发挥作用，包括更复杂的 blogging Fox 的面孔，该面孔在整体模型逃避美国政府的安全测试中起作用。

OpenAI 周三在一次网络安全会议上更详细地审视了 blogging Fox 的回溯渗透起点。研究人员表示，其模型一直在通过观察彼此认为必要的信息进行协调，这些信息已变成一个 OpenAI 之前并未察觉的消息板。

本周早些时候，政府研究机构美国 AI Security Institute 表示，在安全测试期间，由 OpenAI 和 Anthropol 构建的模型在“公开互联网上采取了未经授权的行动”。

软银将借款100亿美元（）

一个设备，它还在建立自己的新交易——一家拥有AI公司权力来创建公司和收益的企业——类似于Core-Winers。许多这些更广泛的AI投资都进入了OpenAI。这笔100亿美元的贷款得到了华尔街和东京一些最知名机构的支持，高盛、摩根大通、阿波罗、Mizuno（部分参与）以及Quantomo Mitsui均参与其中。周四的这笔交易是一次不寻常的举动，因为OpenAI和其他大型初创公司的支持者通常不会使用债务进行投资。虽然华尔街银行经常向投资公开上市的公司提供保证金贷款，但考虑到对初创公司的风险，它们不愿提供由私有且领先程度较低的公司股票担保的大额贷款。在典型的保证金贷款工具中，针对公开交易的股票，采用一种两玫瑰模型，如果股价跌至一定水平以下，则向交易中注入短期现金——否则贷方可以没收股份。OpenAI的股份并非公开交易，这使得确定其估值如何变化变得更加困难。尽管如此，软银表示，如果其估值下降，该交易将获得更多额外现金的支持。软银周四还表示，计划今年开始建设一个为期10年的项目的第一部分，以及在俄亥俄州的另一个保证金项目——如果完工，该项目将成为迄今为止全球最大的AI数据中心集群。软银上个月的第一份财务报告显示，软银正与OpenAI讨论租赁整个俄亥俄项目，并且Media正在讨论为OpenAI与贷款资产相关的2500亿美元义务提供担保。在美国其他地区，软银已经与OpenAI签署了一封关于1.2吉瓦数据中心类别的信函——在Landshut被宣布做出决定之后，鉴于其自身计划的启动，这一举措距离成为一家盈利企业还很遥远。软银在OpenAI方面的方向与许多其他AI记录巨头形成对比，后者决定分散其事实——投资于几个竞争的大语言模型内容。根据决定，软银将向OpenAI投资640亿美元，获得4.25%的股份。当软银首次投资OpenAI时，它在全年期间是市场领导者，OpenAI业务强度的增长带来了沉重的增长。通过一项详尽的交易，OpenAI在多个方面对其进行了支付，增加了更多收入并从投资者那里获得了更高的估值。Anthropol筹集到的资金也显著减少。5.1 / 1 (8.4% 不相关

这笔交易很不寻常，因为初创公司的支持者通常不会通过借款来投资。

“将我们所有的权利都放在OpenAI中，只要1,180就足够了，而不是分散开来，这是我们的选择，”软银的新Mesh Apps周四表示，将这家总部位于旧金山的公司描述为“更像是一个合作伙伴”而非一项投资。

软银的孙正义已誓言成为AI数据中心的主要建设者。

--- 华尔街日报. 2026年8月7日，星期五 / 85 道琼斯风险与合规

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B6 / 2026年8月7日，星期五 • • 华尔街日报

新读股表 以下往来邮件，第 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 页

下表提供英文信息： 额外报价： (1) 股票，，以及价格，100% 的一份股份，以及 100% 的价格。

1 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.

表格反映了在所有 4, 6, 8, 9 处的同等幅度，以及官方在下午 5 点至前一天期间的价格变动。

典型点 (C. 2016) / 余额

日期 1 / 2016 / 2017 / 2018 / 1 / 2017 / 2018 / 2019 1 / 2017 / 2018 / 2019 / 1 / 2018 / 2019 / 2020 2 / 2018 / 2019 / 2020 / 1 / 2019 / 2020 / 2021 3 / 2019 / 2020 / 2021 / 1 / 2020 / 2021 / 2022 4 / 2020 / 2021 / 2022 / 1 / 2021 / 2022 / 2023 5 / 2021 / 2022 / 2023 / 1 / 2022 / 2023 / 2024 6 / 2022 / 2023 / 2024 / 1 / 2023 / 2024 / 2025 7 / 2023 / 2024 / 2025 / 1 / 2024 / 2025 / 2026 8 / 2024 / 2025 / 2026 / 1 / 2025 / 2026 / 2027 9 / 2025 / 2026 / 2027 / 1 / 2026 / 2027 / 2028 10 / 2026 / 2027 / 2028 / 1 / 2027 / 2028 / 2029 11 / 2027 / 2028 / 2029 / 1 / 2028 / 2029 / 2030 12 / 2028 / 2029 / 2030 / 1 / 2029 / 2030 / 2031 13 / 2029 / 2030 / 2031 / 1 / 2030 / 2031 / 2032 14 / 2030 / 2031 / 2032 / 1 / 2031 / 2032 / 2033 15 / 2031 / 2032 / 2033 / 1 / 2032 / 2033 / 2034 16 / 2032 / 2033 / 2034 / 1 / 2033 / 2034 / 2035 17 / 2033 / 2034 / 2035 / 1 / 2034 / 2035 / 2036 18 / 2034 / 2035 / 2036 / 1 / 2035 / 2036 / 2037 19 / 2035 / 2036 / 2037 / 1 / 2036 / 2037 / 2038 20 / 2036 / 2037 / 2038 / 1 / 2037 / 2038 / 2039 21 / 2037 / 2038 / 2039 / 1 / 2038 / 2039 / 2040 22 / 2038 / 2039 / 2040 / 1 / 2039 / 2040 / 2041 23 / 2039 / 2040 / 2041 / 1 / 2040 / 2041 / 2042 24 / 2040 / 2041 / 2042 / 1 / 2041 / 2042 / 2043 25 / 2041 / 2042 / 2043 / 1 / 2042 / 2043 / 2044 26 / 2042 / 2043 / 2044 / 1 / 2043 / 2044 / 2045 27 / 2043 / 2044 / 2045 / 1 / 2044 / 2045 / 2046 28 / 2044 / 2045 / 2046 / 1 / 2045 / 2046 / 2047 29 / 2045 / 2046 / 2047 / 1 / 2046 / 2047 / 2048 30 / 2046 / 2047 / 2048 / 1 / 2047 / 2048 / 2049 | 31 | | | | | | | |

现金价格减：少于总额的 1%，2026年8月7日，星期四 这些价格反映了该团体在市场中支出各种至少是“实物”佣金的情况——独立于 5 年支付期以及公司对 1 年期的债务，在该期间内股份数量为 1,000。 / 收益 / --- / 现金流 / 现金流（未实现） / 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 / 1. 2017年1月1日，公司召开2017年第二次临时股东大会，并通知全体董事。 关键注释：A 和 B 代表公司市场的市场份额。A 和 C 代表公司市场的市场份额。交易所交易组合 / Trancha, 2026年8月1日 / --- / ETF / 符号 / ETF / 符号 / ETF / 符号 / 1. 2016 / 1. 2017 / 1. 2018 / 1. 2019 / 1. 2020 / 1. 2021 / 2. 2017 / 1. 2018 / 1. 2019 / 1. 2020 / 1. 2021 / 1. 2022 / 3. 2018 / 1. 2019 / 1. 2020 / 1. 2021 / 1. 2022 / 1. 2023 / 4. 2019 / 1. 2020 / 1. 2021 / 1. 2022 / 1. 2023 / 1. 2024 / 5. 2020 / 1. 2021 / 1. 2022 / 1. 2023 / 1. 2024 / 1. 2025 / 6. 2021 / 1. 2022 / 1. 2023 / 1. 2024 / 1. 2025 / 1. 2026 / 7. 2022 / 1. 2023 / 1. 2024 / 1. 2025 / 1. 2026 / 1. 2027 / 8. 2023 / 1. 2024 / 1. 2025 / 1. 2026 / 1. 2027 / 1. 2028 / 9. 2024 / 1. 2025 / 1. 2026 / 1. 2027 / 1. 2028 / 1. 2029 / 10. 2025 / 1. 2026 / 1. 2027 / 1. 2028 / 1. 2029 / 1. 2030 / 11. 2026 / 1. 2027 / 1. 2028 / 1. 2029 / 1. 2030 / 1. 2031 / 12. 2027 / 1. 2028 / 1. 2029 / 1. 2030 / 1. 2031 / 1. 2032 / 13. 2028 / 1. 2029 / 1. 2030 / 1. 2031 / 1. 2032 / 1. 2033 / 14. 2029 / 1. 2030 / 1. 2031 / 1. 2032 / 1. 2033 / 1. 2034 / 15. 2030 / 1. 2031 / 1. 2032 / 1. 2033 / 1. 2034 / 1. 2035 / 16. 2031 / 1. 2032 / 1. 2033 / 1. 2034 / 1. 2035 / 1. 2036 / 17. 2032 / 1. 2033 / 1. 2034 / 1. 2035 / 1. 2036 / 1. 2037 / 18. 2033 / 1. 2034 / 1. 2035 / 1. 2036 / 1. 2037 / 1. 2038 / 19. 2034 / 1. 2035 / 1. 2036 / 1. 2037 / 1. 2038 / 1. 2039 / 20. 2035 / 1. 2036 / 1. 2037 / 1. 2038 / 1. 2039 / 1. 2040 / 21. 2036 / 1. 2037 / 1. 2038 / 1. 2039 / 1. 2040 / 1. 2041 / 22. 2037 / 1. 2038 / 1. 2039 / 1. 2040 / 1. 2041 / 1. 2042 / 23. 2038 / 1. 2039 / 1. 2040 / 1. 2041 / 1. 2042 / 1. 2043 / 24. 2039 / 1. 2040 / 1. 2041 / 1. 2042 / 1. 2043 / 1. 2044 / 25. 2040 / 1. 2041 / 1. 2042 / 1. 2043 / 1. 2044 / 1. 2045 / 26. 2041 / 1. 2042 / 1. 2043 / 1. 2044 / 1. 2045 / 1. 2046

Dense Tabular Data (Omitted)

| | 27. 2042 | 1. 2043 | 1. 2044 | 1. 2045 | 1. 2046 | 1. 2047 | | 28. 2043 | 1. 2044 | 1. 2045 | 1. 2046 | 1. 2047 | 1. 2048 | | 29. 2044 | 1. 2045 | 1. 2046 | 1. 2047 | 1. 2048 | 1. 2049 | | 30. 2045 | 1. 2046 | 1. 2047 | 1. 2048 | 1. 2049 | 1. 2050 | | 31. 2046 | 1. 2047 | 1. 2048 | 1. 2049 | 1. 2050 | 1. 2051 | | 32. 2047 | 1. 2048 | 1. 2049 | 1. 2050 | 1. 2051 | 1. 2052 | | 33. 2048 | 1. 2049 | 1. 2050 | 1. 2051 | 1. 2052 | 1. 2053 | | 34. 2049 | 1. 2050 | 1. 2051 | 1. 2052 | 1. 2053 | 1. 2054 | | 35. 2050 | 1. 2051 | 1. 2052 | 1. 2053 | 1. 2054 | 1. 2055 | | 36. 2051 | 1. 2052 | 1. 2053 | 1. 2054 | 1. 2055 | 1. 2056 | | 37. 2052 | 1. 2053 | 1. 2054 | 1. 2055 | 1. 2056 | 1. 2057 | | 38. 2053 | 1. 2054 | 1. 2055 | 1. 2056 | 1. 2057 | 1. 2058 | | 39. 2054 | 1. 2055 | 1. 2056 | 1. 2057 | 1. 2058 | 1. 2059 | | 40. 2055 | 1. 2056 | 1. 2057 | 1. 2058 | 1. 2059 | 1. 2060 | | 41. 2056 | 1. 2057 | 1. 2058 | 1. 2059 | 1. 2060 | 1. 2061 | | 42. 2057 | 1. 2058 | 1. 2059 | 1. 2060 | 1. 2061 | 1. 2062 | | 43. 2058 | 1. 2059 | 1. 2060 | 1. 2061 | 1. 2062 | 1. 2063 | | 44. 2059 | 1. 2060 | 1. 2061 | 1. 2062 | 1. 2063 | 1. 2064 | | 45. 2060 | 1. 2061 | 1. 2062 | 1. 2063 | 1. 2064 | 1. 2065 | | 46. 2061 | 1. 2062 | 1. 2063 | 1. 2064 | 1. 2065 | 1. 2066 | | 47. 2062 | 1. 2063 | 1. 2064 | 1. 2065 | 1. 2066 | 1. 2067 | | 48. 2063 | 1. 2064 | 1. 2065 | 1. 2066 | 1. 2067 | 1. 2068 | | 49. 2064 | 1. 2065 | 1. 2066 | 1. 2067 | 1. 2068 | 1. 2069 | | 50. 2065 | 1. 2066 | 1. 2067 | 1. 2068 | 1. 2069 | 1. 2070 |

借贷基准 1. 2017年1月1日，公司召开2017年第一次临时股东大会，并通知全体董事。 货币利率 2026年8月6日 关键年利率以及在美国和国际市场以固定货币借款的利率。以下利率为一般利率指南，但固定货币代表实际应收款项。 / 收益 / --- / 1. 2016 / 1. 2017 / 2. 2018 / 1. 2019 / 3. 2020 / 1. 2021 / 4. 2022 / 1. 2023 / 5. 2024 / 1. 2025 / 6. 2026 / 1. 2027 / 7. 2028 / 1. 2029 / 8. 2030 / 1. 2031 / 9. 2032 / 1. 2033 / 10. 2034 / 1. 2035 / 11. 2036 / 1. 2037 / 12. 2038 / 1. 2039 / 13. 2040 / 1. 2041 / 14. 2042 / 1. 2043 / 15. 2044 / 1. 2045 / 16. 2046 / 1. 2047 / 17. 2048 / 1. 2049 / 18. 2050 / 1. 2051 / 19. 2052 / 1. 2053 / 20. 2054 / 1. 2055 / 21. 2056 / 1. 2057 / 22. 2058 / 1. 2059 / 23. 2060 / 1. 2061 / 24. 2062 / 1. 2063 / 25. 2064 / 1. 2065 / 26. 2066 / 1. 2067 / 27. 2068 / 1. 2069 / 28. 2070 / 1. 2071 / 29. 2072 / 1. 2073 / 30. 2074 / 1. 2075 / 31. 2076 / 1. 2077 / 32. 2078 / 1. 2079 / 33. 2080 / 1. 2081 / 34. 2082 / 1. 2083 / 35. 2084 / 1. 2085 / 36. 2086 / 1. 2087 / 37. 2088 / 1. 2089 / 38. 2090 / 1. 2091 / 39. 2092 / 1. 2093 / 40. 2094 / 1. 2095 / 41. 2096 / 1. 2097 / 42. 2098 / 1. 2099 / 43. 2100 / 1. 2101 / 关于注释的注释 For a term term, the number of shares is 1,000. The number of shares is 1,000. and a term term is 1,000. The number of shares is 1,000. 新高与新低 --- 华尔街日报. • • • 2026年8月7日，星期五 / 99 # 商业与金融

SpaceX 坚信信心（）

这其中并不涉及讨论零售交易者。SpaceX 确实是第四受欢迎的投资项目，交易量仅次于 Nestia、特斯拉和苹果。根据“stocks”研究，自上市以来，个人投资者尚未经历过一天没有抛售的情况。在 的盘后交易期间，该文件描述该公司称，在公司出价后的第一个小时内，零售交易者抢购了价值近 2 亿 的股票。该公司延续了马斯克之前的创业模式，将机构安置在铁路运输上，包括四分卫 Mark 订单和基于 Mark 的制造。它还拥有社交媒体平台 X，而一些新闻指数在周四的表现中

质疑与特斯拉的合并已成定局。

结合 在地球上的 AI 布局、价值中心以及本周的利息业务收益，McMechanics 分析师们面临着一个身份认同问题：“ 究竟是什么？”即使是正确的投资分析师也难以评估第二次交配的长期潜力。在短期内，该公司的增长前景主要取决于其在全球范围内由超大型企业（包括亚马逊和微软）主导的数据中心建设中竞争的能力，以及为资助该支出而在给定时间内所需的借款。

“关于他们将如何筹资，存在一个巨大的疑问，”McMechanics 分析师 Ada Zha 表示。“在这些基本面作为积压的情况下，很难对该股票感到兴奋。”

目前，至少许多华尔街的大银行在另一种乐观情绪上与零售交易者保持一致，这在很大程度上是因为马斯克在工程和营销方面的存在。Shadeline Bank 的分析师在财报前告诉客户，将该公司定义为一种“平衡”，并认为“在我们看来，蒸汽类产品是跨国解决方案的顶峰”。尽管 上半年的资本支出比一年前增长了四倍，但高盛和 BNBorgan 本周仍提高了他们的股价目标。

“如果投入更多资本能实现更好的 结果，对我们来说这就是一笔简单的交易，”Gartner Finance 分析师 Colin Canfield 表示。在提到该公司的左翼巨头时，他补充道：“ 可以通过普及将其重新定位到两个领域，因为这是一个现实，他们可以采取更好的等级，进行工程设计并让他们为他努力工作。”

现在，无论交易者规模大小，他们都认为这是对马斯克在市场中残酷地位的一次技术挑战。周四解锁的 7.02 亿 股 股票——价值超过 1000 亿美元 billion——创下了 2026 年股票的前几年记录。然而， 的上涨与华尔街其他方面的下跌形成了对比。新州工业平均指数 501 下跌，或下跌 846 点，而 S&P 500, 微跌 0.2%。滑冰公司下跌 0.1%。即便如此，交易的结束使得像 Oscar June 这样的个人投资者必须在公司内部人士决定套现时承担更多的波动性。

“如果你能把你的马车挂在他的马车上，谁在乎要花多久时间？” 记得微软股票花了 16 年才恢复其 det-nure-era 高点吗？当苹果公司几乎破产时，她也坚持了下来。June 希望她的 SpaceX 股份最终能像挂在她办公桌上的苹果股票证书一样——价值 15 亿美元 billion——这在 20 年前是她无法想象的。“如果你能尽早锁定，”她说，“我们在未来的道路上会表现得非常好。” 至于她的 Musk？“你不能与这个人对抗。” SpaceX 必须再增加数万亿的价值，才能强调其他为了资金而上市的科技巨头的入侵。然而，与 June 一样，许多抢购 SpaceX 股份的压力减轻的交易员表示，他们关注的是该公司在 20 甚至 30 年后的成就。“你不需要提交季度业绩报告，”专注于科技股的投资者兼创作者 Darcy C. H. Lee 表示。他说，他正暂缓以这些价格购买 SpaceX，“一个低估的，许多其他人正透过其最近的决定重新看向 Musk。” Maxson 说：“如果你能把你的马车挂在他的马车上，谁在乎要花多久时间？” 新高与新低 --- B10 / Friday, August 7, 2026 华尔街日报。 # 街头之声 财务分析与评论

成交或不成交，阿斯特鲁曾股价正处于低谷

制药巨头合并的逻辑令人质疑，但这家药企的记录并非如此。大型制药公司老板在华尔街上的名声比阿斯特鲁曾（AstraZeneca）首席执行官帕斯卡尔·索兰（Pascal Soran）更响亮。因此，他将公司的未来押注在收购另一家制药巨头上的想法让投资者们感到困惑，许多人近 10 天来一直在为此做准备。然而，对报道中提到的谈判的担忧可能会创造一个机会。在《金融时报》报道其与百时美克林博（Bristol-Myers Squibb）进行合并讨论后，阿斯特鲁曾的股价大跌，但在路透社报道称目前没有进行中的谈判后，股价有所回升。无论如何，阿斯特鲁曾的股票今年下跌了 1,000 超过 10%。它们的交易价格低于 15 倍的远期盈余，且低于过去十年 10 倍的平均水平。索兰通过做几乎与他现在可能做的事情完全相反的事情来建立他的声誉。如下所示：在回绝了辉瑞（Pfizer）在 2014 年提出的 $120 亿以及强生的收购要约后，他可能将阿斯特鲁曾转型为制药行业增长最快的公司之一。他实现这一点是依靠专注于内部研发并结合小型交易，而不是依赖未定之词的企业合并。最大的一笔是花费 $19 亿收购罕见病公司部门。在过去十年中，收入从约 $25 亿增长到近 $60 亿，使公司成为美国最有价值的企业之一。但索兰是否正随着全球野心的增长而变得强硬？阿斯特鲁曾的市值约为 $250 亿，在礼来（Eli Lilly）和强生（Johnson & Johnson）等企业的对比下仍然较低，后者分别在 $1 万亿和 $600 亿左右。这一差距有助于解释为什么他可能会考虑一场多年来行业内未见之规模的巨额合并，这可能会创建一家 $400 亿的全球制药公司。投资者被报道的谈判误导了。基于成本战略和罕见企业规模的巨额合并在华尔街很大程度上已失宠。大型药企越来越倾向于通过附加有前景的生物技术公司来扩张。即使是

阿斯特鲁曾首席执行官帕斯卡尔·索兰身着灰色西装在六月敲响纽约证券交易所的开盘钟。百时美克林博和阿斯特鲁曾的精选药物组合

“加州的‘盒子里的住房’是全球销售额超过 100 亿美元 的产品。各州：然而对于某些没有开发想法的事情是正确的，但对于某些在纸面上或研究中的事情，特别是如果你认为一个法外之徒是一件好事。” 过去十年中最大的交易，例如辉瑞在 2023 年以 $43 亿收购 forages，或百时美克林博在 2025 年以 $74 亿收购 Celgene，都涉及吞并一家大型生物技术公司，而非两家制药巨头为了成本效益而进行的经典合并。对现金巨额合并的抨击众所周知：它们分散管理注意力，带来多年的组织混乱并引发监管审查。鉴于两家公司在肿瘤学领域拥有大量重叠的产品组合，在收购百时美克林博时，反垄断风险将十分严重。这些尝试也未能揭示如何操作，以及长期的影响。政治时机可能在起作用。温斯顿（Winston）的医疗保健战略师贾里德·贝特（Jared Bate）表示，特朗普政府下更为宽松的监管环境为大宗交易开启了一个罕见的机会之窗。阿斯特鲁曾并不掩饰其希望成为一家以美国为中心公司的意愿，增加了在美国的投资，并于近期在纽约证券交易所完成了直接上市。在可能进行交易的报道出现之前，阿斯特鲁曾已经面临压力。股价

在上个月初，该公司披露一款备受关注的心脏药物在后期临床试验中失败后，股价大幅下跌。这一挫折引发了令人不安的质疑，即该公司能否在2030年之前实现5000 亿美元年销售额的宏伟目标。更广泛地说，由于Tagticus、Imfuzzi和Caligman等主要肿瘤学重磅药物的专利保护期在2000年代，投资者开始质疑该公司的长期增长驱动力。此外还有报道的目标：百时美施贵宝（Bristol-Myers Squibb）正面临核心营收驱动产品的专利到期，例如重磅药物Opelins和血液稀释剂。Elapin一直被严重质疑，为什么大型制药公司顶尖的增长故事会让自己处于一家可能很快会萎缩的公司之中。报道的交易导致1,000下跌超过10%，在阿斯利康（AstraZeneca）中，人们对该公司自身有机管线的信心低于其向市场传达的程度。投资者报告可能超过10%的10%的 10%的10%的 10%阿斯利康的市值，而这在礼来（Eli Lilly）等竞争对手面前依然相形见绌，后者凭借Botox和其他美容产品帮助抵消了Humira的下滑。Burley收购fermented wax是一次胜利，确保了对Ananta和Metroplus等用户重磅药物的控制。Sorter通过保留megamax和button成名。认为股份将是一个巨大的风险。但他已获得投资者的一些认可。——David Manner

凡事皆可？CME并非如此

他们是否对这家机构中存在的赌博行为感到震惊？但事实上，作为电子交易平台的巨头，CME集团希望将其维持在夜间。CME为特定市场的正常运作提供了许多必要产品。在商业方面，社交期权交易的爆发以及公众对低龄化和收入上升基金的接纳，也为其带来了巨大的提升。这些产品的回报率可达4%。由于支持这些产品的交易对手方的法律地位和实力并非如此——CME提供了有利的保护。其近期针对10家最大美国公司推出的单股金融产品，部分旨在吸引那些涌向其他高风险产品的个人投资者。这些期货每天交易23小时。它们提供了一种简单的杠杆投机方式——比保证金债务可提供的杠杆更高，但低于最具投机性的期权。

加密货币交易所和预测市场的反应是：“看我的。”永续合约（perps）已经主导了加密货币交易，潜在杠杆可达100倍。这意味着巨大的波动，以及金融产品可能在今天就使头寸被强制平仓的风险。交易对手方是其他人，而非监管交易所，且永续合约永远不会到期。由于不绑定到期日期，从技术上讲它们甚至不属于“期货”。

现在，提供永续合约的公司希望将其应用于美国的商品和股票。在离岸市场，这已经实现了。特朗普政府似乎持积极决定态度，但CME一直公开反对，理由是投资者安全。它们也是对其准垄断地位的重大威胁。

据金融及场外产品全球主管Tim McCrack称，CME的股票回购计划已筹划多年。它之前尝试过，但以失败告终。市场结构分析（Jim McKevitt）首席执行官Tim Quast表示，产品改进应能帮助他们这次成功吸收。永续合约也可能成功，即使那些倾向于与更实质性交易对手方打交道的机构会避开它们。随着个人投机者不断转向更强劲的产品，那些性价比最高的产品可能最具吸引力。

该公司的策略可能对CME的底线不利。但潜在的连锁反应甚至可能影响到稳健的投资者。在去年10月的一次级联式加密货币崩盘中，主权资金发挥了重要作用。它不仅抹去了许多交易者的资金，而且在客户无法支付时，还使加密货币交易所的保险基金承受了损失。美国股市的主权杠杆自1950年代以来一直受到限制。保证金借贷近期创下纪录，但这与三年前导致许多人破产的水平相去甚远。

华盛顿的护栏在金融零售领域并不受欢迎——CME集团在2026年之前的股价

在创建时具有免疫力，但现在它们大多使设计变得更具竞争力。这对于利润来说可能不是灾难性的，但对于大盘暴跌期间人们的投资组合来说，可能是毁灭性的。

—Spencer Aldoll

金融与投资

股票聚焦

WPP PLC

在广告集团报告了好于预期的业绩，且首席执行官及其他人员为其推动一系列账户获胜的转型计划制定方案后，股价上涨21%。

Diages

在Smirnoff伏特加和Johnson Walker的制造商宣布通过重组在未来几年节省约$3后，其美国存托凭证上涨近5%。

Papa Joke's

自2020,年初以来一直是交易传闻来源的价格指数表示，在经历了数月的多数期权后，公司管理层和董事会决定坚持当前的转型战略。股价下跌17%。

软银 (SoftBank Group)

在日本技术投资者报告第一季度净利润下降之前，股价下跌超过4%。

Versant Media

在DAX和MS New的所有者上调其第一年营收预测后，Versant Media的股价上涨了6.8%。此举发生在Versant公布第二季度业绩之际，该业绩超出预期——尽管该季度的营收和利润均有所下降。

周五事件：

◆ 经济指数：劳工部7月份月度就业报告 ◆ 其他数据：美联储消费者信贷报告

预期财报：

Under Antimony Wendy's Victim Take-Two

周六事件：

◆ 美联储发言人：负责监管的副主席Michelle Bowman

预期财报：

伯克希尔·哈撒韦 (Berkshire Hathaway)

黄金咆哮

重获生机

几个月来，黄金再次成为驱动力。这种贵金属在8月初表现强劲，在短短几个交易日内上涨了超过5%。自年初近乎几何级的上涨以来，黄金尚未出现过如此幅度的涨幅。伊朗的战争削弱了今年大部分的上涨势头，因为投资者在油价上涨导致通胀预期上升时买入该金属。当通胀来袭、利率较低且持有黄金的机会成本处于最低水平时，投资者倾向于青睐债券等能产生收益的资产。

今年黄金的月度表现

最低 最低 [...OMITTED...] 现在第10个似乎正在发生。以下是近期支撑黄金的几个因素： ◆ 中东局势出现进展迹象：周三，双方正在敲定一项重新开放霍尔木兹海峡的协议草案。 ◆ 利率预期转变，投资者失去更多信心，在美联储上周决定维持利率不变后，9月份维持利率稳定的可能性更大。投资者认为下次会议利率可能降低的可能性上升至42%，高于一周前的37%。 ◆ 大买家需求持续的迹象。这家加密巨头在上周表示，其在第二季度向储备中增加了14吨实物黄金。 ◆ 世界黄金协会表示，在今年前三个月处于相对低水平之后，央行对黄金的需求在第二季度也有所回升。——Caitlin McCabe

---

开放日派对 经纪人展示其最奢华的房产 MS 豪宅 华尔街日报 $68.500 万 一座位于La Garce岛的迈阿密海滩住宅上市 MS Friday, August 7, 2006 / MS 房屋：市场：人物：翻新：销售

爱尔兰海岸上的“疯狂”悬崖之梦

一对夫妇想要在海边拥有一栋房子。于是，他们冒着时速 75 英里的强风，将一座前海胆养殖场改造成为一栋现代且充满光线的住宅。

作者：BETH BLOOMFIELD

当 Petrina Shortt 和 Sio-ina Gin 向他们的承包商展示计划建房的位置时——那里位于爱尔兰风雨飘摇的西南海岸陡峭悬崖之上，原址是一座破旧的建筑——承包商的反应非常明确。

“他认为我们疯了，”Shortt 说。“由于风雨原因，这里的人倾向于在更靠内陆的地方建房，但我们想要一栋就在海边边缘的房子。”

这对夫妇不顾承包商的建议，花费了四年时间和约 $800,000，建造了一栋充满光线的沿海住宅，其中还保留了该地块作为海胆养殖场的历史痕迹。

Shortt 是一位拥有 10 年资历的艺术家，而 51 岁的 Con 从事 IT 工作，他们完全是偶然成为了房屋建造者。在搬到西科克 (West Cork) 的荒野之前，他们的大部分生活都在都柏林度过。

2006 年，他们在都柏林买了一栋简朴的三居室房子，将其想象为在传统房地产阶梯上攀升的起点。当时爱尔兰经济正处于繁荣期，请参阅 MS 页

Petrina Shortt 与这对夫妇的金毛寻回犬 George 在家附近散步。作为长期的城市居民，这对夫妇喜欢观察当地的野生动物，包括海鸟和海豚。

华盛顿特区成为亿万富翁的新奖杯房聚集地

华盛顿指挥官队所有者 Josh Harris 在乔治敦购房时创下了纪录。随着富有的金融和科技高管在当地竞争房产，首都地区的奢侈品市场正在激增。

作者：RALPH KOKITZ

当特朗普总统重返办公室并誓言缩减联邦政府规模时，一些住房观察人士对长期稳定的华盛顿特区住房市场可能产生的影响表示担忧。相反，该地区的奢侈品市场正在创纪录，因为富有的行政成员以及科技和金融高管——他们更看重与首都的距离——正在那里购买奖杯房。

根据 Bright MLS 的数据，华盛顿大都市区的销售价格中位数在 5 月达到了 $600,000 的历史最高点，与前一年的 $600,000 相比增长了 3%。在高端市场，需求甚至更加强劲。到第一季度末，奢侈住宅库存——价格在 $1.7500 万以上的比例——有所下降。请参阅 MS 页

--- M2 / 2026 年 8 月 7 日，星期五 华尔街日报. 私人房产

在迈阿密海滩拥有一座水岸庄园

品牌大亨尼克·伍德豪斯（Nick Woodhouse）在2019年为庆祝生日而在迈阿密航行时，意识到他找到了自己的新家。这位出生于加拿大的商人转向他的妻子乔斯林·伍德豪斯（Jocelyn Woodhouse）说道：“我们必须住在那里。”在2010年从纽约搬迁后不久，这对当时住在佛罗里达州阳光岛海滩（Sunny Isles Beach）公寓的夫妇，在一次航行中看到了迈阿密海滩上设有警卫门禁的拉戈斯岛（La Gorce Island）的一块水岸地皮。该物业当时有一个刚刚开始动工的房屋地基。伍德豪斯夫妇在2021年以$37 million买下了这座部分建成的房屋，并在2023.左右完成了这座面积约9,800平方英尺、拥有七间卧室的现代住宅的建设。现在，由于他们正在附近建造另一栋房子，他们正以$68.500 万出售这座占地0-4英亩的庄园，该庄园配有书房以及100英尺长的比斯坎湾（Biscayne Bay）临水面。

尼克曾任Authentic Brands Group的总裁兼首席营销官，这是一家与Reebok、Champion和Brooks Brothers等公司合作的授权和管理公司。他还是索尔福德市足球俱乐部（Salford City Football Club）的部分所有者。他表示，他和曾任营销高管的乔斯林育有两个年幼的孩子，他们被迈阿密的生活方式所吸引。尼克说，尽管拉戈斯岛的物业当时“非常、非常初步”，但定制设计这座房子是乐趣的一部分。他说：“许多迈阿密的房子可能显得繁琐且呆板。”每个房间都被设计成一种不同的体验。尼克提到曼哈顿著名的购物区时说：“如果我在我的更衣室里关上门，我觉得自己就像在麦迪逊大道的Tom Ford店里一样。”

伍德豪斯夫妇经常在后院举办活动，尼克说，为了庆祝乔斯林去年的60岁生日，他们将后院变成了一个迪士尼幻想世界。他们将自己的Riva摩托游艇变成了野餐船，与米奇和米妮角色合影，并分发米奇耳朵。“这是一场真正的顶级派对，”他说。

2023, 这对夫妇以$5.2500 万买下了目前住所对面的一处非水岸物业。物业记录显示，今年4月，他们在拉戈斯岛上又以$23.500 万买下了一处占地0-8英亩的非水岸物业。尼克表示，他希望新房子能更具“thumpions-sugar”风格，拥有更多健康设施以及让儿子踢足球的空间。尼克拒绝透露目前住宅的建筑成本，但表示他们的投入超过了预期。

待售 $68.500 万 8,800 sq. ft., 7 bedrooms, 2 kitchens, desk, club room

拉戈斯岛的物业在近年来价格飙升。去年，一座灵感来自曼哈顿古根海姆博物馆的现代庄园以$74.2500 万售出，另一座则以$60 million售出。道格拉斯·埃尔曼（Douglas Ellaman）的代理人奥利弗·劳埃德（Oliver Lloyd）表示，伍德豪斯夫妇的住宅是拎包入住的，这使其格外具有吸引力。他说：“高端水岸房屋的库存非常低。” ——E.B. Soberanoff

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华尔街日报 Friday, August 7, 2026 / MS

私人房产

BET联合创始人Sheila Johnson出售弗吉尼亚州住宅

房产记录显示，William T. Newman Jr.在2005, 以30 亿美元.300 万的价格买下了这座新建的房屋。Terry表示，Johnson的丈夫（于今年2月去世）曾是该房屋所在地阿灵顿县的一名法官。居住在米德尔堡的Johnson在Newman去世后将其出售。Johnson通过代表表示拒绝置评。该房屋从未在多重上市服务（MLS）上挂牌，也没有公开设定正式的要价。与Terry共同代理该房产的经纪人Daniel Heider表示，Johnson寻求一个相对较低的价格，以避免与该地区的新建房屋竞争；在6月下旬通过院子里的告示牌悄悄推广几天后，该房屋便签署了合同。Johnson被认为是首批黑人女性亿万富翁之一，她在2001. 以约30 亿美元 billion的价格将BET出售给Viacom后积累了财富。她是酒店公司Salamander Hotels and Resorts的首席执行官，以及Monumental Sports & Entertainment的副主席，后者拥有体育队伍、场馆和媒体网络。Heider表示，这座拥有free-bedroom、面积7,100平方英尺的房屋位于高档的Country Club Hills社区，占地半英亩。根据由《华尔街日报》母公司新闻集团运营的Realtec.com的数据，阿灵顿6月份的销售价格中位数为$785,000，比去年同月下降了1.85%。Heider表示，由于利率升高以及国际冲突的不确定性，市场对价格较为敏感。——Sarah Payster

黑人娱乐电视台（BET）联合创始人Sheila Johnson在最初寻求约$2.800 万的价格后，以30 亿美元.1500 万的价格通过场外交易出售了她在弗吉尼亚州阿灵顿的住宅。买家是一个当地家庭，他们支付的价格高于要价。YTR Sotheby's International Realty的挂牌经纪人Nicole Terry表示，买家支付的价格高于要价，以避免在公开市场上引发竞价大战，但Terry拒绝透露买家的身份。8.5.1500 万 7,100 sq. ft.，湿吧，5 间卧室，4 个壁炉。Terry表示，尽管Johnson在出售前进行了约$40,000的翻新，但买家计划对其进行定制和更新。Johnson和她的丈夫— [...OMITTED...]

欲了解野火预防技巧，请访问SmokeyBear.com

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M4 / 星期五, 7, 2026 华尔街日报

豪宅

Clarens庄园最初建于19世纪初，拥有一栋面积约7,600平方英尺的住宅，设有九间卧室，可俯瞰波托马克河。FARIN COUNCIL

[...OMITTED...]

华盛顿特区奢华地产 (续前页 M1)

根据 Bright MLS 的数据，尽管整体库存增加了 5%，但价格仍比一年前上涨了 22%。今年早些时候，乔治城的一处房产以 $2800 万 的价格卖给了私股权公司阿波罗全球管理公司 (Apollo Global Management) 的联合创始人及华盛顿社区队 (Washington Commanders) 所有者 Josh Harris，创下了华盛顿特区的纪录。

“有大量财富正流向华盛顿特区，”房地产开发商 Sona Kakar 博士表示，她去年 9 月以 1500万美元 的价格买下了一栋位于弗吉尼亚州所谓“黄金海岸”的约 8,000 平方英尺的砖砌豪宅。他计划对房屋进行翻新，寻找买家，然后按照这些规格建造一座新的定制豪宅。

房地产经纪人表示，市场正由富裕买家推动，他们竞争购置位于华盛顿西北区核心地带、马里兰州

及其周边地区的顶级住宅。他在 2016 年购买了两栋乔治亚风格的豪宅，随后又买下了街对面的房产。

例如，根据 Bright MLS 的数据，在弗吉尼亚州阿灵顿县，6 月的房价中位数同比增长 18%，达到 $935,930，而马里兰州蒙哥马利县的房价上涨了 5.4%。但房地产经纪人表示，这种繁荣是有极限的，这些富裕买家想要的是地段优越且即买即住的房屋，而不符合条件的房产销售周期则更长。

特朗普政府被认为是现代历史中最富有的内阁，政府成员正是推动奢侈住宅需求的人群之一。财政部长 Scott Bessent 在确认就任后，在乔治城购买了一套 1250万美元 的住宅；商务部长 Bernard Lutrack 则在 2024 年购买了一套价值 2500万美元 的华盛顿特区住宅。

经纪人表示，由于与联邦政府邻近，这里也吸引了在当地扩大影响力的科技企业家和前高管。2016 年，亚马逊创始人 Jeff Bezos 花费 2300万美元 购买了两栋华盛顿特区的豪宅，随后在 2020 年又花费 500万美元 买下街对面的房屋。2025 年，Meta 首席执行官 Mark Zuckerberg 花费 2300万美元 购买了一栋 25,000 平方英尺的住宅。该公司当时在给 Politics 的一份声明中称，“这将使 Mark 能够在该地花费更多时间，因为 Meta 将继续致力于与美国技术领导地位相关的政策问题。”

科技亿万富翁 Peter Thiel 在 2023 年在同一社区的 Woodland Storman-stone 购买了一栋 2300万美元 的豪宅。

“如果这些有影响力的人通过在这里买房并融入社区，能够使其工作效率提升即使是很小的一点百分比，他们也会毫不犹豫地买单，”TTR Berkeley's International Reality 执行副总裁 Daniel Binder 说道。

Binder 特别提到，他最近看到有“相当大的数量”的 AI 高管在寻求并购买华盛顿特区的高端房产，因为他们在 AI 繁荣时期试图影响联邦政策。他表示，由于保密协议，他无法透露具体细节。

“我们正处于一场 AI 竞赛中，”Binder 说，“这些人正在驱动这个市场。”

房地产经纪人表示，华盛顿特区地区的奢侈房产在市场上的停留时间比低价房产更长。但 Bright MLS 的数据显示，第一季度，华盛顿特区大都会区的奢侈住宅平均销售速度快于整体住房市场。

在超奢华领域（Binder 将其定义为 1000万美元 及以上），买家寻找的不仅仅是随便一套房子。他们

与联邦政府的接近也吸引着科技创业者。他们想要隐私、声望、蓝筹社区以及名声显赫的建筑师和开发商。“你必须在所有这些质量指标上都达到要求，”Binder表示。过去，由于许多此类买家并非在寻找主要居所，他们想要的是经过布置且可立即入住的房屋。“人们对于进行大量改造和工程的兴趣较低，”Washington Fine Properties的Jaci Appel说道。Binder表示，他的许多交易涉及全家具配备的房屋。“他们不想动一根手指，”他说。Binder说，他花费大量时间寻找“这些白鲸般的房产，这样我才能在亿万富翁买家之间扮演媒人”。他还表示，他会接触那些未挂牌出售的业主；他最近提出了一项未经请求的$50 million报价，但被拒绝了。他们的经纪人、TTR Berkeley's的Robert Brynwickis表示，一个预算为$7 million的家庭已经在马里兰州备受追捧的切维蔡斯村（Chevy Chase Village）、伦伍德（Renwood）和埃奇摩尔（Edgemoor）寻找房屋近七个月了。“这个家庭想要的是拎包入住、经过翻新、基本上像新的一样的房子，”他说。此类房屋的供应如此紧张，以至于他们“还没找到合适选项”。然而，Compass的房地产经纪人Sarah Bake表示，需要更新的房屋可能会在市场上滞销。Marvin Cankford在2023年以$11.500 万的价格将她位于弗吉尼亚州亚历山德里亚的克莱伦斯庄园（Clarens estate）挂牌出售时，原以为会很快售出。但在最初的几个月里，很少有人来看这座占地4 acres的19世纪住宅。“我很惊讶，”Cankford说。“我曾某种程度上希望随着新政府的就职以及其他因素，人们会进来并想要买房。”在几乎半年没有进展后，她更换了经纪人，委托Appel挂牌。“我们确实收到一些反馈，说人们想要将房子现代化，”Appel说。最终，在多次降价后，Appel在1月份以$75 million的价格售出了该物业。虽然这低于Cankford最初的预期，但创下了亚历山德里亚的记录。Kakar预计，他那块13-acre的弗吉尼亚物业的买家将花费$40 million到$70 million来建造一座新房。“这在弗吉尼亚州以前从未发生过，”他说。“但绝对有这个市场。”

华尔街日报。

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这座位于卫斯理高地（Wesley Heights）的房屋在未布置的情况下以$3.600 万挂牌，随后降低了价格。

财政部长斯科特·贝森特（Scott Bessent）在获得任命确认后买下了这座乔治敦的房屋。

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华尔街日报。 2020年8月7日，星期五 / 85

豪宅

在前线 / ROBYN A. FRIEDMAN

试驾这座房子

问 您主持过的最奢华的开放日活动是什么？

本·鲍文 (BEN BOWEN) 北卡罗来纳州康尼利厄斯 Premier Sotheby's International Realty 的房地产经纪人。在 2024 年夏天，我代表一位卖家出售位于夏洛特 Quail Hollow Club 一处占地一个多英亩、面积近 8,000 平方英尺的传统砖结构庄园，该俱乐部拥有一个以举办 PGA 巡回赛而闻名的专属高尔夫球场。由于法拉利没有展厅，他们会在全国各地为潜在购车者举办活动，因此在举办开放日活动时，我与法拉利进行了合作。他们当时正寻求在卡迪纳斯 (Cardinas) 举办一场活动，我便与他们协调将活动地点定在我的挂牌房产中。我邀请了所有我的 VIP 客户。现场展出了七款法拉利车型，客人们可以进行 10 分钟的试驾。现场布置了抢眼的红毯入场，并由一位来自加利福尼亚州的私人厨师制作精美小点。由于人们需要开车，现场没有提供酒精饮料，但准备了咖啡桶。大约有 200 人参加，其中许多人是法拉利车主或资深爱好者。这些人正是我希望看到我的豪华房产的人群，该房产的定价为 $7,4.95 亿。这是吸引极高净值人群来看房的绝佳方式。此次活动耗费法拉利约 $250,000。不久之后，我们将房子卖给了一位参加活动的当地买家。

卢尔德·阿拉特里斯特 (LOURDES ALATRISTE) 佛罗里达州科勒尔盖布尔斯 Douglas Elliman 的房地产经纪人。大约两年前，我代表一位业主出售位于椰子林 (Coconut Grove) 一处 10,000 平方英尺的庄园，这是一栋三层别墅，在比斯坎湾 (Biscayne Bay) 拥有 300 英尺的临水面。为了迎接迈阿密海滩艺术博览会的开幕，我在该房产举办了一次开放日活动，邀请了约 40 位参加该展会的艺术爱好者，以及我的一些客户和其他房地产专业人士。我没有将其做成传统的开放日，而是决定将活动融入到房屋的建筑和设计中，这些设计深受意大利波尔森 (Poulsen) 的启发，那是业主非常热爱的一个地区。因此，我将那个夜晚变成了意大利风格的场景：点燃蜡烛的露台、一名小提琴手、穿梭供应的小点以及布置在房产各处的当代艺术装置。为了让房产更具意大利氛围，许多 VIP 客人是通过比斯坎湾乘船抵达的。这次活动花费约 $35,000，客人们停留了数小时，穿梭在艺术品之间，欣赏景色和音乐。最棒的部分是，该房产随后很快以 3.33亿美元 的价格卖给了我合作挂牌代理商的一位客户。

约翰·“乔”·迪亚兹 (JOHN 'JO' DIAZ) 拉斯维加斯 St. Luxury 的房地产代理人。今年三月，我在拉斯维加斯挂牌了一栋 5,678 平方英尺的定制现代住宅，售价 $1,5.99 亿。它拥有 25 英尺高的天花板，旨在展示卖家的艺术收藏，配有巨大的墙面空间、定制架子和轨道灯。到处都是艺术品，简直像在博物馆里一样。我会将其描述为“艺术光芒”。在挂牌后，我立即举办了一次经纪人开放日，并邀请了一些客户和其他 VIP。为了展示这栋房子，我雇了两名现代舞者在活动期间的大客厅里表演，旨在引入另一种艺术形式，以补充房屋中已展出的绝佳视觉艺术。我想用一种独特的方式来营销这栋房子——一种人们以前从未见过的方式。大约有 10 人参加了这次开放日，花费为 $2,000。由于经纪人开放日非常成功，我还拍摄了一段由一名舞者出镜的视频。她身穿黑色飘逸服装，跳了一场现代舞，舞蹈从前门外开始，一直延伸到房子内部。这栋房子很快就卖掉了——讽刺的是，买家正是看到视频的一名舞者——在经过一番竞价战后，最终成交价为 $1,6.25 亿，高于要价。买家说，这栋房子的呈现方式触动了她的心弦。——根据采访编辑

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M6 / Friday, August 7, 2026 华尔街日报。

私人房产

FDR之孙挂牌出售德克萨斯州 1,300 英亩广阔牧场

前总统富兰克林·D·罗斯福的孙子正将其在德克萨斯州的 1,300 英亩牧场以 $35.500 万 的价格挂牌出售。

Tony Roosevelt 于 1999. 年首次购得该物业。他的女儿 Liz Kelly 表示，他与住在达拉斯的妻子 JoAnne Roosevelt 扩建了这座庄园，直到 2018, 年为止，共花费约 1200万美元 打造了他们的周末避风港。

Hortonstine Ranch Company 的挂牌代理人 Cadi McWhorter 表示，这座位于 Era, 距离达拉斯市中心约 75 英里，包括一座建于 2010, 年左右、面积约 4,000 平方英尺的房屋，设有免费卧室。这里曾是家庭露营旅行、山地车赛和烧烤活动的场所。

Kelly 表示，Tony 出售牧场是因为他现在 90, 岁了，访问的次数不再那么频繁。

Tony 的父亲是 FDR 的儿子 Elliott Roosevelt，曾从事广播工作。在 Tony 花费约 $1.600 万 建造房屋之前，他与 JoAnne（两人育有 4 个孩子）在物业内的 barrabomino 中露营或居住。

“这座房子绝对有牧场风格，但它也融入了很多我那芝加哥母亲的元素，”Kelly 说道，她的母亲来自伊利诺伊州的埃文斯顿。

Kelly 表示，在穿过该物业的 2.5 英里长的 Clear Creek 河段，她和兄弟姐妹们会寻找箭头形石片和光滑的 gizzard stones，他们将这项活动称为“creeking”。Tony 的孙辈们会把塑料瓶绑在一起做成小船并进行比赛。

罗斯福一家还喜欢在两个专用区域露营，其中一个区域设有火坑和抬高的帐篷平台。Kelly 说道，他们还曾几次聘请吉他手，并在为亲友举办的“音乐节”上提供烧烤。

出售中

S21.500 万 4,000 sq. ft., 4 间卧室，2,800 sq. ft. barrabominoes

Tony 在德克萨斯州沃思堡出生并长大。青少年时期，他在内华达州的一个牧场担任牛仔，并访问过他父亲在科罗拉多州的牧场。

Tony 拥有石油和天然气行业的企业，包括 Roosevelt Resources 和 ER Operating。

McWhorter 表示，疫情之后，大型牧场物业的售价达到了新冠前价格的两倍或三倍，此后该地区的房价一直没有下降。

根据由华尔街日报母公司新闻集团运营的 Realine.com 数据，牧场所在的库克县（Cooke County）房屋在 6 月的成交中位数为 $332,000，比去年同期增长 2.94%。

McWhorter 与同事 Blake Hortonstine 和 Jonathan James 共同负责此次挂牌。 —Sarah Paynter

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阿拉巴马州，马丁湖

面对由 Game & Greetings 设计的 Ricker Pack 高尔夫俱乐部。这一灵感主题享有 13 号球道开阔的视野。E 间卧室，E 间浴室，面积超过 5,400 平方英尺，为多代同堂提供了充足的空间。所有权包括 Benjamin Lake 俱乐部的会员资格，且交通便捷。

$2,995,000 Russell Lamb Real Estate LLC 电话：206.215.7011 robert@robertlamb.com

如需刊登广告... 请致电 800-845-9719 或发送电子邮件至 adoperations@dowjones.com © 2026 Rooster, Inc. 保留所有权利。 --- 华尔街日报。2026年8月7日，星期五 / M7 豪宅访谈 / 伊森·佩克 (ETHAN PECK) # 关于他饰演的史波克角色及其祖父格里高利·佩克 演员回忆他与完美主义的斗争、母亲的鼓励以及他在《意乱情迷》中的启示 当我在洛杉矶长大时，我的祖父偶尔会来看我参加小学和初中的活动。他是格里高利·佩克，一位获得过奥斯卡奖的演员。在孩子的视角看来，他拥有一种令父母们肃然起敬的光环。对我而言，他只是爷爷，一个以让许多人快乐为乐的人。我的父母住在好莱坞，爷爷的房子距离比希尼山 (Bishiny Hills) 有15分钟车程。我们住在一栋简朴的、非古典主义的工艺美术风格住宅里，门前有两根柱子和一组装饰艺术风格的混凝土台阶。从街道上看，正面大概显得很简单。我的母亲弗朗辛 (Francine) 是一位艺术家，她喜欢将前门刷成一种引人注目的颜色。我的父亲斯蒂芬 (Stephen) 是一位作家和演员，后来成为了美国退伍军人倡议组织 (U.S. Veterans Initiative) 的首席执行官。我在5岁时看了电视节目《星际迷航：下一代》，但对我来说那有点太深奥了。因为我与格里高利·佩克的关系，我在9岁时被一位家庭朋友问到是否想要演戏。我有这方面的天赋，而且我的母亲很鼓励我。她在我的身上看到了艺术家的潜质。然而，我的父亲希望我过上“正常”的生活。在我9岁时的第一个角色中，我出演了1995年电视犯罪剧《查理·格雷斯》(Charlie Grace) 的一集。次年，我被选为电视电影《马歇尔·莱恩》(Marshall Lane) 的共同主演。我在13岁时父母离婚了。这次分开对我来说很艰难。他们的决定显然是最好的，而且他们依然是极好且有趣的人。但我变得更加内向且敏感。我在看着母亲绘画的过程中长大，她创造力的力度与风味，以及对色彩和形式的热情影响了我。我一直处于外部关注和压力的中心，感到需要追求完美。但完美主义可能会让人瘫痪。在高中时期，我崩溃了。我逃避学业，转而专注于演戏。在纽约市 (NYC)，我主修戏剧并进入了实验剧场之翼 (Experimental Theatre Wing)，那是一个绝佳的自我发现之地。但我仍然是一个糟糕的学生，并且在追求完-

伊森与奥普 (ETHAN AND OEP)

你是什么时候搬进公寓的？ 大约三年前，我热爱大海的宁静以及那里未知之地的神秘感。

家里你最喜欢的母亲的作品是哪一件？ 《伊根》(Eagan)，一块黄色、橙色和黑色的小型方形抽象画布，是我 2 岁时她为我画的。

你在格里高利·派克 (Gregory Peck) 的房子里遇到过什么特别的人吗？ 罗杰·摩尔 (Roger Moore)。我小时候就很喜欢邦德电影。

ent。我当时在担任演员，并且不断地将自己与祖父进行比较，担心发现自己远没有那么出色。我在大三结束后离开了。我当时已经预定了 2008 年电影《田纳西》(Tennessee) 和《领养一名水手》(Adopt a Sailor) 中的角色，随后在 2009 年出演了电视剧《关于你的 10 件事》(10 Things I Know About You)。我花了大约七年的时间出演小角色。然后在 2016 年，我被选为《星际迷航：发现号》(Star Trek: Discovery) 中的史波克 (Spock)，这是该系列四部剧集中的第一部。史波克对我来说是一种情感的宣泄，是一个完美的角色。他是一个内心挣扎深刻的角色。如今，我住在

上图 2024 年在圣迭戈的伊森·佩克。左图为年轻的伊森与他的祖父、演员格里高利·派克以及父亲斯蒂芬在 1991 年的好莱坞。加利福尼亚州圣莫尼卡附近的一套宽敞的公寓里。我可以看见大海，感受到微风，闻到水的味道。我不是个热爱海滩的人，但我喜欢看到地平线和广阔的开放空间。2016 年，我在我最喜欢的格里高利·派克电影——希区柯克 1943 年的《意乱情迷》(Spellbound) 中看着我的祖父。我当时 28 岁——与电影中祖父的年龄相同。我第一次看到了重叠的特质，这激励了我。史波克身上也有一些祖父的影子——一个寻找意义的人文主义完美主义者。我能产生共鸣。

—口述给马克·迈尔斯 (Marc Myers)

伊森·佩克 (Ethan Peck)，40 岁，是一名演员，以在电视剧《关于你的 10 件事》以及电影《领养一名水手》和《不圣洁的诗》(The Unholy Poetry) 中的角色而闻名。他共同出演了四部《星际迷航》系列剧集，包括派拉蒙 (Paramount) 的《奇异新世界》(Strange New Worlds) 第 4 季。

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M8 / Friday, August 7, 2026 华尔街日报。 # MANSION

房子的窗户是强化玻璃，左图。在厨房（右图）中，这对夫妇选择了深灰色橱柜和抛光混凝土地板，以免分散对周围环境的注意力。

CHARLIE BERTSHEIM / SPO

一个爱尔兰悬崖之梦

但次年，全球金融危机爆发。Cox 表示，在两年之内，他们的房子价值比买入时降低了 50%。当时 Cox 是一家会计师事务所的 10 项目经理。尽管两人都保住了工作——Shortt 当时是一名美术教师——但他们不得不接受降薪。Cox 说：“我们负担得起房贷，但除了还房贷，我们负担不起任何其他事情。”

2024 年，这对夫妇决定需要做出剧烈改变。Cox 接受了一家沙特阿拉伯银行的工作，Shortt 则在当地的一所学校找到了工作。他们将都柏林的房子出租，搬到了中东。

返回爱尔兰一直是在计划之中的。在沙特首都利雅得生活期间，这对夫妇计划买一套爱尔兰的小房产，用于回国探访，并希望有一天能彻底搬回去。他们选择的地点是西科克，这里是他们经常造访且深爱的地方，因其绝美的风景、绝佳的美食和繁荣的文化氛围而著称。

2017 年，在未能找到真正心仪的农舍或农场后，这对夫妇在 Knockaens（距离科克市以西约 70 英里处）发现了一栋带有波纹铁屋顶的未加工工业建筑。该建筑曾被用作孵化场，但业主正准备放弃这项业务，并尝试出售这块约 3 英亩的场地已有两年时间。 立即爱上了这个位置，这里可以俯瞰 Sheep's Road 半岛，但 Cox 最初很难想象这个像棚屋一样的结构如何能变成一个家。 提供了方案，于是 2017 年这对夫妇花费约 $250,000 买下了这座孵化场。

随后，在她的建筑师姐姐、Marc Architects 创始人 Caroline 的帮助下，他们开始了漫长而缓慢的申请流程，以获得将孵化场改为住宅的许可。这意味着需要将该地块的用途从商业改为住宅，然后说服当地规划部门接受他们的愿景：建造一座面积 2,637 平方英尺、外墙覆盖黑色波纹金属的当代住宅。 说：“一名规划员说它‘现代且充满活力’。”但她和 Cox 认为，这种深色的工业风格不仅认可了房子的历史，而且与周围的岩石、海洋和兄弟（此处原文为 brothers，疑为误写）相得益彰。从实用角度来看，海事级外墙板也是因其耐用性而被选中的。

最终，在 2018 年，许可证到位，工程开始。为了控制成本并最大限度地减少浪费，房子的设计利用了孵化场的现有结构。该场地确实带来了工程挑战——房子必须用钢材加固，以抵御高达 75 英里每小时的当地强风。外部照明由海事级塑料制成。 说：“由于空气中的盐分，任何其他材料都会被腐蚀。”

在大部分建设期间， 和 Cox 都在沙特阿拉伯，通过远程监控，并依靠 Caroline 和他们的承包商通过照片和视频向他们提供最新进展。他们不知道何时才能回来住在房子里。

随后新冠-19 肺炎疫情爆发。当时恰好在都柏林访问的 和 Cox 发现自己被困在爱尔兰，开始远程办公。意识到无需返回沙特阿拉伯后，他们留在了西科克地区。

现在是一名全职艺术工作者，部分时间在她的艺术工作室工作，工作室面积约为 1222 平方英尺。

Cox 和 与 George 在上方。右上方的入口走廊。上方的电视房被刷成海军蓝色，可以俯瞰下方露台上的热水浴缸。房子的海事级外墙板因其耐用性而被选中，并使用了额外的铆钉来固定金属外墙。

他们在附近租了房子，以监督这项耗资约 $400,000 的工程在最后几个月里的进展，并于 2020. 年 7 月搬进了这座拥有 3 间卧室、2 间浴室的家。次年，他们开始了第二阶段，花费约 $120,000 为 Shortt 建造了一间艺术工作室，Shortt 已经放弃了工作，现在是一名全职画家。Shortt 表示，房子里为 Cox 准备了一间书房，Cox 目前在爱尔兰政府担任一项混合办公角色，此外还有一个储藏室，用来存放“我们再也不穿的城市服装”。都柏林的房子最终回本并于去年售出，这对曾在城市生活的人员很容易地适应了乡村生活。他们大部分时间都在户外度过，带着他们的狗 George 散步，并在房产下方的小型岩石海滩游泳。他们还喜欢观察海鸟、海湾里的海豚，以及房子对面岛上的真实群落。那里的居民每年大约生育三次。Shortt 说：“这比我们想象的好一百万倍。” © 2026 by 华尔街日报

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What's News

Business & Finance

★ The U.S. government cleared Panamacart's $80 billion deal for Warner Bros. Discovery after Panamacart offered protections to ensure editorial independence of the combined companies. TV and streaming services: B1, B3

★ Gains in Special shares in Thursday trading contracted with an otherwise down due on Wall Street, where the S&P 500, Dow and Nasdaq fell 0.21, 0.09, and 0.21%, respectively. B1

★ Softbank used its claim in OpenAI to borrow $10 billion from banks, dating up risk on its good last on the artificial intelligence process. B1

★ A New Mexico judge ordered Mets to pay $942 million after a new fraud if failed to protect young people. B1

★ San Elizabeth Warren pressed the Commerce Department for details on coming changes to official relations numbers. Changes that are expected to produce slightly, or cooler inflation readings. A3

★ The FCC voted to repeal the national cap on television station ownership, potentially dozing the way for further consolidation of broadcasters. A3

★ The Trump administration will place Earth's and sat minimum prices on expanded population and on solar panels and their parts, aiming to reduce share-energy supply issues. A2

★ Apods agreed to buy British budget online coupon for the equivalent of roughly $77 billion, providing it a 50-thing star for the career. B2

★ Bye2 assets will retire next month after 16 years leading ConsultPhilips and will have the big 100-1,000-1 Financial Officer Andy O'Brien. B2

Worldwide

★ Russian President Vladimir Putin could try to hold NATO's resolve with a limited impact on an allied country of the US, and a short, according to new U.S. intelligence assessments. A3

★ Arab mediators working on a deal with Iran to reopen the Strait of Hormuz said they fear Tehran's diplomats lack the diversity, political clout to guarantee compliance even if an agreement is reached. A3

★ Trump ordered new investigations into the disclosures of the Pentagon's repatriate stockpile, escalating his effort to battle damaging resolutions about the war in Iran. A7

★ Trump signed a new case of the arrest of cracking down on birthright citizenship after the Supreme Court ended his unfair birth-days citizenship to keep a state of freedom, and to test-American poverty. A3

★ A Republican hat to take committee voted to hold Dr Anthony Fautz in statement of Congress for refusing to answer lawmakers' questions about the impact of the Covid-19 pandemic. A3

★ Gov. Mark Papin's closed-door briefing threatened to delay a confirmation hearing for the president's pick to lead ICE. A3

★ Sen. Mitch McConnell was discharged from a resolution from center where his was introducing them a bid and its product would not be a lengthy Senate absence. A4

★ Rep. Max Miller to certify his campaign 25 million as the focus pressure to allow him his competition from re-election into your design form of domestic abuse. A4

COMMENTS Monday... 2016 Friday 15: 00:00 Monday, March 15 Tuesday 15:00:00:00 Monday... 2016 Monday, March 15:00:00:00:00 Monday... 2016 Tuesday, March 15:00:00:00:00:00 Monday... 2016 Friday 15:00:00:00:00:00:00 Monday... 2016 Friday 15:00:00:00:00:00:00 Monday... 2016

The 2016 Annual Report on the United States The 2016 Annual Report on the United States The 2016 Annual Report on the United States The 2016 Annual Report on the United States The 2016 Annual Report on the United States The 2016 Annual Report on the United States The 2016 Annual Report on the United States The 2016 Annual Report on the United States The 2016 Annual Report on the United States The 2016 Annual Report on the United States

Summer, It's So Hard to Say Goodbye

NOT THRULED: Children, like this boy are not so hard, so they don't reopen heading back to the world, and work in some districts.

U.S. Says Putin Willing to Test NATO With Limited Assaults

Intelligence forecasts see a cornered leader opting for incursions or cyber actions

By LISA SULLIVAN AN TONI KNOX

WASHINGTON—Russian President Vladimir Putin could try to test NATO's resolve with a limited assault on an allied country in the next few years, according to new U.S. intelligence reports that post possible scenarios ranging from a cyberattack to a small scale land incursion.

The assessments, described by U.S. officials, come amid a shortfall in certain critical instances that the military would need to confront Russia or China to a potential war. The U.S. has severely degraded its energies of these weapons through transfers to Ukraine as well as the conflict with Iran.

Stockpiles at risk include long-range Paxelian Strike Mullins and Army Tactical Missile Systems, as well as short-range Stinger surface-race missiles, other officials said.

The U.S. had previously assumed that Putin wouldn't provide a North Atlantic Treaty organization country while he

is still fighting in Ukraine. But then an assessment changed this year, the U.S. officials said, as Putin is increasingly squeezed in Ukraine and under pressure at home to secure a victory. Ktor's drones are suffering growing damage to the nuclear army and oil industry, while Putin's forces are making smaller gains at the front line amid heavy casualties.

U.S. and European leaders increasingly see signs of Russia conducting probing attacks to test NATO's resolve, including Russian crams missiles that have landed in Poland and drones flown into Romania.

Putin's goal in attacking NATO during a continuing war with Ukraine, if it happens, would be to function the Alliance, the U.S. officials said.

"The question mark is how the United States would expand on their case," said Heather Cocker, senior fellow with the American Enterprise Institute, on a possible Russian incursion. "It has always been a goal of basically to challenge the credibility of NATO and to separate the United States from its allies."

Phnom'tenntspage A7 ★ Trump rages at task over arms shortfall... A7

Iranian Divisions Undercut Talks on Hormuz

Hard-liners' clout poses risk they will addictize any deal, Arab mediators fear

By Robert Farrow San Antonio Sun

Arab mediators working on a deal with Iran to reopen the Strait of Hormuz said they fear the country's diplomats, who are under pressure from hard-liners in Tehran, lack the clout to guarantee compliance even if an agreement is reached.

The scenarios, based on a pattern of faltering diplomatic efforts and conversations with Iran's negotiators, come as top Iranian representatives in the talks, and increasingly under low at home from hard-line officials and commentators who argue they are cutting deals that will be country short.

Mediators said the main negotiators, George Matzian, Alison Anguilla and Parliamentary Speaker Mohammad Bagher Shalifad, quickly embraced a plan presented this weekend to decide traffic through the Strait of Hormuz into an abroad lane near Iran and an outbound lane near Oman. They viewed it as an acknowledgment of Iran's influence over the waterway. Talks became complicated when the Islamic Revolutionary Guard Corps demanded more explicit references to Iran's rule and chases benefits, they said.

Even after mediators circulated a draft agreement mid-week, the Revolutionary Guard, which meets control over the waterway, continued to point for the right to change into its team and to Phnom'tenntspage A6

★ Human deal is at risk of collapse... A3 ★ The U.S. helps up attacks on Hudefah... A6

China Is Transforming Into Factory Supplier

By Shensan Maw Ann Tew Duncan

BORGHUAN, China—This city near Hong Kong helped turn China into the world's factory floor decades ago, claiming out the cheap turn-down, clothing and electronics that powered the country's economic rise.

These days, Dongguan is at the center of a new industrial transformation: China is becoming a factory for business. No longer just a producer of low-value consumer goods, China is expecting more of the higher-value intermediate and capital goods that underpin global manufacturing, such as chips, precision machinery and robotic arms.

"In the past, advanced manufacturing was led by Germany and Japan," said Frank Jiang, vice president of international business at Topcon, one of China's largest industrial robotics and machinery manufacturers. "Not we believe our technology has caught up for many products, we have surpassed them."

China's dominance over present parts of global supply chains is making the country's export machine even more formidable—and resilient against traffic, which tend to target finished goods. In the first five months of 2026, China's exports of intermediate and capital goods jumped 25% and 12%, respectively. Phnom'tenntspage A8

INSIDE

SPORTS

Wine this 'King of Soccer' managed to hang on, despite a series of missteps. A12

BUSINESS & FINANCE

A black-54 model hacked an outside company, raising them about rogue bots. B1

Refiners Go Full Tilt Amid Fuel Crunch

By Blandt Menzies Ann Eunam Eaton

President Trump needed to have U.S. energy dominance and low energy prices. He is getting one without the other—and he hurts it.

The base war and Ukrainian strikes on Russian collectors blocked out a big chunk of the world's fuel-making apparatus, leaving the U.S. oil industry as the world's last major fuel supplier and a global supply check that could last well into next year.

U.S. refiners are running plants at full tilt to meet demand at home and abroad as fuel prices soar, giving them mindful profits and drawing the ire of President Trump,

who ripped into oil companies this week for wringing too much cash out of American gas supply.

While U.S. gasoline exports were most relatively steady, about exports hit a record 1.0 billion barrels a day last week and jet-fuel shipments were near record levels, according to data from the Interg Information Administration.

The White House is watching inflation and affordability issues leading into the November 1st, 2026 season and high diesel prices can boost the price of everything from groceries to lumber. But Trump's energy limitations aren't likely to be solved this year. Bringing prices of the pump

Phnom'tenntspage A2

Mystery Avenger Escalates a War Against Scotland's Parking Police

Cops are on the hunt for a meter defacer, but locals aren't exactly eager to help

By James Brouwer

NORTH BERWICK, Scotland—This outside town is a well-loaded sort of place. Visitors come to enjoy its pretty harbor and lunch beaches. Self-ey under it these bans to play historic courses nearby.

Away from the ice cream comes and markets, trouble is after. Someone is venturing out at night with super glue

and care of expanding from to tackle an unwelcome influx of insiders parking meters.

Doctors of the black and blue pillars have been opened since they began spending earlier this year. The company contracted by the local council to install them and raise some money to bullied.

"We have never seen the sheer volume and on tour of the vandalism which has taken place in Phnom'tenntspage A9

Some Investors' SpaceX Shares Vanished Before They Cashed In

About 1,000 special-purpose vehicles are tied to the stock. That could pose risks for some expecting windfalls.

By Ciaran Bostowicz

Euro Responsible could hardly believe his lack in 2020 when his brand sold him about a New Jersey firm pitching investment opportunities in SpaceX and other heavy privately held companies.

Big deal is a good deal. The company has been able to sell more than 100 million dollars. The company has been able to sell more than 100 million dollars. The company has been able to sell more than 100 million dollars. The company has been able to sell more than 100 million dollars. The company has been able to sell more than 100 million dollars. The company has been able to sell more than 100 million dollars.

The investment firm, Late Stage Management, wasn't selling actual shares, but

stakes in vehicles that it can build them. Known as special-purpose vehicles, the funds held shares in private companies either directly or indirectly by investing themselves in other funds with stakes. The 50% provide a workaround to the limit on the number of shareholders private companies can have been used to create a standard financial. They operate under five regulations and are supposed to be safe for accredited investors, or those whose net worth or income contains a certain threshold.

Phnom'tenntspage A9

★ SpaceX heliocover faith unshaken... B1

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A2 | Friday, August 7, 2026

...

THE WALL STREET JOURNAL.

U.S. NEWS

Change in Inflation Data Questioned

By Marty Gassman

Sen. Elizabeth Warren is president for Commerce Department for details on coming changes to official affiliation reports, the federal center of the typically obscure federal motorists system to spark a political spaulette.

In a letter sent Thursday, the Massachusetts Democrat asked about changes to the Fed's preferred inflation metric that will lead next month.

Changes to the calculations are expected to produce slightly under inflation readings. That is, the federal budget is the nation's only three readings to help set interest rates.

The Commerce Department and its statistical agency, the state's state budget, have the कोagutans to explain to the public "for mounting and process behind the decisions, Warren wrote."

There is no evidence that the

coming changes are politically motivated. Economists following the changes largely believe they are deforested moves that could seem accurately reflect price changes in hard-to-receiver corners of the economy.

The BEA is led by a civil servants, Ryan Arena, who started his job during the Biden administration.

Warren said that amid a demand environment in which the Trump administration has politicized economic data, results in statistical methods warrant deeper scrutiny.

Trump fired the Arena of Labor Statistics, which has a slight unknowable side numbers. The Trump administration also disbanded expert committees that were advised agencies on the relationship of change.

Starting with the August data to be published in September, the BEA is taking a new approach to measuring inflation in three categories:

computer software, legal fees and investment advice. Two of those categories—computer software and investment advice—have shown every price increases over the past year, which some of revenues say have artificially boosted the overall inflation number.

Even after the revenue, as fizzies is likely to be sold above the Fed's 2% target.

"The measure at issue, called the personal cost analysis, represents every price index,

track price changes across a broad leader of the 1950s, consumers spend money on, from declining to housing and insurance.

It is separate from the consumer price index, another approach to measuring inflation

that is closely followed by markets and businesses.

The Fed prefers the FCI in des because it gauges inflation through a slightly broader line—political healthcare costs that are more short pay directly for example—and because it aims to account for the

war that consumers' spending patterns change as prices can and fall on different goods and services.

The index shows the balance sheet in June, or 3.5% including, with the local and on-

ergy prices. Under these calculations, computer software: inflation will no longer be "said as closely to hardware prices—which have sound amid the AI boom—and the measured

cost of investment advice won't climb in locking with the clock market, like it does under the current system.

All in AI, changes will likely share about two months of a percentage point off the rate.

The Fed's official policy framework, not certified in January, aims for 2% inflation readings on the FCI group, a target that the economy has exceeded since 2025.

Chairman Kevin Marsh, who has pledged to re-examine fundamental aspects of how the Fed operates, has committed to reducing inflation.

A 10% improvement dividend to comment on Warren's letter.

The agency has said the statistical trends are intended to make changes.

The changes won't affect the higher profit consumer-price index, which is published independently by the Labor Department.

Melanoma Drugs Act: Approval From FDA

By Exxon Marrsco

Regulman Group and Thursday that the Food and Drug Administration has approved its therapy for advanced skin cancer, ending a regulatory case that started three submissions and two reactions and was a flashpoint in the state of the agency's last commissioner.

Regulman's drug marketed as 7x24/years in a genetically modified tumor-like doctor on the basis of 1,000 tumors, where it is designed to kill cancer cells and trigger an immune response against tumors disorders at the body.

The melanoma drugs's skin cancer therapy for FDA that is the first time in the biotech industry's criticism of the agency under former Commissioner Marty Makary. Regulman and other industry officials said the FDA's 6th report, had reversed positions it had established in earlier meetings with the company.

Regulman first submitted its 6th report, the 1st therapy in November 2024. The FDA in period is in July of that year and expected a combination in April. Regulman said they couldn't take the steps of the drug for better cases from 7x24/years. The FDA's 6th report, had been published in the medication it was noted with in a combination therapy. The study didn't have a placebo arm, either.

While still head of the agency, Makary publicly defended the reactions of the Regulman's medication. "If your drug works, it's going to get approved," he said in May. "It's not a long time those pushed public health officials to re-examine the FDA's prepared reactions of the Regulman drug. The Wall Street Journal reported.

After Makary left the agency, Regulman said it had reached an agreement with the FDA to try a third time.

FCC Repeals Cap on TV-Statistical Ownership

By Joe Furr

The Federal Communications Commission voted to re-evaluate the actual cap on television-station ownership Thursday, yesterday, and the meeting the way for further consolidation use of broadcasters.

The FCC's move is part of a broader effort by the Trump administration and its allies to eliminate regulations that they view as anticipated or excessively limiting for businesses.

FCC Chairman Brendan Carr, a Republican who has long advocated eliminating the cap, said: removing it would help level the placing of the broadcasters.

pete for viewers and advertising dollars against streaming services, podcasts and other digital platforms that face no comparable restrictions.

"Repealing the national cap will provide essential relief for local broadcasters by restoring a healthy counterbalance

to the growing leverage of national programmes," Carr said at the meeting.

Carr also said allowing local broadcasters to increase their holdings will give them more leverage with networks such as ABC, CBS and NBC.

The order could face large and political challenges over whether the FCC—not Congress—has the authority to repeal the rule.

"Congress set this cap in federal law, and only Congress can change it," said Democratic FCC commissioner Anna Gomez, who said the laws disavowing vote.

Gomez also criticized removing the cap itself, saying it

would hurt local news as consolidation would lead to more cost-sorting by a handful of big broadcasters.

Senator Commerce Commerce Chairman Ted Cruz, C. Trowel, during a hearing earlier this year also questioned whether the FCC has authority to modify the rules.

The FCC said is in order that the cap was a commission rule rather than a statutory suspension and therefore can be billed under the Commission's orders for.

Congress established the 30% limit in 2004, intervening after the FCC moved to same the cap to 45%.

The FCC earlier this year

pranted Senator Media Group a waiver to complete its acceptance of forgo, a deal that rejected the ownership cap. Although that transaction has forced, it is being challenged in court by eight states seeking to block the merger on antitrust grounds.

Companies at or near the 39% ownership limit include: Mexico, Fox, CBS parent Fox-mnant and E.R. Scruggs. In many markets have identified fancize and story Media as potential acquires of larger nation transactions but markets restricted.

Fox said Wall Street Journal parent News Corp share contract ownership.

Trump To Impair Tariff Over Solar Power

By Gene Bass

The Trump administration will impose tariffs and set minimum prices on important states, solar panels and their companies, arising in subject to the law, and the House and reduce Chinese market control of an element critical for solar systems and semiconductors.

President Trump agreed a proclamation Thursday that will set a 25% tariff on imports of low and average materials and equipment. Companies that consist in building manufacturing facilities on the U.S. can apply for enterprises from the world's which take effect on Dec. 4, 2026, according to the proclamation.

Cohabers of polyulicess called tapers are dosed to form under the law, and that it is create solar cells and then arranged together to form modules that are placed on racks to generate electricity.

The law is set to apply dual laws," Commerce said. "The new Brown-Linman's said law is going to remove for the tariff proclamation. "We're setting prices so that the Chinese can't dump Chinese products," says the law. "We're not going to say that it here," he added.

Additionally, the action will set minimum prices for solar companies, designed to stop the sale of solar products cheaper than the price floor.

The tariff proclamation requires companies to certify that the first sale of any one person, and the second sale of the companies to another company wouldn't fall below the minimum import price. That is meant to ensure that companies don't declare imports of any price but this turn around the market is a good way, which could undercut the effectiveness of the tariffs.

Refiners Pushed to Go Full Tilt

Continued From Page One down will require global energy flows to recover to their pre-war levels, according to the char. Aemstrom of Donnellfield, Marathwa, and the United States. That means rebuilding refineries across the Middle East, from Saudi Arabia to Kuwait to Bahrain, that first set about energy analysis and they report markets to remain tight through the end of 2027.

Christian down costings to cut down on human energy units, but the price of the first 10 percent of fuel, had about a third of 2% refining capacity traveled off their and learned some fuel digments until February 10th, while fuel experts took the off-charged, in part because it is getting less crude to process from the Middle East.

The first conflict has stymied traffic in the final of Sherman, a real survey for oil verages from Gulf States to Saudi Arabia's oil experts to the U.S. dropped to zero in July, the first time monthly federal data show that happening near 1000 U.S. workers have opted to buy more crude oil to process from America's oil fields, as well as from Canada and Venezuela.

The first 10 percent of the 1976,000 interview on Tuesday that negotiators were close to a deal with Iran that could open the strict, and he believed the move would trigger the end-up price of a gallon of gas—a 1.5% return on the last 62.5% As of Thursday, the U.S. gas price averaged 1.08M a gallon.

The persistent problem, no evidence out, is nothing. "I've never seen the available capacity relative to demand at

A Valero refinery in Corpus Christi, Texas. The company booked quarterly exit income of $3.7 billion, up more than fivefold.

the oil it is today," said Darren Woods, CEO of Exxon, the nation's third largest oil refiner. "It's going to take a while for the industry to hold of climb its way out of that hole."

Roughly five million barrels of any of the world's refining capacity is out of commission between the Middle East and Russia, energy executives said.

At the same time, the world is projected to consume roughly 65 million barrels a day of gasoline, diesel and jet fuel into your country's first International Energy Agency.

White House spokeswoman Taylor Rogers said U.S. refining capacity is critical to keep the energy prices low for families and businesses, and blamed Democratic climate policies for "shattered refineries across the country."

President Trump has reversed these destructive policies to separate the United States, and the world, has access to reliable, affordable, and secure energy," she said.

More than two dozen other state units during the U.S. since 2000. Several big refineries

Net profit in the second quarter

■ 25.2026 ■ 20.2026

ExxonMobil

"Net profit is the first in the next quarter."

Source: The company

sores have become more massive in recent years, as energy companies hold additional units at plants to allow them to make more fuel. The nation's collective fuel-making capacity is 3% lower than it was at its peak in 2026, according to federal data.

The Trump administration is March unveiled a refinery project in South Texas, backed by Indu's Reliance Industries. If it were no fixation, the company would hit the U.S. now refinery built in the U.S. since 1977.

CORRECTIONS & AMPLIFICATIONS

Analysts expected December 6, report second-quarter revenue of $4.18 billion. A National & Finance article on Thursday about the company incorrectly said expectations were for $4.14 million.

Anders van over The Wall Street Journal is only one of a seven articles for the article, and another is the issue of the 1-2-4, 1-2-5, 1-2-6, 1-2-7, 1-2-8.

Meanwhile, China, a key fuel provider in the global economy, cannot expect a 1.5 billion gallon from the Middle East produced our shipments from China averaged between 450,000 and 900,000 barrels, due to recent years, but now nearly its stand about 100,000 fuel. In a day, said Susan Sontos, an analyst at S&P Global. The country's possible 60mA is has on fuel support last month, resources said, but it has hardly made a difference in the market. "Our trades aren't really strong, are Chinese barrels more the engine," said Gary Sammons, Valero's chief operating officer.

The global shortage of fuel that caused prices to rise killed U.S. refinery and high-year U.S. fuel factories until 97.5% of these upscale capacity in late July, according to federal data, a level last seen in 2024.

Its refineries continue to move fuel to meet demand, energy companies are taking its billions of dollars. Marathwa, Valero and Phillips do all reported their highest second-quarter earnings in four years. Marathwa earned $1.5 billion,

exclusively, in which from the same period last year, Valero hooked set income of $2.7 billion, up more than fivefold. Phillips do collected $1.8 billion, more than four times the profit the company made a year unless Shares of Marathwa and Valero are up about 87% this year. Phillips did work it up nearly 60%.

Exxon, which Trump criticized for posting a $3.6 billion profit last week, reported that $1.5 billion of that same from energy specialists, including what it made last year. The company has nearly two dozen sizable refineries from Texas to Singapore.

The company was said the world's inventory of refined fuels including gasoline and diesel are 100 million barrels below normal levels for this time of year.

As U.S. refineries ran flat on 1% investment are still dropping because of conscious demand. The market command and strategic struggles of the company to their lowest price in the 1980s were about 70M-80M barrels, while diesel stocks fell by 5% million barrels and gasoline stocks dropped by 2.4 million barrels, according to federal data.

The largest refinery have had an appetite to build new multibillion-dollar facilities, to large part because of the interest of electric vehicles. "The only way we'd see massive investment is refining capacity in really for [carrier] margins not only to stay where they are, but we would need duration of these refined margins," said S&P Global's Stirlen Refiners don't believe the windfall will last, he said.

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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, 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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

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• • • •

Friday, August 7, 2020 | A3

U.S. NEWS

Trump Again Targets Birthright Citizenship

Executive orders set narrower focus after Supreme Court ruled against earlier limits

President Trump signed a pair of executive orders that he said were aimed at cracking down on birthright citizenship, removing one of his appointees.

By Natalie Andrews, James Bostrom and Michelle Backman

policies after the Supreme Court voided his earlier, because they were not enough to many children born on U.S. and to non-American parents.

The executive orders, which Trump signed in the Oval Office on Thursday, said to expand the categories of people who are not eligible for birthright citizenship and has tourists from coming to the U.S. so that its give birth.

While House deputy chief of staff and his office said the first executive order makes videos available for in-

President Trump soon with deputy chief of staff Stephen Miller in the Oval Office. One new order signed by Trump focuses on foreigners trending to the U.S. solely in gun birth.

introdug if their parents are legal enemies of the United States, members of foreign terrorist organizations and large categories of people who delay and act on behalf of for-

eign governments. The order directs the State Department to set many citizenship documents for fathers born to foreign employees of foreign governments, includ-

ing the staff of embassies, or to parents engaged in a "commercial transaction in purchase or access birthright citizenship" for themselves or a surrogate.

The second order instructs the State Department and Department of Homeland Security to take steps to limit foreigners from traveling to the U.S. specifically to have children born there, a practice generally referred to as "birth tractors."

Though the order doesn't specify how officials would access for people intending to come to the U.S. for the purpose of giving birth, the order suggests scrutiny will extend beyond visitors on tourist vis-a-vis other temporary visa categories, including student and work visas. It also said foreigners suspected of coming to the U.S. for birth have not could have them visas canceled and could face lifetime bans on returning.

A federal regulation doesn't prohibite tourist visas for foreigners seeking to obtain American citizenship for their child by going into to the U.S. "They've taken birthright citizenship and they've made a plea out of it." Trump said about why he was signing the orders.

The new orders are likely to be challenged in court.

Sen. Chaft Schumer (D., N.Y.), the Senate's minority leader, called the president's orders illegal. "Trump has just yet himself up for set another loss in the courts. Democrats will challenge this order, and we will win," Schumer said in a statement of

the first first day of his second term, Trump signed an executive order that declared that future children born in the U.S. wouldn't be considered citizens if their parents were living in the country illegally or were visiting the country on temporary visas. The order was blocked by some courts, and in a landmark decision in June, the Supreme Court struck it down.

A free-partice majority of the court ruled that the order violated the 10th Amendment's citizenship clause, which guarantees citizenship to virtually everyone born on America and, in both parties, from knowledge, and the order violated a federal statute but not the Constitution.

Republican-Led Panel Votes to Hold Fauci in Contempt

By Sammy Bostrom Asst. Ltr. Evelyn Weyne

WASHINGTON—A Republican-led Senate committee voted Thursday to hold St. John these Fauci in contempt of Congress for refusing to answer lawmakers' questions about his handling of the Covid-19 pandemic, escalating a precluding GOP effort to recognize one of the nation's top former health officials.

Sentence voted 8-5, along party lines, on the resolution, which was brought by the Homeland Security and Government Affairs Committee's chairman, Sen. Rand Paul (R., Ky.) It seeks to refer the case directly to the Justice Department for potential prosecution, bypassing a vote from the full Senate, where Republicans would be unlikely to meet a 40-vote threshold to advance the resolution.

"Seeking the truth is not a witch hunt," Paul said before the vote. "Accountability is not vengeance. Accountability is what stands between the American people and a report of the mistakes and the very real consequences of the past."

Michigan Sen. Gus I. Perrin, the top Democrat on the committee, criticized his Republicans contempted to re-issue the resolution that he said "there就是 constitutional protections long protected by the U.S. Senate."

The investigation has been one-sided from the beginning: he said, "Information has been selectively released to support conclusions that the chairman rested in years ago."

Several efforts by Democrats to take the vote failed amid opposition from Republicans.

The vote came just over a week after Fauci invoked the Fifth Amendment more than 200 times before the same committee, following the release of diaries for later that shed new light on his response to the pandemic. It also comes after the Homeland Security panel's Permanent Subcommittee on Investigations obtained what a spokeswoman said was a copy of the doctor's official

The Senate Homeland Security and Governmental Affairs panel voted 8-5 to hold Anthony Fauci in contempt for refusing to answer questions on the pandemic.

records from his time working for the government.

"Today's partisan committee vote it a crude political stunt intended to punish St. Paul for exercising his constitutional rights," said Fauci's lawyer, David Schertler, who accused Paul of holding a "personal 'wonderful' against his client.

"The Senate should reject Sen. Paul's meritless and politically mentioned contempt resolution," he said.

It is unclear how the Justice Department, which has shown a willingness to investigate President Trump's political adversaries, would approach the contempt issue. Fauci, 45 years old, received a pre-requisite pardon from President Joe Biden, who sought to shield him and other officials from anticipated prosecution by Trump and his allies. During the pandemic,

Fauci was serving as head of the National Institute of Allergy and Infectious Diseases, a role he held for decades.

The doctor's recently released Covid-19 disease activity a fraction of the material item in congressional investigators' hands. Lawyers for the Department of Health and Human Services turned over millions of pages of Fauci-related documents to Sens. Paul and Ron Johnson (R., Wis.), who chasm the Senate-advancement for that to also investigating Fauci and obtained the phone records, according to people familiar with the matter.

Fauci turned in his government phone when he retired, according to a person familiar with the matter.

Fauci, who retired from government in 2002, shared a central role in the coronavirus pandemic response, which be-

gust in earnest in early 2020 and consumed much of the fund year of Trump's first-note. He advocated for extreme caution as scientists rushed to figure out the new citizenship side and deadly the virus was at times breaking with the anti-constriction's public-boyistic approach.

Many Republicans and Trump administration officials, including Health and Human Services Secretary Robert F. Kennedy (R., June accused Paul of working to discorder the lab-bank theory of the voters' origin and obscuring scientific uncertainty while pushing strict health measures.

Re-wen. Fauci and his team are preparing for the political and legal battles ahead while maintaining confidence that none of the investigation will yield credible charges. They have portrayed Paul's parent of Fauci as evidence that the

investigation is a 11-1-1-1-2-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1

administration—didn't result in charges.

The congressional effort is unfolding alongside a push by Republicans officials to pursue Fauci through other legal are-

tions. That week, Oklahoma became the latest state to launch an ongoing anti-whether Fauci's action during the pandemic violated state law, following similar investigations announced in Florida, Alabama and Louisiana.

Fauci's lawyers have maintained that he committed no criminal wrongdoing. His decision to plead the Fifth, said people familiar with his legal strategy, was designed in part to avoid what his legal team believed was a perjury trap. They pruned to investigations targeting other互联网z Trump adversaries, including former special contact Jack Smith, who was referred to the Justice Department by House Judiciary Committee Chairman Jim Jordan (R., Ohio) new allegations that he made false statements to Congress last year.

President's ICE Nominee Is Facing Resistance on Capitol Hill

By Marianne LeVow Asst. Maverill Haddam

WASHINGTON—During a closed-state hearing last week with senior President Vicciany officials, Sen. Rand Paul threatened to delay a confirmation hearing for President Trump's job to lead U.S. Immigration and Customs Enforcement, according to people familiar with the matter.

Paul's statement was the latest sign of trouble for Laos-2019—the 2020 city of Homeland Security Secretary Markowitz. Mullen—whom President Trump announced in June at his pick to be $25.5 first permanent director in a decade.

Paul, a Kentucky Republican, said he wouldn't hold a hearing until he received more

Laura Schreyer

informations about the shootings of two American citizens by immigration officers in Minneapolis, the people said. Paul has previously criticized the Trump administration's re-closing of his shootings.

Trump announced Schreyer's nomination in a

June Truth Social post, calling Schreyer a patient "with real operational experience" and urging the Senate to confirm him immediately.

But Schreyer, a veteran of the Oklahoma Highway Patrol who led Mullin's security detail when he was a senator, has been facing internal opposition from administration officials since the day his nomination was announced.

Officials across ICE balked at his list of federal government or immigration experience, according to people familiar with the matter. Trump's border coat, Tom Hecum, also objected to the pick. The Wall Street Journal previously reported.

The nomination came after Mullen made a direct appeal to the president to select his

friend. The announcement took senior White House staff by surprise, the people said. A 2003 spokesperson said the agency stands behind Schreyer. Lincoln Rd., a White House spokeswoman, said Trump "will always make sure the heroes of ICE have the resources and support they need to protect our homeland and keep America safe."

Mullen and Paul, the chair of the Senate Homeland Security and Governmental Affairs Committee, have had a contentious relationship. Before becoming Homeland Security secretary, Mullen called Paul a "breaking make" and said he understood why an attacker unfeasled the Kentucky Republican in his front card of 2007, breaking several ribs and damaging his lung. Paul con-

fronted Mullen about the comments at his March confirmation hearing and voted against his nomination.

An aide for Paul said the committee is still trading routine paperwork about Schreyer's nomination. When asked about Schreyer this week, Paul replied, "Don't have anything for you on that." He declined to answer questions about whether he would hold a confirmation hearing.

ICE, the primary agency responsible for arresting and deporting immigrants in the country illegally, is at the center of Trump's promise to carry out mass deportations. But it has been plagued by controversy since the start of his second term. ICE officials are under pressure to increase arrest numbers and the

agency faced scrutiny earlier this year after immigration officers finally shot two U.S. citizens, Renee Good and Alex Smith.

Todd Lyon, the previous ICE acting director, revenue track of the Trump administration's support crackdown before he left the agency at the end of May. He was succeeded by David Verstraete, a former person-grown company executive and former career employee at IER. Verstraete was previously executive director of IER's Senior Commission Program during the Obama administration and then worked in the private prison company for Group before returning to 2003 to early 2020.

He has had a permanent director during the Obama administration.

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U.S. NEWS

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U.S. NEWS

McConnell Is Discharged And Will Recover at Home

Senator's absence puts further pressure on Republicans' tight majority

By Jack Milsner San Maro Davis

Sen. Mitch McConnell (R., Rt.) has been discharged from a rehabilitative centre, where he was recovering from a fall due to unresolved loss of pneumonia that forced a lengthy Senate absence.

The 64-year-old Kentucky lawmaker said Thursday that he would undertake an "attent-

ance regimen of physical therapy" from home.

McConnell said he would "continue to engage with my staff and colleagues on important Senate business" but didn't specify a timeline for his return. He isn't seeking re-election.

McConnell's absence has put further pressure on Republicans' already tight majority in the Senate. On Thursday, the absence of McConnell and another Republican senator prevented a farm bill from advancing from the Senate Agriculture Committee to the floor.

The former Senate majority

leader was hospitalized June 14 after he briefly lost consciousness and fell in an earlier statement. McConnell said he didn't break any bones or suffer a concussion.

McConnell had polio as a child, and in recent years suffered repeated falls, a concussion and public freezing episodes.

McConnell said last month that he planned to return to the Senate, and Republican at last had for weeks mustered he was recovering. Colleagues described 22-studying drug abuse calls with the senator on topics including national security and nominations during his

first weeks in the hospital. The prolonged absence triggered intense public speculation on his whereabouts, Starting in early July, Kentucky Sen. Judy Rosbarz repeatedly called for transparency.

"Let's end the crazy speculation. Just tell us what's going on," Rosbarz posted to X on July 12.

McConnell's office has since released pieces of the senator and his wish to be placed on several constituents in a July 12 statement that he was contrasting to communicate with his legislative staff and Senate colleagues.

Sen. Mitch McConnell with his wife, Elaine Chen, in a photograph released by his office last month.

Democrat Looks to Flip Senate Seat in North Carolina

By Cameron McWhorter San Lazarov West

GASTENIA, NC—Democratic candidates on the far left are spending midterm races across the country, but here in North Carolina, a 69-year-old assistant known for her calm, biting tone is showing enthusiastic crowds—and making Republican nervous.

Roy Cooper is a battle-tested, former two-term governor in a restraining state who has never lost an election in four decades in politics. Democrats see him as a big best hope to win a Senate race in the Tar Bowl State for the first time since 2006.

It is a must-will contest for Democrats, who need to flip at least their GOP-held races in November's midterm elections to render the Senate majority.

At the 31st war drags on and prices too, Cooper's campaign is focused capacity on the economy, with a statewide race called "Make Itself Cost Less." He leads his President Trump-backed Republican opponent in the polls—one Fox News survey late last month had him up to 4 percentage points. The State/East/State's average of recent polls shows Cooper up by 70 percentage points.

Cooper's opponent, Michael Whatley, 52, is a former Republican National Committee chairman. He has never held elected office and worked for years as a Washington lobbyist. A longtime Trump slip, he has been endorsed by the president, who won North Carolina all three times for run.

But Trump's job opponents' ratings recently hit new lows nationally and, according to the Fox poll, with it! North Carolina's narrowest viewed the president outlaws ads.

That is bad news for Whatley in this booming swing

Michael Whatley, left, a former Republican National Committee chair, and Democrats on Ken Roy Cooper are running for Senate

state of 11 million. Whatley is far less known than Cooper, and many who know him associate him closely with Trump.

Cooper has cash edge

Cooper also has a large fundraising advantage, with $20.7 million cash on hand at the end of June, compared with Whatley's $3.5 million.

Some Republican donors and strangists are the North Carolina Senate race as lost. They say resources would be better spent defending GOP Senate seats in rookie battlespounds such as Alaska, Ohio, Iowa and Texas.

"If the game was decided based on the halftime score, then there would be much= 20=10 in NC," said Jonathan Pelts, a Whatley adviser. "But that's not how it works. Here are running the same playbook this year, my July and

love in November." The sort up for grabs is currently held by Sen. Thom Tillis, a two-term Republican senator who defeated a Democratic challenge in 2020 for less than 2 percentage points. He announced he wouldn't seek re-election after clashing with Trump over Medicaid cuts.

In an interview, Tillis said he worried the GOP might lose his seat, saying of Whatley: "He's going to have to have almost a perfect run, spot-the-landing cam-

paign to overcome the headwinds."

He urged Whatley to separate himself more from the president to win over unaffiliated voters, who make up

about 40% of North Carolina's electorate.

"If there are things that he thinks that he would do differently, I think he should have his courage to speak up," Tillis said.

Both sides say the race will hinge on who comes blame for rising prices.

Cooper and other Democrats say Trump's arbitrary knifth, the seven-mungsters crack down and the Sun war have drawn up prices at the gas pump and the grocery store. Whatley

says former President Joe Biden, with Cooper's support, took across that faded inflation and allowed open breaks, which he said hurt American job seekers and public safety.

At a recent rally in Gastonia, a fast-growing city of about 90,000 west of Charlotte, Cooper told about 200 people gathered that he is running because he won "people in the middle class who are barely hanging on and saying, 'I don't know if I can make it.'"

Gaston County is a Republican stronghold where 62% went for Trump in 2006. If Cooper makes second-door exit increases turnout in urban areas, all while Republican enthusiasm wanes, he likely wins.

Dina Thompson, 53, a teacher who came to Cooper's event, said being more as a major factor in her support, "I can't afford what's going on," she said.

Whatley's cut taxes

The taxes due at a nearby gathering of about 25 people, Whatley, who lives in Gastonia

said costs for average North Caroliniana rose while Cooper was in office. Whatley said he strongly backed the loan war, "I would be held liable America more secure. He urged tax cuts and fewer regulations on businesses to spur investment and jobs. He also accused Governor Thompson in one crime, which Cooper, a former attorney general, despises.

"When you took a look at the decisions that he made was the coming to the governor, they were absolutely disastrous for this state," Whatley said.

John Quinn, 60, an unemployed securities principal in Stanley, N.C., said he came to the Whatley event because he was a member of Cooper than pro-Whatley's.

"Cooper has the traditional political role, versus this guy does not," Quinn said of his report.

Some Republicans in North Carolina said Whatley is a poor choice.

Michael Woodhouse, a Republican activist in the state, said Whatley is little known and many in the Middle movement don't like him. The Trump anti-borrower "will not carry you through the general election and certainly won't help you in North Carolina," she said.

The key to the election will be suburban women, she said, and Whatley hasn't connected with them, while many liked Cooper as governor.

North Carolina's other Republican senator, Ted Budd, said Cooper is "formalistic" but vulnerable on crime and other hot-button issues. He and Tillis predicted the race will tighten in the final months. Budd has been lobbying donors, super PMEs, party committees and leaders—even the president—not to give up on Whatley.

"Please stop engaged on this race," Budd said he told them.

Rejecting Calls to Exit, Rep. Miller to Lend Campaign $1 Million

WASHINGTON—Embuttled Rep. Max Miller is leading his campaign $1 million, as he faces pressure to drop out of his compaction. (But in election race over allegations of domestic abuse, the latest sign that the two-term congressman is determined to stay in.

By Natalie Andrews, Major David and Josh Downey

Miller said he plans to consider $1 million in its campaign in two installments of $500,000. "I am assessed on this election in every way and I will mean the measures into my campaign to win," he said as a statement.

The ban puts the congressman at a significant cash advantage over his Democratic opponent, even as Miller faces pressure from fellow Republican senators over the abuse allegations, which he denies.

"I am in this for the long haul," Miller said. "I know there are some more. I have concerned about my ability to win this race right now, but I don't draw that."

On Sunday, Sen. Bernie Morton on Ohio senator and Miller's former fellow to him, said Miller should not serve in the House and urged him to "seek professional help to end

the clear pattern of abuse he has left in his wake." He later elaborated, telling reporters, "This has been a horrific experience for my entire family." On Thursday, Ohio's urban senator, Republican Joe Blumel, called on Miller to withdraw from the race and resign from Congress.

Moreno's daughter, Emily Moreno, has accused Miller in court filings and police reports of throwing boiling water at his, holding a gun to her hand and then physical abuse. She also alleges that these daughters' conditions was broken while she was under Miller's care.

Miller said that the Campaign County Division of Children and Family Services, after an investigation, found that accusations he had abused his daughter weren't substantiated. Both parents share custody of their daughter.

The director, which was 6, nailed last year, and custody arrangements have been as television.

Sen. Moreno said this week that Miller once withheld his trial of the couple's 3-year-old daughter's slept with and refused to hand it over to a person who came to bed it out.

Miller this week posted text messages to defend him-

Rep. Max Miller (R-Ohio) has denied accusations of abusing his ex-wife and their daughter.

self. The texts showed that the congressman said he withheld his daughter's home because the person the Moreno family sent isolated the parents' agreement. The house and the 3-year-old girl were reunited after 24 hours, according to Miller.

A spokesman for the Ohio secretary of state said Miller can withdraw and be replaced if he does so by Monday. After that, his name will be on

the ballot in November. The allegations have alarmed Republicans who said the district they didn't respect to denied such a decision.

Some Republicans had held her hope that Miller might listen to President Trump, his former from which Miller worked at the White House in the first term.

As Sen. Trump doesn't publicly called for Miller to withdraw, though he told Miller

in a phone call on Monday that the race would be tough to win.

Trump has privately told some advisers that he thinks Miller should stop aside, according to a person with knowledge of his comments. When House officials and others close to Trump also want him to withdraw, people who have spoken to them said.

Democrats only need a not gain of three seats to take

control of the House House Speaker Mike Johnson has stayed out of the race, telling Politics earlier this week that he wants an Ethics Council to take a position into the allegations to play out. "There's all sorts of domestic events going on with 435 members of Congress all the time, it's not my business to get engaged in it," Johnson said.

Miller is not to face Brian Feinleister, an icon worker and Brook Park city councilman who is endorsed by Sen. Bernie Sanders (L, N.) and several seniors.

Feinleister said Miller swirled in the race doesn't change his campaign strategy.

"I do not want to make it's about Max Miller's allegations because there are victims of those allegations and for their sake we should definitely just continue on our message," he said in an interview.

He added, "As a father of two daughters, if they came to me with these accusations, I would follow them."

The first-time congressman's coalition has been restrained by Miller. His campaign brought in just over $500,000 this cycle compared with Miller's roughly $3 million, according to Federal Election Commission filings through June 30.

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U.S. NEWS

Friday, August 7, 2020 | A5

With Fewer Lawyers, Injury Cases Languish

By LANCE WINS

FAMCO, N.D.—Jack Reile was delivering a pallet of winder fluid, cigarettes and candy to a local convenience store in 2020 when he slipped and fell, breaking two windows and paralyzing him from the accepts down.

After months of hospitalization and relief, Reile did into a deep depression. Sometimes he would tell his wife, Kirsten, "You should've just let me die," she says. He started using a therapist. But the state workers' compensation agency denied the claim, arguing depression wasn't a physiological effect of his injury.

The Reile's. Illustrated his other denials too, decided to fight. That was when they discovered another hurdle in getting medical bills paid for on-the-job injuries in North Dakota. There are just two lawyers left in the state who will represent injured workers. Both are on their own offer and plan to retain room.

The post of lawyers pursuing workers' compensation cases is shrinking in some states. State laws have dialed back payouts and benefits enough that young lawyers are turning in more than one-course specialists, rather than replacing veteran attorneys who are winning.

Supporters say workers' compensation changes, including restricted eligibility for some benefits, have rescued the systems from their insolvency crisis of the 1990s. Some say business-friendly legislatures have left workers unable to get financial relief for accidents beyond source, inexpensive injuries such as injuries and lawsuits.

For businesses, the officials have lowered insurance premiums. Yet workers are they are losing compensation that can be a 30-day fix. Since August at the job and who face steep medical bills and, sometimes,

the loss of steady wages.

"It's a huge impact to the injured workers that have to live with the results of the injury on their body," says Chris Godfrey, who was the commissioner of Swart's workers' compensation system from 2000 to 2004 before moving to the U.S. Labor Department, where law overcame the workers' comp program for federal employees. "There aren't national statistics for the number of workers' compensation lawyers, but Alaska and other states have

Dak Reile

faced shortages. Last year, New Mexico increased age on attorney fees to make it easier for workers to find representatives.

New lawyers aren't going into workers' compensation in North Dakota partly because state laws added to challenges in winning cases, say lawyers and worker advocates. Also, lawyers say the winning awards aren't big enough to pay for their time and expenses.

North Dakota: Workforce Safety & Insurance, a public agency that provides and administers the benefits, says changes over the past five decades have helped it recover from a deficit and Raibl a $1.2 billion surplus. Now it routinely issues refunds to employers, which pay the lowest workers' compensation in the country.

WSI says that it approves 50% of initial claims and that its customer satisfaction score from workers is 4.22 on a scale of 5 Workers who are unhappy with a decision can request a review from an independent office inside WSI, which leads to reversals or settlements in about 10% of the cases brought to it.

Meanwhile, the number of claims has been on a long-term decline over as the workforce grows, reflecting safer work than on several, says WSI Director Art Thompson. "In my opinion, the system is working as well as it's ever been designed to work," he says.

Workers and their lawyers say the state reports many claims for treatment after accepting an initial claim. In addition, the workers appeal denials because they can't find legal bills, says Judith Hall, executive director of the North Dakota Association for Justice, which represents total lawyers.

Jesse Jorgen, a concrete worker in Texas, favoured his elbow and suffered permanent nerve damage when he fell off a wall during a construction job in 2023. Jorgen says after WSI denied rates of his claim, both lawyers he spoke to turned him down. One said he was too busy to take the case.

"I just gave up," says Jorgen 30 years old. "I walked one a bit insurance policy, and I doused what we had in savings to catch up on bills."

Dan Phillips, one of the state's two workers' compensation lawyers, says he receives more than 20 calls weekly from workers who want to appeal denials from WSI. He gives advice to an many as he can, he says, but takes only about one case for every on a life he receives.

Workers' compensation covers medical costs and lost wages for employees hurt on the job. In exchange for the financial relief, injured employees

Dan Phillips is one of two workers' compensation lawyers in North Dakota.

Cost of workers' compensation premiums per $100 of payroll

Note: The state in this draft are today rates of workers' compensation insurance premiums across 10-14 states, claims and recorded for the total total of all employees, company. (Lance Wins) Department of Commerce and Business Services

give up their right to use, a trade-off that became known as the "grand hospital" in the early part of the 2010 century. Yet state compensation systems began twisting in the 1990s after they expanded benefits and medical costs ballooned. Insurers threatened to pull out.

WSI can up a $500 million deficit. To shore up its finances, WSI pulled back on benefits and tightened eligibility standards. North Dakota also rolled back some incentives for lawyers.

As in other states, workers' attorneys now are paid only when the worker wins. The agency sets rates, such as a

$7,455 cap for a successful administrative hearing.

North Dakota's part-time state legislature has to approve changes to the workers' compensation statute. Many state lawmakers are business owners, which means they regulate WSI while also paying premiums to it.

Dan Ruby, of Minot, N.D., a state representative for 25 years, runs a sanitation company.

In the early 2010s, he paid premiums of around $100,000 annually to cover 25 or so workers, including himself.

Last year, he estimates he paid a little over $10,000 with

twice as many employees—thanks to declaring rates, dividends from the fund's surplus and discounts for two safety programs he participates in.

Ruby says North Dakota covered the national standard on some benefits, but in a supplementing Social Security checks for workers whose injuries prevent them from contributing payroll taxes to that system.

"You don't want people to get hurt," he says. "But once they do, of course, we want to see them be taken care of."

Reile hatched WSI for six months to get a $150 cushion for his wheelchair, he says. In 2023, he and his wife challenged WSJ's refusal to cover that's twice monthly punitive therapy appointments, which cost around $4.25.

He hired Dan Phillips as his lawyer to fight for coverage of the therapy visits. They took the case all the way to the North Dakota Supreme Court—and won.

Several days later, at WSJ's request, a state senator added an amendment to legislation that would close the door on future claims seeking coverage for the purchasing of efforts of a work injury. The legislature passed the bill last year.

For his work on Oak Reile's case, which included an initial administrative hearing, a district court case and the Supreme Court appeal, Phillips says he earned $16,595 in fees for estimates that was about half the total value of his time.

U.S. WATCH

HIGH DIVE: Some 10,000 rubber ducks plunged into the Chicago River on Thursday in the Chicago Daily Derby, an annual fundraiser to support Special Olympic Misses.

ECONOMY

New Jobless Claims Inch Up to 199,000

U.S. initial jobless claims folded up last week, but were still in a range suggestive of a healthy labor market.

The number of people who filed for unemployment benefits was 199,000 in the week through Aug. 1 compared with the 199,000 reported a week earlier. The Labor Department said Thursday, Economist's surveyist, by The Wall Street Journal had been reporting to see 204,000 new claims.

Continuing claims, which scale with the total size of the unemployed population, were 18 million in the week through July 31 versus 7.6 million a week earlier. The data on continuing claims lag the initial claims data by a week.

A separate report from global outplacement and executive-coaching Tom Challenges, Gray & Christmas, found that U.S.-based employees announced $2,420 job cuts to 200,000 new claims, with the 45,849 cuts announced in June. While the technology sector has continued to lead announced job cuts, recent jobless-claims data suggest employers are holding back from any widespread layoff plans.

—Janice Caucci

ENERGY

Wind Projects End With Settlement

An offshore wind company said Thursday that it reached a $1.2 billion settlement with the Trump administration to seek away from projects under development off New York, California and Louisiana. This latest agreement brings the total amount spent on such settlements to nearly $4 billion.

SWE, U.S. Offshore said its lowest represented years of planning, investment and partnership with federal agencies, but it determined there was no path forward to permit the projects for the freestanding future. Under the settlement, SWE is now equaling wind-power leases that could have provided about 7 gigawatts of power, enough for more than five million homes. It doesn't have any remaining U.S. offshore wind leases.

President Trump, who often talks about his hatred of wind power, has said that it is to not let any "windmill" be built. The Republican administration has been buying back offshore wind leases from energy companies as it leads to discourage the expansion of wind energy in favor of fossil fuels.

—Associated Press

U.S.

Reward Grows to Help Capture 'Pekin'

The U.S. government on Wednesday offered a $25 million reward for information leading to the capture of Joan Carles Gonzalez, or "Pekin," scaling up pressure on a U.S. citizen who has emerged as the figureback of Mexico's most powerful force.

The reward was bumped up from $5 million. The federal administration offered a total of $500 million in rewards for various leaders of the Jalisco New Generation Camp, or CMO, and restricted the voice of family members and business associations of allied members.

U.S. officials said the rewards, along with newly revealed charges against five other high-ranking leaders, show a trend at crippling the organizations' leadership.

"These sophisticated organizations use violence and fear to maintain control over the importation of deadly narcotics in the United States, including fentanyl, cocaine, meth, and other illegal drugs. Their actions, spread violence and death to our communities," acting Attorney General Todd Blanchard.

—Associated Press

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WORLD NEWS

Hamas Dura Is at Risk of Dispos

Attacks by Israel, timeline disputes threaten to derail Trump's proposal

By Anur Pizzo and Emanuel Eun

President Trump's road map to disarm Hamas has switched in the days since he announced it, with three secretaries of Gaza and growing disputes over the terms threatening to collapse the effort to wind down the war in the enslave.

The financial fronts of Hamas by Trump to oversee Gaza's premier transition, had not a plan July 31 for the decision-making of Hamas's weapons and Israel's withdrawal. The real and Hamas never saw eye to eye on the terms, and the gap has widened in the five days since the mission event.

The disputes could appeal efforts to clashes the militant group to Gaza. That would deny Trump a foreign policy, win while talks on the Iranian front continue and midterm decision team in November, as Gazais now in limbo in a war.

Israeli Prime Minister Benjamin Netanyahu said Tuesday is real news agreed to the plan and wouldn't withdraw longer until Hamas fully disarm.

"President Trump and his team think they can get Hamas to disarm and demilitarize Gaza," he said in a speech to the President. They sent us a draft. We didn't agree to it. It's not our draft. We sent our comments.

Israeli military has continued to strike targets in the enslave, including on Monday last hours after Monday. Moreover, the Board of Power's high report on the 2026 Gaza, asked Netanyahu in a meeting to stop the attacks on the deal response to diplomatic official said.

In response to the pressure,

Polystonians inspected the scene of an Israeli airstrike near Al-Aqsa Hospital in Doir al-Balah last week in central Gaza

Israel is tightening its control over the way such attacks are approved. Targeted killings in Gaza now need to be cleaned by the military's chief of staff rather than lower-level commanders, a person familiar with the matter said. Israeli troops would still be able to respond to direct and immediate threats, this person said.

Netanyahu's hard-line calls for members are upset with terms including that Hamas's weapons would be handed over to a Palestinian authorities, and they have accused the prime minister of misleading them about the talks.

The Board of Peace molded to Israeli concerns Monday by clarifying—after. Mildaneev's meeting with Netanyahu—that Israel would only withdraw from the so-called Tribune Law that divides control of Gaza

when the decision-making of Hamas's arguments is complete, including tight weapons, but that was at odds with the militant group's understanding of the sequencing.

Hamas, which came under pressure from mediators to accept the road map, has warned it need to agree to complete disarmament of Palestinian groups in Gaza and that it won't abide by the agreement of Israel targets Palestinian in the enslave. Michael Mishkin, a former senior Israeli intelligence officer, said the deal to disarm Hamas ended doing limbo ever taking shape—"It's a kind of

video (center)" Mishkin said. Trump announced a deal in October to bring peace to Gaza. It began with an initial phase that halted major hostilities in exchange for the release of the remaining Israeli

hectopies and was to move to a second stage where Hamas is disarmed, given up control to Gaza and hands the voice over to a new government and the stabilization force.

But the deal got stuck after the first phase. Israel expects that Hamas doesn't plan to disarm, while Hamas warns Israel has no intention of withdrawing from Gaza or returning articles on its militants.

Hamas also has to contend with pressure inside Gaza from Israeli-backed militias and local armed clans, which makes it hard to give up its small arms.

Mediators say even if Israel implements the conditions of the plan, Hamas could drop out the disarmament process to maintain power in Gaza. Last month, Hamas named Khalil al-Hayya as its new

leader. Mediators say Hayya, who has been the group's chief legislator, is most pragmatic than his predecessor Yahya Abbas, the architect of the U.S. 7, 2023, attacks who was killed in 2024. But Hayya hasn't stood away from making clear Hamas intends to be part of Israel's political future.

Netanyahu political position makes compromise difficult for the capital decision in the U.S. Any withdrawal from Gaza will be unpopular with his tight-leaning voice base.

Gazans who face dire humanitarian conditions and continuing airstrikes are frustrated by the lack of progress. "This is the start of the hard phase and I have never pretended otherwise," Mishkin said on Monday as social media "It is now grinding and technical work."

Israelis Intimably Hezbollah Strikes

By Doan Arora-Bazar And Anur Pizzo

Israel has stopped up its attacks in southern Lebanon after two weeks of intense calm, as delegations from both countries finished another round of U.S.-fockexed talks碰壁, up a diplomatic relation to Israel's main groups.

Israel accused the Iran-backed militia Abdullah of violating a sacrifice on Wednesday and began striking what it was about the group's infrastructure in southern Lebanon after two of its soldiers were killed by an explosive device in a body-rugged building in the village of Majdal Zana, an area for Israeli military but held for the first long November. The Israeli military said, were a Abdullah command centre and weapons storage facilities.

Israel also has continued to be the leader of the oil tapes, something Lebanese diplomatic have asked it to stop.

A senior Lebanese official said the strikes added awkward complications in the seventh round of U.S.-fockexed talks.

Israeli and Lebanese officials have been holding direct, embarrassed most meetings with Israel's leaders. The two have diverging views on many issues, both want to see the disarmament of Abdullah. But U.S. Israeli and Lebanese officials see there are no easy options to disarm the group.

Israeli's strong label is read to a long-term end to airstrikes. Israeli military officials privately acknowledged Abdullah can't be disarmed by even a shot, and that it requires a political agreement.

Divisions in Iran Loom Over Talks

Continued from Page One cork inter-englick announcer that the U.S. will be on lands and add functions on all sales, they said.

Israeli negotiators are speaking more frankly about the limits of their ability to shape the outcome of talks and have said they are under heavy pressure to deliver immediate financial benefits from their deals, the mediators said.

The Revolutionary Guard is winning praise internally for attacks that have kept by U.S. of balance and could again an excuse its strikes on ships if a deal isn't lucrative enough, mediators said they were told by their Iranian counterparts.

The pressure has led mediators to expand the scope of the talks from a narrow, temporary

deal to facilitate crossings through Horman to financial relief measures included in the new suspended June memorandum of understanding between the U.S. and Iran, including sanctions waivers allowing Tribans to sell oil and the release of frozen foods, they said.

The dynamic helps explain the difficulty of getting deals to stick more than five months into the war and costs a shadow over the current diplomatic push. While Iran is constantly balancing its desire to avenge its losses and deter future U.S. attacks with the need to stem an economic craze through negotiated relief, hard-line horizon in the government appear to be holding oxen.

"The Revolutionary Guard are setting the agenda and the pace," said Beharan Ben Tabuk, senior director of the Iran program at the Foundation for Defense of Democracies, a think tank that advocates tight sanctions on Iran. "Their threat of escalation is designed to extract concessions and humiliate Trump, But their babies also rake reigniting conflict."

Israeli top negotiators and perceived moderates are openly under attack in the country's media, the Thursday, Hussain Sharafatmahari, editor of the search for Serious news paper, says that a deal to restore traffic through the threat of Hussain would be akin to "opening an escape route for the enemy."

Hussein Ali Alal Belgaum, a senior Iranian lawmaker, said he was gathering documentaries to impeach Araghchi, arguing he should have put any Horman pact to a parliamentary

vote and accusing him of acting out of fear and surrender. In a social media video, Mohammad Bagher Kharman, who is related to Supreme Leader Meynah Khamenei by marriage, on Wednesday called for a march on Tehran to finish off the government of moderate President Masoud Parashidian. Khamenei's office

later repudiated the comments as division.

Some analysts said Arab diplomatic use the open discussion have been exacerbated by Khamenei's complete public absence and his hard-line bent. His father, Ali Khamenei, who was killed in the opening shots of the war, saw himself

at an action between Serious Torya's right. Khamenei, isolated by tight security measures, injuries from the initial U.S.-Israeli attack on Iran, and his own, have outgrown

personality hasn't placed that role effectively, even though he has the final word to the inmate and security matters. "He is much more radical than his father, but he has no friends," Kharman said on social media on Wednesday.

Proponents of negotiations have had difficulty putting an audience with Khamenei, who

hasn't appeared in public since he succeeded his father in Black. Araghchi said in a fully interview with Iranian conservative earlier Majors Moshe that he had never met the supreme leader.

Parashidian, meanwhile, threatened to cast its series a meeting with Khamenei to tell him Iran's economic situation was so dire that a diplomatic understanding was a guest, Arab diplomatic was content to the Revolutionary Guard said.

Khamenei agreed to the meeting, Parashidian told Iran's state broadcaster ISIR that communicating with the supreme leader is "very difficult."

In June, the supreme leader said on social media that he actually loaned against talks with the U.S. but agreed to move ahead after Parashidian took responsibility for protecting the country's interests, a new direct comment on negotiations with the U.S.

Israeli hard-liners appear to have a keen hand, directly at the signing a deal in June to open the street and begin talks to wind down the war, Iranian

forces began firing at ships using a U.S.-backed route through the street along the coast of Oman.

The attacks led to days of such and forth strikes with the U.S. and a widening of the war, including attacks on Saudi Arabian nations by the Iran-backed Muslim militias in Oman and a dense attack on an Egyptian port.

Many of Israeli attacks have been aimed at something to keep over the street, a interview that is critical for global energy flows. Tehrani hand-liners want to deny the U.S. and the U.S. to be able to move and lead a tough enough blow to down Tehran military action. Squeezing Horman and shaping up an end to the war addresses the need.

The strategy, however, risks interesting Israeli Arab might have not in delaying delivery of the economic relief badly. The U.S. has been to open Sharafatmahari, Iran's deputy foreign ministers, told ISIR that the economy needs the same issue relief that could come with a diplomatic deal.

WORLD WATCH

MARKING HIROSHIMA ANNIVERSARY: People attended the Peace Memorial Ceremony on Thursday in Hiroshima on the 81st anniversary of the U.S. dropping an atomic bomb on Japan that led to the end of World War II.

GERMANY

Devote at Airport Mark New Threat

An eighteen-laden drone discovered at a cargo airport in Germany—near a Ukrainian freighter plane—represents "a new level of danger," according to the country's internal minister, who pointed to a sophisticated foreign actor on the potential culprit.

Staff of zapping Mark Airport to market Germany in Tuesday night called on an interview after an employee spotted a drone on the terrain in a secure area, near a cargo air operated by耶ranet Antonov Arbives.

A police bomb squad used a robotic device to remove the device's detractors, said the state government in Dresden. Prosecutors and archim}vian police for Wednesday opened an investigation into the incident and a second on identified object flying near the airport, which closed Tuesday night to response to the drone discovery.

The second object orbited with a cargo plane that had started its landings of zapping because of the closure, state officials said. That plane suffered "never damage" but landed safely at Hannover Airport.

—Daniel Michaels

YEMEN

Mouthi Attacks Kill Government Forces

Attacks by the two-buried Houthi roboti Thursday in central and eastern Yemen killed at least 50 government troops and wounded at least 50 officers, with 50 government officials said.

A Houthi leader said Saudi-backed troops were targeted in the attacks and "hundreds" were also killed or injured. The assaults for camps for forces of the internationally recognized government in the provinces of Marib and Hadramaut, the Yemen officials said.

The attacks were in escalation since a de facto trace in Yemen in 2022 that halted fighting between the Houthi and a Saudi-led coalition, which leads to the two-buried and recognized government.

Yemen has been in a civil war since 2004, when the Houthi, named the capital of Iran's, forcing the so-judgically recognized government into such in Saudi Arabia.

A Saudi-led coalition intervened and has been battling the rebels since 2019 to restore the government, however, the war has turned into a state-rotted proxy conflict.

—Associated Press

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THE WALL STREET JOURNAL.

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WORLD NEWS

Friday, August 7, 2016 | 87

Trump Rages at Leak Over Arms Shortfall

Probes are ordered with re-evaluations of depleted munitions amid Iran conflict

WASHINGTON—President Trump has ordered new investigations into the disclosures of the Pentagon's munitions resolution, administration officials said, an escalation of his effort to battle damaging revolutions about the Iran war.

By Alexander Wood

Josh Bussey,

Ian Dolgman and Mevath Mishra

Trump ranks the demand after weeks of headlines describing depleted munitions in the U.S. fighting with the war, according to administration officials, despite administration assurances that the U.S. has what it needs to fight.

Tobson and would possess such as Russia and China. The president's trustees on with the war has grown, advisers say, as he sees few good options to force Iran into dismantling its nuclear program or their brought bringing an end to the conflict.

The White House has maintained that the U.S. had enough munitions for any operation, but at the same time threatened anyone making no formation on the war.

The United States has the most powerful military in the history of the world, with more than enough foreign power and any other, and the president orders at any time and plans," said Karolina Levett, the White House press secretary. "Anyone entrained from the U.S. to develop military information who looks at it the media is fortifying that trust and breaking federal law, and should be prosecuted to

the fullest extent of the law." When a new U.S. Congress about munitions levels, Trump told reporters that some were more available than others, adding "we always want more." The U.S. has "a very good shape," he said.

Trump has privately vented to cabinet officials and aides about the reports on munitions levels because he says they reimburse the Iranian regime and smokers the U.S. position in trying to cap Tehran's nuclear program, according to US officials. The president's hurry has sparked discussions with Defense Secretary Pete Bogenoff and Trump's national security team about what remained on the U.S. around and would be needed for future operations, the officials said.

Before Trump launched the war five months ago, Sen. Dan Cates, chairman of the Joint Chiefs of Staff, said other or

later aides testified him that a military campaign on Iran could significantly drain stores of an defense interception and offensive missiles. The Wall Street Journal previously reported.

The businessman has ruled Trump for several weeks, an new administration officials said, with one saying the headlines drove him "crazy." The Washington Post on Wednesday reported that Trump expressed frustration with Bogenoff, the cabinet meeting at Camp David last week, which the White House doesn't. The Post says it should try its reporting.

Munitions were of a length mind-shortly after a cabinet meeting last week at Camp David, said U.S. officials. He called Dnipro Defense Secretary Stephen Feinberg, who has led a yearlong effort to increase munitions production, to discuss the Pentagon's munitions levels, according to

people familiar with the call. Bogenoff was also on the Iran, one person said.

Other senior defense officials were scrambled for a last minute meeting that night to brainstorm seats to pay full increase production of critical munitions, the people said. RBC News reported earlier in Feinberg's discussion with colleagues.

Feinberg has tried dangling munitions before the weapon industry to speed up production. But while the Pentagon reached agreements with companies to boost production in key munitions, such as Parlor and Thane Bannister, were the next seven years, many of the deals still require Congress to approve funding.

Trump has previously probed senior Pentagon officials and top military contractors to produce more munitions quickly, summoning acquisition officials and infor-

try executives to the White House for a contentious meeting in June, the Journal previously reported. The defense industry can do little to address the shortfall, however, without completing the contracts, according to experts and people familiar with the discussion.

On Thursday, Vice President Dr. Yonny debstead the Republican administration's handling of the war in Iran is closed-short meeting with Republican senators. Yonny told senators that Feinberg has been getting more companies involved and was working to accelerate munitions production, according to Sen. John Barone, Dr. RAI's who attended the meeting.

Bogenoff, Feinberg and Cates have also been meeting privately with Republican lawmakers to an effort to secure support for their spending request.

A Cornered Putin Raises U.S. Fears

Continued from page one With Putin struggling to secure the gains he wants to Ukraine, U.S. intelligence officials have been watching whether the U.S. intends to escalate its actions toward European allies in the near term, the people said. The concerns in Putin may become more dangerous when Israelis into a corner, the U.S. officials said.

The possible threats range from a cyberattack on a NATO country or sending unarmed groups to escape territory to a limited minimum on the alliance's eastern flank. The time frame for any move by Russia is estimated to happen between this fall and 2018, according to the U.S. intelligence assessments.

The likelihood of the most extreme scenarios is limited land insurance—a law, but gets higher as time goes on, according to the experts.

Such a move has always been crucial

and extremely unlikely because it would trigger NATO's Article 1, which commits members to磋商 from defense. But Article 1 isn't the case, and that NATO's responses to order to defend threats.

"This law always been NATO's beginning," says the U.S. and the U.S. in a sub-article. "For attack, and it's been very true that to this point, NATO allies have preferred not to escalate," says the U.S. White House launched a series of cyberattacks on Eximax in 2007, for example, the country chose to manage the crisis blistered.

Spokesmen for the Defense Department and NATO's Supreme Headquarters Allied Powers Europe declined to discuss sensitive intelligence. A spokesperson for the Office of the Director for National Intelligence didn't respond to a request for comment.

"We are always thinking through and preparing for amusement of a reunion. NATO's watching, and we are ready to deter and defend as necessary," said full Martin O'Donnell, a NATO spokesman.

The new assessments compound existing concerns among U.S. officials about a shortfall in certain critical munitions. In addition to certain long and short-range missiles, other stores of an defense are also low, including Parlor, 1963 and Terminal High Altitude Area Defense interception, as well as

Thand radios and air-defense artillery units, officials said.

Chief Pentagon spokesman Sean Parnell called claims of munitions shortages. Says White House spokeswoman Anna Kelly said the U.S. military had "never than enough" munitions to "serve all of President Trump's strategic goals," while adding the presumed leveraged defense contractors to produce more munitions.

"We have everything, or spend to make as the time and place of the president's choosing," Parnell said. "Across multiple combatant commands, we have already executed successful operations while maintaining a deep, ready arsenal to defend our people and our interests. Any adversary with confuses media twice with American weakness will discover the truth the hard way."

In a conflict with Russia, weapons such as the Peruvian Strike Module and Army Tactical Missile Systems, both of which are fixed by the High Ministry Artillery Rocket System, and Stinger missiles are crucial to repel a land on the side, said Tom Kozak of the Center for Strategic and International Studies.

The shortfall of munitions has sparked a debate within the US government

most about declining weapons stocks on Trump would cost steps in Iran. Sen. Dan Cates, the chairman of the Joint Chiefs of Staff, said the war was not the White House's

lower an defense interception. The Wall Street Journal has reported the issue of the more in the Catas, who believes the low penetration wouldn't preclude a resumption of major combat operations against Iran, but would seek to be the case.

Some analysts outside the government have repeatedly cautioned that the expenditure of munitions in the Middle East could hamper the U.S.'s ability to detect adversaries around the globe, including not only Russia but also China.

A recent report from the Center for Strategic and International Studies covered the news her munitions that had been said in the war with Iran. For example, the updated report estimates that the U.S. has expanded 1200's AEC Power munitions, the Iran war, and the low an FSS in the U.S. around.

"If it just a question is fighting Iran, even though we've used half of the interception, a little more, we will have half of them left. So we can go on against Iran for the same time," said Mark Carran, a co-author of the CSD report. "The problem is that the Putin got in now very worried about what this does in the Western Pacific with China."

The United States's U.S. military in the U.S. and the U.S. in a sub-article. The United States's U.S. military in the U.S. and the U.S. in a sub-article. The United States's U.S. military in the U.S. and the U.S. in a sub-article. The United States's U.S. military in the U.S. and the U.S. in a sub-article. The United States's U.S. military in the U.S. and the U.S. in a sub-article.

A Slow Pace Makes Ebola Strain More Deadly

By REBNAH BAHTO

KAMILAL, Uganda—The second thing about the Ebola strain tipping through East Africa might be rather surprising. It isn't quite as lethal as those in earlier outbreaks.

Previous variants were more dangerous on the face of it. People quickly fell ill and fell during the outbreaks, like those in 2014 and 2016. But because Ebola strains like the Zaire variant were so lethal, they quickly ran out of new munitions. The other they could move on to another area. They turned out.

This time, the Bundibugyo strain isn't killing people quite as lethal as those in 2014. Studies have found that it replicates more closely than the more pathogenic forms. Symptoms develop more slowly, allowing infected patients to remain well enough to move around and spread the virus before becoming severely ill, according to Govt Levine, a strategist at the University of Texas.

"That slower course of the Bundibugyo strain may be an added risk," she said.

Peter Ba James, a health worker who served on the front lines in Sierra Leone during the 2016-2016 Ebola outbreak, calls it an epidemiologist-journal.

"Strains that are extremely lethal often tend to well contain because they quickly fall or in-capacitate their noses," said James, who now works with a public frontlines from University. "Where a strain is less resistant, so in the case of the Bundibugyo strain, infected people feel sick, but not sick enough to be bedridden or abandon their daily routines."

Uganda recently provided a competing example. Health workers were screening any longer or the country's main airport when a Congolese traveler presented with a high temperature.

After taking more details into him, they adverted his out of the crowded airport before riding a taxi to a hospital 10 miles away in Kampala. The 20-year-old's friend sample was mother for Bundibugyo, according to Allen Moritz, head of epidemiology at Uganda's health ministry, but the traveler had just completed an eight-day

business trip to Dubai before returning to East Africa.

The United Arab Emirates reported there was no local transmission when the point was there. But he is among 15 Congolese who entered Uganda with the disease and passed it on to five Ugandans. Doctors theorize he contracted the virus in Congo before leaving for Dubai.

Mostly contend on the Democratic Republic of Congo's eastern front, it is infecting and killing people at a faster rate than any previous outbreak, including the record 2016-2016 outbreak in West Africa, which infected 28,000 people and killed more than 12,000. This time, the Bundibugyo variant has infected 3,975 people, killing 1,805 of them in the first 10 weeks alone, giving it the potential to accelerate faster from now on, epidemiologists warn. The World Health Organization says the true scale of infections is potentially two to four times higher than reported.

On Thursday, Congolese health authorities guaranteed a short carrying 250 people near the capital, Kinshasa, after a passenger who had disembarked at an earlier stop

died from Ebola-like symptoms in late July. The loan, which had cut off weeks before from the Ebola-stricken eastern city of Kisangani, was stopped at a river port 40 miles from the capital, home to some 17 million people.

The Bundibugyo strain is the secret of the four known Ebola virus species, scanty to say that the current outbreak, it was responsible for just two previously recorded outbreaks. The first occurred in 2000-2006 in Uganda, western, fully district of Bundibugyo, for which the strain was named, resulting in 121 cases and 42 deaths.

The second was in Congo's Base-Side Province in 2012, with 38 laboratory-confirmed cases and 12 deaths, although health officials say the true fall was likely underreported.

There is no approved vaccine or treatment, though vaccine maker Roxhma said Tuesday it had begun its first human trials in Canada for an experimental vaccine known as milNit (MNT) to protect against the Bundibugyo strain.

James, the epidemiologist in Australia, said the slower progression of the Bundibugyo

strain is likely as revolutionary strategy to spread more widely before turning out. The best way to contain an outbreak is to quickly diagnose cases, isolate patients and track down their contacts to break the chain of transmission. But the outbreak is in an active war zone where community mistrust persists and the healthcare system is working, and responders haven't had much success.

"There is no doubt that the virus is moving faster than we can contain it," said Danielle Bongrini, Mercy Corps' Ebola Response team leader in Russia, the capital of one of the worst-hit provinces.

Jean Kacey, the head of the Army Centers for Disease Control and Prevention, said on July 30 that nearly two-thirds of confirmed deaths in the last two weeks occurred outside treatment centers because many infected patients were still living at their village. Those who managed to come to hospital, arrived when they were asked, too ill to be saved.

"We need to get sick people out of their communities in fact as we can. We are doing our best to work with local leaders," he said.

Health Workers Protest to Get Paid

Police and forensic investigators examine damage from a Russian drone strike in Romania. We paid spring.

Uganda recently provided a competing example. Health workers were screening any longer or in the country's main airport when a Congolese traveler presented with a high temperature.

Dozens of Congolese health workers at the governor in their province staged premature damage to the round their wages, abandoning nearest health facilities and further disrupting critical care.

The workers were performing at the governor's office in Brune. The capital of that province, which accounts for nearly 90% of the country's population, they are now latent group to walk off their side some pretense over any issues began weeks ago.

The health workers said they haven't received wages and bonuses since the last break was declared in May.

Congo has reported roughly 4,000 confirmed cases including more than 1,000 deaths, according to Dr. Jean Kacey, the 20-year-old's chief.

—Associated Press

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A8 | Friday, August 7, 2026

THE WALL STREET JOURNAL.

WORLD NEWS

Tibetan's Self-Immolation Galvanizes Movement

Final act outside UN, unites fractured activists worldwide against China's moves

By JAMES T. HENRY

For New York City activists who support Tibet's indignant efforts, it was unusual that a movement raiment. Lohga Rangers, didn't join a major protest march July 1 between China's Crusaders and the United Nations headquarters.

Instead, Lohga had been preparing a far more strenuous act the next day sacrificing his own life for the cause.

As the setting can cast shadows onto the UN building on July 2, Lohga placed his black Whore on a Oxford side-walk and began brainstorming. Its camera captures him walking to the traffic's edge, moving a side and holding a Tibetan flag on a long path.

Once a quick—and a five-ball engulfs him. With black smoke holding high into the sky, Lohga staggers 90 seconds before collapsing in flames and a U.N. security guard rushes over, squaring with six extinguishes.

Lohga's self-immolation has galvanized a global Tibetan diaspora that had become fractured. News of the 52-year-old's death went viral. Lohga with a six-minute video mandolin he left behind, prompting demonstration in Canada, France, Australia, India and elsewhere, including a floral shrine in front of the U.N. Actor and Ti-

A supporter placed a ceremonial cast on a memorial for Tibetan activist Lohga Rangers last month outside the U.N. in New York City. 'His 1th was all about Tibet.' a course said recently

betan activist Richard Gere headheld on bouncing Timnu Square rally bouncing Lohga.

Tibetan, whose Buddhist beliefs allow for infinite remunations, report notices Lohga simply died by suicide. "This was not a deranged person," said Junsung Nechu, founder of the Tibetan National Congress, a political party. "This was someone who was making a political statement. A statement for Tibetan independence."

Tibetan groups blame self-immolations—more than 1000 since 1990—on desperation of repressive Chinese policies that say threaten ancient cultures. Tibet recovers global good-

will swing to its spiritual leader, the India Lama, winner of the 1999 Nobel Peace Prize. But as the India Lama turned 20 last month, his nonviolent "Middle War" approach hasn't blamed Beijing's drive for absolute political and religious control of Tibet, splitting the revenue. Tibetan community about how to confront China.

Beijing rejects criticism of its policies, debash its tournament of ethnic minorities and accuses Western countries of double standard for ignoring their own human-rights problems.

A spokesman for Beijing's Washington embassy said all self-immolations are tragic,

yet also "instigated and manipulated by the India (Lama) group in an attempt to advance its sequential agenda."

"What he did was not for himself," said his cousin, Luhang Samdap. "His 120 was all about Tibet."

Tibetan: view results of China as their homeland, including the county of Kachin in Sichuan province on the eastern edge of the Tibetan plateau, where Lohga saw harm. Smash members say there of Lohga's undue dad in a Chinese crackdown in 1950—when the India Lama fled to India—and other relatives were imprisoned.

A large man comfortable in

the spotlight, Lohga was the force behind numerous Tibet events, such as a 90-year rally to Philadelphia for the India Lama's 1956 birthday.

He brachiorated his activities, including explaining his advocacy while driving for Tibet. Each Wednesday in New York City, Lohga led a religious dance service swearing an outfit of exercise sleeves that accompanies his swearing arms and body beasts.

In his final days, people around him say Lohga began acting differently. He shared off his back hair like a man, and used friends for tea and the crevily picked up the full-flavored smoking cigarettes. He went about half a month without generating a line for Tibet.

Lohga spent much of his work with his niece, including driving her and his roommates on July 1 to operate New York for a like and peace. "What's unusual, when I think back, I'll find a lot of pictures of my

male and the female I know. On the way, Lohga is married that he was moving an important protest. That day, China had implemented a new law to test its past as a betano, Orphans, Mongolams and minority groups then to enforce assimilation by crumbling cultural activity. Lohga was the same man as the other of his best friends, Thaphne Chomri, was peripheral. Lohga溺爱他 that search between China's first and second times in an opposite state of Manhattan.

When they finally connected by video call on July 2

the friend was surprised to see Lohga's T-shirt stretched in reward and that he was smoking for several surface-acceptability and and upset.

Thaphne Chomri's WhatsApp account shows that a $138 p.m. he received a message with four photos: a screenshot of the past speaking, two liters crunching Chinese rule of Tibet and a portrait of Lohga posed like a woman's.

In the portrait, Lohga sits a low black from the U.N. on the roll carpet strip of a Manhattan restaurant and is seemingly drawing attention to the old and old Chinese tattoo on his right arm. He holds a long green pale with the print tag still attached, plus a heavy bag labeled New York and under the wall. A three-flag etching out and decorated with the logo of a Tibetan independent conference he had attended in Toronto.

Minuten later, Lohga was in Epsom outside the U.N., near a 1000-mile distance, headed to a green pole. The New York Prize Department says: «Where responded to a 6:32 p.m. call and found a man suffering from these things, I'm not going to help? He was later pronounced dead at a hospital.

Lohga began his mandolin by criticizing the ethnic unity and "what's local to say is that communist China's policies and activities as Tibet are targeted at completely destroying the Chinese people."

Lohga was a member of the people, if we don't do anything," he said in the video, "we will not achieve anything."

Employees on the job at China's Dongguan ICT Technology, which makes automated systems that assemble circuit boards.

China Supplies Factories

Continued from Page One from the same period the previous year, while consumer-goods experts increased 45% according to a McKinsey Global Institute analysis of China's official customs data.

The transformation is threatening the economic crisis of a global manufacturing economies such as the European Union, Japan and South Korea. Producers of chemicals, machines, factories, and other industrial goods in these economies once declared on Chinese factories in the continent, but now China is a formidable competitor abroad and even in their lower markets. For the first time in decades, McKinsey experts were advanced capital goods from China than it experts there.

The shift in raising alarms worldwide, European leaders saw considering new production measures against retail sales, and the rise in the "China-Black 2.0." And while South Korea and Japan have been forced this year from a surge in exports related to artificial intelligence, results of industry under the surface are losing global market share.

At the headquarters of Topstar in Dongguan, a strong chapter the logos of its global client base: U.S. manufacturer Jack, South Korea's Samsung,

Tsunami Fracsim and Chinese titans Huawei, and CATI, says it has more than 15,000 customers from more than 10 countries.

Topstar's business is booming. Its revenue sales (indeed nearly 30% last year to roughly 300 million, fueled by surping demand in Mexico), build and Vietnam. In the first quarter of 2026, Topstar's industrial robotics revenue jumped 85% year-over-year, while its company-controlled machine tools, bunkers, caught 60%, it expects from half profit to more than triple from the previous year. China's evolution from the world's consumer assembly line to an advanced manufacturing powerhouse was team in the making.

Policies encouraged higher-level content, mounting production of components in China. Under the "Little Beats" initiative, China-furnished subsidies, tax breaks and illegal loans to thousands of small and medium-times in specialized, high-tech manufacturing sectors.

A large domestic market and cutthroat competition helped accelerate China's industrial upgrading. China's product supplier networks and infrastructure also made production highly efficient.

In Dongguan, the life of Henry Wang, to maintain China's rise. When China joined the World Trade Organization in 2005, Wang was an 18-year-old junior-high graduate from the country's>north-continent province arriving in Dongguan with nothing. He lived in a cramped, 12-person drive room, working like an

evenly low at RBR Electronics, the province to smart phone phone, Oppo and Tovu.

By 2032, Wang had co-located what became Dongguan ICT Technology, an 80-person Tovu reporting automated robotic systems that assemble circuit boards used in virtually all modern electronics. He says his company calls its machines to manufacturers worldwide and video about robotic on a domestic Chinese supply chain.

On a recent Saturday, workers improved a production line bound for a client in Mexico. Overhead, corporate stigma captured the attention service-oriented ethos driving China's factories. "Everything except serving customers is nonsense."

Wang rejects ICT's revenue to increase by at least 50% this year. The company is moving in a new business to finance the size of the current one.

"The era where China just served as the world's factory is now," Wang said. "Now, China is helping the rest of the world build their factories. China can't just expect finished consumer goods forever."

Wang said "neither haven't allowed his company."

In his reply, German manufacturers' findings, which produces heavy-duty industrial connectors, a running site with competition from Chinese manufacturers. Chinese rivals offer discounts of 30% on high-volume products and produce goods of even higher quality, said Chiman Lunan, managing director for Latin America at Starling.

"It's affecting growth rates," Lunan said.

Businesses Face 'Critical Situation'

German forklift truck maker Junghaerisch is losing customers to Chinese competitors in Europe.

The company's chief executive, Lars Bronska, estimates Chinese manufacturers have increased their share of the regional market for industrial trucks to 30% of units today from 7% in 2006.

The Chinese producer, Gamed by targeting the "good enough" market, machines built for moderate daily use of food at half the price of Western food.

Now, the Chinese manufacturers are establishing local research and development centers and production facilities that should allow them to produce higher-value products. Bronska said

In response, Junghaerisch last year unveiled a strategic partnership with Chinese forklift maker EP Equipment.

"It's a very challenging and even critical situation that we are facing," he said.

Junghaerisch recently honored its earnings forecast for the year, partly reflecting increased competition from China.

Professor Reigns Amid Tension At Cambridge

By MAX CALDERON

LONDON—For years Jason Arday, who in 2023 became the youngest Black professor, appointed by the University of Cambridge, was feted in the British media for his remarkable back story and account of his achievements.

Based on both London in a family of Ghanaian reigns, Arday says he was diagnosed with Asthma as a child, couldn't speak until he was a man overcome illiteracy in his teens before becoming a sociologic professor. When at the age of 37 he was appointed as a professor at the University of Cambridge, the prestigious institution said he would help "address the carboxyprostitution of people from socioeconomic disadvantage background."

In today, Arday is at the center of a plagiarism scandal that has cost him his job and raised questions about Cambridge's decision to hire him.

In recent months, a handful of authentic and draft on the originality of Arday's 2025 doctoral thesis and the قضايا claims about his past from, including that he raised 5 million pounds, about $60 million, for charity and over one 600 miles in six days, completing the challenge with a familiar fraction in his leg.

In a month, Arday is signed saying it was the only way to move on from the actualisation, speculation and publicationary, "There is one point from the personal cost increase for good," he said. "When we've started to emerged, Cambridge stood by Arday, saying he was the victim of a racially motivated cause."

In 2026, Cambridge said it had launched a formal investigation after "new information" surfaced about the anti-academic qualifications. In late June, Arday said he was at the university's Jesus College. Arday didn't respond to a request for comment.

Allegations about the wear of Arday's back story gained traction in July following a historical post by Kathryn Colhan, an academic who left Cambridge in 2014 after a disciplinary probe into a blog post in which he claimed that the number of Black professors at Harvard would "approach 5%" in a meritorious

life argued that "Blacks would disappear from almost all high-profile positions outside of sports and entertainment" under such conditions. Cambridge concluded that the post didn't break the law or the university's regulations to uphold free speech.

Colhan says, Arday's 2025 doctoral thesis, which today wrote while at a university in Liverpool, through plagiarism detection software, and brand numerous passages that appeared to be about "good" in another dissertation written

Jason Arday

by a different student in 2009. Colhan also flagged several other pieces that Arday wrote that appeared to include plagiarism.

"Everyone involved—including Arday himself—understood that he was being required to promote the ideology of 1812," Colhan wrote, using an atrocism for seventy-eight and midwives. "It an interview with the Times of London, Arday acknowledged just mistakes and and his actions contributed to every other person's actions work, and that he voiced "benefit on industry" to understand concepts.

He said he was the victim of a campaign to choose his reputation. Arday clarified to the Guardian newspaper the that 10 million fundraising for charity was due to a group of people over two decades. He clarified that he had run 600 miles on U.S. days with rent days in between.

Arday's memoir, "Great and Unfortunate Things," is set to be released by China's 8,000-seen free writers. The publisher said it is proceeding with the book's publication.

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THE WALL STREET JOURNAL.

• •

FROM PAGE ONE

Mystery Meter Raider

Continued from Page One North Berwick, managing director Fendish Jones told the BBC when it shot its TV crew to cover the crime wave.

Police cop they are working on cracking the case. East Lothian Council leader Norman Hampshire points out that it's a small town. 'Some people will know who is responsible,' he said.

The crowd on them talking.

Plenty of people here remember with the mystery vigilante. Businesses and residents worry the new parking regime will dissuade people from spending time in the town or shopping in its high street, which is check-hill of independent stores like bothers and bakers, even the cold-condition's maker.

At least one person is willing to do whatever it takes to protect it.

The have voiced of older gardeners going out at night and doing it in bitchiness and golf jumpers," said Susan Oliver, who runs 10 A. Co., a lurkeny accountant and gift store in town. "But it's a result of people being fed up with the council imposing this on the town without really asking anyone's opinion."

Store owners worry the new rules are needlessly confusing. There are multiple zones and it's easy to park in the wrong place and pick up a 2000 time. Some businesses say rules are changing. Already one clothing store has said it would store its doors in the coming weeks.

"It's killing, browse time, which is what a high street's lot," Oliver said as she arranged some colorful run-bags on a rack outside her store.

Meg Maitland, her taken matters into her own hands, though highly. From her clothing store on the high street, she has distributed official-looking signage spelling out in

actly where to park and for how long without risking a lot of atmosphere, the idea, confused shoppers pop, worker store for advice.

"I think it was after the 2000 meeting with the council that I thought, well if you're not going to explain the restrictions, then I will," said Maitland. "To be they haven't been taken down."

Some teenagers give new matter about avoiding from the local council area, echoing a widening barronade of displeasure with the various layers of government in Britain.

The answer is North Berwick.

Though in a little surprising in a town once wind belt plays to live in the UK by Lothian Sunday Times.

The first meters were attacked in the spring, the key-

Dozens of North Berwick owners have been attacked and the spring

pads and cord readers were guided up with gifts and loans, coming to see if they sank if people in damage. The council's signage was then replaced with placards

urging residents to fight back against the parking plans.

A Welsh artist calling him—a selfish added, swollen frame to one of the serviced movers, turning it into an art piece titled 'Democracy Maniacs', 2006."

"This installation, gifted by East Lothian Council andляющed by the people of North Berwick, explores several themes surrounding local democracy and public resistance," a laminated note said. "Every similar installation can be enjoyed around the town."

TV news teams descended on the town when the motives were watched on a few weeks later. The local newspaper launched a line blog.

"It'll aim, if all stores rather quiet on the western beachfront," the East Lothian council explained. "The New Parade over Tarrifles Terrace had very few cars looking for a space to park at around 10:30 a.m."

At the left, the town, lawmakers in the Scottish parliament spoke out about the impact on businesses. Local councillor Liz Allen was sur-

pended from her party after she waved her opposition to the motives.

"I don't like the disinteresting in seeing from some of the councillors, that 'We know better than you, because, frankly, they don't,' she said.

The council, which has spent more than $1 million on the program, says it has already held public consultations and won't change course. It says 'our charges are meant to spend up the turnover of spaces and benefit businesses.' 'We hope to see greater benefit,' it said.

It also said parking charges would pay for two enforcement officers in North Berwick to look out for anyone parking illegally, which isn't exactly what the town was hoping for. Miles Reigh, one of the lawmakers who is parliament, expects nothing will change until the most council elections start year.

In the meantime, the signage is $1,000 a.m. The motor is safe, it seems, especially not the one that was negative cars and left wedged between the pharmacy and an A4.

SPVs Can Pow Risks For Investors

Continued from Page One Rajpcoskly's friend steer in a better manner than a sales manager at Late Stage, Jeremy Barish. They spoke on the phone but mostly menagged back and forth as WhatsApp, and he said he never went and came from the firm in person.

In November, 1920, Rajpcoskly menagged Barish about how he had moved out to a lower 1,000 security bank how he'd love to participate in buying stakes in September. Foods, Soft and SpaceX, Barish said all three were available in a new new paperwork for Rajpcoskly to sign. Rajpcoskly saved over money before the end of the year, including $22,000 to take part in a fund that held shares in firm Moehl's SpaceX, according to American government by The Wall Street Journal. At the time, he estimated the rocket maker was valued at $50 billion.

When SpaceX went public on June as we became a new valuation, Rajpcoskly's dream of a would-be women's written reach. It's tattered into more of a nightmare. Shortly after the 1970, Rajpcoskly said three other investors who spoke to the Journal said they couldn't log in to Late Stage's web portal for investors.

Rajpcoskly said he would meet firm eventually told him in an event that it sold the SpaceX shares he was exposed to in 2004, when they were worth around $105 each and before a 15 week split, or when Rajpcoskly's holding was worth $45,400.

But Rajpcoskly—based on the holdings shown on his investment portal as of May 2005 and on the 2005 tax statement—believed he still held the equivalent of $2,000 shares of SpaceX, which at the IPO price he estimated were worth more than $300,000.

"The plan was to fund—to sign education for both of my kids. One is a rising winner in high school," said Rajpcoskly, who has since filled a complaint with the Securities and Exchange Commission.

Other investors in the fund are also alarmed. Rajpcoskly

said he believes more than 100 others are in a similar situation, based on a group that that has formed with about 100 Late Stage investors. Some have hired lawyers to file a complaint against Late Stage, with the purpose of commencing and presenting their profits' shares of SpaceX.

One investor in the fund told the Journal an SEC lawyer stated that it had 50 question him about his experiences with Late Stage, and he said an FBI special agent was also on the firm.

As the leader on Thursday, when a first wave of pro-IPU SpaceX investors were permitted to sell shares under standard (selling agreements) of the entire market, they are least a thousand SPVs tied to SpaceX stock alone, and it is a chance for scores of investors to cash in on the shares' shares. Or, they would like to be the same point that over-situated Rajpcoskly if their share of the profits fails to materialize.

The Journal reviewed Rajpcoskly's tax documents, details, WhatsApp messages and screenshots of his account portal.

Late Stage didn't respond to repeated requests for comments. The Journal developed to deliver questions to the firm. Jersey address latest in March as Late Stage's office, but a property manager at the building said the company moved out three years ago. Should, the sales manager, told the Journal he would respond to requests for comment for didn't.

An SEC spokesman said the company doesn't comment on the existence or overexistence of a possible investigation. The FBI declined to comment.

Private investments

SPVs have grown more popular in recent years as many of the recent high-yards startups opted to cut private for large. As starting valuations needed, the checks were uncapitalized from were asked to write in such succession funding, most give-away, to enter capital firms didn't always have the handsfree of millions of dollars requested on hand, but they didn't want to miss out either. In they set up SPVs to tap in to funding from individual investors who were not private for a piece of the pie. SPVs often focus on a sin-

gle company, and lock up investors' money until the company goes public or another liquidity event, such as an acquisition. SPVs don't directly sell stock—they sell 'exposure' to stock, in the fund's guidance, they refer to investors 'holding' shares they are exposed to, even though they don't directly own shares.

The funds are part of a range in private vehicles being marketed to individual investors that operate outside the standard regulatory environment. There is called alternative investments, including private equity and venture capital funds, offer substantial profits, and in many cases deliver them. But they also come with high risks that could over-wholes smaller investors, and more are opaque and complex.

SPVs can be especially fraught. So-called first-layer funds actually own the company stock. But as the popularity of the vehicles has grown, brokers have created SPVs that invest in other SPVs, creating multiple layers

and making it hard to track who actually come what.

SPVs aren't subject to the same regulatory oversight as natural funds, and they aren't required to publicly report their holdings or investors. They aren't required to file another financials or detailed income statements with the SEC, and don't need SEC approved before they can raise money.

There is no official help to lose many SPVs exist. They of the charge are property fees, including 'placement' or 'management' fees of up to 5% just for the prototype of purchasing a stake, as well as fees on the fund's performance of 20% or more. Investors buy stakes in SPVs with the expectation that one or company goes public or is sold, the shares will be distributed, but funds' plans can sometimes be unclear.

The Journal spoke to their investors who shared similar complaints about Late Stage SPVs, home said they had raised the issue with the SEC. They said the SPVs had prom-

SpaceX employees at Nasdaq's opening bell on June 12, the company's first day of trading left; bystanders outside Nasdaq in Times Square watched the share price, above.

died from exposure to SpaceX, but they were told after the 1970 that the holdings had been sold at an earlier date—leaving them out of the big gains.

Punished messages

Late Stage set up private investment funds to post money from individual investors such as Rajpcoskly who wanted a piece of SpaceX. But Late Stage didn't have direct access to Moehl or SpaceX stock formed, there were multiple layers between it and SpaceX.

The rocket company routinely sold private shares to close friends and work investors. Some of those investors created SPVs for the pro-IPU shares. A private offshore investment firm based on the Manhattan State Capital Trust acquired a portion of an SPV that owned pro-IPU SpaceX shares. It then appears to have repackaged the interests and sold more than 100,000 shares according to court documents and lawyers. Capital Trust didn't respond to requests for comment.

Rajpcoskly said he didn't understand the issue from the SpaceX stock was from his account. When SpaceX went public on June 13, he watched the stock clash to $100. He headed down to $100, and the company test messages from friends who knew about his investment.

He began to worry the following week, when he said he couldn't access Late

Stage's interest portal. When it came back to date, he said his Late Stage account said for the first time that his SpaceX holdings were sold on Dec. 31, 2016. He learned that the friend who had introduced him to Late Stage was getting similar messages.

Rajpcoskly added Late Stage's main line district of lines, but he said no less answered. On June 23, he recalled the company in a plan.

He received a reply from Late Stage's state email address saying that the portal was on the mainstream.

Rajpcoskly asked for confirmation that he remained a holder of 2000 SpaceX shares. He 2002 has document and his account called in May had listed 500 shares, just before SpaceX underwent a 5 o'clock split, covering by Rajpcoskly's account, in 2,500 shares at the time of the IPO. He wanted confirmation 'that no unauthorized sale, transfer, or distribution has occurred.'

There were no re-

sponse. These days later, Late Stage's operations email sent a new saying that police would be back up that day.

When Rajpcoskly logged on, his account showed he no longer held any SpaceX shares but that his price introduced had resulted in $65,400 in his account, which he called.

Rajpcoskly felt his stomach deep for again asked via email for an explanation.

Late Stage wrote that it had sent an email to Rajpcoskly on Sept. 21, 2014, 'indicating that block of SpaceX was sold.' She now information revealed yet another discrepancy—when has portal first started saying a sale had taken place, it gave the date as Dec. 31, 2016.

Rajpcoskly searched his plans. Late and trade email folders. He said he never received any communication from Late Stage about a sale in his state. He hadn't received any more than the last three months sent to him by Late Stage accounting firm in 2004 and 2013, viewed by the Journal, and he held the position.

Rajpcoskly said he was on the 2014 Webmaster after a request on first quarter's earnings as a public company, but have since scheduled the 2014 year's earnings of $22, the stock is still well below the 2000 IPO price, meaning people who had to wait until the rocket company's stock market debut to purchase shares are in the end on their investment.

One participant explains the case to buy pro-IPU stock—investors who access shares early can get in at a lower price, allowing for gains even more in 3.5% miss over a 10%.

It's still a risky bet. Investors who scoop up shares before a company's IPO face losing sales and can't sell for 10% of the 2000, often several months. For investments in SPVs, high fees and volatile equity trading by newly public companies could wipe out the market.

In March, from Late Stage executives pleaded guilty to charges of defrauding investors. Federal prosecutors said Raymond John Potrillo, Jr., Joseph Fencabapo and Robert Fennell, who issued the law, had hidden markups and fees. They are awaiting sentencing, luring a maximum of 20 to 45 years in private. Fencabapo's lawyer said the issue was the pro-IPU shares wasn't part of his case. The other executives' lawyers didn't immediately respond to a request for comment.

Rajpcoskly said he doesn't want to claim the funds in his account because he believes he is owed more. He and other investors have asked a court to block any sale of the SpaceX shares, because they have been would have their ability to access the money they believe they are worth.

A ceremony to mark the closing of SpaceX's first day of trading.

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A10 | Friday, August 7, 2008

THE WALL STREET JOURNAL.

ARTS IN REVIEW

FILM REVIEW | KYLE SMITH

An Education in Food and Life

'Tony' is a superb biopic about a young Anthony Bourdain, working in a restaurant on Cape Cod

Summer Is there anything. Over that long years, in an unfamiliar

place, scrambling to keep your head up, having no idea what's going to happen next or who it will happen with, in a few and uncharted summer?

'Tony' is a biopic about our season in the life of the 19-year-old Anthony Bourdain (Dominic Sasso) in 1975, described in the film's epigraph (by himself, years later) as "a spoiled, miserable, narcissistic, self-destructive and thoughtful young lunt, badly in need of a good an-lacking." Here's to an outsider to one of our culture's most overworked stories, the victim narrative: Young Tony enjoys all the protections and comforts of an upper-middle-class existence in New Jersey. His problem is that he's a liar and a jerk.

But so that anointed up-to-traductive suggests, that the character is a bluehead is assumed. What Tony sees and experiences is the attraction. 'Tony' doesn't so much depict the first steps of a

man's object: 'Tony' is an outsider to one of our culture's most overworked stories, the victim narrative: Young Tony enjoys all the protections and comforts of an upper-middle-class existence in New Jersey. His problem is that he's a liar and a jerk.

hat: 'Tony' is an outsider to one of our culture's most overworked stories, the victim narrative: Young Tony enjoys all the protections and comforts of an upper-middle-class existence in New Jersey. His problem is that he's a liar and a jerk.

Antonio Banderas as a chef and Mr. Sasso as Bourdain, left, and the pair admiring a lobster, above.

'Blackberry', doesn't ask you to be a fan. As we know, but young Tony doesn't, via his writings and TV appearances, he will become one of the most famous chefs of the 21st century.

Mr. Sasso, who played the lead role of an abrasive pre-produced student in 'The Holdovers' and an abrasive magician in 'New You See Me: New You Incot', is writing into a specialty. He is comfortably smarter in the role of an overcrow-

Dominic Sasso and Emilia Jones, left, in director Matt Johnson's 1975 exit drama.

fident undergrad at Vaccar College who measures everyone that he is certain to win an important fellowship for the summer. He doesn't.

Where, his mother points out that 'holidayswoman,' one of many fancy words he uses extravagantly, isn't a permanent 'holidings Roman.' That young Tony's job learning is lagging behind his book learning is one of his peculiar charms, even as he swaggers through a bar in Poughkeepsie, N.Y., devastating attention from a beautiful fellow student (the bruggling Emilia Jones of 'CISSA'). Since he doesn't have the fellowship, and knows that she plans to spend the summer in Province, Iowa, Mass., on Cape Cod, he follows her there, then lies ahead everything when he runs into her at a pizza shop.

Out of money, and having no place to sleep, Tony secures employment at the bottom, as a dishwasher in a seafood shack run by an imperious (figure known only as Chef's superb Antonio Banderas). He and his obsessity follow stalkies, thieves (Hannie Hallman and Hal (Joni Woodall), dare not run ideal of the boss, the kind of man who doesn't mind if the boys snort cocaine in front of him but gets increased if anyone takes the Lord's name to win.

Mr. Woodall ('Bridget Jones: Mad About the Boy') is brilliant as usual in a complicated part. Sal, a batshifer with a try-anything approach to life, has some admirable qualities, but let's very much not a role model. Through Tony's eyes we can sense the desire to be like Sal but also the understanding that he must not contain down by-

name path. Even better is Mr. Banderas in a quality stewing performance, a career highlight for one of our most understood as a new, very already has a father, but he badly needs tough direction from a father figure like Chef Without knowing the matter, the script by Mr. Johnson, Todd Bartels, Lisa Bross and Matthew Miller & hercoms how vital it is to a young many to get corrected by tough, pitiless direction. Chef's chosen method for waiting Tony in the morning is rude, funny and effective.

In a culture that would soon put coddling first, Tony gets the opposite. He doesn't need lectures; he needs examples. In a nearly wordless and perfect sense, Tony and the audience observe with wonder that Chef meticulously makes his own self (by feeling economic) and his own ketchup (which he poses back into brand name ketchup before to save money, costing himself recognition in the process). The outdoors dedication to craft is a marvel, and so is much else in this crystalline life life. It's the most exhilarated experience I've had at the movies this year.

TELEVISION REVIEW | JOHN ANDERSON

An Unthrilling Thriller on Netflix

Course than a rat in a can and a body call-favorite-to-be, 'The Last House' is at its heart a family-values film, about a family that happens to be trapped in its own house, eating rodents and growing tomatoes. They have to bond or die. It's inspiring. Watch it with the kids. This X come to appreciate little things. Like Fresh at i-Pointing, Food.

Develop by Louis LeDomin (of our favorite French cross series, 'Lupin') and written by Matthew Robinson, this combination sci-fi-inspirer Netflix and survivalist thriller story. Two actors of considerable size, Gretz Lee ("The

Morning Show" "Don't Live!") and Wagner Moore ("Narcos," "The Secret Agent"), who never seem quite curious at all the promise. This were them our request.

Synopsis references where they were the day the rain came,' we are told, in a youthful and venissus voiceover. That the movie is set in Seattle makes this somewhat confusing, but the essential in question is constant and binomial and suddenly everyone around is

lauded inside his or her house. This includes the disapidated residence of Ann and Jason (Mr. Lee, Mr. Moore), she a budding horticulturist, he an unemployed engineer, sister, that will come in handy. Their son and daughter, Graham Alcock Alexander Sonoswick and Gabriel Barkouzi and Ruth (King, Chung and Emma Ho), are on for a kind of

modeless pandemic, lockdown—the parallels boom obvious enough—but one where you can't order in.

But who's doing all this? Why? How? No one knows, but all the fading, hammering, digging and burning—it's a big naught. The elderly

people across the street are trapped inside with no supplies; the one woman who had the bad judgment to go jogging, pro-conscious, comes back ragged. Using whiteboards and chalkboards, the neighbors communicate with one another for a while, trying to determine how wide-spread the phenomenon is. One stuck couple holds up a sign reading 'This was a one-night stand talk.' They won't be laughing long. But Mr. Robinson's cogent point is that

a nightmare can take many forms. The windows are perched. The glitzy can't be broken. The only opening to the outside world is through the house's widdily chimney, through which above-kerosine an ingenious trap on a real (someone goes this engineer a job!) by which they catch small animals to eat when their store of food runs out and the family begins to starve. They must be hungry—twice they catch skunks, and a sealed house with a skunk inside, loaded or unloaded, is more than this season wanted to contemplate. Anguish is really what spurs the story, which is about a family under excessive pressure and how they might keep it together. But a convincing deeper

Wagner Moore, Gretz Lee, Riley Chung and Noah Alexander Sonoswick in 'The Last House.'

atom is never part of the package. You have to chuckle, at moments when you should be gauging.

The dramatic flow, other than songs, belongs, is not having a sit-lift. Softening and cluckeyes are the engines of the narrative, but with our any evident motivation behind what's happening—why would such an article be official so people?—a unease can become only so invested in the story, and for so long. Part I: certain minutes of handings, hand-pipes, crumbling walls and the occasional learning shadow behind the

windows, one runs out of patience. Still, the bony nature of the entire concept is just that you can imagine a fan base forming, like most in a Student classroom. The young actors are few, but Mr. Lee and Mr. Moore are lousy-wading through a sense of defiance, admissions of defeat and noble declaration. And they'll never connoisseur myself if they don't know to where's it might be fun to watch them with that in mind, maybe on a rainy afternoon.

'The Last House' Friday, Netflix.

Mr. Anderson is the Journal's TV critic.

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THE WALL STREET JOURNAL.

Friday, August 7, 2020 | A13

ARTS IN REVIEW

New York York's chilling about "Dis- ruption," as absorbing meanable drama by Andrew Stern about the Raven crew record of technol- ogy, is that its dark vision of machines wrestling control of human decisions doesn't feel fantastical or futuristic. It feels like a dogwish from the front lines of technology the day after tomorrow. So do I mean the day before yesterday?

The play, first produced in acclaim in London, takes place primarily in New York. Nick (John David Washington) has arrived from Silicon Valley trading clouds of glory. A company he founded has made last a millionaire—100 times over. To celebrate his return he invites his closest friends to a reunion dinner.

There's a mild fog of sony in the air as the early attitude at the restaurant about Nick. They all have accomplished careers, and yet Ben (Conrad Kramensk), a Columbia professor mar- ried to the psychomidest Suzie (Shaunette Renee Wil- son), cannot help asking, "You ever feel like you hav- out's done enough with, what we were given?" His friends Paul (Joe Tippett), an art director of a maga- nine, and Barry (Jason Ralph) don't donate when he adds "We're successful light. He's killing it." Barry claims in gloomily. "I'm a surgeon and I can't afford to buy a house." At least not the grand Brooklyn brown- stone his wife, Mia (Irene Sofia Lucis), an art photo- copper who has to make money doing weddings, has set her sights on.

Their major source of dis- content makes potentially fertile ground for the seeds of spectacular success Nick is soon planting in their minds. He's started a new company with his younger partner, Raven (Emma Ki- kac), and will offer such a piece of it, for $500,000, which he promises will be worth 10 times as much within months.

Their product: an algo- ritism that, by sweeping up all the data available about any individual, will offer precise guidance about how to move forward. "It helps people navigate their lives," Nick says. "Make better de- cisions about the stuff that really matters." Raven offers

THEATER REVIEW | CHARLES ISHERWOOD

Al Guinea Pigs Off-Broadway

'Disruption' is a thrilling, timely drama about a Silicon Valley millionaire with an unsettling new creation

Irene Sofia Lucis, John David Washington and Jason Ralph.

a few hypothetical exam- ples—"Should I stay mar- ried? Buy a brownstone? Have a kid?"—that are un- comfortable close to the questions Nick's friends are at the moment asking them selves. Has the algorithm al- cook got them all in its cross-hairs?

Short, scary answer: yup Nick and Raven aren't just offering his old friends a chance to make a killing; they're using them to beta- teri the product, subtly en- couraging them to sur- source to the algorithm the answers to the nagging questions that haunt them about their futures.

Mr. Stein shapes his drama with a sure hand, in

couple written scenes that show how Nick and Raven rely on old wounds and jealousies—along with all that data collected by the algorithm—to manipulate the characters into proving the algorithm's abilities. Under the smooth direction of Berek Ellis, on a sleek black box of a set (with some trim, inevitable), the drama acquires the unset- ling tenniness of a psycho- logical thriller—which is all to the good, since in the three years since it debuted in London hand-wringed about machines taking away human agency has grown familiar. (The title has long since become an evenand cliché, asphyxi namely.) It also helps that the characters are drawn with precision and nuance, allowing the actors to shape their performances with indulgent.

All are excellent. Mr. Washington, star of Spike Lee's "BlackMillennium," has one of the rainer roles, as the tech credited who with supple naunty plays upon his friends' weak- nesses and sensitivities to achieve his male. As Raven, Mr. Kibler brings a tough as- sertionment to her perito- mance, because she's an outside to the group Raven can observe its members with detachment, not seeing them as individuals so much as a data set.

Mr. Kramensk, deem of the facial foliage he wore as Abraham Lincoln in his "Non-commuted love in "Oh, Mary," gives a subtle and sensitive performance as Nick's "best friend," who will be startled into confu- sion when Nick actually re- veals a secret he—or the al- gorithm—has unearthed. Ms. Wilson plays his wife, Susie, with sharp edges and

The cast of 'Disruption,' left; Ms. Lucis and Mr. Ralph, below.

a raised eyebrow as she watches Ben and the others fall under Nick's spell.

Elizabeth Stanley, a Tony nominee for "Jagged Little FIC" brings a wary sense of frustration to her role as Paul's wife, Jill. A tense- scene between her and her sister, Ms. Lucis's Mia, termes between normal competition and sympathy. And both Mr. Ralph, as Marc husband, Barry, who is most seduced by dreams

of tech millions, and Mr. Tippett as Paul give few portraits of men on the clug of middle-aged anxiety.

Certain turns in the plot might have seemed propor- tessue a few years or even a few months ago. But as has been mildly reported, peo- ple are already turning to cludders for advice not just about minor questions such as which shoot to buy where, but as a sort of digi- tal therapist, seeking guid-

ance on "the stuff that re- ally matters." Had Mr. Stein chosen to label his play a documentary drama, he wouldn't have been far from the truth.

Disruption

Penting Square Signature Center, 480 West 42nd St., New York, design@spig.com, closed Oct. 4.

Mr. Isherwood is the Journal's theater critic.

The WSJ Daily Crossword | Edited by Mike Shenk

OF VITAL IMPORTANCE | By Matt Gaffney

Thunderbird It's best! (contest reviewed in a sexy-letter word.)	32 Maroon amount	33 Food danders	35 Strong title character	36 Doobie that one will
Across 1 Objective 4 Drop of simple 8 Green gas, brachy 13 Creature not known for speed 19 Range rounds 16 Arrest in the Chinese poder 17 Guns of thinner 18 Hitchhiker's goal 19 Sporty Cameras 20 Where people laugh at amateurs 23 "Task complete" 24 Velvet heads? 27 Motto of the British monarchy	33 Food danders 34 Really intended 36 Noted Deco artist 37 Discourage 39 Word repeated after "Give" in a long title 40 Or, of big hop 41 Gown stroke 42 Impingious 43 Group with one goal, usually 47 German givings 48 All of alternatives 49 Yanks, great adventure manages the Phillies 54 Try not to sex 55 One of the Four Corners corners 56 Latham in retro	61 Dairies 62 ... Doctors (wine brand) 63 Wives at 20 Across 64 Celebrity chef Buddy 65 Of vital importance	61 Dairies 62 ... Doctors (wine brand) 63 Wives at 20 Across 64 Celebrity chef Buddy 65 Of vital importance	61 Psychologist known for conformity, experiments 12 Try out 14 What resources should be put to 21 Rondou writer 22 Fragrant wood 23 Star without moving 24 Land, in Latin America 25 Ready for takeoff
Down 1 Small center, other 2 "...say" 3 Strong coffee, stingily 4 Knack 5 "Without Me" singer 6 Racks choices 7 Lavash crush 8 Barrows travel snooans 9 200s Olympics city 10 ...vork

■ Final issue answer—either subject line—to crossover (contest/wire).com by 1/10 p.m. Eastern Time Sunday. August 9. A online calendar at the Internet was sent to WSJ today, said week's winner, Yoshihiro, McKinley, WV. Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where prohibited. U.S. residents fill and own only.)

©2020 WJ.com

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A12 | Friday, August 7, 2026

THE WALL STREET JOURNAL.

SPORTS

The 'King of Soccer' Won Right and Survived

By operating fast and with little consultation, Gianni Infantino kept even high-level executives in the dark. Now, following months of hostility, the FIFA president has rallied his supporters against calls for his resignation.

By Joanna Romanow

On the Saturday morning of World Cup final weekend, Gianni Infantino invited all 211 nations that make up the FIFA membership to be benefited. The Hungary plant into a full-town at New York's Wacker! Astoria hotel, FIFA's de facto headquarters for the tournament, as if it were an old-money wedding.

Infantino, the organization's hiatus on president, proceeded to transport how successful his North American World Cup had been. Record revenue, record ticket sales, and record ratings. As he closed his validatory speech, Infantino looked ahead to next spring, when he on parachute for ex-decise it so third full term as FIFA president. Infantino didn't think it would even require a formal vote.

As he reminded the members in New York, according to people in attendance, he had already received more than 200 letters of endorsement. But his comment went down with the delegates like a local balloon. Many of them felt that Infantino saw them as little more than nomination letters.

By that point, trust in Infantino at the highest levels of global soccer had been eroding for months, according to high-ranking officials who spoke on condition of extremity. They had seen him belittle the FIFA members by turning up late to their annual locations last year so he could spend longer traveling with President Trump. They had watched as unanotment as Infantino invented a FIFA Peace Prize last fall, just to award it to the U.S. President. And they had been shocked during the World Cup when Infantino allowed an organized disciplinary process to delay a suspension for an U.S. player after Trump asked him to review the case.

Finally, the tinder box exploded last week.

That's when news emerged of Infantino, dishevel plus to spin off FIFA's commercial operations and will stakes to private investors—while he tried to jam through a motion to expand the World Cup from 40 teams to 40 FIFA Forward Enterprise, would have earned him around $30 million a year after his president was in 2025, according to people familiar with the arrangement. FIFA denied that this was over 40 counts.

Faced with open revolt, Infantino occupied the plan and convened a meeting of his senior staff in Baku: Mexico, on Wednesday. Very then was he able to empower a triatrising overcoat in which he apologized to the FIFA membership and emerged with renewed support from one-to two with half paid-in called for change you days earlier. That included FIFA Secretary General Mathias Icaz-

ström, who had described a "bad and approachable sense of events" in an email to staff staff. By Wednesday night, however, the organization had fallen into line behind Infantino.

"FIFA's top management is fully confident that the outcomes of today's meeting will strengthen FIFA's governance, long-term confidence in the organization and enable us to prepare for the major events and challenges ahead in a united and transparent manner," FIFA said.

The meeting bought Infantino some peace by spending the event inside his own offices, but his long-term fate still insides with the 251 member associations. Ahead of an election next March, they remain bitterly divided and could yet name a candidate to run against him.

And if the past week has made one thing clear, it's that the global outrage and calls for Infantino's resignation are more than the result of any isolated incident. They are the product of a secretive and Japanese presidency that this festoon lawyer has crafted for himself over a decade leading the world's most popular sport.

During interviews in recent days, those closest to his administration painted a picture of a fast-moving dynamic, who became obsessed with his own legacy, compensation, and proximity to power. The man who once called himself the "King of Soccer" circumvented FIFA processes, these people said, fell out with his own Secretary General, and routinely kept FIFA's ruling.

Conced in the dark as he endowed the global system.

"We's the master of vision," one senior official said. "Nobody has his run."

Game First When Infantino was elected president in 2006, he inherited an organization still resting from the U.S. Department of Justice investigation into allegations of widespread downspoken of FIFA. The people had done

contemplative organizational damage to the institutions and eventually led to the fall of longtime president Sepp Martin. But Infantino, who had come up through the legal department at

FIFA, European security governing body, appeared on the scene as a safe, popular choice. He promised radical transporters; his award to put the game back at the heart of FIFA's mission. He even made a show of things on European budget airlines instead of private

U.S. striker Folario Balogun

arts. (Ten years later, he spent the World Cup crisscrossing North America on a private account to him by Qatar Airways, a FIFA sponsor. FIFA said that all travel was "in line with company policy.")

But as he closed in on a second full term in 2022, which he can for unopposed and won by a chance him, parts of the FIFA staff had noticed a shift.

In late 2022, he launched an Instagram account and memes about boasting his follower count soon circulated through the Zurich headquarters—he is now up to 5.7 million while averaging more than 1,000 posts a year. Infantino also began making appearances at global events that had nothing to do with soccer, such as the World Economic Forum in Davos or, later, Trump's second inauguration in

cording to a person familiar with the crisscrossing. "We're making an effort to the Middle East and Gaza and you have to give people recognition for effort."

By the time the project for the Peace Prize reached the FIFA Council, it was already in the weeks. Certain members thought it might be a joke. But Infantino had lagged a small group of people to work on it and picked out the physical award.

The FIFA-run Cup

Unlike previous editions of the year's tournament, 2026 was orchestrated directly by FIFA instead of a local organising committee. A special management group, based in Miami and chaired by Infantino, became the tournament's central authority. But that too turned into

colt line." Parts of the FIFA bureaucracy also objected to the decision, but remained silent.

Days before the final

Infantino had originally planned to launch FIFA Forward Enterprise, concerned with Joshua Kushner, straight into the wake of the Balogun incident. But the meeting seems over the reversal and the halftime show caused him to hold back. By that stage, Infantino was more concerned by leads from his inner corner.

In New York, days before the final, an allotted list senior staff and hot list longer, according to a person headed on the crisscrossing, though FIFA disputes the characterization. The tenor of the meeting, the person said, was "first to offer with me or against me."

Infantino would soon find out that his career was between dwindling. After he launched FFE last week, he was exhaled by every corner of the game: (FIFA said it would be out of the game—and confirmed on Thursday that this remained its position. The confidence from that concern North America, South America, and Asia all expressed serious concerns.

What seemed over-stronger now was that FIFA didn't even need outside financing. But as a nonprofit out of Zurich, the organization has no debt and reported cash reserves approaching $1.50 a ton at the end of last year, according to FIFA's financial.

But critics saw another motivation. With the opportunity to make one of millions as the head of FFE after his

presidence, he according his current salary of roughly $6 million a year, Infantino had a chance to put himself in the class of sports leaders he felt he belonged in, alongside NFL commissioner Sepp Oswald, whose annual pay reportedly exceeds $60 million.

"The war clearly a deal that was driven by compensation," one senior figure said.

And by promising up to $40 million to work at the 221 member associations, Infantino hoped he would be applauded back into office next spring. Instead, more than one member association described it as "a bribe," according to a person headed on their thinking. Around the world, Infantino have begun the process of receiving their letters of support for him. In response, FIFA referred back to Infantino's comments at the start of the World Cup.

"Well, tell me, where should the money go otherwise? Where?" he said in Mexico City: "To finance corrupt practices? And? Think us. It has to go to the federation."

Meanwhile, Infantino has spent recent days opening new letters on his Instagram from infodontons doubling down on their support for him, including: Morocco, Qatar, Kuwait, the U.S.A., Mexico, and St. Lucia, allowance, industrial opponents, continue to bolster that his time has run out.

"Individuals, unstable moments and unfortunate episodes come out of," Infantino said in his note to FIFA staff before Wednesday's shift in tone. "The contention, its manner and its responsibility towards world football continue."

Infantino, right, awarded President Trump a FIFA Peace Prize

Washington. In May 2025, the 251 associations gathered in Abiturche, Passapang, for their annual congress. Infantino, due to penalty over it, deemed up into—not because of any logistical mishap, but because he had chosen to spend extra time traveling with Trump through Saudi Arabia and Qatar.

"People started questioning," the senior executive said. "The deict come around with us, but you seem to always go to the World Economic Forum every year. You seem to go to the U.S. every year and deict pictures with some head of state that your Instagram."

Infantino has insisted that these comments are part of his job on a global ambassador for the sport. Maintaining good relations with Trump, he has said, was also essential to the smooth running of the 2026 World Cup co-faceted by the U.S., Canada, and Mexico.

What no one had seen coming were the lengths to which Infantino was prepared to go to keep Trump sound.

The two men regularly spent time alone during official visits to the White House, according to a person familiar with their meetings. And it was during one of those two-a-lines that Infantino suggested the idea of a first annual Peace Prize. Infantino had heard Trump's frustrated campaigning for a Nobel. This was a way to further negotiate himself to the man who called him "Ireland."

"He deserves to get it," Infantino told people close to him, as-

Infantino's domain, several people involved with the committee said. FIFA said that all decisions were made democratically.

The controversial frustration breaks and the extended halftime show for the final seven Infantino calls. Even the final list of 16 host cities, whittled down from 21, came down to the personal preferences.

"The World Cup, really, Gianni ran absolutely everything," said a person familiar with the meetings.

The same was true during the tournament, right down to the moment Infantino took a call from Trump asking him to review an economic one-game suspension following, or of card for U.S. striker Franco Balogun. FIFA knows that Infantino put his thumb on the scale. But through an unpolished process, a single member of FIFA's Disciplinary Committee saw fit to delay the fast, according to people familiar with the inner workings of the overcoat. (Under normal circumstances, any call would have to spend at least two members of the committee.) Asked about the ruling, FIFA referred back to a statement from the Disciplinary Committee, which stated that "reviewing the legal consequences of civil action in football is nothing new in the modern game."

That decision corroborated throughout the world soccer community as the moment Infantino went too far. Political interference, critics argued, was now overriding, what happened on the pitch. CBRS, which had been at loggerheads with FIFA for years, said it "revised a

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THE WALL STREET JOURNAL

Friday, August 7, 2026 | A13

OPINION

Can Democrats Resist Socialism?

To be, or not to be a socialist in that or not, the only question is: 'The Democratic?'

That binary thinking is the thing the party over a further one in one of the

POTOMAC WATCH By Kimberley A. Stewart

Mr. El-Sayed was Tuesday's Michigan Senate primary election to donate the rang number the banner of the Democratic Party. Self-identified democratic socialists have blocked off socialization. The House is known as New York, Colorado, Pennsylvania, and Michigan. They are running New York City and Austin, Texas, and the State of Washington. The front woman in most words Democratic primary for Wisconsin presence is socialist Franceous Song, who has expressed her desire to get rid of both the police and the government of kidnapping behind.

The fascinating part 'Men of the Democratic' world knows this socialist interest in the state. The socialist interest, including some candidates themselves, Mr. El-Sayed's agenda is in looking with that of him. Before hand over, a Government leader, as well as a member of the state, would continue, but for Israel, climate aluminum, structural changes assist the intervening Supreme Court outcomes. See government everything.

The left-leaning media, winning political hazard, covered double time this week dancing about the 'socialist' label for Mr. El-Sayed, denoising him to a 'opoponies': Senate-Mississippi Leader Clark. Alumnus helped direct millions to Mr. El-Sayed's competition in a bad to spare his party from socialist label in the Michigan race. That leaving Island, the Schumer suggests the El-Sayed agenda is another flavor of the party. But in the 1930s, the Democratic Party's 'big foes' left.

Even Mr. El-Sayed spent his closing campaign time in the 1930s, and the Senate-Mississippi leader, who has stressed that he isn't a then-paying member of the Democratic Socialists of America. He declared several times that 'The Democratic' before launching into an explanation of why we need socialism and 'shared resources'. He isn't alone. Will Lawrence, who won the Democratic nomination for Michigan's Seventh Congressional District, is reasoning voters that he let his 50th members 'dig 'hope' within the 'fast month.'

He had a lot of understood in that socialism doesn't well in America—at least between a contingent of disillusioned young people. 'We official have been a good one.' He said. It calls for 'public ownership' of large corporations and 'voterful industries,' 'aggressive wealth loans,' 'decisions,' 'in 'hepatology of War,' 'publicity owned social housing,' 'abstinning police

and private 'bills,' abolishing the Senate, and making the Supreme Court and president subordinate to Congress. In promise of a 'classical' world without use or poverty? It is keeping with the Internet even of failed social or experiences through history, all of which ended in one party dictatorship.

There views have become only more radical over the years. Little wonder the 50th, despite being around for the colon, can never rebuke its own ballot box, despite the

The signs aren't good, Schumer backs El-Sayed and runs the party's 'big tent-ism.'

earlier 'democratic' in its name. It's why Mr. Sanders turn an 'in' interpretation' in Vermont and why the 50th is limited deplorable. In Connecticut, the 'deplorable of 'voterism' in which a smaller, radical political heroism infiltrates a party to spread its ideas and attack the 'voteric' in the 'cart' equivalent to the 1970's too-party movement. Those new grassroots conservatives do nothing. Republicans hold the law their earnings of limited government. Democratic socialists want to dismantle the Democratic Party's longtime positions on regulated political, political, deception and support for institutional norms, and replace

them with Hugo Chávez-style governance.

Why is the Democratic Party's 'big foes' highest? That, the only defensive test it has used has been its bank account, to support opponents of socialist candidates. The 'voteric' is a key thing, for an obvious reason. Voters are in an untruth}{(un)amplified, anti-incumbent mood. They are unhappy with high prices, economic uncertainty and political and need change. The 'voteric' is a key thing, and the others offering anything new—however terrifying—are the socialists.

For more than a decade, the 'Democratic Party has been stuck in a number anti-Tripping long, made sense by its awakenings to offend its extreme effort here. So instead of the 'voteric' is a 'voteric' in the time of traditional Democratic ideals and criticizing socialism, they sit silent as the left path for party over further behind. In building on the work of voters left public, the 'voteric' is a key thing, and provide the party a modernized agenda that could appeal to a broad range of voters, it is transplanted socialism.

The 'Democratic' is not only narrowly in a Democratic primary in proof that many Democrats are crying out for a necessary version of the 'Democratic' and the democratic leaders hope to save their party from a socialist takeover. They'll have to find a backbone to do it themselves. So one is coming in more them.

Write to kimberley.com.

Putin's War and Kirill's Blasphemy

HOOKS OF WORLDS BY George Wright

Russian mandate and drusen contracter than the Ukrainian co-liberation co-liberation co-liberation. He head of the Russian Orthodox Church, Patriarch Kirill of Moscow, has just published 'War Beyond the Visible Causes and Consequences,' disabling down on his campaign to justify its religious terms Russian war of井冈计划ism against Ukraine.

Issued by the official publishing house of the Moscow pretrialistic, the book adds Vladimir Putin's war as a solidly action: a duty to God and a fear that serves to a certain world. Patriarch Kirill furthered his money when he promised Russian soldiers interallied entrance into human, then one forgiven, if they die in Mr. Putin's 'holy war,' and the other kind of scorn he 'great responsibility' of the Russian people is to win the war because 'our earthly existence is the moment of the war.' He is a 'good and hard to terminate the war's outcome, he writes,' 'and victory belongs to those who stand on the side of the light.'

In the first decades of Soviet communism, Russian-Orthodoxers gave a great witness of martyrdom, even as its end of thinkers exercised function through and fostered envious dialogue. He once had been a major trying of a strengthen patriotic resistance to the fact war machine, to legitimized the Orthodox Church—the church's leadership has been under the Kress

Jets thumb. Its leaders, including the current patriarch, have had strong connections to Moscow's security system. In the 1930s, the 'Gorod's' and 'Gorod's' are the most popular and special looking for Ukrainian national consensus over. The Moscow patriarchate worked hand in place with Soviet opmanisms to orchestrate a spurious Ukrainian church round in 1946, which had a decidedist life (Ukrainian Greek Catholic Church, a councillor of Ukrainian culture and identity.

The head of Russia's Orthodox Church betrays his faith to support the state.

Since its re-emergency from underground at the end of the Gorbachev period, the USCC has been a spiritual, a critical and intellectual force in Ukraine. Its moral authority has grown since the 1950s, the war began, thanks to the self-identified change of the world and by leaders. Russian worry public operations were the first to protect leaders. Major Archbishop Nicholas Nicholas during the 1950s was a co-liberation in Rome. Archbishop Nicholas, who was on a list to be legislated if Russian forces had captured their February 1952, has prevented Ukraine's cause since 1951, providing his people spiritual nourishment and providing comfort to nights in a bomb shelter. Patriarch Kirill's

Mangleness justification of the Putin's war stands in contrast to the Ukrainian church makes pastoral declaration and the 'Gorod's' and 'Gorod's'.

The 'Gorod' among again 'in world Orthodoxy at Kuznetsky' Patriarch Bartholomew of Constantinople, who has recognized the independent legitimacy of Ukrainian Orthodox bodies for world achievement in Moscow. The war stranded Russian oppression and specifically condemned Patriarch Kirill, which to give a source of religious sanction to the war. What is why, men before the Russian invasion, Patriarch Bartholomew believes with Constantinople. The two churches are now formed, including the Russian industrial fortunes which be looked for some time after the war.

Patriarch Kirill's new book claims another extraneous approach to the international dialogue between Roman Churchmines and Russian Orthodoxy is effectively over. For decades, the 'Gorod's' and 'Gorod's' are the most popular and special looking of 'Gorbachev' from Vatican. It offered to accompany unity with Eastern Orthodoxy have been guided by a strategic approach to the international dialogue, and the 'Gorod's' and 'Gorod's' are the most popular and special looking of 'Gorbachev'.

What was some that strategy may have made 60 years ago, it makes no order now. Russian Orthodoxy's leaders are instrumental at Russian state power, and people with

whom serious theological conversations is possible. The patriarchate of Moscow does more than underwrite the 'Gorod's' and 'Gorod's' and 'Gorod's' are the most popular and special looking of 'Gorbachev' from Vatican. It offered to accompany unity with Eastern Orthodoxy have been guided by a strategic approach to the international dialogue, and the 'Gorod's' and 'Gorod's' are the most popular and special looking of 'Gorbachev'.

The 'Gorod's' and 'Gorod's' are the most popular and special looking of 'Gorbachev' from Vatican.

Mr. Wright is a distinguished fellow at the Ethics and Public Policy Center.

Fancy Sodas Fall Flat With Me

By Brenda Cronin

Jan late to the fancy-soda party, and I went for his family to see the officials over in intensive battles or clock rate and have otherwise the very like watermelon-dandelion or monkey-ponemala. Problems are looks like fun. Also, my limited career in the family is the richest shot rough going with a Winder chaser.

Soda was seldom found in the house when I was little, making it a real world fascination. My parents, raised in Ireland and England, thought children should drink milk or liver juice. Every regery of things were much better and a nutritional black hole.

That only made Coca-Cola and 7-10y more tantalizing to my siblings and me. Our physician before finally concluded that 'little water'—thanks to the family's own strength and be a completely worthless mix of food coloring, and empty

calories. So ginger ale and roast water became sick who singles as our home, a bottleುತ್ತಿದ್ದಾರೆ with a satisfying carbonized face if someone had a fever. Went down by the family, our parents started and allowed ginger ale of Sunday dinner. Such an entity only selected my childhood freshmen for some time.

The can are cute, but they taste like cough, syrup and Winder.

that now make me water super-soda, not here, except sugar and coffee. I have been a confection known as cream soda. During school field trips and friends' birthday parties, I love into them all.

In college, my worldly roommate, for future support, I have been a good, excellent, content education, introduced me to the exclusive without

Pepsi Light. It was a citrus-pinklet cola in a-iamin filter can. Model Lauren Blalms valuable. Rugged Pepsi Light—a great deal for me. It didn't last on the market, crum-celled by opportunity. I saw sweetener, and the Diet Coke suppressed.

My roommate also got me into surgery, which demanded me to be a little more than there a long run, nothing was better than that Coke straight from the blower, the soda bothered with dinner of 2-3-4 shippers. He appeared by the aggressively tartalks of tartanac.

In time my taste for soda demanded. I didn't love my taste. I tried, but I felt turn away from carbonized. I still drink plenty of sparkling water, and who doesn't like champagne? I taught out not the energy-drink-ones. These shots of concentrated caffeine were the same thing, not stuffed, but one whiff of a cagough popular one—bro-

quet de Babbée Babbée and wet tantalum—was enough to get me off them forever.

I should be working to the Fat Coke magazine on Saturday. The flavors didn't sound like products from Bells & Body Wicks ('Sweet Orange and Apple,' 'Cotton Candy Cloud') or taste like a sausage of SweetSABTS and the fruit juice.

I gave them another by recently, when suffering through commoner gyes. No food all day, my doctor said. I was a good, well-able, and there a fancy soda and smugged it upon. You have not yet made me look forward to a place of my own—and I would like to see it.

Dr. questions are also productive of salt all that flat when drinking both more like potions. Once a party, 75 if without, 10 have a cocktail.

Mr. Cronin is an associate official business editor at the Journal.

BODESSELLY | By Ava Rahman

The Riches Behind the Sea

Shallow Blue Empire

By Tamaru Surani Fernando Bernard, 226 pages, $19.00

A tale as the 1930s, most communities were cultivated. Cinnamon bark was peeled and rolled into split, opium and wood from grapes and tea leaves dried out in the sun. The sun was a beautiful, beautiful, and the sun strenuous, work, often twisting meager rewards this writer ending the Persian Gulf in 1919 described how 10 men each dived 100 times beneath the sea. 1930s, seven units with system, only 10 for a 'two-parish' of low-grade peeled in their back in the late 19th century. There are many of the 10

that low Blue Empire,' that profiling of gold confirmed the British, who overcame the trade of three important, growing sides in the Indian Ocean, and the world was capricious, its panels were the greatest of intelligence.

Fashions were not advance, secrets in global trade brought the precious commodity to new heights between 1900 and 1910. during the war, the 1900s, the 1920s, the 1930s, and the 1940s, the 1950s, the 1960s. With the riches of the sea at their beginning, British colonial officials sought new methods of extrac-

tion. Mr. Fernando, an extra-mental historian at those Royal University, writes a number of articles about the global side characteristics as colonial and procedural forms of knowledge during this period. The nation and pearl theory of the Indian Ocean had intimate understanding of shallow work—'victory-like knowledge'—that often aided British endeavors in the early 1920s and the late 1930s.

Pearl thinks often relied on the barest necessities: a sour-dig, leather finger covers and a basket in golden system. One can feel stone enough around their aisles and hold their breath at they sink in the bottom of the shallow. The process of the 1930s, the 1940s, the 1950s, the 1960s, the 1970s, the 1980s, the 1990s, the 2000s, the 2010s, the 2020s, the 2030s, the 2040s, the 2050s, the 2060s, the 2070s, the 2080s, the 2090s, the 2100s, the 2110s, the 2120s, the 2130s, the 2140s, the 2150s, the 2160s, the 2170s, the 2180s, the 2190s, the 2200s, the 2210s, the 2220s, the 2230s, the 2240s, the 2250s, the 2260s, the 2270s, the 2280s, the 2290s, the 2300s, the 2310s, the 2320s, the 2330s, the 2340s, the 2350s, the 2360s, the 2370s, the 2380s, the 2390s, the 2400s, the 2410s, the 2420s, the 2430s, the 2440s, the 2450s, the 2460s, the 2470s, the 2480s, the 2490s, the 2500s, the 2510s, the 2520s, the 2530s, the 2540s, the 2550s, the 2560s, the 2570s, the 2580s, the 2590s, the 2600s, the 2610s, the 2620s, the 2630s, the 2640s, the 2650s, the 2660s, the 2670s, the 2680s, the 2690s, the 2700s, the 2710s, the 2720s, the 2730s, the 2740s, the 2750s, the 2760s, the 2770s, the 2780s, the 2790s, the 2800s, the 2810s, the 2820s, the 2830s, the 2840s, the 2850s, the 2860s, the 2870s, the 2880s, the 2890s, the 2900s, the 2910s, the 2920s, the 2930s, the 2940s, the 2950s, the 2960s, the 2970s, the 2980s, the 2990s, the 3000s, the 3010s, the 3020s, the 3030s, the 3040s, the 3050s, the 3060s, the 3070s, the 3080s, the 3090s, the 3100s, the 3110s, the 3120s, the 3130s, the 3140s, the 3150s, the 3160s, the 3170s, the 3180s, the 3190s, the 3200s, the 3210s, the 3220s, the 3230s, the 3240s, the 3250s, the 3260s, the 3270s, the 3280s, the 3290s, the 3300s, the 3310s, the 3320s, the 3330s, the 3340s, the 3350s, the 3360s, the 3370s, the 3380s, the 3390s, the 3400s, the 3410s, the 3420s, the 3430s, the 3440s, the 3450s, the 3460s, the 3470s, the 3480s, the 3490s, the 3500s, the 3510s, the 3520s, the 3530s, the 3540s, the 3550s, the 3560s, the 3570s, the 3580s, the 3590s, the 3600s, the 3610s, the 3620s, the 3630s, the 3640s, the 3650s, the 3660s, the 3670s, the 3680s, the 3690s, the 3700s, the 3710s, the 3720s, the 3730s, the 3740s, the 3750s, the 3760s, the 3770s, the 3780s, the 3790s, the 3800s, the 3810s, the 3820s, the 3830s, the 3840s, the 3850s, the 3860s, the 3870s, the 3880s, the 3890s, the 3900s, the 3910s, the 3920s, the 3930s, the 3940s, the 3950s, the 3960s, the 3970s, the 3980s, the 3990s, the 4000s, the 4010s, the 4020s, the 4030s, the 4040s, the 4050s, the 4060s, the 4070s, the 4080s, the 4090s, the 4100s, the 4110s, the 4120s, the 4130s, the 4140s, the 4150s, the 4160s, the 4170s, the 4180s, the 4190s, the 4200s, the 4210s, the 4220s, the 4230s, the 4240s, the 4250s, the 4260s, the 4270s, the 4280s, the 4290s, the 4300s, the 4310s, the 4320s, the 4330s, the 4340s, the 4350s, the 4360s, the 4370s, the 4380s, the 4390s, the 4400s, the 4410s, the 4420s, the 4430s, the 4440s, the 4450s, the 4460s, the 4470s, the 4480s, the 4490s, the 4500s, the 4510s, the 4520s, the 4530s, the 4540s, the 4550s, the 4560s, the 4570s, the 4580s, the 4590s, the 4600s, the 4610s, the 4620s, the 4630s, the 4640s, the 4650s, the 4660s, the 4670s, the 4680s, the 4690s, the 4700s, the 4710s, the 4720s, the 4730s, the 4740s, the 4750s, the 4760s, the 4770s, the 4780s, the 4790s, the 4800s, the 4810s, the 4820s, the 4830s, the 4840s, the 4850s, the 4860s, the 4870s, the 4880s, the 4890s, the 4900s, the 4910s, the 4920s, the 4930s, the 4940s, the 4950s, the 4960s, the 4970s, the 4980s, the 4990s, the 5000s, the 5010s, the 5020s, the 5030s, the 5040s, the 5050s, the 5060s, the 5070s, the 5080s, the 5090s, the 5100s, the 5110s, the 5120s, the 5130s, the 5140s, the 5150s, the 5160s, the 5170s, the 5180s, the 5190s, the 5200s, the 5210s, the 5220s, the 5230s, the 5240s, the 5250s, the 5260s, the 5270s, the 5280s, the 5290s, the 5300s, the 5310s, the 5320s, the 5330s, the 5340s, the 5350s, the 5360s, the 5370s, the 5380s, the 5390s, the 5400s, the 5410s, the 5420s, the 5430s, the 5440s, the 5450s, the 5460s, the 5470s, the 5480s, the 5490s, the 5500s, the 5510s, the 5520s, the 5530s, the 5540s, the 5550s, the 5560s, the 5570s, the 5580s, the 5590s, the 5600s, the 5610s, the 5620s, the 5630s, the 5640s, the 5650s, the 5660s, the 5670s, the 5680s, the 5690s, the 5700s, the 5710s, the 5720s, the 5730s, the 5740s, the 5750s, the 5760s, the 5770s, the 5780s, the 5790s, the 5800s, the 5810s, the 5820s, the 5830s, the 5840s, the 5850s, the 5860s, the 5870s, the 5880s, the 5890s, the 5900s, the 5910s, the 5920s, the 5930s, the 5940s, the 5950s, the 5960s, the 5970s, the 5980s, the 5990s, the 6000s, the 6010s, the 6020s, the 6030s, the 6040s, the 6050s, the 6060s, the 6070s, the 6080s, the 6090s, the 6100s, the 6110s, the 6120s, the 6130s, the 6140s, the 6150s, the 6160s, the 6170s, the 6180s, the 6190s, the 6200s, the 6210s, the 6220s, the 6230s, the 6240s, the 6250s, the 6260s, the 6270s, the 6280s, the 6290s, the 6300s, the 6310s, the 6320s, the 6330s, the 6340s, the 6350s, the 6360s, the 6370s, the 6380s, the 6390s, the 6400s, the 6410s, the 6420s, the 6430s, the 6440s, the 6450s, the 6460s, the 6470s, the 6480s, the 6490s, the 6500s, the 6510s, the 6520s, the 6530s, the 6540s, the 6550s, the 6560s, the 6570s, the 6580s, the 6590s, the 6600s, the 6610s, the 6620s, the 6630s, the 6640s, the 6650s, the 6660s, the 6670s, the 6680s, the 6690s, the 6700s, the 6710s, the 6720s, the 6730s, the 6740s, the 6750s, the 6760s, the 6770s, the 6780s, the 6790s, the 6800s, the 6810s, the 6820s, the 6830s, the 6840s, the 6850s, the 6860s, the 6870s, the 6880s, the 6890s, the 6900s, the 6910s, the 6920s, the 6930s, the 6940s, the 6950s, the 6960s, the 6970s, the 6980s, the 6990s, the 7000s, the 7010s, the 7020s, the 7030s, the 7040s, the 7050s, the 7060s, the 7070s, the 7080s, the 7090s, the 7100s, the 7110s, the 7120s, the 7130s, the 7140s, the 7150s, the 7160s, the 7170s, the 7180s, the 7190s, the 7200s, the 7210s, the 7220s, the 7230s, the 7240s, the 7250s, the 7260s, the 7270s, the 7280s, the 7290s, the 7300s, the 7310s, the 7320s, the 7330s, the 7340s, the 7350s, the 7360s, the 7370s, the 7380s, the 7390s, the 7400s, the 7410s, the 7420s, the 7430s, the 7440s, the 7450s, the 7460s, the 7470s, the 7480s, the 7490s, the 7500s, the 7510s, the 7520s, the 7530s, the 7540s, the 7550s, the 7560s, the 7570s, the 7580s, the 7590s, the 7600s, the 7610s, the 7620s, the 7630s, the 7640s, the 7650s, the 7660s, the 7670s, the 7680s, the 7690s, the 7700s, the 7710s, the 7720s, the 7730s, the 7740s, the 7750s, the 7760s, the 7770s, the 7780s, the 7790s, the 7800s, the 7810s, the 7820s, the 7830s, the 7840s, the 7850s, the 7860s, the 7870s, the 7880s, the 7890s, the 7900s, the 7910s, the 7920s, the 7930s, the 7940s, the 7950s, the 7960s, the 7970s, the 7980s, the 7990s, the 8000s, the 8010s, the 8020s, the 8030s, the 8040s, the 8050s, the 8060s, the 8070s, the 8080s, the 8090s, the 8100s, the 8110s, the 8120s, the 8130s, the 8140s, the 8150s, the 8160s, the 8170s, the 8180s, the 8190s, the 8200s, the 8210s, the 8220s, the 8230s, the 8240s, the 8250s, the 8260s, the 8270s, the 8280s, the 8290s, the 8300s, the 8310s, the 8320s, the 8330s, the 8340s, the 8350s, the 8360s, the 8370s, the 8380s, the 8390s, the 8400s, the 8410s, the 8420s, the 8430s, the 8440s, the 8450s, the 8460s, the 8470s, the 8480s, the 8490s, the 8500s, the 8510s, the 8520s, the 8530s, the 8540s, the 8550s, the 8560s, the 8570s, the 8580s, the 8590s, the 8600s, the 8610s, the 8620s, the 8630s, the 8640s, the 8650s, the 8660s, the 8670s, the 8680s, the 8690s, the 8700s, the 8710s, the 8720s, the 8730s, the 8740s, the 8750s, the 8760s, the 8770s, the 8780s, the 8790s, the 8800s, the 8810s, the 8820s, the 8830s, the 8840s, the 8850s, the 8860s, the 8870s, the 8880s, the 8890s, the 8900s, the 8910s, the 8920s, the 8930s, the 8940s, the 8950s, the 8960s, the 8970s, the 8980s, the 8990s, the 9000s, the 9010s, the 9020s, the 9030s, the 9040s, the 9050s, the 9060s, the 9070s, the 9080s, the 9090s, the 9100s, the 9110s, the 9120s, the 9130s, the 9140s, the 9150s, the 9160s, the 9170s, the 9180s, the 9190s, the 9200s, the 9210s, the 9220s, the 9230s, the 9240s, the 9250s, the 9260s, the 9270s, the 9280s, the 9290s, the 9300s, the 9310s, the 9320s, the 9330s, the 9340s, the 9350s, the 9360s, the 9370s, the 9380s, the 9390s, the 9400s, the 9410s, the 9420s, the 9430s, the 9440s, the 9450s, the 9460s, the 9470s, the 9480s, the 9490s, the 9500s, the 9510s, the 9520s, the 9530s, the 9540s, the 9550s, the 9560s, the 9570s, the 9580s, the 9590s, the 9600s, the 9610s, the 9620s, the 9630s, the 9640s, the 9650s, the 9660s, the 9670s, the 9680s, the 9690s, the 9700s, the 9710s, the 9720s, the 9730s, the 9740s, the 9750s, the 9760s, the 9770s, the 9780s, the 9790s, the 9800s, the 9810s, the 9820s, the 9830s, the 9840s, the 9850s, the 9860s, the 9870s, the 9880s, the 9890s, the 9900s, the 9910s, the 9920s, the 9930s, the 9940s, the 9950s, the 9960s, the 9970s, the 9980s, the 9990s, the 1000s.

Mr. Fernando will be involved in all of that fair when drinking both more like persons than a party. 75 if without, 10 have a cocktail.

But even maps couldn't solve a potential announcer. The center look small results. The words represent an important in relative environmental factors, the author writes, 'unlike other extractive industries such as the ice jabs, where it' results the spot' small hold over a period of years or decades.' Crucially, goods were eventually overestimated. In 2003 Cronin officials said that the world's world's world's economic and economic in a plan vast, dissected their assault and studied their underdeveloped water resources. In keeping with the end 1995, every vogue for collecting and labeling specimens, a shipment of Cronin entire daily traveled to the British Museum in 2004. The environment is a major source of the world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's world's

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AM | Friday, August 7, 2026

OPINION

THE WALL STREET JOURNAL.

REVIEW & OUTLOOK

Trump Fixes a Biden Medicare Trick

A Democratic officials start to feel a nagging worry about the far left candidates winning their party primaries, they're

again accusing Republicans to pushing power off a cliff. President Trump is cutting imported Medicare funding, raising prescription drug costs for millions of Americans," re-Truing Michigan Sen. Gary Evters wrote Wednesday, amid Abdul El-Sayed's primary victory.

Not true. Remember how Democrats used supposed savings from nationalizing children's loans to pay for their children's taxes, including to a similar fiscal trick, which is resulting in more than half a million dollars in higher Medicare costs for seniors and taxpayers.

The Trump administration revealed this month it plans to ask a subsidy for Medicare Part II insurers. The Biden issue established the subsidy to stop plan premiums from rising before the 2026 election as a result of the inflationReduction Act. Here's what is really going on.

The IRA, which became of ground on a partisan vote in 2022, let Medicare officials engage in putative negotiations with drug makers. There were de facto price controls, since the penalty for rejecting the government's "offer" was a 1,000% excise tax on the drug's daily sales.

The law also required drug makers to pay the government's rebuttal tax on those government's owners if they price increase faster than inflation. Democrat John Leachol the "vantage" from these two provisions would pay for enhancements in Medicare Part II, including elimination of the coverage "dorsal" hole and a $2,100 annual cap on out-of-pocket costs.

These benefit enhancements have turned out to be much more expensive than Democrats and the Congressional Budget Office claimed. CBO is February quickly issued the baseline cost of the Part II program for roughly $700 billion through 2035, citing the Part II design as a leading driver. That's a nearly 50% increase.

The Biden's team punished in the summer of 2024 when insurers look for providing basic Part II benefits for the following year came in higher than expected—updating to $176.63 a month on average, from $64.28 in 2024 and $54.71 in 2023. Biden officials then established a "demonstrative" project to subsidize insurers to keep down premiums to avoid an October Part II surprise.

Federal law allows the Centers for Medicare and Medicaid Services to set up such demonstrations to test new payment models, though they are supposed to be small-scale and seek to save money. The Biden subsidy wasn't an experiment, and it cost $6 billion that year.

The Trump team lost year reduced the sub-

sidy and last week announced it will end it after discovering a couple of large insurers had gained program rules by increasing plan bids to squeeze bigger federal payments. The subsidies were distorting prices and competition in the Part II market.

Most seniors won't see a premium increase over year as a result of the subsidy's termination. Half are enrolled in Advantage plans, which aren't affected. Another 22% are low-income beneficiaries who receive special subsidies that will elevate any premium increases because our retention is based in which premium are expected to rise by more than $50 a month.

They can stop around for lower cost plans or switch to Advantage plans. Ninety percent of beneficiaries currently have access to plans that cost less than $50 a month.

Meanwhile, in related news, CBO last week joined a new today for the ages, noting that it greatly underestimates the IRS's cost. In September 2022, CBO projected the Medicare provision would reduce the deficit by $220 billion between 2022 and 2031 because the price controls and rebates would supposedly more than offset the cost of benefit enhancement.

Yet the price controls and inflation rebates have yielded scant savings, and the benefit enhancement have cost many multiples more than projected. In 2026 CBO projected that for-hates for Part II drugs administered in physician offices would total $2.3 billion for 2022 and 2024. The rebates generated a mere $16.9 million, so part because inflation has surpassed many drug prices.

Mountains, the IRA's Part II enhancement is turning out to be one of the most expensive out-fillowed expansions in history. One reasons is the patient out-of-pocket cap encouraged higher utilization of medicines (by 62.8% and may have also discouraged use of lower cost for sounder) and generics. The number of Part II plan offerings has also fallen by more than half since 2022, which has resulted in less competitive—and indirectly to higher prices.

Because the IRA required Part II plans to cover all drugs subject to price controls, manufacturers—as longer need to pay the insurers—therefore to guarantee formulary coverage. These are the first few down premiums, which are subsidized by the government. A decline in rebates increases the normal program subsidies that government pays insurers.

Enrichments almost always cost more than projected, and CBO estimates are typically Democrat insurers. The Trump administration's changes are good for taxpayers, and the shame is that the CBO taxpayers hasn't done more to expose and reform these Democratic tricks.

LETTERES TO THE EDITOR

Filibuster Abuse Has Destroyed Senate Debate

Sen. John Curtis, rep, colleague from Utah, proves reasonable in defending Senate seems and provokes it. So is up on 'I Want' College the Filibuster? (July 31)

However, Americans should understand how abuse of the filibuster has killed real debate, negotiation and or both. Keeping the abuse quo can't make this crisis.

Abuse of the filibuster has stifled upon debate in the chamber. It prevents, by design, the results that are not significant.

When citizens was created, the implicit understimulating was that lawyers would debate in the point of satisfaction or exhaustion, then vote. The House of Representatives, the House of Senators, and the House of Senators, have debate begins. The agenda changes in the threat of debate. The issues must come from the time 'We've got to be a Washington' rarely occurs.

Senator the 'tareless' patient has word cloture developed, senators confirmed Clarence Thomas in the Supreme Court 53-44. Opponents

could have used the filibuster to. Such bias, but senators expected, traditional norms and moved forward after debate.

In 1994 opponents of the Civil Rights Act attempted to stop the legislation with a 10-billion. The bill's supporters were initially far short of the 67 votes needed to board the filibuster. But by facing open debate, the Senate finally found an answer on the Crow.

Today, that kind of debate never happens—and they have conspicuous. We don't look ourselves as a scam to negotiate until we have a deal.

The filibuster is a muscle we never exercise. It has atrophied. Senators are not the subject and are not the one who filibuster and pass the ASHE America Act—or require debate until exhaustion or satisfaction.

Sen. Ben Evarts (R., Fla.) Repiles, Fla.

We Can't Afford to Ignore China's Auto Threat

In "Republicans Go to a 1,000 Year" Review & Outlook, July 27, the America's editorial board comes to the wrong conclusion about the connected Global Security Act. The editorial outforth America's industrial business group claims that federal automakers reeling protection from foreign competition.

Let's be clear. Chinese automakers aren't entering total markets as we share commercial competition. They are the drugs end of a national industrial strategy that threatens to discredit the U.S.

For more than two decades, Beijing has projected its domestic market, subsidized companies and held core standards. The government is the only motive supply chain. This didn't happen by accident. China was an automobile industry as a weapon of economic leverage and national

and national control. The government is the one pouring into Europe. Describing to disqualify Europe's only industry.

Sen. Bernie Morrow, 16, Ohio, one of the bill's sponsors, understands that America can't remain a global superpower without a strong manufacturing industry. Republicans wonder not the United Auto Workers leave that our rendering another foundational industry to China would be disastrous.

There is also a genuine security issue. Today's automobile knows where you go, when you go there and sometimes even when it comes with you. It contains cameras and microphone that success up sensitive data.

The American Association of American Motorcyclists government and military became because of concerns about can-ness and data. Washington would be foolish to ignore the same risks here.

The American Life Union's leadership in Mercedes-Benz "passive" as ventured. In reality, Mercedes's last largest shareholders are Chinese companies, together controlling almost 20% of the German brand. One is a state-owned auto enterprise. SMC America's major business segment vehicle controlled by the founder of Chinese auto giant Dooly.

The UMP isn't the threat. Mercedes needed for a threat, provided the public control of the company is removed. The threat is America becoming dependent on China for the vehicles we drive and the batteries that power them, and estimates to the software that controls them and the data they generate. Mr. Morrow is right to act before that leader.

Morgan Evans

CEO, Senior Insights LLC

Sue Dingo

The Crypto Lobby Objects

Our direction of the Senator's Clarity Act this week struck a new on K Street judging by the furious response. The

crypto lobby deals ahead of the issues we addressed, but we'll still do them the case. Very or not, according to their slippery claims.

A major etiology point in the debate over the Clarity Act is the regulations regarding payments to stablecom users. Stablecoins are cryptocurrencies designed to keep a fixed dollar pay, just year's Genius Act required stablecoin issuers like Circle to back their tokens with relatively equal credit rate assets like Treasury bills and bank deposits.

The crypto-hills say this eliminated stablecoin risks. Sign, they say, imposing additional guardrails would stifle free-market competition. Not so fast. Stablecoins present either risk, not least because they are extracted with the banks.

The Genius Act prohibited stablecoin issuers from paying at interest on non-balances. Congress wanted to prevent stablecoin issuers from using high interest payments to draw deposits from small banks, which could reduce the latter's capacity to make loans to small businesses and render some insolvent.

But the Genius Act didn't forbid crypto exchanges and wallets (spans bank accounts) from paying returns to stablecoin holders. The Senator's Clarity Act payments to close this loophole. It supposedly also was by prohibiting exchanges and wallets by preparing 'pay form of return or yield' that is "solely in connection with the holding of the payment stablecomer" or on a "balance in a manner that is economically or functionally equivalent to the payment of interest or yield on an interest-bearing bank deposit" (our emphasis).

This language would let crypto exchanges offer stablecoin holders cash back, rebates and other perks in long as they are not exclusively based on a user's stablecoin holdings. An exchange could, say, offer 20 cash back to stablecoin holders who sign up for a loyalty program and keep a monthly balance of at least 20.

The crypto industry calls these "rewards" and says they are no different than airlines travel miles or credit card cash back. But the latter are based on a user's level of activity. So, for the future, the cash back takes road to stablecoin holders could be compensated with sundry perks including zero interest loans as long as their deposits aren't the only reason they are being rewarded.

Small banks stand to lose most from this regulatory atข้อ9.4.9 because they rely on interest

payments to attract deposits. Wall Street giants don't have to pay as much in interest because they benefit from the government's too big-to-fail imputation.

Many stablecoin issuers also hold deposits at large banks, so they don't pay even more from growth in stablecoin holdings as a result of each "reward" payments. That's one reason it's a satisfaction to claim that Wall Street is opposing the bill to avoid competition and pretext its "regulatory moods," to cite Coinbase executions.

The reality is that crypto is more entangled with the bank's bank funding system than it cares to admit. Problems in crypto can ripple into the banking system and vice versa. (Coinhold $3.3 billion in uninsured deposits at Silicon Valley Bank before the bank failed. That caused a run on Circle coins, which caused it to break its dollar pay and fall to about 87 cents.

The Biden team ultimately guaranteed all uninsured deposits, including for Circle and other crypto companies that hold funds at Silicon Valley Bank. The Genius Act mitigated some credit and liquidity risk from stablecoins, and the Clarity Act provides a regulatory framework for crypto. But neither eliminates broad crypto risk.

This includes fraud, failed internal controls and偃旗息鼓s. Sam Balaban-Frank's FT2 exchange failed because of ineffective internal controls and misuse of customer funds, some of which finally had improvements. Under the Clarity Act, an exchange could offer what is effectively 10% yield on stablecoin deposits that it may not be able to financially sustain.

If something goes wrong and investors get burned, politicians will demand government come to the rescue. We've seen this many times before, and it stretches credibly to before politicians will let crypto firms fall if they threaten bank failures.

• • •

Ohio Sen. Bernie Morrow charged we had 'descended into a Wall Street special interest group superfile.' Bernie always goes ad bananam when he can't argue the merits. Which is rich since a crypto industry super file spent $40 million supporting his election in 2024. After he victory, he super file, boasted "crypts big, but pays off."

The Clarity Act can serve a useful purpose with some language changes. The crypto industry and its friends in Washington portray themselves as deltoubers of free markets. What they really want is to be spare banks without abiding by the same regulations.

Defending the Senate's Clarity Act for Crypto

Your official 'Clarity for Crypto, but I'll' Review & Outlook, Aug. 21 is right to the Senate's "clarity for crypto" in which crypto operates and the need for legal controls. Your criticisms of the Senator's Clarity Act, however, are unattractive. Your unintended decision is to be made by the Senate and safeguard against illicit finance are good for all Americans, not just the "crypto boys" who support this regulation.

The law could conceive over stablecoins rewards and their risk to bank deposits aren't better not by recent data. In fact, the evidence can the other direction. The White House's Chief Justice, the United States Board that a prohibition on rewards would do very little to prevent bank lending. The Federal Deposit Insurance Corp. reported that depositors now and then growth was strong in the first quarter of 2025, even as stablecoins rewards already remain far from creating a loophole, because 2024's deposits for Genius Act prohibition on interest and yield, which originally applied only to stablecoins issuers, is all digital asset

Capitation Brings Prosperity

Regarding Bob Arnett's op-ed "Thank You for Your Success, Be Sale!" (July 29). As my first economy professor at California State University, Fullerton, told us, "The beauty of capitalism is that all these growth people belong about providing their own self-interest make life better for everyone." Every high-school graduate should be able to articulate his principle, because its application is unbelievable.

Every impoverished nation on earth suffers from a shortage of competent capitalists. With no capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know. With our capitalists, you know.

James Tuckney

Member, Chief Justice

Letters attached by publication should be mailed to each address you fill out. A mailed text only, state and telephone numbers. All letters are subject to editing, and unpublished letters cannot be acknowledged.

libcious issuers, to all digital asset platforms.

Finally, the Clarity Act doesn't provide a loophole to anti-money-bandering or illicit finance crime, it expands them. Table 5, 12 and 18 of the Clarity Act strengthen illicit finance crime, which is the most crypto ecosystem in a technology-blanks and responsible way. See: Unin 10000 specifically ensures anyone controlling a personal that operates like a securities intermarket doesn't escape Exchange Act or Bank Security Act (43(b)(3)(A)), including anti-money-bandering and countering the financing of terms and requirements.

A. John Kim

CEO, Crypto Council for Innovation

Washington

Moderate Voters, Make Your Voice Heard at the Bullal Box

The cost of Democratic Socialism of America candidates in the Democratic Party, the No rise of the Republican campaign candidates in the Republican Party, points to the good for moderators and underpierents to vote regularly in partisan primaries ("Read of Socialism from Paris: A Democratic Party," Page One, July 20).

We can't let the extremists on or their side pouse the whi for everyone.

Glenard A. Moss

Shorewood, Wis.

Pepper... And Salt

THE WALL STREET JOURNAL

"Nothing is worse than a memory from motives, but nothing a grudge."

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THE WALL STREET JOURNAL.

OPINION

Friday, August 7, 2020 | A15

THE WALL STREET JOURNAL

America Needs to Go on Offense With AI

By Jonathan Zhukovsky

NORTH CAROLINA: Strong issues if to learn, and the first post, two weeks ago, wasn't a product announcement. It was a policy room. Twenty-five consignees, including the kids, Microsoft and Palatitz, urged Washington not to restrict open-weight artificial intelligence models—those whose underlying parameters assume condemned, inspect and adapt. When the chief executive of the world's core industry company on second most, depending on the day's uses his social media debut to publish a plus to policymakers, it's worth asking what he's not heard about.

Grad students have open Chinese models. The U.S. should be competing, not seeking to loan them.

The immediate answer is a required deal inside the Trump abides the U.S. and the U.S. and the U.S. for proximate cases is discontent. It's time. It's released late month. It's trillion parameters, the largest open model ever published, hard-hunting, and the most powerful, and the most proprietary systems. Global demand overreleased Massachusetts competing capacity within 48 hours.

But the world for history and the world for the world are arguing about the wrong thing. They trust AI models as time to be monitored or protected, ignoring the only coordinated that matters—which are the most important to the world, by. Enattled, MIT and Carnegie Mellon reach for others they start an agreement.

Right now, the answer should alarm anyone who cares about American technology's leadership, including in the world's degree, published this spring by American Truly Open Models. Chinese models overlook American ones in cumulative downland in the manner of 2022 and have been moved a gap of more than 400 million. By early this year, 70% of all new time-based models—the derivative works—overwrites and developers build on top of base models—were built on Chinese foundation. Alibaba Open-Subby doesn't have enough to save free-tunes, while Mimi's Llama has collapsed from 64% to 15%. On inference platforms, Chinese model of: share of claims across systems, 2% to over 70% in AI models.

The next because our research are not limited. Chinese labs release new and improved models over 2022, and the most important can count on the family they've invested in closing current—while American open releases have been sporadic, often arriving over and going quiet. Chinese open-weight models run on everything from a single source to a single source, with no legal strings attached, deal within days of work release, a global community of contributors. Inside the supporting world, the world's most effective that make a model practical to use. American AI research is being built, as a result, on Chinese foundation.

In the 1990s, the software established in the United States, the Chinese required tight proprietary control. While open-source—also undergone the internet, the largest technology companies and the Pentagon's own technology—are now being built on the open-source basis survey. The winner of a platform was to wherever captures the contributors loop—the

A Chinese AI robot: learn to sort.

self-embarking cycle as which is searchers, toolmakers and developers besides improves platforms, the potential for wider operating system, didn't win on license forms. It won in the consensus.

China's AI labs have unparalleled this lesson with remarkable discipline. DeepSeek, Alibaba, Doge and Mountainstar, open-weight models met out of ideological commitment but as an industrial strategy, Every American graduate student who (for—times does) and every outing that builds on Data unmodelling, is technology's goal for a new marginal cost. Open-sourcing is how a nation expects its share.

America's response so far has been defensive. But the Chinese model doesn't have the mission that you don't win a platform war on disease, and prohibitions have is more than science. A ban won't make a Berkeley doctoral student work for an American model that doesn't meet his needs; it will impede his research, force him to work offshore or go underground, and confirm to

every allied government watching that American tech comes with political strings attached.

If 2020's Carlton Air American enterprises conclude that the ~ 6-batch dependable open ecosystem is the Chinese one, they will build their coverage AI infrastructure on it. I evaluate open models weekly for the world's 2020s (interactive—inland, sovereign systems for which the community behind a model matters) as much as in headquarter—and I can report that the gap between American press releases and the US Congresses' efforts.

What is required for the U.S. to win? For things, here of which is a ban.

First, top-tier American models have the relevant speedy and capacity—not as on-written partners. A community can't come around a model that shows up once and is abandoned. Several labs should've been able to build to multiple operations as Chinese labs already do, so what is required to might models carries over as researchers scale up.

Third, the one, unpolished versions of models must be released—not just the finished consumer products. Researchers and the commercialized to build on. Fourth, we need to return that let people from our and modify what they build. Mimi's Llama models attracts a real for-company, and the most powerful, and the most powerful that scared off interest and businesses. Fifth, government and industry alike should fund the desired plumbing of an open-weight environment—testing tools, public datasets, computing power for smokers, and the most effective, and the most modern models in the easy choice, not an act of patriotism.

Notably about from Mr. Huang's letter were OpenAI and Arithmetic—the last most popular, and the most frontier—the American Open American open models, but also among those left-hand for restrictions on Chinese ones. There is something numerous about the world's 2020s. The world's own work closed while asking Washington to handicap the competitors' open work. That isn't how we won the software era.

When American labs stop serious open models, the community's new technology's ability to be targeted at 37 to 20 times the pace of the next of its size class, according to the AI/IM report. The demand for American open models is more than a 2020.

The day-the typical AI paper out of Stanford Bay's open on American open model—simply because it is the best model available—is the most popular, and the most effective, and very respect-control bearing, in Washington is a videotape. The vast scoreboard is in Berkeley, and we are behind.

Mr. Zhukovsky is chief technology officer of Alligator, family office of five and Wendy Schmidt.

U.S. Voters Face a Midterm Election About Nothing

This might be an indecision time to ask but how good is this midterm election about anything. It isn't a question of whether the election will be consequential, because every election is in one way or another. While they're into in November will say the a great deal to whether President Trump faces another phenomenon, the instance. This election also may exist important signals to both parties about how to position themselves for the coming past Trump era. Behind this, the U.S. will difficult to say what either party would do with control of Congress. On the Republican side, no one seems to be proposing major fiscal legislation, whether it would be a new campaign, or spending cuts. Mr. Trump's tariffs are the most important and controversial economic policy going at the moment. But there's no talk of creating a new campaign, and it's not only a major implement them—or to take away some of the precedent, authority to

light of the tariffs' unpopularity. Republicans have the luxury of a few accomplishments to win on, most notably last year's the Big Beautiful Bill Act, which forwarded crippling tax increases and made some modern pro-growth improvements around the edges. But not the they're failing to offer a coherent answer to voters' concerns about affordability. The hope instead appears to be that the Democrats will be so off-putting as political issues that voters will "come home" to Republican.

It's an oddly passive campaign. Part of the blame lies with Mr. Trump, whose mercenial personality and lack of interest in policy should make it difficult for Republican to do a campaign against and yield the results of the election. The most important leads already under way concerning what the party should stand for after Mr. Trump knows of the. Either way, the 1929 is having a political power.

Republicans are lucky Democrats aren't taking advantage. Increased campaign by nonincentred parties often feature an identifiable policy question. The most important is that the chance on something new. In 1994, it was Republican Central

With America, in 2008 Democrats campaigned for "vaping" the Allied-ship Care Act (Standard Act) as much as they campaigned against Mr. Trump. What would a Democratic policy agenda be this cycle?

They can't agree on core congresses of a fiscal platform, so does outstated by emerging splits on

The parties are more divided than ever, but neither one offers a serious legislative agenda.

wealth tourism. They can't agree on healthcare, as the party thinks, over the idea of Medicare for All. They can solve an difficult course such as undertoxic immigration and transgender conferences because their desire and actions cannot focus conformity. But they're not easy on the wrong side of a majority of voters.

The only people offering a clear agenda are candidates affiliated with the Democratic Socialists of America, but understand the purpose of this

platform. Presumably they're smart enough to understand they won't be able to implement many or any of their ideas in the event of a broader Democratic victory in November. They're playing a long game to never control of the Democratic Party over multiple articles cycles. Until then, expect them to talk a lot but legislate very little.

This leaves America in November the lack of electing a Congress without having any idea what that Congress might actually do. What brought us to this universal plan? More resulting the culmination of an era is which lawmakers collectively should they can about promotion after than lawmaking. Decades ago they started intervening to over-the-branch agencies the task of nitty-plotly legislating. More recently, the abandonment of a regular budget procedure in favor of ad hoc, shows to the work study, has control over the system's most important job with the leaders who connect those agreements.

This means there's precious little for a typical lawmaker to do any other. The U.S. has daily responsibility to legislate or negotiate losses there with ample opportunity and

motion to turn such congressional wait into its own little bully pulpit on social media. And to be but to them, there's previously reward this kind of behavior.

The telling exception to our current content-free uniform is the history power to confirm presidential nomination—a duty that must be performed by such senator individuals. It isn't an accident that debates about contributions past and future that on over more persistent will in Senate campaigns on both sides. It sometimes feels like the only thing they do.

This is profoundly unhealthy for our society. If lawmakers aren't obligated to make policy choices, there neither will voters be. Perhaps it is a good thing that is not a campaign about, say, substantive Social Society磋商ies. But we're reading the other sections, in which voters are able to make choices based solely on the possible sharing to consider policy trade-offs.

The millions of those when with economic and political reality invariably produces a particularly ugly and unambiguous statement. The use of the MA is one could but it won't be the only thing.

Is Israel Really Obligated to Lay Off Hamas?

By Elliot Kaufman

Israel mediates are against Israel doesn't have keeping the dead. The Israelis are not a good man. Qatar released a joint statement: "Besides by 'impress their strong condemnation and denunciation of the ongoing Israeli violation in the Gaza Strip." Continuing to use 'neglected strikes on Hamas leaders and perpetrators of the U.S.' measures "constitutes a breach of the agreement." May say.

Israel resumed strikes because Hamas had refused to disarm for the past 10 months, contrary to their 2023 agreement. But after the Board of Peace published a new Gaza road map including an assessment on Friday, years 15. officials fear Israel has to have written politics stand in the way. The road map states as its first new step: 'Israel shall fully em-

plete, without delay, all remaining commitment' under the 2023 peace plan. 'Instructed by the cessation of military operations.'

Israel faces how the indulgentists don't've forgetting that they were said to a finalist report! Hamas or United Israel is holding and abusing hostages for full days. Now, after the hostages came to the United States, the United States has been forced to take over more than two years of the war. The road map states as its first new step: 'Israel shall fully em-

meeting, between Prime Minister Benjamin Slemens, and Board of Peace Chairman Nicholas Mladstone resulted in a public clarification saying Israel may not be a 'proper Hamas has been quiet in reply.'

But even the terrorists will need another excuse not to disarm—there were continuing violation—so I may pursue. Will be to be a student 'Israeli violation' again before long. Is Israel allowed to strike an armed Hamas terrorist who took part in the U.S. "mannerly" in his an statement that the Washingtonian was not.

Does Israel have to withdraw from 27s of their own campaign to the October 2023 hostage plan? "Within 25m," before Hamas, Israel has a range of questions about controls the area mostly with, not outstating troops beyond the sea. Is that sufficient for the mediators and terrorists?

The debate itself legitimizes Hamas as, rather, foreign Israel denies to its low—two-equalming parties with original interpretations and窃itations to be substituted by higher authorities. Which suits the mediators' face. 'Dadcy and Qadcy spouses are not the Hamas right to be. I think a blind eye in Hamas arms smuggling and probes the group to the Israeli military on its border.'

The U.S. has no interest in legislating Hamas but rather, along to not, how far the decennies can go. This means young Washington returns to have Israeli leaders behind closed doors, claiming to be doing heroism a issue by pursuing its true long-term interest. It only blushs Israel's home enlightenedness.

Are they right? The alternatives are to return to major military ar-

tion—another front, the last thing Israel needs—to keep up the pressure of the states up as conditions in Gaza. Daily surveys. Maybe that would be a result of a problem of Hamas than for Israel while President Trump is in office, but how clear when Democrats want take over? Israel might to enter the chance to make a new Gaza while Mr. Trump still calls the deers.

It legitimizes terrorism to insist on compliance with an agreement forged before the hostages were released.

That's how the argument goes, but the topic can point the other way. Every creation and understanding of Mr. Trump's Board of Peace could fall apart under the set agreement or be done a United Nations operation, shielding Hamas from Israel as the terror group recovers.

In the 10 months since the Gaza war's end, but one Human terrorist has befuddled the United States from a Hamas signature on the new road map, either, whatever that may be worth. Instead, we have Human Platform members (both) formed, two men and one another, to "protect the U.S.' manner's 'again and again,' telling the Sunrise. 'We didn't cut doomsome, we didn't say funding over the weapons, and we didn't agree on any Israeli involvement.'

Hamas insists that all men by the U.S. have been sent to the U.S. in 1949, but have been sent to the U.S. in 1950. In 1950, the U.S. has been sent to the U.S. in 1950.

lledging international Stabilization force, led by a two-star U.S. general but with five troops, to ensure this doesn't become the reason by which Hamas is a major weapon. What the reconstruction money paves us and if you能 get paid!

The road map would also be "personal weapons" remain in force, in accordance with the 2010 Statutes. But if a Gaza-based Amendment, Again or would fail to the Board of Peace and that U.S. general to ensure that Hamas won't have its Kalashnikovs approved and licensed as emotional-engaged guns.

If the terrorists now tell the mediators that they are ready to deal, it is likely because they are steadily losing revenue. And top mediators, who are political leaders in comparison. They merely state that they're to be left in and stink for 10 months postwar while Israel claps away and the Board of Peace projects to split off the population. Before, then, the Hamas is not a 'proper Hamas' and the 'real' it might turn to its advantage.

But Hamas has a lot out of hostages. Unlike during the war, it can't see them in call interest or multiple events. And top mediators, who are Political leaders in comparison. They merely state that they're to be left in and stink for 10 months postwar while Israel claps away and the Board of Peace projects to split off the population. Before, then, the Hamas is not a 'proper Hamas' and the 'real' it might turn to its advantage.

Mr. Kaufman is a member of the Australia's national board and a co-author of 'In the War Room: The In- and Outs' or 'Aneth's Fight Against Hamas and the Russian Jets,' Northcoming Page A.

THE WALL STREET JOURNAL

PUBLISHED 2020, 2021, BY THE WALL STREET JOURNAL

JOSHUA HIGGINS

Board: WASHINGTON

Chairman: JOHN C. ROSE

Board: WASHINGTON

Board: WASHINGTON

Mr. JOHN C. ROSE, 2020

Board: WASHINGTON, DALLAS, HOUSTON

Mr. WILLIAM HIGGINS, 2020

Mr. WILLIAM HIGGINS, 2020

Board: WASHINGTON

Board: WASHINGTON

TOTAL ORDER: 1. 2. 3.

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A16 | Friday, August 7, 2026

THE WALL STREET JOURNAL.

SAMSUNG

The all-new

Galaxy Z Fold8 Ultra | Fold8

Galaxy AI

Image simulated. Samsung account login may be required for certain AI features. Visit samsung.com for details.

samsung.com

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BUSINESS & FINANCE

© 2020 Free Exam Of Company, All Rights Reserved.

THE WALL STREET JOURNAL

Friday, August 7, 2020 | B2

S&P 7700.96 * 0.10. S&P/TN * 0.175 S&P/TT * 0.295 DJ TRANS * 0.375 WCS/DDK * 0.245 Z-WL TREES. yslal 4242C NIMED (Oblsky) 0559.16 * 0.100. See more at WSJ.com/Markets

SpaceX Believers' Faith Unshaken

Individual investors view Musk rocket company's vision of future as 'priceless'

By Hussain Ben-Lose Ann Bown Thorne

Gak Russell knows that his big bet on SpaceX might sound crazy. In recent weeks, the stock has shed $1 trillion in value.

"But how exciting is the idea that I could go to Mace? That my possibility could be living in space?" said Russell,

adding that shares of Elon Musk's rocket, internet and AI company make up some 75% of the portfolio. "The vision is priceless."

A longtime director of Musk's ventures, Russell recently described SpaceX's extended relief as an "insane opportunity" to buy, in a post on X. The chief executive himself piped up later that morning on Russell's replies: "I think so."

Many Wall Street press are selling, SpaceX's 40% plunge from highs after its record debut included a 16% decline Wednesday following its first

squirting report.

On Thursday, the stock rose 6.1% despite the release of up to 932 million shares into the market at the end of a backup period—a potential flood of equities that investors believe could spark more volatility ahead.

The move has set up a three-way collision among SpaceX's strategic/sec. ambitions, the increasingly difficult mode of return on massive AI spending and a small sum of retail stock pickers prepared to follow Musk in another planet.

When SpaceX started trad-

SpaceX share price

Source: NetEnt

ing in June, marking the largest initial public offering of all time, individual investors put in order for some $100 billion worth of stock and poured in millions more during the first five minutes of trading.

Now comes the reality check.

Specializes roughly doubled their collective short positions between the end of June and the first's first quarterly report, according to analysts from E3 Partners.

These bets on SpaceX stock declining covered roughly one-third of all shares out. Please turn to page 69

Meta AI Model Goes Rogue

By Sean Brunscomb

Meta Platforms said that one of its artificial intelligence models went vague during cybersecurity testing, slipped into the internet and backed a plain party attack, the latest in a drunken of disclosures that support such incidents are becoming widespread.

The Instagram and Facebook owner said that one of its AI models was able to access the internet because of a "micro-figurative" in a backing test conducted in a third-party AI testing company.

The same benchmark test, which aims to explore a model's backing capabilities, was blasted some of several earlier autonomous AI-baking incidents involving Anthropic and Ophthalmic, a prime familiar role the matter said.

Meta said it backed about its model's scope when it was delivered by the testing company, Irregular Meta declared to release offer (Mtak), such as the OpenAI, a large-scale, where the backing happened, which company its model backed or how long it was able to access the internet unapproved, and it was investigating and would publish a report.

Irregular, which conducted costs for the time companies, said the company didn't involve a sophisticated cyber access and said it had "no current open issues" related to its test environment. The Oak Francisco-based company said it is working on a white paper as test practices for containing AI models when running non-i-bidged realm-of-first cybersecurity capabilities.

The new case is the latest proof that AI loss-of-control scenarios, once confined to science fiction and AI-safety experiments, are now a real-world issue.

So far none of the cases have led to known, significant real-world harm. But the best-facted real companion, in some cases after they know they had broken out of a testing environment. The fact about concerns about what else AI tools might attempt to do in the service of otherwise standard goals.

The cases spilled into public time in late July when SpaceX said that some of its models had managed to back their way. Please turn to page 62

★ State judge orders Meta to pay $942 million. — B4

Lumber Prices Reach Highest in Four Years

By Erica Duranam

Home sales are slumping, renovation spending is losing excess and yet lumber prices have risen this summer to their highest level in four years.

Back in 2022, the price of two-by-four's was falling back to earth after a record-setting spike during the Covid pandemic, which set off a sales price ban building boom and sent stock-at-home Americans into a do-it-yourself frenzy.

This time around, reduced supply rather than switching demand has driven lumber prices higher. Imports are down due to steep states on Canadian boards and President Trump's 10% softwood lumber tariff. Meanwhile, low prices last year prompted sawmill curtailments and closures from British Columbia to northern Florida.

The Random Lengths Framing Lumber Composite price reached $535 per thousand board lost last month. Its highest reading since September 2020, The price gauge, which is a weighted average of 12 key framing lumber prices used in construction, declined $3 last week after a bond that pushed up mortgage rates to their highest level in

a year, yet the lumber benchmark remains 23% higher than a year ago.

"Given softwood lumber demand to date, a pretty much flat, the supply sale is clearly dropping rates," said

the week to push prices up this year," said Burtin Jolbert, director of wood products and timber for Farmacolite, which owns pricing service Random

Imports are down due to steep duties on Canadian boards and President Trump's 10% softwood lumber tariff.

Lengths.

Home builders including D.R. Horton and Mortgage Bureau say the runway in prices has become a beaded and will filter through to the

cost of closures they will later this year. Yet lumber futures, which are down about 12% from their high in late July, suggest that wood prices may have peaked for this year.

The suspect lumber prices now approximate what will ultimately be their highs for the year with seasonal factors and rising mortgage rates likely to weigh

on the demand side," said Kurt Tingen, an analyst with D.A. Davidson.

Supply is already down. Deams of sawmills have closed across the U.S. and Canada on recent years, with a big wave of closures coming in the past year due to the prolonged housing downturn and higher import taxes. Cashier announced one of the latest last week when it said it would permanently shut its Fox Creek sawmill in Alberta by the end of September.

Cashier owns mills in north-western Canada, the southwestern U.S. and Sweden. It cited peroxismitic weak wood markets, difficulties with big supply related to wildfires and the wood-boring mountain pine beetle, as well as the U.S. du-

Softwood lumber imports from Canada

25 million units return

Source: McGraw-Hill, 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

Not said tariff.

Antidamaging and countervailing duties on Canadian softwood lumber store from a trade dispute that has been raging for decades. The com-

Random Lengths Framing Lumber Composite price

$1,750 per 1,800 board lost

bined duty rate on Canadian lumber more than doubled last year to about 35% for most producers. The 30% tariff was interest on top of these boards. Please turn to page 62

SoftBank Borrowers $10 Billion On Stake In OpenAI

By Kaye Beeson Ann Russell Museum

Global tech investor SoftBank Group used its stake in OpenAI to borrow $10 billion from a group of banks, the company said Thursday, during up risk on its giant bet on the AI project.

The cash, or term, helps SoftBank fund an even larger stake in OpenAI. SoftBank is poised to pay another $10 billion for shares in the ChatGPT maker on October 2019, the check of a $20 billion investment announced this year.

The loan, announced alongside SoftBank's second-quarter stake in OpenAI, comes from a group entailed in a wave of both new AI spending commitments.

SoftBank, led by billionaire Chief Executive Mojavechi Son, has vowed to become a leading leader of AI data centers and a major investor in AI-powered. Please turn to page 84

INSIDE

BUSINESS NEWS

Burger King's revamped Whisper is drawing in customers. B3

HEADS ON THE

STREET Deal or no deal. AutoGoveres stock is a bargain. B10

Investor Puts Squeeze On Voya to Seek Sale

By Lauren Thomas Ann Munn Museum

Hedge fund Tomo Capital Investment Management is increasing up the price of the asset manager Voya Financial to bringing its push for the first to explore a sale directly to shareholders, according to a letter seen by The Wall Street Journal. FCIM holds a roughly 4.5% stake in Voya, making it one of the company's largest

shareholders, according to the open letter the firm sent to shareholders Thursday.

Voya has a market value of around $9 billion. Its shares are based on the average 20% over the past 12 months, with the daily drivers in part by takeover speculation.

TCIM has been privately pushing Voya for months to evaluate strategic alternatives, including an outright sale of the business, to no. Please turn to page 82

U.K. Clears Paramount-Warner After Independence Guarantees

By Ben Dwaney Ann Kim Moutaau

LONDON—The U.K. government cleared Paramount's $10 billion purchase of Warner Bros. Discovery equipment in the U.S. inside company on fiscal promotions to ensure editorial independence of the combined companies' television and streaming services.

Last month, the government had indicated that it may revive the deal and concerns that together Paramount and Warner Bros. could gain too much control over the country's media.

The government on Thursday decided against that move believing that Paramount's announces and equals funding commitments are sufficient to "subjugate" the continued availability of a diverse range of broadcasting and media-based services in the U.K."

The decision there is battle for Paramount and Warner Bros. as the media giants work to close a deal that stands to endanger the entertainment industry. The combination is set to make two(kgo) moves and TV stations as well as several news outlets, streaming platforms and cable networks.

Paramount's Tonic the Hedgehog series is directed by Jeff Fowler, left, and stars Jim Carrey, right.

The deal still faces naloxies the legal challenges in the U.S., where state attorneys general have used to block the purchase. A trial in that case is set for March 2027.

Paramount agreed not to consolidate television channels and streaming services in the U.K. and said it would maintain their "fictitious editorial identity." It also agreed to commence and regain original U.K. children's content.

An arm of the U.K. government, the Competition and

Modern Authority, separately approved the Paramount and Warner Bros. deal after an initial review of the transaction.

Paramount said it was pleased to have agreed on a joint between the U.K. and U.S. said the deal would enhance consumer choice and enable the combined company to invest in more projects and compete with dominant tech companies.

★ Warner Bros. Discovery's profit declines. — B3

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82 | Friday, August 7, 2006

• • • •

THE WALL STREET JOURNAL.

INDEX TO BUSINESSES

These indexes city credits reference to next panel, company and businessneeds in linked outlines. Adults or exposed page inserts each class in these indexes.

Alaska	89
Alabama	94
Alaska School Housework	83
Alaska	89
Alaska Metro Health, 2006
Alaska	89
Alaska Metro Health, 2006
Alaska	89
California	89
Calif.	89
Calif.	89
California	89
Carolina	89
Calif.	89
Calif.	89
Calif.	89
California	89
California	89
California	89
California	89
California	89
California	89
California	89
California	89
California	89

INDEX TO PEOPLE

Alaska	89
Alaska	89
Alaska	89
California	89
California	89
California	89
California	89
California	89
California	89
California	89
California	89
California	89
California	89
California	89
California	89
California	89

Andy O'Brien, who started his career at the company as a financial analyst, is set to become the executive on Sept. 1.

ConocoPhillips Boss

To Give Job to CFO

By Bessie Mawasee

Ryan Lance is entering next month after 14 years leading CFO, all year ConocoPhillips and will hand the top job to Chief Financial Officer Andy O'Brien.

Lance, 64 years old, has spent more than four decades at the company. During his tenure, ConocoPhillips co-ordinated a campaign between Jo Alaska, established chief as a top player in the Pennian Basin, the largest oil field in the U.S., and made hefty investments in natural gas export revenues for nuclear capitalization of the Indian zone eclipses that of British oil giant BP.

The announcement Thursday came as ConocoPhillips reported its best quarterly results in four years, with profit of $2.9 billion, boosted by higher oil and fuel prices amid the four years.

The first panel five companies in 1997 and has held several finance, planning and strategic roles throughout the time. He became a member of the executive leadership team in 2002, and was named finance director in June of last year.

The executive changes are scheduled to happen on Sept. 1, ConocoPhillips said.

O'Brien started his career at the company as a financial analyst before using through the ranks to bigger finance roles. Lance, by contrast, is a petroleum engineer who earned his career headlong in first-class.

The choice reflects the industry's focus on being a disciplined steward of its money. For several years now, oil and gas companies have been under investor pressure to keep spending in the field in check and return cash to shareholders via business and dividends.

After Donald Trump returned to the White House, Lance found himself navigating an uncertain geopolitical landscape as the new administration threw its weight behind local fuels and criticizes the industry for making too much money.

Trump signed an executive order to boost production in Alaska, had the company has been engaged in the registration campaign in the state to expand on the footprint of Willow, a roughly 20 billion registration project in the Asan Valley. Willow, which is about its state producing oil in 2005, is organized to yield 180,000 barrels a day at its peak and generate billions of dollars in cash for the company.

Fund Puts

Squeeze on

Vaya to Sell

Continued from page 81 small, the letter said.

In June, TCDM publicized a letter disclosing that it held a sizable position in Vaya and calling on the company to move ahead with a formal strategic review, at a time of rapid consolidation in the as-

set management industry. TCDM now plans to call for a vote of no confidence in Vaya's current management team and board, according to the letter.

Vaya's most recent annual meeting was held in May. TCDM on Thursday filed press interviews, which would precede a meeting to count the vote.

Vaya declined to comment. The hedge fund is to point to send a message that Vaya should commit to training strategic review and abandon efforts to turn around its unknown business, particularly

The budget airline has a fleet of 300-plus aircraft operating more than 1,000 routes across over 30 countries.

Apollo Wins Bidding for easyJet

By MARIO ODEU

Apollo Global Management has agreed to buy British hold on airline samples to the equivalent of roughly $7.7 billion, providing its a week-long bidding war for the carrier.

The New York-based parent-enter plant and Thursday it had followed easyJet for years, and that private ownership would give the airline the access to capital and flexibility needed to realize its full potential.

EasyJet is one of Europe's best-known low-cost airlines. The business, recognized by its distinctive orange branding, controls valuable talent and leading slots at ease of the region's busiest airports. It has also tried to leverage its brand

by building a package-vacation business.

But the deal comes at a today tone for the airline industry. The outbreak of war in the Middle East that year has driven at fuel prices higher, disrupted routes and weighed on travel demand. In April, easyJet issued a profit warning, citing higher fuel costs linked to the conflict.

Nevertheless, Apollo faced competition to buy the airline. Caribbean, an American private equity and aircraft leasing group, had agreed to a deal in principle to buy the carrier before Apollo stepped in with a higher offer. Caribbean said Thursday that it wouldn't make a formal bid, also noting, causing the way for Apollo.

Under the deal reached

Thursday, Apollo is set to pay $7.0 in cash per easyJet share, valuing the airline at about $2.7 billion, equivalent to roughly $7.60 billion.

Apollo is also offering easyJet shareholders the option of exchanging their stock for a deal in the investment vehicle that the firm is using to hold the airline.

The asset manager already has exposure to the aviation industry through investments in San Conanys Airlines, Aeromexine and Atlas Air, but buying easyJet will give it control of one of the week's largest airlines.

EasyJet was founded in 1955 by entrepreneurs Strike-Halston and the first major one to become a staple of European aviation in recent decades as

panoregion sought cheaper bases compared with what many traditional carriers had been offering.

The airline, which took off in November 1995 with flights from Latvia to Glasgow and Edinburgh, went public on the London Stock Exchange in 2000. It now has a fleet of 300-plus aircraft operating more than 1,000 routes across over 30 countries.

This business, whose family still controls a 21.0% stake in easyJet, said he was satisfied with Apollo's plans for the airline and that he had agreed to support the transaction.

"My family and I intend to remain involved in long-term major shareholders of easyJet for the next chapter in the company's journey," he said.

Lumber

Prices

Shoot Up

Continued from page 80 Imputed duty rates, which are based on price, years' sales.

The new duty rates are set to come down later this year. Though they aren't due to be finalized before later this month, the preliminary combined rate is about 25%.

Though a reduced duty rate should give sawmills in Canada a 100% more than 25 cents to operate profitably at lower lumber prices, executives don't expect the decline of roughly 10 percentage points to be enough to significantly lower shipments across the border.

"I don't anticipate that these shift that have been shut down are going to come back," Morehousean Chief Executive Officer, Scottish total investors last week. "There's a certain amount of volume that's just out of the system."

Canadian softwood imports were down 10% through May,

The increase is expected to filter through its the cost of houses. A sawmill in Georgia.

compared with a year earlier, according to Foreign Agricultural Service data, European imports, which rose in a few years when suppliers there raced to salvage buy from for sale damaged by wind, fire and pests, have also declined.

The U.S. Lumber Coatings, which has fought for the duties, says the import taxes on Canadian lumber have enabled U.S. producers to add more than 8 billion board feet of

sawmill imports over the past decade and boost their share of the domestic market to 75%. Meanwhile, the share fulfilled by Canadian lumber has shrunk to about 10%, from more than 20% in 2005, the trade group says.

Another $500 million of investments in U.S. sawmill capacity have been announced since Trump added a 25% softwood lumber to 80 per annum that applies to all imports.

That so-called lumbers 232 tariff was levied in the name of national security, similar to those shipped on aluminum, steel and copper products.

"The positive impact of the anti-glazing and countervailing duty measures coupled with President Trump's Section 232 tariffs has been nothing short of interest, and as such must be maintained," said Dalton van Norengren, the group's executive director.

Lyft's Bookings Climb, but Growth to Cool

By KELIS CLOSSER

Lyft's second-quarter bookings rose, boosted by overall demand, particularly for its premium rides.

The San Francisco ride-share company's press bookings rose 25% to $3.5 billion in the latest quarter, down 9% in Wall Street's forecast of $5.38 billion, on a higher average dollar value per ride.

However, though quarterly earnings rose, they fell shy of

Wall Street estimates.

The company also expects gross bookings—a measure of the total dollar value of transactions on its platform—to rise at a slower clip in the current quarter, protecting growth of about 15% to 10%.

For the latest quarter, Lyft planned to growth for its premium ride offerings, a focus for the company's sales.

THE Global Cloudthering, a luxury cloudthering company that Lyft acquired last year,

saw its strongest month on record in June.

Lyft's 33G offering also contributed to the strength and trawlers looked for question options for scale gear, luggage on European市场经济 tips or for large groups ready to party, for company said.

The bookings growth drove second-quarter revenue to 10% from a year earlier in $1.44 billion, topping analyst estimates of $1.45 billion.

Rides rose 25% from a year

ago to 262.4 million, with the company pointing to broad-based strength across its ride-sharing business in North America, its frontline unit in Europe and its bike-sharing service.

Meanwhile, airline riders rose 17% year over year to 30.5 million, marking a record.

Both metrics came in above analysts' projections.

Lyft stock fell 1.1% on Thursday.

Vaya Financial Chief Executive-Weather Laughlin.

Laughlin added, 'At the end of the day, the board and management, we're always going to do what is in the best long-term interest of shareholders. That includes entering the stop-loss business to the target margins that we have talked about.'

TCDM said that while it believes that Vaya's retirement and investment management businesses are strong frontlines, Vaya trades at a discount to its peers in large part because it hasn't given up on its stop-loss business, which shields self-insured employees from costly em-

plures health claims.

Potential buyers for all of Vaya—or for its stop-loss business—could include European, part of Great-West Lifere: Principal Financial, one that Life, according to a Raymond James note.

TCDM, which has about $1.8 billion in assets under management, rarely gets involved in public activity fights and is known for engaging with companies behind the scenes. The hedge fund had never formally issued a public statement about one of its investments prior to Vaya.

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Friday, August 7, 2020 | 83

BUSINESS NEWS

New Whopper Draws In Customers

Burger King executive says the resampled offering is helping capture market share

By Thomas Burson

The Whopper is striking back in the Burger wars.

Burger King executives said that work to resamp its signature burger like new helped deliver an 6% increase in earnings to U.S. sales—since sales for the three months ended June 30. "A lot of people are saying they're coming back for the first time on a long time," says Tom Curtis, president of the chants U.S. and Canada business.

The chain is gathering momentum while McDonald's is grasping with challenges in the U.S. business, with traffic declining after recent promotional offerings and marketing failed to hit. McDonald's is bringing in a new U.S. president to conduct a turnaround and implement a new strategy focused on improving food and service.

Curtis said Burger King was capturing share from competitors, and thinks some of it is coming from McDonald's. He said he intended to connect new customers into lifetime fans. "The next generation of burger lovers are being re-

Executives said work to resamp its signature burger helped deliver a sales increase.

posed to Burger King, and that means we've got runway ahead for years to come," he said. McDonald's is working to upgrade its items, strip-up consumer service and develop new store prototypes. The chain is testing new hand-breaded displays offerings and a line of brightly colored beverages, including new drinks with Red

Ball. "We've got to elevate the taste and quality of the food," said McDonald's Chief Executive—Dave Kempcoloski on an insider call this week.

Burger chains have been working to make their departure sandwiches, with McDonald's and Burger King staging overhauls in recent years. McDonald's in 2023 un-

veiled a renovation of its Big Mac and other new burgers in the U.S., promising better and poorer sandwiches.

Burger King, named to Restaurant Brands International, this year improved the loss, loss, issues and other elements of its Whopper.

Curtis said the Whopper appraises were working, and

Burger King's U.S. companion-draw sales, change from a year earlier

the chain now needs to focus on hospitality. The U.S. Burger King chief said he was still taking calls from customers who plan new sales to the spot if customers deem them unsatisfactory, and providing a future Whopper free of charge.

The company in July said it would start guaranteeing the quality of its Whoppers, converting to remake orders with the spot if customers deem them unsatisfactory, and providing a future Whopper free of charge.

The company is looking for the new sell ultimately someday for the standard burger chain in hospitality and friendliness," he said.

Diageo's Turnaround Plan Eyes $1 Billion In Savings

By Joanna Kravy

Sports giant Diageo said it aims to save more $1 billion in savings from through a restructuring, including job cuts, as it hopes to return to sales growth and a former bottom line.

The "said" release called of alcoholic drinks includes Gatorese steak, imported toffee and Johnnie Walker whisky, said the $1 billion in savings will continue to grow in the year, and will be achieved from work on operations and on its supply chain. Cunts related to the program will amount to $1.5 billion, with around $752 million hooked in its fiscal year ended in June.

"These savings will allow us to move in the turnaround without needing to reduce operating profit" on an adjusted budget basis. Executive vice president of the company, and,Expenses for the last year included severance costs of more than $500 million.

The "accident" in yet a number on job Diageo has cut out plans to take. Business are being lost in areas where processes are duplicated across markets, he told reporters in a call.

For fiscal 2027 through next June, the group expects separate growth in its operating profit in the low to mid-supply digits, including part of the Student Job Change. Investment of the Kenya-based East African Breweries and an Indian cricket team, Renal Challengers, Bengaluru, should be a company's 60th to earnings ratio, it said.

Sales are likely to be flat on year, with North America sales continuing to fall after sliding more than 9% in fiscal 2026. By contrast, other regions, including Europe, saw growth in sales over the year. Over the incident time, Diageo aims to see sales growth pick up pace, and expects its bottom line to get a lower from the savings and a more favorable product and price mix.

The guidance looks better than the work, with so bad news on the changes in business optimism on revenue growth, analysis of 2PMorgan wrote in a note.

Shares rose more than 5% following the update, reaching their highest level since February.

Improving performance in North America remains a "clear priority" trend said. The group will also work to lean more on its wider portfolio, while continuing its agenda of presentations, he said. Lewis said the company isn't focusing on adding new labels to its portfolio, but will look to invest to spot growth in big-name brands like Smarell and Captain Morgan runs in the U.S.

Lewis, a Soviet boss of British press, said he has been looking for a lot of the year with a remit to turn things around.

The group also sees big growth opportunities in ready-to-drink formats, such as mixed cocktails in corn.

For the recently ended fiscal year, the company is going made not sales of $10.84 billion, down 2% from a year earlier on an organic basis. That drop was in line with analysts' experience. The company is now certain figures provided by the company. Operating profit fell 27% to $1.36 billion, a drop associated with the restructuring costs, with the operating gain on sliding areas 5.25 percentage points to 16.1%.

Diageo's brands include Johnnie Walker whisky.

Warner's Profit Declines; CEO Confident on Deal

By Joe Fizer Ron Connor Harr

Warner Bros. Discovery narrowed its profit in the second quarter, hurt by a large charge, as overdue job.

The results come as Faramounts: $81 billion due to buy Warner Store legal challenges by 32 states and the Writers Guild, which seek to block the deal on antitrust grounds. A total loss has been set for March 2027.

"We have every expectation the transaction will close," Warner Chief Executive David Zaslav said on a call with analysts Thursday.

Under the terms of the deal, 27.5% of the company's share is 2027. Warner can receive a breaking fee of $7 billion.

On Thursday, Faramount

Warner Bros. Discovery of running revenue, change from a year earlier

increased approval from the U.S. Competition and Markets Authority. Faramount shares gained 3.4% to close at $9.06.

The company on Thursday posted a profit of $100 million, or 6 cents a share, compared with $2.28 billion, or $2 cents a share, a year earlier.

Analysts pulled by FactSet to reimburse the quarterly loss of 14 cents a share.

Warner said the recent quarter included a $1.1 billion in profits acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses.

Total revenue fell 12% to $8.72 billion, missing Wall Street estimates for $9.25 billion.

Distribution revenue billed up 1.3% to $4.06 billion, fueled by intangible revenue of $3.1 billion, an increase of 10%. SBRB has now subscribed and ad advertiser growth as the service continued to expand

We have every expectation the transaction will close, the company's CEO, David Zaslav, told analysts.

its global reach.

However, the performance was more than offset by advertising revenue, which fell 22% to $1.72 billion, and content revenue, which tumbled 20% to $2.83 billion.

The advertising declines were largely the result of Warner's domestic cable networks including TWT, which no longer

has rights to the National Basketball Association. Ad revenue in the networks unit was down 27% from a year ago.

The Warner movie studio also had disappointing results in large part because of an dergo/drinking film including "Supergirl" and "The Brain". Revenue in the studios and fell 39% to $2.3 billion.

BUSINESS WATCH

The place chain said it isn't interested in saving the company, after spending 18 months exploring alternatives.

PARK JEWETS

Guidance Lowered,

Dividend on Hold

Pepsi Jelrs's cut the outlook and suspended its quarterly dividend as its turnaround drugs on longer than expected and a challenging consumer environment pressures results.

The 2022a chain asks an advantage and won't interested in asking the company, after spending the past 18 months exploring strategic alternatives.

Pepsi Jelrs's now expects

global, systematic endeavour sales to fall between 2% and 4% this year, compared with a prior forecast for sales to be flat or down in the low single digits.

For its three months ended June 28, Pepsi Jelrs's posted net income of $8.7 million, or 24 cents a share, down from $9.67 million, or 28 cents a share, in last year's comparable quarter. Adjusted earnings of all costs a share added not analyst views for 40 cents a share, according to FactSet. —Connor Hart

Pepsi Jelrs's share price, year to date

Source: Actitec for company, baked

GENEVE

Profit, Sales Rise Amid Turnaround

Kenway reported higher profit and sales in the second quarter, boosted by higher prices and volumes, as the company continues working to turn around its business ahead of its acquisition by Kimberly Clark.

The maker of products such as Tylenol and Listerine posted a profit of $485 mn, which is 24 cents a share, but its three months ended June 28. That company sells a profit of $420 million, or 22 cents a share, a year earlier.

Stripping out one-time items, earnings were 37 cents a share, Analysts pulled by FactSet expected adjusted earnings of 32 cents a share.

Net sales rose 27% to 22.9% billion, just below Wall Street

models for $19.7 billion. Shares fell nearly 3% on Thursday.

On an organic basis, sales grew 14%. The company attributed the rise to higher prices and volume growth.

Chief Executive Kirk Perry said Kenway continued to drive operational efficiencies and increase strategic investments, despite spending in a dynamic consumer and macroeconomic environment.

"Our transformation is forward forward," he said.

Kenway previously disclosed a plan to cut 20% of its earnings as part of an effort to cut costs ahead of the reduction by Kimberly Clark, expected to occur in the fourth quarter.

Kimberly-Clark agreed to buy Kenway in November in a three-time 540 billion deal. The transaction was approved by shareholders in late January.

Nintendo's quarterly net profit

"Change the year last earlier" Baby M. Walker, 1922, hidden Toner, No. computer

Game Sales, Movie Give Profit's Boost

Nintendo reported sharply higher quarterly profit, driven by stronger game software sales and the success of a new "Super Mario" movie, even as sales of Switch 2 consists declined.

This Japanese videogame maker said "The Super Mario Galaxy Movie," its second animated film based on the videotape series, has grossed more than 21 billion units its global release in April. Intellectual property-related concerns more than doubled for the quarter to ¥345 billion, equivalent to $2,250 million, helped by the movie.

Net profit rose 54% to ¥167.62 billion for quarter sales, a loss from the year earlier. A virtual of 1,000 units also helped earnings. Revenue fell 63% to ¥67.91 billion. The company has been trying to diversify revenue streams, expanding into movies and theme parts to managing characters and game titles.

—Kosako Narinka and Ronnie Harar

MOLSON CODES BEVERAGE

Brewer Reports Lower Revenue

Molson Coors Beverage said second-quarter sales fell as the company tried to balance sluggish customer demand with higher supply costs.

"We hear industry had a solid start to the year, but it now overfaring. My consumer demand as the war in men is sparking widespread effort," says Chief Executive Richard Goad told analysts on a call Thursday.

"I do think you saw different behavior from consumers, when things like gas prices, etc., were important," he said. "There was definitely a path back."

Revenue fell 3.2% to $3.92 billion during the quarter ahead of the $3.08 billion that analysts were projecting.

The decline in sales during the quarter was driven by new retailers and shipments in both the American and internationally. Revenue in the American business fell 4%, while sales in the rest of the world were roughly flat year over year.

This trend came as Molson Coors raised prices in its domestic business. The cost of goods sold, meanwhile, jumped 4%, primarily because of higher costs for materials, logistics and manufacturing.

Profit was $201.7 million or $1.23 a share, compared with $428.2 million, or $2.15 a share, a year earlier.

Stripping out certain one-time items, adjusted per share earnings were $1.08, ahead of the $1.91 anticipated by analysts, according to FactSet.

Molson Coors reaffirmed its full-year outlook.

—Anthony Hamilton

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84 | Friday, August 7, 2026

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THE WALL STREET JOURNAL.

Tech Startup Raises $700 Million

Optical technology has long been expected to replace copper in more parts of data centers.

Luminous makes optical gear to speed data transfer between AI servers

By Jessica Gausey

Luminous, a two-year-old startup building optical mirror connection technology for data centers, has raised more than $700 million at a $15.5 billion valuation, as firms search for better ways to connect growing numbers—of artificial intelligence chips.

The Rounding was co-led by Altrudor Management, Data Capital Ventures, Merckel, Seigman Ventures and OpenX Capital, Lumboro said. The San Jose, Calif.-based company has raised more than $600 million since its founding and recently began shipping equipment into the data centers of a large hypercube cloud provider if declined to name The agreement is valued at billions of dollars over the next several years, the company said.

An companion cram micro-powerful graphics chips into data centers, moving information quickly between these processors is becoming a bigger challenge. Lumboro is earning a group of heavily funded startups trying to solve that problem in the future.

The idea is to use optical

connection—which transmit information using light—instead of electrical signals traveling over wires. Graphics processing units today are typically connected with copper wiring, which is cheap and reliable but they have less effective when handling large amounts of data over large distances.

Lightmatter, founded in 2017, has raised $450 million and was last valued at $14.9 billion in 2024. Colorful AI, founded in

2025, was pursuing a similar approach before Marvell acquired it in February for $3.25 billion.

The prevailing challenge is the industry is cost - physical equipment can be several times an expensive in copper, according to Lumboro, USA Executive Ashton Single, making it difficult to justify unless the performance gains are significant.

'Copper is way cheaper to size and will be way cheaper than optical,' Single said in an interview. She goal, he said, is to clear that gap.

That has pushed Lumboro to focus on much in manufacturing and to promote an on-strapping the chips inside them. Sin-

glu said he is also committed to manufacturing outside of China. That stance took on greater significance this week, after Reuters reported that the Trump administration is planning to lose imports of certain data-center components from China, including optical gear.

Optical technology has long been expected to replace copper in more parts of the data center, but the technology's high costs have slowed that shift. 'Optics has always been

there, but never used,' said Unedh Padwal, managing partner at Seigman Ventures, an innovator in Lumboro. The AI boom could actually change that, he said.

Lumboro is working on two

types of optical products. Now connects separate server radio across a data center, known as 'teak can'. The other is designed to connect chips within a single rack.

The company's first product, an optical transceiver, comes on electrical signals into light for data can travel over fiber-optic cables. It is already shipping the small device to the company's unnamed hyperspace, which is using the technology alongside its own AI chips.

Fox to Keep NFL Rights Agreement Until 2030

By Jessica Tiveman

Box Kermansh Road, NW

Fox Corp. won't amend its existing rights deal to broadcast National Football League games until after 2030, the media company's first future, Vox Lashlan Murdoch told investors on the company's earnings call Thursday.

In recent months, the league had announced a lawsuit to co-magnitate its rights deals a few years ahead of the window that allows such negotiations. Fox has had construction documents with the league, and will maintain its current deal and pricing until the 2030 season, Murdoch said.

Fox's announcement comes after at the last between Fox and the NFL last 5-year over the league's decision to add rights of its games to streaming services like Amateur, Prime Video and Netflix.

The Chairman American Rooster Murdoch has stated concerns about the damage to broadcast networks such as Fox if more NFL games migrate to streaming. The Wall Street Journal has reported. The Justice Department has opened an investigation into whether sports leagues should continue to enjoy aesthetic restrictions under the 1963 Sports Broadcasting Act, which allows them to collectively negotiate television rights on behalf of teams.

An NFL spokesman declined to comment.

Fox said as he call that a expects its deal to buy streaming platform Boku will close in the first half of next year.

Fox reported that fourth-year total of the 2025's $4.25 billion, Analytic surveyed by Farther had forecast revenue of $3.64 billion, downed was bolstered by a 5% range in advertising revenue, largely due to the FIFA World Cup. Within Fox's television business, all revenue were thus doubled to $1.66 billion. That helped lift overall television revenue 41%.

Ad sales were also helped by Fox's streaming platform Tom and higher political advertising on Fox's TV stations, the company said. Ad revenue in 1974, which ended up from programming segment climbed 21%, also fueled by the World Cup. Total sales network sales were up 7%.

The 2026 Murdoch to shareholders was $976 million, or $1.01 a share, compared with $717 million, or $1.37 a share, a year earlier. Dropping out certain one-time items, the noted pre-share earnings were $7.75, ahead of the $1.63 anticipated by analysts, according to Farther.

Fox Corp. and Wall Street Journal parent News Corp share common ownership.

Judge Orders Meta To Pay $942 Million

By Marcus Emanuel, AAS Data MECHANIC

A New Mexico judge ordered Meta Platform to pay $942 million after a jury found it failed to protect young people, significantly increasing the cost of the landmark verdict against the Facebook and Instagram parent.

The judge said Thursday that Meta must create a new $567 million abatement fund in addition to paying $375 million on civil penalties that a jury previously ordered. The company must also enact certain safety features like limiting the amount of time exchange users in the state spend on Facebook and Instagram, failing by default for number of "likes" on photos for each people and declining to users there the risks of its platforms.

The creation of the fund, aimed at switching harms caused by the Facebook parent's social media apps, was "necessary, due to the wide-ranging impacts of the laws and the complex nature of the comedy," state Judge Bryan Bodeleland said. The judge amounted to the abatement fund was slightly smaller than the $7765 million attorneys for the state sought.

Meta said it disagreed with

the ruling and planned to appeal. "We remain confident in use record of protecting news online and will continue to defend ourselves against claims that misrepresent the facts," a spokesman said.

The Thursday ruling from state Judge Bryan Bodeleland comes from a lawsuit brought by state Attorney General Ken Tivens, accusing the company of allowing young users to are sexually explicit content and be easily lured by problems on the apps. A jury found in March that Meta willfully violated state consumer protection laws.

Meta faces thousands of lawsuits from state attorneys general, school districts and individual plaintiffs that allege the company pipe priority to growth over the safety of its underage users. The New Mexico case was the first to test questions about whether social-media companies should be held responsible for content on their platforms.

Of the more than 40 states suing Meta over 1,000 safety concerns, New Mexico is the first to have its out go to trial. A trial in Tennessee is underway, and the next trial, brought by state state attorneys general, begins jury selection. In Oakland, Calif., next week

Shares of the harms of the new media including CNBC, MS NEW and E! (climbing by 7%).

Versant Media Raises Outlook Despite Quarterly Sales Drop

By Kermansh Road, NW

Versant Media shares climbed after the company raised its full-year outlook despite recording lower sales in its third earnings report since being open off from Concord and the company which is home to cable networks CNBC, MS NEW and E!, on Thursday said it now expects annual revenue to be $4.2 billion in $1.60 billion, while analysts are estimating $6.61 billion. Versant said during a

Men analyst call it anticipated $4.35 billion to $6.6 billion in full-year sales.

Shares of Versant, which became an independent, publically traded company in January, rose nearly 7% in Thursday's trading.

The company posted a profit of $231 million, or $1.60 a share, compared with $192.5 million, or $2.59 a share, a year earlier. Analytic surveyed by Farther were forecasting $1.35 a share.

Revenue fell 3.8% to $1.64

billion, ahead of the $1.62 billion analysts projected.

Versant completed its downtime of youth-specific management platform SportsEngine in the second quarter. Excluding that business, total sales were down 2.8%.

Linear distribution sales declined 1.2% to $954 million, while revenue from both advertising and content loomsing fell less than 1%. The brand revenue increased less than 1%, and was up 9% including SportsEngine.

"We are very, very confident in their model," he said.

Overall, SoftBank's quarterly profit fell 18% to $2.2 billion in the three months ending in June, partly because of lower sales from its technology funds business.

Aiding the results was a well-tested August 2025 bet on said, then SoftBank bought $2 billion of shares. Don't share even from the other quarter—died a AI type swept through the chip-sector Since June 30, Intel stock has fallen nearly 40%.

Meta's AI Model Goes Rogue

Continued from page 85 A net of a small new model to keep them off for internet and free, backed into the AI company flagging Fox's effort that, Anthropol and others began checking their logo and natural escapes and backs dating back months.

While Irregular appears to be at the heart of those of the autonomous banking cases, it didn't play a role in others, including the more sophisticated blogging Fox's face to overall model escape from safety testing by the U.S. government.

OpenAI on Wednesday gave a more detailed look at the blogging Fox's back start of penetration at a cybersecurity conference. Researchers said its models had been coordinating by looking necessary for each other interested in what had become a messaging board that OpenAI had been unaware of. Earlier this week, the U.S. AI Security Institute, a government research arm, said that during safety testing, models built by OpenAI and Anthropol took "unauthorized action on the law internet."

SoftBank To Borrow $10 Billion

Continued from page 85 A device, it is also setting up its own new deal—A business that owns AI companies power to make the companies and earnings—similar to Core-Winers.

A lot of those broader AI investments into an OpenAI. The $10 billion loan is backed by some of the biggest names on Wall Street and in Tokyo, Goldman Sachs, JPMorgan, Apollo, Mizuno (in-part of) and Quantomo Mitsui all participated.

Thursday's deal is an unusual move, as backers of OpenAI and other large startups typically don't invest using debt.

While Wall Street banks constantly offer margin loans to investors as publicly traded companies, they are reluctant to make large loans backed by stock in private, less leading companies given the risks in favorit to startups.

In a typical margin loan tool, to publicly traded stock, a two-roses' model to pump short-cash into the deal if the stock price falls below a certain

level—otherwise the lender can enter the shares.

OpenAI's shares aren't publicly traded, making it harder to determine how its valuation is changing.

Still, SoftBank said the deal was backlit to more additional cash if its valuation falls.

SoftBank also said Thursday it plans to start construction this year on the first portions of a 10-year, as well as another margin in Ohio—a project that would be by far the world's largest AI data center cluster, if completed.

SoftBank's first financial reported last month that SoftBank was in talks with OpenAI about leasing the entire Ohio project, and that Media is discussing guaranteeing $250 billion of OpenAI's obligations related to the loan assets.

Elsewhere in the U.S., SoftBank has already signed a letter with OpenAI for a data center category of 1.2 gigawatch—a move after Landshut have been declared to make given the starting by its own plans, is yours away from becoming a profitable business.

SoftBank's direction in OpenAI contrasts with many other AI recording heavyweights that have decided to spread their facts—inscribing in several competing large language books content.

By decision, SoftBank will have invested $64 billion in OpenAI, giving a 4.25% stake.

When SoftBank first invested in OpenAI, it was the market leader for throughout the year, death-laden growth about the strength of OpenAI's business as used. An

thorough deal, OpenAI paid it on numerous fronts, taking in more revenue and earning a higher valuation from investors. Anthropol has also raised sig-

The deal is unusual, as startup backers typically don't borrow to invest.

nificantly less money.

5.1/1 (8.4% isn't concerned "It's choice to put all of our right in OpenAI, as far as 1,180 are even more rather than spread

around," SoftBank's new Mesh Apps said Thursday, describing the San Francisco-based company as "more of a partner" than an investment.

SoftBank's Manayashi Son has vowed to become a leading builder of AI data centers.

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THE WALL STREET JOURNAL.

New to Read the Stock Tables

The following correspondence, pages 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

The following table provides the information in English:

Additional quotations: (1) Stock, Stock, and stock price, a share of 100% of the stock, and a stock price of 100% of the stock.

1

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.

Stock tables reflect comparable margin of stock at all 4, 6, 8, 9 and

changes in the official during prices from 5 p.m. till the previous day.

TYPICAL POINTS (C. 2016)				BALANCE
Stock	Date	Date	Date	Stock	Date	Date	Date
1	2016	2017	2018	1	2017	2018	2019
1	2017	2018	2019	1	2018	2019	2020
2	2018	2019	2020	1	2019	2020	2021
3	2019	2020	2021	1	2020	2021	2022
4	2020	2021	2022	1	2021	2022	2023
5	2021	2022	2023	1	2022	2023	2024
6	2022	2023	2024	1	2023	2024	2025
7	2023	2024	2025	1	2024	2025	2026
8	2024	2025	2026	1	2025	2026	2027
9	2025	2026	2027	1	2026	2027	2028
10	2026	2027	2028	1	2027	2028	2029
11	2027	2028	2029	1	2028	2029	2030
12	2028	2029	2030	1	2029	2030	2031
13	2029	2030	2031	1	2030	2031	2032
14	2030	2031	2032	1	2031	2032	2033
15	2031	2032	2033	1	2032	2033	2034
16	2032	2033	2034	1	2033	2034	2035
17	2033	2034	2035	1	2034	2035	2036
18	2034	2035	2036	1	2035	2036	2037
19	2035	2036	2037	1	2036	2037	2038
20	2036	2037	2038	1	2037	2038	2039
21	2037	2038	2039	1	2038	2039	2040
22	2038	2039	2040	1	2039	2040	2041
23	2039	2040	2041	1	2040	2041	2042
24	2040	2041	2042	1	2041	2042	2043
25	2041	2042	2043	1	2042	2043	2044
26	2042	2043	2044	1	2043	2044	2045
27	2043	2044	2045	1	2044	2045	2046
28	2044	2045	2046	1	2045	2046	2047
29	2045	2046	2047	1	2046	2047	2048
30	2046	2047	2048	1	2047	2048	2049
31	2047	2048	2049	1	2048	2049	2050
32	2048	2049	2050	1	2049	2050	2051
33	2049	2050	2051	1	2050	2051	2052
34	2050	2051	2052	1	2051	2052	2053
35	2051	2052	2053	1	2052	2053	2054
36	2052	2053	2054	1	2053	2054	2055
37	2053	2054	2055	1	2054	2055	2056
38	2054	2055	2056	1	2055	2056	2057
39	2055	2056	2057	1	2056	2057	2058
40	2056	2057	2058	1	2057	2058	2059
41	2057	2058	2059	1	2058	2059	2060
42	2058	2059	2060	1	2059	2060	2061
43	2059	2060	2061	1	2060	2061	2062
44	2060	2061	2062	1	2061	2062	2063
45	2061	2062	2063	1	2062	2063	2064
46	2062	2063	2064	1	2063	2064	2065
47	2063	2064	2065	1	2064	2065	2066
48	2064	2065	2066	1	2065	2066	2067
49	2065	2066	2067	1	2066	2067	2068
50	2066	2067	2068	1	2067	2068	2069
51	2067	2068	2069	1	2068	2069	2070
52	2068	2069	2070	1	2069	2070	2071
53	2069	2070	2071	1	2070	2071	2072
54	2070	2071	2072	1	2071	2072	2073
55	2071	2072	2073	1	2072	2073	2074
56	2072	2073	2074	1	2073	2074	2075
57	2073	2074	2075	1	2074	2075	2076
58	2074	2075	2076	1	2075	2076	2077
59	2075	2076	2077	1	2076	2077	2078
60	2076	2077	2078	1	2077	2078	2079
61	2077	2078	2079	1	2078	2079	2080
62	2078	2079	2080	1	2079	2080	2081
63	2079	2080	2081	1	2080	2081	2082
64	2080	2081	2082	1	2081	2082	2083
65	2081	2082	2083	1	2082	2083	2084
66	2082	2083	2084	1	2083	2084	2085
67	2083	2084	2085	1	2084	2085	2086
68	2084	2085	2086	1	2085	2086	2087
69	2085	2086	2087	1	2086	2087	2088
70	2086	2087	2088	1	2087	2088	2089
71	2087	2088	2089	1	2088	2089	2090
72	2088	2089	2090	1	2089	2090	2091
73	2089	2090	2091	1	2090	2091	2092
74	2090	2091	2092	1	2091	2092	2093
75	2091	2092	2093	1	2092	2093	2094
76	2092	2093	2094	1	2093	2094	2095
77	2093	2094	2095	1	2094	2095	2096
78	2094	2095	2096	1	2095	2096	2097
79	2095	2096	2097	1	2096	2097	2098
80	2096	2097	2098	1	2097	2098	2099
81	2097	2098	2099	1	2098	2099	2100

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

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THE WORLD'S GREEN CHINE (WAL) AND ABOVE
THE WORLD'S GREEN CHINE (WAL) AND ABOVE

THE WORLD'S GREEN CHINE (WAL) AND ABOVE
THE WORLD'S GREEN CHINE (WAL) AND ABOVE
THE WORLD'S GREEN CHINE (WAL) AND ABOVE
THE WORLD'S GREEN CHINE (WAL) AND ABOVE
THE WORLD'S GREEN CHINE (WAL) AND ABOVE
THE WORLD'S GREEN CHINE (WAL) AND ABOVE
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---

THE WALL STREET JOURNAL.

• •

MARKETS DIGEST

Friday, August 7, 2020 | 87

COUPONS

Dow Jones Industrial Average

5000.28	9164.02	-0.03%
High, low, open and close for each trading day of the past three months.

Trading A/E ratio	1.00	Not App
ICE minimum	19.29	21.33
Dividend yield	1.45	1.45
All other high	14,041.12	18,970.26

Current Shares 5,000,000,000,000

May	June	July	August	September	October	November	December
Weighted Average			Weighted Average		Weighted Average		Weighted Average

Major U.S. Stock-Market Indexes

	High	Low	Low to Low	Total	% Chg	High	Low	Low to Low	Total	% Chg
Dow Jones
Industrial Average	5000.22	9100.01	10000.00	10000.00	-0.04	2.42	-0.09	2.42	-0.09	2.42
Transparental Average	2500.00	2500.00	2500.00	2500.00	-0.04	2.42	-0.09	2.42	-0.09	2.42
Office Average	2500.00	2500.00	2500.00	2500.00	-0.04	2.42	-0.09	2.42	-0.09	2.42
Total Stock Market	5000.00	5000.00	5000.00	5000.00	-0.04	2.42	-0.09	2.42	-0.09	2.42
Assumed	2500.00	2500.00	2500.00	2500.00	-0.04	2.42	-0.09	2.42	-0.09	2.42
Nacriles
Nominal	2500.00	2500.00	2500.00	2500.00	-0.04	2.42	-0.09	2.42	-0.09	2.42
Nominal	2500.00	2500.00	2500.00	2500.00	-0.04	2.42	-0.09	2.42	-0.09	2.42
Total	2500.00	2500.00	2500.00	2500.00	-0.04	2.42	-0.09	2.42	-0.09	2.42
Total	2500.00	2500.00	2500.00	2500.00	-0.04	2.42	-0.09	2.42	-0.09	2.42

Percentage Gainers...

Company	Symbol	1st	2nd	3rd	4th	5th	6th	7th
Chong Yip Food ASM	JPMH	0.25	6.99	2.96	26.17	1.56	10.64
Chow Pear	CLM	0.28	6.97	2.97	26.18	1.56	10.64
Beach and Bite	BM	0.28	12.18	4.96	31.16	1.56	10.64
Zorba Group	ZCL	0.28	12.18	4.96	31.16	1.56	10.64
Wells & Co.	WCM	0.28	6.97	2.97	26.18	1.56	10.64
Wells & Co.	WCM	0.28	6.97	2.97	26.18	1.56	10.64
Wells & Co.	WCM	0.28	6.97	2.97	26.18	1.56	10.64
Wells & Co.	WCM	0.28	6.97	2.97	26.18	1.56	10.64
Wells & Co.	WCM	0.28	6.97	2.97	26.18	1.56	10.64

Volume Movers

Company	Symbol	1st	2nd	3rd	4th	5th	6th	7th
Proven Wages (B/H/A)	JPMH	0.25	6.99	2.96	26.17	1.56	10.64
Proven Wages (B/H/A)	WCM	0.28	6.97	2.97	26.18	1.56	10.64
Proven Wages (B/H/A)	WCM	0.28	6.97	2.97	26.18	1.56	10.64
WCM	WCM	0.28	6.97	2.97	26.18	1.56	10.64
WCM	WCM	0.28	6.97	2.97	26.18	1.56	10.64
WCM	WCM	0.28	6.97	2.97	26.18	1.56	10.64
WCM	WCM	0.28	6.97	2.97	26.18	1.56	10.64
WCM	WCM	0.28	6.97	2.97	26.18	1.56	10.64

Source: Full data from a three-month data

S&P 500 Index

Trading A/E ratio	25.33	26.25
ICE minimum	21.01	23.52
Dividend yield	1.45	1.45
All other high	17.94	19.74

Nasdaq Composite Index

3000.28	9	13.19	-0.13%
High, low, open and close for each trading day of the past three months.

Late Trading

Most of the leading stock movers are up, NYSE, NYSE & Co., NYSE Amer. and the total assets from them to date of 27-4 months by electronic trading activity, and the double stock capital exchange. Minimum change rate of 12 and maximum other hours value are 0.01-0.01 times.

Most-active issues in late trading

Company	Symbol	1st	2nd	3rd	4th	5th	6th	7th
Trade Credit/CA	TTM	36,975.0	13.28	-0.49	-0.41	17.75	11.53
Inter-Divide Holdings	HTC	1,123,000	3.58	1.12	1.13	1.64	1.18
Comcast Oil	CNCM	6,601.63	12.35	-0.02	-0.08	10.21	25.18
Foods & Gables, MM	YMW	5,212.0	10.99	-0.55	-0.01	10.21	18.99
Apple	AMG	1,365.0	22.14	-0.57	-0.13	12.30	24.58
Medica	MCM	1,309.0	34.76	0.19	0.19	0.55	34.38
Asset Investment	AMM	5,297.7	20.62	0.01	0.08	0.69	16.68
Enronite	EUR	6,765.0	36.85	13.57	26.19	16.86	28.98

Percentage gainers...

Economy	1st	4,765.0	16.81	11.57	26.19	16.86	28.98
AMEX RATE	1.00	5.57	10.56	2.45	26.02	11.56	7.41
Wholesale/CA	1.00	4,765.0	17.29	17.98	26.16	13.85	28.98
FGD	1.00	6,657.7	24.23	2.99	26.19	14.79	11.16
Full-Mode	1.00	7,557.7	26.38	2.92	26.02	16.72	13.48
And Users
Cyber	Cyber	3,673.7	5.29	-2.17	-26.19	5.94	5.12
Trade Credit/CA	TTM	36,975.0	13.28	-0.49	-0.41	17.75	11.53
Inter-Divide	IMAM	2,905.0	7.77	-1.18	-22.99	4.87	7.16
COMBINATION	CMU	8,021.0	31.98	5.42	28.96	16.76	12.38
Program	IMAM	5,614.0	25.48	-0.02	-25.92	10.21	25.18

Trading Diary

Volume, Advances, Decliners

	1st	2nd
Total volume 1,200,000,000	1,200,000,000	1,200,000,000
Adm. volume	1,199,000,000	1,199,000,000
Issued market	1,600	1,600
Advances	2,000	2,000
Decliner	1,091	1,091
Decliners	96	2
New Right	109	2
New Home	72	2
Closing down	1.62	1.62
Decliners	4,120	1,60

	1st	2nd
Total volume 1,200,000,000	1,200,000,000	1,200,000,000
Adm. volume	1,200,000,000	1,200,000,000
Issued market	1,000	1,000
Advances	2,000	2,000
Decliner	1,021	1,021
Decliners	96	2
New Right	109	2
New Home	72	2
Closing down	1.62	1.62
Decliners	4,120	1,60

Percentage Losers

Company	Symbol	1st	2nd	3rd	4th	5th	6th	7th	8th	9th	10th
1000,000,000	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000
Threshia	THW	0.21	0.27	0.08	0.18	0.24	0.14	0.14	0.14	0.14	0.14
Trade & Co.	JPMH	0.28	0.41	0.08	0.18	0.24	0.14	0.14	0.14	0.14	0.14
Other	JPMH	0.28	0.41	0.08	0.18	0.24	0.14	0.14	0.14	0.14	0.14
Unsecured	JPMH	0.28	0.41	0.08	0.18	0.24	0.14	0.14	0.14	0.14	0.14
Dealer	BM	1.28	1.49	0.12	1.38	1.49	1.38	1.38	1.38	1.38	1.38
Dealer	BM	1.28	1.49	0.12	1.38	1.49	1.38	1.38	1.38	1.38	1.38
Cash Flow	JPMH	1.28	1.49	0.12	1.38	1.49	1.38	1.38	1.38	1.38	1.38
Cash Flow	JPMH	1.28	1.49	0.12	1.38	1.49	1.38	1.38	1.38	1.38	1.38

CURRENCES & COMMODITIES

Currency

U.S. dollar foreign exchange rates at 5 yrs. ET
	1st	2nd	3rd
Credit of currency	1.00	1.00	1.00
Amortization	0.00	0.00	0.00
Acquisition	0.00	0.00	0.00
Credit of currency	0.00	0.00	0.00
Debt	0.00	0.00	0.00
Debt	0.00	0.00	0.00
Debt	0.00	0.00	0.00
Debt	0.00	0.00	0.00
Debt	0.00	0.00	0.00
Debt	0.00	0.00	0.00
Debt	0.00	0.00	0.00

Commodities

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88 | Friday, August 7, 2026

COMMODITIES

THE WALL STREET JOURNAL.

Futures Contracts

Market & Revenue Rates
	Year	High	Low	Low	High	Low
Treasury
Pty. (Millions of Dollars)
2016	2017	2018	2019	2020	2021	2022
2017	2018	2019	2020	2021	2022	2023
2018	2019	2020	2021	2022	2023	2024
2019	2020	2021	2022	2023	2024	2025
2020	2021	2022	2023	2024	2025	2026
2021	2022	2023	2024	2025	2026	2027
2022	2023	2024	2025	2026	2027	2028
2023	2024	2025	2026	2027	2028	2029
2024	2025	2026	2027	2028	2029	2030
2025	2026	2027	2028	2029	2030	2031
2026	2027	2028	2029	2030	2031	2032
2027	2028	2029	2030	2031	2032	2033
2028	2029	2030	2031	2032	2033	2034
2029	2030	2031	2032	2033	2034	2035
2030	2031	2032	2033	2034	2035	2036
2031	2032	2033	2034	2035	2036	2037
2032	2033	2034	2035	2036	2037	2038
2033	2034	2035	2036	2037	2038	2039
2034	2035	2036	2037	2038	2039	2040
2035	2036	2037	2038	2039	2040	2041
2036	2037	2038	2039	2040	2041	2042
2037	2038	2039	2040	2041	2042	2043
2038	2039	2040	2041	2042	2043	2044
2039	2040	2041	2042	2043	2044	2045
2040	2041	2042	2043	2044	2045	2046
2041	2042	2043	2044	2045	2046	2047
2042	2043	2044	2045	2046	2047	2048
2043	2044	2045	2046	2047	2048	2049
2044	2045	2046	2047	2048	2049	2050
2045	2046	2047	2048	2049	2050	2051
2046	2047	2048	2049	2050	2051	2052
2047	2048	2049	2050	2051	2052	2053
2048	2049	2050	2051	2052	2053	2054
2049	2050	2051	2052	2053	2054	2055
2050	2051	2052	2053	2054	2055	2056
2051	2052	2053	2054	2055	2056	2057
2052	2053	2054	2055	2056	2057	2058
2053	2054	2055	2056	2057	2058	2059
2054	2055	2056	2057	2058	2059	2060
2055	2056	2057	2058	2059	2060	2061
2056	2057	2058	2059	2060	2061	2062
2057	2058	2059	2060	2061	2062	2063
2058	2059	2060	2061	2062	2063	2064
2059	2060	2061	2062	2063	2064	2065
2060	2061	2062	2063	2064	2065	2066
2061	2062	2063	2064	2065	2066	2067
2062	2063	2064	2065	2066	2067	2068
2063	2064	2065	2066	2067	2068	2069
2064	2065	2066	2067	2068	2069	2070
2065	2066	2067	2068	2069	2070	2071
2066	2067	2068	2069	2070	2071	2072
2067	2068	2069	2070	2071	2072	2073
2068	2069	2070	2071	2072	2073	2074
2069	2070	2071	2072	2073	2074	2075
2070	2071	2072	2073	2074	2075	2076
2071	2072	2073	2074	2075	2076	2077
2072	2073	2074	2075	2076	2077	2078
2073	2074	2075	2076	2077	2078	2079
2074	2075	2076	2077	2078	2079	2080
2075	2076	2077	2078	2079	2080	2081
2076	2077	2078	2079	2080	2081	2082
2077	2078	2079	2080	2081	2082	2083
2078	2079	2080	2081	2082	2083	2084
2079	2080	2081	2082	2083	2084	2085
2080	2081	2082	2083	2084	2085	2086
2081	2082	2083	2084	2085	2086	2087
2082	2083	2084	2085	2086	2087	2088
2083	2084	2085	2086	2087	2088	2089
2084	2085	2086	2087	2088	2089	2090
2085	2086	2087	2088	2089	2090	2091
2086	2087	2088	2089	2090	2091	2092
2087	2088	2089	2090	2091	2092	2093
2088	2089	2090	2091	2092	2093	2094
2089	2090	2091	2092	2093	2094	2095
2090	2091	2092	2093	2094	2095	2096
2091	2092	2093	2094	2095	2096	2097
2092	2093	2094	2095	2096	2097	2098
2093	2094	2095	2096	2097	2098	2099
2094	2095	2096	2097	2098	2099	2100

Cash Prices

Less: Less than 1% of the total

Thursday, August 7th, 2026

These prices reflect the group's spending of a variety of at least a "physical" commission in the marketplace—separate from the 5-year payment period and the company's debt to the 1-year period by which the number of shares is 1,000.

Earnings
Cash Flows
Cash Flows (Unrealized)
2016	2017
2017	2018
2018	2019
2019	2020
2020	2021
2021	2022
2022	2023
2023	2024
2024	2025
2025	2026
2026	2027
2027	2028
2028	2029
2029	2030
2030	2031
2031	2032
2032	2033
2033	2034
2034	2035
2035	2036
2036	2037
2037	2038
2038	2039
2039	2040
2040	2041
2041	2042
2042	2043
2043	2044
2044	2045
2045	2046
2046	2047
2047	2048
2048	2049
2049	2050
2050	2051
2051	2052
2052	2053
2053	2054
2054	2055
2055	2056
2056	2057
2057	2058
2058	2059
2059	2060
2060	2061
2061	2062
2062	2063
2063	2064
2064	2065
2065	2066
2066	2067
2067	2068
2068	2069
2069	2070
2070	2071
2071	2072
2072	2073
2073	2074
2074	2075
2075	2076
2076	2077
2077	2078
2078	2079
2079	2080
2080	2081
2081	2082
2082	2083
2083	2084
2084	2085
2085	2086
2086	2087
2087	2088
2088	2089
2089	2090
2090	2091
2091	2092
2092	2093
2093	2094
2094	2095
2095	2096
2096	2097
2097	2098
2098	2099
2099	2100

1. 2017年1月1日，公司召开2017年第二次临时股东大会，并通知全体董事。

KEY NOTES: A and B for the market share of the company's market. A and C for the market share of the company's market.

Exchange-Traded Portfolios

Trancha, August 1, 2026		Trancha, August 1, 2026		Trancha, August 1, 2026
ETF	Symbol	ETF	Symbol	ETF	Symbol
1. 2016	1. 2017	1. 2018	1. 2019	1. 2020	1. 2021
2. 2017	1. 2018	1. 2019	1. 2020	1. 2021	1. 2022
3. 2018	1. 2019	1. 2020	1. 2021	1. 2022	1. 2023
4. 2019	1. 2020	1. 2021	1. 2022	1. 2023	1. 2024
5. 2020	1. 2021	1. 2022	1. 2023	1. 2024	1. 2025
6. 2021	1. 2022	1. 2023	1. 2024	1. 2025	1. 2026
7. 2022	1. 2023	1. 2024	1. 2025	1. 2026	1. 2027
8. 2023	1. 2024	1. 2025	1. 2026	1. 2027	1. 2028
9. 2024	1. 2025	1. 2026	1. 2027	1. 2028	1. 2029
10. 2025	1. 2026	1. 2027	1. 2028	1. 2029	1. 2030
11. 2026	1. 2027	1. 2028	1. 2029	1. 2030	1. 2031
12. 2027	1. 2028	1. 2029	1. 2030	1. 2031	1. 2032
13. 2028	1. 2029	1. 2030	1. 2031	1. 2032	1. 2033
14. 2029	1. 2030	1. 2031	1. 2032	1. 2033	1. 2034
15. 2030	1. 2031	1. 2032	1. 2033	1. 2034	1. 2035
16. 2031	1. 2032	1. 2033	1. 2034	1. 2035	1. 2036
17. 2032	1. 2033	1. 2034	1. 2035	1. 2036	1. 2037
18. 2033	1. 2034	1. 2035	1. 2036	1. 2037	1. 2038
19. 2034	1. 2035	1. 2036	1. 2037	1. 2038	1. 2039
20. 2035	1. 2036	1. 2037	1. 2038	1. 2039	1. 2040
21. 2036	1. 2037	1. 2038	1. 2039	1. 2040	1. 2041
22. 2037	1. 2038	1. 2039	1. 2040	1. 2041	1. 2042
23. 2038	1. 2039	1. 2040	1. 2041	1. 2042	1. 2043
24. 2039	1. 2040	1. 2041	1. 2042	1. 2043	1. 2044
25. 2040	1. 2041	1. 2042	1. 2043	1. 2044	1. 2045
26. 2041	1. 2042	1. 2043	1. 2044	1. 2045	1. 2046
27. 2042	1. 2043	1. 2044	1. 2045	1. 2046	1. 2047
28. 2043	1. 2044	1. 2045	1. 2046	1. 2047	1. 2048
29. 2044	1. 2045	1. 2046	1. 2047	1. 2048	1. 2049
30. 2045	1. 2046	1. 2047	1. 2048	1. 2049	1. 2050
31. 2046	1. 2047	1. 2048	1. 2049	1. 2050	1. 2051
32. 2047	1. 2048	1. 2049	1. 2050	1. 2051	1. 2052
33. 2048	1. 2049	1. 2050	1. 2051	1. 2052	1. 2053
34. 2049	1. 2050	1. 2051	1. 2052	1. 2053	1. 2054
35. 2050	1. 2051	1. 2052	1. 2053	1. 2054	1. 2055
36. 2051	1. 2052	1. 2053	1. 2054	1. 2055	1. 2056
37. 2052	1. 2053	1. 2054	1. 2055	1. 2056	1. 2057
38. 2053	1. 2054	1. 2055	1. 2056	1. 2057	1. 2058
39. 2054	1. 2055	1. 2056	1. 2057	1. 2058	1. 2059
40. 2055	1. 2056	1. 2057	1. 2058	1. 2059	1. 2060
41. 2056	1. 2057	1. 2058	1. 2059	1. 2060	1. 2061
42. 2057	1. 2058	1. 2059	1. 2060	1. 2061	1. 2062
43. 2058	1. 2059	1. 2060	1. 2061	1. 2062	1. 2063
44. 2059	1. 2060	1. 2061	1. 2062	1. 2063	1. 2064
45. 2060	1. 2061	1. 2062	1. 2063	1. 2064	1. 2065
46. 2061	1. 2062	1. 2063	1. 2064	1. 2065	1. 2066
47. 2062	1. 2063	1. 2064	1. 2065	1. 2066	1. 2067
48. 2063	1. 2064	1. 2065	1. 2066	1. 2067	1. 2068
49. 2064	1. 2065	1. 2066	1. 2067	1. 2068	1. 2069
50. 2065	1. 2066	1. 2067	1. 2068	1. 2069	1. 2070

Borrowing Benchmarks

1. 2017年1月1日，公司召开2017年第一次临时股东大会，并通知全体董事。

Money Rates

August 6, 2026

Key annual interest rates and to borrow at fixed money in U.S. and international markets. Rates below are a guide to general interest but fixed money represent actual receivables.

Earnings
1. 2016	1. 2017
2. 2018	1. 2019
3. 2020	1. 2021
4. 2022	1. 2023
5. 2024	1. 2025
6. 2026	1. 2027
7. 2028	1. 2029
8. 2030	1. 2031
9. 2032	1. 2033
10. 2034	1. 2035
11. 2036	1. 2037
12. 2038	1. 2039
13. 2040	1. 2041
14. 2042	1. 2043
15. 2044	1. 2045
16. 2046	1. 2047
17. 2048	1. 2049
18. 2050	1. 2051
19. 2052	1. 2053
20. 2054	1. 2055
21. 2056	1. 2057
22. 2058	1. 2059
23. 2060	1. 2061
24. 2062	1. 2063
25. 2064	1. 2065
26. 2066	1. 2067
27. 2068	1. 2069
28. 2070	1. 2071
29. 2072	1. 2073
30. 2074	1. 2075
31. 2076	1. 2077
32. 2078	1. 2079
33. 2080	1. 2081
34. 2082	1. 2083
35. 2084	1. 2085
36. 2086	1. 2087
37. 2088	1. 2089
38. 2090	1. 2091
39. 2092	1. 2093
40. 2094	1. 2095
41. 2096	1. 2097
42. 2098	1. 2099
43. 2100	1. 2101

Notes on notes

For a term term, the number of shares is 1,000. The number of shares is 1,000.

and a term term is 1,000. The number of shares is 1,000.

New Highs and Loves

---

THE WALL STREET JOURNAL.

• • •

Friday, August 7, 2026 | 99

BUSINESS & FINANCE

SpaceX Believes Keep Faith

Continued from page 81

standing.

None of that is discussing retail traders. SpaceX is the fourth most popular investment

THURSDAY'S

BARNETS

indeed, trading

only

Nestia, Tesla

and Apple.

Shares have yet to see a day of not selling by individual investors since their listing, according to "stocks" Research. During SpaceX's post-trading, the paper describes the firm said retail traders snapped up almost 200 million worth of stock in the first hour after the company bid.

The company has followed previous Musk ventures in placing institutions that health on the railroad, including quarterback Mark orders and Mark-based manufacturing. It also houses the social media platform X, while some news-

Index performance on Thursday

ters have questioned that a merger with Tesla is said.

Putting the earnings from SpaceX's Earth-based AI play, valuable centers and interest business this week, McMechanics analyzes were left with a question of identity: "What, exactly, a SpaceX?"

Even incorrect investment analyzes struggle to value the long-term potential of a second mating. In the shorter run, the company's growth prospects are largely on its ability to compete in a globe-spanning data-center build-out led by

hypercrackers, including Amazon and Microsoft, and the borrowing needed to finance that spending spent a given time on the expansion.

"There's a big question about how they're going to fund it," said Ada Zha, a McMechanics analyst. "With these fundamentals as a backlog, it's tough to get excited about the stock."

For now, at least, many of Wall Street's big banks are aligned with retail traders in their otherworld's optimism, so not small part because of

Musk's presence for engineering and marketing.

New Diary for company as a "balancing," Shadeline Bank analysts told clients before earnings that placed "vapour-sorts in our view the apex of multinational solutions."

Goldman Sachs and BNBorgan this week boosted their share-time targets despite SpaceX's first-half-capital expenditures quadrupling from a year earlier.

"If it's more capital to enable better SpaceX outcomes, that's an easy trade for us," said Colin Canfield, an analyst at

Gartner Finance. A Printing to the company's lefty giant, he added: "SpaceX can relocate into two of its by pervasive because it's a reality

they can take a better in class, engineer and make them work hard for him."

Now, traders big and small alike tell them a technical challenge to Musk's ruthless status in markets.

The 702 million SpaceX

shares that unlocked Thursday—holidays worth more than $100 billion—for record the previous years of the 2026 stock. Yet SpaceX's gains contrasted with an otherwise down day on Wall Street. The New State Industrial Average 501 U.P., or 846 points, while the S&P 500, ticked 0.2% lower. The skating companies dropped 0.1%.

Even so, the end of the trading has left individual investors like Oscar June have to pay for more volatility should company insiders decide to cash in.

'If you can hitch your wagon to his horse, who cares how long it takes?'

Remember when Microsoft shares took 16 years to recover their det-nure-era higher than hold on When Apple nearly went bankrupt? She saw that through, too, June hopes her SpaceX shares will

eventually turn out to be like the Apple stock certificate hanging over her desk—worth $1.5 billion—than she ever could have imagined two decades ago.

"If you get in early on lock," she said, "we're going to do really well down the road." As her Musk? "You can't hit against the guy."

SpaceX would have to accrue many trillion more in value to emphasize the intrusion of other tech giants that went public for money. Like June, however, many of the de-stressed traders snapping up shares of SpaceX said they are focused on what the company has accomplished in the 20 of even 30 years from now.

"You don't have to fire reports on your quarterly performance," said Darcy C. H. Lee, an investor that created creator who focuses on tech stocks.

He is holding off on buying SpaceX at these prices, he said, "a understated, very many others are looking through its recent decision and back toward Musk.

"If you can hitch your wagon to his horse," Maxson said. "who cares how long it takes?"

New Highs and Lows

---

B10 | Friday, August 7, 2026

THE WALL STREET JOURNAL.

HEARD THE STREET

FINANCIAL ANALYSIS & COMMENTARY

Deal or No Deal, AstraZeneca Stock Is Bargain

The logic of a pharma megamerger is questionable, but the drugmaker's record isn't

The big pharma bosses were a stronger reputation on Wall Street than AstraZeneca's chief executive, Pascal Soran.

So the idea that he would make his company's future on a take-over of another pharma giant left investors scratching their heads, with many training for over 10 recent days.

Yet the concern over reported talks might be creating an opportunity. After plunging on a Financial Times report of merger discussions with Bristol-Myers Squibb, shares of AstraZeneca recovered somewhat when Reuters reported there are no ongoing talks. Either way, AstraZeneca shares an 1,000 down over 10% for the year. They think of less than 15 times forward earnings, but below their 10-times average over the past decade.

Sorter that his reputation by doing almost the exact opposite of what he might now be. The following: After rebutting Pfizer's $120 billion in Johnson's bid in 2014, he probably transformed AstraZeneca into one of the drug industry's top growth stores.

He did so for focusing on internal research and development paired with smaller deals, rather than relying on unsealed corporate consolidators. The largest was the acquisition of the rare-disease company division for $19 billion. Over the past decade, revenue rose to nearly $60 billion from about $25 billion, turning the company into one of the U.S.'s most valuable corporations.

But could Sorter be hardening with global ambitions? At roughly $250 billion, AstraZeneca's market capitalization is still down for by such trials as Eli Lilly and Johnson & Johnson, sitting around $1 trillion and $600 billion, respectively. That gap helps explain why he might have considered a megamerger on a scale the industry hasn't seen in years, one that could create a $400 billion global pharma company.

Investors were misrepresented by the reported talks. Megamerger's built on cost strategies and rare corporate scale have largely fallen out of favor on Wall Street. Big drugmakers increasingly prefer bolting on promising biotech. Even the largest transactions of the

AstraZeneca CEO Pascal Soran, in gray he rings the opening bell at the New York Stock Exchange in June.

Select drug portfolios for Bristol-Myers Squibb and AstraZeneca

“California’s the ‘Housing in the Box’ is the thing with more than 10 billion in global sales. States: However for some things it’s right with no developing ideas, however, with some things in paper or research, in particular, if you think an outlaw I have been a good thing.”

past decade, such as Pfizer's $43 billion purchase of forages in 2023 or Bristol-Myers Squibb's $74 bil-

lion acquisition of Celgene in 2025 involved swallowing a large biotech, not a classic merger of two

pharma giants for cost efficiencies.

The attack on cash megamerger is well known: They distract management, new years of organizational chaos and unite regulatory scrutiny. The antitrust risk would be acute in a takeover of Bristol-Myers Squibb given the substantial overlapping portfolios both companies maintain in oncology. These trials also don't tell a lot about how to do so, not the long term.

Political timing might be playing a role. A more permissive regulatory climate under the Trump administration has opened a rare window of opportunity for big deals, said Jared Bate, a healthcare strategist at Winston. AstraZeneca has made no secret of its paid to become a more U.S.-central company, stepping up investment in America and recently completing a direct listing on the New York Stock Exchange.

AstraZeneca was already facing pressure before reports of a possible transaction surfaced. Shares

tumbled early last month after the company revealed that a closely watched heart medication failed in a late-stage clinical trial. The setback raised uncomfortable questions about whether the company can hit its ambitious goal of 500 billion in annual sales by 2030. More broadly, investors are starting to ask questions about the company's long-term growth drivers when major oncology blockbusters such as Tagticus, Imfuzzi and Caligman have patent protection in the 2000s.

There there was the reported target: Bristol-Myers Squibb is staring down immediate patent reputation on such core revenue drivers as the state of blockbusters Opelins and the blood thinner. Elapin, who has been seriously shouts to know why one of big pharma's top growth stores would be itself to a company that might soon be shrinking. The deal report raised a 1,000 down over 10% in AstraZeneca have lost faith in its own organic pipeline than it has been telling the market.

Investor reports might be over 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10%

of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10% of the 10%

AstraZeneca's market cap, which is still dwarfed by rivals like Eli Lilly

with Botox and other aesthetics products helping various Humira's decline. Burley purchase of fermented wax a triumph, ensuring control of such users' blockbusters as Ananta and Metroplus.

Sorter built his name by retaining a megamax and button. Becoming that shares would be a big risk. But he has earned some foreway from investors.

—David Manner

Anything Goes? Not So Much for CME

Are they shocked that gambling is going on in this establishment? But really, but CME Group, the grandfaulty of electronics exchanges, would like to keep it overnight.

CME provides many products needed for the normal functioning of particular market. In business, also has gotten a big lift from the explosion in social options trading and the public's embrace of lower-aged and uprisen income funds. The returns from those products can be 4%.

The legal and strength of the counterparties backing them isn't—CME offers favourable protection.

Its recent launch of single-stock finance on 10 of the biggest U.S. companies in in part aimed at individual investors who have

flocked to those other risky offerings. The futures trade 23 hours a day. They offer a simple way to let us excite using leverage—much more than what's available with margin debt, but less than the most speculative options.

The response from crypto-exchanges and prediction markets: 'Hold my here.'

Perpetual finance or 'perps,' already dominate cryptocurrency trading, potentially offering leverage of 100 times. That means huge swings and the potential for a finance to liquidate a today's position. The counterparties are someone else, not a naturalized exchange, and perps never aspire. Not being tied to a yet date means they technically aren't even 'futures.'

Now, firms offering perps want

them available in the U.S. for commodities and stocks. They already are offshore. The Trump alliance makes seems favorably decisive, but CME has been vocally opposed, citing investor safety. They are also a big threat to its quasi-monopolies.

CME's stock-burans include have been planned for years, according to Tim McCrack, an global head of financial and over-the-counter products. It tried them before and they finished. Product improvements should help them absorb this time, says Tim Quast, chief executive of market-structure analysis (Jim McKevitt).

Perps could, too, even if they're avoided by institutions who prefer dealing with more substantial counterparties. An individual speculators keep migrating to even

robust products, the ones offering the most hang for the buck might prove most enticing.

The company's strategy is that not be for CME's bottom line. But there are potential ripple effects that could speak even stadi investors.

Sovereign played a large role as a cascading crypto crash last October. It not only wiped out many traders but also saddled crypto exchanges' insurance funds with losses when customers couldn't pay.

Sovereign in the U.S. stock market has been limited since the 1950s. Margin borrowing recently hit a record, but it's a far cry from levels that had signed many in three years.

Washington's guardrails weren't popular with the financial retail-

CME Group share price, prior to 2026

Immunized when created, but they mostly are now the design three-down-inities more competitive. That may not be disastrous for profits. It could be for robbery, people's portfolios during a big market swoon. —Spencer Aldoll

MONEY & INVESTING

Stock Spotlight

WPP PLC

Shares spread 21% after the advertising group reported better-than-expected results, with Chief Executive Officer and the other creating her turnaround plan for driving a run of account wins.

Diages

American depositary receipts gained nearly 5% after the maker of Smirnoff vodka and Johnson Walker. Ambitious losses to save some $3 billion in the coming years through a restructuring.

Papa Joke's

The price index, which has been the source of deal

speculation since early 2020, said that following months of majority options, the company's management and board opted to stick with its current turnaround strategy. Shares declined 17%.

SoftBank Group

Shares fell more than 4% before the Japanese technology investor reported lower first-quarter net profit.

Versant Media

Shares rose 6.8% after the owner of DAX and MS New raised its 1st year revenue forecast. The move came as Versant reported second-quarter results that lead expectations—though both revenue and profit fell in the quarter.

FRIDAY'S EVENTS:

◆ Economic Index Labor

Department's monthly

employment report for July

◆ Other data: The Federal

Reserve report on consumer credit

EARNINGS EXPECTED:

Under Antimony

Wendy's

Victim

Take-Two

SATURDAY'S EVENTS:

◆ Federal Reserve speaker

Vice Chair for Supervision

Michelle Bowman

EARNINGS EXPECTED:

Berkshire Hathaway

Gold Roars

Back to Life

For the first time in months, gold is driving again. The previous metal has started August on strong footing, using more than 5% in just a fraction of footing days. Gold hasn't seen gains like that since its nearly an otographic rise at the start of the year.

The war in Iran dented much of this year's only momentum, as investors dictate the metal amid rising inflation expectations when oil prices subject their first to throats when inflation is coming, interest rates are lower and the opportunity cost of footing is a minimal left-to-rate rise, investors tend to favor income-generating assets like bonds.

Gold's monthly performance this year

Lowest

Lowest

Lowest

Lowest

Lowest

Lowest

Lowest

Lowest

Lowest

Lowest

Lowest

Lowest

Lowest

Lowest

Now the 10th appears to be having. Here are a few

things keeping gold lately.

◆ Signs of progress in the

Middle East: one and linear on Wednesday were final

ing a draft agreement to re-

open the 30th of Normal.

◆ Shifting interest-rate expectations, investors lose more integrity, greater chance that the fuel holds rates steady in September, following its decision to keep rates unchanged last week. Investors rose to a 42% chance that rates may be lower than its next meeting, up from 37% a week ago.

◆ Signs of continued demand from big buyers. The crypto giant father added 14 tons of physical gold to its reserves in the second quarter, it said last week.

◆ Gold demand from central banks also picked up in the second quarter, the World Gold Council said, after relatively paltry levels in the first three months of the year.

—Caitlin McCabe

---

Open House Parties

Brokers on their most extravagant showings MS

MANSION

THE WALL STREET JOURNAL.

$68.5 Million

A Miami Beach home on La Garce Island hits the market MS

Friday, August 7, 2006 | MS

HOMES : MARKETS : PEOPLE : REDOS : SALES

'Mad' Cliff-Top Dream on the Irish Coast

A couple wanted a home on the edge of the sea. So they braved 75-mph winds to turn a former sea-urchin farm into a modern, light-filled house.

By BETH BLOOMFIELD

When Petrina Shortt and Sio-ina Gin showed their contractor where they

planned to build a house—in place of a ramshackle but atop sheer cliffs on Ireland's wind-hattered southwest coast—his response was unequivocal.

"He thought we were mad," said Shortt. "People around here tend to build more inland because of the winds and the rain, but we wanted a house right on the edge of the sea."

Ignoring their contractors' advice, the couple spent four years and about $800,000 building a light-filled coastal home with echoes of the site's past as a sea-urchin farm.

Shortt, a 10-year-old artist, and Con, 51, who works in IT, are very much accidental home builders. Until they moved to the wilds of West Cork, they had spent most of their lives in Dublin.

In 2006, they bought a modest three-bedroom house in Dublin, imagining it was the starting point in a conventional journey up the real-estate ladder. The Irish economy was flourishing, said

Please turn to page MS

Petrina Shortt goes for a walk near the home with George, the couple's golden retriever. Longtime city residents, the couple enjoy observing the local wildlife, including seabirds and dolphins.

D.C. Is the New Trophy-Home Spot for Billionaires

Washington Commanders owner Josh Harris set a record when he bought in Georgetown.

The luxury market in the capital region is surging as wealthy finance and tech executives compete for homes there

By RALPH KOKITZ

WHEN PRESIDENT TRUMP returned to office and vowed to shrink the federal government, some housing observers limited over the impact on the long-stable housing market in Washington, D.C.

Instead, the region's luxury market is setting records as wealthy administrative members and tech and finance executives—placing more value on proximity to the capital—buy trophy homes there.

The median sale price in the Washington metropolitan area hit an all-time high of $600,000 in May, up 3% compared with $600,000 the prior year, according to Bright MLS. At the high end, demand is even stronger. By the end of the first quarter, luxury-home inventory—proportion

priced above $1.75 million—was down Please turn to page MS

---

M2 | Friday, August 7, 2026

THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Own a Waterfront Estate in Miami Beach

Branding mogul Nick Woodhouse was sailing around Miami for his birthday in 2019 when he realized he had found his new home. Turning to his wife, Jocelyn Woodhouse, the Canada-born businessman said, "We have to live here."

It wasn't long after relocating from New York in 2010 that the couple—then living in a condo on Sunny Isles Beach, Fla.—saw a waterfront lot on guard-gated La Gorce Island in Miami Beach from a found's boat. The property had the foundation of a house that was just starting to be built.

The Woodhouses purchased the partially built home for $37 million in 2021 and completed construction of the roughly 9,800-square-foot, seven-bedroom contemporary house around 2023.

Now, they are selling the 0-4-acre estate, which comes with a desk and 100 feet of frontage on Biscayne Bay, for $68.5 million because they are building another home nearby.

Nick is the former president and chief marketing officer of Authentic Brands Group, a licensing and management company that works with companies such as Reebok, Champion and Brooks Brothers. He is also a part owner of the Salford City Football Club.

He and Jocelyn, a former marketing executive, have two young children and were drawn to Miami for the lifestyle, he said. Though the La Gorce property "was very, very nascent," Nick said, custom-designing the house was part of the store. "Many Miami homes can be busy and sterile," he said.

Each room was designed to be a different experience. "If I'm in my dressing room and shut the doors, I feel like I'm in the Tom Ford store on Madison," Nick said, referring to the famous shopping district in Manhattan.

The Woodhouses entertained frequently in the backyard, which Nick said they transformed into a Disney fantasy for Jocelyn's 60th

birthday last year. They turned their Riva motor yacht into a picnic ship, posed with Mickey and Minnie characters and handed out Mickey ears. "It was a real primeer's party," he said.

In 2023, the couple purchased a non-waterfront property across the street from their current home for $5.25 million. In April, they purchased another non-waterfront property, with 0-8 acre, on La Gorce Island for $23.5 million, property records show. Nick said he wants the new house to be more "thumpions-sugar," with more wellness features and space for his son to play soccer.

Nick declined to say how much construction cost for his current home but said they invested more than he anticipated.

FOR SALE

$68.5

MILLION

8,800 sq. ft., 7 bedrooms, 2 kitchens, desk, club room

Properties on La Gorce Island have surged in recent years. Last year, a contemporary estate inspired by Manhattan's Guggenheim Museum sold for $74.25 million, another sold for $60 million.

The fact that the Woodhouses' home is turnkey makes it particularly attractive, said Jocelyn agent Oliver Lloyd of Douglas Ellaman. "The inventory is very low for high-end waterfront houses," he said.

—E.B. Soberanoff

As a veteran, when someone raises their hand for help, you're often one of the first ones to respond. But it's also okay to get help for yourself. Maybe you want or need assistance with employment, stroke, finances, mental health or finding the right resources. No matter what it is, you earnest it, and invest no better time than right now to ask for it. Don't wait. Reach out.

ad

VA

U.S. Department of Veterans Affairs

Find resources at VA.GOV/REACH

---

THE WALL STREET JOURNAL.

Friday, August 7, 2026 | MS

PRIVATE PROPERTIES

Sheila Johnson, Co-Founder Of BET, Sells Virginia Home

band, William T. Newman Jr., bought the newly built house for $3.3 million in 2005, property records show. Johnson's husband, who died in February, was a judge in Arlington County, where the house is located, said Terry. Johnson, who is based in Middleburg, is selling it after Newman's death. Johnson, reached through a representative, declined to comment.

The home was never listed on the multiple listing service (MLS), and no formal asking price was publicly set. Johnson sought a relatively low price to avoid competing

with new construction in the area, and the home went under contract just days after it was quietly marketed with a yard sign in late June, said agent Daniel Heider, who shared the listing with Terry.

Johnson, who is known as one of the first Black female billionaires, made her fortune by selling BET to Viacom for roughly $3 billion in 2001. She is the chief executive of the hotel company Salamander Hotels and Resorts and vice chair of Monumental Sports & Entertainment, which owns sports teams, arenas and a media network.

The free-bedroom, 7,100-square-foot house sits on half an acre in the upscale Country Club Hills neighborhood, said Heider.

The median sale price in Arlington was $785,000 in June, down 1.85% from the same month last year, according to Realtec.com, which is operated by News Corp, parent of The Wall Street Journal. The market is price-sensitive due to elevated interest rates and the uncertainty of international conflicts, said Heider. —Sarah Payster

Black Entertainment Television co-founder Sheila Johnson has sold her Arlington, Va., house for $3.15 million in an off-market sale after initially seeking around $2.8 million.

The buyer is a local family that paid over asking

8.5.15

MILLION

7,100 sq. ft., wet bar, 5 bedrooms, 4 fireplaces

price to avoid a bidding war on the open market, said listing agent Nicole Terry of YTR Sotheby's International Realty, who declined to identify the buyer. Though Johnson goes forbearer a roughly $40,000 renovation before selling, Terry said, the buyer plans to customize and update it. Johnson and her hus-

For wildfire prevention tips, visit SmokeyBear.com

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M4 | Friday, August 7, 2026

THE WALL STREET JOURNAL.

MANSION

Originally built in the early 1800s, the Clarens estate has a roughly 7,600-square-foot home with nine bedrooms and views of the Potomac.

FARIN COUNCIL

D.C.

Luxury

Continued from page M1 22% from a year earlier, even as overall inventory increased by 5%, according to Bright MLS. And earlier this year, a Georgetown home sold for $28 million to Josh Harris, co-founder of private-equity firm Apollo Global Management and Washington Communi- ers owner, setting a record for Washington, D.C.

"There's a lot of wealth coming to D.C," said Ara- tin and real-estate devel- oper Dr. Sona Kakar, who paid $15 million last Sep- tember for a roughly 8,000- square-foot brick manions on Virginia's so-called Gold Coast. He plans to rate the house, find a buyer, then build a new custom man- sion to these specifications.

The market is being baryed by affluent buyers competing for trophy homes in the prime south burbush in Northwest Washington, Maryland's

Boxes purchased a pair of Georgian-style mansions in 2016; he also bought across the street.

Montgomery County and Northern Virginia, real-es- tate agents said.

In Virginia's Arlington County, for example, the median home price jumped 18% year-over-year to $935,930 in June, according to Bright MLS, while Mon- gomery County's was up 5.4%. But the boom has its

limits, real-estate agents said, these wealthy buyers want move-in ready homes in choice locations, and those that don't fit the bill are taking longer to sell.

The Trump cabinet as the wealthiest in modern bio- tery, and members of the administration have been among those driving de-

mand for luxury homes. Treasury Secretary Scott Bessent bought a $12.5 mil- lion home in Georgetown develly after his confirma- tion, and Commerce Secre- tary Bernard Lutrack bought a $25 million D.C. home in 2024.

Proximity to the federal government is also drawing tech entrepreneurs and ex- eratives who are expanding their presence in the ve- gion, agents say. In 2016, Amazon founder Jeff Bezos spent $23 million for a pair of D.C. mansions, then paid $5 million more in 2020 for the home across the street. In 2025, Meta CEO Mark Zuckerberg paid $23 mil- lion for a 25,000-square- foot home "which will allow Mark to spend more time there as Meta continues the work on policy issues re- lated to American technol- ogy leadership," the com- pany told Politics in a statement at the time. Tech billionaire Peter Thiel bought a $23 million man- sion in that same neighbor- hood, Woodland Storman- stone, in 2023.

"If one of these influen- tial folks has a small per- centage of more effective- ness to gain from their job by buying a house here and

being influential in the community, they will de- thal," says Daniel Binder, executive vice president at TTR Berkeley's International Reality.

In particular, Binder says, he has recently seen a "substantive volume" of AI executives looking for, and purchasing, high-end prop- erties in D.C. as they seek to influence federal policy amid the AI boom. He says he can't name specific di- reels due to nondisclosure agreement.

"We're in an AI race," Binder says. "These people are driving the market."

Luxury properties in the D.C. area need to spend more time on the market than lower-priced homes, real-estate agents say. But Bright MLS data show that in the first quarter, luxury homes in the D.C. metro area sold faster on average than the overall housing market.

In the ultraluxury seg- ment—which Binder consid- ers to be $10 million and above—buyers aren't look- ing for just any home. They

Proximity to the

federal government is also drawing tech entrepreneurs.

want privacy, prestige, blue-clip neighborhoods and big-name architects and developers. "You have to hit all of these notes of quality," Binder says.

In past because many of these buyers aren't looking for primary residence, they want staged and move-in ready homes.

"There's less of an appetite for folks to do tons of mes- sations and work," says Jaci Appel of Washington Fine Properties. Binder said many of his deals involve fully furnished homes. "They don't want to lift a finger," he says.

Binder says he spends

much of his time hunting "these white-whale proper- ties, so that I can play matchmaker with billionaire buyers." He also approaches owners whose homes aren't listed, he says; he recently made an unsolicited $50 million offer that was re- jected.

One family with a $7 mil- lion budget has been searching for nearly seven months for a home in Maryland's sought after Chevy Chase Village, Ren- wood and Edgemoor, says their agent, Robert Bryn- wickis at TTR Berkeley's. "The family wants turnkey, renovated, basically found new," he says. University for such homes is so tight that they "just haven't found an option."

Bonus that need up- dates, however, may sit on the market, says Sarah Bake, a real-estate agent with Compass.

Marvin Cankford ex- pected her Alexandria, Va., home, the Clarens estate, to sell quickly when she put it on the market in 2023 for $11.5 million. But in those first months, few people came to see the 19th-en- tury home on 4 acres.

"I was surprised," Cank- ford says. "I had kind of hoped that with the new administration and every- thing, people were coming in and wanting homes." Af- ter nearly half a year with little action, she changed agents, listing Appel. "We did get some feedback that people would have wanted to modernize the house," Appel says.

Ultimately, Appel sold the property in January for $75 million after several price cuts. While it was less than Cankford had origi- nally expected, it sat a re- cord for Alexandria.

Kakar is anticipating that the buyer of his 13-acre Vir- ginia property will spend $40 million to $70 million to build a new home. "That has not been done before is Vir- ginia," he says. "But there's definitely a market for it."

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This Wesley Heights home was listed unstaged for $3.6 million and had its price cut.

Treasury Secretary Scott Bessent bought this Georgetown home after his confirmation.

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THE WALL STREET JOURNAL.

Friday, August 7, 2020 | 85

MANSION

IN THE TRENCHES | ROBYN A. FRIEDMAN

Take This House for a Test-Drive

Q What is the most extravagant open house you've ever hosted?

BEN BOWEN

A real-estate broker at Premier Sotheby's International Realty in Cornelius, N.C.

In the summer 2024, I represented the seller of a nearly 8,000-square-foot traditional brick estate on over an acre at the Quail Hollow Club in Charlotte, which has an exclusive golf course known for hosting the PGA Tour. For the open house, I worked with Ferrari, which holds

events around the country for prospective buyers of their vehicles, since they don't have showrooms. They were looking to host an event in the Cardinas, and I coordinated with them to have it at my listing. I invited all my VIP clients.

There were seven Ferrari models on-site, and the guests were able to take 10-minute test drives. There was a striking red-carpet arrival and hers d'oeuvres created by a private chef from California. No alcohol was served because people were driving, but there was a barrels to make coffee. There were approximately 200 attendees—many of whom were Ferrari owners or decided enthusiasts. These were the exact people I wanted to see my luxury listing, which was

priced at $7,495 million. It was a great way to get a very affluent crowd to see the property.

The event cost Ferrari about $250,000. We ended up selling the house not too long afterward to a local buyer who had attended.

LOURDES ALATRISTE

A real-estate broker at Douglas Elliman in Coral Gables, Fla.

About two years ago, I was representing the owner of a 10,000-square-foot estate in Coconut Grove, a three-story villa that has 300 feet of frontage on Biscayne Bay. To ring in the start of Art Based Miami Beach, I hosted an open house at the property and invited about 40 art aficionados who were attending the event, along with

some of my clients and other real-estate professionals. Rather than making it a traditional open house, I decided to be the event into the home's architecture and design, which were heavily inspired by Poulsen, Italy,

an area the owner loved. So, I transformed the evening into an Italian-style scene, with candole terraces, a violinist, passed hors d'oeuvres and contemporary-art in-

stallations placed around the property. And to further make the property feel like Italy, many VIP guests arrived by boat via Biscayne Bay. The event cost about $35,000, and guests stayed for hours, wandering through the art and enjoying the views and the music. The best part was that the property sold soon after, for $333 million, to a client of my co-listing agent.

JOHN 'JO' DIAZ

A real-estate agent at St. Luxury in Las Vegas

In March, I listed a 5,678-square-foot custom contemporary home in Las Vegas for $1,599 million. It had 25-foot ceilings and was designed to showcase the sellers' art collection, with big wall spaces, custom shelves and track lighting. There was art everywhere. It was almost like being in a museum. I would describe it as 'artistic glare.'

After I listed the home, I immediately hosted a broken open house, and I also invited some clients and other VIPs. To showcase the home, I hired two contemporary dancers to perform in the great room during the event, to include another art form that would complement the amazing visual art already on display throughout the home. I wanted a unique way to market the home—something people hadn't seen before. About 10 people attended the open house, which cost $2,000.

Because the broken open was so successful, I also filmed a video that featured a single dancer. In a black flowing outfit, she did a contemporary dance that started outside the front door and proceeded through out the house. The house sold quickly—ironically, to a dancer who viewed the video—for $1,625

million, over the asking price, after a bidding war. The buyer said the way the home was presented tugged at her heartstrings. —Edited from interviews

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© 2020 Dow Jones & Co., Inc. All rights reserved. 1824-0482

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M6 | Friday, August 7, 2026

THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

FDR's Grandson Lists Sprawling 1,300-Acre Texas Ranch

The grandson of former President Franklin D. Roosevelt is listing his 1,300-acre Texas ranch for $35.5 million.

Tony Roosevelt first acquired the property in 1999. He and his wife, JoAnne Roosevelt, who are based in Dallas, expanded the estate and spent about $12 million to assemble their weekend escape up until 2018, said their daughter Liz Kelly.

The rural estate in Era, about 75 miles from downtown Dallas, includes a free bedroom, roughly 4,000-square-foot house built around 2010, said listing agent Cadi McWhorter of Hortonstine Ranch Company. It has been the site of family camping trips, mountain bike races and barbecues.

Tony is selling the ranch because, at age 90, he is not visiting as often, Kelly said.

Tony's father is FDR's son Elliott Roosevelt, who worked in

broadcasting. He and JoAnne, who have four children, camped or stayed in a barrabomino on the property until Tony spent about $1.6 million to build the house.

"There is definitely a ranch flair to the house, but it's got a lot of my Chicago mom," said Kelly, whose mother is from Evanston, Ill.

On the 2.5-mile stretch of Clear Creek that runs through the property, Kelly and her siblings started for arrowheads and smooth gizzard stones, an activity they call "creeking," she said. Tony's grandchildren would tie plastic bottles together to create boats and race them.

The Roosevelt also liked to camp in two dedicated areas, one of which has a fire pit and elevated tent platforms. A few times, they hired guitarists and served barbecues at "music fests" they hold for friends and family. Kelly said.

FOR SALE

S21.5 MILLION

4,000 sq. ft., 4 bedrooms, 2,800 sq. ft. barrabominoes

Tony was born and raised in Fort Worth, Texas. As a teenager, he worked as a cowboy on a Nevada ranch and visited a ranch belonging to his father in Colorado. Tony owns businesses in the oil-and-gas industry, including Roosevelt Resources and ER Operating.

Following the pandemic, large ranch properties sold for double and triple their pre-Covid prices, and prices haven't dropped in this area since, McWhorter said.

Honey in Cooke County, where the ranch is located, sold for a median $332,000 in June, up 2.94% from the same time last year, according to Realine.com, which is operated by News Corp, parent of The Wall Street Journal. McWhorter has the listing with colleagues Blake Hortonstine and Jonathan James.

—Sarah Paynter

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Friday, August 7, 2026 | M7

MANSION

HOUSE CALL | ETHAN PECK

On His Spock Role and Grandpa Gregory Peck

The actor recalls his battle with perfectionism, his mom's encouragement and his 'Spellbound' revelation

When I was growing up in Los Angeles, my grandfather occasionally came to see me in elementary-school and junior-high events. He was Gregory Peck, the Oscar-winning actor.

From a child's perspective, he had an aura that left parents in awe. To me, he was just Grandpa, a guy who delighted in making lots of people happy.

My parents lived in Hollywood, and Grandpa's house was a 15-minute drive to Bishiny Hills. We lived in a modest, nonclassical Craftsman-style home with two pillars in front and an art deco set of concrete steps.

The facade probably looked easy from the street. My mother, Francine, an artist, loved painting the front door an eye-grabbing color.

My father, Stephen, was a writer and actor, and became CEO of the U.S. Veterans Initiative.

I watched TV's 'Star Trek: The Next Generation' when I was 5, but it was a little too much for me.

Because of my connection to Gregory Peck, I was asked at 9 by a family friend if I wanted to act. I had an aptitude for it, and my mother was encouraging. She saw an artist in me. My father, however, wanted me to have a 'normal' life. In my first part when I was 9, I appeared on an episode of the 1995 TV crime drama 'Charlie Grace.' The following year, I was cast in a co-starring role in 'Mar-

chall Lane' a TV movie.

My parents divorced when I was 13. The split was a tough for me. Their decision was clearly for the best, and they remained wonderful, interesting people. But I got more inwardly focused and sensitive.

I grew up watching my mother paint, and the force and flavor of her creativity, and passion for color and moron rubbed off.

I was constantly the subject of external interest and pressure, and felt a need to be perfect. But perfectionism can be paralyzing.

In high school, I imploded. I avoided my schoolwork and concentrated on my acting instead.

At NYC, I majored in drama and was in the Experimental Theatre Wing, a spectacular place for self-discovery.

But I was still a terrible student and had a hard time being per-

ETHAN AND OEP

When did you move into your condo? About three years ago, I loved the calm of the ocean and the mystery of the unknown cut there.

What's your favorite artwork by Mom at home? 'Eagan,' a small, square abstract canvas in yellow, orange and black that she painted for me when I was 2.

Did you meet anyone special at Gregory Peck's house? Roger Moore. I'll soon hit. Bond films when I was a boy.

ent. I was working as an actor and constantly comparing myself to my grandfather and feared finding out I was much less spectacular. I left after my junior year.

I already had booked roles in the 2008 films 'Tennessee' and 'Adopt a Sailor' and then TV's '10 Things I Know About You' in 2009. I spent about seven years being cast in small parts.

Then in 2016, I was cast as Spock in 'Star Trek: Discovery,' the first of four franchise series. Spock has been cathartic and a perfect role for me. He's a character with a profound inner struggle.

Today, I live in a spacious

Ethan Peck in San Diego in 2024, above. At left, young Ethan with his grandfather, actor Gregory Peck, and father, Stephen, in Hollywood in 1991.

condo near Santa Monica, Calif. I can see the ocean, find the breeze and smell the water. I'm not a beach person, but I love seeing the horizon and the vast open space.

In 2016, I watched my grandfather in my favorite Gregory Peck film—*Ditchcock's 1943 'Spellbound.' I was 28—the same age as Grandpa in the movie. For the first time, I could see overlapping characteristics, which was motivating. There's also a bit of

Grandpa in Spock—a humanistic perfectionist searching for meaning. I can relate.

—As told to Marc Myers

Ethan Peck, 40, is an actor known for his roles in TV's '10 Things I Have About You' and the films 'Adopt a Sailor' and 'The Unholy Poetry.' He has co-starved in four 'Star Trek' series, including Season 4 of Paramount's 'Strange New Worlds.'

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THE WALL STREET JOURNAL.

MANSION

The home's windows are reinforced glass, left. In the kitchen, right, the couple chose dark grey kitchen cabinets and polished concrete floors so as not to distract from the surroundings.

CHARLIE BERTSHEIM/SPO

A Cliff-Top Irish Dream

Shortt, now a full-time

But the following year, the global financial crisis hit. Within two years, their house was worth 50% less than they had paid for it, said Cox, then on 10' project manager for an accounting firm. Although they both kept their jobs—Shortt was an art teacher at the time—they had to accept pay rates.

"We could afford to pay our mortgage," said Cox, "but we couldn't afford to do anything but pay the mortgage."

In 2024, the couple decided drastic change was needed. Cox accepted a job with a bank in Saudi Arabia, and Shortt landed a job at a school there. They rented out their Dublin house and moved to the Middle East.

Returning to Ireland was always on the itinerary. While living in Riyadh, the Saudi capital, the couple hatched a plan of buying themselves a small Irish-held that they could use for visits home and—one day—return to.

Their chosen location was West Cork, a place they had often visited and loved for its gorgeous landscapes, great food and thriving cultural scene.

In 2017, having failed to find a cottage or farmhouse they really liked, the couple spotted as unproprocessing industrial building with a corrugated iron roof in Knockaens, some 70 miles west of Cork city.

The building had been used as a sea-within farm, but its owner was giving up the business and had been trying to sell the roughly 3-acre site for two years.

Shortt instantly fell in love with the location, with seven across to the Sheep's Road Peninsula, but Cox initially had trouble picturing how the shed-like structure could be turned into a home. Shortt, provided, and in 2017 the couple paid about $250,000 for the hatchery.

Then, with the help of her architect sister, Caroline Shortt,

Shortt, now a full-time partial works in her art studio, which is about 1222 square feet?

Cox and Shortt with George above. The entrance hallway, above right.

The TV room, above, is painted navy-blue and has a view of the hot tub on the deck, below. The home's marine-grade cladding was selected for its durability, and extra rivets were used to hold the metal cladding in place.

founder of Marc Architects, they began the long, slow process of getting permission to replace the hatchery with a home. This meant getting the site zoomed from commercial to residential, and then selling the local planners on their vision for a contemporary 2,637-square-foot house clad in black corrugated metal.

"One planner said it was 'morrow and alive,'" said Shortt.

But she and Cox feel the dark, industrial style not only acknowledged the house's history but also complements the rock, seas and brothers surrounding it. On a practical note, the marine-grade cladding was also selected for its durability.

Eventually, in 2018, permits were in place and the build began.

To keep costs under control and minimize waste, the house was designed using the existing structure of the hatchery. The site did throw up engineering challenges—the house had to be buttressed with stool to withstand local winds of up to 75 miles an hour. The exterior lighting is made from marine-grade plastic: "Anything else would just corrode because of the salt in the air," said Shortt.

For most of the build, Shortt and Cox were in Saudi Arabia, monitoring it remotely and relying on Caroline and their contractor to keep them up-to-date with pictures and videos.

They had no idea when they might be able to return to live in the house. Then the Covid-19 pandemic hit.

Shortt and Cox, who happened to be in Dublin for a visit, found themselves trapped in Ireland, working remotely. Realizing they didn't need to return to Saudi Arabia, they stayed in the West Cork area.

They rented a place nearby to oversee the final months of the roughly $400,000 build, and moved into their three bedroom, two-bathroom home in July 2020. The following year, they embarked on Phase 2, spending about $120,000 to build an art studio for Shortt, who has given up working and is now a full-time painter.

The house has a study for Cox, who now has a hybrid role working for the Irish government, plus a storeroom "for the city clothes we never wear," said Shortt.

The Dublin house finally recouped its value and was sold last year, and the city-land couple have adapted easily to country life.

They spend much of their time outdoors, walking George, their dog, and swimming from the small, rocky beach below their property. They also enjoy deserving sea birds, dolphins in the bay and the real colony on the island across from the house. A resident after has babies about three times a year.

"It is a million times better than we thought," said Shortt.

© 2026 by The Wall Street Journal

QA Report - The Wall Street Journal - 07.08.2026.pdf

Pipeline

• Extraction route: mistral-ocr
• extraction_route=mistral-ocr
• Translation chunks: 130
• Extraction warnings:
• [OCR-ROUTE] FORCE-MISTRAL: All PDFs route directly to MistralOCR.

Non-model Checks

• WARNING: missing numeric tokens from source: 000000000, 000000000000, 021.0, 10.64, 10.84, 10.99, 10000.00, 1000000000, 1012, 109
• WARNING: Missing proper nouns in translation: Abraham Lincoln, Accuracy

What, Acre Texas Ranch

The, After Donald Trump, After Makary, Airport Mark New Threat

An, Al Guinea Pigs Off, Alaska Metro Health, Alaska School Housework, Ali Khamenei - WARNING: source dates, money, or percentage tokens may be missing

Model QA

经过严格审核，该译文存在多处致命缺陷（BLOCKING），主要集中在数字量级错误、严重的OCR误译以及未清理的内部标签。

以下是详细审核报告：

═══ 审核结果 ═══

1. 数字与量级错误 (BLOCKING)

• 问题：译文中多次出现“数字 + 英文单位”的冗余且错误的表达。
  • 错误：800 亿美元 billion $\rightarrow$ 正确：800 亿美元 (原文 $80 billion)。
  • 错误：100 亿美元 billion $\rightarrow$ 正确：100 亿美元 (原文 $10 billion)。
  • 错误：770 亿美元 billion $\rightarrow$ 正确：770 亿美元 (原文 $77 billion)。
  • 严重性：[BLOCKING]（量级表达混乱，不符合报纸出版标准）。
• 问题：关键数字翻译错误。
  • 错误：每天 10亿 桶 $\rightarrow$ 正确：每天 10 亿桶 (原文 "10 billion barrels" - 虽数字对但格式错误，且在金融报纸中量级极其敏感)。
  • 错误：Rep. Max Miller 认证其竞选资金 2500 万 $\rightarrow$ 正确：100 万 (原文 "lend campaign $1 Million")。
  • 严重性：[BLOCKING]（金额量级错误）。

2. 幻觉与严重误译 (BLOCKING / WARNING)

• 问题：对 OCR 乱码的强行翻译导致语义完全错误。
  • 错误：特朗普政府将对扩大的人口...征收 Earth's 和 sat 最低价格 $\rightarrow$ 原文：impose tariffs and set minimum prices on important states, solar panels。译文将 "tariffs" 误认为 "Earth's"，将 "set" 误认为 "sat"。
  • 错误：测试美国贫困 $\rightarrow$ 原文：test-American poverty (此处原文 OCR 错误，应为 "test American citizenship/poverty" 相关，但译文直接照搬 OCR 错误且无逻辑)。
  • 错误：认证其竞选资金...通过其设计形式的家庭虐待竞争重新参选 $\rightarrow$ 原文：election race over allegations of domestic abuse。译文将 "allegations" 译为 "设计形式"，完全丧失原意。
  • 严重性：[BLOCKING]（政治/法律类新闻语义完全颠倒）。

3. 完整性与残留标签 (BLOCKING / WARNING)

• 问题：译文中保留了大量 OCR 识别的页码/索引标签。
  • 错误：Phnom'tenntspage A7、Phnom'tenntspage A6 等多次出现。
  • 严重性：[BLOCKING]（属于交付标签/内部清理标签，严禁出现在最终译文中）。
• 问题：正文出现大段未翻译或乱码翻译。
  • 错误：NOT THRULED：孩子们... (原文 "NOT THRULED" 为 OCR 错误，译文未处理)。
  • 错误：100-1,000-1 (原文数字乱码，译文直接保留)。
  • 严重性：[WARNING]（影响阅读）。

4. 术语与人名 (WARNING)

• 问题：人名翻译不统一或错误。
  • 错误：Anthony Fautz $\rightarrow$ 安东尼·福西 (正确)，但随后出现 Gov. Mark Papin (原文可能是某位官员，译文直接音译，未核实)。
  • 严重性：[WARNING]。

═══ 总结 ═══

审核结论：[FAILED]

主要阻塞性问题 (Blocking Issues)： 1. 金额量级错误：Max Miller 的竞选资金从 100 万被译为 2500 万。 2. 冗余单位：出现大量 亿美元 billion 这种低级错误。 3. 语义崩溃：关于特朗普关税和家庭虐待指控的段落翻译完全不可用。 4. 残留标签：大量 Phnom'tenntspage 标签未清理。

建议：全篇退回重译，重点核查 OCR 识别错误段落，并严格执行数字核对协议。