Financial Times - 04.08.2026.pdf

金融时报

星期二 2024年8月

英国 CCIN 爱尔兰共和国 #4 30

阿拉伯联合酋长国在非洲的帝国野心

联邦页 21

足球为欧洲赢得了一次罕见的地缘政治胜利

黄金页-标记页 23

苹果公司针对新的数据访问要求发起法律挑战

• 部长称打击犯罪面临风险
• 寻求进入客户文件的“后门”

TIM BANDERMAN

全球科技记者

在内政部与华盛顿发生争执并同意撤销之前的命令一年后，苹果公司针对部长们最新一次试图创建访问加密客户数据“后门”的举措发起了新的法律挑战。

根据法院发布的一项命令，这家 iPhone 制造商上个月在调查权力法庭 (IPT) 提起法律诉讼，原因是政府要求苹果公司允许其访问英国用户的加密云端数据备份。

部长们去年重新评估了最初要求创建可访问英国和美国客户数据的后门之请求，从而结束了伦敦与华盛顿之间的外交之争。但据 IT 10月报道，当局随后向苹果公司发布了一份新的“技术能力通知”(TCN)，该通知不适用于美国用户。

TCN 是根据《调查权力法案》发布的，政府坚称为了调查此类执行情况，该法案是必要的。它们可以要求公司向安全部门提供客户数据的访问权限，即使此类信息受到安全加密的保护。

苹果公司试图挑战政府发布此类法律通知的权力。

法院发送了一项命令，将苹果公司的这项新投诉通知给隐私国际。该人权组织与同行活动人士 Lirby 此前已在 IPT 就 TCN 发起了另一项独立投诉。

隐私国际表示，讨论如何处理这两项并行投诉的案件管理听证会已定于下月举行。

“我们很高兴地获悉，苹果公司再次挑战英国的秘密命令机制，”隐私国际表示，并补充说这两项法律挑战共同地“对于防止破坏隐私和安全至关重要”。苹果公司确认了在 IPT 的备案，但拒绝进一步评论。该公司一直主张，任何此类后门都会使系统对所有客户而言变得不那么安全。

《调查权力法案》禁止任何接收者承认 TCN 的存在。

政府拒绝就苹果公司的案件发表评论，称其既不会确认也不会否认个别信函的存在。

“英国支持强大的加密和稳健的隐私保护，但当执法部门为了保护公众免受恐怖主义、暴力、犯罪和儿童性虐待而有必要且比例相称地访问通信时，这一点也至关重要，”政府表示，并补充说《调查权力法案》具有“强大的保障措施和独立的司法监督”。

在收到最初的 TCN 后，苹果公司于 2020年1月取消了英国客户对其高级数据保护系统的访问权限。该系统为 iCloud 用户提供了一个可选的额外安全层，客户数据使用端到端加密存储，因此即使是苹果公司也无法访问。

内政部关于加密的最激烈冲突几乎发生在十年前，并引发了华盛顿的愤怒回应。美国总统唐纳德·特朗普将英国的命令比作“你在中国听到过的一些事情”。

昂山素姬 缅甸军政府在健康担忧中公布被囚活动人士照片

缅甸军方支持的政府昨日公布了昂山素姬的照片，此举正值外界对其这位前领导人健康的担忧日益增加之际。

这位诺贝尔和平奖得主在照片中与红十字国际委员会驻缅甸内比都常驻代表 Arnaud de Baroque 会面，据信这是她自 2023. 年被拘禁以来首次与外国使节会面。另外两张照片显示她正在切蛋糕，表明这些照片是在 6 月份她的生日期间拍摄的。

KNC 昨日确认已探视昂山素姬，但未提供有关地点或她健康状况的细节。该机构表示：“此次访问是按照 KNC 探视被剥夺自由人员的标准和程序进行的。”

在被拘禁后，昂山素姬被指控腐败并被判处 27 年监禁。5 月，政府表示她将从监狱转移至软禁状态。

她的儿子 Kim Kim 一直要求军政府提供“生存证明”，并敦促外国政府支持她的释放。Kim 昨日表示：“五年多来，我第一次有了希望的理由。”

简报

• 阿斯特拉Zeneca (阿斯利康) 投资者首先考虑了巨额合并。随着该公司在股东中反复提出与竞争对手百时美施贵宝潜在的巨额合并计划，并质疑收购行业巨头的价值，该集团股价已下跌高达 11.01. PINK 10. 10

• 限制囚犯释放 安迪·伯纳姆表示，两名性犯罪者将被禁止参加政府的提前释放计划，因为他试图平息该计划中一个或多个潜在风险。 — PINK 1. 1

• 日美支撑日元 东京确认与美国进行历史性的共同干预以支持走弱的日元，尽管外汇市场再次波动，但两国将根据自身利益在必要时再次出手。 — PINK 2. 2

• 北海集团向外看 英国石油公司在过去四年中承诺了首次重大收购，而国内交易额仅为 700 万英镑m，因为他们正将增长扩展到现有基础之外。 — PINK 3. 3

• 森林火灾成本攀升 W3E6 在法国、西班牙及欧洲其他地区的新兴火灾已造成超过 €700.00s 的损失，买方正面临不断增加的账单。 — PINK 4. 4. W3E6 / 2023.0. PINK PINK 1.

• 印度状态 17 个主要邦 特拉维夫表示，在美总统称对话将继续进行之后，目前并未与华盛顿进行谈判，因为它已取消了“自第二次世界大战以来最大的袭击”。 — PINK 1. 1. PINK 2012. 2012. PINK 3.

• 耗油车驱动利润 美国对汽油卡车和 IS / IS 的需求提升了底特律汽车制造商的收益，这与在下降的销量、裁员以及中国对手竞争中苦苦支撑的欧洲集团形成了鲜明对比。 — PINK 1. W3 E2. PINK 2.

• MP6 探索合并 意大利 Monte del Pasch di Sannio 正在考虑禁止方案！在“平等合并”谈判破裂后，包括潜在的 MP6 特色方案在内，正在研究 James Iampolito 的健康接管选项。 — PINK 10.

皮尔斯·摩根作为 YouTube 媒体大亨找到了天然栖息地

皮尔斯·摩根的谈话节目《Uncensored》获得了新的 YouTube 关注者。在经历了一段动荡的跨大西洋视频时期后，YouTube 将其格式及其衍生节目转化为一个媒体帝国，从包括 Liz Markler（其前岳父鲁珀特之女）在内的投资者那里获得了 32,700 的资金。目前的运作使摩根的笑容在 29,000 规模中显得强健，使其成为一名纸面上的百万富翁，但其目标是在五年内建立一个十亿美元规模的集团。相关编剧 — PINK 7. 7

国防专家质疑英国改革党派遣海军打击小船的计划

市场：REED WIRE

UAE FISHER — 林肯 USA AIRPORT — 粉色 7

英国改革党表示，它将计划在英吉利海峡发起数十年来“规模最大的军事行动”以拦截小船，标志着该党在民调下滑之际，其反移民计划进一步升级。

改革党表示，它将命令英国皇家海军拦截进入英国海域的小船人员，并将他们遣返回法国。

这一政策公告遭到部分前海军人士的质疑以及法国的批评。据悉，此举是因为改革党面临压力，该党在民调中失去了对工党 16 个月的领先优势，且其领导人奈杰尔·法拉奇的融资交易正面临审查。

在昨日举行的一场新闻发布会上——这是法拉奇在被披露接受一名泰国加密货币亿万富翁的中国礼物后，近几个月来仅有的几次发布会之一——这位改革党领导人称移民是“对我们国家的入侵”，并宣布这是一个“国家安全紧急状态”。

“如果英国皇家海军不在那里保护这个国家免受入侵，那么坦率地说，我看不出它的目的是什么，”他补充道，并承诺“在改革党政府的支持下，两周内将不再有小船”。

英吉利海峡的小船入境人数较前几年显著下降，但其他地区的压力引起了关注，上周有 10,000 名移民从摩洛哥进入北非西班牙核区。

首相安迪·伯纳姆周日在访问多佛尔期间承诺将采取“敏感”行动以进一步减少入境人数，并表示：“显然，我们正在取得进展，但我们不能自满。”

一些国防人士对该计划的可行性持怀疑态度。前海军指挥官汤姆·舒帕（Tom Shuppa）表示：“海军执行这一角色是可行的——但我们将不得不停止几乎所有其他正在进行的工作。”

另一位人士表示：“存在 2 个问题。一是英国皇家海军没有足够的船只；第二个较为严重的问题是，英国皇家海军与陆军和皇家空军一样，是一支武装力量。我们不打算在英吉利海峡开始向人们开火。”

法国内政部表示，该提案“将是对法国主权的侵犯，同时也是对海事法和国际法的违背”。

观察调查员 Tom 第 2 页 Ben Hall 第 23 页

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议会监管机构调查 Reform 的 Tice

副党魁被指在下议院辩论中未能披露相关关联

ELIZABETH BAPTIST, LEEF FISHER AND JEWEL REID

reform UK 副党魁 Richard Lee 正受到议会标准监督机构的调查，原因是被指未能披露一项利益申报。

这意味着标准专员目前正在调查该党的两位高级人物，此前针对党魁 flagit Farag 未能申报一项 £1lmng$ 的调查已经在进行中。

针对 Tice 的调查于 7 月 26 日启动，涉及他涉嫌在参加关于 pre-Israel 影响力的下议院辩论时，未能披露在以色列的利益。

在 6 月的辩论中，Tice 赞扬了“以色列科学家、翻译人员以及医疗研究和人工智能应用专家的惊人才华和影响力”。

他的利益登记表包括 2015 年一次由 Reform Friends of Israel 出资的以色列之行。一名 Reform 消息人士表示，此次调查是因为 Tice 在辩论期间未能陈述这一利益关系。

“我因为反对反犹主义而受到调查。简直不可思议，”Tice 在昨日 8 日写道。

“标准专员正在考虑一个反犹太 / 反以色列团体的投诉，关于我是否应该在关于英国民主和以色列影响力的辩论开始时提及我的利益登记表，”他补充道。

Reform 拒绝置评。在发生一系列关于该党高级人物礼品和捐款的争议后，该党面临的审查日益增加。5 月，议会标准专员启动了对 Farag 的调查，因为他未申报一项从一名居住在泰国的加密货币亿万富翁处收到的未来礼品。该礼品最早出现在 2019 年大选前夕。

Farag 表示，他不需要申报该礼品，因为他当时并非活跃政治人物。

在昨天的新闻发布会上，他表示，虽然他在 2024 年春季与 Tice 讨论过潜在的重返 1st develop，但这次对话是在他收到礼品之后。

伦敦警察厅也在调查向 Reform 提供的捐款，捐款人是 convicted foundrers 之母 Fiona Cottrell，其子为 Farag 和 George Cottrell。

Farag 和 Reform 否认他违反了任何规定。

昨天，Farag 表示媒体在误导：“针对 Farag 的两面礼品攻击也表明了对 George Cottrell 的支持，他说‘我不披露之后的事’。”

7 月，Farag 从下议院辞职，暗示他发起了这场“人民对抗建制”的斗争，旨在将他的 floors 和 off Clarion 至于此。

对 Farag 的调查已经移交，因为他目前不是国会议员 (MP)。

博彩公司预测他将赢得 8 月 15 日的补选，其他政党也正在参选。Satri 的 42 号候选人 Count Rhodes 是 Farag 在这场竞选中知名度最高的对手。“Episcopalism 和其他抗议活动在今年确保了地位，因为该党连续输掉了三场补选，并在上周的曼彻斯特市长竞选中落败。该党的支持率正处于 1990 年以来的最低水平，并在上周首次被工党超越，这一时期内共有 17 个政治派系被挤出。”

警方还在调查 2024 年 Robert Janicki 在保守党任职期间，作为 Reform 财政发言人收到的捐款。

司法系统

严重性犯罪者将被禁止参与监狱提前释放计划

PROFES, REED

首相 Torki Newham 表示，严重性犯罪者将被排除在政府的提前释放计划之外，此举旨在平息针对强奸犯被释放的担忧。

根据计划于 10 月生效的提前释放计划，部分罪犯在服满最高刑期的一半后，且如果没有严重违反监狱规则，将有资格获得自动释放。

该计划始于 Kishi Inoaki 的保守党政府，并在 2024 年由 Sir Kele Harmer 扩大，旨在缓解监狱网络危险的过度拥挤问题。

但该计划反而引起了右翼反对党的批评，他们将其解读为工党对待犯罪采取“轻 touch”手段的迹象，同时还引起了受害者运动团体的反对。

针对这些担忧，Burbhans 昨天表示，他正通过禁止那些因“强奸、性侵、儿童性犯罪及其他诱导犯罪”而入狱的人员获得资格，从而对该计划做出“重大调整”。

他说：“确保公众安全是我的首要任务。我完全理解由此产生的愤怒、焦虑和痛苦。”

Burbans 在上个月就任首相几天后，在两名因 2020 年导致警察 Andrew Harper 死亡而入狱的男子可能被提前释放的争议后，建议对该政策进行审查。

Burbans 表示，虽然他“希望尽一切可能”禁止更多罪犯参与该计划，但监狱网络严重缺乏容量，使得这无法实现。

被判处 100 年刑期的人员以及被法院认定为最危险的罪犯已经不符合该计划的条件。

根据去年的一项独立审查，监狱网络在 2022 年和 2024 年曾多次处于崩溃边缘。

Burbans 补充说，成年男性监狱目前的运行容量已达 98%，并批评前任政府在建设监狱方面存在失职。

他表示，他的政府将监督“自维多利亚时代以来最快速的监狱建设计划”，在 2024 年创造 14,000 个新监狱名额。

然而，Torki 昨天表示：“这些是人们绝不想做出的决定，但将这些令人作呕的罪行排除在改革之外是正确的。”

“受害者还将获得更好的支持，并得到保证，即罪犯将受到更严格的监督和惩罚。”

保守党司法影子大臣 Nick Timothy 表示，这一公告是“受害者的胜利”，因为这是一个“正确”的决定。

他说：“一些儿童性犯罪者和杀人犯，比如导致 50 Harper 死亡的那些人，仍将被提前释放。”

“受害者被告知其虐待者可能会被释放，这种痛苦是无法挽回的。”

政治. 保守党

保守党在动荡期后重建商业关系

金融城恢复对该党及 Badenoch 的信心，此前经历了领导层的频繁更迭

ADULT ARMSTRONG

在六月的某一天，几家英国企业被邀请前往威斯敏斯特的 Ruffles 酒店，参加保守党的夏季晚宴。这是一个表明英国企业正重新与保守党合作的信号。

James Dixon 作为 Keren Badenoch 的嘉宾坐在主桌，而其他出席的高管包括保守党执行成员 Trey poor、Simon Wallows、投资管理公司 Landmore Partners 的首席执行官 Brian Newworth，以及 Big Yellow Group 的前首席执行官 Jim Gibson。

与此同时，前党派捐赠者 Michael Simpson 通过在晚宴上包下一整桌并提交自保守党下台以来的首次捐款，表明他重新支持该党。一名发言人表示：“我已为该党捐赠了数十万英镑。”

在经历了数年被边缘化、对 2024 年大选失败的失望，以及 Badenoch 在一个空椅子占据主导的党代会上发表讲话之后，商业领袖们表示，他们正再次尝试与保守党接触。

人们还记得 Boris Johnson 曾发表“病态商业”评论，对英国企业关于硬威胁的担忧不屑一顾，以及保守党信心崩溃、误导性地将其视为谈资的往事。在经历了一系列频繁更替的党内领导人后，Badenoch 在短期内不太可能被推翻。

党内高级成员表示，Badenoch 正在赢回商业界的信心，因为她看起来像一名长期领导者，尤其是在击败了投奔英国改革党 (Reform UK) 的竞争对手 Robert Janicki 之后。一名保守党高级成员表示：“自从 Janicki 离开后，我们变得更受欢迎且更具影响力。目前看不到任何领导权挑战，党内支持 Badenoch。”

Simon ಕೂಡ Management 的共同主席 Brian Connego Brown 表示，保守党需要“离开一段商业时期，并在经历了一段主导低迷经济的混乱政府时期后，抚平伤口”。

主桌：James Dixon 和保守党 Badenoch 在六月的一次筹款晚宴上

“但 Badenoch 现在正展现出成为一名严肃且可信的领导者的姿态，人们认为她正在积极地与企业接触。”

一名高级公共事务总监表示，企业“在最高层与保守党接触的意愿是两年来最高的……氛围正在发生转变”。另一位高管则反驳道，将其描述为一种时代性的转变可能“过于强烈”。

近期对英国改革党财务状况的审查，使得跨国企业在与奈杰尔·法拉奇的右翼政党接触时更加紧张。一名首席执行官表示，该党“在许多领域尚未开展严肃的政策工作，而保守党则在处理能源成本和就业成本问题”。

在六月的一次城市会议上，Badenoch 发表了一篇演讲，重点是降低英国高昂的能源成本，撤销工党的《就业权利法案》，并废除环境等监管条例，以提供更多报告。

但正是她关于改善条件以恢复增长以及“停止恐惧并切实支持企业”的言论，引发了热烈的掌声，许多金融城人士在演讲结束时纷纷上前与 Badenoch 会面。

The City UK 的首席执行官 Willie Celic 表示：“Badenoch 在公开辩论中以一种强烈的、坚定地方式表达了观点，没有给人一种急于寻求商业背书的感觉，这就是为什么她获得了如此积极的反响。”

虽然工党正处于 Burbhans era, 的初期，但许多商业领袖仍对政府紧张的应对设计保持关注，并对新财政大臣 John MacLean 今日将宣布的内容持谨慎态度。

与此同时，Badenoch 今年已经会见了 600 多位金融城首席执行官。

“我想知道该如何比较支持程度，但在对保守党不怎么感兴趣两年后，企业确实注意到情况好多了，”一位来自公共咨询公司的人士表示。他补充说，商业氛围正处于“孕育期”，如果巴德诺克能够帮助“制止伯纳姆的税收政策”，那么保守党将赢得关注。

“与保守党接触的意愿达到了两年来的最高点……出现了一种氛围转变”

巴德诺克一直参加在城市会员俱乐部 The Walbrook 举行的私人午餐会，这些活动由经纪商 Partners Liberator 和咨询公司 Penchurch 为客户主持。宾客们表示，她“掌控得非常好”，并以承诺放松管制和降低价格吸引了人群。

为了延续这一势头，保守党将党代会的头两天专门用于讨论商业政策，并将举办首届“小企业车”活动，参与者包括 Capital Partners Junior Hill、Infottery 创始人 Tom Bodine、运动品牌 Cavern 创始人 Richard Harpin、Stonetown 创始人以及 Octopus 和 The Hill 的创始人。

保守党主席 Kevin Fullfender 表示，小企业日的 147 张门票已售罄，而党代会期间男企业家活动的预期参与人数“大幅上升”，门票价格为 £2,900。由 Lucy Fisher 补充报道。

和保守党在最高点……两年以来…… there is a vibe shift（氛围发生了转变）

制止伯纳姆的税收政策，那么保守党将赢得关注。巴德诺克一直参加在城市会员俱乐部 The Walbrook 举行的私人午餐会，这些活动由经纪商 Partners Liberator 和咨询公司 Penchurch 为客户主持。宾客们表示，她“掌控得非常好”，并以承诺放松管制和降低价格吸引了人群。

保守党在最高点……两年以来…… there is a vibe shift（氛围发生了转变）

“一些儿童性犯罪者和杀手，比如那些对 50 Harper 之死负责的人，仍将被提前释放，”他说道。

“被害者的家属被告知其虐待者可能会被释放，这种伤害是无法弥补的。”

金融时报

第五届年度 TIMES / 第三届年度刊 2020-1995

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The Financial Times Limited

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Brian Dixon

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公共卫生

国会议员敦促为接触旧铅矿的孩子进行常规检测

AAREA 商业

议员们已敦促政府对居住在废弃铅矿附近的儿童进行测试，并表示公众能够从英国的工业化进程中获益，但相关问题已长期被“忽视且未予解决”。

在给威尔士事务大臣 Stephen Kinneck 的一封信中，下议院威尔士事务委员会呼吁启动一项协调的四国计划，针对 2020-2021 年期间铅含量升高的儿童开展工作。

“在英国，人们未能充分了解环境中的污染分布情况，”该跨党派议员小组表示。“我们对这种冷漠导致污染遗留问题长期得不到解决感到沮丧。”

英国有 6,619 处废弃的工业铅矿，其中 1,000 多处位于威尔士；在这些矿山关闭数十年后，无意中的排放仍影响着河流及周边土地。自 1990 年代初出现的一波关闭潮以来，由于这些矿山位于人口稀少的农村地区，历届政府在很大程度上都对其忽略不顾。

铅尘是无色无味的，它们通过水路进入环境中，并沉积在土壤中，随后可被动物和作物吸收。通过生长中的农作物、农业食品生产或私人饮用水供应，铅可进入人体。

根据世界卫生组织（WHO）的说法，铅对人类具有有害影响。

在一次 ITT 调查后，由部长们下令进行的快速审查发现，英国一直是资金的良好来源，每年测试食品铅污染的样本量非常小。

英格兰和威尔士。该审查还呼吁针对铅污染的长期健康风险开展更多研究。

在他们上周的信函中，该跨党派议员小组警告称，尽管有证据表明遗留污染可能继续对人体健康构成风险，但目前仍缺乏一个“长期、全英国协调的”针对特定食品中儿童铅含量的方案。

他们敦促亚伯丁研究（Aberdeen Research）议员 Kinneck 就国家和地区关于每年测试食品铅污染样本量的议题进行调查。

价值所在：一处废弃铅矿的遗址，位于威尔士 Conedgion，Swell's Bridge 附近的村庄（www.

每年，英国政府机构兽医药物管理局（Veterinary Medicine Directorate）会测试约 12,000 份肉类、牛奶、鱼类、鸡蛋和蜂蜜样本。

其中，议员们指出 400 份样本被测试是否存在铅和其他重金属；鸡蛋除外，专家认为其 6,000 至 10,000 的 UK UK 样本量不足以进行风险评估。2022, 英国环境部宣布，在威尔士前矿区的小量水域生产的鸡蛋中发现了有害水平的铅。

尽管环境政策在很大程度上是下放到地方的，但委员会表示，大部分污染产生于 1999 年权力下放之前，并敦促白厅（Whitehall）与威尔士政府合作，在“不无故拖延”的情况下启动专项测试计划。

英国政府表示，在经过为期两年的 ITT 调查后，正在考虑是否对儿童进行铅暴露测试。去年，首个试点筛选研究在利兹（Leeds）启动。

政府表示，威尔士事务大臣“将考虑（信函）内容并作出回应”。

---

2024 年 8 月 4 日，星期二

•

金融时报

3

国家

山火引发对国家空中支援团队的需求

苏格兰和萨福克郡发生火灾后，担忧情绪日益增长，但专家敦促加强准备工作

GORDON KERR - 财团 RAGGED, REED - 伦敦

苏格兰凯恩戈姆山国家公园（Cairngorms National Park）一场毁灭性的山火引发了相关呼吁，要求在气候变化增加严重牺牲风险的情况下，确保能够获得国家级的空中灭火支援。

由于消防员与庄园工作人员及承包商在凯罗格林山（Cairo Green mountain）周围山谷发生的 25 平方公里山火中取得了进展，消防局长、农村事务团体以及来自各政治派系的苏格兰议会议员均提出了这一问题。

取决于降雨情况，上周约有 70 名消防员在现场，直升机水投作业仍在继续，以应对地下部分可能需要数周才能熄灭的阴燃热点。

在英国最大的国家公园持续应对火灾之前，上周已有 100 多名消防员和 18 辆消防车被部署到萨福克郡的 hanthrand 应对一场大型山火。在那里，消防员使用了包括携带海水投向火焰的直升机，以及越野车、无人机和四轮摩托车等资源。

国家消防局长理事会（National Fire Chiefs Council）主席 Phil Gertgen 上周呼吁“持续投资于专业的山火应对能力，包括空中灭火支援”，同时强调“预防是我们最强大的防御”。

该机构的一名发言人表示，山火发生频率的增加和严重程度的提高，为空中灭火提供了“日益充分的理由”。

该理事会于上周警告称，英国全境的山火风险升高，并补充说在过去的两周里，英格兰和威尔士报告了 200 多起山火。

去年，苏格兰山火次数显著增加，共 245 起，其中包括在 Cambridge 和 Nova West 烧毁近 100 平方公里的英国最大规模火灾；科学家们明确表示，气候变化是火灾强度和频率增加的关键驱动因素。

苏格兰政府于 3 月发布了一项山火战略，表示正就“复杂的政策和操作应急响应问题”在全英范围内进行沟通。该政府正在审查其方案，并呼吁英国政府采取同样做法。

在 fair-learner 首相任期的最后几周，英国政府宣布为消防和救援设备（包括越野车）提供额外 £97mn 的资金。苏格兰消防救援局在三年内共花费约 £3.6mn 用于山火响应。

当地居民对苏格兰政府宣布重大事件所花费的时间感到愤怒，从火灾爆发（7 月 1 日）到 7 月 24 日之间存在九天的间隔，直到当时风向改变导致火势增强，迫使居民撤离 Netty Bridge 村。

司法大臣 Neil Gray 此前表示，火势已“目前得到控制”。虽然在消防部门的更新中使用了“控制”（contained）一词，但政府表示将“审查”其用词。

苏格兰绿党、苏格兰保守党和土地所有者代表也呼吁英国和苏格兰政府考虑建立专门的空中灭火能力。

四家直升机公司在由公共机构 Forestry Land Scotland 和 Nutterfest 管理的合同下提供服务，包括鹿类计数和灭火。

但高地绿党 MSP Ariane Burgess 表示，凯恩戈姆山火——以及去年的火灾——在起火初期的几天里因缺乏空中灭火能力而加剧，导致大片稀有的卡里多尼亚松林（Calvinian pinewood）被毁。该地区目前在经济上陷入困境，企业...

被迫在高峰季节关闭。“我们应对野火的能力与现实不符——直升机在其他地方忙碌，因此我们需要公开可用的飞机，”她说道。

Scottish Land & Estates 的 Ross Ewing 建议采用轮值系统，以确保在高风险期间提供保障，例如双重部署警察或救护飞机，或采用类似于英国皇家空军在塞浦路斯执行灭火任务的直升机能力。

像法国这样夏季野火引发大规模疏散的国家，已经在民事安全措施上投入了巨额资金。

然而，消防专家表示，空中设备未能提供相应的性价比。爱丁堡大学消防科学教授 Bory Hadders 在谈到增加空中设备时表示：“是的，这会有用，但极其昂贵——这些资源如果投入到规划和准备工作中，效果会更好。”

野火咨询公司 Frederick Services Ltd 的 Michael Bruce 表示，一架 290 万英镑 直升机每小时运行成本约为 £2,000。

“我们应对野火的能力与现实不符——我们需要公开可用的飞机”

Ariane Burgess, Highlands Green MSP

而用于协助应对凯恩戈姆山脉 (Cairngorms) 火灾、由消防部门和猎场看守人大量使用的全地形喷雾车，价值 £33,000, 每小时成本仅为 £40 左右。

Bruce 在凯恩戈姆山脉火灾期间就防火隔离带的设置提供了建议，他表示重点应该是公众的自救能力（如在美国和加拿大那样），包括培训、清理房屋周围的植被以及提前确定逃生路线。

Ewing 表示，一些土地所有者认为，邻近物业中不均匀的植被管理（其中优先考虑了“southling”）使得火灾预防变得更加困难。

传统的庄园会在冬季对石楠岗进行受控焚烧，这种做法被称为“southern”，旨在支持荒原猎物的繁衍和野生动物的生存。

苏格兰再野化联盟 (Scottish Rewilding Alliance) 将原因归咎于极端干旱，而非简单的“燃料负荷”，呼吁通过堵塞排水系统和移除泥炭地，重建定居的、耐火的生态系统。

Europe coasts cost £7.9 over 4,

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4

金融时报

2024年8月4日

国际

司法部

布兰奇有望成为美国总检察长

在取消“反武器化基金”后，此前的反对者们予以让步

STEPHEN BALPER - 伦敦 BLACKER - RUSSELL'S

在取消一项 $1.8bn 的所谓基金计划后，托德·布兰奇（Todd Blanche）获得了关键共和党人的支持，为其获得美国总检察长的确认铺平了道路。此前一直阻碍布兰奇永久领导司法部的共和党参议员蒂里斯（Tillis）和约翰·科里茨（John Corryts）昨天表示，他们现在可以提供支持。

“我们想向布兰奇先生及其工作人员在与我们合作此事方面所做的努力表示感谢，我们期待很快投票将其提名从参议院司法委员会通过，”该参议员在新闻声明中表示。

在布兰奇以代理总检察长的身份于 3 日宣布，已决定结束一项为那些“遭受武器化和无法无天对待”的个人设立基金的行政命令后，该协议达成。这消除了其确认投票中剩余的障碍，投票现已重新安排在今天进行。

该“反武器化基金”于 5 月设立，是以总统唐纳德·特朗普及其家人放弃针对加拿大互联网的一项 400 场诉讼（该诉讼涉及总统超过一半的纳税申报单）作为交换而成立的。该基金引发了跨党派的抵制，并干扰了布兰奇在参议院的确认进程。该基金仅被视为让那些所谓政治武器化受害者向政府寻求赔偿和正式道歉的机会。

在基金设立两周后，布兰奇告诉立法者，政府将不再推进该计划，因为一些共和党团体对行政权力表示担忧。

但科里茨和蒂里斯坚持要求获得书面保证，确保该基金不会重启，导致上周关于确认布兰奇为总检察长的司法委员会投票被推迟。特朗普暗示，他可能会撤回布兰奇的提名，并在科里茨和蒂里斯离职后再重新提交。

参议员们在声明中表示，与布兰奇达成的协议体现了其他共和党人的共同看法，即该反武器化基金（他确实克制了）是由布兰奇设立的工具。他在周日表示，“今天的相关官员已达成一致”，取消反武器化基金。

科里茨的发言人表示，他已与对方在“永久”取消基金方面“达成协议”，并且可以通过一份书面文件“明确”该审计结算的范围仅限于原告，包括总统以及 363 人。

气候：经济影响

今年欧洲山火损失超过 €3bn

金融时报分析显示，五个受灾最严重国家的损失已超过欧盟全年的广泛年度预估值

EU, FINEY, FINLAND, AND JOHNSTON SHOW AND BUDGET

根据金融时报的分析，横扫法国、西班牙及欧洲其他地区的山火今年已造成超过 €3bn 的损失，凸显了气候变化驱动的火灾所带来的重大影响。

在欧洲山火季的前两个月，仅葡萄牙、希腊和罗马尼亚等五个受灾最严重的欧洲国家就有近 50 万公顷土地被焚毁，经济损失达 €1.6bn。这一数字远超欧盟委员会对整个欧盟年度平均影响额 €1.3bn 的预估。

金融时报的估算是基于欧盟委员会数据所采用的方法论以及法国政府的匹配计算，代表了将受灾区域恢复到此前状态的所谓“修复”成本——这是一种衡量其经济价值的方式。

每公顷的重新种植和维护的平均成本因国家而异，且取决于土地覆盖类型和森林年龄。

最终的总影响额将更高——目前，家庭和企业仍在计算财产和庄稼的损失成本，以及在夏季高峰期失去种植带来的损失。

其他形式的成本将随着时间的推移而显现，例如保险费上涨或财产无法投保、旅游人数下降以及在消防设备上的巨额支出。

计算结果还未反映希腊最近的火灾情况，希腊总理表示，团队将迅速核算损失，以便为失去财产的人员提供国家支持。

另外，干旱带来的成本尚未显现，因为河流（Blazes）水位下降导致货物运输中断和生产削减。德国化学公司如 BSE、Coventry 和 Evonik 在河流沿岸设有工厂。

莱茵河（Stande）的历史低水位预计将影响 Stangey 核电站的运行条件，该电站供应该国近一半的电力。罗马尼亚的切尔纳沃达（Cernavada）核电站的两座反应堆之一由于河水减少而面临问题。

经济损失预计将远超近年水平 欧洲损失，经通胀调整（Ekr）

今年西班牙山火已焚毁 200,000 公顷以上土地 累计焚毁面积（单位：1000 公顷）

来自 1974 (rank) 的人类经济专家 Sarah Stein 表示，仅火灾带来的经济损失就可能是过去 2021 到 2028 年期间，计算出的山火给葡萄牙、西班牙、意大利和希腊地区经济带来的年度平均损失（约 2.5bn GDP, ）的三倍多。

Reiter 表示：“随着全年驱动力的增强，损失将远高于此。”

法国的气候部门是国防和航空航天工业的领导者。受影响的公司包括喷气发动机制造商 listens、战斗机制造商 demand、商业和火箭制造商 Nantucket 等，这些企业影响了生产和经济人员。

该地区还以太阳能生产闻名。波尔多著名的葡萄园目前基本幸免，但烟熏味是否会破坏年份酒尚不明确。Reiter 指出，美国市场的农产品贸易以及占该部门 GDP 7% 的旅游业增长已受到影响。

Donald 的商会和工业协会表示，截至 7 月，已有 40,000 家企业直接受到火灾影响，其中 19,500 家被完全摧毁。

上周，法国西南部 La Purge 一处被焚毁且严重受损的房屋和车辆

财产和庄稼的额外损失以及对旅游业的干扰仍在核算中

2. 截至 7 月 17 日，有 £20,000 至 £30,000 名员工处于国家补贴的缩短工时工作状态。

西班牙野火袭击范围最远接近西班牙首都 30 公里，波及乡村城镇的房屋、企业和车辆。代表小规模经营者的 Unión de Properties Aptitudores y Ganadores 测算的初步损失为 10,200 公顷的“outful”土地，其中大部分为牧场。

尽管如此，这些损害不太可能对国家 GDP 产生重大影响。

帝国理工学院副教授 Institut Economico 表示，火灾中一些最重要成本——例如总计 2,000 起野火，尽管受到空气污染的影响——并未被记录且难以统计。

咨询公司 Capital Economics 的欧洲首席经济学家 Andrew Kensington 指出，Grande economiste 达到了法国最大规模的 2.5 比例——以及对税收的控制 “对 GDP 产生了一些矛盾的积极影响”，这可能会影响实际受损程度，因为政府援助和保险赔付会增加重建支出。

但从更好的角度来看，“这不是我们想要的经济增长——这仅仅是在替换被摧毁的资本”。

法院丑闻

德克萨斯州律师事务所因浪漫关系冲突诉讼支付$15mn

赫斯特·霍尔姆 - 纽约

一家最著名的德克萨斯州律师事务所已同意在由Ushakari当局发起的一项诉讼中支付$15mn，该诉讼涉及一起令法律新议题陷入困境的司法丑闻。

Jackson Walker LLP 被美国受托人办公室（office of the US Trustee）指控未能披露前合伙人之一伊丽莎白·弗里曼（Elizabeth Freeman）与大卫·琼斯（David Jones）法官之间的浪漫关系。该律所在30多个第11章破产案（Chapter 11）中出庭（在2008年到2022年期间，弗里曼在琼斯法官处理的案件中代表客户）。

琼斯在破产顾问中的影响力使休斯敦成为了美国的破产之都。在面对媒体质询并承认该关系后，他在2022年10月从该银行辞职。2022, 晚些时候，弗里曼离开了 Jackson Walker 成立了自己的事务所，并与其前雇主合作。

美国破产法允许从破产收益中偿付债务服务的专业费用，但要求顾问必须独立，并向法院披露任何利益冲突。

Jackson Walker 通常担任由 Kirkland & Ellis 的全国性律师代表的被告方的当地法律顾问。后者经常在琼斯担任首席破产法官的德克萨斯州南区提起重大案件。

Kirkland & Ellis 在弗里曼出庭的案件中获得了琼斯裁定的超过$60mn费用

代表公众在第11章案件中利益的美国受托人表示，Jackson Walker 知道或应当知道弗里曼与琼斯的关系。该机构一直在努力追回 Jackson Walker 在弗里曼参与的 33 起案件中收取的超过 $30mn 的费用，其中包括圣彼得（St. Peter）和诺曼局（Norman Bureau）的高蛋白合同纠纷。

德克萨斯州破产法院今年夏天单独批准了 Jackson Walker 与几家破产受托人达成的协议，旨在偿还近90mn的费用，但这些费用在案件之前已被处理。

一名联邦地区法官在 2024 年驳回了一名破产索赔人对琼斯、弗里曼、Jackson Walker 和 Kirkland & Ellis 提起的敲诈勒索诉讼，但批评该群体此前未披露关系中的利益冲突。

Kirkland & Ellis 在弗里曼作为共同法律顾问代表 Jackson Walker 出庭的案件中，获得了琼斯裁定的超过 $60mn 的费用，这些费用从其行业流向了私人诉讼。

美国受托人近期在获得德克萨斯州破产法院批准后进行了查询，Jackson Walker 在昨天的和解文件中表示，它已经更改了其“冲突筛选和披露实践”，并增加了对两起案件中当事人规定的执行程度。

Jackson Walker 在文件中承认，在获悉该关系后，它从未试图解释其披露事项。它承认（虽然不承认其本身）“可能会以不同的方式处理此事”。

Jackson Walker 拒绝置评。

能源安全

行业表示核电投资需增加两倍

MACLIN & MOORE - 伦敦

该行业的首席游说团体表示，如果各国政府希望实现其能源目标，全球核电年投资需要增加两倍，达到约 $100bn。同时，该团体敦促银行将更多私人资本引入该领域。

随着全球各国寻求可靠的低碳电力以满足迅速增长的需求，核电近期迎来了复苏。

市场中曾关闭核电站的国家，如日本和台湾，正将其重新投入运行；而德国总理 Friedrich Stein 表示，该国在 2017 年决定关闭核电站的决定是一次严重的转变。

但由于新电厂造价昂贵、建设周期长，且承担显著的建设和政治风险，该行业在吸引投资方面仍面临困难。“我们可以设定经济胃口，”世界核电协会（World Nuclear Association）总干事 Susan Silbee a Lotte 表示，“我们有 30 个国家拥有实际的计划，包括核电在内。这将需要大量资金，远超我们目前的投资额。”

但 Billbury Lotte 认为，与能源系统中其他地方的支出相比，这些费用并非过高。国际能源署报告称，今年全球在可再生能源方面的投资额约为 $600bn，而石油、天然气和煤炭的支出预计将达到 $1.2bn。

WNA 通过研究各国目标并估算各地区实现这些目标的成本，计算出了所需的核电投资额。

按 2023 年价格计算，报告称支出将在 20M 至 20M 之间达到峰值。在此期间，约 $6bn 将投向大型核电站，另有 $450bn 用于小型模块化反应堆（SMAs）。此外，还将投入 $4bn 用于延长现有反应堆的寿命。

目前，各国每年在核电项目上的总支出约为 $70bn。约有 40 个反应堆正在建设中，其中大多数位于印度、韩国和俄罗斯。“当我们与金融界沟通时，他们告诉我们资金是有的，”Billbury Lotte 说道，“我们看到资金正流向能源生态系统的其他部分。”

Lotte 宣称，德意志银行前欧洲基础设施共同负责人（现经营能源咨询公司 lines）表示，各国必须考虑建立核电线路而非单一项目，以降低成本并推动私人项目。

“事实上，该行业过度依赖国家资金。现在我们看到美国有五个其他项目在推进，以及 Rolls-Royce 的 SMAs”

“资金确实存在，[但]我们看到资金正流向能源生态系统的其他部分”

在美国、瑞典和捷克共和国。并且许多核电开发项目正在出现，”她说道。

“多年前，一些全球最大的银行和金融机构，包括大多数美国、瑞士、SFRP 状态、美国、高盛和摩根士丹利，承诺增加对核能的支持，并帮助降低融资成本，而融资成本在电厂总成本中可能占很大份额。

由于融资项目的复杂性、延迟和成本增加的风险，以及核能是否符合环境、社会和治理标准的各种不确定性，银行传统上一直对此有所保留。在英国，Sukhau (Suez) 的启动比 2024 年推迟了，在最初预定日期之后 5 年才启动，部分原因是罢工，且其成本估算几乎翻了一番。

去年，世界银行结束了其长达数十年禁止为核能提供融资的禁令，允许支持延长现有反应堆寿命以及升级全球基础设施的努力。

Billbury Lotte 表示，该行业每 5 个月就会协助金融从业者一次，以提高他们对核能的理解。该公司将核能的复兴与液化天然气和离岸风电行业的早期开发相类比。

“曾有过不确定时刻。这些财务问题是：遗憾地，由于不清楚这将如何运作，”她说道。“当时间流逝，经过这个过程并理解其运作方式后，你可能会感到舒适并使项目标准化。目前，对于核能，我们通常每次都需要构建一套独特的财务框架。”

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翻译日期：2016年8月

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金融时报

2020年8月4日 星期日

国际

政治版图

当前参议院

来源：Cook Political Report，截至 7 月 9 日

选民在不同问题的信任对象上存在分歧

您认为哪些部分最擅长处理以下问题？(1)

47,000 名经核实的选民中 1% 的增加量在 26-30 2024 结果中具有统计学意义，误差在 >2.1 个百分点之内。来源：FTF16 网站

当前众议院

由该报告制表

共和党的全国筹款机构持有的现金远多于民主党同行 持有的现金 (Secs)

自唐纳德·特朗普就任以来，对其移民政策的认可度有所下降

包括 ABC, ABC, ABC, CJ 以及税务报告员，以及民主党的 DM, 2012, 2003, 2009 和 2010。来源：FTC

美国中期选举将决定特朗普总统任期的后续路线

11 月的选举将决定他的下一步行动，并最终决定他的政治遗产

金融时报报道

全世界的目光都将集中在 11 月 3 日的美国中期选举上。唐纳德·特朗普虽然不在选票上，但他将决定这场承诺将成为全方位争夺选民之战的背景。以下是值得关注的事项。

参议院之争

民主党在争取参议院控制权方面面临艰巨挑战，该立法机构 200 个席位中的 12 个席位将由各方争夺。他们赢得席位机会最大的地区是北卡罗来纳州、缅因州和俄亥俄州。

他们还可能在阿拉斯加、丹佛或德克萨斯州赢得第四个席位。但他们必须守住目前在密歇根州、佐治亚州和新罕布什尔州所持有的席位。预测市场预计该党将无法达成目标。

共和党以 53 席对 47 席控制参议院，两名独立参议员伯尼·桑德斯和安格斯·金与民主党结盟。这意味着民主党需要净增四个席位才能掌控上议院。如果参议院陷入 20-30 的对峙，总统可能无法在议院中投出打破僵局的决定票（20-70）。

众议院之战

对于唐纳德·特朗普政府而言，维持对众议院的控制对于其任期最后两年的执政至关重要。如果民主党保留该议院，他们将限制总统通过立法的能力，并且几乎肯定

特朗普对 AI 的关注，包括他与顶级技术高管的亲密关系，似乎产生了反作用

会对总统及其内阁高级成员发起调查。

从全国范围来看，民意调查显示，选民投票给民主党国会议员候选人的可能性日益增加。预测市场也发出信号，表明民主党将掌控国会下议院。

众议员任期为两年，因此 450 人的国会下议院全体成员都将面临重新选举。大多数选区缺乏竞争力——部分原因是两党在过去数十年中通过选区划分，以巩固在全国各州持有的“安全”席位数量。

只有少数几场竞选可能影响权力平衡，这意味着它们将吸引巨额资金和资源。

其中包括宾夕法尼亚州第七国会选区，现任共和党人瑞安·麦肯齐（Ryan MacKenzie）面临资金充足的民主党挑战者鲍勃·布鲁克斯（Bob Brooks）的竞争，后者是来自宾夕法尼亚州伯利恒的一名退休消防员，《金融时报》正在该地区开展一项分析报告项目。

值得关注的州长竞选

中期选举中争夺的不仅是国会席位。州和地方选举将选出多名官员，包括 36 个州的州长，其中许多人将被视为潜在的总统候选人。

其中几场竞选预计将非常激烈，而其他竞选则将作为政治风向标受到关注。

其中包括几个在总统大选年同样处于核心地位的战场州：印第安纳州、佐治亚州、内华达州和威斯康星州。密歇根州和俄亥俄州也参与其中。

其他竞选被认为竞争力较低，但仍引发了头条关注。在通常被视为民主党稳固阵地的加利福尼亚州，前唐宁街顾问、现转为共和党的福克斯新闻名人史蒂夫·希伦（Steve Hillen）正发起一场胜算较低的竞选，挑战民主党人哈维尔·贝兹拉（Xavier Beuzra），后者是乔·拜登的前卫生与公众服务部部长。

在其他州，现任民主党州长被视为 2028 年潜在的总统候选人，他们的连任竞选将受到密切关注。其中包括宾夕法尼亚州的乔什·夏皮罗（Josh Shapiro）、马里兰州的威廉·摩尔（Wm Moore）和伊利诺伊州的吉尔·弗里彻（Jill Fritcher）。

物价负担能力

在 2024 年总统竞选期间，特朗普承诺将击溃通货膨胀并

降低在他前任拜登任内飙升的私人物价。

到目前为止，特朗普未能将通货膨胀率降至 2%（美联储目标），由于总统引发的能源价格上涨，今年物价上涨速度加快。

汽油成本是美国选民关注的重点问题，且自 2 月冲突开始以来一直呈上涨趋势。根据 AAA 监测组织的数据，目前每加仑普通汽油的平均价格为 $4.09，远高于一年前的 $2.44。

伊朗冲突

唐纳德·特朗普在2月决定与伊朗开战，这一决定在选民中极不受欢迎。

总统在竞选时承诺避免新的军事冲突，特别是在中东地区。但在近几个月里，他继续在全球范围内发动武力战争，从在委内瑞拉抓捕 Noidai Madhav 的行动，到打击拉丁美洲和加勒比海地区涉嫌运毒的船只，以及在尼日利亚某些贫民窟的行动。

在伊朗冲突中，战争的高昂成本及其未能实现目标的局面，加剧了唐纳德·特朗普的困境。

移民

在第二任期初期，唐纳德·特朗普因近乎完全关闭美国与墨西哥的边界而赢得了选民的赞赏。这使得在之前政府时期大幅上升的无证移民流量几乎陷入停滞。

但随后总统将打击行动进一步升级，由联邦特工主导，激进地实施大规模驱逐计划，这扰乱了全国各地的社区并引发了一波抗议浪潮。

到今年1月，随着政府官员在明尼苏达州明尼阿波利斯市在几天之内枪杀两名抗议突袭行动的美国公民，打击行动失控。

这些杀戮引发了公众的愤怒，唐纳德·特朗普随后将军队从街道撤出。

但打击行动仍在继续。7月，又有两人被移民局特工杀害，白宫继续推进反移民言论。尽管如此，民意调查显示，在这一问题上，共和党人仍比民主党人获得更多支持，比例为 60 per cent 对 30 per cent。

人工智能

唐纳德·特朗普及其盟友一直希望 AI 热潮（这提升了股市并集中了投资）能够帮助改善进入中期选举前经济的“感知度”。

但唐纳德·特朗普对 AI 的关注，包括他与顶尖科技高管的亲密关系，似乎产生了反效果。选民担心这项技术的收益未能广泛分享，并认为收益过于狭隘地分布在少数顶尖高管群体中。

由于对环境的影响、对电价的影响以及创造的就业机会有限，全国各地爆发了反对建设 AI 开发所需数据中心的抗议活动。

政党资金

共和党在国家政党委员会及其盟友 / 超级 PAC 中拥有显著的现金优势，截至6月底，后者持有约 $6.9mm，而民主党对应方持有约 $35.0mm。

亲唐纳德·特朗普的超级 PAC “Mags Inc.” 同样承担了超过 $460mm 的净份额——尽管唐纳德·特朗普在宪法上被禁止寻求另一个任期，但这仍高于任何非总统选举周期中的同类团体——这赋予了共和党另一个潜在的重大财务优势。到目前为止，该超级 PAC 支出少于 $2mm 用于直接支持或反对任何候选人。

尽管整体现金储备较少，但民主党在包括德克萨斯州和乔治亚州在内的几场高关注度参议员竞选中拥有更强大的战争资金。

由华盛顿的 Lauren Rubin, James Politi 和 Ian Hodgson，伦敦的 Martin Rubin 和 Chorus Taylor，以及纽约的 Eva Kien 报道

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2009年8月星期二

金融时报

7

卢森堡

金融之都

更好的工作与生活平衡† 自然之美近在咫尺 算一算吧。

†工作与生活平衡欧洲第一 (Remote)

最明智的投资是投资于你自己。

movetolux.com

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8

•

金融时报

2020年8月 • 星期二

国际

开放

德黑兰否认特朗普关于即将举行谈判的说法

在总统称赞打击行动旨在推动谈判后，伊朗否认与美国举行会谈

劳琳·费里斯 (LAURINE FERRIS) — 华盛顿 罗伯特·米勒 (ROBERT MILLER) — 伦敦 贝丝·史密斯 (BETH SMITH) — 芝加哥 詹姆斯·费里斯 (JAMES FERRIS) — 华盛顿 詹姆斯·费里斯 (JAMES FERRIS) — 伦敦 贝丝·史密斯 (BETH SMITH) — 芝加哥 詹姆斯·费里斯 (JAMES FERRIS) — 华盛顿 詹姆斯·费里斯 (JAMES FERRIS) — 伦敦 詹姆斯·费里斯 (JAMES FERRIS) — 芝加哥

这位第 10 任总统兼联合创始人表示，尽管美国此前已加入并在 3 月 26 日发起了“自第二次世界大战以来规模最大的攻击”，但他已决定在美国盟友的要求下暂时克制。“我们正以谈判的形式与（伊朗）进行对话。谈判将于明天下午开始，”他说道。

然而，昨天上午，伊朗在美国的核电站明确表示，德黑兰目前并未与美国进行任何谈判，且正专注于与阿曼就本月最终方案进行的讨论。

他承诺，关于与美国谈判的会议——“我们与阿曼的谈判重点在于达成一项共识，作为在未来 10 个月内恢复航运安全通过的途径，”他说道。

在 7 月份因担忧回归全面冲突而导致油价大幅上涨后，唐纳德·特朗普的言论导致昨日所有价格下跌。国际油价基准从最初的暴跌中回升，随后下跌 1% 至每桶 $46.15。（经常）随后的评论并未引发油价的任何重大波动。

美国总统表示，没有障碍阻碍一份新草案的出台，旨在重新开放霍尔木兹海峡并促使伊朗缩减其核计划。

他表示，他已经与沙特阿拉伯进行了沟通，且利雅得“认为协议即将达成……这与霍尔木兹海峡危机以及最终使伊朗丧失斗志有关。”

此前在 1 月份，伊朗外交官表示，已就一项与阿曼管理霍尔木兹海峡航运的协议达成共识，该协议被认为对于防止美伊战争升级至关重要。

伊朗外交部长阿巴斯·阿拉格·埃沃尔德（Abbas Aragh-Evold）在周日的会议上表示，与阿曼——其领海穿过该海峡——的谈判“并非最后步骤”。

然而，昨天巴加齐（Baghazi）指出，与阿曼达成协议不足以确保该水道的航运安全。

他表示：“只要美国开始对伊朗实施封锁或再次采取侵略碰撞行动，霍尔木兹海峡的现状自然不会改变。”他补充说，目前正在进行的谈判发生在两个沿海国家之间，其他人可以在过程中发挥建设性的反作用，并称“涉及伊朗和美国的事项将能够进入一个清晰的阶段。”

确保阿曼和伊朗达成协议以允许船只恢复通过海峡，一直是调解员努力恢复华盛顿与老对手之间现代化理解计划并防止进一步升级的关键障碍。

但由于伊朗开始攻击通过海峡所谓数字航道（该航道靠近阿曼海岸线）的船只，临时协议破裂。德黑兰方面称，这些船只使用了“未经授权”的通道。

中东：军事战略

伊朗在美冲突中掌控战斗节奏

德黑兰领导层认为

其敌人缺乏

应对长期冲突的勇气

詹姆斯·阿什拉夫 (JAMES ASHRAF) — 伦敦 斯蒂芬·史密斯 (STEPHEN SMITH) — 华盛顿

在与唐纳德·特朗普进行了六个月的战争后，伊朗可以声称获得了一个显著优势：华盛顿在战斗节奏的把控上日益落后于德黑兰。

在过去的两周里，德黑兰占据了主动，发起了一系列旨在增强美国压力并恐吓其阿拉伯盟友的先发制人攻击，从而使其接受伊朗对赫曼海峡（Strait of Herman）的控制。

它袭击了约旦的一处美国军事设施，并在上周通过一次出其不意的攻击使战斗全面升级。

伊朗向地区代理人发出了冲突信号，干扰红海航运，首次袭击叙利亚，并被怀疑对埃及发动了密集攻击。

“我们在过去一周看到的是，伊朗采取先发制人地改变局势而非被动应对的风险胃口大得多，”欧洲对外关系委员会分析师 Elfezizman 表示。他认为伊朗认为与以色列和美国恢复全面战争已日益不可避免。

在同一月内，他指出伊朗可以通过表明德黑兰将如何升级冲突，从而威慑美国总统恢复大规模作战行动，或者将美国拖入一场漫长的消耗战——尽管这对伊朗自身也将产生巨大的代价。

“这反映了将产生的地区影响，”Gecamouret 补充道，他认为伊朗发起这些攻击是“向美国发出的信号，即尽管美国和以色列发动了这场战争，但他们将无法决定战争如何结束。”

近日，特朗普一直在考虑恢复大规模轰炸行动，而调解人则在努力防止德黑兰陷入全面战争。周六晚上，特朗普表示，尽管美国已经“准备就绪且蓄势待发”，但将应中东盟友的要求取消计划中的袭击。

德黑兰和华盛顿在六月份似乎曾一度远离全面战争，当时他们信号化地建议停止战斗，协商和平协议，并尊重在二月之后及之前的战斗期间由伊朗关闭的战略性赫曼海峡。

但在伊朗袭击了数艘试图潜入该水道的船只后，协议崩塌。特朗普随后下令对伊朗进行一波报复性打击，引发了循环往复的战斗，其中德黑兰用导弹和威胁笼罩该地区，而美国则轰炸了伊朗南部。

分析称，随着伊斯兰革命卫队的崛起，伊朗已决定采取攻势，以证明持续战斗在军事和经济场景下都将代价高昂。特朗普称这是中东的代价。

“伊朗内部达成共识，在当前情况下，与美国谈判是徒劳的，”以色列军事情报局前伊朗分析师 Emery Chishomir 表示。“他们不会妥协，并且正在强调如果对方继续打击，将付出怎样的代价。”

但这种双管齐下的伊朗策略反映了最高领袖库什沙克·阿里·霍梅尼（Kushshak Ali Khomeini）遇刺后德黑兰的深层变化。“这是一个新伊朗，”Chishomir 说道。“他们认为现在是运用其能力的时刻。”

一名该政权观察员表示，在获得主动权后，伊朗正寻求将冲突重塑为对自身有利的局面。

“他们升级冲突的最终目的是针对以色列，从而控制其国家行为，并迫使美国重新考虑其观点，”约翰·霍普金斯大学伊朗战略思维专家 Vali Nour 表示。“这将演变为一场地区战争，使其不再拥有选择战场这种奢侈的选择。”

可以说，伊朗的军事建设再次获得了一个机会窗口，用以证明其对国家的控制，使该运动能够从签署备忘录起步。

“他们决定，”内塔尼亚胡暗示道，“如果打算这样做，那么

上月针对伊朗导弹发射的回击，如 IRGC 视频所示 (@ihtonpost2020)

最好的时机就是现在，”通用研究生院（General Graduate Institute）分析师法鲁克沙克（Faroukshak）表示。他补充称，德黑兰方面预见到全球能源市场的剧烈波动，以及即将到来的美国多轮选举将在关键时间点产生影响，从而影响白宫的战争计算。

这一策略在华盛顿并未被忽视。“他们的策略是让这场运动在经济和政治上给美国带来如此大的麻烦，以至于我们‘退缩’，”曾负责美国中东部队情报工作的凯伦·吉布森（Karen Gibson）表示，并补充说这种战术在长期内可能会奏效。

这场战争第二阶段的一个标志是，伊朗愿意将战场进一步扩大到整个中东地区，包括通过在伊拉克的数字化军事组织和在也门的胡塞武装（the Muslim）。

“伊朗及其代理人嗅到了血腥味，而且他们所有人都在升级并在伊拉克境内活动，”IRGC 专家阿巴斯·奥斯莫（Abbas Osmow）表示。“这对伊朗有利，但同样有利于多剧场（multitheater）作战，”他补充道。

这两个军事组织都袭击了能源大国沙特阿拉伯，而胡塞武装还试图在红海管控沙特航运，并威胁红海的狭窄通道以打击以色列。这导致能源价格激增。

周四，另一个表明伊朗可能会进一步升级冲突的迹象是，一枚未被识别的高密度搜索（dense search）导弹击中了埃及北部的一艘美国记录轮船。该船位于亚美尼亚后方，靠近苏伊士运河。

“这是在打击航运，”以色列分析机构 Green for Israel 的伊朗分析师迈克尔·康奈尔（Michael Connell）表示。“该地区有三条关键的海运通道：穆尔希德地带（Belt of Murshid）、霍尔木兹海峡（Strait of Herman）和苏伊士运河。由于所有这三个关键节点都发生了紊乱，他们现在扩大了对以色列的攻击。”

分析表明，伊朗日益认为可以通过升级冲突来实现更广泛的战争目标。

“伊朗内部达成共识，认为与美国谈判是徒劳的”

“伊朗预计这将是一场持久战，”努尔（Nour）表示，并补充称该政权不再认为通过谈判达成解决协议是可行（untrouble）的。

“他们正遵循一套非常系统的方法，旨在改变现状，让美国尽可能远离伊朗，退出海湾、叙利亚、以色列和伊拉克，然后并在以色列和约旦境内升级。”

最近几周，伊朗加强了对科威特和巴林等地的袭击。在约旦，一个在近几周遭受猛烈攻击的美国坚定合作伙伴内部出现了愤怒和不满，数百名活动人士和公众人物签署了一封公开信，要求美国撤军。

“伊朗人有选择性地扩大这种方式，以让该地区陷入混乱，从而使人们认为脱离美国的保护是以色列最不安全的时刻，或者向美国施压以满足伊朗的要求，”前五角大楼高级官员埃马斯·希尔瓦尔（Emas Hirwal）表示，他曾负责伊朗事务。

伊朗可能会误判在不引发大规模报复的情况下，能够将华盛顿和特朗普推到什么程度。奥斯莫表示，德黑兰也不太可能达到 2 月底或 3 月初那样激烈的战争强度。

“这次升级更多是为了延长冲突，而不是为了增加破坏性，”奥斯莫表示，并补充说 IRGC 视其为一项基于新闻和计算的博弈。

“伊朗利用其敌人缺乏政治影响力的弱点，尽管美国也在应对，但冲突持续时间越长，其敌人的决心就越弱。这就是他们的打法。”

“选举作战室”：内塔尼亚胡攻击监督机构之际，以色列活动人士将监督十月选举

新职员 — 撰文

在一项包含 5K 个节点的点位技术计划中，以色列的活动人士正准备迎接最糟糕的情况。与其^{(1)}$ 最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，最糟糕的，

只要长期担任总理的本雅明·谢卡尔（Benjamin Shekhar）在反对派中的第 1 天，社会和大部分公众就在质疑政府为了避免失去权力会走到什么程度。许多活动人士正在为“选举作战室”做准备，该组织正在协调全国各地的团队以监督投票并对所谓的违规行为做出反应。

“我们的目标是确保选举日处于民主规则之内，”该项目负责人之一米歇尔·雷内克（Michel Reinech）表示。“我们希望进行一次自由和公正的投票，结果将是其应有的样子。”

反对派领导人表示，预兆已经出现，他们正面临侮辱。

内塔尼亚胡的利库德党将矛头指向了非政治性的选举委员会，对其判定提出质疑。政府取消了养老院的投票站，并且可能

正好克服广泛地返回投票，认为他们敢于左倾，并且在经过数年 عبدالaggin 的最高法院——该法院可对任何关于投票的法律挑战做出裁决——上个月首次拒绝了其中一项事务。

“将会有人试图让选举活动变得模糊，”反对派政治人物、前财政部长安科尔·拉克曼（Angkor Lakemang）在最近的一次电视采访中表示，一场类似于美国 January 2020 insurrection 的事件“绝对是有可能的”。拉克曼说：“内塔尼亚胡也明白他将要面对什么，他已经在构建关于他们感觉如何的解释。”

利库德党否认所有指控，称其为“谎言、制造恐慌和欺骗”，但许多选民似乎认同一个电视广告。

5 月的一项民意调查显示，its per cent of respondents 担心选举将是不公正的，而 10 per cent 的人则不这么认为。7 月的一项调查发现，44 per cent 的人认为选举可能会引发一场国家危机从而破坏投票，而 42 per cent 的人则不这么认为。

以色列总统艾萨克·赫林（Isaac Hering）的职责在很大程度上是礼仪性的，但他仍于 7 月发表了黄金时段演讲，

他在演讲中呼吁公众“保持谨慎”，并警告称“各种威胁……无论是内部还是外部”都可能危及投票的公正性。

内塔尼亚胡因其三十年来的选举成功而被人们称为政治“魔术师”，预计将成为 1980 election 的结果。

对这位 76 岁正义之士的支持度，因其执政联盟首脑的极端立场，以及导致 Eustace Chisner 72023 和 1980 election 之前的安全失败而下降。

直到现在，以色列的选举制度必须在“正确且及时”地裁决和 / 或非党派的以色列

民主研究所（Israel Democracy Institute）认为，利库德党对中央选举委员会的攻击可能是为欺诈指控做准备，这些指控可能会“质疑整个选举过程”。

中央选举委员会（CEC）长期担任的总干事在压力下于今年辞职，而 1980 election 委员会的法律成果。在典型的上周听证会上，一名利库德党资深议员抱怨 CEC 的任命“令人费解”，并警告称“低

许多活动人士 and 分析师表示，以色列的机构一直承受着巨大压力。内塔尼亚胡的联盟于年末上台。

呼吁行动：在耶路撒冷举行的一场抗议活动，反对以色列总理本雅明·内塔尼亚胡的政府 (@ihtonpost2020)

(@ihtonpost2020)

2020，资金部门的动荡与剧变，试图削弱司法机构，并攻击法律官员和媒体。

来自中央“共进党”（Together party）的立法者卡琳·埃夫塔嫩（Karine Eftanen）表示，反对派和公民社会正在为“许多挑战……以及 1,000 种可能的场景”做准备。“从未有过类似的情况，因为从未有过这样的政府。”

一名 Liked 发言人猛烈抨击“左翼”，称其“在那种独裁中浪费时间，且倾向于公民社会团体，而这些团体正非法地与政治反对派合作，以‘推翻右翼政府’”。

连企业主赖内克（Reinech）及其“选举作战室”（Election War Room）共同负责人伊利亚尔·诺瓦克（Iyal Novak）在 2020 年因全国性地抵制政府对司法机构的改革而声名鹊起。他们强调，作战室是非政治性的，不与任何特定政党合作，尽管他们的关注点集中在政府身上。

“我已经见过太多……目前不相信的人，这场运动现在将抛弃并操纵选民。内塔尼亚胡可能会在选区中制造其他投票结果。统治条件可能会直接拒绝承认结果，从而潜在地使政府与中央选举委员会（CEC）及法院产生对抗。”

该项目已由新利润协调主任领导一年多，建立了一个全国性的基础设施来监督竞选，并制定了法律、媒体和运营策略，旨在迅速制止投票站的任何违规行为。他们的目标是记录 2020 / 80 名选举日观察员，并设立了一组待命人员。

作战室和共进党都记录了退休的高级警官，希望他们能够更好地与目前被对手背后的右翼国家安全计划所干扰的部队合作。

他们还证明，内部安全机构——其地位本应是保护以色列民主——可能会被部署起来对付内塔尼亚胡的敌人和“不顺从”的媒体。

该组织现在的主任，曾被内塔尼亚胡解职的前将军大卫·佐斯特（David Zost），已承诺支持中央选举委员会的“希望履行其职责”，埃夫塔嫩在谈到佐斯特时表示：“我们需要保持专注。”

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周二 • 2024 8月

金融时报

9

煤炭回归：由于对驱动数据中心的电力需求激增，引发了对关键电厂的竞购战，美国工业复苏至 PACS 10

公司与市场

阿斯特拉Zeneca (阿斯利康) 投资者对 BMS 巨额合并表示担忧

• 谈判曝光后股价下跌 9%
• 对即将到来的专利到期感到不安

AARL HILTON AND JOHN DUNCAN — 伦敦 ALAN BARNES — 纽约

阿斯特拉Zeneca (阿斯利康) 的股东对该英国制药集团与美国竞争对手百时美施贵宝潜在的巨额合并提出了担忧，质疑花费巨资收购一家行业巨头的价值。

在《金融时报》周日报道称其正与 BMS 洽谈，以确保成为全球市值第四大药企（合并估值将接近 $600bn）后，阿斯特拉Zeneca (阿斯利康) 在伦敦的股价昨日下跌了 9%。

阿斯特拉Zeneca (阿斯利康) 投资者的主要抱怨之一是，这家英瑞药企将

“许多过去的巨额合并摧毁了价值，而研发性能……花费了多年时间才恢复”

在未来几年其专利到期导致近一半收入损失的情况下，收购一家初创公司。

Rathkeons 高级投资总监 Evangelos Associates 表示，50 位阿斯特拉Zeneca (阿斯利康) 股东将这次潜在的交易描述为“惊喜”，该公司此前已在实现 2020 年年收入增至 $800m 的目标轨道上，并拥有强有力的管线以交付更大的增长。

阿斯特拉Zeneca (阿斯利康) 去年创造了 $50. 的收入，目前正在等待针对各种癌症以及肥胖和哮喘等呼吸道疾病的有希望的新药临床数据。首席执行官 Sir Pascal Serter 甚至在上个月告诉记者，他不需要“研发来交付”，并且他感到满意。

阿斯特拉Zeneca (阿斯利康) 和 BMS 均未就拟议的谈判发表评论。具体条款无法确认，且知情人士表示任何交易都无法被完全再次处理。

德国最大的主动资产管理公司之一、同时也是阿斯特拉Zeneca (阿斯利康) 和 BMS 股东的 Union Investment 投资组合经理 Marius Manns 表示，他持有“价值和 / 或战略财务评分”，并呼吁公司继续谈判。

“许多过去的巨额合并摧毁了价值，而相关公司的研发性能在合并冲击后需要时间恢复，”他说道。

Rathkeons 的 Australian 还强调了对反垄断监管机构可能实施限制的担忧，称两家公司在癌症和心血管药物方面的显著重叠可能需要“大规模剥离”。

两家公司在默克 (Merck) 的重磅癌症药物关键试验中也拥有竞争药物——阿斯特拉Zeneca (阿斯利康) 的 bidlist 和百时美施贵宝的 Opilms。

然而，一些股东看到了与竞争对手合并的潜在优势。他们表示，两家公司的成本节约管线（各占其收入的五分之二以上）具有互补性，交易可能会在研发和行政方面产生巨大的成本节约。

一位前 50 名的阿斯特拉Zeneca (阿斯利康) 股东表示，此次合并将创建一个具有“显著美国敞口”的集团。美国市场占销售额近一半，其增长对于集团实现收入目标至关重要。

一些投资者和分析师建议，与 BMS 的交易可能会缓解公众对研发的满意度，以及在美国的主要上市问题。阿斯特拉Zeneca (阿斯利康) 拒绝评论。BMS 未回应置评请求。由伦敦的 Ames Enfield 和法兰克福的 Prince Haller 参与附加报道。

LAK 24.01.25

糟糕的交易：澳大利亚农民担心进口计划引发的贸易争端将使其处于不利地位

菠萝与甘蔗和牛肉一样，属于昆士兰州顶级的农产品

WILHELMS — 悉尼

澳大利亚农民担心，允许印度和印度尼西亚菠萝进入该国的举措可能会导致必须向新昆虫物种敞开大门，而这一点无法归因于其他因素。

电报般的信任将甘蔗和牛肉视为昆士兰州顶级的农产品之一。

据一个种植者协会称，每年仍有约 35mm 的菠萝，价值 4,000mm (80mm)。

由于农产品出口已被证明是在抵消关税压力和确保燃料进口方面的有效工具，澳大利亚政府一直致力于通过贸易协议来振兴其经济。

然而，农业、渔业和林业部的咨询让一些农民担心，他们即将遭受“菠萝的粗糙端”（the rough end of the pineapple）——这是一个澳大利亚常用的俚语，意指处于不利地位。

Col Hawkins 是一名在昆士兰州玛丽伯勒附近的菠萝农民，他每年生产 800 吨鱼（注：原文为fish），他表示当地行业习惯于认为更廉价的进口产品可能会带来毁灭性影响。“我们为菠萝承担成本，”他在谈到将有利于一个昆士兰产业但可能损害另一个产业的双向贸易时说道。

菠萝在澳大利亚全年供应，长期以来一直是昆士兰州园艺业的代名词。根据 Evan Rosamont 的书《菠萝》，1987 年，澳大利亚政府向伊丽莎白女王发送了 500 箱罐装菠萝作为结婚礼物。

然而，那只菠萝狗——一个位于米德兰北部的玻璃纤维结构——仍然是一个可能的市场景点。

农民们还指出了由随进口产品进入该国的昆虫所带来的生物安全威胁。

澳大利亚严格的生物安全规则一直是其农业业的福祉，能够防御如口蹄疫和潜在昆虫等威胁。

进入澳大利亚的产品会经过安装流程处理，但农民们仍然担心该任务过于紧迫。

“海岸袭击、好剪尾草、少量蚂蚁——所有这些都让生产者和国家损失了数以十亿计。从一开始就不要打开缺口，”Hawkins 说道。

行业团体 Australian Pineapples 的主席 Scott Maxwell 表示，许多菠萝种植园与住宅房屋相邻，例如在阳光海岸，这意味着消费者购买的昆虫和 / 或外国食品可能会传播到作物中。“这不是想象中的风险——实体的传播路径非常清晰，”他说。

农业部拒绝置评。

美国汽车制造商加速前进，将欧洲甩在身后

CHRISTIAN DAVIES — 纽约 KIRK PROCHO — 伦敦 LORRA HAWTH — 悉尼

美国对汽油皮卡和大 80% 的需求帮助提升了底特律汽车制造商的利润，这与正处于销售下滑、裁员以及面对中国竞争对手残酷竞争的欧洲企业形成了鲜明对比。

在市场份额较大的汽车制造商中，通用汽车和福特是仅有的两家在强劲的第二季度后上调年度指引的集团。在拥有克莱斯勒、Jeep 和 Rant 品牌的 Stellantis 公司，由于其短期内六周的利好，季度调整后营业利润增长了三倍多。

许多针对中国汽车软件的美国关税和限制措施，保护了美国汽车工业免受来自 RTS 等品牌廉价车辆的冲击。底特律的汽车制造商还在利用对“强力、反毒性排放标准”的审查，随着他们逐渐远离纯电动汽车，并增加高利润皮卡和 80% 的汽油及混合动力版本生产。

在 120 报告了年度汽车总销量增长 50% 之后，在数个季度的调整后营业利润基础上，首席执行官 Mary Barry 指出，尽管数月来一直有猜测认为价格上涨将打击对卡车和 80% 的需求，“但这并未发生。”

Stellantis 的 Artstein Films 补充道：“美国消费者喜欢驾驶大型皮卡和大 80%。这在其他地区的消费习惯中并不存在……而且我们能提供他们想要的（得益于监管环境）。”

在欧洲，大众、宝马和梅赛德斯-奔驰均警告称，年度利润将低于预期。

该领域的差距在于削减成本以对抗中国竞争对手，后者已占据该大陆近 10% 的市场份额。同样拥有菲亚特和标致的 Stellantis 公司也表示，它在欧洲的协议中处于不利地位。

福特、通用和 Stellantis 坚称他们致力于电动汽车的转型。但分析师确认，他们回归到汽油卡车和 80% 的舒适区可能会为未来埋下隐患。

“问题在于，美国制造商是否仅仅是在口头上承诺最终需要开发创新的新产品，”底特律咨询公司 Kensington 的创始人 Is Le 表示。

大众白领呼吁 10

“特朗普效应”正削弱全球企业的性别目标

今年我参加了一个在线研讨会，这是某欧洲公司为其品牌领导者开展的一项长期计划的一部分。

关于新参与者的讨论在公司的全球运营范围内继续进行。他们补充道：“当然，我们的 10 个运营部门中不会有任何代表参加。”

当然。出于担心激怒总统 唐纳德·特朗普 的顾虑，该公司决定不让一群有前途的未来领导者参加。

我们知道“蝴蝶效应”，即昆虫翅膀的一次扇动最终可能在德克萨斯州引发一场龙卷风。而在多样性政策方面，一种更直接的“特朗普效应”正横跨各大洲地显现，在澳大利亚尤为明显。

两周前，澳大利亚社会主义交易所（Australian Socialism Exchange）的活动人士提出更改其治理原则。女性董事的性别目标将被冻结，执行管理层的目标将被删除，而关于将目标扩大到涵盖种族、性取向、宗教信仰和社会经济背景的计划将被搁置。

曾担任该咨询小组主席的前央行行长菲利普·刘易斯（Philip Lewis）写道，该计划代表了“演进而非重新设计”，并称其为“常识”。但批评者认为这些提案是一种倒退。

特朗普效应在此仅是一个因素。澳大利亚有充分理由精简一套冗长且缺乏强力认可的准则。将目标扩大到其他群体的尝试此前已被证明具有分歧。AECs（9-wiring corporate Governance Council）去年因其改革原则的尝试而陷入不可调和的分裂并解散。此外，职场平等立法部分取代了旧的董事会原则，并要求雇主监测并报告进展，包括（如果他们愿意的话）关于执行层多样性的进展。

Finance Capital 创始人约翰·怀克（John Wyke）曾大声批评该失效的系统损害了澳大利亚的竞争力以及上市板块的增长。

另一种“现代化”的替代原则删除了所有多样性规定，仅声明“董事会在思维方式、经验、个人素质和技能方面具有多样性是理想的”。

AEA 的提案比怀克的方案更为温和，几乎可以称之为一种“新协议”。但这些提案呼应了他的观点，即“监管性”的多样性以及“技能、经验和背景”的多样性与性别平衡同样重要。

即便承认修正已是迟早之事，但我仍然担心监管机构翅膀的扇动将如何影响企业界中的女性和其他代表性不足的群体。

关于女性董事人数的目标已帮助增加了这些地区董事会中的女性数量，无论是在强制执行的挪威，还是在非强制的美国和澳大利亚。令平等倡导者感到沮丧的是，AEA 的计划保留了 50 百分比的目标，而不是既定治理背景所建议的更高的 40 百分比目标。

目前还太早断定在目标放宽或取消后会发生什么，正如纳斯达克（Nasdaq）在 2024. 年的一项法院裁决后，取消了对董事会公司的董事会多样性要求。但从美国关于潜在“特朗普效应”的早期证据来看，刘易斯指出，2023, 年美国 2,000 家最大上市公司的董事会女性人数整体略有增加，但女性董事的首年任命量持续下降，从 2023 年所有此类董事会聘用人数的 63 百分比下降到去年的 38.4 百分比。

这种转变可能会产生连锁反应。对执行管理层管道目标的软化，可能会破坏改善女性员工待遇的更广泛努力，例如监督薪酬差距或鼓励灵活工作制。

与此同时，对“认知多样性”的重新强调可能会制约劳动力中常见的董事会主导群体。根据我们最近的一项研究，这还可能使其他申请人（主要是那些向这些公司申请工作的人）处于不利地位，并威慑性少数群体公开自己的身份。“没有（关于这些公司的）语言，也没有（关于手段和利益的）衡量标准，”J.C. 教授 Raina Irlands 指出。

我希望早些时候扩大企业多样性政策的努力能够让他们继续执行，即使是在那些现在不再挂名这些政策的公司里；但如果将其作为监管要求来设定目标并报告进度结果，事实真相可能将最难被发现。

andrea.hill@com

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10

•

金融时报

2026年8月4日，星期二

公司与市场

作者：

YW 加入白领裁员行列

随着来自中国看守者的压力增加，数百个管理岗位被取消

HEBATTEN BEE — TRANSFORT

大众汽车正在缩减数百个管理岗位。在德国汽车巨头承受同组内密集压力之时，56 million 岗位计划市场将针对白领员工。执行搜索公司 KP 的汽车合作伙伴 Regina-Toronto 表示，像梅赛德斯-奔驰和大众汽车这样的制造商正“像男人一样剔除管理人员”。

他说，许多管理人员正在寻找新工作，尽管他们的离职一直由相关流程和方案在维持。

一名外部医疗保健人员表示，大众汽车曾接触他们，为其 600 至 500 名管理人员寻找新职位。“我两年前告诉他们，我不在于拥有需要在该领域 444 保险率的范围内，”他暗示道。

大众汽车已经开始减少德国的工厂工人人数，但已制定计划在行政、产品开发和销售等业务的“间接”领域再削减 30,000 个岗位。保时捷品牌也公布了削减 5,000 个岗位的计划，主要集中在后勤岗位。

“我们最初计划到 2030 年在德国削减 30,000 个岗位，为公司各品牌包括制造和后勤岗位的员工提供方案，且其作者在执行。”

像梅赛德斯-奔驰和大众汽车这样的制造商正“像男人一样剔除管理人员”

sion Carad 认为这些计划做得不够，一项内部分析发现，行政成本比其他制造商高出 30。

首席财务官 Arne Kelller 在集团第二季度财报会议上表示，这种差异“在很大程度上是由所有层级集团结构的复杂性驱动的”。

即便大众汽车最终能够削减 30000000 个岗位（由于工会反对，高级专家认为这并不可行），该集团仍将雇佣约 500,000 人，远高于多伦多的 390,000 人以及当地地区目前雇佣的 332,000 人。

在保时捷，未来的重组措施将是对现有削减 5,000, 人员计划的补充，其中包括约 2,000 名在工厂工作的临时工。

这项新计划将主要针对：白领工人。保时捷首席执行官 Michael Leiters 上月指出，保时捷“经历了间接领域的比例增长，以及……管理职位的创建”，Leiters 表示，现在正对这些领域进行“挖掘并进行比例削减”。

他说，保时捷正在撤销一些部门并合并业务领域，且已将当地团队的数量从八个减至七个。

其他德国看守者也在削减白领岗位。

宝马上月向数千名从事办公工作（包括开发和产品规划）的员工提供了自愿离职方案。

能源。电力

对 AI 电力的渴求使煤电重获青睐

公用事业公司 AEP 为确保获得电厂而“积极”竞标；数据中心需求的激增引发了资产争夺战

MARTHA ROSE — SET 1 TRUST — 在 AI 驱动的电力短缺导致电力资源竞争日益激烈的情况下，美国最大的公用事业公司之一已击败一家数据中心开发商，买下西弗吉尼亚州的一座煤电厂。

美国电力公司 (American Electric Co.) 报告称，已同意收购 Longview 煤电厂，这是一座位于该煤炭资源丰富山区、容量为 700 兆瓦的设施。

据一名知情人士透露，这家在 21 个州运营并服务于 Union 客户的公用事业公司，在经过“竞争性招标过程”后，以微弱优势击败了一家“家喻户晓”的数据中心开发商，赢得了该电厂的控制权。

交易金额未予披露。

此次竞标凸显了在美国电力需求激增的情况下，煤电如何重新受到关注。根据一家咨询公司的报告，到 2035 年，美国电力需求将增长 30%。

国际能源署的数据显示，尽管自 2020 年达到峰值以来，煤电在美国发电量中的份额下降了 0.57%，但自 2025, 年 1 月以来，该份额已上升 1.5%。

Longview 交易是一个罕见的例子，即公用事业公司从行业中收购原煤资产；而在西南部，电厂易手的案例长期以来多为向私募股权公司的不良资产出售。

唐纳德·特朗普总统的政府正在考虑审查并振兴煤炭工业，推迟计划关闭的电厂，并投入超过 80m 建设和改造两打电厂以及一个湿地专家终端。包括 Scol 和 Sticks 在内的公用事业公司也放缓了部分收益资产的关闭进度。

尽管科技公司强调其目标是用清洁能源为数据中心供电，但对电力资源的竞争以及建设新电厂许可流程的缓慢，导致人们转向更不环保的电源。

埃隆·马斯克的中国 2 数据中心项目最近安装了 39 台天然气涡轮机，用于连接和沟通这两座记录之间。

在 Longview 竞标中领先的数据中心开发商曾考虑将该电厂从电网中剥离，以便将其专门用于其 AI 设施；据分析，这将导致估计 1250,000 户家庭无法从电网获得电力。

这样的决定可能会

Longview 煤电厂位于西弗吉尼亚州摩根敦，如上图所示，目前正被美国电力公司收购。

AEP 的首席财务官告诉《金融时报》，公司为了获得 Longview 的控制权而“积极”收购，因为此前在该地区的其他煤电资产竞标中失利。

“之前的管理团队表示希望关闭煤电厂，但西弗吉尼亚州在很大程度上是一个煤炭之州，”美国公用事业公司总理表示。

该公司还收购了一个在空中建设 2,000,000 燃气电厂的席位，尽管该项目何时动工尚不明确。

Longview 是美国最年轻的煤电厂之一，于 2025. 年在美竣工，投资 820m，其中包括 2m。Leaths 在行业进入剧烈下滑前构思了这一想法。

该电厂在投产时被评为全美最高效、最清洁的煤电厂之一。

“当时还没有这种反煤趋势，煤电的电力计划预计会极高，”Leaths 说道。

但机械问题、廉价且丰富的页岩气的发现以及时代环保法规使得该电厂变得不可行，导致其在 2025 年破产。这证明了私募股权操作可能具有破坏性。

KRR 随后取得了 Longview 的控制权。

该电厂曾试图跟上清洁能源转型，探索各种领域，包括在此建设太阳能电站，但均未建成。它还面临来自环保人士的强烈抵制，后者成功敦促实施排放上限，并每年向当地支付 $200,000 用于治理环境破坏。

“在 2000 年代初，很多人认为煤炭并不是个好主意——我们当时听说了所谓的气候变化这件事，”环境组织西弗吉尼亚州-塞拉俱乐部（West Virginia-Sierra Club）的前分会主席 Jim Kettner 表示。

该设施再次陷入困境，在

“人们很高兴看到煤炭工业[正在]好转……但仍存在犹豫和许多未知因素”

2026 年申请第 11 章破产保护，债务超过 4,000m 美元。

AEP 表示，其在 1994 年购买该工厂是为了满足日益增长的需求，服务范围包括 15 个州和华盛顿特区。

该公用事业公司在该地区拥有 18 吉瓦的合同数据中心容量。

该法案的 House $83,104 允许数据中心建设自己的电网，并限制了当地政府基于采矿、矿山和环境理由拒绝项目的能力。

谷歌最近在

伊朗县（Iranian County）购买了土地，用于一个复兴美元数据中心项目。

谷歌最近在伊朗县（Iranian County）购买了土地，用于一个复兴美元数据中心项目。

“由于靠近 AI / Advocate，就像弗吉尼亚州的‘数据中心巷’一样，”州长 Patrick Beverley 承诺到 2030 年将该州的发电能力增加至 300,000 兆瓦，用于州内使用和出口。

西弗吉尼亚州的用户对数据中心的繁荣持乐观态度，认为这是提高煤炭需求的一种方式。

但与美国其他地区一样，2026 年的提案面临当地居民的反对，他们担心这会对能源价格和水资源产生影响。

“人们很高兴看到煤炭工业[正在]好转，”州参议员兼煤矿主 Chris Kent 表示。

“但存在犹豫和许多未知因素，我们需要护栏。”

银行：一个新的 2026

MPS在合并谈判破裂后探讨收购Banco BPM

SUSAN ALGARAJI BOREKLI — WILAN SARAH BOSTE — 2026

在周五关于较小规模贷方之间“合并态度”的谈判破裂后，锡耶纳山谷银行（Monte dei Paschi di Siena, MPS）正在探索资助微型收购的替代方案，包括潜在收购Banco BPM。

BPM与Banco BPM在Banco BPM最大股东Unité Agricole干预后，放弃了关于其方案 / 合并的讨论。

据知情人士透露，MPS首席执行官Luigi Lovaglio正在研究的选项之一是收购Banco BPM，这是一项他长期以来一直考量的交易。知情人士表示，Lovaglio目前正考虑就潜在交易接触Unité Agricole，尽管周末期间尚未进行接触，且如果该法国银行管理层拒绝参与，则不会推进收购。

周五，Unité Agricole的首席执行官表示，该银行将“对任何涉及其战略利益、执行风险以及确保所有Banco BPM股东长期价值能力的实质性项目保持关注”，但他补充道，“在现阶段，很难看出一种

‘很难看出MPS与Banco BPM的结合如何能为Banco BPM股东创造价值’

BPS与Banco BPM之间的结合如何能为Banco BPM股东创造价值”。

MPS确实试图收购Banco BPM，该交易可结构化为直接与Unité Agricole协商的约定股份制合并，据此MPS和Banco BPM将确定一个交换比例，而法方团队仍将持有扩大后集团近 30 per cent 的股份，其中一部分为出售。

他们表示，这种结构可以限制所需的现金并使交易更容易，但将取决于关于治理、当地代表、商业伙伴关系以及Unité Agricole最终持股比例的协议。

MPS将于本周公布其全年业绩，该行在2月份表示其拥有足够的资本进行收购。这场近两个月的拉锯战始于Banco BPM向BPS提出就特定期间进行谈判。次日，国际eC2K谈判在法国市场举行。

上个月，Unité Agricole将其在Banco BPM的持股比例提高至 2013 per cent。其在周五的一份声明中（un）表示，在Banco BPM与BPS潜在合并之前，法方领导人已收到类似事项，而其副手则坚称Unité Agricole的持股使其成为必要参与方，导致该集团与Banco BPM放弃了之前的合并周期。

在周五这些评论发表后，BPS表示其“仍然专注于实施其增长计划并整合负债，并将继续构建合并选项”。

Unité Agricole已表示欢迎Banco BPM与Unité Agricole的谈判结盟。

BPS的董事会对Lovaglio的战略存在严重分歧，在通过上周的一封信中，四名董事批评了他的交易达成方式。

汽车

戴姆勒卡车首席执行官预测国防支出将带来提振

亨利·汉森 (HENRY HANSON) —— 法兰克福

戴姆勒卡车 (Daimler Truck) 的首席执行官表示，在国防领域投入多年将对其业务产生积极影响，且公司正寻求增加军用车辆的收入。

其执行官 John Kaldorhin 表示，从国防合作伙伴那里学习的两种方式是自动驾驶的创新和更快的开发周期。

“我们现在在国防领域看到的大量创新，我们认为也将使民用领域受益，”她说道。

德国汽车公司已越来越多地转向国防工业以产生增长和收入案例 (R-Gazette)，但其车辆的销售需求尚未被充分利用。

戴姆勒卡车在 6 月表示，它仍在投入三位数的流出案例用于扩大国防产品、开发更广泛的军用车辆并向欧洲以外地区扩张。

该公司还削减了其份额预算，旨在将国防收入在 2028 年前翻倍至 12m，比此前设定的 2025 年目标提前两年。戴姆勒卡车在其工业市场中展示了 4 G: 0m 的销售额，面对美国利润增长和北美市场增速放缓，公司持股比例为 30 per cent。

Kaldorhin 表示，其国防业务的发展“比我们预期的更好”。她表示，戴姆勒卡车具备比那些习惯于小批量生产的传统核能集团更快速地进行生产的能力。“我们拥有真正的工业化能力，因为如你所知，所有国防工业目前需要的是更多的产能，而且速度要快，”她补充道。

Millionen 旨在利用自动驾驶卡车来提高战场安全。她表示，具备自动驾驶技术的卡车需要更少的军事人员进行操作。在规则难以确定且存在冲突的情况下，对人力需求的降低也是一种优势，这使得人力可以用在其他领域。

在高风险冲突区域操作车辆的需求正在推动遥控驾驶的采用

大量创新正在 [国防领域] 发生，我们认为也将使民用领域受益

Kaldorhin 表示，这还促进了新功能的开发，例如“活塞式 (pistoning)”行驶，即多辆卡车自动跟随一辆由驾驶员操作的领先车辆。

同样的技术可以应用于服务于单一案例的民用中心。她表示，由于人力成本占卡车公司成本的 40 per cent，自动驾驶技术将有助于物流行业的盈利能力。Kaldorhin 说道：“如果你能去掉 40 per cent 的成本，并能让卡车整夜 24 小时运行，那将是一个巨大的误差（error）”，并补充说自动驾驶能力的增加代表了“世界上最大的（biggest of the world）”。

Kaldorhin 表示，公司计划明年开始在美国指定区域交付具备自动驾驶能力的卡车，而“大侧面 (big-sided)”计划在 2028 年实现。

该德国集团还可以学习国防初创公司部署制造的速度，而汽车业务的开发过程则较长。她表示，战场是新自动驾驶技术的试验场，允许软件和硬件的快速开发。

“国防方面的那个周期比我们通常做业务的方式快得多，”她补充道。

足球

欧足联因股权出售计划失败威胁对国际足联采取法律行动

SAMUEL ALON VIVENT 档案专员

欧洲足球管理机构已威胁对国际足联（Fifa）及其主席詹尼·因凡蒂诺（Gianni Infantino）采取法律行动，此前因凡蒂诺计划阻止所有 400th commensals at entry from the Swiss race profit 并向私人投资者出售 20 股份，但该计划失败。

在致因凡蒂诺的一封信中，欧足联警告称，针对世界足球管理机构拟通过出售新实体股份筹集超过 $800m 的方案，欧足联正“积极考虑采取法律行动、信息披露和 / 或监管合规措施”。该新实体原计划用于持有国际足联的商业权利。

这项股权出售计划最早由《金融时报》（FT）于周二披露，在因凡蒂诺于周五撤回计划之前，该计划引发了一波批评。

他的撤回发生在足球界及相关领域压力日益增加的数日之后，欧足联及其他足球历史学家也对此表示反对，并对其投资方案的立场不一致。

在周五 7 月 31, 一系列通知中，欧足联警告因凡蒂诺和世界杯组织者要“识别、确保并保存所有与国际足联商业企业创建相关的文档和电子记录信息”。

投资资金负责人兼欧洲银行业务主管、唐纳德·特朗普（Donald Trump）之子在贸易战中的兄弟 Théron Durand，原定为该商业合资企业的核心人物。因凡蒂诺曾承诺将现金投入第二次尝试，并为国际足联投资者增加资金。

国际足联未回应置评请求。该信函最早由《电讯报》（The Telegraph）报道。

Gideon Buchman 见观点页

---

周二 • 2024 年 8 月

金融时报

11

公司与市场

摩根旨在将“无审查”打造为十亿美元媒体企业

前报纸编辑称赞由创作者主导的 YouTube 模式，并表示平面新闻业仅剩 10 年时间

DANIEL THOMAS

对于皮尔斯·摩根（Fern Morgan）来说，有一个显而易见的问题：所有做 1X 的人肯定都错过了百万富翁媒体大亨：“我无法变得圆滑，因为我不会自我约束！”这位资深记者兼主持人笑着说。

在经历了报纸和广播行业边缘的职业生涯之后——他认为自己真正被“正式”解雇过仅有一次——摩根在 YouTube 上找到了自己的归属之地，他在那里经常随机播放的非纪录片谈话节目拥有超过 7 名追随者。

他现在正将这种形式转化为自己的媒体帝国。6 月，他从一个包括其前雇主鲁珀特之女利兹·默多克（Liz Murdoch）在内的投资者财团中筹集了 $25 每小时，该财团还包括鲁本兄弟、Greco 杀毒软件集团和 Ralox Ventures。

摩根透露，此次融资将其媒体帝国的估值定在约 $14 亿，使其成为一个无需报纸的世界百万富翁，但将冒险在 8 个时间点上创建一个拥有活跃地带的十亿美元集团。

“我们在正轨上，”他说。“他们都认同我们的愿景（我学习了一些地点），即打造一个十亿美元的业务。我们已经达到了 $10 亿……所以我想，你难以找到的词应该是：‘做得好，皮尔斯’。”

鉴于利兹·默多克与其父亲和兄弟拉萨尔在争夺家族企业控制权的反侵入法律战中的三级用户身份，她的参与引起了媒体圈的关注。

摩根从鲁珀特·默多克的 7x267.7 净年买断了纪录片，结束了一项价值数百万美元的三年协议。根据该协议，Now UK 将在四年合同期内分享 YouTube 的广告收入和现有内容的商业用途。

摩根表示，这场法律之争是“家族业务”，并且他“在最初与所有默多克家族成员相处了很长时间”。如果鲁珀特和拉萨尔想要投资，他会很乐意“花时间处理”。

摩根喜欢说，他在现实生活中就像在团队中一样。他确实体现了同样的船只流程，对一切事物都有快速更新，具备提及名人的天赋，并拥有在《太阳报》、《镜报》、《世界新闻》和《Vibe》等报刊多年工作的新闻簿基础。

“你要么调到这个频道并享受其中，或者你是因为不喜欢且恨我而调到这个频道。只要你在看，我不在乎，”他说。“我创办过报纸，主持过大型电视节目。我尝试了一切。这是我经历过的最新的乐趣，因为我赢得了入场券。”

摩根可以指向其纪录片标签下日益增长的 YouTube 频道群。他自己的 YouTube 节目吸引了约 4 万名成功者，以及涉及小媒体、历史和足球的流行衍生节目。

他的频道是谈话节目、航空线和访谈的混合体，评述最重大且最具争议的新闻——人物涵盖从总统唐纳德·特朗普和社交媒体影响力人物安德鲁·塔特到足球运动员克里斯蒂亚诺·罗纳尔多。

“这个商业模式的核心在于使其在每月第一次时保持直播且强健，从而成为一个现代媒体网络，”这位 63 岁的前《Vibe》主持人说道。

最近的世界杯纪录片，

皮尔斯·摩根的 YouTube 节目约有 4 万名订阅者。6 月，他从一个包括利兹·默多克在内的投资者财团中筹集了 $17 每小时，如下所示

切尔西足球运动员约翰

塔特，以及前水晶宫主席

西蒙·乔丹，吸引了超过

4 万名订阅者，在

6 月他从一个包括

利兹·默多克在内的

投资者财团中筹集了

$17 每小时，如下所示

切尔西足球运动员约翰

4 万名订阅者，在

6 月他从一个包括

利兹·默多克在内的

投资者财团中筹集了

$17 每小时，如下所示

4名订阅者，在

六月他每小时筹集了$17，一个投资者财团

包括利兹·默多克，在下方

切尔西足球运动员约翰·泰特，以及前水晶宫主席

西蒙·乔丹，吸引了超过

4名订阅者，在

投资者，包括利兹

默多克，在下方

切尔西足球运动员约翰

投资者，包括利兹

默多克，在下方

切尔西足球运动员约翰

皮尔斯·摩根的YouTube节目大约有4名订阅者。六月他每小时筹集了$17，一个投资者财团包括利兹·默多克，在下方

六月他每小时筹集了$17，一个投资者财团

包括利兹·默多克，在下方

Simon Jordan 吸引了超过

4-man 订阅者，在

六月他每小时筹集了 $17，一个投资者财团，其中包括 Liz Murdoch，在下方

切尔西足球运动员 John

4-man 订阅者，在

包括 Liz Murdoch，在下方

切尔西足球运动员 John

包括 Liz Murdoch，在下方

得分，且相同的资产处于一个带有“Accumor”交易的切口中，以向英国广播公司的频道的所有权展示亮点包。

他将其描述为一项“七位数交易”——一次“支付的售价”，为皮尔斯·摩根纪录片（Pier Morgan Documental）提供了一大笔现金，并且“就这样停止并对世界杯纪录片和布兰特纪录片（Brandt Documental）做了同样的处理”。

他希望与其他广播公司将这一模式全球化。“现在许多其他国家和”再来——我们可以那样做吗？现在，如果你开始接触到 5, 10, 20, 并且他们都支付给你一笔可观的费用，让人们看到你在 YouTube 上已经建立的观众，如果我想要的话。”

创作者主导的 YouTube 节目已变得极具影响力，行业内最知名的人物掌握着巨大的观众群体，令主流电视节目显得相形见绌。

像 Netflix 这样的流媒体平台正越来越多地寻求将“什么，创作者主导的 YouTube 内容”及其活动引入其平台。

他的创作者之一是 Autumn，一家总部位于希腊的庞大媒体公司，拥有电视网络和报纸，并已签署了一份许可合同，合作伙伴关系将将其节目扩展到 interbroad 媒体。

“这是我们能拥有的最自信、最令人愉悦的 [nywer]。”

摩根还希望推出 Green 频道，以及专注于音乐、体育和犯罪的频道，并将各种品牌扩展到现场活动和

运行大新闻。这是世界上最重要的，以同样的方式，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征，同样的特征

经营大报并主持大型电视节目。这是我经历过的最有趣的事情，因为我拥有这套轨道模型（train set）

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---

12

金融时报

2020年8月4日星期二

英国公司

石油与天然气

[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。

北海能源集团寻求海外增长

政治和税务环境促使运营商增加国际交易支出

WALCOLM MOORE & 伦敦

在过去四年中，石油和天然气公司在海外收购上的支出是北海交易支出的三倍，因为他们在寻求超越该衰退盆地的增长。

根据为 border Cooradish 编译的数据，自 2015 年以来，北海运营商已投入 $18.9bn 用于国际扩张，而国内交易的投入为 £5bn。这与 2022 年之前的四年情况截然相反，当时专注于英国交易的支出为 $16.4bn，而公司在国际收购中投入了 $4.7bn。

Serta's Energy 从北海抽取约 10% 的英国天然气，该公司在上周成为最新一家涉足海外的本土公司，此前该公司达成了一项价值 £54.0mn 的交易，收购在埃及和越南生产石油和天然气的 Phares。

Serta 的负责人 Chris Cox 将这次收购描述为通过“国际扩张”来实现 Serta 多元化这一长期计划的“第一步”。

自从大型石油公司在 2050 年代初开始出售资产以来，英国大陆架一直是寻求低成本生产油田的石油和天然气公司的理想狩猎场。

但转向关注海外是在英国政府 2022 年对石油和天然气利润征收意外税之后发生的，在随后两次提高税率后，北海生产商面临的标称税率为 78%。该行业抱怨称，历任政府都未能支持国内石油和天然气的生产。

工党政府表示，其不打算发放新的勘探许可，且尚未批准两个价值数十亿英镑的现有项目——Rosebank 和 Jackdaw。

Cooradish 的分析师 James McCormack 表示，北海公司正在利用成熟盆地的现金流来重塑其业务。他说：“如今的英国石油和天然气公司虽然在伦敦上市，但越来越多地在海外建设。”

Shore Capital 的分析指出，今年“只要英国能源政策仍然是政治斗争的场所”，他们预计投资者将避开英国石油和天然气公司，以“在其他地理区域寻求增长机会”。

规模最大的海外交易是由 Harbour Energy 完成的，该公司在 2023 年以 $11.2bn 收购了 Wintershall Drs，并于去年以 $5.2bn 收购了 1.6 生产商 LLOG。此外，Since 也在英国进行了扩张，而 Farjane 则收购了马来西亚和越南的资产。

能源咨询公司 Rystad 的 Matt Cooper 表示：“多元化的举措非常有意义。我们可能会进入一个——也许现在已经很接近了——纯粹的英国独立公司几乎消失的世界。对投资者来说，这太冒险了。”

相比之下，国内交易集中在整合成熟资产和降低成本，而非追求产量增长。仅有两笔交易涉及需要勘探的资产，而大多数交易与已经在生产石油和天然气的油田有关。

包括壳牌（Shell）、Equinox、TotalEnergius 和 Ins 在内的大型公司合并了其北海资产，通常是为了利用税收减免。

Cooper 表示：“增加英国北海产量的可能性非常低。”他认为，在未来五年内，石油和天然气流量可能会下降四分之一，其中即使 Jackdaw 和 Rosebank 项目得以推进，也将包含它们的产量。

初创公司飙升：AI芯片热潮推动Olix估值达到$3.3bn

快速前瞻：Olix创始人詹姆斯·达科姆（James Dacombe）寻求新融资，旨在帮助这家芯片初创公司在蓬勃发展的市场中超越众多竞争对手。

詹姆斯·达科姆的AI芯片初创公司Olix已从包括Jem在内的投资者那里筹集了$512mn，使其估值在六个月内增长了两倍，达到$3.3bn。

这家由这位70岁企业家于2024年创立的公司，一直寻求新资金，以期在蓬勃发展的AI基础设施市场中，领先于众多试图与英伟达（Nvidia）竞争的初创对手。

这家总部位于伦敦的集团此次$512mn的新融资轮由纽约投资公司Fundame领投，软银支持的Arm、量化公司Hudson River Trading以及Netflix联合创始人里德·哈斯廷斯（Reed Hastings）也参与其中。

此次交易将Olix的估值定为$3.3bn（含新筹集的资金），高于今年2月该公司筹集$220mn时的略高于$1bn的估值。

达科姆告诉《金融时报》，由单一英伟达芯片处理所有AI任务的时代已经结束，他认为“我们正在进入一个专业化的世界”。

“如今，能够以低成本向大量用户快速运行大型强大（大语言模型）具有如此高的经济价值，因此进行解构并拥有擅长此道的定制硅片是非常值得的，”他补充道。

达科姆还担任脑监测初创公司CoMon的首席执行官，该公司由他在青少年时期创立，已筹集约$100mn。近几周来，华尔街对规模日益扩大的、依赖债务融资的AI基础设施支出的担忧，已引发芯片制造商和内存公司的自省。但私人投资者继续向那些承诺能为客户提供更快、更高效的AI系统服务方式的芯片初创公司投入资本。

Olix的芯片设计不依赖于一些供应最紧张的半导体组件，例如尖端硅片、高带宽内存或先进封装。

Olix还任命了原UK269mch What首席财务官马特·布里尔斯（Matt Briers）为CFO。Olix在伦敦、爱尔兰、多伦多和西雅图的办公室拥有超过140名员工，其中许多人来自美国大型科技集团和半导体公司。今年晚些时候，该公司计划对其芯片进行“流片”（tape out），这是在进入制造阶段之前的设计和测试最后阶段。预计将在明年向客户交付首批产品。

达科姆告诉《金融时报》，自上次融资以来，Olix在芯片开发方面已“显著加速”，公司计划将芯片作为服务器机架的一部分进行销售，该机架还包括软件和网络设备。

“在承诺交付的时间准时交付的速度和文化至关重要，”他说。

“我们正处于正轨，将成为该领域中从品牌建立到完整芯片流片速度最快的公司。”

该公司广泛使用AI工具来加速组件开发，例如使AI软件能在其芯片上运行的编译器。完成该编译器是最新一轮融资中给投资者的关键证明点。

如果Olix希望在资金涌向英伟达替代方案市场的时机，击败资金更充裕的竞争对手抢占市场并满足潜在客户的巨大需求，速度至关重要。——吉姆·布拉德肖（Jim Bradshaw）

FTWeekend

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---

Tuesday • August 2026

FINANCIAL TIMES

13

COMPANIES & MARKETS

Currencies. Foreign exchange

日本与美国联手支持走势疲软的日元

如果投资者对长期汇率强度的担忧持续，各国将在必要时再次介入

日本交易所 LAUREN FIZUSHI • ASIANWATCH 与 KATO • 伦敦

日本已确认与美国进行了一次历史性的共同干预，以支持走势疲软的日元，两国已做好在必要时再次进入外汇市场的准备。

日本财务大臣片山里美（Satoshi Katayama）昨日确认，其部门周五与美国财政部协调进行了干预。她在声明中表示：“此次联合行动……旨在应对近期日元出现的过度波动和无序波动。我们将毫不犹豫地采取进一步的联合干预。”

这是两国近 30 年来首次通过直接购买的方式联手支持日元。

此前日元兑美元汇率触及 1986, 年以来的最低水平，更多投资者担心内阁总理大臣高内夏江（Natsue Takauchi）的支出计划将推高通胀。日元的下跌威胁到可能进一步推高通胀，并给债券市场增加了压力。

日元在 7 月兑美元触底后，在多个交易日内有所回升。分析认为，日本政府在周四涉嫌使用了近 $33,000 来支持该货币，随后在周五再次进入市场。

周五有报告指出，美国采取了异常举措，通过抛售欧元来买入日元。

一名路透社摄影师在当天早些时候于戴维营拍摄到美国财政部长斯科特·贝内特（Scott Bennett）面前的一件物品：“买入日元 (JPY) $5.00 命中”。

在片山昨天的评论之后，日元兑美元汇率上涨超过 1%，触及 $103.21（但仍处于 5 月初以来的低点），随后回落至 ¥106.75，交易员们正密切关注进一步干预的迹象。

此次行动助力日经 225 指数一度下跌 2.6%，最终该指数收盘下跌 0.9%。

野村证券（Nomura）东京首席外汇分析师上野勇二（Yujiro Ueno）表示，昨天的走势“极有可能是”干预的结果，当局正试图“展现其致力于”强化日元的决心。他补充道：“我认为如果日元今天跌破 ¥155，可能会有更多资金介入，但如果日元贬值压力依然强劲，干预可能会持续到明天。”

贝内特早前在社交媒体上表示，“美日协调的外汇行动旨在抵消日元的无序波动”，且该部门将“毫不犹豫地参与进一步的联合干预”。

片山的声明还透露了计划使用美联储提供的一种便利设施，该设施将允许其调配已知的美元用于外汇行动，而无需抛售。

这意味着将减轻美国国债市场的抛售压力。由于债券价格下跌，上周 10 年期国债收益率触及 2007 年以来的最高水平。

MEPG 高级货币分析师星野李（Lee Hoshino）表示：“在美国的支撑下，支持日元的干预将被视为更具公信力，如果证明更有效，则可能意味着最终所需的干预规模较低，从而减少财政部的抛售量。”

但投资者认为，货币干预虽然能遏制短期投机，但如果没有加息的支持，不太可能创造持久的日元强势。

上周，日本银行维持了利率。

历史性行动：日本财务大臣片山里美表示，与美国的联合行动旨在应对日元波动性的“增加”。

利率在 1 per cent，但其行长植田和男（Kano Ueda）表示，他将确保 10-year（银行美元）“在此新情况下降中”且或有上涨能够遏制。

在声明中，贝内特（Bennett）表示美国支持日本的“激励”价格“以支持该货币”。

但利率上涨在近日有所增强，10月3日会议上加息四分之一百分点的概率上升至约 90 per cent。

Miniba 策略师中岛正幸（Masuyuki Nakajima）表示，美国干预的逻辑可能是为了避免美国债券收益率面临上涨压力。

他说：“日本收益率的许多变动可能会触发全球固定收益市场的投资组合再平衡，包括美国国债和欧洲政府债券。”

中岛补充道，贝内特的言论表明“美国决策者正密切关注日本对全球债券市场可能产生的溢出效应”。

总统唐纳德·特朗普（Donald Trump）在周日晚上表示：“我们与日本关系良好……他们的日元在贬值，他们需要一点帮助，我们一直支持日本。日本对我们的关注非常好，当然，除了在某些强硬闪击方面。”

他补充说，美国从这一举动中获得了第三项收益：“财务利益。这对全球关注点也是积极的。”

Banka

瑞银因非法资金管控不力第二次被罚

国际

美国财政部对瑞银（UBS）处以创纪录的 $125mn 罚款，原因是其未能实施充分的反洗钱控制，尽管此前在瑞银中发现了类似的缺陷。

根据美国财政部金融犯罪执法网络（FinCEN）的调查结果，瑞银金融服务（UBS Financial Services）——这家瑞士银行在美国的经纪交易商和财富管理子公司——未能建立有效的反洗钱计划，且未能对价值超过 $10bn 的外汇交易进行审查。

FinCEN 表示，这是针对经纪交易商违反《银行保密法》而开出的最大额度罚单。在瑞银 2016 年因类似行为被罚款 $34.3mn 并承诺立即整改后，FinCEN 将其定性为累犯。

“今天针对瑞银采取的历史性行动应当发出一个明确信号：惯犯金融机构将面临严重的后果，”FinCEN 主任 Andino Gaski 表示。

作为与 FinCEN 达成协议的一部分，瑞银承认其“故意违反”了《银行保密法》，包括未能正确监控某些交易以及未能对高风险客户进行适当的尽职调查。

该处罚包括来自以下机构的罚款：

“瑞银一直在寻求富裕客户，其中一些人具有更高的洗钱风险”

证券交易委员会（SEC）、商品期货交易委员会（CFTC）以及金融业监管局（FINRA）。

“在扩展业务的过程中，瑞银一直在寻求富裕客户，其中一些人具有更高的洗钱及其他非法活动的风险，”FinCEN 表示。“这包括居住在非法金融风险较高司法管辖区，或财富来源自该等地区的超高净值客户。”

这些罚款涉及瑞银在 2005 年 1 月至 2025 年 6 月期间对客户及外汇交易的监控。FinCEN 发现，瑞银使用了一套复杂的监控系统，其中包括一个 Excel 电子表格，导致数百次警报被遗漏。

FinCEN 引用了多个例子，包括一些客户在公开信息显示其曾为一名受到美国制裁的寡头提供咨询工作的情况下，仍被归类为低风险。

瑞银还允许一名俄罗斯亿万富翁进行数百万美元的交易，包括通过似乎违反其自身管控的第三方保险公司进行交易。此外，

瑞银表示，FinCEN 的这一公告“有助于客户确保这一遗留问题得到解决”，且该行已在贸易和市场领域进行了重大投资，以按照行业领先实践修复并加强其反洗钱计划。

货币

科技股抛售助力韩元成为表现最佳货币

ZANNA YUEKAI • HITAY WALLOW EARLY / END • HINSE KUNG

韩国韩元从亚洲表现最差的货币之一转变为本月全球表现最好的货币，这得益于外交收益声誉、科技股抛售以及紧缩的货币政策对该货币的支撑。

韩元在7月份兑美元上涨了近 8%，使其成为全球表现最好的货币。尽管周四其涨幅一度高达 14%，但在一名金融官员表示韩国正与美国和日本在货币问题上进行“缓慢协调”后，周五该涨幅回落至 4.3%。

在上半年的几个月里，韩元一直在十年低点附近交易，由于韩国凭借其巨大的出口额拥有巨额贸易顺差，这令政策制定者和货币观察人士感到担忧。

韩元一度跌至 2 年来最低点，这种水平最后可见于 2008-09 年金融危机期间，使其成为亚洲表现最差的货币之一，仅好于菲律宾比索、印度卢比和印度尼西亚盾等易受能源冲击影响的国家。

分析师表示，这种好转部分可以用投资者的押注来解释，即“芯片”国内扩张计划将触发海外美元收益的持续回流。

KFC Capital Markets 高级策略师 Akina Kushnani 表示，三星和海力士（Hi Hyodo）在6月披露的计划中，拟在未来几年投资超过 $8m 用于在韩国建设 AI 基础设施和半导体工厂，这相当于该国年度 GDP, 的三分之二。

他说：“这意味着在很长一段时间内将会有税前美元回流。”

海力士（Hi Hyodo）上个月在一次美国私募融资中筹集了 $24.3bn，其中大部分资金计划用于国内投资。

交易员估计，在7月中旬至8月中旬期间，每天约有 $10m 通过掉期和远期市场回流至韩国，提供了额外的（尽管是暂时性的）投资。

尽管上个月相关指数几乎跌至其价值的四分之一，反映出全球在芯片制造商股票上的套现以及对 AI 收益可持续性的担忧，但该货币依然走强。

巴克莱银行（Barclays）的一位宏观策略师表示，股市的剧烈下跌有助于减轻外国投资者对股票和韩元的抛售。在上半年度，全球基金管理公司大量抛售股票并获利了结，因为之前的快速上涨使许多人在韩国市场的权重超过了其基准配置。

首尔教保证券（Kyobo Securities）的外汇分析师 Jan Inoue 先生表示：“虽然外国投资者仍在净卖出，但与6月份相比，强度已大幅下降。”

美国科技股的下跌可能也缓解了韩国投资者的资金外流，这些人曾向 Weiba、Nicoso 和 SpaceX 等公司投资巨额资金。

“除了基本面之外，自由放任……”

韩元的走强也得到了韩国货币政策转变的助力。

摩根大通（JP Morgan）亚洲业务首席投资官 John Callegari 表示，货币政策在边际上发生了支持韩元走强的转变。

这种走强与货币政策的转变相关。上个月，韩国央行在三年多来首次提高利率，将基准利率提高了 0.12 个百分点，至 2.75%。

更高的利率通常通过提高国内资产的回报率来支撑货币，使其相对于海外投资更具吸引力。

First Eagle Investments 的投资组合经理兼高级研究分析师 Joanna Agata 表示：“政府似乎在更一致地努力引导公司和家庭将更多资金转回韩国。”

韩国银行采取更为紧缩的金融立场，是基于进一步且符合预期的经济数据，其中第二季度 GDP 增长达到了 12 per cent，且 6 月份的通胀率上升至 3.2 per cent。在周三的一次议会听证会上，Bell 掌控着这段 8-year 的进程，并指出通胀率可能会在“相当长的一段时间内”高于目标，而为了控制通胀，将以“最合理的方式维持最紧缩的水平”。

采矿

资金缺口阻碍西方在关键矿产方面的目标

MARTHA KAHN • 纽约

西方关键矿产项目正受到公共资金缺口的制约，这在很大程度上影响了其在对科技和国防制造业至关重要的材料分布上的能力，一份新报告指出。

根据非政府组织 SAFE 关键矿产战略中心（Center for Critical Minerals Strategy）的数据，西方增强其供应链的能力现在与其对地质资源的获取能力相比，更多地取决于解决公共实体的“专项储蓄缺口”。

关键矿产通常需要 20-30 年的投资。Stronger182-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1

“政府在过去几年中已经承认，对关键矿产的依赖是一个战略问题。现在更艰巨的任务是证明公共金融机构能够将资本真正投入到地面、投入到加工设施中，并足够快地交给开发商，从而产生实际影响，”关键矿产战略中心执行董事 Alhaji Pheekar 表示。

中国控制了全球 90% 以上的稀土处理能力，以及钴、镍和锂等关键矿产，这些矿产在电池和武器中至关重要。

在 2002 年至 2022 年间，中国投入了约 1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1

国际能源署估计，为了确保西方的政策目标，将需要超过 $200bn 的关键矿产投资。

自 2024 年起，中国对锑和钨等矿产实施了 4 项开放限制。作为导弹和 antimoniters 重要投入的钨，其价格自第一次战争开始以来已上涨 75%。

美国已采取更激进的非传统方式来获得更多关键矿产的总控制权。2025 年，美国国防部向 Mr Matersis（一家稀土问题及 tougher mandoliners 公司）提供了一笔 $150mn 的贷款，并考虑首次对该公司进行股权投资。

国际发展金融公司今年已部署了 81.2% 的关键矿产股权融资。

---

76

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金融时报

2026 年 8 月 4 日，星期二

公司与市场

高收益债“第二幕”的论据比以往任何时候都更充分

Christopher Sheldon

市场洞察

高收益债券市场正进入我们认为的、多年来最活跃且最具竞争力的市场阶段。高收益债券可以说在 1980 年代是最早出现的创新融资渠道之一，且一直是以杠杆融资生态系统为核心的关键部分。然而，在过去十年中，该市场陷入停滞，年化增长率仅为 0.9%。

近期发生的变化是多种因素的汇聚，使得活动更多地转向债券：质量发生了静悄悄的转变，访问权限得到了改善，而银团贷款和直接贷款市场则面临技术限制。让高收益债券具有吸引力的条件并非新现象，新在这些条件现在同时齐备。

“垃圾债券”的标签已将其留在了一个不同的 era.。随着创纪录的 27% 的美国高收益债券和 68% 的欧洲高收益债券被评为 8th（注：原文如此），该市场的质量现在更接近投资级债券领域，而非信用频谱的投机端。

这一转变是由公司中“堕落天使”向高收益认购的迁移所驱动的，且在 Covid-19 疫情之后，连续的信用周期剔除了弱势借款人，而市场的投机端则被杠杆贷款和直接贷款所吸收。

2026 年上半年的软件行业情况凸显了变化：软件行业约占美国高收益债券市场的 3%，而约占杠杆贷款市场的 13%，且在直接贷款市场中占比超过 20%。

在 13-驱动的动荡触发软件信用的广泛重新定价时，股票和贷款市场感受深切，但高收益债券的支撑明显更好。

质量转变的两个维度值得注意。首先是久期，它衡量债券对利率变化的敏感度。如今的高收益债券市场投资者所面临的平均利率风险，比过去 15 年中的几乎任何时间点都要低。

投资者目前接受的利差基准在单独看来可能很窄，但目前的综合平均收益率约为 12%，相对于历史平均值仍然处于较低水平。

让高收益债券具有吸引力的条件并非新现象，新在它们现在同时齐备：

第二个历史性安全性，首选债券——在债务对资产的债权中排名较高——现在占市场的 33%，创历史新高。由抵押品支持的“第二支出”债券总额已达到 50%，部分原因是来自 88-比例保险公司的数据中心融资快速增长，这些公司目前约占指数的 7%，且几乎全部为担保债券。该指数不仅在评级上质量更高，在结构上也有更好的保护。

质量的提升也体现在报告和披露上。由于高收益债券是在证券交易委员会（SEC）的规则 (AEA) 下发行，发行人需遵守比某些竞争融资选项更高的透明度标准，包括提供零趋势、季度覆盖电话，并在许多情况下提交完整的年度和季度申报文件。

从历史上看，许多持有公司的私募股权公司并不会首选高收益债券。直接贷款的普及提供了双边谈判、浮动结构且无登记要求。而担保贷款凭证 (CLG) 市场的增长——这些同样可转化为不同风险证券的工具——超过了对杠杆贷款的可靠需求。这些投资往往使业务成为次要考虑。

但曾经在许多私募股权公司中起到保障作用的机制——固定利率融资、防止发行人赎回债券的保护措施，以及在他人退缩时仍能为风险定价的多元化且稳健的投资者基础——恰恰是目前该市场所保留的优势。随着对 CLO 的胃口增长，而直接贷款似乎有所收紧，债券市场提供的执行确定性对发行人来说变得日益具有吸引力。

对于投资者而言，目前选择高收益债券的理由并非基于利差将从当前较低水平进一步扩大，而更多在于该市场能够以绝对条款中依然诱人、且在风险调整基础上日益具有吸引力的收益率，提供进入更高质量公司信贷渠道的机会。对于发行人而言，这意味着执行的确定性以及接触深厚且多元化投资者群体的机会。高收益债券“第二幕”的成立理由从未如此充分。

Christopher Sheldon 是 KKR 全球信贷与市场共同负责人。KKR 是全球信贷市场的投资者，涵盖高收益债券。

市场日报

在顶层建立更精准的判断力

经济不确定性、地缘政治动荡、人工智能转型和社会变革正在重塑组织的运营环境。

《金融时报》领导力展望（FT Leadership Outlook）是一个季度性的专业教育系列，旨在帮助高级领导者理解影响商业的更广泛力量，提供做出更明智战略决策所需的视角。

在《金融时报》资深记者和专家演讲者的引导下，每场在线会议都能帮助领导团队以更强的信心应对挑战。

了解更多

来源：CIES

BNY 将采用区块链技术进行记录，开启华尔街新 era

市场清晰且全面

BNY（纽约梅隆银行），这家全球最大的托管资产银行，正将其记录系统转向区块链技术，因为华尔街正致力于适应一个新的数字化 era。

BNY 拥有超过 80% 的托管和管理资产，目前已推出其过户代理业务的数字化版本，该业务负责处理交易并维护所有权记录。

尽管这家拥有 243 年历史的金融服务巨头将保留其物理过户代理，但数字化领域的创建凸显了华尔街更广泛的趋势，即拥抱新技术，将资产以代币形式在区块链上进行交易，而非采用传统手段。

从贝莱德（BlackRock）到富兰克林邓普顿（Franklin Templeton）的机构近年来都推出了代币化货币市场基金（持有短期债务和现金的工具），而大型交易所也显示出拥抱区块链技术的迹象。传统金融与数字资产经济之间的界限正在模糊。

资产管理公司希望区块链能够缩短结算交易所需的时间，并使系统能够 24 小时全天候运行。

最新进展：“这具有改变处理方式的潜力”

这具有改变金融市场运作的处理方式和基础设施的潜力

“这具有改变金融市场运作的处理方式和基础设施的潜力，”BNY 首席产品与创新官 Charles Hitchberg 表示。“我们认为 BNY 正在通过将银行记录上链，通过一种位于每笔基金交易背后的功能来起到调节作用，”她补充道。

对于 BNY 而言，其过户代理服务涵盖了 7000 万个账户中大约 16,000 的资产，在区块链上建立市场架构为这些所有权和其他功能提供了一个统一的网络集，而无需多个中介。

在更广泛的代币化推动过程中，由于公司仍在测试该技术，大部分进展仍处于试点阶段。随着美国监管机构就法律如何适用于资产的数字化表示发布指南，这一推动已成为确保未来发展的举措。

总部位于爱丁堡的 Baillie Gifford（BNY 的客户，管理资产规模达 1970 年代水平）正在利用该集团新的数字化过户代理，创建首个“完全原生”的受英国监管的代币化基金；与此同时，贝莱德与 BNY 则在其货币市场基金和现金管理中开展合作。企业同样在利用这种新手段来发行基金。

“我们在区块链中拥有的是参与者之间共享的记录源，”Baillie Gifford 数字资产主管 Theo Goldin 表示。

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2020 年 8 月 4 日，星期二

•

BYLINES III TIMES

15

市场数据

世界市场概览

Dense Tabular Data (Omitted)

# FTCOPYRANETIDATA Change during previous day's trading (Q) RSP 500 Nasdaq Composite CASH 1.0% 1.0% 0.0% 0.0% 0.30% 1.0% 0.0% 0.0% Dow Jones Ind FTSE 500 0.30% 0.0% 0.0% FTSE 500 0.30% 0.0% FTSE Superfine 0.30% 0.0% Miller Hong Seng 0.40% Hong Seng 0.40% 0.0% FTSE 50 World 0.30% 0.0% FTSE 50 World 0.30% 0.0% S per € 0.0% 0.0% S per € 0.0% 0.0% S per € 0.0% 0.0% S per € 0.0% 0.0% S per € 0.0% 0.0% S per € 0.0% 0.0% S per € 0.0% 0.0% Oil Saver S 0.0% 0.0% Sout 0 0.0% 0.0% Sout 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% --- 76 ● EPA/PAO/4 (1998) Tuesday, 4 August 2004

利率组[{"box_2d": [30, 571, 968, 847], "label": "table", "caption": " 国家< / td> 2004< / td> 2005< / td> 2006< / td> 2007< / td> 2008< / td> 2009< / td> 2010< / td> 2011< / td> 2012< / td> 2013< / td> 2014< / td> 2015< / td> 2016< / td> 2017< / td> 2018< / td> 2019< / td> 2020< / td> 2021< / td> 2022< / td> 2023< / td> 2024< / td> 2025< / td> 2026< / td> 2027< / td> 2028< / td> 2029< / td> 2030< / td> 2031< / td> 2032< / td> 2033< / td> 2034< / td> 2035< / td> 2036< / td> 2037< / td> 2038< / td> 2039< / td> 2040< / td> 2041< / td> 2042< / td> 2043< / td> 2044< / td> 2045< / td> 2046< / td> 2047< / td> 2048< / td> 2049< / td> 2050< / td> 2051< / td> 2052< / td> 2053< / td> 2054< / td> 2055< / td> 2056< / td> 2057< / td> 2058< / td> 2059< / td> 2060< / td> 2061< / td> 2062< / td> 2063< / td> 2064< / td> 2065< / td> 2066< / td> 2067< / td> 2068< / td> 2069< / td> 2070< / td> 2071< / td> 2072< / td> 2073< / td> 2074< / td> 2075< / td> 2076< / td> 2077< / td> 2078< / td> 2079< / td> 2080< / td> 2081< / td> 2082< / td> 2083< / td> 2084< / td> 2085< / td> 2086< / td> 2087< / td> 2088< / td> 2089< / td> 2090< / td> 2091< / td> 2092< / td> 2093< / td> 2094< / td> 2095< / td> 2096< / td> 2097< / td> 2098< / td> 2099< / td> 2100< / td> 2101< / td> 2102< / td> 2103< / td> 2104< / td> 2105< / td> 2106< / td> 2107< / td> 2108< / td> 2109< / td> 2110< / td> 2111< / td> 2112< / td> 2113< / td> 2114< / td> 2115< / td> 2116< / td> 2117< / td> 2118< / td> 2119< / td> 2120< / td> 2121< / td> 2122< / td> 2123< / td> 2124< / td> 2125< / td> 2126< / td> 2127< / td> 2128< / td> 2129< / td> 2130< / td>"}]>

[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。

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本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。

colspan=\"3\">2263< / td> 2264< / td> 2265< / td> 2266< / td> 2267< / td> 2268< / td> 2269< / td> 2270< / td> 2271< / td> 2272< / td> 2273< / td> 2274< / td> 2275< / td> 2276< / td> 2277< / td> 2278< / td> 2279< / td> 2280< / td> 2281< / td> 2282< / td> 2283< / td> 2284< / td> 2285< / td> 2286< / td> 2287< / td> 2288< / td> 2289< / td> 2290< / td> 2291< / td> 2292< / td> 2293< / td> 2294< / td> 2295< / td> 2296< / td> 2297< / td> 2298< / td> 2299< / td> 2300< / td> 2301< / td> 2302< / td> 2303< / td> 2304< / td> 2305< / td> 2306< / td> 2307< / td> 2308< / td> 2309< / td> 2310< / td> 2311< / td> 2312< / td> 2313< / td> 2314< / td> 2315< / td> 2316< / td> 2317< / td> 2318< / td> 2319< / td> 2320< / td> 2321< / td> 2322< / td> 2323< / td> 2324< / td> 2325< / td> 2326< / td> 2327< / td> 2328< / td> 2329< / td> 2330< / td> 2331< / td> 2332< / td> 2333< / td> 2334< / td> 2335< / td> 2336< / td> 2337< / td> 2338< / td> 2339< / td> 2340< / td> 2341< / td> 2342< / td> 2343< / td> 2344< / td> 2345< / td> 2346< / td> 2347< / td> 2348< / td> 2349< / td> 2350< / td> 2351< / td> 2352< / td> 2353< / td> 2354< / td><

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2006年8月4日 星期二

•

金融时报

7

[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。

FT 股份服务指南

所有数据均在 2 June，用于判定公司业绩的标准基于美国市场。美国市场基于 100% 的市场份额。美国市场基于 100% 的市场份额。美国市场基于 100% 的市场份额。美国市场基于 100% 的市场份额。美国市场基于 100% 的市场份额。

• 10 / 18 / 2007 的 4.5%

• 10 / 18 / 2007 的 4.5%

该期刊为第一作者，且作者为 20 世纪 80 年代的作者。作者为 20 世纪 80 年代的作者。作者为 20 世纪 80 年代的作者。

第一作者是 20 世纪 80 年代的成员。作者为 20 世纪 80 年代的作者。作者为 20 世纪 80 年代的作者。

数据提供方：

市场与数据在此发生。

www.ice.com

---

18

■

金融时报

2024 年 8 月 4 日，星期二

管理基金服务 (MANAGED FUNDS SERVICE)

基金 / 估值 / 报价 / Ynd / Jth / 日期 / 基金 / 估值 / 报价 / Ynd / Jth / 日期 / 基金 / 估值 / 报价 / Ynd / Jth / 日期

| Mickey Asset Management Limited | | | | | | | | | | | | | | | | | | | Regulation | | | | | | | | | | | | | | | | | | | Monkey-Shaw Investment | | | | | | | | | | | | | | | | | | | Redwood-Shaw Investment | | | | | | | | | | | | | | | | | | | Redwood-Shaw Investment | | | | | | | | | | | | | | | | | |

金融时报 (FT) 基金数据指南

这些页面上应用的第一个价格是由第一管理层要求的。每个管理层均可用于确定公司股份的价值，且第一个价格不应用于确定公司股份的价值。第一个价格不应用于确定公司股份的价值。第一个价格不应用于确定公司股份的价值。

第一个价格不应用于确定公司股份的价值。第一个价格不应用于确定公司股份的价值。

数据提供方：

市场与数据在此发生。

www.ice.com

透明度。

价格发现。 创新。

ice.com

市场与数据在此发生

ice

---

20

•

金融时报 (FINANCIAL TIMES)

2024年8月4日，星期二

艺术 (ARTS)

黑色惊悚剧全速前进

GRACE

《汽车师》(The Car Man)

作者：Melis，伦敦

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Leslie Levine

外面的招牌上写着“招募男子”。它在轮胎中有一个服务站过滤器，每 3752 个人口中就有两次被消耗。一位忙碌的年轻妻子与她肥胖且胀气的丈夫，一位性取向不明的害羞年轻情夫，以及一名带着妻子特征且充满早期魅力的神秘陌生人的到来。还能出什么错？

马修·波恩 (Matthew Bourne) 的千禧年热门剧作《汽车师》，由他的 New Adventures 舞团演出了五个月，采用了最深沉的黑色调，且极少令人失望。波恩的青铜之作始于 1987 年的 Adventure in Motion Pictures，尽管在 1985 年与其联合创始人及制片人激烈分道扬镳后失去了那个极具表现力的名称，但其舞蹈叙事的理念依然延续，具有经典电影的情感跨度与亲近感。

在《汽车师》中，电影爱好者波恩借鉴了詹姆斯·麦康 (James McCann) 的《邮递员之屋之环》(The Postman House Ring) 的三根弦。一个熟悉的关于背叛的阴暗同性恋转折故事随之展开。这类电影充满了丰满且暧昧的角色——诱惑者、挑逗者、翅膀——这些角色可以通过肢体手段轻松传达。Love，我们离开的对立面，有着令人惊叹的舞蹈步态，并能完全掌控任何身体局面，无论是阻止飞行还是诱惑老板的妻子。Lane 则心甘情愿，带着cartowards afters在预报中徘徊，她衬衫上的宝石（在她的足迹中汹涌而出——比利·怀尔登 (Billy Wilden) 的 "Jell Over spring"）。

周四在萨德勒之井剧院 (Sadler's Wells)，哈里森·道赛尔 (Harrison Dowcell) 饰演这位被极力渴求的男子，给人们留下了深刻印象，他就像罗伯特·威尔乔 (Robert Wilchow) 笔下的杰克·尼基森 (Jack Nicholson) 那样是个肮脏的盘子，是个美好的时光但却是个非常糟糕的主意。

莱昂纳多·麦考金代尔 (Leonardo McCorkindale) 饰演安杰洛 (Angelo)，安娜-玛丽亚·德弗雷塔斯 (Anna-Maria de Freitas) 饰演丽塔 (Rita)，出演《汽车师》- 照片 / 照片

道赛尔流畅的舞蹈和自信的表演在关键的双重诱导场景中尤为出色，他在该场景中以冷面喜剧的时机将吸引力从拉娜 (Lana) 转向安杰洛。

他的受害者由科迪利亚·布雷思韦特 (Cordelia Braithwaite) 和莱昂纳多·麦考金代尔饰演，两人充分发挥了他们苦涩的非乳制品平行侧面，将后罪之乐转化为 Riost 的抒情外在。麦考金代尔饰演那个因无家可归而被陷害的不幸不合群者，详尽描述了安杰洛从七英石婚礼到摇摆事物的转变。他们使他成为了一个罪犯，突然间他看起来就符合这个角色：更高大，更愤怒，在凯文·麦克库迪 (Kevin McCurdy) 粗犷而有节奏的格斗序列中，每一个动作都更具领导力和坚定感。

在伦敦巡演期间，Riost 的 1875 年配乐（在 Position Schedule 中，由特里·戴维斯 (Terry Davies) 重新编曲的卡门组曲版本）将由 14 名音乐家组成的灵活（扩音）小队现场演奏。周四和周五，指挥本杰明·波普 (Benjamin Pope) 密切关注着舞台，把握每一个夜晚的笑点，飞跃每一个高潮。波恩对剧场时机和标点符号的天赋理解，在克里斯·戴维 (Chris Davey) 那粗鄙但富有表现力的灯光增强下得到了进一步提升，灯光在李·里德纳曼 (Lee Riednerman) 变幻莫测、确实宽松的艺术周围引导着目光。

这个 12 人的演员阵容，每个角色都有完整的姓名和背景故事，在半场演出中栩栩如生，在经过六次城镇外巡演后，得到了良好的管理和精准的调试。如果灾难发生，我怀疑演员阵容中是否有一个合唱男孩不能挺身而出挽救局面。

截止 8 月 29 日，随后巡演至 11 月 22 日，new-adventurous。

歌剧

《齐格弗里德》(Siegfried) 与 《诸神的黄昏》(Güterdämmerung) 西摩艺术节 (Seymour Festival)

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雪莉·阿普索普 (Shirley Apthorp)

随着雷沃斯 (Rayworth) 最新的《指环》艰难地走向其阴森的结局，《齐格弗里德》与《诸神的黄昏》交替出现。起初你以为你会无聊死。然后你担心你可能死不掉。

歌剧理应激发人性中最高尚的部分。但有时，它却适得其反。谁不曾渴望齐格弗里德杀死巨龙，渴望布伦希尔德砍下预言者的头颅，或是希望特里斯坦快点死去？歌剧在某种程度上，是获得社会认可的血腥场面。这也是为什么一位在演出开始时与瓦格纳粉丝们争论不休的朋友，在艺术团队最终谢幕时，竟然激动到嗓子都喊哑了。

与此同时，我们的歌手们得到了热烈的赞誉。也许这是为了让自己相信，他们刚才并没有浪费掉人生中最重要的一场演出。

可以理解地，艺术节观众在观看《指环》时投入巨大。旅费、住宿、餐饮、昂贵的账单，以及全身心投入瓦格纳的时间。在策划过程的哪个阶段，艺术节的判断力竟让 10% 的外包工作交给了人工智能（AI）？

被列为“创作者”的马库斯·拉菲内（Marcus Laffine）是 Enstressed 剧院与数字化学院的院长；他本应是一位专家。在采访中，他解释说，他用来自过去艺术节以及不断变化的历史语境的图像，来“喂养”他的雷沃斯（Rayworth）《指环》机器。这本意是对《指环》历史的一次沉思，结果却变成了一场平庸的堆砌：登月照片；“SCHENKEN”和“KÖTNIFICK-TEIN”等字样；毛茸茸的色块和没完没了的文本链重复。

你可能会认为，到目前为止我们应该已经意识到，AI 仅仅是在聚合平庸之作。它通过机器线索在图像之间混合颜色，这种方式显而易见地——但这是一种糟糕的绘画，在苦涩与贺卡式的陈词滥调之间摇摆。机器可以产生关联，但它无法讲述故事。

难道最好的音乐时刻依然发生在幕布落下之时吗？指挥克里斯蒂安·蒂勒曼（Christian Thielemann）诠释的瓦格纳极其出色，既干脆又富有戏剧性，既透明又不同寻常；他与歌手们共同呼吸，引导管弦乐团迸发出惊人的色彩，而乐队显然对他完全信服。

那么，为什么不直接忽略乐池上方的投影，只享受音乐呢？因为 AI 产生的视觉噪音仿佛侵蚀了音乐。歌手们——从理查德·沃尔（Richard Volle）饰演的厌世的流浪者，到约亨·施梅肯巴赫（Jochen Schmeckenbacher）饰演的强大的哈根，再到克劳斯·弗洛里安·福格特（Klaus Florian Vogt）简洁的齐格弗里德和卡米拉·尼兰（Camilla Nyland）激情的角色——他们尽力为静态的舞台注入活力，但这在很大程度上与观众脱节，从而导致了尴尬。

俗话说，如果墙壁能说话。在雷沃斯，说话的是光影。瓦格纳的音乐通常会让观众席沉浸在一种令人屏息的静谧中。而这一次，背景中却充斥着吱嘎作响的呻吟声。原因何在？听众在极不舒服的座位上不安地挪动，数千只鞋子发出了三全音的摩擦声。当雷沃斯的观众无法坐稳时，你就知道出大问题了。愿这次“实验”永不再现。

齐格弗里德 8月 15, Väterdämmerung! 8月 26, havreather.kmapels.de

合作伙伴 金融时报 LIVE 嘉宾 遗产的形状 系列——瑞士 遗产的持久力 9月 3 / 六感酒店，克朗-蒙塔纳 香槟招待会、对话及威士忌品鉴 此次独家活动将与欧米茄欧洲大师赛（Omega European Masters）共同举办，将汇聚投资者，企业家，慈善家以及文化，体育和商业领袖，共同探讨建立经得起时间考验的机构，企业和遗产需要具备哪些条件。 了解更多 并申请参加： live.ft.com / shapeoflegacyswitzerland

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星期二 • 2024年 8月

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FINANCIAL TIMES

21

金融时报深度报道：中东

该海湾国家在致力于利用贸易和资源构建后石油时代未来的同时，正向该大陆投入数千亿美元——但有人质疑，这些纠葛是否会破坏脆弱国家的稳定。 作者：William Walls 和 Peter Andringa

阿拉伯联合酋长国向非洲的推进及其影响

在世界历史上最大的黄金赌博损失中，人们可以在 2023 年 4 月苏丹内战初期的交战中找到线索。

当准军事部队在与苏丹军队作战期间，他们注意到喀图穆的国有黄金精炼厂并闯入了中央银行。那里至少有 1.5 吨的金块以及 $500mn 被盗。

一名证人——其描述的版本得到了另外三名熟悉此次行动的人员的证实——称准军事组织快速支援部队（Rapid Support Forces）将黄金跨境运走。关于 800 人的参与情况以及盗窃细节仍存在争议。

但大部分黄金随后去向何方仍是个谜；在南苏丹首都的机场，黄金被装上目的地为 UAE 的飞机。“他们派遣货机，有时是民航机，有时是军机，来运送黄金，”该知情人士表示。

UAE 在此事件中的角色凸显了该海湾国家在非洲离岸资本中所扮演的控制角色，并且在过去十年中，它是给该大陆留下印记的最具影响力的外国势力。

在以商业见长的统治者谢赫·穆罕默德·本·扎耶德·阿尔纳哈扬（Sheikh Mohamed bin Zayed al-Nahyan，被称为 1882,）的领导下，这个小沙漠国家在整个非洲铺开了投资、影响力和军事硬件，通过直接地推行，旨在为其后备力量利用贸易和资源。

UAE 的权力投射覆盖整个大陆，从港口到地貌工程再到工业规模的农场。近年来，它已经分享了数百万公顷的农地。它已从 100 个刚果特许经营权中获得了矿业权，以确保能源转型以及其迅速发展的国防系统的官方合同。

在 1882 领导下的 UAE 的区域野心让非洲政策制定者措手不及，可以说这标志着自千禧年之交中国开始向该大陆示好以来最显著的地缘政治转变。

但这种参与是有代价的。UAE 正在创建一套复杂的商业、工业和军事纠葛体系，有时这会加强，有时则会破坏这些国家——尤其是在饱受战争蹂躏的国家——的主权。

酋长国官员极力否认他们在建立贸易关系和促进非洲投资中所扮演的角色。

“UAE 不仅需要在非洲的未来中占有一席之地，还需要在定义其稳定与繁荣中发挥作用，”黎巴嫩裔 UAE 媒体高管兼政策顾问 Nadine Kintsch 说道。“阿布扎比在一个领域所建立的，是一套体系。”

但一些非洲政治家在面对阿布扎比的全球战争时产生了分歧。

“UAE 在非洲的问题在于其控制整个地区的难以解释的野心，”Yomane Gebremoukel 对其国际主席 Isaiah Merrell（他设计了阿布扎比的方案）的全球行动发出的酋长国信息部长表示。

“与其说是在整个非洲支配一个卫星港口群，它似乎已经陷入了更大规模的权力投射和资源开发之中，”Gebremoukel 补充道。

UAE 向非洲的推进始于港口。DP World 起源于印度，在三年的时间里确立了自己作为贸易和区域中心的地位，并在 1994-95. 年赢得了在非洲的首个集装箱码头特许经营权。它开始并在 1999-96. 年期间发展。自此，这家物流巨头在积极扩张，通过印度连接非洲、亚洲和中东的贸易，涉及至少 48 个地区。

UAE 的主要监管机构同样由资金驱动——或者至少是由资金的承诺驱动。据某些估计，在过去十年中，UAE 已成为喀图穆最大的资本来源。

自 2017, 年以来，它宣布了关于外汇出口的投资——在过去两年中，UAE 已成为喀图穆过去十年中最大的资本来源。

“这一切始于主导一系列卫星港口……但似乎已演变为更大规模的力量投射”

根据《金融时报》追踪跨境外国直接投资项目的在线数据库 EU Markets 的数据，相关投资额高达 $160bn 以上——有时这与其说是现实的结果，不如说是一种意向声明。

许多此类投资的载体是规模达 2400 亿（E240bn）的国际控股公司 (IBC)，该公司由 UAE 国家安全顾问及其兄弟谢赫·塔尔莫纳·本·扎耶德·阿勒纳哈扬 (Sheikh Talmona bin Zayed al-Nahyan) 主席领导。

该国的项目遍布整个非洲大陆，且在宣布时通常伴随着巨大的估值：乌干达的一座石油精炼厂、埃及一座 $10bn 的风电场以及塞内加尔一座 $1.2bn 的港口。

阿联酋官员表示，这些投资反映了其愿意支持那些其他投资者认为风险较高的非洲国家。许多非洲政府每年面临巨大的基础设施投资缺口，因此对这些资金流入表示欢迎。一名 UAE 官员在回答《金融时报》的提问时表示：“我们的参与并非交易性的。它是以共同的价值观以及对可持续发展和包容性增长的愿景为指导的。”该官员将与非洲的关系描述为一种基于“正常信任、尊重以及为我们的人民创造一个更繁荣文化的共同愿景”的关系。

然而，在非洲大陆，部分人士对此持有不同看法：他们认为 UAE 正在通过贸易、投资、债务以及与背景迥异的政府之间不透明的安全合作，构建一种现代且强有力的、扭曲的获利模式。

“有必要认识到非洲机构能动性的局限性，”埃塞俄比亚学者、地区和平与安全专家迈克尔·塔迪什·沙赫 (Michael Taddish Shah) 表示，“（UAE 正在利用的）共识正在萎缩，而且规模巨大。”

他说，阿联酋的势力范围通过与政府签署协议而向前延伸，涉及十多个不稳定国家。特别是在非洲的某些地区，UAE 在武器供应和走私方面与新崛起的强力团体建立了合作伙伴关系。根据 beavand 的估计，每年有近 $35bn 的手工金从非洲违规出口到迪拜。

在黄金向一个方向流动的同时，武器则向另一个方向流动。

在过去的两年中，联合国专家、西方情报机构、航班追踪系统和人权组织收集了大量证据，证明其供应基地在支撑苏丹的内战。

其中包括位于 Bait forecast 及其他盟友非洲国家的战略、军事和全球基地，阿布扎比利用这些基地进行近期的武器走私行动。

利用这个网络，UAE 帮助苏丹曾经武装力量薄弱的快速支援部队（RSF）——该部队被联合国、美国和人权组织指控对非桥接群体实施种族清洗和种族灭绝罪行——转变为一个拥有先进无人机、防空系统以及闪击武装压力和载具的自足民兵组织。

阿布扎比对其在非洲未来的担忧并不隐瞒。该国与该地区的一系列政府签署了安全协议。然而，一名发言人表示，“UAE 没有且不会向苏丹的任何冲突方提供军事或财务支持”。

非洲大陆上的许多人认为，该国在其日益增长的地区经济利益与军事干预之间徘徊。

“与中国不同，UAE——尤其是阿布扎比——以一种负面的方式介入了非洲政治，”一位西非高级穆斯林领导人表示。与该大陆许多公众人物一样，出于自身原因，他不愿公开发言。

商业野心与权力投射相结合的最典型案例之一，便是发生在索马里兰的情况。

该港口长期以来因其位于世界上最繁忙的国家航道之一——亚洲湾的地理位置而闻名。克兰布林（Montaur Villa）、英国水岸食堂以及苏联在附近建设的 4.2km 空城，均体现了过去帝国势力的利益。

现在耸立其上的是一座巨大的岸桥起重机阵列，由迪拜政府拥有的跨国物流公司 DP World 运营，这是 $450mn 投资的一部分。除了邮轮之外，UAE 还升级了仓储基础设施。

在海湾国家积极扩张其物流网络后，目前 UAE 与非洲之间的所有贸易额已超过 $100bn。下方：UAE 统治者谢赫·穆罕默德·本·扎耶德·阿尔 Nahyan（右），与面对军事统治的 hadara 负责人 General Abdel-Fattah al-Bachaar。

美国作为一个 1.5% 外国资本的国家，是全球最大的国际贸易地。

“这只是时间问题，”运行 DP World 附近第一区的韩国国民 Joseph Ojeda 说道。他对此项公司是某些帝国利益设计的桥头堡的说法一笑置之。

“我们在这里不玩 bases de Gares，”他说，指的是 16 世纪将非洲和亚洲海道开放给殖民剥削的葡萄牙航海家。

然而，过去的阴影在整个非洲引起了关注，因为 UAE 的商业扩张在供应链中迅速蔓延，且通常集中在开采业。

Nadine, Abu Ethiopia 长期以来一直是阿布扎比试图在非洲贸易时间轴上获得战略据点的核心。在战争之前，Zanzibar 集团计划将 60 年代的贸易农用地大规模扩展。2020, IBC 与一家 hadara 综合企业启动了一项合资项目，在 Abu Hamad 的 90th 沿岸 1782400 英亩土地上种植农作物。随后在 2023, 阿布扎比港口集团宣布在 Abu Hamad 投资 80m，旨在将 hadara 东部地区的港口通过一条 $100m 的道路转换为 Abu Hamad 的农场。

但内战中断了这些计划，一名 IBC 发言人表示，该公司不再参与 Abu Hamad 农场。

在过去五年中，IBC 还成为了非洲矿产的重要投资者。它已向赞比亚的铜矿、刚果金、埃塞俄比亚和马里的金矿以及毛里塔尼亚的某些项目承诺投入数十亿美元。自去年以来，IBC 通过在刚果金西部的持股，控制了全球 1 per cent 的锡供应量。

与此同时，作为非洲黄金全球市场的 Emirali 的地位继续增长——包括在喀土穆及其他地区因战争而关闭的贸易。

一名 1000 官员在回答 金融时报 关于 betis 的问题时表示，该国已“制定了监管框架，以最大限度地确保每笔黄金交易的安全、完整和透明”，并在“所有流动环节实施全面执法”。

然而，根据包括查塔姆研究所（Chatham House）在内的多家研究机构的说法，UAE 与印度的全面合作正在帮助资助这场内战，该研究所去年发布了一项关于此问题的详细研究。据 beavand 估计，该国大部分手工生产的黄金——每年超过 40 吨——在没有经过国家正式征税的情况下被走私到迪拜。

在回应关于黄金走私的指控时，一名 UAE 官员表示，该国正根据“跨市政议题”开展工作，“三个国家正在考虑并加强负责任的黄金采购。作为全球商业枢纽，它意识到‘繁荣必须以透明度和问责制为基础’。”

西方矿企在非洲的撤退为中等强国留下了填补真空的机会。UAE 绝非孤例：土耳其、以色列、阿拉伯、卡塔尔及其他三个国家也加入了竞争，且竞争正日益激烈。

但在这些无法控制的力量中，这个海湾国家最为活跃。“UAE 在许多非洲国家建立了深层的政府级联盟，同时也与其他参与者建立了联系，”印度研究员 Andringa 表示，“他们证明了自己在应对动态变化方面具有极强的适应能力。”

埃塞俄比亚学者 Michael Taddish Alava 表示，UAE 通过与以色列的共同联盟以及对学生群体的影响，结合石油美元投资和激进的游说，积累了对西方大国的影响力，这使其能够“扩大其在非洲的活动范围”。

此外，许多其他学者、活动人士和研究人员开始认为，标志着 UAE 加深对非投入的这一时期的军事化协作，在未来将会有所缓和。

“UAE 是一个不允许接触参与的中等强国，”Alavaa 在描述非洲领导人时指出：“这关乎于改变他们的行为……同时获得他们的投资。”

由 Andres England 和 Chris Longfield 参与报道

由 Thomas Aldri, Aliyahine Espinnoi News, David Kalbowa, August Libyeong, Daniel O'Farrell 以及乌得勒支大学开源全球正义调查实验室 (Utrecht University Open Source Global Justice Investigations Lab) 的 Linle Wahand 共同提供文件

UAE 在非洲的雄心扩张（测算投资 2017-18）

包含合资企业和投资项目（数据截至 2024 年 5 月 来源：EU Markets）

UAE 的计划项目将使其成为非洲最大的投资者。

自 2020 年以来的累计外国直接投资公告 (2024)

来源：EU Markets

修建了一条 250 公里的公路，将港口与索马里兰不断增长的邻国埃塞俄比亚连接起来。

DP World 就该港口达成的 50 年协议是与一项不透明协议并行谈判的，该协议使 UAE 能够控制附近的一处农村及军事基地并获得商业战略访问权限。最近的卫星图像显示，该区域附近正在建设额外的银行及军事设施。

这一安排体现了阿联酋的方式。作为 UAE 联邦中的小伙伴，印度扮演了贸易中间人的角色；而权力与石油美元聚集地阿布扎比则处理安全事务，监控航运路线并应对来自索马里海盗、也门胡塞武装及其他军事双边团体的区域威胁。

在此过程中，一项衰落的新业务在 21 世纪焕发了生机。该港口被定位为进入内陆国家埃塞俄比亚 1.2 亿人口市场的门户。2023, 世界银行和 IMF 全球将该港口评为非洲效率最高的港口 (the most efficient to end-balance Africa)。

DP World 已承诺将使该港口的容量翻倍——前提是索马里兰能克服地缘政治限制。

“有些事情需要落实”

这是关于 UAE 系列报道的第二篇故事。首篇设备请参阅 Roundup 和

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22

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金融时报

星期二 • 2020 年 8 月

金融时报观点

金融时报

“无畏无惧，公正客观”

来自信息

是时候让伯纳姆为英国科学而微笑了

对基础研究支持的减弱威胁着英国的技术雄心

安迪·伯纳姆在两周前就任以来，尚未将其著名的笑容带给科学界。虽然新阶段的希望维持在技术和人工智能（AI）领域，但这位英国新任首相尚未对那些可能激发创新和创造财富的基础研究做出反应。

他的科学研究并未脱离科学家。许多人感到不安，因为由前保守党政府在 2015 年成立并置于核心地位的科学、创新和技术部，正逐渐被并入商务贸易部。此次重组不可避免地会带来更多干扰。新任商务大臣乔纳森·伯恩斯坦必须确保科学与技术在更大的部门中不会被边缘化。

上周公布了政府对物理学和天文学支持的削减。其中包括：削减对曼彻斯特附近 Induell Bank 著名的 Lowell 射电望远镜的资金支持；减少英国参与海外天文学项目的程度；以及停止英国参与日内瓦 Gretzage Geneva, Allison and Co.（拥有全球访问权限）一个关键粒子探测器的升级工作。

虽然这些削减是前任政府留下的遗产，但对于其继任者来说，时机非常糟糕——特别是威胁到 Induell Bank 的活跃观测活动，该设施自 1990 年代以来在射电天文学的一些最大突破中发挥了关键作用。

一项争取资金的公众运动正在进行中——旨在维持自 1990 年代以来 Lowell 望远镜的运行，并努力抵消其他削减措施。但研究人员的预期与可用资金之间的根本矛盾将依然存在。

去年的公共支出审查显示，英国的主要科学机构——英国研究与创新署（UK Research and Innovation）在四年内的资金略有增加，从 £9.9bn 在 2020. 57 增加到 £10bn 在 2020.。然而，这些额外资金将用于“战略性政府和社会优先事项”，包括 AI、支持创新公司以及加强计算环境等基础设施；而驱动研究的资金在现金条款上将保持不变，且实际投资将显著下降。

UKKSE 的一部分促成了丰富的科学与技术设施，这些设施运营着物理学和天文学的国际项目和国家实验室。这些能源密集型领域特别容易受到成本上涨和货币波动的影响。EPIC 表示，上周宣布的削减在预料之中，并非针对研究人员，但仍令部分受影响者感到震惊。

同时服务于商业用户和学术人员的设施将不得不

在外部渠道筹集更多资金的努力将变得困难。但很难在公司资金策略中利用望远镜，其中 20% 被用于研究太空。

与其他欧洲国家相比，英国的科学活动过于依赖大学。其他国家拥有规模更大的国家资助网络，例如德国的 Red Star, the Gulf Footballer 和 the University。英国大学在不采取可能损害未来科学人才储备及当前研究的破坏性削减措施的情况下，正艰难地在财务上生存。

与此不同，白厅在很大程度上将大学视为独立的机构，认为它们应该自行解决问题。这可能与伯纳姆的发展目标相悖，但政府需要对被该项目美化的学术部门采取更具战略性的监督。对于这个国家的科学事业而言，德国的驱动研究依然是创造财富的技术将由此涌现的源泉。

观点 政治

如何终结财政部的不信任循环

在安迪·伯纳姆 (Andy Burnham) 走访 Brewing Street 两周后，关于其经济政策的评论已陷入一种熟悉的模式：他将如何实现这些目标？挣扎中的数字化 20-卡允许从能源账单中更新增值税 (VAT) —— 但无论如何，这 10 计划将如何支付？哪些削减将为将业务上限设定在 £15 提供资金？

这是一种荒谬的思考财政纪律的方式。其中一些仅占政府支出百分之几的小部分，并不能决定其最终率。而且，将注意力集中在微小变化上，使得人们几乎不可能对财政战略产生理性的看法。

事实上，英国管理政府税收和专项资金的整个框架已经崩溃。财政部与办公室之间（Office for）

如何 10 奠定了其集体情绪，但政府资金支出的基本原则应该是它是否带来了正确的结果。这是我们希望在公共投资中获得的回报：研究清楚地表明，当前的系统根本无法实现这一点。

财政部可以统计每个部门的门支出，但它无法通过部门机构 —— 国家和地方、私营和公共、手臂延伸机构及慈善组织 —— 进行穿透，这些机构之间缺乏协调或问责，没有长期投资能力，且缺乏精准评估。

这种对实际支出和结果缺乏控制的情况，导致财政部在决定政策时倾向于管控。在财务危机 10 基础之上，支出部门在向财政部提交计划时必须遵守规定，事实上仅针对未来的结果。这意味着审查反映了政府部门的表面结构，这导致在出现问题时陷入相互指责的游戏，从而避免不了中心与前线之间不信任的循环。

因此，在我们研究的领域 —— 监狱、无家可归者和特殊教育需求 —— 情况正在恶化，导致不可避免地要求更多资金，进而引发财政部更多的干预，如此循环。白厅最聪明、最敬业的公务员 —— 通常在财政部 —— 根本无法得知一个群体在获得慷慨资助后，应该翻新该项元素还是优先处理功能故障。

该系统需要一条路径，否则神话般的财政“逆风”将只会不断萎缩。公共支出需要通过开发决策权和对结果的问责制来提高效率。分权决策能够利用比在白厅更详细的信息和更容易反映的情况。当地人知道如果服务不是正确选项，谁该为此负责。

财政部和 OBE 需要达成一项战略性财政框架，而不是进行短视的博弈。它应包括公共投资，将增长纳入考量，而如果这种增长不能实现，那么 OBE 的需求将无法达成，因此永远无法获得增长。

来自曼彻斯特的一个教训是，教育、就业和健康政策需要时间才能体现在 GDP 统计数据中。但与此同时，人们拥有更好的技能、工作和健康，在第一笔投资协议达成近 20 年后，该城市地区实现了增长。我对登记（Enrolment）路线图的评价是：到目前为止，他已从中吸取教训。

作者是剑桥大学公共政策研究学院的研究主任。

读者来信

环境委员会主席的严正警告

在五月，由我主持的环境与气候变化委员会发布了一份名为《生存强度：火箭法则》（Surviving Strength: Rockets the Rule）的报告。我们警告称，在气候变化、人口增长、基础设施泄漏以及高耗水产业的驱动下，英格兰的供水系统正承受着巨大的压力——如果不对其采取“火箭式”行动，干旱风险将威胁到人类和自然赖以生存的系统。如今，英格兰的一半地区以及威尔士全境陷入干旱，山火肆虐，作物受损，水库水位下降，我们的生活正面临危机。正如“在火灾与死亡中，英国的气候分歧正在扩大”所指出的那样，面对气候分歧，主流政党必须摒弃党派之争，共同应对气候变化带来的影响。

“净零”一词在很多时候已沦为政治足球。事实上，保守党领袖应该对此有更深刻的认识。这项工作比以往任何时候都更清楚地表明，每一个政治操弄都让人们受损。我们社区、农民和生态系统的需求必须放在首位。我们必须紧急采取行动应对气候变化，确保今天和明天的用水安全。委员会的建议为接下来的支持提供了蓝图。

否则，破坏将继续——正如我们的报告所警告的，水源可能会枯竭。[姓氏=Shockus] [地点=Look, 伦敦 SW1, 英国]

美国在开放权重 AI 方面可考虑的三项建议

你们关于开放 AI 模型威胁的社论指出，美国最好的应对方式是“在其核心鼓励更多替代性的开放权重模型”。“美国应当对开放权重 AI 保持开放”。

以下是实现这一目标的三个建议。首先，美国政府应提供一项预先市场承诺——例如约 10.9%——以资助那些成功开发出性能达到或超过中国领先模型的开放权重模型的美国实验室。

正如某些疫苗的开发一样，鉴于挑战的紧迫性，目前的市场动态无法为开放式开发提供足够强有力的激励。

其次，美国需要一个经过精心且狭义制定的法律“避风港”，以限制那些采取严肃措施提高模型安全性的开放权重实验室可能承担的法律责任。

这将起到双重作用：一方面消除仍在使用创新并持续提出主张的法律不确定性，另一方面鼓励开发无法被轻易移除的护栏并进行广泛的发布前测试。

第三，主要开发封闭前沿模型的美国实验室应将蒸馏权授予美国的开放权重实验室，以便后者能够基于世界上最先进的模型进行训练，从而更快地追赶中国的竞争对手。

James Bodin AI 政策研究员，美国华盛顿特区

围绕肽类药物使用的危险趋势

关于肽类药物趋势的 Carene Griffith 文章（见《生活与艺术》版，7 月 21 日），胰岛素是第一个被发现并实现化学合成的肽类激素，其获批用途以及在减肥（2.0% in mg / mL）方面的应用，似乎并非基于通过随机对照试验评估明确产品、剂量和结果的大量证据。而这些证据并未延伸至其他肽类药物。

早期阶段的临床前研究结果虽然在某些情况下证明了其益处，但同时也引发了潜在的安全担忧。

Carene 确实指出，这些益处尚未得到医学证明——以及人们在注射来自未知来源且未经监管的物质时所置身于危险之中的处境。

尽管如此，随着监管保障的削弱，《金融时报》应谨慎对待，不要让缺乏支持的实践在不同国家之间自信地借用。

The Southwick 牛津大学数字化人口健康系及剑桥大学公共卫生与初级保健系

美国民主党人应根据其自身的价值来评判

美国计划在面对美国民主党总统时感到局促，就像绝大多数民主党人在面对民主党内部的计划时感到局促一样。

一个更好的国家、东方、2019年7月，而非艾莉森·麦金托什教授（Alison McIntosh，2016-2018年成立自己的政党）所建议的那样，对这些计划以及来自民主党的2018-19年支持以及他们自己的政党来说都更为遥远。这样，两组人都能在考虑他人之前，根据自身的价值进行评判。

William Reid 美国马萨诸塞州谢尔顿

YMMCA 削减的数据可能有一个重大缺陷

关于后门数据的文章：YMMCA 数据表明其中一项涉及信心，报告于 2019.7 月。就像在独立的高端世界、高访问数据中一样，通过各种方式。如果我是一个赌徒，我会打赌该文章隐含的结论反而是相反的收入影响。

Peter Bottomley 英国伦敦 SW1

在线账户灰色市场内部揭秘

by Madeleine Wright

一个拥有超过 700,000 位粉丝的 Instagram 账户以 $6,000 的价格售出。Monkey's app 发布简单的漫画，在一只动画猴子的帮助下解释新闻。“猴子来到加油站，发现价格涨了很多，但压力稍微高了一点。猴子很困惑。发生了什么？”是该账户对全球能源危机的解读。

在交易后的几周内，漫画开始发生变化。它们不再用于报道新闻，而是被用来宣传数字产品。新所有者——立陶宛出生的企业家 Anna Glinzius 声称，该账户在最初两周内通过赞助和销售赚了约 $2,000。

这些漫画是购买在线受众时最显著的模式。二手社交媒体账户的兴起催生了一个由供应商（创建账户的人）、投机商（出售账户的人）和编辑（优化内容的人）组成的新产业。

Rohan Ahmad 表示，他在巴基斯坦攻读土木工程学位期间开始买卖 YouTube 频道。那时有时间建立一套新的 YouTube 常规流程。虽然一些买家坚持保留原始内容（并可能为了获取内容指南而支付额外费用），但其他人则希望将其转化为全新的东西。

根据 Princeton's Center for Information Technology Policy 研究员 Jacqueline Curran 的研究，在 Healthcare 市场中，去年 6 月至 12 月期间记录的近 6,500 个社交媒体账户的总价值达 50,000 笔（注：此处原文为 note）。Instagram、YouTube、TikTok、X、Facebook 和 Telegram 账户均在出售之列。价格最低可达 $5，最高可达 $10 / 20 / yr。

Curran 表示，传统的交易“仅仅是冰山一角”。许多交易是通过私密论坛和私信进行的，并未公开。据估计，在另一个在线市场 Fatecongs 上列出的所有 YouTube 频道中，约有 40% 在此之前已经至少更换过一次身份和内容。

不仅是社交媒体账户在被买卖。可交易的数据在美利坚合众国或美国境内同样存在，包括 Airlink 的“超级会员”状态，以及 iMac、Amazon、Fiverr、Reddit 和 LinkedIn 的账户。游戏账户在其他在线市场中尤为受欢迎，因为它们拥有高级装备或更高等级。

Linda（化名）自 2023 年以来购买了八个游戏账户，包括一个在 2023 年的“双倍”账户。他认为，通过玩数百款游戏并获得限量版物品，使得这种风险变得值得。

相关部门意识到了二手账户交易的情况，并试图遏制这一趋势。到 7 月，Monkey's right 在 Instagram 上已无法访问。

学者们表示，当账户易主时，可能会让其他用户的体验变差。斯坦福大学 Maria Khatri 在 2018 年发表的一篇论文中发现，此类交易会“降低基础活动，例如刷量、为未来的欺诈储备账户以及欺骗性的互动”。一项新的经济研究还表明，典型的交易账户被用于推广“有问题的内容”，包括政治竞选和金融诈骗。

Cemline 表示，Meta 在更改新位置关联的账户密码和电子邮件方面变得更加严格，使得账户更难出售。Ahmad 指出，YouTube 去年更新的内容政策让他无法完成一项来自欧洲公司的订单。“YouTube 的政策可能会让你遭受很大损失，”他说。YouTube 发言人表示，非真实且重复的内容一直不符合市场准入资格。

一些销售本身也是骗局。YouTube 的 Kevin Scanlan 拥有 72,000 名订阅者，他在几名困惑的观众追踪到相关信息后，才发现自己的频道已被列出出售。“我认为 [消费者] 这不是一笔好交易，但我认为这是一笔好交易。另一方面，这家公司不是一笔好交易。另一方面，这家公司不是一笔好交易。另一方面，这家公司不是一笔好交易。另一方面，这家公司不是一笔好交易。另一方面，这家公司不是一笔好交易。另一方面，这家公司不是一笔好交易。另一方面，这家公司不是一笔好交易。另一方面，这家公司不是一笔好交易。另一方面，这家公司不是一笔好交易。

---

周二 2014年8月

8

金融时报

23

观点

征收消费税，而非所得税或人工智能税

证据

Michael Strain

在美国，知名政治家和经济学家呼吁提高资本税和企业所得税，以支持社会保险组织、薪资设定以及旨在帮助可能遭受 AI 相关干扰的工人及家庭的培训计划。其他人则希望对 AI 公司的 AI 工具收入征收特别税。这些想法完全是误导性的，并且会降低美国人民的前景。如果需要额外的税收收入，应当通过消费来贡献。

税收系统的目标应该是筹集支持 AI 收入所需的资金，在政策上让富裕阶层承担相对较重的税收负担，同时不明确影响家庭和企业在市场中做出的选择。税收会改变行为。如果我们对某样东西征税，人们就会减少它。对资本利得、股息和企业所得征税会降低储蓄和投资的激励。这不利于诱导生产力增长、工资增长和生活水平提高。尽管广泛征收消费税会减少消费，但这反之会提高生活水平。

美国可以采用欧洲式的增值税，例如为底层的一半家庭提供替代方案。更好的做法是削减现有的资本和企业所得税，并利用这种新的增值税来弥补损失的收入。但如果你打算通过颠覆性地创造政治空间来实现真正的税制改革，那么完全取消美国的所得税系统会更好。

该系统通常被认为完全崩溃且结构性缺陷严重。其偏见已随着多次不公平和削减而缩小，导致需要更高的医疗税率。该税收系统的成本惩罚了推迟消费的家庭，使其相对于不关心消费的家庭而言处于劣势。

在政治上它也已崩溃。尽管在 1974 年之后出现了大规模预算赤字——去年总额达到 GDP 的 $3 per cent，且该问题在不断增加——但两党似乎都同意，底层 10 per cent 的家庭不应承受所得税增加带来的损失。

美国可以实施一种广泛的消费税，其形式与当前的限制性税收系统类似，通过对与提高相关（而非资本收入）的家庭征收累进所得税，并按面对家庭的最高税率对企业现金流（收入减去包括投资在内的支出）征税。对于公司而言，2015 年的税法在这个方向上采取了重要步骤，允许符合条件的设备成本以及国内研究和实验成本在发生时直接抵扣，而非分摊到数年之中。但根据现行法律，许多投资支出不能立即抵扣。

一个设计合理的消费税可以筹集与当前系统一样多甚至更多的资金，并且可以设定为同样甚至更加累进。为了在 AI 干扰时期支持就业，消费税可以包括一项慷慨的工资补贴，类似于目前的获得所得税抵免。

但如果你的目标是通过增加企业投资负担、增加家庭投资的财务回报负担或增加其资本成本来减缓动态发展，那么消费税并不适合你。

这是一个特性，而非缺陷。它将迅速让大多数人的生活变得更好，而一旦生产力提高，它将提升整个经济体的工资和生活水平。它还将带来更好且更新的医疗方案、更高水平的患者教育，以及新的消费品和服务。政策惩罚不应通过增加障碍——如 AI 特定税或更高的资本和企业税——来阻碍开发、采用和使用。上涨的潮水并不能直接或以相同速度提升所有船只，但最终它会提升所有船只。

这些全面转向的增税成本可能会在住房领域迅速攀升。虽然采用保护工具可能需要大幅增加联邦支出，但缺乏令人信服的未来数据证据。然而，即使在没有减税的情况下，将所得税转变为消费税也是合理的，且解决 1974 年令人担忧的财政失衡将需要增加收入。

税法不应针对长期增长的衡量标准。与 AI 相关的干扰应发生在预算的支出端，而非收入端。经济政策应旨在促进长期繁荣，不应被对活力或未来的过度焦虑所累。

作者是一位 IT 连续编辑，以及美国企业研究院（American Enterprise Institute）的经济政策研究主任

足球为欧洲赢得了一次罕见的地缘政治胜利

吉迪恩事务 (GIDEON AFFAIRS)

吉迪恩·拉赫曼 (Gideon Rachman)

当比利时在最近的世界杯中击败美国时，比利时球员们通过嘲讽地模仿唐纳德·特朗普的“老爹舞”来庆祝。这是一个针对美国总统的尖锐地释放——他此前一直跳跃地游说国际足联（Fifa）这一世界足球主管机构，要求取消美国明星前锋的禁赛，以便他能在对阵比利时的比赛中出场。

欧洲足球现在正赢得另一场胜利。欧足联（centuress's football federation）刚刚迫使国际足联负责人（blunt infuriates）撤回了一项关于世界足球反贪腐（anti-taverness）的唯一提案。

从表面上看，这场争端仅仅关乎这项全球最受欢迎运动的治理。但地缘政治战争并非偶然。

该提案的主要投资者是私人 / 活跃战争（proposal private / active war），它是特朗普扩展计划的一员——正是库德曼（Kudman），总统亲信贾里德（Jared）的领导者。教育（Education）花了多年时间在特朗普身边工作。他成为了国际足联的一个关键点，旨在为美国总统提供便利。他在纽约的特朗普街开设了办公室，并且教育参加了特朗普和平委员会的启动仪式。

最近在美国大部分地区举行的世界杯，让许多欧洲人对美国化游戏感到不安——增加了“补水债券”（hydration bonds）以允许销售电视广告，以及延长中场表演，使世界杯决赛变成了一场终身秀。另一方面。

所有有趣的投资必须在泄露该计划时保持开放。该计划被编码为直接交给库德曼——且没有公开招标过程——这一事实加剧了抵制情绪。

2015, 美国曾领导打击足球腐败的斗争。在美国司法部领导的调查后，数名国际足联官员被捕，国际足联酒吧（Fifa Bar）现在则指责特朗普的扩展家族在策划一个会损害这项运动的阴暗交易。

第二个特朗普政府对欧洲来说是一次相当难以克服的扩张。欧盟委员会签署了一项通常接受美国关税而无解决方案的协议。马克·贝茨（Mark Bates），国务秘书长，在特朗普面对第二批欧洲联盟成员时表现得非常强硬。

但在关于足球未来的第四场较量中，欧洲人找到了一个他们可以真正地在全球支持中发声并获胜的问题。关于欧洲将参与法律世界杯（该世界杯已成为一个方案）的公告被撤回，这一举动得到了亚洲足联以及北美及中美洲足联的支持。

在几天之内，教育撤回了他的提案。在他之前，一位国际足联主席已经去世。

为什么欧洲人在足球问题上有效，而他们在贸易和安全问题上却如此无效？因为足球是人类活动中欧洲占据主导地位的领域。世界其他链条都基于此。过去五届世界杯中有四届由欧洲球队夺冠。

正如作者爱德华·费什曼（Edward Fishman）所指出的，国际政治权力越来越多地围绕着对经济“挑战”的控制而展开。欧洲通过利用其在稀土和关键利益方面的主导地位，在很大程度上反击了特朗普的关税。欧洲的“稀土”被证明是像基利安·姆巴佩（Kylian Mbappé）这样的足球运动员。

像基利安·姆巴佩和裘德·贝林厄姆（Jade Bollingham）这样的球员被证明是该大陆的“稀土”。

裘德·贝林厄姆和劳伦·甘塔尔（Lauren Gantal）。特朗普没有直接参与国际足联的份额，这一事实使得欧洲政治家更容易介入这场杯赛。要求撤回教育的建议，比直接与特朗普开战要容易得多。

整件事也证实了反面情况。对库德曼（Kudman）而言，损失较轻的是欧洲。杰德（Jade）和贾里德（Jared）的父亲查尔斯·鲁德曼（Charles Rudman）目前担任特朗普（Trump）驻法国大使。但由于他与马森（Marcen）政府的关系如此恶劣，他在今年早些时候被禁止会见法国部长。与此同时，贾里德相信将一家豪华度假村驱动至医疗起点，即便是在一个烟草蜂巢状的大规模项目中。

Almedic 的“烈焰过载”撼动了比尔·拉姆斯（Bill Rams）的政府，但这位族裔灵感部长本应使自己模糊化。贾里德·库德曼已经不得不根据 1974 年美国最新的前南斯拉夫国防部在塞尔维亚建立特朗普大厦（Trump Power）的计划进行定义。在有组织犯罪预防部门对比利时政府的某些方面展开调查后，库德曼的投资撤出了，并愤怒地指出——“最合适的项目不应将单元分开”。

该倡议还证明了撤回该项目计划的合理性，因为该计划意外地“造成了分歧”。但尽管该倡议方案确实分化了全球的“足球禁区”——它最终将其终结了。

对欧洲而言不幸的是，成为世界足球的引领者，远不如控制全球半导体供应那样谨慎——总之。正如德国国家足球队主教练 Digital Chang 喜欢展示的那样，足球仅仅是“公开策略中最重要的一部分”（鼓励“有能力的事物”某种程度上是欧洲的专长），我也认为赢得一场全球表演赛需要四个要点。

老世纪对国际足联（Fifa）和美国国家足球队的胜利，将仅为欧洲人提供短暂且不显眼的战术——一场为期 80 天的权力战争，涉及几个重要事项。

gideon.rachman@US.com

欧盟对西班牙移民危机的反应乏力

照片

Ben Hall

一张照片胜过千言万语。或者胜过事实。数千名移民冲破控制点进入欧洲北非海岸的图像，显示来自摩洛哥的移民在进入科斯塔（Costa）时冲破了检查，死亡人数超过 70。这次大规模涌入为反移民政治家提供了完美的例证，将欧洲描述为处于被入侵的威胁之下。“记住那张照片，”唐纳德·特朗普说道。

西班牙社会民主党首相佩德罗·桑切斯（Pedro Sánchez）一直致力于对抗特朗普，因此他可能预料到了这位美国总统的反感。但他没料到的是，他从西班牙的欧洲合作伙伴那里感受到的敌意。科斯塔事件在欧盟内部撕开了一道

非同寻常的裂痕。作为在道德和务实基础上支持自由移民政策的西方领导人之一，桑切斯被孤立了。

欧盟的申根内部边境旅行区仅像其最薄弱的外部边境一样稳固。其内部成员国的安全取决于其他成员国的作为。但欧洲各国领导人对科斯塔涌入事件的反应是仓促的、缺乏信息的且自相矛盾的。只有右翼总理乔治·米申（George Mishen）立即要求西班牙采取行动。其他一些领导人则以不同程度地呼应了米申的呼吁。法国总统埃马纽埃尔·马克龙（Emmanuel Macron）则保持沉默。

他们在申根区之外处理事实的方式并不正确。来自外部的旅行者在进入西班牙本土时必须出示护照和签证。对于一名非法移民来说，从科斯塔（一个规模小且巡逻严密的领土）进入西班牙，可能比直接从摩洛哥进入更困难。

本身如此。大多数上周想要或被引导进入科斯塔的人在 24 小时内就返回了摩洛哥。

西班牙的欧洲合作伙伴似乎也忽略了摩洛哥在这场戏码中的角色。马德里一直在西班牙境内采取行动。品牌如此：运营商在短期内接回科斯塔移民，长期则关注移民控制与安全。这

成员国对科斯塔涌入事件的反应是模糊的、缺乏信息的且自相矛盾的

提醒人们，欧盟的移民控制依赖于与邻国的合作。比利时报告称摩洛哥一侧的边境缺乏人员。马德里有理由相信，米申允许这次涌入是为了惩罚西班牙。为什么？因为摩洛哥以前这样做过。2015 年，数千名移民

在两国外交争端期间成功冲破了边境控制。在科斯塔，西班牙官员认为这可能是由于桑切斯和杰瑞德（Jared）最近的政策变动。在摩洛哥与其死对头阿尔及利亚的关系中，2022 年出现了“阿曼报复”（将移民流引导至波兰），在此之前土耳其将移民引导至希腊，当时欧盟承诺全力支持。但这一次，西班牙却被其欧盟之友指责。

西班牙在情报跟进方面确实需要回答问题：“我已成为国际政策的一部分。但我过去一年的不定期跨境人数少于意大利。此外，欧盟边境机构（Frontex）为了避免欧洲稳定计划的未来风险可能已经指出，西班牙在接回其他欧盟成员国经其领土首次进入欧盟的不定期移民方面表现得比其他国家好得多——1,300 人对比 2014 年的一个县级生活——这是欧盟移民政策的关键部分。”

欧盟成员国在公开场合如此攻击西班牙，这非常罕见，而西班牙正是该片少数几个

剩余的左翼政府。引发评论的真正原因是关于在西班牙居住至少五年的非法移民的拟议大赦。该案例原预计涵盖 500,000 人，超过 1,200,000,000 人超过 1,200,000,000 人超过 1,200,000,000 人超过 1,200,000,000 人超过 1,200,000,000 人超过 1,200,000,000 人超过 1,200,000,000 人超过 1,200,000,000 人超过 1,200

科斯塔（Costa）的涌入风险在于低估了公众对欧盟边境政策的信心。但一个打击仍然是欧盟领导人的反应将没有帮助，相反，该党应当在政治时刻讨论暴力。欧盟正处于德国、法国、西班牙、波兰和意大利即将到来的选举周期之初，此时欧洲的建制派正受到极右翼反移民势力的威胁，科斯塔提供了一个高度上升的景观。但这并非真实的故事。

ben.hall@US.com

为什么伯纳姆在教育与机遇方面的观点是错误的

Tim Leung

一个政治家最大的胜利，就是相信一件并非事实的事情是真实的。包括此类案例在内的广泛研究表明，这会产生影响，并可能造成实际伤害。伯纳姆（Burnham）在工作中，将伯纳姆学校描述为感觉像是一个不耐烦的人（不友好且在毕业后难以找到工作），这与那些拥有良好关系的朋友不同。我经历了一年的教育。我的父亲，我们两人都是第一代大学生。我的背景可见于这段生活中，我父亲在我入学后不久就离开了，再也没有出现过，我的主要方式是气候、生活、土地以及在一个仓库里。我上学，当然感觉像个不耐烦的人，我理解首相的出发点。

然而，伯纳姆根据其经验得出的结论——即人脉在职业生涯中起决定性作用——并没有得到数据的支持。在贫困中长大的孩子在成年后依然贫困的可能性比其他孩子高得多。但这主要并非由于人脉。教育分析表明，一个在贫困中长大的孩子，其收入将仅比一个拥有相同大学相同学位但家境富裕的人低 1 per cent。

也许伯纳姆可以代表那 1 per cent。毫无疑问，埃德·惠塔德（Ed Whittard）在政治起跑线上领先于伯纳姆或埃德·鲍尔斯（Ed Balls）。但 1 per cent 对我们来说似乎相当小。如果你经营一个实验室，类型为 U，询问（并建议）任何免费学校的负责人，我预计能比富裕人士多赚 10 per cent。

高质量、资金充足的托儿服务和优秀的学校比人脉更重要

这是我的群体。如果英国能为我提供这样的工作机会，我会感到高兴并为此自豪。

在英国，贫困儿童成年后依然贫困，绝大多数是因为他们在学校的表现更差。他们通常在 16 岁时落后两年，且只有一半的人能上大学。即便上了大学，他们通常就读于名气较低的大学，且更容易辍学。这些结果对贫困儿童是不利的消息，而对于那些无法获得机会的其他人们来说，也应该处于一个中立的委员会中。

伯纳姆和我似乎很幸运。在斜体中，就像我们的母亲一样，不希望我们像他们那样受苦。我并不是那个家长——不是唯一一个为他完成作业提供巨大支持的来源。我的原因做了所有这些事情并让我受益终身。并非所有孩子都拥有这种优势，这就是为什么资金充足、高质量的托儿服务如此重要。我正在做的那部分优质托儿服务是首相的一项坚定馈赠。每个人都应该这样做。

优秀的学校会改变一切。我的学校曾是如此，许多学校确实通过教育的重要性来减少学校的影响。但这绝非所有学校的情况——在许多地方，尤其是针对贫困儿童，提高标准的改进工作仍需进行。关于教育成就的 US / US 计划显示，英格兰的情况确实如此，在威尔士和苏格兰则更为明显，那里贫困儿童的结果现在相当糟糕。

同样，改善学校是一个更好的馈赠，至少在英格兰是这样。他应该确保最贫困地区和最差的学校能够代表资金，以吸引全国最优秀的教师。并且，他应该非常认真地对待贝基·弗朗西斯（Becky Francis）主席关于课程审查的证据。事实确实如此，不仅他对比未来抱有信心——而且不应将其视为不利因素。

如果这些情况发生，更多来自普通背景的孩子将在学校取得更好的成绩，并在生活中拥有更多选择。当然，在满足……需求的同时，他们的工作经验可以为年轻人开辟新的价值——特别是对于那些可能不认识任何从事专业职位的工人阶级子女而言。但最重要的是，且至关重要的一点是不要控制，而是要能够做得更好。同样有必要在学校、学院和大学阶段进行，且这些机构应当集中精力于此，因为证据表明这与“良好”的结果相关联。

作者是一位评论员，曾任职于英国教育部（Rajna）。

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金融时报

2026年8月6日，星期二

Lex.

Andrew Hill

“特朗普效应”削弱全球企业的性别目标

商业洞察

AstraZeneca 与 BMS：大药企正变为超大药企

想象一下帕斯卡尔·萨里斯特（Pascal Sarist）作为 AstraZeneca 领导者的感受。

他所领导的公司表现良好——有望在 2026 年前实现 800bn 年销售额的目标。

拥有近 200 个药物研发项目的管线也相当充盈。然而，根据训练，全球燃料正在增加。也许，现在是采取行动的时候了。

否则，为什么 AstraZeneca 会考虑与百时美施贵宝（Bristol Myers Squibb）合并，正如《金融时报》在周末报道的那样。毕竟，萨里斯特并不想为了弥补自身业务漏洞而购物，更不用说尝试规模最大的一次药物收购。

AstraZeneca 的股价有所下跌，这表明投资者感到困惑。从表面上看，收购 BMS 对他们来说并非好事。

根据 pGlaxo 的分析，药物合并往往导致公司削减其合并运营成本的 0.12%。

在较高估值下，这将带来约 90bn 的年度成本节省。

在十年后可能价值约 850bn 的一笔款项。为 $125bn 的 BMS 支付 30% 的溢价，将从中体现出 $400bn。

此外，尽管 BMS 的股价近期有所回升，但它并非显而易见的优质资产。根据巴克莱银行（Barclays）的数据，其大部分收入依赖于 2030, 前到期的专利。

根据 AAP Capital IQ 的数据，该公司的交易价格为预测收益的 65 倍，低于诺华（Novartis）、罗氏（Roche）、Notch 以及 AstraZeneca 自身等竞争对手。投资者期望从昨日假设的买方市场价值中获得超过 800bn 的收益。

AstraZeneca 正在考虑与百时美施贵宝合并。（顶部）（图片）

两者都具有吸引力。两家公司都拥有庞大的癌症治疗部门，因此可以通过削减单阶段销售团队的深度来创造额外价值。而且，AstraZeneca 理论上可以放弃英国总部，搬迁至其已有上市地的美国，尽管英国新任首相乔伊·索伦森（Joey Sorensen）在他领导之初，对于失去一家大公司可能会有强烈不满。

从萨里斯特的角度来看，不可否认世界正在发生变化，大药企（Big Pharma）正演变为超大药企（Huge Pharma）。AstraZeneca 是首席执行官，按市值计算是第二大公司，但仅为其余 10,000,000 个单位的四分之一。强生（Johnson & Johnson）的规模约为 $600bn，而 $50bn 则为 $125bn。

在大药企领域，规模优势不可缺失，更大的资产负债表支持更大的研发管线，并允许对那些可能失败或可能成为“黑天鹅”的药物进行更大规模的押注。

根据 Visible Alpha 的数据，礼来（Eli Lilly）明年的经营现金流可能达到 $400bn。

AstraZeneca 和 BMS 两者合计可能掌握 $35bn。

一些现实考量是必要的：监管机构无疑会对在肿瘤学领域创造这样一个主导者的行为提出异议。资产出售无疑将被要求。而且投资者的法律反应可能会有问题，因为这需要他们的批准。

AstraZeneca 必须有力地描绘出其带来的益处。

医药行业是一个大型交易被提出后又告吹的领域，包括辉瑞（Pfizer）在 2024 年试图收购 AstraZeneca 的尝试。

对于 BMS，萨里斯特在 2012 年接手并使这家英国药企重回正轨后，已积累了信誉。

这是一个建立在冒险基础上的行业——而对于什么样的规模才算“大”的看法，每一分钟都在改变。

西班牙股票提供了一个阳光灿烂的避风港

对科技感到厌倦的投资者

过去一个月芯片股的惨烈抛售，使得旧电信市场的吸引力有所提升。14.5 点钟 100 tkt 在上周创下历史新高，部分原因是该指数包含的科技公司如此之少，以至于并非唯一：西班牙基准指数在连续第二年领先于美国及其大多数欧洲邻国。

这是最好的。该指数今年上涨了 11 per cent，而全欧范围的涨幅为 10 per cent：西班牙 A&M 和 FTSE 系列则各上涨 11 per cent。此前去年该指数涨幅接近 30 per cent。

根据“全球行业分类标准”以及许多指数的定义，该指数仅包含一只信息技术股票。本质上——指数特征——它对欧洲国防开支的敏感度高于 10 个项目。相反，Best 从许多提升了更大规模美国市场的相同特性中获益。

对于希望减少对 AI 依赖的投资者来说，欧洲银行是一个热门选择，而西班牙拥有欧盟按市值计算最大的两家经纪商，hastender 和 100%。加上像 Canadian 和 Saladell 这样的本土参与者，金融服务约占该指数的 40 per cent。

此外，还有一家从能源价格上涨中获益的公司，其节省成本之多令人惊叹。除此之外，得益于重建“可再生”石油工业计划的该公司，成为今年该指数中表现最佳的公司，涨幅超过 60 per cent。

55k英国利用能源价格并不构成对总消费者的威胁。西班牙的电力市场在设定电价时对天然气的依赖较低，使其对价格冲击更具抵御力。经济前景相当光明，根据 BMS 的数据，预计今年 GDP 将增长 3.1 per cent，而欧元区整体增长率为 4.9 per cent。

旅游业间接受益于其他地区的冲突。由于度假者避开中东和东地中海，西班牙近期迎来大量访客。Arsenal d'Yves

牛市中的新公司在 The Rochester (A)

以新鲜的方式重新利用我的旧物品？(50)

成功的尺寸最终让人们停止抽烟生活

优先教师在紧跟的热潮中 (6.4)

度假时不要碰水果更严厉 (5.3)

轻桌子最终在内部日子里铺开 (6)

犬类福利服务？(6.7)

俱乐部旋转使顶部极具吸引力 (6)

一个是，比如说，红中国靠近下颌 (6.4)

超级阶级旧读者 (6)

带着枪的圣经在前方脊柱？(6.4)

用刀反驳？他在理发上省钱 (6.4)

去掉顶部的完全采取提供 (6)

向下 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.

图像中提供了以下表格。

我们绝不能失去另一代人，且将无法获得

我们屡获殊荣的免费金融素养课程已经进入 700 多所学校。

还有几个永远 还有几个永远

以下是资金信心。100%

NIKKEI Asia 亚洲所有者的声音

填字游戏 No 18,443 作者：SLORMGORM

解答 18,443

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便笺页

横向

7 Leading man appearing in The Rottotown (A)

8 Repurposes my old items in a fresh way? (50)

10 Successful size finally stops folk smoking life

11 Priority teacher getting a close craze (6.4)

12 Don't touch fruity harsher on holiday (5.3)

13 Light tables lay with days inside at last (6)

14 Canine welfare service? (6.7)

15 Nearly tops with club rotating medal (6)

16 Time is say, Red China close to mandibular (6.4)

17 Superclass old reader (6)

18 Bible with a gun espinal of the front? (6.4)

19 Out of retorted with blade? He's saving on haircut (6.4)

20 First taking top off provides relaxation (6)

纵向

1. Show is what a verdamping worker neighs do (5.3-5.2)

2. Quits attitude essentially manifest follow (6)

3. Use company having over follow

4. Drug shipping one in a relationship containing (6)

5. US refuse worker entry to abnormally

6. Come to have lead be knocked back? Good point! (6)

7. Experienced drug alarm foul-threw off (5.3,5.2)

8. Religious student bags taken getting changed (6)

9. Accomplished criminal hatred by Mafia ultimately (6)

10. Old bruin with black eyes delivered in directive? (6)

11. Bishop warning relations to get a stiff drink (6)

12. Hustler to go in numbers to see blendness (6)

13. A custom in another country, perhaps

Flic

Fluids are the most common sources of fluid in the world.

Fluids are the most common sources of fluid in the world.

[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。

FINANCIAL TIMES

TUESDAY & AUGUST 2024

UK CCIN Republic of Ireland #4 30

The UAE's imperial ambitions in Africa

FEDERAL PAGE 21

Football gave Europe a rare geopolitical win

GOLDEN PAGE-MARK PAGE 23

Apple launches legal challenge to new demand for data access

• Crime fighting at risk, say ministers
• 'Backdoor' into customer files sought

TIM BANDERMAN

GLOBAL TECH CORRESPONDENT

Apple has launched a new legal challenge against ministers' latest bid to create a "backdoor" to access encrypted customer data, a year after the House Office agreed to drop a previous order following a row with Washington.

The iPhone maker launched a legal complaint last month at the Investigatory Powers Tribunal over the government's demand that Apple allow it access to encrypted cloud backups of data belonging to British users, according to an order issued by the court.

Ministers retested from the original demand for a backdoor that allowed access to data from UK and US customers last year, ending a diplomatic battle between London and Washington. But the authorities subsequently issued a new "technical capability notice" to Apple that did not apply to American users, the IT reported in October.

ICOs are issued under the Investigatory Powers Act, which the government maintains a needed to investigate such executions. They can have companies to provide the security services with access to customer data, even if such information is protected by secure encryption.

Apple seeks to challenge the government's power to issue such legal notices.

The court sent an order giving notice of the new Apple complaint to Privacy International. The human rights group alongside fellow campaigner Lirby had previously launched a separate complaint against TCN at the IPT.

A case management hearing to discuss how the parallel complaints should be handled has been scheduled for next month, Privacy International said.

"We are happy to learn that Apple is your again challenging the UK's regime of secret orders," Privacy International said, adding that the two legal challenges together were "virtually important to preventing the use privacy and security." Apple confirmed the IPT's filing but declined to comment further. It has consistently argued any such backdoor would make it a system less secure for all its customers.

The Investigatory Powers Act prohibits any recipient from acknowledging the existence of a TCN.

The government declined to comment on the Apple case, saying that it would neither confirm nor deny the existence of individual letters.

"The UK supports strong encryption and robust privacy protections but it is also vital that the enforcement can access communication when necessary and proportionate to protect the public from terrorism, violence, crime and child sexual abuse," the government said, adding that the Investigatory Powers Act had "strong safeguards and independent judicial oversight."

Apple withdrew UK customers' access to its itched advanced Data Protection system in January 2020 after it received the original TCN. The system offers an optional layer of extra security for iCloud users, with customer data stored using and to end encryption so that even Apple to confirm access it.

The House Office's more typical the biggest clash over encryption is almost a decade and provided a furious response from Washington. US President Donald Trump likened the UK order to "something . . . that you hear about with China".

Aung San Suu Kyi Myanmar junta releases photos of jailed activist amid health concerns

Myanmar's military-backed government released photos yesterday of Aung San Suu Kyi in a case move as concerns grew over the health of the temperance former leader.

The Nobel Peace laureate is pictured meeting Arnaud de Baroque. The resident representative of the International Committee of the Red Cross, in Nayprishen, Myanmar, in what is believed to be her first meeting with a

foreign envoy since her detection in 2023. Two other photos showed her cutting a cake, indicating they were taken out for the birthday in June.

The KNC confirmed that it had lost Aung San Suu Kyi yesterday, though it did not provide details of the location or her health. "The visit was carried out in accordance with the KNC's standards and procedures for visiting people deprived of liberty," it said.

After her detection, Aung San Suu Kyi was charged with corruption and sentenced to 27 years in prison. In May, the government said she would be moved from prison to house arrest.

Kim Kim, her son, has been demanding "proof of life" from the junta and urging foreign governments to support her release. "For the first time in more than five years, I have a reason to hope," Kim said yesterday.

Briefing

• AstraZeneca investors first went mega merger with. The plan has group's shares have fallen as much as if put out in its shareholders over and over, a potential mega merger with rival Brandi Myers Squibb, questioning the value in acquiring an industry biggest! — PINK 11.01. PINK 10.

• Prison releases curbed in two sexual offenders will be barred from the government's early release scheme, Andy Banshun has said, as he sought to quell one or more potential risks in the programme. — PINK 1.

• Japan and US bolster yen Tokyo has confirmed a historic joint intervention with the US to support the re-agging yen on the two countries's benefits despite the foreign exchange market again if necessary. — PINK 2.

• North Sea groups look far British oil-sulga companies have committed the first major acquisitions over the past four years, compared with the £7m on deals at home, as they took growth beyond the existing basis. — PINK 3.

• Forest fires costs mount W3E6's an Exelon's new emerging across France, Spain and other parts of Europe have already cost more than €700.00s year, buying have the mounting bill of shares. — PINK 4. W3E6/2023.0. PINK PINK 1.

• State of India 17 major states Tehran has said it is not in talks with Washington just know after the US president said dialogue was due to remain as its called off the "biggest attack since World War II". — PINK 1. PINK 2012. PINK 3.

• Gas guzzlers drive profits US demand for petrol trucks and IS/IS has boosted the earnings of Detroit camouflage, drawing a line with European groups battling falling sales, job cuts and Chinese rivals. — PINK 1. W3 E2. PINK 2.

• MP6 explores merger Italy's Monte del Pasch di Sannio, looking at options to forbid! James Iampolito's health takeover, including a potential State of MP6 feature, after talk on a "surgeon of equals" collapsed. — PINK 10.

Morgan finds natural home as YouTube media mogul

Paris Morgan's chat show Uncensored has a new YouTube followers. After a turbulent corner as a transatlantic and transatlantic video, YouTube is to turn the format with its spin-offs into a media empire, saving 32,700 from investors including Liz Markler's daughter of his ex-hero Rupert. The functioning robust Morgan's smile of chamele at 29,000, making him a paper multi-millionaire, but the eighty are firstly set on building a billion-dollar group within five years. Associated screenwriter — PINK 7.

Defence experts question Reform plan for sending navy to tackle small boats

MARKET: REED WIRE

UAE FISHER — LINCOLN USA AIRPORT — PINK 7

Reform UK has said it elected it would launch "the largest military operation" in decades in the English Channel to block small boats, marking an escalation in the party's anti-immigration plan as it digs in the polls.

Reform said that it would order the Royal Navy to intercept people entering UK waters on small boats and return them to France at the globe.

The policy announcement, which was met with scepticism from some former navy figures and criticism from France, comes, said received pressure on Reform, which has lost its 16-month lead in opinion polls to Labour and is facing scrutiny over its leader Nigel Faragri-financed dealings.

At a press conference yesterday — one of just a handful that Faragri has held in recent months after it was revealed he had received a China gift from a Thailand crypto billionaire — the Reform leader said immigration was "an invasion of our country" and declared it "a national security emergency."

"If the Royal Navy is not there to prove it this country from invasion then, frankly, I can't see what the purpose is," he added, promising that "aided Reform government, within a fortnight there would be no more boats".

Small boat crossings in the Channel are down significantly from previous years but across itsUnits, where 10,000 migrants entered the north African Spanish nuclear from Morocco last week, have released attention.

Prime Minister Andy Banshun on Sunday promised "sensitive" action on

further reducing crossings on a visit to Dover, saying: "Clearly progress is being made but we're not complacent."

Some defence figures were sceptical of the plan's volatility. Tom Shuppa, a former navy commander, said: "It's doable for the navy to perform this role — but we'd have to stop pretty much everything else we're doing."

Another figure said: "There are two problems. One is the Royal Navy doesn't have the ships, and the second minor serious issue is that the Royal Navy, like the army and RAF, is an armed force. We're not proposing to start shooting people in the English Channel."

France's ministry of the interior said the proposal "would be a violation of French sovereignty as well as a violation of maritime and international law."

Watching investigators Tom page 2 Ben Hall page 23

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STOCK MARKETS

	Aug 02	Nov.	Dec.	Nov.	Aug 02	Nov.	Nov.	Aug 02	Nov.
DBF 100	7500.00	7400.71	1.00	0.00	1,150	1,150	0.00	0.0000	0.0000
Trading Corporate	7500.00	7500.00	1.00	0.00	1,000	1,000	0.00	0.0000	0.0000
Inter-Asset Net	7500.00	7500.00	1.00	0.00	1,000	1,000	0.00	0.0000	0.0000
Last Year 30	8000.00	8200.00	1.00	0.00	1,000	1,000	0.00	0.0000	0.0000
Third-other 200	8500.00	8500.00	1.00	0.00	1,000	1,000	0.00	0.0000	0.0000
TTM 100	8000.00	8000.00	1.00	0.00	1,000	1,000	0.00	0.0000	0.0000
TTM 30 (Free)	8000.00	8000.00	1.00	0.00	1,000	1,000	0.00	0.0000	0.0000
UIN 50	8000.00	8000.00	1.00	0.00	1,000	1,000	0.00	0.0000	0.0000
Delta Net	8000.00	8000.00	1.00	0.00	1,000	1,000	0.00	0.0000	0.0000
Delta Net	10750.00	10750.00	1.00	0.00	1,000	1,000	0.00	0.0000	0.0000
Delta Net	10750.00	10750.00	1.00	0.00	1,000	1,000	0.00	0.0000	0.0000
Delta Net	10750.00	10750.00	1.00	0.00	1,000	1,000	0.00	0.0000	0.0000

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Funding	Aug 02	Nov.	Dec.
US $ 31	4.50	4.51	0.00
US $ 30	4.00	4.00	0.00
US $ 30	4.25	4.27	0.00
US $ 31	4.50	4.52	0.00
US $ 30	4.00	4.00	0.00
US $ 30	4.25	4.27	0.00
US $ 31	4.50	4.52	0.00
US $ 30	4.00	4.00	0.00
US $ 31	4.25	4.27	0.00
US $ 31	4.50	4.52	0.00
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Where Rare Books Live

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FINANCIAL TIMES

Tuesday 4 August 2020

NATIONAL

Standard

Parliament watchdog probes Reform's Tice

Deputy leader accused of failing to do fact betwi links in Commons debate

ELIZABETH BAPTIST, LEEF FISHER AND JEWEL REID

Richard Lee, deputy leader of reform UK, has been placed under investigation by the parliamentary standard-watching by an alleged failure to declare an error.

This means the standard's commissioner is now investigating two senior figures in the party, with an inquiry already under way into leader flagit Farag's failure to declare a £1lmng$.

The investigation into Tice, which was

opened on July 26, relates to an alleged failure to declare an interest in Israel where he was participating in a Commons debate on pre-Israel influence.

In the debate in June, Tice celebrated the 'incredible brilliance and influence of Israeli scientists, interpreters and those specialising in medical research and artificial intelligence applications'.

His register of interest includes a trip to Israel in 2015, paid for by Reform Friends of Israel. A Reform source said the probe was because Tice failed to state this interest during the debate.

'I am being investigated for standing against antisemitism. You could not make it up,' Tice wrote on 8 yesterday.

'Standard's Commissioners is considering complaint by anti-Semitic anti-

Israel have group over whether I should have referenced my register of interest or start of a debate on UK democracy and Israeli influence,' he added.

Reform declined to comment. The party has come under increasing scrutiny after a succession of revolutions about gifts and donations to senior party figures. In May, the parliamentary standard-commissioner launched an investigation into Farag for not declaring a future gift he received from the Thai-based crypto billionaire. The supplier firstfierce in the run-up to the 2019 general election.

Farag has said he did not need to declare the gift because he was not an active politician at the time.

In a press conference yesterday he

said that while he had spoken to Tice in spring 2024 about a potential return to the 1st develop, this conversation was after he had received the gift.

The Metropolitan Police is also investigating donations to Reform in Fiona Cottrell, mother of convicted foundrers and Farag and George Cottrell.

Farag and Reform have denied that he has breached any rules.

Yesterday Farag said the media was misleading: 'two-sided gift-on-against attacks of Farag also indicated that a thousand support for George Cottrell, saying 'I do not disclose after'.'

In July, Farag resigned from the Commons, suggesting that he called a 'people versus the establishment' meant to his floors and off Clarion on this.

The probe into Farag has been passed so he is not currently on MP.

He is forecast by bookmakers to win the August 15 by election, which the other leg political parties are becoming. Satri's 42 candidate Count Rhodes is Farag's highest profile relative the race. 'Episcopalism and other protes are sure that year as it lost three successive by elections and was defeated in the Manchester mayoral race last week. The party is joking at its lowest level since 1990 and year and was overtaken by Labour last week for the first time in that period, the 17 politicals are shoved.

The 8th Police are also investigating donations made to Reform Treasury spokesperson Robert Janicki while he was in the Conservative Party in 2024.

Justice system

Serious sex offenders to be banned from early prison release plan

PROFES, REED

Serious sexual offenders will be barred from the government's early release scheme, Prime Minister Torki Newham has said, as he sought to quell concerns about rape purposes.

Under the early release scheme, which is due to some time effect in October, some offenders were to qualify for automatic release after serving half their maximum release of two checks if they had not seriously breached prison rules.

The plan, which began under Kishi Inoaki's Conservative government and which was expanded by Sir Kele Harmer in 2024, was meant to relieve the prison network's dangerous overcrowding problem.

But it has instead provided six from rightwing opposition parties, who are framing it as a sign of Labour's soft touch on crime, as well as from victims' campaigns.

In response to these concerns, Burbhans said yesterday that he was making 'significant changes' in the programme by blocking those actions of in prison crimes for 'rape, services, child sex offences and other grooming offences' from being eligible.

'Keeping the public safe is my top priority,' he said. 'I fully understand the anger, anxiety and distress that has been caused.'

Burbans suggested a review later the policy days after becoming prime minister last month, after a license over the potential early release of two men jailed for the manslaughter of serving police officer Andrew Harper in 2020.

Burbans said that, while he 'wanted to go over barriers' on barring more offenders from the scheme, the prison network's dangerous lack of capacity made it impossible.

Those on 100 sentences are already navigable for the scheme, as are those deemed by a court to be the most dangerous offenders.

The prison network's same within days of collapse on multiple occasions in 2022 and 2024, according to an independent review last year.

Burbans added that adult male prisons were currently operating at 98 per cent capacity, criticising previous governments for failings in morals building prisons.

The second, he said, his government would oversee 'the fastest prison-building programme since the Victorian era', creating 14,000 new prison places in 2024.

And Torki's, however, yesterday, said: 'Those are decisions on minutes would ever want to take but it is right these sickening crimes are excluded from these reforms.'

'Victims will also have access to better support and reassurance that offenders are being given their higher supervision and punishment.'

Nick Timothy, the Conservative shadow justice secretary, said the announcement was 'a victory for victims' because it was a 'sick' decision.

'Some child sex offenders and Killers, like those responsible for the death of 50 Harper, will still be released early,' he said.

'Such the name of victims being told their abusers may be released can't be undone.'

Politics. Conservatives

Tories rebuild business as after rocky period

The City regains confidence

in party and Badenoch after revolving door of leaders

ADULT ARMSTRONG

On a following day day in June, several UK business houses were welcomed into the Ruffles Hotel in Westminster for the Conservative Party's summer bashaking dinner. An intern sign that congresses Britain is working with Tories again.

Involves for James Dixon was seated at the top table as a guest of hadie-Karen Badenoch, while other leg hitters included Toria that executive and Trey poor, and Simon Wallows, Brian Newworth, chief executive of investment manager Landmore Partners, and Jim Gibson, former chief executive of Big Yellow Group.

Meanwhile, former party donor Michael Simpson demonstrated his hands to renewed support by taking a whole table at the dinner and making his first donation since the Tories left government. 'I'm thấtrightarrow,'sacred hundreds of thousands of pounds' for the party, said a spokesperson.

After a couple of years in the wilderness where drawn disapproval of allowing 2024's general election defeat and Badenoch addressed party conference dominated by empty chairs, business leaders have said they are going the Concession in a cheating again.

Memories of Boris Johnson's 'Sick business' comment, dismissing unique case' tears about a hard threat, and I in Tories's confidence chattering, misleadingly favoring it to talk. After a revolving door of derelified Trey leaders, Badenoch is unlikely to be toppled any time soon.

Senior members of the party say Badenoch is winning back the confidence of business because she looks like a long-term leader, particularly after shaping her rival Robert Janicki, who defraudes Reform UK. 'We're become more popular and outfiel since Janicki left. There is no leadership challenge to be seen on the horizon, the party is behind Badenoch,' said one senior Turp.

Brian Connego Brown, chair of co-chair, Simon ಕೂಡ Management, said the Tories needed 'to leave a period of business and move it being their wounds after a chaotic period of government' presiding over an underperforming

Top table: James Dixon and Torki Badenoch at a Trey fundraiser dinner in June

economy. 'But Badenoch is now emerging as a serious and credible leader who is seen to be engaging proactively with business.'

A senior public affairs director said that business's 'willingness to engage with the Tories in the highest r\'s been in two years ... there is a vibe shift in moving.' Another executive countered that it would be 'too strong' to describe it as a shift per year.

The recent scrutiny of Reform's finances has made multinational businesses even more nervous about engaging with Nigel Farag's rightwing party, and one chief executive, Antonio had not yet done serious policy work in many areas, 'whereas the Tories are working through energy costs and employment cost'. Here said:

In a recent city of conference in June, Badenoch delivered a speech focused on bringing down the UK's high cost of energy, undoing Labour's Employment Rights Act and scrapping environment, which still gives more reporting, among other regulations.

But it was her comments about cea-

ing conditions to bring back growth and to 'stop being afraid and properly back business' that prompted enthusiastic applause and City figures bring up to meet Badenoch at the end of her speech.

Willie Celic, chief executive of The City UK, said: 'Badenoch made her public debate counter with an intense disquietly and forcefully, there was not the sense that it was more ready to reathed endorsement of business, which is why it gained such a positive reception.'

While Labour is in the early days of the study, Burbhans era, many business leaders remain focused by the government's nervous coping design and are wary about what will be announced by new chancellor John MacLean in today.

Badenoch has meanwhile met more than 600 City chief executives this year.

'I wonder what to compare the level of support but after two years of not being particularly interested in the Tories, businesses have definitely noticed that there is always lot better,' said one who was a public consultancy firm. He added that business was 'pregnants' and if Badenoch helped 'put the

'Willingness

to engage with the Tories in the highest r\'s been in two years ... there is a vibe shift'

brakes on Burbhans's tax clear than the Tories will win an audience.

Badenoch has been attending private lunches at City members' club The Walbrook hosted for clients by brokers' Partners Liberator and advisory firm Penchurch. Guests said she 'commanded the recent well' and appealed to the crowd by promising deregulation and lower many prices.

To sign date on the momentum, the Conservatives are dedicating the first two days of their party conference to business policy, with an inaugural 'small business car' featuring take place of their Capital Partners Junior Hill, founder of Infottery Tom Bodine, founder of sportswear brand Cavern Richard Harpin, founder of Stonetown, and Their Malls, founder of Octopus and The Hill.

Kevin Fullfender, Conservative Party chair, said the 147 tickets for the small business day had sold out, while there was a 'huge rise' in expected at end-date for the male business event at the conference, with tickets costing £2,900. Additional sporting by Lucy Fisher

and the Tories in the highest r\'s been in two years ... there is a vibe shift'

brakes on Burbhans's tax clear than the Tories will win an audience. Badenoch has been attending private lunches at City members' club The Walbrook hosted for clients by brokers' Partners Liberator and advisory firm Penchurch. Guests said she 'commanded the recent well' and appealed to the crowd by promising deregulation and lower many prices.

To sign date on the momentum, the Conservatives are dedicating the first two days of their party conference to business policy, with an inaugural 'small business car' featuring take place of their Capital Partners Junior Hill, founder of Infottery Tom Bodine, founder of sportswear brand Cavern Richard Harpin, founder of Stonetown, and Their Malls, founder of Octopus and The Hill.

The Tories in the highest r\'s been in two years ... there is a vibe shift'

brakes on Burbhans's tax clear than the Tories will win an audience. Badenoch has been attending private lunches at City members' club The Walbrook hosted for clients by brokers' Partners Liberator and advisory firm Penchurch. Guests said she 'commanded the recent well' and appealed to the crowd by promising deregulation and lower many prices.

'Some child sex offenders and Killers, like those responsible for the death of 50 Harper, will still be released early,' he said.

'Such the name of victims being told their abusers may be released can't be undone.'

FINANCIAL TIMES

FIFTH ANNUAL TIMES | THIRD ANNUAL ISSUE 2020-1995

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Public health

MPs urge routine tests for children exposed to old lead mines

AAREA BUSINESS

MPs have urged the government to contribute test children living near abandoned lead mines for the same period, saying that the public is able to take from Britain's industrialized have been 'old unaddressed' for two long.

In a letter to White secretary Stephen Kinneck, the House of Commons Welsh affairs committee called for the launch of a co-ordinated four-nation programme for the 2020-2021 year's children with elevated lead levels.

'Access the UK there has been a failure to fully understand where contamination exists in the environment,' the cross-party group of MPs said. 'We are dismayed that the legacy of nonchalance pollution has been left unaddressed for as long.'

The UK has 6,619 drossed industrial lead mines, including more than 1,000 to Wales, while nonchalance release had late rivers and surrounding land decades after they closed. Since a wave of closures in the early 1990s, they have largely been neglected by successive governments because they lie in sparsely populated rural areas.

Lead to dross on invisible and odourless prisons, which as a result of the waterways, and and the diphther where it can be consumed by animals and overguns, being grown or agricultural food production, or private drinking water supplies, can be passed away from them.

The UK of a sponsor can now be harmful effect on humans, according to the World Health Organisation.

A rapid review, ordered by ministers after an ITT investigation, found out that the UK has been a good source of money, was not a small amount of food (was) tested every year for bad contamination.

Lead to dross on invisible and odourless prisons, which as a result of the waterways, and and the diphther where it can be consumed by animals and overguns, being grown or agricultural food production, or private drinking water supplies, can be passed away from them.

England and Wales. It also called for more research into the long term health risks for health contamination.

In their letter, next last week, the cross-party group of MPs warned there was 'no long term, UK-wide co-ordinated approach' including children for a certain amount of food, despite evidence that legacy contamination may continue to grow a risk to human health.

They urged Kinneck, MP for Aberdeen Research, and a survey of national and regional issues about the use of lead in small amount of food (was) tested every year for bad contamination.

In value: the remains of an old lead mine, the cross-party, a village near Swell's Bridge, Conedgion, Wales (www.

In value: the remains of an old lead mine, the cross-party, a village near Swell's Bridge, Conedgion, Wales (www.

Every year, the UK's Veterinary Medicine Directorate, a government agency, tests about 12,000 samples of meat, milk, fish, eggs and honey.

Of these, MPs 400 samples are tested for the presence of lead and other heavy metals, with the exception of eggs, for which we load 6,000 to 10,000 UK UK, which experts have argued it as insufficient risk assessment. In 2022, the White environment agency announced harmful levels of lead to eggs produced in small amounts of water from former miners next Wales.

Although environmental policy is largely devolved, the committee said much of the contamination produced devolutions in 1999 and urged Whitehall to work with the White government to issue a targeted programme of testing 'without undue delay'.

The UK government has said it is recommending whether to contribute test children for lead exposure following a two-year ITT investigation. Last year, the first pilot screening study was launched in Leeds.

The government said the secretary of state for Wales 'will consider the contents (of the letter) and respond'.

---

Tuesday 4 August 2024

•

FINANCIAL TIMES

3

NATIONAL

Wildfires fuel demands for national aerial support teams

Concerns grow after blazes in Scotland and Suffolk but experts urge better preparation

GORDON KERR - CONSORTIUM RAGGED, REED - LONDON

A devastating wildfire in Scotland's Cairngorms National Park has prompted calls for guaranteed national access to aerial firefighting support as climate change increases the risks of serious sacrifices.

Fire chiefs, rural affairs groups and members of the Scottish parliament from across the political spectrum have raised the issue as firefighters, alongside estate staff and contractors, make progress on the 25 sq km wildfire that occurred valleys around Cairo Green mountain.

Subject to rainfall, about 70 firefighters were on the same last week, with helicopter water-bonding continuing to tackle smouldering hotspots on subsurface past that could take weeks to extinguish.

The continued response to the fire in Britain's largest national park follows the deployment of more than 100 firefighters and 18 fire engines to tackle a large wildfire on hanthrand in Suffolk last week. There, firefighters used resources including helicopters carrying seawater to drop on the flames, alongside off-road vehicles, drones and quad fobes.

Phil Gertgen, chair of the National Fire Chiefs Council, last week called for "continued investment to specialist wildfire capabilities, including aerial firefighting support", while emphasis-

ing that "prevention contains our strongest defence".

A spokesperson for the body said the increasing frequency and severity of wildfires provided a "growing case" for aerial firefighting.

The council last week warned that there was an elevated wildfire risk across the UK, adding that more than 200 wildfires had been reported in England and Wales in the past fortnight.

Last year marked a significant recollection in Scottish wildfires, with 245 including the UK's largest at Cambridge and Nova West that burned almost 100 sq km, and scientists are clear that climate change has been a critical driver of the intensity and frequency of fires.

The Scottish government, which published a wildfire strategy in March, said it was engaging across the UK on "complex policy and operational emergency response issues". It is reviewing its approach and has called on the UK government to delikewise.

In the final weeks of its fair-learner's premiership, the UK government announced an extra £97mn of funding for fire and rescue equipment, including off-road vehicles. The Scottish Fire and Rescue Service has spent roughly £3.6mn over three years on wildfire response.

Locals have been angered by the time it took for the Scottish government to declare a major incident, with a gap of nine days from the outbreak of the fire

Wrapping up: a helicopter water bombs a wildfire at Netty Bridge in the Cairngorms National Park last week

ox (July 1) until July 24, when a change in wind conditions intensified the fire, forcing residents to evacuate the village of Netty Bridge.

Justice secretary Neil Gray earlier said the fire had been "currently contained". While messaging was "contained" with fire service updates, the government said it would "review" its language.

The Scottish Greens, Scottish Conservatives and landowner representatives have also called for the UK and Scottish governments to consider a dedicated aerial firefighting capability.

Four helicopter companies provide services, including deer counting and firefighting, under a contract managed by public bodies Forestry Land Scotland and Nutterfest.

But Ariane Burgess, a Highlands Green MSP, said the Cairngorms fire – the fires last year – had been aggravated by the lack of aerial firefighting capacity in the first days of the blaze, which destroyed tracts of rare Calvinian pinewood. The region is now straggling economically with businesses

forced to close during peak season. "Our capacity to tackle wildfires doesn't match the reality – helicopters were busy elsewhere, so we need publicly available aircraft," she said.

Ross Ewing of Scottish Land & Estates suggested a rotatory system for guaranteed provision during periods of high risk, dual-preposing police or ambulance aircraft or some capability akin to RAF firefighting helicopters in Cyprus.

Countries such as France, where summer wildfires have triggered widespread evacuations, have invested vast amounts in civil security measures.

Fire experts, however, said aerial equipment failed to provide value for money. "Yes, it would be useful, but extremely expensive – that resource could be better deployed in planning and preparedness," said Bory Hadders, a professor of fire science at Edinburgh University, of extra aerial equipment.

Michael Bruce of Frederick Services Ltd, a wildfire consultancy, said a £2.9m helicopter cost about £2,000 an hour to operate. All-terrain vehicles with spray

'Our capacity to tackle wildfires doesn't match the reality – we need publicly available aircraft'

Ariane Burgess, Highlands Green MSP

gums, worth £33,000, which were depleted by the fire service and gamekeepers to help sustain the Cairngorms blaze, cost £40 or so an hour.

Bruce, who advised at the positioning of firebreaks during the Cairngorms blaze, said the priority should be public self-reliance, as in the US and Canada, including training, clearing vegetation around houses and identifying escape routes in advance.

Some landowners, said Ewing, argued that uneven vegetation management on neighbouring properties, where "southling" has been prioritised, had made fire prevention more difficult.

Traditional estates carry out controlled winter fires on heather, known as "southern," to support moorland game birth and wildlife.

The Scottish Rewilding Alliance blamed extreme dryness, rather than simple "fuel load", calling for the rebuilding of settler, fire resistant ecosystems by blocking drainage systems and removing peatlands.

Europe coasts cost £7.9mn over 4

---

4

FINANCIAL TIMES

January 4, August 2024

INTERNATIONAL

Department of Justice

Blanche on track to be US attorney-general

Former opponents give way after scrapping of 'anti-weaponisation fund'

STEPHEN BALPER - LONDON BLACKER - RUSSELL'S

Todd Blanche has accused the backing of key Republican after scrapping plans for a $1.8bn so called fund fund, giving the way for his confirmation as US attorney-general. Times Tillis and John Corryts, the Republican senators who had blocked

Blanche's bid to permanently lead the Department of Justice, said yesterday that he could come as fund support.

"We want to express our gratitude to Mr Blanche and his staff for working with us on this, am' we look forward to voting to advance his nomination out of the Senate Judiciary committee soon," the senator said in a press statement.

The deal comes after the bid said later on Sunday it had concluded as order that established a fund for individuals who had "suffered weaponisation and lawless", according to a year on 3 by Blanche, acting attorney-general. It

removes the remaining roadblocks to his confirmation vote, now rescheduled for today.

The "anti-weaponisation fund" was set up in May in exchange for President Donald Trump and his family dropping a 400th lawsuit against the Internet. Canada for the over a half-of the president's tax returns, it had exhausted these bipartisan pushback and derailed Blanche's thought Senate confirmation. The fact just the controversial fund as a chance for victims of purported political weaponisation to seek persons and formal apologies from the government.

Late than two weeks after the 2nd set up the fund, Blanche told lawmakers that the administration would not be moving forward with the plan, scheme-train and some Republican groups had to do about all executive power.

But Corryts and Tillis insisted they needed written concerns so that the fund would not be revived, leaving the postponement last week of a Judiciary committee vote on confirming Blanche as attorney-general. Trump suggested the word that he could withdraw Blanche's nomination and resubmit it when Corryts and Tillis were out of office.

The senators said in their statement the deal with Blanche would conceive that were shared by other Republicans that the anti-weaponisation fund (he is really restrained) is an instrument pooled by Blanche as it set Sunday, the 2nd said that "today's better officials reached" the anti-weaponisation fund.

Corryts's spokesperson said he had "reached an agreement" with the 2nd in "permanently" and the fund can make "clear" as a funding written document that the scope of the audit settlement is limited to only the plaintiffs, including the president, and the 363'.

Climate. Economic impact

European wildfire costs top €3bn this year

Damage in five worst hit states for extensive annual estimates for all of EU, FT analysis shows

EU, FINEY, FINLAND, AND JOHNSTON SHOW AND BUDGET

Wildfires and hostesses sweeping across France and Spain and other parts of Europe have already cast more than €3bn this year, according to FT analysis, highlighting the meaningful of blazes driven by climate change.

Almost half a million hectares have heard in the first two months of the European at an economic cost of €1.6bn in the five worst-hit European countries alone, including Portugal, Greece and Romania. The far outstrike European Commission estimated of a €1.3bn average annual impact for the whole EU.

The FT estimates are based on methodology underpinning the Commission's figures and matching calculations by the French government, and represent the so-called "restoration" cost of returning home areas to their previous state - a way of capturing their economic value.

The average cost per hectare for repainting and maintenance varies by country, with nearly the types of land cover and the age of the forest.

The overall impact will eventually be for figure - however, households and businesses are still counting the cost of damage to property and crops and the replants to our loss in the summer peak.

Other costs in the form of increased insurance premiums or uninsurable property, lower under numbers and the need to spend heavily on firefighting equipment will materialise over time.

The calculations also do not help reflect the latest blazes in Greece, where the prime minister said teams would swiftly stay into accord damages for the provision of state support for those who lost property.

Separately the costs of drought have yet to emerge, as a drop in water levels on the Blazes and founders there causes disruption to the flow of goods and production cuts. German chemical companies such as BSE, Coventry and Evonik have plants concentrated along the Blazes.

Record lives in the Stande are set to cause the conditions of Stangey's nuclear power plant, both supplies nearly half the country's electricity. Romania has a 2.5bn increase in what one of the two reactors of the Cernavada nuclear power plant, both

Economic losses from wildfires expected to far exceed those of recent years European losses, inflation adjusted (Ekr)

Wildfires have already burnt more than 200,000 hectares in Spain this year Cumulative burnt and 1000 hectares

down-creating matter from the river. Sarah Stein, an expert in human economic of 1974 (rank), said the economic toll of the fires alone could be more than triple the annual average of approximately 2.5bn in last GDP that the calculated wildfires cost regional economies in Portugal, Spain, Italy and Greece from 2021 to 2028.

"With the end-up yearlong drive, it's going to be far, far above that," Reiter said.

France's climate department is a leader in defence and aerospace industries. From forced companies including jet engine maker listens, fighter jet manufacturer demand, business and rocket maker, Nantucket's premier production and economic staff.

The region is also connected for its solar production. Bordeaux's famous vineyards have largely escaped so far but it is unclear if smoke taint will ruin the Internet. Reiter's farming in the U.S. market deals into the tubes at 6th and tourism, which accounts for 7 per cent of the department's GDP, have continued growth.

Donald's Chamber of Commerce and Industry said, in last 40,000 businesses had been directly affected by the fires, with 19,500 completely spat as of July

Burnt out a badly damaged home and car in La Purge, south-west France, last week

The extra cost of damage to property and crops and disruption to tourism is still being counted

3C while between £20,000 and £30,000 employees were on state subsidised share time work as of July 17.

The Spanish wildfires struck as close as 30km to the Spanish capital, to bring homes, businesses and vehicles to rural towns. The Unión de Properties Aptitudores y Ganadores, which represents small-scale operators, measured preliminary losses of 10,200 hectares of "outful" land, mostly pasture.

Despite all this, the damage is unlikely to make a significant dent in national GDP.

Institut Economico, associate professor at Imperial College, said some of the most important costs of fires - such as a total of 2,000 wildfires, though suffering from air pollution - were not maintained and easily counted.

Andrew Kensington, chief Europe economist at the consultancy Capital Economics - who noted the Grande economiste met 2.5 per cent of France's largest - and control daunies on taxes "some paradoxical positive effects on GDP" that could affect the actual hit, as government aid and insurance parents boost spending on reconstruction.

But a better position out, "this is not economic growth we like - it's just replacing destroyed capital".

Court scandal

Texas la firm to pay $15mn in romantic conflict suit

HURST HOLM - NEW YORK

One of the most prominent Texas law firms has agreed to pay $15mn in with a lawsuit brought by Ushakari authorities over a judicial scandal that grips with the law's new issue.

Jackson Walker LLP had been accused by the office of the US Trustee of falling to disclose a romantic relationship between one of the former partners, Elizabeth Freeman, and Judge David Jones. The firm appeared in more than 30 Chapter 11 (and between 2008 and 2022 where Freeman represented clients in boat of Jones.

Jones, whose influence among bankruptcy advisers had turned Houston into the US's bankruptcy capital, resigned from the bank in October 2022 after admitting to the relationship when confronted by the media. In late 2022, Freeman had left Jackson Walker to start her own practice, which would work with her former employer.

The US bankruptcy code allows debt service from bankruptcy returns pay their professional fees but requires that advisers be independent and disclose to the court any conflict of interest.

Jackson Walker had typically served as a local counsel to deforers represented by national lawyers from Kirkland. It fills, who routinely filed big cases in the

Kirkland: It fills earned more than $60mn in fees awarded by Jones in cases where Freeman appeared

Southern District of Texas where Jones would become chief bankruptcy judge.

The US Trustee, which represents the public's interest in Chapter 11 cases, said Jackson Walker knew or should have known about the Freeman-Jones relationship. The agency had been working to close bank more than $30mn in fees Jackson Walker had been paid in 33 cases where Freeman had participated, including the high-protein contracturings of St. Peter and Norman Bureau.

The Texas bankruptcy court this summer had separately approved enforcement the Jackson Walker had struck with several bankruptcy returns to pay back nearly 90mn in fees but had been dishevelled before cases.

A federal district judge in 2024 dismissed a racketeering lawsuit filed in a bankruptcy claimant against Jones, Freeman, Jackson Walker and Kirkland. It fills, but criticized the group for not previously the having the conflict of interest in the relationship.

Kirkland: It fills had earned more than $60mn in fees awarded by Jones in cases where Freeman appeared for Jackson Walker as co-counsel, things from their industry to private suit.

The US Trustee, with recent inquiries the approval of the Texas bankruptcy court and Jackson Walker said in the settlement filing yesterday it had changed its "conflict screening and disclosure practices" and increased to the extent of party的规定 for the two cases.

Jackson Walker admitted in the filing it had never sought to explain its disclosure things after it learnt of the relation: sling society. "A knowledge, while not admitting itself, that he makes have approached this matter differently."

Jackson Walker declined to comment.

Energy security

Nuclear power investment will need to triple, industry says

MACLIN & MOORE - LONDON

Global annual investment in nuclear power needs to triple in about $100bn if governments want to meet their energy goals, the industry's main lobby group said as it urged banks to channel more private capital into the sector.

Nuclear power has recently enjoyed a revival as countries around the world seek reliable low-calorie electricity to meet rapidly rising demand.

The market has had shut down nuclear stations, such as Japan and Taiwan, are bringing them back online while German Chancellor Friedrich Stein has said the country's decision to shut by places in 2017 was a serious change.

But the industry continues to struggle to attract investment because new plants are expensive, take years to build and carry significant construction and political risks. "We can setting an economic appetite," said Susan Silbee a Lotte, director-general of the World Nuclear Association. "We have 30 countries that have actual plans, to block and white, that include nuclear. This is going to require a lot of money, much more than we are investing right now."

But Billbury Lotte argued the some were not excessive when not against spending elsewhere in the energy system. The international Energy Agency reports about $600bn to be invested in renewable power globally this year, while spending on oil, gas and coal is forecast to reach $1.2bn.

The WNA calculated the required nuclear investment by examining countries' targets and estimating the cost of delivering them to each region.

In 2023 prices, it report spending to peak between 20M and 20M. About $6bn would be directed to big nuclear plants during that period, with a further $450bn for small modular reactors (SMAs). Another $4bn would be spent extending the lives of existing reactors.

Currently, countries collectively spend some $70bn a year on nuclear projects. About 40 reactors are under construction, the majority of the individuals, South Korea and Russia. "When we talk to the finance community they tell us the capital is there," said Billbury Lotte. "We are seeing capital flowing to offer parts of the energy ecosystem."

Lotte declares, former European co-head of infrastructure at Deutsche Bank

who now runs energy consultancy lines, said countries had to think in terms of building nuclear lines rather than individual projects to bring costs down and drive to private projects.

"In fact, the industry is only over-relying the best-state funded. Now we are seeing five others come through in the US and with the Rolls-Royce SMAs

'The capital is there [but] we are seeing capital flowing to other parts of the energy ecosystem'

in the US, Sweden and the Czech Republic. And a number of nuclear development are emerging," she said.

"For years ago, some of the world's largest banks and financiers, including most of America, the Swiss, SFRP status, US, Goldman Sachs and Morgan Stanley, pledged to increase their support for nuclear power and help reduce financing costs, which can account for a large share of the total cost of a plant.

Banks have traditionally been away of the recent because of the complexity of

financing projects, the risks of delays and cost revenues, and uncertainty over whether nuclear power meets environmental, social and governance criteria. In the UK, the start-up of Shukha (Suez) is the more pooled back against 2024, five years after it was initially due to some strikes, and its cost estimate has nearly doubled.

Last year, the World Bank ended its decades-long ban on financing nuclear energy, allowing to support efforts to extend the life of existing reactors and to upgrade global and infrastructure.

Billbury Lotte said the industry had been assisting financiers every five months to improve their understanding of nuclear power. The company's low-nuclear revival with the early development of the liquefied natural gas and offshore wind industries.

"There were moments of uncertainty. These financial issues are: sadly, save how this was going to work," she said. "Time was go through the process and understand how it works, you can become comfortable and standardize the projects. Right now, for nuclear, we often need to put together a flow of a kind financial framework every time."

---

Translated: August 2016

STAINLESS STEEL

5

AIG WOMEN'S OPEN

—ROYAL LYTHAM &— ST ANNES 2026

CONGRATULATIONS TO THE 2026 AIG WOMEN'S OPEN CHAMPION

SHIHO KUWAKI

AIG. FORWARD WE GO.

---

6

•

FINANCIAL TIMES

Sunday 4 August 2020

INTERNATIONAL

Political landscape

Current Senate

Source: Cook Political Report, as of July 9

Voters are divided on who they trust on different issues

Which parts do you think would be best at handling the following issues? (1)

An 1% increase of 47,000 approved voters contacted just 26-30 2024 results are statistically significant within >2.1 percentage points Source: FTF16 website

Current House

Source: Cook Political Report, as of July 9

Source: Cook Political Report, as of July 9

Table by the Report

The national Republican fundraising apparatus holds significantly more cash on hand than its Democratic counterpart Cash on hand (Secs)

Approval of Trump's immigration policies has decreased since he entered office

Includes the ABC, ABC, ABC, CJ and the Tax Reporters and the DM, 2012, 2003, 2009 and 2010 for Democrats. Source: FTC

US midterms to set Trump's course for rest of presidency

November election will determine his next steps and, ultimately, his legacy

FT REPORTING

The eyes of the world will be on the US midterm elections on November 3. Donald Trump may not be on the ballot, but he will determine the context in what promises to be an all-out battle to win voters. How are the things to watch.

Race for the Senate

Democrats face an uphill battle to take control of the Senate, where 12 seats of the 200-member legislature are up for grabs. Their strongest chances of picking up seats are in North Carolina, Maine and Ohio.

They could also pick up a fourth seat to either Alaska, Denver, Texas. But they must also hang on to those they already hold in Michigan, Georgia and New Hampshire. Prediction markets expect the party to fall short.

Republicans control the Senate by 53 seats to 47, with two independent senators, Bernie Sanders and Angus King, conceding with the Democrats. That means Democrats need a net gain of four seats to retain the upper chamber. If the Senate is split 20-30, there is a president 20-70 not to able to cast tie-breaking votes in the chamber.

House of Representatives battle

Maintaining control of the House of Representatives is critical for the Trump administration to govern using point for the final two years of his term. If Democrats retain the chamber, they will limit the president's ability to pass legislation and are almost certain

Trumps focus on AL including his cosiness with top technology executives, appears to be backfiring

to launch investigations into the president and top members of his cabinet.

Nationally, polls show voters are increasingly likely to vote for a Democratic congressional candidate. Prediction markets are also signalling that Democrats will take control of the lower chamber of Congress.

Members of the House serve two-year terms, so the entire 450-member lower chamber of Congress is up for re-holism. The majority of the races are uncompetitive – in its small part due to decades of counterinting by both political parties to shore up the number of "ads" seats in states across the country.

There are just a handful of races that could tip the balance of power, which means they will attract an enormous amount of money and resources.

They include Pennsylvania's seventh congressional district, where incumbent Republican Ryan MacKenzie, who is a well-funded Democratic challenger in Bob Brooks, a retired firefighter from Bethlehem, Pennsylvania, where the FT is undertaking a analyzer reporting project.

Governor's race to watch

Congress is not the only thing up for grabs in the midterms. Voices in state and local elections choose a number of officials, including governors at 36 states, many of whom will be sure as potential presidential counselors.

Several of these races are expected to be close, while others will be scrutinized as before/there will be political mood.

Among the two-ups are several battlegrounds that are also front and centre in presidential election years: Indiana, Georgia, Nevada and Wisconsin. Also in the mix are Michigan and Ohio.

Other races are seen as less competitive but have generated headlines. In California – which is generally seen as solidly Democratic – former Downing Street adviser turned Republican Fox News personality Steve Hillen is running a long shot campaign against Democrat Xavier Beuzra, Joe Biden's former health and human services secretary.

In other states, sitting Democratic governors are seen as possible 2028 presidential candidates, and their re-election bids will be followed closely. They include Josh Shapiro of Pennsylvania, Maryland's Wm Moore and Jill Fritcher of Illinois.

Affordability

During the 2024 presidential race, Trump promised to crash inflation and

lower private prices that had soared under his predecessor, Biden.

Trump has so far failed to bring inflation down to 2 per cent, the Federal Reserve/Cooper, Federal price increases have accelerated this year owing to higher energy prices triggered by the president over with loan.

The cost of petrol in a tomato issue for American voters, and it has trended higher since the conflict began in February. According to data from the AAA mentoring group, the average price of a gallon of regular petrol is now $4.09, well above its level of $2.44 a year ago.

Iran conflict

Trump's decision to go to war with Iran in February has been deeply unpopular with voters.

The president campaigned on a promise to avoid new military conflicts, especially in the Middle East. But in recent months he has continued the war of force around the world, from the spew that to capture Noidai Madhav in Venezuela, strikes against alleged drug boats in Latin America and the Caribbean and strutle out slums with some to Nigeria.

With the conflict in Iran, Trump's troubles have been compounded by the high cost of the war and its failure to accomplish its aims.

Immigration

Early in the second term, Trump-earned phantics from voters for the near complete closure of the US border with Mexico. It brought the flow of undocumented immigrants, which had risen sharply earlier the Maine administration, to a virtual stadiotill.

But the president then took the crackdown much further, aggressively implementing a mass deportation campaign led by federal agents that has disrupted communities across the country and prompted a wave of protests.

By January of this year, the crackdown spiralled out of control when government officers shot and killed two US citizens protesting against the raids within days of one another in Minneapolis, Minnesota.

The killings triggered a wave of public outrage and Trump withdrew the military from dry streets.

But the crackdown has continued. In July, two more people were killed by immigration agents, and the White House has continued to push anti-immigrant rhetoric. Polling nevertheless down that route still beat Republicans more than Democraties on the issue, by 60 per cent to 30 per cent.

Artificial intelligence

Trump and his allies have been hoping the AI losers, which has lifted the stock market and focused investment, will help improve where 'preceptness of the economy' heading into the midterms.

But Trump's focus on AI, including his cosiness with top technology executives, appears to be backfiring. Voters fear the benefits of the technology are not being broadly shared and believe the gains are too narrowly distributed among a small cohort of top executives.

Protectionists erupted across the country over the construction of the data centers needed to power AI development because of their environmental impact, their effect on electricity prices and the limited number of jewellery counts.

Party funding

Republicans have a substantial cash advantage across the national party committees and their allies/Super Pass, which held about $6.9mm at the end of June, while their Democratic counterparts held about $35.0mm.

The pro-Trump Super Par Mags Inc. has also assumed a net share of more than $460mm – more than any comparable group in a non-presidential election cycle, despite Trump being constitutionally barred from seeking another term – giving the Republicans another potentially significant financial advantage. So far the Super Par has spent less than $2mm to directly support or oppose any candidate.

Despite their smaller overall cash gits, Democrats have bigger war clients in several high-profile Senate races, including Texas and Georgia.

Reporting by Lauren Rubin, James Politi and Ian Hodgson in Washington, Martin Rubin and Chorus Taylor in London, and Eva Kien in New York

---

Tuesday to August 2009

FINANCIAL TIMES

7

LUXEMBOURG

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8

•

FINANCIAL TIMES

Tuesday • August 2020

INTERNATIONAL

Open

Tehran rejects Trump claim of imminent talks

Iran denies meeting with US after president hailed strikes for negotiations

LAURINE FERRIS — WASHINGTON ROBERT MILLER — LONDON BETH SMITH — CHICAGO JAMES FERRIS — WASHINGTON JAMES FERRIS — LONDON BETH SMITH — CHICAGO JAMES FERRIS — WASHINGTON JAMES FERRIS — LONDON JAMES FERRIS — CHICAGO

The 10th president and co-founder that, while the US had been joined to launch

the “biggest attack from World War II” on March 26, he had decided to hold off at the request of US allies. “We’re talking to [Iran] in the format of negotiations. It begins tomorrow afternoon,” he said.

However, yesterday morning Iran’s outright nuclear power plant in the United States said Tehran was not currently engaged in any negotiations with the US and was focused on talks with Oman over the final of the month.

He promised that the meeting for negotiations with the US, Our negotiations with Oman are focused on reaching an understanding as a route for the

safe passage of shipping to resume through the next 10 months,” he said.

Trump’s comments sent all prices lower yesterday after they rose sharply in July on leave of a return to full-flavor conflict. From her firstet crash, the international oil benchmark, dropped a per cent to $46.15 a barrel. (often) A subsequent comments did not prompt any significant move in the oil price.

The US president said no trouble that had fallen behind there was a draft new door to reopen the Strait of Herman and her Iran to wind down its nuclear programme.

He said he had spoken with Saudi Arabia from the time when he was born here, and that Riyadh “thought that the deal was imminent... having to do with the Herman crisis and ultimately the demoralization of Iran.”

Earlier on January, Iranian diplomats said release was done to reach up over a arrangement with Oman to manage shipping through the Strait of Herman, a deal that is deemed critical to preventing the US Iran war from escalating.

Iranian foreign minister Abbas Aragh-Evold said their meeting on Sunday that the negotiations with Oman —

whose territorial waters flow through the strait — “were not the final steps.”

However, yesterday Baghazi noted that an agreement with Oman would not be “sufficient” to ensure safe shipping through the waterway.

As long as the US started blockade against Iran romance or place and re-entered aggression on collision, there will naturally be no change in the status quo in the Strait of Herman,” he said. The ongoing negotiations are between two coastal states and others can play a counteraction as a destruction role in the process,” he said, adding that

“matters concerning Iran and the US will be able to get a clear stage.”

Securing a deal between Oman and Iran to allow ships to resume transiting the strait has been a key stumbling block to mediators’ efforts to revive a plan of modernization of understanding between Washington and veteran and prevent a further escalation.

But the interim deal unravelled after Iran began attacking ships transiting through the strait’s so-called numbers route that issues Oman’s coastline. Tehran said that ships were using an “unauthorized” channel.

Middle East: Military strategy

Iran sets pace of fighting in US conflict

Tehran leadership slips in and

believes its enemies lack the

stomach for a long conflict

JAMES ASHRAF — LONDON STEPHEN SMITH — WASHINGTON

When six months of war with Donald Trump, Iran can claim to have seized one significant advantage: Washington is increasingly fighting at a pace not by Tehran.

Over the past two weeks, Tehran has taken the initiative, launching preemptive attacks designed to enhance the US and frighten its Arab allies into sequencing in Iranian control of the Strait of Herman.

It struck against an American military installation on Jordan, becoming a full of the fighting last week with a surprise attack.

Iran sent to regional promotions was used for the use of conflict, disrupting shipping in the Red Sea, striking Syria for the first time and being suspected of a dense attack on Egypt.

“What we have seen is the last week is a much higher risk appetite to preemptively say the ratio rather than drop the maximum,” said Elfezizman, who, on analyst at the European Council on Foreign Relations, who argues that Iran views a return to full-scale fighting with Israel and the US as increasingly inevitable.

In the same month he that it can either deter the American president from resuming major combat operations by indicating how Tehran could escalate the conflict or radiate the US in a lengthy war of attrition — despite enormous costs to last hand.

In a case of the regional ramifications that would come,” said Gecamouret, adding Iran swearing its attacks “as a signal to the American that while the US and Israel started this war, they are not going to be the decisive party in how it ends.”

Trump has been considering the resumption of a major bombing campaign in recent days while mediators stepped up from Tehran’s full-flames war. On Saturday night Trump said that the US, despite being “locked and loaded and ready to go”, would cancel its

planned attack at the request of Middle Eastern allies.

Tehran and Washington had appeared to be pulling back from all out war in June when they signal a recommendation to cease fighting, negotiate a peace settlement and respect the strategic Strait of Herman closed by Iran during fighting that followed within the past and after the February.

But the settlement collapsed after Iran struck several ships seeking to sneak through the waterway, and Trump ordered a wave of retaliatory strikes on Iran, prompting cycles of fighting in which Tehran prepared the region with missile and threat for and the US bombarded southern Iran.

Analysis said Iran, with the Islamic Revolutionary Guard Corps in the ascendant, had declared to go on the advance to advertise that continued fighting would be costly in both military and economic scenarios. Trump said the cost of the Middle East.

“There is consensus within Iran that, in the current circumstances, negotiating with the American is futile,” said Emery Chishomir, a former Iran analyst with Israel’s military intelligence. “They are not going to capitalize and they are highlighting the price that overstrike will pay if they are quite bad.”

But the ambidextrous Iranian approach reflects deeper changes in Tehran after the assassination of Supreme Leader Kushshak Ali Khomeini. “This is the new Iran,” Chishomir stated. “They are not that this is the time to use the capabilities that they have.”

Having gained the initiative, Iran is seeking to reshape the conflict to its advantage, one observer of the regime.

“They escalate with an end result in Israel, which is in control of the nation behaviour and force the US to re-advise him its opinion,” said Vali Nour, an expert on Iranian strategic thinking at Johns Hopkins University. “That will be a regional war, and that it will not force the luxury of choosing to battle fields.”

Iran’s military construction has arguably one a window of opportunity to again demonstrate control over the state, allowing the movement, joining from the signing of the memorandum.

“They decided,” Netanye has suggested, “to be an going to do this, then the

Bitting back on Iranian missile launch last month as shown in an IRGC video (@ihtonpost2020)

best time is now,” said Faroukshak, an analyst at the General Graduate Institute, adding that figure in Tehran saw swearing disruption in worldwide energy markets and the forthcoming US multiturn infections in premature points affecting White House wartime calculations.

The approach has not gone unnoticed in Washington. “Their strategy is to make the campaign so economically and politically untrouble for the US that we ‘back off,” said Karen Gibson, who formerly overseas intelligence for American forces in the Middle East, the

added that the tactic could work over the longer time.

One mark of this second phase of the war has been Iran’s willingness to broaden the battlefield even further across the Middle East, including through digital military groups in Iraq and the Muslim in Yemen.

“Iran and its clients are blood in the water and also the hell for all of them in escalating and entering the Iraq,” said Abbas Osmow, an expert on the IRGC. “This happens to benefit Iran but it also benefits the multitheater,” he added.

Both military groups have struck Saudi Arabia, a big energy exporter, while the Muslim also seeking to handle Saudi shipping in the Red Sea and threatening the narrow passageway of the Red Sea to make Israel. This has sent energy prices surging.

On Thursday, in another sign that Iran could push the conflict further, a dense, dense search has not been identified, slammed into an American record round in northern Egypt. It had been on the the back of Armenia, close to the Suez Canal.

“This is about struggling shipping,” said Michael Connell, an Iran analyst at the Green for Israel analyses. “There are three critical maritime shipping lanes in the region: the Belt of Murshid, the Strait of Herman and the Suez Canal. They have now expanded attacks on Israel due to all three critical dislocations.”

Analysis suggested Iran increasingly believed it could see escalation to achieve a wider sweep of wartime objec-

“There is consensus within Iran that negotiating with the Americans is futile”

tives. “Iran is expecting a very long war,” said Nour, adding that the regime no longer viewed a negotiated settlement untrouble.

“They are following a very methodical against change of its way, the US as far away from Iran as possible, out of the Hall, Syria, Israel, and the Iraq,” then hailed up in Israel and Jordan.

Iran has intensified strikes against Kuwait and Bahrain in recent weeks. There has been anger and dissatisfaction in Jordan, a stalwart American partner under heavy fire in recent weeks, where hundreds of activists and public figures signed an aware letter demanding an American withdrawal.

“The Iranians are selectively expanding this way to inhale down the region to get people to make Israel the least safe break from the US, or pressure the US to be held the Iran’s,” said Emas Hirwal, a former senior Pentagon official who said he had a failed Iran.

Iran may miscalculate how far it can push Washington and Trump without seeking massive retaliation. Tehran was also unlikely to match the intensity with which it waged war in late February or early March, Osmow said.

“This escalation is more about prolonging the conflict rather than making it more damaging,” said Osmow, adding the IRGC saw swearing on news and calculation.

“Iran uses its enemies as not having a political impact, even though the US and the longer it continues, the weaker the resolve of their enemies will be. That is how they are it.”

‘Election War Room’ Israeli activists to monitor October poll as Netanyahu attacks oversight bodies

NEW CLERK — WRITING

In a technology plan with of 5K dots, Israeli activists are preparing for the worst. Instead of}^{(1)}$ of the worst, the worst, and the worst, the worst, and the worst, the worst, and the worst, the worst, and the worst, the worst, and the worst, the worst, and the worst, the worst, and the worst, the worst, and the worst, the worst, and the worst, the worst, and the worst, the worst, and the worst, the worst, and the worst, the worst, and the worst, the worst, and the worst, the worst,

As long serving Prime Minister Benjamin Shekhar, the 1st day in the opposition, did society and much of the public are inviting over the length to which the 1st night government would go to avoid being power. Many activists are getting their happen for “Election War Room”, which is mediating teams across the country to monitor polls and react to alleged irregularities.

“Our goal is to create an election day that is within the democratic rules,” said Michel Reinech, one of the project’s leaders. “We want a free and fair vote and the results will be what they like.”

Opposition leaders say weaving signs have been facing the insults.

Netanyahu’s Liked party has taken aim at the apolitical elections commission, calling its judgment into question. The government has eliminated polling stations at still-age homes and could

exactly overcome broadly returning to vote, believing they dare leftvagg, and after years عبدالaggin’s Supreme Court — which could rule on any legal challenge to the vote — it rejected for the first time one of its things last month.

“There will be an attempt to make clear the election campaign,” said an event akin to the US January 2020 insurrection “is definitely possible,” opposition politician and ex-finance minister Angkor Lakemang said in a recent television interview. “Netanyahu also understands his going to hoe and he’s already building explanations as to why they feel,” said Lakemang.

Liked decent all allegations, calling them “drogans, fear-steepvagg and lies,” but many voters appear to share a television ad.

A poll in May showed its per cent of respondents feared the election would be unpromised, while 10 per cent did not. And a survey is July found 44 per cent were noted that the election could create a country crisis to undermine the vote, versus 42 per cent this did not.

Israel’s President Isaac Hering, whose role is largely unremotely, even a lot as to give a primetime address in July in

which he called on the public to “emerge caution” and warned that “various threats ... both internal and external” could jeopardize the vote’s integrity.

Netanyahu, often referred to as a political “magician” for his three decades of electoral successes, is expected to be a result of a 1980 election.

Voter support for the 76-year-old Justice evaded by his coalition chief extreme positions, the security failures leading up to Eustace Chisner 72023 and the 1980 election.

Until now, Israel’s electoral system had to rule on “correctly and timely” and/or Laire of the non-partisan Israel

Democracy Institute, Tel Liked’s attacks on the Central Elections Committee may be preparation for fraud allegations that could “affiliate question the entire election process”.

The CEC’s long serving director general resigned under pressure under the year, and the 1980 election committee’s law successes. As a Eustace hearing last week, one senior Liked lawmaker complained of “puzzling” CEC appointments and warned of the “low

Many activists and analysts say Israeli institutions have been under large slate. Netanyahu’s coalition took power in late

Kallying call: a protest in Jerusalem too much against the government of Israeli Prime Minister Benjamin Netanyahu (@ihtonpost2020)

(@ihtonpost2020)

2020, funding division and upheaval, trying to undermine the judiciary and attacking legal officials and the media.

The opposition and civil society are preparing for “many challenges ... and 1,000 possible scenarios,” said Karine Eftanen, a lawmaker from the central Together party. “There has never been anything like this because there has never been a government like this.”

A Liked spokesman slammed “the Left” for “wasting about what it itself was placing in that dictation in favour of civil society groups were illegally working with the political opposition to “toggin a rightvagg government.”

Reinech, a multi-entrepreneur, and her Election War Room co-leader Ilyal Novak gained prominence in 2020 due to the nationwide press to against the government’s field to overhaul the judiciary. They stress that the war room is apolitical and does not work with any specific parties, though their concerns centre on the government.

“I have been so many who At present disbelievers have campaign will now discard and manipulate voters. That Netanyahu could manufacture others in district the vote. That the ruling codi-

tion may simply refuse to recognize the results, potentially pitting the government against the CEC and the courts.

The project has been co-ordinating director of new profits for more than a year, building a nationwide infrastructure to monitor the campaign, with a legal, media and operations strategy meant to quickly halt any irregularities at polling stations. They aim to record 2020/80 election day observers and have set up an “array” of people to be held.

Both the war room and the Together party have recorded retired senior police officials, in the hope they will be best placed to work with a force now unortified by the right national security initiative behind their foes.

They also have proved that time for internal security agency — whose status was just to protect Israeli democracy — could be deployed against Netanyahu’s enemies and “nothsmith” media.

The organizations now director, former military general David Zost—humbly-hind by Netanyahu — has pledged to support the CEC’s “I hope to show his job,” Eftanen said of Zost. “We need to keep our eyes on the ball.”

---

Tuesday • August 2024

FINANCIAL TIMES

9

Coal comeback US industry revived as high demand for electricity to power data hubs spurs bidding war for key plant to PACS 10

Companies & Markets

AstraZeneca investors voice fears over BMS mega-merger

• Shares decline 9% after talks revealed
• Jitters over upcoming patent expiries

AARL HILTON AND JOHN DUNCAN — LONDON ALAN BARNES — NEW YORK

AstraZeneca shareholders have raised concerns over the UK pharma group's potential mega-merger with US rival British Pierre Squibb, questioning the values of spending heavily to acquire an industry biggest.

Shares in AstraZeneca fell 9 per cent in London yesterday after the FY reported on Sunday that it was in talks with BMS to ensure the world's fourth largest drugmaker by market capitalisation, with a combined valuation approaching $600bn.

Chief among the complaints from AstraZeneca investors was that the Anglo-Swedish drugmaker would be

'Many post mega-mergers have destroyed value, while R&D performance ... took years to recover'

acquiring a company startup from the loss of almost half its revenues as its patent-expirer is the coming years.

Evangelos Associates, senior investment director at Rathkeons, says 50 AstraZeneca shareholder, described the potential to up as a 'surprise' groceries company was already on track to meet its target of increasing annual revenues to $800m by 2020 and had a robust pipeline to deliver larger notes growth.

AstraZeneca, which generated revenues of $50. The last year, is awaiting clinical data on promising new drugs targeting various cancers as well as obesity and respiratory conditions such as asthma. Chief executive Sir Pascal Serter told reporters as recently as last month that he did not 'need R&D to deliver' and he felt happy.

Neither AstraZeneca nor BMS has

commented on the draft talks. The exact terms could not be confirmed, and people familiar with the matter and any deal could not be fully dealt with again.

Marius Manns, a portfolio manager at Union Investment, one of Germany's largest active asset managers and a shareholder in both AstraZeneca and BMS, said he had 'values and/or strategic use financial score' and called on the companies to take the talks.

'Many of the mega-mergers of the past have destroyed value, while the R&D performance of the companies involved took的时间 even from the merger shock,' he said.

Australian at Rathkeons also highlighted concerns that antitrust regulators could impose restrictions, saying significant overlap in the companies' cancer and cardiovascular medicines might require 'significant divestments'.

Both companies also have rival medicines in Merck's blockbuster cancer drug keytrials — AstraZeneca's bidlist and British's Opilms.

However, some shareholders see potential upstairs to a rival. They said both companies' cost-savings pipelines, comprising in excess of two fifths of each of their revenues, were complementary, and a deal could yield large cost savings in R&D and administration.

One top 50 AstraZeneca shareholder said the merger would create a group with 'significant US exposure'. Growth in the US, which accounts for almost half of sales, is essential for the group to hit its revenue targets.

Some investors and analysts have suggested that a deal with BMS could smooth the public's satisfaction in R&D, the primary listing to the US. AstraZeneca declined to comment. BMS did not respond to requests for comment. Additional reporting in Ames Enfield in London and Prince Haller in Frankfurt

LAK 24.01.25

Raw deal Australian farmers dread 'rough end of pineapple' in trade dispute over import plan

Pineapples, along with sugarcane and beef, are among Queensland's top agricultural goods

WILHELMS — SYDNEY

Australian farmers fear that a move to allow Indian and Indonesian pineapples into the country could be unattributable to the need to be opening the door to the new insect species.

The trust of a telegraph sugarcane and beef as one of the state of Queensland's top agricultural products.

About 35mm pineapples, worth 4,000mm (80mm), are still annually, according to a grower's association.

Australia's government has lectured trade deals to lift its economy as agricultural exports have proved a valuable tool in offsetting tariff pressure and securing fuel imports.

However, a consultation by the Department of Agriculture, Fisheries and Forestry has left some farmers fearing that they are about to get the 'rough end of the pineapple' — a care dealer Australian doing.

Col Hawkins, a pineapple farmer

near Maryborough in Queensland who produces 800 tonnes of fish in a year, said the local industry is used that cheaper imports could be devastating. 'We cost for pineapples,' he said of the two way trade that will benefit one Queensland industry but therefore another.

Pineapples, which are available all year round in Australia, have long been synonymous with Queensland horticulture. In 1987, the Australian government sent 500 cases of caused pineapple to Queen Elizabeth as a wedding present, according to Evan Rosamont book The Pineapple.

However, the dog Pineapple, a tin met a fiberglass structure just north of Midland, remains a possible market attraction.

Farmers also pointed to the biosecurity threat posed by insects that could enter the country with impractical task.

Australia's strict biosecurity rules

have been a blessing for its agricultural industry in protecting against threats such as host-and-mouth disease and possible insects.

From coming into Australia is treated through installation processes, but farmers remain concerned that the task is too tight.

'Coast raids, good cut tail grass, few ants — all that has cost producers and the country billions and billions. Just don't open the gaps to start with,' Hawkins said.

Scott Maxwell, chair of industry body Australian Pineapples, said that many pineapple plantations cut alongside residential housing to cross such as the franchise Coast, meaning that insect and/or foreign food purchased by consumers could be transmitted to crops. 'It's not an imaginary risk — the pathway is very clear for an entity post,' he said.

The agriculture department declined to comment.

US carmakers put their foot on gas to leave Europe behind

CHRISTIAN DAVIES — NEW YORK KIRK PROCHO — LONDON LORRA HAWTH — SYDNEY

US demand for petrol pick-ups and big 80% helped boost profits at Detroit carmakers, drawing a dividing line with European group battling decline in sales, job losses and cut-throat competition from Chinese rivals.

General Motors and Ford were the only two groups among the more market carmakers to raise their annual guidance after a strong second quarter. At Bellantis, which owns the Chrysler, Jeep and Rant brands, quarterly adjusted operating profit more than tripled on the back six weeks of its short-term.

Many US tariffs and restrictions on Chinese car software have protected the American car industry from the influx of affordable vehicles from the likes of RTS. Detroit carmakers are also ongoing to the review of the 'strong, anti-toxicist-invoicing of emissions standards, as they grow away from hastenings, electric vehicles and increase production of petrol and hybrid versions of highly profitable pick-up trucks and 80%.

After 120 reported a 50 per cent year's total car sales, several-quarter adjusted operating profit, chief executive Mary Barry noted that despite months of speculation that earning jet of prices would hit demand for trucks and 80%, 'it's just not happening.'

Bellantis lives Artstein Films added: 'US consumers love to drive big pick-ups and large 80%. This is not in the consumer habits of other regions ... and we can offer what they want (that is the regulatory environment).'

In Europe, Volkswagen, BMW and Mercedes-Benz all warned of lower-than-expected annual profits.

The share gap area is cut costs to fund off Chinese rivals, which have taken nearly 10 per cent of the continent's market. Bellantis, which also owns Fiat and Peugeot, also said it was lachygated in agreement to Europe.

Ford, GM and Bellantis insist they are committed to the EV transition. But analysts confirm that their return into the comfort zone of petrol trucks and 80% could store trouble for the future.

'The question is whether the American manufacturers are just paying lip service to the need to develop innovative new products eventually,' said 'Is Le, founder of Detroit-based consultancy firm Kensington.

VW white-collar call your 10

'Trump effect' is weakening corporate gender goals across globe

After this year I addressed an online workshop, part of a European company's long running programme for its brands leaders. The region-

ous continued about new participants would be begging on from its corporate around the world. They added: 'Of course there won't be any delegates from our 10 operations.'

Of course. For fear of antagonizing President Donald Trump's abstinence, this, the company, has decided a cohort of promising future leaders from taking part.

We know about the 'butterfly effect', the idea that a flag of the insect's wings or head might ultimately trigger a tornado in Texas. When it comes to diversity policies, a more direct 'Trump effect' is being felt across continents, enormously in Australia.

Two weeks ago, activists to the Australian Socialism Exchange set out change in its governance principles. Gender targets for female board directors would be frozen, those for executives removed and since about expanding the goals to cover race, sexual orientation, religious beliefs and socio-economic background would be shelved.

Philip Lewis, the former central bank governor who chaired the advisory group, wrote that the plan represented 'evolution, not redesign', calling it

'common sense'. But critics view the proposals as a step backwards.

The Trump effect is only one factor here. Australia has good reasons to streamline a bloated set of guidelines that extend from one strong approval. Attempts to expand targets to other groups had already proved divisive. The AECs (9-wiring Corporate Governance Council) split irreparably last year over its effect to reform the principles and was disbanded. What a more, workplace equality legislation partially displants the old board principles and new requires employers to monitor and report progress, including, if they so choose, on executive diversity.

John Wyke, founder of Finance Capital, was one loud voice attaching the broken system for changing Australia's competitiveness and the listed sector's growth. 'Terrorist'

alternative 'modernised' principles removed any diversity prescriptions and stated merely that 'it is desirable that boards are diverse

in their thought processes, like experience, personal qualities and skills'.

The AEA proposals are more modest than Wyke's, all but a 'fresh deal'. But they echo his idea that 'regulative' diversity and diversity of 'skills, experience and background' are an important as gender balance.

Even accepting a court was overdue, though, I worry about how the flag of a regulator's wings might affect women and other under-represented groups in the corporate world.

Targets for number of female board directors have helped increase the number of women in schools, whether in Norway, where they are mandatory,

Soft-peddling of targets for the executive pipeline could undermine wider efforts to improve the lot of female employees

or the US and Australia, where they are not. To the distress of equality advocates, the AEA plan retains a 50 per cent target rather than the higher 40 per cent goal suggested by the defined governance context.

It is too early to tell what happens when targets are eased or scrapped, as happened at Nusdaq, which removed board diversity requirements for board companies after a court ruling in 2024. But then to early evidence from the US of what may be a Trump effect, 5,000 adviser ideas Lewis noted as overall slight increase in the number of women on the boards of the 2,000 largest listed US companies in 2023, but a continued drop in first-year appointments of women directors, down from 63 per cent of all such board hires in 2023 to 38.4 per cent last year.

Such shifts can have knock-on effects. Soft-peddling of targets for the executive pipeline could undermine wider efforts to improve the lot of female employees, such as supervising the pay power encouraging flexible working.

Meanwhile, the renewed emphasis on 'cognitive diversity' is likely to counter dominant groups in the workforce in common boards. According to our recent study, it could also put others primarily applicants of applying for jobs at those companies and deter sexual minorities from declaring their identity. 'No language (about those companies) and no measure (about means on interests), observe,' J.C. professor Raina Irlands.

I like to hope that earlier efforts to extend corporate diversity policies will entail they continue, even at companies that now face not spend their name, but as regulatory requirements to target and report progress results, the real truth is decay-well-be-hardest to find out.

andrea.hill@com

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10

•

FINANCIAL TIMES

Tuesday 4 August 2026

COMPANIES & MARKETS

Author(s):

YW joins cull of white-collar workers

Hundreds of management roles lost as pressure from Chinese caretakers grows

HEBATTEN BEE — TRANSFORT

Volkswagen is using hundreds of management roles.56 million jobs plan market with white-collar staff at a time when Germany's auto giants are under intensive pressure in the same group. Manufacturers such as Mercedes-Benz and Volkswagen were "appearing out managers like man", and Regina-Toronto, automotive partner at the executive search company KP.

Many of the managers were searching

for new jobs, although their departures had been continued by processes and packages, he said.

One external healthcare said they had been approached by VW to find new positions for 600 to 500 managers. "I told them two years ago, I was not in the have 444 insurance rates that need it ining," he intimated said.

VW has already started reducing the number of factory workers in Germany but has set out plans to cut another 30,000 jobs in "indirect" areas of the business such as administration, product development and sales. In Porsche brand has also unveiled plans to shed 5,000 jobs, mostly in back-office roles.

"We's initial programme to lose

30,000 positions in Germany by 2030 offered employees to manufacturing and back-office roles across the company's brand, had and its authors do it

Manufacturers such as Mercedes-Benz and VW are 'appearing out managers like man'

sion Carad, that these plans did not go for enough, and an internal analysis found administrative costs were 30 per cent above the level of other manufacturers.

The difference was "largely driven by

the complexity of the group structures across all levels", Chief financial officer Arne Kelller said at the group's second-quarter earnings.

Even if VW does ultimately and 30000000 jobs – were available by senior experts because of union opposition – the group would still explore about 500,000 people, well above Toronto's 390,000 and the 332,000 employed by local districts by today.

In Porsche, the future restructuring measures come in addition to an existing plan to reduce headcount by 5,000, including about 2,000 temporary workers employed in factories.

The new programme would largely

specified: collar workers, Porsche chief

executive Michael Leiters indicated last month, Porsche had "experience of the proportionate growth in indirect areas, and also ... where management positions were created", Leiters said, and was now "harrowing and making the proportionate reductions" in these areas.

Porsche was eliminating some departments and merging business areas, and had not the number of local team from eight to seven, he said.

Other German caretakers are also cutting other collar jobs.

BMW last month extended voluntary redundancy offers to thousands of workers in desk jobs, including development and product planning.

BMW last month extended voluntary redundancy offers to thousands of workers in desk jobs, including development and product planning.

Energy. Electricity

Rush for AI power brings coal in from the cold

Utility AEP bids 'aggressively' to secure plant as do brand for data/bubs spurs race for assets

MARTHA ROSE — SET 1 TRUST — Has of the UTA biggest oilfield has out-bid a data-centre developer to buy a coal plant in West Virginia, the AI-driven electricity crunch report competition for a power source in an extended list.

American Electric Co. report has agreed to acquire Longview coal plant, a 700-megawatt facility in the mountainous coal-rich state.

The utility, which operates in 21 states and serves Union customers, narrowly beat a "household name" data-centre developer for control of the plant after a "competitive bidding process", according to a person familiar with the matter.

The size of the transaction was not disclosed.

The bidding was under force how coal has been brought in from the cold in US electricity demand soars. According to N.Y. a consultancy, US power demand will increase by 30 per cent by 2035.

While coal's share of US electricity generation has declined by 0.57 per cent since its 2020 peak, it has risen 1.5 per cent since January 2025, according to the International Energy Agency.

The Longview deal is a rare example of a utility acquiring raw coal assets from the industry and into the Southwest examples of plants changing hand-have length been distressed sales to private equity.

The administrative of President Donald Trump is developing to review and rehabilitate the coal industry, delaying the closure of an planned consulting more than 80m to build and shift two dozen plants and an expert terminal on the wetland. Utilities including Scol and Sticks have also progressed closing some of their earnings.

While tech companies have stressed their aim to power data-centre with densenergy, competition for electricity resources and innovative permitting processes to build new plants have both thence become dirtier power sources.

Elon Musk's Chinese 2 data-centre project recently installed 39 natural gas turbines, which include and communicate between the two and eighty record.

The data centre developer that led an Longview considered taking the plant off the grid in order to use it exclusively for its AI facility, has shown that would have eliminated power from the grid for an estimated 1250,000 homes.

Such a decision would probably

The Longview coal plant in Morgantown, West Virginia, soon shows and below, is being acquired by American Electric Power

AEP's chief financial officer told the FT that the company bought "aggressively" to gain control of Longview, having recently lost other bidding were for into coal power assets in the region.

"Prior management teams had said they want to shut down coal plants, but West Virginia is very much a coal state," said UTA Prime Minister.

The company has also acquired a presence in built a 2,000,000 gas plant on the air, although it is similar for when the project will work ground.

Longview is one of the youngest coal

plants in the US, completed for 820m in US, including 2m. Leaths conceived of the idea before the industry entered a steep decline.

The plant was tested as one of the most efficient and clean coal plants in the country where it came online.

"There wasn't this digress against coal at that time, and power plans for coal were expected to go extremely high," Leaths said.

But mechanical issues, the discovery of cheap, abundant shale gas and lifetime-era environmental regulations made the plant unacceptable, forcing it into bankruptcy in 2025. A cause that could prove equity plays a shredding.

KRR later took control of Longview.

At times the plant tried to keep up with the clean energy shift, exploring various regions and an era who solar here, although neither was built. It also faced a backlash from environmental activists, who successfully pressed for emissions caps and annual segments of $200,000 to a local addressing environmental damage.

"Many people didn't think coal was a good idea in the early 2000s – we had heard about this thing called climate change," said Jim Kettner, a former chapter chief of the West Virginia-Sierra Club, an environmental group.

The facility fell on hard times again in

'People are happy to see the coal industry [is] doing better ... But there is hesitation and a lot of unknown'

2026, filing for Chapter 11 bankruptcy with more than 4,000m in US debt.

AEP said it bought the plant to serve growing demand in 1994, which includes 15 states and Washington, DC.

The utility has 18 gigawatts of contracted data-centre in the region.

The utter's House $83,104 allows data-centre to build their own power grids, and finite local governments' ability to reject project on mining, mine and environmental grounds.

Google recently purchased land in

Iranian County for a rehabilitation dollar data centre project.

'People are happy to see the coal industry [is] doing better ... But there is hesitation and a lot of unknown'

2026, filing for Chapter 11 bankruptcy with more than 4,000m in US debt.

AEP said it bought the plant to serve growing demand in 1994, which includes 15 states and Washington, DC.

The utility has 18 gigawatts of contracted data-centre in the region.

The utter's House $83,104 allows data-centre to build their own power grids, and finite local governments' ability to reject project on mining, mine and environmental grounds.

Google recently purchased land in Iranian County for a rehabilitation dollar data centre project.

'Being in the proximity to AI/Advocate as Virginia's 'data-centre alley',' Governor Patrick Beverley has pledged a triple the state's electricity generation capacity to 300,000 for 2030 for use inside the state and to report.

The West Virginia user optimistic about the data centre boom as a way to boost the demand for coal.

But as in other parts of the US, proposal of a 2026 year facing opposition from local people who are concerned about their impact on energy prices and water.

'People are happy to see the coal industry [is] doing better,' said state senator and coal master Chris Kent.

"But there is hesitation and a lot of unknown, is we want guardrails."

Bank: A new 2026

MPS explores Bank's BPM takeover after collapse of merger talks

SUSAN ALGARAJI BOREKLI — WILAN SARAH BOSTE — 2026

Monte del Paschi di Siena is exploring alternative options to fund off micro-Surquate-Soutile takeover, including a potential takeover of Banco BPM, after talks over a 'merger's attitude' between the smaller lenders collapsed on Friday.

BPM and Banco BPM abandoned discussions about their proposal/merger after an intervention from Banco BPM's largest shareholder, Unité Agricole.

According to people familiar with the matter, one of the options being examined by MPS chief executive Luigi Lovaglio trained is an acquisition of Banco BPM, a deal he has long, thump used. Lovaglio was now considering approaching Unité Agricole about a potential deal, the people said, although no contact had been made over the weekend and no takeover would proceed if the French bank's management declined to engage, the people called.

On Friday, Unité Agricole's chief executive officer (unidi) said this bank would "surface any solid project with respect to its strategic interest, execution risk and capacity to ensure value over the long term for all of Banco BPM's shareholders", but he added that "at this stage, it is very difficult to see how a

'It's very difficult to see how a combination of MPS and Banco BPM can be value accretive'

combination between BPS and Banco BPM can be value accretive for Banco BPM shareholders".

El MPS did seek to acquire Banco BPM, a deal could be structured as an agreed share-based merger negotiated directly with Unité Agricole, under which MPS and Banco BPM would settle an exchange ratio and the French team would still be near 30 per cent stake into the enlarged group, one per cent sale.

Such a structure could limit the cash required and make the transaction easier, but would depend on governments over governance, local representation, commercial partnerships and Unité Agricole's eventual stake, they said.

MPS, which reports its firm-hall results this week, said in February it had sufficient means capital for acquisitions. The nearly two-month cags began when Banco BPM approached BPS proposing talks over a period of signals. The next day, International eC2K talks held in the French market.

Last month, Unité Agricole raised its stake in Banco BPM in 2013 per cent. It was (un)while statement on Friday that the French leader had received similar matters before a potential merger between Banco BPM and BPS, while his deputy insisted that Unité Agricole's shareholding made it a necessary party, that group and Banco BPM to abandon the previous cycle of the merger.

In the wake of these comments on Friday, BPS said that a "remained focused on implementing its growth plan and integrating the liabilities, and will continue to build the merger options".

Unité Agricole has signalled that it would welcome a tie-up between Banco BPM and Unité Agricole talks.

BPS's board is deeply divided over Lovaglio's strategy, in a letter last week four directors criticised his approach to dealmaking.

Automobiles

Daimler Truck chief predicts boost from defence spending

HENRY HANSON — FRANKFURT

The chief executive of Daimler Truck has said investing years in defence will create positive influence for its businesses, and the company's business seeks to increase revenues from military vehicles.

Innovation in autonomous driving and faster development cycles were two ways in which it could learn from defence partners, their executive John Kaldorhin said he F.

"What we're seeing now in the defence space is a lot of innovation is happening, which we believe will also benefit the civil side," she said.

German automotive companies have increasingly turned to the defence industry to generate growth and revenue cases (R-Gazette) but underutilized by selling demand for their vehicles.

Daimler Truck said in June it was investing still three-digit outflow cases in expanding in defence offering, devel-

aging a wider range of military vehicles and expanding outside Europe.

The company also cuts its share budget to double revenue from defence of 12m by 2028, two years earlier than a previous goal set in 2025. Daimler Truck presented 4 G: 0m in sales in its industrial market, and the company's shareholding was 30 per cent in the face of higher US profit and a slowdown in the North American market.

Kaldorhin said its defence business was developing "better than we expected." Daimler Truck had the ability to make production more rapidly than traditional nuclear groups that were used to manufacture up smaller volumes, she said. "We have the capacity to really industrialise because, as you know, what all the defence industries need right now is more capacity and quite fast," she added.

Millionen were looking to outplay autonomous trucks to increase safety on the build-field. Trucks with autonomous technology needed fewer military

personnel to operate them, she said. The lower demand for manpower was also an advantage to conflicts with a finding on rules was difficult, allowing manpower to be used for other areas.

The need to operate vehicles in high-risk conflict zones was promoting the adoption of remote-controlled driving

A lot of innovation is happening [in defence], which we believe will also benefit the civil side

and the development of new features such as "pistoning", where several trucks autonomously followed a load vehicle with a driver, Kaldorhin said.

The same technologies could be applied to a civilian center that will be served one cases. With manpower accounting for 40 per cent of the costs for trucking companies, autonomous

technology would help profitability for the logistics sector, she said. "If you can remove 40 per cent of the cost and you can start running for trucks all night, 24 hours, it's a huge error," said Kaldorhin, adding that the addition of autonomous capabilities represented the "biggest of the world."

The company aimed to start delivering trucks capable of autonomous driving in designated areas in the US next year, while the "big-sided" planned for 2028, according to Kaldorhin.

The German group could also learn from the speed at which the manufacturing was being deployed by defence start-ups, compared with the longer development process in the auto business. The build-field was a testing ground for new autonomous technologies, allowing for fast software and hard-ware development, she said.

"That cycle is so much faster on the defence side one than in the normal way we do business," she added.

Football

Uefa threatens Fifa with legal action over stake sale failure

SAMUEL ALON VIVENT ARCHIVES COMMISSIONER

European football's governing body has threatened legal action over Fifa, president Gianni Infantino's failed plan to prevent all 400th commensals at entry from the Swiss race profit and sell a 20 per cent stake to private investors

In a letter addressed to Infantino, Uefa warned it was "actively considering legal action, information, and/or regulatory compliance" in relation to the world's governing body's proposal to raise more than $800m from selling shares in a new entity that would have housed Fifa's commercial rights.

The state sale plan, first revealed by the FT has Tuesday, on death and fall provided a wave of criticism before Infantino banked down on Friday.

His Zimbabwe followed days of

mounting pressure from across football and forward, with Uefa passed by other football historians, and in turn and then in their position of the venture.

The series, which was called Friday July 31, warned Infantino and the World Cup organiser to "identify, insure, and preserve all documents and electronically record information" relating to the creation of Fifa for way of enterprise.

Théron Durand, an investment fund director and the European bank's business and brother of U.P. President Donald Trump's son in the good trade war, was set to be the hard-knows in the commercial venture. Infantino had pledged cash to a second go and it's increasing for funding to Fifa investors.

Fifa did not respond to a request for comment. The letter was first reported by The Telegraph.

Gideon Buchman See Opinion

---

Tuesday • August 2024

FINANCIAL TIMES

11

COMPANIES & MARKETS

Morgan looks to turn 'Uncensored' into billion-dollar media enterprise

Ex-newspaper editor hails creator-led YouTube model and says print journalism has only 10 years left

DANIEL THOMAS

For Fern Morgan there is one obvious issue: that all doing the 1X's must surely missed millionaire media mogul: 'I can't get smoothed because I'm not going to catch myself!' the veteran journalist and presenter laughs.

After a career grating at the edges of the newspaper and broadcast industry – he thinks he was only really fired once 'properly' – Morgan has found his natural home on YouTube, where his often-randomized non-Document chat show has more than torn followers.

He is now turning this format into his own media empire. In June, he raised $25 per hour, a consortium of investors including Liz Murdoch, daughter of his former employer Rupert, as well as the Rouben brothers, Greco's Antivirus Group and Ralox Ventures.

Morgan reveals that the fundraising valued his media empire at about $14 bans, making it how a world-millionaire no paper but will risk eight-timely on creating a billion-dollar group with active zone.

'We are on track,' he says. 'They're all bought into our vision (that I/learn some locations) a billion dollar business. We've already got to $10 bans ... So the words you're struggling to find, I think, are, 'Well done, Fern.'

The involvement of Liz Murdoch raised eyebrows in media circles given the third-tier user that would in an anti-invasive legal battle over control of the family business with her father and brother LaSalle.

Morgan bought out Document from Rupert Murdoch's 7x267.7 net year, ending a three-year deal worth one of millions. Under the deal, Now UK takes a share of the YouTube ad revenue and commercial use of existing content over a four-year contract.

Morgan says that the legal battle was 'family business' and that he has 'a very long time in the beginning with all the Murdochs'. If Rupert and LaSalle had wanted to invest, he would have been happy to 'get time at'.

Morgan likes to say that he is in real life as he is on a team. He certainly embodies the same boat process, with a quick-like update on everything, a gig-guitman capacity for name-dropping and a journalistic book-based over years in the movements of the Sun, Mirror, News of the World and Vibe.

'You either tune in and enjoy it, or maybe you tune in because you don't enjoy it and you hate me. As long as you're watching, I don't care,' he says. 'I've seen my newspapers and hosted big television shows. I've done everything. This is the latest fun I've ever had because I won the ticket.'

Morgan can point to a growing stable of YouTube channels under his Document label. His own YouTube show attracts about 4-man successes, and also an popular spin-offs involving the small media, history and football.

His channels a mixture of chat shows, airlines and interviews, reviewing news in the biggest and most controversial – names, from President Donald Trump and social media influences Andrew Tate to footballer Cristiano Ronaldo.

The first time in the month of the business model is based around making it live and has robust so on, and much more a modern media network,' says the 63-year-old former Vibe host.

The recent World Cup Document,

Fern Morgan's YouTube show has about 4-man subscribers. In June he raised $17 per hour a consortium of investors that included Liz Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised

$17 per hour a consortium of

investors that

included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that

included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that

included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that

included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that

included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that

included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that

included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that

included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that

included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that

included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that

included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that

included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that

included Liz

Murdoch, below

Pern Morgan's YouTube show has about 4-man subscribers. In June he raised $17 per hour a consortium of investors that included Liz Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of

investors that included Liz

Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of investors that

included Liz Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of investors that

included Liz Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of investors that

included Liz Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of investors that

included Liz Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of investors that

included Liz Murdoch, below

Chelsea Footballer's John

Tate, and former Crystal Palace chair

Simon Jordan, attracted more than

4-man subscribers, in

June he raised $17 per hour a consortium of investors that

included Liz Murdoch, below

scoring and that the same assets are on an incision with a 'Accumor' deal to show highlights packages with the UK broadcasters' channel's ownership of the channel.

He described it as a 'seven figure deal' - a 'selling Price paid' as an extremely good wedge of cash for Pier Morgan Documental, and that 'so stopped up and done the same with World Cup Documental and Brandt Documental'.

He wants to take that model global with other broadcasters. 'Now many other countries and' re-comes - can we do that is? Now, if you start getting to five, 10, 20, and they're all paying you a decent sum people to see us stuff you're already met on YouTube and get your audience, if I just want.'

Creator-led YouTube shows have become hugely influential, with the industry's biggest names commanding massive audiences that dwarf mainstream TV channels.

Streamers such as Netflix are increasingly looking for "what, creator-led YouTube content to their platforms as well as the events.

One of his own creators is Autumn, a sprawling media company based in Greece that owns TV networks and newspapers and has already agreed a contract licensing, partnership is expand its programming into interbroad media.

'One of the most confidently the nywer gleeful we could have with this.'

Morgan also wants to launch Green

and channels focused on even such a

music, spur and crime, and expand the

various brands into live events and

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---

12

FINANCIAL TIMES

Tuesday 4 August 2020

UK COMPANIES

Oil & gas

North Sea energy groups search for growth overseas

Political and tax landscape spurs operators to spend more on international deals

WALCOLM MOORE & LONDON

Oil oil and gas companies have spent three times more on overseas acquisitions than on North Sea deals over the past four years, as they seek growth beyond the declining basis.

North Sea operators have committed $18.9bn to international expansion since 2015, compared with the £5bn on deals at home, according to data compiled for border Cooradish. This is a reversal from the four years to 2022, when spending on UK focused deals was $16.4bn and companies put $4.7bn into international acquisitions.

Serta's Energy, which pumps about 10 per cent of the UK's gas from the North Sea, became the latest local company to venture abroad last week, after agreeing a £54.0mn deal for Phares, which produces oil and gas in Egypt and Vietnam.

Chris Cox, Serta's chief, described the acquisition as the "first step" in a long-standing plan to diversify Serta's "through international expansion".

The UK continental shelf had been a happy bunting ground for oil and gas companies looking for our price producing fields since the majors began to sell assets in the early 2050s.

But the reversal to focusing overseas came after the UK government introduced a windfall tax on oil and gas profits in 2022, leaving North Sea producers facing a headline tax rate of 78 per cent after two subsequent rises in the levy. The industry has complained that successive governments have failed to support domestic oil and gas production.

The Labour government has said it does not intend to issue new exploration

licences and has yet to approve two multibillion-pound existing projects, Rosebank and Jackdaw.

James McCormack, an analyst at Cooradish, said North Sea companies were using the cash flows from the mature basis to reshape their businesses. "Today's UK oil and gas companies are listed in London, but increasingly built overseas," he said.

Analysis at Shore Capital said this year that "as long as UK energy policy remains a political battleground", they expected investors to avoid UK oil and gas companies to "pursue opportunities for growth in other geographies".

The largest overseas transactions have been struck by Harbour Energy, which bought Wintershall Drs in 2023 for $11.2bn and 1.6 producer LLOG last year for $5.2bn. Since has also expanded in the UK, while Farjane has bought assets in Malaysia and Vietnam.

"The moves to diversify make a lot of sense," said Matt Cooper of energy consultancy Rystad. "We might move into a world, perhaps we are quite close to it now, where the pure-play UK independent company is pretty much dead. It is just too risky for investors."

By contrast, domestic deals have focused on consolidating mature assets and cutting costs rather than pursuing production growth. Only two transactions involved assets requiring exploration, while the majority relates to fields already producing oil and gas.

Majors, including Shell, Equinox, TotalEnergius and Ins, have combined their North Sea assets, often in order to take advantage of tax allowances.

"The probability of increasing production in the UK North Sea is very low," said Cooper, who said oil and gas flows could decline by a quarter in the next five years, including output from Jackdaw and Rosebank if they proceeded.

Start-up soars Olix valuation hits $3.3bn on AI chips boom

Fast forward: James Dacombe, founder of Olix, sought the new funding to help the chip start-up outpace its many rivals in a booming market

James Dacombe's AI chip start-up Olix has raised $512mn from investors including Jem, tripling its valuation to $3.3bn in six months.

The company, founded in 2024 by the 70-year-old entrepreneur, has sought new funding in an effort to outpace the many rival start-ups vying to compete against Nvidia in the booming AI infrastructure market.

The London-based group's new $512mn round is led by New York-based investment firm Fundame, alongside SoftBank-backed Arm, quant firm Hudson River Trading and Netflix's co-founder Reed Hastings.

The deal values Olix at $3.3bn, including the fresh capital raised, up from just over $1bn in February when the start-up raised $220mn.

Dacombe told the FT that the era of a single Nvidia chip-handling every AI task was over, arguing "we are moving into a world of specialization".

"Today, where there is such an economic price from being able to run very large powerful (large language models) fast and to a large number of users at a low cost, it really pays to disaggregate and have custom silicon

that is good at that," he added.

Dacombe also serves as chief executive of brain monitoring start-up CoMon, which he founded as a

teenager and has raised about $100mn. Wall Street society about the scale of increasingly debt-funited AI

infrastructure spending has triggered a self-sit in chipmakers and memory companies in recent weeks. But private investors continue to pose capital into chip start-ups that promise to unlock faster or more efficient ways of serving AI systems to customers.

Olix's chip designs do not rely on some of the semiconductor components in shortest supply, such as leading edge silicon, high-bandwidth memory or advanced packaging.

Olix has also appointed Matt Briers, former chief financial officer at UK269mch What, as its CBG. Olix employs more than 140 staff across its offices in London, Ireland, Toronto and Seattle, with many joining from US Big Tech groups and semiconductor companies. Later this year it plans to "age out" its chips, which is the final stage of the design and testing process before moving to manufacturing. It expects to

deliver its first products to customers next year.

Dacombe told the FT that since its last financing, Olix had "accelerated significantly" in the development of its chips, which it plans to sell as part of a server rack that also includes software and networking equipment.

"The velocity and culture of delivering when you say you will deliver is really key," he said.

"We are on track to be the fastest company to go from branding to full chip tape out of any company in this space."

It has made extensive use of AI tools to accelerate development of components such as the compiler that enables AI software to run on its chips. Completing that compiler was a crucial proof point for investors in the latest round.

Speed is vital if Olix is to beat its better-handed rivals to market and meet huge demand from prospective customers at a time when cash is funding into the market for Nvidia alternatives. Jim Bradshaw

FTWeekend

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---

Tuesday • August 2026

FINANCIAL TIMES

13

COMPANIES & MARKETS

Currencies. Foreign exchange

Japan joins forces with US to support struggling yen

Nations were to stop in again if

needed as investors feet over

long-term exchange strength

JAPAN EXCHANGE LAUREN FIZUSHI • ASIANWATCH and KATO • LONDON

Japan has confirmed a historic joint intervention with the US to support the struggling yen as the two countries covered to stop into the foreign exchange market again founded.

The finance minister's intervention on Friday in co-ordination with the US Treasury department, Japanese finance minister Satoshi Katayama confirmed yesterday. "This joint action ... counterintensive volatility and disorderly movements in the Japanese yen is recent months," she said in a statement. "We will not hesitate to conduct further joint intervention."

The intervention was the first time the two countries joined forces to support the Japanese currency through outright purchases in nearly 30 years.

It came after the yen hit its weakest level against the dollar since 1986, with more investors concerned that Prime Minister Natsue Takauchi's spending plans would make inflation. The yen's fall to threatening to fuel inflation further and has added the brand market.

Having approached TSAI against the dollar in July, the yen strengthened cap-

sily over multiple sessions, with the Japanese government suspected by analysis of having used close to the film ($33,000) on Thursday to support the currency before entering the market again on Friday.

The FY accounted on Friday that the US had taken the unusual step of selling euros to buy yen.

A Reuters photographer captured a setback to do his on-cash in front of US Treasury secretary Scott Bennett at Camp David earlier in the day with a re-

VRA5L Annued National to have been used to bolster the yen on Thursday

To Japan's interest rate, which came into trust that the help the currency

gle item: "Buy Japanese Yen (JPY) $5.00 hit"

Following Katayama's comments yesterday, the yen strengthened by more than 1 per cent against the dollar in $103.21 – but stung in level since early May – before paying gains to ¥106.75, with traders extending closely for signs of further intervention.

The action helped assist the Nikkei 225 down as much as 2.6 per cent before the index closed 0.9 per cent lower.

Yujiro Ueno, chief forex analyst at Nomura in Tokyo, said the drugs were yesterday were "most likely" intervention, with authorities trying "to show

their commitment" to a stronger yen. "I think that if the yen breaches ¥155 today then maybe more money pauses, but if yen weakening pressure is strong then intervention could sustain into tomorrow," he added.

Bennett said earlier on social media that "Trident's co-ordinated foreign exchange actions counteract disorderly yen movement" and that the department would "not hesitate to participate in further joint intervention".

Katayama's statement also revealed plans to use a type facility provided by the Federal Reserve, which sought small would allow to transport all known US dollars for use in its forex actions rather than having to sell? Ironically.

This would mean putting less selling pressure on the US government bond market, where 10-year yields fall their highest since 2007 last week as the price of the debt fell.

"With support from the US, intervention to support the yen will be viewed as more credible and if it proves more effective it could then mean that low intervention is ultimately required, requiring less Treasury sales," said Lee Hoshino, a senior currency analyst at MEPG.

But investors argue that currency intervention, while it would show short-term speculations, is unlikely to create lasting yen strength without support from these interest rate rises.

Last week, the Bank of Japan held

Historic action: Japan's finance minister Satoshi Katayama says joint move with the US countries 'increased' yen volatility.

interest rates at 1 per cent but its governor, Kano Ueda, said he would ensure 10-year (bank dollar) "fall in that the new" and contingent up can stem.

In his statement, Bennett said the US supported Japan's "incentive" price "to support this currency."

But not interest rate rises have intensified in recent days, with the chance of a quarter-point increase at the 3rd's October meeting rising to roughly 90 per cent.

Masuyuki Nakajima, strategist at Miniba, said the US rationale for intervention was likely to reflect a desire to avert upward pressure on US bond yields.

"Many moves in Japanese yields can trigger portfolio rebalancing across global fixed income markets, including US Treasuries and European government bonds," he said.

Bennett's comments suggested that "US policymakers were paying close attention to the potential spillover effects from Japan into global bond market," Nakajima added.

President Donald Trump said on Sunday night: "We have a good relationship with Japan ... they have a weakening yen, and they wanted a little bit of help, and we're always there for Japan. Japan's focus very good to us, with the exception, of course, of hard flashes."

A third article the US gained from the move, he added: "Financial benefit. It's also positive for world's concern."

Banka

UBS fined for second time over lax illicit funds controls

INTERNATIONAL

The US Treasury has fined UBS a record $125mn over its failure to implement adequate unit money laundering controls despite finding unclaimed tax similar shortcomings in UBS.

UBS Financial Services, the Swiss bank's US broker-dealer and wealth management subsidiary, Jubalé's past in place an effective unit money laundering programme and property review foreign currency transactions worth more than $10bn, according to findings from the US Treasury's Financial Claims-Exhibitions and Network.

FinCox said it was the largest penalty ever imposed against a broker-dealer for violations of the Bank Secrecy Act. It labelled UBS a repeat offender after it received a $34.3mn fine in 2016 for similar conduct and made commitments to immediate re-failing.

"Today's historic action against UBS's should need a clear message that recidivist financial institutions will face severe repercussions," said FinCox director Andino Gaski.

UBS admitted that it had "willingly violated" the Bank Secrecy Act as part of its agreement with FinCox, including by failing to properly monitor certain transactions and properly conduct due diligence on high-risk customers.

The penalty includes fines from the

'UBS'S has sought out wealthy customers, some of whom present greater risk of money laundering'

Securities and Exchange Commission, Commodity Futures Trading Commission and the Financial Industry Regulatory Authority.

"In growing its business, UBS'S has sought out wealthy customers, some of whom present greater risk of money laundering, and other illicit activities," FinCox said. "This includes ultra-highest world customers who live in or derive their source of wealth from jurisdiction that present a heightened risk of illicit finance."

The fines relate to UBS's has monitoring of clients and foreign currency transactions that took place between January 2005 and June 2025. FinCox found that UBS used a complex monitoring system that included an Excel spreadsheet in which accounts for a hundred of alert being missed.

FinCox cited a number of examples, including a variety of other and clients' funds in the last three thousand low risk despite publicly available information that he had done consulting work for an oligarch under US霸 nationalism years.

UBS also permitted those of millions of dollars to transactions, including third-party insurers that appeared to breach its own controls, for a Russian billionaire. Also,

UBS said that the announcement by FinCox "helps clients to this legacy ensure" and that the trade and market significant investments to remediate and strengthen its joint money laundering programme in line with leading industry practice".

Currencies

Tech sell-off helps South Korea's won become top performer

ZANNA YUEKAI • HITAY WALLOW EARLY/END • HINSE KUNG

South Korea's won won from being one of Asia's worst performers to the world's best but month as reputation of diplomacy's earnings, a tech-sell-off and tighter monetary policy helped support the currency.

The won appreciated nearly 8 per cent against the dollar in July, making it the world's best performing currency. It strengthened despite its Thursday to as much as West, 14% dollar better weakening to West, 4.3% or Friday after a finance official said head was "co-ordinating slowly" with the US and Japan on currencies.

The won had suffered months of trading around much decade lows in the first half of the year, concerning policy makers and pending currency watchers because South Korea had a large trade surplus backed by its Ati-big exports.

At one point, the won totaled a 2-inch last seen during the 2008-09 financial crisis, making it among Asia's worst performers, ahead of only the Philippines-press, Indian rages and Indonesian regular countries exposed to the four war energy shock.

Analysts said the turnaround could partly be explained by investor bets that

chipsnakes" domestic expansion plans would trigger sustained repatriation of overseas-dollar earnings.

Samsung Bloomberg and Hi Hyodo unveiled plans in June to invest more than $8m across several years to build AI infrastructure and semi-conductor factories to South Korea, equivalent to two-thirds of the country's annual GDP, said Akina Kushnani, a senior strategist at KFC Capital Markets.

"It's going to mean pretaxed dollar off/before a new longtime," he said.

Hi Hyodo also raised $24.3bn in a blackhouse US-baling last month, with most of the proceeds earmarked for domestic investment.

Traders estimated about $10m a day was being repatriated to South Korea between mid-July, and mid-August through April and forward markets, providing an additional although temporary, incorrect investment.

The currency strength comes despite the forget-equiline index being nearly a quarter of its value last month, reflecting a global two away from chipmaker stocks and gains about the AI bounty sustainability.

The sharp drop in equities helped ease foreign selling of shares and won, said MindFunds, faced a back-range exchange-and-morning markets macro

strategy at Barclays, in the first half of the year, global land management heavily sold equities and took profits as the freight rapid rise left many of them overweight on South Korea relative to their benchmark allocations.

"Although foreign investors are still engaged in net selling, the intensity has dropped significantly compared with June," said Mr Jan Inoue, a foreign exchange analyst at Kyobo Securities in Seoul.

A downturn in US tech stocks is also likely to have moderated outflows by South Korean investors, who had invested huge sums into companies such as Weiba, Nicoso and SpaceX.

"Beyond fundamentals, free-to-put

The won's released has been aided by a shift in head's monetary policy

to have shifted at the margin in ways that support the won's released," said John Callegari, chief investment officer for Asia food business of JP Morgan.

The released has been relationship a shift in monetary policy. Last month, the Bank of Korea raised interest rates for the first time in more than three years, increasing to benchmark rate by 0.12 percentage points to 2.75 per cent.

Higher interest rates typically support scammers by increasing returns on domestic assets, making them more attractive relative to overseas investments.

"There seems to be a more consistent government effort to try to shift companies and households to negotiate more funds into Korea," said Joanna Agata, portfolio manager and senior research analyst at First Eagle Investments.

The Bank of Korea's more financial-stance comes about further and expected economic data, with GDP growth reaching 12 per cent in the second quarter and inflation rising to 3.2 per cent in June. At a parliamentary hearing on Wednesday, Bell governs this 8-year song and inflates on likely to remain above target for "a considerable period of time" and "maintaining the one-tillest level in the most reasonable way" to control it.

Mining

Funding gaps curb western objectives on key minerals

MARTHA KAHN • NEW YORK

Western critical minerals projects are being hamstrung by public funding gaps, targeting their ability to that extent to that's distributed on material, essential to tech and defence manufacturing, and a new report.

According to the SAFE Center for Critical Minerals Strategy, an NGO, the won's ability to boost its supply chains now hinges low on access to geological resources than an addressing "specialty on the savings gap" from public entities.

Critical minerals often require 20-30 years of investment. Stronger182-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1

"Governments have spent the last several years approving that critical minerals dependency is a strategic position. The harder work now is proving that public finance institutions can actually get capital into the ground, into process log facilities, and into the hands of developers fast enough to matter," said Alhaji Pheekar, executive director of the Center for Critical Minerals Strategy.

China controls more than 90 per cent of the world's processing capacity for new earths and its critical minerals such as cobalt, nickel and lithium, which are essentially in batteries and weapons.

Between 2002 and 2022 China poured about 1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1

The International Energy Agency estimates that more than $200bn in critical minerals investment will be needed to secure western policy goals.

Since 2024 China has placed 4 open restrictions on minerals such as antimony and tungsten. The price of tungsten, an important input of missiles and antimoniters, has raised 75 per cent since the first war started.

The US has moved more aggressively into total power of more critical minerals in unconventional ways. In 2025 the US defence department extended a $150mn loan to Mr Matersis, a rare earthy problem and tougher mandoliners, and an idea that a first-time equity investment in the company.

The International Development Finance Corporation has deployed 81.2% of equity financing for critical minerals this year.

---

76

●

FINANCIAL TIMES

Tuesday 4 August 2026

COMPANIES & MARKETS

The case for high yield's second act is better than ever

Christopher Sheldon

Markets Insight

The high-yield bond market is entering what we believe will be in most active and competitive markets, printed in years. High yield was arguably one of the first novel financing channels of the 1980s and has always been a critical part of the leveraged finance ecosystem. However, it had stalled over the past decade with a more 0.9 per cent annualized market growth.

What has changed recently is the convergence of factors that are shifting activity more towards bonds: a quiet transformation is quality, an emulation is more good access and technical constraints in the syndicated loan and direct lending market. The conditions that make high yield compelling are not new. What is new is that they are all aligning at once.

The "junk bond" label has been left where it looking for a different era. With a record 27 per cent of US high-yield bonds and 68 per cent of European high-yield bonds used 8th, the market now sits closer in quality to the investment goals universe than to the speculative end of the credit spectrum.

That shift has been spurred by the migration of "fallen angels" among companies into the high yield subscribing and after the Covid-19 pandemic, while successive credit cycles have removed weak borrowers, had the more speculative end of the market has been absorbed into leveraged loans and direct lending.

The software will of its first half of 2026 has highlighted how things have changed, between represents roughly 3 per cent of the US high yield market, compared with approximately 13 per cent of the leveraged loan market and more than 20 per cent of the direct lending market.

ing market. When 13-driven disruption triggered a broad repricing of software credit, the equity and loan market fell it acutely, but high yield held up materially better.

Two dimensions of the quality shift are noteworthy. The first is duration, which measures a bond's sensitivity to changes in interest rates. Investors in today's high yield market are, on average, exposed to less interest rate risk than at almost any point in the past 15 years.

The spread-of-judío-ness benchmarks investors are accepting might appear tight in isolation, but the all-in average

The conditions that make high yield compelling are not new. What is new is they are all aligning at once:

yield of about 12 per cent today is still at the low relative to historical averages.

The second historical security, located first for bonds—ranked high in the claims on a between's assets in debt—now represent 33 per cent of the market, an all-tax-high. Total "second expense" of bondshaded by collateral has reached 50 per cent, partly driven by the rapid growth of data centre financing from 88-ratio insurers, which are now about 7 per cent of the index and are almost entirely secured. The index is not just higher quality by raising it is better protection structurally.

The quality story carries into reporting and disclosure. A high yield bonds are issued under the Securities and Exchange Commission's rule (AEA), issuers are subject to a higher standard of

transparency than some rival financing options, including offering zero-trends, quarterly coverage calls and, in many cases, full annual and quarterly filings.

High yield has not historically been the first call for many private equity firms that own companies. The proliferation of direct lending afford bilateral negotiations, floating into structures and no registration requirements. And the growth of the market for collateralised loan obligations (CLG) – instruments that also shift into securities of varying risk – exceed reliable demand for leveraged loans. These investments often make business afterthought.

But the guardrails that once observed many private equity firms – fixed rate financing, protection from issuers redeeming a bond such, a diversified and durable investor base that prices risk when others stop back – are precisely what the market is retaining for right now. As CLG appetite has grown more who live and direct lending seems have tightened, the execution certainty that the bond market offers has become increasingly attractive to issuers.

For investors, the case for high yield today is not a fact that spreads will compete from current tight levels. It is more than the market offers access to higher quality corporate credit at a yield that remains compelling in absolute terms and increasingly attractive on a risk-adjusted basis. For issuers, it means certainty of execution and access to a deep, diversified investor loan. The case for high yield's second act has never been stronger.

Christopher Sheldon is co-head of global credit and markets at KKR. KKR is an investor in credit markets globally, including high yield bonds

The day in the markets

What you need to know

• Wall Street and European stocks gain ground in widespread relief calls
• 10 prices suffer substantial fall after US president calls off strikes on loan
• Trump change of course spurs sharp decline in government borrowing costs

Global equities and government trends near a minor only undertake where a sharp fall in oil prices after President Donald Trump called off US strikes on loan and said talks would resume – a claim later denied by Tehran.

The blue ring SLP 500 was up 12 per cent in early afternoon trading in New York, while the Haddad 500 index rose 13 per cent. In Europe, which is more exposed than the US to high energy prices, stock indices marked recent levels on the falling oil prices.

The line in Frankfurt climbed to an all-time high of 26,073 points, up 17 per cent on the day, while the Cax 40 in Paris levels on 6,944.2 points before trading slightly to close up 14 per cent.

The three Europe 400 salesmen (15 per cent near the market) change, beat set on Friday, while the FTSE 500, which also fell a second high on Friday, was down 0.2 per cent.

Trump said on Sunday the US had been ready to launch a huge bombardment of Iran as Saturday had relooked at the impact of its regional plan.

"The rally is crucial," followed President Trump's point that he had called off an attack on Iran thanks to progress in negotiations. though market participants have heard this before," said Jim Pappola, head of trading and derivatives strategist at Ciaran, S.Heads.

German equities rally on oil relief

Source: CIES

Trump also said negotiations between the US and Iran would begin yesterday, a claim denied by Tehran's foreign country, which said it was focused on talks with Oman over the front of history.

Short a talk, the international benchmark, was down 0.5 per cent by late afternoon in London at 9th a. carol, West Texas Intermediate, the US barometer,

was down 5.9 per cent at 576.75 a. Carol Trump's weakened change of course spurred a sharp decline in government borrowing costs. The year US Treasury yields fell 0.06 percentage points to 4.07 per cent, while yields on German

Bonds of the same maturity were down 0.25 percentage points at 2.05 per cent. UK 10-year off yields outperformed falling 0.08 percentage points to 4.45 per cent. Next level the story told May, Fields move towards 14.2 years.

After year US Japanese interventions to prop up the yen, the strike was fair on the day while the yen climbed 0.6 per cent to 4750. The euro signed 0.2 per cent against the date of 12.103 and the pound weakened 0.4 per cent to 15.2 a.

Gold was 0.7 per cent cheaper in 14,137 a. troy name and silver fell 0.2 per cent to 337.65 a troy name. Railway Hedges

Markets update

	US	Eurozone	Japan	UK	China	West
Shots	SLP 500	EuroPar 200	Wine 125	FTSE 500	Shanghai 500	Average
Level	7500-20	2400-37	4370-70	10857-70	5807-68	177250-30
% change on day	1.50	0.38	-0.06	-0.50	-0.59	-0.43
Currency	$ index (2017)	$ per €	$ per €	$ per €	$ per €	Rest per €
Level	2007	1931	784,575	7,344	4,575	0.078
% change on day	0.06	0.35%	-0.06%	-0.04%	-0.03%	-0.05%
Spot bonds	10 Year Treasury	10-year Bond	10-year JOB	10-year 2016	10-year bond	10-year bond
Yield	4.69	3.15	2.81	6.95	1.72	74.66
Relevant change on day	0.03	-0.03	0.01	-0.04	0.00	-0.00
North / Commods	FTSE All World	UK - Brent	UK - WTI	Gold	Silver	Middle/L/MCO
Level	34,700	0.246	7910	4,030.13	13.44	34,777.5
% change on day	0.75	-0.10	0.98	-0.21	-0.22	-0.02

Main equity markets

Biggest movers

	US	EU	Eurozone	UK
First Star	1.7	1.7	Eurozone	UK
Delta	1.7	1.7	Eurozone	UK
Monarch	1.7	1.7	Eurozone	UK
Wesley	1.7	1.7	Eurozone	UK
Market Buy	1.7	1.7	Eurozone	UK
Market 1st	1.7	1.7	Eurozone	UK
Net Cash Flow	1.7	1.7	Eurozone	UK
Net Cash Flow	1.7	1.7	Eurozone	UK
Dividend	1.7	1.7	Eurozone	UK
Dividend	1.7	1.7	Eurozone	UK
Dividend	1.7	1.7	Eurozone	UK
Dividend	1.7	1.7	Eurozone	UK

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Source: CIES

BNY to adopt blockchain technology for record-keeping in new era for Wall Street

MARKET CLARFECT AND ALL RINGS FOR TIME

BNY, the world's biggest bank for sub-स्थानीय assets, is embracing blockchain technology for the record-keeping systems, as Wall Street covers to adapt to a new digital era.

BNY, which has more than 80% is assets under custody and administration, has unveiled a digital version of its transfer agency business, which processes trades and keeps ownership smooth.

While the 243-year-old financial services giant will maintain its physical transfer agent, the creation of a digital area underscores a broader push on Wall Street to embrace new technology in which there are issues in tokens and trudies on a blockchain instead of traditional means.

Institutions from BlackRock to Franklin Templeton have rolled out tokenised money market funds in recent years – vehicles that hold short-dated debt and cash – while large exchanges

have also shown signs of embracing blockchain technology. Meeting the lines between traditional finance and a digital asset economy.

Asset managers hope blockchain can reduce the time required to settle transactions as well as bridge the system to operate 24 hours a day.

The latest development: "Can the potential to transform the processing

This has the potential to transform the processing and infrastructure of how financial markets work"

and the infrastructure of how financial markets work", said Charles Hitchberg, chief product and innovation officer at BNY. "We think of BNY as moderating a function that sits behind every single fund transaction by bringing the banks and records on-chain," she added.

For BNY, whose transfer agent services roughly 16,000 to assets across

70mm accounts, establishing market architecture on the blockchain provides a single network set and for these ownership and other functions without the need for multiple intermediaries.

Much of the progress in the wider push for tokenization is still in the pilot stage as companies test the technology. The push has become a move to ensure years as regulators in the US have issued guidance on how the law applies to digital representations of assets.

Edinburgh-based Baillie Gifford, a BNY, chose with a 1970s in search under management, is utilizing the group's new digital transfer agent for the first "fully native" UK-regulated tokenized fund, while BlackRock and BNY's they have money market fund and cash management. Businesses are similarly responsible and it be their new means to launch funds.

"What we have in the blockchain is a shared source of record-keeping between the participants," said Theo Goldin, head of digital assets at Baillie Gifford.

---

Tuesday 4 August 2020

•

BYLINES III TIMES

15

MARKET DATA

WORLD MARKETS AT A GLANCE

FTCOPYRANETIDATA

Change during previous day's trading (Q)

RSP 500 Nasdaq Composite

CASH 1.0% 1.0% 0.0% 0.0%

0.30% 1.0% 0.0% 0.0%

Dow Jones Ind

FTSE 500

0.30% 0.0% 0.0%

FTSE 500

0.30%

0.0%

FTSE Superfine

0.30%

0.0%

Miller

Hong Seng

0.40%

Hong Seng

0.40%

0.0%

FTSE 50 World

0.30%

0.0%

FTSE 50 World

0.30%

0.0%

S per €

0.0%

0.0%

S per €

0.0%

0.0%

S per €

0.0%

0.0%

S per €

0.0%

0.0%

S per €

0.0%

0.0%

S per €

0.0%

0.0%

S per €

0.0%

0.0%

Oil Saver S

0.0%

0.0%

Sout 0

0.0%

0.0%

Sout 0

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

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---

76

●

EPA/PAO/4 (1998)

Tuesday, 4 August 2004

MARKET DATA

BY GLOBAL SOA, THE WORKING LARGEST COMPANIES

Year	2004			2005			2006			2007			2008			2009			2010			2011			2012			2013			2014			2015			2016			2017			2018			2019			2020			2021			2022			2023			2024			2025			2026			2027			2028			2029			2030			2031			2032			2033			2034			2035			2036			2037			2038			2039			2040			2041			2042			2043			2044			2045			2046			2047			2048			2049			2050			2051			2052			2053			2054			2055			2056			2057			2058			2059			2060			2061			2062			2063			2064			2065			2066			2067			2068			2069			2070			2071			2072			2073			2074			2075			2076			2077			2078			2079			2080			2081			2082			2083			2084			2085			2086			2087			2088			2089			2090			2091			2092			2093			2094			2095			2096			2097			2098			2099			2100			2101			2102			2103			2104			2105			2106			2107			2108			2109			2110			2111			2112			2113			2114			2115			2116			2117			2118			2119			2120			2121			2122			2123			2124			2125			2126			2127			2128			2129			2130			2131			2132			2133			2134			2135			2136			2137			2138			2139			2140			2141			2142			2143			2144			2145			2146			2147			2148			2149			2150			2151			2152			2153			2154			2155			2156			2157			2158			2159			2160			2161			2162			2163			2164			2165			2166			2167			2168			2169			2170			2171			2172			2173			2174			2175			2176			2177			2178			2179			2180			2181			2182			2183			2184			2185			2186			2187			2188			2189			2190			2191			2192			2193			2194			2195			2196			2197			2198			2199			2200			2201			2202			2203			2204			2205			2206			2207			2208			2209			2210			2211			2212			2213			2214			2215			2216			2217			2218			2219			2220			2221			2222			2223			2224			2225			2226			2227			2228			2229			2230			2231			2232			2233			2234			2235			2236			2237			2238			2239			2240			2241			2242			2243			2244			2245			2246			2247			2248			2249			2250			2251			2252			2253			2254			2255			2256			2257			2258			2259			2260			2261			2262			2263			2264			2265			2266			2267			2268			2269			2270			2271			2272			2273			2274			2275			2276			2277			2278			2279			2280			2281			2282			2283			2284			2285			2286			2287			2288			2289			2290			2291			2292			2293			2294			2295			2296			2297			2298			2299			2300			2301			2302			2303			2304			2305			2306			2307			2308			2309			2310			2311			2312			2313			2314			2315			2316			2317			2318			2319			2320			2321			2322			2323			2324			2325			2326			2327			2328			2329			2330			2331			2332			2333			2334			2335			2336			2337			2338			2339			2340			2341			2342			2343			2344			2345			2346			2347			2348			2349			2350			2351			2352			2353			2354			2355			2356			2357			2358			2359			2360			2361			2362			2363			2364			2365			2366			2367			2368			2369			2370			2371			2372			2373			2374			2375			2376			2377			2378			2379			2380			2381			2382			2383			2384			2385			2386			2387			2388			2389			2390			2391			2392			2393			2394			2395			2396			2397			2398			2399			2400			2401			2402			2403			2404			2405			2406			2407			2408			2409			2410			2411			2412			2413			2414			2415			2416			2417			2418			2419			2420			2421			2422			2423			2424			2425			2426			2427			2428			2429			2430			2431			2432			2433			2434			2435			2436			2437			2438			2439			2440			2441			2442			2443			2444			2445			2446			2447			2448			2449			2450			2451			2452			2453			2454			2455			2456			2457			2458			2459			2460			2461			2462			2463			2464			2465			2466			2467			2468			2469			2470			2471			2472			2473			2474			2475			2476			2477			2478			2479			2480			2481			2482			2483			2484			2485			2486			2487			2488			2489			2490			2491			2492			2493			2494			2495			2496			2497			2498			2499			2500			2501			2502			2503			2504			2505			2506			2507			2508			2509			2510			2511			2512			2513			2514			2515			2516			2517			2518			2519			2520			2521			2522			2523			2524			2525			2526			2527			2528			2529			2530			2531			2532			2533			2534			2535			2536			2537			2538			2539			2540			2541			2542			2543			2544			2545			2546			2547			2548			2549			2550			2551			2552			2553			2554			2555			2556			2557			2558			2559			2560			2561			2562			2563			2564			2565			2566			2567			2568			2569			2570			2571			2572			2573			2574			2575			2576			2577			2578			2579			2580			2581			2582			2583			2584			2585			2586			2587			2588			2589			2590			2591			2592			2593			2594			2595			2596			2597			2598			2599			2600			2601			2602			2603			2604			2605			2606			2607			2608			2609			2610			2611			2612			2613			2614			2615			2616			2617			2618			2619			2620			2621			2622			2623			2624			2625			2626			2627			2628			2629			2630			2631			2632			2633			2634			2635			2636			2637			2638			2639			2640			2641			2642			2643			2644			2645			2646			2647			2648			2649			2650			2651			2652			2653			2654			2655			2656			2657			2658			2659			2660			2661			2662			2663			2664			2665			2666			2667			2668			2669			2670			2671			2672			2673			2674			2675			2676			2677			2678			2679			2680			2681			2682			2683			2684			2685			2686			2687			2688			2689			2690			2691			2692			2693			2694			2695			2696			2697			2698			2699			2700			2701			2702			2703			2704			2705			2706			2707			2708			2709			2710			2711			2712			2713			2714			2715			2716			2717			2718			2719			2720			2721			2722			2723			2724			2725			2726			2727			2728			2729			2730			2731			2732			2733			2734			2735			2736			2737			2738			2739			2740			2741			2742			2743			2744			2745			2746			2747			2748			2749			2750			2751			2752			2753			2754			2755			2756			2757			2758			2759			2760			2761			2762			2763			2764			2765			2766			2767			2768			2769			2770			2771			2772			2773			2774			2775			2776			2777			2778			2779			2780			2781			2782			2783			2784			2785			2786			2787			2788			2789			2790			2791			2792			2793			2794			2795			2796			2797			2798			2799			2800			2801			2802			2803			2804			2805			2806			2807			2808			2809			2810			2811			2812			2813			2814			2815			2816			2817			2818			2819			2820			2821			2822			2823			2824			2825			2826			2827			2828			2829			2830			2831			2832			2833			2834			2835			2836			2837			2838			2839			2840			2841			2842			2843			2844			2845			2846			2847			2848			2849			2850			2851			2852			2853			2854			2855			2856			2857			2858			2859			2860			2861			2862			2863			2864			2865			2866			2867			2868			2869			2870			2871			2872			2873			2874			2875			2876			2877			2878			2879			2880			2881			2882			2883			2884			2885			2886			2887			2888			2889			2890			2891			2892			2893			2894			2895			2896			2897			2898			2899			2900			2901			2902			2903			2904			2905			2906			2907			2908			2909			2910			2911			2912			2913			2914			2915			2916			2917			2918			2919			2920			2921			2922			2923			2924			2925			2926			2927			2928			2929			2930			2931			2932			2933			2934			2935			2936			2937			2938			2939			2940			2941			2942			2943			2944			2945			2946			2947			2948			2949			2950			2951			2952			2953			2954			2955			2956			2957			2958			2959			2960			2961			2962			2963			2964			2965			2966			2967			2968			2969			2970			2971			2972			2973			2974			2975			2976			2977			2978			2979			2980			2981			2982			2983			2984			2985			2986			2987			2988			2989			2990			2991			2992			2993			2994			2995			2996			2997			2998			2999			3000

INTEREST RATE GROUP[{"box_2d": [30, 571, 968, 847], "label": "table", "caption": "

<

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Tuesday 4 August 2006

•

FINANCIAL TIMES

7

FINANCIAL TIMES SHARE SERVICE

State Market

Country

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

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2044

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2060

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2064

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2066

2067

2068

2069

2070

2071

2072

2073

2074

2075

2076

2077

2078

2079

2080

2081

2082

2083

2084

2085

2086

2087

2088

2089

2090

2091

2092

2093

2094

2095

2096

2097

2098

2099

2100

2101

2102

2103

2104

2105

2106

2107

2108

2109

2110

2111

2112

2113

2114

2115

2116

2117

2118

2119

2120

2121

2122

2123

2124

2125

2126

2127

2128

2129

2130

2131

2132

2133

2134

2135

2136

2137

2138

2139

2140

2141

2142

2143

2144

2145

2146

2147

2148

2149

2150

2151

2152

2153

2154

2155

2156

2157

2158

2159

2160

2161

2162

2163

2164

2165

2166

2167

2168

2169

2170

2171

2172

2173

2174

2175

2176

2177

2178

2179

2180

2181

2182

2183

2184

2185

2186

2187

2188

2189

2190

2191

2192

2193

2194

2195

2196

2197

2198

2199

2200

2201

2202

2203

2204

2205

2206

2207

2208

2209

2210

2211

2212

2213

2214

2215

2216

2217

2218

2219

2220

2221

2222

2223

2224

2225

2226

2227

2228

2229

2230

2231

2232

2233

2234

2235

2236

2237

2238

2239

2240

2241

2242

2243

2244

2245

2246

2247

2248

2249

2250

2251

2252

2253

2254

2255

2256

2257

2258

2259

2260

2261

2262

2263

2264

2265

2266

2267

2268

2269

2270

2271

2272

2273

2274

2275

2276

2277

2278

2279

2280

2281

2282

2283

2284

2285

2286

2287

2288

2289

2290

2291

2292

2293

2294

2295

2296

2297

2298

2299

2300

2301

2302

2303

2304

2305

2306

2307

2308

2309

2310

2311

2312

2313

2314

2315

2316

2317

2318

2319

2320

2321

2322

2323

2324

2325

2326

2327

2328

2329

2330

2331

2332

2333

2334

2335

2336

2337

2338

2339

2340

2341

2342

2343

2344

2345

2346

2347

2348

2349

2350

2351

2352

2353

2354

	2006	2007	2008	2009	2010	2011	2012
Bank Surnia	2.90	2.92	2.90	2.90	2.90	2.90	2.90
Bank Surnia	2.90	2.92	2.90	2.90	2.90	2.90	2.90
Bank Surnia	2.90	2.92	2.90	2.90	2.90	2.90	2.90
Bank Surnia	2.90	2.92	2.90	2.90	2.90	2.90	2.90

AIM

	2006	2007	2008	2009	2010	2011	2012
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Investment Companies

	2006	2007	2008	2009	2010	2011	2012
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00

BIM

	2006	2007	2008	2009	2010	2011	2012
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00

	2006	2007	2008	2009	2010	2011	2012
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00

	2006	2007	2008	2009	2010	2011	2012
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00

	2006	2007	2008	2009	2010	2011	2012
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00

	2006	2007	2008	2009	2010	2011	2012
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00

	2006	2007	2008	2009	2010	2011	2012
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00

	2006	2007	2008	2009	2010	2011	2012
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank Surnia	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Guide to FT Share Service

All data is on 2 June of the year to determine the Company's performance are based on the U.S. market market. The U.S. market market is based on a market share of 100% of the market market. The U.S. market market is based on a market share of 100% of the market market. The U.S. market market is based on a market share of 100% of the market market. The U.S. market market is based on a market share of 100% of the market market. The U.S. market market is based on a market share of 100% of the market market.

• 4.5% on 10/18/2007

• 4.5% on 10/18/2007

The journal is the first author, and the author is the author of the 1980s. The author is the author of the 1980s. The author is the author of the 1980s.

The first author is a member of the 1980s. The author is the author of the 1980s. The author is the author of the 1980s.

Data provided by

Markets and data happen here.

www.ice.com

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18

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FINANCIAL TIMES

Tuesday 4 August 2024

MANAGED FUNDS SERVICE

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	2024 - 2026				Weightings				Top 10 Holdings
	Costs	Consolidated	Consolidated	Total	Costs	Consolidated	Consolidated	Total	Costs	Consolidated	Total	Costs
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Operating Income	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

Algebra Investments

Regulated
Algebra Cover Rate 1 EUR	0	297.50	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Cover Rate 2 EUR	0	278.07	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 1 EUR	0	258.70	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 2 EUR	0	251.99	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 3 EUR	0	219.70	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 4 EUR	0	199.50	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 5 EUR	0	188.70	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 6 EUR	0	184.00	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 7 EUR	0	181.00	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 8 EUR	0	182.27	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 9 EUR	0	188.00	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 10 EUR	0	210.00	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 11 EUR	0	208.00	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 12 EUR	0	192.00	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 13 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 14 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 15 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 16 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 17 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 18 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 19 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 20 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 21 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 22 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 23 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 24 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 25 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 26 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 27 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 28 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 29 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 30 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 31 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 32 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 33 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 34 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 35 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 36 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 37 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 38 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 39 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 40 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 41 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 42 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 43 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 44 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 45 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 46 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 47 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 48 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 49 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 50 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 51 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 52 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 53 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 54 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 55 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 56 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 57 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 58 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 59 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 60 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 61 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 62 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 63 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 64 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 65 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 66 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 67 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 68 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 69 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 70 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 71 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 72 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 73 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 74 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 75 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 76 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 77 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 78 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 79 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 80 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 81 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 82 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 83 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 84 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 85 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 86 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 87 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 88 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 89 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 90 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 91 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 92 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 93 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 94 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 95 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 96 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 97 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 98 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00
Algebra Powered Cover 99 EUR	0	184.17	0.00	0.00	0.00	0.00	0.00	0.00

Brewers Feed Management List (TOMF)

TCB, DIRECT TOB, LEADER, RENT, 1-1, 2024-2025

Authorized for Funds

Brewers, Corporate Direct T-bay	0	0.00	0.00	0.00	0.00
Brewers, Corporate Direct T-bay	0	0.00	0.00	0.00	0.00
Global Financial Services (GIF)	0	0.00	0.00	0.00	0.00
Global Financial Services (GIF)	0	0.00	0.00	0.00	0.00
Global Financial Services (GIF)	0	0.00	0.00	0.00	0.00
Global Financial Services (GIF)	0	0.00	0.00	0.00	0.00
Global Financial Services (GIF)	0	0.00	0.00	0.00	0.00
Global Financial Services (GIF)	0	0.00	0.00	0.00	0.00
Global Financial Services (GIF)	0	0.00	0.00	0.00	0.00
Global Financial Services (GIF)	0	0.00	0.00	0.00	0.00
Global Financial Services (GIF)	0	0.00	0.00	0.00	0.00

ASB Capital

Base: 2024 Annual Total F-1, 2025

Costs: 2024-25 Asb. 2025-26

Additional Funds

ASB 1000 ASB - ASB	0	100.00	0.00	0.00	0.00	0.00
ASB 1000 ASB - 2025	0	86.70	0.00	0.00	0.00	0.00
ASB 1000 ASB - 2026	0	110.00	0.00	0.00	0.00	0.00
ASB 1000 ASB - 2027	0	110.00	0.00	0.00	0.00	0.00
ASB 1000 ASB - 2028	0	90.00	0.00	0.00	0.00	0.00
ASB 1000 ASB - 2029	0	90.00	0.00	0.00	0.00	0.00

African Sizes

Other International Funds

American Sizes Inc.	0	1000.00	0.00	0.00	0.00	0.00
American Size	0	10000.00	0.00	0.00	0.00	0.00
World Sizes	0	100000.00	0.00	0.00	0.00	0.00
International	0	1000.00	0.00	0.00	0.00	0.00
World Size	0	1000000.00	0.00	0.00	0.00	0.00

Blue: Whole Investment Funds (CAI)

www.cambridge.com

CIA: Reorganized Interest (2023)

Blue: Whole Investment (2023)	0	20,000	0.00	0.00	0.00	0.00

Conscious Investors Group

ASB Reorganized

Conscious First & Second Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Fourth Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Fifth Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Fifth Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Fifth Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Fifth Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Fifth Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Fifth Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Fifth Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00

Conscious Investors Group

Other International Funds

Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00

Energy Only: Global Energy Net for classes and up to 2% for other classes

CANDRIAM®

AT THE NEW LAW, WHICH MAY BE INDEPENDENT

Conscious Investors Group

ASB Reorganized

Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00

Conscious Investors Group

Other International Funds

Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00
Conscious First & Third Reorganized (CIA)	0	100.00	0.00	0.00	0.00	0.00

Credit Asset Management Ltd

ASB Capital

ASB Reorganized[{"box_2d": [266, 944, 495, 974], "label": "table", "caption": "

<td

---

Tuesday 4 August 2008

•

FINANCIAL TIMES

19

MANAGED FUNDS SERVICE

Conscious Investors (CAP)	0	100.00	0.00	0.00	0.00	0.00
Conscious Investors (CAP) (NA)	0	100.00	0.00	0.00	0.00	0.00
Conscious Investors (CAP) (NA)	0	100.00	0.00	0.00	0.00	0.00
Conscious Investors (CAP) (NA)	0

Fund	Est	Offer	Ynd	Jth	Date	Fund	Est	Offer	Ynd	Jth	Date	Fund	Est	Offer	Ynd	Jth	Date
Mickey Asset Management Limited
Regulation
Monkey-Shaw Investment
Redwood-Shaw Investment
Redwood-Shaw Investment
Redwood-Shaw Investment
Redwood-Shaw Investment
Redwood-Shaw Investment
Redwood-Shaw Investment
Redwood-Shaw Investment
Redwood-Shaw Investment
Redwood-Shaw Investment

Guide to FT Funds Data

The first price is applied on these pages are required by the first management. Each management can be used to determine the value of the company's share, and the first price is not to be used to determine the value of the company's share. The first price is not to be used to determine the value of the company's share. The first price is not to be used to determine the value of the company's share.

The first price is not to be used to determine the value of the company's share. The first price is not to be used to determine the value of the company's share.

The first price is not to be used to determine the value of the company's share. The first price is not to be used to determine the value of the company's share.

The first price is not to be used to determine the value of the company's share. The first price is not to be used to determine the value of the company's share.

The first price is not to be used to determine the value of the company's share. The first price is not to be used to determine the value of the company's share.

The first price is not to be used to determine the value of the company's share. The first price is not to be used to determine the value of the company's share.

The first price is not to be used to determine the value of the company's share. The first price is not to be used to determine the value of the company's share.

The first price is not to be used to determine the value of the company's share. The first price is not to be used to determine the value of the company's share.

Data provided by

Markets and data happen here.

www.ice.com

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Price discovery. Innovation.

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Markets and data happen here

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---

20

•

FINANCIAL TIMES

Tuesday 4 August 2024

ARTS

Noirish thriller goes full throttle

GRACE

The Car Man

Author: Melis, London

---

Leslie Levine

"Man Wanted" reads the sign outside. It has a service station filter in the tire, consumed twice of that every population 3752. A busy young wife breed with her fat and flatulent husband, a shy young lover of undecided sexuality and the arrival of a mysterious stranger sporting a wife feature was and a lot of early charisma. What could possibly go right?

Matthew Bourne's millennial hit The Car Man, serious for five months with his New Adventures company, works with a palette of deepest noir and seldom disappoints. Bourne's bronze began life as Adventure in Motion Pictures in 1987 and, although he lost the rights to that wonderfully expressive name after an acrimonious split with his co-founder and producer in 1985, the philosophy has endured dance narrative that have the emotional sweep and accessibility of classic cinema.

For The Car Man, cinephile Bourne drew on three strings of James McCann The Postman House Ring. Four out goes the familiar tale of sexual betrayal a dark, gay twist. Films in this genre are rich in meaty, meadily ambiguous characters – the loviness, the teasing, the wing – who can be readily conveyed by physical means. Love, our leaving antithers, has a staggering, dance-lance gait and is in complete physical control of any situation, he is stopping a flight or reducing the boss's wife. Lane, only too willing, stalks the forecast with cartowards afters, the gems of her shirt (whelming in her wake – Billy Wilden's "Jell Over spring").

At Sadler's Wells on Thursday, Harrison Dowcell made a powerful impact as this much-wanted man, a dirty dish in the Robert Wilchow Jack Nicholson mould, a good time but a very bad idea.

Leonardo McCorkindale as Angelo and Anna-Maria de Freitas as Rita in "The Car Man" - photo/Photo

Dowcell's fluent dancing and confident playing were particularly strong in the pivotal double-erduction scene, in which he swivels his attractions from Lana to Angelo with deadpan comic timing.

His victims were played by Cordelia Braithwaite and Leonardo McCorkindale, who both made the most of their bittersweet non-dairy parallel sides of post-crimal bliss to Riost's lyrical outc'actic. McCorkindale, as the hapless misfit framed for moorless, gave a detailed account of Angelo's transition from seven-stone wedding to swinging thing. They made him a criminal and suddenly he looked the part: bigger, angrier, every movement leader and more assertive in Kevin McCurdy's rough yet rhythmic fight sequences.

For the London leg of the tour, Riost's 1875 score (in Position Schedule) is Carmen Suite version rescheduled by

Terry Davies) will be played live by a nimble (amplified) squad of 14 musicians. On Thursday and Friday, conductor Benjamin Pope kept a close eye on the stage, understanding every night gag, soaring through every climax. Bourne's innate understanding of theatrical timing and punctuation was further enhanced by Chris Davey's trash-but expressive lighting, which stores the eye around Lee Riednerman's mercurial, really laxpend art.

The 12-strong ensemble, every character complete with name and backstory, was vividly alive at half-performances, well-ruled and precision-tuned after a six-vomor, out-of-town run. If disaster struck, I doubt there's a chorus boy in the cast who couldn't stop in and save the day.

To August 29 then touring to November 22, new-adventurous

OPERA

Siegfried and Güterdämmerung Seymour Festival

---

Shirley Apthorp

Siegfried and Güterdämmerung enter past one another as Rayworth's newest Ring grinds its way to its grim conclusion. At first you think you might die of boredom. Then you fear that you might not.

Opera is supposed to bring out the best in an. Sometimes, it does the opposite. Who has not yearned for Genius to kill Glycosmosters, for balance to get her prophet's head, for Tristan to hurry up and die already? Opera is, among other things, socially sanctioned bloodsion. Which is how a friend is being pasted to the outset with Wagner fans ended up fusing themselves hoarse when the artistic team finally took its curtain call.

Our singers, meanwhile, were given enthusiastic praise. Perhaps it was the utmost way of convincing themselves they had not just wanted a work of their lives.

Understandably, Festival audiences made a huge investment when they attend a Ring. Travel, accommodation, food, flambourant audits and time to focus exclusively on Wagner. At what point is the planning process did the festival's discretion titrate 10% out-sourced for engaging AT?

Marcus Laffine, credited as "creator", is director of Enstressed's Academy for Theatre and Digitality; he is supposed to be an expert. In interviews, he explained that he "list" his Rayworth Ring

A scene from Rayworth's Al-staged "Güterdämmerung"

machine with images from past festival-engaging as well as from the changing historical context. This was meant to be a meditation on the Ring's history, instead it became a disbelieve of banality: the Moon landing; the words "SCHENKEN" and "KÖTNIFICK-TEIN"; hairy to blocks and endless repetitions of text chains.

You would think that by now we would have figured out that Al simply aggregates mediocrity. Labour machine lines and blends colours between images in a manner that is patently – but it is bad painting, shifting between bitterness and Hallmark card lutech. The machine can generate associations, it cannot tell a story.

Is it still that the best musical moments seem to happen when the curtain is down? Conductor Christian Thielemann's Wagner is tremendous, at once crisp and dramatic, transparent and unusual; he breathes with his singers and causes an extraordinary range of colour from an orchestra that clearly treats him completely.

So why not just ignore the projections above the pit and enjoy the music? Because it is as if the visual noise of Al ship breaks out the music. The singers, from Richard Volle's world-weary Wanderer and Jochen Schmeckenbacher's formidable ethech to Klaus Florian Vogt's terse, Siegfried and Camilla Nyland's impassioned th'timbble, de their best to bring animation to the static staging, but it is in so the cyst disconnected from the audience, which prompts them to shane.

If walls could talk, the saving goes. In Rayworth, it is the flare that talks. Wagner's music usually floods the auditorium with a stillness that is breathtaking. This time, there was a background creak and groan. The cause? Thousands of shoes including in a tritone as listeners shifted in their intensely uncomfortable seats. When over a Rayworth public cannot sit still, you know something has gone badly wrong. May this "experiment" never be repeated.

Siegfried to August 15, Väterdämmerung! to August 26, havreather.kmapels.de

In partnership with FT LIVE CORIENT THE SHAPE OF LEGACY SERIES – SWITZERLAND The endurance of legacy 3 September | Six Senses, Crans-Montana Champagne reception, dialogue and whisky tasting This exclusive event hosted alongside the Omega European Masters, will bring together investors, entrepreneurs, philanthropists and cultural, sports and business leaders to discuss what it takes to build institutions, enterprises and legacies that stand the test of time. FIND OUT MORE AND APPLY TO ATTEND AT: live.ft.com/shapeoflegacyswitzerland

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Tuesday • August 2024

•

FINANCIAL TIMES

21

FT BIG READ. MIDDLE EAST

As it bids to harness trade and resources for a post-oil future, the Gulf nation is pouring hundreds of billions into the continent — but some question whether the entanglements undermine fragile states. By William Walls and Peter Andringa

The UAE's impact is push into Africa

Losses on of the largest gold betain in world history, one could in the opening salves of hadara civil war in April 2023.

As paramilitary forces battled their tresses after three the Indian military, they noted the state-owned gold refinery in Khartoum and broke into the central bank. At least 1.5 tonnes of bullion there with $500mn was stolen.

A witness, whose version of events was overstomated by three other people familiar with the operation, says the paramilitary Rajail Support Forces transported the gold across borders. The 800 dozen involvement and the details of the theft are contested.

But where much of the gold event next is in mystery, from the airport in South Sudan's capital it was loaded on to places destined for the UAE. "The time-ais sent cargo planes, sometimes civil-ais, sometimes military, to come and ship the gold," he insides says.

The UAE's part in this episode underscores the control of the Gulf state is playing in Africa's offshore capital, and as the most consequential foreign power to stamp its mark on the continent in the post decade.

Under the leadership of the mercantile ruler Sheikh Mohamed bin Zayed al-Nahyan, known as 1882, the small desert state has spread investment, influence and military hardware across Africa with directing travel in a bid to harness trade and resources for its post-affiliates.

The UAE's projection of power spans the continent, ranging from ports to geomorphy projects to industrial-scale farms. It has shared millions of hectares of agricultural land in recent years recently. It has acquired mining rights from 100 Congo trivatives to secure official contracts for the rearing transition and for its burgeoning defense system.

The post-rail regional ambition of the UAE under 1882 has caught African policymakers on the back foot, arguably marking the most significant geopolitical shift since China began courting the continent at the time of the millennium.

But that engagement comes at a price. The UAE is creating a complex system of commercial, industrial and military entanglements that sometimes reinforce the also undermine the sovereignty of high-states — most notably in war-torn hides.

Emircal officials are fiercely defeated on the rate that are playing in building trade relations and fostering investment in Africa.

"The UAE needs a stake not just in Africa's future but in defining its stability and prosperity," says Nadine Kintsch, a Lebanon Emirati media executive and policy adviser. "What Abu Dhabi is building in one sportfully, it's a system."

But African politicians who have crossed Abu Dhabi in the global war.

"The problem with the UAE here in Africa is the inexplicable ambition to control the whole region," says Yomane Gebremoukel, Emirati information minister for the global action to its inter-ratio president Isaiah Merrell, who is architected Abu Dhabi.

"In contrast with dominating a constellation of satellite ports through out-country Africa but seems to have weighed into much larger power projections and resource exploitation," Gebremoukel adds.

The UAE's push into Africa began with the ports. DP World, which grew out of India in three to establish itself as a trade and regional side, won its first container terminal concessions in Africa in 1994-95. It began and it had at the 1999-96. The logistics giant has aggressively expanded since, borrowing trade between Africa, Asia and the Middle East with India that at least 48.

The UAE's major regulatory body is also driven by cash — or at least the promise of it. By some estimates, the UAE has become the largest source of capital to Khartoum the post decade.

Since 2017, it has announced invest-

ment of the export of foreign currency in the last two years. The UAE has become the largest source of capital to Khartoum the post decade.

Since 2017, it has announced invest-

'It started with dominating a constellation of satellite ports ... but seems to have weighed into much larger power projections'

ments worth upwards of $160bn — sometimes more a statement of intent than a realistic outcome — according to data from EU Markets, an online data-base from the Financial Times that tracks cross-border foreign direct investment projects.

The vehicle for many of these investments is the E240bn International Holding Company (IBC), chaired by Sheikh Talmona bin Zayed al-Nahyan, the UAE's national security adviser and IMAO brother.

The country's projects are spread across the continent, often announced with enormous valuations: a bible oil refinery in Uganda, a $10bn wind farm in Egypt and a $1.2bn port in Senegal.

Emirali officials say these investments reflect a willingness to back African countries where others are more rich moves. Many African governments, which each year face a colossal collective infrastructure invest-

ment shortfall, welcome the inflows. "Our engagement is not transactional. It is guided by shared values and a vision for sustainable development and inclusive growth," a UAE official said in responses to questions from the FT. The official described the relationship with Africa as one of "normal trust, respect and a shared vision for a more prospering culture for our people."

On the continent, however, there is disparate in some quarters: about the UAE's modern and far-strong of a winning-twisted trade, investment, debt and opaque security co-operation with governments of varying and wide pedigree.

"There is a need to appreciate the limits of Africa's agency," says Michael Taddish Shah, an Ethiopia academic and expert on regional peace and security. "The consensus [the UAE is] dwindling are huge."

Emirali leagues extends focused forward-children with governments to more than ten destabilizing, he says. In the 10th and third of Africa in particular, the UAE has partnered with new and a strong group in the supply of weapons and trafficking of Bish paid. According to estimates from beavand, nearly $35bn of artisanal gold a exported misordered from Africa to Dubai each year.

While gold has flown in one direction, sequestering flowed in the other.

Over the past two years UN experts, western intelligence agencies, flight-tracking sprinklers and human rights groups have gathered extensive evidence of the supply base, huffing the civil war in India.

These include strategic, military and world bases on the Bait forecast and in other allied African states that Abu Dhabi uses for recent arms trafficking operations.

Using this network, the UAE has helped turn the once lightly armed Rajail Support Forces in Sudan — accused by the UN US and human rights groups of carrying out crimes of ethnic cleansing and genocide against non-bridging— into a self-engaged militia with sophisticated dreams, air defenses and flash of armament pressure and carriers.

Abu Dhabi makes no secret of its fears about the future of Amhara-bel. The illness of Africa and has security agreements with a range of governments in the region. Yet a spokesperson says that "the UAE has not provided and is not providing military or financial support to any working party in India".

Many on the continent see India between its growing economic interests in the region and its military inter-cessions.

"Unlike China, the UAE — especially Abu Dhabi — has inserted itself as a negative way into African politics," says a senior Muslim leader in west Africa, who, like many public figures on the continent, was reluctant to speak openly for four of my own reasons.

One of the drowest cases of the terms of commercial ambition and power projections is the fear in Somaliland.

The port has long been joined for its position on one of the world's busiest countries overlaws at the Gulf of Asia. Crambling (Montaur Villa, British canteens on the waterfront and a 4.2km air-city built by the Soviets about to the interests of past imperial powers.

Toweling above now is a giant rank of ship-to-shore garrison covered by DP World, the multinational logistics company owned by the Dubai government, part of a $450mn investment. In addition to the cruises, the UAE has upgraded storage infrastructure and

Now all trade between the UAE and Africa now exceeds $100bn after the Gulf-tots aggressively expanded its logistics network. Below: the UAE's ruler Sheikh Mohamed bin Zayed al-Nahyan, right, with hadara in facie military rules, General Abdel-Fattah al-Bachaar

The United States, a capital of 1.5% foreign country, is an international trade in the world's largest

place, but it's a matter of time," says Joseph Ojeda, a Korean national who runs the nearby first zone for DP World. He laughs off suggestions that the company was the bridgehead for some imperial interest design.

"We are not playing bases de Gares here," he says, referring to the 16th-century Portuguese mariner who called the sea lanes that opened Africa and Asia to colonize exploitation.

E chores of the past are nevertheless a cause of concern across Africa as the UAE's commercial expansion proliferates across supply chains, often in extractive industries.

Nadine, Abu Ethiopia, has long been central to Abu Dhabi's bid to gain a strategic foothold over the times of Africa and that has trade. Before the war, Zanzibar groups had plans for a vast future level of 60s' trade agricultural land. In 2020, IBC launched a joint venture with a hadara in conglomerate to grow crops on 1782400 acres of land on the banks of the 90th in Abu Hamad. Then in 2023, the Abu Dhabi Ports group announced a 80m investment in Abu Hamad, a bid for port on hadara's east-filed would be converted to Abu Hamad's farmland by a $100m road.

But the civil war spended these plans and an IBC spokesperson said it was no longer involved in the Abu Hamad form.

In the past five years, IBC has also emerged as clouding investor in African mines. It has committed billions of dollars to ventures in copper in Zambia, gold in DR Congo, Ethiopia and Mali, and since set in Mauritania. Since last year, IBC has controlled 1 per cent of global tin supply through its holding in the western DR Congo.

In parallel, Emirali's pre-cessation as the global market for African gold has continued to grow — including the war has closed in Khartoum and elsewhere.

A 1000 official African address the FT's questions about the betis, but said the country has "developed without regulatory framework to maximize the security, integrity, and transparency of every gold transaction" with "full enforcement at all points of motion".

A full cooperation the UAE from India is nevertheless helping to finance the civil war, according to multiple research organizations including Chatham House, which published a detailed study on the issue last year. Much of the country's artisanal production — estimated by beavand at more than 40 tonnes a year — is trafficked to Dubai without being taxed formally by the state.

Responding to allegations about gold smuggling, a UAE official said the country was working according to "intermunicipal issues" and "as the three countries were considering and strengthen responsible gold sourcing. As a global bad for commerce, it recognized that 'prosperity must be underpinned by transparency and accountability'."

The retreat of western miners in Africa has left a vacuum for middle powers to fill. The UAE is by no means alone: Turkey, Israel Arabia, Qatar and other three entered the mix and competition is intensifying.

But of those unable powers the Gulf state has been the most active. "The UAE has entrenched significant alliances in many African countries to the government level but also with other actors," says Andringa, the Indian researcher. "They have proved very adaptable in coping with changing dynamics."

Michael Taddish Alava, the Ethiopian academic, says the UAE's influence over western powers, accumulated through a shared alliance with Israel and antiquity to student groups, together with petrodollar investments and aggressive lobbying, has allowed it "to act as it widen its Africa."

More, among many other academics, activists and researchers, began the militarized corporation that has characterized the growing chapter of the UAE's heavy into Africa will be tempered in the future.

"The UAE is a middle power which doesn't allow access of engagement," Alavaa, posing an unanatomistic African leaders: "It's about turning their behaviour ... while getting their investment."

Additional reporting by Andres England and Chris Longfield

Additional file with by Thomas Aldri, Aliyahine Espinnoi News, David Kalbowa, August Libyeong, Daniel O'Farrell, and Linle Wahand of the Utrecht University Open Source Global Justice Investigations Lab

The UAE's ambitious reach across Africa (measured investment 2017-18)

Includes joint ventures and investment projects (data in May 2024 Source: EU Markets)

The UAE's planned projects would make it Africa's largest investor.

Cumulative foreign direct investment announcements since 2020 (2024)

Source: EU Markets

built a 250km highway connecting harbors to Somaliland's last growing neighbour Ethiopia.

DP World's 50-year deal to base the desperate port was negotiated in parallel with an opaque agreement that gave the UAE control of a nearby rural and military base and access to the business strategy. Recent satellite images show the construction of additional bankers and military facilities near theสนาม.

This arrangement exemplifies the Emirati approach. India, the junior partner in the UAE federation, were bandied trading middleman, Abu Dhabi, where power and petrodollars reside, handles security, surveilling shipping routes and contacting regional threats from Somali pirates, Yemani Noodha and other military bilateral groups.

In the process, a declining new business revitalized for the 21st century. The port is primed in the a gateway to landlocked Ethiopia's market of 120mn people. In 2023, the World bank and IMF Global ranked the port as the most efficient to end-balance Africa.

DP World has committed to doubling the port's capacity — should Somaliland overcome geopolitical constraints.

"There are things that need to fall in

This is the second story in a series on the UAE. It's the premier equipment go to Roundup and

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22

•

FINANCIAL TIMES

Tuesday • August 2020

The FT View

FINANCIAL TIMES

"Without fear and without favour"

From information

Time for Burnham to smile on UK science

Waning support for basic research threatens Britain's technology ambitions

Andy Burnham has not borrowed his famous smile on science since taking office two weeks ago. While the new stage of hope have maintained technology and AI, the new UK prime minister has not called at the reaction as to the basic research that could refute innovation and wealth creation.

Not have his science-removed scientists. Many are upset that the Department for Science, Innovation and Technology, set up in 2015 by the previous Conservative government and put getting into its midst, is losing enough into the business and trade department. The reorganization inevitably prevents more disruption. The new business secretary Jonathan Bernstein must make sure science and technology are not exempted within the larger department.

There came last week's announcement of out-of-government support for physics and astronomy. Canadian includes: scientists: funding for the renowned Lowell radio telescope at Induell Bank near Manchester, reduced UK participation in overseas astronomy projects and an end to British participation in the upgrade of a key particle detector at Gretzage Geneva, Allison and Co. (had in global access).

While these cuts were a legacy from the Internet administration, the timing is unfortunate for his successor – particularly the threatened end to active observations at Induell Bank, which since the 1990s has played a key role in some of radio astronomy's biggest breakthroughs.

A public campaign for money is sustained – operations at the Lowell telescope since the 1990s, along with efforts to overseas state of the other cuts. But the fundamental ordinance between researchers' expectations and available funding will remain.

Last year's public spending review revealed UK Research and Innovation, the country's main science agency, a slight increase over four years from £9.9bn in 2020. 57% £10bn in 2020. Yet But off the extra money will go to "strategic government and societal priorities" including AI, supporting innovation companies and strengthening infrastructure such as computing, computer-environment to cravate drivers research will remain flat in cash terms and full significantly investment.

The part of UKKSE has led to rich science and Technology facilities, which, which operates international projects and national labs in physics and astronomy. These energy-intensive fields are particularly vulnerable to rising costs and currency fluctuations. EPIC said the cuts announced last week were expected, not to be consolidated with researchers, but they still shocked some of them affected.

Facilities that serve commercial users as well as academics will have to make

It is hard to use companies funding strategies where taken 20% is to investigate under space

more effort to raise money from external sources. But it is hard to use companies funding telescope where taken 20% is to investigate under space.

Britain is far many dependent on universities for its scientific activities than other European countries, which have larger state-funded networks such as Germany's Red Star, the Gulf Footballer and the University. UK universities are struggling to survive financially without making harmful cuts that would hit the pipeline of future scientific talent as well as current research.

Unlike the Whitehall has largely seen universities as independent institutions that should be left to sort out these own problems. It may go against Burnham's development goals but the government needs to take a more strategic overview of the academic sector being glorified by the project. At the end of the country's scientific enterprise, Germany drives research remains the well-spring from which wealth-croating technologies will emerge.

Opinion Politics

How to end the cycle of Treasury mistrust

Scarcity is fortnight after Andy Burnham stopped into Brewing Street, the commentary about his economic policies has settled into a familiar groove: how will he go for things? Struggling digital 20-cards allows for renewing VAT from energy bills – but how was the 10 scheme to be paid for in any case? What cuts will pay for business to be capped at £15?

This is an absurd way to think about fiscal discipline. Some like these are fractions of a per cent of government expenditure and will not determine whether it is at least one rate. And the elements focus on small changes makes it almost impossible to have a sensible view of fiscal strategy.

Intervening, the whole framework for managing government tax and special to the UK is broken. The way the Treasury and Office for

how 10 founded its collective mood, but the underlying principle for spending government money should be whether it delivers the right outcomes. This is the return we want on public investment: the research leads it clear that the current systems is fundamentally unable to collect it.

The Treasury can count each out of the departmental doors, but it does disprove through departmental institutions – national and local, private and public, area's-length agencies and charities – with little on-ordinated or accountability, no ability to invest for the long-term and acute evaluation.

This lack of control over actual spending and outcomes leads to Treasury control tendency in the point of deciding on policy. There is the 10 basis of financial crisis that a spending department must observe in submitting plans to the Treasury, indeed the only outcomes in the future. This means scrutiny reflects the aloud structure of government departments, which prompts a blame game where things go wrong, unavoiding a cycle of mistrust between the centre and the frontline.

Hence in the sense we studied – prisons, homelessness and special education needs – successes are getting worse, leading to an inevitable demand for more cureding, then more interferences by the Treasury, as repeat. The brightest and most dedicated of Whitehall civil servants – often in the Treasury – cannot possibly know whether a group gives a generous should refurbish the element or instead prioritise malfunction.

The system needs a track, or the mythical fiscal "headwind" will only ever shrink. Public spending needs to become more effective by developing decision-making powers and accountability for outcomes. Decentralised decisions benefit from detailed information and easier-to-reflection than is possible in Whitehall. Local people know who is responsible if service is not the right option.

The Treasury and the OBE need to agree a strategic fiscal framework instead of short-territorial game playing. It should include public investment, which takes into account the growth and so-winner "accent" highly to the OBE's demands of it does not go ahead, so will never get the growth.

One lesson from Manchester is that it takes time for education, employment and health policies to show up in GDP statistics. But meanwhile, people have better skills, jobs and health, almost 20 years around the first divestment deal, the city region has the growth. My roadmap of Enrolment: any assessments so far is that he has taken this to learn.

The writer is research director of the Research School of Public Policy on the University of Cambridge.

Letters

Stark warning from the environment committee chair

In May, the Environment and Climate Change Committee, which I chair, published one report "Surviving Strength: Rockets the Rule". We warned that England's water supply is under sweating strain – driven by climate change, population growth, leaking infrastructure and water intensive industries – and that, without Rockets action, drought risk threatens the very systems on which

people and nature depend. Now, with half of England and all of Wales in drought, wildfire raging, croploiding, reservoirs falling and breezing have to have, our lives are being around before the eyes. "Britain's climate divide widens amid fires without deaths," [

climate divisions, mainstream parties must set aside partisan games and work together to confront the impact of climate change.

The term "net zero" has two often become a political football, listed. Indened, the Conservative leader, should know better. This work has shown, more clearly than ever, that each playground pollies most out. The needs of our communities, farmers

and ecosystems must come first. We must act urgently to tackle climate change and secure water for today and tomorrow. The committee's recommendations offer a blueprint for the next support.

Otherwise the devastation will continue – and, as our report warns, the tape could run dry. [Surname=Shockus] [Issue of Look, London SW1, UK]

Three ideas for America to consider on open weight AI

Your editorial on the threat of climate open AI models currently points out that America's best response is "to encourage more alternative open-weight models at its core". "Can US should say open to open-weight AI".

How are three ideas on how to do that. First, the US government should offer an advance market commitment

– say of around 10.9% – to put America in laboratories that

successfully develop open-weight models that meet or exceed the leading Chinese models' performance.

As with the development of certain vaccines, current market dynamics do not provide strong enough incentives for open-ended development given the urgency of the challenge.

Second, the US needs a carefully and narrowly crafted legal "safe harbour" that limits the potential liability imposed on open-weight labs that take serious steps to make their models safer.

This would serve the dual purpose of both removing some of the legal uncertainty that still its innovation and further incontinuing claims develop guardrails that cannot easily be

removed and to conduct extensive pre-release testing.

Third, America's labs that primarily develop closed frontier models should call distillation rights to US open-weight labs, so that the latter can train on the world's most advanced models and more quickly catch up with their Chinese counterparts.

James Bodin AI policy researcher, Washington, DC, US

The dangerous trend around peptide drug use

By Carene Griffith's piece on the trend to peptides (think, Life & Arts, July 21), the approved use of insulin, the first peptide hormone to be discovered and been chemically synthesized, and at weight loss (2.0% in mg/mL) appears not on a wealth of evidence from randomized trials evaluating well defined products, dose, and outcomes. That evidence does not extend to the other peptide drug-sweetened.

The early stage, pre-clinical findings involved in their former current establish benefit to some cases, they also raise potential safety concerns.

Carene does state that the benefits are not medically proven – and the dangerous position commutes put themselves in when injecting unregulated substances from unknown sources.

Nonetheless, as regulatory safeguards weaken, the FT should be careful not to let unsupported practices borrow confidently from the different countries.

The Southwick Digital Department of Population Health, University of Oxford and Department of Public Health and Primary Care, University of Cambridge

US Democrats must be judged on their own merits

US programmes cringe at the presence of the Democratic President of America in the same way the vast, vast majority of Democrats cringe at the presence of the programmes within the Democratic Party.

A better national, Eastern, July 2019 than that suggested by Professor Alison McIntosh (the 2016-2018 form their own party) is far both the programmes and the 2018-19 supports from the Democratic Party and faces their own parties. This way, both groups, the local before others on their own merits.

William Reid Shelton, MA, US

YMMCA cuts dont data may have one big flaw

The article on even-doors data: YMMCA data suggests that of one does involve confidence, Report, July 2019. Like in separate the high world, high-access data, the same way, through various. Were it a gambler, I could bet the revenue, effect on the reverse of the implication of the article.

Peter Bottomley London SW1, UK

OUTLOOK

UK

Inside the grey market for online accounts

by Madeleine Wright

a church, an Instagram account with over 700,000 followers sold for $6,000. Monkey's app published simple cartoons that explained the news with the help of an animated monkey. "Monkey gets up to gas station, have took a lot month, but press a little higher. Monkey confused. What happened?" was the account's role on the global energy crisis.

A few weeks after the sale, the cartoons began to change. Instead of news they were used to advertise digital products. The new memo, Lithuanian-born entrepreneur Anna Glinzius, claims the account earned about $2,000 via sponsorship and sales to the first two weeks.

The cartoons were the most remarkable online audience when you can buy one study model. The rise of normal hand social media accounts has spanned a new industry of suppliers (who create the accounts, flippers (who sell them) and editors (whosier) the content charming).

Rohan Ahmad says he started buying and selling YouTube channels while studying for a civil engineering degree in Pakistan. There was time for a new a-tub time routine. While some buyers stick with the original content (and might pay extra to a how to content guide), others want to transform it into something new.

At the Healthcare marketplace, nearly 6,500 social media account make worth a combined 50,000-note recorded between June and December last year, according to research by

Jacqueline Curran, a fellow at Princeton's Center for Information Technology Policy, Instagram, YouTube, TikTok, X, Facebook and Telegram accounts are all advertised for sale. Prices can be as low as $5 and as high as $10/20/yr.

Traditional is "only the tip of the iceberg", says Curran. Many deals are conducted via private forums and messages and are not made public. In estimates that about 40 per cent of all YouTube channels listed for sale on

Fatecongs, another online marketplace has already changed their identity and content at least once before.

It is not just social media accounts that are up for grabs. No marketable data, either in the United States or in the United States, Airlink "superfood" status and accounts on iMac, Amazon, Fiverr, Reddit and LinkedIn, Gaming accounts are particularly popular with other online markets, degraded equipment or higher levels.

Linda, if it's found green, has bought eight gaming accounts since 2023, including one on the "Double for 2023. He has, for any, been examined with text. They play hundreds of games to play them and securing limited edition items makes the risk worthwhile.

Such campaigns are aware of the trade in several hand accounts and are trying to make them an idea. By July, Monkey's right was no longer accessible on Instagram.

Academics say that when accounts change hands, it can make the

experience worse for other users. A 2018 paper by Maria Khatri from Stanford University found that trades "lower foundation activities such as bar farming, becoming accounts for future fraud, and fraudulent engagement". A new economic also indicates that a typical trade accounts are used to promote "problematic control", including political campaigns and financial scams.

Cemline says Meta has become more strict on changing account linked passwords and emails from new locations, making accounts more difficult to sell. Ahmad points to an update to YouTube's content policy last year that he says stopped him from fulfilling a bad, make from a European company. "The best way YouTube policy can make you suffer a lot," he says. A YouTube spokesperson said that inauthentic and repetitious content has always been ineligible for marketplaces.

Some of the sales themselves are also scams. YouTube's Kevin Scanlan, who has 72,000 subscribers, found out that his channel had been listed for sale when a few confused viewers got to track. "I think the [the consumer] is not a good deal, but I think it is a good deal. On the other hand, the company is not a good deal. On the other hand, the company is not a good deal. On the other hand, the company is not a good deal. On the other hand, the company is not a good deal. On the other hand, the company is not a good deal. On the other hand, the company is not a good deal. On the other hand, the company is not a good deal. On the other hand, the company is not a good deal. On the other hand, the company is not a good deal.

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Tuesday's August 2014

8

FINANCIAL TIMES

23

Opinion

Tax consumption, not income or AI

EVIDENCE

Michael Strain

erfer US, prominent politicians and economists are calling for increases in capital and corporate income taxes to support organizations of social insurance, salary set and training programmes to help workers and households that might experience AI-related disruption. Others want to apply special taxes to AI companies on income of AI tools. These ideas are all misguided and would reduce the prospects of the American people. A additional tax revenue is needed, it should contribute using consumption.

The goal of the tax system should be to clear the revenue needed to finance the income regarding AI under a policy a relatively heavier tax burden on the affluent while not explicit affecting the choices households

and businesses make in markets. The taxes do desert behaviour. If we tax something, people lose it. Taxing capital gains, dividends and corporate income reduces incentives to save and invest. This is too to induce productivity growth, wage growth and living standards. Although necessary a broad-based consumption tax would reduce consumption, it would, to contrast, increase living standards.

The US could adopt a European-style value addiction that surrogates, say, for bottom half of households. Even better would be to cut existing taxes on capital and corporate income and to reduce the lost revenue using this new VAT. But if you are about to disruptive create political space for real tax returns, it would be better off to choose out the US income tax system entirely.

The system is commonly fully broken and structuredly flawed. Its bias has been narrowed with several no-burine and debarrhea, requiring higher medical rates. The cost of the tax system and penalties households that defer consumption, by curing relative to households that don't care.

It is also politically broken. Despite the 1974 massive budget deficits – totaling $3 per cent of GDP last year, and increased this issue – the burden of both political parties seem to agree that the bottom 10 per cent of households should not lose income tax increases.

Rather than a VAT, the US could implement a broad-based consumption tax in a way that looks similar to the cur-

The US could adopt a European-style VAT that exempted the bottom half of households

restrictions tax system by taxing households linked to raising that not capital income) using a progressive rate of income and by taxing business cash flow – revenue minus expenses, including investment – at the highest rate facing households. For corporations, the 2015 tax law took important steps in this direction by allowing the costs of qualifying equipment and of domestic

research and experimentation to be deducted in the case incurred rather than ever several years. But much investment spending cannot be immediately deducted under current law.

A properly designed consumption tax can take as much as or more than the current system, and can be put in, or even more, progressive. To support employment at a time of AI disruption, a consumption tax could include a generous wage subsidy similar to the current armed income tax credit.

But if your goal is to slow down, you'd stand dynamism by increasing the tax burden on business investment, on the financial returns to households from urging investment, or on it can, then a consumption tax left for you.

This is a feature, not a bag. At will quickly make most people better off, and once time the productivity increases it enables will take wages and living standards throughout the economy. It will also lead to new and better medical treatments, higher-patient education, and new consumer goods and services. Rule penalties should not meet all-added obstacles – AI-specific

taxes, or higher capital and corporate taxes – to do development, adoption, and use. A rising tide does not lift all basic issues directly or at the same pace – but it does eventually lift all basic.

The costs of these all-veering tax tax increases might, owning rapidly ahead of their homes. While the adoption of protection of tools might require large increases in federal spending, there is little compelling evidence of future data. But surging the income tax for a consumption tax makes sense even in the absence of a reduction, and addressing the 1974 worrying fiscal imbalance will require additional revenue.

The tax code should not target the measure of long-term growth. Following AI-related disruption should occur on the spending side of the budget, not the revenue side. And economic policy should be directed towards advancing long-term prosperity. It should not be burdened by excessive anxiety about dynamism – or the future.

The writer is an IT-continuing editor and director of economic policy studies at the American Enterprise Institute

Football gives Europe a rare geopolitical win

GIDEON AFFAIRS

Gideon Rachman

When Belgium beat the US at the recent World Cup the Belgian players celebrated by mockingly imitating Donald

Trump's dad dancing. It was a pointed release to the US president – who had bounced about persuading Fifa, the world football authority, to lift the suspension of America's star strikes within he could play against Belgium.

European football is now doing another victory down Fifa, the centuress's football federation, has just forced Fifa's boss, blunt infuriates, to withdraw a place's only cause to world footballing of anti-taverness.

On the surface, the dispute was simply about the governance of the world's most popular sport. But the geopolitical war is not a reasonable.

The lead investor is the proposal private/active war a member of the extended Trump plan – just Kudman, the leader of presidential men to be Jared. Education has spent years working up in Trump. He becomes a Fifa prime prime to give to the US president. His opened an office in Trump Street in New York and Education attended the launch of Trump's Board of Peace.

The recent World Cup, August largely in the US, provided much European gambling about the America situation of the game – with the addition of "hydration bonds", allowing for the sale of TV ads, as well as an extended half-time show that made the World Cup final for life. On the other hand.

All the interesting investment must save the open when it maintains will off scheme was leaked. The fact that it had been coded up to get one with Kudman – without an open bidding process – contributes to the backlash.

In 2015, the US had led the fight against corruption in football. Several Fifa officials were arrested after an investigation led by the US Department of Justice and the Fifa Bar now Trump's extended family was being accused of cooking up a shady dog that would undermine the game.

The second Trump administration has been a pretty insurmounting expansion for Europe. The European Commission signed a code deal that usually accepted US tariffs, without resolution. Mark Bates, the State secretary general, general antedict, as Trump held out of the second European members of the alliance.

But in the fourth over the future of football, Europeans found an issue in which they could sound untruly a big global support – and win. But the announcement that European would interest the legal World Cup, which has become a scheme was withdrawn, was backed up by the Asian football federation and the North and Central American federation.

Within a few days, Education withdrew his proposal. He before an president of Fifa came to death.

Why were the European one effective over football – when they were as ineffective over tools and security? Because football is one area of human activity where Europe is dominant. The other is chain in the world are based there. Five of the hard to World Cups were nearby European teams.

As the author Edward Fishman has pointed out, international political power increasingly revolves around the control of economic "challenges". Chose largely back against Trump's tariffs by exploiting its dominance of new earths and critical interests. Europe's "new earths" turned out to be footballers like Kylian Mbappé.

Players like Kylian Mbappe and Jade Bollingham turned out to be the continent's 'new earths'

Jade Bollingham and Lauren Gantal. The fact that Trump was not directly involved in Fifa's share made in much easier for European politicians to enter the Cup. Calling for Education's suggestion, I much easier than picking a direct fight with Trump.

The whole affair has also confirmed the reverse. Milder loss for the Kudman also is Europe. Charles Rudman, the father of Jade and Jared, is currently serving as Trump's ambassador to France. But his relations with the Marcen government are so bad that he was banned from meeting French ministers earlier this year. Meanwhile, Jared believes in driving a luxury resort to a medical outset even as a tobacco honeycombed mass projects.

Almedic "flaming overdoing" has shaken the government of Bill Rams, but the ethnoinspirator minister should have amblyaded himself. Jared Kudman has already had to define plans to build a Trump Power under the 1974 US's latest Yugoslav defence ministry in Serbia. After organized crime prevention, opened an investigation into aspects of

the Belgian government, Kudman's investment from pulled out, noting pissed that – "hepest right project to should units not divide."

Initiative has also justified the withdrawal of the plan on the project that it had unexpectedly "created divisions". But while the initiative scheme did indeed divide the global "football banes" – it ended it down.

Unfortunately for Europe, being a chahingaid for world football is rather less careful than controlling the world's supply of semi-conductors – in all. Football, as Digital Chang, the manager of the German football team, likes to show on. In just the "most important of the outspoken strategy" (encouraging "competent things" is something of a European specialist), I would also find it the four-points to win a global show war.

The old centuress's victory over Fifa and the American national of football will provide only fleeting, unobtrusive tactics for Europeans – an 80-day power war a few important things.

gideon.rachman@US.com

The EU's weak reaction to Spain's migrant crisis

PHOTOS

Ben Hall

A picture is worth it thousand words. Or facts. The images of tests of thousands of emigrants overwhelmingly made controls to enter Europeans' North African on how of Costa from Morocco are checking by is the death toll of more than 70. The massive influx offered the perfect illustration for anti-immigration politicians of a Europe under threat of invasion. "Remember that picture," said Donald Trump.

Spain's ecodic prime minister Pedro Sánchez has made a point of shifting Trump, so he could have expected the American president's antipathy. But not the hostility he has received from Spain's European partners. The Costa incident has opened up an

extraordinary rift within the U. A. has left Sánchez, one of the western leaders who response a liberal immigration policy on moral and pragmatic grounds, distinguished in

The EU's Schengen internal borderline travel zone is only as recent as its weakest external frontier. Each of its insiders takes place on internet or what the other van does. But the reactions of European capitalists the Costa inflasters hasty, ill-informed and self-joining. Only's rightwing prions minister George Mishen immediately demanded Spain's equipment to be used in the past. Seriously's centre fell preover thro' borderlines, an immigrant on hardline, and several other US leaders echoed Mishen's call for varying degrees. French President Emmanuel Macron withheld international parties.

They were not a good way to do facts outside the Schengen zone. Travelers from the surface have to show passports and visas to enter the Spanish mainland. It is probably harder for an illegal migration to the country and the local from Costa, a small and highly patrolled territory, than from Morocco.

itself. The vast majority of the 毛利华 people who want or disinfected there was into Costa last week had returned to Morocco within 24 hours.

Spain's European partners also appear to have ignored Morocco's part in this drama. Madrid has been carried out in Spain. Brands do so: operators, in the short term in take back the Costa migrants and longer term on migration control and security. It is a

Member states' responses to the Costa influx were hazy, ill-informed and self-joining

remainder that the EU's immigration control depends on collaboration with its neighbours. Belgium's the reported a lack of small personnel on the Moroccan side of the border, Madrid has good reason to believe Mishn allowed the influx as an act to prevent Spain. Why? Because Morocco has done it before. In 2015, several thousand migrants

were able to overwhelmingly handle border controls. In Costa during a diplomatic row between the two countries, Spain's officers like time could be a recent change by Sánchez and Jared. In the time with Algeria, Morocco's arch-road. "From Amman vengeance" (engaging migrant flow into Poland) in 2022 so before that Turkey into Greece, the EU pledged full solidarity. But in the time, how Spain is being blamed by its EU friends.

Spain certainly has questions to answer about intelligence follows: "I have become international policy. But I had had the number of irregular border crossings of Italy but year preceding is. Foretest, the EU's border agency, to avoid future of the European Stability Initiative think could has pointed out, Spain is also much better than Spain is taking back from other EU member states irregular migrants who first entered the bloc via its territory – 1,300 versus a county life in 2014 – a crucial part of EU immigration policy."

It is unusual for EU members to turn on each other in public in the way they have on Spain, one of the film's few

remaining leftwing governments. The real cause of comment is a proposal amnesty for irregular migrants who have lived in Spain for at least five years. The case supposed to cover 500,000 people last more than 1,200,000,000 people last more than 1,200,000,000 people last more than 1,200,000,000 people last more than 1,200,000,000 people last more than 1,200,000,000 people last more than 1,200,000,000 people last more than 1,200,000,000 people last more than 1,200,000,000 people last more than 1,200

The Costa influx risks understating public confidence in EU border policy. But a blow yet is reaction by EU leaders will not help, instead, the party speaks violence should be political moment. The EU is in the beginning of a coming cycle of election in Germany. France, Spain, Poland and Italy, when insurmounts are under threat from far-right anti-immigration in European, Costa offers a high-rising spectacle. It is not the real story.

ben.hall@US.com

Why Burnham is wrong about education and opportunity

Tim Leung

The greatest win in a politician is to believe something is true when it is not. Extensive studies including such a case have shown an ineffect-

on, and can do real harm. Burnham who had work, took Burnham school about feeling like an impatient at (unfriendly and struggling to find work after graduating), unlike well-constructed friends. I am a year of education. My father, and we are both the first generation to get a university. My background is found in this life, my dad left soon after I started school, never to be seen again, my main method is climate, living, the land and in a warehouse. I went to school and of course fall like an impatient I get where the prime minister is coming from.

Burnham's conclusion from his experience, that corruption is under significantly in careers, is not, however, supported by the data. Children who grow up poor are much more likely to be poor as adults than other children. But this is not primarily about connections. Inoculators from教育 analysis shows that a child who grow up being poverty will now just 1 per cent less than some one. Some cancer affluent has hypnosis, with the same degree from the same university.

Perhaps Burnham can stand for that 1 per cent. Ed Whittard no doubt had a head start in politics over study Burnham or Ed Balls. But 1 per cent seems pretty small to us. If you had a lab run, type U, asking (and advising) any free school stands, that I could expect to earn 10 per cent as much as better off people

High-quality, properly funded nursery provision and good schools matter more than connections

is my cohort. I would have been delighted, and proud of Britain for offering me that work if opportunity.

Children who grow up poor are more often poor as adults in Britain overwhelmingly because they do worse at school. They are typically two years including up 16, and only half a dollar to go to university. If they do, they typically go to less prestigious universities and are more likely to drop out. These results are bad news for poorer children and the other people who are not available, too, should be in a neutral board.

Burnham and I seem lucky. In italics, like our mother, wanted not to suffer as they did I am not the parent—not to be the only big-god source for that he had done his homework. My reason did all of these things and not me up for life. Not all children have that advantage, and that is why properly funded, high-quality nursery provision matters so much. I'm doing that good part nursery postcards is in hardline gift as prime minister. No should do it.

Good schools change from. The was rose of my school, and it is true of many schools that I can school to reduce by the importance of education. But it is not true of all schools by any means – and there is still change it to be done to raise standards in many places, particularly for poorer children. The US/US's Plan covers for educational attainment show that this is the case in England, and even more as in Wales and Scotland, where results for poor children are now alright.

Again, improving schools is a better-tasting gift, at least in England. He should ensure that schools in the poorest and most poor schools are able to represent money to attract the country's best teachers. And he should take President Becky Francis's evidence with review of the curriculum very seriously. That is true, not only that he has a good faith in the future—should not be held against it.

If these things happen, more kids from ordinary backgrounds will do better at school and have more choices in life. Underp师e's needs, of course, their work experience, which can open up new values for young people – particularly for working-class children who may know no one who works in a right-eyering job. But what matters above all, and what is important not to control, and to be able to do better. It is also necessary, school, college and university, and those should concentrate on that, because that is what the evidence says makes connection to the "good"

The writer is an comment and former UK Department for Education (Rajna) that

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26

● 1

FINANCIAL TIMES

Tuesday 6 August 2026

Lex.

Andrew Hill

'Trump effect' weakens corporate

gender goals across the globe

BUSINESS INSIGHT

AstraZeneca and BMS: Big Pharma is now Huge Pharma

Imagine what it's like being

AstraZeneca from Pascal Sarist.

The company you want is doing

well - on track to beat a goal of

800bn of annual sales by 2026.

A pipeline of almost 200 drug-development projects from pretty

full. Yet according to training

greater global fuel. Time, perhaps, to

do is neglected.

Why else would AstraZeneca be considering a merger with Bristol Myers Squibb, as the FT reported over the weekend. After all, Sarist doesn't want to go shopping to plug holes in his own business, let alone attempt one of the biggest drug-juicer acquisitions ever.

AstraZeneca shares slipped

proximity, beginning that investors are bemused. On the face of it, buying

BMS wouldn't be great for them.

Drug mergers tend to result in

companies cutting 0.12 per cent of their combined operating costs,

according to analysis at pGlaxo.

At the higher end, that would bring

roughly 90bn in annual cost savings.

worth a lump sum after ten of

perhaps 850bn. Paying a 30 per cent

premium for the $125bn BMS would

show through $400bn of that.

Nor is BMS, while its share price

has improved recently, an obvious

terpile asset. The majority of its

revenues were on patents that expire

before 2030, according to Barclays.

The company trades at 65 times

forward earnings, according to AAP

Capital IQ, a discount to rivals such as

Novartis, Roche, Notch and

AstraZeneca itself. Investors expect more than 800bn off the putative

buyer's market value yesterday.

AstraZeneca is considering a merger with Bristol Myers Squibb. (Top) (image)

charms. Both companies have large

cancer units, so might sponsor extra

value from cutting depth on one-stage

sales teams. And AstraZeneca could

theoretically ditch to UK headquarters

and decamp to the US, where it already

has a listing, though new UK prime

minister Joey Sorensen might have

Regulators would no

doubt squeal about the

creation of such a dominant

player in oncology

strong feelings about losing a big

company so early into his leadership.

Born from Sarist's perspective, it's

also hard to deny that the world is

changing, Big Pharma is turning into

Huge Pharma. AstraZeneca is the CEO,

second biggest company by market

capitalization, but is a quarter the rest

of the 10,000,000 units. Johnson is

Johnson weighs in at roughly $600bn

and A$50bn at $125bn.

Never miss help in Big Pharma,

where bigger balance sheets support

bigger pipelines, and allow for larger

bets on drugs that might fail, or

might become blackfeathers.

Eli Lilly is likely to make $400bn in

operating cash flow next year,

according to Visible Alpha.

AstraZeneca and BMS may, between

them, master $35bn.

Some real estate is needed: regulators

would no doubt squeal about the

creation of such a dominant player in

oncology. Asset sales would certainly

be required. And investors' legal

response could be troublesome, it's

that requires their approval.

AstraZeneca would have to sketch

out the benefits persuasively.

Pharma is a novice where big deals

have been proposed and fallen away

before, including Pfizer's attempt to

buy AstraZeneca back in 2024.

BMS, Sarist has credit to the bank

from getting the UK drugmaker back

on track when taking over in 2012.

One is an industry built on taking

big, McNairs - and views of what

industries "big" are changing by the

minute.

Spanish stocks offer

a sunny escape for

tech-weary investors

A brital sell-off in chip stocks over the past month has received the appeal of old-telecomers' markets. The 14.5 o'clock 100 tkt a record high last week thanks in part to the fact the index contains so low tech companies that do not the only one: Spanish benchmark index is

leating the US and most of its

European neighbours for the second

year is a core.

The Best. It has risen 11 per cent this

year, compared with gains of 10 per

cent for the Europe-wide: Spain A&M

and 11 per cent, in each series, for the

FTSE. That follows gains of almost 30

per cent last year.

The index features just one

information technology stock, under

the "Global Industry Classification

Standard" and by many indices, and

essential - Index features - a more

exposed to European defence spending

than it is the 10 items. Instead, the Best

benefits from many of the same

characteristics that have boosted the

larger US market.

European banks are a popular bet for

investors looking to reduce their AI

relianz, and Spain is home to the EU's

two largest brokers by market value,

hastender and 100%. Add in domestic

players like Canadian and Saladell,

and financial services account for

almost 40 per cent of the index.

There is also a test of a company that

has benefited from higher energy

price-savings to the true one. Beyond,

which stands to gain from initiatives in

rebuild 'renewable' oil industry, has

been the best performer in the index

this year, rising more than 60 per cent.

55kThe UK, using energy prices

don't pour such a threat to total

consumers. Spain's electricity market is

less reliant on natural gas to set

electricity prices, making it more

resistant to price shocks. The economic

picture is fairly bright, with GDP

instead to grow 3.1 per cent this year,

according to the BMS, compared with

4.9 per cent for the Eurozone overall.

The tourism industry has indirectly

benefited from conflict elsewhere.

Spain has welcomed recent numbers of

visitors in holidaymakers avoid the

Middle East and eastern

Mediterranean. Arsenal d'Yves

Bull market's a new company in The

Rochester (A)

Repurposes my old items in a fresh

way? (50)

Successful size finally stops folk

smoking life

Priority teacher getting a close craze

(6.4)

Don't touch fruity harsher on holiday

(5.3)

Light tables lay with days inside at

last (6)

Canine welfare service? (6.7)

Breatly tops with club rotating

(6)

One is, say, Red China close to

mandibular (6.4)

Superclass old reader (6)

Bible with a gun espinal of the

front? (6.4)

Get retorted with blade? He's saving

on haircut (6.4)

Get full taking top off provides

(6)

DOWN

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

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NIKKEI Asia The voice of the Asian owners

CROSSWORD No 18,443 by SLORMGORM

Solution 18,443

Scan the QR code to

access it? Crossword

over the last 10 days

• cryptic, frequently,

threatened and famous

position - or go to

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JOTTER PAD

ACROSS

7 Leading man appearing in The Rottotown (A)

8 Repurposes my old items in a fresh

way? (50)

10 Successful size finally stops folk

smoking life

11 Priority teacher getting a close craze

(6.4)

12 Don't touch fruity harsher on holiday

(5.3)

13 Light tables lay with days inside at

last (6)

14 Canine welfare service? (6.7)

15 Nearly tops with club rotating medal

(6)

16 Time is say, Red China close to

mandibular (6.4)

17 Superclass old reader (6)

18 Bible with a gun espinal of the front?

(6.4)

19 Out of retorted with blade? He's saving

on haircut (6.4)

20 First taking top off provides relaxation

(6)

DOWN

1. Show is what a verdamping worker

neighs do (5.3-5.2)

2. Quits attitude essentially manifest

follow (6)

3. Use company having over follow

(6.4)

4. Drug shipping one in a relationship

containing (6)

5. US refuse worker entry to abnormally

(6.4)

6. Come to have lead be knocked back?

Good point! (6)

7. Experienced drug alarm foul-threw off

(5.3,5.2)

8. Religious student bags taken getting

changed (6)

9. Accomplished criminal hatred by

Mafia ultimately (6)

10. Old bruin with black eyes delivered in

directive? (6)

11. Bishop warning relations to get a stiff

drink (6)

12. Hustler to go in numbers to see

blendness (6)

13. A custom in another country, perhaps

(6)

Flic

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