Financial Times - 03.08.2026.pdfFINANCIAL TIMES 星期一 3 8月 20254 2 华尔街开始热爱区块链 深度报道，第 19 页 英国 £3.70；爱尔兰共和国 €4.10
塞乌塔危机 移民死亡人数上升 亲友们昨天在摩洛哥位于 Pnideq 郊外的 Bab Sebta 边境口岸等待，希望那些进入西班牙飞地塞乌塔的人能返回。据西班牙当局称，上周大规模跨境事件造成的死亡人数已达到 72, 人，这使得一些摩洛哥家庭担心他们的孩子在溺水者之列。在西班牙首相佩德罗·桑切斯反击对其国家处理该情况的批评后，欧盟各国政府将于明天举行一次在线会议，讨论西班牙领土上的移民危机，这进一步加剧了关于欧盟移民政策的分歧。约 60,000 人在 24 小时内进入塞乌塔，这是该集团历史上规模最大的非法移民涌入事件之一。 LY a ta i, srt fata ot bas ea Sore 摩洛哥统计死亡人数 第 4 页
尽管消费者在成本中挣扎，美国公司仍录得“坚如磐石”的业绩 收益双位数增长 GREGORY MEYER — 纽约 EMILY HERBERT — 伦敦
美国公司在第二季度财报季开局迅猛，尽管能源成本上升、利率处于高位且消费者支出谨慎，但仍报告了双位数的利润增长。FactSet 数据显示，基于 300 多个集团的报告以及尚未公布结果企业的分析师预测，S&P 500 公司的本季度收益预计将实现 47.4% 的同比增长。根据 FactSet 的数据，这将是五年来收益增长最强劲的一个季度。
“结果坚如磐石，”摩根大通资产管理公司全球市场策略师 Hugh Gimber 表示。“就公司公布的数据而言，这两周是非常非常积极的。”Gimber 指出，虽然科技行业再次成为领先行业，但与近期的财报季相比，“我们看到更广泛的行业都取得了健康的结果”。
但强劲的利润出现在许多美国人挣扎于生活负担能力的时刻，这可能会引发公众的反弹，尤其是考虑到总统唐纳德·特朗普发动的伊朗战争导致的能源价格上涨。
“科技和能源是主要驱动力，但你可以看到其他行业也在参与，”Aviva Investors 的 Richard Saldanha 表示。
这些结果涵盖了 4 月至 6 月期间，期间汽油价格平均维持在每加仑 $4 以上。全球债券市场的抛售导致公司的借贷成本飙升，消费者信心跌至历史最低点。然而，根据 FactSet 的数据，S&P 500 中几乎 10 家公司中有 9 家的收益超过了共识预期。
该指数的 11 个行业中有 8 个报告了双位数的收益增长。BNP Paribas Asset Management 首席市场策略师 Daniel Morris 表示，稳健的消费者支出和对人工智能基础设施大量投资的经济效应是一个促成因素。
更高的燃料价格为能源部门带来了意外之财。S&P 500 通信服务和信息技术行业的公司也录得了收益的大幅增长。谷歌的净收入增长至 $112bn，这得益于其投资收益，包括持有 SpaceX 的股份，后者在上个月通过历史上规模最大的首次公开募股上市。亚马逊三倍以上的利润增长是由其云计算业务的销售驱动的。
“对我来说，关键在于看到了这种广度，”Richard 表示。
Aviva 投资公司的股票投资组合经理 Saldanha 表示：“科技和能源仍然是主要的驱动力，但你现在看到其他板块也在参与其中。这非常重要，”他补充道，“这种扩散至关重要。当你在思考股票市场此后将走向何方时……不能只靠科技行业在前面发力。”
股市的强劲意味着持有股票投资组合的家庭保持了消费能力。会计与咨询公司 RSM 的首席经济学家 Joe Brusuelas 表示：“由于美国经济中资产持有者与非持有者之间的不平等日益扩大，财富效应变得更强了一些。”但零售和消费企业的高管报告称，贫困家庭的预算已捉襟见肘。宝洁公司 (Procter & Gamble) 首席财务官 Andre Schulten 表示：“低收入消费者……确实在勉强维持着每期工资到下期工资的生存状态。”
伊朗暂停 page 4 美国购物者抵制 page 8
因妥协而陷入危机，因凡蒂诺的未来仍未确定 在国际足球联合会 (Fifa) 主席詹尼·因凡蒂诺撤回一项出售商业部门股份的计划后，他的职位依然岌岌可危。该计划此前引发了激烈批评，导致 55 个国家威胁将抵制其赛事。——PAGER.FT 观点，PAGE 20
帕兰提尔面临新审查 在员工指出分析缺陷后，英格兰国家医疗服务体系 (NHS England) 计划改变其评估该美国科技集团数据平台成功与否的方式，该平台目前正于整个医疗服务体系中推广。—— PAGE 2
呼吁制定成文宪法 安迪·伯纳姆 (Andy Burnham) 表示，上周公布的权力下放浪潮将“增强”制定成文宪法的理由，他指出国家运行方式需要一套“明确的原则”。—— PAGE 2
海湾盟友影响特朗普 美国总统表示，在卡塔尔、阿联酋和沙特阿拉伯请求美国暂缓，并称“协议框架”已达成后，他决定不对伊朗发起新一轮攻击。—— Page 4
竞争对手利用 easyJet 收购战 法航-荷航 (Air France-KLM) 旨在利用这家英国廉价航空公司预计 £5.7bn 的收购动荡，夺回此前流向该竞争低成本航空公司的乘客。—— PAGE 1
漏洞猎人攻击苹果 由于面临大量由人工智能驱动的、旨在识别所谓风险的报告，这家科技巨头限制了研究人员可以提交给其安全团队的潜在危险软件漏洞数量。—— PAGE 8
委内瑞拉过渡期分歧 在尼古拉斯·马杜罗被推翻六个月后，德尔西·罗德里格斯 (Delcy Rodriguez) 的政府与反对派在准备就选举引入民主制度进行谈判时，内部已经出现了分歧。—— PAGE 6
欧盟紧急翻新网站 随着布鲁塞尔准备执行其具有里程碑意义的《人工智能法案》中的透明度规则，欧洲公司正竞相对聊天机器人、深度伪造和人工智能生成的营销材料进行标注。—— PAGE 10
外国竞标者以无法拒绝的“熊抱”要约追逐英国集团 新任英国通信管理局 (Ofcom) 主席誓言使监管机构与时俱进 英国通信管理局 (Ofcom) 成立于 20 多年前，旨在监管媒体和电信行业。但随着与传统媒体竞争的在线平台的兴起，其职责范围随之扩大，而这些平台往往无需遵守相同的规则。现在，伊恩·切斯特 (Ian Cheshire) 爵士正在监督一项“广泛的”审查，旨在重新调整 Ofcom 以适应其在成为互联网执法者后几乎翻倍的工作量，而这引发了对人员配置和专业能力的担忧。 访谈 » PAGE 3 IVAN LEVINGSTON 和 CLARA MURRAY
外国竞标者正通过日益增多的“熊抱”要约来吸引伦敦上市公司的投资者。
这些报价旨在使其令人无法拒绝，这一战术转变凸显了瞄准英国企业的买家所持有的信心。第二季度，英国公司收到的此类未经请求的公开收购出价金额达 £44bn，其溢价率在股价基础上达到 20 per cent 或更高，为 2018. 以来最高值。当买家希望迫使目标公司董事会接受收购时，会发起所谓的“熊抱”（bear hug）报价。根据 FT 对伦敦证券交易所集团数据的分析，2026, 在英国上市的公司收到的此类报价比其他任何国家都多。
“今年是‘熊抱’之年，”律师事务所 Freshfields 的企业合伙人 Kate Cooper 表示，“这基本上是在告诉股东：‘你们必须亲自处理这件事了’。”美国房地产投资者 Prologis、瑞典收购集团 EQT 和瑞士保险公司 Zurich 均公开提出了极具吸引力的方案，并分别成功完成了对 FTSE 权重股 Segro、Intertek 和 Beazley 的巨额交易。
LSEG 将“熊抱”定义为：在公开且未经请求的接触之前的一个交易日，其报价较公司收盘股价至少溢价 20 per cent。这种举措与典型的战术相反，后者在公开之前会寻求获得目标公司董事会的支持。顾问认为，在经历了多年表现平平之后，这种方式可以让求婚者利用股东对交易的开放心态。
“买家试图找出股东的临界点，”德意志银行投资银行与资本市场执行主席 Anthony Parsons 表示。“在大多数交易中，这为买家和目标公司都提供了相当不错的信息，并有助于确保交易的达成。”在过去的 12 个月里，发生了 12 次此类举措——尽管并非所有举措都获得了成功或达成协议。除了四家公司外，其余均为总部位于英国以外的公司。
今年，海外买家以创纪录的速度抢购伦敦上市公司。根据 LSEG 数据，对英国上市集团的收购额（含净债）增长 188 per cent 至 $116bn——这是 2007. 年以来今年至今的最高水平。
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全球市场
股票市场 / 7月31日 / 7月24日 / % 变化 / 货币对 / 7月31日 / 7月24日 / 政府债券 / 7月31日 / 7月24日 / 变化 :--- S&P 500 / 500 7489.72 743763 / 0.70 / S / € / 1.151 1.138 / US2\r / 4.29 431 / -0.02 Nasdag Composite / 25373.85 25122.18 1.00 / S / E / 1.346 1.333 / £ / $ / 0.743 Dow Jones Ind / £7495.03 57208.06 0.53 / ££ / 0.855 0.854 / € / £ / 1.170 1171 FTSE 100 / 100 10858.05 1089727 027 / ¥ / E / 214.277 218.239 / US30Yr / 6.26 5.14 0.12 FTSE 300 / 300 759524 259750 0.09 / UK 10 Yr / 6.05 5.03 0.02 Elndex / 85.153 85600 FTSE All-Share / 5836.47 5853.32 / 0.29
Siri€ U.S31 U.93U / Sfr / t 1.U83 1U9U / UK 30 Yr 0 / 8 0. / 2
加密货币 / 7月31日 / 7月24日 / % 变化 / 股票 / 其他 / 7月31日 / 7月24日 / % 变化 :--- Bitcoin / 62633.40 / 64024.80 / Xetra Dax / 25629.24 25612.03 0.07 ENS Ys / a9 / 397 0.02 / Pawan / 1860.36 1859 56 7 95 GER 2 Yr / 9.82 2.82 0.0 Nikkei / €4352.02 6185 43 4.03 Hang Seng / 25884.43 25858.88 0.10 GER 10 Yr / 2.20 3.17 0.02 GER 30 Yr / 3.70 3.65 0.05 MSCI World / 4791.00 4738.00 0.48 MSCI EM / 1611.10 1564.20 3.00 MSCI ACWI / 1103.20 1034.60 079
商品
商品 / 7月31日 / 7月24日 / % 变化 Oil WTI / 84.44 98.59 415 Oil Brent / $ 89.94 96.18 6.24 Gold / $ 4044.63 4075.63 / 31.00
价格为本版最新数据。数据由 ICE 提供。www.ice.com
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周一 2026 年 8 月 3 日 英国金融时报 国家版
英国通信管理局主席的审查旨在使监管机构适应网络时代 监管机构负责人指出，在快速变化的格局中，监管互联网的工作量日益增加
DANIEL THOMAS 英国通信管理局 (Ofcom) 主席伊恩·切希尔 (Sir Ian Cheshire) 爵士正在主持一项“广泛的”审查，旨在使该监管机构适应其作为英国互联网监管机构的新职责。在被任命后的首次采访中，切希尔告诉《英国金融时报》，自成为《在线安全法》的执行者以来，由于工作量几乎翻了一番，英国通信管理局可能需要增加资源。
“我们正在构建未来三年的蓝图。将需要更多资源，但不会是天文数字，”他说道。
英国通信管理局的资金由其监管的行业提供，而非由纳税人承担。该机构由托尼·布莱尔政府在 20 多年前设立，旨在监督媒体和电信行业。然而，随着与传统媒体和通信集团竞争的在线平台的兴起（且这些平台通常无需遵守相同的规则），其职权范围在近年来大幅扩张。
自从议会在 2023, 年将《在线安全法》通过为法律以来，该监管机构被赋予了针对社交媒体平台的广泛权力，以阻止非法在线材料，并保护儿童免受有害内容和色情内容的影响。
这项审查预计将于初秋结束，将研究英国通信管理局的组织结构及其运营模式，以及它们是否适用于在线安全监管的下一阶段。
在英国，英国通信管理局正试图约束全球最大的技术公司，这些公司拥有巨大的法律和财务资源，这引发了人们对在人工智能 (AI) 和社交媒体等前沿领域的员工数量和专业知识的担忧。
“即便在法案通过时，还没有 AI 聊天机器人或‘脱衣’应用程序，而且两三年后又会出现其他东西，”66 岁的切希尔说。“现在我们必须停下来，认真评估我们是否拥有正确的工具、正确的人员和正确的优先级。”
他指出了 2003, 年《通信法》的“大部分内容”（这构成了英国通信管理局职权的基石），并表示“如果你思考自那时起发生了什么变化，答案是：几乎所有东西都变了”。
在《英国金融时报》看到的一封信中，切希尔上个月告诉前技术大臣利兹·肯德尔 (Liz Kendall)，英国通信管理局可以在“继续做出稳健且基于证据的决定的同时，变得更快、更灵活且更注重结果”。
切希尔是一位金融城资深人士，此前曾担任电信集团 BT 的董事会成员。他表示，政府的电信政策需要同时考虑质量和价格，并期望首相安迪·伯纳姆 (Andy Burnham) 将减轻生活成本作为一项核心政策目标。
他表示，在扩大地理覆盖范围的努力之后，覆盖质量和服务水平现在需要“提高优先级”。
“我们肯定已经拥有欧洲一些性价比最高宽带，且远比[美国]便宜。所以我认为我会将质量放在首位，”切希尔补充道。
英国通信管理局新的在线权力引发了批评，尤其是来自美国政府代表的对言论自由的担忧。美国技术高管也警告说，监管机构的做法威胁到他们的商业模式。
切希尔表示，他意识到“美国政府有不同的看法，而且我们已经进行了很多……”
与 FCC（联邦通信委员会）以及包括负责公共外交的国务副秘书兼特朗普的言论自由特使萨拉·罗杰斯（Sarah Rogers）在内的其他相关人员联系”。然而，他补充说，很明显 英国通信管理局 并非试图“阻止言论自由或损害商业利益”，而是在“保护我们的公民”。切希尔（Cheshire）曾任公共服务广播公司 Channel 4 主席以及 DIY 集团 Kingfisher 的负责人，他表示，围绕言论自由的争论也表明了探讨数字主权必要性的需求，例如英国是否需要自己的云基础设施。“如果我们面临的未来是由美国或中国来决定我们阅读、观看和消费的内容……那感觉不妙，”他说。“我们应该思考自己想要做什么，而不是为了对抗美国政府而单纯地进行争斗。”
基尔·斯塔默（Sir Keir Starmer）爵士在担任首相期间的最后一项行动之一，就是制定禁止 16 岁以下儿童使用社交媒体的计划。切希尔个人支持这一举措，尽管他对禁止用于规避规则的虚拟私人网络（VPN）持怀疑态度。切希尔将任职四年，目前尚未与丽莎·南迪（Lisa Nandy）会面。南迪在伯纳姆（Burnham）领导下继续担任文化大臣，其职责范围扩大，涵盖了科学与技术领域。在谈到南迪时，他说：“她承担了一个巨大的新议程。领导层必须决定将时间花在哪些地方。但这是一个相当成熟的议程，‘我们必须坐下来认真评估我们是否拥有合适的工具、合适的人员和正确的优先事项，因此希望他们能够继续解决这个问题’。”
由于 Netflix 和 YouTube 等美国在线竞争对手的迅速崛起，英国公共服务广播的未来已成为审查重点，英国通信管理局 也很可能会被卷入与政府的这场辩论中。媒体高管们提出了将 Channel 4 与 BBC 合并的想法，而 BBC 新任总干事马特·布里廷（Matt Brittin）已确认，双方已开始讨论在流媒体等领域开展合作的可能性。“我认为会出现不同形式的整合。问题在于整合什么，”切希尔说道，并指出十多年前曾尝试创建英国联合流媒体服务的尝试。“我们需要在公共战略层面明确：我们试图实现什么？我们是否想要一个长期的国家数字主权冠军？如果答案是肯定的，那么你可能确实需要（某种形式的）整合。”他补充说，YouTube 需要“成为媒体格局监管的一部分”，但问题在于“具体如何监管他们”。
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特朗普称海湾盟友请求暂停对伊朗行动 调解促使总统暂停威胁的美国打击行动
安德鲁·英格兰 (ANDREW ENGLAND) —— 伦敦 唐纳德·特朗普表示，在海湾盟友请求美国暂缓行动且“协议框架”已达成后，他已决定不对伊朗发动新一轮攻击。这位美国总统在周六晚间的一篇社交媒体帖子中表示，美国在面对这个伊斯兰共和国时依然处于“锁定装弹、准备就绪”的状态，但他已决定取消一次威胁性的打击，“前提是能够迅速达成一项协议”。
在 60,000 人跨境进入西班牙飞地后，家属寻找失踪儿童 玛莱卡·卡纳内赫-塔珀 (MALAIKA KANAANEH TAPPER) —— 塞乌塔
阿明娜·萨杜恩 (Amina Saadoun) 周六在从塞乌塔前往摩洛哥的路上，向每一位经过的返乡移民出示她 15 岁弟弟的小照片。
“你见过这个男孩吗？他是我弟弟，我像养儿子一样养他，”她问道。根据西班牙当局的数据，截至昨天，这次大规模进入西班牙飞地的行动已导致 72 人死亡，这让摩洛哥的家庭陷入悲痛，或恐慌地担心自己的孩子就在死者之列。自周四上午，她的弟弟穆罕默德（Mohammed）——一个害羞、胆小且不爱学习的孩子——离开特图安 (Tetouan) 的家前往摩洛哥与塞乌塔的边境，并与约 60,000 名涌入飞地的其他人员汇合以来，萨杜恩一直在寻找他。“我不知道他是死还是活，”她说着崩溃地流下泪来。
周末期间，在全国各地的家乡举行了为那些在游泳过境中丧生者的葬礼，其中包括一名来自特图安、热爱足球的小女孩。随着跨境人员中的散兵被西班牙当局驱逐回摩洛哥，许多人仍然失踪。他们的母亲和姐妹们手持照片在边境附近的街道上徘徊，往返于沿海的警察局和驱逐中心之间。
关于这次致命跨境行动是否是由某种政治计谋触发的疑问四起，而许多人则在思考是什么让他们和他们的孩子如此脆弱。虽然西班牙中央政府避免对摩洛哥当局做出任何批评，但塞乌塔的最高官员则措辞激烈。市政府主席胡安·赫苏斯·比瓦斯 (Juan Jesus Vivas) 在 Antena 3 电视台表示：“我们的边境遭到了摩洛哥的虐待。如果没有摩洛哥政府的批准，是不可能出现 60,000 人入境这种情况的。我们被虐待且被蔑视。”
萨杜恩说，她的弟弟被一种痴迷于移民的文化所吸引。“是他的朋友们在他的脑海中灌输了移民的想法，而且你知道摩洛哥人对移民的认知：出去赚钱，买房子，一个……”
特朗普在发出此 Truth Social 帖子前几天曾警告称，美国将“非常严厉地”打击伊朗，在他寻求向德黑兰施压以重新开放霍尔木兹海峡时，这增加了回归全面战争的威胁。特朗普表示，美国已收到“伊朗及其他中东国家”的请求，要求克制任何新的打击，且以色列“在这项承诺上与我一致”。他补充说，“协议框架”包括立即且完全重新开放霍尔木兹海峡，以及“结束伊朗的核威胁”。
一名获悉谈判情况的外交官表示，来自卡塔尔、沙特阿拉伯和阿拉伯联合酋长国的官员协调致电美国同行，试图说服华盛顿坚持外交路线。
登陆海滩：昨天，一名意图移民的人在西班牙塞乌塔被西班牙国民警卫队 (Guardia Civil) 拘留。
“……车，”她说。“让我如此悲伤的是看到我们的国家和青年就这样迷失。”这些死亡甚至在那些幸存者心中留下了印记。23 岁的 Hamza 在周五黎明前的温水中游泳时，感觉到一具尸体的皮肤擦过他的腿。他开始加快速度。他说，周围有数千人。有些人不会游泳，试图抓住那些会游泳的人。在他说摩洛哥守卫允许该群体通过后，他最终到达了岸边。但由于饥饿和对暴力的恐惧，他在一天之内就离开了塞乌塔。在丹吉尔火车站的地板上与数十人一同等待时，Hamza 表示这是他本周第二次尝试进入这个西班牙飞地。摩洛哥当局曾在周二抓到游泳的 Hamza 并将他送往南部沙漠。但当他听到塞乌塔边境将开放的传闻时，他立即冲回了边境。“你会说你再也不想这么做了，但过一段时间后，你又开始考虑这件事。”这是他第八次尝试离开家乡。他说，这个想法在他脑海中根植多年，因为他希望找到一份比目前每月 £400 薪水更好的工作——他是一名铝业工人，支撑着四个兄弟姐妹和丧偶的母亲。许多游泳的人要年轻得多，而且此前从未尝试过越境。在社交媒体信息流中充斥着“不会被遣返”的说法后，他们陷入了疯狂。16 岁的少年 Abdulaal 戴着厚重的牙套，他卖掉了自己的运动鞋来支付前往边境的旅费。
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……外交进程并推迟罢工。沙特阿拉伯表示，王储穆罕默德·本·萨勒曼也与特朗普进行了对话，强调“采取一切可能的努力实现冷静，为外交解决方案铺平道路……并防止冲突扩大”的重要性。该外交官表示，海湾国家担心，如果美国恢复对伊朗的袭击，将引发激烈的战斗，并蔓延至多个战线，使该地区陷入进一步的混乱。此外，人们还担心战争的新一次爆发会导致伊朗支持的胡塞武装（近期已升级与沙特阿拉伯的冲突）试图关闭曼德海峡，这是连接红海与亚丁湾并最终通向印度洋的另一条关键水道。
由沙特阿拉伯和俄罗斯领导的 7 个欧佩克+ (Opec+) 国家昨天呼吁降低针对能源基础设施袭击的紧张局势，并表示开放海路对世界市场至关重要。该石油生产国组织表示，将从 9 月起将集体产量增加 188,000 桶 / 日，此举将完全取消 2023 年原油市场面临供应过剩时引入的减产方案。尽管许多国家因战斗而面临石油出口挑战，但这些国家在冲突期间每月都在提高配额。随着唐纳德·特朗普对德黑兰同意重新开放霍尔木兹海峡的外交努力感到日益沮丧，他近日升级了发动新一轮袭击伊朗的威胁。周五，这位美国总统 1……
说道：“我们将非常沉重地打击他们，在某个时间点，他们会说，‘我们再也承受不住了’。” 几小时后，CBS 新闻报道称，美国和以色列正准备对伊朗的能源基础设施发起一次激进的联合轰炸行动。伊朗代理国防部长马吉德·埃本-雷扎准将（Brigadier General Majid Ebn-e-Reza）昨日表示，美国的言论应在“心理战和战争的背景下”来解读，但补充说伊朗已准备就绪。由在德黑兰的 Bita Ghaffari 和在伦敦的 Malcolm Moore 参与额外报道。
在听朋友说塞乌塔（Ceuta）过境点将开放后，他返回时心有余悸，穿着一双不配套的橡胶拖鞋，并表示自己不会再回去了。目前，哈姆扎（Hamza）也感到幻灭。他听闻有理论认为，边防人员决定放行移民是更大外交行动的一部分。他被周围的死亡事件所震撼。但他并不排除再次尝试。哈姆扎在攀爬铁丝网后受伤，身上缠着绷带，他是数百名受伤者之一。西班牙当局表示，从周五上午 9 点到周日上午 9 点，塞乌塔的卫生工作者共为移民提供了 1,149 次治疗。
“这就像毒品一样，”哈姆扎在谈到移民时说，“尝试一次后，你会说再也不想这么做了，但时间久了，你又会开始考虑。”
直到周日，人员伤亡情况才逐渐明朗。当时 16 岁的里达（Rida）在塞乌塔待了几天后，回到了边境小镇夫尼德克（Fnideq），但他的六岁弟弟拉扬（Rayan）没有回来。他说，拉扬在朋友的带领下游泳前往塞乌塔，于周六晚上死在了那里的森林中。里达穿着一件霓虹色的足球服，不知道该去哪里。他的父母不知道发生了什么，也不知道他的弟弟失踪了。当一名摩洛哥警察到达并说服他爬上一辆装满其他被遣返移民的警车时，他一直在哭着喊“我的弟弟”，该警察称这些人正被送回故乡。
来自丹吉尔的 38 岁家庭帮佣阿兰（Ahlam）关于她十几岁女儿阿尔瓦（Arwa）的最后记忆是，周四阿尔瓦在向塞乌塔游泳时，一艘海岸警卫队船只靠近。阿尔瓦的小弟弟当时也和她一起游泳。她对他大喊让他游回摩洛哥，他也照做了，并告诉了母亲发生了什么。在那之后的三天里，他们没有阿尔瓦的消息。阿兰在夫尼德克的街道上徘徊，被晒伤了，穿着凉鞋的脚沾满了污垢。她亲吻了手机里的一张照片，照片中的阿尔瓦穿着足球球衣在微笑，肩膀上停着一只鹦鹉。
“我非常担心她死了，”阿兰说，“我会留在这里。在知道发生了什么之前，我不会回家。”
由 Barney Jopson 参与额外报道。
欧洲热浪 多瑙河水位降至历史低点，匈牙利面临能源配给
MARTON DUNAI —— 布达佩斯 由于多瑙河水位降至历史低点，迫使该国唯一的核电站完全关闭，匈牙利正准备实施电力配给。这座 2 吉瓦的帕克斯（Paks）核电站供应了匈牙利高达 40 per cent 的电力，它依赖多瑙河进行冷却，且没有备份水源。
“我们正面临最关键的五天，”总理彼得·马加亚尔（Péter Magyar）在昨日的一段视频信息中说道，“从明天起，帕克斯核电站将停止发电，而此时最高温度将达到 40C 的最热日子也即将到来。我们的电力系统、公共事业以及我们所有人都将承受巨大的压力。”
周六，政府发布了一项法令允许其
如果电网承受不可持续的压力，将向最大的工业消费者削减能源供应。马加亚尔（Magyar）表示，此类措施仅在万不得已的情况下才会采取。他表示，一个应急工作组将举行会议，决定是否“从明天起需要对大型工业用户实施强制性电力消费限制”。
Paks核电站采用20世纪80年代的苏联技术建成，此前从未被强制关停。运营商表示，正准备对其最后一个运行中的反应堆进行受控关闭。马加亚尔称，此次操作不存在风险。政府已推出节能措施，包括在高峰时段停止货运铁路交通、命令列车减速以节省电力，以及关闭全国公共建筑的装饰灯。
马加亚尔已要求企业和家庭限制电力使用，包括减少空调使用和电动汽车充电，特别是在电网承受压力的夜晚。近年来，匈牙利安装了约 8GW 的太阳能产能，这有助于其应对 Paks 反应堆的逐步关闭。根据系统运营商 Mavir 的数据，在白天，太阳能已覆盖了匈牙利高达 80 比率的电力消耗。然而，一旦日落，布达佩斯不得不启动所有化石燃料电厂，并从一个已经紧张的区域市场增加电力进口。
在异常干旱的夏季，其他国家也面临类似的压力。罗马尼亚的 Cernavoda 核电站同样使用多瑙河冷却，因河水位低而面临受控关闭。在莱茵河，高温和干旱导致水位降至八年来最低水平，干扰了德国最重要的贸易通道之一，并迫使制造商削减生产。
匈牙利经济可能会受到高温、干旱和电力短缺的共同影响。预计企业将停产，农业产出可能异常疲软，且昂贵的电力进口可能会增加通货膨胀，从而限制央行通过降息支持增长的空间。
竞选资金 法国银行对选举融资持开放态度，助力勒庞 萨拉·怀特（SARAH WHITE）与莱拉·阿布杜（LEILA ABBOUD） 巴黎
法国银行表示，如果有政府担保，它们愿意向明年总统选举的候选人提供竞选贷款。此举可能帮助玛丽娜·勒庞（Marine Le Pen）领导的极右翼“国民联盟”（Rassemblement National）克服长期的融资问题。
总理办公室的官员表示，他们于 7 月与银行高管会面，讨论如何克服银行由于所谓的财务和声誉风险而对向候选人提供贷款持有的传统抵制态度。尽管国民联盟目前是该国最受欢迎的政党，但由于其排外历史留下的污名，银行一直特别反对为其提供资金。
目前尚未达成协议，但政府表示，如果候选人转而向国外寻求贷款，政府希望避免“外国干预”。随着明年 4 月接替埃马纽埃·马克龙（Emmanuel Macron）的竞选临近，这一问题变得更加紧迫。勒庞曾在 2017, 求助于一家据称与俄罗斯总统普京有联系的俄罗斯银行，并在 2022. 求助于一家据称与匈牙利前总理欧尔班（Viktor Orban）关系密切的匈牙利银行。
法国银行联合会表示，国家有责任促进竞选贷款的落实。一些银行表示，它们仅在拥有……的情况下才会这样做。
明确保证任何损失都将得到补偿。农业信贷银行（Crédit Agricole）首席执行官奥利维尔·加瓦尔达（Olivier Gavalda）在周五发布的评论中表示，他支持一种“可以避免任何党派风险或避免出现支持某一方之嫌”的汇总方案。“我们认识到，无法为总统竞选活动提供资金，对所有政党来说都是一个真正的民主问题。”他补充说，“正确的解决方案”是“通过国家，要么通过公共资金……要么通过实质性的担保”。法国贷款机构 l' Crédit Mutuel 的负责人丹尼尔·巴尔（Daniel Baal）上周也表示，政府担保至关重要。
勒潘在民调中处于领先地位，有望进入决选，而包括前总理爱德华·菲利普（Edouard Philippe）和极左翼领袖让-吕克·梅朗雄（Jean-Luc Mélenchon）在内的一系列候选人则在竞争第二个席位。菲利普已经从一家法国银行获得了竞选贷款，梅朗雄也是如此。在 7 月，她克服了因被判挪用欧盟资金而导致的选举禁令，并表示尽管最终上诉仍存在法律风险，她仍将参选。但尽管进行了数月的游说，国民联盟（RN）尚未获得资金。该党的一名高级工作人员对与银行和政府达成潜在妥协表示欢迎，但认为该党未获得平等对待是“令人愤慨的”。
（左图：玛丽娜·勒潘参加国民联盟的一次集会）
国民联盟最初在 2014 年从俄罗斯银行获得的贷款多年来一直困扰着该党，并引发了人们对勒潘受克里姆林宫控制的担忧。在俄罗斯全面入侵乌克兰后，对其党派与莫斯科之间财务关系的审查进一步加强。俄罗斯贷款已在 2023 年偿还，匈牙利贷款在 2024 年偿还。在法国，对于得票率超过 5% 的候选人，国家将报销一定限额内的竞选费用。账户还必须经选举监管机构验证。候选人并不总能达到这些阈值，这使得银行担心无法收回款项。
政府强调，该提案并非旨在帮助勒潘。“这是一个确保选举妥善进行的问题：确保所有候选人都能从法国贷款机构获得贷款以资助其竞选，从而避免外国金融网络介入。”法国巴黎银行（BNP Paribas）、社会通用银行（Société Générale）以及 Natixis 的所有者 BPCE 均拒绝评论。国民联盟没有立即回应置评请求。
2026 年 8 月 3 日，星期一 * 英国金融时报 5 享受 HTSI 杂志，请在以下日期的 FT 周末版内查收：即将出版的 2026 年期号 FIL.COM / HTSI 8月 9月 10月 29 HTSI 5 HTS 3 HTS 12 HTSI- 女性时尚 10 HTSI - 设计 19 HTSI- 男性时尚 17 HTSI- Wisely 26 HITS! - 艺术 24 HITSI —- 物业 31 HTSI- 旅行 英国金融时报 HSI
此次谈判旨在就新总统选举的时间表和程序达成一致。这是自 2024 年马杜罗宣布自己获胜以来的首次选举——尽管反对派独立核实的投票统计结果显示他以两比一的劣势落败。
然而，在 2024 年策划击败马杜罗竞选活动的反对派领导人玛丽亚·科里娜·马查多表示，她将不参加此次谈判，但她称自己不会阻碍谈判决定。在马查多被禁止参选后赢得那次选举的反对派候选人埃德蒙多·冈萨雷斯也表示他将不参与。
与此同时，政府内“查韦主义者”政治运动的几名强硬派表示反对此次谈判，部分立法者在上周的一次游行中焚烧美国和以色列国旗。
反对派高级成员对美国国务卿马可·鲁比奥推动此项倡议的努力表示欢迎，但他们认为，成功将取决于华盛顿施压罗德里格斯的意愿。他们指出，此前与查韦主义当局进行的多次谈判均以失败告终，导致反对派分崩离析，政府立场更加顽固，而国际调解人则陷入尴尬。
自从 1 月份采取突袭行动抓捕马杜罗以来，特朗普政府内部就应在多大程度上推动民主过渡展开了激烈的辩论。到目前为止，华盛顿一直阻止马查多返回该国（包括在 6 月底发生毁灭性地震之后），同时声称经济稳定和恢复必须在选举之前实现。
鲁比奥是美国政府中最强烈主张在委内瑞拉举行新选举的官员。关于新一轮谈判，他表示美国是“为了提供便利而非发号施令”，但补充说“显然这是我们将深度参与的事情”。
总统唐纳德·特朗普则采用了略有不同的基调，他在上周表示，“至于委内瑞拉的选举，他们还没有真正准备好”，尽管“在某个时间点他们会准备好”。他还大肆赞扬罗德里格斯，后者通过了旨在向外国投资者开放该国破败的国家控制石油部门的改革，尽管国际石油巨头对于向该国注资仍持不确定态度。
国际危机组织（International Crisis Group）在加拉加斯的分析师菲尔·冈森表示，政府参加谈判是“因为美国要求其参加”，但“特朗普显然对现状感到高兴”，并且可能不希望面对“民主进程中固有的不确定性和自主性”。
冈森补充说，如果“美国推动的一项协议威胁到尤其是安全部队人员的重大利益”，那么与罗德里格斯政府之间可能会出现紧张关系。
能源。意大利 梅洛尼大举押注核电复兴 对“扭曲”可再生能源的反弹推动回归原子反应堆 AMY
KAZMIN — 奥尔维耶托（ORVIETO）。在意大利一个中世纪村庄里，在由其祖母精心修复的家中，意大利地球之友（Friends of the Earth Italy）主席莫妮卡·托马西（Monica Tommasi）正在与风力涡轮机作斗争——字面意义上的斗争。德国可再生能源集团 RWE 已获得许可，在距离风景如画的翁布里亚小镇奥尔维耶托不远的托马西家周围乡村地区，竖起 7 座 200 米高的风力涡轮机。托马西是一名交通工程师，她目前正与其他当地业主一起，努力阻止这个项目。她表示，该项目将破坏珍贵的景观，而提供的可靠电力却很少。尽管她说自己曾经相信可再生能源能减少对进口化石燃料依赖的“能源童话”，但托马西现在坚信，解决意大利能源困境的答案在于核电。意大利曾经生产核电——直到数十年前，在强烈的公众抵制下，罗马关闭了所有反应堆。
“我们意识到，实现这些可再生能源目标意味着在全国范围内布满风力涡轮机和太阳能电池板，扭曲景观并破坏我们的认同感，”托马西说。“如果我们需要脱碳，我们需要使用最好的技术，而核电就是最好的技术之一。”持有这种观点的人并不只有她一个。由于意大利在很大程度上依赖天然气进口，导致意大利企业和家庭面临比欧盟平均水平高出约 30% 的电费单，总理乔治亚·梅洛尼（Giorgia Meloni）领导的右翼执政联盟政府正大举押注于核电复兴，以寻求长期缓解。
根据能源研究所（Energy Institute）的数据，在不到五年的时间里，两次能源危机迫使许多欧洲国家重新思考如何降低对进口化石燃料的依赖，而化石燃料在意大利仍占据总发电量的约一半。在受其前意识形态盟友美国总统 唐纳德·特朗普 启发后，梅洛尼将意大利潜在的核电生产恢复——采用尚未经过验证的下一代小型模块化反应堆（SMRs）——称为“一个伟大的前景，一个伟大的愿景，一个伟大的梦想”，认为这能为该国提供低碳、实惠且国产的电力。
梅洛尼政府在 6 月向该目标迈出了重要一步，当时议会下议院通过了一项框架法，授权罗马起草通过 SMRs 进行国内核电生产的规则。一旦参议院对该法案表示同意（预计在下周），罗马将有 12 个月的时间起草建立核能监管机构的规则和程序，以及核废料处理规则。之后，具体的拟议项目审查和许可证发放工作即可启动。
法意核电初创公司 Newcleo 首席执行官、意大利物理学家斯特法诺·布诺（Stefano Buono）表示，他已经收到来自意大利工业家的咨询，他们渴望利用核反应堆为其钢铁制造和水泥等能源密集型业务提供动力。
并非所有人都信服。许多气候变化活动人士和可再生能源公司将罗马对核电的痴迷视为一种手段，旨在分散意大利人对气候和能源危机严重性以及脱碳最简单、最快速解决方案的注意力。尽管 SMRs 及其潜力被大肆宣传，但许多设计在商业上仍未得到证明，而国际能源署（International Energy Agency）称，在合适地点的太阳能发电是“历史上最便宜的电力来源”。意大利强大的工业协会 Confindustria 则认为，企业无法承受再等待十年才实现核电复兴。该协会已恳请梅洛尼政府
授权紧急增加可再生能源产量，以迅速缓解深受高电价困扰的工业部门。目前约有 130 吉瓦的拟建光伏和风电项目在等待官方批准，而政策制定者仍在就合适的选址进行辩论。RWE 认为，其在奥尔维耶托地区的风电场——其 42MW 的容量可为 40,000 户家庭供电——在保护遗产与实现“未来意大利”（Future Italia）发展之间取得了平衡，因为风机从市中心无法看到，但将为意大利的能源安全做出“切实贡献”。
然而，环境与能源安全部长吉尔伯托·皮凯托·弗拉钦（Gilberto Pichetto Fracin）表示，意大利的地形使得大规模推广可再生能源变得困难。到 2026, 年初，该国安装的太阳能和风能容量约为 60 吉瓦，远低于德国或西班牙。
意大利与核能的关系一直很紧张。在 20 世纪 60 年代和 70 年代，它是民用核电的早期采用者——拥有四个运行中的大型反应堆，并有雄心勃勃的扩能计划。但随着产能扩大，反核情绪也随之增长。1987, 年，在苏联切尔诺贝利灾难之后，意大利人在一次全民公投中以压倒性多数投票反对核能，导致所有核电站到 1990. 年全部关闭。前总理西尔维奥·贝卢斯柯尼后来试图重启该行业，通过了相关法律并签署了合同。但在 2011 年日本福岛核事故发生几个月后的第二次公投中，约 90% 的选民否决了贝卢斯柯尼的计划。
出生于英国的艺术家詹姆斯·P·格雷厄姆（James P Graham）激烈反对 RWE 的拟建项目（该项目将使风机耸立在他别墅之上），他认为意大利人一边乐于从法国进口核电，一边反对国内生产，这是“虚伪且错误的”。格雷厄姆说：“核能是我们目前拥有的唯一恒定能源。”Newcleo 的布欧诺（Buono）表示，在为新一代小型反应堆寻找未来选址时，公众的支持可能会动摇。梅洛尼领导的执政联盟成员承认，也不能排除再次举行公投的可能性。
（Giuliana Ricozzi 参与报道）
计算机服务器 墨西哥成为美国 AI 供应链的基石
CHRISTINE MURRAY —— 华雷斯城 ALAN SMITH —— 伦敦
墨西哥已悄然成为 AI 繁荣的基石。今年，美国进口的广泛用于驱动人工智能数据中心的计算机服务器中，有 40% 来自墨西哥。台湾制造商正在迅速扩大在墨西哥的工厂以组装服务器；目前服务器已成为墨西哥对美最大出口产品，超过了主导其贸易数十年的汽车。
今年以来，墨西哥是美国企业级服务器的第二大供应商，销售额达到 $46.9bn，仅次于台湾的 $53.5bn，不过墨西哥在 5 月份的单月销售额中成为最大供应商。
这一现象正帮助支撑墨西哥疲软的经济，将该国出口额推至历史最高水平。在 1 月至 5 月期间，墨西哥出口的 $317bn 商品中，服务器及相关硬件约占五分之一，是去年同期水平的两倍多。而台湾目前已成为墨西哥第三大贸易伙伴，高于 2022. 年的第八位。台湾
自 2020 年以来，各公司已在墨西哥工厂投入超过 $1.6bn，这些工厂提供了地理上的邻近性，以及在美国科技巨头投入数千亿美元建设数据中心时可享受的免关税准入权。穆迪分析公司（Moody’s Analytics）拉丁美洲经济主管 Jesse Rogers 表示：“在当前的 AI 驱动经济运作方式中，墨西哥具有极其重要的意义。在涉及 AI 服务器时，这实际上是与墨西哥经济协作、甚至产生依赖的新前沿。” 位于德克萨斯州埃尔帕索对岸的里奥格兰德河畔的华雷斯城（Ciudad Juarez）处于该产业的核心地带，依托于这座边境小镇现有的台湾工厂，这些工厂数十年来一直生产较为简单的电子产品。新的生产线将从亚洲运来的部件组装成 AI 服务器，这些服务器被堆叠在冰箱大小的机架中，每个机架重量可超过两吨，随后通过卡车运过边境。在华雷斯拥有五家工厂的台湾电子制造商 Pegatron 的墨西哥执行董事 Kun Lin Yang 表示：“我们选择埃尔帕索 [和华雷斯城] 是因为它们位于北美中心，因此交付成品的速度非常快。” 许多顶尖电子公司在墨西哥已经经营了 20 年以上，利用当地的劳动力池以及一项允许临时进口某些用于出口产品的商品的计划。出口增长和新兴产业的发展近期支撑着疲软的经济。去年，GDP 增长率下降至 0.6 per cent，而新冠疫情前五年的平均增长率为 1.6 per cent。唐纳德·特朗普总统上个月决定不对《美国-墨西哥-加拿大协定》（USMCA）进行长期延长，因为他的团队试图通过谈判达成一项协议，以削弱中国在该地区的影响力。
除了贸易不确定性外，墨西哥总统克劳迪娅·辛鲍姆（Claudia Sheinbaum）实施的变革（例如选举国家法官）也抑制了投资。世界银行估计，墨西哥经济今年将增长 1.3 per cent，远低于其同行。
营养承诺：印尼免费学校餐饮誓言令政府与学生倍感失望 DIANA MARISKA 与 ANANTHA LAKSHMI 发自雅加达 印尼总统普拉博沃·苏比安托在 2024 年上台时，提出了一个大胆且简单的承诺：为每个孩子提供免费学校餐饮——对于一个营养不良普遍的国家来说，这个目标似乎无可挑剔且值得赞赏。但 18 个月多以后，普拉博沃的承诺证明，对于他的政府、国家财政，甚至对于许多预想的受益者而言，其效果远没有他希望的那样健康。上个月，该计划的负责人突然辞职，称在运行这项耗资 229 万亿印尼盾（$12.8bn）的计划时，压力令其“深受创伤”。在她的前任因涉嫌腐败被捕后，她仅在岗位上工作了 45 天。与此同时，在印尼广袤群岛的城镇和村庄中，屡次发生的食物中毒事件削弱了该政策最显而易见的目的，即改善全国儿童和准母亲的健康与营养。坏消息接踵而至。本周发布的一项民意调查显示，公众对三餐计划的认可率已从 11 月的 62.5 per cent 暴跌至 34 per cent。专注于监督免费餐饮计划的公民社会联盟 MBG Watch 表示，该计划处于“系统性危机”之中。该联盟的 Media Wahyudi Askar 表示，该计划的“制度设计从一开始就有缺陷”，“现在……”
该机构是以一种僵化的方式形成的……并在一个混乱的系统中建立的。要修复它需要极高的成本和极其强大的政治意愿，”他说道。普拉博沃将免费餐计划列为首要任务，理由是这个世界上第四人口大国迫切需要解决营养不良和发育迟缓问题。根据最初的计划，该计划在全面推行时预计将覆盖 82.91 接收者。该计划于 2025, 1月启动，目前服务于 62.7mn 人，但随着政府削减预算，这一数字可能会被缩减。这一旗舰计划日益增加的问题恶化了公众情绪，并加剧了人们对普拉博沃宏观经济方向的更广泛担忧。由 Saiful Mujani Research and Consulting 本周发布的一项民意调查显示，约 61.6% 的公众由于腐败指控、治理担忧和食物中毒病例而对该计划表示不满。
这一计划——曾是普拉博沃竞选时的主要承诺——最初很受欢迎，并帮助他当选。批评者表示，治理框架不足一直是阻碍实施的最大问题之一。他们还指出，国家营养局（监督该计划的政府机构）缺乏监管。因此，他们认为腐败现象猖獗，尤其是在厨房运营的分配方面。该机构在评估相关方提交的方案后选择厨房运营商。军方和警方拥有并经营数百家厨房。印度尼西亚反腐败观察组织（ICW）去年报告称，数十个与厨房相关的基金会与政治人物有关联。ICW 表示，至少有 7 个基金会与大印尼运动党（普拉博沃的政治载体）相关个人有关。6月，该局局长 Dadan Hindayana 及其两名副手在一起涉嫌腐败案中被总检察长办公室（AGO）确定为嫌疑人。在声明中，总检察长办公室表示，嫌疑人将厨房合同授予了他们自己拥有的基金会。
根据印度尼西亚教育观察网络的数据，截至 5 月，有 37,270 名免费餐接收者遭遇食物中毒。尽管事件频发，但普拉博沃多次淡化中毒人数。去年 10 月，他表示当时的 8,000 起中毒病例仅占总提供餐食的 0.0007%，“是一个人性化的误差范围”。近几个月来，在批评声日益高涨的情况下，普拉博沃政府开始承认问题并进行调整。在 Dadan 被逮捕后，新厨房合同被暂停。目前印度尼西亚全境有超过 27,000 家厨房在运行。新局长 Sudaryono 本周表示，他已永久关闭了 833 家厨房，因为它们未能达到运营和卫生标准。
随着印度尼西亚公共财政压力日益增加，该计划的巨额预算已被多次削减。预算分配已从最初的 335 万亿印尼盾 ($18.5bn) 降至 229 万亿印尼盾。早期，政府削减了教育和基础设施预算以资助免费餐——此举同样引起了公众愤怒。更给该计划带来麻烦的是，印度尼西亚宪法法院上周裁定，教育预算不能用于资助该计划。普拉博沃昂贵的福利政策已经给国家财政带来了压力。由于印度尼西亚发放燃料补贴，今年的油价上涨进一步加剧了压力。去年，该国的财政赤字为 2.92 百分比，接近 3 百分比的国内法定上限。
2026 年 8 月 3 日，星期一 英国金融时报 国际版
亲以色列游说团体在美国选举竞赛中引发强烈反弹 Aipac 与内塔尼亚胡的关系在期中选举活动中引发争议
盖伊·查赞 (GUY CHAZAN) —— 纽约
上周，密歇根州美国参议院民主党初选的两名候选人在一场电视辩论中正面交锋，他们仅用了 3 分钟就提到了 Aipac。
进步派的前卫生官员阿卜杜勒·埃尔-赛义德 (Abdul El-Sayed) 多次将美国以色列公共事务委员会 (Aipac) 视作攻击对手——四任美国众议员海莉·史蒂文斯 (Haley Stevens) 的武器，指责她受制于该亲以色列游说团体。
“我们之间的区别在于 $46mn 的 Aipac 支出，”埃尔-赛义德说道。“他们在这场竞选中创下了纪录来帮助我的对手获选，因为他们知道她会是一张可靠的选票。”
尽管史蒂文斯抗议称她仅“受密歇根州人民的托付”，但当初选选民明天在该州进行投票时，这一问题可能会成为决定性因素。
Aipac 是美国最有影响力的亲以色列游说组织，在今年的密歇根州竞选以及其他激烈竞争的初选中占据了重要位置。几十年来，其背书可以极大提高美国政治家赢得选举的机会。但如今，这可能变成了“死亡之吻”。
随着人们对以色列在加沙、西岸和黎巴嫩袭击行为的谴责日益高涨，该组织已成为左翼和右翼共同的眼中钉。对某些人来说，它象征着特殊利益集团对美国政治的恶意影响。其他人则将其视为强硬以色列政府的辩护者，以及一个对美国中东政策拥有过多影响力外国国家的代理人。
特别是来自保守派的批评，在总统唐纳德·特朗普于 2 月发动对伊朗的战争后有所增加，许多“让美国再次伟大” (Maga) 右翼人士将此视为对其宣称的“美国优先”政策的背叛。
在 3 月辞去特朗普政府反恐主管职务的乔·肯特 (Joe Kent) 表示，美国发动敌对行动是“由于以色列及其强大的美国游说团体的压力”。
在某些竞选中，反对 Aipac 已成为赢得选票的手段。在纽约市民主党现任国会议员丹·戈尔德曼 (Dan Goldman) 与前市审计长布拉德·兰德 (Brad Lander) 之间的初选中——两名候选人均为犹太人，且均认同自己是“自由主义犹太复国主义者”，在大多数问题上立场一致——兰德将戈尔德曼与该组织（该组织在竞选中为其背书）的关系武器化，这帮助他获得了不可撼动的优势。
“我真的认为，那些拿华尔街、加密货币、人工智能和 Aipac 资金的候选人——选民已经受够了，”兰德在获胜后告诉 WNYC 广播电台。他此前将以色列在加沙的行动描述为种族灭绝，并呼吁停止美国对该国的军事援助。
在本周期内筹集了超过 $47mn，Aipac 是美国资金最充足的政治组织之一。其关联的超级政治行动委员会 (Super Pac) “联合民主项目” (United Democracy Project) 由埃利奥特管理公司 (Elliott Management) 的保罗·辛格 (Paul Singer) 和阿波罗全球管理公司 (Apollo Global Management) 首席执行官马克·罗万 (Marc Rowan) 等亿万富翁支持，截至 6 月 30.，报告的财力达 $80.3mn。
但公众对该组织的看法是负面的。民主党智库“第三条道路” (Third Way) 的联合创始人马特·本内特 (Matt Bennett) 表示，Aipac 为自己遭受的谴责负有全部责任。
“他们做出了一些非常、非常糟糕的战略决策，”他说道。“所有这些结合在一起，导致了真正的毒性。”
自 20 世纪 50 年代中期 Aipac 成立以来，人们对以色列的态度已经发生了变化。在其早期，其支持核心集中在左翼。
“一名美国政治家越自由派，他们就越亲以色列，”明尼苏达州圣保罗市都会州立大学历史教授、美国犹太复国主义专家道格·罗西诺（Doug Rossinow）表示。“在大屠杀的阴影下，支持以色列是人们表达支持犹太人、帮助挽救并扩大犹太安全感、赋权感和持久感的一种方式，”他说。“对于许多美国人来说，这在当时是一个相当容易做出的决定，尤其是那些对犹太人遭遇感到最愤怒的自由派。” 随着以色列政府向右倾，以及 Aipac 为以色列政府针对巴勒斯坦人民日益强硬的政策提供近乎无条件的支持，这种同情心开始减弱。随着本雅明·内塔尼亚胡开始主导以色列政坛（先是以利库党领导人的身份，随后出任总理），这种紧张关系进一步加深。他针对美国总统巴拉克·奥巴马 2015 年与伊朗达成的核协议发起的喧嚣活动，在以色列与 Aipac 之间，以及与民主党之间撕开了一道裂缝，而这一裂缝在近年来不断扩大。随着该游说团体的竞选支出激增，尤其是其在 2022. 年初创建 UDP 之后，对其的批评愈发激烈。超级政治行动委员会（Super Pacs）可以筹集并支出无限金额以影响选举，而 UDP 在 2022 年选举周期中投入了 $26mn，且目标通常是那些被怀疑对以色列忠诚度不足的民主党人。自 10 月 7 2023 哈马斯袭击以色列以及随后以色列在加沙的战争（导致超过 70,000 名巴勒斯坦人死亡），以及以色列对黎巴嫩的袭击及其在伊朗战争中的角色以来，对 Aipac 的敌意有所增加。右翼阵营中也越来越多的人对该组织持怀疑态度。“他们做出了一些非常、非常糟糕的战略决策。所有这些结合在一起，导致了一种真正的毒性。”（抗议者在华盛顿的 Aipac 总部外举行抗议活动，图片来源：Celal Gunes / Anadolu / Getty images）前乔治亚州国会议员马乔丽·泰勒·格林（Marjorie Taylor Greene）在 4 月份塔克·卡尔森（Tucker Carlson）的播客中表示：“我不再国会任职，是因为我没有屈服于 Aipac 和那些事实上完全控制华盛顿特区的犹太复国主义者。” 对于许多犹太社区成员来说，此类言论倾向于将犹太人描述为秘密控制政府、金融和媒体的犹太阴谋论，有些人警告称，对 Aipac 的妖魔化已经走得太远。 Aipac 否认其是内塔尼亚胡传声筒的指控。“这不是我们的工作，”发言人德林·苏萨（Deryn Sousa）说。“我们是一个美国组织，我们的使命是推进强化并扩大美以关系的美国政策。”
她补充道：“近 7mn 美国人，无论年龄、信仰和党派倾向如何，都是 Aipac 的成员，因为他们希望加强对美以联盟的两党支持。” 但该组织塑造选举的努力正引发越来越多的反对。今年早些时候，UDP 支出 $2.3mn 试图击败来自新泽西的前美国众议员汤姆·马利诺夫斯基（Tom Malinowski），他当时正寻求连任，且曾轻微批评过以色列。最终，马利诺夫斯基在初选中落败，但 Aipac 支持的候选人也同样落败。相反，这场竞争的获胜者是阿纳莉莉亚·梅希亚（Analilia Mejia），一名指责以色列在加沙实施种族灭绝的进步派人士。Aipac 的苏萨反驳称，在本选举周期中，迄今为止有 188 位由该组织支持的候选人获胜，“且我们的社区帮助击败了 14 位反以色列候选人”。 但与其他游说团体一样，Aipac 也容易受到日益增长的
人们对大资金利益集团在美国选举活动中所扮演的角色持有怀疑态度。纽约市的兰德-高盛初选“是对政治中大资金的一次全民公投”，哥伦比亚大学专业研究学院教授、前纽约州民主党执行主任巴西尔·斯米克尔 (Basil Smikle) 表示。“这不仅仅是……亲以色列的资金，还包括加密货币资金、人工智能资金。而对此存在着巨大的抵制。”
英国金融时报 周末版 42-2
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与深受节日欢迎的英国金融时报葡萄酒专栏作家、葡萄酒大师詹金斯·罗宾逊 (Jancis Robinson) 一起，参加一场引导性品鉴会，探索汉普郡葡萄酒的特性、品质及其日益增长的吸引力。
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在这次英国金融时报图书采访中，获奖小说家罗斯·特雷曼 (Rose Tremain) 讨论了如何重新构思达夫妮·杜穆里埃 (Daphne du Maurier) 作品《蝴蝶梦》(Rebecca) 的起源，并带领读者重返曼德利 (Manderley) 的世界。
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顶尖律所争抢超级诉讼律师 在人才竞争日益激烈的背景下，美国巨头律所 Gibson Dunn 诱使 Wachtell 合伙人跳槽 SUJEET INDAP, KAYE WIGGINS AND OLIVER BARNES —— 纽约
今年春天，诉讼界的泰斗 Bill Savitt 在帮助 OpenAI 在加利福尼亚联邦法院击败 Elon Musk 后返回纽约，他接到了来自城对岸竞争对手 Gibson, Dunn & Crutcher 律师事务所的一通电话。Orin Snyder 本人被认为是美国最顶尖的审判律师之一，他邀请 Savitt 在中央公园旁的高档餐厅 Nougatine 喝杯咖啡。
在那里，Snyder 提出了一个令人难以想象的想法：Savitt 是否愿意离开他长期效力的纽约最负盛名的律师事务所 Wachtell, Lipton, Rosen & Katz，加入 Gibson Dunn。后者目前是一家拥有 2,200 名律师、年收入接近 $5bhn 的全球巨型律所。
这一举动非常大胆，因为几十年来，Wachtell 作为美国人均合伙人获利最高的律所，一直是律师们从入职到退休都坚守的地方。另一家大型律所的负责人表示，就在几年前，“Wachtell 的联席主席会为了另一家律所而离开，这种想法简直不可思议”。
但这次大胆的推销成功了。上周，Gibson Dunn 宣布 Savitt 将加入该公司，并带走了五名 Wachtell 的合伙人。此举重创了 Wachtell 极其珍贵的特拉华州公司诉讼业务。
即使在近年来被转会市场狂热所笼罩的行业中，Savitt 的变动也十分引人注目。在这个行业中，超级巨星被开出年薪超过 $20mn 的薪酬方案以诱其跳槽。此类变动主要适用于顶尖的并购（M&A）和私募股权律师，他们创造的巨额且持续增长的费用池比诉讼工作更具可预测性。
Savitt 的变动是最清晰的信号，表明这场人才之战已经演变得多么深远，已经扩散到了诉讼律师和律所领导层。
Gibson Dunn 是目前几家从竞争对手那里猎取顶尖诉讼律师的律所之一。诉讼业巨头 Quinn Emanuel 也在加大努力。Quinn Emanuel 的联席管理合伙人 Michael Carlinsky 告诉 FT：“我们加强了在全球范围内招募顶尖横向合伙人的力度。”
庭审现场：Bill Savitt 在帮助 OpenAI 在加利福尼亚联邦法院击败 Elon Musk 后的照片。
Savitt 的专长在于为 Fortune 500 董事会提供辩护，以及处理由并购和股东积极主义引起的纠纷——这一角色在 Wachtell 极具价值，因为它支撑了该所排名顶尖的交易业务。他在大多数美国公司注册地的特拉华州法律界享有很高地位。
Savitt 和 Wachtell 甚至一直在就如何防止公司将注册地迁往德克萨斯州和其他州，向该州州长 Matt Meyer 提供建议，而这种迁移正在颠覆美国商业法领域。
然而，Gibson Dunn 则处于这场战斗的另一方：它帮助埃克森美孚（ExxonMobil）将其注册地迁至“孤星之州”（德克萨斯州），这是今年最重要的公司治理进展之一。
在 Wachtell，Savitt 因在两起不同的重大诉讼中击败 Musk 而闻名。但 Gibson Dunn 将这位亿万富翁企业家视为珍贵的客户，一些业内人士好奇聘请 Savitt 是否会使这段关系变得复杂。
该律所坚称，有足够的工作量让新成员和资深员工都忙碌起来，尽管驱动因素可能有所不同。Gibson Dunn 的交易业务规模小于...
Wachtell 的咨询机制是 Savitt 工作中的关键引擎。但 Wachtell 律师人数不足 300 人，且过度专注于并购（M&A），因此在缺乏内部能力时，经常不得不将客户转交给竞争对手。这种情况在规模庞大的 Gibson Dunn 身上不太可能出现。除 Savitt 之外，从 Wachtell 加入该所的还包括三位专门研究特拉华州法律的亲密同事。此外，Savitt 招募的两名 Wachtell 侧向合伙人 Sarah Eddy 和 Randall Jackson 也在加入之列。另一位 Wachtell 合伙人 Nathaniel Cullerton 原定在同一批转移中加入 Gibson Dunn。然而，一段在社交媒体上疯传的视频显示他正在纽约市的一个公园里亲吻一名年轻的 Wachtell 助理律师，随后他被停职等待进一步调查，Gibson Dunn 也没有将 Cullerton 列为新加入成员之一。
与 Savitt 共同领导 Wachtell 执行委员会的 Andy Nussbaum 及其 95 岁的联合创始人 Marty Lipton 周二向公司律师发表讲话，并对未来的前景表现出乐观的态度。在近年行业动荡时期，Wachtell 极少数地坚持了其大部分长期管理实践。最值得注意的是，它保留了“阶梯式”薪酬体系（lockstep pay system），即律师的薪酬基于资历而非业绩——许多大型律所为了腾出巨额资金聘请明星律师而放弃了这一模式。然而，该所近期采取措施，将部分资金从诉讼律师转向交易律师，对于一个保守机构来说，这是一个历史性的转变，且引起了一些 Wachtell 诉讼律师的不满。据知情人士透露，Savitt 团队认为 Wachtell 的并购律师未能意识到律所诉讼部门的贡献。
Wachtell 目前的诉讼合伙人已减至不足 20 人，尽管它仍保留了一些高关注度的案件（包括一项针对美国国家篮球协会的腐败调查），但目前尚不清楚它将如何推销其特拉华州法律专业知识。Savitt 在 2020 年招募了受人尊敬的特拉华州法学专家 Leo Strine 担任客户高级顾问，但 Strine 并没有加入前往 Gibson Dunn 的团队。一名知情人士表示，预计他将长期留在 Wachtell。但失去了 Savitt 和其他前往 Gibson Dunn 的人员，该所特拉华州执业部门的核心已经消失。Savitt 在年轻律师时期曾短暂离开 Wachtell 加入 David Boies 的 Boies Schiller & Flexner 律所。他很快返回，并完成了 25 年的任职。这一次，双方都不认为他的离职会如此短暂。
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布鲁塞尔要求对 AI 和机器人进行标注 BARBARA MOENS —— 布鲁塞尔 欧盟
在布鲁塞尔准备执行其里程碑式《人工智能法案》中首批面向消费者的义务之际，各公司一直在竞相为聊天机器人、深度伪造（deepfakes）以及人工智能生成的营销材料贴上标签。在透明度新规于昨日生效之前，在线零售商、旅游集团和广告代理公司一直是重新调整网站和客户服务系统的企业之列。这些规则要求公司在客户与人工智能系统交互时告知对方，并识别由人工智能生成的图像、音频和视频。该截止日期也标志着欧盟委员会可以开始对未能遵守该法案的公司处以罚款的时间点。
“对于人工智能来说，这将是一个‘Cookie 横幅时刻’，”Cooley 律师事务所的律师 Patrick Van Fecke 说道，他指的是在欧洲隐私体制下无处不在的 Cookie 通知。“直到现在，《人工智能法案》在很大程度上还是抽象的。现在，每个人都将真正开始看到标签，告知他们某些内容是由人工智能生成的。”
这一截止日期是一个早期测试，旨在验证布鲁塞尔是否能在不减缓技术采用速度的情况下，让消费者在面对人工智能时获得更高的透明度，而欧盟领导人认为这项技术对欧洲的竞争力至关重要。欧盟委员会主席乌尔苏拉·冯德莱恩希望企业更迅速地采用人工智能，以防止该集团在全球人工智能竞赛中进一步落后于美国和中国。作为这一推动计划的一部分，布鲁塞尔披露了人工智能超级工厂（gigafactories）的计划，增加了对计算基础设施的投资，并承诺削减繁文缛节以提升竞争力并减少对美国技术供应商的依赖。
但许多公司认为，该集团在要求企业加快部署人工智能的同时，又要求其遵守那些仍然难以解释的新规则。委员会在新规生效前仅几周才发布指导文件，给公司留下的适应时间极少。总部位于柏林的在线零售商 Zalando 使用人工智能生成或增强约 90% 的营销材料，该公司表示委员会的指南增加了“又一层不必要的监管”。该公司补充道：“新引入的指南并未带来我们所希望的清晰度。”它还补充说，委员会的指导方针可能会导致执行碎片化，因为不同的企业可能会对规则产生不同的解读。
零售游说团体 EuroCommerce 也警告称，应防止“不加区分的贴标”，因为这可能会产生不成比例的合规成本，同时令消费者感到困惑。新标签旨在让消费者在与人工智能生成材料交互时有更强的意识。但成员包括美国大型科技公司的游说团体 CCIA Europe 警告说，指南对深度伪造的定义过于宽泛，以至于几乎任何人工智能生成的内容都需要贴标签。“如果以同样的方式对待每张图像和每个内容，那么标签将失去意义，”该团体补充道。
CCIA 的人工智能政策负责人 Boniface de Champris 表示，“沉重的要求和令人质疑的解读”是“导致合规瘫痪而非促进创新的药方”。但欧盟技术主管 Henna Virkkunen 认为，新规则对于确保人工智能内容、智能体和聊天机器人对消费者而言“更加透明且值得信赖”至关重要。“这些系统正被插入数百万人的生活和生计中，且通常由少数几家大公司掌控，公众有权知道他们面对的是什么，人工智能能做什么，以及随之而来的是哪些风险。”零售商 Zalando 表示，布鲁塞尔的...
认为监管是“不必要”的。生命未来研究所（Future of Life Institute）的欧盟政策与研究负责人 Risto Uuk 表示，该研究所一直游说要求对高风险人工智能系统采取更严格的保护措施，目前的问题在于“具体应该怎么做，以及随之而来的风险是什么”。欧盟委员会的官员还坚持认为，指南中包含多项旨在避免“标注疲劳”的豁免条款，其中包括标准的照片编辑。一名委员会官员表示，认为即使是“通过人工智能进行的最小修改也需要过度标注”的想法是错误的，并指出在与行业咨询后，指南已进行了修改以使其更加适度。“指南确实试图采取一种最实际的方法，这样我们最终才不会面对一个毫无意义的透明度义务。”
在线旅游公司 Booking.com 表示，客户越来越希望知道他们是在与人工智能助手还是人类代理沟通，这使得透明度不仅是监管要求，也是一种良好的商业实践。Booking.com 的人工智能产品总监 Pranav Pathak 表示：“我们发现，客观地透明化‘你正在与人工智能对话’这一事实，最终能带来更好的客户服务结果。”但尽管 Booking.com 总体上支持《人工智能法案》，该公司表示希望委员会在如何将立法转化为具体产品方面提供更多明确说明。“我们需要用简洁明了的语言来理解，这项法规允许 [我们的工程师] 做什么，不允许做什么。”
欧盟的透明度规则仅是《人工智能法案》逐步实施的一部分，该法案已于 2024. 年 8 月起生效。昨天，委员会还获得了新的法律权力，用于检查具有“系统性风险”的通用人工智能模型。如果违规，科技公司可能会被处以最高前一财政年度全球年度总营业额 3% 的罚款，或 €15mn ($17.3mn)，以较高者为准。然而，在科技行业和部分欧盟国家的压力下，委员会已经将所谓高风险系统的要求启动日期推迟至 2027 年 12 月。一名为客户提供该立法咨询的律师表示：“问题不在于立法过于繁重，而在于它不可预测且不断变化。企业不喜欢这样。”
Paola Tamma 参与了额外报道
2026 年 8 月 3 日，星期一 * 英国金融时报 保险 公司与市场 沃尔特 信用评级机构 $8 亿万富翁的寿险公司 使用了小型评级机构 处于私人信贷担忧的核心 LEE HARRIS —— 伦敦 被美国检察官调查其私人信贷投资的保险公司，向一家处于该行业日益严重的利益冲突担忧核心的小型信用评级机构支付了数百万美元。根据《英国金融时报》审阅的备案文件，由亿万富翁投资者马克·沃尔特 (Mark Walter) 控股的两家保险公司 Delaware Life 和 Clear Spring 自 2024, 起共向 Egan-Jones 支付了 $8。沃尔特拥有洛杉矶道员队和洛杉矶湖人队，并在切尔西足球俱乐部持有股份，他正面临一项针对其通过投资公司 TWG Global 控制的保险公司私人信贷持仓的广泛调查。人们日益担心，过去十年中收购寿险公司的某些私人投资集团可能会让这些保险公司承担风险债务，在某些情况下，这些债务还与他们商业帝国的其他部分相关联。在美国检察官和证券交易委员会的调查之后，沃尔特控制的保险公司将其数十亿美元的私人信贷持仓进行了重新分类，导致 Delaware Life 的关联资产从其投资组合的 3% 跃升至 42%。据一名接近该保险公司的人士透露，Delaware Life 的大部分关联投资由小型评级提供商 Egan-Jones 评级，而与此同时，其他保险公司由于对其评级质量存在疑问，正试图与 Egan-Jones 保持距离。Egan-Jones 因在支持私人信贷快速增长中所扮演的角色而受到特别审查，该公司约有 20 名分析师产出了数千份评级。一些监管机构认为，保险公司可能会通过“货比三家”来寻求更宽松的评级，从而减少支持风险资产所需的资本。根据标准普尔全球数据 (S&P Global Data)，在 2025, 年披露向 Egan-Jones 支付评级服务费用的仅四家美国寿险公司中，有三家与沃尔特有关：Delaware Life、Clear Spring 和 EquiTrust。这些保险公司披露向 Egan-Jones 的付款，是因为该金额超过了其当年向贸易协会、服务协会以及统计或评级局支付的总额的 25%。EquiTrust 去年向 Egan-Jones 支付了约 100 万美元，此前该公司由古根海姆合伙公司 (Guggenheim Partners) 拥有，沃尔特在该公司担任首席执行官。2015, 年，古根海姆将 EquiTrust 的多数股权出售给了篮球巨星埃尔文·“魔术”·约翰逊 (Earvin “Magic” Johnson)，他几十年前曾在沃尔特现拥有的湖人队效力。沃尔特后来进入了 EquiTrust 的董事会，该公司目前由 Amistad Financial Group 拥有。Egan-Jones 表示：“这些付款是为所提供的有效评级服务而在日常业务过程中支付的。投资者聘请评级机构并不罕见。”Delaware Life、Clear Spring、TWG 和沃尔特通过发言人拒绝评论。EquiTrust 未回应置评请求。
7 月的美国就业数据是否会促使人们重新思考利率？在预期美联储将提高利率以遏制由总统唐纳德·特朗普在伊朗战争引发的通货膨胀之际，投资者将在周五特别密切关注美国就业数据。美联储在周三的会议上维持利率不变。这一决定在预料之中，但主席凯文·沃什 (Kevin Warsh) 在就任后首次参加的会后新闻发布会上，其极其简练的沟通方式和缺乏沟通的风格令许多市场参与者感到沮丧。
前瞻指引。这引发了美国借贷成本的跳升和市场波动，并使投资者比以往任何时候都更关注经济指标发出的信号。彭博社调查的经济学家预计，7 月美国非农就业人数将增加约 90,000 人，延续 6 月记录的缓慢增长步伐，并增强了暂缓加息的理由。花旗经济学家 Veronica Clark 在给客户的信中写道，疲软的就业数据，结合此前数据极有可能被下调的情况，应当会“进一步反驳劳动力市场正在重新收紧的说法，而劳动力市场本身可能就是通胀压力之源”。她补充说，劳动力市场的冷却为美联储官员在做出利率决定时专注于通胀数据扫清了障碍。Clark 预计 7 月的失业率将回升至 4.3%。但由于唐纳德·特朗普采取移民打击行动后人口结构的改变，劳动力参与率仍存在不确定性。Clark 表示，预计今年晚些时候，随着学年开始，工人（尤其是承担照顾责任的年轻女性）将重返职场，劳动力池将扩大，最终将失业率推高至 4.5% 以上。
Michelle Chan
中国的贸易盈余是否已达顶峰？中国将于周五公布 7 月的贸易数据，这将为该国庞大的贸易盈余是否将继续缩小提供进一步证据。ING 的经济学家预计进口将继续比出口增长更快，进口同比增长 33.6%，出口增长 28.1%。这将是 6 月趋势的延续，当时进口同比增长 36%，出口同比增长 27%。两项数值的激增是由全球对人工智能的巨额投资驱动的，这提升了对中国电子元件（如印刷电路板和光收发器）的需求。这也提高了诸如内存芯片等商品的成本，而中国大量进口此类商品。Absolute Strategy Research 的 Adam Wolfe 等经济学家最近认为，中国的贸易盈余已经见顶。根据中国海关数据，今年前六个月的贸易盈余为 $576bn，低于 2025, 上半年的 $583bn。但这一点存在激烈争论。对外关系委员会高级研究员 Brad Setser 认为，盈余缩减的原因之一是今年中国进口黄金激增。他指出，在剔除黄金进口后，中国上半年的贸易盈余增长了 $80bn。分析师表示，贸易余额任何可持续的改变将取决于北京是否采取更实质性的措施来支持国内经济。国内需求疲软压低了价格，导致企业寻求海外市场，从而推高出口并减少进口。周四，高级官员表示，北京将在下半年加快支出以支持国内需求。
美联储主席 Kevin Warsh 以其精简的沟通方式让许多市场参与者感到沮丧。
Michael Nagle / Bloomberg
市场质疑。下周展望。对沉默的美联储的沮丧将注意力转向就业数据。 / WARSH：高科技新闻和资本支出的激增非常显著
疲软的就业数据应当会“进一步反驳劳动力市场正在重新收紧的说法，且可能本身就是通胀压力之源”。
FT 100 指数的反弹还有进一步空间吗？ FTSE 100 指数上周创下一系列历史新高，因为投资者在月末寻求避风港。
2 4.29% -17.21
科技股的大幅抛售。英国蓝筹股指数本身几乎没有科技股敞口。鉴于通胀压力、欧洲利率上升，以及由于伊朗战争敌对行动重启导致油价再次激增，该指数在化石 7 燃料和金融业的较高权重也起到了支撑作用。但由于能源价格在关于美国与伊朗之间袭击与谈判的交替报道中波动，且科技股在本周晚些时候反弹，一些投资者和分析师对富时 100 指数的涨势能持续多久持怀疑态度。巴克莱银行欧洲股票策略主管 Emmanuel Cau 表示：“这并不是人们真的在买入某种英国国内叙事，很大程度上是指数成分的问题在起作用，要么助力，要么阻碍。”“目前，考虑到缺乏科技股且拥有石油敞口，[富时 100 指数] 拥有正确的行业组合来吸引资金流和关注。”
ING 全球宏观研究主管 Carsten Brzeski 将这次上涨描述为“略微反直觉”，因为伊朗战争仍在继续，且欧洲经济“仍在徘徊于停滞状态”。但法国兴业银行欧洲股票策略主管 Roland Kaloyan 表示，该指数将继续受益于其在商品和金融业的较高权重，以及在汽车和奢侈品等可选消费领域的低敞口。他补充道：“富时 100 指数是我们进入 2026 年前最看好的市场之一，目前仍是我们看好市场之一。”
Ramsay Hodgson
航空公司 法航-荷航集团瞄准竞争对手 easyJet 的乘客 PETER CAMPBELL
法航-荷航集团（Air France-KLM）旨在利用预期中价值 £5.7bn 的 easyJet 收购案所引发的动荡，夺回此前流向这家廉价航空公司的乘客。其首席执行官 Ben Smith 表示，easyJet 此前从法航和荷航两家公司抢走客户，迫使这家法荷集团重新调整其低成本产品。
随着针对 easyJet 的报价预计即将出现——且可能会拖延数月——Smith 有信心法航-荷航集团能够夺回这些年来转向这家英国航空公司的部分乘客。Smith 告诉《英国金融时报》：“既然我们现在拥有了具有竞争力的产品且成本较低，[我们肯定能把他们赢回来]。”“这些是我们因为对方产品的吸引力而失去的客户。”
他表示，easyJet 给法航-荷航集团带来了“头疼……他们是一家管理非常高效的航空公司，并能为自己创造出一个利基市场，这相当令人印象深刻”。
美国私募股权集团 Apollo 和私人信贷集团 Castlelake 都在权衡针对 easyJet 的最终报价。上个月，该航空公司表示，相较于 Castlelake 最近提出的每股 £6.90、总值 £5.5bn 的报价，它更倾向于 Apollo 提出的每股 £7.15、总值 £5.7bn 的收购方案。
根据英国收购规则，Castlelake 在今天下午 5 点前提交最终报价，而 Apollo 的期限则在周五之前。在 Apollo 上个月意外加入交易后，Castlelake 表示正在考虑其选择。
如果其中任何一家公司成功，销售进程将延伸至明年。一旦被收购，easyJet 可能会被新所有者全面改造，这将给竞争对手提供争取其乘客的机会。
尽管 easyJet 起步于一家低成本运营商，雄心是让飞行像买“一条牛仔裤”一样便宜，但近年来它已转向成本更高的一线机场。虽然这意味着机票价格上涨，但这使其直接与成本基数更高的传统航空公司竞争。Smith 表示，easyJet 已经
在巴黎夏尔·戴高乐等关键机场拥有“相对较大的份额”，而与其竞争的瑞安航空（Ryanair）等公司则仅使用远离市中心的二级机场。他补充道，easyJet 还“推出了一些非常高端且适合商务人士的特性，例如快速登机、[可预订的] 前排座位、免费行李，且他们在盖特威克机场设有贵宾休息室，因此他们在这一方面相当具有创新精神”。史密斯（Smith）表示，法航-荷航旗下的廉价航空公司 Transavia 已经在“产品方案上大量借鉴了 easyJet 的做法”。他的公司已将“Flying Blue”忠诚度计划扩展至 Transavia，并从巴黎成本较低的奥利机场推出了新服务。
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2026 年 8 月 3 日，星期一 * 英国金融时报
经验教训 Attracta Mooney 和 Aaron Kirchfeld 报道：旨在保护极端天气下工人的措施正逐步推广。
当 6 月西班牙气温创历史新高时，施耐德电气（Schneider Electric）位于巴塞罗那市外两家制造基地的工厂经理 Eva Sanchez 启动了公司的热韧性计划。这家总部位于法国的能源技术集团为工人提供了更多休息时间、饮用水以及可进入的阴凉避暑休息区。施耐德还为生产区域配备了传感器以监测温度和湿度，并利用公司自有系统对目标区域进行冷却。
“通过对这两个变量进行综合分析，我们能更准确地了解热压力，因为湿度在工人实际感受热度方面起着至关重要的作用，”Sanchez 表示。“我们将热韧性变成了一种永久的、数据驱动的能力，而不再是季节性的应对措施。”
在今年夏天遭受连续热浪袭击的欧洲各地站点，施耐德安装了小型风扇，并分发了冰淇淋、柠檬水和瓶装水。该公司还设立了配备空调的休息室，并规定当温度升至 30.5°C 以上时，每小时必须强制休息 10 分钟。
在整个欧洲大陆，今夏的极端高温再次引发人们对欧洲大型雇主在面对更频繁的热浪时准备是否充分的质疑，尤其是在气候变化加剧——并随之带来严重经济和健康后果的情况下。法国和西班牙正与热浪引发的山火作斗争，已有超过 300,000 人被迫撤离。
“最近的热浪让我们深刻意识到极端气温带来的真实的人员和经济影响，”英国建筑与物业服务公司 Wates Group 的环境可持续发展总监 Bekir Andrews 说道。“证据日益表明，更炎热的夏天将变得更加普遍，公司需要据此进行规划。”
当英国国家气象局（Met Office）在 6 月发布罕见的高温红色预警（表示所有人均面临生命风险）时，Wates Group 的安全与福祉总监 Brian Long 呼吁团队进行风险评估，重新安排或推迟工作，利用遮阴处并增加在凉爽区域的休息时间。他在一封电子邮件中写道：“主管应向团队简述需要留意的情况以及如何识别早期症状，例如眩晕、疲劳、抽搐和意识模糊，并采取行动。”
与此同时，许多银行和金融机构在最酷热期间放宽了办公室办公政策，告知员工如有必要可以居家办公，另一些公司则放宽了着装要求。一些办公室和商店（包括英国烘焙连锁店 Greggs 的多家门店）由于与高温相关的安全顾虑而关闭。
据研究人员估计，仅在 6 月那个打破记录的周内，英国就总共损失了 2400 万工作小时，给经济带来了 15 亿英镑（£1.5bn）的损失。
监测体温并在佩戴者处于危险时发出警报的手环有助于……
这项由伦敦政治经济学院格兰瑟姆气候变化与环境研究所（Grantham Research Institute on Climate Change and the Environment）和欧洲-地中海气候变化中心（Euro-Mediterranean Center on Climate Change）开展的研究发现，在热浪袭来的一周内，报告的平均工作时间减少量超过 45 分钟，且有 3.6% 的受访者因极端高温而完全没有工作。
CMCC 的环境经济学家 Shouro Dasgupta 表示……
格兰瑟姆研究学院（Grantham Research Institute）的客座高级研究员表示，最大的影响“由户外工作者和从事体力要求较高工作的人员承担，其中许多人是劳动力群体中收入最低的人”。世界商业可持续发展委员会（World Business Council for Sustainable Development）的另一项研究发现，42% 的欧洲企业报告称，由于热浪等物理气候影响导致成本增加，其中劳动力健康、供应链和保险成本受影响最严重。
随着气温飙升，包括一组英国国会议员在内的人士呼吁在英国等国家引入最高工作场所温度限制。在西班牙，法律规定的最高室内工作温度为：办公类工作 27°C，轻体力工作 25°C。
欧洲还一直在应对破纪录的酷热之夜。夜间缺乏休息与工作中的事故和错误增加相关。世界卫生组织表示，极端高温会大幅降低工作场所的生产力；当温度超过所谓的“湿球黑球温度”（wet-bulb globe temperature） 20°C（该温度综合考虑了空气温度、湿度、阳光照射及其他因素）时，每升高 1 摄氏度，产出就会下降 2 到 3 百分比。
人力资源平台 HiBob 的联合创始人 Ronni Zehavi 表示，当温度升高时，企业“过于依赖临时安排”，而不是制定热浪应对策略。他说：“明确的政策——例如远程办公或提前下班的能力——可以消除不一致性，确保每个人都受到同等待遇。”
Wates Group 的 Andrews 表示，公司已经评估了未来几十年各种气候场景的影响，认为业务需要进行全面调整。他说：“这可能意味着调整工作模式，将繁重任务移出一天中最热的时段，确保团队能够获得阴凉、休息和水分，并在项目计划中加入更大的灵活性。这也意味着我们需要思考如何设计和改造建筑，使其在更温暖的气候中依然保持舒适、健康和高效。”
总部位于葡萄牙的能源和公用事业公司 EDP 表示，“保护我们的员工是我们管理日益频繁的极端天气事件的出发点”。根据活动性质和当地环境，该公司会调整工作时间以“避开高温峰值”，推迟非必要的户外工作，或在“风险无法被安全管理时暂停工作”。但该公司补充道，随着其全球业务中“热浪变得更加频繁且剧烈”，公司正在考虑其他措施，例如“通过热压力监测来确定安全的工休制度”，以及为技术人员“测试或引入额外的防护设备和冷却方案”。
中东欧最大的建筑公司之一 Strabag 也在测试保护工人的新设备。这些努力包括：冷却背心、发出紫外线辐射过度警告的 UV 检测手环、提供更多遮荫的宽檐安全帽以及冷却袖套。该公司表示：“我们已经习惯高温地区的健康与安全官员，与应对热浪经验尚浅的北欧官员之间进行定期的信息交流，这有助于我们针对气候挑战精准地做好北方工地的准备。”
“变化，”这家总部位于维也纳的公司告诉《英国金融时报》。热浪使人们注意到许多欧洲建筑（包括医院、学校和部分办公室）缺乏空调。与一些欧洲大公司不同，施耐德电气（Schneider Electric）的业务范围涵盖能源管理和冷却系统，因此能够很好地应对高温。施耐德电气的欧洲人力资源总监多米尼克·洛朗（Dominique Laurent）表示：“在没有配备正确能源技术的建筑中工作，正成为员工健康与安全的隐患，这一点不容忽视。”
其他欧洲企业则希望借鉴全球其他地区应对热浪的经验。荷兰跨国酿酒公司海尼根（Heineken）表示，在其墨西哥业务中，夏季气温经常超过 35°C，在极端高温事件期间甚至可升至 45°C 以上。海尼根全球气候总监尼古拉斯·克莱格特（Nicolas Clerget）表示，作为应对，当地团队已经制定了一套保护员工的计划。这包括一个季节性的高温意识宣传活动，以及对天气状况的每日监测，以便各站点在“温度变得极端时调整当地实践”。克莱格特说：“我们从墨西哥运营部门如何管理热压力中学习到了很多，并基于其行动计划，我们正在为[我们的]其他公司开发一套全球工具包。”
商业书籍 哈佛大学的 DJ DiDonna 阐述了休假（Sabbaticals）的必要性
在三十出头担任初创公司联合创始人时，DJ DiDonna 正在环游世界，经营一家帮助新兴市场创业者的公司。然而，他感到心不在焉，且对员工态度急躁。DiDonna 在他的新书《长时间休假：休假的变革力量及其获取方式》（Big Time Off: The Transformative Power of Sabbaticals and How to Take One）的引言中写道：“我的内心感受与书面上的成就之间存在着巨大的差距。这不可避免地让我思考：如果这一切都不能让我满意，那么什么能？”
对于 DiDonna 来说，答案是休假四个月。他将其中一部分时间用于在日本走完一段 900 英里的朝圣之路。回归后，DiDonna 不仅得到了休息，而且恢复了状态。正如他在书中所说：“回首往事，那是我人生中记忆最密集的一段时期，但不知为何只有 121 天。它永远改变了我看待自己的方式。”
在这次休假之后的十年里，DiDonna 一直致力于说服美国企业及其他领域的人们，认真对待长期远离工作的变革力量。《Big Time Off》报告称，在 2079 年到 2024. 之间，提供休假政策的组织数量几乎翻了一番。一些令人惊讶的大名早就在认可这一价值：英特尔（Intel）提供此类休假已超过 30 年。
在一次来自美国的视频通话中，DiDonna 描述了休假的益处：“当你发现有些事情是你不想在生命终结前错过地去做时，我认为它就不再仅仅是一种奢侈，而成为了美好生活的必需品。”
我问，员工如何才能说服不情愿的老板批准——并资助——长期休假？“正如我在书中所说，沃伦·巴菲特将时间视为平庸公司的敌人和优秀公司的朋友。我认为任何思考时间跨度超过一年[之久]的业务——这都非常有价值，对吧？人们离开办公桌显然是不方便的，但人们一直都在离开，他们辞职，他们休育儿假。因此，我认为这是一个组织需要建立的‘肌肉’（能力）。”
“总体而言，员工离职率也会降低。”当员工结束休假返回岗位时，会带来进一步的益处：“当办公室里的人们因为休假而感到快乐，他们会变得更有创意，充满活力，不再心怀怨怼，且积极投入工作。我认为这个理由已经足够充分了。”迪多纳（DiDonna）并没有回到他创办的公司。由于他对他所认为的休假益处（他认为最短休假时长应为六到八周）产生了极大的热情，他在 2019 年成立了“休假项目”（The Sabbatical Project），旨在开展并汇总研究，为个人和组织提供资源。《Big Time Off》是对这项工作的启发性总结，非常适合在（过于短暂的）暑假期间用来规划未来的愿望。书中包含了一些令人艳羡的案例研究，比如有一个家庭在北极圈内的一个岛上生活了一年。
书中概述了三种类型的休假者：探索者、成就者和寻求者。许多处于高地位角色的人很可能是“成就者”。他们在工作中很忙，并计划在休假期间也保持忙碌：这些人想要写书、成为瑜伽老师或精通一门外语。探索者想要旅行，但迪多纳告诉我，他们可能会忽略“家门口的惊人之美”。寻求者则是向内探索的人，“回顾过去：我曾经热爱什么？我对什么感到好奇？”迪多纳敦促每个人在开始休假时，先进行一段较长时间的休息，尽可能少做计划——用他的话说，就是“停顿一下”。在迪多纳非常灵活的方法中，唯一的“必须”要求就是写日记。为什么这对我们如此重要？迪多纳告诉我，这是一种冥想形式：“你正从常规的做事方式中抽离，从而获得一个新的视角。”即便你认为自己搞砸了这次休假（他说大多数人都这么认为——包括他自己在内），“你仍然能从中学习”。经验本身就是改变我们的因素。
迪多纳目前是哈佛商学院专注于创业学的高级讲师，他表示数据表明，Z 世代员工更看重“体验与使命、灵活性与目标，而非薪酬”。他的使命处于他所说的“追求‘人性化’工作政策的长久进程”之中。而这确实是一个很长的进程：正如《Big Time Off》提醒我们的，尤其是美国人，即便公司提供休假，他们也出了名的不擅长休假。
Isabel Berwick
EQUIS EFMD ~EDAF iMPACT ACCREDITED @BSIS CLIP ~RDHY ~ LIFT EFMD Global. 商业教育与全球影响力交汇之点。加入其中。了解更多 / efmdglobal.org
一个致力于在世界范围内推进管理教育卓越性和负责任领导力的全球社区。我们帮助塑造机构，培养领导者，并推动商业与社会的意义深远的进步。
AI SHIFT 本周我们将深入探讨上个月推出的“风险 vs 可靠性”框架的两个方面，揭示它们究竟能达到怎样的程度。萨拉·奥康诺（Sarah O'Connor）和约翰·伯恩-默多克（John Burn-Murdoch）撰文指出，针对 Hugging Face 的网络攻击和一项远程工作指数，可以告诉我们很多关于风险与回报的道理。
首先，我们回顾上周披露的一件事：一个 OpenAI 的 AI 代理自主对另一家 AI 公司发起了一次网络攻击。随后，我们将审视关于领先 AI 模型替代人类工人能力的最新证据——这一次具体针对在线零工经济。
约翰写道：回顾一下，上周在对其最新模型的网络能力进行测试期间，OpenAI 指派其两个最先进的模型（其中一个尚未公开发布）挑战“ExploitGym”。这是一个包含近 900 个挑战的测试集，旨在测试 AI 代理是否能利用现实软件中已知的漏洞。
然而，这些模型并没有尝试去解决这些挑战，而是决定通过定位并窃取测试答案来实现成功的快捷路径。因此，它们识别并利用了此前未知的弱点，突破了原本被认为安全隔离的测试环境，进入公开互联网，并黑入了另一家名为 Hugging Face 的价值数十亿美元的 AI 公司的私有服务器（它们可能认为答案存储在那里）。
这次攻击的严重程度足以促使 Hugging Face 联系执法部门。最令人担忧的是，直到攻击开始几天后，OpenAI 才发现发生了什么。
业内之外的一些人试图淡化事件的严重性，他们分别认为：给 AI 模型下达利用特定软件漏洞的任务，而它们发现并利用了其他漏洞，这并不令人惊讶；或者认为这一切只是 OpenAI 为了展示其模型能力的营销手段。但这两种看法都偏离了事实。
尝试通过解决挑战来通过测试是预期行为；尝试通过窃取答案来在测试中作弊则不是预期行为。而且，OpenAI 失去对其代理的控制，并花费数日才发现它们对另一家公司基础设施执行了一次大规模且持续的攻击，这对 OpenAI 乃至更广泛的该技术而言，都不是好的宣传。
此次事件凸显了我们上个月所写的，关于升级的、由 AI 策划的网络攻击风险的严重性。正如 Hugging Face 在其攻击报告中所写，这暴露了网络攻击与防御之间根本性的不对称。这些“叛军”代理以远超任何人类黑客的速度、规模和持久性运行，在提高成功率的同时，让防御方淹没在需要调查的海量活动之中。
这也暴露了前沿模型内部测试的执行和监控存在缺陷。OpenAI 和 Anthropic 都报告称，在近几个月的网络能力测试中，其模型反复出现出乎意料且令人惊恐的行为。
人们倾向于将 AI 巨头关于有害结果风险以及可能需要减缓开发速度或加强监管的言论描绘成自利性的炒作，但在我看来，这类事件清楚地表明……
这些担忧是有根据的。以上是本周关于风险的更新。那么实用性方面如何呢？几周前，我们收到了我认为衡量 AI 取代人类工作和劳动者能力的最具参考价值的指标之一——远程劳动力指数（Remote Labour Index）的最新更新。该指数让前沿 AI 模型尝试真实的远程工作项目，随后由领域专家将这些结果与人类在相同任务中的产出进行对比评估。示例任务包括为产品设计或建筑任务制作数字设计和 3D 模型，构建交互式数据可视化以及生成动画视频。我认为最有用的一点是，你可以通过查看一些案例研究，感受 AI 生成的提交内容是多么令人惊叹（或糟糕！），以及这种情况随时间是如何变化的。
最新更新的核心发现是，迄今为止测试中表现最好的模型——Anthropic 的 Claude Fable，被评定在 16 per cent 的数字远程工作任务中交付了专业上可接受的工作。六分之一的通过率非常低——如果一个人类工作者拥有这样的记录，很快就无法再获得新订单——但其进步速度值得关注。Anthropic 之前的顶级模型 Opus 4.8 仅得分为 8 per cent，而再之前的模型仅为 4 per cent。
查看一些提交的 AI 作品也能得出类似的结论。仅在几个月前，最好的模型所设计的珠宝方案和平面图简直会被人笑掉大牙。最新的模型在准确性和精细度上有了显著提高——但通常仍然不够完美。
如何解读这些结果完全取决于视角。一方面，进步速度令人印象深刻，而且 AI 能够在真实的白领专业领域产出可接受的工作，这本身就非常卓越。我们已经知道，在处理简单的写作、编码和设计任务的在线零工市场中，AI 已经取代了工作并降低了人类收入；这些结果表明它正在向价值链上游移动。另一方面，一些 AI 提交作品中的错误类型表明，在许多情况下，AI 根本不知道该专业人员真正想要做什么，或者什么才算优秀的工作，它只是在用蛮力尝试接近可接受的标准。在许多任务中，这可能并不重要——及格的作品就是及格的作品。但在我看来，这再次证明了“自动化一项任务”与“自动化一个职位”是完全不同的事情。
从这个意义上说，我们在这里看到的现象或许应被理解为：AI 在增强更广泛的人类工作者方面的能力在提高，而不是在取代他们。
Sarah 写道：约翰，这让我好奇，“白领零工经济”是否已走到了尽头。在 2015, 我写过一篇关于 Upwork 等自由职业劳动力平台兴起文章——我将这一现象描述为“人类云”。正如我当时所说：“雇主开始将‘人类云’视为完成工作的一种新方式。白领工作被拆分成数百个离散的项目或任务，然后分散到一个虚拟的‘云’中。”
“愿意工作的劳动者可能身在世界任何地方，只要他们能连接互联网。”在当时，这似乎能为劳动者带来一些好处（灵活的工作机会、“数字游民”的生活方式等等）和一些弊端（低薪、恶意压价、不透明的条件、缺乏就业权利）。我当时没有预见到的是，这也会使人们特别容易被人工智能（AI）所取代。在今年公布第一季度业绩的电话会议上，Upwork 的首席执行官 Hayden Brown 表示，从 2 月起，“加速普及的 AI 降低了低端客户的活跃度，影响了 $500 及以下的合同。虽然这种动态并非新鲜事，但 AI 自动化的速度快于以往……在低端市场，简单任务正被 AI 工具取代”。Upwork 的希望在于，该平台能成为那些希望使用 AI 但需要人类自由职业者协助以发挥最大效能的小企业的有用服务。约翰，我认为这可以被描述为“增强”，并且这与你所描述的证据相符——即在没有人类引导的情况下，AI 在处理许多现实世界的远程工作任务时实际上仍然不够出色。不过我不确定在这种场景下，究竟是 AI 在增强人类，还是相反。
夏季假期（大致）开始了……约翰和我很快将分别开始度假，因此我们在 8 月份将采取精简的排期（印刷版将于 17 日和 31 日出版）。我们将于 9 月份恢复正常！
星期一 3 2026 年 8 月 FINANCIAL TIMES FT BIG READ。金融。金融公司希望利用技术使市场现代化，支持者称这项技术的影响力可与互联网的出现相媲美。但即便高管们的信心在增强，风险依然巨大。作者：Nikou Asgari
在 2016, 澳大利亚证券交易所公布了一项大胆计划，拟利用区块链技术改造其交易系统。其首席执行官誓言要“使澳大利亚处于金融市场创新的前沿”。头条新闻宣传这次“世界首创”且“具有历史意义”的举措，强调了一家传统证券交易所渴望使用这种驱动了像加密货币这样具有潜在颠覆性发明的技术的重大意义。
然而，这种热情被证明是错位的。软件设计方面的问题（导致无法大规模推广）以及管理不善，最终永久性地扼杀了该项目。该交易所对此道歉，核销了 $170mn 的投资，并因误导投资者支付了 $14.5mn 的罚款。
十年后，澳大利亚这次昂贵的失败已被抛之脑后，全球金融公司再次拥抱区块链，并投入数亿美元用于他们称能够改变金融市场的项目。支持者表示，区块链技术（一种在多台计算机上安全记录交易的去中心化数字账本）将降低交易成本，加快结算时间，并开启一个零售和机构投资者可以在全天任何时间交易所有资产的世界。
这个世界看起来具有可行性，因为主要监管机构现在在很大程度上监管区块链和数字账本技术，这给了高管们投资和升级系统的信心。多年来，区块链一直被认为具有风险，与许多监管机构警告投资者远离的波动剧烈的加密货币过于接近。这种情况现在已经改变，因为官员们在很大程度上接受了该技术在速度和效率方面可以提供显著优势。
华尔街真正的兴趣在于“代币化”——即将从现金到股票、债券和商品的一切转化为适用于区块链的数字版本（即所谓的“代币”），从而可以进行 24 / 7 全天候的追踪和交易。高管们将这种数字资产技术的引入，与互联网出现以及摆脱基于纸质交易系统所带来的深远变革相媲美。
欧洲最大证券交易所运营商 Euronext 的首席执行官 Stéphane Boujnah 表示，银行和证券交易所此前“处于这些技术变革的主导地位，他们制定标准，掌控节奏”。“而现在，我们在追赶。”
重新构建金融市场的动力现在比 2016. 时更为强烈。来自加密货币交易所的竞争正变得愈发激烈。它们主导了数字资产交易，目前正向传统金融领域渗透，旨在成为全天候交易所有其他资产（股票、商品、私募信贷）的一站式商店。
一场全面的革命仍需数年时间，规模和流动性依然较低。代币化资产仅占全球市场的一小部分。而且风险巨大。国际货币基金组织 (IMF) 在 7. 警告称，在区块链系统中，“故障的传播速度可能快于机构或监管者的反应速度”。该组织表示，那些“曾经由交易背后的单个机构资产负债表承担的风险，正日益集中在管理 [区块链] 交易的平台和代码中”，且这些风险是“显著的”。
但对于大银行、投资者和交易场所而言，发展的方向已经很明确。摩根大通（JPMorgan Chase）首席执行官杰米·戴蒙（Jamie Dimon）今年告诉股东：“一套基于区块链的全新竞争者群正在出现，其中包括稳定币、智能合约和其他形式的代币化，”他补充道，“我们需要推出自己的区块链技术”。
学习热爱区块链
尽管经历了大幅下跌和间歇性的丑闻，全球加密市场已吸引了数十亿美元的零售资金，且机构资金的参与度日益增加。自 2025 年 1 月重返白宫以来，唐纳德·特朗普 引导了一波对加密货币友好的规则，撤回了针对加密交易所的高调诉讼，并任命了加密贸易协会前共同主席保罗·阿特金斯（Paul Atkins）担任美国证券交易委员会（SEC）负责人。阿特金斯鼓励公司积极拥抱代币化，称“这就是未来的世界模样”。
欧盟、英国、新加坡及其他地区的当局也在对区块链和代币化进行监管，允许公司采用该技术。虽然全球监管机构对加密货币的警惕性有所降低，但传统金融参与者表示，他们对支撑加密市场的技术比对加密货币本身更感兴趣。代币化资产可以在全球交易所在 24 / 7 全天候交易，投资者可以基于这些资产进行借贷，支持者认为这种方式比传统市场更直接。高管们表示，全球金融市场已经陈旧，过多的中间机构导致投资者的成本过高。
核心吸引力在于，代币化资产可以通过编程，在满足特定条件时自动执行某些操作。这些条件被称为“智能合约”的代码行，例如，它们可以指令某只股票在特定日期向投资者支付股息，或者在收到资金证明后释放抵押贷款。这些自动操作消除了对中间机构的需求，因此目前需要数天时间确认和清算的流程可以在瞬间完成。
代币化资金是增长最快的领域。这主要包括稳定币（全球流通量超过 $300bn），以及代币化银行存款。一些国家的央行数字货币仍处于早期探索阶段。稳定币与美元、欧元等主权货币 1 比 1 挂钩，主要由交易者用于在主权货币与代币化世界之间进行切换。
稳定币的转移速度比例如说 Swift 支付系统更快，且能立即结算，从而释放资金在金融体系中流动；而使用主权货币的交易可能需要数天时间才能结算。贝莱德（BlackRock）首席执行官、华尔街最大的区块链传道者拉里·芬克（Larry Fink）告诉投资者，对于目前的货币体系而言，“今天依赖 Swift 就像是通过邮局发送电子邮件”，相反，“目前因结算延迟而无法动用的数十亿美元可以立即重新投入经济，产生更多增长”。其他形式的代币化资金也在增长。
日益增长的代币化资产世界 / 按资产类别划分的代币化基金总市值*（十亿美元）
资产类别 / 2025 / 2026 :--- | 其他 | | | | 货币市场 | | | 股票 / 30 | 资产抵押信贷 | | | | 商品 | | | | 美国国债 | | |
来源：rwa.xyz * 不含稳定币
随着传统金融机构寻求分得一杯羹。银行正在探索客户存款的代币化，而资产管理公司则推出了代币化货币市场基金——这一资产类别已从 2025, 年初的不足 $4 bn增长至如今的超过 $16 bn。富兰克林邓普顿公司（Franklin Templeton）数字资产与创新主管 Sandy Kaul 表示，该投资公司的代币化基金越来越多地被传统公司的企业司库所使用。“它每天都会支付收益，包括周六、周日和法定节假日，这在以前是不可能的，”她说道，这使其更具吸引力。传统的货币市场基金则是每月支付一次收益。Kaul 补充道，代币化应被视为一种全新的、更高效的金融产品“包装”，因为它们是可以编程的；而目前的交易所交易基金（ETF）、共同基金等则是“哑包装”，无法自动执行操作。
“对于 ETF 来说，我每天需要作为授权参与者，获取一份指数文件并上传该文件，查看持仓情况，并根据指数文件进行调仓，”Kaul 说道。“该指数文件是手动提交并上传到系统中的，人们必须从系统中获取反馈报告。”她补充说，如果这种调仓被编程到 ETF 的智能合约中，“它就会自动执行 [该操作]”。
另一个更具竞争力的领域是代币化股票，它将股份所有权转化为单个代币。Coinbase、Kraken 和 Robinhood 已经推出了代币化股票，向客户承诺，以这种方式进行股票交易速度更快且成本更低，同时能让国际投资者更容易进入美国股票市场。全球大型证券交易所已经关注到了这一点。纳斯达克（Nasdaq）计划创建一个代币化股票交易所，允许股票在区块链上全天候交易和追踪。理论上，分红等公司行为将被编程到代币中，并自动交付给投资者。
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纳斯达克总裁 Tal Cohen 表示，公司正在研究“代理投票、公司行为，以及目前所有手动执行、耗时或基于遗留技术的环节——我们能否将其自动化、数字化并提升体验？”但他补充说，虽然代币化对投资者而言益处“非常明显”，但对于发行人而言，“可能没那么明显”，而发行人其实可以通过降低发行成本和公司行为的可编程性从中获益。纳斯达克预见未来公司将直接自行发行代币化股票。Cohen 表示，为了发挥表率作用，“我们正努力确保明年能够推出一个纳斯达克股票代币”。
24 / 7 全天候市场
尽管有诸多承诺，区块链技术也给全球金融系统带来了风险。随着更多流程变得自动化，可能会出现操作问题。欧洲中央银行（ECB）官员表示，资产编程和操作自动执行“可能会增加事件在平台间蔓延的可能性，从而增加系统性风险”。例如，在投资者需要投入额外资金以支持其交易时，自动化追缴保证金可能会引发问题。
“如果有人员参与，他们可能会拿起电话沟通，[但] 你现在摒弃了宽限期、自由裁量权，而这些在恐慌时期通常是非常有帮助的，”美国大学华盛顿法学院（American University Washington College of Law）法学教授 Hilary Allen 说道，她曾就代币化问题在国会作证。
24 / 7 全天候市场的前景
同时也带来了一系列新的潜在问题。公司公告的发布时机和足以影响市场的消息可能需要重新考虑，如何管理 24 小时全天候运作也同样如此。“操作风险可能会加剧，”欧盟央行官员表示。进一步的问题可能源于对公共区块链的使用，例如全球最大的去中心化平台以太坊（Ethereum），其安全性由全球独立的验证者维护，而非像金融机构那样由特定团队负责。贝莱德（BlackRock）和富兰克林邓普顿（Franklin Templeton）均使用以太坊区块链。根据安全公司 Blockaid 的数据，在 2026, 年上半年，基于以太坊的项目因黑客攻击损失了 $332mn，在所有区块链中损失最高。“当你将传统金融产品放在一个在其操作事务上没有任何问责机制的基础设施上时，这让我深感忧虑，”艾伦（Allen）说道。|
区块链技术的支持者认为，它将降低交易成本，加快结算时间，并允许投资者在全天任何时间交易资产。英国金融时报 montage / Shutterstocc “如果有人员参与，他们可能会拿起电话 [沟通]，[但] 你现在摒弃了宽容和裁量权，而这些在恐慌时期通常是非常有帮助的。” 像摩根大通这样的一些银行坚持使用内部私有区块链，因为他们担心使用交易数据在全球可见的公共区块链。随着更多银行采用区块链，另一个问题随之出现。摩根大通、渣打银行（Standard Chartered）、劳埃德银行（Lloyds）及其他银行正在探索将存款转化为代币，但目前无法在彼此的系统中运行这些代币。这种所谓的互操作性对于商业银行货币来说不是问题，因为后者由中央银行背书并在相同的系统中清算。“显而易见，目前最大的限制在于，我们还没有一种可以让代币化存款在银行机构之间大规模转移的交换机制，”渣打银行数字资产全球主管 René Michau 表示，该行在香港和新加坡运行代币化存款。为了真正实现规模化，高管们需要中央银行货币可在区块链上使用。英格兰银行和欧洲中央银行正在探索创建自己的数字货币。这可能需要数年时间。美国联邦储备委员会已经排除了这一举措。许多事情仍存在争议，尤其是股权代币的结构。去年，零售经纪商 Robinhood 在出售 OpenAI（开发 ChatGPT 的私营公司）的股票代币时陷入困境。与普通股票不同，Robinhood 的股票代币不赋予持有者公司的经济权利或投票权，而仅仅是挂钩于该企业最新融资轮次价值的衍生品。当 OpenAI 发布声明称这些代币并非股权且未获得其认可时，Robinhood 首席执行官 Vlad Tenev 为该结构辩护，称：“我认为它在技术上是否为股权工具并不完全相关。” “这是一个非常复杂且需要深思的结构，”艾伦说，特别是对于零售投资者而言。“人们会认为自己持有股票，而当他们发现事实并非如此时，我认为这将产生严重问题。” 关于 OpenAI 股权代币的争论集中体现了许多担忧，即区块链技术及其应用的发展速度快于监管者的控制能力或投资者的理解能力。但目前，误解的情况相对较少。尽管投资和兴趣在增长，但代币化市场在全球银行体系中仍只占极小部分。“最大的风险是我们都被那些没有结果的事情分了心，”渣打银行的 Michau 表示。
英国金融时报 2026 年 8 月 3 日星期一 英国金融时报 观点 “客观公正，无畏无惧” ft.com / opinion
世界足球之首应得的一张红牌 因凡蒂诺的失败计划表明，国际足球联合会需要全面的治理变革
两周前，男子足球世界杯在终场哨声中落下帷幕，国际足球联合会主席詹尼·因凡蒂诺（Gianni Infantino）的地位看似不可撼动。尽管存在争议，且人们对票价颇有微词，但本次赛会取得了辉煌的成功，其收入令以往的世界杯相形见绌。然而，因凡蒂诺计划成立一家承载国际足球联合会商业利益的新公司并向私人投资者出售股份，这一方案在全球足球界引发了异常剧烈的抵制。随着反抗的足球协会们正为召开临时会议和进行不信任投票而征集签名，他应当辞职。
如果采取另一种形式并由不同的人操作，因凡蒂诺计划的某个版本或许能行得通。只要能平衡所有利益相关者的利益，进一步将国际足球商业化本身并没有错。私人投资和电视转播费的涌入（尤其是在欧洲联赛中）产生了一些重要的积极影响——有助于升级体育场、减缓票价上涨以及减少俱乐部的财务崩溃。本次世界杯的商业创新展示了挖掘进一步价值的潜力；与其他一些全球体育项目相比，电视和赞助收入仍有增长空间。从原则上讲，最大化回报以在欧洲和美洲这些传统强区之外，扩大足球在发展中国家的影响力是有意义的。
但国际足球联合会不需要外部投资者来完成这件事。因凡蒂诺指出了西班牙和法国足球联赛如何向私募股权出售股份。但那是他们在新冠疫情严重削弱财务状况后，寻求新鲜资本。相比之下，国际足球联合会拥有 $2.7bn 的储备金，并且预计在截至今年的四年周期内，收入将达到 $15bn。它可以通过聘请有才干的高管来提升价值。许多国家协会即使能从更高的分配金中获益，也对不必要地将部分价值转移给私人投资者感到反感。同时，进一步扩大世界杯或俱乐部世界杯的压力很可能会增加——这将挤满比赛赛程，从而损害足球更广泛的生态系统。
讽刺的是，所有这一切反而凸显了因凡蒂诺计划中的另一个要素的需求——将国际足球联合会作为世界足球监管机构的角色与其商业活动分开——但这并非因凡蒂诺在构想中所希望的那样。因凡蒂诺在秘密状态下拟定了他的商业计划，其高级助手们对此并不知情，并且只给了国际足球联合会 211 个成员协会 53 天时间来决定接受或拒绝。该计划中还包括一名由唐纳德·特朗普 (Donald Trump) 女婿的兄弟运营的锚定投资者。
足球世界的很大一部分成员对因凡蒂诺讨好美国总统的行为感到厌恶，这在许多人看来集中体现在：因凡蒂诺去年授予了特朗普一个国际足球联合会的“和平奖”，以及在特朗普干预后，上个月暂停了对美国前锋福拉林·巴洛贡 (Folarin Balogun) 的红牌禁赛处罚（国际足球联合会坚称其纪律委员会是独立行事的）。
在另一个 era, 2015, 年，是美国执法部门在揭露国际足球联合会腐败中发挥了主导作用，迫使塞普·布拉特 (Sepp Blatter) 在担任主席 1 / 7 年后辞职。因凡蒂诺本应清理国际足球联合会。
最近的溃败揭露了透明度以及制衡机制的缺失，导致巨大的权力集中在国际足球联合会主席手中。
最近的这场惨剧反而揭露了透明度的缺乏以及制衡机制的缺失，导致巨大的权力集中在国际足球联合会 (Fifa) 主席手中。尽管国际足球联合会是一个非营利协会，但任何一家拥有数十亿美元收入的企业，都不会容忍一个相当于首席执行官兼董事会主席的角色在不咨询高级管理层和董事会的情况下，自行策划一项重大的业务举措。国际足球联合会现在需要一次比十年前更为彻底的治理大变革。给因凡蒂诺（Infantino）一张红牌将是重要的一步。
观点 英国 别假装玩笑不会导致政治暴力 本·希基 (Ben Hickey)
绿党领导人对于在什么情况下道歉才合适有着一种有趣的理解。“如果我是故意这么做的，我会道歉，”扎克·波兰斯基 (Zack Polanski) 在周二参加 BBC《Newsnight》节目时表示，“但因为这是一个错误，我认为重要的事情是我指出这是一个错误。”（没错。因为众所周知，当你犯错时，你不需要为此道歉。）
波兰斯基是指一张他（据他说是不小心）参与在社交媒体上发布的图片，图片中一名男子穿着一件印有断头台图案的 T 恤。顶部印有短语“我们只是在为奈杰制定计划” (We're only making plans for Nigel)，这是在引用 20 世纪 70 年代朋克乐队 XTC 的一首名曲。
“人们对于‘因为政见而被杀是可以接受的’这一禁忌的破坏已经开始了。”
需要指出的是，这是部分一次“协作发布” (collab)，这意味着包括绿党领导人在内的数个人共同在各自账号上发布了该内容；此外波兰斯基表示，他在批准协作请求时没有注意到这张图片（它是多图“轮播”中的第五张）。他随后取消了分享该帖子，并表示他谴责一切形式的政治暴力，包括暴力意象和隐喻。
但改革英国党 (Reform UK) 领导人奈杰·法拉奇 (Nigel Farage) —— T 恤信息指向的对象 —— 表示，波兰斯基共同发布该图片的行为无异于“煽动”，并要求警方采取行动（伦敦警察厅随后表示将不采取进一步行动）。“面对这种对改革党不间断的激进言论，有些人可能会被促使试图通过致命暴力来消除所谓的威胁，这难道令人惊讶吗？”该党内政发言人齐亚·尤苏夫 (Zia Yusuf) 说道。他认为，媒体和竞争政客对改革英国党不断的诋毁导致了他的知名同事安·威德科姆 (Ann Widdecombe) 在 7 月 8 日被残忍杀害。
作为例子，他引用了工党议员早前的社交媒体帖子，包括大卫·拉米 (David Lammy) 在 2019 年的一条帖子，将其描述为“阴险的偏执狂”。鉴于威德科姆死亡时极其可怕且令人心碎的情况 —— 这位 78 岁的女性在独自吃午餐时在家中被一名袭击者用锤子击打了 21 下而惨死 —— 法拉奇和尤苏夫感到敏感是可以理解的。
但这不能掩盖他们同样极其虚伪的事实。露西·康诺利 (Lucy Connolly) 在 2024 年因在南波特捅人事件后在 X 平台上呼吁焚烧寻求避难者酒店，而被判承认发布“意图煽动种族仇恨”的材料。法拉奇将她塑造为一个过度扩张、专制国家的受害者。她是去年改革党会议的明星演讲者，被誉为“英国最受欢迎的政治犯”。此外，仅仅因为一个孤立的行凶者（据推测威德科姆的凶手如此）决定实施一项卑劣的行为，并不意味着我们应该突然放弃我们的
对言论自由的承诺——法拉奇声称自己极其重视这一价值——或者将警察卷入本应由社会规范而非刑事法律治理的事务中。这也不意味着政治人物应该免于强烈的批评：称某人为必须在“太迟之前”予以抵制的“偏执狂”（正如尤苏福抱怨拉米所做的那样）很难被视为煽动谋杀，尤其是当这件事发生在七年前的时候。但不可否认的是，人们对于“即便对方的观点令你在道德上感到厌恶，将其杀害也是不可接受的”这一禁忌，正在普遍地被削弱。根据一项最近的研究，认为政治暴力“通常或总是”正当的美国人比例从 2024 年到 2025 年“仅略微”增加——从 32.3% 增加到 35.6%（尽管在一年内增加 10% 并不算非常轻微）。一项 2025 年的研究发现，21% 的英国人表示政治暴力在某些条件下是可以接受的。虽然对法拉奇关于波兰斯基帖子的反应可能过激了，但事实是：关于某人“死了更好”的“玩笑”可能会导致有人决定去将其杀害。同样，人们频繁将 唐纳德·特朗普 与阿道夫·希特勒相比较，这使得有人试图暗杀他的可能性增加，正如新闻秘书卡罗琳·莱维特在 4 月份最近一次暗杀企图后所抱怨的那样。假装她错了是没有用的。无需赘言，暴力在政治中没有立足之地。暴力是适得其反的，因为它会让受害者成为殉道者。禁忌是维持社会规范的关键。随着每一次侵蚀，“玩笑”与道德正当性之间的界限就变得模糊一点。jemima.kelly@ft.com 读者来信 电子邮件：letters@ft.com 请附上白天的联系电话和详细地址 勘误：corrections@ft.com 如果您对 英国金融时报 对您投诉的答复不满意，可以向 英国金融时报 编辑投诉专员申诉：complaints.commissioner@ft.com
英国不能再依赖外资所有的支付网络
马丁·阿诺德关于万事达卡（Mastercard）可能出售 Vocalink 的报道，正确地提出了关于英国关键支付基础设施所有权的质疑（见《万事达卡考虑出售支付部门 Vocalink 的多数股权》，报道，7 月 14 日）。它还指向了一个英国一直缓慢面对的更广泛问题：为什么全球最具创新力的经济体之一在日常支付方面仍然如此严重地依赖两家美国所有的卡组织网络？每年，英国企业向这些主导网络支付数十亿的费用。结果就是，这个系统在悄悄地向经济征税，限制选择并扼杀竞争，消费者最终通过支付更高昂的商品和服务成本来承担代价。监管机构正开始审查卡组织网络的经济模式，而欧洲各地的政策制定者也在质疑他们对外国所有支付基础设施的依赖。如果地缘政治紧张局势升级并破坏了访问这些网络的渠道，对英国企业和更广泛的经济产生的影响将是深远的。最优方案是美国和欧洲在所有技术平台（包括支付）上进行密切合作。但这并非我们目前所处的地缘政治现实。这就是为什么谁买下 Vocalink 至关重要。Vocalink 运行着快速付款系统（Faster Payments），这是开放银行运行的轨道。开放银行是英国在支付领域实现真正选择和竞争的最佳机会，将这一关键基础设施交给现有的主导企业将违背其初衷。将其出售给各大银行将会……
解决主权问题，但无法解决竞争问题：目前从市场中获益最多的机构将继续缺乏改变市场的动力。作为一家开放银行支付公司，我们认为，如果英国真心希望建立一个更具竞争力和韧性的支付市场，这类关键基础设施的所有权最好交给由独立且以创新为导向的挑战者组成的联盟，因为他们有充分的动力去开放市场。在英格兰银行规划英国下一代支付基础设施时，不应简单地用一个主导所有者替换另一个。而应抓住机会，建立一个以真正的竞争、更多选择和对创新开放为特征的支付系统。 ——弗朗西斯科·西莫内斯基（Francesco Simoneschi），TrueLayer 首席执行官兼联合创始人，英国伦敦 EC2
少数小公司缴纳纽约企业税 近期一篇关于纽约市小企业改革的文章（“纽约市长致力于为小企业削减繁文缛节”，《商业洞察》，7月 29 日）中包含一项被广泛引用但极具误导性的关于美国企业税收的说法。该文章称，纽约企业面临相对较高的税率。问题在于，并没有小企业缴纳这种税。相关税率仅适用于公司，而公司在所有美国企业中所占比例不到五分之一。几乎所有小企业都是合伙企业或独资企业，它们缴纳的是个人所得税而非企业所得税。美国的公司往往是规模巨大的上市公司。例如，在纽约州，仅 799 家公司就贡献了该州全部企业税收的四分之三以上（纽约市的企业税与州税一致，并叠加在州税之上）。此外，公司向纽约缴纳税款仅基于其在该州实现的销售额，而非其雇佣员工或设立办公室的地点。鉴于此，对比企业税率无法影响地区竞争力。例如，如果 亚马逊 想要降低其在纽约的企业税负，它必须采取减少向纽约市民销售这一无利可图的措施。该文章关注了市长佐兰·马姆达尼（Zohran Mamdani）在简化纽约启动和运营小企业程序方面所做的值得称赞的努力。引入关于企业税收的误解只会徒增混乱。 ——安德鲁·佩里（Andrew Perry），财政政策研究所财政研究主任，美国纽约州纽约市
针对我们过热城市的智能表面解决方案 贵刊社论（7月 20 日）正确地指出，欧洲城市的极端高温现在如此普遍，以至于需要一种新的冷却方法。但社论的建议——扩大空调（AC）的使用——未能注意到，空调是通过将更多热量排放到室外来冷却室内的，从而加剧了问题。在巴黎近期一次持续数日的高温事件中（大多数居民仍未安装空调），运行空调使城市环境温度升高了 2C。将空调作为主导的城市冷却策略，等同于将城市推向更加凄惨的夏天，损害户外工作者、运动员、游客以及任何不在空调空间内的人员。一个更智能的替代方案目前正被波士顿到亚特兰大以及达拉斯等十几个美国城市所采用，即通过在全市范围内改变表面覆盖物来实现全城冷却。如今，欧洲城市的屋顶和道路吸收了 80 per cent 以上的入射阳光，我们认为这对比全球变暖对城市热量的影响要大三倍。
解决方案是将所有城市表面视为应对高温和洪水风险的单一集成方案——广泛部署反射、多孔和绿色表面（通常被称为“智能表面”）。举例来说，在我们的帮助下，亚特兰大在 2025 年 6 月通过了一项法案，要求新建设和改造的屋顶必须具备反射性能。这一项措施（亚特兰大采取的数项措施之一）将使商业屋顶的反射率提高 3. 倍，使城市温度降低 1.3C（在炎热的低收入社区降温最高可达 3.5C），并削减 $310mn 的电费，同时减缓全球变暖。实施这一指令对城市而言毫无成本，而且由于反射屋顶的成本与深色屋顶大致相同，企业和消费者也能获得巨大收益。伦敦和其他欧洲城市不应在夏天放弃其绝佳的户外空间。相反，他们应该认识到，城市高温也是表面材质选择的结果，而不仅仅是气候变化。欧洲城市应在全市范围内系统性地采用反射、多孔和绿色表面，以冷却整个城市，并避免大规模增加那些已经加热并破坏公共空间的、丑陋、嘈杂且有异味的户外窗式空调单元。如果应对城市高温的主导方案是空调而非全市范围的冷却，城市将陷入在夏天放弃户外空间的境地，并加剧城市高温与全球变暖这两个相互关联的威胁。格雷格·卡茨（Greg Kats），智能表面联盟（Smart Surfaces Coalition）首席执行官兼创始人；《绿化我们的建筑世界》（Greening Our Built World, 华盛顿, DC, 美国）作者。
首相可以通过立法来实现他在担任市长时倡导的政策。安迪·伯纳姆（Andy Burnham）是对的，即实质性的权力下放需要市长拥有塑造其地区长期繁荣的权力及其财务确定性（参见“伯纳姆要求给予市长所得税份额”，报告，7 月 31）。稳定的财政协议应能支持在住房、交通和经济增长方面的战略投资。作为首相，他现在有机会将他在担任大曼彻斯特市长时所倡导的原则转化为政府政策。去年 11 月，伯纳姆与其他地区领导人一起呼吁赋予英格兰战略管理机构在气候和自然方面的法定职责。这反映了一个简单的事实：气候变化的影响在后果上日益呈现区域性，需要区域领导力。尤其是热浪和山火，并不受地方当局边界的限制。有效应对这些问题需要交通、卫生、应急服务、公用事业和土地管理方面的协调规划。伦敦已经证明了这能取得怎样的成就。市长萨迪克·汗（Sadiq Khan）决定委任开展《伦敦气候韧性审查》，促成了“热准备伦敦”（Heat Ready London）计划，这是该首都首个全面的城市高温计划，为该市应对气温升高及相关风险提供了战略框架。它表明了战略管理机构如何将气候风险评估转化为公共服务和关键基础设施的协调行动。权力下放的逻辑在于，决定应在能最有效做出决策的层级上做出。这一原则同样适用于气候适应，正如适用于经济发展一样。如果战略管理机构要成为增长的引擎，它们也必须成为负责让社区、基础设施和当地经济应对气候变化带来的日益频繁的热浪和山火的机构。财政下放与法定气候韧性职责是互补而非竞争的改革。两者结合将创造出
英格兰日益需要的长期地区领导力。艾玛·霍华德·博伊德（Emma Howard Boyd）教授，国家热风险委员会主席，伦敦政治经济学院格兰瑟姆气候变化与环境研究中心，伦敦 WC2, 英国
如果化石猎人仅仅是为了钱呢？商业化回收恐龙化石所导致科学价值的损失，可能远比佐伊·莱斯卡泽（Zoe Lescaze）在她关于收藏热潮的专题报道中所暗示的要多。正如她正确指出的那样，这一趋势在标准和透明度缺乏共识的情况下正在发生（见“恐龙收藏家们有话要说”，收藏版，7月 16日）。虽然有可能获得私人拥有标本的有限访问权，但正如文中指出的，脊椎动物古生物学会并不鼓励其成员发表关于私人标本的研究，因为所有者可以随时撤销访问权限，导致其他人无法验证该研究。
美国联邦和州法律试图在搜寻活动与科学回收之间取得平衡。然而，现有法律并未在私人土地上促进最优的科学搜寻。与此同时，以科学为目的的搜寻和回收是一个缓慢的过程，这增加了商业化石猎人的成本，而他们自身却无法从中获益。此外，尽管加利福尼亚州拥有促进在州有土地上回收具有科学价值化石的法律，但这些法律可能会因为州政府对回收过程的监督不足而失效。目前出现的是“走马观花”式的观察。为了解决这个问题，发现者在回收化石和保留科学信息方面都应获得奖励。一个良好的奖励方案可能包括：如果发现者提交科学数据，则授予其出售该化石的独家权利；对准确报告标本发现位置的行为给予税收减免；以及要求商业挖掘者雇佣经过培训的古生物学家来监督其挖掘活动。
保罗·霍尔伍德（Paul Hallwood），经济学教授，康涅狄格大学，斯特司，CT, 美国
两位不屑于批评家的指挥家
理查德·费尔曼（Richard Fairman）关于指挥家约翰·威尔逊（John Wilson）的迷人文章（“我为我对轻音乐的热爱不感到抱歉”，访谈，生活与艺术版，7月 18日）以及他同名管弦乐团的成功，让我想起了另一位有影响力的大师，即马斯特里赫特的安德烈·里厄（André Rieu）。两人创作的音乐都深受公众欢迎，但经常招致专业音乐评论家的负面评价。这是否是一个创业精神击败精英判断的例子？
威尔弗里德·莱格（Wilfrid Legg），法国，巴黎
2026年8月3日 星期一 > 英国金融时报 观点
一道数字铁幕正威胁着全球经济 罗兰·布什 (Roland Busch)
在过去的 50 年里，数字技术重塑了全球经济。众所周知，它使世界变得“平坦”。市场、贸易和生产在跨境连接中变得更加紧密。从汽车、智能手机到半导体和工业机器人，几乎没有任何一件复杂的产品是在单一地点完成制造的。随后而来的疫情、能源危机、劳动力短缺以及地缘政治紧张局势，揭示了我们这个“平坦世界”实际上是多么脆弱。
现在，企业正在重新寻找平衡，在决定投资、采购和生产时，将韧性与成本和效率放在同等权重地考量。结果，一种更具区域性的全球化形式正在出现。如果说第一次数字革命帮助企业协调全球供应链，那么这一次则在帮助生产重新回归本地化。制造业正向客户靠近，并由软件、数据和人工智能 (AI) 构成的碎片化数字连接纽带紧密结合在一起。
在被世界经济论坛指定为“灯塔工厂”的 200 多个智能制造现场，这些新方法将劳动生产率提高了约 40%，并将生产线的调整时间缩短了约一半。但这些收益能否规模化，取决于机器、工厂和公司之间是否能够交换数据并重复利用解决方案。
软件、数据和人工智能的经济逻辑与混凝土和钢铁截然不同。工厂、机器和基础设施仍必须在每个市场中构建和适配。但一个数字模型、软件应用或 AI 工具可以在一个地方进行改进，并在许多其他地方重复使用，前提是系统能够进行交换并拥有相关数据的访问权限。如果条件合适，工厂可以采用已知适用于当地需求的方案，更好的工艺可以得以传播，产品可以在无需每次从零开始重建的情况下进入新市场。
这种逻辑足够强大，足以鼓励企业竞争对手建立连接，从而允许技术跨越国界运作。共享标准是实现这一目标最简洁的方式：每个人从一开始就遵循相同的规则。互操作性是次优的解决方案，允许不同的系统在不变得完全一致的情况下协同工作。例如，近期一项欧洲与日本的合作尝试，在各自保留架构的同时，将汽车工业网络连接了起来。
然而，就在企业搭建桥梁的同时，地缘政治正日益划定边界。随着各国政府寻求加强对技术、数据和供应链的控制，美中技术分歧正在重塑全球格局。出口管制、数据本地化规则以及迥异的网络安全要求，正在全球技术领域划下新的界限。
每一个新障碍都让系统连接、规模化推广有效方案以及将更好的产品推向市场变得更加困难。如果这一趋势得不到遏制，数字边界可能会凝固成一道数字铁幕——减缓进步、贸易以及社会之间的思想交流。这是一个全球性的挑战。但是，
欧洲可以成为一个值得信赖的连接者，让来自不同地区的技术协同工作。
欧洲处于两大技术超级大国的夹缝之中，因此对这一问题的答案有着特殊的利益关切，同时也拥有塑造该答案的独特机遇。欧洲不应建立另一个“围墙花园”，而可以成为一个值得信赖的连接者：一个让来自不同地区的公司、技术和数据能够协同工作的地方。但这需要构建一个让他人愿意加入的生态系统。如果欧盟主要以监管技术而非创造技术而闻名，那么它无法成为世界的连接者。它现在必须为公司创造合适条件，让它们发挥所长。互操作性必须成为欧盟的战略重点。扩大单一市场——无论是针对数字产品和服务，还是其他所有领域——是在建立可信度和能力方面必要的一步。在缺乏通用标准的地方，重点必须是开发能够在不同系统之间切换的接口，无论这种开发是通过公司、行业联盟还是公私合作伙伴关系来实现。最后，欧洲应将互操作性作为其经济外交的基石。这个互联的世界无法孤立构建。与包括日本、澳大利亚和加拿大在内的太平洋经济体之间新兴的数字贸易伙伴关系，可以成为如何将不同生态系统整合在一起的一个有前景的模式。
那么，韧性将建立在连接之上，还是建立在政治考量或旨在将彼此排斥在外的系统之上？答案将决定我们这个更加区域化的世界是否能保持连接。作者是西门子公司 (Siemens AG) 的首席执行官兼总裁。
最有趣的方法是思考，为什么人们在选择[此处文本不完整]与在线购物时的选择之间存在如此大的脱节。
审慎精神去哪了？ Chris Giles 著
随着今年早些时候能源冲击的加剧，国际货币基金组织 (IMF) 提供了关于各国应如何应对以减轻家庭和企业痛苦的标准建议。它表示，任何支持都应该是及时的、有针对性的且临时性的。各国确实反应迅速，根据 6 月中旬的最新统计，在 170 个国家中实施了近 900 项措施以抵消冲击。但这些措施过于笼统，没有截止日期且对能源提供补贴——这在能源冲击期间削弱了节能的动力。这些措施将难以撤销。
今年的能源补贴不仅仅意味着各国不愿听取 IMF 的建议。它们只是一个日益增长的国际趋势的最新例子，即通过增加政府借贷来解决问题，并将由此产生的高赤字和债务留给未来的政府来处理。自 20 世纪 90 年代以来，这在美国一直是标准做法。长期以来，法国政治在削减高赤字以满足欧洲目标方面一直难以实现。目前的德国政府已决定增加借贷，以修复其损坏的基础设施并提高国防能力。日本承诺减税并开展大规模的公共和私人投资计划，而英国新任首相 Andy Burnham 表示，他将利用预算规则中的灵活性以允许更多借贷。
在全球层面并没有协调。G20 集团如今几乎在任何事情上都难以达成一致，其财政部长们在 4 月份甚至无法就所有这些借贷和支出是否合理地制定出一份平淡且一致的联合声明。事实上，这并不合理。
始终如此。在 2010 年的多伦多 G20 峰会上，所有主要经济体承诺在 2008-09 年全球金融危机灾难后修复其公共财政。公报称：“稳健的财政状况对于维持复苏、提供应对新冲击的灵活性、确保具备应对人口老龄化挑战的能力，以及避免给后代留下赤字和债务遗产至关重要。”无论 2010 年代的最佳财政整顿路径是什么，今天需要更紧迫的行动。国际货币基金组织 (IMF) 对政府总债务的估计大幅上升。2010 年，发达经济体的债务占 GDP 的 94% ，新兴经济体为 37% 。预计今年这两个数值将分别达到 108% 和 77% 。这些更高水平的债务也吸引了更高的利率，使得全球公共财政看起来
愈发脆弱。来自 IMF 和国际清算银行 (BIS) 的最新证据发现，过去债务增长与财政修复之间的关系已经破裂。不再有证据表明，政府债务的增加会产生削减公共支出或增加税收的政治压力。相反，BIS 发现，各国在困难时期激进地使用预算刺激以减轻损失，而且在形势好转时不再运行盈余，而是开始利用这些时刻放宽财政支出并削减税收。关键问题是，为什么全球政府不再为审慎地预留时间。2010 年代部分原因在于利率较低且看起来稳定，这为持续提高借款提供了正当理由。这一论点不再适用，且政府极少提供任何借口，仅承诺未来会做得更好，然后未能兑现。更令人担忧的解释在于全球经济的巨趋势，以及目前国内或国际政治无法解决这些问题的现状。俄罗斯入侵乌克兰、美国与伊朗的战争、中国的强硬立场以及更广泛的地缘政治紧张局势，正增加全球政府在国防上投入更多资金的压力，且在未来几年内几乎没有喘息的机会。适应气候变化并减轻其影响现在就需要投入资金。此外，老龄化社会在养老金、医疗服务和社会护理成本方面给政府带来了更大的压力。AI 革命可能会提高经济增长率，但也会带来支持失业者的公共财政压力。更高水平的国际合作可以减轻所有这些成本。国家之间增强信任将使国防支出减少。更多关于全球
如何拯救英国商业街 Polly Mackenzie 气候变暖的共同行动将降低最终适应更暖气候的成本。此外，有管理的迁移可以缓解两个领域的某些人口压力。
新任英国政府削减酒吧和音乐场所的商业税，据我统计，这是对这一备受憎恨的政策进行的第 12 次微调。当财政官员开始这样小打小闹时，通常意味着他们不想承认某事。关于我们的商业街，这确实如此，因为当人们……
自由至上主义者可能会说我们应该放弃：如果人们想要商业街，他们…… ……及其政治诉求。 ……将降临在 Keo puns 上 = ……零售业不再需要的建筑中。但只有最天真的人才会认为…… ……10 号唐宁街的职位，但大多数建筑可以容纳更多……
极化的地缘政治几乎扼杀了从贸易、国防、气候、移民到税收等各项议题上寻求合作解决方案的所有尝试。极化的国内政治使得政府更难获得国家层面的支持。
在南希尔兹（South Shields）和布莱斯（Blyth），他们正在将学院校园——而债券义警（bond vigilantes）怎么说？——重新打造为高街枢纽，在这里你可以修理东西而不是将其扔掉，而不是强迫各国严肃对待其公共财政。但请不要误会，大趋势是持久的，财政压力正在上升，且很少有国家在解决这些问题。这种不安的休战可能会持续一段时间。但它不会永远持续下去。
chris.giles@ft.com
孟加拉国的未来取决于军队与政治保持距离 纳兹穆尔·阿哈桑（Nazmul Ahasan）述评
在谢赫·哈西娜（Sheikh Hasina）在孟加拉国 15 年的专制统治于 2024 年 8 月的起义中崩溃数月后，穆巴沙尔·哈桑（Mubashar Hasan）在流亡六年多后回到了达卡。回到家乡后，曾被关在秘密军事拘留设施 44 天的学者哈桑发现，那种弥漫的恐惧已经消失了。军方的武力情报总局（DGFI）曾是国家最令人恐惧的机构，现在在黄金时段的电视节目中被公开批评。在一个访谈节目痛批 DGFI 之后，哈桑原以为“会有一辆装满特工的小巴冲进电视台，或者嘉宾在回家的路上被绑架”。但并没有发生此类事情。相反，一场深刻的转变已经开始。
一个临时管理机构将现役军官带到民事法官面前，就“反人类罪”接受审讯，并撇开了军队的反对。五名前 DGFI 局长被签发了逮捕令。当亲建制派的孟加拉国国民党（BNP）在 2026 年 2 月的选举中重新掌权后，新政府迅速采取行动，拘留了 2007 年那次软政变的将军们；而在 7 月 26 日，当局就一名当地政治家被强迫失踪并被杀害一案，对六名军官提起诉讼。
但巩固民政统治需要的不仅仅是几次高调的逮捕；这意味着要将军队从该国经济和政治的中心角色中剥离出来。如今，军队发现自己处于前所未有的不受欢迎状态，几乎疏远了社会的每一个派系。人权组织对其批评毫不留情；被数百万粉丝关注的右翼民粹主义 YouTube 博主谴责其被认为对新德里的顺从；世俗主义者则对其沉浸在伊斯兰图腾中的制度身份感到反感。
自一场民众起义结束直接军事统治以来，其制度目的一直在缓慢退化，时间点在 1990 年。冷战后西方民主国家的压力，以及联合国维和任务的经济诱惑（其薪酬远高于常规军队部署），使将军们远离了政治。在随后的几年里，他们将自己重新塑造为两个敌对政治王朝——人民联盟（Awami League）和 BNP 之间的中立权力掮客。这种裁判的角色分阶段被侵蚀。2007 年的那次政变，被宣传为一个统一的方案……
军官们与官僚们争相管理从电信监管机构到港口等利润丰厚的实体。原本应当改革政治体制，结果军方却拘留并折磨主要政治人物——包括前 BNP 领导人之子、现任总理 Tarique Rahman。当这一尝试失败后，将军们在 Hasina 赢得 2008 年选举后将权力移交给了她。2009 年，一场导致 57 名军官死亡的血腥兵变从根本上改变了军政关系。Hasina 阻止了军方的直接报复。抗议的军官被系统性地清洗，而高层则与政权深化了低调的结盟。通过 2014 年和 2018 年的舞弊选举，所谓的“裁判员”加入了游戏。被派驻到快速行动营（Rapid Action Battalion，一个臭名昭著的、由军方主导的精锐执法单位）的军官们，其执行法外处决的频率是常规警察的八倍。政治人物、记者和学者被“失踪”。这种共谋带来的回报惊人，主要体现为土地形式。在达卡这座拥有超过 3000 万人口的城市中，共有 14 个主要的公共住房计划。但仅国防军就拥有五个，且由公共补贴资助。在人均收入约为 $5,200 的城市里，早期的政府土地拨款让持有者成为了百万富翁。在 Hasina 任职期间，国防开支在实际价值上翻了一番，据报道武装部队获取了价值 $6bu 的建筑合同。
身穿制服的人员与大学在由电信监管机构到港口的福利信托管理下，也破坏了内部纪律。在 Hasina 统治期间被边缘化的军官转向互联网，在社交媒体上猛烈抨击自己的领导层，打破了不损害自身群体名誉的神圣禁忌。
如果你不使用它，而别人可以使用，那么公共异见。只要将军们掌握着资产，他们就有理由让政府屈从于他们的意志。孟加拉国民主下一章的关键问题是，他们现在是否拥有从商业以及政治中撤出的制度智慧。作者是 Netra Kinship Works network News（一个调查新闻平台）的执行编辑。
走在英格兰几乎任何一条商业街（high street）上，情况就变得显而易见。被封死的酒吧、银行或面包店，或者是变成了酒吧、随后变成华夫饼店最后关门的市场大厅或社区中心。全国有数万栋建筑处于荒废或空置状态，没有任何经济学家关于“显示偏好”的讲座能为这种甚至算不上是“管理地”的衰落提供慰藉。面对面零售开始可能已有 5,000 年之久。从那时起，它服务于两个目的：我们购买东西的地方，以及我们见面交流的地方。第一个目的在不知不觉中为第二个目的买单。商品的客流量资助了公共领域——长椅、群体带来的安全感，以及行走和相遇的理由。在线购物在很大程度上摧毁了这种安排。剩下的则是第二个目的，它在那些曾经免费提供这种功能的建筑中失去了资金支持。因此，任何针对商业街的解决方案，都必须来自于寻找一种能够支付第二个功能的财务模型。这不能意味着支撑商店，而必须意味着建立新型的公民用途。
任何解决方案都需要强制违约业主将建筑重新投入使用或将其交给国家。并非每条商业街都能通过国家。地方税务局、
治安法庭、警察局和乡村医院都消失了。但通过创建由多种公共服务共享的本地中心，前台服务可以回归。教育可以成为我们将人们吸引到市中心的锚点。维修店也可以迁入。当然，还有住房。市中心空间的转换不仅能满足住房需求，还能带来人群和社区。
但如果建筑物本身依然破败、荒废、被破坏且令人沮丧，这一切都无法实现：它们假设高街能够恢复到一种它已无法产生的能力。正是这种幻想，让业主宁愿守着一个封死且闲置的单位也不愿出售：等待一个更有价值的规划许可，或者等待屋顶坍塌及随之而来的登录失效，也比在此时实现一项税务亏损要好。观察一个荒废的店铺恶化十年，你其实是在看着某人保护多年前电子表格上的一个数字——而代价则是社区的损失。
任何解决我们高街困境的方案，都需要强制这些不负责任的业主将建筑物恢复使用或将其交出。议会有权力，但很少有能力或信心去行使权力。一个国家支持的资本工具——一个针对高街的“国民信托”——可以在制定长期计划期间采取临时所有权。这将具有变革意义。而且我们需要一个专项基金，配备一支精干的律师团队，准备好改变每一个物业所有者的预期。
这种选择不应掌握在你们手中。仅靠企业税率假期等激励措施已经太晚了。只有在[缺失文本]支持下的活跃社区，才能……
[注：此处文本在原件中似乎存在断层或乱序]
……军官们目前经营着约 300 所高中 [缺失文本] 同时也被推向房地产、银行、制造业和旅游业。他们还经常与文职官僚争夺经营获利实体的机会。巴基斯坦和埃及表明了此类帝国给国家带来的代价：这些企业逃避审计，挤出私营公司，并使军官团在谁掌权的问题上拥有永久的利益关系。军队与政权之间关系的货币化……
作者是一位政策专家，且是……的一部分。
Financial Times - 03.08.2026.pdfFINANCIAL TIMES MONDAY 3 AUGUST 20254 2 Wall Street learns to love Blockchain BIG READ, PAGE 19 UK £3.70; Republic of Ireland €4.10 Ceuta Crisis Migrant death toll mounts Relatives and friends wait at Morocco’s Bab Sebta border crossing on the out- skirts of Pnideq yesterday for the return of people who crossed into the Spanish enclave of Ceuta. The death toll from last week’s mass crossing has reached 72, according to Spanish authorities, leaving some Moroccan families fearing that their children were among those drowned. European governments will hold an online meeting tomorrow to discuss the migration crisis in the Spanish territory after Spain’s Prime Minister Pedro Sanchez hit out at criticism of his coun- try’s handling of the situation, exacer- bating divisions over the EU’s migration policy. About 60,000 people entered Ceuta in the space of 24 hours, onc of the biggest influxes of unauthorised immigrants in the bloc’s history. Morocco counts dead page 4 LY a ta i, srt fata ot bas ea Sore US companies book ‘rock solid’ despite consumers struggle with costs Double-digit earnings growth GREGORY MEYER — NEW YORK EMILY HERBERT — LONDON US companies are off to a blistering start in the second-quarter earnings season, reporting double-digit profit growth despite higher energy costs, elevated interest rates and cautious spending by consumers. S&P 500 companies are on track to notch up 47.4 per cent year-on-year earnings growth for the quarter, FactSet data shows, based on reports from more than 300 groups and analysts’ estimates for those that have yet to announce results. That would be the strongest quarter for earnings growth in five years, according to FactSet. “The results are rock solid,” said Hugh Gimber, global market strategist at JPMorgan Asset Management. “This has been a very, very positive couple of weeks in terms of the numbers compa- nies are printing.” While tech is again among the leading industries, “we're seeing healthy results from a broader range of sectors” than in recent earnings seasons, Gimber said. But the robust profits come at a time when many Americans are struggling with affordability, tareatening to pro- voke a public backlash, particularly ‘Tech and energy are big drivers but you are seeing other sectors participate’ Richard Saldanha, Aviva Investors given the rise in energy prices caused by President Donald Trump’s Iran war. The results cover the period from April to June, during which petrol prices hovered above $4 a gallon on average. A global bond marketsell-off sent borrow- ing costs soaring for companics and con sumer sentiment slid to record lows. Yet almost nine out of 10 companies in the S&P 500 have surpassed the con- sensus forecasts for their earnings, according to FactSet. Eight of the index’s 11 sectors are reporting double-digit growth in earnings. Solid consumer spending and the eco- nomic effects of heavy investment in AI infrastructure are a contributing factor, said Daniel Morris, chief market strate- gist at BNP Paribas Asset Management. Higher fuel prices produced a wind- fall for the energy sector. Companies in the S&P 500 communications services and information technology sectors have also notched big rises in earnings. Google’s net income quadrupled to $112bn with help from gains on its investments, including a stake in SpaceX, which went public in the big- gest initial public offering in history last mont. Amazon’s more than threefold profit increase was driven by sales at its cloudcomputing business. “The key thing for me is to see that breadth,” said Richard Saldanha, an equity portfolio manager at Aviva Investors. “Tech and energy are still big drivers but you are seeing other sectors partici- pate. That is really important,” he added. “That broadening-out is pivotal Strongest quarter in five years e Affordability crunch risks backlash when you think about where equity markets go from here . . . It can’t just be tech that is doing the heavy lifting.” Strength in the stock market has meant households that own equity port- folios have kept spending. “Duc to the widening incquality between those who own assets and those who don’t in the US economy, the wealth effect has become a bit stronger,” said Joe Brusuelas, chief economist at accounting and consulting firm RSM. But retail and consumer executives report stretched budgets among poorer households. “Lower-income consumers ...are really managing pay cheque to pay cheque,” said Andre Schulten, Proc- ter & Gamble’s chief financial officer. Iran pause page 4 US shoppers resist page 8 Infantino’s future hangs in balance after climbdown Gianni Infantino’s job as president of Fifa remains in serious doubt after he pulled the plug ona plan to sell astake in a commercial unit that sparked fierce criticism, with 55 nations threatening to boycott its games.—PAGER.FT VIEW, PAGE 20 - Fresh scrutiny of Palantir NHS England plans to change how it evaluates the success of the US tech group’s data platform being rolled out across the health service after staff highlighted flaws in theanalysis,— PAGE 2 - Written constitution call The wave of devolution unveiled last week will “increase the case” for a written constitution, Andy Burnham has said, pointing to the need for “a clear set of principles” onhowthe country is run,— PAGE 2 > Gulf allies sway Trump The US president has said he decided not to go ahead with anew attack on Iran after Qatar, the UAE and Saudi Arabia asked the US to hold off becausethe “perimeters ofadeal” had been agreed.— Pace 4 > Rival exploits easyJet bid Air France-KLM aims to capitalise onthe turmoil from an expected £5.7bn takeover of the British budgctairlinc to scize back passengers who had fled to the rival low-cost carrier,— PAGE 1L Bug hunters assail Apple The tech giant has restricted the number of potentially dangerous software bugs researchers can submit to its security team as it faces a deluge of Al-driven reports identifying alleged risks.— PAGE 8 Venezuela transition rifts Splits are already brewing within Delcy Rodrigucz’s government and the opposition as they prepare for talks on elections to usher in democracy, six months after the ousting of Nicolas Maduro.— PAGE 6 EU dash to refit websites European companies have been racing to label chatbots, deepfakes and Al-generated marketing material as Brussels prepares to enforce transparency rules under itslandmark AI Act,— PAGE 10 Foreign bidders chase after UK groups with ‘bear hug’ offers they can’t refuse New Ofcom chair vows to bring watchdog up fo date Set up more than two decades ago, Ofcom was designed to oversee the media and telecoms industries. But its remit has expanded alongside the rise of online platforms that compete with traditional media, often without having to abide by the same rules. Now Sir lan Cheshire is overseeing a ‘wide-ranging’ review aimed at refitting Ofcom to a workload that almost doubled once it became the internet enforcer, leaving concerns over staffing and expertise. Interview » PAGE 3 IVAN LEVINGSTON AND CLARA MURRAY Foreign bidders are wooing investors in London-listed companies with a grow- ing number of “bear hug” offers designed to be too good to refuse, a tac- tical shift that underscores the confi- dence of buyers targeting UK groups. UK companies received £44bn of such unsolicited public bids at a premium of 20 per cent or more above their share price in the second quarter, the highest value since 2018. Bidders make so-called bear hug bids when they hope to press a target’s board into acceptance. Companies listed inthe UK have been the recipients of more such offers than any other country in 2026, according to an FT analysis of data from the London Stock Exchange Group. “Tt’s the year of the bear hug,” said Kate Cooper, a corporate partner at the law firm Freshfields. “It’s basically a way of saying to share- holders: ‘You’re going to have to take this into your own hands’.” US real estate investor Prologis, Swed- ish buyout group EQT and Swiss insurer Zurich are among those to go public with bids as they successfully pursued megadeals for FTSE stalwarts Segro, Intertek and Beazley respectively. LSEG defines a bear hug as involving a premium of at least 20 per cent over the company’s closing share price the trad- ing day before the public and unsolic- ited approach. That type of move is in contrast to the typical tactic in which bidders seek to win the backing of the target’s board before going public. It allows suitors to capitalise on share holders’ openness to deals after years of lacklustre performance, according to advisers. “The bidders are trying to work out what is the tipping point for sharehold- ers,” said Anthony Parsons, executive chair of investment banking and capital markets at Deutsche Bank. “In most deals it’s led to pretty good information for both bidders and tar- gets and helped secure transactions.” There have been 12 such moves over the past 12 months — although not all were successful or yet agreed. All but four were from companies headquar- tered outside the UK. Overseas buyers have rushed to snap up London-listed companies at a record pace this year. Acquisitions of UK-listed groups are up 188 per cent to $116bn including net debt, according to LSEG data — the highest level in the year to date since 2007. bscribe In print and online www.ft.com/subscribenow Tel: O800 028 1407 www.ft.com © THE FINANCIAL TIMES LTD 2026 No: 42,319 * Printed in London, Liverpool, Glasgow, Dublin, Frankfurt, Milan. Madrid, New York, Chicago, San Francisco, Tokyo, Hong Kong, Singapore, Seoul, Dubai 9" 770307 " 176111 World Markets STOCK MARKETS CURRENCIES GOVERNMENT BONDS Jul 31 Prev %chq Pair Jul31 Jul 24 Pair Jul31 9 Jul24 = Yield (%) Jul 31 Jul 24 Chg S&P 500 7489.72 743763 0.70 S/€ 1.151 1.138 €/$ 0.869 0879 US2\r 4.29 431 -~0.02 Nasdag Composite 25373.85 25122.18 1.00 S/E 1.346 1.333 £/$ 0.743 O750 US 10Yr 474 4.66 0.08 Dow Jones Ind £7495.03 57208.06 0.53 ££ 0.855 0.854 €/£ 1.170 1171 US30Yr 6.26 5.14 0.12 FTSEuohirst 300 759524 259750 0.09 ¥/E 214.277 218.239 Elndex 85.153 85600 UK 10 Yr 6.05 5.03 0.02 FTSE 100 10858.05 1089727 027 Siri€ U.S31 U.93U Sfr/t 1.U83 1U9U UK 3U Yr o/8 0./2 JE FTSE All-Share 5836.47 5853.32 -0.29 CRYPTO . EN LS Lot B02 - Jul 3° Jul 24 %chg JPN 10 Yr 2.80 2.18 0.02 eat OS Biteoin 62633.40 _ 64024.80 a.12 ENS Ys a9 397 0.02 Xetra Dax 25629.24 25612.03 0.07 Pawan 1860.36 1859 56 7 95 GER 2 Yr 9.82 2.82 0.0¢ Nikkei €4352.02 6185/.43 4.03 COMMODITING GER 10 Yr 2.20 3.17 0.02 Hang Seng 25884.43 25858.88 0.10 ju 3: juz sechg GER 30 Yr 3.70 3.65 0.05 MSCI World 4791.00 4738.00 0.48 Oil WTI 84.44 98.59 415 MSCI EM 1611.10 1564.20 3.00 Oi Brent $ 89.94 96.18 6.24 Prices are latest for edition MSCI ACWI 1103.20 1034.60 079 God$ 4044.63 4075.63 -31.00 Data provided by ICE. www.ice.com If it takes you 30 minutes to explain what your business does, you might benefit from spending 30 minutes with us. mpelling propositions tha: you and your audiences. Ta connect better, better ccnnect with us. connect@heavenlygroup.com HEAVENLY heavenlygroup.com
2 | FINANCIAL TIMES Monday 3 August 2026 Health statistics NATIONAL NHS to revise Palantir success metrics Performance figures fail to account for seasonal variations, staff warn AMY BORRETT AND LAURA HUGHES NHS England plans to change how it evaluates the success of the controver- sial Palantir data platform being rolled out across the health service after staff highlighted flaws in the analysis. Emails obtained by the FT via a free- dom of information request show the health service intends to modify how it calculates two of its headline figures about the performance of the Federated Data Platform in the next quarterly update, more than ayear after the data was first published. The changes will a‘fect two of NHSE’s most widely cited claims: that hospitals using the FDP have delivered 110,000 additional operations and that they have registered a 15 per cent reduction in discharge delays. ‘Ihe plans come as ministers are under growing pressure to trigger a 2027 break clause in Palantir’s £330mn contract to build the FDP. The system is designed to link dispa- rate datasets and boost efficiency, but both its effectiveness and the US tech- nology company’s ties to the Trump administration have been called into question. The FOI request shows NHSE plans to overhaul part of its evaluation methods after an official raised con- cerns about the baseline used to judge the success of the FDP. On a draft of the methods webpage the official commented “I don’t think this is a valid baseline”, noting that com- paring the number of patients undergo- ing operations after adoption of the tool with the six months before adoption meant analysis could be skewed by the “pronounced” seasonal pattern. “I think the same issue applies as per the baseline issue above,” they added on the explanation of how discharge delays were calculated for trusts with less than 12 months of post-adoption data. On June 11 this year an NHSE official emailed colleagues to confirm the imminent update “does not yet con- tained [sic] the adjusted baseline method” for the two metrics but “they will be reflected in the next round of publishing”. The explanation of the pre- adoption baseline for the number of additional operations is missing from the live webpage, which was updated on June 12. The next update is expected in Septenber. Charles Tallack, former NHSE head of operational research and evaluation, said the FOI request raised “serious questions about the analytical culture” in thehealth service. The discharge data has already come under scrutiny after the FT identified a litany of errors in a key underlying dataset, and analysis by the Health Foundation think-tank found “no noticeable improvement” in discharge performance at hospitals using the patient-tracking tool. InJune, the FT revealed that NHSE added a caveat to its methods page, acknowledg- ing the data did not prove Palantir’s effectiveness. ‘his prompted an investi- gation by the UK statistics watchdog. NHSE said: “Exchanging views and challenge alongside a culture of constant reviewing and adjustments is rightly part of NHS analytical practice, which is why we are making a small change to the baseline statistics calculation for those NHS organisations that have been using a platform product for less than 12 months.” Society known for its ‘secret handshakes’ tries to open up as its membership base ages JOSH GABERT-DOYON On a weekday afternoon in Covent Gar- den, central London, a procession of men in tasselled aprons and gold- trimmed sashes trudges through the lobby of an ornate Art Deco building in silence. The group, most of whom are well over 60, belong to the United Grand Lodge of England, the home of Freema- sonry in Britain. Along with an Egyp- tian-themed meeting hall and offices, their building hosts a large gift shop — all part of running one of the world’s best-known secret societies. For centuries, Freemasonry has con- tended with rumours of undue influ- ence and nepotism in business and in government, with secret handshakes and oaths of loyalty binding the so- called “fraternity”. To its members, Lhe group is a benevo- lent charity that focuses on members’ self-improvement. But its biggest chal- lenge today is finding young new recruits to replace an ageing member- ship base. There are about 175,000 Free- mason members in England and Wales, far below a peak of nearly half a million in the middle of the last century. The vast majority are men, although women have been admitted since the early 20th century. Adrian Marsh, secretary of the United Grand Lodge of England, the group’s main governing body, said new mem- bers were vital “for the long-term health of the organisation”. Annual member- ship fees typically cost between £200-£500, depending on how actively amember is involved. Marsh added that there were tenta- tive signs that efforts to become more transparent had helped reach younger people. Roughly 47 per cent of new join- ers are under the age of 40, up from 45 per cent since 2020. Though the group’s origins are thought to be with medieval stonema- sons, the first English Grand Lodge dates back to 1717 and the group con- tends that it was borne out of Enlighten- ment principles such as tolerance and civic responsibility. The history is a draw for younger Historic group. Modernisation Freemasons seek fresh recruits to secure future Wall decorations at the United Grand Lodge of England, above; Adrian Marsh, grand secretary, below, disputes that Masons have an outsized influence over the business world — chariie Bibby/ FT very well.” regalia. Despite efforts to become more inclu- sive and transparent, however, the claim that Freemasonry holds shadowy members. Mitchcll Bryan, 36, who works in sales for a renewable energy company, said he was initially attracted by its “weird and wonderful” roots, add- ing: “We do pomp and circumstance Regular meetings of “lodges”, or local groups, include secret handshakes and other esoteric rituals that are gradually revealed to members as they move up the ranks. The meetings typically focus on charitable giving and are seen asa way to train members in public speak- ing, according to Marsh. While the social element of the group remains important, younger members had also taken to using Freemasons’ Hall as a co-working site, adding a mod- ern edge to the centuries-old meeting place. In recent years, the fraternity has also put resources into a network of uni- versity lodges and freshers’ events, as well as open days where the public can tour lodges and admire the once-secret FINANCIAL TIMES MAKE A WISE INVESTMENT Subscribe today at ft.com/subscribetoday FT Weekend _ FINANCIAL TIMES Tap tk ced ee ops hen fo FINANCIAL TIMES Bracken House, 1 Friday Street, London EC4M 9BT. Published by The Financial Times Limited, Bracken House, 1 Friday Street, London EC4M 9BT. Tel: O20 7875 5000 Editor Roula Khalaf FT Customer Care Tel 0800 028 1407; help.ft.com Subscriptions www. ft.com/subscribenow Advertising Tel: 0207873 4000 advertising@ft.com; commescialitcom Letters to the editor letters edifor@ft com, Executive appointments Tel: O20 7875 4909; wiwwexee-appoinimen’s.com Printed by Newsprinters (Broxbourne) Limited, Hertfordshire, Newsprinters (Knowsley) Linitec, Merseyside, Newsprinters (Eurocentral) Glascow, and Irish Times, Dublin, Ireland © Copyright The Financial Times Limited 2026. All rights reserved. Reproduction of the contenrs of this newspaper in any manner is not permitted without the publisher's prior consent. ‘Financia! Times’ and ‘FT’ ar2 registered trade marks of The Financial Times Limited. The Financial Times and itsjournalism are subject to a self-regulation regime under the FT Editorial Code of Practice: masuftcomJeditrrialcode Reprints Are available of any FT article with your company logo or contact details inserted if required (rrinimum order 100 copies). One-off copyright licences for reproduction of FT articles are also available. For both services phone O20 7871.4814 or alternatively, email syndication@it.com membership. sway in the upper echelons of British society has been difficult to shake off. An FT investigation in 2024 found that nearly a third of all City of London coun- cillors had disclosed Freemasonry Marsh, a former finance director of a FTSE 100 company, disputed the idea that Masons asserted outsized influence in the world of business, noting that : =. with many of the Square Mile’s lodges had relocated in recent years owing to higher rental costs. In December, London’s Metropolitan Police said it would require staff to declare current or past menbership of Masonic groups, warning that affilia- tions could “compromise impartiality or create conflicts of loyalty”. Andy George, head of the Nationa! Black Police Association, said there had long been concerns about the role of Freemasonry inside forces, with some young officers seeing membership as a way to “get ahead” professionally. In response to the Met’s disclosure changes, the United Grand Lodge of England launched an unsuccessful legal ‘If you become a Masona lot of your time ... willbe taken up learning archaic rituals’ Adrian Marsh challenge, calling the move “unlawful, unfair and discriminatory”. Nando Caicedo, in his thirties, said he had been introduced to Freemasonry six years ago by a fellow memberat his church. He said younger people were drawn to the group because it offered in- person community in an increasingly online world. “You're not lonely when you re a Freemason.” But the shift towards greater open- ness risked eroding the appeal of the group, he added, pointing to the option to learn online about rituals that previ- ously would have been revealed only when a member reached a certain rank. “It ruins the fun, the surprise aspect.” While Marsh was confident that the group had a long-term future and could change without losing its roots, Prescott said the challenges of recruiting a new generation of members were likely to continue. “If you become a Mason a lot of your time and obligation will be taken up with learning archaic rituals,” he said. “There’s much more of an instant hit if you join [private members’ club] Soho House.” Employment Graduate job openings at lowest level since Covid DELPHINE STRAUSS Young jobseekers face a grim summer in the UK, with graduate openings at their lowest level for the time of year since the Covid-19 pandemic and sea- sonal work also at afour-ycar low. Data published today by Indeed, the job search website, showed postings open to new or recent graduates had fallen by about 7 per cent from last year to hit the lowest since 2020. They also remained close to the lowest on record as a share of overall postings. Postings for temporary summer jobs that are often taken by young people, in areas such as tourism, events or chil- dren’s camps, were at their weakest level in four years inearly July. “Students graduating this summer are entering a market where employers are pulling back on junior hiring in response to the cost pressures and uncertainty that have characterised 2026,” said Jack Kennedy, senior UK economist at Indeed. The sustained weakness in summer hiring was especially damaging to young people seeking a first foothold in the labour market, he added, because those jobs were “often where foundational workplace skills are built, including time management, customer interac- tion and teamwork”. The figures are a sharp illustration of the battle that Prime Minister Andy Burnham will face to boost youth employment and cut the welfare bill through reforms to technical education, greater backing for apprenticeships and an expansion of state-subsidised jobs for young benefit claimants. Roughly 1mn young people in the UK are not in education, employment or training, and the latest official data shows unemployment among 18- to 24- year-olds at 14.8 percent. Since his arrival in Number 10 last month, Burnham has set out ambitions to put vocational education on an equal footing with academic routes and announced new bursaries for young people Lo pursue apprenticeships with- out their families losing benefits. But business groups, including the Recruitment & Employment Confeder- ation, say that for the reforms to work, the government will also need “to engage more openly with legitimate concerns about the cost and practicality of employing people”. Indeed’s data showed overall UK job postings had fallen 11 per cent since the start of the year and were now one-third below their pre-pandemic baseline, in what the company said was a “stark underperformance’” relative to the US and euro area, where hiring is still at or above pre-pandemic levels. The decline was common to almost all occupations, Indeed noted, suggesting “hiring caution has become the default position across the economy”. The Bank of England said last week it believed there had been no growth in employment since early 2025, and that the Middle East war had made employ- ers even more cautious. The central bank’s contacts with busi- nesses suggested that AI adoption was leading many businesses to slow hiring or leave vacancies unfilled, with the technology set to reduce employment by about 0.4 per cent per year and boost productivity by about twice as much, its monetary policy report noted. Politics Devolution policies pave way for written constitution, says PM JENNIFER WILLIAMS — MANCHESTER Andy Burnham has said that the dra- matic wave of devolution he unveiled last week will “increase the case” for a written constitution. Speaking after publishing a raft of decentralisation policies for England, the prime minister said his agenda ulti- mately pointed towards “a new consti- tutional settlement”. The policies cover local tax powers and greater controls over transport, health, policing, innova- tion, skills, culture and energy. “Tt will increase the case . . . for awrit- ten constitution,” Burnham said. “There is a case for a new clear set of principles about how this country should be run.” Burnham’s devolution blueprint, headlined “The New Model of Govern- ment”, was published on Friday at the end of a fortnight-long flurry of policy announcements. It goes far further in devolving powers to English mayors and other local leaders than previous pro- posals, promising to move control of swaths of public expenditure away from Whitehall and arm’s-length bodies. Local leaders will get “grealer power to shape their places through control over local transport, housing, innova- tion, .ocal energy and cultural invest- ment”, the document said. They will receive a portion of income tax receipts from 2028, and more oversight of public services such as policing and health. The move will put government agen- cies such as the Arts Council, Sport Eng- land, UK Research and Innovation and Homes England on notice that local leaders will now have far more influence over how they spend their cash. Bumham has been particularly scep- tical of arm’s length government bodies. In recent months he has criticised the “unaccountable” state and attacked the Environment Agency. In future, “sub- stantial” amounts of late-stage innova- tion funding and cultural expenditure will be devolved, the document said. It also said the boundaries of “key public services” will be aligned towards mayoralties, with deputy mayors appointed to oversee them. Mayors have been concerned for months that existing Home Office plans to merge police forces, creating fewer bodies with larger footprints, would not align with their local boundaries. Sev- eral other longstanding demands from mayors feature in the document, including some that Burnham had backed in his previous role as the mayor of Greater Manchester. They include handing control ofskills budgets for 16- to-19-year-olds to may- ors, in order to further Burnham’s push for “high-quality, locally tailored” voca- tional andtechnical education. Employment support benefit, which is overseen by the Department for Work and Pensions, will also be devolved. Whitehall is to become “smaller and more strategic”, with more transfers between the national and local state, the Andy Burnham said there was a ‘case for a new clear set of principles’ document said. The plans apply to Eng- land only; Burnham said he would speak to leaders in Scotland, Wales and Northern Ireland about how power might be devolved to local levels within their nations. Robert Ford, a professor of political science at Manchester University, said the plans amounted to “a massive step change in ambitions for devolution, in England particularly”. While Burnham has repeatedly expressed his desireto roll back the gov- ernment reforms ofthe 1980s, Ford said that at first sight his devolution agenda would turn the clock back even further. “This appears to be the start of a sus- tained effort to undo not only Thatcher- ism, but the centralised British state that can be traced back to World War Two and the Attlee government,” he said, referring to the post-1945 Labour government that established the NHS. Friday’s paper made it clear that may- oralties are the government's preferred footprint for devolution, although directly elected regional mayors govern just over half of England’s population and are more prominent in the northof England.
Monday 3 August 2026 FINANCIAL TIMES NATIONAL Ofcom chair’s review alms to refit regulator for online era Head of watchdog points to rising workload of policing internet in rapidly changing landscape DANIEL THOMAS Ofcom chair Sir lan Cheshire is oversee- ing a “wide-ranging” review aimed at refitting the regulator to new duties as the internet watchdog in Britain. In his first interview since his appoint- ment, Cheshire told the FT that Ofcom would probably require a boost in resources to deal with an almost dou- bling of its workload since it became the enforcer of the Online Safety Act. “We are building up a picture of what the next three years will look like. There will be more resources [needed], but it’s not ludicrous numbers,’ he said. Ofcom is funded by its regulated industries, rather than the taxpayer. Set up more than two decades ago by Tony Blair’s government, Ofcom was designed to oversee the media and tele- coms industries. However, its remit has expanded con- siderably in recent years alongside the rise of online platforms that compete with traditional media and communica- tions groups, often without having to follow the same rules. Since parliament passed the Online Safety Act into law in 2023, the regula- tor has been given extensive powers over social media platforms to stop illegal online material and to protect children from harmful content and pornography. The review — which is due to conclude in the early autumn — will look at the organisational structure of Ofcom as wellasits operating model, and whether they are right for the next phase of online safety regulation. In the UK, Ofcom is seeking to rein in the world’s largest technology compa- nies, which have enormous legal and financial resources, leading to concerns over staffing and expertise in cutting- edge areas of Aland social media. “Even when the act was passed, there werent AI chatbots or ‘nudification’ apps, and there'll be something else in two or three years’ time,” said Cheshire, 66. “Now we have to sit back and really assess if we have the right tools, the right people, the right priorities.” He pointed to the “large slab” of the Communications Act 2003, which formed the basis of Ofcom’s remit, “and if you think about what’s changed since then, its answer is: practically every- thing”. Cheshire told former tech secretary Liz Kendall last month that Ofcom could “be faster, more agile and more outcome focused while continuing to make robust and evidence-based deci- sions’,in a letter seen by the FT. Cheshire, a City veteran who previ- ously sat on the board of telecoms group BT, said government telecoms policy needed to look at quality as well as price, with expectations that Prime Minister Andy Burnham will make easing the cost of living a central policy objective. He said quality of coverage and Sir Ian Cheshire, the new chair of Ofcom, warns the organisation needs ‘more resources to enforce online safety rules Anna Gordor/FT service needed to go “up the agenda now’ after efforts to expand geographi- cal coverage. “We've already got some of the best- value broadband in Europe certainly, and way cheaper than the [United] States. So I think I would put quality on the front foot,” Cheshire added. Ofcom’s new online powers have drawn criticism, not least by represent- atives of the US government over their concerns about freedom of speech. American tech executives have also warned that the regulator’s approach threatens their business models. Cheshire said he recognised “the US government's got a different view, and we've had a lot of contact with the FCC [Federal Communications Commis- sion] and various other folk” including Sarah Rogers, under-secretary of state for public diplomacy and Trump’s free speech tsar. However, it was clear that Ofcom was not trying to “prevent free speech or act against the commercial interests” but was “protecting our citizens”, he added. Cheshire, former chair of public serv- ice broadcaster Channel 4 and ex-boss of DIY group Kingfisher, said the debate around free speech also demonstrated the need for a debate about digital sov- ereignty, such as whether the UK needed its own cloud infrastructure. “If we’re facing a future where it’s either the US or China who are deciding what we read and see and con- sume... that feels like not a great place,” he said. “We should be thinking about what we want to do rather than just having a fight against the US government for the sake of it.” One of Sir Keir Starmer’s last acts as prime minister was to put in place plans for a ban on social media for children under 16, a move that Cheshire person- ally supports even if he is more sceptical about a ban on virtual private networks that could be used to circumvent rules. Cheshire, who will serve a four-year term, has yet to meet with Lisa Nandy. She has stayed on as culture secretary under Burnham with a wider brief encompassing science and technology. “It's a massive new agenda she’s got,” he said of Nandy. “The leadership [has] got to work out where to spend time. But it’s a reasonably well-developed agenda, “We have to sit back and really assess if we have the right tools, the right people, the right priorities so hopefully they’ 1l be able to continue totackle it.” Ofcom is also likely to be pulled into the debate with the government over the future of UK public service broad- casting, which has come under scrutiny owing to the rapid rise of online US rivals suchas Netflix and YouTube. Media executives have floated the idea of a merger of Channel 4 and the BBC, whose new director-general Matt Brittin has confirmed that talks have begun about potentially working together inareas such as streaming. “I think there wil! be versions of con- solidation. The question is what,” said Cheshire, pointing lo attempts more than a decade ago to create a joint Brit- ish streaming service. “We need at the public strategy level to say: what are we trying to achieve? Do we want a long- term national digital sovereignty cham- pion? If that’s the answer, then you prob- ably do want [some sort of] consolida- tion.” YouTube needed “to be part of the media landscape regulation” but the question is “exactly how you regulate them”, he added. DIS WITH DREWEATTS For a free auction valuation, contact: Charlotte Peel | cpeel@dreweatts.com | 01635 553 553 dreweatts.com NEWBURY | LONDON OVER THE VALUE DREWEATTS EST.
Monday 3 August 2026 * FINANCIAL TIMES 5 Enjoy HTSI magazine, inside FT Weekend on the following dates: UPCOMING 2026 ISSUES FIL.COM/HTSI AUGUST SEPTEMBER OCTOBER 29 HTSI 5 HTS 3 HTS 12 HTSI- Women's Fashion 10 HTSI - Design 19 HTSI- Men's Fashion 17 HTSI- Wisely 26 HITS! -Arts 24 HITSI —- Property 31 HTSI- Travel FINANCIAL TIMES HSI
Monday 3 August 2026 FINANCIAL TIMES INTERNATIONAL je SHIT jj f Pro-Israel lobby group sparks backlash in US election race Aipac’s links to Netanyahu provoke controversy in midterm campaigns GUY CHAZAN — NEW YORK When the two candidates in Michigan's Democratic primary for the US Senate went head to head in a televised debate last week, it took them just three min- utes to mention Aipac. Abdul El-Sayed, a progressive former health official, repeatedly used the American Israel Public Affairs Commit- tee (Aipac) as a cudgel to beat his oppo- nent, four-term US representative Haley Stevens, accusing her of being beholden to the pro-Israel lobby group. “The difference between us is $46mn of Aipac spending,” El-Sayed said. “They've set a record in this race to help elect my opponent because they know that she'll be a reliable vote.” Despite Stevens’ protest that she was only “beholden to the people of Michi- gan’, the issue could prove decisive when primary voters go to the polls in the state tomorrow. Aipac, the most influential pro-Israel lobbying organisation in the US, has loomed large in the Michigan race and other hotly contested primaries this year. For decades, its endorsement could turbocharge a US politician's chances of electoral success. But these days, it can be the kiss of death. As condemnation of Israel’s attacks in Gaza, the West Bank and Lebanon has risen, the organisation has become a bugbear for both the left and the right. For some it symbolises the malign influ- ence of special interest groups in US pol- itics. Others see it as an apologist for a hardline Israeli government anda proxy for a foreign state with too much sway over US policy inthe Middle East. Criticism from conservatives in par- ticular has grown since US President Donald Trump launched his war against Iran in February, which many on the Maga right saw as a betrayal of his stated “America First” policy. Joe Kent, who resigned in March as the Trump administration’s head of counterterrorism, said the US launched hostilities “due to pressure from Israel and its powerful American lobby”. Opposition to Aipac has become a vote-winner in some races. In a New York City primary between Democratic incumbent congress member Dan Gold- man and former city comptroller Brad Lander — both Jewish candidates who identified as “liberal Zionists” and were aligned on most issues — Lander’s weap- onisation of Goldman’s ties to the group, which endorsed him in the race, helped togive him an unassailable edge. “I really do think candidates that take money from Wall Street, and crypto, and AI and Aipac — voters have had it with that,” Lander, who has described Israel’s campaign in Gaza as a genocide and has called for a halt to US military aid to the country, told WNYC radio after his victory. Having raised over $47mn this cycle, Aipac is one of America’s best-funded political organisations, Its associated Super Pac United Democracy Project is backed by billionaires such as Paul Singer of Elliott Management and Marc Rowan, chief executive of Apollo Global Management, and reported $80.3mn in financial firepower as of June 30. But public perceptions of the organisation are negative. Matt Bennett, co-founder of Third Way, a Democratic think-tank, said Aipac has only itself to blame for the opprobrium. “They’ve made some very, very bad strategic decisions,” he said. “And all of that combined has led to just a real toxicity.” Attitudes to Israel have changed since Aipac was established in the mid-1950s. In its early days, the core of its support was on the left. “The more liberal an American politician was, the more pro- Israel they were,” said Doug Rossinow, a history professor at Metro State Univer- sity in St Paul, Minnesota, and an expert on American Zionism. “In the shadow of the Holocaust, being pro-Israel was a way for people to be pro-Jewish, to help salvage and expand a sense of Jewish safety, empow- erment and endurance,” he said. “That was a pretty easy call for a lot of Ameri- cans but particularly libcrals who felt the most outrage over what had hap- pened tothe Jews.” This sympathy began to ebbas Israel’s governments moved to the right and Aipac offered near-unconditional support for the increasingly hardline policies of Israeli governments towards the Palestinian people. The strain deepened as Benjamin Netanyahu began to dominate Israeli politics, first as leader of the Likud party, then as prime minister. His noisy campaign against US President Barack Obama's 2015 nuclear deal with Iran opened up a schism between Israel and Aipac, and the Democratic Party that has only widened in recent years. Criticism of the lobby group has intensified as its campaign spending has ballooned, particularly after it created UDP in early 2022. Super Pacs can raise and spend unlimited amounts of money to influence elections and the UDP poured $26mn into the 2022 electoral cycle, often against Democrats sus- pected of insufficient loyalty to Israel. Hostility towards Aipac has increased since Hamas’s attack on Israel on Octo- ber 7 2023 and Israel’s ensuing war in Gaza, which has led to the deaths of more than 70,000 Palestinians, as well as Israel’s attacks on Lebanon and its role in the war on Iran. A growing number on the right are sceptical of the organisation, too. “I’m AA vd * —_", a ‘They ve made some very, very bad strategic decisions. Andall of that combined has led to just areal toxicity’ Demonstrators stage a protest outside Aipac’s headquarters in Washington Celal Gunes/Anadolu/Getty images) no longer in Congress because I did not bow in obedience to Aipac and the Zion- ists that literally fully control Washing- ton DC,” the former Georgia Congress member Marjorie Taylor Greene said on Tucker Carlson’s podcast in April. For many in the Jewish community, such sentiments veer into antisemitic tropes of a Jewish cabal secretly control- ling governments, finance and the media, with some warning that the vili- fication of Aipac has gone too far. Aipac rejects accusations that it is a mouthpiece for Netanyahu. “That’s not what we do,” said Deryn Sousa, a spokes- person. “We are an American organisa- tion, and our mission is to advance American policy that strengthens and expands the US-Israel relationship.” She added: “Nearly 7mn Americans, of all ages, faiths and partisan affilia- tions, are members of Aipac because they want to strengthen the bipartisan support for the US-Israel alliance.” But the organisation’s efforts to shape elections are provoking increasing opposition. Earlier this year the UDP spent $2.3mn trying to defeat Tom Malinowski, a former US representative from New Jersey, who was seeking another term and who had been mildly critical of Israel. In the end Malinowski lost the primary, but so did Aipac- backed candidates. Instead the contest was won by Analilia Mejia, a progressive who has accused Israel of committing genocide in Gaza. Aipac’s Sousa countered that so far in this electoral cycle, 188 candidates endorsed by the organisation have won, “and our community has helped defeat 14 anti-Israel candidates”. But like other lobby groups, Aipac is vulnerable to growing scepticism about the role big money interest groups play in US election campaigns. The Lander-Goldman primary in New York City “was areferendum on big money in politics”, said Basil Smikle, a professor at Columbia University’s pro- fessional studics school and a former executive director of the New York state Democratic Party. “It’s not just .. . pro- Israel dollars, but it was also crypto dol- lars, Al dollars. And there was a huge pushback against that.” FT Weekend 42-2 Experience the FT Weekend paper come fo life with sessions including: Join festival favourite Jancis Robinson, FT wine columnist and Master of Wine, for a guided tasting exploring the character, quality and growing appeal of Hampshire wines. 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FINANCIAL TIMES Monday 3 August 2026 * PAPER LOVES TREES European forests, which provide wood for making paper, paper packaging and many other products, have been growing by 1,500 football pitches every day! Source: Two Sides Analysis of FAO data, 2005-2020 European Forests: EU27 + Norway, Switzerland and the UK [m] Discover the story of paper Oi i F www.lovepaper.org Scan for paper facts, activities, blogs and much more!
FINANCIAL TIMES Monday 3 August 2026 COMPANIES & MARKETS Top law firms battle to win superstar litigators US megafirm Gibson Dunn entices Wachtell partners to jump ship amid an increasingly fierce competition for talent SUJEET INDAP, KAYE WIGGINS AND OLIVER BARNES — NEW YORK As he returned to New York this spring, fresh from helping OpenAI defeat Elon Muskin California federal court, US liti- gation royalty Bill Savitt received a call froma crosstown rival al the firm of Gib- son, Dunn & Crutcher. Orin Snyder, himself regarded as one of the country’s best trial lawyers, invited Savitt for coffee at Nougatine, an upscale eatery next to Central Park. Once there, Snyder floated an incon- ceivable idea: would Savitt leave his longtime home at New York’s most pres- tigious law firm of Wachtell, Lipton, Rosen & Katz to join Gibson Dunn, now a global megafirm with 2,200 lawyers and annual revenue approaching $5bhn. It was audacious because for decades Wachtell, ranked as the US’s most prof- itable law firm per partner, had been a place where lawyers stayed from cradle to grave. Just a few years ago, “the idea that a co-chair of Wachtell would leave for another law firm was unfathoma- ble”, the head of another large law firm said. But the long-shot sales pitch worked. Last week, Gibson Dunn announced that Savitt would join the firm, bringing five Wachtell partners with him in a move that kneecaps Wachtell’s prized Delaware corporate litigation business. Savitt’s move is notable even in an industry gripped by a transfer-market frenzy in recent years, where superstars are offered pay packages in excess of $20mn a year tojump ship. Such moves have largely applied to top M&A and private equity lawyers, who produce a large and growing fee pool that is more predictable than litiga- tion work. Savitt’s move is the clearest sign yet of how far-reaching the talent battle has become, spreading to litiga- tors and law firm leaders. Gibson Dunn is one of several firms now hunting top litigators from compet- itors. Quinn Emanuel, the litigation heavyweight, is also stepping up its efforts. “We have intensified our recruitment efforts for top lateral Court appearance: Bill Savitt pictured after helping OpenAl defeat Elon Musk in California federal court partners across the globe,” Quinn Emanuel’s co-managing partner Michael Carlinsky told the FT. Savitt’s speciality lies in defending Fortune 500 boards and handling dis- putes that come out of M&A and share- holder activism — a role that is highly valuable at Wachtell because it supports the firm’s top-ranked deals practice. He has won high status in the legal community in Delaware, where most US companies are incorporated. Savitt and Wachtell had even been advising the state’s governor Matt Meyer on how to prevent companies from moving their domiciles to Texas and other states, a shift that is upending the world of US business law. Gibson Dunn has been on the other side of that battle, however: it helped ExxonMobil move its incorporation to the Lone Star State, in one of the most significant corporate governance devel- opments of Lhe year. At Wachtell, Savitt is well known for having defeated Musk in two different blockbuster lawsuits. But Gibson Dunn counts the billionaire entrepreneur as a prized client and some insiders have wondered whether hiring Savitt might complicate that relationship. The firm insisted that there was more than enough work to keep both new- comers and veterans occupied, although the drivers might be different. The Gibson Dunn deals franchise is smaller than the Wachtell advisory machine, a key engine of Savitt’s work. But Wachtell, with its roster of fewer than 300 lawyers and its disproportion- ate focus on M&A, often had to refer cli- euls to rivals when it lacked the in- house capability. That is unlikely to be an issue at thesprawling Gibson Dunn. Among the others from Wachtell who have joined Savitt are three close col- leagues who specialise in Delaware law. Also joining are two Wachtell lateral partners whom Savitt had recruited, Sarah Eddy and Randall Jackson. Another Wachtell partner, Nathaniel Cullerton, was set to join Gibson Dunn in the same transfer. However, after a viral social media video showed him ‘We have intensified our recruitment efforts for top lateral partners across the globe’ Presented by ime LIVE In collaboration with PUM BOLSTERING PRIVATE BANKING'S VALUE PROPOSITION IN THE AGE OF Al Rethinking business models and tech investments to compete for next-generation clients 8 September | 2-3PM BST | Webinar Join our expert panel, live online, as they explore next-generation demands for personalisation and the role of technology in creating meaningful client-advisor relationships. Speakers include: -.. pi Ba Yiping Li Global Chief Operating Officer, Deutsche Bank Private Bank CEO, Moderated by: Yuri Bender Editor-in-Chief, PWM Stuart Cummins Wealth Anna Zakrzewski Chief Operating Officer, Private Banking EMEA and HSBC Swiss Private Bank HSBC Secure your spot: live.ft.com/futureofadvice Philippe Turrian Head of Wealth Management, Syz Group [aloe Regulation kissing a young Wachtell associate ina New York City park, he was placed on leave pending a further investigation, and Cullerton was not identified by Gib- son Dunn as one of its new joiners. Andy Nussbaum, who co-led Wachtell’s executive comunittee with Savitt, and Marty Lipton, its 95-year-old co-founder, addressed the firm’s law- yers on Tuesday and put on a brave face about its future prospects. Wachtell is rare in having clung on to most of its longstanding management practices through a period of industry upheaval in recent years. Most notably, it held on to a lockstep pay system in which lawyers are paid based on senior- ity rather than success — a model many large law firms abandoned in order to free up large sums for star hires. However, the firm has recently made moves to allocate some dollars away from litigators and towards dealmakers, a historic shift for a conservative institu- tion and one that has upset some Wachtell litigators. The Savitt group felt Wachtell’s M&A lawyers failed to appre- ciate the contribution of the litigation side of the firm, according to people familiar with their thinking. Wachtel! is now down to fewer than 20 litigation partners and, while it retains some high-profile cases, includ- ing a corruption investigation for the National Basketball Association, it is unclear how it will market its Delaware law expertise. Savitt recruited the respected Dela- ware jurist Leo Strine in 2020 as a senior adviser to clients, and Strine did not join the group going Lo Gibson Dunn. He is expected to remain at Wachtell for the long term, a person familiar with the matter said. But without Savitt and the other Gib- son Dunn departees, the core of the firm’s Delaware practice is gone. As a young lawyer, Savitt briefly absconded from Wachtell to join David Boies’ firm Boies Schiller & Flexner. He quickly returned, and completed a 25- year run. Neither side expects his move tohe so shartlived this time around. Brussels requires labelling of AI and bots BARBARA MOENS — BRUSSELS European companies have been racing to label chatbots, deepfakes and Al-generated marketing material as Brussels prepares to enforce the first consumer-facing obligations under its landmark Al act. Online retailers, travel groups and advertising agencies have been among the businesses overhauling websites and customer service systems before new transparency rules were due to take effect yesterday. The rules require companies to tell customers when they are interacting with AI systems and to identify AI- generated images, audio and video. The deadline also marks the point when the European Commission can begin imposing fines on companies that fail to comply with the act. “This will be a cookie banner moment for AT,” said Patrick Van Fecke, a lawyer at Cooley, referring to the cookie notices that became ubiquitous under Europe’s privacy regime. “Until now, the AI act has largely been abstract. Now, every- one will actually start seeing labels telling them certain content was gener- ated by AI.” The deadline is an early test of whether Brussels can make AI more transparent for consumers without slowing the adoption of a technology that EU leaders say is essential to Europe’scompetitiveness. Commission president Ursula von der Leyen wants businesses to adopt AI more rapidly to prevent the bloc from falling further behind the US and China in the global AI race. As part of this push, Brussels has unveiled plans for AI gigafactories, increased investment in computing infrastructure and promised to cul red tape to boost competitiveness and decrease reliance on US tech providers. But many companies arguc the bloc is simultaneously asking businesses to deploy AI faster while complying with new rules that remain difficult to inter- pret. The Commission published its guidance only weeks before the new rules started to apply, leaving compa- nies with little time to adapt. Berlin-based online retailer Zalando, which uses Al to generate or enhance about 90 per cent of its marketing mate- rial, said the Commission’s guidelines added “another unnecessary layer of regulation”. The company added: “The newly introduced guidelines do not bring the clarity we would have wished for.” It added that the Commission’s guid- ance risked fragmenting implementa- tion because different businesses might interpret the rules differently. Retail lobby group EuroCommerce has also warned against “indiscriminate labelling” that could create dispropor- tionate compliance costs while confus- ing consumers. The new labels are intended to make consumers more aware when they are interacting with Al-generated material. But lobby group CCIA Europe, whose members include large US tech compa- nies, warned the guidelines defined deepfakes so broadly that almost any- thing Al-generated needed a label. “Treat every image and content the same way and the label stops meaning anything,” it added. ‘The public deserve to know what they re dealing with, what Al can do and what risks come with it CCIA’s AI policy lead Boniface de Champris said the “burdensome requirements and questionable inter- pretations” were a “recipe for compli- ance paralysis, not for innovation”. But the EU’s tech chief Henna Virkkunen has argued that the new rules are important in ensuring Al content, agents and chatbots are “more transparent and trustworthy” for consumers. “These are systems being inserted into millions of people’s lives and liveli- hoods, often by a handful of big corpora- tions, and the public deserve to know what they’re dealing with, what AI can = fees . ~ Retailer Zalando said Brussels’ regulations were ‘unnecessary’ do and what risks come with it,” said Risto Uuk, head of EU policy and research at the Future of Life Institute, which has lobbied for stricter protec- tions for high-risk Al systems. Commission officials also insist the guidelines contain several exemptions designed to avoid “labelling fatigue”, including for standard photo editing. The ideathat even “the smallest mod- ifications through AI would require excessive labelling is misplaced”, said one Commission official, noting that the guidance has been changed to make it more proportionate after consultations with industry. “The guidelines have really sought to take a most practical approach to this so that we do not end up with a transpar- ency obligation thatis meaningless.” Booking.com, an online travel com- pany, said customers increasingly expected to know whether they were talking to an AT assistant or a human agent, making transparency good business as well as aregulatory require- ment. “We've seen that objectively being transparent about the fact that you're talking to an Al leads to better customer service outcomes at the end of that issue,” said Pranav Pathak, director of product, Al at Booking.com. But while Booking.com is supportive of the Al act in general, the company said it wanted more clarity from the Commission on how to translate the leg- islation into its products. “We need to understand in plain and simple terms what the regulation allows [our engi- neers] to do and what it doesn’t.” The EU’s transparency rules are only one part of the AI act's gradual rollout, which entered into force in August 2024. Yesterday, the Commission also gained new legal powers lo inspect general-purpose AI models that pose “systemic risks”. If in breach, tech companics can be fined up to 3 per cent of their total worldwide annual turnover in the preceding financial year, or €15mn ($17.3mn), whichever is higher. However, under pressure from the tech industry and some EU countries, the Commission has already postponed the start date for the requirements for so-called high-risk systems until December 2027. “The issue is not so much that the legislation is onerous, but that it is unpredictable and keeps on changing. Businesses don’t like that,” said one law- yer advising clients on the legislation. Additional reporting by Paola Tamma
Monday 3 August 2026 * FINANCIAL TIMES Insurance COMPANIES & MARKETS Walter companies paid rating agency $8mn Billionaire’s life firms used small group at heart of private credit concerns LEE HARRIS — LONDON Insurers investigated by US prosecutors over their private credit investments paid millions of dollars to a tiny credit rating agency at the heart of concerns about the industry’s growing conflicts of interest. Delaware Life and Clear Spring, two insurers majority owned by the billion- aire investor Mark Walter, have together paid $8mn to Egan-Jones since 2024, according to filings reviewed by the FT. Walter, who owns the LA Dod- gers and LA Lakers and has a stake in Chelsea FC, has faced a wide-ranging probe into the private credit holdings of insurers he controls through his invest- ment firm TWG Global. Concerns have been mounting that some private investment groups which acquired life insurers over the past dec- ade could be loading the insurers with risky debt, in some cases linked to other parts of their empire. The insurers controlled by Walter reclassified billions of dollars in private credit holdings after probes by US pros- ecutors and the Securities and Exchange Commission, resulting in Delaware Life’s affiliated assets jumping from 3 per cent of its portfolio to 42 per cent. A large portion of Delaware Life’s affil- iated investments were rated by the small rating provider Egan-Jones, according to a person close to the insurer, even as other insurers have sought to distance themselves from Egan-Jones due to questions over the quality of its marks. Egan-Jones has come under particu- lar scrutiny for its role in supporting the rapid growth of private credit, with about 20 analysts churning out thou- sands of ratings. Some oversight bodies have suggested that insurers may have shopped for more lenient ratings to cut the capital they need to back riskier assets. Of just four US life insurers that disclosed fees paid to Egan-Jones for rat- ing services in 2025, according to S&P Global Data, three were linked to Wal- ter: Delaware Life, Clear Spring, and EquiTrust. The insurers disclosed payments to Egan-Jones because they exceeded 25 per cent of their total payments to trade associations, service associations and statistical or rating bureaus during the year. EquiTrust, which paid about $imn to Egan-Jones last year, was previ- ously owned by Guggenheim Partners, where Walter serves as chief executive. In 2015, Guggenheim sold a majority stake in EquiTrust to basketball star Earvin “Magic” Johnson, who decades ago played on the Lakers team Walter now owns. Walter later sat on the board of EquiTrust, which is now owned by Amistad Financial Group. “The payments were made in the ordinary course of business for valid ratings services provided. It is not unu- sual for an investor to engage a rating agency, Egan-Jones said. Delaware Life, Clear Spring, TWG and Walter declined to comment through spokespeople. EquiTrust did not respond to a request for comment. WillJuly’s US employment data prompt a rethink on rates? Investors will be paying particularly close attention to US employment data on Friday, amid expectations that the Federal Reserve will raise interest rates to contain inflation sparked by Presi- dent Donald Trump’s war in Iran. The Fed kept rates unchanged at its meeting on Wednesday. The decision was expected but chair Kevin Warsh, in his first post-meeting press conference since taking up the job, left many mar- ket participants frustrated by his stripped-back approach to communica- tion anda lack of forward guidance. It prompted a jump in US borrowing costs and market volatility, and leaves investors more attentive than ever to signals from economic indicators. Economists polled by Bloomberg expect that about 90,000 non farm jobs will have been added to US payrolls in July, continuing the slow pace of growth registered in June and strengthening the case for holding off on rate rises. A soft employment figure, combined with the strong likelihood of downward revisions of previous data, should “further refute the narrative that the labour market is retightening and could itself be a source of inflationary pres- sure”, Citi economist Veronica Clark wrote to clients. A cooling labour market, she added, clears the path for Fed officials to focus on inflation data when making rate decisions. Clark expects the unemployment rate to rebound to 4.3 per cent in July. But uncertainty persists over rates of partic- ipation in the workforce, due to its changing demographics following Trump’s immigration crackdown. The labour pool is expected to expand later this year when workers, especially young women who are caregivers, return to the workforce as the school year starts, eventually pushing unem- ployment above 4.5 per cent, Clark said. Michelle Chan Is China’s trade surplus peaking? China releases trade figures for July on Friday, offering further evidence as to whether the country’s enormous trade surplus will continue to narrow. Economists at ING expect imports to continue to grow faster than exports, with imports up 33.6 per cent from a year earlier and exports rising 28.1 per cent. That would be a continuation of the trend from June, when imports rose Federal Reserve chair Kevin Warsh left many market participants frustrated by his stripped-back approach to communication Michael Nagle/Eloomberg Market questions. Week ahead Frustration at taciturn Fed turns focus to jobs data preakinc | WARSH: SURGE IN HIGH-TECH NEWS, CAPEX HAS BEEN REMARKABLE 36 per cent and exports rose 27 per cent froma year earlier. The surge in both values has been driven by huge global investment in AI, which is boosting demand for Chinese electrical components such as printed circuit boards and optical transceivers. It has also raised costs for goods suchas memory chips, which China imports heavily. Economists such as Adam Wolfe at Absolute Strategy Research have recently argued that China’s trade sur- plus has peaked. For the first six months of this year it was $576bn, below the $583bn recorded inthe first half of 2025, according to Chi- nese customs data. But the point is hotly debated. One reason for the narrowing has been a surge in Chinese imports of gold this year, according to Brad Setser, a senior fellow at the Council on Foreign Rela- tions. He notes that, when gold imports are excluded, China’s trade surplus grew by $80bnin the first half of this year. Analysts say any sustainable change in the trade balance will depend on 2 4.29% -17.21 whether Beijing takes more substantial sleps Lo support Lhe domestic economy. Weak domestic demand has pushed down prices and led businesses to seek out overseas markets, boosting exports and reducing imports. A soft jobs figure should ‘further On Thursday, senior officials said refute the Beijing would speed up spending in the . second half of the year to support Narrative domestic demand. William Sandlund that the Does the FTSE rally have labour further to run? ket j The FTSE 100 index hit a string of eae m a record highs last week as investors retightening sought havens at the end of a month and could marked by a heavy sell-off in tech. stocks. itself bea The UK blue-chip index has little tech source of exposure. Its heavy weighting to fossil 7 fuels and financials also helped, given inflationar y rising European interest rates and a pressure’ renewed surge in oil prices due to a revival of hostilities in the Iran war. But with energy prices seesawing on alternating reports of strikes and talks between the US and Iran, and as tech stocks rallied late in the week, some investors and analysts are sceptical about how long the FTSE’s rally can continue. “It’s not really people buying into any UK domestic narrative, it’s very much an index composition thing that helps or doesn’t help,” said Emmanuel Cau, head of European equity strategy at Barclays. “Right now [the FTSE 100] has the right sector mix to attract flows and interest given the lack of tech and the oil exposure.” Carsten Brzeski, global head of macro research at ING, described the rally as “slightly counterintuitive”, with the Iran war still going on and the European economy “still flirting with stagnation”. But Roland Kaloyan, head of Euro- pean equity strategy at Société Géné- rale, said the index would continue to benefit from its heavy weighting to com- modities and financials and its low exposure to consumer discretionary sectors such ascars and luxury goods. “The FTSE 100 was one of our preferred markets heading into 2026 and remains one of our positive calls,” he added. Ramsay Hodgson Airlines Air France- KLM targets passengers of rival easyJet PETER CAMPBELL Air France-KLM aims to capitalise on turmoil from an expected £5.7bn take- over of easyJet to seize back passengers who have fled to the budget airline. EasyJet had poached customers from both Air France and KLM, forcing the Franco-Dutch group to revamp its low- cost offering, its chief executive Ben Smith said. With an offer for easyJet expected imminently — and likely to drag on for months — Smith is confident Air France-KLM can reclaim some passen- gers who have switched to the British carrier over the years. “For sure [we will win them back] now that we have a product that can compete and with the lower cost,” Smith told the FT. “These are customers we've lost because of the attractiveness of their product.” He said easyJet gave Air France-KLM “a headache .. . theyarea very wellrun carrier and they have been able to create a niche for themselves, which is quite impressive’. US private equity group Apollo and private credit group Castlelake are both weighing final offers for easyJet. Last month the airline said it favoured Apollo's proposal for a £5.7bn takeover offer at £7.15 a share over Castlelake’s most recent £6.90 a share offer worth £5.5bn. Under UK takeover rules, Castlelake has until 5pm today to submit a final ‘For sure [we will win them back] now that we have a product that can compete and with the lower cost’ offer, while Apollo has until Friday. After Apollo’s surprise entry into the deal last month, Castlelake said it was considering its options. If either company is successful, the sales process will stretch into next year. Once acquired, easyJet is likely to be overhauled by its new owners, giving rivals an opportunity to woo its passen- gers. Although it started as a low-cost oper- ator, with the ambition of making flying as cheap as buying “a pair of jeans”, easyJet has moved into higher-cost primary airports in recent years. While this has meant higher ticket prices, it pits the airline squarely against legacy carriers that have higher cost bases. Smith said easyJet had “relatively large positions” at key airports such as Paris Charles de Gaulle, compared with rivals such as Ryanair that only use second-tier airports farther from city centres. EasyJet also “introduced some very premium business-friendly types of attributes such as boarding fast, having [bookable] front-row seats, free bag- gage, [and] at Gatwick they have the lounge, so they’ve been quite innovative on this”, he added. Transavia, Air France-KLM’s budget airline, had “modelled a lot of the prod- uct offering around what easyJet has been able to do”, Smith said. His company has extended its “Flying Blue” loyalty programme to Transavia, and launched new services from Paris's lower-cost Orly airport. Investors’ Chronicle Register now for free Get access to three online articles a month by registering to Investors’ Chronicle. Our comprehensive news and analysis of the UK stock market will give you the ideas and guidance you need to manage and protect your portfolio. Join us now: investorschronicle.co.uk/signup Excluding Alpha, Opinion and Ideas articles A service from the Financial Times
12 FINANCIAL TIMES Monday 3 August 2026 MARKET DATA WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA Change during previous cay’s trading (%) S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE EuroFirst Nikkei Hang Seng FTSE All World 5 per € Sper£ £ per€ Oil Brent $ Gold $ Stock Market movements over last 30 days. with the FTSE All-World in the same currency as a comparison AMERICAS EUROPE ASIA Jun 30 - Jul 31 —— Index —— All World Jun 30 - Jul 31 —— Index —— All World | Jum 30 -Jul 31 — Index —— All World Jun 30 - Jul 31 —— Index —— AllWorld | Jun 30 -Jul 31 —— Index —— All World Jun 30 - Jul 31 —— ndex —— All World ME seps00 =———SsC(Ne York © Me] S&P/TSXCOMP = Toronto | SH MME XetraDax = Frankfurt | 64362.02 ‘cal ™" #59545 3485699 1049712 ee eee 7006232 Sa } Month & -0.74% Day ™ -0.49% Month A 146% Year 4 29.74% Day ¥-0.27% Month 363% Year ™ 1912% Dey 0.07% Month ” 2.69% Year A 6.66% Day 44.03% Monthy-814% Year 56.71% Day 4 1791% Month 4 -2219% Year A 103.22% Day 4 0.70% Year” 24.15% BBiec = Mexico city | BJ FTSe Eurofirst300 = Europe. | EE tbex35 Madrid | EG HangSeng = HongKong =“ FTSEStraits Times Singapore 25094.46 25684.43 5170.65 2571.87 Day 4 100% Month ™-391% § Year A 33.77% Day 4 0.28% Month A 048% Year A 17.23% Day -0.09% Month” 104% Year 4 2018% Day 7 0.13% Month a 1.72% Year A 37.58% Day4010% § Montha 13.13% Year a 449% Day™-0.79% Montha 885% Year aA 34.85% : 5217253 — ii a om ae eat =n ~— wore ER pemen TN NL ee 5682.43 3822.26 177999.00 78094.64 Day 4 0.535% Month » -0.08% YearA 21.36% Day 4 O47% Morth a 2.98% Year A 33.13% Day 4 028% Month 4 710% Year A 973% Dey 4 0.13% Montha 109% Year A 27.47% Day 4 0.72% Month » -6.40% Year A 725% Day 4 0.21% Month a 211% Year ™ -3.81% Country index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Coustry Index Latest Previous County Index Latest Previous Australia Al Ordinaries $137.00 9122.70 Czech Republic © Cech Republic PX 27h 26553 beland ISEQ Overall 1355.33 1364.70 Nomway Oslo All Share 7385.53 2377.08 ‘Sweden OMX Stockhalm 30 3246.92 T2344 Venezuela BC 5134.46 51092 Australia SRP ASX 200 76.80 8967.70 Denmark OMXC Copentagen i0 1538.75 164967 lerael Tal Aviv 125 407176 4071 Pakistan KSE 180 1760941! 17554798 Sweden OMX Stockholm AS 1125.61 1123.08 Vietnam Viet Nam dex 1735.78 1744.66 Australia SBP ASX 200 Res vee |) 736.20 Egypt EGX 30 Soa 20 5344220 Faly FTS Rtalia All-Share 5476884 54706. Philippines Manila Comp 6236.44 6305.75 Switerland SMI Index 1434614 1439249 Cross-Border Euro Stoxx 50 (Eur) 6358.01 6344.40 Austria AIX £457.92 BASE79 = Estonia OX Tallinn 2107.8 7141 baly FTSE halia MidC.ap e771 6134188 Poland Wig 1474009) 14677978 = Taiwan Weighted Stock index a119.75 3093330 Netherlands Euronext 190 1D 1925.79 1921.64 Belgium: BEL 20 5685.82 565.00 Finland OMX Helsinici General NBA 1311548 kaly FAIS MIB 5217253 521043 Portugal PSI 20 S116.08 9145.86 Thailand Bangkol SET ‘1623.84 1588.11 Cross-Border FISE 4Goad Global ($) 2080124 20587.00 Belgium BEL Mid £559.48 656331 «= France Franch CACAO 8509.64 B4B564 = apan Niktei 225 84362.02 6186743 —-Pestugal PSI General 6145.33 615043 Turkive BIST 100 13458.10 1329293 Cross-Border =——-FIISE. ANI World ($) 73781 728.71 Braail Bovespa 177999.00 177138.85 ‘France SBF 120 6436.60 642359 Japan Topix 4003.30 3520 Romania Romania BET Index 3615483 S577 UK FISE 100 10868.05 1069727 = Cross-Border «= FTSE E300 759524 297.50 Canada S&P TSX 60 ma 209.07 —- Germany MDAX 3193082 3221686 = Kuwait KS) Market Index 873658 873658 = Pussia Russia Traded Index in USD 988.13 aio | UK FISE 4G00d UK 9434.47 9485.88 © Cross-Border «= FTSE Europ 100 5038.15 50754 Canada SRP TSX Comp E04 516.84 Germany Tee-Dax 3827.49 BAB latvia OM\ Riga 972.48 915.79 Saudi Arabia TADAWUL All Share Index 10683.72 10589.72 UK FISE AP Share 5936.47 5953.32 Cross-Border FTSE Global 100 ($) S779 5479.90 Chile SSAP/CLX IGPA GEN 55797 68 5536797 Germany NETRA Dax Be 24 761203 «Lithuania OMK Vilnius 150055 195.18 Singapore FISE Straits Times 5628 5) 567358 UK FISE techMARK 100 9179.42 919835 Cross-Border FISE Gold Min ($) 4786.47 486.47 China China FTSE A200 TIS67.16 145.14 Greece Athens 28.75 257190 Luxembourg Luxk 1992.35 is7 SB Slovakia SAX 3345 BAB USA Dow Jones Composte 1665151 1662239 Cross-Border PTSE Latibex Top (Eur) 6858.30 1.20 Chine Chine Shanghai A 010.00 3007 = Greece FISC/ASCA 650.5 650099 Mexico IRC Mexico City 6716736 6729040 = Slovenia soi Tce 227781 azia00 = USA Dow Jones industrial $2405.00 5220006 Cross-forder TSC World ($} 1975.35 1950.20 China China Shanchai B 28078 779.465 Hong Kong Hang Seng Be4g 2585888 Malaysia FTSE Bursa KLO 172490 1720.40 South Africa FTSE/ISE All Share 111493.1) 11187270 USA Dow Jones Transpot 21033.0 2108823 Cross-Border FTSEwrofirst 100 (Eur) T9962 793.62 China China Shanghai Comp 383226 3804.89 Hong Kong H5 China Enterprises 8612.15 B47) Morocea MASI 7843.70 Wii South Africa FISE/ISE Res 59456.73 6023290 USA Dow Jones Utilities 437.29 440.52 Cross-Border FTSEwrofirst 80 (Eur) 8652.01 543.09 China Shenzhen A A040 2492.69 Hong Kong HSCC Red Chip 413.12 4749 Netherlands AEN 1099.18 1104.68 South Africa FISE/USE Top 40 103257.63 10375871 USA Nasdag 100 2809797 5122.18 China Shenzhen B 1186.18 1180.39 Hungary Bux 146638.57 eS) Netherlands AE) All Share 1487.37 1491.8 South Korea Kospi 6895.45 5693.56 USA Nasdaq Composite 25373.85 5122.18 Catia CRNAFX 4471 47 age =a RSF Sensex TAN Ra TI97R15 = New Zealand «= N7V SD 1999 78 1375778) © SowthKnrea = Knspi 700 1048 a a7749—s WS NYSE Composite 74107 5 74138 79 Cyprus CSE M&P GEN N43) 311.31 Indonesia Jekarta Comp 6236.13 610636 Nigeria SE All Share 245283.68 245362 5 Spain Spain BEX 35 197829) 1975770 USA Sa? 500 7489.72 7437.53 STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS & LOSERS AMERICA LONDON EURO MARKETS TOKYO % Chg —-% Chg %Chg = % Chg % Org Chg . %Chg %Chg ACTIVE STOCKS stock close Days ACTIVE STOCKS sock dose § Days ACTIVESTOCKS stock close Day's ACTIVE STOCKS stoct = close «= Day's = FISE 100 pricelEi week yd FISE 250 pricelE) weak ytd FISE Small Cap pricelE) week yid Industry Sectors pricelE = week = ytd traded m's price change traded m’s price change traded me's price change traded m's price change Winners Winners Winners Winners Amazon.com 7938 © 7085 3535 Lioyds Bag Sp 167.07 115-001 Sellantis 7823 496-10 Nigpon Tel & Tel 363 | (1520 4.60 The Sage Gp 973 «13414 Mond 892-2222 1.76 Pinewood Toch G 420 8 «36351 = 0.11 Perumal Goods igia28@ «= B49 4.70 ie 6203 30057 3285 Vodafone 61.80 118 0.02 Ittesa Sanpanio ike 6M 0.03 SoltBank Corp wis) 27380 460 Bunery 11.88 119 442 Greggs 18.80 18.84 11.90 Pharos Energy 022 7.2 43.29 Consumer Digital Services B31 BT -1.49 inte! 59.36 92.44 131 Taylor Wimpey an 078 005 Nokia 75 7.95 003 Fujkura 7363 4172.00 45200 — Croda International 205 931 1892 Ocade Group 212 13:32 10.25 Macfarlane Gp 073 94) Bt Chemicals Te74E 5H O70 Nvidia 5452 198.03 2.99 NatWest Group A702 7.06 022 Ewl mA ago 0.04 Sumitomo Electric Ind 6306 210400 750 «© Autotrader rap 574 79 -1RR W AE Payment Sditinns 110 inn 476 Capita 75h EE |] 36 75 Health Cae Providers 1A «6s Vieron Technology 49706 Ba] A028 BP U3 553 0.10 Banco Sarttander 77 12:32 007 Nissan Motor Co B71 = 36-18.) «= Maik & Span 4.05 67 7276 HiltonFood Group 599 921 1885 Essentre Lo 8.88 7.87 Beverages TS 40 973 Microsatt 2871 «46366 «= 1256 Barclays 245 509 0.02 Uhiversal Music Group 7336 ©1444-4932 SoftBanke Grp Corp B56E 525000 638.00 BAESYSTEMS 94 624 22.17 Wetherspoon (JD) 178 851 549 TT Electonics 1277 745 1084 PersonalCaeDmg&Grocery 465981 409 -1.27 Tesla 7119 «=-3aa 1159 Ralls Ayes Bi (14 NOK Ranon Ne Sakarall 19.44 im = Mitsidsishi (IF mir | 571M = a Reckitt Benckiser 57.40 5 -1619 Trainline 237 782 762 Marshals 1.62 7.15 —--10.41 Aerospace & Defense M519 405 2213 Super Micro Comptes IK.) 7193 - Haleon Bl 363 4.05 Poyal KPN 15.03 a 1.05 Tokyo Electric Power 50.04 §20.00 400 — Metlen Energ&Mtls: 352 56 239 Baltic Classifieds Group 19 157 157 Card Factory 075 rAd 10:90 Consumer Services 128 3 OM Alphabet CI A 7008 «8« 35435 «=: 20.89 Glencore au 5.43 004 Sam 13.4 589 =—-011_Nigpon Stee! 4684 = 64980 = 1.40 Admiral mn 513 1877 Kainos Group 880 738 «= 1238 SThree 256 69 33.77 General Industrials T3654 361 1491 Advanced Micro Devices 1445 = 491.39 6.00 Rentokil initial 260 345 = 007 Novo-Nordish 1209 «30650 «24.40 Fumukawa Electric 3934 «350 DSCiageo 16.34 4el 193 Pets &t Home an 690 635 RM 10 694 -10.95 RealEstate lnvestmert& Svcs 1898-47 «3.16 -11.45 BIGGEST MOVERS Close Days © Days BIGGEST MOVERS Ciose Days Day's BIGGEST MOVERS Close Day's ~—s Day's BIGGEST MOVERS Close Days Day's ea price change change% te fice change change% ties price change change live price change changes — 7085 3535 1501 Hilton Fooe Group 598 031 645 9 Gobain (Cie De} 81.28 524 6.89 Parasanic Holdings 478800 «= 700.00 1953 Rertoal Initial 345-1908 = 225 Veswus an 1792 “G50 —VanquisBaniking Gp 0.78 8-498 = 4.87 Altemative Energy Ba 963 6308 apse C a ss wee 8 im im om i ees ns 1S 45458 Kelso 1S) Ok 1308 TT FroweROeitSees = SRE AM 17 AEP Plantations 18 = 0095.28 Verbund AG 5855 2203.84 Tato Yuden wo | sam) nz eertrica l 2 47 Finance G4 Eaton 41038 7349 6.07 Hammers am? 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Mid Change Change Mid Change Change Mid Change Change = Jul 31 Mid Change Change Mid Change Chance Mad Change Change Argentine Pesn 1489-7371 27781 Asin = 1714 Nt13 220% 17 56R6 704 ANES 141m 119497 Indonesian Rupiah == 17804000 )=— ARAN anon =867m7amMm = 9AM oRE AM 74715 478 Al ee WA Sau Fiyal 3 THR anon amg = 43708 noni oun 55a oni ansnR Australian Dollar 14238 40039 4.071 15381 40042 00089 1.9161 41.0008 0.0090 Israel Shekel 30671 1.0028 00156 35231 100% COS «4.1208 O04 0.0605 Singapore Dollar 1.2838 0.0002 10067 = 14700 00005 0085 172% 0.042 00077 Bahrainin Dinas 03770 - - 138 - 0.0048 05074 - — Japanese Yen 1547750 0.1000 452000 © 182 198 00822 21281 202771 0344 39623 SouthAfrican Rand = 18.5512 0.0250 12575 19.0431 00321 083 «22778 0.0833 0135 Bolivian Boliviano 12.1500 2800 O90 8©— 12.9792 13016 122646 = 16.3809 135 14102 Kenyan Shilling 124.2000 1200 43000 14.6511 12 12931 173.8709 01130 12734 SouthKoreanWon = 145.7000 “1.8500 405500 = 16405992 “133465 28.1067 ~=—1918.6359 -11.8345 355822 Brazilian Yeal 5.0807 o0it4 O77 =| 5455 noid 00644 6.8373 0.0306 00894 Kuwaiti Dinar om 0.0005 0006 os 00005 (0032 0.4164 0003 0.0032 Swedish Krona 95400 0.0249 41678 == 10.9763 00268 073 1284 1.0048 0.1001 Canadian Dollar 1.4028 0012 O05 15140 DOG O07 18879 0.0058 OO110 Malaysian Ringgit 45 1.0035 0.0045 47017 102 C0466 = 5.4904 0.0076 0.0469 Swiss franc 1.8091 0.0014 10085 09308 00018 0.006 1.088! 0.0043 1.0007 Chilean Peso 928 475) 1000 47BO 1068-2589 4920 78608 1289.43 8.2907 -109404 Merican Peso 173504 1.0066 AN] = 19.9825 1002 (0930 233493 00431 0.0766 Taiwan Dollar 323190 0.1535 4100 «37.1846 01701 027609 43.4993 0.1091 0.2853 Chinese Yuan 6.7476 410080 A067 867.764 1.0051 0065) $086 0.0081 O0519 New Zealand Deller 12017 1.0046 4.0244 1.9579 L000 {082 227901 4.00 4.0104 = Thai Bat 3N5 4.2063 A700 = 418 123065 O10 44538 0.1787 0.0659 Colombian Peso 31465900 31400 S50 362030597 9.905 35538 ATA S244 2.3708 344619 Nigerian Naira 13663400 1.4350 1.0600 1572086 1.9238 164903 18387573 6.0257 19.1068 Tunisian Dinar 293% 1.0005 404 3907 - 0.003 3.9449 0.0082 0.0053 Costa Rican Colon © 452.6400 0.1400 000 | Sa. 7885 02517 62838 600.1417 1.5082 65151 NomegianKiore 9.484? 0.0502 004 = 109121 1.0904 COG] 127634 0.0734 0.0010 —‘TurkishLira 47.5267 0.1099 (1797 «= 54.6796 01389 OMT 63956 0.2901 0.850 Czech Kouna 21.032! 4.0036 i785 24.1985 - 0.0630 78.3040 0.0583 001345 Pakistani Rupee 777.3800 0.1550 also 8 «(319.718 07340 i 373.9572 10419 37385 UAE Ditam 36728 0.0001 - 4251 00006 0044 4.9477 0.0103 0.0476 Danish Kione 6.4967 0014 OOH 87.4748 1.004 00010 8740 0.0176 00133 Peruvian New Sal 3572 0.0106 40079 39087 0.0128 (03a 44717 0.0284 0.0534 — Pound Sterling 0.7431 0.0017 40072 «(0.8549 00017 0001 1.0008 - - Egyptian "ound 51.1500 0800 100 8 SEBS D022 041% 68.8351 128 03959 Philippine Peso 612200 1400 16400 70.4367 38 C0462 823868 42778 1.0602 United StatesDolle 1.0000 - - 1.196 0002 OOS = 1.3458 0.0030 00129 Hong Korg Dollar = 7.0416 20022 10M 9271 0.0009 pony 105528 0.0206 O.1010 Polish Zloty 24M 0.0004 0070 ©« «40070 o.one {0070 S£377 0.0106 D052 Vietnamese Dong «250005000 «19.0000 00 © B04 m7 02540 3S0s19000 «1084150 52740 Hungarian Forint 316.8920 | 8617 457 8 3%45000 190 37200 «426.4574 218 37656 = Aemanan Leu 45 1.0023 4.0593 52458 L00IE COM 6.1958 oo? 0.0068 Euro 1.869! 1.0002 10s; = 1.0000 - - 1.1697 0.0024 0018 Indian Fugees 95.4150 412637 15% 861.7798 B43 1044 = 128.4048 678 03004 Aussian Rouble 795000 14500 1.8500 91.4558 47117 21108 105.9872 1.0972 34982 FTSE ACTUARIES SHARE INDICES FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY £Swy Days Fur €Stig £Stig Year Div PE xO Total Year to date percentage ch Jul3t chg% Index Jul30Jul29— ago Yield Cover ratio adj Retum eval tik eRe Seat tn FISE non jon) WORAR OR 177 9A17AR INAG777 INNRAL GANNAA 7H 71H 1877 19571 17714 —‘FechnHarwaTe LEQUIP secre eeeeeeee eens yo RealEstate Investment Tusts ............-esesersseeeeeecereeseee - Leisure GOS... ees eeee sees eeeeese se ceene eee eeeeseseces 143 3iGrup 786400 0.60 Intl Cons Airlines 190 153 FISE 100 ex westmert Trusts (95) B5EQAS 029 32MGS5 3GGVAI 357G7 25179 298 ZO 143 —GAGZ TQ HMAMAINELAEAY nanan nnnnneeesecseneesrersscrrcsne smug eral alk aa a “127 Aberdeen Group m060 059 106 a0 0.58 FTSE 250 250) 239752 043 7186748 24079.14 2390681 2247038 326 231 1329 46833 STII Noni nsurance ss ve secsssecvecccesecveccessees DROS ROAIESTAME css scssceccveccceseeceeesresesveceecee seca. 17Q) EASMNEE Digital SENOS <=... os sescseseeecesecssensersen “149 Admral 377200 0121 Intertek Group wane 008 FISE 250 ex bv Co (184 2479823 083 2261837 2500544 2499159 2330814 331 157 1927 So591 7397039 en As Closed End investments... L3y, Mdactial Suppor Services ---L08 Airtel Attica 33300 -240 —ivestex 4900 0.48 FISE 350 050) 590257 029 538370 591947 502272 540923 298 217 1542 10699 1968778 OUGsBCod. ee. DA51 Chemicals eee eee ce etee ee teen 7104 Industial Engineering... 5... seececeserenereeseseeeieeeeee 1M Alliance Witan 134500 1.13 JD Spots Fashion a45 (414 FISE 350 ex ievestment Trusts (255) 5p4469 +033 590091 586424 586793 535190 301 20 1662 10707 701678 IndusvialMetals&Mining...............200. 00.000. PAST MAMNS x5 aos ee ceiccsae exe saspseeeseieviigs eons penal A: OI OID ois ccs sets ce en ce rowaeee cian seesaeesans 454 Angh American 73300 (019 — Kinglister wan 860.36 FISE 350 Higher Yield (136) 5281.91 O01 481760 5281.35 528207 4626585 409 1M 1342 12147 145438 rama aa ae Wipe siuiiiiaaaa Wass Sel cd ation en tai ma Pharmaceuticals & Biotech... eee epee sees eens AEM Antotagasta 3655.00 -132 Land Securities M50 215 FISE 350 Lower Yield (14) 58605! -062 534534 589727 590378 564500172 313 1860 7143 77850 ss rer SREUCT AC IRIE RR OTSA TaA BRIERE AT NATED aa rt Ri 2 farses essen ve taeae Ayres sees ees (7p Pia Credit Senco ees eeeneeeneeeeteeneed £25 Asser. Brit. Foods 708700 019 Legal &General 30040 013 FISF Smaiftap (188) AMAR 145 73412 ANTT77 ANAM? PRAAA AT 1M 17H? 177K) WADA po “lamtW fame faghk coos vn caiccsencccc, gy Medical Equipmmert & Sees... eseseceee cee eeseveeeees £76 Astra7enara TRIM =-1R9 Linn Finance ueioMm =n? FISE SmallCap ex iv Co (102) 663547 072 605217 668359 671018 626089 359 07 373 12330 1324477 Genoual industrias “M91 Hettiety, eee. 435 Technology ee eee 57380 057 —_Lioyds Ekg Gp 11470 082 FISE SmaiCap Financials ex iny Co{13) 156.75 -1.31 14957 15884 16313 15006 488 12 1558 SO) nati so wesiccs cect ees peesperiines TAD MIE opis pessieveenidces swine casvewceuns sinew eo veas Hselatils 4.10 Software & Competer Sves....... 2.22. 2-2 eee ee cece eee EMM Avia 69340 034 — LondonMetric Prop 19620 91 FISE All-Stuare (534) E3647 +029 592341 5859.32 585659 530038 300 216 1545 108.10 13668.4) Telecomms SvcMoviders.. eee OS Gas Water & Mubistilties oo eee eee erences ee 4.02 eal Estate Investment & SVS... 0. cccc cee seeseeesseensasnee “1145 Babonek Int 12100 -040 — Lon Swek Ex a39800 2.42 FTSE All- Share ex ii Co (261) S79652 034 523225 S7S585 S7SQH2 575382301 19 1668 10610 x27 oeteamig anes eae ee ec ree 205 iota. aaa sas esas seseseeseseseustesensnseeees 1256 BAESystems men) «215 MBG 35750 0.42 FTSE Fledgling (44) 1245593 0.82 11361.01 1235466 1298237 1392603 491-136 -149 283) M0218) nda: ee ee eee aa inenent asking & Beohongs pos - Precious Metals & Mining... .....cce.csesereecccereeeerees 1150 Barclays 50870 -043 Marks & Spen 40510 1.07 FS Pledging ex avo i 1640019 1.61 1496852 1614006 1G0BR79 2453842 457 G07 361 BIST SHAAN serial Traneportation. ec ee cece eee eeeeeeeceves ese ROG Consumer Discretonaty oe scccccecececseseeeeseceeeseeee AN Hold Goods & Home Const 2... eee eeceeeeeseee see MMT Barrett Redrow 233.30 061 Melrose ind 49420 4.40 FISE All-Small (228) SOAS 143 SUGAR §=SOOBBS SHDBI2 SMGAT SBI 115 2AGS 12261 WSITES — Oypemuetion 8 Mistetals. occas cece cece eeeseee sense MOQ COMRINOY SONNOBE ce ces coee coe seteeeesesedeseceeesenseve 44 Automobiles & Pats... css eeeeetsesesssensesneeesesees 303 Bearey 129050 - — Metlen Energy 35161 200 FISE All-Semall ex lw Cn (175) A979 -R7 454N71 S195 MANA 47849 AI OM 47M «MAR 1787911 e 55250 177 Nati Grid 1190.00 DAB FISE AIM All-Share (5:7) 7625) 031 69552 76490 76185 76639186 17 308 790 om [i lee):7 mil lollies Biit. ener. Tobaaeo 457000 009 NatWest Group 7058 32 FISE All Share Technobgy 2 197002 -188 179685 200784 212599 215429 246 18 210 WII DOB jyrg Noot USS Daily Month YTD | US$ YID% GrDi Jui30 Noof USS Daily Month YID US$ YID% Grbiv BritihLand 4200 041 Next v4g4500 259 FISE All-Share Telecorsmunicatios (5) 208273 -153 190877 212525 715842 18381236 Of F719 2H BN & countries stocks Indices %Chg %Ch TotalRet TotalRet Yield s & countries stocks Indices %Chg %Chg TotalRet TotelRet Yield BT Goup 20130 -132 Pearson 125700 275 FISE All-Shar : . e Health Cane (12) = 079 1546959 Ta ee 1776722 229 241 1810 Sets IES a gieual indions feahanal a [a An ia te a ie Gk ae 7320) 021 Pershing Square His 3g0R00 «237 FISE AllShare Financials (237) G2 095 G87 GRAS) ERM 1708 329 28 1.90 167 NS ly 10127 122122 «1.45 140 904 2106570 1020 1.62 Neveloped ex Furnp2 4174 «107878 «155 -17R «995 ASN «17913 Burerny 118750 -054 —Persimman 10700 0% FISE Alt Share Real Exate 0} CGM 052 7014 BEG OMS TAA 1H 1731 AZT WB Gobel tege Cap 1870 114041 180 -1.23 836 202383 949 15 DevelopedexEurozne 4789 135788 152 1.31 976 226669 1274 143 Centica 15500 157 Polar CopTech 62650 245 FISE All are Consumer Discretionary (69) 6102.13 -1.35 556572 618594 625054 609731 252 193 2062 10181 706802 Global Mid Cap 2395 141370 101 -110 1181 231011 1313 1.9( Developed ex US 3813-78219 1.50 1.48 1087 1561.65 1285 246 CocaCola Europac 819000 -103 Prudental 111600 -1.67 FISE All-Suare Consumer Staples (8) 2069195 092 1887302 20884752137099 2015195 394 14 1792 40872 2214347 Global Small Cap 5862 14058) 1.14 -339 949 217748 1089 1.76 Developed ex UK 5196 135470 1.61 1.41 957 225236 1084 «148 Geto tC AC 5010.00 -099 Reckitt Benckiser ae 40 FISE All-Sare Industria (79 1232433 0.07 1124100 1233300 12137.70 1090288 150 213 3124 12295 1535354 Global ex Euromne 9512 129244 1.37 154 917 2171.32 10.22 154 ssowscepsiey an fee i oe Ge eee ee 75631 094 REX 20700254 ie Materia 077303 9876.07 Global ex Chine 7606 411969 150 -158 966 680552 1082 1.61 ia 3 6«4119°«708 1419. — ; pean pen vi ee vom — eee Te = ° — oa es Global ex US 8572 793.74 1.15 -198 914 157483 11.03 247 Developed AsiaPacexJapan 961 100161 032 -1441 2073 219097 2226 238 Compitacenter ———Se ee mn 3% el Global ex UK 9895 129354 148 -1.61 903 218285 1016 1.5& Developed Europe 1195 72391 1.82 205 752 155366 1906 278 Cometec 72400 -210 ‘Rio Tinw 717400 0.53 FISE All Share Unites (9) 1041.18 034 S97N36 W80RSS 10831% 1050992 377 12 1746 27BS6 BIB Global ex Japan 8770 127668 139 -145 879 221879 994 1.61 DevelopedEuopeexUK 963 3673 209 1.08 G97 175452 363 271 Crodh Intemational 20500 -202 Ralls Royce 48780 0.33 FISE All-Siare Software & Computer Sves (18) 213285 -189 194537 217384 230381 ZM156 248 16 2191 3727 BK FLSE Regional indices Developed Eurozone S79 72821 239) «(136 7:33 (1580.02 390 259 pcr rneeny roan an — — Sainshary (1 asq4n na FISE All-Share Tach Herdware & Equip (2) 378249 -189 344999 384762 365588 227641 000 O07 136869 000 313M Americas 1987 1697.11 1.62 080 905 2637.60 982 121 Developed Europe AsiaPac 3513 75287 156 203 1103 151489 1310 251 pinay 164650 055 Schroders susp cailrag ae . Pe act sis panna Se a ce ee Gees asia Pcie Japan po 107288 a8 am ‘am? ani? 138 ait Emergeg ——s 4759 199833 017 -335 453 201223 318 249 Diploma T3000 014 Scot Mart Inv Tst 39050 1.48 E c ex k : erging f 3. 5. aaa = ae eo Pe 520881 Gao Ge sg roe a ea pape: pone? Europe 1454 «7065! «6180 202 7.66 1517.13 1020 2.77 Emerging Asia Pacite 4UUS «-TISbBE ZB AY AZ ZU S 1. Eretevowr Mining 3527200 093 Seqru 3500 O17 ; Cqupnent ° _ . Europe ex UK 1222 «814477 «206 «61.06 «67.16 §=1691.26 §=69982 271 EmergingEurope 259 «38834 «(08306 «6029 18S) B34 1857) «273s Entan 541.40 = -1.60 Sever Trent Diet 610 FISE All-Share Pharmaveuticats & Fiotech (B= 2439987 0.71 2275499 2457527 2536987 2556082 279 244 1791 34427 ZABD Ewoane B15 «73242 «239 «4041 «6745 «1559.12 10.03 27 EmergingEurozone 36 4536.15 257 568 (2024 62848 290 238 Ewan 7900 -373 Shell e150 (19 FISE All-Siare Baniks (13) S59G.4¢ 0239 B7S013 9621001 G4831 782051 327 24 1255 22175 BBS? Asean BOON -UIU ba ZEB WY) 4 Emerging Plus Korea S213 3873.10 003 336 899 729082 1951 225 pee n tue 33120 038 Smith Nephew 115850 243 FISE All-Share Finanoe & Credit Senaces (8) W721. -235 W0B9076 1200283 12779.60 1250351 204 197 2495 16167 1683329 FISE Developed Indices Emerging Plus Korea&Poland 2723 4550.67 0.06 -1277 1606 8577.57 1768 226 Frestillo 247500 -1.86 Smiths § 7642.00 FISE All-Share Inv Banaing & Brokerage Sves (3c) 1337721 -1.20 1220128 1359961 1357426 1320798 357 251 29697 2199900 Deveoped «8368 1270.33 159-118 «= 5B 2164.77 «10.67 1.54 Advanced Emerging 1232 «135651 036 -389 2450 296085 248 275 fies hike “as a eis aan on FISE All-Share Closed nd Investments (173) 1509685 O58 1376976 15009201499197 1407294 768 5S? G64 273613 1049234 Deve oped ex North Ametica 3601 751.14 «(1.56 2.02 «11.08 «8151048 1312 251 Secondary Emerging 3527 «10474 ~=«(0.01 200 «821 «#1799.02 376 225 9 ciate a Ss aie An FISE All-Share Life Insurance (5) B698.11 +0170 790349 875064 BS69H9 879418 458 O09) 27435 2367 12860 jy No of US$ Daily Month YTD US$ YTD% GrDw Jul30 No of US$ Daily Month YTD USS YID% GrDiv 6x 150 144 Siandeel Coston 7880 128 FISE All-Share Nonife Insurance 6631.65 027 604870 664937 666783 517105 495 121 1666 15935 1611147 Seetr stocks Indices %Chg %Chg %Chg TotalRet TotalMet Yield Sector stocks Indices %Chg Chg %Chg _Totaet_TotsiRet Yield oa) 148 Sunda ile 0 1s FISEAl-Share Real Esate lw &Sus(i) = 1828.79 0.22 166803 182484 18817 ABDI 216 25 2055 289 731 piepal tatermation Services HholdGoods & Home Const 122 52661 019 248 -192 90299 072 228 tains 50 122 Stdames’s Place 05280 061 FISE Alt Share Real Esate InestrentTsts(30) 2123.17 061 193653 213631 212908 1926.13 493 10 1695 G45 357! Software & Computer Sus 538 3390099 256 323 -806 401479 -7.72 061 Tobacco 15 140005 -371 286 1347 449622 16.14 428 yon 180800 038 Tesco 4950 051 TSE All hare Automebiles & Parts (1) 09035 -267 01209 91479 91123 149794000 OM 079 000 101011 Meda 163 78055 -108 383 -1426 112155 -1374 100 Healh Care Howden Joi 78850 008 TheSaeG 97220 080 FISE All-Share Consurrer Services (2) 3042] -085 364275 301749 408877 389856 217 177 2605 8426 533214 Technology Health Care B51 1148.03 -1.18 207 348 1813.15 469 165 sc te Sage Gop : eae ebesiateeh | Bek 38 Sy ttl Se Re Le ie Pe ae Se sae oe eae oe ce Ge ee os te etces) So ete ce ie te ee ce Co tke ma ae la me ; f : : are |i a. = a] Lda Maceuticals . r K . . “14. Seka eee cl nie plana Sues ia a a ae 1226 is Technology 1231 «44586.50 324 689 1437 6017.78 14.77 O59 Medicaliquipment&Sves 210 161545 033 597 -1104 197912 -1045 123) iw 3500 034 Utd Utilities 130300 027 FISE All-Share Media (10) 1227405 -238 1119509 1257309 1274588 12026.17 325 181 17.06 26025 69745 IolccommunicetionsEqup 114 48358 1.57 19.79 44.65 658.67 4557 0.89 Food Producers 307 66002 0.01 309 481 118256 736 310 88580 308 Weir Gop am 25) FISE All-Share Retailes (19) 276882 -172 252543 281732 281764 B9188 262 274 1393 4673 399175 Telecommunicetions 261 49543 O44 -1144 1992 122019 21.76 218 Beverages 104 «892.26 «021 567 1268 199866 1455 285 Home : = : FISE All-Shave Travel & Leisure (24 1016453 084 9271.01 1025095 1023171 989299 1.88 161 3303 12045 1109459 Telecomms SvcProviders 147 431.42 084 O87 -1.61 961.02 093 368 Energy wemaeel nek aie 4 (le Bem 18) FSC All-Share Beverages (5} 17194.65 075 1562042 1726497 1744540 1561032 312 172 1066 10099 1525555 — ot 343 2015.2%8 «= 3.62 9.22 1808 290466 1897 1.03 Eeceeiy ae nor a ie a4 ‘eee aa = Praducers 4278 756.92 8572. anc 683. A. ; a (i) pond ee Races Sooper ceisin me - = sees siean7 Finance & Credit Services 112. SUSE? 095 225 858 141558 -776 1.50 Alternative Electricity 100.70 220 237 895 125.22 1082 346 : 2 Ba.) Finarcials 158 77451 171 SSO QR 15777 1184 7A Altemative Fnergy Pe ee ee) eerie UK RECENT STOCK ADDITIONS FISE All-Share Construction & Materials (16) 1572445 068 1434219 1589225 1546328 1430058 275 2% 1570 26759 215283 | ife insurance 7 fm 1239 790 1787 139329 1579 321A Mil GasRCnal aOR 4oAOGM? AR Gt 7754 15974 AP 37 FISE All-Share Aerospace & Defense (8) 2566425 0.73 2340821 2547911 2450475 2101413 1.03 26 3653 15668 32977 Banks 490 533.78 188 547 1442 1239.29 1705 315 Gas Waler&Multitiliies 118 72434 O04 029 657 187153 894 348 Close (p) %Ch¢ Close (p) %Chg FISE All-Share Gectronic & Electrical Equip (11) 1695497 -059 1546453 1705638 1651232 1482105 093 302 376 10427 17734 MortageRealtstateimists 9 100% 085 O28 -368 23413 259 1263 Uhtilities 407) 712 «002 0295 551 169387 7.35 289 = Ate MusicGm 12250 - Mendel Helium 130 = FISE All-Share General Industrials (3) 605933 040 552668 609534 991396 527572 237 18 2582 7222 99882 Nonife Insurance 125 110069 083 626 652 198257 936 263 Transportation “a 1 = as a FISE Al-hae industri Engineerig (3 1489553 1.44 1940375 1491049 1492901 1512960 240 154 2708 22531 2145403 |” Banking & Brokerage Sves 345 123859 1.07 526 389 198824 506 1.61 Automobiles & Parts 298 100275 (1.81 -1061 -1753 1686.72 -16.72 159 revura Solutims M3 07S Meriden Mining 0.00 2 TSE All-ve Industrisl Support Sees (25) ©“ 102086.20 -1.72 908206 1046669 1099721 1051210 225 15) 2026 17901 1206445 erp cis i Re Ee ee ER — eS ee ee = aa a ppm appa a lame ni hina ie einen neg asia ehgene amend DR bamnepadl gs -scee 650 97338 042 339 666 118556 900 360 Aerospace & Defense 102 36789 1.12 113 818 4601 883 197 —CanishMetal 11250 BE Power Pate 70 - FISE All-Share Precious Metals & Mining (4) © 28953.3) -1.59 2458395 27389.82 2688439 32669.13 281 26 1340 52932 21181865 AealEstate inv& Sves 330 «35402 «(086 «89412 867 72820 -493 262 Industrial Engineering 330 2288.79 «208 -1099 1724 362755 1826 140 paichCop 400-143 Pift Helium 700 836 FISE All-Share Chemicals (7) 82745) -1.15 7547.13 837087 824608 767118 374 O7 3A71 21066 945425 AealEstatelnvestment Tits 320 581.39 -082 3.16 1164 158972 1421 390 IndustnalMatenals M ZBZUb 1B UZ = 13Y bb ZBT i FISE All-hare 08 Gas & Coal (12 1085153 188 999767 1065150106563) 870585 368 2 1135 20109 159754 Consumer Geods & Services industrial Metals & Mining 376 105046 1.94 002 1559 2086.11 16:92 218 ED Metical Group aS) = Selene ‘cig’ = FISE All-Share Bectricty (3) 1365363 0.11 1205345 1366885 1356272 1308484 317 1@ 1730 27387 320151 consi wns ; ; cy ‘Halo Minerals 9$5 550 Sunbelt Rentals 529700 -229 i Consumer Services 73° «1388.20 0.78 285 -442 189207 -388 0.83 General Industrials 204 95299 3.16 030 1652 170643 17.70 187 : FISE All-Share Financials ex Inv Co 4) 72076 055 21064 22199 21808 19033 342 271 1323 512 Z7951 Consumer Staples 622 101521 -089 382 716 181461 926 29) Resources & Materials Forex Financia 150 —_Tapir Holdings rT TSC All-wre Gas Weter & Mult-tilties 6} © 9600.52 O50 O70094 950229 964102 925032 390 14) 1751 26072 171174 Retailers 267 191420 080 O92 103 263244 152 0.82 Basic Materials 1001 98683 184 057 764 189847 894 208 Gi AD TheSeaw WO ae at FISE All-Share industrial Metals & Mining (11) 986833 036 900085 983753 964570 @N09S3 229 26¢ 1870 19924 17722 PersCareDrug&GroceyySws 196 57442 -082 348 318 95995 491 249 Chemicals 434 105406 092 266 1397 1888965 1561 212 Mayflower Agustin ater A Geoery Sts(1") 484405 -159 441 492250 502721 73 1 o 7430.28 Personal Goods 141 827.45 «1.99 252 -1027 128113 -917 1.98 Construction&Materials 461 145085 278 7.21 263 240677 381 181 Travel & Leisure 296 «121263 021 7265 026 178484 1.15 155 PreciousMetals&Mining 96 125108 322 193 -1195 221365 -11.14 170 UK RECENT RIGHTS ISSUES UK COMPANY RESULTS Company Name Event . Efective Company Turnoverlé) Pre - tax(é) EPSip) DIVip) Pay Day xD Petra Diamonds Lid Hights Issue: 10 tor 1/ at 1b.5p p.s., payable in tull By Now. 21 (xr U/.11.25). U.11.2UZ5 Alliance Witan int -(-) 469m (44.9m) 10.900 (9.870) 7.330 (7.080) Jun 30 May 28 IMI Int 12bn (1.1bn) 190.1m(163.0m) 57.700 (45.700) 12.100 /11.000) Sep 71 Aug 13 Int. Consolidated Airline € Int 16.1bn (15.96n) 1.Ato (1.7bn) 22.900 (27.300) n/a (3.888) 2 : Intertek Int 1.8bn (1.7bn) 242 7m (226.5m) 87.900 (98.900) 0.000 57.300) - - ITV {et 1.6bn (1.6ba) 78.0 (67.0m) 1.500 (1.200) 1.700 (1.700) Nov 24 Det 15 Data provided by ICE. www.ice.com Merose industries Int 1-Sbn (17a) 89.0m (379.0m) 6.000 (22.300) 2.700 (2.400) Sep 25 Aug 13 The prices listed are indicative and believed accurate at the time of publication. No offer is made by ICE or the FT. The FT does not warrant nor guarantee that the Natwest Group Int 8.Sbn (BObn) 4 3tn (3.6bn) 38.100 (30.900) 12.006 (9.500) Sep 18 bug 13 irformation is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the information. Pearson Int 1.8bn (17bn) 205.0m (218.0m) 24 000 (24.800) 8.200 (7.800) Sep 14 Aug 13 ice For further information contact mewspapers@ice.com Rightmove Int 225.8m (21 1.7m) 149.1m(146.5m) 14,800 (14.100) 4.170 (4.050) Oct 23 Sep 24 : Tayor Wimpey Int 17bn (1.7bn) 116.8m (-92.1m) 2.500 (-1.700) 1.200 (4.670) Nov 13 Oct 08
Monday 3 August 2026 FINANCIAL TIMES MARKET DATA FT GLOBAL 500: THE WORLD’S LARGEST COMPANIES 52 Week 32 Week 52 Week 52 Week 52 Week 52 Week Stock Price +/0ho High low Yid P/E MVib) Stock Price Chg Hoh low Yd PE Mii) Price +/O;hg High «Low Yd PE MVb) Stock Pice +/Chg High low Yd PE MV Stock Price +/Chg High low Yd PE MVb) Price +/Ohg High low Yd PE MVOb) Australia (AUD) Finland (EUR) Ts & 7 oO 20 GSK 1932 009 2282 1289 362 1289 7814 Cowntaste 7651 -258 11275 7352 555 3098 3259 12756 982 $572 11450 15) 2147 36743 ANZ GrowpHokings «3751-022 41.00 303 S80 1927 11213 Nordes BankAty 741 015 1752 1255 000 1282 B23 mo 19 14 Hale 263 005 416 274.201 1953 3200 Cx 50.19 055 5360 3180 112 2918 9298 8736 327 10872 9259 OO 2846 7240 BHP Grow 5015 -103 6598 7818 331 3327 3005 France (EUR) enn 11600 0m HSBC Holdings 1676 O11 1605 909 353 1753 27081 63298 2698 737.76 35468 139 3270 87.34 7169 -187 9456 6916 24 2037 2729 Commonwealth Bark ==917825 -041 16559 14698 2.78 29.46 298.29 — tirlicide 171.74 026 18980 15485 198 291 1060 4 52 Lloyds Banking Grup 15 0.01 118 074350 1639 6668 W522 070 11068 6100 253 4575 13425 14396 -214 16725 197.62 302 2062 33523 CSLltd 12793 0.14 27579 000 339 2069 6127 dius 20400 590 22130 15742 157 2606 16163 ws 00 om London Stork EehGep 298-208 10290 6684 188 573 4101 196.17 032 24280 16093 082 3484 137.90 19976 011 19924 9225 106 2810 7041 VenwieGo 25000 4% 26057 16731 322 2554 9591 gu 452) 021 4666 55 513 126) 9455 a G00 21000 20 1190 006 1429 1000 407 1817 5987 500.47 -1148 674.19 43300 108 3389 161.82 12226 074 20752 10637 0.00 12735 280.72 National Austlia Bank ©4155 035 4945 3549 409 1880 12953 wePsitccs 10884 192 10892 6512 478 1137 12155 Tal 1600 19 10 02 723 500 496 1319 S61E 40481 3517 46947 11022 062 3187 131.58 32568 1153 36880 13957 O00 27368 26543 8922 -139 9517 7080 239 3458 101.29 CompanniedeSaitGobait 76.04 048 10275 6588 302 1155 763 lomManetiiings ZW 18 HeckitHenchser Group = 5240 UG 6523 BH 4.13 NYE WW} O64 21651 13830 22) 20085 56.20 LIS WAZ W496 BZUZ UK 3604 1219 3815 O21 4332 33200 404 1899 13048 edt Agink 1879 O41 1914 1529 602 962 spe4 Towoblecton S240 00 1 RELI 2607 068 3976 1991 264 23.15 4564 193.19 S01 20814 14623 259 8986 71.48 11633 580 14800 9545 408 2374 41.38 Serene 6834 224 80.14 6054 329 2639 670 ‘Tota Motor 6 1m Rio Tr 7174 038 9117 4345 482 1573 9008 6973 082 7299 5585 383 2051 61.33 5765 070 7922 1846 09) 1082 4922 leemectochhiiy 7276 O14 7468 457 109 2783 132% DecaskSepmes 2071 08) BH 16019 ne zi2 <ommeccwol RollsRoyce Holiimgs «1468 «(0.05 «1833 «990 075 2115 12232 19753 400 28550 14330 000 9187 81.25 Paps 14020 -330 17148 13373 422 1835 191.36 Brazil (BRL) ENGIE 207 010 2989 1720 295 1715 @29 KuvaitFinanceliowse «=079 000 08S) 77 306 BST 1552 Shel 384 065 3759 2554 447 1503 18818 ¢ 14553 -169 18454 131.75 124 1383 40.70 Phe 2491 024 2875 23.11 690 1873 14197 railhitacatoking 34108 4780 O76 000 000 25471 ‘Ssintwotia «16260 150 32380 16080 244 31.45 795 Mexico (MXN) ~e 4143 101 $842 3644 339 1251 N02-1E ute eg ee ee eee ee ES een oe oe rau Unibarco Holding Pid 4274 092 4967 3431 000 0.00 231.19 ‘ermesinmerationd © 155050 4200 235200 146550 1.16 35.29 16369 Anetica Movif 00 O17 2449 1679 245 0.00 196807 United Kingdom (USD) Eaon Cr ae 01 43674 31192 114 3175 19023 soa 71060 378 608 wag? 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NNE7LE2 ba ti Precis 7950 750 31480 17500 312 1880 321957 one =n = a , a8 = 67.95 61.20 317 2211 8051 Weoilbfomp 06.43 158 97.76 12.78 294 1227 25834 265 0% 1906) G15 00) 2013 51843 pati Sap m0 25) RO 36 iD Mictek ©9350 8500 4970.00 119000 165 48905108 oo - a ip re ee 10034 5809 000 4695 9550 Wellower 23563 545 25520 161.28 144 10245 16989 9890 050 9895 560 497 1705 6457 iactaetayne 00 Bl WM On "5 — ToyanSemion Min 2205.00 500 2535.00 112500 100 222805710088 ” Sew eran Posey A ; s sa 546.88 40228 O85 3512 8353 Workday 158.11 -990 24985 110.36 000 4895 31.78 206.60 340 24800 168.00 229 1951 565.16 pia ee ee 47 United Arab Em = = ot ce Clowiflare inc A 282.39 12.0! 291.00 158.83 000119056 72795 136.17 219 1881 231.32 WWGree 195549 -247 191991 9657 073 3638 6400 NOG Wet 16.20 OW Ainor Gas 295 003 26 n19 9 00 25712 - eer en mm wwe oan 1 \ 49222 369.36 1.12 3430 71.51 Yum Brancs S700 608 17014 13733 191 2516 432) 1015 022 1222 699 S21 1180 2415 gy, ee pia : ecg — ee eee Se eee 18 GIT SOLOB 142 3143 M186 Zot 703 190 16048 T1A7 278 124 3187 Pog AnhoraceGepll $870 075 7470 000520 764 S717 ay 19) RON aMeDeie: = 1980 20.14 1532 421 1284 20850 Coinase GobalA = 16258 3.49 M0216 139.18 000 52.77 s 039 10178 1655 10 2750 819 nae . Dork Chiral S11 00 5 , caraanice a: ene i i Poleste Palme iw m7 , Ib 4. 01.78 76.55 rap 53.1 Postal Savings Bark OnraH 5.11 007 588 448 481 700 10147 jen tobann 6008200 ————— a oe ee ee eee ae ee tl 73.17 048 1267.10 6508 000 2265 304.68 Tencent Hodings A7180 5.40 68300 411.00 1.12 19.06 428885 gy 5m 3000 » 2% 4 Sroup Pic 764 017 4497 1825 295 531 2889 ComastA 67 $94 3445 2128558 756 B87) | SH 442 134K8 GLI 108 1203 WO Xiaomi Con B 31.04 084 $990 2130 000 1916 56416 «oo. on une Suen On AsraZoneca 17632 088 15732 9892 189 76 19693 ConcoPhiligs 11803 097 13587 8557 282 20.14 14501 oc 4 Bx ON ID Se we Tye Minieg GoupH «©9252 0.18 4698 2085 283 1668 19875 yp pad risers BIE System 2094 044 2360 1529 181 3044 6250 Consollatontneny 26356 561 41270 22863 065 2290 9466 ek seen Sse eased pee 4 “ = Vets 20 G20 aE inca a i ea = an bo pein bowl oo gheerd | arene 42% 093 8017 4000 388 2014 S086 China (USD) Sas sa jane a Baciays 509 -002 54 0°¢«dS S226) Copan 57 -125 50.11 2681 000 1825 273) ROPE Aan F 2 5 oe a) Vétsash Hea “ne = : , Norfolk Southern 33393 -1.81 35860 26823 162 2844 75.00 Full Track fiance 955 008 1407 746 244 31867 17830 opditiruc a ae me P 553 010 699 397 448 86.76 Coming 1%22 W.17 278 GL 08 GO 1G es mam gam ti oes tsubushi UFJ Fincl Grp 20 Biv Ce PA ~ te ee oe - a ae A co7e Northrop Grome 53485 120 77400 47902 185 1697 75.98 Carte Holeieos A 10349 154 230259 9050 247 O90 7022 wiecar ae ce ee British Amer Tobacco 4570 O04 532% 36.77 536 1302 9885 Conese B34 -).17 9097 6053 08) 48799 4975 = : =o F uty Holdege 2 154 M253 OS) 247 990 7822 tei &Ce 200 6500 S 1Gm ae mice ask aéet Gian S4c Seu aes ait? Gedk’ Gente Wa es Go cnc, eA 1443 045 1898 1120 000 2456 5518 PDD Holdings A 8744 088 1394) 7194 000 3498 $9654 \exto finnish I 0 BED im Ss Compass Groap 2356 022 258) 2000 215 280 4007 Cosm Wholesale 96417 -19.86 109650 884.06 062 4792 423.18 RYIDIA 19504 503 23654 16407 051 2973 4719.97 Denmark (DKK) Ninasedo 5 SAN) MOOD : ae Diageo 1634 -009 2142 129% 385 2077 %39 CoupmA 16.09 093 3408 1492 000 16090 2634 - 26 16 418 309.95 18300 165 mean ny pn —_ Closing prices and highs & lows are in traded currency DSVAS 141950 650 191350 12800 049 4138 34131 MT 0 10 WD 1) 10 ee Be er ieee a eS a cl sng cee 5% 008 6745 3880 186 7561 5565 a msds se mic cneny, NowNodst =» 33090 7.15 995 77475 354 1435 112179 eoutHohigs = GMD BM TON OM oN ae ae ciated ssi SOMITE (EEE GR, RNR ETE San eS B97 093 9507 6402 481 1585 Saiz “Ndns Slows aebasetonarling 52 week penod INTEREST RATES: OFFICIAL COMMODITIES VOLATILITY INDICES GILTS: UK FTSE ACTUARIES INDICES Date Rate Current Since last Energy Price Change Agricultere Price Change Jul 31 Day Chg Prev 52wk high 52 wk low Price indives Days Total Murithi Yuut US Fed Funds 3.50-3.75 29-04-2006 3503.75 Brent Crude 89.94 050 Com 440.25 550 Vix 17.37 0.28 17.09 35 30 13.99 Fixed Coupon Jul 31 chg % Retum Return Return Yield US Prime 6.75 29-04-2026 6.75 - 2 VXD 14.91 0.53 14.38 4271 243° Up to5 Years 84.90 0.05 2652.52 0.23 0.90 444 US Discount 3.75 29-04-2026 3.75 Natural tas 202 04 | Wheat 199.75 125 pax 112 085 18.12 35.58 393 0 : : : 7 Euro Repa 1925 01-09-2025 2.40 Light Crude Oil 84.46 037 | Rapeseed 490.00 3.25 vinta ee ee 489 UK Repe 3.75 30 04 2026 3.75 BONDS: BENCHMARK GOVERNMENT 10 15 Years 142.46 0.21 3726.42 2.10 2.04 6.33 O'nicht Call 075 72-01-2006 059 3-5 Fuel Oil 465.33 0.99 Sunflower Seed 10210.00 24.00 ; , Ae | nig : | O1- me ; Red Bid Bid Daily Wkly Mnthly Year 5-15 Years 142.01 0.17 3463.26 1.60 1.13 5.07 witzerland Libor Target 0.25 21-03-2025 0.50 Euro Naphtha Oil 741.43 -227 oybeans 7T75 0.50 Date Coupon Price Yield yieldchg yieldchg yeld chg yield chg Over 15 Years 164.85 07 9290.30 347 513 5.69 Soybeans Meal 317.10 -3.00 ‘ j : Base Metals Australia 06/54 4.75 89.70 5.47 -).07 0.09 021 0.23 All stocks 175.51 0.15 3131.70 -1.52 -1.44 5.30 INTEREST RATES: MARKET Numinium yeas S00 | CocoafiCE Life) 3810.00 92.00 0477 = 475—s«100.12—i—‘<C ST iisiiNDsSs«*1:20 Over Change One Three Six One , = Austria 02/33 2.88 98.22 3.2) 0.00 0.03 0.31 0.33 , Jul 31 night Day Weet Month Month — Morth = Year Copper 13793.50 959 | Cocoa QCEUS) 5.0 = 1053 «2313 4«= 689k (isi (tii Days Month Years Total ~Reurn Return SOFR afeo on noi aA6h | «A7MR| OANA 1879.00 1750 | Galfer (Robusta) 3898.00 1790 Belgium 06/4 325 8061 453 005 004 025 0.25 Indexlinked Ai3!__ig% __chg%_ehg__fetum_1Month_1 Yer EURIBCR 2.206 681 : Coffee (Arabica) 398 45 5 40 Canada 06/27 00 98.74 2.82 0.00 0.00 003 -0.18 Upto5 Years 367.07 0.10 -0.19 164 3150.50 013 2.45 ¥ 22060 2472 2681 2888 Nickel 1725.00 -20.00 | . 1285 275 7780 393 000 003 013 0.15 Over5 Years 46349 037 232 308 362770 22% «© 2.66 ESIH 21% wOW U.UUN 2189 «2.305 2432) 2602 Tin 5531.00 2205 |) See = 170 Denutiank 1733 2.25 95.73 2.87 007 80.01 030 029 5.15 Years 45495 023 -1.01 046 381544 -092 1.01 x ny 11/39 4.50 113.98 3.19 0.03 0.01 0.31 0.26 ' a ; Lotton 19.83 vez 973 (3.00 9022 «ae ne ome re we 46:49 032 -193 -218 368893 -183 -1.68 NIA 3741 0.000 0.000 3.742 3.814 3.958 4185 Precious Metals aa ; ; Orange Juice 149.20 390 France 05/54 3.00 73.70 471 0.05 0.05 0.30 0.27 Rates are fixed at 11am UK time Gold 4044.63 66.04 - 11/33 3.50 99.01 3.65 0.06 0.02 O51 -0.49 msc aa so || ee 4019.12 5823 Germany 08/93«S «26097-20308 Ss 0S,s—(isisi—iéiBsC BONDS: TEN YEAR GOVT SPREADS vial d “T° | Live Cattle 237.85 0.63 08/53 «1.75 ~=Sfs«BOAC(ti«]StiC«iSsC(ts«éiSSs«éi2s«C20—‘ie ld Indices Jul 31 Jul 30 Yr Ago = —=— a ae : 2 = Platinum 1643.19 “3.51 Feeder Cattle 347 48 1.00 Greece 06/28 5.88 101.72 2.91 0.04 0.15 029 O47 5Yrs 4.60 4.5/ 4.26 i rea rea i rea rea oe $ : 4 5 c pi p p p Palladium 198? 96 2097 . 133 4.25 103.59 3.65 0.03 0.55 0.37 0.37 10 Yrs 509 506 459 Yield vsBund vs Bond Yield © vsBund vs Bond Lean Hogs 99.20 0.78 — ireland 1235 B3BO 88228 08703469 ary Sal cal asp Austria 3.35 0.15 4.39 Italy 3.68 0.68 0.96 ron Ore 94.30 “145 | palm Oil (Malaysian) 1127.50 ‘os tal 12/2 2.63 99.71 2.88 004 6003023064 ape ui ine Australia 4.90 1.70 0.16 Japan 280 0.40 $4 Bulk Commodities ld Uo in : — oe aaa nee 9 Netherlands 01/54 2.00 70.52 3.72 0.05 0.05 029 «#0015 4 (45Yrs 45h Aaa am Belgium = 3.64 044 1.10 Netherlands 3.23 0.03 = -151 Battie Dry 2732.00 ggg | eee See RR ee ae tee 0793 «250s 817-—s312,—‘iSSCTSsi«éiBsC : - . Metal Exchange. Com, Wheat, Soybeans: CBOT 2: j ; ; ; ; : Brac 14.81 11.61 13.07 Poland 5.6/7 2.47 0.93 Richarris ICF Futures 193.00 nan Live Cattle, live Fooder, Loan Hage: CME Poland fs 2.75 97.47 4.3) 0.07 0.09 0.36 0.45 China 1.72 -1.48 302 Portugal 345 0.25 -1.29 10/33 6.00 102.84 9.51 0.01 0.01 0.51 0.57 Denmak 3.02 0.18 472 Spain 355 0.36 4.18 Portugal 07/32 630 NBT 315 005 0.01 031 0.37 Real Yield 0% Inflation Ju! 31 Dur Yrs Previous Yr Ago ~ BONDS: GLOBAL INVESTMENT GRADE Spain 1n/S? AR A317 475 ona ons 78 071 r SY TT 998 093 073 France 3.89 0.69 -).85 Sweden 2.91 -0.29 -1.83 : = 10/23 350 101.12 337 0.05 0.02 0.32 0.31 p to5 Years : : ; ; Germany 3.20 0.00 -1.54 UK 56 1.85 0.31 Red Date Coupon BidPrice Bid Yield Daily Weetly Sweden 11/33 “75 96.30 25) 0.00 0.00 0.00 -0.14 Over5 Years 230 15.84 233 1.90 eland 3.23 003 48=6-151—sUuS 4.74 1.54 000 USS licen i oe & @ a0 ec ao 1.90 8.85 1.93 1.61 Morgan Stanley 30/01 4.00 98.79 45) 0.07 on ee Kingdom safes . aa a spat a = ps Over 15 Years 247 22. 62 2.49 201 The prices listed ere indicative and believed accurate at the time of publica- —_ {Yational Rural 32/11 402 94.59 527 0.27 0.37 11/53 475 97.01 531 0.06 0.12 0.39 0.48 tion. No offer is made by ICE or the FT. The FT does notwarrant nor guarantee = wactincinn GaslightCo 36/03 5.76 97.97 502 0.00 0.30 : that the information is reliable or complete. The FT does not accept respon- = ‘s ; . GILTS: UK CASH MARKET sibility and will not be liable for any loss arising from the reliance on or use evince ned into a es a nt 08 Jul 31 Price Yield Red Yield Day Week High Low RealYield5% Inflation i! 31 Dur Yrs Previous Yr Ago ice af the information. For further information covtact newspapers@ice.com Oklahome Gas & Elec 28/04 6.5C 102.80 4.58 0.00 0.34 : ; Euro Tr 1.25p¢ 27 97.23 1.29 425 1.00 0.07 97.31 95.29 Upto5 Years 0.55 224 0.57 0.43 Germany 25/08 222 39.32 2.84 1.07 0.99 1r0.875pc "29 89.41 0.98 4.44 0.13 0.09 91.00 987.88 Over 5 Years 227 15.84 2.23 1.88 See FTSE website for more details www. ftse com/oroducts/indices/ailts, 5 4 . . 5-15¥ 1.83 B.85 1.85 1.54 pain 6/10 2.8 33.30 4.13 0.56 043 Tr 7] 44 1.21 4 O07 8101 ears 83 } © 2026 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE Gilt Closing Prices Belgium 47/06 1 5c 2.21 4.39 053 034 Ces om : vias 7m si civ 8 Over 15 Years 245 22.62 2.47 2.00 infnrmation contained herein is proprietary to Trarleweh: may not he copied or re-distrihuted: is 9 . 2 . : Tr 4.25pe “36 93.87 4.53 5.06 0.32 1.04 99.39 97.65 7 : ; not warranted to be accurate, complet2 or time'y; and dees not constitute investment advice France ; 48/05 2.0C 34.85 4.58 0.47 0.40 Tr45pe 42 88.90 506 5 54 07 021 96.45 8754 All stocks 2.22 13.49 2.24 1.82 Tradeweb is not responsible for any loss or damage that might result from the use of this f Sterling information K United Kingdom a2 4.28 32.74 5.69 1.63 53 12.75pe°S2 7316 = -§.13 5.75 0.37 0.40 81.50 72.00 Tradeweb United Kingdom 47/07 1.50 48.58 5.75 -0.46 046 Tr4pc ‘60 74.40 5.38 5.73 0.44 1.48 83.52 73.44 a FINANCIAL Fr TIMES “Available to Premium subscribers Energy Profit. Power. Politics. Your indispensable energy newsletter. Sign up now at ft.com/newsletters
FINANCIAL TIMES Monday 3 August 2026 FINANCIAL TIMES SHARE SERVICE 52 Week Vo 52 Week Vel 2 Week Vo 52 Week Vo Price 9 4/- Wk Chg High Low id P/E 000s Price 3 +/- Wk Chg righ LOW Yid P/E 000; Pree = +/- Wk Chg Higt Low Yid P/E 000s Price /- Wk Chg High Low Y Pt 000s EE ee i nchcape 838.50 1300 89500 64050 401 1157 51768 BAE Systemsm= 2094.00 123.0) 2360.00 152900 181 3044 614682 AEP Plantations 160.00 500 22900 8840 338 1047 47492 MEGroup 11030 480 22800 9850 757 7.39 96952 <0 Sports se Ue Se Oe Ce ee Chemving Group 580.50 e200 44652137 30.17 55149 Assoc. Brit Foods 2087.00 $15) 235900 1723.45 302 14.74 124447 [Ee Tis ee Be ion Se ie Me ek 7162 q] arns pencer L 14.3 ; Ut ww 225.1 Automobiles & Parts sesh — ene rae Ses a n = sete x Autotrader Grp 573.80 “4.70 B44. Al 41860 221 15.33 = SU8/.5/ Saga 677.00 18.00 695.00 172.51 = 95157 Ford Motors 1083.04 483 131904 90531 412 612 = — ops ae Oe SS OS le 885.30 480 100000 71900 254 2754.71 Sainsbury J 359.40 1440 38030 291.20 381 20.77 193€0.17 Coca-Cola HBC $010.00 14000 519500 327000 205 2263 4338 |, 74.25 1.20 87.35 6570 6.73 12.58 14535.57 : a a _ : = can rh me ss : es te ss co : : ek oe se 1 3 20 307 50 | oats 1.00 set cee re = - = ee ne 2 Bunzl 2802.00 44.00 2832.00 1981.00 2.64 19.87 510.19 sion thaabeieitee ; . s s he ecto oes = a soe Relxs Zeu700 = SU S87B.UU TSST0U 2643.15 29.92 = - - mi oe ; _ Bank of Nova Scotia 6540.77 145 6699.34 4160.22 369 49069 Kerry Group 7044.84 21482 764635 5567.81 1.75 2059 277.8¢ Rightmove 464.50 57.30 82700 39140 232 1853 530771 pita 258 30 = Ww oa 215.00 cs 1.79 a 56 Barclayse 508.70 64.10 352.60 226 11.61 3245428 Tate & Lyles 554.00 59000 319.40 357 25.18 4944.73 STVG as aa : DCC Energy 6330.00 45.00 6740.00 4188.00 3.42 — 1074.00 : - % - — sess —Reciero = = wa 7320.00 7720.00 4970.00 086 5308 324.59 Canadian Imperial $838.63 108% 911065 5348.46 257 33216 Unilevers 473.00 167.50 564211 3644.00 3.39 (1281 397861 vn, nm 46th) ECR iploma 2 : HSBCu 1576.00 232) 160460 90880 353 1753 202805 [PREMatneeinns = Oo ; : Essentra seg a9 hg A ed — 763.05 Lion FinanceGp —11610.00 1204000 690500 319 81¢ 10169 | : . ne Experian 2790.00 4600 4064.00 220300 196 22.82 449.13 LioydsBnkgGom = 114.70 2S 1.2)~—s'197.70 Ss 74.40 «= 350-1639 16707259 —ON Store Nord a eS oe — 1439 6035C AngioAmerican 373300 ~=1200 Ss «4239.00 204200 «0.78 -15.19 3260.58 —Hays 56.40 67.30 2868 0.78 -115.10 1160723 NatWest Group 705.80 298) 72260 50020 496 13.19 470163 Smith&Neph 1196.50 18.50 144150 1080.00 251 21.62 4385.5) = Amotagasta 3655.00 24.00 4475.00 185050 131 3849 83852 HowdenJoinery (78850 2250 981.00 71300 279 1603 141661 OSB Group 556.50 647.50 47900 634 7.36 37907 UDUSCREIE Chee BHP Group 3134.00 3.00 3495.00 187350 326 23.72 568.86 Intertek SY4U.U0 = 2UUU Ss SBBULUU 3819422 BB Perm TSB Group 256.06 21.66 17425 O61 6.60 100466 Barratt Redrow 293.30 41029 23540 5.83 21.57 1400281 Ferrexpo# 28.58 87.23 2720 4.52 Johnson Service 150.40 050 7210 (12380006319) (16.17 = (962.41 Ruyal Bank uf CAe =—-15666.50 16187.03 9596.72 2.38 960.39 Eellway 1988.00 9.00 289000 171500 362 1497 286.12 Fresnillo 2475.00 4472.00 137100 384 17.74 532.09 MITIE Groupe 207.00 214.00 134.80 217 31.36 12344.99 Stand Chart 2188.00 51.0) 2278.00 128500 236 1507 5037.19 ferkeley 3500.00 6800 444200 2796.00 — 1955 27762 Glencores 543.00 5.70 707.20 27520 233 24968.31 RS Group 70150 1900 742.74 §3690 326 2027 8(293 7.375 %Pt 112.00 128.84 109.50 6.58 Burberry Group 1187.50 119.50 137650 976.00 1957.05 Hamony 1163.30 1963.6€ 946 %6 2.63 11 2) 2104.19 Vpe 485.00 = 620.00 470.00 814 -35.14 13.92 8.25%P4 130.00 05) 14380 12500 635 Cairn Homes 208.50 22800 161.00 410 1145 26345 Ric Tintos 17400 305.00 9117.00 434450 482 15.73 131423 Pe Torontc—Dominione 8949.33 9256.88 544142 2.56 841.48 Games Workshope 13120 00 0 73540 00 1407000 3.01 30.64 62 5E Oil & Gas Computacenter 4598.00 196200 277200 162 3139 301.80 Westpack 1976.4 29.0) 2275.39 1609.17 407 18.85 518687 Gleeson my) we 0.50 43500 221 sex 4.04 10.03 oe BPa 552.50 4.10 609.40 397.15 £48 37026.34 NCC Group 141.00 161.60 107.20 2% 2518 3769.39 Headlam Group 698 = 0.30 8400 = 4.64 0.07 5683.42 Capricom 366.00 384.00 181.80 - 1759 10651 The Sage Grp 973.20 11500 123400 771.66 231 25.79 3947.66 Elemertis 177.20 78) 18400 13600 188 -3057 192984 Bride 163.00 740 170000 «106-200 «1.840 6836006 (5852) ExxiMubil Hidys = 1144120 — 11534.80 1130930 2.68 - - Triad Sroupe 370.00 1000 38000 23000 243 37.30 2.35 ; : Ep Ske es a Philips 1944.17 241342 179038 3.74 -4548 271472 GapPark 72R.22 = 736.39 71113 094 11.95 — vat Johnson Mattheye 992.00 74.0) 2434.00 1730.72 387 -3483 47994 : es . Sot ee . 3 oe { at : : poe =e PZ Cussons 110.80 420 113.60 6.09 325 -80.29 437.84 Hellenia Energy 1111.44 1111.44 1090.07 £69 447 269.09 : E Victrex 783.00 35.0) 819.00 515.00 7.01 2447 = 24288 180 2840 74640 2000 = a Ee Ce aoe he : i Airtel Africa 333.00 436.20 20060 158 2409 4418.07 Construction & Materials pct dein us : “ = ° eee —linperial Oil C$ 9596.33 10397.16 617963 1.92 364.90 BT Group 20130 830 26209 17300 413 1830 1656932 TCEnorgyCope SOIR = —«SOBS1S 499245 3.70 250837594 Telecom Pug SLO 29500 6380) 5 OBA (184 Hiford Try © 590 00 537 00 7 50 c 175 Bn 77 ame ee cn a . he ~ : . v : toy Eodycote 7250 2500 85000 8500 322 2331 4350 [flurouiie Sumer Vodafone 11785 325 131.10 80.68 336 -8354 6479915 5 == me : : Je = — Goodwin 17320.00 2850000 830642 1.62 5294 846 AstraZenecam 1263200 15732.00 989200 189 25.76 1304.54 - Hill & Smith 2850.00 314500 1951.80 1.86 27.75 1334£ — Chemical Works 2831.52 — 2831.62 27444) 543 14.46 0.01 Brit Amer Tobaccome 4570.00 5376.00 3677.0 536 13.02 2915.51 discoverlE Grpe 775.00 36.0) 900.00 505.00 168 2566 48068 IMI 2936.00 307600 2137.96 1.20 2362 10251€ GlaxoSmKlines 193150 1200 228200 128860 362 1369 686423 ImperialBrands 2825.00 200 963204 262600 59 11.25 221418 Halmas 3530.00 490200 3191.38 070 3581 1731.65 Melrose 454 30 68500 409.90 1.65 15.67 10129.6€ Hikna Pharm 1595.00 3.00 2004.00 1187.00 394 11.72 5899.24 Tavel&lesue = $= | | & Lei Morgan Adv Mat 226.00 1.0) 251.50 167.00 540 3013 108363 FHI 2825.00 339000 1920.00 545 18.16 37.56 . ; Oxford instrumentse 2732.00 3318.00 1682.00 086 3229 22195 Severfield 37.50 gg65 21.300 - «312-3675 «= re). C00 1200 GHD 2218S) AA Renishaw 4948.00 5490.00 2860.00 158 4295 21773 Weir Group 2636.00 2000 358000 2254.00 1.60 27.54 154891 Briicntand 442.00 446.40 31860 523 : _ _ FifstGroupe ae 20 OM Te EN eR RN TT Electronics 1680 88) 15480 8900 - 445 5401 Dewentlordon 2104.00 2136.00 146933 387 Flutter Entertainment 7588.00 2610.00 672200 - «4883 18.15 . ‘A 776.00 A. 2. 8.2 £29: XP Power |616.00 2060.00 814.32 — ~-38.48 124.47 Coats Group A0.20 440 9810 71.00 309 1826 2917.86 Great Portland Est 349.00 377.00 2/000 2.95 0.00 Fullors ‘A ; deine ae ae a0 oe — ” 2» sa " - mae 7 me IntCont! Hotels 1194130 19160 1330506 8458.00 1.14 3274 198.78 Financial General actanane iJ. J a. aia J Ue : : ame Intl Cons Air 431.90 49290 332.70 1.57 7.09 225(8.83 Smiths 2642.00 974827 2088.00 1.77 30.83 846.93 LondonMetric Prop )3= 195.20 216.20 175.30 6.35 == = : Se SS a ae mapas " See . . oer a FE = : chy : Ee : = - = . Whitbread 2510.00 F300 3302.00 2098.00 3.65 20.36 320.72 oor ss a tee ee : Aberdeen Group 240.60 765.00 17752 607 11.14 393086 Segro 965.00 997.40 60300 327 Bridgepoint Group 320.60 3.0) %3.40 21200 296 64.12 90015 Fravimare 226.00 5.00 76000 «203.11 3.07 = 31.49 7.0C —Shattesbury Capital 143.30 1.20 1290 «12410 289 7.BY 4795.15 Drax Group 737.50 93750 61390 411 3563 1201.57 City of London Inv 476.00 48900 346.00 693 159) 99.45 Fisher (J) 443.00 554 00 320.00 — -§0.92 57.64 Tritax Big Box 170.10 175.00 132.20 £85 - = National Gridm 1190.00 1428.50 1000.00 407 18.17 9178.90 Close Eros 425.60 4.8) 663.50 319.40 6.36 42262 Real Estate Inv & Services Pennons 463.00 606.00 43940 633 23.87 120063 ICG- 18 22 TNO EET AB! 2 9128) Admial Groep 3772.00 184.00 981600 2624.00 5.43 1531 480.30 Grainger 174.50 21300 14944 481 837 199861 — Treat hig ar ail Se a Ps ‘ = — se Se a " Te : i 3 al (3 Aviva 693.40 6 2.40 70080 580.60 5.67 25.78 8190.98 — Haworth Group 13040 340 19100 11680 136 4497 21531 : a ene un = ss - = = - : zs ye Chesnara 34.00 350 38000 51.00 6.54 6812 4092 — Helical 19900 300 24813 18060 132 420 9357 ae ss pan ot ety | necal nsuece 42.00 15500 135.00 6.07 — ~—s- 30.37 Mountview Estatese 8500.00 1020000 840500 618 1828 0.49 ondon Stock Exam 6398.00 10290.00 6684.00 1.68 95.23 1637.78 Hansard Ulobal 51.00 5700 43-70) W793 39.73 15.4¢ = rt ; ee : aps inf en a es se = Savills 920.00 200 1126.00 79146 367 1769 32492 Rathbones Grouo 668.00 7500.00 1580.00 600 1546 11776 Hiscox 1809.00 190400 1246.00 2.07 1347 1241.12 Sirius Real Estat 9 95 - 113.00 86 80 55 163 4733.35 S&U 1945.00 - 245850 162000 591 9.96 234 —_Jancashire Hings an? SO 7onnn 6g = 777) 7M ARS — eS sen en a Pe 06. 0c x a 5 mocariss: tem iE ime ieee cri woe cece RmSSomel RE GN mm, ae RN RN ee TP ICAP Gruup 342.60 355.00 23550 490 13.60 97687 Prudential 1116.00 2U0U 123800 =YU20 «(176.74 BSU3E —Cafiynse 400.00 - 550.00 35000 250 -3.83 - Vanquis Banking Gp 77.30 132.00 77.90 - 2434 783003 Standard Life 923.00 6.50 93200 615.00 6.00 -19597 191546 Qunelm Group 869.50 200 124900 70700 805 11.26 361.92 Halfords Sroup 243.00 700 248.00 12380 3.70 15.99 919.05 | Week Vol 52 Week Vel "2 Week Vo 52 Week Vol Pine 4/- Wk Cho High | rw Vid P/F ine Prine V Chg High nw Vid P/F finn: Pree o/~ Wk Chg High | ow Vid P/F Nn Pore 4/- Wk (Chg High | roar Vid P/F fis EP Marshe 676.00 71000 613.00 537 5.10 40.90 «LL Cohort 1226.00 1538.00 881.10 146 23.47 6350 Eurford Capital 300.60 105400 279.80 3.14 13.95 142.62 Mission Group 18.00 27.00 12.00 - 085 68.18 Christe 156.00 1000 165.00 90.00 224 30.71 35.64 Velocity Composites 14.00 - 2600 = 1200 = — —-7.00 ~—7400~—“Premier Miton Groupe 37.50 0.25 6800 538.00 48.08 628 Lone 3600.00 5000 375500 210000 269 18.6 BasicResources(ExMiningy Central AsiaMetals 147.40 24400 12527 914 466 46547 NWF 139.50 ge me of i Cropper J 380.00 10.0) 41450 230.00 123 5142 Camellia 5450.00 15000 630000 4800.00 477 -29.19 0.26 Cris Therapeutics 950 18.50 800 - 4.86 6.95 —«CPetarcs 10.25 - 12.50 70 - -15.20 13.69 struction & Material FeverveeDrinks 882004200 00D D201 4590 276A a te OS Nichols 1060.00 8000 142500 980.00 367 1807 8977 Acesys Tech 1.20 19.84 58.10 — 31.19 1855 BorsthnPet 11.10 14.00 7.60 “93.36 1371.83 ; House, Leisure & Pers Goods Searunae Oxford Metrics 38.20 60.40 3750 851 -69.45 157.84 Churchill 385.00 46000 271.00 545 970 1878 Checkit 18.50 2700 12.35 ae | ae ve ool as : Sareum Holdings 7300 100 2900 950 - 358 741.08 — ~ ; A ato eon 34m “Of «8A emetnon eae ce i a ee a ee Portmeirion 50.00 13800 = 47.14 - 1.10 29.18 Jet? 1540.00 8600 167600 98000 1.10 729 75315 Thorpe FW 253.0) $50.00 240.00 283 11.66 2865 sanderson DesignGrpe 77.50 1.00 7300 40.00 1.94 2601 10997 — Bochoo Group 22.40 2950 1030 ~ 289 1558.07 Arbuthnot Banking 840.00 125) 113000 79900 655 7.70 492 teint 1420.00 190000 110000 181 21.36 412 52 Week Cis 52 Week Dis-) £2 Week Dis{-) Price = +/- Wk Chg High Low Vid NAV Frem Price +» Wk Chg High Low Yid NAV Pren Pree = +/- Wk Chg High Low Yid WAV Prem Conventional (Ex Private Equity) Fidel 42 5.00 4a 67 1 451.29 -A Polar Fi 46.5 1991 7 0.79 : : ielity Euro 8.50 6.00 200 67.50 231 45 23 49€ — PolarFin 246.50 253.0¢ 199.16 254.70 0 Guide to FT Share Service 31 Infra 390.00 294 50 375.00 354 402.89 357 Fidelity Spec 463.50 11.50 469 50 372.00 2.23 463.53 0.44 Polar Tech. 626.50 743.50 384.00 — 675.24 -§.99 pees aioe 20) aaa 7600 693 10336 <1225 Finsbury C8 804.00 35.00 97400 70625 251 #87060 Oe Rights &lss IT 2310.00 7360.00 1965.13 195 290229 20.29 ; Abt Sm 1704.00 1758.00 1408.07 281 1908.33 968 The Gibl Small Co 191.90 198 40 162.40 164 20057 35] RIT Cap 7565.00 55.00 2610.00 1906.08 1.75 3159.00 20.54 All data is as of close of the previous business day. Company classiications are based on the mane : = ne - ne na ti an an ICB system used by -TSE. FSTE 100 constituents are shown in bold. Closing prices are shown Abardean Asia Fo 418.00 464.00 374.00 1.54 455.91 B17 GRIT{susp 1.25 125 1.25 14.40 -91.32 Ruffer Inv Pr 296.50 3.50 319.00 281.26 2.09 305.48 -2.80 erdean Asia roc 418.00 ws wv ' - : an nn =i Schdr AsiaP 791.00 897 00 585 00 164 901.13 9.65 in pence unless otherwise indicated. Highs & lows are based un inva-day trading uver a rolling Aberdeen Asian Inc Fund 304.00 357.00 229.00 6.17 332.19 6.74 Hansa = 00 = bad ” 00 250.00 1.31 ae 95 “37 BS . - a - ~ - a , - - a . me 52 week period. Price/earnings ratios (P/E) are based on latest annual reports and accounts Aberdeen Eg Inc 461.00 1.0) 473.00 359.25 5.01 456.96 1.94 Hansa A 313.00 3.00 33000 = 244.00 1.41 533.95 ~41.5) Schdr AsiaTotal a ses 0.00 di at 488 " 1.67 10.40 Sos and are updated with interim ficures. P/E is calculated using the company's diluted earnings Aberdeen UK Smil 508.00 63000 44150 276 561.34 gg? —s Hen FarEs 256.50 28150 22450 9.77 238.60 6.15 Schroder Inc 370.00 13.00 376.00 =S1000 863.97 395.00 0.42 from continuing operations. Yields are based on closing price and on dividends paid in the last Alliance Witan 1345.00 272.0) 1356.00 1178.00 2.18 1406.26 465 Hen High Inc 205.00 1.00 21220 173.25 5.43 217.29 -5.01 Schdr Japan 373.00 4.00 401.00 258.00 3.25 402.88 -7.10 financial year and updated with interim fqures. Yields are shown in net terms; dividends on Allianz Teche 670.00 784.00 439.58 — 73939 -582 HenSmir 953.00 400 96600 789.00 3.04 103425 -7.71 Schdr Orient 442.00 5.00 460.50 29800 299 458.16 -3.96 UK companies are net of 10% tax, non-UK companies are gross of tax. Highs & lows, yields Artemis UK Future Lead 382.00 90) 33500 32100 4.04 430.5¢ -1095 Herald 2950.00 329073 2285.00 3244.09 -625 SchdrUKMid 750.00 11.00 77200 65200 301 79454 4.94 and PER are adjusted to reflect capital changes where appropriate. Trading volumes are end of Aurora LIK Alpha mann =a) 927791 AR O7RAAR = «118A ~—CHIICL Infra 136.00 180 13800 107.20 625 16088 -1547 — Scct American 55500 9.00 561.00 48010 295 597.74 6.69 © aggregated} totals, rounded to the nearest 1.000 shares Net asset value per share (NAV) AVI Japan 164.00 194.00 154.50 134 171.46 281 Impax Env 432.00 200 49476 379.00 118 496.97 12.91 Scot Mortgage 1330.50 450 1563.00 1015.74 0.34 1459.49 -955 and split analytics are provided only = a guide seeeseen and premiums are calculated using . . me “ oe nan . : Scct Oriental 756.00 305.00 240.00 133 283.40 931 the latest cum fair net asset value estimate and closing price. Disccunts, premiums, gross BG China Growth 306.00 40) %31.04 260.00 0.82 341.88 453 IntBiotech 1020.00 1235.00 624.20 3.07 1127.99 -6.85 CCl UTeNt : we v . ad ~ redemption yield (GRY| and hurdle rate (HR) to share price ‘SP) and HR to out (WO) are ; : 23 55 Surateyic Ey 36200 700 41500 33000 117 367.21 6.42 ee ee) BG Euro 117.00 25) 118.00 91.40 0.62 127.00 6.44 Intl PP 142.00 20 14320 115.60 6.19 152.33 -6.65 z Fae a : Lie z displayed as a percentage, NAV in pence BG Japan 1036.00 56 0) 1044.00 811.10 097 1128.55 80 Inv Asia Dragon Ts: 483.00 950 51900 366.00 998 514.53 6.4) Temple Bar 419.50 13.50 428.00 329.00 3.72 415.96 0.46 BG Shin 161.40 4.2) 168.40 12305 043 178.73 923 Inv Bond Inc 170.00 17850 150.11 97.21: 167.55 1.8€ — Tetragan 11807 4a he | ASPSH 348 BG US Growth 306.00 0.5) 969.50 260.15 336.42 7.61 JPM Amer IT 1200.00 123800 1041.00 096 1231.12 -20¢ TRIG 76.10 0.10 86.20 6320 992 104.72 -26.85 «trading ex-cividend Bankers IT 147.00 153.40 12060 1.92 16069 -7.15 JPMChina Gal 268.50 250 31300 28650 505 30055 -7g¢ Utilico EmerVikts 287.00 500 30200 23988 334 31502 -9.02 # price at time of suspension from trading : : . . . . . ‘ ; “s ; : : ; ni 19 — iv 29 c + FT Ishire Global 500 company Biotech Growth 1602.00 1684.00 80400 — 175695 -580 JPMClaw 974.00 2400 98000 78250 375 99119 -1.44 VEL 70300 13.00 865.00 68200 — 74.56 -11.86 Se BickR Energy & Res 174.00 25.00 11650 333 1829) 410 JPM Emrg EMEA 250.50 31000 181.65 024 6696 27336 MAUS The prices listed are indicative and believed accurate at tha time of publication. No offer is BickR Fiurit 187.00 208.00 159.50 4.07 185.98 1.31 JPM Emrg 161.60 18120 8 8©=118.40 4.65 177.06 “TAY CT *rivEq 500.00 1.50 597.00 43984 5.64 695.01 -78.06 made by ICE ur the FT. The FT does nut warrant nur guaranee thal the information is reliable BickR GtEur 988.00 625.00 506.95 1.22 632.16 620 JPM Eur Disc 625.00 4.00 66600 548.00 256 677.12 11) HGCapital 390.00 9.50 524.42 31864 128 529.68 26.37 or complete. The FT does not accept responsibility and will not be liable for any loss erising BickR 1&G 227.00 738.00 19800 339 26207 -1013 JPM EurG&l 146.80 2.00 15300 121.50 3.71 14792 -O9€ ype 936.00 3470.00 263083 — 450200 -25.26 =p Oe eet he eee Serene — BickR Smir 269.00 738.40 230.80 295 30560 -11.45 JPMEmMkDiv 199.50 272100 14500 301 21934 827 cent 144000 /400 161142 128831 292 20383 -29.20 ee is ep — Z : spss RSC gay os ss = aeRO a BickR World Minin 883.00 107286 54315 272 903.62 124 JPM GbiG& 609.00 450 61650 52960 407 61651 0.3€ ' ‘ 5) no00 3195 _ BI 2615 SESE SERPS: SNE SOEAED A RNG Sa BEE POG onS, ao Oe 9 i Pantheon int 395.20 9.00 409.0¢ 319.50 925.70 29.18 discretion. For new sales enquines please email gata@Mfitcom, For further information contact Brunner 1538.00 38.0) 1562.00 1336.00 1.76 1722.98 -10.29 JPM India Gwth In: 882.00 22.00 110600 799.00 5.02 957.90 -7.7¢ Pariners PE & 598 47 94557 58357 1000 11.84 40.88 swenaners@ire Caledonia Inv 388.00 7.0) 995.00 31200 1.98 59411 -3520 JPM Japen 789.00 84900 633.00 1.10 846.21 6.10 CSTE CanGen C$ 2698.84 2667.59 2160.49 2.43 85.40 -39.87 JPM UK Sm 342.50 5.00 360.00 207 92 4.24 376.26 -9.4¢ ant z = aa City of Lon 59300 11.0) 59900 48600 374 58301 191 JPMUSSmi 422.00 46300 365.00 0.74 474g = -8g7.-S AEWUKREM ee ee COS NatRes 351.00 467.00 20700 806 349927 263 lawDeb 122200 800 127000 977.40 298 122482 26; JR?rop a A a Lf CT Hedlthcare 144.00 15240 11040 3.75 149.91 0.04 —_Lindsell Train 5400 24.00 ©«9p800 536.00 479 «725 «2.7 «nn CT Mail 131.50 135.00 11400 6.08 131.13 0.24 Lowland 182.50 2.50 18650 141.50) «3.71 201.13 =-9.02, Ss Bm 2nd 47.50 5400 3950 840 4395 -4.70 CT MadG 320.00 — 330.00 270.00 — 324.4) -1.07 — Marwyn Val 139.00 = 13925 136.00 652 25054 -4452 Nthn2VCT 54.00 2.00 57.00 4700 556 54.60 -4.76 CT Cpal 358.00 7.0) 373.00 32000 372 376.70 431 Mercantile 776.50 28200 23431 298 309.28 992 Nthn3VCT 84.50 3.50 86.50 7950 533 85.10 -482 CT UK HITB 112.50 5.5) 120.00 9200 530 120.2% 7.00 Merch. Trst 666.00 1900 67300 536.00 446 70718 5.71 Nthn Venture 67.50 2.50 s950 5300 539 57.80 -4.84 : CT UK HIT Ord 11600 375 12600 9700 514 12013 -1.89 MidWynd 70.00 800 80400 68200 1.08 79386 -1.76 —2Sn SET Data provided by Dunedin Inc 314.00 8.0) 318.00 275.00 = 642 342.98 874 | Monks IT = : eS ee meet 117.00 = 120.18 10872 — 115.13 1.64 Edinburgh Inv 944.00 14.0) 960.00 737.60 379 918.31 -8.09 Montanaro Eur 174.00 1.50 189.00 142.00 0.89 189.78 -7.5) Edin Worldwide 232.50 29450 185.80 — 255% 781 Murray Inz 1020.00 2100 103400 85466 402 109890 -7.04 Markets and data Euro Opps{susp 3700 27.0) 957.00 782.00 — 979.05 507 = Murray Intl 368.50 7.00 37100 283.50 3.42 364.32 0.9S — Lrys Amber gY.50 155.38 87.00 — 1559 49.08 The Euro SmiCo 234.00 2.03 247.21 19380 540 253.74 798 New StarlT 139.50 14400 §=107.00 254 20350 -31.48 F&C Inv Trust 331.20 133200 325.80 1.27 366.26 811 N. Atl Smir IT 424.00 5.00 43300 92800 1.65 617.16 31.95 i¢ e happen here. Fidelity Asian 588.00 2.0) 672.00 546.00 349 62144 -463 Pac. Horiz 1056.00 126200 638.00 0.14 1166.21 750 Fidelity China 26800 11.0) 6900 24101 336 278.11 515 Pers. Assets 65.00 11.00 65500 607.00 103 54467 0.96 ; FidelityEmerMkts 1370.00 1574.00 81000 1.45 141897 -7.86 FolarHeaith 438.00 46000 321.00 050 434.38 3.0) on FINANCIAL TIMES Fr IS YOUR SHARE PRICE BEING NOTICED? The Financial Times Share Service sections help you to reach and engage financially aware decision-makers and affluent shareholders from across the world in print and online. To advertise contact carol.ramsey@ft.com
Monday 3 August 2026 FINANCIAL TIMES MANAGED FUNDS SERVICE 2003 - 2026 Performance Since Launch =< Fund —— Benchmark Sector %o Top 10 Holdings % sao Infomation Technology (Sm | irc2dcon a4 (5 U | N N E S S 1200% Lam Research Corp 4] GLOBAL INVESTORS Communicatian Services 28 Amazon.com 4) 1000% Financials 12.5 jf <LA-Tencor 4.0 Firm Name Guinness Global Investors 800% Alphabet 3.9 oa Heath Care 10.8 ll Guiness Global Innovators Fund Y GBP Ac: — AMD a7 ISIN Industrials 19 Applied Materials 37 IEQOBCXX3K83 pp Bid Price (06-07-26) es ABB 37 46.40 Consumer Uiscretioary by [a Yield (06-07-26) 200% Apple 3.6 0.00 Change (06-07-26) os Cash 22 «i \Wwidia Corp 35 0.13 m2 on4 95 OR M7 OR MY IN 11 «17 «12 «14 tH 1h 17: «1R 19 MM 91 9 PS 24 IH Total 100 Top 10 Holdings 38.8 Fund Bid Uffer +/- Yield 24m 36m_ Fund Bid Offer +/- Yield 24m 36m _ Fund Bid Offer +/- Yield 24m 36m fund Bid Uffer +/- Yield 24m 36m CG Asset Management Limited (IRL) O66 , 20 King Steet, London ECZV 8EG at, 06 oe O m [| S rown Deaiing: Te +353 1434 5098 Fax +353 1542 2859 232425 FCA Recognised INVESTMENTS ama ALVISORY eae edentree Thoughtful Investing. Absolute Retum M Inc £ 14420 015 261 3.10 251 Capital Cearing Portfolio GBP P £ 3450.0) 46.63 195 298 235 EdentTree Investment Manag nt Lid (UK) Algebris Investments (IRL) Brown Advisory Funds PLC (IRL) — Capital Gearing Portfolio GBP V £ 1919 023 194 300 235 gindertand SR43 4AU OB00 368 3010 Regulated Dollar Fund Cis D inc £ 153.01 O54 282 1.21 -238 psthorised Inv Funds Aigebris Core Italy | EUR € 28756 - 348 0.00 2615 18.12 CARecognised Uollar Hedged GH Inc £ 94) Ue 24 U8 OUR moan Bond soos co an om on on ree id m| 0 4 . ! 5 Aigebris Core Italy R EUR € 267 - 32) 0.00 2521 17.24 Global Leaders FundUSD C $ 3223 0.23 O00 747 11.04 RealRetur Cls Ainc £ 18372 023 255 O59 -222 is : : EdznTree Green Impact Equity 136.30 160 O85 9.44 10.35 Aigebris Financial Credit | EU € 22325 - 0.46 0.00 693 966 Global Leaders Sustainable Fund USD C $ 1887 0.13 000 621 987 — UK IhdexLinked Bond G inc £ 104.5 ac? 210 049 0.00 , Eden Tree Green Impact Infrastructure 77.09 053 GOS -323 -6.78 Agebris Financial Credit | GBP £ 20199 - 039 0.00 000 0.00 Global Sustainable Total Return BondGEPB 2 9.46 0.01 000 000 000 ae ee ‘heed 70 106 306 om 000 Agebris Financial Credit | USD $ 21070 - 238 586 O00 0.00 Global Sustainable Total Return Bond USDB $ 10.90 000 og 000 000 lied usta’ ees ; : ; ; : EdanTree Sustainable European Equity A 489.30 -160 177 13.22 14.3) Algchris Financin! Credit R FUR e 179 11 nan onn aos) =6fffn US Equity Growth Find USD B 3 73.30 0.38 00 826 11.79 Edan Tree Sustainable E E ity 3 494.40 160 000 1316 1427 ree ar € CUrOpean =“ A . i A\gebris Financial Equity B EUR € 39.79 - 212 000 000 0.00 US Flexible Equity Fund USDB $ 41.25 047 000 1203 1658 Chartered Asset Management Pte Ltd * : - EdanTree Sustainable Global Equity A 452.00 790 O55 955 950 Agebris Financial Equity R EUR € 31691 - 170 0.00 27.38 28.36 US Mid Cap Growth Fund USD C $ 24.36 0.18 6.00 1021 1163 Other International Funds Edentree Sustainable Global Equity E 455.90 800 097 949 9.46 Aigebris Financial Equity Fund B GBP £ 32626 - 181 0.00 0.00 0.00 US Small Cap Blend Fund USD B $ 31.83 0.05 0.00 1483 1286 CaN-GIrVLL $ 4B SBD UW LOU UA SS nM acotaconeh ea OS AS an Iree sustanmabdle Man ncome , x \ a Algebris Financial Fquity Fund R USD § 4a\94 - 98706390 ) «6h 6th US Smaller Compan es Fund USD B $ 47.00 033 0.00 1289 922 CAM Gti VEC $ 147718 no ron RR ARG ; Ed2nTree Sustainable Managed Income B 153.90 020 471 678 565 A\gebris Financial Income | EUR € 30527 - 089 000 1622 1808 — US Sustainable Growth Fund USDC $ 3838 068 0.00 596 1264 RAIC VCC $ 1.84 0co C00 897 -1.66 EdanTrec Sustainable Short Dated Bend 95.60 cog 460 032 1.7 A\gebris Financial Income R EUR € 26882 - 077 0.00 1518 17.02 US Sustainable Value Fund USD C Acc $ 17.73 010 000 000 000 ; Raskeictiaasaelt saatraae Ss A RR ae EdenTree Sustainable Sterling Bond A 84.82 C12 498 -053 0.67 $ Financial Income = . A i : Ed2nTree Sustainable Sterling Bond B 97.86 014 498 O07 128 A\gebris Financial Income Fund | USD $ 25589 - O81 000 000 0.00 / EdanTree Sustaivable UK Equity A 254.40 0.70 163 638 4.75 AgebrisGlobalCreditOpportunities|EUR € 15540 - 0.15 0.00 394 6.42 ; ; AigebrisGlobal Credit OpportunitiesREUR € 14911 - 014 000 337 593 CP Global Belen roe Sustainable OR Eewity 8 a oT 208 eee . : oO Ed2n Tree Sustainable UK Equity Opp A 323.70 -190 142 269 574 AgebrisGlobalCreditOpporunities|GBP o£ 15447 - 213 0.00 0.00 0.00 . oe Asset Ma nagement EdanTree Sustainable UK Equity Opp B 330.30 200 191 260 568 AgebrisGlobalCreditOpportunities|USD $ 15945 - 0.12 0.00 O00 000 Aigebris |G Financial Credit | UR € 12029 - 012 000 558 7.71 W E A L T H Aigebris |G Financial Credit R EUR € 11630 - O12 000 505 7.18 Aigebris Strategic Credit Fund R EUR € 11594 - 0.00 0.00 405 0.00 Aigebris Global Equity Select B EUR e 588 - O35 000 156¢ 1597 Canaccord International Fund Managers Limited (JER) CP Global Asset Management Pte.Ltd. Aigebris Global Equity Select R EUR € 1047 - ODF (ooo rary sag “TRA Een, Sree Joey 2 oem © a heeennien atone 144 (0, 1534 700 104 (Int.) :44 808 169 7966 (UK) International Mutual Funds Canaccord Wealth International Muiti Strategy Funds Limited CP Multi Strategy Fund $ AG33A 023 000 1249 1370 8 e Balanced Strategy : 1.16 0.00 O00 1163 11.19 i e ity Balanced Strategy A : 1.16 0.00 184 827 855 aseweawumins Cautious Balenced Strategy 2 1.47 0.00 OS! $925 915 CP Capital Asset Management Limited Cautiouc Balsncod Strategy A 2 1.06 000) 61.04 Gey 7.10 dagsmucosbloom, Fmail: fundsenicesGicoobl com @) Growth Strategy & s«263 0.00 075 046 510 Intemational Mutual Funds FIL Investment Services (1200)F (UK) A F I [ Growth Strategy A : 1.26 0.00 O54 1002 10.72 CP Qual-Purpose Fund $ 21263 O06 C00 0.00 0.00 Beech Gete, Millfield Lane, Lower Kingswood, Tadworth KT20 GRP TE! IS ot Goes Sear SE 6 0.00 024 1429 1458 — CPGlobel Alpha Fund $ 505.47 O15 C00 11.66 13.01 Calltree:Prvate Clvents yuyy 414161 a High Growth Stratecy A 2 132 0.00 O52 1181 1191 — CPSMaxte: Private Fund $ 61075 - 0C2 C00 1.43 124 Broker Dealings: 080414 181 High Income Bond Fund B Monthly 2 1.00 0.00 000 000 000 OEIC Funds Artemis Fund Managers Ltd (1200)F (UK) High Income Bond Fund B Quarterly : 1.00 0.00 0.00 090 0.00 Alocator World Fund W-Acc-GBP £ 427 0.05 1.00 16.08 16.13 57 St James's Street, London SW1A 1LD 0800 092 2051 US$ Growth Strategy $ 253 UU2 UZl 1496 15.09 Americar Fund W-Acc-GBP £ sail 116 000 842 1322 Authorised Inv Funds Oo . Americar Special Sits W-Acc-GBP £ 2902 0.05 042 637 9.86 Dealing Daily Initial Charge Nil for A classes ard up to 2% for other classes. Artemis Corporate Bord | Acc 11837 - 020 000 533 6.58 D Oo dge C ox” Asia Funds W-Acc-GBP f 2077 198 053 37.41 27.78 Artemis Global Income | Dis 23942 - 555 000 217 0.50 Asia Pacific Opps W-Acc £ 3.40 (08 068 11.43 7.80 Artemis High Income 1.0 Inc 7.45 - O18 O23 311 3.56 Worldwide Funds Asian Dividend Fund W-Acc-GBP £ 361 0.08 206 21.21 16.72 Artemis Inenme | Ine qA779 «= «8119 «HAR 1274 12305 Cash Fund W-Acc-GEP £ 121 0.00 371 0.00 0.00 Artemis Monthly Dist | Inc 101.02 - 113 0.00 1374 13.65 China Fund W-Accumulation-GBP £ 257 0.00 412 635 O2I Artemis Short-Dn Stra: Bond 133.33 - O06 0.00 641 7.46 < A N D Re | A M 2 Dodge & Cox Worldwide Funds (IRL) Emerging Mkts NAV 1418.97 823 0.00 0.00 0.00 Artemis SmartGAHP bur Eq | Acc 1018.31 402 UOU 29.16 W.12 48-49 Pall Mall, London SW1Y 5JG Enhanced Income Fund W-Inc-GBP £ 0.95 0.00 209 -1.45 -1.96 Artemis SmartGARP Glohal Small Ca! Acc 47 - «6 17) 195 1AR 1448 BY NEW YORK LIFE INVESTMENT MANAGEMENT anv. doioeandcox com +44 0205 642 3370 European Fund W-Acc-SBP £ 3198 (42 146 608 823 Artemis SmartGARP GloEmr Eq | Ace 340.05 - 1686 0.00 2871 27.2 FCA Recognised Global High Income Eond W-Acc-GBP £ 157 0.00 592 589 803 Artemis SmartGARP Gio Eq | Acc 773.16 - 1594 0.00 27.84 26.07 Dodge & Cox Worldwide Funds-Emerging Markets Stock Fund Sustainable Euro Equity Fund W-ACC-GBP =f 7.24 0.10 1.16 868 887 Artemis Strategic: Assets | Acr 10773 = «111 0M 734 7% FoR Recognised Emerging Markets Stock Fund AUSD Acc = $15.8 047 C00 26.43 24.04 japan Fund W-ACC-GBP £ 1029 045 093 27.21 22.88 Actemis Strategic Bond | Q Acc 1563 - 027 4 8M 7% — mane =e =a Sa Emon Matos Stok Font AGEP Ac 86 £ =| 16G O25 00 23.20 2089 select 50 Balanced Furd Pl-Acc-GBP £ 151 01 219 0.00 0.00 ‘andriam ap & : -1. i 4 : _ x cae Artemis UK Selact Fund Class | Acc 1496.01 726 000 1061 2187 a cua igh Yield Ca ae vec! haw en ke Emerging Markets Stock Fund DGBPDis = £ = (14.86 O21 169 20.58 1833 Special Situations Fund W-ACC-GBP £ 7287 09 228 17.73 18.18 li | % . A . - r n andriam S$ i Yieid -C Cap 4 289. 7 i 4 Artemis UK Special Sits | Acc 1254.35 790 0.00 1471 16.34 ssnds lt inl Sk Ubon -Ca say voy uw an ate Dodge & Cox Worldwide Funds-Global Bond Funds Sustainable Water & Waste W-ACC-GBP 126.60 0.00 000 7.94 1.31 andriam s in on-l-Lap £ ; i , : E = ft 07 18. Sustainable Water & Waste W-INC-GBP 12400 0.00 0.00 0.00 0.00 Artemis US Extended Alpha | Acc ed Ce cacihieen Hone ost ane Ca @ 14433 035 om 28a 313 EURAccimulating Class pene ee ee UK se = cela £ A473 002 171 409 7.91 — US me | Acc 972.40 a a Oe annie tas oe @ 1348913 - 8615 000 -294 -236 EURAccimulating Class(H) € 1217 acs 000 426 449 ies icleil fe ALTE eas 001 247 1699 1478 Alters US Sinit Cus | Ave 511.29 - 1064 0.00 2266 22.82 Candriam Eqts L Australia Cap A$ AS 208901 071 Om 704 789 EUR Distributing Class e 1B OCS C00 152 -066 — a . _ _ . . - Candnam égts L Emerging Mkts Lap & 150501 4435 UU 2826 7392 EUR Distibutiny Class (H) € 7.45 oc2 £05 061 -029 mone ; : : a Global Special Sits W-ACC-GBP £ 8984 228 020 17.29 17.25 4 Candriam Faities | Rinter*h-C-Cap $ 158507 ag? oo 58n 71398 GBPDistributing Class £ 11.82 O07 475 123 -1.05 “Fs owe Pare GaP : o78 015 1685 2573 2112 yee ex Ll Markets “Al : . he d | ad Candriam Equities LEurope Innov-R-Cap = €— (255.78 1.26 0.00 -460 -279 — GBPDistributing Class (H) f BAR G2 470 1.23 123 sede i wesceleieie + aM ererenrate Candriam Index Arbitrage -C-Cap & 1539.82 “1.86 0.00 187 290 USD Accumulating Class ~ een £ 417 a9 ‘© me on Candriam Long Short Credi: R-Cap & 120.36 0.01 0.00 329 411 — CHFDistibuting Class (Hf) Str 7.62 Oc3 C00 295 -277 a salle ee eel Peete ae ee index Pacific ex Japan P-ACC-SBP £ 263 (01 263 1272 10.77 a ee - : 10 £77 Dodge & Cox Worldwide Funds-Global Stock Funds index Sterling Carp Bond FundP-ACC-GBP £ 096 000 519 000 0.00 ASB Capital Candriam Sust Bond Emerg Mkts | Dist $ 171.36 093 000 720 358 vies ulemape-cap oes ee Gate Village 5, Level 4, Unit 11, DIFC, ; USD Accumulating Share Class $ 4941 056 000 1605 17.79 aoe ; : : Dubai United Arab Emirates Candriam Sust Bond Euro Corp R Cap € 111.67 0.00 000 431 518 - GRO ee te ee wonun,asbe com Candriam Sust GlbIHighYield-I-Cap € 1260.75 i 6m 47 gs Soon teetes Z an Bh) Be Ae ASB SUKUK - ACC $ 10330 - 006 000 00 0.00 : ; MoneyBuilder Balanced Fund W-Acc-GBP sf 079 0.00 290 0.00 0.00 . Candriam Eq Climt Action 1-Cap $ 213381 - 7066 0.00 1619 1017 "URAccimulating Share Class . US ca OM ey eat a AGP SAM BT + en a eee one oe candriam Sust Eq Emerging MktsC-Can «-~=«T83'SB «1095 0.00 2666 20:36 _SBPDistituting Share Ciass (Ht £ 22 024 600 13.89 15.35 ManeyBrilder Dividenc Fund WAccGBP = £ 1.86 sid Sasi eel = * é i. A A ASB MENA Equity $ 957 - 209 000 000 0.00 Malti Asset Allcc De‘ensive Fd W-ACC-GBP 1.57 0.00 0.00 641 5.95 Candriam Sust Eq World-C-Cap — 46.09 0.26 0.00 1094 1311 Dodge & Cox Worldwide Funds-US Stock Fund ise And cee wntae « = we tae Ga? 160 J S5C oc . : A x NYLIM GF US High YieldCarp Bond-R-Cao $ §6173.72 O19 O00 656 7.41 USD Accumulating Share Class $ 59.99 0S C00 13.26 15.97 aii Aes Kies awarcw £ i am th 358. ani Atlantas Sicav (LUX) oF soma oe oe _ = O69 C00 1035 1299 Misiti Asset BalancedincFAWINC-SBP £ 103 001 000 382 324 Other International Funds scien = cE 2% ein C00 9.48 12.07 patti Asset ie & Gil Fund W-ING-GBP of 1.32 0.01 2.75 11.20 9.03 Candriam Investors Group EUR Accimuiating Share Class c Gs O54 C00 6:72 10.98 Ajsiti Assat Income Fund W-INC-GBP £ a9 001 000 271 1.90 American Dynamic $ 901411 - 000 000 O00 000 Otherinternational Funds CE Dans Re ERS ; 2m 002 C00 11.84 14.46 Multi Asset Open Advent W-ACC-GBP £ 247 0.00 1.70 1232 11.47 American One $ 1070011 - 000 0.00 1095 1366 USD Disirituting Class $ 2198 O02 €00 1238 1501 ast: asset Open Defen W-ALC-GBP ; i= nay lane ee) ae ; Candriam Bds Euro Sh.Term Cap 2 2191.39 135 000 295 3.0 - a: : : Ba eeeet € 1664.05 = 0.00 0.00 18475 Candriam Bonds Credit Opportunities @ 22153 012 OM 315 369 Multi Asset Open GrowthFund W-ACC-GBP £ 230 0.00 183 11.85 10.97 Eurocroissance € 13040 - 000 000 O00 000 Candriam Bonds Emerg Mkt-C-Cap $ 3093.92 315 000 885 1058 Multi Asset Open Strat. Fund W-ACC-GBP £ 1.96 000 243 977 875 cies $ 1218 000 O00 (00) 000 anki Equities Eup Opt Olt+Cap «(25800 103 000 931 569 Open World Fund W-Acc-GBP e& 633) 0.01 084 1289 128 Candriam Equities LGlobalDemgRCap € 37992 223 O00 993 1320 Strategic Bond Fund P-Acc-GEP £9 000 307 543 6.17 Candriam Equities Onco imot-I-Cao $ 3526.11 021 000 1001 957 Index UK Gilt Fund P-Acc-GBP f£ «7 0.00 442 216 229 Candriam Equities LRobrainnvTechiCap $ +«732087 «= «34458 000 2968 2876 DRAGON CAPITAL Sustainable Asia Fquity Fund W-ACC-GRP 278 112 O78 7574 1899 Sust Multi Asset Balanced Fund W-ACC-GBP £ 121 001 203 0.00 0.00 N Y BLUE WHALE Sust Multi Asset Cor. fd W-ACC-GBP £ 1.08 001 0.00 0.00 0.00 N la Cantab Asset Management Ltd (UK) Sust Mult: Asset Gwih hd W-ADL-GBP £ 1.32 vue 1b U0O O00 01223522000 ; UK Opportunities Fund W-ACC-GBP £ 271 0.01 187 0.00 0.00 #OutperformanceMatters Dragon Capital reer UK Smaller Companies W-ACC-GBP £ 479 0.02 235 358 8.10 FCA Recognised Fund Jofgumation-info@dragoncapital com Blue Whale Investment Funds ICAV (IRE) =v Cantab Balanced A GHP Acc 138.94 U1Z2 180 356 910 Other International Funds : VT Cantab Moderate A GBP Acc 137.58 O01 212 923 812 VietnamEquity (UCITS Fund A USD) $ 4B oc} C00 412 000 FCA Recognised-Ireland UCITS VT Cantab Sustainable Gb! Eq A GBP Acc 169.22 004 137 938 948 Blue Whale Growth USD T $ 749 - 164 000 000 0.00
16 * FINANCIAL TIMES Monday 3 August 2026 MANAGED FUNDS SERVICE Fund Bid Offer +/- Yied 24m 36m Fund Bid Offer +/- Yield 24m 36m Fund Bid Offer +/- Yield 24m 36m _ Fund Bid Offer +/- Yield 24m 36m Marwyn Asset Management Limited (CYM) Purisima Investment Fds (UK) (1200)F (UK) Regulated 3rd Floor, Central Square, Wellington Street, | ees |S1 40 Order Desk and Enquiries 0°45 922 0044 - Fundsmith Marwyn Value Investors FE 36211 - 000 O00 0.00 0.00 aeieiedl tin tenis 7 GLOBAL BEsT IDEAS Authorised Corporate Director-Waystone Management (UK) Limited = EQUITY FUND Global Total Fd PCG B 68653 - 831 0.00 1493 1841 Global Total Fd PCG INT 66978 «6- «811 000 1476 1823 . a Stonehage Fleming Investment Management Ltd (IRL) Fundsmith LLP (1200)F (UK) Nn ro annenees-poebagefleming com/agi PO Box 10846, Chelmsford =ssex CM99 2BW .0330.122.1615 Snquiuespsinnehapetemag com www.fundsmith.couk, enquiries@-undsmith.co.uk — Reguleted ; ood Purisima Investment Fds (CI) Ltd (JER) Authorised Inv Funds Reguleted SF Global Best Ideas Ec B USD Acc $ 3447 - 600 000 545 7.26 Fundsmith Equity T Acc 69336 - -227 OO -12%5 337 = TT 7a On 161) 20a SF Global Bost ideac Ec D GBP Inc £ MA01 - 2295 O00 291 A62 Fundsmith Equity T Inc 625.79 2.06 0.00 1410 1346 oo 1 ® | \ Mcinroy & Wood Portfolios Limited (UK) PCGC 69959 - -7.18 0.00 1587 20.16 Faster Alderstna, Haddington FH41 ASF 016290 825RR7 Authorised Inv Funds Balanced Fund Acc 6936.10 - 2200 177 459 0.00 U | N N E S S Baienced fund inc ssag90 - 2090 190 202 299 ReyalLondon (UK) 80 Fenchurch Street, London EC3N 4BY P— Emerging Markets Fund ACC 233500 - 380 1.72 263 0.00 GLOBAL INVESTORS gin acasausiint tenis ‘SUPERFUND Emerging Markets Fund Inc 210400 - %00 1.74 0.81 -1.68 er FUTURE OF INVESTING bcneres Fea Ags 3650.10 020 268 7.60 0.00 Royal Loidon Sustainable Diversified A Inc 28600 - 210 150 485 638 ‘cnane ford be 373590 - 020 278 435 401 Royal Loidon Sustainable World A Inc 503.50 93 076 1099 1188 ‘i fii sto Smaller Companies Fund Acc 15540 - SI70 123 404 000 Royal Loidon Corporate Bond Mth Income 701 - O=438 426 O43 140 uinness Global Investors 7) 184 = Smuilor Companies Fund tac 6776.90 - “360 1.25 276 3.41 — FovalLodon European Growth Trust 294200 - 32) 104 1138 1124 Superfund Asset Management GmbH Guinness Global Equity Income YGBPDis f 2457 - O19 205 852 1034 Royal London Sustainable Leaders A Inc 102600 - 300 148 896 822 .memnsuperfundcom +43(1) 247 00 Guinness Ginhal Innovators Y GRP ACC. fF 4619 - 7? fon 1145 1789 Royal Lovden UK Growth Tust 89160 - O09 WN 1296 1213 Other ifernational Funds Guinness Global Quality Mid Cap YGbpAcc £ 1517 - OFF) O00 1003 10.01 Royal London UK Income With Growth Trust 26040 - 04) 392 875 870 Superfund Trend Gold $ 172770 - 623 000 2819 2059 -- ; Royal London US Growth Trust 64460 - 7.00 O01 1334 1722 — Superfund Trend Silver $ 182021 - 765 0.00 4403 2757 Ministry of Justice Common Investment Funds (UK) Additional Funds Available Superfund Trend $ 7458 - 935 000 678 1.96 Property & Other UK Unit Trusts HPB Assurance Ltd Please see wayw myallondon com for details Superfund Bitcoin 0-?x € 8794 - 0.00 O00 -4.54 11.96 Anglo Int! House, Bank Hill, Douglas, Isle of Man IM1 4NL 91639 563490 The Equity Idx Tacker Fi Inc 2661.00 - 0.00 200.00 11.59 11.34 Superfund Fund-of-Funds $ 15529 - 0.00 0.00 16.24 1759 ‘ Distribution Units International Insurances Regulated Holiday Property Bond Ser 1 £ 049 - 000 O00 -O41 -0.41 Superfund Blockchai e 1936 - 086 0.00 -166 16.10 Holiday Property Bond Ser 2 £ 036 - O00 O00 140 1.14 at Ba Superfund Golc Silver + Mining é 17.57 - 015 O00 2544 ” ae Superfund Quadriga All Scasons € 14.33 0.05 0.00 16.11 13.40 ~~ “ys R ad E R Superfund Inflation Sfr 1086 - 0.05 0.00 1008 456 N UTSH EL a Janus Henderson ASSET MANAGEMENT mcurms oe T R () Y Nutshell Asset Management Ltd (IRL) 3rd Floor, Central — Wellington Street, Leeds LS1 4DL Nutshell Asset Management Ltd, Ivybridge House, 1-5 Adam Street, London WC2N 6LE Order Desk and Enquiries: 0345 60) 9610 AS S ET N {ANAG EM ENT ow putshellam com Authorised Inv Funds Janus Henderson Investors (UK) Authorised Inv Funds Authorised Corporate Directur-Waystune Management (UK) Limited PO Box 9023, Chelmsford CM99 2WB Enquiri ms _ aha nquiries DANO B32 #32 Nutshell Growth Fund Gbp Inst founder «= sis€~Ss«81.10«- «0.39 0.00 14.06 15.93 - . Tray Asset Management (1290) (UK) www. janushenderson.com WS Ruffar Total Return C Acc 595.41 = 0.82 180 463 322 3rd Floor, Central Square, Wellington Street, Leeds LS! 4DL Authorised Inv Funds WS Ruffsr Total Return C linc 347965 - OS 182 320 147 Order Desk and enquiries 0345608 0950 Authorised Inv Funds Janus Henderson Absolute Return Fund A Acc 20630 - 020 210 647 6/2 Janus Henderson Asian Divi Inc Unit Trst Inc 10090 - 442 540 1251 959 OASIS ee eee Janus Henderson Cautious Mngd Fund A Acc 357.50 - O30 360 622 686 Trojan Investment Funds Janus Henderson Cautious Mngd Fund A Inc 19430 - O33 390 403 330 Trojan Ethical Global Inc 0 Acc 11441 - -192 2939 205 3.88 Janus Henderson China Opo Fund A Acc 1320.00 - 600 O10 1689 875 S/CO Trojan Ethical Global Inc O Inc 10154 - -171 298 -078 0.57 Janus Henderson Energing Markets AsiaAAcc 1829.00 - 195.00 0.00 2748 21.19 Trojan Ethical 0 Acc 156.79 - (0.65 O68 634 6394 Janus Henderson Emerg. Mkts Opps FrdAAcc © 29950 - «22:10 «0.00 2020 1532 a Trojan Ethical 0 Inc 15136 - 082 069 571 585 Janus Henderson European Focus A Acc 60930 - 35) O10 000 000 : Trojan Ethical Income 0 Acc 170.16 - 254 253 516 6.68 Oasis Crescent Global Investment Funds (UK) ICVC (UK) = Janus Henderson Euro. Sel Opps Fund A Acc 3227.00 - 4500 O20 11.00 1252 Reautated Trojan Ethical Income O Inc 1279.41 - -1.93 260 236 3.81 egulat Janus Henderson Fixed Int Mthly Inc Fd Inc 17.99 0.02 6.10 O27 020 = Trujan Fund Acc 459.30 - 2.19 O81 567 579 Janus Henderson Global Equity Inc nd Inc a770- 160 240 1031 928 Oasis Crescent Global fg Fd (USD) A (Dist) $ 34.66 - 0.52 0.00 18.25 15.89 SICO BSC BHR (BHR) Trojan Fund Inc 95968 - -1.71 089 754 5.01 Josie Horcieraon Cichut Sheet hd Ae 639090 - 17800 000 935 1487 Oasis Crescent Global Inc Fd (USD) A Dist $ 1021 - 000 000 O51 0.70 Telephone - +973 1751 5700 Trojan Global Income 0 Acc 17900 - 252 921 469 478 Janus Henderson Global Sust Equity Fd A Ine 70430 - 1130 000 931 1248 Oasis Crescent Low Equity Func (USD) D Dist $ 1598 - 011 000 1033 9.37 Website - www.sicobank.com Trojan Global Income O inc 19437 - 4188 328 137 155 Janus Henderson Global Tech LirsFnd A Acc «6760.00 - 34200 0.00 2277 2659 als Crescent Med EquityFd(USD)ADist $ = 18.60 - = 0.15 0.00 12.27 10.82 Kaley tquity Fund $5840 = 26.55 000-151 064 Trojan Income 0 Ace 40373 - 7.84 274 465 522 Janus Henderson Instt UK Index Opps A Acr: 17944 - 078 2790 1818 1574 Oasis Crescent PropEquityFd(USD)ADist $ = IST - 201 G00 13.02 13:58 Sica Gulf Equity Fund $ 19862 - (0.17 0.00 1057 934 yon income 0 Inc 179.83 949 281 134 232 ‘Seas Hendaseen Nii Aact Abe On Fel Alec 19690 - 040 270 478 421 Oasis Crescent Short Term Inc Fd (USD) A (Dist|$ 095 - 000 O00 068 0.80 Janus Henderson Multi-Magr Actv Fd A Acc wee. «SG ER aie gay «Ce Cce erases If = OOF ODEO 72 (Bek eek RGA (KSA) Troy Asset Management (1100) (IRL) Sanus Henderson Muiti-Mar Dist Fal A inc 19899 - Bl 78M 333 799 Telephone - +966 11 521 3835 Kilmore House, Spencer Dock, North Wall Quay, Dublin 1, 01 YE64, Ireland Website - yasowsicocanital com Enquiries +353 (0) 1672 1600 Janus Henderson Multi-Mgr Div. Fd A Acc 10510 - 020 340 739 727 sc pilana 3 z : S ~ : FCA Recognised Funds Janus Henderson Multi-Mer Gibl Sal Fd A Ace 42940 - 400 0.00 846 1030 Vand Rp Spy 008 a, ee aa : Janus Henderson MultMorinc&Gwth FdA Ace =—«« 22970 - «1.0270 62 gag «=P AV@te Fund Mgrs (Guernsey) Ltd (GSY) —SICO MENA Equity Fund SAR 2134 = 0.13 0.00 -1.37 480 Management Company - Universal Investment Ireland _ . Regulated SICO Capital Money Market SAR 1387 - OM 000 Janus Henderson Multi-Mgr Mngd Fd A Acc 39740 = 0.00 140 736 7.93 Mununient Growl 26/07/2026 £ 606.42 i217 00 1.14 267 2.82 Trojan Europe 0 EUR Acc € 1.0154 - 0.00 000 000 0.00 Janus Henderson Multi-Mor Mngd Fd A Ine 36650 - O00 120 593 641 Trojan Exclusions X GBP Acc £ L313 - |S 0.01 «= 000 «6678 7.01 Janus Henderson Sterling Bond Unt Trust Acc 22850 - O50 440 422 578 ; Trojan Global Equity 9 GBP Acc F 59444 - 0.06 O20 -005 462 Janus Henderson Sterling Bond Unt Trust Inc 5526 - O10 440 0°98 O57 ; Trojan Global Income (Ireland) 0 GBP Acc F 11713 - O02 O00 414 471 Janus Henderson Strategic Bond Fund A Inc 9526 - O15 580 -120 -155 Trojan Income (Ireland) D GBP Acc fF 1.7954 - 003 O00 369 479 Janus Henderson UK Alpha Fund A Acc 19990 - 150 130 922 12909 Janus Henderson UK Eq Inc & Grwth Fd A Inc 70700 - «#180 340 1029 11.95 Janus Henderson US Growth Fund 4 Acc 287990 - 8300 000 11.00 1802 Guide to FT Funds Data The fund prices quoted cn these pages are supplied by the func operators, fund manacers and fund administrators. Details of funds published on these pages, including prices, are for the purpose of information only znd should only be used asa guide. The Financial Times Limited makes no representatior a5 to their accuracy or completeress and they should not be relied upon when making an investment cecision. The sae of interests in the funds listed on these pages may, in certain jurisdictions, 9e restncted by law and the funds will not necessarily De available to 2ersons in all jurisdictions in woich Data provided by the publication arculates. Persois in any doubt should take appropriate professional advice. Data collated by ICE. The fund pices puolished in this edition along with additional information are also available on the Fnancial Times website, www.ft.com/funds. The funds published on these pages are grouped together by fund management company. Prices are in pence unless otherwise indicated. The change, if shown, is the change on the previously quoted figure (mot all funds update prices daily). Those designated $ with no prefix refer ta JS dollers. Yield percentage figures (in Tuesday to Saturday papers) <llow for buying expenses. Prices of certain older insurance linked plans might be subject to capital gains tax on sales. OEIC: Open-Ended Investment Company. Similar to a unit trust but usirg a company rather then a tus: structure. Different share classes are issued to reflect a different currency, charging structure or type of holcer. Ma rkets a nd data Bid price: Also called selling price. The price at which units ina unit tust are sold by investors. Offer price: Also called buying orice. The price at which units in a unit trust are bought by investors. Includes manager's initial charge. Single price: Based ona mid-market valuation of the underlying investments. The buying and selling price for shares of an CEIC and units of a single priced unit trust are the same. Treatment of manages periodic capital charge: | ce ha ppen here. 24 and 36 months: 24 and 36 month arnualized performance fqures calculated using the total gain (cr loss) fom that period Performance formula is adjusted to consider the income distribution during the reference period. . Vield: Calculated using the func’s projected annual income, divided by the latest available net asset value. The prices appearing in the newspaper are the most recent provided by the managers/operatars Charges for this advertising service are sased on the number of lines published and the classification of the fund. Pleese contact data@ft.com for further information. For further queries contact pewspapers@ice.com www.ice.com Transparency. Price discovery. Innovation. ice.com Markets and data happen here ice
Monday 3 August 2026 * FINANCIAL TIMES Lessons Measures are being rolled out to protect workers in extreme weather, write Attracta Mooney and Aaron Kirchfeld hen temperatures reached a record high in Spain in June, Eva Sanchez, the plant man- ager for Schneider Elec- tric’s two manufacturing sites outside Barcelona, put the company’s heat resil- ience plan intoaction. The France-based energy technology group gave workers more breaks and water and access to shaded and cooled rest areas. Schneider also equipped the production areas with sensors to moni- tor temperature and humidity, using the company’s own systems to cool tar- geted areas. “By analysing both variables together, we gain a much more accurate under- standing of heat stress, since humidity playsa critical role in how heat is actu- ally experienced by workers,” Sanchez says. “We have made heat resilience a permanent, data-driven capability rather thana seasonal response.” At its sites throughout Europe, which has been hit by back-to-back heatwaves this summer, Schneider installed mini fans and distributed ice cream, lemon- ade and bottles of water. The company also set up break rooms with air condi- tioning and introduced mandatory 10- minute breaks for each hour when the temperature rose above 30.5C. Across the continent, this summer’s extreme temperatures have renewed questions about how well equipped big European employers are to deal with more frequent heatwaves, especially as climate change intensifies — and brings with it stark economic and health con- sequences. France and Spain are grappling with heatwave-fuelled wildfires that have forced the evacuation of more than 300,000 people. “Recent heatwaves have brought home the very real human and eco- nomic impacts of extreme tempera- tures,” says Bekir Andrews, environ- metal suslainabilily director al Wales Group, the British construction and property services company. “The evi- dence increasingly points to hotter sum- mers becoming more common, and companies need to planaccordingly.” As the Met Office, the UK national weather service, issued a rare red warn- ing for heat — indicating a risk to life for everyone — in June, Brian Long, safety and wellbeing director at Wates Group, called on teams to do risk assessments, reschedule or defer work, use shade and increase rest breaks in cooler areas. “Supervisors should brief their teams on what to look out for and how to rec- ognise early symptoms, for example, dizziness, fatigue, cramp and confusion, and act,” he wrote in an email. At the same time, many banks and financial institutions relaxed their in- office policies durirg the worst of the heat, telling staff they could work from home if necessary, while other compa- nies loosened dress codes. Some offices and shops, including several belonging to UK bakery chain Greggs, were closed due to heat-related safety concerns. In total, researchers estimate 24mn working hours were lost in the UK alone during June’s record-breaking week, leaving the economy with a £1.5bn hit. Bracelets that monitor body temperature and warn if the wearer is in danger help Wits The study from the Grantham Research Institute cn Climate Change and the Enviromment al Lhe London School of Economics and Political Sci- ence and the Euro-Mediterranean Center on Climate Change, found that the average reported reduction in time worked across the week of the heatwave was more than 45 minutes, but 3.6 per cent of respondents did not work at all because of the extreme temperatures. Shouro Dasgupta, environmental economist at CMCC and visiting senior fellow at the Grantham Research Insti- tute, says the greatest effects “are borne by outdoor workers and those in physi- cally demanding jobs, many of whom are among the lowest paid in the labour force”. Other research from the World Busi- ness Council for Sustainable Develop- keep workers safe WORK & CAREERS rom companies learning to beat the heat ment found that 42 per cent of Euro- pean businesses reported increased costs from physical climate impacts such as heatwaves, with workforce health, supply chains and insurance costs being the most affected. With temperatures soaring, there have been calls for the introduction of a maximum workplace temperature in countries such as the UK, including from a group of British MPs. In Spain, the maximum legal indoor working temperature is 27C for desk-based work and 25C for light physical work. Europe has also struggled with record-breaking hot nights. A lack of rest at night has been linked to more accidents and errors at work. The World Health Organization says extreme heat sharply reduces work- place productivity, with output drop- ping by 2 to 3 per cent for every degree Celsius the temperature rises above a so-called wel-bulb globe Lemperature of 20C, which takes into account air tem- peratures, humidity, exposure to sun and other factors. Ronni Zehavi, co-founder of HiBob, an HR platform, says when tempera- tures increase, businesses “too often rely on ad hoc arrangements” rather than having a heatwave strategy in place. “Clear policies — like the ability to work remotely or finish early — remove inconsistency and ensure everyone is treated the same,” he says. Andrews at Wates Group says the company has assessed the effect of vari- ous climate scenarios over the coming decades, arguing that the business would need to adapt everything. “That can mean adjusting working patterns, moving strenuous tasks away from the hottest parts of the day, ensuring teams have access to shade, rest and hydration, and building greater flexibility into project pro- grammes,” he says. “It also means thinking about how we design and retrofit buildings so they remain com- fortable, healthy and efficient in a warmer climate.” EDP, the energy and utility company headquartered in Portugal, says “pro- tecting our people is the starting point for how we manage increasingly fre- quent extreme weather events.” Depending on the activity and local environment, the company adjusts work: ng hours to “avoid peak heat”, postpones non-essential outdoor work FT montage/Dreamstime or suspends “work whenever the risk cannot be managed safely”. But the company adds that as “heat- waves become more frequent and intense” across its global business, it is looking at other measures such as “ther- mal-stress monitoring to determine [a] safe work-rest regime” as well as the “testing or introduction of additional protective equipment and cooling solu- tions for technicians”. Strabag, one of the biggest construc- tion companies in central and eastern Europe, has also been testing new equipment to protect its workers. Those efforts include cooling vests and UV detection bracelets that warn of exces- sive UV radiation, wider helmet brims to offer more shade, and cooling sleeves. “There is a regular information exchange between our health and safety officers in regions that are already accustomed to high temperatures and those in northern Europe, which do not yet have as much experience in coping with heatwaves, which helps us to pre- pare our sites in the north precisely for the challenges of climate change,” the Vienna-based company told the Fl’ The heatwaves have put a spotlight on the lack of air conditioning in many European buildings, including hospi- tals, schools and some offices. Unlike some of Europe’s biggest com- panies, Schneider is well placed to respond to the heat, given its business lines include energy management and cooling systems. “Working in buildings that are not equipped with the right energy technol- ogy is becoming a health and safety haz- ard for workers and cannot be ignored,” says Dominique Laurent, HR director for Europe at Schneider Electric. Other European businesses are ‘Clear policies — like the ability to finish early — remove inconsistency and ensure everyone is treated the same’ looking to draw on their experience of heatwaves elsewhere in the world. Heineken, the Dutch multinational brewing company, says in its Mexico business, summer temperatures regu- larly exceed 35C and can rise above 45C during extreme heat events. In response, the local team has devel- oped a plan to protect employees, says Nicolas Clerget, global climate director at Heineken. This includes a seasonal heat-awareness campaign and daily monitoring of weather conditions, allowing sites to “adapt local practices when temperatures become extreme”. “We learnt a lot about how our Mexi- can operations are managing heat stress and, based on their action plan, we are developing a global toolkit for [our] other companies,” says Clerget. Business books Harvard’s DJ DiDonna makes the case for sabbaticals As a Start-up co-founder in his early thirties, DJ DiDonna was travelling the world, running a business that helped entrepreneurs in emerging markets. Yet he felt disengaged, and was snappy with staff: “The gap between how | felt and how | was doing on paper felt vast,” DiDonna writes in the introduction to his new book, Big Time Off: The Transformative Power of Sabbaticals and How to Take One. “Which inevitably led me to wonder: if all this doesn't satisfy me, what will?” The answer, for DiDonna, turned out to be taking four months off, ona sabbatical. He spent part of it walking a 900-mile pilgrimage trail in Japan. On his return, DiDonna was more than rested and restored. As he says in the book: “Looking back, it was the most memory-dense period of my life, but also somehow only 121 days. It would change how | viewed myself forever.” In the decade since that sabbatical, DiDonna has been ona mission to convince others, in corporate America and beyond, to take seriously the transformative power of a long break from work. Big Time Off reports that the number of organisations offering sabbatical policies nearly doubled between 2079 and 2024. Some surprising big names have long recognised the value: Intel has been offering them for more than 30 years. On a video call from the US, DiDonna describes the benefits of sabbaticals: “When you identify something that you don't want to get to the end of your life without doing, | think it becomes more than a luxury, it becomes an essential ingredient to a good life.” How, | ask, can employees convince reluctant bosses that they should grant — and fund — extended leave? “As | say in the book, Warren Buffett talks about time as an enemy of the mediocre company and the friend of the good company. “| think any business that’s thinking beyond a year [ahead] — it’s pretty valuable, right? It’s obviously inconvenient for peoole to be away from their desks, but people leave all the time, they quit, they go on parental leave. So | think it’s a muscle that an organisation needs to build with turnover in general.” Further benefits accrue when employees return from sabbatical: “Having people around the office who _ BIG TIME OFF Sabbat< on end How to Tete Ore are happy to be there; they’re creative, and they have energy, and they’re not resentful, and they're engaged. !| think the case is pretty strong.” DiDonna didn’t go back to the company he founded. He had become SO passionate about the benefits of time off work (he believes the minimum sabbatical length is six to eight weeks) that he set up The Sabbatical Project in 2019 to conduct and gather research and provide resources for individuals and organisations. Big Time Off is an inspiring distillation of that work, and a perfect read for wishful plotting while on a (too short) summer holiday. There are envy- inducing case studies, including one family who spent a yzar living on an island inside the Arctic Circle. The book outlines the three types of sabbatical-taker: explorers, achievers and seekers. Many people in high- status roles are likely to be “achievers”. They are busy at work and plan to be busy on sabbatical: these are the people who want to write books, become yoga teachers or perfect a foreign language. Explorers want to travel, but what they may miss, DiDonna tells me, is “amazing things close to home”. Seekers are those exploring inwards, “looking back to your past: what did | used to love? What am | curious about?” DiDonna urges everyone fo start their time off with an extended period of rest, with as few plans as possible — to “take a beat”, as he calls it. The only “must” in DiDonna’s very flexible approach is the requirement to write a journal. Why is this so important for us? DiDonna tells me it’s a form of meditation: “You're stepping back from your routine ways of doing things, and getting a new perspective on it.” Even if you think you’ve messed up your sabbatical (and he says most people think they do — including him), “you'll still learn from that”. The experience itself is what changes us. Now a senior lecturer focusing on entrepreneurship at Harvard Business School, DiDonna says the data shows Gen Z workers value “experiences and mission, flexibility and purpose over compensation”. His mission sits within what he says is a “long arc of people shooting for ‘human’ work policies”. And it is a very long arc: Americans in particular, as Big Time Off reminds us, are notoriously bad at taking time off, even when it’s offered. Isabel Berwick EQUIS EFMD ~EDAF iMPACT ACCREDITED @BSIS CLIP ~RDHY ~ LIFT EFMD Global. Where business education meets global impact. BE PART OF IT. Find out more | ef mdglobal.org A global community dedicated to advancing excellence in management education and responsible leadership worldwide. We help shape institutions, develop leaders and drive meaningful progress across business and society.
Monday 3 August 2026 FINANCIAL TIMES FT BIG READ. FINANCE Financial companies hope to modernise markets with technology that advocates say is comparable to the advent of the internet. But even as confidence among executives grows, the risks loom large. By Nikou Asgari n 2016, the Australian stock exchange unveiled a bold plan to use blockchain technology to trans- form its trading systems. Its chief executive vowed to “put Australia at the forefront of innovation in financial markets”. Headlines touted the “world-first” and “history-making” move, emphasising the significance of a traditional stock exchange eager to use the technology that powered an inven- tion as potentially disruptive as crypto- currencies. The enthusiasm was misplaced. Prob- lems with the software design, which prevented rollout at scale, and dysfunc- tional management scuppered the project permanently. The exchange apologised, wrote off its $170mn invest- ment and paid a $14.5mn fine for mis- leading investors. Ten years on, Australia’s expensive failure has been brushed aside as global financial companies once again embrace blockchain and plough hun- dreds of millions of dollars into projects that they say could transform financial markets. Blockchain technology, a decentral- ised digital ledger that securely logs transactions across multiple computers, will lower transaction costs, speed up settlement times and open the door toa world where retail and institutional investors can trade all assets at all hours of theday, proponents say. This world looks possible because major regulators now largely oversee blockchain and digital ledger technol- ogy, giving executives the confidence to invest and upgrade their systems. For years, blockchain was seen as risky, too close to the volatile cryptocur- rencies that many regulators warned investors against. That has now changed because ollicials largely accept Ute Lech- nology can offer significant advantages in terms of speed and efficiency. Wall Street’s real interest is tokenisa- tion — the concept of turning everything from cash to stocks, bonds and com- modities into blockchain-friendly dig- ital versions, or so-called tokens, which can be tracked and traded 24/7. Executives compare the introduction of such digital asset technology to the sweeping changes brought by the advent of the internet and the move away from paper-based transaction systems. Banks and stock exchanges previ- ously “were in the driving seat of those technology transformations, they were inventing the standards, they were inventing the pace”, says Stéphane Bou- jnah, chief executive of Euronext, which runs Europe's biggest stock exchanges. “Nowwe are catching up.” The impetus to rewire financial mar- kets is more intense now than it was in 2016. Competition from crypto exchanges is getting sharper. They dom- inate digital asset trading and are now muscling into the territory of traditional finance, aiming to become one-stop shops for trading everything else — stocks, commodities, private credit — at all hours of the day. A full revolution is still years away, and scale and liquidity remain small. Tokenised assets remain a fraction of global markets. And the risks loom large. The IMF warned in July that in blockchain sys- tems, “failures can propagate faster than institutions or supervisors can respond”. It said risks that “once were borne by the balance sheet of individual institutions behind a transaction become increasingly concentrated in the platforms and code that govern [blockchain] transactions”, and that the risks are “significant”. But for the big banks, investors and exchanges, the direction of travel is clear. “A whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts and other forms of tokenisation,” Jamie Dimon, chief executive of JPMorgan Chase, told shareholders this year, add- ing that “we need to roll out our own blockchain technology”. “The way the world will be’ Despite big downturns and intermittent scandals, global crypto markets have pulled in billions of dollars of retail and increasingly institutional money. Since returning to the White House in January 2025, Donald Trump has ush- ered in a wave of crypto-friendly rules, dropped high-profile lawsuits against crypto exchanges and installed Paul Atkins, the former co-chair of a crypto trade association, as head of the US Securities and Exchange Comunission. Atkins has encouraged companies to treet learns to love blockchain ‘Billions of dollars currently immobilised by settlement delays could be reinvested immediately back into the economy, generating more growuly embrace tokenisation, saying “it’s the way the world will be”. Authorities in the EU, UK, Singapore and other regions are also regulating blockchain and tokenisation, giving companies the go-ahead to embrace it. While global regulators are less wary about crypto, traditional financial play- ers say they are more interested in the technology powering crypto markets than cryptoitself. Tokenised assets can be traded 24/7 on exchanges around the world and investors can borrow and lend against them in a way that proponents say is more straightforward than traditional markets. Executives say that the global finan- cial markets are antiquated, with too many intermediaries that cost investors too much money. The key allure is that tokenised assets can be programmed to automatically carry out certain actions once specific conditions are met. These conditions are lines of code referred to as smart contracts, which can tell a stock to pay out dividends to investors on a certain date or release a mortgage loan once proof of funds is received, for example. These automatic actions remove the need for intermediaries, so processes that currently need days to confirm and clear can be finalised in moments. Tokenised money is the biggest grow- ing area. This is mainly stablecoins, morc than $300bn of which arc in circu lation globally, as well as tokenised bank deposits. Central bank digital currencies are at an early exploratory stage in some countries. Stablecoins are pegged 1-to-1 to sover- eign currencies such as dollars and euros and are largely used by traders to move between sovereign currencies and the tokenised world. Stablecoins move faster than, for example, the Swilt pay- ments system and settle instantly, free- ing up funds to move in the financial system, unlike transactions using The growing tokenised asset world | Total market value of tokenised funds, by asset class* ($bn) Other MB Stocks 30 —— Asset-backed credit r ME Commodities MM US Treasury debt Source: rwa.xyz « * Excludes stablecoins 2025 2026 es oe aa Bis sovereign currencies, which can take days to settle. Larry Fink, BlackRock chicf execu tive and Wall Street's biggest blockchain evangelist, told investors that for the money system “today, relying on Swift feels like routing emails through the postal office” and that instead, “billions of dollars currently immobilised by settlement delays could be reinvested immediately back into the economy, generating more growth”. Other forms of tokenised money are also growing as traditional financial players seek to get a slice of the action. Banks are exploring tokenising cus- tomer deposits, while asset managers have launched tokenised money market funds, an asset class that has grown from less than $4bn at the start of 2025, to more than $16bn today. Sandy Kaul, head of digital assets and innovation at Franklin Templeton, says the investment firm’s tokenised fund is increasingly being used by corporate treasurers at traditional companies. “It pays yield out every day including Saturday, Sunday and holidays, which has never been possible before,” she says, making it more attractive. Tradi- tional money market funds pay yields monthly. Tokenisation should be thought of as anew, more efficient wrapper for finan- cial products since they can be pro- grammed, Kaul adds, while current exchange traded funds, mutual funds and others are “dumb wrappers” that cannot automatically set actions. “Every day with an ETF I need to, as an authorised participant, take an index file and upload my index file and look at the position holdings and rebalance based on the index file,” says Kaul. “That index file gets manually submit- ted, gets uploaded into the system, people have to get a report back from that system.” If that rebalancing was programmed into the smart contract of the ETF, “it would do [that] automati- cally”, she adds. Another more competitive area is tokenised equities, which turn share ownership into individual tokens. Coinbase, Kraken and Robinhood have already rolled out tokenised stocks, promising customers that share trading in this way is faster and cheaper while giving international investors eas- ier access to US equity markets. Big global stock exchanges have taken notice. Nasdaq is planning to create a tokenised equity exchange that would allow stocks to be traded and tracked on the blockchain around the clock. In theory, corporate actions such as paying a dividend will be programmed into the token and delivered automatically to the investor. sek re DOLLARS a o es 3 8 Ee ome ee BPE SVE E: ETD SHS NOTE 15 | ROR ALL DEBTS. P Tal Cohen, president of Nasdaq, says the company is looking at “proxy vot- ing, corporate actions, anything that is manual or time-consuming today or based on legacy technology — can we automate and digitise and make that experience better?” But he adds that while the benefits of tokenisation are “very clear” to inves- tors, it is “maybe not as clear to issuers” who could benefit from lower issuance costs and programmability of corporate actions. Nasdaq sees a future where compa- nies directly issue tokenised stocks themselves. “We’re working to make sure next year we can launch a Nasdaq equity token,” Cohen says, to lead by example. Markets 24/7 For all its promises, blockchain technol- ogy creates risks for the global financial system. As more processes become more automated, operational problems can arise. European Central Bank officials have said that programming assets and auto- matically executing actions “may increase the possibility of events spreading across platforms and increas- ing systemic risk”. For example, auto- mating margin calls, when investors need to stump up extra money to back theirtrades, can pose issues. “Ifthere was a human involved they'd probably pick up the phonc, [but] you’ve gotten rid of grace, discretion, things that are very helpful often in times of panic,” says Hilary Allen, a law professor at the American University Washington College of Law, who has tes- tified before Congress on tokenisation. The prospect of 24/7 markets also brings a host of new potential problems. The timing of company announcements and market-moving news may have to be reconsidered, as well as how to man- age round-the-clock operations. “Oper- ational risks may be compounded,” the ECB officials said. Further issues could stem from the use of public blockchains such as Ethereum, the world’s biggest decen- tralised platform, whose security is maintained by independent validators worldwide rather than a specific team like at financial institutions. BlackRock and Franklin Templeton both use Ethereum’s blockchain. Ethereum-based projects lost $332mn due to hacks in the first half of 2026, according to security company Blockaid, the most of any blockchain. “When you put traditional finance products on infrastructure that has no accountability associated with its opera- tional matters, that is deeply concerning tome,” Allen says. | Proponents of blockchain technology say it will lower transaction costs, speed up settlement times and a low investors to trade assets at all hours of the day FT montaje/Shutterstocc ‘If there was a human involved they would probably pick up the phone, [but] you've gotten rid of grace, discretion, things that are very helpful often in times of panic’ Some banks such as JPMorgan are sticking to internal, private block- chains, wary of using public blockchains where transaction data is visible globally. As more banks embrace blockchains, a different problem arises. JPMorgan, Standard Chartered, Lloyds and other banks are exploring turning deposits into tokens, but currently cannot use those tokens in each other's systems. This so-called interoperability is not an issue for commercial bank money, which is backed by the central bank and clears across the same systems. “The big limitation obviously remains that we don’t have an interchange mechanism for tokenised deposits to move between banking institutions at any scale today,” says René Michau, glo- bal head of digital assets at Standard Chartered, which runs tokenised depos- its in Hong Kong and Singapore. To truly scale, executives need central bank money to be available on block- chains. The Bank of England and Euro- pean Central Bank are exploring creating their own digital currencies. This could take years. The US Federal Reserve has ruled out the move. Many things are still contentious, not least the structure of equity tokens. Last year, retail broker Robinhood found itself in hot water when it sold stock tokens in OpenAl, the private company that developed ChatGPT. Unlike normal sharcs, Robinhood’s stock tokens give holders no economic or voting rights in a company and are instead just derivatives pegged to the value of the business’s latest funding round. When OpenAI released a statement saying the tokens were not equity and not endorsed by it, Robinhood’s chief executive, Vlad Tenev, defended the structure, saying: “I don't think it’s entirely relevant that it’s not technically an equity instrument.” “It’s a very complicated structure to think through,” Allen says, especially for retail investors. “People are going to think they have the stock and when they find out they don't, Ithink that’s goingto be highly problematic.” The debate about the OpenAI equity tokens crystallises many of the concerns that blockchain technology and its applications are advancing faster than regulators can control or investors can understand. But at present, misconceptions afflict relatively few. Though investment and interest are growing, tokenised markets are still a tiny part of the global banking system. “The biggest risk is that we all get distracted by things that go nowhere,” says Michau of Standard Chartered.
FINANCIAL TIMES Monday 3 August 2026 The FT View FINANCIAL TIMES “Without fear and without favour’ ft.com/opinion A red card for the boss of world football Infantino’s abortive plan shows Fifa needs a sweeping governance shake-up When the final whistle blew at the men’s football World Cup two weeks ago, Fifa president Gianni Infantino’s position seemed impregnable. Despite contro- versies and complaints about ticket prices, the tournament was a dazzling success, its revenues dwarfing those of previous World Cups. But Infantino’s scheme to set up a new company hous- ing Fifa’s commercial interests and sell stakes to private investors triggered an extraordinary backlash across much of the global game. With rebel federations and associations gathering signatures for an extraordinary meeting and no- confidence vote, he should stand down. In another form and different hands, some version of Infantino’s plan might have worked. There is nothing inher- ently wrong with further commerciali- sation of international football provided it balances all stakeholders’ interests. The flood of private investment and TV money particularly intc European leagues has had some important posi- tive effects — helping to upgrade stadi- ums, slow rising ticket prices and reduce financial blow-ups at clubs. Commercial innovations in this World Cup showed the potential to unlock further value; compared to some other global sports, TV and sponsorship revenues still left money on the table. Maximising returns to expand football in developing countries beyond its strongholds in Europe and the Americas makes sensein principle. But Fifa doesn’t need outside inves- tors to do this. Infantino pointed to how the Spanish and French football leagues sold stakes to private equity. But they were seeking fresh capital after the Covid pandemic badly weakened their finances. Fifa, by contrast, has $2.7bn in reserves, and is projecting $15bn reve- nues in the four-year cycle ending with this year’s tournament. It could hire tal- ented executives to boost value. Many national associations, even if they would have benefited from higher distributions, also balked at diverting some of that value unnecessarily to pri- vate investors. Pressure would very likely increase for further expansion of the World Cup or Club World Cup — crowding the match calendar to the det- riment of football's wider ecosystem. All this has, ironically, only high- lighted the need for another element of Infantino’s plan — separating Fifa’s role as regulator of world football from its commercial activities — but not as the Fifa president envisaged it. Infantino drew up his commercial plan in secret, without the knowledge of top lieuten- ants, and gave Fifa’s 211 member associ- ations 53 days to take it or leave it. It included an anchor investor run by the brother of Donald Trump’s son-in- law. Much of the football world has viewed with distaste Infantino’s court- ing of the US president, epitomised for The latest debacle has laid bare the lack of transparency and checks and balances that concentrates vast power in the Fifa president's hands many by Infantino awarding Trump a Fifa “peace prize” last year and the sus- pension ofa red card ban for US striker Folarin Balogun last month after Trump intervened (Fifa insists its disciplinary committee acted independently). Ina different era, in 2015, it was US law enforcement that played the primary role in exposing corruption at Fifa which forced Sepp Blatter’s resignation after 1/7 years as president. Infantino was supposed to clean up Fifa. The latest debacle has instead laid bare the lack of transparency and checks and balances that concentrates vast power in the Fifa president’s hands. While Fifa is a non-profit association, no corporation with multibillion-dollar revenues would tolerate the equivalent ofa joint CEO and chair devising a major business initiative without consulting senior management and the board. Fifa now needs a far more sweeping shake-up of governance than what took place a decade ago. A red card for Infan- tino would be an important first step. Opinion Britain Dont pretend jokes wont lead to political violence Ben Hickey he leader of the Green Party has an interesting understanding of the cir- cumstances under which it is appropriate to say sorry. “If I'd done it deliberately, I'd be apologising,” Zack Polanski said dur- ing an appearance on BBC Newsnight on Tuesday. “But because this was a mistake, I think the important thing is that I point out this was a mistake.” (Right. Because famously, when you make a mistake, you don’t apologise for it.) Polanski was referring to an image that he had (inadvertently, he says) participated in posting on social media, of a man wearing a T-shirt emblazoned with an image of a guillo- tine. At the top is printed the phrase “We're only making plans for Nigel”, a reference to a great song by 1970s punk band XTC. ‘here has been a chipping away at the taboo that it is OK for someone to be killed for their views It should be pointed out that this was part of a “collab”, meaning that several people including the Green Party leader jointly posted it from their accounts, and also that Polanski says he hadn’t noticed the image (the fifth in a multi-image “carousel”) when he approved the collab request. He subsequently unshared the post, and said he condemned all forms of political violence, including violent imagery and metaphors. But Reform UK leader Nigel Farage, at whom the T-shirt’s message was directed, says Polanski’s co-posting of the image was nothing short of “incite- ment” and called for the police to act (the Met has since said it is taking no further action). “Is it any wonder with such rhetoric relentlessly levelled at Reform that some may be moved to try to elimi- nate that supposed threat through lethal violence?” the party’s home affairs spokesperson Zia Yusuf said, arguing that the constant denigration of Reform UK by the media and rival politicians had led to the brutal mur- der of his high-profile colleague Ann Widdecombe on July 8. As an exam- ple, he cited old social media posts from Labour MPs, including one from David Lammy in 2019 that described her as a “poisonous bigot”. Given the appalling and upsetting circumstances of Widdecombe’s death — the 78-year-old was slaughtered in her home as she was having lunch by herself, by an assailant who dealt her 21 blows with a hammer — it is under- standable that Farage and Yusuf are feeling sensitive. But that does not negate the fact that they are also being deeply hypocritical. Lucy Connolly — who in 2024 pleaded guilty to publishing material “intended to stir up racial hatred” after calling on X for asylum seekers’ hotels to be set on fire in the aftermath of the Southport stabbings — has been held up by Farage as a victim of an over-reaching, authcritarian state. She was a star speaker at Reform’s conference last year, hailed as “Brit- ain’s favourite political prisoner”. Further, just because a lone actor (as Widdecombe's killer is assumed to be) decides to carry out a despicable act, that does not m2an we should suddenly abandon our commitment to free speech — a value that Farage claims to hold dear — or involve the police in matters that should be gov- erned by social norms rather than criminal law. Nor does it mean that politicians should be beyond strong criticism: calling someone a “bigot” who must be stood up to “before it’s too late” (as Yusuf complained that Lammy did) is hardly an incitement to murder, not least when it was seven years ago. But what is undeniable is a general chipping away at the taboo that it is acceptable for someone whose views you find morally repugnant to be killed. According to a recent study, the proportion of Amcricans who say political violence is “usually or always’ justified increased “only mod- estly” from 2024 to 2025 — from 32.3 per cent to 35.6 per cent (although a 10 per cent increase is not very mod- est in the space of a year). A 2025 study found that 21 per cent of Britons said political violence was acceptable under some conditions. And while the response to the Polan- ski post from Farage might be over- blown, the fact is tha: “jokes” about someone being better off dead can lead to someone deciding to go and kill them. Likewise, the frequent compari- sons drawn between Donald Trump and Adolf Hitler make it more likely that someone might try to assassinate him, as press secretary Karoline Leav- itt complained after the latest attempt on his life in April. It’s no good pre- tending she is wrong. It shouldn’t need saying that violence has no place in politics. It is counter-productive, making martyrs of its victims. The taboo is what holds the social norm in place. With each erosion, the line between “joke” and moral justification gets a little blurrier. jemima.kelly@ft.com Letters Email: letters editor@ftcom Include daytime telephone number and full address Corrections: corrections@ft.com If you are not satisfied with the FT’s response to your complaint, you can appeal to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com UK can no longer rely on foreign-owned payments networks Martin Arnold’s report on Mastercard’s potential sale of Vocalink rightly raises questions about the ownership of critical UK payments infrastructure (“Mastercard weighs sale of majority stake in payments unit Vocalink”, Report, July 14). It also points to a broader issue that Britain has been slow to confront: why does one of the world’s most innovative economies still rely so heavily on two US-owned card networks for everyday payments? Every year, UK businesses pay billions in fees to these dominant networks. The result is a system that quietly taxes the economy, limits choice and stifles competition, with consumers ultimately paying the price throuzh higher costs for goods and services. Regulators are beginning to scrutinise card network economics, while policymakers across Europe are questioning their dependence on foreign-owned payments infrastructure. If rising geopolitical tensions were ever to disrupt access to these networks, the consequences for UK businesses and the wider economy woulc be profound. The optimal scenario is close collaboration between the US and Europe on all technology platforms, including payments. But that is not the geopolitical reality in which we find ourselves. This is why who buys Vocalink matters. Vocalink operates Faster Payments, the rails on which open banking runs. Open banking is the UK’s best chance of delivering genuine choice and competition in payments, and handing that critical infrastructure to an incumbent would defeat its purpose. A sale to the major banks would resolve the sovereignty question, but it would not resolve the competition one: the same institutions that benefit most from today’s market would continue to have little incentive to change it. As an open banking payments company, we feel that if the UK is serious about building a more competitive and resilient payments market, ownership of this kind of critical infrastructure is better placed with a coalition of independent, innovation-led challengers who have every incentive to open up the market. As the Bank of England shapes the UK’s next generation of payments infrastructure, it should not simply replace one dominant owner with another. It should seize the opportunity to build a payments system that is defined by genuine competition, greater choice and openness to innovation. Francesco Simoneschi CEO and Co-Founder, TrueLayer, London EC2, UK Few small companies pay New York business tax A recent article about small business reform in New York City (“New York’s mayor sets out to slash red tape for small businesses”, Business Insight, July 29) includes a widely cited, but wildly misleading, claim about business taxation in the US. The article claims that New York businesses face a relatively high tax rate. The problem is that no small businesses pay this tax. The tax rates in question, however, apply only to corporations, which comprise less than one-fifth of all US businesses. Virtually all small businesses are partnerships or sole proprietorships, which pay tax on personal, not business, income. Corporations in the US tend be very large public companies. In New York State, for instance, just 799 companies account for more than three-quarters of the state’s entire corporate tax take. (New York City’s corporate tax conforms to, and is layered on top of, the state tax). Further, corporations pay tax to New York based solely on the sales they make in the state, not where they employ workers or maintain offices. Given this, comparative corporate tax rates could not affect regional competitiveness. If Amazon, for instance, wanted to lower its New York corporate tax liability, it would have to take the unprofitable step of reducing the sales it makes to New Yorkers. The article draws attention to mayor Zohran Mamdani’s commendable cfforts to makc it casicr to start and run a small business in New York. Bringing in misapprehensions about business taxation needlessly muddies the waters. Andrew Perry Director of Fiscal Research, Fiscal Policy Institute, New York, NY, US A smart surface solution for our overheating cities Your editorial (July 20) correctly notes that extreme heat in European cities is now so common that a new approach to cooling is needed. But the editorial’s recommendation — to expand air conditioning (AC) — fails to note that AC cools rooms by dumping more heat outside, thus worsening the problem. Operating AC in a recent multi-day heat event in Paris (where most residents still don’t have AC) increased ambient city temperature by 2C. Adoption of AC as the dominant city cooling strategy is to condemn cities to more miserable summers, hurting outdoor workers, athletes, tourists and anyone not inside air-conditioned space. A smarter alternative now being adopted across a dozen US cities ranging from Boston to Atlanta and People looking at dinosaur fossils at a museum in Houston Dallas is citywide cooling through changing surfaces citywide. European city roofs and roads today absorb more than 80 per cent of incoming sunlight, which we beleive contributes three times more to city heat than does global warming. The solution is to treat all city surfaces as a single integrated solution to heat and flooding risks — broadly deploying reflective, porous and green surfaces (commonly called smart surfaces). As one example, with our help in June 2025 Atlanta adopted a bill requiring new and retrofitted roofs to be reflective. This one measure (one of several Atlanta is adopting) will triple reflectivity of commercial roofs, cool the city by 1.3C (with up to 3.5C cooling in hot, lower-income neighbourhoods) and cut electricity bills by $310mn — while slowing global warming. Putting this mandate in place costs a city nothing, and because reflective roofs cost about the same as dark roofs, businesses and consumers also reap large benefits. London and other European cities should not give up their marvellous outdoor spaces in the summer. Instead, they should recognise that urban heat is also the result of surface choices, not just climate change. European cities should systematically adopt reflective, porous and green surfaces citywide to cool the entire city and avoid massive expansion of the ugly, loud, smelly outdoor window AC units already heating and disfiguring public spaces. If the dominant solution to city heat is AC rather than citywide cooling, cities will set themselves on a path to giving up the outdoors in summers and worsen the two linked threats of urban heat and global warming. Greg Kats CEO and Founder, Smart Surfaces Coalition; Author of ‘Greening Our Built World, Washington, DC, US PM can legislate for policy he championed as mayor Andy Burnham is right that meaningful devolution requires mayors to have the powers and financial certainty to shape the long- term prosperity of their regions (“Burnham to give mayors income tax share”, Report, July 31). Stable fiscal settlements should enable strategic investment in housing, transport and economic growth. As prime minister, he now has the opportunity to translate into government policy a principle he championed as mayor of Greater Manchester. Last November, Burnham joined other regional leaders in calling for England's strategic authorities to be given statutory duties for climate and nature. That reflected a simple reality: the impacts of climate change are increasingly regional in their consequences and require regional leadership. Heatwaves and wildfires, in particular, do not respect local authority boundaries. Responding effectively demands co-ordinated planning across transport, health, emergency services, utilities and land management. London has already demonstrated what this can achieve. Mayor Sadiq Khan’s decision to commission the London Climate Resilience Review led to Heat Ready London, the capital’s first comprehensive city heat plan, providing a strategic framework for preparing the capital for rising temperatures and associated risks. It shows how strategic authorities can turn climate risk assessments into co-ordinated action across public services and critical infrastructure. The logic of devolution is that decisions should be taken at the level where they can be made most effectively. That principle applies as much to climate adaptation as it does to economic development. If strategic authorities are to become the engines of growth, they must also become the institutions responsible for preparing communities, infrastructure and local economies for the increasingly frequent heatwaves and wildfires that climate change is bringing. Fiscal devolution and statutory climate resilience duties are complementary, not competing, reforms. Together they would create the long-term regional leadership that England increasingly needs. Professor Emma Howard Boyd Chair, National Heat Risk Commission Grantham Research Institute on Climate Change and the Environment London School of Economics and Political Science, London WC2, UK What if fossil hunters are only in it for the money? Far more scientific value is likely lost through the commercial recovery of dinosaur fossils than Zoe Lescaze suggests in her feature on the booming trend for collecting, which as she correctly says is happening with scant agreement on standards and transparency (“Dinosaur collectors have a bone to pick’, Collecting, July 16). Limited access to privately owned specimens is possible, though as the article points out the Society of Vertebrate Paleontology discourages its members from publishing on privately owned specimens because the owner could revoke access at any time, making it impossible for anyone else to verify that research. US federal and state laws have tried to strike a balance between search activity and scientific recovery. However, existing laws do not promote optimal scientific search on private lands. Meanwhile, scientifically motivated search and recovery is a slow process that increases costs for commercial fossil hunters with no benefit to themselves. Moreover, while California has laws to promote the recovery of fossils of scientific value on state- owned lands, these can be thwarted by insufficient state-sponsored observation of recovery processes. “Drive-by” observation occurs. To fix this, finders need to be rewarded both for recovering a fossil and preserving the scicntific information. A good reward scheme might include giving finders exclusive rights to sell the fossil ifthey turn over the scientific data; tax breaks for reporting exactly where a specimen was found; and requiring commercial diggers to hire trained paleontologists to monitor their digging activity. Paul Hallwood Professor of Economics University of Connecticut Storrs, CT, US Two conductors who make light of the critics Richard Fairman’s engaging article on conductor John Wilson (“‘I make no apologies for my love of light music”, Interview, Life & Arts, July 18) and the success of his eponymous orchestra reminded me of another influential maestro, namely André Rieu in Maastricht. Both make music that is highly popular with the public, yet often attract negative comments from expert music critics, Is this an example of the entrepreneurial spirit trouncing elite judgments? Wilfrid Legg Paris, France
Monday 3 August 2026 > FINANCIAL TIMES Opinion eT eTesT errr e erie reer errr eee rere rrr eee reer eee er eee eee eer eee ree eee eee eer eee eee rere eee eer ere errr eee ree reer eee eee ees errr eee errr ree rere eee rrr reece eee ee eee ere ee eee ere eee eee eee eer err Per eer e eee sere errr eee eee rere ee eee eer er eee ee rere eer eee eee e eee rere eee eee ees sees ee eee reise rere reeee ere eee eee eer eee eee eer ere eee ere eee A digital iron curtain ts threatening the global economy Roland Busch or 5U years, digital technology reshaped the global economy. It famously flattened the world. Markets, trade and production became more connected across borders. From cars and smartphones to semiconductors and industrial robots, almost no complex product is created in one place alone. Then came the pandemic, energy crisis, labour shortages and geopolitical tensions that exposed how fragile this flat world of ours really is. Companies are now rebalancing, weighing resilience alongside cost and efficiency in their decisions about investment, sourcing and production. As a result, a more regional form of globalisation is emerging. While the first digital revolution helped companies co-ordinate global supply chains, this one is helping to make production more local again. Manufacturing is moving closer to cus- tomers, held together by a patchwork of digital connections in software, data and Al, At “lighthouse factories”, a World Economic Forum designation of more than 200 smart manufacturing sites, these new approaches have raised labour productivity by around 40 per cent and cut the time to adapt produc- tion lines roughly in half. But scaling these gains depends on whether machines, factories and companies can exchange data and reuse solutions. Software, data and AI have different economics to concrete and steel. Facto- ries, machines and infrastructure must still be built and adapted in each market. But a digital model, software application or AI tool can be improved in one place and reused in many others, provided systems can exchange it and have access to the relevant data. If the conditions are right, factories can adapt designs that they know work for local needs, better processes can spread and products can reach new markets without having to rebuild from scratch each time. That logic is strong enough to encour- age corporate competitors to build con- nections that will allow technology to work across national boundaries. Shared standards are the cleanest way to do this: everyone works to the same rules from the start. Interoperability is the next best solution, allowing differ- Europe can become a trusted connector where technologies from different regions work together ent systems to work together without becoming identical. Take a recent Euro- pean-Japanese effort that linked auto- motive industrial networks while each retained its own architecture. Yet while companies are building bridges, geopolitics is increasingly drawing borders. The US-China tech- nology divide is reshaping the landscape worldwide as governments seek greater control over technologies, data and sup- ply chains. Export controls, data locali- sation rules and diverging cyber secu- rity requirements are drawing new lines throuzh global technology. Every new barrier makes it harder to connect systems, scale what works and bring better products to markets. If this trend continues unchecked, digital bor- ders could harden into a digital ironcur- tain — slowing progress, trade and the exchange of ideas between societies. This isa global challenge. But Europe, caught as it is between the two techno- logical superpowers, has a particular stake in the answer — and a unique opportunity to shape it. Rather than building yet another walled garden, it can become a trusted connector: a place where companies, technologies and data from different regions work together. But that will require building an eco- system that others want to join. Europe cannot become the world’s connector if it is primarily known for regulating technology rather than creating it. It must now create the right conditions for companies to do what they do best. Interoperability must become astra- : tegic imperative for the EU. Enlarging | the single market — for digital products : and services as well as everything else — : is anecessary step in building bothcred- : ibility and capability. Wherever com- : mon standards are absent, the priority : must be developing interfaces that can: switch between different systems, : whether through companies, industry : alliances or public-private partnerships. : Finally, Europe should make interop- : erability a cornerstone of its ecoromic : diplomacy. This connected world can- ! not be built alone. The emerging digital : trade partnership with Pacific econo- : mies, including Japan, Australia and : Canada, could become a promising : model for how to bring different ecosys- : : property tax in a decade. When politi- tems together. ‘The biggest question remainsa global : : sign that the problem is bigger than they tions or on systems designed to keepone_ : another out? The answer will determine whether our more regional world can : : voting than when shopping online. one: will resilience be built on connec- remain connected. The writer is chief executive and president : would use them. The more interesting approach is to wonder why there is such : a disconnect between people’s choices of Siemens AG Whatever happened to prudence? Chris Giles s the energy shock intensi- fied earlier this year, the IMF dished out its standard advice on how countries should respond if they wanted to offset the pain for their households and companies. Any sup- port should be timely, targeted and tem- porary, it said. Nations did respond quickly, with nearly 900 measures implemented to offset the shock across 170 countries at the latest count in mid- June. But the measures were broad- brush, had no end date and subsidised energy — undermining the incentive to conserve fuel in the middle of an energy shock. They will be difficult to reverse. This year’s energy subsidies signify more than countries being unwilling to heed IMF advice. They are just the latest example in a growing international trend to fix problems with additional government borrowing and leave the resulting higher deficits and debt for future governments to manage. This has been standard practice in the US since the 1990s. French politics has long found it impossible to rein in high deficits to meet European targets. The current German government has decided to borrow more to repair its broken infrastructure and improve its defence capabilities. Japan has pledged tax cuts and a mass've public and pri- vate investment prog-amme and the new UK prime minister Andy Burnham said he would exploil [lexibililies in lis budg- etary rules to allow more borrowing. There has been no co-ordination at a global level. The G20 group can barely agree on anything these days and in April its finance ministers could not devise even a bland unanimous joint statement on whether all of this borrow- ing and spending was sensible. It was not always thus. At the 2010 Toronto G20 summit, all significant economies pledged to repair their pub- lic finances after the disaster of the 2008-09 global financial crisis. “Sound fiscal finances are essential to sustain recovery, provide flexibility to respond to new shocks, ensure the capacity to meet the challenges of ageing popula- tions, and avoid leaving future genera- tions with a legacy of deficits and debt,” the communiqué said. Whatever the optimal fiscal consoli- dation path in the 2010s may have been, more urgency is required today. IMF estimates of gross government debt have risen sharply. In 2010 it was 94 per cent of GDP in advanced economies and 37 per cent in emerging economies. Debt is now expected to be 108 per cent and 77 per cent respectively this year. These higher levels of debt also attract higher interest rates, leaving public finances across the world looking ever more fragile. Recent evidence from both the IMF and the Bank for International Settle- ments has found that past relationships between rising debt and fiscal repair have broken down. There is no longer evidence that rising government debt generates political pressure for public spending cuts or tax increases. Instead, the BIS found that countries aggres- sively use budgetary stimulus in diffi- cult times to mitigate the losses, and instead of running surpluses in good times, have begun to use these moments to ease the purse strings and cut taxes. The important question is why gov- ernments across the world stopped finding time for prudence. Part of the answer in the 2010s was that interest rates were low and appeared to be sta- ble, giving a justification for persistently higher borrowing. That argument no Research shows that past relationships between rising debt and fiscal repair have broken down longer applies and governments rarely offer any excuse, merely promising to do better in future and then failing. The more concerning explanations rest on megatrends in the global econ- omy andthe current inability of domes- tic or international politics to address them. Russia's invasion of Ukraine, the US war with Iran, China’s aggressive stance and wider geopolitical tensions are rais- ing pressure on governments globally to spend much more on defence with little prospect of any respite in the years ahead. Adapting to climate change and mitigating its effects costs money now. And ageing societies generate greater pressures on governments for pensions, health services and the costs of social care. The AI revolution might increase economic growth rates, but will also bring public finances pressures to sup- port those who have lost their jobs. Greater co-operation at the interna- tional level could mitigate all of these costs. Greater trust between nations would enable less to be spent on defence. More joint action on global How to save the British high street Polly Mackenzie he new UK government’s cut in business rates for pubs and music venues is, by my count, the 12th tweak to the much-loathed cians start fiddling like this, it’s usually a want to admit. That’s certainly true when it comes to our high streets, which seem to matter more to people when Libertarians might say we should give up: if people wanted high streets, they ' ? and their political demands. befall Keo puns = warming would lower the eventual costs of adapting to a warmer climate, And : managed migration could ease some : demographic pressures in both : : life into buildings retail no longer needs. But only the most naive should expect : : post of No 10 but most could host more polarised geopolitics has killed almost : all attempts at co-operative solutions on : issues from trade to defence, climate, : migration and taxation. Polarised : domestic politics makes it harder for : governments to build national support : : high streets too. In South Shields and in : Blyth they're moving the college cam- And what about the bond vigilantes? : : are burgeoning — the municipal tip : reimagined as a high street hub where ; you fix things rather than throw them ally rather than forcing countriestotake : their public finances seriously. But : make no mistake, the megatrends are persistent, fiscal pressures are rising and few countries are addressing them. : This uneasy truce may continue for : : boarded-up windows and leaking roofs : signal to every passer-by that this place : no longer matters. This is delinquent : ownership. Rates are high partly : because the property values behind advanced and emerging economies. any of this to happen. In recent years, for the difficult choices needed for reducing budget deficits. Will they restore discipline? So far, they have been benevolert jail- ers, merely rattling their keys occasion- some time. But it will not last for ever. chris.giles@ft.com Bangladeshs future depends on the military distancing itself from politics Nazmul Ahasan onths after Sheikh Hasina’s 15-year auto- cratic rule in Bangladesh collapsed under an upris- ing in August 2024, Mubashar Hasan landed in Dhaka after more than six years of exile. Back home, Hasan — an academic who once spent 44 days in a secret military detention facility — found the pervasive fear was gone. The military’s Directorate General of Forces Intelligence, once the most dreaded arm of the state, was now openly criticised on primetime televi- sion. After a chat show tore into the DGFI, Hasan expected “a microbus full of agents storming the TV station, or panellists . .. kidnapped on their way home”. Nothing of the sort happened. Instead, a profound shift has begun. An interim administration hauled serving officers before civilian judges to answer for “crimes against humanity”, brushing aside army objections. Warrants were issued for five former DGFI chiefs. When the establishment-friendly Bangladesh Nationalist Party (BNP) swept back to power in the February 2026 elections, the new government moved swiftly to detain generals behind a 2007 soft coup andon July 26 authori- ties brought charges against six military officers over the enforced disappear- ance and killing of a local politician. But cementing civilian rule will require more than a few high-profile arrests; it will mean extricating the military from its central role in the country’s economy and politics. Today the army finds itself uniquely unpopular, having managed to alienate almost every faction of society. Human rights groups are unsparing in their crit- icism; populist rightwing YouTubers followed by millions condemn its per- ceived subservience to New Delhi; secu- larists recoil at its institutional identity steeped in Islamic iconography. There has been a slow degeneration of its institutional purpose since a popular uprising ended direct military rule in 1990. Western democratic pressure after the cold war and the financial allure of UN peacekeeping missions — which pay far more than regular army deployments — kept the generals away from politics. In subsequent years, they rebranded themselves as neutral power brokers between two warring political dynasties: Awami Leagueand the ENP. That referee role eroded in phases. The 2007 coup, sold as a project to Uniformed officers jostle with bureaucrats to run lucrative entities from the telecom regulator to ports reform the political system, instead saw the military detain and torture leading politicians — including Tarique Rah- man, the former BNP leader’s son, who is now prime minister. When that experiment collapsed, the generals handed power to Hasina after she won the 2008 election. The civil-military relationship was fundementally altered in 2009 after a bloody mutiny that left 57 officers dead. Hasina blocked direct military retalia- tion. Officers who protested were sys- tematically purged while the top brass deepened a quiet alliance with the regime. Through the rigged elections of 2014 and 2018, the supposed referee joined the game. Officers seconded to the Rapid Action Battalion — a notori- ous, military-dominated elite law enforcement unit — carried out extraju- dicial killings at eight times the rate of regular police. Politicians, journalists, and academics were “disappeared”. The rewards for this complicity were staggering, chiefly in the form of land. In Dhaka, there are 14 major public hous- ing schemes for a city now home to more than 30mn people. But the defence forces alone have five, built with public subsidies. Older government land grants have made their holders dollar millicnaires in a city where income per head is about $5,200. During Hasina’s tenure, defence spending doubled in real terms and the armed forces captured a reported $6bu in construction contracts. Uniformed and universities under welfare trusts from the telecom regulator to ports. broke discipline inside the ranks too. Officers marginalised during Hasina’s : reign turned to the internet, savaging : their own leadership on social media : and shattering the sacred taboo against : : blighting their community. If you’re not : using it, and someone else can, then the public dissent. So long as the generals hold the assets, they will have a reason to bend the gov- ernment to their will. The crucial ques- tion for the next chapter of Bangladesh’s_ : democracy is whether they now possess _: : active state, can rescue our town centres : atthescaleand pace that’s needed. the institutional wisdom to withdraw from business as well as politics. The writer is execulive editor of Netra : Kinship Works network News, an investigative news platform Walk down almost any high street in England and it becomes obvious. The : boarded-up pub, bank or bakery, the : market hall or community centre that : became a bar, thena waffle house and : then closed. Tens of thousands of build- : ings across the country sit derelict or : vacant and no economist’s lecture about : “revealed preference” offers consola- : tion for this not-even-managed decline. It is perhaps 5,000 years since in-per- : son retail began. Since then it has served : two purposes: where we buy things, and : where we meet. The first paid for the : second without anyone noticing they : were separate. Footfall for goods subsi- : dised the public realm — the benches, : the safety in numbers, a reason to walk : and meet. Online shopping has largely : killed off that arrangement. What’s left : is the second purpose, unfunded, in : buildings that used to do it for free. So, : any solution for the high street will Any solution needs to force delinquent owners to bring buildings back into use or surrender them come from finding a financial model to pay for that second role. This can’t mean propping up shops. It must mean putting new kinds of civic Not every high street can have an out- of the state. Local tax offices, magis- trates’ courts, police stations and cot- tage hospitals have gone. But by creating local hubs shared by multiple public services, front of house can come back. Education could be an anchor for our pus to the centre of town. Repair shops away. And of course: homes. Town cen- tre conversions bring people and com- munity as well as meet housing needs. But none of it works while the build- ings themselves are blighted, derelict, vandalised and demoralising: the : them assume a return that the high : street can no longer generate. That fic- : tion is what lets an owner sit on a board- ‘ ¢d-up unit rather than scll: better to : wait for a more valuable planning per- : mission, or for the roof to fall in and the : listing lapse with it, than crystallise a officers now run about 300 high schools : : pub deteriorate for a decade and you are that also pushed into real estate, bank- ing, manufacturing and tourism. They : also routinely jostle with civilian : bureaucrats to run lucrative entities : loss for tax purposes. Watch a derelict usually watching someone protect a number on a spreadsheet from years ago — at the community’s expense. Any solution to our high streets’ : dilemma needs to force these delin- Pakistan and Egypt show what such : empires cost a country: businesses that : escape audit, crowd out private firms and leave the officer corps with a per- : manent stake in who governs. Themon- : etisation of the army’s ties tothe regime : quent owners to bring buildings back into use or surrender them. Councils have powers but rarely the capacity or confidence to use them. A state-backed capital vehicle — a National Trust for the high street — could take interim owner- : ship while long-term plans are made. It would be transformative. And we needa fighting fund, with a crack team of law- yers ready to shift the expectations of every property owner whose building is choice should be out of your hands. It’s too late to rely on incentives like business rate holidays alone. Only active communities, backed by an The writer is a policy expert and part of the
Financial Group, Andre
Schulten, Andrew Perry Director - WARNING: source dates, money, or percentage tokens may be missing
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