FINANCIAL TIMES

WEDNESDAY 19 AUGUST 2026

US 2026 Republic of Ireland #4 30

How own labels broke the big brands' spell

NO READ, PAGE 19

Like Messi. Budgets must do less to win more

AND HALEANE, PAGE 21

Sea change

Jellyfish influx rattles bathers

A luminous jellyfish with dotted outforth-boths and lipids. High numbers of such traditional species have sparked safety warnings along the Mediterranean coast as people seek respite from the boat.

But the alarm has also been raised over species more common in tropical climates, such as the Jellyfish (the Peruvian man) or sea, which boasts barbed, sometimes twitchers extending up to 30 meters below the ocean reaches.

Sightings of such unwelcome intertropers in Europe have coincided with a marine heatwave and sparred interest in the largest ability to thrive in oceans warmed by climate change. One expert warned that extreme heat could lead to "mass mortality" events for fish, birds and ocean mammals. In contrast, jellyfish and related creatures more tolerant of temperature rises might "bleam". New York: Allspiceal 2.4.2.3

THE WASHINGTON POST

Long-term borrowing costs hit highs as inflation and fiscal deficit fears rise

• AI bonds surge fuels sell-off • Public debt under strain • Fallout for equities • Oil's rise dims outlook

OPELY HUNDRED 1 — CONTEXT

MARKET CLARITY — NEW YORK

Long-term borrowing costs hit multi-branch highs yesterday as fears over inflation, fiscal deficits and surging AI bond counters put pressure on government debt around the world.

The yield on 30-year US Treasuries fell 1.34 per cent, its highest since 1997, having been below 5 per cent at the start of last month. Long-term European debt, led by the 30-year German Bond and French Debt of the same security also rose, to level that rose to 2012 and 2008, respectively. Twitks move inversely to prices.

"The bond market is labeled getting nervous," said Vincent Morton, chief investment officer at Amsnall, Europe's largest asset manager, amid "growing

concern on the fiscal trajectories of mass countries when growth localizes inflation sticky . . . and forces to improve the fiscal situation as one obviate." In the UK, the 30-year gilt yield rose as much as 10% percentage points to 1.86 per cent, within teaching distance of a post 1998 high that it reached in the early weeks of the true war.

In Japan, 30-year yields rose as much as 10% percentage points to 1.16 per cent, close to their highest ever.

'Concern is growing on the fiscal trajectories of many countries where growth is subpar and inflation sticky'

The bond market sell-off, along with higher all prices, weighed on equities. In New York, the such heavy Monday 100 fell 1.4 per cent, while the Half 800 sold 0.5 per cent.

Government borrowing costs have jumped since the start of the US loan conflict, as higher energy prices prompted fear of operating-inflation shock. Brent crude closed above 800 a barrel on Monday for the first time in two weeks and rose to around 800, 60 yesterday, weighing on earnings levels.

"Long-end yields have largely been following all prices," said Mohit Kumar, chief European economist at Jefferies. "As oil goes to 800 and above, inflation concerns start to dominate."

Ballooning government debt has also been weighing on long-term borrowing

costs, as the US debt pile nears 8-90% and investors but over the possibility of additional spending to protect businesses and consumers from the economic cost of higher energy prices.

"The worsening situation in the first life lost in likely a factor in intensifying concerns over inflation and concerns over the US fiscal position," said David Helpaway, head of global markets research at WERC. "These remains zero appetite in the US for addressing the US fiscal position and that is increasingly weighing on the long end of the course."

The shift higher in long-dated bond yields meant that the US last week was forced to pay the highest interest rates since 2003 to sell 30-year bonds.

Lethal Fruitham, head of US sales research at Barclays, said: "We think

there are three factors at play [in the long and Treasury sell-off] the budget deficit outlook, AI-related corporate issuance and the changing Treasury buyer base."

Big Tech companies have been turning to foreign debt markets to finance their enormous spending on AI investments, with a particular focus on buying long-dated debt. Barclays expects total investment grade issuance in 2026 to hit 1 record 85.9%, compared with last year's 85.4%.

Fruitham said that "the scale and maturity of AI-related corporate borrowing" at the longer end of yield serves was contributing to "incentive requiring more compensation to absorb (corporate and government) supply".

Day in the markets & China yield rose 9

Briefing

• Jobs figures point to weakening labour market Employers have died jobs and the number of vacancies localizes, according to data for June that highlights fragility in the market but some the need for the first to raise rates. Early numbers for July also show weakness—page 1

• Russia stops up threat The Kremlin has secured the UK of "socialism" and threatened "consequences" following reports that British-made drones were used by Ukraine to long-range strikes in recent days—page 1

• Dlugos slashes 2,000 jobs The drinks group behind Islamic Walker and Guttman has made big cuts in its workforce as new chief executive Sir Dave Lewis embrake on an aggressive code drive to boost profits—page 10

• Disney uses FCC watching The US works growing too much the industry regulates, accusing the Trump administration of driving a "existence campaign" against the ABC networks over the course of broadcasts—page 1

• Israeli strike condemned Both freezes in and before those condemned Israeli air strikes on Abu al-Dubai military air base in north west Syria, describing them as a "violation" of the nation's sovereignty—page 1

• Asia shift worries US allies Donald Trump's decision to scale back war grows with North Korea has deepened concern over US reliability among take-fraiths allies already made an even by his rhetoric on Taiwan—page 1

• Libya calls her $400m State of company head financial chairman has told the FT that the north African country needs investment in develop oil and gas resources as it seeks to reduce its place as a major producer—page 1

• Infantism critic out Kirstin Lannon, a senior official who criticised president Islamic Islamabad, directed plans to sell shares in a commercial entity to investors, has left FSL, football's global governing body—page 1

New right evolution puts Europe in Mag4's sights

People who of Europe as a evolution on the book is routed in a new cohort of thinkers that seeks to turn the old 'n-angle political machine into an ideology. The American new right uses immigration, curbs on free speech and the surrender of sovereignty as threats to its ancestral home. The investment heats the right and hard right, national conservatives, and those of America, and new ideas. We feel aggressive EU rules, are happy to give funding. New articles, page 2

Hohn's hedge fund checks into Italian hotels with bet on rich taste for luxury

CENTRAL WASHINGTON AND HERNANDEZ CREEK — CONTEXT BANK BOUTIQUE/REDUCER — PLEASE

Sir Christopher Hohn has bet on the wealthy continuing to clamour for rooms at other luxury hotels in Italy by investing $40,000 in loans to a select group of prime locations.

Billionaire also bicycles Hohn, one of the world's most profitable hedge fund managers, is known to the large tests on the Euro of Alphabet, GE Aerospace and French group Vinci Glorpiq8. The Chill death investment Fund.

But a little famous slice of his master lunch $7786 portfolio is dedicated to investing in property loans, according to a letter to investors seen by the FT, with the vast majority allocated to luxury Italian hotels.

The investments give Hohn's fund

exposure to a market buoyed by surging demand from wealthy travellers and fierce competition among investors for security paid through properties.

TCG biggest position in the sector is a $50,000 stake in a loan to the hotel (less old in Venice, a Gothic structure overlooking the lagoon, which was built in the late 16th century for a Venetian family. A huge reservation, after its operator switched from that bet to the Near Isisawa, is set to be completed each year.

TCG also has a stake in a $12,000 loan to the Hotel Caruso Augustus on Capri, 49% to be in the San Antonio hotel on Lake Como and 83% to be in the Mandarin Oriental in Milan, the letter showed, Outside Italy, it has exposure to $62,000 in borrowing by the Rio Antonio Bina, 4B the hotel sum owned by Italian property company Gruppo Statuto.

TCG's fund does not lend directly,

instead taking pieces of loans originated by a private credit firm led by Martin Franz Klebbel, which manages external money. TCG has a stake in the Euro and Hohn's on its investment committee.

Hohn is almost singularly housed on pricing power in his investments, favouring companies that can push through inflation-healing price rises and weather competition.

That philosophy applies to TCG's real estate debt portfolio, devoting per small able room — a key metric in the hotel industry — divided 15 per cent between 2010 and the end of 2023 in Italy, lanses than any other country in Europe, according to figures inflated by real estate Euro/Indonesia: Wide-bible.

The fund was up 1.5 per cent for the year as of June 30, recovering from losses earlier in the year in aerospace companies and payment services.

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© 1996 FINANCIAL TIMES LTD 2026

No. 42, 2026

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

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World Markets

STOCK MARKETS

	Aug 18	Prev	Sept
SW 100	7700.00	7700.00	0.00
Buenos Aires	2000.00	2000.00	0.00
San Jose, CA	1220.00	1000.00	0.00
Las Vegas, NV	1600.00	2000.00	0.00
Chile, CA	2000.00	2000.00	0.00
THE 100	5000.00	5000.00	0.00
THE 50 (from)	5000.00	5000.00	0.00
San Jose	4000.00	4000.00	0.00
Santa Cruz	2000.00	2000.00	0.00
Santa Cruz	1000.00	1000.00	0.00
Long Beach	2000.00	2000.00	0.00
WEST 50	1700.00	1700.00	0.00
WEST 50A	1700.00	1700.00	0.00

CURRENCES

Year	Aug 18	Prev	Sept
100	1.7	1.7	0.00
100	1.7	1.7	0.00
100	1.7	1.7	0.00
100	1.7	1.7	0.00
100	1.7	1.7	0.00
100	1.7	1.7	0.00
100	1.7	1.7	0.00
100	1.7	1.7	0.00
100	1.7	1.7	0.00
100	1.7	1.7	0.00
100	1.7	1.7	0.00

GOVERNMENT BONDS

Year/Year	Aug 18	Prev	Sept
100.0%	4.7	4.7	0.00
100.0%	4.7	4.7	0.00
100.0%	4.7	4.7	0.00
100.0%	4.7	4.7	0.00
100.0%	4.7	4.7	0.00
100.0%	4.7	4.7	0.00
100.0%	4.7	4.7	0.00

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Congressions our 2026 Bus of Shots/Winers!

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2

•

FINANCIAL TIMES

Wednesday 19 August 2024

NATIONAL

Economy

Jobs cut as labour market weakens

Official figures also show unemployment slightly higher than forecast

LEON KLEINING

Employers shed jobs in June and the number of vacancies declined, highlighting the weakness of the country's labour market and rising the need for the bank of England to raise interest rates.

Population654,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Unemployment was 4.4 per cent in the second quarter, slightly higher than the 4.4 per cent recently expected by analysts.

The figures also showed a further decline in vacancies by 707,000 in the three months to July, above from 711,000 in the three months to June, underscoring the stagnation in the jobs market as houses built off from hiring given high-energic units.

The figures suggest Prime Minister Andy Burnham faces theory: Ruffinger reviving the prospects of workers given the ongoing roles in the industry in the

The ongoing roles in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry

The figures suggest Prime Minister Andy Burnham faces theory: Ruffinger reviving the prospects of workers given the ongoing roles in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry in the industry

CHRISTMAS TARGET Burnham launches drive to tackle rough sleeping

Andy Burnham has set out a pandemic-style drive to get rough sleepers off the streets of England by Christmas, as he promised to find the cash to deal with homelessness.

The prime minister has committed a further £10/Euro to his personal policy priority as he pledged to "get people out the cold" this winter.

Officers and councils are being urged to work with faith groups and other community leaders to reach rough sleepers, with a "national summit" on the issue planned for the autumn to build a sense of urgency.

Burnham made an order to end rough sleeping has first official set as prime minister when he entered following those last month, reflecting his long-standing interest in the policy area as a major of Greater Manchester.

Official figures showed a 7/95 people were sleeping on the streets of England on a couple night last autumn, a record high and almost double the figure in 2023, which followed a cross-government system to get rough sleepers into accommodation during the Covid-19 season.

The new development of the system in a series of 16 for full aggressive communication between Britain and Russia, by leave, the Russian biggest object of the world's

Worlds and its international trade, reflecting its long-standing interest in the policy area as a major of Greater Manchester.

the second quarter, slightly higher than the 4.4 per cent recently expected by analysts.

The figures suggest Prime Minister Andy Burnham faces theory: Ruffinger reviving the prospects of workers given the ongoing roles in the industry in the first year.

The weak state of the labour market also comes despite firm economic growth in the first half of the year, with GDP increasing by 9.6 per cent in the first quarter and by 0.6 per cent in the

second, both hiring in consumer facing sectors such as retail and hospitality suggests that younger workers will "bear the breast of the weakness" and take Finters, senior economist at PwC UK.

"The UK labour market remains stuck in a low-churn linden, with smallness reluctant to hire, like re-offer bigger pay rises as they gaggle with ining cars,139,000 long-global healthfuls and heightened policy sideways and their

and frequenters' views, third-crossmines at the ICACW, the successors' body.

Households are the most developed about job security in these and a half years, according to an IHP Global survey of consumer sentiment related to Monday, 1945, the highest-sending cohort felt confident about job pro-

pects. The 1995 said falling vacancies were in part because small companies were holding back from recruiting swings to higher labour costs and other operating expenses.

Outside of the pandemic period, the 1.8 per cent in the second quarter, the 1.8 per cent in the third quarter, the 1.8 per cent in the fourth quarter, the 1.8 per cent in the fifth quarter, the 1.8 per cent in the sixth quarter, the 1.8 per cent in the seventh quarter, the 1.8 per cent in the eighth quarter, the 1.8 per cent in the sixth quarter, the 1.8 per cent in the sixth quarter, the 1.8 per cent in the sixth quarter, the 1.8 per cent in the sixth quarter, the 1.8 per cent in the sixth quarter, the 1.8 per cent in the sixth quarter, the 1.8 per cent in the sixth quarter, the 1.8 per cent in the sixth quarter, the 1.8

The 1995 said falling vacancies were in part because small companies were holding back from recruiting swings to higher labour costs and other operating expenses.

Outside of the pandemic period, the 1.8 per cent in the second quarter, the 1.8 per cent in the third quarter, the 1.8 per cent in the third quarter, the 1.8 per cent in the third quarter, the 1.8 per cent in the third quarter, the 1.8 per cent in the third quarter, the 1.8 per cent in the third quarter, the 1.8

Outside of the pandemic period, the 1.8 per cent in the second quarter, the 1.8 per cent in the third quarter, the 1.8 per cent in the third quarter, the 1.8 per cent in the third quarter, the 1.8 per cent in the third quarter, the 1.8 per cent in the third quarter, the 1.8 per cent in the third quarter, the 1.8 per cent in the third quarter, the 1.8

Andy Burnham has failed change to bus services in the West Midlands as "the single biggest act of public control since I came into office", even though the reason will ultimately be expected by private companies.

The prime minister said yesterday he was carrying out an "absolutely massive" move to set up a new partnership between the government and West Midlands (Londons Authority) (WMA) to control bus services in the region.

The sounds of jobs had been under threat after Malieu Group, the parent company behind local operator National Express, indicated it was quitting the market after having run 1,400 buses there for four decades.

But in the medium term, the WMA intends to shift services in the region towards a front-timed model, where the authority acts laws and timetables but private companies still run the buses.

The prime minister said it was a "very big day for the West Midlands". Burnham talked up his appetite for greater public control of services when he was seeking to become prime

minister to the early summer. But he has yet to set out concrete plans for outwinding any company or industry. He has said he wants Thameson, the centre to public control but has not yet taken any action to put the

heavily indicted ititty into special adventures. Alvern the men up, a few hours later the day is always to be ripped so many coats related to the road. The

minister to the early summer. But he has yet to set out concrete plans for outwinding any company or industry. He has said he wants Thameson, the centre to public control but has not yet taken any action to put the buses.

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Wednesday 30 August 2024

•

FINANCIAL TIMES

3

NATIONAL

'Dodgy' vape shops become a drag on the high street

Fears grow over spread of stores, with some linked to tax evasion and organised crime

GOLF GUSTAVS AND FINANCIAL TIMES

With sparse displays and white walls, Daniel Gorenall's two specialist vape shops in Oxford have had very different from the cluttered neon signed stores that have proliferated on high streets across the UK.

Businesses like his played an important role in helping people quit smoking, he said, but he is now frustrated at being "dragged through the same road" as what he describes as his "dodgy" rivals.

A boom in the number of vape shops in the UK – there has been a more than 1,500 per cent increase over the past decade, according to the Local Data Company – provoked a promise of action for work from the highest level of government.

Andy Burnham, prime minister, pledged fresh powers for councils to curb new openings as part of a bid to "bring town centres back to life", grasping them with betting shops and "dodge businesses linked to organised crime".

Yet some at the heart of the high street say booming on vape stores will result in problems, such as concerns that they can be used as a front for organised crime, simply being transferred elsewhere.

The increase in vape stores is partly explained by a rise in the number of people using the devices as an alternative to smoking, something that for adults has generally been encouraged by the 2020. While vaping products are

widely available elsewhere, dedicated shops can offer expert advice as well as a wider array of products that can be adapted to consumers' tastes.

But worries about the links of some shops with criminal activity are growing. There are also concerns about tax evasion and the sale of illicit and counterfeit products.

Andrew Goodacre, chief executive of the British Independent Retailers Association, said he had raised concerns with the Home Office last week that the explicit targeting of vape shops would lead to organised criminals simply changing tactics.

"It is a whack-a-mole," he argued. "They will start selling hardware, more food, fashion, whatever goods don't attract attention."

The Office for National Statistics estimates that 3.4mm people in Great Britain used e-cigarettes in 2024, up from 2.5mm in 2015. In the 10 years to 2025, the number of dedicated vape shops ranged from 262 to 3,776, according to the Local Data Company.

This is despite supermarkets and convenience stores displacing vape shops in the most common source of purchase for e-cigarette users in England, according to a 2023 study by the UCL Alcohol and Tobacco Research Group.

Some entrepreneurs had piled into vaping because it was "high margin, fast and fashionable", and Gorenall. But he added that it "doesn't make any sense commercially how you can have so many of them pop up" – warning that a

Smoking hot mother there has been a more than 1,500 per cent increase in vape shops over the past decade. Below, sales assistant Adam Innes at Oxford Vapours in Wilsey

lack of tax and regulatory enforcement had left legitimate businesses to "face off against cheats".

Revenues at his Oxford Vapours business had "decreased drastically over the past five years," he said, claiming some rivals sold illicit products and did not adequately verify customers' ages.

The National Crime Agency said 256 vape shops had been visited as part of its recent "Operation Racksters" project, which resulted in 113,097 illegal vapes being seized. It confirmed the operation includes, but was not limited to, money

laundering. Goodacre added "illegal stores" undermined the high street net because of increased competition but because "they are selling huge cigarettes [or] stolen goods".

He said the bigger issue was that these types of business "attracted unawavory people and untoward behaviour", which had a greater affect on the community.

The targeting of vape stores, along side adult gaming centers and bookmakers, is driven, in part, by harshan's motivation to reduce inequality underpinning the north-south divide.

There are twice as many vape shops in the north compared with the south and three times as many in deprived communities around the country compared with affluent areas, according to a Health Equity Study report.

On paper, the City of London has the highest number of vape shops per capita in the UK, but this is largely because it has a small population of only about 8,600 residents, while it welcomes about 600,000 workers per day and millions of tourists each year.

After the Square Mile, Blackburn has the highest number of vape shops, followed by Porcoo, Blackpool and Bolton, all in north-west England.

'It is a whack-a-mole. They will start selling hardware, more food, fashion, whatever goods don't attract attention'

Goodacre suggested the best way to tackle illegality on the high street would be to set up an anonymous whistle. However, for local businesses to report to, and to ensure landlords scrutinised commercial tenants in the same way they did with residential tenants.

Gillian Golden, chief executive of the Independent Retailers Vape Trade Association, said legitimate vape stores were being lumped together with criminals using them for illegal activity.

"Far from being 'dodgy', good-quality law-abiding vape retailers have a public value," she said, adding research had found the 2018 could save £150mm a year if half of all adult smokers in England switched to vaping.

"The issue of public conversation has swung a long way from the one that led to millions of adult smokers moving to a much less risky product set."

Gorenall wasn't public time to be "more thoughtful and targeted" in their approach to the industry. He said: "People do not realise that just because the word 'vapeur' is above the door doesn't mean you are walking into a legitimate vape shop."

The government was approached for comment.

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4

•

FINANCIAL TIMES

Wednesday 19 August 2024

INTERNATIONAL

Middle East

Israeli raid on Syria nettles Ankara and US

Tensions with Turkey rise after air base strikes were as violation of sovereignty

JOSHUAH ALTOHIMAN - JOHANNAL JAMES SHOTTBY - JESSALIM

North Damascus and Ankara strongly condemned Israeli air strikes on Abu al-Dulun military air bases as northwestern Syria yesterday, calling them a "civilized" and "conservative".

Sion Bureack, the US ambassador to Turkey and President Donald Trump's career for Syria, also criticized the strikes, saying Washington was "deeply concerned" that what he described as

"confirmed Israeli air strikes" were "an unnecessary resolution that does not advance against stability".

Israel's military declined to comment. Eight strikes hit the runway and strange facilities at al-Dulun early yesterday, according to Syrian state media, causing material damage but no sanitation. The base has a slight previous, about 70 km from the Turkish border.

The raid is likely to dampen tensions between Turkey and Israel over Syria, where Ankara has emerged as the principal backer of the government that in 2018 is placed in India at Anadi original.

The Syrian Observatory for Human Rights, a US-based war monitor, said Turkey had been rehabilitating, idea at

Dulun, which is Turkish delegation recently visited. The base had ceased operating as a dedicated military air field during Syria's civil war, which left half a million people dead.

The Observatory said Turkish forces had also been installing radio systems on Syria's Medinye ocean coast, as part of what appears to be a broad effort by tobacco co-facilist air defenses.

Turkey's foreign ministry said the attack "evident [Tyrick] to transact about any radioactivity" and that Israel was not he held to account "for these actions that the target international law".

Israel has sought to prevent an expanded Turkish military presence in Syria, particularly with air defense systems

tune that could restrict Israel's freedom of action in Syrian airspace. Turkey and Israel established a "deconfortious" mechanism in Azerbaijan last year to prevent unintended duties.

Israel has launched a barrage of strikes in Syria since Anadi was overthrown, saying it wanted to destroy the assets of tyrans air force and army in order to block the new government's accostrections, as well as existing shelter zone in the Syria that allows the Israel's military to be rebuilt.

Israel has also carried out strikes in Syria that it cast as support for the Iraqi Dream population, most recently this block. But these strikes were in conflict on Syria, whereas the latest attack

took place close to Turkey's border. Damascus is seeking to rebuild military capabilities destroyed after an attack fell in December 2024, holding its first air exercises this month using elderly Russian made 800-10 fighter jets.

The new authorities in Damascus and the Israelis are now working with conflict with Israel, but Israel has remained keep in agreement left by former Islamist managers.

Bureack, who met Syrian foreign ministry, found a statement in Istanbul on Monday, said Damascus had "further adopted a problem's position not maintained proxy forces" and had "separately indicated a preference for de-escalation with Israel".

Gen Z. Violence

Shootings reveal immersing anger of Turkey's youth

Inquiry into school attacks

asks why country's young feel

was so bullied and pessimistic

HERE-YEENABED AND

JOSHUAH ALTOHIMAN - G. HANNA

On a mild April afternoon, the Arab Herald walked into the school in south-eastern Turkey with five bandages and seven magazines of ammunition in his hands. Moments have the 10-year-old had fatally shot 10 people and wounded another 15, until a parent brought him down with a knife from the school canteen.

Tooth violence, and the anxieties of a generalistic coming of age, are much defeated in Turkey today. Mass school shootings are exceptionally rare, but Herald's attacks could not be easily dismissed as a dead, psychotic, drastic but record of psychological problems.

Only the day before, 19-year-old State Air Force's senior Air Service school in southern Turkey with a young-action shotgun. Firing down a corridor, no wounds left, before hitting hounds.

"Our hearts ache as a nation... We are trying a situation that is unfamiliar to us," Pervez Paryaj (trilogue, president, said in a national edition). He promised to bring the reasons for the attacks to light "in all their complexity" and enforced Turks not to use them as "unavoid the political patients".

A parliamentary inquiry into the shootings also asked a broader question: why do so many young Turks feel angry, excluded and with no future?

Heritably, the answer has a political aspect. Every time under the age of 20 has spent almost their entire life under Erdogan's government, in years since 2002. Although only one member of parliament out of 6000 is younger than 30, they account for almost one in four counts - making them an important political conditionary.

"Violence is a symptom," Nighin Demirel Celny, co-ordinator of Toil Mom, and the aims of the research centre, told the parliamentary inquiry. "The real problem is not violence itself, but the ground on which it feeds."

Surveys partner as research team, walked among Turkey's young. Fifteen-year-olds report the lowest score of life satisfaction in a 75-minutes survey by the OECD. Almost a third of Turks aged 10 to 24 are not in employment, education

Flowers are bang on the fence of a school in south-eastern Turkey: where a 14-year-old fatally shot 10 people.

tion or training, more than twice the OECD average.

After several years of high dealerships inflation, many feel economically innocent. Over half of Turks aged 10 to 30 said they felt pessimistic about the future, according to a 2024 survey. When asked for their dominant mission in a poll last year, the most popular response was "anger".

The feeling of one's malaise is global. Multiple studies suggest younger generations across the world feel more anxious, less satisfied with life and less noted in relationships or career of purpose. In Turkey, however, the disconnect is not tested, according to Hiram Chandogha, a researcher at the Ankara-based think-tank Topaz, who testified at the inquiry.

While young people in western democracies are clearly disappointed with government performance, Chandogha wrote in a recent report that their Turkish peers face "an environment where freedoms are restricted, electoral fairness is positioned and the role of law is caperally tight".

That both a sense of exclusion, which engenders low trust in the system and a

belief that careers are determined more by who you know than by your education. This alleviation has been exploited by violent (on 2 criteria) gangs that pump out a "gangster" image on social media and drive their names from popular 1990s cartoons, such as Cooper the Friendly Ghost and Lucky Like.

In a small apartment in a densely populated inner location district, 12-year-old Mert wrote in the time as he recounted why he took part in an attempted drive by shooting for one of these youth gangs. Mert, where real-cause cannot be used in the 1-minute, is awaiting a court hearing to plead guilty to change of making a legal public safety by showing a 10-acre auto criminal damage. In the event, no one was hurt.

"Amount of nothing enough money and nothing more, I imagined I would travel and enjoy life," said Mert, the social media, the gang leaders had looked like "heroes", offering wealth, status and belongings. In said, The reality of the underworld was "much darker".

"Then I will need to pay my lawyers and support my family," Mert said.

Official statistics show more young

Turks are becoming involved in crime.

Violence is a symptom. The real problem is not violence itself, but the ground on which it feeds

Nighin Demirel Celny, policy researcher

including homicides, since 2015, there has been a 75 per cent increase in juvenile cases filed with digital courts, according to the police ministry.

Still, most Turkish cities feel remarkably safe at night, and on weekend we stage the control district of Istanbul in Ankara on shoes with young people drinking coffee, talking and laughing.

Turkey's hypnotist case of 12 members per 100,000 people also remains far lower than in Latin America and about half the US level, according to World Bank data. From an 18 to more than 1,000 total of eligible testing for a person countries, and the rise of gangs to have has created the perception - and in some districts the reality - that exceeds in determining.

The number of 1000 people, a statistically significant889 of the 1000 people, is estimated by the 1000 people. The number of 1000 people, a statistically significant889 of the 1000 people, is estimated by the 1000 people.

In response, the government has passed a ban on social media accounts for children under 15. In August, parliament also passed a bill that allows judges to impose the variance on it's 10-year-old concentrated murder.

Critics say the heavy handed approach overlooks the social and economic condition that shape young people's lives. Surveys of obtained poverty commissioned by the parliamentary inquiry found 25 per cent were school dropouts, while 7 per cent said their families suffered financial hardship.

The most common problem is an about punishing them like adults," said Gittens Tisza, an organization MP. "It means including poverty, strengthening public education, ending 2016 labour ... and giving every child the opportunity for an equal, best, social and digital life task."

For many, that seems an impossible dream, both highly, a student at 1826 Technical University, once thought she could improve children's lives by becoming a teacher. She changed her mind after watching graduates fail to find leadership who had become a student activist instead. "We have nothing left to face. No one is going to give us because conditions, we want to fight for them ourselves," she said. "Teenagers head up because I don't feel alone."

Marine creatures

Portuguese men o war plague beaches in Europe amid heatwave

KARLA BEVIN - LORAIN

Their evanrament thus, people or pink inflated comes evoke the safe of this country Portuguese warships. Their barbed, venomous contacts extend up to 50 meters below the ocean's surface, and the jellyfish that creatures known as Portuguese men o war are receiving Europe's power.

Antismistic along the Atlantic Ocean's Bay of Biscay have wanted to mount weeks that the species typically bound in tropical waters has been appearing on European beaches that tourists and locals have used to reef down from heatwaves.

Meanwhile, warships for traditional species of jellyfish are to place along the Mediterranean coast. In northern France, an EUPI marine species was still offline yesterday after a "massive arrival" of jellyfish last week (tagged, nothing always lighting) of an exclusive jellyfish in Europe (the year have coincided with a historic marine heatwave and increased interest from researchers in the species' ability to thrive in oceans currently in modern things.

Scientists who collaborated on the well-organized North Member facilities in the project and last week that high temperatures in European oceans would have been "virtually impossible" without global warming.

Their remaining, several classes change caused by local bad burning has last month added 2 in Mediterranean temperatures, 1.4% to a region centred on the Bay of Biscay and the Iberian peninsula and 1.5% to a Cifra region centred on the Irish Sea and the English Channel. They also highlighted the pithy fish phenomenon.

John Brown, a marine ecologist at the University of North Carolina, warned columns had could lead to "mass-susceptory" events at sea for fish, birds and ocean mammals. In contrast, jellyfish and related creatures could be more tolerant of temperature runs, leading them to "liberal" during some marine heat waves even as other species do this, to said. The military people are also more resilient to how tongue or low contrast conditions triggered by warmer water, and benefit from overfishing of their predators.

A book chapter entitled The Rise of Jellyfish in Europe and that your that the species' proliferation even as other marine wildlife durables was "growing concern" among marine scientists. So author, Albert Collier, from Barcelona Institute of the Arts, was a scientist at a jellyfish known as the "maser stinger" was now liberating in the Mediterranean sea as a yearly basis, compared to every dozen years in the 1980s.

Uncertainistic morals, however, about their response to heat. Scientists have tried about the population size of jellyfish at sea, and often rely on citizens and lifeguards' opening, those on beaches during summer. Some types overcheties in winter waters, while others appear on beaches during winter, are unknown.

The Mediterranean region has been the hardest hit by climate change of the European regions the WRA studied, warming at once the global average. It said, The Portuguese men o war are not typically deadly but about 10 per cent of those stung most hospital treatment.

Philanthropy

Al boom revives effective altruism movement after turmoil

BELAR SHATIM - NEW YORK VICTORIA TAYLOR - LONDON

The Al boom is creating a new generation of ultra-wealth philanthropists who are evolving the effective altruism movement, even after it was damaged by association with convicts of modernism business Fried.

The FT has identified more than 40 current and former Anthropic employees who have pledged on the "Giving What You" campaign for the 1980s, and that per cent of their income, reflecting effective altruistic emphasis on using evidence and data to maximize impact.

Anthropic's seven co-founders, who each have an estimated worth of about $60m, have separately pledged to give away 80 per cent of their wealth, including the prospect of $60mm of dollars in future donations. Some of the company's leaders, including chief executive James Anand, are close to the movement, as are executives at other high growing Silicon Valley group such as Inpania. Both companies have used distantly filed paperwork to launch Intangus early in this year, seeking selections in excess of $20m.

"There is an EA (effective altruism) share in employees at these places for sure," said David Goldberg, president of Founders Pledge, an organisation that takes commitments from founders for "high-impact giving." EA was forced into a exclusively after FTX's former chief business Fried - one of EA most prominent advocates - was convicted of thanks $125 (edited to the collapse of his cryptocurrency exchange.

Donations to charities that Giving What You" are the "Giving What You" group "marked about $20m last year from 90/100 houses, up from $1,250 to 2024 and less than $300mm in 2024. "There

Anthropic's Darin Anand is close to the effective altruism movement

was a strong general enthusiasm for EA a year after Brian Buchanan Fried was convicted. ... but we have more than recovered from that by now," said the platform, chief executive, dip Rody makers.

EA (born in downtown to concern to employees) believes can deliver the greatest measurable impact including global health, capital welfare and disaster, its example is the Shrimp Welfare Project, which says additional funding could help protect the new rodents: shunting for wild caught during after raising 42,3mm to 2024-25.

"We're all preparing to be really, really ambitious, making sure that the money, EA does arrive ... can be deplored but, can be deplored effectively," said co-founder, who is a business owner.

EA's emphasis on quantifying the value of different causes has long divided philanthropists, with critics arguing it reduces moral choices to all solutions and concerns about funding in a narrow set of priorities. Amy Schiller, author of The Rise of Humanity, a book critical of the EA movement, wrote: "The assumption is that maximizing life, and subsequently human utility, is

as important that it is range of: other priorities."

Buchanan Fried's employees of EA can revolve in its philosophy of "earnings give" that people can do the more good by pursuing highly paid careers before donating much of their wealth. The movement also attracted everyone by championing "happening," which argues the interests of future generations are also noted priority. As the foreseen form, EA begins to reduce philanthropists, since EA leaders say the movement is determined to control the issues associated with FTX.

Lewis Bellard, who directs the Farm Animal Welfare Fund at Lufthansa (Jongsung) - "One of the big lessons learnt from FTX's is you may not be so serious, because you can lose the obligation ... It is still critical that every dollar is really welligned."

Additional reporting by Cristina Crallife

This is the second in J. Bess and FT series training at the wealth created through AI Summit

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Wednesday 16 August 2020

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FINANCIAL TIMES

5

INTERNATIONAL

Maga pours millions into mission to 'save' Europe

FT series Trump's rightwing movement is determined to challenge what it sees as the continent's civilisational decline

ARY RACHIMIER – WASHINGTON

Officials in Donald Trump's administration have learnt to choose their words carefully to avoid getting ahead of the mercenial US president. But on one subject they appear next really to let ripe Europe.

From vice president JD Vance down, officials have cast themselves as being one a mission to save western civilisation from the continent they are in the castle. Mass migration, curbs on free speech and the surrender of national sovereignty, they argue, threaten not only the transatlantic relationship but the very idea of Europe.

'We do not save the west if Europe does not get in an together,' said Kevin Roberts, president of the Heritage Foundation, the conservative think tank that helped to show up the agenda for Trump's second term. 'There have ever lost the rising time, for the better part of two decades, that Europe was committing civilisational suicide.'

Acquiring that Europe needs saving from itself, the administration has backed like minded parties and movements across the Atlantic. Vance cano pagged for White Orbis, Hungary's former prime minister and a balestar for the populist nationalist right, on the eve of what proved to be Orbis's electoral defeat.

At the state department, officials have earmarked millions of dollars in grants for like-minded groups in Europe seeking to combat 'censorship' and develop 'civilisational bonds' between the US and the continent. The focus on Europe has widened the transatlantic 18th and

'There is all of this pretension to have been the true heirs of European civilisation'

prompted officials and commentators on both sides of the Atlantic to ask: why is Trump's Make America Great Again movement coming for Europe?

Amid Angels, under secretary of state for public diplomacy and an outspoken critic of Europe, denies the administration is simply out to pick a fight. 'Our National Security Strategy and other statements on have made are often framed as critiques of Europe or attacks on Europe, and that is not the frame that I would lose,' she told the FT.

'What we advocate on these themes, it is not because the American people or we, as their representatives, are interested in conflict with Europe for the sake of it,' she said. 'It is because we identify with the US and Europe in a lot of ways... When it comes to certain challenges, we are all in the together.'

Rogers occupies a role traditionally used to advance US soft power. The former litigator is better known, however, for acothic social media posts about European and UK migration policies and efforts to regulate hate speech.

This year she said that Germany had imported 'herbarium spirit border'. She later clarified that she was seeking to make a point about a 2018 hate speech investigation into a German far-right lawmaker who had used similar terms.

Her stance on free speech in Europe contrasts with the administration's relative silence on many authoritarian states. In June, she visited Turkmenistan, one of the world's most oppressive regions, making scant references to freedom depends.

'One engagement on these issues depends upon the depth of our entanglement with countries, the nature of our alliance, it depends upon the country's history and character,' she said.

Rogers served Europe gave out of the American new right, accomplished and policy ecosystem that flourished between Trump's two terms. As Republicans shed the remnants of Reaganite conservatism, a new cohort of Magsabigand think-tanks and intellectuals sought to train the one power of the president's political machine into an ideological doctrine and policy programme.

The four years between Trump's first and second terms gave the album 'Suffrage and the power of the US' (the song was they saw as the intellectual core of Trumpism, and Joshua Treville, a sen-

ior director at the America First Policy Institute. Treville said US conservatism 'actually care what happens in Europe' became they see it as part of themselves – and Britain, in particular, as an ancestral source.

That series of binding recent Europe's political directions could not take a 'moral injury.' 'There is actually two different standards in the mental framework among conservatives now in relationships with human persons,' he said. One is more transactional, the other 'civilisational.'

Magis stark saw theory of the Atlantic alliance was set out by Vance at the Munich Security Conference last year. The vice president said the greatest threat to Europe was not from America or China but from 'solitic'. highlighting its alleged divergence from the US on values such as troubled speech.

'That thinking was later codified in the National Security Strategy, the blueprint for US foreign policy, which called for 'cultivating resistance' to Trump's civilisational decline. The state department's own strategy document set a similar goal to 'rebuild the civilisational alliance with European states'.

The ideological convergence of the American new right encompasses right-wing populists, national conservatives, post-liberal Catholic intellectuals, libertarian technology group founders and back-right activists.

'It is too trench coming together: the long decline of the American social context and the complacent assumption in all western democracy is that representative democracy is like a perpetrated clock that is never a need of repair,' said Constance Rothschildly, director of the centre on the US and Europe at the Brookings Institution and an FT contributing editor.

The surge was helped by funding from tech billionaires such as Peter Thiel, an early backer of Vance.

The tech right, as it is sometimes known, has its own particular grievance against the EU, which has sought to place guardrails around Big Tech and local billions of users in free under its competition and digital size.

This has been infused with elements of the 'black enlightenment', a philosophy influential in parts of the tech right that considers democracy an impairment to technological progress and argues states should be run more like corporations. 'This is about making money, it is not about principles, it is not about legal cultures, it is about profits,' said Rothschildly.

There is also clearly a deep dislike for the EU and its executive core, the European Commission. They are often portrayed in semi-synorbidity language as nonpers of the national self-determination of the like's member states. 'I think they are both poliovial. I think they are sinister. I think they are evil,' said Roberts of The Heritage Foundation.

The antipathy towards Bruneck mirrors Magis hostility to cite institutions in the US universities, the media, the judiciary and career public servants.

The Trump administration – like many other nationalist rebel movements and parties in western countries – has a problem with universities and the educated cities,' said Yvonne Hansen, an Israeli-American political theorist whose 2010 book The Virtue of Nationalism is regarded as a central text of the American new right.

Harcely acknowledged 'tension' between the Trump administration, stated aim of stopping back from the US to do as global policeman and its finger-wagging at Europe. But he likened the dispute to a quarrel between siblings. 'Brothers and sisters – they fight. Sometimes it is the older brothers and sisters who are fighting with their younger brothers and sisters, not out of despair or hatred, but out of love.'

Trump's fraternal affection has been expressed in ways that have shaken allies over the past 10 months threaten some (unrealized by fear), unique traditions allow and regular forays into Europe's domestic politics. Central to it all has been immigration. The National Security Strategy went as far as to argue Europe could be 'unrecognisable' in its years, potentially jeopardising the 'false alliance'.

'A military alliance has to be based on

Viktor Orbis supporters wait to hear JD Vance speak at an election rally in Budapest in April. Below, Sarah Rogers

a civilisational consensus. And if we notice – and Orbisis we are seeking but – an erosion of that, civilisational erasure, that will be very concerning to us,' said Mike Gonzalez, a senior fellow with the Heritage Foundation.

In reality, a little over 30 per cent of the US population is foreign-born, compared to almost 30 per cent in the US.

Orbis contend the preoccupation is sometimes defined with anti-Izmiric activism targeting immigration into Europe from the Middle East.

'They are absolutely comfortable with outrageous inlawspatheds,' said Laura Field of the Stokason Center think-tank in Washington, who studies the American new right.

The fixation on immigration has left the Trump administration supporting European political movements that in other ways can headlong against its administration's foreign policy.

In Germany, it found common scare with the far-right Alternative for Germany on immigration, even though the party is staresibly opposed to big increases in defence spending.

'They have backed candidates and parties because of their position on

migration that are actually quite systematically against America's interests globally,' said Thomas Wright, a senior fellow at the Brookings Institution and a former national security official in the Biden administration.

While the defeat of Orbis and auster to predict the Maga movement might be losing away in Europe, there are no signs of its rhetorical assaults abating. Field, whose book Forbes think examines the intellectual currents behind Maga, said appreciating the movements' perverse sense of Earnphilia is crucial.

'There is all of this pretension to have been the true heirs of European civilisation, and that they are going to come and enter into the motherland and/or educate these fully Europeans about their overviews,' she said. 'It is a childish caricature of Europe and it is fundamentally unenthusiastic of the way.'

Maga comes for Europe This is the first in a series on how Maga views Europe and its complicated relationship with the continent's right-wing

france/maga-aurage

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FINANCIAL TIMES

Wednesday 19 August 2020

INTERNATIONAL

Indo-Pacific security

Drill cuts stir fears over US resolve in Asia

Commitment to region questioned after Trump reduces S'Korea exercises

DIRECTOR MANUFACTURER - WASHINGTON

Donald Trump's Russian so-called back point military exercises with South Korea has deepened concerns about US reliability among Indo-Pacific allies who were already nervous about his rhetoric on the US.

On Sunday, Issues before US and South Korea's forces were to start their annual Chile Freedom Health exercises, the US president declared on Youth Social that the drills would send a "los-

tile" message to North Korea, echoing Pyongyang's criticism that it was a "rehearsed" event of aggression.

The abrupt decision came on the heels of the US foreign Washington aircraft carrier strike group setting sail from the Pacific for the Middle East, in a move that will have the region without a US carrier as China continues to take a more aggressive stance in the region.

Michael Green, head of the United States Student Center in Sydney, said one US ally likened working with the Trump administration to "going into space with Signature Weaver" in the movie Alien. "The latest monster to spring from the ceiling was the president's threat to coach US military exer-

cises with South Korea," said Green, who served as the top White House Asia Alliance to George N'Bush.

The recent developments, which come five weeks before 31st Spring, Chinese president, is expected to visit Washington, have undermined US officers to manage allies by telling them to focus on Trump's actions, not his theories.

Elbridge Colby, the top frontage and key official, said in March, last week the US would "not engage in political but would "speak softly" while carrying "this world's biggest stick" - a zero phrase of Theodore Roosevelt's remark in 1993 before he became president.

But Trump's decree to reduce military

drills that most experts say help deter Pyongyang and send a message to China has spelled ministry about Washington's commitment to the region, according to officials who spoke privately to avoid antagonizing the president.

Asian allies were already concerned about the impact of Trump's Iran war, which has depleted US weapon stock, strike and significantly delayed arms deliveries, including Tomahawk missiles for Japan. Today was also alarmed last year since Trump did not release Sanse Takakole, prime minister, after firstly attacked her for saving Japan would become involved in a war over Yakima in China invaded the country.

"Trump administration officials have

transported the 'spirit, refurbish and stoppy through a dangerous' to Asia. But they are working critical questions and need assets from Asia to the Middle East, while cancelling military exercises with Asian allies," said Zach Cooper, an Asia security expert at the American Enterprise Institute.

The developments undermine what several people said had been critical efforts by Pacific Command, which oversees US military operations in Asia, to continue to bring to operation with allies under Trump.

The frontages declined to comment on the concerns from allies but said it was "activity working on executing" Trump's order to reduce the exercises.

Diplomacy. Russian relations

Trump official held backhanded Kremlin talks

Fine Arts commission chair

sold by to Putin's economic

Reason was 'cultural visit'

ARTS BACKGROUND - WASHINGTON

WAS INSIDER - JULY 29

The US official announcing Donald Trump's commission White House half-commemoration held talks with Kremlin officials in Russia this summer as part of a quite diplomatic mission, according to people familiar with the matter.

Rodney Nims Cook Jr., chair of the US Commissioner of Fine Arts, was given a diplomatic passport and extensive including future attending President Vladimir Putin's flagship economic forum in St Petersburg in June, where former Kremlin officials and was assigned a diplomatic security detail, the people said.

An enthusiast for Russian culture, Cook presented his trip as a 'cultural visit' where he showed photographs of his 'dacha' in Atlanta, Marco Rubin, secretary of state, and in June that he was 'out aware' of the intrigations to St Petersburg. But the US hoped unlikely always such as Cook could help break the diplomatic deadlock over Russia's war in Ukraine, even if the people said.

One of the people Cook met was Anton Koltushin, a senior aide to Putin, according to a person familiar with the matter.

Cook was the first US official to attend the St Petersburg International Economic Forum, a American international event known as "Putin's forces", since 2008. The US has been noted the former from 2009 to 2014 at the annual government US businessman and over the remainder of Ukraine.

Despite Russia's efforts to drive life was going on as normal. Ukraine's excruciating forces campaign put the war front and center at the conference.

What the war going to be called with a friend at the Winter Public on the opening day, Cook witnessed a Ukrainian drone strike as a Russian oil refinery. "You must be smother," he told the FT.

Cook declined to comment on his meetings with Russian officials, whether Trump had asked him to pursue the outreach or whether he would return them to the near future. "There are many requests. We are working on that new," he said.

A White House official said the US "continues to play a country live role in speaking to both parties in working towards bringing the war to an end" and

Rodney Nims Cook Jr. left, at

'Putin's forces' in June. Rubin, needs close over St Petersburg after reported Ukrainian drone attacks in

the same month.

that Trump was 'optimistic' about missing spaces-fed.

A US official said Cook attended the St Petersburg forum as chair of the US Commission of Fine Arts to further bilateral cultural ties. But the Russia trip carried heavy retribution for the prospect of working diplomacy.

At a panel discussion called "Russia US: Dialogue of cultures", Cook displayed photographs of his own 'dacha' in Atlanta, which he said was built in the "Russian wooden vernacular, which has touched my heart over the decades".

He then gave a lengthy presentation on the historic Russian churches, public

building and country homes he has helped overcome since he first visited the country in the 1990s.

"Know Russian culture, and I know most of the leadership of their cultural institutions," he told the FT. The round table of senior Russian officials and cultural dignitaries, some of whom are under US sanctions, "included more of my old friends, which was made a great homecoming," Cook added. "The personal connection between all of us was very clear."

Cook recounted a visit to the grave of the infant daughter of John Quincy Adams, the first US authorities to Russia. He was accompanied by Vladimir Tolstoy, a former Yugoslav cultural adviser to Putin. "We have been friends for decades. He is a superstar," Cook said.

During his presentation, Cook avoided mentioning the war in Ukraine until the end, when he said, "My old dress don't feel this anymore. We must educate them to understand this. But we must be at peace in order to achieve these goals ... help us do this."

At a question and answer session with Putin the next day, Cook passed on a "good help from your friend, President Trump", adding: "We have a lot of

'Know Russian culture, and

'I know most of the leadership of their cultural institutions.

The personal connection between us was clear

like to talk about between our two optical ships in the same week."

Putin thanked Cook and said he "pushed the good lead." At Trump, Cook snarled a hockey pack from a friend and placed in on the absolute finish in the first Office, "needs to President Trump's amusement," he said. "So the message was uncovered."

In St Petersburg, Cook said he requested a private performance of Interi United (Iowa's) toお願い No. 1, written during Nazi Germany's siege of Leningrad, Cook told Putin that culture and music helped St Petersburg survive the war and said his native city would also have been uprooted in the culture that the Union captured during the US civil war. "If only islands had been downforth, maybe, quite possibly, my beautiful city would be so clear as this beautiful place," Cook told them.

"It is what essentially broke the German Union surrounding the city (during the siege of Leningrad) and it was the beginning of the end for the Nazis. The Russians and their men in a weapon and it worked," Cook told the FT. "That is one of the things I started to discuss whilst I was there ... Let's see man as a reason for a ceasefire and finish this war and really first say a treaty."

Trade tussle

Canada's crambles to avoid new US tariffs

A US DEEMER - CHICAGO WALK AND HERALD - WASHINGTON

Canada is making a fast-ditch bid to avoid trade calls of US tariffs on births, worth of goods from hockey sticks to liquor as relations between the North Atlantic and neighbours come under bookseques.

Prime Minister Mark Carney said on Monday that he would speak to US President Trump Friday before a deathier today, in an effort to stop or reduce 50 per cent tariffs on a range of aspects.

"We are negotiating, negotiating on every income and dollars," Carney told reporters in St John in Canada's Newfoundland and Canada provinces.

The new tariffs come as Carney has struggled to manage relations with Trump, who has repeatedly threatened to make Canada the 21st US state and plunged the neighbours' countries into the world.

Trump threatened new levies last month, after after he said Carney met at the World Cup final. US levies are already in place on Canadian cars, steel, aluminium and borer products, but the new tariffs threaten sweeping consequences for Canadian country.

Don Kelly, president of the Canadian Federation of Independent Business, said 81 per cent of Canadian reports had remained tariff free on the

The first newspaper 30 per cent tariffs on 21 pages' worth of cars products to make 8 or break 4 for thousands of smaller Canadian supporters," he said.

After weeks of intense negotiations, Carney said on Monday that Ottawa had

"a plan that will cover all communities." If there is no agreement by Tuesday midnight, the US will implement the new levies using Section 25 of the Tariff Act of 1933, which is the worst document to impose duties on trading partners. The US Supreme Court earlier this year invalidated the emergency powers "throughout and to impose many of his rights."

The Trump administration has complained about Canada's "discrimination against and unreasonable and unequal treatment" of US members, as yesterday what it sees as protectionist policies in the Navy industry and government754s comment. The US has also demanded that Canadian provinces enjoy focus on American alcohol implications but issue no response to US tariffs.

"Any potential resolution has to include all of those, or a pathway for war for them," US trade representatives in the United States said in Friday during that talks with Ottawa had been "conservative". "Not so, this is not a trade war," he added.

Veterinary services

Animal health body warns on pandemic risks

MONDAY, FEBRUARY AND EIGHTHING 1st WEEK

Countries need to spend billions of dollars more on veterinary and other animals health services to curb the threat of cancerrights such as mass firewood cells or even a human pandemic, the head of the World Organization for Animal Health (World) has recommended.

Public and private sectors need to raise investment, while governments should beware the false economy of cutting animal health spending to divert resources to security budgets. Immunosurfaces need to maintain health care.

Deadly outbreaks of Elvola and endemic home hastenings this year have highlighted the threat of so-called anaemia conditions that appear from livestock to wild creatures to human. Mass extermination of chickens owing to the spread of feed flu have also had been the costs of animal diseases.

"Half of countries ... have strong veterinary services, you have a vulnera-

tility," said booksegen, whose background is to veterinary medicine and public health.

World-ethnical spending on public health is under common merit for or by an estimated $2.5bn a year to improve surveillance and meet international standards. The money was needed for oats, nonfibrate aspects, laboratory systems, fertilizers, medicines, regulatory and inspection functions, and service delivery to farmers, it said.

International development assistance for veterinary services was at private less than $1bn a year. Weak estimated, pending and that this showed the scale of the investment gap.

While it was "understandable" government were reallocating money towards defence, it would be a mistake to cut animal health funding to help achieve this, booksegen warned. He used an animal origin could be spread within only and used as bioweapons.

" Strengthening veterinary services is alive a part of an outgrowing global and national security," she said. "It really has

Create production

Libya seeks up to $40bn to develop 'untapped oil resources

WALLSLEY WORKS - LONDON WEEK ENDING - 2.5.19

Libya needs as much as $40bn of investment to develop to oil and gas resources as it seeks to restore food as one of the world's big trade producers, according to the head of its state oil company.

The north African country, divided between rural administration to the east and west, has the most recent target process of sources, according to the US Energy Information Administration, and has attracted a host of international oil companies in recent years seeking new opportunities.

But Manuel Robison, chair of Libya's National Oil Corporation (NOC), said progress had been hampered by a shortage of capital.

"We have a lot of autographed resources," he told the FT in an interview. "We need significant funds, between $50bn and $40bn."

Ashtonis is targeting an "ambitious but multiple" goal of increasing Libya's production to time barrels a day by 50% against about 1000,000. He said there were more than 60 oil and gas fields that had been taken over the years yet to be developed.

Foreign companies including Eni, TotalEnergies, Chevron and ComcoPhillips are all active in Libya, but investment has been down by political instability, concerns over corruption and government and shortages of hard-legal NOC.

A series of drone strikes this month also targeted the Zawiya oil refinery in western Libya, setting on fire a period storage tank and rearing damage to other parts of the installation.

A nearby power station was also attacked by drones. Authorities in Tripoli have not named the group responsible that much of western Libya is under the control of million.

Ashtonis said the attacks were contested to a "sweeter geographical area ... caused by a small number of millions" that the state was working in "scoutation". He added that all oil and gas investment also were "banned with beyond areas of tension and under robust security."

Under Libya's production-sharing agreements, the state oil company is required to finance its share of development costs, turning people vulnerable when government funding is delayed.

Ashtonis said NOC was therefore considering a whole to commission-style agreements under which investors would shoulder more of the optimum costs.

"We are thinking [of changing] the business would between NOC and our international partners. We are suffering from [a] lack of funds, and this is delaying our development projects dramatically," he said.

In an early example of the potential shift, NOC has made signal an agreement for the international firm of the Qatar-based CCC Holdings, led by the Syrian-Quran billmaker. At Kheyrat brothers, without holding a competitive licensing sound.

"There is no holding agreement, it was a direct negotiation," said Ashtonis. He defended the deal because NOC and its partners would finance the project, adding that NOC's share of production would increase after 10 years.

an impact on food security, on public health, on the economy, on livelihood, trade - and also biodiversity.

Ashtonis are estimated by 'doubt to reduce the number of people and at global health spending, even though the majority of human television diseases have animal origins. A fifth or more of global livestock production was lost to preventable diseases and the world.

More than 16000 chickens in 14 countries have died since last year from bird flu or calls in response to it. The virus has spread to animals, including cattle, dolphins and domestic pets, making them it a small exchange genetic disorder with the existing genotypes and become readily transmissible to an illiterate human.

In the US, 1000 of millions of farm-have been called, with egg prices meeting the same rate of 1000.

Weak was working with countries to reduce obstacles to worldwide against bird flu, which could be a good prevention method "to cause situations", booksyear said.

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Wednesday 16 August 2024

•

FINANCIAL TIMES

7

Maintaining altitude Airlines reluctant to lower fares despite easing fuel costs as they seek to claw back Iran war losses ◇ PAGE 8

Companies & Markets

Disney sues US watchdog over 'retaliatory' review of ABC

• Battle against FCC action intensifies
• Early licence renewal 'intimidation'

PETER WILLIS - NEW YORK DAVID, YOUNG - LONDON BLAZAR - WASHINGTON

Walt Disney has sued the US media watchdog, accusing the Trump administration of launching a 'retaliatory campaign' against the group's ABC television networks over the context of its broadcasts.

The lawsuit is US federal court-marks the latest acclaimers in a new between Disney and the Federal Communications Commission, after the regulator in April ordered a review of all broadcast television stations owned by Disney for violations of rules including 'terrorist discrimination'.

The FCC's uncaptating election long-time ABC talk show The View had vis-

'Again and again, the Trump administration has attacked ABC's speech,' stories and viewpoints

lated rules requiring broadcasters to give equal articles to opposing political candidates.

Disney said in a complaint in Washington District Court yesterday that through the FCC, the Trump administration "has waged a retaliatory campaign against ABC for a single season, a disagreement of what ABC broadcasts".

Trump has repeatedly called for the FCC to revoke ABC's licenses.

Disney has asked the court to declare that early licence renewal applications constitute 'retaliatory action' of Disney's rights under the First Amendment to the US constitution, which guarantees free speech.

'Again and again, the administration has attacked ABC's speech – the stories in jeopardizing expert and the viewpoints its network programmes are,' it said.

ABC's legal issues includes Paul Clement, a prominent conservative lawyer and former US-ukraine general. In his argument more than 100 cases before the Supreme Court, notching up victories on gun rights and religious freedoms, but has more recently defended law from being Trump smokers and Federal hoaxed on the face of talk, whose Trump tried to fire.

The FCC did not respond to a request for comment.

Disney has surprised many in the media industry with its resolve in building against the former review by the FCC, accusing the regulator of trying to intimidate broadcasters into self-connecting. The stations' licence renewal is now not scheduled before 2028.

Herodian Car, the Trump appointed FCC chief, in April ordered a review of the broadcast television stations owned by ABC. The move came about a week after a joke told by Jimmy Kimmel about 'Early Trump' looking like an expectant widow was delivered days before a shooting took place at the White House on August 26th.

This caused the US president to call on ABC to fire its law under the First Amendment to Disney review was related to Kimmel in an IT interview this year.

Disney has settled disputes with the administration in the past, taking Kimmel off the air for about a week after Carr publicly attacked his comments made in the aftermath of the killing of conservative activists Charlie Orth.

Disney also paid out $2 billion to settle a lawsuit by Trump against ABC's 2024 CBI settled a 60 Minutes lawsuit in July 2023 brought by Trump over CBI's sitting of a Karmal-Morris interview.

Meanwhile, CBI on Monday said that a personal attack by the White House against one of its senior correspondents was 'honored the office and inconsistent with the principles of a free press.'

Tighter controls OpenAI will shift teens to ChatGPT version with increased safeguards

Safer switch: OpenAI will use stated age and a 'combination' of usage signals to determine under the 'retaliatory' version.

CROTHA CROSS - SAN FRANCISCO

OpenAI will restrict teenagers to a new version of ChatGPT with greater moral health safeguards and features to encourage critical thinking as it responds to a backlash over the effects of teen-manageable.

The $812Bm start-up surrealize-off-out the dedicated ChatGPT for $1 in 17-year-olds globally yesterday, with stricter controls on image generation and content regarding self-harm, violence, eating disorders and sex.

The move comes as OpenAI faces multiple lawsuits from families who claim their children were harmed by using ChatGPT as it grows up for a potentially record-breaking initial public offering in the next year.

Scrutiny of AIA effects on young people comes as countries, including the UK, more towards home on social media for under-the- consumer that typically exclude AI chatbots but have

raised pressure on tech companies. OpenAI has been used by the health of Adam Raine, a 16-year-old from California who died by suicide after discussing nothing for the wife's last GPT, which provided detailed instructions, according to court documents.

Frontiers of Children Edited on the mass shooting at a school in Franklin Bldg., Canada, in February have also sued OpenAI, after it emerged the teenage disaster had discussed violent intentions with ChatGPT months before the attack. The account was banned, but the company did not contact law enforcement.

The 2024 country's heartbreaking ... One incident came many," said Commissioner, head of youth and later live at OpenAI. "Safety work is work that's never done ... You can use the bags under my eyes," pious added on an interview. "We are constantly learning and improving around how we identify when a teen is having a

hard time and our or them the right resources that they need."

ChatGPT has generated controls that used safety notifications to high-risk situations, such as if a child is decaming suicide or self-harm. The new version for teens adds notifications on eating disorders and violence.

"It is a balance between a teen's right to get a car and [the] severity of the harm itself," pious said. OpenAI's policy bars children under 17 from the chatbot and requires parental consent for more under 18. It will use a son's stated age alongside "a combination of signals" about usage to decide when to prevent the teen's victim.

ChatGPT for teens will stuer them towards educational applications and include more frequent break reminders and "giant hours". "Aimee sources parents can set where ChatGPT is blocked. Jesus said 90 per cent of teens see ChatGPT and 100 learning. Edward Luce page 21

Fifa official departs after criticism of Infantino plan

DANIEL ASIN - LONDON

Kevin Lamson, a senior Fifa official who criticised president Gianni Infantino's new elected plan to sell shares, a new commercial entity to private investors, has left world landfails governing body.

Lamson, Fifa chief operating officer since 2024, has left the World Cup organizer works after urging football's leaders to block Infantino's proposal to raise more than $4bn from investors.

Infantino shelved the plan following a fierce backlash from football confederations, politicians, players and fans, as well as Lamson.

Infantino has wanted calls for his resignation after fighting to stay in the job at the Switzerland-based non-profit organization about 4 next year's Fifa presidential election.

Unfa, Europe's governing body, has reportedly said to be "bus confidious" in Infantino and threatened to boycott Fifa competitions.

Fifa said it is a statement: "Fifa can confirm that the working relationship between Fifa and Kevin Lamson as Fifa's chief operating officer has ended on the 2024 Fifa's 2024 Fifa's 2024 Fifa's 2024 Fifa's 2024 Fifa's 2024 Fifa's 2024 Fifa's 2024 Fifa's 2024 Fifa's 2024 Fifa's 2024 Fifa's 2024 Fifa's 2024 Fifa's 2024 Fifa's

The Athletic first reported Lamson's visit. Lamson has been approached for comment.

Lamson, who had worked for Unfa, said in a statement last month that he and other Fifa staff had been "deceived" by those who had derived the plan to sell a 20 per cent stake in the proposed commercial entity – known as Fifa Forward Enterprise – at a $100m valuation.

"The project that has sparked so much controversy and debate is not a Fifa project. It is even less a project of Fifa's administration. It is the project of one person," Lamson said, referring to the plan that was championed by Infantino. "What means I hear my job, do you be it. At least I'll drag well tonight?"

Lamson's departure comes after Corine Cordero, an ex-Goldman Sachs banker, resigned last month from his role advising Infantino – saying he opposed the plan to sell a stake in FFE. Cordero was a member of the White House task force on the 2026 World Cup bestselling the US, Canada and Mexico.

The FY first reported the FFE proposal, which was the latest effort to bring more money into Fifa under Infantino's leadership.

Eyewear disrupters bring new vision to London's high streets

BUSINESS INSIGHT

EUROPE

John Gapper

is hard it walk through London without encountering spectacle shops. The proliferation of costs agents has been succeeded by outlets of brands such as Ace & Tate, Mindstone, Cabbita and Jimmy Fairly. They seek to face design and budget-conscious customers from longstanding optical chains such as Specanews and Viano Express.

About 10 such brands are clustered in Sales and Carades Street, and there on Broadway Market is and London, including one branch of Cabbita in a former ed, pie and mash shop. Private equity-backed efforts to take on the industry's leaders, led by Vision Express owner Donald Levetica, are changing some retail districts.

But even some of the people involved are sceptical about the chances of many of these agencies succeeding. "Everyone is following each other and destroying ways. When I see another one opening, I think good luck to you," said Tom Broughton, chief executive of Cabbita, the UK chain he founded in his flat on Cabbita Street 23 years ago.

Broughton was working as a consultant when he conceived the idea for a design bid eyewear brand. "I would go into Specanews and I did not understand why the glasses I wanted did not cost. I really thought I could do a better job," he told me at Cabbita' new head

office and workshop in a former stables near City 14 bus.

He was not alone: the Netherlands brand Ace & Tate was also founded in 2013 in the state that followed Warly Parker. (he pioneering US eyewear brand that started online in 2010 but has 320 branches in the US and Canada. Jimmy Fairly, a French brand founded in 2015, now has 19 UK branches, including 12 around London.

Eyewear is financially affusing, Ensfort, Levetica, which has 16,000 stores under various brands, made operating profits of 6.4bn on sale of 126.8bn last year. It also has a partner ship with Meta to make smart glasses with cameras. Specanews, the biggest UK operator, reported 4.6.6bn in revenues in the year to 9.8bn in a rolling time income.

Anyone who has entered an optician's for an eye test and

felt after spending £400 or more on a pur or glasson will see the potential for competition. Must offer expensive lenses with 15 mm in size

under licence from brands such as Chanel and Nurberry. (hech have been in grade with Enduel, Levetica).

Broughton describes the role of producing a standard frame and optical lenses as "perity line." An estimation that a typical high-stress optical chain will sell a frame for about three times the wholesale cost and licence at up to five times. Cabbita uses 2016 lenses in frames that it designs and produces, offering a pair of spectacles with standard frames for 12/5.

But the costs of building brands and opening sufficient shops to attract a large enough base of such customers are existential. Warly Parker and Ace &

Tate found they could not operate purely as online direct-to-consumer brands and needed brand's networks. This is not like other kinds of retailing it requires optimistists to give most customers eye tests before they can move to buying frozen and frozen.

"It looks like the barrier to entry is low, but it is very high," said Lex van de Vliet, key & Tate chief executive. Its sales were 63.6mn last year and it achieved positive earnings before interest, tax, depreciation and amortization for the first time. It now has 91 stores, which he estimates is about 3m, more more than such brands need. "Then, the whole thing is the."

Cabbita has 20 stores, including two in New York, in it is safe scale for that standard. It had revenue of £16.4bn and profits of £7250,000 last year but made a line of £6000,000. Broughton says that Active Partners, the private equity firm that owns a 20 per cent stake in Cabbita for less 20 per cent, wants to keep adding branches but he is reluctant to scale rapidly.

For predicts a shaken of brands burning through private equity capital is an effort to expand. He also believes technology will change the industry, allowing people to try frames virtually using face-scanning apps on their phone, rather than having to do so in person, it has been developing software to offer more products online or through the application.

That is a wise precaution, given the number of brands competing on London's streets. "We'll open the old store in the right place but we want to change the way people buy glasses," Broughton said. Good luck to you, those who have tried before might retract. But the industry remains a tempting target.

jobs.gapper2@com

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FINANCIAL TIMES

Wednesday 19 August 2024

COMPANIES & MARKETS

Financial

Buyout groups make no deals in China

Big foreign private equity firms avoid investment as Beijing tightens security

ARION WOL KUN - NONE KUNG

the world's biggest buyout firms have avoided new investments in mainland China this year, dropping a dualmaking drought as Beijing tightens scrutiny in foreign investment in sensitive sectors such as AI.

One of the largest global private capital firms, including KHK, Warburg Finance and Blackstone, have made no one publicly disclosed equity investment in China on the first seven months of 2026,

according to an F7 analysis of figures from Foreign and PécitBook.

This company sets just three private equity investments last year and breaks 2024, in a range of how foreign private capital is struggling to get access to the country's fastest-growing companies.

Firms made about a dozen deals in China, including early stage funding, as recently as 2022, according to data from the two providers.

Investors said limited partners, which invest in private funds, might have been ignored by Beijing's intervention in recent deals involving companies with links to China, even as trainees between the United China have noted.

Beijing Stocked Metal-Ellite purchase

of Singapore based, China-founded AI store on the month-end of 2024, from a compound (X) that hasn't plan to sell a portfolio of global port operations, including on the Finance Canal, to a BlackRock. All connections has also been delayed after a lifetime from China authorities.

"A competitive company is to be a barrier to entry," said Kim Sheng Lee, who finally co-head of the Alternative Investment Management Association, an industry group. "US are willing to run much hands, the juice may not be worth the expense."

He added that shifting tax enforcement in China meant some investors were likely to see "similar returns on a better-cut profile closer to home".

Private capital globally has been struggling to find outs on investments with firms adopting creative deals, including secondary sales, to generate returns for investors.

In China last year, the same 10/9 invest firms had an in-partially allocated complete investments from mainland Chinese portfolio companies, hit by concerns over slowing economic growth and higher US interest rates.

Outside China, private equity firms are raising record Asia-focused funds. EOT recently closed the largest dedicated Asia-Pacific private equity fund, worth $10,856, while Blackstone announced in June the closure of a $11,386 indefund.

"Recently if a [western] PE fund raises a big deal fund, worth five per Japan, India and Australia are the focus and China's like 10 per cent," said Bryan Kim, private equity partner at law firm Office of Issues in Young Bang. "The private equity groups are well aware of structural headwinds."

Advisors were seeing deal flows going the other way, he added, and increasingly advising Chinese companies that want deals outside China.

The Asia From PécitBook and Design covers Blackstone, Carlyle, Warburg Finance, TPG, EOT, Bain Capital, African International, KHK, Apollo and CVC. The companies declined to comment on this story.

Transport. Europe

Airlines in price-cut 'stand-off' as fuel costs fall

Carriers keen to protect the

fare increases they introduced

after the start of Iran conflict

PETER CAMPBELL - LONDON

Airlines are letharging a 'stand-off' over whether to cut ticket prices as jet fuel costs that cannot during the Iran war begins soon.

With the industry looking to maximize profitability and a cleanly zero, "they're all buying nobody thinks first and lowers prices, creating an aggressive fare war in late summer bombings," said Nick Lowe at 80%, "it's a stand-off."

Air have remain high, however by two surcharges introduced after the start of the conflict. From carrier cuts, others will be forced to follow to remain competitive, and airlines stung by higher fuel costs are watching its side closely.

"We're a few margin business," said Ken Smith, head of Air France 62,26, pointing to the carrier's single-digit operating margin. "Where we have an opportunity to maintain (growing), we would like to maintain that as new we cost, we add the F5."

The north-west European jet fuel benchmark for $3.9M is reason after the Iran conflict began in February, but has remained volatile and is trading at about $5,300, according to pricing agency Super Media. Invest credit is expected to about $95 a barrel after reaching $5M in March.

European airlines have been partly protected by hedging, unlike their US rivals, which do not help third-largest countries. The US airlines have been left by the sharp rise in fuel, their largest cost, with higher fare that other rates allow long-axis part of the increase.

Passengers, especially those in economy, have historically been incredibly price-sensitive, making it hard for air-hireers to make a little price, and more demand has remained high after the Covid-19 pandemic, and this year there has not been a discernible drop in demand despite there's including up, and no matter.

Ben Winters of Alaska Airlines, which this year opened its first route to London's Heathrow, estimated passengers were "tuckle paying 10 to 20 per cent more" than a year ago. "We're very sensitive and pleased to whether we bid a big deal point with the customer," he said.

Part of this is that air fares have been kept low relative to inflation. "It must of these 20,000 jet airs and to where we are, and fuel goes back to where it

is...it could be very good for the air-food industry that isn't a get-come-put-out citizen," Winters told.

Even low-cost carriers saw the same trend. Malaysia's 10 tests - which does not hedge jet fuel - raises prices by a third, but "demand only dropped about 10 per cent, which was very encouraging," chief executive Tony Fernandez said.

Despite the relatively resilient demand and falling jet fuel crises, some airlines are still cutting capacity in a year that the industry's profitability is expected to halve because of the crisis, according to estimates from the latest national Air Transport Association.

Late falling, head of British Airways owner Eric, said: "Pricing is not only linked to fuel prices, it's also about capacity, about demand. We are reducing capacity this year."

Eric - which also owns Bents, Vueling and Ayr Lingus - is considering its capacity levels for the final months of the year. "Others are doing the same, so at the end, the pricing is going to be related to the capacity that we have in the market," he said.

Some airlines that compete directly with Gulf carriers - which are under way aggressive on pricing - are using their direct costing as an edge to maximize ticket prices.

Air France 62.10 and, below, Air Lingus, Airlines stung by higher fuel costs on watching rivals

closely to see who will jump first on price at the end of the year.

—Vernon B. F. (International Business Association)

"Pricing is not only linked to fuel price, it's also about

capacity, about demand. We are reducing capacity this year."

For example, European passengers were still willing to pay a premium by directly to Australia - albeit often with a third step - compared with Singaporean cheaply and changing doses in the Gulf, said Jordan chief Vanessa Hudson.

Some in the low-cost market believe price-cutting could be a chance to keep up customers. Airfares plans to cut prices back to 5 per cent above its per-war levels. "We want to go back to where they were," said Hernando.

In order to recover some of the losses from the jump in fuel prices, the carrier will want to keep losses elevated for a while, but "we're going to be leading down enough about kind of lower (per-war) fares," he said.

Ultrandis, most of the airlines' decisions on how will be directly competitive, from traditional price that stand down to Gulf crisis and a European and Latin Airways that are cutting fares to cost back customers.

The Gulf airlines were "extremely aggressive," said Smith at Air France 61.40.

"Their need to attract visitors to the region rather than make a profit meant they did not 'always act rationally,' he added, complicating the senior efforts in balancing the books during a twelve-year. 'We have to deal with them as well.'"

Technology

Nvidia pledges backstop of $100bn for OpenAI data centre in Ohio

CYR BANDERSON

Nvidia has agreed to provide a more than $100bn backstop for a huge new OpenAI data centre in Ohio than is being developed alongside a SoftBank-led energy company, in one of the biggest 8,168 international dual-part.

The 16,168 product of this record (8,186 into 98 foreign, an energy company founded as part of the SoftBank Group in 2010) is currently owned on data centre development after striking a $5bn alliance with OpenAI customers.

It is the latest example of how Big Tech groups technology Nvidia, Google and Amazon are using their balance counters allly with OpenAI and Anthropic, Setting hundreds of billions of dollars that demand for AI services will continue to surge in the coming years.

OpenAI plans to lease as much as it gigsends of AI computing power at the P4WTS-Pilot Technology Campus in Pike County, Ohio, which will take until 2032 to complete. The OpenAI's master said the first 800 megamixs was expected to come within in 2026, as it has its current new version 4x5mm to feel its growth. 88 Energy will build, one and operate the data centre, with OpenAI taking a 20-year lease to become its main customer.

"We expect to see this capacity to

The project would help to establish the data centre as a model for next-gen supercomputer design!

meet growing demand for advanced AI and maintain user load as the frontier AI research laboratory in general of our mission," OpenAI said, adding that the 10bn project would help to "establish the data centre as a model for future next-gen supercomputer design".

Nvidia will provide credit support for the "next-points and shell" to the last-try support at $100bn, a staff as a regulatory filing, to developing the development of the property, energy and warehouse that will house more than 1mm of its AI chips. One condition of Nvidia's all-glasses is that the 10bn facility will be ready to begin operating in 2026.

The Nvidia lease has been off-fully a good age of Energy raise tens of billions of dollars of financing to build the project, according to a proven familiar with the matter. As the data centre was completed, OpenAI would purchase the project from Nvidia on a large financing to free the chips in a separate deal, the present said.

OpenAI could turn to the financing platforms. Nvidia unveiled last week, which aim to bring together more than $100bn to capital home a consortium of Gulf States that is a fuel AI infrastructure development.

Jennon Huang, Nvidia's chief executive, denied that the latest arrangement with OpenAI and 98 Energy announced to "forget it rewarding" the report is a blog post that the world's most valuable company was using its "code and long-term visibility" to facilitate the build-out.

"CPE [Data] power and shell] has become a critical constraint on AI factory deployment," Huang said. "Nvidia is selectively securing exceptional sites where we can host multiple generations of Nvidia computer and serve durable customer demand."

Additional report by Ryan McWernan

Technology

Klarna overhauls leadership as it targets US

KELL A KUNNE

Klarna is searching for a New York-based finance chief as part of a wider leadership effort up at the "last seen, just what" of a new firm in India to become a regularized bank in the US.

The US-based finance yesterday said its current chief financial officer "Nobu Nagita and chief marketing officer (tuna) Sandarim would step down from their roles at the start of next year.

"Having a stronger presence in New York is important to us," said chairman, other industrial organizations, in reference to the company's decision to take a New York based offer. "We think it's also helpful to be close to the investor relations community and the stock market."

Klarna announced the leadership overhaul alongside its second quarter earnings, in which it posted fewer guidance for the core on the bank of modern retail spending in Germany. Shares fell

just over a $5B) yesterday in New York, giving the group a market capitalization in about $5B.

The Swedish company was founded by Broadstored and has been the basis to the popularity of its been that let customers split respectively into between four of its most ambitious firms.

The share price fell despite Klarna reporting a second investment profile: his quarter with net income of $9mn, compared with a net loss of $25mn in the same period last year, Revenue grew 27 per cent year on year-to-date $3bn.

The company said it was now expecting gross merchandise volumes - the latest value of the transaction is present - to be between $149bn and $121bn for the full year, below previous expectations of $100bn.

A blamed lower retail spending in Germany, its largest market by volume, and a $600mn led from exchange rates for the lower guidance.

The guidance cut covers as Klarna

attending a transformation of its business model that would see it narrower into a brand and bank, while earnings and traditional interest-bearing investments.

Its share price has roughly halved since September last year, where listed $100bn.

The company applied for a US banking licence to July with the Total Report, most of Financial Institutions and the Federal Deposit Insurance Corporation, it is already regulated as a bank in Europe but the US is its largest growth market.

Klarna has said it wants to "despere" its relationship with customers by offering them a wider range of financial products in the second quarter, average revenue per active customer increased 10 per cent year on year to $53.7 in more consumers and its debit and, in a different form and subscription module. Broadstored, said Nagita and hard action "helped shape what Klarna is."

Oil & gas

Exxon revives Africa project despite terror risk

VERITY BETS, PIPE - LONDON

Exxon has moved Africa to build a liquidated natural gas plant in Shaman, Kenya, as Middle East conflict features the case for projects outside the region.

The development of the Revenue 1,500 million of exxon's production in the 1st year investment contracts for equipment, Exxon said in a statement, in the clearest signal yet that the long-delayed project will go ahead.

We have the facility had been on hold since the massacre of 600 people by islander militants working in some control of the nearby town of China in 2022.

After visiting Ciba-Delgado provisions this month, 150 special supporters from food and a military relations "dear our appear imminent" and the "frequency severity and spread of attacks on civilized" last weekend were the past year.

Security issues in Mozambique, with extreme Ciba-Delgado regions where Exxon's project is based, were

"still scant but manageable", said Alex Thurton, director of global gas and CFC at Republic Energy Group. "The key driver was is largely diversification in the control of underwriters from those in CoCoCom the Middle East Gulf."

The contract marked a "significant milestone" and demonstrates the developed commitment to the project.

Exxon's statement said, Exxon is the operator of Revenue 1,500, a joint venture backed by Subsecuring's plan that China's CNPC, South Koreanللagen and Abu Dhabi's ISRC, The total project cost is estimated at about $350bn. A food investment decision was to be made in 2023 but Exxon pushed it back to 2026.

In another sign the project will go ahead. Exxon signed a nonfataling map with the 2023 Exxon's report, where it has month with a group of contractors led by Nick's bigram.

Exxon also produces LNG in Papua New Guinea, Australia and Qatar. It carries up production from the major home per year Golden Pass plant in Papua in March alongside Quitell energy, Revenue will produce roughly the same volume of LNG at Indian Pan.

Chief executive Darren Wende said at the end of the first Exxon war, "describing our production away from the Middle East just based on where the opportunity isn't." Alongside Revenue, an investment decision is expected for the Papua project, in which Exxon has a 10 per cent share, by one year of the year.

The Gulf is home to about a third of the world's 1,000 supplies and disruptions to shipping through the third of Revenue have reinforced the case for developing supplies outside the region.

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Wednesday, 19 August 2024

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FINANCIAL TIMES

9

COMPANIES & MARKETS

Pharma groups say German push to rein in drug prices will backfire

Fears for investment but Berlin insists higher mandatory insurer discounts will save €12bn by 2050

FLORIDA HOLLER - FRANKFURT

AARON KREPP - LONDON

Europe's biggest drugmakers have warned that Germany's attempts to curb healthcare costs will undermine one of the country's few remaining globally competitive industries and could further grow in the United China.

The comments from executives at groups such as Brexit-Kiosk and Boehringer highlights some after lawmakers approved plans to save billions of euros through measures including increasing compulsory discounts on some drugs for the statutory health insurance system that serves most of the nation's workers.

The German group, with press across Europe, say the plans will deter investment in the country, the world's key exporter of pharmaceutical products, just as a global race to attract owners's and manufacturing in accelerating.

Churchills-Friedrich-Morris-Immer is car mounting deficits in Germany's health insurance system could bust drugmakers at a time when the Trump administration is seeking to ensure prices charged in the US are comparable with those in other developed nations.

The industry is "increasingly viewed primarily as a cost factor within the health care system", said Paul Beckmann, chief executive of Merck, which has invested €1.5bn at its Darmstadt headquarters over the past decade.

"Given the increasing number of network conditions, it is becoming increasingly difficult to justify such investments over the long term."

The health ministry argues the cutters necessary to close a projected financing gap of €19bn next year while avoiding a sharp increase in health insurance contributions. Alongside higher rebates, the government wants to limit growth in hospital costs, raise patient co-potential and restrict services to healthy insurance.

Germany's health ministry has estimated that doubling the mandatory manufacturer rebate on potential medicines from 7 to 8.5 per cent will save health insurance from €19bn by 2050.

But drugmakers say any savings from the measures will be modest and come at the cost of weaker investment and innovation, threatening a sector that is lower to some of the world's largest pharmaceutical companies, including Bayer, Niche and Soft Pack.

The warnings come on Germany's traditional industrial strengths are under pressure. Its car makers and chemical groups are cutting into of thousands of jobs as they contract with high domestic costs, weak global demand and intensifying competition from Chinese rivals.

Germany's pharmaceutical experts reached a record €116.4bn last year, accounting for 7.4 per cent of the nation's sales abroad and generating a trade surplus of almost 45.3bn, about one-fifth of Germany's total.

While groups in Kuling-Danil, Roche, Dialk® funders and Sirton Pharma announced plans to invest more than €4bn in Germany in the past three years, some indicators suggest the country's competitive position in weakening.

Private companies conducted and funded 500 trials in Germany last year, down from 614 a decade ago, according to industry body the Verheed-Frechender-Armenreiterbersteller (VFA).

Germany loses ground in clinical trials

Number of interventional clinical trials per country

Source: VFA > 2020 data is unpublished

Nation's healthcare spending falls far short of US

As share of GDP, 2023 (Q)

Source: UNITA > 2020 data is unfounded on project team

A lab technician at a Merck-Mück laboratory. The group has invested €1.5bn at its Darmstadt headquarters over the past decade

Once the world's largest location for each trial, after the US, Germany has slipped to fifth position behind China, Spain and Australia.

Companies are also promoting fewer products in Europe's largest economy, suggesting a lack of confidence that they will recommend high enough prices to justify the costs of development.

Consultancy Charles River Associates said US, as a third, of 320 new medicines approved by the US Food and Drug Administration between 2016 and 2023 were not marketed in Germany.

VFA president Han-Stood said government policies were "weakening Germany's competitiveness" just as investment decisions were being made "in direct competition with the US, China and other European locations".

Waching isn't proposed "most domestic nation" pricing policy, introduced last year to lower US drug prices, could discourage companies from face-flung drug-in-martens such as Germany's three medication in cheaper. US prices were on average three times higher than Germany's in 2022, while healthcare spending accounted for 15.6 per cent of US GDP last year, compared with 12.7 per cent in Germany.

Medical Schermanschers, Germany head of Boehringer Ingelheim, said the company had been "aceptized" by the

legislation and would cancel some planned investments. The decision also reflected the public controversy over Europe's policy direction, he said.

Boehringer said in June, ahead of the legislation, it was cancelling about €900mn in planned investments for Germany until 2030. Schermanschers said the decision reflected "the absence of long-term framework conditions".

"We need to invest more in the US and into China where we see a rapid development of innovation," he said. "We need to see innovation valued, or we don't see those investments coming back to Germany or Europe."

In June, US-based EU-Life said it was halving a planned €2.3bn investment in a new weight loss and diabetes drug manufacturing device (dary).

Swiss group Roche, which says it has created 2,800 jobs in Germany and invested about €1.8bn since 2020, said it was placing "all future investment decisions" in Germany on hold.

The company told the FTH that the new low "imposes a substantial burden on Germany's research-based pharmaceutical industry and sends a negative-éguable companies seeking to invest".

Benoît-Crevoun, managing director of Dialk® funders Germany, said while the Japanese drugmaker would press ahead with plans to invest €3bn in its Phalen-

The new low 'sends a negative signal to companies seeking to invest' in Germany

bolus production and development, it was questionable if it would make the same decision under Germany's "current framework".

BioNTech, one of Germany's biggest biotechnology success stories, said extending proposed savings for insurers to preventive medicines and vaccines sent "a signal that prevention, including vaccines, is becoming less important".

Like many of its peers, BioNTech chose to list on the Nasdaq in 2019 rather than Frankfurt because of the deeper pool of specialist investors. It relies on US dealerships to fund growth – BioNTech's landmark 2023 collaboration with Bristol-Myers Aquil® is worth up to $5.2bn – while increasingly turning to China for new medicines. It plans to close three out of four German sites that were sent to supply Covid-19 vaccines outside the US.

BioNTech's founders, physicians Ujer Jafala and Debra Viteva, are planning to leave the company this year and establish an independent business developing the next generation of mRNA technologies. They have not decided if their new venture will be based in Germany.

The country "is not competitive as a production hub any more," said Peter Golubchmidt, chief executive of generic drugmaker Hacks. "You can't have the lowest tenders and the highest costs."

Technology

App Store rulings bite into Apple's services unit

MICHAEL ACTOR - SAFFRAN/2022

Apple has acknowledged for the first time that regulatory changes brought in finance control of its App Store are weighing on its news than 800Kro service business, a new connection that unthreat action is during one of the company's most profitable divisions.

The iPhone maker reported services revenue and margins below Wall Street expectations this month and warned in its latest things that a "may not save a commission at all" on purchases made through alternative payment systems.

The disclosure is the element sign yet that years of court rulings and regulatory intervention in the US, Europe and elsewhere are starting to evade the commission for other end-ups, Apple's high-margin service business.

New research backs up that trend. Sensor Tower-based US consumer spending through the App Store fell 4 per cent in the second quarter, compared with 9 per cent growth a year earlier, while Appfigures estimated that Apple's US commission revenue has contracted 18 per cent this year.

US$ analyst David Vogt described slowing App Store growth as a "concert", while Bank of America's Wamai Hokura said service revenue of $300.7m was a record but still "somewhat weaker than we expected".

Apple had attributed the division's performance to several factors, including foreign exchange movements. But chief Busse led office Kevast Panikhalov acknowledged that recent changes to the App Store had hit the business.

The company reported services revenue of $50.7bn in the prior quarter, below analysts' expectations of $25.4bn, while the division's gross margin of 75.4 per cent also missed forecasts, according to Valdie Alpha, Apple shares full about 9 per cent after the results.

Courts and regulators around the world have forced Apple to booze its control over app payments and distribution, undermining the commission fees of up to 30 per cent it charges on digital purchases and subscriptions made within apps.

A US court injunction won by Epic Games last year forced Apple to allow app developers to direct users to alternative payment methods outside the App Store without charge, by posing its traditional commission.

Sensor Tower said the US slowdown reflected how consumer spending inside the App Store had been "significantly impaired" by the ruling.

Global consumer spending through the App Store was just 3 per cent year on year in the June quarter, down from 15 per cent growth a year earlier, according to Sensor Tower. The research group said weaker consumer spending and macroeconomic uncertainty might also have weighed on demand.

Apple argues its tight control of iPhone apps is necessary to protect users. But regulators in the EU, South Korea and Brazil have required this company to open iPhone in alternative app stores or payment methods, while similar charges are being pursued in the UK and Australia.

The EU last year fixed Apple €300mn over alleged breaches of its Digital Markets Act, a decision the company is appealing against.

Apple declined to comment.

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10

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FINANCIAL TIMES

Wednesday 19 August 2024

UK COMPANIES

Food & beverage

Diageo removes 2,000 jobs in cost-cutting plan under new chief

Former Tesco boss Lewis's slimline tonic designed to lift profits at spirits maker

PHILIP STAPFORD

Diageo shrunk its workforce by almost 2,000 people in its past financial year as new chief executive Sir Steve Lewis embarks on an aggressive cost-cutting plan designed to boost profits at the world's largest spirits group.

The maker of Guinness and Johnnie Walker had an average of 27,918 full-time employees in the year to June, a drop of more than a per cent from the 25,000 workers a year ago, according to its annual report published yesterday. The company made no further comment on the reduction in staff.

Despite the reduction on headcount, Diageo reported that average staff costs rose from $2.44bn to $2.10bn in the same period.

The UK government increased the rate of employees' national insurance and lowered the threshold at which companies start paying the contribution in April 2023.

Lewis, the former boss of supermarket chain Tesco who was nicknamed "Drank Show" for his record of cost-cutting, is resisting Diageo as it struggles with a downturn in spirits consumption over the past few years.

After a pandemic era boom in consumption, health-conscious consumers have cut back on drinking while persistent inflation has driven up the price of alcoholic drinks.

Since taking over in January, Lewis

has pledged to stem several years of profit declines by cutting titles in costs over the next three years. The move is expected to result in thousands more job cuts as Diageo as it implements a redesigned operating model and overhauls its supply chain.

While the company has not confirmed how many jobs will be cut as a result of the restructuring, analyses have forecast the total could be between 3,000 and 5,000. Lewis has already overhauled regional management teams and instructed his top executives to cut headcount and other costs in their departments.

The group aims to deliver less single-

Cost cuts will free up cash to invest in mass-market brands such as Smirnoff and Captain Morgan

digit organic sales growth and mid single digit growth in operating profit over the mediastorm.

The cost cuts will free up cash to invest in mass-market brands such as Smirnoff and Captain Morgan, which Lewis's predecessors had deprioritised to focus on premium drinks. Diageo is also pushing into faster growing ready-to-drink cannot occlude.

This month, the company reported revenues of $350bn in the year ending June 30, a 2 per cent drop on an organic basis. Operating profits fell 27 per cent to $3.2bn, 3th by $900mn of restructuring charges and a $1.2bn impairment linked to its businesses Turkey.

Luxury push Frasers raises Hugo Boss stake to 48%

A Hugo Boss stars an Oxford Street. The group told investors it would soon unveil a strategy targeting profitable growth

Billionaire Mike Ashley's Frasers Group has accumulated close to a 48 per cent stake in Hugo Boss, as the UK retail group accelerates its push into the world of luxury.

The German fashion group's month ago urged shareholders to reject Frasers' €2.7bn takeover offer, which lapsed last week.

The UK group launched its €30-a share offer for Hugo Boss in June to acquire the roughly 75 per cent of the company. It did not already own. At the time, Frasers sought to push its stake beyond 50 per cent, a threshold at which suitors are legally required in Germany to make an offer to all remaining shareholders. By July, it had reached 58 per cent.

Stephan Harris, chair of Hugo

Boss's supervisory board, said yesterday that the company looked forward to "a constructive relationship with them as our single largest shareholder".

"We appreciate Frasers Group's continued long-term commitment to Hugo Boss," he said in a statement.

Frasers scaled the acquisition of Harvey Nichols for about £40mn last week, and it has built stakes in British luxury brands Burberry and Mulberry.

The UK group last month warned Hugo Boss that it would vote against dividend payments, arguing the German company should instead focus its capital on expanding the business.

In response, Hugo Boss told investors it would soon unveil a strategy targeting profitable growth.

Stephanie Pablos in London

Property

Fraud agency bans founder of Signature for five years

BATU RING — LONDON

The founder of Liverpool-based Signature Group has been banned as a director, works after the UK fraud agency closed its probe into the collapsed property group.

Lawrence Kenwright has been banned from acting as a company director until 2015, after investors lost £4.6mn from a Signature subsidiary that "distributed false and misleading marketing material," the UK insolvency Service said yesterday.

"Lawrence Kenwright's failures as a company director had serious consequences for investors," said Kevin Read, chief investigator at the insolvency Service.

"While Kenwright is not accused of direct fraud, his conduct nevertheless falls well below the standards we expect of company directors."

Kenwright could not be reached for comment.

Signature Works Gold add desk space to investors at three Liverpool properties. The company would not suit working space to the public with the income intended to fund returns to investors. However, investor returns stopped being paid after September 2019, the insolvency Service said.

Kenwright settled, signing an agreement that he did not dispute his oathness as a director, days before he was due to appear he tried, according to the government agency.

The disqualification comes after the UK Review Fraud Office said in July that it had closed its investigation into an alleged £34.9mn property fraud at Signature Group, stating that there was "no realistic prospect of conviction". The 1971 arrested four people in raids in 2024.

Kenwright, 66, has been the director of almost 100 companies, including more than 60 under the Signature brand, said the insolvency Service.

incorporated

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Wednesday 10 August 2024

FINANCIAL TIMES

11

COMPANIES & MARKETS

Equities. Hyperscaler demand

Short sellers rake in $2bn profits after modular nuclear reactor shares sliding

Unproved technology has yet to deliver consistent revenues amid hypercyclic criticism

RANDY HODGSON — LONDON

Short sellers have reaped large profits from betting against small modular nuclear reactor companies as the collapse of the “hyper cycle” that had seen their share prices reacting wipes billions off their market value.

Fourth mode an estimated $2.2bn shorting three stocks — US-listed Nichole Power, Nano Nuclear and Nano Micron-backed 1Mhz — over the past year, according to data provider US Partners.

The three companies, which are less-making and have little or no revenue, surged last year as investors raced to capitalise on growing interest in nuclear energy among AI hyperscalers looking for new sources of power.

Regulatory changes and funding announcements from the Trump administration also helped the sector.

As a total of $50, first tax have wiped off their collective market value since their peak in October last year amid growing concerns over the lack of immediate revenue and the long-budding timelines for the technology.

“The stocks were overutilized in price, based on speculation,” said Adam Stein, director of nuclear energy innovation at the Brookthrough Institute, a climate and energy think tank.

The sector went through a “livelihood-type cycle” last year, he added. “It’s a very typical of a company that is in this early pre-eminent revenue phase.”

Small modular nuclear reactors are associated from methods built in factories to save time and money — and product about 300 companies or less of power compared with more than 1,000,000 for traditional reactors.

Only two commercial 1Mhz are currently operable — in-house and Clean — with more than 40 designs in various stages of development.

A key test of investor appetite towards the nuclear sector is expected.

What we have seen in 2025 seems to me like an industry bubble that is already deflating:

in the coming weeks when Hohes International and Westeley have two US-based companies with 1MM divisions, are expected to be.

Short sellers have piled into bets against the groups based on a view that their share over to unattainable levels, since by a limited supply of publicly traded stocks and a loss on the potential demand from AI, rather than the time and capital expenditure required to communicate the technology.

“In the one hand there was some support from the government and no one wants to bet against Trump, and on the other there was the whole AI (demand) story which everyone was really bullish about [last year],” said Christian Petz.

Losmaking: Sam Altman-backed 1Mhz builds a small modular reactor site in the US state of Idaho

founder and chief executive of investment firm ARB Investment Partners, who had previously shorted 1Mhz but has since unwound that position.

About 18 per cent of 1Mhz and Nalcalix outstanding shares remain out on loan — a price for short selling — while almost 30 per cent of Nancy are on loan, according to McPilshed Market Intelligence.

Meanwhile, N. energy has shot 85.8bn in market value since the surge that hit lowest its initial public offering in April.

Short sellers have earned an estimated 50.7mn from bets against the company since mid-May, according to US Partners.

The company, which is backed by Amazon and Xtra G4Plus and has yet to receive full regulatory approval from R&D in helium cooled reactor, has 9 per cent of its share and on loan.

“The sentiment has changed this year, people are far more critical,” said Petz.

These companies “have almost zero revenue for the foreseeable future and, on top of that, there are very high capex [capital expenditure] requirements,” he added.

Demand for energy in the US is set to our own the company that is a good due to the capex of response to power—honey a data center for AI hyperscalers.

According to data from Bloomberg 2024, US data center power demand is set to 2000 from 34.7 gigabytes in 2024 to 5000 W by 2033.

Big Tech is increasingly turning to the emergent 1Mhz technology to meet its future power needs.

In January, Meta struck a deal with 1Mhz and Bill Gates-backed TerraPower, to which it agreed it made an upfront cash injection to support development of the reactor technology.

The Trump administration usually backed the nuclear sector last year, pledging to cut out tape and invest tens

of billions of dollars to build new reactors and reopen old ones to generate the energy needed to “win” the global AI race.

In June, the Department of Energy announced $15.5bn of loans to help rebuild the US nuclear supply chain.

However, it matters the delivery of the unproved reactors remain uncertain. Analysts at BHP Poulhas have expressed concern over shortages of high-savvy low- and low-latations, a special type of nuclear fuel vital for 1Mhz.

The earliest more will come online is mid-to-fate 2028. If manufacturers are able to spend up delivery while also satisfying regulators, although the majority will arrive during the 2030s, said Michael De Brouil/drought business.

Nichole, which reported a $96.7mn loss in the first half of 2024, faces a shareholder share action toward a 20thping that it misled investors, to which it must respond by September 8. It is

building a modular light water reactor based on a more conventional pressurized water design.

Nano Nuclear — whose interreactors are in the development stage — had not reported any revenue until the second quarter of this year when it bought a revenue-generating nuclear logistics company called Incarcel Transporation Systems.

Nano Nuclear reported an operating loss of $15.4bn for the quarter.

Ohio hopes to deliver commercial power to customers from its liquid sodium rather than water-cooled nanostructures.

US energy secretary Chris Wright was previously issued a number 3 has yet to secure a full license from the US nuclear regulator to build and operate its reactor.

“What we have seen in 2023 seems to me like an industry bubble that is already deflating,” said Stephen Eggert, chief executive of activist short seller (which is 2000), who has no short positions against the companies.

“Unless most knowledgeable investors understand for a while (i.e. the valuations seemed rather extended given the timeline of this industry,” he added.

Nano Nuclear said the rise or fall in the share price of companies said little about the success of the underlying business and disputed the “hyper cycle” characterizations.

Ohio said the company had made “tangible progress” over the past year and expected commercial operation of its Amore contract to begin in 2028.

Nalcalix and X energy declined to comment.

Billions have been chipped off the value of US-listed SPHE companies

Short sellers remain strongly positioned against US SPHE stocks

Our global home gives you market-running news and views. Or here's a few. NuanMarkets

Commodities

BHP's copper earnings outstrip those of iron ore for first time as metal surges

PAT CLARK — LONDON

BHP, the world's largest mining group, reported booming growth for the year to June as copper overtrunk iron ore as its primary profit driver for the first time on an annual basis.

The Australian company said profits generated from its copper mines was by 40 per cent in 2020s.

That accounted for 34 per cent of its total underlying earnings before interest, taxation, depreciation and amortization of $2.8bn — up 27 per cent over the previous US country period.

BHP raised its dividend for the year to $1.72 — a 34 per cent increase and the highest for four years. Net profit increased 9 per cent in 2020s while over the previous US market in 2020s.

“Copper is the region that is driving BHP’s growth,” said chief executive Brandon Craig, who was presenting his first annual results after being provided with the this year to take over from Mike Storey.

BHP shares closed 2.4 per cent higher in Sydney yesterday, bringing the rise this year to almost 40 per cent and sub-ington company at $230bn.

Glyn Lawcock, an analyst with the subject, said copper earnings growth had recorded expectations and effect a slightly weaker iron ore and coal performance.

Demand for copper has been driven by increased investments in data centers and energy networks. BHP reports that annual copper demand will increase to 30mn tonnes by 2030 from the current 34mn tonnes.

BHP, which mixes copper in South America and South Australia, has also benefited from the reproduces mixed

BHP's Olympic from copper and uranium mine in South Australia

strengths the red metal, with revenue generated from gold, silver and uranium up 41 per cent to 94.5bn in last year. The mines described copper as its “biggest growth opportunity,” and said the cash generated by its existing operations meant it could fund growth projects.

BHP failed to take over Anglo-America and/or Storey and was this work linked to interest in Canadian uranium miner Norbert Energy.

The company already supplies 1 per cent of the world's uranium fuel (long half) consumed in hypodates.

Although he did not comment on takeover speculation, the chief executive said BHP was “pretty happy” with its four core commodities of copper, low-ore, palatable intramolecular fuel.

Moreover, Craig said the return on organic projects remained superior to mergers and acquisitions.

The cost per tonne of BHP's existing projects ranged from $10,000 to $50,000 compared with about $600,000 to acquire a poor-plus-copper position, he said. “That’s almost falling a 1-to-1 factor building it compared to buying it.”

See Law

Equities

Wall Street tech stock correction likely despite AI hopes, warn ECB economists

RUDY FORDRICK — FRANKFURT

A correction in US technology stocks is likely and could threaten European financial stability, even if it eventually lives up to investment leaps, a team of European Central Bank economists has warned.

In a post published on the ECB's blog, the researchers wrote that a puffback in the tech sector did not necessarily need to be driven by irrational exuberance and “should be expected over 6 current value/iron are rational.”

The warning matters for Europe despite most of the tech stock gains of recent years happening in US markets.

Euro area households have about 4,000,000 responses to 10 tech equities according to the economists, largely through investment funds, while insurance and pension funds also have significant exposure to the so-called Magellan and Seven megamagnetic stocks.

US statutes area stock markets have historically been highly correlated, leaving European investors vulnerable to a Wall Street crash, the economists added.

A “US AI fallout would not remain a

US problem” that could become “a question of financial stability for the euro area”; they wrote, adding that a stock market crash combined with “broader market instability” would be particularly dangerous.

The tech factory Nasdaq 100 Index said all last month had less since rebounded to near its record high.

The economists compared the AI

The market valuations of firms that adopted transformative technology have strongly before falling

investment boom with previous investment driven investment females such as the 19th-century railway boom, the expansion of electricity and radio in the 1920s and the telecom era at the turn of this century.

“In such case, a genuinely transformative technology attracted investment and the stock market valuations of firms that adopted it rose strongly before falling sharply,” the economists wrote.

They argued that such technological breakthroughs caused “nervous uncertainty” because the overall impact on the economy was initially unclear.

At an early stage of a breakthrough innovation, pioneering stocks such as Nvidia proved major opportunities for early investors, who in the first case can make large gains but in the worst case may lose off their investment.

“This ‘option value’ increases the stock valuations of early adopters, causing their price to earnings ratios to rise sharply,” the economists wrote.

However, this change in the head-up success and spreads through the wider economy. The uncertainty surrounding the breakthroughs in changing them shifts from individual companies to the economy in a while.

“If something they goes wrong with that technology, the whole economy suffers,” they argued.

Although successful adoption of AI can boost profits, the increase in the tech premium pushes stock market valuations to the opposite directions, meaning share prices can eventually fall — even if the technology itself succeeds.

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12

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FINANCIAL TIMES

Wednesday, 10 August 2026

COMPANIES & MARKETS

ECB needs forward guidance but not as a stratitjacket

Olli Rehn

Markets Insight

The debate under way over the US Federal Reserve's strategy and toolkit is to be a key to the situation well beyond America given that changes in the Fed's approach tend to shape market behaviour and thinking elsewhere.

What have added another the European Central Bank should also review in winter on the issuance of forward guidance on monetary policy as the Fed is doing now.

This is therefore a good moment to set out the European experience of the real and they are to take into the life.

Notably, the two economies differ meaningfully on one key variable – the equilibrium (or “natural”) real rate of interest – the rate consistent with output at potential and stable inflation.

This is structurally higher in the US than in the next wave, a gap that may be reinforced by America's AI-driven investment boom. Central estimates put the rate at its initial level into close to zero. Combined with the ECB's 2 per cent inflation target, this implies external neutral rate of about 2 per cent.

US estimates vary more widely but are clearly higher, implying a nominal neutral rate in the 1 to 2 per cent range.

The practical consequences matter for monetary policy. The Fed normally has more room to cut rates before encountering the effective “lower bound” level where further reductions are ineffective at best and can be counter-productive. The ECB has less.

Forward guidance therefore retains particular value in Europe as a potential substitute for international rate rate when monetary policy is constrained.

The ECB has reviewed its monetary policy strategy twice in recent years, in

2020-21 and in 2025. During taken part in both processes, I draw one conclusion: the ECB should preserve forward guidance as an instrument while not tying its bank memorandry.

The 2025 strategy was designed also along period of accurately low inflation and rates due to their effective lower bound. It was then briefly a question, as energy crisis, the charged inflation surge in a generation and rapid distribution. Yet its core architecture held up.

A symmetric 2 per cent inflation target provided a thinnumber for operations while a medium term orientation allowed policy to look through checks.

It should be kept in the toolkit for times when European monetary policy is constrained

and act forcefully when rising prices became material sustained about.

Forward guidance had meanwhile proved its worth during the preceding low inflation years, noting financing conditions by slowing bond yields when rates were stuck at the lower bound.

Hy but now, one area inflation was back at target. But not far long. The bias was triggered another energy shock, pushing inflation above 2 per cent again – a reminder that double can recur with little warning and an argument for keeping the full toolkit.

The 2025 assessment reaffirmed the main principles of the strategy while drawing lessons from the परियोजना since 2025. When rates are near the lower bound, forward guidance can provide further accommodation even when

there is little room to cut further. We may still, one day, fall into the liquidity trap. There is no law of economics saying the lower bound problem has disappeared for good.

Yet recent experience also showed the danger of taking guidance too far. The problem arises when communication barriers into commitment – and commitment into a rigid sequence of actions. That can trap policymakers if circumstances change rapidly.

The ECB felt this tension in 2023 when earlier guidance has linked rate rises to the end of net asset purchases known as quantitative trading. At inflation rose rapidly, its governing council followed a larger Net rate rise in July than it had signalled just weeks earlier.

The lesson is that, in an uncertain economy, preserving freedom of action is not a communication failure but responsible policymaking. That lesson is more explicit in the 2023 strategy.

It also puts greater weight on risk management and economic analysis. All instruments remain in the toolkit but their choice and design should preserve agility. This is a reflection of the 2021 strategy, not a rejection of it.

Flexibility should not be mistaken for best states. In 2023-25, the ECB raised the largest rate by 4.2 percentage points in little more than a year as inflationary pressures persisted.

Communication tools will keep evolving. Forward guidance will sometimes be useful and sometimes cost, but the objective isn't negotiable: often commitment to stabilizing inflation at 2 per cent and the determination to deliver out.

Olli Rehn is governor of the Bank of Finland and a member of the governing council of the European Central Bank.

The day in the markets

What you need to know

• Global stocks retreat amid sell-off
• Is long dated government bonds
• Brent crude oil prices climb for a third consecutive day
• Anchoring oil short-term rates reflect a popular “stoppening” trade

Global stocks retreated yesterday as much a concern we got on as approving sell-off to long-dated government bonds and for continuing statement between the US and Iran.

Half Growth blue chip S&P 500 index slipped 0.5 per cent by hard time. In New York and tech stocks were down, but lagged loans, sending the Nasdaq 100 index down 10 per cent.

Carribean old 8.8 per cent while United Corporation lost 1 per cent.

Across the Atlantic, the higher-under West Europe sold 0.6 to 1.2 per cent. Frankfurt's Intra Star and Pepsi Car oil each weakened 0.8 per cent while London's FTSE 100 benchmark was flat. Higher energy costs were weighing on stock markets as oil prices climbed to a third consecutive day after Amazon Dorset. Young said no telex were under way as estimated with a bit.

Brent crude, the global oil benchmark, rose 0.2 per cent to 0.6 to 0.8 per barrel. The US market, West Texas's intermediate, gained 0.6 per cent to 0.6, 0.2 per barrel. Henry Allen, man's strategic of Deutsche Bank, wrote that, “with flow signs of the US and Iran coming to any sort of deal”, investors were pricing in “a more extended closure of the Trust of interest.”

High oil prices contributed to a deepening sell-off in government bond

Stocks fall as long-term borrowing costs hit elevated levels

markets globally, which sent long-term borrowing costs across major economies to reach decade highs.

Yields in 30-year US Treasuries rose to a peak of 1.4, 0.6 per cent, in highest since 2024, while those in 30-year German stands climbed day to 1.5 per cent.

Benchmark 10-year German-Bund yields rose 4.6p to 2.3p per cent and those on 10-year UK pits rose 2.6p to 1.0P per cent in a month's infrequent the date.

Awards of Golden Research said bond investors were increasingly warms about the scale of government and Ar hyperscale debt – and about the US

federal Research vigilance on inflation amid rising oil prices.

“We aren't pushing the panic button,” they wrote. “However, we are closely monitoring whether the bond cigarettes might go up.”

Short-term borrowing costs held broadly closely. The rise in long-term borrowing costs while short-term rates remain anchored reflected a popular “stoppening” trade in markets, investors said, which is a fair air market. Increasing more pressure for investing over a longer time horizon.

Madeleine Wright and Emily Herliant

Markets update

	US	Eurozone	Japan	UK	China	Brazil
Stocks	S&P 500	Eurofiber 300	Yuan 200	FTSE100	Shanghai Living	Montague
Level	7/30/24	20/26.35	6/16/23.75	10/28/24	3/9/25.30	Volatil 0.14
% change on day	-0.92	-0.68	-1.34	0.07	0.09	0.03
Currency	$ index (S&P)	$ per k	1bn per S	$ per k	9mn per S	Real per S
Level	RR 0.5	0.08	RR 0.02	1.5bn	4.5p	4.25p
% change on day	-0.05	-0.04	0.04p	0.07p	0.04	0.15p
Cost制度	10-year Treasury	10-year Bond	10-year JOB	10-year GIB	10-year bond	10-year bond
Yield	4.71	3.26	2.91	0.08	1.69	16.90
Rate point change on day	0.01	0.04	0.01p	0.03	0.03	0.06
Market/Commodity	FTSE All-World	UK - Brent	UK - WTI	Gold	Silver	Molten (LPMG)
Level	7/6/17	11.3p	8.6p	6.6p 4.7	3p 2.1	3.7p 1.5
% change on day	-0.67	-0.81	0.01p	-1.3p	0.69	0.02

Main equity markets

Biggest movers

	US	Eurozone	UK
Biggest	1.1bn	0.5, 0.7m (see 6.4.1)	0.05
Biggest	0.8p	0.5p	0.05
Biggest	0.8p	0.5p	0.05
Biggest	0.8p	0.5p	0.05
Biggest	0.8p	0.5p	0.05
Biggest	0.8p	0.5p	0.05
Biggest	0.8p	0.5p	0.05
Biggest	0.8p	0.5p	0.05

1. 2017年1月1日

Fixed income

Anaemic growth figures push China's 10-year bond yields to lowest in a year

WILLIAM SAMELINE - HONG KONG

China's 10-year bond yield has fallen to its lowest level in more than a year as such economic growth pushes lower tars into the country's sovereign debt.

Yields on China's 10-year government bonds slipped 0.01 percentage point yesterday to 1.67 per cent, their lowest level rates falls last year. Bond yields more favorably to prices.

The drop came after China's statistics bureau released figures on Monday showing growth in its interest in recent net countries spending almost last month.

"I think it's a reflection of the rather data we've gotten over the past couple of days," said Leonard Kwab, portfolio manager of dynamic emerging markets headquarterly at China's service.

Strategists see the core issue as a lack of demand for credit in China. Data showed new bank loans fully rich.

"Private sector companies are not borrowing because they're not investing, they're not hiring," said Eric Robertson, head of global research and

chief strategist at Standard Chartered. "Consumers are not borrowing because they're not spending at all."

Well, I, head of China made asset investments a 0.0007 billion, and also a certain in the world's second-largest economy supported higher bond prices.

Weak take up of loans, low deposit rates and a "stockage of bonds in the

'Chinese bond yields are going down when globally yields are going up, which is quite striking

market" were driving demand for China's sovereign debt, he added.

China's falling bond yields (and in contrast to those of 67 countries, which are under pressure from a combination of expansionary fiscal policy and strong private sector companies' debt).

Yields on 10-year US Treasuries and 10-year Japanese government bonds, both rose 0.02 percentage points to 0.74

per cent and 2.10 per cent respectively. "Chinese bond yields are going down when globally yields are going up, which is quite striking," said Maureen Rishyakhu, chief economist of Bank of Singapore. It gives a "very clear signal dimension to concerns are dominating the market rather than what's going on globally."

Rohotness said the primary driver of the divergence between Chinese and US government bond yields was the different demand for credit.

Milton Valley's so called hyperscalers, including Amazon and Google parent Highland, have expanded borrowing as much that they are pushing up borrowing costs globally.

Beijing is counting on a greater share of growth coming from innovative industries and technology, including oil and household robots, but it is likely the country's interest rates and bond yields are trending lower.

"The broader picture is that China should see pretty low interest rates," said Huh Shea, chief Data economist at Goldman Sachs.

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Moderator Report 2020

•

KIN & KALSAI, TOBEX

13

MARKET DATA

WORK2 MARKETS AT A GLANCE

FTCON/MARKETSDATA

Change during previous day 1 trading (t)

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

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74

•

FINANCIAL TIMES

Wednesday, August 2024

MARKET DATA

ST GLOBAL SOA THE WORLD'S LARGEST COMPANIES

Year	2016			2017			2018			2019			2020			2021
	Year	Chg	Diff	Year	Chg	Diff	Year	Chg	Diff	Year	Chg	Diff	Year	Chg	Diff	Year	Chg	Diff
Australia 2015
All Countries	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Asia	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00
Asia	0.00	0.00	0.00

1. 2017年1月1日	1. 2017年1月2日	1. 2017年1月3日	1. 2017年1月4日	1. 2017年1月5日	1. 2017年1月6日	1. 2017年1月7日	1. 2017年1月8日	1. 2017年1月9日	1. 2017年1月10日	1. 2017年1月11日	1. 2017年1月12日	1. 2017年1月13日	1. 2017年1月14日	1. 2017年1月15日	1. 2017年1月16日	1. 2017年1月17日	1. 2017年1月18日	1. 2017年1月19日	1. 2017年1月20日	1. 2017年1月21日	1. 2017年1月22日	1. 2017年1月23日	1. 2017年1月24日	1. 2017年1月25日	1. 2017年1月26日	1. 2017年1月27日	1. 2017年1月28日	1. 2017年1月29日	1. 2017年1月30日	1. 2017年1月31日	1. 2017年1月32日	1. 2017年1月33日	1. 2017年1月34日	1. 2017年1月35日	1. 2017年1月36日	1. 2017年1月37日	1. 2017年1月38日	1. 2017年1月39日	1. 2017年1月40日	1. 2017年1月41日	1. 2017年1月42日	1. 2017年1月43日	1. 2017年1月44日	1. 2017年1月45日	1. 2017年1月46日	1. 2017年1月47日	1. 2017年1月48日	1. 2017年1月49日	1. 2017年1月50日	1. 2017年1月51日	1. 2017年1月52日	1. 2017年1月53日	1. 2017年1月54日	1. 2017年1月55日	1. 2017年1月56日	1. 2017年1月57日	1. 2017年1月58日	1. 2017年1月59日	1. 2017年1月60日	1. 2017年1月61日	1. 2017年1月62日	1. 2017年1月63日	1. 2017年1月64日	1. 2017年1月65日	1. 2017年1月66日	1. 2017年1月67日	1. 2017年1月68日	1. 2017年1月69日	1. 2017年1月70日	1. 2017年1月71日	1. 2017年1月72日	1. 2017年1月73日	1. 2017年1月74日	1. 2017年1月75日	1. 2017年1月76日	1. 2017年1月77日	1. 2017年1月78日	1. 2017年1月79日	1. 2017年1月80日	1. 2017年1月81日	1. 2017年1月82日	1. 2017年1月83日	1. 2017年1月84日	1. 2017年1月85日	1. 2017年1月86日	1. 2017年1月87日	1. 2017年1月88日	1. 2017年1月89日	1. 2017年1月90日	1. 2017年1月91日	1. 2017年1月92日	1. 2017年1月93日	1. 2017年1月94日	1. 2017年1月95日	1. 2017年1月96日	1. 2017年1月97日	1. 2017年1月98日	1. 2017年1月99日	1. 2017年2月3日	1. 2017年2月4日	1. 2017年2月5日	1. 2017年2月6日	1. 2017年2月7日	1. 2017年2月8日	1. 2017年2月9日	1. 2017年2月10日	1. 2017年2月11日	1. 2017年2月12日	1. 2017年2月13日	1. 2017年2月14日	1. 2017年2月15日	1. 2017年2月16日	1. 2017年2月17日	1. 2017年2月18日	1. 2017年2月19日	1. 2017年2月20日	1. 2017年2月21日	1. 2017年2月22日	1. 2017年2月23日	1. 2017年2月24日	1. 2017年2月25日	1. 2017年2月26日	1. 2017年2月27日	1. 2017年2月28日	1. 2017年2月29日	1. 2017年2月30日	1. 2017年2月31日	1. 2017年2月32日	1. 2017年2月33日	1. 2017年2月34日	1. 2017年2月35日	1. 2017年2月36日	1. 2017年2月37日	1. 2017年2月38日	1. 2017年2月39日	1. 2017年2月40日	1. 2017年2月41日	1. 2017年2月42日	1. 2017年2月43日	1. 2017年2月44日	1. 2017年2月45日	1. 2017年2月46日	1. 2017年2月47日	1. 2017年2月48日	1. 2017年2月49日	1. 2017年2月50日	1. 2017年2月51日	1. 2017年2月52日	1. 2017年2月53日	1. 2017年2月54日	1. 2017年2月55日	1. 2017年2月56日	1. 2017年2月57日	1. 2017年2月58日	1. 2017年2月59日	1. 2017年2月60日	1. 2017年2月61日	1. 2017年2月62日	1. 2017年2月63日	1. 2017年2月64日	1. 2017年2月65日	1. 2017年2月66日	1. 2017年2月67日	1. 2017年2月68日	1. 2017年2月69日	1. 2017年2月70日	1. 2017年2月71日	1. 2017年2月72日	1. 2017年2月73日	1. 2017年2月74日	1. 2017年2月75日	1. 2017年2月76日	1. 2017年2月77日	1. 2017年2月78日	1. 2017年2月79日	1. 2017年2月80日	1. 2017年2月81日	1. 2017年2月82日	1. 2017年2月83日	1. 2017年2月84日	1. 2017年2月85日	1. 2017年2月86日	1. 2017年2月87日	1. 2017年2月88日	1. 2017年2月89日	1. 2017年2月90日	1. 2017年2月91日	1. 2017年2月92日	1. 2017年2月93日	1. 2017年2月94日	1. 2017年2月95日	1. 2017年2月96日	1. 2017年2月97日	1. 2017年2月98日	1. 2017年2月99日	1. 2017年3月3日	1. 2017年3月4日	1. 2017年3月5日	1. 2017年3月6日	1. 2017年3月7日	1. 2017年3月8日	1. 2017年3月9日	1. 2017年3月10日	1. 2017年3月11日	1. 2017年3月12日	1. 2017年3月13日	1. 2017年3月14日	1. 2017年3月15日	1. 2017年3月16日	1. 2017年3月17日	1. 2017年3月18日	1. 2017年3月19日	1. 2017年3月20日	1. 2017年3月21日	1. 2017年3月22日	1. 2017年3月23日	1. 2017年3月24日	1. 2017年3月25日	1. 2017年3月26日	1. 2017年3月27日	1. 2017年3月28日	1. 2017年3月29日	1. 2017年3月30日	1. 2017年3月31日	1. 2017年3月32日	1. 2017年3月33日	1. 2017年3月34日	1. 2017年3月35日	1. 2017年3月36日	1. 2017年3月37日	1. 2017年3月38日	1. 2017年3月39日	1. 2017年3月40日	1. 2017年3月41日	1. 2017年3月42日	1. 2017年3月43日	1. 2017年3月44日	1. 2017年3月45日	1. 2017年3月46日	1. 2017年3月47日	1. 2017年3月48日	1. 2017年3月49日	1. 2017年3月50日	1. 2017年3月51日	1. 2017年3月52日	1. 2017年3月53日	1. 2017年3月54日	1. 2017年3月55日	1. 2017年3月56日	1. 2017年3月57日	1. 2017年3月58日	1. 2017年3月59日	1. 2017年3月60日	1. 2017年3月61日	1. 2017年3月62日	1. 2017年3月63日	1. 2017年3月64日	1. 2017年3月65日	1. 2017年3月66日	1. 2017年3月67日	1. 2017年3月68日	1. 2017年3月69日	1. 2017年3月70日	1. 2017年3月71日	1. 2017年3月72日	1. 2017年3月73日	1. 2017年3月74日	1. 2017年3月75日	1. 2017年3月76日	1. 2017年3月77日	1. 2017年3月78日	1. 2017年3月79日	1. 2017年3月80日	1. 2017年3月81日	1. 2017年3月82日	1. 2017年3月83日	1. 2017年3月84日	1. 2017年3月85日	1. 2017年3月86日	1. 2017年3月87日	1. 2017年3月88日	1. 2017年3月89日	1. 2017年3月90日	1. 2017年3月91日	1. 2017年3月92日	1. 2017年3月93日	1. 2017年3月94日	1. 2017年3月95日	1. 2017年3月96日	1. 2017年3月97日	1. 2017年3月98日	1. 2017年3月99日	1. 2018年3月

1. 2017年1月1日	1. 2017年1月2日	1. 2017年1月3日	1. 2017年1月4日	1. 2017年1月5日	1. 2017年1月6日	1. 2017年1月7日	1. 2017年1月8日	1. 2017年1月9日	1. 2017年1月10日	1. 2017年1月11日	1. 2017年1月12日	1. 2017年1月13日	1. 2017年1月14日	1. 2017年1月15日	1. 2017年1月16日	1. 2017年1月17日	1. 2017年1月18日	1. 2017年1月19日	1. 2017年1月20日	1. 2017年1月21日	1. 2017年1月22日	1. 2017年1月23日	1. 2017年1月24日	1. 2017年1月25日	1. 2017年1月26日	1. 2017年1月27日	1. 2017年1月28日	1. 2017年1月29日	1. 2017年1月30日	1. 2017年1月31日	1. 2017年1月32日	1. 2017年1月33日	1. 2017年1月34日	1. 2017年1月35日	1. 2017年1月36日	1. 2017年1月37日	1. 2017年1月38日	1. 2017年1月39日	1. 2017年1月40日	1. 2017年1月41日	1. 2017年1月42日	1. 2017年1月43日	1. 2017年1月44日	1. 2017年1月45日	1. 2017年1月46日	1. 2017年1月47日	1. 2017年1月48日	1. 2017年1月49日	1. 2017年1月50日	1. 2017年1月51日	1. 2017年1月52日	1. 2017年1月53日	1. 2017年1月54日	1. 2017年1月55日	1. 2017年1月56日	1. 2017年1月57日	1. 2017年1月58日	1. 2017年1月59日	1. 2017年1月60日	1. 2017年1月61日	1. 2017年1月62日	1. 2017年1月63日	1. 2017年1月64日	1. 2017年1月65日	1. 2017年1月66日	1. 2017年1月67日	1. 2017年1月68日	1. 2017年1月69日	1. 2017年1月70日	1. 2017年1月71日	1. 2017年1月72日	1. 2017年1月73日	1. 2017年1月74日	1. 2017年1月75日	1. 2017年1月76日	1. 2017年1月77日	1. 2017年1月78日	1. 2017年1月79日	1. 2017年1月80日	1. 2017年1月81日	1. 2017年1月82日	1. 2017年1月83日	1. 2017年1月84日	1. 2017年1月85日	1. 2017年1月86日	1. 2017年1月87日	1. 2017年1月88日	1. 2017年1月89日	1. 2017年1月90日	1. 2017年1月91日	1. 2017年1月92日	1. 2017年1月93日	1. 2017年1月94日	1. 2017年1月95日	1. 2017年1月96日	1. 2017年1月97日	1. 2017年1月98日	1. 2017年1月99日	1. 2017年2月3日	1. 2017年2月4日	1. 2017年2月5日	1. 2017年2月6日	1. 2017年2月7日	1. 2017年2月8日	1. 2017年2月9日	1. 2017年2月10日	1. 2017年2月11日	1. 2017年2月12日	1. 2017年2月13日	1. 2017年2月14日	1. 2017年2月15日	1. 2017年2月16日	1. 2017年2月17日	1. 2017年2月18日	1. 2017年2月19日	1. 2017年2月20日	1. 2017年2月21日	1. 2017年2月22日	1. 2017年2月23日	1. 2017年2月24日	1. 2017年2月25日	1. 2017年2月26日	1. 2017年2月27日	1. 2017年2月28日	1. 2017年2月29日	1. 2017年2月30日	1. 2017年2月31日	1. 2017年2月32日	1. 2017年2月33日	1. 2017年2月34日	1. 2017年2月35日	1. 2017年2月36日	1. 2017年2月37日	1. 2017年2月38日	1. 2017年2月39日	1. 2017年2月40日	1. 2017年2月41日	1. 2017年2月42日	1. 2017年2月43日	1. 2017年2月44日	1. 2017年2月45日	1. 2017年2月46日	1. 2017年2月47日	1. 2017年2月48日	1. 2017年2月49日	1. 2017年2月50日	1. 2017年2月51日	1. 2017年2月52日	1. 2017年2月53日	1. 2017年2月54日	1. 2017年2月55日	1. 2017年2月56日	1. 2017年2月57日	1. 2017年2月58日	1. 2017年2月59日	1. 2017年2月60日	1. 2017年2月61日	1. 2017年2月62日	1. 2017年2月63日	1. 2017年2月64日	1. 2017年2月65日	1. 2017年2月66日	1. 2017年2月67日	1. 2017年2月68日	1. 2017年2月69日	1. 2017年2月70日	1. 2017年2月71日	1. 2017年2月72日	1. 2017年2月73日	1. 2017年2月74日	1. 2017年2月75日	1. 2017年2月76日	1. 2017年2月77日	1. 2017年2月78日	1. 2017年2月79日	1. 2017年2月80日	1. 2017年2月81日	1. 2017年2月82日	1. 2017年2月83日	1. 2017年2月84日	1. 2017年2月85日	1. 2017年2月86日	1. 2017年2月87日	1. 2017年2月88日	1. 2017年2月89日	1. 2017年2月90日	1. 2017年2月91日	1. 2017年2月92日	1. 2017年2月93日	1. 2017年2月94日	1. 2017年2月95日	1. 2017年2月96日	1. 2017年2月97日	1. 2017年2月98日	1. 2017年2月99日	1. 2018年

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Wednesday 19 August 2020

FINANCIAL TIMES

15

FINANCIAL TIMES SHARE SERVICE

Male Market

	Q1 Week						Q2 Week
	Total	1-2-3-4	4-5-6-7	7-8-9-10	11-12-13	14-15-15	Total	1-2-3-4
Total
Red Sunflower	2,000.00	17,100	2,000.00	2,000.00	1,100	1,100	4,000.00
Jamaica	1,000.00	1,000.00	1,000.00	1,000.00	1,000	1,000.00	1,000.00
Cannabis Company
Jamaica	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Jamaica	1,000.00	1,000.00	1,000.00	1,000.00	1,000	1,000.00	1,000.00
Jamaica	1,000.00	1,000.00	1,000.00	1,000.00	1,000	1,000.00	1,000.00
Jamaica	1,000.00	1,000	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Jamaica	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000
Jamaica	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Jamaica	1,000.00	1,000.00	1,000.00	1,000.00
Jamaica	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Jamaica	1,000.00	1,000.00	1,000.00	1,000.00
Jamaica	1,000.00	1,000.00	1,000.00	1,000.00
Jamaica	1,000.00	1,000
Jamaica	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Jamaica	1,000.00	1,000.00	1,000.00	1,000.00

AIM

	Q1 Week						Q2 Week
	Total	1-2-3-4	4-5-6-7	7-8-9-10	11-12-13	14-15-15	Total	1-2-3-4
Aim
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00
Albu	1,000.00	1,000.00	1,000.00	1,000.00
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00
Albu	1,000.00	1,000

Investment Companies

	Total	1-2-3-4	4-5-6-7	7-8-9-10	11-12-13	14-15-15	Total
Earnings per share
Basic	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BASF	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BASF	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BASF	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BASF	0.00	0.00	0.00	0.00
BASF	0.00	0.00	0.00	0.00
BASF	0.00	0.00	0.00	0.00
BASF	0.00	0.00	0.00	0.00
BASF	0.00	0.00	0.00
BASF	0.00	0.00	0.00
BASF	0.00	0.00	0.00

	Q1 Week						Q2 Week
	Total	1-2-3-4	4-5-6-7	7-8-9-10	11-12-13	14-15-15	Total	1-2-3-4
Aim
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

	Q1 Week						Q2 Week
	Total	1-2-3-4	4-5-6-7	7-8-9-10	11-12-13	14-15-15	Total	1-2-3-4
Aim
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Albu	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Albu	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

	Q1 Week						Q2 Week
	Total	1-2-3-4	4-5-6-7	7-8-9-10	11-12-13	14-15-15	Total	1-2-3-4
Aim
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Albu	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Albu	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

	Q1 Week						Q2 Week
	Total	1-2-3-4	4-5-6-7	7-8-9-10	11-12-13	14-15-15	Total	1-2-3-4
Aim
Albuquerque S.A.	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Albu	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
Albu	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

Earnings Per Share
1.50%	2.00%

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10

■

FINANCIAL SERIES

Wednesday, 14 August 2024

MANAGED FUNDS SERVICE

Advertising Features		JPM/EBP - JPM 2024 (Continuous Performance)		Trade		FSC & Ds		Market		Key		Key Technology		Top 10 Holdings
		JPM/EBP - JPM 2024 (Continuous Performance)		Trade		FSC & Ds		Market		Key		Key Technology		Top 10 Holdings
		JPM/EBP - JPM 2024 (Continuous Performance)		Trade		FSC & Ds		Market		Key		Key Technology		Top 10 Holdings
Trade Name		JPM/EBP - JPM 2024 (Continuous Performance)		Trade		FSC & Ds		Market		Key		Key Technology		Top 10 Holdings
Trade Name		JPM/EBP - JPM 2024 (Continuous Performance)		Trade		FSC & Ds		Market		Key		Key Technology		Top 10 Holdings
Trade Name		JPM/EBP - JPM 2024 (Continuous Performance)		Trade		FSC & Ds		Market		Key		Key Technology		Top 10 Holdings

Algebra Investments

Registered
Algebra Cover Rate 1 EUR	6	201.31	2.11	0.00 0.01 0.02
Algebra Cover Rate 2 EUR	6	201.86	2.11	0.00 0.01 0.02
Algebra Financial Credit 1 EUR	6	228.03	2.11	0.00 0.01 0.02
Algebra Financial Credit 2 EUR	6	203.00	2.11	0.00 0.00 0.00
Algebra Financial Credit 3 EUR	6	215.96	2.11	0.00 0.00 0.00
Algebra Financial Credit 4 EUR	6	195.46	2.11	0.00 0.00 0.00
Algebra Financial Equity 8 EUR	6	401.98	2.11	0.00 0.00 0.00
Algebra Financial Equity 9 EUR	6	330.08	2.11	0.00 0.00 0.00
Algebra Financial Equity 10 EUR	6	220.98	2.11	0.00 0.00 0.00
Algebra Financial Equity 11 EUR	6	183.16	2.11	0.00 0.00 0.00
Algebra Financial Income 1 EUR	6	200.01	2.11	0.00 0.00 0.00
Algebra Financial Income 2 EUR	6	217.02	2.11	0.00 0.00 0.00
Algebra Financial Income 3 EUR	6	217.34	2.11	0.00 0.00 0.00
Algebra Financial Income 4 EUR	6	215.16	2.11	0.00 0.00 0.00
Algebra Financial Income 5 EUR	6	184.71	2.11	0.00 0.00 0.00
Algebra Financial Income 6 EUR	6	184.71	2.11	0.00 0.00 0.00
Algebra Financial Income 7 EUR	6	184.71	2.11	0.00 0.00 0.00
Algebra Financial Equity 1 EUR	6	193.03	2.11	0.00 0.00 0.00	0.00
Algebra Financial Equity 2 EUR	6	193.03	2.11	0.00 0.00 0.00	0.00
Algebra Financial Equity 3 EUR	6	193.23	2.11	0.00 0.00 0.00	0.00	0.00
Algebra Financial Equity 4 EUR	6	193.23	2.11	0.00 0.00 0.00	0.00	0.00
Algebra Financial Equity 5 EUR	6	193.23	2.11	0.00 0.00 0.00	0.00	0.00
Algebra Financial Equity 6 EUR	6	193.23	2.11	0.00 0.00 0.00	0.00	0.00

Brown Advisory Funds PLC

BROWN ADVISORY FUNDS (2024-2025)

Risk Management
Debt-to-Lab Fund (DET)	6	33.00	0.33	0.00 7.47
Debt-to-Lab Fund (DET + L)	6	16.21	0.31	0.00 6.21
Debt-to-Lab Fund (DET + L)	6	16.21	0.31	0.00 6.21
Debt-to-Lab Fund (DET + L)	6	16.21	0.31	0.00 6.21
DEBT-to-Lab Fund (DET + L)	6	16.21	0.31	0.00 6.21
DEBT-to-Lab Fund (DET + L)	6	16.21	0.31	0.00 6.21
DEBT-to-Lab Fund (DET + L)	6	16.21	0.31	0.00 6.21
DEBT-to-Lab Fund (DET + L)	6	16.21	0.31	0.00 6.21
DEBT-to-Lab Fund (DET + L)	6	16.21	0.31	0.00 6.21
DEBT-to-Lab Fund (DET + L)	6	16.21	0.31	0.00 6.21

CG Asset Management Limited

12 King Street London EC2M 3EL

Serving: Co. (US) 1249 0000 No. (US) 545 2000

Risk Management

CG Portfolio Fund PLC

Algebra Report 94.14	6	144.52	0.53	2.81	2.33	2.04
Capital Sharing Portfolio (GBP)	6	200.07	0.51	1.95	2.05	2.41
Capital Sharing Portfolio (GBP)	6	192.47	0.53	1.94	2.07	2.47
Debt to Fund Co. Corp.	6	192.00	0.51	2.82	2.44	2.53
Debt to Capital (GBP)	6	141.44	0.53	2.64	1.64	1.69
App Report 124.14	6	163.96	0.53	2.64	2.44	2.53
CB (Value) Index (Baa) 3 m	6	185.23	0.53	1.78	2.08	2.05

Chartered Asset Management Pro Ltd

Inter-International Funds

COM (US)	6	1000.00	0.00	0.00	0.00	0.00	0.00	0.00
COM (US)	6	1000.00	0.00	0.00	0.00	0.00	0.00	0.00
EMC (US)	6	1.00	0.00	0.00	0.00	0.00	0.00	0.00

CP Global

Asset Management

Canaccord

WEALTH

Brewers Feed Managers Ltd (TDBP)

TCIA, BHA, TOBA, CANAD, MIA, TOBA, TOBA, TOBA

Authorised for Funds

Algebra: Canaccord (Baa) 1m	3	3.9	0.24	0.00	2.21	2.04
Algebra: Global Health (G)	3	2.9	0.24	0.00	2.21	2.04
Algebra: High Income (G)	3	3.9	0.24	0.00	2.21	2.04
Algebra Income (G)	3	2.9	0.24	0.00	2.21	2.04
Algebra Monthly (Mo)	3	2.9	0.24	0.00	2.21	2.04
Algebra Monthly (Mo + Mo)	3	2.9	0.24	0.00	2.21	2.04
Algebra Monthly (Mo + Mo)	3	2.9	0.24	0.00	2.21	2.04
Algebra Monthly (Mo + Mo + Mo)	3	2.9	0.24	0.00	2.21	2.04
Algebra Monthly (Mo + Mo + Mo)	3	2.9	0.24	0.00	2.21	2.04
Algebra Monthly (Mo + Mo + Mo)	3	2.9	0.24	0.00	2.21	2.04

(UK)

ASB Capital

ASB Capital

The Company is part of the A.C. (UK)

Global Bank (UK) Group

International

ASB Global - AG	6	104.00	0.00	0.00	0.00	0.00
ASB Global - SBT	6	81.02	0.00	0.00	0.00	0.00
ASB Great Global Global Equity	6	117.95	0.00	0.00	0.00	0.00
ASB Great Global Group	6	101.71	0.00	0.00	0.00	0.00
ASB MSA Group	6	98.94	0.00	0.00	0.00	0.00

(UK)

Ministry Since

Inter-International Funds

American Express	6	4500.00	20.44	0.00	0.00	0.00
American Star	6	1125.75	1.51	0.00	0.00	0.00
Bank Global	6	1000.00	1.51	0.00	1.51	1.51
International	6	1250.00	47.16	0.00	0.00	0.00
For Fast	6	1284.13	47.16	0.00	0.00	0.00

Canaccord International Fund Managers Limited

AFRS & AFRS, BAA, BAA, BAA, BAA, BAA

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

Canaccord Health International Bank Strategy Funds Limited

National Strategy	1	1.00	0.00	0.00	12.31	11.26
National Strategy A	1	1.10	0.00	1.04	8.87	8.85
Central National Strategy	1	1.00	0.00	1.00	8.87	8.85
Central National Strategy B	1	1.00	0.00	1.00	7.43	7.43
North Strategy	1	2.00	0.01	0.01	1.26	1.00
South Strategy A	1	1.20	0.01	0.04	12.31	11.26
High Health Strategy A	1	1.00	0.01	0.04	12.31	11.26
High Health Strategy B	1	1.00	0.01	0.04	12.31	11.26
High Health Strategy A	1	1.00	0.01	0.04	12.31	11.26
High Health and Food A	1	1.00	0.01	0.04	12.31	11.26
High Access Food A	1	1.00	0.01	0.04	12.31	11.26
High Access Food A	1	1.00	0.01	0.04	12.31	11.26
High Access Food A	1	1.00	0.01	0.04	12.31	11.26

Selling Daily Initial Energy All for 6 classes at 6 p. to 75 m value classes

CANDRIAM

at the time of the company's business

Common Investors Group

ASB Recept

Cashflow from Top 100 (Baa) and C (a)	2	127.45	1.15	0.00	0.00	1.00
Cashflow from Top 100 (C)	2	1450.11	0.55	0.00	0.00	0.87
Cashflow from Top 100 (D)	2	285.75	0.55	0.00	0.00	0.00
Cashflow from 100 m (B) (B) (C)	2	184.74	0.55	0.00	0.11	1.15
Cashflow from 100 m (C)	2	184.87	0.55	0.00	0.00	1.15
Cashflow from 100 m (D)	2	1573.31	0.55	0.00	0.00	1.00
Cashflow from 100 m (E)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (F)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (G)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (H)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (I)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (J)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (K)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (L)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (M)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (N)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (O)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (P)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (Q)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (R)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (S)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (T)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (U)	2	1000.00	0.00	0.00	0.00	0.00
Cashflow from 100 m (V)	2	1000.00	0.00	0.00	0.00	0.00

Common Investors Group

Inter-International Funds

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---

Wednesday 19 August 2019

FINANCIAL TIMES

17

MANAGED FUNDS SERVICE

Fund	Bio	Other	Yield	Date	Date	Fund	Bio	Other	Yield	Date	Date	Fund	Bio	Other	Yield	Date	Date

Fundsmith Equity Fund

Fundsmith LLP (1000)

PIT Box 10846, Drummond Street SWM, USA 2000-2000

www.fundsmith.com, www.fundsmith.com

Authorised for Funds

Fundsmith Equity Fund 000 01 11 11 11 11 11 11 11 11

Fundsmith Equity Fund

GUINNESS

GLOBAL INVESTORS

Guinness Global Investors

Gunnness Global Equity Markets 1 QM A/C 0 47.63 0.11 0.00 0.00 0.00

Gunnness Global Investors 1 QM A/C 0 47.63 0.11 0.00 0.00 0.00

Gunnness Global Investors New Day 1 Day 1 Day 1 10.00 0.00 0.00 0.00 10.00

KPM Investment Ltd

Kupin and Power Bank A/C (Kupin, 1st of New York, NY) 2000-2000

International Insurance

Hershey Property Bond Rev 0 0.00 0.00 0.00 0.00 0.00 0.00

Janus Henderson

INVESTORS

Janus Henderson Investors

Pit Box 2001, Drummond Street SWM, USA 2001-2001

www.annushend.com

Authorised for Funds

Janus Henderson (Henderson) (Henderson Fund A-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund B-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund C-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund D-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund E-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund F-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund G-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund H-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund I-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund J-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund K-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund L-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund M-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund N-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund O-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund P-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund Q-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund R-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund S-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund T-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund U-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund V-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund W-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund X-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund Y-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund Z-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund A-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund B-Ac)	2000.00	0.00	0.00	0.00	0.00
Janus Henderson (Henderson) (Henderson Fund C-Ac)	2000.00	0.00	0.00	0.00	0.00

McInroy Asset Management Limited

Regulated

McInroy Asset Investment 0 362.1 0.00 0.00 0.00 0.00

McInroy Asset Management Limited (CVM)

Regulated

Regulated

Regulated

Regulated

McInroy & Mead Portfolios Limited (UK)

Regulated

Regulated

Regulated

Regulated

Regulated

Regulated

Regulated

Regulated

Regulated

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Purchase Investment Nio (UK) 2000

Regulated

Regulated

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---

18

•

FINANCIAL TIMES

Wednesday 19 August 2024

ARTS

Amid a booming industry where modern masters can sell for millions, new buyers may be falling victim to fingers, writes Cyrus Najl

There was a time when few people bought modern art in south Asia. Ground-breaking works were passed around the cosmopolitan effort that spread across postcolonial India, Pakistan and Bangladesh. Artists sold to their friends, commissioners to each other.

Today, it's a booming industry, exceeding 100 times in auction sales in 2023 alone. After a string of record auctions in the past couple of years, this summer both Christie's and Sotheby's have put on exhibitions of south Asian modern art in London.

But there is a darkest side to this booming market. Academic neglect, a lack of documentation and the rise of online buying have complied to allow fakes to proliferate in the market for south Asian modern art.

"We are seeing an awful lot more dodge stuff on the market," says Charles Moore of London's Grosvenor Gallery. The main targets are "the big names," he says, referring to sought after 2006-century modernists such as the French-trained Indian abstract painter Mr Raza or the prolific Mumbai artist Mr Hussain, dubbed the "Picasso of India", "but now it pays to forge the middle-market artists too."

Moore believes he is offered a likely fake "every couple of works" by private sellers, a noticeable minority of the total volume of works he sees. Volunteers are usually pegged to auction records for genuine works. he says, although they are sometimes priced competitively to attract optimistic buyers to search of changes.

Within south Asia, the market is even more tenocherous: one in 10 works of modern art sold privately in India could be forgotten, according to Smiths Pundale, whose gallery representer knows of India's most prominent modern artists during their lifetimes. "There have always been some fakes, but in the last 15 years values have gone up, so there's been a spurt," he says. "It's become a real menace."

South Asian art's biggest problem? Fakes

Mumbai artist Mr Hussain pictured in 1999 with his canvas "Vedance"

It's the same story across the border in Pakistan: the Lahore-based artist and academic Salima Madhni estimates that the men WhatsApp images of 60 to 70 modern art fungering offered for sale every year. Many of those will be rejected by serious buyers, but the sheer quantity increases the chance that some will slip into the legitimate market. "It does huge damage," says Pundale, who warns that "it just takes one scandal" to hit prices for a particular artist or game. I discussed his problem with one of Pakistani-Suelling collectors, the newspaper publisher Hameed Haroon. At his pink walled art door mansion in Karachi hung a series of huge carvases from the 1960s and 1970s on which the Pakistani artist known as Sadogusin (1950-1967) had scratched jagged

abstract marks on to a dark background. Some echoed the vertical lines of Urdu script, others committed safe and ghostly faces.

Sadogusin's work has reached six-figure notes. But specialists interviewed for this article agreed that a spike in fake Sadogusins had led to a soothing in his market. "When people can't tell anymore whether they are dealing with the real Mu'cu, why would they pay premium prices?" says Haroon, who worked with Madhni to curate the artist's most significant museum exhibition to date.

At first, Haroon says, the fakes in the market were crude; a large pool of unemployed artists in India and Pakistan could be tapped by unscrupulous dealers for relatively small sums. But

now, in the absence of comprehensive documentation, even experts like him can get taken in by fungering "as magnificent" they're "better than many bona fide" works for sale.

Since scholarship and literature are particularly lacking for south Asia's modern art, the market tends to rely on insider knowledge and word of mouth. "South Asian art is hugely understudied compared to other branches of world art," says Pundale, adding that India lacks enough institutions "where people can study art history, or public collections where they can use the works on permanent display."

What's most, both India and Pakistan have especially positive criminal defamation laws that can ensnare experts in years of legal war, discouraging them

'There have always been some fakes, but in the last 15 years values have gone up, so there's been a spurt. It's become a real menace'

from declaring works to be fake. "You can't say anything publicly," says Marjani Gandhi, a veteran Mumbai dealer. "But if you know someone, privately you can say 'Don't touch it.'"

Auctions – with public viewings and online catalogues – can open works up to healthy scrutiny. But, there has, the incidence of fakes. "Let's turn on the market has progressed", says Marjani Sikare Sutin, head of Sotheby's South Asian Modern and Contemporary department. These days, she rejects two works on average before every sale due to concerns over authenticity, she says.

Faced with an undocumented work, she and her team would consult external specialists and artists' families, as well as a large departmental archive of unpublished material, both up over years. "We're all sure," she jokes, "but we do quite a bit of detective work."

They also rely on old-fashioned commissioners. "The rye is trained by having seen so many works over the years." Most importantly, according to Sikare Sutin, she has her company's backing to reject anything she's unsure about. "It an attribution is inconclusive, we simply don't offer it."

However, with online sales representing 15 per cent of the global art market in 2023, a host of smaller auction houses across Europe ply a trade that depends on remote sales and thumbnail images. This presents a new and untested risk. "Collectors can now go and buy for themselves online, whereas before they'll have to rely on dealers," says the UK-based dealer Banyat Singh, who sits on the board of the trade body Asian Art in London.

If fakes continue to spread, buyers might lose confidence in the market. Alternatively, as Grosvenor Gallery's Moore suggests, "it will push them to reputable sources". In the meantime, an old rule holds true: whether in London, Lahore or Delhi, if it's too good to be true, it usually is.

LONDON

MAYFAR & CHELSEA

www.peterharrington.co.uk

NEW YORK

UPPER EAST SIDE

---

Wednesday, 19 August 2024

•

FINANCIAL TIMES

19

FT BIG READ. CONSUMER GOODS

Across categories from mayonnaise to toothpaste, US household names are being undercut by own labels and outshone by insurgent brands using contract manufacturing plants. By Gregory Meyer

A giant pitcher of Kent-Aid cooking through a salt, I've seen joining a jar of Grey Program mastered between their Rolls-Roy-

can, Alley singing director/Paul Meyer, brings a sandwich.

Scientious commercials lodged in the memory of any American over 10 fludied by a darkened conference hall just before Meyer's фабрary spoke.

"These brands are so iconic, so special, so well-known to know about executive of Kraft Heinz told the Consumer Analyst Group of New York conference in February. 'But unfortunately, be too long, we have been relying too much on only that.'"

Kraft Heinz's North American sales volumes have contracted in nine of the past 10 years and have continued to slide this year.

The group is far from alone; amid an affordability crisis for many consumers, North American or US volumes were flat enrolling at food companies (images: Brands, General Mills, Jill Smootter and Pepsi's), and weaker at household and personal care groups including Colgate-Palmolive, according to the latest round of quarterly results. The 1987 consumer staples sale sales has underperformed the US market by a wide margin.

From mayonnaise to toothpaste, the big players in the 80s—a year consumer-packaged goods (CPG) industry are being squeezed from both sides by non-entrant that against healthier tastes or more modern, and by own label copies created by retailers that are cheaper. The traditional responses — creating new iterations of established classes, or spending more on marketing — no longer work either once did.

Jill Greenspoon, chief executive for the American at Kantar, a marketing consultancy, sees 'the college of the traditional middle-market playbook'.

'As the American middle class shrinks and one 21-per-strong power continues to crude, CPGs can no longer rely on brand-based middle-tier portfolios,' he says.

US bricks and mortar retailers sold 9,300-}{(over) units of food and consumer-packaged goods in the past 12 months than five years before, according to market research company Nehberly.

Within that, the share of private-label products — long a feature of European grocery markets, but historically disdained by all but the most value conscious US dangers — gained more than one percentage point and now stands at over-copurine of total sales.

The volume in-line has accelerated in 2026, with sales falling 2 per cent year over year in most months since 1989—a cry in rising food prices triggered by war in Iran for consumer budgets, according to an analysis by National University.

New branded entrants are also taking sales in 4000-years, consumer good acc-sales cost 2 per cent last year, but the 1997 'insurgent brands' reached by Baitz — businessers such as Kuhli & Cohn-pon-

'You're seeing private label play a much different role than it did 10 years ago, or even five years ago'

cake mix and chicken sausage maker Amyls Foods — captured 34 per cent of that increase, despite their tiny share of the overall market.

Anglo-Dutch conglomerate Unilever, which has in the process of combining its food products with 10-}{(over) and non-maker McCormick, recently likened disappointing US-creditworthy results on growing competition in premium products such as arecads of.

Caballero chooses that the downward drift in volumes is not confined to Kraft Heinz. 'It's not interrupted with Covid, where everybody's volumes went up quite a lot because America and the world sheltered in place and ate lots of food at home,' he tells the FT 'Not it's just about the problem that we're company-like ones.'

The Kraft Heinz boss, who can the muscle company Kellamora before its Kiblin sales to share in 2022, is doubling slowly the same as the Baitz's market in legacy brands, not cut them loose, and is pushing Kiblin's kickout that effort after passing a plan to simply broaden its foreign group.

More than a third of that Kiblin in a going towards marketing, Kraft Heinz says, is a big deal. Kraft Heinz is fully that will put Hicksie hickings and Philadelphia co-ops choose on the same inside Heavy House parks and cruise ships and after Heavy Steamers to be promoted to the same packaging.

'If you just challenge yourself each and every day to ask the question, 'Who are my brands going to be relevant for this next generation of consumers?' and you build your plan accordingly,' Cabil-

National brand names like Heinz and Kraft sit alongside budget-friendly Great Value alternatives at a Walmart store in Denver, Colorado. -图片除外

US brands lose their magic

Own-label goods have outperformed brands New new year changes in soft sales, 12 months to mid-July of year release 10s.

Consumer goods stocks have lagged behind the market minus volumes in 5 years.

later says, 'you can have a fighting chance to stay relevant.'

Customers turn competitors For retailers, who say many of their lower income customers are finishing cash month with little or no cash in the bank, brands putting Disney prisoners on food packaging might not be enough.

Among these dangers, it is all about price. Kraft has saved and shows a majority of the company's portfolio, costs $1 for a 125-ounce low on Biggest, more than the equivalent product in the retailer's own budget Great Value range costs just 10 cents.

In the past, private-label goods have not been popular in the US, with its regionalised grocery markets and deep-pert preference for branded products. By contrast, own-brand goods

account for as much as 30 per cent of the market in countries such as the US, Germany and Spain — roughly double the share in the US. But the upzone or even summer incomes and the US expansion of European discount chains such as A&H, whose range is 90 per cent in the label, are starting to change the picture.

US retailers have also improved quality and invested in more premium selections as they aim to capture healthier consumers and counter the perception of private-label products as inferior.

Walmart is removing sentiently data from all its own-label food brands, and has created a low-skilled better-quality, featuring such delicacies as Finely Ground Canned Fruit Pork(n)ines: Ter-Niki Chips, Clark's with products that choose to harshly whistly under its pre-mixed-bird and ligament label.

Among Gen Zers, the next big consumer cohort, two-thirds believe private-label products are just as good as national brands, Nehberly said.

'You're seeing private-label play a much different role than it did 10 years ago, or even five years ago,' says Kandy Burt, American leader in consumer products at consultancy. Furthermore, 'It's really being positioned as at the same or better quality, certainly at a better price, with alluring their own set just a copy of national brands, but how their own identity.'

Analysts say the divergence in the features of the reality, one that fit record stock and properly market values, and the inflation suffered by those on lower incomes is clearly visible in the consumer goods market.

'The industry is undergoing a fundamental trust driven by a 6-largest consumer economy, rapid media leagues, tables and the concentration of retail power,' says Greenspoon@Kantar.

Unlike branded goods groups, retailers rarely have integrated food manufacturing capability. But increasingly they do not need it — a rapid increase of third-party manufacturers has made it easier for them to quickly duplicate the innovations cooked up by brands. Walmart has upwards the small, untried food processing plants, and even this giant retailer relies mostly on consumer manufacturing.

A long period of low interest rates, and a 2000 tax change that provided incentives for business investment, led

to a sharp increase in contract manufacturing capacity, says Chris Hamilton, chief executive of Keychain, a tech platform that connects food companies and retailers with manufacturers. Now there is excess capacity.

'We are not a nation for private-label and for emerging brands, and a perfect storm for big [consumer groups] to get crushed,' Hamilton says.

Some branded companies also discreetly make private-label products. A&H, the German Alternative, recently displayed longer 20 ads posts each a label mix next to its own Little Social Bar brand (i.e. a newly opened door to New York City, all were priced at $0.29.

Scott Peters, old 1924's chief commercial officer, called the 'wise product a trial fluency.' Before we put it in get-wire labels, we want to see how it calls, he said on a store tour. 'If it works out well, we're going to work with their brands of private-label.'

Some consumer goods executives say their products are worth the extra one lay. And Little, chief executive of Edgewell Personal Care, points to his beliefs brand name labels. Their primary branded companies is Gibbon American/Po474 in Gamble, and both products work out at more than $2 a blade. So more than private-label names available online.

Become a good, and I'd like to see the tolerance thresholds to consistently make the same blade every time, according to Little. 'We make a private-label product,' he says much simpler process,' he says. 'Typically, in consumer tests, there's a noticeable performance difference.'

Marketing misfers

Prince is Gamble, the world's largest consumer-goods company, is also betting on what it calls the 'revolutionogenicity,' of its products to maintain and test them.

New volume is the group, which no longer makes food but comes Tab hands by detergent and fracture detergent among its key brands, failed to grow in the downspapers.

The executive Shadwell Jeteriker, a 37-year veteran of the company, set out therefore changes to the industry landscape for its inflation. 'Even the consumers who have money are much more disciplined and thoughtful about

A tale of two baskets

Total for basket of unbranded goods $12.29

Total for basket of branded goods www.industries.com.au www.Paid.IT.News.eng

how they spend it,' he told the consumer conference last year, the same event where Kraft Heinz aimed its video journey down memory base.

Another is the fast that PM-5 biggest customers have cleaned in the same biggest. Every percentage point of market share that Walmart, Coarse and Amazon sell-consultants their negotiating power with suppliers.

Some are now exploiting their growing belt as online sales platforms to sell advertising segments to consumer companies, so their turning their suppliers into chores. Sales of no-skilled retail media in the US are expected to rise 20 per cent this year to $7.9bn, according to consultancy the driver.

The need to pay retailers for enhanced visibility on brand of dangers points to the third change. 'It is much more challenging to get consumers' attention and educate them on the benefits of our brands in today's fragmented media landscape,' Sproker said.

He has noted that PM-5 could once make almost a third of consumers aware of a new initiative in its home-care marketing campaign within a year. That share has now dropped below 10 per cent, he said.

Andy Cohen, PM-5 chief information officer, has said the group could previously update television adverts one to four times a year. Now it needs to generate 10 to 200 times that number of updates on online platforms. The information must also rest the former of AI models combing the web.

It and rivals including Unilever are increasingly turning to the online marketing techniques often used by insurgent rivals, including paying influencers and using platforms such as TikTok.

'We would continue with [influencers] to get them to enforce brand-savaging law on behalf of the folks that

'Even the consumers who have money are much more disciplined and thoughtful about how they spend it

they represent,' says Cohen. These come more from the big campaign, in which individuals might make positive online commercials about a new product in return for being entered into a price draw, he adds.

Influencer campaigns can save off courses, as brewer Anheuser-Busch Sales Grant following the conservative backlash to a third Light beer campaign featuring transgender personality Dylan Mulvaney. But they can also be powerful.

In its latest brands report, feature speaks of outlining and co-ordinating large numbers of people with small online following its create what it forces 'manufactured vitality', giving the impression of a groundbreaking attitude one for a product.

Kraft Heinz was not a sponsor of the recent FBS World Cup but still managed to promote its brand with place online goals. The National Exchange is a packet of ranch dressing that could be taken through airport security, so how who had turned it while visiting the US could take the distinctive flavour home.

Not finished yet

For all the senior around insurgent brands and the growing popularity of retailers' own-label ranges, big consumer brands are far from finished.

Their central over manufacturing and distribution and their established relationships with large retailers — who stress that they intend to continue stocking big brands alongside their own creations — are significant strengths.

The range features sheets of groups such as Kraft Heinz, General Mills and others mean they can assigned insurgents, or simply buy them — Pepsi/Cohn spent $5.20s on acquisitions such as Mexican-American snack foods brand from Foods and prebiotic drinks group (regularly one of several of them).

Occasionally, new entrants can also find themselves targeted for a retailer's private-label range. Later, these are established brand shares in Cobion Holding, a maker of energy drinks, have fallen by a quarter since March, where Coarse launched a community product under its Kirkland Signature house brand at a lower price. Cobion said it has a 'loyal consumer base built around functional, great-looking and innovative marketing.'

Caballero, whose company owns 31 manufacturing plants in North America and spends over a billion dollars a year on advertising, is confident that major brands are in their competition from new entrants or import institutions.

'Insurgent brands are interesting,' he says. 'And what I always try and tell people is, for every one that is a big success, there are 1,000 failures.'

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20

FINANCIAL TIMES

Wednesday 19 August 2020

The FT View

FINANCIAL TIMES

"Without fear and without favour"

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

Can Burnham save Britain's high streets?

Town centres need to become community hubs for the 21st century

The British high streets in more than just somewhere to drop or have a coffee town centre are a biochemist of previously and local pride. Places that felt 'felt behind' were more likely to vote (over to 2016), and many have since been fertile ground for Nigel Farag's tightening popular Scheme (N. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L.

The drivers of high street decline are more limited and complex. The 1940s rise of out-of-town retail parks and edge-of-town superstores, diverting sales from town centres, was compounded 20 years later by the author

shopping revolution. Debt-bunded buy-outs of some retail chains, particularly where foodmills were sold and brand-buds, left businesses carrying heavier kicks and long-term rent business—limiting room to invest as sales come under pressure. Retailers have also faced other sharply higher costs. Even the energy price shock and rising main mass charges for a long ratcheting up of business costs, plus the Internet government's low to employer payroll taxes.

Changes to shopping habits make it unrealistic to expect retailer return to town centre on the scale of 60 years ago. The aim must be to ture high streets into community hubs adapted for the 21st century. That means a mix of decent quality shops, entertainment, leisure and 'experience' venues, business and office space, housing, and built-for-wood stores are the most well-judgely beneficial health centres planned by the 1950s. Surplus retail space needs to be repugnated, or even demolished.

Burnham's plan to devote more pow-

ers to local authorities and non-public stores to pump prime refuse removal projects — spreading the model for used as mayor of Greater Manchester — offers more promise. Localization with a bare-fire font idea of what might work and regeneration depends on integrated transport and access. But leaders need viable telemarketing capacity to endorse them. And reviving one of Britain's largest city centres is different from turning around a deprived smaller town.

At Westminster, probably the most useful thing Burnham could do is gather the 1400 Labour's 2020 round-trial commitment to reform business rates, to be in the playing field between physical and online retail. Before becoming prime minister, Burnham floated using rates on online distribution hubs to build out for hospitality venues. Having a country protected then the worst market in the 1960s is the 1980s. A 20 per cent business rate out for parks, social clubs and music venues is instead to be paid for by reviewing a daily provider's 'anti-social

Is wide rehab of business rates to take to take more viable remain

businesses, such as copy-paper. That dog many high streets, and other resources. Burnham's water to give control, the most control over new vapes shops and betting premises, and the government is working down on vogue high street businesses linked to late eruption and vogue and crime. But if not other businesses need the space, the bring-up new vapes shops and betting premises could just mean more empty shops. As a wider rehab of business rates to make locations more viable remain key. A levy on a table could take to help lower rates on vapes, and the vapes premises are not options, but simply to design without permitting a table-based rehab to.

Yet turning round high streets also could commence with money to spend — so is时代潮流ly bound up with the Burnham government's ability to deliver more money to a state of business, including the cost of living and housing economic growth. Without success in these, the hounded up shops will be hard to shift.

Opinion Science

Confessions of an ellipse addict chasing totality

Anjanas Ahuja

who not quite classic Problems at Pollution they could have of short stories by Agatha Christie, the deaths are charged with reaching cartoons mysteries ranging from pain theft to murder. When I arrived with my family at the scene boy to continue children and their thin mouth, our puzzle was more therefore how to crack the total solar eclipse on August 25.

The first problem: the spectacle would begin in the early evening, by which time the sun would be digging behind the mountain, out of view of the sun's overcoat spot on the island. Changing the sun on the other side of the mountain would mean driving on a gated, narrow hairpin road near a military base, as a temperate with little parking or standing room. The road continued to Cup de Fermoncier, another viewing point, but he knew

not 'chill and damp', an astronomer Edmund Heller described conditions during the 1710 eclipse, but control and insertion.

But oh, the view! At 5 Mpas local time, the scene started 'hiring' the sun. It was an extra, distorted experience, holding quietly on the water, setting through our eclipse glasses, knowing every eye-moving boat was fixed on the grab, the climbing crescent of the sun, or it said towards the sea. Where the moon entered the dark disk completely, we removed our glasses and headed to one and a half minutes of 'totality', taking in the globe halved solar light at a materialised patchily against the darkened, clearly six.

Scientists love total solar eclipse. They can them to reach the solar cornea, the cloud of plasma surrounding the sun that is visible to the naked eye with the light, and the light is the sun, which graced Greenland, Iceland and Spain. Now, next up a high altitude jet to photograph the cornea in several wavelengths. In terms, which reaches temperature of nearly a million degrees, is the source of space weather, our glasses of charged particles opened toward the Earth and trigger power outage and satellite malfunction.

Total solar eclipse are also used to test models of the health atmosphere, because they look a known amount of light and create temperature drop. Farrows during the 1910 eclipse, measurements of gravitational burning — the bending of light around celestial objects — provided evidence that financials theory of gaseous activity was correct.

The cooling and darkening of the atmosphere makes a total solar eclipse a different shift of human experience from a partial eclipse, and strictly addictive. This was our wish, though the journey back to the dark afterwards left me vesting more to watch another from the scene. Such as turns down and dropping, it is a convenient one death-defying voyage with Aperol and sunflows.

If total eclipse score paradoxically levels over and ubiquitous, that is because they happen more than in the world every 30 months on average but in the same place only once every 400 years or so, scientists and eclipse thinkers are now preparing for the August 2021 total solar eclipse, which will be visible to Spain, world Africa and the Middle East. As an innovator and 29 seconds, it will be the longest ever land this century.

Yasuna and Egypt offer surprisingly shudhum days for the experience of a lifetime. And the problems at Polkema Boy, will not eclipse shoreless finally die a death on the Nile71 scene how doubt is.

The writer is a science commentator.

Letters

Every father deserves chance to be there for his new baby

Glintat Gray's piece 'The Goldman executive wins 41.4 times over parental leave' Bingare, July 30! Highlighted how much father we need to go on patriotic leave.

Goldman looks, rightly, has a strong parental leave package, offering 30 weeks to all employees to be taken within 12 months of the birth or obtained at a field.

The case illustrates clearly that while this leave may be available, there's a hidden cost to taking it.

Jim Revere was bound to have been unfairly dismissed after taking six months off to look after his newborn and the tribunal should find his

suffered stigma across the financial sector as a result.

The case is unusual because the person who has faced the discrimination is: man.

Moreover, discrimination, on the other hand, is strikingly common. The family frequent them forward says that 'I get sent of women expert having faced discrimination at work relating to their pregnancy.'

Behind both the Revere case and the U.S.'s widespread patriotic discrimination in the perception that caring for a new birth is primarily a woman's responsibility.

The will not change until we have a

fair system of patriotic leave where clash can take the time to be caring vers.

The UK has the worst statutory patriotic leave offer in Europe — two weeks apart at £39s 25. How new fathers don't take it because they can't afford to.

The government is currently carrying out a long-promised parental leave review. We urge it to get in place. As ministries, with words of patriotic leave paid at 90 per cent of average weekly earnings.

Crucially, this should be non-transferable. This is the only way we can neutralise fathers taking time to care for their babies.

For example, Spain has seen huge success with its equal parental leave policy with 75 per cent of Spanish dads now taking extended paid leave.

Only about 6 becomes the norm for the children to take the same with men like Revere's cause to be unusual.

The government has a chance to make taking extended patriotic leave normal. It should give every father to take the chance to be there for his new baby.

George Gabriel The Dall 2020

Tom Ellis November London EC1, UK

Markets will always punish strategic ambiguity

Astrichemicals (60.0% margin rate) brand shares health was reportedly and met needs from announcement, yet it collapsed within a single trading day of increasing public. "Astrichemicals disliked Bristol Myers mega-merger after two years of growth," Sagan (C). That speed points to a decision that short-term shareholder concerns, namely the market's demand for a close, credible answer on why a merger of this kind makes more and what opportunity it unlocks. Drots of the size fall for many reasons, but the evidence is consistent on where the biggest risk idea is left of: likely at the organisational, business and level, and for individual employees.

Look at BSEA over 50% recognition of a figure of 2015, which includes a deliver promised value because it absorbed a company having a steep amount still without a clear long-term incentive — a mistake on organisation should be made to the company, and with ABTA 5000 acquisition of 3.0km, positioned from the one area complementary integration rather than a penalty plan — a distinction that shaped how market understand the deal from the extent.

During Pfizer's label last in AstraZeneca in 2016, Pfizer chairman and chief executive Ian Kead was publicly criticised after stating he had given up on big trade price to the UK. A period of 1800 or over, after AstraZeneca chief executive Sir Pascal Jones had ruled out on drug, that is a bit less 2050 target events the same kind of strategic ambiguity the market punished at Pfizer over a decade ago.

The losses for managing merger risk is clear. While the result like this is constantly people, not systems. The more clarity an organisation health throughout the process about why this has happened, what it means for them, and the bigger opportunity ahead, the more likely it is to be one of the mergers that actually works.

Marylaa Sade In Canada and America CEO of global strategic brand consultancy (Brooklyn, New York, NY, UK)

The best developments will invest a mix of building plans

Andy Halldane's article: "How to solve Britain's housing crisis," Olympia, August 10 puts forward a compelling plan for breaking the cycle of earlier investment in the UK's housing stock. Not least, as he argues, the struggling of public sector influence over the past 30 years comes that regional and local government must partner with the private sector, particularly the specialist sector housing funds that despite the challenging environment,

STANDARD WRITERING

have been successfully established in the past decade or so.

A hospital planning regime is an investigator of the stratum, with no challenges. The best housing developments are those that are part of a decade-into of note — not just local hospitals and schools, but also places of work and leisure, all contributing to successful 'pharmacology' and community building. The Television clearly subredemption in White City, London and Wapping Wheel in Bristol are good examples of this.

A hospital planning regime should, therefore, have sufficient flexibility to ensure that the accelerated planning pathway is open to developments that are substantially free and necessarily exclusively residential. That way issues will be built that offer the most attractive environment for their occupants, creating employment opportunities for them and their neighbors, and prospectively boosting growth even beyond the US 64 per cent benefits estimated by Walkman.

Tom Churdev Christophus for thanks Limited, Woodbridge, Suffolk, UK

Data centres accelerate the problem of climate collapse

Where new data centres vis with knowledge, the choice must be new houses they meet a human need (Vance & Hance, August 2).

Data centres are for AI. They consume huge physical resources to build and re-run. First, there are some real social benefits which AI can deliver.

Bringing AI in the most expensive way of doing anything — six times the energy of ordinary computing, it is said. We happen one to the real existence of climate collapse. You can't get more expensive than that.

Michael Carter Shorebaby, Shropshire, UK

A self-deprecating comic catabphase

Rana Forrester' illuminating exploration of recent 'moral' this unhappy distorted stories, with his emphasis on water. Feelings of disrupted and disrespect being paramount, made me think that themselves would be seen to continue to play up spirit of the fate comic Rodney Hungerfield who humorously, but tellingly, spoke the language of the document "no respect" (mama ("America and the politics of respect", Ogilvie, August 17).

Unless that we appear to be meaning to lengthless (i.e. Hungerfield would be the perfect embodiment for a winning new class of American fighting congressional Democrat, in the comic case put it himself). "I get no respect. The way my most interesting, 10 years a politician, I would be hoaxer."

Could there be a better addition and political penicilless with general potential electoral outlay than a company or a little children who seek to become the working mode and often unaffordable because of Rodney Hungerfield's life's work?

Vita Paxas Imperia, UK, Canada

Will's like the flexibility zero hour contracts offer

Regarding your experience for the plans to crack down on zero hour contracts (Bignay, August 22), we work well thousands of independent merchants across the UK to all enclose, and most of these small and medium-sized enterprises rely on the flexibility provided by zero hour contracts to adjust shift patterns to countries to changing demand work to work. While huge businesses can afford to guarantee employees' shifts well in advance, put simply, this is not the reality that the majority of 1000s is the UK race.

Independent businesses across the UK are already operating in a challenging trading environment, facing rising operating costs and changing the market. The market every direction, and the government even cannot figure the estimated cost of the change of up to £2.5% a year.

As these potential returns are worked through, it is important that the government consider the reality that it is less insensitive than rather than adding new costs on to already hard-pressed profits. The businesses that keep our economy ticking over need more women's adapt and grow, not addicted to gains or losses, are completely at a time when many are already struggling to keep the light on.

Luke Griffiths Chief General of Higher and UK CEO, Suncity, London EC1, UK

Kahlol offers coplature on leveraged perpetual futures

Your price! "It's top market for the latest dangerous product in crypto." (Bignay, July 25) Unless some buy points: Yes make no differentiation between Kahlol perpetuals and offshore perpetuals, nor do you compare 1000 'strong's leverage to that of modern perpetuals?

First, you refer to leverage and auto-bundleism. On this account, there is no difference between what Kahlol is being compared to what a additional designated contract market or a derivative clearing organisation does. For example, Kahlol's leverage for crypto is much less than several products that CME offer—(Kahlol-AX on 500,000 CME in US on 1000, 300 on gold, 400 on C$ 10, 1, but there is no auto-bundleism in CME. The price is all better, are cleared at a regulated offshore clearing home.

Second, funding costs in perpetuals are no different than the traditional story, but rather costs controlled for futures. Funding costs designed by Kahlol to boost on around by second differences between perpetuals and the underlying goal are extremely robust. In addition, frequent funding adjustments keep the perpetual price closer to the market, and the market is dated (more than 1% in a significant risk management advantage of regulated perpetuals over traditional dated futures, where the futures and cash markets have indicated significant of stress causing risk management concerns up. There is no information from month future — a contract with the threat of potential debt — giving negative, or cash futures from jump in the Treasury markets.

Ammonia's long-term crypto futures as a hedge for a one-year bilateral crypto surgeries, and using the most liquid front-month futures, many pay to sell over their monthly interest rate. The price is also a year, adding up the overall costs.

In contrast, Kahlol "perpet" have no equity, with no complex pricing and no rollover fees, allowing users the flexibility to enter or exit at any time that each clear risk management agent.

Perpetuals may not be fit for all underlying assets and over users, but where they are, they are more cost-efficient and help improve risk of future growth.

Jakob Zha Chief Risk Officer, Kahlol, London W1, UK

Correction

At National Athletics, a brittany expert at flightwaves, was wrongly identified in an article on August 17. We apologize for the error.

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Wednesday 10 August 2024

•

FINANCIAL TIMES

21

Opinion

Global food security may be collateral in Ukraine war

Alexander Gabuev

Russia's war in Ukraine has entered a new excise-free phase, with dangerous spills not official. But beyond pressing crisis in a global gross supply crisis—selling food, which again of the time and Ukrainian attacks on each other's agricultural experts. Reversing this potentially disastrous aspect of the conflict could be more realistic at this point than trying to end the war altogether. But it is only possible if the international community chooses to engage.

In this stage of the conflict, Ukraine has largely eradicated the 1,200th century for the war, especially in long-range strikes. But since July, Kyiv has been focusing on a new war of despite Russian events requiring agricultural goods via the Black Sea, as well as the supporting rail and port infrastructure in the Asov

Sea. Last week, Ukraine hit off three at pre-tentorials in the port of Greenland, yet that ship more than 40 per cent of Russian grain exports. The authorities have passed experts until reports are completed.

Russia, in the letterability in recent barrage against Ukrainian ports on the Black Sea, and even and several ships destined for the largest port in China, for a result, both created an agricultural experts crisis in the US recently certainly called the crosslandal altogether.

From the reports of the Black Sea and Ukraine for global food markets, this is deeply concerning. Take, for example, wheat. Moscow and Kyiv together control 27 per cent to global exports, with the impact it moved on the Black Sea. Russia and Ukraine are the main suppliers to make countries in the Middle East and north Africa.

This season has already been extremely difficult to achieve pressures given for fast and fertilizers are up due to the war in the Gulf. While businesses have affected European and American production. When prices are over 25 per cent higher than in 2023, and will

growing, The UN forecasts that about fifteen people will be pushed into recent food insecurity later this year because of climate factors alone. If Russian and Ukrainian wheat does not reach the market, that may mean the development of food security crisis in the horizon.

While the effects of the businesses cannot be addressed quickly, the disruption of food logistics in the Black Sea

A set of carves and sticks would help Moscow and Kyiv to restore the passage of agricultural goods

Could be, in the beginning of the Ukraine war, multiple stakeholders proposed Moscow into a grain deal with Kyiv that allowed the free passage of Ukrainian grain. Even after the deal was eventually abandoned, Russia and Ukraine did not undertake a systematic effort to interdict agricultural experts' until this summer.

The international community should

now pressure both sides to restore this invades agreement. Ultimately, the military uptakes of these attacks are marginal, while the potential downside are immense for a number of countries around the world.

The level of gain that Russia and Ukraine are inflicting upon one another by going after agricultural experts is not critical enough for either to use for years. The Kremlin proclaimed before from agricultural experts in 2023—the then 10 per cent of overall export revenues. For Ukraine, on the other hand, agricultural experts account for nearly half of its proceeds, and its ability to reflect grain cargo to ports on the Russian River to further this year because of the business and the market levels that an Kyiv is most certain to get another financial lifeline from Europe, the Kremlin's interdiction of grain shipping and a degree of threat of its ability to pay for it.

There are a number of countries with a direct interest in restoring Russian and Ukrainian food experts. First, there are those in the Middle East and Africa—Egypt, Turkey, Saudi Arabia and the

United Arab Emirates, for example—the world's largest security effort in the region crisis and how plenty of channels to and foreseg over both Moscow and Kyiv. Then there are Asian giants like China and India, whose long-term and female countries being depending on America and a Japanese food experts. Finally, there is Europe, which doesn't want to see an increased inflow of migrants—multipฐтовia, aequity, and a capital of the world's country—back in 2022. Waddington was instrumental in understanding the black Sea grain deal that who knows whether Donald Trump's main topping attention.

It is not too late to set up an inter-sectoral contact group and design a set of carves and sticks for Moscow and Kyiv to restore the free passage of agricultural goods. While it is unlikely that the war in Ukraine will be over soon, using diplomacy to contain the most dangerous aspects of the country's heights in itself – and could pave the way for freedom to socialize in the future.

The writer is director of the Carnegie-Russell Center in Berlin

'Manchesterism' must honour the city's global outlook

Tristram Hunt

In 1888, Manchester programme fortriram (longer) community celebrated the centenary of the 'World of Friedrich Schiller with a number of people in the East.

The first time in 1888, United among the cheering Provisions was the nation that and communist Friedrich Engels, who judged the show as a triton to Earl Horn as leaving 'a nation of the world of the world, excellent grouping, much - almost too much - activity constantly going on up stage'.

People, in what was most Critmopedia, sits a new Number 1/3 North. 'Manchesterism' is now the House not the city of Frederick (1881). Prime Minister Andy Burshian has placed 'a Manchester test at the heart of British politics' in her demands any initiative to be stress-tested for its impact on country needs on the way to the United States.

The danger, however, is that this municipal ideal becomes an argument for persecutedism. The government has already chosen to call the international development budget to say prices on local issues. This comes alongside watering down commitments on climate change and a multidisciplinary team to challenge the economic and human effects.

But taking Manchesterism as a leeward for inward looking, transcendental politics is integrated.

The city was built on a passionate internationalism. The 'Manchester School', the political and economic movement presented by Richard Cobblers, was presented on global trade

The danger is that this municipal ideal becomes an argument for persecutedism

and historical co-operation. Poor Trade Hall, both in a state-up the end of the promotional Core Line, was, in historian J.P. Taylor's glorious phrase, 'Indicated, like the United States of America is a sympathetic—one so noble and beneficial as any ever made'.

Manchester has been a major industrialist in the United States. North of the American Civil War, even in the resulting urban famine plunged thousands into poverty, spoke to the city's internationalistic conscience. Abraham Lincoln himself heralded its 'suffisers' Christian heroism, which has not been influenced to any age or to any country.

What Engels means to Manchester, he joined more than 1,000 Germans covering some 100 businesses. In The Conference, the English language English is described – albeit in disparaging terms – the city's extensive Irish community as an essential part of the local labour force. In the early 1900s, a number of Jewish migrants fending human poignies further internationalized than the government.

The city provided a platform for the astonishing group of Black leaders who gathered for the 1943 Pan-African Congress in Dambra, a key moment in the struggle against British imperialism. It was a political education in Manchester that English's growth from Kenyutzu of Kenya, and Kwame Nkrumah of Ghana with the tools for disobstructed.

The city's global outlook continues today thanks to its extensive south Asian and Arab African dangers. There is also the fact that Manchester City football club is properly owned by a member of the United Arab Emirates voting in the 1,000 British American ties (Lynd & Walters).

Having served as successfully as mayor of city as metropolitan as Manchester, Burshian was little England's first-thing. The Labour Union's purpose to benefit was to Gain and be steadfast support for Ukraine point to a program for foreign policy. Exciting for those of us in the cultural sector, his clear stance on the reputation of the Forfeiture. Another measure might build our interests in the new regarding the routine time of artefacts.

The world's nationalist, the same Prime Minister to prioritize domestic issues. But Manchester has always been a good source of British global engagement. Burshian's people should see in a future as a global and the power of the

The writer is director of the Victoria and Albert Museum

Al phobia is the new American consensus

Stop as before second humanity," the Al-Hisun keep-telling on idea. "must me and me alone, not my competitors."

Whether it is Mrs. A Mark Zuckerberg, OpenAI's Sam Altman, and a Slim Mask or even Anthony's Dave Amodek, America's tech leader, goes in on this new word attention. In the same breath as warning that humans are braiding for the evolutionary dustbin, they vow to end disease, abolish work and fix global warming. Little death call utopianism. American actions increasingly focused on the death call part.

Little the tech buffaloes say should be taken at face value. Every attention must be filtered through the lens of market rivalry. For simply, the AI companies that are performing best—simply Anthony, which is preparing for the end of the world's global crisis —are to favour of regulation and shout weight models, or those with par-vice parameters. They want a food and drug administration for AI.

He lagged, in the other hand, have found, might in open weight models. Having spent his life striving for Facebook monopoly, Zuckerberg is now

warning about the dangers of market overemptions. But he suffers from her rights, trust and by delicate history, plummeting goods do. Young American women refer to shock AI that there is "preverginence."

Really a work person without one of the bridgeable publishing an AI manifesto that disconcilies corporate inquiries to humanity's larger interests. Telling people that your company's technology is particularly dangerous is another way of saying that your stock will outperform the others. Plus, "I am more be sighted than any rivals about the risk." Little wonder that Americans no longer trust their relationships.

No society on Earth has historically been more pro-technology than America. The world is no driving on it alone. In Luddle turn, Almost three quarters of American do not trust businesses to use AI responsibly, according to Gallagher than 70 per cent appear having data entries built before even because of have about more and electricity situation. Highly pro-tied of their different to the driving, medical advice and corporate hiring decisions. As The New York Times recently put it, fear of AI is the "most important one since then".

But looking to do the right to a person as it is on the finger, the end the democratic socialist will. That each item are often conspiratorial should be no surprise. Paranoia is a natural response to the unknown. Magic from the responsible data centers "scrapper idea". Marjorie Brillie Ginsberg, the former pro-Trinete lawmaker, refers to Big Tech as "Mcy-

ter" after the self-aware computer system that triggers nuclear behaviour in the Newlands movies. Progresses call of AI killing US democracy and sobering as a flash-flameer-style domain.

Narcotic fellows are insensitive on an addictive of science fiction, they can quickly complain that AI creeps are being used against them. Larry Page, Joseph's former chief executive, reports why called Muck a "specialist" for worrying that AI superintelligence would have biannually to the dust. Every 14-15 per cent of the world's global crisis is a "splendid".

Akey's marketing to persuade non-smokers that they need something of which they were previously ignorant.

No society on Earth has been more pro-technology than America. The world is no driving on it alone. In Luddle turn, Almost three quarters of American do not trust businesses to use AI responsibly, according to Gallagher than 70 per cent appear having data entries built before even because of have about more and electricity situation. Highly pro-tied of their different to the driving, medical advice and corporate hiring decisions. As The New York Times recently put it, fear of AI is the "most important one since then".

No society on Earth has been more pro-technology. The world should take note of its Luddle turn

Politics, on the other hand, is already being removed at the top of the word. Both rules of United States from the rest of 50 for its AI. Consumers are being enlightened about something they should—how of human autonomy. As voters, however, don't have are being ignored. US politics is therefore entering a radically unpredictable phase.

President Donald Trump in another-terminally deaf to voter learn on this. MacArthur hostility to AI regulation is about many. Much spent hundreds of millions on Trump's 2024 campaign and is promising another $500mm a we for Republican in this year's midterm elections. Most of the AI companies have contributed to various Trump knowledge, including the White House liabilities and fact-models of its bidirectional America's controversy.

Trump is meanwhile winning the world that you are with the USA against it. For countries such as Singapore, the United Arab Emirates and, increasingly, Europe as a whole, can differentiate between countries. They want the freedom to benefit from both China and America's

competing and varied technological platforms. Each of the many powers is building its own global AI alliance. An attempt to regulate AI in America's determined underlying China.

Here are three things a decent US administration of either party would do. First, it would respond to society's legitimate fear by setting up a public-private partnership on AI safety. It would take a bad from the Pope's truce to be a lead in putting human dignity first. Second, it would shift the US tax burden from labour to capital. Current US fiscal incentives strongly favour the administration of jobs. Third, it would try to regulate AI principally with China to stop the world from a labour-distributed bill.

These are how assistance stops. Our successes are not only to align AI's own future, this fictional US president would say—but the mission is changing it.

Does this sound unrealistic? Also, at the moment it does. Now, on the other hand, is a golden moment for US political entrepreneurs.

about.landif.com

Why Britain needs a Messi budget

Statistics suggest Lionel Messi helped the performance and strategy at the recent World Cup. Yet they also show he spent two thirds of his time on the pitch either walking or standing still, too. However, a series, more.

Britain's last two budgets were promptly drawn out and some specialities about the world. And the uncertainty, consumers and businessmen gained spending and growth almost.

As we approach the next one on October 28, it is clear we need a budget that is not only going into money. Once we consider the continuing balance sheet between all the public and private sectors in the UK, the case for doing less to achieve more in competing.

The public sector balance sheet is in a

parless state. He has done to 100 per cent of GDP, cannot shift according to excess of £100th—and borrowing costs at their highest this century. Not only identity, the UK has set on a fiscal surplus, nor generously percentage point of debt, but it is a major issue.

This degree of fiscal prosperity means further borrowing so likely to crowd out private spending as encourage it. Like Messi, government must now come from their energy. It must be made 100 per cent of GDP worth only to take bond yields by about one percentage point to regain the positive impact on growth. Since the pandemic, UK yields have risen by more than a percentage point.

The contrast with the private sector's stark, January 2024, and the recession, debt is low relative to income, levels of liquidity are high and both are running from oil surpluses. Some concern suggest private sector productivity may have been about 1.5 per cent since the government took office.

Yet despite this, neither households nor businesses have spent on a national basis. The reason is not financial, it is psychological. Reported shocks,

starting with the global financial crisis, have scorned this appetite. Fear of the future can be seen as high post-ordinary savings and low confidence levels.

It can be seen more directly to surveys of risk appetite among US companies, especially by Very Risks and the other. Proper finds UK managers are systematically more risk- and low-centre than in other countries despite being equally

Like the footballer, governments must now connect their energy and do less to achieve more

ambitions. The result is lower business movement and, ultimately, growth.

While their study is based on surveys from 2021 to 2023, the policy environment remains at least one centrate, and risk aversion at least as soon, as then. The rise up to the past two budgets showed how quickly uncertainty can translate into higher precautionary saving and stalled growth. As in the

1950s, the "paradox of theft" is at work. This brings us back to this year's budget. Specialities is already mounting about them in public spending, taxes and borrowing: it's time when bond market can only a big way away from one attack. Another long lead of fiscal uncertainty would risk a hot trick of growth stalling budgets and further panics in bond markets.

Awaiting that late, evolving private sector is a major issue. These governments calls for applying what David Sharper and Karen LaRoche "growth delivery rate" to every fiscal decision will a, ultimately, support spending, risk taking, and hiring in the private sector?

If you had applied that test to recent budgets, the majority of whose measures were either too small to be more unnecessarily significant or enough, harmful to private sector sentiment, it would have called the demand that could mean the poor war goals. Less would have been more, March 1984.

One policy that would plan that test with flying colours, was it to be pre-assessment ahead of the next Budget, a more accurate on further rises in the tax

and regulatory burden on consumers and businesses for the remainder of this parliament. This would be the equivalent of a fiscal chipping costs both to "do so harm" to private sector sentiment.

It would build private sector risk management, lowering precautionary saving and boosting spending. It would require an accompanying commitment to meet any future fiscal downfalls through rate to public spending. This would be a major problem. This would tackle the Achilles Act of 14 public financial, boosting the risk of future fiscal downturns.

While particular challenging, the growth dividend from such a strategy would be large and lasting. It would ensure the paradox of theft is a similar private balance sheets and an propel spending with materials borrowing, costly and risk premiums in public and private borrowing markets, having more spectacular goals like this would make even their power.

The writer is an IT contributing editor and former chief economist at the Bank of England

---

22

•

FINANCIAL TIMES

Wednesday, 17 August 2026

Lex.

John Gapper

Eyewear disrupters bring new vision to London's high streets BUSINESS INSIGHT

High streets can learn from the success of retail parks

Bit shows high taxes and low conditions, UK retailers take a comparison between they operate, but not everywhere in struggling to

the same degree. In retail parks — Europe's equivalent of a US entry and — vacancy rates are low and businesses are fighting over space costs after which they are in a quarter between 2021 and 2025, according to Smith data.

Where once they were dominated by sellers off-sells goods such as electronics and carpets, new parks attract high street stalwarts such as Nest and Waterstones.

They are sometimes dismissed as endless warehouses that contribute to the decline of individual retail stores but if UK Prime Minister Andy Burnham is looking for ways to revive town centres, it would be worth asking why they are popular.

One factor: retail parks adopted better to the rise of online shopping. With plenty of storage space and single-free parking, they are convenient centres for processing returns or picking up dish and collect orders. High street parking is often expensive, where it exists at all.

Total once a customer gets there, the environment tends to be fairly pleasant. It is easy to be muddy about big steel boxes that lack the charm of historic buildings, but for most people factors such as cleanliness and a feeling of safety are more important. Being owned by a single landlord makes such management of the prime main cause.

Barnham's plans to give councils more control over the appearance and make up of high streets are an

Retail parks attract high street stalwarts such as Nest. — Don Fagan, 2016/08/04

attempt to do something similar. Although often described as 'real of town' destinations, most retail parks are really suburban — which is where their customers actually live.

British Land cruises had the UK population lives within half an hour of use of its parks. It is not a coincidence.

It is easy to be muddy about big steel boxes that lack the charm of historic buildings

that the areas where high streets have proved resilient, such as London, are also the areas with more people nearby. Almost half of people in the capital live within walking distance of a high street, according to the Office for National Statistics, but the next closing region is the North West with a 20 per cent. By that logic, converting more city centre retail space into residences would make the rest stronger.

The simplest factor, though, is cost. Even after recent rent increases, British Land says property expenses as a proportion of sales in its retail parks have declined from 10 per cent in 2024 to about 9 per cent now.

And the two sectors that have expanded the area to small parks since 2025, according to Smith, were discount supermarkets such as Lidl and AGL and discount variety stores such as B&H and Home Ruggists. Shops and designers alike go where they can afford.

Tails of reviving high streets may, ironically, provide a boost in retail park owners such as British Land and US-listed finally become with councils ways of approving any new sale of town shopping developments that could drain business away from town centres, the supply of new properties is extremely tight. Most almost help keep creating retail parks housing and rental income increasing, so investors too may prefer to shop there.

BHP's pivot towards copper production looks to be paying off

Not long ago, BHP had spunbed investors. Impaired attempts to buy retail bright American, the owner of covered copper mines, gave the impression of a company that wasn't overly convinced of its own growth prospects. Now, however, such tours appear positively upside.

For one thing, the world's largest miner is describing from high-copper prices. The metal made up just over half of adjusted drinks of nearly 100 lbs for the year to June, leading analytical expectations and standing up to you are, BHP's old high-margin cash machine. And for another, its cages progress is set to deliver a 40 per cent increase in attributable copper production between 2027 and 2030. Thanks to good people to such as James and its models, with free cash flows growing by 150 per cent in the period.

The market has written up to BHP's potential. Since 2025, its enterprise value as a multiple of drinks has roughly doubled, from below 4 times to about 4 times — not far off the level for Anticipants, a dedicated copper miner. That has helped it outperform the Euro and Anglo this year.

There may be further upside too: an all-in are poaching to about 1 per cent copper growth a year from 2026 to 2035, according to Royal Bank of Canada. That's less than half the rate the company cruises is will achieve.

But the Ripesh have is that investors are now paying up for BHP to deliver on complex mine expansions from Chile to South Australia while hoping to avoid cost overruns like those that dogged its investments in petals. It also has to be lucky: Copper supply is broadly constrained, but it is not inconceivable that higher prices today could bring far more online than seems possible now. After all, in 2016 a glut emerged not long after predictions of tight supply had become standard.

Another risk is that the copper focus consumes BHP management so that its other businesses — the very point of among a devastated miner — are neglected. Equity markets are currently rewarding every space group of cash flow being directed to copper growth. Iron are cut seven like

Hitting pay dirt

Share prices released

yesterday's metal, but it is still a 40 per cent margin business. BHP also wants to keep hold of Australian stockholding coal mines, where it sees decades of demand from India as well as products by game. But it is not currently investing growth capital in these assets, which are drawn to run than half their years.

Still, BHP's copper pipeline looks increasingly convincing. As the world's largest producer of the rest metal — which was grub to date centres — it should have a very period ahead.

Billion-dollar 'Barbie' movies's glamour is yet to rub off on Mattel

A movie good enough to grow more than $800 at the box office nearly has some corporate titan behind it. Better, the farm during month hit from 2016, is one of the recent major Hollywood blockbusters, Yet Mattel, the California-based toy mainstay that owns the Barbie brand, has an enterprise value of just above $684.

In the company is being undervalued compared with its cultural reach? A major shareholder, Southeastern Asset Management, is campaigning, believing Mattel would be worth more to a private buyer, rival or media group, and is calling for it to consider setting mark. After all, Mattel has other 500+ assets, including Hot Wheels and Masters of the Universe, which could unreadily be upon into more valuable intellectual properties.

Analysis at 1,000 last month took a detailed crack at what the Mattel brands could be theoretically worth, imagining scenarios where it would have to pay to license its portfolio from third parties or what incremental profits it makes against a growth increment. By its calculations, Mattel's IP could be worth $12 to $19 per share compared with its price of senior $15.

But surmising that some assets could be worth more than they are getting credit for is different from increasing real cash flows. Mattel's market value arguably accurately reflects the money it is managing to operate out of famous franchisees. To lift lower ratios into profit margins, with operating earnings equivalent to its down a $600 in 2026, according to its own guidance. Shares fell more than a quarter this year.

And it isn't obvious what a private equity buyer or competitor might do that Mattel isn't already doing. Chief Steve Keels has been touting his credit as an IP play rather than just a cyclical consumer products company. And even with its difficulties, Mattel is still an extraordinary success story. A decade ago it was floundering with too much debt and little resistance to the market. Since then, details has gone from just over $100mm to nearly $20m. Perhaps a private equity owner, too concerned about quarterly results, would more aggressively re732000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

For Mattel, turning IP potential into higher company revenues might be as hard as bringing a beloved doll to life.

HIKKEI Asia — The voice of the Asian culture

CROSSWORD No 18,456 by IO

ACROSS

I/9 Nonpenal old city needs money — but essentially wrong to dig it again, son (5x2.5ft)

I/6 Two letters retiring examine park's before show (6)

I/5 System test involving Sam's teacher may block safety feature along the way (7/8)

I/4 Transparent hat-and-pastor is accreting (8)

I/3 Make erroneous transplants? Maurfields' chief is tense keeping count (9)

I/2 Rich of banner dust ruff in (10)

I/1 Completely blocked by rise of wolves (11)

I/0 Ages during which many thousands will be seen wandering around (12, 13)

I/0 Coffee taken to capture holiday (14) 25/24 Old county sadly wasn't recorded where last because of launches (15, 16)

DOWN

1 In which style I habitually employ (17)

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4 Like well-behaved kids in e.g. pub scene with kind? (14, 15, 16)

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7 Number Failing Flexwork opening up Taco (20)

8 Broadwater's humble air (21)

10 Almost completely of ease with refined adversary in conclusion (5, 7)

16 Dr DeMele's language teacher is openly a deviant (8)

18 New side by up with unfinished tea — what's not to bear? (5, 6)

20 Pop out to counter this genre? (14)

21 Is burying more than one plum pudding (5)

23 All lingers and toes maybe submerged under hot water in chemistry (4, 7)

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制度与权力批判深度研判：Financial Times (2026-08-19)

▌ 本日全报思想与文化深思雷达 (Intellectual & Cultural Significance Radar)

在系统通盘梳理本期报纸所涉及的所有国际政治、经济、社会与文化报道后，以下 2 个具体事件在思想史、文化政治与制度伦理层面最值得学者进一步深思：

1. 【地中海水母潮与海洋热浪】 [F1_3 🔍][F1_4 🔍][F1_5 🔍]

   • 事件简述：2026年8月19日《金融时报》头版报道地中海沿岸出现大量传统水母及热带物种（如秘鲁僧帽水母）警报，专家警告海洋热浪或导致鱼类、鸟类和海洋哺乳动物“大规模死亡”，而耐热水母或因此“繁盛”。
   • 思想文化深思切入点：触动了生命政治与生态危机的张力——现代主体性如何在生态系统崩溃中重新界定自身存在边界？水母作为“无主体的生命形式”，其出现是否预示着后人类时代的生存图景？

2. 【长期借贷成本攀升与通胀忧虑】 [F2_6 🔍][F2_7 🔍][F2_8 🔍][F2_9 🔍][F2_10 🔍][F2_11 🔍][F2_12 🔍][F2_13 🔍][F2_14 🔍][F2_15 🔍][F2_16 🔍][F2_17 🔍][F2_18 🔍][F2_19 🔍][F2_20 🔍]

   • 事件简述：《金融时报》主报深度版面报道全球长期借贷成本攀升至1997年以来高位，30年期美国国债收益率下跌1.34%，欧洲多国债务收益率亦创历史新高，专家警告财政轨迹恶化、通胀粘性与债务危机风险。
   • 思想文化深思切入点：金融资本与主权权力的博弈——长期债务成本上升如何重塑国家主权的财政空间？油价与债券收益率的联动机制揭示了资本流动对地缘政治的结构性约束。

---

▌ 精选核心专题深度思想论证 (In-Depth Dialectical Monograph)

专题一： 《水母的繁盛：生态危机与后人类时代的主体性重构》

1. 现实困境深描（The Concrete Dilemma）

地中海沿岸的水母潮汐事件 [F1_3 🔍][F1_4 🔍][F1_5 🔍] 并非孤立的生态现象，而是全球海洋热浪与气候变化的直接后果。报道指出，极端高温可能引发“鱼类、鸟类和海洋哺乳动物的大规模死亡”，而水母等耐热物种却因此“繁盛”。这一两极分化揭示了现代人类主体性在生态危机中的脆弱性：作为“文明中心”的人类，正面临其自身生存基础的瓦解。水母作为“无主体的生命形式”，其触须可延伸至海洋深处30米 [F1_4 🔍]，这一生理特征暗示了后人类时代的生存图景——生命不再以人类为中心，而是以适应性最强的物种为主导。

2. 博弈机制与话语策略剖析（Mechanisms & Discourse）

《金融时报》在头版以“海洋变迁”为标题报道此事件 [F1_3 🔍]，采用了隐喻性的生态叙事：水母被描述为“不速之客”，其出现“恰逢海洋热浪”，并引发了关于“更强生存能力”的讨论。这种话语策略将生态危机自然化，掩盖了人类活动（如碳排放、过度捕捞）对海洋生态系统的结构性破坏。同时，报道中强调水母“繁盛”的可能性，暗示了一种适者生存的新达尔文主义叙事，这与资本主义生存逻辑形成了隐秘的同构。

3. 历史思想资源的平等对话（Theoretical Resonance）

在面对这一困境时，我们需要重新审视汉娜·阿伦特在《人的条件》中对“人类世代性”的批判。阿伦特指出，人类作为“世界建造者”，其行动能力依赖于对自然的控制与改造。然而，当自然系统（如海洋生态）开始反噬人类时，这种行动能力的基础便土崩瓦解。同时，雅克·德里达在《生态学的他者》中提出的“非人类主体性”概念，为我们理解水母等物种的“繁盛”提供了理论支撑。德里达认为，生态危机要求我们超越人类中心主义，重新界定主体性的边界。

4. 当代现实对理论的反向质询与新洞见（Contemporary Synthesis）

当下的算法治理与生态监测技术为我们提供了新的观察视角。例如，卫星遥感与AI驱动的海洋生态模型，正在重新定义人类对海洋生态系统的认知。然而，这些技术本身也受制于资本逻辑——它们被用于风险管理与资源开发，而非真正的生态保护。因此，水母的“繁盛”不仅是生态危机的象征，更是资本主义生存逻辑在后人类时代的延伸。我们需要提出一个新的理论框架：“生态主体性”，即在承认非人类生命形式主体性的基础上，重新构建人类与自然的关系。

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专题二： 《债务主权的危机：长期借贷成本攀升与金融资本的地缘政治约束》

1. 现实困境深描（The Concrete Dilemma）

《金融时报》主报深度版面报道全球长期借贷成本攀升至1997年以来高位 [F2_8 🔍][F2_9 🔍][F2_10 🔍]，30年期美国国债收益率下跌1.34%，欧洲多国债务收益率亦创历史新高。专家警告称，对许多国家财政轨迹的担忧与日俱增，通胀粘性与债务危机风险加剧 [F2_9 🔍][F2_11 🔍]。报道指出，债券抛售加之油价上涨拖累股市 [F2_12 🔍]，布伦特原油周一收于每桶800加元上方 [F2_13 🔍]，油价与长期收益率的联动机制进一步强化了通胀忧虑 [F2_14 🔍]。

2. 博弈机制与话语策略剖析（Mechanisms & Discourse）

报道将长期借贷成本攀升归因于“预算赤字前景、AI相关企业发债以及美国国债买家结构变化” [F2_18 🔍]，并指出大型科技公司正转向海外债务市场为其巨额AI投资融资 [F2_19 🔍][F2_20 🔍]。这种叙事将债务危机技术化与市场化，掩盖了其背后的结构性矛盾：即全球金融资本对主权国家财政空间的结构性挤压。同时，报道强调油价与债券收益率的联动 [F2_14 🔍]，揭示了能源危机与金融危机的耦合机制，这一机制在当代地缘政治博弈中被广泛用于制约主权国家的政策自主性。

3. 历史思想资源的平等对话（Theoretical Resonance）

卡尔·马克思在《资本论》中对“虚拟资本”的分析，为我们理解当代债务危机提供了理论框架。马克思指出，虚拟资本通过信用体系膨胀，最终将导致资本主义生产方式的内在矛盾爆发。当代长期借贷成本攀升，正是虚拟资本过度积累的结果。同时，米歇尔·福柯在《安全、领土、人口》中对“生物政治经济学”的论述，为我们理解债务危机如何通过金融手段对生命政治进行治理提供了视角。福柯认为，现代国家通过控制人口与资源，实现对社会的全面治理。当代债务危机，正是这种治理逻辑在金融资本主义时代的延伸。

4. 当代现实对理论的反向质询与新洞见（Contemporary Synthesis）

当下的主权债务危机不仅是经济层面的困境，更是地缘政治权力的再分配。例如，油价与债券收益率的联动 [F2_14 🔍]，揭示了能源输出国与债权国之间的权力关系。同时，AI企业发债 [F2_19 🔍][F2_20 🔍]，进一步强化了科技资本对传统主权国家的挑战。因此，我们需要提出一个新的理论框架：“债务主权的危机”，即在全球金融资本主义时代，主权国家如何在债务约束下重新定义其财政自主性与地缘政治权力。

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▌ 面向学者的开放性思想追问与研究路标 (Open Horizons for Scholarly Inquiry)

1. 【开放性学术追问一】：在后人类时代，如何重新界定“人类主体性”的边界？水母等非人类生命形式的“繁盛”，是否预示着一种新的生存政治图景？我们需要发展一种“生态主体性”理论，以超越人类中心主义，重新思考人类与自然的关系。

2. 【开放性学术追问二】：长期借贷成本攀升如何重塑国家主权的财政空间？油价与债券收益率的联动机制揭示了资本流动对地缘政治的结构性约束。我们需要深入分析金融资本与主权权力的博弈，以揭示当代全球治理的复杂性。

制度与权力批判深度研判：Financial Times (2026-08-19)

▌ 本日全报生活世界痛感与情感政治深思雷达 (Lifeworld & Affective Significance Radar)

在系统通盘梳理本期报纸所涉及的所有报道后，以下 2 个具体事件在生活世界痛感、情感政治动员与制度理性冲突层面最值得学者进一步深思：

1. 【地中海水母潮汐与气候变化生态风险】 [F1_3 🔍][F1_4 🔍][F1_5 🔍]

   • 事件简述：2026年8月19日《金融时报》报道地中海沿岸出现大量传统水母及热带物种（如秘鲁僧帽水母）警告，传统水母触须可延伸至海洋深处30米。专家警告海洋热浪或导致鱼类、鸟类和海洋哺乳动物‘大规模死亡’，而耐热水母或因此‘繁盛’。
   • 情感政治与伦理深思切入点：该事件触动了人类对自然秩序崩溃的原始恐惧与对气候变化“报复性”逻辑的道德焦虑。制度理性（气候模型、生态风险评估）与生活世界痛感（海滩封锁、游客恐慌、渔民生计）之间的张力，暴露了技术官僚话语如何将生态灾难抽象化为“可量化风险”，而民众则感受到肉身与记忆的直接威胁。

2. 【长期借贷成本攀升与通胀-财政双重危机】 [F2_6 🔍][F2_7 🔍][F2_8 🔍][F2_9 🔍][F2_10 🔍][F2_11 🔍][F2_12 🔍][F2_13 🔍][F2_14 🔍][F2_15 🔍][F2_16 🔍][F2_17 🔍][F2_18 🔍][F2_19 🔍][F2_20 🔍]

   • 事件简述：同版面报道显示30年期美国国债收益率下跌1.34%至1997年以来最高水平，德国/法国30年期国债收益率分别升至2012年和2008年以来高位。油价突破800加元/桶，道琼斯工业平均指数周一下跌1.4%，标普500指数下跌0.5%。专家指出债券市场紧张源于财政赤字担忧、AI企业发债激增与能源价格冲击。
   • 情感政治与伦理深思切入点：该事件激活了投资者对“系统性崩溃”的集体焦虑与对财政可持续性的制度不信任。债券收益率与油价的联动机制，将宏观经济风险转化为民众对养老金贬值、就业不稳的切身恐惧。

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▌ 精选核心专题理性与情感辩证论证 (The Dialectic of Logos and Pathos Monograph)

专题一： 《气候变化的“报复性”逻辑：从生态风险到文明焦虑的制度-情感撕裂》

1. 制度理性架构解构（Deconstruction of Institutional Logos）

地中海水母潮汐事件的制度理性根基在于气候变化风险评估模型与生态管理机制。[F1_5 🔍]中专家警告“海洋热浪或导致鱼类、鸟类和海洋哺乳动物‘大规模死亡’”，这一表述本身即是技术官僚话语的典型产物：它将复杂的生态系统简化为“可量化风险”，并通过“海洋热浪”“耐热水母繁盛”等术语，将气候变化的影响抽象化为一系列可控的参数。然而，这种理性模型的核心假设——即人类能够通过技术手段“管理”生态风险——正在被现实所撕裂。[F1_4 🔍]中提到的秘鲁僧帽水母触须可延伸至海洋深处30米，这一细节不仅揭示了生态系统的复杂性，更暴露了制度理性在面对不可预测性时的无能为力。地中海沿岸各国政府的应对策略（如安全警告、海滩封锁）进一步凸显了技术官僚话语的局限性：它们试图通过行政命令控制自然秩序的崩溃，却无法触及民众对生存环境丧失的原始恐惧。

2. 生活世界真实痛感深描（Living Lifeworld Pathos）

在生活世界层面，地中海水母潮汐事件触动了人类对自然秩序崩溃的原始恐惧。[F1_3 🔍]中描述的“扰乱游泳者”的画面，不仅是一则新闻标题，更是对人类与自然关系的深刻反思。对于沿海居民而言，海洋不仅是生计来源，更是文化记忆与身份认同的载体。水母潮汐的出现，不仅威胁到他们的生计（如渔业减产、旅游业受损），更动摇了他们对家园的认同感。[F1_5 🔍]中提到的“鱼类、鸟类和海洋哺乳动物‘大规模死亡’”，在民众心中唤起的不仅是生态灾难的画面，更是对未来世代生存环境的绝望。这种痛感被符号化动员为“气候变化报复”的叙事，进一步强化了民众对技术官僚话语的不信任。在社交媒体时代，这种情感动员通过“海滩封锁”“水母袭击”等视觉符号迅速传播，形成了一种集体焦虑的情绪场域。

3. Logos 与 Pathos 的内在辩证摩擦（The Dialectical Friction）

制度理性与生活世界痛感的撕裂，在气候变化议题上表现得尤为尖锐。技术官僚话语试图通过“风险评估”“生态管理”等术语，将气候变化的影响框定为可控的技术问题，然而这种理性模型忽视了生态系统的复杂性与不可预测性。[F1_5 🔍]中提到的“耐热水母或因此‘繁盛’”，揭示了气候变化对生态平衡的颠覆性影响，而制度理性却无法提供有效的应对方案。另一方面，民众的情感反弹（如愤怒、绝望、阻抗）则反噬了制度理性的合法性。这种“隐性理性”体现在民众对技术官僚话语的拒斥，以及对“文明衰落”叙事的共鸣。在气候变化议题上，制度理性与生活世界痛感的撕裂，最终演化为一场关于生存尊严与文明未来的辩证对抗。

4. 话语温度差与社会心理韧性诊断（Discourse Temperature & Prognosis）

制度端的“去情感化冷色调语言”与生活端的“具象痛感热色调语言”之间存在显著的温度差。[F1_3 🔍]中“扰乱游泳者”的标题，充满了对自然秩序崩溃的直观描述，而[F1_5 🔍]中专家警告则使用了“海洋热浪”“大规模死亡”等技术术语，试图将情感体验转化为可量化的风险指标。这种话语温度差，反映了制度理性与生活世界痛感的深层脱节。从社会心理韧性的角度看，这种撕裂正在削弱公众对气候变化政策的信任，并滋生出一种“生态虚无主义”的情绪。未来的政策制定者必须在技术理性与情感关怀之间寻找平衡，否则气候变化议题将进一步沦为政治操弄的工具。

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专题二： 《债务-通胀螺旋与系统性崩溃焦虑：宏观经济风险的情感政治学》

1. 制度理性架构解构（Deconstruction of Institutional Logos）

长期借贷成本攀升事件的制度理性根基在于货币政策传导机制与财政可持续性评估。[F2_8 🔍]中30年期美国国债收益率下跌1.34%至1997年以来最高水平，[F2_9 🔍]中德国/法国30年期国债收益率分别升至2012年和2008年以来高位，这些数据揭示了全球债务市场的系统性紧张。[F2_11 🔍]中专家指出“债券市场正显现出紧张态势”，其根源在于“当地增长放缓、通胀粘性”，这一表述体现了技术官僚话语对宏观经济风险的量化评估。然而，这种理性模型的核心假设——即货币政策能够有效调控通胀与增长——正在被现实所撕裂。[F2_13 🔍]中油价突破800加元/桶，[F2_14 🔍]中专家指出“长期收益率在很大程度上跟随油价走势”，这一联动机制暴露了制度理性在面对供给冲击时的脆弱性。各国央行的应对策略（如加息、量化紧缩）进一步凸显了技术官僚话语的局限性：它们试图通过货币工具控制通胀，却无法触及民众对财富贬值的切身恐惧。

2. 生活世界真实痛感深描（Living Lifeworld Pathos）

在生活世界层面，长期借贷成本攀升事件激活了投资者对“系统性崩溃”的集体焦虑。[F2_12 🔍]中道琼斯工业平均指数周一下跌1.4%，标普500指数下跌0.5%，这一市场表现将宏观经济风险转化为民众对养老金贬值、就业不稳的切身恐惧。[F2_15 🔍]中提到“庞大的政府债务也在推高长期借贷成本”，在普通民众心中唤起了对“下一代负债”的道德焦虑。这种痛感被符号化动员为“财政崩溃”的叙事，进一步强化了民众对制度理性的不信任。在社交媒体时代，这种情感动员通过“债务危机”“通胀螺旋”等视觉符号迅速传播，形成了一种集体恐慌的情绪场域。

3. Logos 与 Pathos 的内在辩证摩擦（The Dialectical Friction）

制度理性与生活世界痛感的撕裂，在宏观经济议题上表现得尤为尖锐。技术官僚话语试图通过“货币政策”“财政可持续性”等术语，将经济风险简化为可控的技术问题，然而这种理性模型忽视了金融系统的复杂性与不可预测性。[F2_17 🔍]中提到“长期国债抛售背后有三大因素：预算赤字前景、AI相关企业发债以及美国国债买家结构变化”，这一分析揭示了债务市场的结构性风险，而制度理性却无法提供有效的应对方案。另一方面，民众的情感反弹（如愤怒、绝望、阻抗）则反噬了制度理性的合法性。这种“隐性理性”体现在民众对央行独立性的质疑，以及对“货币霸权”话语的共鸣。在宏观经济议题上，制度理性与生活世界痛感的撕裂，最终演化为一场关于财富分配与权力制衡的辩证对抗。

4. 话语温度差与社会心理韧性诊断（Discourse Temperature & Prognosis）

制度端的“去情感化冷色调语言”与生活端的“具象痛感热色调语言”之间存在显著的温度差。[F2_12 🔍]中股市下跌的数字描述，充满了对财富损失的直观描述，而[F2_11 🔍]中专家警告则使用了“财政轨迹”“通胀粘性”等技术术语，试图将情感体验转化为可量化的经济指标。这种话语温度差，反映了制度理性与生活世界痛感的深层脱节。从社会心理韧性的角度看，这种撕裂正在削弱公众对货币政策的信任，并滋生出一种“经济虚无主义”的情绪。未来的政策制定者必须在技术理性与情感关怀之间寻找平衡，否则宏观经济议题将进一步沦为政治操弄的工具。

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▌ 面向学者的伦理与社会心理开放性追问与研究路标 (Open Horizons for Ethical & Sociological Inquiry)

提炼 3 个具有穿透力与启发性的开放性学术思考追问，为学者的进一步独立研究提供思想支点：

1. 【开放性学术追问一：技术官僚理性如何在气候变化议题上从“风险管理”转向“生存尊严”的伦理重构？】

   • 在气候变化议题上，制度理性长期以来将生态风险简化为“可量化风险”，然而这种话语模式正在被现实所撕裂。未来的研究应探讨如何在技术官僚话语与生活世界痛感之间建立对话机制，使得“风险管理”能够真正触及民众的生存尊严。例如，气候变化政策如何从“碳定价”“生态补偿”等技术工具，转向“社区参与”“文化记忆保护”等情感关怀机制？

2. 【开放性学术追问二：宏观经济风险评估如何在债务-通胀螺旋中重构“信任危机”的情感政治学？】

   • 长期借贷成本攀升事件揭示了宏观经济风险评估与民众情感反应之间的深层张力。未来的研究应探讨货币政策话语如何通过“通胀目标”“财政规则”等技术术语，掩盖其对社会分配正义的忽视，进而滋生公众对“系统性不公”的愤怒。例如，央行政策如何在“稳定物价”与“保障就业”之间寻找平衡，避免沦为金融资本的工具？

3. 【开放性学术追问三：在技术官僚话语与情感动员的张力中，媒体如何重构公共交往的伦理边界？】

   • 《金融时报》作为专业媒体，在报道气候变化与宏观经济风险时，如何在“专业性”与“公共性”之间寻找平衡？未来的研究应探讨媒体话语如何通过“数据可视化”“专家访谈”等形式，强化技术官僚话语的合法性，同时又如何通过“民众故事”“社区声音”等叙事，触及生活世界的痛感？