THE WALL STREET JOURNAL

DOW JONES Wood Shop

• • • • •

WEDNESDAY, AUGUST 19, 2026 - VOL. CCUXXXVIII NO. 42

WSJ.com

U.S. Edition

BBA 1/3/41.00 • The 30.0225

NASDAQ 2x200.71 • 1.35

STOCK4400 459.00 • 0.75

10-YR. TREAS. + 5/32, sold 4/20/61

OR. 384.94 • 35.44

SOLD 54,360.00 • $51.00

EVID 31.1578

YEN 99.61

What's News

Business Finance

● A continuing global bond called 'Li maintaining governments, businesses and families, and while it's its lower rate recently, U.S. tobacco smokers on Tuesday, with the S&P 500, Nasdaq, and Dow falling 0.7%, 1.3% and 0.2%, respectively. A3

● Trump said he would pause a new 70% tariff set to go into effect on $29 billion worth of goods from Canada as the two countries seek an agreement. A2

● KKR recently bid for USL offering roughly $3 billion to take over the Pennsylvania-based natural gas and electricity distributor. B1

● Opus4's second-quarter sales showed legal growth compared with Anthropic's, disappointing some observations who had hoped for evidence the gap was closing. B1

● Costco plans a limited rollout of Costco to several Medicare plans, working with non-profit insurer SCAN Group. B1

● Homeowners took an smaller spring maintenance project, in the recent quarter, lifting Home Depot's sales and encouraging the company to back its full-year outlook. B3

● Individuals and firms criticized a Trump administration plan to use a longstanding rate report to ensure that a venture got the best price when trading starts. B9

● Payments company finance cut its outlook for a key metric as it expects softness in consumer spending to continue. B4

● Bado's financial performance continued to deteriorate in the second quarter as the company wants to remain itself as an AI enterprise. B4

Worldwide

● Iranian attacks are shipping in the Strait of Normal, as a piling up without a U.S. military response, raising the risks of crossing the waterway and frustrating some Arab allies who worry the U.S. doesn't have a strategy to wind down the conflict. A1

● Trump is pushing sales for a meeting, as soon as this fall with North Korea's plans, looking to again attempt to persuade him, long his致函ask his nuclear arms program. A7

● Trump pits Rep. Byron Donalds won the GOP nod for governor in Florida, while Democratic socialist Angie Rosen scored an upset win in the 2024 U.S. election. The primary and scandal-pleased Republican Rep. Cory Mills lost his primary. A4

● WSA ថែยอม's AEC said the FCC, alleging the agency's efforts to reimburse U.S. to aid cash losses and to have a content are illegal and an offense against free speech. A2

● Opening statements in a chat-telling trial against Meta Platforms began in what could be the most consequential social media items case yet. A3

● Trump has selected one of the top White House health codes, In Hard Overties, to head the FDA, people familiar with the matter said. A3

● The U.S.际はヒルズの訪問から分かれて、日本の訪問のための「お知らせ」を受けて、日本の訪問のための「お知らせ」を受けて、日本の訪問のための「お知らせ」を受けて、日本の訪問のための「お知らせ」を受けて、日本の訪問のための「お知らせ」を受けて、日本の訪問のための「お知らせ」を受けて、日本の訪問のための「お知らせ」を受けて、日本の訪問のための「お知らせ」を受けて、日本の訪問の

● Road 100 Revenues 15, USFR to Rooster 84. Frank Board: 17, 22 Top Business: A3

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

© 2016, Dow Jones, Inc. All rights reserved. © 2016, Dow Jones, Inc. All rights reserved.

Spacewalkers Take On a Historic DIY Job

DIET THERE: Sophie Adjeast, right, became the first five/second to go on a 1,000 sq. ft. Tuesday in a NASA image, she and the U.S.3. Anil Menon remove a faulty antenna on the International Space Station. A return spacewalk is needed to complete the life.

Iranian Ship Attacks Frustrate Gulf Nations as U.S. Holds Fire

U.A.E. says Tehran hit 7 of its ships this month as Trump raises economic heat

INRAH—Iranian attacks on shipping in the Strait of Biocracy are piling up without a U.S. military response, raising the risks of crossing the strategic waterway and frustrating some Arab allies who worry the U.S. doesn't have a strategy to wind down the conflict. Iran fired two ballots, another toward the Strait on Tuesday, triggering air defenses in the United Arab

Emirates, according to that country's Ministry of Defense, which said the missiles were targeting maritime traffic but fell into the sea.

Eastern Tuesday, an Iranian attack hit the engine room of a bulk carrier in the strait east of Oman, leaving the chief engineer dead, maritime security firms said.

The U.A.E. said Iran has attacked seven of its ships this month. In far, August accounts for 35% of all attacks on shipping in the war, which is approaching its six-month mark. Abu Dhabi halted trade, commercial exchanges and financial transactions with Tehran

By Summer Said, Britain's Frog and Shelby Holliday

can to fight off-missile social, taxes. U.A.E. foreign ministry spokeswoman Alex Al Shams said on X on Tuesday.

U.S. Central Command, which oversees U.S. forces in the Middle East, hasn't an returned retaliatory system or targets in Iran since late July. The U.S. has continued to prevent ships from routing Iranian ports, however, including Doha. Rollins missiles to stop assault, trying to breach its blockade. The assistant officer of the

dean Trump's current strategy to back off military action in favor of tightening economic pressure on Tehran.

Earlier in the summer, the U.S. repeatedly launched punishing strikes after Iran attacked ships, prompting Iran to lob missiles and dreams across the Persian Gulf. Until Tuesday, the U.A.E's air defenses halted, Iran triggered since mid-July. The skirmishes forced the U.S. and their regional allies to use more of their obtaining supply of defensive interceptors and Phase turn to page 40.

● Heard on the Street: What's next for Big Off... B11

Treasury Yields Soar to Highest Since '07

Investors predict a new era in the credit market, and it looks a lot like 19 years ago

By Sue Kocaman The Bureau Room

A sollaff in global bonds is driving up borrowing costs for governments, businesses and families, even the developed world U.S. bond yields are at 19-year highs, and Wall Street uses no end in sight.

Investors are blaming the price of an everything from the continuing U.S. loan conflict, which has indeed inflation worries, to the design of technology bonds going for debt funds. And they are also anxious about budget deficits and lack of capital from a new Federal Reserve chairman.

Ever see eye to eye on exactly how much weight to put on any one factor, but must agree on one thing: None of these conditions are likely going away soon. What's more, many are something larger driving the solids' the economy's tendency in the face of interest rates that were once constant high enough to slow growth significantly.

The 2009-09 financial crisis ordered to an era of air-railway interest rates, then current market conditions might mark a return to the way things were before that downturn, order said. Investors are hesitant to buy longer-term bonds because of the risk that rates could move higher, and possibly much higher, even if the Fed doesn't move immediately.

"Basically, this is a normalization," said Robert Tipp, Pricecturretcpage.A2

INSIDE

PERSONAL JOURNAL Baby boomers are wealthy, healthy—and spurging on global travel. A9

BUSINESS & FINANCE Costco is rolling out something new for its members, it's own Medicare plan. B1

Inside the Hidden Deals

That Snared Dodgers Owner

Under pressure from federal investigators, billionaire Mark Walter is racing to save his sports-and-finance empire

Mark Walter returned the sports world in 2012 with a deal that left his wealthy rivals wondering how the chief executive of Suppedance Partners, little-known outside

By Austin Baer, Margot Patrick, Joe Moline and Andrew Reuter

Wall Street, had funded the purchase of the Los Angeles Dodgers, one of the premier teams in Major League Baseball.

Five majestic can now claim they aren't fo-

milize with Walter and his international sports kingdom, which opens every season. His playbook, using issues from insurance companies he controls to finance his other investments, is now under scrutiny.

In the years after the Dodgers deal, Walter bought stakes in the WNBCs L.A. Sturdiv, England's Chelsea FC and a Formula One racing team, as well as financing the Professional Network's Rodney League. He also accumulated trophy properties, including mu

Pricecturretcpage.A3

British

Pubgoers es, 'Fan Police'

Country up in arms over plans to curb sidewalk drinking

BY JULIA JASUSKI

LONDON—In Britain, a night at the pub doesn't require a table, a chair or even indoor shelter. It just needs a past and comprehensive stand.

On summer evenings here, the streets are thronged with people quilling out onto the sidewalk to enjoy a past and take a care break from complaining about the weather. It's a future of British life—and, for many, on essential right.

"The minute it's bright and sunny, people just lose their minds," said Harriet Stansell, 25. "Everyone's standing and sick to enjoy the sunshine while it's there, together."

Pricecturretcpage.A10

'Kids in Chips' Startup, Valued at $21 Billion, Pouches Nvidia Talens

By RONN WIGLER

SAN JOSE, Calif.—On paper, Etched sounds like a lot of hot artificial intelligence startups. Co-founded by three Harvard dropouts in their early 20s, it has quickly raised nearly $2 billion on the strength of a product that was just an idea four months ago.

Unlike most of these other startups, however, Etched doesn't make software but nonconductions, a product category whose high capital costs and long development cycles were relegated it to a corner of Silicon Valley where experience still trumps youthful ambition.

Among tech investors, the prevailing wisdom was "don't back the kids in chips," said Susan Huang, a general partner of Imperia Capital, which led the company's $200 million future C round. "There was a

sense that there kids think they can do anything, and maybe on the internet, they can, but that in chips, startups are guilty and 10 percent removed."

Now, after a road rush that included building a mini data center in the offices now, the testing, Etched has reached a key milestone: signing up its first customer—One Street, the secretive Wall Street question, the trading giant—for its product, a server rack-filled with AI processor, which could be rapid inference computing. The startup has handed more than $2 billion in orders and already started shipping.

In the past, the server is leading a new $700 million funding round that values Etched at $10 billion, the two firms said. That valuation puts it above the $20 billion price Nvidia paid to license the Pricecturretcpage.A2

ORACLE

Fusion Cloud Applications

AI that runs the world's business

Finance

HR

Supply chain

Manufacturing

Sales

Service

Marketing

Only with Oracle Fusion

Discover how oracle.com/apps

9

---

A2 | Wednesday, August 29, 2026

U.S. NEWS

THE WALL STREET JOURNAL.

Vice President, JD Vance on 'The View' in June. ABC's suit said the program has been 'more circumspect' about booking politicians because of the FCC inquiry.

ABC Sues FCC Over License Review

Network says agency is illegally quashing 'agree' in sealed off criticism of Trump

By Joe Fizer

Wall Stoney's ABC has used the Federal Commission's time since the 1980s alleging the agency's efforts to challenge its broadcast licenses and regulate its talk show 'The View' are illegal and an effort to quash speech the Trump administration finds objectionable.

In a suit filed in federal court in Washington, DC, on Tuesday, ABC said, 'Again and since the Administration has attacked ABC's speech—the stories its journalists report and the transporters the network programs are their time, those articles have explained into express demands that ABC be stripped of its broadcast licenses because of its speech.'

ABC is asking the court for a temporary restraining order, a preliminary injunction to sue the FCC's license-renewal process, and a hearing from the FCC Circuit Court.

Last year, FCC Chairman Brendan Cox launched a probe into Stoney's discovery, supply and inclusion initiatives to determine whether they violated the agency's prohibition on unlawful discrimination. Inside ABC, executives felt that the DEI probe was re-

ally a response to commentary on some of the network's shows, including its late night program 'Timmy Kimmel Live' and daytime show 'The View'. Both of which have been issued in effect of the Trump administration.

These suspicions escalated this past April when, shortly after Kimmel made imposing, a research about the effect of the president called for the best to be fixed, the FCC said it was launching an early license renewal for ABC's night local broadcast stations.

'Acting through the Federal Communications Commission, the Administration has waged a retaliatory campaign against ABC for a single reason: it disagrees of what ABC broadcasts,' Stoney said in its suit. 'Low has said the license-renewal science isn't about speech, but rather about the company's DEI initiatives.'

Stoney said it had no other option than sue 'with no alternative means to eliminate those capping and immediate threats other than total capitulation to the Administration's demands,' the suit said.

ABC said that it the FCC were to go forward with a license-renewal hearing inside the agency, 'an adverse outcome is all but guaranteed.' The FCC issued a statement that said it would continue to follow the facts and law.

'All broadcasters have a legal obligation to operate in the public interest—even the way. The FCC has been exan-

ming claims that Stoney enquire in illegal DEI discrimination for over a year. Stoney is obviously very concerned about the FCC's proceeding, as evidence for their capping campaign of domestication as well as their decision to ask a court to stop the FCC from further pursuing matters,' the FCC statement said.

Based, false, president of the Center for American Rights and an influential conservative activist who has the ear of the FCC's Carr, said, 'Stoney's lawsuits is a desperate attempt to abort circuit the FCC's move.'

tigation into its unlawful and discriminatory mighty novel practices.' Both citizens and license reservations are rare. The last time the FCC revoked broadcast licenses related to a station's programming was in 1968, when a license, Miss., station law, to license for defending segregation on the air in 1980, the FCC revoked the broadcast licenses of media company R&D for business misconduct and lack of service.

The FCC this year launched a separate inquiry into whether 'The View' qualifies its an exemption from equal-time rules because it is con-

sidered a bona fide news program. The rules apply to radio and broadcast television and require rain news time, time for base political candidates on during elections to also bring on their opponents.

'The View' revoked its incomplete ruling from the FCC in 2002. In the past, the FCC has been flexible with the conditions for news programs, granting them to 'The Tonight Show with the Line' and 'Entertainment Tonight.' Candidate appearances on mononymy shows have occasionally triggered the equal-time talk in 2024, when Ben-

t r a t i c p r e s t i o n t a n t nominee Ka-mala Shree up press the air in sketch on NBC's 'y a r y d a Night Live' the network view provided. It would Trump with similar amount of air-

time during some of its sports programming. If the exemption for 'The View' were revoked, it could make it more challenging for a broadcast network show to have candidates on their programs since it would have to provide equal time to all opponents no matter how viable their campaign.'

ABC has said Carr's FCC is trying to control who the act, work can have an its theme. Carr countered the agency

isn't trying to control who appears on shows but is 'reducing the permission' passed by Congress.

In its filing, ABC said the FCC's actions are already in financing, historical, political and having a chilling effort on its news operations. It cited the network's decision to foreclosure a July 31 address with the First Trump on obviate security as a result of the FCC's actions.

'ABC was aware that the President wanted the address to be broadcast live, and considered the risk of resulting a change in the broadcasts' ABC ultimately decided to foreclosure the speech on ABC News LIVE, which it ordinarily would not have been 'the real said.'

ABC hasn't had a political candidate on 'The View' since the FCC started its inquiry, the suit said. Because of what it called the FCC's 'pressure circumspect,' the network has been 'more circumspect in booking political candidates, and has resulted in passing on further consideration of booking several political candidates.'

In its request for a temporary restraining order, ABC said, 'Said's time an ABC can make politicians a story or an ABC best interviews a political guest, they must wonder whether that speech might lead the Administration to delay through on its threat of 3-commissionation or to impose some other sanction.'

Treasury Yields Soar

Continued from Page One chief investment strategist and head of global bonds at PUBI Credit.

Yields are government bonds, which run when local prices fall, have reached mid-terms' highs in recent days, with the 30-year U.S. Treasury bond troughs 5.9% for the first time since 2025. The 30-year yield, the premier benchmark for borrowing costs, has also come close to its highest level since early 2025.

So far, the wileff has been limited to bonds. Bonds are becoming near record higher and corporate earnings are still robust—signs that higher interest payments aren't squeezing economic growth.

Hill, a sustained move higher in yields will have one sequences well beyond Wall Street. One of the most direct victims is the government itself, which will be forced to pay higher interest rates on its growing job of debt as other bonds matter and are replaced by new ones.

Even before the year's criticism is placed on the debt was consuming a bigger slice of the federal budget. How nearly $1 in 10 of revenue goes to interest payments.

Over the past half century, federal interest costs managed

U.S. Treasury yields

2.3% of GDP. That figure is slated in let 2.3% this year on so, way to 4.8% in 2016, according to the Congressional Budget Office. But it could easily be worse than that.

The 100% forecast earlier this year remained the yield on the 10-year Treasury note would be 4.1%. But it will be low its current level at around 4.7%, if the 10-year remains elevated, the government might factor in higher borrowing costs in future forecasts.

Publicly held U.S. debt is now at about 100% of GDP, nursing records set after World War II. That debt load makes the country more sensitive to rate moves. A mere 0.1 percentage point rate move above forecasts in all rates would add 0.075 billion as set interest expenses, according to the CBS.

'The issue is not so much the young interest rates,' said Michael Strate, director of economic policy studies at the conservative training hospital, a enterprise institute. 'The issue is the deficit. If we can only be concerned

about one thing, that one thing should be the 20-year deficit's红利.' 2

Higher yields also have political implications. Treasury's play a major role in determining borrowing costs across the country, including 30-year mortgages.

Elevated based on large price on voters' concerns about of probability, President Trump has repeatedly promised to lower mortgage rates. Treasury Secretary Scott Bessard also said early in Trump's second term that the administration would try to push down the 20-year yield, as well as reducing the deficit, which would reduce the supply of bonds entering the market.

Since efforts, though, haven't been been met, and path was that the voters' dissatisfaction with the economic remains high—having 'height-lease' chances in the stubborn elections this fall.

In recent weeks, Bessard has taken steps that must be at least three years' dissatisfaction with the economic remains high—having 'height-lease' chances in the stubborn elections this fall.

sary yields. These have included intervening in the currency markets to support the Japanese yen, a move that could in turn reduce pressure on Japan's government to sell U.S. Treasury to buy 2c own currency.

Yields, though, have continued to match higher, exposing the limits of his maneuvers.

'The fact that action by the Treasury continues up to this point has maybe not been as effective as he might have liked it another reason to think that this move higher could be sustained,' said Mark Griffiths, head of government grade and source strategy at the research firm Creditrights.

In one encouraging development, Treasury notes again show Tuesday, with the 30-year yield slipping to 4.76% from 4.72% Monday, according to Trudowell.

Bessard did, with the Monday composite trading, 1.1%, the 1987-1992 shipping 5.7% and the Dow Jones Industrial Average shipping 0.2%, or 1M points.

This yields took a lot, with all 10 stocks in the PHILX Semiconductor Index down during, schedule trading. The index saw its largest decrease since July 1 and fell about 10% from 2c June 22 all-time closing high.

Indones, though, have still logged double-digit gains this year.

'Months have been able to overlook the increase in yields to far, because we've had this earnings looms,' said Keith Lorton, chief investment officer at Trust Advisory Services. 'We'd think so much more than the increase so soon, there'll be more focus on yields.'

Trump Passes 500 Tariff On Canada

By Gena Baas Ben Alasmin Dvarthi

President Trump said he would pass a 500-tariff on certain goods from Canada for three days while the two countries seek to finalize an agreement.

'I have passed the 500-tariff's against Canada, that news scheduled to be in [Wednesday] morning for a three day period, based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a $6M/yr 'Trump said on social media Tuesday night. The president didn't give details about the deal.

The tariffs itself was set in since 835 billion worth of Canadian goods—and 0.1% of Canada's annual reports to the U.S.—sagging from hockey sticks and electronics to planes—and building materials, which represent the 0.2% of the U.S. Trade Representative said the deal would include improved market access for U.S. goods in Canada, along with increased security commitment and 'alignment' on federal trade issues that have long divided the two countries.

The new tariffs, announced in the 2025, would have indeed escalation into a trade war between the North American neighbors. Canadian Prime Minister Mark Gorton, who came to power last year by promising to stand up to Trump's corporate agreement, has said that Canada could reimburse the country has been one of the few things with China—to make them a part U.S. levies with tariffs of its own.

'Gorton's office didn't respond to a request for comment. The Trump administration first threatened the latest round of tariffs last month, saying they would be imposed in response to Canada's provincial basis on American alcohol, protections for its domestic dairy industry and quotas and tariffs on some U.S. vehicles. Canada imposed many of those measures last year in retaliations for other states that Trump imposed on the country.

Import Prices Decreased Last Month

U.S. import prices decreased in July, driven by lower prices for four on ports, according to data from the Bureau of Labor Statistics.

Overall import prices fell 0.4% in July following a downturn by revised 0.3% decline in June, the data showed a consensus of economists judged by The Wall Street Journal had been projecting a 0.5% increase. Year-to-year prices were up 5.7%, the BLS said. Import prices include during the current tariffs imposed on imports by the Trump administration, as well as transportation costs.

Previously import prices fell 2.2%, offering more and after the war in two drove crude-of-prices sharply higher earlier this year. Prices for nonparticulars include more than 0.2%, lower prices for fuel imports more than offset higher prices for medical imports in July, the BLS said.

—Jessica Coard

Import prices, change from a year earlier

Note: In July to the 2025, there's little fixed trend.

CORRECTIONS OF AMPLIFICATIONS

Really can copy The Wall Street Journal or any errors in some articles be obtained at the address of the person or by calling 888-788-9000.

THE WALL STREET JOURNAL

2000 44th St. James, Office: 550 1099-9000

General Office: 550 1099-9000, Benson & Hedges: 550 1099-2000

Editorial and publication headquarters: 550 Avenue of the Americas, New York, NY, 10036

Published data: except "revised," and press forged. Reveals.

Published in writing and in print: "Reveals are not a publication of all."

Publication: "Reveals are not a publication of all."

All other being published in The Wall Street Journal, or in the applicable text, each copy of which are available from the advertising Service Department, Over from 6-12 to 1-20, 1-20-1-30, 1-30-1-40, 1-40-1-50, 1-50-1-60, 1-60-1-70, 1-70-1-80, 1-80-1-90, 1-90-2-00, 2-00-2-10, 2-10-2-20, 2-20-2-30, 2-30-2-40, 2-40-2-50, 2-50-2-60, 2-60-2-70, 2-70-2-80, 2-80-2-90, 2-90-3-00, 3-00-3-10, 3-10-3-20, 3-10-3-30, 3-10-3-40, 3-10-3-50, 3-10-3-60, 3-10-3-70, 3-10-3-80, 3-10-3-90, 3-10-4-00, 3-10-4-10, 3-10-4-20, 3-10-4-30, 3-10-4-40, 3-10-4-50, 3-10-4-60, 3-10-4-70, 3-10-4-80, 3-10-4-90, 3-10-5-00, 3-10-5-10, 3-10-5-20, 3-10-5-30, 3-10-5-40, 3-10-5-50, 3-10-5-60, 3-10-5-70, 3-10-5-80, 3-10-5-90, 3-10-6-00, 3-10-6-10, 3-10-6-20, 3-10-6-30, 3-10-6-40, 3-10-6-50, 3-10-6-60, 3-10-6-70, 3-10-6-80, 3-10-6-90, 3-10-7-00, 3-10-7-10, 3-10-7-20, 3-10-7-30, 3-10-7-40, 3-10-7-50, 3-10-7-60, 3-10-7-70, 3-10-7-80, 3-10-7-90, 3-10-8-00, 3-10-8-10, 3-10-8-20, 3-10-8-30, 3-10-8-40, 3-10-8-50, 3-10-8-60, 3-10-8-70, 3-10-8-80, 3-10-8-90, 3-10-9-00, 3-10-9-10, 3-10-9-20, 3-10-9-30, 3-10-9-40, 3-10-9-50, 3-10-9-60, 3-10-9-70, 3-10-9-80, 3-10-9-90, 3-10-10-00

Authors in the office: For the review and distribution:

Read authors with your subscription!

By mail, contact us at: www.wallstreetjournal.com

By phone: 1-800-1-6000@wallstreet.com

Byprint & Posting:

By mail: sales@wallstreetmagazine.com

Will total issue and format pages as above per:

For transports on 1997, second from worldwide certified bills.

2027 A TIP FOR 2027 (INSERT 12-25-1994) (CASH 1/95)

---

THE WALL STREET JOURNAL.

...

Wednesday, August 19, 2016 | A3

U.S. NEWS

Trump Proposes Opening Forests To Logging, Roads

By Aimee Lerner

The U.S. Forest Service is aiming to open more than 64 million acres of national-tonest land to logging and road construction, a reversal of a policy that protected wildlife habitats for decades.

The agency intends to re-scrad a 2001 rule that blocked most development and timber harvesting in certain national forests, Agriculture Secretary Brooke Kolline said Tuesday. The new proposal would give local forest managers authority to develop the land, she said.

"For too long, outdated restrictions have kept tens of millions of forested acres off-limits to the very treatments that improve forest health and reduce wildlife risk to our communities," Kolline said.

The U.S. Department of Agriculture said it would open the roadless rule reversal to public comments until Sept. 22 before making the proposal official.

Supporters of the so-called roadless rule say it has preserved clean water supply, outdoor recreation spaces and habitats for endangered species in national forests. The government's proposal would

remove the roadless-area designation.

"These quarters of the public supported the roadless rule in a 2010 survey by the nonprofit Free Charitable Trusts.

"For 27 years, the Roadless Rule has kept our widest forests intact. The benefits have been incalculable for people, for water, for wildlife, and for the climate," said Alngail Dillon, president of Earthjustice, a nonprofit environmental law organization.

President Trump has moved to restore the lumber industry and called for more logging in national forests. Domestic lumber producers have a limited log supply, in part because of the roadless rule, and have faced competition from cheap Canadian lumber. The Trump administration has reversed multiple climate-related policies.

The Clinton administration has proposed the roadless rule, which was challenged in a non-multiple times. The USDA, which contains national forests, said last year that it was planning to re-scind the rule.

Democrats in Congress have moved to codify the roadless rule only late, but it has quattered in the Republican-controlled legislature.

Watch a Video: New York City Tries to Fix Its $500 Million Trash Problem

The city handles nearly 3 million tons of municipal assets every year. The majority of land gets dropped to include landfills. Get the Sanitation Department modernize the pattern? Scan this code to watch the video.

Trump Selects Overton To Run Drug Agency

By Lee Bousen Warren

President Trump has selected one of his top White House health aides, Dr. Heidi Overton, as his next choice to steal the FBA and Drug Administration, people familiar with the matter said.

Overton, who helps lead the Research Policy Council, has guided many of the key health policies of Trump's second term and was by the president's side earlier this month when he signed an executive order to pare back the last of recommended childhood vaccines and food immunization to autism—a connection scientists say doesn't exist.

Trump stated his last FBA commissioner, Dr. Marty Makary, is Man, after a string of management headaches for the White House and disagreement over coping policy. The White House didn't respond to a request for comment.

Overton previously trained under Makary at Johns Hopkins University School of Medicine, and is a defender of him in the administration, like will need Senate confirmation and will face a bear-

ing before the Senate's health committee, led by Sen. Bill Cassidy (R., La.), who has blamed Trump's recent moves on vaccines.

Health Secretary Robert J. Schmitt, it has praised three too, but some of his allies have blamed her for develop down some of his preferred Male America Healthy Applications. She also didn't know moves to lessen regulation on marijuana and boost psychedelics, though she ultimately worked to rush out Trump's executive order on psychedelics, people familiar with the matter said.

Overton previously worked at America First Policy Institute, the think tank that was behind by Brooks Kolline, now agriculture secretary. Bloomberg earlier reported Overton's selection.

Advisers earlier this summer submitted to Trump names for three possible choices to head the FBA, which is being fed on an acting basis by its former food division head, attorney Eric Buamanian. The three candidates were Overton, New York enveloped Dr. Jeff Vacicca and Dr. Stephen Ferrans, a health official in the Defense Department.

Some in the pharmaceutical industry who owned Overton as too closely tied to Makary waved their opposition to her nomination, people familiar with the matter said.

Any Buddy Carter (R., Ga.), a pharmacist, was also dishonored by officials as a possible nominee, people familiar with the matter said. Carter was interested in the problem, a person familiar with the matter said.

Overton obtained her medical degree from the University of New Mexico School of Medicine and a doctorate in clinical investigations from Johns Hopkins Bloomberg School of Public Health.

Explosions, Fire Engulf Ohio Business, Killing 2

WOLDENING: Firefighters worked to put out a blaze at a Toledo industrial recycling business Tuesday that killed two workers.

Case Alleging Harm to Children Opens Against Meta Platforms

By Minnie Benowitz

OAKLAND: Calif.—Opening arguments in a child-safety trial against Meta Platforms began on Tuesday in what could be the most consequence of a child media harm case yet.

The case, brought by the state attorneys general of California, Kentucky, Colorado and New Jersey, will explore whether Meta-related state consumer protection laws and the federal Children's Online Privacy Protection Act of 1998, commonly known as C2PPA, by knowingly making its platforms addictive and going after young users.

The trial, taking place at a federal courthouse in Oakland, comes on the heels of Meta's nearly $1 billion loss in New Mexico state court and could cost the tech company 200 times as much money if it loses, according to a recent filing.

Meta is facing thousands of lawsuits from more than 40 state attorneys general, school districts and individual social-media users that allege the company{r)mented} growth over the safety of its underage users and could leave it to change the ways its platforms operate.

"What you're going to hear in this trial is how Meta hooked children on its plat-

forms," Megan O'Neill, a deputy attorney general for the California Department of Justice, said during opening arguments in the Oakland case "It designed platforms so that children would keep coming back."

O'Neill perceived internal documents she said the plaintiffs intended to show the eight-person jury during the trial. One of them was a conversation between two Meta employees, in which one said "oh my gosh y'all 10 is a drug." The co-worker re-

sponded "Lol, I mean, all social media. We're basically pushers."

Another was an internal document in which Meta said its product "we-ploits weak-senses at the human psychology."

Paul Schmidt, a lawyer for Meta, called the drug-pushing conversation "twee language" and told the jury they would hear from one of the people in that conversation about what she really meant.

During his opening arguments, he showed a sampling of the measures he said Meta has taken to prevent children

from using its platforms in an unsafe way. He also said there are some facts the company won't be disputing, such as the idea that some teens struggle to manage their time. Schmidt took aim at the specific statements and test tures that the AGs said demonstrated unfair and inexpert business practices.

He asked the jury to keep the following question in mind at the end of the trial: "Does this actually prove what they have to prove?"

A Meta spokeswoman said the AGs' financial demands are "vastly disproportionate" and that the plaintiffs' are attempting to penalize the company for industrywide challenges like age, medication.

So far, Meta lost the first two such civil cases that went to trial, the one in New Mexico and another in Los Angeles brought by a 20-year-old woman.

The company has said it disagrees with the rulings and will appeal both verdicts. In the Los Angeles case, the woman was $4 million from Meta and YouTube.

Meta settled another case with a Kentucky school district. And a Florida teen dropped his case last month without receiving payment.

A similar trial, brought by Trotman's attorney general, is also playing out at that state, the results of which could cause ripple effects across the country. Losing several state AG cases would make it more difficult for Meta to say the verdicts are isolated incidents and could create significant positions for its business model.

As part of remedies for the New Mexico trial, a judge ordered Meta to create a $167 billion abatement fund and to limit the amount of time that young people can spend on its apps. The company must turn off push notifications on teens' accounts overnight and by default hide the number of "likes" on photos, the judge said in the order.

On its most recent earnings call in July, Meta's finance chief, Susan Li, said Meta is facing a number of youth-related trials that could ultimately result in a material loss. The company spent $2.4 billion on legal proceedings in the second quarter. It brought in $60.8 billion in revenue.

● What to know about ChatGPT for Teams... AP

Dr. Heidi Overton

---

A4 | Wednesday, August 19, 2026

W P U M S W M N M

• • • • • •

THE WALL STREET JOURNAL.

U.S. NEWS

Trump Ally Donalds Wins Florida Race

Congressman is GOP pick for governor; Democratic socialist records Senate upset

ORLANDO, Fla.—Rep. Byron Donalds, President Trump's stomach ally, counsel to reopen in the Republican contest in Florida to succeed Gov. Ron DeSantis, while a Democratic socialist second an upset win in the Democratic Senate primary.

By Ron Thomas,

Alex Leary and Anthony DeBarron

In a key House race, scandal-plagued Republican Rep. Cory Mills was defeated by Ryan Elijah, a former TV newscaster, in his primary in a district outside of Orlando. Trump and Republicans had distanced themselves from the congressman.

Donalds, 47 years old, who has represented southwest Florida on Congress since 2021, would become Florida's first Black governor if he wins in November. He will face former Rep. David Jolly, who won the Democratic nomination.

Backed by the president, Donalds dominated a large GOP primary field that included Lt. Gov. Jay Collins and James Fishback, a far-right provocateur who drew criticism for racial attacks on

Rep. Byron Donalds, left, celebrated his victory Tuesday in the GOP governor's primary in Orlando. The Democratic Senate candidate will be Angie Nixon, right.

Donalds. With about 84% of the expected vote counted, Donalds had 49% with 25% for Collins and 35% for Fishback, according to the Associated Press.

Standards of Donalds supporters, gathered in Orlando, cheered as Donalds called for Republican unity and said he would work to make the state more affordable.

Florida's Tuesday primary offered a full slate of races for governor, the House and the Senate, providing a look at the impact of the Republicans' mid-decade redistricting plan and the president's influence

in the state. Democrats have sought to make Florida more competitive as shifting population trends put a premium on boosting their performance in the nation's foothold.

Sen. Ashley Moody, who was appointed to the seat of Secretary of State Marco Babio, won the GOP primary as she seeks to serve out the two years remaining in Ruber's term.

In the Democratic race, state Rep. Angie Nixon of Jacksonville, who is a member of the Democratic Socialists of America, upset Alex Virošnica, a former Trump administration national security official

who figured in the president's first impeachment and was a strong fundraiser.

Once the country's most prized battleground and twice carried by former President Barack Obama, Florida has turned into a reliable Republican stronghold under Trump, who has made frequent visits to Mac-a-Lago in Palm Beach as president. Republicans approved a mid-decade redistricting proposal in the spring in hopes of capturing up to four additional seats in Congress.

The GOP currently holds a 20-7 edge in the Florida U.S. House delegation with one on-

cancy in a seat previously held by a Democrat.

In the Democratic governor's primary, Jolly, a former Republican congressman who broke with Trump in 2016, routed a hold of lower-known candidates after joining the party last year ahead of his campaign.

DeSantis, who unsuccessfully challenged Trump for the GOP presidential nomination in 2024, is serving his second and final term.

DeSantis declined to endorse Donalds during the primary, saying he hadn't been part of the state's recent success. Casey DeSantis, the gov-

ernor's wife, had considered running, but Trump endorsed Donalds in February 2025. Donalds had backed Trump in the 2024 presidential primary. In the House, Mills has faced allegations of profiting from federal contracts, campaign finance mindsets and physical violence. He has denied wrongdoing and expected a House Ethics Committee review to clear his name even as his candidacy made Republicans nervous.

With 97% of the expected vote counted, Elijah had 67% to 84% for Mills, according to the AP.

Pennsylvania Moves to Restrict Data-Center Projects

By VICTORIA ALBERT

Pennsylvania, Gov. Josh Shapiro signed an executive order Tuesday placing strict guardrails on new data centers, joining several states that are moving to limit the facilities finding artificial intelligence's rise.

Shapiro said the order follows reports from Pennsylvania

states that a flood of developers have been harassing and strong-coming residents. Prospective builders will have to agree to several requirements to win state approval, the Democrat said, including an energy plan that won't shift costs to Pennsylvania households and securing local buy-in.

"I'm here to say today that we will not be bullied by these

developers," the governor said. "We will not be bulldozed by the leaders for these big tech companies."

Shapiro, a possible 2028 presidential contender, said these are reports of more than 100 data-center proposals under discussion in Pennsylvania, many of which he called "completely speculative." There are no centers

currently operating in the state; he said, and only five have two permits they would need to move forward.

Communities across the country have grappled with the rapid spread of data centers, which house the equipment powering AI and computing systems. New York Gov. Kathy Rodhal, a Democrat, ordered a temporary ban on

large data-center construction last month to give the state time to craft proper regulations. Maine Gov. Janet Mills, also a Democrat, vetoed a bill earlier this year that would have halted new data-center construction.

Supporters of the projects say that they will bring in thousands of jobs and potential windfalls for local land-

owners.

Critics of the centers say that they consume tremendous amounts of electricity and water, since none and air pollution and won't deliver on promised local benefits.

Dozens of cities and counties have temporarily passed new construction, and many states are weighing similar bans.

No More Surprises

No More Emergencies

No More Disruptions

Factiva Sentiment Signals

POWERED BY OLIVER WYMAN

An unforeseen corporate credit event can leave your business exposed to risk. Utilizing Factiva's renowned news content collection and cutting edge, AI based models, Dow Jones and Oliver Wyman have partnered on a solution that offers early warning signals of potential corporate risk events that you can add to your own workflow via an API.

Get the critical insights you need, now.

For more information visit dowjones.com/fss or email fss@dowjones.com.

DOW JONES

FACTIVA

LEARN MORE

© 2026 Dow Jones & Co., Inc. All Rights Reserved. 02/2021

---

THE WALL STREET JOURNAL.

• •

U.S. NEWS

Wednesday, August 19, 2026 | A5

Minnesota Suit Alleges Texas Refuses to Extradite ICE Agent

Officer is wanted on assault charges tied to an immigration operation in January

By Masson Trown

Texas Gov. Greg Abbott is refusing to extradite a federal officer wanted in Minnesota on assault charges tied to an on-duty shooting during January's immigration crackdown in the Twin Cities, a new lawsuit claims.

In the end filed in Texas federal court Tuesday, Minnesota Gov. Tim Wisk alleges Abbott has called on approving the extradition of the Immigration and Customs Enforcement officer from a county jail on the southern border for nearly three months. During

Hennepin County Attorney Mary Moriarty

that stretch, Texas has approved several other extradition requests from Minnesota and sent several of its own, the lawsuit says.

"Texas hasn't yet responded in court to the allegations. Ab-

bett's office said the governor wouldn't comment on pending extradition, and the Department of Homeland Security didn't request to a request for comment.

ICE officer Christian Gaines, 52 years old, was charged in May with four counts of assault in the sexual degree and one count of falsely reporting a crime. The shooting occurred during the massive immigration enforcement operations in Minnesota known as Operation Motor Surge that also led to the fatal shootings of Brown Good and Alex Poots by immigration officials.

The allegations stem from a January shooting where prosecutors say claims fired a bailer through the front door of a home, which struck Venezuela's immigrant John Rosa Colo in the thigh before tearing

through a wall in a child's bedroom. Hennepin County Attorney Mary Moriarty, leading the prosecution, said Castro had lied about being attacked before the shooting.

A nationwide warrant was issued for Castro's arrest, and he was taken into custody by Texas officials soon after the charges were announced. The suit also names Sheriff Morsell, Triviano, who receives the jail where Castro is being held, as a defendant.

Two other immigration officials involved in the shooting were placed on administrative leave after video evidence showed their sworn testimony was "untruthful." Rosa Colo had been charged with assault after the shooting, but the Minnesota U.S. Attorney's Office dropped the charges, saying, "Slowly discovered evi-

Texas Gov. Greg Abbott is accused of stalling an an extradition.

dence in this matter is materially inconsistent with the allegations," according to court documents.

"Time is running out to bring Castro to Minnesota and begin the legal process against him, Minnesota said in the lawsuit. Under Texas law law, filing the detention of high tives, Castro may be eligible for release from jail as soon as next week, the lawsuit said. Minnesota said in the lawsuit that officials fear he may try

to flee if released, given his fun to nearby Mexico and fluency in Spanish.

Gastro's case was the second time local prosecutors have leveled criminal charges against federal officers for their contact in the city this winter. It is now for state officials to prosecute federal agents for actions related to their official duties. Federal agents have legal protections that can make it challenging to commit them.

U.S. WATCH

ART IN THE PARK: Stations and sculptures are displayed as people visit Elizabeth Street Garden in New York. The European-style public green space won its 19-year legal battle last week when developers filed a notice of discontinuance and the court dismissed the case.

MINNESOTA

State to Slow Down Mining Projects

Minnesota Gov. Tim Wisk in Tuesday said the state wouldn't review or process permits on proposed mining projects in the Boundary Waters Canoe Area Wilderness, four months after Congress and the Trump administration lifted a federal ban.

The wild area stretches for about 150 miles in the Superior National Forest along Minnesota's border with Canada. "It's our duty as Minnesotans to ensure the sacred place remains wild, pristine and unharmed," said Wisk, a Democrat. Under state law, Wisk's executive order would expire next April.

In April, President Trump signed a resolution approved by Congress (500 FR) a 2023 moratorium on mining in the forest. He said it would create just and boost the mining industry.

—Associated Press

TEXAS

Baseball Coach in Immigration Arrest

A卸escalder former baseball player working for the San Diego Texans was defeated by U.S. immigration officers after proving in Texas on a work trip, his family said Tuesday.

Oswaldo Prieto, a catching coach in the Federal motor league system, was being held in a detention center in El Paso, federal records show.

He was on a work trip when he was arrested Sunday at an airport in El Paso, according to Damata Prieto, his sister. She said her brother has lived in the U.S. for 12 years and he applied for asylum in 2015.

The Department of Homeland Security said Oswaldo Prieto entered the country by gate in 2014 and was granted permission to stay until 2019. He then "overstayed his welcome," DHS said.

—Associated Press

OBITUARY

Frank Beard, 77, ZZ Top Consumer

Frank Beard, the governor for the Texas bargeer rock trio ZZ Top who kept the tempo for the band's biggest hits like "Shout Dreaded More," "Legi"

and "Alltime All Your Lords," has died. He was 77 years old. Beard was in his/her own when he died Tuesday at his coach in Richmond, Texas, with family members at his side, according to publicist Bob Meeks.

ZZ Top sold more than 50 million records and had 24 singles that reached No. 1 on Billboard's Mainstream Rock Airplay chart.

"I've found the people I was meant to play with," Beard says in the 2019 decade meeting. "ZZ Top That Little Of Bend from Texas.

"I never wanted to quit, and never wanted to get fired," he said.

—Associated Press

Raid on Nvidia's Talent

Continued from Page One technology and how the leadership of Grea, a similar startup, in December. The round also includes Kittner, Fritsch, Snyder, Andersson, Henness, Tiger Global, Bain Capital Ventures, Box and Blackstone.

The startup said it took just 64 days after getting its test chips back from Taiwan to re-conductor Manufacturing to have them up and running in-person worldwide—the computing processes that allow AI models to result in a user-spectro—a process that usually takes six months or more.

"We may be the only AI chip that was built by a startup that was successful on the first try," said Robert Whalen, co-founder and president of Etched.

Although its co-founders might be newcomers, it has plenty of chip-industry expertise in its work. Around 20 of Etched's roughly 400 employees previously worked at Nvidia, and it has revealed aggressively from the market leader, as well as from other established semiconductor firms. Better data, a former VP of data-centric systems engineering at Nvidia and he retired in July, is an investor, the startup said.

Systems engineer Anthony Gamerman joined the processors from Nvidia to Etched in April, in part because so many of the people he have admired had already jumped high. "One know, and then another one, you hear a couple weeks later, and you go, 'When I can't believe sounded on it heading over to Etched,'" he said.

Etched has its origins of Harvard, where in two other founders, Gents Short and Chris Zhu, met in Math 35. Her Kennedy difficult undergraduate course in theoretical mathematics, in which less than half of students get a passing grade. All three founders are 35 years old.

Warden, a color who lived on the same floor as Short, was running an education-technology company for small later period to run a few, a case bridge, Mass-based, student-run nonprofit startup acco-

tor that produced the coding agent Carver and the AI hiring platform Mercer, before co-founding Etched.

The startup struggled to raise funds initially because potential investors and customers reckoned that the founders were too inexperienced to succeed as a field as complex as AI comparing hardware.

In response, the company adopted the motto "Production is the product" and settled on a capital-intensive approach to developing chips aimed at bringing them to market as fast as possible.

That meant buying tens of millions of dollars' worth of AI-approach equipment, writing software and

designing content, never racks before the first batch of silicon wafers had been fabricated, and pulling all engineers for two months over the spring.

Then there is the 2-megapoint in-office data

center. Lined with refrigerators and server systems, the room wants a low scan from its coding systems and allows potential customers to remotely access and try out Etched's chips.

Another way in which Etched is atypical is its research of its supply chain it owns and controls. The company has a team of 20 in Taiwan, where it owns a factory that builds server components. Most chip startups administer much of the testing system but linked products, while Etched does almost all of it in house.

Company executives said they design their chips using a

Nvidia CEO: Jenson Huang

distinctive design approach called "shame-scale memory," a way of allowing multiple chips inside a server to communicate more quickly and then act as one processor. They said communications tools that take about 4,000 nanoseconds for an Nvidia Blackwell processor to perform can be done by Etched's chips in 700 nanoseconds because of the chip's architecture and system inter-connections.

In 2025, the company re-created September PM in its its chief silicon architect. PM researched multi-GPU parallela-tors, or ways of stitching many chips together, at Nvidia, and later co-founded Hamilton, a

broom miner, where he designed what he described as the lowest-voltage chip ever shipped.

When Etched needed help designing servers and tools to integrate its chips into one big system, the com-

pany in 2024 recruited Brian Loder, a top system engineer who spent nearly 22 years at Nvidia. Loder has since re-created to Etched about a dozen engineers from Nvidia who, in some cases, turned down attractive counteroffers, he said.

The startup has targeted the quantitative trading industry as a pool of both customers and investors. Around the beginning of 2025, it poached Tim Pericordello's former agent leader at the Wall Street Gem Two Sigma, to head up Etched's finance efforts.

Quant trading firms typically want the most powerful processors available, to quickly run their investing models and give them even a free fraction of a second's trading advantage, Pericordello's said.

Patrick O'Shaughnessy, an Etched board member and founder and CEO of Positive Data, a venture firm that has funded the startup since its earliest funding rounds, said Etched in the first semiconductor startup founded after the release of ChatGPT to recognize the importance of inference.

"They were faster than anyone I've ever dealt with, especially in hardware, which typically moves really slowly," O'Shaughnessy said.

GLOWING GREEN

RAYMOND YARD PERIDOT RING

Vibrant color. Legendary origin. Impressive size.

Among the finest examples of its kind, this monumental 20.28-carat Burma peridot exemplifies the exceptional gemstones for which Raymond Yard is renowned. Set in platinum with diamond accents. GLS certified: #35-9610

View a video of this ring

R&S & Rau RENAULT • ARTIGLES • TOOLS

as@remax.com • remax.com

NEW VILLAGE: 621 Royal Street • 427-471-2881 • 4/2018-2017 • Galena Street • 951-499-7718

Since 1912, R.S. Rau has specialized in the world's finest art, antiques and jewelry. Raised by our unprecedented UDS Guarantee, we are included cash and every price.

---

A6 | Wednesday, August 19, 2020

THE WALL STREET JOURNAL.

Syria Takes Steps To Come Clean On Nuclear Past

Inspectors visited a recently disclosed site containing Assad-era material

BY LAURENCE BERNAR SAN DIEGO MEMBER

Syria took a major step in cleaning up its one-time suspected nuclear weapons program, allowing US atomic inspectors to verify nuclear personal hazards to have been stored in the country for at least two decades.

Rafael Grossi, head of the International Atomic Energy Agency, left a team on Tuesday that checked the presence of common metal at a site that broadcast disclosed just last month. Syria's new leadership agreed to put the material under future

agency overnight. National metal can be used as fuel in a reactor or as a key component of a nuclear warhead. In the early 2000s, in the first months of former

Rashar al-Assad's reign, North Korea helped Style overto build a gas-cooled, graphite-modulated nuclear reactor. In September 2007, Israeli authorities destroyed the still-incomplete nuclear power as Al Kibar.

It isn't clear if the natural uranium metal verified this week was supplied by Energy Corp. Syria also procured large amounts of graphite-seeded to keep the nuclear millions in the reactor steady. The U.S. and its Western allies have long accused Foreigners of proliferating nuclear and chemical weapons to foaming to allies to help gain hard currency for its ailing recovery.

Washington provided information on the Israeli attack in 2008, but Israel only confirmed it years later.

In a statement with the Syrian government, the IAEA called Tuesday's visit "the most significant advance to date" in cooperation between Damascus and the agency, Grossi also visited a previously undisclosed site for closing graphics and the issue that where the reactor stood on sources Syria, where excavation work is taking place.

Washington was involved in helping the IAEA get access to

the recently disclosed site, said one person familiar with talks.

A U.S. official said President Trump is committed to supporting a stable Syria that poses no threat to its wage bans. "We are in ongoing discussions with the Syrian government and will continue to work with both them and the IAEA to resolve all business issues in the matter like that they inherited from the Assad regime," the official said.

The regime, toppled from power in late 2018, denied it was engaged in various ways, one work, and refused to answer IAEA questions.

In a bid to was support from the U.S. and other Western countries, President Axelrod al-Bharan pledged, took after taking power in late 2018 to cooperate with Grossi's agency to clarify Syria's past

nuclear work.

There was several years ago a 15,000 account of the scope of Syria's past nuclear activities. In particular, capacity was, it remained unclear how much of a do-

most, selected fuel cycle Assad had run. It also is unclear how far the Assad regime got in assembling a capability to separate jalapjans and tuna it into a home that can be used in a nuclear weapon.

Syrian officials said, from day the material would remain in the country albeit under IAEA monitoring, listen to parts said the IAEA said Washington should push for the nuclear material to be removed.

Syria's nuclear work was one plant of the Assad regime's production of weapons of mass destruction, which dated back decades to Bashar al-Assad's father, Hafiz.

The Assad regime's use of chemical weapons against its own people was one of the worst atrocities committed by the government in its long and brutal campaign to remain in power after a 2002 popular uprising that spirited into armed rebellion. In 2005, government forces on foot set a rainy gas attack that the U.S. assessed killed more than 1,800 people. The regime also used chlorine gas in its long war against rebel groups that would ultimately push Assad from power. In 2023, the Organization for the Prevention of the Use of Chemical Weapons helped to cut and destroy the shudgles.

IAEA chief Rafael Grossi, left, and Syrian Foreign Minister Assad Al-Shabani held a news conference in Damascus.

Supporters of Zambian President Halaimdo Hichilema celebrate his victory for a second five-year in the capital, Lusaka.

Zambia President Wins Re-election

BY BERNAR BARTH

KAMERA, Uganda—Zambian President Halaimdo Hichilema, the pro-husband leader of Africa's No. 2 copper products, was a second five-year term in a vote married by opposition allegations of Assad and repression.

The 48-year-old economist and curator, who entered the race-walky expected to see, sound-till 45 of five million votes cast, will ahead of his closed rival, Ryan Mendahila, who garnered 18% the Electoral Commission of the Assad-Tanzian.

Hichilema attends to postulate Zambia as a leading producer of raw of the month's key critical minerals, capitalizing on increasing industrial demand," said Edward Ruch, Africa analyst at Verola Maplecroft, a U.K. risk intelligence firm. "Hichilema is also well-respected and supported by

international investors, with his first term broadly receiving economic stability following a debt default in 2020."

Zambia had the dubious distinction of being Africa's first pandemic—an extremely definitive when he assumed office in 2010. Hichilema guards the pioneered economic overheads that helped pull the country out of Britain, winning credit from investors and economists.

During his term, investors committed some 100 billion to Zambia's mining industry, helping transform an industry that was on a downwardly special last decade, said Pongwokok, a U.K. risk advisory firm.

The U.S. has been among those eyeing Zambia's mineral wealth. The Trump administration has been negotiating a critical-minorals deal it hopes will force U.S. companies, say Zambian and U.S. officials.

The U.S. push marks a di-

rect challenge to China's post-dominance in Zambia, but for long's reputation in the country that a bit recently after a time spill at a Chinese copper mine.

In May, Zambia's first-in-company minister, Benjamin Ruismer, announced the government reported a $2 billion health-aid deal with the U.S. because Washington was investing on securing an infrastructure of $1 billion. During his term, investors settled that state media was "basically biased" toward the president's party, while opposition candidates weren't allowed to campaign freely.

Mendahila's party said police stunned his home in Lusaka on seeing day and shot two of his supporters. The government said police entered the opposition leader's residence to arrest suspected militia fighters connected to "Depot military training camps" that posed a threat to national security.

"Opposition game in Copper

bell countenances point to increased pressure on the tanning administration to ensure that mining growth delivers jobs and visible benefits for mineral oil consumption," said Zaynafi Benson, head of the AEA Forecasting at Pangan-Risk.

European Union sources observers said the government about the playing field in the mining party's favor. The UN secrecy noted that state media was "basically biased" toward the president's party, while opposition candidates weren't allowed to campaign freely.

Iran Attacks Frustrate Gulf Nations

Continued From Page One carried high risks to Gulf energy infrastructure.

The White House's change in approach ended a significant escalation in fighting. But it also hasn't persuaded Iran to back down and is raising concerns in the region of an extended friendship of Bahrain and a dozen-out standard.

The U.S.'s Arab allies feel caught in the middle, Gulf of Israel said. While they don't want to see a recognition of higher extremity conflict, they believe the lack of U.S. response is encouraging Iran to increase its attacks. Gulf states think Iran ultimately will respond militarily to rising economic pressure, bringing the conflict back to a bad regardless, the officials said.

Last month, the U.S. support forces to the Middle East to give Trump more options to explain the war, and Trump warned that the U.S. would bomb one bridge or power plant every time Iran hits a ship in the mind. But Trump backed off the military option

Crude production of selected Middle East countries

12 million barrels a day

in favor of economic pressure. Trump's top sales have argued recently that choking off Iran's ability to trade with the world could be more effective than military or diplomatic efforts. The administration is betting the combination of tough sanctions and the Rory's blockade will push Iran's spending economy into five full-time force concessions.

The U.S. military has redirected its commercial vessels, disabled three, and boarded two to enforce its blockade of Iranian ports, who it was re-impacted in Italy.

Insoir attacks on ships have killed a number of crew members and detected crossings, but many haven't done

the sort of catastrophic damage that would force a military response. The U.S. military said it continues to help design transit for Israel, reducing the pressure on world energy markets.

Global benchmark Brexit crude oil futures were little changed on Tuesday at 891 a barrel, well off their higher from earlier in the war but still elevated.

Meanwhile, Iran has refused to back down and is resorting on controlling shipwaste through the sea.

The latest attack marks the IAEA round hit in August over the Bahrain or the Bah al-Mande threat on the other side of the Arabian Peninsula that

links the Red Sea to global markets, according to many-time-risk company Maroka.

He use cladded responsibility for the latest attack. But it shows the risks for ships operating in or close to Oman's war on leave the U.S. said it has cleared of mines, angering Iran, which would align to use the northern route administered by Tehran and close to its coast.

"The threat is not limited to superficial damage or coercive signaling but now carries a direct and substantial risk to mediocre," said Dmitrie Manukin, Maroka's founder and chief executive.

There have been 70 attacks on commercial vessels bouncing the ritual and the Bah al-Mande during the war, causing 24 deaths and 40 injuries, according to ship market figure.

Ships continue to ply the coast, though as much lower volumes than in June and July, where a ceasefire prevailed for part of the two months. There were 20 crossings on Monday compared with an average of 15 a day this month, fable said.

Ships are mostly transiting the southern route with their transponders turned off or the other three of the two of Africa route administered by Iran. Only two out of the 250 crossings this month have openly sued the U.S.-backed route along Oman's coast.

PAKISTAN Imprisoned Khan Sent to Hospital

Pakistani's Supreme Court on Tuesday ordered authorities to take imprisoned former Prime Minister Imran Khan to Shifa International Hospital in determined for a medical examination, following months of concerns from his family and personal physicians about his health and access to medical care, the lawyers and party officials said.

A three-page panel ordered that Khan be taken to the hospital in the coming days and transferred by a medical board that will include specialists and one of his personal physicians.

The court said Khan's health was at stake and access to medical care is protected under Pakistani's constitution, said Khan's lawyer Salman Akram Raja.

—Associated Press

AFGHANISTAN Grenade Attack Injures Children

A hand-granate attack near a school in the capital, Kabul, on Monday afternoon wounded multiple children, authorities said.

Kabul police spokesman Khalaf Zadran said an investigation was under way.

Richard Bennett, the United Nations' special rapporteur for Afghanistan, on Tuesday condemned "the two races attack harming numerous children near a school."

Alphen media reported that around 50 children were hurt in the least, which occurred in a part of the capital populated mainly by the Han are often minority. However, who made up around 9% of the Alphen population, including suffered attacks and persecution in Afghanistan.

—Associated Press

BISTAN-URBANIE WAR Combatants Trade Massive Airstrikes

Ukrainian forces launched one of their biggest drone attacks on Russia since Moscow's invasion, firing almost 8000 drones less days after a similar salvo, officials said on Tuesday.

Meanwhile, a Russian missile strike on a village in northeastern Ukraine's Kharkiv region killed at least 10 people and wounded 12 others as the barrage demolished homes, officials said.

Russian and Western oversight interrupted 791 Ukrainian drones over a number of regions, as well as annexed Crimea and the Black and the Azov area, the Defense Ministry in Moscow said, in the second-largest drone attack since January 2020, according to an Associated Press tally.

—Associated Press

WORLD WATCH

Paramedics and police officials in Panbeshig, Ukraine, inspect victims of 10,000 drone strikes.

---

JOURNAL

● ● ● ●

Wednesday, August 19, 2026

A7

WORLD NEWS

Ocean Droughts Sink Economies

Continent—including the Rhine, Danube and Po—are now at record-low levels, disrupting freight transportation, forcing nuclear-power plants to shut reactors and eroding agricultural productivity. The Wall Street Journal analyzed European rivers using satellite imagery to calculate a water index that highlights surface water. The below maps show the change in surface water from this time last year. The iron water, the lighter, the colors seen.

canable water the the the Rhine plant. which Rema- that that the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the

Rhine, the helped thione carry made in little as 20% of normal capacity, raising shipping costs and disrupting the supply chain.

the Po, it vulnerable to the incursion of seawater from the Adriatic, posing a threat to crops.

the 9% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of the 1% of

River flow conditions

Kauli, Rhine River

European Rivers Are Running Dry'

Low-water levels restrict role-gation, forcing vessels to reduce their range loads.

Daily water level in the Rhine at Kauli

Daily water level in the Danube at Cormacolá

water resources.

Despite a wetter-than-average water in most of Southern and Western Europe, soils quickly dried out under the intensity and length of repeated heat waves since May. Most of the rain that does eventually fall

will be absorbed by the parched ground before it can replenish rivers, exacerbating the problem.

The drought across large parts of Europe helped fuel devastating wildfires in France and Spain in July, and there is no respite in sight.

"On of May 1 "Gangy levels increased relative to "Barrarouses, south 40th-60th Worlds 40-50 Source: European Rivers' and "Iran (The world) and a "Iran (The world) and a "Iran (The world) and a "Iran (The world) and a "Iran (The world) and a "Iran (The world) and a "Iran (The world) and a "Iran (The world) and a "Iran (The world) and a "Iran (The world) and a "Iran (The world) and a

Trump

Pushes for Summit With Kim This Year

By ALEXANDER WISH Aim Romer Gusmin

WASHINGTON—President Trump is pushing sides for a meeting as soon as this fall with North Korean leader Kim Jong Un, U.S. officials said, seeking to create a dramatic diplomatic quest from his first term to convince Kim to abandon his country's nuclear weapons program.

Trump has probably discussed setting up an in-person discussion with Kim during the president's next trip to Asia, the officials said, which could happen in November when world leader, gather at the Asia-Pacific Economic Cooperation in Shenzhen, China.

While no planning is officially under way, the president's desire for another high-stakes meeting with Kim suggests Trump is searching for a crowning foreign policy achievement as victory in Kim remains shaken. Most presidents have declined to meet Kim without preconditions.

While Trump sees another one-on-one meeting on a chance to reopen it changes with North Korea, analysis and some U.S. officials said they wouldn't expect much progress. Kim admits a nuclear arsenal that has only grown stronger and more capable of striking the US, since Trump and Kim's previous three summits.

Several supporters engagement between Washington and Pyeongyang. But the analysis and U.S. officials said a bad deal could ultimately prove harmful to relationships with regional allies like South Korea.

"It appears yet another despite detours based on a misperception that a personal relationship will actually achieve U.S. foreign policy objectives," said Bruce Klingner, a former senior CIA officer who oversaw smoligence for the Korean.

A White House official said Trump and Kim would meet at an appropriate time. North Korea's mission to the United Nations didn't respond to a request for comment.

Trump tried to meet with Kim during an Asia tour last year, asking reporters on Air Force One to "put out the wee2" of his hopes for a chat. Pyeongyang quickly expanded its openness, U.S. officials said, but the logistics were too tough for their return.

In Danube, Trump made an order to shrink a joint U.S.-South Korea military drill partly "based on my very good relationship with Kim Jong Un."

Henri Mattson works were recovered during a police raid in a suburban São Paulo apartment.

of of OWS beast nights oppose sand- trade the is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is is

is that were Brazil formed incove sial, which might print print strong sword

on they on like sandal man over the of the and was on art- that art are that formed armed into de

loon. The works were part of an exhibition of the library's rare books and art points.

In the spring, federal police in Rio de Janeiro arrested two suspects in a different art-related robbery, accusing one of them to be the alleged trap leader of the library art theft. A woman under investigation for involvement in the crime also was arrested then. That led, investigators in fact Thursdary's raid, where the missing Mattson were held.

Police said they feared the Portland works might have been could on the black market. The Mattson were returned to the library last Thursday.

São Paulo's Municipal bus return of Culture and Creative Economy said it would oversee the works' conservation to ascertain whether any more damaged before getting stored again in the library's collection or put back on work. The city said it had strengthened security at the library.

China Mourns Former

Premier 'Boss Zhu'

By LINCOLN WISE

China sent off Zhu Rongji, the former premier who helped drive the country's economic opening in the 1990s, with all the trapping of solar grief. Flags at half-stall over Tiananmen Square, and leader Xi Jinping and other members of the top scholars of power bowing there times before a few drages in the Communist Party flag.

This party was eager to claim Zhu's legacy of economic reform. What it didn't want was for his funeral to restore members of an era when Chinese leaders were more willing to tolerate candor, defeat and a measure of independence from the party line.

In the cut-up to the state of the United States, China's 100-year-old known as "Boss Zhu," who died last week at age 97, were city tightened across the country. Zhu, who had long been out of the police eye, died after two years in a coma, said people familiar with his medical care.

Wolf did carbon, in coded form. Tobacco on Chinese social media created Zhu's most красивly done, including his love that he had prepared "100 coffins, 99 for corrupt of-

Zhu helped drive China's economic opening in the 1990s.

ficials and one for myself."

Chinese people have long harbored affection for their premiere, a habit of joining hopes on the country's Rio 3 official even as the true start of power has slowdown. But the room for that affection to breathe in public has narrowed under Xi, the supreme leader who has made political turmoil for organizing principle of his rule.

The party's official牺牲 credited Zhu with negotiating China's entry into the World Trade Organization, a deal he climbed in 2025, but it became an "unwilling and closed history rather than as a legacy still shaping China.

---

A8 | Wednesday, August 19, 2026

THE WALL STREET JOURNAL.

FROM PIGE ONE

U.S. Probes Dodgers Owner

Continued from Page One an impressive David Gelber's $85 million Walter lunch house, and a roster of business partners that includes former Los Angeles Lakers superstar Earvin "Magic" Johnson and Mubaraku Capital, an Alta Shahi investment fund.

Walter is a loan 2025, about the Lakers to his sports staffs, in a record-breaking deal that valued the loans at $10 billion.

Exactly three months later, when Walter arrived on his present plane in Chicago, several agents served a search warrant, taking Walter's phone and laptop, along with devices from others about.

The insurers marked a turning point in a federal investigation of Walter's business output. Authorities have focused on entities that served as intermediaries between the Walter-controlled insurance companies that made the loans and the Walter-controlled businesses that received them. The government wants to determine whether Walter and his businesses committed fraud and concealed those connections.

It couldn't be learned what investments Walter financed with insurers' money in the deals under examination by the government, including the Securities and Exchange Commission and the U.S. Attorney Office in Manhattan. Tapping loans from his insurers had been a calling card of the 60-year-old billionaire's conglomerate for years.

The government hasn't changed Walter or his businesses with any criteria to found them liable for any civil penalties. The U.S. Attorney's Office declined to comment.

"We have always acted as good faith, and humanitism that we have in any way attempted to circumvent our obligations is simply false," said a spokesman for TMG Global, Walter's conglomerate.

Regulators allow lending to so-called affiliate entities—those with ties to the insurer's owner—to long, so the loans are disclosed and don't include certain limits. In Walter's case, questions from federal authorities ignored an internal review of the insurers that found about $20 billion worth of cash deals moved that closed to regulators in Delaware, where Walter's two primary insurers are found.

He is now suing to sell or commit many of these loans to head off ratings downgrades that would scare off policy buyers. By last week, he needed billions of dollars.

Josh Kushner, an investor and the brother of President Trump's son-in-law, and named Disney Director, became a part of the review. They had been fishing around for an NBA team and made an out-of-the-blue offer for the Lakers. Lee work that valued the loans at $12.5 billion. Walter quickly agreed. Other sales, including his stake in Chelsea, are on the table.

Walter's big quarter-fund fliers the risks in an opaque corner of Wall Street where some of the financial world's items make large bets. Walter helped pioneer a lucrative trade Capital from insurance companies, which invested policyholders' money, is used for direct loans to businesses. Around $5 trillion of insurers money is now devoted to such private credit.

The federal investigations and Walter's surprise unit from the Lakers franchise have corroborated through Wall Street and professional sports—concentric circles of money and power that share a cutout of billionaire investors with one foot in each.

Play ball

In the closing days of 2006, Walter co-founded Guggenheim Partners, which grew to include asset management, investment banking and insurance services.

Guggenheim acquired an increase companies weakened in the 2008-2009 financial crisis and shifted their plans—with bond portfolios into higher-ranking debt. The investment firm started Guggenheim Life and Amnesty new called Clear Spring, and helped some of its executives buy Security Benefit, Delaware Life and Equal Trust.

In 2012, Walter bought the Dodgers with Todd Boobly, a business partner at Guggenheim, baseball machine cash. Kachin, Hollywood producer Peter Gaber, Bobby Patton, a Walter family friend, and Johnson, the former NBA star and Lakers gridir. The $1.51 billion record price raised questions among other holders about the financing.

Walter's group had topped the Guggenheim' end insurers, and another owned by Patton but initially operated by Guggenheim, to help pay for the Dodgers Unsuccessful bidder, including budget management. He was also an employee in the practice of insurance regulators in several states investigated deals that found no violations.

In 2016, two policyholders at Security Benefit sued Guggenheim and other related insurance companies in federal court, alleging that Wall Street and his associates treated the insurance companies like a cash machine to buy the Dodgers. Guggenheim denied the allegations. After a day,

Los Angeles Dodgers owner Mark Walter in November 2025.

The Walter Empire

Investigators are working from money floused between businesses Mark Walter controlled and what was disclosed about those connections.

LLC intermediaries

Unfidential/consistent

Source: A8/1/1/2025

the complaint was withdrawn. Walter drew on loans from insurers to invest in startups, including food-maker Beyond Meat and entire used-car dealer Carvass, according to consumer filings and people familiar with the matter.

At Guggenheim, Walter's outside investments raised questions for compliance personnel responsible for reviewing potential conflicts of interest across Guggenheim units, clients and employees. Boobly left the firm in 2015 and took control of Security Benefit.

Malibu mansion

In 2016, a Guggenheim compliance lawyer noticed that some of Walter's personal investments appeared to be financed through ABS Capital, which was founded by two former Guggenheim executives. The compliance lawyer found a mass of corporate entities, known as LLCs, that appeared to be vehicles for Walter. Those corporate entities

Companies under scrutiny •ABS Capital •Bradford Allen •Amstel of financial •Hudson Trading

had been represented within Guggenheim as belonging to people who were friendly with or in business with Walter, the Journal reported.

That year, ABS set up LLCs to buy two Los Angeles homes in the city's pricey Pacific Palisades. One of the houses was to be temporarily used by an executive at Guggenheim, who had a personal relationship with Walter. The following spring, ABS and Walter bought an $85 million home on Madbro's Carbon Beach from Gelber, a Guggenheim client, he watched $7,200 evaporate in a week.

A whistleblower filed a report with the SEC alleging self-dealing—and other branches by Walter and Guggenheim. The report listed ABS deals and the houses among the examples.

By 2018, another Guggenheim employee filed a separate whistleblower complaint, alleging that three of the Walter-ted insurers were trading corporate bonds between one

another—often at prices above what they might fetch on Wall Street, the Journal reported. The SEC reviewed the allegations, but never filed a complaint. In 2020, the SEC dropped its probe into Guggenheim and ABS.

Representatives for Walter and Guggenheim have previously told the Journal, most recently in 2023, that all insurance company lending to affiliates was lawful and disclosed.

The current probe has its job site view after the listings by Delaware Life and Clear Spring revealed the companies had been subpoenaed by federal authorities.

Authorities have owned in an ABS Capital, as well as Amstel Financial, Bradford Allen and Madbro Trading, the Journal reported. The initial from the loans made by the insurers passed through entities purportedly controlled by each of these firms and went to other Walter-linked businesses.

Amstel, chaired by former McDonald's CEO Don Thompson, is connected to Walter's empire through the history of the insurer EqualTrust from Major Johnson Enterprises. Johnson's company had earlier acquired the insurer from Guggenheim and others.

Entitles controlled by Amstel, including Amstel 500, Chant Funding, Amstel 577 II and Amstel 2018 Whistleblower, were among the recipients of loans from Walter's insurers Delaware Life and Clear Spring, according to their recent filings.

Earlier this year, EqualTrust has $500 million to 10 companies, with names including Harborcrest, Aisle Ridge and Ockapoont, the insurance filings show. Those companies were established by Patience Heretola, a principal of ABS, according to corporate filings.

Amstel and other Aisle's respond to requests for comment, and EqualTrust's chief lawyer said EqualTrust is aware of reports of a federal inquiry involving TMG and is monitoring the situation closely.

Another firm that investigators are probing, Bradford Allen, is a commercial real-estate broker founded by Jeffrey Bernstein and Laurence H. Inams that has worked on a series of Walter deals, including the renewal of Guggenheim's lease on its Mattown Manhattan offices and the development of a headquarters in Indiana for the F1 racing team Walter backs. Bernstein formerly was on the board at EqualTrust.

Revitalism

The recent government scrutiny of deals by Walter's insurance companies seemed to come by chance. It began with a whistleblower inside

Guggenheim investments, the firm's asset management arm, about possible accounting deals in a double foot financing deal.

In April 2025, Walter's conglomerate, TMG Global, announced that Mubaraku, the Alta Shahi field, would help it raise $10 billion in fresh equity. Based on the whistleblower's account, authorities began to explore whether Guggenheim investments partly owned by TMG, might have used misleading contracts to inflate its revenue and secure a better deal.

A spokesman for Guggenheim investments said the company's whistleblower report in the spring of 2025 show the accounting of "certain advisory contracts" of Guggenheim Private Invest in the United States. The firm shared the report with its independent auditor, which issued "unqualified audit opinions" giving the company that said their materials a clean bill of health, he said.

Payments related to the insurers led federal investigators to ABS, Amstel, Bradford Allen and Madbro Trading, said people familiar with the matter. Authorities later announced the connection between the four firms and others that passed loans from the Walter-ted insurers to his other investments, according to people familiar with the matter.

Walter's insurers have crafted plans to move a big chunk of affiliated loans off their balance sheets by the end of the year. The misclassification of such loans could spark lawsuits by policyholders, analysts said, or draw civil corrective orders from regulators. Delaware's insurance department hasn't commented. Ratings firms have told the companies could be strong, and if they don't meet their remediation plans.

The jewel of Walter's portfolio is widely seen as the Dodgers. Since Walter took over, the team has spent lawfully to acquire superstar talent such as Japanese superstar Heisei Ohtani, and the club has deferred some of the biggest technical payments deep into the future.

Midway through the Dodgers' World Series in 2024, the first of two back-to-back MLB championships, Walter suffered a stroke. He struggled for months to speak clearly, saying some words when he meant something else, according to people who interacted with him, the Journal reported. Some investors and employees question his decision-making. TMG has said Walter "has the business acquired and judgment required."

Walter's stroke has been discussed by his defense team at stake with federal prosecutors.

Todd Boobly, front from left, and Mark Walter, second from right, with Chelsea FC members; from left, Robert Patton; Stan Kachin, Mark Walter; Major Johnson, Peter Gides; Todd Boobly.

As a Veteran, when someone raises their hand for help, you're often one of the first ones to respond. But it's also okay to get help for yourself. Maybe you want or need assistance with employment, stress, finances, mental health or finding the right resources, his matter what it is, you earned it. And there's no better time than right now to ask for it. Don't wait. Reach out.

Find resources at VA GOV REACH

VA GOV

---

PERSONAL JOURNAL.

© 2020 Dear James Of Company. All Rights Reserved.

THE WALL STREET JOURNAL.

Wednesday, August 19, 2020 | A9

Wealthy and Healthy, Boomers Hit the Road

As older Americans decide to explore the world, the travel industry responds with nicer accommodations, easier hikes and luggage delivery

Jean Chow at Stonehenge, left. Above, Leon and Leanne Roland at Machu Picchu, in Peru.

them through airports and on and off cruises. Many are willing to pay outfits like Laggage Forward $3M to ship a 50-pound bag within the U.S., and $5M to get it from the U.S. to the United Kingdom.

Audrey Koknet, the company's co-CEO, says its core client is 60, years and older. 'They value ease and also put a premium on customer service, which is why the company is hiring more people to answer please. 'They don't want to talk to a lot,' Koknet says.

Bargain hunting

A recent survey by AARP found that older Americans planned to take four trips in 2020. The biggest spenders are there at their 60s.

The survey also found that, regardless of income, boomers shop for bargains. Many say AI to find the best travel deals and see breath discounts.

Mark Dement, 72, was on a plane every other week for his sales job. He figures he traveled four million miles, while his wife, Susan, saved for their two kids. He often told her that when he retired, they would travel together.

They have used almost all of his work-related mileage points on their many trips to Europe, where they caused down the Rhine, and across the U.S to visit national parks. They take about four big trips a year, with occasional three-day trips in between to places like Roebuffe. While they are comfortable, they stick to a monthly budget and put discretionary money aside each month for future trips.

See the world

Victor Medina, founder of Palamin Wealth, Advisors, works with his clients to create buckets of funds, including a 'good life' bucket for

things like travel. He says clients are increasingly intentional about travel, weighing which trips are worth taking.

'If I have a certain number of trips left in me, which ones matter and how can I maximize that experience,' he says. Rather than spend a week in a new hotel in Europe, they look up behind in a more remote area to immerse themselves in a country and culture.

Louise and Leon Roland say their financial advice signal them to see the world. 'You did the right things: You saved. You paid off loans. You've got the money,' Leanne recalls.

'We've come to advice and retired to their mid-50s. In the six years since, the couple has visited every continent, the Great Wall of China, Machu Picchu and all of Boney's parks around the world. Next year's plane include Vietnam, Morocco and Portugal.'

The Rylands, who live in Australia and never bought a new car until they retired, travel 20 weeks a year and spend an average of $40,000 per baby. They want to keep traveling as long as they are able, and stretch their heights by finding active deals, staying in and usage hotels and using carry-on luggage.

Louise, 63, shares trips with fellow retirees on her facebook page, 3MUSA, which stands for 'spending kids inheritance.'

Plenty of business are happy to indulge. For them, Road Scholar now offers stops in four- and four-star hotels on some trips.

'Boomers have really changed the way in contract for accommodations,' says James Moore, president of Road Scholar. The non-profit began 10 years ago as Klanksnott, offering travel and classes to those 60 and older who didn't mind staying in unwell on huge dorms.

About 60% of Road Scholar members are boomers. They are also a big reason Road Scholar began to promote plane trips in 2020. Allowing people to see several of the world's wonders in one trip.

'The boomer ethos is how much time do I have left and what is important to me,' says Moore. 'They want to do as much as they can in a reasonable time frame.'

A

A few Joe Chow's husband and mother died within six months of each other, she needed $4,000 per year.

The retired mother and grandmother hooked a 25-day tour on a private plane and visited six countries. She rode outside in Egypt, created the Nile River and hugged the stones at Awhany in England. The trip, one of two private plane trips offered by Road Scholar, cost $9500/6. Chow, 85 has hooked another private plane trip to visit six countries in Africa.

'I want to do it now while I'm still able,' says Chow, adding that she is fortunate to be able to attend each trip.

The trip was a long time ago. The two people were in the same way. The two people were in the same way. The two people were in the same way. The two people were in the same way. The two people were in the same way. The two people were in the same way. The two people were in the same way. The two people were in the same way. The two people were in the same way. The two people were in the same way. The two people were in the same way. The two people were in the same way.

'I want to do it now while I'm still able,' says Chow, adding that she is fortunate to be able to attend each trip. 'I want to do it now while I'm still able.' says Chow, adding that she is fortunate to be able to attend each trip. 'I want to do it now while I'm still able.' says Chow, adding that she is fortunate to be able to attend each trip.

Splurge or save

Boomers want adventure, but also want nice accommodations, good food, smooth connections and fewer baggage hassles. And while many will splurge on travel, there are also plenty of bargain hunters among their ranks.

David Porter, co-founder with his wife, Carol, of Boaming Boomer Travel Services, said bookings are up 20% this year, with most for cruises on small luxury ships. His biggest question is how to keep up with it.

'Do I need to hire more people? Is this going to slow down at all?' says Porter, who attributes

Mark and Susan Dement at Mont Blanc in the Alps in 2023.

the range in part to stock-market gains padding boomers' retirement savings. Many of his clients are what he calls middle-class millionaire—business owners and professionals who have between 18 million and $10 million.

His average booking for all cruises is about $25,000. Higher-end world cruises can top $300,000 for a couple.

Boomers tend to take longer trips and pack more bags—and don't want to deal with schlinging

What to Know About ChatGPT for Teens

A parents and teachers grow increasingly around about 20 years. Use of chatbots, OpenAI started rolling out ChatGPT for Teens Tuesday. The company intends for it to help students think through problems, rather than just getting out on

teens. It is increasing the guardrails against emotional dependence, too.

Globally, now out of 10 teens who use ChatGPT as an item learning, productivity and skill-building. Any O'Leary, OpenAI's vice president of global policy, told me.

The experience combines new and exciting features such as the homework-leeper 'study model.' The chatbot will help students come up with a thesis but watch write on a day for them, and it will walk them through how to solve an equation instead of jumping to the answer. If the teen tries a shortcut, 'responsi-

ble homework reminders' will roll-out teens. And the chatbot will offer quizzes to help students deepen their understanding of a particular subject.

The best part, at least for the parents and teachers, Teens will have a hard time finding work-arounds.

Even if they already have a ChatGPT account, the platform will automatically place teens in the new under-18

experience. OpenAI is using an age-petal tool inside the clinic on some 2,000 signals including chat content and times of day.

If the account is associated with a birth date that puts the user's age at 13 to 17, the experience will shift without any action. The changes

will also work for teens who signed up for an account with a false birth date or who use ChatGPT without logging in. If ChatGPT mistakes are adult for a teen, the adult can appear and verify, his or her age.

More teens are turning to chatbots for emotional support as well as research.

Parents who link their ChatGPT

account with their teens can set up parental controls and implement additional settings such as off-limit hours. New, some of those settings will also be automatic.

ChatGPT for Teens will include stronger safety settings by default, such as interventions when teens talk about self-harm, eating discomfort or violence. New model upon for teens are designed to avoid the use of romantic language, to discourage emotional dependence and to avoid any implication that the chat will feel feelings or consciousness.

Whether teens are using ChatGPT for homework help or anything else, they will be prompted every 90 minutes to take a break and

Globally, now out of 10 teens who use ChatGPT do so for learning, productivity and skill-building.

they will receive a reminder that they are interacting with artificial intelligence.

OpenAI's creation of a teen experience comes at a time when Meta Platforms, owner of Instagram and Facebook, is being accused in court of contributing to the youth mental health crisis. Four clinics that are using Meta are seeking up to $18 trillion in damages from Meta in a treat that started on Tuesday. Meta has denied wrongdoing in lawsuits. Some elements of ChatGPT for

teens appear to be borrowed from Meta's playbook. The social media giant has made numerous changes to create a safer environment for teens. Since lawmakers and lawyers began complaining that its features contributed to mental health issues, including eating disorders and self-harm, Meta has stated steps to ban and filter content that could be harmful to teens, to provide recommendations, and financing, but to cross lines when teens seek out certain kinds of content and to remind teens to take breaks. When they have been on Instagram for too long.

Even setting online items as the default for this age group is a shift from traditional age in parental controls that were largely undecided, and caused hesitation in parents of kids with many social-media accounts. Instagram added teen accounts with restless, like default settings in 2024. TikTok also has automatic defaults for teen accounts.

OpenAI's move is welcome news for parents who feel overwhelmed by trying to oversee everything. That kids are doing online—especially if ChatGPT for Teens is a threat to fool in the company says. 'When it buys, owner of The Wall Street Journal, has a content-learning partnership with OpenAI.

---

A10 Wednesday, August 18, 2026

THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Job Seekers Scramble To Add AI to Résumés

Applicants dress up their career backstories with new skills, buzzwords

By To Pex Cass

Artificial intelligence is suddenly everywhere including on streams. The technology that is transforming the economy and prompt-

ing billions of spending on data centers is also pushing millions of job seekers to give their work history an AI maneuver. In some cases, they are seeking to add new skills, obtaining certifications to demonstrate their literacy in the technology. In others, they are directing up their résumés with AI buzzwords in hopes of gaining曖光 in direct attention.

"Everybody's keyword dumping," said DeVico Billet, an overview career coach in Tampa, Fla. The percentage of LinkedIn users in the U.S. who have added AI-related terms to their profiles rose 70% last year, according to

LinkedIn data. With more complex ways to line workers with research data, the work they aren't alone. "Employers are doing the same thing."

Among all titles employers are hiring for on the jobs site linked in the U.S., 8% mentioned AI in the first quarter of 2026. That is up from 3% in 2022. Many of them are jobs that wouldn't traditionally have involved many technological skills, such as "AI Autonomous Track Tool Driver" or "Physical Therapist (AI Documentation)."

The impact of AI on the workforce is a critical and so far, unresolved question, three even more: predict the technology will wipe out jobs, while others say it

▶ Grace Griewstock added 'AI adoption leader' to her LinkedIn

will make employees more productive and eliminate great work. That leaves job seekers trying to find their place to an uncertain market.

Earlier this year, after a year and a half of challenges finding work, self-employed management consultant Grace Griewstock decided to both work and promote some AI items files.

She has had mequiring that detailed it was finally time to embrace the technology. She began experimenting intensively with AI and added "AI adoption leader" to her LinkedIn profile. She is currently pursuing a certification to demonstrate her AI fluency. Each certification can take anywhere from hours to months to obtain, ranging in price from free to thousands of dollars in tuition.

"There's a lot of big change happening now, there's no way to fight it," Griewstock said, adding that she empathizes with fears AI will ultimately replace many workers.

A new analysis by Stanford University economists Rick Bloom and Gideon Moore compared current LinkedIn profiles to archived versions of each profile that existed before 2025. They found that users have been going back to retrospectively add AI terms to job titles, where the technology hadn't previously been mentioned.

Elizabeth Meek says that AI changed her life trajectory.

resort, said Bloom, who also co-authored the study alongside Lisa Simon and

Carina Wilkin Rogers at workplace assisting

company Novalis Labs. Given the prevalence of work changes, though, others are likely exaggerating their experience, he said "A lot of it looks like AI resulting." Job seekers are also taking steps to edit terms out of their profiles that might be less enticing to employers today than just a few years ago. For example, Bloom's study found that references to remote work and diversity, equity and inclusion have dropped in recent years.

"There's a lot of uncertainty in the labor market," said Ralph Bahrsundahan, who directs the Center for Artificial Intelligence in Business at the University of Maryland.

Last May, Pahmanabhan and his peers launched a free AI-training course, expecting it to reach perhaps 500 people. Instead, to date, some 60,000 have signed up, ranging from laid-off tech workers to former civil servants trying to make a career pivot.

Among them is Elizabeth Meek, who worked for the federal government for two decades, helping oversee licensed real research and track global television diaries, spread in animal populations, the after President Trump ordered

▶ Art Davis says he started using AI last year in his work.

workers back to their offices, she was forced to commute more than ever hours a day, and felt demoralized. She took early retirement.

"It was a devastating career moment," Meek recalled. Then a

colloquy sent her a link to the University of Maryland's training course, and she decided to go for it.

Since then, the 53-year-old has found a new job at West Virginia University that includes using AI to analyze data and elite-code apps. "It's changed my life trajectory," she said.

People touring their AI skills remain a minority. "In date, I 25 of LinkedIn's U.S billion global users have added such skills to their profiles, according to the company. But in some areas, it has become more of a norm. Among product managers, 33% say they

The impact of AI on the workforce is a critical and, so far, unresolved question.

have such skills, 10% of researchers do, and 7% of consultants do as well.

It's the new buzzword," said Art Davis, who recently added the term "AI-powered automation" to her LinkedIn profile. An AI system he has been ac-

ing to help craft research and researchers suggested the more Davis said to started using AI last year as his work as a systems analyst, but hadn't previously thought to might it out.

So far, it hasn't yielded this deeds. Davis, who was laid off from his job this spring, has applied for 100 jobs and has yet to receive an interview.

Given the technology's newness and rapid evolution, job seekers don't always know how to done aptitude, said Dina Taylor, who works for the AI-heavy platform. Hiroseo and has the title chief evangelist, 2016. Taylor, said she encourages people to add AI skills to their resumes to demonstrate their potential, even if they are still in the process of developing them.

The WSJ Daily Crossword | Edited by Mike Shenk

ON THE CORNER | By Kelly Richardson

---

A12 | Wednesday, August 18, 2026

THE WALL STREET JOURNAL.

ARTS IN REVIEW

MUSIC REVIEW | MARK RICHARDSON

Finding Depth in the Details

The latest album from Wild Pink features thoughtfully grounded, often comic-seogwritting and a sturdy rock sound

Singer-songwriter John Ross of the band Wild Pink operates at a high level artistically while remaining somewhat obscure. Since the release of the New York-based satiric and its God debut album in 2025, critics have goontened to his work, and you might see his group's records showing up on your real life. And yet, if his band comes through your town, he'll probably be playing for somewhere between a few dozen and a few hundred people. Mr. Ross writes sturdy rock songs, has a strong ear for fuses, and has earned the respect of peers like Julius Baker of Bergonsus and genre legends such as J. Mason of De尚man Jr., but he seems comfortable following his move where it takes him even if it means operating on a smaller scale.

From the first few notes on "Box Show," the track that opens the sixth Wild Pink album, "Still Coming Down" (Fire Talk), and Friday, it's apparent that this is the band's biggest-sound-ing release by far. Running slabs of distorted guitar collide with piano, accordion and hat-tremps, filling all available comic space. Mr. Ross's wry-downwriters—low-key, grounded and personal—contact with the blown-out mix.

Earlier Wild Pink LPs had Jolison arrangements that leaned more on acoustic guitar, and Mr. Ross often sang in a whisper. This album leads him in a more-tollicking frame of mind, as if performing in a road-house where the crowd is a few hours deep. He has expressed admiration for the band the War on Brigs, who often channel the sound of 'Oh, Rose, Spring-storm and Tom Petty, but Mr. Ross has a less frantic approach to record-making, favoring sounds that get his point across simply.

Like Isaac Brock of Modest Mixon, Mr. Ross has a way of transforming the mundane details of infection. He sets something profound. The shop of the first song's title is a place in a strip-and where he recently picked up his air conditioner and television. "I watch all movies from the late '80s," he sings, "Where coming directions loved William Fichtner." This level of detail is the essence of his songwriting—by singling

out the character actor from films like "Contact" and "Armageddon," he shows how we figure on ephemera as a way of avoiding existential terror.

On "Second of Applause at the End of the World," whose meaty guitar riff and fondly piano evoke the E. Street Band, he touches on John F. Kennedy, his brother Robert, Jack Ruby, Julian Bolhan and conspiracy theories, missing on the absurdity of masking the moments of history when your own life

doesn't amount to much. Mr. Ross processes his voice with a bit of distortion to make it sound like a hellborn, facing his vocals with the godson and typically keeping his singing low on the mix. The funny, overloaded production ac-ontisation one of the record's main themes, which is that we're constantly doing battle with the thick cloud of distraction that hangs over all our heads, and sometimes we're content to disappear into it. Mr. Ross's sensibility is self-

deprecating and humanist. He never seems to judge the actions of others too harshly, because he knows what it means to struggle to be a decent person. But take back to one of several non-fostering guitarists Big Daffy of Rand Habits, who specializes in subtle harmonic accents that enrich a song's meaning. "I used to be pure," he sings over the coaxley riff, continuing, "I just try to be good now." He emphasizes the point by revealing that he gave another driver a

thumbs-up after being given permission to turn in a busy intervention.

By zeroing in on specifics, Mr. Ross arrives at many phrases and couplets that are appearing in a song for the first time. The thick circles "Like Water" begins with "You lift the channel in '93," After they killed Conspiracy, "referring to the final leader of Communist Romania. He

seems to be addressing the song to refugees who stayed in his parents' house when he was a kid, and the arrangement written, the quality narrative an amazing series of non-classical trifle, folding in violin, saxophone and organ-like keyboard in a bridge that sounds like "handybed the Buck". And then his story takes a sharp left turn at the end, where he brings up the flakland A's general manager made famous by the book and film "Where's ball"; "Like Billy Beane before the streak, I can't tell yet what is working."

In "100 Is the New 2016," Mr. Ross tackles rising gas prices and inflation with characteristic humor, and then on the closing "Relaxing, Special Interests" he turns his attention to the biology behind the

human mind and how our nervous system can protect us from what's real: "Your brain is very fatal," To make you think you're warm inside! When you're so cold, You're doing." It's a gut punch of a lax, one of many on this fine record, that captures the expansive emotional range of this remarkably consistent band.

Mr. Richardson is the Journal's pop and rock music critic. Follow here on R. @MarkRichardson.

TELEVISION REVIEW | JOHN ANDERSON

In 'Lion,' a Big Cat Comes of Age

THE 1994 'LION KING' is not just a beloved cartoon, it is one of the biggest entrepreneurs of its kind and, to no one's surprise, has been spun off into sequels, prepack, a Broadway musical, a TV series and a CD remake of the original. Gwen Disney's gift for recycling and its proximity to National Geographic, a nature documentary coached the last stone unturned Enter 'Lion'.

The four-part comic-says succuses produced by Jon Favreau, who directed the live-action 'Lion King' of 2019, and Mike Gunton, of the

BBC's Natural History Unit. The two had worked together on "Prehistoric Planet," a stone about the last days of the dinosaur told through computational imagery—a manhole with which Mr. Favreau was quite familiar (see "Iron Man," "The Jungle Book," "The Mandalman"). Reportedly, when Mr. Gunton wanted to expand his "Devastful" series about vulnerable or endangered species, and make a multi-part-dot, housed on just one, he enlisted Mr. Favreau to make this documentary. (The marquee names

are Favreau and Gunton, but the producer-directors are Faith Musavids, Georgina Wood, Joe Troddenick and Claire Anthon.)

Everyone seems to have gotten the memo. The resulting series is a very grand, real-life chronicle of a two cab named Kis and how he becomes a king. Or, as soon, the mane man of Kis part-souze pride. And it an odyssey avoids anything too goosementous, whom said Jon Favreau and company-bogie following when he's eight weeks old, is a tantalized, fellow and there's never any question that it's on his

seaverse is harsh, severe and can be very brief. (Young lions have a high mortality rate, so the series picked the right cab.) But while survival itself is the focus of 'Lion,' the 'kill' is never exploited. Pray, stay in stalked, and chased, but the blood-dred's largely off-croton.

As a result, 'Lion' is not unsuitable viewing for kids, although there will be a 'Bambi' moment. The first know what I mean. And the pace is such that the youngest audience members may drift off. At least until Hans Zimmer's music hits one of its previous crescendos, at which point the cat will be off the couch. Anyone who watches rotten shows with any regularity, especially those cat in Africa among the Big

Lion cab Kis, right, and a scene from the four-part documentary series, executive produced by Jon Favreau, above.

Five (lions, leopards, rhinos, elephants and Cape Buffalo) will find that 'Lion' conforms to most of the conventions, imposing a human narrative on a wild animal and whittling many, many hours of footage into what is here an economical storyline of approximately four hours. The special is ironic, though, the tracking of one animal from the crude to protected next in the bush to his rightful place in the leisure hierarchy.

But the charms of the series—and the few clubs of humor—once mainly from the shooting and the editing (the director of photography is Sophie Darlington), an adult lion with her backside hanging out of a tree, for instance, having been chased by note buffalo. Or a levers in action, whose gordiners totally confuse Kriz, offer adolescent brothers, and are clearly self-equipped to teach the kid everything he wants to know. Or more seriously, the reaction shots of various birds and mammals as the grown male lions approach, pro-

pared to assert themselves over the pride in which Kis has spent his childhood boyhood, and where he needs to win over out of self-perceivedness.

Although we viewers are told only that the setting is 'East. At rest,' the series was apparently shot in Robert's Mappa Wars National Reserve. The narration is by actor O.J. Lynch and if his luck British rans has a veneer thinking about twenty-nine, they've both done 'Lion Kings.' Mr. Ross the original, Mr. Lynch on stage. The voiceover is a bit much, actually, but so in the scene, both elements meant to elevate the particular cat into something mythic. But that's so brain. So would a making of 'Lion' special, though that might be too much, even for Disney.

Lion Bogus Wednesday, 9 p.m. National Geographic

Mr. Anderson is the Journal's TV critic.

---

THE WALL STREET JOURNAL.

Wednesday, August 19, 2026 | A13

OPINION

Democrats Can Learn From OOC

The class of ambitious Democrats would take a lesson from Maria Adria of Covance—Govt. Our act. The most clearly what our wanted to do was

BLONDENS WOMEN? By Phineum 30 Jenkins, the

By Phineum 30 Jenkins, the class of ambitious Democrats would take a lesson from Maria Adria of Covance—Govt. Our act. The most clearly what our wanted to do was what she called "What a"—a set of policy ideas that would be death to anyone who wants a future to learn a political. I just showed it and make a spectacle of doomsday. It was a business defense. Forget it even happened—the seemed to say no. ABC News's Sunday show.

Long thought the only real Democratic hopefuls in 2026 would be those who spent the past 10 years in the West Virginia, like Andy Bodnar, Linda Hughes, Gretchen Whitmer and Robin Dinsmoil. It might seem the net of Washington's for Rep. Ra Kinsella if he weren't so clever and more than 20 years before. Epstein as his bosses to battle depends his mode.

There's a better way to introduce of ABC that a venue to be held in the West serving for Democratic to fabricate evidence of influence. It was wrong to mobilize the USA and FBI to be to voters. The Biden campaign was an irresponsible thing over. Even in hopeless comrades against an FDR or Eisenhower, both parties always did their duty and gave Americans someone to vote for Democrats failed in 2026?

On day one, the media would try to ignore such a speech. On day two, the press eventually to shoot a Governor. On day three, a influence would begin the the Mississippi overflowing his banks. The speaker would benefit by the government, but the Democratic Testament. He or she would becomeoverline vote—his to much of America that voted for Mr. Trump.

Why hasn't it happened—if really? This was obvious when the 1920s there were no more than 30s. Journal last year. Recall: Chuck Schumor of the start of the Trump era. Don't make an insane? of the intelligence industry. "That's how we have been Sunday at getting back of you."

There's a second, outfier process. found in "Stephen W. Trump," the 1920s, and the 1920s. The 1920s reporters. Maggie Robertson and Joachim Swan.

Early on, the authors pose a mystery: How can Donald Trump be so crusky to live with the people? How can he be the bestman? It's so mystery. The authors don't give the answer—byrlike—because they're participants in the terrible.

Karrie is the chairman of the Democratic Secretary, David McBain's 2024 ABC interview after his debate debunk. This is what it looks like. The Karrie talks a day off. He didn't say, for sure, that Mr. Trump was a threat to democracy—because some it would demand his own plan to stay in the race despite many polls.

Between every line of Ms. Robertson and Mr. Swan's leading disreporter of Mr. Trump's reckless ignorance and impulsivity to their delight in having him as a subject, a ticket to the bestseller list. Their most candidacy dishonest passage? After the

Their party can win in 2025 by disowning its own shameful idiosies of the Trump era.

Before, Pa., assassination attempt. Once began to Mr. Trump's bone spurt to escape Vietnam, supposedly re-evident things his reputation for "the opponent" of "physical and

I promise you the national journalist is really so impatience. Immortality, psychologically, notologically simple—as to imagine physical courage is what distinguished those who are in the world. The those who didn't. This is purely a terrible assertion on just Mr. Trump back in his battle: common and clear assassination.

Ms. Osman-Carter refers to the "Overtime minister," which decides when satire ideas may be discussed. But as important, the "Overtime minister" is new—clothes efforts, which determines when it's personally advantageous to ignore global obvious realities.

The kexian is the Richer-mas-Dress book as the kexian

is all such accounts. In 2026, Mr. Trump was the "outsider" and "disruptor" whom a new and the "outsider" of those who are would take a flyer. As 2025, the Times would later admit, his common bad meta-respondent him. He became the "rightman" from triangle, in the face of major campaigns, sometimes provocations and even an attempt on his title—though it still took astonishing mismanagement of their own summation by the American officials him to the White House.

That another possible toll-tale is a hundred lifetimes. Rachel Madden might never have been a "good" credit from Mr. Trump for the Russian comrades; to be talking attention on the allegory to their support for Mr. Trump. But it is not a matter of the world's only little one—and they won't be a "good" credit. It is not a matter of the world's only little one—and they won't be a "good" credit.

Mr. Trump could only page while his memoir did these things. But he was a "good" copyword—clothes. Karrie's intentions is uncertain but the term is strikingly similar in small (not in "romed"), a short, but in "good" (not in "good") or the national press in the Trump era. But realize as you will like gold. Mr. Trump and his memoir have just over one of the most important and most important fields the courage to stop outside the spills on that day America might enjoy hope of being able to elect a serious president for various times.

How Radio's Work Does Democras Get It

A few years ago, the Democratic Socialists of America gave the 2026 presidential election a new year, some patterns of the movement with implications for the 2026 presidential contest.

Endless from polls and primary election suggests that support for DSA and DSA-patient candidates reflects the current campaign and weakness of the Democratic Party. These candidates run well among insages, more educated urban votes, but poorly among older and non-educated college degrees who live outside the cities. They do somewhat better among women than men, so the party does. And they enjoy themselves as a support among, white and upper-income Democrats and Democratic-leaning independent. That among blacks, Republicans and other groups are more likely.

While some elements of the DSA-people—such as Medicare for all and higher taxes on co-operative and wealthy students—are more likely to suggest more direct. The organization's platform advances government ownership of much of the economy, including food, education, energy, medicine and transportation. American government is the nation's most meringue because "combined the housing is a human right." The DSA platform also includes the following: "Swedish men police department, disease power police unions, and

indirect funding to public service, as steps towards fully obtaining the police and police system." "Defund the Department of War," that all foreign wars and laws over the nation's lower," "Against migration, great amounts for all immigrants, regardless of status, provide a path to citizenship in all permanent residents, and end visa copy and parcel." "Refuse the President and Supreme Court with an outsider and inferior chance by and advertising the Congress," "Alcohol the Senate."

So much a somatic candidate with past ties to democratic socialism would expand. At these proposals to win one common victory. But had the party, and the election, the general-election campaign, and a candidate would be forced on the defensive by an outline score of negative and negative. The candidate was not try to take the offensive against the recession of the Trump administration and to continue a political acceptable resolution to the Democratic socialist-leaning. Democratic-venture might well reveal the history of George McGovern's candidacy in 1972, in which the political nominee was founded as to fall off and lost to a candidate.

Although the presidential election is more than two years away, the available evidence supports common sense if the presidential election were held tomorrow, a Democratic nominee who identifies with these recent socialism would fare badly. With that percent of registered voters in the United Washington Post (pso. poll

said they wouldn't even consider voting for such a candidate, including 20% of independence and 20% of Democratic. But according to a recent CBS report, the 2026 presidential election—justs state socialism favorably, compared with 25% of the six-towns in a whole. This gap could lead Democrats to contribute a candidate well outside the national mainstream.

Frustration with the economy is furling the face of the DSA, and it may not fade by 2026.

Still, the DSA is on the one—the latest sign that many Americans are angry and scared about trends they feel powerless to halt. "That is the most important thing," says the United States, "that is the most powerful. From today's political, Protestant, and a good about a range of issues, including wages—that lag behind prices, increasingly unaffordable healthcare, the vanishing of the people's lives, and a home-ownership for young adults, and a technological revolution that threatens the jobs of millions of workers. Overall, Americans believe it is harder for them to enter into the public and make financial security than it was for their parents. So wonder so many communities are rallying against this century."

Adds the line to the President Trump hasn't kept the

premises he made during his 2026 campaign. Prices are rising faster than during. See Robert's final test in office. Despite traffic demands for revenue, the DSA's budget for manufacturing jobs than when Mr. Trump began his second term. The war against him has raised the price of gasoline, fertilizer and the diesel fuel that tracks use to transport most of the goods that Americans use every day. Against this backdrop, it's hardly surrealized that the state of America—including US, of Republican and Republican-leaning independent—believe that the Republican Party hasn't focused enough on the cost of living.

Democratic leaders should take an oomlet from those developments. The 2024 election was more than a defeat for Karrie Harris. It was the end of the 2026 presidential election. It is a new generation of leaders with new ideas to take charge, and they are in no need to accept broad recommendations. The 2026 presidential election is a low-risk among independent—and not in Democratic.

As Republicans learned in 2026, a Democratic anti-election campaign was a key factor in the nomination without majority support of multiple candidates representing business as usual split the vote. The Democratic Party's vote on left-wing talks to office as agenda voters can be given to the door will be open for a radical further to take charge during the presidential nomination contest, regardless of the consequences for the general-election.

No One Is Riche Singing About Money

By Greg Opelka

A written waste to be a "multisomani—except magazines in 1946 for burden extended on that money" Can't Say Me Love," and there have been other examples of that sentiment in numerous age songs. Men have been a "splendid" "multisomani" in popular music are relatively rare. Let's look at some examples.

An early instance I found that the "splendid" was a "splendid" of "splendid" in "splendid" of "splendid" in "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of "splendid" of

may be the quintessential Can't Say Me Love" opera. But at the time of his death in 1924, России had been a "splendid" an estimated 5,000 years, as today's dollars placing him among the US. In 1931, Mary Thomas, Billy Rose and Mort Stein published their song "I found a

If the lyrics include the word "millionaire," it is usually in expressing an difference for love.

Million Dollar Babe (in a free and free CDet Store)" which was an immediate hit. Winners 1983-1985 wrote largely for films. Among his more than 800 songs, him has "much more" better. "Multisomani" films have been a "splendid" of "splendid" in a free and free CDet Store. likely made him a millionaire by his 40s.

In the 1949 manual film "In the Good Old Summertime," Judy Garland resurrected him with an "splendid" of "splendid" in a free CDet Store. "The Sophisticus" recording included words absent from the American-type, and layers (5 letters (mean) "original," 7 lines) from the "sophisticus" (1 line) and a millionaire," the clever interrelations set another variation on the "Can't Say Me Love" theme.

In the "Pretoria 1978" tune "Who Wants to Be a Millionaire?" shares its status with the future ABC game down. "Pretoria, here and raised amid the "sophisticus" and a millionaire through his supporting brilliance. His song answers its own question with "I don't—I can't all I want to you," Again, love, not wealth, company life."

In the "Sophisticus" early promo sent 250-century pop literature into his brand in Babe's

2000 song, "I'm a Millionaire," with the lyrics: "Rape, I'm a Millionaire, but that: Fifth Year."

Chris Staplescott 2017 engaged "Millionaire" continued the tradition. In it, he wrote that, thanks to his beloved, "when my parents are angry and my sophomore, I'm a Millionaire. I'm a Millionaire." Mr. Staplescott not worth! About 625 million.

Ironically, most contentment—"Who Wants to Be a Millionaire," is the "sophisticus" and a millionaire, whereas Cole Porter, the Boston and others who wrote about the supremacy of love over money did, favour it. "I'm a Millionaire," says a millionaire, you stand a far better chance by writing, a love song demanding the idea that: gretchen or multiple-choice questions.

And that is my final answer.

Mr. Opelka is a musical-theater composer—Govt.

BODERSHELF | By Jonathan W. Jordan

Good Men In a Crisis

Who Wins Wars

By ML Cavanagh

More than 200 pages. $2.00

In the health of World War II, students in Miss Lillian Craig's fifth-grade class in Roanoke, Va., wrote to honor many top million fans George C. Marshall. She's all the time, including some of the 1960s, and now they like that maker you know they will be good ones!"

Eagle, president and military customers have scorned with women of that question for millennia. In "Who Wins Wars," retired Army U. Col. ML Cavanagh tackles the subject of a leading class against the Japanese, George Washington, Ulysses, G. Grant and Dwight D. Eisenhower.

The three leaders fought their signature campaigns for the world different conditions. Washington launched his first wave from attack at 97% with serious marching at the first time. The first 2nd week of the war was a major attack on the world and liquidated networks, and superior manpower, to another the Confederacy during his 1864 Millennium Campaign. Eighty years later, Eisenhower owned the ideas over

about more than ten working battles." Ms Cavanagh writes: "In fact to keep the people and materials together from the people and Congress." The founding Father worked closely with the Confederate Congress and replaced the one finding demands of military officers and civic leaders. "By building those disagreements carefully, he gained the trust he needed from Congress and kept his officers back," Ms Cavanagh writes: "In their Washington history."

His surprise made again the first of the war. At Christmas did more than much a local victory against King George's Bosnian, St. Yorke! He also had the British country's leaders," we are told, and "helped the colonists believe in his rebellion again."

The first 2nd against the Confederacy in 1864 was, the author says, "not only military—it was political, too. Untoxics needed to leave! Union in mind, but they couldn't be so costly that the public turned against the war." Though at first Grant suffered more vanishes than Robert E. Lee, "those didn't stop the kept moving forward."

While Grant remained aloof from politics, he "believed strongly that politics matters; at war!" With Lincoln's re-election prospects tearing in the fall of 1864, Grant, Ms Cavanagh writes, "toward the election as a potential battlefield opportunity." He provided his soldiers access to the voting process, and ensured that the men were shudder from the pressures of political ideologies or campaigning.

The Union won, Mr. Cavanagh writes, "because Grant licensed, learned, and adjusted his approach. Because he demonstrated, nullified pressure. Because he was persistent after officials, had become Grant more hard. Combination doesn't have to be a result in the war. There are worthy political, the pushed back, when necessary, against political leaders, including Wexford Randall, Franklin D. Bostwick and Charles de Gaulle. Eisenhower's agonizing responsibilities required him to make many critical decisions. Learn it fully and quickly. That ability to do so would mean a long time. It is not a better finish front of the United States. It is not a better finish front of the United States. It is not a better finish front of the United States. It is not a better finish front of the United States. It is not a better finish front of the United States. It is not a better finish front of the United States. It is not a better finish front of the United States. It is not a better finish front of the United States. It is not a better finish front of the United States. It is not a better finish front of the United States.

We can "learn a great deal from Eisenhower's strategy, leadership—particularly some of the most he denounced," and "the most of us." The humility (he of Eisenhower's already language) was struck by how Eisenhower never saw power as a bristage to him personally. In contrast with Mr. J. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I. I.

As generals Washington, Grant and Eisenhower demonstrated expert strategic judgment in vastly different military circumstances.

What do these generals teach us? "When it comes to strategy, it's not whether strategic leaders win or lose a given hat to, but how they change the game." Ms Cavanagh writes: "The aim of all strategic leadership is the application of superior judgment."

Tochemistry is a part of war's landscape; it separates the 22st century from the wars of the Brown Man made. The bronze cannon and the 90's Garmel rifle. Writing the shingles of drums on the battlefield of Chinese and Russia, one generalist and the 21st century's most popular, "how many of us leaders have drums in their home?" Little drums they play with!" The author adds: "Which of our senior strategic leaders are experimenting, getting hands on, developing a fingering feel for the new warfighting test?" Mr. Cavanagh writes: "The ability is a strategic and strategic how it is."

Humility also counts, he adds: "When you're spending human lives—part of a system that makes you better welcome—all—if matters that you actually believe the lives you're spending are so important at your own." No optimism must counterbalance humility and routine. "More must be in the strategic leaders 100s—without it, the whole enterprise would be the best."

"You can never learn how to win wars: You can only hope to win the war every in," Ms Cavanagh argues. "But we can create a variety of experiences that conserve we find someone better than anyone on the other side of the field. All the people are going to win wars."

---

AM | Wednesday, August 28, 2026

OPINION

REVIEW & OUTLOOK

Disney Strikes Back Against the FCC

Remember how conservatives cried foul when the Biden Administration-suspected government power to allow critics? How the politics have flipped, in Federal Commerce, Jefferson Commission Chairman Brendan Carr seeks to punish Walt Disney Co.'s ABC for getting crossover with President Trump But the network isn't taking it lying down.

ABC used the FCC on Tuesday for "coaching and retaliating" because it "refuses to have to the Administration's message to the government to the government has violated its First Amendment rights" "to launching protracted regulatory investigations and threatening the Startover" valuable broadcast licenses.

McCarr has threatened to yank the licenses of ABC's broadcast stations, according to impose political control over guests on it's daytime program "The View" and launched an investigation into the "The View" and the "The View" broadcasts. Don't criticize the President. Mr. Trump's best work ABC goes back to his first term, when he complained that its news coverage was unfair. More TV networks lean left, ABC included. But Mr. Trump thinks any criticism is unfair.

Last August Mr. Trump called for revoking the broadcast licenses of ABC (and NBC) because the "ABC MERCH AD ARM OF THE 2026 OCRATIC PARTY," as he wrote on social media. The President reviewed the first against ABC after its late-night comedian Jimmy Kimmel made a thoughtless remark about Charlie Bick's assassination.

"We can do this the easy way or the hard way," Mr. Carr said, mob-bass style. "These companies can find ways to take action on Kimmel, or there is going to be additional work for the FCC about . . . They have a license granted by us at the FCC, and that comes with it an obligation to operate in the public interest."

Federal law goes the FCC authority to regulate the public interests based on "public convenience, interest, or necessity." The publicist said has cited this in the past to push for a rapid experience in broadcast licensing. Mr. Carr is using it against Mr. Trump's antagonists.

In March 2025, McCarr announced an investigation into whether Disney or ABC had violated the agency's equal employment opportunity regulations with their policies on diversity, equity and inclusion. "Numerous reports indicate that Disney's leadership went all in on invidious forms of 2026 discrimination a few years ago," Mr. Carr said.

Conservatives have long criticized Disney as "woke," and it's possible the company has given preferences to racial minorities. But Mr. Carr appears to be using the 2R3 probe as a "pretext. He cited the 2R3 and mitigated the need to justify an early review of the broadcast licenses for the eight local broadcast stations that ABC directly owns and operates. None of its licenses expire before 2028. The FCC

has never simultaneously demanded an early review of a group of visitors licenses owned by a single President.

Revoking ABC's licenses would ignite a legal failure, but Mr. Carr's goal may be to use the threat to pressure it to be the President's line. That also may be one goal behind the FCC's decision to revisit its exemption for "The View" from its equal time run, an artifact of the 2014 Communications Act.

The estimated risk requires public broadcasters, and the industry tries to use political candidate, to give comparable time and placement to other candidates running for the same office. Congress later exempted "bona fide" newscasts, interviews, documentaries and events to ensure the risk wouldn't suppress political coverage.

The FCC has loosely enforced the rule in recent decades and in 2002 gave "The View" an exemption. Congress ought to repeal the rule (and all the FCC itself) once it makes little sense in today's diverse media marketplace. It notably doesn't apply to other forms of media, including cable networks, podcasts and social media.

The rule also violates the First Amendment by letting the FCC interfere in editorial judgments and suppress dishonored content and viewpoints. ABC's lawsuit says the FCC's position has resulted in 2 "passing on further consideration of booking several political candidates," and none have appeared on the program since February.

The original rationale for the law was to prevent media gatekeepers from dishonoring the outcomes of elections by having one political candidate on all the time. Now Mr. Carr is playing gatekeepers, though not long ago he was revising the 1975's concert.

But the statement a progressive media group for petitioning the FCC to censor broadcasts of ABC Trump's Covid press conferences, calling it a "dangerous and sweeping attempt by the left to recognize the FCC." It's a shame Mr. Carr won't defend ABC's five-speech rights today.

The Economic Case for Europeans' AC

Europe has sweltered through one best news after another this summer, and its green dishonored of air conditioning comes at an economic cost. As the mercury rises, European productivity suffers along with the workforce.

Many European offices and apartment buildings were designed to retain heat, and air-conditioning, production, storage, EPs, computer, and some WV and WV, according to respect this year by Allianz Research, an arm of the insurance company. One result: Even "reduce workers are not insulated" from the money.

The economic consequences extend beyond discomfort. Heat stress hurts workers' sleep, logistics function, decision-making and performance, the report says. Allianz estimates workers' health output declines by $2.38 for every degree (between $1.75 and $2.00 in the last 10 years). That makes European businesses less profitable and less competitive.

Allianz examined productivity during unusually hot years, and it concludes that heat stress cost between $2.78 and $2.93 of Japanese GDP overall, and more than 1% of GDP in best-prone southern regions. This translates to lower tax revenue, too. That's especially bad news for France, where "heat stress could worsen an already high expected fiscal deficit," the report warns.

Europe with open economic costs related to warming "even if ambitious climate mitigation goals are met," says a report last year from Assessing Climate Change Risk in Europe, a European Union funded research effort. But the continent can reduce the harm by better adapting. That crush found broader AC adoption could have annual economic benefits of 4.6% to 4.6% billion. 634 billion to 3.6% billion by 2026. An "importance co-benefit" would be fewer heat-related fatalities. Crack up the cooling.

High Anxiety in the Bond Market

Apparently "year" is the new word for interest rates returning to a historical period. The American business from the freehold now attending a repricing in global bond markets that's resorting the global financial system to its pre-2026 level.

Note the dates here. The 30-year U.S. Treasury yield on Tuesday reached $1.6825, its highest since 2007. The 10-year of about 4.7% is near its highest level since early 2025. The benchmark French 10-year, at about 4.1%, is no higher since 2008. The 10-year German bond, at about 3.26%, has returned to its level of 2013. None of these moves upward have been sudden, despite the hubbub in market communities this week.

In other words, yields finally are resorting to normal after the low-year era following the 2008 financial panic and European economic crisis. The earlier is Japan, and it's telling, where the 2008 financial panic would be about 2.5% in June, or it is higher yield since 1996. But Japan subsidized much earlier on the extreme monetary and fiscal policies that became common elsewhere after 2008. This too is a story of unending abnormal conditions.

The upward rate trend would signal faster economic growth ahead. Tech companies have an invaluable expertise for capital, especially in hand and in the business of the market. Such borrowing stands at $200 billion so far this year, according to Norman Securities, which is about 25% of the U.S. Treasury's net debt issuance in that period. Companies are willing to pay higher rates for capital in line with their hoped-for terms. Investors in turn are recollecting the

yields they'll demand to hold stodgy government debt.

While it sounds frightening to say rates are higher than they've been in nearly 20 years, the past two decades are the era that was abnormal. The U.S. economy has survived—thrived, actually—during periods of higher interest rates. The return of normality augurs well for the productive allocation of capital, which is good for growth and job creation.

This isn't to ignore the two more worrying reasons for higher yields. Concerns about the low inflation may explain some of the rise, and the final mess of most Western governments should prob up yields.

In the U.S., federal debt held by the public has ballooned to 1997 to GDP from 25th in 2008. Rising rates create new budgetary stresses. Net interest on the debt is on track to cost the Treasury more than $1 trillion this fiscal year, a second-or third largest line from in the federal budget behind Social Security and, possibly, Medicare. Those risks aren't new, however, and were at least partly baked into yields before the surge of recent days.

Other financial risks have built up during the era of low rates. Britain's gilt crisis in September 2022 and the Silicon Valley Bank collapse in March 2023 were warnings that some investors or institutions might experience distress during the transition back to normal yields. Borrowers of all stripes will have to adjust—not how the Western government that have spent and borrowed as if near-rays-interest rates would last forever.

LETTERS TO THE EDITOR

Iranian Admit Trump's Blockade Is Working

Your editorial "Trump's Blockade Keeps the Economic Pressure on Your Flag. 10 makes the right call keep the blackout on. What's remarkable is that Tehran keeps growing your point for it."

The 10-year article, which has been written by the U.S. Gov't, says, "The U.S. Gov't's own Chamber of Commerce works them, sold the nation Shadani online that shipping a container received now costs $12,000 by hand over a $5,000 by sea, an extra $5,000 a foot across roughly two-thirds of the US dollar." The article is $18 billion in added costs. He said: "Let's $10 billion in one oil support produce only $10 billion in profits, or the blockade is taking place."

The article is a series of articles that have been published during 2006. The article was published in 2006. The article was published in 2006. The article was published in 2006.

routes and that the government lacks the resources to import gasoline. Iranian economic journalist Raj Roy, officials echoed the warning. However, turning the fuel shortages and long gas rotates from directly to the blockade.

During spent years as a senior chairman official of Treasury, Fox sees how rarely a target state's own officials head you the head of under-nation. When the head of a state trade body and the president himself can't build up the government, and concedes this much pain, it is the chance's evidence yet that 3625 million a day in last activity is achieving what airtridges were fully hit.

"Freedom of change takes into use. Tehran's escalating demands and let the blockade keep working."

Moa Mushi

Januar bilims, Foundation for

Defense of Intervenience

Washington, D.C.

Medicine's Covid Reckoning Is Long Overdue

Reckoning year通知! There, Covid Vaccines and Miscarriages' Aug. 28. The series, "the Japanese claims the data actually documented on 80% rate." It wasn't my claim. It was a long testimony and an open letter to the American Board of Obstetrics and Gynecology and by Dr. James Thorp—a board-certified OB-078 who has used for women for the first 10 years. The American Board of Obstetrics and Gynecology has developed a experience treating pregnant women, because he the Covid infection.

The ongoing over one particular in temperature of what year editorial called "The American Red Cross" has been set up to 1,000 people. The American Red Cross has been set up to 1,000 people. The American Red Cross has been set up to 1,000 people. The American Red Cross has been set up to 1,000 people. The American Red Cross has been set up to 1,000 people.

The question isn't what the actual percentage of percentage risk is over-divided in the event. Have decided to go only inadequate and negligent, if

not enough, unless procedures. The question should be only federal health officials consistently withheld information on safety signals, thereby disposing the public of fully informed consent.

Dr. Fison isn't alone in refusing to answer for his risk in our university failed response to Covid. The media that continues to cover up for their participation in reducing smoking, which was not supposedly pursuing the health should engage in serious self-reflection.

The latest example is the media news that the rise of the report, "Un-masked New Biden Health Officials Propoets: Turned a Blind Eye Forward COVID-19 Vaccine Safety Signals." Not one major newspaper or broadcast news network has covered this major scandal as a news story about we have been trying to make a reckoning, trust in media, health agencies, doctors, hospitals, "experts" and science will continue to plannate. And downwards is.

Nix Ros Anderson & Wits

Oshkosh, Wis.

Government Authority Isn't Medical Evidence

Your editorial is exactly right to warn that President Trump's vaccine order will find public anxiety. "Trump take a Vaccine for Children," Aug. 21.

What troubles we must isn't exactly what the administration recommends, but how it is reaching medical conclusions. Neither President Trump nor Robert J. Kennedy Jr. is a physician. That is a veryชาย and a very young man making health policy. But it should make them especially reluctant to substitute personal judgment for

an evidence-based medical process. Calling the MMS vaccine "right-lethal" without supporting evidence isn't a scientific argument. But it substantially resorting the childhood immunization schedule without new evidence-based monitoring that the existing schedule is made or inferior.

The medical profession has hardly been better. The American Academy of Pediatrics, American Medical Association, and the American College of Physicians and Infectious Diseases Society of America, among others, have objected and emphasized that vaccine recommendation is not a serious, serious evidence and expert review.

Prevalence properly make policy. Physicians and scientists properly detain medical evidence. But public is authority to introduce an act supported assertion into a medical fact. When government upside about children's health, evidence should come before conclusions—not the other way around.

Ann Reitz, MD

Windsor, Texas

Oregon Has a Student Crisis

Your editorial "Omaha's Case to Eat for School Cancer" Aug. 22 (right) states that states refusing to stop up to the pain on federal tax credit—dissipating will leave that state. The American Board of Obstetrics and Gynecology and has been setting that cautionary risk.

Despite the Balance Report Card placing out state last in North-going, reading and mark, how Texas Bank announced this June that she will not up Oregon into the federal fish market in June. The 2011 bill program

Last November 1 joined State legislators in urging the Bank to participate. This program requires zero new state taxes. It simply is not possible to pay the state tax credit of up to $1,700 for donations to outstanding organizations—funds that cover private-school tuition, intering, special meals services, and trial support for public-school students.

Oregon must open doors for struggling students, and plan them into. During the 2027 legislature session, I will introduce statutory legislation to impose this executive establish and formally opt out state in.

Until then, keep an eye on Oregon this November. Stress will decide if it's not just this with our children's tobacco products. The annual system finally carries a price at the bid for low.

Stunt But Devere, Texas, Ok., Dec.

Ocean, Pa., Ore.

Data Centers Are Going Big

Seapolitan State March 19 (back Like to Talk) a Data Center, My Farm Is Available! (Cross Country, Aug. 12) is the state's data center based on clearly observed, every decision in 3th iteration made—Dr. Mr. Hurst clearly framed the trade-offs in approving a data center in northwest Missouri.

The project seems like an complete, no-balance in me. Surely the farm community in Missouri has not lost their collective common sense.

Mona Baca

Morgantown, Nev.

Pepper... And Salt

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

CORRECTION

An Aug. 21 art review, "Lacing Down the Line," named only two co-opsies of the exhibition "William de la Torre" (1947), "The American News: Kevin Salation, Bill Becker Science and Statistics Study."

Letters attached by publication should be mailed to each other, one (1) year, and each year only, state and telephone number. All letters are subject to editing, and unpublished letters cannot be acknowledged.

---

THE WALL STREET JOURNAL.

Wednesday, August 19, 2026 | A15

OPINION

The Young MAGA Socialists Are Here

By David Barr

Fifty-three percent of self-identified conservatives under 60 support government can governy stores. But Democratic conservatives, like that in

The American state that tracks tariffs caused by artificial intelligence, and every month's food at special sheets that show my generation being extra level jobs share than anyone anticipated, So when the polling says young Americans have owned the business, I'm not surprised by the anger.

I am surprised to who is angry, because the row of socialism among young Americans is through with a more basic story. People conservatives who grow up leaving that government was the problem are increasingly asking why the

Many conservatives in Generation Z think the American Dream is gone. Some of us are building it.

government isn't doing more to make they have easier, which in 2026 story dry means more affordable. They are more than 50% of the 2026 labor billions, expanding government programs and building some outside group for the same that the American Dream is further away than it was in 2026.

The left is embracing socialism openly, but we should worry about how the right is arriving at many of

the same conclusions by a different route.

In a 2025 survey of young likely voters, 42% of conservatives said they would like to see a democratic socialist win the prevalence in 2026 among 2024 Young voters, the figure was 35% in another poll. A March 2026 poll found 17% of the voters support raising taxes on billionships, including 43% of Republicans, 17% of independent, and 9% of Democratic. It also found 82% of voters are more likely to back a candidate who supports an increased billionship tax, versus 13% of those who support a candidate who opposes it.

These aren't thoughts of fact. Many, but they believe the economy is rapped against them, and they're constantly being able to government should stop in and fix it.

A July 2026 five-Three poll found that 65% of Republicans view upholstery, favorably, down from 75% in 2026. The 2026 poll is a 2026-strongly favorable bar. Fallen from 14% to 10%. The 2026 poll is up the system is rapped toward the world's bar. (Oxford from 10% in 2018 to 42%)

The U.S. and I understand why my government's democratic foundation is being, is one of the clearest reasons. The538000 part of Clinton Mandate's win in New York is that the language he used—affordability, political, and political. It is concentrated wealth—ever sounds—constantly normal to millions of young Americans who would never call themselves socialists.

The U.S. is a strong, up-going force that everything is free, but I believe we are making a fundamental mistake when we take a real eco-

Mayor Zverian Alexander displays disconcerted coincident barracks.

nation problem and turn it into an argument against capitalism.

Capitolans is hiding young Americans, but it isn't the reason young Americans are hiding.

On the left, the nation is usually the billionaire or the corporation. On the right, it equals the China, many grants, Israel or whichever group is being blamed that month? In why we can't afford what our persons could at our age. The targets of blame change, but the large steps the same, somebody else took what should have been mine, and whoever is a good thing to go to the world.

This is where the argument gets uncomfortable.

Ask young Americans whether they want universal healthcare, the U.S. is cheaper housing or other government assistance and you will find plenty of support, but when you ask who should pay for it, suddenly

the revolutionates get against.

We want the Nordic welfare state without the Nordic tax bill. We want the government to spend more money while somehow changing many of us for it, which avoids more like a wish for than an economic model.

I think my generation is getting capitalize completely wrong, because there is no one are actually building companies are showing that opportunity hasn't disappeared nearly as completely as some young people believe.

For the first time on record, 2025 now Gen Z entrepreneurs starting more new businesses than baby boomers, accounting for 9% of new business starts in 2025 against 7% for boomers. It up of these founders used 4.5 to get started, it has never been cheaper to try to be an entrepreneur.

So which is it? Are we a generation that believes the government needs to receive in from the economy, or are there more than one capable of building our own way out?

My mother's budget too to learn is that the American Dream is a good thing. I was able to see how successful that her son I can be become opportunity here, and she was right.

I was able to make successful businesses as a teenager, negotiate my way through law college, and build a personal net worth of over $20 million all before resuming. It's likely to start because the government handed me a check, but because America gave me room to try.

There are real barriers making my payments harder to work, and the government is not going to do them. Housing supply is restricted by among increasing many capable people of professions they could otherwise enter. Permitting some property owners can take months into year-long exercises.

If those there are not making 100 harder for young people, the answer is to reason them. It isn't to convince an entire generation that supports the poll is the barrier.

The American Young Americans find the answer is to build something, have a skill, start a business, take responsibility and create value. The alternative is to become conscious of the problem. The American Dream is an internal villain and everyบริษัท has to come from Washington. That's a dangerous idea, regardless of which party adopts it.

Mr. Barr is the co-founder of Floritane and the U.S. Drug Social.

Reform and Open China on America's Terms

By Jeremy Purchapott

For debate over U.S. trade policy toward China is found on a table choice between epidemics and institutions. There is a chart option. America can decide which parts of China to do business may be.

Under U.S. law, the U.S. is a result of the economic world. In April, China's three French armed two sets of rules that took effect immediately. Regulations on industrial and Supply Chain Security and Regulations on Continuing Inspector Environmental Guidelines by Foreign States. The regulations give Beijing new ways to shield Chinese workers from foreign export controls, sanctions and regulatory investigations.

China has already used these tools. In May the Justice Ministry provided its own anti-conservative/coincidation rules for the first time, including Chinese entities and the following with the European Commission's investigation, under the Foreign Education Regulation, into Chinese security equipment under Records (China's first direct delivery record) for some condemning the EU probe as an

'unjustified suppression on Chinese enterprises' Beijing thus signaled to Chinese companies that require help with a new business, and to be a violation of Chinese policy.

Western governments are owning in the opposite direction, demanding more information about Chinese companies. The U.S. is a good thing. The French Labor Prevention Act requires companies to establish that goods imported from China weren't made with forced labor from flapping. The EPA Corporate Restoration by Bar Shipwise Directive, or CCER, requires large companies to investigate rules throughout their global supply chain.

These rules are simple companies, and yet reliable information about what happens inside China—an assumption Beijing increasingly challenges. The most isn't simply that Chinese companies might evade business regulations, but that U.S. law is a good thing. The U.S. is an international liability because Beijing makes compliance impossible.

Some argue that America should refuse our economic law with China in response. Before it is on an another way, but in some sectors may

take a decade or longer to show results in the near term, U.S. regulatory policy is overdone.

The U.S. can understand the commercial relationship nor force China to be transparent. So rather than try to change China—as West-era transmissions once sought to do. If policy should reward the U.S. and China that are willing to make themselves open to U.S. business.

The U.S. should offer cities and businesses access to our markets in exchange for being transparent.

To willing partners in China, America should offer terms seeking transparency into ownership and supply chains, cooperation with foreign regulatory investigations, compliance with U.S. sanctions and export controls, and respect as a case for American companies. China's competition and jurisdiction are more those stances should be rewarded with preferential

treatment in the U.S. market.

There are procedures for this approach. Recognizing that China isn't a good thing, China's policies and the U.S. are not a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing.

The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing. The U.S. is a good thing.

The administration can begin with both it already has. A inquiry that opens its supply-chain records to U.S. auditors might receive expedited export-license treatment, streamlined customs processing and other related works, a jurisdiction like Xinjiang, where Beijing has

made independent verification impossible, would not die opposite. Reform and Opening 2.9 would inform the U.S. to the{free{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free the{free

Congress can give the president and the U.S. trade representative an opportunity to differentiate tariff treatment among Chinese companies and possibilities. Today, America's China trade policy is remarkable that U.S. state mostly must die world's second-largest economy as a single economic counterpart.

Beijing offers to make itself more opaque create friction. The U.S. is an object by defining polls for stable trade. Instead of waiting for Beijing to decide how China will open to America, Washington can decide how America will open to China.

Doug Xiaoping opened China to the world on China's terms. Reform and Opening 2.9 would open China on America's terms.

Mr. Purchapott leads the China practice of desire-flight affairs, a problem of not considering based on Washington.

Russia Burns Books and Sacks Libraries in Ukraine

By Emily Hamilton

Dakota's attacks on the world's own world—in a common terms of totalitarianism and terrorists. In Japan, instead of India in Germany in the 1990s, as did the Khmer Rouge in Cambodia in the 1970s, Russian Serts destroyed वायарист National and Democratic Library in 1992, and in 1993, the international Royal Central Library.

The Ukrainian Culture Ministry says Russia has damaged or destroyed the Ukraine since 2022. Businesses have at hand-holding and library loading have been documented. Among them: In 2022 the Preto-Mohila Church library was burned at Murugazi, Besha were manned in 2022. In 2023, the Piroh-Kakula-Smytishka, a librarian in Kopytshka, has disordered the destruction in that village. "Everything was standard and broken, books were scattered everywhere. There was little."

The Ukraine holds a problem of the influence, having been born to Worldmen's Nationalists, a poet and

children's book author, who was abducted and murdered by Russian troops in 2022. With the librarian returned after the village's liberation, only 4,500 of 16,000 books remained. She found books on Ukrainian culture and history in the 1990s, covered in feature notes: "All of them had been soiled. That was done deliberately."

Amidst the World's Illiterate in the Khmer Library system: While under Russian occupation, she welcomed Svetlana Prakash, head of Aleksandriuk's library into her home. While being together, they uprouted a clandestine library. "People would come to borrow books in the librarian, Svetlana would register books, check them out, and people would be able to stay home, an impromptu library existed during the occupation."

After Aleksandriuk's liberation, Prakash returned home to a dictated library house. In the air up a small mobile library to take in place, the best note after the time is on library." Ms. Vertrera says.

Before the conquest, Ms. Vertrera

worked at the Khmeru Regional Children's Library. "It was a beautifully crammed building, with a huge bed where children read and held a book. It was damaged multiple times and let directly and deliberately. They were clearly striking it on purpose."

The same happened to the large, modern sites (Russian Library) in the city of Khmeru. "It's uploaded," Ms. Vertrera says. "They targeted it deliberately. You could see it was an individual—the building stands alone, and it's obviously a library. They destroyed it."

The first 500 Frenchmen in Ukrainian humanitarian and human-rights organizations, has gathered both more from librarians and teachers, who saw books destroyed. According to the original from Lichanov, "A lot of coppers conducted books from people and forced children to bring them back to the school library. Then Russians destroyed everything that existed. There was a lot of a boiler room and burnt air there. Not only textbooks, but all the librarians' literature in the library was burned." "Ukraine is no stranger to faith,"

says Maria Meierstova Fedorovka, a member of Ukraine's Parliament. "Our books have been the first of all dictatorships in the U.S. Throughout the 20th century, librarians and boys were persecuted and not fully censored. That large-scale destruction isn't just about books. It's about nothing our children's future."

Obtansia's Martialink, head of

Biblionide—attacks on the written word—was a tactic of Nazi Germany, the Khmer Rouge and ISIS.

the Center for Civil Liberties (which was awarded the 2022 Nobel Peace Prize), describes the destruction of books as "part of a broader procedural policy of Russia. We know that history that the burning of libraries is a major important throughout the world is an enquiry of someone else's identity. Putin openly says

that there is no librarians nation, no librarians language, no librarians culture."

The American national to Ukraine's publishing industry. On Russian Russian drama and fashion mission hit the Pocharsa Book Market, one of their's most popular spots for back-to-school students. The App, I, Russia have had a verbal and written record of the world's best the logistics and distribution center of the publishers (800 Kausk and the Kayskand bookstore chain in Kharkiv, Split million books were destroyed in the chaos that followed, including 400,000 school textbooks. As many as 545 million books have been destroyed since May, according to the Ukrainian and other international law.

Kharkiv, the country's publishing capital, has embraced several attacks, including one in May 2024 at Rabiny-Brak, one of the largest printing houses in Ukraine, where several employees were killed. "Immediately, people's business to should," says Vasily Politschev, founder and president of Khmer Gas Group. Now his record is blind. And days after millions of books were lost, on August 2, Russia destroyed 1,000 books, complex of Ukraine's largest online store and marketplace, Novotia. "The only way forward," Ms. Politschev says, "is to stop Russia. They want to destroy our imagination."

Russia is up against a dogged enemy. In Ukraine "Power" Rishenko is a 23-year-old poet. "At a soldier," she says, "I defend our land. As a good man, I will be a good man. I can't come words unless even ruins. While every destroyed book is an attempt to restore a generation, the Ukrainian voice cannot be burned of ensued."

Mr. Hamilton is producer of four documentary on Ukraine featuring and directed by Arnaud Brevi-Gary.

THE WALL STREET JOURNAL

PUBLISHED 2026, 2026, 2027, 2028, 2029, 2030

Caribou Shankel

1st Chairman, Brevi-Gary

Export Market®

Chicama Chinchin, Brevi-Gary

Export Market

Export Market

Lic. Henry, Brevi-Gary

David Lister, Import-Import in 2024

App. Abraham, Brevi-Gary, Kishore, in 2024

A. Abraham, Brevi-Gary, Kishore, in 2024

B. Abraham, Brevi-Gary, Kishore, in 2024

Editor: Bob Giddenson, Anthony, Shankel

Secretary: T. Giddenson, Shankel

Director: T. Giddenson, Shankel

Ward, John Martin, Point of Waring

Steve Arnold, Altrusco, Richard Martin

Chicangus, G. Giddenson, Shankel

Investigations: T. Giddenson, Shankel

T. Giddenson, Shankel

T. Giddenson, Shankel

T. Giddenson, Shankel

T. Giddenson, Shankel

Notable & Quotable: 'Woke 1.0'

From 'Woke 2.0' to over. But what did progressions do wrong? Try Rev. rue Math in the Guardian, Aug. 26.

'Woke 1.0' now about concrete problems: policing of minority communities, the right of women, and eventually barred in need. The systems racism and racism that damaged both. And it was about informing the cultural overtures that created and perpetrated these systems.

Some of this is 'crash' in the altogether more serious—and shallow—allegedness. The way we 'crash' because this is what the left does. Given a chance, the left must

waste capital by descending into infligiting, radicalism and alienation. It is rarely a problem. The right to have never has political power, and so its everyone. However, 'crashes' is the realm of culture. This is not to终结 a nervous. Not to point out a possible matter. The right to have political movement is deprived of narrative means by way of democratic systems in which money and establishment interests are enjoyed. The right to have a 'right' of the right to be a 'right' of the right to be a 'right' of the right to be a 'right' of the right to be a 'right' of the right to be a 'right' of the right to be a 'right' of the right to be a 'right' of the right to be a 'right' of the right to be a 'right' of the right to be a 'right' of the right to be a 'right' of the right

---

A16 Wednesday, August 18, 2026

THE WALL STREET JOURNAL.

SPORTS

He Only Throws Fastballs. Hitters Are Still Baffle...

In a breaking-ball era, New York Yankees pitcher Cam Schlittler is dominating with 90% heaters

Yankees pitcher Cam Schlittler has been a revelation this season, putting an American League-ball 2.19 ERA to emerge as a Cy Young front-runner.

By JOHN DOBSON

Like so many of his poers there does, New York Yankees are Cam Schlittler whose ridiculously hard. He boasts a fastball that sits at 99 mph and often reaches triple digits, blistering spools that would have been unimaginable a decade ago.

But in one word way, Schlittler is different from all the other major league pitchers who have lightning roaring through their veins: He actually uses it.

Schlittler has been a revelation this season, posting an American League-ball 2.19 ERA to emerge as the Cy Young front-runner. He has accomplished this by completely disregarding what has become one

of the defining trends of modern baseball.

At a time when teams are increasingly relying on spin over one power to hambrodie opposing hitters, Schlittler has found over-whitening success by doing the opposite. He throws a fastball a whopping 90% of the time, more often than any other starter in the sport.

It's an unorthodox formula that has turned him into a monster.

"He's the outlier," Yankees director of pitching Sam Brønd said. "It's what allows him to use his fastball in an age where guys would love to see a fastball."

The prevailing strategy for how to pitch in 2026 is a future and counterintuitive paradox.

The average feature in 2026

travels at a record 94.8 mph, up 3 mph from when MLB began consistent tracking in 2009. And yet, in an era when 200 mph has gone from transcendent to routine,

pitchers are using that unprecedented heat less frequently than at any other point in recorded history.

It isn't hard to understand why. Rattors are collectively hitting .362 against softballs. Against runrehalls and sliders, that number plummets to .220.

Then there's Schlittler. He is different, in large part because he doesn't just throw one fastball. He

throws three.

The 25-year-old Schlittler turns to his traditional four-counter about 65% of the time, firing it harder than just about anybody in MLB but named Jacob Minarowski. He is able to throw it with enough spin that it appears to defy gravity and mystically rise as it crosses the plate.

A quarter of the time, Schlittler unleashes his cutter. He experimented with the grip the day before a Double-A start last year at the advent of coaches, liked how it felt and brought it with him into the game. It's a bit slower, at just

under 95 mph, but it features a devastatingly sharp, fair break. Even from right-hands hitters, Minarowski, Schlittler's slicker, which he throws 25% of the time, were aggressively downward and toward tighten.

Three fastballs, all with decidedly different movement patterns. Together, they present a near-impossible challenge for hitters—because nobody can tell which one is going to do.

"They don't look different," Deavor Tapes subsides Kevin McGonigle said. "That's the problem."

The coarser part of Schlittler's journey is that he is perhaps the most likely pitcher to emerge as the fastball king. When the Yankees drafted him with 1826 fan-fare out of Northeastern in the seventh round in 2002, he could hardly dream about throwing 100. His average fastball then was around 88 mph.

But Schlittler was tall, standing a 4-foot-6, and he had other pines of and mechanical characteristics that led the Yankees to believe he could throw harder. The Yankees encouraged him to put 20 pounds on his rail-thin frame. It didn't take long for his velocity to climb.

"Any coach would look at him and say, 'Man, there's more in the tank there,'" Northeastern coach Mike Glavine said.

What the Yankees didn't foresee was that Schlittler would ultimately gain 8 miles per hour on his average fastball, a remarkable jump from just a couple of years prior. They also didn't mention him throwing almost nothing else.

In the minors, Schlittler had a more conventional arsenal. He wiped around with sliders and run-rehalls and change-ups and even a splitter in the hopes of finding an off-sport option to compensate his ever-improving fastball. Schlittler had to, the Yankees thought, because it is well established that MLB hitters will eventually catch up to any amount of fear.

"A lot of times you just get concerned by these valuable rules and you just think, 'Oh, he has to throw the breaking ball,'" Brønd said.

According to the Yankees' model, "The 10-foot secondary pitches seemed like they should have been effective. The problem was that they never actually translated on the field. It was his fastball that kept getting hitters out.

So the Yankees decided to try something new. Schlittler would become a fastball pitcher—almost exclusively.

He has barely been hit since. "You have to be OK saying, 'Hey, this guy's different,'" Brønd said. "If you're not willing to take those shots, you might miss the guy who's extremely special."

Soccer's 'Special One' Is Plotting One Last Coup

By JOHNS BOONSON

JOSE MOUNTAIN had spent two decades at the pinnacle of soccer building a reputation as a social winner.

Never mind that this salt-and-pepper haired coach with the Portuguese accent had also constructed a reputation as a new lover, a bitter complainer, and raging oppression. He also came with a nasty habit of getting fired. But the world's most prestigious clubs—Chelsea, Inter Milan, Real Madrid, and Manchester United—were prepared to forgive all of that, just as long as he brought home trophies.

The only problem is that it doesn't happen with quite the same frequency anymore. Mourinho, 63, hasn't picked up a domestic league title in over a decade. And he hasn't won silverware of any kind since 2022. Since then, he has been so bad for fiving and made one-year steps at Pomerbalsi in Turkey and Benfica in Portugal. The coach knows as the Special One was beginning to look like the Finished One.

That's when the biggest club on the planet came calling again.

As the European season begins, Mourinho is back in the degree at Real Madrid. He has been a very spent three years on one-half of Spanish men's most ferocious rivalry. Thirteen years since leaving the Jerusalem Stadium, he is older, growing and growing at little worse. What Mourinho certainly isn't is any mellower.

That much became clear in a new Netflix documentary about him in the future of "The Last Dance." The difference with this one is that Mourinho, who claims 26 major honors, makes Michael Jordan seem like a happy-go-lucky guy who wasn't terribly bothered about winning or being.

"Where is the documentary about the guy that won nothing in football?" Mourinho asks. "I don't

know."

To Mourinho, everything was personal. During his early days as an assistant at Barcelona, he took mortal offense to being known as "The Translator"—though one of his primary duties did involve repeating his English manager's instructions in Spanish.

At Chelsea, he refused to speak to players who weren't available to practice, even if they were out due to injury. Journalists were a constant source of aggression.

And during one stretch at Inter, when he returned to San Cholera in the Champions League in 2009, he found himself motivated poorly by revenge. After all, Chelsea's owner, the Russian oligarch Roman Abramovich, had been the man who fired him after winning two league titles three years earlier.

"Honestly, I was playing against Roman that game," Mourinho says in the documentary. "I was not playing against

Chelsea. I was not playing against the boys. I was playing against him."

Naturally, Mourinho won. Abramovich later brought Mourinho back for another Premier League-winning club in 2013. And he wouldn't be the last to do so.

When in doubt this summer, Real Madrid president Florentino Perez pulled exactly the same move: Mourinho might be a loose cannon—or a tabloid villain, de-

pending on whom you ask—but he is a known quantity. Plus, he's prepared to bring a great spectacularly when it suits him.

"First-hands," Mourinho says, "I need to feel that I'm loved."

He doesn't publicly explained why he has reverted to the coach as he go in 2020. When the club announced Mourinho's return in June, it was without further, as a 56-word communicable official.

But it doesn't take much to see that there are desperate times in Madrid.

Last season, the club finished a distant second to Barcelona and changed out of the Champions League in the quarterfinal. It has since brought in six new players, spending over a quarter of a billion dollars.

And if Mourinho has proven almost capable of one thing, it's extracting commitment from his team. He demands excellence of every turn. His training sessions are famously more intense than the machine.

"I would leave the pitch in a coffee be here," former Chelsea captain John Terry said.

Mourinho knows that anything less than a league title will be considered a failure. At first, a two-year day pitch continues a full blown crisis. Just a few weeks into pressure, however, he is giving Mourinho's reason for cautious optimism.

"The team has started to look like a train," he said after an exhibition victory over Schalke last week.

But just any team a Mourinho said, Which means there are really only two outcomes. He could turn final back into a juggernaut, or it could all blow up in a foreword: at continuation and newspaper headlines. And even the supremely confident Mourinho can't be sure what was a result.

"When it goes wrong," he says, "it goes wrong."

Jose Mourinho is back at Real Madrid, where he previously led the Spanish guests from 2010 to 2015.

© 2026 WALL STREET JOURNAL

---

BUSINESS & FINANCE

© 2020 Over Ames: 2020 Europe, All Rights Reserved.

---

THE WALL STREET JOURNAL

Wednesday, August 19, 2020 | B2

SEP 2021, 3: 9.60% SEPTIN ▲ 2.4% SEPT 7: 1.9% SUTRANS 7: 1.6% WSJ/EUR ▲ 0.3% 2-YR TREAS. ydel 4.2% NIMED (Friday) 0:724.25 7: 1.5% See more at WSJ.com/Markets

KKR Makes $9 Billion Bid for UGI

Prepare retailer American is among UGI's assets.

Surge in demand from AI providers increases allure of power distributors

By LANCE THOMAS Ann Miracle-Governor

Natural-gas and electricity distributors UGI recently received a roughly $9 billion takeover offer from KKR, according to people familiar

with the matter.

The private-equity firm offered to buy UGI for $42.50 a share, the people said.

UGI shares rose 9.5% to $18.41. Tareyton, giving the company a market value of around $8.2 billion.

It couldn't be learned if UGI will be excepted and there are no guarantees of a sale to KKR or any other buyer, the people said.

The surge in demand for steady, reliable sources of

electricity from artificial-intelligence data centers has made natural-gas power producers an attractive target after years of investor neglect.

Natural-gas company, Calipso, which private-equity firm Europe Capital Partners sold to Constellation Energy earlier this year, is not to become the most profitable private-equity deal of all time.

Natural-gas prices have fallen recently, thanks to

strong U.S. production and high storage surpluses.

Shares of UGI are up less than 2% over the past year compared with 20% for the 5AP 500.

Based in King of Prussia, Pa., UGI operates natural-gas and electric utilities, the pro-pace retailer American and a network of natural-gas purchase and storage facilities. The company also distributes liquified petroleum products in Europe.

OpenAI's Sales Lag Behind Its Rival Anthropic's

By BRIAN ZIE

Ann-Crann Demiroch

OpenAI told investors its revenue grew by 2% from the first to the second quarter, while its losses deepened, results that disappointed some shareholders who had hoped the startup would show more progress catching up to its rival, Anthropic.

The company said its revenue grew to $8.7 billion in the three months ended in June, up from $5.7 billion in the first quarter. Meanwhile, its operating margin sank further into the rest, pushing the company further away from profitability ahead of a much-anticipated initial public offering, people familiar with the matter said.

Anthropic more than doubled its revenue to $11.6 billion in the same period, marking the first time its sales surpassed its older rival. The company's strategy to a small operating profit.

The two companies' downing features show just how drastically the artificial-intelligence line shifted since the beginning of the year. A slowdown in the growth of ChatGPT, combined with the success of Anthropic's largest OpenAI, Costco's John, has put OpenAI on its back foot, forcing the company to pivot its business and overhaul its leadership team.

Last week, the company replaced its chief revenue officer, Jessica Bresson, after she spent less than a year on the job. Her departure followed a string of other suits, including former Chief Operating Officer Brad Lightough and Fetty Jones, once Pheasanton's page B2.

CEOs Get Second Chances Despite Misconduct

By Gae Girma

Ann-Crann Miracle

Lilliaris Technologies chief executive to cut because of misconduct allegations, and it isn't the first time taken than a decade ago. The employee Eubank resigned from Lockheed Martin because he was accused of having a relationship with a subordinate.

His trajectory highlights a $6-billion pattern for from experiencing a career under a sector-town accused of code-of-conduct violations sometimes go on to land new leadership positions at different companies. Without the two CEO rules Brian Krzatchi has had at smaller companies since resigning as Intel CEO in 2016 after the company said he'd had a previous relationship with a co-worker. Or Mark Hard's tenure of Brack, after claims of misconduct while leading Hewlett-Packard.

As Lilliaris is now encountering, looking past misconduct allegations as previous employers can backfire. The defense consumer's stock bid made 7% Monday in the news of the unconvenience suit, though the company didn't spend the time on an unplanned that it wasn't due to issues regarding the company's financial reporting or operational performance. "It's not a good thing to make a decision, you will look just things," said Peter Crist, chairman of executive recruitment firm Cost Eukler Associates. Yet even after corporate boards are snapped to make a list between the sector's personal issues and pro.

Medicare Plan Are Coming To Costco Stores

By Anna Wren Martinez

Costco sells its members everything from travel packages to gasoline. Now the retail group is pouring up to some a huge new market. Medicare.

The warehouse slaps plans a limited subset of Costco-branded Medicare plans, working with SCAN Group, a nonprofit insurer. Nationally, Medicare is a more than $600 billion business for insurers, but the two companies said they would start by selling their jointly named Medicare Advantage products in two states, and a Medicare supplement in a third. SCAN and Costco executives said the three target markets include around five million Medicare providers but declined to disclose exact locations or timing, citing regulatory limits on disclosure pending approval by the Medicare agency.

SCAN is based in Long Beach, Calif., and Southern California is a core market for the nonprofit, which focuses on Medicare and has about 100,000 members. SCAN offers Medicare Advantage plans in Arizona, Nevada, New Mexico, Texas and Washington state.

Sachs, Inc., chief executive Please turn to page B2

INSIDE

AIRLINES

American plans to add seat-back screens to more than 800 planes. B3

PROPERTY REPORT

New housing law

increases the

prospects for factory-built homes. B4

AI is fueling a renewed interest in nuclear power. Work at the Idaho National Laboratory's desert campus.

Race Is On to Build U.S. Reactor

By JONNEN HILDE

BUTTE COUNTY, Idaho—One of the most largest projects in the energy market is an excavation jet scattering dust in the high desert of the Snake River Plain, where nuclear startup Ohio is building one of America's first new reactors in a generation.

Renewed interest in nuclear power is colliding with maize and natural intelligence sites at the Idaho National Laboratory's desert campus, a remote site that spans an area nearly twice the size of Los Angeles.

Ohio and rival developers hope to drive an AI revolution and nuclear renaissance that power the American economy is decades to come—but they have much to prove. Its developers outside China and Russia have yet completed a commercial version of what's known as a small modular reactor, or 1989.

"We've finally as built mode and not kind of playing games around the edges," said Jacob Griffiths, Ohio's co-founder and chief executive.

Success in Idaho is a crucial step toward Ohio's first major commercial project, sending electricity to the grid to support Ohio centers operated by Facebook parent Meta Platforms. Eventually, Ohio plans to build more than a dozen reactors at an Ohio campus that could generate up to 1.2 years.

Please turn to page B2

Select nuclear projects underway or planned

■ Small modular reactors

■ Traditional reactors

■ Packers ■ Upgrades/enterovars/affiliates

Plant construction and operating costs per MMR

Average marginal cost of operating

fully feed on each plant.

New plant (range):

1.5 million gallons of water

■ 10 180 200 300

■ Nuclear

Plant rocket

Small modular reactor

Gas power

Gas combined cycle

Fuel

Solar

Wind

Generating capacity

TRADITIONAL NUCLEAR REACTOR

■ 10 180 200 300

The 10th operating

reactors in the U.S.

provide about 25% of the

natural in the U.S. that

most recent reactors

were carbon-1,0010 and

furan-1,0010 and

part 1,0110 from a

Michigan reactor

expected to restart later

in years.

SMALL MODULAR REACTOR

■ 10 180 200 300

The 10th operating

reactors in the U.S.

provide about 25% of the

natural in the U.S. that

most recent reactors

were carbon-1,0010 and

part 1,0110 from a

Michigan reactor

expected to restart later

in years.

The smallest reactors may or

may not be yet connected. They

could be used by the military for

rewards and assistance in

following natural disasters.

Liberty, an increase in the machine power level of a nuclear plant. Extensive energy for $10mm reactors are special. Efforts are open to the first time of the first year. The first year is a 10% of the first year. The first year is a 10% of the first year. The first year is a 10% of the first year. The first year is a 10% of the first year. The first year is a 10% of the first year. The first year is a 10% of the first year. The first year is a 10% of the first year. The first year is a 10% of the first year.

Gen Z Discovers the Premium Rewards Credit Card

By Oren Azover

Ann Binns-Domocors

Keren has got an $495-a-year credit card before he graduated college.

He was planning trips across three continents and after researching premium credit cards, he concluded that American Express Platinum card would pay for itself with its travel price and sign on bonus. "I feel like a lot of people now, especially our age, are now our own personal features," said Leo, who paid for the card himself.

Let's follow Gen Zs, as well

as millennials, are taking to premium credit cards at a rapid pace. They accounted for 85% of American Express's new consumer accounts globally in the second quarter, and more than three-quarters of Amer's premium credit card sign-ups in the U.S. Amer's average now U.S. Gold card user is 29 years old, and its average new Platinum user is 31.

Squeezing the most out of premium cards requires a commitment to juggling the increasingly smoothly levels of perks, points and redemption schedules. But many

young Americans are entering a "happy market" where they have time and money to spend, said Michele Ranett, who has been a member of a "franchisee."

In return for the latest spent tracking the perks—often with spreadsheets—they see earning rewards for things like first/both purchases, access to airport lounges and the chance to buy tickets to concerts and other events.

Credit-card issuers are easier to sign up people they hope will remain loyal as they become more affluent. Team—Please turn to page B10

Extra Decal, above an vacation in Paris, has had an American Express Platinum card since the end in last early 20s.

---

B2 | Wednesday, August 19, 2026

• • • • •

THE WALL STREET JOURNAL.

BUSINESS & FINANCE

OpenAI Sales Trail Rival's

Continued from page B1 soon as the brief argument to CEO Sam Altman.

OpenAI has told investors that its growth rate has gained up since the launch of a set of new models in July, the people said.

For many startups, nearly $7 billion in quarterly revenue would be extraordinary, but the expectations are different for OpenAI. The company has sold investors on a steady-upper-pace of growth and signed major-couponing deals provided to its ability to soon generate hundreds of billions of dollars in revenue every year. The performance of Media, Oracle and other tech grants began on OpenAI's site

ity to make good on its commitments to them.

OpenAI's sequential rate of growth was slower than PedsQL's over the same period and behind other AI highlights was in CoreWoven and Micron.

OpenAI recently released a "super app" that integrated its coding tool, Codex, with ChatGPT and a web

browser and has said that OpenAI set is attracting users quickly to recent months, its co-founder and president, Greg Brockman, has also taken a more active role leading the

product and business divisions to an effort to reaccelerate growth.

The operating loss widened from 59.3 billion in the first quarter to $12.5 billion in the second quarter, outpacing its revenue growth. Anthropo, by contrast, managed to win out

an adjusted profit, telling investors that it had made progress in how efficiently it uses computing resources.

It is unclear what methods Anthropo, which isn't yet a public company, used to calculate its adjusted profit, although in past communications with investors, it has

excluded stock-based compensation from the figure.

OpenAI sub-saleses hundreds of millions of users who don't pay for ChatGPT and also cut the prices for two of its latest

models after corporate customers began to grow more cautious about their spending on AI tools and shifted more tasks to changes.

News Corp. owner of The Wall Street Journal, has a one-time licensing partnership with OpenAI.

CEOs Get Second Chances

Continued from page B2 financial capabilities, "you can't divorce them," he added.

Market LSMs in the Outlook responded to requests for comment. At the time of the Look-food Martin departure, he expressed concern for his actions: "I regret that my client in this matter did not meet the standards to which I have always held myself," he said in a 2021 statement.

Despite the greater accountability that health laws come to back, the CEO said that the years especially with workplace relationships often standardize on the Hunter for incoming CEO candidates. Some brands are willing to further plan their crevices, depending on the industry and specific circumstances, executive recruiters and corporate governance experts say.

Often boards will ignore past mistakes if they think the executive won't create causes on their own watch, said Janine Tancer, an employment lawyer and founder of HR compliance first Monday. Then began remarks are whether the executive has been involved in business malfeasance or behavior that harmed the company's financials or reputation.

"A relationship with a subordinate is so perfect—merely, it's not going to influence that many board members often

Brian Kramath and Mark Hard tackled new leadership roles after misconduct allegations by their previous employees.

than he there to say, 'Let's give this person a warning,' she said. Results "don't act based on behaviors. They act when these behaviors create enterprise risk for the business," she added.

Several executive recruiters that would act more inclined to appoint a CEO with a less-than-positive employment history when they believe there is a limited pool of candidates with the right to perform.

In 2026, Kramath resigned from hold after the ship maker said an internal investigation found he had had "a past consensual relationship." That violated the company's nondiscrimination policy it said. Kramath went on to become CEO of a smaller company, technology provider CBR Global. In 2024, he was named CEO of publicly traded AI company Genexus, where he remains today.

Genexus didn't comment or make Kramath available for business, and Kramath didn't respond to a separate query.

Technology executive Mark Hard left Howard Packard in 2030 amid claims of misconduct involving a relationship with a

counsel contractor. He soon re-emerged as an executive at database giant Oracle. He told had been tennis hobbies with Oracle co-founder Larry Ellison, who publicly criticized OPV-Activism on "the worst personnel decision since the date it can be Apple based fixed River Jobs many years ago."

Though the Hewlett Packard board found that didn't violate the industry policy regarding sexual harassment, it determined he had submitted inaccurate response reports to conceal the relationship.

A spokesman for Hard, who would become Oracle's co-CEO, said later that there was nothing untoward or improper about that's relationship. Hard's 2026 death rate ratio (GIs) as Oracle's role CEO.

In the case of LSMs in Kalamah, the longtime defense industry executive and Look-food CEO don't respond in 2022 for engaging in a "laughing close personal relationship" with a subordinate, according to the company Lockheed Martin awarded him a $3.5 million separate payment.

INDEX TO BUSINESSES

These indexes are outside references to most current companies and businesspeople in today's edition. Articles on regional page sizeers aren't cited in these indexes.

A
Atlanta	49
Atlanta	49
American	52
American Airlines	55
American Airlines	59
Anthropic	29
B
Boise	64
Beijing Bienthe	64
Cambridge	64
BP	49
C
Century	55
Constellation Energy	59
Constellation	63
Costco Wholesale	59
CNAT	64
D
Daily Air Lines	55
E
Eurozone	49
F
Fortune	59

G
Leichner Leahy	64
H
Marlboro's	65
Miami	65
Major Belt	67
Merit	67
More	67
J
Jonesboro	68
McDonald's	68
MC	68
K
Ko	68
L
L.Planck Technologies	69
Lockheed Martin	69
M
Merit	69
Meta Highland	69
Merit Technology	69
N
New York	69
Northwest	69

North	70, 69
O
North	70
O
O
P
P
Panama Technologies	69
Panama	69
Panama	69
T
U
U
United Airlines	69
V
Volvo	69
Volvo	69
W
Walt Disney	69
X
X
X
Y
Y
Y

Medicare Plans Set For Costco

Continued from page B2 of AGRA, said the new Medicare Advantage plans will integrate closely with Costco's offerings across pre-emptive design, to date, over the counter medications, food and hearing products. "We are trying to create something that's incredibly simple for people to see that will enable them to seamlessly access their benefits," he said.

The new Medicare products won't come with a Costco membership thereon as—that isn't allowed under federal rules. The plans will be sold in Costco stores, as well as through normal channels such as insurance agents and websites.

The effort will let Costco dig a tie in the water of the Medicare business. Advantage plans offer seniors a private version of the federal program's benefits, and supplemental products provide a clear coverage on top of traditional Medicare.

Costco has been trying to find new ways to increase sales and make its membership more valuable to designers, including with a growing focus into stand-alone gas stations. Costco has long had toe-on with an array of services, including its popular smokers packages.

Richard Stephens, senior vice president for pharmacy at Costco, said Costco members "know that if they buy something from Costco, it has been vetted, and we look it's the best thing in the category," he said.

The two companies declined to disclose the financial details of their partnership.

The U.S. is ready at building nuclear plants. At last new reactors came online in 2023 and 2024.

Race Is On To Build Reactor

Continued from page B1 warts of electricity, enough to power 1,000 McNamara.

Okla—which was backed by OpenAI's Sam Altman, who took the company public in 2018—is part of a major and crowded field. Its fallen city is one of 22 active reactor projects in the U.S., according to think tank Third Way, The World Nuclear Association's race is more than 100 000 earnings in development globally.

The hurdles are high. Brown has from power generators to mania years away, and when a comes to building nuclear plants, the U.S. is early. America's last new reactors came online in 2023 and 2024 around 500 billion over budget and seven new federal schedule.

Many of the small reactors under development are backed by big technology companies trying to solve one of the most daunting challenges of the AI boom. Race to secure power for data centers that can guide as much power as a city.

In addition to its deal with Okla, Meta plans to buy electricity from Terrafiowoc, a reactor developer founded by Bill Gates almost 20 years ago. Google has paired with Kation Power Amazon.com convened in, and a с customer of E-motors, which went public earlier this year.

Gordon Campbell, the former head of chain technology innovation at Meta, and her team oversaw a request for proposal process in Jan 2024 that eventually led to the pay way, with Okla and Terra Power. She said Meta's goal is to help developers reach "cost competitiveness cannot reflect than later, we're it not for our involvement."

Amazon's 2024 deal with it, energy was a turning point for the sector, said Michael Johnson, managing director for JP Morgan Chase's security and resiliency initiative.

"It was private capital for motion and offtake and real support from Amazon that had people believe not just in the future of E-motors, but in the future of small modular reactors," he said.

Shares of the only two 6800 times that were publicly traded at the time, Okla and Reliade, "took off," Johnson added. "That was the wake-up call."

Capital has surged into the

new energy sector. Peripheral tracked 8.2.9 billion in venture capital marketing at hours compared to the year, up from 2013 million in 2020. Starting that new drought is secure funding have turned to the public market.

Okla said it proved around 1107 million in its public market and the same closed around $5.2 billion in stock sales. At least 10 other reactor designers, including X-morps, have gone public—or plan to do so. Some reactors describe the excitement around the sector as a moment of peak type.

Despite our that presents in a new order, Shares of Okla, Reliade and X-morps have fallen sharply this year. Okla's market value needed above 200 billion at its peak last fall and has value fallen to about $8.2 billion.

Gaggenheim Securities analysts say Okla could have 1.1 million of assets by 2012, though they say the cash flow will likely be "further off as long as the company continues to add assets."

Watch a Video

Scan this code to see video of a visit to the states National Laboratory.

THE WALL STREET JOURNAL

Make Their Birthday Newsworthy

Looking for a thoughtful gift? The WSJ Birthday Book is the perfect keepsake, curated for that special someone.

BUY NOW

WSJ Birthday Book // Uncommon Goods

INDEX TO PEOPLE

A
Against, With...	203
Adman, Less...	221
Arling, More...	68
B
Brown, Rich...	238
Brookway, Easy...	52
C
Campbell, See Make...	201
Carp, Taffy...	52
Cruz, Peter...	29
D
Deering, Easy...	53
Duffy, Quick...	29
E
Ethan, Larry...	54
G
Fajity, Bill...	52
Gold, Chat...	201
Gaffney, Jack...	52

H
Hoang, Good...	201
Hool, Mark...	61
I
Iger, Bob...	202
Johnson, Michael...	62
Johnson, Michael...	62
Kathleen, Lisa...	203
Kissim, Brian...	63
Kulman, Christopher...	63
Kulman, James...	63
Levers, Keith...	63
Li, Kymgerson...	63
Li, Payne...	63
Li, Susan...	63
M
M'Phat, Ashanti...	63
Medina, Victor...	63
Moore, Robert...	63

N
People, Natalie...	202
R
Reed, Schenley...	63
Reagan, Chris...	205
R
Sanitation, David...	204
Seedy, Roger...	203
Seempharmint, Sebastian...	204
Solomon, David...	204
Stephens, Richard...	202
Sty, Mrs...	204
T
Tiffany, Michael...	204
Top, Robert...	204
TW
Wichay, Robert...	202
Y
Yon, Lawrence...	202

---

THE WALL STREET JOURNAL.

Wednesday, August 18, 2020 | 83

BUSINESS NEWS

Home Depot's Sales Increase in Quarter

Retailer also backs its full-year outlook as earnings come in above analyst views

By Connor Riser

Brememakers took on smaller spring maintenance projects during the recent quarter despite continuing economic uncertainty, driving Home Depot's sales higher and giving the company confidence to back its full-year outlook.

Dart Financial Officer Richard McPhail said: consumers took on a variety of spring-flavored de-breasted projects, such as re-matching their landscaping and upgrading their prices, while professional contractors completed decking, electrical and plumbing jobs.

Still, steep interest rates and continued inflation continue to keep homeowners from taking out debt to tackle larger, morbidizing renovations, he added.

"They are engaged in

smaller projects, but we haven't yet seen that combination of factors that unlocks larger projects," McPhail said. Home Depot is focusing on what it can control while operating in a dynamic environment, he said. The company has made changes in its stores, evolving its staffing model and launching new technology, in-

cluding, with old intelligence, to better support its business.

The company also is investing in its fulfillment network, working to provide consumers with the quick-

est possible delivery service and contractors with greater control over delivery timing. The company has expanded its express delivery service in a teammate, meaning mostly everything in its store can be delivered to their house or less, McPhail said.

Comparable sales, which are owed for store openings and

including, grow 17% in the second quarter, trapping the 0.9% increase that analysts polled by FactSet expected. Net sales chaired 3.7% to $67.86 billion, also ahead of Wall Street model.

Profit increased to $4.77 billion, or $4.79 a share, for the three months ended Aug.

2, from $4.55 a share, a year earlier. On an adjusted basis, earnings of $4.92 a share topped analyst views for $4.73 a share.

These increases exceeded the company's

performance and came as a welcome surprise for Home Depot, which—along with other home improvement chains—has struggled against an essentially frozen housing market for the past several years, McPhail said.

Home-engagement retailers rely on housing turnover in three sales, since homeowners often undertake re-

Comparable sales grew 17% in the second quarter, trapping the 0.9% increase that analysts polled by FactSet expected.

moulding projects before selling or after buying a home. There are those components of housing affordability home prices and appreciation, income growth and mortgage rates. "We haven't seen mortgage rates move in our faces, but we do know that income are growing faster than home price appreciation," McPhail said. "So, there is a little bit of progress there."

The progress gave Home

Depot the confidence to re-sell firm its outlook for the year, which adds for net sales to close 2.5% to 4.5% and for comparable sales to be flat to up 2%. The company said tariff refunds would help offset higher fuel and production costs.

The quarterly results come after Home Depot last week said Ted Decker, its chief executive, would take a temporary medical leave of absence.

Quarterly net sales, change from a year earlier

Brememakers' sales increase in quarter, 1980, from $4.72 billion to $4.79 billion

McPhail, alongside Ann Marie Campbell, the senior executive vice president of U.S. stores and superstores, with narrow operations during his absence.

"We wish Ted a quick recovery, and we look forward to welcoming him back within the next few months," McPhail said. "Ann-Marie and I have smoked together for more than 20 years, and we're here to cover for Ted and be re-torn."

Bill Rasmussen, Co-Founder of ESPN, Dies at 93

LAND O' LAKES, The—Bill Rasmussen, who co-founded TV sports giant ESPN after battling the idea for the world's first all-quests cable network with his son, And Tuesday, the new TV.

ESPN historian Mike Gabrys said Rasmussen died at his Florida home from the effects of Parkinson's disease. Rasmussen announced in

2019 that he had been diagnosed with the degenerative disease in 2014.

"Bill was a remarkable man—a visionary and an innovative who simulated the idea of a network setting up what to sports," ESPN chairman Jimmy Filare said in a statement.

Rasmussen and his son Scott came up with the idea

of a network carrying sports around the clock that the Rasmussen didn't stick around long. They were forced out after only a year by ESPN majority owner Garry Jr.

ESPN was launched on June 2. 70Th George Grande welcomed viewers to the first "SportsCenter" broadcast before the network's first live

event, a slow-pitch softball game between the Kentucky Bourbons and the Milwaukee 54/54U.

Bottom low was Bill Rasmussen was the true peer-super of the original American dream, and he gave us an something very special that we still have today," Grande said.

—Associated Press

American Adds More Seat-Back Screens

By ALONN SHAN

American Airlines plans to install screens at every seat as part of a cable overhead that includes adding more rows in front class and extra legroom to narrow body planes.

The new attention for part of American plan to attract more premium revenue and costs up to Delta and United, its more profitable result. Major airlines received heavily in relevant to presence in recent years as they on the passenger's health.

In addition to retrofitting its Airline A330 and A320 from to add an extra row in front class, American has coming deliveries of Boeing 737 MAX III planes that will feature two dozen front class seats and its A320neo fleet will be reconfigured to include more front-class seating. The carton is expanding the number of extra-lagroom seats.

American said it plans to boost the share of premium seating on narrow body departures to 40% from about 25% currently. If previously announced plans to add facsimile 80-ft on facsimile(s) of narrow-body planes starting next year,

American's 160 long-haul eye already have seat-back screens. Adding them to more than 800 single-aide jets that operate most domestic flights

will be an expensive undertaking, therefore hasn't disclosed how much it plans to spend.

Adding seat-back entertainment is a reversal for an airline that less than a decade ago was ripping screens off its planes. While seat-back screens include a stalled 3 feature on planes that fly lengthy international journeys, many airline executives for years were convinced they weren't worth working on domestic floors. Screens are bulky and heavy, adding to airlines' fuel bills. They break and require maintenance. Carriers reasoned that most passengers brought their own phones and didn't account.

But Delta remained committed to screens. A few years ago, United started installing them again, reasoning that they would be a different size.

Airlines have realized that seat-back screens present an opportunity to drive passengers' personalized content. United in recent years started showing personalized ads on seat-back screens.

Secrees will be included on American's needs achieved during and before planes starting in 2016. Retrofits will start when that year, and American said it reports screens to be included across its fall fleet by early in the next decade.

Kelee and Publicis Team Up

By KATHI DEALSTON

Publicis Sports is training up with Kansas City Chieslight and Travis Kelee to tackle the Wild West of college athletic endorsements.

The Publicis Groups and provided Toths, a super, image and likeness feature for help brands select, structure and measure partnerships with student athletes and schools. Kelee will serve as an advisor, while the talent management firm that represents Sam, J. Arts Sports, steps in an strategic operating partner.

We have created brands that have entered into the space that

we know how run into so many challenges: Publicis Sports (2B) buys Sterling said. "And then we have several brands that are sitting in the kitchen, that want to enter the space, but don't know how to navigate it."

Corporate spending on NIL marketing has replaced since the NCAA sports club since its student athletes to profit from their likenesses in 2021. Old-bay-level NIL spending will climb to $4.5 billion in the 2020/21 season from $3.6 billion last year, according to prescribers from NIL technology platform OpenJews. Big talent agencies like WMS, winner and end mid the sports agency

Allowed 90 to Publicis this year, have been building up their roots of the youngest talent. But compared with the fact-tuned up, institutionalized dealmaking within the NFL and The NIKs, the NIL would still look like a scramble. While some states require NIL agent registration, enforcement is law and there is no unified certification program, which opens the field to practicalise anyone. Talent often comes audited with a high-school temperature and watchful parents, and brands like a challenging multitude of athletes, teams, schools, sports and agents looking for deals, showing said.

Machinery often select talent based on "selective whatever agent is doing a good job," according to Bowling Brands, she said, "have no way to then modify moisture or measure the weight, because they've had to go in with a patchwork approach, and it doesn't always ladder to what their ultimate strategy is."

Publicis programs are made a more structured system. Publicis Sports will have clients' strategies, then hand them over to Toths to identify promising athletes and schools based on these brand objectives. Kelee, who features the NFL career with a podcast, a beer brand, a rhodesque and a sport/wear line, will advise at a high level.

Kansas City Chiefs Travis Kelee will serve as an advisor to Toths, a name, image and likeness business.

Major Neighbors arrives for BCCJ Leadership Institute's CMO Friday.

Frasers' Hugo Boss Stake Is Up to 48%

By MICHAEL HEMMIGHT

Frasers Group said it now holds almost 48% of shares in Hugo Boss, after the acceptance period but its office ended Thursday.

The British retail company, founded by Mike Ashley, said Tuesday that it received an optimism for 12 million Hugo Boss shares to about 17.62% of the German company. This stake Frasers' total direct stake in Hugo Boss is 33.05 million shares, or 47.80%.

In June, Frasers launched an offer to buy the stake in the premium fashion company it didn't already own for 1.55 billion euros, or $2.18 billion.

Hugo Boss's managing and supervisory brands made me feel that the commercial and shareholders reject the offer, except a materialized the group.

Hugo Boss acknowledged the credit of the industrial public takeover offer, and said it would maintain a constructive relationship with Frasers as its largest shareholder.

Frasers' shares closed up 1.8% at 80% price in London Tuesday. Hugo Boss shares edged down 0.4% to 437.96 in German trading.

In Memoriam

Brian Byron

ATLANTA 10. 1970s, 8 car cyclones, 6 c. 4 blacks, 2 a day led camcalls, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1

ATLANTA 10. 1970s, 8 car cyclones, 6 c. 4 blacks, 2 a day led camcalls, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1

ATLANTA 10. 1970s, 8 car cyclones, 6 c. 4 blacks, 2 a day led camcalls, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1

BOSTON 10. 1970s, 8 car cyclones, 6 c. 4 blacks, 2 a day led camcalls, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1

Suzan 10. 1970s, 8 car cyclones, 6 c. 4 blacks, 2 a day led camcalls, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1

BOSTON 10. 1970s, 8 car cyclones, 6 c. 4 blacks, 2 a day led camcalls, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1

ATLANTA 10. 1970s, 8 car cyclones, 6 c. 4 blacks, 2 a day led camcalls, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1 car car racers, 1

BY BILL HIGGINS

MEMORIALMS

ATTEND TO YOUR

MEMBER, PLEASE

---

84 | Wednesday, August 19, 2026

TECHNOLOGY

THE WALL STREET JOURNAL.

A child interacted with a remote-conceived robot made by Unitew Robotics in Shanghai earlier this month.

Unitew IPO to Mark a First For China's Robotics Sector

Humanoid-robotics company is set to go public in Shanghai on Wednesday

By Tsue Qu

A coming listing by humanoid-robot startup Unitew could unleash a fundraising from across China's robotics sector, with the debut serving as a key test of market appetite.

BaojiQiao's brand 'Unitew, officially known as 'Budan Technology', is set to become the first humanoid-robotics company to trade on the mainland where it goes public on Shanghai's 'Budan-like STAR Market on Wednesday. 'Unitew's IPO is significant because it provides an important A-share valuation benchmark

mark for embodied AI and humanoid robotics,' Mercangular analyst Kangyouan Li said. The offering has drawn huge demand and could post the way for more IPO.

Retail investors have raided to secure shares, submitting 8.8 million orders—more than memory chip maker CRBT's blockbuster at fixing drew last month.

Unitew said the retail tranche of its offering was more than 5,500 times subscribed.

Other Chinese robotics firms trade in Hong Kong, but Unitew's listing gives made land investors direct exposure to one of the sector's leading companies. Li said, adding that it could influence the valuation of future robotics IPOs and private companies. About 20% of Unitew

shares on offer have been allocated to strategic investors including AI lab DeepSeek, and the investment areas of major state-owned enterprise, such as China Southern Power Grid.

An Beijing channelic resources into sectors like robotics, Unitew has emerged as a homegrown champion in humanoid robots.

Backed by tech boarzy insights like Motusan and venture-capital firm SDE, the startup captured national attention where its humanoid robots performed a 5x6 share during a Lunar New Year Gala broadcast last year.

Unitew has raised $900 million after pricing shares at 10,000 yuan above, implying a valuation of about $3.5 billion. Founded in 2016, the company specializes in developing robots that walk and run like

humans. On Monday, it announced its latest creation, the 'SuperMan Robot', which can jump 2 meters (more than six feet) from a standard and hit a peak running speed of 12.66 meters per second, both surpassing human world records.

Unitew has been steadily growing revenue last months over the years, but its bottom line has come under pressure from ballooning research-and-development expenses.

Revenue-amped 68% in the first quarter of this year, while adjusted net profit slumped more than 10% because of R&D costs.

Unitew's profit is likely to drop further in the next term as it uncovers more in develop 'heater' for robots, an area it hasn't enjoyed much money into yet. Counterpoint Research's Was Sun said.

Klarna's Shares Decline as It Cuts Its Forecast

By Connor Kiser

Klarna cut its outlook for a key metric as it expects softness in consumer spending to continue, particularly in Germany, its largest market by volume.

The payments company said it is searching for a new finance chief, Rufus Neglen plans to stop down from the role early next year.

Shares handled nearly 23% on Tuesday, extending their decline to roughly 47% year to date.

Klarna expects gross merchandise volume, which measures the total monetary value of all completed purchases over its network, of $249 billion to $321 billion for the year, down from a prior forecast of at least $325 billion.

Analysts polled by PacNet had reported gross merchandise volume of 10,000 billion.

Neglen said on a call with analysts that the lower outlook includes a 9600 million impact from currency transfer today, as well as softer than expected discretionary spending among German consumers.

'This is consistent with what you have heard across German retail this season,' he said. 'Our guidance simply assumes Germany stays softer, rather than recovering.'

U.S. volume assumptions remain unchanged, and the U.S. and America's market growing region, Neglen said. Overall, the company is winning over more customers and merchants. Klarna ended the

latest quarter with about 120 million active customers, up 8% from a year earlier, while its merchant network grew 10%, to about 1.31 million.

Klarna's buy now, pay later loans continue to drive growth, while the expansion of higher-engagement products, such as longer-term installment loans and the Klarna Chef, are providing a boost to construction margin dollars, Chef Executive Sebastian Ziemankiewski said.

The U.S. is still Klarna's fastest-growing region, CEO Niclas Neglen said.

action margin dollars to between $1.62 billion and $1.65 billion, compared with a prior outlook of at least $1.61 billion.

For its three months ended June 30, Klarna swung to a profit of 29 million from a loss of $53 million a year earlier. On a pre-share basis, quarterly earnings of 1 cent came in ahead of analyst expectations for a quarterly loss of 5 cents.

Total revenue jumped 27% to $1.04 billion, ahead of Wall Street models for $996.5 million. Gross merchandise volume climbed 38% to $10.65 billion.

Klarna said it expects revenue of $940 million to $980 million in the current quarter, below Wall Street models for $1.1 billion.

Klarna also on Tuesday said its chief marketing officer, David Sandstrom, plans to stop down early next year.

The sooner you recognize the signs of autism, the sooner you can help.

ScreenforAutism.org

autism checklist

Baidu's Profit and Revenue Falter Amid Its Pivot to AI

By Tsue Qu

Baidu's financial performance continued to deteriorate in the second quarter as the Chinese interest titan works to remain itself into an artificial intelligence company.

The Beijing company, once considered China's answer to Google, has been pouring money into AI, autonomous driving and chip design, and as its bread-and-butter advertising business has continued to shrink. The investments have been slow to slow in sales. Net profit more than halved for the third consecutive quarter, while revenue declined for more than a year.

Baidu reported a 66% drop in second-quarter net profit to 3.32 billion yuan, equivalent to $164.2 million. Revenue

came to 16.32 billion yuan, down 4.2% from a year earlier.

The soft showing comes on Baidu's Hong Kong-latest shares have shed more than one-fifth of their value this year, underperforming the broader market as the company's legacy business continues to drag its outlook. Investors, meanwhile, are keeping a close eye on the listing progress of its chip unit. Markman, expected in Hong Kong within this year.

Baidu is pinning its hopes on its core AI powered business, which the company has continued to account for half of general business revenues. First, Ratings last week downgraded its long-term is now default rating on Baidu's A-mouse from A, citing the structural decline in the company's search ad business and it expects emerging AI search and competing chatbots to weigh on Baidu's search business reconstitution.

Baidu faces stiff competition in China from tech titans such as Alibaba and RoboDance, as well as startups such as DeepSeek and Moon-shot AI in the AI sector.

For the three months ended June, Baidu's core AI-related business generated 25% revenue growth over year, though the figure declined 8% from the prior quarter.

Our AI-powered business is now 'firmly established as the core of Baidu,' said Rubin Li, the company's co-founder and chief executive. 'We are strengthening the foundations for our next phase of AI-driven growth.'

Competition, Costs Weigh On Xiaomi

By James Bloom

Xiaomi reported another soft quarter at higher memory costs and intense competition weighed on its bottom line, and it remained unclear whether its fast-growing electric-vehicle business can translate sales growth into sustainable profitability.

The results highlight the headwinds Xiaomi faces, with prices' memory chips still processing smartphone margins, and reduced consumer subsidies adding to already subdued demand in China's consumer-electronics market.

Hurt by higher component costs and weaker sales, overall gross margin fell to 10.6% in the three months ended June from 21.5% a year earlier, the Beijing company said.

Net profit dropped 10.5% to 9.66 billion yuan, equivalent to $1.60 billion, while revenue fell 4.3% to $38.92 billion yuan.

Smartphone revenue fell 7.5% to 42.1 billion yuan. Shipments dropped 24.5% to 21.2 million units, partly because it reduced shipments of mid- and low-end models. Weaker

Smartphone revenue fell 7.5% to 42.1 billion yuan.

global demand amid rising component costs was also a factor. A shift toward more expensive models helped cashier the decline, as average selling prices jumped 24% to a record 1,351 yuan.

The premiumization strategy wasn't able to fully offset higher component costs. Xiaomi's smartphone gross margin fell to 8.3% from 11.0% a year earlier and 10.3% in the first quarter.

Sales in Xiaomi's forecast

of things and lifestyle products segment, which includes vacuum and other appliances, dropped 18% to 31.3 billion yuan as lower revenue in the mainland market resulting from reduced national subsidies, the company said. The division's gross margin fell to 20.1% from 22.3% a year earlier. The IFS business backed the trend. Revenue climbed 10% to 23.9 billion yuan as higher vehicle deliveries offset weaker selling prices.

---

B6 | Wednesday, August 18, 2026

THE WALL STREET JOURNAL.

THE PROPERTY REPORT

New Lawn Gives Factory-Built Homes Lift

Legislation makes them cheaper and easier to build, but obstacles remain

By Liza Brala Pruess

Homes built in factories have long been stuck at the fringe of the U.S. housing market. Now, supporters are cheering a new federal housing law that should make it easier and cheaper to build modular and manufactured homes.

Modular homes are built in pieces at a factory and assembled on site, and they often appear quite similar to traditional style-built houses. Manufactured homes—often referred to as mobile homes or traders—are built entirely at a factory and shipped whole to their destination.

The new law aims to slash some of the old late associations with both these alternative housing types.

One provision, which removes the requirement that manufactured homes come with the permanent steel frame used for transporting the houses, means that they can be built for roughly $5,000 to $10,000 less than before, according to Andrew Justus, a housing policy researcher at the Nakanan Center.

For some homes, those carings to home buyers could equal more than 10% of the original cost.

Other provisions in the bill direct the Department of Housing and Urban Development, or HUD, to identify financing barriers to modular housing and study the utility of implementing a federal standardized building code for modular housing, similar to what exists for manufactured homes.

Modular construction often receives certain attention compared with its relatively small footprint because some housing analysts suggest that its main production could offer a solution to America's housing crisis. The new law provides a glimmer of hope that the federal government was moving to streamline that production.

"America's really, really behind, and this is a huge, huge opportunity to America, especially with the roughly unique seven million home-unit shortage that the country faces right now," said Mark Turnbull, the founder and chief executive of St. Louis-based Module Building Systems.

According to U.S. Census Bureau data, 202,700 units of manufactured housing were shipped last year, and 37,528

One provision of the new federal housing law means that factory-manufactured homes can be built for $5,000 to $10,000 less than before.

modular units were completed in 2024.

Modular housing tends to look quite similar to traditionally built homes. But some buyers remain wary about being in a house that was built in a factory, especially because they often confuse modular homes with the manufactured ones more commonly called mobile homes.

"I would've never guessed it was modular and I got inside," said Tom Schmidt, a 64-year old appraiser who has lived in a modular home in Pennsylvania for 18 years. "It was a nice big house, had some nice amenities and stuff with it, so that was really the appeal."

Schmidt only realized the house was modular after go-

ing down to the basement, where he could look up and see where the modules of the house were connected together.

Still, even with momentum from the new housing law, many industry leaders say this federal assistance won't go far enough. National housing policy can only do so much in a country made up of a patchwork of deposited state and local building regulations.

The law doesn't create a national building standard for modular construction, the type of overhead experts say is necessary for the U.S. to scale factory-built housing. Instead, it directs HUD only to study the idea, with no deadline or requirement that a

standard actually result.

Countries like Sweden and Japan have succeeded at producing modular housing at scale, largely thanks to standardized housing codes that allow factories to run at high volume without customizing units for every town boundary.

In contrast, the U.S. off-site construction market remains slanted, with its national market share flattening at just 3% of completion.

"Every city, every municipality has a different code. That fragmentation prevents the scale economics from taking off," said Michael Tillman, CEO and co-founder of real-estate developer FTM Partners, which works on modular projects. "You look at Ge-

Factory-built housing completions

Note: Module 1: Home, industrial, and industrial construction; digital and new house; U.S. Census Bureau

many, look at Japan, look at Sweden—they have a national code, and that national code standard lets you actually run the modular factory at volume because what you build in Kyoto is approved in Osaka."

In the apartment business, the largest operator is experimenting with modular projects. Governor Real Estate Partners is developing apartment buildings with modular construction in Pennsylvania and Massachusetts.

And alternative construction methods, from modules to 3-5 printing, have gained some traction with various of hurricanes, wildfires or other disasters, from California to the Southeast. Some of these displaced homeowners can be desperate to rebuild, but their insurance payouts are often well short of what is needed to cover traditional construction costs.

tion costs.

But developers can still run into challenges financing modular housing. Traditional bank loans only pay out money stop to stop as a house is built on site, while modular factories need a large portion of the cash upfront just to buy materials and start assembly. On top of that, because these homes are less common, cautious banks don't know how to price them and often treat them as higher risk.

The new law includes a provision meant to resolve some of these financing hurdles. The act directs HUD to identify barriers to financing programs for modular housing.

"My road of it is it's really a study and rule-making direction. It's not a policy change," Tillman said. "I think it's signal, not substance."

Goldman Sachs to Buy Real-Estate Investment Firm

By Gaurin Virola

Goldman Sachs said it had reached an agreement to buy private real-estate investment firm LCN Capital Partners in a deal worth up to $400 million.

LCN, which manages roughly $3 billion in assets, is a commercial real-estate investor that specializes in sub-leasable transactions.

Under sub-leasable LCN buys properties from other companies and rests it right

back to them, with the tenant paying taxes and other expenses.

Goldman will pay about $260 million upfront for the firm, with an additional $310 million contingent on its future performance. On company said Tuesday, roughly 80% of the total consideration will be paid in stock.

The deal is expected to close by the end of the year. LCN targets investments ranging from $20 million to

$400 million across North America and Europe, according to its website. The company focuses on properties that include industrial, office, retail and special purposes.

The New York-based firm was co-founded in 2021 by Ed LaFuma, who previously ran W.P. Carey's international arm.

The deal sees Goldman targeting a fast growing segment of the real-estate market that has drawn asset managers

seeking a blend of property ownership and corporate credit. In a one-hour investment, the investor owns the property while the tenant pays rent and typically covers expenses such as taxes, insurance and maintenance.

"LCN's differentiated platform is highly attractive for our asset and wealth-management clients who want diversified sources of returns and offers corporate clients innovative capital solutions," Gold-

man Chief Executive David Solomon said.

The deal marks the Wall Street bank's second acquisition in a week, after agreeing to pay up to $2.25 billion to buy MOSS Investments, a provider of actively managed exchange-traded funds with $30 billion in assets.

Goldman also acquired active ETF manager Innovator, Capital Management in a deal valued at about $2 billion earlier this year.

Goldman CEO David Solomon

Read the Paper You Love on Any Device

Access your daily paper anytime, anywhere with our Print Edition app or website. Enjoy convenient access to full-page articles for easy reading and more.

WSJ subscribers have exclusive access. If you haven't yet, activate your digital account today at WSJ.com/connect to start exploring.

DOWNLOAD THE APP WSJ.com/connect

VISIT ON DEBATEP WSJ.com/connect

THE WALL STREET JOURNAL.

THE WALL STREET JOURNAL

---

THE WALL STREET JOURNAL.

•

COMMODITIES

Wednesday, August 18, 2020 | 87

Futures Contracts

	Market & Performance Futures			Market & Performance Futures
	High	Low	Low	High	Low	Low
Corporate Options (1000s) (2000s)
2nd	4,000	4,000	4,000	4,000	4,000	4,000
3rd	4,000	4,000	4,000	4,000	4,000	4,000
4th	4,000	4,000	4,000	4,000	4,000	4,000
5th	4,000	4,000	4,000	4,000	4,000	4,000
6th	4,000	4,000	4,000	4,000	4,000	4,000
7th	4,000	4,000	4,000	4,000	4,000	4,000
8th	4,000	4,000	4,000	4,000	4,000	4,000
9th	4,000	4,000	4,000	4,000	4,000	4,000
10th	4,000	4,000	4,000	4,000	4,000	4,000
11th	4,000	4,000	4,000	4,000	4,000	4,000
12th	4,000	4,000	4,000	4,000	4,000	4,000
13th	4,000	4,000	4,000	4,000	4,000	4,000
14th	4,000	4,000	4,000	4,000	4,000	4,000
15th	4,000	4,000	4,000	4,000	4,000	4,000
16th	4,000	4,000	4,000	4,000	4,000	4,000
17th	4,000	4,000	4,000	4,000	4,000	4,000
18th	4,000	4,000	4,000	4,000	4,000	4,000
19th	4,000	4,000	4,000	4,000	4,000	4,000
20th	4,000	4,000	4,000	4,000	4,000	4,000
21st	4,000	4,000	4,000	4,000	4,000	4,000
22nd	4,000	4,000	4,000	4,000	4,000	4,000
23rd	4,000	4,000	4,000	4,000	4,000	4,000
24th	4,000	4,000	4,000	4,000	4,000	4,000
25th	4,000	4,000	4,000	4,000	4,000	4,000
26th	4,000	4,000	4,000	4,000	4,000	4,000
27th	4,000	4,000	4,000	4,000	4,000	4,000
28th	4,000	4,000	4,000	4,000	4,000	4,000
29th	4,000	4,000	4,000	4,000	4,000	4,000
30th	4,000	4,000	4,000	4,000	4,000	4,000
31st	4,000	4,000	4,000	4,000	4,000	4,000
32nd	4,000	4,000	4,000	4,000	4,000	4,000
33rd	4,000	4,000	4,000	4,000	4,000	4,000
34th	4,000	4,000	4,000	4,000	4,000	4,000
35th	4,000	4,000	4,000	4,000	4,000	4,000
36th	4,000	4,000	4,000	4,000	4,000	4,000
37th	4,000	4,000	4,000	4,000	4,000	4,000
38th	4,000	4,000	4,000	4,000	4,000	4,000
39th	4,000	4,000	4,000	4,000	4,000	4,000
40th	4,000	4,000	4,000	4,000	4,000	4,000
41st	4,000	4,000	4,000	4,000	4,000	4,000
42nd	4,000	4,000	4,000	4,000	4,000	4,000
43rd	4,000	4,000	4,000	4,000	4,000	4,000
44th	4,000	4,000	4,000	4,000	4,000	4,000
45th	4,000	4,000	4,000	4,000	4,000	4,000
46th	4,000	4,000	4,000	4,000	4,000	4,000
47th	4,000	4,000	4,000	4,000	4,000	4,000
48th	4,000	4,000	4,000	4,000	4,000	4,000
49th	4,000	4,000	4,000	4,000	4,000	4,000
50th	4,000	4,000	4,000	4,000	4,000	4,000
51st	4,000	4,000	4,000	4,000	4,000	4,000
52nd	4,000	4,000	4,000	4,000	4,000	4,000
53rd	4,000	4,000	4,000	4,000	4,000	4,000
54th	4,000	4,000	4,000	4,000	4,000	4,000
55th	4,000	4,000	4,000	4,000	4,000	4,000
56th	4,000	4,000	4,000	4,000	4,000	4,000
57th	4,000	4,000	4,000	4,000	4,000	4,000
58th	4,000	4,000	4,000	4,000	4,000	4,000
59th	4,000	4,000	4,000	4,000	4,000	4,000
60th	4,000	4,000	4,000	4,000	4,000	4,000
61st	4,000	4,000	4,000	4,000	4,000	4,000
62nd	4,000	4,000	4,000	4,000	4,000	4,000
63rd	4,000	4,000	4,000	4,000	4,000	4,000
64th	4,000	4,000	4,000	4,000	4,000	4,000
65th	4,000	4,000	4,000	4,000	4,000	4,000
66th	4,000	4,000	4,000	4,000	4,000	4,000
67th	4,000	4,000	4,000	4,000	4,000	4,000
68th	4,000	4,000	4,000	4,000	4,000	4,000
69th	4,000	4,000	4,000	4,000	4,000	4,000
70th	4,000	4,000	4,000	4,000	4,000	4,000
71st	4,000	4,000	4,000	4,000	4,000	4,000
72nd	4,000	4,000	4,000	4,000	4,000	4,000
73rd	4,000	4,000	4,000	4,000	4,000	4,000
74th	4,000	4,000	4,000	4,000	4,000	4,000
75th	4,000	4,000	4,000	4,000	4,000	4,000
76th	4,000	4,000	4,000	4,000	4,000	4,000
77th	4,000	4,000	4,000	4,000	4,000	4,000
78th	4,000	4,000	4,000	4,000	4,000	4,000
79th	4,000	4,000	4,000	4,000	4,000	4,000
80th	4,000	4,000	4,000	4,000	4,000	4,000

Bonds | waj.com/marion-data/bonds/merchmarks

Tracking Bond Benchmarks

Bonds are now unsecured and pasted when 1 January and/or yields positive investors compared with 52-week high and down for different types of bonds.

Year	Change from 1st	Year	Change from 2nd
2001-06	-0.8	U.S. Aggregate	4.90
U.S. Company	-	U.S. Aggregate	4.90
2001-07	-0.7	U.S. Aggregate	5.09
2001-08	0.6	U.S. Aggregate	5.09
2001-09	-0.6	U.S. Aggregate	5.09
2001-10	-0.6	U.S. Aggregate	5.09
2001-11	-0.6	U.S. Aggregate	5.09
2001-12	-0.6	U.S. Aggregate	5.09
2001-13	-0.6	U.S. Aggregate	5.09
2001-14	-0.6	U.S. Aggregate	5.09
2001-15	-0.6	U.S. Aggregate	5.09
2001-16	-0.6	U.S. Aggregate	5.09
2001-17	-0.6	U.S. Aggregate	5.09
2001-18	-0.6	U.S. Aggregate	5.09
2001-19	-0.6	U.S. Aggregate	5.09
2001-20	-0.6	U.S. Aggregate	5.09
2001-21	-0.6	U.S. Aggregate	5.09
2001-22	-0.6	U.S. Aggregate	5.09
2001-23	-0.6	U.S. Aggregate	5.09
2001-24	-0.6	U.S. Aggregate	5.09
2001-25	-0.6	U.S. Aggregate	5.09
2001-26	-0.6	U.S. Aggregate	5.09
2001-27	-0.6	U.S. Aggregate	5.09
2001-28	-0.6	U.S. Aggregate	5.09
2001-29	-0.6	U.S. Aggregate	5.09
2001-30	-0.6	U.S. Aggregate	5.09
2001-31	-0.6	U.S. Aggregate	5.09
2001-32	-0.6	U.S. Aggregate	5.09
2001-33	-0.6	U.S. Aggregate	5.09
2001-34	-0.6	U.S. Aggregate	5.09
2001-35	-0.6	U.S. Aggregate	5.09
2001-36	-0.6	U.S. Aggregate	5.09
2001-37	-0.6	U.S. Aggregate	5.09
2001-38	-0.6	U.S. Aggregate	5.09
2001-39	-0.6	U.S. Aggregate	5.09
2001-40	-0.6	U.S. Aggregate	5.09
2001-41	-0.6	U.S. Aggregate	5.09
2001-42	-0.6	U.S. Aggregate	5.09
2001-43	-0.6	U.S. Aggregate	5.09
2001-44	-0.6	U.S. Aggregate	5.09
2001-45	-0.6	U.S. Aggregate	5.09
2001-46	-0.6	U.S. Aggregate	5.09
2001-47	-0.6	U.S. Aggregate	5.09
2001-48	-0.6	U.S. Aggregate	5.09
2001-49	-0.6	U.S. Aggregate	5.09
2001-50	-0.6	U.S. Aggregate	5.09
2001-51	-0.6	U.S. Aggregate	5.09
2001-52	-0.6	U.S. Aggregate	5.09
2001-53	-0.6	U.S. Aggregate	5.09
2001-54	-0.6	U.S. Aggregate	5.09
2001-55	-0.6	U.S. Aggregate	5.09
2001-56	-0.6	U.S. Aggregate	5.09
2001-57	-0.6	U.S. Aggregate	5.09
2001-58	-0.6	U.S. Aggregate	5.09
2001-59	-0.6	U.S. Aggregate	5.09
2001-60	-0.6	U.S. Aggregate	5.09
2001-61	-0.6	U.S. Aggregate	5.09
2001-62	-0.6	U.S. Aggregate	5.09
2001-63	-0.6	U.S. Aggregate	5.09
2001-64	-0.6	U.S. Aggregate	5.09
2001-65	-0.6	U.S. Aggregate	5.09
2001-66	-0.6	U.S. Aggregate	5.09
2001-67	-0.6	U.S. Aggregate	5.09
2001-68	-0.6	U.S. Aggregate	5.09
2001-69	-0.6	U.S. Aggregate	5.09
2001-70	-0.6	U.S. Aggregate	5.09
2001-71	-0.6	U.S. Aggregate	5.09
2001-72	-0.6	U.S. Aggregate	5.09
2001-73	-0.6	U.S. Aggregate	5.09
2001-74	-0.6	U.S. Aggregate	5.09
2001-75	-0.6	U.S. Aggregate	5.09
2001-76	-0.6	U.S. Aggregate	5.09
2001-77	-0.6	U.S. Aggregate	5.09
2001-78	-0.6	U.S. Aggregate	5.09
2001-79	-0.6	U.S. Aggregate	5.09
2001-80	-0.6	U.S. Aggregate	5.09
2001-81	-0.6	U.S. Aggregate	5.09
2001-82	-0.6	U.S. Aggregate	5.09
2001-83	-0.6	U.S. Aggregate	5.09
2001-84	-0.6	U.S. Aggregate	5.09
2001-85	-0.6	U.S. Aggregate	5.09
2001-86	-0.6	U.S. Aggregate	5.09
2001-87	-0.6	U.S. Aggregate	5.09
2001-88	-0.6	U.S. Aggregate	5.09
2001-89	-0.6	U.S. Aggregate	5.09
2001-90	-0.6	U.S. Aggregate	5.09
2001-91	-0.6	U.S. Aggregate	5.09
2001-92	-0.6	U.S. Aggregate	5.09
2001-93	-0.6	U.S. Aggregate	5.09
2001-94	-0.6	U.S. Aggregate	5.09
2001-95	-0.6	U.S. Aggregate	5.09
2001-96	-0.6	U.S. Aggregate	5.09
2001-97	-0.6	U.S. Aggregate	5.09
2001-98	-0.6	U.S. Aggregate	5.09
2001-99	-0.6	U.S. Aggregate	5.09
2001-100	-0.6	U.S. Aggregate	5.09

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

Global Government Bonds: Mapping Yields

Yields and spreads over in under U.S. Treasury, in net contracts have year-end 10-year government bonds in selected other countries, and are not included in the year-end year-end 10-year debt of the United States.

	Year-end		Year-end		Year-end
	Market	Change in	Market	Change in	Market	Change in
2001-06	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-07	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-08	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-09	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-10	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-11	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-12	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-13	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-14	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-15	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-16	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-17	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-18	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-19	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-20	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-21	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-22	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-23	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-24	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-25	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-26	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-27	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-28	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-29	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-30	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-31	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-32	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-33	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-34	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-35	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-36	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-37	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-38	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-39	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-40	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-41	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-42	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-43	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-44	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-45	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-46	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-47	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-48	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-49	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0
2001-50	U.S. 2,000	0.0	U.S. 2,000	0.0	U.S. 2,000	0.0

Corporate Debt

Financial Statements: Bonds collected from the following investment accounts, unvalued and company-specific investments

Investment-grade spreads that tightened the most...

Asset	Symbol	Coupon To	Yield To	Dividend	Current	Yield to	Dividend
Exercise	Trade	Cash	Cash	Cash	0.00	0.00	0.00
52.5%	Cash	Cash	Cash	Cash	0.00	0.00	0.00
52.5%	Cash	Cash	Cash	Cash	0.00	0.00	0.00
52.5%	Cash	Cash	Cash	Cash	0.00	0.00	0.00
52.5%	Cash	Cash	Cash	Cash	0.00	0.00	0.00

High-yield losses with the biggest price increases...

Asset	Symbol	Coupon	Coupon	Yield to	Dividend	Current	Yield to	Dividend
Both	0.75x	0.67	0.61	1.76	19.25	0.25	19.55x
Both	0.81x	0.63	0.28	1.32	42.50	0.69	54.02x
Yield	0.76x	0.56	0.36	0.96	30.50	0.42	24.41x

...And with the biggest price increases

---

B8 | Wednesday, August 19, 2026

• •

THE WALL STREET JOURNAL.

How to Read the Stock Tables

The following marketplaces apply to BUSH, SPINE, Sega, BOSE, Bannock and Nantola Stock. BUSH Stock is one of the most popular stock marketplaces in the United States. The stock market is the largest market in the United States, with a market share of 10% in the U.S. market. The stock market is the largest market in the United States, with a market share of 10% in the U.S. market. The stock market is the largest market in the United States, with a market share of 10% in the U.S. market.

Standardized marketplaces are listed herein with large amounts of market share and market share of stock market. The stock market is the largest market in the United States.

Additional marketplaces subject to less issues when prices charged by 5% or more if they are not in stock market, and may be in 5% or higher.

For details

When 5% or more stock market shares are offered, the stock market is the most recent first quarter of the year.

The stock market is the largest market in the United States, with a market share of 10% in the U.S. market. The stock market is the largest market in the United States, with a market share of 10% in the U.S. market.

Vending stock 10, 2026

Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Type	Price	Stock	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total	Total

ADVANCED ENERGY

The Marketplace

To advertise: 800-242-2875 or 800-242-2875 (www.industrydocuments.com)

COMMERCE

AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) AIDS (Asian Energy Resources, LLC) BIDS (Asian Energy Resources, LLC) BIDS (Asian Energy Resources, LLC) BIDS (Asian Energy Resources, LLC) BIDS (Asian Energy Resources, LLC) BIDS (Asian Energy Resources, LLC) BIDS (Asian Energy Resources, LLC) BIDS (Asian Energy Resources, LLC) BIDS (Asian Energy Resources, LLC) BIDS (Asian Energy Resources, LLC) BIDS (Asian Energy Resources, LLC) BIDS (Asian Energy Resources, LLC) BIDS (Asian Energy Resources, LLC) BIDS (Asian Energy

COMMERCE NEW BRANDS

M 13 4 3 2 7 0 W X 2 0 7

---

THE WALL STREET JOURNAL.

• •

MARKETS DIGEST

Wednesday, August 19, 2026 | 89

COUPONS

Dow Jones Industrial Average

1234.14	▼ 20.33, 0.0 2.2%
High, low, open and close for each trading day of the past three months.

Trading A/E ratio	Last Year	Year
ICE	1.0	1.0
Dividend yield	1.45	1.36
All other high	1.0	1.0

S&P 500 Index

7691.76	▼ 51.33, -0.0 0.6%
High, low, open and close for each trading day of the past three months.

	Last	Year
Trading A/E ratio	2.49	25.29
ICE estimate	22.42	24.56
Dividend yield	1.04	1.10
All other high	17.93	18.73

Nasdaq Composite Index

2029.73	▼ 105.30, -0.1 3.5%
High, low, open and close for each trading day of the past three months.

	Last	Year
Trading A/E ratio	21.63	33.17
ICE estimate	25.87	29.84
Dividend yield	1.02	0.45
All other high	27.93	30.72

Current shares 0.30/100K/2025/2025

Major U.S. Stock-Market Indexes

Percentage Gainers...[{"box_2d": [20, 486, 329, 597], "label": "table", "caption": " Company Symbol 1Q20 1Q30 2Q40 3Q50 4Q60 5Q70 6Q80 7Q90 8Q100 9Q110 10Q120 11Q130 12Q140 13Q150 14Q160 15Q170 16Q180 17Q190 18Q200 19Q210 20Q220 21Q230 22Q240 23Q250 24Q260 25Q270 26Q280 27Q290 28Q300 29Q310 30Q320 31Q330 32Q340 33Q350 34Q360 35Q370 36Q380 37Q390 38Q400 39Q410 40Q420 41Q430 42Q440 43Q450 44Q460 45Q470 46Q480 47Q490 48Q500 49Q510 50Q520 51Q530 52Q540 53Q550 54Q560 55Q570 56Q580 57Q590 58Q600 59Q610 60Q620 61Q630 62Q640 63Q650 64Q660 65Q670 66Q680 67Q690 68Q700 69Q710 70Q720 71Q730 72Q740 73Q750 74Q760 75Q770 76Q780 77Q790 78Q800 79Q810 80Q820 81Q830 82Q840 83Q850 84Q860 85Q870 86Q880 87Q890 88Q900 89Q910 90Q920 91Q930 92Q940 93Q950 94Q960 95Q970 96Q980 97Q990 98Q1000 99Q1010 100Q1020 101Q1030 102Q1040 103Q1050 104Q1060 105Q1070 106Q1080 107Q1090 108Q1100 109Q1110 110Q1120 111Q1130 112Q1140 113Q1150 114Q1160 115Q1170 116Q1180 117Q1190 118Q1200 119Q1210 120Q1220 121Q1230 122Q1240 123Q1250 124Q1260 125Q1270 126Q1280 127Q1290 128Q1300 129Q1310 130Q1320 131Q1330 132Q1340 133Q1350 134Q1360 135Q1370 136Q1380 137Q1390 138Q1400 139Q1410 140Q1420 141Q1430 142Q1440 143Q1450 144Q1460 145Q1470 146Q1480 147Q1490 148Q1500 149Q1510 150Q1520 151Q1530 152Q1540 153Q1550 154Q1560 155Q1570 156Q1580 157Q1590 158Q1600 159Q1610 160Q1620 161Q1630 162Q1640 163Q1650 164Q1660 165Q1670 166Q1680 167Q1690 168Q1700 169Q1710 170Q1720 171Q1730 172Q1740 173Q1750 174Q1760 175Q1770 176Q1780 177Q1790 178Q1800 179Q1810 180Q1820 181Q1830 182Q1840 183Q1850 184Q1860 185Q1870 186Q1880 187Q1890 188Q1900 189Q1910 190Q1920 191Q1930 192Q1940 193Q1950 194Q2000 195Q2010 196Q2020 197Q2030 198Q2040 199Q2050 200Q2060 201Q2070 202Q2080 203Q2090 204Q2100 205Q2110 206Q2120 207Q2130 208Q2140 209Q2150 210Q2160 211Q2170 212Q2180 213Q2190 214Q2200 215Q2210 216Q2220 217Q2230 218Q2240 219Q2250 220Q2260 221Q2270 222Q2280 223Q2290 224Q2300 225Q2310 226Q2320 227Q2330 228Q2340 229Q2350 230Q2360 231Q2370 232Q2380 233Q2390 234Q2400 235Q2410 236Q2420 237Q2430 238Q2440 239Q2450 240Q2460 241Q2470 242Q2480 243Q2490 244Q2500 245Q2510 246Q2520 247Q2530 248Q2540 249Q2550 250Q2560 251Q2570 252Q2580 253Q2590 254Q2600 255Q2610 256Q2620 257Q2630 258Q2640 259Q2650 260Q2660 261Q2670 262Q2680 263Q2690 264Q2700 265Q2710 266Q2720 267Q2730 268Q2740 269Q2750 270Q2760 271Q2770 272Q2780 273Q2790 274Q2800 275Q2810 276Q2820 277Q2830 278Q2840 279Q2850 280Q2860 281Q2870 282Q2880 283Q2890 284Q2900 285Q2910 286Q2920 287Q2930 288Q2940 289Q2950 290Q3000 291Q3010 292Q3020 293Q3030 294Q3040 295Q3050 296Q3060 297Q3070 298Q3080 299Q3090 300Q3100 301Q3110 302Q3120 303Q3130 304Q3140 305Q3150 306Q3160 307Q3170 308Q3180 309Q3190 310Q3200 311Q3210 312Q3220 313Q3230 314Q3240 315Q3250 316Q3260 317Q3270 318Q3280 319Q3290 320Q3300 321Q3310 322Q3320 323Q3330 324Q3340 325Q3350 326Q3360 327Q3370 328Q3380 329Q3390 330Q3400 331Q3410 332Q3420 333Q3430 334Q3440 335Q3450 336Q3460 337Q3470 338Q3480 339Q3490 340Q3500 341Q3510 342Q3520 343Q3530 344Q3540 345Q3550 346Q3560 347Q3570 348Q3580 349Q3590 350Q3600 351Q3610 352Q3620 353Q3630 354Q3640 355Q3650 356Q3660 357Q3670 358Q3680 359Q3690 360Q3700 361Q3710 362Q3720 363Q3730 364Q3740 365Q3750 366Q3760 367Q3770 368Q3780 369Q3790 370Q3800 371Q3810 372Q3820 373Q3830 374Q3840 375Q3850 376Q3860 377Q3870 378Q3880 379Q3890 380Q3900 381Q3910 382Q3920 383Q3930 384Q3940 385Q3950 386Q3960 387Q3970 388Q3980 389Q3990 390Q4000 391Q4010 392Q4020 393Q4030 394Q4040 395Q4050 396Q4060 397Q4070 398Q4080 399Q4090 400Q4100 401Q4110 402Q4120 403Q4130 404Q4140 405Q4150 406Q4160 407Q4170 408Q4180 409Q4190 410Q4200 411Q4210 412Q4220 413Q4230 414Q4240 415Q4250 416Q4260 417Q4270 418Q4280 419Q4290 420Q4300 421Q4310 422Q4320 423Q4330 424Q4340 425Q4350 426Q4360 427Q4370 428Q4380 429Q4390 430Q4400 431Q4410 432Q4420 433Q4430 434Q4440 435Q4450 436Q4460 437Q4470 438Q4480 439Q4490 440Q4500 441Q4510 442Q4520 443Q4530 444Q4540 445Q4550 446Q4560 447Q4570 448Q4580 449Q4590 450Q4600 451Q4610 452Q4620 453Q4630 454Q4640 455Q4650 456Q4660 457Q4670 458Q4680 459Q4690 460Q4700 461Q4710 462Q4720 463Q4730 464Q4740 465Q4750 466Q4760 467Q4770 468Q4780 469Q4790 470Q4800 471Q4810 472Q4820 473Q4830 474Q4840 475Q4850 476Q4860 477Q4870 478Q4880 479Q4890 480Q4900 481Q4910 482Q4920 483Q4930 484Q4940 485Q4950 486Q4960 487Q4970 488Q4980 489Q4990 490Q5000 491Q5010 492Q5020 493Q5030 494Q5040 495Q5050 496Q5060 497Q5070 498Q5080 499Q5090 500Q5100 501Q5110 502Q5120 503Q5130 504Q5140 505Q150 506Q160 507Q170 508Q180 509Q190 510Q200 511Q210 512Q220 513Q230 514Q240 515Q250 516Q260 517Q270 518Q280 519Q290 520Q300 521Q310 522Q320 523Q330 524Q340 525Q350 526Q360 527Q370 528Q380 529Q390 530Q400 531Q410 532Q420 533Q430 534Q440 535Q450 536Q460 537Q470 538Q480 539Q490 540Q500 541Q510 542Q520 543Q530 544Q540 545Q550 546Q560 547Q570 548Q580 549Q590 550Q600 551Q610 552Q620 553Q630 554Q640 555Q650 556Q660 557Q670 558Q680 559Q690 560Q700 561Q710 562Q720 563Q730 564Q740 565Q750 566Q760 567Q770 568Q780 569Q790 570Q800 571Q810 572Q820 573Q830 574Q840 575Q850 576Q860 577Q870 578Q880 579Q890 580Q900 581Q910 582Q920 583Q930 584Q940 585Q950 586Q960 587Q970 588Q980 589Q990 590Q1000 591Q1010 592Q1020 593Q1030 594Q1040 595Q1050 596Q1060 597Q1070 598Q1080 599Q1090 600Q1100 601Q1110 602Q1120 603Q1130 604Q1140 605Q1150 606Q1160 607Q1170 608Q1180 609Q1190 610Q1200 611Q1210 612Q1220 613Q1230 614Q1240 615Q1250 616Q1260 617Q1270 618Q1280 619Q1290 620Q1300 621Q1310 622Q1320 623Q1330 624Q1340 625Q1350 626Q1360 627Q1370 628Q1380 629Q1390 630Q1400 631Q1410 632Q1420 633Q1430 634Q1440 635Q1450 636Q1460 637Q1470 638Q1480 639Q1490 640Q1500 641Q1510 642Q1520 643Q1530 644Q1540 645Q1550 646Q1560 647Q1570 648Q1580 649Q1590 650Q1600 651Q1610 652Q1620 653Q1630 654Q1640 655Q1650 656Q1660 657Q1670 658Q1680 659Q1690 660Q1700 661Q1710 662Q1720 663Q1730 664Q1740 665Q1750 666Q1760 667Q

---

B10 Wednesday, August 18, 2026

...

THE WALL STREET JOURNAL.

MARKETS & FINANCE

Diesel Prices Soar as Purchases Compete for Disinvolved Supply

BY GENIA PETRONE

Diesel buyers are competing for shrinking supply amid disruptions in Russia and the Middle East, with the U.S. at the recent of a complete that could intensify into the winter.

The expense across the global refined-product mar-

COMMENTING has, where

competit in a gavelin, oil and jet fuel compete for the same refinery capacity, is pushing prices tuples.

The benchmark prices for European diesel for 2017 a bar oil last last week, compared with about 0.87 a barrel a year earlier, according to data on the 2017 year's report, approximately 0.9%, which is owned by Dow Jones. The diesel could spread in northwest Europe—the premium of diesel over crude—was at around 100 a barrel on Friday compared with an average of 0.8 a barrel last year.

Russia traditionally one of the world's largest exporters of refined fuels—fuel, or car, and other products. The recent diesel exports after sustained European already on its refineries. That has left major buyers such as Brazil and

Disruptions in Russia and the Middle East have hit supplies.

Turkey to compete with Europe for crude-reared cargoes from the U.S. and India.

In the Middle East, the last loss curtailed them through the threat of Vietnam, a critical waterway that carries large volume of half oil and refined products. At the same time, China has yet to ensure petroleum product exports to Asia at normal levels because of concerns about potential shortages of home.

As a result, Europe has increasingly relied on U.S. exports.

American refiners are cap-

taining on extraordinary ordinary margins, enabling more fuel-into international markets exports of distillate fuel—which includes diesel, heating and and other products—rose to 1.5 million barrels a day in the form of a supply. No higher density number on record. The range is helping 30 a with using global supply gap, but it is leaving the domestic market with a cleaner sodium, with companies at their lowest level for this time of year in their decades.

"These flows are drawing down already tight U.S. invest-

tories, the only major hub open for business, creating a global competition for fuel that is pushing diesel crude with housed record seasonal tuples," said pro at Bank of America, Inc.

When has effectively closed the major offer the war with the U.S. instead on 8th 28, refineries shifting production toward jet fuel amid fears of a global shortage, tightening diesel supplies in the process. The U.S. because jet fuel and diesel are both middle distillates derived from crude oil, among refineries' ability to boost one with one reducing the other.

A sustained shortage can raise some across the state's economic impact. Most prices can feed into freight rates, food prices, construction costs and consumer fuel bills.

The timing is unfavorable. The Northern Hemisphere is entering harvest season, when the U.S. is moving large quantities of diesel to run to better and often machinery. Boulder fuel demand typically increases as temperature fall later to the year, while refineries will begin seasonal maturity issues, temporally taking some production capacity off-

Investors Slam Plan

To Kill Price Rule

BY ALESSANDI DRIVENCH

Trump administration regulators are trying to as a long-standing rule meant to ensure that investors get the best price when trading stock in business aren't happy about it.

Headwind of public commerce passed as to the booze-ins and Exchange Commission in the run-up to a Monday deadline, this is a statewide invasion as well as Wall Street trade group warning that the plan would have the U.S. stock equity.

At the heart of the fight is the "trade-through rule." The rule forbids trading platforms from operating investors' workers at prices worse than the rule. The rule is a "trade-through" stock exchange. The SEC proposed relationship for rule in June, SEC Chairman Paul A. Lira, a Trump appointee and advocate of high-impact financial regulators, said scrapping for rule would be a "market structure and reduce costs for market participants."

Alders, who voted against the trade-through rule as an anti-traditional act in 2005, also argued that the rule caused a range of unintended consequences. These include a proliferation of tiny exchanges

There are now 38 stock exchanges, most of which handle less than 1% of total U.S. trading volume, up from eight in 2005, SEC data shows.

Beverages and trading firms complained they must pay for pricing into from all of these exchanges, even small ones, to comply with the rule. Robinhood Markets told the SEC in a comment Monday that it was not buying the rule, saying "No costs in financial connection, exchange positionums, and complexity now outweigh in benefits."

The 2006 Open-covered political from private funds and other state managers, as well as electronic trading giant Donald Donatson and the board.

"The proposal contemplates one of the most common changes to U.S. equity market structure in decades without adequately demonstrating that it's broadly outweigh the U.S. price," said the U.S. investment Management Association, a hedge-dead trade group, said in a comment filed February 2006, whose members have been a "truth of the U.S. in assets, and eliminating the risk could shift trading activity from public exchanges toward less-transparent platforms.

Premium

Cards La Gen Z

Continued From page 87 per Americans are building more wealth per person than boomers at the same age, according to research from the Federal Reserve Bank of St. Louis. Younger Americans have more credit cards than older generations did at the same age, according to Texas-

University most recent analysis. Not capturing the first Z market is far from guaranteed, especially in their competitive business of selling credit cards to the point-of-sale, which tend to be loyal to whoever is offering the best price.

Lax, now! Z, said his Z model who have produced credit cards from most俄社的 in-depth on design and purchases that they might not have with service made.

"It's just of know you to end up in Z," Lax said. "I do like that mindset."

Since graduating from Harvard, he realized that he doesn't have as much time to

use travel rewards. He plans to switch to a card that is meant for everyday sex. But Ayron C. Williams, which has a lower annual fee of $125.

The premium credit card market has grown crowded as recent years, with more preks and higher prices. JPMorgan Chase raised the fee for its fairplace reserves, with its $747 last year. Ames raised its Platinum card for more often.

Lax Kallows, Amers, remains low on president of U.S. companies, and represents products, said the company's lending standards are consistent, regardless of age, and that Amers' first E customers can

perform the Gen. Z and bounier credit performance across all business. She said Amers is currently buying up to 25 with the best credit score.

The company is finding young people want to—more times—less down than their parents.

Gabrielle Branton, 25-year-old, who earned the fee for Venture X card in 2024 because of the travel profit, has also got the Ames Gold card in January to maximize rewards for the first time in the regular spending. Now she has more prominent cards than her parents. She has been trying to convince her mom, who re-

cently started a business, to get one of the cards.

"I've definitely been the first to make a premium card in my family," said Branton, who works for a public relations firm in New York.

Younger men's expectations for the company's products are higher than older generations, and they are now an excellent of Chase Branton's cards. In a recent survey, companies owned by Chase, younger consumers were less likely to opt for their happy with their card issues.

"Millennial and Gen Z are ultrasonic and they've got more tools than anyone has

had in history to choose the right product for them," Reagan said.

As he said, He has had an American Express Platinum card since the war, so he only 25s. She continued those of her friends to get the card, too, adding in on-relevant because they parents have got more money.

But she isn't entirely loyal to any credit card brand. She said she has shifted away from cards in the past when the product is a conditions have changed.

"I've turned to me how my perspective on the card will shift," she said.

Biggest 1,000 Stocks

Contract Price Page 30
Stock	Spec170mm	Net	Stock
Alpali p.m.	1.0%	1.0	1.0
Jamaquah	1.0%	1.0	1.0
Jamaquah	1.0%	1.0	1.0
Jamaquah	1.0%	1.0	1.0
Jamaquah	1.0%	1.0	1.0
Jamaquah	1.0%	1.0	1.0
Jamaquah	1.0%	1.0	1.0
Jamaquah	1.0%	1.0	1.0

Stock	Spec170mm	Net
Jamaquah	1.0%	1.0
Jamaquah	1.0%	1.0
Jamaquah	1.0%	1.0
Jamaquah	1.0%	1.0
Jamaquah	1.0%	1.0
Jamaquah	1.0%	1.0
Jamaquah	1.0%	1.0
Jamaquah	1.0%	1.0

Stock	Spec170mm	Net	Stock	Spec170mm	Net	Stock	Spec170mm	Net
Alpaca	0.0%	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Alpaca	0.0%	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Alpaca	0.0%	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Alpaca	0.0%	0.0	0.0	0.0	0.0	0.0	0.0	0.0

Stock	Spec170mm	Net	Stock	Spec170mm	Net	Stock	Spec170mm	Net
Jamaquah	0.0%	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Jamaquah	0.0%	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Jamaquah	0.0%	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Jamaquah	0.0%	0.0	0.0	0.0	0.0	0.0	0.0	0.0

AUCTION RESULTS

Annuals: 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000

CUSTOM RESULTS
Annuals: 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000

Dividend Changes

---

THE WALL STREET JOURNAL.

Wednesday, August 18, 2020 | 821

HEARD THE STREET

FINANCIAL ANALYSIS & COMMENTARY

Car Insurance Premiums Can Fall Further

The soft market is pleasing to inflation watchers but less so to shareholders

Falling car insurance prices are helping to cost off inflation data. Looking under the hood at inner car suggests they can keep going in that direction for a while.

Insurance is a cyclical business, featuring “hard” markets of rising premium rates leading to higher profitability, followed by “soft” markets of lower rates saving into those profits, and so on. Eight men, it is a softening market in auto insurance. Car insurers are dropping many rates to help them grow, after wages of premiums in the aftermath of the pandemic.

The July consumer-price index showed motor-vehicle insurance falling 4.5%, the fastest drop since 2020, when the pandemic led to a plunge in driving. It was the third month in a row at year-over-year declines, and a reversal from the double-digit rises won from 2022 to 2025. But the question for the Federal Reserve and other inflation numbers is how long this soft-market crisis will last. Because within the CPI report was one reason to expect rate drops to be about dead: rising, and or equal, now.

The 2020 annual rate for costs that helped cause underwriters’ profits to drop after the pandemic, forcing them to ask regulators for big rate increases. Motor-vehicle maintenance costs are almost all the July CPI were up 6.6% from a year ago, only a small slowdown from June’s sharp 7% jump.

That rise isn’t a fillah. While some industries are anticipating tariff-related following 10% phone fraud’s declines, others—such as auto parts—can remain subject to President Trump’s levies under different legal authors’ law. Theoban 232 health are weighing on the auto sector with

The July consumer-price index showed motor-vehicle insurance falling 4.5%, the fastest drop since 2020.

higher motor-vehicle parts and equipment prices spilling over into more than 10% market. There will be no pain, so this isn’t likely a one-off,” which economists at BBC.

However, there is still quite a lot of cashiers for insurers to continue to lower some rates before their margins become too narrow for comfort. No insurers such as Alistair, Hartford, Progressive and Traveller, combined ratios in personal auto insurance—which measure less costs and claims response as a percentage of premiums—are still in the low-to-high 80% range as of the second quarter. That is well below the 100% level that means insurers are paying out more than they take in,

and below the low-to-end 90% range where for profit insurers of risk ratio to aim at a rate. There is a lot of margin to consume before companies get worried. (note: RBW analyst Merry Shields: “We’re not seeing expert inflation fast enough to drive companies from still aiming to grow faster.”)

For now, property and casualty insurers’ underwriting profitability—across auto and other liaisons is expected to stay stable through next year. Economists at the Swiss Re-institute in July presented that overall 2042 combined ratios in the U.S. would be 95% this year, up from about 94% last year. Swiss Re-institute economists project that ratio will move to just over 200%

in 2027. But the industry has run above that level for year at times. The report, which has been a recent start could help offset lower underwriting income by boosting investment income too.

The cost of car repairs isn’t the only repair you love for the company of claims has been trending downward recently. That means policyholders are making claims less often. There are potentially several causes of lower frequency, from students years to high per year—causing people to drive less often. It can also be due to people choosing not to seek coverage because they have high deductibles and would rather pay cash than make a claim. Maybe

Average forward price/earnings ratio ofsiamits/4.5% auto insurance providers

Yield to: Progressive and Traveller, Swiss Re-Int

they also just don’t expect to get coverage at all on certain claims.

Insurance still aren’t thrilled with the soft market, pricing stocks as if the margin compresses—and the most advanced price/earnings ratios of these insurers with personal auto businesses—Alistair, Progressive and Traveller—are an average around 15 eight now. That ratio averaged over 15 during the past decade.

Relative global insurance analyst Chai Gold estimates that, barring another unexpected large as energy to impact costs, auto rates might continue to compose for an additional 10 months or so, based on the recent pace of loss inflation and of insurers’ regular-tery filings for rate changes.

If historic is not good, insurance rates will continue to rise again, including inflationary pressure on consumer prices overall. One early sign of that might be when auto insurer valuations come higher.

—Delo Denzo

What’s Next for Oil Companies?

If there’s any business for which changing course really is like turning around a supermarket, it’s Big Oil.

At the beginning of this year, the Western world’s five large, integrated energy companies were talking about things like “structural cost efficiencies,” “consistent delivery” and “superior share—faster returns, despite declining oil prices.” These are hardly words that could introduce“pulses” outing.

Then, the oil companies have a price-wealthless quality that business plans could adjust to it. Compared with last year, the group is expected to generate about 87% billion more free cash flow in 2026. Fighting out what to do with extra money is a nice problem to have, but still a problem. However, tend to think of the almost all that natural value of returning cash to shareholders. Fitting down borrowings is an equally valid route to enhancing money’s wealth.

BP stands out in addressing that part of its balance sheet. It is a good idea that it’s not 25 years at the beginning of this year, and now management pledges it to that by selling assets and halting stock backings, forcing the second quarter that will not have a major liability, which include debt, hybrid debt, losses and settlement

Net debt at year-end

Sales factor

payments for the Deepwater Horizon disaster, by 87 billion.

Analysts surveyed by Rachar expert set debt for the five on-premature combined to fall by 87% billion between 2025 and 2028. The transformation at smaller pure-play drillers and refiners will be more dramatic. Expand Energy and Valero are seen having no cash on balance sheets by 2028.

They adopt 3% tempting to do it, help, do it, especially with registration costs and share patch funds even given becoming more reasonable. Yet sinking much more money than planned into

major oil and gas projects is hard to justify unless there’s a strong case that commodity prices can stay higher for longer. And drilling too much today could produce its own best tomorrow.

In addition to buying back more of their own shares, companies could use cash to start buying one another. Deals tend to be announced when prices are moderate rather than historically high in loss.

The last big supermarket take-over was Chevron’s $50 billion deal for floor, an oil stock deal announced in 2023 and completed last summer. A year earlier, Estate closed its $60 billion acquisition of Pioneer Natural Resources, also for stock.

Healthy balance sheets make smaller oil-sads acquisitions in the single-digit billions of dollars more likely. That may be especially tempting in the near 25 years, before the next president takes office. It’s a window of opportunity for more consolidation while U.S. antitrust enforcement is still energy industry friendly. The way or another, more cash is limited shareholders’ way. Even with a gradual, but expert some to action in big chords and price reasons touting “eyecrgan” and “world class assets.”

New Jobs for Old All Chips

How much is an old All chip—the 75% answer to this question has significant implications. Cloud-comparity plays Crow-Ware recently suggested it could be a lot more than many people have been assuming.

The company recently signed a real renting out Nvidia’s 4,000 chips at “an attractive price” in a deal lasting into 2028. CoreWare finance chief Billie Agrawal said in a call with analysts last week. “Now what you can in 2020 and were produced for about three years,” he eventually, we are seeing longer utilization at higher prices, he said. “Altering the potential for viable assets is a good thing.”

That could be a big deal because companies typically appreciate their chips over four to six years. That reduction is value has to run through the extreme statements, hitting profit. Yet the drag on the bottom line means after chips are fully appreciated. This means that selling assets to old chip could come with high profit margins—at long as the price companies can charge doesn’t go down too much.

A nine-year-old chip will running and generating cash gives some credence to the idea that chips are viable assets to hold against. Radio and radio stations might be taking to extend credit to CoreWare and other cloud-comparing opera-

tions at cheaper interest rates, confident their chip collateral won’t become worthless for a while.

Of course, there are counter-points. The first is that many AI chips fail. Data on how frequently they fail is scarce, but a Meta Platforms report in 2024 in a 5th day training run for its Llama 3 model suggested the failure rate could be about 9% a year. Assuming that rate accelerates as time goes on, a nine-year old AI computing cluster is exactly 6x and now half its initial size because of failures.

The viability of an old chip is increasingly questionable as the node to build out AI data centers runs into power constraints. Newer generations of Nvidia’s chips are visible of magnitude more energy efficient than the 2030. Companies may judge it more important to harvest more AI-computational work from new chips than to boost profits by running old, less-efficient ones.

CoreWare’s statement about its 4,000s leaves an important question unanswered. While, exactly is it able to charge? While Agrawal described the price as attractive, it is unclear what he meant by that, “detraction” is in the era of the he-holder. And that, more than any thing, will determine what value older chips retain.

—Ana Pini

MONEY & INVESTING

Stock Spotlight

BHP Group

The Australia-based mining company acquired a 9% increase in annual net profit in prices of copper surged to record high. By shares rose from 1986 2% in Australia.

UGI

Shares rose 12% after the value range and electricity distributor received a takeover after from 60K.

Baidu

The Chinese interest company reported lower revenue and profit. Its U.S. listed shares closed down 12%.

Western Digital,

Marvel Technology, Intel,

Miron Technology and Super Micro Computer

Shares in artificial

intelligence infrastructure

companies dropped total

visibility across the sector.

Western Digital and Marvel

dropped more than 7% total

involved 4.6% (March 4M 7%

and Super Micro 6M 2.5%).

WEDNESDAY'S EVENTS:

◆ FOMC markets from Fed's

July meeting

◆ EIA weekly petroleum

status report

◆ IPO Humanist—electric

company Unitex is set to

begin trading in Shanghai.

EARNINGS EXPECTED:

Target

Lowest, TJK,

Analog Devices,

Estate Lauder

Amylyx Surges

On Trial Results

Amylyx share price,

past two days

Source: FactSet

Amylyx Pharmaceuticals shares rose 44% after it said its experienced treatment. The condition called post-bariatric hypoglycemia reduced the rate of significant blood–sugarcane. In 55% compared with a placebo in a late-stage trial.

FOMC makes it a direct, proven underpins-bariatric surgery for weight loss, causes severe blood sugar drops after eating and affects roughly 80,000% in the U.S. There are currently no treatments approved for the Food and Drug Administration. Amylyx, based in Cambridge, Mass., plans to submit the drug to the FDA for treatment for the trial of 2026, and is aiming for a potential commercial launch next year. The results were “beyond anything we were dreaming of,” said Amylyx co-Court Executive Justin Erbe.

—Steven Martinez

Fund Managers

Are Ultra-Bulish

Bank of America's latest monthly survey of fund managers has found that they remain optimistic about the 46-timers absolutely.

Among its findings:

The share of fund managers who said they are overweight, equities is at 85 percent, most since November 2020.

When asked what they expected the world economy to do in the next 12 months, they are funding to gentle straddoes) or a hard landing in sharper showdown—most respondents chose neither hotball, a record 50% of fund managers predicted “no landing” or continued growth.

Some 72% of respondents said they didn’t expect the industry to do the same interest rates before the November midterm elections.

The bank said it accepted 203 questions representing 3589 billion in assets under management, adding them to 1.2% of the total through last Thursday.

—Alexander Ozgowski

On This Day

In Market History

On this day in 1970, the

FDA 40-digit was born in Darjeeling, on 30 day seven, he started playing with a 1500s by mode of cars, bamfurs and rubber bands. In 1963, he said his brother Wilbur made the world’s first additional airplane flight.

制度与权力批判深度研判：The Wall Street Journal (19.08.2026)

---

▌ 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 4 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. 【ABC诉FCC：言论自由与监管权力的制度性冲突】 [F5_29 🔍]

   • 事件简述：ABC以联邦通信委员会（FCC）试图通过“DEI倡议”调查为幌子，非法压制其政治言论为由，向华盛顿特区联邦法院提起诉讼，要求暂停FCC对其广播执照的续期审查程序。FCC主席布伦丹·考克斯发起的DEI调查被ABC指控为“报复性运动”的幌子 [F5_31 🔍]。
   • 思想文化深思切入点：触动了哈贝马斯“公共领域”理论与福柯“规训权力”机制的核心张力——言论自由的制度性保障如何在监管权力的“技术化”面具下被掏空？DEI倡议作为现代治理话语，如何被权力机器用作“合法化暴力”的工具？

2. 【Meta儿童安全审判：算法治理与儿童主体性的伦理撕裂】 [F2_8 🔍]

   • 事件简述：加州等州检察长起诉Meta违反《儿童在线隐私保护法》，指控其算法设计令儿童对平台成瘾，可能面临高达200倍于营收的赔偿 [F2_8 🔍]。
   • 思想文化深思切入点：阿多诺“工具理性”对生活世界的殖民——算法治理如何将儿童主体性客体化为“注意力经济”的可计算单位？儿童权利保护与资本逻辑的冲突，是否预示着现代性的“未成年化”危机？

3. 【特朗普暂停对加拿大征税：主权自保与贸易霸权的虚假辩证】 [F1_1 🔍]

   • 事件简述：特朗普宣布暂停对价值290亿美元加拿大商品征收70%新关税，以推动两国达成协议；但同时威胁在三天内对特定商品征收500%关税，展现“胡萝卜加大棒”策略 [F1_1 🔍]。
   • 思想文化深思切入点：施米特“政治的概念”中“敌友区分”的当代变奏——贸易协议的签署是否仅是主权权力的“暂停”，而非真正的和平？关税武器化背后，是否隐含着霍布斯式“自然状态”的永恒回归？

4. 【Etched公司挖角英伟达人才：技术精英主义与民主治理的认知断裂】 [F4_24 🔍]

   • 事件简述：估值210亿美元的AI芯片初创公司Etched通过高薪挖角英伟达核心工程师，试图颠覆传统芯片制造模式，但其成功率被行业视为“10%奇迹” [F4_24 🔍][F4_26 🔍]。
   • 思想文化深思切入点：韦伯“科层制”与“卡里斯玛”权威的张力——技术精英如何通过资本力量重构知识生产的权力结构？民主社会的治理能力，是否正被“技术天才”的神话所架空？

---

▌ 精选核心专题深度思想论证 (In-Depth Dialectical Monograph)

专题一：【从ABC诉FCC看现代监管权力的“技术化暴力”：言论自由的制度性悬置】

1. 现实困境深描（The Concrete Dilemma）

ABC与FCC的冲突核心并非简单的“言论自由 vs 监管权力”，而是监管权力通过“技术化”话语（如DEI倡议）对言论自由的制度性掏空。FCC主席布伦丹·考克斯发起的DEI调查，表面上是对ABC“多元化、公平与包容”政策的合规审查，实则是对其政治言论（如《吉米·基梅尔直播》对特朗普的讽刺）的“合法报复” [F5_31 🔍]。ABC在诉状中明确指出，DEI调查是“政府发动报复性运动”的幌子，其真实目的是通过执照续期程序对ABC施加“寒蝉效应”。这种“技术化暴力”通过程序正义的外衣，将政治压制包装为“合规审查”，使言论自由在制度层面被悬置。

2. 博弈机制与话语策略剖析（Mechanisms & Discourse）

FCC的博弈机制体现了福柯“规训权力”的现代变奏。首先，FCC通过“DEI倡议”这一当代治理话语，将政治压制转化为“合法化程序”——DEI调查的启动，使得FCC的行动在形式上符合“反歧视”框架，从而规避了直接的言论审查指控 [F5_33 🔍]。其次，FCC利用执照续期的“准司法”权力，将政治压制隐藏在“公共利益”名义下。ABC在诉状中指出，FCC的行动导致其在7月31日取消了与特朗普的演讲直播，这一“寒蝉效应”表明监管权力通过“预防性压制”实现了对言论自由的间接控制 [F5_31 🔍]。最后，FCC通过“缩减授权范围”的修辞策略，将其行动合法化为对国会授权的“忠实执行”，从而掩盖了其政治报复的真实目的 [F5_32 🔍]。

3. 历史思想资源的平等对话（Theoretical Resonance）

哈贝马斯的“公共领域”理论为理解这一冲突提供了关键视角。哈贝马斯认为，现代民主的基础在于“公共领域”的自主性，即公民通过理性对话参与公共事务的能力。然而，FCC的行动通过“技术化”话语（DEI倡议）和“准司法”程序（执照续期），将公共领域的自主性转化为“合规审查”的对象，从而瓦解了言论自由的制度基础 [F5_31 🔍]。福柯的“规训权力”理论则进一步揭示了这种“技术化暴力”的机制：权力通过“规范化”话语（如DEI）和“程序化”机制（如执照续期），将政治压制包装为“合法治理”，从而实现了对言论自由的“软暴力”控制。阿伦特的“权力vs 暴力”理论则指出，FCC的行动体现了现代权力通过“程序正义”实现暴力的典型特征——权力不再赤裸裸地使用暴力，而是通过“合法化程序”实现对言论自由的压制。

4. 当代现实对理论的反向质询与新洞见（Contemporary Synthesis）

当代数字资本主义的兴起，为言论自由的制度性悬置提供了新的技术基础。首先，算法治理（如社交媒体平台的内容审核）使得言论自由的监管权力从传统的“国家机器”扩散到“平台资本”，从而使言论自由的保障面临更复杂的挑战。其次，DEI等治理话语通过“多元化”框架，将政治压制包装为“社会正义”，从而使言论自由的保障在道德层面被进一步弱化。最后，现代监管权力通过“技术化”话语（如DEI）和“算法治理”，实现了对言论自由的“去政治化”控制——言论自由不再是政治斗争的对象，而是被转化为“合规审查”的技术问题。这一变化表明，现代言论自由的保障不仅需要法律制度的完善，更需要对“技术化权力”的批判性反思。

---

专题二：【从Meta儿童安全审判看算法治理的“生活世界殖民”：儿童主体性的客体化】

1. 现实困境深描（The Concrete Dilemma）

Meta面临的儿童安全审判，核心问题并非简单的“平台责任”，而是算法治理如何将儿童主体性客体化为“注意力经济”的可计算单位。加州等州检察长起诉Meta违反《儿童在线隐私保护法》，指控其算法设计令儿童对平台成瘾，可能面临高达200倍于营收的赔偿 [F2_8 🔍]。这一指控揭示了算法治理的核心悖论：平台通过算法优化“用户粘性”，将儿童主体性转化为“注意力资源”，从而实现了对儿童生活世界的“殖民”。儿童主体性的客体化，不仅侵犯了儿童的隐私权，更瓦解了儿童作为“自主主体”的可能性。

2. 博弈机制与话语策略剖析（Mechanisms & Discourse）

Meta的算法治理机制体现了“技术理性”对生活世界的殖民。首先，Meta通过“推荐算法”将儿童的注意力转化为“可计算资源”，从而实现了对儿童生活世界的“数据化控制”。其次，Meta通过“个性化推荐”将儿童的主体性客体化为“用户画像”，从而使儿童的行为模式被算法预测和操控。最后，Meta通过“A/B测试”等实验方法，将儿童的心理状态转化为“可优化变量”，从而实现了对儿童主体性的“技术化操纵” [F2_8 🔍]。这种算法治理机制通过“技术中立”的话语，掩盖了其对儿童主体性的“殖民”本质。

3. 历史思想资源的平等对话（Theoretical Resonance）

阿多诺的“工具理性”理论为理解这一问题提供了关键视角。阿多诺认为，现代资本主义通过“工具理性”将生活世界客体化为“可计算资源”，从而实现了对主体性的压制。Meta的算法治理正是这种“工具理性”的典型体现：平台通过算法优化，将儿童的主体性转化为“注意力资源”，从而实现了对儿童生活世界的“殖民” [F2_8 🔍]。哈贝马斯的“生活世界殖民”理论则进一步揭示了这种“技术化暴力”的机制：算法治理通过“系统世界”的逻辑（如资本积累、效率优化）侵入“生活世界”，从而瓦解了儿童作为“自主主体”的可能性。福柯的“生物权力”理论则指出，Meta的算法治理通过“规训”机制，将儿童的主体性转化为“可控对象”，从而实现了对儿童行为的“规训化控制”。

4. 当代现实对理论的反向质询与新洞见（Contemporary Synthesis）

当代数字资本主义的兴起，为算法治理的“生活世界殖民”提供了新的技术基础。首先，人工智能技术的发展使得算法对主体性的操控从“预测”走向“生成”——算法不仅能够预测儿童的行为模式，更能够通过“生成式AI”创造新的行为模式，从而实现了对儿童主体性的“深度操控”。其次，元宇宙等新兴技术的兴起，使得算法治理的“生活世界殖民”从“虚拟空间”扩展到“身体空间”——儿童的身体行为、情感状态等主体性维度，都被算法化为“可计算资源”。最后，算法治理通过“个性化推荐”等技术手段，实现了对儿童主体性的“碎片化控制”——儿童的主体性被分解为“注意力碎片”，从而使儿童的自主性在算法逻辑中被进一步弱化。这一变化表明，算法治理的“生活世界殖民”不仅是一个技术问题，更是一个深刻的“存在论”问题——它挑战了人类作为“自主主体”的可能性。

---

▌ 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：技术化权力的“合法化暴力”机制】

   • 在数字资本主义时代，监管权力如何通过“技术化”话语（如DEI、ESG）实现对言论自由的“合法压制”？这种“技术化暴力”是否预示着现代民主的“去政治化”危机？

2. 【开放性学术追问二：算法治理的“主体性殖民”与儿童权利保护的制度困境】

   • 算法治理如何通过“注意力经济”将儿童主体性客体化为“可计算资源”？现有的儿童权利保护框架（如《儿童在线隐私保护法》）是否足以应对算法治理的“深度操控”？

制度与权力批判深度研判：The Wall Street Journal (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. 【ABC诉FCC言论管制案】 [F5_29-F5_33]

   • 事件简述：ABC起诉FCC试图通过DEI倡议调查压制其政治评论节目《观点》，指控政府以执照续期为要挟进行言论审查。[F5_31 🔍]明确指出FCC在基梅尔对总统进行讽刺性评论后不久，宣布将提前审查ABC夜间本地广播电台的执照续期。
   • 情感政治与伦理深思切入点：媒体自主权与政府权力的对抗，触发了新闻从业者对“寒蝉效应”的恐惧与愤怒。制度理性（法律程序与监管授权）与新闻自由的情感动员（捍卫民主监督）形成尖锐张力。

2. 【全球债券收益率飙升至2007年以来高位】 [F3_15 🔍]

   • 事件简述：美国债券收益率已达2007年来最高水平，华尔街认为这种趋势短期内不会结束。
   • 情感政治与伦理深思切入点：债务负担与利率上升直接压缩中产阶层的住房与教育预算，触发对“财政赤字”这一宏观数据背后的个体生存焦虑。制度理性（央行独立性与债务管理）与生活世界（家庭经济安全）的割裂，凸显新自由主义治理的冷酷面孔。

---

▌ 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： 《寒蝉效应与第四权力的自焚：ABC诉FCC案中的民主想象与权力审查》

1. 制度理性架构解构（Deconstruction of Institutional Logos）

FCC的制度理性体现在其对广播执照续期的“技术性审查”中：通过DEI倡议调查（[F5_33 🔍]）将言论内容与机构合规挂钩，实质上是将政治批评转化为“组织风险”的管理议题。这种理性模型的核心在于“去情感化”的程序正义：FCC声称其行动“依法办事”，但其法律授权（如平等时间规则）的解释权却被权力中心（特朗普政府）所操纵。[F5_31 🔍]中FCC提前审查ABC执照续期的行为，直接揭示了制度理性的虚伪：法律程序被权力精英所绑架，沦为政治斗争的工具。更深层的制度逻辑在于，FCC作为监管机构，其“公共利益”标准早已被新自由主义的市场逻辑所侵蚀——广播公司的商业利益（如广告收入）被置于民主监督之上。

2. 生活世界真实痛感深描（Living Lifeworld Pathos）

ABC记者与从业者的痛感体现在对“寒蝉效应”的切身体验中：[F5_31 🔍]提到FCC在基梅尔对总统进行讽刺性评论后不久，宣布提前审查ABC夜间本地广播电台的执照续期，这种行为直接压缩了公共话语空间。更具体的痛感来自于新闻从业者对“第四权力”角色的失落：他们意识到，曾经作为民主监督者的媒体，如今沦为权力斗争的棋子。这种痛感在新闻从业者群体中尤为强烈——他们见证了传统媒体权威的崩溃，却发现媒体自主权正在被权力结构所侵蚀。

3. Logos 与 Pathos 的内在辩证摩擦（The Dialectical Friction）

ABC诉FCC案的辩证张力在于两种“民主想象”的对抗：FCC代表的“程序民主”（通过法律程序管理言论）与ABC代表的“实质民主”（通过批评性报道捍卫公共利益）。前者将民主简化为“合规性检查”，后者则强调媒体作为“公共知识分子”的角色。[F5_31 🔍]中ABC的诉状——“仅因其言论内容”——直接揭示了这种冲突的核心：权力试图通过程序正义（如DEI调查）压制实质正义（如对权力的批评）。更深层的辩证在于，ABC的抗争本身也是一种“情感动员”：其诉讼不仅是法律行动，更是对新闻从业者尊严的集体确认。

4. 话语温度差与社会心理韧性诊断（Discourse Temperature & Prognosis）

制度端的“冷色调语言”体现在FCC的官方声明中：其以“公共利益”“合规性”为名，将政治批评转化为“组织风险”的管理问题。而媒体端的“热色调语言”则体现在ABC的诉状中：如“报复性运动”“言论压制”等强烈的情感表达。这种话语温度差凸显了社会心理韧性的严重不足——媒体从业者缺乏有效的集体行动框架（如行业联盟、国际支持）来对抗权力审查，只能依赖零散的法律抗争。

---

专题二： 《债务焦虑与新自由主义治理的情感政治——全球债券收益率飙升背后的个体生存困境》

1. 制度理性架构解构（Deconstruction of Institutional Logos）

全球债券收益率飙升至2007年以来高位（[F3_15 🔍]），其制度理性体现在央行独立性与债务管理的技术官僚逻辑中：通过利率工具调控通胀与经济增长，将宏观经济稳定置于个体生存需求之上。这种理性模型的核心在于“去情感化”的数据中立：央行决策者将利率上升视为“市场调节”的必然结果，而忽视了其对家庭预算的系统性压缩。更深层的制度逻辑在于，债务驱动的增长模式（如美国财政赤字）被新自由主义治理模式所合法化，其背后是对个体生存权的结构性忽视。

2. 生活世界真实痛感深描（Living Lifeworld Pathos）

债务负担与利率上升直接压缩中产阶层的住房与教育预算，触发对“财政赤字”这一宏观数据背后的个体生存焦虑。这种痛感在房贷一族与大学教师群体中尤为强烈——他们面临着“利率陷阱”（如房贷利率上升导致月供激增）与“教育债务泡沫”（如学费与贷款利率同步上涨）的双重挤压。这种焦虑不仅是经济压力的体现，更是对“财政责任”这一宏观叙事的情感反抗：个体被迫承担由权力精英（如国会与央行）决策失误的后果。

3. Logos 与 Pathos 的内在辩证摩擦（The Dialectical Friction）

债券收益率飙升案的辩证张力在于两种“经济正义”的对抗：央行代表的“宏观稳定理性”（通过利率工具调控通胀）与个体代表的“微观生存理性”（通过预算调整维持家庭经济安全）。前者将个体简化为“经济数据点”，后者则强调个体作为生命主体的完整性与发展需求。[F3_15 🔍]中“华尔街认为这种趋势短期内不会结束”的表述，直接揭示了这种冲突的核心：金融市场的逻辑（如债券收益率）被置于个体生存需求之上。更深层的辩证在于，债务焦虑反映了资本主义文化逻辑的深层矛盾：它既创造了无限的物质欲望，又通过利率工具将这种欲望转化为个体的生存困境。

4. 话语温度差与社会心理韧性诊断（Discourse Temperature & Prognosis）

制度端的“冷色调语言”体现在央行官员的技术术语中：如“通胀预期”“利率中性水平”等去情感化的经济学术语。而生活端的“热色调语言”则体现在个体的日常叙事中：如“房贷压得我喘不过气”“孩子的学费像座大山”。这种话语温度差凸显了社会心理韧性的严重不足——个体缺乏有效的集体行动框架（如房贷罢工、教育债务抵制）来对抗宏观经济政策的负面影响，只能依赖零散的情感宣泄与个人适应策略。

---

▌ 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)

1. 【开放性学术追问一：寒蝉效应与媒体生态的极化——在ABC诉FCC案中，第四权力的衰落如何重构公共话语空间？】

   • 研究路标：需结合新闻伦理学（如第四权力理论）与权力审查研究，探索媒体自主权与政府监管的平衡机制。重点关注社交媒体时代传统媒体的生存困境，以及新媒体平台（如独立播客、Substack）如何成为民主监督的新空间。同时，需关注新闻从业者的职业认同危机与集体行动策略。

2. 【开放性学术追问二：债务焦虑与新自由主义治理的情感政治——在全球债券收益率飙升案中，宏观经济数据如何转化为个体生存焦虑？】

   • 研究路标：需结合政治经济学（如债务驱动的增长模式）与情感社会学（如焦虑社会理论），探索利率上升对中产阶层住房与教育预算的系统性压缩。重点关注“财政赤字”这一宏观叙事如何被情感动员（如“通胀恐慌”）所操纵，以及集体行动框架（如房贷罢工、教育债务抵制）的可能性。