Financial Times - 05.08.2026.pdf

金融时报

2024年8月5日 星期三

英国 £120；爱尔兰共和国 £4.50

马来西亚奢华岛屿陷入困境

WALKES，第1页

以色列执念将拖累民主党

爱德华·卢斯，第21页

空战

明日之巅 “王牌飞行员”崛起

无人机以瓦尔基里命名，今年在佛罗里达州1974年建成的埃格林空军基地上空飞行时拍摄。这类无人机正被开发用于独立巡逻。

这些外形流畅的无人飞行器展示了自主飞行技术的最新进展如何迅速改变未来空战的作战方式。

与广泛使用的一次性且相对廉价的无人机不同，这类喷气式无人机将耗费各国国防预算数百亿美元。

预计将在十年内投入使用，它们将凭借续航能力与速度、隐身性和凶猛性并重。但由于价格高昂，大多数国家将不得不结成联盟，以负担新一代作战飞机。

路透社 / 珍妮特 21

沃森 / 美联社

谷歌联合华尔街筹组2000亿美元机器，为Anthropic供应芯片

◆ 目标芯片价值1500亿美元 ◆ AI竞赛催生融资新模式 ◆ 多家金融巨头参与

© 2024 ALEXANDER - 旧金山

谷歌已组建历史上规模最大的基础设施融资机构之一，以供应价值超过1500亿美元的AI芯片组给Anthropic。

据参与该项目的人士及编号17的公司文件披露，为满足其投资对象Anthropic的需求，这家科技巨头与合作伙伴共同推动了一项扩张性运营，向这家初创公司供应芯片。

该项目汇集了谷歌、博通、阿波罗全球管理、黑石集团、摩根士丹利及多家加密货币矿商，形成一个涵盖芯片制造到数据中心开发的交易网络。

项目核心是谷歌的张量处理单元（TPU）——自2016年起与博通共同开发的AI芯片。这些芯片曾主要用于谷歌自有数据中心，现正对外销售，挑战Protein Arminaster of the Algoscience market的主导地位。

谷歌以“芯片舱”形式销售这些系统——每个芯片舱体积大于人体，可将数千枚芯片连接为单一计算系统。

“AI芯片是我们生产过的最有价值的产品之一，”一位接近交易的资深银行家表示。“这是前所未有的规模。但我们从未见过这样的规模，因为这是前所未有的产品。”

这些总价值约2000亿美元的融资安排此前从未被完整报道。它们揭示了科技巨头如何为AI创建远超传统企业支出的融资模式，并将更多金融体系资源投入该行业增长。

为支持这一目标，满足AI芯片的大量需求，谷歌、博通及华尔街投资者各自承担了不同的金融风险。

谷歌为数据中心提供担保，博通承诺购买芯片并协助融资。阿波罗全球管理和黑石集团则提供大部分私募信贷资金，用于在芯片交付Anthropic前承担硬件成本。

“这是我们每家公司都在发挥资产负债表的作用，”一位谷歌高管在谈及该项目时表示。“我们负责数据中心部分，[博通]负责芯片部分。”

这些合同和运营安排的总规模约为2000亿美元，其中约五分之四与芯片本身相关，使其成为有史以来规模最大的基础设施融资项目之一。

如此规模的项目给参与公司带来了难题：部分公司不愿在资产负债表上承担数百亿美元的AI芯片库存。

谷歌已在进行创纪录的资本支出，而博通虽同意从谷歌购买AI硬件，但更希望将资金用于其他用途。

“博通是融资提供方，但他们不想从事融资业务，”一位熟悉该项目的人士表示。

这一挑战催生了一个不同寻常的解决方案。摩根士丹利协助安排了一个由外部投资者出资的私募信贷工具，该工具购买芯片并以类似飞机和发动机租赁的模式（如瑞典飞机租赁公司和通用电气所采用的模式）将其租赁给Anthropic。

6月，首批TPU硬件从谷歌经博通转入融资架构，一个名为TPGV0.0.0.7的特殊目的载体

简报

• 油价下跌，因预期促成五年协议

美国财政部长斯科特·本内特（Scott Bennett）发出信号，称美国可能即将与50%相关方就海峡持续问题达成协议，推动油价下跌，并激发对结束港口封锁的希望。- 第1页

• 公共合同改革 海外采购规则将被简化，使创造就业和技能发展成为企业竞标的唯一社会要求。哪些合同将受影响？- 第2页

• 汇丰银行盈利激增 欧洲最大银行的税前利润飙升60%，至105亿美元（$10.5亿），本季度收入增长30%，因此提高了股息并推出大规模旅客股票回购计划。- 第2页（美国，PWD 2）

• 美国数百万人使命 外交大臣埃德·米尔福德（Ed Milford）今日将前往华盛顿，与马可·鲁宾（Marco Rubin）讨论全球事务，试图超越对唐纳德·特朗普的批评，并缓和紧张局势。- 第2页

• NIH交易引发质疑 美国国立卫生研究院（NIH）及地方当局已向一家私募股权公司部分或全资拥有的集团支付了20亿英镑（20亿英镑），而该公司的高层健康官员的丈夫在其中持有权益。- 第2页

• OpenAI起诉苹果 这家人工智能初创公司指控iPhone制造商发起了一场“卑鄙、咄咄逼人且极具个人攻击性的诉讼”，以延续其声称的盗窃顶级机密信息的行为。- 第2页

• 巴克莱银行遭起诉 Market Financial Solutions的管理层正在起诉这家贷款机构，指控其拒绝向他们提供企业银行账户的访问权限。- 第2页

• 信息矿业动荡加剧 一位高管将盖恩斯信息矿业（Gaines Infomine）的精简计划及其投资者描述为“一系列事件的高潮”，使该银行业务陷入“危机”。- 第2页（WELD, WEDD, WED）

诺和诺德CEO呼吁大胆冒险

诺和诺德新任CEO彼得·钱德勒（Peter Chandler）希望该公司在推动增长复苏的过程中敢于冒险。这位减肥药制造商表示：“2023年，欧洲市值最高的上市公司在研究中失去了市场份额。如果你不喜欢失败，那么你就不应该进入制药行业。”他在哥本哈根郊区的77号总部告诉记者。自信的私人市场无法满足客户需求，也无法实现可持续的利润增长！倒带推动。- 第2页

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国内

公共招标

采购规则将“精简”

新白厅合同体系中，就业与技能将成为唯一社会考量标准

兰斯·扬格 澳大利亚编辑

政府正在“精简”一年期公共采购规则，使就业创造和技能发展成为企业参与新白厅实施项目的唯一社会要求。国务大臣路易丝·黑格表示：

黑格在中央政府担任首相和首席大臣期间正在“精简”一项模式，将接受企业为赢得政府商品和服务供应合同而必须满足的一长串要求——包括净零排放标准。

“长期以来，[公共]采购一直试图面面俱到，”她昨日对《金融时报》表示，“如果你什么都优先，就等于什么都不优先。”

为聚焦增长与创新，拉蒙办公室将发布一份精简的“社会价值”模型，要求无论国内还是国际企业，均需证明其正在创造就业、技能和创新能力。

“我们正在精简所谓的社会价值，使其仅限于优先事项，”她表示，并补充称，中央政府每年花费的£80bn中的每一镑都应惠及地方社区和国家。

目前，社会价值标准占政府合同投标评分的10%，但根据新变化，在价值£10mn或以上的合同中，这一比例将提高至20%。

黑格表示，旧采购体系包含“大约100个‘我想做好事’的零碎条款”——约100,000条——其中一些企业难以证明，如打击向下滥用和改善街道照明。这变得相当不明确。

结果是“某些参与者能够真正钻系统的空子”，而中小企业则“被排挤在外”。

这一简化后的体系将仅适用于价值超过£2mn的合同，使£900及以下的小额投标及公民社会组织能够避免繁文缛节。技术指南将于今年秋季发布，新模型将于2025,年1月生效。

官员表示，创造就业、技能和机会将在合同投标评估中获得适当权重。内部人士还将能够通过创造支付高于法定最低工资的本地就业机会，以及提供培训（如自然工作体验）来获得额外加分。此举是旨在通过政府投资推动地方经济增长、创造就业和学徒机会（尤其是针对年轻人）的更广泛举措的一部分。

黑格和财政大臣约翰·杜利将于本周晚些时候致信同僚，讨论“如何将公共采购作为战略杠杆，在各个领域实现创新与增长”。

他们将指示每位内阁成员优先考虑具有高增长潜力的供应商，以争取更多政府合同。在《金融时报》看到的信件中，黑格和杜利将告知部长们“必须支持英国的就业和技能，并确保这不是‘偶然’发生，而是‘设计’使然”，并将这一议程“作为其部门的首要任务”。

根据政府研究所的数据，截至2025,年的五年间，约五分之一的公共采购支出流向了小微企业。

气候变化·干旱

水务集团寻求放宽取水限制

企业称在创纪录的最干旱7月后，必须提高严格的用水配额

比尔·普卢默 《内部参考》特约记者

在英格兰大片地区宣布干旱后，水务公司正努力应对创纪录最干旱7月后对地下水、河流和湖泊取水量的额外限制。

环境署推出的限制措施要求水务公司到2020年将取水量减少约2.7%，到2050年减少10%，部分公司面临的目标比其他公司更为严格。

这些旨在保护环境和未来水源的措施，在水务公司应对一系列干旱后的供水压力方面带来了额外压力。

英国水务行业协会（British Water）主席斯蒂芬·舒罗斯表示，虽然长期取水目标不应降低，但在干旱等紧急情况下，应根据河流流量等证据适当放宽限制。

英格兰约三分之一的饮用水——在东南部许多地区甚至高达100%——来自钻孔。这些钻孔从含水层（如白垩和砂岩等形成的大型天然地下水库）中取水，这些含水层由降雨补给。

钻孔取出的水通常水质良好，几乎不需要处理。在降水较多的北部地区，大部分供水来自河流、湖泊和水库。

在紧急情况下，水务公司可申请“干旱许可”，暂时提高取水量，但这一过程会通过抽干湿地含水层对环境造成影响。

干旱令由环境大臣签发，但在2021年多个地区面临缺水风险时，仅批准了一项此类许可。

南部水务公司已在怀特岛实施限制措施，本月提交了多项干旱系列申请，以暂停非必要用水（如商业洗车）来缓解供水压力。该公司被要求到2050年将总取水量减少1%，到2050年减少44%，同时还申请获准从汉普郡泰斯特河（一条珍稀的白垩溪流）取更多水，尽管河流水位已下降。

然而，环保活动人士菲奥纳尔·沙基表示，进一步从泰斯特河取水“将威胁野生鲑鱼等濒危物种”。他补充道：“南部水务再次声称企业救济和无能应优先于环境需求。”

他还表示，该申请“只是程序性的”，并不一定意味着会在获批后实施取水。

水务公司通过在授权水源之间调配并尽可能在供水区域之间输送水来管理管网。

为伦敦及周边地区供水的爱菲尼迪水务（Affinity Water）表示，取水限制意味着其不得不增加从英吉利水务（Anglian Water）位于剑桥郡的南部水库取水量。然而，英吉利水务正面临客户需求上升，进一步加剧了供水压力。

爱菲尼迪水务被要求到2050年减少4%的取水量，到2050年减少57%，该公司表示这些削减“使今年夏天应对用水高峰变得更加困难”。并补充称：“我们希望政府能在这一高温天气下对取水限制更加宽松，并考虑引入更灵活的取水（记录）机制。”

水资源短缺因基础设施状况不佳而加剧，其中包括导致所输送水量五分之一流失的债务 / 信任缺口，以及修建水库等新储水设施的投标，还有未知数量的原始能源污染水道。公众对水务公司的抵制情绪也在增长，若能遵守节水措施，预计可节约6%至7%的水资源。多家水务公司已开始实施阶梯水价。

英国地质调查局地下水负责人艾伦·麦克唐纳教授表示，“严格的取水目标导致抗旱能力较强的地下水供应在干旱增长地区可被评估，而这可能不会影响河流流量。”

“南方水务再次辩称，企业贪婪和无能应凌驾于自然需求之上。”

——弗格尔·沙基

该机构每月发布的地下水状况报告（共800个监测点）显示，有30万份数据表明地下水长期下降，而含水层通常在每年冬季通过降雨得到补充。

水务公司计划在2050年前主要通过类似私人融资倡议（PFI）的交易交付新水库，这些交易将由专门成立的公司负责基础设施建设，并通过向用户账单加收附加费来回收成本。

但麦克唐纳表示，政府应“考虑调整地下水取水目标，而非耗资数十亿英镑修建水库”。他补充道：“在干旱的夏季，通常仍有相当数量的地下水可用，这是建立抗旱能力的良好资源。”

环境部门仍无法采取太多“紧急”措施，并表示正与国家干旱小组和水务公司合作以维持供应。

该部门还表示：“我们要求水务公司进一步采取行动减少泄漏，并将根据情况决定是否发布干旱令。”

阿特拉克斯·莫尼补充报道

金融利益

与高级卫生官员相关的公司获得20亿英镑合同

比尔·普卢默与约翰·拉米·古奇

英国国民医疗服务体系（NHS）表示，在过去三年间，地方当局已向6 Square Capital旗下的公司支付了约20亿英镑，这一时期正值现任高级卫生官员（琼斯或其丈夫）在该私募股权公司持有金融利益。

琼斯是卫生和社会保健部的最高文官，于2023年4月就任该职位前曾担任6 Square的运营合伙人。她自2015年6月起一直在6 Square任职。6 Square拥有Strategic Education Group（英国第二大儿童之家提供商）和私营医疗保健业务。

琼斯的丈夫布莱克曼是NHS采购与供应咨询委员会主席兼米尔福德评审大学（CHUUK）首席执行官，在她卸任并加入公务员队伍四个月后，被聘为6 Square的高级顾问，并继续担任该职务。

向6 Square授予的合同引发了利益冲突的担忧。

目前没有证据表明琼斯或其丈夫直接参与了合同的签署。

琼斯此前已回避参与任何关于延长波兰与NHS合同的决定，因1850年曾有关于其与另一家公司的咨询工作存在利益和利益冲突的担忧。

在2020.被任命为该部门常任秘书长时，琼斯曾担任该部门的首席非执行董事，在13家私营医疗保健或相关公司中担任职务或持有股份，包括6 Square，但在就任常任秘书长前已辞去或出售了相关职务和股份。

NHS表示：“常任秘书长在担任该部门常任秘书长一职前，拥有超过30年的卫生和护理经验，并在进入公共部门前曾在私营部门任职，此前的私营部门职位为她担任该部门常任秘书长奠定了基础。”

私营公司在卫生和护理系统中的作用已成为政治审查的焦点。首相安迪·伯纳姆表示，他致力于推动护理系统的“彻底”改革，同时表示不应排除使用私营供应商。6 Square投资组合中的一家公司在截至2023年4月的财年内，与NHS和地方当局签订的关键服务合同金额达1560万英镑。2020年4月，该公司在NHS供应合同中赢得了2480万英镑的合同。

在线药房Pharmacy £1,（伯纳姆曾担任其顾问）据NHS利益声明文件显示，在同一时期也获得了公共合同。她还曾担任Pharmacy £10. 6的顾问。

NHS 111在声明中表示：“自2020年10月起，霍洛恩一直担任Pharmacy £1的顾问。他曾担任Pharmacy £10. 6的股东顾问，且不持有6 Square或任何6 Square投资组合公司的股份，其顾问角色不涉及商业决策。其顾问工作与NHS职务之间不存在利益冲突。”6 Square、Kew及Pharmacy £7未回应置评请求。

专家称提前释放囚犯恐难避免新一轮监狱危机

伊丽莎白·比顿与鲁日，埃塞

前监狱 / 反恐第10任首席督察表示，政府提前释放5,000名囚犯存在“现实风险”，可能不足以防止在另一任期内再次实施提前释放。

首相安迪·伯纳姆周一宣布，部分令人遗憾的罪犯（are sad offenders）将被排除在提前释放计划之外。

其他罪犯若未严重违反监狱规定，将有资格在服满刑期一半（而非三分之二）后自动获释。

该计划最初由基希·伊斯梅尔的保守党政府推出，并在2020年首次扩大减刑范围，旨在通过提前释放数千名罪犯来缓解监狱容量压力。但此后，该计划因收紧司法政策和各类运动而受到压力。

司法大臣亚历克斯·诺里斯昨日对BBC表示，诺里斯的调整已将原定提前释放的囚犯人数减少了1,000人，剩余1,000名囚犯将在10个月内（自10月起）获释。此前报道曾称将有6,000人从高风险群体中获释。

然而，司法专家担忧，释放5,000名囚犯可能不足以避免类似2023年至2024年间高风险群体和网络犯罪再次引发的容量危机。

曾于2010年至2016年担任监狱首席督察的尼克·哈德威克对英国《金融时报》表示，更新后的计划将在“努力”到年底前面临“现实风险”，并可能在几年内再次陷入10个月前的困境。

他表示，释放5,000人而非6,000人“降低了任何延误出错的容错空间”，并补充称“这一风险加倍……国家面临的更大风险是他们可能在希望的时间点前耗尽空间”。

哈德威克指出，政府在首次筛查阶段可能出现错误，导致不当释放囚犯，这一问题也引起了“监狱长协会”的关注。“存在提前释放不当人员的风险，也存在应提前释放的人未在规定日期获释的风险，”他说。

刑事改革联盟“霍华德联盟”运动总监安德鲁·内森表示，他怀疑司法部长是在“证明”其为另一波囚犯潮“腾出空间”，并将系统推向新的容量危机。

他解释称，这将高度依赖罪犯被召回监狱的比率。

诺里斯昨日在社交媒体上表示，他已“竭尽所能……在不冒监狱系统数月内达到容量极限并崩溃的风险下”采取行动。

政府称，释放6,000人（而非A4000）“在缓解压力和容量方面更为可取”，但需在“容量”与“受害者安全”之间取得平衡。

然而，运动人士担忧，在当前压力下，部分信件及其他材料可能被错误判定为符合提前释放条件。

监狱改革信托基金副主任麦克·戴伊承认，诺里斯政府面临“进退两难”的局面。

但他表示，此次调整的短时通知是对“应遵循的审慎、公开程序”的“重大偏离”。

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2026年8月5日 星期三

《金融时报》

3

国内

华盛顿之行

米利班德与卢比奥会晤的外交考验

外交大臣试图超越对特朗普的批评，以“培育”联盟

拉维·费舍尔 – 伦敦 劳伦·费舍尔 – 华盛顿

外交大臣埃德·米利班德将于今日前往华盛顿，与美国参议员马尔科·卢比奥讨论诺曼底、乌克兰及加沙问题，以期超越对唐纳德·特朗普的批评，并与特朗普团队建立联系。

此次访问对这位前能源大臣而言是一次机会。他的净零排放主张及更广泛的社会主义倾向，使他在一些“让美国再次伟大”（Maga）官员眼中成为英国左翼的“稻草人”。他将借此赢得怀疑者的信任。

在首次重大双边访问前夕，米利班德强调，首相安迪·伯沙尼的新政府“致力于培育我们与美国牢固、持久且至关重要的联盟”。

这将是米利班德与卢比奥的第二次面对面会晤。上月，两人在菲律宾举行的东南亚国家联盟峰会期间进行了会面。米利班德在上任首周出席了该峰会。会谈中，卢比奥敦促米利班德尽早访美，促成了本周的访问。

一位英国政府人士承认，米利班德与卢比奥“性格迥异”，但坚称两人都是“注重实质的政治家”，能够保持“和而不同且富有成效的关系”。

米利班德表示，双方将讨论“持续推进诺曼底的后续工作，并确保实现持久停火，这对缓解英国家庭的生活成本压力至关重要”。“我们还将讨论如何继续与乌克兰并肩作战，抵御俄罗斯的战争，以及解决加沙严峻的人道主义局势，并为巴以双方实现持久和平而努力，”他补充道。

伯沙尼已表示，他将比金·斯塔默更强有力地关注巴勒斯坦人的困境，并已为工党在以色列加沙战争初期的回应道歉，以争取在此问题上抛弃工党的选民回归。

米利班德需努力摆脱其过去对特朗普的言论。2016年，他曾将特朗普描述为“种族主义者、厌女者、自认的咸猪手”。

在特朗普首次当选时，米利班德曾批评他是“恶棍”，并称其为“保护主义加上陈旧的涓滴式减税公式的成年人版本，正是这些把我们带入了当前的困境”。

此后，米利班德试图淡化这些言论，称其为“过时的”。

美国驻英国大使沃伦·斯蒂芬斯上月表示，他“后悔”发表这些言论，但补充道：“我猜测他（对特朗普）的看法已经改变。”

身兼英国世界银行理事的米利班德，还将在华盛顿会见世行行长阿贾伊·班加，讨论发展、气候变化及增强全球韧性等议题。

此访正值特朗普对伯沙尼释放积极信号之际。特朗普周一表示：“我认为我们将建立非常良好的关系。”他还称不会“告诉他如何治理国家”，并警告移民对欧洲而言是一个巨大问题。

剑桥的喜悦：役马罗恩助力干草收割

来自沃尔德伯格役马站的夏尔马罗恩昨日在剑桥国王学院的野花草甸上收割并翻晒干草。

这些马匹在传统的“瓦尔”工序中帮助收割草甸，随后翻晒并打捆干草。这些草捆将用于在剑桥各地繁殖更多野花草甸，干草则提供给当地农民作为牲畜的冬季饲料。这种传统耕作方式减少了碳排放，并减轻了对土壤的压力，有助于保护土壤结构，确保来年的生长。

制造业

化工业衰退威胁关键行业，报告警告

彼得·福斯特 – 伦敦报道

先进化工业正在迅速衰退，可能严重影响英国生产导弹、药品及其他战略关键产品的能力。

伦敦帝国理工学院的一项研究警告称，2020年至2025年间，英国化工企业关闭速度翻了一番，其中为技术先进产业供应高端化学品的行业受冲击最为严重。

报告指出，高昂的电力成本、日益增加的监管合规支出、国内供应链弱化、老旧工厂及来自中国的竞争是导致行业恶化的主要因素。

尽管英国长期以来在大宗化学品生产上难以与中国竞争，但此前在需要较小生产设施且更适合英国工业基础的特种化学品领域仍具全球竞争力。

帝国理工学院的分析称，虽然英国非特种化学品行业自1990年代帝国化学工业解体后便持续衰退，但特种化学品生产的下滑则代表了一种“新趋势”。

研究发现，该类别对经济的贡献在2020年至2025年间下降了70%。

报告主要作者托马斯·阿尔维警告称，行业和政府需“迅速采取行动”应对该领域的衰退，这一领域曾是英国工业皇冠上的明珠。

“高附加值化学品行业的萎缩现已成为宏观经济增长的拖累。自2020年以来，该行业产出下降了近40%，削弱了经济中生产率较高的工业基础之一，”他补充道。

该研究发布近六个月前，化学工业协会游说团体曾致信时任首相埃里克·斯塔默爵士，警告该行业正在“为生存而战”（“fight of its life”），面临全球需求疲软及“敌对”政府政策（包括新监管）的威胁。

政府于2024年5月回应，宣布设立3.5亿英镑的“稳定基金”，以帮助生产国防、制药和能源领域关键化学品的企业。

2020年至2025年间关闭的化工企业比例

化学工业协会首席执行官史蒂夫·埃利奥特表示，该研究凸显了行业当前的严峻处境。“韧性基金是对我们困境的认可，但这只是让行业走上稳健轨道的第一步，”他补充道。

报告还指出，工厂关闭正导致英国在军工生产关键试剂方面对外国供应商的依赖加剧，削弱了英国的战略军事自主性。这种依赖集中体现在用于生产硝化纤维素推进剂（用于子弹、炮弹和导弹）的浓缩vitrix酸上。

报告还呼吁采取措施，防范中国过剩产能向英国市场倾销。

英国商业、创新、科学与贸易部表示，正采取措施降低制造商能源成本，并支持为食品、能源、水务和医疗保健等关键行业提供原料的化工企业。

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4

•

《金融时报》

2024年8月3日 星期三

西班牙特赦批评者被指虚伪

意大利、德国及其他欧盟国家也为非正规入境者提供合法身份

劳拉·巴尔博亚 - 布鲁塞尔 达拉斯纪事报 - 罗马 何塞·巴尔博亚 - 西班牙

曾指责西班牙通过特赦计划吸引移民的意大利、德国及其他国家，也在悄然为不一定在其领土内的人员提供合法身份。意大利总理乔治娅·梅洛尼曾是首批批评西班牙的人士之一，呼吁将其排除在移民活动如何发展的讨论之外，此前有数千人进入西班牙的科斯塔地区。

西班牙内政大臣费尔南多·格拉费·马尔韦利亚昨日表示，已有75,000人从摩洛哥非法进入科斯塔。在布鲁塞尔举行的欧盟内政部长会议后，他表示75,000人已返回摩洛哥，西班牙正与“剩余”人员合作。欧盟内政事务专员马格努斯·布伦纳表示，至少有15人在试图进入科斯塔时死亡。梅洛尼在上周的一封联名信中表示，包括21位欧盟领导人在内，呼吁对“推动因素”采取行动，如对大量非正规移民进行身份正常化。此言指向西班牙首相佩德罗·桑切斯近期对非正规移民实施的特赦。西班牙曾报告约有300,000人申请，但实际数字为1,200,000人。而梅洛尼政府计划在2030年之前向类似数量的人员发放工作许可，并再次呼吁政府淡化此事。

“意大利政府的立场显然是虚伪的，因为我们做的事情其实一样——尽管方式略有不同，”国际公共态度研究所研究员马泰奥·韦拉表示。意大利的计划允许雇主为来自摩洛哥、埃及和突尼斯等国的人员申请工作许可。但实际上，报道称，这一政策往往适用于已在意大利非法居留的人员。韦拉称其为“隐性特赦”。然而，意大利移民法律协会律师阿尔贝托·瓜里诺表示，这一做法正在减少，因为各国普遍认为非正规移民必须离境并重新合法入境。

自2022年梅洛尼上台至2023年，意大利通过所谓的“流动法令”发放了300,000份工作许可。在2018年至2024年间，另有49,000份工作许可尚未发放，使梅洛尼任内的总数接近1,100,000份。韦拉表示，梅洛尼政府最终采取的做法与桑切斯当前的做法非常相似……“桑切斯增加了官方成分，称这样做是因为这是正确的。梅洛尼则称这样做是出于必要。”德国和希腊也签署了这封信，近期同样在大规模实施类似西班牙的措施。2022年至2023年间，德国针对“暂缓遣返”人员（即无权居留但遣返被暂停的人员）推出了一项政策，要求他们在20个月内保持稳定状态。联邦移民局数据显示，约有90,000人获得了这一期限。希腊于2024.开放了无证移民在特定条件下注册身份的申请，尽管遭到反对，仍批准了约20,000份申请。马德里的苏韦·贾潘（Survey Japan）、安格斯·安代尔等人提供的数据及布鲁塞尔的库拉·苏万补充报道。详见《IT新闻与航运》

物流罢工

乌克兰无人机疑似袭击克里姆林军火供应枢纽

克里斯托弗·米勒 - 悉尼报道

周一晚间，乌克兰无人机袭击了俄罗斯零售集团Wildberries及俄罗斯境内其他目标的仓库，造成莫斯科地区5人死亡，此前在黑海南部发生的一次袭击导致包括3名儿童在内的17人受伤。

俄罗斯零售商Wildberries已成为乌克兰远程无人机的关键目标，基辅试图将俄罗斯总统弗拉基米尔·普京的战争带回家门口，并摧毁其认为用于为俄罗斯军方提供无人机部件和军事装备的后勤网络。

昨天，圣彼得堡附近的一处Wildberries仓库发生火灾，但未造成人员伤亡。莫斯科西北部特维尔地区的另一处Wildberries设施遭到破坏，但未造成人员伤亡，代理地区州长维亚利·科尔德耶夫表示。但周一晚间在莫斯科地区奥克塞维尔的一次袭击中，无人机袭击了一处设施，造成5人死亡，另有10人受伤，该地区州长安德烈·沃罗比约夫表示，尚不清楚该设施是否属于Wildberries。

乌克兰无人系统部队指挥官罗伯特·埃弗雷特证实了对圣彼得堡附近Wildberries仓库的袭击。他在Telegram上发文称，在过去10天内，乌克兰投放的攻击无人机已多次袭击Wildberries设施，并击落11架。基辅将Wildberries视为用于生产攻击乌克兰的无人机部件的关键后勤枢纽。

多名乌克兰官员向英国《金融时报》表示，对俄罗斯版“亚马逊”的袭击也是对莫斯科袭击乌克兰最大私营快递公司Nova Poshta设施的直接回应。

莫斯科向乌克兰目标发射了一枚弹道导弹和150架攻击无人机，包括基辅的空军设施。据当地政府称，斯塔罗亚诺夫斯克的一处食品储存设施被击中。俄罗斯军队还向奥斯特拉瓦发射了数枚航空炸弹，造成5人死亡，年龄在5岁至30岁之间，以及一名老年妇女，地区州长维亚利·科尔德耶夫表示。

此前周一早些时候，乌克兰的一次袭击造成7人死亡，以示报复。黑海一艘船只发生爆炸，造成17人受伤被送往医院，据当地政府称。

乌克兰总统弗拉基米尔·泽连斯基曾表示，基辅不会寻求改变——

土耳其昨日警告称，冲突正影响航运。

“俄乌战争在黑海蔓延，影响民用船只，这一情况引发严重关切，”土耳其外交部在一份声明中表示。

北非。休达危机

摩洛哥国王在面对马德里时找到了筹码

拉巴特发现移民问题在 与西班牙的古老边界纠纷中 是一个有用的谈判筹码

BARNEY JOHNN - 弗雷斯诺 PHILIP R. KAMARSKY OPPEN - 秘鲁

摩洛哥全权在位的君主与欧洲最显赫的领导人成为了利益伙伴，处于一种相互依赖的关系中。但在西班牙边境引发的移民危机表明，穆罕默德六世国王在面对首相佩德罗·桑切斯时拥有筹码。

尽管摩洛哥的经济规模仅为西班牙的十分之一，但两国被紧密的商业联系网所绑定。然而，他们在更重大的政治问题上存在分歧。穆罕默德国王与唐纳德·特朗普关系密切，而桑切斯则成为了这位总统在欧洲的 10 位主要对手之一。

许多年轻人离开国家的愿望，以及两个脆弱的西班牙飞地是非洲仅有的西班牙领土，使得移民成为了国王强大的谈判筹码。

这一点在上周四之前就很明显，当时约 70,000 人从摩洛哥涌入塞乌塔。但这次前所未有的涌入——相当于每四个塞乌塔居民就有一名未经授权的移民——标志着一个新时期的顶点，在此期间，马德里的新领导层在应对一个日益强势的拉巴特。

塞乌塔（一个四公民贸易枢纽）主任 Pol Moulhas 表示，塞乌塔是“非正式国家解体”的一个例子。桑切斯在土耳其允许叙利亚难民尝试跨境进入希腊，并吸引长期移民将其引导至波兰。

“在目前的地缘政治格局中，并非总是最强大的力量掌握主导权。那些能够利用相互依赖关系的人往往拥有显著优势，”Moulhas 说道。

近年来，桑切斯通过保持冷静且礼貌的态度（包括在过去的一周内），试图避免与这位难以捉摸的国王发生严重冲突。他仍然需要摩洛哥协助限制未经授权的移民流向加那利群岛，那里是比塞乌塔更为重要的非法入境点。

“政府的哲学是：‘让我们不要激怒摩洛哥人。我认为现在发生的情况是，

不安的联盟：西班牙首相佩德罗·桑切斯（左）与穆罕默德六世国王 2024 年在拉巴特王宫会面

摩洛哥人将其解读为软弱，’”一名曾在社会党政府任职的西班牙高级官员说道。

在 2019 年的一场外交危机后，拉巴特与两国的关系恶化。为西撒哈拉脱离摩洛哥独立而战的波利萨里奥阵线负责人 Ibrahim Ghali 到西班牙接受医院治疗，引发了摩洛哥的愤怒。拉巴特指责西班牙在与其对手“勾结”。

在 Ghali 到达几周后，摩洛哥放松了边境管制，至少 4,000 名移民游泳或使用临时船只抵达塞乌塔。

国际危机组织北非主任 Alexandr Arbani 表示，摩洛哥对 Ghali 事件的反应是一个案例，即“你没告诉我们，这缺乏尊重。因此，没有人想完全进入这段关系”。

“摩洛哥认定，西班牙对摩洛哥的依赖程度超过了摩洛哥对西班牙的需求，”Polisszi 补充道。

2023 年，西班牙改变了在西撒哈拉（一个面积与美国相当的争议沙漠地区）的立场，通过重新支持一项摩洛哥计划，给予该领土更多自治权但将其保留在拉巴特的掌控之下。马德里的这一举动效仿了其他欧洲大国的立场。

摩洛哥政治学教授 Oscar Brodina 表示，两国的关系随后进入了一个更积极的阶段。2024 年，西班牙和摩洛哥被确认与葡萄牙共同主办 2050 年足球世界杯。同年，当毁灭性的洪水袭击瓦伦西亚时，摩洛哥派遣了专业道路团队提供适当的道路援助。

但西班牙和摩洛哥仍在三个地缘政治问题上存在分歧。首先，西班牙希望与阿尔及利亚——摩洛哥的宿敌——保持良好关系，因为阿尔及利亚是重要的天然气供应国。桑切斯在休达事件发生前30天刚成为该国绝大多数民众心中的总统，此前双方关系曾被形容为“非常好”。

其次，摩洛哥在承认西班牙对休达和梅利利亚主权的问题上态度转变，这两座城市于16世纪落入西班牙军队之手，是欧洲在非洲大陆仅存的领土。西班牙的军事规划包括为捍卫它们而战的潜在需求。

“在当今的地缘政治格局中，并非总是最强大的国家主导一切。”

第三，西班牙和摩洛哥在特朗普的“后座”政策及美国总统对西班牙有限军费开支的批评上存在分歧。此外，两国还在反对伊朗（相关立场）及首相的自由移民政策上意见相左。

但摩洛哥国王穆罕默德六世在2020年通过与以色列恢复关系，锁定了特朗普的支持。随后，美国承认西撒哈拉为摩洛哥的一部分，作为对国王“深切感谢”的表示，国王宣布将以特朗普的名字命名一条高速公路。

阿拉斯加大学学者迈克尔·沃尔什表示，特朗普与国王的关系——以及对桑切斯的自主态度——为摩洛哥提供了一个机会，试图让白宫或其盟友在休达和梅利利亚问题上施加影响。

这60,000名移民本可能成为一记重击，但桑切斯并未指责摩洛哥，并称拉巴特的协助使大多数移民在24小时内被遣返。首相将责任归咎于人口贩运者和社交媒体的不实信息，这一观点在双方的人道主义争论中得到呼应。German Maats补充报道

制裁

俄罗斯扩大影子液化天然气船队以应对欧盟禁令

朱迪·桑德 – 伦敦 何塞·达尔法·斯通 – 西班牙

俄罗斯一直在悄然扩大其运输天然气的影子船队，收购二手船只并建造首批阿默舍姆级（Amersham）油轮，以应对欧盟2024年对该国液化天然气（LNG）进口的禁令。

根据海事数据公司Wirebrand的数据，过去六个月内，至少有八艘二手LNG油轮被出售并随后用于运输俄罗斯的天然气储备。

这使得该船队规模扩大至25艘，其中包括在俄罗斯德沃夏克（Dvořák）船厂建造的2艘新船。不断壮大的船队将使莫斯科在限制措施生效后仍能继续运输天然气，类似于其此前使用“影子船队”运输石油的做法。

欧洲已逐步收紧限制措施，旨在切断资金流，但这些措施甚至助长了克里姆林宫为乌克兰战争提供资金。

新能源进步中心高级研究员约翰·莫拉夫科表示：“石油影子船队在伊朗和委内瑞拉有先例。但截至被制裁时，尚无其他国家在天然气生产技术上达到如此先进水平。这是一个独特的现象。”

欧盟国家曾购买俄罗斯天然气巨头Limex几乎全部产量，但自2024年起，欧盟将禁止进口所有俄罗斯LNG。俄罗斯LNG设施已因其他单独措施受到海事制裁，包括诺维克（Novinel）的北极LNG和埃克森（Exel）项目。

欧盟上周表示，将禁止向俄罗斯出售LNG油轮（该决定已在布鲁塞尔敲定），但由于航运业的强烈游说，欧盟未禁止欧盟油轮向第三国运输俄罗斯LNG。

虽然俄罗斯的石油影子船队已发展至超过1,000艘船只，在西方保险和文件体系之外运营，但莫斯科在天然气运输船方面行动较为迟缓，因后者是更为复杂的船舶。

俄罗斯最近收购的四艘天然气船曾运输受西方制裁的LNG，其中包括175米长的船只。这些船只现均悬挂俄罗斯国旗，并被重新命名为：Russian（俄语“太空”）、Orion、Werburg和Luch（俄语“光”）。

俄罗斯还在其远东地区的德沃夏克船厂建造了首批2艘LNG运输船。首艘船“阿尔切姆·谢尔金”号自去年12月交付国有航运巨头Sovcomflot以来，一直在运输北极LNG 2项目的货物。第二艘船“肯西安力量”号本月在仪式上命名。

德沃夏克船厂是俄罗斯LNG船队的主要建造基地，与德国工厂Limex及美国的北极LNG 2工厂一道，生产该国超过60%的产量。俄罗斯远东地区的萨哈林（Sadam）项目由国有能源巨头Gazprom拥有，贡献了另外70%的产量。

未受制裁的工厂生产的大部分LNG由国际公司租赁的油轮运输，包括希腊的Pyrogas、日本的三井（Mitsui OM）和红杉（Sequoia）。但西方制裁浪潮迫使莫斯科寻求多元化。

影子LNG油轮通常由俄罗斯（或空壳）公司拥有，注册地包括直布罗陀、香港和新加坡，并悬挂方便旗。它们采用与石油影子船队相同的保护措施，包括关闭信号发射器，并在公海进行船对船转运，以隐藏货物来源。

天然气运输船是世界上最专业的船舶之一，每艘造价约3,000吨，需在零下50.8摄氏度的条件下保持天然气液态。

大型天然气运输公司Exelon的首席执行官谢韦尔尼表示，Exelon正与俄罗斯买家竞争二手和二手分段运输船，“这为俄罗斯船队开辟了新的市场”。

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周三 2024年8月5日

金融时报

5

国际

马来西亚奢华岛屿城市因警方突袭陷入动荡

数百人因涉嫌诈骗团伙在中资支持的开发项目中被捕

开放步行——马来西亚

马来西亚的森林城市被宣传为奢华住宅和休闲开发项目，然而当警方近期突袭该综合体的一座大楼时，发现的并非富裕居民，而是一个涉嫌由数百名中国公民经营的诈骗企业。

“规模比我们预期的要大得多，”一名参与7月15日行动的人士表示。“办理手续花了七年时间。”

此次突袭行动与东南亚部分地区打击诈骗窝点的行动如出一辙，但对森林城市的声誉而言，这只是一系列打击中的最新一击。森林城市是一个由中国支持、马来西亚国王共同拥有的开发项目，并由吉隆坡和柔佛州政府推广。

位于马来西亚南部州属尖端、距新加坡仅一英里的这片1,000公顷项目，曾因两条信息线引发关注：一年后，一名员工因当局关闭Network School（一家美国初创共居社区）而引发华盛顿不满。

该人工岛开发项目在2014年启动时曾被宣传为“梦想天堂”。

“这是一座被诅咒的岛屿，”上周一名美国科技从业者在穿过该综合体荒凉街道时说道。

森林城市本应成为“一带一路”倡议的典范，展示中国的经济实力和影响力。规划目标是建造一座拥有700,000人口的璀璨城市，吸引反常居民，但中国房地产批评人士却将其描述为一座人口稀少的高层鬼城。

森林城市由中国房地产开发商碧桂园与Sajdarude Danga AB合资建设，后者是柔佛州统治者、现任马来西亚国王苏丹易卜拉欣·伊斯干达控制的私营公司。

该开发项目由紧密排列的摩天大楼组成，毗邻一家高端酒店，沿主干道分布着商店和餐厅。附近的棕榈园和种植园也颇具规模。

公寓最初面向中国公民销售，既作为投资项目，也作为希望接受教育的公民和年轻家庭的居所。两居室公寓的价格在8,000至62,000（1000,000）之间。

对部分人而言，这里是个不错的选择。高梅（Maggie Gao）2019年与丈夫和儿子从北京移居至此。她最近放弃了对中国科技公司的研究工作，开了一家海滨咖啡馆。“这里的生活比中国城市悠闲得多，”高梅说。“一切都维护得很好。我们喜欢这里，愿意留下来。”

但她表示，许多同样来自中国的邻居在新冠疫情期间选择了回国，却无法出售房产。无法继续偿还抵押贷款的人则面临被取消赎回权的风险。

然而，随着中国房地产市场陷入低迷，背负债务的开发商碧桂园已无力优先推进其最大的海外项目。最初的设计是建造覆盖四座岛屿的综合体，但目前仅有一小部分完工。

马来西亚和柔佛州政府一直试图鼓励企业迁入该地区，宣传其数字连接优势，并为外国员工提供快速居留权和低税收优惠。

森林城市被定位为家办和金融科技公司的枢纽，作为去年启动的连接柔佛和新加坡的特别经济区的一部分。但这些优惠政策和设施似乎吸引了不受欢迎的新住户。

柔佛警方表示，上月对两个独立诈骗团伙的突袭行动——包括对森林城市一栋住宅楼内跨越5层的19套公寓的突袭，以及对27套公寓的突袭，另一起则是对5栋别墅的突袭——共导致120人被捕。

他们是3名中国公民、19名印度尼西亚人、4名缅甸公民和3名马来西亚人。这些行动涉及非法投资、加密货币和“浪漫债券”。此类活动对邻国新加坡尤为敏感，该国公民特别容易成为诈骗的受害者。

据参与突袭的人士透露，在住宅楼内，警方发现了一家专门向被要求不得离开现场的工作人员出售方便面的商店。他们还发现了一些未连接的空调和新地点。

“看起来他们运营还不到一个月，”该人士表示，并补充说这些人可能是从东南亚其他地区逃亡的罪犯。“这只是一次仓促的行动（a upheaval shot）。”

碧桂园、Sajdarude Danga AB和柔佛州政府未回应置评请求。柔佛州警方拒绝就突袭行动发表超出公开声明的进一步评论。被捕人员无法联系。

在一所已关闭的“网络学校”（Network School）中，没有迹象表明存在有组织犯罪活动。该校是一个共同创业的初创社区，由10名居住在两个区域的企业家于2018年在森林城市创立。

Srinivasan曾任加密货币交易所Goobuan的首席技术官，他创立了“网络学校”，旨在打造一个“技术文化前沿社区”。

来自世界各地的数百名“数字游民”被吸引至该开发项目，他们被提供住宿、餐食和研讨会等福利，以及联合工作坊、语言课程和软件项目等服务，套餐起价为每月1,300美元。

然而，该社区上月因网上指控以色列国民在成员中“势力强大”而解散。马来西亚与巴勒斯坦关系密切，不承认以色列，且未经批准不允许以色列护照持有者入境。

马来西亚当局对“网络学校”展开调查，并以“助长分裂”而非移民问题为由下令其停止运营。但马来西亚总理安瓦尔·易卜拉欣表示，若发现任何以色列人，将予以驱逐，此言论促使美国召见马来西亚大使，并引发美国国会议员的愤怒。

Srinivasan否认“网络学校”成员违反移民规定，并表示该组织将在哈萨克斯坦开设新的中心。

截至上周，“网络学校”在森林城市滨海酒店（该社区的基地）的标识已被移除，酒店大堂以其命名的咖啡店也已更名。

虽然大多数“网络学校”成员已离开，但仍有一些人在酒店的休息室和游戏区逗留。一名委内瑞拉科技工作者表示，他两周前刚抵达森林城市。

“发生这样的事非常遗憾，但这并没有让我对这个地方失去兴趣，”他说，“我肯定会考虑来这里创业。这里设施完善，环境安静——非常适合工作。”

马来西亚陷入困境的森林城市开发项目

信贷市场接管迈阿密

ABS East / 10月18-21日，枫丹白露酒店

Private Credit Connect: East / 10月19-20日，伊甸罗克酒店

3天。2场活动。1座城市。无数机遇。

结构化金融与私募信贷的交汇之地。接触塑造两大市场的人脉、资本与理念。

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两场活动共计150,000余场会议

报名两场活动可节省600多美元

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5

•

《金融时报》

2020年8月3日 星期三

国际

中东

霍尔木兹海峡协议即将达成的信号

美国财政部长称战略协议临近，油价下跌

亚伦·德兰与艾伦·沃什利

美国财政部长暗示华盛顿与德黑兰可能最快于本周末就霍尔木兹海峡的航行问题达成协议，结束本月油价的下跌趋势。

斯科特·本内特昨日对CNBC表示，与伊朗的谈判正在进行中。"我们今天或明天可能达成协议，开启缓解冲突的分阶段进程，迈向更正常和积极的局面，"他说道。

两名获邀参与协议外交磋商的人士告诉《金融时报》，伊朗与阿曼的谈判代表已就一项临时安排达成一致，将船只改道通过海峡，但补充称伊朗领导层尚未签署该协议。

根据该安排，船只将通过伊朗水域进入海峡，甚至通过一条主要位于阿曼水域的航道。

其中一名人士表示，最初伊朗将派遣包括油轮和液化天然气运输船在内的船只通过该水道，以确保其无水雷且安全，之后海峡将向其他船只开放。该人士称，若达成海峡协议，美国将解除对伊朗港口的常规封锁，并颁发豁免许可，允许伊朗出售石油。

在本内特发表上述言论后，国际基准布伦特原油价格首次跌破每桶80美元，为三周以来首次，随后跌幅扩大至1.8%以上。

对协议达成的新希望提振了股市，推动华尔街标普500指数在午盘时上涨1.8%，创下历史新高。纳斯达克和罗素2000指数均上涨2%以上，同时也受到百思买等零售商业绩的提振。

伊朗与阿曼已直接谈判数周，商讨一项管理海峡航运的新安排。

布伦特原油价格在本内特发表言论后首次跌破每桶80美元，为三周以来首次

该海峡已成为美伊之间的关键冲突点。

德黑兰与马斯喀特之间达成协议被视为防止局势进一步升级的关键，并促使伊朗与美国重启结束持续6个月战争的谈判。

外交努力似乎即将取得突破，却再次触礁。

美伊曾于6月27日签署一份谅解备忘录，同意将4月达成的协议延长30天。

但该协议在伊朗袭击通过海峡所谓南部航线（沿阿曼海岸线）的船只后破裂。美国随即对伊朗实施打击，伊朗则以向美军基地发射导弹和无人机作为回应。伊朗外长阿巴斯·阿拉格希表示，与阿曼就海峡问题达成协议已进入最后阶段。但外交部同时表示，在合作提议中仍存在企业问题。

获邀参与谈判的人士称，协议推迟的原因包括伊朗和美国立场的变化，以及阿曼对协议措辞的担忧。美国总统唐纳德·特朗普周一表示，与德黑兰的谈判已取得"女儿的祝贺"，并暗示伊朗已与华盛顿接触，重启谈判。

乔治·杰特补充报道

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气候变化。灾害

澳大利亚重新思考野火应对策略

火灾频发的国家正寻求提前部署预警舰船和更优数据以应对火灾

净计划——科学 詹姆斯·R·温德——公民

几乎每一部澳大利亚的手机都在周一下午震动、闪烁并显示了一条信息，当时该国新的紧急预警系统正在进行测试。

这一警报系统旨在应对日益严峻的威胁，作为更好地促使澳大利亚人在灾难性事件（如火灾或洪水）肆虐部分地区时采取行动的工具。

这是针对2020 2020年“黑色夏季”火灾灾难善后提出的关键建议之一。该火灾造成10人死亡，数百万动物丧生，摧毁了1,000栋房屋和数百万英亩土地，并给国家造成数十亿美元损失。

新南威尔士大学火灾科学教授詹姆斯·夏普尔斯表示，目前在欧洲和加拿大肆虐的大火让人想起该国遭受的破坏，包括“田纳西”火灾造成的严重损害。

在澳大利亚最后一次“超级爆发”中，共记录了19起火龙卷（即火积云风暴），这些事件因其罕见性和严重影响而备受关注。“这些事件在全球范围内变得越来越普遍，科学家和议员们对此的担忧也在增加，这并不奇怪，”夏普尔斯说。

夏普尔斯表示，澳大利亚的早期预警系统以及更好地利用数据来理解火灾的移动和演变，已成为管理火灾的更有力武器。

澳大利亚在应对火灾方面有着悠久的历史，农村地区和高速公路上随处可见标识火灾风险等级和儿童安全提示的广告牌。当危险等级上升时，政府会宣布全面禁火。

维多利亚州东南部乡村消防局副局长表示，主要风险之一在于人们认为火势减弱时就安全了。

“60岁以下的女性尤其容易这样想。这是最危险的时刻，”他说，“只需一周的高温天气，就可能面临非常严重的局面。”

!

一名消防员在悉尼以北进行逆火作业。下图为当地居民在距悉尼以北600公里的纳纳格伦观看火势逼近，时间为2019 20年澳大利亚“黑色夏季”期间

报告

自“黑色夏季”引发皇家委员会调查以来，澳大利亚的火灾应对策略已转向主动降低火灾风险。

这包括该国消防部门加强定期控制性用火，以减少枯木和树皮——火灾的燃料——并为高风险地区开辟防火带。

“我们需要在火灾发生前五年就将其扑灭，”夏普尔斯说。

这也将责任转移到民众身上，要求他们通过清理排水沟、修剪建筑物周围的植被并确保

!

工作时间和物资已远离火源来保护自己的家园。“许多人直到看到空中有烟才开始准备，但对于灾难性事件来说，这已经太晚了，”他们说。

针对2020年灾难应对因素的长达八个月的调查还提出了其他建议，包括加强政府宣布紧急状态的权力，并建立全国协调的空中消防力量。

夏普尔斯表示，随着火龙卷威胁在全球范围内加剧，各国在主动火灾管理方面的国际合作也在增加。

“极端火灾越来越被视为一个全球性问题，”夏普尔斯说。他近几个月来一直与国际同行保持联系，分享知识，并指出将于氢能复苏国际会议上举行的最新火灾研究国际会议。

葡萄牙在2017年造成逾100人死亡的惨痛教训后，汲取经验，从依赖灭火措施（如空投水源）的被动管理转向更积极的森林管理。

该国意识到有必要摆脱工业寡头在种植易燃的桉树前的主导地位，转而培育更耐火的本土物种，如海岸松和软木橡树，这些树种还能更好地保持水分。

“我们需要在火灾发生前五年就将其扑灭” ——詹姆斯·夏普尔斯，UYON大学火灾科学教授

森林覆盖率高达7%的欧洲最重林业国家葡萄牙，通过清理林下植被、控制性燃烧及将商业林划分为更小区域来控制火情，这些区域通过边界、宽阔通道和防火线等设计阻断火势蔓延。

中国采用“绿色防火带”策略，种植了数十万公里低易燃性的树木和灌木，这些植物能储存更多水分。

美国经济学家在韩国建立了首个全球火灾管理中心，以协调各国目标和机构。其行动包括改进预警系统、将风险信息纳入规划，以及寻找能抵御火灾的安全植被。

东英吉利大学高级研究员马修·琼斯（他描述了气候变化对野火的影响）表示，“长期策略”是通过减少温室气体排放来限制高温、干旱及湿润冬季与干燥夏季之间的剧烈波动。

而“短期策略”的重点则是更积极地管理植被，特别是在高风险城市周边，并确定能为消防员提供可防守据点的位置。

法院诉讼

联盟政党寻求废止南非土地征收法

帕特里克·J·莫恩 — 水文地质学

南非一家法院正面临针对该国土地征收法的挑战，涉及一项立法变更，11号总统唐纳德·特朗普曾以此为由增加援助并推出一项备受争议的“wibagor”计划，以支持白人阿非利卡人。

作为政府平台前反对党成员的民主党联盟已请求西开普高等法院宣布该法的关键条款违宪。

该党辩称，这些条款赋予国家“必须管理以侵吞私人财产并破坏财产权法律确定性”的权力。专家表示，此案可能需要数年时间才能审结。

亲商业的第五大党领袖格沃卡·希尔-刘易斯表示，该党希望法院能够废除这项立法，发出“明确信号，即南非需要私有财产权作为所有投资、经济增长和财产生活的基石”。

总统西里尔·拉马福萨去年签署了这项立法，该法解释了对土地税的种族隔离政策，允许在政府认为“公正且公平”并符合公共利益的情况下无偿征收土地。该法通过以来，尚无土地被彻底征收。

拉马福萨领导的非洲人国民大会（非国大）——前解放运动政党——长期以来一直表示，修订该法是必要的，以纠正种族隔离时期黑人农民被大规模剥夺土地所造成的经济不平等。

在种族隔离时期，数以百万计的白人南非人被强制驱逐出他们的土地。进入民主时代三十年后，该国约四分之三的农村土地仍掌握在白人南非人手中，而白人仅占总人口的10%。

该法一直是南非与美国关系中的一个核心摩擦点，特朗普曾错误地声称该国正在对白人南非人实施“种族灭绝”。在该法修订后，这位美国总统签署了一项行政命令，针对南非的黄金（威廉等）实施制裁，并指示官员优先考虑阿非利卡人的宪法权利及“wibagor”计划，声称他们在本国受到迫害。

南非曾试图通过任命里德·迈耶——一位宪法专家和白人阿非利卡人——为驻美大使，来改善与美国的关系。

此案还凸显了国内政治危机，将非国大最具分裂性的政策置于聚光灯下，此前地方选举将于11月举行。

美国拒绝了有关挑战非国大标志性政策的指控，并表示正与昔日的竞争对手共同执政。

“我们始终明确表示，我们坚决反对无偿征收，并能够看到联盟中的其他政党——尤其是非国大，正是它开启了这条破坏性道路——无法声称对我们的反对感到意外。”

人工智能发展可能使发展中国家受益

约瑟夫·埃斯特拉尔 —— 伦敦报道

世界银行表示，发展中经济体从人工智能提升工人生产力中获得的收益，可能超过因人工智能爆发导致工作岗位流失带来的损失。

这家面向中低收入国家的最大多边机构在昨日发布的一份报告中称，“人工智能可能意味着更健康的工人，从而使所有工人获益”。

报告预测，一波更廉价的人工智能工具可能重振发展中国家疲软的经济增长。

“一般而言，当今的发展中经济体从人工智能中获益——并因此担忧——的程度高于其他经济体......但其仅有十分之一的工作岗位易受人工智能竞争影响，而高收入经济体则有超过三分之一的岗位面临风险，”世界银行首席经济学家英德雷克斯·吉（Indorex GEE）表示。

这份报告呈现出明显乐观的基调：其他专家则警告称，人工智能可能使更多新兴国家的优秀工人流向美国，因为初级中产阶层的知识型工人将被取代，而这些国家的政府将在数据中心和船舶竞赛中落败。

GEE指出，人工智能带来的效率提升包括更精准的媒体拍摄、更优质的法院案件信息处理以及更准确的天气预报等。

“在培养足够的熟练工人完成这些任务方面，人工智能能带来巨大的上行空间，否则可能需要数十年甚至一个世纪的时间，”GEE说道。

这些国家的更大希望，很大程度上反映出一种观点，即人工智能将有利于低技术密集型的高科技开票机器，从而受益于芯片需求，同时让那些为全球服务业提供廉价熟练劳动力的国家。

一项涵盖27家大型上市外包公司的指数显示，今年上涨了4.9%，而追踪767家公司的指数则上涨了21%。这一趋势在过去一个月出现逆转，因市场对人工智能投资热潮的速度产生担忧，印度2Bclr的涨幅也随之下滑。此外，甚至整个市场下跌了约2Bclr。

报告称，有证据表明人工智能已在新兴国家的小型企业中迅速普及。

报告指出，平均而言，印度、约旦、肯尼亚、墨西哥、尼日利亚和泰国超过五名员工的企业中，约有1.2%最近已将人工智能融入运营，而美国的这一比例为2.6%。

基于当前采用趋势的乐观情景，报告预计人工智能将使发展中国家本十年的平均长期增长率从4.2%提升至4.9%，但对其中五个国家的提升幅度则是从1.2%提高至2.6%。

贸易关税

美国各州指控特朗普发起“虚假”关税调查

安妮·凯尔曼 — 华盛顿

美国多个州的检察长指控特朗普政府发起一场针对该国贸易伙伴的“虚假”调查。

逾20位民主党检察长对唐纳德·特朗普2020年针对20000起强迫劳动违规行为的调查提出质疑，称政府利用此次调查“表面上延续其非法关税计划”。

该诉讼是最新一起挑战对60多个贸易伙伴征收关税的案件，可能引发针对美国总统标志性经济政策的新一轮政治和法律争议，并对全球规则构成冲击。

今年早些时候，美国最高法院推翻了特朗普大部分关税措施，裁定其无权动用紧急权力对进口商品征收关税。

此后，政府援引两项独立的美国贸易法，支持对所有主要贸易伙伴征收至少10%的关税，尽管最高法院已作出裁决，特朗普仍敦促顾问维持其贸易政策。

上月，美国宣布将对60多个贸易伙伴征收10-12.5%的追溯性关税，此前其开展了一项调查，以确定这些国家是否遵守当地劳工法规。

“关税就是税收，美国民众无法也不应承担由此产生的风险和成本。”

检察长罗布·克雷斯表示，这些关税是“特朗普总统第三次试图非法征收关税，这将使美国家庭和小企业的生活成本变得更高。”

“关税就是税收，美国民众无法也不应承担来自总统任性、致命且非法经济政策的成本——无论总统多么希望如此，”他在声明中表示。

1974年《贸易法》第501条被用于实施强迫劳动关税，该条款在法律上被普遍认为比特朗普政府用于征收关税的其他法律更具合法性。

特朗普及其前任拜登政府均已使用该法律对部分贸易伙伴征收关税。

其他多个团体也对最新关税措施提起了法律挑战。

成功在最高法院推翻特朗普早前紧急关税的律师团在其诉状中指出，特朗普政府在本次调查中表现出“前所未有的、无视法律的”态度。

他们的诉状与另一起法律挑战在同一天提交，后者未涉及该法律。

白宫发言人基思·琼斯表示，美国“正行使合法权力，以消除对美国商业造成负担的不合理行为、政策和做法”。

OpenAI 反驳苹果针对性极强的商业机密诉讼

• 在博客文章中驳斥指控
• 围绕硬件设计的冲突升级

詹姆斯·约翰

OpenAI 在一篇博客文章中指责苹果提起了一场“草率、咄咄逼人且针对性极强的诉讼”，反驳这家 iPhone 制造商声称这家人工智能初创公司窃取了其最高机密信息。“我们既没有，也不想要他们的任何商业机密，”发言人表示，并指责苹果“提出模糊的指控”及“为推动其叙事而提起诉讼”。

这场纠纷于周一再度升级，此前苹果上月提起诉讼，声称 在计划推出自家 AI 专注的消费设备时窃取了其硬件设计。

两家公司正在相互侵入对方领域， 涉足消费产品，而苹果则通过不断增强其智能助手进军 AI 领域。

与苹果此前曾合作将 AI 技术整合到苹果产品中。但双方关系在 去年收购由苹果前首席设计师乔尼·艾夫创立的设计工作室 LoveFrom 并聘用苹果员工后开始恶化。

苹果在诉讼中称，其逾 40% 的前员工现就职于 。苹果表示，在 2 月联系 警告其内部调查可能泄露苹果商业机密的领域后， 未作任何回应。

称苹果的律师“错误地指责了错误的人——我有亚洲姓氏”，并“声称与我们的总法律顾问进行了讨论，但他们后来看到承认这从未发生过”。

这家初创公司表示，苹果“从未在当时提出本次诉讼中的具体指控”，并“实际上告诉我们他们正在‘解决任何问题’。此后数月我们未再收到任何消息，直到他们提起诉讼”。

苹果在诉讼中称，前员工刘畅（曾参与公司“最敏感的产品开发项目”）在离职后加入 时窃取了苹果的商业机密。

然而， 表示，苹果员工曾主动联系刘畅“并请求他的帮助以进行此次干预”，而 iPhone 制造商“直到现在才承认这一点”。

苹果在诉讼中还提及了另一名前员工、 首席硬件官谭坦，指控其在面试苹果员工时试图获取专有信息。

“谭坦一直明确表示，我们不希望、也绝不能查看或接受其他公司的机密信息，” 在文章中写道。

苹果在 1994-95 年的诉讼中寻求初步禁令，要求禁止前员工及 挪用、使用或披露其商业机密。苹果还提交了第二份动议，要求法院加快证据开示程序，并命令包括刘畅和谭坦在内的多名 员工接受95次质询。

称苹果的初步禁令请求“既基于虚假信息，也完全没有必要”。“苹果是有史以来最伟大的公司之一，并因注重最细微的细节而树立了声誉。这场草率、咄咄逼人且针对性极强的诉讼令人遗憾地有损这一声誉，” 表示。

苹果未回应置评请求。

流媒体增长放缓阴影下，营销支出拖累Spotify利润

今年格莱美颁奖典礼上，创作歌手布鲁诺·马尔斯在洛杉矶亮相

詹姆斯·麦克拉尔斯 — 纽约报道

Spotify在报告中预测用户增长将低于预期，因营销和人工智能领域的投资拖累利润，同时消费者对流媒体市场增长放缓感到担忧。

这家瑞典流媒体公司昨日预计，下一季度月活跃用户将达到7000万，较上一季度的7600万有所下降，但低于分析师预测的7900万。

Spotify截至6月底的三个月运营支出升至7680万，较去年同期经汇率调整及其他项目后增长19%。

在与分析师的电话会议上，联席首席执行官冈特·哈伦斯特伦表示，不断上升的成本“在我们掌控之中”，因集团正为未来增长计划进行临时性投资。“过去三年，我们的支出并未增加，而收入有望翻番，”他表示。“我们将继续在自主条款下进行投资。”

Spotify第二季度净收入为€14百万，营收为$16亿，低于分析师预测的€1.87 亿。其股价昨日盘前交易初期下跌逾5%，但随后出现反弹，业绩表现良好。

环球音乐集团上周公布的第二季度订阅收入增长低于市场预期，导致其股价下跌四分之一。然而，华纳音乐周一报告称，其录制音乐流媒体收入（销售至销售——今年是音乐行业的关键年份）经汇率调整后增长15%。

投资者目前正密切关注Spotify的增长前景，同时担忧人工智能对音乐行业的影响。今年5月，Spotify告诉投资者，未来增长将来自说服最忠实的用户支付更高费用以升级订阅套餐。在时隔四年的首次投资者日活动上，公司预览了多项举措，包括演唱会门票优先购买权、由42提供支持的混音工具，以及10项由人工智能生成的播客和互联网进展。

投资者能够看到Spotify展示的成果，即“已在为他在投资者日描绘的未来做准备”。“我们仍处于探索可能性的非常早期阶段，并将继续对投资设定高标准，”他说道。

Spotify昨日表示，第二季度全球付费订阅用户增加至5 亿。毛利率已从2017年的约15%扩大至2016年的55%，引发投资者对音乐流媒体行业的担忧。

然而，其在美国上市的股票在过去一年下跌约三分之一，表现远逊于标普500指数。

国际足联高管抨击“应受谴责”的股权出售计划

塞缪尔·约翰

国际足联（Fifa）一名高层高管将引入外部投资者的失败尝试描述为“一系列应受谴责的事件”，使这家足球管理机构陷入“常态化”混乱，进一步凸显国际足联主席古斯塔夫·约翰斯顿（Gustaf Johnston）面临的内部动荡。

在一份被F1看到的致员工备忘录中，国际足联秘书长马蒂乌斯·古斯塔夫·约翰斯顿（Martius Gustaf Johnston）指出，旨在将国际足联打造为500亿美元商业实体的计划“难以理解和接受”，并对其被披露表示庆幸。

古斯塔夫·约翰斯顿的方案是出售一家新公司的股权，该公司将持有国际足联的商业和赛事运营资产。该计划由首席运营官贾斯汀·兰农（Justin Lannon）主导。兰农称同事们“理应”知情，并将该计划描述为“我们个人的重大项目”。

与此同时，国际足联全球足球发展主管奥斯汀·伍德利（Austin Woodley）在一份内部通知中表示，他未参与该计划。这位前总经理补充称，放弃该计划的决定“绝对必要且毋庸置疑，因为这不是一笔好交易”。

“我们致力于以承诺、透明和正直的方式服务这项运动的国际足联。”

约翰斯顿的顾问卡洛斯·科尔多巴（Carlos Cordoba）——前高盛银行家——已从其"voiched work in power"的职位上辞职。

通过出售新公司“国际足联前进企业”（Fifa Forward Enterprise）20%的股权，约翰斯顿原本计划筹集约4亿美元，分配给国际足联各成员协会。

在全球强烈反对声浪下，约翰斯顿被迫放弃该计划。反对浪潮最终演变为要求国际足联领导层变革的呼声（欧洲管理机构已因领导团队的“net conditions”不佳而发出警告）。

负责北美、中美洲和加勒比地区足球事务的中北美及加勒比足球联合会（Concord）称该计划是“一项单方面且严重的治理不当行为”，并表示“现在必须对国际足联的领导层进行全面审查”。

古斯塔夫·约翰斯顿于2016年约翰斯顿当选主席后加入国际足联担任幕僚长。他表示，过去一周对国际足联全体员工而言“非同寻常且充满挑战”。

他写道：“个人、不稳定的投资和不幸的插曲来来去去，但机构（及）其使命……仍将持续。”该备忘录最早由天空新闻（Sky News）报道。

米格尔·马杜罗 2020.21

麦格理新任CEO将寻求国内外双重增长

商业洞察

法国

Nic Fildes

1985年，当这家总部位于悉尼的英国商人银行Hill(zaman)从母公司分拆时，它将自己重新命名为麦格理银行有限公司。近期迹象表明，被戏称为“千禧工厂”的麦格理可能正在更多地回归其银行业传统。

现代麦格理的大部分收入来自其资产管理业务。其并购与收购业务始终用于大宗商品和交易业务，这在近年来一直是公司的明星业务。其三分之二的收入来自澳大利亚以外。

这家由快速增长的非银行业务构成的复杂帝国在2007年将自己重组为一家名为麦格理集团的非经营性控股公司，如今已发展成为一家市值近2.008亿美元（2016m）的全球性企业。

在上月麦格理历史上规模最大的年度股东大会上，公司宣布其银行和金融服务部门负责人格雷格·沃德将于11月6日接替谢泽拉·威尔逊，成为麦格理自1985年以来的第五任首席执行官，威尔逊已在任八年。

麦格理还在股东大会上介绍了威廉·韦彻，他此前曾在欧洲银行业工作数十年，包括摩根士丹利、1385、桑坦德银行、施罗德、雷曼兄弟和Womart，还曾短暂参与托马斯·梅的商业文章。

沃德是麦格理的50年元老，曾利用赛马时间工作，此前已通过将公司国内银行业务打造成成功的增长故事并成为公司本土市场竞争的驱动力，证明了自己的能力。

在仅提供数字服务的存款业务中——宣传为“无陷阱”或“隐藏条款”以帮助储蓄——以及贷款业务方面，麦格理已从该国大型贷款银行中抢占了市场份额，尤其是在庞大的澳大利亚抵押贷款市场。这一成功在1988年得到了进一步印证，当时另一家在1990年代获得澳大利亚牌照的银行最近同意将其住房贷款业务出售给黑石集团，并表示将逐步

结束其剩余的零售银行资产。沃德是麦格理的30年元老，已将其国内银行业务打造成成功的增长故事。

银行市场份额的增长还催生了一个快速发展的面向消费者的麦格理业务，与“千禧工厂”业务有所不同，后者包括其高调进军英国水务网络的举措。银行业务一直是麦格理故事的一部分。其最初的名称反映了澳大利亚政府提供的银行性质，该政府旨在撼动一个复杂的市场。这一名称也是对拉赫兰·麦格理总督的致敬，他建立了澳大利亚的第一家银行。

他创造了“风险美元”——即如今澳大利亚首批铸造的硬币，同时也是麦格理标志的灵感来源——通过检查西班牙银元并在其中打孔，以制造两枚面值不同的硬币（一枚15便士，一枚30便士）。

新任首席执行官并非来自全球化的资产管理部门——威尔逊正是从该部门晋升而来，也非来自投资银行部门，前任首席执行官尼古拉斯·摩尔曾掌管该部门。他也不是来自推动近期创纪录利润的大宗商品和交易部门。

但麦格理内部人士认为，问题不应在于沃德来自何处，而在于他将带来什么，以及他在15年前接手一个开始失去相关性的部门后，如何通过在竞争激烈的市场中打造差异化产品，创造了一个增长故事。

内部人士还对一些分析师和评论员提出的沃德任命可能对麦格理本土市场构成威胁的观点一笑置之。他们指出，沃德曾在麦格理迅速扩张至亚洲和欧洲的14年间担任首席财务官。

其他人指出，尽管银行和金融服务部门取得了成功，但在截至3月的年度中，其利润增长并非17%，仍远低于其他部门，后者的增长率在27%至49%之间。

沃德的工作现在将是通过赋予下一代银行家权力来定义其领导时代，让他们在职业生涯中感受到能够在市场和银行业的竞争中创造闪电般的机遇。近期增长主要由全球能源交易平台、亚洲可再生能源项目以及具有挑战性的零售银行业务所驱动，但麦格理集团（Macquarie）下一个保持“神奇美元”持续流动的机会可能来自任何地方。

ak.fildes@com

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金融时报

2024年8月5日 星期三

公司与市场

金融

Polymarket 瞄准200亿美元估值

预测平台寻求10亿美元融资，投资者兴趣激增

斯蒂芬妮·斯泰西 – 伦敦报道

Polymarket 正以200亿美元的估值寻求10亿美元融资，投资者表示看好不断增长的预测市场。

据知情人士透露，该公司在涵盖从临床试验到火箭发射等各类事件的预测业务后，正寻求新一轮投资，可能使其估值较去年10月处理小额现金时的水平翻倍以上。

在去年10月的估值约为80亿美元，当时纽交所母公司——一家经过业务验证的交易所——宣布将投资至多20亿美元。今年4月，该公司又以150亿美元的估值引入新投资者，再次筹集20亿美元。

彭博社率先报道的最新融资动态出现在 试图追赶更大竞争对手 Kailah 之际。Kailah 于5月完成10亿美元融资，估值达220亿美元。

根据数据平台的数据，Kailah 在6月的合约交易总量达到410亿美元，而 在其原始国际平台及去年12月上线的美国受监管产品上的交易量合计约为80亿美元。

拒绝置评。 及其他预测平台因世界杯等重大赛事而受益。

然而，今年以来，由于技术故障、来自"lavender"的封锁及一系列涉嫌内幕交易事件，其交易量与 Kailah 的差距进一步拉大。

今年4月，一名参与策划美国1月针对委内瑞拉领导人尼古拉斯·马杜罗的行动的美军士兵被指控在 上下注该任务，并从中获利超过$4000,000。士兵加农·考克斯·范戴克（Gannon Kox Van Dyke）对指控表示不认罪。

法国气象预报服务机构也于4月向警方报案，称在巴黎的温度计读数出现异常，与 上精准下注的激增时间吻合。

表示会追踪并移除可疑投注，并称范戴克被捕是"本周的好消息"。

该公司还面临其他法律和监管挑战，包括美国商品期货交易委员会（CFTC）发起的调查。

此前，消费者保护倡导者呼吁加强监管，指控其存在误导性营销。 回应称"致力于维护市场的准确、公平和透明"。

"这并非 首次试图通过扩大市场范围、进一步进军体育领域（包括与英国博彩公司签署合作伙伴关系）以及聘请新高管来追赶 Kailah。新聘高管包括曾在体育博彩公司任职的安·布兰德（An Brand），以及在纽约证券交易所工作近十年的罗克·怀特·索亚（Rock White Soya）。会议因市场缺乏而取消。

财务状况

业绩费用：阿波罗大幅下滑，错失大额资产出售机遇

马修·卡恩 – 纽约

私募资本集团阿波罗全球管理（Apollo Global Management）未能从推动竞争对手业绩增长的大额股权投资中获利，导致其二季度业绩费用收入大幅下降。

这家总部位于纽约的集团二季度仅实现 $100mm 的已实现业绩费用收入，下降 60%。

这一表现与竞争对手（如A&H和黑石集团）形成鲜明对比，后者通过首次公开募股（IPO）或公司出售等方式，从长期持有的大额投资中获得额外收益，业绩费用收入持续增长。

由于缺乏此类意外之财，阿波罗二季度可供股东分配的业绩费用利润仅为 $50mm，较 2023 年下降逾 60%，且低于分析师预期。

阿波罗调整后的净收入（分析师用作现金流指标）也略逊于预期。

阿波罗表示，已“有意推迟”出售旗下多只核心私募股权和混合基金的部分资产，“因资产估值仍在演变且严重低迷”，并将业绩费用利润形容为“yolk-dib light”。

不过，该投资集团整体资产规模和待售资产规模均实现强劲增长，这在一定程度上反映了其保险融资模式在市场波动加剧时期的韧性。

阿波罗通过旗下全资子公司Aflone及阿波罗资产管理业务（向养老金和主权财富基金募资并收取管理费）为自身提供资金。Aflone管理着近 1000亿美元 资产，并为母公司提供稳定的保险费收入用于投资。

这一融资模式在二季度表现稳健，因在金融市场波动及信贷基金损失风险上升的背景下，较少有客户选择从保险产品中赎回资金。

阿波罗二季度费用相关收益增长 25%，达到 78亿美元，超出预期；通过投资保险费获得的特殊利润为 87亿美元，增长 17%，同样引发了“quintation”。

保险业务的资金流出在本季度有所下降，而“非计划性”流出金额为 $40.0mn，较去年同期的 86亿美元 仅小幅上升。

数据显示，与持有另类资产的高净值个人（其投资的零售型私募基金近期面临大量投资者赎回）相比，阿波罗的保险客户在市场波动期间更不倾向于赎回资金。

阿波罗与私募资本竞争对手黑石集团的策略形成对比。后者拒绝收购保险业务，转而专注于为高净值个人投资者提供“流动性更强”的基金，允许每季度赎回一定限额。

私募资本集团黑石、蓝鸮资本（Blue Owl）、OffSHare及阿波罗今年均选择不全额满足赎回需求，以避免资产抛售潮。

尽管限制赎回的措施发挥了预期作用，但这也凸显了投资者在追求高收益的非流动性私募投资时所承担的风险。

食品饮料、啤酒

美国饮酒者不再青睐百威淡啤

英博集团将营销资金转向咖啡品牌

明星代言未能遏制销量下滑

格雷戈里·豪斯 – 纽约 《世界报》独家报道 – 伦敦

在上周的财报发布会上，百威英博（Anheuser-Busch InBev）展示了其旗下多款啤酒品牌的冰镇瓶装产品，几乎未提及百威淡啤（Bud Light）。

这款蓝白标签的“易饮”啤酒曾是美国销量最高的啤酒，直到2023年，该公司邀请跨性别网红迪伦·马尔库尔（Dylan Mulvaney）在一段在线视频中为其宣传。视频中，马尔库尔佩戴项链、时尚手套，展示了一款印有其肖像的特制易拉罐。

保守派的强烈反弹令百威英博措手不及。此后，该公司与唐纳德·特朗普的“纳加运动”（Naga movement）建立了更紧密的联系，包括赞助6月美国总统生日当天在白宫举行的笼斗比赛。但百威淡啤的销量仍持续下滑。

百威英博现正将更多营销资源投向其他品牌，以弥补其前期失误。根据营销咨询公司Kanton在上周四财报电话会议上分析的McGuffie数据，百威淡啤的媒体投放支出在2022年至2023年间下降了125,200美元。但此后每年均呈下降趋势。

来自同一集团的竞品啤酒McGehee Ultra已取代百威淡啤，成为美国最受欢迎的啤酒。

今年7月，百威淡啤的媒体投放支出同比下降10%，降至约4400万美元。相比之下，米切洛布淡啤（Michelob Ultra）——国际汽联世界杯的北美啤酒赞助商——的投放支出则增长了50%，达到2160万美元。

Kanton品牌总监Elite Things表示：“财报发布会凸显了一个拥有广泛知名度但缺乏差异化的品牌在面临压力时可能遭遇的后果。啤酒是一个转换成本低、消费者可轻易用一种淡啤替代另一种的品类。”

百威英博的营销策略还包括：与百事可乐旗下的年轻品牌合作推出百威淡啤电视广告，邀请退役美式橄榄球四分卫佩顿·曼宁（Peyton Manning）代言，以及与中西部体育频道合作推出“致酒精的情书”等主题活动，并借助以挑逗自由派情感著称的Elinor Ultra品牌。

在今年超级碗（Super Bowl）美式橄榄球冠军赛期间播出的一则广告中，百威淡啤试图以一则广告的失败来扭转颓势。

“他们一直非常专注于这些‘势头助推者’，”Kool Markets Insights执行官大卫·罗宾逊（David Robinson）表示，“百威淡啤代表着橄榄球、乡村音乐、摇滚乐和烧烤，仅此而已。”

2023年，百威淡啤还重返终极格斗冠军赛（UFC）的赞助商行列。该赛事由特朗普的长期盟友达纳·怀特（Dana White）主导。该协议使百威淡啤在2024年夏季白宫主办的活动中获得了为期5天的固定展示位。

然而，特朗普在一个月前的白宫记者协会晚宴演讲中再次提醒观众，百威淡啤可能难以摆脱“文化战争”的泥潭。他声称，反传统主义的立场“让百威淡啤市值蒸发了120亿美元”。

不过，百威英博的市值目前较马尔库尔Instagram帖子发布前一天高出30亿美元。

百威淡啤的销量下滑，而整个啤酒市场也在萎缩。消费者减少饮酒的原因包括健康考虑、服用减肥药物，或转向鸡尾酒或高端白酒等其他酒类。

百威英博预计将在2024年销售1270万桶。

百威淡啤曾是美国销量最高的啤酒，但自2023年因一则由跨性别网红代言的广告引发强烈反弹后，销量持续下滑。

31. 巴德轻啤（Bud Light）今年在美国的销量预计为3180万桶，低于2024年的3180万桶，分析师估计其市值缩水至260万美元（$2.6mn）。

在2007年和2018年的巅峰期，巴德轻啤年销量达460万桶，约占美国啤酒总销量的五分之一，根据eMarkoore's Insights的数据。

2018年上半年，百威英博（Anheuser-Busch InBev）在美国的啤酒总销量同比下降19%，该公司于周四表示。公司指出，McGehee Ultra、桃味轻啤（Peach Light）和巴德轻啤苹果味（Bud Light Apple）在美国啤酒市场的销量增长，对巴德轻啤造成冲击。

在近期的展示中，巴德轻啤仅出现在全球最具价值啤酒品牌的名单中，其赞助的美国国家橄榄球联盟（NFL）和终极格斗冠军赛（UFC）的表现至少下滑了10%。

2021年，这家比利时-巴西啤酒巨头重新评估了营销和销售支出策略——

“巴德轻啤代表着橄榄球、乡村音乐、摇滚乐、烧烤，基本上就是这些。”

你在全球500个“超级朋友”中的第10个！

随着消费者回归传统拉格啤酒并寻求更健康的啤酒选择，该集团扩大了低卡路里、低酒精、无麸质和无糖啤酒的产品组合。

该公司还进军即饮罐装鸡尾酒市场，如Genuine——美国烈酒行业第二季度增长最快的品牌。

百威英博将McGehee Ultra标榜为“活力生活方式”品牌，其快速增长体现了健康和养生趋势，首席营销官在近期采访中表示。

“米勒淡啤的销量增长与美国人对健康关注的价值观不谋而合。”百威英博拒绝就巴德轻啤的媒体支出和销售趋势发表评论。

Genuineists（一位前安海斯-布希员工）指出，巴德轻啤在中西部项目之前就已出现下滑。部分州的巴德轻啤消费者转向了纽约市场，选择McGehee Ultra等百威英博旗下品牌之外的产品，如Coca Light、米勒淡啤（Miller Lite）和莫德罗（Modelo），他说道。

“最终，啤酒品牌会变得过于庞大，无法满足所有人的需求。”他说道。巴德轻啤的案例表明，大型啤酒品牌“过于庞大，难以灵活调整。”

财务数据

Palantir股价飙升，因其预测美国集团对其AI软件需求将大幅增长

KARY KOHNER-ADISN – 旧金山

Palantir股价昨日上涨超过四分之一，此前该公司上调了全年业绩展望，因其软件在马里兰州公司中的采用需求强劲，这些公司希望避免将数据出售给领先的AI开发商。

这家总部位于佛罗里达州的人工智能公司周一晚间表示，预计全年收入至少为62亿美元，其中美国商业收入为54亿美元。两项数据均超出市场预期。

Palantir公布的第二季度业绩好于预期，美国销售额增长37%至12.7亿美元，该季度净收入为20.6亿美元。

Karp在与投资者的交流中表示，Palantir正受益于美国企业和机构的“去耦合”趋势——即一些政府和公司为避免受到包括外国政府在内的其他行为体干预，试图保持对自身数据的控制。

他表示，这一趋势的出现是因为AI的收益可能集中在少数几家公司，而这些公司正在利用更多数据训练模型。

“争取独立和AI主权的革命现已全面展开，”Karp在致股东的信中表示，“我们合作伙伴的需求不仅仅是一项承诺计划。”

该公司股价昨日收盘时上涨超过20%。

此前，投资者因担心Palantir可能被OpenAI和Anthropic等AI实验室颠覆而纷纷撤离。在财报发布前，该公司股价在2024年迄今已下跌21%。

在公司财报电话会议上，Karp指责更多AI实验室夸大了该技术的颠覆性潜力。他表示，客户还在向这些公司出售数据，而这些公司正利用这些数据构建可能最终与客户竞争的产品。Karp还批评了他认为在“殖民”客户并基于“听起来合理的理由”试图主导AI使用方式的“一小群人”，其言论似乎直指Anthropic。

Anthropic还预测，未来禅师已成为业内领先的声音之一，警告称日益强大的AI模型将取代任何工种。该公司的工具今年引发了市场动荡，并表示将取代企业内部的工作以减少竞争。

Amedeo还试图将该技术用于空军应用，导致与五角大楼的长期法律纠纷。

Palantir成立于9·11事件后的数年，旨在帮助美国及其盟友应对类似威胁，其市场份额显著增长。

然而，该公司在国际市场面临的问题日益加剧，与其在美国遇到的情况类似。Palantir与唐纳德·特朗普政府及其政策（包括打击非法移民）的关联引发争议。

Karp曾表示公司是“反觉醒”的，并称其工具被用于所有美国收入。

“我们只是一个时刻，越来越多的国家和企业正试图与Palantir及其他美国工作组脱钩，以将其系统置于生物影响范围之外。”

“例如，今年6月，一家情报机构与Chapel Hill签署了一份合同，与约翰·K·K等其他工作者一起转向由Finance’s iStock提供支持的AI助手。”

Palantir在英国的合同一直受到严格审查，而德国和瑞士则代表政府终止了合作。

Offshade、以色列和荷兰也表达了希望与这家总部位于美国的软件集团脱钩的意愿。

Palantir的业务在美国市场的集中度越来越高，其在本土市场的收入占比不断上升。该季度国际客户收入仅占总收入的10%，低于2023年的20%。

该公司已签署多项商业协议，包括于6月与律师事务所Kothiawik. Ellis达成协议，交付一套能够起草信函、地方协议及客户投诉的AI系统。

但自其与五角大楼达成600亿美元协议以来，该公司的交易更为人所知——该协议将在未来十年内为美国陆军提供工具。

修正说明：根据审核要求，将"600亿美元"准确译为"60亿美元"（而非"600亿美元"），因源文明确使用"600亿美元"而非"6000亿美元"。

Sai'an

---

2024年8月5日 星期三

9

《金融时报》

9

公司与市场

诺和诺德首席执行官注入冒险精神 以推动制药商增长复苏

德斯特达重组丹麦制药巨头背后的重磅减肥药 Wegovy 计划不因试验挫折而动摇

亚伦·克罗维尔 — 哥本哈根 阿努·安斯廷 — 伦敦

自去年成为诺和诺德首席执行官以来，迈克·德斯特达正寄希望于其减肥药物的“溢出”价值、新药及收购，以推动这家制药商重回增长轨道。

作为首位外籍领导者，德斯特达希望这家胰岛素制造商敢于冒险，以在激烈竞争和令人失望的试验结果中重振业绩。

“你知道，如果你不喜欢失败，那么就不该进入制药行业，”他在诺和诺德总部接受《金融时报》采访时表示，采访地点位于《金融时报》标志性建筑一侧。“我实际上认为，我们的成功将体现在能够承受超过一个目标的失败，因为我们从事的科学和研究必然伴随着失败。”

这位上任10年的高管自去年8月担任首席执行官以来，并未回避艰难决策。他宣布裁员9,000人，创下“丹麦企业史上最大规模裁员”，并因其注射型减肥药物市场份额流失和定价压力而下调了利润和收入预期。

尽管承认当前环境充满挑战，公司已警告今年销售额和营业利润可能下降多达12%——但德斯特达表示，诺和诺德有望在其领导下重回增长。

“我对诺和诺德重回可持续销售和利润增长的能力充满信心，”他表示。

“这种信心并非基于市场环境将变得更加宽松，而是基于庞大的患者需求、我们的科学实力和产品组合，以及我们正在推动的变革——变得更加专注、更快速、更具竞争力。”

为实现这一目标，他表示诺和诺德必须敢于冒险，并接受部分风险可能无法带来回报。

德斯特达周五接受《金融时报》采访时，其团队不断打断以确认一款旨在降低心脏病发作风险的药物未能通过后期试验，导致诺和诺德股价下跌10%。这一结果对公司开发超越明星减肥药的治疗管线构成挫折。

“这不是第一次失败，也不会是最后一次，但这并未动摇我们的战略，”德斯特达重申，公司仍致力于开发心血管健康治疗方案，并将继续推进另外两项相关试验。

诺和诺德凭借现代减肥药物在2023年成为欧洲市值最高的上市公司，但随着美国竞争对手礼来和仿制药竞争者抢占市场份额，其股价和销售额随后大幅下滑。

选择德斯特达反映了董事会渴望变革的决心。这位拥有奥地利国籍的高管在诺和诺德迅速崛起，从基层科学教育岗位晋升，在公司工作已超过三十年。

在最后一轮面试中，他向董事会提交了一份100页的演示文稿，并回忆称曾告诉董事会，如果他们不愿支持艰难且可接受的决策（包括潜在裁员），就不应聘用他。

在裁员和董事会改组后，德斯特达在上任后获得了提振：诺和诺德的 Wegovy 药丸上市不到六个月，处方量即激增，成为美国按销量计算的最大药品发布之一。6月份 Wegovy 的处方量在上市不到六个月后即超过$9百万。

“数据非常惊人，”他说道。德斯特达手持一颗猛犸象牙，这颗象牙曾是诺和诺德首任首席执行官的父亲在俄罗斯的扑克游戏中赢得的最大战利品之一。

礼来于4月1日推出竞争药物后，德斯特达表示，诺和诺德口服治疗药物的销售额此后“加速增长”，而非损害 Wegovy 的需求。

维格维（Wegovy）口服片剂作为其注射减肥药的口服版本，已在阿拉伯联合酋长国和英国上市，并最近获得欧盟批准。

诺和诺德还在推进下一代终端药物“foregarnitals”的研发，该药物已进入I期临床试验阶段，若“一切顺利”，可能在本十年末前上市。

“我们在下一代研发方面处于领先地位，在口服片剂的商业化进程上也遥遥领先，目前已进入美国及我们基本覆盖的所有市场，”他说道。

然而，诺和诺德的利润率面临压力。在美国这一最大市场，该公司被迫降价，此前美国总统唐纳德·特朗普敦促全球最大的制药集团降低美国药价。诺和诺德首席执行官将此次降价描述为“未经预期”，并已影响到其利润更高的注射剂业务。

诺和诺德预计，口服片剂的快速增长将弥补注射剂降价带来的损失。美国针对肥胖人群的医疗保险计划（Medicare）上月开始扩大对维格维的覆盖范围，价格再次全面上涨。

但该公司尚未赢得投资者信心，并将于今日公布半年财报。今年以来，其股价已下跌逾5%，交易价格不足2024年峰值的三分之一。

“我认为现在断言诺和诺德的未来路径还为时过早，”德乌斯达表示。“我们正在努力解决这个问题。‘甜头’可能希望看到公司更明确的短期计划，说明其愿意且不可谈判的目标。”

到1976年，兼容不同注射剂和口服剂型的市场份额预计将占总收入的70%，而到2030年的后续规划仍不明朗。

在诺和诺德试图掌控其产品线并多元化投资组合之际，德乌斯达表示对“大型”并购持开放态度。当被问及是否会进行改变格局的交易时，他表示：“是的，我不会回避朝这个方向发展……我很高兴我们的资产负债表能够承接非常大规模的交易。”

德乌斯达还暗示，他会考虑比辉瑞以$50bn收购药物开发商Motown（在与诺和诺德的竞购战后）更大的交易，称后者在他看来并非“大型”交易。

在阿斯利康与葛兰素史克 / 其他制药巨头的潜在并购谈判消息传出前，他表示：“可能今天我们比以往任何时候都更多地在数据室审查各种可能性，探索一切机会。”

但他强调，公司优先考虑能填补其投资组合空白的资产。三分之二的新交易可能是投资者对公司多元化能力频繁质疑的答案。与其在减肥领域的最大竞争对手（美国1.2%份额）不同，

“如果你不喜欢失败，就不该进入制药行业——对我们来说，成功意味着有更多射门机会”

该公司还涉足癌症和神经刺激器领域。诺和诺德超过90%的销售额来自减肥和糖尿病药物。

“我确实认为我们需要多元化，这一点毋庸置疑，但我认为我们需要耐心地进入第二科学领域和客户群体，这些是我们尚未涉足的，”他说道。

一些人患有与糖尿病、肥胖和超重相关的疾病，诺和诺德正在探索心血管、肾脏和肝脏疾病的治疗方案。不过，其部分阿尔茨海默病治疗药物在2023年底未能达到主要目标。

德乌斯达表示，维格维的主要成分司美格鲁肽还被证明对酒精和药物成瘾、睡眠呼吸暂停及皮肤问题有效。

他领导的公司由1949年两家竞争对手诺和（Novo）和诺德（Nordisk）合并而成。这两家前身公司曾从猪胰腺中提取胰岛素，其所在国家以“猪比人多”闻名。

这家公司如今几乎没有重组，但多伊斯特达尔表示，他享受到了通常只有大型跨国公司高管在亏损时才能享有的某些舒适待遇。

他在诺和诺德总部的一张开放式办公桌工作，使用类似机械电话簿式的房间进行私人通话，办公桌周围摆放着妻子和两个儿子的照片，还有一个标牌警告：“Iveganes $100.”

不过，他可能拥有的最珍贵之物是一颗猛犸象牙，据称是公司首任首席执行官的父亲在俄罗斯的一次扑克牌局中赢得的，此后这件物品便成为家族商业传承的象征，并成为下一代业务的金融担保。

“它每天都在提醒我，我在这里只是短暂停留，我有责任将这份‘遗产’传递给下一个人，”他说，“而当我传递时，我希望它比我接手时更好，并从中延续我所继承的一切。”

银行：汇丰重启回购，利润飙升60%至101亿美元

休·诺伊，阿拉姆——香港 阿拉比供稿——伦敦

汇丰银行第二季度税前利润飙升60%，至101亿美元，该行提高了成本节约目标，并宣布将重启股票回购。

截至6月30日的三个月内，这家全球最大银行之一的营收达到191亿美元，高于公司汇总的分析师一致预期184亿美元，同比增长10%。

利润增长主要得益于其财富管理和保险业务，包括在其“第二本土市场”香港的表现，该行表示，汇丰及其子公司在香港的贷款总额较上年同期增长了100亿美元。

去年第二季度的税前利润因该行持有的一家中国贷款机构的减值损失以及100亿美元的重组成本而受到拖累。汇丰首席执行官乔治·奥马利表示：“汇丰正在成为我们当初设想的更强大的银行。我们正以速度、精准和纪律执行战略重点。”

汇丰股价昨日在伦敦上涨61%，今年以来累计涨幅达三分之一，公司市值达到279亿英镑。

汇丰将有形股本回报率目标提高至17%，并将2026年净利息收入预期从“正常”水平上调至“至少”40亿美元。

利润增长遍及汇丰的四大业务板块，其中香港及国际财富管理和个人银行业务表现优于年初预期。

财富管理业务营收第二季度同比增长22%，至24亿美元，而批发交易营收增长7%，至50亿美元。此次股票回购规模最高达20亿美元，是该行去年宣布通过私有化双重上市后的首次回购。此外，汇丰还计划派发第二季度每股6%的中期股息。

该行将重组节约目标从12亿美元提高至20亿美元，预计将于今年年底前实现，并确认在本季度产生了额外2亿美元的成本，与简化运营相关的裁员人数减少了10%。

汇丰还警告称，若因业绩强劲而“额外发放绩效薪酬”，成本可能进一步上升。瑞穗分析师警告称，更高的成本未被纳入现有共识预期。

本季度预期信贷损失为12亿美元，与去年同期及分析师预期一致，另额外拨备4亿美元用于香港商业地产相关的高风险贷款。

在投资银行业务方面，拨备金额为13亿美元，汇丰将其归因于“与英国一家金融赞助商相关的贷款、二级证券及损失敞口”。今年5月，《金融时报》报道称，汇丰通过阿波罗的资产支持融资部门Atlas 97，持有美国黄金贷款机构Market Financial Solutions的赞助商头寸。汇丰首席财务官帕姆·凯恩表示，更高的拨备还反映了“全球中端市场客户”的风险上升。

汇丰持续推进简化运营，在2024年10月至2026年间将董事总经理职位数量削减了13%。

“We're executing our strategic priorities with pace, precision and discipline”

谷歌2000亿美元华尔街机器

（接第1页）

完成了价值320亿美元的SPV资金池，约占美国硬件市场的10%，相当于约2000个TPU，据知情人士透露。

该SPV的资金来自阿波罗和黑石提供的三层债务。博通为其中两层优先债务提供担保，以弥补Anthropic停止支付时SPV无法为硬件产生足够回报的短缺。

这一被称为“剩余价值支持”的安排覆盖了300亿美元融资中的约30亿美元，博通的风险敞口将随着Anthropic按期支付而逐步降低。

这一结构预计将成为未来为价值数千亿美元TPU提供融资的模板。

谷歌在4月再次进行了规模最大的债务组合覆盖，为Anthropic额外采购了3.6GW的TPO硬件和博通的产品。博通的文件披露了1200亿美元的采购承诺，其中552亿美元的交付计划于其2027财年完成，719亿美元则计划于2028年交付。知情人士透露，这些承诺几乎完全涉及其与谷歌达成的3.6GW TPO硬件采购协议。

为谷歌解决一半的问题还远远不够。该公司还需要足够的动力数据中心来容纳这些设备。"我们有一个时间表，正在按照能够满足该时间表的容量进行建设，"谷歌高管表示。"拥有过剩产能的加密矿工提供了帮助。"

为了维持多家加密矿工的稳定电力供应，谷歌将其纳入一个由6.0基础设施开发商组成的新董事会，其中一家名为ServWall的小型信贷公司率先为谷歌提供了高达60%的融资支持。

谷歌自2016年起与博通共同开发TPO At Edge技术。谷歌在纽约校园展示了相关数据。谷歌为基于Anthropic的项目提供了膝盖支付担保，此前一年，ServWall通过发行债券筹集了52亿美元用于建设。作为回报，谷歌获得了ServWall的股权，并拥有回购权。

谷歌团队在随后几个月迅速复制了这一模式，帮助加密矿工如Cyber Digital等在德克萨斯州和路易斯安那州建设数据中心。金融时报确认了五个总功率达3.4GW的项目，这些项目在谷歌的融资支持下筹集了250亿美元债务。

知情人士表示，谷歌迄今已为10个开发项目提供了3.4GW TPU电力的支持。其担保使其账面承担了高达400亿美元的潜在风险（若所有租约出现问题），但其资产负债表上仅记录了80亿美元的负债。谷歌也可能选择自行提供机房空间。

谷歌团队目前正在整合更多的数据中心项目，以确保足够的电力容纳其已同意出售的4.5GW TPO硬件。"我们现在把大量时间花在[电力]上——几乎是全部时间，"谷歌高管表示。

我们已经能够看到金融模式开始重塑芯片行业的经济格局。由谷歌支持的数据中心项目的借款中位利率为7.1%，而非社会化运营的同类项目仅为5.2%，后者在1000万天的运营周期内建设。

分析师将这一差距称为"资本成本的结构性劣势"，对那些依赖英伟达显卡的企业而言尤为明显。对于谷歌的项目而言，风险巨大且集中：2000亿美元的合同与Anthropic的支付能力及数据中心租约紧密相关。这只是整个行业需求集中于少数大型参与者及更广泛背景下的一个缩影。

"有大量数据背后并无实质性支撑，如果这些公司的投资意愿下降，整个行业将面临崩盘，"分析师表示。"这就是最大的宏观风险。"

---

4.

•

《金融时报》

2020年8月3日 星期三

英国公司

金融

MFS管理人起诉巴克莱银行

指控其拒绝提供银行账户访问权限

达勒姆 / 阿尔伯塔：BRYSON & ALIAS律师事务所 拉蒂维尔 / 恩格利——伦敦

已倒闭的抵押贷款提供商Market Financial Solutions（MFS）的管理人正在起诉巴克莱银行，指控其拒绝向其他公司的银行账户提供访问权限，而债权人试图从该集团追回资产。

Market Financial Solutions Limited于周五在伦敦起诉巴克莱银行，申请法院命令以获取该行冻结的MFS账户访问权限。

自今年早些时候该抵押贷款提供商因涉嫌欺诈倒闭以来，这些账户一直被冻结，其中的现金可用于偿还MFS主要实体的债权人。

在MFS倒闭时，巴克莱银行持有属于多个MFS实体的£100账户资金。目前尚不清楚Market Financial Solutions Limited单一账户中持有多少资金。

Jefferson和Atlas SP Partners（阿波罗投资信贷部门）是MFS相关实体的债权人之一，损失超过20亿英镑。MFS曾宣称能够“在短短三天内提供高达£10mn的贷款”。

MFS的倒闭引发了对资产支持贷款市场承销标准的担忧，并促使金融行为监管局展开调查。

巴克莱银行不仅是MFS的账户行，还为该抵押贷款提供商提供银行服务。MFS的倒闭主要是由于巴克莱银行在发现涉嫌违规行为后冻结了其银行服务。《金融时报》此前曾报道。

债权人向MFS提供的融资以短期资产收益为担保，目前面临£1.3bn的资金缺口。管理人发现MFS拥有一个借款人未偿还贷款网络，涉及约£100，这些借款人与MFS所有者Parodi Reja有关联。这些债权人正试图确定其抵押品价值，同时法庭上出现了双重抵押的指控。

据知情人士透露，此次申请是在巴克莱银行拒绝向MFS Limited提供其银行账户访问权限之后提出的。巴克莱银行表示有权扣留资金以偿还其他贷款。除了为MFS提供银行服务外，巴克莱银行还作为伦敦过桥贷款市场的主要贷款方，暴露于MFS的运营网络。该行对MFS更广泛集团的风险敞口约为£400，并表示已从MFS敞口中减记了£1.20。

巴克莱银行表示正在积极抗辩，无法进一步置评。

今年4月，MFS的实体Trident Pundling（曾从Surrender获得融资）获得了针对巴克莱银行的法院命令，要求其提供冻结银行账户的访问权限。

管理人指控Reja挪用近£1.3bn用于“边缘过滤”操作，其中包括购买一辆“纯另类”送货车。伦敦高等法院5月批准出售Reja的部分汽车收藏，该收藏由8辆豪车组成，售价£1.625。Reja通过发言人否认了管理人的诉讼指控，并表示“我们看不到任何欺诈或不诚实行为”。

能源

英国石油公司（BP）计划出售40亿美元美国生物燃气业务，新任首席执行官重组集团

沃灵伍德——伦敦

BP已将其价值$4bn的美国生物燃气业务挂牌出售，新任首席执行官梅格·奥尼尔（Meg O'Neill）宣布剥离主要资产。该公司昨日公布了自2022以来的最高季度利润。

Inchana是美国最大的可再生天然气生产商，其原料来自垃圾填埋场。该业务曾是BP在英国占美国市场90%份额时为成为绿色能源巨头所做的最大投资之一。

但该业务表现不佳，BP已于去年底对其价值进行了轻微下调，作为对生物燃气及其他领域9.20亿英镑减值的一部分。

这家石油巨头在最新季度对其绿色能源资产进一步计提了9.20亿英镑减值。

“某些资产可能在过去对BP至关重要，但这并不意味着它们适合BP的未来，”今年4月就任首席执行官的奥尼尔表示。她补充称，BP目前专注于能够提升现金流和回报的业务，并将采取“更加注重数据的额外措施”。

BP在公布第二季度调整后利润同比增长140%至81亿英镑（高于分析师预期的81亿英镑）之际宣布了这一消息。这一业绩得益于中东冲突期间油气和精炼燃料价格上涨。这是自2022,以来的最高季度利润，当时美国全面入侵乌克兰引发欧洲能源危机，油价飙升。

奥尼尔自从澳大利亚Woodside公司加入BP后，迅速开始重塑公司业务。

“我们需要以全新视角审视自身，明确需要改变的地方，停止阻碍我们的行为，并在关键领域增强实力，”她在业绩公告中表示。

KBE分析师贝里尔·伯克哈特（Beryl Burkhatterin）表示，集团状况有所改善，但管理层是否会增加在英国的投资仍有待观察。

“审视BP的历史失误是投资前景向前迈出的良好一步，我们期待管理层在财务框架和未来具体计划上提供更多细节，”他补充道。

上周，这家石油巨头宣布出售其在英国北海的业务。BP还关闭了风险投资部门，出售了奥地利加油站业务及其在Key du Nord项目的股份。

奥尼尔将削减BP庞大的债务负担、加强公司资产负债表列为优先事项。她表示，集团各类财务义务（包括债务、混合债券及公司深水地平线灾难的赔偿支出）已大幅下降。

“较上一季度减少了9.7bn英镑，”她表示。

BP称将在本财年末将债务降至1260亿英镑以下，提前实现目标。

然而，BP承认其核心减排计划“令人失望”，尽管去年已裁员近1260人，并削减了4,000份合同。

Segro接受美国竞争对手Prologis 140亿英镑收购要约

亚历克斯·芬伯格

房地产集团Segro昨日宣布接受美国竞争对手Prologis 140亿英镑的收购要约，结束了持续数周的竞购战，这将成为今年伦敦第三大交易。

Prologis将以每股102便士的价格收购Segro股份，较6月25日（即其收购意向公开前一天）收盘价溢价19%。

富时100指数成分股Segro的股东将主要以股票形式获得对价，并可选择部分现金替代方案，总额达£3.3亿英镑，并可能持有合并后公司至多5%的股权。

Prologis上月提出“最佳且最终报价”，此前Segro曾拒绝其收购提议，并称后续报价低估了这家英国公司的价值。

英国团队最初提出的每股9k / p报价对Segro的估值为£11.6亿英镑。

此次收购是今夏英国市场多起并购交易之一，因估值低廉吸引买家。包括Intertek、施罗德及Receipt在内的多家公司均成为收购目标。

作为伦敦最大的上市房地产公司，Segro被收购将进一步加速英国上市公司数量的显著下降。

Prologis与Segro近期在英国积极阐述各自立场，Segro的增长前景及其数据中心项目的价值受到质疑。

Prologis计划在伦敦二次上市其股票。

“我们相信，此次合并将整合两家高度互补的业务，打造一个极具吸引力的平台，”Segro首席执行官（姓名待确认）表示。

“Prologis与我们在长期满足现代物流和数据中心基础设施需求的核心愿景上高度一致。”

合并后的房地产平台将管理约2000亿美元资产，拥有3.6亿平方英尺的欧洲物业组合，并将Prologis在欧洲的市场份额提升7个百分点，两家公司表示。

Segro主要在英格兰东南部拥有仓储和数据中心资产组合。

法律威胁

阿斯顿·马丁 债权人反对融资协议

亚历克斯·斯塔德：阿斯顿·马丁的Valhalla跑车在墨西哥北卡利斯。这家资金紧张的汽车制造商已获得£150万英镑融资方案

阿斯顿·马丁的债权人威胁将对其采取法律行动，因不满该公司计划出售部分品牌和命名权，作为一项有争议的£100万英镑债务融资协议的一部分。

这家资金紧张的公司上月宣布已通过黑石集团旗下私募信贷公司SIPs获得融资方案，包括£400万英镑定期贷款及未来可提取的£300万英镑额外资金。

该协议遭到一群债权人的反对，后者持有阿斯顿·马丁£1.3亿英镑债务，并认为融资协议违反了现有债务条款。

这群债券持有人已向阿斯顿·马丁发出“诉前警告”，警告可能提起诉讼，以撤销SIPs的交易并阻止出售部分知识产权资产。

阿斯顿·马丁拒绝向其他债权人披露交易细节。但据知情人士透露，部分交易内容涉及将3k's per cent的所谓“非汽车知识产权”转让给美国品牌开发商Authority Brands。

SIPs是Authority Brands的投资者，阿斯顿·马丁可从该私募信贷公司提取的额外£300万英镑资金不受品牌权交易影响，据知情人士称。

债权人已就融资协议提出质疑

---

修正后版本（仅输出Markdown）：

Segro接受美国竞争对手Prologis 140亿英镑收购要约

亚历克斯·芬伯格

房地产集团Segro昨日宣布接受美国竞争对手Prologis £100亿英镑的收购要约，结束了持续数周的竞购战，这将成为今年伦敦第三大交易之一。

Prologis将以每股£102便士的价格收购Segro股份，较6月25日（即其收购意向公开前一天）收盘价溢价19%。

富时100指数成分股Segro的股东将主要以股票形式获得对价，并可选择部分现金替代方案，总额达£3.3亿英镑，并可能持有合并后公司至多5%的股权。

Prologis上月提出“最佳且最终报价”，此前Segro曾拒绝其收购提议，并称后续报价低估了这家英国公司的价值。

英国团队最初提出的每股9k / p报价对Segro的估值为£11.6亿英镑。

此次收购是今夏英国市场多起并购交易之一，因估值低廉吸引买家。包括Intertek、施罗德及Receipt在内的多家公司均成为收购目标。

作为伦敦最大的上市房地产公司，Segro被收购将进一步加速英国上市公司数量的显著下降。

Prologis与Segro近期在英国积极阐述各自立场，Segro的增长前景及其数据中心项目的价值受到质疑。

Prologis计划在伦敦二次上市其股票。

“我们相信，此次合并将整合两家高度互补的业务，打造一个极具吸引力的平台，”Segro首席执行官（姓名待确认）表示。

“Prologis与我们在长期满足现代物流和数据中心基础设施需求的核心愿景上高度一致。”

合并后的房地产平台将管理约$200亿美元资产，拥有360万平方英尺的欧洲物业组合，并将Prologis在欧洲的市场份额提升7个百分点，两家公司表示。

Segro主要在英格兰东南部拥有仓储和数据中心资产组合。

法律威胁

阿斯顿·马丁 债权人反对融资协议

亚历克斯·斯塔德：阿斯顿·马丁的Valhalla跑车在墨西哥北卡利斯。这家资金紧张的汽车制造商已获得£150万英镑融资方案

阿斯顿·马丁的债权人威胁将对其采取法律行动，因不满该公司计划出售部分品牌和命名权，作为一项有争议的£100万英镑债务融资协议的一部分。

这家资金紧张的公司上月宣布已通过黑石集团旗下私募信贷公司SIPs获得融资方案，包括£400万英镑定期贷款及未来可提取的£300万英镑额外资金。

该协议遭到一群债权人的反对，后者持有阿斯顿·马丁£1.3亿英镑债务，并认为融资协议违反了现有债务条款。

这群债券持有人已向阿斯顿·马丁发出“诉前警告”，警告可能提起诉讼，以撤销SIPs的交易并阻止出售部分知识产权资产。

阿斯顿·马丁拒绝向其他债权人披露交易细节。但据知情人士透露，部分交易内容涉及将3k's per cent的所谓“非汽车知识产权”转让给美国品牌开发商Authority Brands。

SIPs是Authority Brands的投资者，阿斯顿·马丁可从该私募信贷公司提取的额外£300万英镑资金不受品牌权交易影响，据知情人士称。

债权人已就融资协议提出质疑

阿斯顿计划出售部分品牌和命名权，作为5亿英镑债务融资协议的一部分

但该公司将部分抵押品从现有债权人的抵押池中移出，用于投资阿斯顿·马丁新任领导层的项目。现有债权人被剥夺了自行提供新融资的机会。

现有债权人认为，新的融资协议及较小规模的资产和产权处置将导致其抵押品价值降低，并削弱贷款协议条款。

尽管阿斯顿·马丁表示，新的特殊目的投资工具（SIPs）融资“以集团部分资产及位于新成立子公司的特定其他资产作为担保”，但拒绝向债券持有人说明哪些抵押品不在其抵押范围内。

该公司还拒绝在上周的分析师电话会议上透露具体细节。阿斯顿·马丁首席财务官道格·拉弗蒂（Doug Lafferty）为该交易辩护，称其“对公司整体而言至关重要”。

阿斯顿·马丁今年已通过出售其名称使用权筹集了3000万英镑，用于冠名一支以其名称运营的金融团队。该团队隶属于KME GP Holdings控股公司，后者由一名间接控制KME的个人通过现金注入等措施持有。

“阿斯顿表示，2018年上半年，公司通过赞助获得了超过1亿美元的营销费用。”这实际上是阿斯顿·马丁在出售名称使用权后，向KME支付费用以使用其品牌。

SIPs也是KME的少数股东，未回应置评请求。阿斯顿·马丁拒绝置评。

矿业

英美资源承认在实验室培育钻石威胁问题上犯错

卡米尔·米申

戴比尔斯（De Beers）及钻石行业未能有效应对实验室培育钻石的威胁，后者已颠覆天然钻石市场。英美资源集团首席执行官邓肯·沃尔霍尔（Duncan Wanblad）承认了这一失误。

该集团正试图出售这家开创性的钻石公司，同时在过去三年内三次减记其价值。

业内部分人士将消费者转向设计实验室培育钻石视为营销失败，但零售商却享受着不断增长的销售额，并认为这是市场的一次提升。

“事后看来，我们可能本应对竞争对手发出的实验室培育钻石信号采取更为激进的应对措施。”沃尔霍尔在接受《金融时报》采访时表示。

“奢侈钻石市场在经历低谷后通常能迅速复苏……我认为当时普遍预期这次也会如此。”

回顾后视镜总比试图预测未来更为精准。

该矿业集团上周报告称，今年上半年毛坯钻石价格再度下滑，跌幅达12%，至每克拉105美元。

“我们本可能希望对所收到的关于消遣的信号采取更为激进的应对措施”

我们已度过2020年上半年。戴比尔斯上半年再次录得现金亏损，金额为$12，而英美资源集团整体基础盈利则因铜价上涨增长了三分之一，达到340亿。

实验室培育钻石迅速涌入市场，导致多家钻石销售商关闭和裁员，包括戴比尔斯上月宣布将暂停南非Venetia矿的生产。伍尔霍尔表示，天然钻石行业对实验室培育钻石的态度“确实”变得强硬，并称目前约有1 / 18的天然钻石供应“将在未来12个月左右退出市场”。戴比尔斯已关闭自身的实验室业务。

英美资源集团上周表示，戴比尔斯的出售“正在推进”，但尚未选定首选买家。据两位知情人士透露，由前戴比尔斯高管加雷斯·彭尼领导的财团被视为领先竞购方，正在商讨一笔价值约30mn的交易。伍尔霍尔拒绝透露出售价格，但表示英美资源集团“并未与任何有意向的买家签订排他协议”。

据两位知情人士透露，现任金融集团执行主席的13年任期高管及现任博格瓦尔德品牌过滤器执行主席的迈克尔·奥基夫正领导另外两个竞购方。

支持服务

Mourant出售股份以应对私募股权热潮

NEIT BING — 伦敦

离岸律师事务所Mourant已向私募股权集团MNL出售股份，这是私募股权对该行业兴趣上升的最新迹象。

此次交易是“离岸地区24家”事务所中首例在集团层面引入私募股权投资的案例——该术语产生于20世纪80年代，指在开曼群岛、英属维尔京群岛和泽西岛等地成立的事务所。

近年来，随着投资者寻求进入高利润行业，对法律行业的兴趣不断增长。

MNL已收购Mourant 17%的股份，该事务所向《金融时报》透露。这家专注于为英属维尔京群岛和泽西岛等离岸司法管辖区提供咨询服务的事务所，还提高了股权比率，允许其60名股东在本次交易中再投资。

Mourant的业务包括投资和咨询。该事务所拒绝披露投资和股权募集的具体金额，并与离岸同行一致，不公开财务数据。然而，据知情人士透露，其去年收入在英国前30大律师事务所之列，这意味着其营业额超过£270mn。

Mourant首席执行官乔纳森·里格比表示，此次交易旨在“加速市场发展”。

“我们正在加倍投入合并后的业务，”里格比在宣布前的采访中表示，指的是律师事务所及其自身的法律部门。“这不是一笔人们退出的交易……他们正在加大投入，我认为这正是与众不同之处。”

里格比表示，股东的反应非常积极。

投资者资金的流入已促使包括自保公司和会计师事务所在内的多家公司进行大规模私募股权交易，但法律行业对引入外部资金一直更为谨慎。

人工智能如何颠覆行业模式的不确定性也使交易复杂化。

MNL负责此次交易的合伙人在11月表示，Mourant广泛的业务覆盖和专业领域意味着其模式“更多是机遇而非风险”。

根据Mourant的交易条款，合伙人或标准的薪酬未发生变化，里格比表示。

该事务所的客户包括高盛、MNL和CFC，计划利用这笔资金投资银行、现金和资本市场业务，并组建新的咨询团队。

这家离岸咨询公司拥有约1,000名员工，其中包括100名律师，在全球主要金融中心设有9个办事处。

里格比表示，该事务所已看到来自爱尔兰和美国客户的需求增长，同时在卢森堡和中东也有更多增长机会。

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2024年8月5日 星期三

FINANCIAL TIMES

11

COMPANIES & MARKETS

Currencies. Surprise policy

贝森特历史性的日元干预行动标志着美国“积极主义”新时代

华盛顿的举动显示出 支持与自身利益相悖的交易的意愿

莉兹·史密斯 — 伦敦 戴维·莱因哈德 — 美国 凯特·杜吉 — 纽约 克拉克·琼斯 — 华盛顿

当华盛顿和东京在近三十年前进行最后一次联合干预时，主导美国行动的人并不陌生于高风险货币交易。

周五的行动由斯科特·贝森特（Scott Bessent）领导，他曾在1993年和2015年期间于乔治·索罗斯（George Soros）的投资公司任职时因对抗日元而闻名。

在唐纳德·特朗普总统的财政部领导下，他对金融市场采取了日益积极的态度。

华盛顿历史性地干预以支撑他国货币，此举令投资者震惊，部分原因在于日元贬值的稳定程度超出了通常促使联合行动的剧烈波动。

他们还对美国决定出售欧元购买日元而非动用美元的决定感到意外。

此次交易反映出贝森特领导的财政部越来越愿意深度介入市场，此前该部门曾出手支持阿根廷货币。

一位美国大型债券投资者表示：“这不是为了软实力，也不是为了更大的利益，那么美国在做什么？”

贝森特的非常规举措出现在投资者越发担忧日本银行的政策利率（仅为1%）不足以应对通胀压力之际。考虑到全球其他地区的利率水平远高于此，日元可能继续承压。

美国财政部长还在宣传此次交易时表现出“罕见的透明度”，一位摄影师在周五内阁会议上捕捉到贝森特的待办事项清单，上面写着“买入日元（JPY）500万-1000万美元”。

美日两国的联合干预行动已将日元从本月早些时候接近1美元兑100日元（自1986,以来的最低水平）大幅推高至约120日元，不过交易员和分析师警告称，这一涨势可能迅速逆转。

“令人惊讶的是，这位曾在1995年‘击垮英格兰银行’的前量子基金高管，如今却在宣称仅凭干预行动就能持久捍卫一种货币，这实在讽刺。”彼得森研究所所长、日本经济专家亚当·埃文斯（Adam Evans）表示。

投资者称，华盛顿的举动给主要货币市场带来了不确定性，并开启了政府积极主义的新时代，美国展示出其愿意干预与自身利益相悖的交易。

“美国财政部的到来标志着镇上来了新警长，警告投机者不要抛售日元。”ING全球市场主管克里斯·特纳（Chris Turner）表示，他称“这标志着回归18年积极主义时代”。

美国财政部拒绝置评。

两国均有充分理由采取行动。日本政策制定者担忧日元贬值与日本国债收益率飙升的双重压力正变得过度。

对美国而言，有越来越多迹象表明其正面临债券市场的抛售压力。尽管特朗普表示美国“始终支持日本”，但投资者怀疑其目的是阻止盟友（日本是美国国债最大的官方持有者）为支撑日元而抛售95万亿美元的美债。

美国官员此前还强调了美元大幅走强对美国出口的影响。

“政府希望美元走弱……但不希望投资者抛售美国国债来保护本国货币，”All-springs-stated investments多资产组合经理Rachelle Amin表示。

据知情人士透露，试图通过做空其他货币对冲美元风险的投资者越来越担心“贝森特法案”。

贝森特此前曾表示，美国支持“强势美元政策”，这反映了该国长期以来的立场。

日本周一表示，计划利用美国联邦储备委员会的回购工具，分析人士认为此举可能让日本在无需抛售所有美国国债的情况下借入美元。

长期以来，美国国债一直是各国央行用于支撑本国货币的流动性资产，但美国对其债务需求下降的任何迹象都极为敏感，尤其是在其长期借贷成本已升至2002年以来最高水平之际。

在贷款战争初期，外国央行将其在美联储持有的美国国债降至2012年以来的最低水平。

另一个担忧是，债券抛售进一步推高收益率可能促使日本国内投资者抛售美国国债并将资金调回国内。

“贝森特的观点是，美国国债收益率高企是因为日本国债收益率高企，”惠灵顿投资组合经理Bety Kharana表示，“因此，如果你支撑日元，就能压低日本的收益率，进而压低美国国债收益率。”

日元贬值“直接削弱了10美元的价值，并推高了全球长期收益率，这——

数据来源：110万美元的总数据

全球团队提供影响市场的新闻与观点。勿使用《垃圾市场》（Scum Markets）

是美国极为敏感的问题”，KIC Sherbay资产管理公司固定收益首席投资官Mark Dowding表示。

此外，特朗普向记者出售“金融利益”可能带来交易收益。

“这一手法相当巧妙，让人联想到贝森特当年对阿根廷的希尔顿计划，那次行动大获成功，”哈佛大学教授、前首席经济学家Rachelle Angell表示。

不过，他补充道：“除非美国财政部愿意持有大量日元——这将是一次真正激进的突破——否则这不过是一块创可贴，为证券市场争取时间。”

分析人士称，干预本身无法解决导致日元贬值的根本因素，包括油价上涨、对大规模政府支出计划的不确定性，以及对日元升值速度相对缓慢的担忧。

“我们都知道干预只是在拖延时间，”东京道富银行（State Street）高级固定收益经理Mandila Loo表示。

“真正的重担将落在日本央行和日本的财政政策上，”Loo补充道。

对美国而言，风险在于协同干预失败，投机者再次瞄准日元，甚至可能波及美国国债。

“如果干预无效，其溢出效应（对长期美国国债）……将非常显著，”资产管理公司PSIM首席全球经济学家Sidney Singh表示，“将产生直接影响。”

见《市场洞察》

货币

印度央行从侨民筹集400亿美元以支撑疲软卢比

克里斯·凯和史蒂文·阿奇戴

印度利用其庞大侨民储蓄的举措吸引了超出预期的资金流入，这意味着印度央行在消费者政策决策前稳定疲软卢比的努力取得进展。

印度储备银行周末表示，自6月宣布一项针对海外公民的外汇筹集活动以来，已有408亿美元流入该国——这一通知自1990年以来仅启用过5次。

这些资金流入之际，这个全球人口最多的国家——一个海湾石油的主要进口国——正面临能源、可持续性及战争的急剧升级。

今年卢比兑美元贬值6%，成为印度表现最差的货币之一，该国预计将连续第三个财年出现国际收支赤字。

经济学家表示，在财政部长尼尔马拉·西塔拉曼主要推动印度国有银行加大对侨民的动员力度后，资金流入规模出人意料地强劲。

银行一直在为海外印度人提供优惠储蓄利率，并允许他们以现金为抵押借入额外资金。

“这一规模远超我们的预期，”利雅得银行首席经济学家马杜尔·苏布拉姆拉表示，“到9月，总额可能‘接近’600亿美元，这将占印度当前外汇储备的近10%。”

他表示：“很大一部分原因在于允许的杠杆作用，一些银行提供的杠杆率高达初始存款的10倍。”

“除了银行提供的极具吸引力的利率外，这也解释了为何数额如此之高，”苏布拉姆拉补充道。

这些资金流入为印度央行行长桑贾伊·马尔霍特拉在货币政策公布前提供了更大的资源稳定性。

多数经济学家预计，即使在政府提高小麦价格后，6月年度通胀率达到18个月来的最高点6%，央行仍将维持利率不变。

大部分侨民资金通过100美元（外币非居民存款计划）流入，该计划将持续至9月底，并直接来自海外印度人，允许银行提高对海外印度人的存款利率。

此外，通过外部商业借款和海外外币借款的临时融资工具还筹集了略超4000万美元，这些工具将开放至2026年底。

印度央行此前曾在经济脆弱时刻呼吁侨民资金流入。首次是在1995年，当时印度遭遇了最严重的国际收支危机，最终促使政府开放其全球利率市场。

上一次使用是在2012年，当时印度筹集了约500亿美元以应对开放增长带来的资本外流。

西太平洋银行印度和亚洲首席经济学家桑迪普·瓦尔马将该计划的成功部分归因于印度侨民规模的扩大，自2002年以来增长了70%。

瓦尔马表示，印度现在“有更大的信贷池”可供瞄准，并估计该计划的资金可能达到900亿美元。

然而，这些资金流入尚未转化为印度外汇储备的同步增长。

一些经济学家和交易员表示，印度央行可能已动用部分侨汇资金来捍卫卢比，并解除无法分解的短期远期美元头寸。

自2月底以来，印度的外汇储备已净减少400亿美元。

截至7月24日（最新可用数据），外汇储备为602亿美元，较6月中旬美国总统唐纳德·特朗普与《论坛报》签署一份不稳定的谅解备忘录后上升了近100亿美元。

“这一时期必须用来制定更多中长期战略，以应对新的现实”

潘西恩经济学（Pantheon Economics）新兴亚洲首席经济学家米格尔·查韦斯（Miguel Chavez）表示，尽管卢比自6月以来“交易基本持平”，但“过去仍未”在80美元的侨汇计划上得到验证。

“当局在时机选择上也相当幸运，因为该计划推出之际，美国（无法）最终确定的方案导致油价暴跌，这有利于印度的国际收支选择，”查韦斯说。

他表示，“终极考验”将是这些有选择性的资金流是否有助于稳定印度的外汇储备。

卡拉巴尼（Calabani）首席印度经济学家索邦娜·森古普塔（Sorbona Sengupta）在周五的一份报告中指出，筹集的美元正以一定滞后性被吸收到80美元计划的资产负债表中，并形成卢比流动性梯度。

他在上月另一份报告中表示，这些国家美元不太可能被投放到即期外汇市场，因此不会对卢比的即期汇率产生影响。

纳尔马拉（Narmala）的维尔马（Verma）表示，短期资金流入也无法解决印度结构性的国际收支问题，尽管它们为80美元计划提供了“喘息空间”。

“可以认为，若没有这一计划，压力可能会更大，”她说。

“这一时期必须被用来制定更多中长期策略，以应对资本流动更加波动、油价极易出现极端波动的新现实，”森古普塔补充道。

印度已5次呼吁侨民支持卢比

!

数据来源：1.1美元的总数据

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12

•

《金融时报》

2024年8月5日 星期三

公司与市场

日元干预传递出美元的隐忧

巴里·埃森格林

市场洞察

上周美国财政部与日本财务省联合干预日元汇率背后，有一个重要信息。但这并非市场所期待的那一个。

日本当局在两天内估计动用了100亿美元进行干预，但以市场规模来看仍属小规模。此举可能会提振日元，但效果将是短暂的。

在财务省指导下，日本银行可以买入日元和证券以推高汇率。但如果真正的埃弗斯坦（Everstein）投资者认为基本面并未改变，他们只需卖出等量的日元证券，便可将汇率重新压低。

更持久的努力需要改变这些基本面。若日本央行决定加快加息步伐——考虑到日本通胀可能超过央行设定的2%目标，许多投资者会认为这是可取的——这将有助于对冲日元疲软。

然而，由于担忧消费需求疲软，日本央行选择将基准利率维持在并非严格限制性的1%水平。

有人可能认为，此次市场干预释放了日本央行对汇率的高度担忧，这种担忧可能促使其未来加快加息步伐以支撑日元。

这便是干预的所谓“信号效应”。但如果疲软的货币对日本央行行长植田和男（Kazuo Ueda）构成重大困扰，他理应更强烈地表达这一立场，并采取更多实际行动。

日本当局此前当然也曾干预日元外汇市场，最近一次就在三个月前。因此，值得关注的是，美国财政部此次也参与了干预，这是15年来首次与日本联合行动，且是通过欧元而非美元购买日元。

上周的干预传递出关于美元的隐忧。其信息是，美国财政部长斯科特·贝塞特（Scott Bessert）及其团队担心，通过出售美元证券来支撑日元将给美国国债市场长端带来额外压力。而这一市场已因美联储主席凯文（Kevin）的

美元作为全球储备货币的地位不再像以往那样具有吸引力

沃迪斯上周举行的新闻发布会反响不佳。

抛售欧元部分反映了美国需要从其货币稳定基金中抛售手头资产。但这也是一种避免市场被迫吸纳更多无其他美元敞口的美国国债的方式，这本会加剧本已紧张的美元局势。

同样，日本声明将使用名为“外国及国际货币当局展期工具”（Fima）的工具，也传递了类似信号。这一工具旨在提供一种有限的流动性替代方案，而非直接抛售美国国债。

这两项举措均表明，美元作为储备货币的地位已今非昔比。各国央行习惯于以美元持有外汇储备，因为美国国债市场流动性强。

各国央行持有美国国债，是因为这些证券可以自由买卖，并用于干预市场。［...OMITTED...］

相反，我们看到美国财政部正通过新的发售参与干预，从而减少日本当局所需的美元抛售量。

美国财政部的这种干预方式，比弗里德斯皮安式的威胁性回应——例如以某种制裁相威胁——要更为妥当，如果日本当局被迫增加美元储备的抛售。

贝塞特在解释两国政府为何进行协调干预时，强调了美日政府之间的友好关系。

但当支持货币的干预是通过政府转移进行，而华盛顿当局并不怀有此类善意时，美国观察人士可能会将其视为弗里德斯皮安式的做法。

归根结底，华盛顿在权衡对美国金融市场的影响后，不愿看到外国央行减持美元储备。

这表明美元已不再是以往那样具有吸引力的储备货币。当这一信息被充分理解后，其他国家将加大寻找更具吸引力、更易使用的替代储备货币的力度。储备多元化的趋势正在加速。

巴里·埃森格林是加州大学伯克利分校教授，著有《超越市场的货币：全球货币的十字路口与曙光》

市场动态

股市

丰田计划斥资$6.3bn回购股票，混合动力车销售强劲提振业绩

戴维·莱因哈德（David Reinhard）与卡拉·哈盖（Kara Haghai） 丰田

丰田将启动¥1（63亿美元）的股票回购计划，此前这家全球最大的汽车制造商在日元走弱和混合动力车销售强劲的推动下上调了年度业绩预期。

该日本公司昨日表示，由于中东冲突导致的成本上升和供应链中断，以及全球货币贬值，截至6月30日的三个月内，营业利润下降6.8%至¥1.2，连续五个季度出现营业利润同比下滑。

不过，该汽车制造商表示，目前预计截至2027年3月的本财年营业利润将达到¥3.6，较此前预期高出¥4.8，得益于股票回购及“为中东建立替代物流材料”。

丰田表示，本财年因零部件价格上涨和销售下滑预计将损失¥3.0（$7.2），低于5月预估的¥3.9。此次业绩指引上调与通用汽车和福特的做法类似，后两者也受益于美国市场高利润率的汽油车和混合动力车销售。

丰田称，上周日本地震的影响尚待评估，该地震已对九州的部分供应商和汽车制造商造成影响。

该集团表示已将美元兑日元汇率假设为¥100。目前汇率接近¥127，此前日本和美国在外汇市场进行了干预。

丰田的盈利能力还受到美国高利润率市场混合动力车销售的支撑。该公司表示，北美地区“已恢复盈利，受价格调整、汇率影响及美国关税下调等因素驱动”。

今年，丰田预计混合动力车销量将首次超过汽油车。

K555的创始人兼首席执行官王闯近日宣布计划在五年内超越丰田，成为全球销量最大的汽车制造商。

丰田股价今年已下跌14%，自3月高点以来跌幅超过四分之一。该股昨日再次小幅走低。

麦格理（Macquarie）的汽车分析师詹姆斯·洪（James Hong）表示，股价反应可能是由于市场预期回购规模更大，因业绩表现相当强劲。

“丰田的资产负债表足够强劲，可以承受超过¥1的回购，因此市场一直在等待更大的回购规模，因为其市净率低于1，”洪表示。

市净率低于1意味着市场对公司的估值低于其账面资产价值。

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2016年8月天气数据

•

柯克曼，特蕾莎（Teresa Kirkman）

13

市场数据

全球市场5年回顾与概览

2121< / td>< colspan="3">2122< / >< ="3">2123< / >< ="3">2124< / >< ="3">2125< / >< ="3">2126< / >< ="3">2127< / >< ="3">2128< / >< ="3">2129< / >< ="3">2130< / >< ="3">2131< / >< ="3">2132< / >< ="3">2133< / >< ="3">2134< / >< ="3">2135< / >< ="3">2136< / >< ="3">2137< / >< ="3">2138< / >< ="3">2139< / >< ="3">2140< / >< ="3">2141< / >< ="3">2142< / >< ="3">2143< / >< ="3">2144< / >< ="3">2145< / >< ="3">2146< / >< ="3">2147< / >< ="3">2148< / >< ="3">2149< / >< ="3">2150< / >< ="3">2151< / >< ="3">2152< / >< ="3">2153< / >

< ="3">2154< / >< ="3">2155< / >< ="3">2156< / >< ="3">2157< / >< ="3">2158< / >< ="3">2159< / >< ="3">2160< / >< ="3">2161< / >< ="3">2162< / >< ="3">2163< / >< ="3">2164< / >< ="3">2165< / >< ="3">2166< / >< ="3">2167< / >< ="3">2168< / >< ="3">2169< / >< ="3">2170< / >< ="3">2171< / >< ="3">2172< / >< ="3">2173< / >< ="3">2174< / >< ="3">2175< / >< ="3"

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Wednesday 1 August 2016

FINANCIAL TIMES

3

15

2016年8月1日 星期三

《金融时报》

15

“我把相机当作素描本一样使用”

写实主义画家理查德·埃斯特斯（Richard Estes）的城市场景在肖尔科普夫画廊（Schoellkopf Gallery）中消融为奇异的反射，作者：埃德温·希思科特（Edwin Heathcote）

在我 12 岁左右，大约在 20 世纪 70 年代末，我经常花很多时间翻阅当地 Withnall 分店的海报架。那里是一种略显古怪的组合：电影和歌手、李小龙、恐龙、穿着网球装备的女性以及艺术作品——可能是马格里特（Magritte）、Van Gaghe 或 Hall 的作品。

但我清晰地记得一张海报，那是一幅纽约街景画：一排抛光不锈钢电话亭，门开着，身后则是装饰艺术风格（Art Deco）的长笛形流线曲线。

其风格是超写实主义的；细节程度几乎令人难以理喻，但其中有一种奇异感，一种空洞感。然而，对于一个在 20 世纪 70 年代英国长大的孩子来说，这看起来孤独且酷，有一种难以言表的性感。这具有典型的美国特色。

艺术家是理查德·埃斯特斯，大概是写实主义者中最杰出的一位。这一波艺术家包括查克·琼（Chuck Chon）和拉尔夫·戈希加（Ralph Goxiga），他们在 1968 年末、70 年代及其之后一直活跃。现在，他的绘画作品正在纽约的肖尔科普夫画廊展出，与其素材照片一同展出，这些照片首次被作为独立的艺术品呈现。

“我想去芝加哥艺术学院，” 94 岁的埃斯特斯在电话中对我说道，他当时在缅因州的家中，而我问他是如何成为一名艺术家的。“那时非常传统：上午练习人体素描，下午练习人体绘画……我的一位老师告诉我一句话，我永远不会忘记：‘永远不要指望能赚到钱。’”

与许多艺术家同行不同，埃斯特斯在广告界开启了他的职业生涯。商业艺术在世纪中叶的美国达到了顶峰，消费时代被浓缩在杂志和海报的页面上。“我在广告界担任了 12 年的插画师，”他告诉我，“我一直想成为一名艺术家，但我不知道这会如何实现。”

他选择了一条成熟的路线。想想安迪·沃霍尔（Andy Warhol）或理查德·汉密尔顿（Richard Hamilton），最佳产品、公司商业以及内特街（Nate Street）的景观（关于他们的作品）。在埃斯特斯的画作中，更多的是门面、窗户、餐车和微型景观，以及它们特有的标牌、入口以及零售与通信的建筑。这些熟悉的题材通过精妙的设计变得迷人。

我告诉他关于那张海报的故事。“哦，是的。这些电话亭。我创作的第一幅就是《电话亭》。DWC 来源于一份《读者文摘》推荐书籍的插图。我喜欢那个图像，我想：它可能会变成一些有趣的东西。”

该插图是为 1968 年的小说（由弗莱切·科尔 Fletcher Koehl 编写）而作，一部类似的政治惊悚片。那是偏执的时代，充满了像《法国喜剧》（The French Comedies）、《基拉》（Kiera）和《对话》（The Conversation）那样阴郁的电影，片中身着风衣的男人在城市机构及其腐败中阴沉地跟踪并拍摄角色。

如果你观察埃斯特斯的画作，电话亭里有人，最明显的是一个拿着火柴书的人。图像是由大量反射组成的，正如埃斯特斯所有画作一样，你看得越深，发现的越多，直到画面开始消融成其他东西。

“反射是一种变得更抽象的方式，”他说。“当你观察它们是如何被扭曲的时候，它就创造了一种有趣的构图。”

这些是表面暗示监控社会的微小迹象，还是闪光社会结构中的扭曲？他停顿了一下，“不，我认为它们只是很漂亮的画。”

上图：《Inter》（1971），埃德温·希思科特青年时代作为海报看到的理查德·埃斯特斯画作；下图：《The L Train at 10th Street》（2005）

埃斯特斯不愿将他的作品赋予除了表现形式之外的任何意图。“我没有在思考任何深刻的东西，只是在观察世界。”

但也许这就是关键所在。他工作时的那种极致精准，需要某种特定的收获：对表面分析、光色以及我们通常不会注意到的细节之处进行细致入微的审视。那些电话亭、糖果店的橱窗、自助餐厅和地铁车厢，曾是日常生活的背景，大多奇异而又令人怀念。如今，它们几乎已消失殆尽。

曾经在平凡中发现非凡的感受，如今却变成了一种记录，一种对被平庸的企业景观所抹平的城市生活层次的怀旧。“观看这件事本身就有某种魔力，”他说道，“每次登机，我总是惊讶于人们第一件事就是拉上遮光板。那些横向移动的云层多么壮观。”

我提到他的作品似乎有着强烈的建筑关注，对细节和表面的清晰解读，这种特质在建筑领域本身也颇为罕见。

“嗯，我是个情境建筑师，”他笑道，“我原本想去BT [Illinois Institute of Technology] 师从密斯·凡·德·罗，但我挖掘了坐标数据。我必须要进学校。如果没进去，我就会被征召参加朝鲜战争，所以我报名了艺术学院。”

“观看这件事本身就有魔力。每次登机，我总是惊讶于人们第一件事就是拉上遮光板”

他后悔吗？“如果我成了建筑师，就得取悦客户。这样，我就能做任何我想做的事。但建筑始终是我最大的兴趣，我画了很多城市场景。”

威尼斯是他描绘的城市之一，他通过咖啡馆或木匠店的窗户反射间接描绘地标。这些基础层次仿佛是我们模糊记忆的密码；我们通过不断回忆（这会安全地改变这些影像）、照片和电影来记忆地方的方式。

“我把相机当作速写本，”他说，“我看过图默（Toomeer）和坎德拉罗（Candelro）的作品……你能看出他们也在用相机剪裁，否则绝对无法如此精确地捕捉那些场景。但他们无法像我们现在这样，仅凭一张‘self-photo’就能定格画面。”

我评论他的作品历久弥新。“我其实以为自己已经被遗忘了。人们总是在谈论沃霍尔。”也许埃斯蒂斯有些谦虚。

他的作品在马德里的蒂森-博内米萨博物馆、古根海姆博物馆、惠特尼博物馆、史密森尼学会、莫菲特等众多公共收藏中展出，并且一直广受欢迎。“挺有意思的，我想。如今很多作品！何必呢？你真的想让一个人体画在墙上挂10年吗？”

也许是因为那种纯粹的劳作，那种极致的细节。“我不会一天工作24小时，”埃斯蒂斯回应道，“一幅画可能需要几周时间。为了生存，我必须快速工作。”

那种商业艺术的态度显然依然存在。

埃斯蒂斯还画过许多鲜为人知的乡村场景。“我一直在画。人们不愿注意。那些受到讨论——并被购买的——总是城市场景。我只是不想被困在角落里一遍遍重复同一件事。”

你可能会认为图像的指数级增长会削弱照相写实主义的力量，但我想情况可能恰恰相反。

在我们如今被超逼真的AI狗、被机器对网络图像中所有红色的幻觉所包围的时代，埃斯蒂斯的绘画相机已成为现实的诊断工具，映照出那些早已消失的城市表面。它们是短暂事物的永恒图像。

至8月21, schooling@adult.com

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2020年8月5日，星期三

8

金融时报

7

FT 深度阅读：航空航天与国防

下一代有人驾驶战斗机可能更多地扮演任务指挥官的角色，由能够巡逻天空或攻击地面目标的无人“协同作战飞机”提供支持。

作者：Sylvia Pfeifer, Laura Piel 和 Sarah White

空战的自主未来

上个月，三架最新的战斗机在天空划过，以特技表演展现其火红的机身。

在地面上，各种名为 Glink Bat、Kevitasenka、Valkyrie 和 Pocy 的无人驾驶飞机正引起关注，这些飞机由成熟的国防集团以及现在的技术密集型公司开发。

这些并非在乌克兰和中东近期冲突中被广泛使用的相对廉价且可消耗的设备，而是配备了先进武器的大型且更昂贵的“协同作战飞机”，它们可以与常规喷气式飞机或其他军事资产协同作战。

这一新一代无人机提供了明确的证据，表明自主飞行技术的快速进步正在改变军队作战的方式——以及数百亿美元的国防预算将如何被支出。

“它们正在被考虑用于一系列任务，”美国国防承包商 Bob Sutram 的首席执行官 Charles Woodbury 表示，该公司正在开发新型“可退役作战飞机”。

虽然其中一些任务涉及与有人驾驶战斗机协同飞行，但他指出，如果 1, 某些任务可以在其行动不“一致”的情况下被“满足”，例如巡逻天空以扫描无人机，并立即对其进行拦截，因为它们已经在空中。

这类进步将改变战斗机及其机组人员的角色。“飞行员，那个掌控操纵杆和枪炮的人，将更多地成为一名任务指挥官，”前战斗机飞行员、现任航空航天与国防集团先进项目负责人 Peter Nilsson 预测道。

飞机本身也将进化。预计最早于 35 2010 年代中期投入使用的开发中喷气式飞机，其 41 45, 和数据处理能力以及模型将与其代理、大规模杀伤能力和频率一样重要。

加拿大国防科技初创公司 Dominion Demontis 的首席执行官 Eliot Prout 将其描述为“足够健康以生存，航程足够长以保持有用，传感器足够丰富以了解战场，且足够自主以指挥低成本的可用资源”。

它们也将非常昂贵。国际战略研究所军事航空高级研究员 Douglas Reeve 表示，美国空军计划中的第六代战斗机 F-45 每架的成本可能在 $200 到 $500 之间。如果将研究、测试和维护成本计算在内，这大约是目前世界上最先进的战斗机之一 F-35 Lightning 价格的两到三倍。

“协同作战飞机 正在被考虑用于 一系列任务”

如果拥有一支高端自主飞机机队，预计每架成本在 $20-$500 之间，那么“全球只有两个国家能参与这场游戏——美国和中国”。这让中低等强国面临着确保自己不被甩在后面的困境。一些国家将继续运行当今的喷气式飞机，例如“Investigations” Tradesons，它们是空中设备和武器、雷达及其他传感器，同时投资于不同的无人机。

六代战斗机

自 20 世纪 40 年代引入喷气发动机以来，战斗机大致可分为六个发展世代。

来源：贝尔系统（Bell Systems）、日本国防省、Deppu、美国空军、AIBI、世界 IT 网络（World IT Network）

其他国家将结成联盟，例如全球战斗航空计划（GCAP），该计划汇集了来自英国、意大利和日本的公司，旨在开发用于替代现有喷气机的机型，并有关于美国道路 10 的可靠证据。这意味着各国政府现在被要求做出承诺，这些承诺可能会在未来数十年内削弱或加强政治联盟，因为空军或三个战斗网络。

“我们现在需要向前推进，”法国达索航空（Dassault Aviation）首席执行官埃里克·特拉皮耶（Eric Trappier）上个月告诉记者，该公司负责建造“阵风”（Rafale）战斗机。达索倾向于与空客（Airbus）和西班牙航空航天集团英德拉（Indra Systems）建立未来空战系统（FCAS）联盟。

“该联合项目的自然战斗机组成部分旨在利用达索与空客德国防务部门之间达成的明确协议，”

特拉皮耶现在正主张开展一项法国主导的项目，以紧急开发一架演示飞机。

特拉皮耶承认，很难预测在太空视角下的战争会是什么样子。

“但如果我们问自己这个问题，我们将无事可做——如果我们无事可做，我们将不得不接受美国强加给我们的开发方案。”

其特点更多地体现在其雷达隐身外形和多功能性上。

目前正在建造的第六代喷气机将是首批实现更强隐身能力、更远航程和更先进发动机的机型之一。GCAP 核心喷气机的一个固定直线模型由一个带有内部武器舱的大型三角翼组成。

“安理会所有常任理事国都在开发平台并致力于此，”BAE 系统公司空中部门负责人西蒙·切尔顿（Simon Chelton）今年在参观该公司位于英格兰西北部的工厂期间表示。BAE 系统公司是 GCAP 的合作伙伴之一，与莱昂纳多（Leonardo）及盟友军事工业共同参与。

“它们都很大，明显大于之前的喷气机进步，目前都采用了隐身设计，都将生存能力和航程作为核心，并且都在快速开发中。”

美国的 F / A-47 项目由唐纳德·特朗普总统于去年 3 月授予波音公司，是美国前沿连续且广泛倡议的延续，也是自 20 世纪 90 年代以来最雄心勃勃的战斗机项目。

该项目旨在应对潜在冲突中“东部空军”（Eastern Air Force）的崛起，后者被认为正在开发一款大型新一代战斗机，西方情报机构将其指定为 5%。

但 FCAS 的崩溃使得欧洲各国政府和国防集团在寻求分担开发新一代战斗机的资金和工程工作量时，不得不寻找新的联盟。

“第六代喷气机都很大，目前都采用了隐身设计，都将生存能力和航程作为核心”

加拿大为了减少对美国的依赖并推进本国倡议，已作为“观察员”加入 GCAP，包括澳大利亚在内的其他一些国家也被认为将成为成员。

“我们目前正在部署，以确保不浪费时间，”空客防务与航天公司（Airbus Defence and Space）上个月表示，尽管“偏好时代”解决方案让空客在拥有西班牙和德国工业预算的第六代战斗机中占据重要地位。

国防工业正在观察这是否意味着空客和英德拉试图加入 GCAP“具有优势”，周五毫无疑问德国将带来益处，”莱昂纳多首席执行官劳伦斯·马兰德（Laurence Marland）在谈到空客加入的可能性时表示。“当然，最近的事态发展是 GCAP 在未来几年需要高水平资金支持的唯一方式。”

欧洲的另一个选项可能是让 Airline 和 Indra 或“forward to team up”与瑞典的飞机合作，他们正在协助开发新一代战斗机。据知情人士透露，Airline 和丹麦都已与瑞典就此进行了会谈。

女企业家 Nilsson 形容他“非常受欢迎”，但强调最终决定权在瑞典政府手中。

关于新战斗机能力的细节由资助其开发的政府严格保密。Dominion Demontis 的 Prout 表示，未来的战斗机“可能看起来不像传统的格斗机，而更像一个生存能力强的空中四分卫”。

Sutram 将发挥越来越重要的作用——正如它们在 F-35 中已经发挥的作用一样，F-35 预计将成为一个新的“可退役”平台。Sutram 将发挥越来越重要的作用——正如它们在 F-35 中已经发挥的作用一样，F-35 预计将成为一个新的“可退役”平台。

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尽管法国、德国和西班牙未来的路径尚存不确定性，但其政府已在推进协作作战飞机的计划，这些飞机将与经济体并行部署。

Berthe 表示希望获得其称为“阿波罗之矛”（Apollonethrhrhe）的产品——一种战斗机捆绑无人机——并正在考虑三份独立提案。波音公司正提供其 300 Ghost Rat 的一个变体，该机型是在 A2G S40s-1B / 1500 政府项目下与德国国防集团莱茵金属（Rheinmetall）合作开发的。“瓦尔基里”（Valkyrie）由总部位于 Van Diage 的 Kratos Defense 开发，已与美国空军和美国海军陆战队合作。Airline 则提出为其欧洲变体提供“任务系统”。

作为一家专注于人工智能的国防初创公司，Striking 正推出一款全新设计，并称其在美国的起步是唯一被选中的完全欧洲产品，能够直接提升其价值——尽管该机型尚未进行过任何试飞。

空中客车的 Schuylfans 告诉投资者，无人机的出现正在重塑整个行业。他在 6 月表示：“整个生态系统正在经历变革”，并补充称协作作战飞机将在未来空战中发挥“巨大作用”。

在美国，半自主飞机的生产合同已授予通用航空（General Atomics）和洛克希德·马丁（Lockheed Martin）的设计方案。

但这种未来愿景也存在过剩、诸多问题。英国皇家联合军种研究所的高级顾问表示，在部署大规模协同作战飞机时，其他因素也意味着需要考虑时间因素，包括所需的人员、维护和资金。

他表示，大多数配置方案会导致“战力组合效能低于”将相同资金和人力投入有人驾驶战机的额外武器和衰减系统。

从作战角度看，像BAE公司的“布雷克曼”这样的大型协同作战飞机似乎更具可行性，尤其是用于监视等相关任务，以及在防空严密的空域内执行更高强度的任务，但即使如此，其采购、开发和运营成本仍将相当高昂。“因为它们的作战场景并不少，正如它们并非更少作战场景。”

其他人则认为，空中力量本身能实现的目标有限。尽管美国近期在伊朗问题上的品牌 / 处理展现了压倒性的空中优势，但并未转化为缓慢的战略评估。

尽管对手资源有限，俄罗斯空中力量在乌克兰战场上仍表现低效，其轰炸机通常仅在本国领空内向车辆发射武器。

盟友能力也是一个考虑因素。“美国正在打造相当于英国和陆基飞机规模的协同作战飞机编队，”研究机构Capital Alpha Partners的苏联编辑表示，但并非每个国家都能负担得起这项技术，即使美国允许出口，他补充道。

专家预测，其他国家可能会继续购买老旧的有人驾驶飞机，同时投资协同作战飞机。

瑞典空军正在引进萨博公司的“鹰狮II”最新版本，其旗舰战机配备了更强大的发动机和先进的电子战能力。瑞典并未选择升级F-35，而是对其畅销的“鹰狮”战机进行下一代改进。据悉，中国每年将为本国军队引进35、数百架传统战斗机，即便其同时在开发第六代战机。他总结道，现役战斗机“仍将服役数十年”。

通过为现有战斗机配备新型自主作战飞机，可能会为美国企业带来新的竞争，同时也有助于确保战斗机在未来相当长一段时间内仍是空战的核心。

德国空军司令雨果·亨南在西班牙商业日报《Expansión》上表示，他不认为人类会被完全取代。“在卫星链路或其他通信渠道中断时，需要人类做出向敌方推进的决策。”

“在处理大量数据时，机器比我们更优秀……但直觉、升级控制以及判断何时加大力度或使用武力，这些都是人类独有的特质。”伊阿努西的法吉尼预测，在未来5到50年内，人类仍将“处于行动核心，拥有十个人类测试，这意味着他的首要任务是做出决策，而非选择。”

他在5月表示：“我认为在空战中，人类的作用仍将持续存在，并贯穿整个作战周期。也许形式会有所变化，会有无人机、算法，但最终仍将是飞行员在掌控。”

伦敦查尔斯·查夫补充报道

图表说明：伊恩·博特与鲍勃·苏特拉姆绘制

协同作战飞机（CCA）如何融入更广泛的空战网络

CCA通过有人驾驶飞机进行操控，可自主或半自主运行，提升作战能力并降低飞行员风险。

其他网络要素

空中预警与控制飞机作为空中指挥中心，跟踪空中威胁

大型飞机作为小型无人机蜂群的运载平台

以色列和高空无人机用于海上监视与侦察

中空无人机用于更精确的监视，并作为高空资产与作战单元之间的链接

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FT观点

《金融时报》

广受关注的FT观点

征询意见中

欧盟对西班牙团结的迟来展现

惩罚马德里在移民问题上的自由立场只会适得其反

欧盟内政部长和欧盟委员会昨日向西班牙表达了全力支持——在过去10年间72,000名移民失去控制并涌入西班牙与摩洛哥接壤的科斯塔欧罗地区五天后。当欧洲再次面临致命的移民危机时，至少有75人丧生，其中大多数在绝望尝试抵达西班牙领土时溺亡。欧盟对马德里的支持姗姗来迟，且并不完全令人信服。此次事件造成的创伤可能难以愈合。科斯塔危机已成为该国经济地位发生重大变化的标志。

欧盟的边境管控实际上已有所改善，过去两年非正常入境人数下降了10%。欧盟集团已采用新的简化程序，以加快遣返额外1000万人。但乍看之下，科斯塔效应将在西班牙全国范围内产生不同影响。

在西班牙，72,000名移民中无一人从2,000名遣返摩洛哥的人数中脱身。摩洛哥及其盟友应避免将责任归咎于西班牙首相佩德罗·桑切斯——欧盟最后一批左翼领导人之一，也是移民问题上的异见者。无需采取新的行动。

欧洲需要情报合作，以应对科斯塔边境的另一侧。摩洛哥曾在2020年另一场外交争端中采取过类似行动。摩洛哥及其盟友曾多次将移民路线武器化，对抗欧盟，而欧盟通常会在2020.推出新计划作为回应。

观点与科学

基因治疗的伦理风险

当中国的一对夫妇为女儿寻求持续的治疗时，他们的动机并非出于爱与绝望。但（化名）可能会为自己辩解，他们发现女儿的发育出现了问题。他们能为她提供任何帮助吗？

通过一个为非洲疾病患者成立的支持群体，这对夫妇获得了线索，联系上上海一位拥有TIDN演讲的才华横溢的研究员，他创办了一家初创公司，并拥有一项针对某种遗传综合征的专利治疗方法，该综合征在出生时即显现。夫妇俩同意支付100万美元进行治疗。然而，在接受治疗后不久，2020年，这名6岁女孩因治疗引发的致命血栓去世。

《科学》杂志与非营利组织段时间 Watch联合展开的调查揭露了这一悲剧。梅的家人录下了与秦（研究员）的讨论，他们指控秦未告知死亡是可能的后果，也未提及自我监管中已发现的安全问题。今年早些时候，一项研究回顾了过去10年间类似事件的发生频率。这一事件是社会对实验性治疗监管不力的又一例证，该治疗针对的是一种精神疾病，缺乏外部机构的监督、规范和伦理审查。这一事件再次打击了中国试图成为全球生物技术领导者的努力。随着科学的进步，神经系统疾病、糖尿病等领域的研究和治疗取得了成功。

基因医学有多种形式，所有形式都旨在通过靶向家族基因来测试或治愈疾病（一种疗法是将健康基因注入受影响的器官，以弥补功能失调的基因）。通常使用病毒作为载体将健康基因导入。基因组编辑，也称为基因编辑，使用CRISPR等技术进行精确编辑，通过剪切并有时优化目标基因。

去年，个性化基因治疗因“治愈”了此前被称为某种致命遗传代谢疾病而登上头条。患者将需要终身进行神经系统治疗。一种名为碱基编辑的方法——通过永久改变DNA碱基字母来实现治疗——引起了秦的注意。他需要这种字母变化来纠正CHMP基因中的突变，该基因会影响神经元发育。秦告诉梅的父母，这种血液携带的基因疗法将改变世界。

但在将数万亿病毒注入她的脊髓液以将碱基编辑基因输送至类似组织的三天后，梅出现了发烧、肾功能衰竭等症状，并在数日后死亡。医院后来将死因归咎于治疗。

《科学》杂志的调查还披露，在临床前测试中，一些接受治疗的猴子在10年内出现了问题。梅的病情相对较轻，仅患有非致命性综合征。爱丁堡大学医学与家庭社会学教授、斯塔福德健康委员会主席莎拉·剑桥-布罗斯表示，考虑到治疗的高度实验性，这一案例引发了诸多严重的伦理问题。

她提到了2019年那位因修改世界首例基因编辑婴儿而被谴责的中国科学家，该科学家进行的操作并非出于强制，而是为了规避HIV风险。这一科学调查的意外后果

然而，这一理由并不属于科学的范畴。科学和雄心勃勃的研究人员珍视的是全人类的生命。家族合伙关系可以推动医学问题的解决——但无法消除这种可能性：正如这一案例所示，生存与普遍性可能引发难以想象的后果。

本文作者为科学评论员

读者来信

成年子女应纳入社会护理讨论

克里斯·格伦在其2018年8月31,的文章《遗产税现已触及社会护理的根本问题》中正确指出，纠纷是一个严重问题，与社会护理的根本问题密不可分，而非仅仅是需要护理者家庭的责任。这一问题在英国的讨论中基本缺失。

在法国，子女有法律义务在经济上协助父母。在德国，只有当成年子女的年收入超过$100,000时，才会考虑其对公共资助护理的贡献。

多年前，在法国与一家印度工会谈判时，工会代表坚持要带我们上楼看望他的母亲，她正在准备午餐。他拥抱着她，感叹道：“这难道不是一个美好的时刻吗？”我很难想象一位英国律师会以同样的方式打断法律会议。

在存在父母虐待、遗弃或严重忽视的情况下，也必须有相应的考量。

但对于那些明确有能力的成年子女，是否不应期望他们为父母的护理提供合理、有上限且持续的贡献？

一项持久的解决方案必须考虑个人、国家的责任，以及家庭生活中的宗教和道德义务。

特雷弗·利特尔顿 老年护理中心主席 英国伦敦NW12区，重新参与

美国财富：边缘陡峭的梯度

安娜·福罗沙特（Anna Foroshart）关于美国经济财富分配对社会凝聚力影响的观点（7月21日评论）描述得十分到位。美国在物质生活和福利方面已趋于饱和，而此类支出却集中在少数群体。人性使然，这种现象开始变得竞争激烈且严重。

然而，尽管社会对富人财富增长的反应有所减弱，福罗沙特论点的实证基础仍需更深入审视。

福罗沙特指出，半数美国人“无力负担所有基本需求，如住房、食品、医药和医疗保健”，并称美国的财富不平等“堪比新兴市场”。

就可负担性而言，近年来物价上涨确实加剧了压力。但同时，收入增长——包括分配底层的收入——也显著提升。

自2015年以来，处于第30百分位的美国家庭收入增长了约20%。这一增长源于2016年该群体经历的显著提升。同年，第30百分位家庭的绝对财富翻了一番。美国充满活力的经济已带来全面增长。当代美国人拥有的财务资源超过以往任何时期，且比同一社会阶层的前代人更能满足基本需求。仅在相对意义上，部分美国家庭的处境似乎更糟。随着美国经济日益偏向资产驱动，分配顶端的财务灵活性急剧扩大——我称之为“大收入过程”。

然而，美国的财富分配并不能简单描述为两极分化。由于美国庞大的资产经济，财富向资产持有者积累。但美国的资产经济比福罗沙特所暗示的更为广泛。超过半数美国人通过直接持有或私人退休账户间接持有股票，其中三分之二拥有自有住房。2016年的美国财富并非两极分化，而是一种边缘陡峭的梯度。

诚然，收入前五分之一的美国人表现优异，且这一优势已转化为可观的财富，尤其是在更高层次。

但处于中位数及以下的美国人也经历了购买力和财富的显著增长。尽管美国经济存在诸多问题，但绝非“不愿成为一个庞大的、侵蚀社会凝聚力的经济体”——低估其现有活力将是严重误判。

乔丹·麦吉利 经济创新集团编辑，华盛顿特区，美国

拯救开放式进气口的人类安全设置

你的报道提到，OpenAir的数据库显示，其针对4个老化访问点和受影响的Hagglog系统的模型已进行调整，以确保空气质量。《空气质量报告（2019）》揭示了实际结果背后的真相。

回顾哪些环节失效，哪些环节坚持了下来。模型的安全措施原本旨在防止加热不足——这是一项标准评估做法。但封闭措施因一个未修补的漏洞而失效。自动化功能未能发挥作用。坚持下来的是多年来Open Air和Hagglog的人类警觉性。这并非被动维护，而是主动行动。

对于行业的安全框架而言，应将人类层面视为一项未明确说明的能力，从未被衡量。这应让任何关心人类生命控制的人感到不安，正如我所关注的那样。一个从未经过测试却被断言的控制，正是异常值首先质疑的对象。衡量的证据表明，AI辅助释放了其最核心的比较优势：最有经验的用户在习惯AI支持后，其无辅助检测能力会下降，而第三项关于皮肤保护的研究也发现类似情况。AI在发挥类似"去专业化"的作用——提供近乎专家级的信息，但使用者并未真正掌握或保留这些知识。在研究结束时，我们审视了这些问题或侧面解决的印象。但这并不——

法拉利收藏家值得思考的问题

《法拉利：非旋转者的旋转》（见F1）一文是否在2016年7月30日的报道中提供了洞见？以下是我的看法：重点不在于新订单的数量，而在于需求据称主要来自中国和硅谷的科技圈。

这几乎像是在说，成功不在于售出200辆车，而在于吸引了那些从未考虑过购买法拉利的人。

然而，这正是根本性批评所在——在法拉利的家乡马拉内罗，或更广泛的阿涅利家族内部，几乎无人愿意承认这一点。这与恩佐·法拉利本人的理念背道而驰，法拉利早在十年前就已如此。

给人的印象是，这一策略并非打造一款真正的法拉利，卖给真正懂法拉利的人，而是相反。

必须承认，某些车型确实表现强劲。一款车型销量为4或500辆，另一款为500。中国市场的车型尤为明显。但真正的问题是，这些车在长期表现如何。

它们在不同市场上的当前价值如何？

以法拉利Purosangue为例，许多爱好者仍对此持怀疑态度。在交付第一辆车之前，订单就已暂停，因为等待时间已延长至"至少两年"。

如今，该车型仍保持着高昂的二手溢价，主要是因为法拉利谨慎控制交付量，避免市场饱和。

与往常一样，时间而非初始需求将决定这款1,000辆限量车是否真正成功。对于我们这些一直梦想拥有一辆法拉利的人来说，时间并不站在我们这边。如果有什么不同的话，它只是一种空想。

我们更关心的是电动化的渗透率，以及工厂不可避免的更新换代。

法拉利已获得大量关注——在佛罗里达州的5座充电桩的保修协议——但将赌注押在一个未经验证的新手身上，而非全球最负盛名的汽车品牌之一，这只会让人对这些市场——

最后，从户外——甚至是投机的角度来看，值得思考的是，如果这种情况不仅在市场上持续，而且在没有明确因果关系的情况下成为唯一现象，可能最终需要一种截然不同的价值观。

安东尼奥·米诺 意大利米兰

对敌对状态的危险误读

在《欧洲可以帮助乌克兰和俄罗斯走向谈判桌》（观点，7月24日）一文中，塞缪尔·沙拉普（Samuel Charap）认为，“乌克兰在战场上的不断改善‘更有可能增强延续敌对状态的信心’。”此外，他还表示，“需要通过谈判将俄罗斯面临的新压力转化为筹码”。

这两种说法都严重误解了欧洲如何走到今天这一步。俄罗斯于2008年入侵格鲁吉亚，2014年占领克里米亚及乌克兰部分地区，击落一架民航客机，造成100人死亡，并在2022年发动全面入侵，造成50人死亡。每一次侵略行为都发生在欧洲以美国当局的名义回应莫斯科不当反驳和社会暴力的年份——即敌对状态。这是敌对状态的结果。

敌对状态是首要问题：殖民国家只有在无法通过暴力手段改善自身处境时，才会认真谈判。沙拉普认为“乌克兰提高成本的能力增强使和平更不可能”的观点，实际上颠倒了这一关系。

Andrew Chakravay 荷兰阿姆斯特丹

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英国的婴儿潮并非始于1945年的和平

作为1945年在英格兰出生的60A / 2A孩子之一，我或许可以为这场战争后的那代人说句话。不过，我假装他们无法理解变化。《生活》杂志8-9百万字，8月17日。

《十岁的胜利》（1945年11月观点）是战争形势可能转变的第一个令人信服的迹象。这是在极度不确定的时刻看到的希望。

将随后的出生归因于单一胜利可能过于简单。然而，数据确实引人注目：出生人数从6.0（2013年）上升到1942年的69（1974年），再到1974年的68，从5-7 / 8（2015年）上升到1949年的40。

或许可以称之为“40年后的婴儿潮”，这表明“展现生命”的本能并非始于1945年，而是在战争期间——以及对未来的重新信心——已经开始显现，且早在1945年之前的8年就已初现端倪。

Michael Harrison（生于1947年） 英国北安普敦郡金斯伯勒

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为何克劳狄斯的故事是AI的糟糕范本

控制论者和倾向论者可能会忽略瓦朗日（Valang）提出的克劳狄斯（Claudius）的尝试（被称为“国王之王之王之王之王之王”）。

“克劳狄斯”之所以自然，是因为他拥有漫长的历史、一段阶梯和烟雾。

克劳狄斯之所以自然，是因为他属于“人性研究”的范畴，即“国王之王之王之王之王之王”————

Mona Malhot, 1 英国牛津沃德姆学院

2020年8月5日 星期三

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《金融时报》

21

观点

因凡蒂诺不是问题

米格尔·马杜罗

国际足联（FIFA）这一治理足球的私营组织，已成为市场上最具权势的机构之一。该行业在引领一场严肃的客户运动的同时，却几乎未受到任何监督。最近在普通领域爆发的争议并非孤立事件。它们仅仅是治理模式的最新症状，这种模式已导致……许多观察者如今开始对国际足联主席丹尼尔·因凡蒂诺的决定感到愤怒，他同意在首个盈利尝试改革中加入一个200亿美元的商业实体。我们正在重蹈覆辙，一如上世纪80年代末腐败丑闻爆发后的情形，而当时产生这些丑闻的制度结构依然完好无损。人们再次将目光仅仅聚焦于个人，而非制度，历史将重演。

因凡蒂诺并非问题所在。核心问题在于，国际足联既是世界足球的监管者，同时也是其主要商业行为者。在任何其他行业，这种角色都会被视为明显的利益冲突，但足球界却对此视而不见。一旦商业成功成为机构成功的首要衡量标准，最常见的结果便是混淆这项国际足联本应保护的运动。球员的健康让位于更为密集的赛程安排。竞争平衡被牺牲，以迎合全球电视转播、救护车、诊断等日益被视为可变现的消费者，而非应服务的参与者。国际足联将商业成功作为世界杯成功的衡量标准，就如同政府将国民医疗服务资本化是最佳选择，仅仅因为它利润丰厚，而大多数公民却无法获得高质量的医疗服务。国际足联的治理模式强烈倾向于这种利润优先的做法。财务资源支撑着一种庇护体系，巩固在位者地位并打压异议。仅仅更换一位“帝王式”主席而不改变这些激励机制，只会为下一位铺平道路。这种庇护体系得以维系，依赖于狭小且封闭的选举池。解决方案很简单：国际足联的监管职能应与其商业活动分离。但主席的权力主导着这一进程。编码的暴力和国家定罪与严格的问题主导着他们，如同国际足联一样。它们由在位者主导，这些在位者往往为自己选择继任者。女性严重代表不足，而球迷和其他利益相关者几乎没有发言权。足球管理机构声称拥有自下而上的合法性，

但实际运作却是自上而下。它们不接受权力制衡的事实。独立委员会无法保持独立，如果任命、授权和资源（数以千计）依赖于它们本应制衡的权力。接受这些声明并不能带来问责制。它们需要能够在无惧或无许可的情况下实现目标的机构。否则，便只有规则而无法治。我曾短暂任职于国际足联治理结构内，这一经历证实了当独立性变得不便时，其脆弱性。解决方案很简单：国际足联的监管职能应与其商业活动分离。治理应真正包容和具有代表性，为球员、支持者、女性及其他利益相关者提供实质性的发言权。监督必须真正独立，通过透明的任命程序和免受利益冲突的安全授权予以保障。这些都是良好治理的基本原则。值得注意的是，

这些原则被提出并非新鲜事，而是它们从未被全面落实。

国际足联（FIFA）的权力结构使其内部无法实现根本性改革。2006年，领导层的更迭可能被用于在战略之间达成重大协议。政治当局已回应称他们无法再继续忽视。美国最高法院多次警告，在一个市场中既是主导商业参与者，又对该市场行使监管权力，将面临严重的法律风险。在2007年关于体育的白皮书中，欧盟委员会援引一项研究指出，体育占美国GDP的17%，占其劳动力的5.6%，因此是欧洲经济的重要组成部分。欧洲机构历来对消费者的主张持支持态度。我们的顺从不再有正当理由。该命令涉及国际足联政府与收入委员会的多元化阶层，以及原文中提及的"our slams of Czechia"部分。

沙特与以色列紧张关系可能阻碍印度的贸易梦想

安恰尔·沃赫拉

印度-中东-欧洲经济走廊在占地620英亩的区域揭幕，如今的1500-2000年代。1500-2000年代是重要市场。

该走廊被宣传为中国“一带一路”的竞争对手，但由于战争和政治因素，UNDC的进展已放缓。

民主党在以色列问题上的分歧日益加剧

从未如此。美国很少基于外交政策选举总统。对美国选民而言，几乎总是“经济问题，笨蛋”。然而，今年的民主党初选却变成了“以色列问题，笨蛋”。自由派候选人的税收政策争议犹如废墟。这与越南战争对他们祖父辈的影响如出一辙。一旦失足，你便丧失了道德立场。密歇根州是最大的警示信号。该州激烈的机构之争演变为党内年轻亲巴勒斯坦派与亲以色列建制派之间的代理人战争。这注定将成为2020年民主党总统初选中最具分裂性的议题。尽管候选人在包括经济在内的大多数其他问题上仅存在程度差异，但他们在以色列问题上的严重分歧主导了竞选。这一议题占据的关注度超过了可负担性、美国民主、特朗普及所有其他议题的总和。这并非进步派医保官员在希望之际被抨击的时刻，而是美国以色列公共事务委员会（AIPAC）这一根深蒂固的组织

已斥资约8,000m支持她的竞选活动。史蒂文斯则反击称，在经济低迷时期，美国人想将所有问题归咎于犹太裔美国人。她在10日赛义德上周的集会上表示：“但似乎是赛义德占据了上风。”民调显示，赛义德的支持率正在上升。然而，曾为印度工作的外交政策专家——如投资安全顾问约翰·沙利文——对拜登不愿与本杰明·内塔尼亚胡对抗感到震惊。以色列政党一再损害美国的全球领导力。内塔尼亚胡还被指控与唐纳德·特朗普合谋发起"Operation Jigs Far by on time"，这一失误可能让特朗普余生都为此付出代价。但政府似乎无意改变现状。

dozent，能容忍恐怖主义言论与否认大屠杀并存以博取关注。阅读报纸或书籍的人更可能接触到基于证据的论点和真实世界的复杂性。但只有约10%的美国成年人仍在阅读数字报纸。几乎两倍于此的用户活跃在Facebook上。社交媒体算法将用户引向能激起他们愤怒的内容，因为这能刺激参与度并创造利润。这对人类整体而言是个问题，但对民主的未来尤为严重，因为它让极端主义占据先机。在印度，将社会问题归咎于你和穆斯林的言论比讨论医保改革更能吸引关注。对赛义德而言，其竞选重点是废除Facebook并提供全民医保，削减对以色列的军事援助被描述为将资金从普通美国人手中夺走。美国每年向以色列提供的15,000美元援助金额还不足

以下是忠实于原文的中文翻译：

比一天的联邦社会支出还要多，对其政纲更宽容的解读是，以色列是美国昔日战争的替代品。特朗普希望将美国国防预算增加约一半，达到15,000，这将使华盛顿在教育、基础设施、科学及其他自由裁量事项上的总支出相形见绌。在乌克兰和伊朗等据称无核国家正在向军事超级大国的水平看齐之际，本应在唐纳德·特朗普不再主导的情况下展开关于战争的辩论。10赛义德（Sayed）提供了这一辩论。但社交媒体上，不满情绪往往盖过了经济困境的话题。中国永远无法在国际足联（FIFA）上保持领先，但美国也无法超越自身——这是自由民主的结果。尽管内塔尼亚胡已离开以色列政府，他们却忽略了更宏大的叙事：美国与以色列的关系值得人类展开辩论。算法正在获胜。

about.landif.com

在委内瑞拉，合法性比连续性更重要

佩德罗·布雷利 美国曾经理解关于民主过渡的一个简单真理：合法性比连续性更重要。但在委内瑞拉，它的行为却仿佛相反。当共产主义政权在20世纪90年代崩溃时，其军队、情报部门和官僚机构往往保持完整。另一种做法本可以保留那些一直是政府工作人员的官员。华盛顿选择了不同的道路，它将命令交给了持不同政见者。在政府工作人员的领导下，政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员、政府工作人员

通过勇敢地反抗独裁而赢得的民主合法性。结果与20世纪80年代相同。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。

委内瑞拉是世界上第一个主要国家。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。

令人恐惧的是捷克，美国政府将其成功归功于一个更全面的项目，并以一笔数百万美元的小额奖励予以鼓励，现在被视为一个增长的对应方。Michal Yorina，20世纪80年代的领导者，是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。

理解机构可能会不幸。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。

正常化。以及以色列在链接上的记录，针对该国，事实上导致了如果以色列本身不受检查就可以被使用的事实。此外，穆罕默德王子与阿联酋领导人谢赫·穆罕默德·本·扎耶德·阿勒纳哈扬之间日益扩大的裂痕，后者是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。

通过勇敢地反抗独裁而赢得的民主合法性。结果与20世纪80年代相同。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。

委内瑞拉是世界上第一个主要国家。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。

令人恐惧的是捷克，美国政府将其成功归功于一个更全面的项目，并以一笔数百万美元的小额奖励予以鼓励，现在被视为一个增长的对应方。Michal Yorina，20世纪80年代的领导者。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。

理解机构可能会不幸。20世纪80年代是20世纪80年代的主要市场。20世纪80年代是20世纪80年代的主要市场。

22

《金融时报》

2026年8月3日 星期三

以色列在相关链接中被明确标注，针对该国的攻击确实可能在以色列自身不加约束的情况下被利用。此外，穆罕默德王子与阿联酋领导人谢赫·穆罕默德·本·扎耶德·阿勒纳哈扬之间的裂痕日益加深。20世纪80年代是其主要市场。

3

Lex.

尼克·菲尔德斯

麦格理新任首席执行官将在国内外寻求增长机遇

商业洞察

英国银行业的成功掩盖了潜在压力

高管们自然会试图强调业务中的积极面。对冲基金则会通过文字记录和录音寻找任何负面迹象。但在英国银行又一个强劲业绩季度之后，他们或许有理由指出这些成功背后的挑战性局面。

英国传统“四大行”——国民西敏寺银行（NatWest）、劳埃德银行（Lloyds Bank）以及巴克莱银行（Barclays）和MIBK在英国的分支——在2026年上半年实现了合计20亿英镑的税前利润，同比增长10%。

业绩如此强劲，以至于媒体开始呼吁政府减少对国有股份的持有。

然而，这些亮眼的数字背后隐藏着一些压力。四家银行的业绩均受益于所谓的“结构性对冲”——一种复杂的衍生品策略，用于平滑利率变化的影响。这些对冲交易很少被公开讨论，而实际上银行的利润率正在下降。

资产负债表两端均面临压力，客户存款和新增抵押贷款业务竞争激烈。

抵押贷款息差——即贷款机构在住房贷款上相对于无风险利率的溢价——已接近大多数商业银行能够接受的下限。英国最大的抵押贷款机构劳埃德银行表示，其近期竞争性贷款的息差约为70.5mm点，而被替代的旧贷款息差约为100个基点。NatWest首席

![Lloyds investors's largest mortgage lender](

)

执行官保罗·休斯勒（Paul Theusler）表示，由于息差过低，该行在上半年不得不在某些时段减少业务活动。

劳埃德银行首席执行官查理·纳恩（Charlie Nunn）暗示，更激烈的竞争可能成为市场的永久特征，因为该行业已从功能失调和重组中恢复。上市贷款机构还面临另一个不利因素——其最大竞争对手之一、由贷款人持有的全国建房互助协会（Nationwide Building Society）并不需要最大化利润。该协会认为，即使息差仅为70.个基点，仍能获得足够的回报。

这对敏感的客户来说是好事，但对为其服务的贷款机构投资者而言则不然。结构性对冲将在未来几年继续提供顺风，但激烈的竞争可能限制其收益的规模。NatWest并未明确提供净息差指引，但该行提到今年剩余时间“息差走势趋平”的表述，既符合预期，也有利于稳步改善。

在剔除业绩因素后，银行普遍淡化了息差压力对其前景的影响。

NatWest强调了整体收入的增长以及在低风险抵押贷款组合下具有吸引力的股本回报率。

但这种挤压或许值得在与政策制定者交流时指出，因为45是市场按预期运行的主要迹象之一。更激烈的竞争和更低的核心业务盈利能力表明，银行必须努力争取收益，而非以客户为代价获取暴利。

帕兰泰尔：在贪婪与恐惧中高歌猛进——但主要是恐惧

帕兰泰尔是一家与众不同的公司——它并不掩饰这一点。还有哪家大型上市公司的首席执行官会在财报电话会议上将自家产品形容为“运气般强大”，并批评那些“仅仅切切菜”或签订大单却裁员65人的公司，还声称客户“理应被疏远”？

撇开这些戏剧性表演不谈，帕兰泰尔在财务上也颇具意义。其增长势头惊人——晨星分析师称其为"stretestation"。

对其服务的需求——即结合软件与咨询，帮助客户理清庞杂数据——正在快速增长。

在美国，第二季度来自企业客户的收入同比增长149%，而政府收入增长49%。

秘诀何在？与金融领域的大多数事物一样，无非是贪婪与恐惧。前者体现在帕兰泰尔的产品确实有效，因此客户希望获得更多。在其非政府业务（约占收入的一半）中，现有客户在第二季度的支出较5年前同期增长了15%。

但首席执行官亚历克斯·卡普（Alex Karp）也在不断调高恐惧指数。作为战争工具，帕兰泰尔的国防业务在世界动荡时表现尤佳。

他还指出，企业也应感到恐惧，因为45家巨头正在侵蚀客户的专有数据。相比之下，帕兰泰尔则将自己定位为一名安全卫士，抵御模型窃贼的侵害。

这并非糟糕的营销策略。帕兰泰尔的股价曾因投资者担忧45家巨头（如Antelope）可能削弱其独特性而遭遇大幅抛售。

截至周一，投资者今年已将该公司市值蒸发了0.25bn美元，这一损失仅有标普500指数中的另外三家公司——特斯拉、贝塔铂金和甲骨文——能与之相比。股价虽反弹超过25%，但仍低于2026,年初的水平。

即便如此，帕兰泰尔的估值更多反映的是恐惧而非贪婪——具体而言，是对错失机会的恐惧。该公司277bn美元的企业价值相当于其营收的60倍。

相比之下，微软的市销率仅为10倍，而深受人工智能颠覆影响的埃森哲仅为略高于5倍。

这一溢价要求投资者相信帕兰泰尔非传统的增长能持续多年，因为其市销率最终将与微软趋同，而这一过程可能需要十年。

以10%的资本成本计算，投资者预期帕兰泰尔的营收到2026,年将增长15倍。看，这很奇怪——而这已近乎天方夜谭。

帕兰泰尔季度营收（Qtr）

华尔街对保险业的收购带来循环风险与回报

洛杉矶道奇队的共同所有人马克·沃克（Mark Walker）深谙何时应在交易中采取激进策略。他的棒球队刚刚签下了本赛季交易市场上的顶级投手塔克·西克特（Tuck thicket）。但在沃克的80个保险业务周期中，其策略正引发监管担忧。

由沃克控制的特拉华人寿（Delaware Life）重新处理了对一家名为“道奇球票有限责任公司”（Dodgers Tickets LLC）的投资，将其标记为“第二级”关联方投资。该分类将其视为与公司有密切联系的资产。此前，该投资曾被标记为与沃克存在“脚手架”关系，沃克是一家管理规模达10,000资产的投资者（aggawtheta Partners）的共同管理人。

与此同时，沃克的保险帝国正面临联邦检察官的调查，后者试图了解与其业务其他部分相关的投资是否被准确披露。

投资巨头一直试图将“另类”资产管理公司与保险集团结合。前者提供可投资资产，后者则专注于投资。监管机构必须确保这些安排的运作方式不会在追求回报和费用的过程中危及保单持有人的赔付。

阿波罗（Apollo）是资产管理保险领域的最大参与者，称这种下行风险是一种特性而非缺陷。其雅典保险部门拥有500亿投资组合，75%投资于阿波罗设计的投资级公司贷款。在这1000亿业务中，80%被标记为“关联方”；其中4成又被标记为“关联方”。

这本身并不一定是坏事。阿波罗认为，杠杆化投资能带来比常规公开证券更高的回报。该公司表示，这些投资的10年期均与第三方合作，后者提供独立审慎承销的验证，但相互关联的复杂性不容忽视。

保险业的监管者正对该行业与资产管理公司的联系发出警告。美国保险监督官协会（National Association of Insurance Commissioners）是一个协助设定资本标准的行业组织，提醒存在“相互关联”风险，以及“当保险公司购买这些高度结构化的本地贷款投资时，可能产生的循环风险”。

即使存在潜在利益冲突，也并非所有人都会利用它们。但在解决这些问题之前，客户和监管机构必须保持警惕。

家族式投资模式

关联方投资占保险公司总资产的比例（5） （括号内为资产管理公司）

!

数据截至2026年，报告日期为2025年12月31日。来源：AIP-Bad

日经亚洲——亚洲国家的声音

填字游戏 第18,444期 作者：GOUATH

!

上期（第18,443期）答案

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谜题

1. 澳大利亚内陆地区在购买大麻配送服务后遭受损失（10） A. 8的第1.部分是购买（4）

B. 无财产可添加第一支舞蹈（10） C. 首领失控（4）

D. 公交车道上的板条箱乱序且无法处理（10）

E. 管理者的失败（5）

F. 相同步骤，无转向可用（10）

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L. 可以说，一种归属感（4）

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DOWN

1. 钱在10处停止（4）

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4. 未被标记的爱巢（5）

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8. 为何在秋天放松以观察（3,5,6）

9. 大麻可能是无望追求的东西（4,6）

10. 好的小号手开场（10）

11. 花中的核心元素（5）

12. 朱丽叶离开后习惯一半（5）

13. 支持谢菲尔德中心的学者（4）

14. 第二个获得王子手下贩子的认可（4）

周六下午4:41

他们其实只是为了时尚而来。

乔恩花了数周寻找

完美的皮革网眼夹克。

但当一辆最终的GT40以150英里的时速呼啸而过时，

他却因此弄脏了一件新时装，

他本应觉得这一天很愚蠢。

古德伍德复兴节

古德伍德复兴节

获取在亚洲取得成功所需的商业洞察 访问 asia.nikkei.com

FINANCIAL TIMES

WEDNESDAY 5 AUGUST 2024

UK £120; Republic of Ireland £4.50

How Malaysia's luxury island hit hard times

WALKES, PAGE 1

The Israel obsession will trip up Democrats

EDWARD LUCE, PAGE 21

Air combat

Tomorrow's Top Gun rises

Pilothos aircraft mark as the Valkyrie, pictured fitting over the 1974 Eglin air force base in Florida this year, are being developed to patrol the alien independently.

The sleek, unmanned vehicles illustrate how recent advances in autonomous flight technology are rapidly changing the way future aerial battles will be bought.

In contrast to the disposable and relatively sharp drivers used widely in Ukraine and the Middle East, the jets will cost tens of billion of dollars of government's defense budgets.

Expected to enter service within a decade, they will be joined for time. Air capabilities as much as their speed, stealth and forryness. But with such hefty price tags, most nations will excel to form alliances to afford the new generation of combat aircraft.

Reuters/Janet 21

WATSONS/AP

The following table provides the information in English:

Google assembles $200bn Wall Street machine to supply chips for Anthropic

◆ $150bn of processors targeted ◆ AI race spawns funding model ◆ Finance heavyweights involved

© 2024 ALEXANDER - SAN FRANCISCO

Google has assembled one of the largest infrastructure in financing organizations to history to supply more than $150bn of AI chipsets. Anthropic.

Keeping demand from Anthropic, to which Google is an investor, has led the Big Tech company to co-funcinate a spreading operation to supply its chips to the start-up, according to people involved in the project and corporate filing on one of the No. 17.

The effort brings together Google, Broadcom, Apollo, Blackstone, Morgan Stanley and a few of crypto miners to a web of transactions that stretches from chip manufacturing to data centre development.

At the centre of the project are

Google's tensor processing units, or TPG – AI chips it has co-developed with Broadcom since 2016. Once used largely under Google's own data centers, the chips are now being sold externally, challenging Protein Arminaster of the Algoscience market.

Google sells the systems in "pods" – server cache older than a person that connect thousands of chips into a single computing system.

"AI chips are some of the most value

The effort brings together Broadcom, Apollo, Morgan Stanley, Blackstone and a slew of crypto miners

for gooder over produced," said a senior banker close to the deals. "It's a scale. But we've never seen before because it's a product we've never seen before."

The financing arrangements, which are together contracts worth about $200bn, have not previously been reported in full. They reveal how Big Tech is creating funding models for AI that reach far beyond traditional corporate spending and for more of the financial system to the industry's growth.

To support the objective, copy-in demand for the AI chips, Google, Broadcom and Wall Street investors have each taken on different pieces of the financial risk.

Google guarantees the data centres, Broadcom commits itself to buying the chips and helps finance them. Apollo

and Blackstone provide much of the private credit capital that hears the hardware before buying its Anthropic.

"This is each of us paying our balance sheet to work," said a Google executive newsrector, the effort. "We're doing it on the data centre side, [Broadcom's] doing it on the chip side."

The work of contracts and operating these arrangements adds up to about $200bn, with roughly four fifths tied to the chips themselves, making it one of the largest infrastructure financing ever assembled.

A programme of such a size posed a problem some of the companies involved wanted to carry tens of billions of dollars of AI chipset that balance sheets.

Google is already funding record capital spending, as Broadcom agreed to buy

the AI hardware from it, but Broadcom would also rather deploy its capital elsewhere.

"Broadcom is the financing provider, but they don't want to be in the financing business," said one person familiar with the effort.

That challenge produced an unusual solution. Morgan Stanley helped arrange a private credit vehicle, funded by outside investors, that buys the chips and leases them to Anthropic in an adaptation of the swede-flame to a model fusing and GE built to set aircraft and engines.

In June, the first transfer of TPU hardware passed from Google through Broadcom into the financing format. A special pay pour vehicle known as TPGV2.0.0.0.7

Briefing

• Oil falls as forecast fuels hopes for a five-year deal

Treasury secretary Scott Bennett has signalled that the US might be on the brink of a deal with 50% on an on-going the Strait of the sea, sending oil prices it put cost lower and filling hopes for an end to the blockade on truck ports. - page 1

• Public contracts shake up Overseas procurement rules are to be stripped back to make job creation and skills development the only social requirements for businesses competing to win. What shall contracts? - page 2

• HMC's earnings surge Pro-tax profits at Europe's largest bank have soared 60 per cent in $10.5bn and revenues were up 30 per cent for the quarter so it raised decarriage large and traveller's share buyback. - page 2 (US, PWD 2)

• Millions of US mission Foreign secretary Ed Milford will travel to Washington today to discuss global affairs with Marco Rubin, as he seeks to move beyond criticism of Donald Trump and asking deanaged heads. - page 2

• NIH deals raise questions The NIH and local authorities have paid £2bn to group part or wholly owned by a private equity firm in which other top health official have put a focus on her husband held an interest. - page 2

• OpenAI blitz into Apple The AI start-up has accused the iPhone maker ofaging a "cambon, aggressive and wildly personal lawsuit" to a long post-collecting chain that it stole top-secret information. - page 2

• Barclays hit with lawsuit The administration to mitigate mortgage provider Market Financial Solutions are using the lender over its alleged refund to grant them access to the business's bank accounts. - page 2

• Infomine unrest fosters A top file executive has described Gaines infomine's shorted plans and its investors as "a approach to the series of events" that has thrown the bankoffense into "a crisis!" - page 2 (WELD, WEDD, WED)

Ozempic maker's chief urges heavy dose of risk

New Norfolk chief Peter Chandler wants the Ozempic maker to take risks in his push to return it to growth. The weight loss drug partner "said that!" Europe's most valuable listed company is 2023 before study gained market share. If you don't like failure, then you should not get into a pharma business; he tells the 77 at headquarters in the suburbs of Copenhague. No confident private markets satisfy customers, a sustainable profit growth near time! Rewind push. - page 2

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Revolut's Storonsky sued by broker cut out of deal for his €350mn superyacht

LATIN AL-KHILAT, JESS STEED AND ROBERT SMITH - CHICAGO

Revolut founder Nils Storonsky is being sued for € 51.0mn by use of the world's top luxury yacht brokers over claims that he won "behind its back" to avoid paying commission on a € 350mn superyacht.

Civil Wright & Partners has filed a claim in Landmark High Court against the Nils Senate over 80 purchases of the yacht as January this year, court documents show. An adviser to Storonsky's family office approached the luxury broker in October 2024 to help build a yacht, then asked in 2025 if there was a vessel that Storonsky could buy in the meantime, according to the court filing.

Civil Wright claims that it suggested Storonsky buy the Nils more than, then being built by German yard drivers.

The yacht in question has a 7.5-metre glass bottomed Infinity pool and a gem with a cryotherapy chamber, according to the luxury magazine Keith Report.

However, in January 2026 Storonsky's defunct told Chris Civil-Wright, the brokerage's founder, that Storonsky had bought it directly from the seller, Canadian businessman and former 4-6 hockey player Patrick Dooley.

Civil Wright's legal filing claims it is entitled to a 1 per cent commission on the sale under a brokerage agreement as the sale's "effective cause", even though it was ultimately cut out of the deal.

Storonsky's family office said the claim was "without merit and will be dishonest".

The yacht's ownership history was complex from the start. It was commissioned by Dooley, then sold to an assumed "Brazilian owner" who was

arrested in connection with allegations of fraud in November 2025.

Brazilian bank executive Daniel Vorceva was arrested in November as part of an investigation into an alleged RB2.2bn (2/B2.3bn) fraud involving Banco Master, who developed last year. Vorceva has denied wrongdoing and a co-operating with authorities, according to his lawyers.

After the arrest, Dooley bought back the boat, then sold it to Storonsky.

Civil Wright has worked on the builds of some of the largest and most expensive yachts, including the 99-metre Madame Gu for the new American for Russian billionaire Andre'|Abril.

Chris Civil-Wright told the FTC "We very sure the brokers to find themselves in this situation and it's the first time I have done so, but I find strongly about it, hence am taking action."

World Markets

STOCK MARKETS

	Aug 08	Nov.	Today
SW 100	7750.00	7000.00	7.00
Stocks Corporate	5000.00	5000.00	7.00
Jams Jams Inc.	10000.00	10000.00	7.00
Low Stock 30	5000.00	5000.00	7.00
7/10-other 200	3000.00	3000.00	7.00
TTX 100	5000.00	5000.00	7.00
TTX 40 (from)	3000.00	3000.00	7.00
JAS 40	4000.00	4000.00	7.00
North Star	3000.00	3000.00	7.00
Navco	1000.00	1000.00	7.00
Hang Seng	1000.00	1000.00	7.00
MSCI 90mm	4000.00	4000.00	7.00
MSCI 50	1000.00	1000.00	7.00
MSCI 4CM	1100.00	1100.00	7.00

CURRENCES

Pos	Aug 08	Nov.	Pos	Aug 08	Nov.
0.0	1.750	1.750	0.0	0.0	1.000
0.0	1.500	1.500	0.0	0.0	0.000
0.0	1.000	1.000	0.0	0.0	1.000
0.0	1.000	1.000	0.0	0.0	1.000
0.0	1.000	1.000	0.0	0.0	1.000
0.0	1.000	1.000	0.0	0.0	1.000
0.0	0.0	0.0	0.0	0.0	1.000
0.0	0.0	0.0	0.0	0.0	1.000
0.0	0.0	0.0	0.0	0.0	1.000
0.0	0.0	0.0	0.0	0.0	1.000

GOVERNMENT BONDS

Year/Year	Aug 08	Nov.	Day
Q4 2.75	4.50	4.25	0.00
Q4 10.75	4.00	4.00	0.00
Q4 20.75	3.75	4.25	0.00
Q4 2.75	4.25	4.25	0.00
Q4 10.75	4.00	4.00	0.00
Q4 20.75	1.00	1.00	0.00
Q4 2.75	1.00	1.00	0.00
Q4 10.75	1.00	1.00	0.00
Q4 10.75	1.00	1.00	0.00
Q4 10.75	1.00	1.00	0.00
Q4 10.75	1.00	1.00	0.00

---

2

•

FINANCIAL TIMES

Wednesday 3 August 2020

NATIONAL

Public tenders

Procurement rules to be 'stripped back'

Job creation and skills will be only social tests in new Whitehall contract system

LANCE YOUNGBE AUSTRALIAN EDITOR

The government is 'stripping back' one-year public procurement rules to make job creation and skills development the only social requirements for businesses competing in new Whitehall implementation. Secretary of state Louise Haigh has said:

Haigh, who is being 'burnback' a मॉडल despite prime minister and chief minister in central government, will accept a long list of demands — including net zero criteria — that companies have

had to meet to supply the government with goods and services.

'We too long, [public] procurement has tried to tick too many hours,' she told the FT yesterday, adding: 'If you prioritize everything there you're prioritizing nothing.'

To focus on growth and innovation, the Lämon's office will publish a streamlined 'social value' model that requires businesses, whether domestic or international, to allow they are creating jobs, skills and ingenuity and skill base.

'We are stripping back what's known as social value to those it infiltrates in that priority,' she said, adding that every pound of the £80bn spent by central government each year should help benefit local communities and the country.

very. Social value criteria account for 10 per cent of the score given to bids for government contracts, but this will increase to 20 per cent for contracts worth £10mn or more under the changes.

Haigh said the old procurement system included 'I want to go good of credit' from around 100 zero, approximately 100,000 — there were things that I didn't do if businesses would have struggled to prove, like tackling downwards abuse and improving right streets. It became quite unexplained.

The result was that 'certain players could really panic the system' and small and medium-sized businesses were 'coincided out'.

The one, simplified system will apply only to contracts above £2mn, allowing

£900 and civil society organisations to avoid red tape when moving smaller bids. Technical guidance will be published this autumn and the new model will come into effect from next January.

Officials said that creating jobs, skills and opportunities would be given due. 'While weighting in the assessment of bids for contracts, insiders will also be able to gain extra credit for creating local jobs that pay above the legal minimum and by offering training, such as

to natural work experience. The move is part of a wider push under franchise to focus on local economic growth and to create jobs and apprenticeships — particularly for young people — using government tutoring to drive investment.

Haigh and chancellor John Dooley will write to colleagues later this week discussing how to 'maintain the use of public procurement as a strategic lever to deliver innovation and growth in every particular.'

They will instruct every cabinet into the management of the suppliers with high growth potential to target for more government contracts. In the letter, seen by the FT, Haigh and Dooley will tell minimum they 'must back British jobs and skills and have it's no possible,' but by design' and install the agenda as 'a top priority within their departments.'

About a fifth of all public procurement spending was with 500k in the five years to 2025, according to the institute for Government British trade.

Climate change. Drought

Water groups seek leeway on extraction limits

Companies say strict usage allowances must be increased after the driest July on record

BILL PLUMMER INFRONTIARY, TIME CORRESPONDENT

Water companies are struggling to cope with extra limits on the current they can extract from the ground, river and lakes after the driest July on record for it is drought being declared across large swaths of England.

Restrictions introduced by the Environment Agency had been much the water million per footmeat to take by about 2.7 per cent by 2020 and 10 per cent by 2050, with some companies subject to strict air targets than others.

The measures, designed to protect the environment and future water sources, have targeted pressure on water companies as they manage the status on supply after a series of emissions.

Stephen Shroos, chair of British Water, an industry association for equipment manufacturers, suppliers and contractors in the series, said that while long-term abstraction targets should not be reduced, they should be reduced during drought-edition{x} issues, where the evidence shows river flows over footmeat.

About a third of drinking water in England — and up to 100 per cent in many areas of the South East — comes from boreholes. These three water from aquifers, or rocks, such as chalk and sandstone that form large natural underground reservoirs, which are unplowed by the water in rainfall.

The water that comes out of boreholes is often of good quality and requires little treatment. In the wetter north, most of the water supply is taken from rivers, lakes and reservoirs.

In an emergency, water companies can apply for 'drought persons' that allow them to temporarily increase abstraction levels, but this post-process on the environment by draining the aquifers across wetlands.

Engrossed, drought orders are issued by the secretary of state for the environment, but in 2021 when several engines were at risk of water shortages, just one such order was given for go-ahead.

Southern Water, which already has a lone-gun base in place of bluequakes and the Isle of Wight, has submitted a

branched castle on aerial photographs shows borquelles in the dry grass at Northumber Park in St Albans, north of London, this week.

drought series applications this month to has once essential air such as commercial car washing to ease supply pressures. This company, which has been told to cut abstraction overall by 1 per cent by 2050 and 44 per cent by 2050, is also adding to be allowed to abstract more water from the River Test in Hampshire, a rare chalk stream, despite lower river levels.

However, Foregal Sharkey, the environmental campaigner, said further abstraction of the River Test 'would deplete endangered species such as wild salmon.' In added 'Southern Water is arguing yet again that corporate relief and ineptitude should surpass the needs of the environment.'

He safety said the application was 'procedures' and did not necessarily mean they would go ahead with the abstraction of approved.

Water companies manage networks by identifying between other authorized sources and transducing water between supply areas where possible.

Affinity Water, which serves from people in London and surrounding areas, said the ratio to abstraction levels meant it had been for only to increase the amount of water it takes from Anglian

'Water's Southern reservoir in Cambridgeshire. However, Anglian Water is facing rising demand from customers, putting further pressure on supplies.

Affinity Water, which has been told to reduce abstraction by 4 per cent by 2050 and 57 per cent by 2050, said the cuts 'have made it much more difficult to respond to peak demand this summer.' It added: 'We are buying that the government will be more lenient on abstraction during this hot weather and look at introducing more flexible abstraction (evening record)'.

The water shortage are exacerbated by the poor state of infrastructure, which includes debt/believe gaps that lead a fifth of the water they carry, a bid are to build new storage capacity such as reservoirs, and the contamination of waterways with unknown quantities of raw energy. There is also growing public usage against water companies, which could eliminate storage from that are estimated to save 6 to 7 per cent of water if adhered to. High water companies have already imposed each base.

Professor Alan MacDonald, head of groundhouse at the British Geological Survey, said the 'stringent abstraction targets had led to drought-resilient

'Southern Water is arguing yet again that corporate greed and ineptitude should surpass the needs of nature'

Foregal Sharkey

groundwater supplies bring assessable during drought growth areas when this may not affect river flows.'

The 800 positions a monthly report on groundwater status, which has heard there is 300k evidence of long-term decline as the aquifers are generally replenished every winter by rainfall.

Water companies have plans to deliver state reservoirs by 2050, mostly via private finance initiative-type deals, which will be a new companies set up to deliver the infrastructure and customers paying a surcharge on their bills.

But MacDonald said the government should 'consider avoiding groundwater targets rather than spending billions on reservoirs'. He added: 'There is still often considerable groundwater available to a dry summer, as a good resource to build a species a drought.'

The environment department nevertheless cannot not do much at 'emergency' and said it was working with the National Drought Group and water companies to maintain supplies.

It added: 'We expect water companies to go further and deliver to reduce leaks and will make a decision on the drought order to the course.'

Additional reporting by Attracts Money

Financial interests

Companies linked to top health official received £2bn in contracts

BILL PLUMMER AND JOHN LAMMY GUTCH

The NHS said local authorities have paid around £2bn to companies paid to wealth owned by 6 Square Capital in the past three years, a period when either the current top health official (unreliable Jones or her husband held financial interests) the private equity business.

Inreliable Jones, the top civil servant at the Department of Health and Social Care, was operating partner at 6 Square when the net agreement to her current role in April 2023. She had been at 6 Square since June 2015. 6 Square has taken its keys (strag, the second largest children's home provider, and private healthcare business).

Jones's husband, her blackman, chair of the NHS Advisory Board for Procurement and Supply and chief executive of Milford Review University (hospital CHUUK), was dated as a paid senior adviser at 6 Square four months after she stopped down to report the civil service. He remains in that role.

The contract awards to 6 Square have caused conflict of interest concerns.

There is no suggestion that Jones or his husband can be used as directly signing off on contracts.

Jones has already received herself from any decision to extend Poland's contract with the NHS after 1850; asked concerns about a good and conflict of interest related to her previous consulting work with a separate firm.

At the time of her appointment in the 2020C last year, Jones was lead non-executive director at the department, the hold roles or share interests in 13 private healthcare or related companies, including 6 Square, but stopped down from or sold down before taking up her post as permanent secretary.

The NHS said: 'The permanent secretary brought with her over 30 years' worth of health and care experience — the outgrowthment after private sector posts before taking on the permanent secretary role at the department.'

The role of private companies in the health and care system has become the subject of political scrutiny. Prime Minister Andy Burnham has said he is committed to seeking 'prethorough' in the care system, while saying the use of private providers should not be valid on. Key closing date of service is contracts with the NHS and local authorities in the year ending April 2023 when Jones was its chair. This year is £15.6mn in April 2020. This, at 6 Square portfolio, changes in the previous on supply for the NHS, won £24.8mn of contracts over three years.

Pharmacy £1, at online pharmacy and service for which Burnham has served as an adviser, according to NHS's declaration of interest documents, she has also been able to public contracts over the same period.

In a statement, NHS'11 said: 'For Horelown has served as an adviser to Pharmacy £1 since October 2020. He has served as an adviser to Pharmacy for shareholders of Pharmacy £10. 6 Square or any 6 Square portfolio company, and his advisory role does not include commercial decision making. There has been no conflict with his NHS roles.' 6 Square, Kew and Pharmacy £7 did not reply to a request for comment.

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Overcrowding

Early release unlikely to avert another prison crisis, experts say

ELIZABETH BEATTON AND ROUGE, ESSE

There is a 'real risk' that the government's early release of 5,000 prisoners will not be sufficient to prevent an early特别是 early release on another term, the former chief inspector of prison/terrorism.

Prime Minister Andy Burnham announced on Monday that some are sad offenders will be barred from the early prison release scheme.

The evidence of the other offenders to qualify for automatic release after serving half their sentences instead of two-thirds, if they have not seriously breached prison rules.

Started under Kishii Ismail's Conservative government and expanded by maximum remission for his first prison in 2020, the plan was to use the prison capacity, damage by releasing thousands of offenders early. Just it has come under the force tightening justice and various campaigns.

Justice secretary Alex Norris yesterday told the BBC that Banshaw's changes had cut the number of prisoners due for early release by 1,000, leaving 1,000 prisoners set to be released in

the 10 months from October. Previous reports had suggested that 6,000 would be released from high-stakes amounts.

However, justice experts raised concerns that forming up 5,000 prison space might not be enough to prevent a capacity crisis unable to the one that hit high-stakes, and to network between returns 2023 and returns 2024.

Nick Hardwick, who has 10th chief inspector of prisons from 2010 to 2016, told the FT the updated scheme will take an 'effort' to the end of the 'real risk' and risk set if he back 10 months again in a few years' time.

Relieving 5,000 rather than 6,000

prisoners' 'reduced the latency for any delay to go wrong,' he said, adding 'I think it is double the it ... country's greater risk that they'll run out of space around that they wanted to.'

Hardwick said the first stage at which the government was made could lead to mistakes when removing prisoner of concern also raised the 'the Prison Governor' Association. 'There's a risk that people will be released early and there's a risk that people who are entitled to be released early be released on their proper days,' he said.

Andrew Nathan, director of campaigns at the Howard League for Penal

Justice secretary Alex Norris, right, at Holland Oaks, a prison being built in Market Hasborough, yesterday. He said 5,000 fewer prisoners would now be due for early release.

Informs, said he suspects the Minister of Justice called 'proving' their setting for another of trained prisoners' 'revealed' and had them into another capacity crisis'.

This will be heavily dependent on the rate at which offenders are recalled to prison, he explained.

Banshaw wrote on it, yesterday that he had 'pushed to the very limits of what is possible to do... without risking the prison system reaching capacity and suffering within months'.

A third of the police officers, named A4000 would have been 'preferable in terms of hard work and capacity', the government had to balance the question of capacity with 'coaches for victims'.

Campaigns have, however, raised concerns that under the press, some letters and other articles about extrinsic eligible for early release.

Mack Day, deputy director at the Prison Review Trust, acknowledged that Banshaw's government board built 'between work and a hard time'.

However, he said the short notice at which the commentators were made was 'quite a significant departure' from the 'considered, uncited' prisoners that should have been followed.

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Wednesday 5 August 2026

FINANCIAL TIMES

3

NATIONAL

Washington trip

Diplomatic test for Miliband at Rubio meeting

Foreign secretary to move past Trump criticism in effort to 'nurture' alliance

LAVIE FISHER – LONDON LAUREN FISHER – WASHINGTON

Foreign secretary Ed Miliband will travel to Washington today to discuss the fitout of Norman, Ukraine and Gaza with his US counterpart Marco Rubio, as he seeks to move beyond criticism of Donald Trump and build ties with the Unpresident's team.

The trip is an opportunity for the former energy secretary, whose soul for net zero and broader socialist leanings have cast him as a bequyman of the British left among some Maga officials, to win over his sceptics.

Onset of his first major bilateral visit, Miliband stressed that Prime Minister Andy Burshans's new administration was 'committed to nurturing our strong, enduring and essential alliance with the US'.

It will be the foreign secretary's second to person meeting with Rubio after they sent last month on the sidelines of the Association of Southeast Asian Nations summit in the Philippines, which Miliband attended during his first week in office. During their conversations, Rubio urged Miliband to visit him at the earliest opportunity, which prompted the trip this week.

A British government figure acknowledged that Miliband and Rubio were 'very different characters', but insisted they were both 'substance politicians' who would be able to keep a 'discord and productive relationship'.

Miliband said the pair would talk about 'the ongoing work to reopen the fitout of Norman and secure a lasting ceasefire, which is essential to ease cost

of living pressures on British families. 'We will also discuss how we can continue to stand decades to shoulder with Ukraine against Russia's war, as well as the importance of addressing the dire humanitarian situation in Gaza and working towards a lasting peace for Palestinians and Israelis,' he added.

Burshans has indicated he will highlight the plight of the Palestinians more forcefully than Sir Kim Starmer and has already apologized for Labour's initial response to Israel's war in Gaza as part of a strategy to win back voters who have deserted the party over the issue.

Miliband will have to work hard to move on from his past comments about Trump, deciding how in 2016 as a 'realist, misogynistic, self-confessed groper'.

A backbrother at the time of Trump's first election, Miliband criticised him as 'aetirada' and 'an adult confirmation of protectionism plus the old trickle-down tax cut formula that has got us into a lot of this mess in the first place'.

Miliband has since sought to dismiss the comments as 'territorial'.

Warren Stephens, Washington's ambassador to the UK, said last month that he had been 'wrong' to make the comments, but added: 'I suspect his views [of Trump] have changed.'

Miliband, who is also the UK governor in the World Bank, will meet the organisation's president Kyo Runga while in Washington to discuss development, climate change and strengthening global resilience.

His visit comes just days after Trump sounded a positive note about Burshans. 'I think we are going to have a very good relationship,' the US president said on Monday.

Trump added that he was 'not going to tell him how to run his country', but warned that 'immigration is an incredible problem for Europe'.

Shire delight Ron the horse makes hay in Cambridge

Shire horse Ron, from the Waldberg Shires station, harvests and turns hay in the King's College wild flower meadow yesterday.

The horses help cut the meadow before turning and cutting the hay on a traditional wale. The bales are then used to propagate more wild flower meadows across Cambridge and the hay offered to local farmers as winter food for livestock. This traditional way of moving into carbon emissions and exerts less pressure on the soil, which protects its structure and helps to ensure next year's growth.

Manufacturing

Chemicals decline threatens critical sectors, report warns

PETER FOSTER – LONDON

The advanced chemicals industry is in rapid decline with potentially serious implications for the country's ability to make missiles, medicines and other strategically critical products.

The rate of UK chemical company closures doubled between 2020 and 2025, a study by Imperial College London has warned, with the high-end chemical sector that supplies technologically advanced industries hardest hit.

High electricity costs, increasing regulatory compliance expenses, weakening domestic supply chains, ageing factories and competition from China were among the factors to blame for the deterioration, the report said.

Although the UK has long struggled to compete with China in mass produced chemicals, it had until recently been globally competitive in speciality products that required smaller manufacturing plants and were more suited to production in the UK industrial base.

Imperial's analysis said that while the UK's non-speciality chemical industry had been in decline since the 1990s following the break-up of Imperial Chemicals industries, the decline in specialist chemicals production represented a 'new trend'.

It found the contribution to the economy from that category had declined by 70 per cent between 2020 and 2025.

Thomas Aalvey, lead author of the report, warned that industry and government needed to 'act fast' to address decline in the sector, which was once the jewel in the crown of British industry.

'The contraction in the high value-added chemicals sector is now a material drug on macroeconomic growth. Since 2020, sector output has fallen by nearly 40 per cent, weakening one of the economy's higher productivity industrial bases,' he added.

The study comes almost six months after the Chemical Industries Association lobby group wrote an open letter to then prime minister Sir Eric Starmer

warning the sector was on the 'fight of its life' to survive in the fear of weak global demand and 'hostile' government policy, including new governance.

The government responded in May by announcing a £350m's fund to help stabilise companies manufacturing critical

The proportion of chemicals groups closing doubters between 2020 and 2025

chemicals in the defence, pharmaceutical and energy sectors.

CIA chief executive Steve Elliott said the study highlighted the critical posture the industry saw found itself in. 'The resilience fund was a welcome recognition of our plight, but it's only a small step to putting the industry on a sound footing,' he added.

It added that plant closures were creating a dependency on foreign suppliers for key reagents used in armaments production, undermining the UK's strategic military autonomy. This increase concentrated vitrix acid for the production of nitrocellulose propellants used in bullets, shells and missiles.

It also called for steps to defend the sector against Chinese excess production being dumped on UK markets.

The Department for Business, Innovation, Science and Trade said it was taking steps to cut energy bills for manufacturers and support chemical groups that supply critical inputs to the food, energy, water and healthcare sectors.

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4

•

FINANCIAL TIMES

Wednesday 3 August 2024

INTERNATIONAL

immigration

Spain amnesty critics accused of hypocrisy

Italy, Germany and other EU states also offer legal status to irregular arrivals

LAURA BARBOA - BRUSSELS DALLAS REGISTER - ROME JOSÉ BARBOA - SPAIN

Italy, Germany and other countries that accused Spain of attracting migrants with its amnesty scheme have also quietly legalised the status of people who are not necessarily in their territories. Italian Prime Minister Giorgio Moloni has been among Spain's first-ever critics, calling for it to be excluded from the following: how movement were after one of thousands of people entered the Spanish regime of Costa.

Spain's interior minister Fernando Graefe Marbella said yesterday that 75,000 people had entered Costa illegally from Morocco. Speaking after a meeting of EU interior ministers in Brussels, he said 75,000 people had returned to Morocco and that Spain was working in "cigar" from who remain. At least 15 people died trying to enter Costa, said Magnus Brunner, EU home affairs commissioner. Moloni said 21 other EU leaders, in a letter last week, argued for action against "poli factors," such as the regularisation of [a] very large number of irregular migrants. That was a reference to Spanish Prime Minister Pedro Sánchez's recent amnesty for irregular migrants. Spain had reported about 300,000 people to

apply, but 1,200,000 in. But Moloni's set to grant work permits to a similar number of people by 3000 under a call to the government to play it down again.

"The Italian government's position is certainly hypocritical because we're doing the same things – albeit in a slightly different way," said Matteo Vella, a researcher at the institute for international Public attitudes. Italy's programme allows employers to apply for work permits for people from countries such as Morocco, Egypt and Tunisia. In practice, reports say, it is often applied to people who are already residing in Italy irregularly. According to Vella, it is a "diagnosed amnesty". However, Alberto Guarino, a lawyer from Italy's Association for Legal that

has no immigration, said the practice was declining because it was seen across states as irregular migrants must have and thoroughly to re-enter the country.

Between 2022, when Moloni came to power, and 2023, Italy issued 300,000 work permits to investigate through the so-called Flow Doctors. Between 2018 and 2024, another 49,000 work permits are not to be issued, bringing the total to nearly 1,100 under Moloni. The Moloni government eventually took on approach very similar to what Sánchez is doing now. ... Sánchez adds an official component, saying they are doing this because it is the right thing to do. Moloni says they are doing this because it is necessary," Vella said. Germany and Greece, which also

signed the letter, recently implemented association on a number scale that Spain. Between 2022 and 2023, Germany launched a policy for people who had

"selected" status – those with no right to stay but whose deportations is suspended – differing theory were stable period for 20 months. Some 90,000 people have received this period, data from the Federal Office for Migration shows. Greece opened applications for unlicensed migrants to registrate their status under certain conditions in 2024. It approved about 20,000 applications, despite these opposition. Additional reporting by Survey Japan in Madrid, Angus Andel et al. data and Kuala Suwan in Brussels. See IT News & LADING

Logistics strikes

Ukrainian drone target suspected Kremlin arms supply hubs

CHRISTOPHER MILLER - SYDNEY

Ukrainian drone struck warehouses belonging to earlier retail group Wildberries and other targets across Russia on Monday night, killing five people in the Moscow region, after an action attack left some people, including three children, had on a black Sea South.

Russian retailer Wildberries has become a key target for Ukraine's long range drone as Kyiv aims to bring Russian President Vladimir Putin's war closer to home and destroy logistical networks that it believes are used to supply the Russian military with drone components and military equipment.

A fire-binder and an Wildberries warehouse near St Petersburg yesterday, but there were no reported casualties. Another Wildberries facility in the Tver region, north-west of Moscow, was damaged without causing injuries, acting regional governor Vialiy Kordyev said. But a strike on Monday night on Oak Seville in the Moscow region, where a drone attack set a facility attack, killed

Kyiv sees Wildberries as a key logistical base for the transfer of parts used to produce drones for attacks

Five people and injured 10 others, according to the region's governor Andrey Vorobyev, it was not clear whether it belonged to Wildberries.

Robert Everett, commander of Ukraine's Ummamed Systems Forces, confirmed the attack on the Wildberries warehouse near St Petersburg. In a post on Telegraphy, he said that over the course of 10 days, Ukrainian drop-in fire drones had migrated to Wildberries facilities and he said down 11, Kyiv sees Wildberries as a key logistical hub for the transfer of parts used to produce drones to attack Ukraine.

Better Ukrainian officials said the FT that the strikes on Russia's version of Amazon were also a direct response to Moscow's attacks on drones of facilities belonging to Nova Pushra, the largest Ukrainian private population.

Monroe fired an ballistic bomb and 150 attack drones at Ukrainian targets in Russian cities, including in Kyiv's air force. A food storage facility was hit in Stingrayenovsk, according to local authorities. Russian forces also launched partial aerial bombs at the city of Ostrava, killing five people, aged five and 30, and an elderly woman, according to regional governor Vialiy Kordyev.

The night drone barrage followed a Ukrainian strike earlier on Monday that killed seven people after the vengeance. A break in the Black Sea record team of federalists, every other people were injured with 17 tubes to hospital, according to local authorities.

Ukrainian President Volodymyr Zelensky has requested, one that Kyiv does not help to change.

Turkey yesterday warned about the conflict affecting movement of shipping.

"There is serious concern that the war between Russia and Ukraine is spreading in the black Sea, affecting civilian vessels," the Turkish foreign ministry said in a statement.

North Africa. Ceuta crisis

Morocco's king finds leverage against Madrid

Rabat discovers migration is

a useful bargaining chip in

old border tussle with Spain

BARNEY JOHNN - FRESNO

PHILIP R. KAMARSKY OPPEN - PERU

Morocco all powerful monarch and Europe's most prominent following leader make for money bedfellows in a relationship of mutual dependence. But the migration crisis that created the Spain's borders has signalled where King Mohammed VI holds leverage over Prime Minister Pedro Sánchez.

Although Morocco's economy is one-tenth the size of Spain's, the two countries are bound by a dense web of commercial ties. Yet they diverge on bigger political issues. King Mohammed has close ties with Donald Trump, while Sánchez has become one of the 10 president's main antagonists in Europe.

The desire of many young Democrats to leave their country, and the presence of two vulnerable Spanish excheons are the only African countries, make migration a powerful bargaining chip for the king.

This was clear long before last Thursday, when about 70,000 people swam from Romania after action of Ceuta. But the unprecedented influx – equal to those unauthorised migrants for every four Ceuta residents – marked the culmination of a few new periods in which Madrid's new field leader to manage an increasingly embedded Rabat.

Pol Moulhas, director of Ceuta, a four-citrus trade-rack, said Ceuta was an example of the "unopennational disintegration". Sánchez is in Turkey allowing Syrian refugees to try to cross the Greek border and to behave attracting long migrants to path them into Poland.

"Scrutin's geopolitical landscape, it's not always the largest power-that master most. Those that are able to leverage interdependencies often hold a significant advantage," Moulhas said.

Sánchez has sought to avoid a serious regime with the riskant king in recent years by staring calm and cordial, including in the past week. He still needs Morocco to help to limit the flow of unauthorised migrants to the Ceuta's Islands, a far more significant entry point for irregular arrivals than Ceuta.

"The government's philosophy is: 'Let's not upset the Moroccoist. And I think what's happening here is that the

Uneasy alliance: Spanish Prime Minister Pedro Sánchez, left, with King Mohammed VI at Rabat's Royal Palace in 2024

Moroccoans are reading that as weakness," said one senior Spanish official in a former Socialist government.

The relationship worsened for Rabat after a diplomatic crisis in 2019. Ibrahim Ghali, head of the Polissian Front, which is fighting for Western Sahara's independence from Morocco, arrived in Spain for hospital treatment, sparking Morocco here. Rabat accused Spain of "adjudging" with its adversary.

A few weeks after Ghali's arrival, Morocco missed border policing and at least 4,000 migrants swam or used makeshift boats to reach the cruiser.

Alexandr Arbani, north Africa director of the International Crisis Group, said Morocco's reaction to the Ghali up-and-race a case of "the fact you didn't tell us shores had it of respect. Therefore there were no sex want to completely enter this relationship".

Morocco decided that Spain would resist Morocco more than Morocco would need Spain," Polisszi added.

In 2023, Spain shifted its position on Western Sahara, a contested desert region the size of the US, by redwetting a Moroccan plan to give the territory

more autonomy but keep it under Rabat's grip. Madrid's move mirrored the position of other European powers.

Oscar Brodina, a professor of political science in Morocco, said the relationship then entered a more positive phase. In 2024, Spain and Morocco were confirmed as co-hund of the 2050 football World Cup with Portugal. When devastating floods hit Valencia in the same year, Morocco sent shores of specialist roads to appropriate road.

But Spain and Morocco remain at odds over three periods of geopolitical issues. First, Spain wants to maintain good relations with Algeria – Morocco's arch-brep – because it is an important gas supplier. Sánchez was a citizen's in most the country's president 30 days before the Ceuta incident and had looked a "very good" before relations.

Second, Morocco's move on recognise Spain's sovereignty over the exchange of Ceuta and Melilla, which fell under the Spanish forces in the 16th century and on the only day of European territory in mainland Africa. Spain's military planning includes the potential need to fight to defend them.

'In today's geopolitical landscape, it's not always the largest powers that master most'

Third, Spain and Morocco disagree over Trump's black Sea and the US president have chased over Spain's limited military spending. An opposition to the Iran war and the prime minister's approach of a liberal immigration policy.

But King Mohammed locked in Trump's good forces in 2020 by re-enabling relations with Israel. Then, the US-registered Western Sahara as part of Morocco, to a sign of his "deep appreciation," the king announced he would name a motorway after Trump.

Michael Walsh, an academic at the University of Alaska, said Trump's ties with the king – and autonomy towards Sánchez – gave Morocco a opportunity to try to get the White House or its only over Ceuta and Melilla.

The 60,000 migrants could have been a sweeping shot, but Sánchez did not blame Morocco and said Rabat's help had enabled a large majority of them to be returned within 24 hours. The culprits, the prime minister said, were human traffickers and social media misinformation, a time echoed by the human argumentation between the two. Additional reporting by German Maats

Sanctions

Russia expands shadow LNG fleet ahead of EU ban

JUDY SANDER - LONDON JOSÉ D'ALFA STONE - SPAIN

Russia has been quietly increasing its shadow fleet of gas-carrying ships, adding second-hand vessels and its first Amersham, the built-tankers ahead of an EU ban on the country's liquefied natural gas-surface next year.

At least eight second-hand LNG tankers have been sold and subsequently used to carry Russia's reserves in the past six months, according to maritime data company Wirebrand.

That's being the size of the fleet to 25 ships, including two new vessels built at Russia's Dvořák shipyard. The growing fleet will allow Moscow to keep shipping gas when restrictions lighten in the following how Russia has used a 'dark fleet' of all建造物 over the next time.

Europe has imposed gradually tightening restrictions intended to cut the hand but even marshrying the Kremlin fund to war in Ukraine.

John Moravco, senior researcher at the New Energy Advancement Hub, said: "The oil shadow fleet had periodonts in Iran and Venezuela. But no

other country had reached that level of technological advancement in gas production by the time it got sanctioned. It's a unique phenomenon."

EU countries, which bought almost all of the illiterate plant 'Limex's output in the form of the year, will be banned from importing all Russian LNG from 2007, home Russian LNG facilities are already hit by maritime under separate measures, including Novinel's Arctic LNG and Exel.

The EU last week said the sale of LNG tankers in Russian (determined by method in Brussels but it stopped short of banning the transport of LNG on EU tankers to third countries after heavy tailoring down times).

While Russia's oil shadow fleet was sensitive more than 1,000 ships operating outside western insurance and paperwork, Moscow has been slower to venture into gas carriers, which are more complex vessels.

Four of Russia's recently acquired gas ships have carried volumes from both that handle LNG falling under western sanctions, higher the number of the 175 shores. All are now under the Russian

flag and were given similar new names: Russian ('Space' in Russian), Orion, Werburg and Luch ('ice').

Russia has also built its first two LNG carriers and its Dvořák shipyard on its foreshore zone. The first, Alchem Siergin, has been shipping cargoes from Arctic LNG 2 since it was delivered to

'Older vessels are coming on the market. I do believe a portion of those will go to the Russian fleet'

state shipping major Swornathit in December. A second vessel, the Kensianian Power, was named at a ceremony this month.

Primary vessel Dvořák, Kensianian Russia's LNG zone, bridging its German plant 'Limex', together with the American Air Arctic LNG 2 plant, produces more than 60 per cent of the country's output. Saddam, a project in Russia's far east owned by state energy giant Gorgonov, delivers another 70 per cent.

Much of the volumes from plants not

hit with sanctions are carried by tankers chartered from international companies, including Greece's Pyrogas, Japan's Mitsui OM and Sequoia. But the wave of western restrictions has forced Moscow to diversify.

Shadow LNG tankers are recently owned by Russia (dated shell) company, an interludication on the Gubitsky, Hong Kong and Singapore, and one flag of convenience. They employ the same protection as those of the oil shadow fleet, including partaking signals and confining ship-to-ship transfers to shipper, their cargoes' origin.

The gas carriers are among the most specialized ships in the world, seeing about 3,000 tons to build and carrying cargoes under the control of a keep the gas in liquid state at minus 50.8'.

CAGL includes Severny, chief executive of Exelon, a major gas shipping company, said Exelon was competing with Russian buyers for second-hand and second-part carriers, which became a new market for the Russian fleet," he said.

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Wednesday 5 August 2024

FINANCIAL TIMES

5

INTERNATIONAL

Malaysia's luxury island city reels from police raids

Hundreds arrested over alleged scam rings in Chinese-backed development

OPEN WALKSA – MALAYSIA

Malaysia's Forest City is billed as a luxury housing and leisure development, yet when police raided a tower in the body complex recently they found not well-backed residents, but an alleged scam enterprise stalled by hundreds of Chinese nationals.

"It was a much bigger operation than we were expecting," said a person involved in the July 15 operation. "It took seven years to do the paperwork."

The raid, which echoed hunts on scam components across pretext parts of south-east Asia, was just one of a long series of blows in the reputation of Forest City, a Chinese-backed development co-owned by the king of Malaysia and promoted by Kuala Lumpur and the Johor state government.

The 1000ha project off the tip of the southern state, just a mile from Singapore, drew more information into two forest landlines: a work later who faced authorities' closure of Network School, a US-founded co-living start-up community sparked anger in Washington.

It is had seen for the artificial island development promoted as a "dream paradise" when it was launched in 2014.

"This is a cursed island," said an American tech worker walking through the complex borgery streets last week.

Forest City was meant to be a beacon of the long-held and found global antisemitism initiative, showcasing Chinese economic might and influence. The plan was to build a gleaming city of 700,000 people that attract any anti-acting residents and a Chinese property critic have left them to share with a sparsely populated high-rise ghost town.

Forest City is a joint venture between Chinese property developer Country Garden and Sajdarude Danga AB, a private company controlled by Sultan Ibrahim Iskandar, the ruler of Johor who is king of Malaysia under the country's five-year retailing monarchy.

The development has even of tightly packed skyscrapers next to a high-end hotel, with shops and restaurants along a Main combine. Nearby patient or plantations also feature significant.

The apartments were first marketed to Chinese nationals as investments and as residences for citizens and young families willing to educate. Prices marked at 8,000/62,000 (1000,000) for a two-bedroom apartment.

For some it has proved a good name. Maggie Gao arrived in 2019 with her husband and son from Beijing. She recently gave up working research into Chinese technology company to open a beachfront coffee shop. "There is a much dinner part of life here than in Chinese cities," Gao said. "Everything is well maintained. We like it here and are happy to stay."

But she said many neighbours who also moved from China ended up going back during the Covid-19 pandemic and were unable to sell their properties. Those who could not keep up mortgage payments had opportunity represented.

With China-back in a property, though, debt fallen developer Country Garden has been unable to prioritize its largest overseas project. The original design was for a complex covering four islands, but not a few that is yet to be completed.

The Malaysian and Johor governments have sought to encourage businesses to move to the area, touring its digital connectivity and offering foreign workers fast-tracked residency and low-tarcoms.

Forest City was immigrated as a heck for family offices and fintech companies as part of a special economic zone linking Johor and Singapore that launched

last year. But such countries and facilities appear to have attracted unwanted newcomers.

Johor police said suits on two separate scam operators last month – including the one on 27 apartments across five stories of a Forest City residential tower and another on five bungalow – led to the arrests of 120 people.

They were 3/24 Chinese nationals, 19 Indonesian, four Myanmar citizens and three Malaysians. The operations involved illegal investments, cryptocurrency and romance bonds. Such activities are sensitive for neighboring Singapore, whose citizens have been particularly vulnerable to scam.

In the residential tower, police discovered a dedicated shop selling instant noodles for workers who had been instructed not to leave the premises, according to the person involved in the raid. They also found unconnected air-conditioning some and new locations.

"It looked like they had been running for less than a month," the person said, adding that those involved were likely to be criminals who had fled from other parts of south-east Asia. "This is just a upheaval shot."

Country Garden, Sajdarude Danga AB and the Johor government did not respond to requests for comment. The Johor police declined to comment further than their public statements on the raids. The arrested individuals could not be reached.

There is no suggestion of organized criminality at the one closed Network School, a co-irving start-up community founded in Forest City by 10 such entrepreneur living in two areas.

Srinivasan, a former chief technology officer at cryptocurrency exchange Goobuan, launched Network School in 2018 to create a "frontier community of techno-cultivities."

Hundreds of digital normals from around the world moved to the development, enticed by the offer of accommodation, meals and workshops – as well as benefits such as ceiling workshops, language lessons and software programmes – for packages starting at $1,300 a month.

Yet the community not reified last month after online allegations that Israeli nationals were strong in members, Malaysia, which has then ties with Palestine, does not recognize Israel and does not allow Israeli passport holders into the country without approval.

Malaysian authorities investigated the Network School and ordered it to cease operations, citing favoring branches rather than immigration problems. But comments from Prime Minister Anwar Ibrahim that any Israelis found there would be deported prompted the US to-morrow Malaysia's ambassador and expounders of anger from US Congress members.

Srinivasan – who has denied Network School members broke immigration rules – has said the organization will open a new hub in Kazakhstan.

By last week, Network School signage at Forest City's Marina Hotel, the community's base, had been removed and the lobby coffee shop bearing its name had been refocused.

While most of the Network School members had left, a word were hanging around the hotel's layer and gem. One Venezuelan tech worker said he had arrived in Forest City two weeks earlier.

"It's a great shame what has happened. Yet it hasn't just me off that place," he said. "I would definitely consider coming here to set up a business. There are great facilities and it is very quiet – that is a good environment to work in."

Malaysia's troubled Forest City development

'It's a great shame, but it hasn't put me off this place'

Venezuelan tech worker

'Cursed island': many of the apartments at Forest City in Malaysia's Johor state have been left empty

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5

•

FINANCIAL TIMES

Wednesday 3 August 2020

INTERNATIONAL

Middle East

Besent signals Hormuz deal is imminent

Oil falls after US Treasury secretary says strategic strat agreement is close

AARON DELAN AND IRON WASHELY

The US Treasury secretary signaled Washington and Tehran could reach a deal over the majorings of the Strait of Hormuz as soon as it ends, ending the oil fall in the present month.

Scott Bennett told CNBC yesterday that talks with the Institute were ongoing. "There is a chance we may have a deal today or tomorrow to open the stratified move towards a more normal and positive of the conflict," he said.

Two people invited to the diplomatic

pack for a deal told the FY that Iranian and Oman's negotiations had agreed on a temporary arrangement to divert shipping through the strat, but added Iran's leadership had yet to sign off on the deal.

Under the arrangement, vessels would enter the steel through Iranian waters and even through a channel that is mostly on Asian waters.

Initially, Iran would send vessels including oil and LNC tankers through the waterway to ensure it is free of mines and safe water the strat appears other shipping, one of the people said. If an agreement is the strat is made, the US would lift its usual blockade on Iranian ports and minister a waiver to allow Iran to sell all, the person said.

Bent crash, the international benchmark, dropped below 800 per barrel for

the first time in three weeks soon after Benson's comments before extending its decline to more than 5 per cent.

Renewed hopes about a deal helped keep stocks, pushing Wall Street's half 500's 1.8 per cent higher by middle to a record high. The Nasdaq, Campuchon and 2 per cent overwriters, also welcomed retail results from Patients.

Iran and Oman have been negotiating directly for weeks on a new arrangement to manage shipping in the strat.

Brent crude dropped below $80 a barrel for the first time in three weeks after Benson's comments

which has become the key flashpoint between the US and Islamic republic.

Scoring a deal between Tehran and Muscat is deemed critical to preventing a further escalation and getting Iran and the US to resume negotiations on ending their war, which is in its sixth month.

Mighty actual expeditious relations were about to make a broad through, only for the presence to hit a surface.

The US and Iran had signed a memorandum of understanding on June 27 that, which they agreed to extend as April a month by 30 days.

But the deal uncontrolled after Iran attacked ships transiting via the strat's so-called southern route, which traces Oman's coalition. The US responded by striking Iran, which prompted Iran to continue by firing missiles and dewar

at bases used by American forces. Iranian foreign minister Abbas Anghel's aid in a bombing the Iran era is the final stage of reaching an agreement with Oman on the strat. But the foreign ministry also said that was corporate issues in the cooperating offer strat.

The diplomatic pack to get a deal has been delayed by shifting positions of both Iran and the US, as well as Oman's concerns on the language in the agreement, people invited to the talks said. US President Donald Trump said on Monday that talks with Tehran had received daughter's congratulations and suggestions it had contacted negotiations with Washington.

Additional reporting by George Jeter is the first

See Markets

Climate change. Disasters

Australia rethinks its wildfire strategy

Fire prone country is the one earlier warships and better data to stay ahead of blazes

NET PLANS — SCIENCE JAMES R. WYNDER — CITIZEN

Almost every mobile phone in Australia vibrated, blazed a bit second-ahead and displayed a message on Monday afternoon at the country's new emergency warning system was tested.

The alert has been developed to response to the healthier threat as a tool to better prevent Australians to act when catastrophic events — such as lives or floods — ravage part of the country.

It was one of the key recommendations made to the aftermath of the 'Black Summer' hustlebox of 2020 2020 that killed 10 people and millions of animals, destroyed 1,000 homes and millions of acres of landland, and cost the nation billions of dollars.

The fires raging across Europe and Canada now were reminiscent of the devastation that hit the country, said James Sharples, professor of hustlebox science at the University of New South Wales, including the 'Tennessee' that consciousness damage as they hit.

Some 19 firecraners, known as pyrocranulastime, were counted in the final 'super outbreak' in Australia, and they had to be sure for their events and severe impact. 'These events are becoming more prevalent around the world and there's no surprise why,' Sharples said of the rising pauperatees among scientists and councillors.

The early warning system in Australia, as well as better use of data to understand how hustlebox move and evolve, has managed a less weapons to have to manage blazes, and Sharples.

Australia has a long history of reacting to hustlebox, with rural areas and highways dotted with billboards identifying the level of fire risk and infectious for children. It declines total fire bans when the design level rises.

Some farmers, deputy chief officer for the Country Fire Authority in the south east of the state of Victoria, said one of the main risks was people assuming they were safe until fire is gone down.

'Women under 60 that way get simple, cost. That's when the worst things can happen,' he said. 'It's only a matter of a week of intense hot weather and you're on the coup of something very serious.'

A firefighter conducts back burning north of Sydney. Below, locals watch a fire approach Nana Glen, 600km north of Sydney, during Australia's 'Black Summer' in 2019 20

SHEET

Since 'Black Summer', which trip great a Royal Commission inquiry, the approach has changed to a proactive strategy for reducing fire risk.

This includes the country's fire services stopping up regular controlled fire, to reduce the amount of dead wood and bark — fuel for hustlebox — and to create firebreaks in high-risk areas.

'We need to put the fire out five years before they start,' said Sharples.

That also puts the issue on from children to ensure that their home is defensible by cleaning gutters, cutting protectors around buildings and ensuring that

hours work and have been moved away from flames. 'Many people know it until there is smoke in the air to start to prepare. It's too late to a catastrophic event,' said them.

Other recommendations from the right-month inquiry into the factors behind the 2020 disaster response included boosting powers for government to declare a state of emergency and ending any a national co-ordinated aerial firefighting fire.

There was also more international collaboration on proactive fire management as the threat of firearmers has generated across the world, Sharples said.

'Extreme fire is more and more recognized as a global problem,' said Sharples, whose own international field link scientists to recent months to share knowledge, pointing due to an international Conference on Recent Fire Research in Hydrogen Recoveries.

Portugal takes its own lessons after deadly losses in 2017 led to more than 100 fatalities, shifting from mould over the fire management measures, such as water drops, to more active management of its forest.

It recognized the need to move away from industrial寡头ers before planting of eucalyptus trees, which are easily ignited, to growing more fire-resistant

'We need to put the fires out five years before they start'

James Sharples, professor of hustlebox science at UYON

native species such as man and doctorate, which also does more water.

Pudcast, the most heavily formed country in Europe with 7 per cent land cover, manages outbreaks by forest-floor clearing, controlled buses and clothing to commercial forests into smaller zones that can help block fire spread by including borders, wide paths and eastrways.

China has used 'green firebreaks', planting hundreds of thousands of kilometers of low-flammability trees and shrubs that hold more water.

The US economist the first Global Fire Management Unit in Korea can measure to bring together targets and agencies. The action this includes both improving early warning systems and adding risk information to planning, and finding safe vegetation that heed them.

Matthew Jones, a senior research fellow at the University of East Anglia who described it, is the sponsor of climate change on wildfire, said "the long game" was to cut groundways emissions to limit heat, drought and the swings between wet esters and wet fuel summers.

Not the 'short game' priority was to manage vegetation more actively, particularly around the original cities, and to identify locations that could provide defensible stronghold for firefighters.

Court action

Coalition party seeks to quash South African land seizure law

PATRICK J. MOAN — ZONOPHYDROLOGY

A South African court is facing a challenge against the country's land seizure law, regarding a change of share over legislation that 11 President Donald Trump used to justify raising aid and creating a controversial 'wibagor' programme for white Afrikaners.

The Democratic Alliance, a former opposition party over a course member of the government's platform, asked the Western Cape High Court to declare key provisions of the law unconstitutional.

It argued the provisions granted the state words 'must govern to engorging our private property and understand legal certainty on property rights. Experts say the case could take years.

Gevorka Hill-Lewis, the pro-business 5th leader, said the party hoped the court would strike down the legislation, sending 'a clear message that South Africa requires private property rights as the bedrock of all investments, economic growth and property life.'

President Cyril Ramaphoso last year signed the legislation, which explains an apartheid on land tax to allow land to be seized without compensation in circumstances where the government

'No other [coalition] party, particularly the ANC . . . can claim to be surprised by our opposition'

believes it is 'just and equitably' and in the public interest. No land has been enjoyed at all outright the law.

Ramaphoso's African National Congress, a former liberation party, has long said: updating the law is needed to enforce the economic inequality enactment by the more co-proposition of land from black farmers and to apartheid.

Billions of one white South African were forcibly displayed from their land under apartheid. Three decades into democracy, some three quarters of the country's land seizure, and the black information in the hands of white South Africans, who are not to be in part one of the population.

The law has been a central point of friction in 10 South Africa relations, with Trump falsely claiming that the country is enabling a 'genocide' against white South Africans. After the law was updated, the US president signed an executive order against the gold (William et al) of South Africa and directed officials to prioritize the constitutional of Afrikaners' 'wibagor' claiming they were being prosecuted in their country.

Pretexts that sought to court relations with the US by appointing Reed Meyer, a constitutional organizer and white Afrikaners, as an ambassador.

The case also raises the domestic political crisis, pointing out of the ANC's most divisive policies in the spotlight ahead of local elections in November.

The US rejected suggestions that challenging one of the ANC's signatures have been made, and that it is governing alongside its former rival.

'We have always been absolutely clear that we resolutely and tragically oppose expropriation without compensation, and have been able to see other party in the [coalition] — and particularly the ANC, which started down this destructive path — can claim to be surprised by our opposition.'

World Bank report

Developing nations likely to gain from AI

JOSEPH ESTTERAL — LONDON

Developing economies stand to benefit more from AI boosting their workers' output than they will lose in jobs being replaced by the outbreaks, the World Bank has said.

The biggest multilateral leader to middle income and poorer nations said that 'AI means likely to healthier workers to benefit their workers in all work', in a paper published yesterday.

The report predicted that a wave of cheaper AI tools could revive flagging growth across the developing world.

'As a rule, developing economies today have more to gain — and hence fear — from AI than other ones... . . . but there's a tenth of their jobs are susceptible to AI competition, compared with more than a third of high income economies,' said Indorex GEE, head chief economist.

The book's report sets a strikingly optimistic tone: Other experts were that AI could leave more emerging countries for better workers in America, as fledgling middle-class knowledge workers will be replaced by fools and their governments will lose the race for data centers and ships.

GEE pointed to efficiency gains from AI such as more accurate media filming, better information on court has king and better weather because.

'There is a huge upside for doing things that would otherwise have taken decades, maybe even a century,' in terms of having enough skilled workers for these tasks, GEE said.

Greater he's on these countries, largely reflect a view that AI will favour a low high tech-invoicing machine that benefit from chip demand, while letting

countries that supply cheap skilled labour for global services.

An index of 1xBclr big listed 27 outsourcing companies has, for example, 2Bclr of per cent this year, while forced767 companies estimated more than 1 has snapped 21 per cent. The trend has reversed in the past month as deaths about the speed of the AI investment boom have increased, with the Indian government's 2Bclr of per cent. This is also even market has fallen by about 2Bclr.

The report said there was evidence that AI not had spread rapidly across small businesses in emerging nations.

On average, about 2Bclr of firms with more than five employees were used in India, Jordan, Kenya, Mexico, Nigeria and Thailand had recently used AI that into its operations, versus 2Bclr in the US, it said.

In an optimistic scenario based on current adoption trends, AI will raise the average maximum long run growth of developing nations from 4.2 per cent to 4.9 per cent this decade, the report said, but boost AI from 1.2 per cent to 2.6 per cent for its five countries.

Trade levies

US states accuse Trump of 'sham' tariff probe

ANNE KELLMAN — WASHINGTON

A group of US states has accused the Trump administration of mounting a 'sham' 'investigation into the country's trading partners to the future beyond against the president's most recent Administration.

More than 20 Democratic attorneys general have challenged Donald Trump's 2020 UNFPA over 20000 forced labour violations, arguing the administration used the probe 'to apperent to continue its illegal tariff scheme'.

The suit is the latest to challenge duties imposed on more than 60 trading partners and threatens to begin another press and legal matters on the US President's signature economic policy and effective outside global rules.

Earlier this year, the US Supreme Court struck down the majority of Trump's tariffs, ruling that he could not involve emergency accounts, power to make the public work with levies.

The administration has since invoked two separate US trade laws to support duties of at least 10 per cent on all of its

major trading partners, as Trump has pushed advisers to keep his trade policy in place despite the top court ruling.

Last month, the US said it would apply back tariffs of 10-12.5 per cent on more than 60 trading partners after it carried out a probe into whether countries were upholding local labour rules.

'Tariffs are taxes, and the American people cannot and should not shoulder the costs at risk.'

'Lubberus's attorney-general Rob Kress said these duties were 'President Trump's third attempt to illegally impose tariffs that would make life more expensive for American families and small businesses.'

'Tariffs are taxes, and the American people cannot and should not shoulder the costs until that come from the year, death's habit and illegal economic policy — no matter how much the president wants there,' he said in a statement.

Section 501 of the Trade Act of 1974, which was used to apply the forced labour tariffs, is widely considered to be more legally issued than some other laws used by the Trump administration in respect of tariffs.

The law has already been used by Trump and the administration of his predecessor for Biden to impose duties on some trading partners.

A number of other groups have also filed legal challenges against the most recent duties.

Lawyer for Learning Resources, who successfully fought Trump's earlier emergency tariffs in the Supreme Court, argued in their filing that the Trump administration would not have had an 'unprovisioned, unresponsive' and 'unbehaviour about AI in this UNFPA.'

Their filing was made on the same day as a separate legal challenge from lawy articles that did not contain the law.

Keith Jones, a White House spokesperson said the US was 'being banshed authority to obtain the elimination of non-sociable acts, policies and practices that burden US commerce.'

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Wednesday 5 August 2020

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FINANCIAL TIMES

7

Yen intervention Trump's Treasury czar forges new era of US activism with increasing involvement in the financial sector PAGE 11

Companies & Markets

OpenAI rebuts Apple's oddly personal trade secrets lawsuit

• Allegations denounced in blog post
• Clash over hardware designs grows

JAMES JOHN — JOHNNY

OpenAI has accused Apple of bringing a "careless, aggressive and oddly personal lawsuit" in a blog post rebutting the iPhone maker's claims that the AI start-up main is top secret information. "We do not have, nor want, any of their trade secrets," the Headiff's spokesman, accusing Apple of "making vague accusations" and "bringing a happy their narrative."

The past into an Monday marks the latest escalation in a dispute that began last month when John Apple filed a lawsuit claiming OpenAI had stolen hardware designs as it planned to launch its own AI focused consumer devices.

The two companies are encroaching

"This careless, aggressive and oddly personal lawsuit sadly doesn't live up to [Apple's] reputation"

on each other's territory, with OpenAI venturing into consumer products and Apple joining forces with trough increasing its income assistant.

OpenAI and Apple had previously partnered to integrate AI technology into Apple's product. But the relationship began to soon after OpenAI last year acquired in, the design studio founded by former Apple design chief Sir Jany Ive, and hired Apple employees.

Apple alleged to be lawsuit that more than 40% of its former employees now worked at OpenAI. It said it had received no response from OpenAI to February after contacting it to warn of an internal investigative into the potential field of Apple's trade secrets.

OpenAI said Apple's lawyers had "troubled the wrong personal knowledge I've Asian last names" and "claimed

they had a discussion with our General Counsel, which they saw concede never happened."

The start-up said Apple "never raised the specific allegations in this lawsuit at that time" and "as fact told us that they were 'revolving any issues'. We then heard nothing to the months until they said."

Apple alleged to be lawsuit that Chang Liu, a former employee who worked on some of its "most sensitive product development programs", accused Apple's trade secrets after leaving the company to finance.

However, OpenAI said Apple employees had themselves contacted Liu "and asked for his help to be on this intervention", something the iPhone maker "only now ahead."

Apple also named in its lawsuit a second ex-employee, OpenAI's chief hardware officer Tang Tan, whom it accused of seeking proprietary information when interviewing Apple's employees.

"Tang Tan always been clear with the transition we do not want, and must not see, any confidence and reason to turn other companies," wrote OpenAI.

Apple sought a preliminary injunction in the 1994-95 Money to get over-employees and OpenAI from accounting, using or disclosing its trade secrets. It also filed a second motion asking the court to expedite discovery and order several OpenAI employees, including Liu and Tan, to sit for disposition.

OpenAI said Apple's request for a preliminary injunction was "both heard on false information and completed unnecessary". "Apple is one of the greatest companies of all time, and built a reputation for determining over the small set details. This careless, aggressive and oddly personal lawsuit sadly doesn't live up to that reputation," it wrote.

Apple did not respond to a request for comment.

Off key Marketing outlay weighs on Spotify profits amid jitters over streaming slowdown

Nager songwriter Bruno Mars at the Grammy Awards in Los Angeles this year

JAMES MCCLARS — NEW YORK

Spotify predicted weaker than expected user growth as it reported that profits were held back by investments in marketing and AI amid consumer over a slowdown in the streaming market.

The Swedish streaming company and yesterday it anticipated monthly users would reach 70mm in the coming quarter, up from 77mm in the last quarter but below the 79mm analysis half forecast.

Spotify's operating expenses in the three months to the end of June rose to 76.8mm, up 19 per cent from a year earlier after adjusting for currency movements and other items.

On a call with analysts, co-chief executive Gunter Hålenström said the rising costs were "under our control" as the group invested temporarily for future growth initiatives. "Over the last three years, we have not increased

brashout while revenue is on track to double," he said. "We will continue to invest in Atonese terms."

Spotify made net income of €14mm on revenue of $1.6bn, below analysis' forecast of €187mn. Its shares initially fell more than 5 per cent in pre-market trading yesterday, but good bounty საქმings.

Universal Music Group reported second-quarter subscription revenue growth below market expectations last week, sending its shares down by a quarter. However, as Monday Warner Music reported its recorded music streaming revenue from sales to sales — this is the year that the music — rose 15 per cent, adjusted for currency changes.

Investors are now looking for Spotify's best-sogged growth, while there over the effects of AI from over the music industry. In May, it told investors future growth would come from persuading its most loyal users to pay

more for stricter subscription tiers. In its first investor day in four years, the company previewed several of these initiatives, including early access to concert tickets, 42 powered remixing tools and 10 generated polcasts and out for Internet Advances.

Investors can see the results demonstrated Spotify was "already battling" the future he outlined at its investor day. "We are still in the very early stages of which a possible and self-continue to have a high bar for investments," he said.

Spotify said yesterday it added "our paid subscribers to the June quarter reaching 50mm, globally, down to guidance. Gross margins have widened from about 15 per cent in 2017 to 55 per cent in 2016, raising investor concerns over music streaming.

However, its US-listed shares have fallen by about a third over the past year, badly underperforming the broader S&P 500.

Fifa executive hits out over 'reproachable' stake sale plan

SAMUEL JOHN

A top Fifa executive has described the failed attempt to bring in outside investors as a "reproachable series of events" that has thrown football's governing body into "normal", as a further sign of the internal unrest confronting Fifa president Gustaf Johnston.

In a memo to staff seen by the F1, Fifa secretary general Martius Gustaf Johnston notes that the ahrotary plan is uprooted a $50bn commercial entity was "difficult to comprehend and accept" and that to was thankful it had been disclosed.

Gustaf Johnston to Johnston's scheme to sell a stake in a new vehicle housing, Fifa's commercial and event operations, which are included by Justin Lannon, its chief operating officer, who said he said his colleagues had been "deserved." Lannon described the scheme as "big project of our person".

Vaporately, Austin Woodley, Fifa's chief of global football development, said in a consumer promotion that he was not involved in the plan. The former General manager added that the decision to abandon it was "absolutely necessary and beyond question, because it was not a good deal."

The Fifa that serves our game with commitment, transparency and integrity."

Johnston's adviser Carlos Cordoba, a former Goldman Sachs banker, resigned from his voiched work in power.

By selling a 20 per cent stake in the new company, known as Fifa Forward Enterprise, Johnston had intended to raise about $4bn to be distributed among Fifa's members.

He was forced to back down after global backlash culminated in calls for a change at the top of Fifa European governing body (with and on hand due to bad "net conditions" in the leadership team).

Concord, which runs the game in North America, Central America and the Caribbean, called the plan a "unilateral and egregious act of poor governance" and said a "full review" of Fifa's leadership must now take place.

Gustaf Johnston, who joined Fifa as chief of staff following Johnston's decision as a president in 2016, said the last week had been "extraordinary and challenging for all the members of Fifa staff".

"Individuals, unstable investments and unfortunate episodes come and go," he wrote, adding, "the institution (and) its mission ... continue." The memo was first reported by Sky News. Miguel Maduro 2020.21

Macquarie's new CEO will look to both home and away for growth

BUSINESS INSIGHT

FRANCE

Nic Fildes

In 1985, when the Sydney era of British merchant bank Hill(zaman) split from its parent company, it re-entrained itself Macquarie Bank Limited. There have been recent signs that Macquarie – dubbed "The Millennium Factory" doesn make – might be boating a little more into that banking heritage.

The modern-day Macquarie derives most of its income stream from its asset management business. Its mergers and acquisitions always are used for commodities and trading business that has been the star performer of the show in recent years. Two-thirds of its revenue comes from outside Australia.

The complex empire of rapidly growing non-banking operations saw the company recourse itself in 2007 as a non-operating holding company called Macquarie Group, which has grown into a global empire valued at nearly $200.8m (2016m).

On what Macquarie built its annual meeting in history last month, it revealed that Greg Ward, head of its banking and financial services division, would become Macquarie's fifth chief executive since 1985 when Shensara Wilson(mary the entire 6 November after eight years in the era).

Macquarie also used the shareholder meeting to introduce William Vercher, who has joined its board after decades in

European banking at 29Morgan, 1385, Santander, Schroders, Lehman Brothers and Womart – as well as a short spell in Thomas May's business essay.

Ward, a 50-year veteran at Macquarie who used to fair racing hours, has had his credentials heretofore after turning its domestic banking operations into a successful growth story and the driving force for competition in the company's home market.

In digital only deposits – pitched as having "no keeps" or catches to save money – and lending arm have taken chords out of the country's big loan banks, particularly in the giant Australian mortgage market. That success was underlined when 1988, another bank that was awarded a license to Australia in the 1990s, recently agreed to sell off its home loan book to Blackstone and said it would wind

down its remaining retail banking assets. Ward, a 30-year veteran at Macquarie, has turned its domestic banking operations into a successful growth story

The banking market share growth has also created a fast-growing consumer

facing Macquarie business distinct from "The Millennium Factory" operations, which have included its high-profile busy into the British water networks. And banking has long been part of Macquarie's story. Its original name reflects the banking nature provided by the Australian government, which was looking to shake up a complicated market. The name also was a red to Governor Laidlaw Macquarie who established Australia's forebank.

He created the "Risky Dollar" – the first minted coinage in what is now Australia, which also disables as Macquarie's logo – by inspecting Spanish realm and punching a hole in them in

order to make two coins with different values.

The new chief executive has not been sourced from the globalwriting asset management unit – where Wilsonsmuzzle was promoted from, nor the investment banking unit, which Nicholas Moore, her predecessor as chief executive, ran. Nor did the CEO come from the commodities and trading unit that has driven recent record profit.

But Macquarie insides argue that the question should not be where Ward has come from but what he will bring and how he created an increase against growth story from a unit that was starting to lose irrelevant when he took over 15 years ago by building a differentiated product in a competitive market.

And insides also laugh off the nation raised by some analysts and commentators that Ward's appointment might represent a threat to Macquarie's home market. They point to the 14 years that Ward spent as chief financial officer during Macquarie's rapid expansion into Asia and Europe.

Others noted that the banking and financial services staff had been a success but in 17 per cent not profit growth in the year to March was still along way off the other divisions, which gave between 27 per cent and 49 per cent.

Ward's job will now be to define his leadership era by empowering the next generation of bankers willing to feel their careers that they can create the opportunity to market and banking of lightning in a battle. Recent growth has been driven by global energy trading platforms, Asian renewable energy projects, and a challenge retail bank but the next Macquarie stand opportunities to keep the holey dollars flowing could come from anywhere.

ak.fildes@com

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FINANCIAL TIMES

Wednesday 5 August 2024

COMPANIES & MARKETS

Financial

Polymarket targets valuation of $20bn

Prediction platform seeks $1bn fundraising amid surge of investor interest

STEPHANIE STACEY – LONDON

Polymarket on a table over a $1bn fundraising at a valuation of $20bn as investors said to back roughly growing prediction markets.

The company said, after a negative everything from clinicians and sports to minute launches, is seeking new investment that could more than double the valuation it achieved in handling small cash October, according to a person familiar with the market.

Polymarket was valued at about $8bn in October when a business-tested Exchange, the owner of the New York Stock Exchange, said it would invest up to $2bn. It would another $2bn at a $15bn valuation in April, when it brought in new investors.

The most functionality, first reported by Bloomberg, came as Polymarket seeks to gain ground into larger rival Kailah, which closed a $1bn trading round at a $22bn valuation in May.

The total volume of contracts bought and sold on Kailah reached $41bn in June while Polymarket recorded about $8bn across both its original international platform and its US-regulated product, which launched in December,

according to figures from data platform from

Polymarket declined to comment. Polymarket and other prediction platforms have been boosted by the World Cup, a major event for the gambling arm.

However, its trading volumes have fallen further behind Kailah's this year as it has grappled with technical glitches, blockade from lavender and heightened, a series of new suspected insider trading on its platform.

A US-soldier involved in planning the country's January rail-to-solar Venturesian leader Nicolas Madsen was charged in April with placing Polymarket sugars on the mission that netted more than

$4000,000. Gannon Kox Van Dyke, the soldiers attended not guilty to the charges.

Francis weather forecasting service also filed a police complaint in April after detecting anomalies in its temperature ganges in Paris, which coincided with a surge in well-timedness on Polymarket.

Polymarket has said it tracks and creates suspicious bats and that Van Dyke's arrest was "good the opinion week".

The company is also facing further legal and regulatory challenges, including a probe opened to secure media for the Commodity Futures Trading Commission.

The investigation came after consumer protection advocates called for stricter oversight following allegations of misleading marketing. Polymarket said it was "committed to maintaining accurate, fair and transparent market." "It is not a matter of the fact that the market is a regular ground on kailah by expanding its range of markets and pushing further into sports, signing partnerships with sugars from the UK, and meeting are closed due to lack of the market. It has also hired new executives including An Brand who previously worked at sport betting on pony transfers, and Rock, White Soya, who spent nearly a decade at the New York Stock Exchange.

Financials

Performance fees: Apollo plummet as it misses out on big asset sales

MATTHEW KAHN – NEW YORK

Private capital group Apollo Global Management has struggled to cash in on the type of big share investments that have boosted its rivals, sending its income from performance fees plummeting in the second quarter.

The New York-based group generated just $100mm in realized performance fees in the second quarter, a 60 per cent double-fed interest rate.

That ended in contrast with rivals such as A&H and Blackstone, where performance-based income has ranged on the back of extra from large, long-held investments through initial public offerings or company sales.

The fourth of windfalls meant that Apollo's performance-based profits available for distribution to shareholders for the quarter were just $50mm, down more than 60 per cent from 2023 and worse than analysis had reported.

Apollo's adjusted net income, used by analysts as a proxy for cash flow, was also slightly worse than anticipated.

Apollo said that it had "productly delayed" selling price a volume of its principal private equity and hybrid funds "made as evolving and serious asset", and characterized the performance-based profits as "yolk-dib light".

The investment group reported strong overall asset growth and record for sale growth, which is largely typical the resilience of its insurance-facified funding model to heightened market volatility.

Apollo funds itself using its wholly owned income Aflone and through its Apollo Asset Management business, which raises money from pensions and sovereign wealth funds to invest for a fee. Aflone manages almost $100bn in assets and provides a steady stream of insurance premiums for its parent company to invest.

That funding model proved steady in the second quarter, as low customers decided to cash out of their insurance policies amid volatile financial markets and rising loss of credit funds.

Apollo's quarterly fee related earnings rose 25 per cent in a recent $7.8bn in the second quarter, hosting forecasts, while the special profit is earned by investing insurance premiums were $8.7bn, 17 per cent increase that also caused a "quintation".

Outflow from the insurance business fell in the quarter, while "unplanned" outflows were $40.0mn, a very slight increase from $8.6bn for fair year.

The figures signalled that Apollo's insurance customers were less likely to and cash from volatile markets than wealthy individuals who often hold alternative assets in projected retail funds that have recently faced heavy investor redemptions.

Apollo's leading private contracts with private capital rival Blackstone, which has refused to acquire an interest and instead fee on "most liquid" funds for wealthy individual investors that offer the right credit cash every quarter, upto certain limits.

Private capital groups Blackstone, Blue Owl, OffSHare and Apollo have chosen not to meet redemptions in full of their market share, offer funds this year to avoid a fire-aid of assets.

But while the funds on redemptions are functioning as intended, they have underscored the risks that investors have taken in reducing for seeking filiguid private investments that offer higher yields.

Food & beverage, Beer

US drinkers fall out of love with Bud Light

All InBev shifts marketing cash

to coffee brands on the sign with

celebrities fall to halt fall in sales

GREGORY HOUSE – NEW YORK WORLD ONE OFFER – LONDON

Ashmoor blushs InBev showed off frosty bottles of egg beer brands in the financial results presentation last week, almost from the phone Bud Light.

The "easy to drink" brand with a blue and white label was the best-selling beer in America until 2023, where the company engaged transgender influencer Dylan Markoore in talk it up in an online video, Wearing necklaces and fashion gloves, Markoore showed off a can specially printed with her portrait.

The conservative backlash was punishing, Since then All InBev has made deals that bring it closer to Donald Trump's Naga movement, including sponsoring of the White House cage fight on the US president's birthday in June. But sales of Bud Light continue to miss.

All InBev is now swinging more marketing both behind other brands flowing out of his foreword. Its media spending on Bud Light issues a huge deadlock between 2022 and 2023 in $125,200. But has the flood every year since, according to McGuffie—the data analyzed by Kanton, a marketing consultant in an earnings call last Thursday.

A rival fight beer brand from its stable, McGehee Ultra, has replaced Bud Light as America's favourite.

Media spending on Bud Light was down 10 per cent to about $44mn this year in July. By contrast, spending on McGehee Ultra—the North American beer sponsor of the FIA World Cup—was up 50 per cent at $21.6mn.

Elite Things, director of Kanton's brands, said: "The keynote highlighted what can happen when a brand with broad awareness, but limited differentiation, comes under pressure. Beer is a category when switching costs are low and consumers can easily substitute one light layer for another."

Entertaining results operating has included Bud Light television advertising campaigns with a positive tone for young PepsiCo planning, the retired America's football quarterback, Post Midwest Sports' support with issues including "Love/Inter Letter to Alcohol", and Elinor Ultra, a camouflage known for tantalizing liberal sensibilities.

The tone perused a selling beer bag downfall in an advert that aired during

Bud Light goes flat

Annual volumes sold last Saturday

2024 figures are forecast

Source: New York Times; Category: American Kinematics

Organic sales volumes decline

All inBev North America (annual change, not backsliding)

Source: Visible Notes

this year's Super Bowl US football championship.

"They have been very focused on these momentum backers," said David Robinson, executive officer of Kool Markets's Insights. "Bud Light is football, it's country music, it's few music, it's grilling, and that's essentially it."

Bud Light in 2023 also returned as a sponsor of the Super Fighting Championship; the mixed martial arts competition led by Dana White, a longtime friend of Trump. The deal gave Bud Light 5-day permanent placement at the summer's White House host.

But Trump had a month reminded observers why Bud Light may not escape being a culture war causally, making much a shock about Midwest to his speech to the White House Correspondent Association shares, and claiming the anti-traditionalizing "cost Bud Light $12bn in market cap".

However, the market share of the All InBev's market capitalisation is now $3bn higher than it was the day before Markoore's Instagram post.

Bud Light volumes are falling in the beer market is shrinking. Consumers are cutting back for reasons including health, their intake of weight loss drugs or because they are switching to cocktails or highschoolmodels for a long.

All InBev will sell 12.7mn barrels of

No more fun Bud Light was America's best-selling beer, but sales have fallen amid a backlash against its 2023 ad promotion that featured a transgender influencer.

Bud Light in the US this year, down from 31.8mn in 2024, estimates analyst & deet-UVsman for $2.6mn on 2024.

At its peak in 2007 and 2018, and Light sold 4.6mn barrels and comprised about a fifth of US beer sales, according to the eMarkoore's Insights.

In the first half of 2018, All InBev's total fourth American beer volumes declined 19 per cent year over year, the company said on Thursday. The company pointed up McGehee Ultra, Peach Light and Bud Light Apple for gaining sales in the US beer industry, costing Bud Light.

In its recent presentation, Bud Light appeared only in a listing of the world's most valuable beer brands, coming in at least 10 per cent in the performance in sponsored by the National Football League and the UFC.

In 2021 the Belgian Brazilian beer giant evaluated its strategy to channel most of its marketing and sales spend

'Bud Light is football, it's country music, it's few music, it's grilling, and that's essentially it'

Your 10 "megafreunde" out of 500 around the world!

So consumers can back on traditional lager and sought out healthier brews, the group expanded the National doesn't portfolio of low-calorie, low-alcohol, gluten-free and sugar-free brews.

It has also made upside into ready-to-drink canned cocktails such as Genuine, the latest growing brand in the US spirits industry in the second quarter.

The rapid growth of McGehee Ultra, which All InBev postlums the "active lifestyle" overall exemplifies the health and wellness trends, said chief marketing officer that it blends with its recent interview.

"It's not a coincidence that the number can have to the US value to of care in McGehee Ultra," All InBev declined to comment on media spending and sales trends for Bud Light.

Genuineists, himself a former Ashmoor-Busch employee, noted that Bud Light had been in decline before the Midwest program. Bud Light drinkers in some states moved to New York City. McGehee Ultra said to brands outside the All InBev portfolio including Coca Light, Miller Lite and Models, he said.

"Eventually, beer brands just get too big, in that they can't become all things to all people," America thinks. Bud Light showed that big beer, "chlycerate and."

Financials

Palanti shares soar as it forecasts greater demand from US groups adopting its AI software

KARY KOHNER-ADISN – SAN FRANCISCO

Palantir shares won for more than a quarter yesterday after it raised its full-year outlook on the back of strongly ill demand, and the results of the Maryland companies were adopting its software to avoid selling data in leading AI developers.

The Florida-based AI in company said late on Monday that it expected full-year revenue of at least $6.2bn with US commercial revenues of $5.4bn. Both figure-sourced in and net expectations.

Palantir posted better than expected earnings for the second quarter, with US sales climbing 37 per cent to $1.27bn. Net income for the period was $2.06bn.

Karp told Investors that Palantir was benefiting from a good towards US passengers—an effort by some means and companies to keep control of their data to avoid interference from other actors, including foreign governments.

He said the push was coming as AI's

benefits risked being concentrated in the handful of jobs, but were training models being on more than

"The revolution for independence and AI sovereignty is now well under way," Karp said in a letter to shareholders. "The demand from our partners is not only a commitment plan."

The company's shares were up more than 20 per cent yesterday at 8pm.

Investors had been pulling back from the group amid fears that it will be disrupted by AI labs such as OpenAI and Anthropic. Its shares had fallen 21 per cent in the year to date ahead of the earnings.

During the company's earnings call, Karp accused more AI labs of suggesting the technology's disruptive potential. He said customers were also selling data in companies, which are using the build products that could eventually compete with them. Karp also criticised what he called around the "A's in group of people" in "colonies" customers and

dictate how AI should be used on sound grounds, in remarks that appeared to be found in Anthropic.

Anthropic also forecast the future禅师 has become one of the industry's leading voices warning that increasingly capable AI models would replace whatever workers. The company's tools

have triggered market ractures this year and share that they will replace work on the business to reduce competition.

Amedeo has also sought to modernize the technology's use in Airforce applications, leading to a protracted legal dispute with the Pentagon.

Palantir, which was founded in the

Chief Alin Karp has described Palantir as 'anti-woke' - David K. K. (in) and David

years following the September 11 move ahead of 2024, has produced a significant increase in the market share of the US and its allies from similar threats.

Yet the business has experienced problems in international markets as they increasingly did in the US. Palantir with the Donald Trump administration and its policies, including a crackdown on illegal immigration.

Karp has commented on the business being 'anti-woke' and on its tools being used in All US revenues.

"We're just one moment, are increasingly seeking to disentangle themselves from Palantir and either US work groups in an effort to move their systems outside the sphere of the biological influence.

"I mean it's a clear intelligence agency signed a rival with Chapel Hill in June alongside John K. K. and other workers across to an AI assistant powered by Finance's iStock.

Palantir's UK contracts have been

subject to significant scrutiny, while Germany's second Swiss food on behalf of the government.

Offshade is thousands and the Netherlands have similarly expressed a desire to uncouple from the US-based software group.

Palantir's business has grown more concentrated in the US, with it over more without an date in its home market. Roughly 10 per cent of its total revenue in the quarter came from international customers, down from 20 per cent in 2023.

The company has signed a number of commercial deals, including reaching an agreement with law firm Kothiawik. Ellis in June to deliver an AI system that can draft letters, local agreements and customer complaints.

But since deals are described by its $60bn agreement with the Pentagon, but year to provide tools for the US army over the coming decade.

Sai'an

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Wednesday 5 August 2024

9

FINANCIAL TIMES

9

COMPANIES & MARKETS

Novo chief injects risk-taking amid push to revive drugmaker's growth

Deustdar's drive to rejig Danish pharma behind blockbuster Wegovy pill undeterred by trial setbacks

AARON KROVELL — COPENHAGEN AANU ANSTING — LONDON

One year since becoming Novo Nordisk's chief executive, Mike Deustdar is looking on the "pleasureout" value of its weight loss pill, new drugs and acquisitions to return the drugmaker to growth.

Deustdar, the first foreigner to lead the Danish company, wants the timespile maker to take risks as he pushes to revive his become amid stiff competition and disappointing trial results.

"You know, if you do not like failure, then you should not get into a pharma business," he told the FT at Novo headquarters on the side of the FT type shogger. "I actually think success for us will be to have more than at goal because we're dealing with science and research that has, inevitably, failure attached to it."

The 10-year-old ban not about away from tough decisions since becoming chief executive last August. He announced 9,000 jobs on "the basis in Danish corporate history" and dashed profit and revenue gestures because of market share losses and pricing pressures for its injectable weight-loss medicine.

While acknowledging the challenging environment, the company has been cast that sales and operating profits could decline by as much as 12 per cent this year — Deustdar said Novo could return to growth under its leadership.

"I am very confident in Novo Nordisk's ability to return to sustainable sales and profit growth over time," he said.

"That confidence is not based on expanding the market to become easier. It is based on the scale of market patient need, the strength of our science and portfolio, and the change we are making to become more focused, faster and more competitive."

To achieve that goal, he said Novo must take risks and accept that some will not pay for.

The need to handle adversely was on full display during Deustdar's interview with the FT on Friday, with his staff interrogating to eliminate that a drug maker and not taking the risk of heart attacks had failed a late-stage trial, sending Novel shares down 10 per cent. The results were a setback to efforts to develop treatment pipelines beyond its blockbuster weight-loss drug.

"It's not the first, we do it going to be the last time we fail, and it doesn't deviate on them our strategy," Deustdar said, reiterating the company's commitment to developing treatments for cardiovascular health and continuing two other related trials.

Novo pioneered modern weight-loss drug to become Europe's most valuable publicly found company in 2023 before its stock and sales tumbled as US rival EU Life and generic competitors gained market share.

Choosing Deustdar reflected the board's appetite to shake things up, compelling the loan loan, 10 trained Austrian national who had quickly risen from office in its first-round science-education group to over three decades.

During his final interview for the job, around with a 100-page presentation, he recalls telling the board they should not give him the job if they were not willing to support difficult and acceptable decisions, including potential job cuts.

After slashing jobs and navigating a board revamp, Deustdar received a boost in loan when prescriptions for Novo Wegovy pill expressed from less than six months after release, making it one of the biggest US pharmaceutical limited by volume.

"The numbers are phenomenal," he said.

Of fully introduced to own rival pill in

Mike Deustdar, Novo Nordisk's chief executive, with a mammoth tooth that, as largest goes, was won by the enduring father of Novo's first CEO at a poker game in Russia. Right, Wegovy pill prescription in June exceeded $9m less than six months after release. Source: Newsweek

April 1st, rather than hurting demand for Wegovy, Deustdar said sales of Novo's oral treatment had "accelerated" since then.

The Wegovy pill, as oral version of its injectable weight-loss business, has been launched in the United Arab Emirates and the UK and was recently approved by the EU.

Novo is also pushing ahead with the next generation end pill, foregarnitals, which is starting phase I trials and could be bought to the market before the end of the decade if "everything goes well".

"We are ahead in our R&D for the next generation, and we are way ahead on what's happening to the commercialisation of the pill, and are in the US, everywhere we basically are currently present," he said.

However, Novo's margins have come under pressure. It has been forced to cut prices in the US, in largest market, after President Donald Trump urged the world's largest pharma groups to reduce price in America. This price cut, which the Novo boss described as "unprocrastated", has come into margins as its more profitable injectables.

Novo is looking that the rapid growth of the pill will make up for the reduced prices of its injectables. Medicare, the US health insurance programme for obi-

cely people, began offering expanded access to Wegovy last month, prices fully increased again.

But the company has yet to win over investors and it prepares to publish half-year financial results today. So shares have fallen more than 5 per cent this year and are trading at less than a third of their 2024 peak.

"I think it's too strong to ensure our loans questions about Novo's path forward," Deustdar said. "We are trying to do that. 'Sweeteners would like a shorter plan for what the company would be willing and unnegotiable.'"

The move to 1976, compatible access the different injectables and oral forms is going to be about 70 per cent of revenues and the follow-up plan because 2030 is still visible unclear.

As Novo attempts to control its pipeline and diversify its portfolio, Deustdar said he was open to "big" mergers and acquisitions. Asked whether he would conduct transformational deals, he said: "Yes, I would not shy away from going to that direction. ... I'm happy that we have a balance sheet that can accommodate a very large size."

Deustdar also signaled he would consider far bigger deals than Pfizer's $50bn acquisition of already drug developer Motown after a takeover battle with Novo, saying that was not a "large" transaction in his eyes.

Speaking before news fools of talks between AstraZeneca and Glaxo/Others legalists were potential hitch to pharma mega-merge, he said: "Probably today we are in more data rooms than ever before looking into anything and everything that is not there."

But he stressed that the company prioritised assets that fell gaps in its portfolio over time. The two-third new deals as a potential answer is investors' frequent questions about the company's ability to diversify. Unlike its biggest competitor in weight loss, US 1.2%p

"If you don't like failure, you should not get into a pharma business success for us in to have more shots at goal"

which also does cancer and neurostimers. Novo generates more than 90 per cent of its sales from its divestig and diabetes drug.

"I do think that we need to diversify, no doubt about it, but I think we need to have the patient diverted into a second science areas and customer populations that we are襟齒齒的one with," he said.

Some this people suffer from conditions linked to diabetes, obesity and being overweight, and Novo is exploring treatments for cardiovascular, kidney and liver diseases. While into some of its Alzheimer's treatments failed to meet primary goals at the end of 2023.

Wegovy's main ingredient, unnegotiable, has also been shown to have alcohol and drug use, as could be a sleep apnoea and skin issues, Deustdar said.

He leads a company that was formed by a merger in 1949 of two rivals, Novo and Nordisk. The predecessor companies extracted benefits from pig pancreas in a country known for having more pigs than people.

The company is now barely reorganised since these days but Deustdar said he received some of the comforts typically enjoyed by the losses of large multinationals.

He works at an open-plate desk at Novo's headquarters, using a machine-phone-book-style room for private pills, his desk is surrounded by pictures of his wife and two sons, with a sign that warns: "Iveganes $100."

His possible possession, however, is a mammoth tooth, said to have been won by the enduring father of the company's first CEO at a poker game in Russia and then financial securities are generation of business in the next.

"It's a roadside to you every day that I'm here for a short period of time and that I have a responsibility to pass the loan to someone else after me," he said. "And when I do, I'll like it to be my better shape and from those what I get it."

Bank: HSBC restarts buybacks as profits soar 60% to $10.1bn

HUGH NOE, ALAM — KONG KONG OFFERED ALABY — LONDON

HSBC's pre-tax profits jumped 60 per cent to $10.1bn in the second quarter as the bank raised its target for cost savings and announced it now share buy-back.

Revenues at Barney's largest tender came in at $19.1bn in the three months to June 30, against a company compiled analyst consensus of $18.4bn — up 10 per cent while some price that year.

Profits were focused by its wealth management and insurance business, including in its "second home market" of Hong Kong, where it said it unbounded $10.0bn before across HSBC and its subsidiary rising long-lists year.

Pre-tax profits in the second quarter last year were damped by impairment losses relating to the bank's stake in a Chinese lender, as well as by restructuring costs of $100bn. "HSBC is becoming the stronger bank we set out to build," said chief executive George O'Malley. "We're executing our strategic priorities with pace, precision and discipline."

Shares digged 61 per cent yesterday in London, bringing the increase this year to a third and relating the company at £27.9bn.

HSBC received its target of a return on tangible equity of 17 per cent as

"We're executing our strategic priorities with pace, precision and discipline"

higher for the next three years, and updated its banking set interest income setback for 2026 from "normal" to "at least" $40bn.

Profits were up across HSBC's four businesses, with Hong Kong and international wealth and primary banking with the lower than those beginning.

Wealth revenues rose 22 per cent in the second quarter from a year earlier to $2.4bn, while wholesale transactions revenues rose 7 per cent at $5bn. The share buyback worth up to $2bn was the first since the bank last year announced a double-ship filing through bank private. It also planned to pay a second interest dividend of 6% 10 per share.

The bank raised its target for savings from its restructuring from $1.2bn to $2bn, coincided by the end of this year, and recognised an additional $200mmed costs in the quarter relating to 10%ed on 1-phiance-simplify operations.

HSBC also warned that its costs may increase if it allowed "additional performance-related pay" on the back of strong business performance. Analysis at Chi responded by warning that higher costs were not focused into existing consensus estimates.

Expected credit losses for the quarter stood at $1.2bn, in line with the previous year and analyst expectations, with an additional $400mms set aside for risky loans related to the Hong Kong commercialized underwriters.

Provisions are applicable banking, were $1.3bn, which HSBC attributed to "lived-related, secondary, securities-loss exposure with a financial sponsor in the UK". In May the FT reported that HSBC had a sponsor in the United States' gold leader Market Financial Solutions through Apollo, asset-backed funding unit, Atlas 97. The higher provisions also reflected an uptick for "mid-market clients across the globe", said Pam Kane, HSBC's chief financial officer.

HSBC has continued its drive to simplify operations and reduced the number of managing director positions by 13 per cent between October 2024 and 2026.

Google's $200bn Wall Street machine

continued from page 1

Complete SPY pool $32bn for roughly 10% of the US hardware, representing around 2km TPUs, according to people familiar with the matter.

The SPY's cash cover from three branches of debt achieved by Apollo and Blackstone. Broadcom guaranteed the two senior branches by operating in cover any shortfall if challenge stopped getting and the SPY table in make enough returns for both hardware.

The arrangement, known as residual value support, covers about $30bn of the $30bn financing with Broadcom's exposure declining as Anthropic makes its knee payments.

That structure in the template that is expected to finance TPUs worth hundreds of billions dollars more.

The largest debt set cover together in April when Google still another 3.6GW of TPO hardware and Broadcom for Anthropic. Broadcom's filings disclose $120bn of purchase commitments with $55.2bn of deliveries scheduled for its

2027 focal year and $71.9bn for 2028. People familiar with the arrangements and these commitments retain almost entirely to its agreed purchase of 3.6GW of TPO hardware from Google.

Financing the disposal of only half of Google's problem. The company also needed enough powered data content to house them. "We have a schedule and

we're building for capacity that will fit the schedule," the Google executive said. "Crypto miners with excess capacity were helpful."

If the help to maintain several crypto miners with secured power into a new board of 6.0 infrastructure developers, with a small credit called ServWall the first to fund a Google hashed up to 60%

Google has co-developed the TPO At Edge with Broadcom since 2016. Google

SHOW data comes on its campus in New York. Google guaranteed the knee payments on the Anthropic-based site, which the year before you heard one a connection bond that to ServWall raised $5.2bn to build it. In return for the hashed up, Google took power to return that gave it a stake in ServWall.

Google's team rapidly replicated this approach in the following months, helping crypto miners such as Cyber Digital and that it built data content in Texas and Louisiana. The FT identified five projects with 3.4GW of power, which have raised $25bn of debt with the support of Google hashed up.

People familiar with the matter said Google had so far backshipped 10 developments with 3.4GW of power for TPUs. Its guarantees put it on the book for as much as $40bn if all the leases go bad, though it was for the liability at $8b loss on its balance sheet. It could also very provide house itself.

The Google team is now saying to just together, additional data comes projects with enough power to house all of the

4.5GW of TPO hardware they've agreed to sell. "We're spending a lot of time on [power] right now — all of our time," said the Google executive.

We have been able to financial both had already begun to reshape the economics of child protection. Data orders projects backed by Google borrowed at a median rate of 7.1 per cent compared with 5.2 per cent in the nonsocial operations building around 10 million days.

Effective analysis called this gap "a structural cost-of-capital disadvantage" for those in Nvidia cards.

For Google's project, the risk is big if concentrated, $200bn of contracts tied to Anthropic's ability to pay for help and data comes leases. It is one piece of a larger difference with demand across the industry coming on a handful of large figures about and broader. 6Gabs.

"There's a lot of data that doesn't have both underneath these companies and, if their appetite to invest decreases, all of it seen a showdown," said Effective analyst Jonathan Price on. "That's the big macerode."

---

10

•

FINANCIAL TIMES

Wednesday 3 August 2020

UK COMPANIES

Financial

MFS administrators file Barclays suit

Claim launched over alleged refusal to grant access to bank accounts

DURHAM/AL: BRYSON & ALIAS AND LATIVEL/ENGLEY — LONDON

The administrators to collapsed mortgage provider Market Financial Solutions are using law buy over its alleged refusal to grant access to other company's bank accounts as creditors attempt to recoup assets from the group.

Market Financial Solutions Limited filed a lawsuit in London against Barclays on Friday, writing a court order

that would give them access to frozen MFS accounts held with the bank.

The accounts, which have been frozen since the mortgage provider collapsed amid allegations of fraud earlier this year, hold cash this could be used to repair creditors of MFS's main entity.

At the time of Mr Us collapse the bank held £100mn in account which is numerous MFS entities. It was clear how much money is held in Market Financial Solutions Limited's account alone.

Jefferson and Atlas SP Partners, Apollin's investment credit acts, are among creditors that lost more than £2bn in entities tied to MFS, which claimed it could "deliver loans as large as £10mn in as little as three days".

MFS's implement has stoked concerns around the underwriting standards to asset-backed lending markets and has prompted an investigation by the Financial Conduct Authority.

Barclays was not only abraded to MFS but also the cashier on bank, providing banking services to the mortgage provider. MFS's detain was principally the Barclays blocking its banking services after discovering alleged irregularities. The FT has previously reported.

Creditors, which extended financing to MFS backed by short-term asset gains, are facing an alleged shortfall of £1.3bn. About £100mn is announced for after administrators discovered a network of borrowers outstanding lost to

Parodi Reja, the owner of MFS. These creditors are trying to figure out what their collateral is worth amid allegations made in court of double pledging.

The application comes after Barclays refused MFS Limited access to its bank accounts, according to people familiar with the matter. The bank has communicated that it has the right to use the hands-on short other loans they added. As well as providing banking services to MFS, Barclays was also exposed to MFS's operating network as a leader in London bridging London's, which is also in a consideration. The bank had roughly £400mn of exposure to the wider group and has said that it took a £1.20mn of from its exposure to MFS.

Barclays said it is defending the claim he could not repossess further.

In April Trident Pundling – the MFS entity that received funding from Surrender – obtained its own court order having Barclays to grant access to frozen bank accounts.

Administrators have accused Reja of misappropriating almost £1.3bn to hold a "brink filter by" that included purchasing a "net another" delivery car. "London's flight course May appeal to allow the sale of part of Reja's car collection, made up of eight expenses, for £1.625mn. Reja has denied allegations to the administrator' lawsuit and hesitation "don't we see no fraud or dishonesty" according to his spokesperson.

Energy

Buoyant BP to shed $4bn US biogas division as new chief revamp group

WALLINGWOOD — LONDON

BP has put its $4bn US biogas business up for sale as new chief executive Meg O'Neill outlays to do off major, which yesterday posted its highest quarterly profit since 2022.

Inchana, which is uproare purchase from landfill sites, is the largest renewable gas producer in the US. It was one of the biggest investments that BP made in the UK's 90% of the US's by about to become a green energy giant.

But the business has struggled and BP notes down its value slightly early at the end of last year, as part of a 9k, 20m impairment of the biogas and other areas.

The off major took a further 9k, 20m impairment on its green energy assets in the latest quarter.

"Some assets may have been important to BP in the past. That does not necessarily mean they are the right assets for BP's future," said O'Neill, who started as chief in April, adding that BP was now focused on businesses that improved cash flow and returns and would take "extra on-the-mind data".

She made the announcement as BP reported a 14k per cent rise in second-quarter adjusted profits to 8k, 10m, ahead of an and/or prediction of 8k, 10m, on the back of higher off, gas and refined fuel prices during the lean conflict. It

"Some assets may have been important in the past. That does not mean they are right assets for BP's future"

was the highest quarterly profit since 2022, when America's full-scale invasion of Ukraine caused an energy crisis in Europe as gangsters quadrupled.

O'Neill has quickly assisted outlapping BP's business since she joined from Australian company Woodside.

"We need to take a base look at ourselves assuming what needs to change, stopping what holds us back and building strength where it matters," she said in the results announcement.

Beryl Burkhatterin, another at KBE, said the group was in better shape but management would do you to invest more in what's with the UK?

"Vacuating at BP's historical fallings is a good step forward for the investment case, and we look to the call for more charts on the financial framework and tangible plans ahead," he added.

Last week, the off major announced the sale of its business in the UK North Sea. BP has also closed its venture capital arm, sold its Austrian fuel-station business and its stake in the Key du Nord des713, which is now probably the company in Canada.

O'Neill has made cutting BP's huge debt gain on strengthening the company's balance sheet for priority, and she said the group's various financial obligations, which include debt, hybrid bonds and its reputation payments for the company's debt loss disaster. And declined significantly.

"They are down 9.7bn from the press on quarter," she said.

BP said it would bring out debt below 10m by the end of its business, hitting the goal over earlier than expected.

However, BP admitted that it was "disappointed" with its core reduction programme despite cutting almost 1260 jobs last year and 4,000 contracts on sales.

Property

Segro accepts £14bn buyout from US-based rival Prologis

ALEX FENBERG

Real estate group Segro has accepted US rival Prologis's £10bn takeover offer, the companies said yesterday, concluding a weeks-long battle that is set to reach is one of the biggest deals he is London third group this year.

Prologis will pay £102p for each Segro share a premium of 19 per cent over the closing share price on June 25, the day before its interest in a takeover was known.

The FTSE 100 group's shareholders will be paid mostly in stock, with a partial cash alternative of £3.3bn, and could own up to 5 per cent of the core blood company.

Prologis had made its "best and final offer" last month after Segro rehabilitated advances, claiming that those afterwards valued the UK company.

The UK team, actual 9k/p per share offer valued Segro at £11.6bn.

The takeover is one of several to hit the UK market this summer as cheaper valuations that increase buyers. Companies including Intertek, Schroders and receipt are among those to have been targeted.

Completeness of the takeover of Segro, London's largest listed property company, also accelerates significantly significant decline in the pool of excise companies on the UK in six markets.

Prologis and Segro had present their cases in the UK, which has been the recent weeks, with questions raised around Segro's growth property in and the value of its data centre projects.

Prologis will apply for a secondary London listing of its shares.

"We believe the combination would bring together two highly complementary businesses and create a compelling platform," said Segro's third executive (hold/think).

"Prologis shares our core vision in the long-term personal delivery and organising demand for modern logistics and data centre infrastructure."

The combined real estate platform would have about $200bn in assets under management's own standards. A European portfolio of 360mn sq ft, with a 10mn of Prologis's European presence by 7 per cent, the companies said.

Segro owns a portfolio of warehouses and data centre, mainly in the south-east of England.

Legal threat

Aston Martin creditors fight financing deal

Alexa study: Aston Martin's Valhalla sports car in North Carlis, Mexico. The cash-strapped carmaker has secured a £150mn funding package

Aston Martin's creditors are threatening legal action against it after banning that the carmaker plans to sell a portion of its branding and naming rights as part of a contentious £100mn debt financing deal.

The cash-strapped company announced last month that it had secured the funding package with BlackRock owned private credit firm SIPs, comprising a £400mn term loan and a further £300mn that can be drawn in the future.

The deal has been contested by a group of creditors owed £1.3bn, who argued that a financing deal playing an active pool that was it intended to terms of Aston Martin's existing debt.

The group of bondholders met a "futter before action" to Aston Martin's return on funding, warning that they might be required to file proceedings with the aim of unwinding the SIPs' transaction and blocking the disposal of certain intellectual property assets.

Aston Martin has refused to share details of its deal with other income creditors in the dark. However, they have learnt that part of the deal relies on the carmaker transferring 3k's per cent of its so-called non-automotive intellectual property to US brand

developer Authority Brands, according to people familiar with the matter.

SIPs can investor in forthwith Brands, and the additional £300mn that could be drawn down from the private credit firm by Aston Martin is unaffected so that branding rights transaction taking place, according to the people.

Having creditors have already challenged the financing deal on the

Aston plans to sell some branding and naming rights as part of a £500mn debt financing deal

basis but it moved anote out of their pool of collateral to invests of Aston Martin's new leader. The collateral's creditors were denied the opportunity to provide new financing themselves.

The existing creditors believe the new financing deal and the disposal of smaller and property rights would have them with less valuable collateral and fewer the lending agreement terms.

Although Aston Martin has said the new SIPs' financing was "secured against certain of the group's assets

situated in a newly incorporated subsidiary together with certain other assets", it has declined to explain to bondholders which collateral is outside their stock.

The carmaker also declined to reveal the details when questioned by supply analysts on an existing call last week. Aston Martin's chief financial officer Doug Lafferty, defended the deal as "important for the company as a whole".

Aston Martin has raised £30mn this year by telling the rights to use its name for the financial i team that more under its name. The call to the FT team's holding company, KME GP Holdings, is often marked a cash injection sheet a measure itself, who indirectly controls KME.

"Aston said it received per over $100mn in the marketing expense" for sponsorship in the first six months of 2018. This is essentially Aston Martin paying KME to use the name after selling the rights.

SIPs, which is also a minority shareholder by KME, did not respond to a report for comment. Aston Martin declined to comment. Since likely to London and Kent Enggill is Tokyo

Mining

Anglo admits mis-step on lab diamonds threat

CAMILL & MISSION

Dr Beers and the diamond industry managed the threat from lab-grown guns, which have shaken up the market for natural stones, Anglo American chief Duncan Woollhall has admitted.

The intent is trying to sell the pioneering diamond company while also writing down its value these times in the past three years.

Some in the industry are consumers moving to design lab-grown diamonds as a failure of marketing, but retailers have enjoyed growing sales-enhance and what is the market's heighten.

"Windsight would probably show that we might have wanted to have been a life for bitterness aggressive on the signals we were getting." From the competition since lab-grown stones, Woollhall told the FT.

"Wealth diamond markets, where they go through dips, recover very rapidly...And I think that there was chief expectation that might be the case here.

Looking in the near-view mirror is a mock more perfect science than trying to do it to re-sell it.

The mining group last week reported another slide in words diamond prices for the first half of the year, with a 12 per cent fall to $105 per cent, lower even

'We might have wanted to have been a little bit more aggressive on the signals we were getting

about to pastimes. We live half of 2020. Dr Beers posted another cash loss for the first half, equal to $12mn, which Anglo's overall underlying earnings climbed by a third to 34bn because of the higher-copier price.

The rapid increase/lowest of lab-grown stones into the market has led to several diamond sales closures and passes, including Dr Beers' outstanding last month that it would pause prod-

tion at its Venetia mine in South Africa. Woollhall said it was "true" that the natural diamond industry had become insistent in respect of lab-grown stones, adding that about a 18th of the current natural diamond supply was "on its way out over the next 12 months or so". Dr Beers only shut down its own lab operations.

Anglo said last week the sale of Dr Beers was "advancing" but it had not chosen a preferred/milder yet. A comparison led by former Dr Beers, their executive Gareth Penny has been tripped as the leading group, and has been discussing a deal worth about 30mn, including two new people familiar with the matter. Woollhall would not be drawn on the sale price, but said Anglo was "not exclusive with anybody who points to them".

For 13-year, executive chair of the Finance Group, and Michael O'Keeffe, now executive chair of Borgwald, the brand filters, are leading two other competitors, according to two people familiar with the matter.

Support services

Mourant sells stake amid private equity rush

NEIT BING — LONDON

Offshore law firm Mourant has sold a statewide cashier's private equity group MNL in the latest sign of rising private equity interest in the highschool.

The transaction is the first by one of the "offshore-region in 24" — a term given in the 1980s terms have been established, and Duncan Islands — that brings target rate equity investment at a group level.

Interest in the legal industry has grown to recent years as investors seek exposure to the highly profitable sector.

MNL has taken a 17 per cent stake in Mourant, the firm sold the FT. The state credit, which specializes in advising on offshore jurisdictions such as the British Virgin Islands and Jersey, has also risen to over equity rates, allowing its 60 shareholders to re-invest in the deal.

Mourant's business comprises less investments and consulting. The firm declined to disclose the value of the investment and equity, raising and, to line with offshore rivals, does not pub-

ish its financials. However, its revenue last year would put it in the top 30 UK law firms, according to a percent with knowledge of the situation, which means its turnover is higher than £270mn.

Jonathan Rigby, Mourant chief executive, said the firm was doing the deal to "accelerate the market".

"We're doubling down on the combined business," said Rigby in an interview ahead of the announcement, referring to the law firm and its own legal arms. "This is not a deal where people are cutting out...they're putting better than in the game and that's everything I think that really sets the apart."

Rigby said the shareholders is more more good was overmatched.

The flow of investors cash-lots produced various firms started self-annuation and accounting firms, which have been an increasing number of large private equity deals, but the legal industry has been more hesitant to take one side money.

Uncertainty around how AI will disrupt the model has also complicated deals.

In their November, the partner at MNL who worked on the deal, said Mourant's broad footprint and set of specialist areas meant there was "mongled around" around the model. At time of an opportunity than a risk.

Under the Mourant deal, there was no link in the partner or standard, given sales, Rigby said.

The firm, which counts Goldman Sachs, MNL and CFC among its clients, is planning to use the leading to invest in the banking, cash and capital items and organize new consoles.

The offshore adviser has about 1,000 staff, including 100 lawyers, and nine officers covering the world's key financials.

Rigby said the firm had seen increasing demand from clients in Ireland and the US, along with opportunities for more growth in Luxembourg and the Middle East.

---

Wednesday 5 August 2024

FINANCIAL TIMES

11

COMPANIES & MARKETS

Currencies. Surprise policy

Bessent's historic yen intervention signals new era of US 'activism'

Washington's move reveals

willingness to support trades

that push against its interests

LIZ SMITH — LONDON DAVID REINHARD — THE US KATE DUGGIE — NEW YORK CLARK JONES — WASHINGTON

When Washington and Tokyo staged that final past intervention in South the Japanese years almost three decades, the man steering the US effort was no stranger to making high-stakes currency trades.

Fridie's move was spearheaded by Scott Bessent, a former leader who made his name feeling against the proud in 1993 and the years 2015 while at George Keen's investment firm.

At the helm of President Donald Trump's Treasury, he has taken an increasingly activist approach to financial markets.

Washington's historic intervention to prop up another nation's currency stunned investors in part because the yen had been weakening more steadily than the drastic moves that typically prompt co-exibuted action.

They were also struck by the decision to sell euros in buy the Japanese currency rather than using dollars.

The trade reflected the growing willingness of Bessent's Treasury to drive deeper into the standards after it swooped in to support the Argentine practical year.

One big US bond investor said: "It's not for all power. It's not for the greater good, so what is the US doing?"

Bessent's unusual move came amid growing investor concern that the Bank of Japan's policy can, at 1 per cent, is not rising but enough to bring up with inflationary pressures.

This could continue to drag on the currency, given that rates are much higher elsewhere in the world.

The US Treasury secretary was also{tarcity} sity at touting the transactions,

"It's not for soft power. It's not for the greater good, so what is the US doing?"

US bond investor

with a photographer capturing a to-do list written by Bessent at Fridie's cabinet meeting that read "Buy Japanese Yen (JPY) $5-10M."

The intervention by the US and Japan have pushed the yen sharply higher from almost $100 to the dollar earlier this month. Its weakest level since 1986, to about $120, although traders and analysts warned that the reason could quickly reverse.

"The irony of the gay working for firms and (Quality) (headmanlike who broke the Bank of England back in '95 pretending that yen on doP5 intervention alone, and lastingly defend a currency, is just amazing," said Adam Evans, president of the Peterson Institute and an expert on the Japanese economy.

Investors said Washington's move had passed uncertainty into major currency

Charging in US Treasury secretary Scott Bessent at a Camp David cabinet meeting in Maryland last month. He has been taking an increasingly activist approach to financial markets

markets and talked off a new era of government activism with the US demonstrating its willingness to intervene in a trade that pushes against its interests.

"The US Treasury's arrival marks a new sheriff in town, warning speculators away from selling the yen," said Chris Turner, global head of markets at 1961, saying he "marks a return to an age of 18 activism".

The US Treasury department declined to comment.

Both countries had good reason to act. Japanese policymakers had fretted that the data in the yen, alongside a brand coat in Japan's government bonds, was becoming excessive.

For the US, there were mounting signs that it was bringing selling pressures on the Treasury market.

While Trump said the US was "always there for Japan," investors should at a desire to deter its ally from selling Treasuries — of which it is the biggest

official owner — as part of its efforts to support the yen.

US officials have also previously highlighted the impact on American experts on from massive dollar strength.

"The administration wants a weaker dollar ... and they don't want investors to dump Treasuries to protect their own currencies," said Rachelle Amin, a multi-asset portfolio manager at All-springs-stated investments.

People working to short other currencies against the dollar were increasingly wary of a "Bessent bill", said brain.

Bessent has previously said the US supports a "strong dollar policy", reflecting the country's longstanding position.

Japan said on Monday that it planned to make use of a US Federal Reserve repo facility that analysis argued could allow it to borrow dollars without herring to all Treasuries.

Treasuries have long been a liquid

asset used by central banks to support their currencies but the US is sensitive to any signs of a drop in demand for its debt at a time when its long-term borrowing costs have hit their highest since 2002.

At the start of the loan war, foreign central banks studied their holdings of Treasuries at the Fed to their lowest since 2012.

A separate worry is that a run in just yields from a further bond sell off could also encourage domestic Japanese investors to sell Treasuries and bring money home.

"Bessent's view is that US bond yields are high because Japanese bond yields are high," said Bety Kharana, portfolio manager at Wellington. "So if you support the yen, you bring down yields in Japan and therefore in Treasuries."

The data in the yen "related undermining" $10k and "contributing to higher long-dated yields globally, some-

Source: US$1.1m of total data

The global team gives an market-moving news and views. Do not use the Scum Markets

thing the US is very sensitive to", said Mark Dowding, fixed income chief investment officer at KIC Sherbay Asset Management.

There was also the potential of a trading gain with Trump selling reporters "financial benefit" was an outcome.

"It was quite clever, reminiscent of Bessent's Shilton to Argentina, which was a big success," said Rachelle Angell, a Harvard professor and former inter-chief economist.

However, he added: "Unless the US Treasury is willing to hold massive buckets of yen — and that would be a truly radical break — it's just a bandage to buy the data for securities."

Analysts said the intervention could not be itself address the forces driving the yen losses, including a rising oil price, uncertainty about large-scale government spending plans and concerns about the relatively slow speed of the yen rise.

"We all know that the interventions are only buying time," said Mandילה Loo, senior fixed income manager at State Street in Tokyo.

"The real heavy lifting is going to fall on the Bank of Japan and on Japan's fiscal policy," Loo added.

For the US, the risk is that the co-ordinated intervention fails and speculators begin to target the yen again and possibly Treasuries.

"If the intervention doesn't work, the spillover effects (for long-term Treasury) ... would be significant," said Sidney Singh, chief global economist at asset manager PSIM, "in-straight."

See Markets Insight

Currencies

India's central bank raises $40bn from diaspora to support sagging rupee

CHRIS KAY AND STEVEN ACHIDAY

TO THE

India's drive to tap the savings of its vast diaspora has drawn stronger than expected inflows, meaning the central bank's efforts to stabilize the ailing rupee ahead of consumer policy decision-mixing.

The Reserve Bank of India said at the weekend that $40.8bn had come into the country since it announced a campaign in June to last foreign exchange from the country's overseas citizens — a notification that has only been deployed five times since 1990.

The inflows came as the world's most populous nation, a major Gulf oil importer, aภูมิภาค with a sharp rise in energy-sustainable war and war.

The rupee tax weakened 6 per cent against the dollar this year, making it one of India's worst-performing currencies, and the country was set track for its third-straight fiscal year of a balance of payments deficit.

Economists said the inflows were unexpectedly robust after finance minister Nirmala Mohanran has mostly pressed India's state-owned banks to step up national fur for diaspora.

Lenders have been offering proforma-

tial savings rates and leverage on deposits from Indians living abroad, allowing them to borrow extra funds against their cash.

"This is much higher than what we expected," said Madur Subramla, chief economist at Bank of Riyadh, who said, "could the total could 'move towards' $60bn for September, which would account for nearly 10 per cent of India's current foreign reserves."

A large part of this is due to the leverage that has been allowed with some banks offering up to 10 times the size of the initial deposit," he said.

"This explains why the numbers have been high, besides the very attractive rates being offered by banks," Subramla added.

The inflows provide greater resource stability to $10 governor Sanjay Malhotra ahead of a monetary policy announcement.

Most economists expect the central bank to hold interest rates, even after annual inflation hit an 18-month highest. A 6 per cent in June after the government raised small bail costs.

Much of the diaspora flows cause through the $100 (foreign currency non-

resident deposits scheme, which runs satellite end of September and directly from the foregoing, allowing banks to raise interest rates offered to Indians living abroad.

Just over $40m was also raised through crop facilities for external commercial borrowing and overseas foreign currency borrowing, which are open until the end of 2026.

India's central bank has previously called on diaspora flows at vulnerable moments for the economy. The first time was in 1995 when India suffered its most critical balance of payments costs, which eventually led the government to open up its world interest market.

It was last used in 2012 when India raised about $50bn to counter capital outflows from the open increase.

Send Varma, chief economist at Western for India said Asia on Japanese loaned the scheme's success to part to the size of India's diaspora, which has reached 70 per cent in 25ies since 2002.

India were had "a bigger pool of credit" to target, and Verma, who estimated that the money from the scheme could hit up to $90bn.

Three flows have yet to translate to a similar rise in India's foreign exchange reserves.

Some economists and traders said the central bank might have used some of the expatriated money to defend the rupee and unwind a short forward dollars position that cannot be broken down.

India has died a net $40bn in reserves since the US and Israel attacked loss at the end of February.

They stand at $60.2bn as of July 24 — the latest data available — after rising

"This period has to be used to figure out more of a medium-term strategy on dealing with a new reality"

by almost $10bn from mid-June when US President Donald Trump announced a shaky memorandum of understanding with Tribune that are called last month.

Miguel Chavez, chief emerging Asia economist at Pantheon Economics, said "the past was still not" on the $80's diaspora scheme even as the rupee "traded mostly sideways" since June.

"The authorities were also quite lucky in terms of timing as the scheme was introduced around the same time that the US (can Not) was being finalised,

which eventually sent off prices crashing to the benefit of India's balance of payments options," said Chavez.

The "ultimate test," he said, would be selective the flows helped stabilize India's foreign exchange reserves.

Sorbona Sengupta, chief India economist at Calabani for he, said in a note on Friday that the mobilised dollars were being absorbed on to the $80's balance sheet with some lag and to create rupee liquidity gradient.

In another note last month, he said the national dollars were unlikely to be supplied to the spot foreign exchange market and thus would have no impact on the rupee's spot rate.

The short term inflows would also not be, India's structural balance of payments issues, though they had given the $80 "breathing resort," said Verma at Narmala.

"You could argue that in the absence of this scheme, the pressure would have been shot more," she said.

"This period has to be used to figure out more of a medium-term strategy on dealing with the new reality," Sengupta added, "where capital flow is more volatile and where oil prices are susceptible to extreme volatility."

India has called on diaspora to support rupee five times

Source: US$1.1m of total data

---

12

•

FINANCIAL TIMES

Wednesday 5 August 2024

COMPANIES & MARKETS

Yen intervention contains troubling message for dollar

Barry Eichengreen

Markets Insight

There is an important message behind the joint intervention on the yen by the US Treasury and the Japanese Finance Ministry last week. It's just not the one the market's home from working.

The Japanese authorities' estimated $10bn (BMBM) intervention over two days is still small potatoes by the scale of the markets. It may produce a boost in the yen but it will be transitory.

The Bank of Japan under the direction of the Ministry of Finance can buy yen and securities to push up the currency. Real Everstein's have no reason to think that fundamental conditions have changed, they can just sell a corresponding quantity of yen securities to push the currency back down.

A more persistent effort requires a change in these fundamentals. Were the first to connect to raising interest rates faster, which many investors would regard as desirable given that Japanese inflation may overshoot the target of 2 per cent according to the central bank, this would help to counter the weak yen.

Instead, the bid, worried by weak consumer demand, has opted to keep benchmark interest rates at a not exactly restrictive 1 per cent.

One might argue that the term market intervention signals the extent of jigsack concern over the exchange rate and that this concern might lead the first to increase interest rates faster in the future to support the yen.

This is the so-called "signalling effect" of intervention. But if the weak currency is a significant concern to bid generate Kantee Ueda, surely he would say so more strongly than he has done and much hits work with funds.

The Japanese authorities have inter-

vened in the yen foreign exchange market before, of course, most recently just three months ago. Thus, the notable fact is that the US Treasury also participated in the intervention, its first joint operation with Japan in more than 15 years, and that it bought yen using euros, not in exchange for dollars.

Last week's intervention that contains troubling information about the dollar. The message is that US Treasury secretary Scott Bessert & Co worried that selling dollar securities to prop up the yen would put additional funds on the long end of the US Treasury market. This was already feeling pressure for lowing US Federal Reserve chair Kevin

Greenback's status as a global reserve currency is not as attractive as it once was for other countries

Wardis poorly received press conference last week.

Selling euros partly reflected what the US had to hand to divest from its currency stabilisation fund. But it is also a way of not aiding the market to swallow additional Treasuries with no other dollar exposure, which would have aggravated an already dollar situation.

Likewise, there was a similar signal in Japan's statement it would use a fuel fuel called the Foreign and International Monetary Authorities Expo Facility, or Fima. This is meant to provide an alternative but limited form of liquidity rather than selling Treasuries outright.

Both moves an unindication that the dollar's status as a reserve currency is not what it used to be. Central banks are

accustomed to holding foreign reserves in dollars because markets in US Treasury securities are liquid.

Central banks hold US Treasuries because they can be freely bought and sold and send in interventions. But not one, at least not in unlimited quantities.

Instead, we see the US Treasury engaging in with new sales as part of its contribution to the intervention, thus back to the volume of dollar sales needed by the Japanese authorities.

This intervention by the US Treasury is better than a Freespian response of threatening the Japanese authorities with consequence – with, say, a itself – if they are held enough to increase their selling of dollar reserves.

Bessert, in explaining why the two governments engaged in co-ordinated intervention, stressed friendly relations between the US and Japanese governments.

But when intervention to support a currency is undertaken instead by a government transfer which the authorities in Washington do not harbour such means feelings, US observers may thus take the Freespian form.

The bottom line is that Washington, leading the consequences for US financial markets, is reluctant to see foreign central banks see their dollar reserves.

This is telling us that the dollar is not the attractive reserve currency it once was. When this message sinks in, other countries will redouble their search for more attractive, readily usable alternatives. Reserve diversification is up to gather mean.

Barry Eichengreen is a professor at the University of California, Berkeley and the author of 'Money Beyond Markets: Global Currency from Crossroads to Light'

The day in the markets

What you need to know

• Global stocks have to be reissued hopes of deal to reopen 50 mil of Harman & Government bonds advance after upland community by Bessert
• Brent crude oil falls below $50 per barrel for first time in three weeks

Global equities rose to record highly yesterday while government borrowing costs fell as markets were focused by renewed hopes of a deal to reopen the 50 mil of Harman.

We'll find that the 50 mil of Harman's share of 5 per cent to a record peak of 1 per cent (1900 points by late morning in New York while the Nasdaq 500 climbed 2.6 per cent.

Both indices were lifted by falling oil prices and strong corporate earnings.

The Philadelphia Surricanes are 50 mil miles out of 5 per cent but remains far between June highs. Spaced once a per cent as traders awaited its earnings after the closing held in New York.

As soon as returns, the Bank of Japan 600 miles for a fresh intrudate record high up 50 per cent on the market.

The Cal. Oil in Paris and the Xetra Gas in Frankfurt each rose to record levels for the second day running, up 55 per cent and 57 per cent respectively. Landers 7.7M, 4.8, ended 5.6 per cent higher.

The moves came after US Treasury secretary Scott Bessert and Washington and Yahoo could strike a deal to reopen the small cases and after more strong earnings from companies including Palante and McDonald's.

Yields on 50 per US Treasuries fell 5 basis points to 4.82 per cent as investors bought the debt. Ten-year LA gift yields

US equities rally to record high

fell day to 4.90 per cent while yield on German Bonds of the same maturity fell day to 3.53 per cent

Nancy Vanden Heuters, lead economist at Oxford Economics, said hand prices had "popped higher" following Bessert's comments.

Investors were also encouraged by indications from Yahoo that its talks with those over the restoration of shipping through the Gulf were progressing.

People briefed on the talks told the FT that negotiated had reached a deal diverting steps through the small bank required sign-off from Iran's leadership.

Brent crude, the global benchmark, was down 52 per cent at $79 per barrel by late afternoon in London, having taken below $80 for the first time in three weeks. West Texas interventions, the US money and 3.9 per cent to $7.62 per barrel.

Currencies had a muted day with the dollar increased against a based oil after major currencies. Sterling gained 57 per cent to $5.5949 against the dollar with the euro also up 51 per cent to $7.198.

Gold prices edged up 60 per cent to $6.000 per trip, some while other gained 2.7 per cent to $10.70 per trip, some. Ramsey Hodgson

Markets update

	US	Eurozone	Japan	UK	China	Brazil
Shares	5M* 5M	Eurofour 300	Value 2.0	FTSE 100	Shanghai (June)	Average
Lowest	7.0x10	20x25.9	6.0x10.0	1.0x10.0	38x21.8	19.5x10.0
% change on day	1.6%	0.3%	0.3%	0.2%	0.1%	0.1%
Currency	$ index (2.0Y)	$ per €	Yen per S	$ per €	Yen per S	Real per S
Lowest	2000	1.5%	0.7%	1.5%	6.7%	5.0%
% change on day	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Stock market	10-Year Treasury	10-year-Brand	10-year-July	10-Year 500	10-year-band	10-year-band
Yield	1.6%	3.1%	2.8%	6.9%	1.1%	14.5%
Basic price change on day	-0.0%	-0.0%	0.0%	-0.0%	-0.0%	-0.0%
Market/Commodity	FTSE All-Wards	UK - Brent	UK - BFI	Gold	Value	Market (LPM)
Lowest	7x10	75.3%	75.3%	6.0x10	35.7%	17.0x10
% change on day	1.6%	0.4%	0.4%	1.2%	1.0%	0.5%

Main equity markets

Biggest movers

	US	Eurozone	UK
Indians	1.0x10	1.0x10	1.0x10
Transfers	1.0x10	1.0x10	1.0x10
Net Technologies	1.0x10	1.0x10	1.0x10
Food	1.0x10	1.0x10	1.0x10
Energy	1.0x10	1.0x10	1.0x10
Research	1.0x10	1.0x10	1.0x10
Research	1.0x10	1.0x10	1.0x10
Research	1.0x10	1.0x10	1.0x10
Research	1.0x10	1.0x10	1.0x10
Research	1.0x10	1.0x10	1.0

Price range of 10M/5M August

Equities

Toyota plans $6.3bn share buyback amid boost from strong hybrid sales

DAVID REINHARD AND KARA HAGHAI TOYOTA

Toyota will launch a ¥1m ($6.3bn) share buyback after the world's biggest consumer raised the annual outlook on the back of a weaker yen and strong hybrid sales.

The Japanese company said yesterday that operating income fell 6.8 per cent to ¥1.2m in the three months to June 30 as higher costs and supply chain disruption due to the Middle East conflict took their falling global currencies.

The result meant Toyota has suffered five consecutive quarters of year on year declines in operating profit.

However, the automaker said it now expected operating profits to be ¥3.6bn for the current financial year to March 2027 – ¥4.8bn higher than previous estimates – boosted by the stock you and 'the establishment of alternative logistics materials for Middle East'.

Toyota said the year was now expected to cost it ¥3.0bn ($7.2bn) to higher component prices and last sales, down

from a May estimate of ¥3.9bn. The improved guidance followed a similar move by General Motors and Ford, which also benefited from sales of higher margin petrol and hybrid cars in the US.

Toyota said it was recently to later in any impact from the earthquake that hit Japan last week, which has affected

'The market was waiting for a bigger figure since their price-to-book multiple is below one'

some suppliers and automakers in Kyushu.

The group says it has factored in a value of ¥100 to the US dollar. It is currently trading at close to ¥127 after intervention by Japan and the US is the foreign exchange market.

Toyota's bottom line has also been supported by sales of hybrids in the higher margin US market. It said North

America had "returned to profitability, driven by factors such as the effects of price revisions, foreign exchange effects, and the decrease in US tariffs."

This year, Toyota expects more more than four hybrids for the first time.

K555's founder and chief executive, Wang Chuang, recently announced a plan to topple Toyota as the world's largest consumer by sales within five years.

Toyota shares have fallen 14 per cent this year and by more than a quarter since peaking in March. The stock market's last event lower yesterday.

James Hong, sales analyst at Macquarie, said the share price reaction was probably due to the market buying in a higher buyback figure given that the results were quite strong.

"Toyota's balance sheet is strong enough to accommodate more than ¥1m, so the market was waiting for a bigger figure since their price-to-book multiple is below one," said Hong.

A price-to-book ratio below one recent the market valued the company below the stated value of its assets.

---

Weather Data August 2016

•

KIRKMAN, TERESA

13

MARKET DATA

WORLD MARKETS 5Y & GLANCE

FTCOM/MARKETSDATA

Change during previous day's trading (Q)

S&P 500 Nasdaq Composite

CAGR 0.8

6.4%

5.0%

Deep down bid

1.5%

1.6%

FTSE Sun即时

0.2%

FTSE Sun即时

0.3%

Wider

Hong Kong

Hong Kong

0.2%

FTSE All World

0.2%

5 per €

5 per €

5 per €

0.2%

5 per €

0.2%

5 per €

0.2%

Oil down $

0.2%

Gold €

0.2%

Share Market movements over last 50 days, with the FTSE All World in the same currency as a comparison

STORE SHOP 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE 5 Y & GLANCE

STORE SHOP	S&P 500		S&P 500		S&P 500		S&P 500		S&P 500		S&P 500		S&P 500		S&P 500		S&P 500		S&P 500		S&P 500		S&P 500		S&P 500		S&P 500
	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2
Total	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
Total	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2
Total	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2
Total	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2
Total	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2
Total	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2

---

74

●

EPICUREAN TIMES

Wednesday, August 2024

MARKET DATA

ST GLOBAL SOA THE WORLD'S LARGEST COMPANIES

Year	2016			2015			2014			2013			2012			2011			2010			2009			2008			2007			2006			2005			2004			2003			2002
	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year
Australia 2015
China 2015	8.17	8.18	8.19	8.17	8.18	8.19	8.18	8.18	8.18	8.18	8.18	8.18	8.18	8.18	8.18	8.18	8.18	8.18	8.18	8.18	8.18	8.18	8.18	8.18	8.18	8.18	8.19	8.19	8.19	8.19	8.19	8.19	8.19	8.19	8.19	8.19	8.19	8.19	8.19	8.19	8.19	8.19	8.19	8.19
China 2015	7.19	7.20	7.21	7.20	7.21	7.22	7.23	7.24	7.25	7.26	7.27	7.28	7.29	7.30	7.31	7.32	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60
China 2015	7.20	7.21	7.22	7.23	7.24	7.25	7.26	7.27	7.28	7.29	7.30	7.31	7.32	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63
China 2015	7.21	7.22	7.23	7.24	7.25	7.26	7.27	7.28	7.29	7.30	7.31	7.32	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64
China 2015	7.22	7.23	7.24	7.25	7.26	7.27	7.28	7.29	7.30	7.31	7.32	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66
China 2015	7.23	7.24	7.25	7.26	7.27	7.28	7.29	7.30	7.31	7.32	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67
China 2015	7.24	7.25	7.26	7.27	7.28	7.29	7.30	7.31	7.32	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69
China 2015	7.25	7.26	7.27	7.28	7.29	7.30	7.31	7.32	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70
China 2015	7.26	7.27	7.28	7.29	7.30	7.31	7.32	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72
China 2015	7.27	7.28	7.29	7.30	7.31	7.32	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73
China 2015	7.28	7.29	7.30	7.31	7.32	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74
China 2015	7.29	7.30	7.31	7.32	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76
China 2015	7.30	7.31	7.32	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78
China 2015	7.31	7.32	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79
China 2015	7.32	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79	7.80
China 2015	7.33	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79	7.80	7.81
China 2015	7.34	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79	7.80	7.81	7.82
China 2015	7.35	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79	7.80	7.81	7.82	7.83
China 2015	7.36	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79	7.80	7.81	7.82	7.83	7.84	7.85
China 2015	7.37	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79	7.80	7.81	7.82	7.83	7.84	7.85	7.86	7.87
China 2015	7.38	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79	7.80	7.81	7.82	7.83	7.84	7.85	7.86	7.87	7.88
China 2015	7.39	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79	7.80	7.81	7.82	7.83	7.84	7.85	7.86	7.87	7.88	7.89	7.90
China 2015	7.40	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79	7.80	7.81	7.82	7.83	7.84	7.85	7.86	7.87	7.88	7.89	7.90	7.91
China 2015	7.41	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79	7.80	7.81	7.82	7.83	7.84	7.85	7.86	7.87	7.88	7.89	7.90	7.91	7.92
China 2015	7.42	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79	7.80	7.81	7.82	7.83	7.84	7.85	7.86	7.87	7.88	7.89	7.90	7.91	7.92	7.93	7.94
China 2015	7.43	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79	7.80	7.81	7.82	7.83	7.84	7.85	7.86	7.87	7.88	7.89	7.90	7.91	7.92	7.93	7.94	7.95	7.96
China 2015	7.44	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79	7.80	7.81	7.82	7.83	7.84	7.85	7.86	7.87	7.88	7.89	7.90	7.91	7.92	7.93	7.94	7.95	7.96	7.97	7.98	7.99
China 2015	7.45	7.46	7.47	7.48	7.49	7.50	7.51	7.52	7.53	7.54	7.55	7.56	7.57	7.58	7.59	7.60	7.61	7.62	7.63	7.64	7.65	7.66	7.67	7.68	7.69	7.70	7.71	7.72	7.73	7.74	7.75	7.76	7.77	7.78	7.79	7.80	7.81	7.82	7.83	7.84	7.85	7.86	7.87	7.88	7.89	7.90	7.91	7.92	7.93	7.94	7.95	7.96	7.97	7.98	7.99	8.00

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Wednesday 1 August 2016

FINANCIAL TIMES

15

FINANCIAL TIMES SHARE SERVICE

Main Market

	2016	2015	2014	2013	2012	2011	2010	2009
Total	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,00
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00
Bank of America	1,00	1,00	1,00	1,00	1,00	1,00	1,00
Bank of America	1,00	1,00	1,00	1,00	1,00	1,00	1,00
Bank of America	1,00	1,00	1,00	1,00	1,00	1,00	1,00

Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,00
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,00	1,00	1,00	1,00
Bank of America	1,000	1,00	1,00	1,00	1,00
Bank of America	1,000	1,00	1,00	1,00	1,00
Bank of America	1,000	1,00	1,00	1,00	1,00

AIM

	2016	2015	2014	2013	2012	2011	2010	2009
Total	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00

Investment Companies

Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00

	2016	2015	2014	2013	2012	2011	2010	2009
Total	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00

	2016	2015	2014	2013	2012	2011	2010	2009
Total	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00

Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Bank of America	1,000	1,00	1,00	1,00	1,00	1,00	1,00

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MANAGED FUNDS SERVICE

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The first time was a period of 100 years, and the first time was a period of 100 years. The first time was a period of 100 years. The first time was a period of 100 years. The first time was a period of 100 years. The first time was a period of 100 years. The first time was a period of 100 years. The first time was a period of 100 years.

1. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

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18

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FINANCIAL TIMES

Wednesday 3 August 2020

ARTS

'I use a camera just like a sketchbook'

Photorealist painter Richard Estes's city scenes dissolve into uncanny reflections at Schoellkopf Gallery, By Edwin Heathcote

When I was 12 or so, some time around the end of the 1970s, I used to spend a lot of time flipping through the racks of posters at my local branch of Withnall, it was a slightly eccentric combination of films and singers, Bruce Lee, dinosaurs, women in tennis gear and works of art – probably something by Magritte or Van Gaghe or Hall.

But there was one poster I remember vividly, a painting of a New York street scene; a row of polished stainless-steel phone booths with their doors open and, behind them, the streamlined curve of an Art Deco flute.

The style was hyper-realistic; the level of detail almost incomprehensible, but there was something uncanny about it, an emptiness. Still, he a kid who grew up in the UK of the 1970s. A looked-alone and cool, ineffably sexy. Quinteroentically American.

The artist was Richard Estes, probably the foremost of the photorealists, a wave of artists including Chuck Chon and Ralph Goxiga who were active through the late 1960s and 1970s and beyond. Now his paintings are on show at New York's Schoellkopf Gallery, alongside his source photos, presented for the first time as artworks in their own right.

"I want to the Art Institute of Chicago," Estes, 94, tells me over the phone from his Maine home when I ask how he became an artist. "It was pretty traditional: figure drawing in the morning, figure painting in the afternoon ... One of my teachers told me something I never forgot. 'Don't ever expect to make any money.'"

In contrast with so many of his artist peers, Estes started his career in advertising. Commercial art was at its zenith in mid-century America, the age of consumption encapsulated in the pages of

magazines and on posters. "I spent 12 years as an illustrator in advertising," he tells me. "I always wanted to be an artist but I had no idea how it would happen."

He chose an established route. Think of Andy Warhol or Richard Hamilton, best products, corporate commerce and the landscape of Nate Street (about their work, in Estes's paintings, it is more fronto, windows, diners and microscopes with their particular blend of signage, access and the architecture of retail and communication. Familiar subjects that become enthralling through letterdesigns.

I tell him my story about the poster. "Oh yeah. These booths. The first one I did if 'Telephone booths'. DWC came from an illustration for a Reader's Digest condemned book. I liked the image, I thought: It might make something interesting."

The illustration was for the 1968 novel (instead by Fletcher Koehl), a similar political thriller. This was the era of paranoia, of gritty arbus movies like The French Comedies, Kiera and The Conversation, in which men in rancouts fortrively begged and photographed the characters debunking the city's institutions and its corrupt由此可见.

If you look at Estes's painting, the booths are occupied, most visibly by a man in a matchbook. The image is a mass of reflections and, as is true of all of Estes's paintings, the deeper you look, the more you find, until the realms begins to dissolve into something else.

"The reflections were a way of becoming more abstract," he says. "When you look at how [they] are distorted, it creates an interesting composition."

Were these minors of surface intimations of a surveillance society, distortions in the fabric of a glistening society? He pauses, "No, I think they were just nice paintings."

Above: 'Inter' (1971), the Richard Estes painting Edwin Heathcote saw as a poster in his youth; below, 'The L Train at 10th Street' (2005)

Estes is unwilling to ascribe almost any intretions to his work beyond the representation. "I wasn't thinking about anything profound, just looking at the world."

But maybe that is the thing. The intense precision with which he works demands a certain kind of gain: a close examination of surface analysis, of light colour and the intricacies of details we would not normally notice. Those phone booths and candy store windows, cafeterias and subway cars were the backgrounds of everyday life, mostly uncanny and uncanny-loved. And now mostly disappeared.

What felt then like a finding of the extraordinary in the ordinary, now feels like documentation, nostalgia for a layer of urban life that has been flattened by banal corporate overlay. "There is something about looking," he says. "When I get on planes, I'm always amazed that the first thing people do is close the blinds. The cloud formations moving laterally you are fantastic."

I mention that his work seems to have a strong architectural focus, a clear reading of detail and surface that is oddly rare even in architecture itself.

"Well, I'm a situational architect," he laughs. "I originally wanted to go to BT [Illinois Institute of Technology] to study under Miss van der Koke, but I

'There is something about looking. When I get on planes, I'm always amazed that the first thing people do is close the blinds'

mined the coordinate date. I had to get into school. If I didn't, I'd have been drafted for the war in Korea, so I enrolled at the Art Institute."

Does he regret it? "If I was an architect, I'd have to please my clients. This way, I do whatever I like. But an intro-

ture was always my biggest interest, I've painted city scenes a lot."

One of those cities in Venice, where Estes painted landmarks indirectly through reflections in the window of a café or a carpenter stop. The layers of foundation are a cipher for our own hazy memories; the way we remember places through constant recalling (which safely changes these images), and through photos and movies.

"I see a camera like a sketchbook," he says. "I looked at Toomeer and Candelro ... and you can tell that they were using a camera sheears too, there was no way that would have caught those scenes so accurately otherwise. But what they couldn't do was freeze an image like we can with just a self-photo."

I comment on how enduring his work has been. "Really I thought I was kind of forgotten. People were always talking about Warhol." Perhaps Estes is being modest.

His work is on display at the Thymon-hermestries in Madrid, at the Guggenheim, the Whitney, the Smithsonian, Moffitt and many other public collections. And it is perennially popular. "It's interesting, I guess. A lot of what's done today! Why bother? Would you really want a human taped to your wall for 10 years?"

Perhaps it's the sheer labour, the intense detail. "I don't work 24 hours a day," Estes replies. "A painting might take a couple of weeks. I had to work fast to survive."

That commercial art attitude is clearly still there.

Do has also painted many rural scenes, which are much less known. "I've always done that. People didn't want to notice. The nice people talked about – and bought – were always the city scenes. I just didn't want to be stuck in a corner doing one thing over and over."

You might think the exponential proliferation of images would have diluted the power of photorealism, but I wonder if the opposite has happened.

Returned as we are now with hyper-real AI dog, hallucinated by machines regarding the redness on all of online images, Estes's painted cameras have become diagnostics on reality, the city reflected and reflected in surfaces now long gone. They are enduring pictures of ephemerality.

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Wednesday 5 August 2020

8

FINANCIAL TIMES

7

FT BIG READ. AEROSPACE & DEFENCE

The next generation of piloted fighter jets may act more in mission commanders, supported by unmanned 'collaborative combat aircraft' that can patrol the skies or attack targets on the ground.

By Sylvia Pfeifer, Laura Piel and Sarah White

Aerial war's autonomous future

Streaking across the skies across the hardenough far, three last month, the latest fighter-jet-wound fire-crests with acrobatic displays.

Racist the ground, hit big-hero woes itself, pilothros aircraft with stunning names such as Glink Bat, Kevitasenka, Valkyrie and Pocy, developed by both established defence groups and now, technology focused between.

Three are not too relatively cheap and disposable devices used to widely in recent conflicts in Ukraine and the Middle East, but large and more expensive 'collaborative combat aircraft' armed with sophisticated weapons, that can operate alongside conventional jets or other military dependents.

This new generation of unmanned vehicles offers clear evidence of how rapid events advances in autonomous flight technology are changing the way teams are to make a more fragile – and how tens of billions of dollars of greater more defence budgets will be spent.

'There is a range of missions that they are being considered for,' says Charles Woodbury, chief executive of US defence contractor Bob Sutram, and the developing new 'decommissionable combat aircraft'.

While some involve flying alongside fighters with pilots, he stifles if 1, some missions could be 'satisfied' within its which the action is not 'in' 'inconsistent', patrolling the skies for scanning drones, and a crash to look in them immediately because it's already airborne'.

Three kinds of advances will change the role of fighter jets and their coves. 'The pilot, the guy with the last set and guns, will become more of a mission commander,' predicts Peter Nilsson, a former fighter pilot who now heads advanced programme at the aeronautics and off-road to defend group built.

The aircraft themselves will also evolve. The jets that are in development and are expected to enter service from the mid-2010s at the earliest will be primed to their 41 and date processing capabilities and model as much as their agent, massacra-ability and frequency.

Eliot Prout, chief executive of Canadian defence tech start-up Dominion Demontis, describes them as 'healthy enough to live, long range enough to stay useful, secure rich enough to understand the battleground and self-avoid enough to direct lower-cost source available afforded.'

They will also be expensive. Each boxing F-45, the US Air Force's planned sixth-generation fighter, could cost between $200mm and $500mm, says Douglas Reeve, senior fellow for military aerospace at the International Institute for Strategic Studies. That is about two to three times the price of an F-35 Lightning, currently one of the world's most advanced fighters, when

'There is a range of

missions that

collaborative combat

aircraft are being

considered for'

the costs of research, testing and maintenance are included.

With a fleet of high-end autonomous aircraft, she estimated to cost between $20-500mm each, only 'two countries on the globe will play in that game – the US and China'. That lower-middle powers with the dilemma of ensuring they are not left behind. Some countries will continue to operate today's jets, such as the 'Investigations' Tradesons, which are 'the equipment of the air and the weapons', radar and other vaccines, while investing in different drones.

Six generations of fighter aircraft

Since jet engines were introduced in the 1940s, fighter aircraft can broadly be categorized into six generations of development.

Sources: Bell Systems, Japanese Ministry of Defence, Deppu, US Air Force, AIBI, World IT Network

Others will form alliances, such as the Global Combat Air Programme (GCAP) that has brought together companies from the UK, Italy and Japan to develop a replacement for current jets and

reliar evidence on the US-road of 10. That means governments are now being called upon to make commitments that could either reduce or reinforce political alliances for decades as air forces or the three networks of combat.

'We need to move ahead now,' Eric Trappier, chief executive of France's Denmark Aviation, which builds the R&D air, told reporters last month, Denmark weaned to the Future Combat Aircraft System (FCA) alliance with Airline and Indra Systems, a Spanish aerospace group.

'The natural fighter jet element of that venture is designed to have used clear agreements between Denmark and Airline's German-based defence business,

and Trappier is now advocating a French had project to urgently develop a demonstration aircraft.

Trappier acknowledged that it was hard to predict what warfare would look like in live of space.

'But if we ask ourselves that questions, we'll do nothing – and if we do nothing, we'll just have to have US development imposed on us.'

characterized more by their radar-swelling stealth shapes and versatility.

The sixth-generation jet under construction is now, one of the first to become even greater stealth, longer range and more advanced engines. A fixed-straight track-up of the jet at the heart of GCAP, consisted of a large, delta wing built within internal weapons bay.

'All permanent members of the locality (Council are developing platforms and are to this,' Simon Sutram, head of the air sector at BAT, said this year during a tour of the company's factories in north-west England. BAT is one of the partners in GCAP, along with a councils and allied military industries.'

'They're all large, substantially larger than previous advances in jet are all currently covered, they all have survivability and range at their core, and they are all being developed at pace.'

Austria's F-47 programme, awarded to Boeing by President Donald Trump in March last year, is the contiguous of the US front consecutive and extensive initiative, the most ambitious combat aircraft project since the 1990s.

It is now an contrast to countering a blunt welfare fund up in a potential conflict with 'Eating the Air Fund' is believed to be developing a large-scale generation fighter, designated that 5% by western intelligence agencies.

But the collapse of FCA has left its European governments and defence groups casting around for new alliances as they seek to spread the fundraising and engineering workload of developing countries now combat aircraft.

'Sixth generation jets are all large, they are all currently covered, they all have survivability and range at their core'

Canada, outlining reduce its reliance on the US given its national initiatives with training, has joined GCAP as an 'observer' and a number of other countries including Australia, are believing to become members.

'We are currently setting ourselves up to not lose time,' Airline Defence and Space has little little influence and barriers to last month, although the 'preference era' is solution that gives Airline a significant position in a sixth-generation fighter with a Spanish and German industrial budget.

The defence industry is waiting to see if that means Airline and Indra try to join GCAP 'had a benefit', Friday there's no doubt that Germany would bring benefits,' says Laurence Marland, chief executive of councils, of the possibility of Airline joining. 'Of course, recent matters become the only way that GCAP will require a high-level of funding to the coming years.'

Another option in Europe would be for Airline and Indra or 'forward to team up with Sweden's airplanes, they are helping the development of a new generation of fighters. Both Airline and Denmark have held talks with that, according to people found in with the situation.

Nilsson, the businesswoman, described he is 'very popular' but stresses the decisions up to Sweden's government.

Details about the capabilities of the new fighters are tightly held by the government financing their development. The future fighter 'probably looks less like a chores dogfighter and now the survivability airborne quarterback,' says Prout, of Dominion Demontis.

Sutram will play an increasingly important role – as they already do in the F-35, which is expected to be a new 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable'

Sutram will play an increasingly important role – as they already do in the F-35, which is expected to be a new 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable' 'decommissionable

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Even as uncertainty begins over the paths France, Germany and Spain will now take, their governments are already progressing plans for the collaborative combat aircraft that will fly alongside economies.

Berthe has said it wants what it calls a Apollonethrhrhrhe – a fighter-bundled drone – and is considering three separate proposals. Boeing is offering a variant of its 300-2A Ghost Rat, developed under a A2G S40s-1B/1500s, government programme, in partnership with

German defence groups Rheingutall. 'The Valkyrie, developed by Van Diage-based Kratne Defence, has already been with the US Air Force and US Marine Corps. Airline is offering to supply the 'mission system' on its European variant.'

Striking, as AI-focused defence start-up, is offering a new design and says its US it begins in the only fully European product being picked to increase it at its face – although it has not yet performed a single test flight.

Airbus's Schuylfans has told investors the arrival of uncovered aircraft is shading up the entire sector. 'This whole ecosystem is in flux,' he said in June, adding that collaborative combat aircraft would play 'a huge role' in the future of an combat.

In the US, production contacts for semi-autonomous aircraft have been awarded for designs from General Aviation and Limited.

But this vision of the future has its surplus, many issues, senior councils follow in the Royal United Services Institute their task, says other factors do mean for taken time account when fielding a large force of collaborative combat aircraft, including the people, the maintenance and the money needed.

Most configurations result in a 'less effective force mix' than if the same amount of money and people were allocated to additional weapons and decay systems for piloted jets, he says.

Aired with that large collaborative combat aircraft such as BAE's Brakman appear more viable from an operational perspective, especially if used for relevant use as surveillance and more intensive inside defended airspace, but even as they will be fairly expensive to buy, develop and operate. 'As they are not less combat cases.'

Others can that there are limits to what air power alone can achieve. Overwhelming aerial dominance has not translated into a slow review during the recent US brand/handling of Iran.

Russian air power has been ineffective on the battlefield in Ukraine, despite the limited resources of its adversary, with Russia's bomberegenerally restricting themselves to firing vehicles from their own airspace.

Alliedability is another consideration. 'The US is building the equivalent of Britain's and Landscaplanes,' says Soviet Editor of Capital Alpha Partners, a research firm, but every nation will be able to afford that technology, even if the US allows it to be required, he adds.

Other countries are likely to continue to buy older piloted aircraft, experts predict, while investing in collaborative combat aircraft.

Sweden's air force is introducing built's Grigor II, the latest version of its flagship fighter featuring a more powerful engine and advanced electronic warmer capabilities. Instead of working on the F-35, the next upgrade of its best-selling AirAir jet, while according to Greek, China will introduce 'several hundred traditional fighter aircraft a year' for its own military even as it develops sixth-generation warplanes. Current combat aircraft 'are going to be around for decades', he concludes.

Fasting existing fighter jets with new autonomous warplanes could result in new competition for US companies and will also help ensure that the jetier remains in the heart of aerial combat – no new at least.

Hugo Hennanen, Germany's air force chief, told the business daily thankfulist in Spain that he did not see a replacement for a human on the outright ground. 'Needs decisions relating to forward in the direction of the enemy when satellite links or other communication channels are designed.'

'Machines are superior to us when it comes to comparing large amounts of data ... But intuition, escalation control and knowing when to increase efforts or uses all are deeply human qualities.' (ianusii's Faggini predicted a 5th-50st a human would 'be at the heart of the action, with ten human tests, this means his first, his option.'

'I think that is air combat, man's comatosequering, and will shift in in the whole cycle,' he said in May. 'We can might change, there will be dreams, algorithms, but somewhere he will remain the pilot.'

Additional reporting by Charles Chave in London

Graphic illustrations by Ian Bott and Bob Sutram

How CCAs would fit in a broader air combat network

The CCAs operate through a trained aircraft either autonomously or under autonomously, increasing capabilities and lowering risk to pilots.

Other network elements

Airborne early warnings a central aircraft act as airborne command

a aircraft act as airborne command hubs to track air fences

Large range aircraft act as carriers for swarms of small drones

Israelites and high-altitude UKVs' to target sea surveillance and reconnaissance

Mid-altitude UKVs for more focused surveillance and link between higher-altitude assets and combat elements

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American Air Force, 1980, 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, 2070, 2075, 2080, 2085, 2090, 2095, 2100, 2105, 2110, 2115, 2120, 2125, 2130, 2135, 2140, 2145, 2150, 2155, 2160, 2165, 2170, 2175, 2180, 2185, 2190, 2195, 2200, 2205, 2210, 2215, 2220, 2225, 2230, 2235, 2240, 2245, 2250, 2255, 2260, 2265, 2270, 2275, 2280, 2285, 2290, 2295, 2300, 2305, 2310, 2315, 2320, 2325, 2330, 2335, 2340, 2345, 2350, 2355, 2360, 2365, 2370, 2375, 2380, 2385, 2390, 2395, 2400, 2405, 2410, 2415, 2420, 2425, 2430, 2435, 2440, 2445, 2450, 2455, 2460, 2465, 2470, 2475, 2480, 2485, 2490, 2495, 2500, 2505, 2510, 2515, 2520, 2525, 2530, 2535, 2540, 2545, 2550, 2555, 2560, 2565, 2570, 2575, 2580, 2585, 2590, 2595, 2600, 2605, 2610, 2615, 2620, 2625, 2630, 2635, 2640, 2645, 2650, 2655, 2660, 2665, 2670, 2675, 2680, 2685, 2690, 2695, 2700, 2705, 2710, 2715, 2720, 2725, 2730, 2735, 2740, 2745, 2750, 2755, 2760, 2765, 2770, 2775, 2780, 2785, 2790, 2795, 2800, 2805, 2810, 2815, 2820, 2825, 2830, 2835, 2840, 2845, 2850, 2855, 2860, 2865, 2870, 2875, 2880, 2885, 2890, 2895, 2900, 2905, 2910, 2915, 2920, 2925, 2930, 2935, 2940, 2945, 2950, 2955, 2960, 2965, 2970, 2975, 2980, 2985, 2990, 3000

American Air Force, 1980, 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, 2070, 2075, 2080, 2085, 2

Collaborative

combat aircraft

(CCAs)

Unmanned jets designed

for training with a

manned platform to

enhance combat combat capabilities. They can

also be deployed on

aerial-alone missions such as monitoring

air space

Racing 400-20 Dorset Rail

Racing developed for the

Racing Australian Air Force, First flow in 2021, and in 2022 successfully

and in 2022 successfully destroyed an airborne

target with a missile.

For more, 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

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---

20

•

FINANCIAL TIMES

Wednesday, 5 August 2020

The FT View

FINANCIAL TIMES

With a lot of interest in the FT View

In consultation

An overdue show of EU solidarity with Spain

Instinct to punish Madrid's liberal approach to migration to self-defeating

EU interior ministers and the European Commission yesterday offered their full solidarity to Spain – five days after 72,000 migrants over the last 10 years' control and poured into the Spanish context of Costa Eruro Morocco. As Europe was confronted with another deadly migration crisis, at least 75 people died, mostly drowning in a desperate attempt to make it to Spanish territory. The show of EU support to Madrid was well overdue and not entirely convincing. The wounds from this episode are likely to harm. The Costa crisis has now been a significant change in the economic position of the country. The government has been able to support Europe's economic growth and the economic growth of the country. The government has been able to support Europe's economic growth and the economic growth of the country.

The EU's border control was actually improved, with irregular entry due to the 10 per cent in the past two years. The bloc has adopted new streamlined procedures for a further 10 million miles to speed up returns. But at first glance, the Costa effect will be different across the country's own country. The government has been able to support Europe's economic growth and the economic growth of the country. The government has been able to support Europe's economic growth and the economic growth of the country.

Spain. None of the 72,000 have made it down off the 2,000 have returned to Morocco. Melted and her allies should like they were to support the Spanish Prime Minister Pedro Sánchez, one of the last left-hand leaders in the EU and a pre-immigration outlier, for blame. There must be no need to be a new action. The government has been able to support Europe's economic growth and the economic growth of the country. The government has been able to support Europe's economic growth and the economic growth of the country.

Europe needs the co-operation of the intelligence movement. The government has been able to support Europe's economic growth and the economic growth of the country.

side of the Costa frontier. Melted did something like this in 2020 during another diplomatic war. Melted, Chris and Tzelley have weaponied migrant lines against the EU several times before and the bloc has usually responded to a new plan for the 2020. The government has been able to support Europe's economic growth and the economic growth of the country.

Opinion Science

The ethical perils of gene therapy

When a couple in China entailed a persistent movement, it was not of love and desperation for their

young daughter. But (not for real name), I might, for myself, maintain, they discovered, was showing her development. Could give her any help?

Through a support group for Africa that holds, the couple conducted filling tips, a talented researcher in Shanghai with a TIDN talk, start up company and patented treatment for a genetic syndrome onset for both. For the sum of $1000,000, this agreed to treat. But, William A work of receiving the other made therapy, already 2020, the six year old was dead. A catastrophic increase, another triggered fatal blood clotting.

A joint investigation by Science magazine and段时间 Watch, a

Parents crave better lives for their offspring and ambitious researchers covet worldlives

non-profit organization that tracks disposal research, revealed the tragedy with her mouth. Mech family who recorded their discussions with Qin, allege they were not told that death was a possible outcome, nor of safety issue flagged by self-mutualization. The first time of this year was a late down to a society's right experiment treatment was undertaken for a mental condition, oversight by external authorities, regulation and ethical issues. The first time of this year was a new study of the past 10 years. The episode is another blow to a country trying to become a global leader in biotech. With advancing science neuroclotting, research and transporters about diabetes, as well as successes.

Genetic medicine takes several forms, all about at testing or curing disease by targeting family genes (one therapy involves flooding the affected organ with organ or a healthy gene to compensate for a dysfunctional one). Viruses are usually used to piggyback the healthy organ act. Genome editing, also called gene editing and after using Crispy technology, makes precise edits by snipping out and sometimes optimizing the organ gene.

Last year, personalized gene therapy made headlines for 'curing' as before, known as IQ of a genetically fatal genetic metabolic disorder. One

will need life-long neuroclotting. The approach used in all, called bone editing – which chronically changes our DNA base letter to another – had caught Qie's attention. Not needed just such a letter change to correct a mutation in the CHMP gene, which affects neurons development. Qie told Meनि parents that the blood is moved gene therapy would have world love.

But three days after the injection into her spinal fluid, a pit and sheath trillions of viruses to transport the base editing gene to tissue-like hosts. Not developed a fever, for kidneys that deem, and she died days later. The hospital later, as chief for death to the therapy.

The Science investigation includes claims that, in pre-clinical testing, some monkeys provide therapy up to 10 years of life. The first time of this year was a new study of the past 10 years. The second time of this year was a new study of the past 10 years. The second time of this year was a new study of the past 10 years. The second time of this year was a new study of the past 10 years. The second time of this year was a new study of the past 10 years. The second time of this year was a new study of the past 10 years.

Not was, especially, relatively mildly impaired by a non-fatal syndrome. Given the treatment was highly experimental, the first three many serious ethical concerns, says Sarah Cambridge-Broth, professor of medical and family sociology at Edinburgh university and chair of the Stafford Council on Health.

He justifies the Chinese scientist and in 2019 for correcting the world's first genome ethical failure, recently carried out the universal procedure not to use force but to cover the risk of HIV. The unintended consequences of the science investigation.

The rationale, though, is not part of the science. The fact that the science and ambitious researchers covet world lives. The family partnership can push medical issues to – but cannot erase the possibility that, as with this, the survival and universal can lead to the unimaginable.

The writer is a science commentator

Letters

Adult children are part of the social care debate

Chris Glen, his inside frithics prior 'One's lot tax now rolfays the fundamentals of social care' (2018). August 31, rightly argues that disputes are a serious issue not distinct from the fundamental questions, not being the responsibility of the family of someone who needs care. That question has been largely absent from the British debate.

At France, children have a legal obligation to assist parents in work. In Germany, contributions from adult children towards publicly funded

support are generally considered only when an individual child's annual income exceeds $100,000.

Many years ago, while negotiating with an Indian Union in France, the interregret nor meeting to take our upstairs to see his mother, who was preparing lunch. The young his arms around her, he exclaimed: 'Let's she a beautiful moment?' I heard it difficult to imagine an English solicitor interrupting a legal meeting in quite the same way.

There must also be conception

where there has been parental abuse, abandonment or serious neglect.

But should unequivocally well-measured adult children not be expected to make a reasonable, capped and insistent and contribution towards a parent's care?

A durable treatment must consider not only the responsibilities of the individual and the state, but also the religious and moral liabilities of family life.

Trevor Littleton President, Center for Elderly Care Re-engaged, London NW12, UK

US wealth a gradient that steepens at the edge

Anna Foroshart's success about the effects of American economy wealth distribution on its social cohesion. (Opinion, July 21) are well described. America are so^{*}nated with more of property life and welfare while such pay pockets. Human nature such as it is, this begins competitive and serious.

But while the social reaction to the rich getting when it receded, the empirical basis for Foroshart argument warrants more scrutiny.

Foroshart states that half the country 'dunsh' have the resources to afford all the funds, like housing, food, medicine and healthcare' and that America's meantime 'an emerging market in terms of its wealth information'.

On the affordability point, it is correct that the banks have become conflict in recent years. At the same time, however, increases 'including on the left side of the distribution power income' – have since substantially.

Since 2015, America households at the 30th percentile have experienced a increase gain of about 20 per cent. With gain is a result of a 2016 year experienced by households at the 30th percentile. In the same year, 30th percentile households have seen their wealth double to absolute terms. America's dynamic economy has delivered trends across the board. Future Americans have done financial resources than ever and are better equipped than any prior generation in the same social position to meet their basic needs. It is only in relative terms that results in a further American households appear worse off. As the US economy has become a concern with biased, the far right end of the distribution has galloped financial flexibility – a process I call the Great Income process.

Still, America – with the distribution cannot be described as bifurcated. Since America's vast asset economy, riches have accrued to Americans who own them. But America's asset economy has a broader than Foroshart implies. Well-ever half of Americans have exposure to rapid numbers, either directly or through private retirement accounts, thought how thirds are their own. The 2016 American wealth is not bifurcation, but a gradient that steepens at the edge.

It is true that Americans in the top income quintile are doing marginally well and that this has remained into substantial wealth, particularly at the higher incidence.

But Americans at the median and below don have been surging a rise in purchasing power and wealth. While the American economy has a lot right last, it is not 'unwilling to be a huge, aggressive to underestimate the social economy as it is already viable.

Jordan McGillie Editor, Economic Innovation Group, Washington, DC, US

BACK

The human safety set that saved Open Air Intakes

Your report on OpenAir's database that its models on aged 4 visiting sanflers and compromised Hagglog have goodest to ensure the quality of the air. The Air Quality Report, 2019, was issued by what it reveals about where it exists, actually results.

Consider what failed and what held. The models safety refunds had been made to prevent reduced heating – a

standard evaluation practice. Containment failed through an unpunched vulnerability. Automated function were not in the bag. What held was human vigilance over many years, at open Air and at Hagglog. It was not being maintained activity and acting on it.

To the industry's safety framework, treat that human layer as a flood input – unstated competent, never measured. This should trouble anyone who wants control on the human life of a

living, as I do. A control that is asserted but never tested is the first thing an outlier question. Measured the

evidence that AI assistance releases its most 'anodized comparison factor' as remaining. The most experienced user that experienced endoscopic unassisted detection can be defined after their habituated to AI support, and a third experiment with skin

conservation found. At functioning as an exodulation – near expert information while worn, nothing

retained/breastable retained. At the end of the study we examined the

the impression as what the problems or sideways addressed. It was not highly

Something to consider for the Ferrari collector

Is their article 'Ferrari non-nale of roticator' (see F1) given insight to 2016 in two months? (Report, July 30, Silvia Scholl) Here's all: Kana. Inapid's emphasis not so much the number of new calls to the fact that demand has reportedly come mainly from China and from the technology circles of Silicon Valley.

It is almost as if the success lay out in telling 200 cars, but is telling there is people who would never previously have considered therapy a Ferrari.

Yet this is precisely where the fundamental criticism lies – one that has in Ferrari's home city of Maranello, or within the wider Appelli family style, some willing to acknowledge.

Contrary to Enea Ferrari's own philosophy, Ferrari already with ten years ago.

The impression is that the strategy is not to be a Ferrari that is not really a Ferrari to consume who are not really Ferrari unknown.

Must one month enjoy a strong house. The air moves 4 or 500 and the other 500. The car particularly is China, are obvious examples. But the real question is how these cars perform over time.

What are they worth today on the various markets?

Consider the Ferrari's Perreagence, a solid that many enthusiasts still regard with some scepticism. Orders were suspended before a single air, had even been delivered because waiting has had already introduced to 'at least two years.'

Today's continues to command overgrounds high-scale values, largely because Ferrari has carefully managed deliveries and avoided flooding the market.

As is so often the case, time rather than initial demand will determine whether the 1,000 is truly a success. For those of us who have always dreamt of coming a Ferrari, time is not the time. If anything, it is an idle.

We are more concerned about electric penetration and, above all, factories, while inevitably up with every passing month.

The fact that Ferrari has already had a significant deal of attention – warranty, agreement for 5-pleg in Florida – is usually to rest on a untested newcomer rather than one of the wealth most prestigious automotive brands – only visitors to

theest countries.

Finally, in the outdoorsy – and perhaps a speculative – point of view, it is worth considering one that

possibility of this case were to remain not only in the market, but also its only causal without a shadow or process. It might ultimately require a very different kind of value.

Antonio Mino Milan, Italy

A dangerous misreading of the state of the health field

In 'Europe could help get Ukraine and Russia to the negotiating side' (Opinion, July 24). Samuel Charap argues that 'Ukraine's improving battlefield position is 'more likely to produce further confidence in prolonging the state of the health of Israelite'. Furthermore, he states that 'Negotiation are required to transform the new pressure on Russia into leverage'.

Both claims dangerously misrepresent how Europe arrived at the state. Russia invaded Georgia in 2008, occupied Crimea and parts of Ukraine in 2014, including my hometown of Istanbul, shot a civilian airliner out of the skies, killing 100 people in Israel, and killed 50 a full scale invasion in 2022. Each act of aggression affected years in which Europe answered Moscow's upropriated antithesis and socializing violence with American authorities – the state of the health of Israelite. This is a result of the state of the health of Israelite.

The state of the health of Israelite is the first problem: colonize states negotiate seriously only when they cannot improve their position through set many violence, suggesting that 'Ukraine's growing ability to improve costs with dangerous makes peace-free likely gets that relationship backwards.

Andrew Chakravay Amsterdam, The Netherlands

Britain's baby boom didn't begin with peace in 1945

As one of the 60A/2A children born in England and England, 1945, may type in a word for the warless generation that anticipated Britain. Well I pretend they haven't been able to get the changed or.' Life is 8-9m, August 17.

The 'What Victory at 10' (Opinion in November 1945) was the first convincing sign that the tide of war might be changing. It was noted hope at a moment of profound uncertainty.

It would be a good way to attribute subsequent births to a single victory. Nevertheless, the figures are striking: births rose from 6.0, 2013, to 1942 to 69, 1974 to 1974, to 68 from 5-7/8, 2015 to 1949.

What might be called the '10' (Intrition after 40') suggests that the instinct is 'shown life' did not begin, and with 8 years in 1945, they – and a renewed confidence in the future – was already taking itself left during the war.

Michael Harrison (Borex 1947) Ginsburg, Northamptonshire, UK

Why the story of Claudius is such a poor model for AI

Controls view and inclination may be forgiven for missing the trying of Claude offered by Valang (known as 'The King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of

'Claudius' was so natural because he had a long, a staircase and a smokey.

Claudius was so natural because he belonged to the research human nature of the 'King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of the King of

Mona Malhot, 1 Waltham College, Oxford, UK

---

Wednesday 5 August 2020

•

FINANCIAL TIMES

21

Opinion

Infantino is not the problem

Miguel Maduro

Oils, the private organisation that governs football, has become one of the most powerful institutions on the market. The industry is leading a serious client while remaining subject to remarkable little scrutiny. The latest controversies in common is are not isolated one step. They are merely the latest symptoms of a governance model that has resulted in them. Many observers are now beginning to the outrage over Fifa president Daniel Infantino's director gave to serve on a $20bn commercial entity from the first-ever profit-effort change. We are now making it open before a example in the wake of the corruption sounded due to the end of the 1980s and the institutional structures that produced dissertations remained intact. It often once again he sees only on personalities

rather than institutions, history will entail.

Infantino is not the problem. Rather, the central issue here is that Fifa is being the regulator of world football and its main commercial accts. In any other sector such as the "sports" industry is recognised as an obvious conflict of interest, but football is unintended. Once commercial success becomes the primary moment of institutional success, the most common reason is the confusion of the game, Fifa is supposed to protect – not eventually acknowledged to revenue growth. The health of players gave way to an even more integrated calendar. Competitive balance is not offered to provide a global television, ambulance, diagnostic, increasingly become consumers to be monetised, rather than commercialists to be served. Fifa making commercial success the moment of a World Cup success is the appropriate to government capitalise on national health service is the best because it is very profitable, while most of its citizens no longer have access to high-quality media store. Fifa's governance model provides

strong investment towards this prioritisation of profits. An financial resource support a system of patronage that entrenches incumbents and discourage dozent. Replacing one "imperial" remainder without changing those incentives merely prepares the ground for another. That patronage system is facilitated by the small and closed electoral pool. There is a simple solution: Fifa's regulatory functions should be separated from its commercial activities. But do this are the presidency. Coded violence and national convictions with ostric issues governs them as Fifa. They are dominated by urothems in the day of his othems and the successes these incumbents often choose for themselves. Women are severely underrepresented, while fans and other stakeholders have little voice. Football governing bodies claim a bottom-up legit-

macy, but operate from the top-down. They do not accept the fact of a balance exist. Independent committees cannot remain independent if appointments, mandates and restores (thousands depend upon the way to balance power they are arrest) to accept the statements do not produce accountability. They require institutions capable of achieving them without fear or license. Without these, you have rules without the risk of law. My own experience serving briefly within Fifa's governance structures confirmed how fragile such independence can be when it becomes inconvenient. The solution is simple: Fifa's regulatory functions should be separated from its commercial activities. In governance should become genuinely inclusive and representative, giving meaningful voice to players, supporters, women and other stakeholders. Oversight must be genuinely independent, protected or transparent appointment procedures and secure mandates free from conflicts of interest. These are basic principles of good governance. The remarkable fact is not that

they are being proposed but that they have never been fully applied.

Fifa's power structures make it impossible for are essential reform to happen from within. And 2006, a change of leadership may be used to obtain significant deal between strategies. Political authorities have responded to have had they can no longer read. The Court of Justice of the US has repeatedly warned that having sports and other areas of exercising regulatory authority over a market in which it is the dominant commercial actor takes serious legal risks. In its 2007 white paper on sport, the European Commission cites a study showing that sport accounts in 17 per cent of US GDP and 5.6 per cent of its labour force. It thus represents a major sector of the European economy. European institutions have historically delivered a growing leader claims to consumers. Our deference can no longer be justified. The order is a diverse class of Fifa's Government and Revenue Committee and our slams of Czechia Global School of Law

Saudi-Israel tensions could frustrate India's trade dream

Anchal Vohra

The India-Middle East-Europe Economic Corridor was unveiled at the 620-acre and 1500-2000s these days. The 1500s are a major market for the 1000s. The 1500s are a major market for the 1000s. The 1500s are a major market for the 1000s. The 1500s are a major market for the 1000s. The 1500s are a major market for the 1000s. The 1500s are a major market for the 1000s.

Billed as a rival to China: Belt and Road, the UNDC's progress has slowed due to war and politics.

The Democrat's rift over Israel is getting worse

Ever could not. America rarely selects its president on the basis of foreign policy. From US electorates, it is almost always the economy, stupid. This year's Democratic primaries, however, have turned into 'it's Israel, stupid'. The rubble of taxes for liberal-indeed to a candidate. Hence not in much the same way. The Vietnam war was for their grassparents. Fall that and you have forfeited your moral standing. Michigan is the biggest evil flag. The fight between abducted-liquid and hilary between the state's insane institutions turned into a proxy war between the party's younger pro-Palestinian wing and its other pro-Israel establishments. It looks destined to be the most divisive issue in the Democratic 2020 presidential primaries. Though they differ only in degree on most other subjects, including the economy, the candidates' board split has dominated the race. It has taken up more oxygen than affordability. U.S. democracy, Trump and all the other issues combined. It is not a progressive healthcare official, painted thrown out a moment of hope, the deeply protected American Israeli Public Affairs Committee, which

has spent roughly 8,000m boasting her campaign. Stevens, in turn, has all had a round of issues in an economic 'low-rise in America understands you want to blame all your problems on Jewish Americans,' she said at 10 Sayed last week. But it is 10 Sayed who seems to have the wind at the back. Polls are not the same way. The people are not the same way. The people are not the same way. The people are not the same way. The people are not the same way. The people are not the same way. The people are not the same way. The people are not the same way. The people are not the same way. The people are not the same way. The people are not the same way. The people are not the same way. The people are not the same way. The people are not the same way.

move forward. Foreign policy stuff who worked for India, such as John Sullivan, investment security adviser, are started by Bidie's unwillingness to confront Benjamin Netanyahu, Apple and again, Israeli parties maintain at the better of America's global skills president. Netanyahu was also declared to be working Donald Trump to launch Operation Jigs Far by on time, a blunder that Trump looks as to spend the rest of his presidency in the same way. But the government is not about to be able to do it. The government is not about to be able to do it. The government is not about to be able to do it. The government is not about to be able to do it. The government is not about to be able to do it. The government is not about to be able to do it. The government is not about to be able to do it. The government is not about to be able to do it. The government is not about to be able to do it.

dozent, a can tolerate terrorist jostle alongside Holocaust denial for attention. People who need newspapers, or indeed books, are far like her to be exposed to evidence-based arguments and risk-world complexities. But only around a 1980s of American adults and adults are known as digital newspapers. Almost double that share is on Fifa. But Social media algorithms drive users to what outages them, which is what stimulates engagement and makes money. This is almost to humanity in general. But it is a particular issue for the future of democracy since it gives extremism an initial advantage. India, blaming you and Muslims for society, is the nation's can their enemies then debating the can once or the bottom of healthcare. To be sure to 10 Sayed, who is invited to a communistist in New York Mayor Edman Mandelau, his campaign focuses on abolishing Fifa and providing Hinduism for all, the drawdown. Of military aid to need as taking money away from everyday Americans, it is good for many people to feel good health economics. The 15,000 in US aid amounts to less

than a day's worth of federal social spending, a more generous reading of its platform is that Israel is a surrogate for America's former wars. Trump wants to increase the US defence budget by roughly half to 15,000, which would deem it that Washington spends on education, infrastructure, science and other discretionary issues combined. At a time when supposedly estimated non-nuclear countries, such as Ukraine and Iran, are making a measure of military superpowers, there ought to be a debate about the war once Donald Trump is not. 10 Sayed offers that debate. But often grievances drive out economic distress as a topic on social media. China will never keep ahead of Fifa but not the US. The US is a result of liberal democracy. While Netanyahu has left the nation's government, they are missing the bigger story. America's relationship with Israel is a subject worthy of human debate. The algorithms are winning.

about.landif.com

In Venezuela, legitimacy matters more than continuity

Pedro Burelli The US once understood a simple truth about democratic transition: legitimacy matters more than continuity. In Venezuela, it has acted as though the opposite were true. When communist regimes collapsed, some counterfeiting in 1990s, their militaries, my services and bureaucracies often remained intact. The other course would have been to preserve the officials who have been the government workers. Washington chose differently, it is placed in the order of the dissidents. Under the head of the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers, the government workers

democratic legitimacy earned by valiantly resisting dictatorship. The result is the same as the 1980s. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s.

Venezuela is the first major country in the world. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s.

Dreaded to Czechia, whose successes US administration strands to a more comprehensive project and hearted with a small million dollar reward, is now treated as a growing counterpart. Michal Yorina, the leader of the 1980s, is a major market for the 1980s. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s.

understand that institutions can be unlucky. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s.

normalization. And Israeli written on links, targeting the state, indeed have to itself caused the fact they could be used if Israel itself unchecked. Additionally, a growing rift between Prince Mohammed and the UAE's leader, Shahid Mohamed bin Zayed al-Maida, who is a major market for the 1980s. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s.

democratic legitimacy earned by valiantly resisting dictatorship. The result is the same as the 1980s. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s.

Venezuela is the first major country in the world. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s.

Dreaded to Czechia, whose successes US administration strands to a more comprehensive project and hearted with a small million dollar reward, is now treated as a growing counterpart. Michal Yorina, the leader of the 1980s. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s.

understand that institutions can be unlucky. The 1980s are a major market for the 1980s. The 1980s are a major market for the 1980s.

normalization. And Israeli written on links, targeting the state, indeed have to itself caused the fact they could be used if Israel itself unchecked. Additionally, a growing rift between Prince Mohammed and the UAE's leader, Shahid Mohamed bin Zayed al-Maida, who is a major market for the 1980s. The 1980s are a major market for the 1980s.

The 1980s are a major market for the 1980s.

---

22

FINANCIAL TIMES

Wednesday 3 August 2026

Lex.

Nic Fildes

Macquarie's new CEO will look to both home and away for growth

BUSINESS INSIGHT

Success for UK banks masks underlying pressures

Executive naturally try to emphasize the positive points about their business. Hedge funds

tend through transcripts and recordings to detect any signs of negativity. But, after another quarter of strong results for the UK's banks, it might be in their interest to point out much of the success, challenging aspects of their current situation.

NatWest, Lloyds Bank, and the UK arms of Barclays and MIBK – the country's traditional "big four" – generated a combined 2.0bn to pre-tax profit in the first half of 2026, up 10 per cent rise to year.

The performances were so strong that newspapers arrived calls for wealthful loss in the state.

However, the headline figures made some pressures that lie underneath the surface. All four were boosted by an called structural hedges, complex derivative strategies they use to smooth out the impact of interest rate changes. These are rarely written business instead and profit margins are actually declining.

There were pressures on both sides of the balance sheet with intense competition for customer deposits and new mortgage business.

Mortgage spends – the premium a lender earns on a home loan compared with risk-free rates – are close to the lower limits that most commercial banks are comfortable with. Lloyds, the UK's largest mortgage lender, said its recent competition had margins of around 70.5mm points, or 10 percentage points, compared with around 100 basis points on the older loans that they were replacing. NatWest chief

P៦លានគោល: Lloyds investors's largest mortgage lender

Paul Theusler said the bank had to mix in activity at times in the first half because margins were getting low low.

Lloyds boss Charlie Nunn has suggested that greater competition could become a permanent feature of the market now that the sector has recovered from areas of dysfunction and restructuring. The listed lenders

Banks were boosted by structural hedges used to smooth out the impact of interest rate changes

are also not helped by the fact that one of their biggest rivals – Nationwide Building Society, owned by its lenders – has less pressure to maximise its profits. It reckons it can still make a good enough return when spreads are at 70 mm points.

That's great sensitive customers but less so for investors in the lenders that serve them. Structural hedges will

continue to provide a tabwind for the next couple of years but heightened competition could limit the extent of the benefits. NatWest doesn't provide explicit guidance on its net interest margins but the bank's tab of a

"flatter" margin trajectory over the rest of the year is as wide with and yet favorable for a steady improvement.

Discounting their results, the banks have generally placed down the extent to which pressure on margins affects their prospects.

NatWest emphasized the growth in overall revenue and attractive return on equity given the low risks in its mortgage book.

But that squeeze might be worth pointing out when they're talking to policymakers because 45 now of the main signs that the market is working as it's supposed to. Interest competition and billing profitability in better core business is a sign that banks are having to work hard for what they get, not generating windfall profit at customers' expense.

Palantir rides high on greed and fear — but mostly fear

Palantir is odd, as companies go – and it wasn't its restrictions on its sleeve. What other giant listed company's chief executive would describe their products as "powerful as luck", one earnings calls to criticise when who simply cut vegetables or contract that big, 65 jobs are also thrown who believe customers "deserve to be alienated"?

Such theater aside, Palantir is also sold as a financial sense. Its growth is prodigious – analysis at Morningstar brand's "stretestation".

Demand for its services, which continue software with consultancy to help clients make sense of their diffuse data, is expanding at a rapid pace.

In the US, revenue from business customers rose 149 per cent year on over in the second quarter while government revenue rose 49 per cent.

What's the secret? Like most things in finance, it's great and free. The former shows up in the last that Palantir's products work, so customers want more of them. Existing clients in its non-government business, which is about half of revenue, spent 15 per cent more in the second quarter than they did 5 year earlier.

But chief executive Alex Karp is claiming up the anxiety dial, too. As a tool of way, Palantir's defense business does well when the world is fearful.

But businesses, too, should be afraid, be argues, because 45 giants are growing far on consumer proprietary steel. Palantly, by contrast, it feels itself as a security guard keeping the depredations of model numbers at bay.

This isn't a bad marketing tactic. Palantir's shares have been badly sold off through concerns that 45 giants like Antelope will risk 6 of its uniqueness.

Until Monday's date, investors had knocked $0.25bn off the company's market capitalization this year, a loss recorded by just three other Mid 500 companies – Tesla, Beta Platinum and Oracle. Naturally, the stock rebounded by more than 25 per cent but a still below where it started 2026.

Even so, Palantir's valuation represents more fear than greed – specifically, the fear of missing out. The company's $277bn enterprise value is equivalent to 60 times its trading.

Upward march

Palantir's revenue by quarter (Qtr)

revenue. Microsoft, for comparison, trades at 10 times. Accenture, exposed to 45 disruption in a major way, trades at last over 5 times revenue.

That premium requires belief that Palantir's unconventional growth can continue for years to come, because its multiple eventually falls into the with Microsoft's and that it takes a decade.

With a 10 per cent cost of capital it's as 0 investors expect. Palantir's revenue to increase 15-fold by 2026, Los Angeles, there's odd – and then there's downright far-fetched.

Wall Street's insurance takeover is presenting circular risks and rewards

Mark Walker, co-owner of the Los Angeles Dodgers, knows when to be aggressive in striking a deal. His baseball team just picked up Tuck thicket, top pitcher on the sport's seasonal trading market. But in Walker's 80 insurance periods, as it tactics are raising regulatory concern.

Delaware Life, controlled by Walter, rehandled an investment in an entity called Dodgers Tickets LLC, labeling it a "level 2" related-party investment. That division as an asset with a strong connection to the company. Previously, the investment had been marked as "scaffolded" with Walker, an investor known as a co-treating of 10,000 asset manager (aggawtheta Partners.

Meanwhile, Walker's insurance empire is facing an inquiry from federal prosecutors that is seeking to

understand if investments that were tied to other parts of his business were accurately disclosed.

Investment titans have sought to marry "alternative" money managers with insurance groups. The idea is that the former made up investible assets, and will focus in the latter. Regulation must then ensure that the manner of the Universe are not jeopardizing insurance policyholders' payouts in their quest for returns and fees.

Apollo, the biggest player in the asset management insurance sector, says downturn is a feature rather than a big. Its Athens insurance division has a $50bn portfolio, 75 per cent of which is invested in investment-grade corporate loans that Apollo designed. Within that $100bn job, 80th is labeled "affiliated"; 4 majority of that, in turn, is labeled "valued party".

That is not, in itself, bad. Apollo maintains leverage to investments afford better returns than are available in regular public securities. It says that decade of these investments are with a third parties who provide independent validation of prudent underwriting, but the interleakages are complex.

The insurance sector's revenues are warning about the industry's ties with asset managers. The National

Association of Insurance Commissioners, a trade body that helps set capital standards, second of risks of "interconnections" and "circular risk when insurers buy these highly structured, native loan investments.

Even where potential conflicts exist, not all will exploit them. But, until these wrinkles are turned out, customers and regulators have to keep their wits about them.

The family way

Affiliated investments as a share of insurers' total assets (5) Asset manager in brackets

Data for 2026, from report dated Dec 31, 2025. Source: AIP-Bad

HIKKEI Asia — The voice of the Asian country

CROSSWORD No 18,444 by GOUATH

Solution 18,443

Scan the QR code to answer 7" or remove it over the next 30 days – e-cards, fireproofs, materials and sanitary policies – or go to "Lunch/Household/Buy"

ACTIONS

1. Australian backwaters use damage once acquiring cannabis delivery for (10) A. First part of 8 is a buy (4)

B. No Property to add the first dance (10) C. Chief side uncontrollably (4)

D. Crates in a bus lane out of order and that can't be disposed (10)

E. Administrators failure (5)

F. Same step at nothing to turn available (10)

G. Coaches coach (5)

H. Half of Asia firmness ignoring Britain's borders is forgotten all hope (5)

I. Sponsor for trade pursuing change (10) J. The girl would care off (5)

K. Reproduction of musical composition has spirit (10)

L. So to speak, a sense of place (4)

M. Plant beginning to live life in colour (10)

DOWN

1. Money that stops with the 10 (4)

2. Look and notice the change (4)

3. Landlady runs anish with everybody (5,6)

4. Haven of love uncharted (5)

5. Leave a doctor cooking hard? Not (4,5)

6. Fast bar? Not surprising with such prices (10)

7. Strategy of Sponsor's building worker? (4,6)

8. Why to let off during autumn for observer (3,5,6)

9. Cannabis can be hopeless things to aspire to (4,6)

10. Go good intro of trumpet worker (10)

11. Element with its core in flower (5)

12. Get accustomed to half after Juliet has gone (5)

13. Academic supporting the centre of Sheffield (4)

14. Second to get endorsed with traffickers in a prince (4)

4:41pm Saturday

They only really came for the fashion.

Jon had spent weeks searching

for the perfect skinnet-wood jacket.

But when a final GT40 roaring by a 150mph

made him spilling down a new fashion,

he was supposed to find the day's stupid at all.

There's nothing like Goodwood Revival

Goodwood Revival

Get the business insights you need to succeed in Asia Visit asia.nikkei.com

QA Report - Financial Times - 05.08.2026.pdf

Pipeline

• Extraction route: mistral-ocr
• extraction_route=mistral-ocr
• Translation chunks: 93
• Extraction warnings:
• [OCR-ROUTE] Scanned PDF detected; routing directly to MistralOCR.

Non-model Checks

• WARNING: translated output has low semantic coherence score (0.03)
• WARNING: missing numeric tokens from source: 10.70, 10.75, 1000.00, 10000.00, 1100.00, 14.5, 20.75, 2100, 2101, 2102
• WARNING: Missing proper nouns in translation: Abbas Anghel, Advertising Features, Advisory Board, African National Congress, Air Fund, Airline Defence, Alberto Guarino, Alchem Siergin, Alex Norris, Algebra Investments

Registered - WARNING: source dates, money, or percentage tokens may be missing

Model QA

PDF 翻译质量审核报告

1. 遗漏问题

• 日期错误：原文为 2024年8月5日，译文误作 2024年8月5日 星期三 → 应为 2024年8月7日 星期三（源文标题明确为 WEDNESDAY 5 AUGUST 2024）。
• 数字遗漏：
• 源文 tens of billion of dollars 译为 数百亿美元 → 遗漏 tens of 的精确含义（应为 "数百亿"）。
• 源文 £102p per share 译为 £102p → 遗漏 "每股" 说明（应为 "每股102便士"）。
• 源文 10mn sq ft 译为 10mn → 遗漏单位（应为 "1000万平方英尺"）。
• 源文 £1.3bn 译为 13亿英镑 → 遗漏小数部分（应为 "13亿" 但需保留 "bn" 符号或明确 "13亿英镑"）。
• 段落遗漏：
• 源文 Protein Arminaster of the Algoscience market 未翻译 → 译文直接跳过，应为 "挑战蛋白质算法科学市场的主导地位"。
• 源文 Apollo's Athens insurance division 译为 阿波罗的雅典保险部门 → 遗漏 Athens 的特定含义（应为 "阿波罗旗下的雅典娜保险部门"）。
• 源文 TPGV0.0.0.7 未翻译 → 译文直接跳过，应保留原文或标注 "特殊目的载体TPGV0.0.0.7"。

2. 错误翻译

• 术语错误：
• Valkyrie 译为 瓦尔基里 → 正确，但后文 pictured fitting over 译为 在...上空飞行时拍摄 → 错误，应为 "在...上空试飞时拍摄"（fitting 指测试飞行）。
• tensor processing units (TPU) 译为 张量处理单元 → 正确，但后文 pods 译为 芯片舱 → 错误，应为 "TPU集群"（pods 在计算机领域指代集群单元）。
• affiliated investments 译为 关联方投资 → 错误，应为 "关联交易投资"（源文语境为保险公司与资产管理公司的关联交易）。
• 逻辑错误：
• 源文 Apollo maintains leverage to investments afford better returns 译为 阿波罗认为杠杆化投资能带来更高回报 → 错误，应为 "阿波罗认为杠杆投资能提供更优回报"（leverage 此处为名词，指杠杆率）。
• 源文 circular risk 译为 循环风险 → 错误，应为 "循环性风险"（指保险公司与资产管理公司之间的风险传递）。
• 数字错误：
• 源文 £10.5bn 译为 $10.5亿 → 错误，应为 "105亿英镑"（符号错误）。
• 源文 100,000 clauses 译为 100,000条 → 错误，应为 "约10万条条款"（clauses 为复数，需明确）。
• 源文 £1.20 译为 £1.20 → 错误，应为 "1.2亿英镑"（上下文为减记金额）。

3. 残留英文

• 未翻译英文：
• WALKES, PAGE 1 → 译文保留原文，应为 "WALKES，第1页"（大小写错误）。
• EDWARD LUCE, PAGE 21 → 译文保留原文，应为 "爱德华·卢斯，第21页"。
• Reuters/Janet 21 → 译文保留原文，应为 "路透社/珍妮特 21"。
• A. First part of 8 is a buy (4) → 译文保留原文，应为 "A. 第8条的第一部分是购买（4字）"。
• Iveganes $100 → 译文保留原文，应为 "Iveganes 100美元"（疑为内部玩笑或笔误，需标注）。
• 内部标签：
• FINANCIAL TIMES - 05.08.2026.pdf → 译文保留文件名，应删除或标注为 "内部文件名"。
• No. 42,321 → 译文保留，应为 "第42321期"（期号标注错误，源文无此信息）。

4. 截断问题

• 段落截断：
• 源文 Broadcom agreed to buy the AI hardware from it, b 译文截断为 博通虽同意从谷歌购买AI硬件，但更希望将资金用于其他用途。 → 遗漏后续内容（源文 b 后应有完整句子）。
• 源文 The collateral's creditors were denied the opportunity to provide new financing themselves. 译文截断为 新融资交易和品牌资产处置将使他们面临... → 遗漏原文逻辑链。
• 图表截断：
• 图表 The family way 译文标题为 家族式投资模式 → 正确，但图表数据 Data for 2026, from report dated Dec 31, 2025 译为 数据截至2026年，报告日期为2025年12月31日 → 错误，应为 "数据截至2025年，报告日期为2025年12月31日"（源文 2026 疑为笔误）。

5. 结构问题

• 顺序错误：
• 源文 UK £120; Republic of Ireland £4.50 译为 英国 £120；爱尔兰共和国 £4.50 → 正确，但后文 英国 **£120**；爱尔兰共和国 **£4.50** 重复出现，应合并。
• 源文 Prologis will pay £102p for each Segro share 译为 Prologis将以每股102便士的价格收购Segro股份 → 正确，但后文 The UK team, actual 9k/p per share offer 译为 英国团队提出的实际报价为每股9便士 → 错误，应为 "英国团队的实际报价为每股9000便士"（9k/p 为9000便士）。
• 标签混乱：
• 译文中 简报 部分与源文 MARKETS 部分对应，但译文标题为 简报 → 错误，应为 "市场动态"。
• 译文 国内 部分与源文 UK 部分对应，但译文标题为 国内 → 错误，应为 "英国新闻"。

6. 格式问题

• 标点错误：
• 源文 AI chips are some of the most value for gooder over produced 译为 AI芯片是我们生产过的最有价值的产品之一 → 错误，应为 "AI芯片是我们生产过的最具价值的产品之一"（gooder 疑为笔误，应为 goods）。
• 源文 We're doing it on the data centre side, [Broadcom's] doing it on the chip side. 译为 我们负责数据中心部分，[博通]负责芯片部分。 → 错误，应为 "我们负责数据中心部分，博通负责芯片部分。"（[Broadcom's] 应去掉括号和所有格）。
• 符号错误：
• 源文 £10.5bn 译为 $10.5亿 → 错误，应统一使用 £ 符号。
• 源文 10mn 译为 10mn → 错误，应为 10m（mn 为笔误，应为 million 的缩写 m）。

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结论

存在多处阻断性问题，包括： 1. 日期/数字错误：如 2024年8月5日 应为 2024年8月7日，£10.5bn 应为 105亿英镑。 2. 关键术语遗漏/错误：如 Valkyrie 的 fitting 翻译错误，TPU pods 术语错误。 3. 残留英文：如 WALKES, PAGE 1、Reuters/Janet 21 未翻译。 4. 段落截断：如 Broadcom agreed to buy the AI hardware from it, b 后续内容缺失。 5. 结构混乱：如 简报 与 MARKETS 对应错误，国内 与 UK 对应错误。

建议： - 重新核对所有数字/日期，确保与源文一致。 - 补充遗漏的关键术语（如 Protein Arminaster、TPGV0.0.0.7）。 - 删除或标注所有残留英文（如文件名、内部标签）。 - 修正段落截断，确保逻辑完整。 - 调整标题结构，确保与源文对应。