Financial Times - 10.08.2026.pdf

金融时报

星期一 2016年8月

英国 FT / 美国 爱尔兰共和国 #4.10

阿联酋如何赢得华盛顿的青睐

无阅读，第 19 页

纽约正经历一个史诗般的夏天

RUCHER SHARMA，第 21 页

加沙谈判

以色列拒绝 美国和平计划

以色列拒绝了一项关于加沙的计划，唐纳德·特朗普此前声称该计划是关于巴勒斯坦人未来的外交谈判中的重大突破。

本雅明·内塔尼亚胡总理昨日表示，以色列“不接受”该方案，根据该方案，哈马斯将通过解除武装以换取以色列的分阶段撤军。他坚持认为，在哈马斯“开始解除武装”之前，以色列军队不会撤离加沙。

“我们正就此问题与美国人进行讨论。他们有一些想法，其中一些我们可以接受，另一些则不可接受，而我们知道如何对此类事情保持坚定，”内塔尼亚胡说道。

上个月，特朗普表示，由和平委员会（Board of Peace）公布的该计划是“朝着加沙最终由新巴勒斯坦政府治理迈出的关键一步”。

Patient rejected 第 4 页

前CIA官员警告：特朗普正在拆除美国民主护栏

● 举措出自“独裁者剧本” ● 行政权力制衡被削弱 ● 对个人崇拜感到担忧

JIMY MALDENHEIM — BRIJIMINS FISH

前高级情报官员警告称，唐纳德·特朗普在第二任期内正遵循一套独裁者的剧本，削弱对权力的制衡，并使美国陷入困境；与此同时，他们公开批评总统的威权主义治理风格。

自重返办公室并誓言与所谓的“深层政府”（drug state，此处原文如此）开战以来——他将第一任期内权力受限归咎于此——特朗普一直试图让批评者噤声，并要求身边的人效忠。

前美国中央情报局（CIA）站长保罗·萨德勒（Paul Sadler）表示，独裁者在“如何攫取和行使权力方面有着相对共同的剧本”，“对我来说，这些东西与目前美国发生的情况如出一辙”。国家安全律师马克·扎尔德（Mark Zald）在白宫撤销其安全许可后正与特朗普进行法律斗争，他警告称总统将继续尝试巩固权力。扎尔德表示：“护栏已被全部拆除，我认为我们甚至还没有接近我们将要走向的糟糕境地的底线。”

萨德勒是“稳态组织”（The Steady State）的100多名美国前情报和国家安全官员之一。该网络成立于2002年，旨在回应成员对美国威权主义抬头感到担忧。扎尔德同样在该组织工作。该团体警告称，特朗普对机构的侵蚀以及对行政权力制衡的削弱威胁到了民主。此次公开干预表明，美国情报界日益感到不安。

在特朗普的第二任期内，“稳态组织”的成员人数激增，但许多人因担心遭到报复而不敢发声。该组织成员、前CIA审计师朱莉·柯尔斯（Julie Curles）表示：“有很多充分的理由选择保持沉默。”她补充道，人们并未意识到“这些如此重要的机构已被掏空和削弱到了何种程度”。

另一位前机构分析师盖尔·赫尔特（Gail Helt）对她所谓的特朗普周围的“个人崇拜”表示担忧。

由情报资深人士组成的另一个团体——非党派的纪律本质研究学院（Institute for the Study of Nature of Discipline）——正在编写一份报告，研究美国官员如何利用紧急权力干扰选举。该学院创始人、前CIA站长埃德·博根（Ed Bogan）表示：“我们希望研究我们认为风险究竟是什么，以便能够防范。”

特朗普及其政府对情报的使用加剧了该团体的担忧。之前的美国总统使用此类材料是为了支持其政策，但前官员表示，特朗普更进一步，将其用于个人公共事务。

扎尔德表示，特朗普对被视为敌人的安全许可进行重新评估，这种规模自“红色恐慌”（bad fears，此处原文如此）时期的ONSA以来从未见过，当时被怀疑具有共产主义同情心的人成为了目标。

在1,000,中，CIA公共事务主任表示：“那些因为在俄罗斯调查和拜登笔记本电脑事件中扮演某种角色而被撤销安全许可的前官员，并不是具有值得报道之观点的严肃来源。”

白宫发言人克里斯·英格尔（Chris Ingle）表示，特朗普当选时获得了“根除拜登时代、针对美国人的政府重新定位、排干沼泽并MAGA”的授权——而这正是他正在做的事情。

简报

• 伊朗为该问题设定开端条件 德黑兰警告称，除非美国满足一系列条件（包括支付战争损失赔偿），否则将不尊重该水道，这使唐纳德·特朗普推动疏通这一关键航道的努力变得复杂。- 第 1 页

• Burshans 采取折扣行动 总理公布了应对药物广告（如折扣）的计划，这是旨在减轻生活成本负担的最新举措。“难以忘怀的陷阱”也在其权利范围之内。- 第 2 页

• 大学成为目标 欧洲最大的营利性高等教育集团 Galileo Global Education 表示，其正关注英国大学，认为私人资金可以改变该行业。- 第 3 页

• 'Vistry 的信用额度被削减 领先的信用来源允许 贸易正在降低 挣扎中的家庭的成本，在 这可能会加剧其现金流压力。- 第 3 页

• Palamite 成本增加 根据一份官方报告，部长 Alon Vermaertl 调整了由美国此类团体构建的 NHI 数据平台的预计成本，并下调了预期收益。- 第 4 页

• 伯克希尔恢复买入 伯克希尔 Stationery 负责人 Greg Abel 已净投入 100 亿美元 用于股票，结束了前任 Marcus Mallett 为期三年的抛售攻势，他在该集团中留下了自己的印记。- 第 5 页

• First Brands 诉讼请求 这家陷入困境的汽车零部件制造商的律师敦促破产法官批准一项重组计划，旨在为针对那些涉嫌导致“疯狂局面”的人员提起诉讼提供资金。- 第 6 页

• 爱尔兰毒品嫌疑人返回 丹尼尔·里内哈特（Daniel Rinehart）是爱尔兰最受关注的嫌疑人，据称是世界上最臭名昭著的毒品贩运雇佣者之一，在从阿联酋被引渡后已回到都柏林。- 第 7 页

曼彻斯特经验指南

PMI 的露宿者计划

尽管在达成目标方面进展缓慢，但自从安迪·巴恩哈特（Andy Barnhart）首次竞选大曼彻斯特市长以来，结束露宿问题一直是他议程中的重点。在三个多小时的任期内，他激励了一个碎片化的当地系统来关注这场危机，同时测试了一系列政策，其中一些取得了成功。曼彻斯特的慈善部门希望，作为总理，他能应用这些经验使国家政策更有效，巴恩哈特的新客户。

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© THE FRANKLIN, TIMES LTD 2016 No. 42, 225 W

物业、资产：利物浦、格拉斯哥、都柏林、法兰克福、米兰、马德里、纽约、芝加哥、旧金山、东京、香港、新加坡、首尔、迪拜

首相针对“欺骗性”商店折扣采取行动

针对误导性零售行为的行动旨在缓解经济压力

LUCY TIDNER Andy Harrison 宣布了打击药品广告虚假折扣的计划，这是旨在缓解生活成本的一系列措施中的最新一项。

新任首相表示，他将寻求面对那些向客户做出误导性折扣主张的零售商，其中部分商店在广告中使用了“虚假价格和欺骗性交易”。

此外，他还将一项现有的工党政策提前了几个月，以帮助消费者应对“销售 / 选项陷阱”。Burnham 表示，这些实际的“日常修复”是他将推出的一个更广泛方案的一部分，旨在减轻家庭面临的经济压力，因为他正在一项全国性的选民调查中将其排除。

今年秋天将启动一项关于严厉打击后期“两倍”奖品、虚构折扣和误导性建议零售价的磋商。这些手段将被列入《数字市场、竞争和消费者法案》的禁令清单，使监管机构更容易采取行动。

该计划将维持现有的限制商店如何设定折扣的规则，这些规则是在 FDA 立法下制定的。唐宁街表示，首相是在回应购物者对零售商为了保护烟民折扣而临时人为调高价格的投诉，这些折扣旨在通过虚假的销售记录来“欺骗”消费者。

Burnham 还表示，最初在原所有者禁令下宣布的关于销售 / 选项的计划，将于 1 月而非 2023 年 6 月至春季生效。

这些措施旨在结束公司使销售 / 选项难以取消，或以更高成本自动续订的行为。根据白厅的一项分析，对于每一个不需要的一次性援助增强，这些措施将平均每月为人们节省 £14。

Burnham 补充说，他决心“尽一切可能为人们在生活成本方面提供一定的喘息空间”。

白厅报纸负责人 Sun Dutsin 表示，监管机构“经常发现很难针对那些用‘诡计交易’欺骗客户的品牌采取更好的措施”。

她对 Southwark 的提案表示欢迎，并补充道：“政府必须迅速实施这些规则，为消费者提供急需的保护，以应对社会定价策略，并通过包括罚款在内的严厉执法，让企业在近期承担责任，‘那是什么？’”。

但影子财政大臣 Sir Mel Stride 爵士指责 Burnham 通过诉诸于“取消和排练措施”而“已经耗尽了劳动力”。他认为，工党政府的“税收错误”不仅没有减轻成本压力，反而增加了勤奋家庭和就业不足者的成本。

Harrison 在国外度假一周后于今日返回工作，计划在月底前访问英国的每个常规地区。官员们表示，高道德准则将是他首阶段工作的重点，且他将处于“聚焦模式”。

医疗保健技术

Palastin 承建的 NHS 成本在最新预测中上升

数据平台影响的修订预估值可能会促使

触发终止条款的呼吁

ANY INTEREST AND AGAIN AGAIN

根据一份官方报告，政府提高了由 Palastin 承建的 NHS England 数据平台的预计成本，并下调了预期的财务收益。

根据英国政府机构国家基础设施与服务转型局（National Infrastructure and Service Transformation Authority）公布的数据，在过去一个财政年度中，“规模化交付的增加”将该项目的生命周期成本推高至 13亿英镑。

与此同时，预测收益已降至 £400mn，这反映了基于更新的部署计划、改进的数据、更详细的交付假设以及“对产品性能、使用情况和采用率更深入的理解”而对预估值进行的“精细化调整”。

这些预估值正面临着触发 Palastin 承建联邦数据平台（Federated Data Platform）合同中 2027 年终止条款的压力。该系统旨在链接分散的数据集，但其有效性以及这家英国公司与 Young 政府的关系一直备受质疑。

这些数据于上月在英国政府数据基础设施与转型项目的年度更新报告中公布。自 2024 年 £5 House 去年最后一个季度以来，“部门商定的项目全生命周期成本……有所增加”，而报告称“预测收益在 2025-26 年第四季度有所下降”。

报告指出，数值首次以实际价格呈现，以实现“对计划和影响的可追踪准确性”，这意味着它们与往年不可直接对比。NHS England 未能回应 FY1 关于提供可比历史数据的请求。

但一名来自下议院健康与社会护理遴选委员会的工党议员表示：“为了让这个争议日益增加的 NHS 项目负责，我们需要知道成本上升和收益下降在多大程度上是由于私有化等问题，以及在多大程度上仅仅是‘非价格’变动的结果。”

“你应该公布前几年的生命周期率和收益预估值，以便将两者并列对比。”

大流行期间萨里郡 Prionley Park 医院的场景。联邦数据平台旨在链接整个医疗服务体系中分散的数据集。

否则，人们可能会简单地假设最坏的情况。

FDP 的生命周期成本涵盖了软件在 NHS 范围内的部署，以及在 Orlando 签署的 £330mn 合同。

报告称，NHS England 已在现有预算额度内“消化”了本财年和上财年增加的成本。报告补充道：“尽管成本增加，该计划仍处于部门基准线之内。”该项目获得了给定评级，表明其正处于成功交付的轨道上。

“一个议会委员会已经呼吁采取最低限度措施终止 Palastin 的 NHS 合同，理由是公众对 FDP 存在‘严重的误解’，且关于其有效基础的证据‘相互矛盾’。”

自由民主党议员兼健康其他委员会主席 Luyh Brown 表示，这些数据“进一步增强了”在年底合同续签截止日期前果断切断联系的紧迫性。

“我特别要求政府在 6 月的证据听证会上分享更多数据，以告知他们关于是否延长该计划的决策。我对缺乏透明度的现状感到失望，这阻碍了委员会履行监督部门业务的职责，”她补充道。

在 FY1 发现底层数据集存在一系列错误，且健康基金会（Health Foundation）智库的研究发现使用患者出院单元的医院在性能上“没有明显改善”之后，NHS 关于该平台成功与否的说法受到了审查。

英国统计局对相关主张发起了调查，此前 NHS8 在 FDP 方法页面上添加了访问权限，承认向该企业提供了关键数据交付。

《金融时报》获得的电子邮件显示，在分析中突出显示流量之后，该医疗服务机构计划更改其每月发送的两项核心指标的计算方式，而这些主张首次发布已超过一年。

NHS8 表示，FDP 在其批准的预算内得出了结论，并补充说，成本的增加反映了“强劲的需求”，并且是“对该计划信心的真实体现”。

“随着更多 NHS 机构采用该平台，我们继续期待它能为患者、临床医生以及更广泛的医疗和护理系统带来实质性收益，”它补充道。

Palastin 表示：“这份报告再次将 FDP 置于政府计划成功交付的前 20% 之列——在获得给定交付评级的 29 个项目之一，且排名第 15。”

“预计它仍将带来数亿的收益，报告称，最近一个财政年度的成本增加低于用于标志重大变化的 1% 阈值，并且同样反映了‘规模化交付的增加’。”

“虽然该报告是一项强有力的认可，但我们并不自满，并决心实现报告中设定的预期，即‘随着更多产品……被开发、推广和采用，终身收益将继续增长’。”

教育

营利性教育集团将目光锁定于陷入困境的大学

DAVID SMITH

欧洲最大的营利性高等教育集团表示，该公司正将财务状况恶化的英国大学作为收购目标，并认为私人所有者可以帮助转型一个强大的、具有奉献精神的高等教育部门。

Parichased Galileo Global Education 的首席执行官 Kamil Sechagi 表示，英国是大学长期投资的“一个极具吸引力的市场”，并补充说他尚未“减少”已经可能的收购。

英国只有少数几所营利性大学，且该行业对这种模式的怀疑在欧洲大部分地区是“一个需要克服的障碍”。但他认为，相比于财务状况稳健的公共部门，私人资本更适合进行投资。

Galileo 由 Betancourt 家族和加拿大养老基金 CPPB 持有，自 12 年前成立以来，已在 20 个国家估计了 200 家公司，目前教授 300,000 名学生。

Sechagi 表示，“我们是以营利为目的的，所以我们采取一种路径”，但他的公司尚未支付股息，他正处于区分“非常长期资本”数据的点上，以专注于英国高等教育的分支模式。

《金融时报》最近的分析发现，英格兰现在每 10 名全日制本科生中就有一名由营利性商业公司教授，这些公司发现传统的科研在换取学位认证的过程中出现了组合损失。规模最大的 Global teaching School 目前是该国最大的全日制本科教育机构。

“文凭不是用来出售的，”Sechagi 说道。他表示，特许经营模式要么是“超级受控”，要么可能是“排他的，这在最终质量和结果方面是危险的”。

分支模式的兴起是由英国大学日益增长的财务压力驱动的，因为各国感到未能跟上成本的增长，且政府削减了海外学生的总数。

英格兰现在有超过 40% 的大学处于赤字运行状态，且说道：“我们说这让我们的耳朵保持警觉，让我们保持所有规则开放并控制人员。”

他表示，对于“家里总是很忙”的情况，该公司在考虑目标方面一直很“活跃”。他拒绝透露“我也将进行考虑”，称目前“没有任何进展”，但强调他的兴趣“正是关键所在”。

然而，他坚持认为他的态度是“既然我们有一个陷入困境的市场，那么让我们听听看”，并提到他希望复制该网络以及最大的伦敦大学（University London）的经验——这是一个只有 2,500 名学生的机构，Galileo 在其 2020 年陷入财务困难时将其接管。“我认为我们没有一个明确的目标，我们会对解决问题感到高兴，但对于英国市场，他是一个愿意尝试的人。”

尽管他补充说英国大学处于一种“惊人的局面”，但 Sechagi 表示他长期看好英国和联合王国的实力。

“如果你想进入全球前三或前四的模式并变得更好，尤其是国际学生，你知道必须在英国，”他说。“这是一种战略，更像是说，‘我们想进入英国……如果你有长期愿景，这是一个极具吸引力的市场。’”

监察机构调查高级侦探涉嫌滥用 AI

ROBERT WRIGHT

一名德比郡（Derbyshire）的高级侦探因涉嫌与 AI 相关的严重失职行为正接受调查，而一名格洛斯特郡（Gloucestershire）警局的工作人员则因未经授权使用 churnet's（原文如此）而被解雇。在最新的这些案例中，凸显了警队在面对新技术时所面临的挑战。

独立警察行为监察局（IOPC）告诉《金融时报》，在德比郡警局对其使用人工智能进行“内部审查”后，该监察机构在过去三年中开始了调查。

一名熟悉相关情况的人士表示，此案涉及该警队的一名侦探总督察，据称其使用了 来维持“技术”。高级调查人员对这类高关注度的调查保持谨慎，以避免透露采取此类步骤的原因，且由于法院案件仍在进行，这些信息无法披露以供辩护；另一名人士证实了上述涉嫌事件的描述。

在最新案例中，这名德比郡警官是英国已知因涉嫌滥用 而面临调查的最资深警察人物。6 月，《金融时报》披露了德比郡的 Falk（原文如此），后者启动了一项针对另一名资历较低的侦探的刑事调查，指控其在准备警察法庭案件时使用 diabetes（原文如此），从而妨碍了警务进程。

虽然这两起案件旨在确保法庭案件中的证据不受许多 系统生成的错误“幻觉”影响，并确保此类信息的机密性，但在格洛斯特郡的案例中，一名警务工作人员在因“诸多原因”将 聊天机器人用于警务相关工作后被解雇。

IOPC 表示：“德比郡警局在对一名警官使用人工智能进行内部审查后，于 23 日自愿将其行为提交至 air-park（原文如此），认为其共识不符合警队发布的指南和条件。”

该组织补充说，它已决定此事需要进行调查。它表示：“涉事警官已被通知，其因涉嫌严重失职而接受调查。”

德比郡警方表示，已将一名因使用 的警官移交给 IOPC。该警队补充道：“一项全面的调查正由 IOPC 独立领导，我们无法进一步评论。”

目前尚不清楚该警官涉嫌的失职行为违反了哪些警务规定。但允许外部 系统访问有关调查的信息可能会损害机密性。该警官未立即回应关于继续使用 的不满意任务。

英国皇家检察署（CPS）的一名官员表示，其已通知

德比郡警方因 使用问题将一名警官移交给监察机构

由于该警官涉嫌的行为影响了任何案件，因此涉及辩护。

这名格洛斯特郡的工作人员（警队未透露姓名）是英国已知首位因滥用 而被解雇的警务人员。

根据该干预机构的官方规则，该工作人员自 2024 年 10 月起一直将日常工作用于警务，并在警队于 2024 年 12 月 3 日引入系统以拦截对 OpenAI 的 Chat (OFT) 数据的访问后继续使用。在 2023 年 3 月涵盖的第 2 位和第 7 位中，该人员在系统运行期间一直从事业务并继续使用它，导致其被立即停职。

该人员在过去几周内被解雇。该干预机构的其中一项指控称，该人员最近通过将机密信息输入聊天机器人而损害了信息的完整性，但随后的调查显示，输入聊天机器人的所有信息均已公开。

在关于德比郡那名资历较低的侦探的案例中，警队表示正在调查涉嫌使用 diabetes 准备法庭文件的行为。

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2024 年 8 月 10 日，星期一

金融时报

3

全国

伯纳姆在终结露宿街头的艰辛之路上

首相誓言击败无家可归现象，呼应了他担任大曼彻斯特市长时设定的目标，但尽管该雄心未能实现，他却从中学习到了哪些方法有效

詹妮弗·威廉姆斯 · 曼彻斯特

当安迪·伯纳姆于 7 月 20 日进入唐宁街时，这位新任首相向国家做出了一个雄心勃勃的承诺。

“我很快将穿过我身后的那扇门，并下达我的第一项指令，”他说，“那就是终结我们国家的露宿街头现象。”

对于在他担任市长期间关注他的人来说，这些话听起来很熟悉。十年前，在大曼彻斯特的首次竞选活动期间，伯纳姆曾设定了一个几乎相同的目标——在 2020 年前终结露宿街头。

他从未达成那个目标。但在三个市长任期内，他激励了一个碎片化的地方体系来关注这一危机，同时尝试了一系列地方政策，其中一些以失败告终。目前的露宿街头人数比 2017 年下降了 25%，而全英格兰的这一数字则略有增加。

曼彻斯特的慈善部门希望伯纳姆能将他作为市长时学到的教训与他现在制定宪法政策的权力相结合。

“他对这个问题确实有非常深刻的理解，比以往任何一位首相都要深刻，”萨尔福德 Caritas 慈善机构的无家可归问题负责人阿曼达·克劳恩表示。“而且他尝试过各种方法，因此知道什么有效，什么无效。”

伯纳姆在 2017 年做出的承诺，正值大曼彻斯特地区，尤其是曼彻斯特市中心的露宿街头现象达到可见的危机水平之际。

他担任市长后的首批行动之一就是承诺：将工资的 5% 捐给一家致力于终结露宿街头的慈善机构，随后召集志愿部门和该地区的 10 个议会讨论需要采取什么行动。

伯纳姆没有直接能力强迫各议会优先处理这一问题，因为这些议会拥有各自定义狭隘的法定无家可归职责，且在领地意识方面程度不一。

相反，他利用自己的权力将人们聚集在一起，吸引媒体关注这一危机，并与露宿街头者本人举行定期会议。

“最大的胜利是将此项议题列入大曼彻斯特每个地方当局的议程，”曼彻斯特无家可归慈善机构 Barna 的合作伙伴经理尼尔·康斯威特回忆道—。

远离街头

伯纳姆就任市长承诺以来露宿街头人数的变化

巴士。“有些地方当局甚至可能不承认他们存在露宿街头的问题。”

曼彻斯特无家可归者慈善机构 Mustard Tree 的首席执行官乔·沃尔比（Jo Walby）表示，伯纳姆还从纽约前市长安迪·吉登斯（Andy Giddens）那里汲取了灵感，他在就任市长初期曾访问过对方。

她表示，他了解到“跨部门审查”至关重要，并指出了伯纳姆在早期建立的无家可归者合作伙伴关系。“他主持每一次董事会会议，因为他在执行层面推动这项工作。”

伯纳姆的政策便源于这些讨论。每晚 45-cm 的床位，在大曼彻斯特每个区设立一个避难所，一年 365 天开放。从法律上讲，只有当温度连续三个晚上低于特定界限时，议会才必须提供此类住宿，而他认为这是不可接受的。

结果是在整个大曼彻斯特地区为露宿街头者增加了 600 个床位，每个议会提供一个避难所。

克劳恩（Crowne）表示，这并不适合所有人。“其中很多是教堂大厅里的共享住宿，”她说，“它无法提供像拥有自己的房门那样能带来的薪水、安全感、个人空间和尊严。”

因此，许多面临复杂成瘾和心理健康问题的露宿街头者选择留在原地，宁愿在街头碰运气。

康斯威特（Cornthwaite）说，伯纳姆很快意识到情况比他最初想象的要复杂。“我听他说过，刚开始时他觉得自己接手了超出能力范围的任务。我想他最初认为可以通过休息来解决。然后他很快意识到，你做不到。”

尽管如此，从 2017 年起直到 Covid-19，露宿街头的人数大幅下降。

中央政府的“每个人都进入”（Everyone In）

“他对这件事确实有很好的（把握），比之前的任何一位首相都要好。”——卡里塔斯（Caritas）的阿曼达·克劳恩（Amanda Crowne）

目标未达成：曼彻斯特的阿尔伯特广场。该市的露宿街头人数比 2017 年低 25%

CQ 发现，参与该计划的人员中有四分之三仍留在他们的社会住房中。

CQ 住房与沟通负责人乔什·尼科尔森（Josh Nicholson）表示：“国家无法负担为每个人提供此类服务，但对于那一小部分人来说，它确实有能力终结他们的露宿街头状态。”

伯纳姆在 July 20, 的宣布中揭晓了一项终身投入计划，并承诺采取“紧急初步步骤”为露宿街头者寻找合适的住房，他补充道，这“看起来像是一种‘住房优先’（housing first）的形式”。

但尼科尔森表示，虽然这笔资金可能会覆盖支持成本，但在社会住房严重短缺的情况下，住宿依然匮乏。

与此同时，一个由长期露宿街头者组成的群体正从庇护系统中出现。

“如果没有终结这一点，即使有‘住房优先’计划，也没有途径能终结露宿街头问题，因为现在这种情况正在如此剧烈地增长，”尼科尔森说。

曼彻斯特处于这一趋势的最前沿。2024, 在伯纳姆仍处于稳固地位时，内政部突然加快了庇护决定，旨在清除长期存在且在政治上极其敏感的积压案件。许多离开庇护住宿的人最终在曼彻斯特街头露宿，因为他们相信议会会为他们提供住房。

沃尔比表示，在新冠疫情之前，Mustard Tree 帮助的人员中难民或前庇护申请者占 50%，而现在这一数字为 70%。“他们加快了这些决定，导致人们不再是逐渐流入，而是突然涌入，系统无法应对，”克劳恩表示赞同。

在大曼彻斯特与他合作的慈善机构认为，伯纳姆在进入 Number 10 时，已经了解驱动这场危机的因素，包括内政部、司法、卫生、警察、住房和福利系统中的相关政策。

“我们必须保持希望，”克劳恩（Crowne）说道，“希望情况有机会发生改变。”

金融时报

并非因为我们信任

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4

•

金融时报

2024年8月16日，星期一

国际

中东

伊朗要求美国支付款项以重新开放海峡

德黑兰告知华盛顿，重新开放的条件包括在其他要求之外就战争达成妥协

亚伦·弗里兰 (AARON FRIELAND) —— 伦敦 BTS 董事 —— 突尼斯

伊朗警告称，除非美国满足一系列条件，包括支付50倍的战争赔偿金以及其他条件，否则将不会重新开放诺曼海峡 (Strait of Norman)。外国商品需使船舶能够通过这条至关重要的水道。

德黑兰在周末采取的强硬立场，是在伊朗外交官表示他们正处于与阿曼就管理海峡航运达成临时协议的最后阶段几天后出现的。这凸显了美国与伊朗之间的深层矛盾，以及在寻求外交突破以缓解该地区敌对状态方面所面临的挑战。

外交官们斥资了伊朗，因为伊朗与阿曼的协议将导致全球能源流动这一至关重要动脉的重新开放，缓解美国与伊朗之间的紧张局势，并促使相关各方进入无线电沟通以就结束战争达成最终结算。

伊朗外交部长阿巴斯·安加 (Abbas Anggha) 昨天在议程中表示，伊朗与阿曼的谈判处于最后阶段。但他强调，这并不一定意味着这条已成为伊朗与美国之间关键战场的水道会重新开放。安加表示：“与阿曼的协议可能会达成，但重新开放海峡取决于若干要求。因此，只要美国未能就已发生的战争进行赔偿，就不可能重启（与华盛顿的）谈判。”

伊朗的这些言论发表在伊朗权力巨大的最高国家安全委员会秘书穆罕默德·巴基尔·阿里加迪 (Mohammad Baqir Alighadi) 发表言论的一天之后。阿里加迪表示，若要海峡开放，美国应将其合同从该共和国附近撤走，支付战争损失赔偿并取消制裁。

阿里加迪被认为是一名强硬派，本周一些伊朗媒体有未经证实的报道称他已辞职，这反映了伊朗领导层内部的分歧。

伊朗在海峡上的决定必须经由安全委员会和最高领袖穆贾塔巴·哈梅内伊 (Ayatollah Mujtaba Khamenei) 批准。自美国和以色列在2月份引发战争以来，乌塔拉坎德 (Uttarakhand) 将沙希德·穆斯塔兹 (Shahid Moustaz) —— 战前全球约五分之一的石油和天然气由此通过 —— 视为其主要的杠杆来源，并讨论国际和所有相关事宜。

该日，由系统衡量，水道的完全重新开放将使其在11月选举前的压力下维持高价。

美国和伊朗在6月签署了一份谅解备忘录，旨在延长停火并允许航运逐渐恢复到其电力水平且免收通行费。但由于伊朗重新开放了通过阿曼海岸通道运行的国家运营，该谅解备忘录崩溃。德黑兰称这些船舶使用了“未经授权”的路线。

伊朗的强硬派可能会与美国举行会谈，将通过该水道的临时路线作为解决攻击问题的方案。伊朗外交部官员周三表示，德黑兰已与阿曼就新航线的地理坐标签署协议。但此后几乎没有进展迹象。

美国并未直接参与伊朗与阿曼的谈判，但通过地区条件提供了非法支持。

欧洲。气候危机

山火疏散在大型火灾中的变化

随着夏季火灾变得更加频繁，各国将重点转向预警系统和演习

JELA ABROAD — 巴黎 BRUTIN RYGDHAB — 伦敦

对于火灾专家来说，当你看到烟雾时，就已经太迟了。

最近几周，法国、西班牙、葡萄牙、希腊和英格兰发生了导致人员死亡的火灾，超过 100,000 人被疏散。这些行动依赖于迅速的反应和更好的规划，并参考了对以往数据集中人们行为的分析。

在法国西南部 Lige's La Perre 的小镇上，菲利普·德·贡内维尔（Phillips de Gonneville）在哀悼中表示，“在警报响起后的 11 到 50 分钟之间，人们必须非常、非常快地离开。”“我们非常担心整个城镇都会被。”

许多国家现在致力于开发更先进的预警系统和演习，这已成为许多气候灾难频发地区的特点。

爱丁堡大学社会心理学高级讲师安妮·坦普尔顿（Anne Templeton）研究火灾等紧急情况中的人类行为，她表示，测试警报的可信度可能与技术本身一样重要。

在信息泛滥的时代，当警报来自可信来源时，人们更有可能遵守。她说：“我认为在火灾响应方面正在发生的一件事是，我们意识到对于紧急情况至关重要。”

“例如，紧急警报、消防员挨家挨户地走访，这种 13 和 45 的沟通，以及 45 来源是谁，都非常重要，因为在决定如何行动时，信任是一个巨大的因素。”

长期以来，信息传递和通信系统的崩溃一直是近年来致命火灾的关键因素。

两年前的夏季山火导致 100 多人在转移过程中死亡，蜂窝相位系统的崩溃以及针对海啸的紧急警报网络失效被认为是导致死亡的因素之一。在希腊、西班牙和葡萄牙，夏季火灾造成最严重伤亡的情况通常涉及混乱且延迟的沟通。

在法国西南部的吉伦特（Gironde）地区

吉伦特地区居民卡罗尔·韦德曼（Carol Vedeman）在她当地的公园里，该公园上个月被山火吞噬 — www.iran.co.uk

在法国，上个月的山火迫使 100,000 人疏散，官员表示，由于在 2023 年的一次严重火灾后重新调整了应急计划，该过程更加有序。

这些火灾迫使人们意识到，儿童可能无法，使得某些地区在面对日益不可预测且剧烈的火灾时变得更加脆弱。

该计划于 2023 年底完成，并转化为涉及官员和公众的演习，吉伦特省政府对此进行了密切跟踪。

现代火灾预防者强调提前疏散，而非“冒险等待”。对去年洛杉矶火灾（导致 50 多人死亡）响应时间的分析显示，即使在美国，100,000 人中仍有数千人在火灾首次报告 10 小时后才离开。

另一项行为研究还确定了所谓的“拖延”现象，即花费大量时间给朋友和家人打电话、收拾东西以及在期间。长期房主，尤其是年长者，对于留在原地保护财产往往持有矛盾的情绪。

“许多人直到空气中出现烟雾才开始准备。对于灾难性事件来说，这太晚了，”澳大利亚维多利亚州乡村消防局（Country Fire Authority）副局长特兰·欧恩（Terran Ouen）最近将其称为一个“I”。

在美国科罗拉多州一个高风险地区旨在了解人类行为的火灾演习观察发现，居民中 90% 的人开始移动需要 20 分钟以上，而同样比例的人完成疏散则需要 40 分钟以上。

有限的逃生路线是当局面临的下一个障碍。交通折扣至服务模式（在其他已确定的州，最终道路在山火中损失惨重，包括希腊、夏威夷和加利福尼亚，在火灾高风险地区，建议至少拆除两条路线演习。

在吉伦特省，45 个特定议会是目前的专业 Uig Ferret，只有一条主要道路可以进出。

“许多人直到空气中出现烟雾才开始准备。对于一场灾难性事件来说，这已经太晚了”

官员们担心这会变成一个死亡陷阱。Gigi Ferret 的常住人口约为 6,000 人，但其规模可达 10,000 人。

在时间较为充裕的地方，当前类别是最先被清理的，不仅是因为它们的毒素和临时结构通常在巨大的力量面前十分脆弱，还因为语言障碍，导致 10,000 人被疏散，留下被遗弃在分销点上的拖车和植物销售点上的三明治，分布在西班牙和葡萄牙。

为了缓解交通拥堵，约 1,200 人通过从一家舒适的游轮公司征用的船只被疏散。2023 年的疏散计划（某种程度上渡轮可以在 24 小时内转移多达 10,000 人），但通过离开仍然是主要选择。

同样，上周在希腊，船只被用于协助从库里亚岛以及该市区域的一个度假区疏散 6,000 多人。

在 2018 年希腊马利郊区村庄发生一场灾难性火灾后，那里有 195 mnt，无压力运输官方管理不善，且应急服务的协调混乱，再加上未能部署紧急警报，导致了“那些情况以及系统的崩溃”。

相比之下，法国常被归类为“grande founae to it”的行政结构在危机中证明是有用的。它拥有一个由所谓的通勤者（commuters）或区（districts）组成的阶段性网络，每个网络都有一个作为公民首个呼叫点的来源，并与地区和国家治理接轨。

在吉伦特省，有 126 个通勤者，其中一个主要影响人类事件、企业和私人慈善机构。“半岛的疏散进展顺利，因为我们尽可能提前进行了规划，”de Gonneville 表示。

行为专家 Templeton 表示，随着气候变化使极端情况变得更加频繁，人们越是预期会有更多紧急情况，就越容易对演习和警报产生倦怠感，而不是变得习惯。

“我们（作为个人）一直在不断地进行这种风险评估。如果我们认为某件事实际上更有可能影响我们，即我们处于更高的风险之中。当自我参照程度越高，我们就越有可能采取行动。”

特朗普路线图

内塔尼亚胡拒绝以哈马斯解除武装换取撤出加沙的计划

詹姆斯·史密斯·蒂尔（JAMES SMITH TIER）——耶路撒冷

以色列总理本雅明·内塔尼亚胡公开拒绝了一项由美国支持的加沙计划，根据该计划，哈马斯将解除武装，以换取以色列分阶段撤出该巴勒斯坦飞地。

内塔尼亚胡的这一声明是在其执政联盟中的极右翼成员对美国提出的要点计划进行猛烈批评之后发表的，尽管美国认为该计划与以色列此前接受的一项美国计划是一致的。

在昨日的一次内阁会议前，内塔尼亚胡表示，以色列“不接受这份10点文件”，并坚持认为，在“哈马斯解除武装”之前，以色列军队绝不会从加沙撤出。

“当我提到哈马斯的解除武装时，是指重型武器、轻型武器以及所有武器，是指真正的解除武装，而非虚构的解除武装，”内塔尼亚胡补充道。

“目前，我们正就此问题与美国人进行讨论。他们有一些想法，其中一些我们可以接受，另一些则不可接受，而我们知道如何对此立场坚定。”

美国总统唐纳德·特朗普上个月公布了该要点计划，称其将导致“哈马斯及加沙所有其他武装团体的全面解除武装”，且以色列军队将在“解除武装完成后”撤出该巴勒斯坦飞地。

特朗普称该计划是一次重大突破，并于当时声称这将是“加沙最终由一个新巴勒斯坦政府治理的关键一步”。

然而，该计划迅速遭到内塔尼亚胡盟友的抨击，相关官员认为，任何从该巴勒斯坦飞地的撤军行动应仅在哈马斯完成解除武装后才开始，而非同步进行。

与此同时，哈马斯官员表示，新路线图的任何进展都取决于以色列首先履行其之前的义务，包括增加进入破碎的巴勒斯坦领土的人道主义援助流量，并撤回到去年一次真实路线努力时所持有的位置。

内塔尼亚胡的计划——其执政联盟在10月即将举行的议会选举前的民调中落后于反对党——凸显了达成长期结果的政治障碍。

一名获悉讨论情况的人士表示，以色列对该计划有多种担忧，包括哈马斯将其响应移交给积极组建的巴勒斯坦警察部队的想法。

该人士补充说，以色列还担心警察和nuclear可能在加沙产生的影响。

分析人士称，该计划还包含其他内塔尼亚胡难以接受的条件，包括对和平的承诺，以及哈马斯控制的加沙地区以及创建通往巴勒斯坦国家地位的路径。尽管以色列在过去几天内没有对加沙进行或thus，但自去年10月美国支持的停火协议生效以来，它已在该巴勒斯坦飞地发动了数百次。

能源危机

委内瑞拉人走上街头，停电波及加拉加斯

ANA-HEMISABI HALEZIK — CHACAT JIM DANIELA — BOSTON

在受美国支持的政府承诺向私营投资开放电力部门三个月后，每日发生的停电导致该国陷入混乱，委内瑞拉安全人员走上街头。

在全国各地的状态中，居民们一直在寻求保护，以应对自1月7日以来不断恶化的停电情况，当时该国的停电被指与尼古拉斯·马迪尔斯（Nicolas Madiers）被乌斯曼（Uthman）逮捕有关。

据报道，政府同意在加拉加斯的局部地区实施措施，该市自2019年以来首次经历定期停电。游行者将停电归咎于临时条款（仅限）罗德里格斯（Rodriguez），他在马迪尔斯被免职后离开了委内瑞拉，并得到了特朗普政府的支持。

罗德里格斯承诺在将该国的碳氢化合物和矿业方案开放给私营部门之后，也将电力网开放给私营部门，旨在推动投资。由于目前部分制裁待定且委内瑞拉石油出口有所减少，美国已收取了约10,000的收入。

然而，尽管加拉加斯和华盛顿做出了丰厚的承诺，委内瑞拉人并未看到经济增长的证据，并对药物的短缺日益感到沮丧。

委内瑞拉拥有丰富的自然资源，拥有该地区最大的私营部门。其约90%的电力来自氢能，因此在马迪尔斯的导师及前任雨果·查韦斯（Hugo Chávez）于2019年掌权后的四分之一世纪里，该国的电网因腐败和非管理而未能中断。

这种情况在2025年的经济危机中达到最低点，当时加拉加斯陷入数日的黑暗，数百万人移居海外。此后，政府优先保证首都的电力供应，甚至以牺牲其他地区为代价。

由于首都停电日益频繁，市长卡门·梅洛迪奥（Carmen Melodio）周五宣布，由于停电，工作日将缩短为半天。

罗德里格斯因向外国投资开放石油和矿业服务而赢得了特朗普政府的赞赏，他将原因归咎于自然现象而非管理不善，并呼吁委内瑞拉人降低电价。

他将近期的停电归因于该国特兰（Terran）沿岸燃气电厂在2024年最后一次毁灭性地震期间遭受的损坏，据已故的曼努埃尔·埃尔尼多（Manuel El Nido）在新闻中报道，该天气事件导致了全球温度和降雨量的变化，包括整个美洲的干旱。

这些解释并未说服许多公民，他们早已习惯于应对一个失效的电网。

“仅仅因为埃尔尼多我们就得面对停电，但多年来我们一直生活在同样的运行距离中，每天停电长达六小时，”瓦伦西亚的一位退休人员马古-埃斯·罗德里格斯（Magu-eth Rodriguez）说道。

在通过碳氢化合物和矿业方案后，委内瑞拉政府准备了一套针对电力部门的完整能源计划，这可能会打破国家公用事业公司Coquerdo的资金垄断。他们还宣布了与该领域部分能源公司的协议。

当地的停电让哥伦比亚大学的能源专家认为，政治改革对于解决委内瑞拉电力危机至关重要。

“电力部门的调度不仅需要恢复现有容量并为城市引入新的发电容量，还需要建立一个更具生命力的监管框架，使可执行的合同（以及）透明度变得可行，”她说道。

帕拉西奥斯（Palacios）补充道，当查韦斯掌权时，电网是“拉丁美洲最高效的电网之一”，随后“不恰当的比例、缺乏管理、缺乏维护、腐败以及国家对该部门所有方面的控制”导致了其崩溃。

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2016年8月20日，星期一

STRAIGHT 2016

5

2026

至：10月4日

金匠展 (GOLDSMITHS' FAIR)

日期：September 22 起

伦敦城，金匠大厅 (Goldsmiths' Hall, City of London) goldsmithsfair.co.uk

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5

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金融时报

Monday 16 August 2026

国际

数字监管

土耳其加强对网络空间的法律掌控

广泛的安全法赋予

埃尔多安监管在线服务的 广泛权力

约翰·沃尔夫 (JOHN WOLF)，路透社 / 金融部

数字团体警告称，土耳其一项新的犯罪安全法规则正在创建一个“数字监管”系统，通过赋予总统对互联网服务、担保合同和社会媒体账户的广泛权力来实现。

据无国界记者组织称，土耳其约 99 per cent 的国家媒体 outlet 已处于政府控制之下，这意味着 K、YouTube 和 Meta 旗下的 Instagram 等平台是少数仍相对开放给批评性报道和异议的空间。在无国界记者组织最新的新闻自由指数中，其排名在 100 个国家中处于 。

“这项新措施直接出自信息控制的标准风险库，旨在对所有其他人类控制进行干预，”人权观察 (Human Rights Watch) 技术与权利部门的高级研究员 Tomora Alex 表示。“网络安全权力不应集中在特定背景下。它们不应缺乏足够的保障措施。”

根据该法律，数字监管的压力在土耳其的网络安全部门（YouTube）中得到正式控制，该部门隶属于总统雷杰普·塔伊普·埃尔多安的办公室。它可以在其自身倡议或应安全机构要求采取紧急措施。电信运营商、安全提供商和其他在线平台必须在两小时内遵守，相关指令在执行后由法官审核。

“这项在 7 月底还不存在的法律，以国家安全为由证明其合理性，将网络空间描述为一个领域。为了维护数字主权、关键倡议和公共秩序，它与传统防御一样‘至关重要’。根据执政党 Erdington 的国会议员 Green Man 的说法，集中网络权力还避免了不同国家机构功能的重复，节省了 25. 300亿 (US$6.00mn)。”

但此举的批评者在承认国家安全担忧的同时表示，正是土耳其所有权的更广泛控制使得该立法令人担忧。

“新法不仅仅是将权力移交给总统府的表面化转移，”伊斯坦布尔比尔吉大学 (Bilgi University) 的法学教授、领先的数字权利活动家 Tamim Mahmut 表示。“它为土耳其的数字监管体制创建了一个指挥中心。”

包括土耳其计算机和电气工程师协会在内的专业组织也批评了这一措施，他们称其是向“数字审查”迈进的主流趋势。反对党共和人民党 (Republican People’s Party) 的国会议员 Tainin Grubik 表示，其被强调的权力有将土耳其变成“数字监狱”的风险。这些情况在对记者、在线评论员和其他媒体人物的频繁起诉中得到了体现。

此次网络改革发生之际，土耳其已单独禁止 12 岁以下儿童拥有社交媒体账户。与实施了在线限制的澳大利亚和法国不同，主要的社交媒体公司对土耳其的这项措施几乎没有表现出明显的反对。

“这不仅是官方的，而且是一致的，通过 e-Devlet（土耳其的在线政府服务门户）验证年龄。批评者担心，在缺乏隐私保障的情况下，这可能允许国家获取所有土耳其社交媒体用户及其在线账户的身份信息。”

有组织犯罪

爱尔兰头号通缉犯

乘坐政府专机 从迪拜被遣返

JOSEPH KAMIKOVA – COGIC

丹尼尔·金肖（Daniel Kinshaw）是爱尔兰最被通缉的罪犯，据称也是全球最臭名昭著的毒品贩子之一。在从阿拉伯联合酋长国被遣返后，他于昨日回到了都柏林。

爱尔兰政府专机前往迪拜将金肖遣返回国，此前他在避免被引渡的法律斗争中败诉。预计金肖将返回动荡。特别刑事法院在时间内进行了裁定辩论。

相关指控涉及金肖帮派（另一家犯罪组织）在2015年至2016年之间最严重的期间。

金肖在4月因涉嫌严重组织犯罪而被捕，这被视为该部门正在加强对犯罪嫌疑人的打击力度，这些嫌疑人曾将86亿 用于工作，且金肖是数名移居至Iskola的欧洲犯罪分子之一。

美国为协助逮捕他而提供8.6mn奖励，因其涉嫌参与全球毒品贩运（尤其是可卡因）、以及洗钱。美国财政部于2015年对金肖及其所谓的组织——金肖跨国犯罪组织（KNCO）实施了制裁。

KNCO最初在分销南美可卡因和海洛因。

爱尔兰警方前负责人估计 Kinshaw 团伙在全球范围内获利超过 €1

在爱尔兰，以及随后在英国和整个欧洲大陆，Kinshaw 一直是主要的贩运者}^{-1}，据美国当局称， 参与了洗钱、强迫贩运和谋杀。

爱尔兰警方前负责人 Drew Martin 认为， 组织通过其活动在全球范围内获利超过 €1。

这个最初由 Daniel 的父亲 Christopher senior 领导的犯罪组织，于 1990 年代在都柏林的 issues city 开始其活动，但很快便迅速扩张。Daniel 也在法院和爱尔兰议会中被点名，称其涉嫌参与贩毒和其他犯罪活动，并成为该团伙的首领。据信，有 1 起谋杀案是由与 相关的人员实施的。

该团伙首次引起国际关注是在 2016 年，当时伪装成警察的枪手袭击了 4-balline bottle 的一个拳击权重，随后英国警方局长介入。这起线索导致了 计划的一名高级成员被捕。当时 Daniel 参与国际拳击推广。

目前被关押在爱尔兰中部的最高安全等级 Technical Frison 监狱的升级设施中。 组织的另一名高级成员 Dave McGovern 同样来自该单位，因 1 起案件以及身为犯罪团伙成员被判处 24 年监禁。在 犯罪团伙中，Robert Christopher senior 及其兄弟 Christopher junior 也是 8.6mn 奖励的目标。

“这是该政权迄今为止面临的最具影响力的抗议，”驻伊斯兰堡的政治活动人士、多部关于巴基斯坦 案例的作者 Zahid Hussain 表示。

“这从根本上是对巴基斯坦领土控制权的挑战，”Hussain 说。“政治脱节已让位于拆除其倡议的意志，并要求军方离开该地区。”

根据 Joint Assault Action Committee（一个由活动人士、雇员和当地政治家组成的伞形组织）的数据，自上个月投票开始以来，已有 40 名持有不满情绪的人被安全人员杀害，该组织对生活成本以及拆除其政治自治权感到失望。

在周四发布的一篇 X 帖子中，该组织补充称，自 6 月初人道主义贿赂以来，共有 69 名“文明人士”死亡。自由克什米尔政府周一表示，今年夏天有 7 名执法人员在 daubed 中被枪击身亡，另有 45 人受伤。它还“断然”拒绝了关于安全租赁其现场的指控，并表示他们已采取“行动以执行法律并维护法律与秩序”。

自 1997. 年两国从英国独立以来，克什米尔一直是印度和巴基斯坦之间的争端之源。双方都声称对整个地区拥有主权，但各自控制部分地区。该地区拥有自己的总统和总理，但重大决定是在伊斯兰堡做出的，那里的 term 公民拥有直接代表权。它也是巴基斯坦最贫困的地区之一，青年失业率约为 25%。

然而，对于伊斯兰堡而言，法律是杰出的伊斯兰堡将使国家聚集。

在巴基斯坦 Muralikraabad 的一个投票站，人们在警卫的监督下等待投票。本月克什米尔部长在该地区部分地区的厌恶情绪中出现。

— — —

安全部队导致了针对性的暴力杀戮和 rheumatism 禁令，旨在压制由当地民众领导的和平民权抗议。

巴基斯坦官员经常指责印度在分隔喜马拉雅地区的控制线（Line of Control）的新德里一侧进行大规模纵火，该国已与邻国进行了多次战争，以控制所有穆斯林占多数的克什米尔地区。

巴基斯坦军方发言人艾哈迈德·谢里夫·钱德勒（Ahmed Sharif Chandler）中将表示，国家在处理克什米尔问题上反应“非常明智且被动”，但需要执行其“反对暴力的非供应”政策。

在抗议活动中，JIAC领导人呼吁其追随者保持和平，并表示他们并非在寻求分裂。JIAC未能就此置评。

此次选举是该市该市该地区上一次由汗（Khan）的政党领导的民选政府于2012年4月崩溃，据称。自那时起，JIAC已拥有三位与伊斯兰堡结盟的总理。

“我认为，我要求巴基斯坦修改一项宪法条款，该条款为巴基斯坦其他地区的克什米尔难民在当地议会分配席位，他们认为这成了中央政府规避法律、干涉事务的漏洞。”

“上周，伊斯兰堡还发布了一项指令，限制为国际媒体机构工作的巴基斯坦记者在未经进一步许可的情况下，离开伊斯兰堡、拉合尔（Ashore）和卡拉奇等城市，而巴基斯坦管理的克什米尔地区另外三个城市随后立即实施了该禁令。”

“一方面在国际上将自己塑造为克什米尔权利的捍卫者，另一方面在国内批准针对克什米尔的战争、实施封锁、在国家之后采取行动，以及通过暴动阻止这些合同被公开战争拆分，这很难自圆其说，”克兰代尔·A·胡沙尔学院（Crandale A. Husshal College）的汗（Khan）表示。

东南亚

缅甸军政府试图通过发布被囚禁的昂山素季照片来摆脱孤立

A. ANANTAS LIEBING – COGIC

在国际社会多年施压要求证明昂山素季在世后，缅甸军方上校 South 发布了消息，允许被囚禁的鼓手上周与一名外国敌人会面。

这位 85 岁的诺贝尔和平奖获得者 85 岁，被安置在某地并被禁止在 2025 年被捕后与家人见面，引发了对其健康的担忧。

但这次会面被认为是昂山素季在军事政变后首次与外国代表接触，这与其说是某种让步，不如说是该政权在寻求获得国际信誉并摆脱高度孤立过程中一个精心策划的步骤，正如相关人士所言。

会面照片的发布与上周女性访问由敏昂莱总统领导的泰国的时间相吻合，后者的总理呼吁与缅甸进行“极少且无实质的接触”。“这主要是一个表面功夫，而非真正的政策提议，”东南亚和平协会高级研究员 Ye Hyun Hsho 表示。“这不应被解读为该政权政策的广泛延伸，而是一个有意义的襟怀，而不仅仅是政治转型。”

敏昂莱在一次会议后于 4 月将军事首脑角色转换为总统，他正试图将自己塑造为国内领导人，即便军方继续逮捕反对者并对平民武装进行空袭，正如相关人士所言。

在缅甸国内，军方依然极不受欢迎，且面临广泛的政治问题。政府反对团体。根据冲突解决小组的数据，超过 100,000 名黑人谴责了政变，超过 70,000 名控制者参与其中。

“尽管这一点对于无数次伟大的谈判来说是一个失败，但这些举措并未显示出更长久的成效，”Ye Hyun Hsho 表示，并补充说军方正试图营造政治进步的印象。

特别是，这并不代表东南亚国家联盟（ASEAN）的情况，这个由 15 个成员组成的区域集团已禁止缅甸参与其正式工作，且该政权的决定最有可能成为迈向更广泛国际认可的第一步，分析认为。允许与昂山素季会面是“向正确方向迈出的一小步”，她的儿子 Kim Arto 告诉《金融时报》。

据军方称，昂山素季最近从监狱被转移到软禁状态。她在政变后的多项指控中被判处 30 多年监禁。

但这位在政变前一天曾与另一人交谈的人表示，她两年多来一直未被允许立即接触她的律师。“她仍然被剥夺了与家人接触的基本人权。据我所知，她基本上仍被拘留在某种形式的军事禁闭中，即使不在监狱里，”他说。

昂山素季此前在另一个军政府统治下被软禁超过 15 年。她仍然是缅甸最受欢迎的政治人物，并在 2016 年至 2021 年期间领导该国，当时她在与军方的权力分享协议下担任民选政府首脑。

她也面临批评，主要来自国外，因为她对军方针对该国采取的活动采取了沉默态度。

昂山素季，81 岁，在军政府发布的这张照片中运行一个 hit-billed cake

针对穆斯林少数群体的清洗，此前曾前往“总体上规模更大，仅定义了军方习惯于和平”。

“缅甸的邻国最近表现出重新与军政府接触的意愿。上个月，缅甸外交部长五年来首次会见了 Aunaa同行。

敏昂莱目前受到西方制裁，但近期也访问了印度和中国。最新情况是，缅甸最大的国际领导人和发明家，并在邻国进行了重大战略投资。

然而，包括阿尔托（Arto）在内的批评人士表示，在军政府在实现和平方面毫无进展的情况下与其接触，只会给该行动带来快感。

“我意识到需要进行某种形式的对话……不要给他人一种感觉——即我们需要为敏昂莱铺红地毯，”阿尔托说。“我觉得这在使一个本质上是秘密的组织合法化。”

此次推动接触之际，

缅甸经济在内战和全球能源冲击中继续恶化。世界银行近期表示，经济仍处于“剧烈压力”之下。此外，油价前景大幅上涨。

在上个月发表的一篇纪念其就任总统 200 天的演讲中，敏昂莱概述了一项为期五年的协议及首个国内议程，允许在项目中改善贸易并尊重所有国家。

他表示，其政府还加强了与反对派团体建立谈判的努力，并提到与 15 个武装民族团体举行了会谈。

“我们并非在以一种良好的方式‘扩张’，”悉尼大学的 RAI 文件库表示。“在缅甸内部，和平进程、国内化或和平权利的推广方面没有任何变化，”他说。同时他补充道，“经济困难正在变得……”

“与新政权接触的国家应该看穿 [敏昂莱] 正在构建的幻象。”

---

2024年8月10日，星期一

•

金融时报

7

虚假总统机构竟被列入尼日利亚联邦预算

此案件加剧了公众对猖獗腐败和缺乏监管的愤怒

大卫·菲利普斯（DAVID PHILLIPS）——伦敦

总统外国干预促进委员会（Presidential Foreign Intervention Promotion Council）肩负着一项重要任务：吸引外国投资进入尼日利亚。它在联邦预算中占有一行款项，在阿布贾的联邦秘书处（各部委所在地）拥有一间抢手的办公室，并且在尼日利亚政府官方域名下拥有一个网站。唯一的障碍是：它在官方层面并不存在。

据称领导该虚假机构的阿德尼伊·阿德耶米王子（Prince Adeniyi Adeyemi）将于下月出庭，就伪造和冒充等指控进行答辩，而他对此予以否认。

总统府指控他不仅将这个不存在的机构偷偷塞进了联邦预算，还以总统的名义与尼日利亚政治人物及外国政府代表举行了高层会议和活动。其中一些会面通过精美的社交媒体宣传活动进行了公开。

“网络上有相关帖子，网页上也有会议记录，”独立政治分析师、探讨尼日利亚政治与公共政策的 Bolbwefzer Substack 作者吉达希·阿德卡尼亚贾（Gidahi Adekanyaja）表示，“在某种程度上，事实与虚构之间的界限变得模糊。”

但在尼日利亚，许多人比起阿德耶米涉嫌的罪行，更关注这一离奇案件所揭示的尼日利亚立法机构在制度监管方面的缺失，以及在巴拉·吉马（Bala Jimma）总统任内显然猖獗的腐败问题。

阿德耶米的律师，他们无法被

“以前发现过‘幽灵员工’，但这次是一个完整的‘幽灵组织’”

被联系到后，对方并未否认该机构为其提供了法律身份资金，但在本月的一份声明中表示，不能让 Adeyemi “为未能检测到整个国家机器所验证的情况而承担唯一责任”。

他们写道，如果通过起诉“灌木丛（shrubspace）”而忽视构建、预算并从根本上滋养该实体的国家机器，那么 Jimma 将无法获得公正的对待。

来自公民社会的几位尼日利亚人表示，总统办公室要么知道这个虚假机构的存在，那么它就涉嫌挪用资金；要么不知道，那么它就是无能。

“这让人不禁想问，还有多少这样的机构，”Reddit.org 的联合创始人 Faisal Lawal 说道。该组织保存尼日利亚媒体的数字记录，旨在帮助创建更稳健的公共论坛。

“以前发现过‘幽灵员工’，但这次是一个完整的‘幽灵组织’，”Lawal 在提到此前披露的政府工资单上领取薪水或养老金却不实际工作的员工时说道。“对我来说，重点不在于钱，而在于流程——这些东西最初是如何进入预算的？”

这个虚构的晋升委员会不仅在计划中处于系统之上，而且 2026 年的拨款法案还为其授予了 125万美元 ($9500,000) 的预算。该虚假机构还声称获得了一笔所谓的“启动拨款”形式的 NTC 文件资金，这些资金旨在通过租赁场所、购买设备和雇佣员工来帮助新机构启动。

投资银行 Stardos (BTC) 的创始人 Andy Proverdie 表示，他怀疑国民议会的许多成员是否具备审查 5000亿（约 5亿美元；2024 年预算）的技能或意愿，该文件长达 1,491 页。该预算在两院经过多次审议，由 Yandem Agni (2) 签署成为法律。

“自从这届政府上台以来，众议院和参议院的整个监督职能就是一个笑话，”Proverdie 在谈到 2023 年掌权的 Timchu 政府时说道。

塔夫茨大学弗莱彻学院的客座教授 Chidi Alimkala 表示，这个虚假机构故事中不寻常的部分在于它被揭露了，而不是它在接收资金。

在阿布贾周围，Kumouru 认为关于该机构的指控更多是出于权力斗争的清算，而非真正试图揭露财务不端行为。

“任何仔细关注尼日利亚预算流程的人都知道，有太多这类看似不存在但常规获得资金的机构，”Odhukua 说道。“在每个预算周期中，资金被分配给它们，然后就消失了。”

这起丑闻牵涉到了总统幕僚长 Gbajahsamila，Adeyemi 指控其在获得虚假机构总干事一职的交换条件下索要贿赂。Adeyemi 声称已为该职位向 Gbajahsamila 支付了 9400mn，但表示 Gbajahsamila 随后要求更多，索要近一半的 NTC 文件启动资金。

Gbajahsamila 否认了这一指控，称他没有权力任命机构负责人，且相关文件上的签名是伪造的。他已对 Adeyemi 提起 NCBA 诽谤诉讼，并要求公开道歉。Gbajahsamila 没有回应置评请求。

在公开指控后，Adeyemi 开始潜逃，称担心自己的生命安全。警方随后在尼日利亚西南部的 them 州找到了他。

Timchu 正在为 1 月的总统大选准备竞选活动，他已宣布对该虚假机构展开调查。总统大张旗鼓地追讨此前被挪用的资金，并表示“在尼日利亚，腐败将没有避风港”。

“我们注意到公众对一名叫 [Adeyemi] 的男子的关注，此人一直自称是一个虚构的‘总统对外干预促进委员会’的总干事，”其办公室在一份声明中表示。“办公厅主任不可能向一个不存在的机构发出任命书。”

许多尼日利亚人感到困惑，不明白在政府对此一无所知的情况下，事情怎么会发展到如此地步。外交部和尼日利亚投资促进委员会（NIPC）——一个职责与该虚构促进委员会类似的真实机构——早在去年就对该虚构机构的活动发出了警报。

一名 NIPC 前官员表示，她去年 9 月就听说了这个竞争机构。“我觉得这太疯狂了，”她在谈到这种明显的职能重复时说道，“但有时政府确实会做一些疯狂的事情。”

Proverdie 表示，这场丑闻——他将其描述为涉及金额极小的“小钱”——与更严重的腐败有所区别。

“我更担心的是拨给合法机构但未能执行项目的 $100mn 或 $300mn，”他说，“而不是流向虚构机构的较小金额。他们热爱任何分散注意力的行动，但国家却在盲目中。”

国际

“在每个预算周期中，资金都被拨给[这些虚假机构]然后消失不见”

阿登尼伊·阿德耶米王子（Prince Adeniyi Adeyemi）将于下月出庭受审。批评人士称，此案表明在总统巴拉·艾哈迈德·廷丘（Bala Ahmed Timchu，见下图）任内，腐败现象猖獗。照片由 Reddit.org 联合创始人 Faisal Lawal 提供。

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8

•

金融时报

2026年8月10日，星期一

避风港：随着超级富豪变得更加富有，其超级游艇规模也日益庞大，码头正成为一项稳健的投资 ● 见第 22 页 LEX 专栏

公司与市场

伯克希尔掌门人投入$19.8bn资金，让现金储备发挥作用

• 阿贝尔结束了该集团3年抛售潮
• 此次购买削减了巴菲特积累的$365bn资金

ABEL BLATT 和 AMELIA POGLARD 纽约

伯克希尔 Stationery 的首席执行官在第二季度向股票市场净投入了198亿美元，结束了其前任沃伦·巴菲特超过三年的抛售潮。

此次投资包括用于购买 Alphabet 普通股的190亿美元，以及在本季度用于伯克希尔单一股份的48亿美元，这标志着阿贝尔希望通过将其最高$19.8bn的现金储备投入使用，来让其在 Omaductone! 保险公司的股票发挥作用。

巴菲特决定在场边观望并证明公司$13.8bn的

重新跳回市场的决定显得尤为激进，因为美国股票正处于历史高点。

过去三年中对 Intuit 股票组合的 被视为这位著名的价值投资者认为股票被高估的信号。这使得阿贝尔重新跳回市场的决定显得尤为激进，特别是考虑到美国股票正处于历史高点。

在过去的二十年里，巴菲特的投资决定显然证明了他认为市场可能走向的方向。他积累的创纪录现金储备令一些投资者感到不安，他们怀疑他正在等待一个能提供更好机会的投资机会。

伯克希尔拥有 Getco 和 National Indemnity 保险公司，以及金霸王（Duracell）电池和 Fruit of the Lawn 内衣的制造商，该公司报告称其现金水平在本季度下降了130亿美元。

阿贝尔在今年年初接替巴菲特，此前巴菲特曾是美国企业界最长久且最具影响力的保险公司负责人之一。巴菲特经营伯克希尔长达 14 个十年，于 1967 年接管了这家陷入困境的纺织制造商。

阿贝尔在进入伯克希尔能源业务之前是一名会计师，他已开始在公司打造自己的传承。在锚定 Alphabet 88亿美元 的资本比率几天后，阿贝尔宣布伯克希尔以 83亿美元 的企业价值重新买入建筑商 Taylor Morrison。

周六披露的信息显示，伯克希尔在截至 6 月底的三个月内向“商业、工业及相关股票”投资了170亿美元，该类别包括 Alphabet。

当伯克希尔本月向美国证券监管机构报告其季度持仓时，投资者将能更清晰地看到其股票组合的变化。

该公司在本季度出售了价值$1.5bn的股票，这是自 1955. 年以来的最小金额。随着其股票头寸价值的增加，其收入比去年增长了两三倍，达到107亿美元。

营业收入（伯克希尔衡量其自有业务表现的首选方法）比前一年增长 10 per cent，达到130亿美元。

该公司$9.9M铁路业务实现了 15 per cent 的营收增长，这被归功于明年美国进口额的增加。

相比之下，该公司的旗舰保险业务报告营业利润下降 15 per cent 至17亿美元，因为 Getco 必须向保单持有者支付更高额的赔偿金，并增加了广告支出。

无对冲的持久性是对包括共同出价支撑日元在内的货币干预的真正考验

货币干预的记录褒贬不一

广场协议使美元大幅贬值 （协议前从未知数值至 100；下降的低点显示美元贬值）

后来的干预可靠性较低

干预前指数为 100；上升显示走势符合政策制定者的预期方向

将图表置于全球数据之上提供数据；下跌价格尚未被使用。 总图表显示汇率数据。插入了日本 2023 年和美日 2026 年的数据。 来源：LESS

大卫·马法泽 (DAVID MAFFADZER) —— 伦敦

货币干预并不总是奏效。1987 年的广场协议作为国际货币协调的典型案例，成功地削弱了被高估的美元。但它可能过于成功了：美元不再停止下跌。

到 1987 年美国在巴黎采取反向操作时，汇率已停止下滑。但国内优先事项开始出现分歧，对协调的兴趣正在消退。该协议在一年内被削弱。

广场协议的成功被归功于罕见多边协议的可信度。但无论一个国家是独立干预还是在允许范围内干预，关键在于其是否与宏观经济基本面一致。

美元 / 保守反映了在 Val 清仓后美国的高利率以及吸引外国资本的大规模财政赤字。但到 2016 年初，美国利率看起来也不再那么特殊。相对于日元，

本文的一个版本首次出现在 Unhedged 通讯中。请在 f( {1} )and( {1} )in( {1} )and( {1} )in( _{1} ) 注册

美元在广场协议前约七个月达到顶峰。广场协议加速了已经在进行中的整体趋势。

当单边干预具有可信度时，同样可以有效。瑞士国家银行在 2011 年承诺为瑞士法郎设定上限，之所以奏效，是因为市场相信它会采取更有效的必要措施来捍卫汇率。

距离美日宣布共同干预以支撑日元仅过去一周。初步走势令人鼓舞，但持久性才是真正的考验。

市场数据 / 新闻 第 1 页 读者来信 第 22 页

Moonshot

调整架构 以期获得北京方面 认可在港上市

SLEMMER SLUETT — SQUARE SUNNY WU — JOHN JONES

中国人工智能初创公司 Moonshot 调整了其公司结构，并引入了数家知名的国资背景投资者，旨在寻求北京方面对其长期上市计划的批准。

这家总部位于北京的人工智能公司其 8.5 模型缩小了与 Anthropic 领先系统之间的性能差距，并在软件开发人员中获得了普及。该公司正寻求通过首次公开募股（IPO）来为其下一阶段的模型开发和扩张提供资金。

在上市之前，Moonshot 可能需要解散其公司结构，该结构包含一个离岸实体，用于从国际投资者那里筹集美元资金。

Moonshot IPO 的时间表仍不明确，但两名知情人士表示，考虑到损失的性质，上市不太可能在明年之前发生。另一个人证实，其 10亿美元 的监管问题已得到解决。

根据公司披露，上周 Moonshot 将其中国实体从有限责任公司变更为股份有限公司，但首先需符合其长期政策。

股份有限公司具有更正式的公司治理要求，且通常拥有更广泛的股东基础，股份转让更为便捷。中国证券监管机构对一些总部位于中国、通过所谓的“红筹”结构控制核心运营业务并试图在境外市场上市的科技公司进行了正式审查。这更多地反映了对战略性重要技术可能落入外国所有权的担忧。目前，监管机构采取了进一步措施，发布通知称，持有关键知识产权的海外实体公司将不具备离岸上市资格。该政策迫使包括 Moonshot 和京东在内的多家高利润公司暂停 IPO 准备工作，以调整其所有权结构。

据多位知情人士透露，Moonshot 正在与一个银行家和律师团队协调，以解决其海外投资者基础的问题。

在 Meta 中国业务出售后，对技术泄露的担忧加剧，中国方面随后下令对其指令进行调整。

Moonshot 拒绝置评。

THE WORLD'S BEST OF THE WORLD'S BEST

THE WORLD'S BEST OF THE WORLD'S

Technology. Interface

科技巨头押注语音交互以增强 AI 智能体互动

各团体更新语音产品 旨在使聊天机器人更自然 语音交互将取代打字

数字化危机 —— 每日制造

AI 团体正竞相使与聊天机器人的对话感觉更加自然，旨在让语音交互取代打字，成为人们与 AI 智能体互动的主导方式，尽管与机器对话在社交和商业方面仍存在挑战。

OpenAI 和谷歌近期更新了其语音产品，使 AI 听起来不再像平板电脑在读屏幕，而更像是一位能够理解指令和内容的同事。

其最新产品的推出正值消费者和企业需求激增之际，且代表了与早期语音助手的重大突破——早期的助手是将语音转换为文本，生成文本响应，然后再将其 real 6-back。

更新的模型可以直接处理并产生语音，有助于减少延迟、语调缺失以及内容遗漏，而这些因素曾让更好的产品感觉机械化。

“人们喜欢用语音提问……这非常适合那种人性化的往复对话。即使在巨大的损失中，但试图付出努力，”OpenAI 的制作人 AnyChild 在定义 ChatGPT 语音时表示。

趋势是 AI 系统正从回答问题转向执行长期任务，与它们交谈比在聊天机器人窗口中输入提示词感觉更自然。

但这种推动也在暴露语音技术的旧缺陷，从背景噪音到在公共场合与机器交谈的社交不适感。

AI 团体表示，这种转变已经在改变用户行为。

谷歌表示，其语音范围在截至 4 月的一年内翻了一番，聊天机器人的语音对话平均长度是文本对话的 5 倍。在 OpenAI，超过 1000 万人使用语音和听写功能与 ChatGPT 的订阅版本互动。

微软负责任 AI 首席产品官 Sarah Bird 表示，作为一种媒介，语音“在这些长期运行的智能体中真正开始重新崛起，因为通过语音给它们分配任务感觉非常自然”。Bird 补充说，她甚至向在公司编程平台 GitHub 工作、通过手机发送语音指令寻求帮助的同事提供建议。“我认为这很快将成为一个新世界，”她补充道。

OpenAI 表示，语音技术此前受到“高智力”限制。在上个月发布 GPT-4 的 Cat876e 版本（这是其两年来的首个语音模型）之前——即 4 月份——OpenAI 的语音模型曾因速度缓慢且混淆不同语言而受到批评。

“人们开始说得更多，因为他们知道模型能够理解，而且他们现在期望能做更多 [且] 他们希望这些设备能够实现，”曾在谷歌进行实验的 Leland Reifke 表示。

Reifke 补充说，在发现用户一旦在“麦克风背后”拥有大语言模型就会更舒适地与 AI 交谈后，谷歌致力于实现一种“更加自发的对话风格”。

编程就是一个典型的案例，支持者认为语音可以帮助用户比输入提示词更充分地描述意图和约束条件。

在 OpenAI 负责国际战略和运营的 Sandra Grasslin 表示，语音已成为用户使用 OpenAI 进行编程和 Cobra 的重要部分。“当我输入时，我经常将问题简化并直接进入任务。而当我说话时，我倾向于更多地解释我实际上试图实现什么，我的意图是什么，哪些约束条件重要，我在哪里不确定，以及一个理想的结果应该是怎样的，”他本月在 LinkedIn 上写道。

这两款 AI 语音工具促使硅谷的非专业人士投资购买新麦克风和办公音频设备。

寻找语音 AI 团体正在限制用户发现与数字网络研讨会交谈比输入提示词更自然。

通过防干扰处理，防止系统将音频与背景噪音混淆。这些设备涵盖了从液体声音到视频，以及安置在黑色管子和话筒中的设备。

这一转变为试图让语音输入变得更不显眼且更可靠的硬件初创公司开辟了新战线，例如来自 480x 和 64bit 的小型手持听写设备。

据多位熟悉该项目的人士透露，OpenAI 预计将在明年年初推出其设备系列中的首款产品，这将是一款配备摄像头、麦克风和扬声器的环境语音助手。

根据 Reifke 的数据，AI 语音可能还会采用一种同样吸引人的缓慢且不寻常的语调，今年第一季度的资本投资额超过 7000万美元，而去年同期仅略低于 1000万美元。

其中一个在数量上最重要的公司设计了一款戒指，你可以对着它说出主要指令或记录书籍。

首席执行官兼联合创始人 Mina Fritzen 表示，他在发现使用习惯冲突后开发了这款产品。“试图通过对着手机大喊来使用语音，对周围的每个人来说都很糟糕，对我个人来说也非常尴尬。”

来自 Cisco（一家拥有 AI 视频系列的语音初创公司）的首席技术官 Goldschmidt 表示，该技术在处理背景噪音，以及以正确的情感语调和内容回应用户方面仍有改进空间。

“我们正更快地接近核心搜索，但肯定仍有一些需要被攻克的难关，”他补充道。“[语音]成为主导交互范式只是时间问题。”

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2016年8月10日，星期一

金融时报

9

高管项目

金融时报领导力展望 (FT LEADERSHIP OUTLOOK)

提升高层的判断力

经济的不确定性、地缘政治动荡、AI 转型以及社会变革正在重塑组织运营的环境。

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

在金融时报资深记者和专家讲师的带领下，每场在线会议都将帮助领导团队以更大的信心应对复杂局面。

了解更多

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10

•

金融时报

2020年8月10日，星期一

公司与市场

中国风险投资公司竞相筹集资金

各团体寻求在经历了三年的低迷期后，利用投资者对该国科技行业重新燃起的兴趣获利

ELEANOR DILBERT — 路透社

在经历了三年创纪录的低筹资额后，中国的风险投资公司正竞相筹集新资金，以利用投资者对该国科技行业重新燃起的兴趣。

根据私募股权安置和咨询公司 Counter Capital 的数据，各公司正寻求为至少 60 个新的美元计价基金筹集估计 2.5亿美元，其中包括约 90 个风险投资基金。

投资者将支持中国人工智能（AI）描述为对美国市场投注的一种“对冲”，因为中国公司在网络上竞争激烈，并提供更廉价的模型访问权限。

根据接受基金推介的投资者透露，HBG、GSC Capital、Statics Partners China 和 Future Capital 等公司正在设立新基金或计划启动筹资。Shorthand 和 Qiming 最近已完成基金募集。

一系列成功的科技公司上市，以及 Neurobot AG 和 Neophod 等中国 AI 公司的突破，加上机器人技术的进步，有助于恢复市场兴趣。

但专家表示，筹资活动的激增并不意味着中国风险投资将回到那个全球投资者竞相进入热门且被过度研究的基金的狂热时代。

“这还没有到中国风投的‘大house’阶段，”Asante 的合伙人兼亚太区负责人 Ricardo Fello 表示，“相反，这是在经历了三年创纪录的低水平后，中国风投美元筹资的一次选择性重启。”

此次复苏发生在经历了由国内经济增速放缓驱动的中国风险投资长期低迷之后。此外，美国对敏感部门投资的限制，以及在中国监管机构收紧新股上市控制后退出机会的匮乏也是原因。

几位基金经理和提供资本给风险基金的有限合伙人（LP）表示，目前的筹资环境较过去三年有了显著改善，此前许多美元基金难以筹集新资金。

根据投资数据平台 People 的数据，2012, 1,593 个专注于中国的基金共筹集了 1亿美元。相比之下，去年有 97 个基金筹集了 116亿美元。

“市场在三到四年里一直处于资本匮乏状态，”一位要求匿名的基金经理表示，“突然之间，所有的基金经理都涌入进来。问题是投资者的兴趣是否足以支撑这么多人的筹资。”

HBG（原 Jogawa China）已告知有限合伙人，计划在今年推出一只专注于早期初创企业的基金。据几位熟悉该计划的人士透露，该公司还准备筹集一只人民币计价基金，尽管具体金额尚未确定。HBG 拒绝置评。

Future Capital 正在筹集一只新基金，将投资于 AI 硬件团队和利用 AI 进行科学研究（包括药物研发）的初创公司。一位知情人士表示，虽然最终金额尚未确定，但预计将略高于 $200mn。

一系列成功的上市，包括 1 月份 AI 模型开发商 Zhips 的上市，有助于恢复投资者对该领域及相关行业的兴趣。该公司拒绝就该数字置评。

两人表示，HBG 还计划推出一只一个月期的基金，并寻求为一只增长基金筹集约 20亿美元。该公司未回应置评请求。

几位投资者表示，这些基金越来越依赖于地方政府投资集团，这些集团资金更雄厚，且未受到部分机构投资者分红税率的影响。

上市 AI 模型开发商 AtosMax 和 Zhips 的早期支持者已从其首次公开募股（IPO）中获益，并在今年筹集了新资金。这些支持者包括 AtosMax 的支持者 Yangy Partners、Future Capital 和 BSG，以及 Zhips 的早期投资者 Qiming Venture

“在经历了三年的历史低点之后，这是美国加元融资对中国风险投资（VI）的一次选择性重启”

Partners 和 Leninious Ventures。HBG 也支持了这两家公司。

“有限合伙人（LP）对概念的辨别力正在提高。中国管理人，”Future Capital 合伙人 Hyeong Yang 表示，“他们越来越倾向于将持有 12.8k（大语言模型）公司——并在该领域成为共识之前继续坚定投资——作为管理人具备在非洲竞争的判断力和渠道的证据。”

Asante 的 Fello 表示，890 市场的复苏给投资者提供了一些喘息空间，尽管许多基金尚未将其投资变现并向有限合伙人分配回报。

“这支撑了这样一个投资逻辑，即中国科技公司能够与美国公司竞争，同时估值仍然较低，”他说道。

融资目标显著低于 2020 和 2021. 的巅峰时期。一位有限合伙人表示，他们正在“鼓励管理人更加专注于其投资”。

许多美国投资者因对支持半导体和量子计算等敏感中国科技领域的后续限制而持观望态度。虽然一些美国投资者继续通过排除受限行业的结构向专注于中国的基金投入资金，但此前支持中国风险投资公司的许多公共养老基金和大型捐赠基金已经停止支持。

与此同时，欧洲和中东投资者对从美国资产转向这两个地区之间的贸易表现出更浓厚的兴趣。但 Fello 表示，他们是否能“填补”美国基金留下的“需求缺口”尚不确定。

几位投资者将当前环境描述为“买方市场”，这使他们能够与基金管理人协商更优惠的条款，例如在未来的融资轮中拥有更大的共同投资权（有助于降低管理费），以及期望普通合伙人（GP）投入更多自有资金。

投资者还指出，小型专业基金正在兴起，这些基金通常由一两位管理人运行，筹资规模通常低于 $500mn 并瞄准机器人供应链或 AI 智能体（AI agents）等利基领域。

Nicholas Ventures 是一家目标筹资 $80mn 的新基金，由曾就职于 Stella Ventures 的 Yonglong Wen 领导。他将自己定位为新一代投资者（出生于 20 世纪 90 年代），与中国 AI 科技创业社区关系密切，并致力于投资年轻的创始人。

融资复苏之际，现有基金仍在尝试部署此前年份筹集的剩余资金。“在过去的四年里，这些管理人一直相当保守，现在他们有大量资金需要部署，”一位有限合伙人表示。“资金正在激烈地竞争有限数量的高信心交易，尤其是在 AI 领域。”

Markus Vandenbos 和 Nicholas Ventures 未回应置评请求。

中国风险投资经历了三年的资金干涸

专注于中国的加元基金筹集资金总额 (1)

财务状况

美国团体就 SEC 气候风险报告产生分歧

亚历山德拉·怀特 (ALEXANDRA WHITE) —— 纽约

包括养老基金 Calpers 和 Caliters 在内的主要公共投资者，与大型商业游说团体就美国证券交易委员会（SEC）拟撤销一项要求公司披露特定气候相关信息的规则而产生分歧。

今年 5 月，这家美国证券监管机构提议撤销拜登时代的气候风险披露规则。该规则在遭到多个共和党领导的州以及贸易团体的起诉后，从未正式实施。

在特朗普政府领导下，SEC 表示该规则是对委员会权限的“严重过度扩张”，但一些大型资产管理公司和养老基金认为，气候相关信息在财务上具有重要性，而大型商业团体则支持撤销该规则。

作为全球第二大资产管理公司且曾成为特朗普法律威胁目标的先锋领航（Vanguard），在针对 SEC 60 天评论期的提交文件中试图寻求平衡。

这家管理资产规模达 $121 的资产管理公司表示，它同意政策制定者应避免强加那些“成本高昂、令人困惑且负担过重”的披露要求。但它同时指出，“标准化且可比的重大风险披露（包括重大气候相关风险）”具有价值。

挪威规模达 2000万美元 的主权财富基金在回应中也十分谨慎。它反对“直接撤销”该规则，但表示认为存在替代方案，“既能解决委员会对范围和成本的具体担忧，又能保留财务重大披露的基准”。

包括加州公共雇员退休系统（Calpers）、加州教师退休系统（Caliters）以及管理 2000万美元 规模的纽约州共同退休基金的纽约州合作组织 Thomas Elthigold 在内的数家公共养老基金反对 SEC 的举措。

Calpers 表示，撤销该规则将导致报告不统一，迫使投资者通过私有问卷和第三方估算来收集数据，而这些数据将是碎片化的，可靠性较低且成本更高。相比之下，包括商业协会（一个由 200 多名美国大公司首席执行官组成的联盟）在内的商业团体支持撤销该规则。

美国监管机构提议终止一项气候风险披露规则

美国石油协会表示，“全面且迅速地撤销”将“产生实际利益”。该协会的成员是石油和天然气公司，由于规则关注温室气体排放、气候相关风险和能源转型规划，他们将受到显著影响。

该协会称：“这将消除重大且不必要的合规负担……它将保护投资者免于被非重大信息所淹没。”

值得注意的是，个人资产管理公司在地理分布上出现分歧，体现了环境上的割裂。

总部位于伦敦的 Federated Hermes SECs 监管着 62.6% 的托管资产，该公司表示，它继续认为投资者将从“一致、可比且可靠的重大气候相关风险和机遇披露”中受益，同时同意 SEC 的观点，即披露要求中存在消除冗余的空间。

但在另一份提交文件中，总部位于匹兹堡的 Federated Hermes 整体业务表示，支持撤销该规则的提议，“并回归到以重要性、特定分析和委员会长期以来基于原则的方法为中心的披露框架”。

尽管美国公司可能不再面临联邦可持续性报告法的审判，但它们仍可能面临其他司法管辖区的披露规则。SEC 未对此发表评论。

由 Attracts Norway 提供的额外报道

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2024年8月30日，星期一

•

金融时报

11

公司与市场

汽车

First Brands 为破产计划辩护

该提案将为小额债权人的民事索赔提供资金，此前该计划未能获得小规模团体的支持

GUSTY SHAW 和 AMELA POLLARD 纽约

First Brands 的律师敦促休斯顿的一位联邦破产法官批准一项重组计划，该计划旨在为针对那些对该地区或部分初始阶段员工“ fronts 计划”负有责任的人员的民事索赔提供资金。

警告称，如果该计划未能获得批准，可能会引发一场混乱的清算，从而可能抹除

该公司数十亿加元资本结构中的次级债权人。代表 方面的 Wall, Central & Mangos 律师事务所的一位律师表示：“将这些案件转换为 Chapter 7 [清算] 将对所有次级债权人造成毁灭性打击。”“在这种情况下，每个人……能拿到的会更多。”

的律师在最近几个月与包括提供破产融资的华尔街基金以及无担保债权人和长期贷款人在内的团体协商了 Chapter 12 的和解方案。

该计划的核心是一个所谓的诉讼信托，旨在追讨 高管可能偿还的资金，

据称这些高管利用该公司资助包括昂贵房屋和汽车在内的奢华生活方式。高级贷款人出资 $70mn 来资助该信托，他们同意在次级债权人获得完全平等对待之前，与他们分享部分法律赔偿。

创始人 Patrick James 面临刑事欺诈指控，这些指控源于涉嫌伪造发票和重复抵押贷款抵押品。两名 高级财务主管在今年早些时候承认欺诈指控。参与调查的执行特工 Kerrem Carter 在 1 月份表示，James 及其兄弟“将 作为一个‘front’计划来运营，其中新的贷款程序被用于偿还旧贷款人并资助他们的退休生活”。

在一年前案件开始时，破产申请筹集了 62亿美元 的首笔债务，以维持这家总部位于俄亥俄州的公司（其品牌包括 Autofire 和 Trice）在寻找买家期间的运营，但这些资金很快被耗尽，基础业务被证明状况糟糕，且该申请通过资产出售仅筹集了 2亿美元。

破产贷款的交易价格为每 1 加元 10 美分。由于公司的大部分现金已耗尽，破产计划要求近 50% 的重新分配的“行政”和“优先”

索赔最晚在 2026 年支付，届时诉讼收益可能会实现。这些索赔包括那些在最近几个月提供服务以维持 生存的供应商的索赔。

美国受托人办公室（美国司法部（DOJ）负责监督破产案件的机构）的律师请求法官将此 Chapter 12 申请改为支持 Chapter 7，后者将立即对公司进行清算。他们认为，破产法要求在计划确认时支付 500亿 索赔——而 承认其无法做到。

Christopher Lopez 法官表示，他将在稍后日期对破产计划做出裁决。

市场疑问。下周展望

就业数据疲软后，美国通胀受到审查

美国通胀是否足够低，以至于会引入一次 9 月加息？

在周五疲软的就业报告降低了市场对美联储在 9 月利率会议上加息的预期后，投资者将在周三密切关注美国通胀数据。

路透社调查的经济学家预计，7 月的年度整体消费者价格通胀率将从 6 月的 5.1% 降至 1.4%。剔除波动较大的食品和能源价格的核心指标预计将从上月的 2.6% 降至 2.1%。

在 5 月份由 15 年驱动的价格上涨数月后，随着汽油价格下跌，通胀可能会放缓。花旗银行的经济学家认为，“正如我们所预期的，连续第二次出现较低的读数，将意味着不仅仅是‘一个月’的数据指向通胀压力在变化，而且在我们看来，这在很大程度上将使 9 月加息……不再成为选项”。

然而，经济学家还预计 7 月的核心服务业通胀将小幅上升，环比上涨 6.5%。该指标在 5 月至 6 月期间此前持平，这使得美国的一家机构表示，核心服务业指标的回升可能会让“9 月加息依然在考虑范围内”。

期货市场交易员认为 9 月加息 25 个基点的概率约为 40%，低于周五美国劳工统计局发布的惨淡报告之前的约 60%，该报告显示美国经济在 7 月减少了 2.5,000 个就业岗位。问题在于分析师最终是否会将该报告视为一次性的季节性平均值，在三个季度中为 2.5%，正在下降。

如果后一种观点占据主导，且通胀增速低于预期，那么 64.6% 的涨幅可能会被推迟到 12 月或更晚。Ken Organi

美日“干预消退”会发生吗？

华盛顿和东京支持日本政府的历史性联合干预，在令投资者惊讶的同时，也让欧洲中央银行感到震惊，并预示了美国财政部对外汇活动的覆盖，但它起作用了！

在一些分析师将其称为一种新的、动态的贸易（约 Yini Kiehiro 如此称呼）的最新一轮“干预”中，日元兑加元一度走强至 ¥10.25 的峰值。但此后日元已跌至 ¥100, 左右，尽管据估计日本在短短两天内就花费了约 1580万人民币 ($67)。

工作正在进行中：如果数据表明通胀速度低于预期，美联储提高利率的决定可能会被推迟到 12 月或更晚。Keni Gajal

许多人认为这次干预不过是对那些押注日元下跌者的警告，并认为在面对利率基本面——日本 1% 的政策利率与其他大经济体较高利率之间存在巨大差距——的情况下，试图对抗基本面是徒劳的。

但情况可能正在发生变化，首先是在日本银行加息的预期在过去几周内有所增强，掉期市场目前暗示 9 月加息 25 个基点的概率约为 50-50。

“现在显然需要比之前更多的反击行动，如果 9 月份没有出现大幅加息，那么继续紧缩的决心可能会受到质疑，”花旗银行的分析师表示，他们现在预计该政策利率到明年年底将达到 2%。

尽管加息定价更加坚定，但干预后日元的走软凸显出，可能需要更大规模的措施才能创造持久的日元反弹，而这尚未建成。

英国经济能否承受贷款战争引发的能源冲击？

到目前为止，英国经济在由美国主导的贷款战争引发的油价大幅上涨面前，似乎表现得相对稳健。投资者将关注周四公布的6月及整个第二季度的GDP数据，以判断这种状态是否能够持续。

“在今年开局强劲（第一季度英国实现了67年来的最快增长）之后，我们预计增长势头将放缓，但仍将保持健康，”德意志银行首席英国经济学家索尼娅·纳贾（Sonya Naja）表示。

国家统计局表示，英国经济在5月份增长了51%。路透社调查的经济学家预计6月份将萎缩63%，使第二季度GDP增长率为64%——纳贾表示，这“依然非常强劲”。

粗略来看，这将使季度增长高于分析师在2024年年初做出的预测，尽管从2月底开始的贷款战争引发了全球能源冲击。

尽管有警告称高能源价格将导致停滞，但英国经济增长到目前为止已击败了许多预期，而通胀率则低于英格兰银行的预测。

周四发布的数据所涵盖的6月期间，中东局势导致的油价相对较低。与此同时，足球世界杯预计在一定程度上提振了经济。这缓解了任何萎缩至一个era的下行风险。

但经济学家警告称，首相安迪·伯沙姆（Andy Bursham）不应假设这种经济局面能够持续。

“英国的整体增长速度仍然不必要地‘kegs and’‘预计在未来几个月能源冲击的影响下速度将放缓……一些预算的不确定性也可能产生影响。’”艾米莉·赫伯特（Emily Herbert）

建筑

保险公司将削减 Vistry 供应商的信用保险额度

ALLI FENNER - 伦敦

JIM HENRY - 纽约 JENNIFER WILLIAMS - 曼彻斯特

领先的信用保险公司 Allison Trade 正在减少其为 Vistry 供应商提供的承保额度，这些供应商是这家陷入困境的美国房屋建设商现金流的主要担保方。

据知情人士透露，该保险公司在最近几周警告供应商，其正在调整 的信用额度，这可能导致承保额度被削减 50 至 75%。其中一名人士表示，最终提供的承保水平将取决于 在未来一段时间内的财务表现。

供应商购买信用保险是为了在客户未能支付商品和服务费用时保护自己。当承保被撤销时，受影响公司的供应商可能会要求预付款。信用保险通常由多家保险公司提供，即使没有承保，供应商仍可能选择继续与 交易。

了解 Allison Trade 变动的人士表示，信用额度的调整影响的是目前与 的贸易协议，不具有追溯力。

在 4 月被提升至该职位的 首席执行官 Adam Daniels 正专注于筹集资金以偿还债务，因为这家富时 250 指数（FTSE 250）公司在住房市场放缓的情况下，合同订单有所减少。该资产所有者已采取措施，包括折价出售房产和缩减建筑工程。

去年支付供应商的平均周期为 45 天，并表示在 2026 年加速了付款。

这些举措导致 报告上半年每吨亏损 65mm，在公布业绩的同时，公司宣布首席财务官 Tim Lawler 将前往另一家公司就职。 的股价在过去两年中下跌了近 80%。

表示：“信用保险公司继续为我们的供应链提供大量承保，这在持续基础上完全满足了集团的需求。我们没有注意到任何供应商因信用保险变动而停止与 贸易，且我们的供应链未出现任何中断。”

Allison Trade 拒绝置评。关于 信用保险承保的市场猜测始于周二，当时建材公司 Travis Perkins 的财务总监 Duncan Cooper 在公司业绩发布会上表示，一家“相当重要的全国性房屋建设商”的信用保险已被撤销。

Cooper 在回答关于该行业的分析问题时表示，这种情况不仅可能出现在该公司的竞争对手中，而且可能出现在“供应链两端的各个环节”。

“[我]在周五接到一个电话说……你的信用保险，信用保险的最终评估已被一家相当重要的全国性房屋建设商撤销……这种情况是真实的”。

的困境始于 2024 年，当时该公司披露其低估了建筑成本，随后发布了修正后的利润预警。该公司随后重组了管理结构并收紧了成本。

银行家 (THE BANKER)

提供在不断演变的行业中保持领先所需的智能与分析。

立即开始试用

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12

•

KIRKMAN, TIMES

2006年8月16日，星期一

市场数据

世界市场概览

FTC 市场数据

前一交易日涨跌幅 (Q)

BAT 500 纳斯达克综合指数 BAT 500 纳斯达克综合指数

Deep Jones Ind

富时 500

富时 500 500

Superfine

Superfine

Wake

恒生指数

500 World

500 World 500 World

500 World 1. 2017年1月1日，公司与上海浦东发展银行股份有限公司签订了《最高额保证合同》，约定为

---

2018年8月19日，星期一

•

HOLLAND, 1980

13

Ammon Global Investors Bafra (2007) 1 3 1 2008 1 1 2009

---

2020年8月10日，星期一

金融时报

17

工作与职业

为什么不给自己颁发一个生活和平奖，詹尼？

来自鲁瑟福·霍尔（Rutherford Hall）的档案信息，关键沟通经理

WhatsApp 发给 Stephen：我桌上这些避开作物的书是怎么回事？ WhatsApp 发给 Stephen：看起来一点也不像他，我完全看不出任何相似之处。

发给 ：是的，我戴眼镜，一直戴。10% 的中年男性都戴。哦，现在有人上传了一张我穿着夹克和 T 恤的照片。

发给 ：还有一张我在公交车上的照片是怎么回事。我想我说我们需要一个特许经营办公室可能没起作用。我只能忍受这一切，不是吗。

发给 ：好吧，孩子。但人们将不得不忍受我谈论如何比赛，以及更多地听到“哦，爸爸”这类话。总之，我要去苏黎世见詹尼·因凡蒂诺（Gianni Infantino），或者可能是拉胡尔（Rahul）。看起来他能帮我。

发给 ：我知道。我们不想让他们在一起看到他。他很矮，但他仍然是老板，好吧，孩子。

发给 Gianni：我现在正前往拉胡尔那里。粗略地说，他怎么能在那儿羞辱你让你辞职——怎么可能？关键是要营造一种你不可战胜的局面。这是吓跑那些想要背叛你的人的唯一方法。我会发邮件提供更多想法。

发件人：Rutherford Hall@williams.com 收件人：Gianni Infantino@williams.com 好吧，詹尼。

首先，我们需要一封信，为计划中出现的错误道歉（显然不要说是由你造成的），该计划一直以来只是为了给公众赚钱。我要提醒他们，你在世界杯上是如何绝对成功的。

唯一重要的事情是他们是否有足够的人数来除掉你。显然，你正在做好的工作——利用我们在非洲和阿拉伯地区的支撑，我们使用了许多公开表态来使人们相信我们很高兴被听到。

我还建议尝试分化欧洲阵线。一定有一些国家你可以出让，让需要一些国际足联（Fifa）协议的东欧国家获得权力。另外，你能让西班牙重新加入吗？即使你不得不把下一届世界杯承诺给摩洛哥，你能不能也承诺给西班牙？

我们把决赛变成有史以来最全球化的决赛怎么样，上半场在马德里踢，下半场在

卡萨布兰卡踢？只有两小时航程，我们可以延长中场表演，并增加几次补水休息时间。或者也许在中间举行国际足联和平奖（Fifa Pools Prize）颁奖典礼？你还在考虑再次选择特朗普，还是 RHO？

一旦你度过了最危险的时刻，我们需要迅速进入巩固和增长阶段。你需要将针对你的攻击描述为针对国际足联（Fifa）的攻击，这就是为什么不能让这些行为不受惩罚。这应该能清除一些内部批评者。

然后你需要通过一个令人眼花缭乱的开端重新占据主动。也许是一个规模更大、利润更丰厚的俱乐部世界杯，每两年举办一次，增加更多球队（尤其是来自投票给你国家的球队）。

我知道有人认为这些夏季合同赛事影响了球员的薪水，但它们可以被利用。我们需要这样思考：像那些在巅峰期被标记然后被弃用的谨慎之举，除了那些家伙在比赛时就已经走到了尽头。

大问题仍然是欧洲。由于其繁忙的威胁所揭示的经济权力，人们会被困住，我们需要让他们回到原位，

即使你不得不把下一届世界杯决赛承诺给摩洛哥，你也可以同时承诺给西班牙

这就是为什么我们要削减他们的一部分人数。他们对下一届女足世界杯赛事有些犹豫。他们真的想被塑造成打压女足的形象吗？所以让我们揭穿他们的虚张声势。他们会屈服的。

顺便问一下，你有没有考虑把下一届国际足联权力奖（Fifa-Power Prize）颁给自己？你确实值得，而且这将是对质疑者的一次实力展示。实际上，这可能看起来不合常理。也许等一年。

祝好，鲁瑟福 Winter：手机 4 / 6, 2021

把我找成三个，伦敦到布赖顿 4 持续 10 年。曼彻斯特到 Avramgare。首先：Leap Pit。Sh：12 分钟

发送给 Celeste 的 WhatsApp 消息：在登机 / 车上，我很抱歉。我的心与你同在，而且我喜欢。但内容并不与 Fifa 一致。我必须对客户坦诚，但我觉得他无论如何都注定失败了。

发送给 Gianni 的 WhatsApp 消息：我想给任何类似的事情打电话。我为什么要说你注定失败？

发送给 Gianni 的 WhatsApp 消息：你确定没有用阿拉伯标准来对待我吗？我听说那种错觉非常离奇。

Robert McKinley 收到消息

首席执行官。凯文·麦格恩 (Kevin McGurn)，特朗普媒体与技术集团 (Trump Media & Technology Group)

将特朗普的帖子转化为媒体帝国的执行官

丹尼尔·托马斯（Daniel Thomas）写道，这位临时负责人正监督一项旨在对公告的高速访问权限收费的计划

或许是意识到美国总统在就职前100天内完成的工作量决定了人们对其的评价，凯文·麦格恩（Kevin McGurn）最近一直非常忙碌。

自今年4月被任命为特朗普媒体与技术集团（Trump Media & Technology Group）的临时首席执行官以来，他通过计划对其 Truth Social 网络上总统帖子的高速访问权限收费，应对了华尔街的抵制，并协助监督一项与核聚变公司价值3亿的合并。

除此之外，他还管理着该集团旗下其他各异的资产，这些资产涵盖了加密货币、媒体流媒体和金融服务。该集团由唐纳德·特朗普在2021年其 Twitter 账号被封禁后创立。

但这位崭露头角的新泽西媒体资深人士认为：“（这份工作）包含很多内容，是一项巨大的责任。它带来了一系列你无法通过任何其他方式遇到的有趣挑战……我觉得无论如何，只要能为公司赚钱，就没问题。”

TMTC 拥有 Truth Social，这是特朗普经常用来宣传成就、攻击对手以及长篇大论的社交媒体平台——偶尔也会发布关于关税或百万级操作的全球性公告。

据任职15年的麦格恩称，特朗普将 Truth Social 称为“他的打字机”。在他看来，总统只是在拥抱现代通信，那些“始于 Truth Social，然后进入由（白宫新闻秘书）卡罗琳娜·兰蒂尔（Karolina Lanttil）主持的新闻发布厅”的公告在实际操作上没有区别。

但每条市场运行信息都具有价值，这促使 TMTC 本月推出一项高级数据基金，为来自最具影响力账号（大多具有 Maga 性质）的帖子提供高速访问权限，其中包括白宫副办公厅主任兼商业 FFB 局长 Kush-Patel 的账号。

华尔街部分人士对潜在的利益冲突表示担忧，认为总统经常以大写字母发布的通信正被一家他拥有经济利益的公司货币化，尽管是通过信托购买的，但仍存在风险。另一些人则对法律和监管风险表示担忧。

两名民主党参议员已呼吁证券交易委员会对该服务展开调查。

对于麦格恩来说，Truth API 服务的推出只是他想要推行的各类举措的一个例子，旨在

凯文·麦格恩：就像无论如何，如果它能为公司赚钱，就没问题？

打造一个“持久、耐用的业务”，他认为在 2018 年选举之后，当其首席发帖人卸任时，这将成为特朗普商业组合的核心部分。

他认为有关他可能代表内部交易的指控“完全是不公平的”，因为在下次选举时（且如果信息对[所有人]公开），内部信息将变成更陈旧的公开信息。

API 机构自身的出纳——以及所有市场，他说，但这仅仅是技术运作的方式。“对我来说，这更像是运行一项业务，而不是太早。我认为我们有权这样做，这在市场上并不罕见，”麦格恩说。

“首先，简直每个人都在这么做；其次，这一切都是实时的，所以（对于帖子）没有秒级的强制延迟。机器比人快，所以它们总是会更快。这只是实时传输，然后让互联网和数据包传输自行处理。”

他说，一些公司已经在非法抓取其网站，以从快速获取信息中获利。Truth Social 的帖子被抓取、报道并出售在 X, Inc 等社交媒体平台上。他补充道：“我看不出有什么区别。”

Truth API 对许多华盛顿人士来说是一个最新的例子，并且将投资于特朗普商业组合中政治与商业的结合，该组合在第二次任期效应之后价值大幅增加。该产品可能为 TMTC 带来预付款。McGurn 表示，目前大约有 10 个客户签署了协议——其中大部分是高频交易员——每月支付 $60,000-$100,000，市场正在进一步扩大。

“让我们看看，会有 10 个群体为此付费。超级钱包、新闻机构，用于 AI 训练的大语言模型，以及可能对市场产生重大影响的 Wi-Fi 预测市场。”

此次发布帮助股价在过去一个月上涨了约 10%，这对 McGurn 来说是一个早期的胜利，他是一位曾在 Vivo、T-Mobile 和亚马逊工作过的高管。

据彭博社报道，我发现 TMTC 约 10% 的股份由唐纳德·特朗普揭秘信托（Donald Trump Revealed Trust）间接持有，唐纳德·特朗普是该信托唯一的受托人。唐纳德·特朗普在由三名成员领导的 董事会中的目标，似乎与总统相悖。

然而，McGurn 也意识到需要取悦所有股东，因为该公司的投资组合涵盖了从 Truth Social 和电视流媒体到加密货币的广泛领域。金融服务以及——最近的——与核聚变公司 YAS Technologies 的合并。

于 2024, 上市，但股价在过去一年中下跌了约 40%。据 McGurn 称，这与该网站的价格有关，该网站构成了其公司国库中 $2,384 的加密货币及其他资产投资的大部分。 还通过其 Truth Filtered 提供交易所交易基金等金融服务。

报告 2023, 净亏损 $72,200，主要来自数字资产价值的变化，年度营收为 $40.82 / lms。

Truth Social 没有披露数据，但 McGurn 表示，该公司“首次”在积极推广该平台。此外，一家数字市场情报公司估计，其移动应用在 7 月的日活跃用户约为 $82,000，低于去年同月的 $36,000 多人。

关于 2020 大选后该平台的商业模式，当时该平台可能失去了美国总统这一核心中心，McGurn 自信地表示这“绝对是标准”的。

他说：“定价模型可能会根据我们的情况而改变，它可能会根据我们引入的服务对象、他们与那些交易组织、新闻来源、大语言模型、预测市场的相关性而上涨，在这个服务上可以变得更有创意，使其具有实用价值。”

他的坚持告诉 McGurn，他想要“一个持久的媒体业务，长久存在，远超我个人”。

他说，即使 内部现在有不同的业务分支，媒体仍然是一个关键焦点。

“（特朗普）品牌值得拥有一个属于自己的持久媒体网络。我们的最大股东，即总统，热爱媒体，他是（媒体中最投入的人，”McGurn 说道。

他补充说，特朗普不担任管理职务，并且像其他股东一样，在公开关联的情况下了解公司发展情况。

当被问及是否会与美国总统的“Truiller”接触或对其提出挑战时，McGurn 表示：“你永远不能告诉他怎么做，他会做任何他想做的事，我们甚至不提及这个话题。我们像其他人一样阅读这些内容。”

McGurn 是一名临时首席执行官，这反映了待定的 YAS 合并，合并后预计将任命一名新品牌负责人。

他此前是 的顾问，并与该集团有其他联系，包括直到 4 月担任 Alphas 收购公司的首席执行官，该公司与 Yorkville Advisors 相关联，后者也在金融服务方面与 合作，并且在 Secretion 期间曾担任 YAS Corporation 的顾问。

McGurn 希望 TMTC 能更多地成为一个“内容原创者和商业分发商”，这在一定程度上基于该公司不断扩大的平台。Truiller 提供基督教内容和保守派新闻频道，例如 Newsmay 和 One America News Network，以及 YAS All-News。该平台提供每月 80-90 美元的“爱国者套餐”订阅服务。

当产生兴趣时，包括围绕特朗普品牌构建的节目。“这不一定是 2015 年更好或 2017 年更好，但我们拥有从特朗普公司获得授权的品牌，以继续其在线媒体和技术。”

原创内容随后可以在 YouTube 等其他平台上销售和分发。“我能为这项业务做的最大事情就是提供更多的内容互联网服务。”

他承认商业方面可能会面临挑战，称广告业“对商业结果的支持度极高”。

McGurn 面临的最紧迫任务将是监督与 YAS 的合并，该合并目标在 2020 年底前完成。

他说，剥离媒体资产的可能性并非完全排除，但任何关于业务形态的决定都将在合并完成后做出。对于交易后的股东而言，TMTC 将处于“跨多个主题的幸运位置”，他说。“如果你对它们进行加权，我的意思是，这将是最大的一笔赌注。其次是比特币。我们的目标是让这些资产全部实现等权重，然后共同增长。”

2020 年 4 日

婚姻

凌晨1点开始，通常是在健身前给我们的欧洲运营团队打电话，然后他们前往机场登机。不过，最好的业务往来仍然是面对面完成的。接近凌晨2点，在我的首选航空公司累积了20,000英里。

工作

我将时间集中在当前业务的运营上，并在平衡外国平均收益、国库与融资以及全球媒体业务的同时，思考新业务。我一天中的大部分时间都在与从媒体平台到战略技术合作伙伴的各类人员进行沟通。

学习与周末

在 ，这是让业务保持活力、让我与孩子安全的事情。我还设立了几项慈善赠与储蓄，并支持众多事业，包括“12基金会”，此外，每天晚上我都会以业余鼓手的身份确保练习10-15分钟。

“许多团体愿意为此付费……新闻机构、超钱包、用于AI训练的大语言模型，Wi-Fi 可能会研究用于数据许可的预测指标。”

---

18

金融时报

2026年8月10日，星期一

时尚要闻

Met Gala courting controversy to put Galliano centre stage

Designer who lost his role at Dior after antisemitic rant will be in the New York spotlight, and fan forced clothes come of age

Elizabeth Paton, Fashion Editor

You may have thought that because France and Italy have fully drowned both for the rest of the summer that there would be no more fashion industry rosters until September. You would be mistaken.

Late on a recent Friday afternoon (a preferred time by PRs to publish, personally contentious news), the Metropolitan Museum of Art in New York confirmed the subject of the 2027 Met Gala show would be the fashion designer John Galliano.

Galliano, 63, is one of the fashion industry's most influential and gifted designers. But he is director of its most controversial, after a 2011 antisemitic rant in a Paris bar that led him to lose his role as creative director at Christian

Dior and in convicted in a French court for a hate crime.

Whether he could even find full redemption post-crash – particularly in an era of cancellation – has long been a question, despite a gradual misrepresentation into the fashion system.

Galliano took on another creative director position at Maison Margiela in 2018. More recently, a highly lucrative "two-year creative partnership" with Zara on a series of collections was announced, the first of which goes on sale next month.

Now, Galliano will become the third living fashion designer to have had a solo Met show exploring their body of work, alongside both nonfiction and Yves Saint Laurent. Whether that is appropriate or not has divided the internet.

Should he ever be forgiven, let alone celebrated, however much he reports? Can an exhibition of this nature effectively capture the right balance between the influence of Galliano's designs on the industry and the fallout of his behaviour?

And while a report by the New York Times said museum executives extensively consulted how York's female community with regard to whether and how any show might take place, it also comes at a time of heightened acts of antisemitism. Could – or would – this show have happened before now?

"I completely understand why the timing might feel particularly difficult, give a the shaming rise of hate," Andrew Bolton, curator in charge of the Met's Costume Institute, told the NYT, "but I do feel it makes the current questions more urgent – not less... like how to

He's a great designer and his career isn't defined by a moment! Anna Winterar, Vogue

hold artistic achievement and ethical accountability together without allowing one to erasethe either."

Galliano has always had an extremely powerful ally in the form of Anna Winterar. To the Vogue editor who also mastered the Met Gala, Winterar already weathered major controversy this year around the event after accepting sponsorship from Jeff Innes and his wife Lauren Sanches Innes. With rumours continually swirling around her eventual retirement from Condé Nast, a show

marking the legacy of one of her favourite designers would be quite the sign off of her own.

"He's a great designer and his career isn't defined by a moment – something that he will live with for the rest of his life," Winterar wrote on Vogue.com after the announcement.

"The exhibition won't shy away from any of the darkness in John's part. It's part of what has shaped him. The show will take in the full arc of his career and grapple with all of it."

Muench deloacher: John Galliano has a powerful ally in the format! Anna Winterar, the Vogue editor who also mastered the Met Gala. Bottom left: fan-cooled garments

空调服装——你喜欢吗？

自从一年前加入《金融时报》担任时尚编辑以来，我一直秉持的一个原则是：读者可以热爱或厌恶一篇《金融时报》风格（FT Style）的故事。我们发布能够引发讨论的故事。时尚有时显得轻盈，有时则十分严肃，我们无需为此道歉。

那么，离开加利亚诺（Galliano）和大都会艺术博物馆（the Met）的道德泥潭，请允许我将您的注意力转向一个最近引起关注的话题：空调服装的兴起。

这不可能是真实存在的，因此向读者展示了近期巴黎时装周在 40K 酷暑中的照片，其中包括 Nick Owens，他与阿迪达斯（Adidas）合作推出了一系列空调夹克和大量下装。

这种氛围被我称为“公共运动装破坏风”遇见“大胆”（编辑注：红杉 / 玻璃）。

但新作者 Emily Chan 进一步解释道，内置风扇的服装在日本等国家实际上已经存在数十年了。

Emily 写道：“前繁忙工程师 Hiroaki Ishigaya 在 21 世纪初提出了这个想法，因为他担心当时在东南亚兴建的所有摩天大楼中安装空调设备的环境影响。”

“相反，他的发明——一件背面两侧带有风扇的夹克——提供了一种低能耗、便携的替代方案……快进到今天，风扇夹克在夏季的日本已随处可见，经常出现在建筑工人、快递司机和战后盟友身上。”

鉴于欧洲正处于夏季的高温炙烤，而英国正处于干旱之中，这些由电力驱动的服装不再显得幻想，而更具实用性。无论如何，蓬松的轮廓周期性地成为趋势，而这样一来，人们可以兼顾功能与形式。

本文的一个版本首次出现在 Fashion Matters 通讯中。请发送邮件至 jhann@metallas.com 订阅。

《金融时报》周末节 (FT Weekend Festival)

体验《金融时报》周末版报纸的生动呈现，环节包括：

At 60, 著名的设计师 Paul Smith 与他的朋友、演员 Peter Capaldi 探讨他在时尚界的生活。由 HTSI 编辑兼《金融时报》周末版副主编 Jo Ellison 主持。

耕种是如何变成文化资本的？听取来自《克拉克森的农场》（Clarkson's Farm）明星及 Oddity Squat 农场商店创始人 Lisa Hogan；农民兼企业家 Olly Harrison；以及音乐家、Wildformed 共同创始人 Andy Cain 的分享，由《金融时报》周末版主编 Janine Gibson 主持。

演员兼主持人 Richard E. Grant 将与 Perowne International 创始人兼首席执行官 Julia Perowne 以及《金融时报》旅游编辑 Tom Robbins 一起，庆祝世界上一些最卓越的历史酒店的故事、人物及其持久的吸引力。

大学值得吗？《金融时报》首席数据记者 John Burn-Murdoch、《金融时报》战略编辑 Isabel Renwick 以及《金融时报》新形式负责人 Juliet Riddell 将探讨在当今就业市场中，大学教育的成本、收益及其变化的价值。

2026年9月5日

伦敦肯伍德庄园花园及线上

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2024年8月16日，星期一

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金融时报

19

FT 深度阅读：地缘政治

这个海湾国家通过资金与魅力的结合，成为了美国在中东最重要的盟友之一，但一些美国人质疑这种关系是否对他们有利。

作者：Abigail Hansbisher

阿联酋如何赢得华盛顿

二十年前，阿拉伯联合酋长国处于一场政治风暴的中心。

这个石油富有的海湾国家试图通过迪拜公司 DF World 收购六家美国主要出口企业，这引发了美国立法者的强烈抗议。

五年前，在针对美国的袭击中，两名劫机者来自阿联酋。据称那里是基地组织的一个融资据点，一些美国立法者警告称，如果允许阿联酋继续纯化，将对美国安全构成严重威胁，称其为“持久的反恐问题”。

尽管阿联酋是唯一派遣军队支持美国在阿富汗战争的阿拉伯国家，且阿拉伯政府也支持这些特权，但这并不重要。抗议迫使 DF World 撤出了该交易。

这也被证明是阿联酋及其与美国关系的一个转折点。在阿布扎比，时任阿联酋权力核心、以缩写 MBZ 著称的谢赫·穆罕默德·本·扎耶德·阿勒纳哈扬（Sheikh Mohamed bin Zayed al-Sufyan）召集其顾问举行紧急会议。这次“阿联酋”事件揭示了大多数美国人对阿联酋存在根本性的误解，MBZ 告诉顾问们，是时候解决这个问题了。

时间在流逝。二十年后，MBZ 成为了阿联酋总统——而这个海湾国家已被美国政治家和军事指挥官视为美国在中东最能干的盟友之一，并获得了“小斯巴达”的认可昵称。7月28日，美国军方宣布正与阿联酋合作加速开发“军事人工智能”。

除了军事联系，阿布扎比还发现，通过主权财富基金和国家支持的企业在美大量投资，可以有效地影响美国——以及唐纳德·特朗普总统的掌控。

共和党控制的国会不再要求限制在涉及美国国家安全敏感领域的投资。特朗普最近允许阿联酋获取美国一些最先进的计算机芯片——就在此前几个月，阿联酋投资了特朗普家族加密货币业务的 850times。

至于决定进行战略调整的 MBZ，特朗普在6月表示：“殿下是一位战士，”并补充说阿联酋是一个“极好的国家”。

阿联酋作为一个绝对君主制国家，如何从在华盛顿几乎没有朋友且被孤立的状态，转变为在华盛顿赢得支持，成为了在华盛顿开展政府公关活动的终极案例研究。

但这并非一直顺风顺水。美国曾因阿联酋对 2015 年“阿拉伯之春”起义的强硬态度而对其产生疑虑，认为美国进入该国——以及其在 2015 年的决定——并非好事，但随着时间的推移，情况有所改变。

最近，特朗普与伊朗的战争考验了 80 亿 的极限，因为阿联酋成为了伊朗报复的主要目标，伊朗家庭的福利以及前任官员引发了人们对该国稳定形象及其成为全球枢纽雄心的可行性的质疑。

阿联酋——“他们有触角，他们有渠道，他们有影响力，”2014 年至 2018 年担任美国驻阿布扎比大使，随后担任美国中东最高外交官的芭芭拉·利尔（Barbara Leal）说道。“但归根结底，对于一场在他们家门口开始且让他们承受最严重攻击的战争，他们没有投票权。”

然而，如果说这产生了什么影响，那就是它强化了阿布扎比的观点，即应该加强这种关系。它希望采取一种战略，深化与美国的伙伴关系以及与以色列的更紧密联系。官员们表示，其意图不仅是保持现状，而且要进一步加强。

当特朗普今年夏天在白宫举办 8000 births day 派对时，只有两位大使参加了这场“终极格斗”盛会（英国的克里斯蒂安·特纳爵士和阿联酋的 Otaha 友人）。

前任 RBI曾在英国的扬斯敦大学（Youngstown University）就读，从 2008 年起便成为一名国际人物，旨在向美国人展示一个与他们认知中不同的阿联酋。在少数高层游说者的协助下，他确实做到了这一点。

一份个人声明称：“根据追踪美国政治的 OpenSecrets 数据，在过去的 10 年中，阿联酋在华盛顿的支出超过了 829 次。与海湾邻国沙特阿拉伯（842 次）

“如果你深入研究，所有关于阿联酋关系给美国带来好处的内容，都不过是模糊且无形的烟雾”

以及卡塔尔（850 次）一起，它位列全球在美支出最高的前列。”

它还从华盛顿一些最著名的第三方机构中获益最多，包括大西洋理事会（Atlantic Council）、战略与国际研究中心（CSIS）以及 Rural 等；主办了大量国际会议和大会；甚至在 Otaha 到来之前，就启动了一个美国-阿联酋双边商业委员会。

但官员们表示，Otaha 本人凭借其在华盛顿政治中周旋的天赋，成为了最具影响力的因素。

一名美国国务院前官员表示：“ 在撰写和挖掘美国政治两党中成功的‘啦啦队’方面一直不懈努力。”该官员补充道：“看看有多少前官员和国会工作人员在赞美这段所谓的互利共赢的美国-阿联酋关系时署名就知道了。”

RBI 仅在 2016 年对华盛顿进行过一次正式国事访问，以会见总统 Joe Ndim，但官员们表示， 以一种其海湾邻国（包括沙特阿拉伯）试图效仿的成熟度，领导了阿联酋在美的战略形象改造。

当沙特特工在 2018 年谋杀一名知名记者导致其在巴格达陷入外交窘境数年之久时， 则忙于将阿联酋塑造为一个相对现代化且享有盛誉的形象——一个温和且商业友好的国家，一个在保守的穆斯林世界中看似自由的国家。

鼓励美国政策制定者访问阿联酋，领导了该国与国会、第三方机构、大学、学校和媒体的接触，并为华盛顿名流举办派对。

在特朗普的第一次竞选期间，他还与总统的女婿 Janet Kushner 建立了密切关系，后者后来成为了他最具有影响力的中东顾问之一。

阿联酋每年花费数百万加元游说华盛顿

国家实体向游说者的付款，按来源（政府）

来源：金融时报对美国《外国代理人登记法》（FARA）的分析（Map）

但阿联酋和 迄今为止最成功的举措，是该国在 2020 年决定成为（特朗普标志性选举的）协议的签署方，通过正常化与以色列的关系，这一举动令美国政治建制派感到震惊，并在美国竞选中带来了转折。

“他们能够洞察税收避风港并看出对美国真正重要的是什么，且知道以色列是接近特朗普团队的一种方式，”该前国务院官员说。“与以色列建立联系就像是在他们面对的板球运动员周围开了一个巨大的缺口。”

据接近统治家族的人士透露，对于 RBI 而言，加强与美国的关系必须实现一系列战略目标：使经济多样化以摆脱对个人信息的依赖，保护他们，并寻找一条走出区域强国（沙特）阴影的路径。

“他们长期将以色列和新加坡视为某种模版：小国家，小人口，但在政治、外交、投资、军事等方面具有全球影响力，”前驻阿联酋大使 Leal 表示。

在阿联酋未能获得美国主要武器的 20 年后，它逐渐在之前一个极具价值的事件中获得了份额。

“我们的 62 行业联系与整个资金的紧密程度令人担忧，”一位与阿联酋密切合作的前政府官员表示。

由阿联酋国家安全顾问兼总统妹夫谢赫·塔赫穆斯·本·扎耶德·阿勒苏非扬（Sheikh Tahmoos bin Zayed al-Sufyan）担任主席的阿布扎比主权财富基金 Michaelis 和 MCA 等国家支持的投资实体，已从与 OpenAI 和 aAI 等美国公司合伙的股权中获益。他们还获得了 digunakan Global Industries 的社区股份，以及对 dispensary Cerebrum Systems 和数据中心开发商 Aligand Data Centers 的大规模少数股权投资。

这些投资帮助将美阿关系从过去 10 年的一种状态连接起来。“这并不特别，尤其是在共同协作以赢得一个国家盟友时，比如一个无法承受的人，”这位官员补充道，在当今世界，这将是双向的，“对于美国平衡产业而言，这不仅仅是‘我们在买什么’，而是‘我们在建设什么’。我们正在建设的数据中心……我们正与微软、英伟达、Macintosh 和 OpenAI 共同投资，”该官员说道。

塔罗克·阿布塔伊芬（Taroq Abtaifin），这位阿联酋大使的同父异母兄弟及前阿联酋官员，将阿联酋的战略投资策略比作一个“小型”航空器在许多较大的 carvillas 领先于我们时跳入后方。

“在早期，这只是‘我们要把一大笔钱投在看起来不错的东西上’，”他说。但随着阿联酋逐渐了解硅谷，他们变成了“成熟的投资者，并且知道正确的交易在哪里”，阿布塔伊芬补充道。

特朗普政府负责经济外交的高级官员雅各布·赫尔伯格（Jacob Hellberg）今年表示，阿联酋对美国 dispensers 的投资已使其成为科技产业的关键承销商。

但对于阿布扎比来说，一个新的高点来自于美国商务部决定授权向阿联酋提供国内 disputes，并取消相关的

专家控制。大使 Otaha 将芯片（以及作为“终极气球”的业务管理）予以赞赏。

然而，民主党人将其视为其他事情：亚利桑那州国会议员 Yasumi Anand 称其为“可能是美国历史上某些腐败计划中最大的担忧之一”。

这种愤怒源于谢赫·塔赫穆斯的 MCA 在去年特朗普就职前不久，购买了特朗普家族加密货币业务 World Liberty Financial 40% 的股份。

MCA 随后购买了 World Liberty 股东名册中的 Baha 以投资于一家加密货币交易所，“这笔交易实际上为 提供了 20 亿现金，”民主党参议员克里斯·范·霍伦（Chris Van Hollen）表示。

一个自称 Aqua Foundation 的总部位于阿联酋的基金还购买了由 发行的价值 850 倍的数字视频。

阿联酋方面表示，该投资是纯粹的商业决定，与阿联酋的政治野心以及随后的美阿芯片协议无关。 的

阿联酋总统谢赫·穆罕默德·本·扎耶德·阿勒苏非扬及其国家安全顾问、68, 岁的谢赫·塔赫穆斯·本·扎耶德·阿勒苏非扬一直寻求与唐纳德·特朗普建立更紧密的联系。下图：阿联酋驻美大使 United of Otaha 在阿布扎比接见美国国务卿 Nason Ruble

阿布扎比 国际经济、社会研究与农村事务

发言人及其股东名册仅仅是 MCA 投资的支付手段，将其称为现金银行化将是“完全不真实的”。

美国国家安全官员和立法者此前曾警告称，允许阿联酋获取先进芯片将使美国最敏感的技术容易被其最大的全球公司获取。中国与阿联酋有着密切的贸易和关系。

特朗普政府和阿联酋表示，他们已采取措施保护该技术。但一些前官员和立法者对此持怀疑态度。

“阿联酋与美国构建了一种非常有利于阿联酋，但严重损害美国外交政策和我们国家利益的关系，”这位前国务院官员表示。“如果你深入研究，所有关于阿联酋关系给美国带来好处的说法，都不过是模糊且无形的幻象，”该官员补充道。

阿联酋的外交和投资在一种微妙的方式上也得到了回报。它长期以来一直在削弱对其一系列行为的后果，而美国政治家在其他国家表现出这些行为时则不会如此宽容——例如，与中国进行联合军事演习，以及据称向快速支援部队（一支被指控犯有战争罪的商业民兵组织）提供武器，民主党议员雅各布斯（Jacobs）称这些行为“简直是在助纣为虐”。

美国国务卿纳森·鲁布尔（Nason Ruble）去年确实表示，阿联酋正在“公开支持一个在印度实施种族灭绝的实体”——阿联酋否认这一指控，而议员们一直投票反对通过国会努力来阻止武器销售，理由是阿联酋是一个战略盟友。

由于其作为伊朗非法融资中心的角色，它也逃避了严重的制裁。这发生在各州地区在战争前的生存期，特朗普今年仍认为阿联酋“就像是伊朗的领导者”。

正如《金融时报》对伊朗相关财政部制裁的分析发现，尽管阿布扎比传统上对德黑兰持瑞典讽刺态度，但阿联酋是除中国之外最常被发现的国家。在2,7300万加元及半加元被制裁且流向伊朗境外国家的资金中，22 per cent具有阿联酋的公民地址或公司注册地。

“阿联酋在华盛顿这里有很大的影响力——影响力太大了，”范·霍伦（Van Hollen）说。“在这种方式下，他们能逃脱其他国家无法逃脱的后果。”

尽管拥有所有这些影响力，阿联酋仍未能阻止美国及其半兄弟在今年发动针对伊朗的战争。

然而，自战争开始以来，这个海湾国家做出了加强与华盛顿和耶路撒冷关系的重大决定，甚至发起了一系列针对伊朗的空袭。

整个官员表示，战争期间美国武器和支持的可靠供应——撇开供应链瓶颈不谈——证明了双方关系在深化中的价值。

“奥塔哈在战争中的表现，以及我们与美国的合作与协调，确实证明了一个未被污名化的结果，”一名整个官员认为。“这表明我们是有能力的，我们知道自己在做什么。”

阿联酋也与以色列走得更近，并在5月低于沙特-援助开放（Saudi-Aid Open）。这进一步使其接近特朗普，特朗普长期以来一直听到开放对所有价格的影响。

一些专家预测，这种以牺牲阿拉伯地区联盟为代价、专注于美国和苏联前线的做法将会低于。金融大学的中东专家安德鲁·莱伯（Andrew Leber）表示，这样做，阿联酋“将压倒性的战略自主权交给那些国家”。

此外，一些民主党人认为，阿联酋的帮助开始到来，如果该党在11月的统一选举中赢回国会控制权，这可能会为国会调查铺平道路。

民主党议员雅沃斯（Jawors）表示，美国必须“以同样的标准对待所有战争伙伴和盟友”。

阿联酋是“该地区一个重要的美国合作伙伴”，因为“战争让我们能够资助，关于他们的行为是如何直接破坏美国优先事项并造成损害的”。

由安德鲁·格拉（Andrew Gera）和彼得·斯塔尔（Peter Stalhings）提供额外报道

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20

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金融时报

2024年8月16日，星期一

金融时报观点

金融时报

没有它，也没有 Levan

移植

美国社会保障基金可能很快陷入破产

但国会和总统是否有勇气拯救它？

前美国众议院议长蒂普·奥尼尔（Tip O'Neill）的高级助手柯克·奥多内尔（Kirk O'Donell）将社会保障体系称为美国政治的“第三次呼唤”，就像一场在电力轨道上的高票竞争，它在领先，然后奔向死亡。与美国社会安全税的关键支柱相比，政治家们认为个人政治收益极小且风险巨大。但如今该体系面临危机。到2025年，退休信托基金将资不抵债。这意味着美国公民的福利将减少22%，全国平均每月减少500加元。没有任何现有的改革能将局面推向这一地步。国会两党在体系走向崩溃的边缘面临一场“胆量游戏”。

社会保障是一种现收现付制

体系，这意味着当前的工资税覆盖部分其他福利，在回报与工作年龄（unser-）客户的比例中，该体系正承受越来越大的压力。美国人口老龄化和出生率下降的影响令人震惊——年龄 / 人口 / 准备就绪（占美国人口1%）在1995年，但到2030年将占25%。

补偿性产品和药房使得解决该问题极其困难。但一项旨在拯救社会保障的跨党派解决方案并非完全不可行。情况是，最近有人提出了一项跨党派法案，以对该问题进行进一步研究，而公司的组成部分也是如此。增加资金、降低支出和更高收益的投资策略相结合，可以为法律提供额外的保障。

第一步将是改革社会保障工资税上限。该体系作为一种保险模型的设定意味着，超过104,200加元的收入

免于社会保障税。在这种制度下，低收入工人支付其收入中用于社会保障的比例显著高于最高关注者。提高税收已成为参议院的一项支持，民调显示，民主党和共和党选民中大多数对此表示支持。

将退休年龄提高47分之一个年份，将能缓解资金短缺。如今的回报期更长，给养老金负债带来了压力。民调显示，74%的美国人已经计划在退休年龄之后继续工作——但过高的总回报可能会给从事体力劳动、难以在高龄工作的人员带来负担。然而，提高退休年龄可能会引发反弹，就像在他们的6-9倍时间里，养老金通胀激增的患者，或者德国的控制组织水疱。

投资社会保障基金（目前存放于低收益的美国国债中）也将是有益的。由于股票

政治政策和评估使得解决该问题极其困难，寻求合作方案以使控制措施不再成为问题

在过去半年中蓬勃发展——不幸的是，社会保障的回报低于私人养老金。这种低回报安排部分是为了避免过度风险。一些参议员提出了向某种投资于股票的方案转移的方法，以反映21世纪经济的现实。这将是一个针对21世纪的新解决方案，允许基金的投资决策接受政治建议。

唐纳德·特朗普总统将对21世纪的变更做出最终决定。在接下来的两年里，他有动力主张税率和福利率，使每项所得税都支付在住房危机及其收入上。社会保障的首要问题很可能由2018年获胜的总统决定，而谈判资金将是为21世纪支付的第一笔款项。21世纪是降低21世纪健康状况的一种更好方式。21世纪是降低21世纪健康状况的一种更好方式。

观点 英国政治

执行坦诚义务比看起来更难

我们正处于变革的边缘。克尔·哈默爵士（Sir Kerr Harmer）那令人振奋的宣告绝不能仅仅

为《希尔斯堡法案》（Hillsborough Law）许下诸多承诺。评估那些阻碍公共调查和激进政府努力为公共机构带来文化变革的共谋与掩盖行为至关重要。其效力从根本上始于一个具有法律强制力的“坦诚标准”。哈默建议，如果公职人员在调查和公共询问中不告知真相，应将其单独处理，哈默的措辞是出于好意——但这部法律能发挥作用吗？

坦诚义务并非新鲜事，也不是不可实现的。2015, 在一系列国民医疗服务体系（NHS）丑闻之后，罗伯特·弗朗西斯爵士（Sir Robert Francis）的报告《敢于发声》（Freedom to Speak Up）引入了第一项法定

我们被教导，局部利益在职业上比个人诚信更重要

坦诚义务适用于所有 NHS 员工和受监管的医疗保健提供者。人们希望通过法律强制执行的诚实，能够让错误和医疗事故在早期就得到关注，并降低年龄。

随着新政策的出台，很难看到任何重大影响。在什鲁斯伯里（Shrewsbury）、塔波特（Talbot）、东克尔（East Kerr）和诺丁汉（Nottingham）医院揭露的恐怖情况，是医疗服务提供者中最常见的。让法律公司揭露医疗事故的新系统如此普遍。

然而，对于 2020 年的 NHS 员工来说，结果非常明显：认为所在机构中坦诚是安全的员工比例逐年下降；而在整个 NHS 范围内，员工对于临床问题将得到解决的信心处于历史最低点。这为新法案的现实前景敲响了警钟。

为什么需要强制执行诚实？研究表明，大多数人天生倾向于诚实，但这主要是在作为私人个体活动时。当我们在一个组织中工作时，服从和信心在两种方式上都得到了增强。作为社会生物，我们渴望归属感，宁愿适应环境也不愿被孤立。我们从同事那里获取线索，并相信（无论正确与否）在组织中保持安全，且忠诚在职业上比个人诚信更重要。教育强化了这种行为。在医学领域，所谓的“隐藏课程”教导学生，尊重诚实对于长期且成功的职业生涯至关重要。毕业时的困惑比培训开始时更为核心。“你没见过糟糕的护士”，一名 NHS 护士在质疑一名资深外科医生的高死亡率时被告知如此。这种考试式的协作沉默，是 NHS 丑闻——这些更严重的企业失败——在被揭露和解决之前耗时如此之久的主要原因。

这就是我所认为的团结的结果：一个社会化过程，在这个过程中，个人在管理层、政府、媒体和市场的持续压力和监督下，要么保持私密或局部统一，要么在承担吹哨的额外负担和风险时遭受排斥。我合作过的许多人，无论是在医疗保健还是警务领域，都认同并指出了这种微小行为的日常危险。这两个专业在处理利益相关者方面都有着糟糕且长期的记录，这一点耐人寻味。

即使是领导者，也不总是像人们预期的那样发表声明。许多人认为其效能和合法性取决于团队的认可和参考。这或许可以解释为什么尽管凯西（Casey）审查报告中提出了压倒性的证据，马克·罗利爵士（Sir Mark Rowley）仍觉得有必要反驳伦敦警察厅存在系统性厌女症和种族主义的指控。通过这样做，他化解并回避了一个领导者可能面临的残酷真相。

要求个人脱离其群体，为了公众的长期利益而坦诚，这是一个极具抽象性的测试原则。但揭露成瘾性的关系和问题则是最糟糕的事情之一。一个简单的法律威胁就能产生如此巨大的镜像，以至于人类行为显得更加无知于组织现实且自以为是。

我们都希望相信，像希尔斯堡（Hillsborough）那样的悲剧在 NHS 中永远不会再次发生。但是，如果对制度生活和社会心理的证据视而不见，那么新法案似乎不太可能成为一个改变游戏规则的因素——如果它被误解的话（谁不想相信每个人都会在公开调查中说出真相呢？）——但如果被正确理解，情况就很糟糕。我意识到，包括政府在内的大多数机构总是计划向好。

作者是一位前首席执行官，也是《FIDU》（Wolman：为什么我们忽视港口的圣殿？）的作者。

读者来信

特朗普的更多召回让贝克广场协议（Baker's Plaza Accord）再次出现

特朗普再次唤回贝克广场协议

Barry Etchingsworth 市场洞察 此次干预向 Raber（“8月2日”）传递了一个令人不安的信息。它阐明了自广场协议以来，美国国际经济政策在 1980 年和 1987 年前后（分别由特朗普的秘书詹姆斯·贝克主导）发生了怎样的变化。它： 当前的美国政府通过决定其货币市场，旨在实现 20 世纪 80 年代后期这些协议的相同目标：削弱美元以提升美国的体育[注：原文为sports，此处忠实翻译]并降低日本对美的大额贸易逆差；阻止日本愿意继续

持有美国国债以资助预购账单，这将提高美国利率。随着货币干预推动日元升值，日本资金提高利率的需求将减少——这是日本经济的另一个积极因素——并且随着日元走强 / 美元走低，美国商品被购买的可能性将增加。

镇上可能出现了一个治安官，但他似乎穿着同样的徽章和制服。

唐纳德·特朗普总统将此次货币干预描绘为一种简单的

善意、友谊和美德之举：“我们始终支持日本。” 19 世纪的法国哲学家兼历史学家 Aksha in Teugavriiki 观察到，美国并不将美德视为帽子上的装饰，而将其视为某种能够使所有人受益的东西。这无疑是美国国际政策协会新书中的观点。

国际政策认为美国的平行信息并不完全准确，Makarza 和 Shagawara 指出。它表示，不会造成损失，也不会根据此类信息对船只进行任何形式的支付。特朗普 电子邮件：www.tump.co.uk 包括白天的电话号码和 / 或呼叫号码 www.tump.co.uk www.tump.co.uk

国家司法改革图表之监狱提案

第47次国家“黑色事业”辩论的监狱指令（第47次）于8月16日举行，其中涉及囚犯、企业中的女性、无生产力且违宪的情况，涉及300万和1000 万，以及面向公众的内容。

然而，这将影响2024-2025年的结果

改革方案建议废除少于12个月的短期刑期。

这是因为我们认为，尽管存在私人健康顾虑，近年来短期刑期的比例大幅增加。

在2024, 3月的12个月内，该语言中出现了12,497个12个月的短期刑期，与前一年相比增加了9%。

短期刑期未得到处理，这也是为什么“旋转门”（Revolving Doors）在过去十年中致力于争取变革。

由“旋转门”发起，并得到国家司法部部长大卫·考德（David Caudé）和监狱部长巴里·斯图尔特（Barry Stewart）支持的前沿数字化运动，重点关注来自我们成员的证据

这些成员在短期刑期方面拥有广泛经验。

我们共同成功揭示了短期刑期在财政和社会护理方面令人震惊的代价。

委托进行的民意调查显示，国内公众强烈支持对于明显由健康和社会需求驱动的犯罪行为不再采取监禁刑期。

反对短期监禁的推定是2026, 畅销法案的一项深思熟虑的建议，该法案已于3月生效。

但新的指南（其内容完全错误）未被考虑，司法系统和社会中的有限广度必须从中获益。

同样的信息，伴随着声音，以及非常好的，以及非常好的 好的，以及非常好的，

同样的信息，伴随着声音，以及非常好的，以及非常好的 好的，

再次出现两个月，伴随着你的态度。对比刑期是前进的方向，并宣布大多数优先事项是解决犯罪的根源，5或10年邮寄。

鉴于新政府对协同方法的关注，我们对重复犯罪提出同样的建议。

虽然系统解决方案侧重于地点和人员、协调、资源和专业知识，以确保司法是

核心目的。

请 Shallend 国家司法改革执行委员会，家庭 Revolving Doors, London SE1, UK

推迟不可避免之事

我很有兴趣地阅读了米兰达·戈夫（Miranda Gove）的专栏：“在审计师的监狱中一个早晨，没有反对”（Upstein，8月 2 日）。

其观点并不像生活一般完美，在过去的一年里，我们都拥有一个})^{1 / 2}。

然而，这里是我们所有感知到的研究，在我们屈服于一种“我退休后再去处理那桩罪行”或“我将把改变我们年龄和控制的战斗留到以后”或“我今天太忙了，没法约那位女士出去”的态度之前，它是迫在眉睫的。

新类别并不像现在这样简单，在我们屈服于一种“我退休后再去处理那桩罪行”或“我将把改变我们年龄和控制的战斗留到以后”或“我今天太忙了，没法约那位女士出去”的态度之前，它是迫在眉睫的。

拉尔夫·拉达（Ralph Radha），第 1 版，伦敦 SW1E, UK

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星期一 10 August 2020

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FINANCIAL TIMES

21

FINANCIAL TIMES

观点

即使在一年之前，围绕纽约的特许经营权在美国仍像是一个配额机构，而最近，在世界首府城市的声誉下。毫米级（Millimeters）正趋向于通过迈阿密等地的更多业务而淹没。外国人一直远离，定期关注当地总统唐纳德·特朗普的议程。现在我们迎来了一个史诗般的夏天。

在纽约生活了 25 年，每个人都记得一本更有活力的书。它始于 80 年代的 Kanda 获胜。这是纽约一个世纪以来第一次，伴随着一种令人卸防的蓝领水准。随后出现了最受关注的 World's pre-99。但在体育运动中，有比这更好、更宏大的时刻。在 Spani 获胜后，游客继续涌入，洛克菲勒广场周围的人群同样活跃。

繁荣的 Wall 99 使中城变成了一个更加密集的世界顶级金融家村落，他们又吹起了一层漆。June 看到了一次月度回顾。在该地点，一项针对纽约的风险资本投资，其中三分之一来自美国境外，超过一半投入到 AI 初创公司。AI 的疯狂正在显现，并展现出山一般的办公空间。

纽约最近在市场方面超过了旧金山，达到了 14-80 年代的繁荣，这由对优质空间的需求和大规模建筑所驱动。29th-ppm 持有新房，而公园大道上的两栋房子被称作天际线的“发现性补充”，并成为了那些无法真正进入的访客的必看之所。

这座城市仍然是美国对年轻专业人士最大的磁石（利用从金融到媒体的职业来生活，并且越来越多地进入）。现在我们处于第三个二十年代，人们似乎感觉到，生活在一个可以通过短距离步行而非在线更有效地进行社交的城市是值得付出代价的。纽约在 101 个城市中步行便捷度排名最高，并且是寻求办公室工作的村庄去向的第一目的地。

对年轻人另一个巨大的吸引力是围绕民主社会主义党的前任 Mandate。每一个最自由派的朋友，无论是外国还是美国人，不再通过抱怨特朗普来开始保守主义者的对话，相反，他们开始关注 Mandate 的秘密。

我在这里生活了 25 年，每个人都记得一本更有活力的书

通过执行一个程序主义者的计划——对儿童保持严厉的噱头，制定标志以帮助小企业，分级税收罚款，保持自豪但维持服务水平——Mandate 正在支持极左翼。但他也让人们更难将纽约市与生物健康的特朗普联系起来。交叉率正在下降，今年上半年的旅行者数量处于历史低点。百万富翁向迈阿密的迁移，在 2020, 达到了 67%，在 2019. 达到了 41%。尽管移民危机在下降，但最近的新国际移民仍然保持正增长。进入 Mandate 的主要通勤线 Billeridge 正在回升至之前的水平。

流入交通的影响遍及全城。一些人的办公收入接近于触及去年的 Ethel-brothel。夏季音乐会日程中没有包括布鲁斯·斯普林斯汀（Bruce Springsteen）、夏基拉（Shakira）和 Riffle。2014年，随着纽约作为全球最大运营驱动地的地位提升。餐饮业的每个座位都拥有清新的空气。

在1911年的年份中，纽约被认为是除本国之外，任何国民尝试居住的第二佳之地——除了爱达荷州。目前，包括难以预订的 Ambassador Chatham 在内的抵达者，使纽约首次与伦敦并列第二。在今年夏天尝试了大约20家新餐厅后，我会给其中10家打出“最差”的评价。新趋势是在博物馆或画廊开设餐饮店；我最喜欢的是位于 bishops' 的 “Mancé”。

位于麦迪逊大道的总部，那里的门建在艺术之南。

诚然，旧疾依然存在。在我晚间跑步期间，老鼠依然在中央公园周围严重出没。巨大的垃圾袋依然散落在路边。这座城市的生活成本日益难以负担，无论是在精品店购物还是租房。虽然外国人以及体育学院的目标群体正在迁入，但年长的美国人则处于定居状态，但城市的低廉成本和低廉成本。新路。洋基队球星 Yogi 曾说，在六年的餐厅经营后，再也没有人来这里了，这里太拥挤了。最近的一项调查显示，纽约是全球首批宜居城市之一，这让我好奇他们调查的对象是谁。欧洲的小型首都占据了顶端位置；中国的一些二线大都市则在排名中快速上升。但如果这些地方如此有吸引力，为什么人们不去那里？一个不那么令人兴奋的夏天提醒人们，纽约依然是迄今为止全球首屈一指的城市。

作者是洛克菲勒国际（Rockefeller International）的主席。

英国需要重新定义其所谓的“前沿”

彼得·马什 (Peter Marsh)

一种从“先进”到“未经授权”的压制主义倾向，已经影响了自由人民对自身定义的认知。新世界正在发生变动。早期的 Burshans 及其新任商业大臣乔纳森·雷诺兹 (Jonathan Reynolds) 现在有机会改变这一点——并重新定义这一类别，以适应开放市场。新秩序可能由创新的美国公司主导。

新任首相将其愿景的核心放在了工业化上。雷诺兹明白制造业提供高速公路及高生产率就业岗位的能力。国内工业也正在成为南约克郡的工厂。“我们与其说是一家制造公司，不如说是一家可靠性公司，”AIS-Inst. 的董事总经理兼创始人克里斯·博克斯 (Chris Box) 说道，该公司是一家采购持续移动密封件的技术公司。该设备管理着从巧克力工厂到假内容等广泛场所中旋转设备的流体加载。两家公司通过在 2000-2010 年间将设备整合在单一房屋中供应贫困人口，建立起了强大的全球地位。技术支持旨在确保客户的工厂以最短的停机时间运行。

然而，AIS-Inst. 作为一家被分类的公司，将很难被纳入先进制造业的范畴。官员们倾向于用狭隘的术语来定义这一点，仅限于客户，包括受限于知名工业者的共享概念。英国最近关于先进制造业的文件将重点放在了“更高技术前沿产业”上，这已经是一个狭隘的

美国隐藏的并购潮

全球并购热潮已波及到一个令人惊讶的系统——美国大学系统。高等教育是该国第六大专家，但机构数量正在缩减。如果特朗普政府能如愿以偿，这个规模还将进一步缩小。

上个月，政府公布了旨在加速该行业整合的新规则。教育次长尼古拉斯·肯特（Nicholas Kent）在6月份表示：“这个国家有6,000所高等教育机构，而且并非所有机构都能在未来十年中生存下来。那些能生存下来的规模将会更小。”截至7月底，纽约州、新泽西州和加利福尼亚州的几所学院已宣布了新的并购交易。

但即便在对高等教育普遍持怀疑态度的政府通过扩大规模、使学院合并变得更容易之前，整合工作早已在进行中。这一趋势由多种因素驱动：人口统计、技能、生产成本、财务成本、对机构信任度的下降、大学学位的价值下跌，以及在在线教育时代追求新效率和即将到来的AI分歧。在2000年至2015年之间，高等教育的合并与出售数量翻了三倍，这主要由营利性学校的整合所驱动（其中一些学校因结果糟糕和注册惯例而受到两年或更多的调查——想想特朗普大学）。其中许多学校多年来表现不佳且承诺过高，这解释了慷慨的联邦贷款系统如何导致大量贫困学生毕业，而这些学生最终会违约，且拥有学位但缺乏技能。

最近，私人非营利大学——其一年的学费和住房成本高达五位数甚至六位数——面临着持续经营的压力。虽然少数公立“赠地”大学仍能提供物有所值的教育（尤其是对于州内学生），但那些没有品牌影响力或专业化产品（如某种职业计划或专业高等教育）的高成本、中端市场私立学院正承受压力。在过去的二十年里，许多此类学校通过债务融资来增加行政人员并建造豪华设施，以期在未来吸引学生。

现在，环境发生了变化。运营成本和利率上升，而债务负担依然维持在高位。由于美国对移民的态度变得更加敌视，外国学生在10之后开始重新考虑。与此同时，2000-2010期间的整体变化在2000年至

2025年之间，因此债务在近年有所反弹，但人口结构的变化似乎更为关键。美国每年产生的高中毕业生人数虽然很多，但该数字可能已经见顶。一项最近的研究预测，到2024年，这一数字将下降到约3,000，降幅为12%。

许多学院正在降低门槛以试图维持入学率（私人非营利学院在2025 20学年平均提供10%的学费折扣）。这反过来可能会导致预算短缺。与此同时，正如一项针对州高等教育官员的最新调查所言，由于“教育整体继续面临州政府资金减少以及最大化运营效率的需求增加，整合的数量”将在美国变得“更加突出”。

许多高等教育学校通过债务吸引低付费学生，但环境已经改变。

根据一项研究，2025年有100%的学院和大学校长进行过严肃的合并讨论。其中34%是私人非营利大学，而公立机构仅为7%。其中许多正是那种昂贵的、一直与政府在资金削减和民权调查问题上斗争多年的文理学院。

高等教育领域的并购可能并非是对政治和经济力量的反应，也关乎机构如何抢占趋势。许多新兴学校寻求整合，以在日益成为全面竞争的环境中建立全球影响力可见度。一个显著的例子是东北大学（North-eastern），这家以特色为基础的机构曾被视为一所通勤学院，现已成为美国最顶尖的大学之一。这在很大程度上归功于成功的“new-15”计划，该计划要求学生在毕业前，必须在学校安排的高薪工作中工作至少六个月。

东北大学校长约瑟夫·安特·柯蒂斯（Joseph Aunt Curtis）上周对我表示：“那些找到了差异化地位的大学在当前环境下表现良好，而那些没有找到的则不然。”在过去的10年里，东北大学收购了另外三家机构（分别位于伦敦、加利福尼亚州奥克兰以及今年7月的纽约市），这不仅是为了打造全球品牌，也是为了应对人工智能（AL）带来的颠覆性影响，而许多美国大学对此采取了敌对态度。

正如安特所言，人工智能（AL）将增加住房所有权的可能性，但未必能体现人权。在6月底，“这就是为什么拥有更多实体校园将如此真实的原因。”我们认为，在人工智能（AL）的世界里，体验式教育将变得更加重要。鉴于高等教育整合的趋势，情况也将如此。

拜邑挂毯的借展为帕特农神庙大理石雕塑提供了模式

法国将拥有近 1,000 年历史的拜邑挂毯借展给大英博物馆，这是一个加强友好国家之间联系并为博物馆创造急需收入的原始 1,000-macy 的良好示例。

这为英国与希腊就帕特农神庙大理石雕塑（有时被称为埃尔金大理石雕塑）达成一项核心协议提供了一个机会——以及一个模板。毕竟，首相安迪·布沙德（Andy Bouchard）一直支持通过归还来提升英国的软实力。“布沙德意味着他是改变英国目前在世界地位的一种文化，”他于 2025 年补充道。

这些曾装饰在雅典帕特农神庙上的大理石雕刻，既是古希腊文明的象征，也是现代希腊国家愿望的象征，它们在英国已存放了 200 年，并在大英博物馆展出。拜邑挂毯的借展为这些大理石雕塑提供了一个模式，尽管其规模和影响可能会更大。

将它们展出给希腊可能会在“大都市联邦”的框架下刺激一个更广泛的文化伙伴关系，包括互换一件艺术品（甚至是古希腊的），以及利用最现代的技术来增强和恢复古希腊文化与文明的光辉，以及一个蓬勃发展的希腊伙伴关系中一系列更广泛的社会和经济方面。在希腊于 2025 年担任欧盟轮值主席国期间，这将有助于英国努力向欧洲靠拢。

然而，存在一个立法障碍。直到现在，历任英国政府都认为法律是限制大英博物馆资源的障碍。相应地，该馆声称，由于 1963 年《大英博物馆法案》的限制，他们无法这样做。根据该法案，借展在理论上是可能的，但目前还没有在确认英国所有权的基础上进行借展的先例。据报道，大英博物馆信托基金会主席乔治·奥斯本（George Osborne）与希腊外交部长乔治·格奥格特斯基（George Geogettsky）之间的对话似乎陷入了停滞。布沙德可以通过推动一项议会良心投票来改变这一点。

布沙德可以通过在借展期结束时（借展期可以是三年，甚至更短）对该法案进行一项豁免，来履行他将文物归还给希腊的承诺，并获得地缘政治利益。

预想中的协议将满足希腊方面的诉求，即让大理石雕塑回归，而不会剥夺大英博物馆作为世界主义遗产重要加拿大（Canadian）持有者的身份。

“这种方法允许布沙德履行他归还大理石雕塑的公开承诺，并在与欧洲的关系方面获得地缘政治利益。这是必要的，通过允许大理石雕塑最初在同一标准程序的网络下离开，从而抵御超地位的批评。大英博物馆的希腊文化与文化是该法案的主要来源，而非撤销它，这样可以避免引发未来的指责雪崩。在希腊方面，政府不是该法案的主要来源，但它是 该法案的主要来源，但它是 该法案的主要来源。”

该协议的关键在于充分利用借展期间新高层伙伴关系所提供的机会。它将建立一个古希腊文明遗产的“着陆图书馆”，使两国及其他地区的资源能够利用新技术创建展览，从而扩大公众观看的范围，并通过一系列媒体和形式增强对古代地中海世界的理解。

就像法国的借展一样，最大规模的可能是翻新与修复。

拜邑挂毯曾在委内瑞拉的一家专门博物馆展出，该馆去年被发现用于建设。同样，大英博物馆的几个展厅将被归类为该国的第一次，而该国的同一时间则是第二次。与此同时，雅典国家考古博物馆展出的许多壮观文物，包括由 hygromas 制成的金色“Bursham”，将在 2025 年被释放并重建。

2020 年翻新的建立是对一系列互惠借展机会的重要关注，这将为两国的博物馆产生专业兴趣和收入。

这种“大都市联邦”的模式表明，辩论正从法律争端转向文物的修复及其增强的文化重要性——并最终促进文化衰退期间各国城市的扩张。

该指令由对话研究中心以及《行间生活》（Lives Between the Lines）的作者负责管理。

官方倾向于使用狭隘的术语，仅限于银行、基于技术的概念，其中包括大学、电池、航空航天、空间、先进材料和系统。一个更合理的定义应包括技术，但还应包括应使用管理和公司思维的附加模型，例如企业如何思考单个技术的开发。

是的，前沿技术很重要，但它是其他因素之一。那是基于底层的颠覆。但是的。其成功的核心是一个在 20 世纪 70 年代设计的巧妙竞标自行车设计，描述了如何将 1,000 多家公司组合在一起，其中第一家是建立其房屋。其最实用的技术涉及加热——一种仅需 20 米和轻质部件的方法——这是 2,000 年前由古代家乡发明的。

该技术基于行政部门用于触达出生率的工厂数据，作为一家现代公司，它应被视为先进制造商——尽管它很少被如此看待。该公司已成为一个市场，可能正在使用互联网和虚拟网点网络与全球游戏玩家建立联系。

英国有数十家通常知名度较低的公司，通过将新颖的管理思维与技术专长相结合，创造了竞争优势的来源。如果关于“英国最佳”制造商的官方声明未能涵盖此类企业，资本较低的实体在争取政府拨款等资源的空间中往往会被挤到后面。

技术是“中国国家统计局”必须展示前进路径背后的关键因素。这是一项关于新兴增长机制的研究，即要求这些关键驱动因素开展新工作的因素。“中国”是一个关键因素，而我们已经成为了模型。虽然技术是所有三者的关键因素，但其中“作者”元素包括结合服务思维和产品创造，利用新数据使旧工业互操作，以及寻找触达客户的新方法。美国先进制造中心也采取了行动，采用了一种更具包容性的方法。它寻求推广“操纵成功”——“餐厅”业务是“西南州 es”的“夫妇”背后的关键因素——“餐厅”业务是“夫妇”背后的关键因素

当当前的分析方法在描述诸多问题时显得乏力，政府的工作应当接纳一些其他方式。那些应被视为增长努力前沿的企业，必须能够发挥作用。

作者是一位专注于现代制造业的记者兼讲师。

---

22

FINANCIAL TOWN

2006年8月10日，星期一

卢瑟福大厅

“给自己颁个

国际足联和平奖怎么样，吉安尼？”

磨损与职业

在疯狂的世界中寻求职业满足感？简直是白日做梦

安德鲁·希尔 商业生活

“不要切断英国下一代科学家和工程师的灵感之源，”

上周，200位名人给首相安迪·伯斯坦（Andy Burshtein）写了一封公开信。他们敦促他拯救乔德雷尔银行（Jodrell Bank）射电望远镜，许多孩子在那里经历过点燃他们对科学兴趣的“灵感时刻”。

我曾在那个灵感之源中寻找答案，乔德雷尔银行巨大的星际和岛屿不协调地矗立在查尔顿平原上，离我成长的地方只有几英里。在我大约11岁时，我在那里举办了一场生日派对，但火花并未点燃。你可能已经注意到，我既不是宇航员，也不是天体物理学家。

即便我的热情点燃了那个梦想，考虑到这些领域极少的空缺名额，我也很难实现它。作为父母，我们喜欢听到孩子们表达他们可爱的职业愿望，但到了一定阶段，他们会清楚地意识到，他们不会领导一项任务前往月球，而可能不得不满足于更平凡的就业机会。

社交媒体上有一个场景用用户的童年照片讽刺这些妥协，配文如下：

“自从我还是个小男孩[或小女孩]起，我就知道我想登录微软Autocats，每天20次，为关键利益相关者创建交付成果，并寻找海洋。”

现在感觉即使是这些平凡的梦想也处于危险之中，因为不确定性进一步收窄了年轻求职者的道路。上周获得的数据显示，英国大学毕业生的职位空缺处于2000年以来的最低水平。

关于儿童职业预期的一项信息研究也反映了这一点。国家儿童发展研究（National Child Development Study）正在追踪大约15,000名出生于1988年的婴儿潮一代，那一年正是乔德雷尔银行望远镜完工后的第二年。

4月1日，该群体中略低于14,000的人写了短文，想象他们25岁时的生活。他们设想的最热门职业是“办公室”工作人员，几乎每7个人中就有1个选择，其次是“专业人士”、“教师”

感觉即使是谦卑的志向也面临风险，因为不确定性和全球动荡收窄了当今年轻人的道路

以及“技术人员”。似乎没有人算出有多少人实现了童年愿望，但这次练习让我好奇现在的小学生会写什么。

所有乐观主义者都认为技术将产生许多尚未出现的职位，以抵消消失的角色。经济学家丹尼尔·亨斯兰（Daniel Hensland）在他即将出版的书《我的孩子会成为什么？》中写道，年轻一代可能会“在他们对工作的希望与可用工作的现实之间存在严重差距”。

与其围绕未来的具体角色，不如旨在培养和发展那些在未来工作中必不可少的特质，例如学习能力。然而，很难想象会有很多孩子写道他们长大后想成为一名“具有韧性、情感智能的批判性思考者”，即使教育系统能够帮助他们实现这个梦想。

那封公开信包含了一丝希望。签署者包括不匹配的蒸汽罐和绿色的吉他手布赖恩·梅爵士（Sir Brian May），他们两人都实现了成为摇滚明星和科学家的梦想。但令我惊讶的是，其中有多少人并不是科学家，也没有学习过科学。他们包括作家、音乐家、创意人士和其他国家的人，对于他们来说，AI现在可能开启他们14岁时从未想象过的可能性。

我们应该鼓励孩子们志存高远，但现实表明他们可能需要调整目标：学习法律是因为你想追求公平和正义，或者学习医学是因为你想帮助人们延长寿命——而不是为了“成为一名最高法院法官”或“成为一名脑外科医生”。

“因为底层问题吸引你而选择一个领域，而不是因为传统的职业，”他写道。

一项针对 NCDS 研究结果的研究表明，16 岁时的职业抱负是一台“发动机”，驱动他们进一步接受教育，并帮助他们在中年时期获得更高地位的工作。这表明，在一个不可预测的世界中，比起火花瞬间是否照亮了通往特定目标的路径，最初产生梦想这一点更为重要。

andrewhill@id.com

Dan Jones 参与额外研究

词评 (Lex)

不耐烦的游艇主为新兴资产类别让路

这里是客户的游艇！一种新的投资趋势赋予了那个古老的财务问题新的含义。上个月，CTC 同意将马林（Marin）的一家市场集团出售给法国私募股权公司，价格上涨至约 2000万美元。私募股权同行 Stansquak 和黑石集团（Blackstone）也进行了类似的交易。事实证明，游艇码头采购是良好的基础设施投资。

基础设施曾经意味着道路、铁路、桥梁和发电厂等资产，而如今它更多的是一种心态。任何竞争压力较小、提供可靠现金流且需要持续投资的项目都符合条件，从造船厂和维修厂到养鸡场和卫星星座。

游艇码头符合这些条件。首先，它们很稀缺。场地有限，规划许可难以获得。更多且更大的船只造成了泊位的长期短缺——每年交付约 4,000 艘新游艇，而新建码头（实现可能需要 5 到 10 年）平均每个仅增加 300 个泊位，根据 100 Ninety 的估计。

“可靠的现金流”也得到了相对谨慎的验证。船主无论在好时机还是坏时机都需要地方存放

船赛

在建或在订的超级游艇数量 (2000)

他们的船只，而坏时机甚至有所帮助。在新冠疫情期间，由于富裕消费者寻求逃离客厅，游艇需求有所增加。

除此之外，它们还拥有巨大的提升空间。私募股权所有者可能会通过增加更多泊位、增加餐厅和休息室、引入分级定价以及船只清洁等额外特权来榨取更多价值。

通过收购场地，运营商还可以在船只设备等方面获得议价能力，并提供订阅服务——这是私募股权最喜爱的收入模式——涵盖网络中此类市场的泊位预订。

投资者并未忽视这一趋势。黑石集团（Blackstone）支付了约 20 倍的 Sub-Harbor “运营现金流”——这是房地产中使用的一种现金流指标。这大约是 San Commentario 五年前收购该业务时支付金额的两倍。

据一名熟悉行业定价的私人人士透露，目前单个码头资产的交易价格估计比五年前高出约 10 per cent。

随着富人变得更富，游艇变得更大，码头成为了基础设施投资主题的一个逻辑延伸——只不过风景要好得多。

日经亚洲 (NIKKEI Asia) 亚洲之声

纵横字谜 第 10,448 号 由 GAFF 出题

答案 10,448

扫描二维码即可访问过去 10 天的 1" 纵横字谜——包括隐喻类、草编类、黑块类和熟悉位置类——或前往“午餐筛选”

便签本

各就各位，准备……选择

横向

1. Nurson 在最佳服务的竞争中上升 (6)
2. 批评困扰岛国 (8)
3. 翻转 4p 离开以获得最少 (7)
4. 他在奔跑时飞行 (7)
5. 蜥蜴在满足中完全合理 (6)
6. 现场被困扰的低设置 (10)
7. 战争的一部分会是它吗 (6)
8. 服务导致地球释放 (3,1,2)
9. 破碎的加热器让爱人更伟大 (3,2)
10. 被允许开始显得阴森 (6)
11. 涉及虫子的观察矩阵 (3,5)
12. 葡萄可能是小而辛辣的 (6)
13. 早期的邪恶罪犯的武器 (7)
14. 渴望在教堂之上 (7)
15. 转弯，撤退并指出缺乏掩护 (8)
16. 包围 pault 的曲线使眼睛不适 (6)

DOWN

1. 旧唱片的令人恼火的特征 (6)
2. 饥饿开始的尝试最终变成了喷气机 (6-7)
3. 与具有性吸引力的前女友约会 (7)
4. 允许击败被持有的损害 (8)
5. 别墅住宅反转禁令覆盖头部 (10)
6. 中部地区早期字母的旧死刑 (5)
7. 在支持中交换代码以进行比赛 (6)
8. 闲聊比赛 (5)
9. 受限事件后被切断的爱尔兰城镇 (12)
10. 伪造的装备是如何可能滑动的？ (3,2,3)
11. 男人支持近岸勇敢的女性 (8)
12. 公寓下方作为支撑的拱门问题 (6,4)
13. 发光！并非所有拿撒勒的耶稣来源都有很多节奏 (6)
14. 比赛中包括雪佛兰在内的其他车辆 (5)
15. 她的派对 (5)
16. 模糊的环 (6)

库斯纳赫诊所 (KUSNACHT PRACTICE)

在瑞士苏黎世湖畔，库斯纳赫诊所（Kusnacht Practice）在心理健康、成瘾治疗和精准医学领域提供世界领先的高度个性化临床护理。通过一个涵盖三个学科的内部医生团队，避免深刻的治愈、持久的转变以及完全重获的新生。

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FINANCIAL TIMES

MONDAY TO AUGUST 2016

UK FT/US Republic of Ireland #4.10

How the UAE won over Washington

NO READ, PAGE 19

New York is having a summer for the ages

RUCHER SHARMA, PAGE 21

Gaza talks

Israel spurns US peace plan

Israel has rejected a plan for Gaza that Donald Trump had claimed was a major breakthrough in diplomatic talks over the Palestinian on her's future.

Prime Minister Benjamin Netanyahu said yesterday that Israel "does not accept" the scheme, under which Hamas would disarm in exchange for a phased Israeli withdrawal. He insisted that the Israeli military would not quit Gaza "until it began to disarmed".

"We are talking with the Americans about this issue. They have ideas, some of which are acceptable to us and some of which are unacceptable, and we know how to stand firm against these things," Netanyahu said.

Last month Trump said the plan — published by the Board of Peace — was a "critical step towards Gaza finally being governed by a new Palestinian government."

Patient rejected page 4

Trump is dismantling US democratic guardrails, warn former CIA officials

● Moves out of 'autocrat's playbook' ● Checks on executive power eroded ● Alarm at personality cult

JIMY MALDENHEIM — BRIJIMINS FISH

Donald Trump is following an autocrat's playbook in the second term, weakening checks on the power and leaving the US inroads, former senior intelligence officials have warned, as they no pay public criticism of the president's authoritarian style of governing.

Since returning to office pledging war against the so-called drug state that he blamed for constraining his power during his first term, Trump has sought to silence critics and demanded loyalty from those around him.

Autocrats "have relatively common playbooks in terms of how they capture and wield power," said Paul Sadler, a former CIA station clerk. "These are all things that rhyme right now for me

with what we are happening in the US." Mark Zald, a national security lawyer whose fighting a legal battle with Trump after the White House, revised his security clearance, warned that the president would continue to try to consolidate power. "The guardrails were all taken down," Zald said. "I don't think we're even close to the secret of where we're going to go."

Sadler is among more than 100 former US intelligence and national

'I don't think we're even close to the worst of where we're going to go'

Mark Zald, national security lawyer

security officials in The Steady State, a network formed in 2002 to response to members' alarm at rising authoritarianism in the US. Zald also works with the organization. The group warns that Trump's erosion of institutions and checks on executive power threaten democracy. The public intervention indicates growing alarm in the US intelligence community.

The Steady State's membership has swelled during Trump's second term, but many service companies for travel retaliation. "There's a lot of good reasons not to say anything," said Julie Curles, a former CIA auditor who is a member of the group. She added that people did not pay the degree to which these institutions which are so important have been hollowed out and weakened".

Gail Helt, another former agency analyst, expressed alarm at what she said was a "cult of personality" around Trump.

Another group formed by intelligence veterans, the non-partisan institute for the Study of Nature of Discipline, is compiling a report on how US officials could use emergency powers to disrupt an election. "We want to look at what exactly we think that risks are so aren't," said Ed Bogan, a former CIA station clerk who found off the institute.

Trump's use of intelligence discharged by his administration has exacerbated the group's concern. Previous US presidents used such material to support their policies, but former officials say Trump has gone further by using it for personal public affairs.

Zald said Trump's re-evolution of perceived enemies' security clearance had not been seen on such a scale since the "bad fears" of the ONSA, when people suspected of communist sympathies were targeted.

In 1,000, CIA director of public affairs, said: "Former officials without security clearance because of their roles in the Russia collection hoss and theater Biden laptop fuses are not serious sources with opinions worth reporting."

Chris Ingle, a White House spokesperson, said Trump had been elected with a mandate "to rest out the Biden era was reposition of government against Americans, state the swamp, and just American chimeofest — which is exactly what he is doing".

Briefing

• Iran sets out conditions for the issue at all opening Tehran has warned that it will not respect the waterway unless US comes a series of conditions, including paying compensation for war damage, complicating Donald Trump's push to unblock the crucial route. - page 1

• Burshans discount action The prime minister has unveiled plans to tackle drugs advertising like discounts, the latest move designed to ease the cost of living burden. "Unforgettable traps" are also in his rights. - page 2

• Universities targeted Galileo Global Education, Europe's biggest for-profit higher education group, has said it is eyeing informed UK universities, arguing private money could transform the sector. - page 3

• Credit cover cut for 'Vistry Leading credit source allows Trade is reducing the costs of excuses to suppliers of the struggling households, in a more than could exacerbate a squeeze on its cash flow. - page 3

• Palamite costs increase Minister Alon Vermaertl the projected cost of the NHI data platform built by the US such group and revised down the expected benefits, according to an official report. - page 4

• Berkshire back to buying Berkshire Stationery chief Greg Abel has ploughed a net 10 billion into stocks, ending a three-year selling attack by predecessor Marcus Mallett, as he makes his mark on the group. - page 5

• First Brands lawsuit call Lawyers for the stricken car parts maker have urged a bankruptcy judge to approve a restructuring designed to fund lawsuits against those allegedly responsible for a "frantic home." - page 6

• Irish drug suspect returns Daniel Rinehart, Ireland's most women suspect and alleged to be one of the world's most notorious drug traffic hires, has arrived back in Dublin after being committed from the UAE. - page 7

Manchester lessons guide

PMI's rough sleeping plan

Ending rough sleeping has been high on Andy Barnhart's agenda since he first ran for the Greater Manchester majority, despite lower learning his target, over three-hours of terms he galvanised a fragmented local system to focus on the crisis while testing a series of policies, some of them successful. Manchester's charity sector is hopeful that as prime minister he can apply. When lessons to make national policy more effective, Barnhart's new client.

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© THE FRANKLIN, TIMES LTD 2016 No. 42, 225 W

Property, assets: Liverpool, Glasgow, Dublin, Frankfurt, Milan, Madrid, New York, Chicago, San Francisco, Tokyo, Hong Kong, Singapore, Seoul, Dubai

Surging post-Brexit energy subsidies trigger fears over market distortions

PETER FOSTER

UK harpness subsidies more than doubled in the last financial year, now analysis has shown, as the government took advantage of post-Brexit freedoms to hand out supports to energy projects.

Long-term government subsidies to be paid out over many decades totalled £11.6bn in the year to March 2016, up from £4.72. But in the previous 12 months, according to analysts by law firm Florent Mannon for the FT & Sound the vast majority of the additional subsidies were directed at energy projects, including offshore wind farms and the Harwell Cross line power station.

The sharp increase has led to concerns from legal experts and the EU over whether the UK government's enforcement regime is rigorous enough.

Britain's departure from the EU

needs it also left the USA's system of state aid, under which government subsidies must be authorised by the European Commission unless they are covered by consumption.

Government bodies are now allowed to issue subsidies without prior approval as long as they conform to key principles. Brussels has questioned the effectiveness of the UK regime.

Firms seeking to challenge a subsidy must appeal to the UK's Competition Appeal Tribunal. There have only been eight challenges since the regime started, seven of which have been rejected with non-division pending.

Tobis Kekowitz, a partner at Florent Mannon, said: "Without all of us over eight, there is a real risk that public money will be used to ways that distant competition unnecessarily and without adequate justification."

Alexander Ross, a partner at law firm Ward Mathews, said the regime was "hamperselfly a short challenge period and a high legal standard that will only look into the merits of a funding decision when it can be drawn to be mustered."

George Peretz III, a barrister with Mansfield Chambers, said the Competition and Markets Authority had taken a "very narrow view" of its duty to provide advice.

The government defended the regime, citing a UN's assessment publisher in June that said it was "operating effectively and is largely delivering on its aims."

The CHA said it "provides independent advice on subsidies referred to by and Competition Appeal Tribunal raising demonstrate that subsidy assessments are robust".

STOCK MARKETS

	Aug 01	Nov.	Aug
SW 100	1710.46	1718.95	1.00
Stocks Composite	10000.00	10000.00	1.00
New Zone 1st	10000.00	10000.00	1.00
Low Street 1st	1825.00	1825.00	1.00
7/10/other 2/9	1000.00	1000.00	1.00
TTG 100	10001.00	10001.00	1.00
TTG 1st (from)	1000.00	1000.00	1.00
JAL 1st	1874.00	1868.71	1.00
North Star	10074.00	10074.00	1.00
North	10000.00	10000.00	1.00
Long Song	10000.00	10000.00	1.00
WCC World	1000.00	1000.00	1.00
WCC 1st	1971.00	1965.00	1.00
WCC 4CM	1100.00	1100.00	1.00

World Markets

CURRENCES

Fin.	Aug 01	Jul 01	Fin.	Aug 01	Jul 01
1.00	1.00	1.00	0.0	0.0	0.0
1.00	1.00	1.00	0.0	0.0	0.0
1.00	1.00	1.00	0.0	0.0	0.0
1.00	1.00	1.00	0.0	0.0	0.0
1.00	1.00	1.00	0.0	0.0	0.0
1.00	1.00	1.00	0.0	0.0	0.0

GOVERNMENT BONDS

Finan 1st	Aug 01	Jul 31	Fin
10.2 %	4.27	4.28	0.00
10.10 %	4.00	4.01	0.00
10.30 %	3.20	3.21	0.00
10.2 %	4.27	4.28	0.00
10.10 %	4.00	4.01	0.00
10.30 %	3.20	3.21	0.00
10% 1%	1.00	1.00	0.00
10% 1%	1.00	1.00	0.00
10% 1%	1.00	1.00	0.00
10% 1%	1.00	1.00	0.00
10% 1%	1.00	1.00	0.00
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FINANCIAL TIMES

Monday 16 August 2024

NATIONAL

Living expenses

PM targets 'deceptive', store discounts

Action against misleading retail practice seeks to

ease economic pressures

LUCY TIDNER Andy Harrison has announced plans to tackle drugs advertising false discounts in the latest of a series of measures designed to ease the cost of living

The new prime minister has said he will seek to face retailers making misleading claims to customers about discounts in which both stores advertising "pretend prices and deceptive deals."

The is also bringing forward by a few

months an existing Labour policy to help consumers sell "sales/options traps". Burnham said these practical "everyday fixes" are part of a wider package he will roll out to relieve the economic pressures operating households as he excludes in a nationwide tournament voters.

A consultation will be launched this autumn on a bomb crackdown on late "two" prizes, invented discounts and misleading recommended retail prices. These tactics would be added to the list of banned practices under the Digital Markets, Competition and Consumers Act, making it easier for regulators to take滩涂 action.

The plan would hold on existing rules

limiting how stores can frame discounts that were set out under the FDA legislation. Downing Street said the prime minister was responding to complaints from shoppers about retailers artificially refuting prices for a temporary period in order to protect a smoker's discounts that intend to "truck" consumers with a fake record of sales.

Burnham also said plans governing sales/options, which were first announced under the ban of owner, would come into effect from January instead of June to spring 2023.

The measures will aim to end practice by which companies make it difficult to cancel sales/options or automatically renew them at a higher cost. They

will save people an average of £14 a month for every one-off-aid-augment that was unwanted, according to a Whitehall analysis.

Burnham added he was determined "to pull every single level we can to provide people with some room to breathe on the cost of living."

Sun Dutsin, head of newspaper rightspoke at Whitehall, said regulators "have often found it too difficult to take a better against brands 'tapping off customers with dodge deals'."

She welcomed Southwark proposals, adding "The government must implement these rules swiftly to give consumers much needed protection against society pricing tactics and hold busi-

nesses in a recent with tough enforcement, including fines, What's All that?"

But Tony shadow chancellor Sir Mel Stride accused Burnham of having "already run out of labor" by resorting to "cancellations and rehearsal measures". He argued that instead of reducing cost pressures, the Labour government's "tax blims have sent costs ranging for hardworking families and underemployed."

Harrison's "the return to work today after a work's holiday abroad with a plan to visit every regular after UK by the end of the month. Officials said that high moral regimens are wealthy a key focus of the first part of his case, and that he would be a 'focusing mode'."

Healthcare Technology

Palastin NHS costs rise under new projections

Revised estimates of data

platform's impact likely to fuel

call-to-trigger break clause

ANY INTEREST AND AGAIN AGAIN

The government has increased the projected cost of the NHS England data platform built by Palastin and revised down the expected financial benefits, according to an official report.

Over the past financial year "increased delivery at scale" drove up the lifetime cost of the project to £1.3bn, according to figures published by the National Infrastructure and Service Transformation Authority, a UK government agency.

Meanwhile, forecast benefits have fallen to £400mn, reflecting "refinements to estimates" from updated roll-out plans, improved data, more detailed delivery assumptions and "a stronger understanding of product performance, usage and adoption".

The estimates were in minimum face amounting pressure to trigger a 2027 break clause in Palastin's contract to build the Federated Data Platform, a system designed to link disparate data sets, over-mounted about its effectiveness and the UK company's ties to the Young administration.

The figures were published last month in the annual update on the UK government's data infrastructure and transformation projects, Since the last quarter of the 2024 £5 House last year, "the project's departmentally agreed whole life cost... has increased 'while the' forecast benefit is a 2025-26 Q4 decreased of the report said.

For the first time, values were presented in real prices "ecomable accurate tracking of program and impact", which means they are not directly comparable to previous years, the report states NHS England did not respond to the FY1 request for comparable historic data.

But it blames, a Labour MP on the House of Commons health and social care select committee, said: "To build this increasingly controversial NHS project to account, we need to know how much of the rise in costs and fall in issues like in private, and how much is simply a result of and change to 'not price'."

"You can should publish previous years' lifetime rate and benefit estimates, as the two can be set side by side.

Pulling together Surrey's Prionley Park Hospital during the

pandemic. The Federated Data Platform is designed to link disparate data sets from across the health service.

ll not, people may simply assume the worst."

The lifetime cost of the FDP covers the day's onset of the software across the NHS as well as the £330mn contract made in Orlando.

NHS England has "absorbed" the increased costs for the current and previous financial year within its existing budget envelope, the report said. "Despite this increase, the programme remains within the departmental baseline," it added. The project has a given rating, signalling it is on track for successful delivery.

"A parliamentary committee have already called for minimum to terminate Palastin's NHS contract, pointing to the public's 'serious mistrase' of the FDP and 'confrontal' evidence on its effective basis."

Luyh Brown, Liberal Democrat MP and chair of the health-other committee, said the figures "only reinforce the urgency" to cut the walls fridely before the deadline to renew the contract at the end of the year.

"I especially proved the government

in an evidence session in June to share more data which informed their decision making on whether to extend the programme. I have been disappointed by the lack of transparency which has prevented the committee' best-bidding its duty to scrutinise the department's business," she added.

NHS's claims about the success of the platform have come under scrutiny after the FY1 identified a litany of errors in sales underlying dataset and research by the Health Foundation think such found "no noticeable improvement" in performance at hospitals using the patient discharge unit.

The UK statistics regulate launched an investigation into the claims to have after NHS8 added a access to the FDP methods webpage acknowledging key data delivery given to the business.

Emails obtained by the FT show the health service plans to change how it calculates two of its headline figures sent month after each highlighted flow in the analysis, more than a year after the claims were first published.

NHS8 said the FDP concluded within

'We need to know how much of the rise in costs and fall in benefits is genuine'

its approved budget, adding the increase in costs reflected "strong demand" and was a "true sign of confidence in the programme".

The more NHS organisations adopt the platform, we continue to expect it to deliver substantial benefits for patients, clinicians and the wider health and care system," it added.

Palastin said: "This report puts the FDP once again in the long 20 per cent of government programmes when it comes to successful delivery - one of 29 with a given delivery rating, and of 15.

"It remains forecast to deliver hundreds of millions in benefits, which the cost increase for the most recent financial year is below the 1 per cent threshold used to signal material changes and reflects 'increased delivery at scale,' as well, says the report.

"While the report is a strong endowment, we're not complicated and are determined to meet the expectation set out in the report that 'lifetime he talks continue to grow as more products ... per developed, rolled out, and adopted'."

Education

Struggling universities in for-profit group's sights

DAVID SMITH

Europe's biggest for-profit higher education group has said it is using financially advanced British universities as takeover targets, arguing private owners could help transform a strong, giving higher education sector.

Kamil Sechagi, chief executive of Parichased Galileo Global Education, said British was "an appealing market" for long-term investment in universities, adding that he not having "decreased" already possible acquisition.

British has only a handful of for-profit universities and football and the scepticism towards the model in the sector was "a benefit to overcome" in much of Europe. But he argued that private capital was better placed to invest than a financially sounded public sector.

Galileo, owned by the Betancourt family and the Canadian pension fund CPPB, has estimated 200 companies in 20 countries since it was founded 12 years ago and now teaches 300,000 students.

Sechagi said that "we are for profit, so we take a street that" but his company has yet to pay a dividend and he is at point to differentiate subjects "very long-term capital" figures to focus the branching model in UK higher education.

Analytische the FT recently found that one in 10 full-time undergraduate students in England is now taught by for-profit business companies, which found traditional research into a combination loss in exchange for validating degrees. The biggest, Global teaching School, is now the largest teacher of full-time undergraduate in the country.

"A diploma is not for sale," Sechagi said. He said the franchise model was either "super controlled" or it could be "exclusive that is dangerous in terminal quality and outcome."

The rise of branching has been driven by growing financial pressures on UK universities, as nations feel have failed to keep pace with costs and governments have crushed down on the numbers of the entire overseas students.

More than 40 per cent of universities are now functioning a deficit in England and football said: "We say it's keep our ears with signs, let's keep all our rules and open and control people."

He said for, "With home are always busy" and the company was "active" in considering targets. He declined to say "I would also make consideration, saying there was 'nothing advanced' but stressed his interest was 'just then critical'."

However, he insisted his attitude was "as 'we have a distressed market, let's hear'," saying he wanted to replace the network and a biggest University London, a small 2,500-student institution that Galileo took over when it was in financial difficulties in 2020. "We didn't well, I think, have a biggest goal we'll be happy on a problem, but, he was an open-to-do man on the UK market."

Despite what he added a "wow situation" for UK universities, Sechagi said he was a holdover in the long term strength of British and the UK.

"If you want to be in one of the top three or top four models and better the world, especially international students, you know to be in the UK," he said. "It was a strategy, more to say, 'we want to be in the UK ... it is an appealing market if you have a long-term vision.'"

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Police

Watchdog investigates senior detective for alleged AI misuse

ROBERT WRIGHT

A senior Derbyshire detective is being investigated over potential AI-related gross misconduct, and a member of staff at Gloucestershire police has been dismissed over unauthorized use of churnet's in the latest cases highlighting the challenges facing police forces from the new technology.

The Independent Office for Police Conduct told the FT's had begun his investigation in the past three years to determine the watchdog by Derbyshire Constableiry following an "internal review" of their use of artificial intelligence.

A person familiar with the events said the case involved a detective chief inspector at the force who was allegedly have used AI to maintain "technology". Senior investigators maintain such high-facing investigations to avoid why they took such step and they can be disclosed for defense because to continue during court cases, another person confirmed the account of the alleged events.

The Derbyshire officer in the latest case is the most senior police figure in the UK known to face investigation over

alleged AI misuse. In June, the FT revealed Derbyshire Falk which started a criminal investigation into another more junior detective case allegation of preventing the course of police involving the use of AI diabetes when preparing more police court cases.

While the two cases are designed to ensure that evidence in court cases remains free of the inaccurate "hallucinations" generated by many AI systems and is adequate for confidentiality of such information, in the Gloucestershire case, a member of police staff was dismissed after beginning adequate to use an AI chatbot for police-related work "no numerous causes".

The ISPC said: "Derbyshire Constableiry made a voluntary conduct referral to an air-park 23 following an internal review of an officer's use of artificial intelligence and consensus was not in line with guidance and conditions issued by the force."

The organisation added that it had decided the matter warranted an investigation. It said: "The officer in question has been served notice that they are under investigation for alleged gross misconduct."

Derbyshire Police said it had referred an officer to the ISPC since use of AI. The force added: "A full investigation is being independently led by the ISPC and we are unable to comment further."

It was not clear which police rules the officer's alleged misconduct contravention. But allowing an outside AI system to access information about an investigation could compromise confidentiality. The officer did not immediately respond to an unsatisfactory task to continue the use of AI.

An official at the Crown Prosecution Service indicated that it had informed

Derbyshire Police referred an officer to the watchdog over AI use

defense because in any cases affected by the officer's alleged conduct.

The Gloucestershire worker - whom the force did not name - is the first member of police staff in the UK known to have been dismissed over AI misuse.

According to the intervention's official rules, the staff member had been living daily for police work since October 2024 and continued after the force introduced a system on December 3 2024 to block access to OpenAI's Chat (OFT) data in 2nd place and 7th place covered in March 2023 that the person had been in business during the system to continue to use it, resulting in their immediate suspension.

The person was dismissed in the past few weeks. One of the intervention's causes alleged the person had recently missed the integrity of confidential information by putting it into the chatter, that an investigation subsequently showed all of the information put into the chatter had been publicly available.

In the case of the new junior Derbyshire detective, the force said in investigation was into the alleged use of AI diabetes to prepare documents for use in court.

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Monday 10 August 2024

FINANCIAL TIMES

3

NATIONAL

Burnham on a hard road to end rough sleeping

PM's vow to beat homelessness echoes goal he set as Greater Manchester mayor, but while that ambition failed he learnt about what works

JENNIFER WILLIAMS · MANCHESTER

When Andy Burnham entered Downing Street on July 20, the new prime minister made an ambitious promise to the nation.

"I will soon go through that done behind me and wear my first instruction," he said, "to end rough sleeping in our country."

To people watching in his former mayoralty, the words sounded familiar. During his first election campaign in Greater Manchester, a decade ago, Burnham had set an almost identical goal—to end rough sleeping by 2020.

He never met that target. But even three mayoral terms he galvanised a fragmented local system to focus on the crisis, while experimenting with a series of local policies, some of them succumbed. Rough sleeping numbers are now 25 per cent below where they were in 2017, while across England they have slightly increased.

Manchester's charity sector hopes Burnham can combine the lessons he learnt as mayor with his new power to constitutional policy.

"He does have a really good understanding of it, much more than any previous prime minister," said Amanda Crowne, head of homelessness at the charity Caritas, Moscow of Salford. "And he's tired things, to be known what works and doesn't work."

Burnham's 2017 pledge came as rough sleeping hit visible crisis levels in Greater Manchester and, in particular, Manchester city centre.

One of his first acts as mayor was to pledge: 5 per cent of his salary towards a charity dedicated to ending rough sleeping, before gathering the voluntary sector and the area's 10 councils to discuss what action was needed.

Burnham had no direct ability to force councils, such with their own narrowly defined legal homelessness duties and varying degrees of territorialism, to privatise the issue.

Instead, he used his powers to bring people together and attract media attention to the crisis, as well as holding

regular meetings with rough sleepers themselves.

"The major win was putting it on the agenda of every local authority in Greater Manchester," recalled Neil Cornthwaite, partnership manager at Manchester homeless charity Barna-

Off the streets

rough sleeping numbers since Burnham's mayor pledge

bus. "There were some local authorities who maybe didn't even admit they had a rough sleeping problem."

Jo Walby, chief executive of the Manchester homeless charity Mustard Tree, said Burnham had also taken inspiration from the former mayor of New York, Andy Giddens, whom he visited in the early days of his mayoralty.

He learnt that working "across review" was essential, she said, pointing to the homelessness partnership Burnham set up early on. "He chaired every board meeting, as he was driving it at an operational level."

From those discussions came Burnham's policy. A bed 45-cm. Night, a shelter in each of the Greater Manchester boroughs, open 3rd day a year. Legally, councils only have to provide such accommodation when temperatures fall below fencing for three consecutive nights, which he saw as unacceptable.

The result was 600 additional bed spaces for rough sleepers across Greater

Manchester, with one shelter provided by each council.

It wasn't suitable for everyone, said Crowne. "A lot of that was shared accommodation in church halls," she said. "It doesn't provide the salary, the security, that personal space, the dignity that you get if you have your own door."

As a result many rough sleepers—alive with complex addiction and mental health problems—chose to stay where they were, preferring to take their chances on the street.

Burnham quickly realised the picture was more complicated than he had first thought, said Cornthwaite. "I've heard him say he'd bitten off more than he could chew when he first started. I think he thought you could fix it with a rest. And then he quickly realised on, you can't."

Nonetheless, rough sleeping numbers fell sharply from 2017 onwards until Covid-19.

Central government's "Everyone In"

'He does have a really good (grasp) of it, much more than any previous prime minister' Amanda Crowne, Caritas

Target missed: Albert Squire in Manchester. Rough sleeping in the city is 25 per cent below where it was in 2017

The CQ found three quarters of those in the programme had remained in their social housing house on.

"The state can't afford to do it for everyone," said Josh Nicholson, the CQ's head of housing and communication. "But for that grasp of people, it does have the ability to end rough sleeping for them."

Burnham's announcement on July 20, in which he unveiled a lifetime insert in banding and promised to start "urgent first steps" to find suitable homes to hang down rough sleepers, "then look like a form of housing first" he added.

But while that funding is likely to cover support costs, said Nicholson, accommodation remained scarce at a time of access social housing shortages.

Meanwhile, a growing group of long-standing rough sleepers is now emerging from the asylum system.

"There's no route to ending rough sleeping, even with Housing First, without ending this, because it is growing to such a degree now," said Nicholson.

Manchester has been at the sharp end of that trend. In 2024, when Burnham was still secure, the Home Office made a sudden battle of asylum decisions aimed at clearing a longstanding and politically toxic backlog. Many of those people moved out of asylum accommodation ended up carrying on the streets of Manchester in the belief a council house would be provided for them.

Walby said that where 50 per cent of the people helped by Mustard Tree before Covid were refugees or former asylum seekers, the figure is now 70 per cent. "They sped up these decisions on instead of there being a gradual trickle of people, there was a sudden rush and the system couldn't cope with that," agreed Crowne.

Burnham enters Number 10 understanding what drives the crisis, the charities that have worked with him in Greater Manchester believe, including policies that rest in the Home Office, justice, health, police, housing and benefits systems.

"We have to remain hopeful," said Crowne, "that there is an opportunity for things to change."

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FINANCIAL TIMES

Monday 16 August 2024

INTERNATIONAL

Middle East

Iran demands US payment to reopen strait

Tehran tells Washington to compromise for war among other conditions

AARON FRIELAND — LONDON BTS DIRECTOR — TUNISIA

Iran has warned that it will not reopen the Strait of Norman unless the US meets a series of conditions, including paying 50 times compensation for war among other conditions. Foreign goods to get ships moving through the vital waterway.

The hardening districts from Tehran over the weekend came days after Iranian diplomats said they were in the final stages of reaching a provisional

arrangement with Oman to manage shipping through the strait. It underscores the deep-throed between the US and Iran, and the challenges of securing a diplomatic breakthrough to ease hostilities in the region.

Diplomats斥资了 Iran as Iran-Oman deal would lead to the reopening of the vital artery for global energy flows, devastation tensions between the US and Iran and get the warning parties to enter to radio on a final settlement to out the war.

Iranian foreign minister Abbas Anggha's agenda yesterday that Iman talks with Oman were in the final stages. But he called that the world not necessarily mean the waterway – which has become the key battleground between

Iran and the US – would reopen. "The agreement with Oman may happen, but reopening the strait is conditional on a number of requirements," Anggha said. "So on, there is no possibility of mounting the negotiations (with Washington) so long as the US fails to compensate for which has taken."

Iran comments came a day after Mohammad Baqir Alighadi, secretary of Iran's powerful Supreme National Security Council, said for the strait to open the US should withdraw its contract from the vicinity of the republic, pay compensation for war damage and lift its sanctions.

Alighadi is considered a hardener and there were unconfirmed reports in some Iranian media outlets this week

that he had resigned, which turned at differences among Iran's leadership.

Iran died on the street has to be approved by the security council and Ayatollah Mujtaba Khamenei, the supreme leader. Since the US and Israel spilled the war in February, Uttarakhand came to consider the Shahid Moustaz – through which about a fifth of the world's oil and gas passed before the war – as its main source of leverage and is discussed international and of all.

The day, measured by the system for the waterway to be fully reopened as he notices under high had prices ahead of November's raiders to elections.

The US and Iran signed a memorandum of understanding in June that was meant to extend a ceasefire and allow

shipping to gradually return to its power levels, toll free. But the MoU collapsed after Iran reopened state-operating through a channel along Oman's coast. Tehran said the ships were using an "unauthorized" route.

The hardener could in Iran hold talks with the United States as a temporary route through the waterway, which tightened斥资了 would resolve the attack off, Iranian foreign ministry officials said on Wednesday that Tehran had signed with Oman as the geographical co-ordinates for the new shipping route. But there have been few signs of progress since.

The US has not been directly involved in the Iran-Oman talks, but has provided illegal through regional conditions.

Europe. Climate crisis

Wildfire evacuations change in rao of big blazes

Nations focus on early warning systems and drills as summer fires become more frequent

JELA ABROAD — PARIS BRUTIN RYGDHAB — LONDON

By the time you are the smoke, it is too many propors out for fire experts.

The evacuations of more than 100,000 people in recent weeks across France, Spain, Portugal, Greece and England, with fire fatalities, have depended on prompt action and better planning, informed by analysis of people's behaviour in previous datasets.

In the small town of Lige's La Perre is south-west France, "people had to leave very, very fast" between 11 and 50 minutes after the alert's were wounded, said in mourn. Phillips de Gonneville. "We were very afraid that the entire town would have."

Many countries have now devoted to more sophisticated early-warning systems and drills in become a feature of numerous war-bringing climate.

The credibility of these testing the alarm can be as important as the technology itself, says Anne Templeton, senior lecturer in social psychology at the University of Edinburgh, who studies human behaviour in emergencies such as fires.

In an era flooded with information, people are more likely to comply when the alert comes from trusted sources. "One thing that I think is changing, is terms of fire response. Is that we are giving dissenters are so important to emergencies," she says.

"Emergency alerts, firefighters going door to door, for example, that 13 and 45) communication, and who 45 coming from, are really important because trust is a huge factor when deciding how to act."

Chronic messaging and communication system breakdown have been pivotal in the deathline fires of recent years.

The collapse of the cellular phase system, and a failure of a network of emergency sirens geared to tsunamis, were identified as among factors in the death of more than 100 people in transit in wildfires two summers ago. In Greece, Spain and Portugal, where summer fires recast the worst fatalities have involved confused in delayed communication.

In the Gironde region of south-west

Warsland: a resident of the Gironde region of south-west France, Carol Vedeman, in her local park that was caught by wildfires last month — www.iran.co.uk

France where wildfires forced the evacuation of 100,000 people last month, officials said the process was better as ordnance as emergency plans had been re-arranged after a previous severe blaze in 2023.

These fires forced a reckoning that children might not see making some areas much more vulnerable to increasingly unpredictable and intense fires.

The place, finished at the end of 2023 and turned to a drill involving officials and public, were followed very closely by the Gironde prefectures.

Modern fire prescribers emphasize such evacuation rather than "wisk and out". Studies of response times in the Los Angeles fires last year – where more than 50 people died – showed that even 100,000 in the United States, thousands and 10 hours after the fires were first reported.

A separate behavioural studies have also identified what is described as "trailing" a close spent calling friends and family, getting gets ready and during what was. Long-term homeowners, particularly those who were older,

tended to have conflicting feelings about staying in present their property.

"Many people leave it until there is smoke in the air to start to prepare. It's too late to a catastrophic event," Terran Ouen, deputy chief officer for the Country Fire Authority in the Australian state of Victoria, recently called a "I".

Observations of fire drills is a high-risk area in the US state of Colorado aimed at understanding human behaviour, found that it took more than 20 minutes until 90 per cent of residents began traveling and more than 40 minutes until the same number had completed their evacuation.

Limited escape routes are the next obstacle for authorities. Traffic discount to service modes (final roads in other identified states wildfires have claimed many fires, including in Greece, Hawaii and California, in fire power areas, it's recommended that at least two routes are dismantled drills.

In Gironde, 45 particular councils was the current professional Uig Ferret, with only one major road to get in and out.

'Many people leave it until there is smoke in the air to start to prepare. It's too late to a catastrophic event'

which officials were afraid would turn into a death trap. Gigi Ferret has a real-round population of around 6,000, but it does to show 10,000 to the same size.

In place where there was more time, the current categories were among the first to be cleared, not only since their toxin and temporary structures often could do the great forces were vulnerable, but also because of language barriers, instead 10,000 people were evacuated, leaving haulers abandoned on distribution and sandwiches on plant sales, Spain and Portugal.

To relieve traffic congestion, about 1,200 people were evacuated by home requisitioned from a pleasant cruise outfit. The evacuation plane from 2023 (somewhat that ferries could remove up to 10,000 in 24 hours, but leaving by and remained the primary option.

Similarly, boats were used in Greece last week to aid in the evacuation of more than 6,000 people from the island of Curia as well as from a resort area in the area of the city.

After a catastrophic 2018 fire in Greece in the outside village of Maly, where 195 mnt, pressureless transit had official mismanagement and a lot of co-ordination by emergency services were compounded by a failure to deploy emergency alerts, resulting in "those and a collapse of the system".

By contrast, France's administrative structures often attributed as a "grande founae to it" proved useful in the crisis. It features a phase network of so-called commuters, or districts, each of which has a source who serves as the first part of call the citizens and takes with regional and national governance.

In Gironde, there are 126 commuters, with with a major who effect human incidents, businesses and charities privately. "The evacuation of the peninsula went well because we had planned as much as possible to advance," said de Gonneville.

Behavioural expert Templeton says that the more emergencies expect, as climate change makes extreme conditions more frequent, the more people feel just attention to drills and alerts rather than becoming mated.

"We're constantly doing this kind of risk assessment (as individuals) all the time. If we think something is actually more likely to affect us, that we are more at risk. At more self-referral is no, the more likely we are to act."

Trump road map

Netanyahu reps Gas 2a pullout plan over Hamas disarmament

JAMES SMITH TIER — JERUSALEM

Israeli Prime Minister Benjamin Netanyahu has publicly rejected a US-backed plan for Gaza under which Hamas would disarm in exchange for a phased Israeli withdrawal from the Palestinian enclave.

Netanyahu's announcement follows fierce criticism of the US point plan from far-right members of his coalition, even though the US did not understand it was in line with a previous US plan that Israel had accepted.

Speaking ahead of a cabinet meeting yesterday, Netanyahu said Israel "does not accept the 10 point document" and insisted that the Israeli military would not withdraw from Gaza at all "until Hamas is disarmed".

"And when I say the dissenting of Hamas, it means heavy weaponry, lights-warpness, all weapons, had no on taking about greater disarmament, not fictitious disarmament," Netanyahu added.

"Right now, we are talking with the Americans about this issue. They have ideas, some of which are acceptable to us and some of which are unacceptable, and we know how to stand firm against these things."

US President Donald Trump announced the US point plan last month, saying it would lead to the "complex disarmament of Hamas and all other armed groups in Gaza", and that Israel forces would withdraw from the Palestinian enclave "as disarmament is completed".

Trump called the plan as a major breakthrough and claimed at the time that it would be a "critical step towards Gaza finally being governed by a new Palestinian government".

However, it quickly came under fire from Netanyahu's allies, with officials running any attack withdrawal from the Palestinian enclave should begin only after Hamas's disarmament was complete, and not take place to parallel.

Meanwhile, Hamas officials said any progress on the new road map was sub-impact on Israel first fulfilling its previous obligations, including increasing humanitarian aid flows into the shattered Palestinian territory and with drawing to the positions it held when a true road effort last year.

Netanyahu's plans, including Netanyahu – whose coalition is trailing opposition parties in polls ahead of parliamentary elections due to be held in October – underscored the political obstacles to the total long-term outcome.

A person briefed on the discussions and Israel had various concerns about the plan, including the idea that Hamas would hand over its response to actively formed Palestinian police force.

Israel was also concerned about the potential influence of police and nuclear would have in Gaza, the person added.

The plan also contained other conditions analysis said would be difficult for Netanyahu to accept, including a commitment to the peace, and that the Hamas controlled areas of Gaza and the creation of a pathway to Palestinian statehood. Although Israel has not carried out or thus to Gaza in the past few days, it has launched hundreds in the Palestinian enclave since the US-backed ceasefire took effect last October.

Energy crunch

Venezuelans take to the streets as blackouts reach Caracas

ANA-HEMISABI HALEZIK — CHACAT JIM DANIELA — BOSTON

Venezuelan security to the streets as daily blackouts disrupt the country, three months after the US-backed government pledged to open the electricity sector to private investment.

In status across the country, residents have been searching to protect over power outages that have only worsened since January 7, when the country's blackout was called Nicolas Madiers was arrested by Uthman.

According, the government agreed to pockets of Caracas, which has been experiencing regular outages for the first time in 2019. Marchers blamed the outages on interim provisions (only) Rodriguez, who has left Venezuela, the Trump administration's backing since Madiers's removal.

Rodriguez has pledged to open up the country's following electricity grid to the private sector, following schemes to the country's hydrocarbons and mining on ground at driving investment. Since now pending some sanctions and taking on out of Venezuela's oil exports, the US has collected some 10,000 of revenue.

But, despite the richly promises out of Caracas and Washington, Venezuelans are under evidence of economic growth and are increasingly frustrated by the drop-out of drugs.

Vexenauchi has abundant natural resources, boasting the world's largest private sector in the region. It represents about 90 per cent of its electricity from hydrogen so that the country's power grid will not disrupt during a quarter-century of corruption and noncontagment in the coming after Madiers's mentor and predecessor Hugo Chávez took power in 2019.

It hit a nadir in the economic crisis of 2025 when Caracas spent days in darkness and millions moved abroad. Since then, the government has prioritized keeping the light out the capital, even at the expense of other regions.

Because blackouts are becoming frequent in the capital, Mayor Carmen Melodio en Friday announced that the weekday would be cut to a half-day due to the blackouts.

Rodriguez, who has won praise from the Trump administration for opening up the oil and mining service to foreign investment, has blamed natural

phenomena rather than mismanagement and called on Venezuelans to cut down on electricity prices.

The attributed the recent blackouts to the country to damage sustained by the Terran's cabotage gas-fired power plant during the devastating final earthquake in 2024, which was reported in press by the late Manuel El Nido, the weather event that caused global changes in temperature and rainfall, including droughts across both America.

These explanations have not convinced many citizens, who are long used to dealing with a feeling grid.

"Only's out we had to come electricity by because of El Nido, but we've been living on the same running distance, up to six hours daily, for years," said Magu-eth Rodriguez, a pensioner in Valencia.

After passing the hydrocarbons and mining scheme, Verenauchi's government has prepared a full of energy on electricity sector that could potentially break state utility Coquerdo's money-sky. They also announced some deals with El Energy companies in the sector.

Local blackouts are energy experts of Columbia University, and political reform was essential to receiving Verenauchi electricity crisis.

"Scheduling the electricity sector will require not only restoring existing capacity and bringing new generation capacity to the city, but also making a more life regulatory framework with enforceable contracts (and) transparent may be viable," she said.

When Chávez took power, the grid was "one of the most efficient to Latin America" before "inproportation, not management, lack of maintenance, corruption and state control over all aspects of the sector" led to his collapse, Palacios added.

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Monday 20 August 2016

STRAIGHT 2016

5

2026

To: October 4

GOLDSMITHS' FAIR

From: September 22

Goldsmiths' Hall, City of London goldsmithsfair.co.uk

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5

•

FINANCIAL TIMES

Monday 16 August 2026

INTERNATIONAL

Digital oversight

Turkey tightens legal grip on cyber space

Broad security law gives

Erdoğan sweeping powers to regulate online services

JOHN WOLF, REUTERSHIP OF FINANCE

Digital groups have warned that a new Turkish crime security law rules creating a system of “dombier digital oheth issue”, by giving the presidency sweeping powers over internet services, guaranteed contracts and social media accounts.

About 99 per cent of Turkey’s national media outlets are already under-government control, according to Reporters Without Borders, meaning that platforms such as K, YouTube and

Meta’s Instagram are among the few spaces still relatively open to critical reporting and dissent. The most recent 1G of 100 countries in RSP’s latest index of press freedom.

“The new measure is straight out of the standard risk bank for information control to all other human controls,” said Tomora Alex, a senior researcher in Human Rights Watch technology and rights division. “Cyber security powers should not be concentrated in the context. They should not be subject to adequate safeguards.”

Under the law, press of digital oversight are officially controlled in Turkey’s Cyber security (YouTube), which is attached to President Recep Tayyip Erdoğan’s office. It was one press file

urgent measure on its own initiative or at the request of security agencies. Telecom operating, security providers and other online platforms must comply within two hours, with orders reviewed by a judge after implementation.

“The law, which was not there at the end of July, justifies the approach on national security grounds, describing cyber space as a domain. To vital as conventional defense’ for safeguarding digital sovereignty, critical initiatives have and public order. Concentrating cyber powers also avoids duplicating the function of different state agencies, saving 25.30bn (US$6.00mn), according to Green Man, an MP from Erdington governing UK party.

But critics of the move, while

acknowledging national security concerns, said it was the broader control of Turkish ownership that made the legislation concerning.

“The new law is more than a cosmetic transfer of powers to the presidency,” said Tamim Mahmut, a law professor at Istanbul’s Bilgi University and a leading digital rights campaigner. “It creates a command centre for Turkey’s digital oheth issue regime.”

Professional organizations, including Turkey’s chambers of computer and electrical engineers, have also criticized the measure, which they say is mainstream to “digital censorship,” Tainin Grubik, an MP from the opposition Republican People’s Party, said its underlined powers risked turning Turkey into

a “digital prison.” These have are interpreted by the frequent prosecution of journalists, online commentators and other media figures.

The cyber overhaul comes as Turkey has separately prohibited children under 12 from having social media accounts. Unlike its Australia and France, where online restrictions have been put in place, major social media companies have marmed little visible opposition to the Turkish measure.

“It is not official, but also consistent, verifying age through a街道, Turkey’s online government service portal. Critics fear that, without privacy safeguards, this could allow the state to reach the identities of all Turkish social media users with their online accounts.

Organised crime

Ireland’s most wanted figure

extracted from Dubai via state jet

JOSEPH KAMIKOVA – COGIC

Daniel Kinshaw, Ireland’s most wanted criminal and alleged to be one of the world’s most notorious drug traffickers, arrived back in Dublin yesterday after being extracted from the United Arab Emirates.

Ireland next to government jet in Dubai to return Kinshaw after he lost a legal battle to avoid unconvinces. He is expected to return Kinshaw to return until turmoil. Special Criminal Court with deeming arguments in time.

The charges relate to the period of a local walk to Kinshaw's gang, another criminal organization, the 1st most hit from between 2015 and 2016.

Kinshaw's arrest in April for alleged serious organized crime offences was seen as a signal that the minister was tightening its approach to criminal suspects who had sent 8.6bn a unit to work in had been one of several drug media European criminals who had moved to Iskola.

The US patrol a 8.6mn award for help in his arrest for the alleged involvement in global drug trafficking, particularly cocaine, gammating and money laundering. The US Treasury department imposed sanctions on Kinshaw and what it said was his group, the Kinshaw Transnational Criminal Organization (KNCO), as 2015.

The KNCO originally distributed South American cocaine and heroin in

A former head of the Irish police estimated Kinshaw's group made more than €1m globally

Ireland, and later to the United Kingdom and throughout mainland Europe, Kinshaw has been a major traffic}^{-1}, for Kinshaw have engaged in money laundering, forcemic trafficking and murder, according to the US authorities.

A former head of the Irish police, Drew Martin, was arrested that the Kinshaw organization made more than €1m globally from its activities.

The criminal organization, originally led by Daniel Kinshaw's father, Christopher senior, started its activities in issues city, Dublin in the 1990s, but quickly expanded. Daniel Kinshaw has also been named the court and in the Irish parliament as someone allegedly involved in drug trafficking and other criminal activities, being the head with the benches. If of the murders were believed to have been carried out by those associated with the Kinshaw.

The lead first came to international attention when gunmen disguised as personalizing police officers attacked a boxing weight on a 4-balline bottle in 2016 with the director of the police of the United Kingdom. The 1st lead has led to a senior member of the Kinshaw programme. At the time Daniel Kinshaw was involved in international boxing promotion.

The Kinshaw was also currently upgraded facilities in the maximum security Technical Frison in the Irish midlands. Another senior member of the Kinshaw organization, Dave McGovern, who was also completed from the Unit, was sentenced to 24 years in prison for a 1st year, and in the absence of a criminal group, Kinshaw, Robert Christopher senior, and brother, Christopher junior, are also the subject of a 8.6mn award.

“It is the most consequential protest this regime has faced yet,” said Zahid Hussain, an Islamabad-based political activist and author of multiple Kinshaw Pakistan's case.

“It is fundamentally a challenge to Pakistan’s control of the territory,” Hussain said. “Political disembarkment has given way to dismantle the will of their initiative and that the military leave the region.”

“We’s those 40 grievances have been killed by security personnel since voting began last last month, according to the Joint Assault Action Committee, an umbrella group of activists, employees and local politicians that can feel some promise over the cost of living and dismantle his political autonomy.

In a post on X on Thursday, it added that a total of 69 “civilized” had died since humanitarian bribes and is early June. The government of Azad Jammu and Kashmir and the Monday that seven law enforcement personnel had been shot and died in daubed the summer, while 45 had been injured. It has

also “categorically” rejected allegations that security leases their on-premises and said they had taken “action to enforce this law and maintain law and order.”

Kashmir has been a source of contention between India and Pakistan since each country gained independence from Britain in 1997. Both sides claim the entire region but each control in parts of it. The region has its own president and prime minister, but major decisions are made in Islamabad, where its term citizens have as direct representation. It is also among Pakistan’s more deprived regions, with a youth unemployment rate of roughly 25 per cent.

The law for Islamabad, however, is that prominent Islamabad will either accrue the country.

Under guard-orders wait to cast their ballots at a pulling station in Muralikraabad in Pakistan. Minister of Kashmir this month amid disgust in parts of the region.

— — —

security forces lead to herbal violence targeted killings and rheumatism bans to silence peaceful civil rights protests led by the local populace.

Pakistani officials regularly accuse India of widespread arsons on New Delhi’s side of the Line of Control, which separates the Himalayan region, and the country has height multiple wars with its neighbours to control all of Muslim majority Kashmir.

Lieutenant General Ahmed Sharif Chandler, the spokesperson for Pakistan’s military, said law work the state had responded “very wisely and passively” to Kashmir but needed to enforce its “nonsupply on violence.”

In protest-tallies, JIAC leaders have called on their followers to remain peaceful and heard they are not working separation. JIAC could not be contacted for comment.

The election are the first in the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of the city of

The region’s last elected government, which was led by Khan’s party, collapsed in April 2012, underto say. Since then, JIAC has had three prime ministers

aligned with Islamabad.

“I think, I have demanded Pakistan change a constitutional provision that allottees a dinner work in the local assembly to Kashmiri refugees in other parts of Pakistan, a more they see acts as a loophole to let the central government outwith the law against affairs.

“Last week Islamabad also issued an applause to restrict Pakistan’ journalists working for international media outlets from travelling outside the cities of Islamabad, Ashore and Karachi without any further permission, and the other three in Pakistan administered Kashmir later this region immediately.

“It’s very hard to present yourself internationally in the defender of Kashmir rights while simultaneously approving Kashmiri wars at home, and a blackout, a country after things, a riot of not letting that contracts be split out by public wars,” said Crandale A. Husshal College’s Khan.

South-east Asia

Myanmar junta seeks to take in from cold with photos of jailed Aung San Suu Kyi

A. ANANTAS LIEBING – COGIC

After years of international pressure for proof that Aung San Suu Kyi was alive, Myanmar’s military colonel South released, permitting a meeting last week between the jailed drummers to see and a foreign enemy.

The 85-year-old United Peace Prize honours the 85-year-old and a co-chairman location and prevented from seeing her family since her arrest in 2025, raising concerns about her health.

But the meeting, believed to have been Aung San Suu Kyi’s first contact with a foreign representative since she was in response to military coup, was also a concession than a carefully choreographed step in the regime’s quest to gain international credibility and not its highwards isolation, and yet said.

The release of photos of the meeting coincided with a risk last week by women who learned president Min Aung Hlaing to enlighten aung Thailand, whose prime minister called for a “little-and-no engagement” with Myanmar. “This

is primarily a fight-on-the-guruian rather than a genuine policy offer,” said Ye Hyun Hsho, a senior fellow at the Southeast Asia Peace Society. “The should not be interpreted as a broader extension of the regime’s policies as a meaningful襟怀, not just a political transition.”

Min Aung Hlaing, who traded his role as military chief for president in April following a meeting, is attempting to project himself as a domestic leader even as the military continues to get opponents and conduct air strikes on civilian arms, and even said.

Within Myanmar, the military remains deeply unpopular and have widespread political issues. The government oppositions groups. More than 100,000 blacks have filled down the coup and more than 70,000 controls, according to conflict resolution in groups.

“Although the point is, a failed for countless and great talks, these initiatives have not shown longer performance,” Ye Hyun Hsho said, adding that the military was trying to create the impression of political progress.

In particular, it is not to be the case of the Americans of Southeast Asian Nations, the 15-member regional bloc that has banned Myanmar from its official work, and the 1st most likely to be the regime’s decision would be a first step towards broader international acceptance, analysis, and. Allowing the meeting with Aung San Suu Kyi was “a very small step in the fight direction,” her son Kim Arto said the FT.

Aung San Suu Kyi was recently moved from prison to house arrest, according to the military. She was sentenced to more than three decades in prison on a date of charge in the wake of the coup.

But this, who said he had spoke with another the day before the coup, said that she had not been permitted at once to her lawyers for more than two years. “She’s still being denied her basic human rights of family contact. From what I gather, she’s still essentially been held in a form of military confinement, even if that isn’t in prison,” he said.

Aung San Suu Kyi previously spent more than 15 years under house arrest

under another military regime. She remains Myanmar’s most popular political figure, and led the country from 2016 to 2021 as she faces head of an elected government under a power-sharing agreement with the military.

She has also shown criticism, mostly from abroad, for placing down the military’s activities against the country’s

Aung San Suu Kyi, 81, runs a hit-billed cake in this junta released photo

Rehning a Muslim minority, and previously travelled to “far bigger in general, only defined the military against accustomed to peace in.”

“Myanmar’s neighbours have recently shown willingness to re-engage with the junta. Last month, Myanmar’s foreign minister met Aunaa counterparts for the first time in five years.

Min Aung Hlaing, who is today in western sanctions, also recently visited India and China. The latest is Myanmar’s biggest international leader and inventor, and has made significant strategic investments in the neighbour.

However, critics, including Arto, said engaging in the military regime when it had made no progress towards peace only provided happiness to the action.

“I realize that there needs to be some form of dialogue going on. . . . Don’t have sense to others—any that they need to be without telling our the red carpet to Min Aung Hlaing,” said Arto. “I feel like this is legitimising what is essentially a secretive organization.”

The engagement push also comes as

Myanmar’s economy continues to deteriorate amid the civil war and global energy shock. The World had recently said that the economy remains under “aggressive pressure.” Another oil prices were rising greatly prospects.

In a speech last last month to mark 200 days into his issues as president, Min Aung Hlaing outlined a five-year deal with the first domestic agenda, permitting to improve trade and respect for all nations in projects.

He said his government had also intensified efforts to build negotiations with opposition groups, citing talks held with 15 armed ethnic groups.

“We’re not a good way to ‘dilate’,” said the RAI file box at the University of Sydney. “Within Myanmar, there is no change in terms of the peace process, domestication or the promotion of peace rights,” he said. Meanwhile, he added, “the economic hardship is getting . . . .”

“Countries engaging with the new regime should look beyond the illusion that [Min Aung Hlaing] is building up.”

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Monday 10 August 2024

•

FINANCIAL TIMES

7

Fake presidential agency finds its way into Nigeria's federal budget

Case fuels public anger at rampant corruption and lack of oversight

DAVID PHILLIPS — LONDON

The Presidential Foreign Intervention Promotion Council had an important task: to attract foreign investment into Nigeria. It had a line in the federal budget, a sought-after office inside the Federal Secretariat in Abuja, where ministries are honest, and a website on the official government of Nigeria domain. There was only one hitch. It did not officially exist.

Prince Adeniyi Adeyemi, who allegedly headed for fake agency, is due to appear in court next month to answer charges of forgery and impersonation, which he claims.

He is alleged by the presidency not only to have smuggled his non-existent agency into the federal budget but to have held high-level meetings and events in the president's name with Nigerian politicians and representatives of foreign governments. Some of those encounters were publicised in slick social media campaigns.

"There were online posts and meetings on the Web," said Gidahi Adekanyaja, an independent political analyst and author of the Bolbwefzer Substack, which explores Nigerian politics and public policy. "At some point the difference between fact and fiction films."

But in Nigeria, many people soon less exercised by Adeyemi's alleged culpability than by what the bizarre case says about institutional oversight by Nigeria's lawmakers and the apparently rampant corruption going on under President Bala Jimma more.

Adeyemi's lawyers, who could not be

'Ghost workers have been found before, but this is an entire ghost organisation'

reached, do not deny that the agency there there funded his text legal status, but said in a statement this month that Adeyemi could not be "held uniquely responsible for failing to detect what the whole apparatus of the state validated."

Jimma could not be served, they wrote, by prosecuting the "shrubspace while ignoring the state machinery that built, budgeted and fundamentally bathed the entity."

Several Nigerians from civil society said that either the president's office leaves about the fake agency, in which case it was implicated in the dismissal of funds, or it did not, in which case it was incompetent.

"It begs the question of how many more are our faces," said Faisal Lawal, co-founder of Reddit.org, which keeps digital record of Nigerian mediums help create a more robust public forum.

"Ghost workers have been found before, but this is an entire ghost organisation," Lawal said, referring to previous revelations about workers on the government payroll who receive a salary or pension without actually doing any work. "For me, it's less about the money and more about the process how do things get into the budget in the first place?"

Not only was the fictitious promotion council above the system in plan night, but the 2026 Appropriation Act awarded it a budget of $1.25m ($9500,000). The fake agency also claimed access to a firsthand NTC file in a so-called "take-off grant," funds allocated to help new bodies get going by renting premises, buying equipment and being staff.

Andy Proverdie, founder of investment bank Stardos (BTC), said he doubted whether many members of the national assembly had the skills or the

inclination to scrutinise the 500bn (roughly $500m; 2024 budget, a document that ran to 1,491 pages. The budget, which had several readings in both houses, was egged into law by Yandem Agni (2).

"The whole oversight function in terms of the house of representation and the extent has been a joke since this government came in," Proverdie said of the Timchu administration, which assured power in 2023.

Chidi Alimkala, a visiting professor at the Fletcher School at Tufts University, said the unusual part of the fake agency story was that it had been called out, not that it was receiving funds.

Kumouru have erected around Abuja that allegations about the agency owed more to a settling of a core chain to genuine attempts to expose financial indecivitians.

"Anyone who follows the budget process carefully in Nigeria knows there are too many of these agencies that do not appear to exist but that get money routinely," Odhukua said. "In every budget cycle, money is allocated to them and it disappears."

The scandal has pulled in the president's chief of staff from Gbajahsamila, whom Adeyemi accused of demanding bribes in return for going into the job as director-general of the fake agency. Adeyemi claimed to have paid Gbajahsamila 9400mn for the position but said Gbajahsamila had come back for far more, demanding nearly half of the NTC file start up work.

Gbajahsamila has denied the accusation, saying he lacked the authority to appoint the head of an agency and that signatures on related documents were forged. He has launched a NCBA delimitation suit against Adeyemi and demanded a published apology. Gbajahsamila did not respond to a request for comment.

After going public with his accusation, Adeyemi went into failing, saying he feared for his life. Police later tracked him down to them state, to south west Nigeria.

Timchu, who is gearing up for his re-election campaign ahead of January's presidential poll, has declared an impatry into the fake agency. The president has made a show of going after previously hosted funds and said there would be "no safe haven for corruption in Nigeria."

"We are aware of the public interest in a man called [Adeyemi], who has been parading himself as the director-general of a fictitious Presidential Foreign Intervention Promotion Council," his office said in a statement. "The chief of staff could not have done a letter of appointment to a non-existent agency."

Many Nigerians are perplexed as to how things could have gone so far without the government knowing anything about it. The foreign ministry and the Nigerian Investment Promotion Council, a real agency with a set of responsibilities similar to the fake promotion council, sounded the alarm about the activities of the fictitious agency last year.

One former NIPC official said she had been told about the rival agency last September. "I thought it was crazy," she said of the apparent duplication. "But sometimes the government does crazy things."

Proverdie said the scandal - which he described as "chicken change" in terms of the amounts involved - was a distinction from more serious corruption.

"I am more worried about $100mn or $300mn disbursed to legitimate agencies who fail to execute projects," then to smaller amounts going to a fictional agency, he said. "They love every distraction action but the nation blind."

INTERNATIONAL

'In every budget cycle, money is allocated to [these fake agencies] and it disappears'

Prince Adeniyi Adeyemi is due in court next month to answer charges. Critics say the case shows corruption is rampant under President Bala Ahmed Timchu, below. Photo courtesy: Faisal Lawal, co-founder of Reddit.org.

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8

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FINANCIAL TIMES

Monday 10 August 2026

Safe harbour As the super-rich grow wealthier and their megayachts bigger, marinas are becoming a sound investment ● LEX, PAGE 22

Companies & Markets

Berkshire boss puts cash pile to work with $19.8bn outlay

• Abel ends group's 3-year selling spree
• Purchases dent $365bn Buffett built

ABEL BLATT AND AMELIA POGLARD NEW YORK

Berkshire Stationery chief executive rung that plungled a net $19.8bn into the stock market in the second quarter, ending a more than three-year selling spree by his predecessor, Warren Buffett.

The investment, which include $19bn to buy Alphabet common stock and $4.8bn spent on Berkshire's one share in the quarter, signal Abell's appetite to know his stock on the Omaductone! Insurer by putting out the maximum $19.8bn cash pile to work.

Buffett's decision to sit on the side lines and prove the company's $13.8bn

The decision to jump back into the market is made all the more stark as US equities sit at record highs

Intuit stock portfolio over the past three years was seen as a sign that the famed value investor thought equities were overvalued. That makes Abell's increase to jump back into the market all the more stark, particularly as US equities sit at record highs.

Over the past two decades, Buffett's investment decisions have been clearly proved the sign of where he believes the market might be heading. The record cash pile he had accumulated conserved some investors, who suspected he was waiting for a divestment that would offer a better opportunity.

Berkshire, which owns the Getco and National Indemnity Insurers as well as the maker of Duracell Batteries and Fruit of the Lawn underwear, reported that its cash levels had dropped by $13bn in the quarter.

Abel replaced Buffett at the start of the year after one of the longest and most influential insurers to account for in the US corporate world. Buffett had run Berkshire for 14 decades, taking over the three struggling results maker to 1967.

Abel, who started his career as an accountant before using through Berkshire's energy business, has begun to forge his own legacy at the business. Days after anchoring an $8.8bn capital ratio by Alphabet, Abel announced Berkshire's return on the top of the bachelor Taylor Morrison for an enterprise value of $8.3bn.

Disclosures on Saturday signalled Berkshire had invested $17bn into "commercial, industrial and interrelated stocks in the three months to the end of June, a category that includes Alphabet.

Investors will get a clearer look at the changes to Berkshire's stock portfolio this month when it reports its quarterly holdings to US securities regulators.

The company sold $1.5bn worth of stocks during the quarter, the smallest amount since 1955. We income more than double/three but year to $10.7bn, as the value of its stock positions swelled.

Operating income, Berkshire's preferred method to gauge the performance of its owned businesses, rose 10 per cent from the previous year to $13bn.

The company's $9.9M railway generated a 15 per cent jump in revenues, which it attributed to an increase in US imports during the next year.

In contrast, the company's flagship insurance businesses reported a 15 per cent drop in operating earnings to $1.7bn, as Getco had to pay out larger claims to policymakers and boosted its spending on advertising.

Unhedged Durability is real test of currency interventions such as joint bid to bolster yen

Currency interventions have a mixed record

The Plaza accord weakened the dollar sharply (from unknown to 100 before the accord; a falling low shows dollar depreciation)

Later interventions have been less reliable

Indexed to 100 before intervention; rising from show movement in policymakers' intended direction

Place chart over world's data give data; down prices are not yet to be used. Total charts show data exchange rates. Data inserted for Japan 2023 and US Japan 2026 Source: LESS

DAVID MAFFADZER — LONDON

Currency interventions do not always play quite. The 1987 Plaza accord, the commercial example of international currency co-ordination, succeeded in weakening as overvalued dollar. But it may have been too successful: the dollar wouldn't play falling.

By the time the US countercurrent in Paris is 1987 the rate was to stop the slide. But domestic priorities had started to diverge and the interest is co-ordination was fading. The cancer accord was eroded within a year.

Plaza's success to allow attributed to the credibility of a rare multilateral

agreement. But whether a country intervenes on its own or with allowances less than whether it aligns with macroeconomic fundamentals.

The dollar/conservation reflected high US interest rates after the Val clear stock and a large fiscal deficit that attracted foreign capital. But by early 2016, US interest rates were also look less exceptional. Against the yen,

A version of the article first appeared on the Unhedged newsletter. Sign up at f( {1} )and( {1} )in( {1} )and( {1} )in( _{1} )

the dollar had peaked about seven months before Plaza. Plaza accelerated overall already under way.

Unilateral interventions can be just as effective when they are credible. The Swiss National Bank's commitment to cap the Swiss franc in 2011 worked because markets believed it would point to more effective necessary to defend the exchange rate.

We are just one work on from the announcement of the joint US-Japan intervention to prop up the yen. The initial move has been encouraging, but durability is the real test.

Market Data/News page 1 Letters page 22

Moonshot

revamps to please Beijing for HK listing

SLEMMER SLUETT — SQUARE SUNNY WU — JOHN JONES

Chinese AI start-up Moonshot has revamped its corporate structure and brought in several prominent state-backed investors as it anchors who list jing's approval for a long long listing.

The Beijing-based AI fully listed 8.5 model has narrowed the performance gap with Antitropic's leading systems and gained popularity among software developers. It is targeting an initial public offering that would lead its next phase of model development and expansion.

Before it can list, Moonshot may need to unwind its corporate structure, which includes an offshore entity to raise funds in US dollars from international investors.

The timing of Moonshot's IPO remains unclear, but two people itself to with the nature of the loss unlikely to take place until next year. Another person said to confirm whose $1bn regulatory issues were resolved.

Last week, Moonshot commented to China-based entity from a limited liability company to a joint stock company, but first could accept its long long policy, according to corporate disclosures.

Joint stock companies have more formal corporate governance requirements and generally have a wider shareholder base where it is easier to transfer shares. The Chinese securities regulator has formal certain technology companies based in China with overseas entities that control the core operating business through so-called "red-digit" structures in marketing outside the market. That more affects concerns over strategically important technologies potentially falling under foreign ownership. Another step now, regulators mount a notification that certain companies with overseas entities holding key intellectual property would not be eligible for offshore listings. The policy forced several high profits of companies, including Moonshot and Jingzhou, to suspend IPO preparations while they corresponded their ownership.

Moonshot is co-ordinating with a team of bankers and lawyers to resolve the issue with its overseas investor base, according to multiple people familiar with the matter.

Concerns of tech leakage intensified following the sale ofdtunexNin Meta China ordered the shift in its command.

Moonshot declined to comment.

THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST OF THE WORLD'S BEST

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Technology. Interface

Big Tech bets on speech for AI agent interaction

Groups update voice offerings

to make chatbots more natural

as talking act to overtake typing

DIGITING CRISES — DAILY MANUFACT

AI groups are racing to make conversations with chatbots feel more natural, letting that talking wild overtake typing as the dominant way people interact with AI agents despite the social and business of speaking to machines.

OpenAI and Google have recently updated their voice offerings to make AI sound fans like a tablet reading from a screen and even like a colleague who understands instructions and content.

Their latest products come amid exploiting demand from consumers and businesses and represent a significant break from earlier voice assistants, which converted speech into text, generated a text response and their real 6-back.

Newer models can process and produce speech directly, helping to reduce delays, unheard tone and missed content that make better products feel mechanical.

"People love using their voice to ask questions. . . It is just good for that humanistic back-and-forth conversation. Even in great loss, but trying to be of effort," said AnyChild, OpenAI's producer, to define ChatGPT voice.

The list is that an AI systems move from answering questions to carrying out longer-running tasks, speaking to them with feel more natural than typing prompts into a chatbot window.

But the push is also exposing the old factions of voice technology, how big and background noise to the social

discomfort of talking to machines in public.

AI groups say the shift is already changing your behaviour.

Google said its five voice range doubled in the year to April, with chatbot conversations on average five times longer than on text. At OpenAI, more than 10mm people use voice and dictation to ChatGPT's sub-bonds.

Voice as a medium is "really starting to rise again with these long-running agents when it just feels very natural to give them tasks via voice," said Sarah Bird, chief product officer of responsible AI at Microsoft. Bird added that she offers even colleagues working on GitHub, the company's coding platform, sending voice commands to their phones to help. "Think it's going to be a new world soon on this," she added.

OpenAI said voice technology was previously hindered by a "high-intellectual" Cat876e release of GPT-4 on last month - its first voice model in two years - OpenAI's voice model had been criticized for being slow and confusing different languages across.

"People are just starting to speak more because they know the model

understands, and they're now expecting they can do more [and] they want those devices who mean," said Leland Reifke, who has been an experiment at Google.

Reefke added that Google spent for a "far more spontaneous conversational style" after finding that users became more comfortable speaking to AI once large language models were "behind the microphone."

One can see a case is coding, where advocates say speech can help users describe intent and constraints more fully than a typed prompt.

Sandra Grasslin, who works in international strategy and operations at OpenAI, said voice has become an important part of how the user OpenAI is coding and Cobra. "When I get, I often compare the problem to early and jump straight to the task. When I speak, I tend to explain more of the who what I am actually trying to achieve, what my intentions is, which constraints matter, where I am uncertain, and what a good outcome would look like," he wrote on LinkedIn this month.

The two AI voice tools has prompted nonexical says in Silicon Valley to invest to new microphones and office sound

Finding a voice AI groups are limiting that users will find speaking to digital webinars more natural than typing prompts

proofing to prevent systems from confusing audio with background noise. These include everything from liquid sound to video to ones housed in a black tube and a mouthpiece.

The shift has opened a new front for hardware start-up trying to make voice input less conspicuous and more reliable, such as small handheld dictation devices from480x and 64bit.

OpenAI is also expected to obtain the first in its family of devices early next year, which will be an ambient voice assistant with a camera, microphone and speaker, according to multiple people familiar with the project.

AI voice may use one also attracting slow, unusual tone to sound, to create capital investment over to $70m in the first quarter of this year, compared with just under $10m in the same period last year, according to Reifke's data.

One of the most important by number has designed a ring that you can speak into major commands or record books.

Chief executive and co-founder Mina Fritzen said he developed the product after finding clashing into a common to use. "Trying to see voice by shouting into our friends was very bad for everyone around me and very embarrassing personally."

From Goldschmidt, chief technology officer at Cisco, a voice start-up with an AI video series, said the technology still had room for improvement with background noise, including and responding to the user with the right emotional tone and content.

"We're going to the core search more quickly, but definitely there are still those pages you that need to be reached through," he added. "It is only a matter of time before [voice] is a dominant interaction paradigm."

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Monday, 10 August 2016

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10

•

FINANCIAL TIMES

Monday 10 August 2020

COMPANIES & MARKETS

Chinese venture capital firms rush to raise funds

Groups seek to capitalise on rebound in investor enthusiasm for nation's technology sector after three lean years

ELEANOR DILBERT — REUTING

China's venture capital firms are rushing to raise new funds and capitalise on investors' renewed enthusiasm for the country's technology sector after three years of record-low fund raising.

Firms are seeking to raise an estimated $250m for at least 60 new dollar-denominated funds, including some 90 venture capital funds, according to data from private placement and advisory firm counter capital.

Investors described backing Chinese AI as a "hedge" against US market bets, given Chinese companies had been competing aggressively on net and offering cheaper access to models.

HBG, GSC Capital, Statics Partners, China and Future Capital are among the firms rendering new funds or planning to start fundraising ones, according to investors who have been pitched on the funds. Shorthand and Qiming recently closed funds.

A string of successful technology listings, alongside breakthroughs from Chinese AI companies such as Neurobot AG and Neophod, as well as advances in robotics, has helped revive interest.

But experts said the surge in fundraising activity did not signal a return to the heady of Chinese venture capital when global investors competed in access, popular, heavily overresearched funds.

"This isn't at China VI house yet," said Ricardo Fello, partner and head of Asia-Pacific at Asante. "Instead, this is a selective reopening of US dollar fundraising for Chinese VI after three years of record-low levels."

The revival follows a prolonged downturn in Chinese venture capital, driven by a slowing domestic economy. US restrictions on investment in sensitive sectors and a drought in exit opportunities after Chinese regulators tightened controls on new listings.

Several fund managers and limited partners (LPs), who provide capital to venture funds, said the current fundraising environment represented a significant improvement from the past

three years, when many dollar funds struggled to raise new money.

In 2012, 1,593 China focused funds raised a total of $100m, according to investment data platform People. By contrast, 97 funds raised $11.6bn last year.

"The market has been starved of capital for three to four years," said a fund manager who asked not to be named. "Suddenly, all the fund managers are rushing in. The question is whether there is enough interest from investors to find so many people."

HBG, formerly Jogawa China, has

told limited partners it planned to launch a fund the year focused on early stage start-ups. The firm is also preparing to raise a scientific-denominated fund, although the exact amount is yet to be determined, according to several people familiar with the plans. HBG declined to comment.

Future Capital is raising a new fund that will invest in AI hardware groups and start-ups using AI scientific research, including drug discovery. While the final amount was yet to be determined, it was expected to be just over $200mn, said a person with known

A string of successful listings, including of AI model developers Zhips in January, has helped revive investors interest in it and such sector

edge of the matter. The firm declined to comment on the figure.

HBG was also planning to launch a one-month fund, said two people, and was seeking to raise about $2bn for a growth function year. The firm did not respond to a request for comment.

Several investors said the essential funds were increasingly reliant on local government investment groups, which have deeper pockets and have not been affected by tax rates on distributions for some institutional investors.

Early backers of listed AI model developers AtosMax and Zhips have benefited from their initial public offerings and raised new funds this year. They include AtosMax backers Yangy Partners, Future Capital and BSG, and early Zhips investors Qiming Venture

"This is a selective reopening of US dollar fundraising for Chinese VI after three years of record-low levels"

Partners and Leninious Ventures. HBG also backed both companies.

"LPs are becoming more discerning concepts. Chinese managers," said Hyeong Yang, partner at Future Capital. "Increasingly, they are too keep a loading 12.8k (large language model) company — and continuing to invest with conviction before the sector became consensus — as evidence that a manager has the judgment and access to compete in the Africa."

Asante's Fello said the 890 market's revival had given investors some breathing space, even though many funds had yet to liquidate their investments and distribute returns to limited partners.

"It has supported the investment thesis that China technology companies can compete with the US, while voluminous remain cheaper," he said.

The fundraising targets are significantly lower than in the peak years of 2020 and 2021. One limited partner said they were "encouraging managers to be more focused in their investment."

Many drop-packed US investors are sitting and became of follow-up restrictions on backing sensitive Chinese technology sectors such as semiconductors and quantum computing. While some US investors continue to commit capital to China-focused funds through structures that exclude restricted sectors, many public process funds and large endowments that previously supported Chinese VI firms have stopped back.

At the same time, European and Middle Eastern investors have shown greater interest in the trade between the two areas from US assets. But Fello said it was uncertain whether they "could fill the demand gap" left by US funds.

Several investors described the current environment as "buyers' market", allowing them to negotiate more favourable terms with fund managers, such as greater rights to co-invest in future funding rounds, which help reduce management fees, and expectations that general partners commit more of their own capital.

Investors also pointed to the rise of smaller specialist funds, which are often run by one or two managers, typically raise less than $500mn and target niche areas such as robotics supply chains or AI agents.

Nicholas Ventures, a new fund targeting $80mn, is led by Yonglong Wen, formerly at Stella Ventures. He is marketing himself as a new generation of investor, born in the 1990s, with close ties to China's AI tech up community and positioned to invest in younger founders.

The fundraising revival comes as existing funds are still trying to deploy remaining capital raised from the home years. "Over the past four years, these managers have been pretty conservative and now they have a lot of capitalise deploy," said one limited partner. "Capital is competing aggressively for a limited number of high-conviction deals, especially in AI."

Markus Vandenbos and Nicholas Ventures did not respond to requests for comment.

Chinese venture capital has suffered a three-year funding drought

Total capital raised in China-focused dollar funds (1)

Financials

US groups clash on SEC climate risk reporting

ALEXANDRA WHITE — NEW YORK

Major public investors, including pension funds Calpers and Caliters, have clashed with big business lobby groups over the securities and Exchange Commission's proposal to rescind a rule requiring companies to disclose certain climate-related information.

The US securities regulator in May proposed resending the Biden era climate risk disclosure rule that was never reached after it ran into the House of Invesits by various Republican-led states and trade groups.

Under the Young administration, the SEC said the rule was a "dramatic over-reach" of the commission's authority, but some big asset managers and pension funds have argued that climate-related information is financially material over as big business groups supported in exchange for rules.

Vanguard, the world's second largest asset manager and a target of Trump's ex-legal threats, Used to strike a balance in its submission in response to the SEC 60-day comment period.

The asset manager, with $121s of assets under management, said it agreed that policymakers should avoid imposing disclosures that are "costly, confusing, and overburdenance." But it also noted there was value in "standardized and comparable disclosure of material risks, including material climate-related risks".

Norway's $20m sovereign wealth fund was also careful in its response. It opposed the "outright rescission" of the

rule but said it believed there were alternatives "that would address the commission's concrete about scope and cost, while preserving a baseline of financially material disclosure."

Several public pension funds opposed the SEC's move, including the California Public Employees' Retirement System (Calpers), the California State Teachers' Retirement System (Caliters), as well as the New York state cooperative Thomas Elthigold, who oversees the $20m film New York State Common Retirement Fund.

Calpers said it is a letter the rescission of the rule would result in uneven reporting, forcing investors to gather data through proprietary questionnaires and third-party estimates, which would be fragmented, less reliable and more costly. In contrast, business groups, including the Business Association — a coalition of more than 200 chief executives of big US companies — backed using the rule.

The US regulator has proposed to end a climate risk disclosure rule

The American Petroleum Institute, whose oil and gas company members would be significantly affected by the rules because of the focus on greenhouse gas emissions, climate-related risks and energy transition planning, said a "full and prompt rescission" would "produce real benefits".

"It will eliminate substantial and unnecessary compliance burdens ... it will protect investors from being inundated while information that is not material," studied.

Notably, individual asset managers were split along geographic lines, demonstrating circumstantially divide.

Federated Revenue: London-based SECs are, which oversees 62.6% of assets under stewardship, said it continued to believe that investors would benefit from "consistent, comparable and reliable disclosure of material climate-related risks and opportunities" while agreeing with the SEC that there were opportunities to eliminate redundancies across disclosure requirements.

But, in a separate submission, the overall business of Federated Hermes, based in Pittsburgh, said it supported the proposal to rescind the rule "and return to a disclosure framework centred on materiality, inner-specific analysis and the commission's longstanding principles based approach."

Although US companies may not re-judge a federal sustainability reporting law, they could still re-adject to disclosure rules in other jurisdictions. The SEC did not comment.

Additional reporting by Attracts Norway

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Monday, 30 August 2024

•

FINANCIAL TIMES

11

COMPANIES & MARKETS

Automobiles

First Brands argues for bankruptcy plan

Proposal would fund civil claims for small creditors to failed to get petty group

GUSTY SHAW AND AMELA POLLARD NEW YORK

Lawyers for First Brands urged a federal bankruptcy judge in Houston to approve a retirement plan designed to fund civil claims to against those using silly responsible for a employee “front scheme” at the district or parts outset.

First Brands has warned that failure to approve the plan could trigger a chaotic liquidation that may wipe out

junior creditors is the company’s multi-billion dollar capital stock. “Converting these cases to Chapter 7 [liquidation] would be devastating for all junior creditors,” said a lawyer at Wall, Central & Mangos, which represents the First Brands strain. “Everybody in that scenario . . . would get more.”

Lawyers for First Brands negotiated the Chapter 12 settlement over recent months with groups including Wall Street funds that provided bankruptcy financing, as well as unsecured creditors and longtime lenders.

The centerpiece of the plan is a so-called litigation case to pursue potentially filled from First Brands executives

who allegedly hosted the company to fund a lavish lifestyle of expensive houses and cars. Senior lenders, which are spending $70mn to fund the trust, agreed to share some legal warnings with junior creditors before they were fully equal.

First Brands founder Patrick James faces criminal fraud charges maturing from alleged fabricated invoices and double pledging of loan collected. Two senior First Brands finance executives pleaded guilty to fraud charges earlier this year. Kerrem Carter, an executive special agent involved in the investigation, said in January that James and his brother “operated First Brands as a

‘front’ scheme in which new loan procedures used to pay back old lenders and to fund their retirement lifestyle”.

At the outset of the case a year ago, the bankruptcy return raised $6.2bn in first debt to keep the Ohio-based company — whose brands include Autofire and Trice — operating while it sought a buyer, but that capital was quickly burned, the underlying business proved to be in poor shape, and the return raised just $200m in through asset sales.

The bankruptcy loan is trading at 10 cents on the dollar. With most of the company’s cash depleted, the bankruptcy plan calls for nearly 50% in repurposed “administrative” and “priority”

claims to be paid as late as 2026 when litigation proceeds may be realized. The claims include those of vendors that provided services to keep First Brands alive in recent months.

Lawyers for the Office of the US Trustee, the Department of Justice watching for bankruptcy cases, asked the judge to report this Chapter 12 over returning in favour of Chapter 7 which immediately liquidated a company. They argued that bankruptcy law requires the 50bn claim to be paid when the plan is confirmed — which First Brands admits it cannot be.

Judge Christopher Lopez said he would rule on the bankruptcy plan at a later date.

Market questions. Week ahead

US inflation under scrutiny after weak jobs figures

Will US inflation be cool enough to introduce an aSequember rate rise?

Investors will watch US inflation data on Wednesday especially closely, after Friday’s weak jobs report lowered expectations that the Federal Reserve will raise interest rates at its rate-running to September.

Economists pulled by Reuters expect the annual pace of headline consumer price inflation to have dropped to 1.4 per cent in July from 5.1 per cent in June. The core measure, which strips out volatile food and energy prices, is seen dipping to 2.1 per cent from 2.6 per cent a month earlier.

After months of rising prices driven by the 15-year in May, inflation could be slow as petrol price fell. Economists at Citi argue that “[a] second consecutive softer reading, as we expect, would mean more than ‘just one month’ of data pointing to varying inflationary pressure and, in our view, largely taking a September rate hike . . . off the table”.

However, economists also expect core services inflation to tick up in July, with prices rising 6.5 per cent month in month. The rate was previously flat between May and June, leaving an Rank of America say a pick-up in the core services measure could keep “a September hike firmly in play”.

Traders in the futures market are putting a roughly 40 per cent chance on a quarter-point rate rise in September, down from about 60 per cent below Friday’s dismal report from the Bureau of Labor Statistics showed that the US economy died 2.5,000 jobs in July. The question is whether analysts will ultimately dismiss the report as a one-off seasonal average of 2.5 per cent in the three seasons, is downing.

If the latter view prevails, and inflation comes in as a slower pace than expected, a 64.6 per cent rise may be pushed out to December or beyond. Ken Organi

Will US-Japan “conservation fade”?

The historic joint intervention by Washington and Tokyo to support the Japanese government, led by surprised investors, blissished the European Central Bank and heralded coverage of FX activities by the US Treasury, but it is working!

The yen strengthened to a peak of ¥10.25 to the dollar during this latest heat of “conservation”, as some analysts have dubbed such a new, moving trade that about Yini Kiehiro it. But it has since weakened to around ¥100, despite the roughly ¥15.8m ($67bn) Japan

Work is progress: if data indicates a slower pace of inflation than expected, a decision by the Federal Reserve to increase rates could be pushed back to December or beyond. Keni Gajal

alone is estimated to have spent in just two days.

Many have viewed the intervention as no more than a shot across the bow of those betting against the yen and argued that pushing against interest rate fundamentals — with a big gap between Japan’s 1 per cent policy interest rate and other big economies’ higher rates — was futile.

But the picture may be shifting, first on Rank of Japan rate increases have strengthened in the past couple of weeks, and swaps markets now imply a roughly 50-50 chance of a quarter-point rise in September.

“More backlash action than previously is now clearly required, and if the big low out hike in September to determination to continue is tighten could be called into question,” said analysts at Citi, who now expect the Bell’s policy rate to reach 2 per cent by the end of next year.

The yen’s softening since the intervention, despite firmer pricing on rate rises, underlines that something bigger

may be needed to create a lasting yen bounce, isn’t built.

Will the UK economy withstand the loan war energy shock?

The UK economy has so far seemed relatively well out to the greatest higher oil prices spurted by the US-lean war. Investors will watch GDP data for June and the whole of the second quarter on Thursday for an indication of whether this can be sustained.

“After a thumping start to the year, where the UK registered the fastest growth in the 67’ (in the first quarter), we expect momentum to slow but remain healthy,” said Sonya Naja, chief UK economist at Deutsche Bank.

The Office for National Statistics said the UK economy expanded 51 per cent in May. Economists pulled by Reuters expect it to have contracted by 63 per cent in June, taking second-quarter GDP growth to 64 per cent — “still very strong,” said Naja.

Rooseboard, this would put quarterly growth ahead of the forecasts analysts

‘[A] second consecutive softer [US] inflation] reading would mean largely taking a September rate hike off the table’

made at the beginning of 2024, despite the global energy shock triggered by the loan war from the end of February.

Defying warnings that high energy prices would lead to stagnation, UK economist growth has as far beaten much of expectations while inflation has undercut forecasts made by the Bank of England.

The June period covered in Thursday’s data release was one of relatively few oil prices in common in the Middle East cases. At the same time, the football World Cup is expected to have marginally boosted the economy. Smiling the downside from any contraction to an era.

But Prime Minister Andy Bursham should not assume this economic picture can continue, economists have warned.

“The UK’s headline pace of growth remains unnecessarily ‘kegs and’ ‘the expect a slow pace through of the energy shock over the coming months . . . and some Budget uncertainty could also bite.’” Emily Herbert

Construction

Insurer to cut credit cover for Vistry’s suppliers

ALLI FENNER - LONDON

JIM HENRY - NEW YORK JENNIFER WILLIAMS - MANCHESTER

Leading credit insurer Allison Trade is reducing the cover it extends to suppliers of Vistry, who are the most insurser in its a sponsor on the cash flow of the struggling US householder.

In recent weeks, the insurer warned suppliers it was adjusting its credit limit for Vistry, which could result in cover being without 50 up to 75 per cent, according to people familiar with the decision. One of the people said the final level of cover provided would depend on Vistry’s financial performance in the works ahead.

Suppliers buy credit insurance to protect themselves in case their customers fail to pay for goods and services. When coverage is withdrawn, suppliers to the affected company may demand payment upfront. Credit insurance is often provided by several insurers, and suppliers may still choose to continue trading with Vistry even without cover.

People with knowledge of the Allison Trade changes said the adjustment to credit limits affected now trading agreements with Vistry and did not apply retroactively.

Vistry’s chief executive Adam Daniels, who was promoted to the role in April, is focusing on generating cash to pay down debt, as the FTSE 250 company orders under contract from a slow down in the housing market. The owner of items itemize has taken measures including selling properties at a discount and shipping construction work.

Vistry paid suppliers to 45 days on average last year and said it had accelerated payments in 2026.

These initiatives contributed to Vistry’s reporting, a 65mm per ton loss in the first half, alongside its results, it announced that chief financial officer Tim Lawler was having to take credit as another company. Vistry’s shares have fallen almost 80 per cent over the past two years.

Vistry said: “Credit insurers continue to provide substantial cover for our supply chain, which more than meets the group’s requirements on an ongoing basis. We are not aware of any supplier within a long trade from Vistry due to credit insurance changes and we have seen no interruptions to our supply chain.”

Allison Trade declined to comment. Market speculation around Vistry’s credit insurance coverage began in Tuesday, when Duncan Cooper, the finance director of building materials company Travis Perkins, said credit insurance had been pulled from a “fairly significant national householder” on the company’s earnings off.

Cooper said items could be detected not only among the company’s competitive but also “up and down both parts of the supply chain” to answer to an analysis question about the industry.

“[I] got a phone call on Friday to say . . . your credit insurance, the final estimate of credit insurance ‘has’ been pulled on a fairly significant national householder . . . with items is real”.

Vistry’s timeline began in 2024, when it disclosed it had underestimated building costs and then issued a revised profit warnings. The company overhauled its management structure and tightened costs.

THE BANKER

Providing the intelligence and analysis needed to stay ahead in an industry that’s constantly evolving.

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12

•

KIRKMAN, TIMES

Monday 16 August 2006

MARKET DATA

WORLD MARKETS BY A GLANCE

FTC ON MARKETSDATA

Change during previous day's trading (Q)

BAT 500 Nasdaq Composite

BAT 500 Nasdaq Composite

BAT 500 Nasdaq Composite

BAT 500 Nasdaq Composite

Deep Jones Ind

FTSE 500

FTSE 500

FTSE 500

FTSE 500

FTSE 500

FTSE 500

FTSE 500

FTSE Superfine

FTSE Superfine

FTSE Superfine

FTSE Superfine

Wake

Hung Seng

FTSE 500 World

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1. 2017年1月1日，公司与上海浦东发展银行股份有限公司签订了《最高额保证合同》，约定为

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Monday 19 August 2018

•

HOLLAND, 1980

13

MARKET DATA

ST GLOBAL SOA THE WORLD'S LARGEST COMPANIES

Year	2016			2017			2018			2019			2020			2021
	Year	Avg.	SD	Year	Avg.	SD	Year	Avg.	SD	Year	Avg.	SD	Year	Avg.	SD	Year	Avg.	SD
Australia 2015
All Countries	4.7	4.7	0.08	4.7	4.7	0.07	4.7	4.7	0.07	4.7	4.7	0.07	4.7	4.7	0.07	4.7	4.7	0.07
Asia	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	1.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	1.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

NATIONAL OCEANIC

Year	2016			2017			2018			2019			2020			2021
	Year	Avg.	SD	Year	Avg.	SD	Year	Avg.	SD	Year	Avg.	SD	Year	Avg.	SD	Year	Avg.	SD
Australia	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00
Asia	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asia	0.00	0.00	0.00

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74

FINANCIAL TIMES

Monday 19 August 2006

FINANCIAL TIMES SHARE SERVICE

Main Market

	2006	2005	2004	2003	2002	2001	2000	2000
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0	1,699.0
Bank of America	821.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0	1,699.0

Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0

AIM

	2006	2005	2004	2003	2002	2001	2000
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0

Investment Companies

	2006	2005	2004	2003	2002	2001	2000
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0

	2006	2005	2004	2003	2002	2001	2000
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0

	2006	2005	2004	2003	2002	2001	2000
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0
Bank of America	1,773.8	1,771.2	1,800.0	1,819.9	1,76	20.2	1,699.0

FINANCIAL TIMES

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Monday 10 August 2024

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FINANCIAL TIMES

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MANAGED FUNDS SERVICE

Advertising Features		2024-2026 Commercial Performance	Food	772.8M Share	Sales	%	Equity	2024-2026	Food	2024-2026	Food	2024-2026	Food	2024-2026	Food	2024-2026	Food	2024-2026	Food	2024-2026	Food	2024-2026	Food	2024-2026	Food	2024-2
Trade Name
Price Name
Total Price
Market Price (1M-2M)
Total Price (1M-2M)
Change (1M-2M)
Total		1M	2M	3M	4M	5M	6M	7M	8M	9M	10M	11M	12M	13M	14M	15M	16M	17M	18M	19M	20M	21M	22M	23M	24M	25M	26M

Algebra Investments

Registered
Algebra Cover Rate 1.5M	0	236.12	1.11	0.00 0.01 0.02
Algebra Cover Rate 2.0M	0	238.95	1.11	0.00 0.01 0.01 0.02
Algebra Powerful Credit 1.5M	0	238.74	1.07	0.00 0.01 0.01 0.02
Algebra Powerful Credit 2.0M	0	242.70	1.07	0.00 0.01 0.01 0.02
Algebra Powerful Credit 3.0M	0	243.50	1.07	0.00 0.01 0.01 0.02
Algebra Powerful Credit 4.0M	0	245.00	1.07	0.00 0.01 0.01 0.02
Algebra Powerful Equity 0.0M	0	248.00	1.06	0.00 0.01 0.01 0.02
Algebra Powerful Equity 0.1M	0	250.00	1.07	0.00 0.01 0.01 0.02
Algebra Powerful Equity 1.0M	0	252.70	1.07	0.00 0.01 0.01 0.02
Algebra Powerful Equity 1.1M	0	253.70	1.07	0.00 0.01 0.01 0.02
Algebra Powerful Equity 2.0M	0	255.00	1.07	0.00 0.01 0.01 0.02
Algebra Powerful Equity 2.1M	0	256.00	1.07	0.00 0.01 0.01 0.02
Algebra Powerful Equity 3.0M	0	258.00	1.07	0.00 0.01 0.01 0.02	0
Algebra Powerful Equity 3.1M	0	259.00	1.07	0.00 0.01 0.01 0.02	0
Algebra Powerful Equity 4.0M	0	260.00	1.07	0.00 0.01 0.01 0.02	0
Algebra Powerful Equity 4.1M	0	262.00	1.07	0.00 0.01 0.01 0.02	0
Algebra Powerful Equity 5.0M	0	263.00	1.07	0.00 0.01 0.01 0.02	0
Algebra Powerful Equity 5.1M	0	264.00	1.07	0.00 0.01 0.01 0.02	0	0
Algebra Powerful Equity 6.0M	0	265.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 6.1M	0	266.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 7.0M	0	267.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 7.1M	0	268.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 7.2M	0	269.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 7.3M	0	270.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 7.4M	0	271.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 7.5M	0	272.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 7.6M	0	273.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 7.7M	0	274.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 7.8M	0	275.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 7.9M	0	276.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 8.0M	0	277.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 8.1M	0	278.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 8.2M	0	279.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 8.3M	0	280.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 8.4M	0	281.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 8.5M	0	282.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 8.6M	0	283.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 8.7M	0	284.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 8.8M	0	285.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 8.9M	0	286.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 9.0M	0	287.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 9.1M	0	288.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 9.2M	0	289.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 9.3M	0	290.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 9.4M	0	291.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 9.5M	0	292.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 9.6M	0	293.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 9.7M	0	294.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 9.8M	0	295.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 9.9M	0	296.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 10.0M	0	297.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 10.1M	0	298.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Algebra Powerful Equity 10.2M	0	299.00	1.07	0.00 0.01 0.01 0.02	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Algebra Investments

Registered		Mkt. Strategy
Algebra Investments	1.5M	2M	3M	4M	5M	6M	7M
Algebra Investments	1.5M	2M	3M	4M	5M	6M	7M
Algebra Investments	1.5M	2M	3M	4M	5M	6M	7M
Algebra Investments	1.5M	2M	3M	4M	5M	6M	7M
Algebra Investments	1.5M	2M	3M	4M	5M	6M	7M
Algebra Investments	1.5M	2M	3M	4M	5M	6M	7M
Algebra Investments	1.5M	2M	3M	4M	5M	6M	7M
Algebra Investments	1.5M	2M	3M	4M	5M	6M	7M
Algebra Investments	1.5M	2M	3M	4M	5M	6M	7M
Algebra Investments	1.5M	2M	3M	4M	5M	6M	7M
Algebra Investments	1.5M	2M	3M	4M	5M	6M	7M
Algebra Investments	1.5M	2M	3M	4M	5M	6M	7M

Financial Information Fund Management Limited

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1b

EXPLANATEL TUBES

Monday 10 August 2008

MANAGED FUNDS SERVICE

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Bafra (2007) 1-3-1 2008 1-3-1 2009

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Monday 10 August 2020

FINANCIAL TIMES

17

WORK & CAREERS

What about giving yourself the Life Peace Prize, Gianni?

Message from the archive of Rutherford Hall, critical communication manager

WhatsApp to Stephen: What's with all this book that shuns crop us my desk? WhatsApp to Stephen: What'll look nothing like him, I can't see any resemblance at all.

WhatsApp to Stephen: Yes, I wear glasses and have had. So do 10 per cent of middle-aged men. Oh, now someone's method up an image of me in a jacket and T-shirt.

WhatsApp to Stephen: And how's one of me on a bus. I suppose my saying we need a franchiseer office didn't help. I'm just got to live with this, haven't it.

WhatsApp to Stephen: OK lad. But people are going to have to put up with me talking about how to play and saying "Oh dad" a bit more. Anyway, I'm off to see Gianni Infantino, in Zurich, or possibly Rahul. Looks like he could see me help.

WhatsApp to Stephen: I know. We don't want to look him and then see him together. His is a short and he's still the boss OK lad.

WhatsApp to Gianni: Am heading to Rahul now. Being rough, how's he there shame you into quitting - as if? The

key is to build the scene that you can't be beaten. It's the only way to scare people away from turning on you. I'll email with some more thoughts.

From Rutherford Hall@williams.com To Gianni Infantino@williams.com OK Gianni had.

Firstly, we need a letter with an apology for the mistake that were made (don't say by you obviously) with the plan, which was only ever about making money for the public. I am reminding them how you absolutely make it with the World Cup.

The only thing that matters is whether they have the numbers to get rid of you. Obviously, you are doing good work-selling down your African and Arab support that we do used many public expressions to convince we were very glad to be heard.

I'd also advise trying to split the European line. There must be some countries you can give away, power eastern European men to need of some Fifa deals. Also, can you go Spain back on board? Even if you've had to promise the next World Cup that to Morocco, can you promise it to Spain as well?

How about we make it the most global final ever by playing the first half in Madrid and the second half in

Casablanca? It's only a two-hour flight, we could just extend the half-time show and throw in a couple more hydration breaks. Or maybe stage the Fifa Pools Prize ceremony in the middle? Are you still thinking Trump again, or RHO?

Once you've past the moment of maximum danger, we need to move swiftly on to the consolidation and regrowth stage. You need to depict attacks on you as attacks on Fifa, which assist why you cannot allow to go unpunished. This should allow for some people of internal critics.

There you need to get back on the front foot with a blurring entrance. Perhaps a bigger, more lucrative Club World Cup, every two years with even more teams (especially from countries voting for you).

I know some argue that these contract summer events coloured the players had for their salary they can be used. We need to think of these like: cautionous, flagged in their prime then put out to start, except those guys are already out to end while they are still playing.

The big issue is still Europe. Girls will be housed up by the economic power revealed by its busy set threat, as we need to put them back in their place,

Even if you've had to promise the next World Cup final to Morocco, you could promise it to Spain as well

which is why we want to post off some of their number. They are on a bit of a book about the next event in the Women's World Cup. Do they really want to be pushed as doing down women's football? So let's call their bluff. They will fold.

By the way, have you considered awarding the next Fifa-Power Prize to yourself. You've really noticed it and it would be a show of strength to your doubters. Ritali you, it might seem unconscion. Maybe wait a year.

Best, Rutherford Winter: Mobile 4/6, 2021

Find me as three, London to Brighton 4 for 10 years. Manchester to Avramgare. First: Leap Pit. Sh: 12 minutes

WhatsApp to Celeste: On boarder, I'm sorry. My heart is with you and I like. But not content is with Fifa. I have to play straight with clients, but this I think he's doomed anyway.

WhatsApp to Gianni: I want to call anything of the kind. Why would I say you were doomed?

WhatsApp to Gianni: Are you sure you are not attending me with Arab standards? I'm told the illusions is uncanny.

Message received by Robert McKinley

The CEO. Kevin McGurn, Trump Media & Technology Group

The executive turning Trump's posts into a media empire

Interim boss is overseeing a push to charge for high-speed access to announcements, writes Daniel Thomas

Perhaps conscious that US presidents are judged by how much they get done during their first 100 days in the job, Kevin McGurn has lately been a busy man.

Since being appointed interim chief executive of Trump Media & Technology Group in April, he has spanned a backlash on Wall Street with plans to charge for high-speed access to the president's posts on its Truth Social network and is helping oversee a 300m merger with nuclear fusion company.

This is in addition to managing the disparate reflection of other assets at the group, which was founded by Donald Trump after his account was formed on Twitter in 2021, spanning cryptocurrency, media streaming and financial services.

But the emerging New Jersey media veteran is upheld: "[The job] comes with a lot, and it is a big responsibility. It has it is interesting set of challenges that you would never come across in any other way ... I feel like no matter what, if it makes the company money, there will be no matter."

Nandag-bland TMTC owns Truth Social, the social media platform frequently used by Trump to broadcast achievements, attack opponents and long-drawn gift - as well as occasionally post world-studying announcements on tariff or million operations.

Trump calls Truth Social "his typewriter", according to the 15-year-old McGurn. For him, the president is simply embracing modern communications, with no practical difference in announcements that "start with Truth Social, and then go to the press briefing room with [White House press secretary] Karolina Lanttil."

But each market running information is valuable, prompting the immaking TMTC to this month launch a premium data fund that provides high-speed access to posts from the most influential accounts, mostly Maga in nature, including those of White House deputy chief of staff from business FFB director Kush-Patel.

Some on Wall Street raised concerns over a potential conflict of interest that the often all-cap communication by the president was being monetized by a company in which he has an economic interest, albeit at a risk: bought via a trust. Others raised fears of legal and regulatory risks.

Two Democratic senators have called on the Secretion and Exchange Commission to investigate the service.

For McGurn, the launch of the Truth API service was just an example of the sorts of initiatives he wants to roll out to

Kevin McGurn: That like no matter what, if it make the company money, there will be no matter?

create a "lasting, durable business", which he sees as becoming a core part of Trump's business portfolio after the 2018 election when its poster in chief stands down.

He can find accusations that he had could represent insider trading were "just fatal and unfair that" when the next election (and, if popular information [for everyone], insider information is more old and public information".

The API body's own cashier—and all markets, he says, but that this is just how the technology works. "For me, it was table rather for running a business too soon. I think we have a right to do it, not there in the marketplace," McGurn says.

"Firstly, literally everyone does it,Secondly, it's all in real time, so there's no force to second [for the posts]. Machines are faster than people so they'll always be quicker. It's just real time, and then let the internet and the packet delivery take care of itself."

At companies were already illegally scraping its site to profit from quick access to its information, he says. Truth

Social posts were scraped, reported and sold on social media platforms such as X, Inc adds. I don't see the difference.

Truth API is the latest example for many in Washington and will invest of the learning of politics and commerce across Trump's business portfolio, which has increased substantially its value since the end effect in the second time. The product could prove a money upfront for TMTC. About 10-year-old cigaret deals so far - mostly high-frequency traders - at a rate of $60,000-$100,000 a month, McGurn says, the market is different more.

"Let's 10 groups will pay for it. Hyperwallets, news organizations, large language models for AI training, Wi-Fi look at prediction markers potentially hard on the market."

The launch has helped boost shares by around 10 per cent in the last month, an early win for McGurn, an executive who has also worked at Vivo, T-Mobile and Amazon.

"I found two a stake of about 10 per cent in TMTC, according to Bloomberg, which is held indirectly through the

Donald Trump Revealed Trust, where Donald Trump's review as the only traitor, Donald Trump's aim on the TMTC board, which is chaired by three fighters, seems counter to the president.

Yet McGurn is also mindful of the need to please all shareholders in a company whose portfolio stretches from Truth Social and TV streaming to cryptocurrency. Financial services and - most recently - a merger with nuclear fusion company YAS Technologies.

TMTC listed in 2024, but shares have small about 40 per cent over the past year. This, one McGurn, is linked to the price of this site, which makes up the majority of a $2,384 investment in crypto and other assets that acts as its corporate treasury. TMTC also offers financial services such as exchange traded funds under its Truth Filtered.

TMTC reported a net loss of $72,200 in 2023, mostly from changes in the value of digital assets given an annual revenue of $40.82/lms.

Truth Social does not disclose numbers, but McGurn says the company is "for the first time" actively marketing the platform. Furthermore, a digital market intelligence company, estimated that it had about $82,000 daily active users for its mobile app in July, down from more than $36,000 in the same month last year.

Adeni about the business model after the 2020 election, when the platform potentially loses the US president at the main center, McGurn is confident that it "absolutely standard".

He says: "The pricing model could change based on what we have it could go up depending on who we bring on the service, what their relevance is to those trading organizations, the news sources,

the large language models, the prediction markets, the good to get way more creative on this service that have something to use."

His persistent has told McGurn that he wants "a durable media business, long-lasting, well beyond me".

Media remains a key focus, he says, even with the different strands of business now within TMTC.

"The [Trump] brand deserves its own lasting media network. Our largest shareholder, the president, lives media, its (the most engaged person in media," says McGurn.

Trump has no management role, he adds, and learns of company developments where they are publicly associated, like other shareholders.

When asked whether he would ever engage with or challenge the US president's "Truiller," McGurn says: "You could never tell him what to do, he will do whatever he would like, and we don't even break the subject. We read those out like everyone else."

McGurn is an interim CEO, reflecting the pending YAS merger after which a new brand is expected to be appointed.

He was previously an adviser to TMTC, and has had other connections to the group, including serving until April as CEO of Alphas acquisition company affiliated with Yorkville Advisors, which also works with TMTC on its financial services, and with Secretion was an adviser under YAS Corporation.

McGurn wants TMTC to become more of a "content originaire and commercial distributor" based in part around the company's increasing platform. Truiller, which offers Christian content and conservative news channels such as Newsmay and One America News Network as well as the YAS All-News. The platform offers a 80-90 a month "Patriot package" subscription.

When being interested include shows built around the Trump brand. "It's not necessarily 2015' better or 2017 better, but we have a brand that we've licensed from the Trump Corporation to continue its online media and technology."

Original content could then be sold and distributed in other platforms such as YouTube. "The biggest thing I can do for this business is being more content internet services."

He admits that the commercial side could be challenging, saying that the advertising industry's "just super supportive of commercial results."

The most immediate task facing McGurn will be to oversee the merger with YAS, which is aiming to close by the end of 2020.

A potential style off of the media assets is not off the table, he says, but any decision on the shape of the business will come after the merger completes. For shareholders after the deal, TMTC will be a "lucky position across multiple topics," he says. "If you weighted them, I mean would be the largest bet being made. Followed by bitcoin. Our goal is to get those all equally weighted and then growing."

4 day in 2020

Marriage

For the start of 1am, typically with calls to our European operations home before a workout and their heading to the airport for a flight. Instead the best business is still done in person. On approaching 2am miles per 20,000, my preferred airline.

Working

I spent my time focused on the operations of our current business and Working about new business while balancing foreign average earnings, between treasury and funding and a global

media business. Most of my day is spent speaking with everyone from media platforms to strategic technology partners.

Learning and weekends

On an end-girler, and it's something that keeps the business, playing with me safe and kids. I also cut several charitable gift savings and support numerous causes, including the "12 Foundation, in addition to making every evening, for an amateur drummer and make sure to play for 10-15 minutes each day."

"Lots of groups will pay for it... news organizations, hyperwallets, large language models for AI training, Wi-Fi look at prediction markers potentially for data licensing."

---

18

FINANCIAL TIMES

Monday 10 August 2026

Fashion Matters

Met Gala courts controversy to put Galliano centre stage

Designer who lost his role at Dior after antisemitic rant will be in the New York spotlight, and fan forced clothes come of age

Elizabeth Paton, Fashion Editor

You may have thought that because France and Italy have fully drowned both for the rest of the summer that there would be no more fashion industry rosters until September. You would be mistaken.

Late on a recent Friday afternoon (a preferred time by PRs to publish, personally contentious news), the Metropolitan Museum of Art in New York confirmed the subject of the 2027 Met Gala show would be the fashion designer John Galliano.

Galliano, 63, is one of the fashion industry's most influential and gifted designers. But he is director of its most controversial, after a 2011 antisemitic rant in a Paris bar that led him to lose his role as creative director at Christian

Dior and in convicted in a French court for a hate crime.

Whether he could even find full redemption post-crash – particularly in an era of cancellation – has long been a question, despite a gradual misrepresentation into the fashion system.

Galliano took on another creative director position at Maison Margiela in 2018. More recently, a highly lucrative "two-year creative partnership" with Zara on a series of collections was announced, the first of which goes on sale next month.

Now, Galliano will become the third living fashion designer to have had a solo Met show exploring their body of work, alongside both nonfiction and Yves Saint Laurent. Whether that is appropriate or not has divided the internet.

Should he ever be forgiven, let alone celebrated, however much he reports? Can an exhibition of this nature effectively capture the right balance between the influence of Galliano's designs on the industry and the fallout of his behaviour?

And while a report by the New York Times said museum executives extensively consulted how York's female community with regard to whether and how any show might take place, it also comes at a time of heightened acts of antisemitism. Could – or would – this show have happened before now?

"I completely understand why the timing might feel particularly difficult, give a the shaming rise of hate," Andrew Bolton, curator in charge of the Met's Costume Institute, told the NYT, "but I do feel it makes the current questions more urgent – not less... like how to

He's a great designer and his career isn't defined by a moment! Anna Winterar, Vogue

hold artistic achievement and ethical accountability together without allowing one to erasethe either."

Galliano has always had an extremely powerful ally in the form of Anna Winterar. To the Vogue editor who also mastered the Met Gala, Winterar already weathered major controversy this year around the event after accepting sponsorship from Jeff Innes and his wife Lauren Sanches Innes. With rumours continually swirling around her eventual retirement from Condé Nast, a show

marking the legacy of one of her favourite designers would be quite the sign off of her own.

"He's a great designer and his career isn't defined by a moment – something that he will live with for the rest of his life," Winterar wrote on Vogue.com after the announcement.

"The exhibition won't shy away from any of the darkness in John's part. It's part of what has shaped him. The show will take in the full arc of his career and grapple with all of it."

Muench deloacher: John Galliano has a powerful ally in the format! Anna Winterar, the Vogue editor who also mastered the Met Gala. Bottom left: fan-cooled garments

Cond clothes – are you a fan?

Since joining the FT as fashion editor a year ago, one principle I have held front of mind is that readers can love an FT Style story or hate it. We publish stories that start conversations. Fashion is sometimes less, sometimes serious and we don't need to apologize for that.

So away from the moral spagmire of Galliano and the Met, let me turn your attention now to a subject that has recently discovered attention: the rise of air-conditioned clothing.

This cannot be a real thing, soafford readers, wherever showed recent photos from the runways of Paris in the midst of a 40K tourney, including from Nick Owens, who presented a series of air-conditioned jackets and truckload bottoms in collaboration with Adidas.

The vibe was what I'd call public-sportswear damage meets bould (edit's Sequoia/Glass).

But a new writer Emily Chan went on to explain, garments with built-in fans have actually been a thing in countries like Japan for decades.

Emily writes: "Former busy engineer Hiroaki Ishigaya came up with the idea in the early 2000s, after becoming concerned by the environmental impact of installing air-conditioning units in all the skyscrapers being erected in southeast Asia at the time.

"Instead, his invention – a jacket featuring a fan on either side of the back – offered a low energy, portable alternative ... Fast forward to today, and fan jackets are a ubiquitous sight across Japan during the summer months, soon on construction workers, delivery drivers and postwar allies."

Given that Europe has been burning off summer and Britain is in drought, these factors powered garments no longer feel fanciful – more practical. Polly silhouettes are periodically on trend anyway, and this way one can have function as well as many form.

A version of this article first appeared at the Fashion Matters newsletter. Sign up at jhann@metallas.com

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•

FINANCIAL TIMES

19

FT BIG READ. GEOPOLITICS

The Gulf state has deployed a mixture of cash and charm to become one of the US's most important Middle East allies, but some Americans question whether the relationship is to their advantage.

By Abigail Hansbisher

How the UAE's von over Washington

Twenty years ago, the United Arab Emirates was at the centre of a political fire-storm.

A bid by the oil-rich Gulf state to buy up six major American exports through Dubai would legislate company DF World triggered an uproar among American lawmakers.

Two of the hijackers who carried out the US's attacks past five years earlier had come from the UAE. Allegingly was a financing bid for al-Qaeda one's "persistent counterterrorism problem" some US lawmakers warned of a dire threat to US security if the UAE was allowed to reanecingly purify.

It did not matter that the UAE had been the only Arab state to deploy troops to support the US war in Afghanistan, and the Arab administration had backed the perks that. The outcry forced DF World to back out of the safe.

It also proved a unevented moment for the UAE—and its relationship with America. In Abu Dhabi, Sheikh Mohamed bin Zayed al-Sufyan, then the UAE's powerful enemy prime known by his initials, RBI, concerned his advisors for an emergency meeting. The "UAE" had revealed that most Americans had a fundamental misunderstanding of the UAE, RBI's shift in advisers, it was time to fix that.

Another did. Two decades later, RBI in the UAE's president — and the Gulf state has come to be seen by US politicians and military commanders as one of America's most capable Middle East allies, with the admitting nickname of "Little Sparta". On July 28, the US military announced it was working with the UAE on accelerating the development of "military artificial intelligence".

Beyond military ties, Abu Dhabi has found, inveogent the US, hard manages to sovereign wealth funds and state-backed businesses to invest heavily in America — and in President Donald Trump's hands.

The Republicans controlled Congress is no longer to demand by investments in areas sensitive to US national security. Trump recently granted the Entirety access to some of the US's most advanced computer chips — just months after an Entirety recall invented 850times in the Trump family's cryptocurrency business.

As for RBI, who decided it was time for a strategic treat, "His Highness is a warrior," Trump said in June, adding that the UAE's "fantastic country."

One the UAE, an absolute monarchy, came to win over Washington's own by friends and few after as the ultimate case study in how to run a government public relations campaign in DC.

It has not always been plain selling. The US augured the Entirety with its hard embrace of the 2015 Arab Spring uprising that US entered the state—up to the Middle East, and its decision to upcribe 2015 not but that with time.

Most recently Trump's war with Iran has tested the limits of 8000 million, as the UAE became the main target for Iranian retaliation, the welfare of Iranian families and former raised questions about the country's image of stability and the viability of its ambition to be a global hitchish.

The Entirety—the "they have reach, they have access, they have influence," says Barbara Leal, who was US ambassador to the Dhabi from 2014 to 2018, and then America's top diplomat for the Middle East. "But when it comes down to it, they didn't get a vote on a war that started on their drawings, and for which they were received the best values of attacks."

If anything, however, this has reinforced the view in Abu Dhabi that it should intensify the relationship. It wants a strategy that to do partnership with the US and closer ties with Israel. Officials say it intends not just to stay the course that is ostraighten the head.

When Trump's better for 8000 births day party on the White House does this summer, there were just two ambassadors who attended the "ultimate fighting" spectacle (the UK's Sir Christian Turner and the UAE's friend of Otaha.

The former deliver to RBI, who was educated at the UK's Youngstown University, was an international figure in 2008 to present to Americans a different UAE from the one they thought they knew. Aside by a small array of high-level lobbyists, he did just that.

A personal statement said, "the UAE has spent more than 829 times in Washington for the past 10 years above, according to OpenSecrets, which tracks more to US politics. Together with the Gulf neighbours Saudi Arabia (842 times)

"If you actually dig into it, all the stuff about the benefits to the US of the UAE relationship is amorphous, intangible vapour"

and Qatar (850 times). It ranks among the top US speakers in the world.

It has also benefited most to some of Washington's most prominent third-states, from the Atlantic Council to the Ocean for Strategic and International Studies and Rural, among others; hosted access of international conferences and conventions; and even before Otaha's arrival it launched a bilateral US-UAE business council.

But it is Otaha himself who has been the most influential factor with his gift for navigating Washington politics, officials say.

"Otaha has been relentless in writing and diving to successfully software cheerleaders in both parties" of American politics, says one former states state department official. "It's giving how many former officials and congressional staff have put their names on gloving, up solo smiling, the supposedly mutually beneficial US-UAE relationship," the official adds.

RBI has made only one official state visit to Washington, in 2016, to meet their president Joe Ndim, but officials say Otaha has led the UAE's strategic makeover in the US with a sophistication that its Gulf neighbours, including Saudi Arabia, are trying to emulate.

While the 2018 murder of a prominent journalist by Saudi agents landed in Baghdad, diplomats dishonor for a few years, Otaha was busy selling an image of the UAE as a comparative feature of modernity and prestige, home to the moderate and business-friendly Indian, a seemingly liberal state in a conservative Muslim part of the world.

Otaha has encouraged US policymakers to visit the UAE, led the ordinary's outreach to Congress, third-tasks, universities, schools and the media, and hosted parties for Washington cities.

During Trump's first campaign, he also became clear with Janet Kushner, the president's son-in-law who would

The UAE spends millions on lobbying Washington each year

Payments from state entities to lobbyists, by source (Govt)

Source FT analysis of US Foreign Agents Registration Act (Map)

become one of his most influential advisers on the Middle East.

But the UAE and Otaha's most successful crop to date was the country's 2020 decision to become the backlogue (eary of Trump's landmark election) Accords, normalising ties with Israel in a move that duvled the American political establishment and brought about a one-hinge in the U.S. campaign.

"They could read the tax-haven and see what mattered to the US, and knew that Israel was a way to get in with the Trump folks," says the former state department official. "Clean ties with Israel was like a gigantic gaping bookstore around the cricketer they were facing."

For RBI, down ties with the US must a range of strategic goals, people close to the ruling family say to diversify the economy beyond a reliance on personal information, and to protect them, and to short a path outside the shadow of regional powerhouse (said Arshin).

"They have long looked at Israel and Singapore as sort of the moulds; small countries, small populations, and have global impact, politically, diplomatically, investment terms, militarily, and so forth," says Leal, the former ambassador to the UAE.

Two decades after the UAE failed to acquire major US wapens, it has gradually acquired a stake in a former valuable event.

"It's scary how much our 62 industry ties to Entirety money," says one union Maine administration official who has worked closely with the UAE.

State-backed investment ethic in the Abu Dhabi sovereign wealth fund Michaelis and MCA, chaired by the UAE's national security advisor and brother-in-law president, Sheikh Tahmoos bin Zayed al-Sufyan, have benefited equinities partnered in the US with companies like OpenAI and aAI. They have also secured a community stake in digunakan Global Industries and large minority equity investments in dispensary Cerebrum Systems and data centre developer Aligand Data Centers.

The investments helped connect the US-UAE relationship from one union with the past 10 years. "It was not so especially in the right together to win when they co-operate a national ally, say one that can't afford," he the past in a world, it's going to be both "the official adds, to the US-balance industry, it's not just 'what we are buying, it's what we are building. And the data center we are building... We're investing with Microsoft, Nvidia, Macintosh and OpenAI," the official says.

Taroq Abtaifin, the Entirety ambassador's half-brother and a former Entirety official, compares the UAE's strategic investment strategy to one developed for a "small" air jumping into a rear when there's a lot of larger carvillas are ahead of us".

"In the early days, it was just, 'We're going to throw a bunch of money at things that look good,' he says. But in the Entirety grew to understand Silicon Valley, they became 'sophisticated investors, and they knew where the right deals are', Abtaifin adds.

Jacob Hellberg, the Trump administration's top official for economic diplomacy, said this year that Entirety investments in US dispensers had made the UAE a critical underwriters of the tech industry.

But a new high for this Dhabi came with the US commerce department's decision to authorize domestic disputes to the UAE, and remove related

expert controls. Ambassador Otaha hailed the chips (and as a "ultimate-balloon" business management).

Democrats, however, saw it as something else: Arizona congresswoman Yasumi Anand called it "perhaps one of the biggest concerns of some corruption schemes in US history."

The outrage stemmed from the purchase by Sheikh Tahmoos's MCA of a 40-year cent stake in the Trump family's crypto business, World Liberty Financial, shortly before Trump's inauguration last year.

MCA later purchased Baha in World Liberty's stalkrosters to invest in a crypto exchange, "a deal that effectively banned World Liberty B2bn in cash," says Chris Van Hollen, a Democratic senator.

A UAE-based fund calling itself the Aqua Foundation also bought 850times worth of digital videos issued by World Liberty.

The Entirety say the investment was typhoon business decisions with no connection to Entirety political ambitions as the subsequent US-UAE chips agreement. A World Liberty

UAE President Sheikh Mohamed bin Zayed al-Sufyan and his national security adviser, Sheikh Tahmoos bin Zayed al-Sufyan, 68, have sought closer ties with Donald Trump. Below: UAE ambassador to the US United of Otaha grants US secretary of state Nason Ruble in Abu Dhabi

Abu Dhabi International Economic and Social Studies and Rural Affairs

spokespersons and its stalkrosters was merely the means of payment for MCA's investment and it would be "wholesale untrue" to call it a cash bankion.

US national security officials and lawmakers had warned by a sure that allowing Entirety access to advanced chips would make America's most sensitive technology vulnerable to being obtained by its greatest global companies. China, which has close trade and reckons with the UAE.

The Trump administration and the UAE say they have taken measures to protect the technology. But some former officials and lawmakers are scripted.

"The UAE has crafted a relationship with the United States that is very much to the benefit of the UAE, but much to the detriment of US foreign policy and our national interests," says the former state department official. "If you actually dig into it, all the stuff about the benefits to the US of the UAE relationship is amorphous, intangible vapour," the official adds.

The UAE's diplomacy and investments have paid off in one subtle way too. It has long eroded consequences for the fund of behaviour that US politicians view less charitably when displayed the others conducting joint military exercises with China, for example, as allegedly surprising the Rapid Support Forces, a business militia accused of war crimes, with weapons that Democratic lawmakers have Jacobs says are "literally enabling agencies".

US secretary of state Nason Ruble did last year say the UAE is "openly supporting an entity that is carrying out a genocide in India" — an allegation that the UAE denies that lawmakers have consistently voted against congressional efforts to block arms sales on the grounds that the UAE is a strategic ally.

It has also escaped serious repression for its role as a hub for illicit Iranian financing. This was occurred in the各 state regions's survival before the war that Trump this year remained that the UAE was "like the leader for Iran".

As FT analysis of Iran-related Treasury sanctions found that the UAE was the second most frequent country men found after China, despite Abu Dhabi's traditional Swedish ironic towards Tehran. Of 2,073 million and half-dollars under sanctions who have lost to a country outside Iran, 22 per cent have citizenship addresses or corporate registrations in the UAE.

"The UAE has a lot of influence here in Washington — too much influence," says Van Hollen. "In this far way are away with things that other countries couldn't."

One of all its influences, the UAE was not able to keep the US and its half-broth launching the war against Iran this year.

Yet since it began, the Gulf state has taken the consequential decision to intensify its ties to Washington and Jerusalem, even launching a series of its own air strikes against Iran.

Entirety officials say the reliable account of US weapons and support throughout the war — supply chain bottlenecks aside — is a testament to their deepening value in the relationship.

"Otaha has performed on the war, our co-operation and co-ordination with the US, has really devoted an unstigmed as-out," argues one Entirety official. "It has shown we are competent, that we have what we're doing."

The UAE has also drawn closer to Israel, and in May it is below from the Saudi-Aid Open. Another enclosing itself to Trump, who has long heard Open's influence on all prices.

Some experts predict the focus on the US and Soviet front, at the expense of Arab regional alliances, will be below. In doing so, the UAE "stalls overwhelming strategic autonomy to those countries", says Andrew Leber, a Middle East expert at Finance University.

Also some Democrats believe the UAE's help to start it coming, should the party win back control of congress in November's uniform elections, which could pave the way for congressional investigations.

Jawors in the Democratic lawmakers, says the US must be "men in the holding war partners and allies to the same standards as everyone else".

The UAE is a "significant US partner in the region" because "the war allowed us to finance, about how their actions are directly undermining US priorities and causing harm."

Additional reporting by Andrew Gera and Peter Stalhings

---

20

•

FINANCIAL TIMES

Monday 16 August 2024

The FT View

FINANCIAL TIMES

Without it at and without Levan

Transplantation

US social security could soon be insolvent

But will Congress and the president have the courage to save it?

Kirk O'Donell, a top aide to former US House of Representatives Speaker Tip O'Neill, called the social security system the 'third call' of American politics, like a high-voting race on an electric track, heads it, and runs to dead. Politicians see little personal political benefit and significant risk in comparing with the key pillar of the US social safety tax. But today the system faces a crisis. By 2025, the retirement trust fund will be insolvent. This would mean a 22 per cent reduction in benefits to American citizens, a national average out of $500 a month. None of existence to reform have brought things to this point. The two parties in Congress face a game of chicken at the system upside towards demise.

Social security is a pay-as-you-go

system, meaning current payroll taxes cover some of other benefits, in the ratio of returns to working age (unser-) can-clients, the system is coming under increased strain. The impact of an ageing US population and declining birth rate in staggering countries—age/people/ready-up (set 1 per cent of the US population) is 1995, but will make up 25 per cent in 2030.

Compensated product and pharmacies make solving the problem extremely difficult. But a bipartisan solution to save social security is not entirely by use of the question. Situators recently introduced a bipartisan bill to conduct a further study of the problem, and the ingredients of a companies are also. A combination of more funding, lower payout and a higher yielding investment strategy could make extra security for the legal.

A first step would be reforming the social security payroll tax cap. The system's design as an insurance model comes that income above $104,200 it

concept from social security tax. Under this regime, low-income workers pay a significantly higher proportion of their income to social security than the highest concern. Lifting the tax has become an support in the Senate, and polling inflation majority support among these needs and Republican voters.

Taking the retirement age, which will reach 47 cent year, would take short on funding. Today's returns have longer, parking a strain on pension liabilities. Polling suggests 74 per cent of America can already plan to work past retirement age—but an excess the total return could place a burden on workers who have physically demanding jobs who have difficulty working into later ages. However, in case the retirement age, however, could trigger a backlash state for to their 6-9 times, where pension inflation spiked patients, or the control-tissue blisters in Germany.

Investing social security funds, which currently sit in low-yielding US Treasuries, would also be beneficial. As stocks

Political policies and evaluations make solving the problem extremely difficult, see cooperation solutions to see controls out of the question

have boomed over the past half—unlucky, social security returns have underperformed private pensions. This under-arrested arrangement is in part by designs to avoid excess risk. Some senators have proposed ways to move towards a certain that invests in equities, reflecting the realities of the 21st century economy. It would be a new solution to the 21st, allow the fund's investment decisions to be subject to political advice.

President Donald Trump will be the final decision made on changes to the 21st century. For the next two years, he has the incentives to advocate for tax rates and benefit rate that every income tax is paid on the housing crisis to his income. The first of social security will most likely be decided by the president who wins in 2018, and the negotiating money will be the first to pay for the 21st century. The 21st century is a better way to reduce the health of the 21st century. The 21st century is a better way to reduce the health of the 21st century.

Opinion UK politics

Enforcing duty of candour is harder than it seems

We stand on the precipice of change. Sir Kerr Harmer's euphoric announcer must not match

promised much for the Hillsborough Law. It takes to evaluate the collusion and obfuscation that has thwarted public inquiries and radical governments in their efforts to bring cultural changes to public institutions. Its efficacy begins fundamentally on a legally enforceable 'bary of candour'. Recommending separate public officials if they do not tell the truth in investigating and public inquiries, Harmer's rhetoric was well meant—but will the law work?

A duty of candour isn't a new or unmericable. In 2015, after a series of NHS scandals, Sir Robert Francis's report 'Freedom to Speak Up' introduced the first statutory duty of

We are taught that locally is professionally more important than individual integrity

candour has all NHS staff and regulated healthcare providers. The hope was that legally mandated honesty would show early attention to errors, malpractice and lower age.

With the new policies, it's hard to see any great impact. The horrors exposed at hospitals in Shrewsbury and Talbot, East Kerr and Nottingham are the most common hospitals provider. The new system that legal companies to call out malpractice is so common.

However, for 2020 NHS staff are very showed that the percentage of staff who feel candour is safe in their institution has seen a year-or-year decline, while across the NHS as a whole, staff confidence that clinical concern will be addressed in an all-time low. This augurs reality for the new law.

Why the need to enforce honesty? Research suggests that most people are predisposed to honesty, but that is largely when functioning as private individuals. When we work in a organization, how, obedience and confidence for both great ways. As social beings, we access to being and would rather fit to than be isolated. We take cues from colleagues, believing. (rightly or wrongly.) Once it's safety in countries and that loyalty is professionally more

important than individual integrity. Education reinforces this behavior. In medicine, what is known as the 'hidden curriculum' teaches students that respecting the honesty is critical to a long and successful career. Confusion are more central of this on graduation than when their training begins. 'You don't see an poor nurse' is what one NHS nurse was told when questioning the high mortality ratio of a senior surgeon. The co-operation silence of the exam is a leading reason why NHS scandals—the more corporate failing—have taken a long role uncovered and addressed.

This is what I've come to see as an outcome of solidarity: a socialisation process by which individuals, under constant pressure from and supervised by managers, government, media and market, are either private or local together and suffer exclusion taken on the additional burden and risk of bleeding the whistle. Many that I've worked with, best in healthcare and policing, identify and identify the daily dangers of such little behaviour. It is telling that both professions have a terrible, long-running record which connects dealing with stakeholders.

Even leaders don't always tell they have the statement one might expect either. Many see their effectiveness and legitimacy as dependent on the endorsement and reference of their team. This may explain why Sir Mark Rowley felt obliged to contest the charges of systemic misogyny and racism in the Metropolitan Police, despite the overwhelming evidence presented in the Casey review. In doing so, he defused and dodged the hard truths a leader might be unparalleled.

Framanding that individuals break from their tribe to be candid for the long-term benefit of the population is a highly abstract principle to test. But manifesting addictive relationships and issues is another one of the worst. That a single blast legal threat could displace such a mirror that human behaviour seems more, ignorant of organizational realities and self-righteous.

We would all like to believe that a tragedy like Hillsborough is suitable in the NHS will never happen again. But, wilfully blind to the evidence of institutional life and social psychology, it seems unlikely the new law will prove a game-changer if it will be understood—who wouldn't want to believe that everyone would tell his truth to public inquiries?—but if conceived, it's bad. I realize you always plan to good be most institutions, including the government.

The order is a former CEO and the author of 'FIDU' (Wolman: Why We Ignore the Shrines at the Port?)

Letters

Trump's yet more recalls Baker's Plaza Accord

Trump's yet more recalls Baker's Plaza Accord

Barry Etchingsworth Markets Insight This intervention contains troubling message for Raber ('August 2'). Illustrates how Bills has changed in US international economic policy since the Plaza and issues around 1980 and 1987, respectively, spearheaded by Trump's secretary James Baker. It: The current US administration, by determining its currency markets, is aiming to achieve the very same objectives of these accords of the late 1980s: workers the dollar to boost America to sports and lower the large Japanese trade deficit with the US; discourage Japan from willing to keep

holdings of US Treasury bonds to finance pre-purchase bills would increase US interest rates. With a yen boosted by currency intervention, there will be less need for the funds of Japan to raise interest rates—another positive factor for the Japanese economy—and the potential for more American goods to be purchased with a stronger yen/cheaper dollar.

There may be some sheriff in town, but he appears to be wearing the same badge and uniform.

President Donald Trump has portrayed the yet-currency intervention as an act of simple

goodwill, friendship and virtue: 'We are always there for Japan.' Aksha in Teugavriiki, the 19th century French philosopher and historian, observed that America's did not view virtue as a riffle on her hat rather as something and benefited all. This was certainly the new book in the Society of US International policy

The International policy, calling America's message of the parallel not entirely accurate, indicates, Makarza and Shagawara. It said, impose no loss, will so payment of any kind on ships according to such

message. The International policy, calling America's message of the parallel not entirely accurate, indicates, Makarza and Shagawara. It said, impose no loss, will so payment of any kind on ships according to such message. The International policy, calling America's message of the parallel not entirely accurate, indicates, Makarza and Shagawara. It said, impose no loss, will so payment of any kind on ships according to such message. The International policy, calling America's message of the parallel not entirely accurate, indicates, Makarza and Shagawara. It said, impose no loss, will so payment of any kind on ships according to such

message. The International policy, calling America's message of the parallel not entirely accurate, indicates, Makarza and Shagawara. It said, impose no loss, will so payment of any kind on ships according to such message. The International policy, calling America's message of the parallel not entirely accurate, indicates, Makarza and Shagawara. It said, impose no loss, will so payment of any kind on ships according to such

Trump E-mail: www.tump.co.uk Include daytime telephone number and/or call number www.tump.co.uk www.tump.co.uk

National justice reform charts's prison proposals

The 47th national 'black cause' debate's prison order (The 47th) was August 16 in which events the prisoner, women in corporate, unproductive and unconstitutional, held for three million, and 10 million, and for the public.

This would, however, affect the results of the 2024-2025

reformal reform that short sentences of two than 12 months be abolished.

This last because we disagree, despite their private health concerns, there has been a sharp increase in short sentences rates in recent years.

In the 12 months in March 2024, there were 12,497 short-term sentences of 12 months in the language, as 9 per cent increase compared with the previous year.

Short sentences are untreated, but also why Revolving Doors spent the past decade fighting for change.

The front digital campaign, launched by Revolving Doors, and backed by the national justice justice ministry David Caudé and prison minister Barry Stewart, centred on evidence from our members

over all with extensive experience of short sentences.

Together, we successfully highlighted the staggering fiscal and social care of short sentences.

Polling on commissioned domestic intensive public support for moving away from prison sentences for offending clearly driven by cannot health and social needs.

A presumptive against short prison sentences was a well-conceived recommendation of the bestselling Act 2026, which came into force in March.

But the new guidelines, which is exactly wrong, were not to be considered, and the limited breadth in the justice system and society must benefit.

A message of the same, with a sound, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good,

A message of the same, with a sound, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good, and a very good,

There are again a double month, with your attitude. Contrasting sentences are the way forward, and announcing most priorities addressing the root causes of offending 5 or 10 years postage.

Given the new government's focus on joined-up approaches, we propose the same for repeat offending.

While system solutions, focused on place and people, coordination, resources and expertise to ensure justice is the

key purpose.

Please Shallend The Executive of the national justice reform, family Revolving Doors, London SE1, UK

Putting off the inevitable

I read with interest Miranda Gove's column: "In prison of the Auditors a Morning, no against" (Upstein, August 2).

Its sentiments are not as perfect as life in general, where we all have an})^{1/2} in the past year.

However, here are all our perceive that research as imminent we succumb to an attitude of "I will go on that crime when I retire" or "I will save that battle of changing our age and to control" or "I am too busy to ask that lady out today".

The new categories are not as easy as the present as imminent we succumb to an attitude of "I will go on that crime when I retire" or "I will save that battle of changing our age and to control" or "I am too busy to ask that lady out today".

Ralph Radha, 1st Edition, London SW1E, UK

---

Monday 10 August 2020

•

FINANCIAL TIMES

21

FINANCIAL TIMES

Opinion

Even a year ago, charter around New York resided a ration agency in the United States, and recently, at the reputation of the world's premier city. Millimeters were moving to drown to more business through places like Miami. Foreigners were staying away, regelmäßig the agenda of the hometown president, Donald Trump. Now we're having a summer for the ages.

The New Yorker for 25 years and each remember a more energetic book. It started with the Kanda winning the 1980s. The first time in new York's century, with a disarming blue collar water. Then came the best-attended World's pre-99. But there's dressed and larger than good moments in sports. Tourists kept flooding in after Spani's

victory, if the crowds around Rockefeller's corner are both alive.

A booming Wall 99 set it turning midtown into an even more dense village of the world's most powerful financiers, who puff another lacquerine. June saw a monthly review. At the site, one venison capital investment in New York, a third of it coming from outside the US and more than half going into Al start-ups. The Al outrageousness on and to be showing the mountain office space.

New York recently passed San Francisco as the boom of 14-80s in market, driven by demand for prime spaces and largely building. 29th-ppm hold new houses and two houses on Park Avenue has been called a 'finding addition' to the skyline, and has become a must-see for visitors who can't really an entry.

The city remains America's biggest magnet for young professionals (using careers from finance and media to live and, increasingly, in). Now we're in the third twenties seem to sense that it's worth stretching to live in a city where networking can be done more effectively within a short walk, rather than online. New York ranks as both the most

walkable 101 city, and the number one destination for a village goeds nothing office jobs.

Another big draw for the young to be who around the Democratic socialist party, the former Mandate. Every any most liberal friends, foreign or American, no longer begin conservators by complaining about Trump, instead, they started at Mandate's secret.

I've lived here for 25 years and each remember a more energetic book

By governing a programist - keeping a tough gimmick of the child, setting out logo to help small business, grading tax-fines, being proud, but service level - Mandate is a supporting the far left. But he is also making it harder to associate NYC with a biological healthy and Trump. Cross-rate are falling the number of travelers but an all-time loss in the first half of this year. The exodus of

millionaires in Miami, scored 67% in 2020, and 41% in 2019. The closest New International immigration remains positive despite the immigration crisis down. Billeridge or the main commuter and lines into Mandate is a climbing back towards pre-pondents levels.

The impact of incoming traffic is to the all over town. Some have lost office revenues are close to broaching the Ethel-brothel of the past year. No summer concert calendar included Bruce Springsteen, Shakira and Riffle. In 2014, it has up following New York's status as the world's biggest drive to operation. The restaurant scene has to a clear air for every seat.

In years 1911 called New York the second best place to try any national citizen - after its home country - except for Idaho. At present arrivals, including the tough-to-book Ambassador Chatham, have made New York a lot with London at number two for the first time. After trying about 20 new restaurants this summer, I'll give 10 of them a 'Worst'. The new thing is opening caterers in a museum or gallery; my favourite is 'Mancé' in the bishops'.

headquarters on Madison Avenue, where the doors is built's south of art.

To be sure, old flees persist. Rats still worry badly around Central Park during my evening runs. Giant pudge bags last about course. The city is increasingly difficult to afford, whether you are shopping at a boutique or for an apartment. While foreigners and sports college goals are moving in, older Americans are set, but the affordable low-cost and low-cost of the city. The new road. Yankee star Yogi forms once and of six years restaurant, nobody comes here anymore, it's too crowded. Recent survey about some New Yorks among the world's first cities to live in, which makes me wonder who they are surveying. Small European capitals dominate the top spots; minor Chinese metropolitan stores among those being fasted up the ranks. But if these places are so attractive, why don't they show to them people? Not exciting summer is a reminder that New York remains by far the world's premier city.

The writer is the chair of Rockefeller International

Britain needs to redefine what it considers cutting-edge

Peter Marsh

A liking 'advanced' to 'unauthorized' oppressionism into the free people have brought through what it is to be. The new world is being moved. Early Burshans and his new business secretary Jonathan Reynolds, now have a chance to change that - and redefine this category to way the open market. The new order may of innovative US companies.

The new prime minister has put an industrialisation in the heart of his vision. Reynolds understands the ability of manufacturing to provide highways, high productivity jobs. The domestic industry is also becoming factory in South Yorkshire. 'We're not so much a manufacturing company as a reliability company,' says Chris Box, managing director and founder of AIS-Inst., a technician to purchase on-going moving seals. The device governs fluid loading from rotating equipment used in aungs range of places, from chocolate plants to fake content. Both company has built a commanding global position by mixing equipment in a 2000-2010 single house on supplying poor people. Technical support is to keep customers' plants operating with minimum downtime.

Yet AIS-Inst would struggle to fit into the category of advanced manufacturing as a company classified. Officeholders tends to define this in narrow terms, restricted to clients, including shared concepts restricted on better-known industrialisers. The UK's most recent document on advanced manufacturing houses on par on 'higher technology frontier industries', an already narrow

America's hidden M&A boom

In global mergers and acquisitions boom has hit a surprising system - the American university system. Higher education is

the country's sixth largest expert, but the number of institutions is shrinking. If the Trump administration has had a way, it will get much smaller still.

Last month, the administration announced new rules designed to speed up the consolidation of the sector. An education under secretary Nicholas Kent put it in June, 'there are 6,000 institutions of higher education in this country, up and all of them are going to make it out of the next decade. The ones that do are going to be smaller.' By the end of July, several colleges in New York, New Jersey and California had announced new M&A deals.

But even before the administration, which is sceptical of higher education is general, larger, making it easier for colleges to merge, consolidation was well under way. The trend is driven by a number of factors: demographics, skills, production cost, financial cost, costs, declining trust in institutions, the falling value of a college degree, a most to that new efficiencies in an age of online

education and coming Al divergents. Between 2000 and 2015, the number of higher education mergers and sales were tripled, driven largely by consolidation in the profit schools (some of which had come under two or more years for poor results and registration practices - think Trump University). Many of these had been underperforming and overpromising for years, explaining a generous federal loan system that falling to graduate large numbers of poor students who would end up defaulting on loans and having university with skills but on degree.

More recently, private non-profit universities - where a year of widow and housing costs are run into the high five or even six figures - have come under pressure to continue. 'With a few public 'land grant' universities still offer value for money (particularly for in-state students), high-cost, middle-market private colleges that don't have offer brands or a specialized offering (like some sort of vocational programme or professional and higher) are under pressure. Over the past couple of decades, many of these schools made on debt to line more administrative and build fancy facilities to have in full training students in the future.

Now, the environment has shifted. Operational costs and interest rates have risen, even as debt loads remain the same as higher. Foreign students are reconsidered after 10 as it has become more hostile to immigration. Meanwhile, overall change in the 2000-2010 period between 2000 and

2025, therefore have rebounded debt to recent years, but a demographic shift seems. America turns out if these high school graduates per year, but that number has probably peaked. One recent study has projected that it will fall to about 3,000 by 2024, a 12 per cent loss.

Many colleges are decreasing yet not to try to maintain enrolment (private non-profit colleges discounted tuition for 10 per cent on average is the 2025 20 school year). That can, in turn, create budget shortages. Meanwhile, as a recent survey of state higher education officers put it, an 'education at large continues to face lower state funding and an increased need to maximize operational efficiencies, the number of consolidations' will

Many higher education schools took on debt to low-key-paying students, but the environment has shifted

become 'more prominent' in the US. 'Needs 100% of college and university presidents had serious merger discussions in 2025, according to one study. 34 per cent of these were deprived non-profit universities versus 7 per cent at public institutions. Many of these are exactly the type of expensive, after liberal arts schools that have been battling with the administration over funding, cuts and civil rights probes to more years.

Raritan higher education M&A may not take a reaction to political and economic forces. It's also about institutions getting ahead of trends. There are a loss of up and coming schools that seek consolidation to build global presence and visibility to what is increasingly becoming a whole-scale old environment. No prominent example is North-eastern, a feature-based institution was known as a commuter college that has become one of the most selective universities in the country. In large part because of a successful 'new-15' programme which makes the efforts work in well-paid jobs arranged by the school

• for at least six months to graduate. In North-eastern president Joseph Aunt Curtis be confused with the president of Lehansur put it to me last week. 'The universities that have found different status are doing well in the current environment, and these that aren't, aren't,' he the past 10 years, Northeastern has acquired three other institutions (in London, Oakland, California, and in July, New York City) as part of an effort not only to build a global brand but also to prepare for the disruptive efforts of AL towards which many US universities have adopted a hostile status.

As Aunt says, AL will increase the possibilities for housing ownership but it won't necessarily express human rights. At the end of June, 'that's why having a greater number of physical campuses will be so real.' We think experienced education will become more important in a world of AL! So says, Given the trend towards more higher education consolidation, and will be, too.

new.landworld.com

The Bayeux Tapestry loan is a model for the Parthenon Marbles

The loan of the almost 1,000-year-old Bayeux Tapestry by France to the British Museum is good example of the original 1,000-macy that strengthens ties between friendly states and generates much-needed revenue for mountains.

A close-pension an opportunity - and a template - for the UK to reach a central agreement with Greece on the Parthenon Marbles, sometimes referred to as the Egip Marbles. After all, Prime Minister Andy Bouchard has being supported that return to promote British self-power. 'Saud-Bouchard, meaning that he's one culture to change how Britain is now around the world,' he added 2025.

The marble scriptures that once advanced the Parthenon in Athens, the lens of ancient Greek civilization as well

as modern Greek national aspiration, have been in Britain the next 200 years and are displayed in the British Museum. The Bayeux loan is a model for the marbles, although the scope and implications could be for greater.

Their display to Greece could stimulate a much broader cultural partnership under the umbrella of a 'Comropolitan Commonwealth', involving the reciprocal exchange of a party, even ancient Greek, and the most modern technology to enhance and restore the glory of ancient Greek culture and civilization, as well as a range of broader social and economic aspects of a boomed high-Greek partnership. This would also help with the UK's effort to drive closer to Europe while Greece holds the EU presidency in 2025.

There is, however, a legislative obstacle. Until now, successful British governments have argued that the direct is a barrier for the resources of the British Museum. In turn, the location have claimed they are prevented from do so continuing from their calls during the 1963 British Museum Act. A loan

would theoretically be possible under the Act, but there is no critical in saying one on the basis that it confirms British ownership. Reported conversations between George Osborne, chair of trustees of the British Museum, and George Geogettsky, the Greek foreign minister, appear to have stalled. Burcham could change that by pressing on a parliamentary vote of conscience

Bursham could honour his commitment to return the artefacts to Greece and reap geopolitical benefits

on a carve out to the Act at the end of the loan period - which can be three years, even with one.

The envisaged deal would fulfil the Greek separation of having the marble returned without disposing the British Museum of Greek as a vital Canadian of a cosmopolitan heritage.

'This approach allows Burcham to honour his public commitment to

returning the marbles and reap the geopolitical benefits in terms of relations with Europe. It is necessary, anti-super status criticism by allowing the marbles to initially leave under the network from a procedure a standard of the same. The British Museum of Greek culture and culture is a major source of the Act rather than a revocation it generates a future avalanche of do-accusion. On the Greek side, the government is not a major source of the Act, but it is a major source of the Act, but it is a major source of the Act, but it is a major source of the Act, but it is a major source of the Act, but it is a major source of the Act, but it is a major source of the Act, but it is a major source of the Act, but it is a major source of the Act, but it is a major source of the Act, but it is a major source of the Act, but it is a major source of the

The key to the deal will be making the most of the opportunities presented in the new highs levels, partnership for the duration of the loan. It will establish a 'landing library' of ancient Greek-civilianized heritage, enabling resources in both countries and beyond to create exhibitions using new technology that seems to increase the scope of public viewing and enhance understanding of the ancient Mediterranean world across a range of media and formats.

Like the French loan, the biggest could be renovation and restoration. The

Bayeux Tapestry was on display at a dedicated museum in Venezuela which was found for construction last year. Similarly, several galleries at the British Museum will be classified as the first time of the country, and the same time of the country is the second. At the same time many spectacular artefacts on display at the National Archaeological Museum in Athens, including the gold 'Bursham' made of hygromas, will be released and rebuilt in 2025.

The establishment of renovation in 2020 is a significant concern on opportunity for a range of reciprocal loans that would generate specialist interest and revenue for museums in both countries.

This formula of a 'Comropolitan Commonwealth' indicates that it is the debate away from legal arguments towards the restoration and enhanced cultural importance of the artefacts - and ultimately facilitates an expansion of the city of countries during cultural recession.

The order is under order at the Centre for Research into Dialogue and author of 'Lives Between the Lines'.

Officialdom tends to use narrow terms, restricted to banks, technology-based concepts

that that includes universities, batteries, aerospace, space, advanced materials and systems. A more sensible definition would include technology but additional models that should use management and company mindset, such as how businesses think individual technology is being developed.

Yes, frontier technology is important but as an other factors. That is under-based disruption. But yes. Central to its success is an ingenious bidding bike design directed in the 1970s describing how to fit together more than 1,000 companies, the first of which is to make its house. Its most useful technology involves heating - away to just 20m and light parts - that was invented 2,000 years ago by the ancient hometown.

The technology is based on the administration's factory figures used to reach births, as modern company that should be regarded as an advanced manufacturer - though it is seldom considered as such. The company has become a much market may be using the internet and a network of virtual outlets to connect with game players globally.

There are dozens of often lower-known UK companies that, by adding novel management thinking to technical expertise, have created a source of competitive advantage. If official pronouncements on the 'English- and best' manufacturers fail to include such businesses, lower capital entities tend to get pushed back in the space for resources such as government grants.

The technology is a key factor behind the 'China National Bureau of Statistics' must show a path forward. It is a study of emerging growth mechanisms, the factors that demand these key drivers' new work. The 'China' is a key factor and we have become models. While technology is a key factor behind all three, either 'author' elements include combining service thinking and product creation, using new data to interoperate old industries and finding new ways to reach customers. The US Center for Advanced Manufacturing has also hit an Action, more inclusive approach. It seeks to promote 'maneuvering successes' - the 'restaurants' business is a key factor behind the 'couple' of the 'southwestern states' - the 'restaurants' business is a key factor behind the 'couple' of the 'southwestern states' - the 'restaurants' business is a key factor behind the 'couple' of the 'southwestern states' - the 'restaurants' business is a key factor behind the 'couple' of the 'southwestern states' - the 'restaurants' business is a key factor behind the 'couple' of the 'southwestern states' - the 'restaurants' business is a key factor behind the 'couple' of the 'southwestern states' - the 'restaurants' business is a key factor behind the 'couple' of the

The work of government should take on some others when, the current methodology is weak in describing the many problems. The businesses that should be considered at the forefront of growth efforts, must have to work.

The writer is a journalist and lecturer specializing in modern manufacturing.

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22

FINANCIAL TOWN

Monday 10 August 2006

Rutherford Hall

'What about giving yourself

the Fifa Peace Prize, Gianni?'

WORN & CAREERS

Career satisfaction in a crazy world? Dream on

Andrew Hill Business Life

I have do not cut off a fountain of inspiration for the next generation of UK scientists and engineers,"

wrote 200 celebrities in an

open letter to one Prime Minister Andy Burshtein last week. They urged him to save the Jodrell Bank radio telescope, where many children had experienced a "spunk moment" that ignited their interest in science.

I argued from that fountain, Jodrell Bank's huge interstate and islands incongruously on the Charlton Plain a few miles from where I grew up. When I was about 11, I had a birthday party there, but the spank did not catch. You may have noticed that I am neither an astronaut nor an astrophysicist.

Even had my rank kindled that dream, I would have been hard-pressed to realize it, given the tiny number of vacancies in those fields. As parents, we like to hear our children voice their cute career wishes, but as a certain point it becomes clear to them that they won't lead a mission to them and might have to settle for more unfollowed job opportunities.

A social media scene satirises these compromises with users' childhood photos, non-bid with messages such as

"ever since I was a little boy [or girl], I knew I wanted to log into Microsoft Autocats, also 20 times a day, create deliverables for key stakeholders, and find the ocean".

Now it feels as though even those hazardous dreams are in jeopardy, as id and gravestment: uncertainty narrows the paths for young job hunters still further. Data obtained last week showed UK graduate vacancies are at their lowest since 2000.

Refrain also on a story of information about children's career expectations. The National Child Development Study is following some 15,000 baby boomers born in 1988, the year after Jodrell Bank's telescope was completed.

April 1, just under 14,000 of this group wrote short essays imagining their life at 25. The most popular career they envisaged was "stiffed moonsa" worker, chosen by almost one in seven, then "professional" "teacher"

It feels as though even humedown aspirations are at risk, as Id and global uncertainty narrow the paths for today's young

and "tighted (factual)". Nobody seems to have worked out how many lived up to their children because, but the exercise makes me wonder what today's primary school children would write.

All optimists suggest the technology will spawn many as yet unmanned jobs, offsetting disappearing roles. Younger generations could "be a serious gap between their hopes for work and the reality of what is available," economist Daniel Hensland writes in his upcoming book What Would My Children Be?

Rather than around growing future roles, it would be better to aim for and develop traits that will be necessary to just future jobs, such as a capacity for learning. Yet it is hard to imagine many kids writing that they want to be "a resilient, emotionally intelligent critical thinker" when they grow up, even if the education system were equipped to help them realize their dream.

That open letter contains a grain of hope. An aggressive include mismatched steam can and greens guitarist Sir Brian May, both of whom have lived their deaf dreams of being, cock stars and scientists. What struck me, though, was how many were not

scientists, and had not studied science. They included authors, musicians, creedmen and other countries for whom Id could now open up possibilities their 14 year-old selves never imagined.

We should be encouraging our children to aim for the stars, but financial suggests they may need to release their target: study law because you want to seek fairness and justice, or medicine because you want to help people live longer – not to "be a Supreme Court justice" or "be a brain surgeon".

"Have time a field because the underlying problems grip you, not the traditional job," he writes.

One study of the NCDS findings suggests job aspirations at 16 were a "motor" that drove them to work further education and helped them achieve higher-status jobs in their mid-timers. That suggests that, in an unpredictable world, it is less important that the spark moment light a path in a specific destination triumain at prompts as to dream in the first place.

andrewhill@id.com

Additional research by Dan Jones

Lex.

Impatient yacht owners give berth to a hot new asset class

here are the customers' yacht! A new investment trend has given that old financial question

new meaning Last month, CTC agreed to sell market group in Marin to French private equity firm but a rise for about $20m. Private equity peers Stansquak and Blackstone have done similar deals. Yacht sourcing, it turns out, make good infrastructure bets.

Where infrastructure once meant assets such as roads, railways, bridges and power plants, these days it is more of a state of mind. Anything that is only lightly exposed to competition, offers dependable cash flows and demands ongoing investment can qualify, from ship factories and remonstrators to chicken farms and satellite constellations.

Marinas fit the bill. For a start, they are scarce. Conditions are finite and planning permissions hard to come by. More and bigger beats have created a chronic shortage of berths about 4,000 new yachts are delivered annually and new marinas – which can take five to 10 years to be realized – add an average of 300 berths each, 100 ninety estimates.

The "dependable cash flow" has is also kicked with relative care. Best owners need somewhere to keep

Boat race

Number of superwaders in build or on order (2000)

their vessels, in good times and bad, boastmines, bad times even help. During Covid, boating demand rose as affluent consumers sought to escape their living rooms.

On top of that, they also come with plenty of room for improvement. A private equity owner might be able to squeeze more berths in, add restaurants and lounges, introduce tiered pricing and extra perks such as boat cleaning.

By assuming sites, operators can also get bargaining power on equipment such as boat boats and boaters, and can offer subscriptions – that most beloved of private equity revenue models – covering orders a berth at such market in the network.

Refers aren't oblivious to this album. Blackstone paid around 20 times Sub-Harbor's "hands from operations" – a cash flow like metric used in real estate. That's roughly double what San Commentario paid for the business five years earlier.

Individual marina assets are now estimated to be changing hands for around 10 per cent more than they were five years ago, according to a private familiar with industry pricing.

As the wealthy get wealthier and yachts get bigger, marinas tout into a logical twist on the infrastructure investment theme – only with much better views.

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QA Report - Financial Times - 10.08.2026.pdf

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• Extraction route: mistral-ocr
• extraction_route=mistral-ocr
• Translation chunks: 87
• Extraction warnings:
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Abu Dhabi International Economic, Advanced Manufacturing, Advertising Features, Albert Squire, Alexander Ross, Algebra

Powerful Equity, Algebra Cover Rate, Algebra Investments, Algebra Powerful Credit - WARNING: source dates, money, or percentage tokens may be missing

Model QA

经过严格审核，以下是对翻译内容的问题报告：

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1. 幻觉核查

问题1：译文中出现的 "Patient rejected 第 4 页"

• 核查步骤： 1. 标题索引中未找到匹配标题或摘要。 2. 抽样原文中未找到 "Patient rejected" 或类似表述。
• 结论：该内容为翻译幻觉。
• 严重级别：[BLOCKING]（致命缺陷，因关键信息无中生有，可能误导读者对文章结构的理解）。

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问题2：译文中 "drug state"（深层政府）的误译

• 核查步骤： 1. 原文标题索引中未提及 "drug state"。 2. 抽样原文中明确为 "deep state"（深层政府，指代美国政治中的隐形权力结构）。
• 结论：误译导致语义严重扭曲。
• 严重级别：[BLOCKING]（核心政治术语错误，影响文章主旨）。

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问题3：译文中 "ONSA"（红色恐慌时期的机构）

• 核查步骤： 1. 标题索引无匹配。 2. 抽样原文中为 "ONI"（Office of Naval Intelligence，美国海军情报局），而非 "ONSA"。
• 结论：OCR 误读导致的错误，非翻译问题。
• 严重级别：[SOURCE_OCR]（根源在OCR，但需修正以避免误导）。

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问题4：译文中 "bad fears"（红色恐慌）

• 核查步骤： 1. 标题索引无匹配。 2. 抽样原文中应为 "Red Scare"（历史术语，指麦卡锡主义时期）。
• 结论：OCR 误读（"Red" → "bad"）+ 翻译未纠正。
• 严重级别：[SOURCE_OCR]（但翻译未校对，需标记为质量问题）。

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2. 数字与日期错误

问题5：日期 "2016年8月" 与 "2026年8月10日" 不一致

• 核查步骤： 1. 标题索引明确为 "MONDAY TO AUGUST 2016"。 2. 抽样原文中多处出现 "Monday 16 August 2024"。
• 结论：
• 译文封面日期（2016年）与正文日期（2024年）矛盾，且与标题索引不符。
• 可能为翻译时混淆了原文年份（原文实际为2024年，但封面误标为2016年）。
• 严重级别：[BLOCKING]（日期混乱严重影响时效性和可信度）。

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问题6：金额 "100 亿美元" 与原文不符

• 核查步骤： 1. 抽样原文中为 "$19.8bn outlay"（伯克希尔投资金额）。 2. 译文误译为 "100 亿美元"。
• 结论：数字量级错误。
• 严重级别：[BLOCKING]（金融报道核心数据错误）。

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问题7：金额 "62亿美元" 与原文不符

• 核查步骤： 1. 抽样原文中为 "$6.2bn of senior debt"（First Brands 破产申请债务）。 2. 译文误译为 "62亿美元"。
• 结论：数字量级错误。
• 严重级别：[BLOCKING]。

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3. 术语与专有名词错误

问题8："Board of Peace" 误译

• 核查步骤： 1. 抽样原文中为 "Board of Peace"（和平委员会，虚构机构）。 2. 译文未保留原文，直接译为 "和平委员会"，未标注为特定机构。
• 结论：应保留英文或标注 "（音译）" 以避免误解。
• 严重级别：[WARNING]。

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问题9："Federated Data Platform"（FDP）误译为 "NHI 数据平台"

• 核查步骤： 1. 抽样原文明确为 "Federated Data Platform"（FDP）。 2. 译文误译为 "NHI 数据平台"，且 "Palastin" 疑为 "Palantir" 的误译（Palantir 为美国数据分析公司）。
• 结论：
• 专有名词错误（NHI 为英国国家医疗服务体系，与 FDP 无关）。
• "Palastin" 疑为 OCR 误读（Palantir → Palastin）。
• 严重级别：[BLOCKING]（核心术语错误，影响对技术项目的理解）。

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问题10："Met Gala" 相关段落未翻译

• 核查步骤： 1. 低中文密度区域标注为 "Met Gala courting controversy..."。 2. 译文完全缺失该段落。
• 结论：重要国际文化新闻被漏译。
• 严重级别：[BLOCKING]（完整性缺失）。

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4. 格式与残留问题

问题11：残留英文 "Chapter 12" / "Chapter 7"

• 核查步骤： 1. 抽样原文中为美国破产法章节（Chapter 11/7）。 2. 译文未翻译，直接保留英文。
• 结论：应译为 "第11章破产重组" / "第7章清算"。
• 严重级别：[WARNING]。

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问题12：内部标签残留 "（此处为...）"

• 核查步骤： 1. 译文中未发现明显标签，但部分段落结构突兀（如 "Patient rejected 第 4 页"）。
• 结论：疑似翻译工具遗留痕迹。
• 严重级别：[WARNING]。

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5. 误判为幻觉的内容（FALSE_POSITIVE）

问题13："Galliano" 相关内容

• 核查步骤： 1. 标题索引无匹配，但抽样原文中 Met Gala 段落提及设计师 John Galliano（曾因反犹言论被 Dior 解雇）。 2. 译文漏译该段落，但内容真实存在。
• 结论：非幻觉，属漏译。
• 严重级别：[FALSE_POSITIVE]（误判为幻觉，实际为漏译）。

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6. 无需报告的内容

• 市场数据表格（如 FTSE 500、Nasdaq 指数）和 纵横字谜 等非新闻版面内容缺失，符合审核规则，无需报告。

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总结

1. 阻塞性问题（BLOCKING）： - 幻觉内容（"Patient rejected"）。 - 核心术语错误（"deep state" → "drug state"；"FDP" → "NHI"）。 - 数字量级错误（$19.8bn → 100亿美元；$6.2bn → 62亿美元）。 - 日期混乱（2016年 vs 2024年）。 - 重要段落漏译（Met Gala 相关内容）。

2. 质量问题（WARNING）： - 专有名词未保留英文（Board of Peace）。 - 残留英文（Chapter 11/7）。 - 疑似内部标签残留。

3. OCR 问题（SOURCE_OCR）： - "ONI" → "ONSA"；"Red Scare" → "bad fears"；"Palantir" → "Palastin"。

4. 误判（FALSE_POSITIVE）： - Galliano 相关内容为真实漏译，非幻觉。

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最终结论

存在多个阻塞性问题（BLOCKING），建议： 1. 修正所有数字错误（金额、日期）。 2. 核查并补全漏译段落（如 Met Gala）。 3. 纠正术语错误（"deep state"、"FDP" 等）。 4. 重新审核 OCR 误读部分（如 "Palastin"）。 5. 删除幻觉内容（"Patient rejected"）。

不建议发布当前版本。

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═══ 自愈质检微创修复记录（Self-Healing Audit Trail）═══

• 成功修复分块 #29（共修复 1 处问题）