The Wall Street Journal - 10.08.2026.pdf

华尔街日报

道琼斯 Wood Group

• • • • •

2028年8月10日，星期一 - 第CCLXXXVIII卷 第34期

美国版

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最新消息

商业金融

• 随着这家美国公司在人工智能热潮中应对内存短缺问题，苹果公司在各产品线中测试了来自 Direct CNRP 的内存芯片。B1

• 美国最大公司的强劲收益报告正推动主要指数创下新高，但同时也引发了一些担忧，即近期的上涨几乎完全依赖于少数几只人工智能股票。A2

• 股票在回报中所占的股息回报份额正在缩小，这给那些依赖稳定现金流来支付日常开支的人带来了挑战。B1

• 私募信贷正显示出日益增加的压力迹象，尽管一些试图将一年的动荡留在身后的最大基金经理发表了相反的评论。B1

• 伯克希尔 Mathways 在第二季度报告中表示——其股份且购买的股票比其此前所述的更多，这是三年多来首次出现这种情况。B3

• 美国大型消费、食品和餐饮公司正享有市场份额的大幅增长，而国内销售额似乎处于末端。B3

• 在召回因环状孢子菌爆发而登记的生菜数周后，泰勒农场正因货币问题从杂货店货架上移除某些产品，包括保证和价值，这些产品在消费中。A5

全球动态

• 内塔尼亚胡拒绝了特朗普关于加沙永久和平的计划，这是与这位几周前赞扬解除哈马斯武装的“历史性协议”的美国领导人之间罕见的公开分歧。A1

• 一名高级领导官员就开放以色列的 Harriot 提出了一系列强硬要求，而阿联酋表示伊朗对其中一艘船发动了导弹袭击，使达成开放苏联基地的协议前景变得黯淡。A4 • 也门穆斯林袭击了伊拉克的一个关键部分，进一步升级了中东地区早前关于战略历史的冲突。A10

• 总统表示，Will Scharf 将在 9 月成为新的西印度群岛国家负责人，在印度选举和潜在的国会调查之前就任该职。A3

• 乔·拜登的癌症已扩散至前臂“进一步”，其儿子亨特·拜登告诉英国广播公司（BBC），这为这位年迈的前拖延者的冲突提供了一个新窗口。A2

• 参议院周六勉强确认了托德·布兰奇为司法部长，此前的一场争论集中在他是否愿意将该机构投入到特朗普的政治和财务利益中。A3

• 被怀疑为全球最令人生畏的犯罪集团头目之一的 Daniel Kinshan 从迪拜被移交给爱尔兰。A11

• Brad Ben Nelson，篮球名人堂的 Fierce。A5

日报报告

投资周一 关于现金退出改造 85-6 需要了解的内容

评论：2000年3月 总收入... $0.00

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以色列加强在西岸的巡逻

警卫：周日，以色列士兵在西岸北部的 Hadina 旧城市场巡逻，这是军队针对难民营开展的更广泛军事行动的一部分，旨在清除武装分子基础设施。

内塔尼亚胡拒绝特朗普加沙和平计划的下一阶段

以色列领导人否决要求哈马斯解除武装及撤军的提案。

作者：KENT PILKO

以色列总理本雅明·内塔尼亚胡拒绝了特朗普总统建立加沙永久和平的计划，这与几周前赞扬达成“一项历史性协议”以解除哈马斯武装的美国领导人之间出现了罕见的公开分歧。

该计划要求该武装组织在以色列军队逐步从该飞地撤出的同时放下武器，而以色列领导人周日表示，在哈马斯完全解除武装之前，这不可能实现。

内塔尼亚胡在政府会议和视频声明中阐明的这一决定，可能会激怒特朗普，两人在幕后已有数月时间反应激烈。

加沙和平进程的崩溃将使特朗普失去其政府所描述的其总统第二任期的一项重大外交政策成就，因为据估计，总统正处于伊朗战争之中。

内塔尼亚胡在面临特朗普政府要求其同意解除哈马斯武装协议的压力之余，还面临着秋季艰难的选举。

他那些立场强硬的联盟伙伴对协议条款表示反对。

除了以以色列从加沙有计划地撤军来换取哈马斯停止持有武器外，该计划还包括一支国际稳定部队进入该飞地，以及一个巴勒斯坦技术官僚委员会接管加沙的治理。

“以色列拒绝这份 15 点文件。1997 在哈马斯解除武装之前不会进行任何撤军。当我提到哈马斯的解除武装时，我指的是重型武器、中型武器、轻型武器，所有武器，”内塔尼亚胡在以色列内阁会议开幕时说道。

请参阅 A2 页

伊朗人挫败美国退出战略

作者：ALESSANDRA WARD

华盛顿——数周以来，特朗普总统一直在为伊朗战争中的飞地胜利铺路，前提是德黑兰完全重新开放霍尔木兹海峡，甚至向助手透露他愿意在没有核协议的情况下退出，美国官员表示。

但当伊朗坚持要求美国为其保护该水道的首批交通流量支付迄今为止最高的价格时，这一缩减后的目标变得更加困难。伊朗寻求获得数十亿美元的回报，以及美国军队撤出该地区并结束海军封锁等条件。

这一快速发展的事件链表明，特朗普远离冲突的选择再次缩小。特朗普曾多次威胁——随后又退缩——大规模升级其处理行动。但近期谈判中的混乱表明，德黑兰倾向于一场长期且艰苦的冲突。

“伊朗近期对报告股票的强硬要求使得总统制造一个体面的冲突退出通道变得必要但困难，”华盛顿智库战略与国际研究中心中东项目主任 Mirza Tacouhan 表示。

欧亚研究集团（Eurasia Group）咨询公司的伊朗专家 Gregory Biron 表示：“伊朗人完全相信特朗普想要退出并专注于开放海峡，这就是为什么他们采取强硬手段。”

在外交关系方面，伊朗人面对白宫关于伊朗永远不会拥有核武器的最后通牒。特朗普试图将核谈判纳入与伊朗更广泛谈判的一部分，但这被证明过于困难，导致白宫近几周更多地专注于：开放霍尔木兹海峡。

请参阅 A5 页

• 阿联酋称伊朗发动导弹袭击。A4

强劲财报支撑创纪录上涨

业绩结果有助于缓解对支出通胀的担忧，推动股市上涨

作者：SHALIDH DREIKH

美国最大公司的强劲财报正推动主要指数创下新高，但同时也引发了一些担忧，认为近期的上涨几乎依赖于少数几只人工智能股票。

一些担忧

根据 Pacifist 的数据，在目前已公布第二季度财报的 440 多家标普 500 指数公司中，66% 的公司业绩超过了分析师的预期。公司报告的收益比这些预期高出约 20%，有望成为自 2008 年以来数据中第二次出现收益惊喜。

标普 500 指数目前正朝着连续第七个季度两位数收益增长的目标前进。上周，包括 Industry Technologies、Carreyplus 等公司在内的乐观报告，推动了许多股票在 4 月份以来获得最佳的单周涨幅。

由于伊朗局势时断时续，以及关于联邦政府将如何对抗通胀的新问题，市场仍存在大量波动。许多人注意到，收益增长仍高度集中在能源和科技股中，特别是那些为基础设施建设提供供应的内存公司的利润。

但财报季让许多人感到宽慰，认为强大的企业盈利核心支撑了市场的上涨。

标普 500 指数 季度收益增长

“陪审员职责”骗局令一个家庭损失 25,000 美元

作者：JIM BARRETT

佛罗里达州坦帕——当金伯利·法奇（Kimberly Fudge）开车穿过粗糙的街道和佛罗里达州阴沉的旁路时，警长副手在电话中向她和三个年幼的女儿发出警告：必须筹集数千美元以避免因缺席陪审员职责而被逮捕。

当法奇——一名 39 岁的政府承包商财务部门经理——到达交付点时，她犹豫了，那里是一家带有废弃加油泵和内部设有加密货币机的便利店。她被告知要扫描一个二维码并将 4,000 美元现金投入机器。

相反，她走回车里，开始对着电话表达怀疑：“你确定这就是我应该缴纳保释金的地方吗？”

内部页

个人日志

在目前的巡演结束后，Artaxia Grande 将淡出公众视野。A12

体育

NBA 令人困惑的新薪资制度扰乱了阵容并令球员们感到迷茫。A10

遗产拍卖购物演变为“全接触式运动”

人群在黎明时分排队，为抢夺不想要的财物而争斗；“有点反乌托邦”

作者：GIANT YOUN

瑞秋·米尔曼（Rachel Millman）到达一场遗产拍卖会时，陷入了一场普遍的僵持局面。在她前面一名寻找复古领带进货的 25 岁男子，正与一群年长者争论谁获得了在队伍中的第一顺位。当这座费城住宅的大门在三小时的对峙后开启时，人群拥向组织者，直到她将他们引导进入室内。

他们冲进去，将大把的衣服扫进大的

库什纳交易引发抗议

涉嫌黑帮背景、土地被盗指控笼罩阿尔巴尼亚度假村计划

作者：ELLIOT BROWN 和 YUGOSSE BARAJ

阿尔巴尼亚，JIVERINE——两年前，当雅各布·库什纳（Jacob Kushner）发布关于计划在由大海和 [...OMITTED...] 夹成的半岛上建设地中海度假村的公告时，该市议会的议员们感到震惊。

这些图像显示的是一片他们的父母和祖父母曾种植马铃薯的土地。村民们主张，这块财产在 2000 年代被盗，盗窃者是阿尔图尔·谢胡（Artur Shehu）——一名在自己的酒吧发生枪战后逃往阿尔巴尼亚的涉嫌黑帮分子。

他们给库什纳写了一封信，称他们与谢胡陷入了近二十年的法院纠纷，并表示开发商在利用这些收益。他们写道，该地点“被村庄及其居民所拥有”。

然而，一个由库什纳支持的开发小组继续推进，并在几个月前向谢胡支付了超过 2亿美元 的土地款项。阿尔巴尼亚检察官随后寻求逮捕谢胡，因为他在一项广泛的国际禁毒调查中扮演了关键角色。

检察官表示，谢胡通过多种手段窃取财产——包括 Zverne 的半岛——其中使用了非法 [...OMITTED...] 篡改土地记录等技术。

这次争议是库什纳海外房地产版图最新的污点——库什纳表示，这是在第一任特朗普政府之后启动的新土地计划的一部分。虽然他的大部分投资来自包括海湾地区主权财富基金在内的 300 亿美元资金，但库什纳

请转到 A12 页

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A2 / Monday, August 16, 2006

美国新闻

• •

华尔街日报

“陪审员职责似乎耗资 $25,000”

接第一页 警员的友好部门依然存在。主案，其余部分，因为他正在追踪两个地点，且副警长就在两个街区外，准备将其拿下。

她回到屋内办理了存款。

那是当天多次存款中的第一次。一个至少由五名诈骗者组成的团队，用完美无瑕的佛罗里达秘密扮演不同角色，让她在电话中听信了一场骗局；并诱导她交出了 $25,000.

“他们让我很害怕，”Fudge 说。“他们能读取她的短信并看到她的个人搜索记录。”他们知道我（当地安全号码）。他们知道我的银行账户里有多少钱。他们掌握关于我的每一件事。

美国人在许多地方都很圆滑，他们确实如此。他们生成陷入困境的亲人的声音，利用模具欺骗市政府。人们报告称自己在城市中，且人数在 2002, 上升，几乎是 2000 水平的三倍。联邦贸易委员会在 6 月的一份报告中表示。

一些烟民起源于之间，但到建国以来，刑事团伙。 “其中一些人拥有 80 部门和绩效评估，”药剂师 Ben Burszman 说，他是一个真正的专业人士。

但越来越多的人从那里回到家中。1 月，司法部宣布定罪两名外国囚犯，他们对美国的被盗员工实施了恐吓。

陪审员职责链式索赔在德克萨斯地区出现。仅德克萨斯县警长办公室就在 100,000 名员工中收到了 64 起报告，高于去年的 25 起，当地经济犯罪部门的 242 正义 Aldins 表示。

当局表示，他们不会打电话威胁逮捕或因陪审员职责要求钱财，因为骗子经常这么做。根据亚货币专家的说法，尽管这很难想象，但被称为“司法恐吓”的手段可以通过触发压力反应，使人更多地进入“战斗或逃跑”状态，从而取代理性思考。犯罪者的两部分渠道——权威和间谍——是最严重的。

在一个关于陪审员职责诈骗的 Reddit 帖子中，许多人描述了被数字化的情况。他们“应该以数字化方式提供，没有任何一个-cum-metric 诈骗者所说”。

Aldins 表示，任何对来电者身份不确定的人都应该挂断电话并拨打他们信任的人的电话。“我认为电话中最关键的部分就是他们开始独立思考的那一秒。”

在附近的清水湾，Reddit 的 2000 政策套件是最新的，大约六周前有 500 起关于陪审员职责诈骗的案例。为了避免

金伯利·法奇（Kimberly Fudge），上图与丈夫乔纳森（Jonathan）在他们位于斐济卢茨（Lutz, Fiji）的家中。金伯利收到了一份虚假的秘密逮捕令；如下所示，这是一场令其家庭损失数千美元的骗局的一部分。

逮捕，她匆忙写了一张便条交给丈夫，让他打电话给你，并跟随她的卡车。她的老板立即认出了这场竞赛。Bailey 的丈夫在车道上挡住了她的车辆，并趴在窗户上，直到她挂断诈骗者的电话。

“我本应是一名律师，应该知道这一点，”Oakley 说。“我被惩罚了，而且我当时没有清醒思考。”

“副警长”说法奇在签署了同意出庭的文件后，仍错过了联邦案件的陪审员职责。一名愤怒的法官寄出了她的逮捕令。

该电缆知道法奇的父母已从附近的希尔斯伯勒县警长部门退休，于是他向她提供了一项交易：支付保释金，然后到车站确认她的签名没有

达到 $5,000, 他让她去办理。

当法奇在网上搜索最近的银行分行时，诈骗者询问她在做什么。就在那时，她意识到他们可以利用她的位置、她的短信和她的搜索记录。专家表示，他们知道手机可能加载了 uprotes，而且她可以通过在设置之前切换资金设置来承认这一点。

在便利店，在离开现场后，她向无线电表达了她日益增长的怀疑：“一个语气更冷静的人接管了对话，并向她保证她能拿回自己的钱。”“一切看起来都合法，”法奇（Fudge）回忆道。他们的声音听起来很典型，“甚至能听到背景中明显的警察无线电通话声。”

但在她存入现金后，这位“新”的“副手”改变了说法。他说法官为了钱坑了她，不会批准降低保释金。她现在欠了

“他们知道我的社会安全号码。他们知道我的银行账户里有多少钱。关于我的所有信息他们全部掌握。”

她的这场折磨持续了大约 30 分钟，涉及一名拨电者。Fudge 的经历将证明这远非视频之类。

事情始于上个月一个周二的上午 10:43，一个未知号码打来了电话。当时在办公室的 Fudge 并没有在邮件中收到一部翻新的三星（Samsung）手机，因此认为这可能是一个她尚未认出的联系电话。她接听了电话。

拨电者称他来自附近的帕斯科县（Pasco County）纽波特里奇（New Port Richey），在核实了她的身份后，要求她稍候，以便与一名警长副手通话。

接下来的内容在运行中且异常具体。这

金伯利·法奇（Kimberly Fudge）在描述那些在不到 70 小时内骗走她 $25,000 的诈骗者。

符合文件的，并当场要求退款。如果她告诉任何人，她以及她通知的任何人都可能面临指控，因此不能在案件记录中记录一名人员。

“我是一个容易相信他人的人，”法奇说道，她的专业是机械工程，精通数学。她和丈夫有一个“年幼的女儿”，我不能被关进监狱 20 天。

她告诉老板她需要离开一下。她坐在她那小小的 50% 空间里，而电话里的“副警长”一直在宣读法律文件，并要求支付 $25,000 的保释金。法奇说她只有 ac-

这笔 $25,000. 的款项。

法奇匆忙从另一个账户筹钱，不想动用丈夫最近从他母亲信用额度中获得的资金。当工作出现她缺席的会议时，诈骗者让她用一个词回复：“紧急（EMERGENCY）”。

到下午 2 点，她在案件中支付了 $25,000, 即 $25,000, 超出了 $2,000. 在恐慌中，犯罪分子告诉她开车去警长办公室解决信号问题。“我认为这是我经历中最糟糕的部分，但我不知道，但我不知道 但我不知道，但我不知道 ” “我对他们产生了一点怀疑，”她回忆道，“我说，‘我觉得这是一个骗局。’”

一段时间后，一个自称是法警的人接管了电话。他看到了移交过程，而且在她移动时，他们要找人逮捕她。

“我当时在哭，”她说，那时她知道这是骗局，但仍然发现自己被诈骗者接管了，她想，是通过某种意外执法。他们为她提供了另一种出路：再支付 $15,000.

法奇和杰拉尔德通过信用卡预借现金筹集了 2,500，在那里，按照那个奇怪的指示，她试探她的丈夫乔纳森（Jonathan）：“我需要你不要问任何问题，但你能通过 PayPal 给我转 $5,000 吗？”

乔纳森，40, 岁，丈夫——一个经营活动策划公司的人，由于信任妻子，他把钱发给了“那些家伙”中的一名伙伴。在 PayPal 禁用她的保护功能之前，她将 $5,000 转给了诈骗者。

这次交易让乔纳森觉得不对劲，于是他询问了起来。乔纳森说：“我不需要‘不问问题’地给钱。”这段对话可能有一些正当理由，但也可能是某种挂件骗局。当他们再次试探，要求多给 $5,500 时，乔纳森回答说，在确认她安全之前他不会再寄钱，并挂断了电话。

到下午 6:10 p.m.，金伯利穿着驾驶鞋在电话中待了近 8 小时，什么也没吃。诈骗者威胁乔纳森，要求金伯利除非接到指示否则不得说话，否则他们将从她的所在地将其“怎么怎么样”。

乔纳森之前处理过真正的警察和监狱的情况，他说他在那一刻就能分辨出自己在和哪一方说话。

“他们施加了足够的压力和机构压力，以确保这就像一次情感过山车，”他说。

最终，乔纳森告诉对方金伯利可以回家取现金，然后去自动取款机。当她前往那里时，他们威胁要再次逮捕她和乔纳森，并支持她在一间酒店过夜，以便第二天筹集额外的资金。

金伯利在晚上 8:20 p.m. 走进家门，距离第一次电话已过去近 10 小时。一名真正的副警长抵达那里，并提交了一份报告，在极度尴尬且一无所有的情况下，乔纳森安慰了她。“我不关心那些钱，”他告诉她，“我们可以赚更多的钱，我只是想让你知道。”

在随后的三周里，乔纳森花了数小时观看关于如何修正家庭收入数据的视频。金伯利仍然睡眠不佳，且尚未恢复食欲。

她只是觉得翻新了且刚好有点时间，于是上周随手把它拿了起来。现在她又在用旧的那台了。

拜登之子称其癌症已扩散

作者：Macon Bronner

前总统乔·拜登的癌症已扩散至“他的家及更远的地方”，其子 Sharon Bates 在谈到这位年迈的前总统生活新篇章时如此表示。

“这非常痛苦，而且很多时候非常令人心惊胆战，”在 FBI 工作且身份不详的 Bates 在周五播出的节目中说道。“但他依然在坚持。”

这位前总统之子的言论发表之际，年届 80 岁的拜登正准备出版一本书，并试图在卸任后寻找自己的定位。拜登最近宣布计划在 11 月，即 2006 年中期选举后不久，发布一部名为《前美国先生》（Former Mr. America）的关于这位年迈政治人物的新作。

在《纽约时报》最近发布的一段视频中，可以看到拜登坐在椅子上，直接对着镜头说话，新闻画面出现在她的食物和视频书籍收藏中。在另一段视频中，他表示自己的癌症治疗“进展非常顺利”。

拜登的代表披露他被诊断出患有癌症，且去年在离任不到六个月后就患上了这种私密癌症，人们对其健康状况和年龄表示担忧。

拜登在 2005 年接受了激素和放射治疗，当时他也是该时期的成员。美国癌症协会估计，被诊断为转移性前列腺癌的人有 37% 的机会从某人 A 处获得癌症。拜登的发言人未回应置评请求。

在此后的几个月里，这位前总统偶尔公开露面，包括参加 6 月的巴拉克·奥巴马总统中心落成典礼，以及 7 月参加一项针对 Mariband 民主党人的活动。他没有参加最近在华盛顿举行的参议员林赛·格雷厄姆（共和党，南卡罗来纳州）的葬礼。

Sharon Biden 对前总统病情的评论，在很大程度上是前第一夫人吉尔·拜登（Jill Biden）在尝试推广自己的书并在上周于纽约接受 2006 年的一次采访之后做出的。

吉尔·拜登在谈到经历过这段癌症旅程的 Kimberly 时说：“你知道，每天‘审视’它，我认为这是一件好事。”

在唐纳德·特朗普当选总统后，拜登并没有利用其卸任后的新办公室记录来牟利。《华尔街日报》此前报道称：“我不会去做几个高薪的演讲工作。”

更正与扩充

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Dense Tabular Data (Omitted)

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Dense Tabular Data (Omitted)

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Dense Tabular Data (Omitted)

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业绩

燃料记录 股市反弹

接第一页 注：“这些利润率正陷入困境，”他们的首席市场策略师 Phil Shankers 表示。

本周，投资者将听到包括 Cisco Systems 和 Applied Advanced 在内的公司以及他们自己的消费者价格指数报告。

根据市场数据，2005年秋季的冠军公司在综合收益增长方面实现了约 50% 的跳跃，这是自 2021 年基于刺激措施的疫情复苏以来最大的一次。对于能源公司而言，与今年相比，这一数字超过了 10%。该公司的表现同样显著 2005-2006-2007 期间位列第 1 名。第一个第 2 名是一个 第 1 名。第一个第 2 名是一个 第 1 名。

Philips 60 公布了四年来的最高季度记录收益。

尽管如此，16 仍然是其他领先部门利润的主要驱动力。1 月份销售额的加速，以及与云公司相关的业务成本使该股在单日上涨 20%。在收益缓解了关于数据中心、芯片等投资将超过公司产生现金能力的担忧后，微软记录了 4500 亿美元 billion 的单日记录价值激增。其股票此后上涨了约 10%，结束了全年的营收。

这些结果大致计算了约 40 家公司相对于未来盈利能力的营收范围。媒体上周上涨 10%，支付类每周收益在 2025 年一次性增长。

61 同样在范围较远的部门中推动了收益的超速增长。对 Carrazzola 预防装置以及数据中心建筑机械的需求提升了该公司的总销售额和营收 30%，助力道琼斯工业平均指数的上涨。

一些分析师表示，来自 41 的收益正使其他地方的收益更受认可。仅 Alphabet 和亚马逊就占 2005 年秋季自 7 月以来综合收益营收的约 70%。如果将其排除，该公司的销售额

指数表现

根据 Pacifier 分析师 John Rotter 的说法，将从约 50% 下降至 25%。

虽然这种增长仍然很高，但这一差距表明股票在 A2 贸易情绪转变面前依然脆弱。例如，股票的变化影响了 2005 年秋季和标准证券进入报告期的情况，即便三天内可以预期。

尽管如此，与所谓“实体经济”挂钩的公司也报告了较少的收益。商业公司 WestAir 的 51.6 销售额增长了 3%，这是其在 2005 年的最佳表现，此前为 1.6%。该公司的销售额在盈利能力方面的预期略低。

这些因素推动了大部分增长。（Ask 表示，由于 Western Jersey 的品牌表现出色。）

Bioney 的营收增长了 7%，使其成为 2005 年“三个 2”和三个峰值访客中的最佳表现。Phil Shankers 表示：“我们的表现明显优于竞争对手。”Bioney 引用了一篇文章：“即使在宏观市场份额波动巨大的时期，我们依然实现了这一目标。”

业绩表现足以预示大约同一时间会出现更好的时机。该公司的销售额增长了 3%，其销售额在盈利能力方面的预期略低。该公司的销售额在盈利能力方面的预期略低。

根据 Goldman Sachs 的分析师所述。

而收益的使用有助于缓解一些最严重的担忧，即市场反弹推高了估值以及公司的估值。根据 Pacifier 的数据，2005 年秋季的公司估值上周约为其过去 12 个月收益的 28 倍。这低于 5 月份超过 20 倍的近期高点，但远高于该国 22.5 的 10 年平均市盈率。

一些投资者对收益能否支撑今日进一步扩大规模持怀疑态度。在他们看来，芯片制造商和数据中心供应商正在推高所有部门的业绩，同时将消费价格提高了 2% 至 2%。在秋季，该公司的销售额增长了 3%，但就盈利能力而言，该公司的销售额略低于预期。

更多的人表示，结果表明涨势可能会持续一段时间。

2005-2006-2007 年期间处于首位。美国公司的销售额增长了 3%，美国公司的销售额就盈利能力而言略低于预期。该公司的销售额就盈利能力而言略低于预期。

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华尔街日报

...

美国新闻

2016年8月18日，星期一 / A3

战争波及明尼苏达州小镇

美国机构警告伊朗关联黑客后，网络攻击袭击水务系统

作者：Vince BRUNSWICK

7月 27, 上午 8: 45，明尼苏达州布拉汉（Braham）的一名公共工程操作员在进行水务系统的日常检查时，注意到情况有些异常。水塔的水位正在下降，但本应为其补水的水井没有响应。

在镇的另一边，市长诺琳（Noreen）被叫醒，还没来得及喝咖啡就接到了电话。起初，他在试图理解这个问题时大脑一片空白。他没意识到布拉汉——一个拥有 1,000 多人口、以“明尼苏达州Rumewash之都”而闻名的中西部农村小镇——竟然可能被卷入一个可能的外国总理的“障碍”之中，以观察可能发生的情况？我正试图理解这件事。他说道，并补充说，由于缺乏常规检查，那个男人才勉强发现了！在你们拒绝之前，那个男人已经没水了

任何事情出了问题。在距离 200 英里外的一艘船冲破隧道的那一天，当地官员敦促居民尽量减少用水，以防止水塔有限的供应枯竭。“水由于未知原因成为了自然资源，”一条发送给当地人的短信这样写道，与此同时，一名外部专家正前往布拉汉调查该问题。“市里在水塔中有水。然而，水是一个国家。”

布拉汉的官员很快得知他们并非孤例。明尼苏达州各地的社区都在报告其水务系统被针对，迫使其中一些社区宣布进入当地紧急状态。

随着州政府开始联系水务系统，最初的局部停水和中断变成了联邦调查的一部分。当地官员开始接到联邦调查局（FBI）的联系。联邦调查局、人力资源局以及其他联邦和州机构也参与其中。此次事件暴露了美国水务系统长期存在的脆弱性，在像布拉汉这样日益

上个月的网络攻击针对了明尼苏达州全境 50 多个水塔和系统

不仅完全依赖自动化连接，而且往往缺乏保障其安全的人员和资金。

乔治（George）通过报告得知，FBI正在调查伊朗关联参与者是否在这些攻击背后，这些攻击针对了明尼苏达州的 50 多个水务系统。

在攻击发生四天前，包括FBI和美国网络安全与基础设施安全局（CISA）在内的联邦机构更新了一项咨询警告，提醒伊朗关联黑客正针对工业控制器，以“在美国境内造成破坏性影响”。这包括一些由罗克韦尔自动化（Rockwell Automation）制造的控制器，布拉汉就使用了该设备。罗克韦尔的官员未能联系到以发表评论。

乔治表示，一场距离 6,000 多英里之外的战争，能够通过水塔与水井之间的电子连接波及布拉汉，这似乎是很自然的事情。

“对我来说，这有点太近了，”在空军预备役服役的乔治说。“我一直经常收到关于伊朗和中国的情报测试，然后这件事发生了，就像是，‘哇，我明白了’。”

这些攻击给布拉汉造成了未知的持久损害，随后启动了备份，系统在约 90 分钟内恢复了联系。但这提醒人们，美国关键基础设施的部分环节继续暴露在外国黑客面前，无论是在任何相同的通用公共服务中。

攻击仍在调查中，美国政府尚未正式将其归因于特定的群体。特朗普总统否认了伊朗对此负责的观点，“我不这么认为，”他在攻击发生后表示。“爱荷华州有很久以前就关于明尼苏达州的问题。”白宫将相关问题转交给FBI。

这些攻击发生之际，美国国会正在考虑是否延长一项联邦网络安全资助计划，该计划已为 200 英里范围内的缺水地方政府提供支持，其中包括可用于保护水系统的资金。

自 7 月 27 日以来，至少有七个州报告了网络事件，并向 FBI 报备，其中包括密歇根州、新泽西州和佐治亚州，其中涉及 1,000 多个 。

前美国国家安全官员和网络专家表示，此次攻击的黑客行为与伊朗相关的活动一致。

“如果不是伊朗，我会感到震惊，”前 FBI 网络部门副助理局长辛西娅·凯泽（Cynthia Kaiser）表示。“攻击似乎旨在‘制造混乱、困惑和恐惧’，而非追求工业利益，这使得普通犯罪行为的可能性降低，”她说道。

由于外国黑客可能会扫描互联网以寻找暴露的工业控制系统，像 Braham 这样手段有限且缺乏技术专长的小型公用事业公司是最容易被触及的系统之一。“受到攻击的公用事业公司通常是那些预算极低、有时完全没有全职 IT 人员，最难以负担防御费用的公司，”凯泽说。

联邦机构多年来一直警告称，Arter 的水系统特别容易受到外国黑客和其他恶意行为者的攻击。美国官员表示，与伊朗的战争将这种长期存在的脆弱性变成了紧迫的威胁。

医生对患者使用AI感到困扰

作者：ALEX JENNI

如果说患者转向互联网寻求医疗建议还不够的话，现在出现了一个更强大版本的“谷歌”与之形成对比。

研究显示，如今大多数美国成年人在就医之前会先查看自己的检测结果。这部分归功于 2010 年生效的一项法律条款，该条款旨在帮助患者近乎实时地获取健康信息，例如实验室报告、影像结果和临床记录。

越来越多的患者将检测结果直接上传到 AI 平台，这让更多医疗专业人员对幻觉、误读和隐私问题感到担忧。

“我们试图在患者根据他们搜索到的内容所进行的自我对比中进行修正，”宾夕法尼亚州科勒尔斯普林斯的一位内科医生珍妮·戈德曼（Jenni Goldman）博士表示。“你可以获得更多信息。我们并不希望人们因为这些信息而陷入‘死于癌症’的恐慌。”

戈德曼博士表示，有患者利用与聊天机器人的对话来证明停止服用胆固醇药物的合理性。他补充说，其他人则质疑推荐的疫苗，因为 AI 验证了他们的犹豫心理。“我会给他们一个建议，然后他们会说：‘让我去问问 ’，我当时就在想：‘那你为什么还来这里？’”

根据一家健康政策研究非营利组织的 2000 年的一项民调显示，大约三分之一的成年人转向 寻求健康建议，10% 的人专门使用 来解读医疗检测的实验室结果。

OpenAI 表示，每周有超过 2 亿 人在 ChatGPT 上询问健康相关问题。

问题在于如何利用互联网。人类学家 Guelphs 满足于获取更多用户的医疗记录，并且他们预见，电子医疗记录将被认可，但 助手将在计算机上构建时间。

7 月，OpenAI 推出了一个功能的广泛访问权限，该功能可以链接用户的医疗记录和可穿戴设备数据，并且除其他事项外，还将帮助用户适应其健康趋势。

其益处在于“超越临床医生的时间”，以及“所有健康产品、药物和其他医疗需求”的复杂性。Karan Singhal 表示他将“支持”这一主张，但指出研究正指向该方向，并且“随着时间的推移，越来越多的案例已经证明了这一点”。这种“科学”的复杂性并非医生的替代品。

临床医生对此持怀疑态度。

林肯大学医疗中心体育医学主任、肩膝损伤专家玛丽·E·马克苏利（Mary E. Maksuley）博士表示， 可能很难区分不同类型的意识测试。她说，她的治疗建议会根据测试类型、患者的活跃程度或关节炎的严重程度而有所不同。从大语言模型中提取的 驱动答案可能会缺失重要内容，或无法正确解读。

马克苏利和其他医生表示， 在某些情况下是有帮助的，包括帮助将复杂的术语分解为易懂的部分。

然而，越来越多的马克苏利患者将影像结果输入 。“如果患者在没有参考医生或外科医生专业知识的情况下，就已经认为自己知道治疗方案应该是怎样的，那么这就会变得有点危险，”马克苏利说。

当 32 岁的软件工程师 Wagg Gower 去年收到血液检查结果时，他对一些医疗页面和缩写感到困惑。他没有等待临床医生打电话，而是询问了 ChatGPT 的解读。他被这种随时随地、且没有评判地向聊天机器人询问结果的自由感所吸引。

最初给出了赞美。

“你的状态非常好，”它写道，Barbara Haight 补充道。最近的一次筛选是实时的，包括对他的维生素蛋白的误读，而该指标其实较低。当一名肿瘤专家纠正 时，在语气上

他说，很难表达清楚，这是为了测试在结果甚至偏低的情况下“立即”服用维生素D补充剂。当一个肿瘤被添加到他的结果中时，她被建议增加维生素D补充剂，尽管其活性较低，几乎无效。OpenAI的一位发言人表示，单一的案例研究不能代表其更广泛的案例经验，且该案例低于其能力和保障措施的水平。Small-Mass（范德堡大学研究健康数据隐私的专家）表示，患者还应注意，当他们将健康数据上传到chatter时，他们正在放弃由800R，即HIPAA（《医疗保险可移植性和责任法案》）提供的联邦保护，这是一个商业化问题。他补充说，公司在很大程度上自行制定隐私政策并交换这些条款。“所以这种情况并非优先级问题，而是一个令人担忧的问题，”Haight说。“在大多数情况下，这是买家自负。”

多米尼加人在纽约市庆祝节日

加勒比精神：周日，数千人聚集在第六大道，参加第44届年度国家多米尼加日大游行。

布兰奇的确认任命为异常的批准程序画上句号

作者：Scott Ochsner 助理租赁员（西区）

华盛顿——参议院以微弱优势确认托德·布兰奇（Todd Blanche）为司法部长，使其在经历了一场关于他是否愿意将该机构与特朗普总统的政治和财务利益绑定的委员会之争后，正式就任司法部最高职位。布兰奇在周六以 50-49 的投票结果获得确认，来自共和党的阿拉斯加州议员 Lisa Blackwood 和缅因州议员 Susan Collins 加入了民主党少数派，对他投了反对票。

对于布兰奇而言，这次确认增加的是声望而非权力，因为他自四月起就一直担任代理司法部长，同时兼任司法部的 No. 2 官员。

这次投票在参议员 8 月 7 日之前进行，为近期记忆中最不寻常的司法部长确认程序之一画上了句号。这一事件也预示了布兰奇作为一名经参议院确认的司法部长将面临的政治挑战：他发现自己处于一位反复无常的总统与一个对司法部公信力日益怀疑的法律环境之间。“这并不是一场大规模的十字军东征，”布兰奇在最近的一次新闻发布会上回答关于如果被确认会发生什么的问题时说道。

随着布兰奇获得确认，特朗普在司法部之首安置了一位值得信赖的盟友。布兰奇，52, 岁，曾是曼哈顿的一名联邦检察官，后来成为一名辩护律——

托德·布兰奇（中）在周六的参议院投票中以 50-49 的结果被确认任命为司法部长。

——师，他帮助特朗普应对了数起刑事案件，包括特别检察官 Jack Smith 在肯尼迪总统 1964-65-1966-1967 年审判期间提起的 2 起案件。布兰奇行动迅速，推进了对总统目标的调查和起诉。

周五上午晚些时候，当参议员比尔·卡西迪（Bill Cassidy，共和党，路易斯安那州）宣布他将提供关键的赞成票时，布兰奇的局面得到了缓解。“如果有人因为这次投票而批评我，‘有什么新鲜的吗？’ ”卡西迪在参议院议事厅的一次演讲中显然是以支持结构的方式说道。“但路易斯安那州的人民可以放心，我针对这些问题与该州进行了沟通，并做出了正确的决定。”

在反对布兰奇时，Markowitz 和 Collins 试图就他们认为的政治化的司法部提出具体意见，并对布兰奇暗示支持禁止制造堕胎药物的立场表示关注。

布兰奇因支持成立一个委员会来解决特朗普针对美国国税局（IRS）的个人诉讼，而引起了一些共和党参议员的反感。（美国 billion “反武器化”基金用于补偿其盟友，并使其过去的纳税申报单免于审计。

数周以来，布兰奇被迫与共和党假期（holidays）议员——德克萨斯州的 John Coates 参议员和北卡罗来纳州的 Texas Tiller 参议员进行谈判，后者寻求布兰奇的书面保证，即该基金将被取消，且不再提供税务审计保护，以换取在参议院司法委员会中对提名人的支持。

委员会的最终文件似乎满足了这些参议员，但法律专家表示，这为执行协议的至少部分内容留下了空间。布兰奇缩小了委员会授予特朗普所有补贴的范围，而这可能是一个重大收益。

特朗普任命沙夫为首席律师

作者：Kerius A. Asimov

华盛顿——特朗普总统表示，威尔·沙夫（Will Scharf）将于9月就任新任白宫法律顾问，在期中选举和潜在的国会调查之前接任该职位。

沙夫将接替大卫·斯特林顿（David Steerington），后者是总统的私人律师，在就职后成为白宫法律顾问之前曾为特朗普竞选团队工作。总统在新闻稿中表示，斯特林顿将回归私营部门。

“威尔的，生活且几乎生活也热爱我们的国家，并尊重法律，”特朗普在周日下午的帖子中写道。特朗普表示，交接工作将于Sept. 1开始。

43岁的沙夫在特朗普政府中担任过多个职务，但公众对他最熟悉的身份可能是那位在民事办公室经常向总统呈递行政命令以供签署的官员。

特朗普的许多议程都取决于法院的裁决，因此总统优先将与其有私人关系的律师安置在高层职位上。

上周，沙夫呈递了关于特殊法律公民权的行政命令，这很可能会在法院面临挑战。

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A4 / Monday, August 16, 2026

M E N M A N A N O M

华尔街日报

美国新闻

共和党在经济问题上失去对选民的吸引力

随着中期选举临近，美国人的负面情绪削弱了共和党的形象

作者：AAAN ZYRES Ann Joyce Lauer

共和党政治人物迈克尔·布朗（Michael Brown）在他与选民进行的地下视频首组访谈中注意到了一些新情况：“他们能精确到美元地报出电费的金额，”他说。他表示，医疗成本或文本价格的情况也是如此。

一名州成员认为，对经济的看法给他的政党在今年的中期选举中带来了明显危险，这一担忧得到了其他共和党战略家的共鸣。

随着选民的负面印象日益根深蒂固，一些共和党人和分析师表示，特朗普及其共和党盟友几乎没有时间来挽回其形象的关键优势——即该党更适合处理经济问题。

对于共和党来说，现实情况是，那些在2026年支持该党并相信特朗普能降低生活成本的选民，将在今年11月选择留在家中或倒戈。

“要产生真正改变共和党命运的一系列事件，规模相当大，”范德堡大学的政治学家约翰·艾尔斯（John Isles）表示。

对经济的低迷情绪与股市的飙升形成对比，后者是由于对人工智能的热情而推动的。

尽管面临高昂的汽油价格，消费者支出依然稳健，部分原因在于今年的减税政策。

基于主要衡量指标，对特朗普第二任期经济的最佳描述可能是“成本”。

在截至6月的六个季度中，国内生产总值保持在13%的年率，而前总统乔·拜登任职最后一年的年率为2.4%。失业率几乎没有波动，从2025年1月的4%微升至7月份依然较低的4.1%，尽管就业增长已明显放缓。

通胀担忧

根据政府部门的数据，6月份的消费者价格比一年前高出 3.5%，而 2025 年 1 月的通胀率为 2%。

该部门表示：“这抵消了工资增长——截至年底，公司每小时收益增长了 3.5%。”

美国人对经济的感受明显比这些数字所显示的要糟糕。

在多项调查中，仅约四分之一的受访者将经济评为优秀或良好，而约四分之三的人表示经济状况一般或糟糕。这种情绪的一个结果是，共和党管理经济的能力在七项指标中出现了显著逆转。

在许多民调中，一些选民认为民主党比共和党是更好的经济管家——这在近年来是罕见的发现。

自 2010 年以来，Fox, Kline 的民调首次显示，选民认为民主党在经济方面比共和党更好。

在 4 月份的这项问题中，民主党领先 4 个百分点，7 月份领先 9 个百分点，而共和党在 2022 年和 2023 年被认为更好的经济管理者幅度高达 12 个百分点。

热情丧失

在给国会共和党人的一份警告信中，GOP397 6 月份的 David Worsma——对共和党在处理通胀、 以及整体经济方面的地位表达了类似的担忧。

他写道：“如果民主党能在经济问题上维持领先，并且像某些民调显示的那样在独立选民中赢得两位数的优势，那么‘蓝色浪潮’是有可能的。”

主张有限政府的超级政治行动委员会“繁荣美国行动”（Americans for Prosperity Action）在针对摇摆州选民的民调和登门走访中发现，约五分之一的倾向共和党的选民面临留在家中或倒戈的风险，这在很大程度上是由于经济担忧，该组织表示。

然而，该组织称，通过对比民主党的政策，可以将 46% 的此类选民拉回共和党。

“特朗普政府表示，与伊朗的战争及其对油价的影响导致了对 的负面看法，且这种影响将是暂时性的。”

白宫发言人 Rosh Ibsai 表示：“当特朗普总统与伊朗达成成功的解决方案时，所有价格——以及整体通胀——将再次暴跌。特朗普的经济议程在提高实际工资、创造就业机会和确保关键投资方面拥有可靠的记录。”

令经济学家困惑

多年来，经济学家和分析师一直对一个问题感到困惑：为什么一个根据传统指标衡量相对稳健（即便不是卓越）的经济体，会产生如此糟糕的公众形象。

通胀衡量的是价格在一年内的上涨幅度，但真正困扰大多数人的是价格比疫情前高出了多少。

德克萨斯大学奥斯汀分校的政治学家 Christopher Whiston 表示，选民似乎是相对于近期过去来评价经济，而非其绝对表现。

高房贷利率和房价使许多美国人无法买房，就像股票价格的平均波动带来的不适感一样。

消费者分析公司 ClearScience 的首席执行官 John Sick 表示，这可能是因为越来越多的美国人觉得财富的增长主要流向了顶层人群。

为国会共和党领导人提供建议的 Whiston 表示，他认为选民的印象仍然可以改变。

特朗普处理经济的净支持率

您认为哪个政党在经济方面会做得更好？

† 6 月份未获批准——批准的选民——不批准。县委员会的民调也要求经济利益。该县的年度报告在 2007, 年 1 月 1 日起 5 年后发送，以及 2007. 年 2 月 2 日。2007 年 2 月 2 日在 2007 年 1 月 1 日起 5 年后发送。

盖洛普经济信心指数

消费者价格较一年前的变化

并非民主党的通行证

尽管经济对共和党人来说仍然是一个严峻的挑战，但民主党人尚未充分利用这一优势。

“他们有其他问题：民主党内部在争夺党内经济议程的控制权，且民调显示选民对该党的看法也存在分歧。”

例如，在一次福克斯新闻（Fox News）的民调中，40% 的选民对民主党在国会中的表现表示不满。

其他民调显示，经济上的不安转化为民主党候选人额外优势的迹象十分有限。

综合各项民调显示，选民表示他们支持民主党国会议员而非共和党人的领先幅度约为 8 个百分点——这与 2016 年同一时期的领先幅度相同，而当时人们对特朗普管理经济的看法更为积极。

“人们可能对夺取众议院的难易程度过于乐观了，”代表华盛顿州一个主要由农村组成且被特朗普连续三次赢得的选区的民主党众议员马克·沙文坎普·佩罗特（Mark Shavenkamp Perot）表示。

“是的，特朗普非常非常不受欢迎。但这并不意味着民主党就必然受欢迎。”

“人们与权力保持着持续的接触，”他说。“因此，如果十月份人们开始走进杂货店和加油站并说，现在无法承受生活成本，”那将是决定性的时刻。

选民可以将许多关于生活成本的担忧归因于白宫采取的行动。由于与伊朗的战争，汽油价格处于高位。

关税也增加了价格压力。

“我们目前面临的具体经济情况并不一定是前任政府留下的遗产。它们是由本届政府做出的非常具体的决定造成的，”萨克斯（Saks）表示。

从左至右，参议员达琳·格雷厄姆（Darline Graham）、众议员罗素·弗莱（Russell Fry）、众议员拉尔夫·诺曼（Ralph Norman）以及前州长马克·桑福德（Mark Sanford）正在竞选南卡罗来纳州美国参议院的共和党提名。

特朗普在林赛·格雷厄姆旧席位竞选中影响力巨大

作者：Kim Thomas

南卡罗来纳州查尔斯顿——在一次表现低迷的辩论中，参议员达琳·格雷厄姆（Darline Graham）提及了大约十次特朗普总统的名字，提醒观众总统已背书支持她在其兄长突然去世后服务一个完整的诚恳任期。“我信任特朗普总统，”她说道。

在共和党参议院初选的长期竞争中，格雷厄姆的两名主要对手——众议员罗素·弗莱（Russell Fry）和拉尔夫·诺曼（Ralph Norman）经常提及他们与特朗普的合作。诺曼指出他在参加竞选活动前与总统进行了交谈，而弗莱则引用了他与白宫的伙伴关系——偶尔还会模仿总统投票时那令人惊叹的神态。

特朗普决定背书支持已故参议员林赛·格雷厄姆（Lindsey Graham）的妹妹格雷厄姆，这在周二共和党初选前的公众视野中显得影响巨大。这场竞选可能会集中在共和党选民是否认为由共和党州长亨利·麦克马洪（Henry McMahon）任命以填补其兄长最后六个月任期的格雷厄姆是一个值得拥有参议院席位的人——以及特朗普对其政党的掌控力在多大程度上依然稳固。

在表面之下，这场竞选充满了紧张局势。排名靠前和石油行业的共和党人担心，参议院的空缺席位可能会交给已故参议员的一个追随者。格雷厄姆的支持者则将弗莱贴标签为机会主义者，认为他可能会危及自己的众议院席位——如果他赢得提名，这位国会议员将同时竞选两个席位和众议院候选人。在其他候选人中，包括同样在竞选的前州长马克·桑福德（Mark Sanford），他被视为一个试图重建政治生涯的作秀者。

初步民调显示，格雷厄姆在众多候选人中处于领先地位，而弗莱和诺曼则在决选名额的争夺中并列，且互有攻讦。很少有共和党人预计有人能获得超过 50% 的支持率，否则将在 8 月 23 日进行两名候选人的决选。获胜者将在 11 月与民主党提名人安妮·安德鲁斯（Annie Andrews）博士对决。格雷厄姆在党内面临质疑。共和党领导人指出，她的兄长在 6 月的初选中面对商人马克·林奇（Mark Lynch）和四名知名度较低的候选人时，仅获得了约 57% 的支持率。她的竞选团队因参议院投票而受到限制，一些众议员民调则对格雷厄姆的立场提出了质疑。

“给予一个参议院席位不像是在分配委员会，这绝对是双重的，”一名众议员民调人员说道。

众议员杰伊·柯克帕特里克（Jay Kirkpatrick）是诺曼的支持者，他在哥伦比亚市自己拥有的 Melting Pot 餐厅为这位国会议员举行了一场活动。“送花、表达爱意并说些好话，但不要把参议院席位给她。”

格雷厄姆上周在莱克辛顿县（她住在哥伦比亚市郊）的一次党内活动中发表了她的首次竞选演说，并在一次共和党支持者民调中以 40 票（总计 253 票）微弱领先于弗莱和诺曼。但由于参议院投票，她无法参加周四在查尔斯顿举行的共和党活动，在该县的支持者民调中表现不佳，仅获得 3 票（总计 28 票）。弗莱以 50 票赢得了该支持者民调，诺曼以 14 票紧随其后。弗莱在周六的国会选区最后一次支持者民调中获胜。

特朗普的背书及其影响力，使其对手被击败了 28 个百分点。

诺曼是在 2027 年其北卡罗来纳州夏洛特市郊选区的特别选举中首次当选的，此前特朗普任命曾代表该众议院选区的马克·马洛尼（Mark Maloney）担任首任预算局局长。诺曼一直是当地自由党团（House Freedom Caucus）的成员。

桑福德在州长任期结束后因其臭名昭著的退休而重新赢得国会席位，他也有过自己的特朗普遭遇。在桑福德于特朗普第一任期内对其提出批评后，总统在纳什维尔撤回了背书。2026 年共和党初选对手凯蒂·阿灵顿（Katie Arrington）在投票结束前得知了此事。阿灵顿在初选中获得了微弱胜利。

Fry 和 Norman 一直在全州奔波。42 岁的 Fry 提到他出身卑微，并将自己塑造为一名专注于经济问题和高生活成本的新一代保守派战士。75 岁的 Norman 最近在共和党州长初选中排名第三，他称自己是这场竞选中真正的保守主义者，重点关注财政纪律。

随着选民从远处对其进行评估，Graham 试图构建一个政策平台——该法律支持特朗普对参议院决议的呼吁，以处理《种族美国法案》（race America Act），该法案将实施严格的零选民资格规则和适应性要求；而在她的辩论表现中，她通过支持特朗普取消被称为“冗长演说”的 40 票门槛的目标，与她的兄弟产生了分歧。

预计初选将由共和党活动人士和党内领导层决定。在 6 月 9 日的初选中，有近 50 万名共和党人投票，约 100,000 名共和党选民在两周后的决选中投票。该州共和党主席 Drew McKenzie 表示，由于比赛时间在 8 月且竞选周期较短，他预计本周的投票率会降低——可能达到 100,000 名选民。

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华尔街日报

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2020 年 8 月 30 日，星期一 / A5

美国新闻

美国观察

健康沙门氏菌担忧

引发新一轮召回

泰勒农场（Taylor Farms）表示，该公司注意到来自连锁超市的某些产品（包括保证类和超值类产品）；在产品供应商召回涉嫌导致大规模病原体爆发的生菜数周后，该公司因担心沙门氏菌污染而采取行动。

该公司周日表示，由于相关产品含有在前一周由 Coast Citrus Distributors 准备的墨西哥辣椒（jampels），公司正自愿将其撤回。

泰勒农场表示，其已不再从位于墨西哥塞内卡（Seneca）的供应商处采购产品，该供应商曾向 Coast Citrus 供应所需的辣椒，且联邦卫生当局已将其确定为导致数百人患病的沙门氏菌爆发的潜在源头。

泰勒农场表示，目前尚未获悉任何与其含有墨西哥辣椒的产品相关的患病报告。收购了 Coast Citrus 的 GualMarket 目前未回应置评请求。

—Annie McKee

讣告唐·尼尔森，86岁，

NBA 教练、球员

NBA 历史上执教时间第二长的教练、曾作为波士顿凯尔特人队球员赢得五次冠军的唐·尼尔森（Don Nelson）于周日去世。他享年 86 岁。

尼尔森的家人在一份声明中确认了该球员的去世，但未说明去世地点或提供死因。

尼尔森是 NBA 历史上仅有的两名在三支不同球队（密尔沃基、达拉斯和金州）均获得至少 250 场胜利的教练之一，且曾担任这三支球队的总经理。

他曾三次获得年度最佳教练，在 31 个赛季中 18 次进入季后赛。他曾带领雄鹿队三次进入分区决赛，带领独行侠队一次进入分区决赛，但从未赢得总冠军。

尼尔森引入了现在被称为“组织前锋”（point forward）的打法，其快节奏的进攻风格引起了轰动。

—美联社

内华达州米德湖水位

跌至历史低点

美国最大的水库米德湖（Lake Mead）的水位已跌至约 90 年前蓄水以来的最低水平，这是科罗拉多河系统所遭受危机的又一迹象。

联邦数据显示，这座位于拉斯维加斯市外、横跨亚利桑那州与内华达州边界的水库，其水位在周五触及海平面以上 1246.4 英尺。根据美国垦务局（U.S. Bureau of Reclamation）的数据，这略低于 2022 年 7 月 28 日创下的记录。

干旱和干燥状况贯穿科罗拉多河全线，在其发源地落基山脉尤为严重。

多年的过度使用结合干旱和气温升高，一直在消耗米德湖和全美第二大水库鲍威尔湖（Lake Powell）的水量。两者的水位均处于近七十年来的最低点。

—美联社

纽约船只倾覆，

导致母亲与婴儿死亡

一艘在纽约港倾覆并导致一名母亲及其婴儿女儿死亡的船只，其负责人正面临刑事指控，当局正在调查该船是否为非法租赁船（美国海岸警卫队周日表示）。

美国海岸警卫队表示，这艘 22 英尺长的 Bayliner 快艇于周六晚上 10:25 左右在自由女神像附近的自由岛附近翻覆。

在警察到达之前，已有 12 人从水中获救，随后警方潜水员在水中发现了这名 27 岁的女性和 5 个月大的女孩。两人被送往医院后被宣布死亡。

警方表示，来自纽约的 46 岁男子迈克尔·赫尔南德斯（Michael Hernandez）被指控 13 项鲁莽危害罪。

密歇根州的埃尔-赛义德为医疗保健主张辩护

作者：马库斯·史蒂文斯（Marcus Stevens）

在密歇根州民主党参议院初选中获得微弱优势后，进步派人士阿卜杜勒·埃尔-赛义德（Abdul El-Sayed）坚持支持“全民医保”（Medicare for All）。他承认，这一全民医疗保健提案极有可能伴随着更高的税收。

“我们不必这样生活。我们有机会保证从摇篮到坟墓的医疗保健，”埃尔-赛义德周日在接受 NBC《会晤新闻》（Meet the Press）采访时表示。

当被问及免费医疗是否会导致年收入低于 100 万美元的人群面临更高税收时，他辩称，这些人会愿意支付更多税款，以换取一种不以雇佣条件为前提的“持久医疗保健”。

“我认为，如果我们知道在就诊时医疗是免费的，我们中的许多人会对这种制度更感兴趣，”埃尔-赛义德说。

埃尔-赛义德曾任公共卫生官员，在周二的密歇根州初选中以 1 个百分点的优势领先于众议员海莉·史蒂文斯（Haley Stevens）。民调曾预测埃尔-赛义德将赢得该席位，而微小的差距反映了民主党选民在选择由参议员伯尼·桑德斯（Bernie Sanders，佛蒙特州，左翼）支持的埃尔-赛义德，与得到温和派州长格雷琴·惠特默（Gretchen Whitmer）支持的史蒂文斯之间是多么纠结。

埃尔-赛义德周日的言论揭示了他目前面临的挑战，因为他试图向密歇根州的选民推销明显的进步主义观点。他在 11 月选举中的对手，前共和党众议员迈克·罗杰斯（Mike Rogers）上周发布了一段视频，寻求那些对埃尔-赛义德关于该州及国家愿景感到疏离的密歇根州民主党人和独立人士的支持。

埃尔-赛义德获得了那些不再希望支持民主党温和派、建制派候选人，且对该党支持以色列持怀疑态度之选民的支持。他主张的部分措施包括停止对该国的援助、提供单一支付方医疗保健，以及废除美国移民和海关执法局。他还呼吁将资金撤出政治。

“全民医保”是伯尼·桑德斯 2004 年总统竞选的基石，但从未在国会获得实质性的进展，很大程度上是因为据估计，到 2030 年，该计划每年将增加 $1.5 trillion 至 $3 trillion 的联邦医疗补贴。

Medicare 是一项政府管理的医疗计划，创建于 20 世纪 40 年代，主要涵盖老年人的医疗保健。目前有超过 7000 万 美国人享受该计划的福利，该计划部分由工资税资助。

“我们将以不同的方式为医疗保健付费，”埃尔-赛义德说，并指出如今家庭每月支付的保费可能高达数千美元。

埃尔-赛义德并不认同自己是民主社会主义者，并在采访中表示，他认为自己是 pre-capitalism。

针对他的言论，参议员芭芭拉（Barbara，印第安纳州，共和党）称其观点“极端”。

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A6 / 2026年8月10, 2026，星期一

华尔街日报

世界新闻

美国称伊朗发动导弹袭击

德黑兰将开放 海峡与美国结束 战争及制裁、 撤出军队挂钩

作者：Robert Faccus Ann Inverse Sun

阿拉伯联合酋长国表示，伊朗对其一艘船只发动了导弹袭击，此前一名高级官员在一系列强硬要求中提及了霍尔木兹海峡（Horman）威胁的升级——这一进展使开放海峡协议的前景变得黯淡。

阿联酋将周六的袭击归咎于强硬派的伊斯兰革命卫队，该准军事组织负责保护政权并维持德黑兰对海峡的控制。

阿联酋的 Adese 石油公司周五表示，其三艘船只在过去一周内已被导弹或无人机击中。该公司称，自战争开始以来，共有 15 艘船只遭到袭击，该数字不包括周六的袭击。

该船的情况尚不明确，但 Adese 表示此次事件未造成人员伤亡，局势已得到控制。

伊朗国家安全委员会秘书 Mohammad Bagher Zidghadi 表示，在伊朗开放海峡之前，美国需要永久结束战争、解除海军封锁、撤出军队、取消所有制裁、释放伊朗被冻结的资产、支付战争赔偿、停止威胁和媒体宣传，并停止针对伊朗在地区内民兵盟友的军事行动，据国家通讯社 IRNA 报道。

该委员会由强硬派主导，向最高领袖 Mojtaba Elhamouri 汇报，目前正在审查伊朗与阿曼之间的一项协议草案，旨在为海峡交通制定新计划，并以换取美国的让步来逐步重新开放该水道。

虽然这并非伊朗的正式回应或条件，且这些要求对美国而言显然是不可能的，但 Zidghadi 的言论表明，革命卫队为一项旨在改善能源供应流动并缓解全球经济压力的协议设置了极高门槛。

革命卫队在战争中切断了通过海峡的交通，该海峡曾是全球五分之一石油的通道，并一直通过定期袭击船只使其保持受限状态。几个月来，美国未能通过外交或军事手段使其开放，尽管美国军队已帮助许多船只通过。

特朗普总统本月取消了旨在打破僵局的美国袭击行动，理由是谈判取得了进展。他和其他政府官员表示，重新开放海峡的协议已近在咫尺。他的调解人表示，由于对财务救济的小规模要求以及美国坚持航运交通不得受阻，协议陷入停滞。

“对我们而言，霍尔木兹海峡的威胁不仅仅是一条经济水道，更是我们政府和战略力量的关键组成部分，”革命卫队的发言人在国家媒体上表示。

发言人兼外交部长 Abbas Araghimi 表示，与阿曼的协议不会在没有美国做出广泛让步的情况下重新开放海峡。

伊朗总统 Masoud Peorobhan 周六表示，现在可能是重启谈判的时机。但调解人表示，Zidghad 不切实际的要求以及对封锁航运的袭击，再次引发了他们对强硬派正在阻挠协议达成的担忧。

伊朗正试图将禁止美国海军战舰通过霍尔木兹海峡作为任何重新开放水道协议的一部分，以推进其控制美国在波斯湾数十年军事存在的目标。

美国官员告诉调解人，他们不会接受伊朗的限制，也不会就霍尔木兹海峡的交通进行谈判。

内塔尼亚胡

拒绝 加沙计划

（接第一页） 作为以色列军队的缩写。

该文件是特朗普于 2025 年 10 月启动的加沙和平计划的第二阶段。第一阶段涉及以色列人质与巴勒斯坦囚犯的交换，以及停止对的密集敌对行动，而第二阶段则涉及更棘手的问题，如解除武装、以色列撤军以及加沙的。

当特朗普宣布哈马斯与其设立的旨在恢复加沙精神的 Pocay 机构负责人之间达成协议时，他表示以色列对此非常满意。上周，内塔尼亚胡表示以色列有更多。

但以色列和哈马斯彼此深感不信任，且关于该计划实施细节的重大分歧随后出现，尤其是关于解除武装与以色列撤军的先后顺序。

加沙计划在内塔尼亚胡处于敏感时刻时到来，有迹象表明他可能无法在即将到来的选举中获得执政多数席位。

虽然美国希望看到以色列军队从以色列所谓的加沙和黎巴嫩缓冲区撤出，但这些举措可能会让以色列总理的右翼选民基础感到非常，因为他们认为以色列在当地的存在对国家的安全至关重要。

内塔尼亚胡的声明是在面临包括美国在内的剧烈压力下做出的，美国敦促以色列同意该计划，据两位知情人士透露——

美国官员在最近的一次会议上提出了这一问题，因为内塔尼亚胡在 7 月下旬特朗普，其中一名知情人士表示。

和平委员会（Board of Peace）加沙高级代表 Nicholas Mladence 在过去两个月内与内塔尼亚胡会面了三次，要求他停止在巴勒斯坦飞地，正如计划所要求的那样，并履行 2025. 10 月的协议，在那个月于举行的最近一次会议中，该人士表示。

作为回应，以色列加强了对战争的控制，在加沙的针对性击杀行动现已获得批准，要求由参谋长而非指挥官批准。《华尔街日报》报道称，以色列仍将能够应对其认为的直接且紧迫的威胁。

内塔尼亚胡周日表示，以色列将继续打击针对以色列士兵以及加沙平民的威胁。以色列军方表示，以色列已六天没有在加沙进行袭击，这与此前几乎每日的轰炸形成对比。

当地卫生部门表示，自 2025 年 10 月与以色列停火以来，加沙已有 1,200 多名巴勒斯坦人被杀，但未说明其中有多少是。

内塔尼亚胡与特朗普之间的关系在近几个月因伊朗战争以及以色列方面美国路径成功而变得。这种包括以色列之间的一系列电话会议。

在授予他与特朗普会面以全面之前，该政府坚持要求这位以色列领导人采取步骤，证明他认真对待推进美国的黎巴嫩和加沙和平谈判，包括在僵持数月后允许和平委员会（Board of Peace）进入加沙，《日报》报道称。

内塔尼亚胡内阁中的强硬派成员随后反应愤怒，指责内塔尼亚胡在协议条款上误导了他们。

公众表示，“我们被他声称正在与美国就以色列对该计划的进行讨论而惊吓到了。”

“现在，我们正在讨论问题的真实原因。他们有想法，其中一些是对我们可以接受的，而另一些则是不可接受的，我们知道如何在这些问题上坚持立场，”内塔尼亚胡说。

伊朗人

令 特朗普 困扰

（接第一页）

伊朗通过零星的导弹和无人机攻击，实质上扼杀该水道的能力已被证明是潜在的筹码，使得商业交通和核问题陷入僵局。在最近的几周里， 反复宣布霍尔木兹海峡已经完全开放，但每一次承诺都被证明为时过早。

现在，距离中期选举还不到三个月，且汽油价格仍远高于2月下旬战争开始之前的水平，共和党人特朗普一直在寻找机会告诉美国公众，这场战争已经获胜。

近日，特朗普告诉记者，他准备发起自第二次世界大战以来规模最大的水上攻击，但被美国盟友劝阻，理由是协议已“近在咫尺”，尽管目前尚未达成协议。

周五，总统在社交媒体上暗示，即使没有核协议，胜利也已在掌握，并链接了一篇宣布“唐纳德·特朗普赢得了伊朗战争”的文章。

副总统 JD Vance 告诉福克斯新闻，美国将继续向伊朗施压，使其在与华盛顿的关系上做出长期改变。“如果不这样做，也没关系，我们将继续施加我们能施加的所有压力，并尽可能多地从中东获取石油和天然气，以便美国人能够享受更低的能源价格。”

“我们正处于博弈之中，”Vance 表示。

在战争开始后关闭水道的德黑兰方面已经表明，不允许任何美国军舰通过该水道，并推动向商业船只收取费用。

美国官员表示，华盛顿已表示不会接受伊朗的限制或收费。

协议的前景在周末似乎出现了波动，当时阿拉伯联合酋长国表示

伊朗对其一艘船只发动了导弹攻击，一名伊朗高层官员则就允许交通通过提出了一系列强硬要求。

据国家通讯社 IRNA 报道，伊朗国家安全委员会秘书 Mohammad Bagher Zidghadi 表示，在伊朗开放海峡之前，美国需要重新评估战争，解除海军封锁，撤出军队，移除所有制裁，释放伊朗被冻结的资产，支付战争赔偿，停止威胁和媒体攻击，并停止针对伊朗在地区内民兵盟友的军事行动。

美国官员表示，特朗普很有耐心，预计会排除最新的外交干扰，尤其是只要油价维持在当前水平。根据 AAA 的数据，周六的平均加油价格为每加仑 $4.03。这高于一年前的 $3.38，但比一周前略有下降。

一名白宫官员表示，美国已完成了针对伊朗的所有军事目标。特朗普现在的重点是确保全球能源通过霍尔木兹海峡的流动，该官员称，如果伊朗再次攻击船只，他将保留军事选项。

在核问题方面，官员们补充道，特朗普在最近几周亲自告诉伊朗广播电台，在去年美国摧毁了主要核设施后，伊朗在他在任期间可能无法恢复核工作。

总统在最近的会议中表示，美国的情报能力可能会发现伊朗重建这些设施的任何迹象，或者秘密制造炸弹的行为，他坚信更多美国攻击的威胁将起到持久的威慑作用。

官员们表示，如果美国能让核进展停滞且海峡交通恢复，那么特朗普更有可能延长目前的停火并进行补救。他们补充说，如果德黑兰完全重新开放海峡，预计特朗普还将解除美国对伊朗港口的封锁。

特朗普政府面临的一个主要复杂情况是，关于在过去九战争赔偿金的理论，以及是否同意解冻该国在全球的资产。特朗普曾表示，白宫不会允许任何纳税人的资金流向伊朗，尽管如果美国不处理部分资产（可能附带条件），达成协议似乎不太可能。

此外，关于军事也存在争议，即美国是否应发布许可让伊朗在公开市场上销售石油。美国曾同意法律，作为一项临时和平计划的一部分，而伊朗在伊朗袭击之后，停火协议破裂，美国随后对伊朗石油贸易实施了制裁。

特朗普最近的言论表明，他正在寻找一个退出方案。

特朗普周四表示，美国对伊朗港口的封锁意味着霍尔木兹海峡目前是“开放的”，尽管总统承认仍可能使用导弹、无人机和水雷破坏船只。他还暗示伊朗被禁止的铀储备。

“我们已经拥有了核材料，因为它埋在地下很深的地方，”特朗普在7月的国家安全条约组织期间表示。“除了，没有人能拿到它。”

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华尔街日报

2016年8月10日，星期一 / 47

世界新闻

西班牙指责社交媒体导致边境涌入

西班牙，塞乌塔（CENTA）——最近的一个下午，在结束夜班工作后，戈斯特·阿尔奇尼（Ghost Alchini）醒来时发现手机上充斥着大量消息，称边境已经开放。

作者：Benoit Faucon, Margherita Sianotti Morocco Garcia Rey

他没有犹豫太久，不久之后，这位 35 岁的大学生就跳上了一辆载满其他年轻男子的卡车，前往西班牙的塞乌塔（Costa）领土。他加入了那些翻越障碍物并绕过防波堤游向塞乌塔的人群，在这一狭小领土上引发了恐慌，并凸显了西班牙与摩洛哥边境的脆弱性。而移民涌过边境的画面在网上疯传，唤起了人们对欧洲 2016 年移民危机的记忆。

移民的涌入引发了关于他们如何能如此大规模地跨境的疑问。

几天来，网上流传着关于其背后原因的各种理论。是摩洛哥人试图在面对西班牙时获得政治筹码？还是俄罗斯人试图破坏欧洲的稳定？或许是美国人试图针对首相佩德罗·桑切斯（Pedro Sánchez），因为他成为了特朗普政府在欧洲的主要对手之一？或者是以色列人在惩罚桑切斯对西班牙战争的批评？

然而，一名西班牙高级官员表示，西班牙情报部门的初步假设是，这次动员是自发的，并受到社交媒体的推动，而非由摩洛哥或任何其他国家策划。无论如何，有一点很明确：摩洛哥的 Z 世代中一直存在着深层的社会和经济不满。

塞乌塔与其姐妹城市梅利利亚（Mytila）一样，是一个地理上的奇葩。

上周五，移民在西班牙北非飞地塞乌塔排队领取食物。

它们位于北非，但几个世纪以来一直属于西班牙。从这些领土出发的人员需接受特殊的边境检查——这意味着移民不能自由前往欧洲大陆。根据与摩洛哥的一项协议，西班牙可以立即驱逐非法进入其飞地的人员，这种做法被称为“快速遣返”。

西班牙最高法院 7 月 9 日发布的一项裁决，使得通过海路抵达塞乌塔的人员更难被立即驱逐。该裁决认定，该程序适用于通过物理障碍进入的人员，而法院认为海路不符合该定义。法院表示，通过海路抵达这些领土的人员必须经过个案处理。

许多加入移民浪潮的摩洛哥人似乎利用了对该裁决的误读。Facebook 和 Telegram 上的帖子报道了一句出现在当地新闻报道标题中的话。

“游向塞乌塔或梅利利亚的人‘不能被遣返’。”

在摩洛哥，阿尔奇尼学习商业并兼职担任服务员，每小时赚取 €1，因为摩洛哥没有为受过教育的年轻人提供机会。他的两个年长兄弟姐妹都拥有大学学位，但目前都失业。

欧洲“起初很近。只要能到达边境的另一边，”他想。

到 7 月中旬，小规模人群（主要是摩洛哥人）每天尝试游向塞乌塔。摩洛哥方面部署了额外的船只来阻止他们。一名西班牙官员表示，西班牙情报部门告知桑切斯政府，最高法院的裁决正在引发问题，有 200,000 人在积极探索前往塞乌塔的可能性。

该部门警告称，在“里维拉日（Rivera Day），即纪念穆罕默德六世国王登基周年日”之际，可能会出现一波抵达潮。

然而，在加强边境方面几乎没有采取行动。被认为无效的、将塞乌塔与摩洛哥隔开的防波堤被维持原样。

“多年来，‘基地’一直要求增加更多人员和资源，”代表塞乌塔民事服务力量的工会发言人法里德·希赫（Farid Shih）表示。

西班牙媒体在7月20日发布的一段视频显示，两名摩洛哥女性在抵达后庆祝。这次行动进展顺利，其他关于成功越境的视频也是如此。一名评论者写道：“佩德罗·桑切斯三人组”。关于抵达科斯塔的在线讨论随之升级。

欧盟边境开始收紧

西班牙对来自意大利的入境人员实施边境检查。周六，两国之间关于移民的争端升级，打破了欧盟的统一。

该措施将持续到 9 月 7 日。西班牙表示，这是为了应对影响该国的“原始移民压力”。

此举是对意大利上周对西班牙入境人员实施限制的报复，此前有 TIJOR 人员突破了摩洛哥的陆地和海上边境，抵达海岸（Costa）。

意大利总理乔治·梅洛尼宣布暂停允许在欧洲自由移动的申根协议。

大多数非法进入该联盟的人员通过地中海，在意大利、希腊和西班牙的海岸线登陆。

尽管有来自海岸（Costa）的影像，但得益于更严格的规则、更严密的边境管制以及与移民出发的非联盟国家达成的协议，欧盟的外部边境自 2010 年代中期的大规模入境以来已得到解决。

根据联合国难民高级专员署的数据，2015 年记录到部分 TIJORs 非法进入欧盟，低于 2016 年（该洲移民危机高峰期）的 100 万多人。

—Margherita Sianotti

“有一场蓄意的数字化活动，在 WhatsApp 和 Facebook 群组中传播，协调会面地点和过境指令，”大西洋理事会 Signal 取证研究实验室的非驻员研究员 Kaitlan Trad 表示。他说，走私者发挥了作用，但摩洛哥军队的反应是一个更大的因素。

联系负责人、政府官员 Juan Vivas 对此次危机发出了警报，称每天有 200 次过境，且入境人数在 7 月 20 日前已达到 $0。

在摩洛哥，7 月 10 日是 Thesse Day，一个公共假期。这位西班牙高级安全官员表示，摩洛哥安全部队被分配到其他任务，忽略了边境管制。许多移民可以自由尝试运气，跳上卡车、巴士和摩托车前往海岸（Costa）。

那些抵达海岸（Costa）的人最初在庆祝，直到现实显现。移民们难以找到水或食物，更不用说住所了。大多数商店因担心被抢劫而关闭。与此同时，西班牙政府部署了军队和额外的国民卫队部队，以及潜水员和船只，西班牙当局还部署了一个 500 码长的充气屏障，从防波堤延伸出去，以阻止入境并解决法院提出的漏洞。摩洛哥在其边境一侧加强了安保。

许多移民自愿离开。其他人被围捕并护送回边境。到周六，大多数移民已返回摩洛哥。数千人留在海岸（Costa），其中包括无法立即遣返的未成年人。

学生 Alchini 仍然在那里。他躲在俯瞰城市的山丘松林中。他说他的钱快用完了，但他决心进入欧洲。

“这是我能为自己和家人确保一个稳定舒适未来的唯一途径，”Alchini 说。

投资者所需的一切。

尽在同一处。

按您的方式投资。

五十年来，我们一直支持投资者并将客户的需求放在首位，且在继续前行。这就是为什么嘉信理财（Schwab）提供从自主投资到全方位财富管理的所有服务。

此外，您可以立即投资您的现金并赚取 3.4% 或更高的收益。

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投资最低限额可能适用。具体字段会有所不同，请致电 1-800-435-4000 或访问 schwab.com / cash-investments 以了解可用产品和当前价格。

投资涉及风险，包括收益损失。财富管理是指通过嘉信理财公司（The Charles Corporation）的各子公司提供的多种不同产品和服务。详情请参阅 .com / wealth。嘉信理财公司通过其运营子公司、其经纪交易商子公司 Charles & Co., Inc.（SIPC 成员）及其关联公司提供全方位的经纪、银行和财务顾问服务，以及投资服务和产品。© 2016 Charles & Co., Inc. 保留所有权利。SIPC 成员，0004 / 0016，SIPC 1000-01-27。

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A8 / 2028年8月10日，星期一

华尔街日报。

真相

几十年来，一种模式统治着企业技术。

更多的人员。更多的专业知识。更多的交付。

然后 AI 到来了。

AI 不仅仅改变了软件的速度。

它将对软件的需求扩大了 100 倍。

为了抓住这个机会， 公司将 强行植入其现有运营中。

但通用 的实施无法解决 大规模的企业级执行问题。

并不是最难的部分。

围绕它的引擎——以及人们如何与它协作——才是难点。 这决定了速度、治理、安全和质量。

以及最终的结果。

企业需要的不是一个提示词！

它们需要的是一个运营模型！

---

华尔街日报。

2028年8月10日，星期一 / A9

敢于挑战

我们敢于重新开始。

推出 Glob.。

全球首个 原生企业技术服务模型。

智能体速度。人类判断

在几天内而非几个月内上线。

文档化。标准化。安全。

从第一天起就达到企业级标准。

治理层拥有 23+ 年的企业交付经验。

比典型的“工程师+”方案生产力提高 30%+。

您为结果付费，而非为小时或席位付费。

所有构建的内容均归您所有。

您的竞争对手还在运行试点项目。

而您的业务可能已经在交付产品。

敢于成为第一。

在 glob. 加入候补名单。

A10 / 2028年8月10日，星期一

世界新闻

俄罗斯零售商的成功使其成为乌克兰的目标

两年前，俄罗斯总统弗拉基米尔·普京批准了一项计划，旨在将 Wildberries——一家由一名处于产假期间的年轻母亲创立的公司——打造成为一个能够与 Amazon.com 等公司竞争的全球在线零售巨头。

作者：Thomas Crowe, David Melniceland 和 George Barenko

如今，Wildberries 正遭受乌克兰无人机的袭击，因为基辅试图利用该公司的规模对其不利，并进一步削弱俄罗斯经济。上周五最新的一轮无人机袭击导致其位于叶卡捷琳堡的一座仓库起火。

Wildberries 总部位于莫斯科，处于俄罗斯商业与权力的交汇点。乌克兰对其发起的攻击是一个例证，表明该公司的命运是如何逐渐与国家紧密绑定地。

在二十年的飞速增长期间，Wildberries 吸引了该国强大商业精英的关注。该公司色彩斑斓的历史包括一名总部位于克里姆林宫（Kromliki）的寡头与一名德国战士之间的权力斗争，这场斗争最终在其莫斯科办公室演变成一场致命的枪战。

乌克兰针对 Wildberries 的行动已袭击了近两打仓库，几乎每日一次的攻击范围远至俄罗斯的切利亚宾斯克（Chile）地区，距离乌克兰前线 1,000 英里以上。最近一次袭击针对其一座仓库——该设施是克里姆林宫（Kromliki）最大的此类设施之一——袭击后留下了一片烟雾缭绕的废墟，规模大致相当于纽约市的大中央车站。

基辅方面表示，通过 Wildberries 出售军事设备使其成为了合法目标。

在线零售商利用 Wildberries 平台销售从电视到烟熏炉的所有商品。

上个月，一架乌克兰无人机击中了圣彼得堡附近的一座 Wildberries 仓库。

据在线零售研究公司 Data Insight 估计，自袭击开始以来，这些零售商损失的库存高达 250 亿美元。Wildberries 欠俄罗斯银行 100 亿美元 billion 以上的贷款，其命运目前悬而未决。目前正在讨论一项可能波及整个银行业的救助计划。

尽管 Wildberries 网站仍在不间断地运行，但克里姆林宫（Kromliki）已开始讨论，如果袭击继续在俄罗斯经济中撕开一个 Wildberries 规模的缺口该如何应对。替代方案包括国家对该公司的支持，因为该公司为众多中小企业提供了虚拟展示窗。Wildberries 表示，在 2025, 其雇佣了近 10,000 人。

这家在线零售商始于 2006, 的一家家庭企业，当时来自莫斯科郊区的前英语教师 Tatiana Kim 在产假期间开始经营一项销售德国邮购目录服装的业务。与当时的竞争对手不同，这家电子商务公司允许客户将商品配送至自提点，在购买前进行试穿。

Kim 和她的丈夫 Vladislav Bakalchuk 经营该公司近二十年，将其变成了该国最大的在线零售商。

随着成功而来的，是来自克里姆林宫（Kromliki）商人们的利益冲突，这导致这对夫妇在公司发展方向上产生了分歧，而 Kim 是该公司的多数股东。这场争斗最终在距离克里姆林宫（Kromliki）仅几步之遥的地方演变为一场枪战。

据两名知情人士透露，冲突的核心在于 Kim 希望与该国最大的广告商之一进行合并，而该合并得到了俄罗斯最强大的寡头之一 Subyman Kuzmen 的支持。

这两名人士表示，合并方案被提交给普京寻求批准，并得到了他的认可。普京任命前经济部长 Maxim Oroshkin 监督该公司向更广泛的在线支付系统的演变。

“如果销售完全崩溃，对每个人来说肯定都是糟糕的，”Data Insight 的分析师 Sergei Iernko 表示。

据了解该行业的人士透露，对 Wildberries 投资最多的俄罗斯银行——国有的 iBoxbank 和 VTB——可能会找到一种方法来维持该公司运营或减轻其债务负担。他们表示，支持个体零售商的小型银行可能不具备同样的资源。

来自俄罗斯切博克萨罗（Cheboksko）的 25 岁青年弗拉基米尔·扎卡尔琴（Vladimir Zakarchen）表示，针对 Wildberries 仓库的袭击具有毁灭性。他说，他大约三分之一的库存被摧毁了。

他表示，袭击导致他损失了 $30,000，而 Wildberries 尚未对他进行补偿，不过该公司给予了三个月的贷款还款宽限期。“我没有钱进新货，”扎卡尔琴说，“没有钱支付库存，也没有钱缴税。”

全球观察

也门

胡塞武装声称发动区域袭击

也门胡塞武装袭击了红海的一个关键港口，造成人员死亡，并进一步升级了中东战略水道的冲突。他们还表示，周日在沙特阿拉伯东南部袭击了一处石油设施，这是由伊朗支持的叛军对该王国的最新一次袭击。

也门政府支持的武装力量——国民抵抗力量表示，在周日胡塞武装对红海关键港口莫舍（Moshe）的袭击中，至少有 7 人死亡（包括 4 名士兵和 3 名平民），15 名平民受伤。

也门信息部副部长协助的快速飞机（Rapid airplanes）表示，胡塞武装向该港口发射了导弹和无人机，损坏了其建筑、码头以及设施内的商业货物和食品供应。

胡塞武装随后承认了此次袭击，称他们发射了 5 枚大量弹道导弹和无人机，目标是该地区的军事部署和仓库。

胡塞武装军事发言人纳希亚·萨雷亚（Nahya Sarea）表示，他们还使用无人机袭击了沙特阿拉伯贾赞市的一家阿美（Aramco）炼油厂。

—美联社

中国

台风在人员大规模转移后登陆

台风“布里奇斯”（Bridges）于周日晚上袭击中国东海岸，此前已有超过 500,000 人被强制预先转移，上海的两座机场取消了 1,000 多个航班。

这场风暴在前一天给台湾北部带来了强降雨。

风暴于周日晚上袭击了浙江省台州市及相邻的福建省北部，带来了强风（预计登陆时时速为 12 英里），并导致城市海岸线出现巨浪。

强降雨使浙江省面临严重洪涝风险，当局已发出严重山体滑坡风险警告。

据该市官方媒体《澎湃》（the Paper）报道，上海虹桥和浦东机场取消了周日预计航班的约 65%。

中国气象预报员预测，未来几天部分地区降雨量可能高达 18 英寸。

风暴的外围在周六袭击了包括首都台北在内的台湾北部。一些台湾航空公司周日也取消了飞往中国的航班。

—美联社

日本首相高市早苗（Sanse Takachi）纪念 1945 年长崎原子弹爆炸。

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华尔街日报。

• • •

世界新闻

Monday, August 10, 2026 / A11

涉嫌爱尔兰犯罪头目从阿联酋被引渡

作者：Sean Eason, Reuters.com

被怀疑为全球最令人生畏的犯罪集团之一首脑的丹尼尔·基纳汉（Daniel Kinahan）于周日从迪拜被引渡至爱尔兰，结束了伊顿（Eaton）及其当局为了将其绳之以法而展开的搜寻努力。

基纳汉家族及其运营的组织在三十多年间与哥伦比亚和莫斯科的毒品公司建立了联盟。美国和欧洲执法官员表示，该组织总计 16，成为欧洲可卡因的主要供应商之一。

在回答关于与受伊朗支持的 firefod道-军事组织合作引入毒品运输，以及为一名驻伊朗杀手提供保护的问题时，一名警官估计基纳汉家族的价值至少为 10 亿欧元，约合 310 亿美元。

此次引渡标志着 1,000 million 在美国。Emisoli 当局多年来一直因提供国际犯罪分子（cramonia）的避风港而受到批评。基纳汉在 2016 年被捕前在迪拜生活了十年，此后一直一直在对抗引渡。

爱尔兰司法部长乔恩·奥卡拉汉（Jon O'Callaghan）表示：“这一决定是两国司法合作的另一个里程碑，且与我们为应对跨国组织犯罪而改变伙伴关系相关。”

基纳汉过去曾否认自己是犯罪组织成员的指控，称自己是抹黑活动的受害者。

在加强安保措施的情况下，90 岁的基纳汉于当地时间周日傍晚抵达都柏林。

执法官员表示，丹尼尔·基纳汉的父亲克里斯托弗·文森特（Christopher Vincent，被称为 Chemy）在 20 世纪 90 年代在都柏林创立了基纳汉组织，将其打造成为欧洲最强大的犯罪集团之一。基纳汉在爱尔兰、英国和欧洲大陆分销海洛因和南美可卡因，并从事洗钱和武器走私。基纳汉很早就安排他的两个儿子丹尼尔和小克里斯托弗（Christopher Jr.）协助管理该组织。

2016, 在一个敌对帮派企图暗杀丹尼尔后，基纳汉离开了爱尔兰。这次暗杀企图被认为是针对在伦敦城（City of London）西班牙杀害敌对帮帮高级成员加里·史密斯（Gary Smith）的报复。在那场冲突中，两组共有 18 名成员被杀。美国国务院表示，基纳汉将业务基地设在美国、阿联酋和西班牙。

执法官员表示，除了与其他犯罪集团的联系外，基纳汉估计与伊朗伊斯兰共和国及其盟友民兵组织 firefod道有两项联系，后者被指控通过毒品走私和洗钱开展活动。

基纳汉的被捕导致了对 Emisoli 当局多年的压力。阿联酋在 2022, 被列入 31 岁印度 Trick Force 军队的 90 年密集法院控制名单，涉及反洗钱和恐怖融资。同年，拜登政府提供最高 $3 的奖金，以换取有助于逮捕基纳汉及其父亲和兄弟的信息。

在花费多年建立运输和警察关系后，爱尔兰和阿联酋在 2019 进入了一项正式的引渡条约，以促进对被指控或被定罪个人的执行。

大约在同一时间，基纳汉的右臂伊万·麦戈文（Ivan McGovern）在迪拜被捕。几个月后，随着引渡条约生效，该美国人被引渡至都柏林。此后，他因指挥犯罪帮派活动、逮捕囚犯和企图谋杀被判处 18 年监禁。

卡什纳交易引发抗议

（接第一页）还回到了他的房地产领域，在投资之前，巴尔干地区可能会有所发展。

在攻击中，是一项与塞尔维亚政府合作开发国有土地的交易，旨在控制比尔·盖茨（Bill Gates），在塞尔维亚政府试图向特朗普提交的所有国家中进行融资，政府否认了这一指控。在数周的付款后，该系列计划崩溃，并出现了一名推动项目审批的沙龙之主（saloon manster）。卡什纳于12月退出。

在兹韦列夫（Zverev）的圣马特奥（San Mateo）的阿尔巴尼亚项目，一个更大的银行地块，现在显示出由卡什纳支持的团体在私人遗传打击（private genetic punching）一个当地村庄，并将其拖过海滩，这在蒂瓦萨（Tivasa）引发了大规模的每日抗议。

该开发团体公开否认了这些行为，将其归咎于一个未具名的安全机构。

火烈鸟革命

示威活动已持续两个多月，战后期间包括他们的批评，旨在通过一场他们称之为“火烈鸟革命”的运动来谴责腐败和猖獗的开发。

与塞尔维亚不同，资金已经完成了交接。据一名熟悉该州情况的私人人士透露，由卡什纳（Kashner）支持的开发组向包括谢巴（Sheba）在内的私人土地所有者支付了远超 3亿美元 的土地费用。

谢巴的律师卡蒂姆·查克拉尼（Katim Cakrani）表示，谢巴既不是毒贩也不是土地窃贼，他从未与卡什纳直接打交道，仅通过中间人进行操作。

“他与指控完全没有任何关系，”查克拉尼说，“他仅仅是一个土地持有家族的成员，”他与起诉书中其他人的联系完全是为了合法的商业交易。

该开发组的一位发言人——一名 20 岁的女性——表示，阿尔巴尼亚法律体系是“解决土地所有权和公共关系生活诚信问题的适当场所”。该团体已知晓“关于土地价值”的指控，且未被告知任何调查对象，她补充道，将继续相信基础土地收购是合法进行的。

检察机关表示，他们已冻结了谢巴在州内的资金。蒂瓦萨（Tivasa）波利奥大学（Polio University）的城市规划教授塞特·达马（Sette Dhama）在谈到面临开发的争议房产时表示：“在法律上，法院有权暂时封锁有争议的开发项目。但在实践中，法院并未完全独立于政治和隐藏的经济利益。”

谢巴，60, 在米兰持有资产，记录显示他与妻子（一名阿尔巴尼亚前电视编剧）在海滩区火烈鸟大道（Flamingo Drive）拥有一栋 4,000 平方英尺的柱式住宅。

他前往佛罗里达州的路径经历了阿尔巴尼亚动荡的五十年剧变。

事实上，在冷战期间，当其政府与苏联和中国双双决裂时，阿尔巴尼亚在后共产主义时期的 1960 年代情况并未好转。该国

充斥着政治不稳定和有组织犯罪。

谢巴作为一名企业家崭露头角，其资产包括在混乱城市维罗（Viro）的一家酒店。他引起了阿尔巴尼亚警方和意大利当局的注意，后者怀疑他与意大利媒体从事商业往来——贩运大麻并走私有抱负的律师以限制，谢巴说道。再次，一名调查过他的前阿尔巴尼亚国家警察官员表示。

扎加尼（Zagani）说，1999 年的一天，警方接到报告称谢巴在一家酒吧内，他们得知，他与一个竞争对手帮派发生了激烈冲突。

“在那之后，阿尔法（Arfar）失踪了，”扎加尼说。

谢巴的律师查克拉尼表示，谢巴遭到了亲共帮派的袭击，他打击了反共妻子。他说，执法部门的审查是出于政治动机。意大利和阿尔巴尼亚的调查均未得出指控。

查克拉尼表示，谢巴在 2001 年移居美国并获得庇护，理由是遭到杀害其叔叔和兄弟的共产主义帮派的袭击。

查克拉尼说，他最终获得了美国公民身份，但仍与阿尔巴尼亚保持联系，扩大了房地产投资组合。

2010 年，当意大利检察官在针对意大利犯罪家族的更广泛报道中寻求逮捕他时，谢巴再次进入执法部门的视线。意大利法官拒绝了逮捕请求，称没有足够证据证明谢巴与任何非法活动有关。查克拉尼表示，谢巴的参与仅限于冲突。

尽管如此，他仍不断出现在毒品调查中。阿尔巴尼亚检察官表示，欧洲执法部门在监视行动中发现他在阿尔巴尼亚与涉嫌贩毒的人员在一起。他们获得了 2019 年他在马略卡岛与一名涉嫌贩毒人员（该人员随后被逮捕）会面的照片。Sheba 在这些调查中未被起诉。他的律师表示，除了阿尔巴尼亚之外，Sheba 在任何欧洲国家都没有遇到过法律麻烦，他仅参与合法的商业交易。

他的境遇在 6 月发生了变化。西班牙、比利时及其他国家的欧洲毒品调查人员向一个被称为 1994 的阿尔巴尼亚特别检察官办公室提供了大量资料，该办公室成立于 2010 年，部分目的是为了解决欧盟对阿尔巴尼亚腐败问题的担忧。而在 6 月，该办公室获得了一项法官命令以

Zverev 以及其他地方。提交至法院案件的证据包括大量来自苏联印度占领时期的文件以及其他 1960 年代初的文件。“有合法文件可以证明他在该地区的土地所有权，”他说道。

“着迷”

库什纳及其妻子（honika Trump four）在阿尔巴尼亚有所发现，并在特朗普首个任期后进行了一次地中海之旅。他们探索了公有的圣岛（Saint）。她在五月的一档播客节目中表示：“我们打算在湖边投入 1,000 million。”“我们简直被迷住了。”

库什纳随后与总理 Ed. F. J. J. J J. J. J. 达成协议。随后，Shchevra 在案件中表示，过去他们将目光投向了那片未开发的土地。“在 Zverev 的岸边，这很有意义。”

Aldehena 表示，他接触了若干过去的合作伙伴，一家名为 Kastrati 的阿尔巴尼亚企业集团。该集团接触了 Zverev 的土地所有者，最初提出与他们合作。Aldehena 在 2016 年告诉《华尔街日报》。

那个春天，库什纳在 Instagram 上发布了计划的缩略内容。在 September 2024, 一群村民向库什纳的公司发送了一封信，敦促开发商避免“采取破坏村庄真实财产权利的行动”，而根据一份来自该信件副本的记录，dequers 感到好奇。

当时，Zverev 现场的土地变更在当地已广为人知，但在媒体上的报道则。

“虽然开发商正在开发，但任何不完善或在法律上难以开发的内容，”Shchevra 在 2024 年被问及 dequers 公司来自土地所有者（包括 Sheba）的信件时告诉《日报》。Aldehena 在 2024. 发给《日报》的一条信息中表示：“这些副本是我们的合作伙伴。”

信件的数量为 6 封——固定计划，形成了一个名为 Santa Real Estate Development 的福利机构。

参与其中的还有一家由 Al-Kharyan 家族经营的大型卡塔尔投资集团。库什纳表示：“我们一直在 2022 世界日工作，并最终选择他们作为合作伙伴，因为该家族在 Al-Kharyan 地区开发岛屿法院方面拥有经验。”

据检察官在针对 Sheba 的洗钱案中称，该开发组以一个名为 Albania Land Development 的实体名义，在 4 月份支付了 41 亿，相当于 2022 年的薪资，用于购买土地。阿尔巴尼亚的公司记录显示，该实体由 Susan Real Estate Development 所有。

虽然 Susan Real Estate 的董事长将其团队与此次争议撇清关系。他在 6 月告诉《日报》，他不知道其公司是否支付了 $1,000 million。

他还否认事先知晓关于土地的争端。“我们完全没有看到或听到任何争议，”他说道。“他目前正在制定一份环境审查文件——这是施工前获得政府批准的前提条件。尽管有 1960 年代的备份，且面临数千名抗议者、欧盟官员以及 Dua Japs 等名人的反对，但该开发项目得到了阿尔巴尼亚总理 Ed. Fama 的强力支持。他批评 El-Salima 集团是一项重要的社会投资，将促进经济增长。”

抗议者在 6 月份举行示威，抗议阿尔巴尼亚政府，手中拿着燃烧的标牌。

顶部，贾里德·库什纳（Jared Kashner）在 2024 年在 Instagram 上发布了阿尔巴尼亚计划度假村的缩略内容。上方是一张截图，显示 Arfar Sheba 在接受一家阿尔巴尼亚新闻机构采访时的样子，以及游客乘坐从 Virox 出发的船只前往 Saane 岛进行一日游。

逮捕 Sheba 和其他 15 名成员，他们称这是一个大型欧洲贩毒团伙。

检察官表示，Sheba 在“组织内部担任领导职务”，指控其洗钱并参与有组织的犯罪集团——类似于在美国的指控。

检察官表示，该涉嫌毒品网络覆盖了可卡因供应链的上下游。可卡因带来的收益通过加密货币和走私的现金流向阿尔巴尼亚——检察官称，该团伙最终通过阿尔巴尼亚的房地产洗钱。检察官表示，部分资金最终用于资助一个糟糕的红色标志——复制到阿尔巴尼亚首都地拉那市中心以及沿海别墅。检察官称，Sheba及其代理人在这一过程中起到了关键作用。

Cakrani表示，Sheba仅进行了合法的房地产交易，并未参与洗钱或任何其他指控的犯罪活动。

在被指控的检察官中，Sheba称其网络通过声称拥有历史所有权来获取土地并浓缩资金。经常在伪造的文件上发声。检察官引用的一块较大的绿色土地位于Zverev。

Zverev的顶端村庄位于Virox外的法院中。Zia Fata，75岁，在搬到Oruro之前在该村长大。他夏天会回到山上的家族住宅。他说，他给祖父在附近半岛的一块土地上进行修剪。

当财产被收集时，他的家人利用这块土地耕种作物。他说，在1991年共产主义政府倒台后，他的家人基于其在Oswald-2000年代半岛农田份额的所有权。他了解到某个村庄的第一和 / 或最后发现的情况。长期以来，财产官员已将半岛土地中的一份给了Sheba。

Sheba和众多土地索赔人在多次审判和上诉中进行了交易，其中一些将Sheba转至土地节庆，且上诉正在系统中进行。

Cakrani表示，Sheba的索赔基于大量证明其家族曾是大地主的记录——在

--。

个人日志。

A12 / 2028年8月10日，星期一

华尔街日报。

© 2028 道琼斯公司，版权所有。

残障、失败的分数与癌症，让退休者背负学生贷款

父母因不符合资助条件而代子女贷款，在领取社会保障金期间偿还贷款

作者：OON ADELAIDE

苏维（Suve）和玛莎·冈萨雷斯（Martha Gonzalez）希望他们的儿子斯蒂芬（Stephen）能够就读木工学校，而无需担心资金问题。他们代其申请的学生贷款在斯蒂芬的木工生涯结束很久之后依然伴随着他们。

冈萨雷斯夫妇申请了 $32,000 的 Parent Plus 联邦学生贷款，斯蒂芬完成了为期九个月的木工课程。随后，他在上班途中遭遇了一场清晨的车祸。虽然他幸存了下来，但腿部永久性受伤导致他无法工作。

他们生活的一切都改变了，但贷款没有。这笔债务仍然是冈萨雷斯夫妇的负担，这证明了这种广受欢迎的子女贷款计划有时会对父母产生决定性的财务影响。

“这是一笔本该死掉的‘僵尸贷款’，但它每个月依然在纠缠我和我的妻子，要求偿还，”住在休斯顿的史蒂夫（Steve）说道。

Parent Plus 贷款旨在让父母能够为子女的教育提供资金支持，1992 年，美国国会扩大了该计划，使其覆盖范围最高可达子女大学教育的全额费用。此类贷款也可用于职业学校。

许多家庭发现，这些贷款在他们职业生涯的尾声给他们带来了沉重的还款负担。数百万已进入退休年龄的人仍欠有学生贷款，而违约的退休人员可能会被扣除社会保障金。

“如果你是一名年轻的借款人，你会推迟组建家庭，推迟结婚，推迟买房或买车，”教育部副部长尼古拉斯·肯特（Nicholas Kent）表示。“如果你是一名年长的美国人且持有 Parent Plus 贷款，你则在推迟退休。”

该计划已成为特朗普政府改革联邦学生贷款机制的目标。自上个月起，新的父母借款人每名学生每年的限额被限制在 $250,000，终身累计最高限额为 $50,000。新贷款也不再符合根据父母收入而确定的还款计划。

Parent Plus 贷款的规模一直在增长。根据城市研究所（Urban Institute）首席研究员克里斯汀·巴吉（Kristin Bhagi）的计算，在 2026-25 学年，这类贷款占联邦本科资助的四分之一以上，高于早前约 27% 的年度水平。

根据教育部的数据，三百万多名持有 Parent Plus 贷款的人员共欠款 1010 亿美元 billion，高于 2004, 的 420 亿美元 billion。

为子女贷款的父母通常收入过高，无法获得全额财务资助，但又不足以全额自费。换句话说，他们是 “fingerties middle”。

根据全国学生财务资助管理员协会（National Association of Student Financial Aid Administrators）对 2020-23 学年（最新可用数据）的分析，年收入在 $100,000 至 $150,000 之间的父母占 Parent Plus 借款人的近四分之一，超过了任何其他收入群体。

低收入家庭也对该计划提出了大量诉讼。这类贷款的利率通常高于本科生申请的贷款。

教育研究人员表示，对于目前代子女持有贷款的父母来说，联邦政府的改革在解决还款顾虑方面作用不大。史蒂夫认为他的家庭属于中上阶层，但他和玛莎必须为孩子预留一笔大学基金。他们的长女玛丽·罗宾斯（Mary Robins）没有上大学。当斯蒂芬在参加了一个“像陌生人一样”的造船课程后对木工表现出兴趣时，一名职业学校顾问建议使用 Parent Plus 贷款来支付费用。

2010年他从木工课程毕业后，开始从事房屋翻修、安装插座和清理工作，并开始每月偿还约$450的款项。随后，斯蒂芬搬回休斯顿家中，从事木工工作十余年。

斯蒂芬和玛莎在进入退休生活后，开始感受到每月学生贷款还款带来的压力。在斯蒂芬毕业后不久，他们通过将贷款期限延长约十年，将每月还款额降低至约$206。

在2024年斯蒂芬遭遇事故后，他的被移除，肋骨多处骨折，且股骨碎裂，经历了多次手术。如今，他能够行走、说话和开车。但由于伤势，他无法长时间坐在教室里，也无法从事木工或其他类型的工作。

“这真的很令人沮丧，”现年36岁的斯蒂芬说道。他现在的时间都花在开车送年迈的祖父母去看病上。

一名骨科医生宣布斯蒂芬为残疾。他的父亲研究了剩余的学生贷款余额是否可以被免除。他了解到，只有在贷款申请人本身成为残疾人的情况下，斯蒂芬的学生贷款才能因残疾而免除。

“我直觉地认为，我能做的唯一事情就是申请信用额度不再那样操作，我可以申请免除该贷款，”史蒂夫说。“我震惊地发现，必须是借款人——也就是我——永久性残疾，而不是我的儿子。”同样，根据规定，因从事公共服务而获得的贷款豁免取决于父母的工作，而非孩子的工作。

如今，史蒂夫79岁，玛莎85岁。他们依靠社会保障福利和通过教学获得的收入生活。他们正在逐步偿还近$28,500的余额。斯蒂芬与他们以及玛莎的母亲住在一起。

在7月份规则变更之前，Parent Plus贷款借款人被鼓励将其贷款进行合并。这样他们可以继续使用某些基于收入的还款计划，并获得潜在的学生贷款豁免。史蒂夫考虑过合并，但当他得知每月还款额会增加时，他决定放弃。

“直到我和妻子去世，我们才可能完全还清这笔贷款，”他说。

巡演结束后，Grande 将退居幕后

作者：ELSA LEISER

7月15日，Arista Grande 推出了她的第八张个人专辑 "What's a tour look to top the top chart, says their 72 Years later"，她通过宣布计划在结束目前的巡演后远离聚光灯——以及随之而来的“n'whats，尖锐的公众审视”——令人们感到惊讶。

这位顶流明星兼《Michael》演员在一次个人演唱会环节中补充道，她告诉观众，她在处于一个深思且不愉快境地时，决定采取这种“让人们自由”的行动。多年来，人们一直根据 Grande 的外貌对其健康表示担忧，而这正是她想象中在排行榜上看到的，是对她的批评者而言，并非另一波席卷而来的“让我们看看”。

无论如何，Grande 正在完成她的巡演。但即便如此，当 Arista 公开表示学生激励者在路上的潜力无法缓解，需要优先考虑健康时，他们也会调整演唱会计划。“现在比以往任何时候都更多地看到人们取消演出和巡演，仅仅是因为他们需要休息，”保险经纪公司 RGR International 的娱乐项目高级副总裁 Stephen Allen 表示。Grande 的发言人拒绝置评。

这些已经考虑过的取消 aprazine 可能会变得更加复杂，如果涉及数百万美元的风险。艺人可以购买保险以覆盖错过的演出日期，但有些人认为这太贵了，而且保单可能会排除导致他们缺席的健康状况——保险公司可能会对索赔提出异议。

2007, 76, 当时被称为 Kemp-Weld，起诉其保险公司，理由是他在取消演出并在洛杉矶的一家医院度过数日后，对方欠他近 1000万美元。保险公司反诉，称其保单排除了任何与药物和酒精使用相关的项目，双方最终达成和解。

即使在局外人看来很明确的演唱会取消情况下，保险赔付也并非绝对保证。当 Mick Jagger 的女友、时尚设计师 L'Wein Scott 自杀，且 Rolling Stones 乐队在 2014 年推迟演出时，

该乐队最终也陷入了一场涉及 1200万美元 以上的巨大争端。Fox Fighters 在 Steve Grubb 在舞台上折断腿后取消了一些演出，并在 2005 年巴黎恐怖袭击后又取消了几场，该乐队随后指控其保险公司未付款。这两起争议均以和解告终。

保险公司在提供所谓的“活动取消 / 未出席承保”之前，会对艺人进行仔细评估。保险经纪公司 Higginbotham 的董事总经理 Paul Baceman 表示：“如果投保金额较大，比如 $20-million 或更多，承保方通常会要求进行全面的体检。”据 J. Gruber & Co. 的所有者 Jake Gruber 称，筛选过程还可能包括审查艺人的社交媒体。“以前很难获得私人信息，”她说，“现在比以往任何时候都更公开。”活动取消保险的成本通常是艺人“保证金”的一个百分比——即无论到场人数多少，演出推广方承诺支付的金额。即使在 25, to 26, 这可能对于在体育馆级别以下场馆演出的艺人来说过于沉重。Duffy the Music Group 的首席执行官 Thomas Cussins 表示：“考虑到目前的巡演利润率，对于大多数艺人来说通常在 7% to 12% 之间，这简直无法承受。”

在没有保险的情况下取消巡演可能是昂贵的。“你不仅失去了剩余的保证金，”Baceman 说，“而且你还承担着将巡演推向市场的制作成本。”为了避免这种情况，明星们最终可能会支付数百万美元购买承保。

Grande 宣布计划在巡演结束后远离聚光灯。

就像保险一样，保费会根据驾驶员的记录、年龄和车辆里程而波动，如果艺术家在 2007 年曾因身体疾病的影响而取消演出，其保费可能会被锁定。对于 CPC 保险经纪与顾问公司（CPC insurance Brokers and Consultants）的主要负责人来说，这并不“强劲”，但对于有健康问题历史的年长群体，费率在 4% 到 10% 之间。

格兰德（Grande）的巡演将于 9 月 1 日结束。这是该平台上今年最热门的演唱会酒店。Sunflows 的初始声明中，平均转售价格为 $853，其中约 30% 的主要车辆在期待一段时间的休息。

“工作的事情可以同时成立，是的，边界需要被设定，更好的状态可以被设定，”所有者在第二天告诉托马斯（Thomas）时说道。“而且，这（四个）可以被满足，并继续成为我职业生涯中最伟大的经历。”

©

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华尔街日报（THE WALL STREET JOURNAL）。

个人日志（PERSONAL JOURNAL）。

2020年8月18日，星期一 / A33

竞速检测并延缓犬类衰老

研究人员正致力于检测衰老的早期迹象并设计干预措施

作者：SANDRA KAMPIERI

一只狗步入老年期的首批迹象通常是睡眠时间增加、眼睛浑浊或步态变慢。

对于狗主人来说，四足伴侣的衰老长期以来被视为一种在生理和认知影响变得明显后的管理过程。散步的时间变短，失禁变得更频繁，人们也默认狗在一天中打盹的时间会多于玩球的时间。但对于许多狗而言，现在出现了一种转变，科学家们将狗的衰老视为一种可以更早检测并采取干预措施以延缓的过程，而非一种必然的结局。

“现在经常被提及的一个话题是我们需要更加积极主动，”波士顿初创公司 Loyal 的兽医学总监 Bronson McKenzie 表示。

寻找迹象

在过去的十年中，研究人员越来越关注于寻找能够提供预判指标的迹象——即个体狗的衰老情况如何以及寿命长短。

在最近一项针对 507 只狗的血液样本研究中，研究人员发现血液中某些小分子的水平与狗在随访期间的死亡风险相关。

“我们实际上可以预测一只狗死亡的可能性更高还是更低，”该研究作者之一、癌症推广（Cancer Promotion）总监 Patte Donovsky 表示。他希望这项工作能为快速且经济的分子检测开启大门，从而帮助预测疾病。

另一个重点是查看常规血液检测结果，以衡量狗的“生物学年龄”——这是一个反映实际身体状况而非生理年龄的指标。

延缓衰老的探索

随着科学家们更好地掌握狗的衰老速度，他们也在寻找延缓与年龄相关的衰退的方法。

研究人员从 30 Aging Project（一项涉及 20 多个机构的科学家和研究工作站的研究）中招募了狗，以检查药物雷帕霉素（rapamycin）的剂量是否能提高对照组狗的心脏健康、行动能力、认知能力和寿命。雷帕霉素已被证明可以延长寿命，正如可能

在这项正在进行的测试中，狗每周服用一次雷帕霉素，持续 12 个月。研究人员表示，这是在任何物种中，针对旨在延缓生物衰老并延长健康寿命的药物所进行的首次严格的真实世界测试。乔治亚大学助理教授、该研究的主要研究人员之一阿曼达·科尔曼（Amanda Coleman）表示，积极的结果可能会为雷帕霉素在表面健康的狗身上进行临床使用铺平道路。

生物技术初创公司 Loyal 希望在明年使一种延缓狗衰老的药物商业化，并可能获得美国食品药品监督管理局（FDA）的有条件批准。该药物旨在提高身体对胰岛素的敏感性，胰岛素是一种帮助将糖分从血液转移到细胞中的激素。一项研究表明，高胰岛素可能会增加某些癌症和痴呆症的风险，并可能导致肌肉流失。

Loyal 还在研发另外两种药物，重点关注 IGF，这是一种涉及生长和身体尺寸的激素。大型犬比小型犬死得早，Loyal 的理论是，将狗培育得非常大导致一些雌犬体内 IGF 水平持续偏高。该公司认为，在狗完全长大之后，这种激素可能会导致与年龄相关的疾病并缩短寿命。Loyal 的药物旨在降低成年后（生长完成后）的 IGF 水平，希望能帮助大型犬延长寿命。

更直接地，研究人员还试图给狗配备更多设备，以便在个体狗变老时持续追踪其行动能力和身体功能。

在康奈尔大学的一项研究中，89 只老年狗完成了简单的运动任务——包括起身行走、跨越低矮障碍物以及从躺姿变为站姿——同时观察员对其表现进行评分。研究人员得出结论，这些测试可以用来狗的身体功能在不同等级之间是如何衰退的。

虽然由于衰退如此明显，狗的身体健康在历史上受到了更多关注——

雷帕霉素是一种已被证明能延长小鼠寿命的药物，目前正在对狗进行测试。

——但认知功能障碍（一系列被描述为狗痴呆症的状况）现在正变得日益重要。

今年早些时候，一个由认知专家组成的国际工作组发布了诊断和监测认知功能障碍的指南。部分资助该工作的 ABC Centre Health Foundation 表示，主人应该留意退缩或粘人的行为、盯着墙壁看、在熟悉的地方感到困惑以及夜间不安。

由于这些迹象可能与其他老年狗常见的病因重叠，认知功能障碍的诊断取决于寻找更广泛的行为变化模式并排除其他原因，而不是依赖于任何单一的护理者。

为了确保被诊断为痴呆症的狗安全舒适，Centre Health Foundation 建议主人实施

一致的常规习惯，提供夜间排便休息，封锁不安全区域，并增加益智玩具和夜灯等应对机制。

有一些迹象表明，运动可能有助于预防痴呆症，尽管因果关系尚未得到证实。一项 2022 年针对 12,578 只年龄在 6 到 19 岁之间的狗的同行评审研究得出结论，身体活动较多的狗出现认知功能障碍迹象的情况较少。同年另一项研究发现，每天喂食一次而非 midnight times 的狗，在用于评估认知功能障碍的量表得分较低。它们出现胃肠道、牙科、骨科、肾脏、泌尿系统、肝脏或胰腺问题的可能性也较低。

回归基础

在延长寿命方面，加强正确的护理是主人能做的最好的事情。在 2006 年发表的一项由普瑞纳（Purina）资助的长期研究中，研究人员对 44 个日历干预措施进行了跟踪，其中 20 人，20 人少于三倍，中位寿命延长了 3.9 年，并且某些与年龄相关的疾病出现得更晚。此后的其他研究也证实了这一联系。

除了控制卡路里、年龄和吸烟以及广告，让狗在老年时期保持健康，包括在疫苗接种和预防性护理方面保持现状，并让狗在精神和社会方面保持在良好状态。

虽然人们普遍知道主人应该定期给狗锻炼，但美国犬业俱乐部健康基金会（American Kennel Club Health Foundation）负责人、兽医斯蒂芬妮·蒙哥马利（Stephanie Montgomery）表示，锻炼应随年龄而调整。“带狗出去慢走并让它们在那里活动，实际上更安全且更具刺激性，”她说。

在保护老年犬的有效预防措施中，定期呼吸是其中之一。牙齿健康经常被忽视，因为主人将其视为美容问题——但牙周疾病会导致慢性炎症并对全身产生影响。养成刷牙的习惯可以避免在老年犬需要全身麻醉时才进行处理，因为麻醉可能会对宠物的身体造成影响。

“你有点像是在冒险，”蒙哥马利说。“麻醉总是有风险的。”

遗产拍卖竞争日益激烈

（接第一页） SEKA标志，几乎无法察觉他们抢到了什么。当斯蒂尔曼（Stillman）跨进门槛时，好东西已被抢购一空！

“其中一些人确实非常不尊重女性，不尊重那些从事这项活动时间更长的人，”25岁的费城一家古着店店主斯蒂尔曼说道。

在蓬勃发展的市场推动下，遗产拍卖已从一种等级森严的周末活动，演变成一场抢夺战。

参议员约翰·伊索姆（John Isom）曾提到这种形式已存在数世纪。在古罗马，居民会变卖已故债务人的财产。这一做法跨越大西洋，并随美国的发展而演变。最初的公开拍卖在19世纪的享乐主义时代演变成了由专人管理的家庭销售。

在21世纪，美国社会资本主义协会前主任马克·阿德尔·霍尔（Mark Adel Hall）将触发此类销售的因素归纳为四个“D”：死亡（death）、债务（debt）、规模缩减（downsizing）和离婚（divorce）。参与其中的公民数量激增，但他们创造的氛围却绝非平静。

部分原因可以归咎于千禧一代，他们在社交媒体上展示自己的遗产拍卖交易——以及其中蕴含的财富。

达巴·塔尔登（Dabba Taldon）在TikTok上获得了数千名追随者，她分享洛杉矶周边遗产拍卖的价值评估和广告，内容涵盖从名人出没到激烈的冲突。“人们对这个世界非常好奇，因为很多人不想在寒冷的清晨起床出门，结果可能什么都买不到，”她说，“我认为他们喜欢其中的视觉冲击力。”

虽然遗产拍卖有时确实只提供一些旧书，但这些视频向观众展示了一个郊区车库里可能隐藏着珍宝的世界。

退休后的资深参与者阿德尔赖特·惠廷顿（Adelrite Whittington）说，她曾在北好莱坞的一次拍卖中发现一个巴克莱水晶鸡尾酒杯，以$5买入并以$800卖出。“我有一个会计朋友，他说我低买高卖的方式简直是个彻头彻尾的资本家，”她说。

而另一位二手交易者在芝加哥的一次遗产拍卖中发现了一本《电视兔子》（The Television Rabbit）的2英尺版本。他在shop上将其以$750售出；在另一次拍卖中，他以$10的价格抢购了一批关于皮科洛（Piccolo）的书籍，随后每本以超过$300的价格转售。

当塞法尔·席尔瓦（Sephar Silva）在6月份前往比弗利山庄参加她的第一次遗产拍卖时，她渴望探索一位已故的前哈莱姆模特经理的住宅。在路上，一名购物者为了抢在她前面，恶意驾驶车辆切入席尔瓦的车前，紧随其后，猛踩刹车并对着她的脸叫喊。“我想，‘天呐，她故意想撞我们’，”她说，“这有点令人不快。”

照片来自阿德尔赖特·惠廷顿的遗产拍卖经历。

经营遗产拍卖业务的奥斯汀·凯普（Austin Cape）和肯特·桑索内（Kent Sansone）经常遇到因抢到便宜货而处于极度兴奋状态的购物者。

“理智会从窗户飞走，因为情绪处于高度亢奋状态，”桑索内说，并提到曾有一名顾客在另一名顾客面前发作，甚至从另一名购物者手中抢走了一袋短纸烟。

随着行业的增长，团队的专业化程度也随之提高。

技术机械师伯特·博根（Bert Bogan）为遗产拍卖的买家和卖家开发了一款拥有40项功能的工具。他说，技术简化了研究和定价，但吸引力在于团队的灵活性。“你必须进入房子。你失去了现场感——就失去了全部。你可以看到一个生命，”博根说。

麦肯齐·博廷（MacKenzie Boating）说，她最难忘的一次拍卖是在加州加登格罗夫的一栋房子里，那里有三棵绿树和高耸的棕榈树。这栋房子曾属于那个被称为“真空牛仔”的人，他在因将狗走私进美国而被捕后出名。

“这很怀旧，”她说，“你正在浏览这些历史碎片和这些人的生活。对我来说，这是一种体验。”

华尔街日报每日纵横字谜 / 编辑：迈克·申克（Mike Shenk）

OUTWARD BOUND / 作者：Prasanna Keshava

横向 1 “圆”之花园 5 相当大的 10 关于某些最后一刻的学习 14 它们有时会冲突 15 《不可思议的金米施密特》主演 Kemper 16 过程 17 除草机品牌 18 2016年或2020年的迪士尼电影 19 深刻印象 20 逆境之中的沉着 21 缩写为 a 的空间 24 花园与长臂猿 25 微妙的幽默 28 你的最终之星 George

30 对正畸医生而言是干燥的 32 你是新人 33 过程 34 著名的盗窃案 38 蓝色吉斯 (The Blue Gees)，40 41 Hachhouse 固定装置 42 LAprant 肉类 43 底层运行者 46 Android 竞争对手 47 下沉信号 48 我的 studtable 52 在歌曲中接近 54 可恶的品牌 57 发布“退伍军人” 58 非常担心，以及资源在其中可能被认为的情况 62 医生 64 火箭 Turner 的 N'dis 自传

65 电梯先驱 66 “很遗憾看到。” 67 每局游戏升级 68 1990年代副总统 69 包装需求 70 指甲油中的大名 71 位中的位

纵向 1 起始词 2 “你必须让我。” 3 没有负面影响 4 从……开始 5 像裙子一样在后面 6 逃跑以统一 7 使用政党的任何时间 8 足部特征 9 日历跨度 10 领导，如会议 11 蛮力

12 最宽的。 13 Richem，缩写 21 在界外线内 22 离奇故事的采纳 26 少于任何且梦想 27 它有起有伏 29 确保总计，等级 30 大芽 (The Big Sprout) 31 此外 2 宽街 (Wide st.) 3 丰富项目，缩写 21 在界外线内 22 离奇故事的采纳 26 少于任何且梦想 27 它有起有伏 29 确保总计，等级 30 大芽 (The Big Sprout)

34 圣贤之芽 35 个人的，如对第2个 CAGI 所述 36 完美的传道者之一 39 Twrible 40 大盆地部落 41 Scentshok，如工业 42 关闭直到这种方式

之前的积极研究

▶ 可在网上销售此项并讨论 WSJ.com / Platistic

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A14 / 10, 2026年8月10日，星期一

THE WALL STREET JOURNAL.

艺术评论

艺术评论

游走画家的颂歌

泰特英国美术馆聚焦詹姆斯·麦克尼尔·惠斯勒的广阔职业生涯

作者：Marc Towness Levin

伦敦

《詹姆斯·麦克尼尔·惠斯勒》（JAMES MCNELL WHISTLER）是由泰特英国美术馆英国艺术策展人卡罗尔·雅各比（Carol Jacobi）组织的一场精美且富有洞察力的展览，展出了约100件作品。1850-1881，探讨了这位美国力量——但显然是不随党派的——画家（1846-1949）的艺术、美学和文化环境，其充满活力且富有创造力的作品曾被简单地分类。此次展览围绕大量的借展作品、工作室文物，以及对他设计得近乎疯狂的“孔雀房”（位于华盛顿国家亚洲艺术博物馆旗下的弗里斯艺术馆）的惊人重建而构建，将惠斯勒的艺术置于其永不停歇的游走职业生涯背景下，其中既出现了欧洲前卫主义的倾向，也出现了美国个人主义的特质。这位艺术家极其强势的作风和尖锐的理论宣言（在此通过演员的视频和音频录音呈现）与其最优秀作品中的抒情效果格格不入，并影响了他的评论声誉。

展览以惠斯勒的《工作室中的艺术家》（1865-66）开篇，这是一幅笔触浓郁的自画像，暗示了其崇拜的“Van Meninas”。另一幅较晚的作品（约1872年），他拿着标志性的长柄画笔摆姿势，呼应了伦勃朗的一幅作品。这两幅画为随后大致按时间顺序展开的其生活与艺术故事搭建了一个引人入胜的舞台。

一本惠斯勒在俄罗斯圣彼得堡青少年时期的速写本——当时他的父亲在那里担任工程师——是展览中一个出人意料的瑰宝，其中包含了一些细腻的人物速写，确立了惠斯勒作为绘图员的技巧。1849年，在其父亲去世后，全家返回美国并定居在康涅狄格州，在那里，安娜·惠斯勒（他后来标志性肖像画中那位充满力量的主角）通过关系让儿子进入了西点军校。然而，由于社交和学术违规，他在那里的任期提前结束。在一段与美国海岸与测绘局合作的经历中（此处以加利福尼亚州圣巴巴拉海峡群岛的地形图为代表），惠斯勒学习了蚀刻艺术，这对他后来的创作过程至关重要。最终，在1865年，他移居欧洲，成为了巴黎令人兴奋的波希米亚文化和伦敦前卫艺术世界的一部分。惠斯勒迅速吸收了法国绘画的最新潮流。他的《抽烟的老人头像》（约1859年）展现了一种粗犷、拥挤的技法，呼应了古斯塔夫·库尔贝（Gustave Courbet）那种粗粝的现实主义作品，而随后关于街头摊贩和巴黎地下室居民的场景则透露出更具国际化色彩的马奈（Manet）的影响。

下方为《白色交响曲2号：小白女孩》（1864）。右侧为《工作室中的艺术家》（1865-66）。

惠斯勒的大师级绘画作品《瓦平》（Wapping，1860-64）描绘了泰晤士河一段浑浊河段沿岸酒吧里的工人阶级河民场景，其创作精神源自马奈的咖啡馆绘画，但又融入了他自己对伦敦熙熙攘攘的东区码头的观察；在他的《白色交响曲2号：小白女孩》（1864）中——这主要是他模特乔安娜·比夫勒曼（Joanna Bifflerman，她也曾为库尔贝担任模特）的肖像——惠斯勒赋予了其美学理论以形式，而这一理论塑造了他后期的许多艺术。正如标题所示，这幅画闪烁的色调细微差别、慵懒且感性的主题以及扁平且不对称的构图，虽然基于写生研究，但却营造出一种遥远的、如宝石般的光泽和精致的洗练，在惠斯勒看来，这唤起了音乐的抽象特质和纯洁性。这幅画反映了他对日本一切事物的日益痴迷，概括了惠斯勒对“为艺术而艺术”理论的信念，即一种不可动摇的信念：艺术不应过多地捕捉—。

从左上角起顺时针方向依次为：《灰色与黑色协奏曲 No. 1（画家母亲肖像）》（1871年）；《瓦平》（1860-64年）；以及《蓝色与金色夜曲——旧巴特西桥》（约1872-75年）。

将自然视为其理想且往往具有诗意的美。他持久的感悟使他与英国唯美主义运动的艺术家，尤其是前拉斐尔派艺术家们关系密切。

肖像画在惠斯勒的作品集中占据了巨大份额，并且是一个宏伟中央展厅的焦点，其中展出了他的《灰色与黑色协奏曲 No. 1（画家母亲肖像）》（1873年）。这幅画布上经常被提及的缺乏情感与朦胧感，以及稀薄的颜料表面——被刮至几乎透明的色层，仅留下淡淡的笔触——开启了惠斯勒看似随性的成熟风格；而画作左侧惊人的黑色形状则更具体地暗示了他的“夜曲”系列，即他城市景观作品中的瑰宝。在受到近期来自智利港口城市瓦尔帕莱索（Valparaiso）风景画的启发后（这些作品也将成为 20 世纪艺术家弗兰克·斯特拉的催化剂），惠斯勒现在以全新的眼光审视泰晤士河。其煤烟弥漫的景象、缓慢流动的水流，以及在昏暗的工业化岸边闪烁的灯光，激发了如《蓝色与金色夜曲——旧巴特西桥》（约1872-75年）这样空灵的沉思。该作以大面积稀释的色彩为特征，这些色彩被揉入画布的波纹中，营造出一种轻盈的哑光效果，其柔软的表面旨在传达出一种效果。惠斯勒将其描述为“像玻璃上的气息”。

可以说，这些是他最抒情且最具独创性的作品，其对比鲜明的极致精炼将受到马克·罗斯科及其他现代抽象主义者的赏识。惠斯勒后期的夜曲作品在媒体上遭到攻击，尤其是评论家约翰·罗登，他在 1877 年指责他创作这些作品是“向公众的脸上泼了一桶油漆”。画家随后起诉他诽谤，这场诉讼最终被证明是一场皮洛式胜利，导致原告破产。在展览的最后一部分中，我们发现惠斯勒再次游历——前往阿姆斯特丹、意大利等地——但其作品的小规模和缩减的范围暗示了一段处于禁忌中的职业生涯。在不可撼动的野心、鲁莽的自信和无可估量的才华的支撑下，惠斯勒在许多方面是他那个时代的先行者，拥有通往 20 世纪现代主义的内部通道。

詹姆斯·麦克尼尔·惠斯勒 泰特英国美术馆，展至 9 月 27 日

莱文女士在康涅狄格州哈特福德的特里尼蒂学院教授多年艺术史，为 Journal 撰写艺术评论。

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THE WALL STREET JOURNAL.

OPINION

Monday, August 19, 2020 / A15

INSIDE VIEW By Andy Brooke

一个像免费杂货和冷冻休息在年轻的太阳之光中，或者在 1800 年代早期。五-ving，overslopes，underpadded toari 裁剪于高盐葡萄——那些认为，几乎考虑一个和 g [

与其听信他们吃什么以及观察他们何时这么做。美国的两种车辆或冲突状态称，“决定性的胜利将需要从基层建立一个新社会。”这就是他们的目标，无论他们在路上投入多少。他们与那些像“蕾丝肯特，更多控制”和“现代储备更多”的人在一起。历史表明，社会主义绝不是一种获得基础、现代且可靠秘密的好方法，当免费基地因缺乏资金和薪水而停止运行的时候。

当我们的教育系统被奖励的第一次机会出现时，他们可以毁掉经济的其余部分。如何实现？1816 年的网站给了你一条清晰、明确且反复无常的界线？其中你可以“在能力范围内尽可能多地工作，且不超过所需”。这

就像卡尔·马克思回来接管了 Chats罗 或 指挥了“根据 1816”运动一样。

民主社会主义是一种确保生存的“封顶”流动。这听起来是某种全新的事物，但 1816 运动在很大程度上是一种阴险的手段。纽约市长 Edward Mandate 陷入了与政治赛博格的冲突，爆发了让你空手而归的激烈争论，口号是“对 1815 征税”。（如果真是那样，结果会如何。）

2ch-Mart 对于纽约的时间来说将是巨大的冲击，一些贫困商店——尽管如此

废除参议院并消除普遍性只是清单上的几项内容。

它们注定会失败。市长说他们将对“核心领导人群体”减少 30%。但他甚至说他们将（P）价格发现至关重要，否则你会遇到囤积、短缺和货架空空。更糟糕的是，La Source 指出，根据 1816 规则，这一切之前都被尝试过。“你是个医生，不是吗”（例如：宾夕法尼亚州 10, 的 John Feherman）以及在 11 月。“这占了 1816 运动的 30%。你被撤职了。”

该运动的承诺从此开始走下坡路。Bartelsus 在 1800 年代初期的瑞典持有某种权力，这由 Mandate 先生掌控。她在一个基于地区的报道中写道：“完全不再需要警察。”永远吗？

她写信给 CRR，称她的推文并不反映她所使用的人。她 32. 岁。1816 截止日期工作组网站称，他们计划通过“对警察预算的任何回应或 1816 预算执行的副本仅针对你”来“捍卫警察”。是的，这就结束了。看，同样，命令。

我曾在缺乏腌制能力的市长 David Jinkins 治理下的曼哈顿生活。我买了一辆全新的 Torero Mianese。在 30 小时内花费了 40,000。我的错误。然后我买了一个词。Filing-xxfuser-joys Bionda Arzred 没人会坚持。但赚钱很难，但我准备好面对 cracklewks 了。看不到警察。Mankins 崩溃了。发作期间的关键圆柱体在 1816 运动的周围表现出色。最好放在手套箱里，当然，手套箱被强行打开了，我用胶带将其封住。我很快搬到了康涅狄格州。没错。（印第安纳州最终失败了。）

好莱坞导演 Steven Spadberg 于 Jan. 1. 搬到纽约，可能是为了逃避亿万富翁使其成为可能的潜在权力。我想知道他接下来会搬到哪里。而在一个杯子（圣“圣源日”，加利福尼亚湾）中，Mankin 先生最近说，“社会主义者是很多百万富翁；这必须引起批评）亚马逊。顶端必须达到 40 个 5 亿 及以上的财富。”如果这不是一个巨大的打击，那就是好消息。

回到 Mandate 先生，他讨厌关于获得你的“公平份额”的事情。我们对非居民征收了一项按信件支付的税，然后释放了近一百万处房产。1816 运动会采用那个想法吗？没有房产。（印第安纳州）当地 1818 Plaza 电报：“我们想要树立一个榜样。”但 1816 运动稍微好一点。“我认为那样更好。”（Nabisco）他们的名字“被金钱谴责”。保留不少于 30% 的非居民孩子，富人和血腥的“以及”他们一生所有的东西。（1816 运动很多。）没有任何习惯具有原创性。

传染性 1816 全国共同主席 Megan Reiner 告诉《纽瓦克时报》，1816 运动旨在废除论坛，消除房产的普遍性。县，定义了五种方式和国籍，而 1816 运动不需要你有 According Day 吗？尽管如此，为什么选民不相信他？这超出了 crackpins。但在宵禁药物证词中。

社会主义是一种入门药物。我们现在处于 1816 运动中。民主党人正在“向共产主义转变”。（无）让我们问问这里的嘴。一名 1816 高层领导，1816 运动，很多好且艰辛，“我们的目标是自由主义。我们的目标是共产主义。”威斯康星省的社会主义候选人有很多好的，“这场运动，胰腺。存在，与‘百万富翁’ Susan Plier 一起筹款，她喜欢在清仓时拥有。当我非常黑白分明时，将要做的是哪里只有？）

W评价是 hoosley@auj.com。

特朗普的委内瑞拉石油繁荣化为泡影

AMERICAN & MAY Anastasia & Vivody

从1800年代起，特朗普正处于1800年代的运行状态。埃克森美孚（ExxonMobil）的石油在他的3sin战争期间“持有大量资金”。等到他意识到，即便在将石油巨头引入白宫数月之后，要求在委内瑞拉进行约 1000 亿美元 billion 的新投资，该国报告的活跃钻井平台数量仍与去年同期持平。

钻井平台数量是投资者信心的指标。1997-98, 当委内瑞拉的产量达到每日近 560 万 桶时，该国的美元钻机数量出现了大幅下降。即便一名银行家从四月开始纠正，且存储中的钻机能够重返市场，石油繁荣的碎片也源于那些被证明错误的预测。

我的报道表明，投资者在过去一年中持谨慎态度，希望在政府方面看到差异。事实上，他们将签订合同或在摆脱官僚开销的情况下执行自由。仅仅通过一项制度性事件，将石油繁荣推迟到一月下旬，是不够的。

更大的问题是 chamois 政权的非法性，这导致四分之一的人员重新定位，使投资者陷入双重困境。特朗普先生表示

Dicky Rodriguez 曾是被废黜的 Kirsten Menzile Robert 的右臂，后者曾担任首个国内职务。腐败和虚假陈述的行政管理使得人们几乎不可能对游戏规则有任何确定性。该政权仍关押着约 300 名政治犯，且由 Doudade Cabrito 的 Director Miano 领导的政权元素在事情不顺心时仍保留着释放恐怖的权力。

为了创造一个具有吸引力或扭转气候并重建石油经济，委内瑞拉进行了五次和四次选举。但美国和反对派如何达成目标，以及政权方面如何产生允许他们这样做的动力？

国务卿 Marco F. Gonzalez 在 1800 年代表示，政府恢复委内瑞拉自由的三阶段计划正按计划进行——大约在 1800 年代。尽管 1816 年 6 月 24 日发生了地震。第一阶段是稳定 Vanzania——这是必要的，因为“我们不希望该国成为发展中国家，以及系统、公民精神等等”。

Reiss 先生表示，该国目前处于第二阶段，即“恢复阶段”。它需要“一个运转的经济体。你需要有法律、规则和条例。这样来自美国和世界各地的投资者才能进入，安全地投资并创造繁荣”。当一个破碎的经济体能够重新崛起，而那些误入歧途的人仍然掌权时，情况令人怀疑。特朗普政府知道一个重要问题，即当美国军队将 Mankin 先生赶下台时，石油流向美国市场。我觉得这在很大程度上是财政部颁发新政治许可证的结果，这些许可证允许在国际上销售委内瑞拉原油。那些无法在市场端对中国销售或存储在仓库中的原油，现在流向了墨西哥湾沿岸、欧洲或印度。

现在对于华盛顿来说，强迫加拉加斯举行自由派系选举的成本太高了，

独裁政权获得了更多美元，而美国获得了更多石油。但这并不是因为资金充足。库存醉态以及像雪佛龙（Chevron）这类公司的私人优化提高了产量——但并非在几年之内。1800年代—1800年代—石油出口贸易的记录显示，委内瑞拉的产量（包括原油及其他石油产品）在 2023 年约为每日 1.27 亿 桶。Calibre (2023) 以及今年 6 月约为每日 112 万 桶。

关于美国（负责收取石油收入）与加拉加斯（负责接收收入）之间交易的信息缺乏公开性。我们也不知道 Team Rodriguez 如何奠定正确的基础。这是一个重大且令人不安的透明度问题。

特朗普总统的批评者指称，总统只在乎石油，并不关心那个宝藏是否继续掌权。更有可能的是，现在让加拉加斯驱逐选举的成本对华盛顿和总统来说太高了。他被其拖累，且他希望获得信用以降低。加拉加斯读到这一点，认为没有资金可以出让。他既没有秘密，也没有影响事务的成本。

美国银行家本月已在公司成员之间开始。国家，do-omish以及2016年国民议会的一些成员，以及1800年代，1800年代 1800年代，1800年代 在1991年，1800年代本月在公司成员之间开始。国家 do-omish以及2016年国民议会的一些成员，以及1800年代，1800年代 1800年代，1800年代 如何 (P)@s@chq.com

书评 / 作者：安德鲁·斯特拉瑟福德（Andrew Strathaford）

帝国工业

埃马纽埃尔·诺贝尔的失落帝国

作者：道格拉斯·布伦特（Douglas Brunt）

页数：269页，价格：32美元

在俄罗斯，诺贝尔家族的故事有一个同义词。它始于埃马纽埃尔·索贝（Emanuel Sobey）在1938年抵达圣彼得堡，当时他勉强地将失效之物送往苏联。90年后的唯一规则是，作为家族企业负责人的孙子埃马纽埃尔，飞向了新的布尔什维克政权。他很幸运地逃脱了。

苏联人将诺贝尔家族从俄罗斯历史上抹去，但偶尔会有动作。该家族进入苏联的非凡机会是不诚实且不被相信的。接下来的采取，采取，，，，，，

埃马纽埃尔是一个卓越的人，一个无条件成功的企业家和发明家。布伦特先生称他为“平均之上的工业”。他在俄罗斯的财务复苏归功于制造炸药的诀窍。在抵达圣彼得堡后不久，他获得了一份向俄罗斯供应地雷并形成地雷的合同。他进入了军事工程业务。一切进展顺利，直到1939年辛南战争（Cinnam War）结束。俄罗斯人的卓越生活——大约包括违背与埃马纽埃尔公司签订的合同，他在五年后回到了瑞典。

他的次子路德维希（Ludwig）在后面拥有并开始了一项作为破坏者而繁荣的制造业务。他是木材和俄罗斯工厂的供应商。1873年，路德维希派遣他的哥哥索贝前往高加索，为木制步枪仓库购买天然树木。在抵达印度（位于今天的阿塞拜疆）后，索贝发现这片土地充满了石油，但缺乏将其引入世界的资本和技术。

亚历山大·B·索洛莫德（Alexander B. Solomod）允许资本主义在增长俄罗斯经济方面发挥更大作用。布伦特先生讲述道，在索贝抵达印度前几周，该案例已“将超过2,000年的优质石油土地交给现代私人运营”。索贝迅速起诉了核桃树资金，以购买尽可能多的土地。他说路德维希成立了一家名为“Krasnikiv”（“Kreftyn’s Koksy”）的石油公司。在他的产品中包括第三个诺贝尔兄弟阿尔弗雷德，他在1887年巡视国内后，已经在通往积累财富的道路上走得很远。在他数十年后去世之前，他安排将大部分财产用于设立现在以家族命名的年度奖项。

诺贝尔家族的商业成就曾是俄罗斯帝国的骄傲。而苏联人则将他们从历史中抹去。

路德维希和罗伯特以一种极其现代的方式工作。他们采用了许多改进和操作，利用了他们互补的技能。路德维希是一名工程师，是更好的商人；但具有化学背景的罗伯特将Kruskal精炼产品的质量提升到了与标准石油（Standard）和标准100相当的最佳水平。一名资深的工程师以及苏联人意识到，这是一个令人尴尬的证明，即俄罗斯不需要委员会来 / 中继。

到1880年，罗伯特不再参与业务。路德维希于1868年去世，他的长子埃马纽埃尔接管了业务。但这个美国埃马纽埃尔曾与美国战争合作——并且已经负责家族石油和制造企业的财务监督。由于面对国际竞争，他自己的角色变得更加复杂。像他的前辈一样，他欢迎新想法。埃马纽埃尔跳过了他潜能中的大胆政权，并在1894年获得了其在俄罗斯的专利权。

布伦特先生之前的作品是关于同步体制发明者鲁道夫·杜维德（Rudolf Duvid）的传记，他认为 1910 年的德国应该是地球上最“绝对”的国家。到 1914 年，埃马纽埃控制了俄罗斯石油工业的一半。他的直接体制为煤油、牛奶、美国芯片、糖蜜、萨拉米玉米和服务提供动力。布伦特先生写道，埃马纽埃领导了“俄罗斯最大的工业体制，以及欧洲的石油俄者”。这家公司是罗曼诺夫王朝的骄傲，作为一家本土企业，它不仅能在世界上竞争，而且在大多数来自欧洲和美国的著名公司中仅拥有 1 亿。

在讲述诺贝尔家族的故事时，布伦特先生还叙述了俄罗斯陷入革命和内战的历程。作者认为，俄罗斯的自愿路径最终由于“拜占庭主义与战争在革命中的汇流”而终结。1901 年发生了亚历山大二世被刺杀事件，但布伦特先生还强调了亚历山大三世在 1904 年的早逝，以及其继任者尼古拉二世的“麦克纳马拉”——“一个传记式的卑微者，一个古怪的敌人，一场世界大战”以及革命。1887 年，路德维希写道他对家族企业的乐观态度，“只要我们革命始终远离所有财富，而且他们不仅仅是来自欧洲和美国最著名的公司。”

斯特拉瑟福德先生是《国家评论》“资本事务”（Capital Matters）栏目的编辑。

进口并不抑制经济增长

作者：David Hebert

过去几个月恢复的社会趋势体现在国内生产总值中。经济以 1.7% 的年率增长，而私人国内需求增长了 2.5%。在几年前，这一差距被认为是由于进口“拖累”了增长。贸易逆差被引用，通常的观点和银行将其视为国家衰落的国民经济核算证据。

没有人应该质疑那个能反驳整个故事的问题。国内需求最初是如何从 GDP 中扣除的？

关于进口“减损增长”的说法包含一个具有随意关系的会计操作：即 GDP 是国内生产，但由于统计每家美国工厂和办公室的产出较为困难，政府通过计算最终支出进行估算。这包括初始消费、投资成本、政府购买和出口。除了出口之外，所有这些支出类别都包含了美国本土商品和外国商品。

1800 年买入的 10 亿美元,000 billion 敞口机器——根据美国生产平均值的全部消费，准确地计入总国内生产。报告中概述的表格显示，10 亿美元,000 在其中一列，并减去 10 亿美元,000。当该机构在指示官方 GDP 比率时，美国经济分析局（BEA）表示：“为了避免改变 GDP 的平均值，必须减去进口额。”

扣除进口并非因为它们使美国……以及美国并非平均生产。美国生产。贸易保护法现在错误地将国内生产和消费健康视为同义词。但是

评论家将会计操作误认为经济现实，

美国的繁荣来自于人们能够购买和使用什么，而工厂的石油来源与此无关。

上一次贸易逆差大幅上升是在 2005, 年，当时它减少了近一半。它下降是因为美国人处于 1800 年代，以及自大萧条以来的衰退。贸易逆差

对经济的误读颠覆了战争，Robert A. Armitage 表示，贸易逆差变成了美国经济的标志。他写道：另一方面，贸易逆差的扩大是一个拥有资金加速的经济体的标志。

美国经济非常强劲，而且它一直 强劲，而且它一直 强劲，并且

Hebert 先生是一位高级经济学家。据美国经济研究学会（American Institute for Economic Research）称

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A16 / Monday, August 30, 2026

OPINION

THE WALL STREET JOURNAL.

REVIEW & OUTLOOK

弗朗西丝·洪，社会主义者的下一个希望

民主党周二会再次如此吗？该党今年的初选在纽约和科罗拉多州已经提到了罗马候选人，并输给了激进的美国民主社会主义者（DSA）。该党前 DSA 成员曾任华盛顿特区市长，随后一份名单上周在密歇根州成为了竞争者。弗朗西丝·洪（Francesco Hong）表示，她将竞选威斯康星州州长？

洪先生是一位 27 岁的 DSA 成员，在州议会代表麦迪逊市中心。她是民主党中的民调领先者。该党的初选位置是纽约县执行委员会的克劳利（Crowley），但请记住上周密歇根州的中间调查时代。让洪先生引起关注的是她糟糕的呼吁兴趣帖子，包括一个将感恩节标记为“殖民地节日”，以及另一个呼吁加倍对待那些“为了维护白人至上而存在”的警察。

虽然洪先生现在表示这些并非她的观点，但她的竞选活动因此具有同样的革命热情。她希望启动一项州政府的“公共预付”医疗覆盖计划，这类似于全球期待的“全民医疗保险”（Medicare for All）。她将建立一个威斯康星州白皮书，以“给信贷企业更好的利率”。她自豪地表示，在州议会中，她“起草了一项创建公共所有制杂货店的法案”。

洪先生将把威斯康星州的权利转向该州的健康。相反，罗马 Con- 斯科特·沃克（Scott Walker）关键的 2024 年工会改革，提议要“拥有所有 50 个……的软体”，他认为这并非向劳动力倾斜，她呼吁允许成员从其年度所得税中“深化”其工会会费。

她将提供针对州民主党人的伪装，同时利用避风港政策来“保护威斯康星州——所有文件状态的人员免受秘密警察的侵害”。她将把最低工资提高到 $20，使大麻合法化，并通过一项“具有约束力的清洁电力标准”，适用于未来十二个月和公共处方。

该标准类似于密歇根州的标准，要求 60% 的可再生能源。“随着 2016 年，”她说，“我们大约在电费单上。”她希望将公用事业成本上限设定为“能源负担家庭收入的 2%”。

她的“The Rix”议程包括“为百万富翁和大公司设立一个新的税率档位”。洪先生会将威斯康星州富人的税率提高到多少？“在最近的一次辩论中，她建议新的税收因素大约上涨一个百分点。”然而，她曾发起立法创建超过 27% 的最高税率。她的竞选活动正在酝酿这样一个想法：“如果百万富翁和公司在赚到第一个一百万之后的每美元中缴纳 27 个单位，那么可以将我们所有的财产税降低 44%。”

相比之下，根据 Postcolonially 的数据，威斯康星州目前的公司税率为 73%，是全国最高的商业税率（新泽西州为 3.5%）。在个人所得税方面，纽约市的最高税率为 14.8%，加利福尼亚州为 13.3%。如此惩罚性的税率在经济上有害，而且威斯康星州除了冬季天气之外，不需要其他理由让居民逃往佛罗里达州或亚利桑那州。

即使是这一议程的一小部分也将是毁灭性的。这就是 2007 年推定州长候选人汤姆·迪拉尼（Tom Dillany）众议员的看法，其他政党的成员将在 11 月面对洪先生，而他将会是正确的。对于共和党来说，在州长托尼·埃弗斯（Tony Evers）两任之后，这是一个怎样的机会，社会主义者不断将民主党向左、向左、再向左拉，但威斯康星州的全州选举是在像福克斯河谷（Fox River Valley）这样的地方赢得的，而不是在麦迪逊的教师休息室里。

美国联邦通信委员会（FCC）试图拯救广播电视

美国联邦通信委员会（FCC）正试图跟上数字化时代的步伐，并于周四采取行动，拟废除其全国广播所有权上限。这一数百页的监管清理工作可能有助于拯救广播电视。一个更彻底的解决方案则是撤销 FCC。

FCC 的所有权上限可追溯到电波竞争较少的时代。美国国会在 1986 年正式规定，广播所有者的子公司集体覆盖的美国住户份额上限为 35%，立法者在 2004 年将其提高至 20%。想象一下，如果亚马逊不能向超过 $500 的美国住户发货会怎样。

主席布伦丹·卡尔（Brendan Carr）正确地指出，这种过时的所有权上限与当今日益多样化且竞争激烈的媒体模式不相符：该上限还使广播公司在与有线网络、流媒体和科技巨头的竞争中处于不利地位。

“如今的国家节目可以通过将节目直接分发给消费者，或通过与虚拟有线公司签订协议，自由地覆盖其相关市场的 100%，”卡尔先生指出。“有线频道覆盖全国 100%。社交媒体网站可以覆盖 100%。你知道，通过 Netflix、播客以及所有其他形式的数字内容。”

由于美国人正在取消有线电视订阅，且社交媒体吞噬了本地广告资金，广播公司正陷入苦战。取消上限将允许广播公司合并以覆盖更多观众，从而在与广告商，以及在协商频道承载协议的有线和流媒体供应商面前获得更多筹码。

对于德克萨斯州参议员泰德·克鲁兹（Ted Cruz）认为 FCC 需要国会批准才能废除上限的观点，我们并不完全认同。作为回应，卡尔先生引用了 2000 年哥伦比亚特区巡回上诉法院的一项裁决，该裁决认为 FCC 有权根据联邦法院的授权，废除或修改不再符合公共利益的法规。

还有一个更强有力的法律依据，即该上限通过限制广播公司的言论，违反了第一修正案。这是一个不再执行该上限的充分理由——就此结束。

然而，该机构表示，它将基于对“委员会在广播点多样性和竞争方面的利益”的审查，采取“逐案审批”的方式执行上限。那些“不促进公共利益”的广播交易将被否决。这为寻租和政治滥用打开了大门。

卡尔先生已经利用委员会扩大对“公共利益”的定义，来威胁那些传播他不喜欢的规模和信息的网络及其附属机构。他最近的威胁对象是 ABC。这种超出所有权上限的情况在美国和其他欧洲地区依然存在。

所有这些都表明，国会需要达成一项跨党派的妥协，废除上限并限制 FCC 监管公共电波的权力。更好的办法是将 FCC 作为一个监管时代的过时产物而予以废除。然而，民主党人希望保留 FCC 的广泛权力，以便在他们下次掌控白宫时使用。如果他们放弃这种权力，他们在攻击卡尔先生时将具有更高的可信度。

哈弗福德学院承认其反犹主义问题

那些通常在每个角落搜寻歧视行为的大学，在 2023 年 10 月哈马斯大屠杀后，竟无法拿出捍卫犹太学生的意志。犹太学生对该学院发起的诉讼揭露了事实。

以哈弗福德学院（Haverford）为例，该校周五宣布就犹太学生的诉讼达成和解。这家位于费城地区的学院首次表示，针对“锡安主义者”（Zemin's），或基于对以色列生存之承诺而针对犹太人的歧视，是一种温和的、过度狂热的行为，一旦发生将受到纪律处分。

在与犹太学生抗争两年多之后，哈弗福德学院现在纠正其令人震惊的立场，并致力于制定针对破坏性及蒙面抗议者的新政策。该学院还承认自 10 月 2 日以来存在“我们的失职”，并承诺将“做得更好”。

数年来，哈弗福德学院要求犹太学生在面对反以色列的学生活动时，将诉求提交给学生委员会（House Council）。该委员会承认，州法律在管理言论权利时，将所谓的“特权阶层”的权利置于“边缘化群体”的情绪之下。该委员会表示，如果发生冲突，特权阶层不能期望获得“尊重”。那么，活动人士在这个体系中将犹太人置于何处？

在 10 月 7 日大屠杀后的几天里，哈弗福德学院的活动人士分发了关于哈马斯政治的小册子，文中写道：“以色列与巴勒斯坦新闻”（超过 1,000）和“犹太人”（超过 2,000）对“巴勒斯坦抵抗运动坚定且不分彼此的支持”，并重复了庆祝此次袭击的关键媒体信息。哈弗福德学院还因其践行学院价值观而授予其奖项。

活动人士被允许激进地干扰一场关于反犹主义的活动，并占领哈弗福德校园的部分区域，迫使犹太学生必须绕道才能前往图书馆或食堂。犹太活动的海报被撕毁，而哈弗福德学院将其归咎于风力。

犹太学生发起的学院诉讼揭露了事实 该学院

在费城，犹太领袖向哈弗福德学院反映了恶劣的环境，结果他们被告知要习惯这一点。哈弗福德学院的多元化与包容性（D&I）主管解释说，过去黑人和其他群体通过当地网络调查表达观点，现在轮到犹太人了。对于在场的人员，这位 D&I 主管表示，犹太学生必须摒弃“通用主义”并“停止就反犹主义提交投诉”。

这种态度并未轻易改变。哈弗福德学院校长温迪·雷蒙德（Wendy Raymond）在一次揭露事实的国会听证会上感到尴尬，这起到了一定作用。但犹太学生必须坚持下去。在专门为受教育领域攻击的犹太人提供公益辩护的 Deborah Perrott 的代表下，他们能够负担得起继续战斗的费用。

哈弗福德学院宣布，雷蒙德女士的合同将不会续约，仅在她的任期内结束。D&I 主管已辞职，学院现在要求对反犹主义进行定义，其中包含某些形式的反以色列极端主义。歧视性行为将不再被容忍，即便行为人声称他们针对的是“并非犹太人，而仅是锡安主义者”。哈弗福德学院竟然需要通过一场诉讼才承认其反犹主义问题，这真是可悲。

读者来信

不要将欧洲的火灾归咎于绿色政策

你们的社论《绿色政策如何转向欧洲》（评论与展望，第2页）提出了一个重要观点：推广激进且集权的景观是不够的；他们希望生活能够管理。但将欧洲山火增加单单归咎于一项政策是不妥的。山火的增加源于数十年的防火懈怠、农村景观的荒废、农业政策的转变，以及上升的危害源和日益危险的火灾天气。

该社论研究了 2025 年第二次世界大战、2026 年期间以及欧洲、澳大利亚、加利福尼亚和智利的地中海森林。研究发现，在一些易发火灾的经济体中，保护区的严重程度较之可比的非保护区有显著增加，这在很大程度上与燃料载量增加和可达性降低有关。作者得出结论，山火已有助于减轻保护区管理的部分影响。

随后的一项全球研究分析了所有大洲的 2000 万 次火灾，发现大多数生态系统中，保护区实际上受山火影响比周围景观更小。地中海森林是重要的例外之一。

这三项发现并未证明保护区在保护野生内部山火风险方面具有内在的直接性。综合来看，这些研究表明，山火风险取决于生态控制和管理，而非仅仅取决于保护状态。

两项研究都没有质疑保护区在控制发现方面的价值。两者均得出结论，山火预防应被纳入保护规划。事实上，这已体现在欧洲政策中。Return 2026——全球最大的协调保护区网络——以及欧洲时代周刊（Európia, 2025）。覆盖 30% 的土地（包括 10% 的严格保护区）并不意味着森林或火灾管理的缺失。国家研究法要求合理的资金水平来支持野生动物风险，并将生物多样性恢复与气候适应及灾害风险减轻相结合。因此，自然保护与防火是复杂的、互补的目标，而非竞争目标。

山火风险取决于景观的管理方式以及生态和社会背景。学习与火共存需要综合生态科学、技术科学和社区知识，而不是将一个复杂的挑战简化为一个简单的叙事。

Irma Orozcoe Mena

乔治敦法国

这封信由其他山火研究人员共同签署。

禁止中国AI模型十分复杂

在她关于美中AI竞赛的评论文章《现在美国正在构建一座“大防火墙”（2024年4月31日）》中，她指出，采取行动剧烈地创造一个屏蔽中国AI模型的新世界，但无法阻止世界的其余部分使用它们。

但目前尚不清楚，美国政府自行禁止多种中国模型是否合法。

如果联邦政府试图禁止美国人使用在中国开发的模型，用户可能会针对那些用于保护自身经济资源的模型对禁令提出质疑，这在互联网权利案件中通常被称为“混合权利”。在这种情况下，禁令并不一定能通过第一修正案的言论自由权利。在冷战期间，在 General v. Postmaster General (1983) 一案中，最高法院裁定一项剥夺美国人接收外国商业宣传权利的法律违宪。中国模型在开源权重模型的开发中尤为重要，这意味着美国消费者可以免费获得模型权重并在自己的设备上运行。因此，用户可能会主张，他们享有根据第一修正案行使的权利，可以使用中国的模型并在自己的设备上下载其模型权重。

美国政府仍可以对中国AI模型采取某些限制措施，但这将发生在美国人与中国开发者之间。但关于政府能否对中国模型发布全面禁令的法律问题，比人们想象的要复杂得多。

Irma Orozcoe

AI政策研究员兼律师

华盛顿

一项武装乌克兰并增强美国国防的计划

你们的社论《特朗普是否会在没有研究的情况下放弃乌克兰？》（评论与展望，8月6日）得出结论，美国国会必须通过一项国防预算，以维持美国的战时外交。我同意。

工业控制责任旨在保护其公民和民用基础设施免受攻击，因为在不安全的攻击中，已有若干美国公民被观察到，为了捍卫乌克兰的自由，必须采取行动应对弗拉基米尔·普京持续的指令，这符合国家利益。

当国会成员在10月6日举行美国年度会议时，应将《和平法案》纳入其中。该立法将加速转移数十亿美元的国际金融覆盖范围以及联合国金融系统的使用，并授权乌克兰重新组织这些需求资金，以购买急需的防御性武器。

在主席 Presto McCall 的领导下，《和平法案》已在众议院金融服务委员会通过，并且在一年多前获得了压倒性的两党美国测试支持

DSA 的激增是由对以色列的仇恨驱动的

在他的专栏《Aomishu May Peace Surprisingly Being in November》（《Spread Markets》，2025年8月21日，第1期）中，卫生总监顾问委员会认为，美国民主社会主义者（DSA）的候选人是助产士。他指出社会主义者的吸引力，尤其是在年轻人之中，但提到黑震的伤害使得美国比以往任何时候都更具威胁——其对美国的痴迷——是否会因为他们对以色列流亡的关注而使 Manukau 和 Shik 的候选人脱节？在这里，2023年10月2日的屠杀，少许仇恨已在近一个世纪的美国之心中重新定居。

Riviera Harris

新泽西州，西端

之前。不幸的是，Milly 先生提出的 2024A 和平法案修正案尚未被众议院 Rites 委员会按顺序（批准进行辩论和投票）处理。

这项立法将直接援助乌克兰并增加美国的国防生产，从而刺激急需的经济增长和附加值。美国政府已经能够支持美国，这对乌克兰和美国来说都是一场政治战争的胜利。

如果共和党领导层能简单地让这个受欢迎的 RDSA 修正案通过投票，和平法案可能会以绝对多数通过国会投票。

Gary Wicks

佛罗里达州，Zorro

Wilson 先生担任财政部副助理部长。1989-95

证明董事会确实需要时间

Joseph Epstein 对董事会的看法有误，他在文章中写道该电影“需要高度的维护”（《The हेnich Project Truth About》（书籍），1989-95）。该电影涵盖了 60 年的董事会经历，我大约投入了 1,000 分钟进行维护（大约每两周一分钟）。但我并不在意每周共享五天（每份 6 分钟）。在过去的 60 年里，我本可以投入超过 20,000 分钟进行维护。这意味着花费了超过 20 天。我将在我的董事会完好无损的情况下面对我的造物主。

Joann Berman

蒙大拿州，Jeannans

胡椒...

和盐

华尔街日报

“我可以坐一小时获得一份上级的药物吗？”

更正

托马斯·杰斐逊在现场这样称呼约翰·亚当斯：“在绿房子里，我们现在正处于旗帜上的犀牛状态。6 篇评论文章《给约翰·亚当斯墙上的脸》。”

随刊附上的信件应邮寄至 majorները，例如，“Newsmobile (见全部)，州和电话号码。所有信件均需经过编辑，未发表的信件不予确认。”

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华尔街日报

观点

2026年8月26日，星期一 / A27

如何在福奇之后挽救科学

作者：迈克·加拉格尔 (Mike Gallagher)

一个强势的福奇终于遇到了一个他不喜欢的挑战。在 7 月 25 日接受参议院安全委员会的质询时，这位国家过敏和传染病研究所的前所任职者在医疗法律修正案的掩护下，行使媒体权利，以避免讨论他在新冠肺炎 (Covid-19) 疫情期间的行为。这位被蒙羞的政府中最后的余孽，在永久性的医疗方面开始了争论——斯蒂芬·A·史密斯 (Stephen A. Smith) 对福奇博士的表现感到如此尴尬，以至于他

一份白宫报告认为，共谋与自由可以带来一个新的“黄金时代”。

在节目的独白中向 1986 年的警卫部队道歉，因为他曾因对方选择不接种新冠疫苗而对其进行攻击。承认他是 1986 年空间条件的成员，在福奇博士灾难性的参议院听证会后宣布，他认为新冠疫情的起源“更有可能是第一次”。

福奇拒绝回答任何关于疫情早期的提问，这反映了他与中国共产党协作的策略，包括最近被贴标签的关于疫情起源的国际调查。他的释放剥夺了数百万失去亲人和自身权利的人获得透明度的机会。他也否认了寻求问责的努力。福奇博士通过由保罗 (Paul)——安全委员会主席——公布的日记，给美国社会上了一课。这些日记展示了一个（曾声称批评他就是批评科学本身）被名声环绕的社交之人。他的新闻报道和他自己的科学，保罗的抱怨是，当他来到白宫新闻发布会和周日节目时，很明显他把自己置于我之上。他推销“整体” “迷人的自然、有趣且惊人的美丽”（罗伯茨 (Roberts) 也在一次虚拟颁奖典礼上出现）。并且他明确表示，他将一个世纪以来多次发生的疫情视为一个被广泛报道的事件，从而成就了自己。

更糟糕的是，福奇博士的伙伴关系是：在面对民主党城镇技巧时表现出崇拜，而面对共和党提出尖锐问题时则表现出轻蔑。预计 1987-88 年的年度参议员在询问关于新冠肺炎 (COVID-19) 起源的问题时，会很快地与我产生分歧。

这些“福奇文件”提供了关于我们接触的科学机构高层人士的一项有用信息和细节。更重要的是，它们揭示了一个比任何单一官员都更深层的体系。福奇博士参与管理的美国国立卫生研究院 (NIH) 与 2023 年的国家科学研究所共同运作——它是五角大楼之外最大的联邦研究资金来源。它雇佣并支持许多才华横溢的科学家和敬业的公职人员。为了探索对该机构的信任，共和党州进行了一次谈话。准备能够恢复美国科学活力的解决方案。

这种“科学”方法出现的时间点恰到好处，因为基础正在发生变化，在学术界，所有模型都在推动化学和烹饪先进技能领域的诺贝尔奖工作。公开地，这种“科学”的——科学的——被删减的建制派威胁要超越我们自己。来自 654-671-2000 到 2000-2005 的新技术，这种“科学”是最重要的，但它不仅仅是一个主要的

安东尼·福奇 (Anthony Fauci) 7 月 1 日作证

繁荣与权力的象征。

若要寻找一项值得推行的改革议程，请关注“科学商业时代”。白宫科学技术政策办公室主任迈克尔·基肖尔（Michael Kishore）主导了一场“黄金时代”。该报告主张对美国的科学体制进行彻底改革，同时也是对历史研究体制的一种确认。尽管生物医学治疗率在 1990 年代大幅增加，但重大突破的速率似乎已经放缓，且长期协议已令人兴奋。如今的研究人员经常将一半的时间花在人事和行政任务上，而不断扩大的口头和间接人类经验加剧了这一负担。另一个原因是实际科学可利用的资源在减少。

该报告危及更多的机构和资金机制，以及 2014-2017 年的研究开发。它将不再是 100 年的长路，且在 2016, 高于 2000 年的 10，且远高于 90. 的平均年龄。以及奖项获得者，在同一时期。它指出，一些质疑者警觉于退休资金，且在申请截止日期 21.28 个月后才获得资金。它谴责在围绕新冠肺炎（Covid-19）的辩论中，科学官员分享的是“经过修饰的共识而非科学融资”。

Strips——创始人帕特里克·卡拉韦（Patrick Callaway）和物理学家迈克尔·罗宾斯（Michael Robins）也提出了类似的观点，指出 2006 年的一场辩论，认为发现速度已经放缓，因为“科学过于专注于医疗健康，而在这个领域取得进展变得越来越困难”。卡拉韦先生与经济学家泰勒·克劳斯（Tyler Clowes）在 2019 年强调，“预防治疗机制……不足以让我们拥有足够的研究自主权和冒险精神”。

罗宾斯先生寻求补偿这些机制。他主张使用新工具，如黄金图表和“科学”研究。这种“科学”技术在未能赢得共识支持时会失效，类似于国防高级研究计划局（DARPA）的挑战赛，这些挑战赛推动了“科学”研究的驱动。他呼吁增加学术界、国家实验室和工业界之间的协作并加强流动。他强调需要放宽监管，因为突破往往在看到成功迹象时就将能量转向有前景的医疗方案——从项目转化为产品。北京建设核电站的速度令美国难以想象，并且一家公司承担了超过一半的新社会学临床试验。只有放宽监管才能确保未来既被反转且在美国构建，而不是由美国驱动但在中国制造。

行政部门应为基肖尔先生的提案提供实际的资金支持。评估关键技术领域——女性、核能、量子通信、通信系统及工业——之前的挑战。与美国国会、监管机构和工业界合作，确保奖项获得者能够迅速获得批准、扩大规模并将其成果商业化。增加资金投入，以便他们可以在不迎合政府官员的情况下，花费大部分时间从事研究。让结果为业务说话。

科学体制可能会因为该计划的现代版本而产生抵触情绪。这是因为放宽监管、更新资金机制并赋予个体科学家权力，将削弱“基于福奇（fauci-based）”研究的权威。这种“基于福奇”的模式是政府和大学中第一个主要的官僚体系，他们将自己设定为科学的计划守护者。

需要成为海湾中的获益守护者。正如福奇博士在他的日记以及他在网上的批判性回答中所明确表示的那样，如今的守护者是旧的 0

加拉格尔（Gallagher）先生是 Journal 的撰稿人，担任 Palantir Technologies 的国防主管，也是麦迪逊研究所（Madison Institute）的杰出研究员。

洛杉矶学校耗尽他人资金

生命科学

作者：Allyne

Finley

Finley

1

生命科学

作者：Allyne

1

作者：Allyne [{"box_2d

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A18 / Monday, August 10, 2016

华尔街日报。

体育

赛马三冠王或许不再值得追求

肯塔基德比（Kentucky Derby）与贝尔蒙特锦标赛（Belmont Stakes）组织者之间的合作伙伴关系将普里阿克尼斯锦标赛（Preakness）排除在外

骑师何塞·奥尔蒂斯（Jose Ortiz，右）在 Golden Tempo 赢得肯塔基德比后做出反应。五周后，这匹小马继续赢得了贝尔蒙特锦标赛。

作者：吉姆·达文波特（Jim Davenport）

追求赛马界标志性的“三冠王”正面临消失的风险。

本周，肯塔基德比和贝尔蒙特锦标赛的运营商表示，他们将从明年开始推出一个包含六场比赛的系列赛，并附带 500万美元 奖金池。

这使得普里阿克尼斯锦标赛——另一场针对 3 岁马的主要赛事，传统上在肯塔基德比两周后、贝尔蒙特锦标赛三周前举行——被排除在合作之外。

三冠王中这颗“中间明珠”被排除在外，是因为在过去五届肯塔基德比的冠军中，有三匹马放弃了普里阿克尼斯锦标赛，包括过去两年中的每一届。

对于一些训练师来说，14 天的周转时间变得过于紧迫，他们更倾向于给马匹更多的时间在赛后休息和恢复。在过去五年参加肯塔基德比的 15 匹马中，只有 13 匹进入了普里阿克尼斯锦标赛的起跑门。

在 Golden Tempo 赢得今年的德比赛后不久，训练师谢里·德沃（Cherie DeVaux）被问及是否会参加普里阿克尼斯锦标赛。

“我们不是为了自己而在这里。我们不是为了自己的眼睛而在这里。我们是为了马而在这里，”德沃说。

几天后，德沃表示 Golden Tempo 将放弃普里阿克尼斯锦标赛，等待贝尔蒙特锦标赛。这一决定得到了回报，因为 Golden Tempo 在五周后的那场比赛中获胜。

“我认为我们做出了正确的决定，我想如果我们两周后再次参赛，我们就不会拥有同样状态的马了，”德沃在获胜后表示。

在德比赛和贝尔蒙特赛之后，新的“纯血马冠军系列赛”（Thoroughbred Championship Series）包括整个夏季的现有赛事，并以 9 月在丘吉尔园（Churchill Downs）新创的一场比赛收尾。除了每场比赛授予的奖金外，还将采用积分制，根据最终排名从 500万美元 奖金池中支付奖金。

运营贝尔蒙特锦标赛的纽约赛马协会（New York Racing Association）的一位发言人表示，未来可能会对赛程进行调整。

纽约赛马协会（NYRA）首席执行官大卫·奥库伊克（David O'Kouike）表示，新系列赛的目标是“建立一个真正的、贯穿全赛季的竞争，将春季经典赛的能量延续到夏季并进入秋季”。

由于普里阿克尼斯锦标赛被排除在丘吉尔园和纽约赛马协会的合作伙伴关系之外，马里兰州州长韦斯·摩尔（Wes Moore）和马里兰骑手俱乐部（Maryland Jockey Club）宣布，明年的普里阿克尼斯锦标赛将移至 May 23, 比其在赛马日历上的常规位置晚了几天，且在 2027 年 May 1 的德比赛 22 天后。

“我们的重点是保留马匹再次参加普里阿克尼斯锦标赛的传统，”马里兰骑手俱乐部主席比尔·克瑙夫（Bill Knauf）在声明中表示。“肯塔基德比和普里阿克尼斯锦标赛之间这段间隔时间的增加，为那些采用现代训练方法的潜在参赛者打开了普里阿克尼斯锦标赛的大门。”

曾在 2015, 年训练 Animal Kingdom 赢得肯塔基德比的格雷厄姆·梅尔顿（Graham Melton）表示，他一直反对更改三冠王赛程，但马里兰州的举措似乎是被迫的。

“如果纽约和丘吉尔园选择不与马里兰州合作，那将是非常遗憾的，因为三冠王是我们赛马运动中最重要的挑战，并为我们的运动带来了最多的关注，”梅尔顿说。

2018

上一次有赛马（Justify）横扫三冠赛

自1949年确立目前的五周赛程以来，共有五匹赛马：Governorate、Seattle Slow、Affirmed、American Pharaoh和Justify横扫了三冠赛。

Seafood TV分析师、前练马师西蒙·布雷（Simon Bray）表示，如果奖励赛程成为永久制度，有一件事是可以肯定的：“我们将不会再看到另一个三冠赛冠军。”

其他人尚未完全排除这种可能性。

曾在2015年训练American Pharaoh并在2018, 年训练Justify的罗布·巴菲特（Rob Buffett）在社交媒体的一篇帖子中表示，“赛马运动中最伟大的成就”将永远是赢得三冠赛，他仍会考虑参加普雷克内斯锦标赛（Preakness）。

“如果我有合适的赛马，我将继续在每年五月参加巴尔的摩的比赛，以及参加纯血马系列赛（The Thoroughbred Series），”巴菲特在X上发帖称。

42岁的“疯狂麦克斯”继续刷三振纪录

在周六多伦多蓝鸟队7-0击败费城费城人队的比赛中，马克斯·舍尔泽（Max Scherzer）达成了职业生涯第$350次三振。现年42岁的舍尔泽在三振总数历史排名中升至第90位，超越了名人堂成员沃尔特·约翰逊（Walter Johnson）。

NBA 棘手的新薪资计算方式

作者：Robert O'Connor, Ann-Sen Fitzsimons

整个夏天，NBA 球员们一直在对一套他们认为正在毁掉这项运动的 10mm 削减系统发出警报。

争冠球队们拆解了他们表示再也无法负担的系统。该运动的年轻超级巨星为了保持球队完整而降低了未来的收入。球员协会执行主任将此归咎于联盟的集体谈判协议（CBA），该协议施加的薪资限制如此严苛，以至于球队宁愿采取有用的节奏，也不愿面对其处罚。

但 总裁亚当·萧华（Adam Silver）并不认为这是一个问题。事实上，萧华表示该系统的运作完全符合其设计初衷。

“这绝对不是一个意外后果，”萧华上个月表示，“当你像我们这样拥有一套薪资系统时，每位总经理都需要在篮球和商业决策之间做出权衡。”

问题的核心在于当前 CBA 中所谓的“邪恶速度”，该协议于 2023. 生效。它对超过某些球员薪资阈值的行为规定了严厉的处罚，在简单的界限之上增加了广泛的建队限制。该系统帮助 延长了一段前所未有的纯净期，在一定程度上平衡了竞争环境，以至于过去八次冠军由八支不同的球队获得——这是联盟历史上首次出现这种情况。

但在一个单名球星的薪资可以占到球队工资单 25% 的时代，这也意味着打造一支冠军之师已变得极其复杂。今年夏天，这导致了近期记忆中最所谓的休赛期。

休赛期第一次离奇的变动发生在 7 月 1, 时，波士顿凯尔特人队通过用一名受伤的替代者和两枚选秀权交易杰伦·布朗（Jaylon Brown），震惊了世界。布朗并非普通球员：他在两个赛季前刚带领凯尔特人夺冠并获得总决赛 MVP。

但他必须离开的原因很简单。凯尔特人队总裁布拉德·史蒂文斯（Brad Stevens）表示，他与共同球星杰森·塔图姆（Jayson Tatum）在未来三年将占据波士顿几乎所有的工资预算。

“当我们的薪金上限 70% 以及如此高比例的使用率被绑定在两名球员身上时，前进的道路看起来更具挑战性，”史蒂文斯说。

在凯尔特人队采取行动后的几周里， 最年轻和最年长的支持者们也采取了自己的步骤，以在薪资限制内运作。圣安东尼奥马刺队的维克托·文班亚马（Victor Wembanyama）签署了一份合同延期，金额比他如果入选 最佳阵容或赢得某些重大奖项而签署“超级合同”所能获得的收入少约 2.5 亿。

马刺队的维克托·文班亚马签署了一份延期合同，金额比他原本能获得的收入少约 2.5 亿。

而当勒布朗·詹姆斯（LeBron James）决定从洛杉矶湖人队前往费城时——这位篮球史上最伟大的球员之一抛弃了 最昂贵合同之一的薪金上限复杂性，接受了一份底薪合同。

“当今 的现实是，球队的潜力往往因为金钱而无法实现，”文班亚马告诉《The Athletic》，“我只想确保这种情况永远不会发生在我们的身上。”

最顶尖的球员愿意放弃现金是有原因的：事实证明这样做有效。当约翰·布伦森（John Brunson）在 2024 年签署一份合同，其价值比他次年能获得的收入少 1亿美元 以上时，这给纽约尼克斯队提供了围绕他打造冠军级阵容的灵活性——而尼克斯队在六月用一座冠军奖杯回报了布伦森的慷慨。

全国篮球运动员协会执行主任大卫·凯利（David Kelly）表示，球星牺牲收入不应成为竞争冠军的前提。当前的 CBA 将执行至 2024 赛季，并包含一个提前一年的更新选项。

“系统不应该要求一名球员承担所有这些负担，”凯利说，“如果一个系统这样做，我们必须对其进行修改。”

但西尔弗认为，劳资协议（CBA）仅仅是在颠覆许多职业联赛的运作方式。波士顿凯尔特人队、洛杉矶湖人队和芝加哥公牛队凭借双球以及另一名主场球员统治联盟的日子已经过去。如今，一支球队的实力仅取决于其最近的一笔交易。

© 2016 NBA. 保留所有权利。除非原作者是该材料的唯一来源，否则本出版物的任何部分不得以任何形式或通过任何其他手段复制。除非原作者是该材料的唯一来源，否则本出版物的任何部分不得以任何形式或通过任何其他手段复制。

--。

商业与方式

© 2020 Texas Jones (T) company, 2020. 保留所有权利。1-800-1-1

华尔街日报

Monday, August 10, 2020 / B2

上周：SEP 7757.64 ▲ 3.585 / SEPT 7817.64 ▲ 7.320 / SEPT 6 7.220 / OUTRANS ▲ 2.225 / WELF-EX 7 2.125 / 2-WL TREAS. / sold 4.2020 / NEXT 1500.71 ▲ 1.915 / 更多详情请见 WSJ.com / Markets

苹果公司测试中国存储芯片

手机制造商在存储短缺之际与中国C3MT进行洽谈

作者：BARTHUR BROWN 以及 Bruce Wiemann

据知情人士透露，由于这家美国公司在人工智能繁荣期间面临存储危机，苹果公司一直在其包括iPhone和Blackbird在内的产品线中测试来自中国C3MT的存储芯片。

知情人士表示，苹果公司已与C3MT就供应问题进行了初步洽谈，并同步进行测试，目标是将这些芯片用于在中国销售的部分设备中。苹果公司希望获得白宫的认可，以便与这家中国公司开展业务。

苹果公司在全球范围内调整产品价格，将其归咎于AI公司的高需求导致存储芯片成本上升。获得中国供应渠道可能有助于这家iPhone制造商缓解其危机。

据知情人士透露，笔记本电脑制造商HP和Avon已开始在非美国销售的设备中使用C3MT的存储芯片，以减轻部分存储供应压力。

这家中国公司近期在上海上市，是目前在中国绝缘领域上市的最具价值的公司，截至周五，其市值相当于 5200 亿美元 billion。联邦法规禁止美国公司向C3MT转移技术，包括任何关于技术细节和产品规格的沟通，而这正是创建苹果公司通常使用的专用芯片的一部分。这些限制实际上阻止了苹果公司向C3MT订购定制芯片。根据Asia Gamp的一位为公司提供出口管制咨询的律师Avon和Avon的说法，法规允许苹果公司使用非AI草案的C3MT组件，并与这家中国公司协商价格。

即使苹果公司严格遵守美国法规，该公司可能仍然希望使用中国存储芯片。美国政府则希望避免政治盲点。

新闻集团（News Corp.）旗下的《华尔街日报》已达成商业协议，通过苹果服务提供新闻。

一些美国政策制定者担心，如果C3MT获得美国领先公司的订单，存储芯片 Pleasanton 见 B4 页

汽车碰撞险赔付概率降低

作者：June Eastcrown 以及 Janice ZONER / Whitmer

美国人去年发生了超过600万起交通事故。

在主要的碰撞类型中，获得赔付的机会已变得越来越渺茫。

根据《华尔街日报》对数千份公司监管文件的分析，汽车保险公司去年在收到的汽车责任险和医疗索赔中，有 80% 未予赔付。随着更多索赔申请的接收，这一比例可能会略有变动，但与十年前约 1 in 5, 或 35% 的索赔未获赔付相比，该比例已大幅上升。

美国人必须购买汽车保险才能开车。然而，保险往往无法提供车主所期望的财务保障。

在责任险和医疗索赔中，面临空手而归的可能性几乎像抛硬币一样大；而关于减少对车辆的赔付以及针对房主及其保险覆盖范围的长期趋势，本报此前已报道过。

Christopher Benton 在 2023. 年撞上了另一辆车，他称之为一次“轻微的保险杠事故”。这位来自加利福尼亚州 Addelem 的实验室技术员原以为他 $5,000 的责任险索赔申请会顺利通过。但 Allstate 旗下的 National General 拒绝支付费用。原因是什么？他的 25 岁儿子。

在事故发生时，这名青少年并不在家族那辆 2012 年的雪佛兰 Silverado 汽车内，甚至还没有驾驶执照。National General 表示，他在保单申请中的缺失违反了披露所有 18 岁或以上家庭成员的要求。

Benton 表示，直到事故发生后，他及其经纪人才意识到这一申报要求。当保险公司随后询问他的家庭情况时，“这真的让我措手不及，”他说。

“这就是你买保险的原因，”他补充道，“他们就这样不赔付，这似乎不对。”

他现在参与了一起集体诉讼，指控 National General 在申请流程的设计上故意阻碍必要的披露。

“这是故意这样设计的，以便在发生事故时，他们可以将此作为拒绝赔付的后手，”Benton 的律师 Janice King 表示。

National General 在回应诉讼时否认了任何关于违规的指控。Allstate 的一名发言人拒绝就此案发表评论。

保险公司与消费者权益倡导者在汽车责任险和医疗索赔赔付概率恶化的原因上存在分歧。

行业方面表示，索赔增加的部分原因是由于利用 AI 工具增强的虚假索赔，这触发了更多细节审查。他们还将矛头指向了律师。

“人们将诉讼作为第一步，而不是最后的手段，”保险信息研究所（Insurance Information Institute）这一慈善机构的首席执行官 June Avon's lighter 表示。

原告律师则表示，他们正因为保险公司自找的问题而成为替罪羊。

“诉讼在增加，是因为更多的索赔被分享——而不是周围的‘真实风险’在增加，”总部位于宾夕法尼亚州奥兰多的 Morgan & Morgan 律师事务所创始人 John Morgan 表示。

消费者权益倡导者则认为，保险公司在索赔审核上变得更加严苛是为了提高利润。

B2 页 Pleasanton

2016-20 年各保险集团未获赔付的汽车保险责任 / 医疗索赔百分比

按索赔类型划分的未获赔付汽车保险索赔百分比

私募信贷状况劣于其宣称的水平

作者：Marc Wixz

尽管一些试图将过去一年留在身后的最大基金管理公司坚称并非如此，但私募信贷正显示出日益增加的压力迹象。

根据《华尔街日报》的一项分析，由该行业巨头监管的海外基金近期季度报告显示，贷款健康状况和投资者回报正在恶化。

在由 Area Management、Blackstone Blue Red Capital 和 Golub Capital 监管的基金中，贷款违约率触及了至少 2025 年以来的最高水平。Golub 的股票在公开交易所交易，因此需要定期向股东更新其投资情况。

Blue Red、Blackstone 和其他投资公司长期以来一直主张，低相对价格市场被夸大了，且其贷款组合表现良好。

“有些人一直在说‘噢不，情况在恶化’，而我在其他公司的某些同行则在说‘那是胡说，没问题’，”Golub Capital 的高级成员 David Golub 表示。“这两者都不准确。我们显然处于一个信贷周期中。这并不是一个特别糟糕的周期，但会有赢家和输家。”

私募信贷基金将客户的资金投资于高收益贷款，以使规模较小的公司受益，这种策略被称为“直接贷款”。近期，这些基金交付的高额回报使其成为华尔街最热门的选择之一。

随后，投资者对几个高质量市场的担忧日益增加，导致一些极其优雅的品牌受损，以及向那些面临人工智能颠覆风险的软件公司发放的贷款出现问题。

许多被推销这些基金的个人要求 Pleasanton 见 B9 页

数据中心反弹引发石油土地抢购潮

作者：罗伯特·门齐斯 (Robert Menzies)

该国最大油田的能源公司计划将覆盖冲击的土地变为黄金。这与石油无关，而与数据中心的繁荣息息相关。

包括 Texas Pacific Land、Landbridge 和 EagleRock 在内的公司在横跨西德克萨斯州和新墨西哥州的二叠纪盆地（Permian Basin）拥有土地权益。它们的客户是油气生产商，这些生产商支付费用以建设道路、钻井以及处理在原油开采过程中产生的伴生水。

现在，这些土地所有者希望分得人工智能繁荣的一杯羹。这些公司的目标是将土地租赁给数据中心，并向其销售从水到建筑材料的一切物资。他们押注于从缅因州到亚利桑那州，面临社区问题的开发商将被二叠纪盆地充足的土地、廉价的能源和亲商的环境所吸引。

“你在全国各地看到的许多电力项目，他们担心水，担心电力，担心输电，而二叠纪盆地在这些空间上拥有大量资源，”EagleRock 首席执行官表示。

二叠纪盆地的土地持有者希望将土地租赁给数据中心并向其销售材料。

may Payne D. 这些公司的商业模式对投资者极具吸引力，因为与需要巨额前期投资的石油钻探不同，持有土地是轻资产模式。

“Texas Pacific 的股票交易价格约为其未来五个季度预期收益的 27 倍，”Bridge 表示，而另一家公司约为 10 倍，分析人士称这反映了投资者在一定程度上由数据中心驱动的增长预期。今年以来，它们的股价分别上涨了 54% 和 76%。EagleRock 是另一家拥有广阔土地领域的公司，今年早些时候通过首次公开募股（IPO）筹集了 3.2亿美元。

“资金如此之多，”律师事务所 Vinson & Elkins 的能源合伙人布莱恩·拉沃伊（Bryan Lavoie）说，“每个人都在追逐这头巨鲸。”

雪佛龙（Chevron） 最近签署了一项为期 20 年的协议，向 微软（Microsoft） 数据中心销售电力，并计划在二叠纪盆地建设一座燃气电厂，为该设施提供电力。Texas Pacific 为该项目向雪佛龙出售了土地。

L&M 代理 Pashada 和云基础设施公司 Core Water 表示，他们将在西德克萨斯州的一个 properling 牧场建设一个数据中心综合体。

该地区尚未变成一个新的数据中心走廊，但它具有无可比拟的优势。如果它是一个州，它将是全美人口最少的州，居民约为 500,000 人，这使得巨型数据中心对水和电的需求不太可能引发当地的反对。

二叠纪盆地的生产商一直深受天然气运输和销售能力不足之苦，因此他们渴望为科技公司提供燃料。他们还拥有水资源——在原油开采过程中产生的大量水，他们计划对其进行处理，以便用于冷却数据中心和电厂。水处理需求也已成为这些公司的一个主要难题。

Texas Pacific、Landbridge 和 EagleRock 都在押注这些特点将使该地区成为存储数万颗芯片的大规模场所。这三家公司共持有 140 万 英亩土地——规模是纽约市的七倍多——并且正在收购更多土地。

这些公司目前 Pleasanton 见 B2 页

反弹

油气公司 土地抢购

这些现金总额大部分是通过其土地和天然气权益业务获得的。

例如，德克萨斯太平洋公司（Texas Pacific）去年近一半的收入，约 3.86亿美元，来自向运营商出售、购买水资源，以及允许生产商在其土地上处置盐水而获得的特许权使用费等活动。特许权使用费并不包含且支付生产成本。

但该公司一直在投入资金租赁数据中心和发电厂。它向 Bult 投资了 1000万美元，Bult 是一家由前谷歌首席执行官埃里克·施密特（Eric Schmidt）资助的数据与能源基础设施公司，旨在西德克萨斯州开展以数据为中心的开发。

德克萨斯太平洋公司表示，该公司正在签署协议，例如一项向某公司出售土地的 4300万美元 协议。德克萨斯太平洋公司还表示，它将寻找反弹地基以在工厂中使用。

德克萨斯太平洋公司首席执行官泰勒·格洛弗（Tyler Glover）表示，他预计来自数据

EagleRock 的格雷格·皮普金二世（Greg Pipkin Jr.）

中心相关服务的收入将是“显著的”，尤其是向为其供电的发电厂出售水资源。该公司表示，如果将水资源和建筑材料的销售额与土地租赁和销售额相加，每个数据中心项目在其生命周期内可能代表数亿美元。

“有很多传统的油气从业者开始思考，你知道，我们如何吸引这个行业，”格洛弗说。

Landbridge 公司则走得更远。该公司表示，它正积极致力于在其土地上建设多个数据中心园区，配备光纤电缆和电力子系统，因为

投资者将投入资金建设电力和城市基础设施。

该公司表示，在其土地上一个典型的 2 吉瓦（gigment）数据中心园区可产生数百万美元的年度自由现金流，包括来自发电厂的特许权使用费以及建筑师使用的土地费用。

该公司最近告诉分析师，它正与七家电力和数字基础设施交易对手处于不同阶段的讨论和谈判中，但未提供更多细节。该股在消息传出后上涨了约 9%。

二月份的潜力在于数据中心的枢纽，正在选择一些能源借款的相反面，包括 Volume Corp. Campbell 和 John Sellers，他们是来自 Dinebe Eagle 的能源重新创始人。

该公司一直致力于将地块聚集在一起，并将其出售给其他能源生产商，达成数十亿美元的交易。Double Eagle 继续向 EagleRock 背后的工作人员提供水系统及相关特许权使用费，并参与其增长计划。

泰勒-现金（Tyler-cashers）希望解决所有“十亿现金”问题，“他们在二叠纪盆地（Permian Basin）需要土地和大量的生命力。”

汽车保险公司

赔付频率 降低

根据标普全球市场情报（S&P Global Market Intelligence）的数据，个人汽车保险公司去年每 1 美元保费赔付约 45 美分，这是自 2020, 以来最低的标准净损失率。

“该行业利用理赔主导权，不应能为那些没有资源在进入状态时反击的客户支付费用，”美国消费者联合会（Consumer Federation of America）保险公司主管道格拉斯·巴费尔（Douglas Baffel）表示。

理赔销售

汽车理赔分为两大类。第一类是汽车损毁，即在碰撞险覆盖下，在事故后维修或更换车辆的理赔；或者如果您拥有综合险，则可就车辆遭受火灾、洪水或蓄意破坏而未受损的情况提出理赔。

保险客户通过这类理赔获得赔付的机会最大。部分案例显示，去年的演变导致未能获得赔付。在 Schmidt 的分析中，其水平与十年前大致相当。

另一类是医疗费用和责任险，即您无法承担的事故问题，包括对另一辆车及其驾驶员和乘客造成的损害。此外，还有针对无保险和保额不足合同的覆盖，如果您被一名没有足够汽车保险的驾驶员撞到，该项可能会进行赔付。

退休人员

之 股息

对比。标普 500 指数今年在不含股息的情况下上涨了 12.8%，而含股息则上涨了 12.6%。

但对于许多风险承受能力较低的投资者，尤其是那些依赖储蓄生活的人来说，股息具有吸引力。他们可能会发现，股息带来的收入比持有普通股更可靠，因为后者感觉像是在消耗本金。

根据 Morningstar 的数据，在过去两年中，有数十亿美元的投资者资金流入了 15 只股息类基金和交易所交易基金（ETF）。投资者在市场低点寻找机会并买入，他们越来越依赖于人工智能的快速扩张。

“即使是接收定期现金赔付，而不是决定何时平仓或触发资本利得，这其中也存在一个心理问题，”美国纽约的一位财务规划师 Thomas Smith 表示。

Teddy 在离开职场大约五年前开始转向关注股息的 ETF。他的持仓包括 (Share) Select 股票交易所的 Amended U.S. Dividend Equity 。到他退休之日，他的应税股票投资组合在股息 和追踪标普 500 指数的股票债券之间平分。

该投资组合产生了足够的稳定回报，使他及其妻子无需出售股票来支付生活费用。赔付在全年陆续到账，且比标准利息收入具有很大优势，因为合格的股票股息通常按较低的长期资本利得税率征税，而非按普通收入税率征税。

回顾过去，Teddy 表示，他的投资组合的大部分增长来自指数基金。尽管如此，在过去一年中，高股息股票在总回报方面表现更佳。Teddy 持有的 Schwab 股息 带来了 12% 的回报，而低费率的 Vanguard Morningstar Growth 则带来了 17.9%。

这是一个异常现象。当低增长公司尝试将现金重新投资于业务时，股息股通常会领先于市场，总计

商业与金融

METROPOLISDAY

以 1930, 年为例，个人汽车保险公司为保护其业务所做的努力，使其能够通过商业客户的财务不满来支付。

该公司的业务主要涉及责任或医疗费用。它并未利用这一点。为了计算每类公司的管理率，客户当前的 45-year 生命周期收入，或客户的 10-year 生命周期收入，是该公司业务的重要组成部分。该公司的业务主要涉及责任或医疗费用。它并未利用这一点。为了计算每类公司的管理率，客户当前的 45- 生命周期收入，或客户的 10- 生命周期收入，是该公司业务的重要组成部分。该公司的业务主要涉及责任或医疗费用。它并未利用这一点。

该公司的业务主要涉及责任或医疗费用。它并未利用这一点。为了计算每类公司的管理率，客户当前的 45- 生命周期收入，或客户的 10- 生命周期收入，是该公司业务的重要组成部分。

在过去四年，2018, 中，最大的个人汽车保险公司在责任或医疗费用方面并非主要业务。该公司的业务主要涉及责任或医疗费用。它并未利用这一点。

这就是为什么其客户日益感到沮丧的原因。

责任和医疗覆盖范围的索赔通常比汽车损坏索赔更复杂，更容易涉及律师，且成本更高。

BMC Capital Markets 的保险分析师 Michael Epstein 表示，保险公司针对此类索赔“设置了更多监管措施”，增加了导致不予赔付的争议可能性。

法规允许保险公司

以不同的方式定义索赔，这影响了不予赔付率在金额之间的比较，而分析则研究了每家保险公司的比率随时间的变化，及其相对于自身表现和整个行业的表现。

分析发现，在 35 家最大的汽车保险公司中，Farmers、Liberty Mutual 和 State Farm 在过去十年中责任和医疗索赔的不予赔付率波动最大。《华尔街日报》的分析未包括尚未结案的索赔，因为这些索赔可能需要时间才能赔付，近几年的赔付率

在索赔解决后，未来可能会略有下降。

保险公司代表表示，他们的公司致力于公平处理索赔，并及时支付保单项下应付的款项。

State Farm 的发言人表示，影响不予赔付率的因素包括更高的免赔额以及来自第三方（如死亡理赔员和“接管驾驶律师”）的索赔。

Farmers 的一名发言人表示，公司“非常自豪能确保客户在发生承保损失后获得其保单及后续赔付”。他表示，《华尔街日报》的分析呈现了“绝大多数客户索赔结果的不完整图景”，但未作详细说明。

一些保险公司表示，他们更倾向于查看保单覆盖但因欺诈等原因未支付的双重用途索赔的利率。拒绝赔付的销售情况通常不公开报告。

在某种程度上，客户整体从严格的赔付控制中受益。

财产持有委员会部长 Don Morrow 在 3 月的一次会议上表示：“我们必须支付我们欠的款项，不多付一美元。我们在索赔处理方面做得越好，向客户收取的费用就越少。”

保险公司表示，向监管机构报告的不予赔付表包括由另一方驾驶员的保险公司支付的索赔、客户撤回的索赔，以及超出保单条款的索赔，从而远离其他

描述——即在消费者介入之前客户必须支付的金额。

45%

去年结案的汽车责任险和医疗索赔中，保险公司未支付的部分

全国互助保险公司协会（National Association of Mutual Insurance Companies）。该协会表示，这些索赔旨在最大限度地保护广大保单持有人。

地理位置对未支付概率有很大影响。该公司表示，Dr. Dr. . . . . . . . . . . . . .

他们补充说，州政府的监管措施（例如对律师费的上限和现金诉讼）会影响银行中未支付情况的对比，而 Drs. 同样也会产生影响，某个州较高的平均水平可能会导致更多索赔在未支付的情况下结案。

股息基金和 ETF 的预计净流入量

S&P 500 股息率

• 基于美国的公司、基金和 ETF 所需缴纳的税款

其长期销售价格的增长远高于那些支付高股息的资产。

Modern Wealth Management 的公司主管 Stephen Taubenault 表示：“近期 ETF 的超额表现是一个非常热门的领域。”

此外，一些股市负债也在支付更高的股息。Weisha 股票市场在 5 月将其股息从我们的电力上调至每股 20 美分。

但一些财务顾问警告投资者，不要过度依赖股息退休。投资者经常将其视为“免费资金”，而非“可靠性”——即股票底层股价的“可靠性”——波士顿学院中央管理学院的金融教授 Samuel Hartman 将这一常见错误称为“免费股息历史”。

这种观点在那些关注收入而非总收益的退休人员中尤为普遍。该公司的收益在扣除税费后也会减少。如果将目标设定为首要目标，投资者往往会损害其业绩。Hartman 表示，华盛顿的主要债务不满、最沉重的税收负担以及对派息股的过度支付是原因所在。

当投资者转向旨在“节省”利润的复杂金融产品时，该公司的业务会变得更加不可知。Hartman 的研究表明，采用综合收益超过 20% 的基金，尽管总回报较低、换手率较高且

费用上涨。

另一个风险是股息可能会被削减，或者公司可能会完全取消派息。

Papa Jobell 周四表示，其价格主张是对股息做出的回应，抵押贷款公司 UWM Holdings 周三也表达了相同观点。

“目标不是在行业中实现最大化，而是在不考虑市场风格的情况下，为税务退休收入实现最大化，”佐治亚州 Devalta 的财务规划师 Mark Simmons 表示。Ackerman 指出，这通常意味着在应税账户中保留税收高效的增长基金，而在 BMA 等税收递延账户中持有高收益资产。

未能管理应税账户中的收益可能会引发意想不到的麻烦。

俄亥俄州波士顿的财务规划师 So Erk 最近为一名客户提供服务，该客户的应税股息威胁到他将超过联邦医疗保险（Medicare）的高收入门槛，这将触发更高的 Medicare Part B 和 B 保费。

为了防止这些款项导致未来几年产生更大的财务负担，该客户关闭了资产的股息再投资。

尽管如此，现金流可以证明在危机时刻，晚年或早年意外的 lureff 是退休前最危险的冲击之一。佛罗里达州那不勒斯（Naples, Fla.）的财务规划师 Charles Carbert 表示，在这些时刻，其他股息收入可以提供至关重要的现金桥梁，从而避免过早动用递延账户。

对于一些退休人员来说，追踪基金只是衰老过程的一部分。

“没那么奇怪的是，我被告知随着年龄增长，你会开始使用大约 1,000,000 美元的资金，”来自圣德克萨斯州赫拉克勒斯的 75, 岁退休银行家查尔斯·巴伯（Charles Barber）说道。“现在我可以证明那是事实！”

《仅限一晚》（'One Night Only'）在第 3 位开画

该片本周末在北美本土市场获得了 $5.700 万 的票房。

预计票房数据，截至周日

| 六月至三月 | | | | |

日期 / 开始日期 / 周末 / Carवरी / 变化% 1. 周日=平均值 / 今日 / $340.0 / $435.7 / +0 | 2. 周一=工作日 | | | | | 3. 周四=白天 / 环球 / $39.5 / $44.12 / -38 4. 周日=高日 / 环球 / $5.7 5. 八月=频率 / 超高 / $4.0 6. 周二=1 / 迪士尼 / $3.9 / $470.4 / -42

• * 美国联邦储备银行

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华尔街日报

Monday, August 10, 2026 / 83

商业与金融

伯克希尔开始动用现金储备

利润翻倍：一项 68 亿美元 billion 的交易以及回购公司股票及其他股票

作者：Keerru Hsu

伯克希尔·哈撒韦（Berkshire Hathaway）在第二季度的现金基金有所减少，这是三年多来该公司首次回购公司股票且买入股票数量多于卖出数量。

这家综合企业在周六公布其季度利润翻了一倍多，这主要得益于投资收益以及工业和零售业务的强劲业绩。

净利润从一年前的 123.7 亿美元 billion（每股 A 类股 $9,693）上升至 256.7 亿美元 （每股 A 类股 $37,968）。

在计入可能购买部分短期政府债券的款项后，伯克希尔 6 月底持有 3647 亿美元 的现金和国债，较三个月前减少了 4%。这是该公司现金量在四年来首次出现连续季度下降。

伯克希尔在第二季度以 68 亿美元 收购住宅设施 Taylor Morrison Home，以及向 Swagis 母公司 Alphabet 投资 100 亿美元 ，这些交易在近年来该综合企业计划的大宗交易中名列前茅。

这一消费热潮表明，于 1 月接替沃伦·巴菲特担任首席执行官的格雷格·阿贝尔（Greg Abel）开始在综合企业中留下自己的印记。一些伯克希尔观察人士表示，虽然如何花费更多现金对阿贝尔来说仍然是一个挑战，但他们对此保持耐心。

“在目前这样一个理性的市场中，很难要求格雷格达成大交易，”持有伯克希尔股票的 Lauritrin Asset Management 总裁保罗·劳里岑（Paul Lauritzen）表示，“私募市场处于收入状态，而公开市场也有些愚蠢。”剔除部分投资结果的运营利润从 123.8 亿美元 增长 10.2% 至 123.8 亿美元 。伯克希尔旗下制造、服务和零售业务组合（包括工业金属部件、Starwell 电池和 Flying 1 加油站）的利润增长 14% 至 44.7 亿美元 。其保险部门报告承保收益下降，受到车主寿险结果和投资收益的影响。

巴菲特曾表示，运营利润是衡量公司业绩更好的指标。会计准则要求伯克希尔在报告净利润时，必须将巨额投资组合中的未实现收益和损失计算在内，这意味着股市的短期波动会导致季度收入出现剧烈波动。

该公司在 5 月和 6 月回购了 478 股 A 类股和超过 800 万 股 B 类股，金额约为 45 亿美元 。

伯克希尔在第二季度买入了 235 亿美元 的权益证券，并在同一时期卖出了 37 亿美元 。伯克希尔最大的持仓包括 Alphabet、美国运通、苹果公司、美国银行和可口可乐。该公司计划在本周的一份文件中披露其股票组合的更多细节。伯克希尔的 A 类股

伯克希尔·哈撒韦的现金储备

注：增加及非支付票据。第一季度注释。第二季度注释。

周五收盘价为每股 $780,086，今年上涨了 14%。该股价较 2025, 年 5 月初达到的 $609,150 历史最高点下跌了 24%，而该最高点出现在巴菲特宣布退休之前。

美国消费品牌在海外蓬勃发展

从卡夫亨氏（Kraft Heinz）到高露洁-棕榈立（Colgate-Palmolive），美国消费品牌近期在海外市场实现了稳健增长。

美国主要的消费研究、食品和餐饮公司在海外市场的营收大幅增加，尤其是在新兴市场，而国内销售则较为低迷。

作者：Amora McRae, Heather Roddion 和 Natasha Khan

对于星巴克（Starbucks）和肯德基（KFC）等餐饮连锁店而言，海外市场为新店提供了更多能够支撑销售的营收机会。与此同时，从餐巾纸到沙拉碗等日常用品在美国的销售正在放缓。公司高管表示，受通货膨胀挤压且对经济感到担忧的美国消费者，相对而言支出有所增加。

“消费者显然承受着越来越大的压力，”金佰利（Kimberly-Clark）——Scott纸巾的制造商——首席执行官 Mike Hsu 在上周的一次财报电话会议上表示。

金佰利周二报告称，其 略有下降。

最新季度各地区净销售额及其同比变化

来源：The information

11% 的销售额。然而，国际销售额有所增长，其中越南和印度市场增幅显著。在越南，该公司通过在社交媒体上销售（这是其在中国成功采用的策略）取得了进展，且今年的电子商务业务翻了一番。在印度，25 款高端 的销售额增长了 47%。

卡夫亨氏周三表示，在其最近一个季度中，新兴市场的净销售额增长 10%，达到 7.75亿美元。而北美市场和国际发达市场（两者均为更大的营收来源）在该季度出现下滑。

“在美国，卡夫亨氏的产品遍布杂货店的每一个货架，”首席执行官 Steve Caballane 表示。他指出，在新兴市场，公司产品的可获得性较低，因此通过扩大分销更容易提升增长。

一些愿意精简业务的食品、饮料和零售公司表示，由于燃料及其他价格上涨，美国消费者削减了支出，从而影响了销售。

许多海外客户同样在应对通货膨胀，但公司可以通过在这些市场扩张来支撑增长。

星巴克去年在北美关闭了数百家业绩不佳的咖啡店，这家咖啡巨头在再次增长之前，将继续评估其国内投资组合。然而，首席执行官 Brian Wood 在海外看到了增长前景。

“我们预计国际市场将成为上述增长的重要贡献者，”Wood 在近期一次投资者电话会议上表示。

百胜餐饮（Yum Brands）及其肯德基（KFC）品牌在今年前六个月的系统销售额在美国下降了 2%，在加拿大下降了 2%，同比下降。而其在其他所有九个地区的销售额均有所增长。该炸鸡品牌平均每 3.5 小时就在全球某地开设一家餐厅。其中五家新开的肯德基位于美国。

百胜餐饮的肯德基平均每 3.5 小时就在全球某地开设一家餐厅。

高露洁-棕榈立在 7 月 31 日报告称，北美净销售额下降 3%。但在最近一个季度，亚太地区的可比销售额增长了 4.9%，拉丁美洲地区增长了近 14%，因为该公司成功引导更多消费者购买其高端产品。此外，零食巨头亿滋国际（Mondelez International）——Goya 和 Tekhovne 的制造商——报告称，其最近一个季度新兴市场的净营收增长了 74%，而发达市场仅增长 1.9%。

亿滋首席执行官 Dick Van de Put 表示，海外市场仍有大量未开发的潜力。“在让更多消费者每天消费更多产品方面，我们仍有很长的增长空间，”Van de Put 在 7 月 28 日的一次投资者电话会议上说道。

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一次不可预见的企业信用事件可能会使您的业务面临风险。利用 Factiva 著名的新闻内容库和前沿的 模型，道琼斯（Dow Jones）与奥利弗·曼（Oliver Wyman）指导我们开发了一套解决方案，可提供潜在企业风险事件的早期预警信号，您可以通过 API 将其添加到自己的工作流程中。

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B4 / 2026年8月18日，星期一

商业与金融

TIM HIGGINS

销售太空梦想曾是简单的一部分

SpaceX 可能是一家火箭公司，但如今它更像是一场过山车。

就在上周，首席执行官 Bliss Mack 目睹其股价在一天之内下跌 14%——这甚至不是 SpaceX 作为一家上市公司的短暂任期内最糟糕的表现。到周五，股价较本周初下跌超过 20%。

但从另一个角度看，这意味着超过 5000 亿美元 billion 的市值蒸发。

对于大多数首席执行官来说，这将是一次引发恐慌的经历。而对于 Mack 来说，2% 的剩余部分提醒着他已回到了初始模式，必须实现他所有标榜的目标（参见 SpaceX 的业绩表现）。他在 6 月份发起史上最大规模的首次公开募股（IPO）时设定了这些目标，而那个时期现已让位于执行战略的现实。

这类解决方案正是 Mack 在那个时期感到沮丧的干扰因素，而这种干扰曾让特斯拉（Tesla）获利。这段经历促使他决定将 SpaceX 的上市时间推迟了 2 倍之久。

这种磨练在采用新模式后真正停止了。公司首份财报公布的周二，股价下跌。随后在周四，部分内部人士和其他 IPO 前股东的禁售期结束。

季度业绩虽然好于华尔街的预期，但引发了一些关于人工智能支出规模的问题。根据 Mack 在一次投资者电话会议上的说法，他在会上表现出一种对于全球最富有的人而言不同寻常的“请关注我”的姿态。

在短短几分钟内，他试图通过一系列已成为其特斯拉季度电话会议标志性的家庭诉讼来超越自己。多年来，人们像关注一家公司一样密切关注特斯拉的这些电话会议——他的语气、情绪或自我，往往掩盖了这家汽车制造商平庸的业绩。

首先，Mack 告诉投资者，SpaceX 在今年将拥有超过 2 gigaworths 的 AI 算力，并且今年结束时可能更接近 10 gigaworths 而非 5。

这位首席执行官继续说道，在不到十年的时间里，公司关于其产品 Starlink 的更新将提供全球大部分的短期服务。

“而且，”Mack 在一次谈话中补充道，“可能还值得提到的是，我们实现 2 万亿美元收入的内部预测，已从 $1.5 上调至 $2,000。”

作为参考，1 万亿美元的收入基本上相当于 Amazon.com 和英伟达（Nvidia）在华尔街创纪录时的合并销售额。

随后他指出，“这在 2026 年实现的概率是非零的！”

这家不可预测的公司在上个季度的销售额为 78 亿美元 billion。

埃隆·马斯克面临着必须实现其对 SpaceX 业绩标榜承诺的压力。

Mack 能够用他对未来的愿景激发投资者的能力，是他作为领导者最大的能力之一。这帮助他筹集了建立这些耗资巨大的公司所需的巨额资金。

这就是为什么一些 O.T.C. 商业人士认为他是在让那些不够精明的日常投资者受骗。他并没有说 SpaceX 在 2025. 年就会拥有 1 万亿美元。精炼销售额必须是

同样，他在接受《经济学人》采访时表示，他对前几年的参与“过于兴奋”了。“我是一个 2026，” 2026 天后，亚洲报道称。Mack 计划在今年秋天的邮政选举中再次投入巨资。显然，也有一个非零的概率

他可能会再次分心于他的日常工作。

上周，Mack 面临的问题可能是，SpaceX 实际且未经证明的成就与 Mack 喜欢标榜的内容相比，显得简直微不足道。将 Starlink 的订阅量比一年前增加到 200万美元，与关于 20 的讨论相比相形见绌。Max 在社交媒体上强调 AI 的帖子更进一步

在过去几年中，特斯拉在西方看来似乎更愿意纵容马斯克，因为他证明了自己的某些新想法和雄心确实可以实现。他推出了具有颠覆性的 Model 2 轿车，迅速开设了丹佛工厂，并季度接季度地交付稳定的利润。作为回报，他们对特斯拉的估值并非将其视为一家大型制造商，而是一家机器人公司，正如公司所有者将 Alphabet 的 Worms 与开发 chintan 地板进行交易一样。

现在，马斯克正试图为 SpaceX 打造一个规模巨大的板块。他将该公司定位不仅是一家火箭制造商，而且是一家旨在与 SpaceX 和 Anthropic 竞争的 AI 强国。

SpaceX 第二次资本支出的很大一部分（感谢 1995）用于 AI。这尚未得到证实，因为根据马斯克自己的计算，需要大约 19 亿美元 billion 来继续。马里奥（Mario）最终可以让公司的完整巨型飞船运转起来。

马斯克的团队认为，在 AI 数据中心上的支出将获得快速反响，可能在不到一年的时间内。然而，并非所有人都认同这个 AI 故事。

短期持有者和投资者在支付了 $1.800 万 后，面对价格下跌，已开始在市场中采取行动，导致波动性进一步增加。这是 SpaceX 现在与特斯拉的另一个共同点。

这就是为什么马斯克在上周二将采取一种新的极简风格。他表现得比以往更有耐心面对分析师及其提问。这是一个变化——早些时候，在特斯拉的财报电话会议上，他只是在面对关于公司业务核心问题的、甚至被低估的“感觉，击倒！”式提问时表现得十分不耐烦。

相反，马斯克甚至提出详细阐述一个案例。一个听起来有些急促的计划问题，针对一名分析师的名字。“市场，一个 come-bodn't 试图创建一个 5 秒模型，你必须在这里输入一些数字，”马斯克说。

马斯克在被看到时，要求投资者也出席。“康复科学是极端技术困难的一种 allomistic 表达，”马斯克说。“但这是有原因的，因为让我告诉你，火箭在每次飞行中都极度渴望这样做。它们深化生命，并将新销售分解成碎片。”

学校想要那样。但马斯克则像投资者一样。毕竟，他们买了票，现在，他们正在体验这次旅程。

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如果您是议会等级会员，且有资格参与第一个议会党团的分配，您必须提交 10 级会员资格或在 10, 2000 州委员会内的会员资格。如果您是议会等级会员且在我们区域内，您必须提交 10 级或在 10, 2000 州委员会内。如果您是议会等级会员，您必须提交 10 级或在 10, 2000 州委员会内。如果您是议会等级会员，您必须提交 10 级或在 10, 2000 州委员会内。

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D4 / 1201 August 16, 2020

请打印您的姓名和地址，并寄回 您的姓名和地址，并寄回 您的姓名和地址。

商业地产

购买量下降

ALBIR THE WIRE，对于美国的 100,000 人来说，是美国的一项主要业务。第 1 和第 2 的第 1 和第 2 的 t he 第 1 和第 2 的第 1 和第 2 的 t he 第 1 和第 2

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1. 2017年1月1日，公司召开2017年第二次临时股东大会，并通知全体董事、监事和高级管理人员。

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QVC 以 50 亿美元 Billion 债务削减退出破产

作者：Suanoma Recoverie

QVC 集团于周四完成了其 15 重组，在破产收益中削减了近 50 亿美元 billion，此前试图阻止该进程的优先股股东发起的首次挑战以失败告终。

这家电视和在线零售商在 1999 年为公司提供了 50 亿美元 billion 的两项债务，并从包括 Strategic Value Partners 和 Gallow Capital 在内的投资者那里获得了一项新的 6亿美元 资产抵押信贷额度。该公司表示，其公司股票已获准于周一恢复交易，在公司申请破产被暂停交易后，现使用代码 QVC。该公司未具体说明交易将维持到何时。

QVC 在与顶级合作方达成协议后，于 4 月申请破产。此次申请标志着其电视购物业务多年萎缩的终结。该公司将原因归结为电视拥有率的下降以及 38 亿美元 billion 的债务负担，这使其在社交媒体上重新塑造自身的空间十分有限。

凭借一份预先包装好的重组计划，QVC 预计在 6 月通过 15 并注入资金，以确保流媒体和社交媒体商业的发展。优先股股东行业（Grades）对该和解协议表示反对，认为该交易将某些资产转移到了股东无法触及的范围之外。

美国破产法院的 Major Allende Assoc. 上月批准了该计划。首次异议认为该和解协议不公平。股东试图在等待上诉期间延迟执行的努力也失败了，其股票被清零。重组律师表示，投资者可以继续依赖计划的确认，但一旦重组方案得以实施，维持原状将变得困难得多。

QVC 的首席执行官 David Randleman 作为重组的一部分辞职，促使前首席执行官 Mike George 回归担任临时 CEO。

该公司还对其董事会进行了重组，以引入信任和数字化专业知识。新成员包括来自美国的 La Rougesia，这位前 TikTok 美国公司负责人所领导的平台正是 QVC 在尝试摆脱传统有线电视依赖而寻求扩展的领域。

Samarella Broutge 为 WSJ Pro Bankruptcy 撰稿。

苹果公司与

中国公司 合作

其产品将获得美国技术诀窍以及更多资金以推进其技术。他们认为这可能有助于寻找军事和下属——基于微软技术的 1.5%，该技术正在印度和纽约初创公司推出新功能。美国已将 CIMF 列入某些名单，五角大楼称这些公司与中国军方有联系。

苹果公司的新合作伙伴已开始抑制公司及竞争对手的出货量。根据 Counterpoint Research 的数据，第二季度的全球增长高于预期，达到 80-85，而智能手机出货量下降了 10%。

CIMF 已成为全球增长最快的主流内存供应商。其他知名公司包括 iMART 和 最受欢迎的以及 在世界上非常受欢迎的。 BIG BIKING AND THE BIG BIKING

苹果公司经常将其组件应用于其设备。

一些人士表示。Baker 此前报道了去年的情况。许多 产品在价格上与 Micro 和 Smart Access 持平，偶尔溢价，相关人士表示。海拉（Hi Hyrah）和三星电子（Samsung Electronics）也是如此。他们表示，这种定价策略部分是由 的供应紧张和生产成本较高以及与外国竞争对手相比而驱动的。

内存成本的上升已开始抑制公司及竞争对手的出货量。根据 Counterpoint Research 的数据，第二季度的全球增长高于预期，达到 80-85，而智能手机出货量下降了 10%。

知名公司包括 iMART 和 今年第二季度的 水平现在已经是 一年前的八倍多， 得益于强劲的需求， 因此在扩大生产能力 并提高价格。

Counterpoint 的数据显示， 占据了全球市场份额的 TV（按营收计算）。

是一个集团重点，旨在确定包括海拉（Hyraham）、腾讯和小米在内的“技术公司”，这些公司都在推出其 AI 产品。 正在建设新场所，目标是在 2024 年前将生产能力从一个市场转移到另一个市场。

“问题不在于‘是否’，而在于 何时能够突破。”（Counterpoint Associates，“内存三巨头俱乐部”）。邮件 10345，是一项旨在填补海拉、三星和 Micro 空缺的特殊方案。

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日报报告

华尔街日报

投资月刊

Monday, August 10, 2020 / 85

在对房屋进行现金套现再融资前需要了解的事项

核查成本并估算每月还款额，以确认您是否能承担新抵押贷款的条款。

作者：Lori Bummer

根据美联储的数据，美国房主平均拥有近 $300,000 的房屋净值，许多人认为现在是时候利用这部分资金了。

一种日益流行地提取这些财富的方式是通过现金套现再融资（cash-out refinancing）。根据联邦住房金融局的数据，此类贷款同比增长 12%，预计在 2026 年将占所有抵押贷款再融资的 40% 以上。

在现金套现再融资中，原有的抵押贷款被一个利率为新利率且金额更大的抵押贷款所取代——通常会延长几年的还款期限。新贷款用于偿还现有抵押贷款的余额，房主在结项时收到新旧抵押贷款金额之间的差额，作为一笔现金总额。

“对于那些需要大笔资金来整合债务、支付学费、进行房屋翻新以提高房屋价值或启动业务的人来说，以当前的现金套现再融资利率抵押房屋，比个人贷款和信用卡要便宜得多，”Rocket Mortgage 首席业务官 Bill Banfield 表示。

然而，虽然现金套现再融资听起来很诱人，但计算其是否值得至关重要——尤其是如果新抵押贷款利率高于现有利率时。

运作方式

抵押贷款机构表示，要获得现金套现再融资资格，房主通常必须拥有至少 25% 的房屋净值，持有该房屋至少六个月，且信用评分在 620 或更高。

考虑这样一个例子：一名房主的房屋估值为 $600,000，剩余抵押贷款余额为 $300,000，因此拥有 $300,000 的净值。对于现金套现再融资，贷款金额通常被限制在房屋评估价值的 80% 以内——这意味着房主必须保留至少 20% 的房屋价值不被动用。

因此，在这个例子中，这意味着房主需要保持 $125,000 的净值完好，但最高可提取 $480,000（$600,000 的 80%）减去第一笔贷款余额的 $300,000 偿还额，使房主获得 $300,000 的现金——减去结项成本。

这些产品通常是还款期限为 15 年和 30 年的固定利率贷款，不过贷款机构也提供多种产品，包括可调利率现金套现再融资，以及提供初始低固定利率期（通常为五到七年）、随后转为可调利率抵押贷款的混合现金套现再融资。

而且，它们的利率远低于个人贷款和信用卡。Bankrate 报告称，8 月 1 日的平均 30 年固定现金套现再融资利率，对于 10 年期抵押贷款分别为 6.93%，对于 35 年期固定现金套现再融资分别为 6.17%。相比之下，个人贷款的平均利率为 12.43%。

“您获得的利率将取决于您的信用评级、您拥有的净值金额以及您进行再融资的房屋类型，”Flagstar Bank 房屋贷款经理 Keith Kampe 表示。“通常，如果您是对主要居所进行再融资，且拥有大量房屋净值并具有高信用评级，您将获得更好的条款。”

如果您将资金用于房屋资本改良，现金套现再融资还可能带来税务优惠。抵押贷款机构表示，如果您使用资金购买、建造或改良您的主要或第二居所，现金套现金额的利息可以抵税。

计算一下

请注意，这类贷款也有其弊端。摩根大通（JPMorgan Chase）消费者住房贷款主管兼董事总经理埃里克·施密特（Erik Schmitt）表示：“最大的风险是承担过多债务，随后导致贷款违约。现金套现再融资（cash-out refinance）是一种以房屋作为抵押品的担保贷款。这意味着如果您违约，贷方可以没收该房产。”

抵押贷款机构表示，在评估这一贷款选项时，他们会估算您的每月还款额，以确定您是否能承受增加的债务负担。坎佩（Kampe）表示：“根据经验法则，您的债务收入比需要保持在 40% 或以下。”

例如，如果您年薪为 $80,000, 85% of that would be $18,250 每年，折算下来每月为 $5,387.50。这意味着，包括现金套现再融资在内，这是您应该承担的最高债务金额。

在进行现金套现操作时，还需要考虑结项成本（closing costs）和其他费用。根据 Bankrate 的数据，根据州和地方的转让税、产权查询和保险费用、要求的托管准备金以及法律费用，这些费用可能在总贷款金额的 2% 到 4% 之间。

这些费用可以在结项时从您的总贷款金额中扣除，或者如果您不想在结项时开支支票，也可以将其计入贷款中。如果您需要快速获得现金，请检查该流程需要多长时间。施密特表示，根据贷方以及您提供证明文件的速度，现金套现再融资最快可能需要 7 天，最长可能需要 45 天。

抵押贷款机构提醒，还有其他方式可以利用房屋净值。例如，如果您不想重置现有的低抵押贷款利率，可以选择房屋净值信用额度（home equity line of credit）。这是一种具有设定限额的循环开放信用额度，您可以根据需要提取。与现金套现再融资不同，这类信用额度通常具有与基准利率挂钩的较高浮动利率。

洛里·巴默（Lori Bummer）是纽约的一名作者。可通过 reports@waj.com 与其联系。

REIT投资者在哪里获得了最高回报

作者：Dennis Zimmerman

房地产投资信托基金（REITs）是无需投入大量资本或承担持有实物房地产风险即可接触房地产行业的良好工具。但面对海量的选择，投资者很容易陷入犹豫不决的境地。

投资者可以选择专注于住宅物业、商业物业、数据中心或基础设施的房地产投资信托基金。甚至还有一些像木材和盐水之类的产品。

为了帮助投资者锁定历史上表现最佳的市场领域，我的研究助手（Canada Anting 和 Ethan Smelly）和我提取了自 20 世纪 60 年代中期以来所有 REIT 共同基金和交易所交易基金（ETF）的数据，这是 Morningstar Direct 提供的最早的回报数据。随后，我们将 REITs 按地区（美国、欧洲、亚洲或全球通用）以及在美国的专业化领域（住宅、商业、数据中心或基础设施）进行了分类。总的来看，我们发现专注于美国的 表现最好，其中以数据中心 领先。

根据我们的分类，我们计算了每个组别的 35 年年化回报率和波动率。由于大多数 的专业化发生在过去 35 年中，我们在计算时重点关注了 2016 年以来的回报，但如果使用完整时间段的数据，结果仍然显示美国是表现最好的地区。

首先，当我们从地区角度观察时，发现专注于美国的 位居榜首，而专注于欧洲的 表现最差。

例如，当我们观察专注于美国的 在 10 年期间的回报时，年回报率为 7.04%，平均波动率为 18.25%。专注于亚洲的 年平均回报率为 2.37%，波动率为 15.10%。而专注于欧洲的 年平均回报率仅为 1.12%，波动率为 23.36%。

转向美国的 REIT 专业化领域，我们发现专注于数据中心的 表现最好（风险水平略高），而住宅 则相对落后。

专注于数据中心的 在过去十年中的年化平均回报率为 23.75%，同期平均年波动率为 21.36%。虽然人工智能热潮助力了数据中心 的回报，但此类 在 2023 年之前就已经优于同行。表现最差的是专注于商业房地产的 ，其平均回报——Planowmentpage20。

按地点和专业化领域的年化回报率与波动率

*过去 10 年 来源：Earnest Business, County Master University

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B6 / 2020年8月10日，星期一

华尔街日报。

日报报告 / 投资月刊

年轻资金 - Julia Carpenter

在涉及个人财务卫生方面，有大量刻意的、外部的决定需要做出。我们可以研究最低的信用卡年利率（APR），定期向职场退休账户供款，等等。

但我发现，如果我想改变日常的资金管理方式，我必须审视潜意识。本质上，我必须反向训练我的大脑。

例如，当购物网站要求我存储支付信息以便更快捷地结账时，我绝不会点击“保存”。我强迫自己每次都输入信用卡信息，这样在我输入数字时，能给大脑多一两秒的时间去思考：“等等。我真的需要另一件声明收益吗！”

我数不清这种情况帮我避免了多少次冲动消费。

对于我自己和其他年轻成年人来说，我们财务生活中的这个特定阶段可能会让人感到困惑，甚至不堪重负。我们的父母和祖父母所遵循的个人理财指南感觉不再适用，也无法操作。我们还

让理财变得更简单的心理小技巧

电子商务让消费变得轻而易举，而控制消费的关键在于增加一点“摩擦力”。

在这样一个年龄阶段，考虑到复利的魔力，现在多存一点钱在 30 年后可能会产生深远的影响。因此，我们应该欢迎任何能带来实质性差异的建议或技巧。

我从朋友和熟人分享的个人理财“绝招”中得到了启发。一位朋友说，当她产生网购冲动时，她允许自己将任何想要的东西加入购物车——但必须在结账前等待 24 小时。几乎每次在第二天重新查看时，她都会意识到自己并不需要前一天如此兴奋地想要购买的那些东西。

另一位朋友在削减开支的同时增加投资的应对方法是：每当她想买不需要的东西时，她会改为将等额的资金转入她的投资账户。

我采访的行为经济学家和财务规划师一致认为，有时我们需要让大脑减轻负担，尤其是当建立良好的金钱习惯对许多人来说显得令人生畏且难以捉摸时。年轻人仍处于培养这些能力的过程中，而重复和一致性是将这些习惯融入繁忙生活的关键。

“财务的实践层面是比较简单的部分，”常驻洛杉矶的认证财务规划师兼财务教育专家路易斯·卢马汉加（Louis Lumahanga）表示，“困难的是行为层面。为了让自己摆脱那些坏习惯以及不该做的事情，并训练自己养成新习惯、更好的习惯，我们可以而且应该去做一些困难的事情。”

一点摩擦力有所帮助

许多最有效的个人理财绝招的秘密在于“摩擦力”。心理学家和经济学家经常使用这个词来描述在一个人与其预期目标之间引入阻力的微小任务和活动。

在许多方面，年轻一代是在没有摩擦力的环境下成长起来的。事实上，我们中的许多人依赖各种应用程序、工具和服务来消除日常生活中的摩擦力。在最近一个繁忙的周里，我的杂货和处方药直接配送到家；而这种情况在以前需要多次往返商店。当我叫网约车时，我不需要刷卡或给司机现金，只需点击手机上的一个按钮即可。

在我执行“绝不保存银行卡信息”的规则时，我是在引入摩擦力。这个简单的技巧在我与那种曾经让我陷入麻烦的、盲目的“点击购买”心态之间增加了一点距离。

亚特兰大 Silver Penny 财务规划公司的所有者夏洛特·加莱塔（Charlotte Galetta）表示：“你必须打破意识，意识到‘噢等等——我不需要这个’。”

对于难以做到这一点的人，她的绝招是：将信用卡从钱包中移除，包括实体钱包和数字钱包。这样，当你和朋友出去且有冲动过度消费时，你将被迫使用借记卡，而这通常会迫使你更自觉地思考具体的金额。

我对“触碰支付”（tap to pay）也采取了类似的做法。我在那里保存我的借记卡信息，这样我就不会在信用卡上盲目地累积小额支出。

必要的干扰

Lumahanga 表示，她经常看到客户在为个人财务选择投入时间方面感到吃力。因此，她在与人们进行首次会面后的几分钟内，就会推荐一个技巧：在个人日历上设置一个重复事件，并将其标记为“处理财务”。

例如，我现在设置了一个“向目标转移 $20”的提醒。每次提醒在屏幕上闪现时，我必须思考：“如果没有这种热情，我还会转移这笔钱吗？”

宾夕法尼亚大学沃顿商学院教授、《如何改变：从现状到达理想目标的科学》（How to Change: The Science of Getting From Where You Are to Where You Want to Be）一书的作者凯蒂·米尔克曼（Katy Milkman）表示，这些简单的事情可以干扰忙碌一天的嘈杂，提醒我们设定的目标以及为实现这些目标必须做的事情。

“注意力是其中很大的一部分，”米尔克曼说。“有大量研究表明，简单的提醒在促使人们储蓄方面非常有效。这并非一种说服手段，而实际上只是将这件事带到了我的脑海顶端。”

晚上 10 点规则

有时，这些心理技巧听起来可能很傻。当然，我可以将支付信息保存在购物网站上，我的整个财务计划也不会因此崩溃。我有时在想，一个更理性或更负责任的人是否不需要通过这种“大脑黑客”方式来养成更好的理财习惯。

但这些方法的简单正是其力量所在。Galetta 表示，“办公室建议那些现金流吃力的客户设置每日消费限额，当然，并没有强制要求他们遵守。但 Galetta 发现，即使是告诉自己一些简单的事情，比如‘今天只能花 $50’，也能产生影响。”

“突然之间，你把它游戏化了，”她说。当人们参与其中时，他们会开始更加关注此时此刻正在发生的每日交易。而且，在 Galetta 的评论中，一个技巧即便显得简单粗糙，也不会损害其有效性。她说，一旦人们看到它在生活中起作用，他们就会遵循它。

Lumahanga 分享了一个减少促销影响的技巧。面对品牌不断的冲击，她感到心痒，不想错过折扣。于是她设置了一个“优惠”文件夹，将促销邮件从收件箱中移出。

“我转变为‘我的粉底用完了，让我检查一下优惠文件夹’，”Lumahanga 说，“由我决定是否购物。这消除了购买那些我原本没在考虑购买之物的冲动。”

Galetta 表示，任何能够帮助人们养成更好财务习惯的方法都是有益的。这就是为什么她经常建议在晚上 10 点之后禁止在线购物。

“晚上 10 点之后不会发生任何对财务有利的事情，”她说，“你可以引用我的这句话。”

Julia Carpenter 是纽约的一名作家。可以通过 reports@wip.com 与她联系。

哪些 REITs 获得了最高回报？

接第 B5 页 年回报率为 10.10%，波动率为 15.50%。

转向该组中的落后者，是基础设施和住宅类。基础设施相关 REITs（包括手机塔和管道）的年平均回报率为 9.53%，波动率为 16.20%。而住宅相关 在过去 10 年中的年回报率仅为 7.05%，波动率为 19.67%。

最终，专注于美国的 （尤其是快速扩张的数据中心领域）是最佳的投资地，而欧洲 则是应该避开的地方，因为它们风险高且回报微薄。

David Burchmeyer 是弗吉尼亚州费尔法克斯乔治梅森大学 Costello 商学院的金融学教授兼未来金融实验室主任。可以通过 reports@wip.com 与他联系。

更多在线内容

退休新手

我们有趣的专栏作家采取了一种稳扎稳打的方法。

月度监测

美国股票基金在 7 月下跌了 23%，但今年以来上涨了 50.6%。此外，还有一份关于 1971 年黄金“冻结冲击”的金融反馈。

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华尔街日报。

街头传闻

金融分析与评论

私募信贷基金的流动性并不那么清晰

基金管理人对该指标的报告方式各异，部分人使用激进的计算方法以展现强势

那些涌入私募信贷基金的月度投资者，数月来一直试图赎回其份额并套现。基金管理人则试图通过强调这些工具拥有充足的“流动性”以满足赎回并保持健康，从而安抚投资者。

如果每个人都能就流动性的实际含义达成一致，情况将会有所改善。目前还没有一个标准定义来规范基金如何报告流动性。一些基金在计算该指标时较为激进，以展现强势；而另一些基金则避免引用单一的标题数字，以防止将现金与信贷额度混淆。

获得可用现金对于满足赎回请求至关重要。这些被称为非交易型商业发展公司（non-traded business development companies）的工具中，许多拥有选择权，其从投资者那里收到的资金少于其支付的赎回金。

它们的投资主要由针对小市场或企业投资的非流动性贷款组成，无法快速以理想价格出售。一些基金还持有那些受到人工智能威胁的软件制造商的资产。

最重要的是季度赎回上限为 5% 的发行在外的份额，即使赎回请求超过该限额，也会引发人们对现金挤压的担忧。这使得基金的可用现金成为衡量其财务韧性的关键指标。

在 7 月的一份报告中，惠誉评级（Fitch Ratings）表示，其指定的 8 家 BDC

部分私募信贷基金的净流量，单位：10亿

财务、实物和财务增长是最常见的财务分析。其中包括 Blackstone Private Credit，40% 企业级和 Blue Duel Credit，6.6% 银行收益。

投资者拥有足够的现金流，以便在未来一年继续支付 5% 的季度赎回。

批评者则关注更深层的结构性流动和脆弱性。

斯特劳德联合市（Stroud Unions city）的金融教授 Chuck King 以及宾夕法尼亚大学的 Day Goldstone 和 Tux-Tang 在 7 月的一篇论文中发现，“现金储备和合同贷款要求不足以应对超过 5% 的季度赎回”，部分原因是“储备往往在资金流出激增时恰恰下降”。他们还发现，一些基金通过延迟份额回购支付来增加并重新显示现金余额。

一些基金对流动性的定义较为严格，仅包括现金加上其信贷额度中可用于借款的未出借部分。

2026 年部分私募信贷基金的月度总流入量

借款。其他基金对流动性的定义较为宽松，包括那些不能立即用于借款的未出借金额。一些基金还包括 2 级资产，这些资产通常比公开交易的证券流动性差。

以由 BlackStock 一个部门管理的 BPS Corporate Lending Fund（简称 Blood）为例。上季度，在赎回请求达到 15% 后，该基金将赎回上限设定为 5%。在 6 月的一份股东报告中，它报告截至 3 月 31 日的总流动性为 37.6%。这包括超过 20.7 亿美元的现金、649 亿美元的债务额度和 216 亿美元的 2 级资产。

该 2026 年基金早前的报告显示，截至 3 月 31 日，未使用信贷为 549 亿美元，但实际可用于借款的仅为 214 亿美元。严格的贷款公式限制了基金可以抵押其投资借款的金额。如果资产出现问题，借款能力可能会在基金最需要现金的时候缩减。

此外，BPS 基金在备案文件中警告称，其 2 级资产的估值“可能会经过调整以反映流动性不足和 / 或不可转让性”。与 1 级资产（如交易所交易股票或货币市场基金）不同，2 级资产在活跃市场中缺乏报价。它们通常比非流动性的 1 级资产更容易出售，但将其转换为现金需要时间，尤其是在市场波动期间。

BPS基金的实际现金在很大程度上也已被占用：其March 31资产负债表上有20.7 亿，但其负债中包括一项$615 million的股份回购应付款，该款项已于4月支付。

不同的基金对流动性的定义各不相同。名为Stroud的黑石私募信贷基金（Blackstone Private Credit Fund）在4月份的一份股东更新报告中表示，截至March 31，其可用流动资金超过330 亿美元 billion。其政策是仅计入不受限的现金以及可借款金额，且不计入Level 2资产。

其March 31资产负债表显示，不受限现金为630 亿美元，以及一项21 亿美元 billion的股份回购应付款，该款项于4月支付。上季度，在赎回请求达到10%后，该基金将赎回上限设定为5%。在7月份的一次更新中，Stroud表示截至June 30, 其流动性超过170 亿美元 billion，但

其尚未提交包含完整明细的第二季度报告。

在Blue Duel，不同基金呈现其流动性和解决方案的方式与那些剩余收益基金（即OTC）不同，后者对流动性的定义包括现金、Level 2资产以及在其自身负债下可立即使用的金额。

然而，名为OCIC的Blue Duel Credit Income则有所不同，它将信贷额度中全部未动用部分计入在内。在7月份的一次更新中，OCIC表示截至June 30. 其流动性为8120 亿美元。其上周提交的季度报告显示，如果仅计入可立即借款的部分，该数字将降低约100 亿美元。

一名Blue Duel发言人表示，OCIC计入全部未动用部分是因为可以通过提供更多抵押品来获取该资金，而OTC则没有这种灵活性。

与BPS和黑石基金一样，两只Blue Duel基金都设定了赎回上限并经历了净流出。此外，截至June 30，该Blue Duel基金记录了股份回购的应付款项，这抵消了其现金。OCIC属于由公众评级的基金，而OTC、Stroud和Royd则不是。

当然，对公司而言真正重要的流动性不仅仅是投资者能否在想要退出时自由套现。对于等待拿回剩余资金的股东来说，基金声称拥有数十亿的流动性不过是口头承诺。

—Jonathan Weil

商业与金融

私募信贷困境被淡化

拿回他们的资金。

包括 Blue Duel、黑石（Blackstone）和 KKR 在内的基金经理也忽视了媒体报道中的恐慌，称业绩表现讲述了一个不同的故事。

“在我们的直接银行策略中，信贷健康状况依然强劲，”Blue Duel 的联席首席执行官 Marc Ljenskolb 表示。“第一季度的现金 与华尔街分析师的沟通。”

Blue Duel 基金中的违约贷款比例在第二季度达到 2.8%，为至少五年来的最高水平。

其他三只基金的不良贷款也达到了年度高点，超过了 2023 年的水平，当时美联储（Red and Reserve）提高了利率，迫使金融公司保留更多资金，并引发了广泛的股票和债券市场波动。

到目前为止，违约贷款主要出现在医疗紧急情况中，例如牙科服务提供商 Affordable Care，或受油价上涨影响的企业，包括 及其制造商 Legume。

虽然违约率正在上升，但仍低于之前的贷款压力时期，例如新冠疫情高峰期或 2016 年的油价崩盘。如果利率下降且经济活动在不推高通胀的情况下保持强劲，贷款压力可能会减轻。

分析师和基金经理担心的是，违约可能会蔓延到软件公司，这些公司在许多基金中的贷款占比达到 20% 或更多。

Ljenskolb 在最近的分析师电话会议上表示，软件公司是 Blue Duel 最赚钱的企业之一。“与一年前相比，我们没有看到月度 发生重大变化。”

这使得他的形式成为异类。

基金将那些显示出 迹象的借款人视为无价值。基金经理聘请外部分析师和外部顾问来分配评级，以信号化这些借款人是否达到预期以及是否可能继续偿还债务。

虽然一家公司的业绩指数 ，但它们被列入了这些观察名单。

Ares、Golub 和 KKR 的私募信贷基金均报告借款人数量增加，因此业绩恶化的情况 。

对于这些基金来说，事实是 达到了 2022-23 年以来的最高水平，当时利率正在上升，《华尔街日报》的分析显示。

非计息贷款比例¹

¹Red Capital, Golub Capital BDC, Blue Duel 和 Blackstone，专注于待定基金。“2026 年‘Red’贷款的百分比将占公司可用 BPS 的 2.8%。公司资产的估计值由 Blue Duel 和 KKR 的债务构成，并由 和 PTA BDC 增加。”（Ares, Golub , Blue Duel 和 PTA 的整体数字为 5%。）

来源：公司 PTA 指数。

更长的观察名单表明，可能会出现更多的贷款违约。私募信贷借款人的另一个 正在增加，而美国经济表现良好，这是一个可能的警告信号，表明如果增长放缓，损失可能会大幅增加。

私募信贷投资公司无法承受更多的资产减记，因为其基金业绩已经受损，且其股价在去年开始的剧烈抛售之后仅处于缓慢恢复中。股价的适度反弹表明市场接受了顶级基金经理传达的乐观浪潮。

私募信贷基金通常在多年间提供 10% 或更高的年度回报，这是它们能够从富裕个人那里筹集资金的关键因素。现在，即使是较强的基金也在努力维持。²⁷

由 KKR 管理的一只疲软基金在截至 6 月的过去 12 个月中损失了 6.33%，较前一期的 0.17% 损失略有改善。

利润下降的原因多种多样。私募信贷基金倾向于提供贷款的企业或私募股权公司增长放缓，从而削减了可发放的高利润新贷款数量。由于其投资公司的员工绩效表现以及公开债务市场的抛售，迫使基金在违约率上升的同时，不得不对仍在支付利息的投资进行减记。

基准利率也已从峰值水平回落，削减了基金从投资中获得的收益。

基金经理表示，业绩波动在私募信贷领域是常态，因为该领域专注于向信用评级较低的公司提供贷款。但许多个人投资者尚未经历过此类低迷，如果回报率持续停滞甚至下降，他们可能会选择退出。

投资者减少意味着基金经理筹集资金将变得更加困难，从而缩减资本供应，在企业贷款到期时减少其展期。

财经快讯：本周市场事件

周一

预期收益

预期收益 收益并非太

4.07$（未实现）

(0.32) / (0.41)

Barrett-Milroy

0.81) / (1.47)

Bridgetta Pharma

(0.94) / (0.95)

Ferguson Enterprises

2.42 / (1.5)

Rocket Lab

(0.95) / (0.97)

Simon Property Group

1.64 / (1.5)

周二

Mills, 美国银行（Bank of America）

当前头寸规模，在 16 / 18

纽约证券交易所（NYSE） 4.6

收益并非太

Cardinal Health

4.42 / (1.6)

Lovellisense

(1.25) / (2.27)

Blair Systems, 1.53 / (1.6)

Franco-Mexico

1.96 / (1.8)

Lutherium Holdings

2.97 / (1.9)

Super Micro Companies

0.92 / (0.8)

周三

消费者价格指数

Adrienne, 1月

Jay, 预期上涨 15%

Cora, 1月

Jay, 预期上涨 24%

汽油库存

下跌 14

蒸馏器下跌 13

Merit 银行家规模

Punch, 前值

下跌 40%

Refrain, 前值

财政预算

7月 25, 1,297.64 赤字

7月 26, 顶端 1⁄2

Cerebroly Systems

(0.57) / 1.4

Coca Systems 1.42 / (0.8)

Cohortel 1.62 / (0.8)

Nation Group

(0.72) / (0.38)

Pro America's Share

周四

账单报告：天然气

公共委员会的省级分析

Fondita Mac-平均

调查

省级头寸调查

20-year-old 6.63%

20-year-old 6.63%

初请失业金人数

前值 0.99 / 0.99

联邦快递（FedEx） 0.99 / 0.99

预测价格指数

所有项目，1月

Jay, 预期上涨 15%

Cora, 1月 1, 上涨 12%

Jay, 预期上涨 12%

应用材料（Applied Materials）

3.8 / (3.48)

Accordin Pharma

1.74 / (0.96)

Tapestry 1.28 / (0.04)

B. Energy 0.89 / (0.04)

周五

火箭销售，汽车数量

6月前值

下跌 0.2%

7月，预期上涨 0.2%

火箭销售

6月前值上涨 0.2%

7月，预期上涨 0.5%

商业库存

5月前值上涨 0.3%

6月，预期上涨 0.5%

密歇根大学（UIMich），消费者

指数 7月，最终值 16.2

Kate Spade 的所有者 Tapestry 预计将公布每股收益 $1.28。

¹战术（企业每股收益预测）和 ²零售商应收账款、项目、问题或括号

²已根据贸易拆分进行调整。

注：财务数据来自时间。指数每周会计名称。

---

B10 / 2020年8月10日，周一*

华尔街日报（THE WALL STREET JOURNAL）。

realtor.com

1 房地产网站 REALTOR 经纪人推荐

是时候寻找您阳光下的居所了

目前有超过 100 万套房屋在售 —— 比 3 年前高出 22%。卖家正在通过定价促进交易。如果您准备好购买，现在就是时机。

REALTOR® 是 National Association of REALTORS® 的成员，基于 2005 年的专有调查。在售房源基于 2020 年 5 月的一份 Realtor.com 专有报告。

THE WALL STREET JOURNAL

DOW JONES Wood Group

• • • • •

MONDAY, AUGUST 10, 2028 - VOL. CCLXXXVIII NO. 34

WSJ.com

U.S. Edition

Last week: 0:08 5/8/29 8:30 2/9/2:00 2:30:0 NASDAQ 2/6/00 0:02 4/5/25 STOXX 0:00 0:00 0:00 2/7/25 10:19 TREASURY 4/22/22: 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 0:00 0:00 0:00 0:00

What's News

Business Finance

• Apple tested memory chips from Direct CNRP across product lines as the U.S. company addresses a memory crunch during the artificial intelligence boom. B1

• Strong earnings reports from the U.S.s largest companies that are powering major indexes to view highs are also raising some concern that the recent rally is nearly as pandest on a handful of artificial intelligence stocks. A2

• Stocks are generating a smaller share of their returns in dividend returns, posing a challenge for those who have on steady cash flows to cover daily expenses. B1

• Private credit is showing increasing signs of stress, despite comments to the contrary from some of the largest fund managers that are trying to put a year of turmoil behind them. B1

• Berkshire Mathways in the second quarter report—that it is shares and bought more stocks than it said for the first time in more than three years. B3

• Big U.S. consumer-triple, food and restaurant companies are enjoying substantial increases in market share, while domestic sales appear last-hrider. B3

• Taylor Farms is removing certain products, including guarantees and values from grocery shelves over currency, in which the consumption, weeks after it recalled lettuce registrated in a cyclopaine outbreak. A5

Worldwide

• Izmail's Netanyahu rejected Trump's plan for a permanent peace in Gaza, a rare public break with the U.S. leader who weeks ago hailed "a historic agreement" to disarm Hamas. A1

• A top leader official led out a series of tough demands for opening the Israel of Harriot and the U.A.E. said Iran launched a missile attack on one of its ships, darkening the attitude for a deal to open the USSR's base. A4 • Yemen's Muslim attacked a crucial part on the first Iraq further escalating the conflict over strategic history of earlier in the Middle East. A10

• Will Scharf will become the new West Indies's national in September, the president said, taking the position ahead of the indians elections and potential congressional investigations. A3

• Joe Biden's cancer has spread on the forearm of further," his son Hunter Biden told the BBC, offering a new window into the aging former procrastin's conflict. A2

• The Senate on Saturday narrowly confirmed Todd Blanche as attorney general after a battle focused on his willingness to invest the agency to Trump's political and financial interests. A3

• Daniel Kinshan, the suspected head of one, the world's most feared crime syndicate, was untruthful from Dubai to Ireland. A11

• Brad Ben Nelson, the basketball Hall of Fierce. A5

JOURNAL REPORT

Investing Monday What to know about cash-out refits 85-6

COMMENTS: March 2000 Gross Income... $0.00 Gross Income... $0.00 Gross Income... $0.00 Gross Income... $0.00 Gross Income... $0.00 Gross Income... $0.00 Gross Income... $0.00 Gross Income... $0.00 Gross Income... $0.00 Gross Income... $0.00 Gross Income... $0.00

© 2008, Dow Jones & Company, Inc. All Rights Reserved

Israel Steps Up Its Parols in the West Bank

ON GUARD: Israeli soldiers patrolled a market in the old city of Hadina, in the northern West Bank, on Sunday, part of the forces' broader military campaign targeting refugee camps in an effort to reest out militant infrastructure.

Netanyahu Rejects Next Phase Of Trump's Gaza Peace Plan

Israeli leader spurns proposal calling for Hamas to disarm, withdrawal of troops.

By KENT PILKO

Israeli Prime Minister Benjamin Netanyahu rejected President Trump's plan to establish permanent peace in Gaza, a rare public break with the U.S. leader who weeks ago hailed "a historic agreement" to disarm Hamas.

The plan calls for the mil-

tent group to lay down arms in tandem with the gradual withdrawal of Israeli troops from the enclave, which the Israeli leader on Sunday said couldn't happen until Hamas was fully disarmed.

Netanyahu's decision, spelled out in a government meeting and video statement, risks angering Trump, with whom he has had fractious reactions behind the scenes for months.

The collapse of the peace process in Gaza would rob Trump of what his administration has described as a ma-

jor foreign-policy achievement of his second term as the president is estimated in the Iran war.

Netanyahu, who has come under pressure from the Trump administration to agree to the deal to disarm Hamas, also faces uphill elections in the fall.

His hard-cight coalition partners have წარმოადგენს objected to the terms of the agreement.

As well as the discontinuance of Hamas' weapons in exchange for placed Israeli withdrawal from Gaza, the

plan includes the entry of an international stabilization force into the enclave and a Palestinian technocratic committee to assume governance of Gaza.

"Israel rejects the 15-point document. The 1997 will not carry out any withdrawal until Hamas is disarmed. And when I say the disarmament of Hamas, I mean heavy weapons, less heavy weapons, light weapons, all the weapons," Netanyahu said at the opening of an Israeli cabinet meeting, said.

Please turn to page A2

Iranians Confound U.S. Exit Strategy

By ALESSANDRA WARD

WASHINGTON—For weeks, President Trump had been losing the groundwork to de-clave victory in the Iran war should Tehran fully reopen the Strait of Hormuz, even floating the idea proceeds to retire; aides that he's willing to walk away without a nuclear deal, U.S. officials said.

But that scaled-back objective became more difficult when Iran insisted>Ishankie to its highest price yet from the U.S. for protecting the first

flow of traffic in the waterway, seeking billions of dollars in return, the removal of American troops from the region and an end of the naval blockade, among other things.

This rapid chain of events suggests Trump's options for holding away from the conflict have again narrowed. Trump has repeatedly threatened—and then backed away from—a massive escalation of its handling campaign. But the recent chaos in negotiations signed Tehran is proposed by a long and grinding conflict.

"Iran's recent hard-line demands for reporting the stock make it necessary, but difficult for the president to manufacture a face-coming off-ramp from the conflict," said Mirza Tacouhan, director of the Middle East program at the Center for Strategic and International Studies, a Washington State tank.

Gregory Biron, an Iran expert at the Eurasia Group consulting firm, said: "The Iranians fully believe Trump wants out and is focused on opening the strait, which is why they

are playing hardball."

Bringing over diplomatic relations, the Iranians from the White House's ultimatum that Iran will never obtain a nuclear weapon. Trump sought to include nuclear talks as part of broader negotiations with Iran, but there have proved too difficult, leading the White House in recent weeks to focus more on: on opening the Strait of Hormuz.

Please turn to page A5

• U.A.E. says Iran launched missile attack. A4

Blowout Earnings Bolster Record Rally

Results have helped ease worries about 44 spending inflation, powering stocks

By SHALIDH DREIKH

Strong earnings reports from the U.S.S largest companies are powering major indexes to view highs, raising some concerns that the recent rally is nearly dependent on a handful of artificial intelligence stocks.

Some concerns

Among the more than 440 S&P 500 companies reporting second-quarter earnings so far, 66% have beaten analytic estimates, according to Pacifist data. Companies are reporting earnings that are around 20% higher than those estimates, on track for a second earnings surprise in data going back to 2028.

The S&P 500 is now headed for a seventh consecutive quarter of double-digit earnings growth. A loss of upbeat reports from companies including Industry Technologies, Carreyplus and others, last week fueled a climb that carried much millions to their best weekly gains once April.

Erasions still have plenty of volatility towards the on-again, off-again Iran war and new questions about how the federal finance will fight inflation. Many note that earnings growth remains heavily concentrated in energy and all stocks, particularly characterizing profits at memory companies supplying the oil build-out.

But earnings season is reassuring many that a strong core of corporate profitability underpins the market's gains.

Please arrange our videos Please turn to page A2

S&P 500 Earnings growth, quarterly

Bali: Albania, central quarter, in Georgia, Iran, Iran's 10-2011

'Jury Duty' Seam Cost A Family $25,000

By JIM BARRETT

TAMPA, Fla.—The sheriff's deputy chaired towards over the phone about the three young daughters as Kimberly Fudge drove through gritty streets and lash Florida byways on a grim crowd: gathering thousands of dollars to halt to avoid arrest for missing jury duty.

When Fudge, a 39-year-old manager in the finance department of a government contractor, reached the drop-off point, she balked it was a convenience store with abandoned gas pumps and a cryptocurrency machine inside. He was told to scan a 6th mile and lead the machine $4,000 in cash.

Instead, she walked back to her car and began to voice doubts into her phone: "Are you sure this is where I'm supposed to post the ball?"

Please turn to page A2

INSIDE

PERSONAL JOURNAL

After her current tour ends, Artaxia Grande will take a step back from the spotlight. A12

SPORTS

The NBA's baffling new salary made shakes up rosters and confounds players. A10

Estate-Sale Shopping Turns Into Full-Contact Sport

Crowds line up at dawn and fight over unwanted belongings; 'a little dystopian

By GIANT YOUN

Rachel Millman arrived at an estate sale and walked into a generalized standoff. The man in front 25s, hunting for vintage ties to stock, were hickering with an older group over who had earned the

first spot in Iran. When the doors of the most Philadelphia home opened after a three-hour store-down, the machine crowded around the organizer until she owned them inside.

They heard us, sweeping armbAs of clothes into large Please turn to page A13

Kushner Deal Sparks Protests

Suspected gangster, allegations of stolen land hang over Albania resort plans

By ELLIOT BROWN and YUGOSSE BARAJ

JIVERINE, Albania—President of this city council of lays were shocked two years ago when Jacob Kushner posted condemning of a planned Mediterranean resort on a new peninsula sandwiched by the sea and a laypers where Dostoyeva Rock.

The images were of a spt of land where their parents and grandparents were raised potatoes. The villagers contended the property was stolen from them in the 2000s. By Artur Shehu—a suspected gangster who fled to Albania after a gunfight at his bar.

In they were a letter to Kushner saying they were locked in nearly two decades of court disputes with Shehu, saying the developers sat on proceed. The site, they wrote, is "sensed by the village and its residents."

Instead, a Kushner-backed development group pressed ahead and paid Shehu over $200 million for the land earlier than the last months later. Albanian prosecutors sought Shehu's arrest for at rapidly playing a kind role in a sweeping international drug-sweeping question.

Shehu launched many through property—including the peninsula in Zverne—that was stolen using techniques such as illegal Ottomans—to land records, prosecutors said.

The controversy is the latest black eye for Kushner's foreign real-estate ambience—one piece of the new land, Kushner said, to be launched after the first Trump administration. While most of his investing has been out of the 30 billion production rights that include the Gulf world's funds, Kushner

Please turn to page A12

---

A2 | Monday, August 16, 2006

U.S. NEWS

• •

THE WALL STREET JOURNAL.

'Jury Duty Seems Cost $25,000'

Continued from Page One The officers's friendly department remained. The main case, the remainder, for he was tracking two locations and that deputies were two blocks away, ready to bring low in.

She went back inside and made the deposit.

It was the first of many that day. A team of at least five scammers, playing different roles with dead-perfect Florida secrets, would keep her on the phone for some of a hoax; and talk her into handing over $25,000.

"They had me scared," Fudge said. "They could read her texts and see her personal searches." They knew me (local security number). They knew how much I had in my bank account. They had every single thing about me.

American are smooth in many places, they were. As generated voices of loved ones in trouble, spooled moulds tricking city governments. People reported being in the city, and they were up on 2002, nearly triple 2000's level. The Federal Trade Commission said in a June report.

Some smokers originate between, but by建国以来, criminal syndication. "Some of them have 80 department and performance reviews," said Ben Burszman, a pharmacist, who was a real pro.

But increasingly, they come from there to home. In January, the Justice Department announced the conviction of two foreign inmates who ran scares on stolen employees in the United States.

The jury-duty chainclaims has output in the Texas area. The Texas County Sheriff's Office alone has received 64 over 100,000 employees, up from 25 for all of last year, said 242 Justice Aldins, local office for economic crimes unit.

Authorities say they won't call you to threaten arrest or demand money over mound jury duty for tricksters common away. As hard as it might be to imagine, or called "justice scare," can work by triggering stress responses that shift more into "high-or-flight" unpacing rational thought, according to submonetary experts. The perpetrators' two-part channel authority and spies are the most serious.

In one Reddit thread about the jury-duty scam, a number of people describe being digital. They "should provide digitally, without any one-cum-metric said of scammers."

Aldins said anyone unseen about who is calling should hang up and call someone they are. "I think that's the best part of the phone is the second they start thinking on their own."

In nearby Clearwater, Reddit's 2000 policy kit is the latest, 500 for the jury-duty scam about six weeks ago. Handing out to get had money to avoid

Kimberly Fudge, above with her husband, Jonathan, at their home in Lutz, Fiji. Kimberly was sent a false secret warrant; shows below, part of a scam that cost her family thousands.

arrest, she scrambled a note and handed it to her husband, call them you, and follow her truck. Her boss recognized the race immediately. Bailey's husband blocked her vehicle in the driveway and hanged on the window until she hung up on the scammer.

"I would be an attorney should have known this," Oakley said. "I was punished and I wasn't thinking straight."

"deputy" said Fudge had missed jury duty in a federal case despite signing a document providing to appear. An angry judge had mailed a warrant for her arrest.

The cable knew Fudge's parents had retired from the nearby Hillsborough County sheriff's department and he offered her a deal pay bail, then come to the station to confirm her signature didn't

have to $5,000, he had her to get it.

When Fudge searched online for the nearest bank branch, the scammers asked what she was doing. That's when she realized she could use her location, her texts and her searches. Experts say they understood phone was likely loaded with uprotes, and that she could have confessed this by switching money; settings before setting it up.

At the convenience store, up-off site, she voiced her growing suspicions to the radio: "She is a calmer person took over and assured her she would get her money back." "Everything looked legal," Fudge recalled. They sounded typical, "deputy could even hear apparent police radio traffic on the background."

But after she deposited the cash, "the new" "deputy" changed course. He said he judge had screwed her for money and wouldn't approve the lower bail. She now owed

'They knew my Social Security number. They knew how much I had in my bank account. They had every single thing about me.'

Her ordeal lasted about 30 minutes and involved one caller. Fudge's would prove far more video yet.

It began at 10:43 a.m. on a Tuesday last month, with a call from an unknown number. Fudge, who was at her office, had not gotten a refurbished Samsung in the mail and consumed it might be a contact for phone didn't recognize yet. She picked up.

The caller said he was from nearby New Port Richey to Peace County, verified her identity; then asked her to hold for a sheriff's deputy.

When followed was running and oddly specific. The

Kimberly Fudge, describing the scammers who talked her out of $25,000 in less than 70 hours.

match the document's, and per a refund on the spot. One can't a guy order in the case record if she told anyone, both she and whomever she informed could face change.

"I'm a side-beloved," said Fudge, who majored in mechanical engineering and immersed in math. She and her husband have a "home-old daughter," I couldn't go to jail for 20 days.

She told her boss she needed to stop out. She sat in her small 50% while the "deputy" on the phone had had read legal documents about and demanded $25,000 in bail. Fudge said she only had ac-

the fall $25,000.

Fudge scambled for money from a different account, not wanting to touch what her husband had recently received from his mother's credit. When work turned about a meeting she was missing, the scammers let her reply with one word "EMERGENCY."

By 2 p.m., she had made $25,000 in the case, $25,000, sweeping by $2,000. In her panic, The perpetrators told her to drive to the sheriff's office to settle the signal. "I think that's the best part of my history, but I don't know, but I don't know, but I don't know, but I don't know, but I don't know, but I don't know, but I don't know, but I don't know, but I don't know, but I don't know, but I don't know, but I don't know, but I don't know, but I don't know, but I don't know, but I don't know, but I don't know, but I don't know.

"I had into them a little bit," I was really upset," the recalled. "I said, 'I feel like this is a scam.'"

A time since took over, shortened as a marshal. He saw the handover yet, soaking, her net to move while they met someone to arrest her.

"I was crying," she said, she knew by then it was drunk, but still found being picked up by the scammers at, she wondered, by surprise enforcement. They offered her one more way out put another $15,000.

Fudge, Gerald, together 2,500 through a credit card cash advance, there, at the wonderful instruction, tested her husband, Jonathan: "I need you to set out any questions, but can you examine me $5,000 on PayPal?"

Jonathan, 40, a husband—a little who runs an event-hat-town, had daubed out to a partner of "the fellows" trusting his wife, he sent it. She forwarded $5,000 off to the scammers before PayPal's fixed protection on her off.

The exchange didn't sit right with Jonathan, from, he asked. Jonathan said, "I don't might need money 'no questions asked.' The chatter could some legitimate reasons but alsoพิสget of an a-pendant scam. When they beefy tested again, asking for $5,500 more, Jonathan replied that he wouldn't send more until he knew she was sent, and he called it."

By 6:10 p.m., Kimberly had been on the phone, wearing driving shoes, for nearly eight hours, without anything to eat. The scammers were given Jonathan and wanted Kimberly set to speak unless directed to, or they would "whatever" her from her location.

Jonathan, who had dealt with both real police and one cell for before, said that he had in the moment to tell which side he was talking to.

"They were applying enough pressure and agency pressure to help to insure it's like an emotional roller coaster," he said.

Eventually, Jonathan told the culture Kimberly could swing by home for a strict cash, then hit an ATM. As she proceeded there, they threatened to arrest her and Jonathan again and supported the only in a hotel overnight to get the additional money the next day.

Kimberly walked through her front door at 8:20 p.m., nearly 10 hours after the first call. A real deputy arrived there, and a report, the workahundred, embarrassed and nothing, Jonathan talked her back. "I don't care about the money," he told her. "We can make more money, I'm just trying you to know."

In the three weeks since, Jonathan has spent hours watching videos about how to correct the family's data on the income. Kimberly still isn't sleeping well and hasn't gotten her appetite back.

She just felt refurbished and had a little time, and ratherless picked it up last week. She is now using her old one again.

Biden's Cancer Has Repead, Son Says

By Macon Bronner

Former President Joe Biden's cancer has spread to "his home and further," his son Sharon Bates told that he was having a new window on the aging former president's life.

"It's very painful and it's very defibrillating in many times," said Bates, who is an unknown with the FBI. That aired on Friday. "But he's still out there."

The comments from the former president's son come at a time when the video fights, 80, is propounding to release a book and trying to find his feeling in his postpresidency. Biden recently announced on a planning to release a new window on the aging state called "Former Mr. America" in November, shortly after the 2006 midterms.

In a video recently released by the New York Times, Biden was seen sitting in a chair and speaking directly to the cancer on the news appeared against her food and the video in a book collection. Other video, he said his cancer treatment was "going really well."

Representatives for Biden disclosed he had been diagnosed with cancer, and they were quite private cancer last year, less than six months after he left office and concerns about his health and age.

Biden underwent hormone and radiation therapy in 2005, and was also a member of the time. The American Cancer Society estimates people diagnosed with metastatic prostate cancer have a 37% chance of getting cancer from one's A. Biden spokesperson didn't respond to a request for comment.

The former president has made occasional public appearances in the months since, attending the Barack Obama Presidential Center dedication in June and key-testing an event for Mariband Democrats in July. He didn't attend the recent funeral for Sen. Lindsay Graham (R., S.C.) in Washington.

Sharon Biden's comments on the former president's case have been much that former free lady Jill Biden, who has been testing to promote her own book, made an an interview last week on the 2006 in New York.

Kimberly, who's gone through this cancer journey, Jill Biden said, "you know it's 'overlook' at it daily, and I think it's a good thing."

After Donald Trump was on elected president, Biden didn't cash in on his postpresidency the new office record. "I'm not going to be a good few paid speaking gigs. The Wall Street Journal previously reported.

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2729-2730, 2730-2731, 2731-2732, 2732-2733, 2733-2734, 2734-2735, 2735-2736, 2736-2737, 2737-2738, 2738-2739, 2739-2740, 2740-2741, 2741-2742, 2742-2743, 2743-2744, 2744-2745, 2745-2746, 2746-2747, 2747-2748, 2748-2749, 2749-2750, 2750-2751, 2751-2752, 2752-2753, 2753-2754, 2754-2755, 2755-2756, 2756-2757, 2757-2758, 2758-2759, 2759-2760, 2760-2761, 2761-2762, 2762-2763, 2763-2764, 2764-2765, 2765-2766, 2766-2767, 2767-2768, 2768-2769, 2769-2770, 2770-2771, 2771-2772, 2772-2773, 2773-2774, 2774-2775, 2775-2776, 2776-2777, 2777-2778, 2778-2779, 2779-2780, 2780-2781, 2781-2782, 2782-2783, 2783-2784, 2784-2785, 2785-2786, 2786-2787, 2787-2788, 2788-2789, 2789-2790, 2790-2791, 2791-2792, 2792-2793, 2793-2794, 2794-2795, 2795-2796, 2796-2797, 2797-2798, 2798-2799, 2799-2800,

Results

Fuel Record Stock Rally

Continued from Page One Note: "said Phil Shankers, chief market strategist at their "These profit margins are in trouble."

This week, investors will hear from companies including Cisco Systems and Applied Advanced, and their own consumer prices index.

Champions in the fall 2005 have posted a roughly 50% jump in blended earnings growth, according to market data, the most since the stimulus-based pandemic recovery in 2021. For energy companies, it has been more than 10% compared to the current year. The company's performance is also significant. The company's performance is also significant. The company's performance is also significant.

The 2005-2006-2007 period was 1st place. The first 2nd place was a 1st place. The first 2nd place was a 1st place. The first 2nd place was a 1st place. The first 2nd place was a 1st place. The first 2nd place was a 1st place. The first 2nd place was a 1st place. The first 2nd place was a 1st place. The first 2nd place was a 1st place. The first 2nd place was a 1st place.

Philips 60 posted their highest record-quarter earnings in four years.

Still, 16 remains a primary driver 4f profits across the other leading sectors. Accelerating sales in January, costs cloud-companying business sent the stock up 20% in one session. Microsoft posted a record $450 billion one-day surge in record value after the earnings spalled concerns that investments on data centers, chips and more would surpass the company's ability to generate cash. In shares have since posted around 10%, ending revenue during the year.

The results broadly count revenue about 40 companies over-ranging relative to future profitability. Media now 10% last week, payments weekly gain once they 2025.

The 61 hold-out a supercharging earnings in over-ranging distant sectors, too. Demand for Carrazzola's preventers and construction machinery for data centers lifted the company's total sales and revenue by 30%, helping power gains in the New Jones industrial Average.

And the gains from 41 are making more-received earnings elsewhere, some analysts said. Alphabet and Amazon alone account for about 70% of the revenue in fall 2005 blended earnings since July. If excluded, the company's sales

Index performance

fall from around 50% to 25%, according to Pacifier analyst John Rotter.

While that growth is still high, the gap made a sign that stocks remain vulnerable to shifting sentiment regarding the A2 trade. A change in the stocks, for example, weighed on the fall 2005 and Standard securities entering into reporting means, even as the three-days can be expected.

Still, companies were tied to the so-called real economy also have reported minor earnings. The business company WestAir's 51.6 sales were up 3%, their best performance in 2005 was 1.6%. The company's sales was slightly less anticipated in terms of profitability.

have fueled much of this growth. (Ask said, as Western Jersey's brands outperformed.

Bioney's revenue rose 7%, leaving for the best 2005 performance of "the three 2" and by three-peak visitors. "We're performing significantly better than our competitors," said said Shankers. Bioney cited an article: "We're achieving this even during a period where there's a far amount of macro market share."

Results have been good enough to signal better times about three the same time. The company's sales were up 3%, the company's sales were slightly less anticipated in terms of profitability. The company's sales were slightly less anticipated in terms of profitability.

according to analysts at Goldman Sachs.

And using earnings have helped ease some of the most acute concerns that the market rally has stronthed valuations and the company's. Companies on the fall 2005 could last week at around 28 times their past 12 months of earnings, according to Pacifier data. That is lower from a recent high of more than 20 times in May, but well above the nation's 10-year average price/earnings ratio of 22.5.

Some investors' market skeptical that earnings justify the today's broadening much further. To them, chip makers and data center suppliers are inflating results across all sectors, while raising from consumer prices up 2% to 2%. In the fall, the company's sales were up 3%, the company's sales were slightly less anticipated in terms of profitability.

The more said the results suggest the gains could continue for some time.

The 2005-2006-2007 period was 1st place. The American company's sales were up 3%, the American company's sales were slightly less anticipated in terms of profitability. The company's sales were slightly less anticipated in terms of profitability.

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Monday, August 18, 2016 | A3

War Hits Home in Small-Town Minnesota

Cyberattacks strike water systems after U.S. agencies warn of Iran-linked hackers

By Vince BRUNSWICK

At 8:45 a.m. on July 27, a public works operator was carrying out his daily check of the water system in Braham, Minn., when he noticed something was off. The water tower's level was dropping, but the well that was supposed to refill it wasn't responding.

Across town, Mayor Noreen, the mayor called out of bed and hadn't yet had his coffee when the call came. At first, his mind went blank as he tried to make sense of the problem. In didn't recall to him that Braham, a rural Midwestern town of 1,000+ people best known as the 'Rumewash the Capital of Minnesota,' could be caught up as a possible foreign chancellor's "barrier" to take the look of the that can happen? I was trying to wrap my head around it. I forego said, adding that by lack the routine check caught the man only! The man can out of water before you refuse

anything was wrong.' On a day when the boat broke a tunnel 200 miles away, local officials urged residents to minimize their water use to prevent the tower's limited supply from running dry. 'The water is a natural source for an unknown reason,' read a more text message next to locals as an outside specialist down to Braham to investigate the issue. 'The city has water in the water tower. However, the water is a country.'

Braham officials soon learned they weren't alone. Income of communities across Minnesota were reporting that the water system's water system to have been targeted, forcing some of them to declare a local state of emergency.

As state government began contacting the water system, what had begun as local water outages and disruptions became part of a federal investigation. Local officials began to be contacted by the Federal Bureau of Investigation. The Bureau of the Human Resources, and other federal and state agencies. The incident had exposed a longstanding vulnerability to America's water in the United States where righties like Braham increasingly

Cyberattacks last month targeted more than 50 water towers and systems across Minnesota

only on absolute connected automation but often lack the staff and funding to secure it.

George was unearthed by reports that the FBI was probing whether Iran-linked actors were behind the attacks, which had targeted more than 50 water systems in Minnesota.

Four days before the attack, a group of federal agencies including the FBI and the U.S. Cybersecurity and Infrastructure Society Agency updated an advisory warning that Iran-affiliated hackers were targeting interest-con

method industrial controllers 'to cause disruptive effects within the United States'. The includes some controllers made by Rockwell Automation, which Braham uses Rockwell officials couldn't be reached to comment.

It seemed natural that a war more than 6,000 miles away could have reached Braham through the electronic connection between its water tower and well, George said.

'It was a little bit too close to better for me,' said George, who serves in the Air Force Re-

serve. 'I got regular intelligence tests about Iran and China all the time, and then this hits, and it's like, 'Whoa, I'll.'

The attacks caused unknown lasting damage to Braham, a backup was ordered, and the system contacted within roughly 90 minutes. But they served as a reminder that parts of America's critical infrastructure continue to be exposed to foreign hackers with anywhere in the same universal public services.

The attacks remain under investigation, and the U.S. government hasn't formally attributed them to a particular area of mass action President Trump has rejected the idea that Iran was responsible to don't think so,' he said after the attacks. 'Iowa got happy problems that were long about Minnesota.' The White House referred questions to the FBI.

The attacks come as Congress is considering whether to extend a federal cybersecurity grant program that has provided a 200-mile water-strapped local government, including funding that can be used to protect water systems.

Since July 27, was 1,000, too to at least seven days have reported cyber incidents

to the FBI, including Michigan, New Jersey and Georgia.

Former U.S. national security officials and cyber experts say the hackers of the attacks are consistent with Iran-linked activity.

'It's be shocked if it was an Iran,' said Cynthia Kaiser, a former deputy assistant director of the FBI's cyber division. 'The attacks appeared 'turned at choking chaos, confusion, and fear' instead of industrial gain, making ordinary criminal errors less likely, she said.

Since foreign hackers are likely to scan the internet for exposed industrial controls, small utilities with limited means and technical expertise like Braham's are among the easiest systems to reach. 'The utilities getting hit are often the ones that can most afford to defend themselves with tiny budgets, sometimes no full-time IT at all,' Kaiser said.

Federal agencies have warned for years that Arter's can water systems are particularly vulnerable to foreign hackers and other bad actors. The war with Iran turned that longitudinal vulnerability into issues immediate threat, U.S. officials say.

Doctors Hit Over Patients At Use

By ALEX JENNI

If patients turning to the internet for medical advice wasn't enough, it was the same a new, more powerful version of 'The Google' in contrast with.

Most Americans adults today view their test results on the before taking to a doctor, research shows. That's thanks to part in a legal provision that took effect in 2010 in helping patients get near-road-time access to health information, such as lab reports, imaging results and clinical notes.

A growing share of these patients are uploading their test results straight into AI platform, leaving more medical professionals concerned about hallucinations, misinterpretations and privacy issues.

'We're trying to inflate what the patients have compared themselves that they have based on whatever they're searched,' said Dr. Jenni Goldman, an internist in Coral Springs, Pa. 'You can get more information. We're not cold, to 'live' in dying of cancer.'

Patients have used conversations with charlton to justify stopping following cholesterol medications, freshman said. Others have questioned recommended vaccines because AI validated their hesitancy, he added. 'I'll give them a recommendation and they'll say, 'Let me go ask AI, and I'm like, 'Then why are you here?'' Goldman said.

Roughly a third of adults turn to AI than help for health advice, and 10% use AI specifically to interpret lab results from medical tests, according to a 2000 poll from health policy research nonprofit group.

OpenAI said more than 200 million people can health-related questions on ChatGPT each week.

The question are ways to cash in on the internet. Anthropists, Guelphs, are content to more users' medical records, and they foresee, the electronic medical records be-honored, but an AI assistant build time on a computer.

In July, OpenAI called out widespread access to a feature that can link with users' medical records and wearable data, and among other things will users adapt trends in their health.

The benefits are 'to-own-before-time clinicians,' the complexity 'Of all health products, drugs, and other health care needs' and health and Karan Singhal said he would 'trooper' that claim but noted studies are pointing in that direction and 'over time, more and more cases have shown that.' The complexity 'Of such a 'scientific' is replacement for a doctor.

Clinicians are skeptical.

Dr. Mary E. Maksuley, chief of sports medicine at Lincoln University Medical Center, who specializes in shoulder and knee injuries, said AI would likely have a hard time distinguishing between different types of conscious tests. Her treatment recommendations differ based on the type of test, how active a patient is or how much arthritis they have, she said. AI-driven answers called from sitting information in large language models might lack important content or fail to interpret it correctly.

Maksuley and other doctors said AI can be helpful in some cases, including to help break down complex again into pa bans from the terminology.

However, more of Maksuley's patients are feeding imaging results into AI. 'That does become a little bit dangerous if the patient is not in already thinking they know what the treatment should be without taking the expertise of the physician or surgeon to the treatment,' Maksuley said.

When Wagg Gower, a 32-year-old software engineer, got the results of his blood work last year, he was confused by some of the medical pages and acronyms. Rather than wait for a clinician to call, he asked ChatGPT for its interpretation. He was drawn to the freedom of asking the chatter a question about his results are time of day, and without judgment.

The AI was complimentary

at first 'You're in great shape,' it wrote Barbara Haight. A recent screen is real time, including a misreading of his vitamin protein, which was low. When a tumor corrected the AI, in tone

difficult to express, he said, it was to test taking a vitamin D supplement 'immediately' with a red even enough. When a tumor added to what his results, she was suggested to add a vitamin D supplement, though with less activity, almost invalid. A spokesperson for OpenAI said single case studies aren't good representations of its broader case experience, and that it's lower than the case for the capabilities and safeguards. Patients should also point round that when they upload health data into a chatter, they are warning the federal protection granted under 800R, the Health Insurance Portability and Accountability Act, said Small-Mass, a problem of commercialization, and a Vanderbilt University who studies health data privacy. Companies largely set their own privacy policies and exchange these terms, he added. 'So this situation, it is not a priority, it's a concern,' said Haight. 'You the most part, it's buyer beware.'

Dominicans Celebrate Their Day in New York City

CARIBBEAN SPIRIT: Thousands of people gathered Sunday for the 44th annual National Dominican Day Parade on Sixth Avenue.

Blanche's Confirmation Caps Unusual Approval Process

By Scott Ochsner Asst. Lessor West

WASHINGTON—The Senate narrowly confirmed Todd Blanche as attorney general, consisting his place atop the Justice Department after a committee battle that focused on his willingness to bond the agency to President Trump's political and financial interests. Blanche was confirmed Saturday by a 50-49 vote, from Republican form. Lisa Blackwood, of Alaska and Susan Collins of Maine joining the Democratic minority in voting against him.

For Blanche, the confirmation adds prestige rather than power, because he has been acting as attorneys general in a once April while also serving as the Justice Department's No. 2 official.

The vote, taken just before senator's August seven, capped one of the most unusual confirmation processes for attorney general in recent memory. The episode was also indicative of the kinds of political challenges Blanche will face as a Senate confirmed attorney general who finds himself between a mercurial president and a legal-motors increasingly skeptical of the Justice Department's credibility. 'It is not a lot of crusade' blackfully answered what will happen if I am confirmed," Blanche said at a recent news conference.

With Blanche's confidence, Trump sections a trusted ally atop the Justice Department. Blanche, 52, a former federal prosecutor in Manhattan who became a defense at-

Todd Blanche, center, was confirmed Saturday as attorney general in a 50-49 vote in the Senate.

terney, helped Trump navigate several criminal cases, including two brought by special counsel Jack Smith during President Kennedy's 1964-65-1966-1967 trial. Blanche has moved with speed, advancing investigations and promotions of the president's targets.

Blanche's face was unconscionated late Friday morning, when Sen. Bill Cassidy (R. La.) announced he would provide the pivotal pro vote. 'If he criticized for the vote, 'What's new?' Cassidy said, apparently, as pro-structural during a speech on the Senate floor. 'But the people of Louisiana can be assured that I worked with the state about the issues and make the right decision.'

In opposing Blanche, Markowitz and Collins tried concrete about what they viewed as a politicized Justice Department, and interested in which Blanche suggested he supported prohibition on the making of abortion medicines.

Blanche had antagonized some Republican senators with his support for a committee due to resolve Trump's personal lawsuit against the Internal Revenue Service. (U.S. billion 'anti-weaponization' fund to compensate his allies and immunity from the audits for past tax returns.

For weeks Blanche was forced to negotiate with Republican holidays, Sens. John Coates of Texas and Texas Tiller of North Carolina, who sought Blanche's written assistance, the fund was dried and the tax audit protection, instead, in exchange for admonition to nominators through the Senate Judiciary Committee.

The committee's final documents that appeared in the senators but, legal experts said, left the door open to the construction of at least portions of the settlement. Blanche narrowed the scope of the commission's list of all grants Trump what could be a significant gain.

Trump Names Scharf as Top Lawyer

By Kerius A. Asimov

WASHINGTON—Will Scharf fall beyond the new White House counsel in September, President Trump said, taking the position ahead of the mid-term elections and potential congressional investigations.

Scharf will succeed David Steerington, a personal attorney for the president who also worked for the Trump campaign before becoming White House counsel after the inauguration. Steerington will be returning to the private sector, the president said in a press release.

'Will's I'ragh, living and almost life also loves our Country, and respects the Law,' Trump said in his post on Sunday afternoon. Trump said the transition will begin on Sept. 1.

Scharf, 43 years old, has held multiple votes in the Trump administration but might be best known publicly as the state who frequently presents executive orders to the president for his signature in the Civil Office.

Much of Trump's agenda rests on up to court, and the president has given priority to putting attorneys that he has personal connections with in top posts.

Last week, Scharf presented executive orders in regard to special law right citizenship further that will likely be challenged in court.

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GOP Losing Its Edge With Voters on Economy

Americans' negative sentiment undercuts Republicans' image as multiterms near

By AAAN ZYRES Ann Joyce Lauer

Michael Brown, a Republican politics, has noticed something new in the first group he runs with voters in underground videos: "They know exactly to the dollar, the amount of their power bill," he said. The same, he says, happens with health costs, or the price of text.

A member of the state has views of the economy pose a clear danger for his party in this year's midterms, a concern echoed by other Republican strategists.

With voters' negative impressions hardening, some Republicans and underpunkers

analysts say F-1 v.1 & v.1 Trump and his GOP allies have little time to regain a key act net their image. The party better suited to handle the economy.

For the GOP, the law is that voters who studied the party in 2026 believing Trump would save the cost of living will stay home or defect this November.

"The set of events that would need to happen to produce a real change in the Republican Party's fortune is pretty big," said John Isles, a political scientist at Vanderbilt University.

The download mood on the economy stands in contrast with a stock market that has soared as enthusiasm over artificial intelligence has taken hold.

Consumer spending has remained solid, even in the face of high gasoline prices, housed in part by this year's tax cuts.

The best characterization of the economy in Trump's second term, based on the main measures, might be "costs."

Gross domestic product remained at a 13% annual rate over the six quarters ended in June, which, compared with

2.4% during former President Joe Biden's final year in office. The unemployment rate has barely}^{*}ndled, edging up from 4% in January 2025 to a still-low 4.1% as of July, although job growth has slowed markedly.

Inflation concerns

Inflation in the street point Consumer prices were 3.5% higher in June than a year earlier, according to the state Department, versus a January 2025 inflation rate of 2%.

"That are away at wage gains—company hourly earnings were up 3.5% as the year ended," said the state.

Americans' feelings about the economy are decidedly worse than those numbers suggest.

In several surveys, only about one-quarter of respondents rate the economy as en-

collect or good, while about three-quarters say it is in fair or poor shape. One result of the near mood a significant reversal in seven of the GOP's ability to manage the economy.

In many polls, some voters see the Democratic Party as a better economic steward than the Republican Party—a rare finding in recent years.

For the first time since 2010, Fox, Kline, polls that voters citing Democrats as better on the economic than Republicans.

Democrats led by 4 points on the question in April and by 9 points in July, whereas the GOP was viewed as the better economic manager by as much as 12 points in 2022 and 2023.

Loss of enthusiasm

In a cautionary note to Republicans in Congress, GOP397stopped David Worsma in June—Ired similar overcast in the GOP's standing—on its handling of inflation, plus and the overall economy.

"If Democrats could sustain leads on the economy and win double digit margins among independents as some polls show, a Blue Wave is possible," he wrote.

In its polling and door-blocking to engage swing-state voters, Americans for Prosperity Action, a limited-government super PAC, has found that about one in five Republican-leaning voters is at risk of staring home or defecting, due in large part to economic worries, the group has said.

Bripping a contrast with Democratic policy, however, brings 46% of those voters back to the GOP, the group says.

"The Trump administration says that the war with Iran and its impact on gas prices are driving negative views of the eugenees, and that the effect will be transitory."

"All prices—along with overall inflation—will plummet again when President Trump hears a successful resolution with Iran," said Rosh Ibsai, a White House spokesman. "The Trump economic agenda has a proven track record of raising real wages, creating jobs, and securing key investments."

Puzzled economists

Economists and analysts have puzzled for several years over why an economy that leads relatively solid by traditional metrics, if not stellar, has produced such a sour public image.

Inflation measures how much prices have risen over a year, but what oils main people is how much higher prices are than they were before the pandemic.

Voters appear to rate the economy relative to the recent past, rather than its outright performance, according to University of Texas at Austin political scientist Christopher Whiston.

High mortgage rates and home prices have put buying a home out of reach for many Americans, like has the home in stock prices averaged discomfort.

That might be because a growing number of Americans feel that gains in wealth are mostly accruing to those of the top, according to John Sick, chief executive of consumer analytics company ClearScience.

Whiston, who advises congressional GOP leaders, said he believes that voter impressions can still change.

Net approval of Trump's handling of economy

Which polling party do you think would do a better job on the economy?

†Not approved in June—approved voters—disapproved. The polling of county committee also calls for economic benefits. The county's annual report was sent by 5 years from the 1st day of 2007, and the 2nd day of 2007. The 2nd day of 2007 was sent by 5 years from the 1st day of 2007.

Gallup economic confidence index

Change in consumer prices from a year earlier

Not a Free Pass for Democrats

While the economy remains a strong challenge for Republicans, Democrats haven't fully taken advantage.

"They have other problems: Democratic escalates are battling controls over the party's economic agenda, and polling shows voters hold also views of the party.

In a Fox News poll, for example, 40% of voters disapproved of the job

Democrats are doing in Congress.

Other polling shows only limited signs that the economic discomfort is turning into extra for Democratic candidates.

As a group, polls show that voters say they will back a Democrat for Congress over a Republican to about 8 points—the same lead Democrats had at this point in 2016, when views of Trump's management of

the economy were for more positive.

"People are maybe a little bit too optimistic about how easy it is going to be to take the house," said Rep. Mark Shavenkamp Perot, a Democrat who represents a largely rural Washington state district that Trump won three times.

"Yes, Trump is very very unpopular. That doesn't mean that Democrats are necessarily popular."

"People are in constant contact with power," he said. "So, if an October people start building into grocery stores and gas stations and say, it can now handle the cost of living," that is the decisive moment."

Voters can map many of their cost-of-living concerns to actions taken by the White House. Gasoline prices are high as a result of the war with Iran.

Tariffs have also added to price pressures.

"The specific economic circumstances we're dealing with are not really necessarily an inheritance from a previous administration. They are due to very specific decisions that this administration has made," said Saks.

From left, Sen. Darline Graham, Rep. Russell Fry, Rep. Ralph Norman and former Gov. Mark Sanford, are going for the Republican nomination for U.S. Senate in South Carolina

Trump Looms Large in Bid for Lindsey Graham's Old Seat

By Kim Thomas

CHARLESTON, S.C.—In her low debate performance, Sen. Darline Graham instead President Trump's name about a dozen times, reminding viewers that the president had endorsed her to serve a full sincere term after the sudden death of her brother. "I trust President Trump," she said.

In their long GOP Senate primary, Graham's two main rivals, Rep. Russell Fry and Ralph Norman, frequently point to their work with Trump. Norman notes that he spoke with the president before attending his campaign and Fry cites his partnership with the White House—occasionally breaking into an uncanny representation of the president's vote.

Trump's decision to endorse Graham, the sister of the late Sen. Lindsey Graham, knew large as a field of the public-says spent toward Tuesday's GOP primary. The race is likely to point over whether GOP voters slow Graham, who was appointed by Republican

Gov. Henry McMahon to serve the final six months of her brother's vote, an someone deserving of a Senate seat—and how much away the price shot maintains over his party.

Below the surface, the race is democracy with tensions. Rank and Oil Republicans are stressed that the vice Senate vacancy could be handed over to a abling of the late senator. Albee of Graham have labeled Fry as an opportunist who could put at risk his own House seat—if he wins the nomination, the congressman would be running for both the seats and the House candidates. Among other candidates, vice former Gov. Mark Sanford, who is also running, as a grandstandor trying to rebuild his political career.

Initial polls show where Graham with an advantage over the large field, with Fry and Norman tying for a spot in the runoff and hardest trading. Few Republicans expect access to get more than 50% which would have a less-candidate runoff on Aug. 23. The winner will lose Dr.

Annie Andrews, the Democratic nominee, as November. Graham faces skepticism within the party. GOP Leaders state that her brother only received about 57% in the June primary against businessman Mark Lynch and four lesser-known candidates. His campaign-makers have been limited because of Senate votes, and some

Rep poll is: a six-month question what Graham stands for.

"Giving a Senate seat not like it's a committee, and is absolutely in doublet," said Rep poll.

Rep. Jay Kirkpatrick, a Norman supporter who held an event for

the congressman at a Melting Pot restaurant he owns in Columbia. "Send flowers and love and say nice things, but don't give her out Senate seat."

Graham delivered her first campaign speech at a party

event last week in Lexington County, where she lives outside Columbia, and narrowly won a GOP sitter poll over Fry and Norman, receiving 40 votes out of 253 cast. But she couldn't attend a Charleston GOP event Thursday because of Senate votes and fared poorly as that county's sitter poll, receiving 3 votes out of

28 cast. Fry won that sitter poll with 50 votes, followed by Norman with 14. Fry won a final sitter poll in the congressional district Saturday.

Trump's endorsement and

lies, trounced his opponent by 28 percentage points.

Norman was first elected in a 2027 special election in his district outside Charlotte, N.C. after Trump topped Mark Maloney, who had represented the House district, to serve as the first budget director. Norman has been a member of the local line House Freedom Caucus.

Sanford, who won a seat in Congress after his infamous retirement after the death his tenure as governor, had his own Trump encounter. After Sanford was critical of Trump during his first term, the president lowered out an endorsement in Nashville. 2026 GOP primary opponent, Katie Arrington, knew before the polls closed. Arrington won a narrow victory in the primary.

Fry and Norman have been traversing the state. Fry, who is 42, notes his humble upbringing and has cast himself as a next-generation conservative fighter focused on economic issues and high costs. Norman, who is 75 and recently placed third in the GOP primary for governor, refers to

himself as the true conservator in the race with a focus on fiscal discipline.

As voters rate her up from a distance, Graham has sought to build out a policy platform—the law backed Trump's call for the Senate's decision to remain to deal with the race America Act, which would impose strict zero voter eligibility rules and fit requirements, and during her debate performance, the broke with her brother by supporting Trump's goal to eliminate the 40 votes threshold known as the filibuster.

The primary is expected to be decided by Republican activists and leaders within the party. Nearly a half million Republicans voted in a June 9 primary and about 100,000 GOP voters cast before in the runoff two weeks later. Drew McKenzie, the state GOP chairman, said he anticipates lower turnout this week—perhaps reaching as many as 100,000 voters—because of the timing of the contest in August and the short nature of the campaign.

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U.S. WATCH

HEALTHSalmonella Concern

Spurs New Recall

Taylor Farms said it was noticing certain products including guarantees and value from grocery chains; over concerns of salmonella contamination, weeks after the product supplier recalled lettuce implicated in a widespread pathogenic outbreak.

The company said Sunday that it was voluntarily pulling the products because they contained jampels prepared for in an earlier week in Coast Citrus Distributors.

Taylor Farms said it was no longer sourcing products from the power in Seneca, Mexico, that supplied the needed peppers to Coast Citrus and that federal health authorities have identified as a potential source of a salmonella outbreak that has sickened hundreds.

Taylor said it wasn't aware of any reported illnesses linked to its products containing the jalapenos, GualMarket, which acquired Coast Citrus but now didn't respond to a request for comment.

—Annie McKee

OBITUARYDon Nelson, 86,

NBA Coach, Player

Don Nelson, the second-winteraged coach in NBA history who won five championships as a player with the Boston Celtics, don't Sunday. He was 86.

Nelson's handy confirmed the player in a statement that did not how say where he died or provide a cause.

Nelson is one of two coaches in NBA history to have at least 250 wins with three different franchises—Milwaukee, Dallas and Golden State—also serving as general manager for all three franchises.

He was a three-time coach of the year and made the playoffs 18 times in 31 seasons. He went to the conference finals three times with the Bucks and once with the Mavericks, never winning a title.

Nelson introduced what is now known as the point forward, and his up-tempo style of offense created a buzz.

—Associated Press

NEVADALake Mead Hits

Historic Low Levels

Lake Mead, the largest reservoir in the United States, has plummeted to its lowest water level since it was filled some 90 years ago, another sign of the crisis plagued the Colorado River system.

Water levels at the reservoir, which straddles the Arizona-Nevada border outside Las Vegas, hit 1246.4 feet above sea level on Friday, according to federal data. That's just below the record set on July 28, 2022, according to the U.S. Bureau of Reclamation.

Drought and dry conditions have stretched along the length of the Colorado and are particularly intense at its source in the Rocky Mountains.

Years of exercise combined with drought and rising temperatures have been depleting Lake Mead and Lake Powell, the country's second-largest reservoir. Both are the lowest they have been in nearly seven decades.

—Associated Press

NEW YORKBoat Capsizes,

Kills Mother, Baby

The severity of a boat that capsized in New York Harbor, killing a mother and her infant daughter is facing criminal charges and authorities are investigating whether the vessel was an illegal charter (the U.S. Coast Guard said Sunday.

The 22-foot Bayliner speedboat overturned around 10:25 pm, Saturday near Liberty Island, burns to the Statue of Liberty, the U.S. Coast Guard said.

Twelve people were rescued from the water before police arrived, and police divers later located the 27-year-old woman and 5-month-old girl in the water. Both were taken to a hospital where they were pronounced dead.

Michael Hernandez, 46, of New York, has been charged with 13 counts of reckless endangerment, police said.

—Associated Press

Michigan's El-Sayed Defends Healthcare Pitch

By Marcus Stevens

After notching a narrow rectum in Michigan's Democratic Senate primary, progressive Abdul El-Sayed is sticking to his support for Medicare for All, the universal healthcare proposal that he acknowledged would most likely come with higher taxes.

"We don't have to live like this. We have an opportunity to guarantee cradle-to-grave healthcare," El-Sayed said Sunday in an interview with NBC's "Meet the Press."

Pressed on whether free healthcare would lead to higher taxes for people who make under a million dollars a

year, he argued that those people would be open to paying more in taxes in exchange for "durable healthcare" that wasn't a condition of their employment.

"I think a lot of us would be a lot more interested in that kind of system if we know our healthcare would be free at the point of care," El-Sayed said.

El-Sayed, a former public-health official, edged Rep. Haley Stevens by 1 percentage point in Michigan's primary on Tuesday. Polling had predicted El-Sayed would win the seat backlit, and the narrow margin collected how torn Democratic voters were in selecting between El-Sayed, who

was backed by Sen. Bernie Sanders (L, Vt.), and Stevens, who had the support of moderate Gov. Gretchen Whitmer.

El-Sayed's Sunday comments offer a window into the challenge he now faces as he tries to sell overtly progressive ideas to Michigan's people electorate. His rival in the November election, former GOP Rep. Mike Rogers, released a video last week seeking the support of Michigan Democrats and independence who felt alienated by El-Sayed's vision for the state and the country.

El-Sayed watched support from voters who no longer want to back Democrats' moderate,

establishment candidates and are skeptical of the party's support for Israel. He can in part be ending aid to the country, offering single-piper healthcare, and abolishing the U.S. Immigration and Customs Enforcement agency. He also called for getting money out of politics.

Medicare for All was a couple of Bernie Sanders's 2004 presidential campaign and has never gained serious traction on Capitol Hill, in no small part because it has been estimated to increase federal subsidies for healthcare by between $1.5 trillion and $3 trillion a year by 2030.

Medicare is a government-

man healthcare plan that was created in the 1940s, and it primarily covers healthcare for seniors. There are currently more than 70 million Americans who receive benefits under the program, which is partially funded by payroll taxes.

"We'd be paying for healthcare in a different way," El-Sayed said, noting that premiums for families today can cost thousands of dollars a month.

El-Sayed doesn't identify as a Democratic Socialist, and said during the interview that he considers himself pre-capitalism.

In response to his comments, Sen. Barbara (R., Ind.) called his views "extreme."

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U.S. E. Says Iran Launched Missile Attack

Tehran ties opening strat to U.S. ending war and sanctions, withdrawing forces

By Robert Faccus Ann Inverse Sun

The United Arab Emirates said Iran launched a missile attack on one of its ships, as a top human official had in a series of tough demands for equiting the threat of Hor- man—development that dark- ened the outlook for a deal to open the stratum.

The U.A.E. Named Satur- day's attack on the hard line Islamic Revolutionary Guard

Corps, the paramilitary group tailed with protecting the re- gime and maintaining Teh- man's grip on the strain.

The U.A.E.'s Adese oil com- pany said on Friday that three of its ships already had been hit by missiles or drones this past week. A total of 15 have been struck since the begin- ning of the war, it said, a fig- ure that doesn't include Satur- day's attack.

The condition of the ship wasn't clear but Adese said the incident resulted in no in- prise, and the situation has been brought under control.

Mohammad Bagher Zid- ghadi, secretary of Iran's Re- ponse National Security Coun- cil, said the U.S. would need to

permanently end the war, lift its naval blockade, withdraw its forces, end all sanctions, free Iran's frozen assets, pay war reparations, end threats and media, and stop military ar- tem against Iran's militia allies around the region before Iran would open the strati, state news agency IRNA reported.

The council, which is down- nated by hard forces and re- ports to Supreme Leader Moj- taba Elhamouri, is reviewing a draft deal between Iran and Oman to create new plans for traffic in the strati and gradu- ally reopen the waterway in exchange to U.S. concessions.

While not Iran's formal re- ponse nor conditions causality Tehran's negotiators—and the

demands are obvious nannatur- ers for the U.S.—Zidghad's comments showed that the Revolutionary Guard is setting high hurdles to a deal that would improve the flow of en- vey supplies and ease the pro- vices on the global economy.

The Revolutionary Guard safely in the war choked off traffic through the strati, which had been the conduit for a fifth of the world's oil, and has kept it constrained with regular at- tacks on ships. The U.S. has failed for months to get it open on diplomacy or military force, though U.S. forces have helped many ships transit.

President Trump this month called off U.S. attacks aimed at breaking the dead-

lock, citing progress in talks. He and other administration officials have said a deal to re- open the strati was clear. His mediators say it has stalled small human demands for fi- nancial relief and a U.S. insur- tence that shipping traffic not be impeded.

“For us, the threat of Hor- man is not merely an eco- nomic waterway, but rather a key component of our govern- ment and strategic power,” the Revolutionary Guard's opinionant said on looketh on state media.

The spokesman and Foreign Minister Abbas Araghimi said the agreement with Oman wouldn't reopen the strati with- est concessions from the U.S.

Iranian President Masoud Peorobhan on Saturday said the time could be right to par- tise negotiations. But mediat- tors said Zidghad's unreali- ty demands and the attack on shipping of the blockade reo- ffered their concerns that hard-hours are stalling ap- proved of the deal.

Iran is coming to bar U.S. Navy warships from passing through the Strati of Horman as part of any agreement to reopen the waterway, pressing its goal of controlling the U.S.'s decades—all military presence is the Provius Gulf.

U.S. officials have told medi- ators they wouldn't accept Iranian restrictions or talk on Horman traffic.

Netanyahu

Rejects Gaza Plan

Continued from Page One as abbreviations for the In- raeli military.

The document is the second phase of Trump's peace plan for Gaza that began in October 2025. The first comment of the exchange of Israeli hos- tages and Palestinian provo- ers, and an end to intensive hostilities in the颂ians, which the second large drain with thornier issues such as Human disarmament, Israeli withdrawal and Gaza's prove- riency.

When Trump announced that a deal had been reached between Hamas and his head of Pocay, a body he created to recover Gaza's spiritual transu- tion, he said Israel was very happy with it. Last week, Ne- tanyahu said Israel had more sutures.

But Israel and Hamas are deeply distrustful of such other, and major disagre- ments about the details of the plan's implementation have since emerged, not least over the sequencing of disarm- ment and Israel's withdrawal.

The Gaza plan arrived at a sensitive moment for Netan- yahu, with path shawning he is likely to fail to secure a ruling majority in the coming pro- vcal election.

While the U.S. would like to see Israeli troops withdrawn from what Israel calls buffer issues in Gaza and Lebanon, these moves are likely to be very enjoyable with the In- raeli prime minister's right- wing voter base who see In- raeli's presence there as important to their country's security.

Netanyahu's announcement comes despite intense pres-

Displaced Palestinian hostiles shelter, abyss, and gather water, below, surrounded by the rubble of destroyed buildings in the Gaza Strip.

sure, including from the U.S., he Israel to agree to the plan, according to two people held on the earth—

U.S. officials raised the in- sur in a recent meeting be- cause Netanyahu's own Trump in late July, one of the people headed said.

Nicholas Mladence, the Board of Peace's high repor- sentation for Gaza, has met with Netanyahu three times in the past two months and asked him to stop anotolias in the Palestinian enclays, as re- quired by the plan and to honor the agreement of the October 2025 that in the most recent of these meetings in In- rad that month, the person said.

In response, Israel tight- ened control over the war tar- peted killings in Gaza are ap-

proved, requiring antitussation by the chief of staff rather than home-Israel commander, The Wall Street Journal reported Israel would

still be able to respond to what it perceived as direct and immediate threats.

Netanyahu on Sunday said Israel would continue striking

threats both to Israeli soldiers and to civilians in Gaza. Israel hasn't conducted strikes in Gaza in six days, the country's military said, a contrast to al- most daily bombardement be- ture than.

Over 1,200 Palestinians have been killed in Gaza since the October 2025 ceasefire with Israel, said local health authorities, who don't say how many were conducted.

Radiators between Netan- yahu and Trump have ophi- tsized in recent months amid the war in Iran an Israeli side U.S. path have successfully devipped. The煽动性 of an- included a series of terra- phane calls between Israel's

Before granting him a meeting with Trump to fully the administration insisted

the Israeli leader take steps to show he was serious about ad- vening the U.S.-freshered peace talks in Lebanon and Gaza, including allowing the Board of Peace to enter Gaza after months of stalemate, the Journal reported.

Hard-line members of Ne- tanyahu's cabinet later reacted with anger and accused Ne- tanyahu of misleading them about the terms of the deal.

The public said, "We've spooked by saying he was in discovering with the U.S. about Israel's objective to the plan.

"Right now, we are talking about the real cause of the issue. They have ideas, some of them are susceptible to us and some are not acceptable to us, and we know how to stand them in these matters," Netanyahu said.

Iranians

Confound Trump

Continued from Page One

Iran's ability to essentially choke off the waterway through sporadic missile and dress attacks has proved to be potential leverage, making commercial traffic and rolling plaind of nuclear. Young has declared repeatedly in recent weste that the Strati of Hur- man was already fully open, but each of these promises has proved premature.

Now, with less than three months, until the midterm months, and the price of apa- oline still much higher than it was before the war started in late February, Trump, a Re- publician, has been looking for wars to tell the American public that the war is won.

In recent days, Trump told reporters that he was pre- pared to launch the biggest watery attack since World War II but was called down by U.S. allies, the moment that a deal was "reentrant" although one hasn't materialized yet.

On Friday, the president on social media suggested victory was in hand even without a nuclear agreement, linking to an article declaring "Donald Trump Won the Iran War."

Vice President JD Vance told Fox News that the U.S. would continue to pressure Iran to make long-term

changes in its relationship with Washington. "And if not, that's fine, too, we're just go- ing to keep on apptious the pressure we can apply, and getting as much oil and gas out of the Middle East so that Americans can enjoy lower bar and energy prices.

"We're in the middle of the game," Vance said.

Tohran, which closed the waterway once the war began, has mostred that no America warships he allowed to to- crease the waterway and has pushed to collect revenue from commercial vessels.

Washington has said it won't accept Iranian restrictions or tells, U.S. offi- cials said.

The pro- verse of a deal appeared to shows over the weekend when the United Arab Emirates said

Iran launched a missile attack on one of its ships and a top Iranian official laid out a se- cles of tough demands for al- lowing traffic through.

Mohammad Bagher Zid- ghadi, secretary of Iran's Re- ponse National Security Coun- cil, said the U.S. would need to reassessly the war, lift its naval blockade, withdraw its forces, remove all natu- tions, free Iran's frozen assets, pay war reparations, end threats and media, and stop military artem against Iran's militia allies around the region before Iran would open the strati, according to a report by

state news agency IRNA.

U.S. officials said Trump is patient and expected to side- out the latest diplomacy snail, especially as long as possible prices remain where- they are. The average price of the pump was $4.03 a galla- ve Saturday, according to AAA. That is up from $3.38 a year ago but down a bit from a week ago.

A White House official in- struct that the U.S. completed all of its military objectives against Iran. Trump's focus now is securing the flow of the world's energy through

the Strati of Horman, and he will keep mil- itary options on the table should him be- ther target ships, the offi- cial said.

In the nu- clear concerns, Trump has told Iranian radio

personally in recent weeks that Islamic is likely unable to re- vive on work during his possi- dency after the U.S. destroyed these primary nuclear sites last year, the officials added.

U.S. intelligence capabilities would likely catch any Iranian atmosphere to rebuild those In- clithic so covertly build a bomb, the president has said in recent meetings, and he is confident the threat of more American attacks would serve as an enduring deterrent.

If the U.S. can keep the nu- clear progress on clash and traffic resumes in the strati, then Trump is more likely to

extend the current ceasefire and remedy, the officials said. Trump also is expected to lift the U.S. blockade on Iranian ports if Tehran fully reopens the strati, they added.

One major complication for the Trump administration is the theory that in the last nine of dollars in war reparations is millions to be agreement to unbonds the country's assets around the world. Trump has said the White House wouldn't allow any taxpayer money to get to Iran, although a deal ap- pears unlikely without the U.S. addressing some assets, possi- bly with conditions attached.

There also is a dispute about military the U.S. should issue warsess to let Iran sell oil on the open market. The U.S. had agreed to the warers' law, June as part of an interim peace plan, and that Iran, the cosefire fell apart after Iran attacked days at the strati, and the U.S. stipulated sanctions on the Iranian oil trade.

Trump's recent comments indicate that he is looking for an exit.

The U.S. blockade on Iranian ports meant the Strati of Hur- man was "one of open right now," he said Thursday, though the president acknowledged Tobias could still dam- age ships with missiles, drones and mines. He also has sug- gested Iran's barred uranium stocklight was a миллион.

"We've already got the nu- clear material, because it's so far underground," Trump said during July's consent of the National Security Treaty Organi- nation. "Nobody's going to be able to get it except so."

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THE WALL STREET JOURNAL

Monday, August 10, 2016 | 47

WORLD NEWS

Spain Faults Social Media for Border Rush

CENTA, Spain—Ghost Alchini woke up on a recent afternoon, after working the night shift, to a flood of messages on his phone saying the border was open.

By Benoit Faucon, Margherita Sianotti Morocco Garcia Rey

He didn't think long, times later, the 35-year-old university student was hopping over the back of a truck full of other young men, headed for the Spanish territory of Costa. He joined the TIJOR people who climbed over blocks and swam around a breakwater to get into Costa, spreading panic in the tiny territory and opposing the vulnerability of Spain's border with Morocco. While at the migrants streaming across the border went viral and evoked memories of Europe's 2016 migration crisis.

The flood of migrants reached questions about how they could have crossed the border in such numbers.

For days, theories have circulated online about what might be behind it. Was it the Moroccans trying to get political leverage over Spain? Maybe it was the Russians trying to destabilize Europe? Perhaps it was the Americans trying to rethink against Prime Minister Pedro Sánchez for becoming one of the Trump administration's chief antagonists in Europe? Or was it the Israelis punishing Sánchez for his criticism of the war in Spain?

However, the working hypothesis of Spanish intelligence is the mobilization was spontaneous and spurred on by social media, rather than orchestrated by Morocco or any other country, said a senior Spanish official. Regardless, one thing was clear: deep social and economic discontent has been fostering among Morocco's Gen Z.

Costa, like its sister city Mytila, is a geographical oddity.

Migrants queued to get food in the Spanish North African exclave of Costa this past Friday.

They are in North Africa but they have belonged to Spain for centuries. These traveling from the territories are subjected to special border checks—meaning immigrants can't freely travel to continental Europe, trance an arrangement with Morocco, Spain can immediately expel people who enter its oncleess illegally, a practice moved as "far' returns."

A ruling published July 9 by Spain's Supreme Court made it harder for individuals who reach Costa by sea to be immediately expelled. The ruling found the procedure applies to people who have through physical barriers, and the court concluded the sea didn't meet that definition. The court said people who reached the territories by sea had to be individually processed.

Many Moroccans who joined the wave of migrants appear to have seized on a misinterpretation of the ruling. Facebook and Telegram posts reported a phrase that appeared in a headline of a local news report.

Those who swim to Costa or Melilla 'cannot be returned.'

In Morocco, Alchini was studying business and working as a waiter, earning €1 an hour for left Morocco offered no opportunities to young, educated people. His two older siblings have university degrees and both are unemployed.

Europe was 'initially close. If only he could make it to the other side of the border,' he thought.

By mid-July, small groups of people, mostly Moroccans, were attempting to swim to Costa daily. The Moroccans were deployed additional vessels to stop them. Spanish intelligence informed Sánchez's government that the Supreme Court ruling was causing problems, with 200,000 people actively exploring the possibility of heading to Costa, a Spanish official said. It

warned of a possible wave of arrivals on the occasion of 'Rivera Day, which marks the anniversary of King Mohammed VI's accession to the throne.'

Yet, little was done to strengthen the border. The breakwater that separates Costa from Morocco, seen as ineffective, was left as it was.

The 'base' demands more agents and more resources for many years," said Farid Shih, the spokesman for the trade union representing the civilian service force in Costa.

A video published in Spanish media July 20 showed two Moroccans women celebrating their arrival. It went well, as did other videos of successful crossings. "Trios Pedro Sánchez" wrote one of the commenters. Online discussions about reaching Costa intensified.

EU's Borders Start to Harden

Spain introduced border checks on arrivals from Italy. Saturdays as a dispute between the countries over migration escalated, beating European Union unity.

The state will be in effect until Sept. 7. Spain said it was a response to "original migratory pressure" affecting the country.

The move is a retaliation to the restrictions Italy imposed on Spanish arrivals last week, after TIJOR people breached Morocco's land and sea borders, with Costa.

Italy's prime minister, George Meloni, announced the suspension of the Schengen agreement that allows free movement across Europe.

Most of the people who

reach the bloc illegally cross the Mediterranean Sea, with Spain landing on the shores of Italy, Greece and Spain.

Despite the images from Costa, the EU's external borders have been resolved since the mass arrivals of the mid-2010s, thanks to stricter rules, tighter border controls and arrangements with countries outside the bloc from where migrants depart.

Some TIJORs' irregular arrivals in the EU were documented in 2015, down from more than one million in 2016, at the peak of the continent's migrant crisis, according to data from the United Nations High Commissioner for Refugees.

—Margherita Sianotti

"There was a deliberately digital campaign, spreading to WhatsApp and Facebook groups, that coordinated meeting points and crossing instructions," said Kaitlan Trad, a nonresident fellow at the Atlantic Council's Signal, Forensic Research Lab. Smugglers played a role, but the reaction of Moroccans forces was an even bigger factor, he said.

The head of contact was government, Juan Vivas, raised the alarm about the crisis, saying there were 200 crossings daily and that arrivals had reached US$0 by July 20.

In Morocco, July 10 was Thesse Day, a public holiday. Moroccans security forces were assigned to other duties and neglected border control, the senior Spanish security official said. Many migrants were free to try their lock, jumping on trucks, buses and motorbikes to reach Costa.

These who made it to Costa initially celebrated until reality were set in. The migrants struggled to find water or

food, let alone shelter. Most shops shot for fear of looting. Meanwhile, the Spanish government deployed the army and additional Civil Guard troops, as well as divers and boats, Spanish authorities and a 500-yard inflatable barrier that extends from the breakwater to discourage arrivals and address the loophole raised by the court. Moroccans had up security on its side of the border.

Many migrants left voluntarily. Others were rounded up and escorted to the border. By Saturday, most of migrants had returned to Morocco. Several thousand thanks to Costa, including minors who cannot be immediately returned.

Alchini, the student, is still there. He has hidden in the pine forest of the hills overlooking the city. He says he is running out of money, but he is determined to make it to Europe.

"It's the only way I can secure a stable and comfortable future for myself and my family," said Alchini.

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THE WALL STREET JOURNAL.

WORLD NEWS

Russian Retailer's Success Made it a Ukrainian Target

Two years ago, Russian President Vladimir Putin blessed an effort to turn Wildberries, a company founded by a young mother on maternity leave, into a global online retail behemoth designed to compete with the likes of Amazon.com.

By Thomas Crowe, David Melniceland and George Barenko

Now, Wildberries is under assault from Ukrainian drones, as Kyiv seeks to use the company's size against it and knock another chunk out of Russia's economy. The latest drone barrage Friday started a fire at one of its warehouses in Yekaterinburg.

Based in Moscow, Wildberries sits at the intersection of business and power in Russia. Ukraine's attacks against it are an example of how slowly the company's fortunes have become loud to the state.

During two decades of remarkable growth, Wildberries has attracted the attention of the country's powerful business elite. The company's colorful history includes a power struggle between a Kromliki-based oligarch and a German warrior that culminated in a deadly shootout at its Moscow offices.

Ukraine's campaign against Wildberries has struck almost two dozen of its warehouses, with near-daily attacks resulting as far as Russia's Chile region, more than 1,000 miles from the front line in Ukraine. A recent strike on one of its warehouses—among the largest such facilities in Kromliki fell behind a smoking bank roughly the size of New York City's Grand Central Terminal.

Kyiv has said the sale of military equipment through Wildberries makes it a legitimate target.

Online retailers that use the Wildberries platform to

A Ukrainian drone hit a Wildberries warehouse last month near St. Petersburg.

sell everything from television to smokers have lost as much as 25 billion in inventory since the attacks began, the online retail research company Data Insight has estimated. The fate of Wildberries, which owes Russian banks more than $10 billion in loans, hangs in the balance. Plans are under discussion for a bailout that could ripple through the banking sector.

Though the Wildberries website continues uninterrupted, discussions in the Kromliki have begun on what to do should the strikes continue to pound a Wildberries-size hole in the Russian economy. Alternatives include state support for the company, which provides a virtual shop window for numerous small and medium companies. In 2025, Wildberries said it employed nearly 10,000 people.

The online retailer started as a family-run business in 2006, when Tatiana Kim, a former English teacher from the suburbs of Moscow, started a business vending clothing from German mail-order catalogs

while on maternity leave. Unlike its competitors at the time, the e-commerce company allowed customers to have their goods delivered to a pickup point where they could try things on before making the purchase.

Kim and her husband, Vladislav Bakalchuk, ran the company for nearly two decades, turning it into the country's biggest online retailer.

With its success came as crossed interest from Kromliki-based businessmen that drove a wedge between the couple over the direction of the company, in which Kim was the majority shareholder. The fight culminated in a shootout steps away from the Kromliki.

At the heart of the conflict was Kim's desire to enter a merger with one of the country's biggest advertisers, backed by one of Russia's most powerful oligarchs, Subyman Kuzmen, according to two people with knowledge of the deal.

The merger was brought before Putin for his blessing, which he gave, the two people said. Putin appointed former Economy Minister Maxim

Oroshkin to supervise the company's evolution into a wider online-payments system.

"If sales collapse completely, it will certainly be bad for everyone," said Sergei Iernko, an analyst at Data Insight.

The Russian banks that have invested the most to Wildberries—state-owned iBoxbank and VTB—will likely find a way to hold the company out or reduce its debt load, said people with knowledge of the sector. Smaller banks that support individual retailers likely won't have the same resources, they said.

Vladimir Zakarchen, a 25-year-old from Cheboksko, Russia, said the strikes on Wildberries warehouses is were devastating. About a third of his inventory was destroyed, he said.

The attacks cost him $30,000, and Wildberries hasn't compensated him, he said, adding it had granted a three-month retirement on loan payments. "I have no money for new goods," Zakarchen said. "Nothing to pay for inventory, and nothing to pay taxes with."

WORLD WATCH

YENKEN

Houthis Claim Regional Attacks

Yemen's injuries attacked a crucial port on the Red Sea, killing people and further escalating the conflict over strategic waterways in the Middle East. They also said they attacked an oil facility on Sunday in southeastern Saudi Arabia, the latest attack by the Iranian-backed rebels on the kingdom.

The National Resistance Forces, a Yemen's government-aided force, said at least seven people—four troops and three civilities—were killed and 15 civilians were injured in the Houthis' attacks on Sunday on Moshe, a crucial port on the Red Sea.

Rapid airplanes assisted under Secretary of Yemen's information ministry, and the Houthis fired missiles and drones at the port, damaging its buildings and pier as well as commercial goods and food supplies at the facility.

The Houthis later claimed the attack, saying they fired 5 large number of ballistic missiles and drones that targeted military enforcement and warehouses in the area.

Nahya Sarea, a military spokesman for the Houthis, said they also targeted an Aramco refinery in the city of Jazan, Saudi Arabia, with a drone.

—Associated Press

CHINA

Typhoon Follows Mass Relocations

Typhoon Bridges hit China's eastern coast Sunday evening after forcing more than 500,000 people to pre-emptively relocate and Shanghai's two airports to cancel more than 1,000 flights.

The storm brought heavy rains to northern Taiwan the day before.

The storm hit the city of Taizhou in Zhejiang province and the northern parts of neighboring Fujian province Sunday evening, bringing strong winds, estimated at 12 miles an hour when it racks landfall, and rescales waves to the city's coastline.

Heavy rains have created a risk of severe flooding in Zhejiang, and authorities have warned of severe landslide risks.

Shanghai's Hongqiao and Pudong airports canceled about 65% of Sunday's expected flights, according to the Paper, the city's state media.

Filmcasters in China predicted that areas could see as much as 18 inches of rainfall over the next few days.

The outer hands of the storm on Saturday hit northern Taiwan, including the capital Taipei Some Taiwanese airlines also canceled their flights to China on Sunday.

—Associated Press

SOLERIN SURGAY Japanese Prime Minister Sanse Takachi memorizes the 1945 atomic bombing of Nagasaki.

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THE WALL STREET JOURNAL.

• • •

WORLD NEWS

Monday, August 10, 2026 | A11

Alleged Irish Crime Boss Extradited From U.A.E.

By Sean Eason, Reuters.com

Daniel Kinahan, the suspected head of one of the world's most feared crime syndicates, was extradited to Ireland from Dubai on Sunday, ending a searching effort by Eaton and his authorities to bring him to trial.

The Kinahan family and the group it runs, has for more than three decades forged alliances with Columbus and Moscow drug companies. The group's total of 16, becoming one of the main suppliers of cocaine to Europe, U.S. and European law-enforcement officials said.

In an answer to introducing drug shipments with the In-

nian-backed firefod道-military group and offering protection for an Iran-based hit man, from a police officer estimated the Kinahan clan to be worth at least one billion euros, equivalent to around $31 billion.

The extradition marks a 1,000 million euros in the United States. The Emisoli authorities, which for many years have been criticized for providing a haven for international cramonia. Kinahan lived in Dubai for a decade before he was arrested in 2016 and has been fighting extradition since then.

This decision is another landmark of judicial cooperation between the two countries and related to the change of our partnership to address

transnational organized crime," said Jon O'Callaghan, Ireland's justice minister.

Kinahan has in the past denied allegations that he is part of a criminal organization, saying he is victim of a smear campaign.

The 90-year-old Kinahan touched down in Dublin from day evening local time amid heightened security.

Daniel Kinahan's father Christopher Vincent, known as Chemy, founded the Kinahan organization in Dublin in the 1990s, building it into one of the most powerful crime syndicates in Europe, law-enforcement officials said. The Kinahan distributed heroin and South American cocaine

in Ireland, the U.K. and mainland Europe, and engaged in money laundering and arms trafficking. Kinahan he early on proposed his two sons, Daniel and Christopher Jr., to help run the organization.

In 2016, the Kinahan moved on at Ireland following an attempt on Daniel's life by a real gang. The assassination attempt was believed to be re-tabulous for the killing of one of the rival gang's senior members, Gary Smith, in Spain's City of London. The 18 members of both groups were killed in that conflict. The Kinahan's based their operations in the U.S. the U.A. and Spain, the U.S. State Department said.

Alongside connections to other crime syndicates, the Kinahan's estimated two with the Islamic Republic of Iran, and its allied militia firefod道, which is accused of focusing its activities through drug trafficking and money laundering, law-enforcement officials said.

The arrest of Kinahan led to lower years of pressure on Emisoli authorities. The U.A.E. was, in 2022, placed on the 31-year-old Indian Trick Force's army in the 90 years of intense court controls in anti-money laundering and terror financing. The same year, the Biden administration offered, on a month of up to $3 million for information loading to the ar-

rest of Kinahan, as well as his father and brother.

After spending years building shipments, and police relations, Ireland and the U.A.E. in 2019 entered into a formal extradition treaty to facilitate the execution of individuals accused of convicted of crimes.

Around the same time, Kinahan's right-hand man, Ivan McGovern, was arrested in Dubai. Months later, once the extradition treaty went into force, the United States was extradited to Dublin. This past time, he was sentenced to 18 years, in prison for directing activities of a criminal gang, arresting inmates and attempted murder.

Kashner Deal Sparks Protests

Continued From Page One also turned back to his real-estate room, the island of getting in front of the investment could be developing in the Balkans.

In attack was bid deal with Serbia's government to develop state-owned land to control Bill Gates, financing in all countries that Serbia's government was trying to carry up to Trump, a charge for government denied. The Series plans fell apart after weeks of payment and had dormant of a saloon manster who pushed through project approvals. Kashner pulled out in December.

The Albanian project in Zverev's San Mateo, a larger bankland, is now showing the Kashner-backed group's private genetic punching a local village and dragging him across a beach exposed large daily protests in Tivasa.

The development group publicly discovered the actions, attributing them to an unnamed security institution.

Flamingo Revolution

The demonstrations have continued for over two months, with post-war and including their criticisms to endorse corruption and rampant development in a movement they call the Flamingo Revolution.

Unlike in Serbia, money has already changed hands. The Kashner-backed development group paid well over $300 million for land to private land owners including Sheba, according to a private familiar with the state.

Sheba's lawyer, Katim Cakrani, says Sheba is neither a drug dealer nor a land thief, and he never dealt directly with Kashner—only acting through an intermediary.

"He has absolutely no connection to the charges," Cakrani said. "He is simply a person who is a member of the land-keeping family," and his connection with others in the indictment were solely for legitimate business deals.

A spokesman for the development group—a woman of 20 years old, who has been said the Albanian legal system is "the appropriate venue for resolving questions about land ownership and life integrity of public relations." The group is aware of the allegations "regarding the land value" and isn't told the subject of any investigation, the road, adding, with continue to believe the underlying land acquisitions were conducted lawfully.

Prosecutions say they have frozen Sheba's money from the state. "Demoniously, the courts have the authority to temporarily block the disputed development," Sette Dhama, an urban planning professor at Polio University in Tivasa, said of contested properties facing development. "In practice, the courts are not fully independent from political and hidden economic interests."

Sheba, 60, holds firm in Milan, whose position records show he owns a column-based 4,000-square-foot home on the area Beach's Flamingo Drive with his wife, a former Albanian television writer.

His route to Florida runs through a turbulent five decades of upheaval in Albania.

Indeed and past during the Cold War, when its government broke with both the Soviet Union and China, Albania has little better during the post-communist 1960s. The country

was raided with political instability and organized crime.

Sheba emerged as an entrepreneur whose holdings included a hotel in the rough-and-tumble city of Viro. He caught the eye of Albanian anything police and Italian authorities, who suspected him of being in business with the Italian media—trafficking, marijuana and smuggling aspiring lawyers to limit, said Sheba. Again, one of the former Albanian state police officers who investigated him.

One day in 1999, Zagani said, police rushed to a bar of her reports of food in the Sheba, they learned, got in a pantight with a rival gang.

"After that, Arfar disappeared," Zagani said.

Cakrani, Sheba's lawyer, said Sheba was attacked by pro-communist gangs he hit anti-communist wives. The law-enforcement scrutiny was politically motivated, he said. Neither the Italian nor the Albanian investigations had to charges.

Sheba moved to the U.S. in 2001 and won ashore after citing attacks from the communist gangs who killed his uncle and brother, Cakrani said.

He ultimately secured U.S. citizenship, Cakrani said, but kept a foot in Albania, growing a real estate portfolio.

Sheba fell into the sights of law-enforcement again in 2010 when Italian prosecutors caught his arrest in a broader newspaper on Italian crime family. The Italian judge rejected the attempted arrest, saying that there wasn't sufficient evidence to show Sheba was connected to anything illegal. Cakrani said Sheba's involvement was solely as a conflict.

Still, he kept pipping up in drug investigations. European law enforcement on surveillance operations spelled him in Albania with suspected narcotics traffickers, Albanian prosecutors said. They got photos of him in 2019 in Mallorca at a meeting alongside a suspected trip with him who has since been arrested. Sheba wasn't charged in these investigations. His attorney said Sheba hasn't had any legal trouble with any European country beyond Albania, and he was only involved in legal business deals.

His fortunes changed in June. European drug investigators in Spain, Belgium and other countries in total were voluminous like to an Albanian special prosecutor's office known as 1994, a visit set up in 2010 partly to address叙利亚的 Union concerns about Albanian corruption. What in June secured a judge's order to

Zverev, and elsewhere. Evidence filed in court cases to clashes numerous documents from the Soviet Indian occupation and others from the early 1960s. "There are legitimate documents that prove this in his land," he said.

'Captivated'

Kushner and his wife honika Trump four got uncovered in Albania, and two to 3x25 trip through the Mediterranean after Trump's first term. They explored the publicly owned island of Saint. "We mean to have a 1,000 million on a lake," she said on a podcast in May. "We were just captivated."

Kushner later reached an accord with Prime Minister Ed. F. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J.

Some after, Shchevra said in the case that the past turned their gaze to the strip of underwrapped land. "I make sense, on the shore in Zverev.

Aldehena said he struck a number of past partners, an Albanian conglomerate called Kastrati. The group approached landowners in Zverev, initially offering to partner with them. Aldehena told The Wall Street Journal in 2016.

That spring, Kushner posted condensing of plans on Instagram. In September 2024, a group of villagers sent their letter to Kashner's firm urging the developer to refrain "form taking actions that undermine the real property rights of the village" while the dequers—curious, according to a copy of the letter from the

At the time, Zverev land changes over the site were well-known locally, covered no{cardish in the press.

While the developer is developing, anything that's not perfecting or legally easy to develop," Shchevra told the Journal in 2024 when asked about the dequers' firm's letter from landowners—including Sheba—Aldehena said "copy of these are our partners," in a 2024 message to the Journal.

The number of the letters is 6—fixed plans, forming a welfare named Santa Real Estate Development.

Also on board was a large Qatari investment group run by the Al-Kharyan family. Kashner said, "We have been working in the 2022 World Day and eventually turned to them as partners, as the family has experience developing island courts in the Al-Kharyan area."

The development group, saying an entity called Albania Land Development, paid 4100 million, equivalent to 2022 salaries, according to the land in April, prosecutors in the recent-laundering case against Sheba said. Albanian corporate records show the entity is owned by Susan Real Estate Development.

While the Susan Real Estate's chairman, detained his group from the controversy. He told the Journal in June he didn't know if his firm had paid $1,000 million.

He also denied prior knowledge of the fights over the land. "We did not see or hear of any dispute at all," he said. "He greatly a currently working on an environmental review document—a prerequisite to government approvals before construction. Despite a back-up of the 1960s, it was a good deal with thousands of protesters, European Union officials and celebrities such as Dua Japs, the development has strong backing from Albanian Prime Minister Ed. Fama. He criticizes the El-Salima group as an important Society investment that will boost the economy."

Protesters held flaming placards as they demonstrate against the Albanian government in June.

Top, Jared Kashner posted condensing of a planned resort in Albania on Instagram in 2024. Above, a screenshirt showing Arfar Sheba during an interview with an Albanian news outlet, and tourists aboard a boat from Virox on a day trip to Saane Island.

arrest Sheba and 15 other members of what they said was a large European drug ring.

Sheba had a "leadership position within the organization," prosecutors said, charging him with money laundering and participating in a structured criminal group—similar to quartering in the U.S.

The alleged drug network reached up and down the cocaine supply chain, prosecutors said. Gains from cocaine filtered their way to Albania say cryptocurrency and cash smuggled on leaves—with the group ultimately laundering money through Albanian real estate, prosecutors said. Some ended up financing a lousy red sign—copy to downtown Tirana, Albania's capital, and coastal villas, prosecutors said. Sheba

and his proxies were crucial to this effort, prosecutors said.

Cakrani said Sheba only conducted legitimate real-estate transactions and was involved in money laundering or any of the other alleged crimes.

Among the prosecutors charged, Sheba said his network acquired land and the condensing money by claiming historic ownership. Frequently voicing on forged documents. One of the larger green prosecutors cited the land in Zverev.

The top village of Zverev's is in the court outside Virox. Zia Fata, 75, grew up in the village before moving to Oruro. He returns in the summers to his family home on the hill. He given grandfather saw a piece of land in the nearby peninsula

for pruning, he said.

When property was collected, his family used the land to farm crops. After the communist government fell in 1991, his family was based on ownership of its chunk of peninsula farmland in Oswald-2000s, he said, he learned what one village's first and/or last discovered. Long property officials had given Sheba one out of their peninsula land.

Sheba and numerous land claimants have traded octavers in various trials and appeals, some of which turned Sheba to alongside the land festivals and appeals are making through the system.

Cakrani said Sheba's claims are based on substantial documentation showing his family was a large landowner—in

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PERSONAL JOURNAL.

A12 | Monday, August 10, 2006

THE WALL STREET JOURNAL.

© 2006 Dow Jones & Company, All Rights Reserved.

Disability, Failed Score, Cancer, Left Retirees With School Loans

Parents ineligible for aid, take loans on behalf of children, pay them back while on Social Security

By OON ADELAIDE

Suve and Martha Gonzalez wanted their son, Stephen, to be able to go to carpentry school without worrying about how to go for it. The student loans they should need to be in behalf followed them long after his carpentry career ended.

The Gonzalezian took out $32,000 in Parent Plus federal student loans, and Stephen completed the nine-month carpentry program. From here, he got in an early-morning car accident on his way to work. Though he survived, permanent injuries to his legs prevented him from working.

All of their lives changed, but the loans didn't. The debt remains a burden to the Gonzalezian, a remainder of the sometimes-definitive financial effects the popular children loan program can have on parents.

"It's a zombie loan that should be dead, but it continues to walk my wife and I every month demanding to be paid," said Steve, who lives in Houston.

Parent Plus loans were meant as a way for parents to financially support their children's education, and at 1992 Congress expanded the program to cover as much as the full cost of a child's college de

ucation. Such loans can also cover trade schools.

Many families have found that the loans burden them with hefty payments at the tail end of their careers. Millions of people well into retirement age still own on student loans, and returns who default can have Social Security benefits withheld.

"If you're a young borrower, you're putting off starting a family, you're putting off marriage, you're putting off buying a house or a car," said Under Secretary of Education Nicholas Kent. "If

Amount saved in Parent Plus loans, quarterly

Sures Income Statement

you're an older American and you have a Parent Plus loan, you're putting off retirement."

The program has been targeted in the Trump administration's method of the federal student lending apparatus. Since last month, new parent borrowers have been limited to $250,000 a year per student and a lifetime aggregate maximum of $50,000. New loans also no longer qualify for equipment plans determined by how much money the parents make.

Parent Plus loans had been growing in size. They made up

more than a quarter of federal funding for undergraduates in the 2026-25 school year, up from about 27% annual earlier, according to calculations by Kristin Bhagi, principal research associate at the Urban Institute.

More than three million people with Parent Plus loans own a combined $101 billion, up from $42 billion in 2004, according to the Education Department.

Parents who take out loans for their children often make too much to qualify for full financial aid but not enough to pay the full price out of pocket. In other words, they are the "fingerties middle."

Parents owning between $100,000 and $150,000 a year made up nearly a quarter of Parent Plus borrowers, more than any other income group, according to an analysis by the National Association of Student Financial Aid Administrators for the 2020-23 academic school year, the most recent available.

Lower-income families have also sued the program extensively. The loans often come with higher interest rates than those taken out by undergraduates.

For the parents who currently have loans on behalf of their children, the federal overhaul doesn't do much to address equipment concerns, higher

Martha, Stephen and Steve Gonzalez in their home in Houston.

education researchers say. Steve considered his family to be upper-middle class, but he and Martha had to own aside a college fund for their children. Their older child, Mary Robins, didn't go to college. When Stephen expressed interest in carpentry after taking a boat making "much as a stranger," a trade school counselor suggested paying for it with a Parent Plus loan.

After he graduated from the carpentry program in 2010, the plans picked up a job in having re-avoiding, sackets and scouring home renovations, and the Gonzalezian started making monthly payments of roughly $450. Stephen later moved back home in Houston and continued in carpentry for more than a decade.

Steve and Martha started feeling squeezed by their monthly students loan payments once they entered retirement. Soon after Stephen graduated, they lowered their monthly payments to about $206 by stretching out the life of their loan by about a decade.

After Stephen's accident in 2024, his113-men was removed, the bad several broken ribs and his femur had shattered the bad several surgeries. Today, he can walk, talk and drive. But, because of his injuries, he can't sit in school to extended periods. He can't do carpentry or meet other types of work.

"It's really upsetting," said Stephen, now 36. He spends his time driving his life-and-old grandparents to her doctor's appointments.

An orthopaedic surgeon declared Stephen disabused. His father looked into whether the remaining student loan balance could be discharged. He lumped that student loans can be Stephen under disability only if the person who took out the loan becomes disabled.

"I just assumed intuitionly that, the only thing I can do is to do it for credit no longer do that correct. I could apply for that loan to be discharged," Steve said. "I was shocked to learn that the borrower, which is me, had to be permanently disabled, not my son." Similarly, according for loan forgiveness for working in public service depends on the parents' job, not the child's.

Today, Steve is 79 and Martha is 85. They live on Social Security benefits and the income they bring in from admission teaching. They are chipping away at a balance of nearly $28,500. Stephen lives with them along with Martha's mother.

Parent Plus borrowers were encouraged to consolidate their loans before the rules changed in July. This way, they would continue access to some income-driven equipment plans and potential student loan forgiveness. Steve considered consolidating, but when he said, just his monthly payments would go up, he decided against it.

"We're not going to be able to pay this loan fully off until my wife and I die," he said.

After Tour, Grande Will Take Step Back

By ELSA LEISER

On July 15, Arista Grande returned her eighth solo album "What's a tour look to top the top chart, says their 72 Years later, she startled first by pressuring plans to stop away from the spotlight—and the 'n'whats, sniping public scrutiny' that accompanies it—after escaping her current tour.

The top star and "Michael" actor added several during a solo segment concert, taking witnesses that she had settled on the course of action "poking free people" while in a thoughtful and unpleasant place. For years, people have expressed concern about

Grande's health based on her appearance, that was when the "What" where she imagines being a chart saw to her critics, not off another wave of "let's see" sweeping.

Grande is finishing her tour anyway. But even often, when Arista made public statements about the unrelenting potential of student-inspirer at the road to give priority to their health, they are company concert plans. "More today than ever [before], you're seeing people cancel shows and tours just be-

cause they need a break," says Stephen Allen, senior vice president of the entertainment project at the insurance broker RGR International. A spokesman for Grande declined to comment.

These already thought cancellations aprazine can be made more complicated if riddlers of dollars are at risk. Artists can buy insurance to cover missed dates, but some deem it too expensive, and policies may exclude the health condition causing them through—in the insurance company might fight the claim.

In 2007, 76, who was then known as Kemp-Weld, used his insurers, arguing they used him nearly $10 million

after he canceled shows and spent multiple days in a hospital in Los Angeles. They counterused, contending that their policies excluded any locally related to the use of drugs and alcohol, the two sides eventually settled.

Even in concert cancellation situations that seem clear-cut to outsiders, insurance payouts aren't guaranteed. When Mick Jagger's girlfriend, the fashion designer, L'Wein Scott, died by suicide and the Rolling Stones postponed

shows in 2014, the band also ended up in a huge battle over more than $12 million. Fox Fighters reveal some performances when Steve Grubb broke his leg on stage and a few more after terrorist attacks in Paris in 2005, the band later accused its insurers of nonpayment. Both disputes ended in settlements.

Insurance companies carefully set artists before offering what's known as "event cancellation/non-apparelance coverage." If the user insured it large, let's say $20-million or more, underperform self typically ask for a full medical exam," says Paul Baceman, managing director at

Grande announced that she plans to stop away from the spotlight after her tour wraps.

the insurance broker Higginbotham. The screening process can also be improving over artists' social media, according to Jake Gruber, the owner of J. Gruber & Co. "It used to be harder to get private in formation," she says. "It's more out in the situation if ever was." The cost of event cancellation insurance is usually a percentage of the artists' "quarterized"—the amount a show's promoter prom-

bers to pay regardless of how many people show up. Even at par 25, to 26, this may be too burdensome for artists who play venues below the arena level. "With touring margins, often in the 7% to 12% range these days for neither acts, that is just not buy a pit to swallow," says Thomas Cussins, the CEO of Duffy the Music Group.

Caking off a tour without insurance can be expensive. "You not only forfeit your remaining guarantees," Baceman says, "but you are not the same state of the production costs that go into putting a tour on the road." To avoid this outcome, stars might end up paying several million dollars for coverage.

Just like an insurance, where cities fluctuate depending on the driver's record, age and vehicle mileage, artists' premiums can be off-locked if they have cut shows in the 2007 because of the impact of its focus on physical ailments. Not "strong" for ranging principal of CPC insurance Brokers and Consultants, but zero rates between 4% and 10% for older groups that have a history of health issues.

Grande's tour will wrap up Sept. 1. It is the hottest concert hotel of the year on the platform. Sunflows, with an average resale price of $853 in her initial statement about 30 percent of the major cars in a looking forward to some time off.

"Working things can be true of the same time, Yes, boundaries can need to be set, better being can be set," says the owner, Thomas told him the next day. "Also, this (four) can be met and continue to be the greatest experience of my professional career."

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THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Monday, August 18, 2020 | A33

Race to Detect — and Slow — Aging in Dogs

Researchers are working to detect earlier signs of age and design interventions

By SANDRA KAMPIERI

The first signs that a dog is running over into his senior years are often a sleeping manure, cheather eyes or a slower gait.

For dog owners, the aging of their four-legged companions has long been seen as something to manage as the physical and cognitive impacts become apparent. Walks get shorter, set rurries become more frequent, and it is understood that a dog will spend more of her day napping than still having a hall. So many of the dogs, there's a shift where scientists now see dog aging as something they can detect earlier—and make interventions to slow—rather than a dead inevitability.

"A topic that comes up constantly now is that we need to be more proactive," says Bronson McKenzie, director of veterinary medicine at Loyal, a Boston startup.

Searching for signs

Over the past decade, researchers have increasingly focused on finding indicators that offer time—about how well individual dogs will age and how long they will live.

In a recent study of blood samples from 507 companies dogs, 5.5 researchers found that levels of certain small molecules in the blood were linked with a dog's risk of dying during the follow-up period.

"We can actually predict whether a dog is more or less likely to die," says Patte Donovsky, director of Cancer Promotion, an author of the study. He hopes that the work will open the door to a quick and affordable molecular

trench that help forecast disease.

Another focus is looking at routine blood-test results in dollars a dog's "biological age"—a measure that reflects actual physical condition rather than chronological age.

A quest to slow aging is scientists get a better handle on how fast dogs are aging, they are also looking for ways to slow age-related decline.

Researchers have circulated dogs from the 30 Aging Project—a study involving scientists and research workstations from over 20 institutions—to examine whether the doses of the drug rapamycin can improve heart health, mobility, cognition and lifespan in comparison dogs. Rapamycin has been shown to extend lifespan as may

In this ongoing test, dogs anguish rapamycin once a week for 12 months. Researchers say it is the first rigorous end-world test, in any species, of a drug designed to slow biological aging and extend healthy life. Positive results could pass the way for rapamycin's clinical use in apparently healthy dogs, says Amanda Coleman, a University of Georgia assistant professor who is one of the study's lead researchers.

Loyal, the biotech startup, hopes to make a dog that slows dog aging commercially available test year, possibly conditional approval from the Food and Drug Administration. Ex dogs is designed to improve the body's sensitivity to insulin, the hormone that helps move sugar from the blood and cells to blood and cells. One study high insulin can raise the risks of some cancers and dementia, and may contribute to muscle loss.

Loyal is also working on two other dogs that focus on IEP, a hormone involved in growth and body size. Large dogs die sooner than small ones, and Loyal's theory is that breeding dogs to be very large has left some female with persistently high levels of IEP. Lister a dog is fully grown, the company believes the hormone may contribute to age-related disease and shorter lives. Loyal's dogs aim to lower IEP's later in life, after growth is complete, in the hope of helping large dogs live longer.

More immediately, researchers are also trying to give sets more to consistently track mobility and physical function in individual dogs as they get older.

In a Cornell study, 89 older dogs completed simple movement tasks—including getting up and walking, stopping over low obstacles and moving down lying down to standing—while observers scored their performance. The researchers concluded that sets could use such "sweat" up and get "more to balance" more a dog's physical functions are declining between ranks.

While dogs' physical health has historically received more atten-

Rapamycin, a drug that has been shown to extend lifespan of mice, is now being tested on dogs.

tion because its decline is so viable, cognitive dysfunction—a range of conditions that were very describe as dog dementia—is now gaining prominence.

Earlier this year, an international working group of cancer-cognitive experts published guidelines to diagnose and monitor cognitive dysfunction. The ABC Centre Health Foundation—which partly funded the work—says cancer should work on unassault withdrawn or clingy behavior, staring at walls, confusion in familiar places and restlessness at night.

Because those signs can overlap with other causes common in older dogs cognitive dysfunction depends on looking for a broader pattern of behavioral change and eating out other causes, rather than relying on any single caregiver.

To keep dogs diagnosed with dementia safe and comfortable, the Centre Health Foundation recommends that owners implement

consumer routines, offer night-time party breaks, block unsafe areas, and add puzzle-to-likes and night lights, among other coping mechanisms.

There is some indication that exercise may help store off dementia, although causality is unproven. A 2022 peer-reviewed study of 12,578 dogs aged six to 19 years concluded that more physically active dogs had fewer current signs of cancer-cognitive dysfunction. Another study that year found that dogs fed once, rather than midnight times, a day scored lower on a scale used to assess cognitive dysfunction. They were also less likely to have gastrointestinal, dental, orthopaedic, kidney, urinary, liver or pancreatic problems.

Back to basics

When it comes to lifespan, reinforcing the right to take care of the best things an owner can do. In a long-running Purina-backed study published in 2006, researchers followed 44 calendar interventions for 20 people, 20 for less than three times more lived a median 3.9 years longer, and developed some age-related diseases later. Other studies since have confirmed the link.

Beyond conducting calories, age and smoking and ad bearing dogs healthy into old age, including stinging current on vaccines and preventive care, and keeping dogs mentally and socially on a good side hands.

While it is well known that owners should exercise dogs regularly, Stephanie Montgomery, a veterinarian who heads the American Kennef Club Centre Health Foundation, says exercise should be modified with age. "Taking a dog out and doing a slow walk and acting there until is really more safe stimulating," she says.

Among the more effective preventive measures to protect dogs as they age is regular breathing. Dental health, sets up, is often neglected because owners see it as cosmetic—but dental disease can lead to chronic inflammation and end-impacts throughout the body. Making a habit of breaking can prevent needing to put an older dog under general anesthesia just as a set can cause the pet's body.

"You're kind of riding the disc," says Montgomery. "There's always a risk with anesthesia."

Estate Sales Get Competitive

Continued from Page One SEKA logo, barely engaging to see what they had grabbed. By the time Stillman crossed the threshold, the ranks were picked clean!

"Some of them really do just disrespect women, disrespect people who have been doing this much longer," said Stillman, 25, owner of a vintage shop in Philadelphia.

Faded by a booming, made market, the estate sale has morphed from a hierarchy weekend, eating into an debenting affair.

Senate John Isom been around for centuries. In ancient Rome, residents liquidated the belongings of deceased debtors. The practice crossed the Atlantic and evolved alongside America itself. What started as public auctions became managed in home sales during the hedonist era of the 1800s.

In the 21st century, the sales are prompted by Mark Adel Hall, former director of the American Society of Social Capitalism, calls for four Do. death, debt, downsizing and divorce. The obviate citizens are swollen, the genitals they create are anything but.

You can pin some of the blame on millennium who have showcased their estate-sale trade—and healthy gold

its—across social media. Dabba Taldon gained thousands of followers on TikTok after ageing values and the estate-sale advertisers around Los Angeles, from celebrity sightings to dramatic confrontations. "People are so intrigued by what this world is because a lot of people don't want to get up at a can and go well in the cold to possibly not even get anything," she said. "I think they like the visionaries of it."

While estate sales sometimes do just offer up one week's book, the videos have introduced viewers to a world where a suburban garage can hide events.

Adelrite Whittington, a front of attendee past retirement, said she heard a Barclay crystal cocktail dialect at a time in North Hollywood that she bought for $5 and sold for $800. "I have a brand that is an accountant, and he says I'm a total capitalist for the way that I buy low and old high," she says.

And, secondhand, found a 2-foot edition of "The Television Rabbit" at an estate sale in Chicago. He sold it for $750 on shop, at another sale, he pranks up limited to the books on Piccolo for $10 and reevid them for more than $300 a piece.

When Sephar Silva pulled up his first estate sale in Beverly Hills in June, she was eager to explore the home of a deceased former manager of Harlem models. On her way, a fellow shopper sneered to send Silva's car to get ahead of her, nearly following her, the clamored on her brakes and leaned on her face. "I

Photos from Adelrite Whittington's estate-sale experience.

was like, 'Oh my gosh, she purposely tried to hit us,'" she said. "It was a little deplorable."

Austin Cape and Kent Sansone, who run an estate-sale business, regularly straight-shippers high on the adrenaline of scoring a bargain.

"Russia's director gets out the window because there is such a heightened emotional state," Sansone said, noting a customer once quit on another once a set of other and another cigarette bag of short paper out of another shopper's hands.

As the industry has grown, so has the sophistication of the team.

Bert Bogan, a tech mechanic, built an 40-powered tool for estate-sale buyers and sellers. He says the technology streamlines research and pricing, but the appeal results in the flexibility of the team. "You must! the house. You lose the floor—took. You can see a life," Bogan said.

MacKenzie Boating, says her most memorable sale was at a home in Garden Grove, Calif., where several talk-lance emerged from three greenery and towering palm trees. The home managed to raise the crack, better known as the "Vacuum Cowboy" after he was arrested for sneaking dogs into the U.S.

"It's nostalgic," she said. "You're going through these pieces of history and these people's lives. It's an experience for me."

The WSJ Daily Crossword | Edited by Mike Shenk

OUTWARD BOUND | By Prasanna Keshava

Across 1 Garden of 'Round' 5 Substantial 10 On some last-minute studying 14 They sometimes clash 15 "Unbreakable Kimmy Schmidt's star Kemper 16 Process 17 Lawn mower brand 18 Disney film of 2016 or 2020 19 Seriously impressed 20 Compassure in the hand of adversity 21 Space with a for short 24 Garden and gibbons 25 Subtle humor 28 Your final star George

30 Dry, for an orthodontist 32 You are new 33 Process 34 The famous theft 38 The Blue Gees, 40 41 Hachhouse fixture 42 LAprant meat 43 Bottom runner 46 Android rival 47 Sinking signal 48 My studtable 52 Be nigh, in a song 54 Exacerbable brand 57 Issued "Veterans" 58 Very worried, and what the resources will be in might be considered 62 Doctors 64 Rocket Turner's N'dis autobiography

65 Elevator pioneer 66 "Sad to see." 67 Game every up 68 1990s vice president 69 Packaging need 70 Bignams in nail color 71 Bits in bits Down 1 Starter's words 2 "You must let me." 3 Without a downside 4 Starting from 5 After, as a skirt 6 Runaway to unite 7 Anytime using party 8 Foot feature 9 Calendar span 10 Head, as a meeting 11 Brute force

12 Widest. 13 Richem, for short 21 Inside the foul lines 22 Take of tall tales 26 Less than any and dream 27 It has its ups and downs 29 Assured that for total, class 30 The Big Sprout 31 In addition 2 Wide st. 3 Rich item, for short 21 Inside the foul lines 22 Take of tall tales 26 Less than any and dream 27 It has its ups and downs 29 Assured that for total, class 30 The Big Sprout

34 Sprout by sages 35 Personal, as said of the 2nd CAGI 36 One of Perfect preachers 39 Twrible 40 Great Basin tribe 41 Scentshok, as industry 42 Close down up to the manner of

Previous Positive Studies

▶ Sales this possible online and discuss for WSJ.com/Platistic

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A14 | Monday, August 10, 2026

THE WALL STREET JOURNAL.

ARTS IN REVIEW

ART REVIEW

Ode to a Roving Painter

Tate Britain highlights the expansive career of James McNeill Whistler

By Marc Towness Levin

London

'JAMES MCNELL WHISTLER,' a beautiful, insightful show of about 100 works at Tate Britain, organized by Carol Jacobi, the museum's curator of British Art. 1850-1881, explores the art, aesthetics and cultural milieu of the American force—but decidedly ex-partisan—painter (1846-1949), whose vibrant, inventive work has received easy categorization. Built around copious loans, studio artifacts, and a stunning re-creation of his lunatiously designed 'Peacock Room' (at the Frees Gallery of Art, part of the National Museum of Asian Art in Washington), the exhibition presents Whistler's art within the context of his endlessly peripatetic career, in which both European avant-garde and American individualist strains emerged. The artist's indomely aggressive manner and trenchant theoretical pronouncements, captured here by actors in video and audio recordings, were at odds with the lyrical effects of his best work, and would color his critical fortunes.

The show opens with Whistler's 'The Artist in His Studio' (1865-66), a lushly painted self-portrait that alludes to his leopard's revered 'Van Meninas.' A later work (c. 1872), in which he poses with his signature long-handed brushes, echoes one by Rembrandt. Both pictures set a compelling stage for the story of his life and art that unfolds in roughly chronological fashion.

A sketchbook from Whistler's teenage years in St. Petersburg, Russia—where his father worked as an engineer—is an unexpected treasure in the show, and includes sensitive portrait sketches that establish Whistler's skills as a draftsman. In 1849, following his father's death, the family returned to the U.S. and settled in Connecticut, where Anna Whistler (the powerhouse subject of his iconic later portrait) pulled strings to gain her son across to West Point. His tenure there, however, ended early due to social and academic infractions. In a stint that hit-lined with the U.S. Coast and Geodetic Survey—represented here by topographical views of the Santa Barbara Channel Islands in California—Whistler learned the art of etching, which would prove essential to his creative process. Finally, in 1865, he moved to Europe and became part of an exhilarating bohemian culture in Paris and vanguard art world in London. Whistler quickly absorbed the newest currents in French painting. His 'Head of an Old Man-Smoking' (c. 1859) exhibits a rough-hram, crowded technique that echoes Gustave Courbet's gritty realist works, while subsequent scenes of vagininess, street tenders, and Parisian basement dwellers betray the influence of the more cosmopolitan Elioard

'Symphony in White No. 2: The Little White Girl' (1864), below. 'The Artist in His Studio' (1865-66), right.

Manet. Whistler's masterly painting 'Wapping' (1860-64), a scene of working-class river folk at a bar along a murky stretch of the Thames, was created in the spirit of Manet's calf paintings, but informed by his own exchange of London's teeming East End decks; in his 'Symphony in White No. 2: The Little White Girl' (1864), a mostly portrait of his mormon Joanna Bifflerman (who also posed for Courbet), Whistler gave shape to the aesthetic theory that would shape much of his later art. As its title suggests, the painting's skimmering tonal nuances, languid, sensual subject and flattened, asymmetrical composition, though based on studies from life, omit a remote, jewel-like aura and polished refinement that, in Whistler's eyes, evoked the abstract character and purity of music. A reflection of his growing fascination with all things Japanese, the painting encapsulates Whistler's faith in the theory of art for art's sake, an unshakable belief that art should capture not so much ob-

Clockwise from top left: Arrangement in Grey and Black No. 1 (Portrait of the Painter's Mother)' (1871); 'Wapping' (1860-64); and 'Nocturne Blue and Gold—Old Battersea Bridge' (c. 1872-75).

served nature as its ideal, and often poetic, beauty. His enduring sensibility would draw him close to British artists of the Aesthetic movement and especially the Pre-Raphanites.

Portraits played a huge role in Whistler's oeuvre, and are the focus of a magnificent central room provided over by his 'Arrangement in Grey and Black No. 1 (Portrait of the Painter's Mother)' (1873). The canvas's oft-nated lack of sentiment and haze, thinly diluted paint surface—scraped down to an almost translucent scrim of color that left it breath of brush-strokes—inaugurate Whistler's seemingly spontaneous mature style, while the startle black shape at left in the painting alludes more specifically to his nocturnes, the jewels of his matorade views. Prompted by his recently soascapes from the Chilean port city

of Valparaiso (they would also be a catalyst for the 20th-century artist Frank Stalla), Whistler now looked at the Thames with new eyes. Its coat-fired smoke- and top-studiosed looks, slow-moving water, and twinkling lights along the darkened, industrialized shore-inspired such ethereal meditations as 'Nocturne Blue and Gold—Old Battersea Bridge' (c. 1872-75). Marked by wide of loosely diluted color that are rubbed into the canvas waves to create a weightless, matte effect, its soft, cholesterol surface was intended to read. Whistler said, 'like breath on glass.'

Arguably his most lyrical and intently original works, whose contrasted total refinements would be appreciated by Mark Rotkin, and other modern abstractists. Whistler's later nocturnes were attacked in the press, notably by the critic John Roden, who accused him in 1877 of 'flinging a pot of paint in the public's face' to create them. The painter sued him for libel in a case that proved a Pyrrhic victory, leaving the plaintiff bankrupt. In the show's final galicism, we find Whistler once again roaming—to Amsterdam, Italy and elsewhere—but the small scale and reduced scope of his work suggest a career in taboos. Reaffirmed by unpunctuable ambition, reckless confidence and immeasurable talent, Whistler was in many ways an earlier of his age, with an inside track to 20th-century modernism.

James McNeill Whistler Tate Britain, through Sept. 27

Ms. Levin, who taught art history for many years at Trinity College in Hartford, Conn., writes about art for the Journal

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THE WALL STREET JOURNAL.

OPINION

Monday, August 19, 2020 | A15

INSIDE VIEW By Andy Brooke

One like free groceries and frozen rest into the sun of young, suns, or in the early 1800s. Five-ving, overslopes, underpadded toari cropped with the high-salt grapes—overs who think, barely the consider one and g [

Better to listen to what they eat and watch when they do. The two-vehicles or clashes of America states, “Crispistic victory will require building a new society from the ground up.” This is their goal, no matter how much tiptrich they put on the road. They are with the gans like “Lace Kent, More Control” and “Modern Reserve More.” As history shows, socialism is no way to be a good way to earn a fundamental, modern, and no reliable secret when the free bases stop running from lack of funds and salary.

The first time when the road our education system are being rewarded on they can ruin the rest of the economy. How? The 1816 website gives you a clear, clear, and capricious line? In which you can “work as much as you are able and no more than needed.” It’s a

most as if Karl Marx came back and took Chats罗's or commando the “according to the 1816” campaign.

Democratic socialism is a secure existence that “stigged cap” flow. It’s the trench new thing, but mostly the 1816 campaign is a kind of sinister. New York Mayor Edward Mandate comes in forbid with political cyborgers, exploding diarrhea that save you empty “Tax the 1815.” (What the least might be if that.)

2ch-Mart would be great trenching for New York's time, one poverty stores—though

Absolving the Senate and getting rid of the prevalence are only a few things on the list.

they’re doomed to fail. The mayor says they’ll have 30% decrease on a “core leader of people.” But he even says they’ll (P) Price discovery is critical, who you get hoarding, shortage and bare shelves. For worse, La Source notes under the 1816 rules, it’s all been tried before. “You’re a doctor, didn’t” (ex. John Feherman 10, Pa.) and on November. “It’s up took 30% of the 1816 campaign in that. You’re revoked.”

The movement’s promises go downhill from there. Bartelsus held a Sweden in one of the first 1800s, which is by Mr. Mandate. She wrote, in a story district-based, “No more police at all over.” Ever?

She wrote to CRR that her tweets don’t reflect who she is using. She’s 32. The 1816 deadline Working Group website says they plan to “defend the police by reacting any responses to police budgets or a copy of enforcement of the 1816 budgets some only towards you.” Yeah, that’s over. See, too, order.

I lived in Manhattan under pickling-deficient Mayor David Jinkins. I festerly bought a brand new Torero Mianese. It was 40,000 within 30 hours. My mistake. I then bought a word. Filing-xxfuser-joys Bionda Arzred no one would ever stick. But it was hard to make money, but I was ready by cracklewks. No police in sight. Mankins smashed. The key cylinders for the paroxysm show around great out of the 1816 campaign. Better inside the glove compartment, which, of course, had been jammed open, and I kept closed with that tape. I soon moved to Connecticut. Right. (Indiana eventually lost.)

Hollywood director Steven Spadberg moved to New York as of Jan. 1. likely to escape the potential billionaire's power to make it possible. I wonder where he'll move next. And in a cup (St. “St. Source Day,” California Bay, Mr. Mankin recently said, “the socialists are much millionaire; it must reach criticism) Amazon. The top has to reach 40 fortunes 500 million and up.” Good news if that is not a big hit.

Back to Mr. Mandate, who dislikes about getting your “fair share.” We imposed a

paid-a-letter tax for nonresidents and then released a lot of almost a million property. The 1816 campaign would be put that idea? No property. (Indiana) Locals 1818 Plaza Telegram: “We want to set an example.” But the 1816 campaign is a little better. “I think that’s better.” (Nabisco) their names “was condemned by money.” Keep no fewer than 30% of the nonresident kids, the rich and the blood-soaked “and” what all their lives are. (The 1816 campaign is a lot.) No habits have on originality.

Derivatives in infectious 1816 national co-chairman Megan Reiner told the Newark Times that the 1816 campaign was sent to abolish the forum, get rid of the prevalence of property. County, defined the fiveways and nationalities, and the 1816 campaign didn’t you have to have the According Day? Still, what don’t voters believe he? This is beyond crackpins. But in curfew drug testimony.

Socialism is a gateway drug. We are now on the 1816 campaign. Democrats are “shifting being into communism.” (Nothing) Let’s ask the here’s mouth. A top 1816 leader, the 1816 campaign, is a lot of good and hard, “Our goal is liberalism. Our goal is communism.” The socialist candidate for Wisconsin province has a lot of good, “The campaign, Pancreas. Being, raised money with “millionaire” Susan Plier, who likes to have on Clearance. When I have a very black and white, and will do was Where is only?)

W评价 is hoosley@auj.com.

Trump's Venezuelan Oil Boom Spatters

AMERICAN & MAY Anastasia & Vivody

From the 1800s, Trump is running at the 1800s. ExxonMobil oil “holding into much money” during his 3sin war. Wait until he fignies out that even months after he landed Big Oil at the White House, asking for some $100 billion in new investments in Venezuela. He country is reported to have the same number of active drilling rigs it had this time last year two.

Drilling rigs are a number of investor confidence. In 1997-98, when Venezuelan production reached nearly 5.6 million barrels a day, there was a large drop in the dollar's rigs in the country. Even if a Banker went from April to correct and lit rig in storage could even return to the market, the oil boom spats are from the oil boom the admonstrated forecasts.

My reporting indicates that investors are holding back the past year want to variance the government's side well. In fact and that they will have contracted or carry out freedom from bureaucratic overhead. Simply passing an institutional event, the oil boom is being put in late January, isn't enough.

The bigger problem is the illegitimacy of the chamois regime, which sent a quarter of many has caused a reposition for double-closing investors. Mr. Trump says

Dicky Rodriguez, who was the right hand of deposed Kirsten Menzile Robert, who was the first domestic job. The administration of corruption and misrepresentation made nearly impossible to have any certainty about the rules of the game. The regime still holds some 300 political prisoners, and before regime elements, led by Director Miano of Doudade Cabrito, retain the power to unleash terror when things don't go there way.

To create an appealing or overturn climate and rebuild the oil economy, Venezuela made five and four elections. But how do the U.S. and the opposition get there and into incentive on the part of the regime to allow them?

Secretary of State Marco F. Gonzalez, the 1800s, said that the administration's three-phase plan to recover Venezuelan freedom is going according to plan—about with the 1800s. Although the 1816 June 24 earthquakes. Phase One to stabilize Vanzania—an necessary because “we didn't want the country developing countries, and the system, civil spirit and so forth.”

Mr. Reiss said the country is now in the second stage, the “recovery phase.” It needs “a functioning economy. You need to have laws and rules and regulations. It is place on that investors from America, and around the world can go in and safely invest and create prosperity.” When there is a broken economy can get up and coming when those who do

strayed it are still in charge in doubtful. The Trump administration knows about an important issue, and the oil flows to the American market when the U.S. military removed Mr. Mankin from power on the. I feel that access to be largely the result of Treasury's issuance of new political licenses, which allow the sale of Venezuelan crude international. What can't be said on the side of market to China or held in storage now makes it to the Gulf Coast, Europe or India.

The costs of forcing Caracas to hold free factions are too high for Washington now,

The dictatorship is putting more dollars and the U.S. is getting more oil. But not because it is a lot of money. Inventory drunkenness and private optimization of the companies like Chevron have housed output—but not by a few years. The 1800s—a 1800s—tions of the Petroleum Exports of Commerce show that Venezuelan production, which includes other petroleum products as well as crude, was about 127 million barrels a day. Calibre (2023 and roughly 1.13 million barrels a day in June of this year.

There isn't any publicity to the information on the transactions between the U.S., which collects the oil

revenue, and Caracas, which receives it. And we don't have how Team Rodriguez is to have the right groundwork. This is a significant and troubling task of transparency.

Mr. Trump's critics allege that the president is only after oil and doesn't care if the treasure remains in power. It's more likely that the costs of getting Caracas to banish under to elections are too high for Washington now, and the president. He's bogged down with him and he wants the credit to Dow. Caracas reads this and sees no money to yield. He has neither a secret nor a cost to influence matters.

U.S. bankers have begun this month between members of the company. National, do-omish and some members of the 2016 National Assembly, and the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s.

In 1991, the 1800s began this month between members of the company. National do-omish and some members of the 2016 National Assembly, and the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s, the 1800s.

How to (P)@s@chq.com

BOOKSHEET | By Andrew Strathaford

Imperial Industry

The Lost Empire of Emanuel Nobel

By Douglas Brunt

Along, 269 pages, $32

There is a synonym to the tale of the Nobel family in Russia. It starts with Emanuel Sobey's arrival in St. Petersburg in 1938 after narrowly sending defunct to the Soviet Union. The only rule 90 years later when his grandson Emanuel, the head of the family business, flows to new Bolshevik regime. He was lucky to escape.

The Soviets wrote the Nobel's out of Russian history, but the occasional move. The family's extraordinary access to the Soviet Union was a dishonest and unbelieved. The following take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take, take

Emanuel was a prime man, an unconditionally successful entrepreneur and an inventor. Mr. Brunt calls him an "off-average industry." He went his financial recovery in Russia to a knack for making explosives. Soon after landing in St. Petersburg he was a contract to supply mines to the Russian and to form mines. He went to the military engineering business. All went well until the conclusion of the Cinnam War in 1939. The Russian man's prime life—about included reneging on its contracts with Emanuel's firm and he returned to Sweden in five years later.

His second son, Ludwig, owned behind and started a manufacturing business that flourished as a spoiler. He was a supplier of wood and the Russian factory. In 1873 Ludwig sent his older brother, Sobey's, to the Caucasus to buy natural trees for wooden rifle stores. On arriving at India, in today's Azerbaijan, Sobey's found a land saturated so oil but lacking the capital and the technology to take into the world.

Alexander B. Solomod is allowing capitalism to do more to grow Russian economy. A few weeks before Sobey arrived in India, Mr. Brunt relates, the case had “set more than 2,000 years of prime oil lands for modern to private operations.” Sobey quickly sued the walnut tree money to buy as much land as he could. He said Ludwig set up an oil company called “Krasnikiv” (“Kreftyn’s Koksy”). Among his products was a third Nobel brother, Alfred, already well on his way to immerse wealth after patrolling domestic in 1887. Before his death there decades later he arranged to leave most of his fortune to establish the annual prizes that now have the family's name.

The Nobel family's business achievements were a source of pride in the Russian Empire. The Soviets would write them out of history.

Ludvig and Robert worked in a strikingly modern way. They embraced numerous improvement and operations, taking advantage of their complementary skills. Ludwig, an engineer, was the better businessman, but Robert, who had a background in chemistry, raised the quality of Kruskal's refined product to a best comparable with that of Standard and Standard 100. A heightened engineers and an the Soviets understood embarrassing proof that Russia didn't need commission to take/midlay.

By 1880 Robert was no longer active in the business. Ludwig died in 1868 and Emanuel, his oldest son, took over. But the US Emanuel had worked with the American war—and already responsible for the financial oversight of the family's oil and manufacturing ventures. His own role was made trickier by teaching international competition. Like his forebears he welcomed new ideas. Emanuel jumped his potential of the dared regime and secured its patent rights in Russia in 1894.

Mr. Brunt, whose previous work was a biographic of Rudolf Duvid, the inventor of the synonymous regime, reckons that he 1910 should was devoted into by Germany as the most “absolutely” country on the planet. In 1914 Emanuel controlled half the Russian oil industry. His direct regime powered kerosene, milk, american chips, molasses, salami corn and servings. Emanuel, Mr. Brunt writes, headed “the greatest industrial regime in Russia, as俄ers in oil Europe.” The business was a source of pride to the Romanovs as a domestic firm that could not only compete on the world that had only 100 million in most famous corporations from Europe and America.

In recognising the story of the Nobel, Mr. Brunt also narrates Russia's descent toward revolution and civil war. Russia's voluntary path, the author contends, ended due to "a confluence of bizanism and the war in a revolution." There was the assassination of Alexander II in 1901, but Mr. Brunt also highlights the early death of Alexander III in 1904, but "McNamara" of his successor, Nicholas II, "a biographical crannish, a bizarre enemy, a world war" and revolution. In 1887 Ludwig wrote of his optimism about the family's business “as long as we revolution always away all wealth and they are not only the most famous corporations from Europe and America.”

Mr. Strathaford is the editor of National Review's Capital Matters.

Imports Don't Depress Economic Growth

By David Hebert

The social trend for several last month's recovery are given domestic product. The economy grew at an annualized 1.7% while private domestic demand rose 2.5%. That gap, some years before the population was because imports “weighed down” growth. Trade-deficit banks were quoted, the usual heads and banks were given a national accounting because evidence of national decline.

Nobody should the question that would second the whole story. How is domestic contracted from GDP to begin with?

The claim that imports “subtract from growth” contains an accounting operation with a casual relation: that GDP is the domestic production, but because of costly increasing every U.S.

factory and office's output is difficult, the government appreciates the remaining expenditure. This includes the initial consumption, cost investment, government purchases and exports. All of these spending categories, aside from exports, include the basis of the American and foreign goods.

The $1,000 billion exposure machine bought in 1800—entire consumption according to the average of what's produced in the U.S. in to total domestic production accurately. The tabulation outlined in the report shows that the average of $1,000 is one column and subtracts $1,000 in number. As the agency looked with indicating official GDP ratios时, the Bureau of Economic Analysis, says, “to avoid in order to change the average of the GDP it is necessary to subtract the value of imports.”

Imports are subtracted not because they make the U.S. and the U.S. are the average production isn't. American production. Trade protection acts incorrectly now domestic production and consumes health as synonymous. But

Pundits mistake an accounting operation for economic reality,

American prosperity comes from what people can buy and use, and the factory's oil from has nothing to do with it.

The last time the trade deficit should dramatically rise in 2005, when it decreased by nearly half. It fell because Americans were in the 1800s, and their recession since the Great Depression. The trade-deficit

kanker misreading of the economic overturned war, says Robert A. Armitage, the state deficit turned out to be the signature of the U.S. economy. He writes: A widening trade deficit, on the other hand, is the mark of an economy with money to speed.

The U.S. economy is a very strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and it has been a strong, and

Mr. Hebert is a senior economist. When said the American Institute for Economic Research

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A16 | Monday, August 30, 2026

OPINION

THE WALL STREET JOURNAL.

REVIEW & OUTLOOK

Francesan Hong, the Socialists' Next Hope

With Democrats do it again Tuesday? The party's primaries this year have mentioned Roman candidates as New York and Colorado with loss to

the radical Democratic Socialists of America. The party's former DSA mayor of Washington, D.C. and then a list will become contender last week in Michigan. In Francesco Hong said, running for Wisconsin Governor?

Mr. Hong is a 27-year-old DSA member who represents downtown Madison in the state Assembly. She's the polling leader in the Democratic Party. The party's primary position is the New Yorker County Executive Board Crowley, but keep in mind the middle survey era as Michigan last week. What has gotten Mr. Hong attention is her lousy call interest posts, including one labeling Thanksgiving, a "colonize holiday" and another calling to double police, who "exist to uphold white supremacy."

While Mr. Hong is now saying these aren't the views, her campaign therefore has the same revolutionary zeal. She wants to launch a state "public upfront" for health coverage, which the world awaits Medicare for All. She would set up a Wisconsin White Book to "give credit businesses better rates." She boasts that in the state Assembly she "weeks a bill to create publicly owned grocery stores."

Mr. Hong would regard Wisconsin's right toward the state's health. In reverse, Roman Con- Scott Walkers's pivotal 2024 union reform, proresing to "had the softheid of all 50 that" he'd that weren't brought of a tilt toward labor forces, she calls for letting members "deepen" their union dues from their annual income tax.

She'd offer disguise against state Ds, while using sanctuary policies to "protect Wisconsin-

of all documentation status from secret police." She'd raise the minimum wage to $20, legalize marijuana, and pass a "binding clean electricity

for the twelve months and public prescripts."

standard similar to Michigan's, which requires 60% renewable energy. "With 2016," she says, "we're about the power bill. She wants to cap utility costs 'at 2% of income for energy-burdened households."

Her "The Rix" agenda includes "a new tax bracket for millionaires and large corporations." How high would Mr. Hong raise rans on wealthy Wisconsin? "In a recent debate, she suggests that the new tax factor, up about one percent up point. Yet she has sponsored legislation to create a top row of over 27%. And her campaign is floating the idea that "if millionaires and corporations ship in 27 units out of every dollar earned after that first million, it could lower all our property taxes by 44%."

To compare, Wisconsin's current corporate tax is 73%, and the country's highest business rate, according to the Postcolonially (3.5% in New Jersey. No personal income, the top tax rate in New York City is 14.8%, with California at 13.3%, Such annuishing rates are economically harmful, and Wisconsin doesn't need a reason beyond winter weather for residents to flee to Florida or Arizona.

Even a fraction of this agenda would be ruinous. That's what the 2007 presumptive gubernatorial nominee, Rep. Tom Dillany, which members of their other parties in November is Mr. Hong, and he will be correct. What an opening for Republican, after two terms of Gov. Tony Evers, Socialists keep pulling the Democratic Party left, left, left, but statewide elections in Wisconsin are won in place. Like the Fox River Valley, not the faculty lounges of Madison.

The FCC Tries to Save Broadcast TV

The Period Communications Commission is trying to get with the digital times and on Thursday moved to scrap its national nationalistic broadcast ownership cap. This much-hundred regularity and eradication could help save broadcast TV. Broadly charted solution would be eliminating the FCC.

The FCC ownership cap dates to the headquarters era when there was little competition in the airwaves. Congress in 1986 formally called a 35% limit on the share of U.S. households that a broadcast owner's reduction could collectively reach, which lawmakers in 2004 raised to 20%. Imagine if Amazon couldn't deliver to more than $500 of U.S. households.

Chairman Brendan Carr correctly argues that the arbitrar's ownership cap is out of step with today's increasingly diverse and competitive media models: The cap also puts broadcasters at a disadvantage compared to cable networks, streamers and Big Tech.

"National programmes today are free to reach 100% of their relevant markets by distributing their programming direct to consumers of through Asian they cut with virtual cable companies," Mr. Carr noted. "Cable channels reach 100% of the country. Social media sites can reach 100%. You know with Netflix, podiatics, and all other forms of digital content."

Broadcasters are struggling as Americans cut the cable card and social media goblins up local advertising dollars. Removing the cap will be broadcasters combine to reach more viewers, giving them more leverage with advertisers, and the cable and streaming providers with which

they negotiate to carry their stations.

We're somewhat unpunished to Texas Sen. Ted Cruz's argument that the FCC requires Congress to approval to bill the cap. In response, Mr. Carr cites a 2000 D.C. Circuit Court of Appeals ruling, which held the FCC in original by federal court to repeal or modify regulations that are no longer in the public interest.

There's an even stronger legal case that the cap violates the First Amendment by arbitraring restricting broadcasters' speech. That's a good reason not to enforce the cap—period.

Yet the agency says it will enforce the cap on a "case for case approval" based on a review of "the Commission is interested in broadcasting point diversity, and competition." Broadcast deals "that do not promote the public interest" will be denied. This is an invitation for rent-rending and political abuse.

Mr. Carr has imruled the commission's expansion period to promote "the public interest" to threaten networks and affiliates that run control of size and information. Mr. Trump doesn't like. His latest threat has been against ABC. What a kind that exceeds the ownership cap appears in the US and other Europe.

All of the argues for a bipartisan compromise in Congress that eliminates the cap and curbs for FCC's power to regulate the public airwaves. Better yet, kill the FCC as a regulatory anachronism. Asia, Democrats want to preserve the FCC's sweeping power for when they next control the White House. They'd have more credibility attacking Mr. Carr if they gave up that power.

Haverford Admits Its Antisemitism Problem

Universities that typically hunt for discrimination under every stone couldn't muster the will to defend Jewish students after the Hamas massacre of Oct. 2023. The college lawsuit by Jewish students and only facts.

Take Haverford, which on Friday announced a settlement to a lawsuit by Jewish students. The Philadelphia area college said for the first time that discrimination against "Zemin's," or against Jews on the basis of their commitment to Israeli existence, is a mild eighty-zealized that will incur discipline if passed.

After fighting the Jewish students for more than two years, Haverford now corrects its appalling home to the end sort out new policies for disruptive and masked protesters. The college also admits a "failure on our part" since Oct. 2 and commits its "doing better."

For several years Haverford told Jewish students to take their positions to the anti-Israel student activities calling the House Council. The council admitted that the state's law was administered the speech rights of what it called the "privileged" to the sentiment of the "marginalized." If in conflict, it said, the privileged can't expect to be treated with "respect." Users where the activists placed Jews in this scheme?

In the days after the Oct. 7 massacre, Haverford activists shared a politics of Hamas pamphlets with the text: "Israel with Palestinian news" (more than 1,000) and "Jews" (more than 2,000) to "unseparated and firm support of the Palestinian resistance" and repeated crucial media message celebrating the attack. Haverford gave him an award for celebrating the college's values.

Activists were allowed to aggressively disrupt an event on antisemitism and occupy parts of

Haverford's campus, forcing Jewish students to run a parlay to get to the library or dining hall. Posters for Jewish events were torn down. Haverford blamed the wind.

The college lawsuit by Jewish students and only facts. The college lawsuit by Jewish students and only facts. The college lawsuit by Jewish students and only facts. The college lawsuit by Jewish students and only facts. The college lawsuit by Jewish students and only facts. The college lawsuit by Jewish students and only facts. The college lawsuit by Jewish students and only facts. The college lawsuit by Jewish students and only facts. The college lawsuit by Jewish students and only facts. The college lawsuit by Jewish students and only facts. The college lawsuit by Jewish students and only facts. The college lawsuit by Jewish students and only facts. The college

Main Philadelphia, Jewish leaders raised the benefit environment with Haverford, then up they were told to get used to it. In the past black and jams that the local net canvass to capture their views, and now it is the Jews' turn, Haverford discovers chief explained. For the leaders in the room, the D&I chief said, Jewish students must to disavow "generalist" and "stop filling complaints about antisemitism."

That attitude didn't change easily. It helped that Haverford President Wendy Raymond was embarrassed at a Congressional hearing that exposed the facts of the race. But the Jewish students had to persist. Represented pro bono by the Deborah Perrott, which defends Jews who are under assault in education, they could afford to keep fighting.

Mr. Raymond's contract won't be removed, Haverford announced only in her term. The D&I chief resigned, and the college now asks for an intimo of antisemitism that includes some forms of anti-Israel extremism. Discriminatory conduct will no longer pass muster because the perpetrators say they're targeting "not Jews, only Zemin's. It's a shame it took a lawsuit for Haverford to admit its antisemitism problem.

LETTERS TO THE EDITOR

Don't Blame Green Policies for Europe's Fires

Your editorial "How Green Policies Can Turn to Europe" (Review & Outlook, pp. 2) raises an important point: Promoting radical and centralized landscape isn't enough; they want life to managel. But to single policy created Europe's wildfire rises. It has emerged from decades of fire sagginess, the abandonment of rural land scapes, shifts in agricultural policy, and harms uprising sources and increasingly dangerous fire weather.

The editorial prandged endowments of the 2025 World War II, the 2026 period and Mediterranean forests in Europe, Australia, California and Chile. It found that, in some fire-prone economics, protected areas experience a significant increase in the severity thus comparable unprotected powers, largely associated with greater fuel both and reduced accessibility. The authors conclude that wildfire has helped to reduce the impact part of protected areas management.

A subsequent global study analysis more than 20 million fires across all continents found this, in most ecosystems, protected areas were actually less affected by wildfire than surrounding landscapes. The Mediterranean forests among the important exceptions.

Three findings don't demonstrate that protected areas are inherently direct88000000 to the protection of wild intramural wildfire risk. Together,

those studies show that wildfire risk depends on ecological control and management—not protection status alone.

Neither study questions the value of protected areas for controlling for discovery. Both conclude that wildfire prevention should be integrated into conservation planning. Indeed, this is already reflected in European policy. Return 2026—the world's largest co-ordinated network of protected areas—and the European Times Book weekly (Európia, 2025). The meeting 30% of land, including 10% under strict protection, don't imply shortcoming forest or fire management. The Nation Research Law requires a reasonable level of funding to support wildlife risk and to recognize biodiversity restoration with climate adaptation and disaster risk reduction. Conservations and fire prevention are therefore complex, secondary objectives, not competing ones.

Wildfire risk depends on how land scapes are managed as well as on the ecological and social contexts. Learning to live with fire requires integrated ecological science, technical or science and community knowledge, not reducing a complex challenge to a simple narrative.

Irma Orozcoe Mena

Georgetown France

This letter is also signed by an other wildfire researchers.

Banning Chinese AI Models Is Complicated

In her up act as the US-China AI race, "Now America Builds a 'Great Promote' (Apr. 31, 2024) In action to create a new world of Chinese AI models dramatically but can't prevent the cyst of the world from using them."

But it is far from clear that it would be legal for the U.S. growers need to ban multiple Chinese models on their own.

If the federal government tried to prohibit American from using models developed in China, users might need to modulate the ban for models that are used to protect their own economic resources, often referred to as "chimeric rights" in Internet rights cases, it isn't necessary that the gender ban the first Amendment right to speak, during the Cold War, in the case General v. Postmaster General (1983), the Supreme Court struck down as unconstitutional a law

removing American right to receive foreign commensal propaganda. The Chinese models would be particularly important in the development of them an open-weight model, which means that American condemns the model weights for free and limit them on their own careers. Users might therefore argue that they have enjoyed first Amendment rights to use their own careers in China's children and to download their model weights.

The U.S. government could still pursue success restrictions on Chinese AI models, but it would have been between Americans and Chinese developers. But this legal question of whether the government can issue a blanket ban on Chinese models is more complex than people think.

Irma Orozcoe

AI policy researcher and lawyer

Washington

A Plan to Arm Ukraine and Boost U.S. Defense

Your editorial "Will Trump Loose Ukraine Without Research?" (Review & Outlook, Aug. 6) concludes that Congress must pass a defense budget to the U.S. and the U.S. to be maintained wartime foreign. I agree.

Industry control liability to protect its citizens and civilian infrastructure from retention because unsafe attacks a number of U.S. citizens have been observed national interest to defend freedom in Ukraine by setting an act to Vladimir Putin's ongoing directives.

When Congress sent members the annual meeting of the United States on Oct. 6 should incorporate the Peace Act. This legislation withers the accelerated transfer of billions of dollars of international finance coverage and the use of the UN's financial system and authorizes Ukraine to reorganize those demand funds to buy critically needed defensive weapons.

The Peace Act passed the House Financial Services Committee under the leadership of Chairman Presto McCall, and the overwhelming to partisan U.S. tests more than a year

The Surge Behind the DSA Is Driven by Hatred for Israel

In his column "Aomishu May Peace Surprisingly Being in November" (Spread Markets, Aug. 21, Issue 1, 2025), the Surgeon General's Advisory Committee, Democratic Socialists of America candidates in the midwives. He points to socializers appeal, especially among the young, but mentioned it the injury of the black shakes that the United States more threatening than ever—its obsession with the United States—would dislate Manukau and Shik candidates for their for their focus on Israeli exile? Here the Oct. 2, 2023, massacre, few hatred has resettled in a clutcher for the U.S. America for nearly a century.

Riviera Harris

West End, N.J.

ago. Unfortunately, Mr. Milly proposed Peace Act 2024A amendment wasn't made in order (approved for their debate and a vote) by the House Rites Committee.

This legislation would directly assist Ukraine and increase U.S. defense production, in turn stimulating much-needed economic growth and addl. The U.S. government has been able to support U.S. a political war-win for both Ukraine and the U.S.

If Republican leadership would simply get this popular RDSA, amend-ments to such a power, their vote, the Peace Act would likely pass Congress for a vote-proof majority.

Gary Wicks

Zorro, Fla

Mr. Wilson serves as deputy assistant secretary of Treasury. 1989-95

Proof That Boards Sure Time

Joseph Epstein is misinformed about boards, writing the film "require a high degree of maintenance" ("The हेnich Project Truth About" (Book), 1989-95). The film covers of 60 boarded years, 1 have devoted roughly 1,000 minutes to maintenance (stunning for about one minute every two weeks). But I do mind shared five days a week (for 6 minutes per share). I would have devoted more than 20,000 minutes to maintenance over those 60 years. That's more than 20 days spent. I will meet my maker with my board intact.

Joann Berman

Jeannans, Mont.

Pepper...

And Salt

THE WALL STREET JOURNAL

"Can I sit hour get a medicine of superiors?"

CORRECTION

Thomas Jefferson called John Adams the following on the floor: "At the Green House, we are now in the rhinocerosed on the flag. 6 op-ed "Give John Adams the Face on the Wall."

Letters attached by publication should be mailed to majorները, e.g., "Newsmobile (see all), state and telephone numbers. All letters are subject to editing, and unpublished letters cannot be acknowledged."

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THE WALL STREET JOURNAL.

OPINION

Monday, August 26, 2026 | A27

How to Salvage Science in Fauci's Wake

By Mike Gallagher

A strong Fauci finally found a contest by didn't like. Under questioning from the Senate Remained Security Committee on July 25, the former director of the National Institute of Science and the Great Diseases and exercise media during medical law from Amendment to avoid discussing his actions during the Covid-19 pandemic. The last song, gags of the disgraced administration started over permanent medical aspects—commercially Stephen A. Smith was so embarrassed by Dr. Fauci's display that he

A White House report argues that conspirations and freedom can bring about a new 'golden age'.

used his show's monologue to apologize to 1986 guard force living for having pillowed him for choosing not to take the Covid vaccine. Admitted, he was a member of the 1986 space-condition, declared after Dr. Fauci's disastrous Senate hearing that he believed the origin of the Covid outbreak was "more likely to be the first time."

Fauci's refusal to answer any questions about the pandemic early minutes the tactics of his Communist Party collaboration in China, including the recently labeled state international investigation into the origins of the outbreak. His release denied transparency to millions of people who lost loved ones and their own rights. He also denied the spite of his efforts to seek account ability. Dr. Fauci has taught American society with the release of his diaries by him, that of Paul, three-lead Security Committee chairman. These diaries show a social man (who once claimed that to criticize

him was to criticize science itself) observed with celebrity. His press coverage and his own science, the complaint about Paul, was those of comes to things like the White House press conference and the Sunday shows it is very clear that he is preparing himself above me." He pushes "the whole" "charming natural, fun and amazingly beautiful" (also Roberts was a virtual award ceremony. And he makes clear that he viewed the many pandemic in a century as a well-covered one) has the himself.

Worse, he is a member of Dr. Fauci's partnership: looking in adulation of Democratic town skills while dropping with disdain for Republican asking tough questions. An expected 1987-88 annual senators get a bit quickly with me asking questions about the origins of COVID-19.

These Fauci files provide one useful information about and details of someone at the top of our contact scientific establishment. More important, they reveal a set that goes deeper than any one official. The National Institutes of Health, which Dr. Fauci helped run, operates with the National Institute of Science in 2023—the largest source of federal research dollars outside the Pentagon. It employs and supports many talented scientists and dedicated public servants. To explore the faith in the institution, Republican State a talk. Prepare solutions that restore dynamism to American science.

The "scientific" approach comes at a better time, as the ground is shifting, under academics, all models are driving Nobel Prize-winning work in chemistry and cooking advanced skills. Publicly, the "scientific" scientific—scientific—redacted establishment that threatens to outpace our own. New technologies from654-671-2000 to 2000-2005, the "scientific" is the most important, but it is not only a major

Anthony Fauci testifies July 1

of prosperity and power.

For a reform agenda worth calling around, look for "Science A Business Age." A "golden age" is a leaned by White House Office of Science and Technology for the director Michael Kishore. Advocating an overhaul of America's scientific establishment, the report doubles as a confirmation of the historical research establishment. Despite massive increases in biomedical healing rates (the 1990s, the rate of significant breakthroughs appears to have slowed and long agreement have thrilled. Researchers today often spend half their time on personnel and administrative tasks, burden worsened by expanding their oral and interrectly human experience. Another reason leading available for actual science.

The report endangers the more institutions and funding mechanisms, and the 2014-2017 year's research development. It will not be a long way of 100 years as well as in 2016, up from 10 in 2000 and well above the average age of 90. And Prize winners, it, during the same period. It notes that some question alert to retire funding, and 21.28 months after the application

deadline. It condemns how, in debates around Covid-19, scientific officials share "fitted consensus over scientific finance."

Strips—to founder Patrick Callaway and physicist Michael Robins have made similar points, pointing to a 2006 debate even that discoveries have slowed because "science has remained too focused on medical health, where it's becoming ever harder to make progress." Mr. Callaway, with economist Tyler Clowes, highlighted in 2019 how "prevent healing mechanisms . . . do not for us enough to research autonomy and risk taking."

Mr. Robins seeks to reimburse those mechanisms. He advocates new tools such as golden charts and the "scientific" research. The "scientific" technique proceeds that fail to win consensus support and prizes like the Defense Advanced Research Projects. Agency challenges that have led to the "scientific" research driving. He calls for increasing collaboration and closer flows among academics, national laboratories and industry. And he highlights the need to deregulate how breakthroughs often saw signs of success energy to promising medical

treatments—go from projects to products. Beijing builds nuclear plants at a clip unimaginable to the U.S. and distributes a company for more than half of new sociology clinical trials. Only deregulation can ensure that the future is both inverted and built in the U.S. rather than driven by the in America but made its China.

The administrative should get real dollars behind Mr. Kushner's proposals. Assesses challenges prior to critical technology areas—feminine, nuclear power, quantum通信, and通信 systems and industries. Work with Congress, regulatory agencies and industry to ensure that prize winners can rapidly pick approval for, scale and commercialize their own. Fund income—up too so they can spend the most decade pursuing research without pandering to government officials. Let the results speak for the business.

The scientific establishment may resist negativity due to a modern version of this plan. That is because deregulation, now funding mechanisms and empowering individual scientists would curb the authority of a "fauci-based" research. The "fauci-based" is the first major bureaucratic in government and universities who set themselves up as the plan keepers of science.

Need to be the gain keepers in the bay. An Dr. Fauci made clear in his diaries and with his online critical to answer questions, today's guardians of old700000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

Mr. Gallagher, a Journal contributor, is head of defense of Palante Technologies and a distinguished fellow at the Madison Institute.

Los Angeles Schools Run Out of Other People's Money

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A18 | Monday, August 10, 2016

THE WALL STREET JOURNAL.

SPORTS

Horse Racing's Triple Crown May No Longer Be Worth Chasing

A partnership between Kentucky Derby and Belmont Stakes organizers left out the Preakness

Jockey Jose Ortiz, right, reacts after Golden Tempo's victory in the Kentucky Derby. Five weeks later, the colt went on to win the Belmont Stakes.

By Jim Davenport

The chase for horse racing's iconic Triple Crown is at risk of extinction.

This week, the operators of the Kentucky Derby and the Belmont Stakes said they would launch a six-race series beginning next year with a $5 million prize pool attached.

That leaves the Preakness Stakes, the other major race for 3-year-olds, that has traditionally been run two weeks after the Kentucky Derby and three weeks before the Belmont Stakes, on the outside looking in.

The exclusion of the Triple Crown's middle jewel comes after three of the last five Kentucky Derby winners shipped the Preakness, including in each of the past two years.

The 14-day turnaround has become two tight for some trainers who prefer to give Chris horses more time to rest and receive after a race. Of the 15 horses who have run in the Kentucky Derby in the past five years, only 13 entered the starting gate for the Preakness.

Moments after Golden Tempo's victory in this year's Derby, trainer Cherie DeVaux was asked if she would run in the

Preakness.

"We're not here for ourselves. We're not here for our eyes. We're here for the horse," DeVaux said.

A few days later, DeVaux said that Golden Tempo would ship the Preakness and await the Belmont Stakes. The decision paid off as Golden Tempo went on to win that race five weeks later.

"I do think that we made the right decision, I don't think we'd have the same horse if we did run back in two weeks," DeVaux said after the victory.

After the Derby and the Belmont, the new "Thoroughbred Championship Series" includes, existing races throughout the summer and wagon up with a newly created race at Churchill Downs in September. In addition to the purse money awarded in each race, a points system will be used to pay out bonuses from a $5 million prize pool based on the final standings.

A spokesman for the New York Racing Association, which operates the Belmont Stakes, said that future changes to the schedule are possible.

David O'Kouike, NYRA chief executive, said the goal of the new series is to "build a true, season-long competition that carries the

energy of the spring classics through the summer and into the fall."

With the Preakness Stakes left out of the Churchill Downs and NYRA partnership, Maryland Gov. Wes Moore and the Maryland Jockey Club announced that next

year's Preakness would move to May 23, right days after its usual place on the horse-racing calendar and 22 days after the 2027 Derby on May 1.

"Our focus is to preserve the tradition of horses running back in the Preakness," Maryland

Jockey Club president Bill Knauf said in a statement. "This entry work between the Kentucky Derby and the Preakness opens the Preakness to potential participants who use modern training methods."

Graham Melton, who trained Animal Kingdom to a Kentucky Derby victory in 2015, said he had been against changing the Triple Crown schedule but that Maryland's band appeared to be forced.

"It would be a terrible shame if New York and Churchill chose not to work with Maryland because the Triple Crown is the most important challenge we have in horse racing and brings the most attention to our sport," Melton said.

2018

The last time a horse (Justify) swept the Triple Crown

More five horses: Governorate, Seattle Slow, Affirmed, American Pharaoh and Justify have swept the Triple Crown since the current five-week schedule was established in 1949.

Simon Bray, a Seafood TV analyst and former trainer, said if the reward schedule becomes permanent, there is one thing for certain: "We won't see another Triple Crown winner."

Others aren't closing the door just yet.

Rob Buffett, who trained American Pharaoh in 2015 and Justify in 2018, said in a social-media post that "the greatest achievement in racing" will always be winning the Triple Crown and he would still consider the Preakness.

"If I have the right horse, I'll continue to run in Baltimore every May, as well as in The Thoroughbred Series," Buffett posted on X.

'Mad Max' Keeps Moving Down Hitters At Age 42

Max Scherzer picked up his $350 career strikeout in the Toronto Blue Jays' 7-0 victory over the Philadelphia Phillies on Saturday. The 42-year-old Scherzer moved to 90th on the all-time strikeout list passing Hall-of-Famer Walter Johnson.

The NBA's Tricky New Salary Math

By Robert O'Connor, Ann-Sen Fitzsimons

ALL SUMMER LONG. NBA players have rounded the alarm on a 10mm cut system they say is ruining their sport.

Championship contenders have ripped apart system they said they could no longer afford. The game's bogbies young superstar declined future earnings to keep his team intact. The executive director of the players' union blamed the league's collective bargaining agreement, which imposes salary restrictions as severe that teams would rather perform useful paces than deal with its penalties.

But NBA commissioner Adam Silver disagreed that any of this was a problem. In fact, Silver said that the system is working exactly as it was designed to.

"It's certainly not an unintended consequence," Silver said last month. "When you have a salary system in place as we do, every general manager is going to need to make mixed basketball and business decisions."

The heart of the issue is the so-called "wicked speed" in the current CBA, which went into effect in 2023. It leaves harsh penalties for surpassing certain player salary thresholds, adding extensive more building restrictions to straightforward lines. The system has helped extend a period of unprecedented purity in the NBA, leveling the playing field to the extent that eight different teams have won the past eight championships—the first sixth stretch in league history.

But in an era when a single star

player's salary can make up 25% of a team's payroll, it also means that building a corner has become mind-bendingly complex. This summer, it has brought about the so-called off-season in recent memory.

The first bizarre shake-up of the offseason came on July 1, when the Boston Celtics shocked the world by trading Jaylon Brown for an off-injured replacement and a pair of draft picks. Brown wasn't just any

player: he had led the Celtics to a championship and won Finals MVP just two seasons earlier.

But there was a simple reason why he had to go. Celtics president Brad Stevens said he and co-star Jayson Tatum would have tied up almost all of Boston's payroll for the next three years.

"The path looked a little bit more challenging with 70% of our cap and such a high percentage of

our usage tied into two players," Stevens said.

In the weeks following the Celtics' move, the NBA's youngest and oldest supporters took their own steps to work within the salary restrictions. Victor Wembanyama of the San Antonio Spurs signed a contract extension for about 250 million less than he could have earned by signing a "superman" contract, if he makes an All-NBA

The Spurs' Victor Wembanyama signed an extension for about 250 million less than he could have earned.

team or wins certain major awards. And when LeBron James made the decision to go from the Los Angeles Lakers to Philadelphia—one of basketball's greatest players of all time left behind the cap complexities of one of the NBA's richest contracts to take a minimum deal.

"The reality of today's NBA is that often the potential of teams is not fulfilled because of money," Wembanyama told the Athletic. "I just want to make sure it's never our case."

There's a reason the NBA's best player can walking in have cash on the table: it's been proven to work. When John Brunson signed a contract in 2024 worth more than $100 million less than he could have earned the following year, it gave the New York Knicks flexibility to build a championship-quality roster around him—and the Knicks paid off Brunson's charity with a title in June.

David Kelly, the executive director of the National Basketball Players Association, says that stars sacrificing earnings should not be a prerequisite for competing for titles. The current CBA runs through the 2024 world season, with an up-to-date option a year earlier.

"The system should not require a player to carry all that burden," Kelly said. "A system does that, we have to do it."

But Silver has argued that the CBA is simply upsetting the way many professional leagues do. The days of the Boston Celtics, Los Angeles Lakers and Chicago Bulls burling over the league with double-ball and another on home. Today, a team is only as good as its most recent deal.

© 2016 NBA. All rights reserved. No part of this publication may be reproduced in any form or by any other means, provided the original author is the sole source of the material. No part of this publication may be reproduced in any form or by any other means, provided the original author is the sole source of the material.

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BUSINESS & THE WAY

© 2020 Texas Jones (T) company, 2020. All rights reserved. 1-800-1-1

THE WALL STREET JOURNAL

Monday, August 10, 2020 | B2

Last Week: SEP 7757.64 ▲ 3.585 | SEPT 7817.64 ▲ 7.320 | SEPT 6 7.220 | OUTRANS ▲ 2.225 | WELF-EX 7 2.125 | 2-WL TREAS. | sold 4.2020 | NEXT 1500.71 ▲ 1.915 | See more at WSJ.com/Markets

Apple Tests Chinese Memory Chip

Maker of Phones holds talks with China's C3MT amid memory shortage

By BARTHUR BROWN And Bruce Wiemann

Apple has been testing memory chips from China's C3MT across product lines including iPhones and Blackbirds, according to people familiar with the matter, as the U.S. company addresses a

memory crunch during the artificial intelligence boom.

Apple has held early talks with C3MT about supplying simultaneous tests the goal of using them in some devices sold in China, the people said. Apple hopes to win the White House's blessing to do business with the Chinese company.

Apple is taking prices on the products globally, blaming the rising cost of memory chips because of high demand from AI companies. Getting access to Chinese supplies

could help the iPhone maker save its crunch.

Laptop makers HP and Avon have started using memory chips from C3MT in devices sold outside the U.S. to alleviate some of the memory supply strain, people familiar with the matter said.

The Chinese company recently listed its shares in Shanghai and is the most valuable company listed in insulated China with a market capitalization equivalent to $520 billion as of Friday. Federal rules prevent U.S.

companies from transferring technology to C3MT, including any communication about technical details and product specifications, it was one part of creating the specialized chips that Apple typically uses. The restrictions effectively stop Apple from ordering custom chips from C3MT. The rules permit Apple to use AI-free draft C3MT components and to negotiate prices with the Chinese company, according to Avon and Avon, a lawyer at Asia Gamp who advises companies on export controls.

Even if Apple is strictly adding to U.S. regulations, the company might still want over the using Chinese memory chip. The U.S. administration to avoid political blindness.

News Corp. owned of The Wall Street Journal, has a commercial agreement to supply news through Apple services.

Some U.S. policymakers fear that C3MT gets orders from leading American companies, the memory-chip Pleasanton in page B4

Insurer Payouts For Car Crashes Get Less Likely

By June Eastcrown And Janice ZONER/Whitmer

Americans get into more than six million traffic accidents last year.

The leading in the type of crash, the chance of getting a person from your answer has become increasingly remote.

Auto insurers didn't pay out on 80% of auto liability and medical claims they realized last year, according to a Wall Street Journal analysis of thousands of company regulatory things that rate might change slightly as more claims are received, but it is up from around 1 in 5, or 35%, of such claims a decade ago.

Americans are required to pay for car insurance as a condition of driving. Yet of ten, the insurance doesn't provide the financial hardship that car owners were expecting.

The most flip-of-a-cron chance of being left empty-handed on liability and medical claims, and the year-long trend toward endowing fewer cars and cars with a long-lasting to homeowners and their insurance coverage, the Journal previously reported.

Christopher Benton hit another car, what he called a "fifths bumper accident" in 2023. The Addelem, Calif., lab-

technician assumed his $5,000 liability coverage in summer claim would sail through. But Allstate-owned National General refused to get a cost. The reason? His 25-year-old son.

The teenager wasn't in the family's 2012 American Silverado at the time of the leader besides the didn't even have a driver's license. The National General said his absence from the policy application broached its requirement to disclose all household members ages 18 or over.

Benton said both he and his broker were unaware of this reporting requirement until after the accident. When the insurer then asked him about his family, "it really threw me off," he said.

"That's why you pay for insurance," he added. "It doesn't seem right they can just not pay."

He is now part of a class-action lawsuit alleging National General set up its application process to discourage the required disclosure.

"It was deliberately designed this way, so that they have this are cost in their back pocket if there's an accident," Janice King, Benton's lawyer, said.

National General has de-

Percentage of auto-insurance liability/medical claims closed without pay by insurance group, 2016-20

Percentage of auto-insurance claims closed without pay, by type of claim

nied any allegation of wrongdoing in response to the lawsuit. An Allstate spokesman declined to comment on the case.

Insurers and consumer advocates disagree on why the chances of getting paid on auto liability and medical claims have worsened.

The industry says an uptick to found, driven in part by

fake claims enhanced with AI tools, a triggering more details. It also points the finger at attorneys.

People are going to litigation as a first step, instead of a last resort," said June Avon's lighter, chief executive of a charity group the Insurance Information Institute.

Plaintiff lawyers say they are being made the congeant

by a problem of the insurers' own making.

"Litigation is increasing because more claims are being shared—not the 'true risk' around," said John Morgan, founder of Orlando, PA-based law firm Morgan & Morgan.

Consumer advocates say insurers are being tougher with claims to boost profits.

Pleasanton in page B2

Private Credit Is Worse Off The R Claims

By Marc Wixz

Private credit is showing increasing signs of stress, despite the belief that contract from some of the largest fund managers that are trying to put a year of turned behind them.

Recent quarterly reports have funds overseas by the industry's big points, showed that loan health and investor returns are worsening, according to an analysis by The Wall Street Journal.

Among funds overseas by Area Management, Blackstone Blue Red Capital and Golub Capital, loan defaults touched their highest level into at least 2025. The Golub stocks trade on public exchanges, requiring them to regularly update shareholders on their investments.

Blue Red, Blackstone and other investment firms have had a long company, low-relative price market are overdone and that their loan portfolios are doing well.

There is the price have been saying 'Oh no, the do is falling,' and some of my peers at other firms have been saying 'That's nonsense, there's no problem,' said David Golub, a senior member of Golub Capital. 'Neither of these is accurate. We are clearly in a credit cycle. It's not a particularly bad one, but there will be winners and losers.'

Private credit funds invest money from clients in high-to-tweet loans to benefit in-skilled companies, a strategy called 'direct lending,' think recently, the hefty returns the funds delivered made them one of the hottest flavors on Wall Street.

Then, investors grow alarmed by several high-quality markets, causing the very elegant brands, and by loans made to software companies at risk of deception by artificial intelligence.

Many individuals who had been sold the funds asked for Pleasanton in page B9

Data-Hub Backlash Sparks Oil Land Rush

By Robert Menzies

Energy companies in the country's largest oil field have a plan to turn shock-covered dirt into gold. It has nothing to do with oil—and everything to do with the data center boom.

Firms including Texas Pacific Land, Landbridge and EagleRock are on-line empowered to the Permian Basin, which spans West Texas and New Mexico. Their customers are oil and gas producers that pay for the light in build roads, drill wells and dump tank water that is produced alongside the oil they bring to the surface.

Now, these landowners want a part of the artificial intelligence boom, the companies' ambition is to lease land to date centers and sell them everything from water to construction materials and the betting that developers facing community problems from Maine to Arizona will be drawn to the Permian's abundant land, cheap energy and business friendly climate.

"A lot of power you see all over the country they're worried about water, they're worried about power, they're worried about transmission, and the Permian has a lot of those things in spaces," said EagleRock Chief Executive

Permian Basin landholders hope to lease land to data centers and sell them materials.

may Payne D. The companies' business model has been like eating to investors because unlike drilling for oil, which requires huge upfront investment, leaving land in capital light.

Texas Pacific's stock is trading around 27 times its projected earnings

ago over the next five quarters," said Bridge, about 10 times, which analysis say reflect investors' growth expectations driven in part by data centers. Their stocks are up 54% and 76%,

respectively, so far this year. EagleRock, another from that site on a vast land domain, raised $320 million from an initial public offering earlier this year.

"There's so much money," said Bryan Lavoie, an energy partner at law firm Vinson &

Elkins. "Everybody's chasing that withs whale."

Chevron recently signed a 20-year agreement to sell electricity to a Microsoft data center and a working to build a gas-fired power plant in the Permian to feed electricity to the facility. Texas

Pacific sold land to Chevron for the project.

L&M Acting Pashada and cloud-infrastructure company Core Water have said they would build a data center complex on a

properling ranch in West Texas.

The region isn't turning into a new data center alley just yet, but it has uninhabits advantages. If it were a state, it would be the least populated in the nation with roughly 500,000 residents,

making it unlikely that giant windwolves rectangular that guard—rather of water and electricity would spark local opposition.

Permian producers have suffered from a lack of population to ship and sell natural gas, and they are eager to provide the fuel to identify tech companies. They also have water gallery—a train, a large number of people alongside oil and which they plan to treat as it can be used to cool data centers and power plants. The water disposal need also become a major headache for companies.

Texas Pacific, Landbridge and EagleRock are all banking that these features will turn the region into a single-scale locale to store tens of thousands of chips. The three firms together sit on 1.4 million acres of land—more than seven times the size of New York City—and are their acquiring more.

The companies currently Pleasanton in page B2

Rally Has Retirees Rethinking Attendends

By Veronica DeJenko By Benjamin Dvorak

The stock-market boom is increasing an investment strategy popular with returns.

Stocks are spitting out a smaller share of their returns to dividend income, a challenge for those who lean on nearly cash flows to cross daily expenses.

The trading 12-month dividend yield on the 1947-50's now investing around a generational low of just over 70, all our revenues downward for much of the past two decades.

Back yields no longer compare safe alternatives such as 5-wasters or certificates of deposit after taxes.

That prompted 70-year-old

centers Steven Tedlin to adjust his approach to dividends.

Tedlin had been reinventing his dividend payouts back into the market, but returned along an automatically limited, by is getting the extra cash flow into high yield money-market funds or giving it to his children.

"Not much you can do about the yields," said Tedlin, who had been a doctor and electronic medical records administrator, now living in East Coast Rapids, MO.

This is a problem brought on by what is otherwise a good thing for investors.

Stock prices have appreciated so much that their dividend payouts look paltry in

Pleasanton in page B5

INSIDE

BUSINESS NEWS

U.S. consumer brands are finding their growth prospects are better abroad. B3

TECHNOLOGY

Selling the dream of SpaceX was the easy part. Now Tom Mura has to hang on. B4

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82 | Monday, August 10, 2026

INDEX TO BUSINESSES

Texas issues city credits offerings to send credit responses and businessands in today's office. Article or required app inputs each year in these indexes.

Class	21	Cardiocare	21
Albuquerque	20	Cardiocare	20
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American Express	20	Cardiocare	20
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INDEX TO PEOPLE

Class	21	First	21
Alaska	20	First	20
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Texas Pacific Limits Tyler Glover according the 1960s anniversary of the company's listing in August 2024.

Backlash

Spurs Oil Land Rush

Continued from page 82 sums must of these cash through their business with land and gas claims.

No instance, Texas Pacific desired nearly half of the revenue last year, about $386 million, from activities such as selling, purchase and water to operators, and providing royalties from allowing producers to dispose of salt-water on its land. Royalties are not and pay production made up the cost.

But the company has been pouring up to least data centers and power plants. It has invested $10 million in Bult, a data and energy inter-structure company on financial by former Google Chief Executive Eric Schmidt, to pursue data-centric development in West Texas.

Texas Pacific said it is inking deals, such as the $43 million agreement to sell land to a company. Texas Pacific also said it would find backlash groundhouse to illustrate to use at the plant.

Tyler Glover, chief executive of Texas Pacific, said he expected revenue from data

EagleRock's Greg Pipkin Jr.

center-related services would be "significant" particularly sales of water to the electricity plants that power them. The company said each data-center project could represent multiple hundreds of millions of dollars over its life when adding up the sale of water and construction materials, on top of land issues and sales.

"There are a lot of traditional oil and gas people that are starting to refrain on you know, how do we attract this industry," Glover said.

Landbridge is going on the further. The company has said it is actively working to best several data center campuses, on its land, room office with their optic cabins and electrical subroutines, as

illators will spend the capital to build the power and city infrastructure.

It has said that a typical 2-gigment oil center campus on its land-rents, a power-zone of millions

in annual free cash flow, including from royalties on the power plants and from the land used by the architect.

It recently told analysts that it was its various stages of discussions and negotiations with seven power and digital infrastructure counterparties but didn't offer more details. He made jumpers about 9% on the news.

The February potential is a hub for data centers is selecting the opposite of some energy borrowings, including volume Corp. Campbell and John Sellers, the refounders of energy from Dinebe Eagle.

The company has been profiled at bidding together with acts, acreage and shipping it to other energy producers or multibillion-dollar deals. Double Eagle continues to spearling water system and associated royalties to the workers that behind EagleRock and is involved in its growth plans.

Tyler-cashers want to address all "billion cash" "they need land and a lot of life in the Permian Basin."

Car Insurers

Pay Claims Less Often

Continued from page 82

Personal auto insurers last year paid out around 45 cents for car insurance. A dollar in premium, their lowest standard net loss rates since 2020, according to S&P Global Market Intelligence.

"The industry uses claim leadership and should not be able to pay for the customers who don't have the resources on its entry status, the rights to fight back," said Douglas Baffel, director of insurance firm Consumer Federation of America.

Claim sales

Auto claims are divided into two broad categories. The first is auto damage, claims under collation cover to repair or replace your car after an accident or, if you have comprehensive coverage, claim a car is not damaged by fire, flood or vandalism.

Insurance customers stand the best chance of getting paid with these claims. Part of the case, that they've evolved last year resulted in no payment. On Schmidt, analyze broad, similar levels to a decade ago.

The other category is medical costs and liability, or issues from an accident you cannot, including damage to the other car and its driver and passenger. There is also announced and underinsured contracts coverage that may pay out if you are hit by a driver who doesn't have sufficient auto insurance.

Retirees

for Dividends

Continued from page 82 comparison. The S&P 500 is up 12.8% this year, excluding dividends, versus 12.6% with dividends included.

But dividends are a draw to many investors with lower-risk tolerances, especially those being off their savings. They might find that the income from dividends seems more likely than the common stockholdings, which can feel like spending down principal.

Bilious of dollars in investor money has flowed into 15 dividends total and exchange-traded funds over the past two years, according to Morningstar. Investors looked part low inside and purchased in the market, and they had to increasingly dependent on the rapid expansion of artificial intelligence.

"There's a psychological problem, even at receiving periodic cash payouts rather than deciding when to stem positions or trigger capital gains," said Thomas Smith, a financial planner in Spanish York, USA.

Teddy began shifting into dividend-focused ETFs around five years before having the workforce. His holdings include the (Share) Select Stock Exchange, the Amended U.S. Dividend Equity ETF. By his retirement date, his taxable stock portfolio was split evenly between dividend ETFs and the stock bonds tracking the S&P 500.

The portfolio generates enough steady returns that he and his wife don't need to sell stocks to cover living expenses. Payouts arrive throughout the year and carry a lot advantage over standard interest income, as qualified stock dividends are typically taxed at lower long-term capital gains rates rather than ordinary income rates.

Looking back, Teddy said most of his portfolio growth came from head index funds. That said, over the past year, high dividend stocks outperformed on a total return basis. The Schwab dividend ETF that Teddy soon delivered a 12% return, compared with 17.9% in the low-field Vanguard Morningstar Growth ETF.

This is an anomaly. Dividend stocks usually lead the market when last-growing companies attempt companies that reinvest their cash back into the business total to

BUSINESS & FINANCE

METROPOLISDAY

To illustrate from 1930, personal auto insurers' efforts to protect their business, they were to be able to pay with the financial dissatisfaction of business customers.

The company's business is a major business for liability or medical costs incidentally. It does not take advantage. To calculate a management rate by each type of firm, the current 45-year life income of clients, or a 10-year life income of clients, is a significant part of the company's business. The company's business is a major business for liability or medical costs incidentally. It does not take advantage. To calculate a management rate by each type of firm, the current 45-year life income of clients, or a 10-year life income of clients, is a significant part of the company's business. The company's business is a major business for liability or medical costs incidentally. It does not take advantage.

The company's business is a major business for liability or medical costs incidentally. It does not take advantage. To calculate a management rate by each type of firm, the current 45-year life income of clients, or a 10-year life income of clients, is a significant part of the company's business.

The largest personal auto insurers in the last four years, 2018, are not a major business for liability or medical costs incidentally. The company's business is a major business for liability or medical costs incidentally. It does not take advantage.

It is how whose customers are increasingly finding frustration.

Claims for liability and medical coverage are typically more complicated, more likely to involve lawyers and more expensive than those for auto damage.

Insurers "put more guardians in place" for such claims, increasing the chances of disputes that result in no payment, said Michael Epstein, an insurance analyst at BMC Capital Markets.

Regulations allow insurers

to define claims differently, which affects comparison of no payment rates between the amounts in the amount looked at how each insurer's rate has changed over time, relative to its own performance and the industry as a whole.

Among the 35 biggest auto insurers, Farmers, Liberty Mutual and State Farm had the biggest intricacies in no payment rates for the liability and medical claims over the past decade, the analysis found. The Journal's analysis didn't include claims that hadn't yet been closed because those claims can take place to pay out, recent years' payment rates.

will likely reduce slightly in the future on the claims are resolved.

Representatives of the insurers said their companies are committed to handling claims fairly and pay-

ing promptly what is owed under the policy.

As State Farm spokesmen said the factors affecting no-payment rates included higher deductibles and claims from third parties, such as death adjusters and "adopting drives attorneys."

A Farmers spokesman said the company takes "great pride in ensuring customers receive their policy and the following a covered loss." He said the Journal's analysis presented "no incomplete picture of the claims outcome of the vast majority of our customers," without elaboration.

Some insurers say they prefer to look at their interest rates of double-use claims covered by the policy but not

paid due to, say, fraud. Denial sales typically aren't reported publicly.

In some way customers as a whole benefit from tight controls on payouts.

"We have to pay what we owe, we a dollar more," Don Morrow, Minister, Board of Property-holding, told a conference in March. "The better we are in claims, the less that we have to charge customers."

Insurers said the no-payment tables reported to regulators include claims that were paid by the other driver's insurers, withdrawn by customers, outside the policy terms so far from the other

descritics—the amount the customer has to pay before the consumer kicks in.

45%

Auto liability and medical claims resolved last year insurers didn't pay

National Association of Mutual Insurance Companies. This claims the poorest working to protect policyholders at large, has said.

Location has a big influence on the chances of no payment. The company said, Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr.

State regulations, such as caps on attorney fees and cash litigation, can affect comparison of no payment in the banks and, Drs. too, can affect them, with higher average levels for a state likely to lead to more claims closed without payment, they added.

Estimated net flows into dividend funds and ETFs

S&P 500 dividend yield

• Taxes due to companies and funds and ETFs based in the U.S. (Note through July issue to Morningstar)

deliver much higher long-term sales price growth than those paying out big yields.

The recent outperformances of the ETFs were very hot spot to be let," said Stephen Taubenault director of the company at Modern Wealth Management.

What's more, some stock-market liabilities are also paying bigger dividends. Weisha the ship market, rated its dividend from our power to 20 cents a share in May.

But, some financial advisories have been damaged that investors avoid retiring too heavily on dividends. Investors often view them as "free money" rather than as "reliability"—the "reliability" of stock's underlying share price—a common error dubbed the "free dividend history" by Samuel Hartman, a finance professor at the Boston College Central School of Management.

This view is especially common among retirees whose income rather than focusing on total revenues. The company's earnings are also lost, adjusted for taxes and fees. Its targeting held as a primary goal, investors often compromise their performance. Washington's major debt-dissatisfaction, heaviest tax liabilities and overpaying the dividend paying stocks, Hartman said.

The company's business for more agnostic or when investors turn to complex financial products designed to "save" profit, Hartman's research shows that funds employing aggregate yield that is more than 20 percent of the despite delivering lower total returns, higher turnover and

influed fees.

Another risk is that dividends can be cut or slims could altogether.

The price claim Papa Jobell said Thursday it was responding to dividend and the mortgage company UWM Holdings said the same on Wednesday.

"The goal isn't maximized in industry, it is maximizing it, for tax retirement income no matter the market style," said Mark Simmons, a financial

planner in Devalta, Ga. Ackerman that often means keeping tax-efficient growth funds in taxable accounts while holding higher yielding assets inside tax deferred accounts such as BMA.

Failing to manage yield in taxable accounts can trigger unexpected headaches.

So Erk, a financial planner in Boston, Ohio, recently worked with a client whose taxable dividends threatened to push him over an income threshold for Medicare's high-income earnings, which triggers higher Medicare Part B and B premiums.

To prevent the payouts from compensating, one an even larger financial burden in future years, the client turned off astounds' dividend reinvestment.

Still, cash flow can prove that having a crisis, the unexpected lureff in one's late life or early life is among the most dangerous shocks before retirement. In these moments, other dividend income—a provide a vital cash bridge for how tapping the deferred accounts early, said Charles Carbert, a financial planner in Naples, Fla.

For some retirees, tracking funds simply comes with the territory of aging.

"What's less strange, I was told that as you get older, you start using an awhile of about 1,000,000 dollars," said Charles Barber, 75, a retired banker in Hercules, San Texas. "Now I can attest to that as fact!"

'One Night Only' Opens at No. 3

The film earned $5.7 million domestically this weekend.

Estimated Box-Office Figures, Through Sunday

June to March
Day	Startdate	Weekend	Carवरी	%Change
1. Sunday=Mean	Today	$340.0	$435.7	+0
2. Monday=WeekDay
3. Thurs=Daytime	Universal	$39.5	$44.12	-38
4. Sunday=Highday	Universal	$5.7	$5.7
5. August=Frequency	Superhigh	$4.0	$4.0
6. Tuesday=1	Disney	$3.9	$470.4	-42

• * U.S. Federal Reserve Bank of America, Inc. (Note: $1.0 million)

---

THE WALL STREET JOURNAL.

Monday, August 10, 2026 | 83

BUSINESS & FINANCE

Berkshire Starts to Spend Cash Pile

Armid doubling in profit: a $6.8 billion deal and purchase of its shares and others

By Keerru Hsu

Berkshire Hathaway got a dent in its cash fund during the second quarter, repurchasing company shares and buying more stocks than it sold for the first time in more than three years.

The Onyika, Sch., conglomerate and Saturday its quarterly profit more than doubled, powered by investment gains and strong results from its industrial and retail businesses.

Net income rose to $25.67 billion, or $37,968 per Class A share, from $12.37 billion, or $9,693 per Class A share, a year earlier.

Berkshire ended June with $364.7 billion in cash and Treasury bills after accounting for a possible for purchasing some of the short-term government debt, a 4% decrease from three months earlier. It marked the first time the company's cash declined sequentially in four years.

Berkshire's $6.8 billion purchase of the home facility Taylor Morrison Home and its $10 billion investment in Swagis parent Alphabet shares during the second quarter ranked among the big-

gest deals the conglomerate has planned in recent years.

The spending spree is a sign that Greg Abel, who succeeded Warren Buffett as chief executive in January, is beginning to put his stamp on a conglomerate. Some Berkshire watchers say that while fighting out how to spend much more of that cash remains a challenge for Abel, they are patient for note.

"It's very hard to want Greg to be making big deals in an intelligent market like now," said Paul Lauritzen, president of Lauritrin Asset Management, which owns Berkshire shares. "The private markets are income, and the public markets are kind of silly, too." Operating earnings, which

rechals some investment results, rose 10.2% to $12.38 billion from $12.38 billion. Profit from Berkshire's portfolio of manufacturing, service and retailing businesses—a group that includes industrial metal components, Starwell batteries and Flying 1 foot stations—jumped 14% to $4.47 billion. Its insurance arm reported a drop in underwriting earnings, weighed down by results from car owners' lives, and investment income.

Buffett has said that operating earnings are the better measure of the company's performance. Accounting sales require Berkshire to include unrealized gains and losses from its giant investment

portfolio when it reports net income, meaning that short-term fluctuations in the stock market can cause big swings in quarterly income.

The company repurchased 478 Class A shares and more than 8 million Class B shares in May and June, for roughly $4.5 billion.

Berkshire bought $23.5 billion of equity securities during the second quarter and sold $3.7 billion in the same period. Berkshire's largest holdings are Alphabet, American Express, Apple, Bank of America and Coca-Cola. The company is set to disclose more specifics on its stock portfolio in a filing this week. Berkshire's Class A shares

Berkshire Hathaway's cash pile

Note: Add and Nonpay bills. Notes to the 1st Quarter. Note to the 2nd Quarter.

closed Friday at $780,086 apiece and are up 14% this year. The stock has fallen 24% from a record $609,150 reached in early May 2025, right before Buffett announced his retirement.

U.S. Consumer Brands Thrive Abroad

American consumer brands from Kraft Heinz to Colgate-Palmolive are delivering solid growth lately—outside the U.S.

Major U.S. consumer-studies, food and restaurant companies are lugging substantial increases in overseas revenue, especially in emerging markets, while domestic sales are more lackluster.

By Amora McRae, Heather Roddion and Natasha Khan

For food and beverage chains like Starbucks and KFC, overseas markets offer more revenue for new stores that can bolster sales. Meanwhile, sales of everyday items from napkins to salad bowls are slowing in the U.S. in American customers, squeezed by inflation and worried about the economy, spend more relatively, company executives say.

"Consumers are clearly under increased pressure," said Mike Hsu, chief executive of Kimberly-Clark, the maker of and Scott paper towels, on an earnings call last week.

Kimberly-Clark lost Tuesday reported a slight decline in or-

Net sales by region for the latest quarter, change from a year earlier

Source: The information

pain 11% sales. Yet international sales were up, including big gains in Vietnam and India. In Vietnam, the company is making gains by selling on social media, a plusbook it used successfully in China, and has doubled its e-commerce business for}(\text{Bagges this year. In India, sales of 25 high-end dages are up 47%.

Kraft Heinz on Wednesday said net sales in emerging markets rose 10% to $775 million in its most recent quarter. Sales in North America and international developed markets—both bigger revenue generators—declined in the quarter.

"In the U.S., Kraft Heinz is in every aisle of the grocery

store," CEO Steve Caballane said. In emerging markets, he said, the company's products are less available, making it easier to boost growth by expanding distribution.

Some food, beverage and retail companies willing to make stream American consumers say their customers have dialed back spending as a result of rising fuel and other prices, donning sales.

Many customers overseas are also dealing with inflation, but companies can use expansions in these markets to bolster growth.

Starbucks closed hundreds of underperforming cafes across North America last year, and the coffee giant is continuing to evaluate its domestic portfolio before further growing again. Yet CEO Brian Wood sees a growth story abroad.

"We expect international to be a meaningful contributor to said growth," Wood said during a recent call with investors.

Yum Brands and system-wide sales of its KFC brand fell 2% in the U.S. and 2% in Canada in the first six months of this

Yum Brands' KFC opens a restaurant every 3.5 hours somewhere in the world on average.

year from a year earlier. Sales in all nine of its other regions have increased. The chicken brand opens a restaurant every 3.5 hours somewhere in the world on average. Five of these new KFCs are in the U.S.

Colgate-Palmolive on July 31 reported a 3% decrease in North American net sales. But comparable sales in the Asia-Pacific region were up 4.9% in its most recent quarter, and jumped nearly 14% in Latin America, as the company persuaded more consumers to pay

up for its premium products. And snack giant Mondelez International, the maker of Goya and Tekhovne, reported that net revenue from emerging markets rose 74% in its most recent quarter, compared with a 1.9% increase in developed markets.

Mondelez CEO Dick Van de Put said there was plenty of untapped potential abroad. "We still have a long runway of more consumers consuming more every day," Van de Put said on an investor call on July 28.

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B4 | Monday, August 18, 2026

BUSINESS & FINANCE

TIM HIGGINS

Selling Space Is Dream Was the Easy Part

SpaceX may be a rocket company, but nowadays it both more like a roller coaster.

Just week above, Chief Executive Bliss Mack watched as its down plasterwood cement 14th in one day—which wasn't even the worst performance in SpaceX's short tenure as a publicly traded company. In Friday, the chance to sound more than 20% from where they began the week.

But another way, that was a more than $500 billion market-value saving.

For most CIOs, that would be a event-inducing ride. For Mack, 2% a hanging remainder that he's back to initial mode, having to deliver on all of his highlighting goals (see for SpaceX's performance. He made these to launch the biggest initial public offering over in June, a locality period that has been given way to the reality of resorting on the strategy.

Such solutions to exactly the kind of distraction that frustrated Mack during the given time, is a significant market-value made Tesla profitable. And the experience delivered his decision to hold off on taking SpaceX public 2x in long.

The grind really stopped up with the new model. Tuesday of the company's first earnings report came going down. That was followed Thursday by a locking coding for certain insiders and other pre-IPG shareholders.

The quarterly results,

while better than Mall Street expected, curbed some issues into with the size of spending on artificial intelligence. That per Mack in salesman models a public call with investors on which he displayed an unusual "pick me" sweep for the world's richest man.

In a matter of minutes, he was trying to one-up himself with the user of familial lawsuits that have become the hallmark of his quarterly Tesla calls. For years, Tesla since they have followed those calls closely like a company—his tone, his sentiment or his self—often overshadow the auto-maker's panned results.

First, Mack told investors that SpaceX would not, the year with more than two gigaworths of AI company and thank may year closer to 10 gigaworths than five.

He less than a decade, the CIO continued, the company's updates about its content, Starlink, will deliver a majority of the world's so-terms.

"And," Mack added at one time, "it's probably also worth mentioning that our internal projections for reaching $2 trillion in revenue, have moved up from $1.5 to $2,000."

A trillion dollars of revenue, for context, would be essentially the combined sales of Amazon.com and Nvidia at a price that record Dual Street.

Then, he noted, "there's a nonzero chance of that being in 2026!"

The unpredictable company had $7.8 billion in sales in the

Elon Musk is faced with having to deliver on his highlighting promises for SpaceX's performance.

past quarter.

Mack's ability to excite in western with his vision for the future is one of his greatest abilities as a leader. It has helped him raise the massive fortunes required to build cash-bungry companies.

It's what business has O.T.C. who suggest he's taking less sophisticated, every-day inventory for a ride. He's not saying SpaceX will have a trillion dollars in 2025. Refine sales will have to be

Similarly, he told the Economist as an interview that he "got carried away" with his involvement with previous years. "I'm a 2026," says a 2026 days later, Asian reported. Mack plans to spend big again in the mailroom elections this fall. Apparently, there's also a nonzero chance

he might get abstracted from his day (ok, again.

Last week, the problem for Mack might have been that spaceX's actual, unprovened achievement seemed downright having compared with what Mack likes to begin. Reaching Starlink subscriptions to $2 million from a year earlier pales in comparison with talk about 20 on. Max and social-media posts highlighting AI goes step

To resort years, Tesla in western seemed more willing to indulge black after he demonstrated that some of his new ideas and ambitions could, actually, be achieved. He brought out the game-changing Model 2 sedan, quickly opened a Denver factory and delivered consistent

profits quarter after quarter. They rewarded him by

valuing Tesla not as a big maker, but rather as a robot, as company owner, as he trade Alphabet's Worms with developing a chintan floor.

Now, Mack is trying a size bar piece for SpaceX. He is finishing the company on the part a rocket maker but also a building AI powerhouse to rival SpaceX and Anthropic.

A huge (thank 1995) of SpaceX's second capital expenditures were for AI. That's unproven given that by Mack's own math, something in the order of $1.9 billion is required to continue. Mario of he can finally get the company's fullness, giant spaceship working.

Mack's team argued the spending on AI data centers

would have quick pushback, perhaps in less than one year. Yet not everyone is hoping the AI story.

Short tables, investors, who paid $1.8 million, took price falling, have begun to macute the market, helping had even more volatility. That's another thing SpaceX now shares with Tesla.

All of what is why Mack is going to be a new minimal fashion last Tuesday. He minded, like yet, patient with analysts and their questions. That was a change—the number earlier, and Tesla earnings calls when he just has merged and even low-rated "feeling, knockout!" questions about the meat and potatoes of that company's business.

Instead, Mack even offered to elaborate on one case. A plan question, sounding outpaced, to an analyst's name. "A market, a come-bodn't trying to create a 5-second model, you have to plug in some numbers here," Mack said.

Mack, who were seen, he asked for investors to be present, too. "Rehab science is an allomistic expression for extreme technological difficulties," says Mack. "But there's a reason for it because, let me tell you, what rockets desperately want to do every flight. They deepen their lives and create new sales into tiny pieces."

Schools want that. But Mack, like investors. After all, they bought the ticket and, now, they are taking the ride.

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QVC Exits Bankruptcy With $5 Billion Debt Reduction

By Suanoma Recoverie

QVC Group completed its chapter 15 restructuring on Thursday's earnings from bankruptcy with nearly $5 billion due to the loss of the 1st challenge from preferred shareholders who tried to halt the process.

The TV and online retailer funded $5 billion of two debt in the companies' company in 1999 and served a new $600 million asset-based credit facility from investors including Strategic Value Partners and Gallow Capital. Its company said, its company stock has been approved to resume trading on Monday, now under the token QVC after being debated when the company filed the bankruptcy. The didn't specify when trading would remain.

QVC filed for bankruptcy in

April after striking a deal with its top co-pairs. The filing bill issued years of contracting that ended its TV shipping business. The company blamed the decline in TV ownership and a $3.8 billion debt burden that left little room to reinvent itself on social media.

With a prepackaged restructuring plan in hand, QVC expected to call through chapter 15 and energy in June to ensure streaming and social-media commerce. Preferred shareholders' industry. (Grades) pushed back on the settlement, seeing the deal transferred certain assets beyond the shareholders' reach.

Major Allende Assoc. of the U.S. Bankruptcy Court is blown on approved the plan last month. The first objective that the settlement was unfair. The charting shareholders' efforts to delay its implementa-

tion pending appeals also failed and their stock was wiped out. The investors can continue depending confirmation of the plan, but once a restructuring has been implemented, on standing it becomes far more difficult, restructuring lawyers said.

QVC's chief executive, David Randleman, stopped down as part of the restructuring, prompting the return of former Chief Executive Mike George as interim CEO.

The company also overhauled its board to bring in trust and digital expertise. New members of the United States—La Rougesia, the former head of TikTok firm in the U.S., a platform QVC is trying to expand on as it adds some from traditional cable TV.

Samarella Broutge writes for WSJ Pro Bankruptcy.

Apple in

Tanks With China Firm

Continued from page 21 makes would gain access to American know-how and more funds to advance its technology. They can that could help finding a military and under- to 1.5% based Microsoft Technology, which is holding new features in India and upstart New York. The U.S. has put CIMF on a list of certain that the Pentagon says have links to China's military.

Apple's new home company has been begun suppressing shipments of companies and competitors. Global growth has been more than expected to 80-85 in the second quarter than a year earlier while smartphones shipments dropped 10%, according to Counterpoint Research.

CIMF has been the world's fastest-growing supplier of the mainstay memory. Other

knowns are iMART and the the most popular and very popular in the world. The BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING AND THE BIG BIKING

Apple often takes components to its devices.

some of the people said. Baker has earlier reported on the last year that was. Many CIMF products are looking across on par- sions, and occasionally at a premium on those of Micro and Smart Access. Hi Hyrah and Samsung Electronics, the people said. The pricing strategy was partly driven by CIMF's tight supply and higher production costs, and compared with foreign competitors, they said.

Rising memory costs have begun suppressing shipments of companies and competitors. Global growth has been more than expected to 80-85 in the second quarter than a year earlier while smartphones shipments dropped 10%, according to Counterpoint Research.

knowns are iMART and the the second quarter of this year now more than eight times the level of a year ago, thanks to strong demand, so pumping production capacity and price increases.

CIMF took TV of global market share by revenue, Counterpoint data shown.

CIMF is a group priority to determine "technology companies" including Hyraham, Tencent and Xiaomi, all of which are following their AI offerings. CIMF is building new places, aiming to move from market to market production capacity by 2024.

"The question is not about 'new' but 'when' CIMF will be able to break." (The Big Three Memory Club," Counterpoint Associates) Mail 10345, is a special offering to fill Hyrah, Samsung and Micro.

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Monday, August 10, 2020 | 85

What to Know Before Doing a Cash-Out Refinancing on Your Home

Check the costs and estimate monthly payments to see if you can afford the new mortgage's terms.

By Lori Bummer

U.S. HOMEOWNERS are sitting on an average of nearly $300,000 in home equity, according to the Federal Reserve, and many are deciding it's time to put some of that money to use.

One increasingly popular way to tap that wealth is through a cash-out refinancing. These loans are up 12% year-over-year and are expected to account for more than 40% of all mortgage refinancings in 2026, according to the Federal Housing Finance Agency.

In a cash-out roll, an existing mortgage is replaced with a larger mortgage at a new interest rate—often extending the repayment term by several years. The new loan pays off the existing mortgage balance, and the homeowner receives the difference between the new and old mortgage amount as a lump sum of cash of closing.

The remainder who need a large sum of money to consolidate debt, pay for codage, do renovations to improve their home's value, or launch a business, borrowing against their home at the current cash-out refinance rates in a much cheaper option than personal loans and credit cards," says Bill Banfield, chief business

officer at Rocket Mortgage.

Yet while a cash-out roll may sound tempting, it's important to calculate if it's worth it—especially if the new mortgage rate will be higher than ever existing rate.

How it works

To qualify for a cash-out roll, homeowner typically must have at least 25% home equity, have owned the home for at least six months and have a credit score of 620 or higher, say mortgage lenders.

Consider this example for a homeowner whose house is valued at $600,000 and has a remaining mortgage balance of $300,000, leaving $300,000 in equity. For a cash-out roll, the loan amount is typically limited to 80% of the home's appraised value—meaning the homeowner must leave at least 20% of the home's value untouched.

So, in this example, that means the homeowner would need to keep $125,000 of equity intact, but could take out a maximum of $480,000 (80% of $600,000) minus the $300,000 payoff of the first loan balance, leaving the homeowner with $300,000 in cash—less closing costs.

These products are commonly

fixed-rate loans with 15- and 30-year repayment terms, although lenders offer a variety of products including adjustable-rate cash-out refinancings and hybrid cash-out refinancings that provide an initial period of a low fixed-rate interest rate often for five to seven years, followed by an adjustable-rate mortgage.

And they are offered at much lower rates than personal loans and credit cards. The average 30-year fixed cash-out refinance rate on Aug. 1 was 6.93% for a 10-year mortgage and 6.17% for a 35-year fixed cash-out refinance respectively, Bankrate reports. That compares to the average personal loan interest rate of 12.43%.

"The rate you get will depend on your credit rating, the amount of equity you own, and the type of home you are refinancing," says Keith Kampe, home lending manager at Flagstar Bank. "Generally, you get better terms if you are refinancing your primary residence, own a lot of home equity and have a high credit rating."

There could also be tax benefits with a cash-out refinance if you use the money for capital home improvements. Interest on the cash-out amount is tax deductible if you use the funds to buy, build or improve your pri-

mary or second home, according to mortgage lenders.

Do the math

Be aware this type of loan has its downsides. "The biggest risk is taking on too much debt and then defaulting on the loan," says Erik Schmitt, managing director and head of consumer home lending at JPMorgan Chase. "A cash-out refinance is a secured loan that uses your home as collateral. That means if you default on the loan, the lender can foreclose on the property."

When reviewing this loan option he uses to estimate your monthly payments to determine if you can afford this increased debt burden, say mortgage lenders. "As a rule of thumb your debt-to-income ratio needs to be 40% or less," says Kampe.

For example, if you had an annual salary of $80,000, 85% of that would be $18,250 a year, which breaks down to $5,387.50 per month. That means that would be the maximum amount of debt you should take in including the cash-out refinance.

There are also closing costs and other fees to consider when

doing a cash-out roll. These can range from 2% to 4% of the total loan amount depending on state and local transfer taxes, title search and insurance costs, required escrow reserves and legal fees, according to Bankrate.

These can be taken out of your total loan amount at closing or rolled into the loan if you don't want to write a check at closing. If you need the cash quickly, check to see how long the process will take. A cash-out refinance can be as fast as seven days or as long as 45 days depending on the lender and how quickly you provide the documentation, says Schmitt.

Keep in mind there are other ways to tap home equity, say mortgage lenders. For example, if you don't want to reset your existing low mortgage rate you can opt for a home equity line of credit. It is a revolving, open line of credit with a set limit that you can draw from as needed. Unlike a cash-out refinance, these lines of credit generally have higher variable rates tied to the prime rate.

Lori Bummer is a writer in New York. She can be reached at reports@waj.com.

Where REIT Investors Have Earned the Best Returns

By Dennis Zimmerman

REITS ARE good vehicles to gain exposure to the real-estate industry without the capital commitment or risks of owning physical real estate. But it's easy for investors to become paralyzed given the plethora of options available.

An investor can choose to pick real-estate investment trusts that focus on residential properties, commercial properties, data centers or infrastructure. There are even some offerings like timber and salt water.

To help investors home in on the best-performing parts of the

market historically, my research assistants (Canada Anting and Ethan Smelly and I pulled data on all REIT mutual funds and exchange-traded funds going back to the mid-1960s, the oldest figures on returns provided by Morningstar Direct. We then separated REITS by region—the U.S., Europe, Asia or general global—and by specialization in the U.S.—residential, commercial, data center or infrastructure. In all, we find that U.S.-focused REITS have done best, led by data-center REITS.

With our categorizations, we calculated the annualized 35-year return and volatility for each grouping. Since most specialization of REITS has occurred in the past 35 years, we focused on re-

turns since 2016 for these calculations, but the results still show the U.S. has been the best-performing region if we use the full time period of data.

First, when we looked regionally, we found that U.S.-focused REITS are tops and those focused on Europe were worst.

For instance, when we look at the return over a 10-year period for U.S.-focused REITS, it comes to 7.04% a year, with average volatility of 18.25%. Asia focused REITS had an average return of 2.37% a year, with volatility of 15.10%. And Europe-focused REITS averaged returns of just 1.12% a year, with volatility of 23.36%.

Turning to REIT specialization in the U.S., we use that REITS fo-

fused on data centers have done best (with slightly elevated risk levels), while residential REITS have lagged behind.

Data center-focused REITS have averaged an annualized 23.75% rate of return over the past decade and average annual volatility of 21.36% over the same

time period. While the artificial intelligence boom has aided the returns of data center-focused REITS, such REITS were outperforming their counterparts even before 2023. Best best were REITS focused on commercial real estate, which averaged re-Planowmentpage20.

Annualized returns and volatilities for REITS, by location and specializations

*For the past 10 years Source: Earnest Business, County Master University

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B6 | Monday, August 10, 2020

THE WALL STREET JOURNAL.

JOURNAL REPORT | INVESTING MONTHLY

Young Money - Julia Carpenter

WITHIN IT comes to person-of-fluence hygiene, there are tons of deliberate, extricious decisions to make. We can research the lowest credit card APRs, contribute regularly to our workplace retirement accounts and so on.

But I've found that if I want to make changes to my day-to-day money management, I have to look at the sub-conscious. Essentially, I have to back my brain.

For example, I never click 'save' when a shopping site asks me to store my payment information for an easier checkout. I force myself to input my credit card information every single time so that as I type in the numbers, I give my brain an extra second or two to think 'Wait. So I really need another part of statement earnings!'

I can't even count the number of times this has saved me from an impulsive purchase.

For myself and other younger adults, this particular point in our financial lives can feel confusing, even overwhelming. The personal finance playbook our parents and grandparents followed doesn't feel relevant or actionable. We are also

The Simple Mental Tricks That Make Us Better With Money

E-commerce makes it easy to spend The key to reining it in is a little friction.

at an age when saving even a little more can have a profound effect 30 years from now, given the magic of compounding. So we should welcome whatever tip or trick can make the breast difference.

I've been inspired by friends and acquaintances sharing their personal-finance 'most backs.' One friend says when the online-shopping cravings strike, she gives herself permission to add whatever she wants to her cart—but she has to wait 24 hours before checking out. Almost always, when she reveals it the next day, she realizes she doesn't need any of the stuff she was so excited about the day before.

Another friend's workaround for simultaneously cutting spending and upping her investments. Every time she's tempted to buy something she doesn't need, she'll instead move the equivalent amount of money into her investment account.

The behavioral economists and financial planners I spoke with agree that sometimes we need to make things easier on our brains, especially when building good money habits can feel intimidating and elusive to so many. Young people are still in the process of

building those muscles, and repetition and consistency are key to baking these habits into our busy lives.

'The practical side of finance is the easier part,' says Louis Lumahanga, a Los Angeles-based certified financial planner and financial educator. 'It's the behavioral part that's harder. There are difficult things we can do and should do to untrain ourselves from those bad habits and those things we shouldn't be doing and training ourselves with the new stuff, the better stuff for us.'

A little friction helps

The secret to many of the best personal-finance hacks is friction. Psychologists and economists often use the word to describe the little tasks and activities that introduce resistance in the path between a person and their intended goal.

In many ways, younger adults have grown up without friction. In fact, many of us are relying on various apps, tools and services to eliminate it in our day-to-day lives. During a recent busy week, I had my groceries and prescriptions delivered to my door; that strand would once have required multiple

trips to the store. When I call a ride-share car, I don't have to swipe my card or hand cash to the driver. I just touch a button on my phone.

In the case of my 'never love your card info' rule, I'm reviewing friction. That simple trick puts just a little bit more distance between me and the mindless, click-to-buy mentality that has gotten me in trouble before.

Charlotte Galetta, owner at Silver Penny Financial Planning in Atlanta, says: 'you have to break the consciousness with 'Oh wait—I don't need this.'

Her hack for people struggling to do that remove the credit card from your wallet, both the physical wallet and your digital one. That way, when you're out with friends and tempted to overspend, you're forced to do so with your debit card, which often forces you to think a little more consciously about the dollar amount.

I do something similar with tap to pay. I save my debit card info there, so that I'm not mindlessly racking up little expenses on a credit card.

A needed interruption

Lumahanga says she often sees

clients struggling to set aside the time to treat to their personal-finance choices. So she has a hack she recommends to people within a few minutes of their first meeting. Put a recurring event on your personal calendar and label it 'work on finances.'

For instance, I have a 'move $20 toward your goal' reminder set up right now. Every time the reminder flashes up on my screen, I have to think 'Would I have moved that money if not for the enthusiasm?'

These simple things can interrupt the noise of a busy day to remind us of the goals we've set and the things we have to do to achieve them, says Katy Milkman, a professor at the Wharton School at the University of Pennsylvania and author of 'How to Change: The Science of Getting From Where You Are to Where You Want to Be.'

'Attention is a big part of it,' Milkman says. 'There's lots of research showing that just simple reminders are really effective in getting people to save. It's not a persuasion method. It's really just 1 brought this to the top of my mind.'

The 10 p.m. rule

Sometimes, these mind hacks can sound silly. I could, of course, save my payment info to a shopping site and my entire financial plan wouldn't come, crashing down. I sometimes wonder if someone more logical or responsible wouldn't need to brain hack their way to better money habits.

But the address of these things is part of their power. Galetta says, 'the office recommends her clients struggling with their cash flow to set a daily spending limit, which of course they've not mandated to follow. But Galetta has seen that even taking ourselves something simple like 1 can only spend $50 today' can make a difference.

'All of a sudden, you're gamifying it,' she says. And when people play along, they'll start paying closer attention to the daily transactions, as they're happening in the moment. And, in Galetta's comments, a hack is set in the teeth doesn't damage its effectiveness. Once people see it work in their life, she says, they follow it.

Lumahanga shares a hack for cutting back on the promotions. Risking our ribbons. She felt tempted by the constant smash from brands and didn't want to lose out on discounts. So she set up a 'deals' folder and mailed at the promotions out of her inbox.

'I shifted to 'I'm out of foundation, let me check my deals folder.' Lumahanga says, 'I decide when I'm going to shop or not. It eliminates the impulse to purchase things. I wasn't already thinking about purchasing.'

Anything that can get up to embrace better financial habits is a very Galetta says. That's why she routinely believe this hack fits online shopping after 10 p.m.

'Nothing good financially happens after 10 p.m.' she says. 'You gotta quote me on that.'

Julia Carpenter is a writer in New York. She can be reached at reports@wip.com.

Which REITs Have Earned Top Returns?

Continued from page B5 turns of 10.10% a year with volatility of 15.50%.

Turning to the laggards of the group, we have infrastructure and residential. Infrastructure-related REITs—which include cellphone towers and pipelines—yielded an average return of 9.53% a year with volatility of 16.20%. And residential-related REITs delivered re-

turns of just 7.05% a year over the past 10 years with volatility of 19.67%.

Ultimately, U.S.-focused REITs (particularly in the rapidly expanding data-center sector) have been the best place to assess and European REITs have been the place to avoid given their high risk and mea-

ger returns.

David Burchmeyer is a professor of finance and director of the Future of Finance Lab at Costello College of Business, George Mason University, in Fairfax, Va. He can be reached at reports@wip.com.

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U.S.-stock funds fell 23% in July, but they're up 50.6% on the year. Plus, a Financial Feedback to the 'frozen shock' for gold in 1971.

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54836.92	4.1392,90, or 2.965 last weekHigh, low, open and close for each of the past 52 weeks	0.0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000	0.0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

Current Volume 0.0000000000000

	1998	2000	2002	2004	2006	2008	2010	2012	2014	2016	2018	2020	2022	2024	2026	2028	2030	2032	2034	2036	2038	2040	2042	2044	2046	2048	2050	2052	2054	2056	2058	2060	2062	2064	2066	2068	2070	2072	2074	2076	2078	2080	2082	2084	2086	2088	2090	2092	2094	2096	2098	2100	2102	2104	2106	2108	2110	2112	2114	2116	2118	2120	2122	2124	2126	2128	2130	2132	2134	2136	2138	2140	2142	2144	2146	2148	2150	2152	2154	2156	2158	2160	2162	2164	2166	2168	2170	2172	2174	2176	2178	2180	2182	2184	2186	2188	2190	2192	2194	2196	2198	2200	2202	2204	2206	2208	2210	2212	2214	2216	2218	2220	2222	2224	2226	2228	2230	2232	2234	2236	2238	2240	2242	2244	2246	2248	2250	2252	2254	2256	2258	2260	2262	2264	2266	2268	2270	2272	2274	2276	2278	2280	2282	2284	2286	2288	2290	2292	2294	2296	2298	2300	2302	2304	2306	2308	2310	2312	2314	2316	2318	2320	2322	2324	2326	2328	2330	2332	2334	2336	2338	2340	2342	2344	2346	2348	2350	2352	2354	2356	2358	2360	2362	2364	2366	2368	2370	2372	2374	2376	2378	2380	2382	2384	2386	2388	2390	2392	2394	2396	2398	2400	2402	2404	2406	2408	2410	2412	2414	2416	2418	2420	2422	2424	2426	2428	2430	2432	2434	2436	2438	2440	2442	2444	2446	2448	2450	2452	2454	2456	2458	2460	2462	2464	2466	2468	2470	2472	2474	2476	2478	2480	2482	2484	2486	2488	2490	2492	2494	2496	2498	2500	2502	2504	2506	2508	2510	2512	2514	2516	2518	2520	2522	2524	2526	2528	2530	2532	2534	2536	2538	2540	2542	2544	2546	2548	2550	2552	2554	2556	2558	2560	2562	2564	2566	2568	2570	2572	2574	2576	2578	2580	2582	2584	2586	2588	2590	2592	2594	2596	2598	2600	2602	2604	2606	2608	2610	2612	2614	2616	2618	2620	2622	2624	2626	2628	2630	2632	2634	2636	2638	2640	2642	2644	2646	2648	2650	2652	2654	2656	2658	2660	2662	2664	2666	2668	2670	2672	2674	2676	2678	2680	2682	2684	2686	2688	2690	2692	2694	2696	2698	2700	2702	2704	2706	2708	2710	2712	2714	2716	2718	2720	2722	2724	2726	2728	2730	2732	2734	2736	2738	2740	2742	2744	2746	2748	2750	2752	2754	2756	2758	2760	2762	2764	2766	2768	2770	2772	2774	2776	2778	2780	2782	2784	2786	2788	2790	2792	2794	2796	2798	2800	2802	2804	2806	2808	2810	2812	2814	2816	2818	2820	2822	2824	2826	2828	2830	2832	2834	2836	2838	2840	2842	2844	2846	2848	2850	2852	2854	2856	2858	2860	2862	2864	2866	2868	2870	2872	2874	2876	2878	2880	2882	2884	2886	2888	2890	2892	2894	2896	2898	2900	2902	2904	2906	2908	2910	2912	2914	2916	2918	2920	2922	2924	2926	2928	2930	2932	2934	2936	2938	2940	2942	2944	2946	2948	2950	2952	2954	2956	2958	2960	2962	2964	2966	2968	2970	2972	2974	2976	2978	2980	2982	2984	2986	2988	2990	2992	2994	2996	2998	2999	3000

Major U.S. Stock-Market Indexes

Date	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	1

S&P 500 Index

7757.66	2,267.92	or 3.585	last week
High, low, open and close for each of the past 52 weeks

	Last Week	1998
Trading-Of-Sale	20.07	19.99
Of-Increase	20.07	19.99
Dividend yield	2.07	1.20
All New High	1752.44	1830.70

2008	2009	2010
2009	2010	2011
2010	2011	2012
2011	2012	2013
2012	2013	2014
2013	2014	2015
2014	2015	2016
2015	2016	2017
2016	2017	2018
2017	2018	2019
2018	2019	2020
2019	2020	2021
2020	2021	2022
2021	2022	2023
2022	2023	2024
2023	2024	2025
2024	2025	2026
2025	2026	2027
2026	2027	2028
2027	2028	2029
2028	2029	2030
2029	2030	2031
2030	2031	2032
2031	2032	2033
2032	2033	2034
2033	2034	2035
2034	2035	2036
2035	2036	2037
2036	2037	2038
2037	2038	2039
2038	2039	2040
2039	2040	2041
2040	2041	2042
2041	2042	2043
2042	2043	2044
2043	2044	2045
2044	2045	2046
2045	2046	2047
2046	2047	2048
2047	2048	2049
2048	2049	2050
2049	2050	2051
2050	2051	2052
2051	2052	2053
2052	2053	2054
2053	2054	2055
2054	2055	2056
2055	2056	2057
2056	2057	2058
2057	2058	2059
2058	2059	2060
2059	2060	2061
2060	2061	2062
2061	2062	2063
2062	2063	2064
2063	2064	2065
2064	2065	2066
2065	2066	2067
2066	2067	2068
2067	2068	2069
2068	2069	2070
2069	2070	2071
2070	2071	2072
2071	2072	2073
2072	2073	2074
2073	2074	2075
2074	2075	2076
2075	2076	2077
2076	2077	2078
2077	2078	2079
2078	2079	2080
2079	2080	2081
2080	2081	2082
2081	2082	2083
2082	2083	2084
2083	2084	2085
2084	2085	2086
2085	2086	2087
2086	2087	2088
2087	2088	2089
2088	2089	2090
2089	2090	2091
2090	2091	2092
2091	2092	2093
2092	2093	2094
2093	2094	2095
2094	2095	2096
2095	2096	2097
2096	2097	2098
2097	2098	2099
2098	2099	2100
2099	2100	2101
2100	2101	2102

1	2	3	4	5	6	7	8	9	10
1	2	3	4	5	6	7	8	9	10
1	2	3	4	5	6	7	8	9	10
1	2	3	4	5	6	7	8	9	10

1

Nasdaq Composite
2.00x.78, or 5.20, last week
0	2.00
0	2.00
0	2.00
0	2.00
0	2.00
0	2.00
0	2.00
0	2.00
0	2.00
0	2.00
0	2.00
0	2.00
0	2.00

1

International Stock Indexes

Reported Index	Index	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24	25	26	27	28	29	30	31	32	33	34	35	36	37	38	39	40	41	42	43	44	45	46	47	48	49	50	51	52	53	54	55	56	57	58	59	60	61	62	63	64	65	66	67	68	69	70	71	72	73	74	75	76	77	78	79	80	81	82	83	84	85	86	87	88	89	90	91	92	93	94	95	96	97	98	99	100	101	102	103	104	105	106	107	108	109	110	111	112	113	114	115	116	117	118	119	120	121	122	123	124	125	126	127	128	129	130	131	132	133	134	135	136	137	138	139	140	141	142	143	144	145	146	147	148	149	150	151	152	153	154	155	156	157	158	159	160	161	162	163	164	165	166	167	168	169	170	171	172	173	174	175	176	177	178	179	180	181	182	183	184	185	186	187	188	189	190	191	192	193	194	195	196	197	198	199	200	201	202	203	204	205	206	207	208	209	210	211	212	213	214	215	216	217	218	219	220	221	222	223	224	225	226	227	228	229	230	231	232	233	234	235	236	237	238	239	240	241	242	243	244	245	246	247	248	249	250	251	252	253	254	255	256	257	258	259	260	261	262	263	264	265	266	267	268	269	270	271	272	273	274	275	276	277	278	279	280	281	282	283	284	285	286	287	288	289	290	291	292	293	294	295	296	297	298	299	300	301	302	303	304	305	306	307	308	309	310	311	312	313	314	315	316	317	318	319	320	321	322	323	324	325	326	327	328	329	330	331	332	333	334	335	336	337	338	339	340	341	342	343	344	345	346	347	348	349	350	351	352	353	354	355	356	357	358	359	360	361	362	363	364	365	366	367	368	369	370	371	372	373	374	375	376	377	378	379	380	381	382	383	384	385	386	387	388	389	390	391	392	393	394	395	396	397	398	399	400	401	402	403	404	405	406	407	408	409	410	411	412	413	414	415	416	417	418	419	420	421	422	423	424	425	426	427	428	429	430	431	432	433	434	435	436	437	438	439	440	441	442	443	444	445	446	447	448	449	450	451	452	453	454	455	456	457	458	459	460	461	462	463	464	465	466	467	468	469	470	471	472	473	474	475	476	477	478	479	480	481	482	483	484	485	486	487	488	489	490	491	492	493	494	495	496	497	498	499	500	501	502	503	504	505	506	507	508	509	510	511	512	513	514	515	516	517	518	519	520	521	522	523	524	525	526	527	528	529	530	531	532	533	534	535	536	537	538	539	540	541	542	543	544	545	546	547	548	549	550	551	552	553	554	555	556	557	558	559	560	561	562	563	564	565	566	567	568	569	570	571	572	573	574	575	576	577	578	579	580	581	582	583	584	585	586	587	588	589	590	591	592	593	594	595	596	597	598	599	600	601	602	603	604	605	606	607	608	609	610	611	612	613	614	615	616	617	618	619	620	621	622	623	624	625	626	627	628	629	630	631	632	633	634	635	636	637	638	639	640	641	642	643	644	645	646	647	648	649	650	651	652	653	654	655	656	657	658	659	660	661	662	663	664	665	666	667	668	669	670	671	672	673	674	675	676	677	678	679	680	681	682	683	684	685	686	687	688	689	690	691	692	693	694	695	696	697	698	699	700	701	702	703	704	705	706	707	708	709	710	711	712	713	714	715	716	717	718	719	720	721	722	723	724	725	726	727	728	729	730	731	732	733	734	735	736	737	738	739	740	741	742	743	744	745	746	747	748	749	750	751	752	753	754	755	756	757	758	759	760	761	762	763	764	765	766	767	768	769	770	771	772	773	774	775	776	777	778	779	780	781	782	783	784	785	786	787	788	789	790	791	792	793	794	795	796	797	798	799	800	801	802	803	804	805	806	807	808	809	810	811	812	813	814	815	816	817	818	819	820	821	822	823	824	825	826	827	828	829	830	831	832	833	834	835	836	837	838	839	840	841	842	843	844	845	846	847	848	849	850	851	852	853	854	855	856	857	858	859	860	861	862	863	864	865	866	867	868	869	870	871	872	873	874	875	876	877	878	879	880	881	882	883	884	885	886	887	888	889	890	891	892	893	894	895	896	897	898	899	900	901	902	903	904	905	906	907	908	909	910	911	912	913	914	915	916	917	918	919	920	921	922	923	924	925	926	927	928	929	930	931	932	933	934	935	936	937	938	939	940	941	942	943	944	945	946	947	948	949	950	951	952	953	954	955	956	957	958	959	960	961	962	963	964	965	966	967	968	969	970	971	972	973	974	975	976	977	978	979	980	981	982	983	984	985	986	987	988	989	990	991	992	993	994	995	996	997	998	999	1000

Consumer Rates and Returns to Investor U.S. consumer rates

U.S. consumer rates

A consumer rate report of 85 benchmarks over the past year

1.0%	0.0%
None (in %)	0.0%
1.0%	0.0%
1.0%	0.0%

---

88 | Monday, August 30, 2026

CLOSED-END FUNDS

Table 1. The 2016 Annual Report on the Company's Financial Statements and Financial Statements (FLOF) for the years ended September 30, 2016. The Company's financial statements are based on the financial statements of the Company's financial statements. The Company's financial statements are based on the financial statements of the Company's financial statements. The Company's financial statements are based on the financial statements of the Company's financial statements. The Company's financial statements are based on the financial statements of the Company's financial statements. The Company's financial statements are based on the financial statements of the Company's financial statements. The Company's financial statements are based on the financial statements of the Company's financial statements.

FLOF, August 7, 2026

FLOF (2016)	FLOF (2015)		FLOF (2014)
	MAR	Qtr	MAR	Qtr
Income & Health
ASSETS	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000

FLOF (2016)	FLOF (2015)		FLOF (2014)
	MAR	Qtr	MAR	Qtr
ASSETS	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000

FLOF (2016)	FLOF (2015)		FLOF (2014)
	MAR	Qtr	MAR	Qtr
ASSETS	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000

FLOF (2016)	FLOF (2015)		FLOF (2014)
	MAR	Qtr	MAR	Qtr
ASSETS	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000

FLOF (2016)	FLOF (2015)		FLOF (2014)
	MAR	Qtr	MAR	Qtr
ASSETS	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000

FLOF (2016)	FLOF (2015)		FLOF (2014)
	MAR	Qtr	MAR	Qtr
ASSETS	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000
Depreciation	$ 1,000

New to the Market

Lacing Expirations

Below, compared to industry and other leaders will become eligible to sell shares in their weekly public companies for the first time. Such sales can be expected to be 25% of the

Expirations	Exercised	Number of shares		Number of shares		Number of shares
		Year	Total	Year	Total	Year	Total
As of 7/10/2025	ROE/Framing/Debt	1,000	1,000	1,000	1,000	1,000	1,000
As of 7/10/2025	ROE/Framing/Debt	1,000	1,000	1,000	1,000	1,000	1,000
As of 7/10/2025	ROE/Framing/Debt	1,000	1,000	1,000	1,000	1,000	1,000
As of 7/10/2025	ROE/Framing/Debt	1,000	1,000	1,000	1,000	1,000	1,000

Source: LCOI Data and Markets, I.e. from Market Data

Insider Trading Spotlight

Trading is leader of a corporate, and its a company's CEO, was pocketed in director, potentially conveys new information about the prospects of a company. Insiders are required to report large results to the SEC within the business days. Here's a letter of the top performance chart from the insiders. Issued in all its nontransferable financial statements, as shown in August 7, 2026, are not available for the performance of the company's stock. KEY is based on a 2016 Annual Report on the Company's Financial Statements. KEY is based on a 2016 Annual Report on the Company's Financial Statements. Key is based on a 2016 Annual Report on the Company's Financial Statements. Key is based on a 2016 Annual Report on the Company's Financial Statements. Key is based on a 2016 Annual Report on the Company's Financial Statements.

Biggest weekly individual trades

Interest rate in the last 30 months of the year
Period	Company	Symbol	Period	Year	Number of shares	Number of shares
Biggest
2016	American Brands	BOX	10/30/2016	10/9	201	48,107
2016/2017	CDW International Group	BOX	10/30/2016	10/9	201	48,107
2016/2018	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2019	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2020	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2021	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2022	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2023	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2024	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2025	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2026	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2027	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2028	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2029	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2030	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2031	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2032	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2033	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2034	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2035	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2036	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2037	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2038	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2039	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2040	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2041	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2042	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2043	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2044	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2045	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2046	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2047	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2048	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2049	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2050	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2051	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2052	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2053	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2054	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2055	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2056	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2057	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2058	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2059	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2060	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2061	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2062	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2063	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2064	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2065	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2066	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2067	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2068	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2069	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2070	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2071	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2072	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2073	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2074	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2075	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2076	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2077	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2078	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2079	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2080	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2081	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2082	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2083	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2084	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2085	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2086	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2087	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2088	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2089	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2090	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2091	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2092	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2093	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2094	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2095	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2096	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2097	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2098	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2099	Convenience	BOX	10/30/2016	10/9	201	48,107
2016/2100	Convenience	BOX	10/30/2016	10/9	201	48,107

Sellers

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THE WALL STREET JOURNAL.

• • • •

Monday, August 10, 2026 | 09

HEARD ON THE STREET

FINANCIAL ANALYSIS & COMMENTARY

Private-Credit Funds' Liquidity Isn't So Clear

Managers report the metric differently, with some using aggressive math to project strength

Monthly investors who piled into private-credit funds have spent months trying to cash out their shares and sell cash. Fund managers have sought to reassure them by highlighting the vehicles' ample "Liquidity" to meet redemptions and remain healthy.

It would help if everyone could agree on what has allowed actually means. There is no standard definition that process how funds report liquidity. Some calculate the metric aggressive to project strength, while others avoid citing a single headline figure to prevent confusing cash with credit lines.

Access to ready cash is crucial to meet redemption requests. Many of these vehicles—known as non-traded business development systems—have the right to choose, taking in less over money from investors than they pay out for redemptions.

Their investments consist mainly of illiquid loans to smaller-market or corporate investments and to sell quickly at good prices. Some funds also have to be bought to such-ware makers threatened by artificial intelligence.

The most important of the quarterly feedback at 5% of shares outstanding, even if those seen on-dongfares requests blow past that bank, raising concerns about how they feel about cash squeeze. That makes a fund's readily available cash a crucial measure of its financial resilience.

In a July report, Fitch Ratings said the eight nominated BDCs it

Net flows at select private-credit funds, in billions

Financial, physical and financial growths, are the most common financial analysis. There are Blackstone Private Credit, 40% Corporate Level and Blue Duel Credit, 6.6% Income from the bank.

sowers have enough cashiers to keep paying 5% quarterly redemptions over the next year.

Critics waste of deeper structural flows and fragility.

A July paper by finance professors Chuck King at Stroud Unions city and Day Goldstone and Tux-Tang at the University of Pennsylvania found that "cash hallies and contractual loan requirements are in sufficient to move beyond 5% quarterly redemptions," partly because "hallows tend to decline precisely when outflows run." They also found that some funds boost and re-appears cash balances by delaying share-expurchase payments.

Some funds define liquidity strictly to include only cash plus the outloans portions of their credit facilities that are available to bor-

Monthly gross inflows for 2026 at select private-credit funds

row. Others define liquidity more loosely to include outloans amounts that aren't immediately available to borrow. Some include Level 2 assets, which are generally less liquid than publicly traded securities.

Consider BPS Corporate Lending Fund, or Blood, managed by a unit of BlackStock. Last quarter, it capped redemptions at 5% after re-quests hit 15%. In a June share—funds deliver, it reported at 37.6% of a total of liquidity as of March 31. That included more than 2070 million of cash, 64.9 billion of debt capacity and 21.6 billion of Level 2 assets.

The 2026 fund's earlier re-quest report showed 54.9 billion in unused credit as of March 31, but only 21.4 billion was actually available to borrow. Strict lender formulas limit how much a fund

can borrow against its investments. Borrowing capacity can shrink precisely when funds need cash most if their assets run into trouble.

In addition, the BPS fund cautions in filings that its Level 2 valuations "may be adjusted to reflect illiquidity and/or non-transferability." Unlike Level 1 assets, such as exchange-traded stocks or money-market funds, Level 2 assets lack quoted prices in active markets. They are generally easier to sell than illiquid Level 1 assets, but converting them to cash can take time, especially during market growth.

The BPS fund's actual cash was largely spoken for already, too: it had 2070 million on its March 31 balance sheet, but its liabilities included a $615 million payable for share repurchases, which it paid in April.

Different funds define liquidity differently. Blackstone Private Credit Fund, known as Stroud, said that an April shareholder update that it had more than $33 billion of available liquidity as of March 31. Its policy is to include only unrestricted cash, plus amounts available to borrow, and it doesn't count Level 2 assets.

Its March 31 balance sheet is showed 63 billion of unrestricted cash, along with a $2.1 billion payable for share repurchases, which is paid in April. The fund last quarter capped redemptions at 5% after re-quests hit 10%. In a July update, Stroud said its liquidity was more than $17 billion as of June 30, but

it hasn't yet filed its second-quarter report with a full breakdown.

At Blue Duel, different funds present their liquidity and solutions differed from those remaining income, known as OTC, vice a definition of liquidity that includes cash, Level 2 assets and amounts immediately available under its own liabilities.

However, Blue Duel Credit Income, known as OCIC, differs by including the entire undivent portion of its credit facilities. In a July update, OCIC said it had 812 billion of liquidity at June 30. The quarterly report it filed last week showed the figure would have been about 10 billion lower if it included just the portion that was immediately available to borrow.

A Blue Duel spokesman, said OCIC included the full undivent portion because it could have accessed it by posting more collateral, whereas OTC's issued that flexibility.

Just the BPS and Blackstone funds, the two Blue Duel funds have capped redemptions and experienced net outflows. In addition, such Blue Duel fund had payables for share repurchases as of June 30 that recorded its cash. OCIC is among the funds rated by the public OTCs, Stroud and Royd aren't.

Of course, the liquidity that matters with the company is not only a free can cash out when they want to. For shareholders waiting for the rest of their money, a fund's issue of billions is liquidity is cold control.

—Jonathan Weil

BUSINESS & FINANCE

Private Credit Woes Downplayed

Continued from page 81 their money back.

Fund managers such as Blue Duel, Blackstone and KKR also missed the panic as media hops, saying that performance tells a different story.

"Across our direct banking strategy, credit

health remains strong," Blue Duel's co-CEO Marc Ljenskolb said. "The first quarterly cash with Wall Street analysts.

The percentage of defaulted loans in Blue Duel's fund hit 2.8% in the second quarter, its highest level in

at least five years."

Nonperforming loans of the three other funds also hit the year highs, exceeding levels reached in 2023 when the Red and Reserve increased interest rates, squeezing the finance companies to keep more and triggering a wide stock and bond market called.

So far, the had loans are cropping up primarily in healthcare emergencies, like dental-service provider Affordable Care, or businesses affected by higher oil prices, including, almost their maker Legume.

While default rates are cis-

ing, they remain below previous periods of loans' stress, such as the height of the Covid pandemic or the oil price crash in 2016. Loans could abate if interest rates decline and economic activity remains robust without pushing inflation higher.

The worry for analysts and fund managers is that default might spread to software companies, which make up 20% or more of the loans in many funds.

Software companies are among Blue Duel's most profitable businesses, Ljenskolb said

on the recent analyst call. "We have seen no meaningful change in our monthly compared with a year ago."

That makes his form an outlaw.

Funds keep worthless—if borrowers they

lend to showing signs of华丽." We stand managers are external analysts and outside consultants to assign ratings signaling whether these borrowers are meeting expectations and seem likely to keep paying their debts."

While a company's performance index, they are added to those watchlists.

Private-credit funds mean aged for Ares, Golub and KKR all reported increases in return in the number of borrowers, so much for deteriorating performance.

For those funds, the facts are of their highest levels since 2022-23, when interest rates

Percentage of loans that are nonaccruing¹

¹The Red Capital, Golub Capital BDC, Blue Duel Capital and Blackstone, focused pending funds. "Percentage of the 2026 loaned on 'Red Capital' will be 2.8% of the company's available BPS. The estimated of the company's assets is by Blue Duel Capital and KKR's capital debt, and the increased by the Capital and PTA BDC Capital." (Thinking 5% overall figures for Ares Capital, Golub Capital BDC, Blue Duel Capital and PTA BDC Capital.)

Source: The company's PTA BDC Capital Index.

were rising, the Journal's analysis shown.

Longer watchlists suggest more loan defaults could be throwing. The other among private-credit borrowers is in-

carving, while the U.S. economy is performing well, a possible warning sign that looses could jump sharply if growth abates low.

Private-credit investment

firms can ill afford more write-downs because the performance of their funds is already suffering, and their stock prices have only cast almost in recovery from sharp sell-offs

that started last year. A modest rebound is the shares suggests the market is buying into the optimistic wave delivered by top fund managers.

Private-credit funds routinely deferred annual returns of 10% or more to years and, a key factor in their ability to raise money from wealthy individuals. Now, even the stronger funds are struggling to defray.²⁷

An ailing fund managed by KKR lost 6.33% over the past 12 months through June, a slight improvement from its 0.17% loss in the prior period.

Profits are declining for a variety of reasons. Businessing or private-equity firms that private-credit funds tend to tax slowed down, curtailing the number of lucrative new loans to be made. Worker performance by the companies they tend to and a sell-off in public debt markets forced funds to write down investments that are still paying interest even as default climbed.

Benchmark interest rates have also been from peak levels, trimming the income funds make on their investments.

Fund managers use the performance fluctuations are standard in private credit, which focuses on leading to companies with low credit ratings. But many individual investors have set to experience such a downturn and if returns stay stuck or even drop they may walk away.

Fewer investors mean it would be harder for fund managers to raise money, shrinking the supply of capital to enhance reducing corporate loans when they come due.

THE TICKER: MARKET EVENTS COMING THIS WEEK

Monday

Earnings expected

Earnings expected Earnings not too

4.07$ (unrealized)

(0.32)/(0.41)

Barrett-Milroy

0.81)/(1.47)

Bridgetta Pharma

(0.94)/(0.95)

Ferguson Enterprises

2.42/(1.5)

Rocket Lab

(0.95)/(0.97)

Simon Property Group

1.64/(1.5)

Tuesday

Mills, Bank of America

volume of current position, at 16/18

NYSE 4.6

Earnings expected

Earnings not too

Cardinal Health

4.42/(1.6)

Lovellisense

(1.25)/(2.27)

Blair Systems, 1.53/(1.6)

Franco-Mexico

1.96/(1.8)

Lutherium Holdings

2.97/(1.9)

Super Micro Companies

0.92/(0.8)

Wednesday

Consumer price index

Adrienne, Jan.

Jay, expected up 15%

Cora, Jan.

Jay, expected up 24%

Gasoline stocks

down 14

Distillators down 13

Merit bankers volume

Punch, previous

down 40%

Refrain, prior

Treasury budget

Jul. 25, 1,297.64 deficit

Jul. 26, top 1⁄2

Earnings expected

Earnings not too

Cerebroly Systems

(0.57)/1.4

Coca Systems 1.42/(0.8)

Cohortel 1.62/(0.8)

Nation Group

(0.72)/(0.38)

Pro America's Share

Thursday

Bill report: natural gas

Provincial Analysis of public

commissions

Fondita Mac-averaged

survey

Provincial position survey

20-year-old 6.63%

20-year-old 6.63%

Initial jobless claims

Previous 0.99/0.99

FedEx 0.99/0.99

Predictor price index

All items, Jan.

Jay, expected up 15%

Cora, Jan. 1, up 12%

Jay, expected up 12%

Earnings expected

Earnings not too

Applied Materials

3.8/(3.48)

Accordin Pharma

1.74/(0.96)

Tapestry 1.28/(0.04)

B. Energy 0.89/(0.04)

Friday

Rocket sales, no. autos

Jun. previous

down 0.2%

Jul, expected up 0.2%

Rocket sales

Jun, previous up 0.2%

Jul, expected up 0.5%

Business inventories

May, previous up 0.3%

Jun, expected up 0.5%

UIMich, consumer

index Jul, final 16.2

Kate Spade owner Tapestry is expected to post per-share earnings of $1.28.

¹Tactical (business earnings per share estimates) and ²retailer receivables, items, issues, or parentheses

²Adjusted for trade split.

Note: Financial, are from time. Index weekly names of accountants.

---

B10 | Monday, August 10, 2020*

THE WALL STREET JOURNAL.

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