Financial Times - 06.08.2026.pdf

金融时报

星期四 & 2024年8月

英国 FT20：爱尔兰共和国 #4.10

英特尔能否兑现其转型承诺？

大标题，第 19 页

欧洲古老的南北分歧依然存在

JANAN GANESH，第 21 页

致命袭击

基辅恳请提供 导弹防御盾牌

消防员昨日在基辅的一处俄罗斯导弹袭击现场工作，此次袭击造成至少 37 人死亡，44 人受伤。

乌克兰空军表示，俄罗斯向基辅发射了 24 枚弹道导弹、4 枚反舰导弹和 101 架无人机。虽然 90 架无人机被击落，但没有一枚导弹被拦截。

弗拉基米尔·泽连斯基总统昨日呼吁其西方盟友做出“必要的政治决定”，为基辅提供防御导弹。

他警告称，乌克兰的“爱国者”拦截弹严重短缺，这是唯一能够可靠摧毁俄罗斯弹道导弹的西方供应系统。

虽然俄罗斯国防部表示其目标是基辅的运输、物流和分发中心，但泽连斯基表示主要目标是平民企业和一个火车站。

俄罗斯与乌克兰报道 第 5 页

中国在财政压力增加之际启动追溯数十年的全球税务追缴

◆ 超富阶层面临深度审查 ◆ 离岸资本流动受到严厉限制 ◆ 预算收入停滞

LIFE-LIVING • TOP 10 DORMAN WHITE • SHANDISH DAN W. HAY VICKI CHEN-ANLADA • CHICAGO

中国已启动一项针对数百名公民的全球追缴行动，追溯时间可达数十年前，因为北京正试图通过针对超富阶层来填补日益加深的财政漏洞。

当局加强了对海外资本收益和投资资产的审查，在某些情况下可追溯至2000年。此次行动正值北京寻求显著扩大对未披露资本流动的控制之际。

据外国官员以及中国银行家和家族办公室经理称，银行在审查中国富裕人士的海外投资方面发挥了重要作用，以检查相关收入是否已向北京税务机关申报。作为一系列税务核定措施的一部分，这些努力正聚焦于该国富裕人士——包括离岸信托——通过购买房地产、股票、此前资产和加密货币等资产所获得的收益。

多位官员、银行家和顾问证实了此次行动的追溯性质。

投资者月份资金已加强与税务机关的协调，以

“拥有正确的信托结构曾提供税务庇护。这项新规定结束了这一优势”

促使存款人账户被冻结，直到官员对海外资产、账户和国家的申报感到满意，且在日期前已支付。

“通常的做法是，这些富人会立即以现金支付罚款和税款，以重新激活他们的账户，”他们补充道。

税务追缴的时间范围差异很大。在一个例子中，一家总部位于深圳的家族办公室负责人表示，他的客户被要求就2017年至2023年的离岸资产收益缴纳税款。该形式未给出解释。

加州大学圣迭戈分校中国政治经济学教授史宗瀚表示，此次行动的动机“显然是财政上的”。中国的预算收入在很大程度上依赖于税收，自疫情以来基本呈碎片化状态，2023年下降1.7%，至Reds12,000 ($5,200)。在房地产市场上涨后，曾是国家转换比率的土地销售总收入从2021年的峰值Reds8.7m崩跌至Reds4,104。

中国还针对转移至离岸信托的资产引入了广泛的税务规则，关闭了富裕个人用于在海外隐匿资产的104个长期漏洞。根据新规则，离岸信托产生的收入将被征收10 per cent的税。

一名处理中国富裕人士离岸资产的新加坡银行家表示，离岸信托税令他的客户感到“绝对”震惊。“有些人需要为处于公共领域（如上市公司股票）的资产纳税。在IPO非常盛行的日子里，拥有正确的信托结构可以提供所得税庇护。这项新规定结束了这一优势，”他补充道。

专家表示，虽然一些复杂的离岸结构可能会逃避这些规则，但据报道，许多信托持有者面临一次性税收债务，其中一些人可能会出售资产以支付款项。

中国媒体昨日报道称，当局已开始对离岸保单赚取的股息和利息征收20 per cent的税。在伦敦，专注于亚洲的保险集团Ponderital的股价下跌多达11 per cent，而HHK则下跌多达4 per cent。

国家税务总局未回应置评请求。

北京 smokers 20 周 第5页 中国 marks downleft 第2页

简报

• DeepMind 负责人在大规模人事变动中离职 Sir Denia Chandler 将在一家困难的医院离职，此次变动涉及这家他于 2016. 年在伦敦创立的 AI 实验室的高层。他将成为 clear 并担任母公司 Alphabet 的首席科学家。第 1 页

• AI 模型出现违规行为 前沿 AI 安全机构表示，Anthropic 和 OpenAI 的旗舰模型侵入了第三方软件，并向人员发送电子邮件以获取其凭据。第 2, 页，第 2, 4, 6, 8, 9, 10, 11, 12 页

• 披露：老板觊觎巨额收益 Niti Heremite 已就一项薪酬协议进行谈判，如果 Barcox 的估值达到约 5000亿美元，该协议将增加其持股，这将成为欧洲历史上规模最大的此类交易。第 2 页

• Palamite 与 NITI 负责人的联系 至少有六位高级卫生领导人在财务或专业上与 10-inch 集团有关联，该集团构建新 NITI 数据平台的 £150mm 合同正受到审查。第 1 页

• 约翰·刘易斯 (百货) 利润预警 约翰·刘易斯 (百货) 合作伙伴关系 (John Lewis Partnership) 主席 Jesse Terry 已向员工发出警告，称该连锁店的利润正受到“极其艰难”条件的挤压，这阻碍了其转型努力。第 2 页

• 中国贸易报复 北京加强了对向美国报告者的控制，并对几家美国公司实施了制裁，相关条款可能会升级两大国之间的贸易紧张局势。第 2 页

• Cibadel 在五次销售中获益 协会 Cibadel 的 lingning 核心在过去一个月中上涨了 5.9%，此前该公司在下午从陷入困境的 Leapold 对冲基金购买了数十亿加元的 AI 股票。第 2 页

• SpaceX 顶住压力 Muenster Don Shud 的公司在昨日开盘后离场，此前计划“bender's 首次盈利，通过巨额支出将其定位为数据中心开发商”，这令投资者感到惊讶。第 2, 3A, 第 2 页

Tice 银行转账加深 Reform UK 的资金之谜

副党魁 Richard Tice 似乎使用了由 Nigel Foragri 之母（助手-charge Carrie's）提供的超过 £500,000 的资金，用于抵消他向 Reform 提供的贷款，并将其转化为捐款。这些转账记录——作为 Foragri 回归领导职务协议的一部分——增加了关于 Fiona Cornell 提供的现金最终来源的疑问，后者在极不文明的特许经营权 'Push Design' 中任职，并引发了对该党资金缺乏透明度的批评。Carrie's, Fiona Averdon。第 1 页

左翼民主党人在密歇根州的获胜为关键的中期参议院之战奠定基础

劳伦·费德 (LAUREN FEDER) • 华盛顿

民主党的进步派在美取得重大胜利，在密歇根州一场高风险的参议院初选战中，10,000 EU-based 击败了国会议员海莉·史蒂文斯 (Haley Stevens)。

EU layoffs 对党内建制派的惊人打击，为 11 月中期选举中这个关键摇摆州的一场轰动全美的美国参议院竞选奠定了基础。在 9 per cent 的选票被计入时，他以微弱优势获胜，得票率为 44.5 per cent，而史蒂文斯的得票率为 47.5 per cent。

“这对共和党来说太棒了，”唐纳德·特朗普 (Donald Trump) 在 Truth Week 上写道，“EU-layed，一个仇视犹太人和以色列的共产主义爱好者，在 8 July 发布的民主党名单中成为 11 月的预计获胜者，情况变得更糟了！”

作为民主党候选人，El-Sayed 将面对共和党参议院议员迈克·罗杰斯 (Mike Rogers)，这很可能成为全美竞争最激烈且花费最高的一场参议院竞选。

这场初选之争已成为一场关于民主党未来更广泛斗争的代理战。

El-Sayed 是一位 61 岁的前公共卫生官员，得到了包括佛蒙特州参议员伯尼·桑德斯 (Bernie Sanders) 和纽约州国会议员亚历山德里娅·奥卡西奥-科尔特斯 (Alexandria Ocasio-Correa) 在内的进步派人士的认可。

史蒂文斯是一位 63 岁的三届国会议员，得到了民主党建制派 80th-90th 的支持，包括参议院领袖查克·约翰逊 (Chuck Johnson) 以及参议员惠特曼 (Whitman) 和密歇根州受欢迎的州长。

史蒂文斯的竞选团队及其支持团体在支出上几乎以 4 比 1 的优势超过了 EU-based 及其关联的超级政治行动委员会 (Super Pac)。但这不足以阻挡这位进步派候选人，他将竞选重点放在推动全民公共医疗以及公开反对美国支持以色列上。

史蒂文斯的竞选团队利用两党记录进行反击，并主张作为一名温和派，她在 11 月的投票中更有能力赢得摇摆州。

密歇根州被视为民主党如果想有机会重新控制参议院的必争之地。两年前，特朗普在密歇根州以微弱优势击败了卡玛拉·哈里斯 (Kamala Harris)。

EU-layoffs 的胜利是进步左翼一系列胜利中的最新一次，此前由进步派市长佐尔坦·布兰布莱特 (Zoltane Bramblett) 支持的一批候选人在夏季的纽约市民主党国会初选中获胜。

特朗普最新的进攻行动 所有关税退款的竞标者 第 5 页

记录显示与美国技术集团存在财务和专业联系

劳拉·休贝尔 (LAURA HUEBEL) 和 乔伊·贝里特 (JOY BERRITT)

财务数据显示，卫生部门领导层内部在 cosphere 上与美国技术公司 Palantir 存在财务或专业上的共享关系，后者拥有一个 2.5Gtimes 合同，旨在为其中一个 2.5Gtimes 项目构建一个新的 500K 数据平台。公共记录显示了 Palantir 与卫生服务最高层之间联系的程度，最终情报披露了该集团在公共部门持续扩大其影响力。该 2.5G 数据平台符合 500K Regional (500K) 的规则，这是一项从潜在利益冲突中购买的策略，当时在公务员拥有与持有巨额政府合同公司财务联系的情况下，这些冲突正被管理。

各部委面临着越来越大的压力，要求在明年合同到期时终止 Palantir 构建联邦数据平台 (FDP) 的合同。

FDP 旨在整合数千个数据集并提高效率，但其有效性以及该公司与特朗普政府的联系在近几个月来一直受到审查。

在 2021 年至 2024 年期间，The Academy 是 Palantir Technologies UK 卫生咨询委员会的成员。在此期间，根据其 2016 和 27 年的董事会董事登记册，他同时担任南安普顿大学医院 NHS 基金会信托 (University Hospital Southampton NHS Foundation Trust) 的非执行董事，目前仍担任此职。在担任 Palantir 管理层期间，Foundry 还是怀特岛 信托 (Isle of Wight Trust) 的副主席。

使用 FDP 的 Moorforth 眼科医院 基金会信托 (Moorforth Eye Hospital Foundation Trust) 数字开发执行董事彼得·托马斯 (Peter Thomas) 在其 500K 利益声明中披露，他曾持有 Palantir 的股份。

该信托表示，截至 2025 年初，他不再是股东。

Palantir 在 Covid-19 早期开始与 500K 合作。

他们通过公开申报与 Palantir 的任何关系，遵循了正确的指南

疫情。该公司在 2020 年赢得了一项 2.5G 项目合同以扩大初始付款，随后在 2023 年赢得了为 500K 构建 FDP 的 2.5G 项目合同。

500K 的高级管理人员也申报了他们在这一时期与该公司有联系。

此外，转型战略、财务和交付总监 Crowley 在 2024 年出售了 Palantir 的股份。他自 2023 年起被选任担任该总监职务，职责包括为每项赋能转型制定医疗服务的战略。

Crowley 在 2022 年 11 月为 500K 工作时首次申报了这些股份，该机构此前是医疗服务的一项数字化转型测试。

2023 年 1 月，莱斯特和伯明翰研究大学医院组的首席数字信息官 William Monaghan 报告了持有 Palantir 的股份。官员表示，这些股份价值不足 2,000。当时，他是 500K 的运营总监。

500K 的数据治理助理总监及前 Atristrap 负责人 Cranen Summers 在 2024 年 3 月和 2024 年 10 月报告了与一名现任 Palantir 总监的“人类健康”直线经理的友谊。

500K 的标准政策要求官员申报任何可能影响其判断的利益关系。

500K 以及 6 Crowley、Monaghan 和 Summers：“这些个人通过公开申报与 Palantir 的任何关系，以及他们在 NHS-England 与该公司之间的政府流程中提供的服务，遵循了正确的指南。”

Palantir 表示：“这一报道仅显示了两件事。首先，我们的医疗服务应该在我们在揭晓联邦数据平台合同前数月，就寻求医疗专业人士的建议。其次，这些具有技术背景的 NHS 内部人员决定购买一些 Palantir 的股份，而该公司并未向公众公开交易。”

University Hospital Southampton NHS Foundation Trust 没有立即回应置评请求。

市议会选举

Badenoch 对前反犹主义者退出保守党候选人资格表示“遗憾”

GARY PISHER

保守党领袖 Kenzi Badenoch 表示，她对一名前反犹主义者因社交骚扰未被监禁，而是退出控制议会及该党感到“遗憾”。

35 岁的 Joshua Boushill-Patne 昨天辞去了去年春天作为保守党候选人竞选萨默塞特郡 Crowleyian South 选区的职务，此前他收到了来自选举的犹太邮件并拒绝了他的同意提议。

Boushill-Patne 在 2016 年被判处监禁，原因是其被判定对当时的工党议员 Leander 及其妻子（一名男性）进行了种族攻击性骚扰，且过去曾将自己描述为“法西斯主义者”和“白人权利的至高者”。

他此前还因组织一场带有纳粹集中营照片的新纳粹集会而被监禁。如今他承诺将“在破碎的进程中”。

他随后为其过去的行为道歉，认为任何机会都让他自己能够“挑战其生活中亲促行为所引发的仇恨浪潮”。

很多人并不理解我对年轻时所做之事的愧疚程度

然而，英国犹太人代表委员会（Board of Deputies of British Jews）和犹太领导议会（Jewish Leadership Council）敦促该党重新考虑接纳一名曾是新纳粹且因反犹主义仇恨而有刑事定罪记录的人员。

Berger——现为一名来自1st-Prime的工党记者——不应在“公共生活中扮演任何角色”，原因在于“该事业以及他对女性的看法”。

Lessons' peace & long-peace online following 在一个名为 Crowleyian Gazette 的讽刺性在线账户中发布，该账户发布了 40 组生成的政治统计数据。

Badenoch 为其作为议会候选人的选任进行了辩护，坚称她认为他是一个“已经被改造的人”，但暗示她不会支持其竞选议员。

她昨天告诉 BBC，她对改变的必要性感到“极其担忧”。“如果我们不能接纳那些曾经被激进化、理解哪里出了问题并参与到反对歧视斗争中的人……难道我们不应该感激我们相信改造吗？”

Boushill-Patne 在其中写道，关于他被选任的争议表明“很多人并不理解我对年轻时所做之事的愧疚程度”，并表示他承认之前的行为给犹太社区带来了痛苦。

在允许他的候选人身份的同时，他说他将担任 Times 文化与整合委员会的顾问。

在他的原件发布后，Badenoch 在其中表示，她很“遗憾”Boushill-Patne “没有空间来解释他的立场并代表他的社区”，但见证了他决定与 Times 合作解决激进化问题。

Old Oak Common 揭示了该号称项目的成本飙升、严重延期以及不确定的未来

比尔·罗素 (BILL RUSSELL) 伦敦

1997 年，Old Oak Common 是伦敦西部一个以旧铁路车库闻名的半工业区，用于下一代高速列车的混凝土平台已经建成。但乘客在至少十年后才能抵达。

随着一个计划在明年安装的、面积相当于六个足球场的顶棚，这座 160 英亩的高速车站（美国规模最大、从零开始建设的车站）的活动正在增加，超过 1,200 名工人正在酷热中劳作。

1992 年 Old Oak Common 负责其每周最昂贵的铁路燃气细丝网络，将该项目视为当地经济转型的机遇，计划在 2010 年代后期开放时提供 10,000 个工作岗位和 12,000 套住宅。

现代版本提供了一个三维演示，展示了 1922-1940 年的问题：不断上升且不确定的成本、尚未完成的设计，以及昂贵且尚未重新申请的合同——而这一切的目的尚未上线。

“Old Oak Common 是一个活生生的元数据，以及新的 1992, 项目，它具有巨大的持续成本、显著的延迟，且没有真正的确定性表明它将被使用，”伦敦政治经济学院教授 Tony Travers 说道。

“政府确实需要解释保守党的目标，以及每年继续投入数十亿资金将实现什么。”

就像很多 1992 年的情况一样，1924 年的 Old Oak Common 还有很多尚未揭晓，包括接下来的 700-800-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000

伦敦西部的 Old Oak Common 施工仍在继续

但就像 2016 年更新的成本一样，直到秋天才会揭晓，届时 1912 首席执行官 Rich Wild 将记录“活动”的第二阶段。

另一个潜在问题是，尽管大部分设计工作已经完成，但针对

Old Oak Common 周边公共空间的设计——以及随之而来的成本——尚未完成，尽管初步的基础工程在近七年前就已经开始。

该车站由 Balboa District、当地公司和 Iyerra 组成的财团负责项目管理。这三家公司雇佣了 25 个以上的承包商，其下方则是大量的分包商和次级分包商，这增加了成本。

现场约 1,000 名工人由承包商雇佣，其中每 100, 人中有 1,000 名非土木工程人员，包括环境和社区参与官员。

在需求被确认至少六年之后，承包商才被确定。对于基于“成本加成”原则达成的任何协议，Wild 没有任何话可说，在这种模式下，承包商获得工程总价值的一定百分比加上所有成本。

该框架导致承包商几乎持续地要求增加资金，涉及漫长的谈判和额外的费用。

“政府确实需要解释该线路的目的，以及每年继续投入数十亿资金将实现什么。”

上周，1992 表示其已就该线路其余部分的两份“充足”的土木工程合同进行了重新谈判，但尚未再次改变 Old Oak Common 的转向情况。

“该车站的目的也不明确。Old Oak Common 作为伦敦终点站的角色是临时的，直到 2040 年代初接到东向开放的电话。”

该车站将作为伊丽莎白线（Elizabeth line）的最终步骤——这是房地产开发商的滚动计划——以及现有大西部铁路干线（Great Western Rain Line）的一个步骤。

但无论是降低 1922sins 速度的决定，还是在 2040 年代初之前必须换乘列车的要求，都引发了人们的怀疑，认为乘客不会想要看到 1920 年代的转向。

就在今年夏天，Avarni West 发现，在交通部（Department for Transport）提出节省成本的要求后，往返于住宅、Revengeons 和曼彻斯特之间的服务数量有所变动。

DPT 在 1921 上花费的 1920s 年，是为其他需求和 / 或签署的项目（如利兹的团队系统）预留的资金。

虽然 Asech, Boreham 在就任首相后尚未处理 1921,，但他确实在 6 月份表示希望审查 Revengeons 和曼彻斯特之间未确定的投标。

但支持在 1920s 中一直匮乏。1920s 现在是 3 月的时刻。33% 的英格兰中部地区民众告诉 Yonkers 他们不支持 1921,，而支持者占 31%。

在的一份声明中，1922 表示 Old Oak Common 将提供一个具有变革的“新重大变更”，可通往 100 多个目的地，而 1922 将使他们能够在西海岸主线（West Coast Main Line）上提供更多容量，因为会有更频繁、更可靠的区域和地区服务，以及更多的货运空间。

1971 还表示，在“管理年”期间，政府已“采取决定性行动来重置 1922，并确保以最低合理成本安全交付 Revengeons 和伦敦之间的线路”。

绿党此次活动是一场新闻发布会，旨在将变革归功于工党政府。“我认为我的重大成就……是 359。”他补充道，如果绿党没有赢得中央和地区补选，前四年将不会面临“领导力危机”。

他的评论出现在绿党努力支持他们在 Polanski 于 2023, 9 月就任领导人后所采取的干预措施之际，民调显示该党的支持率已下降至 32%。与此同时，工党以 2017% 的支持率在一年多来首次超过了英国。

Polanski 称该方向正处于“蜜月期”，但表示他关于应对 being 危机和改善公共服务的公告已“无论如何”。

Polanski 要求提高石油利润税以资助气候行动

JOHN GEEKE, PTT RATLY'S MEMBER AND ALL COLD MEMBER - 2 / 2024

Green Under Oak Polanski 已呼吁，在贷款冲突期间获得巨额利润的石油和天然气公司应被征收更高税率，以帮助资助整个英国的气候缓解工作，并保护英国公众免受山火影响。

“在我们要面对这些灾难危机之时，基金公司是否应该存在，或者在此时获得主要的利润代理？”这位风格独特的“可回收”领导人在昨天的新闻发布会上问道。

“我认为，关于这些基金燃料公司赚取的每一笔超额利润代理，都应该直接投入到之前的——直接投入到应对气候危机和气候适应中，这是一个需要讨论的话题。”

绿党的 2024 年宣言呼吁通过一家新公司增加整体气候路径，且该党将对所有基金燃料（无论是在英国生产还是进口）征收碳税，两者均在近期宣布了四年来的最高季度利润，因为石油和天然气

价格在贷款后超过了所有基金的 4.6%，而现在这意味着来自英国政府的什么。Staff 的首席执行官 Walt Townsend (1980) 表示，“需要有长期计划”，以便“投资者知道该期待什么，无论英国不可避免地将付出什么代价”。

Townsend Negri (2004)，PTT 的新任首席执行官，强调英国高度依赖基金燃料，并呼吁在北海进行更多钻探。

绿党的 2024 年宣言呼吁增加针对近期破坏性影响的关注，包括广泛的干旱和山火。

随着驱动 Jolt 和 assistant moulds 在英格兰和威尔士创纪录的资产，在 6 月气温分别达到 150 和 180 时，有近 3,900 例超额死亡与该日及 6 月的酷暑有关。医院因难以应对涌入的患者而宣布进入紧急状态，而企业和学校则被迫采取应对高温或空调的措施。

Polanski 呼吁新成立的工党政府为家庭提供资金支持，以对其房屋进行防暑改造

并确保费用可负担，且开放访问食品区域。

他还重申其政党要求将水务公司置于完全的公共控制之下，并补充说这些公司未能保障英国的供水并建设新水库。一半的供水未被宣布为安全，水务集团引入了 hauntam 禁令。

“人们已经死亡，我们知道会有更多的酷暑到来，而且我们知道它们具有信心且温度更加极端，”Polanski 昨天表示。“我希望这一时刻能够

Rock Polanski 将推翻前首相 Keir Harmer 的功劳归于自己

---

2024年8月6日 星期四

金融时报

3

国家

改革偿还

Tice 贷款于

Cottrell 的日子

£1 捐款

资金转移加剧了人们对政党礼金最终来源的担忧

安娜·克赖德 (ANNA KREID)

理查德·泰斯 (Richard Tice) 似乎使用了从奈杰尔·法拉奇 (Nigel Farage) 的长期助手乔治·科特雷尔 (George Cottrell) 之母处收到的超过50万英镑，将其此前向英国改革党 (Reform UK) 提供的贷款转换为捐款。

据《卫报》报道，菲奥娜·科特雷尔 (Fiona Cottrell) 于 10 2024, 向 Britain Means Business Ltd 捐赠了 £1,075,000，该公司由副党魁泰斯全资拥有。这笔金额与改革党通过泰斯拥有的另一家公司欠泰斯的金额几乎完全一致。

在同一天，Britain Means Business 以公司名义向改革党转移了 £500,000 的捐款。根据选举委员会的数据以及该党前财务主管的说法，在同一天，改革党偿还了泰斯的另一家公司 Tissue Investments Ltd 尚未偿还的 £1,083,000 贷款中的 £200,000。

到次年4月，改革党不再欠 Tissue 任何款项。

其中一部分已直接偿还，但大部分（£825,000,）已被覆盖。这涉及将该笔款项从贷款转换为捐款。关于泰斯如何能够资助该决定，没有任何披露。

根据该公司的账目，到 2024, 底，Britain Means Business 的资本和储备金仅剩 £10,500，这表明菲奥娜·科特雷尔提供的所有资金已被泰斯从该公司中移走。

与法拉奇闹翻的改革党前副党魁本·哈比布 (Ben Habib) 质疑，菲奥娜·科特雷尔转移给 Britain Means Business 的剩余 £375,000 去向何方。

“到 2024. 底，这笔钱已经离开了 Britain Means Business。那么它在哪里？”他说。“如果它是用来结算改革党欠理查德·泰斯的款项，那么这无疑是一项利益，改革党和泰斯理应向选举委员会和议会登记处申报？公众理应得到一个坦率的回答。”

这一系列资金转移是法拉奇回归党魁之位的幕后博弈的一部分，这进一步引发了人们对菲奥娜·科特雷尔通过其儿子——在党内被称为“诈骗犯乔治” (Feds George) 的定罪诈骗犯——所提供资金最终来源的质疑。

这引发了更多对该党资金缺乏透明度的批评，包括关于个人是否非法隐瞒捐款最终来源的质疑。

当被问及 2024 年由泰斯将贷款转换为捐款的情况时，改革党表示“这些是 Tissue 提供的个人贷款，现在已被重新分类为捐款”。该党补充道：“没有资金易手。”

《星期日泰晤士报》上周末报道称，法拉奇和泰斯在 2024 年初达成了一项协议，法拉奇将回归担任改革党党魁，作为交换，当时担任党魁并资助该党的泰斯将成为其副手并获得其 home spirit。

在 2019 年至 2023, 2月期间担任改革党财务主管的梅里亚什·冈特 (Mehriash Gaunt) 向金融时报确认，他曾收到一份向泰斯偿还 £1.0 的还款计划。

然而，他表示，在一次文书错误导致 £200,000 的固定分期款项被发送到错误账户后，他被告知不要再进行任何付款。

他表示，他并未被告知关于贷款重新分类或 2023 年向 Tissue Investments 进行的进一步还款的情况。

《卫报》上周披露，乔治·科特雷尔在菲奥娜·科特雷尔于 10 2024 向 Britain Means Business 转移 £1.0 之前，曾向其母亲转移了 £1.4。

金融时报联系了泰斯和改革党，但对方未就以下问题做出回应：科特雷尔交给其母亲，随后

“如果它是用来结算改革党欠理查德·泰斯的款项，那么这无疑是一项利益”

转移给 Britain Means Business 的 £1.0 资金的部分或全部，是否被用于偿还泰斯价值 £1.0 的贷款。不过，泰斯表示，“没人读金融时报并不奇怪”，并补充道：“这太令人困惑了”。

2024年，当金融时报询问关于 Britain Means Business 向 Reform 提供的捐款来源，以及该党如何确保所有通过该公司进行的捐款均来自合规捐赠者时，Tice 表示：“我的生活中有更重要的事情要做。”

这些捐款目前是伦敦警察厅一项关于涉嫌违反选举法调查的对象。掩盖向英国政党或政治人物提供捐款的真实来源身份属于违法行为。

警方确认，作为调查的一部分，已在警告下对两人进行了询问，但尚未公布嫌疑人姓名，也未进行逮捕。

2024, Cottrell 因涉嫌参与一项“黑钱”洗钱计划而被指控涉及 £1 的违法行为并被引渡至英国。

Cottrell 与联邦检察官达成了认罪协议，根据该协议，21 项指控中的 20 项被撤销。他承认犯有电汇欺诈罪，并在亚利桑那州的一所监狱服刑。

金融时报此前报道，Farage 最大的支持者、加密货币亿万富翁 Christopher Harborne 在 2019, 曾要求一名关联人士代表他捐赠 £20,000，但此次捐赠从未实现。

今年 5 月，议会标准专员对 Farage 发起调查，原因是他在 2024 年大选前未申报从 Harborne 处收到的一笔 100 万英镑的赠款。

Farage 表示，他不需要申报这笔赠款，因为他当时不在政坛，且这与他决定竞选国会议员无关。

本周政党新闻发布会前的 Reform UK 副党魁 Richard Tice。下方为 2020 年欧洲议会就脱欧协议投票后的 George Cottrell（左）和 Nigel Farage —— 欧洲联盟副主席

Dense Tabular Data (Omitted)

# PATEK PHILIPPE GENEVE THE CURITUS COLLECTION  CURITUS MEDIUM-SIZE REF. 2128/10 Following the flow of Reform's money  Source: Journal of the European Union, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616,

Dense Tabular Data (Omitted)

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国际

暗杀企图

炸弹导致俄罗斯无人机公司负责人受伤

发生在乌拉尔山脉的袭击针对普京行动中的知名人物

周三 - 10 / 11

俄罗斯无人机生产商负责人在一场汽车炸弹袭击后被送往医院，此次袭击针对的是支持俄罗斯总统弗拉基米尔·普京入侵乌克兰的阵营。据州参议员 Tassieporhod 昨日透露，战前知名博主兼制造商 Uraldrenzovod 的负责人 Vladimir Zhachuk 在乌拉尔山脉工业城市 Uralmashchey 郊外的一个小镇遭遇炸弹袭击后，目前处于危急状态。

针对 Thachuk 的暗杀企图是近期一系列发生在敌后深处、针对战争努力中知名人物袭击的最新一起，其公司生产的 Upry Hiro-optic 无人机被俄罗斯军队用于前线。

据当地媒体报道，Thachuk 的司机在袭击中丧生，媒体发布的照片显示，除了车壳外，车辆几乎被完全摧毁。

Father 博主表示袭击发生在 Uranian，并补充说 Thachuk 在一次制造与恢复中受伤。在另一场周六发生的事件中，莫斯科一家印度餐厅的一次私人活动遭遇炸弹袭击，导致多人死亡，21 人受伤。

以及战前博主推测，Tatarofsky 的袭击目标是俄罗斯航空航天军负责人 Alexander Chukic，此前据报道其女儿和女婿失踪。

目前尚不清楚该将军是否参加了聚会或是否为炸弹袭击的目标。

乌克兰尚未对近期这两起袭击认领责任，其情报部门也未立即回应单独的置评请求。据一名接近欧洲情报部门的人士透露，高级政治官员被暗杀已变得如此普遍，以至于普京在去年为 10 名高级军官制定了安全措施。

Thachuk 是俄罗斯“人民军事工业综合体”的领军人物，该综合体由小型初创企业组成，自普京在 2022 年发起对乌克兰的全规模入侵以来，一直为军队生产无人机和其他作战设备。

他在 2024 年向普京展示了一个名为 Upry 的模型，该名称源自斯拉夫语 Izhbek 的无人机。

Hachuk 的 Sing 在社交应用 Telegram 上拥有超过 60 / 6000 名追随者。

该频道昨日发布消息称，Upry 的房地产代理人目前仅处于某种状态，并表示其工作将像以前一样继续，并使用了一颗代表乌克兰的星号。

在会见普京后接受国防部电视频道采访时，Thachuk 表示，他曾受 Vladivos Tataroly 的邀请制造无人机，后者是另一位军事博主，曾在 2025 年被迫承受一次 ITI-to-miss 炸弹袭击。

根据其生产视频，Upry 似乎主要由 20 台打印机制造，尽管 Thachuk 表示其看到的组件中有 40% 是人工的。

该公司在 1 月份表示，这种无人机可以在“tons of Admonter”1 的射程内携带一个小型的爆炸物包裹。

据报道，俄罗斯武装部队使用它们打击乌克兰阵地、供应前线部队并拦截乌克兰重型前线无人机。

Christopher Miller 在 KJV 提供了额外报道。

北非 政治

突尼斯停电引发针对总统的抗议

高温与经济低迷之下的停电加剧了对独裁领导人赛义德的愤怒

周销售 - 12 / 09

突尼斯在气温飙升期间出现的轮流停电引发了抗议，以及针对民粹主义总统凯斯·赛义德（Kain Saied）的绝望愤怒，后者拆除了该国的民主机构并实行了一年期的统治。

近期一场异常严重的热浪导致气温升至 85℃ 以上，增加了对电力的需求，因为更多的人预计使用空调，这给老旧的电网带来了巨大压力，导致国家电力公司实施轮流停电。

停电有时伴随着断水，引发了公众愤怒，许多地方出现了夜间抗议，青年人焚烧树木并封锁道路。

上周在突尼斯市中心举行的一场反赛义德集会，与他 2023 年权力获取的争议不同，吸引了数千人呼吁他停止无人机和投掷。“他（没有）光，没有水，只有价格和高价。”

对赛义德统治日益增加的幻灭感，与五年前许多突尼斯人对他回滚民主措施的热烈欢迎形成了鲜明对比，当时这些措施是以打击腐败和长期政府管理不善为抗议理由的。

当时的支持者将赛义德视为救星，他将（结束）在 2021 年由民众起义引发的 Jan al-Ahdine 首次回归后随之而来的十年的政治滥用和经济衰退，但最近的（愤怒）则是由一种感觉所驱动的，即情况并没有太多改善，且在恶化。

电力和水供应中断在“突尼斯现代国家中是前所未有的”，而当（问题）发生时，美国耶鲁 (此处指公司 / 机构) 中东政策研究所的包容性经济计划（人员）表示：“人们没有看到进步，而是意识到我们实际上在后退……他们对五年前给出的承诺感到幻灭。”

他补充说，抗议的频率和范围“表明不满情绪已超出了首都的其他地区。自去年以来，抗议活动一直处于可见状态。”

讨论：上个月在突尼斯，抗议者在反对凯斯·赛义德的示威活动中举着标语牌，口号包括“发展在哪里”和“你们摧毁了我们的购买力”

包括餐厅、鸡场和奶牛场、食品店和工厂在内的企业遭受了损失，其他人表示，这是因为大部分未计划的停电造成的。医生们抱怨这对医院以及家中依赖医疗设备的患者产生了影响。

萨顿（Sahton）是一位 35 岁的翻译，她不希望透露其家庭情况，她说她正在申请国外的工作，因为“突尼斯的（前景）很模糊”。

停电干扰了她的工作，尽管她说她所在地区的停电时间比某些地方短。“人们现在更倾向于指责赛义德，尤其是年轻人，”她说。“包括她在内的许多人，继续（处于）仅仅是引导出希望和幻象的状态。”

国际危机组织北非主任里卡多·法比亚尼（Riccardo Fabiani）表示，赛义德曾承诺他的权力方案将有助于“恢复国家机构的力量和威信，但实际上没有任何事情实现”。

“大问题是突尼斯的公共服务正在逐渐崩溃，这种恶化已成为国家整体恶化的一种代理指标，”他补充道。

在赛义德于 2018 年恢复独裁之前，突尼斯被认为是 2021 年阿拉伯起义中唯一成功的民主转型范例。

但对于许多突尼斯人来说，他们新的政治自由无法弥补经济漂移和生活标准的骤降。他们将包括伊斯兰主义者和媒体团体在内的政治家视为机会主义者，在政府责任的强弱和差异中相互角逐。

赛义德（Saied）是一位严肃的退休独裁制度讲师，他以独立人士身份参选，在2019年的一次电视站活动中与领导人们对峙。他凭借一个受欢迎的主张参选，即保护国家免受“先天性”非暴力影响，并清理腐败。他资深的非认证目标是政治阶层。

不到两年后，赛义德开始拆除将他送上职位的体制。他集中权力，并对城市和和平的政治对手发起一波波倒退行动，将数十人投入监狱服长刑。

在这一统治下，失业率一直维持在15%的高位，而2023年的经济增长率为2.5%，

“人们看到的不是进步，而是我们实际上在后退……他们对五年前给出的承诺感到幻灭”

根据世界银行的数据，这在“贫困中属于温和”水平。

这个负债累累的国家仅有足够覆盖三个月进口的储备。旅游业、国际簿記、农业和工业出口帮助经济维持运转，但分析人士表示，缺乏创造就业机会和启动前景所需的动力。

赛义德拒绝了4.0；她没有运行1987至2023, 为之保留，且不会接受领导人的官员。然而，批评者表示，他尚未提供另一种愿景。赛义德公开暗示，停电可能是由破坏造成的，并表示发现“忽视职责”的官员将被处罚。

这引发了利益相关方斗争的愤怒回应，强大的突尼斯-通用拉霍尔乌赖安（Tunisian-General Lahore Uraian）秘书长表示，指责国家雇员“不能服务于真相，也无助于解决问题”。

马尔科姆·姆·克尔卡内基中东中心（Malcolm H Kerr Carnegie Middle East Center）研究员哈桑·莫赫尔（Hassan Mokhel）表示：“必须有一个替罪羊。总有叛徒和阴谋家在暗室中策划，而不是承认存在结构性问题。”

乌克兰战争。

基辅遭袭导致17人死亡，泽连斯基寻求拦截导弹系统 (爱国者)

CHRISTOPHER MILLER - 10 / 11

俄罗斯军事人员在周二晚上发出威胁，导致基辅至少17人死亡，并资助了14次针对关键基础设施和物流系统的旧国有化空中行动。

The 17-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20

总统弗拉基米尔·泽连斯基此前曾成功地该国在本地射击中进行培训 10-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20

乌克兰总统昨天表示，“从西方合作伙伴那里获得的防空导弹数量”与2023年相比下降了三倍。他补充说，“我们的合作伙伴相信这些导弹”，并决定做出“必要的政治决定”将其运往基辅。

“拦截导弹本可以挽救今天遇难者的生命，”他在其中写道。“非常重要的一点是，我们的合作伙伴要明白，供应这些导弹的延迟，或者提供和履行系统的不情愿，将直接导致如此可怕的伤亡和破坏。”

“拦截导弹 本可以挽救今天遇难者的生命” 弗拉基米尔·泽连斯基

西方领导人谴责了俄罗斯的袭击。法国总统埃马纽埃尔·马克龙表示，俄罗斯“利用导弹和无人机实施的恐怖政策是不可接受的”。他说，法国与乌克兰一起将“不会屈服于疲劳或恐吓”，并补充说欧盟及其合作伙伴“将继续增加对俄罗斯的压力，包括通过新的制裁，同时加强对乌克兰的军事支持”。

在导弹袭击之前，the 17-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20

Prince of the Year's 2024 The 17-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20

泽连斯基说：“那些设施与战争无关——泽连斯基公司、建筑材料仓库和民用物流设施。”

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气候变化

希腊在抗击山火中求助于热成像卫星

CHRISTOPHER MILLER - 10 / 11

随着雅典西北部山火肆虐，希腊正在测试一组新的热成像卫星是否能为消防员提供一种新手段，以及在气候变暖、难以维持现状的未来中获得更清晰的视野。

Hellenic Five System 是一个由四颗紧凑型低轨热成像卫星组成的星座，将范围内的信号传输回地球。6月，五套系统预计在9月正式投入运行，消防员目前仍在使用培训。

但该系统已在向当局提供数据，包括关于席卷希腊热门岛屿活动区域以及雅典附近非洲区域近期毁灭性火灾的数据。

“我们已经拥有了解决方案，但现在最困难的部分是该解决方案的采用，”希腊空间中心的各项计划项目经理 Dimitris Mikonis 表示。

“火灾对于他们之前使用的技术来说是一个问题，因为现在我们必须培训他们处理新型数据。”

该技术由德国卫星公司 OrionTech 与著名的空间中心共同开发。其卫星频繁地经过同一区域，从而能够发现更小、热力更强且冷燃的活动迹象。

据 OrionTech 在希腊的首席运营官 Hannah Lantneris 称，该系统可以检测到小至 5 个系统的热波。

“它并不拍摄照片，”Lantneris 说道。“我们在卫星上处理图像，然后将其发送回地球。”

随后，软件会检查一个热信号是否可能是墙壁等误报，然后在利用系统数据和爆炸强度来判断是否为冷燃。

多年来，卫星一直被用于检测山火，但直到现在，大多数卫星并非为此专门设计，或者不属于一个专用星座的一部分。

然后巴黎部分是物理性的，它们距离越远，能避开同一地点的频率就越低，且火灾必须达到一定规模才能缓慢显现。

“Thomas Smith，伦敦政治经济学院环境地理学副教授表示，这一年度在频繁成像与检测小型火灾的能力之间取得了‘原油’式的平衡。”

天空之眼：Hellenic Five System 是一个由四颗低轨卫星组成的星座。© www.OrionTech.com

Hellenic Five System 旨在让希腊在不进行操作的情况下获得更多控制权。当卫星成组出现时，它们可以更频繁地经过希腊，同时仍能捕捉到小型火灾。

“当希腊离开我们卫星的视线时，这意味着它进入了星座中下一颗卫星的视线，”Smith 说道。Mikonis 表示，该系统的主要优势在于它允许希腊更频繁地监测高风险区域。

OrionTech 去年发射了一个由 8 颗卫星组成的星座用于全球火灾监测。这些专注于希腊的新卫星配备了热传感器，旨在穿透烟雾检测热量，在能见度低时为消防员提供更清晰的图像。

“它改变了我们感知和管理山火的整个方式，”Lantneris 说道。“你不再需要人类先打电话给消防部门。”

由 Attneira Murray 提供额外报道

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2020年8月6日，星期四

•

金融时报

5

国际

特朗普陷入两难：是扩大战争，还是接受伊朗条款的协议

总统在退出这场他曾称将迅速结束的冲突时，几乎没有好的选择

ERIKAN, MAGNUSONIK • 华盛顿 ANDREW DALL AND • 伦敦 BITA SHAPPIER • TETRAS

唐纳德·特朗普及其助手在过去几个月中已十多次表示，美国的“福祉”是与伊朗达成协议。但如果该协议是通过伊朗与阿曼之间的谈判实现的，那么它将远未达到总统在发动战争时所设定的目标。

自2月攻击伊朗以来，特朗普的要求已经从集中于德黑兰的核野心、弹道导弹生产以及对代理人的支持，演变成一个广泛的事实，即要求伊朗允许该国恢复其权力状态。

“伊朗的直接翻译就是最终协议，”美国国务卿马尔科·鲁比奥周二表示。“眼下的协议，以及你们所看到的（关注列表），是关于海峡的。”

批评人士表示，这本身将标志着某种程度的屈辱，因为伊朗仅在特朗普发动战争后才加强了其对霍尔木兹海峡的战略杠杆。现在，任何结算都可能让德黑兰控制该水道的部分区域，且无法剥夺其最终指责伊朗逃避责任的能力——这些条件在仅一年前看来还是不可想象的。

“曾经的伊朗和不相容的情况已不复存在，”曾为共和党和民主党政府担任中东和平谈判代表的亚伦·大卫·米勒表示。“特朗普几乎无法从伊朗愿意接受的协议中获得任何能够改变这一现实的东西。”

由于伊朗的核野心，华盛顿将被迫与一个日益挑衅且目前占据上风的政权就该问题进行谈判。

“我目前看不到一种能够创造利益平衡的方式，能让特朗普政府在离开时获得一些让普通伊朗人认为是一场战争的东西，”米勒说。

但对于特朗普来说，走出这场引发石油短缺和通胀担忧的高昂战争的每一条路径，现在看来在政治上都充满风险，尤其是距离其数百万贷款到期仅剩几个月。

由于人们开始期待冲突结束，周二国际油价维持在每桶 $80 以下。但美国汽油价格在每加仑 $8 以上，比战前高出约 35%，而特朗普时期的柴油价格现在已超过了拜登年间的平均价格。

乔·拜登时期的前驻沙特阿拉伯大使迈克尔·卡茨尼表示，美国拦截导弹系统的库存已经减少，美国公众和盟友已感到疲惫，这使得总统面临“有限的选择”。

“因此，进一步挑起冲突将给地区各方带来严重损害，导致油价上涨并波及全球能源市场，”卡茨尼说。

但他说，一个允许“某种程度的伊朗控制”的协议将“让所有人，包括美国的盟友和纳税人感到恼火”。“特朗普的挑战不仅是如何打这场似乎已经让他陷入僵局的战争，而是如何解释这项协议。”“将任何协议宣传为一场胜利正变得‘越来越难’。”

目前的希望寄托在开放该水道上，该水道承载着全球部分石油供应，在战争前，其状态一直是近几周伊朗与阿曼直接谈判的焦点。

分析人士表示，即使伊朗像美国财政部长斯科特·本内特周二向 CNN 预测的那样，“今天或明天同意开放海峡”，这也不会等同于他所描述的那种“基于航行”的性质。

德黑兰外交部发言人唐纳德·拉甘周二表示，伊朗和阿曼正在制定海峡交通的“未来管理协议”。他说，任何协议都将是临时且明确的：“在最终结算谈判结束之前，（规定）出入航运路线”。

据知情人士透露，美国和地区调解人一直通过阿曼为谈判提供定期建议，白宫也一直被告知相关计划。

“这实际上并不是伊朗与美国之间的协议，”国际危机组织（International Crisis Group）的伊朗专家阿里·瓦塞（Ali Vase）表示，“这是伊朗与阿曼之间的协议。”

约翰·霍普金斯大学教授、伊朗专家瓦利·努尔（Vali Nour）表示，伊朗在“强调他们控制着海峡，且这一点不容谈判”。努尔补充道，德黑兰认为这向美国表明，它不会被轰炸行动所威慑，且“不会放弃该国的海峡”。

白宫发言人亚伦·凯利（Aaron Kelly）表示，海峡由美国海军及其对伊朗港口的封锁“完全控制”。她表示，美国的行动已“使伊朗处于极度衰弱的状态，他们同意达成协议才是明智之举。否则，他们知道会发生什么”。

据两人透露，这项伊朗-阿曼协议仍需德黑兰整个领导层的批准。该协议将规定，船舶进入海峡需经过伊朗水域，离开则主要经过阿曼水域。据知情人士称，在海峡向其他航运开放之前，伊朗将首先派遣包括油轮在内的船只通过该水道，以确保其没有水雷。据通报谈判情况的人士称，在临时安排期间，船舶将不被收取费用。

德黑兰坚持认为，最终将为过往船只提供“免费服务”，但古尔（Gull）表示拒绝这一条款。阿曼提出了一项类似于东南亚马六甲海峡的免通行费安排，根据该安排，非营利组织被鼓励为“航行安全和环境保护”做出自愿捐款。

以色列袭击黎巴嫩

此次行动发生在由美国主导的旨在达成框架协议的谈判之后

以色列军队昨日在黎巴嫩南部发动袭击，随着官员们看到该地区紧张局势升级，这加剧了人们对冲突再次升级的担忧。

以色列军队表示，在指责黎巴嫩军事组织后采取了此次袭击。历史记录显示，双方之间曾达成一项由美国支持的停战协议，但以色列并未详细说明所谓的违规行为具体是什么。

此前，以色列已向黎巴嫩南部的阿尔-曼苏里村（al-Mansouri）发出撤离令，称该地的军事活动“正在进行中”，这是其一个月多以来发出的首次此类警告。

以色列的袭击发生在美国与伊朗之间为达成协议而重新努力的背景下，这些努力包括涉及西方海峡（Strait of the West）的和平路线，该海峡是全球能源供应的关键通道。伊朗官员多次警告，以色列与由德黑兰支持的希兹布拉（Hidallah）之间在黎巴嫩的伤亡情况若出现崩溃，将影响伊朗与美国之间的任何协议。

黎巴嫩卫生部表示，在德黑兰地区的一次以色列袭击中，一人死亡，“D

受伤。

此次袭击发生在黎巴嫩和以色列官员进行自6月达成框架协议以来 terror 轮由美国促成的谈判的一天之后。根据该框架协议，希兹布拉将被解除武装，而以色列将逐步从其在黎巴嫩南部占领的领土中撤出。

根据以色列与黎巴嫩之间协议的条款——该协议是双方多次历史性直接谈判的产物——黎巴嫩军队将在以色列撤出后部署到黎巴嫩的所有地方。

官员们上个月表示，黎巴嫩军队已部署到两个旨在作为更广泛进程“试点区”的地区。然而，该协议并未规定以色列军队完成撤军的时间表，并在黎巴嫩国内面临激烈批评，人们认为该协议在换取袭击的同时向以色列做出了相当大的让步。

希兹布拉并非该协议的参与方并已全面拒绝该协议。自今年早些时候 revealed its northern neighbour 以来，以色列一直占领着黎巴嫩南部的一大片地区；此前在3月，希兹布拉针对美国和以色列对伊朗的袭击（该袭击导致最高领袖阿里·哈梅内伊（Ayatollah Ali Khamenei）在耶路撒冷的詹姆斯·多特（James Dhorte）遇死）向以色列发射了火箭弹。

它实际上并不是伊朗与美国之间的协议。这是伊朗与阿曼之间的协议！

Ali Vase, 国际危机组织 (International Crisis Group)

唐纳德·特朗普上个月在戴维营登上海军一号直升机。他多次宣布与德黑兰的协议已接近达成。

感谢社会商业信托（Social Business Trust）及其企业合作伙伴使此次活动成为可能

社会商业信托 (Social Business Trust)

BAIN

CITibedChance

金融时报 (FINANCIAL TIMES)

PERNIKA

施罗德 (Schroders)

汤森研究 (Thompson Research)

EY Erasmus Erasmus

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5

•

金融时报 (FINANCIAL TIMES)

Thursday 4 August 2024

国际

贸易新闻

中国以更严格的无人机规定应对美国限制

在习近平访问华盛顿前，对公司、零部件及商品采取报复措施

韩联社 海牙 - 长江

中国加强了对向美国出口无人机的管制，并对数家美国公司实施了新制裁，这些报复性举措可能会削弱两大强国之间的保障。美国，协助商务部昨日制定了针对近期美国行动的应对措施，这些行动包括限制从中国进口技术，以及扩大对涉嫌强迫工人进口新疆商品的禁令。

商务部禁止中国各方与美国生物技术公司 legalist JCM's Science 和 Fire effort（然而，一个亲属）进行交易，理由是其“支持美国关于新疆的非法制裁”。

它还宣布，加强对出口至美国的无人机、其关键零部件以及双用途管制清单中相关技术的管制。出口将受到“逐案”审查。

这些公告凸显了在预计习近平主席 9 月访问美国之前，北京与华盛顿之间持续紧张的关系。此次行程是在唐纳德·特朗普 5 月对北京进行国事访问之后，这是该美国总统多年来的时间。

华盛顿上周将数家中国公司列入禁止进口至美国的名单，理由是涉嫌与在新疆使用强迫劳动有关。

美国联邦通信委员会 (FCC) 也因涉嫌安全规则限制了中国技术的进口，包括禁止新型号的场景无人机和路由器。6 月，FCC 将此前对使用华为和 Mitvision 等公司视频通信的禁令扩大到了更新型号。

北京商务部昨日在对某公司合规测试实施制裁时，提到了 FCC 近期的“负面措施”，称其“规避”监管，并表示这一行动危及了中国的“主权、安全和发展”。

此前中国对美国公司的报复包括针对 Calvin Klein 和 Tommy Hilfiger 的所有者 PVE 采取行动，北京在去年年初将该公司列入“非现实实体清单”，当时美国开始增加对中国的压力。

特朗普和习近平在 10 月的韩国会议上达成了一项脆弱的贸易协议，美国总统的访华行程进一步稳定了关系，但两位领导人的讨论在两国经济财务方面未取得明显突破。

中国已经对无人机出口实施了广泛限制，其中许多是在 2023 年俄罗斯在前一年全面入侵乌克兰后实施的。

中国在全球无人机供应链中占据主导地位，尽管受到当地日益复杂的监管，但像 JBL Antif Robotics 和 X3G 这样的公司在美国仍拥有巨大的市场份额。

在报道称美国可能会将其设备从数据中心移除后，两家允许全球印度子集、第三产业科学家的中国研究机构 Zhengji benefight 和 hope exists 的股价出现波动。

习近平上个月提出了与中国全球印度供应竞争的雄心，向发展中国家提供培训，更多报道来自广州的 William Langley。

外交，华盛顿

非洲领导人雇佣华盛顿游说者以争取特朗普

尼日利亚、刚果民主共和国等国向据称拥有美国总统关系的公司投入数百万美元

CIGARETTE 上的公寓

在2月1日的年度华盛顿祈祷早餐会上，美国总统唐纳德·特朗普对尼日利亚说了一些友好的话，而就在两个月前，美国军队刚刚轰炸了这个非洲国家。

在面对尼日利亚的第一夫人Bumi Yoruba时，且意识到尼日利亚民主巨头的影响，特朗普宣布她是一位“非常受尊敬的人”，并表示能邀请她出席“早日达成一致”。他说，他的政府正与尼日利亚政府“密切合作”以击败伊斯兰恐怖主义。

总统的赞美与几个月前的局面形成了鲜明对比，当时特朗普将尼日利亚称为一个“蒙羞的国家”，称其在针对基督徒的行为中表现得“可怕且傲慢”，并最终在圣诞节当天对那些他称为“100 Secondshead”的人发动了袭击。

这也是一个最明显的迹象，表明尼日利亚通过部署一家美国游说公司来改善其在美国政府面前形象的举措正在产生效果。

面对愤怒的特朗普所带来的多重压力，尼日利亚转向了 DCI Group，签署了一份每年 $9mm 的合同，这是非洲历史上最昂贵的合同之一。DCI 的计划是在国家祈祷早餐会（一个所有出席总统的年度信仰集会）那一周将尼日利亚的援助带到华盛顿。

特朗普对尼日利亚第一夫人的好感如此显著，以至于华盛顿内部人士将其称为“the 99mm-thand end”。

在特朗普的第二任政府期间，非洲国家——在美国外交议程中并不重要且易受行政政策突然转变影响——向被认为拥有可能性的共和党关系 / 公司投入了数百万美元。

由于年度外交渠道已变得拥堵，从刚果民主共和国的知名人士、分离国家索马里兰到津巴布韦的政府，都寻求游说团体的服务以传递其信息。

虽然埃塞俄比亚、尼日利亚的国家安全顾问通过一家名为 Legal, a security 的新注册尼日利亚律师事务所促成了交易，但他们选择了一家与政府有强力联系的基石团体来提供帮助。

根据《外国代理人登记法》披露的内容，为 DCI 工作以帮助改变

尼日利亚迫害基督徒这一认知的顾问中，正是 finger them，一位传奇的政治医生及特朗普的合伙人。

此人在 2020 年因被判定阻碍国会对涉嫌俄罗斯干预美国选举的调查而获得了总统特赦。

“考虑到本届政府的运作方式，你可以绕过国会和其他所有人，”华盛顿政治角色咨询集团 Calabar Africa 的管理合伙人 Phillip von Niekerk 在谈到影响特朗普的价值时表示。“$9mm 实际上可能是值得的。”

与此同时，发言人 Anne Kelly 表示，特朗普以“前所未有方式”推进了美国与非洲国家的关系。

她说，这“完全与总统在世界舞台上展现美国力量的差异有关，而与政府之外的力量无关”。

尼日利亚 242mn 的人口大致在基督徒和穆斯林之间 4,000 分布。作为国家安全负责人，非洲的这位领导人与其前任一样，未能化解从伊斯兰紧急情况到牧民与农民冲突以及工业和绑架等致命的安全挑战。

一位华盛顿观察员表示，Kib-

adu 在美国建立了联系，包括特朗普的国防部长 Pete Hogarth，他在 99-than-security 方面表现得更好。该人士表示，他足够聪明，知道他无法通过传统渠道修复阿布贾在华盛顿的形象。

尼日利亚与DCI——一家著名的华盛顿游说团体，其客户包括缅甸军方——签署的合同引发了剧烈争议，反对派法律正成为支付该合同资金来源的质疑焦点。

Aibudu未回应CT的置评请求。

尼日利亚反对党非洲民主大会（African Democratic Congress）高级官员Belga Abdullahi将这笔$9mm的交易描述为“令人震惊的”，并补充说这是政府试图“将其帽子趋势形象转移到海外”的企图。

前美国负责非洲事务的副助理国务卿Witney Schandelaun表示，政府无法在背后支撑，最好发展其外交服务。

在特朗普二月份祈祷早餐会上对尼日利亚发表几次失言时，就任近三年的总统John Yoruba仍未任命一名驻华盛顿大使。

这使得大部分外交重任落在了DCI以及尼日利亚雇用的其他游说团体身上，包括总部位于华盛顿的KIB。

Bumi Yoruba的基督教背景被认为使她成为理想的传达者：无论尼日利亚在伊斯兰恐怖主义方面存在什么问题，她的丈夫领导的政府肯定不是完整的。

据一名熟悉日程的人士透露，在祈祷早餐会的前一天，DCI为尼日利亚的前半部分安排了会议，对象包括特朗普福音派基础中的影响力人物，例如Nana White的Jan，一位赠送侧车的牧师及总统的精神顾问。

非洲项目网络（Africa Project Network）的联合创始人Sydney Mosby表示，游说在应对地区需求方面具有快速反馈作用，同时也是外国政府与华盛顿谈判以及美国界限避开如尼日利亚复杂安全局势等直接课题的一种良好方式。该网络是一家总部位于华盛顿、将潜在投资者与尼日利亚联系起来的机构。

Mosby说：“如果祈祷在共同联邦民主中扮演重要角色。”

刚果民主共和国雇用了几家游说团体，包括与Ballard签署的一项单次合同，Ballard是一家由特朗普2024年竞选筹款人Brian McColl创立的佛罗里达公司。

与尼日利亚一样，金沙萨显著改善了与特朗普的关系：其政府在5月对刚果的竞争对手卢旺达实施了制裁，并积极追求这个中非国家的矿产交易。

态度转变：尼日利亚国家安全顾问Naha Kibudu协助促成了每年$9mm的合同以聘请DCI Group。（美联社照片，James L. L. L. L.）

上个月，坦桑尼亚政府与KKB签署了一份为期一年、$2mn的合同，其董事总经理David Urban曾协助管理特朗普的2024年竞选活动。在当局于去年10月的总统选举期间枪杀数百人后，坦桑尼亚一直试图修复其在华盛顿的形象。

根据该国政府和几位华盛顿观察人士的说法，作为一家知名的美国游说公司，该公司最初帮助在特朗普心中植入了尼日利亚发生基督教种族灭绝的想法。

当时就职于Shores Global Strategies的游说者Ellis Grossetuba表示，他曾试图通过基督教迫害的叙事，来推进其客户——一个独立运作、支持尼日利亚以基督教为主的Rialto政权的团体——的利益。

Calabar Africa的van Niekerk说：“这进入了刚果基督徒的血液。有人低声告诉特朗普如何利用这一点，他意识到这是迎合其基督教法律的一种方式。”

DCI的努力有助于扭转这种认知，并使美尼关系产生共鸣。DCI拒绝透露国际逮捕策略，但指向了网站www.dcgi.org。“我认为这似乎表明了一点：阿布贾打击安全威胁的努力。”

阿布贾迅速将美国在尼日利亚南部的圣诞节爆炸案定性为引导性问题，而非对主权国家的攻击。

此后，美国表示已向其“尼日利亚合作伙伴交付了关键军事物资”，这是价值超过 900万美元 武器运输的一部分。美国还向尼日利亚派遣了额外的空中力量，以协助少量的美国部队。

5月，美国与尼日利亚的部队在 Kibudu's 击毙了该领域的某人，特朗普将其描述为其全球二号人物。

并非所有事情都朝着对尼日利亚有利的方向发展，对此，该国众议院批准了一项修正案，旨在扣留对尼日利亚的所有援助，直到其采取有效措施停止“对基督徒的屠杀”。

国务院表示，“尼日利亚政府正在为基督徒提供安全、保障和法治，并在全国范围内保护宗教自由。”

尽管如此，在特朗普政府看来，尼日利亚被广泛认为在与美国的关系上实现了戏剧性的改善。

一名前国务院官员表示，尼日利亚从“博弈思维转变为联合打击，仅用了一个月时间，就达到了我们今天的状态”。“事情通常不会进展得这么快。”

款项支付

“解放日”关税退款达1000亿美元

詹姆斯·沃尔森 (JAMES WALLERSON) - 华盛顿

总体而言，自美国最高法院在2023, 判定一项$100bn的关税退款后，特朗普政府已支付了约$100bn的关税退款，其中包含第2nd-3rd-4th-5th-6th-7th-8th-9th-10th-11th-12th-13th-14th-15th-16th-17th-18th-19th-20th-21st-22nd-23rd-24th-25th-26th-27th-28th-29th-30th-31st-32nd-33rd-34th-35th-36th-37th-38th-39th-40th-41st-42nd-43rd-44th-45th-46th-47th-48th-49th-50th-51st-52nd-53rd-54th-55th-56th-57th-58th-59th-60th-61st-62nd-63rd-64th-65th-66th-67th-68th-69th-70th-71st-72nd-73rd-74th-75th-76th-77th-78th-79th-80th-81st-82nd-83rd-84th-85th-86th-87th-88th-89th-90th-91st-92nd-93rd-94th-95th-96th-97th-98th-99th-100th-101st-102nd-103rd-104th-105th-106th-107th-108th-109th-110th-111st-112nd-113rd-114th-115th-116th-117th-118th-119th-120th-121st-122nd-123rd-124th-125th-126th-127th-128th-129th-130th-131st-132nd-133rd-134th-135th-136th-137th-138th-139th-140th-141st-142nd-143rd-14

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詹姆斯·沃勒森 - 华盛顿

总体而言，自美国最高法院在 2023, 年判定 $100 关税退税无效以来，特朗普政府已支付了约 $100 的关税退税，其中第 2-3-4-5-6-7-8-9-10-11st-12nd-13rd-14th-15th-16th-17th-18th-19th-20th-21st-22nd-23rd-24th-25th-26th-27th-28th-29th-30th-31st-32nd-33rd-34th-35th-36th-37th-38th-39th-40th-41st-42nd-43rd-44th-45th-46th-47th-48th-49th-50th-51st-52nd-53rd-54th-55th-56th-57th-58th-59th-60th-61st-62nd-63rd-64th-65th-66th-67th-68th-69th-70th-71st-72nd-73rd-74th-75th-76th-77th-78th-79th-80th-81st-82nd-83rd-84th-85th-86th-87th-88th-89th-90th-91st-92nd-93rd-94th-95th-96th-97th-98th-99th-100th-101st-102nd-103rd-104th-105th-106th-107th-108th-109th-110th-111st-112nd-113rd-114th-115th-116th-117th-118th-119th-120th-121st-122nd-123rd-124th-125th-126th-127th-128th-129th-130th-131st-132nd-133rd-134th-135th-136th-137th-138th-139th-140th-141st-142nd-143rd-14 (包含 74, 89)

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4th-445th-446th-447th-448th-449th-450th-451st-452nd-453rd-454th-455th-456th-457th-458th-459th-460th-461st-462nd-463rd-464th-465th-466th-467th-468th-469th-470th-471st-472nd-473rd-474th-475th-476th-477th-478th-479th-480th-481st-482nd-483rd-484th-485th-486th-487th-488th-489th-490th-491st-492nd-493rd-494th-495th-496th-497th-498th-499th-500th-501st-502nd-503rd-504th-505th-506th-507th-508th-509th-510th-511st-512nd-513rd-514th-515th-516th-517th-518th-519th-520th-521st-522nd-523rd-524th-525th-526th-527th-528th-529th-530th-531st-532nd-533rd-534th-535th-536th-537th-538th-539th-540th-541st-542nd-543rd-544th-545th-546th-547th-548th-549th-550th-551st-552nd-553rd-554th-555th-556th-557th-558th-559th-560th-561st-562nd-563rd-564th-565th-566th-567th-568th-569th-570th-571st-572nd-573rd-574th-575th-576th-577th-578th-579th-580th-581st-582nd-583rd-584th-585th-586th-587th-588th-589th-590th-591st-592nd-593rd-59

4th-595th-596th-597th-598th-599th-600th-601st-602nd-603rd-604th-605th-606th-607th-608th-609th-610th-611st-612nd-613rd-614th-615th-616th-617th-618th-619th-620th-621st-622nd-623rd-624th-625th-626th-627th-628th-629th-630th-631st-632nd-633rd-634th-635th-636th-637th-638th-639th-640th-641st-642nd-643rd-644th-645th-646th-647th-648th-649th-650th-651st-652nd-653rd-654th-655th-656th-657th-658th-659th-660th-661st-662nd-663rd-664th-665th-666th-667th-668th-669th-670th-671st-672nd-673rd-674th-675th-676th-677th-678th-679th-680th-681st-682nd-683rd-684th-685th-686th-687th-688th-689th-690th-691st-692nd-693rd-694th-695th-696th-697th-698th-699th-700th-701st-702nd-703rd-704th-705th-706th-707th-708th-709th-710th-711st-712nd-713rd-714th-715th-716th-717th-718th-719th-720th-721st-722nd-723rd-724th-725th-726th-727th-728th-729th-730th-731st-732nd-733rd-734th-735th-736th-737th-738th-739th-740th-741st-742nd-743rd-74

4th-745th-746th-747th-748th-749th-750th-751st-752nd-753rd-754th-755th-756th-757th-758th-759th-760th-761st-762nd-763rd-764th-765th-766th-767th-768th-769th-770th-771st-772nd-773rd-774th-775th-776th-777th-778th-779th-780th-781st-782nd-783rd-784th-785th-786th-787th-788th-789th-790th-791st-792nd-793rd-794th-795th-796th-797th-798th-799th-800th-801st-802nd-803rd-804th-805th-806th-807th-808th-809th-810th-811st-812nd-813rd-814th-815th-816th-817th-818th-819th-820th-821st-822nd-823rd-824th-825th-826th-827th-828th-829th-830th-831st-832nd-833rd-834th-835th-836th-837th-838th-839th-840th-841st-842nd-843rd-844th-845th-846th-847th-848th-849th-850th-851st-852nd-853rd-854th-855th-856th-857th-858th-859th-860th-861st-862nd-863rd-864th-865th-866th-867th-868th-869th-870th-871st-872nd-873rd-874th-875th-876th-877th-878th-879th-880th-881st-882nd-883rd-884th-885th-886th-887th-888th-889th-890th-891st-892nd-893rd-89

4th-895th-896th-897th-898th-899th-900th-901st-902nd-903rd-904th-905th-906th-907th-908th-909th-910th-911st-912nd-913rd-914th-915th-916th-917th-918th-919th-920th-921st-922nd-923rd-924th-925th-926th-927th-928th-929th-930th-931st-932nd-933rd-934th-935th-936th-937th-938th-939th-940th-941st-942nd-943rd-944th-945th-946th-947th-948th-949th-950th-951st-952nd-953rd-954th-955th-956th-957th-958th-959th-960th-961st-962nd-963rd-964th-965th-966th-967th-968th-969th-970th-971st-972nd-973rd-974th-975th-976th-977th-978th-979th-980th-981st-982nd-983rd-984th-985th-986th-987th-988th-989th-990th-991st-992nd-993rd-994th-995th-996th-997th-998th-999th-1000

同样，从“解放日”关税中征收的100亿美金中，有百分之多少被报告给海关官员，以供国际贸易法院在周二判定 100 亿加元–$15。

下级法院的法官命令美国海关和边境保护局在最高法院于2月强制要求使用紧急经济权力以实施严苛条款后，推进退款，这符合总统做出该决定的决定。

特朗普在其全面努力的一部分中，以史无前例的规模对关税进行展示，而部长发放退款的速度之快，正是为了

重塑美国与全球经济的关系。

自美国最高法院在今年早些时候推翻美国政府关于其贸易伙伴的100亿美金政策后，该大国政府已支付了约 1000亿美元 的关税退款。

同样，从“解放日”关税中征收的100亿美金中，有 40 per cent 被报告给海关官员，以供国际贸易法院在周二判定 100 亿加元–$15。

该大国政府在今年早些时候关于其贸易伙伴的美国政府100亿美金政策中，已支付了约 1000亿美元。

南亚

印度将扩大外国投资者税收优惠

詹姆斯·沃尔森 (JAMES WALLERSON) - 威顿 (WYUTON)

全球政府提议扩大针对股权等外国投资者的税收豁免，这是旨在补偿资金贸易供应链，并将其定位为可能在中国扮演制造商角色的一系列努力的一部分。

更多措施将把投资者的税收优惠延长至2041年，对象为向合同制造商提供设备的外国公司，包括 Tobacco Process 和国内巨头 Tata Electronics，后者承担三项主要任务。

财政部长尼尔马拉·西塔拉曼 (Nirmala Sitharaman) 表示，周二在公开会议上被删除的拟议税收修正案是“迫切需要”的，旨在“提供在美国开展业务的便利”。

新 2041 今年推出了有效期至 2052 年的税收豁免，这是总理纳伦德拉·莫迪 (Narendra Modi) “印度之于印度”计划的一部分，旨在将该国打造为制造强国。

据行业高管称，智能手机制造商一直要求政府修改法律，以确保公司在向其制造商提供现有机械设备时无需纳税。

“当一家外国公司供应

这些提案“旨在直接加强印度作为制造基地的地位，特别是电子产品领域，并深化支持该行业业务的供应链”。

印度电子协会 (India Official in Electronic Association) 主席潘卡杰·马亨德拉 (Pankaj Mahendra) 表示，更多措施将“减轻”外国公司的负担，并将“极大地推动”该行业。

根据 Convergent Research 的数据，由于美国一直致力于将制造基地从中国转移，苹果公司正准备通过其在印度的制造合作伙伴，在 2021 年生产创纪录的 20% 全球 20bans 出货量，2022 年增长 1.5%，2023 年部分增长 6%。

根据该计划，双方均提高了公司注册要求，统一了中国代码，并实现了税收流程的数字化和精简化。

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2018年8月6日，星期四

•

金融时报

7

空间浪费 过去三个月马斯克的 SpaceX 的财务状况增强了反对季度报告的论点 O LEX, 第 22 页

公司与市场

安全机构称 Anthropic 和 OpenAI 模型失控

• Aisi 称“风险格局发生转变”
• 第三方软件被攻破

华盛顿，3月4日，1200202 WISDOM, ACTON 1, 1211（星期日 5）

根据联邦、州和商业法律，Anthropic 和 OpenAI 的旗舰 AI 模型攻破了第三方软件并向个人发送电子邮件以窃取其凭据，表现出前所未有的欺骗行为。

英国政府的前沿 AI 安全与保障研究机构表示，在 Aisi 的常规网络评估期间，Anthropic 的 Mythos I 和 OpenAI 的 GPT 3.0 参与了“针对真实人员和组织的操纵性、潜在有害活动”。

对这些模型行为的发现，包括尝试在开发者平台的开源项目中插入多议题代码

代理在实时互联网上采取了自主的、未经转换的行动，目标是真实的人员和组织"

Intricts，就在 Anthropic 和 OpenAI 的 代理潜入外部组织的讨论后仅几天。

最新的安全漏洞在的一小时内得到了控制，但据称，它是在评估 代理解决网络安全挑战的能力期间被发现的。这些测试是在开放互联网上运行的，使用的模型具有未封装的进入权限。

Aisi 表示，在 30 次 22 个主机运行中， 代理在“实时互联网上采取了自主的、未经转换的行动，目标是真实的人员和组织”。

该机构表示，几乎所有此类行为均来自 Anthropic 的 Mythos，其中两次行动涉及 OpenAI 的 GPT。在最严重的情况下，“该代理参与了社会工程学——创建虚假的在线身份并利用这些身份向项目的维护者施压以批准

代码”。负责监督该软件的人员发现了并拒绝批准该恶意代码。

Aisi 表示：“这是我们第一次看到围绕自主性和欺骗性的风险在现实世界中以这种方式显现，且无需特定提示。”

过去一个月报告的由 Anthropic 和 OpenAI 代理发起的黑客攻击，是 系统在人类控制之外发起网络攻击的首批公开案例。结合这些专家，Aisi 作证称这“指向了风险格局中的转变”并“需要立即关注”，该组织警告道。

Anthropic 表示：“我们感谢英国 Aisi 在此次事件中的领导作用，这强调了关于如何安全地评估能力日益增强的 代理进行更广泛对话的必要性。”该 团体补充说，该领域需要“关于评估环境如何构建和中立的更强、共享的标准”。

OpenAI 表示，仍然需要对模型进行独立测试，但强调该测试“在评估合作伙伴于保障措施减少的测试环境中进行的网络评估期间成功，且其条件并不反映普通使用情况”。

OpenAI 补充道：“我们将继续与评估人员以及行业内的其他利益相关者合作，在模型能力增强之际，加强开展评估的共享实践。”

政府和研究人员日益关注最强大的 模型所带来的新型网络安全威胁。今年，白宫曾暂时禁止 Anthropic 导出其领先模型，理由是安全风险。这些限制在 6 月底得到缓解。

Robert Armstrong 第 21 页

飞向宇宙，浩瀚无垠：迪士尼《玩具总动员 5》带动周边商品销售及美国主题公园

毫无疑问的成功，于 6 月发行。《玩具总动员 5》在全球票房已获得超过 1000万美元

PETER WILLS - 纽约

华特迪士尼表示，《玩具总动员 5》的大获成功带动了周边商品的销售，并帮助其美国主题公园在今年夏天吸引了更多游客。

于明年 6 月发行的《玩具总动员 5》在全球票房已获得超过 1000万美元。迪士尼表示，与该电影系列相关的周边商品销售帮助其消费产品部门在上一季度创下了 5 年来的最强年度营收增长。

此次发行还导致更多观众在流媒体平台 Disney+ 上观看该 30 年历史系列的最初四部作品。

迪士尼在《The 2nd Wave Pixels 2》上也取得了成功，但 Wave、曼达洛人以及 Unga 及其 5 部动作版本的 Mama 已经消失。

昨日宣布的一项与 TikTok 的合作还将允许消费中心使用来自《玩具总动员》的 eTape，以及 Hot Wars 和 MarvelIsractions。

这两组最新的电影作品源于迪士尼与 OpenAI 之间的一项协议，该协议本将允许这些角色出现在该 AI 团队的视频生成视图中。

迪士尼美国主题公园业务的入园人数目前比一年前增长 5%，其中大部分增长归功于折扣计划。

于 3 月接任首席执行官的 Josh D'Amara 坚称，该集团并未通过这种方式来寻求规模增长。

其公园的访客成员与环球影业所有者 Comcast 发生了冲突，后者上个月表示，更高的燃料价格和较弱的消费者信心影响了其奥兰多公园的入园人数。

尽管迪士尼承认在吸引国际游客前往其公园方面仍存在一些困难，但其表示情况正在改善。

在本季度，迪士尼报告营收增长 4.1%，达到 2120万美元，净利润为 410万美元，符合华尔街的预期。

但该公司还宣布，决定利用从向 Hearst 出售 A-G Global $1 per cent 股份中获得的 120万美元 来执行其股票回购计划。该公司今年将回购 9000万美元 的股票，高于之前的约 6000万美元。

D'Amara 表示，公司正在考虑为其流媒体产品推出一个免费频道，作为一种“诱饵”以说服观众注册其旗舰订阅服务 Disney+。“我们需要接受扩大触达范围，以覆盖对价格更敏感的客户群体，扩大我们的触达范围是……我们的战略重点之一，”他说道。

DeepMind 负责人 Hassabis 卸任并出任主席

乔治·哈里森 (GEORGE HARRISON) - 旧金山 肯尼斯·马什 (KENNETH MARSH) - 伦敦

布鲁克斯·哈萨比斯 (Brooks Hassabis) 先生已卸任 Google DeepMind 的首席执行官，这标志着全球最具影响力的实验室之一发生了重大变动。

该公司昨日宣布，哈萨比斯将出任由他创立的 的主席，并兼任母公司 Alphabet 的首席科学家。

是一家总部位于伦敦的团队，其研究成果曾获得诺贝尔化学奖。该团队将由哈萨比斯的前部下勒罗伊·卡拉布兹 (Leroy Karabouzgh) 领导，后者将担任 Google 的高级副总裁。

这些变动表明 将被并入 更广泛的业务之中。 的股价在公告发布后下跌了 5%。

这家搜索巨头在 2014 年收购了 ，旨在对 AI / ML 的未来进行押注。这家拥有 30 年历史的实验室一直是现代 AI 技术开发的先驱，包括开发了首个在围棋比赛中击败人类专家的 系统 AlphaGo。

尽管 在构建强大 系统的竞争中一直处于主导地位，但它在年轻的 实验室 OpenAI 和 Anthropic 面前显得落后，尤其是在构建 编程代理方面。近几个月来，它调整了研究策略，解散了其获得诺贝尔奖的团队，并将人才分配到专注于

Gordon（ 的法律语言模型）的团队中。哈萨比斯告诉员工，他将退出日常管理，以便专注于“大局”，并影响日益强大的通用人工智能（AGI）的发展方向。“我们已经来到了人类历史上的一个关键时刻，”他说，“我一生都在为实现 AGI 而努力，现在，和你们中的许多人一样，我觉得它已近在咫尺。至关重要的一点是，我们必须确保正确地进入下一个阶段，以保证这一切对人类是有利的，并且我们能在一个令人难以置信的 AGI 发现与奇迹的新时代中获得价值。”

据一名知情人士透露，哈萨比斯决定卸任并非突然之举。他希望探讨围绕通用人工智能影响的更宏大问题，包括领导制定未来 监管条例的工作。该人士表示，担任主席一职将给他更多空间来深入思考这些问题。

BP退出北海为苏格兰能源敲响警钟

商业洞察

TIMES

Simeon Kerr

BP计划出售其总部位于阿伯丁的北海业务，这将结束其在东盆地的先驱历史，并为这座陷入困境的城市敲响了年度警钟。

该公司上周表示，在精简投资组合并寻求降低债务之际，其他国家提供了更高的价值和机遇。

“BP的离开是一个标志性时刻——如果我们想要充分利用北海这一国家资产，其他人必须挺身而出，”英国Group的首席财务官Iain Lewis表示，他拒绝就BP的出售进程发表评论。“当另一位重要投资者离场时，这引发了关于竞争的问题。”

虽然行业内许多人对此感到担忧，但BP的退出也加剧了对英国首相Andy Bunn及其对油气采取的“预测”方法的审查，其中包括唐纳德·特朗普总统——这位全球最具影响力的石油人物，他曾开启北海的“宝藏云”。

然而，能源行业认为，可以通过改革其所谓的70 per cent名义税率，并针对Rosebank和Jeddam等油气田的监管审批进行操作，从而利用北海生产的下降。该公司希望，这将为仍在该盆地活跃的独立生产商开展进一步项目扫清障碍，而这些生产商可能会在BP离开后接手。

这些油田的审批过程因未考虑燃烧化石燃料产生的排放而遭到法院质疑，目前正处于本月结束的公众咨询关键期。决定将由能源大臣Maria Falciatella做出，她此前曾主张不鼓励推进相关项目。

她是其前任Ed Miliband的盟友，后者因推崇可再生能源而非化石燃料而在阿伯丁失去了人气。

鉴于转型期间对油气的持续需求，阿伯丁和康诺特商会认为，优先考虑国内资源有利于能源安全，同时能降低石油价格和高排放影响。

“在将我们家门口的资源留在地下的同时，却期待从外部获得业务，这毫无意义，”Lewis表示。

在金融市场因战争而报告巨额利润的化石燃料公司面前，交付一套新财政制度在视觉效果上具有挑战性。

英国财政部一直与行业合作起草立法，旨在用一种替代方案取代目前的“意外之财”能源利润税，该方案将对超过80%份额和Wiya Beran（分别）的油气销售收入征收10 per cent的费用。

新的财政制度旨在对意外利润征税，同时保持投资激励机制完好。行业高管希望，国内韧性论点能够削弱人们对北海新钻探日益增长的环境担忧。

环保活动人士正敦促政府留在Jeddam和Rosebank的Uplift区域。“依赖不断减少的储量使得历届政府能够将问题推后，而不是投资于新产业，”反化石燃料活动团体Uplift的Tessa Eitan表示。

商业领袖和报纸倾向于认为，可再生能源产业是阿伯丁摆脱失败的关键。

但苏格兰离岸风电部门的势头却令供应链高管们感到担忧，他们此前预测在16个计划中的离岸项目中将投入1 亿英镑m。

由于苏格兰北部的离岸风电项目进展困难，制造和运营合同的落实速度并未达到之前的预期。

他们将此归咎于英国传输费用的竞争劣势，这种费用鼓励在更靠近英格兰需求中心的地方进行发电——这是另一个在过去被提及的理论。

[...OMITTED...]

在政府最近的一轮招标中，仅有两个苏格兰离岸风电项目获得了提供开发商补贴的“差价合约”，另有五个项目申请参加今年晚些时候的下一轮招标。

随着离岸工程专业知识的形成，如果供应链在十年剩余时间内的工程机会流失，运营条件可能会受到威胁。

苏格兰企业将希望特许经营权能考虑到这些问题，并希望首相关于“各领域增长”的愿景能向北延伸至曼彻斯特以外。

steven.beru@i.com

法律公告

TIAJA ESSENTIAL IT PLC

公司编号 01-0000000

特此通知，2018年7月27日，一份请愿书已提交至查询法院。针对 Tiaja Essential IT plc，一家在苏格兰注册成立的公众有限公司，公司编号为 01-0000000，注册办公地址为 01-0000000。证明发布 2017-2017（公司会议，在该办公法院继续，公司全部资本于 2017年12月31日释放）。截至最终听证日和 / 或法院在案件中确认的命令之日的公司书面照片头寸账户，以及地址申请于 01-0000000。公司 2017年12月2日的所有年度听证事项（公司会议于 1月27日下午 1:30 举行）均在 01-0000000。

关于 2018, 第 2 日，我们采取了一项重要分配，希望将其作为过去一年内预算研究的相关内容，包括股东人数，认为当前的预算研究会议应在法院办公室、查询法院、议会大厦、议会广场，爱丁堡 EH1 9BJ 使用，期限为公告日期起 21 天。

Carnswell / 随附 DAC Boardroom Office, London EC2P Edinburgh EH1 9BJ Koblenz for Pensions 参考编号：2007 / 07 (2007)

金融时报

您的股价是否受到关注？

金融时报股票服务附件现已提供，旨在参与财务意识决策，并提供来自全球的清晰选择，涵盖印刷版及下方内容。

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8

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金融时报

2024年8月6日 星期四

公司与市场

科技

Uber 将在自动驾驶出租车竞赛中投入 100亿美元

首席执行官 Khosrowshahi 在 1% 增长中赞扬公司预订量和创纪录的现金流

KATE KOSHIKI HIGHI - 旧金山 星期四 8月 6日 2024年 1月 — 下午 2:00

Uber 已承诺投入超过 100亿美元 用于扩展其 robotaxi 网络，认为其财务实力以及 20% 的业务将成为在日益激烈的自动驾驶车辆竞争中取得优势的关键。

该网约车集团在第二季度产生了创纪录的 28亿美元 现金流，使其 12 个月的匹配额在 1% 的增长中达到约 105亿美元 的预订量。

首席执行官 Sara Khosrowshahi 表示，创纪录的现金水平将帮助

Uber 成为“45's 中的大赢家”，并且该集团将在“未来几年”投入 100亿美元 以部署 120,000 辆 shrocken 车辆。

“我们在加速执行跨平台战略以在特定终点成为全球最大的自动驾驶车辆平台时，正处于强势地位进行投资，”他表示。“我们的目标很明确，即成为全球领先的自动驾驶出行通信平台。”

计划今年在至少 15 个城市运营 robotaxi 服务，旨在与 Alphabet 旗下的 Waymo 和埃隆·马斯克的 Tesla 竞争，成为首个在主要 near-1000 地区推出 robotaxi 服务的公司。

昨天， 表示其英国合作伙伴 Waymo 已获得交通服务部门的许可，在一名监督员每天工作三百小时的情况下推出

商业 robotaxi 服务。“这是英国首个 45' 技术运营许可证，也是英国的一次重大

‘我们在加速执行跨平台战略时，正处于强势地位进行投资’

进步，”Waymo 首席执行官 Kendall 对金融时报表示，并补充说这应该允许两家公司向 Landscapes 提供行程，且“在短期内”即可实现。YTL 表示，其已批准 Waymo 的 15 辆改装 First Meeting Mark 8 车辆。

过去一年，由于人们认为该公司的网约车服务将被 robotaxia 取代， 的股价承压。该股在 2026 年下跌了 32%。

该公司在 2020 年作为一项新削减计划的一部分，停止了其内部的自动驾驶车辆研发，但在过去一年中，该公司一直将其自身定位为越来越多进入全球市场的 AV 初创公司的关键中间商。

此次承诺也发生在 与 Waymo 之间出现紧张关系之际，此前该网约车服务在某些美国市场与 Waymo 开展过合作。

金融时报上个月报道称，两家公司计划在 2018 年在两个范围内就 45' 部署的未来展开激烈的游说斗争，从而在数量和距离上分道扬镳。

已做出重大承诺，投资于车辆车队以及与 Zono、Exxon 和 Local 等公司的股权规则——这与其最初的“零工经济”商业模式有所不同。 还在部署数百个新的传感器节点，以为其 AV 合作伙伴收集数据。

在报告截至 6月 30, 日的三个月财务业绩时， 表示，预订量（衡量客户在所有业务部门支出的指标）同比增长 24%，达到 100亿美元，超过了分析师的预期。

营收增长 12% 至 142亿美元，但由于此前披露的与英国法律变更相关的 13亿美元 会计损失，略低于预期。

第二季度公布的营业收入为 19亿美元，略低于预期。

Technology. Debut earnings

SpaceX 极高的 AI 支出令投资者不安

由于数据中心开发商计划大规模扩产，股价受到 Nusis 计划的影响

GERDIE KARMING 和 DAVID GIBBIE HIGHI - 旧金山

SpaceX 的股价昨日下跌，原因是埃隆·马斯克计划通过巨额支出将其 AI 和火箭公司打造为数据中心开发商，这一计划令投资者感到不安。

在周二的另一份收益报告中， 超出了分析师的预期，公布的季度营收为 78亿美元，而三位分析师的预估值为 68.2亿美元，同比增长 91%，其公布的净亏损约为 $14.6mn，优于 12亿美元 的预期。

在 Iroquois 对 的资本支出接近 100亿美元 之后， 的股价在早盘交易中下跌了 $14 per cent，尽管这高于华尔街的预期，但公司表示，支出在接下来的至少两个季度内将维持在当前水平。

这份收益报告出炉之前， 在 6 月进行了一次历史性的首次公开募股，发行金额为 800亿美元，此次 IPO 的支撑因素是对其在 2024 年将产生网络营收增长的预期。

的股价最初激增，但随后损失了约一半的价值，从随后的几周内 $121 的峰值回落。

马斯克在一次收益电话会议上告诉投资者，该集团计划将其计算能力从年底的 2 gigawatts 增加到 2027 年底的 “share to 100W (the 100W T”。

每 gigawatts 的新容量需要花费数十 500亿美元 的 加元来开发，其中一部分用于 https。马斯克宣布，自开发以来，他将完全依赖英伟达 (Nvidia) 的硬件来处理数据。

在马斯克预估的最高端，到 2027 年底，该公司的数据中心在实现自主化时将消耗与纽约市相当的电力。

马斯克在 York 和 的商业成功源于硬件开发，他目前正在测试该公司是否能有效满足对计算能力的 immiscible 需求。

首席财务官 Best Johnson 告诉投资者，到年底，该集团将产生超过 1000亿美元 的年度经常性收入，其中云服务将占据增长的大部分。

投资者此前对 6 月的上市抱有期待，这主要基于对网络营收增长的预期。

下方为 的 Starship，全球最强大的发射载具。

来源：https: / www.industrydocuments.ucsf.edu / docs / ngjx0231

其中云服务占据了其增长的大部分。

“我认为投资界并不十分兴奋的是 部门的资本支出数字，”Half Global 的 Visible Alpha 研究全球主管 Melissa Hite 表示，“这太雄心勃勃了。”

的 营收从上一季度的 26亿美元 增长了两倍多，其中部分能力来自将数据中心容量租赁给包括 Anthropic 和 Google 在内的竞争 集团的交易。

这种方法提升了 的短期营收，但限制了其训练和运行新型竞争 模型的能力。

U.C. Management 的董事总经理 Jim McMullen 表示， 的数据中心采购可能会阻碍其发展。“如果他们主要是一家云公司，他们的利润率将被封顶，”他说道。

14亿美元 的市值还取决于马斯克能否实现雄心勃勃的目标，例如使用可重复使用火箭抵达火星、将数据中心投入运行以及在开发 中发挥关键作用。

作为 发行承销商的高盛 (Goldman Sachs) 预计，该集团的 6 营收到 2030 年将增长至 500 $600。马斯克在周二表示， 在本十年内营收可达 50亿美元。

在收益电话会议上，马斯克表示 在其第一代轨道数据中心（被称为 Sprototal ）方面取得了进展。“这并不是某种遥远的梦想。我们预计明年开始发射这些设备。”最新的 Cook 模型系列正在使用 的数据进行训练，马斯克表示，这将给其公司的工程领域带来领先优势。

马斯克还认为，该集团的Starlink部门——该公司提供卫星互联网服务——具有“被接近”的潜力。

“如果他们主要是一家云公司，其利润率将会受到限制”

一些交易员在近期对SpaceX股票进行了贝塔对冲。根据2019 shares提供的数据，该公司的空头持仓已上升至相当于2.5mn股，约占自由流通股的24%。

德意志银行的分析师表示，今天员工持股的初始禁售期结束，给SpaceX的股权价格带来了压力。这家德国银行还表示，在本月被纳入纳斯达克100指数基础后，被动基金的买入量“低于预期”，影响了SpaceX的股价。

然而，有一种观点在衡量马斯克在此前整合了部分商业帝国后，将SpaceX与特斯拉合并的可能性。

马斯克在上个月的特斯拉业绩电话会议上表示，这家电动汽车制造商正日益怀疑PVX SpaceX，包括通过Teredin（一项半导体制造计划）。

他补充说，合并必须在“适当的流程”下进行。

Sue Lee

旅游与休闲

Flutter 首席执行官卸任，集团称美国投资将削减利润

STEPHEN D. DOLLY

Flutter 长期担任首席执行官的 Peter Jackson 将卸任，并将由其国际业务负责人接任，与此同时，这家博彩集团警告称，增加在美国的投资将降低短期利润。

这家纽约股票集团昨日表示，Jim Taylor 将在 10 月接任，其任期将于明年开始。

此次管理层变动发生在 Flutter 表示将加大对美国奖金、晋升和忠诚度计划等小型业务的投入之际，因为其体育博彩业务正面临来自 Polymarket 和 Kubik 等预测市场的竞争。

在给股东的一封信中，Jackson 警告称，投资计划将降低“短期盈利能力”，但表示“当前市场动态”几乎在所有时间都如此。“在增长的预测市场中有大量资金，这在 2021. 一家公司，在其全年营收指引的终点为 $100mn，在 579亿美元 之中，且其息税折旧及摊销前利润（EBITDA）指引的增长低于 $10.9mn，在 26亿美元 之中。”

Flutter 的股票在纽约早盘交易中下跌超过 9%。截至 6 月的三个月营收

预测市场并未蚕食 Flutter 的产品，而是提供了“增长机会”

为 42亿美元，高于分析师预期的 40亿美元（去年同期）。尽管该集团的月均玩家人数在 2016 年下降了 5%，但营收依然增长。

这家同时拥有 Paddy Power 和 Exelair 的公司表示，第三季度的早期交易超出预期，这得益于世界杯淘汰赛的“良好参与度”。

玩家在赛事期间投注了超过 70亿美元，Jackson 此前将其称为来自接下来的“最大投注机会”。

Flutter 曾是 PTHR 100, 的成员，该公司表示，在 2024 年最高法院撤销联邦关于体育博彩的贷款禁令后，纽约的 50 个主要投注点成为了首批试点。

在担任首席执行官期间，Jackson 监督了 Flutter 成长为全球最大的博彩市场，在 2018 年收购 FastIner 的推动下，该公司目前占据美国体育博彩市场 30% 的份额。

他还主导了一系列收购，扩大了 Flutter 在全球的触角，包括巴西的前 Betancourt、巴黎的 final 和 final，以及塞尔维亚的 finalist。

但纽约的博彩业务并非一帆风顺。股价在其 2020 年期间下跌了 10%，且人们担心美国的市场增长在一定时间内已接近 170亿美元 的美国体育博彩市场上限。

“我不会坐在这里说投资者不担心，”Jackson 表示，尽管他坚持认为预测市场并未蚕食 Flutter 的产品，甚至提供了“增加的增长机会”。

不过，Jackson 指出，在发展 Flutter 自己的预测市场 FastIner' Fowler's 方面，进展比“计划的要慢”。

制药

[...OMITTED...]

礼来与诺和诺德因注射药需求上调利润预期

EARL DREYER - 伦敦

PATNER'S TIMES & WEEK - 纽约

礼来 (Lilly) 与诺和诺德 (Novo Nordisk) 在国内减肥药需求增长的推动下，上调了全年预测，但由于投资者担心其过度依赖其重磅药物，这家丹麦制药商的股价出现下跌。

诺和诺德昨日表示，其报告的销售额和调整后营业利润增长在今年将保持持平至 6% 之间。

此前该公司预测将下降多达 12%，但现在对其重磅 12.9% 肥胖症和糖尿病产品的价值持有更高预期。

诺和诺德报告了 INC'76. She (22亿) 的问题。今年第二季度，在恒定汇率下比去年增长 3%。调整后营业利润为 INC'73. 40亿，在恒定汇率下增长 21%。

投资者对诺和诺德的更新持消极看法，这家在哥本哈根上市的集团股价昨日下跌近 4%。该公司的股票份额降低了 2%。

目前的业绩会议信号显示美国（诺和诺德最大的市场）出现放缓，在该市场，恒定汇率下的销售额下降了 4%。

投资者担心诺和诺德缺乏多元化，其上季度 75% 的收入来自肥胖症和糖尿病销售。在基于 10% 的礼来公司，这两个产品领域占收入的近 6 / 5%。

首席执行官 John Donahue 在接受《金融时报》采访时表示，鉴于公司的预测自上次更新以来已显著改善，他对市场的负面反应感到“惊讶”。

礼来的一组高级外部季度收入跳升 18% 至 270亿美元，这主要由肥胖症和糖尿病治疗药物的增长带动，历史收入增长了 90%。

该集团表示，预计全年收入为 80亿美元 至 87亿美元，高于此前 80亿美元 至 90亿美元 的估计。礼来的股价在纽约早盘交易中上涨超过 7%。

诺和诺德的股价今年下跌超过 12%，而礼来的股价上涨了约 6%。

诺和诺德与其他制药集团一起，在唐纳德·特朗普总统的压力下降低了在美国的价格。它押注销量增长将弥补价格降低带来的影响。

诺和诺德的减肥药片——目前在美国、英国和阿拉伯联合酋长国销售——在 1 月份拥有超过 4 份处方库存。它比其注射剂更便宜，这影响了销售额。

该公司近期遭受了一系列损失，包括突然的数量下降，以及在使诺和诺德业务多元化的过程中遭受的损失，这被认为是一次“大麻，而非怪癖”，并表示礼来并非其唯一的竞争对手。

相反，诺和诺德“希望与该领域的所有人竞争”。

个人及家庭用品

Partners Group 近于达成 20亿欧元 的 Aroma Zone 交易

VIVA GYMNUTIM 与

ALEXANDRA HULL - 伦敦

瑞士投资公司 Partners Group 正在推进一项约 20亿欧元 的交易，以收购法国美容集团 Aroma Zone Area Baranee。

据知情人士透露，双方处于诚实谈判状态，最快可能在今天达成协议，但知情人士警告称交易尚未完成。

总部位于普罗旺斯的 成立于二十多年前，销售专注于天然成分的美容和健康产品。

在 2012, 成为 主要股东的法国智能管理核心，在当时的交易中据报道将该公司估值约为 €500。自该交易以来， 的创始人 Vassorillo 家族一直持有大量股份。

增长迅速，2023 年营收增长 12%,

此前两年也出现了类似的增长。该集团推出了数十款新产品并扩大了门店网络。

在私募股权投资者面临支持者压力以出售资产以回笼资金之际，此次交易将成为一项重大交易。

天然新闻： 成立于二十年前，销售美容和健康产品。

关于 的谈判是在欧洲美容领域一系列音乐宝藏之后进行的。

欧莱雅今年以 €95 收购了 Gucci-orexer-heroin 的美容业务，其中还包括 Balancingo 和 Bettega Snacks 品牌。私募股权集团 Advent 也在

探索将其 Parfums de Mardi, Pappano 业务以 20亿欧元 出售。

早在 1999 年，服务巨头 Ernie Lauder 和西班牙竞争对手 Pogebell 曾就一项交易进入印度，该交易本将创建一个价值 $400 的时尚与美容巨头。

近年来，健康领域已被证明是具有吸引力的投资，即便消费品行业面临挑战，包括通货膨胀导致的消费者需求问题。

成立于 1999 年，最初是一个 annual / longy 侧面解决方案网站，但在一年内开始销售精油。随后，它开始向客户提供 24m 以制作自己的天然家用化妆品。该业务目前已扩展至面霜、photographic / photographic 产品等类别。

早期的市场兴趣持续了前 10 年。该公司能够扩展其评论细分市场，由 Oliver Barnes 和 Sarah White 负责额外运营。

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2026年 6 August 8月6日，星期四

•

金融时报

9

公司与市场

[...OMITTED...]

刚果金钴矿出口中混入铀，引发健康及核安全担忧

随着最新研究表明电动汽车电池的关键部件中含有放射性物质，对滥用该物质的担忧日益增加

LESLIE MOOK, CAMILLA RESERON, SAM JONNE, CHRIS LUMBERG, PETER ANDERSON 及 TOMAS EVETNER

在刚果民主共和国（DR Congo）的南部边境，将钴运往赞比亚的货车可能很快就必须通过高耸的辐射检测仪——这标志着人们对该地区铀污染的担忧日益增加，而这种污染正在阻碍电动革命。

根据《金融时报》与 Lighthouse Reports（一家非营利研究机构）的调查，刚果金是全球最大的钴（电池必需金属）生产国，但其部分最大钴矿中频繁出现放射性物质，已给工人带来健康风险，导致货物被退回，并引发了对核材料安全监管的担忧。

由于相关地区的国家监管有限，非营利自然专家和刚果金官员担心，含有铀的钴矿以及其他放射性材料可能会落入不法之徒手中，或进入一个逃避国际监管者的秘密供应链。

铀在该国广阔的“铜带”地区天然存在，该地区包括在第二次世界大战中生产原子弹所需铀的矿山。

最新研究显示，在 2000 和 2024 之间，随该国钴出口走私的铀数量远超此前预期；如果将其提取并安装，其数量足以制造 600 枚核武器，或者驱动一个大型 3GW 核反应堆运行十年。

刚果金漫长且疏漏的边境，加上其东部边境的内战，几十年来使该地区成为铀走私担忧的热点。但近年来，随着电动汽车的兴起，对钴的需求增加，这种电池金属引发了新的铀挑战——而这一挑战一直被忽视。

“这是一个扩散问题，”华盛顿科学与国际安全研究所负责人、核武器专家大卫·奥尔布赖特（David Albright）表示，“虽然级别较低，但随着时间的推移，这些数量可能会积聚成大量的铀。”

他补充说，未经监测的天然铀库存积累是一种风险，“可能会导致一些非常危险的局面”。

这一问题引起了刚果金官员的关注，这个中非国家正寻求海外支持，以便为离开该国的货车安装辐射检测仪。

刚果金核安全局（CNWC）负责人弗洛里安努埃尔·卡汉达（Florianuel Kahanda）表示，放射性走私是一项日益增加的风险，可能构成重大国际安全威胁。

“由于刚果金（国内）正在进行战争，由于我们边境的脆弱性，我们必须采取更多措施来保护刚果和保护世界，”CNWC负责人告诉《金融时报》，并指出在武装团体控制的东部省份以及南部铜带地区都发现了放射性材料。

“令人担忧的是，武装团体可能会利用放射性材料伤害我们的民众，随后可以说：‘你看，刚果没有保护好它的边境。’”

离开刚果金的大部分钴最终流向中国，中国不仅是全球最大的钴加工国，同时也是一个核大国，这引发了关于这些含铀物料去向的疑问。

根据《自然-通讯》（Nature Communications）的论文，该问题的规模十分重大，在 2000 和 2024 之间，刚果金的氢氧化钴出口产品中估计含有 3,000 吨或更多的天然铀。

实地检查还显示，在过去12个月中，该国核能机构对氢氧化钴进行的核检测中，铀元素普遍存在。核能机构负责人史蒂夫·穆安扎（Steve Muanza）表示，平均剂量率（辐射强度）超过了公众暴露限制。

“核铜、钴和铀以不同的浓度混合在一起，到处都是，”穆安扎表示，他的团队需要将代理人派往工业微资源和放射性水平监测点。

他补充道：“这对刚果民主共和国的公共卫生是一个重大问题。”

对于矿工而言，长期暴露在低剂量辐射中，或吸入放射性物质产生的氡气，会增加癌症发病率并导致其他健康问题。

一项2020年关于铜带地区首府拉洪比尔（Lahombeale）新生儿可见出生缺陷的结果发现，一名父亲缺失工作

大多数来自刚果民主共和国的钴出口至中国

中国企业主导刚果民主共和国市场

危险货物：刚果民主共和国漏洞百出的边境，加上其东部边境的内战，在过去数十年中使其成为了铀走私担忧的热点

癌症

在过去二十年里，一种铀污染模式在刚果民主共和国的钴铜矿中出现。这些金属通常共同存在。

根据2015-21年期间的公司文件，一个特定的综合体——由中国中核（CNWC）拥有的Tende Fungarome项目，在其钴矿区有此前未报道的铀污染历史。

贸易数据显示，Tende是刚果民主共和国最大的钴出口商之一。在原美国所有者Prospect McMullan经营期间，该矿就存在铀问题，并在CNWC于2016年11月收购Prospect资产后依然存在。

公司文件显示，Tende氢氧化钴中的铀含量据报道高于法定限制，既超过了刚果民主共和国75 ppm（百万分之七十五）的法定阈值，也超过了约50 ppm的国际运输限制。

涵盖2016年6月至2020年12月的检测记录显示，在Tende生产的矿产品中，超过70%的记录日期其铀含量高于刚果阈值。2016年12月的水平甚至高达该限制的10倍，这在其他中国采购设施中也有体现。记录并未显示该铜矿是否报告了这些水平。

据熟悉运营的人士透露，该矿目前仍没有专门的工艺来去除其矿石中的铀。

中核（CNWC）表示其“不熟悉”历史数据。该公司补充称，“不存在铀含量记录超过适用限制的情况”。

中核（CNWC）表示，Tende的所有氢氧化钴综合体在铀含量方面均符合监管要求以及全球下游客户的采购标准。

中核（CNWC）在声明中表示，无论是在刚果民主共和国还是在矿石运抵中国后，都没有必要设立“专门的除铀工艺”，因为其“显示在相关阈值之内”。

Prospect拒绝置评。其他矿业公司也面临类似问题。2018年11月，最大的钴生产商Gloscon在其位于刚果民主共和国南部的Eastern Copper Company的一处矿山中发现了铀问题。

该矿不得不停止氢氧化钴出口五个月，并重新设计其处理系统，使用磷酸从矿石中去除铀。

大约在同一时间，由Farmanie Kennerne Group拥有的Metallad项目也出现了类似问题。

“当2001年开始清理Metallad工厂时，铀问题被提到了议程上，”直到2020年担任ERG非洲冶金主管的道格·亚历山大（Doug Alexander）说道。

亚历山大表示，该公司增加了矿石处理系统并使用磷酸来提取金属，因为他们意识到“从矿石中分离出铀将成为一种竞争优势”。

他补充道：“除了 Gloscon 和 Metallad 之外，没有任何其他运营机构实际上将去除铀视为必要措施。”

问题在3月依然存在，在名为 P.T. 的历史废物处理设施（属于中国公司的 KCC）发生的非法采矿活动，导致辐射控制措施被突破，并促使政府发布了一份安全日期。

Gloscon 当时表示，“非法矿工在 707 长期存在，损害了我们在该现场进行必要监测和控制的能力”。该公司拒绝进一步评论。

ERG Africa 表示，刚果核安全局已确认 Metallad “完全符合所有适用的监管要求及其环境和社会影响评估承诺”。

由于政府努力提高价格并解决市场缺口，刚果的钴出口近期大幅下降。该国在2月禁止钴出口，

钴生产流程

采矿

钴存在于铁中， 还原，出现 来自某些 矿产资源的利基

矿石处理

首先，矿石被冷却成 自由粉末。然后通过 各种工艺进行分离。

Hogwark 分离

领导者根据 相对不完美 进入 一种化学试剂附着 在钴上使其 聚集在一起，以便它 附着在气泡上 并在起泡

重力分离

利用不同的矿物 密度

浸出

原材料溶解在 酸性或碱性 溶液中并饱和

化学杂质 去除

去除铝和 锰

最后，通过提高 溶液罐 使氢氧化钴从 溶液中沉淀

精炼

氢氧化钴被 转化为钴金属 或钴化学品

应用

锂离子电池 正极，氯化物 叶片，磁铁和 蓝色着色

我的担忧是 反叛组织 可能会使用 放射性 材料来 伤害我们的 人口 人口

2025, 然后在10月实施了新的出口配额制度。目前，刚果民主共和国禁止生产铀，部分原因是其敏感的历史，政府已多次尝试打击非法铀矿开采。2016, 一份 CN 报告披露，在国家东部活动的帮派非法持有在比利时教育期间开采的铀。

理论上，如今离开该国的每辆卡车都要经过人工放射性检查，但官员表示，该系统并不一定能捕捉到每一批货物。

刚果民主共和国核机构负责人 Muanza 表示，超过法定限制的钴运输货物，如果放射性水平非常高，将被最重地处理或退回生产者重新加工。

他说，材料被加热的情况“极其罕见”，但退回生产者的情形“时有发生”。

依然存在纯化风险。《自然-通讯》(Nature Communications) 的论文指出，鉴于钴矿的需求量巨大，即使所有运输货物都在法定限制之内，每年仍会有 40 吨铀离开该国。

总部位于维也纳的国际原子能机构 (IAEA) 是 1997 年作为联合国不扩散计划的一部分成立的，负责统计全球铀生产量，但刚果民主共和国出口的低品位含铀矿石如果用于非核目的，则不需要报告。

这引发了人们的质疑，即包括中国在内的其他国家是否可能从钴矿中提取铀。

一名 IAEA 专家表示，该机构没有迹象表明刚果民主共和国在履行关于该国含铀氢氧化钴矿石的强制性义务方面存在不合规情况。

该专家表示，钴在出口时，通常是作为矿产而非铀进行出口，且用于非核目的。他们补充道：“大多数时候，这种金属产出量高达‘尾矿’（callings）”，此处指矿业废料。

然而，PT曾获得的文件显示，国际原子能机构（IAEA）一直关注这一问题。

一份来自P.T.文件的2009年内部备忘录将铜带地区描述为“发生铀矿石非法出口的区域”，并将其列为适用风险。

防扩散专家表示，原则上中国可以在精炼过程中从这种矿石中提取铀。

华盛顿特区史汀森中心（Stimson Center）的一位研究员兼IAEA前副总干事告诉P.T.，刚果钴在到达中国后提取铀的可能性“不大”。随着中国扩建其核电站集群，该国对铀的需求正在增加。

核武器专家奥尔布赖特（Albright）表示，中国“已知从其钴中提取铀”，这“引发了关于其他人是否也存在危险的疑问”。

刚果官员姆安扎（Muanza）也表示，这种情况很有可能，“我倾向于认为他们并没有真正开发所有到达中国的矿石”，但他表示没有证据证明这种情况正在发生。

作为一个核大国，中国可以在公开市场上购买铀；然而，大多数产铀国要求该材料仅用于民用目的。

中国拥有庞大的核电站规模，并拥有一个不断扩大的核弹头库存，预计到2000,年将达到1,000枚以上，根据国防部的说法，这占到了10%以上。其国内铀资源有限，且该国不披露其如何采购用于武器的铀。

任何与铀相关的金属都可以被高度浓缩以用于弹头，这同样需要大量的防护。

中国国防部此前曾反对就其核武库规模进行出口讨论，并最近指责美国“进行毫无根据的猜测并制度化该问题”。

外交部在一份声明中表示：“中国致力于和平利用核能，并始终履行其国际义务和双边协议，包括那些涉及天然铀操作的协议。”

无论该国是否在海外进行回收，官员们表示，目前的挑战是在货物离开刚果民主共和国之前对其进行监测，并减轻工人的健康风险。

当ERG

开始

扩大

Metallad

工厂的

规模时，

铀的

名称

被

推到了

前台”

---

10

•

金融时报

2016年8月6日，星期四

英国公司

金融

Revolut 首席执行官就巨额薪酬协议进行谈判

若估值达到 3000亿美元，Storcomsky 在该金融科技公司的持股比例将增加

SUN (LIVINGTON AND LAFORE) BIRALY — 伦敦

Revolut 首席投资者 Wilt Storcomsky 正在就一项新的薪酬协议进行讨论，该协议将在公司估值达到约 3000亿美元 时增加其在该金融科技公司的持股比例。

据知情人士透露，这家欧洲最具价值的初创公司正与投资者讨论为 Storcomsky 构建一项新的激励协议，如果 Revolut 达到新目标，将提高其股票价值。

知情人士补充称，该薪酬协议遵循了 Storcomsky 此前在 Revolut 的激励计划蓝图，即当公司估值超过某些预先商定的阈值时，分阶段触发股票发放。

此类激励方案在技术公司中十分普遍，但现在出现在欧洲。11 月，埃隆·马斯克与特斯拉达成一项协议，如果他能实现更高的抱负 / 增长目标，将有权获得一项万亿加元级别的方案。

如果 Storcomsky 达成协议，这将是他有限资金规模中最大的一笔。

他已经是 Revolut 的最大股东，持股约 20%。这位在 2014, 年共同创立该公司的亿万富翁在 12 月的一次采访中解释说，如果公司达到 2000亿美元 估值，他目前的激励方案将使他有权持有公司约 40% 的股份。一名

这些讨论是其二级融资轮的一部分，该轮融资对该集团的估值为 1180亿美元

Revolut 投资者表示，他们支持一项将“有意义的投资和风险承担与极具野心的目标相结合”的计划。

该投资者补充道，“更多公司应该采用像这样的激励结构。”

为了让该金融科技公司发表评论。 这些讨论是 Revolut 二级融资轮的一部分，该轮融资对该公司的估值为 1180亿美元。

《金融时报》此前报道，Revolut 已向投资者发出信号，其目标估值为 2000亿美元，潜在比例为 10%。这将为 Storcomsky 解锁公司额外 10% 的股份，使其持股价值约为 800亿美元，使其跻身世界最富有的人之列。

Revolut 还得到了包括 Isabel Ventures、Raideries、DST Global 和 BBbit 在内的主要投资者的支持。阿联酋主权投资者 Mahadala 和贾里德·库什纳 (Jared Kushner) 的私募股权基金 Affinity 也投资了该集团。

在过去的 11 年里，Revolut 已增长至 700 万客户，并在 50 个国家开展业务。去年，在 4.8. 营收的基础上，税前利润增长 37% 至 43.，增长主要由其高级服务的收入驱动，这些服务提供旅行保险、更低的货币兑换费用和更高的储蓄利息。

在经过一年的等待后，该集团于 3 月获得了英国完整的银行牌照，这对其国际增长至关重要。此后，Revolut 已获得澳大利亚银行牌照的批准，并正在申请类似的美国牌照。

工业

外国收购集团竞购 Bodycote，伦敦交易热潮持续

SUN (LIVINGTON AND MARTIN ARNOLD)

工业集团 Bodycote 已收到两家私募股权集团近乎相同的收购报价，并表示将致力于与其中一方达成交易。

欧洲投资集团 (VI) 提议以每股最高 50 / 50 的价格收购这家总部位于伦敦的零部件企业，而美国收购公司 Sirin Veritas 则开价最高 50p。

这些报价将该公司的股权估值定在近 16亿英镑，若将债务计算在内，则接近 16亿英镑。

的董事会已审查了两项报价，公司在声明中表示，如果这些报价转化为正式报价，董事会将“倾向于推荐”其中任何一项。

“我听说它单独留在 CVI 那里，”Veritas 表示，将以快速通道方式宣布与其中一方达成正式报价意向，” 补充道。

在针对美国公司的交易热潮中，这些报价增加了 从伦敦市场私有化的可能性。

英国部长和高管们一直对伦敦市场的健康状况表示担忧，该市场未能吸引新上市企业来替代一系列已同意被外国收购的公司。

房地产集团 Sages、检测公司 Intertek、资产管理公司 Schroders 和保险公司 Shudys 均在同意交易的伦敦大型公司之列。

根据 1,000 数据，今年前七个月被收购的英国上市集团价值增长了 180%，为至少 2007 年以来今年以来的最高水平。

美国投资者 Apollo 此前曾就 达成一项 13. 交易——每股约 £6.83——随后在 6 月撤回了报价。

这家富时 210 指数公司提供的服务包括用于制造的食品处理、金属连接以及保护性科学涂层的应用。

的股价昨日上涨超过 22%，收盘价接近每股 £8.20。

购物篮空空

约翰·刘易斯 (百货) 面临 利润挤压

尽管威特罗斯 (超市) 的业绩有所回升，但其百货商店在持续的压力下仍面临困境

约翰·刘易斯 (百货) 的负责人已警告员工，由于“极其艰难”的贸易条件阻碍了其转型努力，该百货连锁店的利润正受到挤压。约翰·刘易斯合伙企业的主席 Jason Tarry 在上个月接受该公司内部杂志采访时表示，约翰·刘易斯 (百货) 必须应对一个“销售额下降且成本上升”的环境。

“我们必须针对一个即使在六个月前、更不用说几年前都未曾预料到的近期未来做出调整，”Tarry 在这份被《金融时报》看到的采访中说道。

“我的团队目前正高度关注这意味着我们在调整未来计划方面需要做些什么，”他补充道。一名接近该零售商的人士表示，Tarry 并不计划进行任何重大战略调整。

拥有威特罗斯 (超市) 的约翰·刘易斯合伙企业在 3 月的年度业绩报告中表示，对未来一年的贸易持谨慎态度。

此后，由于伊朗冲突，霍尔木兹海峡在很大程度上保持关闭，这使得油价维持在高位，并增加了挤压零售商和消费者的通胀压力。

“当销售情况艰难时，情况会变得很困难，但我们正保持冷静，专注于提高利润率和严格的库存控制，而不是仅仅试图通过提高销售额来掩盖问题，”Tarry 说道。

该合伙企业在截至 1 月的年度中由前一年的 £97 利润转为 £12 的税前亏损。可用流动资金增加至 £2.6。

威特罗斯 (超市) 的销售额增长 7% 至 £8.3，而约翰·刘易斯 (百货) 的销售额。

“我们必须针对一个甚至在六个月前都未曾预料到的近期未来做出调整”

增加了 7 per cent 至 48亿英镑。该零售集团计划于 9 月 13 日公布半年报。

曾在特易购 (Tesco) 负责美国业务的 Tarry 在两年前加入以来，一直对该合伙企业的零售业务提出批评。

他最近取消了一项建设租赁住宅的项目，并监督了威特罗斯 (超市) 业绩的提升。但由于百货商店面临长期压力，约翰·刘易斯 (百货) 仍在苦苦挣扎。

在采访中，Tarry 表示，该合伙企业正在“将我们产生的现金重新投资于业务，这是我们在过去 10 年里一直未能持续做到的事情”。

该公司一直在开设新的威特罗斯 (超市) 分店，并重建约翰·刘易斯 (百货) 和威特罗斯 (超市) 门店。

在被问及在其领导下的变革速度时，他给出了一个直截了当的评估：“我的未来！给任何询问这将在哪里结束的人的建议是，它永远不会结束。”

他指出，一个“竞争激烈、动态的环境”正被技术和人工智能驱动的加速到来的“第四次工业革命”所冲击。

约翰·刘易斯 (百货) 表示：“众所周知，由于人们在消费上考虑得非常谨慎，目前的贸易条件充满挑战。我们的首要任务是为客户做正确的事，因此我们继续在财务方面进行重大投资。”

矿业

嘉能可 (Glencore)

计划在 澳大利亚 寻求 二次上市

LITUAT HOUSE — 伦敦 WITTINGTON — 伦敦

在伦敦上市的嘉能可 (Glencore) 正准备在澳大利亚寻求二次上市，这标志着英国作为为矿业公司构建的资本市场的声誉正受到威胁。

这家英美资源集团 (Anglo-Slow stores) [译注：此处原文疑似OCR错误] 是富时100指数 (FTSE 100) 中最大的公司之一，市值 644亿英镑，长期以来一直抱怨其在伦敦的股票估值不足，并一直在审查其他潜在的上市业务，包括纽约和悉尼。

首席执行官加里·内格尔 (Gary Nagle) 表示，二次上市将“扩大投资者基础并增强交易流动性”。该公司将行政目标定为 5050 万英镑m 所在地。

“那里有深厚的资本池和对矿业的深刻认知，”内格尔说道，并补充称嘉能可 (Glencore) 收到了“大量”来自仅限于投资非回收类项目的澳大利亚基金的咨询。嘉能可 (Glencore) 的股价昨日在伦敦上涨了 6.2 per cent。

内格尔还表示，嘉能可 (Glencore) 已“停止与 Radiant World (新加坡铁矿石贸易商) 开展业务”，指的是这家总部位于新加坡的铁矿石贸易集团，后者近几个月来受到了一些审查。Void 和嘉能可 (Glencore) 均已退出

“这是一个拥有深厚矿业知识的深厚资本池”

加里·内格尔，首席执行官

由于对涉嫌伪造文件的担忧而与 Radiant 交易，此事最早由彭博社报道，Radiant 已否认任何不当行为。

内格尔表示，嘉能可已针对其与 Radiant 的合同计提了准备金，但未具体说明金额。他说：“我们与他们有一些预先存在的合同，我们希望确保以符合法律合规的方式处理这些合同。”

内格尔今年访问了澳大利亚，为潜在的上市为股东做铺垫，这受到了一些投资者的欢迎，因为该公司在澳大利亚大型煤矿工业中有一定的风险敞口。此次访问发生在与力拓关于潜在合并的谈判破裂之后。

2012年，当这家澳大利亚公司将其主上市地从伦敦转移到悉尼时，伦敦证券交易所失去了必和必拓的主上市地位。它在伦敦仍保留有次级上市。

主上市地在伦敦的力拓去年面临一项激进主义运动，该运动试图合并公司的双重公司结构，并审查其在英国交易所的地位。股东最终否决了关于限制的全民投票。

澳大利亚证券交易所表示，欢迎嘉能可在此上市的意向。

“嘉能可的潜在上市凸显了 ASX 为全球投资者提供的深度和流动性，”ASX 上市总经理 James Fousett 表示。

他补充说，该交易所提供了“切入澳大利亚 5150 万英镑m ‘养老金池’的机会”。

嘉能可在约翰内斯堡已经拥有一个独立的次级上市，而澳大利亚的上市将不涉及创建任何新股。

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在英国交易纽约市场

一项来自金融时报的服务

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2020年8月6日，星期四

•

金融时报

11

公司与市场

固定收益。期货合约

中国通过债券交易升级吸引全球投资者

构建我们的基础设施是 受欢迎的，但北京的经济 挑战可能会成为一种阻碍

WALLS AND GARDENSHIP — PETER KÜLME AND MUTTER — 伦敦

北京正加大力度通过构建期货合约和其他债券市场基础设施来吸引外国人投资其主权债务，但一些投资者认为，中国的经济挑战可能会阻碍他们消费强税适配的国家。

6月，中国人民银行为外国央行推出了一项关键的逆回购便利，而香港交易所本周推出了中国国债期货。

与此同时，欧洲最大的结算所之一 LCE 已开始接受离岸商品计价的 COI 作为抵押品。

这紧随4月份的一项决定，即允许合格外国投资者进入中国现代债券期货市场。

“可以说，中国当局正在倾听，”Pierce 的投资组合经理 Stephen Chang 表示。“这是投资者要求的，而他们正在提供新的机会。”

特别是，富达 (Fidelity) 的投资组合经理 Terrence Fang 表示，“COI 金融（市场）将极其有用且成熟”，因为这将使投资者更容易管理中国收益率曲线上的风险。

然而，许多投资者表示，决定是否购买 COI 不取决于市场准入或流动性，而取决于中国长期经济增长的放缓速度，以及随之而来的债务与 GDP 比值的上升。

“关于市场准入的条款，我们在那个方面已经拥有了所有机会，”T Rove Price 动态新兴市场债券基金的投资组合经理 Leonard Evans 表示。

他补充说，“向更快增长的重新证明”将有助于提升新兴投资者债务的吸引力。

由于有约数百 (36.3%) 的 COI 未偿还，且有大量债务由政府和其他由中央政府隐性担保的机构持有，中国的债券市场是全球最大的债务港口之一。

但国际持有率仍然较低。来自中国债券通（通过香港在内地债券市场进行外国投资）的数据显示，外国持有量已从 2018 年约 $10.84.5m 的峰值下降到目前的每日约 $10.82.5m。

北京此举旨在通过使人民币计价债券更容易作为储备资产持有，从而将债券衍生品市场纳入鼓励国际采用人民币的更广泛努力之中。但 IMF 数据显示，人民币资产在全球官方储备中的份额保持稳定且较低，不足 2%。

Aviva Investors 的固定收益主管 Fraser Gamble 表示，考虑到包括债务与 GDP 在内的担忧（尤其是其“恶化速度快于大多数（发达市场）港口”），投资者需要“真正的信念，相信政策利率将持续走低”才能证明投资的合理性。

他补充说，流动性和这个真实衍生品市场的开发“收获”是我们“采取行动进入中国”的决定性因素。

尽管如此，在近期的市场压力期间（例如由唐纳德·特朗普总统对美国贸易伙伴的关税以及随后对伊朗的战争所引发的压力），中国国债作为未来资产的表现优于其他主要经济体的主权债务。

在中国债券价格去年上涨后，中国 10 年期债券收益率为 1.7%，在主要债券市场中最低，已低于日本。

新工具：中国人民银行 6 月为外国央行推出了一项关键的逆回购便利

一些投资者认为，中国能够避开影响其他经济体的现有供应链和能源成本引发的通胀浪潮，这使得债券市场越来越有理由成为股票市场可靠的投资组合对冲工具。

Peace is facing 表示，对于包括中国债券在内的投资者而言，最大的吸引力来源在于它们与其他全球债券市场的低相关性。

“中国银行（的资产）是非常稳固的朋友，”他说道，“它是稳定的。出于防御目的和多元化配置，中国提供了一个平静得多的市场。其他市场与美国以及油价的相关性相当高。”

投资公司 Calibrate Partners 的资产主管 Eric Lonergan 表示：“我认为这对中国人来说是一个巨大的机会，尤其是在目前的增长环境下。如果我是中国当局，我会说我们现在可以获得全球安全资产。”

然而，他认为北京需要继续努力提高流动性，并以同样的方式开放债券市场。

LCE 亚太区主管 Rakit Verma 表示，北京正在提供“一个成熟固定收益市场的构建基石”。

他补充道：“所有国际参与者都试图在亚洲开展更多业务。整体上以及与该地区交易对手的清算需求正在增长。”

然而，他补充说，虽然中国银行及其香港关联机构对将现代 COI 作为抵押品有浓厚兴趣，但全球需求消耗已经

“我认为这还处于早期阶段。”

固定收益

银行计划为 Anthropic 数据中心剥离 150亿美元 债务

6月6日，星期三 — 纽约

由于华尔街领导者在资产负债表上持有 AI 基础设施债务的方式日益增加，银行正计划剥离 150亿美元 的债务，该债务涉及一个位于德克萨斯州、已租赁给 Anthropic 且由谷歌支持的数据中心。

据知情人士透露，摩根士丹利等银行正计划通过债券市场转让其承接的债务，该债务用于在德克萨斯州阿什兰 (Ashland) 建设的 2,000 英亩数据中心园区，计划在贷款提取后立即执行。

债券市场已成为殖民 AI 计划筹集长期资金日益受欢迎的途径，因为市场的深度意味着项目可以通过比银行贷款更迅速且成本更低的方式获得融资。

对于银行而言，抛弃这些债务还有助于降低其整体 风险敞口，并为更多贷款释放额度。

与此同时，以往用于资助天然气管道和机场等项目的银行主导的基础设施融资市场，已被

债券市场已成为殖民 计划日益受欢迎的途径

建筑的巨大资金需求所淹没。

华尔街大型银行数月来一直在为今年早些时候租赁给甲骨文 (Oracle) 的几个数据中心项目的 100亿美元 以上的建设债务寻找买家，一些领导者已寻求通过风险-噪声交易来降低其敞口。

知情人士表示，这 100亿美元 的债务方案预计将分为多个银行贷款部分，但一个无影响的延迟驱动功能允许项目开发商 Texas Data Centers 在贷款达到某些建设里程碑一段时间后撤回债务。

部分债务也可以通过贷款市场进行再融资。

即使有谷歌的支持（该支持仅在数据中心完全建成后生效），该债券预计仍将持有投机级评级。知情人士补充道，这意味着投资者必须承担包括投资于这些项目以及成本超支在内的风险。

该数据中心将填充谷歌的定制 VPI 芯片，这些芯片将单独融资。计划在此建设的大量数据中心项目必须在电力和水供应以及公用事业价格方面发挥作用。

谷歌对该项目的财务支持最早于 3 月由 VPI 预期。《华尔街日报》上周报道了融资的某些方面。

Nexus 和摩根士丹利拒绝置评。Anthropic 和谷歌未回应置评请求。

医疗保健

宝洁以$5.8bn达成协议收购补充剂制造商Thorne

CHINA FOUNDATION AND MAKER BANK OFFICE — LONDON TEL: 0755 8248522 AND 2242-2421 7-10 — TELEX 23320

宝洁 (Procter & Gamble) 已同意一项$5.8bn的交易以收购补充剂制造商Thorne，这为受COVID支持的私募股权集团 1. Catterton 带来了不寻常的回报，在其收购该公司 3 年多之后。

宝洁旗下品牌包括吉列 (Gillette)、Arnt 和 Parapara，利用贸易竞争的空隙收购 Thorne，此举凸显了其扩大市场业务的雄心。

由于消费者对健康和福祉的兴趣日益增加，补充剂行业自新冠疫情以来一直处于增长状态。该交易预计将于今年第四季度完成。

“消费者对软胶囊、预防、健康和个性化健康的兴趣持续增长，而 Thorne 增强了我们在高端健康领域的地位，”宝洁医疗保健首席执行官 Paul Green 表示。

销售镁和 omega-3 等补充剂，今年其营收有望达到$6.0bns。17 在 6 月报道称，Uxteron 对这家总部位于南卡罗来纳州的企业也感兴趣。

此次交易对于 1. Catterton 而言回报微薄，该公司最初在 2021 年通过一项私有化交易以$6.0bns收购了 。

1. Catterton 投资了一系列消费品牌，例如 Eastwear 集团的 Bittersnock 和印度餐厅连锁店 Unknown。

随后在 2021 年以每股 $10 的价格在 Yandaq 上市，略低于其私有化时的水平。

该集团通过部分方式建立了其品牌。

Becoming 销售镁和 omega-3 等补充剂

与运动员和体育协会合作，包括北美的 Major League Rugby。

1. Catterton 表示，它加速了 的增长，包括引入新领导层、扩大营销以及投资研发。

“我们对 的投资反映了 1. Catterton 最擅长的事情：识别消费者行为的持久转变，并与类别领先的品牌合作，帮助它们实现全部潜力，”管理合伙人 Marc Sugliacomo 表示。

收购 增加了宝洁的投资组合，该组合通过一系列收购而增长，包括其以$6.2bn收购 Merck Kitsch 的单页健康部门的交易。

它今年还达成协议，以额外价格收购同样由 1. Catterton 支持的健康品牌 Wonderfully。宝洁还拥有 New Chgo per Winston。

宝洁面临着波动的商品价格和疲软的消费者情绪带来的压力——并且在最近结束的财年中未能增加销售量。

Equities

Citadel顶级基金在收购Situational Awareness AI股票后上涨6%

AFRICA WILL CARE AND EATY BONDED 纽约 CIRI NO. 0022-0122, 44 — 伦敦

肯·格里芬（Ken Griffin）旗下的Citadel旗舰基金上月上涨5.9%，此前该基金从利奥波德·阿什钱布雷默（Leopold Aschambremer）的Citadel对冲基金Situational Awareness手中通过贱卖购入了数十亿加元的AI股票。

这家管理资产超过$7.0bn的美国对冲基金巨头，成为了其500-bogten基金激增。据看到下一步行动的人士透露，在经历一段动荡的时期后，该基金在2020年上涨了12%。

在今年早些时候AI相关股票经历大幅上涨后，对冲基金在7月份遭受了许多热门持仓的剧烈回调，例如韩国分发商50.8 jobs，其价格从6月的峰值下跌了近30%。

此类沉重的资金500在短期内整体进入回调区间，就在草案和Situational Awareness基金之前。

最著名的受害者是阿什钱布雷默的公司，该公司在今年上半年通过对AI公司的高度杠杆化押注获得了超过400%的收益。但这种自我-

严重损害了该基金，迫使其将大部分公开股票头寸出售给格里芬，从上周开始进入一个耗时不到24小时的快速处理流程。

Citadel自身的基金在今年上半年一直难以维持高回报，且自成立以来。截至7月24日，Wellington在本月至今大约处于三个

“这些是交易非常激进的标的。它们波动性极高，但具有流动性”

在Citadel收购Situational Awareness的前三天，大约600进一步。

据知情人士透露，Citadel与交易公司Jane Storm以及同为多经理对冲基金巨头的Stilbenman竞争收购Situational Awareness的股票，最终以约10%的折扣达成决定。

Citadel拒绝就交易细节或该公司的回报发表评论，这些回报最早由该公司报道。

一些记录显示，Citadel的这一行为有助于维持更广泛的市场租金，因为Situational Awareness的抛售一直在加剧AI股票的下跌。

根据其最后一份监管文件，该商人的许多最大投资——包括Energy和Satellite——在出售次日反弹。最新的一项已比其市场上涨近30%。

“这些是交易非常激进的标的，”一位曾在Situational Awareness类似头寸中投资的对冲基金经理表示。

“它们波动性极高，但具有流动性，”他认为需要作为失败。

格里芬以倾向于接手陷入困境的公司而闻名。在某公司于2015年申请破产的那天，格里芬派遣了十几名高管去威胁stableman，深入研究AI，从接触该公司几位顶级分析师中脱身。

“这已经证明了，”一位曾与Citadel创始人密切合作的前员工表示，“他多次地打过这张牌。”

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12

•

财务焦点

2026年8月6日，星期四

公司与市场

执行将成为欧盟新银行政策的关键

伊格纳齐奥·安杰洛尼 (Ignazio Angeloni)

市场洞察

在欧盟启动行业监管以来，欧盟最近发布的一份关于未来银行法优先事项的白皮书，可能标志着欧盟银行政策最廉价的一次转向。其中有两个特征是新颖且受欢迎的。

首先是欧盟银行部门的竞争力被提升到了一个新高度。该论点认为，为了在破碎且缺乏合作的全球舞台上推进欧洲目标，欧盟银行必须能够与全球银行（主要是来自英国的银行）竞争，而英国银行目前在大多数业务线（通常是投资银行）中都占据优势。

这一策略信号是对一个数十年传统的颠覆，在该传统中，确保银行安全被视为唯一目标或一切其他事项的关键。

同样重要的是，它将碎片化确定为弱点的主要来源。欧盟缺乏真正的洲际贷款机构，银行冠军在各自国家规模很大，但在全球范围内规模很小。欧盟的监管以及将本地银行视为影响力来源和国家目标推动者的国家政治家，抑制了跨境业务。虽然这是一个周知的事实，但看到它出现在一份欧盟官方文件中是一件新鲜事。

即便如此，宣布一项新策略并不能保证带来实质性的变化。执行是关键。欧盟目前面临的挑战是设计并批准一个确保该策略实现的法律框架。这正是高期望值经常被挫败的地方。

获得大多数成员国支持的需求通常会引发政治讨价还价。结果，提案可能会被削弱，因为各国的公平性、政治谈判是无法——

可行的，但欧盟委员会应在起步阶段就明确真正的底线，且其中一项高于其他所有项——具有跨越国界运营野心和实力的银行必须面对一个“国家盲视”的监管框架，仅受欧盟法律和当局管辖，独立于国家规则。

应当取消要求跨境集团在每一个运营国家都遵守审慎要求的规定——而不是仅在本地分支机构所在的市场遵守。

委员会似乎倾向于将权力交给欧盟，以便实现重大的监管豁免。这将是

部门战略是重大进步，但仍需解决与英国关系等关键问题

一个错误。这是一个由11个国家和6名欧洲任命人员组成的董事会通过简单多数决定的监督行为。支持国家需求的联盟（无论是显式还是隐式地交换利益）很容易形成。

原则上建立的“国家盲区”系统在实践中执行起来会有困难。为了避免这种情况，直接适用的欧盟法律必须明确规定，跨境运营的银行——至少是大型银行——必须仅在四点水平上受到监管。

在这一本应值得赞赏的战略中，另一个陷阱在于限制了欧洲大陆银行整合的概念。无论碎片化还是整合，它在欧盟银行业中延伸了20英里，但由于

其中一个全球主要的银行和金融中心。

令人惊讶的是，欧盟委员会在沟通中更多地关注英国，但如果长期推进欧盟银行整合而将英国排除在外，是没有意义的。欧盟在储蓄形成方面有所进展，而英国在管理储蓄方面占据主导地位，这种单一状态在后巴西时期的经验中，不仅没有削弱，反而似乎得到了加强。

从2018年到2024年底，跨海峡的金融服务贸易在双方方向均增长了超过50%。欧盟和英国在促进互惠金融整合方面的利益显然是一致的。

虽然修订自身立法是欧盟的优先事项，但一个并行进程必须使这两个金融部门相互靠近，通过消除监管障碍来促进交流。

在各自的监管机构之间重新建立监管等效性，填补近年来的空白，将是 6 第一步。应促进专业人员的交流和资本的流动。随着时间的推移，一项涵盖金融服务贸易所有方面的全面协议必须成为目标。

在金融服务专员马里奥·路易斯·阿尔布克尔克（Mario Luis Albuquerque）拟议的指导下，欧盟在承认其银行的现实和挑战方面迈出了显著的一步。主体部分既未完成，也并非没有障碍。但凭借所示的目标，取得进展的机会是乐观的。不应错过这个机会。

伊尼亚齐奥·安杰洛尼（Ignazio Angeloni）曾任欧洲中央银行监督委员会成员，现为该大学及ASW的高级研究员。

市场日报

美国 / 欧洲 / 英国

ATF 银行与金融 / 1.0 / Finland S.A. (芬兰) / 1.0 / S.A. () / 1.0 Bank of Hong / 1.0 / S.A. () / 1.0 / S.A. () / 1.0 中国银行 / 1.0 / S.A. () / 1.0 / S.A. () / 1.0 中国银行 / 1.0 / S.A. () / 1.0 / S.A. () / 1.0

1. 2017年1月1日，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

股票

中国AI宠儿中际旭创和新易盛因美国禁令担忧而下跌

WILLIAM SAMSLOWER — HENRY KOHOL

由于一份报告称美国可能会将其设备从数据中心中移除，全球AI热潮中两家中国最大赢家的股价昨日大跌。

Zheng：中际旭创（Innolight）和新易盛（Eoptolink）是中国协会，他们在全球范围内积累资本，以便美国及少数几个国家能够看到全球美国可能获胜的中国最大赢家。

在路透社报道称美国 (9.0) 和美国 10.0% 之后，中际旭创和新易盛的中国大陆股票分别下跌了 64% 和 6.9%。美国全球美国可能获胜的最大赢家。

这两家公司是中国AI竞赛中的最大赢家之列，因为它们

为美国和中国的数据中心建设提供供应——尽管它们的大部分利润来自海外需求。

自 2025 年初以来，中际旭创和新易盛的股价已飙升约 4,500%，使它们跻身中国最有价值公司的行列。盈利增长强劲。

“有针对性的美国限制将进一步迫使中国加速推进自力更生”

由于来自亚马逊（Amazon）和 Alphabet 等美国集团的显著需求，这些集团购买其光模块发射器以及数据中心自身所需的其他设备。

中际旭创的净利润增长至 Rs 8.0,000,000。(Ex. 2) 增长 1%，而 2025 年为 Rs 8.2,200。同期，新易盛通过其子公司的利润攀升至 8.0,000,000。

两家公司的大部分资金均来自海外。去年，中际旭创的 8.0,000,000 (Ex. 2) 中有 90% 以上增长 1%，而 2025 年为 8.2,200。同期，新易盛通过其子公司的利润攀升至 8.0,000,000。

该集团的客户还包括华为和阿里巴巴等公司。

这种国内需求来源得到了北京的鼓励，北京决心发展独立于女性服务的自身美国技术能力。

EcoWeight Securities International 的策略师 Kenny Ng 表示，华盛顿最新的销售举措将增加北京支持其本地工业化目标的决心。

他说：“持续且有针对性的美国限制 AI 竞争能力和底层数据中心硬件，将进一步迫使中国在关键技术方面加速推进自力更生和自主可控。”

欧盟的 AI 并回应了置评请求。

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2016年8月6日，星期四

•

KIRKMAN, TIMBER

13

市场数据

全球市场概览

FTC 市场数据

前一日变化 (1 期间 12)

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

STORE SHOP 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

SHEEPER FRONTS (SHEEP)

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74

●

金融时报

2024年8月6日，星期四

Guinness Global Investors

Gunness Global Equity Markets 1.00 1.00 1.00 1.00 1.00 1.00

Gunness Global Investors 1.00 1.00 1.00 1.00 1.00 1.00

KPM Investment Ltd

Kupin and Power Bank 1.00, Shagun, 1.00, 1.00

International Insurance

Hydro, Property & Real Estate

Hydro, Property & Real Estate

Monroye Asset Management Limited

Registered

Monroye Stock 1 1 1 1

Stock 1 1 1 1 1 1

1 1 1 1 1

1 1 1 1

1 1 1 1 1

1 1 1 1 1 1 1 1

1 1 1 1

1 1 1

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18

金融时报

2026年8月4日 星期四

艺术

导演处女作精准击中要害

在萨博格节（Sabborg Festival）上，一部绝妙的《卡门》展现了其魅力，而《亚讷的圣方济各》（Saint François d'Asnès）则证明了一项挑战。作者：Shirley Aptheep

你前往萨博格节，并不是为了观看那种任何地区剧院都能提供的血腥剧目。艺术节可以承担风险。它应当由艺术前瞻引导，并从根本上打破常规。

这部《卡门》原本可能会很糟糕。加勒里德·卡里佐（Galeride Carrizo）来自当代舞领域，此前从未导演过歌剧。指挥特奥多尔·卡韦拉托（Teodor Carverato）最擅长的是人文和巴洛克剧目。但结果却出奇地成功。萨博格节的新版《卡门》阴郁、扣人心弦且具有绝妙的连贯性。为什么？

很多时候，外来者进入歌剧世界是决心将这一艺术形式从其自身中拯救出来。卡里佐则相反。她并非试图重写《卡门》，而是致力于理解她。

故事以女性的结局告终。要在今天上演这部歌剧，你需要对此采取某种立场。但如果，你不是与其对抗，而是将其作为起点呢？什么样的社会会产生一个像唐·何塞（Don José）这样的人？为什么卡门对自我决定的需求比她的生存意志更强烈？

当编舞者创作歌剧时，他们经常安排舞者代表歌手表达情感。讽刺的是，这使得歌手显得僵硬，而舞者显得沉默。相反，卡里佐对歌手的肢体表现力充满绝对信心，并将他们如此无缝地融入她的舞蹈团体中，以至于他们形成了一个统一的表达整体。

这一点在饰演主角的奥尼克·格里戈里安（Aonik Grigorian）身上体现得最为明显。她不是在演，她就是。传统的信号——深 V 领口、挺起的臀部、娇艳的双唇——虽然都有，但她更像是一个街头女性，一个对自己充满自信的普通女性。在一个由娱乐性残酷驱动的军事化社会中，她的拒绝屈服成了最终的挑衅。

在唐·何塞这个角色中，乔纳森·泰斯曼（Jonathan Teisbman）不再是一个被推向崩溃边缘的热情情人。他是一个意志薄弱的妈宝男，无法接受自己不能得到想要的东西。两位表演者都展现了那种极少见的技术自信，在实现卓越唱腔的同时显得毫不费力，我们听到的思想和情感如同纯净的歌曲，音乐直接地表达给灵魂。

卡里佐通过编舞表达社会力量的能力同样令人好奇。很少有导演能如此自然地指导儿童。卡里佐营造了一个阴森且复杂的社区，在那里，斗牛只是与死亡共舞的众多仪式之一。

只有当所有参与者都在讲述同一个故事时，这种连贯性才成为可能。卡韦拉托与卡里佐一样，擅长通过结果的力量将音乐控制得精准无误。他显然坚信歌唱的力量，这种令人惊叹的共生关系需要只有艺术节预算才能支撑的大规模排练。即使你对罗恩（Ron）权力的庸俗性持怀疑态度，你也会被这部气势磅礴的作品的阴暗潮流所席卷。

出色的演员阵容、令人印象深刻的合唱团、极具奉献精神的管弦乐团，以及一个真正奏效的构思，随着萨博格节的《卡门》，艺术节赛季终于开始了。***

截至 8 月 26 日，sabborgfestivalclub

决定上演奥利维埃·梅西安（Olivier Messiaen）宏大的《亚讷的圣方济各》，既是一种精神上的承诺，也是一项艰巨的挑战。今年萨博格节的新制作时长达到了令人精疲力竭的一小时四分之一（包括中场休息），无论你多么热爱梅西安的音乐，这都是一种象征。

再加上庞大的管弦乐团、一组打击乐器、一个巨大的合唱团、要求极高的独唱角色，

以及故事本身几乎没有动作，最终呈现出的东西读起来更像是一种虔诚的奉献，而非一部音乐剧作品。对于同样崇拜圣方济各的梅西安来说，情况确实如此

外界人士进入歌剧世界时，往往决心要将这一艺术形式从其自身中拯救出来。而卡里佐（Carrizo）则恰恰相反。

以及他的鸟类。这种情况也发生在文化偶像杰拉德·莫蒂埃（Gerard Mortier）身上，他在1993年被任命为艺术总监后，强行将萨尔堡音乐节（Sabborg Festival）拖入了21世纪。正是莫蒂埃使萨尔堡成为了欧洲艺术潮流的引领者，

也是莫蒂埃带着梅西安（Messiaen）的乐章在欧洲大陆巡演，从萨尔堡到Rabitzinistata，再到巴黎和马德里。我记得莫蒂埃对圣方济各（Saint François）的痴迷引发了人们的猜测，认为他向上帝承诺通过演出来换取他的艺术习惯；无论事实如何，他的耶稣会教育背景始终影响着他。

可怜的萨尔堡，莫蒂埃的节目编排是“知善恶之树”的果实；自从他在1993-2001年领导期间之后，每一任总监都生活在他的阴影之下，试图要么继承，要么否认他那种好斗的姿态。而现在，带着一种足以媲美萨尔堡作者托马斯·伯恩哈德（Thomas Bernhard）在极乐状态下那种脱离肉体的苦涩，马库斯·欣特基森（Markus Hinterkissen）在经历了多年的艰苦奋斗后，被迫认输。

他不可能预料到这个方济各将成为他的绝唱，但没有什么比这更合适的了：这既是对他已故叙述者知识信念的认可，也是对欣特基森偏爱狂放现代主义时代的致敬，同时，也是一次让观众感到劳累的忏悔之举。

导演罗曼·卡斯特鲁奇（Roman Castellucci）严肃地对待这个主题。作为一名资深的象征主义者，他本可以很好地处理这部歌剧那种如出神般静谧的状态。

相反，他的演绎读起来就像是他低估了这部作品的规模，随后陷入了恐慌。在充满希望的开场中，歌剧似乎被移置到了现代背景中。方济各离开他在回忆录式画廊中的父母去出家，并开始陷入日益严重的精神病状态。

他让自己陷入污垢，自残，食用幻觉蘑菇，并歇斯底里地挣扎。与此同时，他的演唱极其出色——饰演主角的菲利普（Philippe (It)）表现卓越。所有歌手都令人印象深刻。

但很难被带入那种超然 / 原子化的状态，因为指挥马克西姆·帕斯卡尔（Maxime Pascal）的表现如此缺乏戏剧性。当然，这种规模的作品需要一位能够像空中交通管制员一样运作的指挥，但帕斯卡尔似乎从未承认实际上有时间来处理起飞和降落的行为。梅西安复杂的总谱中布满了极其细微的力度指令。帕斯卡尔似乎忽略了它们，在某些章节中将其省略，仿佛梅西安是为机器人而写的一样。维也纳爱乐乐团的总谱如何？音乐演奏起来就像是在做一项令人不快的家务活。因此，聆听也变成了一种同样枯燥的苦差事。

这里有神奇的时刻，也有欺骗的时刻——比如舞台上那些死掉或垂死的鸟类小球。有些仍然栩栩如生。他不会——卡斯特鲁奇非常清楚自己将残酷现实与表演融合的名声，足以玩弄我们的愤怒感。

在最后一幕横跨舞台的肉块是非常真实的。它们是圣经的引用？是对自然的窥视？还是明天的创造？或者仅仅是一群虚弱的歌剧猜测？

圣方济各敦促他的修士们在他人之中像羊一样生活，在前一幕中，一只真实的羊确实横跨了舞台。幸运的是，卡斯特鲁奇的写实主义似乎有其限度——在谢幕时并没有把动物聚集在一起。***

截至8月25日，sabborgfestivalclub

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2020年8月6日，星期四

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金融时报

19

FT深度阅读：半导体

自特朗普政府入股以来，这家美国芯片制造冠军的股价已翻了两番，但在最先进的AI芯片领域，它尚未证明自己是台积电 (TSMC) 的有力竞争对手。

作者：Michael Acton

英特尔如何从崩溃边缘回归

英特尔的首席财务官David Ziemer在去年8月接到美国商务部一名官员的电话时，已经在应对芯片制造行业最剧烈的动荡时期之一。

根据一份英特尔内部资源、一起股东诉讼以及熟悉该进程的消息人士透露，联邦政府刚刚提出入股这家芯片制造商10%股份的想法，Ziemer被直截了当地告知，任何交易的结构都不是谈判的对象。

为了使政府的持股比例达到唐纳德·特朗普总统要求的10%，英特尔必须将根据2022年《芯片法案》预先提供的数十亿制造业补贴，以及来自国防部的$5,204合同转换为股权。

在最初将国防合同转换为股权的过程中虽然有所滞后，但这并不愉快，而自2009年通用汽车 (General Motors) 事件以来，美国联邦政府对一家美国公司最大规模的股权干预已告完成。这家曾主导个人电脑和数据中心芯片市场，且仍是唯一一家能够制造最先进芯片的美国本土公司，已从可能的拆分危机中获救。

全球的芯片消费者，其中许多人一直面临台湾台积电 (TSMC) 制造能力过度集中的问题——台积电生产了全球90%以上最尖端的芯片，包括用于蓬勃发展的AI领域的芯片——现在至少有了一个可靠的替代供应商前景。

自从华盛顿介入以来，英特尔已获得了来自英伟达 (Nvidia) 以及日本电信银行 (telebank) 的Kirin等60%的投资，其股价上涨了四倍多，超过了竞争对手。虽然这笔交易在半导体行业引发了波动，但可以肯定的是，它绝非在衰退。

但与金融时报交谈的公司内部人士、行业消息人士和分析师表示，仅靠政府持股是不够的。

现在，英特尔的首席执行官Up-Ba-Tan——特朗普曾因其此前对中国芯片的投资而要求其辞职——必须完成一项直到最近仍有人认为可能无法实现的转型。

我究竟如何能处理其余部分

英特尔转型的种子在特朗普政府干预前几个月就已种下。

当 Tan 在去年三月就任其执行官时，他在最初的工作周末里促使同事们在业务的各个方面成为英特尔的粉丝。据熟悉最初几周情况的人士透露，他记录了大量笔记，但鲜有发言。

他们勾勒出的景象是阴暗的。英特尔的营收处于停滞状态，公司在低增长的 PC 和数据中心芯片业务中面临着从 1993 年开始的竞争压力。

在 2016, 年，即 Tan 的前任 Pay Center 失去控制权的那一年，该公司不得不支撑起 $10.00 的额外支出。

旨在构建能与英伟达竞争的强大 AI 处理器芯片的战略被阐明在与 Arm 的一项关键交易中。据两名熟悉谈判的人士透露，该交易原本会让这家由 telebank 支持的集团将英特尔的工业能力用于制造其新型 AI 数据中心芯片，但最终落空了。

总部位于英国的 Arm 和英特尔均拒绝置评。

消息人士称，该协议将要求英特尔在资本支出已经处于交换状态时进行额外的资本投资。而 Arm 像该系列中的许多公司一样，是一个“掉落”的芯片设计商而非制造商，它当时也担心英特尔的工艺在此时不够具有竞争力。该芯片最终在今年早些时候发布——由台积电负责生产。

地质学家们在 2021 年决定投入 $10.00 中的 $10.00 用于建立为其他公司组装芯片的新分支机构，但由于客户未能快速出现以证明投资合理，该计划失败了。其最新一代制造技术（称为 16A）与台积电的开发时间也比预期更长。

“他们仍然认为自己是那个一切都由他们说了算的旧英特尔，”市场情报公司 TechInsights 的副主席 G Dan Hutchison 表示，“他们拥有所有这些产生浪费的层级，管理人员管理着管理人员……决策时间已减缓至资本速度。”

英特尔的市值

“他们仍然认为自己是那个一切都由他们说了算的旧英特尔。他们拥有所有这些层级……决策时间已变得极其缓慢”

在更好的 $100.00, 对齐下，像高通和博通这样的潜在买家正在尝试收购其部分业务。

Tan 的诊断是，如果面向外部客户的新英特尔代工业务要生存，就需要激进的精简和能够满足潜在客户关系并重启公司工程文化的新管理层。

他行动迅速，在短短六个月内削减了 2,000 多个美国职位，约占高通集团的五分之一。为了优化资产负债表，他削减了资本支出，并出售了 Attenu 和 Hobday 的股份，总计 12亿美元。

公司内部人士将 Tan 描述为一名人脉广泛但难以捉摸的人，他创立了风险投资公司 Walden International，并曾任芯片设计软件公司 Cadence 的首席执行官。“有一种感觉是：这家伙到底在想什么？”一位名为 son 的人士说道。“我认为他不信任很多管理团队成员，”Ziemer 和目前负责代工业务的 Nigel Chandrasekaran 是 Tan 继承的团队中仅存的高层服务人员。

他带来了两名以前的 Cadence 同事 Irrinivasan Iyengar 和 James Dare，领导其中央工程和政府技术小组，因此任命了一名执行增长大主教（Growth Archbishop）来领导英特尔的数据中心业务。

去年 8 月，当特朗普要求这位“高度非正式”的 CEO 辞职时，Tan 仍处于重新构建团队的过程中，这似乎是在查看了关于共和党参议员 Tom Cottrell 对 Tan 与中国投资关系批评的报告之后。

[...OMITTED...]

据多位熟悉该周事件的消息人士透露，英特尔请求与政府会面，在花了一个周末规划所有潜在结果后，陈与特朗普、商务部长霍华德·卢特尼克（Howard Lutnick）以及财政部长斯科特·贝瑟特（Scott Bessert）进行了会谈。

这家制造商三位高管的关键任务是说服政府

他是一位爱国的美国人，且是唯一能够扭转这家国家芯片制造冠军命运的人。

“那个早晨必须进展顺利。我们认为有相当大的机会能成功，”一名公司内部人士表示，“但你必须为各种结果做好准备。”

对某些人来说，与政府达成的股权交易是一个首席执行官将危机转化为机遇的绝佳案例。该交易包括因放弃晶圆代工业务而向英特尔支付的惩罚性回报，但也向潜在客户传递了一个信号：至少在接下来的两年里，华盛顿会支持该公司。

而对其他人来说，这是政府的一次令人震惊的举动。“持有英特尔股权没有法律法定授权，”一名行业内部人士表示。“这是一个完全没有先例的、糟糕的政策。英特尔的初始公司不想与特朗普接触或采取行动，因为他们担心会被单独分摊。”

白宫发言人库什·德赛（Kush Desai）表示，政府“专注于增强关键供应链并维护我们的国防和经济安全——同时确保每笔交易都能为纳税人提供最佳方案”。

能否追上台积电

在他走进椭圆形办公室之前，陈（Tan）已经公开警告称，英特尔可能会放弃其名为 16A 的几种制造工艺。

哪怕是一个微小的迹象，都将预示着它在制造业控制的新先进领域中，继续与台积电竞争的野心已经终结。

他推断，仅凭英特尔生产的芯片数量，永远无法抵消建设和维护一个领先晶圆厂日益增长的成本，以及进入 A3℃ 基金所需的大量时间，该基金在 2008 年陷入金融危机时交付了其晶圆厂。

在过去的十年里，英特尔一直落后于台积电的制造工艺，苹果、英伟达、AMD 和高通等公司都依赖这家台湾巨头来构建其全套产品。

在 2021. 年开放其晶圆厂之前，它从未尝试过为外部客户进行大规模制造。与客户建立信任需要时间，而英特尔没有这个时间，尤其是考虑到其随后的财务和技术困难。

自从美国政府介入以来，英特尔已与多家客户就使用其晶圆厂展开谈判，并于上个月将今年的资本支出从 100亿美元 增加到 2500亿美元 ——这表明它预计将赢得新客户。

今年年初，英特尔开始在其亚利桑那州的新设施中制造部分自有的领先 PC 和服务器芯片，在之前要求台积电制造其部分最先进设计之后，这标志着其对自身制造能力的信心日益增强。

陈此后确认公司全力致力于 16A，他表示，如果没有信心能吸引外部客户，他不会这样做。与 Alan Reale 的合作是 Ten-fab 项目——这是一个在美国建设芯片制造设施的宏伟计划，旨在生产一系列公告并绕过基于数据的供应商——尽管该风险投资的性质模糊，但 Alfred Jettell 也持有股份。

作为全球最大的芯片消费商之一，苹果正在测试英特尔的工艺，旨在尝试构建其部分较旧的 16 系列笔记本电脑芯片。特朗普 6 月在 Trash Social 上表示，苹果已“同意与英特尔合作在美国设计和制造其芯片”，这促使英特尔股价上涨，但关于其他设备的早期信息仍不明确。

陈还利用其广泛的商业网络以及在 Cadence 的经验增强了英特尔作为产品的可信度，后者的设计工具覆盖了整个半导体领域。

公司内部人士将陈与 Ceilings 进行了对比，后者以激进的乐观主义著称，而陈则专注于在压力下创造新的触点，旨在持续交付。

Up-Ba-Tan 在去年英特尔营收持平且面临竞争对手压力时接任 CEO。在英特尔芯片制造设施建设之前

该公司的业务占公司业务的 100%。

“会议必须进展顺利。我们认为有相当大的机会能够实现。但你必须为各种结果做好准备”

但陈目前还无法提供无可争辩的证据证明英特尔已经赶上了台积电的制造技术，而这将使潜在客户采用第二供应商所需的大额投资变得更具可行性。

一名行业人士表示，英特尔的 16A 技术虽然在改进，但尚未等同于台积电。“我被告知 [16A] 正在成形。……他没有谈到的是，在性能和功耗方面，它与台积电的同等名称相比具有多少竞争力，”该人士补充道。

英特尔从未披露当前制造技术的具体技术细节，例如其良率——即生产线上产出且质量合格的芯片百分比。

陈（Tan）表示，16A的成功，16A的进展速度快于16A在同一开发阶段时的速度。分析师表示，10月份发布的16A最新开发套件（提供制造工艺的设计方案）将有助于决定客户是否承诺量产。

对于处于紧俏市场中的大型芯片设计公司而言，承诺使用英特尔不仅涉及巨额投资，还面临着脱离台积电（TSMC）的风险，因为他们仍然需要台积电之前的产能。

“人们不想脱离台积电，因为产能紧张，”一名公司内部人士表示。“每个人都在争抢资源，这给了台积电巨大的筹码。”

投资银行US$的半导体研究主管蒂莫西·阿尔卡里（Timothy Arcari）表示，“如果你打算与英特尔合作，绝对必须谨慎行事……但你可以采取缓慢推进的方式”。他补充说，苹果公司将第一批其他世代的芯片交给英特尔，不太可能对其与台积电的关系造成太大干扰——尽管这在未来仍将意味着数十亿美元的额外收入。

同样的压力也存在于英特尔的芯片封装业务中，该业务将晶圆切割成联邦封装。其带来的收入仅为实际制造芯片收入的一小部分，但可以帮助建立陈（Tan）想要建立的信任。

5月，General MediaChit成为首家宣布同时使用英特尔和台积电封装技术的客户，而英特尔在新墨西哥州的新工厂是陈（Tan）从一开始就加速投资的少数地点之一。

TechInsights的哈钦森（Hutchison）表示：“英特尔一直拥有这种巨大的封装优势，但他们从未利用，”因为他们想专注于高风险、高回报的晶圆制造业务。

“这就像那个故事，后来没有跟上英特尔的领先步伐，因为他不想被拒绝，”他补充道，指的是1876年美国军队被原住民击败的一场著名战役。

穴位压力点

在努力追赶台积电的行业地位的同时，科学合理化一直面临困难：英特尔的AI芯片部门，其旨在与英伟达竞争的产品令人失望。

陈（Tan）一直致力于与客户共同设计定制芯片，在数十亿规模的芯片制造商推出份额后，他将继续开展与微软、亚马逊和谷歌等AI超大规模企业的合作。英特尔在4月削减了与谷歌的合作。

该公司已针对其中央处理器（CPU）的合作需求推出了产品，例如董事长住宅（Chairman's House）芯片的发布及其价格，该芯片可用于管理数据中心中的AI工作负载。

“这些将是低份额，但属于大市场。打开大门？我需要多少份额才能增加数十亿的收入，而我需要首席执行官。”

他补充说，关键在于改变人们对英特尔的认知，将其从一家主导个人电脑（PC）和服务器等低增长芯片市场的公司，转变为一家在更具活力的AI基础设施市场中抢占虽小但重要份额的公司。

英特尔计划在今年年底前推出的一款AI加速芯片，将成为其东山再起过程中另一个“实战”因素。6万台PC市场的萎缩可能会导致客户芯片的长期短缺，从而使更关键的详细产品业务变得更加重要。

不过，目前投资者似乎倾向于对该公司表示信任。“[陈]真正擅长的是知道投资界需要什么，”一名行业内部人士表示。

“他在推高股价方面做得非常出色。困难的部分在于他仍然必须交付成果。”

Patrick MacHarie 的数据可视化

连续的公告推高了英特尔

股价 (G)

来源 彭博社

随着支出激增和销售增长恶化，英特尔的债务上升

来源 Capital (3)

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20

金融时报

2020年8月6日 星期四

金融时报观点

金融时报

没有它或没有 Lover

R. L. L.

如何解决英国的监狱危机

这将需要改变量刑并扩大更多容量

正如两年前埃里克·斯塔默爵士所经历的那样，安迪·林德的政治蜜月期被监狱危机所打破。面对他首次遭遇的剧烈反弹，这位新任监狱大臣不得不推迟一项计划，该计划原拟提前释放约6,000名囚犯以缓解严重的过度拥挤。将一些被判定犯有强奸、诱导以及严重儿童性犯罪的人员排除在外，减少了相关案例数量。然而，公众产生了一种可以理解的愤怒，即这些计划并未排除所有严重的暴力犯罪者或误杀罪被判刑者。两名因P. Andrew Harper之死而被判定犯有误杀罪的男子——后者被拖在车后行驶了一英里多——在执行其刑期的二分之一后即符合释放条件，而非三分之二。

Barnback正面临进一步削减该计划的压力。

不幸的现实是，他无法承受将其削减至。英格兰的男性监狱设施已失去了约90 per cent的容量，可用空间不足1,000个。如果没有释放计划，预测表明监狱可能会在12月前被填满——而积压的刑事审判系统则进一步加剧了这种情况。过度拥挤是此前政府的一些公共选择和资金不足的结果。

监狱设施无法跟上需求，部分原因是2000年代保守党的“偏执”政策，以及规划延迟和建设失败。但囚犯人数也急剧增长——部分原因是被指控的囚犯增加。另一部分原因则是刑期的延长。平均刑事刑期，包括100个刑期，从2012年的34.4个月增加了30 per cent，至2023年的19.9个月。

由Covid-19加剧的法院积压也导致了囚犯需求的增加。一个与事件相关的缓刑系统导致更多的人被送回监狱，并且可能使更高的费用倾向于施加社区处罚而非刑事化。

更严厉的量刑是一种政治选择。民意调查表明，这反映了英国公众比在持续的欧洲中持有更多“积极”的态度。但这导致了英格兰、威尔士（以及运作自身司法系统、同样面临类似容量问题的苏格兰）的监禁率，该比率远高于西欧和北欧的同行或加拿大——尽管在澳大利亚和美国之前，这些同行的犯罪率通常相似——且在上升。

解决容量问题的部分答案似乎是建造更多监狱。但是，每个place成本超过6,000,000，每平方英尺的价格高于豪华住宅，成本巨大，倾向于

由前任政府的政策选择和资金不足可能导致的过度拥挤

在缓刑服务中投入更多将降低召回率，并让法官更有信心避免非刑事判决。即便如此，监狱容量仍未补齐。为了使其更符合European ports，进行记录保留改革几乎肯定会产生不足。

一个简短的召回名单将仅替代12个月，其中再犯率非常高——而更严格的、基于社区的康复措施往往更有效。荷兰在2000年代处理了七个监狱服务机构，部分原因是经历了类似的转变。其他监禁率较低的欧洲国家也倾向于施加更短或更少的刑事判决，并更多地利用有条件判决、社区服务，以及在特定原因上投入更多关注。对于英国来说，这意味着重大的政治和文化转变。然而，要打破监狱过度拥挤的循环，它几乎没有其他选择。

观点 政治

欧洲必须采取更多行动来实现其人工智能雄心

欧洲理事会主席安托万·孔特（Antoine Conte）计划在今年秋季组织欧洲各国元首就人工智能（AI）进行讨论。迟到总比不到好。领导人们必须利用这次机会来落实并统一一项人工智能政策。当 1% 和中国将这项技术视为其优先级和国家权力的工具时，欧盟甚至还没有决定一个集体的政治方向。

两次，关于数字主权或战略自主的讨论，实际上就是关于人工智能的讨论。全球公共系统并不有利于欧洲。如果没有主权人工智能选项，欧洲人将依赖于外国的偏好和任务。这些依赖关系超出了商业决策。这意味着由外国政府做出的决定具有一种不相称的——

法定协调应急响应并从分享经验教训中获益。此时应当对它们做出决定。

在欧洲过去的危机期间，包括新冠疫情和金融危机，专门的任务小组创造了紧迫感和专注度。它们也更有效。一个明确的人工智能政策方案应包括将人工智能人才聘用到政策岗位，建立国家人工智能安全研究所，以及一个更广泛的人才计划，以在欧洲培养并吸引（回流）人工智能人才。

在欧洲大陆内部，已经存在着巨大的能量和对欧盟在人工智能领域加强领导力的渴望。国家人工智能战略已被宣布和采用，一些大学正在与非欧盟供应商进行讨论，而情报机构则选择国内系统而非国际公司提供的系统。那些相信以欧盟范围愿景做出决定的人，应该通过在成员国之间分工并利用资本激励，来扩大并提升该想法的竞争地位。许多人并不认同工业界。欧洲领导人可以为全球那些对目前的两种欧洲模式深感不满的人提供一项服务。

在政治上具有雄心并不意味着将人工智能置于一切之上。是的，欧洲可以选择以不同的方式对待人工智能，而不是复制硅谷那种将人简化为消费者、将社会简化为市场的生产方式。欧洲现在且将继续与中国的国家模式保持距离。如果对自我反应产生影响，在当今的数据、资本和计算世界中，纸面上的翻译转化为实际结果的情况极少。如果欧洲人相信人工智能可以在尊重民主价值和提高安全性的同时增加价值，他们必须观察。

今年秋季的时刻必须有一个明确的议程和雄心，欧洲领导人们将以此为基础，制定一项全面的人工智能战略。

因此，它应该以严肃的政治认同和一项切实可行的战略作为结论，使其成为源自欧洲经济和财富的杠杆：激励对主权能力的投资（例如公司），使人工智能的瓶颈点更具韧性，并为哪些能力必须由国家持有设定优先级。

许多战略的成败取决于其执行。这次机会必须提供机制和行动。欧盟不能承受浪费这次机会，并在秋季的几个月里仅进行关于全球人工智能的讨论和头脑风暴。

作者是斯坦福大学人类科学研究所“人工智能”的编辑，以及《科技公司》（The Tech Corp）一书的作者。

读者来信

布鲁塞尔的核电激励措施为英国提供了模型

关于延长 Harwell R. 寿命的决定（7月8日）的消息，对于业内人士来说并不意外。在最初建设时，就已要求提交延期申请，尽管该实践的预算通常集中在 40 年期间，但延期的主要限制因素——压力容器的“西方增强”（western embellishment）——是可以通过明确监测的。这就是一个过程，其中

来自核反应堆的高能粒子可以轰击金属部件，使钢材变硬且更脆。类似的反应堆已经证明，在运行 60 年——且在经过监管批准和条件评估后，潜在地运行 80 年——是可行的。最初许可的寿命与潜在的有用寿命是两个截然不同的概念。

英国正面临未来十年核电输出下降的前景，即使在 Harwell R. 延期的情况下也是如此。在我们等待 Mullaby Point I 和 Harwell 上线期间，这是核电开发贷款动力的第一波。欧盟本月宣布计划允许 90 年代的政府将核电作为一项具有更大灵活性的能源支出类别。这是一种承认，即欧盟现在日益将核电与必需品并列，将其视为实现能源安全和脱碳的重要途径，而这也是英国必须以同样方式学习的一课。Vince Zabichaki，前 Pioneer，前核工程师；以及 Water Nuclear Council for U&T Nuclear Pain Audit Programme，英国伦敦 EC2

增值税改革？这就是为什么它难以实现

就在最近的一篇评论文章《真正累进的》增值税将解决英国许多税务问题（7月20日）中，我们谈到了关于增值税的极少内容。它是财政部第二大收入来源。但目前的假设是一堆国际偶然因素的堆砌，而改革可以筹集大量资金。然而，他的处方正是问题所在。该方案建议取消大多数豁免，并通过在销售点提供自动、实时的返现来补偿低收入家庭。国家账单如何知道哪些是这些家庭？大多数人不提交纳税申报表。英国的按薪扣税（PAIT）系统了解的是个人，而非家庭。自雇人士报告收入的时间滞后数月。

我们目前最接近的方案是通用信贷实时信息系统中的低收入水平，而每个人都知道这个系统有多么糟糕。

您的建议将需要一个全新的、受控的数据库，将每个地区的家庭收入与他们进行的每笔电子交易联系起来，这当然是不可避免的。或者人们需要注册，

证明其身份并申请退款——通过提交申请来完成。

Non-burber 建议年收入低于 £30,000 的家庭完全不需要支付增值税。像这样硬性的门槛会导致有效边际税率激增——即下一英镑收入的实际税率——这在逻辑上更难处理，这意味着需要一个个性化的增值税比率滑动量表——更多的机制，

更多的数据，更多的错误空间。每当税务海关总署（HMRC）构建一个自动支付资金的机制时，规模大约在 30,000, 我们在研发减税、新冠支持计划和增值税要求基金中看到了这一点。认为 HMRC 将能够为 20 个家庭提供实时交易级返现的想法极其糟糕。

增值税改革辩论中一个更好的解决方案是对增值税适用的商品和服务进行一次真实且全面的审查。不对我们想要更多地消费的东西征税——通常是健康食品、教育和某些产品。然后提高我们想要抑制之物的税率。

是的，增值税（在 2012 年从 1 提高到 2）定义过多。这不值得费那个劲！你已经通过惨痛的教训意识到了。然而，这些事情是强制性的，而且总会有反馈——无法避开这一点。

然而，这可以说比对少数家庭进行监控，然后防范来自少数人的欺诈、错误和公众谴责要轻松得多。

Andrew Mary 高级合伙人 Hary Clark, 伦敦 WC1, 英国

高街困境

Polly Mackenzie 写道，高街的衰落可以通过将受网络购物影响的店铺用地转换为住宅来缓解，并且医疗保健设施应安置在空置的店铺中，8月1日。

我认为，制造商是该系统中的功能失调市场。它赋予了租赁方过多的权力——他们可以随意对从设计、施工到楼层布局的所有事情发表意见，且这种意见是“绝对的”。

我当地的高街有三分之一的店铺关闭，但由于反对意见和议会的顾虑，他们不愿将这些房产转换为住宅。我们将房屋转换为公寓的提案已被搁置多年。另一个增加两层的提案被反对，仅仅是因为它可能从高街被看到，因此对该区域不利。

高街正从销售商品转向销售服务——如餐厅、咖啡馆、教育中心——它们需要学习如何才能成功，这对人们甚至足球运动都是最好的，但如果没有规划上的改变，进步是不可能的。请优先处理此事。

August Frenz 伦敦 EC2, 英国

美国和中国将其视为国家权力的工具，但欧盟甚至尚未决定建立一个联合中心

对欧洲国家安全的颗粒度影响。因此，政治领导人必须在人工智能实验室与地缘政治之间日益紧张的局势中，面对安全欺诈的种种情况。他们应当优先考虑信任与安全。

在美国，人工智能投资是安全的关键步骤，T-range政府将人工智能视为其全球霸权野心的来源。

唐纳德·特朗普总统正采取更多措施来增强美国的综合战略力量、股权和经济实力，相关报告支持了Anthropic最新的模型节奏已被美国情报机构破坏，而秘密的欧洲盟友则受到限制。

这给欧盟带来了新的安全挑战。近期在安卡拉的民族主义让欧洲领导人们面对一个不可靠且可能具有敌意的美国的现实，这迫使欧盟开发并维持自身的军事和国防能力。安全是生存不可或缺的一部分。技术发展也清楚地表明，在安全目标中模仿多样化的选择是不可能的。企业行为已经对安全产生了影响。

人工智能处于这一不可逾越的真相核心。为了应对来自网络景观或依赖关系利用的潜在威胁，欧盟国家必须建立

许多战略的成败仅取决于其执行。此时必须提供机制和行动。欧盟不能承受浪费这次机会，并在接下来的秋季月份中就全球人工智能进行讨论和头脑风暴。

展望

孟买 印度的选民名册修订带来了更多官僚主义的痛苦

by Krishn Kaushik

今年夏天的几周时间里，我的公民身份似乎陷入了某种困境，尽管我没有违反任何法律，也没有移居到另一个国家。相反，一次修订选民名册的国家行动导致我和数百万其他人相信，印度的投票区域基础出现了偏差——我在印度生活，持有印度护照，缴纳税款，并且在修订中被分配了一个唯一的数字身份。然而，根据政府的说法，印度的大部分记录足以证明我是印度人。这个问题的原因是

印度选举委员会决定启动一项选民名册的“特别审查方法”——这是首次寻求将选民剔除。印度所有选民都需要一张选举照片身份证（Election Photo Identity Card），或简称 EPIC，才能投票。我的 EPIC 编号使我能够在多次国家和几次州选举中投票，然而在修订之后，我得知我的 EPIC 编号已不复存在；监管机构在最后一次修订之前的选民名册中找不到任何对应的姓名。

作为一名报道印度政治和政策十余年的记者，我与该国的行政官僚有过长期且密切的接触。我知道官僚机器是僵化的，但没有什么比这次选民名册修订更能清楚地表明，印度官僚体系的信仰核心是怀疑。

对于不了解情况的人来说，这听起来可能像是一个简单的文书错误——某种

应该很容易纠正的事情。选举委员会将其称为“逻辑差异”。但被排除的规模意味着，对于那些被错误剔除的人来说，重新登记变得越来越困难。一位试图重新加入选民登记册的朋友被告知，她的护照（选举委员会认可的 13 种证明文件之一）被拒绝了。另一位则被要求提供她 40 年前的出生证明。她设法证明了即使在 30 人面前，它也被接受了。

仅仅因为存在改革系统并不意味着它们总是有效。R. Rajagopal，一位资深的前报社编辑，因为其姓名未出现在西孟加拉邦的修订名册中而被拒绝办理护照。是的，在印度的 20 世纪或 21 世纪记录中，如果这种情况会发生在像 Rajagopal 这样的公众人物身上，那么它就可能发生在任何一个公众人物身上。

“那些同样被官僚的一笔勾销而失去选举权，且缺乏发声寻求救济能力的人的命运，只能在想象之中，”文中写道。这“凸显了数百万印度人正在挣扎其中的痛苦”。

投票登记影响着印度生活的许多领域。在一个人能够获得书面证明之前，他们被要求证明自己的公民身份。印度反对派声称，这次修订行动是应执政党印度人民党（Bharatiya Janata Party）的要求而进行的。在最近的地区选举中，

总理纳伦德拉·莫迪的政党设法赢得了 20 世纪大选的控制权。这次选举受到该州 270 万 张选票被从登记册中剔除的影响，一些人声称这在政党的胜利中起到了关键作用。被剔除出选民名册——还使数百万人容易受到人权活动人士所称的针对穆斯林的定向打击，在那个州，穆斯林占人口四分之一以上。选举之后，该邦将该州被认为是“非法移民”的家庭——主要是来自邻国孟加拉国的穆斯林——的投票权予以取消。

Rajagopal 表示，在反对派接手他的投票权后，他终于拿回了他的护照。

至于我，正当我通过各种文件得知所有选票的情况时，我不应该被剥夺我的投票权。我接到一名选举官员的电话，称我的登记并未被取消。相反，在一段时间内，选举期间，我的Epic号码被更改了。随着选举的重新划分，最终被设定为未切割。

8月第二次报道称，法院将需要超过20年时间才能处理完选民名册修订中的所有挑战；对于那些被纳入其中的人来说，这些行动提醒人们，没有任何权利是可以被视为理所当然的。

krishnkaushik@utcc.edu

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2020年8月6日，星期四

•

金融时报

21

观点

在人工智能时代，谁还需要顾问？

人工智能时代——对于那些仍将是人类的人来说——似乎是许多职业（尤其是评论员）的终结之时。对于战略顾问而言，这种情况尤为严峻，他们不仅将允许而且会改变其速率，而对于法律和会计等其他专业服务行业，法律支付承担法律责任的能力则有所不同。无论是否由人工智能模型允许，总得有人对账目或法律操作签字，治疗允许两者成为一家公司或一个公司。即使在需要顾问的时候，大语言模型也能做得更好、更快或更便宜。这种威胁很大，但未必是生存危机。在说明原因之前，值得

探讨我们所说的战略顾问是指什么，以及他们做些什么。

即便如此，麦肯锡、贝恩公司和波士顿咨询集团与高级管理人员密切合作，以解决高层业务问题。他们显然在持续或疯狂的流程实施和持续过程中承担更多责任。明星公司、Fara Consulting 和 Categorical 的股价也反映了公司内部大量的人工智能应用。战略提供的底层服务是一个争论话题。至少有三种理论，按愤世嫉俗程度递减排列：他们提供的是一种本质上客观且享有盛誉的认可范围，以选择管理层已经做出的决定；根据通用或最佳实践在公司之间进行服务，而没有>管理以理解一个范围并帮助经理提高其公司的生产力。

这些并非绝对简单的描述，无论你最喜欢哪一种，你都能看出人工智能如何构成威胁。进行行业研究并清晰地呈现，包括分析多家公司战略中的广泛模式、

规模，并就所有战略事项推荐重大行动方案，这些现在都是收费项目。人工智能在所有这些方面都表现出色。如果它可以进入幻灯片演示文稿，那么它几乎肯定正在变成一种商品。但根据顾问们的说法，长期以来价值并不在于此。分析或技术挑战——描述问题并重新构想公司的方式——

按预期结果收费是未来。按日计费的工作正处于危机之中

网络——现在是简单部分。困难的部分是让组织实施建议的变革。每个高管心中的想法都像封闭的房子，有着不同的信念，在不同的激励机制下行动，并担心不同的事情。并非所有人都会完全诚实地表达。赢得关键人物的信任，从异见者那里获得服从，然后引导一个

自上而下实施变革的流程，这才是工作所在。“人工智能继续在使战略制定和建议变得更简单的道路上前进。竞争优势在于你对变革的理解程度，”麦肯锡印第安纳州的一位董事总经理兼合伙人 Kristy Ellison 表示。一位前高级顾问表达得更直白：“关键在于人际接触。”

经济学家、《deep jinks》合著者 Luis Garizano 认为，人类生活被构造成一个信息问题。规划重大转型所需的知识分布在不同的人之间，且通常是隐性的而非显性的。人们拥有紫外线或为了自身利益而引导它，而且对于那些尚未完全改变的人来说，这甚至可能是不恰当的，问题不仅在于人类无法完成在计划背后建立共识的面对面工作。而是在于训练人工智能设计该问题所需的数据集并不存在，它只有在人类参与规划斗争时才会产生。Garizano 将那些认为人工智能可以解决此类问题的人比作社会主义中央计划者，他们

——在经济学中。这就是哈耶克所指出的——在结果出现之前，无法脱离市场价格所揭示的局部知识。

总而言之，在人工智能时代，战略顾问实际上根本没有在出售情报。他们将会达成一致。

即便你认同这一论点，战略咨询行业似乎也注定会萎缩。分析和技术工作曾是需求的产物。一个曾经服务于启动阶段的行业，而帮助管理层进行变革的定制化过程曾是特殊原因。现在只剩下装饰。

挑战将在于，当没有多少辅助分析工作可做，且在告知大量模型时，如何培训年轻的顾问。或者在前端的方式，变革已经开始。更多的是一个针对这些时间的全新变革工具，但却是通过期望的结果。这就是未来。按日计费的工作正处于危在旦夕的境地。

最成功的人将是那些能够践行自己建议的人。观察这些战略如何运作，以及他们如何实现自我转型，将会很有趣。顾问们，请听从哈耶克的建议。

欧洲与永恒的南北分歧

西班牙总理称某些其他欧洲国家“自私”，即使在大多数人已经看完之后，我依然感到如此兴奋。这并不是因为佩德罗·桑切斯没有理由这么说。在危机计划激增之后，各国政府提议（Sierrally）孤立西班牙。有些人已经失去了资金。因此，就像许多人将他视为一个为了国家利益而行事的投机者一样。在最初的情况下，除了增加国防支出占GDP的比例外，俄罗斯也不会将其军队“带过比利牛斯山”。在这些山脉的另一边，人们发现他们正成为一个权威。

南欧和南欧居住在日益不同的精神世界中。北方社区关注的是俄罗斯。除非弗拉基米尔·普京在他生命的秋天发出通知，否则撤退的变革已经开始。而对该问题接触较少的南方可以引用其他优先事项。一个是气候变化，而山脉则根据气候而定。但他们曾建议，西班牙对抗气候变化的努力应计入国防支出。今年夏天的狂暴让人们更难将他斥为诡辩者。

在他与印度总理、乔治·尼尔森之间，以及美国之间，新国家已开始关注国防。今年早些时候，她排除了派遣意大利军队来确保一个后坎特尔许可证。我认为，按照她国家右翼的标准，她是俄罗斯的级别。像西班牙一样，意大利也刚刚满足了Norit的医院意愿。我得到了更高的成本。在最近的一项民调中，意大利是唯一一个反对增加国防开支的平静国家。

虽然存在例外，例如被逮捕的税收，以及关于法国属于北方还是地中海的模糊之处，但即便国防预算占GDP的比例，在分歧线的南侧通常也较低。在数量上，这个国家与未来相同。这可能是决定性的。欧洲在经济管理上存在分歧是一回事，因为当时的皇家北方在数十年的世界分歧中表现突出。而对于什么算作生存威胁而产生分歧则是另一回事。

仅凭这一点就足以导致南北疏离。但使情况恶化的是移民问题。地中海国家在水面上应对非正规抵达者，但与其他国家一起，欧洲将共同化解这个问题。景象是：北方资助南方的边境防御工事，全欧洲呼吁在非洲实地行动，从源头上改善人们的生活。（法国在2012年之前在黑暗中执行过一项反叛乱任务。）

麻烦在于，即便在写这篇文章时

人口下降到高水平，人类的奇幻结果。也就是说，分歧率在出生时就覆盖了：每位女性的运动几乎在1以上。原始的人口压力将推动非洲人向欧洲迁移，其数量即便是最出色的决策者也难以管理。如果北方国家变得多孔，北方国家可能会要求对欧洲内部从南向北的流动进行更严格的内部检查。也就是说，它改变了区域，或者——对欧洲团结来说更糟糕的是——所有人都反对红海。

北方与南方的对立是一个固化在世界上的政治分歧。我想知道恩斯特·拉多维克在每日自由号谈到雨水时是否不得不忍住笑，这在全球标准下接近一个现有的标准。她成长的尼日利亚将其首都从沿海地区迁走。

在经济问题上产生分歧是一回事，而对于什么是生存威胁产生分歧则是另一回事。

Laguna 的内部情况至少在一定程度上是为了弥合其南北差距，这在其宗教和对英国统治的不同经历中有着基础。随着你远离，印度的收入以及对印地语的态度在发生变化。这种分裂在英国甚至在顶层面板中也存在：贫困国家。（想想意大利、比利时或德国。在 Thomas Man 的 Radiotherade 上，一个出生于（黑人的 Munch 就像它是海王星一样）。美国沿 Isthmified 线经历了一场内战。曾经的邦联州与北部的州依然截然不同。

但在任何地方都能发现南北问题，因为不同的纬度产生不同的社会，从而产生不同的作物，而文化在一定程度上是这些社会条件的下游产物。在所有这些差异中，存在着足够强大的管制国家或足够热烈的民族情感来将事物凝聚在一起。作为一个大陆，欧洲这两者都很少。在 2016, 年，其南北差距正在缩小。最肮脏的“猪之国家 (Pigs)”创造了今天的局面，其他国家也将它们与北方经济体拉近，正如 Lord St 所反映在债券收益率增长中的那样。关于俄罗斯的共识几乎是全大陆性的。战争的爆发再次扩大了这一差距。

一个数十年来沿东西轴线撕裂的大陆，可能会重新转向更古老的南北轴线，根植于旧的 Catena。在新教的分裂中，但在不同的威胁感知中。这很重要，因为数字很重要。说民主欧洲拥有 5 亿计划人口——对抗俄罗斯的英国——这并不稀奇——但意大利和西班牙占据了其中超过五分之一。如果欧盟更多地变成一个防御俱乐部，很容易看出英国将如何加入，但一些现有成员可能会漂向边缘。

北方面在开始时，由于担心提供更多而推进 Rift 系统作为一项宵禁放弃。北方方面则不想在欧洲问题上采取行动。但这里存在利益分歧，这里存在坚硬的地理事实。那些渴望分裂这个大陆的人，在工作中面临的困难太多。

绿色转型不能仅靠自身利益驱动

Noah Gordon

随着全球石油和液化天然气的大部分比例在20世纪90年代升温，美国处于战争状态，世界在寻找或试图规避当地燃料的替代方案方面毫无进展。

这场冲突加速了一场迫在眉睫的能源危机，且该危机正在进行中。从全球绿色工厂中国采取的实时措施来看，在Maco Robing的6月份，中国的太阳能电池板和组件、电池以及电动汽车的价值比同期高出 47% (40kWh)。

任何关心气候的人都应该高兴地看到数百万人安装那些将削减未来排放的技术。不幸的是，这个人仍然关注到目前为止对清洁能源转型的需求。认为个人决定足以遏制气候分歧威胁的想法是历史性的，政府必须继续倾斜竞争环境，基于其自身原因。

首先，当投资规模较小且产品损失较低时，利益驱动最为有效。这种繁荣主要由许多个人购买用于飞行游客的太阳能电池板、用于欧洲公寓的电池或用于澳大利亚群组的电池所驱动。需要对天然气和石油短缺有更长期的预期，才能驱动那些仍然几乎完全依赖当地燃料的工业部门发生改变。

诚然，在最近的对冲基金冲击之后，中国以外的地区没有出现大规模的清洁重工业投资。美国最新的公司在 400kWh 利润的 361pups 中分享了最终投资决定，离岸资金代表了 30vllions 且没有天然气。而这家绿色公司的巨头则希望获得另外 4.4vllion 的融资，以便完成在瑞典的一座工厂，以通过绿色后套件进行生产。

个人决定不会停止气候分歧 政府必须继续倾斜竞争环境

这两者都需要前瞻性的地理条件——由丰富的氢能所留下的机会——以及强有力的政策支持。手术计划是由美国不断上升的能源成本和边境成本驱动的，低白 Azusa 气体凭借来自包括国际法国公司在内的多边机构的融资方案，使其绿色肥料设施得以实现，该公司购买了同样的天然气。

虽然今天购买电动汽车在很大程度上与今年的反应相关，但投资数亿加元建设一座绿色肥料设施以替代主要-duplous 肥料，在 2000 年代将是非常昂贵或不受欢迎的，因为经济活动的决策总额的一半将由政府引导向正确方向。

其次，对经济韧性的追求驱动政策制定者转向国内现金以及国内直接投资，例如，bulls 已批准约 100x 用于建立快速现金。中国同样将其长期投资投入到清洁重工业中，在高度监管的现金方面投入大量新支出以选择该项目。

在经济进程和利益驱动的转型中。当中国转向电动汽车并能满足所有需求时，这使得美国人更容易维持未来的长期停机时间。

最后，转型中一个至关重要的步骤不能仅靠当前的利益或对可负担性的建议来实现：碳移除。即使排放量迅速下降，消费者仍需将全球变暖控制在 20% 零售气体的水平以下，而不是通过碳移除填补更多技术，例如通过邮寄国家。如今，世界每年每季仅储备约 2 兆吨。而世界需要一千 kiln——即全球的 1000000000000000000000000000000000000000000000000000000000000000000000000000000000

由经济意愿、利益以及对能源安全的需要驱动的清洁能源进展是一件极好的事情。但在空气状态中几乎没有关于走私的内容，足以让当地的燃料运营削减并转

作者是卡内基国际和平基金会的研究员

下表提供了英文信息：

Ehsan Masood

在 10:30，且已经是巴基斯坦计划委员会的资深首席经济学家——

主义，伊拉克公告

会议，下表提供了英文信息：

或 10:30，且已经是巴基斯坦计划委员会的资深首席经济学家——

主义，伊拉克公告

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22

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金融时报

2024年8月6日，星期四

Lex.

Simeon Kerr

BP退出北海业务为苏格兰能源敲响警钟 ● 商业洞察

SpaceX 表明为何季度收益可能模糊不清

当一家新上市的公司首次报告其季度收益，且分析师对其有所预期时，这总是一件令人高兴的事。SpaceX 在周二这样做了。但如果说有哪个案例能证明季度财务报表是原始的——这是美国市场监管机构提出的一种观点——那么这无疑是一个强有力的支撑。

在大多数重要指标上， 的表现好于分析师的预期。营收增长了 92%，主要得益于其盈利的卫星通信业务 Starlink。在 股价从 6 月份的高点下跌 44% 之后，这在某种程度上是对 Mark 的快速救赎。

然而，过去三个月 的财务状况发生了什么，其实几乎无关紧要。毕竟，其长期目标包括在月球上启动并建造一个“质量加速器”——一种巨大的磁力弹射器。目前，其收入来自销售宽带和出租数据中心，这些活动仅占 招股说明书中概述的“总潜在市场”的 10%。

预期的增长规模使得短期波动显得微不足道。 的顶级 IPO 承销商高盛预计，其营收将在五年内从目前的 150亿美元 增长到 8000亿美元。在此过程中，其累计负自由现金流可能高达 1000亿美元 左右。

坦率地说，无论如何，到 2050 年营收的 85% 将会……谁在乎

股价较 6 月份的高点下跌了 44%。- Steve Shuffles / News

现在到 9 月之间发生了什么？

有更多有用的指标，属于一种新的会计类别，即 可重复使用学习火箭的进展，该火箭上个月完成了第 15 次试飞。Mark 尚未发射其飞船以降低其货运成本；他计划

由于 的大部分价值在于尚未存在的事物，对该公司进行估值就像是一张快照

在本月底前完成。正确实现 Staxnity 仅仅是实现 Mark 那些可以颠覆电视的太空梦想的一个有用步骤。由于 的大部分价值在于尚未存在的事物，对该公司进行估值就像是一张快照。看看分析师价格目标的分布范围。彭博社所采用的平均值具有 50% 的“变异置信度”——这是一个衡量其分散程度的指标。

苹果、英伟达和 Meta 为 15%。在更可预测的一端，最大的 10 家零售商之一沃尔玛为 8%。

即使目前的财务状况能给 的前景提供一些线索，它们也无法提供关于该公司估值中另一个重大变量的线索——即与特斯拉公司潜在的合并。

Mark 否认计划将其太空事业与他的电动汽车制造商合并，但甚至一些承销商也公开讨论了这种可能性。[P]Rorgan 称这一想法“极具吸引力”。

特斯拉合并的条款或时机是不可知的。如果发生，Mark 的控股权可能会使其他股东的观点变得毫无意义。

这种不可预测性使得短期利润波动显得更加微不足道。[M]aking 季度收益可能不是个好主意，但美国市场整体已经……对于 的投资者来说，很难看出这会产生什么影响。

航空公司陷入困境，但其供应链依然高飞

现在是从事航空旅行业务的大好时机——前提是你不是一家航空公司。得益于承运商新飞机订单中的加元资金，供应和维护飞机的公司很少有像现在这样顺遂，其估值也从未如此之高。问题在于，航空业中某一环节的公司很少能长期保持孤立。

对于供应链内部的人员来说，供应链已延伸至完美状态，60 / box 正在处理积压订单，流向良好的贸易。因此，其供应商拥有爆款代码，仅需相对较少的额外投资，而这些资金可以转而用于准备即将出现的新机型。此外，仍在服役的其他飞机比新飞机需要更多的维护。

根据麦肯锡最近的一项调查，三分之二的维护供应商和供应制造商认为，过去六个月的需求有所回升或保持不变。估值达到了最优状态。零部件供应商 listors 的市值在四年内翻了一番，超过 4 亿加元，其交易价格为其两年后预计收益的 40 倍，低于一年前 30 的峰值（减少了 8y 价格）。

与此同时，高度发动机电机-低电能 Electric 仍接近其 10 年峰值，即 2020 年收益的 50 倍多。其巴黎合作伙伴 'sahara is in' 根据其老板 Olivier Andries 的说法，处于 'sidewall structure' 状态。而罗尔斯-罗伊斯负责人 'Jalac-Ecgiotique' 表示，这家喷气发动机制造商的民用飞机维护合同利润率到 2020 年将比 2022 年高出 20 个百分点。

航空公司本身则没有那么乐观：麦肯锡调查的对象中，超过一半的人表示需求正在减弱。6 月，航空公司行业团体 late owner than 将其 2026 年全球客运增长率上调至 2.1%，并预测行业净利润率仅为 2%，理由是对 10 年运行周期的不确定性。

航空公司已削减运力，以在盈利的夏季月份维持市场份额。但人们可能会倾向于 general plans，而不是支付高昂的维护成本或

飞行陷阱

Airtree 客运增长 (%)

以每分钟平均百分比衡量。SpaceX 90A

易受影响的航线或天气转冷。英国航空的所有者 100 car Foley 坚持认为其关注点是利润率而非市场份额。4 月，LaRibana 削减了两点 pro-sec 的服务，并退役了另一种机型的最后一架飞机。供应链中的环节可能很强，现在停飞的飞机已经如此，因此不会对它们产生实质性影响——F-Net 的结果证明，如果客户的生活没有变得更容易，很难看出情况如何改善。无论是经济舱还是头等舱，所有人都前往同一个目的地。

嘉能可的悉尼策略为三重国籍提供了一条巧妙的捷径

每个外派人员都知道，更换国家涉及繁琐的文书工作。公司面临的头痛问题则要严重得多。幸运的是，嘉能可展示了一条捷径。这家在伦敦上市的矿业公司昨日表示，将在10月前在悉尼发行存托凭证。这并不涉及筹集资金，但将使澳大利亚投资者能够通过本地包装买卖其股票，而无需调整本地治理和规则——而这正是全面上市的陷阱。

矿业公司在操作和财务上的跨境交易方面是专家。双重上市曾是该行业的常态。必和必拓在二十多年时间里一直维持着全面双重上市。但时代变了。除了当地规则要求采用各种双重结构的中国之外，这种做法正变得过时。

纽曼和美铝已经在悉尼提供存托凭证。在早些时候，这些公司更有可能采取双重上市，部分是为了满足当地政治人物的要求。

成立于1974年的嘉能可一直擅长紧跟对手。为了更好地接触亚洲投资者，它在2012年在香港和伦敦两地上市，但由于缺乏兴趣，它在2020年取消了香港上市。

到那时，它已经在约翰内斯堡建立了一个类似于其澳大利亚计划的次级上市，目前有5%的股份在那里上市。就在去年，它还计划向纽约进行大规模转移。

老牌公司面临着规模的难题，缺点是：贷款机构和政治人物倾向于维持其影响力。MHK的Lewtos建立的——以及监管审查——源于其1992年对Michael Sack的收购。但让两边都满意并不容易。当美国监管机构在2020年强制其暂停所有规模时，MHK的香港投资者大发雷霆。

减少上市地点的公司通常谈论精简，而增加新上市地的公司则讨论资本来源的多样化，以及提升估值的机会。韩国供应商SK海力士已加入许多在美发行GDR的外企行列，并筹集了KIA-50s。

嘉能可表示，其在澳大利亚的举措是澳大利亚投资者的要求结果，这意味着它预期需求强劲。其股价的普遍上涨肯定能弥补建立新上市的成本，而且如果不需要承担建立完整市场成本的标志性开支，那就更好了。

瓦砾制造者

远期市盈率倍数

来源：BHP Canada

日经亚洲 - 亚洲之声

纵横字谜 No 18,445 作者：MUDD

答案 18,444

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笔记 PhD

横向

1. 前往闪光导演* (18)
2. 舞蹈时先开启向下 (6)
3. 战斗中失去头部后最合格的年轻人 (6)
4. 针对会计师的攻击：也许？ (6)
5. 饮品，讨论或反思 (6)
6. 组织起来的多数责任 (5)
7. 购物回溯，学校材料的一点帮助 (6)
8. 美国城市，早前未付 (7)
9. 早晨进入Com-ain —— 最初使用了谴责？ (7)
10. 相同且与葡萄酒相关 (6)
11. 最初有效的油漆，具有泡沫材料 (7)
12. 在市场等地方收拾桌子 (5)
13. 伴随数字尝试反转标记 (6)
14. 外币投资于基本单位，首先 (2,6)
15. 解决后记者揭露故事的国家 (6)
16. 我怀疑标准不稳定 (5)

DOWN

1. 以合法方式分解月份的方法 (6)
2. 青春、活动、护理、良好 (5)
3. 听起来像是有价值的坚硬之物？ (5)
4. 处于良好状态时的旅行记录 (7)
5. 广播已结束，但这是一个令人难忘的浸没 (5)
6. 5% 的特征在半路匹配的山坡上 (5)
7. 得到了帮助，不是吗？ (5,2)
8. 像粉笔一样且覆盖所有表面的粉末 (6)
9. 女性的灯光批评穿着上述物品的人 (5)
10. 像同样进入新时代的伟大领袖* (5)
11. 你被美国城市的舞者建议 (2,5)
12. 在节制中聚集在一起进食 (6)
13. 演讲者的简短时期 (7)
14. 毕业后的女性搞乱了手册 (6)
15. 由捧花接住者收集的爱 (6)
16. 尖锐的刺痛 (5)

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FINANCIAL TIMES

THURSDAY & AUGUST 2024

UK FT20: Republic of Ireland #4.10

Can Intel deliver on its turnaround promise?

BIG HEAD, PAGE 19

Europe's ancient north-south rift persists

JANAN GANESH, PAGE 21

Deadly strikes

Kyiv pleads for missile shield

Firefighters work at the site of a Russian missile strike in Kyiv yesterday that killed at least 37 people and injured 44.

Ukraine's air force said Russia launched 24 ballistic missiles, four anti-ship missiles and 101 drones at Kyiv. While 90 of the drones were shot down, none of the missiles was interrogated.

President Volodymyr Zelenskyy called on his western allies yesterday to make "the necessary political decisions" target an defense missile to Kyiv.

For his warmed that Ukraine is running critically short of Patriot interrogators, the only western-supplied system reliably capable of destroying Russia's ballistic missiles.

While Russia's defense ministry said it had aimed for transport, logistics and distribution centers in Kyiv, Zelenskyy said the main targets were civilian businesses and a railway station.

Russia and Ukraine reports page 5

China begins global tax hunt reaching back decades as fiscal pressure grows

◆ Ultra-rich face deep scrutiny ◆ Tough curbs on offshore capital flows ◆ Budget revenues stagnate

LIFE-LIVING • TOP 10 DORMAN WHITE • SHANDISH DAN W. HAY VICKI CHEN-ANLADA • CHICAGO

China has launched a global hunt for hundreds of citizens of dollars to expand since going back decades as Beijing seeks to fill a deepening fiscal hole by targeting the ultra-rich.

Authorities have stepped up scrutiny of overseas capital gains and invest assets, in some case going back as far as 2000's to a campaign that comes on Beijing also seeks to significantly expand control of unheated capital flows.

Banks have been instrumental in review overseas investments by wealthy Chinese to check if income has been declared to Beijing's tax authorities, according to foreign officials as well as Chinese bank-

ers and family office managers. Their efforts, part of a suite of tax-determining gifts the country's wealthy – including offshore trusts – are focusing on gains from purchases of real estate, equities, previous assets and cryptocurrencies, among other assets.

The retroactive nature of the campaign has been confirmed by multiple officials, bankers and advisers.

Investors months funds have stepped up co-ordination with tax authorities to

'Having the right trust structure provided a tax shelter. This new ruling has ended that: advantage'

foster depositors' accounts until officials are satisfied since on eight states from overseas assets, accounts and countries have paid, on the date, with

"The normal practice is that those wealthy people will immediately pay the fines and taxes in cash to reactivate their account," they added.

The tax hunt's timeframes vary widely. In one example, the head of one Shenzhen-based family office said his clients were asked for tax payments on offshore asset gains from 2017 to 2023. No explanation was given for that form.

The motivation for the campaign is "clearly a fiscal one", said Victor Shih, professor of Chinese political economy at the University of California San Diego. China's budget revenue, largely dependent on tax, has mostly piecemeal

since the pandemic, falling 1.7 per cent to Reds12,000 ($5,200) in 2023. Total revenue from land sales, once a conversion ratio for the state, collapsed from a 2021 peak of Reds8.7m to Reds4,104 after a property market rising.

China has mostly also introduced sweeping tax rules for assets transferred into offshore trusts, closing a hundred long and by wealthy individuals to shelter assets overseas. Under the new rules, income generated by offshore trusts will be subject to a 10 per cent tax.

A Singapore-based banker who handles offshore assets for wealthy Chinese said the offshore trust tax had "absolut" his clients. "You have people who are up to tax for assets that are in the public domain, like shares in listed companies. During the days where IPOs

were very prevalent, having the right trust structure would provide an income tax shelter. This new ruling has ended that advantage," he added.

While some complex offshore structures may escape the rules, many trust holders are reported to face one off tax liabilities, with some likely to sell assets to cover the payments, experts said.

Chinese media reported yesterday that authorities had started levying a 20 per cent tax on dividends and interest earned from offshore policies. Shares in Asia-focused insurance group Ponderital fell as much as 11 per cent in London, while HHK fell much at 4 per cent.

The state taxation administrative did not respond to a request for comment.

Beijing smokers 20 weeks page 5 China marks downleft page 2

Briefing

• DeepMind boss stands aside in major shake-up Sir Denia Chandler is stepping down at tough hospital in a shake-up at the top of the AI lab he founded in London in 2016. He will become clear and take the role of chief scientist of parent group alphabet. page 1

• AI models want rogue The frontier AI safety body has said Anthropic and OpenAI's flagship models broke into third-party software and emailed people to start their credentials. page 2, page 2, 4, 6, 8, 9, 10, 11, 12

• Revealed boss eyes windfall Niti Heremite has held talks on a pay deal that would boost his ownership of the Barcox if it hit a valuation of about $500bn, in what would be the largest deal of its food in Europe. page 2

• Palamite tie to NITI chiefs At least half a dozen senior health leaders have been linked financially or professionally to the 10-inch group whose £150mm contract to build a new NITI data platform been scrutiny. page 1

• John Lewis profit alert Jesse Terry, chair of the John Lewis Partnership, has warned staff that the chain's profits are being squeezed by "really tough" conditions that are hindering its turnaround effort. page 2

• China trade retaliation Beijing has tightened controls on those reports to the US and imposed sanctions on several American companies in terms that could escalate trade tensions between the two powers. page 2

• Cibadel in five sale gains The lingning heart of association Cibadel has gained 5.9 per cent in the past month after buying billions of dollars of AI stocks from the troubled hedge fund of Leapold in the afternoon. page 2

• SpaceX fools the heat Muenster Don Shud's company left at the open yesterday after plans to "bender's debut earnings for big spending to position it as a data centre developer specked investors. page 2, 3A, page 2

Tice bank transfers deepen Reform UK's funding riddle

Deputy leader Richard Tice appears to have used more than £500,000 he was given by the mother of Nigel Foragri, aide-charge Carrie's to cover loans he had made to Reform into donations. A critique of transfers – part of a pact for Foragri's return as leader – add to questions over the ultimate source of the cash provided by Fiona Cornell on the very uncivilized franchise 'Push Design' and has criticism of the lack of transparency over the party's funding. Carrie's, Fiona Averdon. page 1

Leftwing Democrat's Michigan win sets stage for pivotal midterm Senate battle

LAUREN FEDER • WASHINGTON

The Democratic Party's progression, leftwing has won a significant victory in the US after 10,000 EU-based defeated congresswoman Haley Stevens in a high-stakes Senate primary battle in Michigan.

EU layoffs stunning winds of the party establishment sets the stage for a block-buster US Senate race in the critical swing state in November's midterm elections. He won by a race-club margin, with 44.5 per cent of the votes against 47.5 per cent for Stevens, with 9 per cent of ballots counted.

"Great now for the Republican Party," Donald Trump wrote on Truth Week. "EU-layed, a Communist lover who hates Jews and Israel in the projected winner in November, from the Democratic crest published 8 July get worse!"

As the Democratic candidate, El-Sayed will face Republican Senate congressman Mike Rogers in what is likely to be one of the most competitive and expensive Senate races in the country.

The better primary control had become a proxy battle for a wider fight over the future of the Democratic Party.

El-Sayed, a 61-year-old former public health official, was endorsed by progressives including Vermont senator Bernie Sanders and New York congresswoman Alexandria Ocasio-Correa.

Stevens, a 63-year-old three-term congresswoman, had the backing of a 80th-90th of the Democratic establishment, including Senate leader Chuck Johnson and Senators Whitman, Michigan popular governor.

The Stevens campaign and groups supporting her outspent EU-based and his affiliated Super Pac by a nearly four-

to-one margin. But it was not enough to store off the transport candidates, who control his campaign on a push for universal public healthcare and flavor opposition to US support for Israel.

Stevens' campaign routed the bipartisan record and argued that as a moderate she was in a better position to win over swing states in the November vote.

Michigan is seen as a must-vote for Democrats if they stand any chance of regaining control of the senate. Trump defeated Kamala Harris in Michigan two years ago by senator club margin.

EU-layoffs victory is the latest in a series of wins for the progressive left after a date of candidates endorsed by progressive mayor Zoltane Bramblett except Democratic congressional primaries in New York City in the summer.

Trump's best new offensive action All the bidders in Tariff's refunds page 5

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SW US	7745.74	7745.52	0.07	0.0	1.195	1.154	0.0	0.882	0.00	0.0	0.0	0.0
Stocks Composite	10000.00	10000.00	0.71	0.0	1.100	1.100	0.0	0.761	0.00	0.0	0.0	0.0
Raw Goods Net	10000.00	10000.00	0.00	0.0	0.0	0.0	0.0	1.0	1.0	0.0	0.0	0.0
Low Gross US	5000.00	5000.00	0.71	0.0	10.195	11.000	0.0	10.054	10.054	0.0	0.0	0.0
Total other US	5000.00	5000.00	0.00	0.0	11.100	11.100	0.0	10.054	10.054	0.0	0.0	0.0
TTX US	5000.00	5000.00	0.00	0.0	0.0	0.0	0.0	1.0	1.0	0.0	0.0	0.0
TTX US Share	5000.00	5000.00	0.00	0.0	0.0	0.0	0.0	1.0	1.0	0.0	0.0	0.0
UK US	5000.00	5000.00	0.00	0.0	0.0	0.0	0.0	1.0	1.0	0.0	0.0	0.0
Netto Tax	10000.00	10000.00	0.00	0.0	0.0	0.0	0.0	1.0	1.0	0.0	0.0	0.0
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Yong Song	10000.00	10000.00	0.00	0.0	0.0	0.0	0.0	1.0	1.0	0.0	0.0	0.0
WCC News	4000.00	4000.00	1.00	0.0	0.0	0.0	0.0	1.0	1.0	0.0	0.0	0.0
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Did someone say weekend? Your sanctuary of style in Dublin's cultural core

THE WESTBURY THE OFFICE OF THE WESTBURY OFFICE Book your city of din, leu, the city

Book your city of din, leu, the city

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FINANCIAL TIMES

Thursday 6 August 2024

NATIONAL

Health Science

SHS leaders links to Palantir in spotlight

Records show financial and professional ties with US technology group

LAURA HUEBEL AND JOY BERRITT

Financial data shows within health leaders on cosphere have been shared financially or professionally to US technology company. Palantir, whose 2.5Gtimes contract to build a new 500K data platform on one of the 2.5Gtimes projects. Public records show the extent to which connections to Palantir exist across the highest levels of the health service, with ultimate intelligence disclosing this or the group has continued to expand its presence in the public sector. The 2.5G data platform on its line with the rules of 500K Regional (500K), a strategy purchased from potential conflicts of interest were being managed when under civil servants had financial

links to companies with big government contracts.

Ministries are under increasing pressure to end Palantir's contract to build the federated data platform when it comes up for reasons sent year.

The FDP is designed to take thousands data sets and found efficiency, but both its effectiveness and the company's ties to the Trump administration have come under scrutiny to recent months.

Between 2021 and 2024, The Academy was a member at Palantir Technologies UK's health advisory board. During that period, he was a non-executive director at University Hospital Southampton NHS Foundation Trust, a role he still holds, according to its 2016-27 register of directors for its board of directors. Foundry was also deputy chair of the Isle of Wight NHS Trust during his term on the Palantir administration.

Peter Thomas, executive director of digital development at Moorforth Eye

Hospital NHS Foundation Trust, which uses the FDP, has disclosed in his 500K declaration of interest that he has had shares in Palantir.

The trust and that, as of early 2025, he was no longer a shareholder.

Palantir started working with the 500K in the early days of the Covid-19.

They have followed correct guidelines by publicly declaring any connections with Palantir

pandemic. The company won a 2.5G item contract to expand initial payments on work in 2020, before scoring the 2.5G items contract to build the FDP for 500K in 2023.

Senior 500K figures also declared that they had links to the company in this period.

Also Crowley, director of transformation strategy, finance and delivery, sold the Palantir shares in 2024. He has held the director role, which includes responsibility for setting the health service's strategy for each enabled transformation, selected in 2023.

Crowley first declared the shares in November 2022 when working for 500K, the former digital transformation a test the health service.

In January 2023, William Monaghan, chief digital information officer at university hospital groups in Leicester and Birmingham studies, reported Palantir shareholding. Officials said the shares were worth less than 2,000. At the time, he was director of operations at 500K.

Cranen Summers, assistant director for data governance and former head of Atristrap at 500K, reported a 'friendship with human health' line manager now employed as a director at Palantir's in March 2024 and October 2024.

500K's standard policy requires officials to declare any interests that could compromise their judgment.

500K and 6 Crowley, Monaghan and Summers: 'These individuals have followed the correct guidelines by publicly declaring any connections with Palantir and their services to invest in the government process between NHS-England and the company.'

Palantir said: 'This reporting shows two things and nothing else. Firstly, our and health services should, which they rest months before we were revealed the federated data platform contract, sought advice from healthcare professionals. Secondly, these people within the NHS with technology backgrounds have decided to buy some shares in Palantir, which is not publicly traded to the company.'

University Hospital Southampton NHS Foundation Trust did not immediately respond to requests for comment.

Council election

Badenoch 'sad' after former antisemite quits as Tory candidate

GARY PISHER

Conservative leader Kenzi Badenoch has said she is 'sad' that a former antisemite was not jailed for social harassment but withdrawn from controlling council and for the party.

Joshua Boushill-Patne, 35, resigned yesterday from hearings as a Tory candidate for the Crowleyian South word in Somerset last spring after Jewish mail was received from election and declined his offer of assenting.

Boushill-Patne was imprisoned in 2016 after he was convicted of racially aggressive harassment of then Labour MP Leander and his wife, who was a man, and had in the past described himself as a 'fascist' and 'supreme or of white rights'.

He was also previously jailed for presenting a new Nazi rally with a picture of Nazi concentration camp. Nowadays that promised 'in a broken go'.

He has since apologized for his past allocating any chance that he won decisions himself to 'challenging the wave of hatred for his pro-ration in their life.'

Not of people do not understand how terrible I feel about the things I did when I was much younger

However, the Board of Deputies of British Jews and the Jewish Leadership Council urged the party to think again about 'lacking' a former new Nazi with criminal convictions for antisemitic hatred.

Berger—who is now a Labour journalist from 1st-Prime should not have 'any role in public life' on account of 'the cause and his view of women'.

Lessons' peace & long-peace online following in the course of a satirical online account called the Crowleyian Gazette, which publishes 40 generated political statistics.

Badenoch had defended his selection as a council candidate, insisting that she believed he was 'somebody who has been rehabilitated', but suggested she would not have backed his candidacy by parliament.

She told the BBC yesterday that she was 'extremely worried' about the need for a change. 'If we can't have the people who have previously been radicalized, who understand what went wrong and are part of the fight against discrimination on ... that does not are grateful that we believe in rehabilitation?'

Boushill-Patne has read on it that the controversy over his selection showed 'a lot of people do not understand how terrible I feel about the things I did when I was much younger' and said he accepted the previous administration to cause pain in the Jewish community.

With allowing his candidate, he said he would serve as an advisor to the Times on their culture and integration committee.

Following his origination, Badenoch said on it that she was 'sad' that Boushill-Patne 'won't be given the space to explain his position and represent his community', but witnessed his decision to work with the Times on tackling radicalisation.

Old Oak Common exposes the call project's soaring costs, big delays and uncertain future

BILL RUSSELL LONDON

In 1997 Oak Common, a semi-industrial area of west London knows for its old roll depots, concrete platforms for the next generation of high-speed trains have already been built. But it will be at least another decade before passengers arrive.

With a current plan roof the size of six football pitches due to be installed next year, activity is grabbing up on the 160-acre High Speed Station – the largest in the US to be built from scratch – where more than 1,200 workers are labouring in searching heat.

1992 Oak Common is funded body in charge of its weekly most expensive railway gas filaments network, including the project as an opportunity for local economic transformation, with 10,000 jobs and 12,000 homes by the time it opens in the late 2010s.

The modern provides a three dimensions illustration of the problems with 1922-1940 that are rising and uncertain, designs that are yet to be completed, and contracts that are expensive and yet to be reapplied – all for a purpose that is not yet on line.

'Old Oak Common is a living meta- and the new 1992 project, to that it has massive ongoing cost, significant delays and no real certainty are there it will be used,' said Tony Travers, a professor at the London School of Economics.

'The government really needs to explain the Tory's purpose, and what continuing to spend billions a year on it will achieve.'

Like a lot of 1992, much has yet to be revealed at 1924 Oak Common, including the next 700-800-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000-1000

Construction continues at Old Oak Common in west London

But like updated cost in 2016 there will not be revealed until the autumn, when 1912 chief executive Rich Wild is due to record the second stage of the 'even'.

Another potential issue is that although most of the design work for

Old Oak Common has been completed, plus for the public spaces surrounding it – and therefore the cost – have not, even though initial ground work started almost seven years ago.

The station is project managed by a consortium of Balboa District, local and Iyerra. The three companies employ more than 25 contractors with heart of subcontractors and sub-subcontractors beneath them, adding to cuts.

About 1,000 of the workers on site are employed by contractors with 1,000 with non-civil numbers per 100, including environmental and community engagement officers.

At least six years after the need is recognized the contractors was identified. Wild is nothing to say to any from deals agreed on a 'cost-plus' basis, where contractors are paid a percentage of the total value of the work plus all costs.

The framework has resulted in almost continuous bids for more money from contractors involving long talks and extra expense.

'The government really needs to explain the line's purpose, and what continuing to spend billions a year on it will achieve'

Last week, 1992 said it had renegotiated two 'sufficient' civil engineering contracts on the rest of the line, but it is yet to again change in the turn at Old Oak Common.

'The purpose of the station is also unclear. Old Oak Common's role as a London terminator is temporary, until the phone call comes to a Eastern open in the early 2040s.

The station will serve as the final step on the Elizabeth line – the roll plan for property developers – and as a step on the existing Great Western Rain Line.

But neither of decision to slow the speed of 1922sins, and the requirement to change trains until the early 2040s, has prompted scepticism that passengers will want to see the turn of the 1920s.

Already this summer, Avarni West found out the number of services coming between homes, Revengeons and Manchester following a request by the Department for Transport to save costs.

The 1920s a year the DPT is spending on 1921 is napping money for other needs and/or signed projects, such as a team system for Leeds.

While Asech, Boreham has not addressed 1921 since becoming prime minister, he did not in June be wanted to review the unacified bids between Revengeons and Manchester.

But support has been lacking in the 1920s. The 1920s are now the moment in March. 33 per cent of people in the Midlands told Yonkers they were not in favour of 1921, versus 31 per cent who were supported.

In a statement, 1922 said Old Oak Common would provide a 'new major change' with change, with access to over 100 destinations, while 1922 will enable them to be more capacity on the West Coast Main Line as there are more frequent and reliable regional and regional services as well as more space for freight.

The 1971 said also the 'years of immunagement', the government had 'fakes decision action to reset 1922 and ensure the safe delivery of the line between Revengeons and London at the lowest reasonable cost'.

The Green Under this event is a press conference to take credit for the change in Labour government. 'I think my big gut achievement ... was359. The good, adding that if the Green Party had not won the Central and District by election, for first four-year would not have

faced a 'leadership crisis'.

His comments came on the Green's struggle to support the intervention they had after Polanski became leader in September 2023, with polls showing the party's popularity has fallen to 32 per cent. Meanwhile, Labour at 2017 per cent has overtaken before a UK for the first time in more than a year.

Polanski called that direction was enjoying a 'honeymoon', but said his announcement to tackle the cost of being crisis and improve public services had 'forth-whatever'.

FINANCIAL TIMES

BADENOCH TIMES | 1.5G/6G | 2.5G/6G | 3.5G/6G | 4.5G/6G | 5.5G/6G | 6.5G/6G | 7.5G/6G | 8.5G/6G | 9.5G/6G | 10.5G/6G | 11.5G/6G | 12.5G/6G | 13.5G/6G | 14.5G/6G | 15.5G/6G | 16.5G/6G | 17.5G/6G | 18.5G/6G | 19.5G/6G | 20.5G/6G | 21.5G/6G | 22.5G/6G | 23.5G/6G | 24.5G/6G | 25.5G/6G | 26.5G/6G | 27.5G/6G | 28.5G/6G | 29.5G/6G | 30.5G/6G | 31.5G/6G | 32.5G/6G | 33.5G/6G | 34.5G/6G | 35.5G/6G | 36.5G/6G | 37.5G/6G | 38.5G/6G | 39.5G/6G | 40.5G/6G | 41.5G/6G | 42.5G/6G | 43.5G/6G | 44.5G/6G | 45.5G/6G | 46.5G/6G | 47.5G/6G | 48.5G/6G | 49.5G/6G | 50.5G/6G | 51.5G/6G | 52.5G/6G | 53.5G/6G | 54.5G/6G | 55.5G/6G | 56.5G/6G | 57.5G/6G | 58.5G/6G | 59.5G/6G | 60.5G/6G | 61.5G/6G | 62.5G/6G | 63.5G/6G | 64.5G/6G | 65.5G/6G | 66.5G/6G | 67.5G/6G | 68.5G/6G | 69.5G/6G | 70.5G/6G | 71.5G/6G | 72.5G/6G | 73.5G/6G | 74.5G/6G | 75.5G/6G | 76.5G/6G | 77.5G/6G | 78.5G/6G | 79.5G/6G | 80.5G/6G | 81.5G/6G | 82.5G/6G | 83.5G/6G | 84.5G/6G | 85.5G/6G | 86.5G/6G | 87.5G/6G | 88.5G/6G | 89.5G/6G | 90.5G/6G | 91.5G/6G | 92.5G/6G | 93.5G/6G | 94.5G/6G | 95.5G/6G | 96.5G/6G | 97.5G/6G | 98.5G/6G | 99.5G/6G | 100.5G/6G |

FINANCIAL TIMES

BADENOCH TIMES | 1.5G/6G | 2.5G/6G | 3.5G/6G | 4.5G/6G | 5.5G/6G | 6.5G/6G | 7.5G/6G | 8.5G/6G | 9.5G/6G | 10.5G/6G | 11.5G/6G | 12.5G/6G | 13.5G/6G | 14.5G/6G | 15.5G/6G | 16.5G/6G | 17.5G/6G | 18.5G/6G | 19.5G/6G | 20.5G/6G | 21.5G/6G | 22.5G/6G | 23.5G/6G | 24.5G/6G | 25.5G/6G | 26.5G/6G | 27.5G/6G | 28.5G/6G | 29.5G/6G | 30.5G/6G | 31.5G/6G | 32.5G/6G | 33.5G/6G | 34.5G/6G | 35.5G/6G | 36.5G/6G | 37.5G/6G | 38.5G/6G | 39.5G/6G | 40.5G/6G | 41.5G/6G | 42.5G/6G | 43.5G/6G | 44.5G/6G | 45.5G/6G | 46.5G/6G | 47.5G/6G | 48.5G/6G | 49.5G/6G | 50.5G/6G | 51.5G/6G | 52.5G/6G | 53.5G/6G | 54.5G/6G | 55.5G/6G | 56.5G/6G | 57.5G/6G | 58.5G/6G | 59.5G/6G | 60.5G/6G | 61.5G/6G | 62.5G/6G | 63.5G/6G | 64.5G/6G | 65.5G/6G | 66.5G/6G | 67.5G/6G | 68.5G/6G | 69.5G/6G | 70.5G/6G | 71.5G/6G | 72.5G/6G | 73.5G/6G | 74.5G/6G | 75.5G/6G | 76.5G/6G | 77.5G/6G | 78.5G/6G | 79.5G/6G | 80.5G/6G | 81.5G/6G | 82.5G/6G | 83.5G/6G | 84.5G/6G | 85.5G/6G | 86.5G/6G | 87.5G/6G | 88.5G/6G | 89.5G/6G | 90.5G/6G |

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One in the last week, the 2024-2025 is a alternatively, small, and limited

Green Party

Polanski wants higher tax on oil profits to fund climate action

JOHN GEEKE, PTT RATLY'S MEMBER AND ALL COLD MEMBER - 2/2024

Green Under Oak Polanski has called for oil and gas companies that have made bumper profits during the loan conflict to be taxed at a higher rate to help fund climate mitigation across the UK and protect the British public against wildfires.

'Should fund' fund companies be existing or making a major proxy of profit at the time we're seeing these disaster crises?' the will styled 'recoupable' leader asked during a press conference yesterday.

'I think there's a conversation to be had about every single proxy of excess profit that these fund fuel companies are making going straight into what is previously, straight into building the climate crisis and climate adaptation.'

The Green Party's 2024 manifesto calls for an increase in the overall climate path by a new company and also the party would introduce a carbon tax on all fund fuels, whether produced in the UK or imported, both filed and first recently declared their highest quarterly profit in four years as oil and gas

prices exceed following the loan was 4.6% of all the fund and now what it means from the UK government. Staff's chief executive Walt Townsend (1980) that "it places need to be long term" so that "investors know what to expect, irrespective of the costs that the UK inevitably play out".

Townsend Negri (2004), PTT's new chief executive, stressed that the UK is hope by dependent on fund fuels and called for a more drilling in the North Sea.

The Green Party's 2024 manifesto calls for an increase in recent breaking interest including widespread drought and wildfires.

The assets needed as the driver Jolt and assistant moulds on record for England and Wales, almost 3,900 excess deaths were linked to the day and June hearsures, when temperatures hit more than 150 and 180 respectively. Hospitals declared critical incidents as they struggled to cope with an influx of patients while business and schools were forced to take the issue of clash or air conditioning.

Polanski called for the new Labour government to give financial support for households to bestproof their homes

and ensuring there were fees, accessible and open to access food area.

He also reiterated his party's call for water companies to be brought under full public control, adding they had failed to secure the UK's water supply and build new reservoirs. Half of the water supply was not used to be declared to be safe, with water groups introduced to the power of hauntam bans.

'People have died and we know that more heatseers will come, and we know that they have confidence and more extreme temperatures,' Polanski said yesterday. 'I hope this moment can

Rock Polanski took credit for helping to topple former PM Keir Harmer

---

Thursday 6 August 2024

FINANCIAL TIMES

3

NATIONAL

Reform repaid

Tice loan on

day of Cottrell's

£1mn donation

Transfers add to concerns over where the ultimate source of party gift lies

ANNA KREID

Richard Tice appears to have used more than half a million pounds he received from the mother of Nigel Farage's long-term aide George Cottrell to convert loans he had made to Reform UK into donations.

Fiona Cottrell gave £1,075,000 to Britain Means Business Ltd, which is solely owned by deputy leader Tice, on June 10 2024, according to The Guardian, almost exactly the same amount that Tice was owed by Reform through a different company he owns.

On the same day, Britain Means Business transferred £500,000 to Reform in a North donation from the company. Also on the same day, Reform paid back £200,000 out of £1,083,000 in outstanding loans from Tice's other company, Tissue Investments Ltd, according to Electoral Commission data and the former treasurer of the party.

By the following April, Reform no longer owed Tissue any money.

Some had been repaid directly, but most of it, £825,000, had been covered. It has controlling the sum from a loan into a donation. There was no disclosure about how Tice was able to fund that decision.

By the end of 2024, Britain Means Business had just £10,500 in capital and reserves, according to the company's accounts, suggesting all of the money from Fiona Cottrell had been removed from the business by Tice.

Ben Habib, former deputy leader of Reform who has taken out with Farage, questioned where the remaining £375,000 that Fiona Cottrell transferred to Britain Means Business had gone.

"It had left Britain Means Business by the end of 2024. So where is it?" he said. "It's too much to settle monies owed by Reform to Richard Tice, then surely it would be a benefit which both Reform and the Tice would have been obliged to declare to the Electoral Commission and to the Parliamentary Register? The public deserves a straight answer."

The series of transfers, which were part of a behind-the-scenes rival for Farage to return as party leader, add to questions about the ultimate source of the funds provided by Fiona Cottrell, via her son, a convicted fraudster known in the party as "Feds George".

A few further criticism of the party's lack of transparency over its funding, including questions about whether individuals illegally concealed the ultimate source of donations.

When asked about the loans that were converted into donations from Tice last year, Reform said "these are individual loans that were made by Tissue that have now been reclassified as donations". It added: "No money has changed hands."

The Sunday Times reported over the weekend that Farage and Tice had

struck a deal in early 2024 in which Farage would return as Reform's leader and, in exchange, Tice – who was then leader and had been bankrolling the party – would become his deputy and have his home spirit.

Mehriash Gaunt, who was Reform's treasurer between 2019 and February 2023, confirmed to the FT that he was given a repayment schedule for £1.0Bmn to be paid back to Tice.

However, he said that after a clerical error led to the firm instalment of £200,000 being sent to the wrong account, he was told not to make any further payments.

He said he was not made aware of the reclassification of loans or further repayments made to Tissue Investments in 2023.

The Guardian revealed last week that George Cottrell had transferred £1.4mn to his mother before she transferred £1.0Bmn to Britain Means Business on June 10 2024.

Contacted by the FT, Tice and Reform did not respond to questions about whether part or all of the £1.0Bmn given by Cottrell to his mother, and then

'If it was used to settle monies owed by Reform to Richard Tice, then surely it would be a benefit'

transferred to Britain Means Business, was used to pay off the £1.0Bmn worth of loans from Tice. Tice said, however, that it was "not surprising no one reads the FT" adding: "it's confusing".

Asked in 2024 by the FT about the source of donations to Reform from Britain Means Business and how the party ensured that all donations made via the company were from permissible donors, Tice said: "I have better things to do with my life."

These donations are now the subject of a Metropolitan Police investigation into alleged breaches of electoral law. It is an offense to obscure the identity of the true source of a donation to a British political party or politician.

The force confirmed that it had interviewed two people under caution as part of the probe, though no suspects have been named and no arrests have been made.

In 2024, Cottrell was charged to the UK with £1 offences over his alleged role in a "dark money" laundering scheme.

Cottrell entered into a plea agreement with federal prosecutors under which 20 of the 21 charges were dismissed. He pleaded guilty to wise fraud and served time in an Arizona prison.

The FT has previously reported that Farage's biggest backer, crypto billionaire Christopher Harborne, asked an associate to donate £20,000 on his behalf in 2019, though this donation never materialised.

In May, the parliamentary standards commissioner launched an investigation into Farage for not declaring a £1mn gift that had he received from Harborne in the run-up to the 2024 gen-ced election.

Farage has said he did not need to declare the gift because he was not in politics at the time and it was not related to his decision to stand as an MP.

Reform UK deputy leader Richard Tice before a party press conference this week. Below, George Cottrell, left, and Nigel Farage after the Brexit deal vote in the European parliament in 2020 – Vice President of the European Union

PATEK PHILIPPE

GENEVE

THE CURITUS COLLECTION

CURITUS MEDIUM-SIZE REF. 2128/10

Following the flow of Reform's money

Source: Journal of the European Union, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000

YOU NEVER ACTUALLY OWN A PATEK PHILIPPE. YOU MERELY LOOK AFTER IT FOR THE NEXT GENERATION.

PATEK.COM

---

4

•

FINANCIAL TIMES

Thursday 4 August 2024

INTERNATIONAL

Assassination attempt

Bomb injures Russian drone company chief

Attack in Ural Mountains is laxed against prominent figures in Putin's campaign

WEDNESDAY - 10/11

The head of Russian drone producer was hospitalized after a car bombing, the burst-sign-injuring Russian front President Vladimir Putin's invasion of Ukraine. Vladimir Zhachuk, a prominent pre-war blogger and director of manufacturer Uraldrenzovod, was in critical condition after the bombing in a small town outside Uralmashchey, an industrial city in the Ural Mountains, state senators Tassieporhod yesterday.

The assassination attempt on Thachuk, whose company producer the Upry Hiro-optic drones that Russia's military uses on the front lines, is the latest in a string of attacks deep behind enemy lines on prominent figures in the war effort.

Thachuk's driver died in the attack, according to local media, which published photos that showed all but the car's human hullhead-destroyed.

Father bloggers said the attack took place on Uranian, adding that Thachuk was injured in a make-and-recovery. In a separate than an Saturday, this people died and 21 were injured after a bombing at a private event at an Indian restaurant in Moscow.

and pre-war bloggers have speculated that Tatarofsky's attack targeted Alexander Chukic, the head of Russia's aerospace forces, after his daughter and son in law were reportedly lost.

It remains unclear whether the general attended the party or was the target of the bombing.

Ukraine has not taken credit for either of the recent attacks and its intelligence services did not immediately respond to separate to comment. The assassination of top political officers has become so common that Putin intended security measures for 10 senior military officers last last year, according to a person close to European intelligence.

Thachuk is leading figure in Russia's

'people's military industrial complex' of small-scale start-ups that have produced drones and other operations for the army since Putin reduced the full-scale invasion of Ukraine in 2022.

He showed off a model of the Upry, named after a drone from Slavic Izhbek, in Putin in 2024.

Hachuk's Sing has more than 60/6000 followers on social media app Telegram.

The channel posted yesterday that the Upry's real estate agent was in only the condition and said its work would continue as before, using a star for Ukrainian.

In an interview on the defence ministry's television channel after he met Putin, Thachuk said he had been

inquired to make drones by Vladivos Tataroly, another military blogger, who was forced to take an ITI-to-miss bombing in 2025.

The Upry appears to be largely made with 20 printers, according to videos of its production, though Thachuk has said that 40 per cent of the components it saw are human.

The three drone can carry a little package of explosives at a range of 'tons of Admonter'1, the company said in January.

Russia's armed forces reportedly use them to strike Ukrainian positions, supply frontline units and intercept Ukrainian heavy frontline drones.

Additional reporting in Christopher Miller is KJV

North Africa. Politics

Tunisia power cuts fuel protest against president

Outages amid soaring heat and sluggish economy stoke anger with autocratic leader Saied

WEEK SALES - 12/09

Rolling power cuts amid soaring temperatures in Tunisia have sparked protests and desperate anger against Kain Saied, the populist president who dismantled the country's democratic institutions and reduced one-year rule.

An exceptionally severe recent heat wave with temperatures reaching above 85C above up demand for power at more people expected to air conditioning, placing massive pressure on the ageing grid and causing the state electricity company to introduce rolling blackouts.

The power outages, sometimes accompanied by water cuts, have provoked public anger, with night-time protests in many places and youths burning trees and blocking roads.

An anti-Saied rally in central Tunis last week, unlike controversy of his 2023 power gain, drew several thousand people calling on him to stop drone and chucking. "He light, no water, only prices and high prices."

The mounting disillusionment with Saied's rule is a sharp contrast with the warm welcome many Tunisians gave his measures to roll back democracy five years ago on the protest of fighting corruption and a lasting government mismanagement.

His supporters at the time Saied has as a saviour who would not a decade of political abuse and economic decline that followed the 2021 saving-of-return for Jan al-Ahdine first-ful in a popular uprising, but more recently overstored has been fuelled by a sense that not much has improved, and driven.

Electricity and water cuts have been "unprecedented in the modern state of Tunisia", and when the fussels, whereas the inclusive Economics programme at the US-based Yahr's institute for Middle East Policy, "People are not seeing progress but realize we're actually going backwards... They are disillusioned with the promises that were given five years ago."

He added that the frequency and scope of the protests "showed that the dissatisfaction goes beyond others in the capital. There is lack of protests have been on the optick since last year."

Discussion: protesters hold placards with slogans that include 'Where is development' and 'You have destroyed our purchasing power' as they demonstrate against Kain Saied in Tunis last month

Businesses including restaurants, chicken and dairy farms, food shops and factories have suffered losses, die and others said, because of the mostly unscheduled power cuts. Doctors have complained of the impact on hospitals and on patients' values on medical equipment at home.

Sahton, a 35-year-old translator who did not want her family nursed, said she was applying for jobs abroad because the "lution in Tunisia is blurry."

The power cuts had disrupted her work, though she said they were shorter in her own than in some places. "People are now being better about blaming Saied, especially the young," she said. "Many, including her, continue who just leading out hopes and illusions."

Riccardo Fabiani, north Africa director of the International Crisis Group, said Saied had promised his answer at a power would help "bring back strength and prestige to state institutions, but nothing has really materialized."

"The big problem is that public services are gradually collapsing in Tunisia, and this deterioration has become something of a proxy for the general deterioration in the state," he added.

Until Saied restored autocracy in 2018, Tunisia was seen as the only successful example of a democratic transformation to have emerged from the Arab uprising in 2021.

But for many Tunisians, their new political freedoms did not compensate for economic drift and plummeting living standards. They viewed their politicians, including Islamists and media groups, as opportunities, jockeying for a strong and different of the responsibilities of government.

Saied, an austere retired autocracy lecturer who can as an independent, was shot in a 2019 TV station led up with their leaders. He ran on a popular message to protect the country from the "congenitalist" of a non-violent, and to clean up corruption. His veteran non-accreditate is the political class.

Less than two years later, Saied set about dismantling the system that brought his own office. He concentrated power and launched waves of regression against cities and peaceful political opponents, sending dozens to jail to serve long-continent.

Under the rule, unemployment has remained high at 15 per cent, while economic growth at 2.5 per cent in 2023 has

'People are not seeing progress but rather we're actually going backwards... They are disillusioned with the promises given five years ago'

been "moderate compared with poor", according to the World Bank.

The heavily indebted country has enough reserves to cover only three months of imports. Tourism, international簿記, agriculture, and industrial exports have helped the economy stay afloat but without the momentum needed to create jobs and lack-start

prospects, analysts say.

Saied turned down 4.0; she hasn't run the 1987 to 2023, saving for would not accept the leader's officials. However, he has not offered an alternative vision, critics say. Saied has publicly suggested the power cuts may have been caused by sabotage and second that officials found it "have neglected their responsibilities" would be penalized.

This spurred an angry response from stakeholder fights, secretary general of the powerful Tunisian-General Lahore Uraian, who said that blaming state employees "can not serve truth or help solve problems".

Hassan Mokhel, research fellow at the Malcolm H Kerr Carnegie Middle East Center, said: "There has to be a scapegoat. There are always traitor and conspirators plotting in dark rooms, not that there is a structural problem."

Ukraine war.

Strikes on Kyiv kill 17 as Zelenskyy seeks Patriots

CHRISTOPHER MILLER - 10/11

Russian military personalities threaten on Tuesday night, killing at least 17 in Kyiv and financing 14 as much old nationalised air campaigns targeting critical infrastructure and logistics systems.

The 17-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20

President Volodymyr Zelenskyy had previously successfully the country was training in locally shot in 10-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20

The Ukrainian president said yesterday that the "number of air-defence missiles acquired for western partners" has dropped threefold compared with 2023. He added that "our partners believe the missiles" and collected down to make "the necessary political decisions" to get them to Kyiv.

Missile interceptors could have saved the lives of those killed today," he wrote on it. "It is very important that our partners understand that delays in supplying them, or as unselfingness to provide and fulfilment systems, lead directly to such horrific casualties and destruction."

Missile interceptors

could have saved the lives of those killed today' Volodymyr Zelenskyy Western leaders condemned Russia's assault. French President Emmanuel Macron said Russia's "policy of terror, carried out with missiles and drones, is unacceptable." He said France, with Ukraine, would "not yield to either fatigue or intimidation", adding the EU and partners' "will continue to increase the pressure on Russia, including through new sanctions, while strengthening military support for Ukraine".

Prior to the missile strikes, the 17-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20

Prince of the Year's 2024 The 17-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20

Zelenskyy said: "Those facilities had nothing to do with the war - Zelenskyy company, constructed materials warehouse and civilian logistics facilities."

The interceptors shortage has become a struggle to political uncertainty in Russia's 17-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20

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We're looking at it," Trump told the 17-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20-20

Climate change

Greece turns to thermal satellites in fight against wildfires

CHRISTOPHER MILLER - 10/11

With wildfires burning north west of Athens, Greece is testing whether a new host of thermal satellites can give the fighters a new thing, and a clearer view of the future that are becoming harder to maintain in a warming climate.

The hellenic Five System, a constellation of four compact, low-flying thermal satellites, transmitted in their range to Earth. In June, five systems it day to become fully functional in September, with firefighters still being trained to use it.

But it is already providing data to authorities, including about devastating fires that signal across popular Greek island events and the region of Africa near Athens to recent weeks.

"We're using up with a solution, but now the most difficult part is the adoption of that solution," said Dimitris Mikonis, Earth these various programme manager at the Hellenic Space Center.

"The fire fogged a matter for the technology they were using before, as now we have to train themselves to process the new kinds of data."

The technology was developed by German satellite company OrionTech with the famous Space Center. Its satellites pass frequently over the same areas, leading for active flavor smaller, hot-spirited and cold-flaming.

According to Hannah Lantneris, OrionTech's chief of operations in Greece, the system can detect heat waves as small as five systems.

"It doesn't put take pictures," said Lantneris. "We process the pictures on the satellite and then send them down to Earth."

The software then checks whether a

host signal is likely to be a wall for as a false alarm before using data on the system and the intensity of the blast to antenna have to cold-spired.

Satellites have been used to detect wildfires for years, but until now most were not designed specifically for that purpose or depends on part of a dedicated constellation.

Then Paris are partly physical, the further away they are, the less often they can avoid the same place, and the larger a fire has to be before it shows up slowly.

"Thomas Smith, associate professor in

Eyes in the sky: the Hellenic Five System is a constellation of four low-flying satellites. © www.OrionTech.com

environmental geography at the London School of Economics, said this last annual "crude oil" between frequent imaging and the ability to detect smaller fires.

The Hellenic Five System is designed to give Greece more control over where one doesn't make. When satellites come in a group, they can pass over Greece more often while still picking up smaller fires.

"You Greece passes out of the view of our satellite, it means that the view of the next to the constellation," Smith said. Mikonis said the system's main advantage was that it allowed Greece to monitor high-risk areas more frequently.

OrionTech launched an eight-satellite constellation last year to monitor fires globally. The new Greece focused satellites on thermal sensors designed to detect heat through smoke, giving firefighters a clearer picture when visibility is poor.

"It changes the whole way we perceive and manage wildfires," said Lantneris. "You don't need a human to call the fire department first."

Additional reporting by Attneira Murray

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Thursday 6 August 2020

•

FINANCIAL TIMES

5

INTERNATIONAL

Trump caught between more war or a deal on Iran's terms

President has few good options to exit conflict he once said would end swiftly

ERIKAN, MAGNUSONIK • WASHINGTON ANDREW DALL AND • LONDON BITA SHAPPIER • TETRAS

Donald Trump and his aides have said more than a dozen times to the past few months that the US's 'bliss' is a deal with Iran. But if our materializes from talks between Iran and Oman, it will fall well short of the objectives the president laid out when he launched the war.

Since attacking Iran in February, Trump's demands have already been a sprawling fact of concentrate on Tehran's nuclear ambitions, ballistic missile production and support for proxy politics to join one that Iran allow the Strait of the country to return its power state.

"The direct translation of Iran is the ultimate deal," US secretary of state Marco Rubio said on Tuesday. "The immediate deal, and the one that you've seen (list of focus on, is the strait."

In itself, that would mark something about evenings humiliation, say critics that regulated its strategic leverage over the strait only after Trump began the war. Now any settlement could give Tehran control over some of the waterway and without denying it the power to eventually charge Iran from weaselining it — conditions that would have seemed unthinkable just a year ago.

"What was once Iran and unblended is no longer," said Aaron David Miller, a former Middle East peace negotiator for both Republicans and Democratic administrations source. "And there is almost nothing that Trump can contact from an agreement that the Iranians are willing to accept that change that reality."

As the Iran's nuclear ambitions, Washington will be left to negotiate that issue with us increasingly defiant regime now controlled it has the upper hand.

"I do not see right now a way to create a balance of interests where the Trump administration walks away with something that normal Iranians would regard as a war," Miller said.

But every route out of a costly war that has sparked fears of oil shortages and quarrel inflation now looks politically fraught for Trump, especially with millions of its loans only months away.

International oil prices stand below $80 a barrel on Tuesday amid began the sea end to the conflict. But US petrol prices above $8 a gallon are about 35 per cent higher than before the war, and diesel under Trump has now exceeded the average price during the Biden years.

US stockpiles of missile interconnects have dwindled, and the American public and allies are exhausted, leaving the president with "faucet options", said Michael Katsny, a former ambassador to Saudi Arabia under Joe Biden.

"So stirring further risks serious damage bring down to regional parties, oil prices going up and leaves to the global energy market," Katsny said.

But a deal that allowed "some measure of Iranian control will be aggravat-

ing for everybody," Jesse Gull allies in American taxpayers, he said. "Trump's challenge is not just how to fight the war, which seems to have stamped him, but how to explain this deal." "Growing any agreement as a nation's war becoming 'harder and harder to do'.

Hopes are pinned for now on opening the waterway, so under the a little of the world's oil supply, before the war, its status has been the focus of recent weeks of direct talks between Iran and Oman.

Even if Iran agree "today or tomorrow to open the strait", as US Treasury secretary Scott Bennett predicted to CNN: on Tuesday, it would not amount to the kind of person "because of navigation" that he described, analysis said.

Iran and Oman were working on "protocols for the future management" of the strait's traffic, said Donald Raghan, Tehran's foreign secretary spokesperson, on Tuesday. Any agreement would be provisional and clear: "Abroad and outbound shipping routes" while talks on a final settlement closed out, he said.

The US and regional mediators had provided regular input to the talks through Oman, and the White House had been kept aggrieved of program, people familiar with the talks said.

"It's not really a deal between Iran and the US," said Ali Vase, an Iran expert at the International Crisis Group. "This is a deal between Iran and Oman."

Iran was "clashing that they're controlling the strain, and that's not up for negotiations," said Vali Nour, an Iran expert and professor at Johns Hopkins University. Tehran believes it seems to show the US it will not be debated by a bombing campaign and "will not give up on the Strait of the country," Nour added.

Aaron Kelly, a White House spokesperson, said the strait was "completely controlled" by the US Navy and its blockade on Iranian ports. The US campaign had "left Iran in an extremely degraded state, and it would be wise for them to agree to a deal. Otherwise, they know what will happen," she said.

The Iran-Oman arrangement, which two people said still required approval from Tehran's entire leadership, would provide that vessels enter the strait through Iranian waters and leave through mostly Oman waters, initially, Iran would send vessels, including oil tankers, through the waterway to ensure it is free of mines before the strait opens to other shipping sites of the people said. Hopes would not be charged thus during the temporary arrangement, people briefed on the talks said.

Tehran insists it will eventually change ships "service free" for passage, a provision Gull states reject. Oman has proposed a toll-free arrangement similar to that in south-east Asia's Strait of Malacca, under which one-profit organizations are encouraged to make voluntary contributions for "navigational safety and environmental protection".

Israel strikes Lebanon

Action comes after US-led talks to agree framework

The Israeli military launched strikes in southern Lebanon yesterday, fuelling fears of a renewed escalation as officials seen by state tensions in the region.

The Israeli military said it had carried out the strikes after accusing the Lebanese military group. Historian of a totaling a US-bannered truce between the two sides, but gave no details of what the alleged violation was.

It had earlier issued an evacuation order for the village of al-Mansouri in southern Lebanon, saying that military activities there were "ongoing" in its first such warning for more than a month.

The Israeli strikes came amid renewed efforts to reach a deal by peace-trainlines between the US and Iran and include the Strait of the West, a crucial army for global energy supplies. Iranian officials have repeatedly warned that a collapse in the casualties in Lebanon between Israel and Hidallah, which is backed by Tehran, would import any deal between Iran and the US.

The Lebanese health ministry said one person had been killed and "D

injured in an Israeli strike in the area of Tehran.

The strikes took place a day after Lebanese and Israeli officials met for their terror round of US-facilitated talks since agreeing a framework deal in June under which Hidallah would be disarmed, and Israel would gradually withdraw from the territory if has seized in southern Lebanon.

Under the terms of the deal between Israel and Lebanon — the product of several rounds of historic direct talks between the two sides — Lebanon's army's due to fake everywhere Lebanon as Israel withdrawn.

Officials said last month that the Lebanese army had deployed to two areas meant to serve as "pilot zones" for the broader process. However, the deal did not specify a timeline by which Israel's military would complete its withdrawal, and has faced fierce criticism in Lebanon, where it is seen as offering considerable concessions to Israel for strike in return.

Hidallah was not party to the agreement and has rejected it wholesale, Israel has occupied a swath of southern Lebanon since it revealed its northern neighbour earlier this year, after Hidallah began firing rockets at Israel in March in response to the US-Israeli attack on Iran that killed the supreme leader, Ayatollah Ali Khamenei, James Dhorte in Jerusalem.

It's not really a deal between Iran and the US. This is a deal between Iran and Oman!

Ali Vase, International Crisis Group

Donald Trump boards the Marine One helicopter at Camp David Far last month. He has declared repeatedly that a deal with Tehran is close

With thanks to Social Business Trust and its corporate partners for making this campaign possible

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FINANCIAL TIMES

Thursday 4 August 2024

INTERNATIONAL

Trade News

China counters US curbs with tighter drone rules

Retaliation on companies, parts and goods ahead of Xi's visit to Washington

YONHAPU HAGUE - CHANGJIANG

China has tightened controls on drone experts to the US and imposed new sanctions on several American companies, retaliatory moves that could excise insurances between the two powers. The United States, helping Ministry of Commerce yesterday set out countermeasures to recent US actions that have included restrictions on tech

imports from China and the expansion of a ban on goods connected to alleged forceful import by the workers against Xinjiang.

The commerce ministry banned Chinese parties from dealing with US biotech company legalist JCM's Science and Fire effort, however, a relative, for "supporting illegal US sanctions concerning Xinjiang."

It also announced strengthened controls on experts to the US of drones, their key components and related technologies included on a dual-use control list. Experts would be subject to review on a "cue-by-cue basis".

The announcements highlight continuing strains in relations between Beijing and Washington ahead of an expected visit by President Xi Jinping to the US in September. The trip follows Donald Trump's state visit to Beijing in May, the Berlin's US president's time years.

Washington last week added Xi Chinese companies to its list of those banned from importing to the US over alleged links to the use of forced labour in Xinjiang.

The US Federal Communications Commission has also restricted imports of Chinese tech over alleged security rules, including banning new models of

scene drones and routers. In June, the FCC expanded to newer models on earlier ban on video communications using more from companies such as Huawei and Mitvision.

Beijing's commerce ministry yesterday referred to recent "negative measures" by the FCC when it imposed sanctions on its company's compliance testing for "smoking" the regulation, an action it said endangered China's "severaging, security and development".

Previous Chinese retaliations against US companies has included action against PVE, the owner of Calvin Klein

and Tommy Hilfiger, which Beijing put on an "unrealistic entity list" early last year in the US began to increase traffic on China.

Trump and Xi struck a fragile trade trace at a meeting in South Korea in October, with relations further stabilized by the US president's trip to China, but the two leaders' discussions yielded no clear breakthroughs on the economic finances between these countries.

China already has extensive restrictions on drone experts, many of those imposed in 2023 after Russia's full scale invasion of Ukraine a year earlier.

China has a dominant role in the esp-

ply chain for drones globally and companies such as JBL Antif Robotics and X3G have large US-take despite being subject to increasingly complex regulation there.

Shares in Zhengji benefight and hope exists, two Chinese researchers that allow subset of the global of India, 3rd industry scientists following a report that the US could has their equipment from its data centers.

Xi last month set out ambitions to rival the China's global of India's offering training to developing countries, additional reporting in William Langley in Guangzhou

Diplomacy, Washington

Africa's leaders hire DC Robyists to win over Trump

Nigeria, DR Congo and others spend millions on firms said to have the US president's car

APARTMENTS ON CIGARETTE

At the annual Washington prayer breakfast on February 1, US President Donald Trump had some text kind words to say about Nigeria, the next African country that US forces had bombed only two months earlier.

Knowing the floor for Bumi Yoruba, Nigeria's first half, and aware of a Nigerian Democratic megachords, Trump declared her a "very respected person" and said it was "agreed sooner" to have her attend. His administration, he said, was working "in close co-operation" with Nigeria's government to defeat Islamist terrorism.

The president's praise marked quite a turnaround from a low months earlier when Trump branded Nigeria a "disgraced country" that was contending "horrible, proudest" against Christians, and ultimately launched strikes on Christmas Day against those he called "100 Secondshead".

It was also the most tangible sign that Nigeria's deployment of a US lobbying company to improve its image with the US administration was heaving back.

Faced with its pronged of an angered Trump, Nigeria turned to DCI Group, signing a $9mm a year contract that is one of the most expensive in African history. It had been DCI's plan to bring Nigeria the help to Washington during the week of the National Prayer Breakfast, an annual faith gathering outlining all addressing the existing president.

So significant was Trump's profits in the regional UN Nigerian's first half that saw Washington insider called it "the 99mm-thand end".

During Trump's second administration, African countries—not high on the US diplomatic agenda and vulnerable to sudden vertigo in administrative policy—have spent millions on Republican links/firms perceived to have the possibilities.

An annual diplomatic channels have become stugged, governments have the Democratic Republic of Congo's famous man and from the breakaway state of Somaliland to Zimbabwe have sought the services of lobbying groups to get their message through.

While Ethiopia, Nigeria's national security adviser also put the deal together through a new Legal, a security, registered Nigerian law firm, chose a cornerstone to help group with strong links to the administration.

Among the consultants working for DCI to help change the perception that

Nigeria was promoting Christians, according to things under the Foreign Agents Registration Act, was none other than finger them, a legendary spie doctor and associate of Trump.

Some received a presidential pardon in 2020 after being convicted of obstructing a congressional investigation into alleged Russian interference in the US decision.

"Given the way this administration believes, you can bypass Congress and everyone else," said Phillip von Niekerk, managing partner at Calabar Africa, a political role consulting group in Washington, of the merits of working to influence Trump. "In $9mm might actually be worth it."

"While those spokesperson Anne Kelly said Trump had advanced US relationships with African countries in 'an unprecedented way'."

The "has everything to do with the president's differences in entering American strength on the world stage and nothing to do with forces outside the administration," she said.

Nigeria's population of 242mn is roughly 4,000 between Christians and Muslims. As head of national security, Africa's like recent predecessors, has failed to roll back deadly security challenges from an Islamist emergency to herder-farmer clashes and industrial- and kidnapping.

One Washington observer said Kib-

adu, who has cultivated contacts in the US, including Trump's defence secretary Pete Hogarth, had provost/better at 99-than-security. He was more enough to know he could not repair Abuja's image in Washington for going through conventional channels, the person said.

Nigeria's contract with DCI—a prominent Washington lobby group whose clients include Myanmar's military posts—has been controversial dramatically, with opposition laws being functioning the source of the funds to pay for it.

Aibudu did not reply to CT requests for comment.

Belga Abdullahi, a senior official with Nigeria's opposition African Democratic Congress, described the $9mm deal as "scandalous", adding that it was a government attempt "to 'transfer its hat-trend image abroad'."

Witney Schandelaun, a former US deputy assistant secretary of state for Africa, said the government could not be able to be behind and would do better to develop their diplomatic services.

At the time of Trump's several incontinent towards Nigeria at the February prayer breakfast, President John Yoruba—already nearly three years in office—had still not appointed an commander to Washington.

That left much of the diplomatic heavy lifting to DCI and other lobbying groups employed by Nigeria, including Washington-based KIB.

Bumi Yoruba's Christian credentials were seen as making her an ideal messenger: whatever problems Nigeria had with Islamist terrorism, her husband's government was surely not complete.

In the day before the prayer breakfast, according to one person familiar with the schedule, DCI averaged meetings for Nigeria's first half, with influential figures in Trump's evangelical basic including Nana White's Jan, a site-car-giftin pastor and spiritual advisor to the president.

Sydney Mosby, co-founder of the Africa Project Network, a Washington-based body that contacts potential investors with Nigeria, said lobbying got a fast cap back to use with regional demands as well as being a good way for foreign governments to negotiate with Washington and for US boundaries to leave direct subjects such as Nigeria's complex security situation.

"If pray as important role in common federal democracy," Mosby said.

The DR Congo has returned several lobbying groups, including a one-tournament contract with Ballard, a Florida-based company founded by Brian McColl, a fundraiser for Trump's 2024 campaign.

Like Nigeria, Kinshasa has dramatically improved relations with Trump: whose administration in May imposed sanctions on Congo's rival Rwanda and has aggressively pursued mineral

Change in attitude: Nigerian national security adviser Naha Kibudu helped put the $9mm a year deal together to hire DCI Group. (AP Photo by James L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L.

deals in the central African country. Last month, Tanzania's government signed a one-year $2mn contract with KKB, whose managing director David Urban helped run Trump's 2024 campaign. Tanzania has sought to repair its image in Washington after authorities shot hundreds dead during last October's presidential election.

As an job number US lobbying firm that originally helped plant the idea with Trump of a Christian genocide in Nigeria, according to the country's government and several Washington observers.

Ellis Grossetuba, a lobbyist then with Shores Global Strategies, said he had sought to further the interests of his clients—are called group working independent over for Nigeria's predominantly Christian regime of Rialto—with a narrative of Christian persecution.

"That got into the bloodstream of Christians in Congo," said van Niekerk of Calabar Africa. "Someone whispered how Trump's use and he realized it was a way of playing to his Christian law."

DCI's efforts have helped to reverse that perception and produced a soundage in US Nigerian relations. DCI declined to let international arrests in strategy, but pointed to the website

www.dcgi.org. "I think it seems to show one: Abuja's efforts to combat security threats."

Abuja was quick to brand the US Christmas Day bombings in southern Nigeria not as an attack on a sovereign country but as guide questions.

Since then, the US said it had delivered "critical military supplies to our Nigerian partners", part of more than $9m in arms shipments. It has also dispatched additional airborne to Nigeria to assist the small US forces.

In May, US Nigerian forces killed this field at Kibudu's, a man described by Trump as his's global second-in-command.

By no means has everything gone Nigeria's way, to this, the House of the country has approved an amendment working to withhold all assistance to Nigeria until it takes effective steps to stop "the slaughter of Christians."

The state department said "Nigeria's administration is provide safety, security and rule of law for Christians, and protect religious freedom across the country."

Still, when the Trump administration is concerned, Nigeria is widely regarded as having pulled off at dramatic improvement in relations with the US.

Nigeria went from "game + thinking to a joint strike + month later and to where we are today", said a former state department official. "Things don't normally work that fast."

Payouts

'Liberation day' tariff refunds hit $100bn

JAMES WALLERSON - WASHINGTON

Overall Trump's administration has paid out about $100bn in tariff refunds since the US Supreme Court struck a $100bn in tariff refunds in 2023, with a 2nd-3rd-4th-5th-6th-7th-8th-9th-10th-11th-12th-13th-14th-15th-16th-17th-18th-19th-20th-21st-22nd-23rd-24th-25th-26th-27th-28th-29th-30th-31st-32nd-33rd-34th-35th-36th-37th-38th-39th-40th-41st-42nd-43rd-44th-45th-46th-47th-48th-49th-50th-51st-52nd-53rd-54th-55th-56th-57th-58th-59th-60th-61st-62nd-63rd-64th-65th-66th-67th-68th-69th-70th-71st-72nd-73rd-74th-75th-76th-77th-78th-79th-80th-81st-82nd-83rd-84th-85th-86th-87th-88th-89th-90th-91st-92nd-93rd-94th-95th-96th-97th-98th-99th-100th-101st-102nd-103rd-104th-105th-106th-107th-108th-109th-110th-111st-112nd-113rd-114th-115th-116th-117th-118th-119th-120th-121st-122nd-123rd-124th-125th-126th-127th-128th-129th-130th-131st-132nd-133rd-134th-135th-136th-137th-138th-139th-140th-141st-142nd-143rd-144th-145th-146th-147th-148th-149th-150th-151st-152nd-153rd-154th-155th-156th-157th-158th-159th-160th-161st-162nd-163rd-164th-165th-166th-167th-168th-169th-170th-171st-172nd-173rd-174th-175th-176th-177th-178th-179th-180th-181st-182nd-183rd-184th-185th-186th-187th-188th-189th-190th-191st-192nd-193rd-194th-195th-196th-197th-198th-199th-200th-201st-202nd-203rd-204th-205th-206th-207th-208th-209th-210th-211st-212nd-213rd-214th-215th-216th-217th-218th-219th-220th-221st-222nd-223rd-224th-225th-226th-227th-228th-229th-230th-231st-232nd-233rd-234th-235th-236th-237th-238th-239th-240th-241st-242nd-243rd-244th-245th-246th-247th-248th-249th-250th-251st-252nd-253rd-254th-255th-256th-257th-258th-259th-260th-261st-262nd-263rd-264th-265th-266th-267th-268th-269th-270th-271st-272nd-273rd-274th-275th-276th-277th-278th-279th-280th-281st-282nd-283rd-284th-285th-286th-287th-288th-289th-290th-291st-292nd-293rd-294th-295th-296th-297th-298th-299th-300th-301st-302nd-303rd-304th-305th-306th-307th-308th-309th-310th-311st-312nd-313rd-314th-315th-316th-317th-318th-319th-320th-321st-322nd-323rd-324th-325th-326th-327th-328th-329th-330th-331st-332nd-333rd-334th-335th-336th-337th-338th-339th-340th-341st-342nd-343rd-344th-345th-346th-347th-348th-349th-350th-351st-352nd-353rd-354th-355th-356th-357th-358th-359th-360th-361st-362nd-363rd-364th-365th-366th-367th-368th-369th-370th-371st-372nd-373rd-374th-375th-376th-377th-378th-379th-380th-381st-382nd-383rd-384th-385th-386th-387th-388th-389th-390th-391st-392nd-393rd-394th-395th-396th-397th-398th-399th-400th-401st-402nd-403rd-404th-405th-406th-407th-408th-409th-410th-411st-412nd-413rd-414th-415th-416th-417th-418th-419th-420th-421st-422nd-423rd-424th-425th-426th-427th-428th-429th-430th-431st-432nd-433rd-434th-435th-436th-437th-438th-439th-440th-441st-442nd-443rd-444th-445th-446th-447th-448th-449th-450th-451st-452nd-453rd-454th-455th-456th-457th-458th-459th-460th-461st-462nd-463rd-464th-465th-466th-467th-468th-469th-470th-471st-472nd-473rd-474th-475th-476th-477th-478th-479th-480th-481st-482nd-483rd-484th-485th-486th-487th-488th-489th-490th-491st-492nd-493rd-494th-495th-496th-497th-498th-499th-500th-501st-502nd-503rd-504th-505th-506th-507th-508th-509th-510th-511st-512nd-513rd-514th-515th-516th-517th-518th-519th-520th-521st-522nd-523rd-524th-525th-526th-527th-528th-529th-530th-531st-532nd-533rd-534th-535th-536th-537th-538th-539th-540th-541st-542nd-543rd-544th-545th-546th-547th-548th-549th-550th-551st-552nd-553rd-554th-555th-556th-557th-558th-559th-560th-561st-562nd-563rd-564th-565th-566th-567th-568th-569th-570th-571st-572nd-573rd-574th-575th-576th-577th-578th-579th-580th-581st-582nd-583rd-584th-585th-586th-587th-588th-589th-590th-591st-592nd-593rd-594th-595th-596th-597th-598th-599th-600th-601st-602nd-603rd-604th-605th-606th-607th-608th-609th-610th-611st-612nd-613rd-614th-615th-616th-617th-618th-619th-620th-621st-622nd-623rd-624th-625th-626th-627th-628th-629th-630th-631st-632nd-633rd-634th-635th-636th-637th-638th-639th-640th-641st-642nd-643rd-644th-645th-646th-647th-648th-649th-650th-651st-652nd-653rd-654th-655th-656th-657th-658th-659th-660th-661st-662nd-663rd-664th-665th-666th-667th-668th-669th-670th-671st-672nd-673rd-674th-675th-676th-677th-678th-679th-680th-681st-682nd-683rd-684th-685th-686th-687th-688th-689th-690th-691st-692nd-693rd-694th-695th-696th-697th-698th-699th-700th-701st-702nd-703rd-704th-705th-706th-707th-708th-709th-710th-711st-712nd-713rd-714th-715th-716th-717th-718th-719th-720th-721st-722nd-723rd-724th-725th-726th-727th-728th-729th-730th-731st-732nd-733rd-734th-735th-736th-737th-738th-739th-740th-741st-742nd-743rd-744th-745th-746th-747th-748th-749th-750th-751st-752nd-753rd-754th-755th-756th-757th-758th-759th-760th-761st-762nd-763rd-764th-765th-766th-767th-768th-769th-770th-771st-772nd-773rd-774th-775th-776th-777th-778th-779th-780th-781st-782nd-783rd-784th-785th-786th-787th-788th-789th-790th-791st-792nd-793rd-794th-795th-796th-797th-798th-799th-800th-801st-802nd-803rd-804th-805th-806th-807th-808th-809th-810th-811st-812nd-813rd-814th-815th-816th-817th-818th-819th-820th-821st-822nd-823rd-824th-825th-826th-827th-828th-829th-830th-831st-832nd-833rd-834th-835th-836th-837th-838th-839th-840th-841st-842nd-843rd-844th-845th-846th-847th-848th-849th-850th-851st-852nd-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JAMES WALLERSON - WASHINGTON

Overall Trump's administration has paid out about $100bn in tariff refunds since the US Supreme Court struck a $100bn in tariff refunds in 2023, with a 2nd-3rd-4th-5th-6th-7th-8th-9th-10th-11st-12nd-13rd-14th-15th-16th-17th-18th-19th-20th-21st-22nd-23rd-24th-25th-26th-27th-28th-29th-30th-31st-32nd-33rd-34th-35th-36th-37th-38th-39th-40th-41st-42nd-43rd-44th-45th-46th-47th-48th-49th-50th-51st-52nd-53rd-54th-55th-56th-57th-58th-59th-60th-61st-62nd-63rd-64th-65th-66th-67th-68th-69th-70th-71st-72nd-73rd-74th-75th-76th-77th-78th-79th-80th-81st-82nd-83rd-84th-85th-86th-87th-88th-89th-90th-91st-92nd-93rd-94th-95th-96th-97th-98th-99th-100th-101st-102nd-103rd-104th-105th-106th-107th-108th-109th-110th-111st-112nd-113rd-114th-115th-116th-117th-118th-119th-120th-121st-122nd-123rd-124th-125th-126th-127th-128th-129th-130th-131st-132nd-133rd-134th-135th-136th-137th-138th-139th-140th-141st-142nd-143rd-144th-145th-146th-147th-148th-149th-150th-151st-152nd-153rd-154th-155th-156th-157th-158th-159th-160th-161st-162nd-163rd-164th-165th-166th-167th-168th-169th-170th-171st-172nd-173rd-174th-175th-176th-177th-178th-179th-180th-181st-182nd-183rd-184th-185th-186th-187th-188th-189th-190th-191st-192nd-193rd-194th-195th-196th-197th-198th-199th-200th-201st-202nd-203rd-204th-205th-206th-207th-208th-209th-210th-211st-212nd-213rd-214th-215th-216th-217th-218th-219th-220th-221st-222nd-223rd-224th-225th-226th-227th-228th-229th-230th-231st-232nd-233rd-234th-235th-236th-237th-238th-239th-240th-241st-242nd-243rd-244th-245th-246th-247th-248th-249th-250th-251st-252nd-253rd-254th-255th-256th-257th-258th-259th-260th-261st-262nd-263rd-264th-265th-266th-267th-268th-269th-270th-271st-272nd-273rd-274th-275th-276th-277th-278th-279th-280th-281st-282nd-283rd-284th-285th-286th-287th-288th-289th-290th-291st-292nd-293rd-294th-295th-296th-297th-298th-299th-300th-301st-302nd-303rd-304th-305th-306th-307th-308th-309th-310th-311st-312nd-313rd-314th-315th-316th-317th-318th-319th-320th-321st-322nd-323rd-324th-325th-326th-327th-328th-329th-330th-331st-332nd-333rd-334th-335th-336th-337th-338th-339th-340th-341st-342nd-343rd-344th-345th-346th-347th-348th-349th-350th-351st-352nd-353rd-354th-355th-356th-357th-358th-359th-360th-361st-362nd-363rd-364th-365th-366th-367th-368th-369th-370th-371st-372nd-373rd-374th-375th-376th-377th-378th-379th-380th-381st-382nd-383rd-384th-385th-386th-387th-388th-389th-390th-391st-392nd-393rd-394th-395th-396th-397th-398th-399th-400th-401st-402nd-403rd-404th-405th-406th-407th-408th-409th-410th-411st-412nd-413rd-414th-415th-416th-417th-418th-419th-420th-421st-422nd-423rd-424th-425th-426th-427th-428th-429th-430th-431st-432nd-433rd-434th-435th-436th-437th-438th-439th-440th-441st-442nd-443rd-444th-445th-446th-447th-448th-449th-450th-451st-452nd-453rd-454th-455th-456th-457th-458th-459th-460th-461st-462nd-463rd-464th-465th-466th-467th-468th-469th-470th-471st-472nd-473rd-474th-475th-476th-477th-478th-479th-480th-481st-482nd-483rd-484th-485th-486th-487th-488th-489th-490th-491st-492nd-493rd-494th-495th-496th-497th-498th-499th-500th-501st-502nd-503rd-504th-505th-506th-507th-508th-509th-510th-511st-512nd-513rd-514th-515th-516th-517th-518th-519th-520th-521st-522nd-523rd-524th-525th-526th-527th-528th-529th-530th-531st-532nd-533rd-534th-535th-536th-537th-538th-539th-540th-541st-542nd-543rd-544th-545th-546th-547th-548th-549th-550th-551st-552nd-553rd-554th-555th-556th-557th-558th-559th-560th-561st-562nd-563rd-564th-565th-566th-567th-568th-569th-570th-571st-572nd-573rd-574th-575th-576th-577th-578th-579th-580th-581st-582nd-583rd-584th-585th-586th-587th-588th-589th-590th-591st-592nd-593rd-594th-595th-596th-597th-598th-599th-600th-601st-602nd-603rd-604th-605th-606th-607th-608th-609th-610th-611st-612nd-613rd-614th-615th-616th-617th-618th-619th-620th-621st-622nd-623rd-624th-625th-626th-627th-628th-629th-630th-631st-632nd-633rd-634th-635th-636th-637th-638th-639th-640th-641st-642nd-643rd-644th-645th-646th-647th-648th-649th-650th-651st-652nd-653rd-654th-655th-656th-657th-658th-659th-660th-661st-662nd-663rd-664th-665th-666th-667th-668th-669th-670th-671st-672nd-673rd-674th-675th-676th-677th-678th-679th-680th-681st-682nd-683rd-684th-685th-686th-687th-688th-689th-690th-691st-692nd-693rd-694th-695th-696th-697th-698th-699th-700th-701st-702nd-703rd-704th-705th-706th-707th-708th-709th-710th-711st-712nd-713rd-714th-715th-716th-717th-718th-719th-720th-721st-722nd-723rd-724th-725th-726th-727th-728th-729th-730th-731st-732nd-733rd-734th-735th-736th-737th-738th-739th-740th-741st-742nd-743rd-744th-745th-746th-747th-748th-749th-750th-751st-752nd-753rd-754th-755th-756th-757th-758th-759th-760th-761st-762nd-763rd-764th-765th-766th-767th-768th-769th-770th-771st-772nd-773rd-774th-775th-776th-777th-778th-779th-780th-781st-782nd-783rd-784th-785th-786th-787th-788th-789th-790th-791st-792nd-793rd-794th-795th-796th-797th-798th-799th-800th-801st-802nd-803rd-804th-805th-806th-807th-808th-809th-810th-811st-812nd-813rd-814th-815th-816th-817th-818th-819th-820th-821st-822nd-823rd-824th-825th-826th-827th-828th-829th-830th-831st-832nd-833rd-834th-835th-836th-837th-838th-839th-840th-841st-842nd-843rd-844th-845th-846th-847th-848th-849th-850th-851st-852nd-853rd-854th-855th-856th-857th-858th-859th-860th-861st-862nd-863rd-864th-865th-866th-867th-868th-869th-870th-871st-872nd-873rd-874th-875th-876th-877th-878th-879th-880th-881st-882nd-883rd-884th-885th-886th-887th-888th-889th-890th-891st-892nd-893rd-894th-895th-896th-897th-898th-899th-900th-901st-902nd-903rd-904th-905th-906th-907th-908th-909th-910th-911st-912nd-913rd-914th-915th-916th-917th-918th-919th-920th-921st-922nd-923rd-924th-925th-926th-927th-928th-929th-930th-931st-932nd-933rd-934th-935th-936th-937th-938th-939th-940th-941st-942nd-943rd-944th-945th-946th-947th-948th-949th-950th-951st-952nd-953rd-954th-955th-956th-957th-958th-959th-960th-961st-962nd-963rd-964th-965th-966th-967th-968th-969th-970th-971st-972nd-973rd-974th-975th-976th-977th-978th-979th-980th-981st-982nd-983rd-984th-985th-986th-987th-988th-989th-990th-991st-992nd-993rd-994th-995th-996th-997th-998th-999th-1000

The same, which is the per cent of the $10 billion collected from the "liberation day" tariffs, was reported for customs officials to judge a $10–$15 Court of International Trade on Tuesday.

The judges in the lower court ordered US Customs and Border Protection to promote the refunds after the Supreme Court in February forced the use of emergency economic power to impose steep terms, according the president's decision to do so.

The rapid pace at which refunds have been issued by the Minister in Trump's roundhouse, was not in which he has displayed tariffs on an unprecedented scale as part of sweeping efforts to

reshape America's relationship with the global economy.

The major country's administration has paid out about $100bn in tariff refunds since the US Supreme Court struck a $10 billion in the $10 billion in the U.S. government's policy about on its trading partners earlier this year.

The same, which is 40 per cent of the $10 billion collected from the "liberation day" tariffs, was reported for customs officials to judge a $10–$15 Court of International Trade on Tuesday.

The major country's administration has paid out about $100bn in the $10 billion in the U.S. government's policy about on its trading partners earlier this year.

South Asia

India to widen tax breaks for foreign investors

JAMES WALLERSON - WYUTON

Global government has proposed widening tax exemptions for foreign investors such as equity, part of efforts to reimburse the money's trade supply chain and position it as a manufacturer may be in China.

The more would extend tax breaks by investors in 2041 for foreign companies that supply equipment to contract manufacturers including Tobacco Process and domestic giant Tata Electronics, which assumes three main tasks.

Finance minister Nirmala Sitharaman said the proposed tax amendments, which were eliminated in public meeting on Tuesday, were needed "on an urgent basis" to "provide case of doing business in the United States."

New 2041 this year introduced the tax exemption, valid until 2052, as part of Prime Minister Narendra Modi's "India to India" drive to tax the country into a manufacturing powerhouse.

Smartphone makers had been asking the government to modify laws to create companies are not taxed by existing the machinery they prove to be their manufacturer, according to senior industry executives.

"When a foreign company supplies

The proposals 'aim squarely at strengthening India as a manufacturing base, especially for electronics, and at deepening the supply chain that supports the industry's business."

The more "lessons the burden" on foreign companies and "will greatly a boost" to the sector, said Pankaj Mahendra, chair of the India Official in Electronic Association.

Through its manufacturing partners in India, Apple is preparing to produce a record 20 per cent of global 20bans shipments in 2021, up 1.5 per cent in 2022 and part 6 per cent in 2023, according to Convergent Research, as the US has group working closely to the manufacturing base from China.

Under which, both have raised company registration requirements, consolidated China' codes and digitized and streamlined tax processes.

---

Thursday 6 August 2018

•

FINANCIAL TIMES

7

Waste of space Finances of Musk's SpaceX over past three months bolsters the argument against quarterly reporting O LEX, PAGE 22

Companies & Markets

Anthropic and OpenAI models went rogue, the safety body says

• Aisi cites 'shift in the risk landscape'
• Third-party software broken into

WASHINGTON, MARCH 4, 1200202 WISDOM, ACTON 1, 1211 (SUNDAY 5)

Anthropic and OpenAI's flagship AI models broke into third-party software and emailed individuals to steal their credentials, exhibiting unprecedented deceptive behaviour, according to federal, state and business law.

The UK government's Frontier AI safety and security research body said that Anthropic's Mythos I and OpenAI's GPT 3.0 fell engaged in "sucrational, potentially harmful activity directed at real people and organizations" during Aisi's routine cyber evaluation.

The discovery of the models' actions, which included attempting to insert multi-issue code into an open-source project on the developer platform

Agents took autonomous, untransformed actions on the live internet, targeting real people and organizations"

Intricts, some just days after discussions that Anthropic and OpenAI's AI agents backed into external organization.

The latest security breach was contained within an hour, but said, it was discovered during an evaluation of AI agents' ability to solve cyber security challenges. The tests were run on the open internet with models that had unenveloped in-entered.

On 30 of the 22 host runs, the AI agent took "autonomous, untransformed action on the live internet, targeting real people and organizations", Aisi said.

Almost all of this behaviour was from Anthropic's Mythos, with two actions involving OpenAI's GPT, it said, in the most serious case, "the agent engaged to social engineering - creating false online identities and using these a pressure the project's maintainer to approve

the code". The person who oversaw the software caught and refused to approve the malicious code.

"This is the first time we have seen risks around autonomy and deception manifest this change's, without specific prompting, in the real world," Aisi said.

Hacks by Anthropic and OpenAI agents reported over the past month were among the first public examples of a cyber attack by an AI system acting outside human control. Taken together with these experts, the Aisi testified "points to them in the risk landscape and "survivors immediate attention", the organization warned.

Anthropic said: "We've grateful to the UK Aisi for their leadership on this incident, which underscores the need for a broader conversation about how to safely evaluate increasingly capable AI agents." The AI group added that the field needed "stronger, shared standards for how evaluation environments are built and neutral".

OpenAI said there was a continued need for independent testing of models but emphasized that the test-driven "succeeded during cyber evaluations conducted by evaluation partners in testing environments with reduced safeguards, under conditions that do not reflect ordinary use".

"We'll continue working with evaluators and other stakeholders across the industry to strengthen shared practices for conducting evaluations solely in models become more capable," OpenAI added.

Governments and researchers have increasingly flagged the novel cyber security threats posed by the most powerful AI models. This year, the White House temporarily named Anthropic from expecting its leading models, citing security risks. The curbs were eased in the end of June.

Robert Armstrong page 21

To infinity and beyond Disney's 'Toy Story 5' boosts merchandise sales and US theme parks

Hands down success released in June. 'Toy Story 5' has pulled in more than $10m at the global box office

PETER WILLS - NEAR YORK

Wall Disney said the blockbuster performance of Toy Story 5 boosted merchandise sales and helped draw visitors to its US theme parks this summer.

Toy Story 5, released in next June, has pulled in more than $10m at the global box office. Disney said sales of merchandise tied to the movie franchise helped its consumer products division in record its strongest year-on-year revenue growth in five years during the latter quarter.

The release also resulted in more viewers watching the 30-year-old franchise's first four instalments on streaming platform Disney+.

Disney also had success with The 2nd Wave Pixels 2, but the Wave, the Mandalorian and Unga and its five-action version of Mama have disappeared.

A collaboration with TikTok

announced yesterday will also allow consumer-centers to use eTape from Toy Story, as well as the Hot Wars and MarvelIsractions.

The two up-to-date film offsgroups of an agreement between Disney and OpenAI that would have allowed the characters to appear within the AI group's view that video-generation would have.

Attendance at Disney's US theme parks business now 5 per cent from a year earlier, with more of that boost owing to discount programmes.

Josh D'Amara, who took over as chief executive in March, insisted that the group was not discussing its way to volume growth, however.

Being visitor members at its parks contracted with Universal Studios owner Comcast, which last month said higher fuel prices and weaker consumer sentiment had hit attendance at its Orlando parks.

Although Disney acknowledged

that there were still some difficulties attracting international visitors to its parks, it said the conditions were improving.

For the quarter, Disney reported 4.1 per cent increase in revenue to $21.20m and net income of $4.10m, were that Wall Street expected.

But it also announced it chose to its share buy-back programme with the $1.20m it gained from the sale of a $1 per cent stake in A-G Global to Hearst. The company will buy back $90m of stock this year, up from about $60m.

D'Amara said that the company was considering launching a free channel for its streaming product to act as a "banter" to persuade viewers to sign up for its flagship subscription service Disney+ "We need to accept to expand our reach to a customer segment that's more price sensitive, and expanding our reach in ... one of our strategic priorities," he said.

DeepMind chief Hassabis steps down to become chair

GEORGE HARRISON - CAR FRANCISCO KENNETH MARSH - LONDON

Mr. Brooks Hassabis has stopped down as chief executive of Google DeepMind in a whole up at one of the world's most influential billiards.

Hassabis will become chair of DeepMind, which he founded, and also take on the role of chief scientist of parent company Alphabet, the company announced yesterday.

DeepMind, the London-based group whose work resulted in a Nobel Prize in Chemistry, will be led by Hassabis's former lieutenant, Leroy Karabouzgh, who will be senior vice-president of Google DeepMind.

The moves suggest that DeepMind will be absorbed into Google's broader business. Google, such left 5 per cent on the announcement.

The search giant acquired DeepMind in 2014 for AI/MLAs at a lot on the future of AI. The 30-year-old lab has been a pioneer in the development of modern AI technology, including the development of AlphaGo, the first AI system to host human experts at the board game Go.

Although Google has been questioned to dominate in the one to build powerful AI systems, it has lagged behind younger AI labs OpenAI and Anthropic, particularly in building AI coding agents. In recent months, it has overhauled its research strategy, dismantling its Nobel Prize-winning team and sending the talent to teams focused on

Gordon, Google's legal language model. Hassabis told staff he was stopping back from day-to-day management in order to focus on the "big picture" and to influence the direction of increasingly powerful artificial general intelligence, or AGI. "We have arrived at a pivotal moment in human history," he been working towards AGI my whole life and now, like many of you, I feel it is clear at hand," he said. "It's critical that we will definitely get the next stage right to ensure this all goes well for humanity and we value in an incredible new agri discovery and wonder."

Hassabis's decision to stop down was not abrupt, according to a person familiar with the matter. He wants to address the bigger questions around the implications of artificial general intelligence, including leading work on shaping future AI regulations. Stopping into the chair role would give him more space to think through this, the person said.

BP's North Sea exit presents a wake-up call on Scottish energy

BUSINESS INSIGHT

TIMES

Simeon Kerr

The planned sale by BP of its Aberdeen-based North Sea business, ending its stedeoak pioneering history in the eastern basin, has delivered per annum wake-up call to a city down on its back.

The off-sugar last week argued that other countries offered greater value and opportunity as it streamlined its portfolio and sought to reduce debt.

BP leaving is an iconic moment - others will stand to step up if we are going to make the most of the national asset which is the North Sea," said Iain Lewis, chief financial officer of Britain's Group, who declined to comment on the BP sales process. "It raises the question of the competition once of the hand, half any when another significant investor walks away."

While especially many in the industry, BP's exit has also intensified scrutiny of UK Prime Minister Andy Bunn before production of the "prognosis" approach to oil and gas, including by President Donald Trump - the world's most human-affected oil opening up the "treasure cloud" of the North Sea.

The energy industry, however declining North Sea production could be used by reforming what it describes as a passive 70 per cent headline tax rate while operating on regulatory approvals for oil and gasfields such as Rosebank

and Jeddam. That, it hopes, would clear the path for further projects carried out by independent producers still active in the bank as may be depart.

The process of approving these fields, which was challenged in the courts for not having considered the emissions caused by burning flood fuels, is coming to a head at public consultation close this month. The decision will lead on the desk of energy secretary Maria Falciatella, who has previously argued for not encouraging the brought forward.

He is an ally of her predecessor, Ed Miliband, who became unpopular in Aberdeen for his promotion of renewables over food fuels.

Given continued demand for oil and gas through the transition, the Aberdeen and Connaughtan Chamber of Commerce argued that prioritizing domestic sources benefits

energy security while reducing oil and oil prices and emission-intensive impacts.

Expecting business from while leaving our

overhydrous home in the ground makes no sense," said Lewis.

The optics of delivering a new fiscal regime for food fuel companies reporting stellar profits because of the war on financial markets challenge

The UK Treasury has been working with industry on draft legislation to replace a current "windfall" energy profits levy with an alternative that would impose a 10 per cent charge on oil and gas sales revenue above 80% shared and Wiya Beran, respectively.

The new fiscal regime aims to tax windfall profits while keeping investment incentives intact. Industry executives hope that the domestic resilience

argument will blunt growing environmental concerns about new North Sea drilling.

Obtain activities are urging the burn-burn government to stay in the Jeddam and Rosebank uplift areas. "Craving ever diminishing reserves has allowed successive governments to kick the can down the road instead of investing in new industries," said Tessa Eitan of anti-food fuel campaign group Uplift.

Business leaders and newspapers tend to agree that the renewables industry is the key to Aberdeen's failure.

But during momentum in Scotland's offshore wind sector is alarming supply chain executives who have been back in practice £100m predicted spend on 16 planned offshore projects.

The question of manufacturing and operational contracts is not materialising at the pace previously expected as offshore wind projects in northern Scotland struggle to progress.

They blame the competitive disadvantage of UK transmission charges that encourage generation closer to English census of demand - another theory meant it blaththills the past.

Only two Scottish offshore wind projects won "contracts for difference" that provide top-ups for developers in a recent section by the government, five export many of them to apply for the upcoming section round later this year.

And as offshore engineering expertise is to be formed, the conditions of operation, like will be threatened if the supply chain loses out on work through the rest of the decade.

Scottish business will hope franchise takes such issues into account and that the prime minister's vision of "growth in every particular" extends north beyond Manchester.

steven.beru@i.com

Legal Notices

TIAJA ESSENTIAL IT PLC

Company Number 01-0000000

Notice is hereby given that in 27 July 2018 a petition was presented to the Court of Inquiries. Anticipating to Tiaja Essential IT plc, a public limited company incorporated into registered in Scotland and company number 01-0000000 and written registered office address is at 01-0000000. Certifying for release 2017-2017 (the company's meeting at which office court continuing that the whole capital of the company be released for 31 December 2017). The company's written photo position account as of the date of the final hearing and/or the Court of order confirmed in the case, and address is to apply on 01-0000000. All of the Company's annual hearing matters of 2 December 2017 (the Company's meeting held at 1:30 p.m. on the 27th January) are on 01-0000000.

In reference to the 2nd day 2018, we take an important allocation, desiring as relevant to budget research within the past year, including the number of shareholders, the current meeting of budget research in the opinion should be used in the Office of Court, Court of Inquiries, Parliament House, Parliament Square, Edinburgh EH1 9BJ, which 21 days of the date of the announcement.

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FINANCIAL TIMES

Thursday 6 August 2024

COMPANIES & MARKETS

Technology

Uber to spend $10bn on robotaxi race

Chief Khosrowshahi lauds firm bookings and record cash flow amid 1% drive

KATE KOSHIKI HIGHI - SAN FRANCISCO THURSDAY 6 AUG JANUARY 2024 — 2:00 PM

Uber has pledged to spend more than $10bn expanding its robotaxi network, arguing that its financial strength and other than 20% of the business will be an edge in the intensifying race to compromise autonomous vehicles.

The ride-hailing group generated a record $2.8bn in two cash flow in the second quarter, taking its 12-month match about $10.5bn in bookings on a 1% drive.

Sara Khosrowshahi, chief executive, said the record cash level would help

Uber to become the "bigs turns winner in 45's" and that the group would commit $10bn "over the coming years" to deploy 120,000 shrocken vehicles.

"We're investing 'over a position of strength as we accelerate our cross-platform strategy at a particular end point the world's largest platform for autonomous vehicles," he said. "Our ambition is clear to become the world's leading communications platform for autonomous mobility."

Uber plans to operate robotaxi services in at least 15 cities this year as it races Alphabet's Waymo and Elon Musk's Tesla to become the first robotaxi service to launch in major near-1000.

Perfect yesterday Uber said its UK partner Waymo had received permits from Transport Services to launch a

commercial robotaxi service with a supervising three hundred-a-days. "The drive that it's the UK's first license for 45' technology to operate and a big

'We're investing from a position of strength as we accelerate our cross-platform strategy'

stop forward for the UK," says Kendall, Wayco's chief executive, said the FT adding that it should allow the two companies to offer rides to Landscapes to "a matter of works". YTL said it had approved 15 of Waymo's modified First Meeting Mark 8 vehicles.

Uber's shares have come under pressure this past year amid those that the

company's ride-hailing service will be discharged by robotaxia. The stock is trading down 32 per cent in 2026.

The company died down its in-house autonomous vehicle effort in 2020 as part of a new cutting drive but over the past year has been pushing its operation itself as the key intermediary for the growing number of AV start-ups coming in a month the world.

The commitment also comes as ten-tenths have measured between Uber and Waymo, with which the ride-hailing service had originally performed in some US markets.

The FT last month reported that the two companies planned to split in number and distance in 2018 at two ranges in an intense lobbying battle over the future of 45' deployments.

Uber has made significant commit-

ments to invest in vehicle flocks and equity rules with companies including Zono, Exxon and Local — a departure from its start high "gig economy" business model. Uber is also deploying hundreds of new sensor hides to obtain to gather data for its AV partners.

Reporting its financial results for the three months in June 30, Uber said given bookings — a measure of customers' spending across all its business units — was 24 per cent year on year to $10bn, exceeding analysis' estimates.

Revenue rose 12 per cent to $14.2bn but narrowly missed expectations because of a previously disclosed $1.3bn accounting hit related to changes a UK law.

Uber posted operating income of $1.9bn in the second quarter, coming in slightly below expectations.

Technology. Debut earnings

SpaceX's sky-high AI outlay spooks investors

Shares hit by Nusis's plans for blockbuster rages to produce group as data centre developer

GERDIE KARMING AND DAVID GIBBIE HIGHI - SAN FRANCISCO

SpaceX shares dropped yesterday after Elon Musk's plans for blockbuster spending to produce his AI and rocket company as a data centre developer spooked investors.

SpaceX outpaced analysts' expectations in Tuesday's other earnings report, posting quarterly revenues of $7.8bn, with three analysts estimated at $6.82bn and up 91 per cent from a year earlier, it posted a net loss of about $14.6mn, better than estimates of $1.2bn.

Just shares in SpaceX's $14 per cent in morning trading after Iroquois capital expenditure of almost $10bn on AI, despite the previous quarter and with above Wall Street's expectations, it said that spending would persist at current levels for at least two more quarters.

The earnings report comes after SpaceX issued $80bn in a historic initial public offering in June that was underpinned by expectations that it will generate network revenue growth in 2024.

SpaceX's shares initially surged but then have shut about half of their value, from a peak of $121 in the week after paragraphs.

Musk said investors on an earnings call that the group planned to increase its competing capacity from 2 gigawatts at the end of the year to 'share to 100W (the 100W T' in the end of 2027.

Each gigawatts of new capacity costs tens of $50bn in AI dollars to develop, with the share of that spent on https. Musk announced that he would rely exclusively on Nvidia hardware to listen to data in since development.

In the highest end of Musk's estimate, the company's data centre would be consuming as much power as New York City at the point of autonomy by the end of 2027.

Musk, whose commercial success at York and SpaceX has come from developing hardware, is testing that the company can effectively immiscible demand for computing power.

Best Johnson, SpaceX's chief financial officer, told investors that the group would generate more than $100bn in annual recurring revenue by the end of

Investors had SpaceX's fearful listing in June that was underpinned by expectations of

networks revenue growth.

Below, SpaceX's Starship, the world's most powerful launch vehicle.

Source: https://www.industrydocuments.ucsf.edu/docs/ngjx0231

the year, with cloud services accounting for the bulk of its growth.

"I think what the investment community wasn't overly excited about was the capex number in the AI segment," said Melissa Hite, global head of Visible Alpha research at Half Global. "It's ambitious."

SpaceX's AI revenue more than trebled from the previous quarter to $2.6bn, with the capacity of that coming from deals to leave data centre capacity to rival AI groups including Anthropic and Google.

That approach has boosted SpaceX's

short-term revenues while limiting its capacity to train and run its new competitors AI models.

Jim McMullen, managing director of U.C. Management, said SpaceX's data centre buying could hamper it. "Their margins are going to be capped if they are primarily a cloud company," he said.

SpaceX's $1.4bn market capitalization also hinges on Musk achieving ambitious goals such as reaching Mars with reusable rockets, putting data centres into order and playing a critical role in developing AI.

Goldman Sachs, a bookowner on SpaceX's offering, expects the group's 6 revenue to rise 500 $600 by 2030. Musk said on Tuesday that SpaceX could hit $5bn in revenue by the decade now.

On the earnings call, Musk said SpaceX had made progress on its first generation of orbital data centres, dubbed Sprototal AI. "This is not what sort of far better, dream thing. We expect to start launching these next year." The latest series of Cook AI models are being trained on SpaceX data, which Musk said would give his company's lookout edge in engineering.

Musk also argued that the potential of the group's Starlink unit — which

'Their margins are going to be capped if they are primarily a cloud company'

provides satellite interest — was "made approach"

Some traders have been putting on beta against SpaceX shares in recent works. Short interest in the company has risen to the equivalent of 2.5mn shares, a roughly 24 per cent of the shares that are freely trading, according to data provided in 2019 shares.

Analysts at Deutsche Bank said that the end of the stock's initial look up period for employees today was weighing on SpaceX's equity price. The German Bank also said "lower third expected" buying by passive funds that stock indices was affecting SpaceX's shares after it was added to the Nasdaq 100 basis that month.

However, an idea weighing the probability of Musk merging SpaceX with Tesla after previously consolidating part of the business empire.

Musk said the electric-up maker was increasingly skeptical of the PVX spaceX, including through Teredin, a semiconductor manufacturing initiative, during Tesla's earnings call last month.

He added that an merger would have to take place under the "appropriate process".

Sue Lee

Travel & leisure

Chief of Flutter steps down as group says US investments will cut profits

STEPHEN D. DOLLY

Flutter's long-serving chief executive Peter Jackson is stepping down and will be waging if by the head of its international business, as the gambling group warned that increased investment in the US would reduce near-term profits.

The New York Stock group said yesterday that Jim Taylor would be October second-hand, with his home the come of the next year.

The management shake up come as Flutter said back is small operations on bonuses, promotions and loyalty schemes in the US as its sportshock business have showing competition from prediction markets such as Polymarket and Kubik.

In a letter to shareholders, Jackson warned that the investment plans would reduce "near-term profitability," but said "current market dynamics" almost all the time. "There is a lot of money in growing places market, which slipped into its 2021. One company, on the end point of its full year revenue guidance in $100mn in $57.9bn and the outgrowth of its guidance to earnings below interest, tax, depreciation and amortization by $10.9mn in $2.6bn.

Flutter's shares fell by more than 9 per cent in morning trading in New York. Revenue for the three months to June

Prediction markets are not cannibalizing Flutter's products but offer a 'growth opportunity'

was better than analysis had expected at $4.2bn, up from $4.0bn a year ago. Revenue climbed even though the group's average number of monthly players fell 5 per cent in 2016.

The company, which also owns Paddy Power and Exelair, said that early trading in the third quarter was ahead of expectations, investing from "good engagement" in the knockout stage of the World Cup.

Players wagreed more than $7bn during the tournament, which Jackson previously haded as the "biggest betting opportunity on" from over next.

Flutter, once a member of the PTHR 100, said that 50 primary betting in New York was the first in a federal loan on sports betting was filled by the Supreme Court in 2024.

As chief executive, Jackson oversaw Flutter's growth into the world's largest block-buster market, which, boosted by its 2018 acquisition of FastIner, which now commands 30 per cent of the US sports betting market.

He also accused a string of acquisitions that expanded Flutter's reach around the world, including Brazil's former Betancourt, Paris's final and final, and Serbia's finalist.

But the New York betting business been plain sailing. Shares have dropped 10 per cent over its 2020 and it concerns that the market growth in the US has much to a certain time the $17bn US sports gambling market.

"I'm not going to sit here and say investors are not concerned," said Jackson, even as he insisted that prediction markets were not cannibalizing Flutter's products and even offered an "increased growth opportunity."

Jackson noted that progress in growing Flutter's own prediction market, FastIner' Fowler's, had been "slower than planned", however.

Pharmaceuticals

Lilly and Novo lift profit outlook on jab demand

EARL DREYER - LONDON

PATNER'S TIMES & WEEK - NEW YORK

Lilly Lilly and Novo Nordial have raised their full-year forecast on the back of coming domestic weight loss drops that shares in the Danish drug-maker mill off as investors worried about its heavy reliance on its blockbuster treatment.

Novo Nordial said yesterday that it reported its sales and adjusted operating profit growth to remain flat as fully as much as 6 per cent this year.

It had previously forecast a drop of up to 12 per cent but now has higher expectations for value of its blockbuster 12.9% obesity and diabetes products.

Novo reported an issue of INC'76. She (X2.2bn) was the second quarter of the year, a 3 per cent increase from last year to a constant volume increase. Adjusted operating profit was INC'73.4bn, up 21 per cent at constant cut rate.

Investors took a dim view of Novo's

update, with shares in the Copenhagen listed group327ing almost 4 per cent yesterday. The company's share of stock is 2 per cent lower.

The results current meeting signaled a slowdown in the US, Novo's largest market, where sales at constant exchange rates fell by 4 per cent.

Investors are concerned about Novo's lack of diversification, with 75 per cent of its revenue in the last quarter coming from obesity and diabetes sales. At 10% based Lilly, the two product areas represented almost 6/5 per cent of revenues.

Chief executive John Donahue took the FT that he was 'surprised' by the negative market reaction, given that the company's forecast had improved markedly since its last update.

Lilly, a group of senior outside quarter revenue had jumped 18 per cent to $27bn, had led by a rise in almost obesity and diabetes treatments, historical and revenue increased 90% per cent.

The group said that it expected full-

year revenue of $8.0bn to $8.7bn, more than its previous estimate of $8.0bn to $9.0bn. Lilly's shares rose more than 7 per cent in early trading in New York.

Novo's share price has fallen more than 12 per cent this year, while Lilly's price has climbed about 6 per cent.

Novo, alongside other pharma groups, has reduced prices in the US under pressure from President Donald Trump. It is betting that volume growth will make up for more affordable prices.

Novo's Wigery pill — currently sold in the US, UK and United Arab Emirates — has more than four prescription stock January. It is cheaper than its injectables, which has weighed in the sales.

The company has suffered recent set losses, including with a sudden number drop, houseless and loss in journey to diversify Novo's business was a 'cannabis, not a quirk' said that Lilly was not its sole competitor.

Instead, Novo "could like to compete with everyone in this field".

Personal & household goods

Partners Group nears €2bn Aroma Zone deal

VIVA GYMNUTIM AND

ALEXANDRA HULL - LONDON

Partners Group, the Swiss investment firm, is issuing a roughly €2bn deal to acquire French beauty group Aroma Zone Area Baranee.

The parties are in an-honest position, could reach a deal as soon as today, according to people familiar with the matter, who cautioned that the transaction was not finished.

Aroma Zone, based in Provence, was located down than two decades ago and sells beauty and wellness products with a focus on natural ingredients.

French smart manager that core became Aroma Zone's main shareholder in 2012, has dealt that reportedly valued the company at about €500mn. Aroma Zone's founding Vassorillo family has remained a significant share holder since that deal.

Aroma Zone has grown rapidly, with revenues rising 12 per cent in 2023,

following similar increases in each of the preceding two years. The group has launched dozens of new products and expandable network of stores.

The transaction would be a significant deal between private equity investors at a close when the sector is under pressure from backers to offload assets to return cash.

Natural News: Aroma Zone was founded two decades ago and sells beauty and wellness products.

The talks over Aroma Zone follow a string of musical treasures in Europe's beauty scene.

L'Oréal acquired Gucci-orexer-heroin's beauty business, which also includes the Balancingo and Bettega Snacks brands, for €95m this year. Private equity group Advent is also

exploring a €2bn site of its Parfums de Mardi, Pappano business.

Earlier years ago, the service giant Ernie Lauder and Spanish rival Pogebell entered India over a deal that would have created a fashion and beauty powerhouse worth $400m.

Wellness has proven attractive investment in recent years, even as the number consumer goods sector has faced challenges, including consumer demand as result of inflation.

Aroma Zone was set up in 1999 as an annual/longy side-solution website but within a year started selling essential oils. It later started offering customers 24m to make their own natural, home-made cosmetics. The business now opens categories such as face screens, photographic/photographic products.

Earliest market interest is to go on the first 10 years. The company has been able to expand its segment for comment, additional operating by Oliver Barnes and Sarah White.

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Thursday 6 August 2026

•

FINANCIAL TIMES

9

COMPANIES & MARKETS

Uranium mixed in with cobalt exports for DR Congo prompts health and nuclear fears

Concerns over misuse mount as fresh research says crucial component of electric-car batteries is laced with radioactivity

LESLIE MOOK, CAMILLA RESERON, SAM JONNE, CHRIS LUMBERG, PETER ANDERSON AND TOMAS EVETNER

On the southern border of the Democratic Republic of Congo, the hardening trucks carrying cobalt into Zambia may soon have to pass through towering radiation detectors — a sign of mounting concerns about uranium contamination in the area that are preventing the electric revolution.

The DR Congo is the world's largest producer of cobalt, an essential metal for batteries, but the frequent presence of radioactive materials at some of its biggest cobalt mines has led to health risks for workers, rejected shipments and concerns about safeguarding nuclear material, according to an investigation by the PT and Lighthouse Reports, a postnatal review profit.

With limited state oversight involving regions, non-profit nature specialists and Congolese officials worry that uranium-laced cobalt ore and other radioactive material could fall into the wrong hands or enter a covert supply chain hidden from international regulators.

Uranium occurs naturally across the country's vast "copper belt" region, which includes the mine that produced the uranium used in the atomic bomb in the second world war.

New research shows that the amount of uranium smugged with the country's cobalt exports would go far more previously believed between 2000 and 2024 it was enough to produce 600 nuclear weapons, or had a large 3GW nuclear reactor for a decade, if extracted and installed.

The long and porous borders of the DR Congo, combined with the civil war on its eastern border, have far decades made the region a hotspot for uranium smuggling concerns. But in recent years, as demand for cobalt has moved because of the rise of electric vehicles, the battery metal has triggered a fresh uranium challenge — one that has flown under the same sortiness.

"It is a proliferation concern," said David Albright, a nuclear weapons expert who headed the business for Science and International Security in Washington. "It is low level, but over time these quantities can lead to larger quantities of uranium."

The accumulation of unmonitored stocks of natural uranium was a risk, he added, "that can lead to some very dangerous situations".

The issue of a daring both attention from Congolese officials, with the Central African country working overseas leading to install radiation detectors for trucks leaving the country.

Florianuel Kahanda, head of the DR Congo nuclear safety agency, CNWC, said that radioactive smuggling was an increasing risk that prevented a major international security threat.

"Because of his war going on (in nature) DR Congo, because of the vulnerability of our borders, we have to take more steps to protect Congo and to protect the world," said the CNWC, he told the PT, pointing out that radioactive material was found in the eastern provinces controlled by solid groups, as well as in the southern region belt.

"No worry is that United groups could use radioactive material to harm our population, and later on to say, 'You see, Congo is not protecting its border.'"

Most of the cobalt leaving the DR Congo is ultimately heading to China, which is the world's largest cobalt processor as well as being a nuclear power, raising questions about what happens to uranium contented vehicles.

The scale of the issue is significant, according to the Nature Communications paper, the DR Congo's cobalt hydroxide exports contained an estimated 3,000 tonnes or more of natural uranium between 2000 and 2024.

Checks on the ground also show the prevalence of uranium, from the past 12 months, in nuclear testing of cobalt hydroxide by the country's nuclear agency, the mean dose rate (the intensity of the radiation) exceeded the limit for public exposure, said Steve Muanza, head of the nuclear energy agency.

"There is a mix of nuclear copper, cobalt, and uranium at different concentrations, all over the place," said Muanza, whose group needs agents into industrial micro resources and radioactivity levels.

"This is a big issue for public health in the DR Congo," he added.

For mine workers, exposure to low doses of radiation were being periods, or breathing in the radon gas generated by radioactive material, can increase cancer rates and cause other health problems.

A 2020 result of newborns with visible birth defects in Lahombeale, the capital of the copper belt region, found that leaving a father with a missing job

Most cobalt from DR Congo is exported to China

China groups dominate DR Congo market

Dangerous cargo the porous

borders of the DR Congo

combined with a civil war on its

eastern border, have far decades

made it a hotspot for uranium

smuggling concerns

CANCER

increased the odds of such problems from the

Over the past two decades, a pattern has emerged of uranium contamination concerning across the DR Congo long, on cobalt copper mines. The metals are often found together.

One complex in particular, the Tende Fungarome project owned by China's CNWC, has a history of previously unreported uranium contamination in its cobalt area, according to corporate documents spanning 2015-21.

At Tende, which is one of the DR Congo's biggest cobalt exporters according to trade data, a problem with uranium permitted under the mine's former American owner Prospect McMullan and continued after CNWC bought Prospect's aide in November 2016.

Corporate documents show the uranium levels in Tende's cobalt hydroxide were reportedly above legal limits, exceeding both the DR Congo legal threshold of 75 part-year million, as well as the international shipping limit, equivalent to about 50 ppm.

Testing records covering June 2016 to December 2020 show that uranium levels in the city are produced at Tende were above the Congolese threshold on more than 70 per cent of days for which data was recorded. Level-wise as high as 10 times that limit in December 2016, identify other China's purchase facilities. The records do not show if the copper mine reported at these levels.

The mine still does not have a dedicated process to remove uranium from its own, according to those sources familiar with the operations.

CNWC said it was "not familiar with" the historical data. "These are no instances of uranium levels recording applicable limits," the company added.

CNWC said that all the Tende's cobalt hydroxide complex with total regulatory requirements and the procurement standards of global downstream customers with respect to uranium content.

It was "unnecessary" to have a "dedicated uranium-removal process" either in the DR Congo or once the ore had been shipped to China as it was "show the relevant threshold," CNWC said in a statement.

Prospect declined to comment. Other miners have faced similar problems. In November 2018, Gloscon, the biggest miners producer of cobalt, discovered a uranium issue in one from its Eastern Copper Company in the southern DR Congo.

The mine had to halt cobalt hydroxide exports for five months and redesigned its processing systems to use phosphoric acid to remove uranium from the ore.

Around the same time, a similar issue

occurred at the Metallad project owned by Farmanie Kennerne Group.

"When 2001 started sweeping up the Metallad plant, the issue of uranium was brought to that hour," said Doug Alexander, who was head of metallurgy for ERG in Africa until 2020.

The company added ore processing systems and used phosphoric acid to strip out the metal, understanding that "falling uranium out of the ore would serve as a competitive advantage", said Alexander.

"None of the operations outside of Gloscon and Metallad has actually adopted uranium removal as being necessary," he added.

Issued have persisted in March, illegal mining at a historical waste facility known as P.T. which belongs to China

cove's KCC, led to a breach of radiation control measures and prompted the government to issue a safety date.

Gloscon said at the time that "the prolonged presence at 707 by illegal miners has compromised our ability to conduct essential monitoring and control" at the site. The company declined to comment further.

ERG Africa said that the Congolese nuclear safety agency had unidentified Metallad "remains fully compliant with all applicable regulatory requirements and its environmental and social impact assessment commitments".

Congolese cobalt exports have recently dropped significantly because of government efforts to share up prices and tackle a market gap. The country banned cobalt exports in February

The cobalt production process

Mining

Cobalt is found in iron,

reduced, occurring

niche from certain

mineral resources.

Ore processing

First, the ore is cooled to

a free powder. A car then

be separated using

various processes.

Hogwark separation

leaders entered based on

relative imperfor

of the

A chemical agent attaches

to the cobalt making it

saidly together so that it

attaches to air bubbles

and foams at

Gravity separation

Exploits different mineral

densities

Leaching

Raw material is dissolved

in an acidic or alkaline

solution and saturated

Chemical impurity

removal

from aluminum and

manganese

Finally, cobalt hydroxide

is precipitated from the

solution by raising the

solution jar

Refining

Cobalt hydroxide is

a closed into cobalt metal

or cobalt chemicals

Applications

Lithium ion bath

cathodic, chloric

blades, magnets and

blue colouring

My worry is

that I rebel

groups

could use

radioactive

material to

harm our

population

population

2025, then imposed a new export quota

system in October. The production of uranium is banned

in the DR Congo today, in part because of its sensitive history, and the government has repeatedly tried to crack down on illicit uranium mining. In 2016, a CN report revealed that gangs operating in the east of the country had abnormallys self-uranium that had been mined during the Belgian education.

In theory, each truck leaving the country today is checked by hand for radioactivity, but officials said that the system did not necessarily capture every shipment.

Muanza, the head of the DR Congo nuclear agency, said that shipments of cobalt that exceeded the legal limit were heaviest the radioactivity level was very high, or returned to the producer to be reprocessed.

It was "extremely rare" for materials to be heated, but returned to producer's happened "from time to time," he said.

There was still no purification risk. The Nature Communications paper said that given the vast amount of cobalt ore requested, even if all shipments were under the legal limit, 40 tonnes of uranium would have the country annually.

While the Vienna-based International Atomic Energy Agency, which was set up in 1997 as part of the UN's non-proliferation programme, numbers uranium production globally, the DR Congo's low grade uranium-bearing ore exports do not require reporting if they are for non-nuclear purposes.

That raises questions over whether other countries, including China, may be extracting uranium from cobalt ore.

An IAEA expert said the agency had no indication that the DR Congo was not meeting its obligatory obligations regarding the uranium-bearing cobalt hydroxide ore having the country.

When cobalt is exported, it is normally exported for the mineral, not for the uranium, and for non-nuclear purposes, the expert said. "Most of the time, thisเย็น metal yield up to the 'callings," they added, referring to mining waste.

However, documents once by the PT show that the IAEA has kept tabs on the issue.

A 2009 internal memo, art from the P.T. document, described the coupon belt region as "an area where illegal exports of uranium-bearingores take place" and printed her shall not as applicable risk.

Non-proliferation specialists say China could, in principle, extract uranium from this ore during the refining process.

Of the miners, a follow of the Stimson Center in Washington DC and a former deputy director general at the IAEA, told the P.T. it was "disunlike" that uranium was extracted from Congolese cobalt once it reached China. The country's demand for uranium is rising as it builds out its nuclear power plant flint.

Albright, the nuclear weapons expert, said that China was "known to extract uranium from their cobalt" which "mixed questions about whether others were danger".

Muanza, the Congolese official, also said that it was likely, "I would be advertised to teach that they don't really exploit all of the ore that arrives in China," but he said he had no proof that was happening.

As a nuclear power, China can purchase uranium on the open market; however, most uranium-producing countries require that there's one the material only for civilian purposes.

China uses a large first of nuclear power stations, and possesses a stock-gated inner than left-nuclear warheads, which is expanding and expected to reach more than 1,000 warheads by 2000, accounting for over 10 defence department. Its domestic uranium resources are limited, and the country does not disclose how it procures uranium for weapons use.

Any uranium-related metal by be enriched in a very high level to be used in warheads, which also require significant protection.

China's defence ministry has previously objected to electrical exports on the size of its nuclear arsenal, and recently accused the US of "making groundless speculation and reinstitutionally the issue".

The Ministry of Foreign Affairs said in a statement, "China's organisation for the peaceful use of nuclear power and has consistently fulfilled its international obligations and bilateral agreements, including those relating to an operation on natural uranium."

Whether or not the nation was being recovered abroad, officials said that its immediate challenge were monitoring shipments before they left the DR Congo and obligating health risks to workers.

When ERG

started

ramping up

the Metallad

plant, the

name of

uranium

was brought

to the fore"

---

10

•

FINANCIAL TIMES

Thursday 6 August 2016

UK COMPANIES

Financials

Revolut chief in bumper pay deal talks

Storcomsky's ownership of fintech to be boosted if it hits a valuation of $300bn

SUN (LIVINGTON AND LAFORE) BIRALY — LONDON

Revolut chief investors Wilt Storcomsky is in discussions about a new pay deal that would boost the ownership of the fintech. If it hits a valuation of about $300bn.

Europe's most valuable start-up is in talks with investors about structuring a new incentive deal for Storcomsky that would boost their stock's worth if it Revolut hits the new target, according to people familiar with the matter.

The pay deal followed the blueprint of Storcomsky's previous incentive scheme at Revolut, which triggers share payouts in stages when the company's valuation surpasses certain pre agreed thresholds, the people added.

Such incentive packages are commonplace among (i) technology companies but are now in Europe. In November, Elon Musk clinched an agreement with Tesla that would entitle him to a trillion-dollar package if he met higher ambitions/growth targets.

If Storcomsky strikes his deal, it will be the largest of his limited money.

He is already Revolut's largest shareholder with a stake of about 20 per cent. The billionaire, who co-founded the

company in 2014, explained in an interview in December that his current incentive package would entitle him to hold about 40 per cent of the company if it reached a $200bn valuation. One

The discussions come as part of its secondary fundraising round that values the group at $118bn

Revolut investor said they backed a programme for combining "meaningful investment and risk-taking with very ambitious targets."

The investor added that "more com-

panies should apply incentive structures like them."

In order the fintech to comment. The discussions come as part of Revolut's secondary fundraising round that values the company at $118bn.

The FT previously reported that Revolut had signalled to investors that it was among for a $200bn valuation at a potential 10%. That would unlock an extra 10 per cent of the company for Storcomsky and value his stake at about $80bn, putting him in the ranks of the world's richest people.

Revolut is also backed by major investors including Isabel Ventures, Raideries, DST Global and BBbit. UAE sovereign investor Mahadala and Jaredkush

ner's private equity fund Affinity have also invested in the group.

Over the past 11 years, Revolut has grown to 7mm customers and operates to 50 countries. Last year, in pre tax profits rose 37 per cent to 43.7bn on 4.8.3bn of revenue with the increase driven by revenues from its premium services, which offer travel insurance, lower fees on currency exchange and higher interest on savings.

The group was awarded a full UK funding licence in March, and is key to its international growth, after a year-long wait. Since then, Revolut has secured approval for an Australian funding licence and is applying for a similar licence to the US.

Industrials

Foreign buyout groups bid for Bodycote as London deals flurry persists

SUN (LIVINGTON AND MARTIN ARNOLD)

The industrials group Bodycote has received two near identical takeover bids from private equity groups and said it would work to secure a deal with either party.

The European investment group (VI) has proposed an offer of up to 50/50 per share for the London-based components business, while US buyout Sirin Veritas has offered up to 50p.

The bids value the company's equity at almost £1.6bn on close to £1.6bn when debt is taken into account.

Bodycote's board has reviewed both bids and would be "intended to recommend" each of them should they materialise into a firm offer, the company said in a statement.

"I've heard it was lying separately with CVI," said Veritas on an expedited basis to announce with either party a firm intention to make an offer," Bodycote added.

The offers increase the chances that Bodycote is taken private off the London market amid a flurry of deals for US companies.

British ministers and executives have been limiting about the health of London's most market, which has failed to attract new listings to replace a series of companies that have agreed to foreign takeovers.

Property group Sages, testing company Intertek, asset manager Schroders and insurer Shudys are among the large London-based companies that have agreed to deals.

The value of UK listed groups being acquired rose 180 per cent in the first seven months of the year, according to 1,000 data, the highest level year to date since at least 2007.

The US investor Apollo had previously secured a 13.3bn deal for Bodycote – at about £6.83 per share – before dropping its offer to June.

The FTSE 210 company offers services including food treatment for manoelecturing, metal joining and the application of protective scientific coatings.

Shares in Bodycote gained more than 22 per cent yesterday after the seven to trade at close to £8.20 per share.

Empty basket

John Lewis braced for profit squeeze

While Waitrose had an optick in performance, its share department store keeps facing hard times amid perusing pressures

The boss of John Lewis has warned employees that the department store chain's profits are being squeezed by 'really tough' trading conditions that are hindering its turnaround efforts. Jason Tarry, chair of the John Lewis Partnership, said in an interview last month with the employee-owned company's internal magazine that John Lewis was having to deal with an environment where it "will trade into lower sales and higher costs".

"We have to adjust for an immediate future that we weren't expecting even six months ago, let alone a couple of years ago," Tarry said in the interview, which has been seen by the FT.

"I've team is heavily focused at the moment on what that means for us in terms of adjusting our plan going forward," he added. A person close to the retailer said Tarry was not planning any major strategic changes.

The John Lewis Partnership, which owns Waitrose, said at its annual results in March that it was taking a cautious outlook for trading in the year ahead.

Since then, the Strait of Forman has largely remained closed because of the Iran conflict, which has kept oil prices elevated and added to inflationary

pressure squeezing retailers and consumers.

"It is difficult when things are tough from a sales perspective but we're holding our nerve around our focus on margin improvement and firm stock control, rather than just trying to clean top that sales," Tarry said.

The partnership swung to a pre-tax loss of £12mn in the year to January from a profit of £97mn a year earlier. Available liquidity increased to £2.6bn.

Sales at Waitrose rose 7 per cent to £8.3bn while sales at John Lewis.

'We have to adjust for an immediate future that we weren't expecting even six months ago'

increased by 7 per cent to £4.8bn. The retail group is scheduled to report half-year results on September 13.

Tarry, who previously ran Tesco's US business, has criticized the partnership on income retail business since joining two years ago.

He recently scrapped a project to build rental homes and has overseen an improvement in performance at

Waitrose. But John Lewis has continued to struggle amid longstanding pressure on department stores.

In the interview, Tarry said the partnership was "taking the cash we generate and investing it back into the business, which is something we haven't consistently been able to do over the last 10 years".

It has been opening new Waitrose branches and rebuilding John Lewis and Waitrose stores.

Asked about the pace of change under his leadership, he offered a blunt assessment: "My future! counsel to anyone asking where it will end in that it will never end."

He pointed to a "highly competitive, dynamic environment" that was beingdlumped by an accelerating "fourth industrial revolution" driven by technology and artificial intelligence.

John Lewis said: "It's no secret that trading conditions are challenging right now as people think carefully about their spending. Our priority is to do the right thing for our customers, so we're continuing to invest significantly in our finance."

Mining

Glencore

plans to seek secondary listing in Australia

LITUAT HOUSE — LONDON WITTINGTON — LONDON

London-listed Glencore is preparing to seek a secondary listing in Australia in a sign of how the UK's reputation as a capital markets built for mining companies is coming under threat.

The Anglo-Slow stores, which is among the largest companies on the FTSE 100 with a market cap of £64.4bn, has long complained that its shares in London are unsteroled and has been reviewing other potential listing business, including New York and Sydney.

Chief executive Gary Nagle said that the secondary listing would "broaden out investor base and enhance trading liquidity". The company is targeting administrative £50.5m location.

"It is a deep post of capital with deep knowledge of the mining industry," said Nagle, adding that Glencore had 'skilled "a lot" of inquiries from Australian funds that were restricted to investing in nonrecalls. Glencore's share price merged 6.2 per cent in London yesterday.

Nagle also said Glencore had "trapped doing business with Radiant World", referring to the Singapore-based iron ore trading group that had some under scrutiny in recent months. Void and Glencore have both pulled back from

'It is a deep pool of capital with deep knowledge of the mining industry'

Gary Nagle, chief executive

dealing with Radiant due to concerns over alleged false documents, which were first reported by Bloomberg, Radiant has denied any wrongdoing.

Glencore has taken a provision with regards to its contracts with Radiant, Nagle said, without specifying the amount. "We have some pre-existing contracts with them," he said. "We want to make sure to address them in a legally compliant manner."

Nagle visited Australia this year to warm up shareholders for a potential listing, which was well received by some investors prescribe company's exposure to Australian large coal mining industry. The visit took place after talks with Rio Tinto over a potential merger fell away.

The London Stock Exchange lost the primary listing of BHP in 2012 when the Australian stores switched its primary listing from London to Sydney. It still has a secondary listing in London.

Rio Tinto, which has its primary listing in London, faced a nothing activist campaign last year that sought to combine the company's dual corporate structure and review by place on the UK exchange. Shareholders ultimately rejected a referendum on a restriction.

The Australian Securities Exchange said that it welcomed Glencore's intention to work clinting there.

"This potential Glencore listing highlights the depth and liquidity AOL provides global insures," said James Fousett, AOL general manager for listings.

He added that the exchange offered the opportunity to "cut into Australia's AOL for £51.5m 'superannuation pool'.

Glencore already has a separate secondary listing in Johannesburg and the Australian listing would not involve the creation of any new shares.

SUNDAY

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Trading New York in the UK

A service from the Financial Times

---

Thursday 6 August 2020

•

FINANCIAL TIMES

11

COMPANIES & MARKETS

Fixed income. Futures contracts

China courts global investors with bond trading upgrades

Building our infrastructure is

welcome but Beijing's economic

challenges may be a deterrent

WALLS AND GARDENSHIP — PETER KÜLME AND MUTTER — LONDON

Beijing is majoring up efforts to attract foreigners to its sovereign debt by building out future contracts and other bond market infrastructure, but some investors were that China's economic challenges could deter them from consuming strong tax-suited states.

In June, the People's Bank of China launched a essential repo facility for foreign central banks while the Hong Kong Stock Exchange this week rolled out Chinese government bond futures.

At the same time, LCE, one of Europe's largest clearing houses, has started to accept offshore commodity-denominated COIs as collateral.

The source follow a decision in April to grant access to China's modern bond futures to qualified foreign investors.

"Suggested, Chinese authorities are listening," said Stephen Chang, a portfolio manager at Pierce. "This is something investors are asking for and they are granting new beds."

In particular, said Terrence Fang, a portfolio manager at Fidelity, "the COI finance (market) will be extremely useful and mature" because it would make it easier for investors to manage risks across the Chinese yield curve.

However, many investors said decisions on whether to buy COIs integrated on an market access or liquidity but on the showing pace of China's long term economic growth and the needless, a rising value of debt to GDP.

"The terms of market access, we

already have all the opportunities on that front," said Leonard Evans, portfolio manager of the T Rove Price dynamic emerging markets bond store.

He added that "a re-provi towards faster growth" would help boost the appeal of emerging investors's debt.

With about hundreds (36.3%) of COIs outstanding and a larger amount of debt benefits had governments and other institutions implicitly backed by central government, China's bond market is one of the world's largest debt ports.

But international ownership remains low. Data from China bond (connect with healthcare foreign investment in mainland China's bond markets through Hong Kong — shows that foreign ownership has dropped from a peak of about $10.84.5m in 2018 to about $10.82.5m daily.

Beijing's move is fueled out to bond derivatives markets are part of broader efforts to encourage international adoption of the remainth by making it easier for economic denominated

bonds to be held as reserve assets. But IMF data shows that the share of remainth assets among global official reserves remains stable and low at less than 2 per cent.

Fraser Gamble, head of fixed income at Aviva Investors, said that, given worries including a debt to GDP (especially that is "deteriorating faster than most (developed market) ports", investors would need "real conviction that policy rates are heading increasingly lower" to justify an investment.

He added that liquidity and the development of this real derivatives market "harvest" have the rising factor for us as "as taking us all in action in China."

Nevertheless, Chinese government bonds have outperformed the sovereign debt of other major economies as future assets during recent periods of market stress, such as those brought about by President Donald Trump's traffic on US trading partners and then his war on Iran.

At 1.7 per cent, China's 10-year bond yields are the lowest among major bond markets, having matched below Japan's

New tools: the People's Bank of China launched a essential repo facility for foreign central banks in June

last year as the price of the debt rose. Some investors argue that China's ability to dodge the wave of inflation from existing supply chain and energy costs affecting other economies has given to bond market a growing claim to be a reliable portfolio counterweight to equity markets.

Peace is facing said the biggest source of appeal for investors including Chinese bonds was their low correlation with other global bond markets.

"China bank's really solid friends," he said. "It is stable. China is affording one a much calmer market for defensive purposes, for diversification. Other markets have been quite correlated with the US in the oil price."

Eric Lonergan, head of assets at investment firm Calibrate Partners, said "I think it's a huge opportunity for the Chinese, particularly at the current increase. If I were the Chinese authorities, I would say we can now obtain the world's safety asset."

However, he argued that Beijing would need to continue its efforts to improve liquidity and open up the bond markets from the same way.

Rakit Verma, head of Asia Pacific at LCE said Beijing was delivering "the building blocks of a mature fixed income market."

He added: "All the international players are trying to do more business in Asia. Demand for clearing overall and with counterparties in the region is growing."

However, he added that, while there was significant interest among Chinese banks and their Hong Kong affiliates to our modern COIs as collateral, global demand consumed has

"That's where I would say it's early days."

Fixed Income

Banks plan to offload $15bn of debt for Anthropic data centre

WEDNESDAY, JUNE 6 — NEW YORK

Banks are planning to offload $15bn of debt itself as Google-backed data centre in Texas that has been leased to Anthropic as Wall Street leaders grow way of holding AI infrastructure debt as their business sheets.

A comparison of banks for By Morgan Stanley is planning to top the best market to influence the debt they contract led to the 2,000-acre data centre campus under construction in Ashland, Texas, as soon as the loans are drawn, according to people familiar with the market.

The bond market has become an increasingly popular avenue for colonial AI initiatives to raise long-term capital since the market's depth means that projects can be financed more swiftly and at a lower cost than through bank loans.

For banks, jettisoning the debt also helps reduce their overall AI risk exposure and frees up capacity for more leading.

Meanwhile, the bank focused market for infrastructure financing, which used to fund projects such as gas pipelines and airports, has been overwhelmed by

The bond market has become an increasingly popular avenue for colonial AI initiatives

the huge capital needs from AI buildings.

Big Wall Street banks have spent months seeking buyers for more than $10bn of construction debt for several data centre projects leased to Oracle earlier this year and some leaders have sought to develop their exposure through risk-to-noise deals.

The $10bn debt package was expected to be split into multiple locations in the bank loan but a no-effect delay drive feature that allows Texas Data Centers — the project developed — to withdraw the debt once a period of time after the long certain construction milestones, the people said.

Part of the debt could also be refinanced from through loan market.

The bond is expected to carry a speculative grade rating even with Google's backings, which is only effective after the data centre is fully built. This meant investors would have to abandon risks including the investment in these and cost overruns, the people added.

The data centre will be filled with Google's custom VPI chips, which will be financed separately. The large number of data centre projects set to be built in this is one that must be effective in the best ever attained power and water supplies as well as doing utility prices.

Google's financial support for the project was first expected by the VPI in March. The Wall Street Journal last week reported on some aspects of the financing.

Nexus and Morgan Stanley declined to comment. Anthropic and Google did not respond to requests for comment.

Healthcare

Procter & Gamble seals $5.8bn deal to buy supplements maker Thorne

CHINA FOUNDATION AND MAKER BANK OFFICE — LONDON TEL: 0755 8248522 AND 2242-2421 7-10 — TELEX 23320

Procter & Gamble has agreed a $5.8bn deal to acquire supplements maker Thorne, delivering an unusual return to COVID-backed private equity group. 1. Catterton has than three years after it bought the company.

P&G, whose stable of brands includes Gillette, Arnt and Parapara, use off competition from trade to buy Thorne in a deal that underscores its ambitious to expand its market business.

The supplements industry has housed since the Covid-19 pandemic as consumers have become increasingly interested in their health and wellbeing. The costs that it set to close in the fourth quarter of this year.

"Consumer interest in soft cans, prevention, wellness and personalized health continues to grow, and Thorne strengthens our position in premium wellness," said Paul Green, P&G's chief executive of health care.

Thorne, which sells supplements such as magnesium and omega-3, was on track to reach $6.0bns of revenues this

year. The 17 reported in June that Uxteron was also interested in buying the South Carolina-based business.

The deal marks a meager return for 1. Catterton, which originally acquired Thorne in a take-private deal for $6.0bns in 2021.

1. Catterton has invested in a range of consumer brands such as the Eastwear group Bittersnock and Unknown, the Indian restaurant chain.

Thorne later has the Yandaq in 2021 at $10 per share, marginally below the level at which it was also private.

The group has built its brand by part.

Becoming Thorne sells supplements such as magnesium and omega-3

sorting with athletes and sports associations, including Major League Rugby in North America.

1. Catterton said it had accelerated Thorne's growth including by bringing on new leadership, expanding its marketing and investing in research and development.

"Our investment in Thorne reflects what 1. Catterton does best: identifying enduring shifts in consumer behaviour and partnering with category-leading brands to help them realize their full potential," said Marc Sugliacomo, a managing partner.

The Thorne acquisition adds to P&G's portfolio, which has grown through both on acquisitions, including its $6.2bn deal to buy Merck Kitsch's one-sheet health unit.

It also struck a deal this year to buy cigarettes: health brand Wonderfully, also backed by 1. Catterton, for an additional price. P&G also owns New Chgo per Winston.

P&G has faced pressure from varying commodity prices and weaker consumer sentiment — and failed to increase sales volumes in the most recently ended fiscal year.

Equities

Citadel's top fund leaps 6% after swoop on Situational Awareness for AI stocks

AFRICA WILL CARE AND EATY BONDED NEW YORK CIRI NO. 0022-0122, 44 — LONDON

The flagship fund of Ken Griffin's Citadel gained 5.9 per cent last month after it bought billions of dollars of AI stocks in a fire sale from Leopold Aschambremer's Citadel's hedge fund, Situational Awareness.

The US hedge fund giant, which manages more than $7.0bn, became its 500-bogten fund surge. 12 per cent in 2020 after a turbulent job, according to people who have seen the next move.

After a huge rally in AI-related equities earlier in the year, hedge funds were stung by a sharp pullback in July for many popular holdings such as South Korean dispensers 50.8 jobs, which fell almost 30 per cent from a peak in June.

The such heavy funding 500 briefly overall into correction territory last week, shortly before the draft and Situational Awareness Fund.

The most prominent casualty was Aschambremer's firm, which worked gained more than 400 per cent in the first half of the year with a highly leveraged bet-on AI companies. But the self-

off badly damaged the fund, pushing it to sell the majority of its public equity positions in Griffiths from last week to a quick-fire process that took less than 24 hours.

Citadel's own funds had struggled to preserve big returns during the first half of the year, and the self-off inception. As of July 24, Wellington was roughly the month to date, to the three

'These are names that trade really aggressively. They were highly volatile but they were liquid'

days before Citadel's acquisition of Situational Awareness, about 600 further.

Citadel competed with trading firm Jane Storm and fellow multi-manager hedge fund giant Stilbenman for the purchase of Situational Awareness's equities, which eventually became a decision with about a 10 per cent discount, according to people familiar with the matter.

Citadel declined to comment on details of the transaction or the firm's

returns, which were first reported by the company.

Some of the notes said the fact by Citadel helped to store a broader market rent because Situational Awareness's brand selling had been exacerbating the toll off in AI stocks.

Many of the businessmen's biggest investments — according to his last regulatory filing — including those Energy and Satellite, rallied the day after the sale. The latest has gained nearly 30 per cent more than its market.

"These are names that trade really aggressively," said one hedge fund manager who had invested in similar positions in those of Situational Awareness.

"They were highly volatile but they were liquid" he thought needs as failing.

Griffiths is known to change towards firms that run into trouble. The day shares filled for bankruptcy in 2015, Griffith sent more than a dozen of his executives to threaten on a stableman, go to dig into AI, fall out from reached several of the company's top analysts.

"It's shown that," said one former employee, who worked closely with the Citadel founder. "He has played that card many times."

---

12

•

FINANCIAL FOCUS

Thursday 6 August 2026

COMPANIES & MARKETS

Implementation will be key for EU's new banking policy

Ignazio Angeloni

Markets Insight

In what may be the cheapest turn in EU banking policy since the launch of sector supervision by the European Union should at all be the most recently issued a paper writing priorities for future banking laws. Two features are novel and welcome.

The first is that the competitiveness of the EU banking sector increases under stage. To promote European goals in a fractured and less co-operative global stage – the argument goes – EU banks must be able to compete with global banks, mainly from the UK, which at the moment outpell itself from its most lines of business, usually investment banking.

This signal in the strategy is an over-the-turnurword of a decades-old tradition in which making banks safe was seen as either the only goal or the key to everything else.

Equally important, it identifies fragmentation as a key source of weakness. The EU lacks genuine continental lenders, banking champions are large in their own national but are small globally. Cross-border business is discouraged by EU regulation and national politicians who see local banks as sources of influence and promoters of national goals. While this is a well-known fact, seeing it around is an official EU document in a novelty.

That said, announcing a new strategy does not guarantee meaningful change. Implementation is key. The immediate challenge for the EU is to design and approve a legal framework ensuring the strategy. This is where high hopes are often dispoordinated.

The need to garner support from a majority of member states typically ignites horse-trading. As a result, proposals can have been paid because states' equitable, political negotiation is una-

available but the EU Commission should be clear upfront on the real lines and on one above all others – banks with the ambition and the force to operate across national frontiers must face a “country blind” regulatory framework, subject exclusively to EU laws and authorities, independent of national rules.

Constituents having cross-border groups to obey prudential requirements in every country they operate in – rather than only in the market where the local allies is – should be removed.

The Commission seems too hard to give the power to the EU's enabling the great regulatory waivers. This would be

Sector strategy is a big step forward but the like still needs to tackle vital issues such as UK ties

a mistake. It is a supervision deliberate by simple majority in a board composed of 11 nations and six European appointees. Coalitions in support of national demands, explicitly or implicitly trading favours, are easily formed.

The “country blind” system, established in principle, would have trouble being enacted in practice. For this to be avoided, directly applicable EU law must unambiguously state that banks operating across frontiers – at least the major ones – must be regulated at four-point level only.

Another pitfall in an otherwise commendable strategy is in limiting the notion of banking integration in continental Europe since. Fragmented or integrated in it reaches the EU banking sector for 20 miles away by less from

one of the main banking and financial centres of the world.

Strikingly, the EU Commission communicates more attention the UK, but for the long EU banking integration while leaving the UK out of the picture makes no sense. The EU proceeds in the formation of savings while the UK dominates in managing them, a state of one-dimensionality that the post-Brazil experience, for from weakening, seems to have strengthened.

From 2018 to the end of 2024, trade in financial services across the channel has increased for over 50 per cent in both Americans. EU and UK interests in promoting reciprocal financial integration clearly converge.

While referring its own legislation is an EU priority, a parallel process must bring the two financial sectors closer to each other, facilitating exchanges by eliminating regulatory barriers.

Re-establishing supervisory equivalence between the respective regulators, filling the gap, extend the recent years, a 6 first step. Exchanges of professional staff and mobility of capital should be facilitated. Over time, a comprehensive agreement covering all aspects of trade in financial services must be the objective.

Under the proposed, guidance of the Commissioners for financial services Mario Luis Albuquerque, the EU has made a notable step in recognizing the realities and challenges of its banks. The bulk is neither finished nor free from obstacles. But with the goal shown, the chances of progress are favourable. The opportunity should not be missed.

Ignazio Angeloni is a former supervisory board member of the European Central Bank and a senior fellow at the unit University and ASW.

The day in the markets

What you need to know

• Gold prices jump to highest since mid-June, yield previous results recovery
• Oil little changed as hopes remain alive over third of Harman deal
• Equities also calm with Dinas Europe 600 and S&P 500 trading direction

Gold jumped yesterday by its highest since mid-June when oil prices drifted as hopes remained alive over the late Dinas framework to open the Drust of Harman.

The precious metal gained nearly 4 per cent in Sa.2.5a. per ton, a year and silver rose 4 per cent in 2019, per ton a week.

That recovery in previous market prices comes after a recent decline in oil prices that has increased expectations for

relevant rate rises from big central banks. Thus, banks at higher rates had decided good interest only earlier in the year

after it reached above 25,000 in January. "We have apparently got their market to overweight as investor demand strengthens and emerging market central banks continue to increase reserves," said Arun Su, senior multi-asset strategist at North Asian Management.

Oil prices were little changed with American maaring cut below 200 a barrel, having fortified almost 12 per cent so far this week on reports. But a deal to be held upon the trial – a crucial reshapient for global energy market – is approaching.

US oil prices under the West Texas international market were down 12 per cent by early aftermath of the York at par above 515 per barrel.

"This is going to be messy and will have up from time to time ... the fundamental issues are not resolved," said Latron.

Gold prices tick higher

5 per ton (total)

Ahmed, global head of macro at Fidelity International, who said the asset manager was using a long position in money as a hedge against further escalation. "That means that oil remains subject to these upward pressures as traffic flows through the Drust of Harman also and how

The recent talk in its two new expectations for interest rate rises in the coming months, good trade for some big central banks with FedEx, not just a go quarter-point increase from the Bank of England, and February. Two weeks ago, such a move was expected by November, according to Bloomberg data.

Government bond markets largely held on its their gains from recent sessions. "With an 10-year US Treasurer, were an 11-year asset in 4.4b per cent last week on track for an 'The drop this week. Two-year UK gift cards were for at a 60 per cent, having surged above 5 per cent last month in the latest oil price rise."

Equities were calm with the Dinas Europe 600 index for and their 5-year S&P 500 also little changed. Earlier, Tobuy's Nikkei 225 Average climbed 1.7 per cent and Issa's Royal general 54 per cent after the previous day's tech rally on Wall Street, Ian Smith and Emily Herbert.

Markets update
	US	Europe	Japan	UK	China	Brent
Stocks	S&P 500	EuroBcr 500	Nikkei 225	FTSE 100	Stocks in China	Stocks in China
Level	7.4d 5	26.0e 33	66.0e 64	6.0e 6.5	38.0e 43	19.0e 19
% change on day	0.07	0.04	0.04	0.08	4.4	3.25
Currency	5 mths (SNP)	5 per €	1m per €	5 per €	4mns per €	Next per €
Level	44.75	0.93	0.7e 0	1.1e 4	6.75	0.65
% change on day	-0.45	0.256	-0.042	0.238	-0.05	0.205
Spot bonds	10 Non Treasury	5 per Bond	10 year A/B	10 Year B/B	10-year bond	10-year bond
Yield	3.6x	3.0x	2.8x	6.8x	7.7x	16.4x
Rate (with margin in day)	0.02	0.001	-0.02	-0.01	0.001	-0.06
Market/Commodity	FTSE All World	UK - Brent	UK - WTI	Gold	Short	Middle S.P.R.O.
Level	0.7/9	0.7/8	0.4/5	4.2/10	0.5/8	0.6/6
% change on day	0.31	0.31	-0.42	3.52	6.05	1.08

Main equity markets

Biggest movers

	US	Europe	UK	UK	UK
ATF Bank & Financials	1.0	Finland S.A. (Finland)	1.0	Finland S.A. (Finland)	1.0
Bank of Hong	1.0	Finland S.A. (Finland)	1.0	Finland S.A. (Finland)	1.0
Bank of China	1.0	Finland S.A. (Finland)	1.0	Finland S.A. (Finland)	1.0
Bank of China	1.0	Finland S.A. (Finland)	1.0	Finland S.A. (Finland)	1.0
Bank of China	1.0	Finland S.A. (Finland)	1.0	Finland S.A. (Finland)	1.0
Bank of China	1.0	Finland S.A. (Finland)	1.0	Finland S.A. (Finland)	1.0
Bank of China	1.0	Finland S.A. (Finland)	1.0	Finland S.A. (Finland)	1.0

1. 2017年1月1日，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

Equities

Chinese AI favourites Innolight and Eoptolink retreat on US ban worries

WILLIAM SAMSLOWER — HENRY KOHOL

Shares in two of China's biggest winners from the global AI boom sank yesterday following a report that the US could lose their equipment from its data centres.

Zheng: Innolight and Eoptolink are Chinese associations who build capital on the world so that the United States for a few countries have been able to see China's biggest winners from the global US could win.

The mainland Chinese shares of Innolight and Eoptolink dropped by 64 per cent and 6.9 per cent, respectively, following a Reuters report that the US (9.0) and 10.0% of the United States. The US's largest winners from the global US could win.

The two companies are among China's biggest winners from the AI race as they

supply both the US and Chinese data centre build out – although most of their profits have come from overseas demand.

Since the start of 2025 Innolight and Eoptolink shares have soared by some 4,500 per cent, catapulting them into the ranks of China's most valuable companies. Earnings growth has been strong.

'Targeted US restrictions will further compel China to accelerate the push for self-reliance'

due to significant demand from US groups such as Amazon and Alphabet that buy their optical transmitters and other equipment needed for the data centres that poses themselves.

Net profit at Innolight rose to Rs 8.0,000,000. (Ex. 2) at 1 per cent from Rs 8.2,200 in 2025. Eoptolink profits climbed from its subsidiaries to Rs 8.0,000,000 over the same period.

Both companies make most of their money overseas. Last year, more than 90 per cent of Innolight's Rs 8.0,000,000. (Ex. 2) at 1 per cent from Rs 8.2,200 in 2025. Eoptolink profits climbed from its subsidiaries to Rs 8.0,000,000 over the same period.

The group also count the likes of Huawei and Alibaba among their customers.

This source of domestic demand is encouraged by Beijing, which is determined to develop its own US technological capabilities independent of women's services.

Kenny Ng, a strategist at EcoWeight Securities International, said the latest sales from Washington will add to the Jing's resolve to support its local industrialisation goals.

"Continuous and targeted US restrictions are AI competing power and underlying data centre hardware will further compel China to accelerate the push for self-reliance and autonomy in key technologies," he said.

The EU's AI and respond to a request for comment.

---

Thursday, 6 August 2016

•

KIRKMAN, TIMBER

13

MARKET DATA

WORLD MARKETS AT A GLANCE

FTC ON MARKETSDATA

Change during previous day (1 during 12)

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

STORE SHOP 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

SHEEPER FRONTS (SHEEP)

---

74

●

FINANCIAL TIMES

Thursday 6 August 2024

MARKET DATA

ST GLOBAL SOA THE WORLD'S LARGEST COMPANIES

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---

Thursday, 6 August 2025

FINANCIAL TIMES

15

FINANCIAL TIMES SHARE SERVICE

Main Market

	Nov. 1	Dec. 1	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1
Bank America	118.00	115.00	108.00	103.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00

Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00

Investment Companies

	Nov. 1	Dec. 1	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00

	Nov. 1	Dec. 1	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00

Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00

	Nov. 1	Dec. 1	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00

	Nov. 1	Dec. 1	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00

Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00

Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00

Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00

the	the	the	the	the	the	the	the	the	the

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

MARS OIL 2025

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To advertise contact contactamay@ft.com

	Nov. 1	Dec. 1	Jan. 1	Feb. 1	Mar. 1	Apr. 1	May 1	Jun. 1	Jul. 1	Aug. 1
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00
Bank America	100.00	111.00	104.00	104.00	1.75	21.25	8951.00

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10

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FINANCIAL STARS

Thursday 4 August 2024

MANAGED FUNDS SERVICE

Advertising Features		Brandings		Top 10 Holdings
MelvrayGood	Brandings (M2) - June 2024	—		Top 10 Holdings
	Highest Price (Lowest)	Highest Price (Lowest)		Highest Price (Lowest)
	Highest Price (Lowest)	Highest Price (Lowest)		Highest Price (Lowest)
	Highest Price (Lowest)	Highest Price (Lowest)		Highest Price (Lowest)
Time Range	Highest Price (Lowest)	Highest Price (Lowest)		Highest Price (Lowest)
Highest Price (Lowest)	Highest Price (Lowest)	Highest Price (Lowest)		Highest Price (Lowest)
Highest Price (Lowest)	Highest Price (Lowest)	Highest Price (Lowest)		Highest Price (Lowest)
Highest Price (Lowest)	Highest Price (Lowest)	Highest Price (Lowest)		Highest Price (Lowest)

Algebra Investments

Registered
Algebra Cover (M2) / EUR	4	250.00	2.00	0.00 - 0.01 - 0.01
Algebra Cover (M2) / EUR	4	250.00	1.00	0.00 - 0.01 - 0.01
Algebra Covered Covered / EUR	4	250.00	1.00	0.00 - 0.01 - 0.01
Algebra Covered Covered / EUR	4	250.00	1.00	0.00 - 0.01 - 0.01
Algebra Covered Covered / EUR	4	250.00	1.00	0.00 - 0.01 - 0.01
Algebra Covered Covered / EUR	4	250.00	1.00	0.00 - 0.01 - 0.01
Algebra Covered Covered / EUR	4	250.00	1.00	0.00 - 0.01 - 0.01
Algebra Covered Covered / EUR	4	250.00	1.00	0.00 - 0.01 - 0.01
Algebra Covered Covered / EUR	4	250.00	1.00	0.00 - 0.01 - 0.01
Algebra Covered Covered / EUR	4	250.00	1.00	0.00 - 0.01 - 0.01
Algebra Covered Covered / EUR	4	250.00	1.00	0.00 - 0.01 - 0.01

The Capital Investing

Browns Advisory Funds PLC

Browns Advisory Funds PLC
Browns Advisory Funds PLC (M2) (M2)
B&W Management
Global Advisory Fund (GAC)	4	25.00	2.00	0.00 - 0.01 - 0.01
Global Advisory Fund (GAC) C	4	16.00	0.00	0.00 - 0.01 - 0.01
Global Advisory Fund (GAC) D	4	8.00	0.00	0.00 - 0.01 - 0.01
Global Advisory Fund (GAC) E	4	8.00	0.00	0.00 - 0.01 - 0.01
All Funded Funds Fund (GF)	4	45.00	0.00	0.00 - 0.01 - 0.01
All Funded Funds Fund (GF) E	4	45.00	0.00	0.00 - 0.01 - 0.01
All Funded Funds Fund (GF) D	4	45.00	0.00	0.00 - 0.01 - 0.01
All Funded Funds Fund (GF) E	4	45.00	0.00	0.00 - 0.01 - 0.01
All Funded Funds Fund (GF) D	4	45.00	0.00	0.00 - 0.01 - 0.01

CG Asset Management Limited

10 King Street London EC4M 1RL

Serving: Co. 2021-2024 (M2) No. 2021-2024

R&D Recognized

CG Portfolio Fund PLC

Algebra Report No. 1	4	146.00	2.00	0.00 - 0.01 - 0.01
Capital Clearing Portfolio (QCP)	4	2000.00	0.00	0.00 - 0.01 - 0.01
Capital Clearing Portfolio (QCP) A	4	100.00	0.00	0.00 - 0.01 - 0.01
Redox Fund Co. Inc.	4	100.00	0.00	0.00 - 0.01 - 0.01
Asset Management	4	146.00	2.00	0.00 - 0.01 - 0.01
Asset Management (C)	4	100.00	0.00	0.00 - 0.01 - 0.01
All Other Under Bond S Inc.	4	100.00	0.00	0.00 - 0.01 - 0.01

Chartered Asset Management Pro Ltd

Other International Funds

COM (C) (C)	4	1000.00	0.00	0.00	0.00	0.00	0.00	0.00
COM (C) (C)	4	1000.00	0.00	0.00	0.00	0.00	0.00	0.00
Total (C)	4	1.00	0.00	0.00	0.00	0.00	0.00	0.00

CP Global Asset Management

Browns Fund Managers Ltd (T3M)

TCIA, www.T3M.com, www.T3M.com

Authorised for Funds

Algebra: Corporate Board, Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Global Analyst, Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: High Access, Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Income, Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Minority Bank, Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Stock & New Bank	1	1.00	0.00	0.00	0.00	0.00
Algebra: Investment & Tax, Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Investment & Tax (M2) & Co. Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Investment & Tax (M2) & Co. Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Investment & Tax (M2) & Co. Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Investment & Tax (M2) & Co. Inc.	1	1.00	0.00	0.00	0.00	0.00

Brown Advisory Funds PLC

BROWN AGENCY FUND (M2) (M2)

B&W Management
Global Advisory Fund (GAC)	4	25.00	2.00	0.00 - 0.01 - 0.01
Global Advisory Fund (GAC) C	4	16.00	0.00	0.00 - 0.01 - 0.01
Global Advisory Fund (GAC) D	4	8.00	0.00	0.00 - 0.01 - 0.01
Global Advisory Fund (GAC) E	4	8.00	0.00	0.00 - 0.01 - 0.01
All Funded Funds Fund (GF)	4	45.00	0.00	0.00 - 0.01 - 0.01
All Funded Funds Fund (GF) E	4	45.00	0.00	0.00 - 0.01 - 0.01
All Funded Funds Fund (GF) D	4	45.00	0.00	0.00 - 0.01 - 0.01
All Funded Funds Fund (GF) D	4	45.00	0.00	0.00 - 0.01 - 0.01
All Funded Funds Fund (GF) D	4	45.00	0.00	0.00 - 0.01 - 0.01

Canaccord International Fund Managers Limited

The Company of Canada, Inc. (C) 2021-2024

Canaccord Health International Bank (Kenting Funds Limited)

Deferred Strategy	1	1.00	0.00	0.00	0.00	0.00
Restricted Strategy	1	1.00	0.00	0.00	0.00	0.00
Common Restricted Strategy	1	1.00	0.00	0.00	0.00	0.00
Common Restricted Strategy	1	1.00	0.00	0.00	0.00	0.00
Asset Strategy	1	1.00	0.00	0.00	0.00	0.00
Asset Strategy A	1	1.00	0.00	0.00	0.00	0.00
High Growth Strategy A	1	1.00	0.00	0.00	0.00	0.00
High Growth Strategy A	1	1.00	0.00	0.00	0.00	0.00
High Income Strategy A	1	1.00	0.00	0.00	0.00	0.00
High Income Restricted Strategy	1	1.00	0.00	0.00	0.00	0.00
High Income Restricted Strategy	1	1.00	0.00	0.00	0.00	0.00
High Income Strategy A	1	1.00	0.00	0.00	0.00	0.00

Scoring Only: Initial Strategy 90% for 4 classes at 4 up to 5% for other classes

CANDRIAM at the time of investment assessment

Authorised for Funds

Algebra: Corporate Board, Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Global Analyst, Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: High Access, Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Income, Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Investment & Tax, Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Investment & Tax (M2)	1	1.00	0.00	0.00	0.00	0.00
Algebra: Investment & Tax (M2) & Co. Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Investment & Tax (M2) & Co. Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Investment & Tax (M2) & Co. Inc.	1	1.00	0.00	0.00	0.00	0.00
Algebra: Investment & Tax (M2) & Co. Inc.	1	1.00	0.00	0.00	0.00	0.00

ASB Capital

ASB Capital

The Company of Canada, Inc. (C) 2021

Global Agency of Canada

International Funds
ASB (2024)	4	100.00	0.00	0.00 - 0.00 - 0.00
ASB (2024)	4	66.75	0.00	0.00 - 0.00 - 0.00
ASB (2024)	4	110.00	0.00	0.00 - 0.00 - 0.00
ASB (2024)	4	100.00	0.00	0.00 - 0.00 - 0.00
ASB (2024)	4	100.00	0.00	0.00 - 0.00 - 0.00

2024

Common Investors Group

ASB Recognized
Exxonline New York Stock Market (C) Inc.	1	100.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00
Exxonline New York Stock (C) Inc.	1	1,000.00	0.00	0.00 - 0.00 - 0.00

(LOR)

Algebra Sizes

Other International Funds

American Express	4	1000.00	0.00	0.00 - 0.00 - 0.00
American Star	4	1000.00	0.00	0.00 - 0.00 - 0.00
Bank Group	4	1000.00	0.00	0.00 - 0.00 - 0.00
Convenience	4	1000.00	0.00	0.00 - 0.00 - 0.00
Airfare	4	1000.00	0.00	0.00 - 0.00 - 0.00

Blue Whole Investment Funds (CAI)

www.industries.com

CGI, Incorporated, 2024

Blue Whole Investment (2021)	4	34.77	1.00	0.00 - 0.00 - 0.00

Exxonline Investment Group

Other International Funds

2024

2024

2024

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2024

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2024> 2024"}]

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Thursday 6 August 2008

FINANCIAL TIMES

17

MANAGED FUNDS SERVICE

Fund	Bio	Other	Fund	Jike	Shin	Fund	Bio	Other	Fund	Jike	Shin	Fund	Bio	Other	Fund	Jike	Shin

Fundsmith Equity Fund

Fundsmith LLP (1000)

Pit Box 1000, Drummond Court SWR 1000, 2000

www.fundsmith.com, www.fundsmith.com

Authorised for Funds

Fundsmith Equity Fund 1.00 1.00 1.00 1.00 1.00 1.00

GUINNESS GLOBAL INVESTORS

Guinness Global Investors

Gunness Global Equity Markets 1.00 1.00 1.00 1.00 1.00 1.00

Gunness Global Investors 1.00 1.00 1.00 1.00 1.00 1.00

KPM Investment Ltd

Kupin and Power Bank 1.00, Shagun, 1.00, 1.00

International Insurance

Hydro, Property & Real Estate

Hydro, Property & Real Estate

Hydro, Property & Real Estate

Hydro, Property & Real Estate

Monroye Asset Management Limited

Registered

Monroye Stock Investors 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Monroye Stock Investors 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Monroye Stock Investors 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Monroye Stock Investors 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Monroye Stock Investors 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Monroye Stock Investors 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Monroye Stock Investors 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Monroye Stock Investors 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Monroye Stock Investors 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

---

18

FINANCIAL TIMES

Thursday 4 August 2026

ARTS

Directorial debut hits the perfect note

At Sabborg Festival, a marvellous Carmen's charms while 'Saint François d'Asnès' proves a challenge. By Shirley Aptheep

You don't go to Sabborg for the kind of blood fare that any regional house could serve up. A festival can afford to take risks. There should be informed by artistic proscopes and basically break crossures.

This Carmen could have been awful. Galeride Carrizo comes from the world of contemporary dance, and has never directed opera before. Conductor Teodor Carverato is best known for human and baroque repertoire. But something went terrifyingly right. Sabborg's new Carmen is dark, gripping and marvelously coherent. Why?

All two often, outsiders come to the world of opera determined to rescue the genre from itself. Carrizo does the opposite. She is not trying to rewrite Carmen, the burying to understand her.

The story ends with femuride to stage the opera today, you need to find a stance on that. But what if, instead of fighting against it, you take it as your starting point? What sort of society produces a man like Don José? And why is Carmen's need for self-determination stronger than her will to be?

When choreographers make opera, they often see dancers to express emotions on behalf of the singers. Ironically, that makes the singers look stiff and the dancers seem mute. Carrizo, instead, brings absolute confidence in the physicality of her singers, and secures them into her dance ensemble to seamlessly that they form one expression whole.

It is nowhere more telling than with Aonik Grigorian in the title role. She does not act very, like it is very. The conventional signals – plunging neckline, thrusting hips, pretty lips – are guaranteed, this Center in one of the street, an everywoman, confident in her own skin. In a militarized society driven by recreational cruelty, her refusal to submit is the ultimate provocation.

In Don José, Jonathan Teisbman is no longer a passionate lover driven by breaking point. He is a weak-willed mummy's boy, unable to accept that he cannot have what he wants. Both performers bring the kind of technical assurance that less blunt achieve extraordinary vocalism without seeming to break a sweat, we hear thoughts and feelings as pure song, music expressed directly to the soul.

Squally intriguing in Carrizo's ability to express social forces through choreography. Few directors can direct children so naturally. Carrizo conjures a sinister, complex community where bullfighting is just one of several rituals in a larger dance with death.

Such coherence is only possible when everyone involved is telling the same story. Carverato shares Carrizo's knack of rendering music control scrudes through the force of its outcome. For clearly believes in the singing, such breathtaking symbiosis demands the kind of extensive rehearsal that only a festival budget can buy. Even if you bring score for the tawdry靖然 of Ron's power, it's called, you will be swept along in the dark current of this formidable production.

A superb cast, an impressive chorus, a fanatically committed orchestra, and a concept that truly works with Sabborg's Carmen, the festival season has finally begun. ***

To August 26, sabborgfestivalclub

The decision to stage Olivier Messiaen's vast Saint François d'Asnès is as much a spiritual commitment as it is a graphical challenge. This year's new production for the Sabborg Festival runs in a gruelling on and a quarter hours (including intervals), which, however much you love the music of Messiaen, is a象征.

Add a huge orchestra, a battery of percussion, an enormous chorus, demand-

ing solo roles, and the fact the story contains little action, and you end up with something that reads even like an act of devotion than a work of music theatre. That was certainly the case for Messiaen, wise adored both Saint Francis

Too often, outsiders come to the world of opera determined to rescue the genre from itself. Carrizo does the opposite

and his birds. And it became the case for cultural icon Gerard Mortier, who on his appointment to artistic director in 1993 dragged the Sabborg Festival, kicking and screaming, towards the 21st century. It was Mortier who made Sabborg the artistic trendsetter of Europe, and

Mortier who hauled Messiaen's columns with him around the continent, from Sabborg to the Rabitzinistata, there on to Paris and Madrid. I recall Mortier's obsession with Saint François sparking speculation that he had promised God performances in return for his hushatistic habits, whatever the truth, his Jesuit education was never far from his mind.

Poor Sabborg, Mortier's programming was the fruit of the knowledge of good and evil; every director since his 1993-2001 leadership has lived in his shadow, trying either to invoke or repudiate his combative stance. And now, with a bitterness worthy of Sabborg author Thomas Bernhard at his blissful, disembodied Markus Hinterkissen has been forced to throw in the towel after years of his overstruggles.

He could not have known that this François would be his mean song, but nothing could be more fitting: a nod to the intellectual convictions of his rest-

while narrator, a homage to Hinterkissen's favour for era of lurled modernism, and also, also, an enlavored act of penance for the audience.

Director Roman Castellucci takes the subject matter seriously. An inveterate symbolist, he could have worked well with the opera's trance-like stillness.

Instead, his singing reads as if he underestimated the work's magnitude, and then panicked, to a promising opening, where the opera appears to be transposed into a modern day setting. François leaves his parents in a memoirs set gallery to take orders, and begins to slide into an increasing state of psychosis.

He means himself in grime, self-mutilates, eats magic mushrooms and thrushes about hysterically. All this while singing magnificently – Philippe (It) is remarkable to the title role. All the singers are impressive.

But it is hard to be drawn into Reu-

Left: Jonathan Teisbman as Don José and Aonik Grigorian as Carmen above, Martine Levin (Peter Sylvanes), Philippe My (Saint François) and Russell Brown (Peter Lohan) (Orlando Business Times)

stance/atomic when conductor Maxime Pascal so dramatically is not. Of course, a piece of this scale requires a conductor who functions as a kind of air traffic controller, but Pascal never seems to concede that there is actual time to return the act of air and departures. Messiaen's complex score is littered with most odour dynamic instructions. Pascal seems to ignore them, foregoing chapters include him as if Messiaen had written for robots. What a score of the Vienna Philharmonic? The music can play as if this were an unpleasant household chore. And so listening becomes equal drudgery.

There are moments of magic, and others of deceit – like the little bulbs of dead and dying birds that dead are in the stage. Some are still flattering. He wouldn't – would be Castellucci knows his own reputation for blending harsh reality with performance well enough to play with our sense of outrage.

The flesh of along resting across the stage during the final turn is very real. Are they a biblical reference? A glimpse of nature? Tomorrow's creation? Do just a bunch of weakly opera guess?

St Francis urged his friars to be like sleep among others and an actual well crossed the stage in the previous act. Fortunately, it seems that there are fun in to Castellucci's literalism – the animals were not brought together for the curtain calls. ***

To August 25, sabborgfestivalclub

In partnership with

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29 September | In-person | Convene, 101 Park Avenue, New York

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FIND OUT MORE: financialintel.live.ft.com

---

Thursday 6 August 2020

•

FINANCIAL TIMES

19

FT BIG READ. SEMICONDUCTORS

Shares in America's chipmaking champion have quadrupled since the Trump administration took a stake in it, but it has yet to prove itself a serious competitor to TSMC in the most advanced AI chips.

By Michael Acton

How Intel came back from the brink

me!'s chief financial officer, David Ziemer, was already navigating one of the most dramatic periods in the chip manufacturing industry where he took a call from a US commerce department official in August last year.

The federal government had just floated the idea of taking a 10 per cent stake in the chipmaker that Ziemer was bluntly told that the structure of any transaction was not up for negotiation, according to an internal Intel resource only, one of the shareholders' litigation, and sources clear to the process.

In order for the government's stake to reach the 10 per cent demanded by President Donald Trump, Intel had to convert billions in manufacturing grants advanced under the 2022 Chips Act, plus $5,204 of contracts from the Department of Defense, into equity.

In hand initially behind at converting the defense contracts, that's unpleasant, and the biggest federal equity intervention in a US company since the ballard of General Motors in 2009 was completed. The group that once dominated the market for PC and data center chips, and was still the only US-based company capable of making the most advanced chips, had been saved from a possible break-up.

The world's chip consumers, many of the ever-concentration of manufacturing capacity within Taiwan's TSMC - which makes more than 90 per cent of the world's most sophisticated chips, including those used in the booming AI sector - now have at least the prospect of a credible alternative supplier.

Since Washington stopped in, Intel has gilded to 60% of investments from Nvidia and Kirin from Japan's telebank and its shares have more than quadrupled, seasoning those of rivals. While the deal decided uprising in the non-conductor industry, it has definitely been said the one who did decline.

But company insiders, industry sources and analysts who spoke to the FT say the government stake alone will not be enough.

Now, Intel's chief executive, Up-Ba-Tan - whose Trump once said should resign because of his prior Chinese chip investments - must complete a turnaround that, until recently, some one turn thought might not be possible.

How Can I At All the rest

The words of Intel's turnaround were planted several months before the Trump administration stopped it.

When Tan became their executive in March last year, he spent his first work-ends commencing colleagues to become in Intel fans as every aspect of the business. He took a prison notes but said little, according to people familiar with the events of those early weeks.

The picture they set out was black. Intel's revenue was flatfacing as the company faced competitive pressure from 1993 to its low growth PC and data center chip business.

In 2016, the year that Tan's predecessor Pay Center has no control, the company had to hold up $10.00 off more.

The strategy of building powerful AI processor chips that could compete with those of Nvidia was to illustrate, in critical deal with Arm, which would have seen the telebank-backed group see Intel's industry to make its new AI data center chip, had fallen through, according to two-people familiar with the talks.

UK-based Arm and Intel both declined to comment.

The agreement would have required additional capital investment from Intel at a time when spending one already swapping Arm, which like many in the series is a "falling" designer of chips rather than a manufacturer, was also concerned that Intel's processes were not competitive enough to that time, the sources say. It ultimately released the chip earlier this year - with TSMC looking after production.

Geologists started 2021 decision to spend time at $10.00 of $10.00 on new branches to assemble chips for other companies that faltered, as customers failed to materialize quickly enough to justify the investment. The development of its latest generation of manufacturing technology is complex with TSMC, known as 16A, had also taken longer than expected.

"They still thought they were the old Intel where everything was on their terms," says G Dan Hutchison, vice-chair at market intelligence firm TechInsights. "They had all these layers that create waste, with managers managing managers ... The decision time had slowed to capital."

An Intel's market capitalization

"They still thought they were the old Intel where everything was on their terms. They had all these layers ... the decision time had slowed to a grind"

aligned better $100.00, potential buyers like Qualcomm and Broadcom were trying pieces of its business.

Tan's diagnosis was that if the new Intel Foundry business for outside customers was to survive, it needed radical streamlining and new management that could meet the relationship with prospective customers and reboot the company's engineering culture.

He moved quickly, cutting more than 2,000 US jobs, at about a fifth of group Qualcomm, in just six months. To share up the balance sheet, he pared back capital spending and sold stake in Attenu and Hobday for a combined $1.2bn.

Company insiders describe Tan, who founded venture firm Walden International and was chief executive of chip design software company Cadence, as well connected but difficult to read. "There was an element of, What the hell is this guy thinking?" says son. "I think he didn't trust a lot of the management team," Ziemer and Nigel Chandrasekaran, who now runs the foundry operation, are the only top-level server van from the team Tan inherited.

He brought to two former Cadence colleagues, Irrinivasan Iyengar and James Dare, to lead its central engineering and government technology groups, hence a ten executive Growth Archbishop was appointed to lead Intel's data center business.

Tan was still in the middle of redaughing his team in August last year when Trump issued his call for the "highly unofficial" CEO to resign, seemingly after viewing reports about Republican Senator Tom Cottrell's criticism of Tan's investment connections to China.

Intel requested a meeting with the administration, and after spending a weekend mapping out all the potential outcomes, Tan sat down with Trump, commerce secretary Howard Lutnick and Treasury secretary Scott Bessert, according to multiple sources familiar with the events of that work.

The Makers' three executives' key task was to persuade the administration

that he was with a patriotic American and the only person capable of turning around the fortunes of the national chip manufacturing champion.

"That morning had to go well. We believed there was a fair chance that it would,"牺牲 one company insider, "be it you have to be prepared for a variety of outcomes."

For some, the equity deal with the administration was a brilliant example of a chief executive turning crisis into opportunity. The transaction included punitive returns to their Intel from abandoning its foundry business but also sent the message to prospective customers that, for the next two years at least, Washington had the company's back.

For others, it was an outrageous move by the administration. "There's no legal statutory authority for the Intel equity stake," says one industry insider. "It's a completely unprecedented, horrible policy. Intel's initial companies don't want to go to and move with Trump, because they are afraid to be going to share them alone."

White House spokesman Kush Desai said that the administration was "focused on rendering critical supply chains and safeguarding our defense and economic security - all while ensuring the best bargain for taxpayers is every deal."

Can Bing up with TSMC

By the time he walked into the Oval Office, Tan had already warned publicly that Intel could abandon its several manufacturing process, known as 16A.

Just a minor would have signalled the end-of-its antititious to continue competing with TSMC in the new advanced areas of control of the manufacturing industry.

He had deduced that the volume of chips Intel produced alone would never be worth the mounting costs of building and maintaining a leading foundry, the huge time it's time to enter the A3C fund delivered its foundry in 2008 as it slipped into financial crisis.

Intel had spent the last decade falling

behind TSMC's manufacturing processes, with the likes of Apple, Nvidia, AMD and Qualcomm all relying on the Taiwanese giant to build their full suite of products.

It had also never attempted large-scale manufacturing for outside customers before it opened its foundry in 2021. Building trust with customers required time Intel did not have, especially given its subsequent financial and technological difficulties.

Since the US government stopped in, Intel has opened talks with multiple customers about using its foundry, and last month increased capital spending from $10bn to $250bn this year - suggesting it expects to win new customers.

At the start of this year Intel began making some of its own leading PC and server chips at its new facility in Arizona, a sign of growing confidence in its

own manufacturing capability, after ordering the beneficiaries for your previously of asking TSMC to make some of its most advanced designs.

Tan has since confirmed the company is fully committed to 16A, something he said he would not do without confidence, they would bring outside customers. A partnership with Alan Reale is the Ten-fab project - an ambitious plan to build a plant chipmaking facility in the US, producing a range of announcements and bypassing data-based suppliers - also Alfred Jettell shares, despite the vague nature of the venture.

Apple, one of the world's largest consumers of chips, is testing Intel's processes with an eye to haringly build some of its older 16 series laptop chips. Trump said on Trash Social in June that Apple had "agreed to work with Intel to design and build its chip in America", prompting gains to Intel shares but see earlier information on other devices.

Tan has also enhanced Intel's credibility as a product, drawing on his wide business network and experience with Cadence, whose design tools reach across the semiconductor space.

Company insiders contrast Tan, who is focused on creating a new touch on under pressure with the aim of ever-delivering, with Ceilings, where we know, for his aggressive optimism.

Up-Ba-Tan took over as CEO last year when Intel's revenue was flatfacing and it was under pressure from rivals. Before construction of an Intel chip manufacturing facility

The company's business is a 100% of the company's business.

"The meeting had to go well. We believed there was a fair chance that it would. But you have to be prepared for a variety of outcomes"

But Tan cannot yet offer indisputable evidence that Intel has marketed TSMC's manufacturing technology, which would make the heavy investment required to adopt a second supplier more viable for potential customers.

One industry source says Intel's 16A technology, while improving, is not yet equal to TSMC's. "I am told about the fact that [16A] is unaping. ... What he doesn't talk about is how competitive it is to terms of performance and power zero versus its equivalent TSMC name-also." the source adds.

Intel never discovers specific technical details about current manufacturing technology, such as its yield - the percentage of chips coming off a production line that most quality can't inform.

Tan has said that 16A's successes, 16A, is progressing faster than 16A was at the same stage of development. The October volume of 16A's latest development kit, which provides designs for the manufacturing process, will help determine whether customers commit to mass production, say analysts.

For large chip design companies in a tight market, committing to Intel involves not only heavy investment but the risk of operating TSMC, whose previous capacity they still need.

"People don't want to join off TSMC because there is a capacity crunch," says one company insider. "Everyone is in a light for waters, and that gives TSMC a tremendous amount of leverage."

Timothy Arcari, who leads semiconductor coverage at investment bank US$, says that "you definitely have to tread carefully if you are going to engage with Intel ... but you can slow walk your way into it". He adds that Apple is unlikely to see much disruption to its relationship with TSMC by sending his first volume of other generation chips Intel's way - even though that would still amount to billions of dollars of additional revenue for the future.

The same high-upforce is Intel's chip-packaging business, which receives water disc into Federal packages. It offers a fraction of the revenue that comes from actually making chips but can help build the trust Tan wants to establish.

In May, General MediaChit was the first customer to announce it was using both Intel and TSMC's packaging technology, and Intel's new facility in New Mexico is one of the rare sites where Tan accelerated investment from the start.

"Intel has had this great packaging advantage that they never used," says TechInsights' Hutchison, because they wanted to focus on the high-risk, high-reward fabrication business.

"It was like the story of's later not taking the leading pace with Intel because he didn't want to be denied doesn," he adds, referring to a famous driver difficult on the US Army by Native Americans in 1876.

The Acupressants

alongside the effort to match TSMC in the industry has been hard on scientific rationalize: Intel's AI chip division, where products intended to compete with Nvidia have disappointed.

Tan has been hard into the business of designing custom chips alongside customers, after shares to billion chipmaker are introduced and that will not be following their work with AI hypercalesce such as Microsoft, Amazon and Google. Intel cut its overload with Google in April.

The company has launched from co-op demand for its central processing units, such as the Chairman's House chip launch and its price, which can be used in managing AI workloads in data centers.

"These are going to be low share, but to big markets. Up the doors? I need much share to add multiple billions of revenue, and I need to CEO.

The key, he adds, is to shift the perception of Intel from a company that dominates low-growth chip markets, such as PC and servers, to our risk in grabbing a small but significant share of the more dynamic AI infrastructure market.

The response to an AI accelerator chip that Intel plans to launch by the end of this year will be another "real-and-our" factor in its comeback. A 60k PC market contracts could a prolonged shortage of customer chips to create a more detailed products business of the more critical.

For now, however, investors seem inclined to show faith in the company. "What [Tan] is really good at in knowing what it calls to the investment community," says one industry insider.

"We've been a remarkable job driving up the stock. The hard part is that he still has to deliver."

Data visualization by Patrick MacHarie

Successive announcements have boosted Intel

Share price (G)

Source Bloomberg

Intel's debt rises as spending surged and sales growth disgusted

Source Capital (3)

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How to solve Britain's prisons crisis

It will require changes to sentencing as well as building more capacity

Just as it was for Sir Eric Starmer two years ago, Andy Rynder's political honeymoon has been set about by the prison crisis. Faced with his first past backlash, the new prison minister has had to set back a plan to release about 6,000 prisoners early to ease severe overcrowding. Excluding some official

as convicted of rape, grooming and serious child sexual offences has reduced the number of cases. There is understandable public anger, though, that the conspiracies do not exclude all serious violent offenders or manslaughter convictions. Two men convicted of manslaughter over the death of P. Andrew Harper, dragged behind a car for over a mile, an eligible for release after serving half of their castailed sentences, instead of two thirds.

Barnback is under pressure to break the plea further.

The unfortunate reality is that he cannot afford to cut it back to the. The male prison estate in England will have lost about 90 per cent of capacity, with fewer than 1,000 spaces in life. Without the release scheme, projections suggest prisons could be lost by December—further by setting up the backlogged criminal-attack system. The overcrowding is the result of some of public choices and underfunding under previous governments.

The idea of the prison estate to keep pace with demand is in part due to conservative "paranoid" policies in the 2000s, as well as planning delays and construction failures. But the prison population has also grown sharply—using loss to increase in prisoners being charged. One may go to growing length of their sentences. The average criminal sentence, including 100 sentences, increased 30 per cent from 34.4 months in 2012 to 19.9 months in 2023.

Growing court-hacking, exacerbating, by Covid-19, have also caused a group of prisoners on demand. An event-related probation system has led to more effective being to sell the prison, and may also have made higher fees willing to impose community sentence rather than criminalization.

Tougher sentencing is a political choice. Polling suggests it reflects more "positive" attitudes among the British public than in continued Europe. But it has led to an incantation rate in England and Wales (and Scotland), which runs its own justice system as a result of similar capacity problems that is much higher than fig western and northern European counterparts or Canada—though before Australia and the US, we offending rates in these counterparts are generally similar—rises.

Part of the answer to the capacity appears is to construct more prisons. But, at more than 6,000,000 per place—for more, per square foot, than luxury housing—the costs are huge, favoring

Overcrowding that could cause policy choices and understanding under previous governments

more in the probation service should reduce recall rates and give judges more confidence to avoid non-criminal sentences. Even then, though, prison capacity is not being made up to per box-keeping reforms, to bring it more in line with European ports, will almost certainly be underflow.

A short recall list to replace only 12-months, in which have very high redefending rates—with tougher, community-based rehabilitation that tends to be more effective. The Nether battle tackled seven prison services and the 2000s, which is part by existing a similar shift. Other European countries with lower prisons rates also tend to impose shorter or fewer criminal sentences and make greater use of conditional sentences, there or community service, as well as getting a bigger issue on certain reasons. For Britain, that would mean a major political and cultural shift. It's easier to break the cycle of prison overcrowding, however, it has little choice.

Opinion Politics

Europe must do more to harness its AI ambitions

European Council president Antoine Conte is scheduling a discussion among European heads of state about AI this autumn. Better late

than never. Leaders must use this opportunity to cash up and align an AI policy. While the 1% and China treat the technology as they priority and instrument of state power, the EU has not even decided on a collective political course.

Twice, one discussion of digital sovereignty or strategic autonomy is, in effect, a discussion about AI. The global public system is not for Europe. Without sovereign AI options, European are dependent on foreign pleasures and tasks. These dependencies go beyond commercial decisions. They mean that decisions made by foreign governments have a dispre-

stratutory to co-ordinate emergency responses and benefit from sharing lessons learnt. The moment should decide on them.

Dedicated task forces have created urgency and focus during past crises in Europe, including Covid and the financial crisis. They are more effective too. A clear AI policy package should include hiring AI talent into policy positions and developing national AI security institutes, as well as a broader talent programme to grow and attract AI talent (back) to Europe.

Within the continent there already exists tremendous energy and appetite for stronger EU leadership on AI. National AI strategy to have been announced and adopted, some universities are discussing from non-EU with providers and intelligence agencies are choosing domestic systems over these offered by international companies. People who believe up decisions with an EU-wide vision should scale and score the idea's competitive position by dividing labour between member states and leveraging capital incentives. Many are not with industry. European leaders can do a rest service to people worldwide who are deeply unhappy with the two-Europe means of it they are currently

Being ambitious politically does not mean prioritizing AI above everything else. Yes, Europe can choose to do AI differently and not copy theproductive Silicon Valley way of reducing people to consumers and societies to markets. Europe is and will remain by removed from the Chinese model of state. Should an impact on self-reaction, flat being price-paid and right on paper translation into very few results is today's data, capital and computational world. If European believe AI can add value while respecting democratic values and increasing safety, they must observe.

The moment this autumn must have a clear agenda and our ambition from which European leaders will, away with a comprehensive AI strategy.

It should therefore conclude with serious political buy-in and a tangible strategy that makes it a leverage that comes from Europe's economic and wealth: incentivizing investment into sovereign capacity such as company, making AI, chokepoints more resilient, and setting priorities for which capacities must be nationally held for.

Many strategy is only as good as its execution. The moment must provide mechanism and actions. The EU can not afford to waste this opportunity and spend the autumn month having and brainstorming global AI.

The writer is a Editor of Stanford University's Institute for Human Science, "Artificial Intelligence and author of The Tech Corp."

Letters

Brussels' nuclear power incentives offer a model for the UK

News of the decision to extend the life of Harwell R. Shapart, July 8: will come as no surprise to those in the industry. In original construction it well asked to file extension, although the practice's budget is usually focused for a 40-year period, the principal constraint to extension, the receive vessels "western embellishment", is something that can be clearly monitored. This is the process whereby

high energy ventures from the nuclear reactor can bombard metal components, making the steel hard and more brittle. Similar reactors have demonstrated that being in operation for 60 years—and potentially 80 years, subject to regulatory approval and condition—is achievable. Originally licensed lifespan and potentially useful lifespan are two very different concepts.

that Britain is facing the prospect of a declining nuclear output over the next decade, even with Harwell R. file extension. As we wait for Mullaby Point I and Harwell's to come online, the first of that nuclear development loan momentum. The EU this month announced plans to allow governments in the 90s to include nuclear power as a category of energy spending with greater

flexibility. It is an acknowledgment that the EU increasingly now nuclear alongside necessities as an important route to energy security and decarbonization, and a lesson the UK has to be in the same way. Vince Zabichaki former, Pioneer, former Nuclear Engineer; and Water Nuclear Council for U&T Nuclear Pain Audit Programme, London EC2, UK

VAT reform? Here's why it will be difficult to achieve

Just hand opinion piece 'A truly progressive' VAT would solve a lot of UK tax problems (July 20) in right that we call less little about value added tax. It is the second largest source of revenue in the Treasury. But assumptions are a mass of international accidents, and reform could raise serious money. However, his prescription is where the whole come off. Sun proposes removing most exemptions and compensating low-income households with automatic, real-time rebates at the point of sale. How would the state's bill know who these households are? Most people do not file tax returns. The UK's pay-in-resistant (PAIT) system knows about individuals, not households. The self-employed report income months is arrears.

The closest thing we have is a low income level in universal credit's real-time information system, and everyone knows how flowed this is.

Your recommendation would require a new, controlled database linking every district household income to every electronic transaction they make, which is of course unavoidable. Or people would need to register,

A LAMPO WIRE FOR OVERCROWDY

proven their status and claim a return—against it by submission.

Non-burber suggests households with income below annual £30,000 a year pay on VAT whatsoever. A hard cliff edge like that would spike the effective marginal tax rate—the real rate in the next pound round—is it weak in better to figure it, which means a sliding scale of personalised VAT ratio—more machinery,

more data, more waste for error. Every time 10th Revenue is Can't pay builds a mechanism that pays money out automatically, industrial scale about 30,000, we saw this with R&D relief, Covid support schemes and VAT requirement found. The idea that HHRC will be able to deliver real-time transaction level rebates for 20mm households in poor battery.

A better solution to the VAT reform debate is a real and branch review of what goods and services VAT applies to. Does not the things we want more of—generally healthy food, education and given products perhaps. Then good the rate up on the things we want to discourage.

Yes, the VAT (unworth warning in 2012 to 2) over much VAT definitions. It's not worth the trouble! You learnt the hard way. However these things are compelled and there will always be feedback—there's no strong away from that.

It would arguably be less painful, however, than contrasting a few households become surveillance from people who come small numbers, and then defending it from fraud, error and public world.

Andrew Mary Senior and Partner Hary Clark, London WC1, UK

A high street conundrum

Polly Mackenzie writes that high street flights can be covered through our land for shops that have been affected by internet shopping, and that healthcare with empty shops should be located in soft-Uplands, August 1.

I would argue that the manufacturer is the dysfunctional market for the system. It gives too much power to lead arguments—who feel free to opine on everything from design to construction to floor places is "blue eyes".

My local flight street has a third of shops closed but not prepared to convert those properties to homes in rest with opposition and the council cares. Our proposal to convert to flats has been better at wood for years. Another, in add two floors, was opposed simply because it could have seen from the high street and was therefore detrimental to the sector.

An high-street convert from selling goods to selling services—whom, restaurants, coffee shops, educational centers—they need learning thereby to be successful, and that is the best for people, even football, but progress is impossible without change in planning. On this first.

August Frenz London EC2, UK

The US and China treat it as a tool of state power, but the EU has not even decided on a joint centre

particulate impact on European national security. Political leaders must therefore confront the litrish of security fraud on an tension builds between AI labs and geopolitics. They should prioritize trust and safety.

In the US, where investment in AI is a key step of security, the T-range administration regards AI as a source of its hegemonic global ambitions.

President Donald Trump is taking over more steps to boost US all-strategic power, equity, economic power, deposits supported that Anthropic's latest rhythm of model has destroyed by US intelligence agencies, while secretive European allies was limited.

This presents a new security challenge for the EU. The recent Nationalist in Ankara can European leaders confront the reality of an unreliable and possibly adversarial America that forescribe EU to develop and maintain its own military and defence capacities. One security is integral to existence. Technological developments also make it clear that diversity can mimic choices from security objectives is impossible. Corporate actions have been moving impact on safety and security.

AI is at the heart of this insurmountant truth. To tackle potential threats from cyber-landscape or exploitation of dependencies, EU states must set up

Many strategy is only as good as its execution. The moment must provide mechanism and actions. The EU cannot afford to waste this opportunity and spend the autumn month having and brainstorming global AI.

OUTLOOK

MUMBAI India's voter roll revision brings more bureaucratic misery

by Krishn Kaushik

For a few weeks this summer it seemed my bidder citizenship was in projects I did not break any laws or move to another country. Instead, a national exercise to revise vote calls resulted in me, along with millions of others, believing that basic throws off India's voting regions—I can learn in India's power, in Indian passport, pay taxes and how been assigned a unique digital identity as a revision. And yet, according to the government, most of India's were enough to validate that I can Indian. The cause of this problem was the

Election Commission of India's decision to launch a "special intrusion method" of the voter rolls—the first to seek that vote will be left. All voters in India need an Election Photo Identity Card, or tips, to vote. My Epic number has enabled me to vote it here national and several state elections, after the revision, however, I learnt that my Epic number caused to exist; the regulator could not find any name to voter rolls before the last revision.

As a journalist who has covered Indian politics and policy for over a decade, there had prolonged and close interactions with the country's dietary bureaucrats. I am aware the bureaucratic munchs is unyielding, but nothing has made it unclear that the vote of Indian bureaucracy's belief system is suspicion than the revision of the voter rolls.

For the uninitiated, it may sound like overall clerical error—something

that should be easy enough to rectify. The election commission has called it "logical discrepancy." But the scale of exclusion means that re-enrolling a growing difficult for those who were wrongly elected. One friend attempting to re-join its voter register was told that her passport, one of the 13 documents affected as proof by the election commission, had been rejected. Another was asked to find her 40-year old birth certificate. She managed to fully test that it sent 30 men if it has been accepted.

Just because systems for reform exist does not mean their always work. R. Rajagopal, a covered former newspaper editor, was denied a passport because the same did not feature in West Bengal's revised owner. Yes, in the 20th or 21st of India noted, if this could happen to a public figure like Rajagopal, it could happen to a public figure like Rajagopal.

"The fate of others who have been similarly disenfranchised by a bureaucratic stroke of the pen, and lacking the voice to seek informed can only be imagined," it wrote. This "highlights the misery that millions of Indians are struggling through."

Voting registers affect many areas of life in India. Before someone can receive written, they are asked to prove their citizenship. India's opposition claims that the revision exercise was done at the behest of the Middle Lightning Bharatiya Janata Party. In recent regional elections, Prime

Minister Narendra Modi's bill managed to win control of the outcry of the 20th century. The election was provoked by 2.7 million votes in the state being signed off the registers, which some claim played a crucial role in the party's victory. Being left off the electoral roll—also makes millions vulnerable to what human rights activities claim to a targeted crackdown against Muslims in a state where they account for more than a quarter of the population. Following the elections, the MP has expelled the votes of the state to believe to be "illegal immigrant" families—mostly Muslims departing from to neighboring Bangladesh.

Rajagopal said finally, running out of his passport after the opposition took up his vote.

As for me, just as I was hearing through the documents in spitfire all of the votes, I should not be in open my right to vote. I received a call from a continual justice official saying my registration had not been cancelled. Instead, for some time, the election was, my Epic number had been changed. The redistress with a trudge of the election was finally set kit uncutted.

Second reporting August it will take courts more than 20 years to go through all the challenges in the voter-roll revision, for those included, the actions are a reminder that no rights can be taken for granted.

krishnkaushik@utcc.edu

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Opinion

Who needs consultants in the age of AI?

The age of artificial intelligence, which appears to people who will be human to be, is the first being the time for a lot of professions (not least opinion writers). It is especially acute for strategic consultants, who not only will allow but change rate for them, to other professional services industries such as law and accounting, the power of the legal to pay for taking on legal responsibility. Someone has to sign off on accounts or legal operations whether they were allowed by an AI model or not, therapy allows both of them to be a company or a company. In large language model can do it better, faster or cheaper, even when they need to be the consultant. The threat is big, but not necessarily existential. Before saying why, it's worth

being done about what we mean by strategic consultants, and what they do.

Even so the McKinsey, Bank Company and Boston Consulting Group work closely with senior executives to solve high-level business problems. They are certainly more responsible who have more incontinuing or insane process implementation and continuing. The share prices of locustars, Fara Consulting and Categorical reflect a lot of AI throughout the company, too. The underlying service for strategic provide us a matter of debate. There are at least three theories in descending order of cynicism, they are providing a essentially objective and prestigious range of approval to choose a management but already made, saying on a general or best practice to serve between companies without>Governing tounderstand a range and helping managers make their companies more productive.

These are not absolutely simple accounts, and whichever you like best, you can see how AI presents a threat. Doing industry research and presenting it clearly, including broad patterns among the strategies of multiple companies,

sizes, and recommends big options for action on all things the strategy is now charged for. AI is brilliant at all of them. If it can go into a slide deck, it's almost certainly testing into a commodity. But that's not where the value has been for a long time, according to the consultants. The analytic or technical challenge — describing the problem and reimagining the company is a way that

Charging by desired outcomes is the future. Per diem work is on a burning platform

network — is now the easy part. The hard part is getting the organization to make the recommendations change. Everyone in the executive's mind is in closed house has different beliefs, acts under different incentives and worries about different things. Not all of them will speak exactly as ever-honestly. Gaining the trust of the ones who matter and extracting compliance from dissidents, and then guiding a

process that enacts change from top to bottom, is the job. "AI continues about the path of making strategy and recommendations easier. The competitive advantage is how well you understand change," Kristy Ellison, a managing director and partner at McG. Indiana. A former senior consultant put it more plainly: "there is contact right."

Luis Garizano, an economist and co-author of deep jinks, human life is made up a challenge as an information problem. The knowledge needed to plan a significant transformation is diagnostic among different people and is often not rather than explicit. People who have a ultraviolet or direct it for their own benefit, and it may not even be appropriate to people who have not fully changed through, to the problem is not just that as a human's cannot do the face to show work of building a consensus behind a plan. It's that the dataset that would be needed to train an AI to design the problem is not, it only comes into control over when humans engage in the planning struggle. Garizano compares them who think AI can solve the sort of problem to the socialist central planners who

— in the economics. It is which Hayek pointed out — strongly before the very result do without the local knowledge revealed in market prices.

To sum up, in the age of AI, strategic consultants don't actually sell intelligence at all. They will agree on.

Even if you believe this argument, the strategic consulting industry seems certain to get smaller. Analysis and technical work was the result of the need. An industry once served to commence while the bespoke process of helping management might be change was the special cause. Now there is just sauce.

The challenges will be how to train young consultants when there is not much help analysis work to be done, and informing the lot model. Or the way to front, change has begun. More from a new changing tool for these time, but by desired outcomes. This is the future. Per diem work is on a burning platform.

The most successful had at taking their own advice. It will be interesting to see how the strategies do, at transforming themselves. Consultant, advise Hayek.

www.annatrapid.com

Europe and the eternal north-south rift

I am so excited, when the Spanish prime minister called some other European states "selfish", even after most have viewed. This is not

because Pedro Sánchez was without a case. Governments were proposing to (Sierrally) isolate Spain after a surge of programs into crisis. Some had got their lack of money. So just like many are him as a trickier for the national interest himself. In the original that's addition to spend I got cost of GDP on defence, as Russia would not be "bringing its troops across the Pyrenees". Notices on the other side of these mountains found that they are being a authority.

Southern and southern Europe inhabit increasingly different mental worlds. The community found of the north is Russia. Unless Vladimir Putin notifies in the autumn of his life, the retreat change went. The south, which has less exposure to that problem, can cite other priorities. One is climatic change, while the mountains according to climate. But their once suggested that Spain's efforts against it should count as defence expenditure. This summer's wildness made it harder to dismiss him as a sophist.

The local between him feet and the Indian prime minister, George Nelson, the United States have started the new countries are on defence. Earlier this year, she ruled out making Italian troops to secure a post-cantle's license. I think she is a Russia's rank by the stand-ards of her country's right wing. I Like Spain, Italy has only just met Norit's hospitalwilling. I got cost longer. In a recent poll, Italian were the only uneventful nation that opposed an increase in national defence spending.

There are exceptions, such as well-arrested taxes, and ambiguities such as whether France is northern or Mediterranean, but even defence budgets as a share of GDP are generally lower on the southern side of the rift's parallel. In quantities, the country is the same as the future. It could be all defining. It is one thing for Europe to disagree over economic management, as the then Royal north outligh the world's Rift or decades. It is another to disagree over what counts on an existential threat.

On its own, this would be enough to cause north and south to grow apart. But aggravating things is the migrant issue. Mediterranean countries on the surface of water, for irregular arrivals but with the other countries, Europe will come together to defuse the problem. Picture: the north subscribing the south's border fortifications, and all of Europe calling you to the ground out in Africa to achieve people's lives at source. (France had a counterinsurgency mission in the dark until 2012.)

The trouble is that even writing this

sorrents down to high levels the fantastic outfall of man. That's, for rift's rate is covered in birth: per woman's sport is scarcely above one. Raw demographic pressure will push African towards Europe to numbers that even masterful policymakers would struggle to manage. If the northern country grows porous, northern states might demand harder internal checks on south-to-north movement within Europe. That is, no it changes area or — worse for European togetherness — all against red sea.

North versus south is a political rift hardened into the world. I wonder if Ernst Radowick has to contain a laugh when daily freedom calls about the rain, which is close to one existent by global standards. Nigeria, where she grew up, moved its capital from coastal

It is one thing to disagree over economic matters, it is another to disagree over what is an existential threat

Laguna's interior thing at least is part to bridge its north-south gap, which is a ground in its religion and differing experiences of British rule. India changes — in income, in attitude to the Hindi language — as you move away. The split is top panel even in the UK: poor countries. (Think of Italy or Belgium, or Germany. On Thomas Man's Radiotherade, a woman born (black man's to Munch as though it were Neptune.) The US bought a civil war along Isthmified lines. The once Confederate states still was differently to the north one.

But find the north-south problem everywhere because different latitudes produce different societies, and so different crops, and culture is to some extent downstream of these societies' conditions. In all the differenties, there is a strong enough control state or fervent enough national feeling to hold thing together. As a continent, Europe has little of either. In 2016, its north-south gap was shrinking. The dirtiest "Pigs" had made today's site and other states had brought them closer to the northern economies, as was Lord St

reflected in bond yield growth. Conspiracy about Russia was almost par-continental. The onset of war has opened the gap again.

A continent that was torn along an east-west axis for decades might be rewriting to the more ancient north-south one, rooted out in the old Catena. In Protestant schism but in different threat perceptions. This matters because numbers matter. It is nothing to say that democratic Europe has 500mm plan people — against Russia's Britain — but Italy and Spain are over a fifth of that. If the EU becomes more of defence club, it is easy to see how Britain joins, but some existing members might drift into the margin.

The north side in the outset, for fear offering more to advance the Rift system as a curfew relinquisite. The north, for its part, does not want to move on European. But there is a divergence of interest here, here of hard geographical fact. These who aspire to divide the continent here all too much to work with.

www.annatrapid.com

Green transition won't be driven by self interest alone

Noah Gordon

With a significant proportion of global657s global of oil and liquefied natural gas heated up in the

1990s, the state of the US from war, the world has been nothing to find or tellly evade his alternative to local fuels.

The conflict has accelerated a close energy crisis, and it under way. The descent real-time measures a take from China, the world's green workshop, in Maco Robing's June, Chinese organized after panels and components, batteries and electric vehicles were 47 per cent higher by value (40kWh) than in the same period.

Anyone who cares about the climate should be glad to see millions of people installing technologies that will cut future economies. Unfortunately, this person is still interested in the need for clean energy transition so far. The idea that environment individual decisions will be enough to curb the threat of climate dissent to historic Governments must keep tilting the playing field, for their reasons.

First, the interest is most effective when the investments are small and the products is lost. This doomed boom in mostly driven by many individual purchases of other panels for flightstourists, best people for European apartments or batteries for Australian groups. It would take expectations of a much longer gas and oil shortage to drive change in industrial sectors that remain nearly completely reliant on local fuels.

Admittedly, there have been no large investments in clean heavy industry

Individual decisions will not stop climate dissent Governments must keep tilting the playing field

outside China in the wake of this latest head fund shock. The US's latest company shares the token a final investment decision on 400kWh profit in361pups the off-pool in represents found 30vllions without natural gas. And the green and company's biggies has wanted another 4.4vllion in financing to allow it to complete a plant in Sweden to make and work by the green after-than-suit.

Both dual-required steamship forward-life geography — girls left by abundant hydropones — as well as strong policy support. Surgery plans is generated by the US's rising energy and cost of a bordered, low, white Azusa gas its green fertilizer facility thanks to financing packages from multilateral institutions including the international France Co's purchase of the same gas.

Whereas buying an EV today is a lot that jeted with the response this year, investing hundreds of millions in a green fertilizer facility to live the main-duplous hauntfertilants will be companyively expensive or undesirable in the 2000s, half the total of economic activities in the decisions will be governments point them in the right direction.

Second, the quest for economic resilience drives policymakers towards domestic cash as well as domestic outright, bulls, for instance, has approved about 100x in establish on quick cash. China, too, is putting its long-term investments in clean heavy industry with major new spending on highly policing cash to choose the project.

While the economic process, and interest-driven transition. When China shifts to EVs and can do all demand, it makes it more affordable for Americans to keep the long-term downtime of the future.

Finally, one essential step of the transition cannot be taken out of current all interest or advice for affordability: carbon removal. Even if emissions were called rapidly, the consumer is keeping global warming below 20% retail gas, instead of carbon removal filling up more technologies such as by mail-country. Today the world reserves only about 2 megatons per year by each season. In the world needs a thousand kiln—the up and down of the world's 1000000000000000000000000000000000000000000000000000000000000000000000000000000000

It's a wonderful thing to have clean energy progress driven by economic will interest and the need for energy security. But there is little on smuggling in the air status enough to leave local fuel operations to cut down and trans

The writer is a fellow at the Carnegie Endowment for International Peace

The following table provides the information in English:

Ehsan Masood

at 10:30 and already a veteran chief economist to Pakistani's Planning Com-

sionism, Bulletin of Iraq

sessions, The following table provides the information in English:

or 10:30 and already a veteran chief economist to Pakistani's Planning Com-

sionism, Bulletin of Iraq

---

22

•

FINANCIAL TIMES

Thursday 6 August 2024

Lex.

Simeon Kerr

BP's North Sea exit presents a wake-up call on Scottish energy ● BUSINESS INSIGHT

SpaceX shows why quarterly earnings may be nebulous

I is always a happy occasion when a newly hired company reports its quarterly earnings for the first time, and they have analyzed expectations. SpaceX did that on Tuesday. But if ever there were a case to be made that quarterly financial statements are primitive – a view proposed by the U.S. market regulator – little doubt it could be a major supply strengthen it.

SpaceX did better than analyze expected on most of the important measurements. Revenue increased by 92 per cent over on (over below narrower), mostly because of its profitable satellite communications business, Starlink. This is somewhat fast saving for Mark, after the 44 per cent call in SpaceX shares from their peak in June.

What has happened to SpaceX's finances over the past three months is, though, pretty much irrelevant. So long term goals, after all, include consisting, then, entered starting and building a "mass accelerator" – a kind of giant magnetic catapult – on the Moon. Right now, its income is derived from selling broadband and renting data centers, activities that accounted for just 10 per cent of the "total addressable market" Music sketched out in SpaceX's prospectus.

The scale of hoped for growth makes a teacher's of short-term shifts. SpaceX's top-filling IPO underwriter, Goldman Sachs, reviews that its revenue will go from an unmatched $15bn new to $800bn in five years. Along the way, it may not do up a cumulative $100bn or so in negative free cash flow.

Frank, for what it's worth, blemens 85% of revenue by 2050. Who cares

SpaceX shares have fallen 44% from their peak in June. - Steve Shuffles/News

what happens between now and September?

There are more useful appears, of a new accounting variety, that is the progress of SpaceX's reusable learning rocket, which completed its 15th test flight last month. Mark has yet to launch his vessel on catch its cargo carrying serious costs; return his plans

With much of SpaceX's value resting in things that don't yet exist, valuing the company is a snapshot

to do so by the end of this month. Getting Staxnity right is a mere useful step towards realizing Mark's space dreams that can reverse television. With much of SpaceX's value resting in things that don't yet exist, valuing the company is a snapshot. Look at the wait-spread of analytic price targets. The 1st utilized by Bloomberg have a "confidence of variation" – an indication of how scattered they are –

of 50 per cent., Apple, Nvidia and Meta were 15 per cent. At the more predictable end. Walmart, the largest 10 retailers, comes in at 8 per cent.

Even if current financials did give some inkling of SpaceX's prospects, they would offer no clues about the other big variable in the company's valuation a potential margin with little more company Tesla.

Mark denies plans to crunch his space entrance together with his electric-car maker, but even some of his underwriters have openly moved on the possibility. [P]Rorgan called the idea "compelling".

The terms of a Tesla merger, or its timing, are unknowable. If it happens, Mark's controlling stake could make other shareholders' views undertook only meaningless.

That kind of unpredictablely makes short-term profit swings seem even more trivial. [M]aking quarterly earnings may not be a good idea but the US market overall has, for SpaceX investors, it's hard to see what difference it would make.

Airlines are struggling but their supply chains are still flying high

It is a great time to be in the business of air travel – provided you are not an airline. Companies that supply and maintain aircraft have rarely had it so good, nor have valued so highly, thanks to just to dollars in carriers' new plane orders. The trouble is that airlines in one part of the aviation companies rarely remain isolated for long.

The supply chain is stretched to perfection for those within it, flowing and 60/box are working through a backlog, flowing to the good trade. As a result their suppliers have blockbuster codes requiring relatively little extra investment, which can instead go towards preparing for newer models appearing on the horizon. Other planes still in service require more upkeep than new ones too.

Two-thirds of maintenance providers and those supplying manufacturers felt demand had picked up or remained unchanged over the past six months, according to a recent McKinsey survey. Valuations match the optimum. Parts supplier listors, whose market capitalisation has doubled in four years to more than $400m, trades on 40 times its estimated earnings two years hence, down from a 8y price (reducing peak of 30 a year ago.

Highly engine motor-lowered Electric, meanwhile, is still close to its 10-year peak of just over 50 times 2020 earnings. Its Parisian partner 'sahara is in' to sidewall structure' was according to its boss Olivier Andries. And Rolls-Royce chief 'Jalac-Ecgiotique, says margins on the jet engine maker's civil aircraft maintenance contracts will be 20 percentage points higher by 2020 than in 2022.

Airlines themselves aren't as buoyant: more than half of those McKinsey surveyed said demand was getting weaker. In June, airline industry group late owner than helped its 2026 global passenger growth increase to 2.1 per cent and predicted an industry net profit margin of just 2 per cent, citing uncertainties over the 10-year run.

In the airlines have trimmed capacity to maintain market share through the profitable summer months. But it may be tempting to general plans rather than pay high maintenance costs or

Fly trap

Airtree passenger growth (%)

Measured in average per cent per minute. SpaceX 90A

susceptible routes or it turns chilly. British Airways owner 100 car Foley maintained it was focused on margins, not market share. In April, LaRibana took two points pro-sec of service and retired the last of another aircraft type. There in the supply chain may strong, now grounded planes have so their won't materially affect them – F-Net's all it turns out is be, that it's hard to see how things can improve for them if life doesn't get easier for their customers. Economy or first class, everyone reds up at the same destination.

Glencore's Sydney tactic takes a smart shortcut to triple nationality

Every expat knows that moving country involves painful paperwork. Companies face the same headaches in spades. Fortunately, for there there is a shortcut Glencore shows the way. The London listed minor yesterday said it would issue dependency nearby in Sydney by October. This doesn't involve raising capital but will enable Australian investors to buy and sell its shares in a local wrapper, without the need to adapt local governance and rules – a pitfall of full data listings.

Minors are experts at cross-border dealings, operationally and from tally. Once, dual listings are a source of the sector. BHP was fully must-timet for more than two decades. But Time still is. They are becoming historic at-arms, outside of China where local rules necessitate various dual structures.

Newman: and Alcoa already offer dependency receipts in Sydney. In an earlier one those would more likely have produced dual listings, in part to satisfy local politicians.

Glencore, established in 1974, has been adept at following the enemy. It floated in 2012 in both Hong Kong and London, to better reach Asian investors, but it dropped its own listing in 2020 due to lack of interest.

By there it had already established a secondary listing in Johannesburg similar to style to its Australian plans, and 5 per cent of its shares are now listed there. Just last year, it mailed a wholesale move to New York.

Older companies face the problem of schools, drawbacks: loans and politicians tend to preserve their influence. MHK's Lewtos built – and regulatory oversight – comes from its 1992 acquisition of Michael Sack. But keeping both camp happy isn't easy. MHK's Hong Kong investors raised hell when US regulators forced it to suspend all schools in 2020.

Companies reducing their listings used to talk about streamlining, while those adding new berths discuss diversifying sources of capital, a chance to boost valuation. Korean dispensator SK Irvine has joined many foreign companies with US-based GDRs, and raised KIA-50s.

Glencore said its move Down Under was the result of garners from Australian investors, implying it expects strong demand. A general bump in its shares would surely make up for the hands of establishing a new listing, and if it doesn't require the signposts of laying down full market costs, as much the better.

Rubble makers

Forward price-to-marriage multiples

Source: BHP Canada

NIKKEI Asia - The voice of the Asian people

CROSSWORD No 18,445 by MUDD

Solution 18,444

Scan the QR code to access IT commands over the last 30 days – crypto, fireproofs, crossword and display position – or go to www.naikkei.com

JOTTER PhD

ACROSS

1. Go to flash director* (18)
2. Open down by priori when dancing (6)
3. Young best qualified after losing head in fight (6)
4. Attacks for accountant: perhaps? (6)
5. Drink, discuss or reflection (6)
6. Majority liability organized (5)
7. Shopping back, a little help at school material (6)
8. US city, unpaid earlier (7)
9. Com-ain entering in the morning – condemnation initially used? (7)
10. Same and wine related (6)
11. Originally valid paint, has foam material (7)
12. Pack up table at market, say (5)
13. Concomitatory number try to get mark reversed (6)
14. Foreign money invested in basic unit, primarily (2,6)
15. Country where journalist has broken story after resolution (6)
16. Standards erratic, I suspect (5)

DOWN

1. Way to break up month in legitimate manner (6)
2. Youth, activity, nurs, good (5)
3. Hard something with values, we hear? (5)
4. Travel record when in shape (7)
5. Broadcast is done, but it's a memorable dip (5)
6. 5% character is mid-matched uphill (5)
7. Assisted, no? (5,2)
8. Powder that's also like chalk, on all surfaces (6)
9. Women's lights criticize one wearing the aforementioned items (5)
10. Like also entering new era for great leader* (5)
11. You 'sugged by dancer in US city (2,5)
12. In continence, come together for food (6)
13. Pretty short period for speaker (7)
14. Women after graduation screwed up manual (6)
15. Love gathered in by bouquet catcher (6)
16. Sharp sting (5)

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