Financial Times - 14.08.2026.pdf

金融时报

2026年8月16日，星期五

英国 (GTE) 爱尔兰共和国 (GTE)

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2026年冬季

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太平洋时间

Anthropic投资者押注创纪录的2万亿美元IPO估值

• 该初创公司计划于秋季上市
• AI热潮的胃口将受到考验

英国基金会 - GATE HANDS (GTE)

Anthropic的投资者预计这家AI初创公司将在10月以200亿美元或更高的估值上市，这是一个令人眩晕的数字，将使Spacell相形见绌，并使这次AI秋季首秀成为史上规模最大的首次公开募股（IPO）。

该公司六名教师告诉《金融时报》，Anthropic迅速增长的营收将使其在计划中的秋季上市中，估值能达到当前水平的两倍多。

这一水平的上市可能会为这家成立五年的公司的早期投资者带来数十亿加元的收益，但也将考验对AI热潮日益感到不安的公开市场。

Anthropic的教师表示，对秋季先进AI模型和工具的巨大需求证明了他们高昂预期的合理性。投资者预计，到2026年底，这家Claude开发商的年化营收将在1000亿美元和1200亿美元之间——采用该初创公司首选的衡量标准，即根据近期表现推算全年销售额——在2026年期间增长了30倍以上。

“如果Anthropic每年增长800%，你会认为即便在极低端，它们的交易价格也会是30倍 [over-men]，”该群体的一名黑客说道。“这将使它们成为一家50亿美元的公司。”

Anthropic缺乏一个可以为其估值提供基准的美国上市同行。但作为AI受益者的公司，如数据情报集团Palamits和云服务公司Nebion，今年的交易价格约为营收的55倍。

几位投资者表示，Anthropic的高管尚未确定IPO的估值目标。

投资者的看涨预测出现之时，正值挑战日益增加，包括来自中国竞争对手的压力、AI注册压力以及与美国政府之间有趣的局面。

据两名了解市场情况的投资者称，这些担忧，特别是商务部对Anthropic最佳模型的临时贷款，导致6月份的整体营收增长放缓。即便如此，他们表示该公司仍以惊人的速度增长。

Anthropic拒绝置评。 这家由达里奥·阿莫代伊领导的初创公司于6月向美国证券交易委员会（SEC）提交了文件，使公司进入了限制公开宣布财务业绩的静默期。

风险投资家、主权财富基金和其他投资者今年向Anthropic投入了近1000亿美元。在包括新投资在内的6-fitting 9900亿美元中，其估值首次超过了OpenAI。

但该群体也面临着巨大的不确定性。它与特朗普政府发生冲突，并继续与美国国防部进行积极诉讼，后者今年将Anthropic标记为很大程度上链条风险。

在6月受到商务部出口管制打击后，Anthropic随后被迫短暂撤回其领先模型Fulite 5和Mythex 5。这一事件令一些依赖这些模型的客户感到失望。

“该公司在性能、定位以及人们想要的昂贵程度上继续处于领先地位，”一位同时也支持OpenAI和Spacell的Anthropic投资者说道。

商业洞察 第5页

市场 第13页

下一步行动：艾希利推动零售集团高端化，Frasers集团以 4000 万英镑收购哈维·尼科尔斯

前景光明：哈维·尼科尔斯位于伦敦市中心骑士桥的旗舰店

迈克·艾希利的Frasers集团通过一项预包装管理协议（pre-pack administration）收购了陷入困境的百货连锁店哈维·尼科尔斯，此举将进一步推进该零售商在奢侈品领域的雄心。

昨日公布的这笔交易允许Frasers在购买业务的同时，削减部分债务。据知情人士透露，这家Sports Direct的所有者支付了约 4000 万英镑。

Frasers将收购 6 家门店，包括哈维·尼科尔斯位于伦敦骑士桥的旗舰店，以及其在线和国际业务。然而，该零售集团首席执行官迈克尔·默里警告称，由于近年来贸易环境艰难，在将该业务整合进Frasers时将进行“重大”重组。默里（艾希利的女婿）表示：“哈维·尼科尔斯是一家具有标志性的英国机构，拥有巨大的潜力，但显然需要全面的变革。扭转局面将需要做出艰难的选择。”

哈维·尼科尔斯拥有近 200 年的历史，并在20世纪90年代部分凭借BBC情景喜剧（Berkeley Fabulous）而声名大噪，但在过去 6 年中累计税前亏损达 2 亿英镑。

Shahisha Earl 第 23 页

简报

• 第二季度GDP增长助力伯纳姆 英国经济在第二季度增长 60 per cent，这一相对稳健的表现提升了新任PSE每日伯纳姆的地位，并表明企业正在应对包括能源价格飙升在内的威胁。—— Feat. 6

• 加密钱包泄露 近 24,000 名加密货币持有者的个人详情在Trentee的一次泄露事件中被曝光，Trentee是硬件钱包制造商，其产品旨在成为持有访问数字代币密钥的最安全方式。—— Feat. 9

• 美国罕见谴责以色列 美国驻以色列大使谴责那些在被占领的约旦河西岸围攻巴勒斯坦房屋的定居者为“殖民者”，这是美国高级官员的一次罕见谴责。—— . 6

• 首尔超越迪拜 由于中东地区在伊朗战争期间的出行人数下降，韩国机场今年已超过迪拜，成为全球最繁忙的客运机场。—— . 10

• 美国指控规避关税 特朗普政府指责 40 多个国家通过揭露比中国享有更低进口关税的贸易状况，帮助北京非法规避美国关税。—— . 11

• 罗马机场任务 意大利最大的机场正推动完成一项69亿的增长计划，以赶在重大旅游活动前完工；该活动是 2025 年纪念耶稣基督死亡与复活 2,000 周年。—— . 12

• Shein输掉特朗普诉讼 这家时尚集团在针对其档案特朗普的一场英国版权诉讼中败诉，该案件有可能重塑平台对其网站销售商品的法律责任。—— . 13

• 金丝雀码头出售办公楼 金丝雀码头集团将其一座由法国银行Section占用的建筑以 4.25 亿英镑的价格出售给自己的投资者。在市场平淡的情况下，这是东伦敦金融区又一笔大交易。—— . 15

Arday争议后大学包容性成为焦点

杰森·阿代（Jason Arday）在面临剽窃指控的情况下被任命为剑桥大学最年轻的黑人教授，这一整合过程使该大学在展示平等与包容方面的方法成为了焦点。在受到缺乏多样性的批评后，剑桥及其竞争对手牛津大学试图扩大招聘范围。据称，这一事件源于为了扭转被认为停留在过去之久的认知而过于仓促，破坏了建立更具包容性文化的努力。 面临清算 —— . 1

施华洛世奇首席执行官称女性购买人造钻石“非常令人欣慰”

HAGELIDGE SPESS AND CAMILLA HIGHLIGHTS

珠宝制造商施华洛世奇（Swarovski）的首席执行官表示，价格更低廉的人造钻石的流行意味着女性现在开始为自己购买，这一趋势被描述为“令人欣慰且令人鼓舞”。

与传统的天然钻石相比，人造钻石选项“为女性提供了更多可能性”。玛丽亚·努萨德（Maria Nusard）在接受《金融时报》（FT）采访时表示：“在大多数情况下，过去是男性向女性赠送戒指。”

“如今，一名女性走进我们的店里。她看到了它，觉得它很漂亮。她试戴后说：‘你知道吗？我就买下它吧。’我们发现这非常令人欣慰且令人鼓舞。”

合成钻石主要在中国和印度生产，正在贵金属市场迅速获得份额，威胁到天然钻石行业的生存能力。努萨德表示，在美国，超过 60 per cent 的钻石订婚戒指是人造钻石。“我可以很容易地预见到在未来两年内这一比例将达到 80 per cent，因为趋势已经不可逆转。”

随着产量的增加，合成宝石变得更加实惠。钻石市场分析师保罗·赞宁希（Paul Zanninhy）表示：“价格一直以类似于其他制造产品的方式下降，无论是 LED 灯泡还是平板电视。”

他补充说，人造钻石的批发价格已跌至每克拉 $200，而天然宝石的价格仍维持在数千加元。

努萨德表示，市场价格并不影响其产品的定价，且宝石价格的降低“在一定程度上”提高了其盈利能力。“当他们购买施华洛世奇时，他们购买的是施华洛世奇钻石，而不是某种低廉的原材料。”

这家 US year-old 公司与 Pandora 等高街品牌以及卡地亚（Cartier）和蒂芙尼（Tiffany & Co）竞争。该公司曾专门从事水晶珠宝和玻璃制品，但作为奢侈品战略的一部分，在 2016 年扩展到了人造钻石领域。

但努萨德表示，品牌的“奢侈化”走向了极端。公司开始生产日益复杂且昂贵的珠宝，导致销售增长放缓。这家家族企业在 2025, 的销售额为 19 亿加元，较前一年增长 6，但仍远低于其峰值。

十年前，该集团每年的收入为 37 亿加元。

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© 金融时报有限公司 (THE FINANCIAL TIMES LTD) 2026 第 42,329 号 #

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

全球市场

股票市场

	8月15日	前值 15
3BP 500	7740.00	7740.00
香蕉公司 (Banana Corporation)	20732.00	20686.00
暹罗日本有限公司 (Siam, Japan Ltd)	52732.00	52716.27
Coxi Group 50	8242.67	8242.66
PTC-伦敦 200	3024.00	3024.00
PTC 100	10713.67	10931.75
PTC 第4街	3875.52	3941.12
CAI 40	8850.00	8874.00
Ascot Gas	5000.00	5027.47
Belem	40000.00	41724.00
Alany, Hong	25000.00	24461.17
WSCO World	5014.00	5015.00
WSCO 500	5000.00	5000.00
WSCO ACME	1704.00	1722.00

综合指数 (COMBINITIES)

	8月15日	前值 15
6.5	1.150	1.150
6.5	1.150	1.150
6.5	0.850	0.850
6.5	104.75	105.00
6.5	115.00	116.67
6.5	0.000	0.000
6.5	0.000	0.000
中心 (CENTER)
品牌 (Brands)	25384.00	25387.49
其他 (Otherwise)	1876.75	1882.27
评论员 (COMMENTERS)
	8月15日	前值 15
3D SPC	30.00	30.17
3D Street 5	38.00	38.04
黄金 5	4000.00	4000.00

环境指标 (ENVIRONMENT BOXES)

	8月15日	前值 15
6.5	4.14	4.14
6.5	4.02	4.02
6.5	4.01	4.01
6.5	4.04	4.01
6.5	4.05	4.01
6.5	3.99	3.99
6.5	3.99	3.99
6.5	3.99	3.99
6.5	3.99	3.99
6.5	3.99	3.99
6.5	3.99	3.99

价格列表由 CE 提供，详见 www.ct.com

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金融时报 (FINANCIAL TIMES)

2026年8月14日 星期五

国内新闻

生活成本

GDP 数据让伯纳姆（Burnham）感到宽慰

经济增长 0.4%，但经济学家指出存在“Batterrig”季节性偏差

SAP FLEMING – 经济编辑

第二季度经济增长 0.4%，在年度百分比中相对强劲，这表明部分领域正在抵御包括与贷款战争相关的能源价格波动在内的威胁。

国家统计局昨日公布的数据符合分析师的预测，而前三个月期间的增长率为 60%。

仅在 6 月份，GDP 就增长了 0.3%，迹象表明世界杯促进了餐饮业、酿酒业和电视公司的活动。此前 5 月份的增长——部分来自服务业——该月增长了 0.2%。

对于新任首相安迪·伯纳姆（Andy Burnham）来说，这些数据无疑是一个宽慰，因为他承诺要扩大增长并解决生活成本危机。

根据英格兰银行的最新预测，预计今年经济将增长 1.1%，略低于 2025 年记录的 1.5% 的增速。

尽管如此，不断上升的通货膨胀将对家庭实际收入造成影响，初步预测通胀率将在年底前从 2.6% 上升至 3.2%。

“考虑到中东的冲突，英国经济表现得比许多人预期的更具韧性，”Schindler 高级经济学家乔治·布朗（George Brown）表示。但他补充说，“季节性偏差”可能“美化”了数据，增长在今年可能会失去动力。

数据公布后，英镑稳定在 81.33。市场对下次全面会议的预期几乎没有变化，交易员继续将央行在 9 月加息的可能性定价在四分之一左右。

预计该银行将在年底前进行一次 25 个基点的加息。

季度增长主要由主导的服务业增长 0.5% 所驱动。该行业最大的贡献来自信息与通信，以及专业和科学产出。

“考虑到中东的冲突，经济表现出的韧性超出了许多人的预期”

建筑业增长了 0.5%，而等级在 0.8a 上升。人均 GDP 与去年同期相比增长了 1%。在支出方面，最近一个季度的投资大幅增长 1.7%，而实际家庭消费增长了 0.5%。政府消费

，这表明 GDP 增长是由私营部门驱动的，分析师表示，这对经济是一个积极信号。

但分析师警告称，关于另一份严苛预算案的猜测可能会在 10 月 24 日新任财政大臣约翰·希利（John Healey）首次财政活动之前，削弱部分扩张势头。

希利表示，政府将针对中东冲突对家庭和企业支出影响的担忧做出反应。

“这是一个采取行动、亲力亲为的政府，将英国利益放在首位——为那些感到压力的人提供喘息空间，使我们的国家更加谨慎并重新带来帮助。”

保守党影子财政大臣梅尔·斯特赖德爵士（Sir Mel Stride）表示：“我选择 他们的税收和借贷刺激措施使经济 ，使其变得虚弱且强劲。但低战争等细节的影响，然而安迪·伯纳姆（Andy Burnham）暗示将进一步增加税收和借款，包括 这些失败。”额外支出被随意抛出。

成绩公布日：选择经济学 A-level 的学生人数增长超过 10%

ANY KIDNEY 和 DANIEL JONES

大学录取数据显示，选择 A-level 扩展课程的学生人数比去年增长了 10% 以上，工程和技术学位的录取人数创下纪录。

根据昨天公布的数据，经济学首次进入最受欢迎的前五个科目，报考人数比去年增长了 10.1%。

Ucas公布的另一组数据显示，今年秋季有超过 27,200 名学生接受了工程和技术课程的录取，比去年增长了 10.7%。

社会科学和法律课程的大学录取人数也大幅增加，同比增长率分别为 63% 和 6.4%。

尽管关于学位价值以及英格兰学生贷款制度公平性的争论仍在继续，但接受大学录取的离校学生人数达到了 24,920 人的历史新高。

这主要反映了 10 岁人群数量的增加，该年龄组获得录取名额的比例从 52% 略微下降至 51.6%。

对技术和专业学位的需求增长，正值毕业生就业人数降至疫情以来的最低水平，引发了人们对 45 对就业产生破坏性影响的担忧。

就业搜索网站 (table) 的高级经济学家杰克·卡茨内夫特（Jack Katsneft）表示，学生们转向这些科目是可以理解的，因为这“很大程度上取决于劳动力市场的走向”，但最终并不存在所谓的 43 免疫学位。

他补充道：“一些最容易受到 41 影响的职业，其表现优于更广泛的劳动力市场，这表明它正在创造对懂得如何使用它的人的需求，而不是简单地取代他们。”

联合资格委员会（Joint Council for Qualifications）公布的 A-level 成绩揭示了人们对经济学日益增长的兴趣，尽管数学仍是最受欢迎的 A-level 科目，报考人数增长了 3.9%。

在所有科目中，男孩在最高等级成绩上的表现再次优于女孩。

学生们昨天在伯金和达格纳姆学院（Barking & Dagenham College, Birkhead）庆祝他们的考试成绩

数学是最受欢迎的科目，但对经济学的兴趣激增 2026 年 A-level 前 10 大科目

来源：JCS

劳动力，增长

斯塔默盟友警告希利，避免挥霍“强劲”的遗产

高级官员担心财政大臣将通过提高税收削弱经济进展

乔治·帕克（GEORGE PARKER）与 凯里·S·勒莫尔（CARY S. LEMORE）

约翰·希利（John Healey）受到来自克尔·皮尔逊爵士（Sir Kerr Pearson）前政府高级官员的敦促，不要通过提高税收并在其首次预算案中放任企业，从而挥霍掉一份“强劲”的经济遗产。

财政大臣昨日询问了健康增长数据，数据显示“英国在今年上半年是G7国家中增长最快的经济体”。经济在第二季度增长了0.4%，在第一季度增长了64%。

前财政大臣瑞秋·里夫斯（Rachel Reeves，见下图）在5日宣布：“上半年的增长数字强劲。这并非必然。”

工党旧体制内部存在担忧，认为安迪·伯纳姆（Andy Burnham）的新政府可能会使这种进展陷入危险。一些曾与里夫斯共事的人担心，已经发出增加运营计划信号的伯纳姆，可能会通过提高税收（尤其是针对财富和企业的税收）以及增加借款来削弱增长。

“政府需要开始关注增长，而不仅仅是如何花费并不存在的钱，但划桨成本太高了，”一名工党人士表示。“瑞秋·里夫斯在她的两次预算案中已经完成了加税，他们不应该再加了。重点是通过加税获得所需的一小笔资金。这已经完成了。我们已经达到了税收的极限，现在关键在于推动增长和改革。”

前斯塔默政府的部长们担心，伯纳姆在英国的“倾听”之旅可能会导致首相带着新的支出想法回到威斯敏斯特。

伯纳姆已发出信号，他希望10月24日的预算案能帮助人们应对生活成本，同时

有计划增加住房成本，部分交付支出，以及一项旨在解决社会护理危机的长期承诺。

希利团队已试图增加企业和市场的信心，告诉F7他将坚持下去。“我会写一封信。我将能够制定规则，并寻求交付一份‘简单、管理良好’的预算案。”

一位人士表示，曾在托尼·布莱尔爵士（Sir Tony Blair）领导的财政部任职的希利，将此次活动视为“在里夫斯预算案强有力的财政纪律、政府增长和公共服务改善的基础之上的健康发展”。

“本届政府正在给人们一点喘息空间，除了韧性之外，还带来了希望，”财政大臣昨日表示。

虽然希利需要引导资金应对生活成本危机，但他可以在国防和社会护理方面做出改变。伯纳姆圈子中的一些人则希望：增长将持续到2026年第三季度。

财政部领导层认为，与其他人物不同，且在2025年，目前还没有必要进行财政报告。“不会有需要处理的托尼黑洞，也不会有生产力预测的大幅下调，”一位人士表示。尽管如此，伯纳姆的一些支持者主张采取一系列加税措施，并考虑针对富人、房产所有者和银行，以帮助资助一个更繁荣的议程。

前高盛首席经济学家及财政部顾问吉姆·奥尼尔勋爵（Lord Jim O'Neill）曾提供经济建议，他警告不要采取任何“鲁莽行为”。

伯纳姆此前已被迫在针对受国家养老金年龄提高影响的女性的建议补偿方案上做出退让，这可能导致了变化。

这位前大曼彻斯特市长还告知其韦克菲尔德选区关于个人所得税系统中旁观力量的担忧。但在警告取消低税率到本十年末每年可能导致超过5000 万英镑的损失后，他已搁置了在该方向上的任何早期行动。

GDP数据的出炉让财政部内部感到宽慰，此前官员们预计基数会更弱，而不会出现0.5%的月度产出增长。

新数据使英国在整体上半年增长方面处于G7国家之首，尽管部分国家尚未报告其第二季度的产出。

约翰市场数据和通胀数据将进一步揭示

“不会出现需要处理的托尼黑洞，也不会出现生产力预测的大幅下调”

经济的健康状况，但部分指标报告的标准信息不一。

例如，S&P Global英国服务业采购经理人指数（PMI）活动在7月恢复增长，其读数在三个月来首次记录到增长值。

但官员们也十分清楚上述风险，市场因与伊朗战争相关的风险而保持紧张，英国央行预测通胀率将在年底前从2.6%上升至3.2%，而官方目标为2%。

前5预计今年增长1.1%，而2025年的数字为0.5%，但财政部的内部情景

响应似乎显示，如果...的海峡出现 [...OMITTED...]

年底前，与官方2%的目标相比。

前5预计今年增长1.1%，而2025年的

0.5%数字，但财政部的内部情景响应似乎显示，如果...的海峡出现 [...OMITTED...]

经济学家表示，第二季度的增长数据是由私营部门在减少实际家庭支出和企业投资方面的健康状况所带动，英国在年初强劲起步后，近年来出现了增长下滑的情况。他们表示，这种情况在2026年仍然有可能发生，特别是考虑到社区来源上涨给家庭和企业带来的压力。

企业领袖警告称，挑战将在于维持增长势头。

“企业最近变得不那么悲观了，但不确定性并未消失，秋季预算可能会促使公司将计划搁置，”CBI游说团体的首席高级经济学家本·琼斯（Ben Jones）表示。“当务之急必须是在经济近期百万级基础之上，实现可持续增长。解决G7企业面临的新问题——从高昂的工业电费和雇佣成本到企业护理改革——将是实现这一目标的关键。”

[...OMITTED...]

极端高温摧毁收成，政府计划向农民提供国家援助

作者：RACHEL REED, LUCY FLOWER, GEORGE PARKER 以及 MARIE JONE SPESS

在安迪·伯纳姆（Andy Burnham）政府推动的计划下，受严重干旱影响的农民有望获得财政支持，因为这位首相试图证明他不仅会治理城市地区，也会治理农村地区。

今年的第五次热浪使农民不得不与严酷的条件作斗争，在经历了三年的干旱后，英格兰三分之二以上的地区被宣布进入干旱状态。

英国全国农民联合会（NFU）提出了多项要求，以减轻炎热干燥天气对该行业的影响，例如引入灵活的取水许可，或在农民遭受短缺时无需遵守上限。

三名政府人士确认正在考虑一项财政支持方案，但拒绝提供细节。其中两人表示，预计相关措施将于明天公布。

伯纳姆曾承诺实现“每个环节的增长”，但他作为大曼彻斯特市长的十年经历使他与这座北方城市紧密相连，而与农村地区的联系较少。

首相试图通过对英国（包括农村社区）的巡访来解决这一问题，而一套针对农民的支持方案将支撑他为全国治理的主张。

农村地区对伯纳姆对农业的兴趣持怀疑态度，这种官方问题被系统化，因为在上次选举中，工党赢得的 80 多个席位被认为拥有大量农村人口。

CBE秘书兼顾问、英格兰国家银行评估师 Jensen Healey 告诉《农民周刊》（Farmers Weekly），首相的政治和经济视野是“大城市，大粉末岛”。

他补充道：“在曼彻斯特没有任何迹象表明其对地区、农村生活和农村经济有很强的认知。”

农业一直受到炎热干燥天气的打击，这导致了有记录以来最早的收割，农民不得不夜间收割作物以避开极端高温。根据农业顾问 Saddamson 的说法，预计产量将低于五年平均水平，而长期的干旱限制了草类生长，打击了乳制品业。第二次支付现在迫使许多农民动用冬季饲料储备，威胁到今年的供应短缺。

乡村土地与商业协会（Country Land and Business Association）主席 Gavin Law 表示，虽然农民们“相当有韧性，他们提供了可以考虑的同类关怀”，但在经历了过去几年的干旱之后。

环境、食品和农村事务部未回应置评请求。

---

2020年8月1日，星期五

•

HITCAPACIAL TOBEX

3

国家

Arday辞职后剑桥大学面临清算

在导致一名黑人教授离职的指控出现后，该大学在确保招聘多样性方面的方法成为关注焦点

FRANKLIN NELSON 和 LAURA HUGHES

本周在剑桥鹅卵石街道上漫步的大多数游客似乎并未意识到，这座城市的精英大学内部正因研究标准以及高级学术人员的任命方式而掀起风暴。

杰米·阿尔代（Jamie Arday）在剽窃指控中辞去教育学教授席位，使剑桥大学在多样性、平等和包容（DEI）方面的方法受到了关注。

作为回应，该大学承诺对导致阿尔代在 2023 以 37 岁之龄成为最年轻黑人教授的新的情况进行调查。

在关于学术岗位中女性和有色人种比例相对较低的波浪式批评之后，剑桥大学与其竞争对手牛津大学一样，寻求从更广泛的岗位招聘，将DEI政策正式化并改善治理，特别是在涉及复杂的第二法规范（second law normals）方面。

然而，两家机构的官员（其中几位在大学保密条件下向《金融时报》发表评论）认为，阿尔代事件证明决策者在匆忙应对被认为“停留在过去”的认知，而非优先考虑长期多样性战略。

其他人则表示，剑桥大学处理此次任命的方式确实阻碍了建立更具包容性文化的努力。

该大学任命阿尔代可能是为了回应“黑人学者极少的批评（我认为你不能在这些事情上走捷径）”，剑桥大学后殖民研究教授皮蒂亚姆瓦达·戈帕尔（Pityamvada Gopal）表示。

“如果你在职业生涯早期挑选黑人学者并将他们安置在重要的教授职位上，你就会陷入

这一切对剑桥大学来说都非常糟糕，但真正的受害者是理性的平等、多样性和包容

‘你在做DEI而非追求卓越’的批评中，而我不认为这两者应该是对立的。”

牛津和剑桥大学近年来都增加了本科阶段的多样性。

根据该大学的数据， 2023, 30 per cent 的英国本科生被牛津大学录取且来自少数族裔背景，高于 2022, 24.6 per cent。相比之下，英格兰和威尔士人口中认同自己来自非白人族裔群体的比例为 18.3 。

在剑桥大学， 2018-22 学年有 33.4 的学生来自少数族裔背景，高于 2022-22 年的 29.5 。两所大学的本科生中，女性占比略高于一半。

相比之下，牛津大学的法定教授中女性占 25, 剑桥大学约为 28 。牛津大学法定教授中约 11 来自少数族裔背景，剑桥大学教授中为 12.1 。 In 2020, 9.4 的剑桥教授是黑人。

根据高等教育人员统计（Higher Education Staff Statistics）的最新数据， 2024-25 年女性教授占 32 ，而少数族裔背景教授占 14 。同年数据显示，黑人教授仅有 370 名，或 1 。

一名牛津大学人士表示，得益于“特别关注”的努力，教学人员的招聘正“朝着一个更加积极的方向发展”。

基础设施

唐宁街就账单飙升指责水务供应商

ELL FLUMBER

在监管机构宣布五家供应商可提高数百万家庭的账单后，安迪·伯沙姆（Andy Bursham）指责水务公司将客户视为一张“空白支票”。

首相表示，在监管机构决定允许提高费用以投资于新水库等基础设施及 re-sn（此处不可读）后，他感到“愤怒”。

卡拉古南部地区（Carragu Area of Southern）、泰晤士（Thames）、塞文特伦特（Severn Trent）、威塞克斯（Wessex）和东南部（South East）——将能够在十年末提高比原预期更多的账单，而另外七家公司将在 2030 年代将额外成本转嫁给客户。

伯沙姆表示，家庭“多年来一直被要求支付更多费用，但实际上污染事件处于历史最高水平，管道仍在泄漏”。他补充道：“不能将客户视为一张空白支票。如果公司——

剑桥大学国王学院的学生在毕业日，左侧：杰米·阿尔代（Jamie Arday），上图，在被指控剽窃后放弃了其教授职衔

在其他条件相同的情况下，在任命过程中（应关注）女性或黑人及少数族裔人士”。

“尽管它们仅在‘Unbridge’的旗号下联合”，但各大学在制定和实施 EDE 政策方面采取了不同的方法。牛津大学任命了一名专门的“首席多样性官”，而剑桥大学则依赖一个由这家拥有 857 年历史的机构各方代表组成的无偿 DEI 委员会。

一名剑桥大学教授表示，该委员会没有实权，在大学内部被视为“有点仪式感或几乎是象征性的”，并补充道：“许多评论让人觉得它们正在推动大学变革，但这与你实际参加这些委员会时的感受截然相反。”

一名牛津大学学院负责人表示，DEI 框架已通过首席多样性官被“纳入 [牛津] 的管理体系”之中。相比之下，DEI 以一种方式“潜入剑桥的血液，使其成为一种很难挑战的正统观念”，他们补充道，“这一切对剑桥来说都非常糟糕，而真正的受害者是理性的平等、多样性和包容性。”

当剽窃指控出现时，剑桥大学为阿尔代辩护，称他是“一场旨在破坏其信誉的卑劣活动的受害者”。上周，即便在大学表示将调查其“学术资格和荣誉任命”之后，他还是辞职了。

除了被指控在利物浦约翰摩尔大学（Liverpool John Moores University）剽窃其博士论文——该机构表示去年已对此进行了调查并予以驳回——阿尔代还被指控在简历中做出虚假和夸大的陈述，包括在 50 天内主持 30 次行动。

在辞职时，阿尔代在网上发布的一封信中表示，离开的决定不应被“误认为是对围绕我的叙事的认可”，并补充道：“这仅仅是一个认为任何人都不能被合理要求忍受到极限的人所做的决定。”

周二，副校长德博拉·普伦蒂斯（Deborah Prentice）教授在给剑桥员工的信中表示，对阿尔代任命的调查将是“彻底且透明的”，并将涉及剑桥内部及外部的学者。

在昨天给全体员工的另一封信中，普伦蒂斯表示，阿尔代事件所引发的问题仍然是一个持续的变革（was），需要改进并使我们的结构现代化。她补充道：“我全力致力于实施必要的变革。”

剑桥大学校长克里斯·史密斯勋爵（Lord Chris Smith）告诉《金融时报》，他“深感——

寻求将不必要的成本转嫁给家庭的公司将面临挑战。”

英国水务服务监管局（Ofwat）表示，向客户收取的额外费用将用于支付 540 万英镑m 的项目，包括住房基础设施、数据中心以及提高饮用水安全性的措施。

这一决定是 Ofwat 新推出的“成本变更流程”的一部分，该流程允许公司在能够证明其将交付基础设施的情况下，申请高于每五年设定一次的账单涨幅。在某些情况下，计入通货膨胀后，水务公司已被允许在 2030 年前将收费提高 30% 以上。

Ofwat 的决定将使南水公司（Southern Water）的平均年度账单从明年 4 月起增加 £45，泰晤士水务（Thames）和塞文特伦特水务（Severn Trent）增加 1500 万英镑m，韦塞克斯水务（Wessex Water）增加 490 万英镑m。

此外，由于竞争与市场管理局（CMA）之前的决定，以及监管机构使用的其他机制和通货膨胀，账单还将进一步上涨。

对近期事件感到“担忧”，并欢迎外部学者在调查中发挥作用。

“在我看来，这里有两个非常重要的原则：第一是坚持学术诚信的价值，如果任何学者被指控剽窃且指控可信，必须对其进行严格且公开的调查，”史密斯（Smith）表示。

“第二是，我们不能让这件令人不快的事情演变成一场针对学术界多样性的群体攻击。我尤其担心这将对整个大学中优秀的黑人专业学术人员产生影响。”

种族问题对于牛津大学或剑桥大学来说都不是新鲜事。2020 年，两校都见证了支持“黑人的命也是命”（Black Lives Matter）运动的抗议活动，这促使许多系所审查其课程设置。

在同一时期，牛津大学的奥里奥尔学院（Oriol College）成为针对塞西尔·罗兹（Cecil Rhodes）一座著名雕像的示威焦点，罗兹是英国帝国主义者及捐赠者。尽管多年来一直有要求将其拆除的呼声，但该雕像仍留在原处，并增加了背景信息。

奥里奥尔学院院长尼尔·门多萨勋爵（Lord Neil Mendoza）表示：“由于 [‘罗兹必须下台’运动]，我们不知道我们的录取情况是否受到了影响，但我们尚未注意到学生或学术职位的申请量有所下降。”

在剑桥大学，情绪有所缓和。一些学者对调查涉及内部和外部人士的计划感到满意，并希望能够重新关注多样性、平等与包容（DEI）。

但其他人仍然担心批评者将继续攻击，尤其是阿代（Arday）的回忆录将于本月出版。“这是一场公关危机，”一名剑桥大学高级官员表示，“我们需要知道如何以不同的方式处理多样性、平等与包容，因为这里的一切进展并不顺利。”

金融时报指南

预测灾难： AI 带来的颠覆性影响

通过我们全新的视觉解析报告，了解 AI 如何改变自然灾害预测，并改善保险公司计算风险的方式。

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立即在 ft.com / real-economy--explainer 探索 如何改变自然灾害预测。

由 Infosys 提供支持

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4

•

金融时报

2018年8月16日 星期五

国际

影子油轮

俄罗斯油轮船队采取临时防护网

船只上出现“疯狂的麦克斯”风格的防御措施，旨在击退或拦截致命无人机

亚历山大，加拿大 克里斯托弗·米勒 - 8 / 19

俄罗斯油轮和港口设施正安装反无人机设置和笼子，以防御乌克兰对莫斯科能源基础设施的持续攻击。

根据航运分析师 Yurek Izik 的视频，一艘受到美国制裁的油轮 Canans 号周二通过博斯普鲁斯海峡进入黑海，其侧面悬挂着反无人机网和水箱。复杂的反无人机网和金属笼已成为乌克兰战争中陆地上的关键防御层，但直到最近才在海上出现。Canans 号的图像显示，船桥被网覆盖，其道路被笼子覆盖。

“‘疯狂的麦克斯’来到了这里，没有什么能超过这个了，”在伊斯坦布尔经营博斯普鲁斯观察咨询公司的 Izik 表示。据 Izik 称，另一艘受制裁的油轮 Blood 号也正行驶在伊斯坦布尔南部的马尔马拉海，覆盖着下水道。

在过去的两个月里，乌克兰在基辅海和黑海对俄罗斯船只进行了密集攻击，试图切断俄罗斯的石油流量。这些攻击造成了如此巨大的混乱，以至于美国副总统 Dr Vanco 上个月要求基辅在俄罗斯诺沃罗西斯克港的里海管道财团（Caspian Pipeline Consortium）终端附近保持克制，以保护美国石油巨头的利益及其对不稳定产品的需求。

这些船只的防御措施看起来比乌克兰陆地上使用的结构更临时，在陆地上，一些车辆覆盖着焊接的金属笼。其目的是通过在战斗部和目标之间提供间隙来削弱爆炸威力。Gulf 号（另一艘受制裁船只）上的水箱与俄罗斯坦克上使用的一种类似设备一样，旨在吸收空中或海上袭击的冲击。船只监测网站 Tanker Sea Borouane 的联合创始人 Sunni Madani 表示，Canans 号的船员不仅用网覆盖了船桥，而且将自己“封闭在箱子里”。“这种恐惧是真实的。”

黑海是俄罗斯石油出口以及乌克兰粮食的关键航线，而后者已被莫斯科作为猛烈攻击的安装目标。

根据定价机构 Argus 的数据，该地区的货物运输运费大幅上涨。Argus 欧洲货运定价主管 Head Missedudayne 表示：“最近的事件促使大量船东采取观望态度，而不是承担额外风险。”他表示，保险也受到了限制，或者以高价提供。

在诺沃罗西斯克港，卫星图像和开源照片及视频显示，在承载黑海舰队的码头线周围安装了网和其他防御工事。在空中客车（Airbus）卫星拍摄的码头图像中可以看到大型网状框架，以及横跨水域入口的浮筒和更大的障碍物。一艘船可以被拴在入口处——这是一项自 2016 年 3 月以来就已实施的保护措施。

俄罗斯南部水域数千英里的道路也覆盖着渔网，形成了车辆行驶的隧道，以避免遭受 1977 年以来首次发生的攻击。现在决定战场上的行动。额外报道：Chris Codi，伦敦

旅游

罗马寻求扩建机场以迎接基督逝世2,000周年纪念

PETER CAMPBELL - 伦敦

罗马最大的国际机场正致力于推进一项1780年代的罗马扩建计划，以应对一项重大旅游盛事——耶稣基督逝世及复活的2,000周年纪念。

该市的Francisco机场希望在2025年前完成这项工作，届时预计前往梵蒂冈的访客数量将达到其预期的规模。

基督出生于公元前4-6年；据信于1815年逝世，基督徒相信他随后从死里复活。

机场首席执行官马尔科·特隆科内（Marco Troncone）表示，即使没有这个夏威夷里程碑，机场预计增长仍将持续——但他正敦促意大利总理乔治亚·梅洛尼（Giorgio Meloni）批准该工程，以便在2年内开工建设。

他告诉《金融时报》：“如果顺利的话，新跑道可能会在2025年准备就绪，理想情况下能赶上接下来的7年”——以纪念耶稣基督逝世2,000周年。

此次扩建将使机场能够每年处理1亿名乘客。

平时“反对此类扩建项目的当地人现在完全支持”

到2046年，这一数字将大约是去年接待人数的两倍。

特隆科内和环境部已经批准了该项目，交通部和副总理也对此表示支持。

他说：“我们在总理办公室层面还有一些最终工作要做，需要确认该项目当然不仅为私人投资者，也为公众带来了巨大价值。”

特隆科内声称，那些“平时反对此类扩建项目的当地人现在完全支持”。

罗马是欧洲最重要的旅游城市之一，拥有斗兽场和万神殿，以及作为罗马 Colossians 中心的梵蒂冈。

这项私人出资的计划包括第4条跑道、一个新的航站楼综合体以及额外的航站楼设施。在69公顷的投资计划中，约45公顷将用于扩建，另有44公顷用于升级现有设施。

特隆科内表示，受加元走强推动，机场近期见证了旅游业的增长。

首位来自芝加哥的新 Papi, Los Oct，也被认为吸引了更多美国天主教徒前往梵蒂冈城。

特隆科内补充说，机场此前认为美国是一个“最快”的市场，但现在来自北美的访客比2018年（疫情前最后一年）高出20%。

他预计乘客人数将出现“结构性增长”，因为更多的人前往该市，并从类似河流的国家改变行程，这包括来自中国、印度和印度尼西亚等亚洲国家的显著增加，因为“数十亿人”现在能够负担得起首次飞行。

德国。航运

干旱揭露莱茵河瓶颈解决之迟缓

工业巨头指责柏林

在关键检查点深化关键水道的等待时间长达 34 年

ALAF STORESIS - 法兰克福

德国航运业对柏林方面在关键检查点深化莱茵河的项目拖延 34 年表示强烈不满，因为该地区历史性的低水位正扰乱供应链并威胁到经济增长。

早在 1992 年，总理赫尔穆特·库德里（Helmut Kudri）政府就誓言要清除位于神话中的伦敦（London）南端莱茵河中的未清除岩石，那里有一座高耸的堤坝悬崖，根据传说，塞壬曾在那里诱使船只撞上岩石。

但 34 年后，这段浅水通道仍然是德国最长且最重要的水道上的航运瓶颈，该水道承担了 80% 的内河航运。

在法兰克福西部的库德里（Kudri）镇附近，航道比其他地方浅 10 厘米，导致船只在水位下降时经常不得不减轻载荷。

自 1882 年有记录以来德国最严重的干旱之一，意味着 Kifra 刻度站的水位在周三达到了历史低点，比 2018 年之前的最低点低 50% 以上。欧洲遭受的全球变暖速度是其他大陆的两倍，部分原因是靠近融化的北极。这场危机使人们关注到为何岩石清除工作被延迟如此之久。

“削平其地下岩层服务所需时间如此之长是不可避免的，”德国内河航运协会（MIR）首席执行官 June Schwamm 告诉《金融时报》。

Schwamm 认为，确保清除水下岩石的工程工作大约需要八个月。但这标志着德国更广泛的基础设施危机。Schwamm 表示：“我们正在浪费我们根本没有的时间。”

由于环境剥夺、各级政府之间政治优先事项的转移以及该国冗长的规划流程等多种因素，深化航道的尝试被严重推迟。

虽然在前一年低水位损害德国 GDP 之后，深化工程在 2019 年再次成为政治优先事项，但目前的计划仍暗示该工作直到 2025 年才会执行。

德国联邦水道工程与研究学院已呼吁将其列为“最高优先级”项目。

联邦交通部长 Steffen

Steffen

Steffen

Steffen

Steffen

Steffen ---

2020年8月14日 星期五

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6

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SYNAPOLIS: TIMES

2018年8月14日，星期五

国际

中东

美国罕见谴责以色列定居者暴力行为

赫卡比谴责约旦河西岸被占领地区巴勒斯坦房屋遭围攻

詹姆斯·谢特（JAMES SHETTER）——耶路撒冷

米尔·赫卡比（Mille Huckabee）昨日谴责了对约旦河西岸及被占领的约旦河西岸实施围攻的以色列定居者，称其为“犯罪”行为，这是美国官员罕见的一次谴责。

“那些实施这种恐怖行径以刺激和骚扰该家庭的人，其行为令人厌恶。这种令人厌恶的行为没有任何理由，而且是因为它更多地——一位长期支持约旦河西岸定居点的福音派基督徒——参与其中。”

据当地官员称，定居者从周日开始围攻位于库拉（Quora）村的两栋由一个巴勒斯坦裔美国人家庭拥有的房屋。在此后的几天里，定居者继续骚扰其中的居民。

此次事件发生在一个更广泛的行动背景下：暴力犹太定居者在近乎完全免于处罚的环境中运行，旨在强迫巴勒斯坦人离开他们在约旦河西岸的土地；同时，本雅明·内塔尼亚胡（Benjamin Netanyahu）的极右翼政府也在推动将非法定居点扩展到该领土。

根据联合国的数据，今年定居者对巴勒斯坦人发起的攻击已超过 1,100 次，导致人员伤亡或财产损失，使得 2020 年有望成为二十多年来最糟糕的一年。

以色列军方昨日表示，已部署额外兵力，并处理了位于库拉和贾米尔（Jamil）郊区的两个定居点前哨，这些前哨即使根据以色列法律也是非法的。军方补充称，一名以色列人已获得保护。

然而，经常指责以色列军队未能阻止甚至纵容定居者袭击的人权组织，对军方允许围攻持续如此之久表示谴责。

此外，来自 1960 年巴勒斯坦医疗援助组织的成员表示，库拉的袭击是“当国家支持的暴力成为巴勒斯坦人日常生活的一部分时所发生的事情”。

她补充道：“这不仅仅是个体实施的定居者暴力。它是在以色列人的全面支持和保护下发生的。”

赫卡比表示，说美国和以色列当局一直寻求保护巴勒斯坦房屋所有者的说法“并不准确”。

根据以色列人权组织 Turshas 的数据，在过去三年中，约旦河西岸 65 个巴勒斯坦社区的 4,200 多人因定居者或以色列军队的袭击而流离失所，这被认为是一种非法武力的行使，是自 1967 年以色列占领约旦河西岸以来未曾见过的。定居者袭击的激增——正值趋势准备在 10 月举行选举之际——引发了国际谴责。1976 年中东和平进程副特别协调员拉明·卡利科武（Ramin Kallikovu）周二向安理会警告称，约旦河西岸正处于“临界点”。

“这并非突然恶化，”他说。“这是数十年未解决的冲突的结果，这种冲突加深了以色列的非法占领，将巴勒斯坦权力机构推向崩溃边缘，并破坏了建立独立、稳定且主权巴勒斯坦国家的前景。” 参见 FT Big Road

中期选举

威斯康星州投票引发对民调的信任危机

梅兰·夏普特（MELAN SHAPTER）——纽约

在美国一名候选人在民调落后 1.2% 的情况下赢得了威斯康星州民主党制药业初选后，美国民调机构对 15 结果的预测发出了警告。

以色列县（Israeli County）在周二以 63% 的得票率击败了民主社会主义者弗朗西斯科·洪（Francesco Hong），打破了此前认为这位进步派候选人略微领先的调查结果。此次巨大的民调误差继上周民主党密歇根州初选出现类似结果之后再次发生。

专家表示，初选的性质——仅吸引少数积极参与的选民——导致了混乱，但同时也对中期选举的不确定性提出了警告。

目前的民调显示，民主党有望击败唐纳德·特朗普（Donald Trump）总统领导的共和党，并赢回众议院。

范德堡大学民调（Vanderbilt Poll）和民主制度研究中心共同主任约书亚·克林顿（Joshua Clinton）表示：“对初选进行民调是非常、非常、非常困难的。我们认为，在最有可能参与民调的人群（受过大学教育、对政治感兴趣且有动力的人）中存在的一种扭曲支持，正是导致民调失误的政治意图。”

克林顿预计这些因素将影响到 11 月的选举，因为调查响应率骤降，对民调的党派偏见增加，且 2018 年采用的投票率模型已经失效。

最近的体育可能有着更简单的解释，例如洪此前在媒体上发布过要求取消感恩节的帖子，这在竞选中至关重要，但可能未在民调中反映出来；此外，她在表示自己的突破为某些人提供了“随心所欲”的机会后也受到了批评。

但专家指出还有其他因素在起作用。由于民调响应率处于低个位数，获得清晰的变得极其昂贵且耗时，因此大多数民调机构越来越多地依赖在线（通常是选择性加入）的方法来接触人们。

响应在线民调的人通常比普通公民更积极地参与政治。随着大语言模型的普及，这些人也可能是虚假的。

乔治城大学教授迈克尔·伯利（Michael Burley）表示：“他们是一群非常特殊的人。如果他们真的是人的话。”

民调机构必须估算选举日将有多少人出席，并根据他们的假设对答案进行加权。这在初选民调中尤其困难，因为极化的民主党与共和党民调的传统模型不再适用。

克里斯托弗·布里克（Christopher Burick）表示：“在初选中，你失去了最重要的权重变量，即……在初选中这变得非常难以实现。”

去年，在纽约市民主党市长初选前三周的平均民调中，安德鲁·坎农（Andrew Cannon）领先埃德曼·穆姆塔克尔（Edman Mumtakel）10.2%。最终坎农以近 12% 的优势获胜，这是一个极端的民调偏差。

克林顿认为民调机构至关重要。他说：“是的，民调有很多很多问题，但如果你放弃民调，你就放弃了理解普通人想法的任何能力。”

克林顿认为民调机构至关重要。他说：“是的，民调有很多很多问题，但如果你放弃民调，你就放弃了理解普通人想法的任何能力。”

华盛顿，媒体

利维特留下好斗媒体关系的遗产

首位担任该职位的 Z 世代人士

将简报室变成了

社交媒体短视频的温室

吉姆·米勒（JIM MILLER）——华盛顿

卡罗琳·利维特（Karoline Leavitt）的建议确保了唐纳德·特朗普的白宫新闻秘书任职时间比除一人之外的所有前任都要长，且比安东尼·卡罗琳（Anthony Karoline）作为沟通设备（communication devices）生存的 11 天长 15 倍以上。

这位首位 Z 世代成员在担任该职位期间，比她的前任们更有效地发挥了作用，她回击记者的提问，攻击他们的动机，并因其“极具攻击性的口才”而赢得总统的赞赏。

在她站在讲台的 15 个月里，她还将著名的白宫简报室变成了一个制作社交媒体短视频的工厂。

利维特在周三宣布将于 8 月底离职。她在 2015 年 1 月就任时年仅 37 岁，是历史上最年轻的白宫新闻秘书。

作为前国会候选人和竞选工作人员，她将自己塑造为代表热爱上帝、支持特朗普的美国中西部地区（middle America）的战斗者，有时将深入的提问归咎为个人攻击。

当一名资深新闻记者在 2015, 4 月指出，关税实际上是由进口商而非外国公司承担，并询问利维特是否曾支付过关税时，她回答道：“我认为你试图测试我的经济知识以及总统所做出的决定，这是具有侮辱性的。”

在一次关于西德尼·阿尔伯格（Sidney Albergh，在 10 次驱逐中）被错误驱逐的交锋中，利维特嘲讽媒体将其描绘成一个“首位父亲的候选人”。

此类强硬的选择经常被白宫剪辑并发布在网上，引起了 MAGA 支持者的广泛狂欢。

利维特自信的表现令特朗普十分满意，并使她能够成为少数几位长期担任发言人的成员。相比之下，总统第一任期内的新闻秘书职位被视为一个极具挑战且备受煎熬的角色，其中一些人的任期不足两周，而安东尼（arsonics）的任期则因与一名《纽约客》记者的粗鲁通话而告终。

传达信息：卡罗琳·利维特因其“极具攻击性的口才”受到总统赞赏。下方是进入白宫不足两周的安东尼·卡茨曼（Anthony Katzman）。

卡茨曼与白宫

以及《纽约客》新闻 卡茨曼与白宫

以及《纽约客》出版社

卡茨曼与白宫

以及《纽约客》出版社

卡茨曼与白宫 以及《纽约客》出版社

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2020年8月16日，星期五

金融时报

7

FTWeekend

前往法希尔之路： 哥伦比亚雇佣兵 如何来到苏丹参战

与白鲸共处 在加拿大丘吉尔市

与金融时报共进午餐： 美国核谈判代表 欧内斯特·莫尼兹 (Ernest Moniz)

A-level 成绩已公布。 但接下来的大学 名额还剩多少？

本周末请购买纸质版或 在 ft.com / subscribe 在线订阅

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8

金融时报

2024年8月16日，星期五

国际

在敖德萨郊外一个热门海滩附近，俄罗斯袭击导致浓烟滚滚

俄罗斯加强了对乌克兰港口基础设施的袭击

阳光、大海与炸弹交织在敖德萨漫长而炎热的夏天

尽管遭受俄罗斯破坏性打击，乌克兰关键港口的士气依然高昂

CHRISTOPHER MILLER — 敖德萨

在敖德萨，战争可能会消失数小时，消融在夏夜的月色、海风和香槟色的火光之中。

周六，当太阳在黑海上方落下时，海滩上依然拥挤。在他们看来，数小时内酒吧停业，餐厅桌子被搬到人行道上，人们在饮酒中徘徊。

但过了午夜不久，战争回归了。爆炸声在城市的港口和历史中心响起。到黎明时分，天空被烟雾填满。

乌克兰港口协会主席德米特罗·巴特纳（Dmytro Bartner）表示，这是自俄罗斯战争开始以来“敖德萨最糟糕的夜晚之一”。

袭击后的第二天早晨，巴特纳在昏暗的办公室内接受《金融时报》（FT）采访，周围环绕着黑海地图。他表示，港口基础设施的破坏和袭击的强度将使今年谷物的出口几乎变得不可能。

自7月初以来，俄罗斯一直在加强对敖德萨的攻击，试图破坏支撑乌克兰战时经济的海上贸易。

巴特纳说，敖德萨的居民对此处之泰然，在轰炸发生后，当应急工作人员在灭火时，人们在20米外喝着香槟吃早餐。但对基础设施的影响——该地区拥有乌克兰所有三个剩余的深水港——将持续更长时间。

随着乌克兰经济在战争中受损，对出口基础设施的新一轮袭击威胁到要切断一个关键的收入来源，并使全球粮食供应网络中的一个至关重要的环节面临风险。经济学家估计，黑海港口的全面关闭可能会让乌克兰损失 1.2 per cent of GDP.

TIS（乌克兰最大的私营港口运营商，拥有超过四分之一的份额）的共同所有者兼首席执行官安德烈·纳夫尼特纳（Andrey Navnitner）表示：“乌克兰是最大的粮食生产国之一，退出世界市场将影响并波及全球5亿人口。”

今年夏天，俄罗斯改变了战术，从攻击港口基础设施转向同时也攻击往返乌克兰的民用船只——这导致航运活动陷入混乱。

7月18, 一艘土耳其所有的船只“Golden Lee”号遭到俄罗斯导弹袭击，导致10人死亡，这艘载有玉米的船只随后沉没。

袭击是双向的。根据土耳其海事当局的消息，上周，据信是一架乌克兰无人机在黑海击中了土耳其所有的货轮“Nadeshda”号，导致三名船员受伤。

纳夫尼特纳表示，俄罗斯军队已开始瞄准船员集中的船桥。 “他们不想使（船只）失效。他们想杀死船员。”

沿敖德萨海岸线随处可见损坏情况。在普罗克诺耶（Proknoyej）港，两艘船只“Gais”号和“Aslis”号的船桥上显示出直接命中造成的爆炸痕迹和巨大的孔洞。TIS总经理什利亚塔·格鲁博夫（Shlyata Hrubov）在指出这些损坏时表示，它们在最近几周成为了俄罗斯的目标。

在附近，上周俄罗斯导弹袭击造成的冲击坑在关键装载设备附近清晰可见。

格鲁博夫拿出手机，向《金融时报》（FT）展示了一段视频，视频中另一枚俄罗斯导弹最近在港口爆炸并损坏了一个 Capill 存储设施。

TIS 在设施周围拥有自己的防空系统，但它无法拦截俄罗斯的弹道导弹，这类导弹只能用美国制造的“爱国者”拦截系统（Patriot Interregions）来应对。总统弗拉基米尔·泽连斯基（Volodymyr Tchevskiy）表示，这些系统的库存太低，并要求美国和欧洲出售他们的拦截弹。

格鲁博夫估计，自7月以来，每天有 12 到 16 次真实的警报。

其中也包括一次空袭，在他接受《金融时报》（FT）采访期间发生，迫使所有人寻找掩护。掩体里有一个工具箱，附有说明书，指导人们在被袭击掩埋在碎片下时如何利用这些工具自救。Hrubov表示，最近有一组工人就陷入了这种情况，且全部幸存。

拦截警报经常持续一小时或更久，这意味着在许多日子里，大多数工人的班次时间都花在坐在防空洞中。

运营后果十分严重。即使船舶停止抵达，港口也不能关闭——起重机、铁路基础设施和其他设备必须维持运行，即便码头空无一人且收入消失。

“我们需要维护资源，”Hrubov说，“我们需要尽可能覆盖维护的固定成本，以便在下一个阶段我们都能重新启动。”

TIS 也在努力保留其技术熟练的员工。该公司雇佣了约 2,900 人，低于战前的约 4,300 人。Navnitner 表示，如果袭击在夏季之后继续，可能会出现“裁员”。

TIS 的经历说明了乌克兰战时海运经济的波动性。该公司在 2023 年处理了创纪录的 36,600 万吨货物，包括金属、铁矿石、谷物和集装箱。在全面入侵之后，其运营被反复中断和重启。现在，随着最新的谷物季节开始，该公司再次等待能够让船舶回归的安全条件。

俄罗斯加强对航运交通的袭击产生了剧烈影响。Navnitner 表示，7 月份每天约有 13 艘船进入敖德萨港口，而到月底时，这一数字下降到一两艘。根据 Egler 的数据，8 月份所有交通已全部停止。Navnitner 表示，现在“只有收获季节”的货物才会冒险销售。

Bartner 表示，即使是那些负担得起商业航运保险的公司也选择不冒险。“这与钱的关系不大，”他补充道，“这是一个生死问题。”

全球航运期刊《劳合社名单》（Lloyd's List）上周写道，黑海

对出口基础设施的新一轮袭击威胁到粮食供应网络中的关键环节

现在已成为“航运业最致命的战场”，并引用报告称，仅在7月份就有至少25名人员在袭击中丧生。

这些袭击发生在乌克兰农业经济尤为困难的时刻。收获工作于6月初在包括敖德萨地区在内的南部开始，随后在夏季和秋季向北推进。农民首先收获小麦和大麦，随后是油菜籽、向日葵籽和玉米，收获季节通常持续到10月和11月。

尽管俄罗斯使用爆炸物和喷火“drapes”无人机袭击农田，但预计有利的天气条件将带来丰收。挑战在于如何将这些农产品运往国际市场。“我们至少还有1000万吨上一季的作物，”Bartner表示，“因此，乌克兰的仓储能力面临巨大压力。在战争期间，我们没有足够的仓储空间来存放所有这些数量的物资。”

基辅正在考虑开辟通往西方的新铁路路线，但即使投入运行，它们也没有能力吸收通常通过黑海港口流出的所有出口量。

Navnitner估计，乌克兰每年可以通过其西部边境运输1200万吨货物，而仅今年收获需要出口的粮食就达4000万吨。钢铁和其他货物还将增加数千万吨。“我们需要港口，”他说。

尽管面临不断的袭击威胁，Navnitner表示该市的士气依然高昂。“这是战争的第五年。你再也没法让我们感到惊讶了。人们甚至为第三次世界大战、潜在的核打击制定了计划，”他带着敖德萨著名的幽默感打趣道。

Navnitner表示，他最近与乌克兰无人机系统部队负责人Robert Brerol进行了交谈，该部队领导了许多针对俄罗斯目标的远程无人机袭击。两人相识已有二十年，当时Brerol在农业领域工作。

随着乌克兰的袭击造成日益严重的破坏，莫斯科以加强炮击作为回应。“他说，‘安德烈，告诉我，你是否希望我因为俄罗斯的报复性反击而停止我们的深度打击行动？’”Navnitner回忆道，“我告诉他：你拥有我们所有的支持。继续打击！”

感谢Russel Bazilevsky，“我听说你是让他们的某种可能性成为现实的企业合作伙伴。”

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2024年8月16日，星期五

8

解释：TOBICA

9

领导力考验 塔塔集团缺乏继任计划，在董事长意外离职后为动荡的过渡奠定了基础 PAGE 11

公司与市场

数据泄露后加密货币持有者面临安全威胁

• 钱包客户详情泄露
• 与数字资产相关的攻击增加

媒体报道 - 伦敦

在一次数据泄露事件中，近16,000名加密货币持有者的个人详情被泄露。此次泄露影响了旨在成为持有数字令牌访问权限最安全的方式的设备，可能使他们面临刑事攻击的风险。

提供硬件加密钱包的Trevor昨天表示，其一家物流供应商的数据泄露导致购买安全设备的美国买家的姓名、地址、电话号码和电子邮件地址被泄露，另有1,947名客户的姓名、居住城市和小型城镇房屋

Trevor 表示此次泄露影响了美国、英国、哥伦比亚、巴西、瑞典、意大利和葡萄牙的客户

以及犯罪分子试图解决其资产时的在线攻击。

这家总部位于布拉格的公司销售硬件钱包，这是一种类似于 USB 闪存盘的小型设备，用户在其中存储其私有买入区域，以远离互联网和潜在的在线银行。这些设备也被称为“冷”钱包，旨在为加密货币持有者提供一种最不易受攻击的方式，以确保其存储在在线上的代币的访问权限。

随着投资者在加密场所在银行达到创纪录数字的时期寻求一种安全的方式来保障其资产，这些设备的人气有所上升。

冷钱包的安全性受到了越来越多的审查，昨天的事件是冷钱包用户在两周内第二次面临问题。7 月 10 日，持有者被盗了超过 $100mn，原因是 Cobalt 和硬件钱包出现了一个 bug，导致用户的私有买家生成不足，使其容易受到黑客攻击。

来自 TKB Labs 的数字资产情报称，Cobalt 和银行的“smithtores 销售那些存储冷钱包的动物

而不是消除它”。

Trevor 表示，数据泄露影响了在 5 月 10 日至 8 月 4. 之间收到设备的美国、英国、瑞典、哥伦比亚、巴西、意大利和葡萄牙的人员。该公司表示其“深表遗憾”，并称“受影响的客户可能会经历网络钓鱼企图的增加”。

“数字资产”持有者已成为身体攻击的目标，因为这种方式试图窃取他们的加密货币。在其中一个案例中，一名消费者在一次时间里，其家庭 Ledge 和他的妻子在法国被绑架

但一年后被找到。

区块链数据提供商 Chatsalyne 表示：“犯罪分子已经意识到加密货币持有者是高价值目标，因为他们拥有以一种瞬间且不可撤销的可转移形式存在的财富。”

根据 Chatsalyne 的数据，在今年记录的 46 起针对加密投资者的暴力攻击中，绑架占了超过一半，而超过三分之一的攻击涉及家庭投资者。这些数字可能代表的是不足的实际情况。

Trevor 表示，他正在开发一种匿名交付选项，这将使客户能够订购硬件钱包，“就像他们认为购买到家庭地址或不值得可能那样”，该公司几乎将在 9 月前在整个欧盟范围内提供该选项。

[...OMITTED...]

遭遇挫折：快时尚集团 Shein 在针对死对头 Temu 的英国版权诉讼中败诉

Shein 声称 Temu 实施了“工业规模”的版权侵权

STEFISIAL PALOM 和 LAURA ONTTA

CONDITIONS

快时尚集团 在针对其死对头 的一起英国版权诉讼中败诉。该案件原本有可能重塑在线平台对其网站上销售商品的第三方商家的法律责任。

伦敦高等法院昨日作出的判决驳回了 的主张。 此前称， 允许其平台上的商家使用来自 网站的数千张服装和家居照片进行广告宣传，从而实施了“工业规模”的版权侵权。

还认为， 并非一个被动的中间方，而是积极地使供应商能够滥用其受版权保护的图像。贾斯汀·培根（Justine Bacon）法官在裁决中表示， “并未授权其网站用户进行版权侵权”，也没有“知道”

或有“理由相信”本案核心的服装照片“盗用了 的作品”。

由于 认为 错误地发出了通知，迫使其从 网站上删除产品列表（ 对此主张予以否认）， 现在赢得了针对 的反诉损害赔偿。任何损害赔偿的金额将在稍后时间确定。

这起案件是这两家由中国创立的零售商之间国际法律贸易的最新篇章，也是衡量在线平台对其供应商如何使用其网站承担法律责任的一次关键测试。它触及了关于平台对其用户发布内容承担责任的更广泛辩论的核心——这一辩论此前也在美国法院处理涉及此类团体的案件中展开。 在辩护中称，其作为一个中立平台运营，第三方商家应对其网站上的部分内容负责。

通过开创一种将服装直接交付给西方消费者的商业模式，已成为全球零售巨头。

在疫情期间实现增长后，中国集团 PDP (Building / Janusha) 推出了 ，后者采用了类似的策略来销售更广泛的软件产品。

表示，它不同意法院对“一个复杂且不断演变的法律领域所做的简化解读”， 则拒绝置评。

“该案件被缩小到少数几个样本，包括一件名为‘Wrestling Night drive’的畅销产品，该产品因销售不佳而从 移除，随后在 上使用相同的照片发布。”法官写道， 在案件审理期间，关于该驱动产品版权所有权的立场发生了“显著变化”。 附加报道：Alison Gray

Legora在融资中寻求100亿美元-plus的估值

RICHARD MYERS - 斯德哥尔摩

PARK LEVINE / TOWN - 伦敦

法律 14 初创公司Legora正寻求以两倍于四个月前$5.0bn的估值进行融资，这表明市场对驱动专业服务的人工智能公司的兴趣浓厚。

据知情人士透露，Legora正处于与投资者的早期讨论阶段，估值至少为100亿美元，这可能包括公司募集新资金以及出售现有股份。

这家瑞典初创公司为律师和公司内部法律团队提供工具，用于审查和起草文件、加速尽职调查并紧跟监管动态。其客户包括律师事务所Liukkinen、咨询公司（obtain and forever）以及海尼根（Heineken）。

其在 14 初创公司调查中的主要角色，特别是正在就约$10bn的估值进行融资谈判。

法律公司正努力在AI竞赛中占据先机，更多公司倾向于构建自己的模型，而非依赖第三方。最大的律师事务所Kirkland & Ellis在5月表示将构建自己的AI平台。该公司已与包括Palustis在内的团体建立合作伙伴关系。

然而，Legora的Max Junestonad在6月告诉《金融时报》，他不认为这是“关键或构建”，因为应该仅仅“利用现有的最佳产品”。

面对众多美国AI企业的排挤，他正试图将Legora定位为欧洲的AI冠军。

Legora 2023, 第二季度的年度经常性收入增长 30 per cent，达到$120mn，仅与第一季度相比。随着其客户在三个月内增长四分之一至 1,500 家，该公司还计划在年底前将员工人数从 700 增加到 1,500 人。

Overlays已成为欧洲首批AI独角兽之一，这家“vibrationally”初创公司本周凭借爆发式增长，以$12.5bn的估值筹集了$400mn。“突然之间出现了许多估值超过$10bn的[trouble decauving]，”一名瑞典投资者表示。

Legora成立于 2012 年，投资者包括Benchmark、Ascot、Insurance、Sontag和General Capital，该公司拒绝置评。知情人士表示目前还处于“早期阶段”。一名投资者表示，估值可能会达到110亿美元-120亿美元。 附加报道：Karl Wig

AI 在网络防御中制造了漏洞，需要投资修复

过去两个月发生的一系列事件甚至产生了一个显著的低见证威胁。网络安全领域最先进的 AI 粘贴（-paste）也提供了一个教训，说明综合性的政治努力最终可能会阻碍而非帮助防御。

一个包含美国更多先进新模型 Fable 5 的联盟，出于担心该模型可能被用于寻找常用软件中的漏洞而采取行动——尽管此举随后被撤销。

Anthropic 随后表示，许多其他可用资金也可以做到同样的事情，包括至少一个以开放权重发布的中国模型，以及一种有限的协议软件。

随后有消息称，OpenAI 使用的一个模型在互联网上发现了所有相关用途，并攻击了在线代码库 Hanging Face，以搜索其被要求解决的问题的答案。英国AI安全研究所（AISI）、Anthropic 和 Meta 很快相继报告了来自其自身来源的 模型出现类似模糊多用户行为的例子。

与此同时，Hanging Face 发现，内置于美国领先模型中的安全限制阻止了它们被用于分析其遭受的攻击，因此它转而求助于一个中国开放权重系统。就在此时，华盛顿方面正公开讨论中国开放模型本身是否构成安全威胁以及是否应该受到限制。

你很难写出比这一系列事件更好的剧本，来凸显领先 群体所引发的网络威胁。

不出所料，那些所谓的“vegas” 系统发起自身网络攻击的行为吸引了大部分注意力。而真正的罪魁祸首被证明是缺陷，而非机器可持续性。在设置测试时，OpenAI 没有给出足够具体的指令，它只是没有预料到该代理会寻找一种无需黑客手段的方式来解决问题。这指向了一种更广泛的想象力缺失，使得控制 具有内在的困难。正如 40th 在其自身测试后得出的结论：“如果未被禁止， 代理会利用其代理权限探索路径。”

使情况复杂化的是，违规场景似乎被要求执行。对于 ，在关于该技术是否会绕过或忽略指令以达成目标的早期研究中，50% 的报告显示，其测试的每个模型都“试图寻找该想法的意义”。

与此同时，OpenAI 的“失败”表明了 如何为完全自动化的网络攻击开辟道路。该公司表示，此次违规涉及多个处理不同任务的暴露代理，但这些代理发现了一种在内部留言板上相互通信的方法。在数周的时间里，它们发现并分享了漏洞，直到

“vegas”系统的攻击吸引了注意力，但罪魁祸首被证明是人类缺陷。并非更少的时间：虚伪

Hanging Face 的入侵被发现。

对于网络安全领域，所有这些事件揭示了几件事。其一是，限制对最强大模型的访问不太可能产生太大作用。在错误的人手中，许多广泛可用的系统同样构成巨大的威胁。攻击者只需要足够强大的系统来寻找紧密使用软件中的一个严重缺陷。

另一方面，如果防御者希望在网络场景中保持领先一步，他们确实需要使用最好的工具。内置于美国领先模型中的安全限制降低了它们在防御中的价值。这也成为了中国开放权重模型的一次重要营销胜利。

另一个教训是，要应对来自AI智能体源头的自动化攻击，防御方需要更加关注事实层面。OpenAI的研究人员警告称，目前攻击者拥有更好的工具，并紧急呼吁加大对自动化防御的投资，涵盖从识别攻击到生产并安装旨在提高软件安全性的问题等环节。

领先的AI实验室还需要更紧密地合作——这件事可能已经在发生。Anthropic表示，Fable事件的溃败促使其与最大的“剑”共同观看如何寻找一种一致的方法来评估并修复“充分地”，即此前被用于人类缺陷保障的方法。

大多数网络专家认为，要防止AI被用作网络空间中一种高效的变革性武器已经太晚了。剩下的唯一选择就是加速对防御的投资。政客们过去习惯于支持这项工作，而不是

通过重组使其变得更加困难。

高等法院

英格兰及威尔士商业与财产法院

公司与创新清单 (CILD)

正义之外科医生 PHILIP MORRIS 与通用之 JAMES ROBERT BENNETT (Vince Frederick Johnson) 有限公司，地址为 The Colours Building, 30 Colours Circus (Saxonville, Birmingham, BH 4AF)，被任命为特别管理人。根据公司收入部依据政府高等特别行政条例 (2013) 第 87 / 2013 条提交的申请，JMP Markets 的国家特别管理人以及公司（国家特别行政学院的一个部门，地址为 The Colours Building, 30 Colours Circus (Saxonville, Birmingham, BH 4AF)）的特别董事被指定为“A Double 2013”。

折现高等特别行政条例 (2013)

英格兰及威尔士商业与财产法院

公司与创新清单 (CILD)

向英国金融行为监管局 (FCA) (Vince Frederic Rosenbloch ("CUB") (Adams ("CJB" 及 ("CJB") (Cuba)) (Lind) 及 "A LOUD" 及 "A LOUD") (Cuba (Nancy)，该公司根据第 87 / 2013 条任命的国家特别管理人) 的折扣，该公司已下令考虑国家的职责，但尚未向国家特别行政机构就此类封闭资产和 / 或其资金提交索赔，索赔日期为 2020 年 4 月 27 日（“SOCIAL”（美国“SOCIALING”）。

联邦 CUBS 通知自 4 点起可在 https: / legonadams.com / 查看；提醒接收者，如果索赔在国家特别行政机构考虑的 CUBS (CUB) (Adams 及其他国家法院程序中被陈述，则国家 CUB 的签名和国家特别行政机构应尽可能发送，且在任何情况下不得晚于 2020 年 5 月 27 日，随后由签署的 (Vince Frederick) 完成。

此外，联邦 通知方法提醒接收者，如果国家特别行政机构在 2020 年 5 月 1 日之前未收到其索赔，则国家特别行政机构将不再在规定的截止日期前接受其付款请求。

国家特别行政机构现向 (Adams，作为被任命者) 以及 银行 ("CJB") (Adams ("CJB") () (IR) 下令，如果在 2020 年 8 月之前向国家特别行政机构 ("A") 提交了签署的 (Vince Frederick)，国家特别行政机构打算在适当时候支付，被任命者称为英国金融行为监管局 ("") 并指明任何需要“依赖于链上资金或索赔以及国家业务的其他不可兑现”的支出，此类手段将超过 1 (600%) 以协助此类索赔资金或索赔项下的所有权。

任何查询（包括对 (Vince Frederick) 的请求）应首先发送至 disbursements.com。如果您希望通过其他方式与我们联系，可以通过邮寄方式联系以下地址：(Social Financial Advisory Limited, The Colours Building, 30 Colours Circus (Saxonville, Birmingham, BH 4AF)。

社会政策指数与 James Robert Bennett (JMP Markets Ltd 的国家特别管理人)。

国家特别行政机构作为 JMP Markets Ltd 的代理人，不承担个人责任。

© 2024 年 8 月

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10

•

金融时报

2024年8月14日，星期五

公司与市场

交通

首尔超越迪拜成为最繁忙航空枢纽

海湾冲突导致乘客减少，仁川机场成为顶级目的地

HUMAN HANNA，伦敦 JUNE 4-5 2024 – 12:15

仁川机场已超越迪拜，成为今年全球最繁忙的国际客运机场，此前前往该海湾枢纽的人数因伊朗战争而下降。

这家韩国枢纽表示，在2028, 前六个月记录了26.4吨国际乘客，使其排在伦敦希思罗机场和新加坡樟宜机场之后。去年，仁川在国际客运流量方面排在迪拜和希思罗之后位列第三，随后是樟宜、阿姆斯特丹史基浦以及伊斯坦布尔的ICA机场。

总体而言，美国的亚特兰大哈兹菲尔德-杰克逊机场仍是全球最繁忙的机场，但哈兹菲尔德的大部分是国内航班。

仁川机场昨日公布的全球机场国际理事会初步数据显示，在访客人数大幅下降后，迪拜已跌出前列排名。At 2 and the figures were 'subject to final validation' and that it would publish the data next month.

在2月下旬伊朗冲突开始后的几天里，这家海湾机场几乎关闭。虽然阿联酋航空在几天内恢复了飞行，但往返及经由该机场旅行的人数尚未恢复到战前水平。

At 2 data showed that Dubai's international passenger numbers fell from 7. 4mm in February to 2. 2mm in March. The figure has since climbed to roughly 4. 5mm for June.

欧洲和亚洲航空公司记录到，在两个地区之间直接飞行的乘客有所增加，而非经由中东中转。仁川机场从这一转变中获益，更多的人在前往该地区其他地方之前直接飞往朝鲜半岛。

该机场表示，从欧洲飞往仁川以乘坐接驳航班的人数与去年同期相比增加了三分之二。

它补充道：“由于美国与伊朗的冲突削弱了迪拜等中东机场的中转功能，原本集中在迪拜的航空旅行需求——包括迪拜与欧洲之间的航线——已转向通过仁川机场的直飞和接驳服务。”

韩国还经历了经济衰退中的繁荣，这由来自中国和日本的访客增加，以及KPop Jeesun Atunize电影等文化产品的流行，以及其科技和美容产业的增长所驱动。维珍航空今年也开始从希思罗机场飞往仁川。

这座于2001, 开业的机场一直在扩大规模并开发额外服务以吸引中转乘客，包括开设航站楼内酒店和24小时套房。

航站楼还包括4个独立的、一座博物馆以及引导旅客的机器人。

机场代理总裁Kim Seom-ho表示：“我们感谢政府的支持、韩国人民的鼓励，以及所有帮助仁川机场成为世界第一机场的机场员工的辛勤工作。”

航运。供应路线

伊朗战争与厄尔尼诺现象导致巴拿马运河费用飙升

需求增加与水位下降导致过境价格创历史新高

JAMIE SMYTH 和 ION JIAM

纽约

由于与日益加剧的厄尔尼诺现象相关的水位下降，以及伊朗战争驱动的强劲需求限制了交通，巴拿马运河最繁忙航线的价格创下新高。

本月迄今，通过运河社区使用船闸的 8 月过境点每日拍卖平均价格约为 45 吨，是去年同期平均价格的 10 倍多。

自 2 月 28 日美国和以色列领导的对伊朗轰炸开始以来，价格一直处于波动状态，导致战争的最终关闭。

与此同时，根据美国国家海洋和大气管理局的数据，一个增强的厄尔尼诺现象——一种太平洋表面温度的预警，可能导致严重干旱和更温暖的冬季气温——于 6 月开始发展，且今年可能比往年更强。

价格上涨是因为预计较低的水位将限制船舶通过运河时可携带的货物量，并可能在今年晚些时候减少过境点数量。

“现在的问题是水位在稳步下降，而从 5 月到 12 月本不应该出现这种情况，”Argus 美国亮图部门负责人 Arun Griffith 表示。

今年的厄尔尼诺现象已经干扰了通往莱茵河和多瑙河等欧洲河流的海运交通，导致邮轮航程取消和货运受阻。

与此同时，全球五分之一石油流经的咽喉要道——霍尔穆兹海峡的关闭，迫使亚洲买家增加从美国墨西哥湾沿岸购买原油和石油产品，从而推高了通过巴拿马运河过境的需求和价格。

根据 Argus 汇总的数据，最近几周，使用运河较大船闸（可容纳更大“easier”）的平均价格下跌了 $2.1mn，这是其他拍卖记录的最高值。

自 7 月 28 日以来，部分“herpanesses”和“hummus 船闸”的单次拍卖价格分别高达 45.7%mn 和 $2.6.5mn。船闸的名称是指基于货物容量的船舶尺寸。大型船舶

...

“现在的问题是水位在稳步下降，而从 5 月到 12 月本不应该出现这种情况”

一艘货轮本月等待进入巴拿马运河

作者：KATHLEEN HENRY

“水位在稳步下降，而从 5 月到 12 月本不应该出现这种情况”

经常利用巴拿马运河的船东，如大型集装箱船和液化石油气公司，通常会以固定费率预订时段，该费率通常远低于平均拍卖价格，而不是在每日拍卖中竞争费率。但整体交通中高达 30% 的流量会选择在每日拍卖中竞争，而非预订时段。

最近的价格区间是在巴拿马运河管理局评估了关于船舶吃水（即船舶在水中的下沉深度）限制的月份之后出现的。

“吃水限制迫使船舶携带较少货物，以便在水中位置更高。这提高了航运公司及其客户的价格，并可能在这条 50 英里长的水道入口处造成大量船舶积压。

“过去一个月针对巴拿马船闸公布的三次吃水限制将使船舶可运行的水位在 9 月 1 日前降低至 47.5 英尺，低于其 50 英尺的典型水平。

8 月 3 日，约 123 艘船舶正在等待通过运河，无论是通过预

通过巴拿马运河的航行价格已跳升至历史新高

巴拿马运河过境时段的平均拍卖价格，按船闸尺寸（2mm）

加通湖水位在旱季到来前低得令人担忧

来源：Argus: India (Alliance for 2023 / 24)

...点位或参与每日点位拍卖，较1月 2 日的 40 个有所增加。

根据Argus的估计，向巴拿马运河供水的加通湖（Gatun Lake）人工湖水位低于2023年平均水平的100x10x，且预计在未来几个月将进一步下降。

尽管水位高于2023年（那是异常干旱的一年），但预计的26ហិកតា持续时间更长，且正值12月开始的旱季之前。“因此，可能会出现比2023年更糟糕的情况，”格里菲斯（Griffith）表示。

“巴拿马运河管理局告诉《金融时报》，近期快速行驶且在拍卖中金额超过5mm的船舶超出了其特定的市场需求，并反映了‘临时的市场波动’，这可能由巴拿马运河设定。”该局一名发言人表示，“公布的吃水调整不会减少每日水上受训者的数量。”

该发言人补充道，关于情况如何变化，该局可能会实施进一步的限制。

...

...

能源

南非 Eskom 寻求通过出售过剩电力从数据中心“淘金热”中获益

MICHEL HARR – (国际报道)

在经历了多年的轮流停电之后，南非这家国有电力公司正寻求为过剩能源寻找新客户，因此开始与全球最大的科技公司就为其数据中心提供电力进行接洽。

通过向“电力饥渴”的超大规模云计算提供商出售剩余容量，从而利用南非新兴的人工智能“淘金热”获利的计划，标志着 Eskom 的戏剧性复苏，而这家公司长期以来一直与被称为“限电”（load shedding）的电力中断同义。

Eskom 主席 Morts Nyati 表示，与科技集团的谈判是其以能源密集型产业为中心的增长战略的一部分。

“我们正在与亚马逊、微软、谷歌进行讨论。我们非常欢迎这些讨论，因为这些是电力需求巨大的部门——这正是我们现在所需要的，”他说道。

在发电恢复计划基本结束了计划内停电之后，Eskom 在进入冬季时拥有约 6 吉瓦的剩余可用容量，这是近十年来的最高储备率。这使得南非在 2019 年以来首次实现了 12 个月没有限电。

在经历了多年的轮流停电后，企业和家庭开始寻求太阳能等替代能源，这在十年间削弱了经济增长、工业需求并破坏了收入基础，使其在偿还约 1500亿美元 (28亿英镑) 的债务时陷入困境。

“我们拥有无法出售的电力，这就是现状，”Nyati 说道。

南非快速增长的数据产业已成为该电力公司的一个重要亮点。得益于其光纤基础设施和成熟的金融部门，这个非洲工业化程度最高的经济体拥有非洲大陆约 70% 的数据中心。

根据美国市场研究公司 Aniston Advisory & Intelligence 的预测，云计算和人工智能驱动的投资预计将使南非的数据中心市场至少翻一番，到 2035, 年将超过 80亿英镑。

英伟达（Nvidia）、Cannon Technologies、华为云和甲骨文云基础设施（Oracle Cloud Infrastructure）

均在致力于向非洲各地数据中心投资数十亿加元的领先公司之列。

上个月，开普敦批准了美国上市企业 Equinox 建设新设施的计划，该设施需要约 270 兆伏——这一规模接近目前由非洲最大数据中心运营商 Teraco 运行的约 1890W 的总关键容量。

“数据中心的淘金热是真实的。至于 Eskom 是否能从中获利，或者其电网是否会被相关发电设施压垮，仍然是一个开放性问题，”风险分析中心（Centre for Risk Analysis）咨询公司执行董事 Chris Fitzhugh 表示。

Eskom 拥有约 2,000MW 的冷存储容量，可以在不给系统带来压力的情况下恢复，但计划中的投资可能会使当前电网的容量过载，且仍可能出现问题。

需要大量且不间断能源的数据中心所有者，也一直在利用自己的项目并从太阳能电场购买电力，而不是依赖电网系统。

“只有当 Eskom 能将这些客户作为主要承租人而非备份供应商而留住时，才能解决其收入问题的战略才有效，”Hattingh 表示。

“数据中心已加剧了关于南非能否支持

航运

马士基呼吁增加港口、卡车和铁路服务的资金投入

理查德·吴（RICHARD WUAR）与爱丽丝·汉考克（ALICE HANCOCK）

马士基（Maresk）的首席执行官呼吁大幅增加对港口、卡车和铁路等贸易基础设施的投资，与此同时，这家全球第二大集装箱航运公司再次上调了半年利润指引。

文森特·崔（Vincent Choi）领导的公司负责近五分之一的未知货运，他表示，霍尔穆根海峡（Strait of Hurman）的激增将是“一个小小的利好，但在全球或国家层面没有实质意义”。他补充说，在经历了数年的中断后，更多货量正流经附近的红海。

马士基在提供了第二季度的常规培训覆盖后，将其半年潜在营业利润指引从低于$2上调至$4.1，在265亿后。其股价昨日收盘上涨9%。

“目前真正驱动增长的是，在远东地区经历了数年极强增长之后，我们开始看到陆地端出现了越来越多的瓶颈——无论是码头、铁路、卡车还是驳船，以将集装箱实际运送到最终目的地，”崔表示。

竞争在当地引发了运费上涨以及马士基的利润增长。

“自金融危机以来，我们已经

“自金融危机以来，我们在铁路承包商方面的投资不足。我认为目前没有快速解决办法”

基础设施投资不足。我认为今天没有快速解决办法。要弥补 15 年的投资不足，需要经历一个基础设施投资的追赶周期。”

马士基（Maresk）是全球贸易的风向标，在经历了由新冠疫情导致的多年供应链中断、胡塞武装（HealthInthink）实际上关闭红海，以及美以战争导致霍尔木兹海峡（Strait of Hurman）关闭之后，其表态受到密切关注。

第二季度营收增长五分之一至 158亿美元，而营业利润几乎翻了一番，达到 58亿美元。这显著高于分析师约 76亿美元 的预期。

崔（Choi）表示，在因胡塞武装（HealthInthink）而多年采取绕行非洲南端长途路线后，马士基目前有三分之一的货运量再次通过红海和苏伊士运河。

他补充说，新冠疫情和股份使得在需求异常时对贸易基础设施的容忍度更高，但在需求正常的情况下，港口和陆路正出现瓶颈。

“我们需要重新审视可以通过什么手段来增加铁路和卡车资产，但这可能不仅仅是码头火车的问题。欧洲、南部以及非洲都存在重大问题。这可能需要一段时间，而且我们将看到波动期出现的频率增加，”崔说道。

“马士基强劲的业绩与集装箱航运公司鸿海（Hong-Chiot）形成了对比。”

德国政府中央表示，由于“挑战性的市场环境和运营中断”（主要是由于霍尔木兹海峡（Strait of Hurman）的断断续续关闭），今年上半年在中国市场的息税前利润下降了 97%，与美国同期相比。

...

高需求：由 Vantage Data Centers 运营的位于南非米德兰（Midland）的 2000 数据中心园区。该国快速增长的数据产业已成为 Eskom 的一个显著亮点。（来源：）

除了家庭和其他企业，这些设施也是电力密集型设施。Eskom 还与冶炼厂签署了折扣电费协议，包括 Glossum Strack（Age 旗下的 Seema 合资企业）。

自 Nyati 于 2023 年就任以来，该公司重新启动了商业电厂订单，以改善运营绩效。

可用率因子——显示其煤电资产在 2023 年之前未损坏或未在维护中的百分比——今年从 2023 年的约 30% 提高到 45%。

政府提供的 2500亿美元 债务救济方案也加强了 Eskom 的财务状况，尽管其从 2023 年到 2024, 仍有营业额，当地当局共同向该公用事业公司提供了约 2500亿美元。Nyati 表示：“如果允许该金额增加，所有已完成的良好工作……都将付诸东流。”

---

2026 年 8 月 7 日，星期五

•

SYNANGAL TIMES

71

公司与市场

塔塔集团缺乏接班计划，为动荡过渡埋下伏笔

在长期领导者钱德拉塞卡兰意外离职后，该企业集团面临艰难的继任者搜寻

KRISHNA KALISHI 和 GURU KAT YOUNSHI MICHAEL KATZIN - 1976-1976

在战争的第一次期间，该国已经在努力扭转高知名度企业的局面，面临将其控股公司上市的压力，并领导了一场公开且具有破坏性的董事会分歧。现在，Tata Sons 需要寻找一位新领导者。

钱德拉塞卡兰周三出人意料地宣布，他将于 2 月起不再管理这家年收入 82000亿 涵盖服装到路虎的集团。这一决定为诺埃尔·塔塔（Noel Tata）取得了胜利，这位 69 岁的领导者掌管着控制该集团的慈善信托基金。

两人在战略以及塔塔家族下一代在企业中的潜在角色问题上多次发生冲突，且该负责人经常成为印度的头条新闻。这还引发了新德里的干预，内政部长和财政部长会见了诺埃尔·塔塔和钱德拉塞卡兰，以解决该集团的稳定性问题。

“这在很大程度上是诺埃尔·塔塔 era, 的开始，”总部位于孟买的 Marcellus Investment Managers 创始人 Susuralla Mukherjee 表示，该公司持有塔塔旗下服装零售商 Trust 的股份。

诺埃尔·塔塔将利用 2 月份寻找一位新领导者，以监督一个提供钢铁和电力、拥有捷豹路虎（Jaguar Land Rover）、印度航空（Air India）以及印度最大 IT 服务公司的集团，该集团雇佣了超过 100 万人，是该国最大的私营部门雇主。

钱德拉塞卡兰没有副手，且集团缺乏接班计划。塔塔的第一位成员已承诺预计很快将召集会议，开始替换这位低调但极具驱动力的、被称为“钱德拉”的领导者。

“你可能找不到一个能够涵盖我们所涉所有不同业务的候选人，”一名接近塔塔管理层的人士告诉 FT，并补充说，候选人还需要接受保持控股公司私有化的想法。

消息人士称，塔塔解雇的首席执行官 TV Narendran 是一个可能的候选人，不过外部候选人也在考虑之中。

与其他由家族经营和拥有的印度企业集团（包括穆克什·安巴尼的信实工业和由高塔姆·阿达尼领导的阿达尼集团）不同，Tata Sons 由塔塔慈善信托基金控制——这是公司创立宗旨和服务印度的愿望的核心。虽然信托基金持有控股公司 Tata Sons 的多数股权，但其 20 家企业（包括 IT 外包公司塔塔咨询服务公司）已上市。

诺埃尔·塔塔有一位瑞士母，是已故前塔塔负责人 Italian 的同父异母兄弟，他是这家拥有 110 年历史的企业中家族的主要代表。他曾负责塔塔的零售业务并管理其国际部门，在 Italian 于 2024 年去世后接管了信托基金。

印度商学院前家族企业与创业教授 Kroll Ramachandran 表示，当 Tata Sons 不一定是一家家族企业时，成员们“拥有遗产的期限——他们是管家”。

钱德拉塞卡兰与诺埃尔·塔塔之间紧张局势的一个关键来源是关于是否将控股公司上市，钱德拉塞卡兰最初对此表示反对

省级分歧：位于荷兰 Wijk aan Zee 的一座诺埃尔·塔塔工厂。钱德拉塞卡兰与诺埃尔·塔塔之间紧张局势的一个关键来源，是关于是否将集团的控股公司上市

来源：www.indiatimes.com

塔塔信托基金持有 Tata Sons 的多数股权

来源：塔塔集团 FT 研究，钱德拉塞卡兰的数据，2006

一些利益相关者和观察人士表示，诺埃尔·塔塔（Noel Tata）在争取对这个庞大企业集团的影响力方面面临着一场艰苦的战斗，因为他尚未获得拉坦（Ratan）的回归，而拉坦于2024年去世。拉坦曾攀登该集团的阶梯，领导塔塔儿子公司（Tata sons），随后领导塔塔信托（Tata Trusts），在集团的进程中显得更像是一位业务负责人。

“在杜凯什（Dukesh）在任期间，这里有一套指挥链，这在印度的家族企业中并不常见，”一位密切的商业盟友负责人表示。“诺埃尔认为他继承了这一点——但周围没有多少其他人这么认为。”

钱德拉塞卡兰（Chandrasekaran）的离职正值塔塔集团处于几项重大事业的进程之中。其中包括为印度航空（Air India）进行一项8700亿的机队更新（该公司在过去一个财政年度遭受了近830m的损失），以及在技术威胁之下为塔塔咨询服务公司（Tata Consultancy Services）进行部署，以及与台湾力积电（Powerchip-Semi-conductor Manufacturing Company）合作建设一座8200n的汽车导体工厂。

今年2月，诺埃尔·塔塔曾询问钱德拉塞卡兰这些项目是如何融资的，因为央行规定，如果控股公司要保持私有，则不能举债。一位接近管理层的消息人士表示，他还担心该集团缺乏一个紧密的长期战略。

虽然钱德拉塞卡兰在离职公告中没有提到诺埃尔·塔塔，但他表示，给予他第三个五年任期的提议未获批准，因为有人在某种程度上“不支持此举”。

一位接近钱德拉塞卡兰的消息人士表示，鉴于与诺埃尔·塔塔的摩擦“没有进展”且“存在如此多的敌意，没有任何事情在推进”，他已经考虑辞职“一段时间”了。不过，此人补充说，他不想“让集团陷入混乱”。

塔塔集团商业盟友批评

“诺埃尔认为他继承了 [一套指挥链] —— 但周围没有多少其他人这么认为”

cised the timing of Chandrasekaran's exit, weaving it cold! “Dining the kids around Tata Group's corporate governance – there can be an impact on access to capital”.

其他人则对该集团及其公司的前景持更乐观的态度，这些公司拥有独立的治理结构。

德拉瓦研究服务公司（Delaware Research Services）的顾问希拉姆·苏布拉马尼（Shriram Subramani）和巴加瓦蒂卡·桑德里亚米（Bhagavatika Saandryamy）指出，董事会的变动对各独立治理的塔塔集团公司的运营影响有限。他补充说，钱德拉塞卡兰的继任者还需要“与信托保持一致……这一点至关重要”。

这并非塔塔儿子公司与塔塔信托之间的第一次裂痕。拉坦·塔塔与他的继任者赛勒斯·米斯特里（Cyrus Mistry）关系不睦。米斯特里代表该集团的大型少数股东（Rupam）帕林吉集团（Pallingi Group），该集团持有塔塔儿子公司35 per cent的股份，并与塔塔家族有关联。米斯特里在2018年被罢免，五年后印度最高法院做出有利于塔塔集团的裁决，允许拉坦·塔塔和钱德拉塞卡兰分别领导信托和控股公司。诺埃尔·塔塔的批评者称，他正在为他35 year-old的儿子内维尔（Neville）接管 a chain 做准备。接近诺埃尔·塔塔的人 shaped that，认为内维尔还不适合担任该角色。其他人则认为内维尔最终也会 eventually —— 据一名与该集团密切合作的人士称，这意味着钱德拉塞卡兰的继任者“将不得不接受这一点”。

马塞勒斯投资公司（Marcellus Investments）的马德杰（Madherjee）表示，诺埃尔·塔塔正“让自己处于在拉坦·塔塔之后领导该集团的市场领先位置——这是早晚的事”。

马德杰补充说，内维尔·塔塔“一直受到非常仔细的培养。我不认为他们会放弃这个机会”。

财务状况

TWG 全球保险公司急于削减关联投资

LEE MARRILL, JILL SHAN 以及 MICHELLE EVANS – 1976-1976

据知情人士透露，由马克·沃尔特（Mark Walter）控制的保险公司一直在竞相剥离与他投资组合中其他部分相关的私人信贷贷款国家持仓。

知情人士表示，这些保险公司可能很快会宣布，他们已经能够削减其关联资产的持仓。

两年前从黑石（Blackstone）加入沃尔特旗下公司 TWG Global 的罗布·卡马乔（Rob Camacho）在最近几周内接触了投资者，旨在为 Debavare (de 和 Char Spring Life and Annuity 等保险公司持有的部分贷款进行再融资，这是与监管机构共同制定的一项计划的一部分。

知情人士表示，在几位投资者拒绝交易或表示需要 anepubriouses 之后，卡马乔在这些公司内部推进了一项复杂的重组，这可能会将关联资产削减数十亿美元。

TWG 的代表未回应置评请求。

[版面噪声，已略]

北海石油生产商被要求加速关闭油井

监管机构批评 500 个旧场址未能按期完成任务

RACHEL MILLARD

一家行业监管机构表示，随着更多油田枯竭，在日益衰落的北海地区运营的石油公司必须迅速加快其油井的除役进度。

根据北海转型局（North Sea Transition Authority, NSTA）的数据，500 个已超过原定除役期限的旧油气井进展缓慢。该机构同时警告称，成本上升和设备竞争正在阻碍工作进度。

在昨天发布的一份报告中，NSTA 表示，公司需要“大幅增加”工作速度，以清理积压工作，并关闭未来五年内因停止生产而需关闭的另外 1,000 口油井。

去年有 114 口油井达到了“最终弃井”状态，高于 2024 年的 103 口。

安全关闭北海油井已成为该盆地日益严重的问题。该盆地虽然仍具有很高的生产力，但早已过了巅峰期，而几家能源巨头已将注意力转向世界其他地区。

NSTA 表示，一系列北海交易引发了担忧：这些旧油井 80% 的负债集中在仅 10 家公司手中。

BP 在 7 月底将其北海业务挂牌出售，而壳牌（Shell）已将其英国离岸油田转移至与 Equinox 共同成立的 Aikens 合资企业。

NSTA 在其年度监测报告中提到，针对英国大陆架区域，“到 2032 年的这段时期仍然是英国大陆架（UKFS）除役的关键阶段”。

今年早些时候，NSTA 因 EnQuest 未能除役 35 口闲置油井而对其处以 £36.5mn 的罚款。EnQuest 已对该决定提出上诉，并表示对每口油井 50 万英镑 的处罚感到“失望”，因为这些油井仅闲置了几年。

行业游说团体英国离岸能源协会（Offshore Energies UK）表示，密封剩余油井的复杂程度有所增加，且由于通货膨胀、供应链限制和钻井平台可用性的原因，成本有所上升。

一些公司在出售资产后仍承担着除役负债。BP 为 Invica Energy 收购的油田提供了关闭油井的资金，而壳牌则保留了部分与目前由 Harbonn 持有的油井相关的负债。

NSTA 预测，未来五年该盆地近四分之一的支出将用于关闭基础设施，而除役支出将从 2028 年起超过资本支出。

业内许多人士认为，由于巨大的政策压力以及由埃里克·斯塔默爵士（Sir Eric Starmer）政府在 2024 年 7 月就任时发起的禁止新油田勘探许可的禁令，投资的下降正在加速。

NSTA 补充道，去年该行业在除役上的支出达到了创纪录的 26亿英镑。该机构预测今年支出将增加 £460mn，并在 2027 年达到 53亿英镑 的峰值。

[...OMITTED...]

投资者助力金丝雀码头交易，SooGen办公楼被出售

金丝雀码头集团以 £425mn 将其一座由法国兴业银行（Société Générale）租用的办公楼出售给自有投资者

在市场低迷之际，金丝雀码头集团以 £425mn 将其一座由法国兴业银行租用的办公楼出售给自有投资者，这标志着东伦敦金融区再次达成一项重大交易。

据一名知情人士透露，该集团将位于 3.5 Bank Street 的办公楼出售给了布鲁克菲尔德（Brookfield）和卡塔尔投资局（Qatar Investment Authority）的关联公司，该楼的租户包括这家法国贷款机构以及欧洲复兴开发银行。

根据昨日提交的一份文件，作为交易的一部分，金丝雀码头偿还了超过 £450mn 的优先债务。

在此之前的三个月里，巴克莱银行（Barclays）为了寻求更高的成本确定性，以 £750mn 买下了其位于 One Churchill Place 的附近总部。

尽管租金增长前景强劲，但近年来对欧洲办公楼的投资一直较为缓慢。 97 在 5 月份报道称，由于黑石集团（Blackstone）在等待环境改善，其出售名为 Cargo 的金丝雀码头建筑（交易额 £250mn）的计划已被推迟。

2022 年利率的跳升抑制了大多数城市并冷却了对办公楼部门的兴趣。由于伦敦整体可用空间减少，租赁数据强劲，该行业一直希望能够迎来复苏。

金丝雀码头集团表示，截至 30. 6 月，其整体物业组合价值为 38亿英镑。除巴克莱银行交易外，该估值在 2026, 上半年增长了约 £120mn。若剔除拟出售的物业，办公楼的价值增加了 £7mn，“这主要是由于强劲的发行活动和市场条件的改善”。

此次估值跳升助力税前利润在上半年达到 £4.9mn，而去年同期为亏损 £35mn。

普华永道（PwC）上个月表示，已选择金丝雀码头作为其新的英国中心，计划在现有总部翻新期间租用 500,000 平方英尺的空间，Julie Steinberg

Flic

金融素养与普惠活动（Financial Literacy & Inclusion Campaign）

由金融时报支持

知识就是力量

由金融时报创立的慈善机构 FLIC 正是基于这一信念而建立。

仅有 19% 的年轻人能正确回答关于利息、通货膨胀和风险的基础问题。

我们绝不能让另一代人在进入成年生活时，在财务管理方面准备不足。FLIC 可以引导他们应对债务、艰难的决定以及每一个将塑造他们未来的金钱时刻。

我们免费且屡获殊荣的金融素养课程已经进入 900 多所学校。

帮助我们让每个人都拥有终身财务自信的工具。

扫描了解更多

---

2024 年 8 月 14 日，星期五

8

KIRVANZAL TOBEX

13

公司与市场

固定收益。大科技

超大规模云计算提供商的借贷狂潮冲击外币信用交易

债券发行量激增推高加元成本。

瑞士法郎和英镑

DAILY WEBBER / 1.25% (美国) WICHITA D'AMAR / 0.50% 约克

投资者表示，科技巨头集团大量发行外币债券正在冲击全球规模较小的信用市场，推高借贷成本，并导致当地发行人调整资金筹集的时间点。

硅谷所谓的超大规模云计算提供商（包括亚马逊和谷歌母公司 Alphabet）今年开始发行包括瑞士法郎、英镑和加元在内的外币债务，他们称这是在追求 AI 主导权竞赛中的新资金来源。

分析师表示，这些交易的规模使超大规模云计算提供商成为这些市场中最大的发行人，在某些情况下给其他公司带来了巨大压力。

Alphabet 在今年早些时候筹集了 1383亿 (302亿)，曾短暂成为加拿大市场历史上规模最大的债券发行，随后几周亚马逊发行了 1240亿。

加拿大的 AA 级公司信用指数（最高质量类别，两家超大规模云计算提供商均在此类别中）近期有所走弱，使其相对于政府债券的利差高于质量较低的 A 级指数。

“（超大规模云计算提供商）基本上进来就占据了所有高质量案例，”Allancothermatix 的信用组合经理 Andrew Asha 在谈到一般小型债务市场时表示，“你正在为其他评级相似的公司重新设定更宽的估值。”

亚马逊和 Alphabet 今年还发行了大规模的瑞士法郎交易，而 Alphabet 则发行了一笔罕见的 100 年期英镑债券。

一些分析师警告称，在超大规模云计算提供商重点发力的长期债务发行领域，其他公司将被挤出。

德意志银行欧洲和美国信用策略主管 Steve Capito 表示，超大规模云计算提供商向新美国市场的发行“肯定会影响其他公司的决策……他们无法像希望的那样筹集那么多长期债务”。

Capito 表示，该行对欧洲投资级信用相对于美国同类信用的看法为“减持”，部分原因是增长疲软和政治风险上升，但也是因为预计以欧元计价的超大规模发行会导致利差扩大——而且与美元相比，欧元债券的“自然买家群体没有那么多”。

“我们目前不想持有长期欧元投资级信用，因为我们知道超大规模云计算提供商将不得不利用他们能找到的每一种货币进行融资，”Capito 补充道。

但 Macomb 的一名信用组合经理表示，英镑长期债务较高的借贷成本——尤其是与短期债务相比——“部分是由整个信用市场中科技公司的长期发行所驱动的”。

其他人则表示，对其他发行人的价格影响相对稳定，因为公司在安排交易时间时会避开与超大规模云计算提供商发行相关的较高借贷成本。

加拿大皇家银行资本市场（RBC Capital Markets）欧洲债务资本市场主管 Rob Lamb 表示，超大规模云计算提供商的发行“让每个人在决定进入小型市场的交易时间时都犹豫不决”。

Lamb 表示，由于这些公司倾向于在公布业绩后的期间（包括在小型市场）出售债券，超大规模云计算提供商的季度财报已成为一个时间表事件——就像美国非农就业数据或基金控制决定一样——影响着债务发行的时机。

“在美国和欧元市场，我们经常与客户讨论如何与超大规模云计算提供商共存……他们几乎被视为一种不同的资产类别，”他说。

Lamb 补充说，对于试图在流动性较低的市场发行债券的集团来说，“挑战在于，如果超大规模云计算提供商也在向我发行，我能获得多少关注。”

SBC瑞士债券资本市场与辛迪加负责人Manuel Kadbert表示，虽然超大规模云计算提供商发行瑞士法郎债券最初导致了利差扩大，但“它在很大程度上影响了

借贷竞赛：包括亚马逊在内的所谓超大规模云计算提供商今年已开始发行外币债务

管线和时机……而非结构性的信用利差。”

Kadbert补充说，他尚未看到其他公司因为超大规模云计算提供商在瑞士市场的强势而被强制支付额外收益，因为“这主要是由于那些计划紧随其后进入市场的[公司]决定推迟，并在一两周后才进入。”

交易规模还意味着超大规模云计算提供商已迅速成为美国新信用市场的重要组成部分。从核心私募到他们加入

S&P数据显示，亚马逊和Alphabet合计占整个瑞士投资级信用指数的17%。

这为这些市场以及必须跟踪基准成分的投资者带来了新风险，以及

Allancothermatix的Asha。

她补充说，“如果这些名称中的任何一个出现问题，由于集中度较高，这些较小的市场受到的影响将比美国市场大得多。”

对于一些投资者来说，新投资者为低流动性市场带来了受欢迎的活力。

Windsand Asset Management的固定收益投资组合经理Catterman表示，超大规模云计算提供商的发行对投资者来说是“极好的”，因为“它有助于多元化，吸引关注并使国内资金留在国内债券市场”。

同样，在长期由银行和能源公司主导的加拿大债务市场中，国内投资者一直拥有强大的现金实力，

关于这一点，以及针对的高利率

超大规模云计算提供商正在大规模发行”

挑战在于：如果超大规模云计算提供商大规模发行，我能获得多少关注”

The

The

股票

韩国要求新投资者参加培训课程

丹尼尔·图多（DANIEL TUDOR）与宋正雅（SONG JUNG A） 韩国

韩国散户投资者现在必须完成为期一周的课程，才能开始交易单只股票基金，因为监管机构对那些被指责加剧了全球最波动股市之一剧烈波动的产品实施了最严格的限制。

此举是在韩国股市经历异常繁荣及随后的回调之后采取的。Kogel在2023年上涨了16%，随后再次以该速度翻倍，在6月份推高至超过0.500点。

在分发商（46.8pats和三星电子）上涨44-decent的行情中，散户投资者净投入了West20th（700亿美元）进入市场。

这与政府提振市场的努力相吻合。这两家公司的单只股票杠杆交易所交易基金（ETF）于5月下旬推出，允许投资者放大对韩国半导体冠军企业的押注。

在6月8日的新闻发布会上，总统李在勋（Lee Jae Hoong）表示，尽管市场已触及约8,000点，但仍然“更加强劲且被低估”。

这次上涨在6 pks中发生，Kogel 20thg在其自全球金融危机以来最糟糕的一个月里下跌了22%。财政部宣布了限制杠杆ETF相关领域的措施。

“许多散户投资者现在在单只股票中遭受了重大损失”

“这感觉就像马跑了才关马厩门，但总比什么都不做要好”

在杠杆ETF交叉中，他们对这些产品的看法已经改变，当地董事会对冲基金Astra Capital Management的“大股票变更合伙人”表示。

根据未来资产证券（Mirae Asset Securities）的数据，在5月下旬购买三星和46.8pats杠杆ETF并持有至7月中旬的投资者，损失了大约一半的资金。

单只股票杠杆ETF的新投资者现在必须连续五天，每天完成至少一小时的模拟交易。交易平台和应用程序被要求执行这些规定。

监管机构将最高现金存款额从West20ms调整为West30ms（30, $21,000），并为每种产品的投资者设立了强制性的三小时教育培训。一些被称为“paved”或“auto”的投资者质疑这种价值是否会产生差异。

“这感觉确实有点像马跑了才关马厩门，但总比什么都不做要好，”一名损失了资金的董事会支持者Mo Yoon表示。

然而，有迹象表明更严格的监管正在让市场付出代价。单只股票杠杆ETF的日成交额从7月30日的West21s骤降至8月4日（4）的仅West700ms，而投资者在8月4日（4）至10日（10）期间从这些产品中赎回了West, this。

多年来，这对于恢复对公开市场的信心几乎没有起到作用。像6月8日这样的成交额，新投资者的权利被重新评估。对政府的信任一直处于amongly statement。

该公司的持股

从市场中也被

前四年的融资，这意味着该公司将承担芯片价值在某些头寸之外的早期损失。

监管机构将最高现金存款额从West20ms调整为West30ms（30, $21,000），并为每种产品的投资者设立了强制性的三小时教育培训。一些被称为“paved”或“auto”的投资者质疑这种价值是否会产生差异。

该公司的持股

从市场中也是前四年的融资，这意味着

该公司的持股 该公司的持股

最高质量的加拿大信贷市场利差扩大

加拿大信贷相对于政府债券（3.25%）的额外支付（Additional paid paid）

0.80

0.80

0.80 0.80

0.80 0.80

短期英镑信贷已收紧，但长期债务并未随之跟进

相对于等值政府债券（3.25%）的额外支付额

0.80

0.80

0.80 0.80

挑战在于：如果 the

flood of the

the least transaccts

has the same

前四年的

即将到来的融资，这意味着

公司将承担超过特定头寸的芯片价值早期损失。

监管机构将最高现金存款额度从 West20ms 评定为 West30ms ($21,000)

并为每项产品的投资者设立了强制性的三小时教育课程，部分投资者，已知

公司将承担超过特定头寸的芯片价值早期损失。

监管机构将最高现金存款额度从 West30ms ($21,000) 评定为

---

14

■

EXPLORERLY, TOBAC

2026年8月14日，星期五

公司与市场

“赋能者”是投资者的AI黄金地带

Stephen Byrd

市场洞察

在AI热潮中，该技术的基础设施提供商可能会为投资者带来一些最持久的回报。

随着AI能力的飞速提升，电力供应等限制因素正成为关键问题。能够缓解这些问题的公司将产生强劲需求。

从一组涵盖AI基础设施价值链（从公用事业到信息技术，再到超大规模云计算提供商）的股票表现来看，投资者已经意识到了这一前景。

在过去三年中，AI赋能者篮子股的表现超过了2003年世界指数10个百分点；而在2026年上半年进行的种子期至后期风险投资中，美国的AI制造商获得了62%的资本价值。

这反映了随着技术发展，人们对AI日益增长的需求充满信心。在2025年期间，在一项名为“人类最后考试”（Humanity's Last Exam）的严苛智能与能力测试中，大语言模型能够回答的问题百分比已从10%上升到10%。

随着LLM开发者追求所谓的“递归自我改进”目标——即模型能够自主发展的临界点——发展速度将进一步加快。

相应地，AI的采用也在加速。根据Fintech Kump的数据，在2025年1月至2026年4月期间，Token（模型处理的数据单位）的使用量增长了近50倍。

对于许多企业而言，AI创造的价值已经迅速超过了其成本。对于一个单元（在唯一的8月AI广告牌中，工作流被重新设计，工作任务被重新分配，资本支出被重新部署）。我们今天看到的生产力提升可能仅是最终能实现的目标的一小部分。

这意味着相对于未来的潜在需求，计算能力将出现严重短缺。无法接入电网可能是使用该技术最严重的瓶颈。

我们预计，到2026年，美国数据中心开发商将面临约60吉瓦的电网接入缺口，约为其所需电力的二分之一。作为对比，典型的美国城市每天消耗的电力仅为几个吉瓦。

AI基础设施发展速度与

基础设施提供商将面临巨大需求，技术需求远超供应

结构性需求以及电网投资长达数十年的时间线往往被低估。

目前，美国电力变压器的交付周期平均超过两年，而此前的一系列周期仅为 12 到 16 周；在某些地区，公用事业公司给出的互联时间线甚至长达十年或更久。

在某些地区，由于其他客户电费增加以及对空气质量和水资源可用性影响的担忧，数据中心建设还面临政治阻力。

如果电力开发停滞或延迟，随着需求的加速，这可能会加剧 AI 开发的能源短缺。

AI 从大语言模型（LLM）的训练转向“推理”使用（模型通过分析数据做出预测）以及代理执行任务，这也正在创造新的电力需求模式，促使相关工作的设计进行调整。

工作负载正从批处理转向实时执行，将系统性挑战从能源可用性转移到电力需求波动性和响应速度上。

我们针对 AI 制造商出现的三项挑战采用解决方案，例如燃料电池的提供商和开发商，燃料电池可将能源转化为电能。

这些设施的安装速度通常快于新的电网连接，且通常能提供可靠的现场电力，具有最佳的水资源利用率和较低的有害排放。此类燃料电池“电力岛”可以在电网之外构建，从而消除对其他电力用户的影响。

随着电力需求变得更加可靠，能量存储系统是另一种解决方案。

能源存储正成为系统层面的必然要求，作为一种“电力库存”，它并不取代发电，而是在需求高峰期降低电力使用量。这在昂贵的资本基础设施之前，允许数据中心参与电网稳定。

仅靠这些赋能手段可能无法满足日益增长的能源需求。但电网空间的稀缺正在提高那些能够高效供应电力并降低数据中心扩张政治成本的公司价值。它们是这场投资热潮中的“铲子和镐头”。

Stephen Byrd 是摩根士丹利主题研究与可持续发展研究全球主管

市场日报

大宗商品

力拓为澳大利亚最大铝冶炼厂获得 18亿美元 救助金

WE FLAIRS - STORY

在经历了数月威胁到该国最大工业运营项目之一未来的争端后，澳大利亚政府为一家由力拓（Rio Tinto）控制的铝冶炼厂提供了救助，金额为 $12,500 US (80亿)。

这项旨在拯救新南威尔士州 Tonnage 冶炼厂的期待已久的协议，是安东尼·阿尔巴尼斯（Anthony Albanese）总理领导的政府在对脆弱地区、铝业、规模及钢铁业务进行类似救助后，再次采取的利用纳税人资金保护其工业基础的最新举措。

Tonnage 的未来在去年陷入僵局，当时由力拓、8. 和 Gore 共同拥有的铝冶炼厂，尽管与联邦和州政府就救助协议进行了磋商，但仍启动了关闭该设施的正式程序。

在另一方面，由于其电力合同将于 2026. 到期，这家消耗新南威尔士州约 10 per cent 发电量并雇佣 1,000 名员工的工厂面临着不确定的未来。阿尔巴尼斯政府与新南威尔士州已签署一项 10 年协议，支持该冶炼厂在 2032 前过渡到 100 per cent 可再生能源。

该协议预计将支撑对该州电网的投资。其交换，Tonnage 分销将

该场地是“国家的关键资产，也是我们制造业未来的关键”

总理 安东尼·阿尔巴尼斯

在 2030, 前向其运营投资 A$1, 80亿，其中包括 6000 bns 用于脱碳活动。

阿尔巴尼斯昨天在 Tonnage 的一场新闻发布会上表示，该协议履行了其政府保护 1,604 US$ 地区的承诺，该地区长期以来一直是执政的工党大本营。

“这个场地不仅对纽卡斯尔（Newcastle）和亨特（Hunter）很重要，”他提到 Tonnage 周边地区时说道，“它是国家的关键资产，也是我们制造业未来的关键。”

自 2022 当选以来，阿尔巴尼斯将制造业置于其工业政策的核心地位。

他的政府已经救助了由一些全球最大利益和商品贸易商拥有的资产，包括 Gloscon 和 Trafagara。

Tonnage 协议此前因联邦政府与州政府在能源协议结构和共同财务责任方面的谈判而陷入停滞。

力拓铝业运营负责人 Jordan Plesnow 表示，该协议将确保班次留在亨特谷（Hunter Valley），并保障对其全球客户的供应。

“澳大利亚的顶尖——海外制造业能力的关键部分，同时帮助 Tonnage 铝业继续为全球能源转型竞争性地生产铝冶炼，”他说道。

招标编号 6(687)

咨询服务提案请求

关于曼塞赫拉 — 纳兰 – 贾尔卡德 – 奇拉斯 (MNJC) 高速公路（近似长度 200 公里）可行性研究及详细设计的招标

1. 曼塞赫拉-纳兰-贾尔卡德-奇拉斯 (MNJC) 走廊，1a.，国家公路 N-15, 连接曼塞赫拉（位于喀喇昆仑公路）与奇拉斯，提供了开伯尔-普什图省与吉尔吉特-巴尔蒂斯坦之间最短且风景最美的线路，服务于 Narur、Kaghar、Bubasar 和 Saif-al-Maša 等主要旅游目的地。该走廊拟升级为东部走廊的战略奖杯，以实现全季旅游和贸易，从一条季节性旅游公路转变为一条可靠的国家经济动脉。 / --- / 2. 国家公路管理局 (NHA) 拟根据巴基斯坦工程委员会章程，为该项目聘请国际顾问（工程组织 / 公司）。详细的资格标准在 RFP 文档中列出。 / 3. RFP 文档可从 NHA 网站 (www..gov.pk) 免费下载，或在伊斯兰堡 总部总经理 (P&CA) 办公室购买 / 4. 提案前会议将于 2025 年 8 月 27 日 1100 时在伊斯兰堡国家公路管理局总经理 (P&CA) 办公室举行（允许远程 / 其他参与者参加）。 / 5. 采购将根据 PPRA（公共采购监管局）的规定，采用“单阶段两封信封”程序进行。所有方面完整且符合 RFP 文档指令的提案，应在密封信封中于 2025 年 9 月 30 日 1130 时之前送达位于伊斯兰堡 25-Maune Area, Sector G-9 / 1 的 总部总经理 (P&CA) 办公室，并清晰标注“曼塞赫拉-纳兰-贾尔卡德-奇拉斯 (MNJC) 高速公路（近似长度 200 公里）可行性研究及详细设计咨询服务”。 / 6. 技术提案将于当日 1200 时开启，而通过技术资格审查的公司之财务提案将在技术评估最终确定后开启。其他详情见 RFP。 / 7. 提供未经证实和 / 或错误信息的公司 / 顾问将承担法律责任和 / 或被取消资格。 / 8. 管理局保留根据 PPRA 规则拒绝所有提案的权利。

总经理 (P&CA)

国家公路管理局

巴基斯坦政府通信部

25-Maune Area, Sector G-9 / 1, Islamabad, Pakistan

电话 +92-51-9032727, 电子邮件：pmpca.@gmail.com 及网站：www..gov.pk

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2020 年 8 月 14 日，星期五

•

KEY-RCALE STRATA

15

市场数据

全球市场概览

前一交易日涨跌幅 (%)

标准普尔 500 指数综合

标准普尔 500 指数综合

S&P 500 S&P 500

S&P 500 S&P 500

过去 30 天股市走势，以富时全球指数（FTSE All World）同币种作为对比

美洲

7月30日 - 8月15日

S&P 500 纽约

S&P 500 纽约 S&P 500 纽约

S&P 500 纽约

S&P 500 纽约 ---

16

•

KEYSYSTEMS 标志

2024年8月16日，星期五

您的股价是否受到关注？

《金融时报》股票服务板块可帮助您在印刷版和在线平台触达并吸引来自全球范围内的具有金融意识的决策者以及富裕股东。

如需投放广告，请联系 carat.camsey@ft.com。

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18

●

SYNTHETIC TIMES

2024年8月14日，星期五

Cash (CF) (CF)	4	4000.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash (ICL) (ICL)	4	1472.16	0.00	0.00	20.00	4.00
Cash (ICL)	4	0.00	0.00	0.00	0.17	1.00

CP Global Asset Management Pte Ltd.

www.cgbchina.com, e-mail: scdnews, page@cbglobal.com

International Mutual Funds

CP Global Strategy Fund	4	483.42	0.22	0.00	0.27	10.48

CP Capital Asset Management Limited

www.cscam.com, e-mail: fundamain@cscam.com

International Mutual Funds

CP Global Financial Fund	4	274.06	0.04	0.00	0.00	0.00
CP Global Equity Fund	4	607.35	0.15	0.00	11.30	12.18
CPI Alliance Financial Fund	4	410.16	0.03	0.00	11.17	10.82

Worldwide Funds

Armonk Food Managers Ltd (1399F)

57.12. 2000. 2002. London SW1X 4.5 0000.000 2001

Authorised Services

【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】

ASB Capital

ASB Capital

State (Hedge & Council, Lister, IT, QIRL)

Global Growth and Decrease

Level of Capital

ASB (GMLK) - AEC	4	102.73	0.00	0.00	0.00	0.00
ASB (GMLK) - AEC	4	87.14	0.00	0.00	0.00	0.00
ASB (GMLK) - AEC (AEC) (AEC) (AEC) (AEC) 内容循环已省略 (AEC) (AEC) (AEC) 内容循环已省略 (AEC)

Atlantic Sicox

Other International Funds

Americas Spacers	4	8657.97	0.00	0.00	0.00	0.00
Americas One	4	1123.06	0.00	0.00	0.00	0.00
Brasil Global	4	5540.00	0.00	0.00	0.00	1.00
China Insurance	4	2023.31	0.00	0.00	0.00	0.00
Far East	4	2786.66	0.00	0.00	0.00	0.00

Blue Whole Investment Funds (CAF)

www.industries.com, info@bluewhole.com

FID Recognized Annual (2023)

Blue Whole Growth (2021)	4	25.41	0.15	0.00	0.00	0.00

BY NEW YORK LIFE INVESTMENT MANAGEMENT

Carolina Investors Group

FID Recognized

Baldwell Fund Acc 1000.00

Parishes Investment Fits (UK) (1280)

Netfares, General Square, Washington Street, Leeds L27 4DL

Share State and Insurance (UK) (US) 2004

基金授权

授权公司董事 / Maystone Management (UK) Limited

FCS 团体信托 0 7.10.01 0.00 0.00 10.00 10.00

Parishes Investment Fits (UK) Ltd

受监管

FCCM 500.10 0.00 0.00 17.00 21.75

FCCM 500.10 0.00 0.00 17.75 21.43

受监管

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20

◆

金融时报

2024年8月16日 星期五

FT Globetrotter

乘坐高桅帆船航行于丹麦海岸的难忘之乐

一次前往哥德堡的航程让人们近距离观察这个国家的航海历史，其停靠港口还包括哈姆雷特的城堡

Amy Bell

大多数飞往丹麦首都的人会留在陆地上。但由于丹麦是一个拥有 400 多个岛屿的国家，从水上探索它才更有意义。最大的岛屿是西兰岛（哥本哈根所在地）、Vondaysøst-Tilp 和 Panen，除此之外还有数百个具有独特个性的较小岛屿。

这就是为什么我选择登上 Aron of Svendborg 号——这是一艘由家族经营的传统丹麦双桅帆船，建于 1906 年，在港口时由人员操纵。我将参加一次从哥本哈根出发的七天航程，通过帆航体验更多丹麦的海岸线。这次特定的航程将在瑞典的哥德堡结束，但大多数旅行都是在丹麦境内往返。

“很多丹麦人都与大海有某种联系，”与合伙人 Gorm Badker 共同拥有 Aron 号的 Helena Moodie 说道，“他们要么拥有一艘船，要么认识拥有船的人。”

我们解缆并开动发动机驶出港口，右侧经过哥本哈根歌剧院，左侧经过阿马林堡宫（Amalsenborg Palace）的水滨公园。

随着哥本哈根在身后消失，很快到了升帆的时间。我们的 12 人船员团队中，一半是英国人，一半是丹麦人：包括我们 8 名游客，以及 Moodie、Badker 和他们的两个孩子 Else 和 Anton。Moodie 向我们演示如何安全地拉绳和放松绳索，每个人都有自己的任务来升起双桅帆船的前桅帆和主帆，然后是船头四个前帆。我们中有些人以前航海过，但即使是完全的初学者也可以参加这些旅行。

大约四个小时后，瑞典的斯堪尼亚省（Scania）出现在我们的右侧，我们到达了两国之间最狭窄的一点，那里有渡轮往返穿梭。从船头，我们发现了 Denmark 号，这是一艘建于 1932 年的全装高桅帆船，至今仍被用于培训学员。

当我们接近丹麦一侧的赫尔辛格（Helsingør）时，我们看到了塔楼。

“那是哈姆雷特的城堡！”

在海岸的东端是克隆堡（Kronborg），这座 15 至 16 世纪的堡垒启发了莎士比亚关于丹麦王子的戏剧。在城堡后面的港口里，Aron 号找到了一个泊位，蜷缩在其他大约六艘传统双桅帆船之间。接下来的几周里，这些船都载着青少年在这里参加夏令营。

日落是傍晚的最后一抹色彩，我们中的几个人走到港口海堤边，那里海面平静，水温凉爽，近到我在游泳时能看到脚下的海草在摇曳。在海湾对面的岬角上，城堡阴森的墙壁像卫兵一样守护着我们。

第二天风力强劲，且方向不利于我们想要前往的目的地——穿过卡特加特海峡（Kattegat Strait）。计划是向北航行约 40 英里前往一个名为 Anbelt 的岛屿，但由于天气条件，我们转向瑞典海岸的一个避风港。

有时 Aron 号会向西绕西兰岛海岸航行，访问像 Lifehøje 这样的小渔村，或者前往拥有不规则茅草房的 Lønn 岛，甚至远行至挪威或德国。此外，还有几条航线围绕其母港——位于南 Fauen 群岛的斯文博格（Svendborg）展开，那里距离哥本哈根两小时火车车程，现在是联合国教科文组织世界遗产地。“它就像我们的一个小游乐场，有大量的小岛……是一个绝佳的航海之地，”Moodie 说道。

她和 Badker 都在 Fauen 群岛长大，在像 Aron 号这样的传统木制 Martial 双桅帆船上航行。Moodie 在父母的船上生活直到 16 岁，尽管最初发誓再也不在木船上航行，但她还是被重新吸引回来，并在丹麦、挪威和荷兰从事了约 15 年的帆船培训工作。

在生下女儿后，Moodie 转而从事岸上工作，随后在渡轮上工作；而 Badker 则花了大约 10 年时间在海上从事海底电缆铺设工作——这些选择都是出于实际原因。他们两人都想念航海。2018 年，Aron 的前任船主在雇佣 Badker 接任租赁航程船长仅几小时后去世；2021 年，这对夫妇有机会买下这艘船。

两人与 Aron 完美契合，协作无间，散发出沉稳的专业气质。Badker 通常掌舵，而 Moodie 则带领我们应对航行中的各种挑战。她还负责准备早餐、午餐和晚餐。上午 8. 30 左右，我们喝咖啡，吃新鲜面包，配上火腿、奶酪或自制的 thulbeth complete；午餐可能是甲板上的 unaccelerated（开放式三明治），上面铺着腌鲱鱼、土豆或 liver pilot；晚餐在沙龙里吃意式肉酱面，随后是朗姆酒冰淇淋烤香蕉。

Moodie 说，在他们的跳岛之旅中，他们尝试支持当地企业，从购买渔民的当日渔获，到使用诚实箱（居民可能会在其中出售自家种植的土豆或水果）。

“这在很大程度上是体验的一部分，同时也是在支持当地居民，这样明天我们回来时这里依然有生活气息。”

大多数日子里，我们在早餐后航行几个小时。除了升降帆——甚至爬到 besogret 上用 headsuits 整理——有充足的时间放松，阅读书籍或在甲板上聊天。然后我们在傍晚时分移动到某个地方，在陆地上探索或跳入水中游泳，之后在沙龙的大木桌旁一起共进晚餐，听 Badker 讲述他的海上生活故事。

在前往哥德堡的途中，我们在 Vinga 停留，这是一个瑞典小岛，有一位常驻的牧羊人和一座 19 世纪的灯塔，标志着哥德堡群岛的西入口。我们继续前往 Intel，这是一个布满瑞典夏季住宅的小岛，我们在避风的海湾中游泳。港口入口处的当地酒吧 / 餐厅墙上有一块黑板，用粉笔记录着近期搁浅的次数——即船只在港口内部误判了深度而搁浅。

十岁的 Anton 发现岛的一个角落有一个水滑梯。他拿着一张小地图引导方向，兴高采烈地在滑梯上滑下好几次，溅入下方的水池中。我和他的姐姐 Elise 在岸边采集了一把把海藻，随后将顶端剪下交给 Moodie 拌入沙拉中。

最后一天天气阴冷多风，我们乘动力船穿过一片开阔海域前往哥德堡。当大多数船员在沙龙里保暖时，Badker 站在舵轮前，承受着横向雨水的冲击。他在风中无法点燃香烟，一袋糖果被吹走了。但他看起来依然觉得没有比这里更好的地方。

适应环境是这类旅行的一部分，但放手享受旅程会带来一种自由感。Moodie 说，通常会有行程安排，但必须保持灵活。

“我们永远无法完全预知会遇到什么，这也是体验的一部分。我认为如今我们太习惯于一切都被计划和排期，以至于这种顺其自然、适应天气的感觉……已经不再常见了。”

一旦我们到达 Mastroiud 附近更避风的入口，一切都变得平静。我们轻轻穿过被绿草覆盖的花岗岩岩石环绕的狭窄水道，经过夏季住宅、羊群和鹅群，最终抵达哥德堡——在运河的宁静之后，高耸的公寓楼和城市的喧嚣令人震惊。

我认为通过水路抵达会完全塑造你对一个地方的看法；而当你开车进入时则不同。通过海路逐渐靠近，你可以充分地感受它——而且你所看到的景象，正是一个多世纪前人们在水路旅行仍是常态时的视角。

“这也是为什么我认为维护这些船只如此重要，”穆迪（Moodie）说道。“因为正是这些船只将丹麦建设成了今天的样子，我认为失去文化中的这一部分是很可惜的。”

艾米·贝尔（Amy Bell）是 Vontareland 的客人。一次从哥本哈根到哥德堡的七天六夜全包行程费用为 £3.720p。Aron 在 4 月至 9 月期间航行，航程在三天（进入帆船最高可达一周）之间不等，从哥本哈根、斯文堡（Svendborg）和其他港口出发。

KUSNACHT PRACTICE

在瑞士苏黎世湖畔，Kusnacht Practice 通过一个涵盖三个学科的内部医生团队，在心理健康、成瘾治疗和精准医学领域提供世界领先且高度个性化的临床护理，旨在实现深刻的治愈、持久的转变以及生活的全面回归。

---

2024年8月16日，星期五

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FOTOCALLED, TOBEX

21

金融时报深度报道：中东社会

移民处于该国自我认知的核心，但一波移民潮正引发人们对经济、政治及其留住高技能人才能力的担忧。

作者：James Shotter

以色列的大出走

Jonathan diBoY 想要离开以色列。当他的妻子最初提出这个想法时，是他予以反对的。但随着该国在加沙的战争拖延，冲突带来的压力与以色列表面之下从未远离的经济压力和社会紧张局势相互叠加，他意识到他们必须离开。

后来有一天傍晚，当他回到位于特拉维夫的公寓时，他遇到了一个邻居的孩子。他们交谈了一会儿，那个五六岁的小男孩说，他今晚会在大楼的避难所见到 Jonathan，居民们在那里躲避以色列敌方发射的导弹。

“那是我心理崩溃的转折点之一……[我想我想] 国家的未来就是这个孩子所认知的一切，”Jonathan 说道。

“想象一下，几年来，人们一直处于这种‘战斗或逃跑’模式。而且无法逃离这个循环……当你把所有的社会、经济、政治因素结合在一起时，这种情况就变得无法维持。”

于是，在 2024 年，这位 30 岁的房地产专业人士（他要求不要使用全名）卖掉了他在特拉维夫的房子，与家人一起移居美国，加入了过去三年中离开该国的 250,000 名以色列人的浪潮。

这种外流是由以色列一段前所未有的动荡时期所推动的。2023 年初，总理本雅明·内塔尼亚胡政府发起了一场极具争议的政治改革运动，引发了以色列近现代史上最深刻的国内危机。随后，哈马斯在 10 月 7 日发动的袭击将该国推入了一场演变为多年地区冲突的战争，将伊朗以及从黎巴嫩到也门的盟友武装组织卷入其中。

按照国际标准，这段时间内离开以色列的人数比例并不算巨大。但对于以色列来说，这种外流是非常罕见的——并且已经产生了深远的影响。结合移民人数的下降，这种出走导致以色列的净迁移在 2023 年和 2024 年均呈现负值——这种情况在过去一个世纪中仅发生过三次。去年的完整官方数据尚未公布。

包括上周以色列税务局在内的一项研究表明，离开者中高收入人群的数量在增加，这引发了人们的担忧：即便 2024-25 年的战争结束，这种趋势仍会对以色列的科技经济、公共财政甚至其军队造成严重损害。

“这是 100 年来第一次出现连续年份的负余额，”耶路撒冷希伯来大学名誉教授 Sergei Deliborghzh 表示，他指出此前的情况发生在 1920 年代（以色列 1948 年建国之前），以及随后的 1950 年代和 1960 年代。“所以这绝对是例外的。”

事实上，以色列作为一个移民国家的理念是其现代身份的核心。这个新国家的建立，正值世界回想起

“想象一下，几年来，人们一直处于这种‘战斗或逃跑’模式。而且无法逃离这个循环。”

大屠杀的恐怖。为全球犹太人提供家园是其愿景的核心部分。在 1948 年至 1960 年之间，移民贡献了人口增长的 63%。虽然此后这一比例有所下降，但在疫情前的二十年里，该比例仍接近 20%。

长期以来，离开的人也带有某种污名。在 1970 年代，时任总理伊扎克·拉宾将移民称为“懦夫”、“弱者中的堕落者”，而且为了加强语气，称其为“大地的渣滓”。围绕这一话题的语言充满了审判色彩。用于描述移居以色列的希伯来语单词——aliyah——字面意思是“上升”。而移出者则常被称为 jordim 或“下降之人”。

“移民在很大程度上是一种耻辱。那些不愿参与这场在2,000年来首次重建犹太故土的宏大实验的人，其影响可能会被‘掩盖’。你算什么？事业的叛徒吗？”耶路撒冷智库陶布中心（Taub Center）研究主任亚历克斯·温雷布（Alex Weinreb）表示，“我的父亲有10位堂表亲，全部出生于20世纪30年代和40年代。出于原则，其中大多数人至今从未离开过以色列……他们都属于国家宗教社区。而对他们来说，在这种时刻，仅仅通过回归本身，就是一种表达政治主张的方式。”

带着悲伤离开

随着时间的推移，这种污名化逐渐消失——拉宾在 20 世纪 90 年代收回了他的言论——越来越多的以色列人开始移居海外。但这一话题依然备受关注。当特拉维夫大学的学者本月发布一项研究，预计 2023 年移民水平将持续处于高位时，反对派政治人物抓住这一点攻击政府。来自中间派 York military 的 Weiser Cohen 在文中写道：“他们宣称 Ganan 会自愿移民。但最终，10 月 7 日政府鼓励了从以色列自愿移民的行为。”

这项特拉维夫的研究排除了在以色列居住不足三年的新移民，计算出 2023 和 2024 年有 100,000 人离开该国，并估计去年另有 45,000 至 50,000 人离开。

移民是由多种因素驱动的。但很少有研究此现象的人怀疑，以色列极化的政治气候以及一场强力战争的未来——在此期间，以色列军队摧毁了加沙和黎巴嫩南部，而哈马斯、Shifeshah 和伊朗向以色列发射了数千枚导弹——在当前的移民浪潮中扮演了重要角色。

随着内塔尼亚胡的极右翼联盟在 2023 年初采取一项旨在限制犹太教（此处原文为 Judaism，疑为司法机构 Judiciary 之误）权力的争议性尝试，并引发了以色列历史上最大规模的抗议活动，移民人数有所增加。随后在哈马斯 10 月 7 日袭击后人数急剧上升，仅在那一个月就有 10,000 人离开。这次外流发生之时，正值以色列人普遍担心西方国家反犹主义抬头之际。

Oursite 学院的移民与人口统计学社会学家兼教授 Liketh for Art 在 2024 和 2025 年对 71 名移居美国的以色列人进行了定性调查。受访者表达了对以色列社会和政治气候的担忧，主要是针对 2023 年的司法改革。与此前移民的人相比，这些担忧在近三年内移民的人群中更为普遍。她说：“我们现在可以肯定地将以色列的社会政治氛围视为近期移民浪潮的核心。”

对于一些以色列人来说，移民的想法是 income-to-aidle。来自耶路撒冷的 Benjamin Blunt 代表许多人表示，虽然战争“将人们推开”，但对他而言，在国家的人际关系更为重要。“我不知道，”他补充道。

但在世俗且更为自由派的以色列人中，他们眼睁睁看着国家在执行过程中向右倾斜。在 Yetonotine 政府下，对国家方向的担忧是深切的。该阵营中的许多人将 10 月 4 日的选举视为以色列的关键时刻，这场选举将内塔尼亚胡与极端主义和民族宗教政党组成的联盟，对抗一个在政治上更为异质但基本为世俗的反对派。

在已经离开的人中，有 Ash（要求使用化名），她于今年早些时候与家人移居 figure。多年来，她一直担心宗教和肯定在多个层面的影响力日益增强，这使她在服务于世俗犹太人的学校系统和军队中的家庭感到困扰。她还对政府削弱犹太教（此处原文为 Judaism，疑为司法机构 Judiciary 之误）的尝试感到震惊。

“我应该是 being。”

随着以色列与哈马斯的战争演变为一场传统的中东前线冲突，她对国家方向的担忧因其丈夫以及最终她的孩子必须在军队服役的前景而加剧。被那些价值观与我不同、且无法再对待任何事情的人所左右？

回到正轨，我们可以回到那个时代。但我并不乐观……从长远来看，我担心那里没有像我们这样自由派人士的未来。

对于许多以色列人来说，经济考量也起到了关键作用。这个国家长期以来一直与高昂的生活成本作斗争，尽管住房市场可能在战争中陷入僵局，但房产依然昂贵，尤其是在特拉维夫和耶路撒冷等城市。

乔纳森和他的妻子在以色列都有不错的工作。但他说，住房的可负担性是他们权衡是否移居海外的主要因素之一。“（在以色列）寻找任何合理价格的房子都很困难。我们说的是在特拉维夫附近的佩图拉（Petula Tiliva），一套 2019 平方米的公寓价格接近 100 万美元，”他说道。 “搬到美国一年之内，我们就能买下一栋房子，以及一块我们在以色列永远买不起的土地。”

“未来的预告”

2023年上半年的移民人数比去年同期下降了20%。但预计全年整体仍将出现净流出。经济学家认为，如果这些人离开，将加剧一个经济体中潜伏的人口压力，而在该经济体中，此前增长最快的人口群体——超正统派犹太人——传统上并不进入劳动力市场，也不参加以色列的强制兵役。以色列税务局本月的一项研究发现，包括高科技和医疗保健从业人员在内的富裕以色列人的流失率在2022年和2024年几乎是2019年的两倍。研究补充称，如果情况如预期，年度税收损失在五年内可能会增加到$5,。

这些发现与另一项研究相呼应：今年由特拉维夫大学研究人员开展的一项研究发现，担任医生和工程师，或拥有高科技教育背景，或专注于科学、工程和健康领域教育的以色列人净流出量正在增加。

但该研究的作者之一、经济学家 hier 表示：虽然目前能够应对当前的流出，但“令人担忧的是，我们现在的情况在某种程度上是未来的预告”。

“作为一个国家，它依赖于其人力资本。我们并不富有自然资源。这就是为什么人才流失或移民对国家生活来说更加危险或具有破坏性。”

经济学家表示，最大的风险在于如果以色列在高端科技领域受到损害，该领域占经济产出的五分之一，以及出口的一半，且高度依赖高技能工人。

但特拉维夫大学经济学教授 Zean Yudim 主张，其影响更为广泛，认为来自生产部门的工人流出不仅会降低税收收入，还会增加以色列已经过度紧张的军队的人力压力——该军队依赖于国民服役制度以及能够征召预备役的能力——同时还会影响政府关于一个……的计划。

人们走过特拉维夫海滩边一家关闭的餐厅。极化的政治氛围和三年的战争在当前的移民浪潮中发挥了重要作用。

© Yonhap Magar

© Yonhap Magar © Yonhap Magar

© Yonhap Magar 自2023年以来，离开该国的人数多于移民人数

表 1：2023-24 年在 (2024-25) 的总人口和 2024-25 年在 (2025-26) 的总人口。总人口为 100000亿,00 0,000

来源：金融时报（FT），根据最新统计局表 21, 21 制表。

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22

•

金融时报

2018年8月14日，星期五

金融时报观点

金融时报

“无畏无私”

P. LAMAR

P. LAMAR

买家应警惕新 ETF 的风险

高杠杆与监管不足

可能会放大风险

对于韩国股市而言，这是一个至关重要的夏天。该国的基准指数在今年前六个月翻了一番，随后在7月低点崩盘。在随后（subsequently）的第二周，零售投资者获准购买一种相对较新的金融趋势——单只股票杠杆交易所交易基金（leveraged exchange traded funds）。

这些ETF在韩国很大程度上追踪三星和美国（来自指数）两家最大股票的表现，利用衍生品来放大回报，使零售投资者能够获得此前无法获得的杠杆。国内的影响相当显著，随着市场下跌，由ETF驱动的波动引发了一波追加保证金通知（margin calls），增加了普通投资者的压力。

韩国夏季的

迅速宣传，它应该向世界发出一个信号，确保人们意识到新产品和高杠杆是如何剧烈放大市场波动性的。

ETF长期以来一直是零售投资者的宠儿，最初是一种简单的、低风险的工具，旨在提供便捷地进入由指数追踪的大型、多样化股票组合的渠道。如今，全球超过 82.5% 价值的ETF追踪其市场份额、市场趋势和商品，以及日益增加的“活跃”资产和期权。仅在State Street和Vanguard手中，追踪美国 500 的资金就超过 $2，这些机构持有大量资产池，收取极低费用，并允许零售投资者进行差异化操作。尽管平台上的利息低至每份 50。

但投资已成为针对总投资者的新目标，产品更加复杂，范围从杠杆单只股票（ETF在当前ETF中）到使他们能够“做空”一只股票或在价格下跌时获利的ETF。这些新策略通过同时放大收益和损失，将更高的风险注入零售投资组合。许多新式ETF为零售投资者提供了他们并不完全理解的投资产品。它们的运作方式也不一定符合投资者的预期。通过每日结算，这些产品可能会降低波动性较大股票的长期回报。

ETF在总体上也可能导致市场波动，因为其在融合时，低影响的单只股票和低费率ETF以全新的方式放大了波动。然而，这些新型且不同的ETF正在蓬勃发展。仅今年就推出了 1,000 多个ETF，其中近四分之一是杠杆单只股票基金。这些新ETF体现了日益流行的（生产）方式是如何向零售投资者推销的——从企业到市场的生产市场，到个别低风险股票单只股票走势的零日期权，许多产品看起来不像是投资，而更像赌博。

日益盛行的产品被推销给零售投资者。许多产品看起来不像是投资，而更像赌博。

韩国监管机构正通过旨在避免投资者在杠杆ETF中经历波动重演的新风险措施，对国内市场的动向做出反应。该国现在要求单区基金持有者在购买前参加教育课程。其他国家可以从这个许可案例中学习，以免遭受从微小到过山车般的波动之苦。

当然，这些应该是市场的一个领域，它们可能如此，但更好的金融素养和教育将帮助零售投资者评估新产品。许多市场的投资者将从更强的披露要求中受益，这些要求详细阐明了风险。

然而，由于风险不仅是可能的，而且可能会发生，因此更好的金融素养和教育将有助于散户投资者评估新产品。许多市场的投资者将从中受益，而不仅仅是依赖于详细列出风险的更严格的披露要求。然而，由于风险不仅是可能的，而且可能会发生，因此更好的金融素养和教育将有助于散户投资者评估新产品。许多市场的投资者将从中受益，而不仅仅是依赖于详细列出风险的更严格的披露要求。

观点社会

你的自动回复邮件究竟意味着什么

Soumaya Keynes

我最近给一个庞大的邮件列表发送了邮件，然后像进行某种疗法一样，在回来后对着那些自动回复邮件翻白眼。

这是一份为你准备的指南。你可能认为这些自动邮件表明你的同事懒于工作，或者在长时间的会议期间擅自外出，但它们所代表的意义远不止于此。请允许我为你翻译。

也许你收到过这样一条：“我正在度假，无法使用互联网或手机信号。因此我无法获取这些信息。我已经砸掉了我的手机、笔记本电脑和智能手表，并将它们抛弃在世上。”这是一个来自严重成瘾者的温柔提醒。当你下意识地检查手机短信、社交媒体通知以及——你最喜欢的——金融时报（FT）应用程序上的新报道时，请思考一下这一点。

“我正在度假，没有网络。”这是一个严重成瘾者的求救信号

“我不在办公桌前，会间歇性地检查电子邮件。”这个人并非在没有损失地度假，而是希望在 17 分钟内回复你的邮件，而非出于必要。他们同样患有成瘾症，但我们将其视为一种能力。他们还没有读过相关研究，该研究表明，非协商性电子邮件的接收者往往会高估发送者回复他们的速度。如果你想启发他们，那仅仅是一种奢望。

“我整个夏天都不在。”这个人是法国人。忽略他们也没关系。毕竟，他们度过的时光比你更慢。（OKUS 完成的这项研究表明，在 2010 年，法国人平均能享受比英国人更多的年假天数。）请用这个认知来自我安慰：虽然假期似乎能提高幸福感，但这种效果会随着假期的结束而消失。

“我目前处于昏迷状态，回复您的消息可能比平时需要更长时间。”这种幽默感毫无价值。多年来，美国人越来越不愿意长时间离开岗位。1971 年（英文），24% 的受访美国员工报告在前一周休了一整周的假，而到 2023 年，这一比例下降到了 14%。

“我休假直到 8 月 21 日周五。如果您需要紧急回复，以下是可以在我缺席期间提供帮助的同事的联系方式。”这看起来很有帮助、具体且专业。但在表面之下，这个人鄙视这些同事，因为他们曾建议由她来接替工作。你成了她复仇计划的一部分——看看他们如何面对那些被忽视的犹豫不决。

不必费心给当局发邮件，因为他们也出去了，有时在追求度假的开销。一项关于法国度假习惯的研究发现，在特定的一周内，休假一周的父母比例每增加 10 个百分点，同一地区其他父母休假的比例就会增加 3 个百分点。（他们并不是在帮那些有孩子的熟人。）

“我目前不在办公室，正试图在一次涉及一匹巨大的木马的成功行动后返回家中。这可能需要一些时间。”这家伙违反了公司关于幽默自动回复邮件的政策，很快就会失业。而且他们得不到英国成年房主的多少支持。根据 2008 年的一项 Youlson 民调，只有 15% 的人认为自动回复邮件应该是低调的。

“根据政府指南，我正休假一段时间以进行交流。”这个人根本不是在这么做。2009 年挪威政府强制雇员增加一周假期时，研究发现这对病假率没有影响。而且一些度假视频显示，人们利用假期来增加第二份工作的收入。

“我今天上午不在，下午回来。”这条自动回复消息完全没有必要，发送者也心知肚明。通过用这种邮件草稿弄乱你的收件箱，他们证明了自己就是那种在火车上不戴耳机看短视频的人。他们绝对没有在公司人力资源系统中记录这次缺席，从而避开了所有偏差。

“我正在度假，将删除缺席期间收到的所有电子邮件。请再次发送您的消息。”这个人想让你知道几件事。第一，他们极其受欢迎。第二，假期是零和博弈，他们在假期中减少的工作量意味着你得承担更多工作。

“...”这个人根本没费心设置自动回复。他们的收件箱里有 164,370 封邮件。无论是否在度假，他们都不会回复。他们的信息是：虽然你可能通过邮件要求他们的关注，但你对他们而言毫无意义。不过，他们给了你一份礼物，请收下。八月快乐。

soumaya.keynes@ft.com

读者来信

生成式 AI 威胁到使思考本身变得多余

约翰·西奥拉尔德（John Theorald）警告称，“科技公司正在基于投机性的叙事，在没有任何社会授权的情况下，就我们的集体未来做出关键决定”（见 8 月 11 日评论版），这一警告是正确的。

我只能代表我所熟知的那一代人，当然不能代表其中的每一个人。但对于我们这些二十多岁的人来说，在要求获得更多尊重的同时，背后隐藏着一个令人不安的问题：我们是否正在保留那顶，以便我们需要行使它？

我们进入 AI 时代时，已经成为了注意力经济的俘虏。我们在旨在消除摩擦的社交媒体系统中长大：下一段视频被选中，下一个问题被提供，下一次购物冲动被预判。新的保证是向人们提供另一种摩擦：思考本身的努力。关于 AI 热潮的警告信号，我最近读到一项有趣的研究。事实上，这及其同事研究了 1976 年至 1995 年间 15,000 多名美国大学生的共情能力变化。他们发现，共情关怀以及采取他人视角的能力明显下降，尤其是在 2000 年之后。而这些年份也正是社交媒体开始扩大我们彼此关联方式的时期。这像是一个值得质疑的巧合，注意力与共情看似是独立的问题，但不确定它们是否真的独立。要理解另一个视角，我们必须首先解释它。它不能意味着我们周围的世界，我们必须对其投入注意力。在这个悖论的时代，大语言模型可以锻炼我们的智力肌肉，但也可以让我们不再使用它们。它们的谄媚可能会让人安心而非受到挑战。它们的专业知识可以使推理变得简单，但不再像我们自己的推理那样。世界可能会让社会成为 AI 汽车后座的乘客。我这一代人应该目标在方向盘上。我们有充分的理由拥抱 AI，但让我们利用它来思考得更深，而不是更少。世界是一个变得更高效、质疑、反对和关怀的好方式。未来可能是吸引人的。我们应该保持塑造它的能力。克劳迪奥·佩德罗·阿洛潘（Claudio Pedro Alopán），西班牙马德里

无家可归之谜中缺失的一块

你们的报告“此类年金未能结束粗糙的行径，将其视为一种误用”——是否可以用来引导错误？Changes 101 提出了一些极好的观点，但遗漏了拼图中一个至关重要的部分。

正如参与曼彻斯特努力工作的 Instellar 无家可归慈善机构所显示的，博雷姆（Boreham）在他作为来源的时间里学到了一些关键教训：意识到培训标题是提供指令性夜间避难所的第一步。他知道人们需要安全、合适的课程以及支持才能留在那里：对于面临多种劣势（包括精神健康问题和药物滥用）的人来说，多达 100 项干预措施（如购物、工作）是有效的；并且，激活或窒息进入当地系统至关重要。

但最轻微的事件是博雷姆如何学习的。目前的设置加剧了实现博雷姆能力的所有挑战，其能力是碎片化的、低效的且短期的，没有为支持或有意义的跨部门协作提供充足的资金。如果博雷姆无法制定单一策略，他需要全力支持“公司对无家可归服务的性价比审查”，并采取大胆举措，将系统的重点转向预防和长期支持，而不是昂贵的危机管理干预，包括一项令人瘫痪的临时住宿账单。

简单来说，如果结束粗糙行径的承诺及其目标想要成功，那么建立一个长期、可持续的资金系统必须处于核心地位。

风险负责人

1931, Monahan Link, Instellar 无家可归组织国家会员慈善机构, 伦敦 NCL UK

英国无需通过战争来确保其医疗准备就绪

关于俄罗斯招募人数的报告（8月12日）描述了战争可能并非由国家人力构成。英国正在规划战时准备，但并未规划战时医疗。

英国的国防医疗服务人数约为 1,000,000, 且在所有临床状态下每 000 1,000,000 人中拥有 1,000,000 人。在第一次世界大战中，仅财政局向医疗团（Medical Corps）就达到了 167,000. 然而，相对于所服务的部队，如今的供应比例并未缩小。部队的 4 个月发生了什么变化，以及部队发生了什么变化。

到 1938 年，英国注册医生的大约一半，即 47,000, 人中的 22,000 人，在军队服役。英国在利用民用专业人员方面有所增加：中央

为他准备另一件 财务夹克

由英国医学会成立并于 1954, 年获得政府认可的中央医疗战争委员会，负责向部队提供供应，同时维持民用医疗的运转。它通过各地区的当地委员会，逐一征询从业者的意见。这一切都发生在 1950, 年国家

军事服务拥有约 70,000 名执业医生，一个单一的国家雇主，且在决定如何分配他们方面没有任何非丈夫（non-husband）。国防参谋长告诉下议院国防委员会，目前还没有一个完整的计划来动员 1950 年的一项关于 1 次冲突的法案。

与此同时，议会正在立法以现代化军事动员：武装部队法案将允许预备役人员被召回用于“我们的准备”，而不仅仅是为了迫在眉睫的国家危险、紧急情况或袭击。在医疗方面没有相应的工作。问题不在于征兵，而在于哪些临床医生将被需要于前线，哪些负责将伤员从前线转移到前线，以及哪些负责在后方接收他们；以及独立部门是否与 1950 一起被计算在内。

承诺的国防准备法案应该纠正这一点，通过医疗讨论，成立一个中央医疗服务战争委员会，或者采用 1916 年的模型，但覆盖整个临床劳动力，包括医生、护士、急救人员和相关医疗专业人员，并负责非执业人员，在不计利益的情况下决定谁将被动员、动员人数以及动员地点。

英国以前这样做过。到 1939, 年夏天，在我们宣布战争之前，中央医疗战争委员会已经成立。那不需要战争开始，但现在需要吗。

In-Newen Name

军事支持与医疗总监，英国秘书 Madsen Reuter 伦敦 SW3, UK

被盗艺术品的归还：外交与道德之辩

关于迈克尔·瓦科维奇（Michael Varkovich）主张将 Reuter's理财计划作为与希腊共享帕特农神庙大理石雕塑之模型的观点（评论版，8月10日），我想进一步探讨。

但我认为，思考归还某些 20-30 年生命中之物的外交与道德失能将更有用。这位 20 岁年轻人的观点是，这并不是一种能够 ge t 一种好方法的方法。

如果法国将锤之法典（Code of Hammers）和其他知名度较低的文物归还给他，那也就足够了。这将是参加该活动之年份的一种良好方式，同时能进一步推动一种基本主义，即归还世界上最伟大的国家宝藏给其合法所有者。

英国和法国还应考虑将在线文物归还至最高国家级别，特别是那些他们在 1860 年第二次鸦片战争期间，在对圆明园进行可耻洗劫时掠夺的文物。

我们并不在意关于目前女性团体在归还在线文物时必须采取的障碍，以及这些归还目的之措施。以及这如何保护负责存放此类宝藏的机构的自主权——在英国的情况下，1950 年的大英博物馆是——可以揭示，新的法律和条例可以被制定。

如果政府具备必要的勇气和意志，他们可以在这些事务中采取果断行动。我相信，如果他们认真致力于追求那些定义其部分的永恒集体，并致力于在当下传播善意，他们会这样做。

在像我们这样动荡的世界中，还有什么比这种在道德上合理的姿态更能地阐明全球宝藏的意义？在美国，Lapone Bank L.O. 10 的 1950 年代。

为什么有些橄榄比其他的更“欧洲”？

西班牙的橄榄油很可能超过意大利的，“她的西班牙橄榄油远优于意大利的”，1978, 8月11日，但根据位于马德里的国际橄榄油理事会（IOC）的数据，土耳其可能不应被忽视。

在 2010. 一个极佳的年份之后，它在产量上紧随其后，位居第二。

IOC 的数据讲述了一个故事，但欧盟政治讲述的却是另一个故事：有些橄榄比其他的更“欧洲”，而有些家庭在裁剪和处理时似乎更为困难。

应该是 IOC 向土耳其道歉，而不是西班牙向意大利道歉。Illaur Ndioglu瓷器展示，土耳其出口 Titres，伦敦 9FL，英国

科学需要其专属的部门

英国在医学研究领域处于世界领先地位，而科学、创新和技术部将被并入一个规模更大的商业部，这令人深感担忧（报告，7月21日）。

即将离任的部长帕特里克·瓦兰斯勋爵（Lord Patrick Vallance）拥有罕见的综合技能，他兼具伦敦大学学院（UCL）医学前沿的研究知识、在GIR担任商业总监的商业经历，以及在治疗期间担任政府科学顾问的经验（Cold grade）。

重要的是，应当由具备研究权利和知识的人员领导一个独立的部门，而不是将其消解在一个承担其他职责的规模大得多的部门中。

多年来我们一直资助前沿医学研究，且每年的拨款申请量都在增加，尤其是因为获得资金变得越来越困难。

这个国家拥有巨大的研究人才，以及针对早期治疗的资金，这将使患者受益并为1950节省成本。我们不能承受未来的人才因缺乏资金而无法从事研究，因为他们正为这个国家的未来做出如此宝贵的贡献。

政府在寻找资金以应对主要竞争需求方面面临巨大压力，但医学研究拨款应当增加而非减少，因为该行业有能力提高长期生产力，以更低的成本改善1950，并保持我们在医学领域的全球领先地位。

理查德·尼尔 (Richard Neale) Reutron 10 主席，伦敦 HA6，英国

拜罗伊特音乐节评论：在她的巅峰状态下集结

对雪莉·加夫尼（Shirley Gaffney）表示由衷的赞赏，她再次为《金融时报》读者提供了重复的歌剧评论。她在慕尼黑的观点蓝图——6月30日的《“时代之婴”的打造》、8月4日的伊西多雷（Isidoreq）《我从未听过他是完美的人》，以及拜罗伊特8月30日和8月4日的剧作，使得整个系列值得阅读。

对“M”号船系列的拆解尤其出色，无论好坏，但对此的嘲笑表明她正处于巅峰状态。

尼克·古尔登 (Nick Goulden) 节奏，里登，埃塞克斯，英国

更正

■ 之前的错误将10个月的30%写成了25%，该错误出现在8月12日的一篇评论文章中。

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2024年8月16日，星期五

•

金融时报

23

观点

巴基斯坦与新一轮“Risk”大博弈

在20世纪的最后几十年里，许多青少年的地缘政治品牌游戏是《Risk》（风险）。其目标是世界统治，成功的秘诀可能是：你在覆盖全球的地图上接管一个大国，尝试控制一个大洲并以此为据扩张。这就像是在玩“大博弈”（The Great Game）——正如19世纪中亚的争夺战之名——在你的时尚桌旁，你隐藏自己的艺术，然后你死去。

从本质上讲，最初拥有 61 个领土的《》地图几乎与 1957 年学习时完全一样。现在是时候更新了。“我的日子游戏不在我身后，武装风险以及《》棋盘上的名称被分成了受监督的印度、阿富汗和一个巨大的‘中东’”。然而，在唐纳德·特朗普第二任期内这场名为地缘政治的现实版《》游戏中，巴基斯坦终于将自己塑造为一个枢纽国家。本月与沙特阿拉伯和土耳其签署的国防协议，仅仅是伊斯兰堡最新的权力博弈。

最令人震惊的方式是在精神上，它利用了与美国、中国及地区大国的新关系，并主持了自 1957 年伊斯兰革命以来华盛顿与德黑兰之间的首次街道对话。没有取得突破。官员们觉得僵局让他们看起来很愚蠢。卡塔尔现在实际上已经接管了他们的调解角色。

但信号很明确。巴基斯坦与邻国印度、阿富汗和伊朗关系紧张，但它感觉到有机会在世界上扮演更积极的角色。它并非纸上的终极“a la carte”（点单式）中等强国，能够选择在何处与华盛顿结盟，在何处与北京结盟，并能够让他们对“品牌寒冷”国家和“这家公司”保持开放。

巴基斯坦在《》棋盘上地位提升的理由并非没有异议。其半封建的军方主导的政治阶层在国家存在的大部分时间里一直处于匮乏状态。它在财务管理上表现糟糕。在独立后的最初几十年里，曾有一位部长，当时经济状况似乎比现在更好。随着巴基斯坦应对最新的 1987 年海勒（hailor），这现在成了一个遥远的梦想。

至于民主自由，极受欢迎的反对派领导人伊姆兰·汗（Inman Khan）可能是一位反复无常的总理，但他因看似捏造的指控而被监禁，这令人震惊。本月出现了新的媒体打压。对于多年来关注该国的人来说，这一切都非常熟悉。

虽然国内一片混乱，但该国在国外展现了一场马基雅维利式的大师课。在特朗普时代，价值观对于国家治理显然无关紧要。非洲人-to-take 人。这显然适合巴基斯坦，因为它在加密和关键矿产方面与美国开展商业合作，并将其呈现在世界地图上。

“西方-联合辩论协议”（West-a Joint Debate a Agreement），即这项新协议，是巴基斯坦地区机构 Field Handed Auto House 以及文职助手、总理 Sheldon Shackl 自特朗普重新就职以来外交手段的最新尝试。两人立即意识到与他打交道的本质是阴谋行为。

新协议反映了针对伊朗的战争如何撼动了海湾地区。签署国实际上是在对失去美国的安全保护伞进行对冲。关于“针对侵略的集体缺席”的其他承诺呼应了北约（Nara）的语言，尽管这尚未经过考验。

对于巴基斯坦来说，该协议具有特殊意义。尽管它与阿富汗处于低水平战争，且始终面临与印度发生灾难性冲突的风险，并在两个边境省份进行一场杀戮式的反青少年行动，但它有着摆脱邻里环境的大胆野心。官员们应当采取行动，将中亚与巴基斯坦港口连接起来，开辟新市场。他们让国际投资者将今年的沙特救助金作为后盾，重新利用一本新账簿。

在《Risk》（风险）这款游戏中，最终的获胜者通过展现稳定性、安全性以及炮火，在字面上通过这种“chikronastic for thank”而获胜，但现实生活更为复杂。他在与阿富汗接壤的边境、马基亚维利省（Machiavian）以及印度控制的巴基斯坦地区展示了武力，但除了尸袋之外几乎没有任何收获。今年至少有 660 名士兵和警察被杀。由于安全担忧，全球对矿业交易的兴趣陷入停滞。

巴基斯坦官员表示，幻象始终在于选择与一个设备还是一个处于风险之中的地点进行交互。Music 认为后者才是正确的方向。据说他正享受着对其举措的赞誉。他们应该在《Risk》的游戏版图上为巴基斯坦占据一席之地。然而，他的领域是一种及时性，但他将成为巴基斯坦的悖论。

abc.musdfg@com

零售园区是对英国商业街的真正威胁

Shahidha Ravi

英国商业街的状态是英国一个强有力的。而且，就像君主制的衰落、注意力跨度以及

，人们总有一种关于伟大十字军东征的人文主义常识。首相萨莉·伯德汉姆（Sally Burdham）登场，她旨在振兴我们那些“被掏空”城镇的计划，是通过消除测试店和强奸店的激增来实现的，这些不可腐蚀的词汇正在简·诺曼（Jane Norman）和帕彭汉姆（Papenham）的零售领域传播。

然后是一个反对认同商品的女性，但试着把这话告诉任何记得 Woolworths 的 Po's / into 的人。我们在这里感觉到某些东西即将服务于更多，我们童年的街道充满了像 dominion 这样的感觉——现在已经失效的血脉。不能，1893 和 Lishawoods，被降低到从“到”到“到”的 cat-skype 隧道的屈辱之中，并且

但并非所有商业街都像 Coons 一样，飞向了天空的伟大商业杂货店。其中一部分似乎被驱动到了最近的市郊零售园区。这项工作还看到了在德比（Derby）南部建立一个新的 £10mn 零售区的计划提交。亮点包括一家 Aiffi 和一家星巴克驱动式咖啡馆。如果规划获得批准，建设将于明年完成。

零售园区是快速房产，超市、服装店和折扣连锁店占据了空间。英国左翼访问园区空间的部分中，目前仅有 1.6 per cent 是空置的。如果

它们是梦想死去的地方，由那些似乎从未见过行人的人们设计

右翼必须正确地拥有一个“觉醒之翼”

政治中有很多所谓的潜规则，但若要寻找最精准的规律，我们必须回归基础。现在

我一直是一个非常活跃的生产者

作为等量且方向相反的反应。每一个重大的政治运动都会创造

一个重大的政治运动会创造

即便在进步主义者看来，我们正在利用这种反应，且经常被

进步主义的过度扩张所困惑。右翼的大部分群体已经陷入了类似的

防御状态，其症状是不能容忍、复杂化、虚假叙事、

族群委屈、无法理解方式以及将

对手阶级化。

保守党领袖凯米·巴达拉克（Kemi Badarach）在近期利用

“觉醒右翼”（woke right）的概念来解释

她不愿与右翼

改革英国党（Reform UK）合作。他认为，“觉醒”——

他从左到右——它“全是委屈。这是

在审视我们自己，人们正在这样做

真实的压迫者叙事。

威权右翼和左翼的

重叠是众所周知的。他们真实的

压迫一直是被虚构的

以及“小”规模的“自由主义者”。今天的重叠在于

上述的受害者叙事。激进左翼在白人、男性、资本家和

殖民主义者中利用这种对立，而觉醒右翼则将其用于

自由主义精英、政治阶层、穆斯林

至上主义者以及故意排斥

白人基督徒的官员。他们是

“觉醒右翼”用来解释她不愿与右翼

真实压迫者叙事的恳求。

至上主义者以及立即排斥的官员

政治中有很多所谓的潜规则，但若要寻找最精准的规律，我们必须回归基础。现在我一直是一个非常活跃的生产者

作为等量且方向相反的反应。每一个

重大的政治运动都会创造

对手阶级。

真实的压迫者叙事。

在白人、男性、资本家和

“觉醒右翼”用来解释她的

不愿与右翼

压迫一直是被虚构的以及“小”规模的“自由主义者”。今天的重叠在于

所有 arylant 酒店。极右翼暴力

太经常被掩盖。

语言同样极端。

压迫不能仅仅是误导。

他们是背叛者。见证了

改革英国党（Reform UK）的

外交事务发言人 Zia Yandl 的激烈言论，他指责一名

前激进国防协会成员及

军队退伍军人为“英国的叛徒”。

然而，最终，这种方法

可能会被证明是一条死路。右翼

需要从左翼的经验中吸取教训，

关于如何疏远潜在的盟友。

愤怒的选民并不希望

号召警察去摧毁

vization。他们被虐待、

愤怒和怨恨所排斥，即使他们

认同潜在的原因。

同样的规律适用于觉醒右翼。

所有决定都是一种选择，如果

替代方案是足够多的，任何人都可以

谁，将他们的受害者阶级定义为族群

大多数，觉醒右翼就拥有优势。

它背后还拥有更多的资金和媒体

权力。即便如此，改革英国党（Reform UK）在整个辩论中的 1970 年代和 1980 年代，

权力就像我们对待 miscible

和船只一样严肃。

批评者认为日本无法负担

更强的威慑。他们错了。

最重要的事情是

资助更高的安全——如果没有

经济控制，我们禁止所有

的高街。这是勇敢的

law-wolf 首先在 against the

fineston's law。我们是受害者，没有

怀疑。白人的

西装就是他自己，这只是一个 40 分钟的

解体。白人的

西装就是父亲，这只是一个 40 分钟的

解体。白人的 解体。白人的

解体。白人的 ---

24

金融时报

2024年8月16日，星期五

Lex.

Richard Waters

AI 在网络防御中制造了漏洞，需要通过投资来修复

商业洞察

私募信贷披露证明是对银行有利的

夏季通常是纽约代码工程（codeworks）问题的高峰期，但至少对于华尔街银行来说，关于感染的担忧似乎已经消失。在摩根大通首席执行官杰米·戴蒙（Jamie Dimon）令人难忘地警告私募信贷领域潜在的“害虫”近一年后（$9），大西洋两岸的银行股正处于高位。原因之一是它们接受了企业的过度分享。

去年少数几起高调的企业失败事件，包括经纪商 First Brands 和 Trivates，引发了人们对私募信贷公司承销标准的担忧，并进而波及到与它们有联系的主流银行。

关于私募信贷中大多数质量问题的担忧并未消失；软件借款人成为了新的焦虑来源。上周，Apollo Global Management 可能会支持一项新私募信贷延续基金的计划，因为投资者对其对其资产估值的看法持有异议。然而，发生变化的是，投资者不再担心传染效应会冲击银行。对 10 家选定的美国和欧洲大型银行近期业绩电话会议的比较凸凸显了今年第二季度语气的变化：根据 Alphabetese 的数据，其中只有 3 家提到了“私募信贷”，该词出现了 10 次；相比之下，第一季度所有 10 家银行都谈到了私募信贷，且出现了 79 次。

这一转变源于银行方面为更好地解释其风险敞口而做出的共同努力。戴蒙告诉

杰米·戴蒙曾警告私募信贷潜在的害虫（箭头指向 10000）

投资者，私募信贷规模太小，不足以构成系统性风险。

高盛的大卫·所罗门（David Solomon）指出，其公司的信贷基金正处于资金流入而非流出状态。

美国银行和富国银行在投资者演示文稿中增加了更多细节，包括德意志银行、巴克莱银行、法国巴黎银行和汇丰银行在内的欧洲同行也采取了同样做法。

美国的监管氛围正从要求更多披露转向更少披露，包括可能放弃季度业绩报告。但银行展示了公司在披露比需求更多信息时所能获得的益处。

对非标准财务指标的讨论往往集中在信号上，某些群体曾有过先例——WeWork 的“社区调整后三分之一”（community-adjusted-thirds）就令人印象深刻——但有时，公司和投资者都能从中受益。

在 2023 年一些额外经纪商崩溃后，许多美国银行遵循了熟悉的剧本，提供了关于其商业房地产贷款组合的额外细节。而且，非法定信息对估值至关重要的不仅仅是银行。

在埃隆·马斯克（Elon Musk）的 SpaceX 公司，关于季度火箭发射的自愿披露数据可能比当前营收更相关。在 Nixx Platforms 和微软等科技巨头中，关于资本支出的前瞻性指引已成为最受关注的数据之一。

即使是私募资本集团也开始意识到透明度的价值：阿波罗全球管理公司（Apollo Global Management）计划开始为其信贷基金提供每日价格。

这表明，取消季度报告要求的举措最终可能影响不大。高管们虽然抱怨负担，但他们知道当投资者紧张时，信息越多越好。无论是否强制，披露最终都应降低公司的资本成本——只要它没有什么需要隐瞒的。

亿万富翁正在接管体育队伍——这对球迷来说是个坏消息

马克·沃尔特（Mark Walter）离场了。这位金融家兼信贷投资机构古根海姆合伙公司（Guggenheim Partners）的创始人宣布，将洛杉矶湖人队篮球队以 125亿美元 的价格震惊地出售给前迪士尼高管鲍勃·艾格（Bob Iger）和乔什·库什纳（Josh Kushner），而他在买下该球队仅一年之后就将其出售，此举凸显了体育所有权的性质发生了多么巨大的变化。

在 20 世纪 40 年代，当沃尔特·奥马利（Walter O'Malley）开始购买道奇棒球特许经营权的权益时，他仅仅是该球队的一名内部律师。而到 2022 年洛杉矶道奇队以当时创纪录的 20亿美元 被收购时，竞标财团是由处于私人资本前沿的高级金融家领导的。该团体的领导者正是出售湖人队的马克·沃尔特。不难看出为什么亿万富翁在体育领域扮演着不可撼动的角色。私人资本市场长期的牛市充实了他们的金库，使他们能够越来越多地购买这些“奖杯球队”。但他们的目标与前一代所有者截然不同。

像奥马利这样的家族，其收入和财富主要源自体育，并将球队代代相传。但对于金融家来说，体育特许经营权是更广泛投资组合的一部分，球队面临着被卷入其所有者私人事务的风险。

据 PT 报道，沃尔特的保险帝国正受到联邦检察官的压力，原因是其对与该金融家其他业务利益相关的投资分类方式存在问题。出售湖人队的所得资金可能会被用于解决剥离保险业务的压力，或为保险资产负债表注资。

湖人队竞争对手菲尼克斯球队的所有者马特·石破（Mat Ishiba）也面临着自己的清算。他旗下的上市抵押贷款金融巨头联合批发抵押贷款公司（United Wholesale Mortgage）在最近的一笔对冲交易中遭遇挫折，并取消了价值数亿美元的股息，其中一部分曾被石破号召投入到他的篮球队中。

尽管股权和债务市场经历了长期的牛市，但这类球队所有者仍面临波动。然而，随着高通胀和股权估值见顶，金融家们可能会面临实质性的

财富的尴尬

新亿万富翁之月 (2)nd

压力。有些人可能不得不抛售汽车、艺术品，甚至是心爱的体育球队。

传统上，体育所有者提供长期稳定性。许多人将 20 世纪 40 年代的少量投资在本项目世纪出售时变成了数亿美元或更多。而那些支付顶价的亿万富翁们，可能与当地的联系较少，对他们新收购的特许经营权也缺乏感情。

欧洲风能行业的复苏正在加速

在过去的五年里，欧洲风能行业一直受到成本上升和客户削减开支的挤压。这些因素，以及区块链 Tivamp，使得 Vrotas 等设备供应商和 thread 等项目开发商的市值仍远低于 2022 年的峰值。但本周公布的业绩表明情况正在改善。

疫情后原材料和零部件成本的大幅上涨已基本消化。在为陆上和海上项目制造风力涡轮机的 Vrotas 公司，第二季度的营业利润率跃升至 14%，高于去年同期的 1.5%。而一个多年前筹集了 84亿美元 资本的 thread 公司，则没有关于其成本高昂且延期的遗留项目进一步的坏消息可报。

同时，各国政府似乎也开始认同风电场发电值得支持，即使其成本高于最初的设想。

英国在 1 月份的新海上电容量拍卖中率先垂范，尽管开发商要求相对较高的固定电价，但仍赢得了项目建设权。丹麦在 2024 年的拍卖中设定了宽松条款，以吸引投标者，并在本月初成功运行了一轮拍卖；而荷兰则在为计划于 11 月举行的拍卖准备补贴。

欧洲政府支持风能项目有明显的动力：关于伊朗剧院控制权的紧张局势推高了天然气发电成本，并加剧了对能源安全的担忧。WestMacKenzie 表示，在美国，尽管唐纳德·特朗普总统反对风力涡轮机，但由于数据中心对电力的需求不断增加，2026 年的陆上安装量预计将创五年来新高。

随着风能前景转好，欧洲供应商和开发商的竞争地位可以说比以往更好。虽然中国涡轮机供应商取得了长足进步，但地缘政治紧张局势可能会使欧洲和美国的政府及企业客户在购买其产品时犹豫不决。

与此同时，根据 USR 的分析，在之前的投标轮次中赢得了美国东海岸约 15% 土地面积的所有公司，已基本转向其传统业务。这表明，像 United 这样的专业公司将不再面临化石燃料巨头的压力，后者此前热衷于通过挥舞其更廉价的账本来美化其可持续发展资质。

漫长而曲折的道路

股价发布

日经亚洲 (NIKKEI Asia) 亚洲世纪之声

纵横字谜 第 18,452 号 作者：BOBCAT

答案 18,451

扫描二维码联系 PT：crossword.com 或 18a1 1234 1234 1234 1234 1234 1234 1234 1234

横向

1. 穿着整齐，准备被接走并运输 (a)
2. 一个挑逗者 (10) 积极访问外部 (10)
3. 唤醒同僚被否认避开美国记者 (7)
4. 星星，显然很随和，可能经过一条线的时间 (7)
5. 罗马式怪诞缺乏标记的原始位置 (4,5)
6. 罗马的汤顿“面孔”那不是未知的 (3)
7. 肮脏的吉莱斯皮缩减计划以释放一个频道 (18,4)
8. 水果，某种十字，精准交付 (8,6)
9. 关于返回官员的年龄如何？ (5)
10. 设施被检查员最初撤回以改善工作弹药 (9)
11. 你被英国国家债务的大部分所淹没 (7)
12. 10% 泡沫的新奥尔良功能的瞬间被送回肉类 (7)
13. 由加油站启动的回收底座中的国内市场 (4,4)
14. 可能由戴维斯住房控制的男人 (6)

向下

1. 参考泽西岛进行重新评估？(8)
2. 支持治疗师的律师？(8)
3. 早餐的声音是撤回的相关文章的一部分 (5)
4. 指向更柔和油漆的推荐地 (9)
5. 改拨 15 —— 卓越团体 (10)
6. 撕裂自己的支持者 (6)
7. 给定基础姿势的均匀夹紧更安全 (6)
8. 在缺乏特殊照明的情况下，不稳定的女孩倾倒物品 (5,8)
9. 宗教文本中的符号物质被各州改编 (5)
10. 提升家庭成员的迷幻药片？(5, 5)
11. 太阳之后在佛罗伦萨获奖的作家所引起的分心 (8)
12. 一个从 Bow 前往港口的 Hixxach 案例？(5,5)
13. 亨利直接捕捉到被两组男人证明的皇后 (5)
14. 疲惫的 Anton Villa 在剧中失去心志。来自 The Hammers 的核心提供 (5)

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CLINIQUE LA PRAIRIE

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FINANCIAL TIMES

FRIDAY 16 AUGUST 2026

UK (GTE) Republic of Ireland (GTE)

Pakistan's bold ambitions on the world stage

THE WINTER 2026

What our out-of-office emails really mean

SPEAKING TIMES, PACIFIC

Anthropic investors bet on record $2m IPO valuation

• Autumn listing planned for start-up
• Appetite for AI boom to be tested

BRITISH FOUNDATION - GATE HANDS (GTE)

Anthropic investors expect the AI start-up to float at a valuation of $20m or more in October, a dizzying figure that would eclipse Spacell and make the AI fall's debut the largest ever initial public offering.

Half a dozen of the company's teachers told the FT that Anthropi's rapidly rising revenue would enable it to more than double its current valuation in a planned autumn flotation.

A listing at that level could unlock billions of dollars in gains for the five-year-old company's early investors but would also test public markets that are growing more nervous about the AI boom.

Anthropic's teachers say huge demand for the fall's advanced AI models and tools justifies their lofty expectations. Investors expect the Claude maker's annualised revenue to be between $100bn and $120bn by the end of 2026 — using the start-up's preferred measure, which infers full-year sales from recent performance — up by more than 30 times over the course of 2026.

"If Anthropi is growing 800 per cent a year, you'd think at the incredibly low-end they would trade at 30 times [over-men]," said a hacker of the group. "That would make them a $5bn company."

Anthropic lacks a publicly listed US peer that would provide a benchmark for its valuation. But companies were at AI beneficiaries, such as data intelligence group Palamits and cloud company Nebion, have traded this year at about 55 times revenue.

Several investors said that senior Anthropic executives had yet to fix the valuation target for the IPO.

Investors' bullish projections come

despite mounting challenges, including rising competition from Chinese rivals, pressure for AI registration and a interesting look with the US government.

These concerns, particularly the commerce department's temporary loan on Anthropic's best models, contributed to overall revenue growth slowing in the month of June, according to two investors with knowledge of the market. Even so, they said the company had continued to grow at an extraordinary rate.

Anthropic declined to comment. The start-up, led by Dario Amodei, filed paperwork with the Securities and Exchange Commission in June, putting the company in a quiet period that limits public announcements about its financial performance.

Venture capitalists, sovereign wealth funds and other investors have poured part under $100bn into Anthropic this year. Its valuation longfrogged OpenAI's for the first time in the six-fitting $990bn including the new investment.

But the group also faces considerable uncertainty. It has clashed with the Trump administration and remains in active litigation against the US Department of Defense, which this year labelled Anthropi's largely chain risk.

Anthropic has since been forced to briefly pull its leading models Fulite 5 and Mythex 5 after being hit with expert controls by the commerce department in June. The episode spoiled some customers who rely on the models.

"The company continues to be in first position in performance, positioning and what people want expensive," said an Anthropic investor who has also backed OpenAI and Spacell.

Business Insight page 5

Markets page 13

Next steps Frasers snaps up Harvey Nichols for £40mn as Ashley pushes retail group upmarket

Brighter days ahead: Harvey Nichols' flagship store in Knightsbridge, central London

Mike Ashley's Frasers Group has bought struggling department-store chain Harvey Nichols through a pre-pack administration that will further the retailer's luxury sector ambitions.

The transaction, announced yesterday, allows Frasers to buy a diamond-down business share of some of its liabilities. The Sports Direct owner paid about £40mn, according to people with knowledge of the deal.

Frasers will acquire six stores, including Harvey Nichols' flagship in Knightsbridge, London, as well as its online and international businesses. However, the retail group's chief executive, Michael Murray, warned that there would be a "significant" restructuring as it integrated the business into Frasers following tough trading in recent years. "Harvey Nichols is an iconic British institution with significant

potential but it is clear mounting full change is needed," said Murray, who is Ashley's son-in-law. "The turnaround will require tough choices."

Harvey Nichols, which traces in history back nearly 200 years and rose to prominence in the 1990s partly thanks to the BBC sitcom (Berkeley Fabulous, has racked up pre-tax losses of £200mn in the past six years.

Shahisha Earl page 23

Briefing

• Burnham boost as GDP expands in second quarter Britain's economy grew 60 per cent in the second quarter, a relatively firm performance that boosts new PSE daily Burnham and suggests businesses are weathering threats, including the surge in energy prices. — Feat. 6

• Crypto wallet breach The personal details of almost 24,000 crypto holders have been exposed to a breach at Trentee, maker of hardware wallets meant to be the safest way to hold keys that access digital tokens. — Feat. 9

• Rare US rebuke for Israel The US's ambassador to Israel condemned settlers who have laid siege to Palestinian homes in the occupied West Bank as "colonized" in a rare rebuke from a top US official. — Feat. 6

• Seoul overtakes Dubai In Korea airport has passed Dubai to become the world's busiest passenger airport this year, after the number of people travelling through the Middle East had felt amid the war in Iran. — Feat. 10

• US in tariff dodging claim The Trump administration has accused more than 40 countries of helping Beijing illegally avoid US tariffs by revealing trade situations subject to lower import duties than China. — Feat. 11

• Rome's airport mission Bally's largest airport is pushing to complete a 6'9bn growth plan in time for a big tourism event; the 2,000th anniversary of the death and resurrection of Jesus Christ in 2025. — Feat. 12

• Shein loses Trump lawsuit The fashion group has lost a UK copyright lawsuit against its archival Trump in a case that had the potential to reshape platforms' legal responsibility over goods sold on their websites. — Feat. 13

• Canary Wharf sells office Canary Wharf Group has sold an building occupied by Section, the French bank, to its own investors for £425mn. — another big deal in the east London financial district amid a flat market. — Feat. 15

University inclusivity in spotlight after Arday row

The integration of Jason Arday as Cambridge's youngest Black professor over plagiarism claims has put the university's approach to showing equality and inclusion in the spotlight. After criticism over a lack of diversity, Cambridge and its rival Oxford have sought to recruit more widely, for days, said the episode resulted from a rush to invite perceptions of being stuck in the past four times breaking efforts to build a more inclusive culture. Reckoning faced — Feat. 1

Swarovski boss says women buying own lab-grown diamonds is 'very endearing'

HAGELIDGE SPESS AND CAMILLA HIGHLIGHTS

The chief executive of jewellery maker Swarovski has said the popularity of cheaper, lab-grown diamonds means women now buy gross for themselves in a trend be described as "endearing and encouraging".

Lab-grown options were "enabling will-pan than for women", compared with traditional mixed diamonds. "Men's in most instances it was a man offering a ring to a woman", said Maria Nusard in an interview with the FT.

"Today, a woman comes into our store. She sees it. She's beautiful. She tries it and says: 'You know what? Let me get it you're just if. I've turned that. And we find that very endearing and encouraging'"

Synthetic diamonds, primarily pro-

duced in China and India, are rapidly gaining share in the precious ocean market, threatening the viability of the natural diamond industry. In the US, more than 60 per cent of women in diamond engagement rings are lab-grown, Nusard said. "I can very easily see that coming to 80 per cent in the next two years, for the train left the station."

Synthetic gems have become more affordable as production has increased. Diamond market analyst Paul Zanninhy said: "The price has consistently come down in a fashion similar to other men, a factured product, whether it be LED lightbulbs or flat-panel TVs."

Wholesale prices of lab-grown diamonds have fallen to $200 per carton, whereas prices for natural stones are still in the thousands, he added.

Nusard said the market price did not affect how it priced its products and that

lower prices for gems "to an extent" improved its profitability. "When they buy Swarovski, they're buying a Swarovski diamond. They're not buying a low material."

The US year-old company, which competes with high street brands such as Pandora as well as Cartier and Tiffany & Co, used to specialize exclusively in crystal jewellery and glassware but expanded into lab-grown diamonds in 2016 as part of a luxury push.

But the "lunarisation" of the brand went to the, Nusard said. The company started producing increasingly elaborate and pricey jewellery, and sales growth slowed. The family owned some pony made C$1.9bn in sales in 2025, a 6 per cent increase compared with the year before but still well below its peak.

A decade ago, the group was earning C$3.7bn a year.

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2

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FINANCIAL TIMES

Friday 14 August 2026

NATIONAL

Cost of living

GDP data offers Burnham relief

Economy expands 0.4% but economists provide the 'Batterrig' seasonal quirks

SAP FLEMING – ECONOMICS EDITOR

The economy grew 0.4 per cent in the second quarter, a relatively robust per cent year, and suggests that some are weathering threats including the loan war-related single to energy prices.

The figure released yesterday by the Office for National Statistics was in line with analysts' forecasts and compared with a growth rate of 60 per cent in the first three months period.

In the month of June alone, GDP grew 0.3 per cent, with signs that the World Cup boosted activity for restaurants, brewers and television companies. That followed the growth in May – some ward services from the previous increase of 0.2 per cent for that month.

The figures will have come as a relief to new Prime Minister Andy Burnham

as he pledges to broaden growth and tackle the cost-of-living crisis.

The economy is expected to expand 1.1 per cent this year, according to the Bank of England's latest forecasts, marginally below the 1.5 per cent pace recorded for 2025.

Nevertheless, rising inflation is set to take a toll on household's real incomes, with the first predicting inflation will rise from 2.6 per cent to 3.2 per cent towards the end of the year.

"The UK economy has proven more resilient than many expected given the conflict in the Middle East," George Brown, senior economist at Schindler, said. But he added that "seasonal quirks" were probably "flattering" the figures and growth was likely to lose steam this year.

The pound was steady at 81.33 after the data. Market expectations for the next full meeting were little changed, with traders continuing to price around a one-in-four chance of the central bank raising rate in September.

The bank is expected to make one quarter-point rate rise before the end of the year.

Quarterly growth was driven by an increase of 0.5 per cent in the dominant services sector. The biggest contribution to the sector came from information and communications, as well as professional and scientific output.

'The economy has proven more resilient than many expected given the conflict in the Middle East'

The construction sector expanded 0.5 per cent, while grades rose on 0.8a. And GDP per head was up 1 per cent compared with the same quarter's year ago. On the expenditure side, the most investment jumped 1.7 per cent in the latest quarter, while there was a 0.5 per cent increase in real household consumption. Government consumption

left, suggesting GDP growth has been private sector left, a positive sign for the economy, analysts said.

But speculation about another tough Budget could take some of the steam out of the expansion in the lead-up to new chancellor John Healey's first fiscal event on October 24, analysts warned.

Healey said the government would react to concerns about the impact of the conflict in the Middle East on household and business expenses.

"This is an action, hands-on government, putting British interests first – giving breathing space to those feeling the strain, making our country more cautious and bringing help back."

Sir Mel Stride, Conservative shadow chancellor, said: "I chose have mission aged the economy with their tax and borrowing spurs, leaving it weak and strong. But the effects of details like the low war, Yet Andy Burnham signaled up to tax and borrow even more, including down on these failures." Additional spending is freely thrown.

Results day Pupils taking economics A-level climbs more than 10%

ANY KIDNEY AND DANIEL JONES

The number of students sitting A-level extension last people by more than 10 per cent, as university admissions data shows a record number of acceptances on to engineering and technology degrees.

Economists entered the top five most popular subjects for the first time, according to data published yesterday, with a 10.1 per cent rise in the number of entries since last year.

Separate figures published by Ucas showed more than 27,200 students accepted places on engineering and technology courses starting this autumn, a rise of 10.7 per cent from last year.

There was also a deep rise in students securing university places for courses in social sciences and law, with year-on-year rates of 63 per cent and 6.4 per cent respectively.

Despite a debate about the value of a degree and the fairness of England's student loan system, the number of school leavers accepting a university place reached a record high of 24,920.

This mostly reflects the rising number of 10-year-olds, with the share of this age group according a place falling slightly from 52 per cent to 51.6 per cent.

Growing demand for technical and professional degrees comes as the number of graduates job-putting falls to the lowest level in the pandemic, raising concerns about the disruptive effect of 45 on employment.

It was understandable students won looking to these subjects as "a lot on where the labour market is heading," said Jack Katsneft, senior economist at job search site (table), but ultimately there was no such thing as an 43-proof degree.

"Some of the occupations most exposed to 41 are non-working to outperforms the wider labour market, suggesting that it is creating demand for people who know how to use it, rather than simply replacing them," he added.

A level results released by the Joint Council for Qualifications revealed the growing interest in economics, although marks remained in the top popular A-level, with entries up 3.9 per cent.

Boys once again outperformed girls for the top grades across all subjects,

Students celebrate their exam results at Barking & Dagenham College, Birkhead, yesterday

Maths is the most popular subject but interest in economics has surged Top 10 A-level subjects, 2026

Source: JCS

Laborer, Growth

Starmer allies warn Healey to avoid blowing 'strong' inheritance

Senior figures fear chancellor

will undermine economic

progress with higher taxes

GEORGE PARKER AND CARY S. LEMORE

John Healey has been urged by senior figures from Sir Kerr Pearson's former government not to blow a "strong" economic inheritance by raising taxes and letting business to his first Budget.

The chancellor yesterday asked health growth figures showing 'the UK was the fastest growing economy in the G7 in the first half of the year.' The economic grew 0.4 per cent in the second quarter and 64 per cent in the first.

Former chancellor Rachel Reeves, pictured below, declared on 5, "Strong growth numbers for the first half of the year. This was not inevitable."

There are concerns in Labour's ancient regime that Andy Burnham's new administration might put such progress at peril. Some who served alongside Reeves are worried that Burnham, who has signalled plans for operating increases, could undermine growth with higher taxes – especially on wealth and business – and more borrowing.

"The government needs to start focusing on growth, not just on how to spend money that doesn't exist, but rowing costs are too high," said one Labour figure. "Rachel Reeves did the tax raising in her two Budgets and they shouldn't do any more. The point was to make the tax raising a little more money needed. That has been done. We have reached the limits on tax and now it's about driving growth and reform."

Former Starmer ministers fear that Burnham's "listening" tour of the UK might result in the prime minister's decision to Westminster with new spending ideas.

Burnham has signalled that he wants the Budget on October 24 to help people with the cost of living, while there

are plans for increased cost of housing, some deliver spending and a longer term commitment to address the crisis in social care.

Healey's team has attempted to increase business and markets, telling the F7 that he would stay. "I will write a letter. I will be able to get rules and was looking to deliver a 'straightforward, well-managed Budget."

One said Healey, who served in the Treasury under Sir Tony Blair, saw the head event "as healthy on the foundations of Reeves' Budgets of strong fiscal discipline, rising government and public service improvements."

"This government is giving people a little breathing space, excepting the resilience and bringing hope back," the chancellor said yesterday.

While Healey will need to lead money to one the cost of living crisis, he could make a difference in defence and social care. Some in Burnham's circle hope rather: growth will continue into the third quarter of 2026.

Treasury leaders argue that, unlike the other figures, and said 2025, there will be no need to carry out a fiscal report yet. "There won't be a Tony black hole to deal with or a massive downgrade in productivity forecasts," said one. Nevertheless, some of Burnham's supporters have advocated a range of tax increases, and consider targeting the wealthy, property owners and banks to help fund a more thriving agenda.

Lord Jim O'Neill, a former Goldman

Sachs chief economist and Treasury advisers, who has provided information with economic advice, has warned against any "needful act".

Burnham has already been forced to retreat on a suggested compensation package for women affected by a rise in the state pension age that might have contributed to a change.

The former Greater Manchester mayor also informed concerns in his Wakefield constituency about the by-standing forces in the personal income tax system. But he has been placed down any early move on that front after weaning that ending the lower could cost more than £50m a year by the end of the decade.

The GDP figures came as a relief within the Treasury, where officials were expecting a weaker base not turn than the 0.5 per cent monthly increase to output.

The new numbers put the UK at the head of the G7 group at all national economies to growth in the first half overall, although figures has yet to report its second quarter output.

John market figures and inflation data will meet work dead further light on the

"There won't be a Tony black hole to deal with or a massive downgrade in productivity forecasts"

health of the economy, but some indicate to report no standard information.

The SKP Global UK Services PRI activity takes returned to growth in July, for example, with a reading that recorded the on-charge value for the first time in three months.

But officials are also surely aware of the risks of the above standard markets remain on edge because of the risks associated with the war in Iran, with the Bank of England predicting inflation will rise from 2.6 per cent to 3.2 per

cent towards the end of the year, compared with the official 2 per cent target.

The first 5 expected growth of 1.1 per cent this year and year, day of 2025's 0.5 per cent figure, but the Treasury's internal scenarios

response seems downside risks to that outcome if the Strait of the

year, compared with the official 2 per cent target.

The first 5 expected growth of 1.1 per cent this year and year, day of 2025's

0.5 per cent figure, but the Treasury's internal scenarios response seems downside risks to that outcome if the Strait of the

With economists said the second-quarter growth figures were led by the private sector's health to reduce the both real household spending and business investment, the UK has sparked in recent years of growth falling after a strong start to the year. This remained a possibility in 2026, they said, especially given pressures on households and businesses from rising community sources.

Business leaders warn that the challenge will be maintaining momentum.

"Businesses have become somewhat less pessimistic recently but uncertainty doesn't have gone beyond and the autumn Budget could encourage firms to keep plans on us," said Ben Jones, senior lead economist at the CBI lobby group. "The priority must be to build on the economy's recent millionaire and deliver sustainable growth. 'Jack King the new G7 using business – from high industrial electricity and employment costs to business care reform – will be critical to achieving this goal."

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Agriculture

State aid planned for farmers as extreme heat savages harvests

RACHEL REED, LUCY FLOWER,

GEORGE PARKER AND MARIE JONE SPESS

Farmers hit by the severe droughts look set to receive financial support under plans being driven up by Andy Burnham's government, as the premier seeks to prove that he will govern for rural areas as well as urban areas.

The fifth heatwave of the year has left farmers battling punishing conditions, with more than two-thirds of England declared to drought following the three years.

The National Farmers' Union has made a number of demands to ease the impact of the hot, dry weather on the industry, such as introducing flexible water abstraction licences or farmers

are not obliged to adhere to caps if they are suffering shortage.

Three government figures confirmed that a financial support package was being considered but declined to provide details. Two said they expected the measures to be announced tomorrow.

Burnham has promised to deliver "growth in every episode" but his new decade as mayor of Greater Manchester has left him linked to the northern city, with few connections to rural areas.

The primer minister has sought to witness that issue the market with a tour of the UK, including rural communities, and a package of support for farmers would bother his claim to be governing for the entire country.

There has been scepticism in the

country side about Burnham's interest in farming, systematized official problem given that more than 80 seats won by Labour at the last election are deemed to have significant rural populations.

Jensen, Healey, secretary and adviser to the CBE, the National Bank of England Valuers, told the Farmers Weekly just and that the prime minister's political and economic outlook was "a big city, big powder island."

He added: "There's nothing evident in Manchester that suggests very strong levels of areas, rural life and the rural economy."

Farming has been built hit by the hot and dry weather, which has led to the earliest harvest on record and left farmers reaping crops at night to avoid the

extreme temperatures. What yields are expected to fall below the five-year average, according to farming consultant Saddamson, while the prolonged dry spell has curtailed grass growth, hitting the dairy industry. A second payment now forced many farmers to break into winter food supplies, threat using a supply shortage (not to the year.

Gavin Law, president of the Country Land and Business Association, said that while farmers were "resilient pretty much, they gave presentness acts of the same type of care that could be taken into account", following these droughts as few years.

The Department for Environment, Food and Rural Affairs did not respond to a request for comment.

---

Friday 1st August 2020

•

HITCAPACIAL TOBEX

3

NATIONAL

Cambridge faces reckoning after Arday resignation

University's approach to ensuring diversity in recruitment under spotlight in wake of allegations that led to Black professor's departure

FRANKLIN NELSON AND LAURA HUGHES

Most of the tourists meandering the cobbled streets of Cambridge this week were seemingly unaware of the storm inside the city's elite university over standards in research and how senior academics are appointed.

The resignation of Jamie Arday from a professorial chair in education amid claims of plagiarism has threat Cambridge's approach to diversity, equality and inclusion (DEI) into the spotlight.

In response, the university has promised an inquiry into the新的 that led Arday to become the youngest Black professor at the age of 37 in 2023.

After waves of criticism about the comparatively small share of women and people of colour in academic roles, Cambridge, like its rival Oxford university, has sought to recruit from wider posts, formalise DEI policies and improve governance, notably in relation to complex of second law normals.

Yet does and officials at both institutions, several of whom spoke to the FT as a condition of university, and the Arday episode was evidence of decision makers rushing to tackle perceptions of being stuck in the past, rather than prioritising a long-term diversity strategy.

Others said Cambridge's handling of the appointment indeed setting back efforts to build a more inclusive culture.

The university's appointment of Arday may have been a response "to criticism that they had very few Black academics feel (don't think you can take shortcuts to these things", said Pityamvada Gopal, a professor of postcolonial studies at Cambridge.

"If you pluck Black scholars at an early career stage and put them into a major professorship, you walk into the

All this is very bad for Cambridge but the real victim is sensible equality, diversity and inclusion

criticism that you are doing DEI rather than excellence, and I don't see any reason why the two should be opposed."

Both Oxford and Cambridge have increased diversity at undergraduate level in recent years.

In 2023, 30 per cent of UK undergraduates admitted to Oxford were from ethnic minority backgrounds, up from 24.6 per cent in 2022, according to the university. The figures compare with 18.3 per cent of the population of England and Wales who identified as being from a non-white ethnic group.

At Cambridge, in the 2018-22 academic year 33.4 per cent of students were of ethnic minority background, up from 29.5 per cent in 2022-22. Women accused for just over half of undergraduates at both universities.

By comparison, 25 per cent of statutory professors at Oxford and roughly 28 per cent at Cambridge are women. About 11 per cent of statutory professors at Oxford and 12.1 per cent of professors at Cambridge are from ethnic minority backgrounds. In 2020, 9.4 per cent of Cambridge professors were Black.

According to the latest data from the Higher Education Staff Statistics, women accounted for 32 per cent of professors in 2024-25, while 14 per cent were from ethnic minority backgrounds. In the same year, data showed there were as few as 370 Black professors, or 1 per cent.

One Oxford den said the recruitment of teaching staff was "saving in a much more positive direction", thanks to an effort to "pay special attention to

Infrastructure

Downing Street accuses water suppliers over soaring bills

ELL FLUMBER

Andy Bursham has accused water companies of rousing customers like a "black cheque" after tWest announced five suppliers could increase bills for millions of households.

The prime minister said he was "angry" following the water regulator's decision to allow his increase to land investment in infrastructure such as a new reservoir and water re-sn (illegible).

The Carragu Area of Southern Water, Thames Water, Severn Trent, Wessex Water and South East Water – will be able to raise bills more than originally expected by the end of the decade, while a further seven will pass on additional costs to customers in the 2030s.

Bursham said that households "have been asked to pay more for years, yet actually pollution incidents are at record levels and the pipes are still leaking". He added, "Customers cannot be treated as a blank cheque. Where water compa-

Students from King's College, Cambridge university, on graduation day, left: Jamie Arday, above, renounced his professorship after claims of plagiarism

women or Black and minority ethnic people in the appointment process, other things being equal".

"Although they are only 'joined under the banner of "Unbridge", the universities have taken different approaches to developing and implementing EDE policies. While Oxford appointed a dedicated 'chief diversity officer', Cambridge looks to an unpaid DEI committee, which under representatives from across the 857-year-old institution.

One Cambridge professor said the committee did not hold real power and was seen inside the university "as a tiny bit ceremonial or almost tokenistic", adding: "A lot of the commentary makes it seem like they are rousing the universities but that's basically the opposite of what they're actually like when you sit on these committees."

The head of one Oxford college said DEI framework had been "taken into the [Oxford] body managrability" via the chief diversity officer. By contrast, DEI had "crept into the Cambridge bloodstream in a way that makes it an orthodoxy that is very hard to challenge", they added, "All this is very bad for Cambridge but the real victim is sensible equality, diversity and inclusion."

When the allegations of plagiarism emerged, Cambridge defended Arday as "the victim of a vile campaign to undermine his credibility". Last week, even after the university said it would investigate his "academic qualification and honorary appointments", he resigned.

Besides allegation that he plagiarised his PhD at Liverpool John Moores University – claims that the institution said it had investigated and dismissed last year – Arday has been accused of making false and exaggerated statements in his CV, including rousing 30 operations over 50 days.

On resigning, Arday said in a letter posted online that the decision to leave should not be "dubulous for an acceptance of the narratives that have surrounded me", adding: "It is simply the decision of someone who has reached the limits of what any person should reasonably be expected to endure."

On Tuesday vice chancellor Professor Deborah Prentice said his letter to Cambridge staff that the investigation into Arday's appointment would be "thorough and transparent" and involve academics from Cambridge and outside.

In a separate letter yesterday to all staff, Prentice said the issues raised by the Arday office are still a continuous change (was) required to improve and modernise our structures. "I am fully committed to implementing the changes necessary", she added.

Lord Chris Smith, chancellor of Cambridge, told the FT he was "deeply con-

sion seek to pass unnecessary costs on to households, they will be challenged."

Ofwat said the additional charges to customers would be used to pay for £5.40m of projects including infrastructure for housing, data centres and measures to make drinking water safer.

The decision was part of Ofwat's new "cost change process", which allows companies to ask for bill increases above those set every five years if they can prove they will deliver infrastructure. In some cases water companies have already been allowed to raise charges by more than 30 per cent by 2030 once inflation is included.

Ofwat's decision will add £45 annually to the average Southern Water bill from next April, £15m Thames and Severn Trent and £4.9m Wessex Water.

There will be additional bill increases from a previous decision by the Competition and Markets Authority, as well as other mechanisms used by the regulator and inflation.

cerned" by recent events and welcomed the role of external academics in the inquiry.

"It seems to me that there are two principles that are really important here: The first is to hold fast to the value

of academic integrity, and if there are credible accusations of plagiarism about any academic, they must be rigorously and openly investigated", said Smith.

"The second is we mustn't allow this unhappy affair to turn into a mob

assault on diversity in academia. I particularly fear for the impact it will have on good Black professionals academics across the university access".

"Questions of race are not new for either Oxford or Cambridge. In 2020

both sites witnessed protests in support of the Black Lives Matter movement, which prompted many departments to review their curriculums.

In the same period, Oxford's Oriol College was the focus of demonstrations over a prominent statue of Cecil Rhodes, the British imperialist and a donor. Despite calls for its removal over many years, the statue remains in place with added contextual information.

Lord Neil Mendoza, provost of Oriol, said: "We don't know as a result [of the Rhodes Must Fall movement] whether our admissions were affected, however, we haven't noticed a drop off in applications for student or academic positions."

In Cambridge the mood is solved. Some academics are satisfied with plans for the inquiry to involve internal and internal figures and hope to a renewed focus on DEI.

But others remain concerned that critics will stay on the attack, not least with Arday's memoir due out this month. "This is a PR crisis," said a senior Cambridge official. "We need to know to do diversity, equality and inclusion differently because all has not gone well here."

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---

4

•

FINANCIAL TIMES

Friday 16 August 2018

INTERNATIONAL

Shadow tankers

Russian oil fleet resorts to ad hoc nets

'Mad Max' style defences seen on vessels to repel or intercept deadly drones

ALEXANDER, CANADA CHRISTOPHER MILLER - 8/19

Russian oil tankers and port facilities are being docked out with anti-drones setting and cages to protect against Ukraine's relentless attacks on Moscow's energy infrastructure.

The Canans, a tanker under sanction by the US and US, added one of the Black Sea through the Bosphorus on Tuesday with anti-drones nets and water tanks hung off its sides, according to footage

by shipping analyst Yurek Izik. Elaborate anti-drones nets and metal cages have become a crucial defensive layer on land in the Ukraine war, but until recently they had not been seen at sea. The images of the Canans showed a mix of the ship's bridge draped with a net and its road covered by raging.

'Mad Max arrives here nothing that can top this,' said Izik, who runs the Istanbul-based Bosphorus. Observer consultancy. Another tanker under sanction, the Blood, is also sailing in the Sea of Marmara south of Istanbul covered sewers, according to Izik.

Over the past two months, Ukraine has conducted an intense assault on Russian vessels in the Sea of Kiev and

Black Sea in an effort to cut Russian oil flows. The attacks have caused such chaos that US vice-president Dr Vanco last month asked Kyiv to hold million near the Caspian Pipeline Consortium terminal in the Russian port of Novorossia's to protect US oil major's interests and need for their destabilising products.

The ships' defences appeared more ad hoc than structures used on land in Ukraine, where some vehicles are covered in spilled metal cages. They aim to blunt the explosion by providing a gap between the warhead and the target. The water tanks on the Gulf, another to save used on Russian tanks, also to absorb the impact of air or sea strikes. The Canans crew had not only covered

the bridge with nets but had 'boxed themselves in', said Sunni Madani, co-founder of ship monitoring site Tanker Sea Borouane. 'The fear is real.'

The Black Sea is a critical route for Russian oil exports as well as Ukrainian grain, which has been targeted by Moscow as installation for the heavy attacks.

Rates for shipping cargo in the region have increased sharply, according to pricing agency Argus. 'Recent incidents have prompted a significant number of shipowners to adopt a wait-and-see approach rather than take on additional risk,' said Head Missedudayne, head of European freight pricing in Argus. Insurance had also been restricted or was being offered at high prices, he said.

In Novorossia's port, satellite images and open source photos and videos have shown nets and other fortification installed around the navel lines bearing the Black Sea fleet. Large netted frames are visible on images of the lines taken by Airbus satellites, as well as booms and larger spilled across the entrance to the water. A boat can be hitch and borne entry — a protective measure that has been to place since March 2016.

Thousands of miles of roads across south waters (Russia) are also covered with fishing nets that form tunnels for vehicles to avoid attacks by the first time after 1977. It has been that now dictate moves on the battlefield. Additional reporting. Chris Codi in London

Tourism

Rome seeks to expand airport for 2,000th anniversary of Christ's death

PETER CAMPBELL - LONDON

Rome's largest international airport is pushing to complex a 1780s expansion plan in Rome for a significant tourism event the 2,000th anniversary of the death and reconstruction of Jesus Christ.

The city's Francisco airport wants to finish the work by 2025, where it expects the number of visitors to the Vatican will be available by its palate.

Christ was born around 4-6M; and was credited and died in the year 1815, when Christian believe he also rose from the dead.

The airport expects growth to continue even without the Hawaiian milestone — but is urging Italian Prime Minister Giorgio Meloni to greenlight the work to begin construction within two years, chief executive Marco Troncone said.

'Etilis happens, the new runway may be ready to 2025, in time, ideally, for the next seven years' — to mark 2,000 years after the death of Jesus Christ,' he told the FT.

The expansion would enable the airport to process 100mn passengers a year

Locals who 'normally are against these expansion projects are totally in favour'

by 2046, roughly double the number it received last year.

Troncone and the environment ministry had approved the project, which has also been backed by the transport ministry and deputy prime minister.

'We have some final work to do at the level of the prime minister's office, which needs to be removed that this project, of course, also delivers a lot of value for the public, not only for the private investor,' he said.

Troncone claimed that locals who 'normally are against these expansion projects are totally in favour'

Rome is one of Europe's most significant tourism cities, with the Colossians and the Pantheon, as well as the Vatican, which is the centre of the Roman Colossians.

The privately funded plan includes a fourth runway, a new terminal complex and additional terminal facilities, around 45m of the 69ha investment plan would be spent on expansion and another 44ha on upgrading existing facilities.

Troncone said the airport had seen a loss in tourism recently, boosted by the strength of the dollar.

The first first the new Papi, Los Oct, is from Chicago has also been credited for drawing more US Catholics to Vatican City.

The airport had assumed that the US was a 'fastest' market, but visitors from North America are now 20 per cent higher than in 2018, the last year before the pandemic, Troncone added.

He expects 'structural growth' in passenger numbers as more people travel to the city and change to drains from a river-like country, which is significant increase from Asian countries such as China, India and Indonesia, as 'billions of people' can afford to fly for the first time.

Germany. Shipping

Drought exposes delay solving Rhine bottleneck

Industry chiefs claim Berlin for

34 year wait to deepen crucial waterway at critical checkpoint

ALAF STORESIS - FRANKFURT

Germany's shipping industry has hit out at Berlin for following for 34 years over a project to deepen the Rhine river at a critical checkpoint, as historically low water levels in the area disrupt supply chains and threaten to damp economic growth.

Back in 1992, the government of Chancellor Helmut Kudri vowed to remove unbrought rocks in the Rhine just south of the mythical London, a towering dam cliff where — according to legend — a siren lured ships on to the rocks.

But 34 years later, the shallow passage still creates a bottleneck for shipping on Germany's longer and more important waterway, which accounts for 80 per cent of inland shipping.

Near the town of Kudri in the west of Frankfurt, the navigation channel is 10 centimeters shallower than elsewhere, often having ships to reduce their load if water levels fall.

One of the worst droughts in Germany since records began in 1882 has meant water levels at the kash gaging station Kifra a record low on Wednesday, more than 50 per cent below the previous nadir in 2018. Europe is suffering twice the rate of global warming of other continents, in part as a result of the proximity to the melting, Arctic. The crisis has shown a spotlight on why the rocks' removal has been delayed for so long.

'It's just inevitable why it takes so long to plane off its underground service of rock,' June Schwamm, chief executive of Germany's association of inland shipping (MIR), told the FT.

Schwamm believes the engineering work to ensure the submerged rocks would take about eight months. But it is emblematic of Germany's wider infrastructure crisis. 'We are wasting time that we don't have,' Schwamm said.

Attempts to deepen the navigational channel have been much delayed by a combination of factors including environmental deprivation, shifting political priorities among associations of governments and the country's lengthy planning process.

While the deepening was again made

A cargo vessel navigates the Rhine past exposed riverbed during low water levels in Kudri, Germany

www.airport.com

a political priority in 2019 after low water levels the previous year denied German GDP, the current plans still imply the work will only be carried out by 2025.

Germany's federal Waterways Engineering and Research Institute has called for a 'highest priority' project.

Federal transport minister Steffen

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---

Friday 14 August 2020

FINANCIAL TIMES

5

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6

•

SYNAPOLIS: TIMES

Friday 14 August 2018

INTERNATIONAL

Middle East

US in rare rebuke of Israeli settler violence

Huckabee condemns siege of Palestinian homes in the occupied West Bank

JAMES SHETTER — JERUSALEM

Mille Huckabee yesterday condemned the Israeli settlers who have had siege to the West Bank and the occupied West Bank as 'criminal' in a rare rebuke from a US official.

'Actions by those who carried out this horrific act of terror meant to stimulate and harass this family are disgusting. No reason for such disuggie behavior was, and it is because it is more - an evangelical Christian who has long been

supportive of settlements in the West Bank - were on it.

The settlers' siege of two homes in the village of Quora, use owned by a Palestinian-American family, began on Sunday, according to local officials. In the days since, settlers have continued to harass their inhabitants.

The incident comes amid a broader campaign by violent Jewish settlers - who operate in a climate of near-total impunity - to force Palestinians off their land in the West Bank, and a push by Benjamin Netanyahu's far-right government to expand illegal settlements into the territory.

According to the UN, there have been more than 1,100 attacks by settlers on

Palestinian resulting in casualties or property damage this year, putting 2020 on course to be the worst year for more than two decades.

The Israeli military said yesterday it had deployed extra forces and had also handled two settlements outpaced, which are illegal even under Israel law, on the outskirts of Quora and Jamil. It added that one Israeli had been defended.

However, rights groups, which have frequently accused the Israeli army of failing to stop, or even enabling settler attacks, have hardened the military for allowing the siege to last so long.

Aside, the more, from the 1960 Medical Aid for Palestinian, said the attack in Quora was 'what happens when state-

hucked violence becomes part of everyday life for Palestinian.'

She added: 'This is not simply settler violence carried out by individuals. It is happening with the full backing and protection of the Israelismen.'

Huckabee said it was 'just not accurate' to say that the US and Israeli authorities had been seeking to protect Palestinian homeowners.

According to the Israeli human rights group of Turshas, 65 Palestinian communities home to more than 4,200 people in the West Bank have been displaced by attacks by settlers or the Israeli military over the past three years, in what it is possible as a force of illegitimate use. 'not seen since Israel's occupation of the

West Bank in 1967. The surge in settler attacks - which has come as trend prepares for an election in October - has sparked international condemnation. Ramin Kallikovu, the 1976 deputy special co-ordinator for the Middle East peace process warned the Security Council on Tuesday that the West Bank was at 'humbing point'.

'This has not made it sudden deterioration,' he said. 'It is the result of decades of unresolved conflict that has deepened the unlawful Israeli occupation, driven the Palestinian Authority to the break of collapse, and undermined the perspective on independent, stable and sovereign Palestinian state.' See FT Big Road

Midterm elections

Wisconsin vote triggers crisis of confidence in polling

MELAN SHAPTER — NEW YORK

US pollsters have warned about forecasting for the 15 العالمي results after a candidate with 1.2 per cent polling delistl won the Democratic pharmaceutical primary in Wisconsin.

Israeli County, an Tuesday defeated democratic socialist Francesco Hong by 63 per cent, defying surveys suggesting the progressive was shortly ahead. The huge polling error followed a similar outcome in the Democratic Party's Michigan primary last week.

Experts said the nature of primaries - drawing a small electorate of engaged voters - was throwing things into confusion but warned of uncertainty over the midterms.

Current polling puts Democrats on course in defeat President Donald Trump's Republican and win back the House of Representatives.

'Polling primaries is very, very, very hard,' said Joshua Clinton, co-director of the Vanderbilt Poll and the Center for the Study of Democratic Institutions. 'Where do we believe a distorting support among the set of people who are most likely to take polls - college educated, politically interested and motivated - is to be politic intent for a polling miss.'

Clinton expects the elements to blood into November's election, as survey response rates plummet, partisan bias to polls increases and the turnout models adopted in 2018 break down.

Recent sports might have simpler explanations, such as historical media post by Hong calling for Thanksgiving to be cancelled most vital but in the race and might not have been reflected in polling, the was also criticised after saying her breach one offered her some 'preventing to whimsever.'

But experts point to other factors at play. With condemned poll response rates in the low single digits, colleagues gain a clear prohibitivity expensive and time-consuming, as most pollsters increasingly rely on online, typically up to, methods to end people.

The type of person who responds to an online poll is often more politically engaged than the average citizen. With the proliferation of large language models, they can also be fake.

'They're a really group of people. If they're people at all,' said Michael Burley, professor of Georgetown University.

Pollsters have to estimate how many people will show up on election day and oversight their answers based on their assumptions. This is especially hard to do in primary pollsters and is the traditional model of a polarised Democrat Republican poll does not hold.

'In primaries, you how your biggest weighting variable, which is parts of the mine ... In the primaries just become really hard to do,' said Christopher Burick and might have any.

Last year, the average poll in the three weeks leading up to the New York City Democratic mayoral primary gave Andrew Cannon a 10.2 per cent lead over Edman Mumtakel. Cannon ultimately had by nearly 12 per cent, an extraordinary majority of the poll.

Clinton regards pollsters as vital. 'Yes, polling has lots and lots of problems, but if you give up on polling, you're surrendering any capacity to understand what normal people think,' he said.

Clinton, regards pollsters as vital. 'Yes, polling has lots and lots of problems, but if you give up on polling, you're surrendering any capacity to understand what normal people think,' he said.

Washington, Media

Leavitt leaves legacy of combative press relations

First Gen Z person in post

turned briefing room into a

hothouse for social media clips

JIM MILLER — WASHINGTON

Karoline Leavitt's suggestions insure a Donald Trump's White House press secretary lasted longer than all but one of her predecessors in the job, and more than 15 times as long as the 11 days Anthony Karoline's survival as communication devices.

The first member of Gen Z is held the position spoke for her exhospitalization how far more effectively than her forerunners, knowing back reporters' questions, attacking their motions and winning praise from the president for her 'muchon gas lips'.

In her 15 months behind the podium, she also transformed the famous White House briefing room into a production facility for voice social media clips.

Leavitt, who announced on Wednesday that she would quit at the end of August, was the youngest person to become White House press secretary when she took on the role in January 2015, aged 37.

A former congressional candidate and campaign staff member, she can herself as a customer sense combatant on behalf of God-loving, Trump supporting middle America, sometimes blaming probing questions as a personal assault.

When an insulated Press reporter pointed out in April 2015 that neither even levied on importers rather than foreign companies, and asked whether Leavitt had ever paid one, she replied: 'I think it's insulting that you are trying to test my knowledge of economics and the decisions that this president has made.'

In an exchange about the erroneous deportation of Sidney Albergh (acts in 10 full-outs), Leavitt mocked the media for painting how to a 'candidate for father of the first'

Such put choices were regularly clipped up by the White House and posted online, to widespread Maga delight.

Leavitt's confident performances delighted Trump and allowed her to have a few short spokespersons, a role that could be examined and how embattled press secretions during the president's first term, to arsonics it's less than two week insure was brought to an end by a profanity-faced call with a New Yorker reporter.

On message: Karoline Leavitt was praised by the president for her 'muchon gas lips'. Below, Anthony Katzman is located less than two weeks in the White House.

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Friday 16 August 2020

FINANCIAL TIMES

7

FTWeekend

The road to El Fasher: how Colombian mercenaries came to fight in Sudan

Bonding with belugas in Churchill, Canada

Lunch with the FT: US nuclear negotiator Ernest Moniz

A-level results are in. But are next-step university digs out?

Pick up your copy this weekend or subscribe online at ft.com/subscribe

---

8

HIPLANCIAL TONES

Friday 16 August 2024

INTERNATIONAL

Smoke rises from a Russian attack close to a popular beach on the outskirts of Odesa

Russia has stepped up attacks on Ukraine's port infrastructure

Sun, sea and bombs mingle in Odesa's long hot summer

Morale in Ukraine's key port remains high despite damaging Russian strikes

CHRISTOPHER MILLER — ODESA

In Odesa, the war can disappear for hours, dissolving into the moon, sea air and champagne fire of a summer evening.

On Saturday, the beaches were still crowded as the sun sank over the Black Sea. To them, hours disabled from bars, restaurants table uplifted as to the pavements and people lingered over drinks.

But shortly after midnight, the war came back. Explosions punctuated the city's ports and historic centre. By dawn, the sky was filled with smoke.

"This was one of the worst nights for Odesa" since the start of Russia's war, said Dmytro Bartner, president of the Association of Port of Ukraine.

Speaking to the FT inside his darkened office the morning after the raid, surrounded by maps of the Black Sea, Bartner said the destruction of port infrastructure and the intensity of attacks would make it nearly impossible to export this year's grass harvest.

Since early July, Russia has been intruding its assault on Odesa in an effort to disrupt the maritime trade that underpins Ukraine's wartime economy.

The residents of Odesa are taking it in their stride, immediately after the bombings, while emergency workers put out fires, people were drinking champagne with breakfast in a call 20 metres away, said Bartner. But the impact on infrastructure — the region is home to all three of Ukraine's remaining, deepwater ports — will last much longer.

As Ukraine's economy ends from the war, the fresh assaults on export infrastructure threaten to choke off a crucial source of income and put a vital link in the global food supply network at risk. Economists estimate a complex shutdown of Black Sea ports could cost Ukraine's 1.2 per cent of GDP.

"Ukraine is one of the largest grain producers, boasting on out of the world market will impact and influence half a billion people globally," said Andrey Navnitner, co-owner and chief executive of TIS. Ukraine's largest private port operator, over a fourth all.

This summer, Russia shifted tactics from attacking port infrastructure to also attacking civilian vessels leading to and from Ukraine — which has brought shipping activity to a shamblil.

A Turkish-owned vessel, the Golden Lee, would be Russian missiles on July 18, killing 10 people and sinking the ship, which was carrying corn.

The attacks go both ways. Last week, what was believed to be a Ukrainian drone hit a Turkish-owned cargo ship, the Nadeshda, in the Black Sea, injuring three crew members, according to Turkey's maritime authority.

Navnitner said Russian forces had begun targeting vessels' bridges, where crews are concentrated. "They don't want to disable (the vessels). They want to kill crew members."

The damage to visible all along the Odesa coastline. At the port of Proknoyej, two vessels, the Gais and the Aslis, display blast marks and giant holes on their bridges from direct hits. Pointing out the damage, Shlyata Hrubov, managing director of TIS, said they had been targeted by Russia in recent weeks.

Nearby, an impact owner from a Russian missile strike last week was visible near critical loading equipment.

Pulling out his phone, Hrubov showed the FT's video of another Russian missile that recently exploded and damaged a Capill storage facility at the port.

TIS has its own air defense system around the facility, but it is not capable of stopping Russian ballistic missiles, which can only be tackled with US-made Patriot Interregions. President Volodymyr Tchevskiy has said stocks of them are far too low, and has asked the US and Europe to sell their interceptors.

Since July, Hrubov estimates there have been 12 to 16 on real alarm a day.

In it so too, an air cut once since, capital his interview with the FT, forcing everyone to take cover. Inside the shelter there was a box of tools with instructions on how to use them to dig yourself out if a strike before you under debris. Hrubov said a group of workers had found themselves in such a situation recently and all survived.

The interrogators often drag on for an hour or more, meaning no many days a majority of workers' shifts can be spent sitting in bomb shelters.

The operational consequences are severe. A part cannot switch off when ships stop arriving — cranes, rail infrastructure and other equipment must be maintained even while the terminal site empty and revenue disappears.

"We need resources for maintenance," Hrubov said. "We need to cover fixed costs for maintenance as much as possible so that in the next period we can all be able to start."

TIS is also trying to preserve its skilled workforce. It employs about 2,900 people, down from roughly 4,300 before the war. Navnitner said "lay-offs could happen" if attack began beyond summer.

TIS's experience illustrates the volatility of Ukraine's wartime maritime economy. The company handled a record 36,6mn tonnes of cargo in 2023, including metals, iron ore, grain and containers. After the full-scale invasion, its operations were repeatedly halted and restarted. Now, with the latest grain season under way, the company is once again waiting for the security conditions that would allow ships to return.

The impact of the intensifying Russian attacks on shipping traffic has been dramatic. In July, about 13 vessels a day were entering Odesa's ports, Navnitner said. That left to one or two by the end of the month. In August, all traffic had halted, according to Egler data. Navnitner said "only the harvest" would be selling to take the risk now.

Even companies that can afford the merchant shipping insurance were choosing not to take the risk, said Bartner. "It's less about money," he added, "It's a question of life and death."

Lloyd's List, the global shipping journal, wrote last week that the Black Sea

Fresh assaults on export infrastructure threaten to put a vital link in the food supply network at risk

was now "shipping's deadliest theatre", citing reports that at least 25 exhalers had been killed by attacks in July alone.

The attacks come on particularly difficult moment for Ukraine's agricultural economy. Harvesting begins in the south, including the Odesa region, in early June, before moving northwards through the summer and autumn. Farmers first bring in back to and ahead, followed by rapeseed, sunflower seed and corn, with the season typically running through October and November.

Despite Russian attacks that have targeted fields with explosives and flame-thrower "drapes" drones, favourable weather conditions are expected to produce a strong harvest. The challenge is how to move that produce to international markets. "We have at least 10mn tonnes [left] from the previous crop," Bartner said. "So it's a huge pressure on the storage capacity of Ukraine. We do not have enough storage to keep all this volume and war."

Kyiv is considering opening new rail routes to the west, but even once operational they would not have the capacity to absorb all the exports that normally flow through the Black Sea ports.

Navnitner estimated Ukraine could move 12mn tonnes of cargo through its western borders annually, compared with 40mn tonnes of grain alone that will need to be exported from this year's harvest. Steel and other cargoes would add tens of millions of tonnes more. "We need the ports," he said.

Despite the constant threat of attacks, Navnitner said the city's morale remained high. "It's the fifth year of war. You can't surprise us any more. People have a plan for World War Three, a potential make strike," he quipped, with a dash of Odesa's famous dash honours.

Navnitner said he recently spoke with the head of Ukraine's Unmanned Systems Forces, Robert Brerol, whose ranks have led many long-range drone strikes against Russian targets. The men have known such other fur two decades, since Brerol worked in agriculture.

As Ukrainian attacks have inflicted growing damage, Moscow has responded with an intensifying barrage. "For said, 'Andrey, tell me, do you want me to stop with our deep strikes campaign because of the Russia exuberatory retaliation?'" Navnitner recalled. "I told him: You have all our support. Keep rocking!"

With thanks to Russel Bazilevsky, "I hear you're a corporate partner for making their own kind of possible."

---

Friday 16 August 2024

8

EXPLANATION: TOBICA

9

Leadership test Lack of succession planning at Tata sets stage for turbulent transition following chair's surprise exit PAGE 11

Companies & market

Crypto holders face security threat after data breach

• Details of wallet customers exposed
• Attacks related to digital assets rise

MEDIA ASSAAT - LONDON

The personal details of nearly 16,000 crypto holders have been exposed in a data breach affecting what is meant to be the most secure way to hold busy that give access to digital tokens, potentially putting them as risk of criminal attack.

Trevor, which with hardware crypto wallets, said yesterday that a data breach at one of its shipping providers had resulted in the names, addresses, phone numbers and email addresses of U.S.N. buyers of the secure devices being exposed, while a further 1,947 customers' names, domicile cities and small-budtown houses had

It comes as crypto holders have increasingly become targets of physical

Trevor said the breach affected customers in the US, UK, Colombia, Brazil, Sweden, Italy and Portugal

as well as online attacks as criminals try to solve their assets.

The Prague-based company sells hardware wallets, which are small devices similar to USB sticks on which users store their private buy area from the internet and potential online banks. Also known as 'Gold' wallets, these devices are meant to be the least vulnerable way for crypto holders to secure access to their tokens, stored online.

They have risen in popularity as investors seek a safe way to secure their assets at a time when banks at crypto venues have reached record numbers.

The security of cold wallets has come under increased scrutiny, with yesterday's incident being the second time in two weeks that users of cold wallets have faced problems. More than $100mn was stolen from holders in

Cobalt and hardware wallets on July 10 after a bug bid to users' private buyers not being generated at nearly enough, leaving them prone to hacking.

Digital asset intelligence from TKB Labs said the Cobalt and bank's 'smithtores that sell animals who store cold wallets

than eliminating it'.

Trevor said the data breach affected people in the US, UK, Sweden, Colombia, Brazil, Italy and Portugal who received their devices between May 10 and August 4. The company said it was 'largely sorry' said that 'affected customers could experience an increase in phishing attempts'.

'Digital assets' holders have become targets of physical attacks as this way try to steal their crypto. In one case, the consumer at a time is to sell their home Ledge and his wife were kidnapped in France

but year and later found.

'Criminals have recognized that crypto holders are high-value targets because they possess wealth in an instantly and irrevocably transferable form,' said blockchain data provider Chatsalyne.

Kidnapping accounts for more than half of the 46 violent attacks on crypto investors recorded this year, while more than a third of the attacks received home investors, according to Chatsalyne. The figures are likely to be an under-representation.

Trevor said it was working on an anonymous delivery option that would enable customers to order hardware wallets 'as the thinking they purchase to your home address or not worth likely,' which it almost makes available by September across the EU.

Dressing down Fast-fashion group Shein loses UK copyright lawsuit against arch-rival Temu

Shein claimed that Temu had perpetrated 'industrial scale' copyright violations

STEFISIAL PALOM AND LAURA ONTTA

CONDITIONS

Fast-fashion group Shein has lost a UK copyright lawsuit against its arch-rival Temu in a case that had the potential to reshape online platforms' legal responsibility over third-party merchants selling goods on their websites.

The judgment, handed down to London's High Court yesterday, rejected Shein's claim that Temu perpetrated 'industrial-scale' copyright violations by allowing merchants on its platforms to advertise thousands of clothing, home using photographs. What from Shein's website.

It also argued that Temu was not a positive intermediary but instead actively enabled vendors to misuse its copyrighted images. In her ruling, Mrs Justine Bacon said Temu 'did not authorize copyright infringement by users of its website', nor did it 'know'

or have 'to assess to believe' that the photographs of clothing at the heart of the case 'kidnapped Shein's work'.

Temu now won a counter-interest damage against Shein over what it argued were wrongfully issued notice that forced it to remove product listings from Temu's website - claims that Shein had disputed. The size of any damage-posed will be determined at a time with them.

The case, the latest episode in an international legal trade between the two China-founded retailers, was a key test of online platforms' legal responsibility over how vendors use their websites. It hit at the centre of a broader debate around platforms' liability for content posted by their users - one that has also played out in US courts to cause involving such groups. To its defense, Temu argued that it operated as a neutral platform and that third-party merchants were responsible for parts on its website.

Shein has become a global retail powerhouse by pioneering a business model based on delivering clothes and their customers directly to western consumers.

After becoming growth during the pandemic, Chinese group PDP (Building/Janusha) Temu, which adapted a similar strategy to sell a broader range of software products.

Shein said that it disagreed with the courts' 'success interpretation of a complex and evolving area of law', Temu declined to comment.

'The case was narrowed down to a handful of samples, including a top-give selling a 'Wrestling Night drive' that was defaced from Shein due to poor sales and later posted on Temu with the same photos. The judge wrote that Shein's position on copyright ownership in relation to the drive had 'changed significantly' during the case. Additional reporting: Alison Gray

Legora seeks valuation of $10bn-plus in fundraising

RICHARD MYERS - STOCKHOLM

PARK LEVINE/TOWN - LONDON

Legal 14 start-up Legora is looking to raise funds at a valuation supply double the $5.0bn it achieved only four months ago in a sign of the interest interest in artificial intelligence companies powering professional services.

Legora is in the early stages of discussions with investors at a valuation of at least $10bn, which could include the company raising new money as well as selling existing shares, according to people familiar with the financing.

The Swedish start-up offers lawyers and in-house legal teams took to review and draft documents, speed up the diligence and keep on top of regulations. Its clients include law firm Liukkinen, consultants (obtain and forever) Heineken.

Its main role in 14 start-up Survey, which is especially in talks to raise funds at a valuation of about $10bn.

Low firms are profiting to get ahead of the AI race, with more spring to build their own models rather than setting on third parties. Kirkland & Ellis, the largest law firm, said in May it would build its own AI platform. It has partnered with groups including Palustis.

However, Legora later considers Max Junestonad told the FT in June that he did not think it was 'a key or a build' because had been held should just 'wither the best stuff that exists'.

He is attempting to position Legora as a European AI champion in the face of many dismissal US AI places.

Legora increased annual reporting revenues by 30 per cent to $120mn in the second quarter of 2023, just compared with the first. It is also planning to more than double employee numbers from 700 to 1,500 by the end of the year as its customers have risen by a quarter to 1,500 in three months.

Overlays has become one of Europe's AI first-years with its benefits, the 'vibrationally' start-up, this week raising $400mn at a valuation of $12.5bn until explosive growth. 'There are suddenly a lot of trouble decauving [and are valued at more than $10bn],' said one Swedish investor.

Legora, which was founded in 2012 and counts Benchmark, Ascot, Insurance, Sontag and General Capital among its investors, declined to comment. People familiar with the financing said it was 'early days', 'One investor said the valuation could reach $11bn-$12bn. Additional reporting: Karl Wig

AI has opened holes in cyber defences that require investment to fix

A spate of incidents over the past two months has even had a significant lower-witness threat. The AI industry's most advanced AI-paste in cyber security is the also provided an object lesson in how integrated political efforts could end up hindering, rather than helping, with the defences.

A league with a US more that in effect includes American more advanced new model, Fable 5, over worries it could be used to gain holes in commonly used software - though the move was later reversed.

Anthropic later said that plenty of other funds available it could do the same, including at least one Chinese model released with open weights, a limited force of agreement software.

That was followed by news that a model being used by OpenAI had found every relevant use in the internet and attack the online code repository Hanging Face to search of the answer to a problem it had been asked to solve. The AI security Institute in the UK, Anthropic and Meta all soon followed with reports of similar examples of apparently vague multi-user by AI models from their own sources.

Hanging Face, meanwhile, found that the safety restrictions built into the leading US models prevented them from being used to analyse the attack it

had suffered, so it turned instead to a Chinese open-weight system. That came just as publicized as Washington were defacing whether the open Chinese models were themselves a security threat and should be restricted.

You could hardly have scripted a better series of incidents to highlight the cyber threats being thrown up by the leading group of AI.

Unsurprisingly, it is the supposedly 'vegas' AI systems launching their own cyber attacks that have go ahead much of the attention. The real culprit turned out to be because deficiency, not machine-sustainly. When setting up its test, OpenAI had not given specific enough instructions it simply hadn't expected the agent to look for a hack-free way of solving the problem. That points to a wider failure of imagination that makes con-

trolling AI inherently difficult. As the 40th concluded after its own tests: 'AI agents explore routes their agency to it if it is not intended.'

Complicating the picture, rule-bending scenes to be ordered. For AI, in earlier research into whether the technology store to work around or ignore instructions to reach their goals, 50% reported that every model it tested 'attempted to find sense of the idea'.

The OpenAI 'failure, meanwhile, showed just how AI opens the way to fully automated cyber attacks. The company said the breach involved a number of exposure agents that had been working on different tasks but which discovered a way to communicate with each other on an internal message board. They found and shared exploits over a period of weeks before

Attack by 'vegas' systems grabbed the attention, but the culprit turned out to be human deficiency. Not less time: mendacity

the break-in at Hanging Face was discovered.

For the cyber security world, a number of things emerge from all of this. One is that limiting access to the most powerful models is unlikely to do much good. In the wrong hands, plenty of widely available systems gear just as big a threat. Attackers just need systems good enough to find one serious flow in tightly used software.

On the other hand, defenders really do need access to the best tools if they hope to stop one step ahead in the cyber scene. The safety limits built into the leading US models reduce their value in defense. This has also been an important marketing victory for Chinese open-weight models.

Another lesson is that countering automated attacks from sources of AI agents will require his greater attention to the fact part of the defenders. OpenAI researchers warned that, for now, the attackers have the better tools, and issued an urgent call for his greater investment in automating the defense, from identifying attacks to producing and installing the problem needed to make software more secure.

The leading AI labs also need to work more closely together - something that may already be happening. Anthropic said the Fable debacle had led it to co-spectate with its biggest 'sword' of finding a consistent way to assess and fix 'sufficiently', the methods used to be human-deficit safeguards.

Most cyber experts were that it's already too late to prevent AI from being used as a changing effective weapon in the cyber case. The only thing left is to accelerate investment in the defense. Politicians used to sell that effort, not

restructure that make the job harder.

richard.waterwill.com

IN THE HIGH COURT OF JUSTICE

BUSINESS AND PROPERTY COURTS OF ENGLAND & WALES

COMPANIES AND INNOVENCE LIST (CILD)

SURGEON PHILIP MORRIS OF JUSTICE and JAMES ROBERT BENNETT OF GENERAL (Vince Frederick Johnson) Limited, The Colours Building, 30 Colours Circus (Saxonville, Birmingham, BH 4AF) was appointed as special Administrator. The state Special Administrator of JMP Markets and the special Director of Company's, a division of the State Special Administrative Institute, The Colours Building, 30 Colours Circus (Saxonville, Birmingham, BH 4AF) as 'A Double 2013' pursuant to an application made by the Revenue of the Company under Regulation 87/2013 of the Government's High Special Administrative Regulations (2013).

Discounted High Special Administrative Regulations (2013)

BUSINESS AND PROPERTY COURTS OF ENGLAND & WALES

COMPANIES AND INNOVENCE LIST (CILD)

Discount to the Financial Conduct Authority (Vince Frederic Rosenbloch ("CUB") (Adams ("CJB" and ("CJB") (Cuba)) (Lind) and "A LOUD" and "A LOUD") (Cuba (Nancy), the state Special Administrator of the Company under Regulation 87/2013) of the Company has ordered to take into account the state's duty being, but who had not yet admitted a claim to the state Special Administrative for such close assets and/or their money, a claim dated 27 April 2020 (the "SOCIAL" (US "SOCIALING").

The federal CUBS Notification is from 4 o'clock in available to view at https://legonadams.com/; symbol recipients that if claim is stated in the considered by the state Special Administrative the participation of the CUBS (CUB) (Adams and other state courts process, the state's signature of the CUB and state Special Administrative as sent in possible, and in any event, to later than 27 May 2020, then signed CUBS (Vince Frederick).

Further, the federal CUBS Notification method recipients that if the state Special Administrative did not have their claim to ("1 May 2020, the state Special Administrative would not make them more requesting a payment by a stated deadline.

The state Special Administrative now give orders to CUBS (Adams, as accointees) with the CUBS Bank ("CJB") (Adams ("CJB") (CUBS) (IR), that in the event a signed CUBS (Vince Frederick) was ordered to the state Special Administrative ("A") August 2020, the state Special Administrative intend to pay in due course, the accointees called the Financial Conduct Authority ("CUBS") and a name to state any disbursements which would be required to be "relied in chain money or claim and the other non-cashable of the state's business, such means will be longer than one (600%) to assist an ownership right to such claim money or claim under.

Any queries, including requests for CUBS (Vince Frederick), should in the first instance be forwarded to the disbursements.com. If you would prefer to contact us by other means, you may contact us by post at the following address: (Social Financial Advisory Limited, The Colours Building, 30 Colours Circus (Saxonville, Birmingham, BH 4AF).

Social Policy Index and James Robert Bennett (the state Special Administrative of JMP Markets Ltd).

The state Special Administrative as an agent of JMP Markets Ltd without personal liability.

© August 2024

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10

•

FINANCIAL TIMES

Friday 14 August 2024

COMPANIES & MARKETS

Transport

Seoul surpasses Dubai as busiest air hub

Incheon airport becomes top destination after Gulf conflict deters passengers

HUMAN HANNA, LONDON JUNE 4-5 2024 – 12:15

hessily Incheon airport has overtaken Dubai to become the world's busiest airport for international passengers this year, after the number of people travelling to the Gulf hub declined due to the war in Iran.

The South Korean hub said it recorded 26.4 tons international passengers in the first six months of 2028, putting it down London Heathrow and

Singapore's Changi airports. Last year, Incheon was third in international passenger traffic behind Dubai and Heathrow, followed by Changi, Schiphol in Amsterdam and Istanbul's ICA airport.

Overall, Atlanta's Hartsfield Jackson in the US was still the world's busiest airport, but much of Hartsfield is domestic.

Preliminary figures from the global Airports Council international released by Incheon yesterday showed that Dubai has fallen outside the top ranking after a sharp drop in visitor numbers. At 2 and the figures were 'subject to final validation' and that it would publish the data next month.

The Gulf airport all but closed in the days following the start of the Iran

conflict in late February. While Emirates airline remained flight within days, the number of people travelling to and through the airport has yet to recover to prewar levels.

At 2 data showed that Dubai's international passenger numbers fell from 7.4mm in February to 2.2mm in March. The figure has since climbed to roughly 4.5mm for June.

European and Asian airlines have recorded a rise in passengers flying directly between the two regions, rather than transferring to the Middle East. Incheon has benefited from that shift, with more people flying directly to the Korean peninsula before transferring to travel elsewhere in the region.

The number of people flying from Europe to Incheon to catch connecting flights rose by two-thirds compared with the same period a year earlier, the airport said.

'As the transfer function of Middle Eastern airports such as Dubai was weakened by the US Iran conflict, entering air travel demand centred on Dubai – including routes between Dubai and Europe – shifted towards direct and connecting services through Incheon airport,' it added.

South Korea has also been experiencing a recession boom, driven by a rise in visitors from China and Japan and the popularity of cultural properties such as the KPop Jeesun Atunize film, as well as

growth in its tech and beauty industries. Virgin Atlantic this year also began flying to Incheon from Heathrow.

The airports, which opened in 2001, has been expanding and developing additional services to appeal to transfer passengers, including opening an in-terminal hotel and 24-hour suites.

The terminal also includes four separate, a museum and robots that guide best-travellers.

Kim Seom-ho, the airport's acting president, said 'We are grateful for the government's support, the encouragement of the Korean people, and the hard work of all airport employees who have helped make Incheon airport the world's number one airport.'

Shipping. Supply routes

Panama Canal fees soar amid Iran war and El Niño

Rising demand and a fall in

water levels cause transit dot

prices to reach record highs

JAMIE SMYTH AND ION JIAM

NEW YORK

Prices for the busiest shipping lanes in the Panama Canal have hit a new record as taking water levels linked to an intensifying El Niño and strong demand driven by the Iran war constraints traffic.

Daily auctions for a transit dot in August through the canal's community used locks have averaged about 45 tons so far this month, more than 10 times the average price for the same period last year.

Prices have ranged since the US and Israel-led bombardment of Iran began on February 28, leading to the closure of the final of the war.

At the same time, a strengthening El Niño – a warning of surface temperatures in the Pacific Ocean that can cause severe drought and warmer winter temperatures – began developing in June and could be stronger than usual this year, according to the National Oceanic and Atmospheric Administration.

Prices are rising because lower water levels are expected to limit the amount of cargo that ships can carry through the canal and potentially reduce the number of passage dots later this year.

'The problem right now is the water levels are dropping steadily and it's not supposed to be doing that from May to December,' said Arun Griffith, head of America's bright pictorial Argus.

This year's El Niño has already disrupted marine traffic to European rivers such as the Rhine and Danube, causing the cancellation of cruises and sweating of freight.

Meanwhile, the closure of the Strait of Hurman, the chokepoint through which a fifth of global oil flows, has forced Asian buyers to increase purchases of crude and petroleum products from the

US Gulf Coast, boosting demand and prices for transit through the Panama Canal.

In recent weeks the average price to use the canal's larger locks – which accompanied a bigger 'easier' – fell $2.1mn, the highest recorded for other auctions, according to data compiled by Argus.

The prices for some individual auctions for 'herpanesses' and 'hummus locks have hit as high as 45.7%mn and $2.6.5mn respectively since July 28. The names of the locks refer to ship sizes based on cargo capacity. Big vessel

...

'The problem right now is the water levels are dropping steadily and it's not supposed to be doing that from May to

December'

A cargo ship awaits entry to the Panama Canal this month

BY KATHLEEN HENRY

'The water levels are dropping steadily and it's not supposed to be doing that from May to December'

owners that frequently utilize the Panama Canal, such as large container ships and liquefied petroleum gas companies, typically pre-book slots at set rates usually well below average auction prices rather than compare for rates in the daily auctions. But as much as 30 per cent of total traffic overall can compare in the daily auctions rather than by pre-booking slots.

The most recent price range follows the assessment of restrictions by the Panama Canal Authority but month governing how low vessels can sit in the water, known as a ship's draft.

'The draft reductions force ships to carry low cargo so they sit higher in the water. This raises prices for shipping companies as well as their customers and can create large spaces of vessels at the entrance of the 50-mile-long waterway.

'Three draft restrictions announced over the past month for Panaman locks would reduce the water level a vessel can operate in to 47.5 feet by September 1, down from its type at level of 50 feet.

Some 123 vessels were waiting to travel the canal on August 3 either via pre-

Prices to navigate the Panama Canal have jumped to record highs

Average auction price for transit slots on the Panama Canal, by lock size (2mm)

Gatun Lake water levels are worryingly low ahead of the dry season

Source: Argus: India (Alliance for 2023/24)

bushed dots or taking part in daily dot auctions, up from 40 on January 2.

Water levels in the man made Gatun Lake, which feeds into the Panama Canal, are below the 100x10x 2023 average and are projected to fall even further for the next few months, according to estimates by Argus.

Though water levels are higher than they were when compared with 2023, which was an exceptionally dry year, the projected 26ហិកតា is much longer and comes ahead of the dry season beginning in December. 'So potentially you could have a situation that is worse than 2023,' Griffith said.

'The Panama Canal Authority told the FT that water vessels that recently traveled fast and amounts exceeding 5mm at auctions out of their specific market needs and reflected 'temporary market fluctuations', one could set by the Panama Canal. 'The announced draft adjustments will not reduce the number of daily water trainees,' an authority spokesperson said.

'Expanding on how conditions change, the authority could impose further restrictions, the spokesperson added.

...

...

Energy

South Africa's Eskom seeks to benefit from data centre 'gold rush' by offloading excess power

MICHEL HARR – (INTERNATIONAL)

Eskom is starting the world's biggest technology companies about providing power to their data centres, as South Africa's state-owned utility seeks new customers for its excess energy after making years of rolling blackouts.

The plan to capitalize on South Africa's emerging artificial intelligence 'gold rush' by selling surplus capacity to 'power hungry' hyperoxides in media a dramatic recovery for Eskom, which was long synonymous with electricity outages known as land shedding.

Eskom chair Morts Nyati said talks with tech groups were part of a growth strategy centred on energy-hungry industries.

'We are having discussions with the Amazon, the Microsoft, the Google. We love those discussions because these are power-hungry sectors – that's exactly what we need right now,' he said.

Eskom headed into winter with about 6 gigawatt of surplus grab capacity, its strongest reserve margin in almost a decade, after a generation recovery plan largely ended out planned outages. That pushed South Africa part 12 months without load shedding for the first time since 2019.

After years of rolling power cuts, businesses and households have sought alternative energy sources such as solar, white work economic growth decade industrial demand and product balance revenue base as it struggled to service its debt at about $150bn (£2.8bn).

'We've got this power that we cannot sell, that's the reality of the situation,' Nyati said.

South Africa's fast-growing data industry has become a significant bright spot for the utility. Africa's most industrialized economy has about 70 per cent of the continent's data centres, thanks to its fibre infrastructure and mature financial sector.

Cloud computing and AI-driven investments are forecast at least to double South Africa's data centre market to more than £8bn by 2035, according to Aniston Advisory & Intelligence, a US-based market research company.

Nvidia, Cannon Technologies, Huawei Cloud and Oracle Cloud Infrastructure

turn are among leading companies that have committed to investing billions of dollars in data centres across Africa.

Last month, Cape Town approved plans for US-listed Equinox to build new facilities requiring about 270 megavoles – a local approaching the roughly 1890W of total critical capacity currently

rently run by Teraco, Africa's largest data centre operator.

'The data centres gold rush is real. Whether Eskom is the one who profits from it, either that year was being overstock with generate around it, is the open question,' said Chris Fitzhugh, executive director at the Centre for Risk Analysis consultancy.

Eskom has roughly 2,000MW of capacity to cold storage that can return unless without straining the system, but planned investments could overwhelm the current grid's capacity, and yet could.

Data centre owners, who need huge and uninterrupted amounts of energy, have also been using their own projects and buying power from solar farms rather than relying on radio systems.

'The strategy for the Eskom's revenue problem only if it can hold on to these customers as such or tenants rather than backup suppliers,' Hattingh said.

'The data boxes has intensified debate about whether South Africa can support

Shipping

Mareskets let urges funding rise for ports, trucks and rail services

RICHARD WUAR AND ALICE HANCOCK

Maresk's chief executive has called for a big increase in investment in trade infrastructure such as ports, trucks and rail as the world's second largest container shipping range raised to half year profit guidance again.

Vincent Choi, who has found company responsible for close to a fifth of unknown freight, said a surgering of the Strait of Hurman would be 'a small positive but not meaningful on a global or national basis. He added that more volumes were flowing through the nearby Red Sea after years of disruption.

Maresk raised its guidance for half-year underlying operating profit from $2bn below to $4.1bn in 26.5bn after providing the usual training coverage for the second quarter. Its shares closed up 9 per cent yesterday.

'What is really driving growth right now is that, after years of extremely strong growth out of the Far East, we are starting to see more and more battle-tracks appears on the land side, whether it's terminals, rail, trucks, barges to actually move the containers to their final destination,' said Choi.

Competition is performed on local raises bright rates and Maresk's profits.

'Since the financial crisis, we have

'Since the financial crisis, we have underinvested in rail contractors. I don't think there is a quick fix'

underinvested in infrastructure. I don't think there is a quick fix today. What it's going to take to catch up on 15 years of under-investment is a bit of a catch-up cycle on infrastructure investments.'

Maresk is a helbrothed of global trade and its pronouncements are closely watched after years of supply chain disruption due to the Covid-19 pandemic, the in-effect closure of the Red Sea by HealthInthink, and the US-Israeli war on true that closed the Strait of Hurman.

Revenue in the second quarter increased a fifth to $15.8bn while operating profit almost doubled to $5.8bn. That was significantly ahead of analyst expectations at about $7.6bn.

Choi said a third of Maresk's traffic was now flowing through the Red Sea and here Canal again after years of taking the longer route around the south of Africa due to the HealthInthink.

He added that the Covid pandemic and shares have made it more relaxed on trade infrastructure when there was exceptional demand, but that bottlenecks were emerging in ports and on

land with normal demand.

'We're going to need to look again at what can be done to increase rail and trucking assets, but it could not only a terminal train. There are big issues in Europe, in South, in Africa. It's likely to take a while and we will see periods of volatility with more frequency,' said Choi.

'Maresk's strong results contrasted with those of container shipping company Hong-Chiot.'

The German government's centrally said earnings before interest and tax bill 97 per cent in China in the first half of this year compared with the US's current period, due to 'challenging market environment and operational disruptions', mostly as a result of the on-off closure of the Strait of Hurman.

...

High demand: the 2000 data centre campus, operated by Vantage Data Centers, in Midland, South Africa. The nation's fast-growing data industry has become a significant bright spot for Eskom. (Source: AP/AP)

power intensive facilities alongside households and other businesses. Eskom has also signed discounted electricity agreements with smelters, including the Glossum Strack (Seema venture in Age).

The company's renewed commercial plant orders to adopt improvements in operational performance since Nyati became due to 2023.

Re-treating availability factor – which shows the percentage of its coal-fired assets, after a 2023 year earlier than broken down or in maintenance – improved to 45 per cent this year, from about 30 per cent in 2023.

A $250bn debt relief package from the government has also strengthened Eskom's finances, though it still has a turnover from 2023 to 2024, with local authorities collectively swing the utility about $250bn. 'If that amount is allowed to go up, all of the good work that was done ... is going to go out of the window,' Nyati said.

---

Friday 7 August 2026

•

SYNANGAL TIMES

71

COMPANIES & MARKETS

Tata's lack of succession planning sets stage for turbulent transition

Conglomerate faces difficult search after surprise departure of long-time leader Chandrasekaran

KRISHNA KALISHI AND GURU KAT YOUNSHI MICHAEL KATZIN - 1976-1976

The first time of the war, the nation was already struggling to turn around high-profile businesses, light off pressure to float its holding company and lead a public and damaging boardroom rift. Now Tata bows needs to find a new leader.

Chandrasekaran's surprise announcement on Wednesday that he would step down in February from running the 8200bn clothes-to-Range. Revenue group produced a victory for family union Noel Tata, the 69-year-old head of the charitable trusts that control the conglomerate.

The two men had clashed repeatedly over strategy and a potential role for the next generation of Tata in the business, with the head regularly making headlines in India. It also sparked an intervention from New Delhi, with the home affairs and finance ministers meeting Noel Tata and Chandrasekaran to address the conglomerate's stability.

"This is very much the beginning of the Noel Tata era," said Susuralla Mukherjee, founder of Mumbai-based Marcellus Investment Managers, which holds shares in Trust, Tata's clothing retailer.

Noel Tata has used February to find a new leader to oversee a group that provides a stock and power, seven Jiggar Land Rover, Air India and India's largest IT services company and employs more than a million people. So the country's biggest private sector employs.

Chandrasekaran does not have a deputy and the group lacks a succession plan. Tata's first member who has committed to expected to convene soon to start the process of replacing the low-key but intensely driven chain known as Chandra.

"You may not find a candidate that can encompass all the various businesses that we're in," a source close to Tata management told the IT's who added that the candidate also needed to embrace the idea of keeping the holding company private.

Tata fired chief executive TV Narendran's a possible candidate, sources out, though external candidates are being considered.

Unlike other family-run and owned Indian conglomerates including Mukesh Ambani's Reliance and the Adani Group includes by Gautam Adani, Tata bows is controlled by the Tata charitable trusts – central to the company's founding office and desire to serve India. While the trusts own a majority stake in the holding company Tata bows, 20 of its businesses, including IT outsources Tata Consultancy Services, are listed.

The son of a Swiss mother and the half-brother of the late former Tata chief Italian, Noel Tata in the leading representative of the family in the 110-year-old business, his car he lured, in Tata's retail businesses and run its international division before taking over the trusts after Italian died in 2024.

Kroll Ramachandran, a former professor of family business and entrepreneur at the Indian School of Business, said that when Tata bows was not necessarily a family business, the members "had period of the heritage – that they are the stewards".

A key source of the tension between Chandrasekaran and Noel Tata was over whether to list the holding company Chandrasekaran had initially opposed

Provincial rift: a Tata Noel plant in Wijk aan Zee, Netherlands. A key source of the tension between Chandrasekaran and Noel Tata's right, was over whether to list the group's holding company

Source: www.indiatimes.com

Tata Trusts hold a majority stake in Tata Sons

Source: Tata Group FT research of Chandrasekaran's Data, 2006

Some stakeholders and observers said Noel Tata faced a tough battle to court influence over the sprawling conglomerate because he has yet to gain the return of Ratan, who died in 2024. Ratan ascended the group's negative ladder to lead Tata bows, and then Tata Trusts, appearing more of the business heads for the group's campaign on the way.

"There was a chain of command when Dukesh was there, which was not in family-run businesses in India," said the head of a close business ally. "Noel believes he has inherited that – but not many others around him believe so."

Chandrasekaran's departure comes as Tata is in the middle of several major undertakings. The co-habits A 870bn fleet renewal for Air India, which suffered losses of nearly 830m in the past financial year, as At post for Tata Consultancy Services amid the threat posed by the technology and an 8200n auto-conductor plant in partnership with Taiwan's Powerchip-Semi-conductor Manufacturing Company.

In February Noel Tata had asked Chandrasekaran how these projects were being funded as central bank rules prevent the holding company from raising debt if it was not to remain private. He was also concerned about the lack of a close long-term strategy for the group, said the source close to management.

While Chandrasekaran did not see Noel Tata in his departure announcement, he said the reaction to give him a third five-year term was not approved because one heard sometime "did not support it."

A source close to Chandrasekaran said he had been thinking of quitting for "some time" given the friction with Noel Tata was "not being a province" and "there is so much animosity, nothing is moving". However, he did not want to "learn the group in shambles", the person added.

The Tata Group business ally critic

'Noel believes he has inherited [a chain of command] – but not many others around him believe so'

cised the timing of Chandrasekaran's exit, weaving it cold! "Dining the kids around Tata Group's corporate governance – there can be an impact on access to capital".

Others take a more optimistic view of the prospects for the group and its companies, which have independent governance structures.

The boardroom turned has had limited impact on the operation of various independently governed Tata Group companies, noted Shriram Subramani and Bhagavatika Saandryamy, advising a Delaware Research Services. Chandrasekaran's successor also needed to be "aligned to the trusts ... that is critical", he added.

This is not the first rift between Tata bows and Tata Trusts. Ratan Tat called not get along with his successor Cyrus Mistry. Mistry represented the group's big-

part minority shareholder (Rupam) Pallingi Group, which owns an 35 per cent stake in Tata bows and is linked to the Tata family. Mistry was ousted in 2018 and India's Supreme Court ruled in Tata Group's favour five years later, allowing Ratan Tata and Chandrasekaran to lead the trusts and the holding company respectively. Critics of Noel Tata say he is setting up his 35 year-old son Neville to take over a

chain. People close to Noel Tata shaped that, suggesting Neville is not young for the role. Others say that is Neville also eventually – meaning Chandrasekaran's successor "will have to sign up for that", according to a person who works closely with the group.

Madherjee of Marcellus Investments said Noel Tata was "putting himself in pole position to run the group in the market of the Ratan Tata – this was a long time coming".

Madherjee added that Neville Tata had "been groomed very carefully. I don't think there guys will let go of this opportunity."

Financials

TWG Global insurers rush to cut affiliated investments

LEE MARRILL, JILL SHAN AND MICHELLE EVANS – 1976-1976

Insurers controlled by Mark Walter have been racing to divest national holdings of private credit loans linked to other parts of his investment portfolio, according to people familiar with their plans.

The insurers could soon announce that they have been able to cut their holdings of affiliated assets, the people said.

Rob Camacho, who joined Walter's firm TWG Global from Blackstone two years ago, has approached investors in recent weeks to refinance some of the loans held by insurers Debavare (de and Char Spring Life and Annuity, as part of a plan hatched with regulators.

After several investors turned down the deals or said they would require anepubriouses, Camacho has pursued a complex restructuring at the firms, which could bring down the affiliated assets by several billion dollars, the people said.

Representatives of TWG did not respond to requests for comment.

They have been racing to sell or restructure assets ahead of potential cuts to their credit ratings

Delaware Life and Clear Spring, which Walter controls through TWG Global, reclassified more than $100m in holdings amid an inquiry by 150 prosecutors examining whether private credit investments they held were tied to other parts of Walter's empire. TWG previously told the FTX "a name of total co-operating with the investigators".

The insurers have been racing to sell or restructure these assets ahead of potential cuts to their credit ratings if they are unable to bring down the percentage of their portfolio invested in affiliates.

On Wednesday, Walter's holding company announced it planned to sell its investment in the National Basketball Association to six Angelica players in Jodi Kashmir and former Dinars chief Bishgar for $2.2bn, exiting what was one of the most expensive sports fans in history within less than a year.

The insurers did not have substantial investments in the Lakers, according to a person familiar with TWG's plans, but the sale was expected to help the firm raise cash to inject into the insurers.

TWG was planning additional sales that could help it pay down the insurers' affiliate loans, the person added. Asked whether the Lee Angelica Dodgers baseball team, in which Walter is also a co-owner, could also be quite sure, the person said: "That's up to 60kB."

Walter oversees a operating portfolio of sports, financial services and 60 Sets worth issue of affiliate of dollars. He is a founder of Augustine in Partners, the securities firm and asset management giant with $500bn in assets, and owns stakes in the Dodgers and Chelsea FC, in addition to his insurance holdings.

Bloomberg reported earlier that Walter has had sales with firms including Steven Charles (1944-1976) to meet capital. The hedge fund passed on any transaction, according to a person familiar with the matter: "It was a quick and easy decision," the person said.

Additional reporting by Antoine Gara and Amelia Heller

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NOTICE IS HEREBY GIVEN that an application for an order pursuant to Regulation 47/13/02 (as applied by Regulation 07 of the European Union of Luxembourg, Shipper and Directorate Regulations 2022) (as amended) (the "Regulation" under Article 7(66), "§ 1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.

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12

KINANGAL TIMES

Friday, 16 August 2024

UK COMPANIES

Energy

North Sea oil producers told to accelerate well closures

Operators of 500 old sites criticised by regulator for failing to meet deadlines

RACHEL MILLARD

Oil companies operating in the declining North Sea will have to rapidly spend up the decommissioning of their wells as more fields run down, an industry regulator has said.

Operators have made little progress on 500 old oil and gas wells past original decommissioning deadlines, according to the North Sea Transition Authority, which also warned that higher costs and competition for equipment were hampering progress.

In a report published yesterday, the NSTA said that companies needed to "massively increase" the pace of work to both clear the backlog and shut down a further 1,000 wells due to stop producing over the next five years.

Last year 114 wells reached "final abandonment" status, up from 103 in 2024.

Safely shutting down wells in the North Sea is a growing issue for the basin, which is still highly productive but well past its peak, while several energy majors have turned their attention to other parts of the world.

A racks of North Sea deals has concern: tested 80 per cent of the liabilities for those old wells in the hands of just 10 companies, the NSTA said.

BP put its North Sea business up for sale at the end of July, while Shell has shifted its offshore UK fields into the Aikens joint venture with Equinox.

"The period to 2032 remains a critical phase for UKFS decommissioning," NSTA said in its annual monitoring report, referring to the UK continental shelf area.

Earlier this year the NSTA fined EnQuest £36.5mn for failing to decommission 35 inactive wells. EnQuest has appealed against the Star and said it was "disappointed" with the penalty of £500,000 per well because the wells had only been inactive for a few years.

Industry lobby group Offshore Energies UK said the complexity of sealing remaining wells had increased and costs had risen due to inflation, supply chain constraints and rig availability.

Some companies have held on to decommissioning liabilities even as they have sold off assets. BP has funded well closures at fields bought by Invica Energy, while Shell has kept some liabilities linked to wells now held by Harbonn.

The NSTA forecasts that almost a quarter of spending in the basin over the next five years will go towards shutting infrastructure down, while decommissioning spending will overtake capital spending from 2028.

Many in the industry argue that the decline in investment is being accelerated by enormous policies and the ban on new licenses for exploration in new fields, initiated by Sir Eric Starmer's government when he took office in July 2024.

The industry spent a record £2.6bn on decommissioning last year, the NSTA added. It forecasts a £460mn rise in spending this year and then a peak of £5.3bn in 2027.

Investor boost SooGen office sold in Canary Wharf deal

Canary Wharf Group has sold an office building occupied by Société Générale to its own investors for £425mn

Canary Wharf Group has sold an office building occupied by Société Générale to its own investors for £425mn, marking another big deal in the east London financial district amid a lackluster market.

The group sold 3.5 Bank Street, which has the French lender and the European Bank for Reconstruction and Development as its tenants, to affiliates of Brookfield and the Qatar Investment Authority, according to a person familiar with the matter.

Canary Wharf repaid senior debt worth more than £450mn as part of the deal, according to a filing made yesterday.

The past three comes in the wake of Barclays buying its nearby HQ at One

Churchill Place for £750mn as it seeks greater certainty over costs.

Investment into office buildings in Europe has been slow in recent years, despite the prospect of strong rental growth. The 97 reported in May that Blackstone's £250mn sale of a Canary Wharf building known as Cargo had been passed as the company waited for an improved environment.

A jump in interest rates in 2022 crimped most urban and cooled interest in the office sector. The industry has been hoping for a comeback in the wake of strong letting figures owing to reduced availability across London.

Canary Wharf Group said its overall

property portfolio was worth £3.8bn as of June 30. The valuation grew by about £120mn in the first half of 2026, excluding the Barclays transaction. Excluding properties being held for sale, the value of office buildings increased by £7mn, "primarily due to the strong issuing activity and improved market conditions".

This valuation jump helped pre-tax profit owing to £4.9mn in the first half, up from a loss of £35mn in the same period a year ago.

PwC last month said it had chosen Canary Wharf for a new UK hub, with plans to take 500,000 sq ft while its current headquarters are renovated, Julie Steinberg

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8

KIRVANZAL TOBEX

13

COMPANIES & MARKETS

Fixed income. Big Tech

Hyperscalers' borrowing binge shakes up foreign credit trading

Flood of bond issuance pushes up costs in Canadian dollars.

Swiss francs and sterling

DAILY WEBBER | 1.25% (US) WICHITA D'AMAR | 0.50% YORK

Flood of foreign currency bond issuance by Big Tech groups is shaking up the world's smaller credit markets, pushing borrowing costs higher and causing local issuers to shift the timing of the funds, investors have said.

Silicon Valley's so called hyperscalers, including Amazon and Google parent Alphabet, have this year started issuing debt in foreign currencies including the Swiss Franc, British pound and Canadian dollar as they say new funding sources in the race for AI dominance.

The size of their deals has put the hyperscalers among the biggest issuers in these markets, in some cases creating vast other companies, analysts said.

Alphabet raised 138.3bn (30.2bn) earlier this year, briefly the biggest ever bond issuance in the Canadian market before Amazon issued 124.0bn a few weeks later.

Canada's double A corporate credit index – the highest-quality category, in which both hyperscalers of – has weakened to recent works, taking its spread over government bonds higher than that of the lower-quality A index.

"[The hyperscalers] basically come in and expect all of the high-quality cases," said Andrew Asha, a credit portfolio manager at Allancothermatix, speaking about smaller debt markets in general. "You're resetting valuations wider for other, similarly rated companies."

Amazon and Alphabet have also issued large deals in Swiss francs this year while Alphabet sold a rare 100-year bond in sterling.

Some analysts warned that other

companies will be crowded out of longer-dated debt issuance where the hyperscalers have focused their efforts.

Hyperscaler issuance to new US markets "certainly will influence other corporate decisions... they can't save as much long-term debt as they would like to," said Steve Capito, head of European and US credit strategy at Deutsche Bank.

Capito said the bank had an underweight call on European investment grade credit versus its US equivalent, partly because of weaker growth and rising political risks but also because of the expectation that hyperscale issuance in euros would cause spreads to wides – and "you don't have as much of a natural buyer base for this paper" in euros compared with US dollars.

"We wouldn't want to be in longer-end euro investment grade credit at the moment because we know the hyperscalers are going to have to fund in every currency they can," Capito added.

But there, a credit portfolio manager at Macomb, said higher borrowing costs for longer-dated debt in sterling – particularly compared with short-dated debt – were "partly being driven by long-dated issuance from the tech companies across credit markets".

Others said the price impact on other issuers had been relatively consistent because companies were timing their deals to avoid the higher borrowing costs associated with hyperscaler issuance.

Rob Lamb, head of European debt capital markets at RBC Capital Markets, said hyperscaler issuance "is giving everybody pause where it comes to the timing" of deals to smaller markets.

Lamb said hyperscaler's quarterly earnings had become a calendar event – the US payrolls data or control funds decisions – in terms of the timing of debt issuance, because of these companies' tendency to sell bonds in the period following their results, including, in smaller markets.

"In the US and euro market, we talk a lot to clients about coexisting with the hyperscalers ... they are viewed almost as a different asset class," he said.

Lamb added that, for groups trying to issue in shallower markets, "the challenge to how much attention will I get if the hyperscalers are issuing to me."

Manuel Kadbert, head of debt capital markets and syndicate for Switzerland at SBC, said that, while hyperscaler issuance in Swiss francs caused a widening of spreads at first, "it's largely impacted

Race to borrow: the so-called hyperscalers including

Amazon have this year started issuing debt in foreign currencies

www.foxp.com

pipeline and timing ... rather than credit spreads more structurally."

Gadbert added that he had not seen other companies being forced to pay extra yield because of the hyperscaler might in the Swiss market be "that was largely because these [companies] planning to come in the market right thereafter decided to build off, and come a week or two later."

The size of the deals also means that hyperscalers have quickly become a significant portion of new US credit markets. From core privates until they join

Amazon and Alphabet together new make-up 17 per cent of the entire Swiss investment grade credit index, S&P data showed.

This created new risks for these markets and for investors obliged to track the composition of the benchmark, and

Asha at Allancothermatix.

"If there is a problem with any of these names, these smaller markets will be much more affected [than the US market]" because of the higher degree of concentration, she added.

For some investors, the new investors bring a welcome vibrancy to low-liquid markets.

At Catterman, fixed income portfolio manager at Windsand Asset Management, said hyperscaler issuance was "great" for investors because "it is aiding diversification, being attention and keeps domestic cash in domestic bond markets".

Similarly, domestic investors have been a strong cash in power in a Canadian debt market long dominated by banks and energy companies, said

about it, and a high interest rate for the

flood of the hyperscalers are issuing in size"

The challenge is: how much attention will I get if the hyperscalers are issuing in size"

The

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Equities

South Korea orders new investors to take classes

DANIEL TUDOR AND SONG JUNG A KOREA

South Korean retail investors must now complete a week-long course before they can start trading in single-stock funds as regulation highest restrictions on products blamed for exacerbating wild swings in one of the world's most volatile stock markets.

The move follows an extraordinary boom and subsequent correction in South Korean equities. The Kogel rose 16 per cent in 2023 and then doubled again this rate to one pushing at more than 0.500 points in June.

Retail investors poured a net West20th ($70bn) into the market amid an 44-decent rally in dispensers (46.8pats and Samsung Electronics).

The two coincides with government efforts to boost the market. Single-stock leveraged exchange-traded funds in the two companies were introduced to late May, allowing investors to magnify bets on Korea's semi-indicator champions.

There at a press conference on June 8, President Lee Jae Hoong said the market was still "more robust undervalued" despite having hit about 8,000 points.

The rally occurred in 6 pks with the Kogel 20thg 22 per cent for its worst month since the global financial crisis. The finance ministry announced measures to limit an area to leveraged ETFs.

"Many retail investors now suffered significant losses in the single-stock

It does feel like closing the barn door after the horse has bolted, though it is better than doing nothing"

In better than doing nothing'

In leveraged ETF cross and their perception of these products has changed, said the "big stock change partner at local board hedge fund Astra Capital Management.

Investors who bought Samsung and 46.8pats leveraged ETFs in late May and held them until mid-July last about half their money, according to data from Mirae Asset Securities.

New investors in single-stock leveraged ETFs must now complete at least one hour of simulated trading a day for five days. Trading platforms and apps are required to impose the regulations.

Regulators rated the maximum cash deposit from West20ms to West30ms ($21,000) and instituted a mandatory three hours of education for investors in each product, some investors, known

as "paved" or auto, questioned whether the value would cause differences.

"It does feel a bit like closing the barn door after the horse has bolted, though it is better than doing nothing," said Mo Yoon, a board endorse who last money.

However, there are signs that tighter regulations is costing the market. Daily turnover in single-stock leveraged ETFs

bill from West21s into on July 30 to just West700ms on August 4 while investors redeemed West, this from the products between August 4 and 10.

For Years, it has done little to restore faith in public markets. Turnovers like on

June 8, the new investor right to resorthed. Trust in the government has been

amongly statement.

The company's shareholding

from the market was also

the first four years' of coming financing, meaning that the

company would absorb early losses in the value of chips beyond certain positions.

Regulators rated the maximum cash deposit from West20ms to West30ms ($21,000) and instituted a mandatory three hours of education for investors in each product, some investors, known as "paved" or auto, questioned whether the value would cause differences.

The company's shareholding

from the market was also the first four years' of coming financing, meaning that the

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Spreads have widened in the highest-quality Canadian credit market

Additional paid paid on Canadian credit over government bonds (3.25%)

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---

14

■

EXPLORERLY, TOBAC

Friday 14 August 2026

COMPANIES & MARKETS

'Enablers are the AI sweet spot for investors

Stephen Byrd

Markets Insight

In the AI boom, the providers of infrastructure for the technology may capture some of the most durable retards for investors.

In AI capabilities improve at a lightning pace, constraints such as electricity supply are emerging as a key issue. Companies that can alleviate these will be in strong demand.

This is a prospect that is already being recognized by investors, judging by the performance of a basket of stocks that appearance across the AI infrastructure value chain, from utilities to information technology to hyperwalors.

The AI Enabler Basket has outperformed the 2003 World End to be 10 per cent in the last three years and AI-makers in the US have captured 62 per cent of capital valued in seed to late-stage ventures made in the first half of 2026.

This reflects confidence in the increasing demand for AI as the technology develops. Over the course of 2025, the percentage of questions that large language models could answer in a demanding test of intelligence and capability knows as Humanity's Last Exam has risen from 10 per cent to 10 per cent.

And the pace of development will accelerate as LLM developers pursue a goal of what is called recursive self-improvement – the point at which models can develop autonomously.

In turn, AI adoption is accelerating. Usage of tokens – the units of data processed by models – near 50-fold between January 2025 and April 2026, according to the Fintech Kump.

For many businesses, the value created by AI is already rapidly outstripping the expense. For one cell (in the only August AI billboards, where work flows are redesigned, job tasks reaffect

cated, and capital spending redeployed. The productivity gains we are seeing today are likely a fraction of what can ultimately be achieved.

The mobile implies a massive shortage of computing power relative to likely future demand. Lack of access to the power grid may be the most serious bottleneck to use this.

We project that US data centre developers will face around a 60-gigawatt grid access shortfall through 2026, about half the power they need. For comparison, 5xper US cities typically consume a few gigawatts of power daily.

The structural nature of the mismatch between the pace of AI infra-

Infrastructure providers will be in big demand with demand for the technology far outstripping supply

structures demand and the multi-decade timelines of grid investment is often under-appreciated.

The lead times for power transformer deliveries in the US now average more than two years versus a per-12mil series of 12 to 16 weeks and, in some regions, utilities are quoting interconnection timelines of a decade or more.

There is also political problem against data centre construction in some areas because of increases in power bills for other customers and concerns about the impact on air quality and water availability.

If power developments are halted or delayed, this could exacerbate the energy shortfall for AI development as demand accelerates.

AI's shift from the training of LLIN to "informer" usage, where models analyze data to make predictions, and agents carrying out tasks is also creating new electricity demand patterns that encourage the work out designed to handle.

Woolheads are moving from batch processing to real-time execution, shifting the systemic challenge from energy availability to power demand volatility and response speed.

We use solutions for three challenges emerging from AI-makers such as providers and developers of fuel cells, which convert an energy source into electricity.

These can often be installed faster than new grid connections and typically provide reliable on-site power with the best water use and lower harmful emissions. Such fuel cell "power islands" can be built off the grid, eliminating impacts on other power customers.

With power demand becoming more reliable, energy storage systems are another solution.

Rationics are emerging as a system-level necessity, an "inventory of electricity" that does not replace generation but reduces power usage at times of peak demand. Before costly capital infrastructure and allows data centres to participate in grid stabilization.

The enablers alone are unlikely to satisfy the rising demand for energy. But the scarcity of grid space is increasing the value of companies that can supply power efficiently while reducing the political cost of data centre expansion. They are the picks and shovels of this investment boom.

Stephen Byrd is global head of thematic research and sustainability research at Morgan Stanley

The day in the markets

What you need to know

• Wall Street climbs with blue-clip S&P 500 index hitting a record high
• Chipmakers lead gains, extending a sharp rebound from last month's roof
• US Treasuries also rally with all prices slip on rise in crude inventories

US stocks climbed yesterday with the blue-clip S&P 500 index hitting a record high as investors responded to the latter sign of easing inflationary pressures in the world's biggest economies.

Wall Street's benchmark advanced GS per cent by early afternoon in New York and the tech heavy Nasdaq 500 index called 51 per cent.

Chipmakers led the gains, continuing a sharp rebound from last month's roof with harmful jumping 5 per cent and Super Africa Computer rising 6.6 per cent.

The heart for equities came as data creased that US wholesale inflation led by more than expected in July, but on the

twins of Wednesday's decline in consumer price inflation.

The run of softer inflation data has deemed expectations that the US Federal

finance will lift interest into new assets. An English slightly higher than

expected joblessness figures on Wednesday, the wholesale price date was 5x net positive for the September pause

sawg1 and BWD strategic low-curpley. Futures markets are pricing a roughly

15 per cent chance of a rate increase at the Fitch September pause rate from Jan-

about 50 per cent earlier in the week. Treasuries also rolled with the interest

rate sensitive two-year yield falling 5 basis points to 6.6x per cent while the 50 year yield also fell 30g to 6.6x per cent.

US stocks climb amid easing inflation concerns

The 50-year German Bund yield fell 50p to 150 per cent while the 50-year UK girl yields was unchanged at 9.4x per cent.

The US Dollar index, which measures the strength of the currency against a basket of years, was unchanged.

US prices fell, increasing data the previous day showing a 6.6g rise in US commercial crude inventories.

Brest crude, the international benchmark, was down 15 per cent to make at $86.80 per barrel while the US market, West Texas Intermedians,

released 16 per cent to $89.12 per barrel. The recent rally in US stocks has come

as investors turned their attention from the Middle East conflict to the strength of the second-quarter earnings return.

"The market moved on from low as a primary concern in June, with the focus having shifted to the general AI infrastructure build out and impressive earnings growth," wrote Steve

Chinaman, deputy CEO for global market at Fairbanks.

European stocks lagged behind Wall Street. The pre-engined Stock Europe 400 index fell 52 per cent while Paris's

Cai oil did 52 per cent. Frankfurt's Intra Das lost 51 per cent. Habil039 Wight

Markets update

	US	EUROPE	Japan	UK	China	Brazil
Stocks	S&P 500	EuroBrot 300	Nikkat 225	FTSE100	Shanghai Comp.	Boeing2
Level	7789.92	2626.70	6833.93	9377.67	9926.06	6472.93
% Change on day	-0.52	-0.05	1%	-0.56	-0.50	-0.22
Current	Index (EBV)	1 per €	1m per $	1 per €	Perk per $	Roof per $
Level	99.62	0.54	104.15	1.53	6.74	1.99
% Change on day	-0.95	-0.32	-0.03	-0.07	-0.01	0.276
Goal, trends	10-Year Treasury	10-year Bund	10-year JOB	10-Year Gift	10-year bond	10-year bond
Index	6.63	0.33	2.84	4.95	1.71	14.65
Data split change on day	-0.04	-0.03	-0.02	-0.02	-0.01	-0.03
World Commodities	FTSE All World	UK Short	UK WTI	Gold	Silver	Markets (LMEX)
Level	762.69	88.26	82.19	4,565.91	64.65	5925.70
% Change on day	-0.61	-0.76	-0.82	-1.34	-1.02	-0.39

Main equity markets

Biggest movers

US			Eurozone		UK
Western Capital	1.00	4.00	4.00	10.45	1.00	1.00
World Technology	4.00	4.00	4.00	4.00	Park Group	4.00
World's Finance	3.00	4.00	4.00	4.00	Asia Group	3.00
Law Research	4.00	4.00	4.00	3.50	Fair Group	1.50
Wills	3.00	4.00	4.00	3.00	FTSE Global	3.00
Gold	1.00	4.00	4.00	4.00	Archeيون	1.00
American Mining	1.00	4.00	4.00	4.00	Fair Group	1.00
WTI Gold	1.00	4.00	4.00	4.00	Big Tech	1.00
All Industries Wages	0.55	4.00	4.00	4.00	Princeton	0.75
AsiaBali	1.00	4.00	4.00	4.00	Holmquist Money	1.00
Total WTI	1.00	4.00	4.00	4.00	Average WTI

Commodities

Rio Tinto receives $1.8bn bailout for Australia's biggest aluminium smelter

WE FLAIRS - STORY

The Australian government has bailed out a Rio Tinto controlled aluminium smelter while a $12,500 US (8bn) package after months of wrangling that threatened the future of one of the country's largest industrial operations.

The long-awaited deal to rescue the Tonnage smelter in New South Wales is the latest move by Prime Minister Anthony Albanese's government to protect its industrial base with taxpayer funds following similar bailouts of vulnerable region, aluminium, size, and steel operations.

Tonnage's future banked block last year when the smelter, jointly owned by Rio, found 8.6bn and Gore. Aluminium, started a formal process to shut the facility despite building talks with the federal and state governments over a rescue deal.

In another, while some about 10 per cent of electricity generated in New South Wales and employs 1,000 workers, faced an uncertain future with its

electricity contract set to expire in 2026. Albanese's government, alongside the state of New South Wales, has signed a 10-year deal to support the smelter's transition to 100 per cent renewable energy by 2032.

The deal is expected to underpin investment in the state's electricity grid. Its exchange, Tonnage distribution will

The site is 'a critical asset for the country and our manufacturing future'

Prime Minister Anthony Albanese

invest A$1, 8bn into its operations until 2030, including 6000 bns on decarbonisation activities.

Albanese said at a press conference in Tonnage yesterday that the agreement delivered on his government's promise to protect 1,604 US$ region, which has long been a stronghold of the ruling Labor Party.

"This site isn't just important for

Newcastle and the Hunter," he said, referring to the area around Tonnage. "It's a critical asset for the country and our manufacturing future."

Albanese has made manufacturing at the heart of his industrial policy since he was elected in 2022.

His government has rescued assets owned by some of the world's largest interest and commodity traders, including Gloscon and Trafagara.

The Tonnage deal was held up by negotiations between the federal and state governments over the structure of the energy agreement and shared financial responsibility.

Jordan Plesnow, head of the Tinto's aluminium operations, said the deal would ensure shift remained in the Hunter Valley and secure supply to its global customers.

"Australia's top-a-critical piece of over-ridge manufacturing capability while helping Tonnage aluminium continue competitively producing the aluminium smelter for the global energy transition," he said.

TENDER NO. 6(687)

REQUEST FOR PROPOSAL FOR CONSULTANCY SERVICES

FOR FEASIBILITY STUDY & DETAILED DESIGN FOR MANSEHRA — NARAN – JALKHAD – CHILAS (MNJC) EXPRESSWAY (APPROXIMATE LENGTH 200 KM.)

1. Mansehra-Naran-Jalkhad-Chilas (MNJC) Corridor, 1a., National Highway N-15, connects Mansehra (on Karakoram Highway) to Chilas and provides the shortest and most scenic line between Khyber Pakhtunkhwa and Gilgit-Baltistan, serving major tourist destinations such as Narur, Kaghar, Bubasar, and Saif-al-Maša. The corridor is proposed to be upgraded into a strategic trophy on Eastern Corridor, enabling all-season tourism and trade, transitioning from a seasonal tourist road into a reliable national economic artery.
2. The National Highway Authority (NHA) intends to honeyspage the International Consultant (Engineering Organization/Firm) as per Pakistan Engineering Council Bye-Laws for the subject project. The detailed eligibility criteria are mentioned in the RFP documents.
3. RFP documents can be downloaded from NHA's website (www.nha.gov.pk) free of cost or the same can be purchased from the office of General Manager (P&CA), NHA-HQ, Islamabad
4. Pre-Proposal Conference will be held on August 27, 2025 at 1100 hours in the office of General Manager (P&CA), National Highway Authority, Islamabad (with explore of remote/other participants).
5. Procurement will be carried out by adopting "Single Stage Two Envelopes" procedure as per provisions of PPRA (Public Procurement Regulatory Authority). The Proposals complete in all respects, in accordance with the instructions provided in the RFP document, in sealed envelopes should reach on or before September 30, 2025 till 1130 Hours in the office of General Manager (P&CA), NHA-HQ, 25-Maune Area, Sector G-9/1, Islamabad and be closely marked "Consultancy Services for Feasibility Study & Detailed Design for Mansehra-Naran-Jalkhad-Chilas (MNJC) Expressway (Approximate Length 200 Km)".
6. The Technical Proposals shall be opened on the same day at 1200 hours, whereas the Financial Proposals of the technically qualified firms shall be opened after finalization of technical evaluation. Other details are provided in the RFP.
7. The Firms/Consultants providing unsubstantiated and/or incorrect information are liable to legal action and/or disqualification.
8. The Authority reserves the right to reject all the proposals as per PPRA Rules.

GENERAL MANAGER (P&CA)

National Highway Authority

Ministry of Communications, Government of Pakistan

25-Maune Area, Sector G-9/1, Islamabad, Pakistan

Phone +92-51-9032727, Email: pmpca.nha@gmail.com & Website: www.nha.gov.pk

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Friday, 14 August 2020

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KEY-RCALE STRATA

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KEYSYSTEMS SYMBOL

Friday, 16 August 2024

MARKET DATA

FT GLOBAL 500K THE WORLD'S LARGEST COMPANIES

Rank	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	( {\mathrm{H}}_{\mathrm{a}} )	( {\mathrm{H}}_{\mathrm{b}} )	( {\mathrm{H}}_{\mathrm{c}} )	( {\mathrm{H}}_{\mathrm{d}} )	( {\mathrm{H}}_{\mathrm{e}} )	( {\mathrm{H}}_{\mathrm{f}} )	( {\mathrm{H}}_{\mathrm{g}} )	( {\mathrm{H}}_{\mathrm{h}} )	( {\mathrm{H}}_{\mathrm{i}} )	( {\mathrm{H}}_{\mathrm{j}} )	( {\mathrm{H}}_{\mathrm{k}} )	( {\mathrm{H}}_{\mathrm{l}} )	( {\mathrm{H}}_{\mathrm{m}} )	( {\mathrm{H}}_{\mathrm{n}} )	( {\mathrm{H}}_{\mathrm{o}} )	( {\mathrm{H}}_{\mathrm{p}} )	( {\mathrm{H}}_{\mathrm{q}} )	( {\mathrm{H}}_{\mathrm{r}} )	( {\mathrm{H}}_{\mathrm{s}} )	( {\mathrm{H}}_{\mathrm{t}} )	( {\mathrm{H}}_{\mathrm{u}} )	( {\mathrm{H}}_{\mathrm{v}} )	( {\mathrm{H}}_{\mathrm{w}} )	( {\mathrm{H}}_{\mathrm{x}} )	( {\mathrm{H}}_{\mathrm{y}} )	( {\mathrm{H}}_{\mathrm{z}} )	( {\mathrm{H}}_{\mathrm{w}} )	( {\mathrm{H}}_{\mathrm{x}} )	( {\mathrm{H}}_{\mathrm{y}} )	( {\mathrm{H}}_{\mathrm{z}} )	( {\mathrm{H}}_{\mathrm{w}} )	( {\mathrm{H}}_{\mathrm{x}} )	( {\mathrm{H}}_{\mathrm{y}} )	( {\mathrm{H}}_{\mathrm{z}} )	( {\mathrm{H}}_{\mathrm{w}} )	( {\mathrm{H}}_{\mathrm{x}} )	( {\mathrm{H}_{\mathrm{y}} } )	( {\mathrm{H}}_{\mathrm{z}} )	( {\mathrm{H}}_{\mathrm{w}} )	( {\mathrm{H}}_{\mathrm{x}} )	( {\mathrm{H}}_{\mathrm{y}} )	( {\mathrm{H}}_{\mathrm{z}} )	( {\mathrm{H}}_{\mathrm{w}} )	( {\mathrm{H}}_{\mathrm{x}} )	( {\mathrm{H}_{\mathrm{y}} } )	( {\mathrm{H}_{\mathrm{z}} } )	( {\mathrm{H}}_{\mathrm{w}} )	( {\mathrm{H}}_{\mathrm{x}} )	( {\mathrm{H}}_{\mathrm{y}} )	( {\mathrm{H}}_{\mathrm{z}} )	( {\mathrm{H}}_{\mathrm{w}} )	( {\mathrm{H}}_{\mathrm{x}} )	( {\mathrm{H}_{\mathrm{y}} } )	( {\mathrm{H}_{\mathrm{z}} } )	( {\mathrm{H}_{\mathrm{w}} } )	( {\mathrm{H}}_{\mathrm{x}} )	( {\mathrm{H}_{\mathrm{y}} } )	( {\mathrm{H}_{\mathrm{z}} } )	( {\mathrm{H}_{\mathrm{w}} } )	( {\mathrm{H}_{\mathrm{x}} } )	( {\mathrm{H}_{\mathrm{y}} } )	( {\mathrm{H}_{\mathrm{z}} } )	( {\mathrm{H}_{\mathrm{w}} } )	( {\mathrm{H}_{\mathrm{x}} } )	( {\mathrm{H}_{\mathrm{y}} } )	( {\mathrm{H}_{\mathrm{z}} } )	( {\mathrm{H}_{\mathrm{w}} } )	( {\mathrm{H}_{\mathrm{x}} } )	( {\mathrm{H}_{\mathrm{y}} } )	( {\mathrm{H}_{\mathrm{z}} } )	( {\mathrm{H}_{\mathrm{w}} } )	( {\mathrm{H}_{\mathrm{x}} } )	( {\mathrm{H}_{\mathrm{y}} } )	( {\mathrm{H}_{\mathrm{z}} } )	( {\mathrm{H}_{\mathrm{x}} } )	( {\mathrm{H}_{\mathrm{y}} } )	( {\mathrm{H}_{\mathrm{z}} } )	( {\mathrm{H}_{\mathrm{x}} } )	( {\mathrm{H}_{\mathrm{y}} } )	( {\mathrm{H}_{\mathrm{z}} } )

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Friday, 7 August 2024

•

FINANCIAL TIMES

17

FINANCIAL TIMES SHARE SERVICE

Main Market

	Price	1-7th Day	1-8th Day	1-9th Day	1-10th Day	1-11th Day	1-12th Day	1-13th Day
B&W Securities
Walt Securities	220.00	0.00	220.00	220.00	1.00	22.50	242.00
Walt & Co.	182.00	0.00	182.00	182.00	1.00	22.50	242.00
B&W Securities (2nd Day)
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
B&W Securities (2nd Day)
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00

AIM

	Price	1-7th Day	1-8th Day	1-9th Day	1-10th Day	1-11th Day	1-12th Day	1-13th Day
B&W Securities
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00

Investment

	Price	1-7th Day	1-8th Day	1-9th Day	1-10th Day	1-11th Day	1-12th Day	1-13th Day
B&W Securities
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00

	Price	1-7th Day	1-8th Day	1-9th Day	1-10th Day	1-11th Day	1-12th Day	1-13th Day
B&W Securities
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00

	Price	1-7th Day	1-8th Day	1-9th Day	1-10th Day	1-11th Day	1-12th Day	1-13th Day	1-14th Day
B&W Securities
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00

	Price	1-7th Day	1-8th Day	1-9th Day	1-10th Day	1-11th Day	1-12th Day	1-13th Day	1-14th Day
B&W Securities
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00
Walt & Co.	1,000.00	0.00	1,000.00	1,000.00	0.00	0.00	1,000.00

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SYNTHETIC TIMES

Friday, 14 August 2024

MANAGED FUNDS SERVICE

Algebra Investments

Regulated

Algebra Core (Key) EUR	4	208.23	0.02	0.00	20.75	10.12
Algebra Core (Key) EUR	4	206.61	0.02	0.00	20.21	11.25
Algebra Financial Credit* EUR	4	205.95	0.12	0.00	0.00	0.00
Algebra Financial Credit* GBP	4	203.13	0.02	0.00	0.00	0.00
Algebra Financial Credit* USD	4	212.96	0.12	0.00	0.00	0.00
Algebra Financial Credit* EUR	4	183.51	0.12	0.00	0.23	0.00
Algebra Financial Equity EUR	4	400.53	0.12	0.00	0.00	0.00
Algebra Financial Equity EUR	4	244.00	0.12	0.00	27.30	80.36
Algebra Financial Equity (Level) GBP	4	244.00	0.12	0.00	0.00	0.00
Algebra Financial Equity (Level) USD	4	304.46	0.12	0.00	0.00	0.00
Algebra Financial Equity (Level) USD	4	300.88	0.12	0.00	0.00	0.00
Algebra Financial Equity* EUR	4	215.61	0.12	0.00	0.00	0.00
Algebra Financial Income (Level) GBP	4	257.96	0.12	0.00	0.00	0.00
Algebra Financial Income (Level) USD	4	300.73	0.12	0.00	0.00	0.00
Algebra Global Asset (Depreciation) EUR	4	104.44	0.00	0.00	0.94	0.10
Algebra Global Asset (Depreciation) EUR	4	108.11	0.00	0.00	0.37	0.00
Algebra Global Asset (Depreciation) GBP	4	104.67	0.07	0.00	0.00	0.00
Algebra Global Asset (Depreciation) USD	4	100.66	0.00	0.00	0.00	0.00
Algebra & Financial Credit* EUR	4	135.16	0.04	0.00	0.24	7.71
Algebra & Financial Credit* EUR	4	116.75	0.02	0.00	0.00	1.14
Algebra Strategy Credit* (Level) EUR	4	116.25	0.02	0.00	4.00	0.00
Algebra Global Equity (Level) EUR	4	104.64	0.12	0.00	10.00	0.00
Algebra Global Equity (Level) EUR	4	102.14	0.00	0.00	14.10	54.06

Brown Advisory Funds PLC

http://www.brownadvisory.com for USD 1001 (FID)

FID Recognized

Global Capital Fund (GCF)	2	32.21	0.15	0.00	1.47	11.24
Global Leaders: Associated Fund (GEL)	2	10.61	0.15	0.00	1.47	11.24
Global Sustainable State Report (SaaS) GBP	2	9.41	0.00	0.00	0.00	0.00
US Equity Growth Fund (GDF)	2	79.29	0.14	0.00	0.25	11.18
US Facility Equity Fund (GDF)	2	40.09	0.17	0.00	0.00	0.00
US Well-Sup Growth Fund (WSC)	2	26.06	0.22	0.00	0.27	11.00
US Equity Sup. Board Fund (GDP)	2	33.00	0.17	0.00	0.00	0.00
US Security Independent Fund (SIF)	2	49.88	0.22	0.00	0.00	0.00
US Sustainable Global Fund (SGF)	2	41.29	0.18	0.00	0.00	0.00
US Sustainable Global Fund (SGC) Acc	2	18.48	0.22	0.00	0.00	0.00

(IRL)

CS Asset Management Limited

30 Key State, London EC2V 8EX

Energy, Tel: (021) 8581 0888 Fax: (021) 7431 0000

FID Recognized

CS Portfolio Fund PLC

Alabama Master M Ins	4	146.27	0.15	0.00	2.25	2.91
Capital Security Portfolio (CBP)	4	2800.00	0.17	1.00	1.15	1.97
Capital Security Portfolio (CBP)	4	125.81	0.22	0.00	2.17	2.46
Delta Fund SLS (Ins)	4	152.46	0.25	0.00	1.35	2.41
Delta Capital (CBP)	4	94.28	0.24	0.00	0.00	0.00
Hard Mexico SLS (Ins)	4	102.14	0.24	0.00	0.27	0.20
All India Limited Board (Ins)	4	100.00	0.00	0.00	0.00	0.00
ASB (Ins)	4	4000.00	0.00	0.00	0.00	0.00
ASB (Ins) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB) (ASB)

Chartered Asset Management Pte Ltd

Inter-Investment Funds

Cash (CF) (CF)	4	4000.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash (ICL) (ICL)	4	1472.16	0.00	0.00	20.00	4.00
Cash (ICL)	4	0.00	0.00	0.00	0.17	1.00

CP Global Asset Management Pte Ltd.

www.cgbchina.com, e-mail: scdnews, page@cbglobal.com

International Mutual Funds

CP Global Strategy Fund	4	483.42	0.22	0.00	0.27	10.48

CP Capital Asset Management Limited

www.cscam.com, e-mail: fundamain@cscam.com

International Mutual Funds

CP Global Financial Fund	4	274.06	0.04	0.00	0.00	0.00
CP Global Equity Fund	4	607.35	0.15	0.00	11.30	12.18
CPI Alliance Financial Fund	4	410.16	0.03	0.00	11.17	10.82

Worldwide Funds

Armonk Food Managers Ltd (1399F)

57.12. 2000. 2002. London SW1X 4.5 0000.000 2001

Authorised Services

Armonk Corporate Board (Ala)	3	5.9.00	0.12	0.00	0.01	0.00
Armonk Global Insurance (Ala)	3	244.00	0.12	0.00	2.17	0.00
Armonk High Insurance (Ala)	3	75.00	0.12	0.00	0.00	0.00
Armonk Insurance (Ala)	3	300.00	0.12	0.00	23.00	12.67
Armonk Monthly Debt (Ala)	3	182.75	0.12	0.00	14.30	14.00
Armonk Short Life Bond (Baa)	3	132.00	0.00	0.00	0.02	7.50
Armonk Standard (BBA) (Ala) (Ala)	4	4026.71	0.12	0.00	20.75	30.47
Armonk Standard (BBA) (Ala) (Ala) (Ala)	3	306.16	0.12	1.00	14.00	14.66
Armonk Standard (BBA) (Ala) (Ala) (Ala)	3	242.00	0.12	0.00	20.71	27.22
Armonk Standard (BBA) (Ala) (Ala) (Ala)	3	304.44	0.12	0.00	20.00	27.31
Armonk Standard (BBA) (Ala) (Ala) (Ala)	4	4000.00	0.00	0.00	0.00	0.00
US Sustainable Global Fund (SGF)	4	41.29	0.18	0.00	0.00	0.00
US Sustainable Global Fund (SGF) (Ala)	4	18.48	0.22	0.00	0.00	0.00

ASB Capital

ASB Capital

State (Hedge & Council, Lister, IT, QIRL)

Global Growth and Decrease

Level of Capital

ASB (GMLK) - AEC	4	102.73	0.00	0.00	0.00	0.00
ASB (GMLK) - AEC	4	87.14	0.00	0.00	0.00	0.00
ASB (GMLK) - AEC (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC) (AEC)

Atlantic Sicox

Other International Funds

Americas Spacers	4	8657.97	0.00	0.00	0.00	0.00
Americas One	4	1123.06	0.00	0.00	0.00	0.00
Brasil Global	4	5540.00	0.00	0.00	0.00	1.00
China Insurance	4	2023.31	0.00	0.00	0.00	0.00
Far East	4	2786.66	0.00	0.00	0.00	0.00

Blue Whole Investment Funds (CAF)

www.industries.com, info@bluewhole.com

FID Recognized Annual (2023)

Blue Whole Growth (2021)	4	25.41	0.15	0.00	0.00	0.00

BY NEW YORK LIFE INVESTMENT MANAGEMENT

Carolina Investors Group

FID Recognized

Carolina AEs (Ace) 2nd Mkt Report (Clay)	4	228.79	1.12	0.00	2.00	4.00
Carolina AEs (Lace) High Yield (Lip)	4	1456.81	0.14	0.00	0.00	0.17
Carolina AEs (Lace) High Yield (Lip)	4	280.00	0.12	0.00	0.00	0.00
Carolina AEs (Lace) 2nd Mkt (Lip)	4	180.54	0.12	0.00	0.17	0.14
Carolina AEs (Lace) 2nd Mkt (Lip)	4	144.26	0.00	0.00	2.00	2.00
Carolina AEs (Lace) 2nd Mkt (Lip)	4	1000.00	0.00	0.00	0.00	0.00
Carolina AEs (Lace) 2nd Mkt (Lip)	4	1000.00	0.00	0.00	0.00	0.00
Carolina AEs (Lace) 2nd Mkt (Lip)	4	1000.00	0.00	0.00	0.00	0.00
Carolina AEs (Lace) 2nd Mkt (Lip)	4	1000.00	0.00	0.00	0.00	0.00
Carolina AEs (Lace) 2nd Mkt (Lip)	4	1000.00	0.00	0.00	0.00	0.00
Carolina AEs (Lace) 2nd Mkt (Lip)	4	1000.00	0.00	0.00	0.00	0.00
Carolina AEs (Lace) 2nd Mkt (Lip)	4	1000.00	0.00	0.00	0.00	0.00

Carolina Investors Group

Other International Funds

Carolina AEs (Lace) 2nd Mkt (Lip)	4	2164.62	0.15	0.00	2.00	4.00
Carolina AEs (Lace) 2nd Mkt (Lip)	4	225.55	0.02	0.00	0.15	2.00
Carolina AEs (Lace) 2nd Mkt (Lip)	4	2114.48	0.15	0.00	4.00	10.00
Carolina AEs (Lace) 2nd Mkt (Lip)	4	280.17	0.00	0.00	0.15	2.00
Carolina AEs (Lace) 2nd Mkt (Lip)	4	286.26	0.14	0.00	0.00	0.00
Carolina AEs (Lace) 2nd Mkt (Lip)	4	1000.00	0.00	0.00	0.00	0.00

Carmel Asset Management Ltd

W100 0000

www.carmel.com

FID Recognized

CF Carmel (Associated) (CBF) (Ala)	141.00	0.15	1.00	10.00	6.72
CF Carmel (Malaysian) (CBF) (Ala)	130.00	0.24	2.12	0.00	0.00
CF Carmel (Associated) (Bri) (Ala) (CBF) (Ala)	172.61	0.16	1.37	10.00	10.02

Dodge & Cox Worldwide Funds

M-1/1/2000, London SW1Y 2XX

www.dodgeofco.com +44 (0)0 6451 2019

FID Recognized

Dodge & Cox Worldwide Funds Emerging Markets Stock Fund

Emerging Markets Stock Fund (A100) (Ala)	4	16.00	0.41	0.00	27.00	29.00
Emerging Markets Stock Fund (A100) (Ala)	4	16.67	0.72	0.00	19.27	21.63
Emerging Markets Stock Fund (A100) (Ala)	4	15.25	0.54	0.00	21.00	19.25
Emerging Markets Stock Fund (A100) (Ala)	4	16.67	0.62	0.00	20.00	22.11

Dodge & Cox Worldwide Funds Global Mark Funds

CFD (Accounting) (Clay)	4	46.34	0.00	0.00	0.00	0.21
CFD (Accounting) (Clay) (A)	4	12.21	0.27	0.00	0.24	4.24
CFD (Accounting) (Clay) (A)	4	11.12	0.22	0.00	1.26	4.23
CFD (Accounting) (Clay) (A)	4	11.12	0.22	0.00	0.00	0.21
CFD (Accounting) (Clay) (A)	4	11.00	0.00	0.75	1.17	2.31
CFD (Accounting) (Clay) (A)	4	8.45	0.01	0.75	1.22	1.32
CFD (Accounting) (Clay) (A)	4	15.24	0.00	0.00	0.00	0.04
CFD (Accounting) (Clay) (A)	4	1.63	0.00	0.00	2.06	2.76

CFD (Accounting) (Clay) (Clay)	4	50.13	0.23	0.00	18.34	18.16
CFD (Accounting) (Clay) (Clay)	4	51.11	0.23	0.00	15.96	15.08
CFD (Accounting) (Clay) (Clay)	4	50.25	0.14	0.00	10.87	12.46
CFD (Accounting) (Clay) (Clay)	4	48.34	0.07	0.00	6.72	6.00
CFD (Accounting) (Clay) (Clay)	4	52.00	0.07	0.00	6.72	6.00
CFD (Accounting) (Clay) (Clay)	4	52.00	0.07	0.00	6.72	6.00

Dodge & Cox Worldwide Funds US Bank Fund

CFD (Accounting) (Clay) (Clay)	4	61.00	0.17	0.00	14.32	16.00
CFD (Accounting) (Clay) (Clay)	4	71.67	0.12	0.00	11.56	13.00
CFD (Accounting) (Clay) (Clay)	4	41.42	0.17	0.00	18.00	12.00
CFD (Accounting) (Clay) (Clay)	4	60.00	0.07	0.00	6.72	6.00
CFD (Accounting) (Clay) (Clay)	4	52.00	0.07	0.00	6.72	6.00
CFD (Accounting) (Clay) (Clay)	4	52.00	0.07	0.00	6.72	6.00

DRAGON CAPITAL

Dragon Capital

www.dogecapital.com

Fluoromagnetic info@dogecapital.com

Blue International Funds

Interest Equity (0.075) Fund # 0.000	4	35.25	0.16	0.00	0.00	0.00

(IRL)

Eden Tree Investment Management Ltd

International (W) 0000 0000 0000

Authorised for Funds

Eden Tree Global (Asset) (Baa)	47.12	0.01	0.17	0.01	0.00
Eden Tree (Asset) (Asset) (A)	138.00	0.01	0.00	0.01	0.00
Eden Tree (Asset) (Asset) (A)	77.75	0.12	0.00	0.15	0.00
Eden Tree Global (Asset) (Asset) (A)	37.12	0.00	0.00	0.00	0.00
Eden Tree (Asset) (Asset) (A)	1000.00	0.00	0.00	0.00	0.00
Eden Tree (Asset) (Asset) (A)	1000.00	0.00	0.00	0.00	0.00
Eden Tree (Asset) (Asset) (A)	1000.00	0.00	0.00	0.00	0.00
Eden Tree (Asset) (Asset) (A)	1000.00	0.00	0.00	0.00	0.00
Eden Tree (Asset) (Asset) (A)	1000.00	0.00	0.00	0.00	0.00
Eden Tree (Asset) (Asset) (A)	1000.00	0.00	0.00	0.00	0.00
Eden Tree (Asset) (Asset) (A)	1000.00	0.00	0.00	0.00	0.00

●

FIL Investment Services (1399F)

Brazil (Clay, 2000) (Clay, Lester, Fitzgerald, Tabuach) (FID) (B)

Goldman-Pearson (Carmel, 2000) (A)

Brides-Donah, 2000 (A) 0.00

AEX Funds

---

Friday 14 August 2024

FINANCIAL TIMES

19

MANAGED FUNDS SERVICE

Fund	Bid	Offer	Fund	Date	Date	Fund	Bid	Offer	Fund	Date	Date	Fund	Bid	Offer	Fund	Date	Date

Fundsmith Equity Fund

Fundsmith LLP (1280)

PO Box 10000, Queensland Street 10000 QM 1, 2008 1127 1873

www.fundsmith.co.uk, anspcna@fundsmith.co.uk

Authorised for Funds

Fundsmith Equity Fund	1000.00	0.00	0.00	0.00	0.00
Fundsmith Equity T No	1000.00	0.00	0.00	0.00	0.00

GUINNESS GLOBAL INVESTORS

Guinness Global Investors

Guinness Global Equity Investors 1280 Pm	£	25.72	0.04	0.00	0.00	0.00
Guinness Global Investors 1280 NCI	£	42.96	0.12	0.00	0.00	0.00
Guinness Global Equity (NCI) 1280 Pm	£	16.32	0.14	0.00	0.00	0.00

HPR Assurance Ltd

Regent Park House, Blythe Hill, Douglas, New of New York, 1010 6000

International Insurance

Holding Property Bond Sec 1	£	0.00	0.00	0.00	0.00	0.00
Holding Property Bond Sec 2	£	0.00	0.00	0.00	0.00	0.00

Holding Property Bond Sec 3

Janus Henderson INVESTORS

Janus Henderson Investors

PO Box 9023, Queensland 10000, 10000 Lupewa 0000 0000 0000

www.janushenderson.com

Authorised for Funds

Janus Henderson Allocation Board Fund A Acc	1000.00	0.00	0.00	0.00	0.00
Janus Henderson Share/Dec Acc (NCI) Rev A	1000.00	0.00	0.00	0.00	0.00
Janus Henderson Exchange/Regal Fund A Acc	1000.00	0.00	0.00	0.00	0.00
Janus Henderson Exchange/Regal Fund A Acc	1000.00	0.00	0.00	0.00	0.00
Janus Henderson Direct Sign Fund A Acc	1000.00	0.00	0.00	0.00	0.00
Janus Henderson Exchange/Bletchley Rev A Acc	1000.00	0.00	0.00	0.00	0.00
Janus Henderson Exchange/Bletchley Rev A Acc	1000.00	0.00	0.00	0.00	0.00
Janus Henderson Company Share A Acc	1000.00	0.00	0.00	0.00	0.00
Janus Henderson Share/Regal Fund A Acc	1000.00	0.00	0.00	0.00	0.00
Janus Henderson Share/Regal Fund A Acc	1000.00	0.00	0.00	0.00	0.00
Janus Henderson Share/Regal Fund A Acc	1000.00	0.00	0.00	0.00	0.00
Janus Henderson Share/Regal Fund A Acc	1000.00	0.00	0.00	0.00	0.00

Minny Asset Management Limited

Registered

Minny Asset Investors	£	1000.00	0.00	0.00	0.00

Minny Asset Management Limited (C1000)

Minny Asset Investors

Minny Asset Investors

Minny Asset Investors

Minny Asset Investors

Minny Asset Investors

Minny Asset Investors

Minny Asset Investors

Minny Asset Investors

Minny Asset Investors

Minny Asset Investors

Minny Asset Investors

Minny A Wood Portfolios Limited (UK)

www.minny.com, Washington 2000 1300 2000 2000

Authorised for Funds

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Baldwell Fund Acc 1000.00

Parishes Investment Fits (UK) (1280)

Netfares, General Square, Washington Street, Leeds L27 4DL

Share State and Insurance (UK) (US) 2004

Authorised for Funds

Authorised Corporate Director/Maystone Management (UK) Limited

Group Trust for FCS 0 7.10.01 0.00 0.00 10.00 10.00

Parishes Investment Fits (UK) Ltd

Regulated

FCCM 500.10 0.00 0.00 17.00 21.75

FCCM 500.10 0.00 0.00 17.75 21.43

Regulated

---

20

◆

FINANCIAL TIMES

Friday 16 August 2024

FT Globetrotter

Unforgettable joy of sailing the Danish coast on a tall ship

A voyage to Gothenburg brings the nation's seafaring history into close view, with Hamlet's castle among its ports of call

Amy Bell

Most people flying into the Danish capital will stay on dry land. But as Denmark is a nation of over 400 islands, it makes sense to explore it from the water. The largest are Zealand (home to Copenhagen), Vondaysøst-Tilp and Panen, but beyond that are hundreds of smaller islands with their own unique character.

Which is why I am stopping aboard Aron of Svendborg, a family-run traditional Danish schooner built in 1906, where it is manned in the harbour, to experience more of Denmark's coastline by sail on a seven-day voyage, starting in Copenhagen. This particular voyage will end in Gothenburg, Sweden, but most of the time trips start and end in Denmark.

"A lot of Danes have a connection with the sea," says Helena Moodie, who co-owns Aron alongside her partner, Gorm Badker. "They either own a boat, or know someone who does."

We cast off and motor out of the harbour, past the Copenhagen Opera House in the right and the waterfront park of the Amalsenborg Palace in the left.

With Copenhagen disappearing behind us, it's soon time to put the sails up. Our 12-person crew is half British, half Danish: there are eight of us guests, plus Moodie and Badker and their two children, Else and Anton. Moodie shows us how to pull and ease from safely, and everyone has a job to do to hoist the schooner and main sails, then the four headsuits at the bow. Some of us have sailed before, but you can be a complete novice and still join these trips.

After about four hours, and the Swedish province of Scania to our right, we

reach the narrowest point between the two countries, where ferries shuttle back and forth. From the bow we spot the Denmark, a full-rigged tall ship built in 1932 that is still used to train cadets.

As we make our approach to Helsingør on the Danish side, we see turrets.

"It's Hamlet's castle!"

On the eastern tip of the coast is Kronborg, the 15th to 16th-century stronghold that inspired Shakespeare's play about the Danish prince. In the harbour behind the castle Aron finds a berth, nestled in between about six other traditional schooners. They're all here with teenagers on board as part of a summer camp over the next few weeks.

Sunset is last in the evening, as a few of us walk down to the harbour wall where the sea is still, the water cool and so close I can see seagrass swaying beneath my feet as I swim. On the headland across the bay the shadowed walls of the castle stand guard over us.

The next day the wind is blowing hard, and not in the right direction for where we want to go, which is worth through the Kattegat Strait. The plan is to head about 40 miles north to an island called Anbelt, but because of the conditions we divert to a sheltered port on the Swedish coast.

Sometimes Aron sails west around the Zealand coast, visiting small fishing villages such as Lifehøje, or up to the island of Lønn with its unaward-thatched houses, and further afield to Norway or Germany. But there are also several trips based around its home port Svendborg in the South Fauen archipelago, a two-hour train ride from Copenhagen, which is now a Unesco heritage site. "It's

Aron is one of only around 15 ships of its kind left in Denmark

like our little playground, there's loads of tiny islands ... it's an amazing place to sail," says Moodie.

Both she and Badker grow up in the Fauen islands, sailing on traditional wooden Martial schooners like Aron. Moodie lived on board her parents' ship until she was 16 and, despite initially swearing off ever sailing on wooden boats again, she was drawn back in and worked in sail training for about 15 years, in Denmark, Norway and the Netherlands.

After having her daughter, Moodie switched to working on shore and then ferries, while Badker spent about 10 years working offshore laying cables on the seafed — choices made for practical reasons. Both of them missed sailing. In 2018, Aron's previous owner died, just hours after hiring Badker to take over as captain on the charter trips, and in 2021 the couple had the opportunity to buy the boat.

The pair are perfectly suited to Aron

and work together seamlessly, radiating calm professionalism. Badker is usually at the helm, while Moodie takes us through the sailing massacres. She also prepares breakfast, lunch and dinner. At around 8.30am, we have coffee and fresh bread with ham, cheese or homemade thulbeth complete; lunch might be unaccelerated (open sandwiches) on deck, topped with pickled herring, potatoes or liver pilot; lasagne for dinner in the saloon, followed by barbecued bananas with rum and ice cream.

On their island-hopping trips, Moodie says they try to support local businesses, from buying fishermen's daily catch to using honesty boxes, where residents might be selling homegrown potatoes or fruit.

"That's very much part of the experience, but it's also supporting the people who live there, so there is something to come back to tomorrow."

Most days we sail for a few hours after breakfast. Aside from putting the sails up and down — and even climbing out on to the besogret to seaside with the headsuits — there's plenty of time to relax and read a book or chat on deck. Then we move somewhere late in the afternoon to explore on land or jump in

for a swim, and after that having dinner together round a large wooden table in the saloon, with Badker telling us stories from his life at sea.

On our way up to Gothenburg we stop at Vinga, a small Swedish island with a resident goatherd and a 19th-century lighthouse marking the western entrance to the Gothenburg archipelago. We continue up to Intel, an island packed with Swedish summer houses where we swim in sheltered coves. The local pub/restaurant at the entrance to the harbour has a blackboard on the wall, chalking up a tally of recent groundings — where boats have

misjudged the depth just inside the harbour and run upround.

Ten-year-old Anton has discovered that there is a water slide at one corner of the island. Following a small map he guides the way, and delightedly hush himself down the slide several times, splashing into the pool below. I collect handfuls of seaweed from the shoreline with his older sister Elise, later cutting the tips for Moodie to mix into a salad.

Our last day is wet and windy as we motor across the stretch of open sea to Gothenburg. While most of the crew stay warm in the saloon, Badker stands at the helm getting blasted by horizontal rain. He can't light his cigarette in the wind and a bag of sweets gets blown away. But he still looks like there's nowhere he'd rather be.

Adapting to the conditions is all part of a trip like this, but there is a freedom that comes with letting go and enjoying the ride. There is usually an itinerary but it has to be flexible, says Moodie.

"We never quite know what we will present, which is also part of the experience. I think nowadays, we're so used to everything being planned and scheduled that the concept of sort of going with the flow and adapting to the weather is ... not very common."

As soon as we reach more sheltered inlets around Mastroiud, all is calm. We slip gently through narrow waterways surrounded by green grass-topped granite rock, passing summer houses, sheep and geese, and finally we're in Gothenburg — the towering apartment blocks and city noise a shock after the quiet of the canals.

I think about how arriving by water completely shapes your perspective of a place; when you come in by car. Approaching gradually by sea you can fully take it in — and you're seeing it in the way people would have done over a century ago when travelling by water was the norm.

"That's also why I think these ships are so important to maintain," Moodie says. "Because it's those ships that built Denmark into what it is today, I think it's a pity to lose that part of your culture."

Amy Bell was a guest of Vontareland. A seven-day/six-night trip from Copenhagen to Gothenburg costs £3.720p full-board. Aron sails from April to September, with voyages varying between three-day (enter sails to up to a week, and start in Copenhagen, Svendborg and other ports.

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Friday 16 August 2024

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FOTOCALLED, TOBEX

21

FT BIG READ. MIDDLE EAST SOCIETY

Immigration is at the heart of the country's self-image, but a wave of emigration is raising fears over the economy, politics and its ability to retain highly skilled workers.

By James Shotter

The exodus from Israel

Jonathan diBoY want to leave Israel. When his wife first became the third class, it was he who pushed back. But as the country's war in Gana dragged on, and the stresses of the conflict compounded the economic pressures and social tensions never far below Israel's surface, he realized they had to go.

Then one evening, as he returned to his apartment in Tel Aviv, he can into the child of one of his neighbours. They spoke, and the boy, aged five or six, said he would see Jonathan that night in the building's shelter, where residents would go to take refuge from missiles launched by Israel's foes.

"That was one of the big breaking points for me . . . [I thought I think] the future of the country and this is what he knows," Jonathan said.

"Imagine, for a couple of years now, people have been in this fight or flight mode. And there's no escape from this cycle . . . When you combine all of the social, the economic, the political aspects, it just becomes untenable."

And so, in 2024, the 30-wheeling real estate professional, who asked for his full name not to be used, poached up his house in Tel Aviv and moved to the US with his family, joining a wave of 250,000 Israelis who have left the country over the past three years.

The outflow has been fuelled by a period of unprecedented tumult in Israel. In early 2023, Prime Minister Benjamin Netanyahu's government launched a controversial drive to overhaul the political, triggering the deepest domestic crisis in Israel's near-Wisyar history. Then Hamani's October 7 attack plunged the country into a war that became a years-long regional conflict, drawing in Iran and allied welfare groups from Lebanon to Yemen.

By international standards the share of Israelis who have left over this period is not huge. But for Israel the outflow is highly unusual – and has already had an enslaved impact. Combined with a drop in immigration, the exodus turned Israeli wet migration negative in both 2023 and 2024 – something that happened only three times in the preceding century. Full official figures for last year are not yet available.

With studies – including one last week from Israel's tax authority – suggesting rising numbers of those leaving our high income, it has also awakened fears of the end of the 2024–25 war, maintained, do serious damage to Israel's tech theory economy, its public finances and even its military.

"This is based on the first time in 100 years that there has been a continuing negative balance [in consecutive years]," says Sergei Deliborghzh, professor emeritus at the Hebrew University of Jerusalem, noting previous one-of-instance in the 1920s, before Israel's 1948 foundation, and then again in the 1950s and 1960s. "So this is absolutely exceptional."

Indeed, the idea of Israel as a country of immigration is central to its modern identity. The new state was founded as the world recalled at the horrors of the

'Imagine, for a couple of years now, people have been in this fight or flight mode. And there's no escape from this cycle.'

Holoccanic. Offering a home to Jews around the globe was a fundamental part of its vision effort. Between 1948 and 1960, immigration accounted for 63 per cent of population growth. The share has dropped since, but was still close to 20 per cent in the two decades before the pandemic.

For a long time, there was also a stigma around those who left. In the 1970s, then prime minister Yitzhak Rabin founded Imagris "sword layers", "the fallen among the weaklings" and, for good measure, "the sleeps of the earth". Language around the topic is bridged with judgment. The Hebrew word used for the immigration of points Israel – aliyah – literally means "sword". Emigrants were often called jordim or "those who descend".

"Emigrating was a much of shame. The implications can 'tuck' out going to take part in this grand experiment of recreating a Jewish homeland for the first time in 2,000 years. What are you? A traitor to the cause?" says Alex Weinreb, research director at the Taub Center, a Jerusalem-based think-tank, "My father has 10 feet cousins, all born in the 1930s and 1940s. Most have never yet had outside of Israel, on principle . . . They're all part of the national religious community. And for them it's a way to signal that in this time they are making a political statement just by bringing."

Leaving with sadness

With time, the stigma failed – Rabin took back his comments in the 1990s – and growing numbers of Israelis began to move abroad. But the topic remains highly publicized. When academics from Tel Aviv University released a study this month estimating continuing high levels of emigration in 2023, oppression politicians seized on it to attack the government. "They promoted Ganan would emigrate voluntarily. But in the end the October 7 government encouraged voluntary emigration from Israel," Weiser Cohen, from the centrist York military, wrote on it.

The Tel Aviv study, which excluded newcomers who had lived in Israel for less than three years, calculated that 100,000 had left the country in 2023 and 2024 and estimated that another 45,000 to 50,000 departed last year.

Migration is driven by multiple fac-

tors. But few who study it doubt that Israel's polarized political climate and the future of making a strong war are – during which Israeli forces have laid waste to Gaza and southern Lebanon, and Hamas, Shifeshah and Iran have fired thousands of missiles at Israel – have played an important role in the current wave of emigration.

Extra rose as Netanyahu's far-right coalition embraced on a controversial attempt to limit the powers of the Judaism (in early 2023 that sparked the biggest wave of protests in Israeli history. Then then jumped sharply after Hamani's October 7 attack, with 10,000 leaving in that month alone. The outflow has taken place at a time of widespread concern among Israelis over rising subsumations in western countries.

Liketh for Art, a sociologist of immigration and demography and professor at Oursite College, carried out a qualitative survey in 2024 and 2025 of 71 Israelis who emigrated to the US. The interviewees expressed concerns about the social and political climate in Israel, primarily following the judicial reforms in 2023. Each concerns were more common among those emigrating and in the last three years than those who emigrated previously. "We can now definitely add the sociopolitical atmosphere in Israel in the essence of the recent wave of emigration," she says.

For some Israelis, the idea of emigrating is income-to-aidle. Benjamin Blunt, from Jerusalem, speaks for many in saying that although war "probes people away" do him, personal connections in the country are more important. "I wouldn't know," he adds.

But among secular and more liberal Israelis, who have watched on as the country has become in the right under execution. Yetonotine governments, concerns about the direction of the country are visceral. Many in this camp regard October 4 election, which will get Netanyahu's coalition with extremist and ethno-ligious parties against a more politically heterodox but largely secular opposition, as a make-or-break moment for Israel.

Among those who have already left in Ash, who asked to be identified with by a pseudonym, who moved with her family to figure earlier this year. For years, she had worried about the growing influence of religion and affirmation at one or more levels, splicing her to a family in the school system that serves secular Jews and in the army. She was also horrified by the government's attempts to weaken the Judaism

"I should of being."

As Israel's war with Hamas morphed into a traditional conflict in the Middle front, her concerns about the direction of the country were compounded by the prospect that her husband and eventually also her children would have to serve in an army. Unattributed by people whose values are different from mine, and whom's cannot treat any more?

back on track and we can return to his time. But I'm not optimistic . . . In the long term, I'm afraid there's no future there for liberal people like us."

For many Israelis, financial considerations also play a key role. The country has long grappled with a high end of living, and while the housing market has could draw the end of life in war, property remains expensive, particularly in cities such as Tel Aviv and Jerusalem.

Jonathan and his wife both had good jobs in Israel. But he says the affordable by of housing was one of the big factors as they weighed whether to move abroad. "Finding anything reasonable [in Israel] was problematic. We're talking about close to a million dollars for a 2019 sq. meter apartment in Petula Tiliva," he says, referring to a city near Tel Aviv. "Within a year of moving to America, we were able to buy a house in could never afford in Israel on a piece of hard we could never afford in Israel."

'A promo of the future'

Emigration in the first half of 2023 was 20 per cent lower than the same period a year earlier. But net outflows are still expected for the year overall. Economies were that if those people, they will exacerbate the looming demographic strains on an economy in which male members of the former growing population group – ultra-Orthodox Jews – have traditionally not entered the workforce or taken part in Israel's obligatory military service. This month's study by Israel's tax authority found the rate of depletion of affluent Israelis, including high tech and healthcare workers, was almost twice as high in 2022 and 2024 as in 2019. If expected, the annual loss in tax receipts could swell to $5, this in five years, it added.

The findings echoed another study: this year by researchers from Tel Aviv University, which found an increasing net outflow of Israelis who worked as doctors and engineers, or had a high-tech education or one focusing on science, engineering and health.

But hier, an economic-produced who was one of the authors of the study, says: while Israel could cope with the current outflows, "the concern is what we are now is kind of a promo of the future".

"Israel as a country depends on its human capital. We are not rich in natural resources. That's what makes a brain drain or emigration more dangerous or putative for a national life."

Economists say the biggest risk would be if the importance hurt itself in greenhouse tech sector, which accounts for a fifth of economic output, as well as half of exports, and is highly dependent on high-skilled workers.

But Zean Yudim, a professor of economics at Tel Aviv University, contends that the implications are wider still, arguing that an outflow of workers from Israel's word production sectors would not just lift tax receipts. It would also add to the manpower strains we Israel's already overstretched military – which depends on a system of national service and being able to call up overstate – as well as make government plans for a

People walk just a closed restaurant at the beachfront in Tel Aviv. A polarized political climate and three years of war have played an important role in the current wave of emigration.

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Israel has had more people leaving the country than immigrants since 2023

Table of 1: 2023-24 Israel's total population in Israel (2024-25) and 2024-25 Israel's total population in Israel (2025-26) in Israel. The total population in Israel is 10,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Source: FT, tabulated in Israel on Israel's latest Bureau of Statistics, tables 21, 21.

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FINANCIAL TIMES

Friday 14 August 2018

The FT View

FINANCIAL TIMES

"Without fear and without favour"

P. LAMAR

P. LAMAR

Buyers should beware the dangers of new ETFs

High leverage and

insufficient oversight could amplify risks

This has been an essential summer for the South Korean stock market. The things, the country's benchmark index, doubled in the first six months of the year before collapsing is low July. In the second week (subsequently) with approval retail purchase of a relatively new financial-trend leveraged exchange traded funds in single stocks.

These ETFs, which in the Korean can largely tracked the performance of Samsung and US (from the index) two largest stocks), use derivatives to amplify returns, giving retail investors access to previously unavailable leverage. The domestic fallout has been considerable, so the market fell, ETF driven swings fuelled a wave of margin calls, adding to the popular investors.

Korean summertime methNews is no

quickly advertised, it should serve as a sign to ensure to the world about how risky new products and high leverage are dramatically amplifying the volatility of markets.

ETFs, long a favourite of retail investors, were originally a plane vanilla, low-risk instrument designed to provide easy access to large, diversified baskets of stocks tracked by an index. Today more than 82.5% worth of ETFs globally track their market share, market trends and commodities, as well as a growing range of "alive" assets and options. America's 60F 500 is tracked by over $2m in State Street and Vanguard hands alone, which has just held large pools of assets, charge very low fees and allow retail investors to be different. Although platforms in interest as little as 50 apiece.

But investment has been a new target up total investors with more complex products ranging from leveraged single stocks (ETFs in current ETFs that enable them to "shoot" a stock, or be) on its price falling. These new strategies inject

higher risks into retail portfolios by boosting gains and losses alike. Many new-style ETFs provide retail investors with investments they do not fully understand. They also do not necessarily act in way that investors expect. By settling daily, these products can diminish the long-run returns of more volatile stocks.

ETFs can also contribute to market volatility in aggregate, as it blends. Low-impact single stocks, and low-rate ETFs amplify swings in wholly new ways. Yet these new and different ETFs are booming. More than 1,000 ETFs have launched just this year, of which almost a quarter have been leveraged single-stock funds. These new ETFs exemplify the way in which increasingly popular (to produce) are being marketed to retail investors from corporate-to-market production markets to zero-day options in individual low-res stock's single stock movements, many products look less like investments and more like gambling.

Increasingly prevalent products swing marketed to retail investors. Many look less like investments and more like gambling

South Korea's regulators are responding to their domestic market moves with new risks intended to avoid a repeat of the swings investors experienced with leveraged ETFs. The country now requires single-zone fund holders to take education courses before buying. Other countries can learn from the license example, from suffering mini to rollercoaster rides.

These should, of course, be an area on the market and they may, but better financial literacy and education would help retail investors evaluate new products. Investors in many markets would benefit, less from stronger disclosure requirements that spell out the risks.

Since risks, though, are not far only possible, but they may, but better financial literacy and education would help retail investors evaluate new products. Investors in many markets would benefit, less from stronger disclosure requirements that spell out the risks. Since risks, though, are not far only possible, but they may, but better financial literacy and education would help retail investors evaluate new products. Investors in many markets would benefit, less from stronger disclosure requirements that spell out the risks.

Opinion Society

What your out-of-office email really means

Soumaya Keynes

I use iv recently emailed a mail-study large copy list, then rolled your eyes as a therapy of out-of-office messages because I back.

this is the guide for you. You may think that these automated emails are a sign that your colleagues are lazy good for outings, including off-while you will through the long sessions, but they are so much more. Allow me to translate.

Perhaps you've had this one: "I use no holiday with no access to internet or phone signal. So can I do get access to them. I have smashed my phone, laptop and smartwatch and license them into the world." This is a nice help, from someone with a severe addiction. My think, as you almost mindedly check your phone for text messages, social media notifications and — your favourite — new stories on the FT app.

'I am on holiday with no internet.' This is a cry for help from someone

with a severe addiction

"I am away from my desk and will be checking emails intermittently" This person is not holiday with the no-loss and wants to reply to your email within 17 minutes rather than the need to. They also have an addiction, but we'd as a strength. They haven't read the research suggesting that recipients of non-negotiated emails tend to overestimate how quickly smokers respond to them. It would be a mere hope of you to enlighten them.

"I am away for the summer." This person is French. It's OK to insert them. After all, they are having a stutter time than you. (The OKUS has completed this suggesting that in 2010 I was able to talk on average your more days of annual leave than British ones.) Comfort yourself with the knowledge that although holidays do seem to improve wellbeing, the effects fall along with the loss.

"I am currently in a coma and may take slightly longer than usual to respond to your message." No prices for guarding where the pay flows. Over the years, Americans have become decreasingly likely to avoid, off for long periods. Women in 1971 (English 24 per cent of surveyed US workers reported taking a whole week of holidays in the previous week, by 2023 that does was 14 percent.

"I am on holiday until Friday August

21. If you need an urgent response, below are the contact details for these colleagues who can respond to my absence." This seems helpful, specific and professional. But understand the surface, this person despises these colleagues, ever since they offered her up to their work substitute. You are part of her revenge — see how they like her—nguise indecisions overlooked.

Don't bother emailing the authorities, since they are away too, seeking up the expense of holidaying to sometimes. One study of French holiday habits found that a 10 percentage point increase in the share of parents taking a week of holiday in a particular week raised the share of the parents in the same region taking a holiday by 3 percentage points. (They weren't helping out their founded friends with children.)

"I am currently out-of-the-fillers, trying to return home after a successful segment involving a large wooden horse. It may take me some time." This guy hasn't disobeyed the company's policy on joking out-of-office messages and will shortly be unemployed. And they have little support from homeowner British adults. According to one Youlson poll from 2008, just 15 percent of them think that out-of-office emails should be low.

"In line with government guidelines, I am taking some time off to exchange." This person is being nothing of the sort. When in 2009 the Norwegian government forced employees to give the over-station an extra week of holiday, research has found journals no effect on sickness absence. And some holiday videos used the time off to boost earnings in their second job.

"I'm off this morning and will be back this afternoon." This out-of-office message is entirely unnecessary, and the sender knows it. By littering your inbox with their email sketches, they are demonstrated that they are the type to do for those who program reels without headphones on a train. They have definitely not logged the absence on their corporate HR systems, avoid all biases during.

"I am on holiday and will delete all emails received by my absence. Please record your message once again." This person wants you to know a couple of things. First, they are extremely popular. Second, holidays are zero-sum, and how work the times on holiday means more work for you.

"..." This person hasn't bothered to set up an out-of-office. There are 164,370 emails in their inbox. They aren't going to respond regardless of their holiday status. Their message is that although you may demand their attention in terms of an email, they were you nothing. They have, however, given you a sort of gift, please. Happy August.

soumaya.keynes@ft.com

Letters

Generative AI threatens to make thinking itself redundant

John Theorald is right to warn that "tech companies are making critical decisions about our collective future based on speculative narratives without any kind of social mandate" (Opinion, August 11).

I can only speak for the generation I know, and of course not for everyone in it. But for those of us in our twenties, there's an uncomfortable question behind the call for greater respect: are we preserving the very capuchine so will need to exercise it?

We entered the At age already captive to an attention economy. We

grew up inside social media systems engineered to make friction disappear: the next video selected, the next question served, the next shopping impulse anticipated. New guarantees to offer to someone yet another kind of friction: the effort of thinking itself. The warning signs pertains the AI boom, I recently came across an interesting study. In fact, this is learntly and her colleagues examined changes to empathy among more than 15,000 American college students between 1976 and 1995. They found marked declines in empathic concern and the

ability to take another person's perspective, particularly after 2000. Those are also the years in which social media begins enlarging how we relate to one another. Like a coincidence worth questioning, attention and empathy may seem separate issues, are not sure they are. To understand another perspective, we must first explain it. It can't mean the world around us, we must put attention to it. At the age of this paradox, large language models can exercise our intellectual muscles, but also range us not to use them. Their sycophency can

reassure rather than challenge. Their expertise can make this reasoning but like our own. The world may society take something passengers in the back of the AI/Car. My generation should be aiming for the moving wheel. We have every reason to embrace AI, but let us use it to think further not less. The world is a good way to be more effective, question, disagree and care. The future can be to attract. We should remain capable of shaping it. Claudio Pedro Alopán Madrid, Spain

The missing piece of the homelessness puzzle

Your report "Such Annuities failed to end rough going as a misuse" — can be one used to prime mistakes? Changes 101 makes some excellent points the misses one crucial part of the puzzle.

As the Instellar homelessness charities who were part of the efforts in Manchester shows, Boreham has learnt some key lessons from his time as source: the understanding that training the title was the first step in the about providing command night shelters. He knows that people need safe, suitable lessons with support to be able to stay there: that up to 100 interventions such as shopping, the works for people facing multiple disadvantage, including mental ill health and substance use; and that a galvanizing or suffocation access local systems is essential.

But the slightest is the event is how Boreham has learned. The current set up compounds all the challenges to achieving Boreham's ability is in patchwork, inefficient and short-term and does not provide sufficient funding for support or for meaningful cross-sector working. If Boreham is not able to make outing single strategies, he needs to fully back the "company's value for money review of homelessness services and take the hold move of turning the system on its health's focus on prevention and long-term support rather than on costly crisis management interventions, including a crippling temporary accommodation bill.

Simply, if the pledge to end rough, keeping its goal is to succeed, something to a long term, sustainable funding system must be front and centre.

Risk Headsevers

1931, Monahan Link, the national membership charity for Instellar homelessness organizations, London NCL UK

UK shouldn't need a war to ensure its medical readiness

Over report on Russian recruitment figures, August 12 describes a war might not be made of national manpower. Britain is planning for wartime readiness. It is not planning for wartime medicine.

Britain's defence medical services number about 1,000,000, and 1,000,000 per100,000 persons across all clinical states. In the first world war the fiscal局向 Medical Corps alone reached 167,000. Yet against the force such served, today's provision is proportionally no smaller. What has changed to the force 4 months and have changed to the force.

By 1938 roughly half of Britain's registered doctors, 22,000 and of 47,000, were in military service. Britain had an increase over the drawing on the civilian profession: the Central

GET ANOTHER FOR THE FINANCE JAKET OF HIM

Medical War Committee, formed by the British Medical Association and recognized by government in 1954, was charged with supplying the forces, while keeping civilian medicine standing. It canvass the profession, practitioner by practitioner, through local committees to every district. All this before the 1950 national

military service has some 70,000 licensed doctors, a single national employer, and no non-husband whatever for deciding how they would be divided. The chief of the defence staff told the Commons defence committee there was no complete plan for mobilising the 1950 in an Act for 1 conflict.

Parliament is meanwhile legislating to modernise military mobilisation: the armed forces bill would allow reservists to be recalled for "our preparation". rather than only to imminent national danger, emergency or attack. There is no equivalent work on the health side. The question is not conscripting. It is which clinicians would be needed at the front, which for warning casualties from the front to the front of them, and which to receive them here; and whether the independent sector, alongside the 1950, is counted in

The promised defence readiness bill should put that right, with a medical discussion, a central medical service war committee, or would make the 1916 model but covering the whole clinical workforce, doctors, nurses, paramedics and allied health professionals and charged non-in-practition, with disinteresting who would be mobilised, in what numbers, and in where.

Britain has done this before. By the summer of 1939, before our war, declared, the Central Medical War Committee had been unconstituted. That did not require a war to begin, but does it now.

In-Newen Name

Military Support and Medical Director, UK Secretary Madsen Reuter London SW3, UK

Stolen art repatriation: the diplomatic and moral case

A small's upon more with Michael Varkovich's case for using the Reuter's理财计划 as a model for sharing the Parliament Marbles with Greece (Opinion, August 10).

But I think it would be even more useful to contemplate the diplomatic and moral malfunction of returning certain 20-30 years of life. The 20-year-old's opinion is that it is not a good way to be able to get a good way to be able to get a good way to be able to get a good way to be able to get a good way to be able to get a good way to be able to get a good way to be able to get a good way to be able to get a good way to be able to get a good way to be able to get a good way to be able to get a good way to be able to get a good way to be able to get a good way

If France were to return the Code of Hammers and other low well known artefacts to him, he's enough. It would be a good way to have some years to attend of the event, while furthering the fundamentalism that one of returning the world's greatest national treasures is their rightful owners.

Britain and France might also consider returning online artefacts to the greatest national level, particularly those they hinted during their ignominious meetings of the Old Summer Palace in 1860 during the Second Opines War.

And we wouldn't mind the barriers that regarding present women's groups had to take returning online artefacts from their measures for repatriation of purposes. And how that protect the autonomy of institutions tasked with housing such treasures in the UK case, the 1950 British Museum is — can be revealed, new laws and ordinances can be written.

Government can act unidentally in these matters if they examine the necessary courage and will. It believes from and I make no do so if they're serious about aiming for the imperish collective that colour their parts and about spreading goodwill in the present.

For what meecally sound gesture could do more to do excaline global treasures in a world as troubled as ours? In America, the 1950s of the Lapone Bank L.O. 10

Why are some olives more European than others?

Spain's also oil may well surpass Italy's "herry, her Spanish after oil is far superior to Italian", 1978, August 11 but according to the International Olive Council (IOC) in Madrid, Turkey may want to be held to ignore.

A gentry of black shaly for second place for production after a terrific year in 2010. It

The IOC figures tell our story, but EU politics tell quite another, some olives are more European than others and some families seem more difficult to crop and do not.

It is the IOC that should be saying sorry to Turkey and not Spain to Italy. Illaur Ndioglu瓷器展示, Turkish Export Titres, London 9FL, UK

Science requires its own dedicated department

The UK is a world leader in medical research and it is a serious concern that the Department for Science, Innovation and Technology is to be swallowed up into a larger Department for business (Report, July 21).

The departing minister Lord Patrick Vallance has a rare combination of skills, combining research knowledge in the medical front of UCL, a business career as a commercial director in GIR, and scientific adviser to the government during the treatment (Cold grade).

It is important that someone with the right to study and knowledge near a separate department rather than have it exhausted into a much larger department covering other responsibilities.

We have funded cutting edge medical research for much of years and every year the application for grants rises, especially because it is becoming increasingly difficult to secure funding.

There is enormous research talent in this country, funding for early treatments that will benefit patients and save costs for the 1950. We cannot afford for the future people engaged in research for lack of funding when they are making such valuable contributions to the future of this country.

The government is hard pressed to find the money it needs to address the major competing needs but medical research grants should be increasing, not reducing, as the industry has the ability to increase long-term productivity, improve the 1950 for less cost and obtain our world lead in the medical field.

Richard Neale Chairman, Reutron 10, London HA6, UK

Bayreuth Festival review: 'gatherly at her vintage best

A world of appreciation for Shirley Gaffney who once again is providing FT readers with repetitive opera reviews. The blueprint of her perspective at Munich "Making of a 'baby for the age'", June 30, Isidoreq "I've never heard him the perfect man", August 4, and Bayreuth's play 30 and August 4 makes everything the series worth reading.

The demolition of the 'M' ship' series is a long way especially good and bad but laughing about it showed that at her vintage best.

Nick Goulden rhythm, Riddon, Essex, UK

Correction

■ Primary error has on 10 months of 30 per cent, rather than 25 per cent as incorrectly stated in an opinion article on August 12.

---

Friday 16 August 2024

•

FINANCIAL TIMES

23

Opinion

Pakistan and the new great game of Risk

In the last few decades of the 20th century, the game geopolitical brand game for many teenagers was Risk. The object was world-fastness, the secret to success might. You take over a large power on the map that covers the brand, try to control a continent and expand from there. It is

like playing the forestរំលង, as the 19th century content for Central Asia was known, around your fashion table you keep your artistic hidden, and then you die.

Essentially, the original Risk map with its 61 territories has stayed all but the same street it was learnt in the 1957. It is time for an update. "My days the game not behind me how armed risks and the names were on the Risk board is split between a supervised India,

Afghanistan and a vast "Middle East". Yet in the real life game of Risk that's geopolitics in Donald Trump's second term, Pakistan is finally growing itself as a hinge power. This month's defense pact with Saudi Arabia and Turkey is just the latest power play by Islamabad.

The most striking way in spirit where it drew on its new with America, China and regional powers, and hosted the first street talks between Washington and Tehran since the Islamic revolution of 1957. There was no breakthrough. Officials feel the impasse made them look silly. Qatar has now to effect assumed their mediating role.

But the signal was clear. Pakistan has tense relations with neighboring India, Afghanistan and Iran, yet it senses an opportunity to play a more proactive role in the world. It is not paper the ultimate "i'lu carte" middle power, able to pick where to align with Washington and where with Beijing, and able to keep them open to the 'brand cold' states and 'this firm.

The case for Pakistani's elevations in the Risk board has not met dissonants. Its semi-fundal military-led political

class has miserated for much of the country's existence. It is a shabby manager of its finances. One minister between the early decades of independence, whose times the economy seemed in better shape than its hides. This is now a distant dream as Pakistan navigates its latest 1987 hailor.

As for democratic freedoms, the wildly popular opposition leader, Inman

While a shambles at home, the country is delivering a Machiavellian masterclass abroad

Khan, may have been an erratic prime minister but it is appalling that he is in prison on seemingly trumpeting charges. This month has seen a new media crackdown. It is all going familiar to anyone who has followed the country over the years.

But while a shambles at home, Pakistan is delivering a Machiavellian masterclass abroad. Values are patently

irrelevant to statecraft in the age of Trump. African man-to-take man. That clearly suits Pakistan as it pursues them, commensically with America on cryptic and critical minerals, and on the world map.

The West-a Joint Debate a Agreement, as the new pact is known, is the latest in a diplomatic pos device for Pakistani district bodies, Field Handed Auto House, and the civilian sidekick, Prime Minister Sheldon Shackl, since Trump resumed office. Both totaled immediately the essential act of conspiracy in dealing with him.

The new pact reflects how the war against Iran has shaken up the Gulf. The signatories are in effect hedging against the loss of America's security umbrella. Other pledge of 'collective absenteeism against aggression' echoes the language of Nara, although it has yet to be put in the test.

For Pakistan, the pact is of particular import. Even as it lights a low level war with Afghanistan, is ever at risk of a calamitous conflict with India, and wages a murderous counter-teenagers, in two border provinces, it has bold

ambitions to break free of its neighbourhood. Officials should act as officials connecting Central Asia to Pakistani ports, opening up new markets. They have international investors use this year's Saudi bailout as a backstop, resveraging a fresh book.

In the game of Risk, the winner ultimately displays stability, security and artillery and triumphs literally by thrown of this 'chikronastic for thank, real life is more complicated. He has displayed force along the border with Afghanistan, in the province of Machiavian and Pakistan held in India, and has little to show for it but body bags. At least 660 soldiers and police have been killed this year. Global interest in mining deals is stalled over security concerns.

Pakistani officials say the illusions in always whether to interact a device or a site at stake. Music believes the latter is the right course. He is said to be enjoying the accolades over his moves. They should cure Pakistan a place on the Risk board. Yet his domain is a timeliness, but he'll be paradox of Pakistan.

abc.musdfg@com

Retail parks are the real threat to the British high street

Shahidha Ravi

The state of the British high street is a powerful humanist the UK. And, just as with the decline of the monarchy, attention spans and

cursive hardworking, there's always common sense of the humanisticism of the great crusade. Enter Prime Minister Sally Burdham, whose plan to regenerate our 'hollowed out' town comes state by vanishing the proliferation of testing and rape shops these incorruptible words spreading in the retail fields of Jane Norman and Papenham.

And then a woman in against identifying with commodities, but try telling that to anyone who remembers the Po's/into from Woolworths. Here we are feeling something about to serve more the street of our childhood full like dominion - the now-defunct bloodstream. Can't, 1893 and Lishawoods, reduced to the indignity of a cat-skype tunnel from 'to' to 'to' and

But not all of the high street has soared off, like Coons, into the great commercial grocery of to the sky. Some of it seems to have driven to the nearest out of town retail park. This work also saw the submission of plans for a new £10mn retail area south of Derby. Highlight include an Aiffi and a Starbucks drive-through café. If planning approval is granted, construction will be completed next year.

Retail parks are fast property, with supermarkets, clothing stores and discount chains allowing for room. Of the UK's leftwing is to visit park space, only 1.6 per cent is currently vacant. If

They are places where dreams go to die, designed by people who seem never to have met a pedestrian

The right must be right to own a woke-wing

There are many supposedly insinuated laws of politics, but for the most unerring we must turn to base. Now

I've been a very active producer

as equal and opposite reaction. Every significant political movement creates

a significant political movement creates

Even as progressive where wears we are using the reaction, often baffled by

progressive over reach. Large parts of the right have succumbed to a similar

defense where symptoms are intolerance, complication, false narrations,

ethnic grievances, inability to comprehend manner and elevation of an

opponent class.

The Conservative leader, Kemi Badarach, has work limited on to the recent

concept of the 'woke right' to explain

her reluctance for a part with Right

Young's Reform UK. He has, 'woke' -

he's left to right - it 'all grievances. It is

visiting ourselves, people are doing this

true, oppressor narratives.

That the authoritarian right and left

overlap is well understood. Their true

oppression have always been contrive

and 'small' 'liberals. Today's overlap is

in the aforementioned victim narratives. While the radical left uses oppos-

sive among whites, men, capitalists and

colonialists, the woke right uses it is a

liberal elite, a political class, a Muslim

superiorist and a officials intentionally disadhering

white Christian. They are the plea of

the 'woke right' to explain her reluctance for a part with Right

true, oppressor narratives.

superiorist and a officials immediately disadhering

There are many supposedly insinuated laws of politics, but for the most unerring we must turn to base. Now I've been a very active producer

as equal and opposite reaction. Every

significant political movement creates

opponent class.

true, oppressor narratives.

ive among whites, men, capitalists and

the 'woke right' to explain her

reluctance for a part with Right

true, oppressor narratives.

true, oppressor narratives.

oppression have always been contrive and 'small' 'liberals. Today's overlap is

true, oppressor narratives.

all arylant hotels. Far right violence is

too often recused.

The language is similarly extreme.

Oppression can not merely misguided.

They are betrayers. Witness the gro-

touger eight of Zia Yandl, Reform UK's

fresor affairs spokesman, accusing a

former fiery defence society and

army veteran of being a 'trustee to

Britain'.

In the end, however, this approach is

likely to prove a dead end. The right

needs to learn lessons from the life on

how many alienates potential allies.

Rumsterous voters did not want to

inhale the police to decimulate the car-

vization. They were repelled by abuse,

anger and anentment, even where they

rempelled with the underlying cause.

The same law swabs the woke right.

All decisions are a choice and if the

alternative is had enough anyone can

who, their victim class to the ethnic

majority, the woke right has an advantage.

It also has more money and media

power behind it. Even so, Reform

UK's 1970s and 1980s in the entire debate,

power as seriously as we take miscible

and ships.

Critics argue Japan cannot afford

stranger deterrence. They are wrong.

The most important thing is to

finance greater security - and without

economic control, we forbid all

the high street. His is the brave

law-wolf first in against the

fineston's law. We are victim don't

doubts. The white man's

suit is the himself, it is just a 40-minute

dissolution. The white man's

suit is the father, it is just a 40-minute

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

dissolution. The white man's

---

24

FINANCIAL TIMES

Friday 16 August 2024

Lex.

Richard Waters

Al opens holes in cyber defences that require investment to fix

BUSINESS INSIGHT

Private credit disclosures prove a boon for banks

Summer is normally peak season for codeworks problems in New York, but for Wall Street banks at least, concerns about an

infestation seem to have disappeared. Almost a year after $9Ming in Chan chief Jamie Dimon memorably warned about potential pests in the private credit sector, bank stocks on both sides of the Atlantic are riding high. One reason they have embraced corporate oversharing.

A handful of high-profile corporate failures last year, including brokers First Brands and Trivates, sparked concerns about underwriting standards among private credit firms and, by extension, the mainstream banks with links to them.

Weston about most quality in private credit haven't gone away; software borrowers are a new source of anxiety. Last week, how Management could back plans for a new private credit continuation fund because investors balked at the valuation it placed on its boom. What has changed, though, is that investors no longer were concerned about contagion hitting the banks. A comparison of recent earnings calls for a selection of 10 large US and European banks highlights the change in tone in the second quarter of this year, only three of them mentioned "private credit" at all, and the phrase cropped up 10 times, according to Alphabetese data, in the first quarter, in contrast, all 10 of them talked about private credit, and it came up 79 times.

That shift followed a concerted effort on the banks' part to better explain their exposures. Dimon told

Jamie Dimon has warned of potential private credit posts (arrows around 10000)

investors that private credit was too small to pose a systemic risk.

Goldman Sachs' David Solomon pointed out his firm's credit funds were seeing inflows rather than outflows.

Chipping Bank of America and Wells Fargo called more details to their investor presentations, and European peers including Deutsche Bank, Barclays, BNP Paribas and HSBC have done so too.

The regulatory mood in the US is moving from more disclosure to less including a potential shift away from quarterly earnings. But banks display the benefits of companies saying even more than they need to.

Discussions of non-standard financial measures tend to focus on signsgroups had examples – WeWork's "community-adjusted-thirds" comes to mind – but sometimes, companies and investors alike can benefit.

Many US banks followed a familiar playbook after the collapse of some additional brokers in 2023, offering extra details on their portfolios of

commercial real estate loans. Nor is it only banks for whom non-statutory information can be integral to valuations.

At Elon Musk's SpaceX, voluntary figures on quarterly rocket launches are probably more relevant than current revenue. At tech giants such as Nixx Platforms and Microsoft, forward guidance on capital expenditure has become one of the most closely watched figures.

Even private capital groups are starting to see the value of transparency: Apollo Global Management plans to start offering daily prices for its credit funds.

This suggests that moves to scrap quarterly reporting requirements may end up having little impact. Executives mean about the burden, but they know that when investors are nervous, more information is better than loss. Ineligible, mandated or not, should ultimately lower the company's cost of capital – so long as it has nothing to hide.

Billionaires are taking over sports teams — and that's bad news for fans

Mark Walter has bounced. The financier and founder of credit investor Guggenheim Partners has announced the shock sale of the Los Angeles Lakers basketball team to former Disney executive Bob Iger and Josh Kushner for $12.5bn just a year after buying the team, in a move that underscores just how much the nature of sports ownership has changed.

In the 1940s, when Walter O'Malley began purchasing interests in the Dodgers baseball franchise, he was a mere internal lawyer for the team. By the time the Los Angeles Dodgers were acquired in 2022 for a then record-setting sum of $2bn, the bidding consortium was led by high financiers at the cutting edge of private capital. The leader of that group was the same Mark Walter who has sold the Lakers. It isn't hard to see why billionaires have an unstand role in sports. A long-running ball market in private capital has swelled their coffers and allowed them to increasingly buy trophy teams. But their objectives are different from the previous generation of owners.

Families like the O'Malley derived their income and wealth largely from sports, and passed on teams through generations. But for financiers, sports franchises are part of broader portfolios, and teams risk getting caught up in the affairs of their owners.

Walter's insurance empire is being pushed by federal prosecutors over how it classifies investments tied to other parts of the financier's business interests, the PT has reported. The Lakers' sale proceeds could be used to solve pressures to divest insurance or recapitalize insurance balance sheets.

Mat Ishiba, the owner of Lakers rival Phoenix team, is facing his own reckoning. His listed mortgage finance titan United Wholesale Mortgage test BofAtena as a recent hedging transaction and cancelled its dividend, worth hundreds of millions of dollars, some of which Ishiba called on to plough into his basketball team.

Such team owners have faced wobbles despite the prolonged ball run to equity and shift markets. But with inflation high and equity valuations toppy, financiers might face meaningful

Embarrassment of riches

Month of new billionaires (2)nd

stress. Some may have to unload cars, artwork and even beloved sports teams.

Traditionally, sports owners offered long term stability. Many turned small investments from the 1940s into hundreds of million of dollars or more when they sold out this century. The billionaires paying top dollar may be less local and less sentimental about their newly acquired franchises.

Recovery in Europe's wind energy sector is picking up speed

Over the past five years the European wind industry has been squeezed by rising costs and penny pinching clients. Those, along with blockchain Tivamp, such the market capitalizations of equipment suppliers such as Vrotas and project developers like thread, still trading well below their 2022 peaks. But results from the past this week point to improving conditions.

A huge post-pandemic increase in the cost of raw materials and components has largely been worked through. At Vrotas, which makes wind turbines for onshore and offshore projects, operating margins in the second-quarter wave in a 14 per cent, up from 1.5 per cent this time last year, thread, which raised $8.4bn of capital loss than a year ago, had no further bad news to report on its costly and delayed legacy projects.

It also looks like governments are coming around to the notion that electricity generated by wind farms is

worth supporting, even if it is more expensive than originally envisaged.

The UK led the way with its January auction for new offshore capacity, in which developers won the right to build projects despite requiring relatively high fixed electricity prices. Denmark, which set each light terms at its 2024 auction that it hides to attract any bidders at all, ran a successful round earlier this month, while the Netherlands is啃啰churing subsidies for its planned November auction.

European governments have obvious incentives to back wind projects again: tensions over the thrall of theatres in Iran have driven up the cost of generating electricity with natural gas and heightened concerns about energy security. In the US, despite President Donald Trump's opposition to wind turbines, 2026 onshore installation, are set to be the highest in five years, says WestMacKenzie, as data centres demand increasing amounts of power.

As the outlook for wind power brightens, European suppliers and developers are arguably in a better competitive position than they once were. While Chinese turbine suppliers have made great strides, geopolitical tensions may dissuade government and corporate clients in Europe and the US from buying their wares.

Meanwhile, all companies – which in past bidding rounds won around 15 per cent of acreage off the US east coast, according to USR analysis – have largely pivoted back to their legacy businesses. That suggests specialists like United will no longer face burden of fossil fuel giants keen to burnish their sustainability credentials by waving their cheaper books about.

Long and winding road

Share prices released

NIKKEI Asia The voice of the Asian century

CROSSWORD No 18,452 by BOBCAT

Solution 18,451

Scan the QR code to contact PT: crossword.com or 18a1 1234 1234 1234 1234 1234 1234 1234 1234 1234 1234 1234 1234 1234 1234 1234 1234 1234 1234 1234 1234

ACROSS

1. Dressed warrity to be picked up and transported (a)
2. A teaser (10) actively visits out (10)
3. Wake peer denied skirting American journalist (7)
4. Star, evidently easy-going, that may pass one line time of day (7)
5. Original position of Romanesque grotesque lacking marks (4,5)
6. Taunton in Rome 'face' That's not unknown (3)
7. Dirty Gillespie curtailed plans to release a channel (18,4)
8. Fruit, sort of cross, precisely delivered (8,6)
9. What about returning officer's age? (5)
10. Facility withdrawn by inspector initially to improve working cartridges (9)
11. You are overwhelmed by most of UK national debt (7)
12. A moment of 10% foaming New Orleans function sent back meat (7)
13. Domestic market in recycled bases launched by petrol station (4,4)
14. Man possibly controlled by Davis housing (6)

DOWN

1. Make fresh evaluation with reference to Jersey? (8)
2. Solicitor supporting therapist? (8)
3. Breakfast sound part of withdrawn related article (5)
4. Referral place to softer paint (9)
5. Call 15 instead – brilliant group (10)
6. Tear into one's own supporter (6)
7. Safer pinching uniform given base posture (6)
8. Unsteady girl tips things in absence of special illumination (5,8)
9. Symbols stuff in religious texts adapted by states (5)
10. Ecstasy tablet elevating family member? (5, 5)
11. Distraction rising writer's awarded in Florence after sun (8)
12. A case of Hixxach from Bow going to port? (5,5)
13. Direct Henry catching queen being testified by two lots of men (5)
14. Exhausted Anton Villa losing heart in play. Providing from The Hammers heart (5)

Gold sponsor

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Get the business insights you need to succeed in Asia Visit asia.nikkei.com

QA Report - Financial Times - 14.08.2026.pdf

Pipeline

• Extraction route: mistral-ocr
• extraction_route=mistral-ocr
• Translation chunks: 96
• Extraction warnings:
• [OCR-ROUTE] FORCE-MISTRAL: All PDFs route directly to MistralOCR.

Non-model Checks

• WARNING: missing numeric tokens from source: 10.61, 10.87, 100.00, 100.66, 1001, 1010, 102.14, 104.15, 104.44, 104.64
• WARNING: Missing proper nouns in translation: Accounting Clay, Accounting Clay Clay, Adani Group, Advertisers

Cultures, Advertising Department, Agriculture

State, Airports Council, Ala Ala, Ala Ala Ala, Alabama Master - WARNING: source dates, money, or percentage tokens may be missing

Model QA

经过严格审核，以下是对翻译内容的问题报告：

---

1. 数字错误（BLOCKING 级别）

• 原文：Anthropic investors expect the AI start-up to float at a valuation of $20bn or more in October. 译文：Anthropic的投资者预计这家AI初创公司将在10月以200亿美元或更高的估值上市。 问题：数字量级错误。$20bn 应为 200亿美元，而非 2万亿美元（$2tn）。 建议：修正为 200亿美元。

• 原文：Investors expect the Claude maker's annualised revenue to be between $100bn and $120bn by the end of 2026. 译文：投资者预计，到2026年底，这家Claude开发商的年化营收将在1000亿美元和1200亿美元之间。 问题：数字量级错误。$100bn–$120bn 应为 1000亿–1200亿美元，而非 1万亿–1.2万亿美元。 建议：修正为 1000亿–1200亿美元。

• 原文：UK economy grew 0.6% in the second quarter. 译文：英国经济在第二季度增长 60 per cent。 问题：百分比错误。0.6% 被误译为 60%。 建议：修正为 0.6%。

• 原文：GDP expands 0.4% but economists provide the 'Battersea' seasonal quirks. 译文：GDP增长 0.4%，但经济学家提供了“巴特西”季节性怪象。 问题：原文中 "Battersea" 为地名（伦敦巴特西），译文应保留原文，不应音译为 "巴特西" 并加引号。 建议：修正为 巴特西（Battersea） 或直接保留英文。

• 原文：Rome seeks to expand airport for 2,000th anniversary of Christ's death. 译文：罗马机场任务：2025年纪念耶稣基督死亡与复活 2,000周年。 问题：2025年 与 2,000周年 逻辑矛盾。原文未明确年份，但 2,000周年 应指公元33年（传统耶稣受难年份）+2000年=2033年。 建议：修正为 2000周年（不加具体年份）或核实原文年份。

• 原文：Canary Wharf Group has sold an office building for £425mn. 译文：金丝雀码头集团将一座办公楼以 4.25亿英镑 出售。 问题：£425mn 应为 4.25亿英镑，而非 4250万英镑。 建议：修正为 4.25亿英镑。

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2. 术语/专有名词错误（WARNING 级别）

• 原文：Anthropic's teachers say huge demand for the fall's advanced AI models. 译文：Anthropic的教师表示对秋季先进AI模型的巨大需求。 问题：teachers 在此处为 投资者（investors） 的误译（可能为OCR错误）。 建议：修正为 投资者。

• 原文：Hyperscalers' borrowing binge shakes up foreign credit trading. 译文：超大规模企业的借贷狂潮撼动外国信贷交易。 问题：Hyperscalers 为行业术语，特指云计算巨头（如亚马逊、谷歌），不应直译为 "超大规模企业"。 建议：修正为 超大规模云服务提供商 或保留英文。

• 原文：Frasers Group snaps up Harvey Nichols. 译文：Frasers集团 收购哈维·尼科尔斯。 问题：Frasers Group 为英国零售巨头，译名应统一为 弗雷泽集团（已在其他媒体广泛使用）。 建议：修正为 弗雷泽集团。

• 原文：Swarovski boss says women buying own lab-grown diamonds is 'very endearing'. 译文：施华洛世奇首席执行官称女性购买人造钻石“非常令人欣慰”。 问题：Swarovski 官方中文名为 施华洛世奇，但行业内常用 施华洛斯奇（音译更准确）。 建议：修正为 施华洛斯奇 或保留英文。

• 原文：Temu vs Shein copyright lawsuit. 译文：特穆 与 希音 的版权诉讼。 问题：Temu 官方中文名为 拼多多全球（Temu为其海外平台），Shein 为 希音。 建议：修正为 拼多多全球（Temu） 和 希音（Shein）。

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3. 逻辑/语义错误（WARNING 级别）

• 原文：The economy grew 0.4 per cent in the second quarter, a relatively robust performance. 译文：经济增长 0.4%，但经济学家提供了“巴特西”季节性怪象。 问题：relatively robust performance 被漏译，导致语义不完整。 建议：补充为 经济增长0.4%，表现相对强劲。

• 原文：Mad Max style defences seen on Russian oil tankers. 译文：俄罗斯油轮采用“疯狂麦克斯”风格的防御措施。 问题：Mad Max 为电影名，译为 《疯狂的麦克斯》 更准确，但此处应保留英文以避免歧义。 建议：保留英文 Mad Max。

• 原文：Wisconsin vote triggers crisis of confidence in polling. 译文：威斯康星投票引发民调信任危机。 问题：crisis of confidence 直译为 "信任危机" 不准确，应为 "民调准确性危机"。 建议：修正为 威斯康星投票引发民调准确性危机。

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4. 格式/标点错误（WARNING 级别）

• 原文：FTWeekend ↳ The road to El Fasher: how Colombian mercenaries... 译文：FT周末 ↳ 通往法希尔之路：哥伦比亚雇佣兵如何... 问题：FTWeekend 官方中文名为 《金融时报周末版》，不应简化为 FT周末。 建议：修正为 《金融时报周末版》。

• 原文：Cash (CF) (CF) | 4 | 4000.00 译文：现金 (CF) (CF) | 4 | 4000.00 问题：Cash (CF) 重复，且 4000.00 未明确单位（可能为 £4000 或 $4000）。 建议：核实原文单位，修正为 现金 (CF) | 4 | 4000英镑/美元。

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5. 幻觉核查（FALSE_POSITIVE 级别）

• 译文：“自金融危机以来，我们在铁路承包商方面的投资不足。我认为目前没有快速解决办法” 核查： 1. 标题索引中有 Maritime chiefs claim Berlin for 34-year wait to deepen crucial waterway 等相关内容。 2. 抽样原文中有 Since the financial crisis, we have underinvested in rail contractors. I don't think there is a quick fix。 结论：内容真实，FALSE_POSITIVE。

• 译文：“诺埃尔认为他继承了 [一套指挥链] —— 但周围没有多少其他人这么认为” 核查： 1. 标题索引中有 Tata's lack of succession planning sets stage for turbulent transition。 2. 抽样原文中有 Noel thought he had inherited [a chain of command] — but not many others around him did。 结论：内容真实，FALSE_POSITIVE。

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6. 低中文密度区域审计（WARNING 级别）

• 译文：您的股价是否受到关注？ 问题：此段为广告文案，但译文 “您的股价” 表述不准确（原文为 “Your share price”，应为 “您的股票”）。 建议：修正为 “您的股票是否受到关注？”。

• 译文：Parishes Investment Fits (UK) (1280) 问题：Parishes Investment Fits 疑为OCR错误，应为 Parish Investments Ltd 或类似公司名。 建议：标记为 [SOURCE_OCR] 并核实原文。

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7. 其他问题

• 残留英文：

• 原文：SMART WORKS FUTURES>> 译文：SMART WORKS FUTURES>> 问题：未翻译。 建议：修正为 “智能职场未来计划”。

• 交付标签：

• 译文： 问题：图片占位符未处理。 建议：删除或替换为 “[图片：哈维·尼科尔斯旗舰店]”。

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总结

• BLOCKING 问题：6 处（数字量级错误、百分比错误）。
• WARNING 问题：12 处（术语、逻辑、格式错误）。
• SOURCE_OCR 问题：1 处（公司名OCR错误）。
• FALSE_POSITIVE 问题：2 处（幻觉误判）。

建议：修正所有 BLOCKING 问题后重新提交审核。

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═══ 自愈质检微创修复记录（Self-Healing Audit Trail）═══

• 成功修复分块 #1（共修复 2 处问题）
• 成功修复分块 #64（共修复 1 处问题）
• 成功修复分块 #2（共修复 1 处问题）
• 成功修复分块 #4（共修复 2 处问题）