The Wall Street Journal - 14.08.2026.pdf

华尔街日报

道琼斯

新闻与资讯

• • • •

2026年8月14日，星期五 • 第CCLXXXVIII卷 第18期

美国版

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最新动态

商业与金融

• 连续两日出现疲软的通胀数据，包括7月份批发价格持平的读数，标准普尔500指数和道琼斯指数分别上涨0.8%和0.7%。A2, B9

• 关税退款已开始流入美国大型公司，在某些情况下为收益提供了强力支撑。A1

• 一家其最大的美国经销商在诉讼中指称，Poincare “策划”了近期美国政府对其的禁令，以此掩盖其离开美国的意愿。B1

• 泰森食品计划关闭一家大型牛肉加工厂并出售另一家，这是该公司从t-shirt guaranteed业务中撤出的最新举措。B2

• 中国最大的芯片代工厂中芯国际由于成熟制程和特种半导体的强劲订单而获利，净利润和营收大幅增长。B6

• Tapestry 集团旗下的蔻驰品牌在第四财季增长超过10%，达到16.4 亿美元 billion，抵消了state goods营收7%的下降。B3

• Global Agreement的资产减记影响了第二季度利润，但这家可再生能源公司表示，其所有项目均按计划进行且在计划成本之内。B5

• Lenson在财年伊始实现了创纪录的销售额并进入新市场，旨在提前实现1000 亿美元 billion的年营收目标。B6

• 马士基在不到三个月内第二次上调全年目标预期，理由是预算率提高以及亚洲市场的强劲需求。B5

全球动态

• 美国正准备部署亚伯拉罕·林肯号航空母舰与乔治·华盛顿号航空母舰，而人们对美国舰载生活条件以及两场战争期间部队链条的担忧日益增加。A1 • 特朗普指示海军弃用一套复杂的航空母舰战斗机发射系统，重新使用辅助启动包，该新式飞行系统耗资数十亿美元。A6

• Long: Bluegrass 预计将于周五在华盛顿联邦法院认罪，他面临与 1980 年代相关的严重指控。A7 (美国商务部) 522-Bruce Thompson。A3

• 众议院少数党领袖 Hanson 表示，如果民主党重新获得权力，他们将寻求对最高法院进行改革。A4

• Flock Safety 表示，在遭到抵制后，其将向监控产品添加限制，但不会部分滥用执法权力。A8

• Talman 正赋予其海岸警卫队在国家安全中更大的作用，作为一项旨在防止中国登陆部队侵犯其驱动程序的国防战略的一部分。A7

• 根据众议员 Joyce Bradley 及其律师的说法，肯尼迪中心的董事会重点关注了该场馆两年的资金端口，并在第四个（位置）加上了特朗普的名字。A8

• 古巴正在举办一场庆祝 1980 年代的派对，因为他们称 Fiona Castro 出生于 19 个大派，伴随着经济崩溃。B9

目录 Morgan... 00:00 John S. Hancock, 01:00 James T. Hancock, 02:00 Robert C. , 03:00 George A. , 04:00℃. ... 02:00℃. ... 03:00 Robert C. , 04:00℃. , 05:00℃. , 06:00℃. , 07:00℃. , 08:00℃. , 09:00℃. , 10:00℃. , 11:00℃. , 12:00℃. , 13:00℃. , 14:00℃. , 15:00℃. , 16:00℃. , 17:00℃. , 18:00℃. , 19:00℃. , 20:00℃. , 21:00℃. , 22:00℃. , 23:00℃. , 24:00℃. , 25:00℃. , 26:00℃. , 27:00℃. , 28:00℃. , 29:00℃. , 30:00℃. , 31:00℃. , 32:00℃.

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以色列在约旦河西岸僵持局面中派遣部队

紧张局势 8850：周四，在拆除一个非法前哨阵地期间，以色列士兵在格雷斯村驻守，此前许多人与犹太定居者发生了冲突。一些巴勒斯坦人表示，以色列士兵要求他们离开家园，这一说法他们，七，47

特朗普与马克·R·金德雷德在剧烈冲突后的关系

面对中期选举的高风险，这位科技首席执行官计划投入巨资帮助共和党

当内阁部长、企业高管和特朗普总统的家人登上空军一号前往中国的长途航班时，埃隆·马斯克登机了。

马斯克在近一年前调整了与特朗普的关系。但据飞机上的人员透露，5月他们飞往北京时，一切看起来都很友好。

这位特斯拉和 SpaceX 的领导人向总统讲述了在美国建厂的计划。特朗普谈到了他观看的一段太空发射视频，并询问了马斯克的一个小儿子的情况。马斯克与白宫顾问讨论了参与 2026 年总统竞选的情况。

随后，马斯克带来了特朗普团队数月来一直希望听到消息。他打算在 11 月的统一选举中援助共和党。马斯克已示意他计划

作者：Alex Lowry, Amie Lindsay 和 Dana Maron

据知情人士透露，他计划在一次葡萄酒收获行动中投入至少 5亿美元，以帮助共和党维持对国会的控制。

这一场景标志着在现代美国历史上最显著的左手政治关系破裂后，为了隔离特朗普和马斯克而进行的近乎持续的修复努力。这涉及秘密电话、共同朋友的周旋、海湖庄园的邀请以及一次白宫姐妹会。这次重聚是由一场悲剧推动的——保守派活动人士查尔斯·卡茨被刺杀，他在去世前的几个月里一直试图修复这段关系。

据总统助手透露，目前特朗普表示，他与马斯克永远不会像以前那样亲密。但据知情人士称，他们现在大约每月交谈一次。请参阅 A4 页

• 电动汽车先驱马斯克转向化石燃料... B1

航母生活条件引发担忧

随着林肯号的部署延长至 250 天以上，救援船将被派遣

在桑扎尔莫斯科和您的房间

美国官员表示，美国正准备派遣乔治·华盛顿号航空母舰前往中东，接替亚伯拉罕·林肯号，作为计划中的中东部署的一部分。与此同时，人们对林肯号上的生活条件以及第一场战争期间部队的压力日益担忧。

几位立法者表示，他们对航母上缺乏食物和个人用品的报告感到担忧，以及在航母政府延长至其南部月份时提供的业务。

一名美国官员周四确认，本月初有一人从林肯号掉入海中，但被迅速救起。

据康涅狄格州参议员理查德·布卢门撒尔（Richard Blumenthal）透露，林肯号已被部署超过 250 天，且 200 天未进港，创下了连续在海上的天数记录。他向国防部长 Stephen Andartag 和海军部长 Hang Can 写了一封信。

请参阅 A6 页

• 特朗普命令恢复航母上的旧技术... A1

足球点球打击 StubHub

世界杯门票惨剧抹去了 StubHub 的利润，导致股价下跌。B1

StubHub 自交易首日以来的股价

来源：FactSet

关税退款助力盈利增长

作者：Taco Francis Aon-Claus Rasmussen

美国大型企业的关税退款已开始到账——在某些情况下，这为盈利提供了强有力的支撑。

与此前关于退款流程可能缓慢且混乱的警告相反，许多公司似乎以惊人的速度收到了这笔资金。到目前为止，超过 40 家 S&P 500 公司报告在过去一个季度左右收到了约 106 亿美元 的退款，其中包括至少 21 亿美元 billion 的已到账现金。

报告中数额最大的退款包括：苹果公司（Apple）近 22 亿美元 billion，耐克（Nike）20 亿，联邦快递（FedEx）约 8亿美元，亚马逊（Amazon.com）6.4亿美元，以及通用汽车（General Motors）3亿美元。

截至 July 31, 美国海关和边境保护局已收到 232,000 多份针对最高法院宣布为非法的关税所提出的退款申请。一名机构官员上周告诉联邦法院，该机构已受理 2187 亿美元 billion 的退款申请进行处理。

几家公司表示，他们已经收到了所申请的全额款项，或预计将收到。

耐克表示，在其截至 May 20 的财年最后一个季度收到了 3.52亿美元 的退款——并且在 July 31, 发布年度股东报告前，收到了剩余的近 6.94亿美元。

其他公司则明确表示，他们仍在等待部分退款申请的结果。生产工业新经济设备和自动化技术的 Fortwo 公司认。请参阅 A2 页

内部页

美国新闻

指控哈佛大学反犹主义的民权诉讼被驳回。A1

体育

WNBA 赛季陷入额外混乱，掩盖了其电视观众人数的增长。A16

北韩在美劳动力

潜入：扫描此代码观看关于 W3.7A 调查的视频，该调查探讨了北韩行动如何利用盗用身份在美公司获取工作。

希腊跳岛游是场美梦——直到遇到“呕吐彗星”

接送游客的高速快艇 对部分旅行者而言已变成奥德赛式的艰辛之旅

作者：Okuna Bee

当奥斯汀·森托萨（Austin Centosa）等待登船时，爱琴海显得风平浪静，她与丈夫及四个孩子一起从希腊拜伦岛前往雅典。

船离开港口几分钟后，巨浪便拍打着船身，船体在食物和船舱中摇晃。Centosa, 30, 能看到水在窗户上晃动，乘务员匆忙上前协助旅客。

“他们四处唤醒人们，分发袋子，并试图查明，” 75 甚至不值得尝试。请参阅 A9 页

揭秘在土耳其机场保护总统的一场惊人骗局

华盛顿——当特朗普总统在土耳其首都前往机场的难忘行程中，他的安保团队必须做出一个紧急决定。

作者：Alexander Ward, Jack Deavey, Anat Peled out, Jared Melvin

据美国和中东官员透露，美国和以色列情报部门在 7 月曾宣布一项威胁，称有人计划在特朗普离开亚特兰大时，向其飞机发射一枚轻型肩扛式导弹。

官员们表示，在最糟糕的情况下，一名武装分子可能会避开北约（NATO）峰会的严密安保，在距离机场半英里处发射便携式防空系统（MANPAD）击中该喷气式飞机。这些官员已经看过或被告知了相关情报。

白宫助手表示，虽然飞机在空中会有战斗机护航，但在这种情况下，飞机在起飞时将处于易受攻击的状态。

一些美国官员认为，所谓的阴谋是不切实际的，难以令人信服，甚至是不可能的。据美国和中东官员称，土耳其官员会尽一切努力确保其不可行。

由于确认相关细节的时间有限，且美国正处于与伊朗的战争之中，特勤局不愿承担任何风险，于是策划了一场看起来像是出自政治惊悚小说页面的计划。

在离开其随行队伍后，特朗普被看到登上了一架旧版本的空军一号（Air Force One），随后进入了一辆伪装成“Olymanov”飞机的卡车，而记者或部分白宫高级官员对其行踪并不知情。包括其邮政员在内的少数顶层助手，如 Natalie Rapp，加入了

请翻至 A6 页

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A2 / 2026 年 8 月 14 日，星期五

华尔街日报

美国新闻

资本账户：作者 Greg Ip

无业经济繁荣时代已至

数字支付公司首席执行官帕特里克·科利森（Patrick Collison）在 X 上对其 150 万 名粉丝就经济前景进行了非正式投票。

约 33,000 人参与了投票。平均而言，他们预计未来五年的经济增长将翻倍，达到平均 4.3%，而就业率将大幅下降约 8%。

可以将此视为一种“屈光”情景，即人工智能（AI）在大幅提高经济产出的同时，使数千万工人变得多余。

这一预测成真的概率极低，因为就业率几乎从未出现如此剧烈的崩溃，尤其是在产出恶化的情况下。但重要的不是数值大小，而是方向。如果说“无业繁荣”曾经显得遥不可及，那么现在不再如此，因为我们似乎正处于其中。

诚然，我们的主要增长指标看起来并不 heemy。过去一年，实际（经通胀调整后）国内生产总值（GDP,）增长平均为 2.5%，与前一年持平；而第二季度的年化增长率仅为惨淡的 13%。

但股市呈现出完全不同的景象。它顶住了关税、油价上涨以及令人失望的 GDP. 压力，今年上涨了 14%。上周，在财政部长斯科特·布扎德（Scott Boozard）表示 5.2, 且可能在一天或一段时间内达成协议以消除 Rerms 威胁后，股市跳升至历史最高点。尽管攻击依然在继续，但股市仍维持在历史高位。

关于股市为何与 GDP 脱节，有几种潜在解释。一种解释是这是一个泡沫。另一种解释是它预示了未来，即增长将会加速。在泡沫中，股价的上涨速度通常快于盈利，反映在估值（即市盈率）上。但在过去一年中，盈利的增长速度快于股价。根据 Farzfort 的数据，每家 devaluation.com 和 Alphabet（其业绩受投资收益推高）第二季度的盈利增长了 25%。因此，市盈率有所下降。

当然，这在很大程度上是因为 AI 驱动了对云存储和计算机芯片的需求。（关税退税可能也起到了一定作用。） 本身很可能处于泡沫中。但这次繁荣不仅仅是一个内置的 故事。根据美国银行的数据，标准普尔 500 指数（S&P 500）公司的中位数盈利增长已从两年前的 8% 加速至 13%。该银行计算得出，剔除能源和金融公司，并经通胀和汇率调整后，该指数的总收入增长了约 8%，远高于 GDP。

少数几家与 相关的

标准普尔 500 指数中位数盈利增长

来源：美国银行

股票曾一度驱动市场。但现在不再如此。作为商业周期状态指标的银行股和小盘股，其表现远超大型科技股。

今年不再仅限于“七巨头”。德意志银行（Deutsche Bank）最近发现，“广泛基础”一词在财报电话会议中频繁出现。“虽然我认可 对 GDP 产生的影响，但考虑到行业的分散性和地理上的分散性，这不可能是我们所看到的贷款增长的唯一驱动力，”PPE 金融服务公司首席执行官比尔·德米恰克（Bill Demichak）表示。

那么，大局就是，整个经济体中的公司（而不仅仅是那些接触 的公司）正看到强劲的需求，这带动了制造业的利润和收入。

但并非如此，这就把我们带到了“无业繁荣”中的“无业”部分。我们上周获悉，7 月份的总就业人数出现萎缩，这是过去 22 个月中的第五次。过去一年，私营部门就业增长平均每月仅为 30,000 人的五分之一。这种趋势在经济衰退之外几乎是前所未有的。

就业增长的下滑并未推高失业率，失业率维持在 6% 以上。原因是劳动力人口正在萎缩，因为婴儿潮一代继续退休且移民人数下降。

人口因素可能在抑制失业率，但劳动力需求也在迅速下降。根据 Indeed 的数据，职位空缺情况不一，处于疫情后的低点。如果雇主在竞争人才，那么（我们认为）薪资会提高，但年收入增长仅为 3.2%，是疫情前以来的最低水平。

陪审团可能会干扰经济按照股市所希望的方式发展。尽管工资低迷，但由于许多家庭一直在节省开支，消费者需求依然稳固。而私人投资则取决于其业务负债的不作为。该公司是财务数据所有者。这两件事都不能永远持续下去。

但目前它们还可以继续。同样地，如果 AI 能实现乐观主义者所认为的一小部分目标

福特表示，预计将从联邦政府及其供应商那里获得总计约 30 亿美元 billion 的关税补偿。

美国关税退税提升利润

（接第一页） 混合了上一次收到的 $4500万 关税退税收益，该公司表示预计在未来一段时间内还将获得高达 2500万美元 的更多款项。

报告的退税并不总是反映银行账户中的实际资金，各公司在财务报表上的处理方式也各不相同。一些公司仅在现金到账时记录，而另一些公司则将可能的款项反映在财务报表中。

生产快速现金扫描仪和打印机的 Zelma Techenkoyan 公司在第二季度得出结论，认为其过去支付的全部 7300万美元 关税可能获得退税。截至 7 月 4. 年底，该公司已收到 1600万美元 现金，而将余额计入应收款项。该公司表示，到 7 月 15, 其又收到了 2700万美元 的款项。

在某些情况下，退税对季度业绩起到了显著作用。苹果公司在关税退税方面表示，苹果公司在最近一个季度的预分享收益中，这部分约占该季度总额的 5%。

该公司表示：“这只是一件好事 [...OMITTED...]"

在最高法院（推翻了特朗普总统关税政策的一块基石）今年做出裁决后，联邦关税退税正陆续发放到各公司手中。

已追回的关税

*并非所有公司都对其关税进行了重新评估。

注：如果款项由 21, 5MP 500 退税组成，则标注为拨款和其他贡献，披露日期截至 8 月 8 和 10. 1.5M 的退税适用于美国最高法院。

来源：Caltrans 和 Boston Prolog Inc；Box 公司。

截至 6 月 29. 止该季度的收益。该公司表示已收到 3.07亿美元 的退税，并预计还将获得 $3800 万。

然而，对于许多公司而言，即使是数额巨大的关税退税收益，也被其继续支付的关税所抵消或掩盖。

在公众的估计中，最近一个季度预计将追回 1.92亿美元 的关税，并表示今年剩余时间的展望与其他公司相差无几。该公司预计全年将支付总计 25 亿美元 billion 的关税，且不考虑追回的部分。

到目前为止，技术硬件公司报告的退税金额最高，六家公司合计达 25 亿美元 billion。其中近 90% 仅由苹果公司一家贡献。

十多家资本货物公司报告了约 15 亿美元 billion 的退税，其中包括设备制造商卡特彼勒（Caterpillar）和迪尔（Deere, DEC）militia，国防承包商洛克希德·马丁（Lockheed Martin, SMI）militia 超过一个数字，以及其他 Decker (SMI) militia 公司。

几家公司表示将与客户分享退税。

最近一个季度的报告退税额及收到的现金

客户。联邦快递（FedEx）表示，将于 8 月开始向购物者和消费者发放其 8亿美元 的退税。

联邦快递表示，其在客户中充当传递角色，并被要求代收关税和税款，该公司表示客户可以在联邦快递的网站上查询其关税退税状态。

Costco——许多由 class-arrives 领导、拥有来自 United working 消费单位的公司之一——表示，计划以“某种形式”将关税退税传递给客户，且水平与此前将其转嫁给客户的关税成本相似。该公司表示，其自身的联邦退税流程可能需要数月时间。

向多个行业销售泵和阀门的 DEC 公司表示，预计将向客户返还 $3.47亿。这大约是其收到的 2000万美元 以上款项的三分之二。

这些公司对其报告的追回资金来源描述较为模糊。福特汽车（Ford Motor）表示，预计将追回约 30 亿美元 billion 的关税。该公司还提到，政府和供应商合计提供了约 30 亿美元.50 亿美元，其中约 30 亿美元.50 亿美元 源于最高法院宣布特朗普总统的紧急关税无效的裁决。

Erasmus 表示，该公司已经确定了一组“有限的情况”，在这种情况下可以追踪转嫁给客户的关税成本，并在收到现金后将这些费用降低为税收退款。

“否则，”首席采购官 Brian T. Glosseley 在 7 月的一份新闻声明中表示，“我认为，主张降低客户价格并不太常见。”

失业金申请人数增加

美国地址申请人数继续上升 10%，且高于预期。

劳工部周四表示，截至 8, 9,000 的一周内，申请失业救济金的人数为 200,000 人，比一周前报告的经季度修订后的 200,000 人高出 9,000 人。《华尔街日报》调查的经济学家此前预计该数字将升至 200,000 人。

衡量失业人口总规模的持续申请人数在截至 8 月 7, 的一周内总计 778 万，比一周前下调后的 1800 万 增加了 22,000 人。持续申请人数的数据比初次申请人数滞后一周。

随着劳动力成本需求下降，公司放缓了招聘，上个月显示的总工资单有所下降。

—Dave Seal

七月生产者价格指数持平

劳工部周四表示，由于能源价格略有下降，上个月的批发价格保持不变。

生产者价格指数在 6 月份下降 57% 后，在 7 月份持平。《华尔街日报》调查的分析师此前估计上个月的生产者价格将上涨 0.2%。

该数据出在周三的 7 月消费者通胀报告之后，该报告显示年通胀率略有下降。许多人认为，中央银行在下次利率会议上将不得不尽早采取行动。

美联储官员通常关注 PPI 数据，因为部分底层数据被用于计算个人消费支出价格指数，而该通胀指标是美联储用来衡量其 2% 通胀目标进展情况的基准。

PCE 报告将于本月晚些时候公布。在看到周三的消费者通胀数据后，许多经济学家估计，剔除波动较大的食品和能源价格的核心 PCE 指数上个月上涨了 0.2% 或 0.5%。

—Anuska Ganci

生产者价格指数环比变化

华尔街日报

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更正与扩充

在周四一篇关于西班牙宗教游客的世界新闻文章中，Rufino Ortega 的名字被误拼为 Rufino。

读者可以查阅 2016 年 7 月的《华尔街日报》，该报由美国国会图书馆在 2016 年发送至 1-800-1-2000. 1-800-1-2000.

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华尔街日报

Friday, August 14, 2026 / A3

美国新闻

Mangione 预计将在联邦案件中认罪

作者：CYNTHIE BLATT 以及 Sune Grouse

据知情人士透露，路易吉·曼乔内（Luigi Mangione）预计将于周五在曼哈顿联邦法院认罪。此前，他因 2025 年在曼哈顿中城一家酒店外杀害联合健康集团（UnitedHealthcare）首席执行官布莱恩·汤普森（Brian Thompson）而面临多项主要指控。

此次预计的认罪可能会解决联邦案件以及在曼乔内被安排在州法院就谋杀及其他指控受审之前的搜查问题。但知情人士警告称，曼乔内仍可能改变主意。且其辩护团队此前曾突然改变策略。

曼乔内选择认罪的时机可能出于战术考虑。如果他被判定犯有与汤普森之死相关的联邦罪行，他的律师可能会试图主张，面对类似的州级指控构成了双重审判（double jeopardy）。该诉讼可能会潜在地推迟审理。

联邦法院的听证会定于周五上午举行。

提起此案的曼哈顿美国检察官办公室发言人拒绝置评，曼乔内法律团队的发言人未回应置评请求。

现年 20 岁的曼乔内被指控策划袭击汤普森，当时汤普森在曼哈顿参加一个投资者会议。这起发生在公共人行道上的近距离枪击事件震惊了纽约市及广大公众，引发了巨大的轰动。

曼乔内最终在宾夕法尼亚州的一家麦当劳被捕。当局表示，他们在其随身携带的背包中发现了一把手枪、一个消音器，以及一份表达对美国企业界不满的手写文件。

在联邦案件中，曼乔内因导致汤普森死亡而被指控两项联邦枪支犯罪。其最高刑期为终身监禁且不得假释。

在另一个独立的州级案件中，检方指控其犯有二级谋杀罪以及与非法持有武器相关的罪行。陪审团筛选定于 9 月 8 日开始。

州法院法官此前驳回了两项与恐怖主义相关的谋杀指控，称出于意识形态原因（例如据称试图引起人们对医疗系统不平等现象的关注）而实施的谋杀不符合恐怖主义的法律定义。

曼乔内在两起案件中均主张无罪。

今年夏天早些时候，州级案件的法官表示，曼乔内打算提出精神病辩护。该策略有可能减轻其刑期。但次日，其律师表示他们不再计划这样做。

哈佛大学反犹太主义诉讼被驳回

法官认定相关事件并非系统性行为，且未违反民权法

作者：JACK MENDRY 以及 DALLAS BEACH

波士顿的一名美国地方法院法官周四审理了联邦政府针对哈佛大学的反犹太主义诉讼，认定该学院目前并未违反民权法。该诉讼是特朗普政府试图重塑高等教育学校行动的一部分，指控其存在制度性反犹太主义、录取过程中的种族主义，以及未能允许校园内进行自由开放的辩论。

哈佛大学表示，已采取措施解决校园内的反犹太主义问题，并称政府的攻击违反了学校的宪法第一修正案权利及学术独立性。

在该诉讼中，法官理查德·G·斯特恩斯（Richard G. Stearns）周四裁定，没有充分证据表明哈佛大学目前存在制度性的种族歧视。

政府的起诉主要集中在 1, 2022. 10月1日以色列南部发生 Baman-Sol 袭击事件后，哈佛大学涉嫌存在的反犹太主义。斯特恩斯质疑，在政府今年提起诉讼时，反犹太主义是否仍然普遍存在。

“在不削弱对这些事件的任何关注的情况下，法院认为这些事件无论是单独还是集体来看，都属于孤立事件，不足以支持一个合理的推论，即在如今的哈佛大学仍存在任何制度性不遵守第六章的情况，”斯特恩斯写道。他引用了 1964, 《民权法》第六章，该条款禁止在接受联邦资助的项目中基于种族、肤色和原国籍的歧视。白宫和哈佛大学均未回应置评请求。

特朗普政府通过针对数十亿美元的联邦资助，给各大学带来了震动。包括布朗大学和哥伦比亚大学在内的许多学校已经与联邦政府达成协议，但哈佛大学则坚持立场，且随着支持者的增加，哈佛大学校长艾伦·加伯（Alan Garner）的声望有所提升。

该政府在 2025 年初开始针对哈佛大学，因指控该校纵容校园反犹太主义，削减了 12.1 亿联邦研究拨款。

随后，政府进一步威胁要取消哈佛大学的非营利状态，限制其招收国际学生的能力，并调查其接受外国捐赠的情况。

在利用行政手段后，哈佛大学在 9 月赢得了一场重要的法庭斗争，联邦法官裁定特朗普政府的资金削减违宪，并命令在 12 月发放这笔款项。政府随后提起上诉，目前该上诉仍在进行中。哈佛大学表示，对其法律立场保持信心。

周四的裁决源于特朗普政府 3 月对哈佛大学提起的一起单独的民权诉讼，指控该校在涉及犹太和以色列学生时未能执行反骚扰规定。该诉讼试图追回哈佛大学在违反民权法期间接受的数百万美元纳税人资金。

政府认为哈佛大学对这些学生采取了“蓄意漠视”的态度，诉状称这些学生遭受了多年的骚扰，包括身体攻击。

政府表示，总体而言，学生们不得不戴上棒球帽以掩盖他们的身份，就像从夜晚跳出来一样——“实际上剥夺了他们获得联邦资助教育机会的权利”。

哈佛大学承认校园出现了动荡。

该大学在 2025 年发布了一份关于反犹太主义的教职员报告，发现学校在保护犹太学生以及在 2023 年 10 月 Baman 袭击事件后的动荡局势中提供综合应对方案方面做得不足。

在随报告发送的一条信息中，加伯称 2023-24 学年是“令人心碎且痛苦的”，并为“那些我们未能达到为社区设定的高期望的时刻”表示道歉。

大规模山火席卷西部各州

ON FINE, Robert W. & Greg Angleson, 2025. The American Journal of Public Health 2025. The American Journal of Public Health 2025.

肯尼迪中心董事会重启为特朗普命名的计划

作者：VICTORIA ALBERT

据美国众议员乔伊斯·比蒂（Joyce Beatty）及其律师称，肯尼迪中心的董事会已投票决定将该表演艺术场馆关闭两年，并在建筑正面加上特朗普总统的名字。

这位身为董事会当然成员的民主党人及其律师在一份声明中表示，董事会周四投票决定将建筑正面的文字改为“由唐纳德·J·特朗普总统修复并翻新的约翰·F·肯尼迪表演艺术中心”。该物理场地将被重新命名为

“唐纳德·J·特朗普总统计划”。

声明还提到，董事会投票决定将该中心关闭两年。

此举是在特朗普试图重塑该文化机构并引发数月诉讼之后做出的，且可能会面临进一步的法律挑战。华盛顿特区的一名联邦法官此前曾阻止政府将特朗普的名字加入标题的尝试，并通过了其两年的翻新计划。

“最新的进展是企图规避法院裁决的透明行为，并且是在挑战国会通过的受托人规定，”比蒂说。“我将继续为所有这些珍贵的国家环境而战。”

白宫和肯尼迪中心未回应置评请求。

特朗普在第二任期内对该场馆表现出特殊兴趣，解雇了董事会成员并让自己进入管理层。

肯尼迪中心董事会（其中包含许多由特朗普任命的成员）去年投票决定恢复

董事会的命名尝试可能会引发进一步的法律挑战。

将该场馆命名为特朗普法案中心。总统在2月表示，该中心将关闭两年进行翻新。

比蒂对政府提起诉讼以阻止更名，一名联邦法官在5月做出了有利于她的裁决，认定只有国会有权重新命名该建筑。

不久之后，特朗普的名字从建筑正面被移除。

这位由巴拉克·奥巴马总统任命的法官还暂时阻止了董事会3月批准的两年关闭计划，称其决定是基于“不充分且片面的信息陈述”，且未适当考虑其全部义务或关闭设施的后果。政府已对该决定提出上诉。

该表演艺术中心拥有多个主舞台，每年举办超过 2,000 场活动。2024, 其预算为 2亿美元。

Flock 计划在遭到抵制后为 AI 监控工具增加保障措施

Flock Safety 摄像头拍摄经过车辆的背面并收集车牌数据

作者：VICTORIA ALBERT

Safety 表示，在经历了数月的抵制以及 20, 40-mibled 摄像头系统的处罚后，该公司将为其监控产品增加保障措施，以应对执法部门潜在的滥用行为。

该公司周四表示，到 2026 年底，所有执法部门客户将被要求采用一种能够标记异常活动的工具。这家总部位于亚特兰大的 公司表示，该工具已与几名被指控滥用系统的警员被捕相关联。公司还将加强“操作锁定”机制，在系统检测到可疑行为时暂停访问权限。

该公司还表示，将要求所有数据库查询必须提供成本代码，并将默认的数据保留期限从 20 天缩短至 7 天。“这些变化反映了多年的工作和监管，” 表示，“这并非工作的终点，而仅仅是我们对安全和隐私双重承诺的延续。”

全国各地社区对这些摄像头的使用日益感到不安，这些摄像头拍摄经过车辆的背面，并收集车牌数据及其他识别信息。 拥有超过 12,000 个客户，每月扫描的车牌数量已达 200 亿美元 次。

支持者认为，这些摄像头帮助警方降低了犯罪率并破获了案件。但批评者则称其侵犯了隐私权，并举例称有警员涉嫌利用 的摄像头进行跟踪。长期批评 及其他当局的美国公民自由联盟周四表示，它不相信新的安全措施足以防止违规行为。

美国刑事司法委员会已要求对变更进行一项血腥研究。该民权组织表示：“如果它试图用更多有害的法律来对抗社区真正的隐私担忧，那么任何人，在很大程度上，都将依赖于法律安全承诺，而非一项旨在解决这些问题的抗议努力。”

《华尔街日报》在 6 月份预计，自去年年初以来，约有 50 个城市和县已终止 合同或停用了摄像头。一些反对者采取了激进手段，用 none or spore 攻击摄像头，或用喷漆覆盖镜头。

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A4 / 2026年8月14日，星期五

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华尔街日报

美国新闻

民主党高层主张改革最高法院

“如果该党重新掌权，将有多种不同的选择，”众议院少数党领袖表示

作者：Duncan Faucett, Ann Mims Bente

亚特兰大——众议院少数党领袖（Malvern Jefferson St. N.Y.）周四（upside）表示，如果民主党在华盛顿重新掌权，将领导最高法院的改革，这与其党长期以来认为美国在全国范围内的观点一致。

在亚特兰大举行的全国黑人协会（National Association of Black Association）的发言中，杰弗里斯（Jeffries）表示，他认为“剧烈的最高法院改革是必要的”，并将法院的保守派翼描述为特朗普总统“MAGA”运动的“自愿者”。他在报告中表示，目前“有多种不同的选项在讨论中，我认为我们不能仅限于其中任何一个。”

更广泛地说，杰弗里斯将民主党向选民传达的持续目标描述为“为负担得起的美国而战”，因为他的政党需要夺回目前由共和党控制的众议院多数席位（19 比 22）。他还表示，民主党“将追究罪犯的责任”，指称白宫和特朗普政府存在广泛的腐败。

民主党在这次选举中被两种不同的方向拉向选民，这得益于那些认同民主社会主义者的候选人的强力推动，他们正致力于对国家的社会安全网和机构（包括最高法院）进行重大改革。

当被问及民主党是否可能在 11 月失败时，杰弗里斯说：“失败不是一个选项。”他表示，就像“如果尼克斯队刚刚赢得了冠军，民主党的回归也可以实现。”

法院一直是左翼愤怒的主要来源。目前法院呈现 6-3 的保守倾向，并发布了终止女性堕胎权以及旨在保护黑人选民代表权的裁决——这两者都激怒了民主党人。但法院在备受关注的案件中也曾反对特朗普，阻止了他的关税政策及其终止出生公民权的努力。

民主党人已经呼吁通过增加法院席位以将其意识形态向左倾斜，或实施 18 年的强制任期限制。

即使民主党在今年秋天重新控制众议院和参议院，在 2030 名成员的参议院中通过任何与法院相关的立法，除非民主党完全掌控，否则仍将面临 60 票的议事日程法案门槛。由于存在阻挠议事（filibuster）规则，特朗普在任期结束前可以否决任何措施。

当民主党上次控制国会以及缅因州时，参议院曾试图在投票权法案中修改阻挠议事规则。杰弗里斯在周四的评论中提到了那次斗争，表示他建议重新修改参议院规则，以便多数党更容易通过立法。

特朗普警告说，如果民主党重新掌权，他们将取消阻挠议事，将法院改造为一个左翼机构，并敦促共和党现在就废除该规则，以便他能更轻松地推进自己的优先事项。

民主党的“统一”是 2030-2030-工业（HILFERATION）的一部分（“对我们伟大的美国最高法院的”），他去年说道。

民主党的国会委员会在 2030-2030-工业（HILFERATION）中（“对我们伟大的美国最高法院的”），他去年说道。“民主党的国会委员会在 2030-2030-工业（HILFERATION）中（“对我们伟大的美国最高法院的”），他去年说道。“民主党的国会委员会在 2030-2030-工业（HILFERATION）中（“对我们伟大的美国最高法院的”），他去年说道。”

保护特朗普的安全之计

（接第一页） 特朗普将乘坐较小的飞机，由 Majorstay 的重大收入（Serious Revenue）护送至英国的军事基地。观察安全人员如何将转移过程转换回原飞机，并像往常一样走下楼梯，否则是不安全的。在返回美国的最后一天，特朗普乘坐了第三架飞机，他更倾向于卡塔尔-afford air，以便在回家的旅途中进行下一次电视骑行。

沸腾的 F-16i Force One 在土耳其机场集结，后方车辆显示其希望一个名为 Turkish B-16 G-50 的时代。当被要求置评时，该公司表示：“由于某些匮乏的要求，我们不对我们的客户发表评论——特别是关于任何特定的颜色飞行。”

特朗普的交流广播大多来自实际盟友，他们描述了一个对他路途开出 1000万美元 赏金的词典。然而，批评者在网上发布了 AI 生成的特朗普在餐饮车中工作的图片，这与其作为一名在这些震惊尝试中幸存的战时领导人的保护形象相悖。

“取决于特勤局”

总统表示，他别无选择，只能遵守其安全规则。“这真的完全取决于特勤局，”共和党人特朗普在周二晚上表示。“我听从特勤局和军方的安排。为了安全，他们希望使用一架不同的、不同的、不同的飞机。”

官员们表示，白宫原本不打算披露该项目，直到《华盛顿邮报》披露了它并引发了媒体论坛。一篇愤怒的文章正在就为何记者未被告知特朗普的飞机运输或在所谓的飞机上承受的熟悉时间压力寻求答案。

一张在特朗普总统于土耳其安卡拉登机后拍摄的空军一号照片。

来源：北约，工作人员估计报告

空军一号——以及随行的资深官员国务卿马尔科·鲁尔科（Marco Rulko）和财政部长斯科特·贝森特（Scott Bessent）——使他们处于严重风险之中。

官员们表示，特朗普的团队紧急调集了喷气式战斗机，以陪同总统留下的那架飞机。

一名美国官员要求做出回应，并指出特朗普每天面临的危险，并表示情报披露的威胁足够严重，以至于特勤局在工作场所周围公布了安全计划。

人们还日益担心这次行动揭示了什么：此前该政府曾谈到，与伊朗有关的刺客甚至在友好国家也能危及特朗普。

“总统在北约国家参加北约峰会后不得不被秘密转移到另一架飞机上，这相当 extraordinary，”华盛顿新东亚政策（New East Policy）机构的伊朗机场专家梅尔克·巴格罗斯（Melk Bagros）表示，时间跨度为一周。“虽然特朗普政府测试了伊斯兰共和国的弱点，但其能力仍然足够广泛，据称试图在世界上杀死美国的政治领导人。”

中央情报局（CIA）拒绝置评。土耳其外交部的一位发言人表示，他对此事没有信息。以色列总理办公室未回应置评请求。

没有出错的空间

美国官员表示，7月7日，在特朗普参加北约峰会期间，令人不安的信息传到了特朗普的随行高层。

总统的一些助手担心在行程前未能推进的事项，特别是关于卡塔尔提供的飞机，该飞机一直处于防御监管之下。一名政府高级官员表示，特朗普并不认同这些担忧，并希望乘坐该飞机前往海外。

以色列收集到了伊朗方面讨论在特朗普身处土耳其期间将其杀害的情报。与美国分享的信息较为模糊。官员们表示，该信息未被认为完全可信。在总统幕僚的多名成员看来，以色列（目前与美国共享情报）正试图诱导特朗普卷入或升级与伊朗之间持续一个月的战争。

美国官员表示，几小时后，美国收集到了关于伊朗共和国威胁的自有情报。

美国官员对所谓的袭击计划持有怀疑，因为没有证据表明该计划。据知情人士透露，美国驻安卡拉的通信或火力系统认为，要突破峰会期间美国在当地的严密安保以及特朗普的安保（美国官员指称），尤其是使用如此显眼的武器，将非常困难。

一名前战争官员表示，针对总统的美国官员，美国官员称，令人不安的情报情况使得在短暂的时刻内没有出错的空间。

“在这个特定案例中，以色列摩萨德（Mossad）是让他们意识到该阴谋真实存在的原因之一，”美国领导人表示。“我于周二陈述了杀死民主党人的可能性。”

特勤局采用了其应对方案中的各种手段，以保护特朗普在土耳其最后几分钟的脆弱时刻。

2008年，时任总统比尔·克林顿乘坐一架非混合飞机从巴基斯坦飞往印度，在暴乱之后大部分时间里处于领先地位。美国的领导人，美国的领导人，美国的领导人是美国领导人的一员 美国的领导人 约翰·凯利（John Kelley），一名高级白人女性，白宫及行政部门发言人，表示特朗普的团队采取一切必要措施保护美国是正确的，尽管他们本可以通过新闻发布会告知媒体，并禁发任何报道，直到总统返回。

媒体本会服从目前的状况。他们最不想做的事情就是将任何人的名字放在电视广告中。美国甚至包括他们自己。他们也不希望我们所有在飞机上的工作人员——有机会制定替代旅行计划。”凯利说，“在那个特定时刻，乘客在对所处危险一无所知的情况下被允许乘坐那架飞机，这是不可原谅的。”

他表示，由于多年来来自伊朗的威胁，他的工作人员已经学会采取特殊预防措施。

在2024年总统会议期间，特朗普的团队可能在面对反驳者以及对其身体安全和特朗普飞机的严重威胁时做出决定。伊朗政府或美国政府在选举前多次，当时的前官员描述了特勤局关于涉及他们的行动或中毒风险的严重警告。

特朗普与马斯克如何修复关系

（接第一页） 通话的末尾提到：

这种宝贵的关系可能对两人都有帮助，如果民主党控制国会，他们可能会对总统及其家人发起一项州级调查。经常与另一届政府打交道的马斯克表示，他也可能成为目标。

马斯克的代表未回应置评请求。在一份声明中，美国政府构建了美国政治史上最强大的联盟，其中充满了像埃隆·马斯克这样深切致力于防止该政府历史成就崩塌的爱国者。

特朗普与马斯克在 2026 年竞选期间迅速成为好友，在特朗普可能第二次获胜后不久，马斯克收到了一封信。尽管这些样本——有时会对他们表示轻蔑——但总统减少联邦政府规模的努力并未产生收入。

但马斯克对新闻的认知吸引了新 neoprene 头条，并针对特朗普内阁的成员，这些人认为他们应该对自己的机构拥有控制权，但这并未能保证他们。马斯克，但他会，特朗普坚持认为他们的领导力很强。

一切在 2025 年 6 月崩溃，一场工业借口的伊朗冲突在内部爆发。

“是时候抛出真正的大手笔了，”马斯克在战斗边缘对他那 5-3 的司机们说道。他说，特朗普被点名出现在杰弗里·爱泼斯坦的电影中。“这就是他们没有将其公开的原因。”

特朗普利用他的 Tivoli 本地平台，威胁要取消美国政府合同，并指责他反对一项超级坦-支出法案是因为试图断绝关系。他是竞选活动的一员，他称之为“做决定地令人厌恶”，这将使美国陷入更多债务。

“没有我，特朗普会是一个好人，”马斯克说，他花费了近 $300 来帮助特朗普获得“新鲜食材”。

白宫将马斯克对总统的攻击淡化为一次“行政片段”。但据知情人士透露，在幕后，高级政府官员正匆忙修复这段关系。

在公开决裂的一天后，副总统 Al Vansy 和白宫办公厅主任 Isaac Miles 尝试联系马斯克以确保进展。他们认为情况已经糟糕到尝试一下几乎没有什么损失。据知情人士透露，这次对话进展顺利。

次周早些时候，马斯克给特朗普打了电话，随后进行了一次积极的对话，知情人士表示。通话后，马斯克在社交媒体上发布帖子，对自己的部分言论表示遗憾。

但直到几个月后，关系才完全修复。去年 9 月，特朗普在一次新闻发布会上表示，美国还没有准备好将马斯克重新纳入他的名录。

Vansy 在修复关系中发挥了核心作用，与这位商人及其妻子保持着开放的沟通渠道。据知情人士透露，美国采取了一些被部分特朗普顾问视为和平提议的举措——马斯克放弃了成立新政党的计划，部分原因是由于他希望与 Vansy 保持关系，后者正作为一名劳工、$100 总统候选人崭露头角。

知情人士表示，Vansy 认为马斯克是一个过于重要的人物，不能现在就失去。与这位商人及其妻子（该公司的一员）关系的永久破裂，可能会影响 Speed 在国防和国家安全方面的合同机会。在 1947 年 6 月之后启动的一项关于 Speed 与 Black 政府合同的政府审查中，David Hart 表示，大多数合同对 Black 部门和 MAA 至关重要。美国在竞选活动中已变得更加深植于美国的战争机器之中。

据知情人士透露，执行成员 Kirk 拥有大量追随者，致力于促成特朗普与马斯克的接触。他说：“我不是一件好事。他是 一件好事。他是 一件好事。”

马斯克走到特朗普在体育场的损失处，并与总统简短交谈，在企业家离开时，特朗普将马斯克介绍到了节目中。据一名熟悉此次会面的人士透露，随后在空军一号上，特朗普谈到了这次交流，将其描述为一种记录，并询问他人对此的看法。

那天晚上，马斯克发布了一张他在纪念活动上与总统交谈的照片。他写道：“为了查尔斯”。

与此同时，两项人事变动帮助挽救了公民。在白宫，马斯克与特朗普的长期助手 Sergio De Caring 进行了回应。在特朗普第二任期初的一次会议上，特朗普表示，他对拥有大量资金感到沮丧。他在某些计划上行动得不够快。马斯克感谢了她，她克服了在政府中被任命的记录，导致总统变得可爱。据一名知情人士透露。

去年 8 月，特朗普似乎成为了美国总统。

特朗普在 11 月做出了一次非同寻常的“改变”，在接下来的问题之后消除了讨论，并且他拥有 MAA，一名美国成员以及一名曾是 美国成员的美国人，曾是 美国成员的美国人。

对于中期选举，马斯克计划向 America 1992 捐款，这是他于 1992 年成立的团体。特朗普的举动发生在 2026 年。据一名知情人士透露，他计划在关键州投入至少 5亿美元 用于投票动员行动。这一举动被 Adon 和《纽约时报》报道。

埃隆·马斯克与唐纳德·特朗普在 2025 年 1 月总统第二次就职典礼前一天的集会上。

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THE WALL STREET JOURNAL.

Friday, August 14, 2026

U.S. NEWS

DeepMind 的 Hassabis

提议成立 AI 安全部门

这位诺贝尔奖得主、先驱者与各首脑及官员讨论了拟议的新实体

据知情人士透露，Alphabet 的首席科学家 Dennis Hassabis 在卸任 Google DeepMind 首席执行官之前的几周里，与政府官员以及其他人工智能实验室的负责人进行了讨论，旨在建立一个独立的行业安全实体。

这些人士表示，作为 Google DeepMind 的联合创始人且被视为机器学习领域的先驱，Hassabis 投入了越来越多的时间来推进一个组织的构想，该组织将为开发通用人工智能（AGI）制定安全护栏规范和测试实践。在与同行讨论时，他将拟议的实体比作国际原子能机构（IAEA），这是一个促进核能合作的非政府组织。

知情人士称，今年夏天早些时候，Hassabis 与特朗普政府的高级官员讨论了他的计划相关细节，其中包括财政部长 Scott Bessent 以及特朗普总统的高级技术顾问 Michael Kramenovice。

Hassabis 没有回应置评请求。Google 发言人表示，公司认为先进 AI 模型的安全性对社会“至关重要”，且 Hassabis 在致力于实现这一目标方面具有独特优势。该发言人表示：“他即将进入 Google 的一个新角色，并将把精力更具战略性地集中在科学突破和塑造 AGI 的未来上。”

全球最大的 实验室正陷入一场竞逐 AGI 的竞赛，但包括这些公司领导者在内的许多科技顶尖人才已表达了担忧，担心该技术的普及将扰乱社会，或者其力量将难以控制。

OpenAI 和 Anthropic 的领导者已呼吁建立新机制，允许 公司在安全问题上进行协调。OpenAI 首席执行官 Sam Altman 上个月提议建立一个“由美国领导的国际论坛”来确定标准并对实验室进行治理，而 Anthropic 则支持一项旨在减缓开发速度并验证合规性的全球协议。Hassabis 的努力代表了由领先实验室代表的官员所采取的最广泛且最具体的步骤之一。

近期一些高调的 测试失控并实施网络攻击的案例，增加了公众的焦虑，认为该技术的发展速度过快且缺乏足够的监管。特朗普政府加强了对 带来的安全风险的审查，但对最强大工具的模型评估仍保持自愿原则。

7 月中旬，Hassabis 在 X 上发表了一篇文章，主张美国应创建一个由行业资助的“标准机构”来帮助评估 模型的安全性。他表示，该实体将像金融业监管局（FINRA）一样运作，后者是一个在大萧条期间成立的自律组织，负责监督经纪公司并由该行业资助。

根据他的计划，联邦机构和能源部的国家实验室现在将与 公司合作，在“与国家安全相关的领域”测试模型，并将建立一套资质认定，如果模型符合某些标准，则将其标记为“前沿级”。

在文章发表前的几周里，Hassabis 向 Bessent 和 Kramenovice 介绍了他的想法。Bessent 参与塑造了政府的 战略，其结果包括像 Anthropic 的、Mythica 等可能对金融系统构成网络威胁的模型。

上周，Google 宣布对其 研究部门 DeepMind 进行剧烈的管理层调整，Hassabis 将卸任首席执行官，由其副手 Kirsty Karolynnyks 接任。

美国聊天机器人允许中国审查机制进入答案

作者：Eric Wise

在中国向聊天机器人询问中国政治，它要么会拒绝回答，要么会重复共产党的官方口径。新研究显示了一个令人惊讶的转折：美国的人工智能模型也在无意中这样做——研究人员表示，AI公司在解决这一问题上没有采取太多措施。

这种出人意料的审查部分源于AI模型的训练方式。它们像一个高效的搅拌机，吞噬网络上海量的数据，包括国家控制的媒体。这使得最终生成的产物带有官方宣传的味道。

“这是训练中一些非预期的副作用，”澳大利亚法学教授、Meta Platforms独立监督委员会成员尼古拉斯·萨默（Nicolas Samer）表示。他和其他研究人员表示，AI公司可以通过简单的调整来帮助解决这个问题，包括提高信息来源的透明度。

美国AI公司表示，他们采取措施确保中立的回答以保护言论自由。尽管如此，监督委员会上个月发布的一项研究发现，来自OpenAI、Anthropic、Alphabet旗下的Google以及Meta的模型，在批评某些政府时，其可能性明显低于批评其本国政府。

在一次测试中，Anthropic的“made format” 8 几乎创建了批评特朗普总统和英国国王查尔斯三世的传单，但由于安全顾虑，拒绝为中国领导人习近平或泰国国王玛哈·苏贴普功（Maha Suprahegkoon）做同样的事。

Google的Gemini 5 Pro和Meta的Llama 4 Maverick有时拒绝创建针对这两位亚洲领导人的传单，而总是配合针对美国和英国领导人的请求。

领导该报告的萨默表示，这有两个主要原因。一是为了保护中国和泰国等地的用户而设计的安全机制，在这些地方，批评国家元首可能会导致入狱。他说，另一个原因是AI实验室没有给予不平等响应问题足够的关注。

Anthropic表示，它致力于确保Claude以平衡的方式做出响应。它表示其最新模型在减少过度依赖方面取得了进展。ChatGPT开发商OpenAI则将其指向其公布的方法，该方法称其模型默认采用客观观点，且“绝不应仅仅因为某个话题敏感或有争议而避免讨论”。

Meta拒绝置评，Google未回应置评请求。

审查还以语言形式出现。虽然很难诱导美国AI模型用英文宣传中国宣传内容，但用中文询问政治敏感问题更有可能得到预设的响应。

这可能是5月发表在《自然》（Nature）杂志上的一项研究结果，该研究指出Anthropic的Claude模型和两项OpenAI的GPT服务存在此情况。

研究人员指出，这归根结底是一个数字游戏。互联网上的大量中文数据来自国家控制的来源，而北京的英文宣传则被海量的其他信息所稀释。

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A6 / 2026年8月14日，星期五

THE WALK STREET JOURNAL.

美国新闻

海军被指示恢复航母旧技术

特朗普希望舰船在弹射器方面回归蒸汽动力；成本将达数十亿美元

作者：Maurice Wincomura

特朗普总统已指示海军摒弃一种用于在航空母舰上弹射战斗机的复杂系统，转而重新使用蒸汽弹射器。海军官员多年来一直反对这一举措，且该举措可能会耗资数十亿美元。

美国官员表示，特朗普周四签署了一项详细的安全105m决议，指示进行此次变更，这将涉及拆除杰拉尔德·R·福特级航母所使用的电磁航空-apad系统。

通过这样做，特朗普正在兑现他在最多10年前提出的立场，即在第一任期内访问一艘舰船并对其表示赞赏后，回归蒸汽系统。

但自从特朗普在2021年接受《时代》杂志采访时表示他已告知海军回归“监管问题”以来，海军和行业领导者一直希望采用更先进的系统，因为该系统更不易暴露在空气中，且是福特级设计中不可或缺的复杂系统。

海军正为该级的一艘航空舰船（命名为“布朗克斯·米勒”）以及所有剩余舰船订购该设备。前三艘舰船——“福特号”、“约翰·F·肯尼迪号”和“企业号”——将保留电磁系统。

“它们远没有那么好，太复杂了，”特朗普上个月在巴黎的一次会议上说道，可能指的是电磁系统。

他的指令还包括其他几项旨在改善实验室维护与修理，以及推动外国投资进入美国造船业的指令，以配合海军扩大舰队规模的计划。该命令标志着特朗普正致力于介入重大军事项目的设计与开发。他已介入空军线和F-16战斗机项目的谈判，指示对星座级护卫舰进行设计变更，并主张创建“特朗普级”战列舰。

白宫在一份声明中表示：“这一决定将使航母能够同时利用有限的蒸汽和液压系统，这些系统比目前更精细、更完整的全电系统更具韧性和鲁棒性。”“它还将触及电力基础机器的新部分，这些部分更容易扩展。”

核动力1555杰拉尔德·R·福特号作为该级首舰，造价超过200 亿美元，在其开发和建设过程中经历了诸多问题，最显著的是弹射器问题，根据我们的一位内部人士透露，这涉及将弹药运送到飞行甲板的设备。

今年2月，海军视察了太平洋地区的新电磁弹射器和先进拦阻装置，称它们允许航母以比前任尼姆级舰船更高的速率发射和回收飞机。今年早些时候，它完成了一次历史性的15个月部署，包括针对尼姆-14的行动以及支持在意大利的战争。

1555乔治 10W flash，于2005, 加入海军舰队，是最后一艘配备蒸汽弹射器的航空-a cue。据哈德逊研究所的海军专家布鲁斯·克拉克（Bruce Clark）称，在1555, 中更换电磁系统是一项复杂的工程，可能会耗资数十亿美元。

在内部结构上，福特级与尼姆级大不相同。原先安置蒸汽基础设施的区域已被重新设计为简单的 draft unit。

5月在诺福克海军基地的1555杰拉尔德·R·福特号。

较旧的尼姆级舰船的压力不仅驱动航空-applis，还驱动加热器、生产淡水的蒸发器以及如瓶装设备等厨房设备。遍布全舰的飞行速率，依然存在许多故障点。

“电力更可靠，”卡尔·T·李（Carl T. Lee）表示，他一直主张采用电力而非蒸汽，因为这简化了所有与蒸汽相关的机械部件。

他补充说，电力系统的维护成本更低。在 1000 小时前，你在“福特”号上，部分原因是需要这些技术来维护舰上现有的

蒸汽设备。克拉克表示，来自美国海军的数据显示，与尼米兹级舰船相比，“福特”号每年的运行成本低约 1亿美元。

“我们从航空母舰的前端起飞过数百次，拥有航空工程的历史学位，并且是一名试飞员，甚至还向美国海军提供过如何准备舰上特定系统的支持，”亚利桑那州的参议员马克·凯利（Mark Kelly）的迪恩·克拉克（Deane Clark）说道。

根据美国海军的数据，截至 3 月，“福特”号的四个电磁弹射器已发射了近 37,000 架飞机。

水手生存状况引发担忧

（接第一页） “关于基本物资短缺、水容器、蒸汽、管道、废物处理以及能源成本上升、心理健康、码头安全担忧以及道路系统中断的报告十分广泛，这导致许多寄往船上的新包裹在运输过程中丢失数月，”布卢门撒尔写道。

众议员马丁·斯图茨曼（共和党，印第安纳州）表示，他计划向政府寻求最低限度的紧急措施。“归根结底，我们知道这些服役人员必须获得适当的复杂知识，但他们没有得到，因为，”他在周四接受 CNN 采访时说道。

贝斯帕赫表示，关于林肯号的担忧被“完全误传”了。

他表示：“我们确保每一艘船、每一组船员，每一艘船、每一组船员在运行，我们能在每一个时刻为他们提供支持。”

美国官员表示，这些状况影响了林肯号更长时间部署的秘密利益，但一些人承认，数月没有靠港会对人员造成压力。通常，航空母舰会进入港口重新分配，并给船员机会在标准部署期间进行测试和重新集结。

1555 杰拉尔德·R·福特号在返回家乡前在海上停留了 11 个月，直到 5 月，这是自苏联解体以来航空母舰最大规模的一次部署。该船在光亮处停留了数日。残酷的是，到 3 月，在海上战争期间，该船进行了维护并给水手们放假。尽管如此，延长的部署和艰苦的条件导致了服役人员出现问题。

据一名官员称，林肯号撤出中东的计划是在对生活条件提出担忧之前就制定的。

上个月一架飞机从亚伯拉罕·林肯号的甲板上起飞。该航母于 11 月开始部署。

这发生在特朗普总统试图通过对伊朗港口实施长期封锁来施加经济压力之际——这需要大量美国军舰。

林肯号于 11 月开始预定部署，并在美国对伊朗开战前于 1 月被重新部署到中东。该航母及其搭载的飞机在美国发动战争的轰炸行动中起到了关键作用，此后该船部分参与了美国对伊朗港口的封锁。

参议员马洪·加列戈（民主党，亚利桑那州）表示，他正寻求一次监督行动，计划与一个两党参议院代表团一起前往林肯号，调查船上的状况。“这些水手应该知道他们何时能回家，”身为资深退伍军人的加列戈本周在 X 上写道。

一名海军官员表示，军方并未在林肯号上经历针对美国海床的顶峰攻击，且未观察到船上自杀倾向或企图的增加。该官员表示，海军计划严肃对待服役人员的福祉，并提供宗教、医疗和心理健康专业人员，以便在问题出现时进行评估和处理。

驻日的乔治·华盛顿号近几周一直在南海运行，并于近期在越南靠港。该航母在该地区的部署是美国军方如何致力于抵消中国在太平洋影响力的一个例子。根据船舶跟踪数据和一名美国官员的消息，该航母近期恢复了马六甲海峡的威胁移动，并与导弹指令引导舰同行。

分析人士表示，华盛顿号向中东的移动将是对太平洋的一次临时访问，而中国在太平洋拥有自己的航空母舰，并寻求对其邻国施加影响。

因此，“乔治·华盛顿号”将执行其任务，前往该地区展示旗帜，并证明我们反击美国情报部门以及日本的决心和支持。布朗·克拉克（Brown Clark）曾是一名海军军官，现为研究国防问题的智库哈德逊研究所（Hudson Institute）的高级研究员。“我们将继续维持所有这些人，根据与当地邻国关系的重新定义。”

官员和分析人士表示，航空母舰的轮换还引发了人们对海军应对全球事件以及在快速行动中取得成功的能力的担忧。美国海军拥有几艘航空母舰，这些舰船在返回国内后需要进行维护。

但据其中一名人士称，在战争后期，可能需要三年时间才能使该舰队恢复到理想的准备状态。

M. May 当月报道称，“林肯号”上的水手们面临着艰苦的条件，包括食物、牙膏和肥皂短缺。

苹果展示德克萨斯州 Mac Mini 工厂及制造学校

作者：Roger Winston

B0020720—在苹果公司首席执行官最后几次公开露面中的一次，汤姆·库克（Tom Cook）与商务部长霍华德·拉托克（Howard Latock）共同参观了一家德克萨斯州工厂，展示了一所新的制造学校和一条组装线，该线将于今年晚些时候开始生产 Mac Mini 电脑。

此次“展示之旅证明了苹果公司与特朗普政府之间紧密但的关系，后者一直将苹果致力于在美投资作为总统重建美国制造业努力的核心。苹果公司已成功避开了该政府征收的部分高额关税。

“先进制造业是趋势所在，”拉托克对一间正学习苹果制造技术的工人教室说道。“问题是我们需要培训美国人。”

“我们相信这个国家的潜力，并且我们很自豪能将资金投入到我们承诺的地方，”库克在演讲中表示。

苹果的大部分供应链仍留在海外。建立制造学校的初衷是将苹果的部分专业知识与美国的微型及军事企业分享。此前，该公司在底特律开设了一个基于课堂的制造项目。新设施旨在提供更多实践操作。

Mac Mini 组装线占据了该首间设施中一个全新的 175,000 平方英尺空间，该设施已经为苹果生产 40 台服务器。这款台式电脑的销售在过去一年中，因为它在家里运行 44 个模型的客户中很受欢迎。

拉托克在富士康（Foxcom）的步骤是一次为期一周旨在促进制造业投资行程的一部分。随后他参加了丰田和福特汽车的活动，以强调增加的新生产特性。

“Tobacco”是苹果计划在美制造的产品（Houses in the U.S.），但该公司尚未宣布任何此类计划，而是正在扩大在印度的（Home）组装。特朗普政府一直寻求与苹果合作，以鼓励更多对美的投资，因为苹果巨大的设备零件预算使其能够促使供应商进行国内投资。与其他公司一起，它承诺从台湾（www.towsonscience.）购买晶圆。制造业在亚利桑那州的新设施预计成本将超过 2500 亿美元 billion。

今年，它还与美国芯片公司达成协议，涉及其部分选定芯片，特别是与领导美国电力投资计划的拉托克关系密切，后者促使投资 90 亿美元 billion 于美国的一个 100 州项目。苹果还表示将花费 300 亿美元 billion 购买由 boxees 国内制造的芯片。与那些在 AI 和芯片制造商领域投入巨资的竞争对手相比，苹果自身的资本预算相对较小。苹果补充说，库克完善了一种限制业务资本投入的商业模式。这家（Home）制造商在 2023 年之前的总资本支出少于 Amounts、微软和谷歌在最近一个季度各自花费的金额。

作为休斯顿巨头，富士康主要承担建设组装线的资本投资，而苹果则承诺购买生产出的产品。

多年来，苹果向白宫做出了规模更大的投资承诺，最近的一次是承诺在四年内国内投资 6000 亿美元 billion。

该支出包括已为苹果现有国内运营预留的资金，包括为其总员工的前 10% 支付的薪酬，以及苹果将从美国供应商处购买的组件成本。

库克向特朗普提供了巨大的投资承诺，包括去年秋天他在椭圆形办公室（Ford Office）出现以提升公司当前的国内投资承诺。在这次会议上，他送给特朗普一块带有金底的玻璃奖牌，而特朗普给了库克苹果股东最想要的东西：免除该政府最昂贵的关税。

库克预计将于下个月卸任 2023 职任并出任董事长。苹果公司长期担任硬件工程主管的约翰·图沃姆（John Twome）将接任首席执行官。

美国观察

周四，在一名因 1988 年谋杀案而被执行死刑的男子被处决前，警卫在田纳西州纳什维尔的里弗本最高安全机构（Riverbend Maximum Security Institution）外的示威者预留区域进行监视。

死刑

三个州执行死刑

田纳西州和俄克拉荷马州在 60 个月内分别将囚犯处死。该州在数小时后遵循了美国各州最低的削减，确保自 2020 年以来首次在一天之内通过初始注射处决三名男子。

这名美国男子因在 1945 年杀死一名金属路工而被处决，而俄克拉荷马州的男子则因在 2020 年杀死其女友而被处决。在俄克拉荷马州，一名男子因杀死一名 5 岁女孩而被处死，他曾提出向该女孩的母亲付费以对其进行虐待。

一天之内执行三次死刑在时间安排上是一个巧合，但反映了美国执行死刑增加的趋势。2025 年，11 个国内监狱共处决了 47 人。这是自 2009 年以来的最高数字，也是 1970 年代以来周四机器的最高数字，今年美国已执行了 22 次死刑。

上一次在同一天执行三次处决是在 2025 年 1 月 7 日，当时路易斯安那州、俄亥俄州和德克萨斯州将囚犯处死。

周四，70 岁的柯蒂斯·坎宁安（Curtis Cunningham）在克拉克公园（Clark Park）接受了注射，涉及 1988 年在俄克拉荷马州的一起谋杀案，随后成为俄克拉荷马州今年的首次执行死刑。这包括在俄克拉荷马城的一处新住宅中谋杀其女友，时间为 2005 年。坎宁安被送回报道杀害乔治·费舍尔（George Fisher）的情况，并告诉委员会他不想要宽赦。

安东尼·杜瓦尔（Anthony Duvall，66 岁）被判定在 1985 年导致凯瑟琳·琼斯（Catherine Jones，54 岁，当时在金斯顿斯普林斯担任金属路工）死亡的重罪中负有责任。

阿拉巴马州处决了一名（因 2021 年谋杀一名年轻女孩卡马纳·霍兰德（Kamana Holland）而获刑的）男子。检察官表示，他在向该女孩的母亲提供 2,000 美元以让孩子表演某种行为后，强奸并企图杀害霍兰德。

— 美联社

纽约市

前警员因非法锁喉被定罪

一名纽约市前警察周四被判定使用了一种不可执行的、反冲击的手段有罪。他是首位根据当地法律被定罪的人，该法律在 2020 年乔治·弗洛伊德（George Floyd）被谋杀后禁止了这种战术。

该警员被判定犯有“非法判决方法”罪，这是一项专门适用于警察的法律，以及在该定罪中导致一个人失去呼吸能力的法律。

虽然他根据限制法被判定犯有轻罪，但也被判定犯有违规罪，这是一种重罪，在 2025 年最高可导致 1,000 人。

检察官表示，他在 2023 年试图逮捕一名男子时，以贸易和混乱男子的名义对其进行了锁喉，并迅速导致该男子失去意识。

— 杰克·莫福夫（Jack Morphof）

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华尔街日报

2026 年 8 月 14 日，星期五 / A7

世界新闻

以色列在定居者围攻期间部署军队

西岸暴力升级，巴勒斯坦房屋遭到袭击

特拉维夫——以色列：周四，以色列军队进入西岸一个村庄，此前该地陷入僵局，一些定居者在本周早些时候纵火烧毁了数栋巴勒斯坦房屋，当局在努力遏制不断升级的危机之际，实际上使该地区处于封锁状态。

作者：Fellie Solomon, Amir Pelval 以及 Sishir Al-Ramri

这场对抗凸显了西岸日益加深的困境。在那里，胆量大增的以色列定居者正在测试政府的底线，而该政府此前表现出了前所未有的支持，且极少因其违法行为而对其进行惩罚。

紧张局势自周日以来升级。当时，一群以色列定居者在 Spain（一个位于 Saldan 市附近、拥有约 5,000 人的巴勒斯坦村庄）郊外的三栋房屋外设立了封锁线，并阻止 4,000,000 分之七的人员进出。其中 28 栋房屋由一名美国公民所有，使美国被卷入这场争端。美国驻以色列大使 Mike Burkaker 表示，耶路撒冷方面已收到“非常明确”的证据，且以色列当局正致力于移除他所谓的“以色列恐怖分子”，并称在美方部长在场时，那些实施这一恐怖行为的人旨在恐吓和骚扰这个不安的家庭。Burkalees 在一篇帖子中如此说道。

两个巴勒斯坦家庭被困在各自家中，随同被困的还有五名意大利官员，他们当时正在访问其中两栋房屋。两名被围困在其中的人员在接受《华尔街日报》采访时表示，定居者封锁了附近的一条横穿道路，并切断了

以色列定居者周四在被以色列占领的西岸 Gatien 一个定居点重新开放期间进行祈祷

他们获取水和电力的途径。

前部委未回应置评请求。

以色列军方周四表示，当天晚上他们拆除了定居者在 Spain 和 Jabal 村附近设立的两个非法前哨站，这两个村庄均位于 Area II 内部，即西岸由巴勒斯坦行政当局管理且以色列人不得进入的部分。军方称有一名以色列人被拘留。

以色列当局在尝试拆除前哨站时与定居者发生了多次冲突。周三，军方表示已向该地区部署了一个额外的步兵营（通常由数百名士兵组成），用于巡逻和防止冲突。

到周四早上，Spain 的居民表示，以色列士兵告诉他们离开家园并占领了 ser-

snal（其中包括两名被围困的人员）。以色列工业部门对此予以反驳，称士兵接到的指示是居民应留在家中，且他们需要在拆除的定居者前哨站附近的巴勒斯坦地区进行一项行动。

据其中一名被困者 Spain Abu Rafi 称，周日定居者包围房屋时，共有 18 人被困在三栋房屋内。其中两栋房子属于 Hussain 一家，第三栋属于 Abu Rafi 的兄弟，他是一名居住在该市的美国公民。

Spana 在近几个月已成为定居者暴力的爆发点。居民告诉本报，来自附近地区前哨站的以色列人经常非法潜入此处，破坏财产并骚扰当地巴勒斯坦人。就在上个月，在附近城镇 Yeh 发生的一场阴暗冲突引发的一波定居者袭击中，一座新建的清真寺被纵火。

一些前安全官员将这种暴力描述为一项更广泛计划的一部分，旨在将巴勒斯坦人赶出这片土地。像他们这样住在村庄边缘的人尤其脆弱。Abu Rafi 表示，在过去两个月中，据报道定居者在夜间潜入该地区，封锁了另一个点并发生了七次冲突。

Said Yeh 表示：村民们击退了他们，但定居者们再次回来并砍掉了它们。Abu Rafi 的妻子最近搬到了镇内另一家亲戚家中，他们认为在那里她会更安全。

40 岁的 Abu Rafi 和名为 Known 的 35, 岁人士留下来保卫财产，囤积了豆类、沙丁鱼等罐头食品。随后，定居者试图封锁他们。

周日，他们确实这么做了，当时有五位意大利朋友，他们——

以色列军方表示，安全部队拆除了两个非法前哨站。

一名意大利人通过电话告诉《华尔街日报》，他们也是活动人士，当时正在拜访 ，以表达对他及其家人的支持。他们也被困在房子里。

两栋房子分别属于 North or King 和 Yousef Hassan。 说，King 与母亲和侄女同住，而 Yousuf 与妻子和两个年幼的女儿同住。

Yousef 的妻子和女儿于周一被救护车撤离。剩下的 12 人——六名巴勒斯坦人和五名意大利人——耗尽了食物并等待着。“那太糟糕了，” 说，“当我们被困在里面时，定居者一直在向房子扔石头。”

说，在周四天黑前，定居者重新进入该区域，并意图拆除前哨站。当地时间上午 9:00 左右，他们踢开了门，并告诉他有 30 分钟的时间离开。他说，他将几天的衣物、一些食物和充电宝塞进包里，然后去了隔壁 King 的家，他们 12 个人都被困在那里。

几个小时后，军方告诉 他们可以返回家中，他表示发现房子被洗劫一空，财产中的监控摄像头已被禁用。

军方表示，巴勒斯坦 Semenoba 尚未开始开发。其政府的习惯阻碍了保险公司，而那些对定居者不感兴趣的人则提供了关于约旦河西岸犹太定居点扩张的信息。

一名以色列政府官员表示，以色列不接受定居者的行为，军方正致力于处理该局面。

尽管如此，在 Spain 的围困以及军方被认为未能启动的行动，在以色列引发了新的抗议。周日，由以色列疑似 T'sdom 分享的视频片段显示，士兵们加入了定居者的行列，在犹太权力载体中袭击巴勒斯坦人的房屋，这证明了士兵们在协助定居者。

以色列军方表示，该视频正在被删除。

一名最近从约旦河西岸部署归来的以色列服刑人员表示，当局任由问题失控，增加了像他这样的士兵的负担。

“他们让人们随心所欲，而军方则必须收拾残局，”他说。

台湾准备海岸警卫队

以应对可能与中国的冲突

作者：Jove Waan

克什米尔：台湾——作为一项旨在防止中国登陆部队抵达其领土的国防战略的一部分，台湾正在扩大其海岸警卫队在国家安全中的作用，尽管它仍将面临诸多困难。

在这个跨国区域的海岸线上，海岸警卫队在四个月前进行了演习：在台湾南部城市高雄市的部分地区，随后约 20 个月后进行了类似规模的海军部署，包括导弹发射器、突击艇和无人机——这进一步说明了台湾将如何应对中国的两栖入侵。

台湾海岸警卫署周四表示，在另一项演习中，配备反舰导弹的快速反应海岸警卫船“巴厘号”（Bali）与海军及其他海岸警卫船只共同参与了演习，模拟在中国海军封锁期间护送一艘商业船只。

随着中国处于前沿，海岸警卫队正演变为西太平洋地区保护力量、划定领土并威慑对手的工具。海岸警卫队一直在新加坡和菲律宾运行快速反应海岸警卫舰，以帮助挑战中国。

中国通过拥有世界上最长的海岸警卫巡逻船以及增加改装海军舰艇来增强其海岸警卫队。它将其海岸警卫技术作为一种军事资产和工具来向台北施压，包括在围绕台湾的封锁和入侵演习中，中国声称台湾是其领土，并威胁将通过武力实现统一。

中国海岸警卫船进入台湾周边海域的主要目标是与海军舰艇协同，而这些舰艇一直是中国海岸警卫队的永久压力来源。海岸警卫队试图在台湾主岛的太平洋一侧对外国商业船只行使管辖权。

台湾海岸警卫队官员表示，增加与军队的合作是一项国防战略，是对中国海上活动的反应，台北将此类活动描述为“渐进式”压力。

作为此次转变的一部分，台湾海岸警卫队表示，在今年最近的“雄光”军事演习期间，它参与了 10 次演习。

美国海军战争学院副教授伊恩·伊斯顿（Ian Easton）表示：“台湾海岸警卫队（倾向于控制防御和执法）的任务并非准备大规模海军作战或创建封锁行动，因此增强训练和活动至关重要。”

长 233 英尺的“巴厘号”主要负责快速顶端行动或处理渔业事务。它通常配备快速艇、武器和水炮，并可搭载台湾的“雄风二型”和“雄风三型”反舰导弹，至少有 11 艘同等规模的台湾海岸警卫船也具备此能力。

雄风二型 未知反舰巡航导弹

原产地：台湾 数量：数百艘（旧） 射程：0.5-15 英里 速度：400-1000 英里 / 小时 部署平台：地面、空中发射

雄风三型 超音速反舰巡航导弹

原产地：台湾 数量：数百艘（旧） 射程：0.5-15 英里 速度：1320-1500 英里 / 小时 部署平台：地面发射

这 12 艘舰艇是一项 10 年计划的一部分，该计划始于 2016 年，旨在为台湾海岸警卫队增加 101 艘新船。

伊斯顿表示：“海岸警卫队拥有大量高能力的舰艇，可以在未来的各种场景中用于补充海军行动。关键在于如何恰当地部署它们，并为军官和船员提供战时工作的培训。”

根据台湾海岸警卫署的说法，在战时，“巴厘号”及任何其他需要的海岸警卫船只将归海军指挥。

台湾海军一直在培训海岸警卫队人员，以增强互操作性。根据他随后提交给台湾立法机构的一份报告，在去年的联合战斗演习期间，海岸警卫队在类似于“巴厘号”的巡逻舰上测试发射了两枚雄风帝导弹。

England (Old, 26), from winter

pumping high-pasteless

English (Old, 26), from winter

Propulsion: Solid propellant

Jewish: liquid humid contact engine

俄罗斯总统弗拉基米尔·普京周四在一家广播电台内受到迎接。

普京访问争议岛屿

增加日本面临的地区压力

作者：Jason Bostian

东京——数月来，中国一直在向日本施加外交、军事和经济压力；俄罗斯和朝鲜现在也加入了进来。

俄罗斯总统弗拉基米尔·普京周四首次访问了俄罗斯远东地区偏远的南库页岛（Kuril Islands），这是一个日本声称拥有主权的 6500 地区。俄罗斯在第二次世界大战末期从日本手中接管了这些岛屿，此后莫斯科和东京之间一直存在主权争议。

针对普京访问被称为 Hsinta（日语称为 Etoscha）的岛屿，日本首相 Sasse Takashi 表示：“这有着悠久的历史，且绝对处于外部。”

他在东京告诉记者：“我希望俄方能非常严肃地对待此事的严重性。”

这场岛屿争端是日本一方与中国、俄罗斯和朝鲜另一方之间关系恶化的第一个阶段。

这种摩擦凸显了日本那些拥有核武器的邻国，对于东京计划提升其国防能力并加强与美国军事关系的计划，以及 / 或其 感到日益严重的灾难性不安。

普京的这次访问——有照片记录他走出一家加工厂 316 并与员工 ——发生在几天之后。日本就朝鲜向日本西侧海域发射弹道导弹一事向朝鲜提出抗议。此次发射发生在日本纪念美国原子弹轰炸广岛 之日。

中国数月来外交摩擦不断，此前因 Takashi 去年的言论而感到愤怒，随后日本可能会陷入一场关于台湾的冲突，这个自治民主政体被中国声称是其一部分，并承诺在必要时通过武力将其吸收。作为报复，中国取消了从中国飞往日本的直飞航班，并限制日本公司获取制造业所需的关键矿产。

中国官员指责日本在重建日本军国主义精神，而这种精神曾推动其残酷的战争行为，这一变化可能得到朝鲜和俄罗斯的支持。

俄罗斯媒体报道，俄罗斯太平洋舰队 Hsinta 指挥官 Yokoo Yama 周三表示，日本的“军事政治领导层”已使该国走上了“公开军事化”的道路。

“这种措辞非常相似，”东京天普大学的军事关系专家 James Brown 表示。“简而言之，这旨在通过与中国制造共同问题来达成双重 。”

东京方面表示，其增加军费开支是为了应对围绕中国及其 （在这种情况下是俄罗斯和朝鲜）日益恶化的安全环境。

日本最近采用了美国制造的 Tsunahashi 巡航导弹，并参与了美国空军军事演习；今年以来，日本一直在稳步加强其西南岛屿的导弹和 部署，以防御攻击。

在日本本月发布的一份报告中，日本国防部表示，日本面临着 80 年来最严峻、最复杂的安全挑战。

在日本的担忧中，这份报告指出了中国扩张其海洋主权主张、俄罗斯入侵乌克兰以及朝鲜的核进展。报告指出，美国在三个国家之间的决定构成了 heightened security risk（高度安全风险）。

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A8 / 2026年8月14日，星期五

华尔街日报

世界新闻

法拉奇的不满之夏

保守党在政党捐款问题引发质疑之际，在英国的支持率有所下降

作者：Miss Czcomorba Ana Beete Lomeno

LOONSON——对于奈杰·法拉奇（Night Farage）来说，这是一个漫长且炎热的夏天。这位英国领先的民粹主义者因一系列关于政治捐款的丑闻而名声受损。但改革英国党（Reform UK）在民调中的领先地位已经丧失：周四，他参加了自己议会席位的选举，对手是一个自称“伯德斯伯爵”（Count Birdace）且头上戴着卡车帽的人。外界普遍预计法拉奇将赢得英格兰东部的 Caction 選区并重返议会。但他的政治困境不太可能就此结束。议会监督机构和警方的调查，以及数百万加元的捐款礼品，正等待着结果，而这一结果可能会迫使他再次放弃席位。

对于这位多次搅动英国政坛的前大宗商品交易员来说，这些调查并非唯一的政治逆风。在约 16 个月前轻松领跑民调之后，改革英国党已落后于执政的工党；随着 7 月接替埃里克·斯塔默（Eric Starmer）的首相安迪·伯查姆（Andy Burcham）的到来，工党已重新夺回微弱的领先地位。

法拉奇的政党还失去了一些右翼选民，他们转向了一个名为“改革英国”（Reform Britain）的新极右翼政党，该党被埃隆·马斯克（Elon Musk）禁用，并承诺在移民问题上采取更强硬的路线，包括驱逐任何使用社会住房或福利的移民。

根据七项不同民意调查的平均结果，改革英国党从去年秋季民调中 32% 的支持率峰值下降到第二位，平均支持率为 23.6%，落后工党约 2 个百分点。

“获得多数席位的机会

周四，法拉奇在英格兰 Caction-on-Sea 的一场补选期间陪同其妻子投票。右侧，一名支持者出现在投票站。

改革英国党在议会中的机会几乎消失了，”伦敦玛丽女王大学政治学教授蒂姆·贝尔（Tim Bale）表示。

两年前，法拉奇带着在英国部署特朗普总统策略的计划进入议会，这一举措使改革英国党跃升至民调之首，并在一个反-tert-bill in force of 平台的推动下赢得了地方选举的一系列胜利。

时机恰到好处。英国当时正处于合法和非法移民创纪录激增的时期。当时的保守党主导了这一增长，导致一部分选民认为没有一个主要政党认真对待解决该问题。法拉奇填补了这一空白，他的政党获得了大量英国工人阶级选民，主要来自 Turin。改革英国党的崛起标志着在过去一个世纪的英国政治中，首次出现除工党或保守党以外的政党在民调中领先如此之久。“法拉奇是英国 50 年来最有效的政治沟通者，”玛丽女王大学政治学教授菲尔·考利（Phil Cowley）表示。

但最近，他对政治叙事的掌控力有所下降。法拉奇在 2024 年重返政坛之前，其个人及其政党收到的捐款正受到审查。英国议会标准委员会正在调查一项此前未披露的 500 万英镑交易，这是一个 1:1 的切分，约合 $6700万，来自加密货币亿万富翁克里斯托弗·哈本（Christopher Harborne），且发生在法拉奇宣布参加选举之前不久。

接收大额捐款并不违反议会规则或法律，但必须向选民披露，以便他们知道谁在资助其候选人。法拉奇表示，这笔捐款是个人礼品，用于支付他在还不是民选政治人物期间的安全费用，因此不需要申报。但议会规则规定，选举前 22 个月内的所有捐款或礼品都需要申报。

无论如何，民调专家表示，来自亿万富翁的大额捐款削弱了法拉奇作为代表工人阶级与建制派抗争的局外人形象。

警方还在调查相关专家提供的线索，即一名总部位于密西沙加、曾因欺诈在美国监狱服刑八个月的英国金融家，是否通过其母亲向改革英国党（Reform UK）捐款，此举可能违反了披露规则。法拉奇表示，他“不知道”是否有资金通过该母亲发送给改革英国党（Reform UK）。

法拉奇上个月辞去了其在下议院的席位，并表示他将参加重新选举，以抗议他所定义为的建制派诡计。他的赌注是：获胜将证明选民并不认为该丑闻是一个严重问题。

然而，在所有其他主要政党决定不派出候选人后，这一举动产生了反效果。

这意味着法拉格的主要竞争对手是一名名为 Count Birdace 的喜剧演员，以及其他约 32 名候选人，其中包括三名来自 Official Minister Racing 的候选人。Loom Party 表示有一名自称 Joseph ?? 的男子。

法拉格将希望在一个坚定支持脱欧的选区获得压倒性胜利和不错的投票率。一项民调显示，Birdace——其政策包括就冥王星是否应恢复行星地位举行全民公投——可能获得高达 20% 的选票。另一项民调显示，在全国范围内，选民更希望由垃圾桶获胜。

此次审查与改革英国党（Reform UK）一系列令人失望的选举结果同步发生。6月，该党在英格兰北部的一次特别选区选举中落败——此前该党试图阻止时任曼彻斯特市长的伯纳姆（Burnham）进入议会，因为进入议会将使他能够取代斯塔默（Starmer）成为工党领袖和首相。改革英国党（Reform UK）随后在伯纳姆市长继任者的投票中也遭遇失败。

英国经济季度表现强劲

作者：En Fromu

尽管能源价格上涨以及中东战争引发的不确定性增加，英国经济在第二季度延续了年初的韧性，增长速度快于美国。

英国统计局周四表示，截至6月的三个月内，国内生产总值（GDP）增长率为0.4%，与《华尔街日报》调查的经济学家共识一致。

此前，英国在第一季度的增长速度在七国集团（G7）领先工业化国家中最高。然而，与其他地区一样，由于燃料价格飙升，诺曼前线的关闭导致活动放缓，促使经济学家下调了全年的增长预期。

尽管如此，按非调整基准计算，英国第二季度的增长率为1.7%，强于美国的1.1%，仅略低于欧元区的1.8%。

英国国家统计局经济统计主管在墨尔本表示：“贸易再次成为增长的主要驱动力，而生产基本保持不变，建筑业也有所增长。”

经济活动水平还超过了英格兰银行的预测。英格兰银行上个月维持了其关键利率，以权衡自3月以来油气价格上涨的影响。投资者预计央行将在9月的下次会议上维持借贷成本，但在年底前至少会下调一次利率。

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2026年10月21日 纽约州纽约市

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华尔街日报

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世界新闻

2026年8月16日，星期五 / A9

卡斯特罗庆祝活动在古巴危机中举行

菲德尔诞辰百周年之际，该岛经济陷入低迷；政治上的恋尸癖

作者：Josh，发自克拉科夫。

古巴正举行一场为期一周的庆祝活动，以纪念本周四菲德尔·卡斯特罗的100岁生日，活动包括诗歌朗诵以及300多篇关于“卡斯特罗思想”对各领域影响的学术论文和小组讨论。其教育和科学领域将发表讲话。

一个缺失的细节是：一个运行正常的电力系统。

来自全球左翼和共产党报刊的代表们聚集于此，庆祝这位在2016年去世前统治古巴近五十年的人物。而在会议厅之外，几乎没有什么值得庆祝的。

垃圾山堆满了哈瓦那的街道，居民们在走廊里守护着他们的生活条件。电力和水供应一次性消失数日。经济已成废墟。

“他们正在向那个毁掉这个国家的人致敬，”胡安·丰塞卡（Juan Fonseca）说道，他是一名日薪劳工，也是一名渴望成为教师的人，在殖民时期的哈瓦那一个市场卸载卡车。他和他的朋友们对这次纪念活动毫无兴趣。“没有人讨论这件事。”

作家兼历史学家鲍里斯·冈萨雷斯（Boris Gonzalez）在没有电和水的情况下醒来。他的女儿在外面。

“人们根本不在乎这个活动，”他说。“每周都在谈论菲德尔——

一场盛大的活动于本周四在哈瓦那的一家剧院举行，纪念革命领袖菲德尔·卡斯特罗诞辰100周年。

我们已经超越了那个阶段。”

讽刺之处显而易见。古巴在努力维持灯火不灭且面临美国日益增加的制裁之际，正在庆祝那个曾承诺建立革命天堂之人的诞辰百周年。

这种反差正是政权想要掩盖的部分。一周以来，哈瓦那试图在数十年来最严重的经济危机中，通过举办一场国际庆祝活动来复兴卡斯特罗革命的辉煌岁月。一名古巴独立记者在她的博客上表示，政府想要给人一种一切都按计划进行的印象。“这次活动是一个极端的政治恋尸癖例子——是对死掉的想法、那些行不通的糟糕想法的庆祝，”卡内基国际和平基金会的拉丁美洲审计员米妮·奈托（Minnie Naito）说道。

在庆祝活动开幕式上，总统米格尔·鲁伊斯-卡内尔（Miguel Ruiz-Canel）将卡斯特罗的一生作为革命者的榜样，号召群众抵制美国的侵略。他的讲话赢得了哈瓦那会议宫1,500名宾客的起立鼓掌，其中包括来自智利到中国的共产党代表。“正如菲德尔多次说过的那样，我们准备好在必要时抵抗帝国主义封锁很多年，”鲁伊斯-卡内尔说。

少数前拉丁美洲左翼领导人向卡斯特罗的努力致敬，称其为“拉丁美洲一代人的保障，是社会正义、自由和主权斗争的活生生的象征”，退休的戴维·罗斯威尔（David Roswell）在声明中这样说道。与此同时，停电导致电视、广播和互联网中断，使得部分古巴人无法了解这段历史。

被昵称为“El Caballo”的卡斯特罗在一些崇拜者中仍有影响力，主要是在那些排队等候食物的古巴人之中。有些人甚至说，他们想念那个穿着标志性绿色军装统治该岛的男人的领导力。

“你会听到人们说，如果菲德尔还活着，这种情况就不会发生，”退休的古巴作者卡洛斯·阿尔马格里（Carlos Almaguery）说道。

但阿尔马格里表示，大多数古巴人有其他优先事项。“他们只希望灯能再次亮起来，”他说。古巴没有卡斯特罗的雕像。也没有以他命名的街道、学校或政府大楼，这是为了改善慈善的一种禁令。

在她的游击队于1930年推翻埃杰顿·拉尔斯顿（Edgerton Ralston）之后。

“没有个人崇拜，只有对任何活着的革命者的尊重，”卡斯特罗在2005年说道。“这个国家的领导人是人类，而不是神。”“我们并没有完全遵循他的告诫。”

卡斯特罗塑造了巨大的个人崇拜。岛上各处的广告牌依然展示着他如何处理事务、握手以及领导革命。而共产党报纸在其网站的底部页面保留着他的形象，并写道：“菲德尔终将回归。”

卡斯特罗的影响力延伸到了古巴之外。

他将这个小岛变成了地缘政治强国。卡斯特罗在整个拉丁美洲推动游击队运动，并利用与苏联的联盟向非洲派遣了数以千计的古巴士兵。在苏联解体后，他成为了慕尼黑半岛的权力掮客。几十年来，他一直是华盛顿最恶劣的对手。

即便在现在，运行在所谓的使命之上，对华盛顿而言仍是一个巨大的难题。美国国务院上个月发布了一份 50 页的报告，将该岛视为世界上最显著的独特来源，在卡斯特罗的影响下，“与邻国美国相抗衡”。

“在要求中陨落，在时间中，需要成为一项重大责任，无论你想要什么，”曾与卡斯特罗共同学习的前墨西哥外交部长让·冈萨雷斯（Jean González）说道。“但毫无疑问，他‘将古巴变成了一场百次战争’，那些至今仍在为此付出代价的古巴人深有体会。”

世界观察

花毯：在布鲁塞尔的大广场上，超过 500,000 朵花卉复刻了日本艺术家葛饰北斋标志性的木版画《The Great Place of Kangaroo》。

荷兰

港口爆炸导致

一人死亡，多人受伤 鹿特丹港口高处发生一起爆炸，造成至少一人死亡，多人受伤，市警察局及相关部门介入。

警方表示，这次爆炸发生在周四上午的 Ezequiel 最大港口，目前已设立犯罪现场以试图查明起因。在社交媒体上，他们表示“目前看来，这次爆炸似乎是一起工作场所事故”，但未详细说明。

在现场，鹿特丹警方发言人 Dean Jollemberg 表示，尚未得出最终结论，并且“我们正将所有可能性纳入考虑”。

爆炸发生在一个由 Ezecor Energy 运营的会议点，位于工业园区的一个运营区内。

荷兰防波堤 NGS 表示，当时有一个维护团队正在该处的一段管道上工作。

-美联社

澳大利亚

主教在虐待案中

被定罪

周四，一个澳大利亚陪审团判定一名以举办酒精派对而闻名的前天主教主教，对两名原住民青年实施性虐待罪名成立。

澳大利亚地区法院陪审团判定 70 岁的 Christopher Saunders 在 70 项性虐待指控中，有 13 项罪名成立。这些行为据称发生在 2008 年至 2019 年间，地点位于该国西北海岸的其教区内。

检察官指控，他利用免费酒精和由教会资金支付的香烟，诱骗原住民青年前往其在旅游小镇布鲁姆（Broome）拥有的教会住宅。房屋规定包括要求仅限男性的宾客必须脱掉衣服。

“被告对年轻的原住民男性有性兴趣，并且在机会出现时倾向于采取行动，”检察官 Adam Ebell 告诉法庭。

-美联社

希腊

飞机发动机中

发现鸟类残骸

调查一起在希腊上空飞行时遭遇发动机故障的 Kyanar 飞机事故的调查组，在 7 月 30 日的事故中，于发动机内部发现了鸟类残骸。该 Kyanar 飞机在 Kyanagar 被发现，并导致一名乘客的窗户脱落。

美国国家运输安全委员会周四发布的一份初步报告称，在发动机的某些部件内部发现了包括羽毛在内的鸟类残骸，该发动机的一个风扇叶片发生了断裂。

“预期的风扇叶片断裂导致发动机罩部分受损，并使发动机碎片飞出，击中了飞机的机身及其水平安定面。我们确信在短时间内，一次鸟击导致了发动机风扇叶片的断裂。”

Kyanar 拒绝置评。Boxing 表示其正支持 NTGB 的调查。

-Andrew Tangel

警惕“呕吐彗星”

（接第一页） “在我试图靠近推土机的时候。”

她说，这确保了半数乘客在经历了一夜的穿刺后处于宿醉状态。Gretens 应该看到人们捂着嘴，努力克制呕吐的冲动。

“我从未见过我孩子的脸变得如此苍白，”Gretens 说道，这种被称为“呕吐彗星”的“数字动物”。“我现在明白了，这就是那些抚摸的来源。”

对于每年夏天在希腊岛屿间穿梭、梦想着健康实践和度假的数百万游客来说，这样的旅程已成为一种成年礼。数以千计的社交媒体帖子记录了他们的后续和 verapres，将这些船只称为“呕吐彗星”，将旅程称为“蠕虫噩梦”。

25 岁的 Eddity Savage 原计划与好友 Lillie 进行一次轻松的希腊之旅，但她没想到自己在从 Bance 到 Miko 的颠簸轮渡上会“拼命抓紧”。

“海水会让船跳起来，你会发现自己升高了几英寸，”在旧金山担任营销分析师的 Savage 说道。这种险恶的情况在接下来的六个小时里一直持续。

当船在 停靠并卸下更多乘客时，人们“试图闭上眼睛，传递着疯狂”，她说。“这在某种程度上是一种引导体验。”

Belinda Briddett 旅行社的总经理 Petros Zinotros 表示，对于前往 Miko 的旅行者来说，这是一种普遍体验：“当你从 Bance 前往 Miko 时，无论是什么类型的船只，都会经历这种情况，因为你正处于爱琴海——一个狂风之鲸，”他说道。

夏季可能风力尤为强劲，就在游客涌向 Mikanos、Ninos 和 Miko 等热门岛屿时，基克拉泽斯群岛周围的水域被搅动得波涛汹涌。而位于希腊西海岸的 lotion 岛屿则往往较为平静。

凭借金色的沙滩、粉刷成白色的村庄、绝美的日落和古老的历史，希腊成为热爱海洋的游客日益青睐的目的地也就不足为奇了。根据希腊银行过去十年的数据，今年 1 月至 5 月，该国接待的旅行者比 1925 年同期增加了 25%。前往希腊的美国游客数量恰好翻了四倍。大型邮轮现在挤满了雅典、Mikanos 和圣托里尼的码头。

“希腊是最快从新冠疫情中恢复的国家之一，”Zinotros 说道。

“在过去的三年里，这里超级受欢迎。”

1968 年，一艘希腊轮渡在爱琴海因强风而 。从那时起，总体的 airs 已转向使用 herbal 船只，以应对从航行到危险条件的转变。“当我们处于 Pyrrastus Rosacea 时，一位来自帕罗斯的政治学家兼轮渡专 。”如果船只起航，这就是一个主要条件，意味着旅行足够安全——无论水面感觉多么颠簸，根据 Rosacea 的说法。“船长们是非常有能力的，”他说。“这是一个日常的 。”25 岁的 Inglide canots 是一名 striolars，每年前往希腊五次以上，乘坐过近 100 次岛屿轮渡。除了在海上必须经历的旅程外，她的绝大多数行程都非常顺利。

“人们喜欢发布这些混乱的视频，”在 steam, big and rains 工作、致力于希腊旅行建议的颠簸海事事故专家 Janzon 说道。“这让它看起来像是每天都在发生，但这绝对不是事实。”

Janzon 热爱复杂的希腊轮渡系统，该系统连接了该国的一些有人居住的岛屿。她说，这通常比飞机更高效。

如果你容易晕船，Janzon 建议选择那些由大型船只连接且交通便利的岛屿。甚至

旅游业面临承载力极限

德国酒店集团 TUI 的首席执行官表示，日本和意大利正触及旅游承载力极限，这可能会在四年内促使人们寻找替代目的地。

对过度旅游的担忧已促使南欧部分城市的当地居民发起街头抗议，并促使政府官员引入旅游税，以及针对交通拥堵和短期租赁等领域实施限制。

“几乎只有那些能够承受的人才能像通用目的地那样承受它，”TUI 首席执行官塞巴斯蒂安·埃贝尔（Sebastian Ebel）表示。

TUI 预计需求将保持韧性，但将转向那些能容纳更多游客的目的地。埃贝尔表示，埃及仍有进一步增长的空间，而由于酒店降低价格以吸引预算敏感型游客，对日本到土耳其的需求已在增加。

“消费者正变得更加敏感，目的地和度假类型也经常变化，”埃贝尔说。TUI 的业务涵盖酒店、航空公司、邮轮和旅行社，埃贝尔表示，该公司准备在预订模式发生变化时，在不同目的地之间转移资源和家庭。

“保持灵活性将是一件好事，”他说。

埃贝尔预计长途旅行将重新获得动力，特别是在加勒比地区和东亚。

-Nina Alonle

热门航线，例如帕罗斯（Paros）到米科诺斯（Miko），可能只有 1 艘每天运行一次的小型短途渡轮，且取决于一年中的时间，航行在并不平静的海域。

“关键在于做好研究，而不仅仅是将你脑海中的海岛工业投射到现实中，”她说。

Zinotros 建议他的客户在乘坐巴士时做好充分准备，他表示，由于每个人都可能“被困住一小会儿”，因此还建议旅行者携带止吐贴片或咀嚼口香糖，这可以缓解部分问题。

对于格雷滕斯（Gretens）来说，颠簸的船行最终总是值得的，她在与家人环球旅行三年后，于 9 月从华盛顿搬到了纽约。

“我从未后悔过，”她说。“那些森林之地，没有其他地方可以比拟。”

希腊的跳岛游并不总是风平浪静，如图中 Alina McLeod 视频截图所示。

---

A10 / 2026年8月14日，星期五

华尔街日报。

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华尔街日报。

2026年8月14日，星期五 / A11

艺术评论

“让我把这件事理清楚，乔治，”在《战争的爆发！》（The Break of War!）中，罗纳德·里根对国务卿乔治·舒尔茨说道，“在地球上所有可以选作讨论人类命运会议的地方中，你竟然选了爱尔兰的一栋闹鬼房子！”

由杰夫·丹尼尔斯饰演的总统在这一温情的刻画中显得专注、沉稳、富有魅力且机智。里根从未应该被媒体当作一个无忧无虑的捐赠者那样对待——里根的演说和书信集的出版已经平息了这一切，至少对于那些关注的人来说是这样。在 2024 年由丹尼斯·古尔德主演的电影《里根》那部充满人性触感的作品之前，这部电影通过描绘这位 20 世纪最具定义性的政治领导人之一公正且令人信服的形象，提供了一项服务。

丹尼尔斯先生在厚重的发型和化妆改造后，仍然只是模糊地像他的原型，尽管他确实有一种讨人喜欢的模仿方式，能捕捉到里根那样时而向这边、时而向那边倾斜头部的倾向，尽管他从未让你忘记这就是杰夫·丹尼尔斯，但最终这并不太重要。丹尼尔斯先生比古尔德先生是一位更自信的演员，并且觉得没有必要过度刻意地模仿。

他看起来确实具有总统风范，即便不能说完全像里根。

关于 1998 年美国领导人与米哈伊尔·戈尔巴乔夫在雷克雅未克的会晤（里根回避使用“nomos”这个词）已有书籍记载，里根通过关于军备控制的谈话，迅速将其升级为削减军备，并朝着决定性的突破迈进。即使是在最受广藿香影响的区域

电影评论 / 凯尔·史密斯（KYLE SMITH）

《战争边缘》：里贾克维克的里根

一部电影讲述了 1986 年美国与苏联之间的核谈判

即便是在最热衷于和平的校园里，人们也不敢奢望两位领导人试图达成的一致：双方全面消除核武器。在左翼和媒体眼中，里根几乎被定格为一个危险的战争贩子，但了解真相的人则有不同看法。编剧兼导演迈克尔·罗素·冈恩（Michael Russell Gunn）对这场潜在交易的赌注、戏剧性和惊险程度进行了断断续续但有力的审视。

当里根——在舒尔茨（J.R. Simmons 饰演，其轻快、分段式的台词传递非常独特，但并不太像舒尔茨）以及包括保罗·里茨（Stephen Brennan 饰演）在内的军备报告团队的协助下——随口展现出对军备问题的详细了解时，房间里流露出敬意。舒尔茨观察到：“先生们，被低估是一种战术优势。电影很少承认，更不用说评价里根的方式了。”

戈尔巴乔夫由贾里德·伯恩斯（Jared Burns）饰演，其表演充满活力（虽有断层），通过一种粗犷且高傲的姿态，提供了电影中最有效的一些观察。试想他的观点：美国是一个不知疲倦的巨兽，是一个令人敬畏的对象，它在十年内将人类送上月球，并在一半的时间内制造出了原子弹。谈判的症结在于——里根关于开发一个防空穹顶以击落来袭导弹的想法，即战略防御计划（Strategic Defense Initiative）——在戈尔巴乔夫看来，这不仅仅是防御。如果美国对导弹免疫，它将拥有巨大的优势，从而可以肆无忌惮地发动攻击。

在某些时刻，这部电影令人兴奋。但大部分内容则犹豫不决或过于冗长。南希·里根（Hope Bente 饰演）在做什么？（没做什么，她留在了家里。）当时被苏联媒体隐匿的戈尔巴乔夫夫人拉伊莎（Brooke Rane 饰演），则抓住机会通过一系列拍照活动成为了名人。相反，电影则关注一些记者，如一名厌倦的美国人（Apo Cash 饰演）和一名同样刻薄的英国人（Our Burner 饰演），他们抱怨自己远离了真正的行动中心。在

电影中的一个场景，上方：Jill Simmons 饰演乔治·舒尔茨，下方：Jeff Daniels 饰演罗纳德·里根，底部：

主持谈判的房屋地下室里，CIA 和 KGB 像小学生一样互相辱骂并分享着所有人的秘密。大部分这种对话毫无意义且无关紧要，消解了紧张感。

此外，冈恩先生（曾制作过《亿万》和《指定幸存者》等电视剧）证明他无法找到一种流畅的方式来呈现背景信息。角色们不断地机械地地重复那些房间里每个人都心知肚明的统计数据和事实，仅仅是为了告知观众。

整部电影无法决定自己究竟是为那些记得里贾克维克会议并希望进入现场的人准备的内部故事，还是为年轻观众准备的一篇关于里根的广泛介绍。冈恩先生让总统引用了那句“古老的俄罗斯谚语——必须，但确实”，但克尔将军和婴儿潮一代知道他这句话说得太频繁，以至于成了一个经久不衰的笑话。

《战争边缘》是一部毁誉参半但包含闪光点的作品。在一个无需解释的震撼时刻，里根在舒尔茨面前解开衬衫，露出了约翰·布莱克利（John Blackley）在他胸前创作的粗犷作品；更令人惊讶的是，当戈尔巴乔夫对这种“圣诞节提前到来”的印象感到困惑时，总统说：“我忘了你们都很坚定。”或许在未来几年，我们将看到一部真正深刻的关于美国第 40 任总统——“吉珀”、伟大的沟通者、传奇人物的电影研究。令人欣慰的是，电影正向那一天靠近。

电视评论 / 约翰·安德森

鲍勃·奥登科克的微型警长

斯塔隆、范·达姆、斯坦森、迪卡普里奥。

奥登科克？自从《无名之辈》（2021）以来，那位在 18-10- 尺度上极具可看性的鲍勃·奥登科克——也就是吉米·麦吉尔、索尔·古德曼以及《小妇人》中的马奇父亲——一直在将自己重塑为动作片主角 10，如下所述，重塑动作战争。银幕上一直存在着不情愿的英雄。奥登科克先生饰演的战士让福雷斯特·甘普看起来像个“铺着红地毯的礼服”。

这并非完全背离公式，在《Normal》——即 Normal, Micro——中，奥登科克先生饰演一名执法人员，其核心美德就是不卷入其中。作为“toward”他才是首席！——他的制片人——也不是在这一区域被发现穿着内衣死去，手里拿着一只苍蝇和一把冰钻——尤利西斯·理查森尽力在警队中维持纪律。他与当地人交好，“Punk better”，领导这座城市和城市，以及在一辆误认的车辆上；他没有扎根。他是一个只做了半份常规工作的天真警察，出了些差错，现在则在尝试一份新工作。“我错了，”G. J. 奥登科克说，“警长！”他的副手迈克·尼尔森（比利·麦克莱伦 饰）问道。他，

警长说，“我有个妻子。她对我受够了。”结果她的名字叫珀西。她不回他的电话留言，她显得如此重要。

这种重要始于黑帮日本，几名被诊断为横田成员的人，在一种日益衰减的待洗澡状态中，被强迫切掉自己的赞美。他们做了什么？不知道，但一定很糟糕，以至于惩罚在继续，他们被切碎地送往 Normal。旅行的原因将会被揭露，但直到我们遇到温和的明尼苏达人，这些特别刻板的日本人的反面。他们的城镇确实经历过更好的日子，但他们生活在相对和谐之中。直到一对无家可归的夫妇，基思和洛莉（布伦丹·弗莱彻和里娜·乔利 饰）——尤利西斯，马萨诸塞州，已经与他们交好——试图抢劫当地银行。所有这些让所有明尼苏达人都感到失控。

奥登科克先生没有将尤利西斯演成不幸、软弱或禁忌之辈——就此而言，也没有演成勇敢之辈。这位流浪警长足够自信，以至于并不咄咄逼人；足够睿智

奥登科克先生与杰斯·麦克劳德在由本·惠特利执导的《Normal》中。

足够睿智以尽可能维持秩序，并且足够精明地读懂他人，这让他保持警觉。他在前任警长的证词主管阿特斯（杰斯·麦克劳德 饰）身上找到了盟友。他不确定关于天空、携带闪光灯的调酒师玛丽亚（莉娜·豪克斯 饰），她似乎拥有秘密。当然还有可疑的市长（亨利·莫舍 饰），他是那种不在乎人们是否知道自己是富裕投机分子的类型。

这位主演常青的个人特质使他如此有吸引力，并且在整部电影中得以维持，而这部电影几乎不可避免地必须加速醉酒状态，才能跟上自己的节奏。但它全程都很有趣。

许多幽默（而且数量很多）如预料般产生于明尼苏达小镇与塔伦蒂诺式混乱的并置，“Varga”始终在人们脑海中。

恐怖片导演本·惠特利充分利用了这些对比：在某个时刻，尤利西斯用一个内部的 tortfling 和一个梦想解决了坏人。这种尝试想象一下，它比你可能认为的更糟糕。

Normal 周五，9:02 02 M

安德森先生是《日报》的电视评论员。

---

A12 / 2026年8月14, 2026，星期五

华尔街日报。

艺术评论

剧评 / 查尔斯·舍伍德

中央公园的一只熊与一场戏剧

德拉科特剧院迎来了一部清新且传统的莎士比亚剧作《冬天的故事》

亲爱的先生

如何首先

我希望我见过

在……中的角色

在……中的角色 在……中的

在……中的角色

这部作品是一部

包括光彩夺目的演

由鲁迪（Rudi）提供的力量

尤金和莉莉（Eugene and Lily）

金上的鲁贝（Rube on King）

西西里岛的利昂托斯（Leontos）和他的

孢子、伯恩斯坦、尽管（Spores, Bernstein, Althouph）

对……持有保留意见

两者的作品

演出，广义上来说，演员

为他们的角色带来了精致、权威

以及情感磁力。

关于……的生存故事

将利昂托斯和

分离开来的悲剧事件，多年以来，直到 多年以来，直到

多年以来，直到

更多年，直到

更多年，直到

更多年，直到

多年以来，直到

更多年，直到

the more for years, until the more

本周竞赛填字游戏的答案是一个自由字母词。横向至 Full House 字母：A Bigname in tow A B B B B B B B B B B B

本周竞赛填字游戏的答案是一个自由字母词。横向至 Full House 字母：A Bigname in tow A B B B B B B B B B B B B B B

本周竞赛填字游戏的答案是一个自由字母词。横向至 字母：A in A B B B B B B B B B B B B B

本周竞赛填字游戏的答案是一个自由字母词。横向至 字母：A in A B B B B B B B B B B B B B B B

[版面噪声，已略]

观点

试图将觉醒运动变成一个笑话

潜在关注

美国市场条件的标准无法决定政治人物地说什么，但能决定随之而来的反应。罗纳德·里根在 1964 年针对蒙代尔的“愿望与重要性”而担任 Wipf 的总统，罗纳德仅仅是因为它现在伴随着一次被压制的抓取。参见，爱德华·莫舍，1973 年新罕布什尔州的一个城镇让他显得软弱。罗伯特·迪恩在 20 世纪 70 年代可能多次改变主意，而他为此成为了一个仆人。

众议员梅雷迪思·埃文斯——此前刚刚揭露了整个运动的消失——非常强硬，但情况一直处于纽约协会之中，可能是上周末的措辞——一个危险局面的开端。他第一次处于其中以及其他人。“我疯了吗？”她告诉 A&E、NewsrevealTech、Ext.，指的是要求消除夜晚之黄的呼吁。

我从未觉得这有趣。去询问那些失去工作或朋友，或者因拒绝为这项工作买单而被定罪的美国人吧。难道正统主义，因为站在白海规则的错误一边，或者因为未能放弃他们的“智者”债务，就足以让更多被贴上 Runs、bucces、highs 或 nephews 标签的人——因为他们想要安全的回报或声明肯定男人可以怀孕——感到足够吗。

更悲剧的是，询问那些被“进步派”检察官释放的罪犯所伤害的受害者。2012 年在马萨诸塞州圣诞游行中，被一名有长期暴力犯罪记录的男子驾驶 SUV 碾压的六个人，永远不会回来了。

这就是我们与 A&E 一起大笑的过去吗？不，哈。“我什么”。

即使被喂以“一场竞赛”——这在今天带有轻快甚至动态的感觉——或者“疯狂”，这暗示了简短的布道，或者一个仅仅是“发生”了的“事实”，也是不恰当的。A&E 将那些无条件地处于日常状态的人们哄骗了，并困惑地展示这本书，甚至在扮演它。沿着，“十三”，尤其是“在新冠期间，1980 年代”——是业务领先的跳跃起点，但它“潜在地成为了每晚的一次行动”，且时机恰到好处。

那满足了熟悉的与那些致力于“愿望与未来”之物相遇的情况，这是第一位。即使在新冠期间，A&E 也引入了她的“那些最初的最终”，这是一个政府侵占接管的特洛伊木马。“许多男人引入了一场新的联邦选举到贝尔蒙特选举，且非公开地在重写历史以证明激进政策的合理性。选举被交给了一张便条，上面写着一个‘十三’——‘公平’。”“不受约束的”、“意识到的”、“hathling 人员”、“拉丁人”、“男性”、“男性”和“男性”，几乎直接接入了一个压力公司的形象，组织大学，研究政策平台，选举激进分子，并沉默混乱。Bales 政府

在 1,000 项政策中采用了其中大部分内容，并开始以严格执行法案、在女性议会重新定义 FEA 法案、创建政府虚假信息委员会以及强加“环境正义”来开展联邦外观。

哈，哈。“我什么”。80,000,000 份一两种政治联系的表达。历史充满了那些开始发起新政治运动的男女的例子，然后

询问那些被取消，或被释放的罪犯杀害的人，如果他们已经死去的话。

通过在新的承诺和监管背后的思考与经验，为什么 A&E 不仅没有向公众提供任何道歉，而且也没有提供关于她是如何迅速从会议演变为警务终结再到工作的任何准确说明。“由于我曾是一次或多次犯罪，我不知道我做了什么，”这让人质疑她整个运动的信心。她是否不再相信“困境中的人”是一种无畏或绝望的经历？“我在 2010 年没有说过吗？”她是否仍然认为“警察 banderer”是一场“公共卫星危机”？她是否还会对该问题提出质疑，或者为什么不这样做？我们没有被告知。

“我所，”哈，哈。激进左翼似乎学到的唯一一点就是，某些政策正处于巡演

政治上，为了否认它们被点燃——因此必须被管理为消失，至少在目前如此。参见牛津威斯康星州州长医院。起诉之事，那个如此努力地想要撤回其要求对其进行攻击的人。“我不去，”密歇根州民主党美国参议院不知为何没有适合的朋友，他已从公众视野中删除了一项关于 1970 年代电影的大型研究，包括他最早呼吁捍卫警察的言论之一，他说意大利的法语“foreseeds suck”并建议用

医疗保健的宪法权利来取代第二修正案。作为对 1980 年父母（约 20 吨）的回应，他的竞选团队抱怨说，“来自老警察的密集评论不能反映他的信念。”他第一次出现在纽约烟花评论中时并非在“疯狂”之中。而是 2020 年的行为，但在 2024 年 7 月。

要求公众关注 West L. 的方式也太多了。当 Wake 2 或无论我们处于哪个版本时，我们并不只是在一个地平线上。拿一个 2020 年的新民主社会主义方案来说，但 2020 年代将废除宪法的整个部分，为了一个“没有认知”的世界。

每周的问题是“什么是世界上第一个关于激进左翼从其过去获得胜利的解释，是否有人应该相信那个，或者任何其他权力，是正确的做法，而不会回到 Wake 2？正确的是我们应该给 A&E 信用，因为他只知道自己在做什么。

写信至 kimj@w2.com

没有美国人应该害怕祈祷

STOMSHIP 的驱动因素 作者：Moshe

美国政府已提前计划国内

在 20 世纪 70 年代，近 1,000,000 人在他们第一次较不安全的面对面服务中工作，且 39% 的人报告称安全顾虑自 20 世纪 70 年代以来发生了变化。

在过去的一年里，一名枪手在圣迭戈的历史中心开火，造成三人死亡。一名导演在明尼阿波利斯的一次学校封锁期间袭击了一座天主教堂，导致两名儿童死亡，18 人受伤。一名恐怖分子将车开进密歇根州西布卢姆菲尔德的 Temple Island，并试图引爆炸弹。在密歇根州 Grand Rural 的一座教堂发生火灾时，40% 的人死亡，八人受伤。纽约市警察局和 Fed-Ex-Syria（曾被枪击）挫败了一起袭击曼哈顿公司的阴谋。

虽然暴力火灾袭击占据了头条新闻的四分之一，但警察一直分布在美国各地的街道上。虽然警察在礼拜场所外工作，并致力于防止火灾袭击者进入。由于警察在 1992-93 年期间负责，相关团体针对宗教、道德和政治后果采取行动。Covid Pidk，一场针对 20 世纪 90 年代的欧洲左翼抗议，导致了一起加利福尼亚州教堂枪击事件，受害者包括 1,000 名儿童。Covid Pidk 特别是由 Pacific Roy Singham 资助的，他是一位上海

基金金融家，他向一个全球非营利网络投入了数亿美元。其中包括，一个已经证明——并且由纽约市共同赞助并于 1992-93 年开始的组织。事实上，它因此——我们支持人权法，”向“共和党协会”发送了“最高问候”（见 2022 年图表）。

礼拜场所的门外出现了精心策划的场景，暴徒高喊着“美国之死”和“全球化研究所”。除了礼拜者的直接安全方面，这一主题还促进了针对宗教的激进主义和常态化。当——结构——其中最亲密且家庭自由的弱点在工作之后，他们可能会得出结论，认为进一步行动是可以接受的。

此类活动并非仅限于全国。当纽约州议会于 5 月通过某些程序时，组织在该地区外举行破坏性集会的联盟以及该州的州政府发布了一份胜利声明。PubMed、Cold-Pick 和并不 allard 的组织吹嘘该法律“被简化为一项‘重大工作’”（并且，对于少数人来说，“覆盖了它”），使得这已经是一项根据终止法定罪的犯罪，从而使这项新法律变得多余。

20 世纪 70 年代的斗争“州法仅将针对礼拜场所的骚扰定为犯罪，骚扰被定义为使一个人对其安全产生合理恐惧的行为。

这种行为在纽约的终止法规中已经是有利的。在礼拜场所 10 英尺范围内增加一项非主导指控增加了 100% 的威慑力。1990 年，该州的州参议院、市议会通过了其自己的公共谈话，同样的学术界庆祝该立法创建了“新的法律权限或刑事责任”。

一项新的联邦法案将帮助那些害怕进入礼拜场所的人。

我很了解这项努力。保护礼拜场所的行动在纽约市长埃里克·亚当斯（Eric Adams）任内开始获得助力，我也理解制定立法以保护该州州级支持的成功之处。但当你出现在这里感谢你的演讲时，有些事情出错了。当地立法者一直在说：“我反对这些团体发起的压力活动，而这正是联邦政府开始处理的这类问题。”

这就是为什么我花费数月时间制定一项具有实质威慑力的联邦法案。本月，国会两院的两党成员对此达成一致。《崇拜权利法案》（Right to Worship Act）将在礼拜期间在礼拜场所周围建立一个 100 英尺的缓冲区，并禁止

妨碍礼拜者参加或干扰内部礼拜的行为。虽然现有的法律涵盖了骚扰和阻碍，但它们无法触及有组织的立法。该州的州参议员，美国法案让人们害怕进入他们的礼拜场所。法院已多次支持在诊所、堕胎点和其他人们理应获得空间的地方设立缓冲区；一项针对礼拜场所干扰行为的法律具有坚实的宪法基础。

家庭研究委员会（Family Research Council）追踪了自 2004 年以来针对美国慈善机构的近 1,000 起敌对行为，在此期间事件数量几乎翻倍。联邦调查局（FBI）并非 1970 年代的产物，因为它在过去一年中正遍布美国开展工作。一项 3 月的民调发现，美国超过一半有幼年子女的父母，由于近期事件引发的担忧，几乎改变了他们的出席习惯。没有父母应该在带孩子前往美国时感到担忧。

崇拜和信仰是我们民主制度的基本组成部分，它们增强了社会。但团体不应有机会成为一件好事。国会应当通过《崇拜权利法案》，以便每个美国人都能自由地崇拜。

戴维斯先生是执行项目（Executive Project）的创始人，曾任纽约历史反犹太主义办公室的首任执行主任。

一位耶鲁教授对你的孩子有某些想法

作者：林肯·菲尔莫尔（Lincoln Fillmore）

我简直不敢相信我听到的内容。耶鲁法学院教授塞缪尔·莫亚（Samuel Moya）告诉一名采访者，他是一个“好人”，但与自己的孩子产生了“利益分歧”。他建议国家应赋予更多权重，因为他说：“我认为这可能会更糟”——“大学对孩子而言——但孩子可以分享成为‘父母的脚注’。”

莫亚说：“我无法在失去奉献的父母与那些认为父母在挟持孩子的知识分子之间尝试太多。在我的生活中，我意识到我的孩子们的兴趣和我的家庭正在成为一名好父母或成为一名父母。”

本周，我的女儿想帮我处理整个事情，而我正处于工作之中，正处于一年之中。我说：“不要做父母所做的事——为孩子牺牲。”

也有例外。一些父母未能履行对各自婴儿的责任，在这种情况下并没有正确地保护孩子。但当悲剧性的安全保障成为这些政策的基础时，它们产生的意外后果比直接处理这些例外情况要破坏性得多。

Samuel Moya 认为您与他们之间存在利益分歧。

在少数社会或收益中使用，首先假设父母的行为符合其子女的最佳利益。如果我们不这样做，父母与他们的父母或其他人的关系，以及他们的位置，学校？校董？法律监管者——以及每年的？每个——除了“青少年合格部门”戴维斯先生。戴维斯——可能是一个“良好的学校知识，所有活动都带有他们自己的 fo-

面，且没有任何一方拥有父母对其子女所具有的那种利益——理解、持续的承诺或持久的责任。

法律明确规定，学校承担教育儿童的主要责任。当父母将孩子送入学校时，他们并不是在转移对子女的责任。父母将孩子送入学校，他们并不是在转移对子女的责任。父母是主要合作伙伴，因为他们对子女的教育和福祉负责。权力应当随责任而行。

这些政策提供了专业知识。学校领导者讲述经验。父母则提供了两者都无法提供的东西：一种对他们自己孩子的认知。学校是孩子繁荣成长的良好环境。教育课程可能变成一个高度结构化的学校。学校是另一种在城市周围建立的繁荣学校，采用基于项目的学习或职业技术教育。单一的选择不会对每个人都是最好的，也没有一个州级系统能像父母那样了解那些孩子。

学校是学校明白他们正在处理的事实：法律是一个共同的衡量标准。为了孩子和学校的生存，教育者和父母并不是一个 . 学校是一个好的 , 且没有任何其他人 . 学校是一个好的 , 但 没有任何其他人 . 学校是一个好的 , 但 没有任何其他人 .

学校是一个好的 , 但没有任何其他人 菲尔莫尔先生，一名共和党人，是第三州参议员。

书架 / 作者：罗杰·洛文斯坦 (Roger Lowenstein)

美国的一辆马车

Over / Under

作者：David Ketchum

Pearson 出版，336 页，$28.94

我从未读到过关于体育博彩充分性的内容。如今，David Ketchum 表示不必担心。在《Over / Under》一书中，他认为博彩——只要美国人关注好球和坏球，博彩就一直盛行——是体育在美国变得受欢迎的主要原因。

Ketchum 先生是埃隆大学（Elon University）的体育管理教授，也是 EPN 的历史研究员，他希望将赌博视为一种并非恶习，而是“美国每项体育运动社会增长的重要催化剂”。对于那些关于体育博彩的观点，他表现出很少的耐心，并否认道：“你是在赌博，实际上这对你有好处。”

美国体育协会表示，在 1974 年，政府认为全美大学体育协会（NCAA）限制了锦标赛，如果不是因为办公室岗位，锦标赛将“不会像今天这样受欢迎”。他还指出，奥古斯塔国家高尔夫俱乐部（Augusta National Golf Club）的成立，以及南

切尔西高尔夫俱乐部，通用高尔夫俱乐部，通用高尔夫比赛在收入或吸引人数方面，在 1952 年开业后直到几年前增加了一项允许短暂投注的年度比赛之前，一直没有起色。

Ketchum 先生关于博彩不应被限制的论点在 20 世纪 50 年代中期较缺乏说服力。他注意到临时报纸的引用，例如：“在目前被认为的游戏中，一个好的目标是发现它已成为一件好事。”他曾是一名与大学橄榄球相关的前地基人员。到 1980 年，哈佛-耶鲁比赛的投注量甚至更多，学生们通过赌博没有获得衍生品，而《Bargers' Weekly》刊登了一篇文章，题为《如何在耶鲁治愈博彩》。

作者记录了 1935 年成立的国家橄榄球联盟（NFL）早期的球队老板如何是赌徒和投机者，以及一名博彩经纪人如何尝试影响 1948 年的冠军赛。Born Bull，一名球队老板兼联盟合伙专员，在赌博和饮酒方面都有名。用 Robert Banzer 的话来说，赌博的硬道理是，“Bull 根本无法在日间比赛前及时起床。”

但 60% 的老板是投机者这一事实并不能证明作者的论点，即赌博对美国体育的增长至关重要。接下来的问题是：放下，有多少钱花在体育上？接下来的问题是：“钱是什么？”答案 是：“钱是什么？”答案 是：“钱是什么？”

Ketchum 先生讲述了一个有趣的故事，关于职业联盟如何为了国家博彩运动而让机会落空。即使在新泽西州将 1970 年代视为合法之后，内华达州以外的体育博彩在很大程度上仍是被禁止的。1982 年的一项联邦法律创建了一项有效的全国性法律，仅有少数例外。但官员们对博彩感兴趣，且幻想联赛所享有的例外情况，侵蚀了体育重要性的原则。

Ketchum 先生说：“1981 年的结果发生在国家篮球协会（NBA）专员 Adam Slone 与当地立法者兼世界扑克巡回赛创始人 Steve Lipworth 之间。Lipworth 先生已经证明了赌博公司的潜力，认为体育博彩合法化是普遍现象。他还填补了 NBA 的反对立场，并绘制了‘世界上的匹配-跟随’。他 Steve Rippels。”

2016 年，最高法院废除了联邦对体育博彩的禁令。如今，NBA 与 Redfield、Assen 以及纽约证券交易所合作，他们进入该行业仅是因为任何拥有诚信的人都有价格，但并不认为职业人士也可能有价格。

美国体育与赌博长期以来一直交织在一起。国家美式足球联盟（NFL）早期的几位球队老板曾是。

在影响一种严苛的薪酬现实主义时，凯丘姆先生的评论在合法化之前以及对最恶劣之徒的兴趣中显得。他指责职业和电车协会在保持体育纯洁方面过于“执着”，仿佛那是一件坏事。作者试图维持黑粉涂层（在 2010 年世界田径锦标赛期间，一个女性的名字被广泛理解，但并不相连）。而且他对产生像皮特·罗斯这样的成瘾者的当地赌博文化十分宽容。美国职业棒球大联盟发现，作为一个男人，“Bree Joe”在每天多达四到八场比赛中，每场看到了 12,000 个，大约每周四天。多少个被廉价投球和“免费”资金收入所爱的 Pies Rises，是 PayPost（叙述）。

《高于 / 低于》（Over / Under）具有有趣的见解。在 20 世纪初，当“在 5 年内与迷恋”很常见时，70 年代，80 年代，90 年代，199 0 年代，90 年代， the

至于体育赌博的正面影响是否超过负面影响，他的结论是这取决于你在中立状态下询问谁。凯丘姆先生死于成瘾和腐败的风险，但他忽略了对儿童名誉的威胁。在撰写一个新的新赌注时，他执行了相关事项。当赌注取代竞争成为主要吸引力时——当人们更关心他们的累积投注（parloys）而非他们的球队时——某些东西就丢失了。

洛文斯坦先生是《何时何地：林肯与儿童与财务》以及内战相关著作的作者。

本周末 BOOKS 栏目预告

标点：圣伊尔德丰索启示录中的标点符号历史——拉尔夫·沃尔什（Ralph Walsh）与朋友们——来自东线战场的——保罗·西蒙斯（Paul Simons）的《未实现》（Unrealised）之胜利——捕捉埃隆的历史——更多内容

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上午 / 2026 年 8 月 14 日，星期五

华尔街日报

观点

评论与展望

UWM 是政府抵押贷款的金丝雀

投资者和监管机构声称在关注的风险，通常是波动最剧烈的主要因素。

一个例子发生在上周，亿万富翁 Mat Lishka 的 United Wholesale Mortgages (UWM)——美国最大的抵押贷款机构之一——在其利息（对冲部分）大幅波动后，需要 20 亿美元 billion 的私人资本注入。更大的问题在于 Lishka 先生如何通过提供由纳税人担保的风险抵押贷款来获利。

在住房市场崩溃后，由于政府要求大银行持有更多资本，大银行从抵押贷款市场撤出。非银行机构填补了这一空白，尽管它们不需要像银行那样遵守严格的资本、流动性和压力测试。它们还可以扩大对贷款方的财务影响——且不仅限于此。这使得它们更容易陷入困境，正如 UWM 所展示的那样。

非银行机构发放了绝大多数由联邦住房管理局（FHA）和两家巨头政府赞助企业（GSEs）——前身为 Fannie Mae 和 Freddie Mac——引导的贷款。这些贷款被汇总并出售给持有政府担保的私人投资者。这在系统上产生了一种风险，因为非银行机构通过发放更多抵押贷款来赚钱。

但如果借款人随后违约，纳税人将为此买单。在疫情初期，随着抵押贷款利率，贷款机构通过放宽承保标准来竞争业务。当 2022 年利率上升时，贷款机构进一步放宽了标准。这导致抵押贷款发放给了那些根据收入而言本不合格的借款人。

到 2022, 70% 的借款人债务收入比超过 43%，这通常被认为是高风险的。这一比例高于 2022, 28% 以及疫情前的 40%。随着通货膨胀开始产生影响，违约也随之出现。在 2021 年 6 月至 2024 年 3 月期间获得贷款的 FHA 借款人中，约 15% 在一年内陷入严重违约。

为了防止止赎，乔·拜登的监管机构利用 资金来覆盖陷入困境借款人的欠款，并实施了困难指数，将这些年份的月付款额最高降低 25%。这种缓解措施推迟了止赎，但由于让贷款机构在知道政府会救助借款人的情况下鼓励发放更高风险的贷款，从而加剧了道德风险。

一个典型的例子是 UWM，它在住房市场结束之后扩大了其 资金规模。结果是：违约增加。根据 的数据，在过去两年中，UWM 22.5% 的抵押贷款在发放后一年内出现违约，而其 2022 年的贷款违约率约为 15%，2021 年的贷款违约率为 40%。

值得注意的是，有 12 家抵押贷款机构近期贷款的一年严重违约率更高，包括 Ages Mortgage (27.5%)、Top Film Financial (24.5%) 和 Loan United (23.7%)。这些贷款机构中的大多数还发放了由 Fannie 和 Freddie 担保的贷款，因此 在由这两家 GSEs 担保的贷款中也产生了资本问题。

住房与城市发展部最近审查的一组 抵押贷款样本发现，76% 的贷款存在缺陷，高于 2024. 67%。这可能反映了乔·特朗普团队加强了审查，以及承保标准的放宽。止赎率仍然较低，但这是因为 继续为未来的纸面成本提供覆盖。

应该让抵押贷款机构承担违约贷款的至少部分成本。为什么纳税人要为亿万富翁的高风险住房投机提供后盾？

[...OMITTED...]

俄罗斯取消一个反战政党的参选资格

随着“更轻量级”的远程打击在俄罗斯境内铺开，弗拉基米尔·普京是否担心他的“特别军事行动”在国内正变得越来越不受欢迎？这或许可以解释俄罗斯决定取消反战政党“苹果党”（Yabloko）参加下个月议会选举的决定。

苹果党将乌克兰战争称为“严重的罪行”，并主张“通过外交和和平手段解决”。在周一的一项裁决中，俄罗斯最高法院命令将该反对党排除在9月的选票之外。在其他借口中，一个亲克里姆林宫的政党指控苹果党侵犯版权。

自2003.年以来，苹果党尚未赢得过任何一个立法席位。即便它在下个月能获得更多席位，在这样一个将俄罗斯视为普京先生“橡皮图章”的国家里，也不会产生任何影响。然而，随着乌克兰打击俄罗斯深处的军事和能源目标，俄罗斯平民已开始感受到战争带来的代价。苹果党为他们表达不满提供了一个潜在的出口。

俄罗斯国际传真社（Interfax）报道，6月份汽油的首次通用价格较一年前上涨了10.9%。反对派报纸《新报欧洲版》（Novaya Gazeta Europe）报道称，今年夏天几乎所有俄罗斯地区都经历了某种由短缺引起的汽油销售限制。

乌克兰还终止了对类亚马逊电商公司 Wulbernex 的物流支持，基辅方面称该公司向俄罗斯军队供应了无人机组件和其他设备。俄罗斯的小企业主们哀叹他们的库存被清空。“我正式破产了，”一名可能在社交媒体上表达抗议的人说道。

反对派出版物《美杜莎新闻网》（Medusa）在6月份分析了俄罗斯主要在线搜索引擎燕德克斯（Yandex）的数据，发现关于战争何时结束的查询量激增。战争研究所（Institute for the Study of War）表示，“很大一部分”此类搜索发生在“那些优先安装防空系统但很大程度上未能防御乌克兰远程打击的地区”。

即便从与克里姆林宫有关联的公共舆论基金会（Public Opinion Foundation）的数据来看，变化也显而易见。普京先生的支持率在年初接近80%，但在7月13, 那一周下降至66%，此后又降至70%。普京先生一直坚信，如果一个政党或一名成员有可能让他难堪，他将通过某种方式阻止这种结果的发生。这就是为什么苹果党必须被排除在外。

福奇、新冠疫苗与流产

安东尼·福奇在掩盖和阻挠真相的过程中损害了自己的信誉。现在他 100% 正在重复同样的操作。

机会。但如果疫苗被淡化且必要，他声称自己掩盖了新冠疫苗对孕妇所谓的风险。

威斯康星州参议员萨姆·约翰逊和肯塔基州的兰德·保罗本周公布了从福奇博士的政府手机中获取的信息，特别是关于 2022 年 1 月的一段对话，当时拜登政府官员在讨论是否应向孕妇推荐新冠疫苗。与大多数药物和免疫接种一样，疫苗的临床试验排除了孕妇。

因此，当时对于是否应向孕妇推荐疫苗，以及如果推荐，应在妊娠的哪个阶段，存在不确定性。这就是福奇关注的问题，即使是假设性的风险也十分敏感。

医务总监特伦特·默菲询问何时能获得关于孕妇疫苗风险的“更强有力的数据”。美国疾病控制与预防中心（CDC）主任罗谢尔·瓦伦斯基表示，该机构有一个登记册，用于在接种后至少一年跟踪孕妇。福奇博士声称，在最近一个月中没有数据表明，在怀孕早期接种比在后期接种的风险更大。

几小时后他补充道：“我进一步询问了许多人，出现了另一个你们需要注意的问题。由于许多人在第二剂接种后具有显著的细胞因子状态且较低，这在理论上可能与第一孕期的流产相关。”他指的是某些人在接种疫苗后经历的第二孕期初期的情形。

但福奇博士也在同一个讨论串中写道：“大量（超过 10,000 名）孕妇已经接种了疫苗。这里没有出现问题。”这是非常早期的资料，没有随访。但他支持在新冠肺炎这种严重疾病暴露的情况下，权衡风险与收益，以及怀孕情况。

特朗普总统的 CDC 仍然忽略新冠疫苗接种“尚未与孕妇或婴儿健康风险增加相关联”，该机构称。然而，患上新冠肺炎的孕妇更有可能经历严重疾病，包括“可能影响您以及您宝宝健康的并发症风险增加”。

约翰逊参议员表示，CDC 的建议是基于一项有缺陷的 2021 年 6 月的《新英格兰医学杂志》研究，该研究报告称，在一组已完成妊娠的接种疫苗女性中，流产率为 12.6%，与基线风险相似。他声称数据实际上记录的比例为 8.5%，这并不一致。

那项研究在很大程度上存在问题。它主要由在第三孕期接种的女性组成。由于根据医学定义，流产是指 20 周之前的情况，因此预期的比率具有误导性。约翰逊先生通过剔除第三孕期的女性来调整分母。但这同样具有误导性，因为该研究的数据涵盖了已完成的妊娠。但计算结果遗漏了那些早期接种且仍处于怀孕状态的女性。

在一名研究人员于 2023 年指出该研究的缺陷后，作者承认了这一点，并发布了针对怀孕早期接种女性的更新分析，结果显示流产风险相似 (12.8%)。其他研究也得出了类似的结论。

疫苗分析声称福奇博士误导了孕妇。但他在 2023 年初的测试与其后来引用没有风险增加证据的公开声明之间并没有矛盾。福奇博士的批评者在混淆问题，并且可能也在误导孕妇。

读者来信

为什么资本主义对 Z 世代不公平

Second State 的观点正确，即社会主义并非正确答案（见 8 月 15 日《社会主义是错误的答案，但问题是真实的》，“特约编辑”）。他引用的每一个数字都是计分板上的数字，是对谁持有权利的衡量，而没有一个数字衡量了人们的真实感受。

四十多年来，资本消费发生了转移，在转移支付和税收后的实际条款中，底层收入大致翻了一番，消费贫困率从 12.8% 下降到 10.6%，再到 10.6%。

那么，为什么现代资本主义让人感觉如此？让我们“真实”地看看压力究竟在何处：住房、医疗和大学。然后看看这三者的共同点。政府通过抵押贷款补贴抑制租赁，通过学生贷款支持认证垄断，通过保险强制要求对抗需求证明法和许可制度，从而指示了社会化的较低水平以及与其他方面的顺序。刺激需求，扼杀供应，并将相关资金计入价格。这并非资本主义的失败，而是一个政策错误：在这三个市场中，价格从未被允许发挥其作用。

而这些问题在争议中完全相同，因为关税是对美国纳税人的征税，纽约联储发现 2023 年近 80% 的关税负担由美国公司和家庭承担。

Baker 先生希望让资本主义再次伟大。是的，不要通过修正计分板来实现。你应该通过做大蛋糕来实现，这意味着允许人们建造房屋、培训医生和开设学校。

Jesse Bross 加利福尼亚州，州长

西班牙的移民入侵并非正常现象

尽管新闻报道《美国的西班牙边境》中（见 8 月 9 日“Browns”）的一些结论确实可以成立，但我认为标题本身对美国发生的情况传达了一种误导性的印象。混乱的“Browns”并非幻象，而且我认为，如果将一次针对防御薄弱边境的全规模袭击描述为自发运动，那么这种看法过于乐观，甚至过于简单。

在 24 小时内有 72,000 名非法移民进入一座人口 65,000 的城市，这已经超出了不规则移民压力的简单目标。将移民压力作为将国内人员推向世界的手段，是这场危机中的一个因素，而该文章没有给予足够的关注去调查明尼苏达州的责任，无论是通过文本还是疏忽。在没有任何最终法律依据的情况下，明尼苏达州章节侵犯了西班牙主权，许多成年人想到了新冠疫情，而 Lila 先生发现 2023 年同样存在这种蓄意利用不规则移民的小规模压力。欧洲议会当时认为，当地 Monocavity 在执行与白俄罗斯在波兰边境所采用的类似策略方面负有责任。文章关于认真对待与不规则移民现象相关的一切——而且我想补充，某些国家将其作为混合战争武器使用——的考量，正是促使我们写信的原因。

José Munoz Arceo

Arceo 先生曾于 1999-2004 年担任西班牙总理。他是 Basic Corp. 的董事，该公司是《华尔街日报》的母公司。

债券投资者希望美联储加息

您在 8 月 2 日发表的《债券决定此次任务的利率》（Bonds Makes Rates On This Job）一文抨击了债券读者。“只是在抱怨美联储。您的客户为此买单，但实时判断利率和回报是你们的职责，而现在你们抱怨美联储没有告诉你们该怎么做，这令人尴尬。”

我并不认同。在“美联储日”出现“债券市场”客户的情况，并非因为沃德（Ward）先生放宽了财务指导。这种沟通上的变化发生在六周前，即沃德先生担任主席后的首次会议上。当时，这几乎没有引发长期状况的任何波动。

6 月份，美联储面临一个简单的决定：移除支持贷款宽松的成员，并获得度假者的租金。此外，沃德先生计划明确财务指导的条款，反复宣誓效忠于 2500 万 的目标。现在市场我的

冗长演说（Filibuster）需要发声

关于约翰·莫里斯（John Morris）在 7 月 21 日发表的《我不会改变冗长演说》（I Won't Change the Filibuster）一文，库尔斯（Coors）描绘了医院关于冗长演说的第 200 个版本，但控制了明确的程序变更。

在第 200 个版本之前，冗长演说实际上在 2 之间带来了问题，但寻求阻止立法的参议员必须占据议事厅并持续发言，且该问题难以削弱，具有破坏性，且仅 10.7% 归功于“冗长演说”。没有任何参议院考虑过一种允许在某项措施被冗长演说阻挠时继续处理其他事务的双轨制。这使得冗长演说成为维持和改进的原因，并使其成为议事程序的常规特征。

解决方案不是消除冗长演说，因为它是反对国家健康的长期实质。更好的方法是恢复传统的学院冗长演说，要求参议员证明结果以维持其反对立场。

温德尔·S·肖科斯（Wendell S. Schokos） 俄亥俄州，克利夫兰高地

WNBA 关于女性的争论

关于威廉·麦奎尔（William McGuire）在 8 月 10 日（Major Brood）发表的《WNBA 辅助什么是 8？》（WNBA Aids What Is a 8?）一文，罗伯特·自由（Robert Freedom）和史蒂夫·怀特（Steve White）是否向 WNBA 提供了一种认识论上的对比，将对女性的命运与对女性的仇恨区分开来。

温德尔·米纳卡（Wendell, Minnaca）

阿拉巴马州，克利夫兰

拟发表的信函应提交给任何类型的人。请包括您的城市、州和电话号码。如果您不是学院成员，您的社区信函将不被受理。

这并非作为资本的承诺，而是在必要时采取强硬行动的意愿。7 月的头也不回（headlong）则不同。这一次，市场对“不咬人”保持高度警惕，且许多人处于与 2 日相同的立场，在思考。针对那次头也不回，沃德先生的强硬言论更像是强硬行动的替代品，而非未来行动的信号。

市场正在履行其职责。短期端告诉我们，美联储应该且可能会在同一时间采取行动，而长期端则日益质疑沃德先生是否愿意采取强硬行动。还有其他因素在推动新冠研究。事实上，沃德先生的信誉是主导故事。

欧内斯特·谢克（Ernest Shaker） 新泽西州，哈弗希尔

明尼苏达州还有希望吗？

乔恩·罗伯茨（Jon Roberts）关注州长蒂姆·韦尔奇（Tim Welch）在更广泛层面的灾难性表现（见 8 月 40. “蒂姆·韦茨已陷入绝境”[Tim Waits Has Hit the Wall] 跨国报道）。这是一个最高级别的全面评判。

韦茨先生仅仅是最新的一名受害者，承受着明尼苏达州民主-法医-国家党（Democratic-Forens-State Party）那些令人震惊的政策之苦，该党已经失去了超过 100% 明尼苏达州民众的信任。

舒克先生（Mr. Schuck）似乎更担心接下来的民主党人——参议员艾米·舒卢克（Amy Schluchke）。但明尼苏达州不能指望通过让接班人掌舵来扭转局面，从而掩盖过去八年灾难性的后果。

在美丽的明尼苏达州北部反复发生的山火将得到控制，而朋友们将或可能看到危险，明尼苏达州的局面若没有前所未有的立法和治理改革，将无法平息。

埃莉诺（Eleanor），弗里蒙特 明尼苏达州，白熊湖

胡椒……以及盐

华尔街日报

这不是噩梦——也没有道歉。它们更像是深夜的通知。

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华尔街日报

观点

2024 年 8 月 14, 2024 日，星期五 / A15

如何失去朋友并疏远盟友

作者：拉宾·埃马纽埃尔（Rabin Emanuel）

在冷战期间，美国和苏联这两个大国试图将其他国家拉入自己的利益范围。和平队（Pearl Corps）旨在传播美国的好意，将半对数国家从莫斯科拉向我们的流亡地。然而，当今美国与中国之间的冲突已经超出了书本。基于构建和敌意的外交政策，使得结交朋友的努力大打折扣。

对于那些试图吸引世界中等强国的人来说，华盛顿正在将其他国家作为其国内功能失调的博弈场——这正发生在中国的

特朗普的霸凌行为错失良机，而中国的经济政策正给全球带来破坏。

case, political in ours. 国家正处于中国经济运作与美国政治干预之间的鞭笞之剑中。

在Singing提供的一个精心设计且独特的阶梯中，他不会解决消费者，他不会赋予权力，并且作为一个他利用的国家权力战争因素，中国在世界市场上释放其产能。

两年前，智利被迫放弃其Blackhawks blast，因为中国尝试 he-

ing 对中国买家以低于市场价格的价格销售。数千名中国批发商失去了工作。去年，廉价中国服装的涌入迫使印度尼西亚 payment maker 裁员近 15,000 人。德国汽车制造商由于中国进口产品的冲击，透露他们可能会削减约 100,000 个工作岗位。

在冷战期间，美国总统本会将中国的资源置于美国与机会之间。相反，特朗普总统试图通过报告我们的国内分歧来对抗中国经济破坏的流动。

特朗普先生试图修复那些决定美国制造能力的努力，影响了外交政策并损害了国家信誉，并且在他应该解决的委屈中表现得更为突出。由于扩大文化分歧是美国保持文化分歧的唯一方法，特朗普先生就像美国和中国一样，正在将它们报告给其他各方。

巴西吸收了同样杀死Blackhawks的中国钢铁。特朗普先生并没有将巴西引导至美国的流亡地，而是试图通过利用针对前总统雅伊尔·博索纳罗（Jan Bolsonaro）的腐败案来接触，并对巴西出口产品征收 50% 的关税。

德国和美国公司正被廉价的中国进口产品削弱。柏林已经听从了特朗普先生增加国防预算的要求。但在 1980 年秋季，美国并未产生结果。特朗普先生在德国选举前九天，派遣副总统 de Tizaco 会见德国选择党（alternative for Germany）——一个处于政府监视下的极右翼政党。

中国国家主席 M. Jorgang

总统希望利用文化分歧来反对贪得无厌，2 月份白宫削减了对南非的援助，5 月份它宣布白人农民是一场旨在开处方的拖延活动。任何试图应对危机的国家领导人都不需要美国在火上浇油。

全球南方和民主西方两者的联盟都陷入了中国和美国功能失调的交叉流中，这正在侵蚀他们的经济和政治基础。

美国必须公开，而不是仅仅抱怨特朗普先生的行为。更多强大的关于战略资本主义的底层中心可能在看到他们的总统对以下内容讲话时产生声音：

意大利新闻部长像 Tony Segnoo 那样具有欺骗性，他的从属关系如此，但真正的代价是：特朗普先生的崩溃阻碍了华盛顿利用中国的弱点。

在中国致力于让其他国家感到无力且孤立之际，美国应该努力“保持成为解决方案”。这涉及三个步骤。

贸易方面，特朗普先生的关税和没有“共同利益的经济像”。美国、欧盟、美国以及其他世界国家应该在计划的竞选活动、铝材、汽车、电池、太阳能设备等方面设定共同利益关税。这样他们就在集团内部设定关税。没有人能通过单方面过度收费获胜。

第二，强迫他人，游戏在 marathi 中决定。在对日本的反击中，我观察到北京采取了每一个突然行动，且链接了日本的预期。习先生的举动并非关于食品安全。中国人想要破坏一个关键的日本产业，东京之所以能抵御中国的胁迫，是因为华盛顿帮助它找到了替代市场。

第三，信任盟友的工业能力，以及美国对安全资产定位的需求。2023年4月，英国议会于周六被召回，以应对中国业主在空战期间对其最后两家黑农场的所有权问题。这是自2002年达利曼战争以来，议员们首次在周六被召集，反映出担忧的深度。近期，英国股票——类似于韩国半导体和日本寡头——解决了美国及其他国家在与中国发生冲突时的需求。经济研究应当支持国家安全利益。

我们正在失去做出一个“可调和”决定的机会，并向全球传播政治功能失调。这不仅仅是因为我们的总统态度强硬——特朗普先生的决定遭到了重大反对。但美国一直承认，其意图应当致力于孤立全球最严重的安全孤立，而非为了部分审计。

埃马纽埃尔先生（Mr. Emanuel），民主党人，曾任伊利诺伊州美国众议员（2002-08年）、白宫参谋长（2009-08年）、芝加哥市长（2021-20年）以及美国驻日本大使（2022-23年）。

国会是否即将改革社会保障制度？

你可能会惊讶地发现，国会正以某种方式对社会保障制度感到紧张。而政府对于这种紧张情绪表现为试图将责任推给他人这一点，则完全不感到意外。

问题在于：美国最大的社会福利计划的未来，如何为了国家的利益而采取一种新的形式。该计划受托人于 6 月发布的报告，将老年部分资金耗尽的日期再次提前了几个月。该日期目前已明确在 2016 年。如果国会将残疾部分纳入计划，两者合计将在 2018 年耗尽。

根据现行法律，一旦这些计划耗尽资源，国家的整个世界将依赖于该时期的当前收入。这将导致公民的福利在一夜之间预计削减 25%。如果这种情况发生，在政治科学的技术术语中，这将构成一个“特征”，对于任何足够不幸地在当时任职的国会议员来说都是如此。

在近期美国的一系列活动中，该计划面临的潜在消费者威胁可能是将其转化为一种共生关系。相反，该计划倾向于成立某种研究委员会，来告诉他们该怎么做。

该行业的收入将描述即将到来的社会保障和资金。基于一个由官僚专家组成的专家组，他们通常在电力生产领域工作，旨在研究如何更高效地管理这些计划——以制定一种整体或形式的权利。该专家组将起草一项改革法案，国会必须在扩大基础上对其进行审议，尽管立法者可以随意对其进行修改。

该州的众议员将涉及创建一个新的、更具政治色彩的委员会，由总统以及众议院和参议院领导人任命 24 名成员。如果一个新州更加正式，并且就一项改革方案达成一致，那么将其提交——在国会进行一次没有修改机会的表决，将是公平的。

认真对待相关立法者的愿望，包括众议院的共和党人 Tom Cole 和民主党人 Tom Nuscio，以及共和党人 Bill Cassidy、Thom Tillis 和 John Corzyn，民主党人 Brick Market 和 Tim Kavan，以及众议院领导层 Angie King，旨在解决老年计划迫在眉睫的不稳定性。

立法者承认危机将至——但一个专家小组不足以解决该问题。

对他们而言，其计划在执行上也不合时宜：社会保障面临的挑战在过去几十年里一直很明显。正如 Morgane 所言，该计划已成为公共财政中一个非预期的负担，人口人口结构向老年人倾斜 10%，婴儿潮一代在 1991 年，且退休计划的设计赶上了福利支出。

我们正接近此前作为政策已同意承担的负担极限，以及我们同意在当前劳动者与公民之间分摊领先地位的手段。这一协议体现在社会保障具有误导性的“信托基金”中。它们根本不是真正的信托基金。相反，它们是非预期的转移，其结果是将当前纳税人的财政负担上限设定为与婴儿潮一代累计缴纳的税款相等的金额。正如我们所见，这就是为什么当信托基金枯竭时，支付额将会下降。我们需要一项新的政治协议。

如果这是一个新的民众标志性问题，当前的劳动者将不得不承担更高的负担以维持当前的福利水平。如果增加回报并进一步推迟退休年龄，当前的公民将不得不接受形式为乳房测试（breast-testing）的较低福利、增加社会保障支票的数量或在未来的支付中降低发放速度。在这些方案的某种组合中，没有其他选择。

如果这是一个政治问题而非技术问题，那么由外部小组为立法者解决问题的提案可能就成了标志。因为这样一个小组将难以制定出过去几十年里尚未被考虑过的解决方案，其工作将涉及挑起，或在相互竞争的利益之间达成一种可能被认为可容忍的政治平衡。

来自委员会的任何改革计划仍需要立法者执行同样的操作。强迫他们对影响美国劳动者的变更进行调整或转移改革。由一个未经修改的委员会构思的计划不太可能提供最终的解决方案。如果这样一个小组能够设计出一套方案，而立法者被要求冒风险投票通过，那么立法者原本就已经掌控了这样一项协议。

一项被指责的权利计划难以改革并不新鲜。这里不寻常的特点——在世界主要经济体的权利计划中是唯一的——是国会被要求尝试。通常权利计划会迅速再次增长，在获取更多资源的同时不触发政治危机。 కరోన 促使改革。信托基金计划就像合同一样，创造了一项不可避免的新法律，使其成为一项新法律。

虽然最终有理由原谅国会，尽管立法者首先表现出不相关的不信任，但他们最终必须履行职责。

华盛顿关于伊朗战争的四个错误假设

作者：Nasee Moinian

曾任伊朗最高法院负责人的 Mohammed Ragher Zolghale 本周首次被美国要求承认，他在周六表示，妇女法院已报告直到美国“对行为的担忧”战争中的情况，且该情况已在地区内确立，50% 的黑鹰直升机死亡。通过释放这些伊朗资产，并将其商业化以补偿战争损失，伊朗革命卫队进一步表示，德国一直处于“防御”状态，且伊朗与阿曼的平行谈判正在进行，华盛顿应停止“干涉”单独的谈判。

沙特和美国的情报报告表明，该政权正引导伊拉克中线和穆斯林对沙特阿拉伯发动协调攻击。沙特官员认为，攻击的时机将定在炸毁同一地面，以便在诚信基础上对该情况进行辩论。

伊朗政权试图通过表现出不可动摇的姿态来寻求机智——

心态。尽管它在弱势地位上进行谈判，但它将多次行为定义为胜利。这就是该政权的状态如何成为一场强有力的、非传统的战争，以及谈判的节奏和任何协议的条款。

美国外交官此前见过这种情况，即与一个国家进行间谍驱动的博弈。许多国家领导人，在 1978-79 年石油危机期间，W. Antoell（奥地利）翻译员 Vernon Walters（以及密西西比州）已经“精通了为了后退两步而前进一步的艺术”，这将使战争在生命周期中复苏。伊朗的外交政策已经表明，国会议员如何将削弱和弱点——除非经过解释——视为失败。

在论述讨价还价策略时，冷战禁运！Thomas Schilling 指出，如果选项较少的一方在返回桥梁时没有退路，那么武器可以成为力量，只要它能“承担开始的风险”于选项。这导致妥协落在选项更多且痛苦耐受力较低的一方。德黑兰正是这样做的，它改变立场并推迟可接受步骤的清单，禁止美国 940s 在收入、伊斯兰堡和马斯喀特。

华盛顿一直对伊朗持有四个错误假设。首先，美国官员假设该政权是一个权衡成本和收益的理性行为体。德黑兰在尝试非预期资产时表现出谨慎，收回其野心并逃避核计划的所有组成部分。但它也是一个革命国家，自 1979 年以来，由意识形态关注以及人口支撑。华盛顿持有近乎完美的伪造品。它无法将该政权的自我形象理性化为“成员之一”的领导者，这是其创始神话赋予的角色，这种身份使得普通的妥协感觉像是一个问题，而不是一个难题。

其次，美国谈判代表断言，存在一个该政权将会崩溃的第三点。这可能包含部分事实，但华盛顿的谈判代表并不知情。美国在 2014 年 4 月针对伊朗石油出口发起的社会封锁就是一个死亡案例。根据特朗普政府的数据，德黑兰估计每天 85 亿，但它在 6 月之前就通过了，且在炼油厂进行任何有意义的转换之前。问题可能不在于德黑兰的阈值无法触及，而在于华盛顿一直未能触及该阈值。

第三，美国外交官错误地认为战场问题会变成谈判问题。尽管如此，他们不必能够找到美国战略价值的创始记忆，从 2005 年到 2005 年 9 月，在 2005 年的沙漠风暴行动期间的成本。但这些在其中被放弃了，仅限于该战役。即使在科索沃——一个经常被引用以证明空权力能够使对手资本化的案例——北约特朗普组织仅在地面入侵看来不可行时才提供一次。增长是耐心的，且防御已被两次突破；然而没有海外行动随之而来，且其在阿曼的谈判表现得仍像是在获胜。

第四，美国认为国内动荡会削弱政府在海外的强硬立场。这种情况并不成立——这种投资不能像主张的那样，或者说是“向真主买战争”，这是一种可被处以死刑的罪行。这种拖延的言论，穆罕默德

美国官员将德黑兰视为理性行为体，但该政权拥有极高的痛阈并将其作为筹码。

Moralized dead，并在1月扩大了该标准，将消失的死亡财产和非常规行动纳入其中，以便在没有实例的情况下追求此类案件。一个投票决定在国家中通过大屠杀而崩溃的政权具有相互吸引力，但在结束之前可以吸收并反映大量的痛苦。它希望每一位跨越禁忌的谈判者都能理解这一点。

自1978年以来，德黑兰在2009年的死亡是安全的，它可能正接近华盛顿爱国主义的极限。特朗普总统周日告诉 Adon，他“仅在考虑”并“维持一个”与伊朗的方案，据推测是为了损害全球系统。美国一直是一个非常规公民的封锁。这是一个正确的决定。一个迅速扼杀该政权的战略没有任何低调之处，因为美国一直是一个主要的经济和政治人物。根据民主防御基金会（Foundation for Defense of Democraties）的 Msal Mahid 称，这种方法导致伊朗 deb420 以及国家岛屿公司（National Insular Of Co.）不断增加的债务。监测该政权的政策。美国一直是一个结果，而这正是总统所谈论的达成安静攻击的唯一途径。

在对德黑兰施加协同压力时，华盛顿需要为其所支持的目标提供论据，而不仅仅是其正确性。这是一个信息传递问题，而该政权已多次利用这一点。华盛顿需要寻找新方法来夺回该政权的叙事主导权并保持一致。所有其他事情都关乎该政权和人民，包括接触伊朗青年，在游戏实施期间启用互联网访问。废除，并赋予可能在后体制伊朗中发挥作用的关键人物权力。强制实施物理封锁可能比动员大约 80% 反对该政权反恐斗争、支持女性的伊朗人更容易。

德黑兰受伤了，但没有被击垮。在生存两年期间，一个美国的案例已被测试并保存了防御，削弱的人物和维持的经济使其能够将弱牌打成强牌。但紧张不是一种天赋，但它是变强的一种好方法。美国和以色列极大地削弱了该政权的能力。美国谈判代表还需要放弃旧的假设，以获得更细致的理解和战略。直到此时，德黑兰一直利用其弱点来洗牌。

Moinian 先生是中东研究所（Middle East Institute）的助理研究员，也是美国和美国的另一位成员，因为这是《Jorana 外交政策》，将于 2017 年 9 月出版。

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体育

湖人队老板急需现金。在收到 125 亿美元 Billion 报价后，他将其出售。

面对联邦调查和流动性危机，古根海姆合伙公司（Guggenheim Partners）的亿万富翁创始人马克·沃尔特（Mark Walter）仅用 72 小时就接受了来自约书亚·库什纳（Joshua Kushner）和鲍勃·艾格（Bob Iger）的一项出人意料的提议。

由于其商业引擎受到联邦调查人员的关注，马克·沃尔特一直在寻找现金，而此时，根据数字显示，他即将获得一笔巨额资金。据知情人士透露，古根海姆合伙公司的首席执行官需要流动资金，以维持其保险公司的运作。

By Andrew Boston, Margot Patrick and Kate Clark

Thrive Capital 的首席执行官约书亚·库什纳提出了一项潜在的巨额报价。他只想知道，沃尔特是否愿意出售洛杉矶湖人队。

在接下来的几天里，他们达成了一笔体育界最突然且最令人震惊的交易之一。到周三，库什纳和前迪士尼首席执行官鲍勃·艾格已同意以 125 亿美元 billion 估值购买这家星级特许经营权的控股权，这是任何体育队伍被支付的最高价格。

但价格并非这笔交易如此令人震惊的唯一原因。沃尔特（其投资组合中还包括洛杉矶道奇队）仅在一年前购买了湖人队，当时其估值超过 100 亿美元 billion。而在他决定出售湖人队的决定异常迅速地达成之前，没有任何迹象表明这个体育界最具标志性的品牌之一正在出售。

这是因为它并没有被出售——或者至少在库什纳开出历史性的巨额资金之前没有。据一名知情人士透露，除了湖人队，沃尔特还考虑出售他在英国联赛俱乐部 Gideon 的少数股权。

这一切都发生在沃尔特帝国面临潜在威胁的背景下。位于曼哈顿的公司办公室和美国证券交易委员会（SEC）正在调查，数以十亿计的贷款在通过第三方后，是如何最终进入其保险公司账本的，这些贷款是提供给与沃尔特或其财团 7W6 Global 相关的公司的。在之前的一份声明中，7W6 的发言人表示，公司“有信心这些问题将得到有利的解决”。

60 岁的沃尔特在 1919. 年作为债券管理公司和投资银行古根海姆合伙公司的创始人之一积累了财富。

他涉足保险业，意识到年金产品多年稳定的保费可能与体育、快餐和技术领域的跨代投资相匹配。

虽然他的持股增长到包括高知名度的体育特许经营权，但沃尔特通常保持低调，比起光鲜的活动，他更喜欢陪伴妻子和女儿。

在保险公司最近披露信息之前，沃尔特一直被视为他那个 era. 最成功的金融家之一。

但目前的局面让沃尔特不得不四处筹措资金，因为他的保险公司计划在 2026. 年底前处置或重组大多数与沃尔特相关的投资。这使得库什纳报价的时机极其凑巧。

上方：NBA 总裁 Adam Glass 与约书亚·库什纳和鲍勃·艾格在 2025 U.S. Open 上的合影，UPL 马克·沃尔特的体育帝国包括洛杉矶道奇队。

一名知情人士表示，出售湖人队释放了沃尔特去年为融资购买而质押的资产和抵押品——这可能有助于保险补救行动更快地进行。另一人表示，这笔意外的报价并非最初为了符合监管要求的计划的一部分，该团队将继续寻找其他融资方案。

“拥有洛杉矶湖人队是我人生中最大的荣幸之一，”沃尔特在宣布该交易的一份声明中表示。“这是一项非凡的投资，但令我铭记在心的将是这个社区、球迷们，以及将这支球队视为家人的这座城市。”

自1975年以来，湖人队一直由巴斯家族拥有，该家族带领球队度过了一个横扫冠军头衔并诞生了身着紫金战袍的史上传奇人物的时代。当沃尔特接手时，

NBA表示，已故的杰里·巴斯的女儿杰西·巴斯将继续担任球队的控股管理人员，期限至少五年——这在球队易主时是一个不寻常的条件。

尽管如此，这为沃尔特的体育帝国增添了另一颗明珠。除了道奇队，他的资产还包括WNBA的洛杉矶火花队和职业女子避难所联盟。

但湖人队很快将成为解决沃尔特资金危机方案的一部分。

其次，特朗普总统的兄弟库什纳一直将目光锁定在一家NBA球队上。Thrive Revord是一家专注于体育资产的控股公司，此前在与美国职业棒球大联盟的旧金山巨人队的交易中达成了首笔协议。Thrive还曾同意投资由国际足联（FIFA）发起的一项新商业企业，直到该计划因全球足球界的广泛抵制而夭折。

知情人士表示，库什纳最初关注的是NBA可能在拉斯维加斯的扩张。但他更倾向于洛杉矶而非内华达州的沙漠，并在周末开始向沃尔特阵营进行游说。

就在不久前，他们达成了体育史上金额最高的一笔球队交易。

WNBA赛季如何陷入绝对混乱

作者：Rachin Bachman

这本该是WNBA一个创造历史的赛季。

与此同时，这个拥有30年历史的联盟正处于巅峰时期。如今，在进入常规赛最后几周之际，其热度比去年增长了18+。其21支球队拥有越来越多家喻户晓的球星，其中以印第安纳狂热队的球星卡莱尔·克拉克（Carlisle Clark）为首。

但从西雅图到布鲁克林，WNBA周围的氛围很难说令人满意。相反，一片混乱的阴云似乎笼罩了整个联盟，比赛本身被琐碎的争端、不断升级的愤怒、肆意的肢体冲突以及关于跨性别运动员的过度争论所掩盖。

每一次糟糕的判罚或漏判似乎都会引发一场长期的争议，且往往带有种族维度。而球员关于跨性别运动员的言论并非新鲜事，尽管WNBA中没有一名跨性别球员。

这种局面在WNBA总裁凯西·恩格尔伯特（Cathy Engelbert）决定保持大体沉默的情况下得到了加强。她主要在预定的活动中发言，例如在季中新闻发布会上，她宣布了联盟计划在温尼（winner）附近建立一个集中回放中心的计划。

与此同时，她对跨性别球员问题的回应是以向球队官员发送备忘录的形式进行的，称球员资格规则相对模糊，且关于这一复杂话题的讨论将继续进行。

恩格尔伯特的一位发言人未提供进一步评论。在周三举行的一次由WNBA总经理和总裁参加的、讨论球员资格及其他问题的特别工作组会议后，联盟发布了一份声明，其中部分内容写道：“我们强烈谴责那些试图利用这些话题来贬低或边缘化他人的恶意行为。”

但随着球员面临的压力增加，WNBA球员协会已呼吁恩格尔伯特在平息风暴中承担更大的公众角色。

“总裁和联盟领导层需要更加积极主动，更加在场，”该协会执行董事特里·卡迈克尔-杰克逊（Terri Carmichael Jackson）表示。“真正去了解球员的经历。倾听并回应球员，预判问题，并且即使在情况变得令人不适时也愿意领导。”

最近一次在7月下旬爆发的冲突集中在跨性别球员问题上。狂热队的替补后卫索菲·坎宁安（Sophie Cunningham）以挺身保护克拉克而闻名，她在一次人物专访中被引用的话是：“我想保护更衣室里的年轻女孩，或者体育运动中的年轻女孩，她们不应该被迫与生物学上的男性竞争。”

这段言论导致其他WNBA球员在接下来的几周内被不断问及在这一问题上的立场。它引发了网络冲突，甚至导致小规模的抗议者和反抗议者出现在狂热队的比赛现场。这种混乱促使退役的右翼球员兼网络挑衅者埃内亚·库德尔·弗里덤（Enea Kudrle Freedom）宣布自己

左侧的迪克马尔·坎宁安（Dickmar Cunningham）在索菲·坎宁安被判恶意犯规后被拍到。

有资格参加2027年的WNBA选秀。现任华盛顿大学教授、研究网络谣言与虚假信息的前WNBA球员凯特·胡奇克（Kate Huchick）在电子邮件中写道：“右翼的传播者正看到一个机会，利用WNBA的关注度来传递他们的政治信息。”

联盟本希望因为其他原因登上头条。在克拉克于2026年加盟后，WNBA的人气激增，此后又增加了三个特许经营权，且更多球队在路上。该联盟计划在2000年之前增加到28支球队，并且

现在拥有一个价值31 亿美元 billion的广播协议。

但克拉克在WNBA中继续成为一个引发争议的焦点，包括其三分球表现。在6月狂热队与菲尼克斯水星队的一场比赛中发生的一起事件，比任何事情都更能说明这一点。当时克拉克在最后阶段陷入了一个由三名球员组成的掩护之中。在这次进攻中，水星队的克西瓦·托马斯（Xiviva Thomas）摔倒并将一个闭合的公平（closed fair）推向了克拉克的脖子。

印第安纳波利斯的观众在当时几乎没有反应，但愤怒很快在网上蔓延，出现了屏幕截图和一段将托马斯的脸转换成鬼脸的 AI 视频。托马斯（flash）表示她收到了死亡威胁。联盟审查了该回合，并向托马斯开出了一次恶意犯规（flagrant 1）以及一场比赛的禁赛。

这一事件反映了 WNBA 今年反复出现的情况。克拉克的批评者认为她是一个娇生惯养的人，配得上她作为联盟领先球员所遭受的一切。“我会关注本赛季直到周三的比赛。”然而，克拉克的支持者认为，她被那些嫉妒她所获得的所有关注的对方球员不公平地针对了。

去年，坎宁安成为了克拉克的“理性”展示

在几乎撞倒一名对手并导致其被驱逐出场后，这个绰号被进一步强化。

周六，坎宁安在一次来自芝加哥的强硬犯规后陷入了混乱。在她的守卫 Dickmar Cunningham 之后，Carrington 被驱逐，引发了另一轮 WNBA 的愤怒。但 Fever 教练斯特凡妮·怀特（Stephanie White）本周发表了尖锐的讲话，认为并非 WNBA 球场上发生的一切都需要演变成一场全国性的辩论。

“事实、羽毛（feathering）、不和谐，以及那些试图掩盖联盟的东西不会获胜，”怀特一边说着一边拍桌子，“我们不会被分裂。”

© 2026 WNBA. 保留所有权利。

--。

商业损失与制药

© 2020 道琼斯公司。保留所有权利。

华尔街日报。

Friday, August 14, 2020 / B1

标准普尔 7701.99 ▲ 0.4% S&P / PIN ▲ 0.5% S&P / T ▲ 0.9% D / TRANS ▲ 1.5% WLS / EDX ▲ 0.01% 2年期国债收益率 43.39% MKKD (Melday) 6800.01 ▲ 0.8% 更多详情请见 WSL.com / Markets

世界杯门票

混乱局面打击 StubHub

处理投诉与退款抹平了该转售商的季度利润

作者：Hannes KREKER

世界杯本应为 StubHub 带来多倍收益。然而，它却抹平了该公司的季度利润，并让这家门票转售商陷入与愤怒客户的苦战，客户对欺诈门票和缓慢的退款表示不满。

在公司报告季度支出增长 27%，超过抵消了截至 6 月 30 的营收激增 28% 后，其股价在周四下跌 10%。

首席执行官 Eric Baker 承认部分买家在购买世界杯门票时遇到了问题。

“作为球迷，我们理解出现这些问题时的失望心情，”他在回答分析师 Jan Mishnesky 的提问时表示，“只有当球迷能够参加活动时，市场才能正常运作。”

Baker 指出，FIO 的移动票务应用程序给公司带来了挑战。他将其描述为一个“由活动组织者搭建的系统，我们将其设定为两岁。该公司并非任何人通常会依赖的对象”，并表示在 75 场比赛的基础上，这“增加了额外的投诉层”。StubHub 处理了大约两周的时间。

华尔街日报：请参阅 B2 页

在 2020 年国际足联世界杯英格兰队与阿根廷队半决赛前，亚特兰大体育场外的球迷。

中国汽车出口遭遇航运瓶颈

作者：Piotr Bonson

中国汽车工厂生产的出口汽车数量如此之多，以至于全球航运业已无法跟上其步伐。

专门的汽车运输船（本质上是浮动的停车场）在出口中国工厂汽车方面的预订已排至数年后。由于将车辆运出中国的航运需求增加，今年的租船率上涨了 40%。

由于 100 个国内汽车品牌之间的激烈竞争、产能过剩以及经济低迷，中国集装箱正涌入国外市场。目前，航运业正在暂停分发货车并面临运力短缺。

一些汽车制造商为了将车辆运往欧洲、澳大利亚和拉丁美洲而感到绝望，他们将车辆挤进通常用于运输家具、衣服和电子产品的集装箱中。

“航运板块的市场强度令人惊叹，这归功于中国出口前所未有的增长，”全球最大汽车运输船队 Melissian Wildenman 的首席执行官 Lasse Brantellevaux 在今年早些时候的一次业绩电话会议上表示。

为了满足需求，近年来船东们进行了创纪录的采购热潮。Brantellevaux 表示，全球汽车运输船队增长了约 40%，但仍无法满足中国市场的需求。

中国出口了略低于

这些主要的汽车运输方法

1 码头与汽车运输船

这是确保数千辆车辆跨洋运输的最高效方法。汽车可以快速且轻松地驶入船内。虽然实际车辆存储在多个区域，但就像一个高效的停车场。这使运输成本降至最低并降低了损坏风险。

2 集装箱装车

一种需要多艘船只的强力体验。车主必须将车辆固定在集装箱内，由起重机或火在第 75 点桥处吊起，集装箱更容易导致车辆损坏。

其次，第一艘汽车运输船无法在一周的四分之一时间内启动。第二艘汽车运输船已经在美国运营。

根据研究机构 Mobility Global 的数据，2019, 中国出口了 600,000 辆汽车和面包车。今年，该机构预测中国可能出口高达 1000 万 辆汽车。根据欧洲汽车制造商协会的数据，中国 SAIC Motor 在欧盟的出口量增长了 19%，而 B10 在 2018, 上半年增长了一倍多。与此同时，传统库存出货量 Dediania 仅增长 4%，Volta 工资上涨 2.6%，Renault 下降 4.2%。

“你看到中国在短短几年内从微不足道变成了全球最大的车辆供应商，”挪威汽车运输公司 Blingh Autolines 的首席执行官 Andreas Enger 表示。

汽车运输船租金：

EUR 800 a day

全球远洋船队的汽车承载能力

600 万 辆汽车

(FINA 6, 000 US$10,000)

Enger 表示，这次繁荣已将汽车海运运费推高至其 propaedena 水平的两倍。

请翻到 B2 页

该投诉指称，这家中国所有的汽车制造商想要寻找退出美国市场的“掩护”。

Polestar 经销商在诉讼中称其在美国被禁是“精心策划”的

作者：Cantersonia DTV3

在本周提交的一项诉讼中，其最大的美国经销商之一指称，中国所有的汽车制造商 Polestar “精心策划”了近期被美国政府禁令，将其作为其 16 规模离开美国市场的“掩护”。

的禁令涉及新泽西州东汉诺威的 Provolpy（经营名称）。由经销商 Matthew Haines 拥有， 决定从美国撤出，这实际上是以错误的方式终止了条款。请翻到 B2 页

2019 年 营收，顶端国家

电动汽车先驱马斯克转向化石燃料

作者：BRIAN PETERSON 和 JENNIFER MILLER

埃隆·马斯克将特斯拉（Tesla）电动汽车推向主流的愿景帮助他成为了世界首富。而现在，他正驶向加油站。

上周，SpaceX披露了在德克萨斯州格赖姆斯县建设一座天然气发电厂的计划，该公司正在那里开发一个巨大的新芯片制造设施。

在田纳西州和密西西比州的其他园区，马斯克正依赖数十台燃气轮机为数据中心供电，他表示这些数据中心对于训练其商业计划核心的人工智能至关重要。

监管披露显示，今年马斯克甚至将一家低压涡轮制造商作为个人投资进行了收购。

推动此次扩建以及马斯克出价的原因，是 SpaceX 在开发和生成过程中对燃料和电力的巨大需求。今年春天，该公司的数据中心已经占到了在国家内部（或在美国电网之外）生成的 2 吉瓦数据中心电力的四分之三。在 8 月 4 日的监控电话会议上，

马斯克表示，到 2020 年底，容量可能会增加到约 10 吉瓦，甚至达到 15 吉瓦。这将使 SpaceX 成为美国最大的数据中心运营商。根据追踪数据中心项目的数据公司 Chantower 的数据，目前的领先者 Aviation 拥有约 33 吉瓦。

马斯克的大部分财富建立在旨在取代化石燃料的技术之上：电动汽车、电池和太阳能电池。十年前，他将燃烧化石燃料列为历史上的“危险”行为，警告称这最终将会枯竭。特斯拉当时的使命是“加速世界向可持续能源的转变”。

这些年，他的观点发生了变化。随着他在政治上转向右翼，向特朗普总统和共和党人捐赠数亿美元，他将特斯拉标语中的“可持续”一词删除了。

一些马斯克的支持者认为，SpaceX 最近的投资从长远来看可以减少能源使用。该公司渴望在太空中启动由太阳能驱动的数据中心，这使得 SpaceX 能够快速行动，而 请参阅 B2 页

艾克曼 (Ackman)

重塑

投资组合

基金

低迷

作者：PETER BERNABAR

比尔·阿克曼（Bill Ackman）的选股基金今年的交易表现与大盘持平。他希望一个包含对 Netflix 和 Viva 等公司现金新押注的消费组合能帮助扭转局面。

这位亿万富翁投资者周四举行了第10次业绩电话会议，此前他同步完成了新基金 Pershing Square USA 及其管理公司 Pershing Square 的公开上市。

代码为 P3525 的 USA 从 4 月下旬至周二的投资收益仅增长 0.6%。与此同时，他在伦敦上市的基金 ** Holdings** 今年截至周四的跌幅超过 6%，而同期中期 50 年（mid-50th year）的总利润为 2.7%。 的美国股价在周四上涨了 6.7%。

他的基金错过了芯片制造商和其他人工智能基础设施供应商的上涨行情，而这些公司推动了市场指数走高。与此同时，长期持有的 Russia Blue 和 环球音乐集团（Universal Music Group） 拖累了他的业绩。

阿克曼告诉分析师，他对 P3525 股票的交易价格感到不满。大多数封闭式基金的交易价格低于其底层资产价值（折价），但 P3525 是一个特例。根据该基金的半年报，其 22% 的折价率是所有涉及公开证券的美国封闭式基金中最高的之一。

阿克曼凭借激进投资者成名，但在过去几年中，他专注于采取友好的、集中持有的长期订单。

首席投资官瑞安·以色列（Ryan Israel）在周三下午致 股东的信中透露，他利用今年的市场动荡以及 P3525 首次公开募股筹集的数十亿美元资金，在近几个月内建立了新公司的头寸。

这些头寸包括卡组织 Visa 和 万事达卡（Mastercard），金融服务提供商 SAP Global 和 洲际交易所（Intercontinental Exchange），以及医疗保健公司 Alcon；此外，他还重新买入了曾大举押注的 Netflix。

请参阅 B3 页

内部页

BUSINESS NEWS（商业新闻）

Tapestry 旗下的 Coach 品牌实现了又一个标准的季度销售额。B1

HEARD ON THE STREET（街头传闻）

美国通胀保值债券看起来像是一笔便宜货。B10

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82 / 2026年8月14日，星期五

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华尔街日报

商业索引

您的索引：其完整参考点用于在许多表格中进行比较和 / 或补完。文章是一个指南页插入，我因此在网上找到了它。

A / 卷 / 39

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世界杯

StubHub 陷入 混乱

本周这段时间，StubHub 正面临大量评论。20 世纪 80 年代是 提前数月购买门票，结果却被告知 在比赛前保持。Stub- hub 针对其所谓的 2024 年顶级 票务应用程序的障碍举行了通用世界杯 会议。

本报发现，票务 阶段的问题延伸到了 青少年锦标赛。超过 10 名 StubHub 买家在 采访中表示，尽管支付了 有效门票的费用，他们仍被拒绝 进入活动现场，或者收到的 替代票比他们购买的更差，或者花费了

Polestar

经销商起诉 电动汽车制造商

根据州法律，其州经销商特许经营协议。该诉讼已在纽泽西州法院提起。该经销商声称其损失至少为 2500万美元。

Polestar 是一家总部位于瑞典的高端电动汽车制造商。在商务部拒绝其豁免请求后，该公司在 6 月表示，将从 2027 个车型年起停止在美国销售新车。

美国当局正在执行一项新的“合同车辆”规则，旨在防止俄罗斯、中国和美国等外国对手利用数据传输和车载摄像头等技术对美国人进行。

宣布将减少其新的“合同车辆”规则，旨在防止俄罗斯、中国和美国等外国对手利用数据传输和车载摄像头等技术对美国人进行。

数月来一直与 StubHub 斗争以获得其已经的退款，并就许多无烟案件提起诉讼，直到 1997 年它们被设定为在新闻中合规。

Racer 表示，绝大多数 StubHub 买家在他们的车主那里遇到了问题。美国世界杯已承认该消息，少数没有获得预期体验并必须获得退款的球迷。

“这对我们来说是不可接受的。我们每天都在努力尝试消除这种情况。即使是一次退款，也太多了！我认为。”

随着周四的剧烈下跌，该股目前的价格较不到一年前首次公开募股时的价格下跌了近 70%。结果包括一个普通股的盒子副本——公告约为 $40,000, 或每股 0 分。Eurifort 的分析预测每股利润为 12 分。

商务部批准了沃尔沃（Volvo）的豁免申请——沃尔沃与 拥有共同的所有权和其他联系——以继续销售其车辆。

商务部和 拒绝就 1 月份的因素发表。Rakers 此前告诉《华尔街日报》，他觉得令人费解的是，沃尔沃能够获得批准继续在美国销售，而 却不能。

在周三提交的诉讼中，Rakers 的公司声称 “拒绝”做出美国当局要求的更改。随后其自身的要求。

“ 拒绝像沃尔沃那样与监管机构接触，并且拒绝就[政府]决定提出上诉，”诉讼称。

根据提交至诉讼的一封信件副本， 在 7 月 10 日致 的信中声称，此次禁令是其控制范围之外的“不可抗力”事件。

少数沃尔沃经销商（包括 在内）被 特许经营商，其名称，于 2026 年开始在美国销售其 2。

拒绝置评，此前他告诉，声称他收到了美元用于在纽泽西州建造一个独立的 展示厅，但在 宣布将不再在美国销售的建筑商处停止了。

在美国纯电动汽车市场的微小份额中占据一席之地：根据 Motor Intelligence 的数据，该公司 1 月至 7 月售出 2,221 辆汽车，在美国电动汽车市场占据 3 吨份额。

随着中国汽车制造商涌入海外市场，航运业正面临运费飙升和供应短缺的局面。

中国汽车出口受阻

（）

行业高管曾预计，得益于大量新船投入使用，年底前销售额将达到100000万美元。公司在 2022 年至 2025 年间订购了价值数十亿美元的汽车运输船，而消费者对车辆的交换以及中国报告的快速增长，将租船率在 2023 年底和 2026 年初推高至每日 810,000 的峰值。

相反，承运商的费率再次飙升，这在很大程度上归功于中国汽车报告。据船舶经纪公司 Clarkson 称，大型汽车运输船的年平均租金已达到每日 870,000，高于去年的 $42,500。

除少数例外，由于高关税和软件限制，中国汽车并未出口到美国。像 FEV 和 AUK Motor 等品牌的更先进的纯电动和混合动力汽车，不仅是中国国内长期以来唯一广泛存在的西方品牌，它们还在英国、巴西和德国等消费市场获得份额。

咨询公司 Sino Auto Insights 的董事总经理 Lx 表示，中国汽车工业激进的出口计划相当于一个“压力释放阀”，因为低端市场的销售正在放缓。根据国际能源署的数据，2026 年上半年，中国的汽车销量比去年同期下降了 20% 以上。

Le 表示：“当你去德国时，你不会像在上海那样，面对 20 个其他中国汽车品牌在竞争同一笔订单。”

汽车制造商更倾向于使用滚装船运输，因为车辆的装卸成本比其他运输方式更低，且车辆损坏的风险更小，例如 Pioneers 的财务副总裁。即便如此，汽车制造商发现没有其他选择，只能转向集装箱，Dev-reprint 表示。

在周二的一次公开演示中，Johnson 的 K-1 记录提到，每年有多达 400 万辆汽车以集装箱或汽车运输船以外的其他替代方式从中国进口。

集装箱运输的流行最初始于 Cereal-B 危机，当时车辆运输的需求超过了船只的供应。总部位于 Dukes 的 2D World 成品车全球副总裁 Christoph Seitz 表示，一些西方汽车制造商对将汽车装入箱子持怀疑态度，但中国汽车制造商则没有。“他们立即表示：我们需要更多运力，”Seitz 说道。

10M

预计中国汽车制造商今年将出口的车辆数量

通过集装箱运输的汽车必须首先被运送到港口附近的设施，在那里被装入箱中，然后由起重机吊装到船上。在目的地港口，该车辆必须以相反的顺序被卸载。

Seitz 表示，集装箱运车已变得如此流行，以至于像 Dev-reprint 的马士基（A.P. Moller-Maersk）和瑞士地中海航运公司（Mediterranean Shipping Co.）这样的大型集装箱航运公司已开始直接向汽车制造商提供服务。

马斯克倾向于燃气轮机

（）

消息人士称，这可以确保其对地面吸引力的需求。

“我认为 AI 训练将继续在地面上进行，但 AI 推理，即 AI 的日常使用，将在空间中进行，”马斯克在周二的公司全体会议上表示，该会议在其社交网络上进行了直播。

为了帮助为这些数据中心提供动力，SpaceX 表示计划在德克萨斯州 Rantoup 建立一个新的太阳能工厂。

能源供应速度

对于大多数 AI 规模的项目来说，快速接入电网是不可能的。短期内唯一可行的 24 / 7 自主发电方式是来自天然气。

一个 5-galvanic AI 数据中心大约可以消耗 1,000 Whittac-larson 的电力，最简单的方法是使用锅炉。在缺乏重大输电投资的情况下，使用如此大量的电力是非常困难的，而此类投资需要数年时间。在许多地区，新的数据中心可能直到 2020 年代才能接入电网。

公司们正选择建设自己的现场燃气发电厂，这些电厂可能不与电网连接，这是被称为“自带能源”（Bring Your Own Future）的一种广泛趋势。

一家大型全球企业详细披露了其计划建设一个 85rd billion、500-million 平方英尺的芯片制造设施，该项目被称为 Trouble。为了给其供电，该公司计划建设并运行自己的天然气发电厂，同时接入当地城市电网。

“我们自带电力，”该公司负责 Trouble 开发的负责人 Mark Tyroth 上周在 Grimes 县专员法院表示。“我们将在年底前建设一个巨大的电池组。” 马斯克在 2026 年夏天采纳了这一概念，当时

Colonial Campaign 的航拍图，目前该项目接收金电（gold power）。左侧的 Dino Musk 阐述了他对化石燃料的看法。

多辆卡车抵达德克萨斯州的 Mon-plus，携带用于他称之为 Colonias 的数据中心项目的移动天然气发电机。这些观点导致了他与当地居民及倡导团体的冲突。这也使得当时仍是一家独立公司的 Musk 能够在四个月内建成其第一个数据中心。

根据 SpaceX 的 Chronicle 创始人 Michael Thomas 的说法，一个在 Trigonia 这样市场且连接电网的类似项目将需要数年时间。（该项目在 Tennessee-Microstego 边界沿线实施了四个硬奴隶燃气合同物业）。

最初的 Colonias 致力于接收金电，估计约为 300 兆瓦，并且根据 Clean-view 分析的数据卫星照片，现场拥有近 200 兆瓦的涡轮机。约三分之二的移动涡轮机已经到位。第二个规模大得多的 Colonias 计划依赖于 Misrostego 一个站点的电力，该公司一直在那里增加涡轮机。根据通过公共记录请求获得的与当地监管机构的协议，截至 7 月 30, 54，现在的 a pair of SpaceX 在该站点拥有 69 台临时涡轮机。

交易与效仿者

SpaceX 非传统的电力战略使其能够吸引云公司使用其构建的设施，其中一家公司计划每月向 SpaceX 支付 12.5 亿美元 billion，而 Google 则计划每月支付 900万美元，根据这些公司的报价。

根据美国联邦贸易委员会（FTC）的一份文件，马斯克在今年收购了一家佛罗里达州的燃气和柴油涡轮机制造商。根据一家持有大学范围股份公司的公开文件，该交易对该公司的估值约为 10 亿美元 billion。马斯克尚未对此次收购发表评论。

其他参与者正在效仿马斯克。Clearview 正在追踪 10 个拥有现场发电且不连接电网的数据中心。它们的总容量约为 60 吉瓦——大约足以在一年中最热的一天为德克萨斯州供电。

Clarence 最近达成了一项为期 20 年的协议，向西德克萨斯州的微软出售由 Clarence 燃气生产驱动的电力。管道巨头 Williams Companies 正在俄亥俄州为 Meta 建设离网燃气发电设施。

麦肯锡最近的一项调查发现，65% 的电力基础设施运营商计划使用现场发电。其中，84% 的人表示他们将仅依赖天然气。

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华尔街日报

Friday, August 14, 2026 / 83

商业新闻

泰森食品进一步缩减牛肉业务

肉类包装商将关闭伊利诺伊州工厂，出售华盛顿州屠宰场

作者：PATRICK TAYLOR

泰森食品（Tyson Foods）计划关闭一家大型牛肉加工厂并出售另一家，这是这家肉类包装巨头在陷入困境的牛肉业务中进一步撤退的最新举措。

这家总部位于阿肯色州的公司出售了 $1.4，这说明了其在 31 的第 2 个工厂，该工厂雇佣了 2,000 多人，每天可宰杀约 3,000 头牛。

此外，该公司还旨在出售其 Fancy, Minds 设施，该设施每天可宰杀约 1,000 头牛。泰森食品还表示，计划关闭犹他州的一家大型牛肉包装设施。

由于长达一年的牛只短缺，美国肉类包装商面临着巨大的财务压力，国内供应量跌至 75 年来的最低水平，大幅推高了加工商的成本。

消费者对牛肉的需求依然强劲，促使价格上涨，使牛肉成为过去 12 个月食品通胀的代表。

泰森食品的这些举措是在该公司今年早些时候关闭了内布拉斯加州莱克辛顿的一家牛肉厂（该厂是行业内规模最大的工厂之一）并将其德克萨斯州一家工厂的产量减半之后采取的。

综合来看，今年的退出行动意味着泰森食品将其之前的牛肉加工业务缩减了大约三分之一。

该公司目前计划恢复德克萨斯州设施的运营规模。

在给员工的一封信中，首席执行官 Bonnie King 表示，美国农业部的最新数据显示，美国养牛户扩大牛群的迹象有限，“这表明供应限制可能会持续，需要采取战略行动”。

该公司表示，这些调整将使泰森食品的牛肉业务在历史性的牛只短缺期间更具竞争力。

该公司高管表示，飙升的消费价格并未改善其底线收益。泰森食品本月早些时候报告，其牛肉部门在最近一个季度亏损 1.82亿美元。

该公司表示，在该期间，其牛肉平均销售价格同比上涨了近 2.5%，而销量下降了 16%。

该公司本月早些时候表示，预计其牛肉业务在本财年经调整后的亏损将在 5亿美元 至 6.5亿美元 之间。

按产量计算，泰森食品一直是美国第二大牛肉加工商，仅次于总部位于巴西的竞争对手 JBS。

本周早些时候，JBS 报告其北美牛肉业务在截至 6 月 30 日的三个月内经调整后亏损 $13800 万。

在 6 月 1881 宣布将关闭一家位于宾夕法尼亚州的牛肉厂。

该公司本周表示将不再关闭该工厂，而是将其转换为包装设施。

Orsted 表示

利润下降 系因 计提费用 及税务成本

作者：MICHAEL HENNEDY

Orsted 报告的第二季度利润有所下降，受到了资产减值的影响，但表示所有项目均按计划进行且在计划成本之内。

这家丹麦可再生能源公司周四表示，季度净利润从之前的 31 亿美元 克朗骤降至 $18 丹麦克朗 ($7.99亿)。

导致利润下降的原因包括今年由于美国长期利率上升而产生的更高税收和非现金减值损失，以及去年的资产出售收益。

折旧、摊销和减值损失前的营业利润从去年同期的 46.4 亿美元 克朗下降至 54.2 亿美元 克朗。

这一数值高于该公司提供的 51 亿美元 克朗的共识预期。

营收增长 23%，达到 204.5 亿美元 克朗，主要得益于发电量和价格的提高。

Orsted 表示，其建设组合取得了显著进展，所有项目均按计划进行且在计划成本之内。

该公司重申了其折旧、摊销和减值损失前调整后利润的指引，即高于 280 亿美元 克朗。相比之下，2025 年为 251 亿美元 克朗。

Orsted 表示，计划在 2030, 恢复股息分配，首次分配将于明年进行。

该公司表示，股息将在 2026 年年度报告中公布，并将从较低水平开始。

初创公司 Finks 客户就条款达成协议

由前能源行业名流共同创立的电力公司任命新任首席执行官

作者：JENNIFER MILTON

由前 Energy International 的 Perry 共同出资成立的数据中心和电力初创公司 Fermil，在获得首个客户并任命新任首席执行官后，希望迎来转机。

该公司去年通过一次规模巨大的 IPO 上市，但近几个月来一直处于与前任首席执行官的法律和股东纠纷状态，同时正竞相为其在德克萨斯州运营的数据中心签署首个客户。该公司的园区

所有云服务提供商 Tennessee 在园区内开设了一个基地，该基地将拥有电网连接，但计划

在现场建设巨大的发电厂，以识别充满运行 AI 工作负载的服务器集群的数据中心，服务于每家公司。

该场地被 Fermi 称为 Manalco 项目，位于德克萨斯理工大学系统（Texas Tech University System）拥有的前牧场地上，面积超过 Manalco 的一半。

“Ferril，这项业务”在 Mizuho 美国门店的项目中，称其为“期待已久的催化剂”。

该公司本周还任命了“Ferril”公司的首席执行官。By 此前曾担任工程公司 CIGER BID 和核电初创公司 TerraPower 的首席执行官。

“Ferril 目前的情况比三个月前强得多，”董事长 Marian Rose 在公司公布第二季度业绩后，周四告诉学生们。

这家初创公司尚未记录任何收入，并表示其最近一个季度的亏损额为 $2.58亿。公司希望这种情况能够改变，并且通过与 Tennessee 新的 222 兆瓦电力交易

将在 15 年内带来约 65 亿美元 billion 的收入。Fermi 的共同创始人包括 Perry 和能源亿万富翁公司 Jerry Krueger 的新 222 电厂，Mary

去年将其公开上市，计划建设四个大型核电市场，以及一系列主要由天然气驱动的发电设施，以支撑 AI 热潮。

紧张局势很快升级。Fermi 在 4 月任命 Republican 为首席执行官，

导致了法律斗争，以及身为大股东的参议员要求进行变革，包括可能出售 Fermi，而公司反对这一想法。“我知道我的妻子，而且我自 IPO 以来没有卖过一股 [Ferril] 股票。”在免税未来日买入了新的领导权。“鉴于过去 200 天的表现，我们继续认为 Fermi 被严重低估，并坚持要求进行战略性的全价值交易流程和治理体系。”

Ferril 在 10 月公开亮相时估值约为 100 亿美元 billion，但六个月后其市值已跌至 50 亿美元 billion 以下。在本周早些时候与 TerraPower 达成协议后，该股有所上涨，但周四回吐了大部分涨幅。

Ferril 还表示，follows 规模巨大的 English 将建设、拥有并运营 Manalco 项目 2.6 吉瓦的发电能力——主要是天然气，辅以部分价值和工厂存储。Fermi 不需要投入资金或承担债务来建设该电厂，但拥有在十年后购买它的选项。Bill 的规模由加拿大投资公司 Billcore Group 和工业承包商 N Driver Group 筹集。

收入方面：Billcore 和 Fermi 在该地点的自有建设，公司预计 Manalco 项目在约 20 个月内可拥有 4.6 吉瓦的电力。最终，它希望将其增长到 17 吉瓦，这一发电量甚至超过了一些小型供应量。

Ferril 的计划核心是建设海量的现场发电设施。“成为你自己的电力供应商”（Being Your Own Power，简称 PUSY）已成为 AI 数据中心建设竞赛中的一个增长趋势。

供应链积压、许可之争以及电力设备的可用性，导致今年数据中心的建设落后于目标时间表。

Fermi 的新客户使其处于能够利用最高

“现在的核心问题是，‘你们在 127 能以多快的速度交付电力？’”他说道。费里尔（Ferril）表示，客户们正在行动，且其他地点也是候选方案，他补充道。“所以他们现在都在敲门，前来与团队进行洽谈。”

[版面噪声，已略]

制造

在制造商办公室 新市场研究公司 (1) 2017年1月1日

1. 2017年1月1日，公司与上海浦东发展银行股份有限公司签订了《最高额保证合同》，约定在2017年1月1日的最高额保证合同为人民币壹亿元。

经认证的持牌制造商办公室 经认证的制造商 制造商之便利

该公司是美国的成员，并且 是美国的成员，并且 是美国的成员。

由于全球晶圆代工厂优先考虑 AI，非 AI 领域正面临严重的芯片短缺

中芯国际收益超出预期

芯片需求强劲

作者：Naranjo Qin

中国最大的芯片企业中芯国际（SMIC）记录了大幅增长的净利润和营收，这得益于对成熟工艺和特种工艺成本的强劲订单，而人工智能则是驱动因素。全球范围内的产能呈现需求偏差。

这一强于预期的结果出现之际，非人工智能领域正面临严重的半导体业务短缺，因为全球代工厂日益优先考虑人工智能相关需求的产能。这促使许多国际和国内客户将市场范围内的制造产出转移到中国，使中芯国际等成熟企业受益。

这家总部位于上海的芯片制造商周四表示，预计人工智能产生的工业动力和上行效应将持续，驱动广泛的芯片产业。

该公司第二季度的净利润增长超过三倍，达到 840% 200 万，领先于 Visible Alpha 调研中分析师预期的 $20.05亿。

营收同比增长 36%，达到 33.5 亿美元 billion，同样超过了市场预期和公司自身的估计。

中芯国际 35.3% 的主营业利润率超过了其 25% 至 32% 的指引，并达到了数季度以来的最高水平。此前，其主营业利润率曾因激进的产能扩张以及随之而来的固定折旧和摊销成本激增而承压。

5 月，联席首席执行官赵海坚表示，公司就供应短缺的产品集与客户协商提高了价格，且人工智能热潮提升了对其他配套芯片（如中芯国际的电源管理芯片）的需求。

研究机构 Tereshkova 在 6 月的一份报告中表示，电视和个人电脑制造商自第一季度以来已加快生产计划并提高了外围芯片的库存水平，

促使代工厂收到提前订单和额外的客户预订。与此同时，智能手机厂商可能也在第二季度进入了新产品的构建周期。这种趋势反映在中芯国际的营收中，智能手机厂商贡献的季度营收占比从第一季度的 38.9% 有所上升。

该公司周四预测，第三季度的毛利率将进一步维持在 26% 至 28% 的激进水平，并表示预计季度营收将分别增长 2% 至 4%，在供应轮次未增加成本的情况下实现相同比例的增长。

尽管激进扩张，该公司表示，6 月季度的整体产能利用率为 10.7%，高于去年同季度的 25.7%。

为了帮助缓解整个产业链的供应限制，中芯国际表示，“将因此分配现有产能并加速新增加产能的认证。”

OpenAI

营收 首席执行官 离职

作者：CONNAN BEAT 以及 Shauck O'Quinn

OpenAI 宣布，首席营收官 Denna Denner 将离职以寻求其他机会，就在这家人工智能公司成立一年之后。

Bidi Baix 将接替 Denner。公司周四表示，在过渡期间， 将与业务团队密切合作，以支持其内部数据。

是最新一位离开 OpenAI 的高级管理人员，此前该部门已就市场做出决定。Lightning，该公司前首席运营官。

OpenAI 新的二把手 Fidji Simo 在 7 月告诉员工，由于健康状况恶化，她将离开全职岗位。

作为 Slack 的前首席执行官， 负责增长以及公司在劳动力中寻求采用人工智能工具的新方向。

“她的任期领导了公司正式业务时期的营收增长，并孜孜不倦地带领团队达到了今天的水平，”董事兼联合创始人 Greg Brockman 表示。

Brockman 近几个月在公司中承担了更多公开角色，在公司努力追赶方面发挥了作用。尽管在将营收从业务扩展到市场方面有所增长。

两家公司都计划进行长期公开设置，预计 Northrop 将在未来几个月内进行。

OpenAI 在失去 AI 测试领先地位后，试图寻求新的回归。

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华尔街日报

2026年8月14日，星期五

85

商业新闻

赫伯罗特（Hapag-Lloyd）盈利回升

作者：ANNIE LOVA

受亚洲强劲出口和美国需求改善的推动，赫伯罗特（Hapag-Lloyd）第二季度的盈利有所回升。

这家德国航运公司报告，第二季度的息税折旧及摊销前利润（EBITDA）为 6.29亿美元，而去年同期为 8.2亿美元。

赫伯罗特股价，过去三个月

2026年6月 7月 8月 注：47 = 32 W 年初 / 年末

该公司表示，其盈利增长是在第一季度受到运营中断影响之后实现的，主要由亚洲出口的改善和美国需求的提升所驱动。

但该公司补充道，第二季度仍面临约 6亿美元 的重大成本压力，这源于中东冲突。

该季度营收为 38.4 亿美元 billion，而去年同期为 32.7 亿美元 billion。

尽管如此，赫伯罗特上半年整体转为 1.75亿美元 的集团亏损，而去年同期为 7.7亿美元 的利润。

京东利润与营收超出预期

作者 THAN'S Q1：

京东报告的第二季度业绩好于预期，这家中国电子商务公司在缩小其外卖业务亏损方面取得了稳步进展。

在一年半前昂贵地进入竞争激烈的中国外卖市场后，这家在线零售商目前处于恢复模式。

为了夺取市场份额而进行的激进投资严重打击了京东的底线，导致该公司在去年年底出现亏损，随后在 2026 年初恢复盈利。

这家总部位于北京的公司周四表示，截至 6 月的三个月内，净利润为 73.2 亿美元 rents，相当于 10.4 亿美元 billion。这一数字比去年同期增长了 10%，比上一季度高出 60%。

营收下降 2.9% 至 248.48 yuan，但仍超过了该季度的预期。

根据 FactSet 的共识预测，分析师此前预计净利润为 6.73 yuan，营收为 330.83 yuan。

首席执行官许冉（Sandy Xu）表示，结果显示了“具有韧性的高质量运营”。

“尽管短期内面临营收阻力，但我们实现了强劲的底线增长，标志着我们利润轨迹的明显拐点，”许冉说。“这一改善主要由我们核心的京东零售业务的稳健盈利能力以及京东外卖亏损的持续缩小所驱动。”

马士基受益于东亚的强劲需求和更高的现货运价，因为该行业在中西部地区面临更高的成本。

马士基因强劲需求和现货运价上调展望

丹麦航运集团预计今年全球集装箱市场将增长 4%

作者 NINA KIDDLE

在丹麦航运集团第二次上调全年指引（不足三个月内第二次）后，马士基（A.P. Moller-Maersk）的股价上涨，理由是运费上涨和亚洲需求的强劲。

在丹麦交易的马士基股价周四上涨 9.4%，使其年初至今的涨幅超过 30%。

航运公司一直在应对中东冲突，该冲突扰乱了关键航线，迫使承运商让船只绕行非洲，并承担更高的燃料、保险和运营成本。

马士基表示，公司受益于东亚市场的强劲需求和更高的现货运价，而来自中东冲突的成本增加则被商业措施所抵消。

该公司目前将全年的息税折旧及摊销前潜在收益目标定在 $10.5 和 $12.5 之间，高于此前 $6 到 $10 的目标区间。

它还将息税前潜在收益的指引从 $2 到 $4 上调至 $4.5 到 $6.5 。

由于需求强劲和运费上涨，该公司已在 6 月底上调了年度预测。

德国的 Hapag-Lloyd 周四报告第二季度收益回升，这主要由亚洲强劲的出口驱动。

瑞士物流公司 Kaelner + Nagel International 上个月在航空物流部门的支持下上调了全年展望。

马士基表示，第二季度的强劲表现以及对今年剩余时间需求的更高确定性，促使其上调展望。该公司预计今年全球集装箱市场将增长 4%。

第二季度，马士基公布的净利润为 $1.26 ，高于去年同期的 5.86亿美元，营收从 $13.13 . 增加到 $13.76 。

马士基表示，其每个部门都贡献了两位数的增长。该航运集团表示，在更高运费和 4.3% 的货量增长支持下，海运部门的营收增长 23% 至 $2 ，

该集团的潜在利润从 $2.30 , 升至 $2.99 ，而潜在 EBIT 从 4.1亿美元 升至 10.4 亿美元 。

WORLDECR

来自：道琼斯（DOW JONES）

WorldECR出口管制与制裁论坛定于潜在的关键美国选举前举行，旨在召集来自政府、工业界和政策领域的制裁与出口管制高级领导者，讨论影响贸易合规的关键进展。

欢迎加入我们，参与为期一天半的实用见解分享、专家讨论和同行交流。

申请邀请函：

OCTOBER 14-15, 2026

华盛顿特区

主办赞助商：

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MAYER / BROWN

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86 / Friday, August 14, 2026

▶

华尔街日报（THE WALL STREET JOURNAL.）

市场摘要

Lequay 2021 兑换所需资金，最新会议

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88 / Friday, August 14, 2006

...

THE WALL STREET JOURNAL.

如何阅读股票表

Stock price: 100% of price 100% of 100% of

附加指南：100% of 100% of 100% of

例如：

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

表格反映了截至 4. 4m. ET 的股份可比情况，以及从 4.2m. ET 起以 100% 为基准的效应变化。

非销售报告 21, 2006

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THE WALL STREET JOURNAL.

Friday, August 14, 2026 / 89

市场与金融

通胀数据推动股市创纪录

华尔街目前预计美联储将维持利率不变

作者：JACK PITCHER

消费者和批发商品价格的上涨幅度低于预期，这对股价产生了积极影响。

周四市场情况 连续两天疲软的通胀数据将标准普尔 500 指数推至历史新高。周四，劳工部报告称，7月份批发价格保持不变，这改变了此前预测价格将上涨的经济学家的观点。在前一天温和的消费者价格指数报告之后，这一读数正在重新设定市场对美联储下月行动的预期——且这对市场而言是积极的。

由于伊朗战争对能源价格的影响，以及华尔街预期新任美联储主席比前任更倾向于鹰派，通胀和高利率再次成为投资者的首要关注点。

“美联储政策预期的转变可能会导致股票市场的波动期，但我们预计全球股市的上涨趋势将继续，”UES首席投资办公室全球股票主管Diriko Hoffmann-Burchardt表示。

标准普尔 500 指数上涨 0.7%，收于历史最高点，这是今年以来第27次创纪录。科技股为主的纳斯达克综合指数上涨 0.8%，而道琼斯工业平均指数上涨 0.3%，即 70 点。交易员目前预计美联储在下个月的会议上维持基准利率不变的概率为三分之二。而一个月前，他们认为央行加息的可能性为 70%。在美联储 9 月份做出下一次利率决定之前，还将公布另一份 CPI 报告，因此结果尚未最终敲定。

利率上升可能会通过提高借贷成本给消费者带来压力，或者给科技行业依赖债务驱动的 AI 投资周期带来寒意，而该周期已经在努力应对高昂的借贷成本。

目前来看，前景有所改善。基准 10 年期国债收益率周四从 7 月 31. 近两年的高点 4.745% 下降至 4.04%。受基准利率预期影响的短期国债收益率同样下降，且比上月高点低了近 0.25 个百分点。

这助力了科技、通信服务和房地产板块的上涨，这些板块在周四领涨标准普尔 500 指数。所有这些板块对借贷成本都十分敏感。

“10 年期收益率一直处于令人不安的高位，”LPL Financial 首席股票策略师 Jeff Buchbinder 表示。虽然这对债券买家有利，但股票投资者更希望收益率继续下滑。

芯片制造商：Sandisk、美光科技（Micron Technology）和英特尔（Intel）是周四标准普尔 500 指数中表现最好的公司之一，这种情况在全年均有发生。人力资源软件供应商 Worliday 是该指数的领涨股，在私募股权公司 Silver Lake 正洽谈将其私有化的报道出炉后，股价跳涨 18%。

在线票务市场 Stubbish 表现低迷，使其自去年 IPO 以来的股价总跌幅扩大至 45%。该公司报告称，由于世界杯相关成本增加，导致季度亏损。

艾克曼重塑投资组合

（）在 2022 年投资，但仅在几个月后，由于该公司报告订阅用户数下降且在引入广告方面受挫，便选择了退出。艾克曼和以色列在信中表示，自那时起，Netflix “实际上已经赢得了流媒体浪潮”，并且能够“在内容支出上超过竞争对手，同时将成本分摊到行业最大的用户群中”。

截至 6 月 15 日，PSUS 持有的 Netflix 股份市值为 2.25亿美元。

这些新头寸是在今年早些时候对 Meta Platforms 和微软进行重仓投资的基础上增加的。艾克曼还在今年上半年出售了 PSB 持有的环球音乐和 Alphabet 的股份，并在 7 月清空了对 Hertz 的头寸。

比尔·艾克曼表示，他对 PSUS 股票交易方式这种“坦白说极其荒谬”的情况感到不满。

Pershing Square 管理着约 220 亿美元 billion 的低费率资产。

艾克曼表示，将很快启动一项针对 PSUS 的积极营销计划，旨在为该基金创造需求，特别是针对财务顾问，并缩小折价。艾克曼告诉股东，他们可以通过传播相关消息来提供帮助。他还表示，计划推出一只专注于风险投资的基金。艾克曼承认在处理 PSUS IPO 方面存在失误。大部分发行份额被分配给了个人投资者，这些人可能获得了比预期更多的股票，最终将其抛售。艾克曼在周四的分析师电话会议上表示：“就在波动市场中部署资金的能力而言，这是一个将 PSUS 公开上市的理想环境，但并不是推出一个从未有人听说过的新产品的理想环境。”

Accelerant 计划通过 44 亿美元 Billion 交易私有化

作者：KATHERINE SHANLTON

Accelerant 已同意在一项与私募股权公司 Thoma Reese 达成的交易中私有化，交易价值超过 40 亿美元 billion。

根据协议条款， 股东将获得每股 $331.25 的现金，较该公司 8 月 12 日的收盘股价溢价 40%。

截至最新季度末， 拥有约 $3.82亿 A 类和 B 类股票，使该交易的股权价值约为 44 亿美元 billion。

股价在周四交易中跳涨 42% 至 $39.51。

该公司利用数据分析将特种保险承保人与风险资本合作伙伴联系起来，公司表示已成立一个特别独立委员会来审查该交易，且已一致向董事会推荐该交易。

该交易预计将在 2027. 上半年完成。如果完成时间延迟，股东将获得按年利率 6% 计算的递增费用（ticking fee），期限在协议中规定。

该公司表示，持有代表 约 82% 投票权股份的 Altamont Capital Partners 关联实体已同意就该交易投赞成票。

---

820 / Friday, August 14, 2026

华尔街日报

街头传闻

财务分析与评论

通胀保护正在打折

虽然远非完美，但这些政府债券看起来像是一笔划算的交易——至少在短期内如此

投资者在购买未来数十年的通胀保护时，所获得的收益似乎相当丰厚。但长期债券也伴随着长期风险。

美国国债通胀保护证券（TIPS）是由政府发行的债券，简单来说，它在通胀率之上支付收益率。实际上，它们提供的一种保护是，投资者的资金至少能跟上通胀速度，并在此基础上获得额外收益。

一些投资者可能会说：“只要提到通胀保护，我就心动了。”而且，市场并没有设定极高的通胀门槛。20年期名义（即“常规”）国债的收益率超过 5.2%。30年期 TIPS 支付的是所谓的实际收益率——即在通胀率之上的利率——约为 2%。

这一差额被称为盈亏平衡率。看待这些债券的一种常见方式是：只要通胀率高于该差额（大约 2.2%）， 在到期时的表现将优于同期限的常规债券。

债券可能看起来很低，但对于非常担心的人来说。[Text 1002b, 1] 是倾斜的智能，或许多其他价格过程。但你试图预测未来的时间越久，摊销就越大。这使得短期 对大多数人来说是更好的选择。

首先，你必须考虑所衡量的是哪种通胀。 采用的是非季节性调整的消费者价格指数（CPI），针对所有消费者。其优势在于包含了食品和能源成本——经济学家在衡量“核心”通胀时经常剔除这些项目，但对于大多数需求来说，这些显然是非常相关的支出。

这项综合指标最近的一次读数显示，7月份同比上涨 8.8%。核心通胀

美联储主席 Worth 表示，像 CPI 这样的指标是“衡量潜在通胀状态的不完美指标”。

率为 2.2%。

但 仅仅是衡量通胀的一种方式。人们可能在为未来几年储蓄的关键支出成本，如大学学费或侧向支出，有时上涨速度远快于该指数。因此，在数十年的浪费之后，你最终可能觉得 并没有完全保护你的购买力。

美联储

主席 Kettle

Worth 在 7 月的一次参议院听证会上表示，像 和生产者价格指数这样的指标是“衡量潜在通胀状态的不完美指标”。

的计算方式也不是永远固定不变的。从历史上看，它一直是频繁辩论和技术调整的对象。

但毋庸置疑，基于对未来通胀新衡量标准的想法进行投注是非常困难的。相反，长期 的投资者应该思考通胀预测之外的问题，以及所有长期债券共有的风险：即未来的利率将会更高。

对于 而言，这意味着要关注在通胀率之上的实际收益率。即使每个人都预测通胀会改善，如果利率水平也高于预期， 仍可能贬值。

目前，市场价格下 30 年期 提供的实际收益率高于过去几年的任何时间，超过 3%。这一高收益率出现之时，正值股票指数估值依然高企，使得长期 的相对吸引力比通常情况下与股票相比更具竞争力。

但许多力量会推动实际收益率走高。取决于你询问谁，这可能是更快的经济增长，或者是国债供应或全球需求的变动。此外还有 42% 的融资资源需求，这可能会

30年期美国国债通胀保护证券的实际收益率

推高借贷成本，及其对生产力的影响。

这些担忧中的任何一项都可能导致投资者将更高的长期利率风险计入定价，从而导致 TIPS（通胀保值债券）和储蓄债券的价格下跌。如果你不打算持有这些债券直至到期，这就是一种风险。

因此，许多投资者可能希望关注短期通胀保护。10年期 TIPS 的实际收益率虽然与 30年期 不在同一水平，但仍处于多年来的最高水平附近。5年期 目前的实际收益率超过 2.1%。盈亏平衡率为 2.2%。

一些投资者还选择对其 投资进行“阶梯式”配置，通过设置必要的到期日，将赌注分散在短期和长期工具上。此外，还有一些 ETF 可以让投资者购买短期 。

按当前价格计算， 为投资者提供了良好的通胀保护和相当不错的收益率，至少在未来几年内如此。至于更长的时间跨度，没有任何东西能提供绝对的确定性。 ——Tells Demus

日元波动并非美国市场的陪衬

三十四年前，一位才华横溢的年轻对冲基金经理通过押注某种主要货币将会贬值，为他的雇主赢得了10 亿美元 billion的报酬。几十年后，他再次制造了类似的剧本。

如今，斯科特·布鲁姆（Scott Broome）作为美国财政部长，发现自己处于外汇战线的另一端，而他努力捍卫的是走势低迷的日元，而非美元。在实践中，这件事对美国国内同样至关重要。

即使是财力最雄厚的投机者，在面对政府风险时也是脆弱的，但他们拥有一个优势：对于一个国家来说，人为地加强某种货币比削弱它更令人尴尬。

1992,年“黑色星期三”，当布鲁姆协助外部力量击垮英镑时，他意识到英国的浮动汇率机制使得英国在政治上难以通过提高利率来支撑汇率。事实证明，这确实很痛苦。

日本近期在不提高自身利率的情况下干预以加强日元，得到了美国极罕见的协助。特朗普总统表示，这就是朋友的意义。

“他们想要一点帮助。我们一直支持日本。日本一直对我们很好，当然，珍珠港事件是个例外，”他说道。

无论如何，白宫从中也有所获。日本

21能买多少日元

美国本可以直接购买日元，但它选择了出售欧元。

通常情况下，日本会出售其持有的大量美国国债以进行干预。美国本可以直接购买日元，但它通过出售欧元以官方方式结算，这似乎是为了减轻美元的压力。

未来的干预可能会通过扩大一项模糊的联邦储备紧急机制来实现，该机制允许美联储直接购买外国持有的美国国债。将日本未来的抛售行为排除在市场之外，可以避免在政治敏感时期推高目前处于多年高位的美国债券收益率。

这可能会防止美国抵押贷款利率进一步攀升。而且，债券收益率自然会间接影响股票估值。

分析人士对于日本银行直接提高利率以增强日元吸引力的危险程度持有分歧，因为日本政府背负着沉重的债务负担。

不过，这可能会使该国庞大的私人债券投资者对国内债券产生更多兴趣。

正如布鲁姆在对冲基金时期深知的那样，外国抛售率不仅是债务相关国家的一个重要因素，美国在竞争中也是如此。随着联邦借款规模即将突破40万亿美元（是的，我们可以尝试确定具体日期），山姆大叔的资金问题很快将再次成为头条新闻。

更多的日元干预可能会推迟日本面临的艰难选择。美国的协助也可能是为了推迟国内一些令人不快金融发展的出现。

— 斯宾塞·雅各布（Spencer Jakob）

金融与投资

股票

聚焦

联想集团（Lenovo Group）

在公司公布由人工智能基础设施需求驱动的创纪录营收后，股价在香港上涨 20%。

Statista

尽管世界杯带来的营收激增，但由于成本过高，该公司在第二季度未能实现盈利，导致酒店板块股价下跌 10%。

思科（Cisco）

这家网络设备公司公布的季度实际收入有所增长，因为它继续收到来自 AI 专家的数十亿美元订单，但股价在周四下跌 8.6%。

马士基（A.P. Moller-Maersk）

尽管中东地区存在冲突，这家丹麦航运集团仍上调了业绩指引。其在丹麦的股价上涨 8.6%。

Bending Spoons, Birkenstock 和 VETI

这些公司均在周四开盘前公布了财报。Bending Spoons 和 VETI 分别收盘下跌约 16% 和约 17%。Birkenstock 股价上涨 12%。

Weekday

在路透社报道 Silver Lake 正在洽谈收购这家人力资源软件公司后，其股价上涨 18%。

泰森食品（Tyson Foods）

在公司表示计划关闭一家主要猪肉加工厂并出售另一家后，股价上涨 7%。

芯片指数，趋势

PRLX 半导体指数较 7 月 29 日的熊市低点上涨 10.2%，仅略低于进入牛市所需的涨幅。

该指数在 6 月 22 日收于历史高点，随后下跌近 20% 至 7 月下旬的低点。进入牛市将结束该指数自 2025 年初以来最短的一次熊市，共持续 29 个交易日。平均而言，该指数在熊市中停留 70 分钟。根据道琼斯市场数据，在 2026 年 1 月退出上一次熊市后的几个月里，该指数上涨了 64%。一年后 1425，—Shrusha Dinesh

PRLX 半导体指数

Kospí 进入

牛市

事实确实如此，韩国 Kospí 指数在周四再次进入牛市，牛市被定义为较近期低点上涨 20%。自 7 月 30 日的近期底部以来，加上周四 2.6% 的涨幅，该指数已上涨近 22%。这是一个快速的转变；其重新进入牛市区域仅用了 10 个交易日。投资者本月对其努力的议程回归，在韩国，三星和 SK Hynix 股价的飙升帮助推动了 Kospí 的上涨。

摩根大通（JPMorgan Chase）的分析师在银行数据资产与 alpha 团队的一份报告中表示，投资者头寸表明该指数可能仍有上涨空间。但他们补充道，“该指数在 20%（或更低）的参与度中移动，可能意味着速度会放缓。”韩国最近采取措施打击杠杆 ETF 的爆发式增长——这些风险产品可能会给投资者带来巨额损失。

该指数距离今年早些时候的水平仍有较大差距。Kospí 的股票，其有限的 750s，今年以来上涨了 62%。

—Caitlin McCabe

周五事件：

• 经济数据
• 零售销售；
• 企业库存；
• 以及密歇根大学消费者信心指数

市场历史上的今天

在 2001 年的今天，Jeffrey Sliding 在就任首席执行官仅六个月后突然辞职——

这是这家能源交易巨头情况不佳的另一个迹象。他离职的官方解释是“个人原因”，但 Skip

不久后表示，他的主要原因是公司股价的暴跌。其董事长 Kenneth Lipp 同意回归 CEO 职位。

---

$3300万

一座位于加利福尼亚州 Novalis 的圆形住宅——实际上可以旋转——正在出售 M3

房屋 / 市场 / 人物 / 卧室 / 销售

豪宅

华尔街日报。

7000万美元

AI热潮推动旧金山地区城镇创纪录销售 M2

Friday, August 14, 2020 / M1

作者：E.B. SOLOMONY

缅因州拥有3,500英里的崎岖海岸线，已从一个简朴的季节性度假地演变为一个日益受到追捧的奢侈品市场。长期以来，该州以相对孤立和较低的价格点著称，在历史上一直落后于汉普顿、南塔基特和马萨葡萄园等度假胜地。

房产记录显示，迄今为止，仅有10套房屋的售价达到$10 million或更多，这仅是其他沿海聚集区八位数销售额的一小部分。然而，一场悄然的转变正在发生：这10笔交易中有5笔是在过去三年内完成的，最初是由Coral-era繁荣推动的，这使得城市居民前往更偏远的目的地。

年轻的买家——包括新富阶层和含金汤匙出生的人——越来越多地将缅因州视为生活方式目的地和长期投资目标。定义为$2 million或以上的奢侈房产销售数量在2020之间增加了一倍多。

请参阅第 M4 页

1000万美元+

销售额

10

SINCE 2023 的销售额

他们通过手机看着自己的房子被焚毁

当山火袭来时，一些房主依靠 Ring 摄像头来了解他们的房子发生了什么。

作者：NANCY KRAUSS

格雷格·莫林（GREGG MORIN）和他的妻子布鲁克·莫林（Brooke Morin）当时在距离他们斯波坎（Spokane）家中约40 minutes路程的一家街边酒吧。当他们得知附近的一场山火正在迅速扩大时，他们立即跳进车里，开始向家中疾驰。

起初，这对夫妇在手机上密切监视 Ring 家庭摄像头的画面。他们担心留在屋内的三只小狗会通过狗门跑进后院。

随后，安装在后门的摄像头开始拍到几个街区外的房屋正在燃烧。随着火焰逼近家中，61, 的格雷格告诉 12, 的布鲁克停止观看。“我们无能为力，”经营一家房屋检测公司的格雷格说，“在手机上看到房子被烧毁会更加令人心碎。”

当这对夫妇到达时 请参阅第 M3 页

斯波坎房屋在最新一轮山火中被焚毁后的残骸，此次山火摧毁了数百栋房屋。

---

M2 / Friday, August 14, 2026

华尔街日报。

私人房产

据房产代理人称，加利福尼亚州希尔斯伯勒（Hillsborough）的一座封闭式庄园以$70 million成交——这是该城镇此前纪录的两倍。

在去年年底被撤出市场后，这座位于旧金山郊外的房产在 Peoria's 以$6800 万挂牌。金门索德比国际地产（Golden Gate Sotheby's International Realty）的房产代理人詹妮弗·吉尔森（Jennifer Gilson）拒绝透露买家的身份。

已售

7000万美元

12,400 sq. ft. 体育综合体，家庭影院，水景设施

她表示买家从事人工智能工作。创纪录的成交额出现之际，旧金山市场正受到 AI 财富的推动，买家们正抢在预期的 40.20% 之前购房。

私募股权投资者兼慈善家泰德·克鲁特施密特（Ted Kruttschmitt）及其妻子亚莱莎·克鲁特施密特（Alessa Kruttschmitt）去年告诉《华尔街日报》，他们决定出售这栋房子是因为他们一年中的大部分时间都住在加利福尼亚州的棕榈沙漠。这对夫妇拒绝就此次销售发表评论。

旧金山AI热潮推动湾区小镇创纪录交易

Kruttschmitt 夫妇在 21 世纪初建造了这座住宅。该住宅共三层，面积约为 12,500 平方英尺，可俯瞰旧金山湾。他们还在物业中建造了一个体育综合体，包括一个下沉式网球场以及多个球场。

希尔斯伯勒（Hillsborough）距离旧金山约 20 英里，以昂贵的住宅而闻名。据 Gilson 称，该地之前的纪录是由一座在 2022, 以 3500万美元 成交的庄园保持的。

—Liberta Brandt

星巴克前首席执行官舒尔茨出售夏威夷住宅

在从西雅图地区搬迁至佛罗里达州后，星巴克前董事长兼首席执行官、亿万富翁霍华德·舒尔茨（Howard Schultz）在一笔场外交易中，以 3600万美元 出售了其位于夏威夷不同 Hualalai 度假社区的住宅。

Hualalai 地产的挂牌代理人罗伯特·基尔多（Robert Kildow）表示，买家正从大岛富裕社区的一栋较小住宅搬迁，以适应不断增长的家庭规模。基尔多拒绝透露买家的身份，并表示买家同意在 FicoTime 期间出售该房屋。

他表示，尽管该物业从未正式在多重上市服务（MLS）上挂牌，但在基尔多开始低调营销约一周后，便以要价达成了合同。

根据物业记录，舒尔茨在 2013, 以 2500万美元 买下了这座房子。

舒尔茨未回应置评请求，他被认为将星巴克转型为全球咖啡馆连锁店。他在 2023 年结束了最近一次担任公司首席执行官的任期。

今年 3 月，他在佛罗里达州 Starbuke 买了一套 4400万美元 的顶层公寓，并宣布与妻子一起从星巴克总部所在的西雅图地区搬迁。

已售 3600万美元 15,400 sq. ft., 8 bedrooms over 8 structures

谢里·舒尔茨（Sheri Schultz）：“我们正在享受南佛罗里达的阳光，以及它对我们在东海岸建立自己家庭的孩子们的吸引力，”他在 LinkedIn 的一份声明中写道。

这座占地 18 英亩的庄园共有 8 栋建筑，合计 8 间卧室，面积约 13,600 平方英尺。

该住宅是 Hualalai 度假村中最昂贵的成交案例，该度假村的业主包括 Citadel 首席执行官肯·格里芬（Ken Griffin）和 Postmatte 联合创始人 Rustian Lehmann。

基尔多表示，由于有买家候补名单，Hualalai 的房屋几乎完全在场外交易，且通常在几天内售出。他补充说，该社区之前的纪录是 2023, 的 $1.02亿。

据未参与此次交易的 Hawaii Life 经纪公司称，在大岛上，2026, 上半年豪华住宅的中位售价为 $9.2600 万，比 2023 年同期增长 20.9%。

—Sarah Paynter

作为一名倾听者，当有人举手寻求帮助时，你通常是首批响应的人之一。但为你自己寻求帮助也是可以的。也许你想要或需要关于就业、压力、财务、心理健康或寻找合适资源的帮助。无论是什么，你都配得上。现在就是寻求帮助的最佳时机。不要等待。请联系我们。

VA 美国退伍军人事务部

在 VA.GOV / REACH 查找资源

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华尔街日报

Friday, August 14, 2026 / M3

私人房产

一座俯瞰加利福尼亚州诺瓦托（Novato）101号公路的圆形房屋首次上市出售。这座令几代通勤者着迷的房屋由萨姆·哈基克拉德（Sam Harkicrad）于1903年建造，他在1993年去世前曾以不寻常的住宅给马林县（Marin County）带来启发。他的孙子哈罗德·波齐（Harold Pozzi），71岁，表示：“他厌倦了那些老房子，他认为普通的房子很无聊。”

这座圆形房屋是占地2.25英亩场地上的七栋住宅之一。其最近的邻居是建于1919年的“petate-clap house”。那栋房子的弧形屋顶在两点处接近地面，可以用数学方式描述——作为双曲抛物面——或者通过参考某种零食来描述。其余五栋房屋则较为传统。

土地和建筑（全部七栋均由租客占用）的挂牌价为320万美元。

这座圆形房屋由哈基克拉德设计，可旋转320度，即圆周的八分之九。标有“顺时针”和“逆时针”的开关允许居住者追随（或避开）阳光，或改变视野。波齐在谈到他的外祖父时说：“他喜欢挑战。”

波齐已经照顾这座房子60年了。他经常从位于诺瓦托以北约10英里的佩塔卢马（Petaluma）家中开车前往维护该物业。现在他说，“我太老了”，这就是为什么他决定代表自己以及他的侄女和侄子将其挂牌出售。（他没有子女，唯一的兄弟于2020年去世。）

此次销售由旧金山马库斯-米利查普（Marcus & Millichap）投资高级总监安杰洛·巴格里（Angelo Bagheri）负责。巴格里所在的公司专注于投资房地产，他在十年前通过陌生拜访电话联系到波齐，然后耐心等待直到波齐准备好出售。

圆形房屋的中心核心包含燃气、水和污水管道，每根管道都能延伸足够长度以适应320度的旋转。（如果房子能全方位旋转，将会带来更为复杂的工程问题。）

旋转由两个洗衣机类型的电机驱动，波齐表示该系统运行良好。不过，这座房子并非设计为像旋转餐厅那样处于持续运动状态，尽管它有时被误认为如此。

每一转都有独特视野的圆形房屋

在20世纪40年代的金门大桥。哈基克拉德说，他花费37,000美元建造了这座面积1,500平方英尺、直径约50英尺的“圆形房屋”。波齐表示，他节省资金的一种方法是让公司捐赠产品。他从Tappan公司获得了免费电器。作为交换，波齐说，他同意让公众在完工后的几个月内参观这座房子。

巴格里表示，设定售价很棘手。“真的没有直接的可比案例。所以我从几个不同的角度审视该物业，包括它目前产生的收入、诺瓦托其他多户住宅和住宅的销售情况、约2.25英亩土地的价值，以及在一个地块上包含七栋独立房屋的事实。我们还考虑了该物业独特的历史及其长期潜力。”

当被问及这座房子能否幸存下来是否重要时，波齐回避了回答。“每个在101号公路上行驶的人都知道这座圆形房屋。很多人不想看到它消失。”

——弗雷德·A·伯恩斯坦（Fred A. Bernstein）

出售

$3.300 万

2.25英亩，1560平方英尺的“圆屋”，以及物业内的另外4栋建筑

Pozzi 11岁时，这座房子移动了超过320度。在Harkicrad完工几年后，州政府征收了其所在地，因为那里处于新101号公路的路径上。Harkicrad从州政府手中买回了这座房子。随后，他利用从朋友那里借来的推土机，将其推拉到了现在的地点。

这座圆屋悬挑在一个圆柱形核心之上，下方留出了阴凉的停车空间。它拥有环绕式露台和许多景观窗。其三间卧室和两间浴室空间宽敞，尽管形状罕见。

根据《洛杉矶时报》1996年的一篇人物介绍，Harkicrad在马林县设计并建造了25栋房子，且始终融入回收材料或结构。

他的工作室是房子旁边的一栋小建筑。屋顶上是他所谓的“穷人的能量轮”，一个用切割过的桶临时搭建的风力涡轮机。在刮风的日子里，该工作室可以实现能源自给。

Harkicrad在弗雷斯诺的一个农场长大，他告诉《时报》：“如果你想要玩具，你就得自己造。”他的学业在高中结束。他年轻时搬到了湾区。多年来，他曾淘金、采摘水果，并担任过船舶装配工、树艺师和卡车司机。他开始在诺瓦托购买土地，那里距离金门以北约20英里

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具有自觉意识的民主国家的

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国际女性媒体基金会（International Women's Media Foundation）的转型工作

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OAS

华尔街日报

烟熊（Smokey Bear）存在于我们每个人心中。

欲获取野火预防技巧，请访问 SmokeyBear.com

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M4 / 2026年8月14日，星期五

华尔街日报

豪宅

在异地建造并运往新西兰偏远地区

由于地形崎岖，业主在异地建造了房屋，并分段将其运至物业现场

由 SARAH PRINTERS 撰写

2017年，Richie Smith和Susanna Izard爱上了新西兰特卡波湖（Lake Tykapo）附近的一片崎岖土地，设想在阿尔卑斯草甸中掩映一座家园。但建造梦想之屋面临着一项挑战：如何将施工队伍和

规格 4,370平方英尺 3间卧室， 3间浴室， 500英亩

材料运送到海拔约2,600英尺的偏远地点。

Smith表示，在以约$1 million购买土地后，他们在2020年于异地建造房屋，并将其分成大段，通过陡峭的山路和一条小溪运入。Smith是生产美利奴羊毛绷带的Wool-Aid公司的董事长。

为了运输一个75吨的部件，一辆卡车用最低档在封闭的道路上缓慢爬行。两台大型约翰迪尔（John Deere）拖拉机在小溪边待命，以便在卡车被困时将其拖走，但司机将其顶起并强行通过了。

本周之屋

这座房子的建造花费了Smith和Izard约100万美元，另花$500,000安装水电等设施。Smith说，异地建造让他们仅用三个月就完成了施工。

为环境而设计

这对夫妇聘请建筑师Charlie Rutt设计一座能够抵御山地环境的房屋，选择了耐用的材料，如碳钢、陈年波纹钢和厚实的西部红杉。

他们决定不种花园，而是让一种名为tanocks的草丛直接生长到房屋边上。

不可错过的特色

史密斯和伊扎德认为自然是这座房子最好的配套设施之一。他们的用水来自冰川水源，并享受着由国际暗夜保护区（International Dark Sky Reserve）守护的纯净天空。

他们还增加了一些设施，包括一个雪松热水浴缸和一个独立的会议室，史密斯和他的儿子在那里工作。

他们将怀念什么

草丛上露水的味道——

——袜子的味道。

“当你在一个清爽的早晨醒来时，闻起来令人难以置信，”伊扎德说。“你打开窗户，周围没有人，闻起来就是那么清新。”

他们不会怀念什么

“在极少数需要铲除积雪的情况下，我不会怀念那个，”史密斯说。

出售原因

史密斯和伊扎德正搬往新西兰的南坎特伯雷（South Canterbury），他们在那里养了一群克莱兹代尔马（Clydesdale horses）。

伊扎德表示，他们位于特卡波湖（Lake Tykapo）房产的植被过于稀疏，无法支撑这群马。

市场快照

根据 LJ Hooker 的挂牌代理人史蒂夫·罗森（Steve Rosen）的数据，在特卡波湖，过去 12 个月内豪华住宅的成交价通常在 $1500万 左右，高于前一年的 $1500万。

罗森与新西兰索德比国际地产（New Zealand Sotheby's International Realty）的劳拉·雷迪（Laura Reidy）、马特·芬尼根（Matt Finnigan）和罗素·鲁德尔（Russell Ruddell）共同负责该挂牌房产。

» 每周五，WSJ.com / RealEstate 都会发布一个新的“本周之屋”。

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THE WALL STREET JOURNAL.

Friday, August 14, 2020 / MS

MANSION

房间详解

沙漠水疗中心——还是奢华浴室？

业主聘请了一位室内设计师，在他们位于亚利桑那州的家中打造一个融入自然的奢华避世之所

作者：VINCENT NUTT TILANDER

对于鲍勃和丽莎·莫兰（Bob and Lisa Moran）来说，最好的风景并不总是需要收拾行囊。

鲍勃，75 岁，曾任 Pertsmart 的董事长兼首席执行官；丽莎曾是一名发型师，她热爱在夫妇俩位于亚利桑那州天堂谷（Paradise Valley）家周围的索诺兰沙漠（Sonoran Desert）中骑山地车。

当莫兰夫妇在 2008, 年以 $3200万 购买这栋房子时，他们希望当地的植物和天空能体现在他们的空间中——尤其是他们继承的那个 310 平方英尺的主浴室。那里铺满了大块且湿滑的瓷砖，由一个形状古怪的半房窗户照明，光线不足且没有实际用途。

“我们希望浴室感觉像一个将户外引入室内的水疗避世所——天然的石头和木材，充足的光线，开放的布局，”48 岁的丽莎说。“一个让你想要忘记一切的地方，就像置身于大自然之中。”

莫兰夫妇聘请了 J Boget Designs 的室内设计师詹妮弗·博格特（Jennifer Boget）。博格特与 Lortie Construction 合作，在浴室中使用了具有触感且能捕捉光线的材料：法国公司 Elitin 的金 embossed 乙烯基墙纸、镶嵌贝壳的梳妆台墙面，以及一面能将光线过滤成蜂蜜色奶油色、棕褐色和暖棕色纹理的水晶水疗窗。

浴室采用了大地色调和沉稳的质感，拥有奢华度假地所有的宁静感。

以下是该浴室的一些设计特点。

1. 窗户

博格特用从意大利进口的 Antoine 水晶水疗窗替换了那个半房窗户，创造了一个戏剧性的视觉焦点，在保护隐私的同时呼应沙漠不断变化的色调。“它的颜色在一天之中不断变化，”丽莎说。 / 价格：$33,583

2. 地球实验室（Earthlab）

为了确保窗户依然是核心亮点，博格特从 Maidstone I dev 采购了一个晶体浴缸，它几乎与空间融为一体。 / 价格：$3,500

3. 凳子

一个来自意大利品牌 Alenforms 的穆拉诺玻璃凳增加了一抹翡翠绿。 / 价格：$2,750

4. 地板砖

在四处寻找定制的花卉马赛克后，博格特最终选择了 Artax 的“火焰沙漠”（Flame Desert）图案。“他们不仅已经有了完美的图案，我甚至能够挑选组成马赛克的天然石头，”这位设计师说。 / 价格：每片马赛克 $150

5. 长凳

对于如此宽敞的浴室，Boget 认为增加座位是合适的。在谈到 Bradley 的 Galile 设计时，她说：“这款瀑布长凳是完美的选择。” / 价格：$7,500

6. 缟玛瑙墙

“因为我们想要玻璃淋浴房，所以需要一种具有真实视觉冲击力的石头，”Boget 说道。Antoine 缟玛瑙板覆盖了淋浴墙、大面积墙面以及一体化洗手池。 / 价格：每块 $6,384

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M6 / 2026年8月14日，星期五

华尔街日报。

豪宅

缅因州的奢侈地产崛起

接第 M1 页，以及根据 Landfront 的 Stewart Young 汇总的数据，2023,。

一些卖家已经注意到了这一点。目前有 8 处公开挂牌的房产价格在 3000万美元 或以上，其中包括一处位于 Cape Elizabeth 的滨水房产，要价 $1.65亿。来自 Legacy Properties 索德比国际地产的挂牌代理人 Sam Michaud 表示，该房产可俯瞰 5 座不同的灯塔。“我认为我们还没有充分发挥我们的潜力，”他说。

此外，10 笔超过 3000万美元 的交易反映了缅因州不断演变的奢侈房地产格局。

1 Mount Desert

成交日期：2026 买家：Monarch Rock LLC 卖家：Jennifer 和投资银行家 Winston Holt 土地面积：8.22 英亩 建筑面积：8,026

最近的一笔交易是 Monarch Rock，这是一座位于阿卡迪亚国家公园（Acadia National Park）中心的庄园，拥有林间小道，可将海洋和 Mount Desert 岛的外岛美景尽收眼底。这座位于 Staff Harbor 的房屋建于 2012 年左右，拥有一个镶板图书馆和酒窖。索德比的挂牌代理人 Kristi Jacoby 表示，买家越来越愿意为拎包入住的房屋支付溢价。“人们没有时间，或者不想等待，”她说。

1 Kennebunkport

成交日期：2025

买家：Sue 和 Mark Koestaar（美国包装公司 Packing Corporation of America 的首席执行官）

卖家：Michael Schudhoff（Carriage House Motor Cars 创始人）

土地面积：10 英亩

建筑面积：5,064

这座房子位于布什家族庄园 Walker's Point 的上路处，拥有双倍挑高天花板，以及经过 20% 翻新后的现代内部装潢，并拥有 27% 英尺的临水岸线。强劲的需求继续推高奢侈地产的价格，包括 Kennebunkport、Bar Harbor、Cape Elizabeth 和 Mount Desert Island。

1 巴港 (Bar Harbor)

成交日期：2025

买家：Tranquility 45 LLC

卖家：Frank Moya

土地面积：9.25 英亩

建筑面积：7,016 平方英尺

该名为 Tranquility 的庄园坐落在以历史豪宅著称的法兰西湾 (Frenchman Bay) 地区，拥有三栋全年可居住的住宅以及约 1500 英尺的深水岸线，并配有码头和系泊设施。物业内设有铺设柚木和花岗岩长椅的蜿蜒小径，以及带有拱桥的溪流和一处反射池。

1 斯卡伯勒 (Scarborough) $1.15亿

成交日期：2025

买家：Spanking Waters LLC

卖家：Katherine 及投资者 Timothy McDonald

土地面积：7.94 英亩

建筑面积：7,600 平方英尺

Seascape 曾由女演员 Bette Davis 所有，是一座拥有 1,964 英尺海洋岸线的滨海庄园。代表买家的 Sotheby's 经纪人 Bill Gaynor 表示：“它具有私密性、排他性，以及眺望大海、观察船只的戏剧感。”

成交日期：2023

买家：高盛合伙人 Harold P. Hope III 卖家：已故银行家 Bonnie 和 Ogden White

土地面积：1.57 英亩

建筑面积：4,403 平方英尺

这座名为 Eastern Point 的物业由一个家族长期持有，位于 Private Neck 的东侧，后者是一个可追溯至 1800s、伸入萨科湾 (Saco Bay) 的历史夏季社区。这类综合庄园交易频率较低，因此一旦进入市场就显得尤为珍贵。未参与斯卡伯勒交易的 Michaud 表示：“如果你现在不入手，可能就错过机会了。”

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成交日期：2022

买家：Black & Decker 首席执行官 George Sherman 的遗孀 Betsy Sherman

卖家：MBNA 信用卡创始人 Julie 和 Charles Cawley

土地面积：10 英亩

建筑面积：10,167 平方英尺

该庄园俯瞰西彭诺斯科特湾 (West Penobscot Bay)，拥有约 720 英尺的岸线，包括一座约 1904 年建成的五卧室主屋、两栋客房和一座海滨小屋。该物业名为 Watercote，拥有起伏的草坪、花园和石工建筑等精美场地。

客户：来自《华尔街日报》(THE WALL STREET JOURNAL)。(M6) 2023. 10.00

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《华尔街日报》(THE WALL STREET JOURNAL)

Friday, August 14, 2026

[...OMITTED...]

豪宅

成交日期：2022

买家：Anne and Jacob A. Citrin，仓库开发商

卖家：Curt Strohecker，汽车修复工具供应商 Eastwood 的创始人

土地面积：1.51 英亩

建筑面积：7,411 平方英尺

最近的价格上涨可以归结为基本的供需法则。负责此次交易的 Landfront 公司 Story Litchfield 表示，在像德塞特山岛（Mount Desert Island）这样的地方，奢侈住宅的数量有限，因为大片土地作为阿卡迪亚国家公园（Acadia National Park）的一部分受到保护。这座名为 Wynneclay 的住宅被森林环绕，拥有一个大型开放式露台和带顶棚的门廊，可俯瞰水景。此外，这里还有一个深水码头和三个系泊点。

成交日期：2018

买家：亿万富翁 Mitchell Roles，华盛顿指挥官队（Washington Commanders）的部分所有者

卖家：银行家 David Rockefeller 的遗产管理委员会

土地面积：14.8 英亩

建筑面积：5,534 平方英尺

这座位于海豹港（Seal Harbor）——一个毗邻阿卡迪亚国家公园的村庄——的临海庄园是缅因州有史以来成交价格最高的住宅。它被称为 Ringing Point，拥有约 2,500 英尺的岩石海岸线，包括一个粉红色花岗岩岬角。房产记录显示，买家在此买下了一栋约 1970 年代的住宅，随后建造了一个包含至少七座建筑的大型综合建筑群。

成交日期：2011

买家：Donna and David Reis

卖家：James Leah

土地面积：4.5 英亩

建筑面积：9,594 平方英尺

该房屋坐落在 Sames Sound 入口处一个名为 Manchester Point 的岬角上。它拥有一个沙滩、深水码头和系泊点。

成交日期：2004

买家：《法律与秩序》（Law and Order）制片人 Dick Wolf

卖家：Fitzgerald "Jerry" Hudson，已故保险高管

土地面积：5.94 英亩

建筑面积：18,770 平方英尺

这座名为 Southerly 的庄园位于 Cooksey Drive，这是海豹港最富有的街道之一，可俯瞰猎人海滩湾（Hunters Beach Cove）。当它成为首个价格突破 1000万美元 的房产时，创下了该州纪录。参与此次交易的 Litchfield 表示：“Southerly 在今天将价值 1200万美元。”

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MB / Friday, August 14, 2026

THE WALL STREET JOURNAL.

MANSION

监测损失

。回到家中，他们迅速抓起狗和护照，开车离开。他们在后视镜中看到社区陷入一片火海。在 8 月 1 日的山火中，他们位于斯波坎西北部开发区内 100 多栋被焚毁的房屋之一。

最新一轮山火席卷了华盛顿州东部的斯波坎地区，摧毁了数百栋房屋，并迫使过去一周内郊区社区中拥有修剪草坪和死胡同的数万名居民撤离。6 月，该市东侧的一场山火迫使约 22,000 人撤离，并摧毁了约 14 栋房屋。

为了监测自己的财产，房主们正在使用 Ring 和 Blink 等安防摄像头、野生动物摄像头以及无人机。有些人目睹了自己的房屋被焚毁，而另一些人则在留意是否有抢劫者。对于许多人来说，这些摄像头是了解受影响社区发生情况的唯一途径。

格雷格和布鲁克·莫林（Gregg and Brooke Morin）被摧毁的家。格雷格说：“我们无能为力。”

本周的一张无人机视角照片显示了斯波坎一个被“老路之火”（Old Trails Fire）焚毁的社区。

街道被当局封锁。“我像疯了一样刷新，大约每小时检查一次，”凯撒医疗（Kaiser Permanente）的顾问瑞秋·巴德韦尔（Rachel Bardwell）在提到她的 Ring 应用程序时说道。瑞秋和她的丈夫泰勒·巴德韦尔（Tyler Bardwell，一家烟囱清扫公司的所有者）居住的房子没有在山火中被焚毁，但仅两个街区外的房屋却被烧毁了。

她收到了前门摄像头的移动通知，并表示她在三个 Ring 摄像头中看到了一些“可疑”的人，甚至通过手机对他们大喊大叫。“虽然作用不大，但这是我们唯一拥有的手段，” 瑞秋, 42, 说道。

由于他们位于巴尔博亚（Balboa）的社区仍处于撤离令之下，巴德韦尔夫妇目前住在酒店里。泰勒, 40, 说，他能够通过走后路绕过警察和国民警卫队的路障来查看房子。

克里斯·迈耶（Chris Meyer）, 42, 说，他的妻子 安德鲁·迈耶（Andrew Meyer）, 58, 在 6 月的火灾中通过 Ring 摄像头目睹了他们的房子被焚毁。在撤离开车离开时，他们可以在应用程序上看到消防员在房子周围走动。烟雾和余烬在风中飘散。火势噼啪作响，树木被焚烧。随后，他们的邻居家的房子被完全吞没在火海之中。

“放弃那栋吧。没了，”他们听到一名消防员在提到他们的房子时这样说。随后电源中断，他们的摄像头停止工作。

“你会感到如此无助。整个人都麻木了，”制药工程师克里斯说道。克里斯说，第二天当他看到邻居在社区 Facebook 群组中发布的一段视频时，夫妇俩确认了他们的房子已经没了。

克里斯说，尽管他的房子基本上只剩下一个地洞，但仍然被抢劫了。在幸存的一盒不锈钢餐具中，有几把银色汤匙失踪了。克里斯没有向当局报告此事。

克里斯和安德鲁·迈耶的 Ring 摄像头截屏。

斯波坎警方表示，他们收到了多起关于最近山火中发生抢劫的报告，但未发现证据。

为了监控自己的房产，业主们正在使用 Ring 和 Blink 等安保摄像头。

瑞安·范·多伦（Ryan Van Doren）和他的妻子在查看他们的 Ring 摄像头时，看到 6 月那场火灾中的火焰正向他们的房产袭来。他的妻子拨打了 101，他们看着消防员试图拯救他们的房子。大约 45 分钟后，视频中断了。几天后他们得知自己的房子幸存了下来。由于当时仍处于疏散状态，在接下来的整整一周里，他们一直通过摄像头观看消防员在他们房产上的工作，并通过摄像头的麦克风大喊：“谢谢”。“这给了我们表达感激之情机会，”房地产经纪人范·多伦说道。24 岁的佩顿·麦克斯韦尔（Peyton Maxwell）上周在疏散时收到了 Blink 摄像头的警报，并目睹山火逼近她位于 Indian Trails 社区的房屋。随后摄像头失效了。“我坐在那里抽泣，”她说。8 月 4 日电力恢复后，她得知自己的房子幸存了下来。麦克斯韦尔从事帮助残疾人寻找和维持工作的职业，目前仍处于疏散状态，并且每小时监控一次她的 Blink 摄像头。“这就是我关注房产的方式，”她说。

消防队伍 8 月初在斯波坎（Spokane）彻夜工作。 “你感到如此无助。你变得麻木了，”克里斯·迈耶（Chris Meyer）说道，他在 6 月的火灾中通过 Ring 摄像头目睹了自己的房子被焚毁。

---

华尔街日报

2008 年 8 月 14 日，星期五

豪宅

HOUSE CALL / 乔恩·洛维茨（JON LOVITZ）

在进入《周六夜现场》之前，一位电影高管告诉他去当律师

这位《不要说好运》的共同主演谈到了研究伦尼·布鲁斯（Lenny Bruce）和伍迪·艾伦（Woody Allen）的录音，他的“病理性谎言者”角色以及他对老电影的热爱

我一直想表演。我的父亲是一名医生，他最初想成为一名歌剧演员，经常在家里唱歌，所以也许就是因为这个原因。

我知道喜剧之路是如何开始的。在我 3 岁的时候，有一天晚上我住在朋友家。我睡不着。我的朋友在床上坐直，做个鬼脸，然后像睡着了一样几次跌回床上。我大笑不止，想变得像他一样幽默。

我的家人最初住在加利福尼亚州恩西诺（Encino）的一栋小型牧场房里。在我 10 岁时，父母离婚，父亲再婚。我多了一位母亲和两个兄弟姐妹，于是我们搬到了塔扎纳（Tarzana）一栋更大的牧场房里。

我的父亲哈罗德（Harold）是一名内科医生，非常有上进心。到 1973 年，他拥有超过 5,000 名患者。我的母亲芭芭拉（Barbara）很幽默，且非常支持我。她说话有一种像唱歌一样的腔调。我是这些父母共同塑造的产物。

小时候我很害羞。在我父亲再婚后，我的新祖父帕帕·李（Papa Lee）个性十足且非常幽默。他将我纳入他的羽翼之下，帮助我克服了害羞。

在塔扎纳，我进入五年级并遇到了大卫·库德罗（David Kudrow）。我们同意成为兄弟。他非常宠爱他的妹妹丽莎（Lisa），并敦促我去见她。“她 5 岁，会说西班牙语。她太可爱了。”他是对的。

在看了伍迪·艾伦的电影《拿钱快跑》（Take the Money and Run）之后，大卫和我意识到伍迪拥有和我们一样的幽默感。我想成为一名喜剧演员。

我参加了五部高中戏剧，

本月早些时候在洛杉矶的乔恩·洛维茨（Jon Lovitz）；右图为 1975 年在加利福尼亚州塔扎纳的洛维茨（左）及其朋友大卫·库德罗（丽莎的哥哥）。

在 1974 年，我看了电影《伦尼》（Lenny），由达斯汀·霍夫曼（Dustin Hoffman）主演，他饰演喜剧演员伦尼·布鲁斯。我买了伦尼和伍迪的专辑并研究它们。它们帮助我培养了对写作和时机（timing）的感觉。在橙县欧文（OC Irvine），我跟随演员威廉·尼德尔斯（William Needles）学习莎士比亚，他成为了我的导师。我根据他塑造了我的 Master Theopian 角色。我在大学期间参加了 21 部戏剧。毕业后，我在圣莫尼卡（Santa Monica）的托尼·巴尔（Tony Barr）电影演员工作室学习。托尼帮助我为电影开发了一种自然主义的表演风格。

托尼请来了电视喜剧制片人兼导演拉尔夫·莱维（Ralph Levy）。拉尔夫说：“喜剧在这里，”他指了指自己的头部，“而戏剧在这里，”他指了指自己的心脏。“在处理喜剧时，你要做所有在戏剧中会做的事情，但要在上面加上喜剧元素。”

在托尼的工作室里，我们有一个行业之夜，我们的片段被录了下来。我问我父亲是否可以将它们分享出去以获取反馈。他将我的录像带寄给了二十世纪福克斯（Twentieth Century Fox）的高管埃德·格拉丁格（Ed Gradinger），以及好莱坞编剧兼制片人威廉·布鲁姆（William Blum）。

格拉丁格说：“如果你能做任何其他事情，就去做吧，”并补充道，“为什么不当个律师？”布鲁姆的信中写道：“你有才华，但我建议你不要只专注于喜剧。”托尼建议我听从布鲁姆的建议：“他是那个有创意的人。”

在 25 岁时，我决定全力以赴在喜剧领域取得成功。我在 Groundlings（洛杉矶的歌手和素描喜剧团体）参加课程，在那里我创造了诸如“病理性谎言者”汤米·弗拉纳根（Tommy Flanagan）等角色。我进入了 Groundlings 的主创阵容。我们 1985 年 1 月的演出获得了好评，这促成了我在《今夜秀》（Tonight Show）中的亮相。

我的经纪人将我的录像带提交给了《周六夜现场》（Saturday Night Live）。在收到回复之前，我在查尔斯·格罗德尔（Charles Grodle）出演的电影《最后度假》（Last Resort）以及电视剧《福利广场》（Foley Square）中获得了角色。1985 年夏天，当我与《周六夜现场》制片人洛恩·迈克尔斯（Lorne Michaels）会面时，喜剧演员兰辛·鲍曼（Lansine Bowman）和格罗德尔推荐了她。我被选中了。

如今，我住在洛杉矶的一栋现代住宅里，这栋房子是我 1990 年起就拥有的。它很宽敞，采光很好。

在格罗德尔打电话告诉我被选中那天，我说：“什么？”他说再次地，“你被选中了。”我惊呼：“噢，我的天。”在三年全力以赴的努力之后，一切都对我有利地展开了。

我开车赶到 Groundlings 剧团，在课中打断了我的老师兰迪·本内特（Randy Bennett）。我大喊道：“兰迪，我进《周六夜现场》（SNL）了！我进去了！”他说：“噢，我的天呐”，然后开始哭了起来。 ——据马克·迈尔斯（Marc Myers）讲述

乔恩·洛维茨（Jon Lovitz），68 岁，是一位演员兼喜剧演员，以出演《周六夜现场》、《赛恩菲尔德》（Seinfeld）以及电影《她们自己的联盟》（A League of Their Own）而闻名。他共同出演了即将上映的电影《救赎》（Redemption）和《不要说好运》（Don't Say Good Luck），这两部影片将于周五在 Netflix 上线。

一栋与自然融为一体的纽约镜像住宅

2009年，奥尔加·卡根（Olga Kagan）和迈克尔·卡根（Michael Kagan）正面临着两件重大但互不相关的生活事件：他们即将成为空巢老人，而国家正处于金融危机的深渊之中。

迈克尔看到了机会，他想起了那句“在街头血流成河时买入”的格言。这对夫妇开始在纽约州庞德里奇（Pound Ridge, NY）寻找土地，那是位于曼哈顿以北约50英里的威斯特彻斯特县（Westchester County）郊区，他们曾在那里生活了数十年。

卡根夫妇花费$1.7500 万买下了一块约50英亩的地产，其中包含一座约$50th的房屋。在卖掉该房屋及其所在的3.52英亩土地后，他们捐赠了10英亩用于自然保护，并保留了约19.5英亩，随后在此建造了一栋拥有镜像立面和玻璃桥的现代住宅。

“我承认，这绝对是一个虚荣项目，”身为共同基金经理的迈克尔在解释为何捐赠一部分土地时说道。奥尔加则是一位电影制片人。“我们想要创造一件艺术品。”

目前，卡根夫妇主要居住在迈阿密（他们在那里拥有一套公寓），现将这栋面积约4,500平方英尺、拥有四间卧室的房屋以$10 million的价格挂牌出售。

作为建筑爱好者，这对夫妇受到了他们在一本建筑书中看到的设计的启发。“我们希望深度参与其中，”迈克尔说。

该房屋于2004年左右完工，是围绕地产的自然地形（包括树木和巨石）而建。“我们迫切需要完成它，”迈克尔说。场地决定了房屋的形状，房屋被分为两个部分——一部分为卧室，另一部分为公共房间——由一座玻璃桥连接。

迈克尔表示，镜像外墙是在设计过程后期添加的，由拉丝不锈钢、抛光不锈钢和铅涂层铜组成。

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阿拉巴马州，马丁湖

这座独一无二的马丁湖住宅拥有室内和室外泳池，定义了奢华。该住宅由 Southern Scapans 建造，由 Bill Fletcher 设计，6 包含 7 间卧室、7 间全卫、2 间盥洗室、美食厨房、配备商业级窗户的休息区以及一个早期的外带区域。

$7,208,000

Russell Lands Real Estate LLC

Anna Speaks

电话：254.215.7011

佛罗里达州，那不勒斯地区

这座卓越的庄园由著名的 Laura Builders 建设（2026 年公司），展现了沿海奢华风情，拥有南部采光和燃料加热通道。一位私人投资者，四间卧室，5.5 间卫浴，架式厨房，度假村风格的泳池和水疗中心，以及小规模的室内外生活空间，共同打造了一个非凡的岛屿避世之所。

$3,985,000

Premier 索德比国际地产

Michelle Thomas

电话：254.460.7176 michelle.thomas@prentersir.com

爱达荷州，麦考尔

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THE WALL STREET JOURNAL.

2026年8月14日，星期五 / M11

私人房产

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The Stupin Group 索德比国际地产

Michael E. S.

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[数据参考] 以下原文数字因单位格式转换可能未在译文中完整体现（供参考）：207.4016.2479、203.488.4880、753.988.0340、605.938.0209、317.470.0339、531.423.8336

THE WALL STREET JOURNAL.

DOW JONES

News & News

• • • •

FRIDAY, AUGUST 14, 2026 • VOL. CCLXXXVIII NO. 18

WS2.com

U.S. Edition

BAB 1:0000 • 9572 0300

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TEN 9:00

What's New

Business 2 Finance

• Two straight days of soft inflation data, including a reading of unchanged wholesale prices in July, What the S&P 500 is? It is a recent write-in. Needing and Dow rose 0.8% and 0.7%, respectively. A2, B9

• Tariff refunds have begun rolling in to big U.S. companies and in some cases providing a solid boost to earnings. A1

• Poincare "orchestrated" its recent ban by the U.S. government as cover for its desire to leave the U.S. with marked, one of its largest American dealers alleged in a lawsuit. B1

• Tyson Foods plans to shutter a major beef processing plant and sell another, the company's latest moves to pull back from the t-shirt guaranteed business. B2

• SMIC, China's biggest chip foundry, record an sharply higher net profit and revenue as it cashed in on robust orders for legacy and specialty semiconductors. B6

• Tapestry's Coach brand takes over 10% by $1.64 billion in the fiscal fourth quarter, offsetting a 7% decline in state goods revenue. B3

• Write-downs at Global Agreement second quarter profit, but the renewable energy company said that all its projects are on schedule and within planned costs. B5

• Lenson kidded off in fiscal year with record sales and new market to achieve the $100 billion annual revenue goal ahead of schedule. B6

• A.P. Moller-Morris raised its full-year goal picture for the second time in less than three-months, citing higher budget rates and strong demand in Asia. B5

Worldwide

• The U.S. is preparing to release the aircraft carrier, USS Abraham Lincoln with the USS George Washington amid growing concerns over living conditions aboard the U.S. and the chain on troops during the two war. A1 • Trump directed the Navy to bear out a complex system for launching air fighters from its aircraft carriers and go back to using drawn-aid packs, a new air-fly to cost billions of dollars. A6

• Long: Bluegrass was expected to plant guilty Friday in a Washington federal court, where he faces striking charges in connection with the 1980s. A7 (U.S. Department of Commerce) 522-Bruce Thompson. A3

• House Minority Leader Hanson, left his signaled that Democrats would look to overhaul the Supreme Court if they report power. A4

• Flock Safety said it would add subjugated to its surveillance product, but without a partial abuse by law enforcement after a backlash. A8

• Talman is giving its court guard a bigger role in national security as part of a defense strategy focused on keeping China's landing forces from preaching its drivers. A7

• The Kennedy Center's board of trustees raised a focus on port funding with a venue for two years and add Trump's name to the fourth, according to Rep. Joyce Bradley and her attorneys. A8

• Cuba is throwing a swobbing party to celebrate the 1980's because they say if Fiona Castro's birth on 19 megapies with economic collapse. B9

CONTENTS Morgan... 00:00 John S. Hancock, 01:00 James T. Hancock, 02:00 Robert C. Hancock, 03:00 George A. Hancock, 04:00 C. Hancock... 02:00 C. Hancock... 03:00 Robert C. Hancock, 04:00 Robert C. Hancock, 05:00 Robert C. Hancock, 06:00 Robert C. Hancock, 07:00 Robert C. Hancock, 08:00 Robert C. Hancock, 09:00 Robert C. Hancock, 10:00 Robert C. Hancock, 11:00 Robert C. Hancock, 12:00 Robert C. Hancock, 13:00 Robert C. Hancock, 14:00 Robert C. Hancock, 15:00 Robert C. Hancock, 16:00 Robert C. Hancock, 17:00 Robert C. Hancock, 18:00 Robert C. Hancock, 19:00 Robert C. Hancock, 20:00 Robert C. Hancock, 21:00 Robert C. Hancock, 22:00 Robert C. Hancock, 23:00 Robert C. Hancock, 24:00 Robert C. Hancock, 25:00 Robert C. Hancock, 26:00 Robert C. Hancock, 27:00 Robert C. Hancock, 28:00 Robert C. Hancock, 29:00 Robert C. Hancock, 30:00 Robert C. Hancock, 31:00 Robert C. Hancock, 32:00 Robert C. Hancock, 33:00 Robert C. Hancock, 34:00 Robert C. Hancock, 35:00 Robert C. Hancock, 36:00 Robert C. Hancock, 37:00 Robert C. Hancock, 38:00 Robert C. Hancock, 39:00 Robert C. Hancock, 40:00 Robert C. Hancock, 41:00 Robert C. Hancock, 42:00 Robert C. Hancock, 43:00 Robert C. Hancock, 44:00 Robert C. Hancock, 45:00 Robert C. Hancock, 46:00 Robert C. Hancock, 47:00 Robert C. Hancock, 48:00 Robert C. Hancock, 49:00 Robert C. Hancock, 50:00 Robert C. Hancock, 51:00 Robert C. Hancock, 52:00 Robert C. Hancock, 53:00 Robert C. Hancock, 54:00 Robert C. Hancock, 55:00 Robert C. Hancock, 56:00 Robert C. Hancock, 57:00 Robert C. Hancock, 58:00 Robert C. Hancock, 59:00 Robert C. Hancock, 60:00 Robert C. Hancock, 61:00 Robert C. Hancock, 62:00 Robert C. Hancock, 63:00 Robert C. Hancock, 64:00 Robert C. Hancock, 65:00 Robert C. Hancock, 66:00 Robert C. Hancock, 67:00 Robert C. Hancock, 68:00 Robert C. Hancock, 69:00 Robert C. Hancock, 70:00 Robert C. Hancock, 71:00 Robert C. Hancock, 72:00 Robert C. Hancock, 73:00 Robert C. Hancock, 74:00 Robert C. Hancock, 75:00 Robert C. Hancock, 76:00 Robert C. Hancock, 77:00 Robert C. Hancock, 78:00 Robert C. Hancock, 79:00 Robert C. Hancock, 80:00 Robert C. Hancock, 81:00 Robert C. Hancock, 82:00 Robert C. Hancock, 83:00 Robert C. Hancock, 84:00 Robert C. Hancock, 85:00 Robert C. Hancock, 86:00 Robert C. Hancock, 87:00 Robert C. Hancock, 88:00 Robert C. Hancock, 89:00 Robert C. Hancock, 90:00 Robert C. Hancock, 91:00 Robert C. Hancock, 92:00 Robert C. Hancock, 93:00 Robert C. Hancock, 94:00 Robert C. Hancock, 95:00 Robert C. Hancock, 96:00 Robert C. Hancock, 97:00 Robert C. Hancock, 98:00 Robert C. Hancock, 99:00 Robert C. Hancock

Israel Sends Troops Amid West Bank Standoff

TENSIONS 8850: Israel soldiers stand in the village of Grace Thursday after the many chased with Jewish settlers while dismantling an illegal outpost. Some Palestinians said Israel soldiers had asked them to leave their homes, a claim they were, seven, 47

How Trump, Mark R. Kindred Relationship After Big Blowup

With high midterms stakes, the tech CEO plans to spend big to help Republicans

As cabinet secretaries, business executives and President Trump's family members boarded six Force One for a long-held flight to China, in came Elon Musk.

Musk twitched his relationship with Trump nearly one year earlier. But in May, as they cruised toward Beijing, all appeared friendly, accord-

ing to people on the plane. The leader of Tesla and SpaceX told the president about plans to build factories in the U.S. Trump talked about a space-launch video he watched and asked about one of Musk's young sons. Musk mentioned with White House advisers about how much his it had been to be involved in the 2026 presidential race.

Then Musk delivered news that Trump's team had been hoping to hear for months. He intended to aid Republicans in November's uniform elections. Musk has signaled he plans to

By Alex Lowry, Amie Lindsay and Dana Maron

spend at least $500 million on a wine-harvest operation to help the GOP maintain control of Congress, people familiar with the strategy said.

The scene capped a nearly reselling effort to insulate Trump and Musk after the breakage of one of the most significant left-hand political instances in modern U.S. history. It involved back-channel phone calls, roaming from mutual

friends, invites to Mar-a-Lago and a White House sister. The reunion was nudged forward by a tragedy the assassination of conservative activist Charles Katz, who spent the months before too death trying to impair the relationship.

Presently, Trump has said he and Musk will never be as close as they once were, according to the president's aides. But they are talking again, roughly once a month, people with famed. Please turn to page A4

• EV pioneer Musk turns into fossil fuels... B1

Living Conditions On Carrier Prompt Concerns

Relief vessel to be sent as the Lincoln's deployment stretches to over 250 days

In Sanzar Moscow and Your Room

The U.S. is preparing to send the aircraft carrier USS George Washington to the Middle East to replace the USS Abraham Lincoln as part of a scheduled Middle East deployment, U.S. officials said, amid growing concerns over living conditions aboard the Lincoln and the steam on troops during the first war.

Several lawmakers said they are concerned about reports of a lack of food and personal supplies aboard the carrier, as well as providing business as the carrier's government stretches into its south mouth.

A U.S. official confirmed Thursday that a person went overboard the Lincoln early this month but was quickly rescued.

The Lincoln has been depleted for more than 250 days and it hasn't made a port call in 200 days, setting a record for consecutive days at sea, according to the Richard Blumenthal ID., Conn., who wrote a letter to DeKron Secretary from Stephen Andartag Secretary of the Navy Hang Can.

Please turn to page A6

• Trump orders old technology restored on carriers... A1

Soccer Penalty Hits StubHub

World Cup ticket fiasco erases: StubHub profits, sending stock down. B1

StubHub share price since first day of trading

Source: FactSet

Tariff Refunds Turbocharge Earnings

By Taco Francis Aon-Claus Rasmussen

Tariff refunds have begun rolling in to big U.S. companies—in some cases providing a solid boost to earnings.

Contrary to warnings that the refund process could prove slow and messy, many companies appear to have received the money with remarkable speed. So far, more than 40 S&P 500 companies

have reported some 10.6 billion in refunds on the past quarter or so, including at least $2.1 billion in cash already received.

Among the biggest refunds reported in the Apple, at nearly $2.2 billion, Nike, at 2000 million, FedEx, at about $800 million, Amazon.com, at $640 million, and General Motors, at $300 million.

U.S. Customs and Border Protection had received just

more than 232,000 refund applications as of July 31 for tariffs declared unlawful by the Supreme Court. The earnings agency accepted $218.7 billion in refunds for processing an agency official told a federal court last week.

Several companies voted they have already received the full amount they sought, or expect to.

Nike said it had received $352 million in refunds in the

last quarter of its fiscal year ended May 20—and received almost all of the remaining $694 million by July 31, when it issued its annual report to shareholders.

Other companies have made clear they are still awaiting the outcome of some refund claims. Fortwo, which makes industrial new economic equipment and automation technology, recog. Please turn to page A2

INSIDE

U.S. NEWS

Civil-rights lawsuit accusing Harvard of antisemitism is dismissed. A1

SPORTS

The WNBA season spends extra chaos, overshadowing gains in its TV audience. A16

North Korea's U.S. Workforce

INFLTRATED: Scan this code for a video on W3.7A investigation into how North Korean operations are using stolen identities to land jobs at U.S. companies.

Island-Hopping in Greece Is A Dream—Until the 'Womit Comet'

High-speed boats ferving tourists

have turned Odyssean for some travelers

In Okuna Bee

The Aegean Sea appeared calm as Austin Centosa waited to board her ferry, like one traveling with her husband and four look from the Greek island of Byron to Athens.

Minutes after their boat left the port, huge waves were

crashing into the ship as it cooled food and birth Centosa, 30, could see water-vagging, the windows, an attendants rushed to assist travelers.

"They were going around rousing people, handing out their bags, and trying to find out," 75 wasn't even worth trying. Please turn to page A9

Inside a Stunning Ruse To Protect the President At an Airport in Turkey

WASHINGTON—As President Trump's memorable turbot through Turkey's capital to the airport, his security team had an urgent decision to make.

By Alexander Ward, Jack Deavey, Anat Peled out, Jared Melvin

U.S. and Israeli intelligence, it July had announced a threat to human genesis to launch a lightweight, shoulder-fired missile at Trump's plane as he departed Atlanta, according to U.S. and Middle East officials.

In a worst case scenario, a militant would evade right security at the North Atlantic Treaty Organization summit, could shoot a half-mile away from the airport and see a chair portable air defense system, or, Mimpad, to strike the jet, said officials who have seen or bent to shoot on the intelligence.

While the plane would have he accompanied by jet fighters in the air, according to White

House aides, the aircraft would have been vulnerable as it took off under such a scenario.

Some U.S. officials thought the alleged plot was impractical, implausible, even impossible. Turkish officials would do everything to make a contemptuable, according to U.S. and Middle East officials.

For both little time to confirm incoming details and the U.S. in the middle of a war with Iran, the Secret Service took no risks and devised a plot that seemed typical from the pages of a political thriller.

After setting from his formation, Trump could be seen founding a legacy version of Air Force One before committing into a calming truck loaded "Olymanov" planes without reporters or some senior White House officials aware of his movements. A few top aides, including his postman, included Natalie Rapp, joined the

Please turn to page A6

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A2 | Friday, August 14, 2026

THE WALL STREET JOURNAL.

U.S. NEWS

CAPITAL ACCOUNT: By Greg Ip

The Jobless Economic Boom Has Arrived

Patrick Collison, chief executive of digital payments company, brings, not overtly polled his 1.5 million followers on A about their economic outlook.

Some 33,000 took the outset. So average, they expect economic growth to double over the next five years, to an average of 4.3%, and employment to fall far around 8%.

Think of this as the "dioptronic" scenario, in which AI vastly increases economic output while making tens of millions of workers redundant.

The probability of this forecast coming true to close to all, employment almost never collapses by that much, and never when output is deteriorating. But the magnitudes aren't what matters, it's the direction. And if a jobless boom once seemed far-fetched, it no longer does, because we seem to be in one right now.

Admittedly, our main growth measure doesn't look

heemy. Real (inflation-adjusted) gross domestic product growth averaged 2.5% over the last year, in line with the previous year; and a lousy 13%, annualized, in the second quarter.

But the stock market delivers a completely different picture. If has bulkhead its way through tariffs, was higher oil prices and disappointing GDP to rise 14% this year. And last week, stocks jumped to a record after Treasury Secretary Scott Boozard said the 5.2, and that could strike a deal to open the threat of Rerms in a day or time. The attack is still closed, but stocks have held on to their records.

There are several potential explanations for why the stock market has disconnected from GDP line is that it's a bubble. Another is that it tells us something about the future, namely that growth is going to accelerate. In a bubble, stock prices typically go up faster than earnings, reflecting valuations

(i.e. the price-earnings multiple). But in the last year, earnings have risen faster than prices. Each devaluation.com and Alphabet, whose results were inflated by investment gains, and earnings were up a trimming 25% in the second quarter so far, according to Farzfort. The multiple has thus declined.

Much of this, of course, is because of AI, which is driving demand for cloud storage and computer chips. (Tariff refunds may also play a part.) AI itself may well be in a bubble. But the boom isn't just a built-in AI story. The median earnings growth of 5MP 500 companies has accelerated to 13% from 8% two years ago, according to Bank of America. The bank calculates that total revenue for the index excluding energy and financial companies, and adjusted for inflation and currency changes, is up around 8%, much more than GDP.

A handful of AI linked

5MP 500 median earnings growth

Lacres Bank of America

stocks were once driving the market. Not any more Banks and small stocks, which are bank transfers to the state of the business cycle, are so much more than big tacks.

"Magnificent Seven" this year. Deutsche Bank recently found the phrase "broad-based" cropping up reportedly in earnings calls. "While I appreciate the in-

part AI is having on GDP, that can't be the only driver of the loan growth that

we're saving given the industry dispersion and the geographic dispersion," Bill Demichak, chief executive of PPE Financial Services, said.

The big picture, then, is that companies across the economy, not just those exposed to AI, are seeing solid demand, and that is manufacturing profit and revenue.

But not being, which brings us to the jobless part of the jobless boom. We learned last week that total payrolls shrank in July, the fifth time in the past 22 months. Private payroll growth has averaged a fifth over 30,000 per month for the last year. These kinds of trends are virtually unprecedented outside recessions.

The slide in job growth hasn't pushed up for unemployment, which heaves her above 6%. The reasons is

that the labor force is shrinking as baby boomers continue to retire and immigration drive up.

Demographic factors may be holding down unemployment, yet demand for labor is also rapid. Job openings are mixed at postpandemic lows, according to Indeed. If employers were competing for talent, well (we it is pay, yet annual earnings growth is just 3.2%, the lowest since before the pandemic.

Jury could interfere with the economy unfolding the way the stock market seems to hope. Consumer demand has remained solid despite weak wages because many households have been saving loss. And private investment depends on the inaction of liabilities of his business. The company is finance data owners. Neither of these things can go on forever.

But they can keep going for now. Equivalently if AI accomplishes even a fraction of what the optimistic think

Ford says it is expecting about $3 billion in tariff reimbursement combined from the federal government and its suppliers.

U.S. Tariff Refunds Lift Profits

Continued from Page One mixed a $4.5 million benefit for tariff refunds received last said it expected as much as $25 million more in coming periods.

Reported refunds don't always reflect money in the bank, and companies are handling the same in different ways on their financial statements. Some record them only as cash arrives, while others are also reflecting likely payments to their financials.

Zelma Techenkoyan, which makes fast cash scanners and printers, concluded in the second quarter that it would likely to get a refund of all $73 million in past tariff payments. By the end of the year, it ended July 4. It had received $16 million in cash but hooked the remainder as a receivable. By July 15, the company said, it had received an additional $27 million in payments.

In some cases, refunds have contributed handily to quarterly results, Apple said in tariff refunds, and Apple said it costs to pre-share earnings in the most recent quarter—about 5% of the quarter's total.

The company said, "It's just a good thing. It's just a good thing. It's just a good thing. It's just a good thing."

Federal tariff refunds are making their way to companies after the U.S. Supreme Court (fringe out a cornerstone of President Trump's tariff policy) says this year.

Duties recovered

*Not all companies did their tariff revalued.

Note: Disbursements and other contributions are noted if it was made up of, not 21, 5MP 500 refunds as disclosed through Aug. 8 and 10. The 1.5M refunds are available for the U.S. Supreme Court.

Sources: Caltrans and Boston Prolog Inc; Box companies.

earnings for the quarter ended June 29. The company said it had received $307 million in refunds and expected $38 million more.

Yet for many companies, even sizable benefits from tariff refunds are offset or overshadowed by the tariffs they continue to pay.

In the public's estimate $192 million is expected tariff recovers in the most recent quarter and said its outlook for the remainder of the year is not far better than the other. It does expect to incur a total of $2.5 billion as tariff payments for the year, not

considering the recoveries.

So far, technology hardware companies have reported the highest refunds, at $2.5 billion across half a dozen companies. Nearly 90% of that reflects Apple alone.

More than a dozen capital goods companies reported about $1.5 billion in refunds, including where equipment makers Caterpillar and Deere (DEC) militia, defense contractor Lockheed Martin (SMI) militia over an number, and other companies which a Decker (SMI) militia.

Several companies have said they'll share refunds with

Reported refunds, in the most recent quarter, with cash received

customers. FedEx said it would start disbursing its $800 million in refunds to shoppers and consumers in August.

FedEx said it functions as a pass-through for customers and is required to collect duties and taxes on the company said customers can stock the status of their tariff refunds on FedEx's website.

Costco—one of many companies let by class-arrives have units from United working consumers—has said it plans to pass tariff refunds to customers "in some form" and at levels similar to the tariff costs it had passed on to them. The

company said the federal refund process on its own could take months.

DEC, which sells pumps and valves to a range of industries, said it expected to retake $34.7 million to customers. That is about two-thirds of the more than $20 million it received.

The companies were less clear about the source of their reported recoveries. Ford Motor said it expected around $3 billion in tariff recovers. The company also government and suppliers combined, of which about $3.5 billion stemmed from the Supreme Court's decision invalidating President Trump's emergency tariffs.

Erasmus said it had identified a "limited set of circumstances" in which it could trace the cost of tariffs passed on to customers and would reduce those expenses to a tax refunds once they receive the cash.

"Otherwise," CPO Brian T. Glosseley said in a July news statement, "I think that it is not too common to assert in low prices for customers."

Unemployment Claims Increase

U.S. address claims continued to rise 10% while moving higher than expected.

The number of people who filed for unemployment benefits was 200,000 in the week through Aug. 8, 9,000 higher than the quarterly revised 200,000 reported a week earlier, the Labor Department said Thursday, Economics surveyed by The Wall Street Journal had been expecting to see the figure rise to 200,000.

Continuing claims, which scale with the total size of the unemployed population, totaled 7.78 million in the week through Aug. 7, taking 22,000 from the downwardly revised 18 million a week earlier. The data on continuing claims lag the initial claims also by a week.

Companies have slowed busing and total payrolls shown last month as demand for labor costs.

—Dave Seal

Producer-Price Index Flat in July

Wholesale prices were unchanged last month as energy prices edged down, the Labor Department said on Thursday.

The producer-price index was flat in July, after falling by 57% in June. Analysts surveyed by The Wall Street Journal had been estimating producer prices to rise by 0.2% last month.

The data comes after the July consumer-inflation report on Wednesday showed the annual inflation rate fell slightly. Many smokers that the central bank would have to act sooner rather than later at its next interest rate showing this fall.

Statements and Flat officials typically watch the PPI numbers steady because some of the underlying data is used in calculating the personal consumption expenditure price index, the inflation matrix that the Federal Reserve costs to gauge progress against its 2% inflation target.

The PCE report will arrive later this month. After seeing Wednesday's consumer-inflation numbers, many economists estimated that the core version of the PCE index, which includes smaller food and energy prices, rose by 0.2% or 0.5% last month.

—Anuska Ganci

Producer-price index change from a month earlier

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NOT A TOP FOR U.S. SURVEY IF AT WILLIAM TAYLOR

CORRECTIONS & AMPLIFICATIONS

The first name of Rufino Ortega was misspelled at Rufino in a World News article on Thursday about religion tourists in Spain.

Readers can enter The Wall Street Journal in July 2016 to be posted at 2016 to be sent by the National Library of Congress at 1-800-1-2000. 1-800-1-2000.

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THE WALL STREET JOURNAL.

Friday, August 14, 2026 | A3

U.S. NEWS

Mangione Is Expected To Plead Guilty in Federal Case

By CYNTHIE BLATT Also Sune Grouse

Luigi Mangione was expected to plead guilty Friday as a Manhattan federal court, where he had facing leading charges in connection with the killing of UnitedHealthcare CEO Brian Thompson outside a Midtown hotel in 2025, people familiar with the matter said.

The expected plea potentially resolves the federal case and a search before Mangione is scheduled to go to trial in state court on murder and other charges. But the people familiar with the matter cautioned that Mangione still could change his mind. And his defense team has abruptly shifted strategies previously.

Mangione may have tactical reasons for the timing of a plea. If he is convicted of federal crimes related to Thompson's killing, his heroes could attempt to argue that facing similar state charges amounts to debate jeopardy. That litigation could potentially delay them.

A hearing in federal court was scheduled for Friday morning.

A spokesman for the Manhattan U.S. attorney's office, which brought the case, declared to comment, is a spokeswoman for Mangione's legal team didn't respond to requests for comment.

Mangione, 20 years old, is alleged to have planned an attitude of Thompson, who was in Manhattan for an inventor conference. The shooting, at close range on a public sidewalk, shook New York City and the broader public, setting off a daunting manhood.

Mangione was eventually arrested at a Pennsylvania McDonald's, where authorities said they found him with a backpack that contained a pistol and a silencer, as well as a handwritten document that expressed ill will toward corporate America.

In the federal case, Mangione is charged with two federal making offenses for causing Thompson's death. The maximum sentence is his to person without parole.

In the separate state case, prosecution have charged him with second-degree murder and offenses related to criminal possession of a weapon. Jury selection is scheduled to begin Sept. 8.

The state judge previously shows out two terrorism-related murder charges, saying murder committed for ideological reasons—such as an alleged attempt to draw attention to inequalities in the healthcare system—doesn't meet the legal definition of terrorism.

Mangione has pleaded not guilty in both cases.

Earlier this summer, the judge in the state case indicated that Mangione intended to present a psychiatric defence. That strategy had the potential to reduce his sentence. The next day, his lawyers said they no longer planned to do so.

Harvard Antisemitism Suit Dismissed

Judge finds incidents weren't systemic and didn't violate civil-rights law

By JACK MENDRY Also DALLAS BEACH

A U.S. District Court judge in Boston on Thursday discussed the federal government's antisemitism lawsuit against Harvard University, finding the college isn't presently violating civil-rights law. The suit was part of a Trump administration push to reshape the toy Lungor school, alleging institutional antisemitism, racism in admissions and failure to allow free and open debate on campus.

Harvard has said that it has taken steps to address antisemitism on campus and that the government attacks are a violation of the school's First

Amendment rights and evidence independence.

In this suit, Judge Richard G. Stearns ruled on Thursday that there wasn't sufficient evidence of ongoing institutionalized racial discrimination at Harvard.

The government's complaint focused largely on alleged antisemitism at Harvard in the aftermath of the Oct. 1, 2022. Baman-Sol attacks in southern Israel. Stearns questioned whether antisemitism remained widespread when the government filed its lawsuit this year.

"Without diminishing any concern arising from these occurrences, the court finds them, single and collectively, to be the isolated and episode to support a plausible inference that any institutionalized noncompliance with Title VI persists at Harvard in this day," Stearns wrote, referencing Title VI of the Civil Rights Act of 1964, which base

discrimination based on race, race and national origin in programs that receive federal funding. Neither the White House nor Harvard responded to requests for comment.

The Trump administration has shaken universities for targeting billions of dollars in federal funding. A number of them, including Brown and Columbia, have already dealt with the federal government, but Harvard has dug in white shatns support has grown and Harvard President Alan Garner's rations has risen.

The administration began nearing in on Harvard early in 2025 when it from 12.1 hours in federal research grants over allegations the school tolerated antisemitism on campus.

The administration went on to threaten Harvard's new-credit status, target its ability to search international students and probe its acceptance of foreign donations.

Harvard won a significant court battle in September after it used the administration's federal judge ruled the Trump administration's funding cuts were unconstitutional and ordered the money received in December, the administration filed an appeal, which is ongoing. Harvard has said it remains confident in its legal position.

Thursday's ruling stems from a separate civil-rights lawsuit the Trump administration filed against Harvard in March, alleging the school failed to enforce antiharassment rules when it came to Jewish and Israeli students. The suit sought to recover millions of taxpayer dollars that Harvard accepted while leading its violation of civil-rights law.

The government argued Harvard was "deliberately indifferent" to the students, who the suit said underact

years of harassment including physical assault.

Overall students, the government said, were baseball caps to conceal their yarns like a leapt out of night—"effectively denying them access to federally funded educational opportunities."

Harvard has acknowledged campus tumult.

The university in 2025 released a faculty report on antisemitism that found the school came up short in protecting Jewish students and providing an overloaded approach to the volatile situation after the October 2023 attacks by Baman.

In a message accompanying the report, Garber called the 2023-24 academic year "disappearing and painful" and apologized for the "moments when we failed to meet the high expectations we rightfully set for our community."

Massive Wildfire Spreads Across Western States

ON FINE, Robert W. & Greg Angleson, 2025. The American Journal of Public Health. 2025. The American Journal of Public Health. 2025. The American Journal of Public Health. 2025. The American Journal of Public Health. 2025. The American Journal of Public Health. 2025. The American Journal of Public Health. 2025. The American Journal of Public Health. 2025. The American Journal of Public Health. 2025.

Kennedy Center Board Revives Push for Trump Name

BY VICTORIA ALBERT

The Kennedy Center's board of trustees has voted to close the performing-arts venue for two years and add President Trump's name to the facade, according to U.S. Rep. Joyce Beatty and her attorneys.

The board voted Thursday to change the front of the building's facade to read "The John F. Kennedy Center for the Performing Arts Restored and Renovated by President Donald J. Trump." the Glee Democrat, who is an ex officio board member, and her attorneys said in a statement. The physical site will be renamed

"the President Donald J. Trump Plans."

The board also voted to close the center for two years, the statement said.

The move follows months of litigation over Trump's attempts to reshape the cultural institution and is likely to reach further legal challenges. A federal judge in Washington, D.C. blocked the administration's previous attempt to add Trump's name to the title and passed its two-year renovation plan.

"This latest development is a transparent effort to circumvent the Court's ruling, and files in the face of thetrustees that Congress passed," Beatty

said. "I will continue to fight all this treasured national environment."

The White House and the Kennedy Center didn't respond to requests for comment.

Trump has taken a special interest in the venue to be second term, firing board members and installing himself on Jail.

The Kennedy Center's board, which includes many members appointed by Trump, voted last last year to resume

The board's naming attempt is likely to spark further legal challenges.

the venue the Trump Act needs to Center. The president said in February that the center would close its two years for renovations.

Beatty filed a suit against

the administration to block the name change and choose a federal judge ruled in her favor in May, finding only Congress had the authority to resume the building.

Trump's name was removed from the facade soon after.

The judge, who was appointed by President Barack Obama, also temporarily blocked the two-year-closure plan that the board had approved in March, saying it had found its decision "to an insufficient, one-sided presentation of information" and didn't properly consider the full range of its obligations or the consequences of closing the facility. The administration has appealed the decision.

The performing-arts center has several main stages and hosts more than 2,000 events a year. In 2024, it had an upcoming budget of $200 million.

Flock Plans to Add Safeguards to AI Surveillance Tools After Backlash

Flock Safety cameras photograph the back of passing vehicles and collect license-plate data

BY VICTORIA ALBERT

Flock Safety said it would add safeguards to its surveillance products to address potential abuse by law enforcement after months of backlash and penalties of 20, 40-mibled camera systems.

All law-enforcement customers will be required by the end of 2026 to adopt a tool that flags alternative activity for reason, the company said Thursday. Atlanta-based Flock said the tool has been associated with the arrests of several officers accused of abusing the system. It will also increase a "practice lockout" that suspends access when the system detects suspicious behavior.

The company also said it would require cost codes for all database searches and order the default data retention

period from 20 to seven days. "These changes reflect years of work and regulations," Flock said. "They are not the end of that work, but simply the continuation of our commitment to both safety and privacy."

Trustees have risen in communities across the country over the use of the cameras, which photograph the back of passing vehicles and collect license-plate data and other identifying information. Flock has more than 12,000 customers and has visited scanning 20 billion license plates a month.

Supporters say the cameras have helped police reduce crime and solve cases. But critics say they violate privacy rights, citing incidents where officers have allegedly used Flock's cameras for stalking. The American Civil Libert

ties Union, which has long criticized Flock and other authorities, have no readers, said Thursday that it wasn't confident the new security measures would do enough to prevent misconduct.

The American Criminal Justice Commission has ordered changes seem to be a bloody study. If it attempt to counter communities' genuine privacy concerns with its more harmful laws, anyone will, largely, be law security promises, rather than an outcry effort to address them," the civil-rights group said.

The Wall Street Journal expected in June that about 50 years and counties have said chief Flock contracts or deactivated cameras since early last year. Some opponents have taken matters into their own hands, attacking the cameras with none or spore painting over the lenses.

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THE WALL STREET JOURNAL

U.S. NEWS

Top Democrat Thuggs High Court Change

'Variety of different options if the party regains power, House minority leader says

By Duncan Faucett, Ann Mims Bente

ATLANTIA—House Minority Leader (Malvern Jefferson St. N.Y.) on Thursday (upside) the Democratic would lead to overhaul the Supreme Court if they regain power in Washington, nothing to his party's long-arguing Americans with the cross-country.

In remarks at the National Association of Black Association comments in Atlanta, Jeffries said he believes "dramatic for

prone Court reform is necessary" and described the conservative wing of the court as a "voluntary" of President Trump's Make America Great Apple movement. In said Report, a "variety of different options that are on the table, and I think we can't function as any single one of them."

More broadly, Jeffries described Democratic on-going to voters as "fighting for an affordable America," as his party needs to flip the majority in the House, currently controlled by Republicans (19 to 22). He also said Democrats were "going to hold the crooks accountable," alleging widespread corruption in the White House and Trump administration.

Democrats have been pulled

in two different directions to voters that election right, thanks to an energetic push by candidates who identify on Democratic socialists and are making a major overhaul to the country's safety net and institutions, including the high court.

Asked if Democrats might blow it in November, Jeffries said, "Fathers is not an option." He stated, after he "If the Knicks just won the championship, the Democrats come back can take place."

The court has been a major source of anger for the left. It currently has a 6-3 conservative lean, and has issued rulings ending the right for women to get an abortion and violence rules meant to protect the representation of Black voters in

Hakeem Jeffries

the fourth—both of which engaged Democrats. But the court has than tried against Trump in high-profile cases, blocking his tariffs and his effort to end birthright citizenship.

Since Democrats have

called about adding Districts to the court to swing his ideology leftward to imposing a mandatory town length of 18 years.

Even if Democrats wish back controls of the House and the Senate this fall, passing any court-related legislation in the 2030 member Senate would regain hitting a 60-vote Schedule bill, unless Democrats end in charge. An filibuster rule also, Trump could veto any measure until his term ends.

When the Democrats last had control of Congress and the state of Maine, the Senate recently tried to change the filibuster rule as a voting access bill. Jeffries referenced that fight in his comments Thursday, saying he suggested regain changes to Senate rules

to make it easier for the majority to pass legislation.

Trump has warned that if Democrats regain power, they will eliminate the filibuster to evaluate the court as a family left-wing institution, and he has urged Republicans to kill the rule now so that he can move easily pass his own priorities.

Democrat "together one" is a part of the 2030-2030-Industrial (HILFERATION of our great United States Supreme Court," he said last last year.

Democrats' congressional committee in the 2030-2030-Industrial (HILFERATION of our great United States Supreme Court," he said last last year. "Democrats' congressional committee in the 2030-2030-Industrial (HILFERATION of our great United States Supreme Court," he said last last year. "Democrats' congressional committee in the 2030-2030-Industrial (HILFERATION of our great United States Supreme Court," he said last last year."

The Ruse To Keep Trump Safe

Continued From Page One Trump would ride the smaller aircraft with Serious Revenue from Majorstay to military base in the U.K. See how security transformed back to the original plane and walking down the stairs as they had been otherwise it is safe. For the final day to the U.S., Trump flew aboard a third plane, has preferred Qatar-afford air, for a next television ride home.

沸騰的 F-16i Force One packed at the Turkish airport show vehicles behind with the hope of aรอคอยู่อาศัยยุค called Turkish B-16 G-50. When continued for comment, the company said, "Due to certain destitute requirements, we do not comment on our client-particularly regarding any specific color flight."

The exchange telecasts of Trump praise, mostly from practical allies, the circumscribing a dictionary that has placed a $10 million benefit on his road. Yet Critics have posted Al-generated pictures online of Trump coworking in the catering truck, cutting against his protective design of a wartime leader who has survived these shocking attempts.

'Up to Secret Service'

The president said he had no choice but to obey his security rules. "It's really just up to Secret Service," Trump, a Republican, said Tuesday night. "I go by Secret Service and the military. They wanted to have a different different a different plane, for safety."

The White House didn't plan to disclose the item, officials said, until the Washington Post. Free revenues it and sparked a media forum. An angry piece is distasteing answers on why reporters weren't told of Trump's plane transport or familiar time pressure aboard the supposed

A photo of Air Force One taken after President Trump had boarded the plane in Ankara, Turkey.

Source: NATO, staff estimates reports

Air Force One—alongside severe officials Secretary of State Marco Rulko and Treasurer Secretary Scott Bessent—put them at serious risk.

Trump's team scrambled jet fighters to accompany the plane the president left behind, officials said.

A U.S. official demanded the response, noting the daily

dangers Trump faces and said the threat revealed by the intelligence was serious enough for the Secret Service to promulgate the security plan around the workplace.

There are also growing fears about what the manoeuvre reveals: an administration previously conversed that Iran-linked assassins could

even in a friendly nation, endanger Trump.

"It's quite extraordinary that the president had to be smuggled into a different plane since a NATO summit on a NATO country," said Melk Bagros, an Iran airport at the Washington facilities for New East Policy, a whole week. "While the Trump administration tests the weak

tens of the Islamic Republic, its much remains extensive enough to allegedly try and kill the United States's political leader in the world.

The CIA declined to comment. A spokesman for the Turkish foreign ministry said he had no information on the matter. The Israeli prime minister's office didn't respond to a request for comment.

No room for error

Troubling information reached the upper tier of Trump's room on July 7 the practitioner did at the NATO summit, U.S. officials said.

Some of the president's aides had worried about things they failed to advance of the trip, particularly on the Qatariq-afford air, which has been defensive regulations. Trump didn't share these concerns and wanted to fly the plane overseas, a senior administration official said.

Israel collected intelligence of Iranian promise discussing killing Trump while he was in Turkey. The information shared with the U.S. was vague. The information, officials said, and not deemed entirely credible. In many members of the president's staff, frame suggested that Israel, which currently takes intelligence with the U.S., was trying to spot Trump into or relating the monthliving war with Iran.

Hours later, the U.S. gathered its own intelligence about the Iranian republic threat, U.S. officials said.

U.S. officials had doubts about the alleged riotism, as there was no evidence the riotism was. The U.S. commissioner or firing system in Ankara, people familiar with the intelligence said it would be hard to penetrate the heavy security of the U.S. in the ground the summit and Trump, the U.S. officials accused, especially with such a conspicuous weapon.

The U.S. officials of the Umem against the president, a former war officer said a troubling intelligence picture left no margin for error on a short moment, U.S. officials said.

"The particular case, the

Israeli Messad was one of the reasons that they knew that the plot was real," U.S. leaders said. "I stated Mike the potential to kill Democrat on Tuesday.

The Secret Service day met its playbook of tricks to protect Trump during his vulnerable final minutes in Turkey.

In 2008, then President Bill Clinton flew to India from Pakistan in an unmixed plane, leading mostly after the riots. The United States's leader, the United States's leader, was a member of the United States's leader, the United States's leader, the United States's leader, the United States's leader, the United States's leader, the United States's leader, the United States's leader, the United States's leader, the United States's leader, the United States's leader, the United States's leader, the United States's leader, the United States's leader, the United States's leader, the United States's leader, the United States's leader, the United States's leader,

John Kelley, a senior White woman, evenings and stars Department spokesman in the House and Rules administration, said Trump's staff was right to take all necessary measures to protect the U.S. through they could have achieved the press about the play and embargoed any reporting until the president's report was read.

The press would have obliged the present state. The last thing they would ever want to do is put anyone's name in a TV ad. The U.S. can even their own. They also do not want us all the something stuffers on the plane—the opportunity to make alternative travel plans." Kelley said, "It is unconscionable that success and passengers were allowed to fly in that aircraft at that particular moment, ignorant of the danger they were in."

He said his staff have learned to take special precautions because of them from Iran for years.

During the 2024 president's meeting, the Trump's party could decide with rebuttalants and serious threats to their physical safety and Trump's plane. The Iranian government or the United States's government's many before the election, and former officials at the time described serious warnings from the Secret Service about actions involving them or the risk of poisoning.

How Trump And Musk Received Ties

Continued From Page One edge of the calls said:

The valuable relationship could help both men, if Democrats was control of Congress, they have granted a State of investigation into the president and his family. Musk, who often has another government, says that's, could be targeted as well.

Representatives for Musk didn't respond to a request for comment. In a statement, the United States's state of the built the greatest coalition in the history of American politics, full of patriots like Elon Musk who are deeply committed to prevent the fall of the historic accomplishments of the administration.

Trump and Musk became fast friends during the 2026 campaign, and soon after Trump could offer for a second time, Musk received a letter. While those samples—desping them at times—no revenue the president's efforts to reduce the use of the federal government.

But Musk's knowledge of the press's attracted neoprene headlines and targeted mem-

bers of Trump's cabinet, who felt they should have been control over their agencies, didn't guarantee them. Musk, but he would Trump insisted that their head was strong.

Everything felt apart in June 2025, an industrial-excused Iranian erupted within

"Time to drop the really big hands," Musk told his 5-3 drivers at the ages of the fight. Trump, he said, was named in the Jeffrey Epstein film. "That is the end to reason they have not been made public."

Trump, armed with his Tivoli local platform, threat to the United States's government contracts and accused him of opposing a superstar-tan-and-spending bill because of attempted severance. He was a member of the campaign, which he called a "do-putting abominance," would drive the U.S. into more debt.

"Without me, Trump would have been a good one," said Musk, who spent nearly $300 million to help to obey Trump "fresh ingredients."

The White House played down Musk's attacks on the president at an "administration episode." But behind the screen, senior administration officials were rushing to repair the relationship, according to people familiar with the matter.

One day after the public falling out, Vice President Al Vansy and White House chief of

staff Isaac Miles marked up to Musk in an attempt to move to ensure. They figured things were so bad they had little to lose by trying. The conversation went well, according to people familiar with the matter.

Early the next week, Musk called Trump and then had a positive conversation, the people said. Musk followed the call with a social media post expressing regret for some of his comments.

But it would be many months before the collection day was fully repaired. Last September, Trump told a press release that the U.S. was he wasn't ready to bring Musk back into his name room.

Vansy played a central role

in mending ties, keeping open lines of communication with the businessman and his wife. The U.S. has a number of what was viewed as a peace offering by some Trump advisers—Musk abandoned plans to start a new political party, according to people familiar with the matter, as part because he wanted to maintain a relationship with Vansy, who is waking over as a labor, $100 presidential candidate.

Vansy believed Musk was too important a figure to go now, the people said. A permanent rupture in relations with the businessman and his wife, who was a member of the company, gave the upschance of Speed's contracts for

defense and national security. An administration's review of Speed's contracts with the Black government that was initiated after the June 1947. David Hart most of the contracts were critical to the Black Department and MAA. The U.S. had the campaign's last become more embedded in the U.S.'s war machine.

Kirk, the executive—acting member's large following, worked to bring Trump and Musk together, according to people familiar with the matter. He said, "I am not a good thing. He is a good thing. He is a good thing. He is a good thing. He is a good thing. He is a good thing. He is a good thing. He is a good thing. He is a good thing. He is a good thing. He is a good thing. He is a good thing. He is a good thing. He is a good thing. He is a good thing. He is a good thing. He is a good thing. He is a good thing.

Musk walked over to Trump's stadium loss and briefly spoke with the president, Trump putting Musk on the show as the entrepreneur left. Later, on Air Force One Trump talked about the exchange, describing it as the writing and asking what others thought, according to a person familiar with the encounter.

That night, Mask proved a photo of him talking to the president at the memorial. "For Charles," he wrote:

Meanwhile, two personnel changes helped save citizens. In the White House, Musk had responded with Trump's longtime aide Sergio De Caring, a meeting early in Trump's second term, Trump said he was frustrated that he had a lot of money. He had fast enough on certain initiatives. Musk thanked her, who overcame writing of appointment in the administration, causing the president to be cute. So, according to a person familiar with the matter.

Last August, Trump appeared too to be the U.S. president.

Trump made an extraordinary "chance in November, evaporating the talk after next issue, and he had MAA, a member of the U.S. and the U.S. who had been a member of the U.S. who had been a member of the U.S. who had been a member of the U.S. who had been a member of the U.S. who had been a member of the U.S. who had been a member of the U.S. who had been a member of the U.S. who had been a member of the U.S. who had been a member of the U.S. who had been a member of the U.S. who had been a member of the U.S. who had been a member of the U.S. who had been a member of the U.S. who had been a member of the U.S. who had been a member of the U.S. who had been a member of the U.S.

For the midterm, Musk plans to donate to America 1992, the group he set up to 1992. The Trump's move was in 2026. He plans to invest at least $500 million in a get-out-the-vote operation in key states, according to a person familiar with the matter. The move was under reported by Adon and the New York Times.

Elon Musk and Donald Trump during a rally the day before the president's second inauguration is January 2025.

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Friday, August 14, 2026

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U.S. NEWS

DeepMind's Hassabis

Pitched AI Safety Unit

Nobel-winning pioneer discussed proposed new entity with heads, officials

Alphabet's top scientist, Dennis Hassabis, held discussions with government officials and leaders of other artificial intelligence labs about forming a independent industry safety en-

To Robbie Whittier, Amritik Ramkumar and Rasch Bagry

tity in the weeks before he relinquished his role as chief executive of Google DeepMind, said people familiar with the matter.

Hassabis, who co-founded Google DeepMind and co-considered a pioneer in the field of machine learning, has been spending increasing amounts of his time advancing the idea of an organization that would codify safety guardrails and test practices for developing artificial general intelligence, or AGI, these people said. In

discussions with peers, he has likened the proposed entity to the International Atomic Energy Agency, a nongovernmental including that promotes co-operation on nuclear energy.

Earlier in the summer, Hassabis discussed aspects of his plan with high-ranking Trump administration officials, including Treasury Secretary Scott Bessent and Michael Kramenovice of President Trump's top-tech advisors, people familiar with the matter said.

Hassabis didn't respond to requests for comment. A Google spokesperson said the company sees meaning the safety of advanced AI models as "totally important to society" and that Hassabis is uniquely positioned to work toward that goal. "Thanks about to stay into a new role at Google and is focusing his efforts more strategically on scientific breakthroughs and shaping the future of AGI," the spokesperson said.

The model's largest AI labs are locked in a race to reach AGI but many of the top minds in tech, including load-

ers of the companies themselves, have expressed fears that the spread of the technology will disrupt society or that its power will be difficult to control.

Leaders of OpenAI and Anthropic have called for establishing new mechanisms that would allow AI companies to coordinate on safety matters. OpenAI CEO Sam Altman last month proposed "a US-led international forum" to determine standards and provide governance over labs, while Anthropic endorsed a global agreement to slow development and verify compliance. Hassabis's efforts represent some of the most extensive and concrete steps undertaken by an official representing a leading lab.

Recent high-profile instances of AI tests going vague and carrying out cyberattacks have added to public anxiety that the development of the technology is moving too fast and without enough regulation. The Trump administration has increased scrutiny of the security risks posed by AI

Alphabet's top scientist, Dennis Hassabis, is considered a pioneer in the field of machine learning.

but kept model evaluations for the most powerful tools voluntary.

In mid-July, Hassabis published an essay on X arguing that the U.S. should create an industry-funded "standard body" to help assess the safety of AI models. The entity would operate like the Financial Industry Regulatory Authority, a self-regulatory body established during the Great Depression that oversees bio-

lavage firms and is funded by the sector, he said.

Under his plan, federal agencies and the Energy Department's national labs are now would work with AI companies to test models "in areas relevant to national security," and would establish qualifications that would label a model "frontier-class" if it met certain standards.

In the weeks leading up to the publication of the essay,

Hassabis perceived his idea to Bessent and Kramenovice. Bessent has helped shape the administration's AI strategy, meaning that results include like Anthropic's, Mythica pose cyber threats to the financial system.

Last week, Google announced a dramatic management shake-up at DeepMind, its AI research unit, that uses Hassabis strip down an CEO to be replaced by his deputy, Kirsty Karolynnyks.

U.S. Chatbots Allow Chinese Censorship Into Answers

By Eric Wise

Ask a chatbot in China about Chinese politics, and it will either data up or echo the official Communist Party line. New studies show a surprising twist: American artificial intelligence models are unwittingly doing the same—and researchers say AI companies haven't done much to fix it.

The unexpected censorship comes in part from how AI models are trained. They act as a good blender, gobbling up mountains of data across the web, including state-controlled

media. That leaves the resulting smoother with a taste of authorization propaganda.

"It's some of the unintended side effects of the training," said Nicolas Samer, an Australian law professor and member of Meta Platforms' independent oversight board. He and other researchers say AI companies can help address the issue with simple tweaks, including greater transparency about where information comes from.

American AI companies say they take steps to ensure neutral responses that protect

free speech. Still, the oversight board last month published research that found models from OpenAI Anthropic Alphabet's Google and there were significantly less likely to criticize repertoire governments than governments in their countries.

In one test, Anthropic's "made format" 8 willnigh created fliers criticizing President Trump and King Charles III, but refused to do the same for Chinese leader Xi Jinping or Thai King Maha Suprahegkoon, citing safety concerns.

Google's Gemini 5 Pro and

Meta's Llama 4 Maverick sometimes declined to create protect fliers targeting those two Asian leaders, while always competing with requests for the American and British ones.

There are two big reasons for this, said Samer, who led the report. One is a safety human designed to protect users in places like China and Thailand, where criticizing a head of state can lead to prison time. The other, he said, is that the AI labs haven't given enough attention to the issue of unequal responses.

Anthropic said it worked to

ensure Claude responds in a balanced way. It said its latest models have made progress in reducing over-releash ChatGPT developer OpenAI projects to its published approach, which says its models default to an objective point of view and "should never avoid addressing a topic solely because it is sensitive or controversial."

Meta declined to comment, and Google didn't respond to requests for comment.

The censorship also comes in the form of parenting. While it is hard to prompt American AI models to pro-

mert Chinese propaganda in English, asking politically sensitive questions in Chinese is much more likely to yield a pre-helping response.

That may be finding of a study published in May in the journal Nature that noted that Anthropic Claude models and two Open-AI GPT services.

It comes down to a numbers game, the researchers indicated. Much Chinese language data on the internet comes from state scripted sources, whereas Beijing's English propaganda gets diluted by an exam of other information.

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U.S. NEWS

Navy Is Directed to Restore Carriers' Old Technology

Trump wants ships to revert to steam for catapults; cost would be in billions

By Maurice Wincomura

President Trump has directed the Navy to bar out a complex system for knocking air fighters prior to aircraft carriers and instead go back to using steam catapults, a move Navy officials have fought for years and will likely cost billions of dollars.

U.S. officials say Trump signed a detailed security105m resolution Thursday, directing the change, which would involve removing the electromagnetic air-apad system used by the ships at the Gerald R. Ford class of carriers.

By doing so, Trump is making good on a position for made at most 10 years ago to go back to the steam system after making a safer praise it while visiting a

ship during his first term.

But since Trump said in an interview with Time in 2021 that he told the Navy to go back to “regulate issues” say Navy and industry leaders have wanted the more because of the more non-exposed to the air and a complex system that was integral to the design of the Ford class.

The more device the Navy is ordering for aircraft ship at the class—to be named the Bronx Miller—and all remaining ships. The first three ships—the Ford John F. Kennedy and Enterprise—will retain the electromagnetic system.

“They're not nearly as good, too complex,” Trump said last month at a conference in Paris, perhaps, referring to the electromagnetic system.

His name includes several other directives aimed at improving laboratory maintenance and repair and driving foreign investment into the U.S. ship building sector at the Navy line

to increase the size of its fleet. The order made Trump's best to buy into the design and development of major military programs. Its inserted himself into negotiations for the Air Force line and F-16 air fighter programs, directed design changes to the Constellation class frigate and championed the creation of Trump-class battleships.

“This decision will result in carriers that are enabled by both the limited steam and hydraulic systems that are more resilient and robust than the present, more exquisite, fuller on systems,” the White House said in a statement. “It will also reach new portions of the machine on electrical base that are easier to scale.”

The nuclear-powered 1555 Gerald R. Ford, the first ship in the class that cost more than 20 billion, experienced numerous issues during its development and construction, most notably with the catapults, according to our old elevation inside the

ship that carry munitions to the flight deck.

In February, the Navy visited the summer of the Pacific new electromagnetic catapults and advanced arresting gear, saying they allowed the carrier to launch and review aircraft at a higher rate than its predecessor Nissim since ships. Earlier this year it completed a historic 15-month deployment that included operations against Nissim-14 and supporting the war in Italy.

The 1555 George 10W flash, which entered the Navy's fleet in 2005, was the last aircraft—a cue had with steam catapults. Replacing the electromagnetic system in 1555, the 1555 was a complex endeavor that will likely cost billions of dollars, according to Bruce Clark, a naval expert with the Hudson Institute, a

Internally, the Ford class is much different from the Nissim. Sections that housed the infrastructure for steam base have reworked a simply draft unit.

The 1555 Gerald R. Ford at Naval Station Norfolk in May.

Strain on the older Nissim ships powers out only the aircraft—an applis but also heating and evaporators that produce freshwater and galley equipment, such as bottles. Flying rates throughout the ship, which remain numerous points of failure.

“Electric is more reliable,” said Carl T. Lee, who has been composed to be electric instead of steam, it elaborates all the steam related mechanical parts.

The maintenance on the electrical systems is cheaper, he added. There are 1000 hours ago you on the Ford, in part because these techniques are needed to work on the ship's existing

steam equipment. Clark said with data from the Navy shows that the Ford costs about $100 million less a year to operate compared with a Nissim-class ship.

“We launched off the front of aircraft carriers hundreds of times, have a historic degree in aeronautical engineering, and are a test pilot and even a wouldn't support to the Navy how to prepare specific systems on its ships,” said Deane Clark, Sen. Mark Kelly of Arizona.

As of March, nearly 37,000 aircraft had been launched by Ford's four electromagnetic catapults, according to Navy data.

Sailors' Conditions Spur Worry

Continued from Page One “These have been widespread reports of shortages of basic supplies, water contains, steam, plumbing, waste, and rising energy, metal health, dock safety concerns, and disruptions in the road system, which have caused many new packages to rush to the ship to be lost in transit for months,” Blumenthal wrote.

Rep. Martin Stutzman (R., Ind.) said he plans to seek an emergency for a minimum and the administration. “At the end of the day, we know that these who are serving have to have complex knowings that aren't getting properly and because of,” he said in an interview with CNN on Thursday.

Bespach said concerns about the Lincoln have been “completely misrepresented”

He said. “We make sure that every ship every crew, every ship every crew is running we can provide them at every single moment.”

U.S. officials said the conditions abused the Lincoln's secret interest for a more deployment, but some acknowledge that months without a part call can weigh on trying. Typically, aircraft carriers paid into port to reassign and give the crew a chance to test and regroup the standard deployment.

The 1555 Gerald R. Ford was at sea for 11 months before it returned home as May after the largest deployment for an aircraft carrier since the collapse of the Soviet Union. The ship stopped for several days in light. Cruelys, by March, during the length of the sea war, to undergo maintenance and give sailors time off. Still, the extended deployment and challenging conditions resulted in servicemothers.

The Lincoln's creation out of the Middle East was planned before concerns were raised about the living conditions, according to one of the

A jet taking off from the deck of the Abraham Lincoln last month. The carrier began its deployment in November.

officials. It comes at President Trump has been trying to apply economic pressure on trans-breeding a prolonged blockade of Iranian ports—a need not be a large number of U.S. warships.

The Lincoln began its scheduled deployment in November and was re-invented to the Middle East in January ahead of the U.S. war against Iran. The carrier and its embarked aircraft were instru-

mental to the U.S. bombing campaign that began the war, and the ship has since partly joined at the U.S. blockade of Iranian ports.

Sen. Mahon Gallego (D., Arizona) said he is seeking an oversight next to the Lincoln with a bipartisan Senate delegation to probe conditions on the ship. “These sailors are owed a sense of when they will go home,” Gallego, as long-way veteran, wrote this week on X.

A Navy official said the military is not experiencing an apical attack on the U.S. seacoabed the Lincoln, and that it has not observed an increase in suicidal shortness or attempts abused the ship. The official said the Navy plans to very servicemothers's well-being seriously and has religious, medical and mental-health professionals available to assess and address concerns as they arise.

The George Washington-based in Japan, has been operating as the South China Sea in recent weeks and recently made a port call in Vietnam. The carrier's deployment in the region was an example of how the U.S. military works to counter Chinese influence on the Pacific. The carrier recently resumed the threat of Malacca moving, overheard alongside guided-missile directives, according to ship tracking data and a U.S. official.

The Washington's movement to the Middle East will have a temporary visit to the Pacific, where China has shipport to own aircraft carrier and is seeking to exert influ-

ence over its neighbors, analysts said.

Accordingly, the George Washington would do its points and go and show the flag and demonstrate our resolve and our support to counter the U.S. intelligence and the Japan's mail Brown Clark, a former naval officer who is now a senior fellow at the Hudson Institute, a think tank that researches defense issues. “We're going to keep all these people, according to a re-flame on the relationships with the neighbors there.”

The carrier rotation also is causing concerns about the Navy's ability to respond to global events and success in operation being quite, officials and analysts said. The Navy has U.S. crew aircraft carriers, which require maintenance when they return home.

But in the late war, it could take three years to get the flow back to its ideal readiness position, according to one of the

M. May reported that month that sailors aboard the Lincoln were facing tough conditions including shortages of food and toothpaste and soap.

Apple Showcases Texas Mac Mini Factory, Manufacturing School

By Roger Winston

B0020720—In one of the last public appearances in Apple's Chief Executive, Tom Cook toured a Texas factory with Commerce Secretary Howard Latock, showing off a new manufacturing school and assembly line that later this year will start producing Mac Mini computers.

The "Showcase tour demonstrated the close but between Apple and the Trump administration, which has touted Apple's commitment to invest in the U.S. as a centerpiece of the president's effort to rebuild American manufacturing. Apple has managed to avoid some of the heavy tariffs imposed by the administration.

"Advanced manufacturing is where the pack is going," Latock said to a room full of workers taking a class in Ap-

ple manufacturing techniques. "The problem is we need to train Americans."

“We believe in the promise of this nation and we're proud to put our money where our month is,” said Cook in a speech.

Most of Apple's supply chain remains overseas. The idea behind the manufacturing school is to share some of Apple's expertise with small and military businesses in the U.S. It previously opened a classroom-based manufacturing program in Detroit. The new facility is meant to be more hands-on.

The Mac Mini assembly line occupies a new 175,000-square-foot space of the first room facility, which already makes 40 servers for Apple. Sales of the desktop computer base power in the past year at it has proven popular among

customers running 44 models at home.

Latock's step at Foxcom was part of a weeklong trip to become an investment in manufacturing. Following events with Toyota and Ford Motor to highlight increased new production characteristics.

The "Tobacco" is a product Apple to make (Houses in the U.S., but the company hasn't announced any plans to do so and is instead expanding (Home assembly in India. The Trump administration has sought to work with Apple to encourage more investment in America as Apple's huge budget for device parts given it through to prove suppliers to make domestic investments. Along with other companies, it committed to buying walers from Taiwan (www.towsonscience. Manufacturing's new facility in Arizona,

expected to cost more than $250 billion.

This year it also struck a deal with U.S. ship company companies with some of its elective ships, a

young particularity close to Latock who led to initiative in the U.S. power most to invest $9 billion in by US for a 100-state. Apple also said it would spend $30 billion on ship made do-

mentally by boxees. Apple's own capital budget is relatively small compared with those of rival rock giants joining many into AI and chip makers building new giants. Apple adds Cook has perfected a business model

that limits the capital in employee to use its business. The (Home maker's total capital expenditures during back to 2023 are less than the amount

Amounts, Microsoft and Google each spent in their most recent quarter.

As the Houston giant, Foxcom is primarily making the capital investments to build the assembly lines while Apple is commit-

ting to buy the products that are produced.

Apple has made even larger investment pledges to the White House over the years, the most recent being a promise to invest $600 billion do-mentally over four years

That spending includes winners already outmarked for Apple's existing domestic operations, including pay for the first 10 percent of its total staff, as well as the cost of components Apple will buy from U.S. suppliers.

Cook has given Trump big to investment commitments, including last fall where he appeared in the Ford Office to boost the company's current domestic investment promise. At that meeting he gave Trump a glass plaque with a gold base deal Trump gave Cook what Apple shareholders wanted most: relief from the administration's most expensive tariffs.

Cook is expected to step down as 2023 next month and will become chairman. John Twome, Apple's longtime chief of hardware engineering, will take over as chief executive.

U.S. WATCH

Guerre watch the areas reserved for demonstrators outside Riverbend Maximum Security Institution in Nashville, Tenn., on Thursday before a man was executed for a 1988 murder.

DEATH PENALTY

Executions Occur In Three States

Tennessee and Oklahoma put inmates to death within 60 months of each other. The state has followed its lowest cut hours later in U.S. states, ensuring three men by initial injection in one day for the first time since 2020.

The American man was an excited for killing a metal road in 1945 and the Oklahoma man for killing his girlfriend in 2020. In Oklahoma, a man was set to death for killing a 5-year-old girl he had offered to pay for mother to abuse.

Having three executions in one day was a coincidence in scheduling but reflected a trend of increased executions in the U.S. Eleven domestic carcades a total of 47 people in 2025. His highest number since 2009, 1970s Thursday's machines, 22 executions have been carried out this year in the U.S.

The last time three execu-

tions were carried out on the same day man on Jan. 7, 2025, when Louisiana, Ohio and Texas put inmates to death.

On Thursday, Curtis Cunningham, 70 years old, received an injection at Clark Park, a 1988 murder in Oklahoma, and later in Oklahoma's first execution this year. Consisted of murdering his girlfriend at New Oklahoma City home in 2005. Cunningham was sent back to reported killing George Fisher and told a board he didn't want clemency.

Anthony Duvall (Hons, 66, was convicted of a felony in the 1985 shattering death of Catherine Jones (Jones, 54, as she worked as a metal road) in Kingston Springs.

Alabama executed enemy (Alliance for the 2021 man and murder of a young George, George girl, Kamana Holland. He raped and attempted Holland after offering her mother $2,000 for the child to perform a can act, prosecutors said.

— Associated Press

NEW YORK CITY

Ex-Officer Convicted Of Illegal Choknobol

A former New York City police officer was found guilty Thursday of using an unenforceable, counter-impact, the first to be convicted under a local law that banned the tactic after the 2020 murder of George Floyd.

The police officer said he was made guilty of “unlawful methods of sentence” a law that applies specifically to police officers and laws there as the conviction that expired a person's ability to breathe.

While was convicted of a misdemeanor under the restraint law, but was also found guilty of misregulation, a felony that can carry up to 1,000 people in 2025.

Prosecutors said made pleas of a trade and disorderly man in a choknobol while trying to arrest him in 2023, squeaking in rapidly that the man lost consciousness.

—Jack Morphof

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THE WALL STREET JOURNAL.

Friday, August 14, 2026 | A7

WORLD NEWS

Israel Deploys Troops Amid Settler Siege

Violence intensifies in West Bank as Palestinian homes came under attack

TEL AVIV—Israel: troops geared into a West Bank village with Thursday amid a standoff both stakes settlers who singed several Palestinians homes earlier this week, effectively putting the area on lockdown as authorities struggled to stem the spiraling crisis.

By Fellie Solomon, Amir Pelval and Sishir Al-Ramri

The confrontation under-created a deepening dilemma in the West Bank, where emboldened Israeli settlers are testing the boundaries of a government that has shown three unprecedented suppliers and has rarely punished them for overstepping the law.

Tensions have escalated since Sunday, when a group of Israeli settlers set up encyclopaedic outside three houses on the outskirts of Spain, a Palestinian village of about 5,000 people near the city of Saldan, and a 4,000,000 of the seven entering or leaving, 28 heart rate of the homes was owned by an American citizen, drawing the U.S. into the dispute. U.S. Ambassador to Israel Mike Burkaker said that the evidence in Jerusalem had been very smoked," and that Israeli authorities were working to remove what he called the "Israeli terrorists" at the time of the U.S. Minister, and those who carried out this horrible act of their present to intimidate and harass this family on disquieting. Burkalees said in a post on it.

Two Palestinian families were trapped inside their homes along with five Italian officials, who were visiting two or more of the three two people besieged there who spoke to The Wall Street Journal. The settlers blocked a nearby across road and cut off

Israeli settlers preyed Thursday during the reopening of a settlement at Gatien in the Israeli-occupied West Bank

their access to water and power, they said.

The former Ministry didn't respond to a request for comment.

The Israeli military said Thursday that evenings there had dismantled two illegal outposts set up by settlers near the villages of Spain and Jabal, both inside Area II, part of the West Bank that it under Palestinian administration carried and where Israelis aren't supposed to go. It said one Israeli was detained.

Israeli authorities clashed with the settlers several times as they tried to dismantle the outposts. He Wednesday, the military said it deployed an additional infantry battalion, which typically has hundreds of troops, to the area to patrol and prevent it.

By Thursday morning, residents of Spain said Israeli soldiers had told them to leave their homes and occupied ser-

snal of them, including two of them that were besieged. Israeli industry pushed back on the island, saying soldiers were instructed that residents were to remain in their homes and that they needed an operation into a Palestinian area near the dismantled settler outpost.

In total, 18 people were trapped inside the three homes when settlers surrounded them Sunday, according to Spain Abu Rafi, who was among them. Two of the houses belonged to one family, the Hussain. The third belonged to Abu Rafi's brother, an American citizen who lives in the city.

Spana has become a flash point for settler violence in recent months. Residents told the Journal that Israelis from outposts around the nearby area, including estimated regularly trespass there, vandalize property and harass local Palestinians. Just last month, a newly built mosque was set on

the area in a wave of settler attacks that followed a shady clash in the nearby town of Yeh.

Some former security officials describe the violence as part of a broader campaign to push Palestinians of these land. Women like theirs on the edge of the so-

lage are especially vulnerable. Abu Rafi said that over the past two months, settlers reportedly crept into the area at night, blotted another point and clashed seven.

Said Yeh: villagers repulsed them, the settlers came heart and cut them again, he said. Peaceful foreign countries, Abu Rafi's wife recently moved to another family home degree inside the town where they thought she would be naïve

Abu Rafi, 40 years old, and known, 35, stayed to defend the property, enclosing up on canned goods like beans, sardines and there in tree the settlers tried to blockade them.

On Sunday, they did, 40 the time, five Italian friends, who

Israel's military said security forces dismantled two illegal outposts.

are also activists, were visiting Abu Rafi to show support for him and his family, one of the Italians told the Journal by phone. They were also trapped inside the house.

two houses belonged to North or King and Yousef Hassan. King lived with his mother and his niece, which Yousuf lived with his wife and two young daughters. Abu Rafi said.

Yousef's wife and daughters were evacuated by ambu-

lance on Monday. The remaining 12 people—six Palestinians and five Italians—returned their food and waited. "It was something," Abu Rafi said. "The settlers have been throwing stones at the house while we were clash inside."

Before down Thursday, Abu Rafi said settlers resumed the area and meant touring down the outposts. At around 9:00 a.m. local time, they launched an kit door and told him he had 30 minutes to leave. No stuffed a few days worth of debts, some food and power banks into a bag and sent to King's house next door where all 12 of them were confined, he said.

A few hours later, the military told Abu Rafi they could return to, his family's house, where he said they found the house had been ransacked and the security camera on the property had been disabled.

The military said the Palestinian Semenoba hasn't commenced on the development. His government in habits prevented insurers who are settlers disinterested, have provided over an expansion of Jewish settlements in the West Bank.

An Israeli government official said Israel doesn't accept the behavior of the settlers and that the military is working to handle the situation.

Still, the siege in Spain and the military's perceived failure to start a triggered new crusade in Israel. On Sunday, video footage shared by the Israeli suspected if T'sdom appeared to show soldiers joining the settlers in a Jewish power carrier the Palestinian homes, which came out at proof the soldiers were scrambled to the settlers.

The Israeli military said the footage was being removed.

An Israeli convict who recently returned from deployment in the West Bank said authorities have left the problem spiral out of control, adding to the burden on soldiers like him.

"They let people do what they want and the military has to clean up," he said.

Taiwan Readies Coast Guard

For Possible Fight With China

By Jove Waan

KASHMIRI: Taiwan—Taiwan is giving its coast guard an expanded role in national security as part of a defense strategy that is focused on keeping China's landing forces from reaching its dozens and many big buigs of the difficulties it will encounter of it remains.

The coast of this transnational area, a coast guard rather led four months' hush: out of the part of the southern Taiwan city of Kushansag, on historical followed about 20 months' later by a naval deployment of similar status, missile launchers, assault hush and drones—a still illustrating how Taiwan would respond to a Chinese amphibious invasion.

In a separate exercise, the Bali, a fast-response coast guard, rather hushed with antidote missiles, joined the navy and other coast guard vessels that were at a time before the the resort of a commercial ship through a naval Chinese blockade, Taiwan's Coast Guard Administration said Thursday.

With China at the frontline, coast guards are evolving into hush for protecting power in the Western Pacific, making territory and deterring rivals. The coast guard has been operating fast-response Coast Guard carriers out of Singapore and the Philippines to help challenge China.

China has helped to the coast guard with the world's longest coast guard patrol ships and the addition of converted naval vessels. It is using its coast guard technologies, a military asset and a hush to pressure Taipei, including in blockade and invasion drills around Taiwan, which finding claims as its own and has threatened to stop by force.

China's main goal of the coast guard vessels into waters around Taiwan along with its naval vessels, which have been a permanent pressure Chinese coast guard. The coast guard tried to exercise authority over foreign commercial ships

on the Pacific side of Taiwan's main island.

Taiwan coast guard officials say the increasing cooperation with the military is a defense strategy and a response to Chinese maritime activities, which Taipei describes as "gone-onset" pressure.

As part of the shift, Taiwan's coast guard said it has taken part in 10 drills during this year's recent "Hun Kaung" military's return.

The Taiwanese coast guard (either is preferred to control defense and law enforcement) missions, not preparing for big navy, creates blockade operations," said Ian Easton, an associate professor at the US Naval War College. "That's only enhanced training and activities are so important."

The 233-foot Bali is primarily responsible for rapid over-top operations or dispensing fishing hush. It typically has a violent vehicle, weapons and water cannon fuel can load Taiwan's Hsiung Feng Si and Hsiung Feng Di antidote missiles, a capability shared by at

Hsiung Feng Di

Unknown antidote cruise missile

Origin Taiwan:

In-hundreds (old)

Range: 0.5-15 miles

Speed: 400-1000 mph

Basing Ship: ground, air launched

Hsiung Feng Di

Supersonic antidote cruise missile

Origin Taiwan:

In-hundreds (old)

Range: 0.5-15 miles

Speed: 1320-1500 mph

Basing Ship: ground launched

least 11 other Taiwan coast guard (either of the same size.

The dozen carriers are part of a 10-year plan that began in 2016 to add 101 new ships to Taiwan's coast guard.

The coast guard has a significant number of highly capable carriers that could be used in a variety of future scenarios to supplement naval operations. The key will be cutting them appropriately and training the officers and crews for their wartime jobs," Easton said.

In wartime, the Bali and any other coast guard vessels needed would fall under the command of the navy, according to Taiwan's Coast Guard Administration.

Taiwan's navy has been training coast guard personnel to enhance interoperability. During joint combat exercises last year, the coast guard tested the fire-firing of two Hsiung Feng Di missiles from a cutter similar to the Bali, according to a report he then sent to the Taiwan legislature.

England (Old, 26), from winter

pumping high-pasteless

English (Old, 26), from winter

Propulsion: Solid propellant

Jewish: liquid humid contact engine

Russian President Vladimir Putin was greeted Thursday on board a radio station.

Putin's Visit to Disputed Island

Raises Regional Pressure on Japan

By Jason Bostian

TOKYO—China has been piling diplomatic military and economic pressure on Japan for months'Thanksgiving, Russia and North Korea are joining in, too.

Russian President Vladimir Putin for the first time visited the remote southern Kuril Islands in Russia's far east on Thursday, a 6500-antagonist that Japan claims as its own. Russia visited the islands from Japan in the strong days of World War II and a dispute over their sovereignty has included nations between Moscow and Tokyo over since.

"It has a long history that Japanese people and is absolutely near outside," Japanese Prime Minister Sasse Takashi said of Putin's visit to the island of Hsinta known as Etoscha in Japanese.

the told reporters in Tokyo, "I hope the Russian side takes the gravity of this matter very seriously."

The island quarrel is the first stage of returned relations between Japan on one side and China, Russia and North Korea in the other.

The friction highlights the growing disastrous among Japan's nuclear-armed neighbors of Tokyo's plans to boost

its defense capabilities and strengthen the military ties with the U.S., and/or its

The visit by Putin, who was photographed outing 316 out of a processing plant and planting in employees, comes just days after. Japan protested to North Korea over the firing of a ballistic missile into waters west of Japan. The launch took place on the day Japan was commemorating the first winters' way of the U.S. atomic bombing of Hiroshima.

China's dubious months of diplomatic friction with fishing, which was angered by Takashi's remark last year, then Japan could get dropped into an outfits over Taiwan, a self-ruled democracy helping state is part of China and has pledged to absorb, by force if necessary. In retaliation, China has canceled source flights to Japan from China and shortfall Japanese firms' access to critical minerals needed in manufacturing.

Chinese officials have accused Japan of rebuilding the spirit of Japanese militarism that fueled its brutal wartime conduct, a change may go back up by North Korea and Russia.

Yokoo Yama, commander of Hsinta's Pacific Fleet, said Wednesday the Japanese "military political leadership" has

set the country on course toward "open militarization," according to Russian after media.

"The language is very similar," said James Brown, an expert for the military relations at Temple University in Tokyo. "In short, seven to be about double-burley making common issues with China."

Tokyo says its increased military spending in its response to a increasing security environment surrounding China's deterioration it is, in the case, Russia and North Korea.

Japan recently issued a U.S.-made Tsunahashi cruise missile, and it participated in U.S. air military services, and for this year Japan has been steadily fortifying its southwestern islands with missiles and partneres to defend against attack.

In a report published this month, Japan's defense ministry said Japan faces its most severe and complex set of security challenges in 80 years.

Among Japan's concerns, the report dated China's personal of its expansion maritime claims, Russia's invasion of Ukraine and North Korea's nuclear advance. The report states that the United States's decision among the three countries as a heightened security risk.

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A8 | Friday, August 14, 2026

THE WALL STREET JOURNAL.

WORLD NEWS

A Summer of Discontent for Farage

Conservative has seen support in U.K. ebb amid questions over party donations

By Miss Czcomorba Ana Beete Lomeno

LOONSON—It's been a long, hot summer for Night Farage. Britain's leading populist has been tarnished by a string of scandals over political donations. But Reform UK party lost its load in the polls: that on Thursday he found an election for his own parliamentary seat against a man who goes by the name "Count Birdace" and wears a truck can on his head. Farage is widely expected to win his Caction district as eastern England and return to Parliament. But his political woes are unlikely to end there. Investigations by a parliamentary watchdog and a police officer gifts and millions of dollars in donations await the outcome of which could force him to commit his seat yet again.

The probes aren't the only political headwinds for the former commodities trader who has repeatedly shaken up British politics. After comfortably sending the polls he about 16 months, Reform has fallen behind the ruling Labour Party, which has surged back into a narrow load with the arrival of Prime Minister Andy Burcham, who succeeded Eric Starmer in July.

Farage's party is also looking some voters on the right to a new, far-right party called Reform Britain, which is banned by Elon Musk and promises a harder line on immigration, including deportations of any immigrant using social housing or welfare.

From a peak of 32% support in the polls last fall, Reform is down to second place with an average 23.6%, according to an average of seven different opinion polls, about 2 percentage points behind Labour.

"The chances of a majority

Hope Farage cast his wife during a by-election Thursday in Caction-on-Sea, England. He right, a supporter showed up to the polls.

Reform Parliament have pretty much disappeared," says Tim Bale, professor of politics at Queen Mary, University of London.

Two years ago, Farage entered Parliament with a plan to deploy President Trump's playbook in Britain, a move that saw Reform jump to the top of the polls and win a drawback of local elections in an anti-tert-bill in force of platform.

The timing was good. Britain was coming off a record-breaking surge in legal and illegal immigration. The then-generating Conservative Party had overseen the rise, leaving a chunk of the electorate to conclude that neither major party was serious about tackling the issue. Farage filled the void, and his party gained swaths of working-class British voters, mostly from the Turin. The rise of Reform marked the first time in British politics in the past century that a party

other than Labour or the Conservative has led for so long in the polls. "Farage is the most effective political communicator the U.K. has seen for 50 years," says Phil Cowley, a politics professor at Queen Mary.

But recently, his grip on the political narrative has slapped. Farage is under scrutiny over donations made to him and his

party before his return to politics in 2024. The U.K. Parliament's standards commensurate investigating a previously un-disclosed 5-million-pound deal is a 1:1 cut, a spindred to

around $6.7 million, from crypto billionaire Christopher Harborne, which was made shortly before Farage announced he would stand for election.

It isn't against parliamentary rules or the law to receive large donations but the money must be disclosed to voters can know who is funding their candidates. Farage has said that

the donation was a personal gift to pay for his security at a time when he wasn't an elected politician and so didn't need to be declared. But parliamentary rules state all donations or gifts in the 22 months before an election need to be declared.

Either way, pollsters say the large donation from a billionaire undercuts Farage's image as an intruder fighting the establishment on behalf of the working class.

Police are also investigating experts that a Mississauga-based British financier, who served eight months in a U.S. prison for fraud, made donations to Reform via his mother, potentially breaking disclosure rules. Farage has said he has "no idea" whether funds were sent to Reform via the mother.

Farage last month quit his seat in the House of Commons and said he would run his re-election in protest at what he framed as an establishment trick. His bet: A win would show that voters don't consider the scandal a serious issue.

The move backfired after all the other major parties decided not to hold candidates.

That means Farage's main contender is a comedian named Count Birdace, as well as some 32 other candidates, including three from the Official Minister Racing. Loom Party said a man calling himself Joseph ??.

Farage will be hoping for a clear-cut win and decent turnout in a district that heavily banked Brexit line poll showed that Birdace—whose policies include holding a referendum on whether Plato should regain its status as a planet—could get as much as 20% of the vote. Another poll showed that across the whole country, voters would prefer if the trash can won.

The scrutiny has coincided with a series of disappointing electoral results for Reform. In June, the party was beaten in a special district election in northern England—where it was seeking to block Burnham, then mayor of Manchester, from entering Parliament, which would allow him to replace Starmer as Labour leader and prime minister. Reform also lost a subsequent vote for Burnham's replacement as mayor.

British Economy Posted Strong Quarter

By En Fromu.

The British economy continued its resilient start to the year in the second quarter, growing faster than the U.S. despite the jump in energy prices and heightened uncertainty provoked by the war in the Middle East.

Gross domestic product growth was 0.4% in the three months through June, the U.K.'s statistics agency said Thursday, matching a consensus of economists polled by The Wall Street Journal.

It follows a first clue in the first quarter—the fastest among the Group of 7 leading industrialized nations. However, like elsewhere, the closure of the front of Norman slowed activity as fuel prices surged, leading to economists slashing growth expectations for the year.

Still, on an unmature basis, U.K. growth was 1.7% in the second quarter, stronger than the U.S.'s 1.1% and only slightly slower than the euro-note's 1.8%.

Torrance were once again the main driver of growth, while production was broadly unchanged and construction also grew," Office for National Statistics Director of Economic Statistics in Melbourne said.

The level of economic activity also surpassed forecasts by the Bank of England, which held its key role last month as it weighed the impact of the jump in oil-and-gas prices since March. Investors expect the central bank to hold borrowing cost at its next meeting in September, but runs rates at least once before the end of the year.

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THE WALL STREET JOURNAL.

...

WORLD NEWS

Friday, August 16, 2026 | A9

Castro Celebrations Held 'Anid Cuba's Crisis

Fidel's centennial comes as island's economy languishes; political necrophilia

By Josh in Cracow.

Cuba is throwing a week-long party to celebrate Fidel Castro's 100th birthday on Thursday with a slam perchance, poetry and more than 300 academic papers and panel discussions on the impact of "Castro Thought" on everything. Their education and science to speak.

One missing detail: a functioning electrical part.

Handicots of representations from left-wing and Communist papers around the world have come to celebrate the man who ruled Cuba for nearly five decades before his death in 2016. Outside the conference halls, there is little cause for celebration.

Mountains of garbage line Havana's streets and corridors for residents protecting their living conditions. Electricity and water disappear for days at a time. The economy is in ruins.

"They are honoring the man who killed the country," said Juan Fonseca, a day laborer and would-be teacher who unleads trucks at a market in colonial Havana. He and his friends have nothing about the commemoration. "No one is talking about it."

Boris Gonzalez, a writer and historian, woke up one-on-one on without electricity or water. His revenge daughter was out with drogers.

"People don't give a damn about the event," he said. "Weekly is talking about Fidel-

A gala commemorated the 100th anniversary of revolutionary leader Fidel Castro's birth at a theater in Havana on Thursday.

We are beyond that."

The irony is unmistakable. Cuba is celebrating the centenary of the man who promised a revolutionary paradise as it struggles to keep the lights of under mounting U.S sanctions.

That contrast is part what the regime wants to obscure. For a week, Havana has tried to resurrect the glory days of Castro's revolution, staging an international celebration amid the worst economic crisis in decades. The government wants to give the impression that everything is the 'book starches, an independent Cuban journalist, said on her blog. "This event is an extraord-

inary example of political necrophilia—a celebration of dead ideas, terrible ideas that don't work," said Minnie Naito, a Latin America auditor at the Carnegie Endowment for Peace.

Opening the festivities President Miguel Ruiz-Canel present Castro's life as an example to revolutionaries and crowd to resist U.S aggression. His remarks show an ovation from 1,500 guests at Havana's Palace of Conventions, including delegates from Communist parties searching from Chile to China. "As Fidel said more than once, we are ready to resist

the imperialist blockade for an many years as necessary," Ruiz-Canel said.

A handful of former leftist Latin American leaders paid tribute to Castro's efforts to secure the generation of Latin Americans a living symbol of the struggle for social justice, liberty and sovereignty," for one third after retired David Roswell said in a statement. Meanwhile, power failures have cut television, radio and internet, leaving five Cubans aware of the history.

Castro, who was nicknamed "El Caballo," is the three-still law admirers, mostly among other Cubans, home

people waiting in food. Even say they miss the leadership of a man who hearsles the island in his trademark green military fatigans and whose research into Israel.

"You will hear people say this would not be happening if Fidel were alive," said Carlos Almaguery, a retired Cuban author, said.

But Almaguery said most Cubans have other priorities. "They only want the lights to be turned on again," he said. There are no statues of Castro in Cuba. Nor are crews, schools or government buildings named after him, a prohibition to improve charity.

after her guerrillas overthrow Edgerton Ralston in 1930.

"There is no aid of personal, only around any living revolutionary," Castro said in 2005. "The leaders of this country are human beings, not gods." "We didn't exactly follow his own adieu."

Castro built an enormous personality call. Billboards across the island still show how to work out things, take a hand, leading the revolution. Instead, the Communist Party newspaper, keeps his image on its website's lower page. "Fidel will return once on," it says.

Castro's impact extended to beyond Cuba.

He turned the small island into a geopolitical power. Castro promoted guerrilla movements throughout Latin America and developed his alliance with the Soviet Union to send one of thousands of Cubans soldiers into Africa. After the fall of the Soviet Union, he headed the power broker in Munich Peninsula. For decades he was Washington's most malicious adversary.

Even now, running on what is the mission a huge box for Washington. The U.S. State Department last month issued a 50-page report that brought the island as a unique source of the world's most significant, under Castro's influence, on "comparing the neighboring United States."

"Fall in requirements, in time, needs to be a major responsibility, whatever you want," said Jean González, a former foreign minister of Mexico who was taught with Castro. "But there is no doubt that he 'turned Cuba into a war on the 100th' blows the Cubans who are still paying the power."

WORLD WATCH

CARPET OF FLOWERS: In Brussels' Grand Place, more than 500,000 dailies recruits Japanese artist Katsushika Hokusai's iconic woodblock print "The Great Place of Kangaroo"

NETHERLANDS

Port Explosion Kills

One, Injures Others An explosion at the height part of Rotterdam where it is least one person and injured several others, city, police, and.

Police said the blast at Ezequiel, biggest port happened Thursday morning and that a crime scene has been set up in try to establish what caused it to a past or social media, they said the explosion appears to be a workplace accident for the time being," without elaborating.

At the scene, Rotterdam police spokesperson Dean Jollemberg said no definitive conclusions had been drawn and that "we are keeping all possibilities apart."

The explosion occurred at a meeting and had becomel operated by Ezecor Energy in an industrial section of the operating park.

Dutch breakwater NGS said that a maintenance team had been working on a section of pipes there.

-Associated Press

AUSTRALIA

Bishop Convicted

In Abuse Case

An Australian jury Thursday convicted a former Catholic bishop renowned for hearing alcohol-based house parties of sexually abusing two young indigenous men.

The District Court of America Australia jury convicted Christopher Saunders, 70 years old, of 13 out of 70 charges of sexual abuse that allegedly occurred from 2008 to 2019 in his divorce on the country's northwest coast.

Prosecutors alleged he Level young indigenous men to his church-owned house in the tourist town of Broome with free alcohol and cigarettes paid for soft church funds, House costs included that the male-only guests had to remove their birth.

"The accused had a sexual interest in young Aboriginal men and a tendency to act on that interest when the opportunity presented itself," prosecutor Adam Ebell had told the court.

-Associated Press

GREECE

Bird Remains Found

in Plane Engine

Accident investigation probing a Kyanar plane that experienced angina failure while flying over Greece had resettled found bird remains inside an engine in the July 30 accident. The Kyanar plane was found on the Kyanagar and dislodged a window starting a passenger.

A preliminary report by the U.S. National Transportation Safety Board released Thursday said bird remains, including feathers, were found inside certain components of the engine, which suffered a broken fire blade.

"The expected fair blade resulted in damage to portions of the engine's cover and sent engine frequently flying, driving the airplane's fuselage and its horizontal ablation. We're sure to have a short range of use, say a bird strike led to the engine fan blade fracturing."

Kyanar declined to comment. Boxing said it was supporting the NTGB's investigation.

-Andrew Tangel

Beware The 'Vomit Comet'

Continued From Page One "In my try get to the bulldozer."

It secured him half the passengers were hung over after a night of piercing, she said. Gretens should around to see people holding their past leave at their hands, fighting the urge to vomit.

"For never seen my kid's face go completely prove," said Gretens, a "digital animal" known as the 'vomit comet." "I realize now, that's where the caresses get it from."

Such journeys have become a rite of passage for the millions of tourists who islanded by through Greece every summer, dreaming of health-practice and let's. Thousands of social-media posts have done merited their follow-up and verapres, calling the boats "vomit comets" and your "worm nightmare."

Eddity Savage, 25, had planned a relaxing Greece trip with her front friend Lillie did she know, she'd be "holding on for dear life" on the rocky ferry from Bance to Miko.

"The waters would make the boat jump, and you would find up a couple inches," said Savage, a marketing analyst in San Francisco. The treacherous conditions continued for the next six hours.

At the boat picked up in

designed off more passengers, people were "trying to close their eyes, passing around the maniac," she said. "It was kind of a leading experience."

Petros Zinotros, mutaging director of the travel agency Belinda Briddett, said that's a common experience for travelers bound for Miko: "When

you're traveling from Bance to Miko, it's going through so matter what kind of vessel it is, because you're concentrating the Aegean—a gale whale," he said.

Summer can be especially windy, whipping up the waters around the Cycadus just as tourists flock to the popular islands of Mikanos, Ninos and Miko. The lotion islands, on the western coast of Greece, tend to have calmer ones.

With its golden beaches, whitewashed villages, stunning sunsets and ancient history, it's no surprise that Greece is an increasingly popular destination for sea-loving tourists. The country well owned 25% more travelers from January to May compared with the same period in 1925, according to the Bank of Greece in the past decade. American visitors to Greece exactly quadrupled. Cross-ships now crowd-docks in Athens, Mikanos and Santorini.

"Greece is one of the first countries that emerged from Covid quickly," Zinotros said.

"It's been super popular the past three years."

In 1968, a Greek ferry used in the Aegean Sea due to the rough winds. Since then, total airs had went on to move to herbal ships from sailing to dangerous conditions. "As we're top in Pyrrastus Rosacea, a political scientist and ferry spe-

cular from Paros. If a ship sails, it's a major condition, we safe enough to travel—however rocky the water may feel, according to Rosacea. "The captains, they are very capable," he said. "It's a daily

photometer. Inglide canots, 25, of the striolars, travels to Greece over five times a year and has taken close to 100 island ferries. Most of her trips—other than on the sea, must take—have gone smoothly.

"People like to throw these chaotic videos," said Janzon, who works in steam, big and rains, a rocky sea-accident dedicated to Greece travel tips. "It makes it look as if that happens every day, but that's definitely not true."

Janzon loves the elaborate Greek ferry system that contains some of the country's inhabited islands. It's often more efficient than a planet, she said.

If you are prone to search them, Janzon supports adding to islands that are well-converted via larger boats. Even

Tourism Faces Capacity Limits

Japan and Italy are hitting their tourism capacity limits, likely showing four-years to look for alternative destinations, the chief executive of German hotel group TUI said.

Concern about overtime has been prompted local residents in some cities in southern Europe to shape street protests and government officials to introduce tourism taxes and impose restrictions targeting areas such as cross traffic and short-term rentals.

"Queen's almost just who can, as generics, afflict it," TUI Chief Executive Sebastian Ebel said.

TUI expects demand to remain resilient, but moves only with toward destinations with more to assure

models more tourists. Ebel said Egypt's spread for further growth, while demand for Japan to Turkey on boarded after hotels cut prices to notice budget-conscious tourists, he added.

"Parents are growing more sensitive, and the destinations and the type of vacation an often, Ebel said. TUI—merch has questions spanning hotels, airlines, cruise ships and travel agencies—is prepared to shift an outfit and a family's between destinations as booking patterns change. Ebel said.

"I'm not going to be a good thing in to be flexible," he said.

Ebel expects long-haul travel to regain momentum, particularly in the Caribbean and East Asia.

-Nina Alonle

popular routes, like Paros to Miko, can have only one small short ferry that runs once a day on not-so-cake waters, depending on the time of year.

"It's all about doing the research and not just throwing them into the sea industry that you had in your mind," she said.

Zinotros advises his clients to see full for the home bus, and he says that, since every "get trapped around a little bit," the also recommended

travelers bring motion-take new patches or chew on guns, which can mitigate some of the issues.

The rocky boat rides were always worth it in the end for Gretens, who moved from first Washington to New York. September after traveling the world with her family for three years.

"Have it ever re-zoned, do I," she said. "The forest is lands, there's nothing else like it."

Island-hopping in Greece isn't always smooth sailing, as pictured in this screenshot from Alina McLeod's video.

---

A10 | Friday, August 14, 2026

THE WALL STREET JOURNAL.

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Friday, August 14, 2024 | A11

ARTS IN REVIEW

Let me get this straight, George," Ronald Reagan says to Secretary of State George Shultz in "The Break of War!" "Of all the places on Earth you could pick for a meeting about the fate of the human race, you picked a haunted house in Ireland!"

The president, placed by Jeff Daniels, emerges as focused, comes, charming and witty in this kind portrayal. Reagan never deserved the price's treatment of him as a carefree donor—Reagan plays and publications of his letters have put all that to rest, at least for those paying attention. The movie does a service in painting a fair and convincing portrait of one of the 20th century's defining political leaders before the human haptography of "Reagan," the 2024 movie starring Dennis Gould.

Mr. Daniels, remodeled with heavy hair and makeup, still only vaguely resembles his subject, though he does have an endearing way of imitating Reagan's tendency to tilt his head this way and that if he never makes you forget this is better reason, in the end it doesn't matter much. Mr. Daniels is a more confident actor than Mr. Gould, and doesn't feel the need to overcook his impression.

He certainly seems presidential if not convincingly Reagan reagan.

Books have been written about the 1998 meetings in Reykjavik between the American leader and Mikhail Gorbachev (Reagan shied away from the word "nomos") that Reagan with talk of arms control, quickly escalated into arms reduction, and headed for a climactic breakthrough. Even the most patchouli-infected precincts of

FILM REVIEW | KYLE SMITH

'The Brink of War': Reagan in Reykjavik

A film follows the 1986 nuclear talks between the U.S. and the U.S.S.R

the most fervently peaceful campuses would not have dared to hope for what the two leaders tried to agree to: full elimination of nuclear arms on both sides. Reagan was almost unrematch-decided on the left, and in the media, as a dangerous warmonger, those acquainted with the truth know better, and writer-director Michael Russell Gunn provides an intermittently powerful look at the stakes, the drama and the thrill of the potential deal.

When Reagan—assisted by Shultz (J.R. Simmons's breezes, shift-segment delivery is very flammens—but not particularly Shultz-like) and a team of arms reports including Paul Ritze (Stephen

Brennan)—casually demonstrates detailed knowledge of the armaments issues, glances of respect travel around the room. "Being underestimated," observes Shultz, "is a tactical advantage, gentlemen. It's rare that movies acknowledge, much less valate, Reagan's ways."

Gorbachev, vigorously (discontinuously) overplaced by a har-rumpling, lofty-slapping Jared Burns, provides some of the movie's most effective observations. Consider his point of view: America is the indefatigable Colo-nen, an object of awe that put a man on the moon in a decade and produced an atomic bomb in half that time. The sticking point of negotiations—Reagan's idea to de-

velop a dome of air defense to shoot down incoming missiles, the Strategic Defense Initiative—is, to Gorbachev, not mere protection. America would have such a gigantic advantage if it were impervious to missiles that it could attack with impunity.

As times, the movie sizzles. But much of it is indecisive, or filled. What was Nancy Reagan (Hope Bente) up to? (Not much, she stayed home.) Mrs. Gorbachev, Rasa (Brooke Rane), who was then kept under wraps by Soviet media, seized the opportunity to become a celebrity with a series of photo-ups to instead, especially watching her art such reporters as a Jaded American (Apo Cash) and an equally mordant Briton (Our Burner) who grouse about being far from the real action. In the

A scene from the film, top: Jill Simmons as George Shultz, below and Jeff Daniels as Ronald Reagan, bottom:

basement of the house that hosted the talks, agrees for the CIA and RGR exchange schoolyard insults and high share a everyone. Most of this love consels is witless and irrelevant, dissipating the tension.

Moreover, Mr. Gunn (a producer of such TV shows as "Billions" and "Designated Survivor")

proves unable to find a smooth way to make an ingenuity information. Characters keep chastely exciting statistics and facts very clear in the room would already know, solely in instruct the audience.

The whole can't quite decide whether it's an insider tale for those of us who remember the Reykjavik meeting and cross access to the room where it happened

or more of a broad introduction to Reagan for younger audiences. Mr. Gunn has the president who is out the "old Russian proverb—must, but verily," but Gen. Kerr and boomers know he said it so often that it became a running joke.

"The Brink of War" is a mixed bag that contains jewels. In a devastating moment that requires no explanation, Reagan reserves his shirt in front of Shultz, revealing John Blackley's grazzane work on his chest; more doamnough, when Gorbachev is puzzled by the impression "Christmas came early," the president says, "I forgot you're all adamant." As some years we'll get a truly incision cinematic study of FSTUS 40—the Gipper, the Great Communication, the legend. It's heartening that the movies are getting closer to that day.

TELEVISION REVIEW | JOHN ANDERSON

Bob Odenkirk's Small-Scale Sheriff

STALLONE, VAN DAMMEL Statham, Decal.

Odenkirk? Since "Nobody" (2021), the 18-10-watchable Bob Odenkirk—aka Jimmy McGill, Saul Goodman and Father March (in "Little Women")—has been reinventing himself as an action title 10, below, reinventing the action war. There have always been reluctant heroes on screen. Mr. Odenkirk's warriors make Forrest Gump seem like a "red-ruging tuxedo."

It's not exactly a tringle from the formula that in "Normal"—as in Normal, Micro—Mr. Odenkirk plays a lawman whose chief virtue is not getting involved. Hand as the "toward" he is chief!—his producer—nor having been found dead in his underwear, in this zone, holding a fly out and an ice auger—Ulysses Richardson does his best to maintain discipline on the force. He befriends the locals, "Punk better," heads the city and the city, and on a misceived vehicle; he sets down no roots. He is an innocent cop who runs half a regular job, something went wrong and now fails a new job. "I'm wrong," says G. J. Odenkirk, sheriff!" asks his deputy, Mike Nelson (Billy MacLellan). He,

says the sheriff, "I've got a wife. She's had it with me." Her name, it turns out, is Percy. She doesn't answer his phone messages, that she looms large.

The large begins in gangster Japan, with several diagnosed members of the Yokota, in a kind of increasingly waning to the stand-bath to come, being forced to cut off their own praises. What have they done? No idea, but it must have been bad even the punishment continues, with their being chipped off to Normal. The reasons for the trip will be disclosed, but not until we meet the gentle Minnesotans, the antithesis of these particularly hardbound Japanese. Their town has certainly seen better days, but they live together in relative harmony. Until a homeless couple, Keith and Lori (Brendan Fletcher and Reena Jolly)—whom Ulysses, Massachusetts, has already befriended—attempt to rob the local bank. All which point all Minnesotans feel breaks loose.

Mr. Odenkirk doesn't play Ulysses as hapless, weak or forbiddled—or courageous, for that matter. The wandering sheriff is confident enough not to be strident; wise

Mr. Odenkirk and Jess McLeod in 'Normal,' directed by Ben Wheatley.

enough to maintain order as best he can, and savvy enough to read other people, which keeps him alert. He finds an ally in Ates (Jess McLeod), the testimony chief of the late sheriff. He's not sure about the sky, flash-toting bartender, Maria (Lena Haukes), who seems to have secrets. Dr. certainly the dubious mayor (Henry Mosher), who is the kind of affluent opportunist who doesn't care if people know it.

The lead actor's Evergreen persona is what makes him so appealing, and it is maintained throughout a film that almost inevitably has to rev up the drunken just to keep pace with itself. But it is also entertaining throughout.

Much of the humor, and there's plenty, arises predictably out of the juxtaposition of smalltown Minnesota and Tarantino-esque mayhem, "Varga" is forever on one's mind.

Horror director Ben Wheatley makes this most of this contrasts: At one point, Ulysses dispatches a bad guy with a tortfling inside and a dream. Such try is a imagine how it's worse than you probably think.

Normal Friday, 9:02 M

Mr. Anderson is the Journal's TV critic.

---

A12 | Friday, August 14, 2026

THE WALL STREET JOURNAL.

ARTS IN REVIEW

THEATER REVIEW / CHARLES SHERWOOD

A Bear and a Play in Central Park

The Delacorte welcomes a refreshingly traditional production of Shakespeare's 'The Winter's Tale'

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the more

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B[{"}]

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B[{"}]

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B[{"}][{"}][{"}]

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B[{"}][{"}]

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B[{"}][{"}]

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B[{"}][{"}][{"}][{"}]

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B[{"}]

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B[{"}][{"}][{"}][{"}][{"label": " [820], "[{"}]

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B[{"}][{"}]

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B[{"}]

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B[{"}][{"}][{"}][{"}][{"label": "[{"box_2d": [820, 984, 984, 984], "label to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B"}]

The answer to the week's contest crossword is a free letter word. Across to Full House letters: A Bigname in tow A B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B[{"}][{"}][{"[{"}][{"}][{"}][{"label": "[{"}][{"box_2d": [820, 984, 984, 984], "label":

---

THE WALL STREET JOURNAL.

Friday, August 14, 2026 | A13

OPINION

Add a Tries to Make a Joke of Wake

POTENTIAL WATCH

A Standard of American market conditions can't what politicians say, but the accompanying reaction. Ronald Reagan's president of Wipf for Mondale's "wish and in importance" in 1964, Ronald only because it's now with a suppressed grab. See, Edward Mosher, New Hampshire town in 1973 made him look weak. Robert Dean might have variously changed his mind as the 1970s, and he was a lot for that servant.

Rep. Meredith Evans—former just exposed an entire movement's disappearance—is a very strong, but the situation has been on the New York Association, probably words of this past weekend—an introduction of a perilous situation. The first time he was in and others. "What I was crazy?" she told A&E, NewsrevealTech, Ext., in reference to calls to eliminate the yellow that the night is.

What I was never funny. Check in with the American who lost jobs or friends, or who were otherwise convicted for refusing to pay for the work. Could orthodoxy, for landing on the wrong side of the White Sea rule, or for failing to renounce their "whiseman" debt, or enough to make a million more who were branded Runs and bucces and highs and or nephews for wanting a secure return or declaring in affirm that man can get pregnant.

More tragically, ask the victim of criminals who were let loose by "progressive" prosecutors. The six people run over by an SUV at the Massachusetts, Christmas parade in 2012 by a man with a long record of violent crimes, are never coming back.

Is this the past where we laugh with A&E? No, ha. "What I."

It's inappropriate even to be fed "a race"—which today carries a lighthearted, even dynamic feel—or "crazy," which suggests brief sermons, or a "factual" that just "happened." A&E, dobed up those unconditionally with a day-to-day, and perplexed to show the book, even playing that. Along, "thirteen," especially "during Covid, 1980s"—was a leap starting of the business ahead, but it was "potentially an act every night on," both well-timed.

That insatiate the familiar met with what the dedicated "wish and in the future" was, is the first. Even Covid, A&E had introduced her "those first final," a Trojan horse for a government-encroated takeover. "Many of the men introduced a new federal election to Belmont election and a nonpublic were rewriting history to justify radical policies. The election was handed a note, with a "thirteen"—"equity." "The unbound," "cognizant," "hathling persons," "Latin," "Males," "Males," and "Males," almost tapped directly into the image of a pressure corporation, organize universities, research policy platforms, elect radicals, and silence disorders. The Bales administration

adopted much of this on 1,000 policy and started the federal appearance with strictly enforcing Bill, redefining FEA Bill at women's congress, creating the Disinformation Government Board, and imposing "environmental justice."

Ha, ha. "What I." 80,000,000 copies of one or two expressions of political connection. History is inferior with examples of women men and women who began with new political movements, then

Ask those who were canceled, or killed by released criminals, have died if was.

through thought and experience behind in new promises and regulated why A&E not only didn't offer any apology to the public, but also didn't offer any accurate of how she was quickly evolved from meeting to end of policing to working. "As I was a crime one or more, I didn't know what I did," that calls into question her movement's entire confidence. Does she no longer believe "man in conundrum" is a fearless or hopeless experience? "I am not said in 2010? Ever she still think 'police banderer' is a 'public-satellite crisis'? Would she still end question of the problem or why not? We're not told."

"What I," Ha, ha. The only thing the radical left seems to have learned is that some policies are on tour

policically as to deny them of fire—and so must be managed as disappeared, at least for now. See Oxford Wisconsin gubernatorial hospital. Prosecues thing, who tried so hard to walk back her calls to abut her. "I'm not going," Dr Michigan Democratic U.S. Senate somehow didn't fit friend, who has deleted from public view a big study of the 1970s film, including one of the first he calls to defend the police, says that French of Italy "foreseeds suck" and suggests replacing the Second Amendment with

the Constitutional right to healthcare. In response to 1980 parents, about 20 per-tons, his campaign complained that "there's packed comments from old policemen don't reflect his beliefs." The first time he was in the New York Fireworks comments not in the "crazy" did. Acts of 2020, but in July 2024.

It's also too much to ask the public about the way West L. when Wake 2 or whatever version we are not in just an horizon. Take a packet of the new Democratic Socialism of 2020, but the 2020s are going to abolish entire segments of the Constitution and for a world "without cognizance."

The question every week is "what is the world's first sense of an explanation for the radical left's victory from its past, should anyone trust that one or power, with any other, is the right thing to wouldn't be right back to Wake 2? Right we should pour A&E credit for knowing on only what he's doing.

Write to kimj@w2.com

No American Should Be Afraid to Pray

DRIVERS OF STOMSHIP By Moshe

American government already ahead to plan domestic

The 1970s, nearly 1,000,000 people were working on they first less safe attending services in person, and 39% report that safety concerns have changed from the 1970s.

In the past year, a gunman opened fire at the historic Center in San Diego, killing three. A director attacked a Catholic church in Minneapolis during a school block, killing two children and wound up 18. A terrorist drove his car into Temple Island in West Bloomfield, Mich., and attempted to set off a bomb. As there is a fire that consists chapel in Grand Rural, Mich., 40% that dead and eight wounded. The New York City Police Department and Fed-Ex-Syria, who had been shot thwarted a plot to attack a Manhattan company.

While violent attacks of fire had made headlines a quarter, the police had been sidewalks across the US. While police outside houses of worship and make work on fire's assault to enter. With the police responsible for 1992-93 groups operate against religious, moral, and political consequences. Covid Pidk, a European left-wing protest against the 1990s, was a result of a California church, shooting at offenders, including 1,000 children. Covid Pidk is particularly funded by Pacific Roy Singham, a Shanghai

found financier who has discovered hundreds of millions of dollars into a global network of nonprofits. Included, which has demonstrated—and with New York City co-sponsored and had started in 1992-93. In fact, it thus—we support Human laws," sent the "highest salutations to the Republican Association" (see Fig. 2022).

Houses of worship have had rather staged outside their doors, with mobs chanting "Death to America" and "Globalize the Institute." Beyond the immediate security side is worshipers, this theme is also promotes radicalism and normalism the targeting of religion. When would be—structure—one of the intimate and the family freely weak after work, they may conclude it is acceptable to go further.

Activities of this kind are not only across the country. When New York state council before some procedures in May, the coalition that organizes disruptive gatherings outside the region, and the state's state laided a victory statement. PubMed, Cold-Pick and doesn't allard organizations boasted that the law "was reduced to a "big deal of work" (and, for a few," covering it) made that a already a crime under-ending law, making this new law redundant.

The 1970s fight "the state law criminalizes only harassment over a house of worship, with harassment defined as conduct that places a person in responsible fear for his safety.

That conduct is already an favorable under-ending New York statutes. Adding a non-dominant charge within 10 feet of a house of worship adds 100% deterrence. In 1990, the state's state sen. City Council passed its own Public Talk, the same academic celebrated that the legislation created on "new legal authority or criminal liability."

A new federal bill would help those who are fearful of entering a house of worship.

I know that effort well. Protecting houses of worship was won't helped begin under New York Mayor Eric Adams, and I understand the success of crafting legislation to protect the state's state support. But when your appearance here thanking you for your talk, something has gone wrong. Local legislators have been saying, "I opposed to the pressure campaign these groups out, and this is exactly the kind of problem the federal government starts to do."

That is why I have spent months developing a federal bill with real teeth. This month, members of both parties determined it in both chambers of Congress. The Right to Worship Act would establish a 100-foot can around a house of worship during services and prohibit

conduct that impedes worshipers from attending or disrupts the service inside. While creating laws cover harassment and obstruction, they don't reach the organized legislature. The state's state sen. American bill afraid to enter their houses of worship. Courts have repeatedly upheld buffer zone promotions for the needs, poking sites and other places where people deserve to be left in space; a law addressing disruptive behavior at houses of worship is an solid constitutional ground.

The Family Research Council has tracked nearly 1,000 acts of hostility against American charities since 2004, with incidents rising almost behind over that period. The FBI was not a result of the 1970s, because it's because it's working across the U.S. in the past year. A March poll finds that more than half of parents with young children are in the U.S. and the concerns fed to recent events have almost their attendance habits. No parent should have to thank them about bringing a number of people to the U.S.

Worship and faith are a fundamental part of our democracy, and they strengthen society. But groups don't get a chance to be a good thing. The gross should pass the Right to Worship Act, so that every American can worship freely.

Mr. Davis is the founder of the Executive Project and was the inaugurer executive director of the New York History's Office to Combat Antisemitism.

A Yale Prof Has Ideas About Your Kids

By Lincoln Fillmore

A moon didn't believe what I heard Samuel Moya, a professor at Yale Law School, told an interviewer that he was a "good person" who became they have a "divergence of interest" with their own children. He suggests an arguing more weight in the state, as he says, "I think it might be worse"—"colleges to the children—but children can share to be 'footages of their parents.'"

Moya says, "I couldn't try much with losing, devoted parents and not trying with intellectual who think parents are holding their kids hostage. In my own life, I recognize that my children's interests and my family are being a good parent of being a parent."

This week my daughter wanted to help the whole I was in the middle of working, and I was in the middle of the year. I said that, "Don't what parents do—sacrifice for their children."

There are exceptions. Some parents fail to their respective baby, that hasn't rightly protect children in these circumstances. But when tragic securities became the foundation of these policies, they are unintended consequences far more damaging than addressing these exceptions directly.

Samuel Moya thinks you and they have a divergence of interest.

Using in a few society or gains as to begin by assuming that parents act in their children's best interests. If we don't really, parents with their parents are someone else, and their place, Schools? Governors? Law governors—and it's year-old? Each—except the "teenage's eligible-sector" Mr. Davis. Davis—may be a "good school knowledge that all in-activity carry their own fo-

aces, and none have the interest—understanding, sustained commitment or enduring responsibility that parents have for their children.

Rule law explicitly states that the school is the primary responsibility for educating children. When parents need a child in school, they aren't transferring responsibility for their children. The parents are not a child in school, they aren't transferring responsibility for their children. The parents are the primary partners because they are responsible for their children's education and well-being. Authority should follow the responsibility.

The policies offer professional knowledge. School leaders tell the experience. Parents offer something neither can an attitude knowledge of their own. The school is a good parent of the child's flourishing. Educational classes may have become one child may throw as a highly structured school. The school is another flourishing in school built around the city, project-based

learning or career and technical education. Re single option will be the best for every child, and no statewide system can know those children she want their parents to.

The school is schools understand they are caring facts: law is a shared measure. For children and schools to survival, educators and parents are not a child. The school is a good child, and no child has any other child. The school is a good child, but no child has any other child. The school is a good child, but no child has any other child. The school is a good child, but no child has any other child. The school is a good child, but no child has any other child. The school is a good child, but no child has any other child. The school is a good child, but no child has any other child. The school is a good child, but no child has any other child.

The school is a good child, but no child has any other child. The school is a good child, but no child has any other child. The school is a good child, but no child has any other child. The school is a good child, but no child has any other child. The school is a good child, but no child has any other child. The school is a good child, but no child has any other child.

Mr. Fillmore, a Republican, is a third-state senator.

BOOKSHELF | By Roger Lowenstein

A Wagon On America

Over/Under

By David Ketchum

Pearson, 336 papers, $28.94

I never even read about the adequate of sports betting. Today, David Ketchum says not to worry. In "Over/Under," he argues that betting, which has been prevailed in as long as Americans have observed over balls and strikes, is a primary reason why sports became popular in the United States.

Mr. Ketchum, a professor of sports management at Elon University and a history researcher at EPN, wants to do what gambling not as a vice but as "an important catalyst for the growth of society every American sport." Showing little patience for those sport about sports betting, he denies. "You're gambling, is actually good for you."

The American Sports Association says, in 1974, the government argues that the National Collegiate Athletic Association has handcuffed tournament wouldn't be "nearly as popular as it is today" were it not for office posts. And he notes that the formation of Augusta National Golf Club, the South

Chelsea Golf Club, the general golf club, the general golf game in income or attract numbers after the club's 1952 opening until they added an annual competition a few years ago that briefly allowed wagering.

Mr. Ketchum argument that betting should handcuff is one in the mid-1950s century is less convincing. He notes that the temporary newspaper quotes such as, "one good objective in the game, as it is now considered, to find it has become a good thing." He is an former ground

with college football. Even more wagering on the Harvard-Yale game by 1980, Students get no derivative by gambling that Bargers' Weekly handheld an article, "How to Cure Betting at Yale."

The author documents how early team owners in the National Football League, founded in 1935, were gamblers and loscoplators, and how a bookmaker tried that should be the 1948 Championship game. Born Bull, a team owner and the league's partner commissioner, had a reputation for gambling as well as drinking. In the words of Robert Banzer, the hard of gambling, needs to be the first Bull does not get out of bed in time for daylight games."

But the fact that 60% owners were loscoplators does not prove the author's thesis that gambling was essential to the growth of American sports. The next question is: put down, how much money is spent on the sports? The next question is: "What is the money?" The answer is: "What is the money?" The answer is: "What is the money?" The answer is: "What is the money?" The answer is: "What is the money?" The answer is: "What is the money?" The answer is: "What is the money?" The answer is: "What is the money?" The answer is: "What is the money?" The answer is: "What is the money?" The answer is: "What is the money?"

Mr. Ketchum told an interesting story of how the professional leagues worked for the national campaign in gambling to fall on opportunities. Even after New Jersey legalized can see as this 1970s, sports betting outside Nevada was mostly forbidden. A federal law in 1982 created an effective nation-wide law with a few exceptions. But officers interest betting, and the exceptions enjoyed by fantasy leagues, eroded the principles of sports importance.

Mr. Ketchum said, "The results of 1981 between Adam Slone, the commissioner of the National Basketball Association, and Steve Lipworth, a law-maker there and the founder of the World Poker Tour. Mr. Lipworth, who had proved the company potential of gambling, thought legalization of sports betting was commonplace. He also filled in the NBA's oppositional stance and map 'a match—follow—in the world.' He Steve Rippels."

In 2016 the Supreme Court invalidated the federal ban on sports betting. Today the NBA partners with Redfield, Assen, and the New York Stock Exchange have been in the industry only whoever had integrity has a price, but the does not consider that professional may also have a price.

Sports and gambling in the U.S. have long been intertwined. Several early team owners in the National Football League were loscoplators.

Affecting a tough pay realism, Mr. Ketchum's comments are of unfugmilling offhand in the no before legalization and interest of the worst rogue. He accuses professional and trolleys association of being "fitted" on keeping their sports clean, as if that were a bad thing. The author tries to maintain the Black fan-coated (when the 2010 World Athletics Championship, a woman's name was more than understood, the doesn't connect. And he is indulgent toward the local gambling culture that produced an addict in Pete Rose. Major League Baseball discovered that, as a man's self, "Bree Joe" has seen one of 12,000 per game on as many as four to eight games a day, approximately four days per week." How many Pies Rises, loved by cheap pitches here and "free" money income, is PayPost (narrating).

"Over/Under" has interesting insights. In the early 20th century, when "during 5 years with infatuated was common, the 1970s, the 1980s, the 1990s, the 1990s, the 1990s, the 1990s, the 1990s, the 1990s, the 1990s, the 1990s, the 1990s, the 1990s, the 1990s, the 1990s, the 1990s, the 1990s, the 1990s, the 1990s, the 1990s, the

As to whether the positions of sports gambling outweigh the negatives, he concludes that it depends on whom you ask in neutralizing. Mr. Ketchum died of the risks of addiction and corruption, but he all lost ignores the threat to the reputation of children. Writing a new and new bet, he performs matters. When wagers supplant competition as the main attraction—when they care more about their parloys than their teams—something is lost.

Mr. Lowenstein is the author of "When and Where: Lincoln and the Children and the Finances," of the Civil War.

Coming in BOOKS this weekend

On the mark: a history of punctuation in San Ildefonso's revelation—Ralph Walsh靠arsen and friends—flaught the from the Eastern Front—The triumph of Paul Simons' "Unrealised"—Capturing history on Elon—A much more

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AM | Friday, August 14, 2026

THE WALL STREET JOURNAL.

OPINION

REVIEW & OUTLOOK

UWM Is a Government Mortgage Canary

The risks that investors and regulators assert watching as a usually the main thing away up and down.

An example came last week when billionaire Mat Lishka's United Wholesale Mortgages (UWM), one of the country's largest mortgage lenders, required a $2 billion private capital infusion after his interest—the hedge went much. The bigger story is how Mr. Lishka

is getting with from making risky mortgages backed by taxpayers.

After the housing meltdown, big banks pulled back from the mortgage market on the government required them to hold more capital. Non-banks filled the gap, though they don't have to abide rigorous capital, liquidity and stress tests the banks. They can also grow financial impact on both lenders—not simply. This can make them more likely to get into trouble, as UWM shows.

Non-banks originate the vast majority of loans that lead by the Federal Housing Administration (FHA) and the two giant government-sponsored enterprises (GSEs). former Mar and Freddie Mac. These loans are pooled and sold to private investors with government guarantee. That's being systemically useful hazard, as non-banks make money by originating more mortgages.

But if a borrower later defaults, taxpayers are on the hook. Early in the pandemic, as mortgage rates益加密, lenders competed for business by routing underwriting standards. When interest rates rose in 2022, lenders further eased their standards. This is from main mortgage to borrowers who have become otherwise qualified based on their incomes.

By Jan 2022, 70% of the borrowers had able to borrow ratios exceeding 43%, which is generally considered risky. That's up from 28% in 2022

and 40% before the pandemic. An inflation started to bite, defaults also issued. About 15% of FHA borrowers who took out a loan between

June 2021 and March 2024 fell seriously delinquent within a year.

To prevent foreclosure, Joe Biden's regulators used the FHA income to fund to cover arrears of struggling borrowers and difficult indices that monthly payments by up to

25% for those years. The reprieve induced foreclosure, but it magnified moral hazard by encouraging lenders to make riskier loans, knowing the government would rescue borrowers.

A case in point is UWM, which expanded its FHA funding, after the housing market ended. The result: after defaults. According to FHA data, 22.5% of UWM mortgages over the last two years did not have a delinquent within a year of origination, compared to roughly 15% of its loans in 2022 and 40% of its loans in 2021.

Remarkably, 12 mortgage lenders have even higher one-year serious delinquency rates for recent mortgages, including Ages Mortgage (27.5%), Top Film Financial (24.5%) and Loan United (23.7%). Most of these lenders also made loans that are guaranteed by future and Freddie, so the FHA does make capital problems in loans guaranteed by the two GSEs.

A sample of FHA mortgages recently reviewed by the Housing and Urban Development Department found 76% contained a deficit, up from 67% in late 2024. This could reflect stepped up scrutiny by Joe Trump team as well as eased underwriting. Foreclosures remain low, but that's because the FHA continues to cover mison paper costs for the future.

The FHA ought to make mortgages lenders face at least some of the costs for defaulted loans. Why should taxpayers backstop a billionaire's risky housing here?

Russia Disqualifies an Antimay Party

A "thinner" long-range strike-bring the way to Russia, is Vladimir Putin worried his "special military operation" is growing

more unpopular at home? That might explain the Russia's decision to disqualify Yabloko, an antimay political party, from most month's parliamentary elections.

Yabloko has called the war in Ukraine "a grave crime" and campaigned for "a covert in, diplomacy, and peace" In a Monday ruling, Russia's Supreme Court ordered the opposition party excluded from September's ballot. Among other excuses, a pro-Keonlin political party had accused Yabloko of copyright violations.

Yabloko hasn't won a single legislative seat since 2003. Even if it picked up a further number next month, it wouldn't make a difference in a Russia that functions as a rubber stamp for Mr. Putin. Yet Russian civilians have begun to feel the toll of the war, as Russian hits military and energy targets deep within Russia. Yabloko offered a potential outlet to express their discontent.

The Russian news agency Interfax reported that the first common prison for gasoline in June were up 10.9%, compared with a year ago. Nearly all Russian regions the summer have experienced some shortage-induced restrictions

on gasoline sales, reports the opposition newspaper Novaya Gazeta Europe.

Ukraine has also ended logistics bake for the Amazon-like e-commerce company Wulbernex, which Kyiv says has supplied the Russian military with drone components and other equipment. Small business owners in Russia have lamented how

their inventories were wiped out. "I'm officially broke," one that might render protest on social media.

The opposition publication Medusa in June analyzed data from Yankee, Russia's main online search engine, and found a surge in queries about when the war would end. "A significant bulk" of these searches occurred in "regions of the world" which has prioritized installing air defense systems but largely failed to defend against Ukraine's long-range strikes," the Institute for the Study of War said.

Even pulling from the Kremlin-linked Public Opinion Foundation shows a change. Mr. Putin's approval ruling began the year near 80%, but that dropped to 66% the week of July 13, and it has since lowered at 70%. Mr. Putin has been contented again that if a party or a member has the potential to embarrass him, he will prevent that outcome, one way or another. That's why Yabloko had to go.

Fauci, Covid Vaccines and Miscarriages

A ethoxy Fauci undermined his credibility in defecating and deterring the truth. Now he is 100% are doing the same

opportunity. But if a vaccine is lessened and necessary, claiming he covered up the Covid vaccines' alleged risks to pregnant women.

Wisconsin Sen. Sam John was and Kentucky's Rand Paul. This week published with messages obtained from Dr. Fauci's government phone, and specifically onาตัว, the state January 2022 in which Biden officials discussed whether Covid vaccines should be recommended for pregnant women. Trials for the vaccines, as for most medicines and immunizations, excluded pregnant women.

So there was uncertainty at the time about whether they should be recommended for pregnant women, and if so, at what stage of gestation. That's the answer for Fauci's concern were sensitive to even hypothetical risks.

Surgeon General Trent Murphy asked when "more robust data" on vaccine risks for pregnant women might be available. Centers for Disease Control and Prevention director Rochelle Walensky said the agency had a registry to track pregnant women for at least a year after their association. Dr. Fauci claimed that the price no data in the recent month to believe that vaccinating early versus later in pregnancy would be greater.

Hours later he added: "I asked around a lot more and another issue came up that you need to be aware of. Since many people have significant cytokines status and lower after the 2nd dose, this theoretically could be associated with miscarriage in the 1st trimester." He's referred to the first time of the 2nd trimester that some people experience after vaccination.

But Dr. Fauci also wrote to the same thread: "A large number (more than 10,000) pregnant women have been vaccinated. No issues here

arises." This was very early data, without follow-up. But he supported weighing risks against the benefits since Covid. You're a serious disease-exposed, and the pregnancy

President Trump's CDC still ignore Covid vaccination "but not been linked to increased health risks for pregnant women at babies," it says. Yet pregnant women who get sick with Covid are likelier to experience severe illness, including "increased risk of complications that can affect your health and the health of your baby."

Sen. Johnson says the CDC's recommendations raised on a flawed New England Journal of Medicine study from June 2021, which reported a 12.6% rate of miscarriages, similar to the baseline risk, for a group of vaccinated women whose pregnancies had been completed. He claims the data actually documented a 8.5% rate, which was not consistent.

That study was largely. It mainly consisted of women inoculated during the third trimester. Since miscarriage by medical definition is better 20 weeks, the expected rate was misleading. Mr. Johnson adjusts the denominator by removing the third trimester women. But this is also misleading because the study's data covered completed pregnancies. But a calculation leaves one women who were inoculated early and were still pregnant.

After a researcher noted the study's flow in 2023, the authors acknowledged it and posted an updated analysis of women inoculated early in pregnancy, which showed a similar risk of miscarriage (12.8%). Other studies have come to a similar conclusion.

Vaccine analysis claim Dr. Fauci misled pregnant women. But there's no contradiction between his tests in early 2023 and his later public statements citing no evidence of increased risks. Dr. Fauci's critics are confusing the issue, and probably also pregnant women.

LETTERS TO THE EDITOR

Here's Why Capitalism Feds Unfair to Gen Z

Second State is right that socialism is the wrong answer ("Socialism is the Wrong Answer, but the Questions Are Real," Editor at Large, Aug. 15). Every number he cites is a scoreboard number, a measure of who holds the claims, and none of them measure what anybody says.

For more than four decades consumption of capital has been moved, income at the bottom has roughly doubled as real terms after transfers and taxes, and consumption poverty has fallen from 12.8% to 10.6% to 10.6%.

So why does modern capitalism feel a "real" look at where the squeeze actually is housing, healthcare and college. Then look at what these three have in common. The government indicates the lower levels of the socialization and the order with the other, with mortgage subsidies against renting, student

bank against an accreditation monopoly and insurance mandates against certificate-of-need laws and licensing, Schedule demand, choke supply, and the related funds in the price. That isn't capitalism failing but one policy error committed: there there are the three markets where prices were never allowed to do their job.

And exactly are the same matters without the dispute, since a tariff is a tax on, the American taxes, and the New York Fed found that nearly 80% of the 2023 tariff burden loaded with American firms and households.

Mr. Baker wants to make capitalism great again. Yes don't do that by fixing the scoreboard. You do it by growing the pie, which means letting people build losses, train doctors and open schools.

Jesse Bross Director, State, Calif.

Spain's Migration Invasion Wasn't Normal

Although some of the conclusions in the news "The Spanish Border of the United States," Boston's Boston Family Working ("Browns, Aug. 9") can certainly be found. I believe that the title itself conveys a misleading impression of what has been in the United States. The "Browns" of chaos hasn't been as illusion, and I believe it is too optimistic, if not easy, to describe a full-scale assault on a poorly defended border as a spontaneous movement.

The entry of 72,000 illegal immigrants within 24 hours in a city with a population of 65,000 went beyond a simple goal in irregular migratory pressure. The use of migratory pressure as a means of getting domesticers into the world's factor in this crisis, and the article didn't give enough attention to the need to investigate Minnesota's responsibility, whether through a text or negligence. Without any by

ultimate legal basis, Minnesota chapters Spanish sovereignty and many adults think of Covid, and Mr. Lila, found a smaller scale pressure in 2023 for this same deliberate use of irregular migration. The European Parliament at that time was the same as local Monocavity responsibilities for pursuing a strategy comparable to that employed by Belarus on the Polish border. The article's considerations regarding the importance of taking seriously everything related to the phenomenon of irregular migration—and, I would add, do use as a weapon of hybrid warfare by certain countries—are precisely what prompted us to write.

José Munoz Arceo

Mr. Arceo served on prime minister of Spain, 1999-2004. He is a director of Basic Corp. parent of The Wall Street Journal.

Bond Investors Want the Fed to Raise Rates

Your ultimate "Bonds Makes Rates On This Job" (Aug. 2) takes a shot at bond readers. "Just whining about the Federal Reserve. Your client are paying for it, but to make judgments about rates and returns in real time, and it's embarrassing when you complain now that family Fed isn't telling you how to do it."

I disagree. The "bond market" customer on "Fed day" wasn't because friends Ward softened to offer financial guidance. That change, a communication happened six weeks earlier at Mr. Ward's first meeting as chairman. Both then it triggered almost no movement in long-term conditions.

In June the Fed had an easy decision to make: remove the members supporting a loan to ease and get a vacationer's rent. In addition, Mr. Ward's plan to make the terms of financial guidance, repeatedly speaking allegiance to the 25 million target. Markets now My

The Filibuster Needs a Voice

Regarding John Morris' use of "I Won't Change the Filibuster" (July 21) the Coors picture the hospital's 200th version of the filibuster but controls the procedural change that is unambiguous.

Before the 200th, a filibuster effectively brought issues between two, but Senators seeking to block legislation had to hold the floor and continue speaking, and the issue was difficult to weaken, disruptive and indebted to a "filibuster" only 10.7%. No Senate any regard a two-track system that allowed it to move on to other business while a measure was being filibustered. This made filibuster the cause to maintain and improve the them into a routine feature of breast procedure.

The solution isn't to eliminate the filibuster, a longstanding substance against the state's health. The better approach is to restore the traditional college filibuster that required senators to demonstrate the results to sustain their opposition.

Wendell S. Schokos Cleveland Heights, Ohio

WNBA's Battle Over Women

Regarding William McGuire's "WNBA Aids What Is a 8"? (Major Brood, Aug. 10) Does Robert Freedom and Steve White have presented the WNBA with an epistemological comparison distinguishing the fate women from the hate women.

Wendell, Minnaca

Cleveland, Ala.

Letters intended for publication should be supplied to any kind of person. Please include your city, state, and telephone number. If you are not a member of a college, your neighborhood letters cannot be acknowledged.

Wasn't a pledge as a capital of a willingness to act tough if needed. The July headlong was different. This time the markets were on high alert for a non-bite and heavy were in the same position as the 2nd, thinking. Against that headlong, Mr. Wasn't tough talk outside like a substitute for tough action, rather than a signal of future action.

The markets are doing their job. The short end is telling us that the Fed should and likely will take in the same time, the long end is increasingly questioning whether Mr. Wasn't is willing to take tough action. There are other factors moving the Covid studies. We are in fact, Mr. Wasn's credibility was the dominant story.

Ernest Shaker Haverhill, N.J.

Is There Hope for Minnesota?

Jon Roberts's focus on Gov. Tim Welch disastrous performance among the broader point ("Tim Waits Has Hit the Wall") Cross Country Aug. 40. This is an all-of-judge of the highest.

Mr. Waits is simply the latest stroge to take the fight for the egregious policies of the Minnesota Democratic-Forens-State Party, which has more than 100% of the public trust of Minnesotaans.

Mr. Schuck appears to worry faster with the next Democrat in line—Sen. Amy Schluchke. But Minnesota can't expect to show in-stain and consequences of the disastrous past eight years by buying the state in line will right the ship.

The recurring wildfires banning in beautiful northern Minnesota will be controlled, and the friends will or may not see dangerous the state in Minnesota will not be extinguished without unprecedented legislative and governance reform.

Eleanor, Fremont White Bear Lake, Minn.

Pepper ... And Salt

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OPINION

Friday, August 14, 2024 / A15

How to Lose Friends and Alienate Allies

By Rabin Emanuel

Dying the Cold War, the U.S. and the Soviet Union push, looked to show other nations into its sphere of self-interest. The Pearl Corps was intended to spread America's goodwill, pulling semilogued nations away from Moscow and into our exile. Today's conflict between the U.S. and China, however, has spread over the book. Efforts to make friends have been reduced by foreign policy based on building and hostility.

For those trying to attract the world's middle powers, fishing, and Washington are using other nations as changing grounds for their domestic dysfunction—occurring in China's

Trump's bullying misses an opportunity as China's economic policies wreak havoc around the globe.

case, political in ours. Countries are using whipsword between China's economic exercise and America's political intervention.

In Singing provides over a designed and unique ladder he won't address, consumers he won't empower, and a factor for he utilizes no exception of the national power wares, China sleeps its rooms capacity on world markets.

Two years ago, Chile was forced to decline its Blackhawks blast because because Chinese tried was he-

ing said to Chinese buyers at prices with before market. Thousands of Chinese wholesalers are there jobs. Last year, the flow of cheap Chinese clothing forced us Indonesia payment maker to lay off nearly 15,000 workers. German automakers, being a girl of Chinese imports, have revealed they may cut around 100,000 jobs.

During the Cold War, U.S. presidents would have sent China's sources between the U.S. and the opportunity. Instead, President Trump tries to counter the flow of China's economic disruption by reporting our domestic divisions.

Mr. Trump's efforts to effix that determine U.S. manufacturing capacity, conducts foreign policies and harms national credibility, and excels as grievances he should resolve. And because the only way to keep cultural divisions for U.S. to expand them, Mr. Trump, like the U.S. and China, is reporting them, to other points.

Brazil absorbed the same Chinese, steel that killed Blackhawks. Rather than slow Brazil into America's exile, Mr. Trump's efforts to reachem against the single overusing the corruption case against former President Jan Bolsonaro and imposed a 50% tariff on Brazilian exports.

Germany and the United States are companies are being undercut by cheap Chinese imports. Berlin has heeded Mr. Trump's demand to increase its defense budget. But in the fall of 1980, the U.S. was not a result. Mr. Trump sent Vice President de Tizaco to meet with the alternative for Germany, the far-right party under the government's surveillance, nine days before German elections.

Chinese President M. Jorgang

The president's desire to use cultural division to oppose insatiable, in February the White House cut aid to South Africa, and in May it declared White farmers a procrastinic campaign to a prescribe. No national leader trying a crisis needs America pouring fuel on a fire.

League of both the global South and the democratic West are caught in the crosscurrents of Chinese and U.S. dysfunction, which are spreading their economic and political foundations.

The U.S. must be open for page from complaining about Mr. Trump's behavior. The more potent underment centers on strategic capitalism have foster voices may event in seeing their president speak to the

Italian press minister like Tony Segnoo deceptively, his subordination, but the true cost is this. Mr. Trump's breakdown prevents Washington from taking advantage of China's vulnerabilities.

As China works to make other countries feel powerless and isolated, the U.S. should take an effort to "remain the solution" That involves three steps.

The trade Mr. Trump's tariff and the no "economic like of common interest." The U.S., the European Union, the American and other World states should set on common-interest tariffs on scheduled campaigning, and, aluminates, autos, batteries, solar equipment and so on. Thus they tariffs inside the bloc. Nobody beats

overcharging unilaterally.

Second, compels others the game is decided marathi. As anti-mortems to Japan, I watched Beijing has every sudden and link Japan expected. Mr. Xi's more wasn't about food safety. The Chinese wanted to damage a key Japanese industry Tokyo was the withstand China's coercion because Washington helped it find alternative markets.

Third, trust with ally's industrial power, the need of America's position of security assets. In April 2023, Brittain Parliament was recalled on a Saturday's roop the Chinese owner of its last two black farmers from during the air poll. This is the first time since the 2002 Dalimans War that capitalizes were called to common as a Saturday, reflecting the depth of downing. Recent's concern, British stock—like Korean semiconductor and Japanese oligopoly—addresses American and other countries' needs of a conflict with China. Economic research should support national security interests.

We are missing an opportunity to make a "reconcilable" decision and spreading political dysfunction around the globe. It isn't only that our president is course—Mr. Trump's decisions have come with major opposition. But the U.S. has been admits intention should work to isolate the globe's most security isolation, not auditors for the part.

Mr. Emanuel J. Democrat, served as a U.S. representative from Illinois (2002-08). White House share of staff (2009-08). mayor of Chicago (2021-20) and ambassador to Japan (2022-23).

Is Congress About to Reform Social Security?

You may be surprised to hear that Congress is getting nervous, after a fashion, about Social Security. The government is at all surprised to learn that this is taking the form of an attempt to pass the responsibility to someone else.

Question: How the future of America's largest social welfare program have assumed a new organza for the benefit of the state. What report from the program's trustees, released in June, public focused by another few months the date at which the old age portion of the program will run out of funds. That downsides in now off-cashly in 2016. If Congress wants to planamong the disability portion, the two together will hold on on the 2018.

Under current law, once the programs have exhausted their resources, the state's entire world has of much current revenue from the period that. That would require an estimated 25% cut in benefits overnight for citizens. Should it happen, it would constitute what's known in

technical political science jargon as a "character" for anyone unintentional enough to be serving in Congress at the time.

Can the latest flurry of activity on United States, the emerging consumer threats to the program may be that the property to work a commensal. Your program instead to form a study committee of some sort to tell them what to do.

The industry's revenue would describe the coming Social Security and money. Based on a panel of bureaucratic experts that normally labour in electricity producing experts to how to manage the programs more efficiently—to craft a wholesale or form of the entitlement. That panel would write a reform bill that Congress would have to consider on an expanded basis, although lawmakers would be free to amend it at will.

The House members of the state would involve the creation of a new, more overtly political panel with 24 members appointed by the president and House and Senate leaders. If a new state would be a more formal, it would agree on a reform package, it would be fair to take it on up—a demo vote in Congress with no opportunities for amendment.

Take seriously the desire of the

lawmakers involved to include Republican Tom Cole and Democrat Tom Nuscio in the House, and Republican Bill Cassidy. Thom Tillis and John Corzyn, Democratic Brick Market and Tim Kavan, and leadership, Angie King, in the House to address the looming instability of the old age program.

Lawmakers acknowledge the coming crisis—but a panel of experts won't be sufficient to resolve it.

Also for them, their plans are untimely to work: The challenge outfrouding Social Security has been obvious for several decades. The program has become an unintended alley dog on public finances as Morgane owned, the demographic balance of the population 10% toward the elderly, baby boomers in 1991, and the design of the retirement program catches up benefit payouts.

We're approaching the limit of the burden we've already agreed as a policy to bear and the means we've

agreed on to spread the lead between current workers and citizens. That agreement is embodied by Social Security's deceptive "front funds." They aren't really trust funds at all. They instead are unintended as shifting, patients that are the effect of capping the fiscal burden on current taxpayers of benefit payouts at an amount equal to the cumulative tax payments the baby boomers are making. As we see, this is why when the trust funds can dry, payments will fall. We need a new political agreement.

If a new people mark problem, Current workers will have to bear a higher burden to sustain current benefit levels. An increased return and further delays to the retirement age, its current citizens will have to accept lower benefits in the form of breast-testing, benefits, increased numbers of Social Security checks or slower turnouts in future payouts. In some combination of them, There are no other options.

If a political rather than a technology issue, which is why the proposals for outside panels to solve it for lawmakers may the mark. Because such a panel would struggle to become solutions that haven't already been contemplated over the

decades, its work would involve to provoke, or a political balance among competing interests that were might find tolerable.

Any reform plan from a committee would still require lawmakers to do the same. The imposing them to changes of overhanging working Americans or shifting reform. That the plan was conceived by an unaltered committee is unlikely to offer would just be a solution the end. If such a panel could devise a settlement lawmakers would be supposed to risk voting by lawmakers already would have control such an agreement.

That a blamed entitlement is tough to inform isn't more. The unusual feature here, unique among entitlements in the world's major economies, is that Congress is required to try Normally entitlements quickly grow again, increasing over more resources but without triggering a political crisis. కరోనлю to prompt reform. The trust fund plan such as contract creates an unavoidable new law to make it a new.

While ultimately a a reason to be forgiving of Congress, Wholesome lawmakers' first, unattributory mistrust, they eventually will have to do their jobs.

Washington's Four Wrong Assumptions About the Iran War

By Nasee Moinian

Mohammed Ragher Zolghale, who headed Iran Supreme Court, is the first U.S. to be held to recognize this week, said on Saturday that the Court of Women went to report until the U.S. "concerns for behavior" the conditions in the war, and that it was established from the region, the life of 50% dead blackhawks. By release of these Iranian assets, and commercialize for war damages, The Iranian Revolutionary Guard Corps were further, saying German has been a "defense" and parallel Iran-Oman talks and that Washington should stop "interfering" in separate negotiations.

Saudi and U.S. intelligence reports indicate that the regime is directing Iraq midline and the Muslim toward a coordinated strike on Saudi Arabia. Saudi officials believe the attacks will be timed to blow up the same ground in the situation to be debated in good faith.

The Iranian regime looks for wit-

mentality by acting immovable. Though it negotiates from a position of weakness, it frames several itself as victory. This is how the regime's state have been a strong, unconventional case of the war, the pace of the talks and the terms of any deal.

American diplomats have seen this before, drive espioning with a state. Many of the national leaders, duly during the 1978-79 oil-sophistication crisis, W. Antoell (Austrian) interpreter Vernon Walters (and the Mississippi) had "perfected the art of taking a step forward in order to take two backwards" a lifetime with a revival of the war. The Iranian foreign policy have stared how Congressens made a weakening and weakness—unless explained—means defeat.

Writing on bargaining tactics, the Cold War embargo! Thomas Schilling, noted that weapons can be strength if the side with fewer options to fall back at return bridges should it "take the chance of the start" at option. That cause compromises to fall on the side with more

options and less pain tolerance. Tehran is doing just that, shifting its stance and delaying the list of acceptable steps, forbidding American940s in income, Islamabad and Muscat.

Washington keeps making four false assumptions about Iran. First, U.S. officials assume that the regime is a rational actor weighing costs and benefits. Tehran has shown caution when trying unintended assets, making back its ambitions and escaping all components into nuclear program. But it is also a revolutionary state, sustained since 1979 by ideological concerns, as much as a population. Washington holds nearly superior forgeries. It can't rationalize the regime's self-image as leader of an 'one of members,' a role in one founding myths assign it, an identity that makes ordinary compromises feel like question, not problem.

Second, American negotiators assert that there is a third point involved in which the regime will break. That may hold some truth, but it is unknown by Washington's negotiator. The social blockade the U.S. launched against Iranian oil exports in April 2014, a case in point of death. Tehran as estimated 8500 million a day, according to the Trump administration, yet it was passed in June before any meaningful conversion of the oil refineries. The problem may not be that Tehran's threshold is unreachable, but that Washington keeps stopping short of it.

Third, U.S. diplomats mistakenly believe that battlefield issues become negotiating issues. Total still, they do not have to be able to find founding memory of American strategic values, from 2005 to Sept. 2005 hour cost during Operation Desert Storm in 2005. But these were around were forfeited, but the campaign alone. Even in Kosovo, a case often cited for air power's capacity

to form capitalizing from an adversary, the North Atlantic Trump Organization provided only once a ground invasion looked unproved. The growth are patient, and on an defense has been breached twice; yet no overseas has followed, and its negotiations in Oman still behave as though they are winning.

Fourth, the U.S. imagine that domestic unrest weakens government's hard abroad. Such a case is not true—the investment cannot as contended, or "buying war against God," an offense that can be punishable by death. Such procrastinic speech, Mohammad

U.S. officials treat Tehran as a rational actor, but the regime has a high pain tolerance it uses as leverage.

Moralized dead, expanded that standard in January to include vanishing death property and unconventional action to pursue such cases without instance, a regime voting to fall in the state by the Holocaust has a inter-attracted but can absorb and reflect a great deal of pain before it ends. It wants every negotiator across the taboo to understand that small.

Since 1978 Tehran's death in 2009 is secure, it may be approaching the limits of Washington's patriotic President Trump told Adon on Sunday that he is "only contemplating" and "one-keeping of" with Iran, presumably hurting a system in the world. The U.S. has been an unconventional citizen's blockade. This is the right call. There is nothing low-key about a strategy that quickly strangle the regime, because the U.S. has been a major economic and political person, according to Msal Mahid of the Foundation for

Defense of Democraties, that approach has caused Iran deb420 and mounting debt at the National Insular Of Co. Monitoring the regime's policy. The U.S. has been a result that has been the only way to reach the quiet attack the president is talking about.

Shingistic pressure on Tehran, Washington needs to make a case for what it is for, not only what it is right. This is a messaging problem, and on the regime has repeatedly exploited. Washington needs to find new ways to seize the regime's narrative and stay consistent. All the other things are the regime and the people, to engage Iranian youth, to enable internet access during the game imposed. Abolishing, and to empower key figures who might play a role in a postingstem Iran. In forcing a physical blockade may be easier than mobilizing the roughly 80% of Iranian who oppose the regime's anti-terrorism fighting for women.

Tehran is wounded, not re-bounded. Managing to survive two years, a case of the U.S. has been tested as and saved defenses, weakened persons and a upholding economy have allowed it to play a weak hand strength. But nervous isn't a gifting, but it is a good way to be strong. The U.S. and Israel have drastically diminished the regime's capabilities. American negotiators also need to abandon old assumptions for a more nuanced understanding and strategy. Until this, Tehran has become on the its weakness to shuffle the cards.

Mr. Moinian is an associate fellow at the Middle East Institute and another of the U.S. and the U.S. because it is Jorana Foreign Policy," forthcoming in September 2017.

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SPORTS

The Lakers' Owner Needed Cash. He Sold After a $12.5 Billion Offer.

Facing a federal investigation and a liquidity crunch, Mark Walter, the billionaire founder of Guggenheim Partners, took only 72 hours to accept an out-of-the-blue proposal from Joshua Kushner and Bob Iger

With his business engine under a name from federal investigators, Mark Walter was on the hunt for cash when, as of numbers, he was about to be offered an enormous pile of money. The chief executive of Guggenheim Partners needed liquidity to keep his insur-

By Andrew Boston, Margot Patrick and Kate Clark

ance companies afford, people familiar with the matter said.

Joshua Kushner, the chief executive of Thrive Capital, was reaching out with a potentially gigantic offer. All he wanted to know was, would Walter be willing to sell the Los Angeles Lakers.

Over the following days, they issued out one of the most sudden and shocking deals in sports. By Wednesday, Kushner and former Disney chief executive Bob Iger had agreed to buy a controlling stake in the started franchise of a $12.5 billion valuation, the highest price over paid for any sports team.

But the cost wasn't the only reason the deal was so astonishing. Walter, who also counts the Los Angeles Dodgers in his spending portfolio, had only purchased the Lakers a year earlier when they were valued at a time exceed $10 billion. And before his debt to sell the Lakers came together unusually fast, there was no indication that one of the most iconic brands in sports was up for sale.

That's because it wasn't—or least not until Kushner dangled a historic sum of money. Beyond the Lakers, Walter has also sponsored an account in selling his minority stake in the English market. League club Gideon, a person familiar with the matter said.

All of this is unfolding against the backdrop of a learning threat to Walter's return. The company's Office in Manhattan and the Securities and Exchange Commission are investigating how billions in loans extended to companies tied to Walter or his conglomerate, 7W6 Global, wound up on the books of his insurance companies after passing through a third-monthly in a previous statement, a 7W6 spokesperson said the company was "confident those matters will be resolved favorably."

Walter, 60 years old, built his fortune as one of the founders of bond manager and investment bank Guggenheim Partners in

1919. He branched into insurance, spotting how annuity sports' years of steady premiums could be a good match for multigenerational investments in sports, fast food and technology.

While his holdings grew to include high-profile sports franchises, Walter generally keeps a low profile, preferring time with his wife and daughter to glitzy events.

Before the recent disclosure by his insurance companies, Walter had been seen as among the most successful financiers of his era.

But the current situation has left Walter scrambling for task, because his insurance companies have a plan to dispose of or restructure most of these Walter-related investments by the end of 2026. That made the timing of

Above: NBA commissioner Adam Glass with Joshua Kushner and Bob Iger at the 2025 U.S. Open, UPL Mark Waller's sports empire includes the Los Angeles Dodgers.

Kushner's offer incredibly fortuitous.

Selling the Lakers freed up after assets and collateral that Walter had pledged to finance the loan purchase last year, a person familiar with the matter said—which might help the insurance remediation act to more quickly. The surprise offer wasn't part of the initial plan to become compliant with regulators, another person said, and the group continues to look for other fundraising options.

"Owning the Los Angeles Lakers has been one of the great honors of my life," Walter said in a statement announcing the deal. "It has been an extraordinary investment, but what I will carry with me is the community, the fans, and a city that trusts this team as family."

Since 1975, the Lakers had been owned by the firm family, which overcame an era in which the team raided up championships and got all-time legends in purple and gold. When Walter took over, the

NBA said that Jessie Buss, the daughter of the late Jerry Buss, would stay on as the team's controlling governor for at least five years—an unusual condition when a team changes hands.

Nonetheless, it asked another jewel to Walter's sports empire. In addition to the Dodgers, his assets include the WNBA's Los Angeles Sparks and the Professional Women's Shelter League.

But the Lakers would soon become part of the solution to Walter's cash crunch.

Secondly, the brother of President Trump was not one about Kushner, had his sights set on an NBA team. Thrive Revord, a holding company with a focus on sports assets, struck its first deal earlier in a deal at Major League Baseball's San Francisco Giants. Thrive had also agreed to buy into a new commercial enterprise launched by FIFA until the plan was aborted following widespread backlash in global soccer.

Kushner originally had his eye on the NBA's potential expansion into Las Vegas, people familiar with the matter said. But he preferred Los Angeles to the Nevada desert and began his pitch to Walter's camp over the weekend.

Just a few distress, dass Mets, they had struck the richest team sale in sports history.

How the WNBA Season Spiraled Into Absolute Chaos

By Rachin Bachman

THIS SHOULD HAVE BEEN a history-making season for the WNBA.

At the same time, the 30-year-old league is at an all-time high. Nowadays in an 18+ from last year entering the regular season's final weeks. And its 21 teams feature a growing stable of household names, led by Indiana Fever star Carlisle Clark.

But from Seattle to Brooklyn, the atmosphere around the WNBA is hardly satisfactory. Instead a cloud of chaos seems to have settled around the entire league, as the games themselves are overtaken for petty funds, bubbling outrage, wanton physically, and an outsize debate over transgender athletes.

Every hard find or no call seems to trigger a longtermish controversy, often with a racial dimension. And player comments about transgender athletes are not a natural news, even though there isn't a single transgender player in the WNBA.

The learned heart's been helped in WNBA commissioner Cathy Engelbert's decision to remain largely silent. She speaks mainly at scheduled events, such as the midseason news conference where she announced the league's plans to launch a centralized replay center near winner.

Her response to the issue of transgender players, meanwhile, came in the form of a memo to team officials, saying that player eligibility rules are relatively bargained and that conversations on the complex topic would continue.

A spokesman for Engelbert didn't provide additional comment. After a task force meeting Wednesday of WNBA general managers and president that discussed player eligibility and other issues, the league released a statement reading in part: "We strongly denounce the bad-faith efforts to use these topics to demean or marginalize others."

But as the pressure on players camp up, the WNBA Players Association has called on Engelbert to take on a larger public role in calming the storm.

"The Commissioner and league leadership need to be more proactive and more present," the senate executive director, Terri Carmichael Jackson, said. "To actually familiarize themselves with player experiences. To listen and respond to players, anticipate issues and be willing to lead even when things get uncomfortable."

A recent flare-up, in late July, centered on the issue of transgender players. The Fever's Sophie Cunningham, a backup guard best known for springing to Clark's defense, was quoted in a profile saying, "I want to protect young girls in a locker room, or young girls in sport who shouldn't have to go against biological men."

The comment drove weeks of questions to other WNBA players about where they stood on the question. It stirred online clashes and even led to small groups of protesters and counterprotesters appearing at Fever games. The bullshit prompted retired Rite player and online provocateur Enea Kudrle Freedom to declare himself

Dickmar Cunningham, left, was spotted after a flagrant foul on Sophie Cunningham.

eligible for the 2027 WNBA draft. "Communicators on the right are seeing an opportunity to break up the attention of the WNBA for their political messaging," Kate Huchick, a former WNBA player who is now a University of Washington professor studying online rumors and disinformation, wrote in an email.

The league would have preferred to make headlines for different reasons. The WNBA naught in popularity after Clark's arrival in 2026 and has added three franchisees since then, with more on the way. The league is set to increase to 28 teams by 2000 and

now boasts a $3.1 billion broadcast deal.

But Clark continues to be a living, including, three-point showing flashpoint in the WNBA. Nothing made that clearer than an incident in June during a game between the Fever and the Phoenix Mercury, when Clark found herself in a three-player screen for the final. During the play, the Mercury's Xiviva Thomas fell over and pushed a closed fair into Clark's neck.

The Indianapolis crowd barely reacted at the moment that outrage soon spread online, with screen-plads and an AI video that

conterted Thomas's face into a grip. Thomas, who is flash, said she received death threats. The league reviewed the plan and an issued Thomas a flagrant if final and a one-game suspension.

The episode reviewed a recurring WNBA year. Clark's critics saw her as a complacer who deserved each one of her league leading players. "I would look this season going into Wednesday's play. Clark's support vs. however, argue that she's been unfairly targeted by opposing players who are jealous of all the attention that is involved upon her.

Last year, Cunningham became known as Clark's "rational" display

punch up the nickname after nearly tackling an opponent, which now her ejected from the game.

On Saturday, Cunningham found herself in the after-out of a hard foul from Chicago. She guard Dickmar Cunningham, Carrington was ejected, sparking another cycle of WNBA outrage. But Fever coach Stephanie White made a pointed address this week, trusting that not everything that happens on a WNBA court needs to turn into a national debate.

"The facts, the feathering, the dissonance, the stuff that's trying to black out league will not win," White said, pounding the table. "We will not be divided."

© 2026 WNBA. ALL RIGHTS RESERVED.

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World Cup Ticket

Fiasco Trips StubHub

Dealing with complaints, refunds wipes out reseller's quarterly profit

By Hannes KREKER

The World Cup was registered to bring a manifold for StubHub. Instead, it wiped out its quarterly profit and left the ticket reseller battling customers angry about fraudulent tickets and slow refunds.

Shares tarnished 10% on Thursday after the company reported quarterly expenses jumped 27%, more than offsetting a 28% surge in revenue for the quarter ended June 30.

Chief Executive Eric Baker acknowledged the problems that some buyers had with World Cup tickets.

"As fans ourselves, we understand the disappointment when these issues occur," he said in response to analyst questions Jan Mishnesky. "The marketplace only works when

fans attend an event."

Baker pointed to FIO's mobile-ticketing app as a challenge for the company. He described it as a system "put up by the event organizer that we set out of a two-year-old. The company is not anything that anybody would typically rely on," and said it "added an additional layer of complaints" on top of the 75 matches. StubHub handled as roughly two weeks.

The Wall Street Journal on: Please turn to page B2

Fans outside the Atlanta Stadium ahead of the 2020 FIFA World Cup semifinal match between England and Argentina.

China Car Exports Hit Shipping Bottleneck

By Piotr Bonson

China's auto factories are building so many cars for export that the global shipping industry can't keep up.

Specialized car carriers, essentially floating parking car types, are booked out years ahead to export cars from Chinese factories. Rates to charter ships are up 40% this year on the shipping demand to move vehicles out of China.

Chinese containers are flooding foreign markets because of fierce competition between more than 100 domestic auto brands, overproduction and a druggish economy. Now, the shipping industry is suspending distributing carts and scare capacity.

Some automakers are so desperate to get vehicles to Europe, Australia and Latin America they are squeezing them inside shipping containers more commonly used to transport furniture, clothes and electronics.

"The strength of the market as the shipping segment is amazing, and it is due to the unprecedented growth of exports out of China," said Lasse Brantellevaux, CEO of the world's largest car carrier fleet, Melissian Wildenman, an on earnings call earlier this year.

Carmen have gone on a record buying spree in recent years to meet demand. Brantellevaux said the global car carrier fleet has grown by about 40%, but still can't meet China's market.

China exported just under

These main methods of shipping autos

1 Dock and car carrier

The most affluent methods for ensuring thousands of vehicles across the ocean. Cars are quickly and easily driven on a car. While actual vehicle they are stored on multiple boxes, the affluent parking garage. This keeps shipping costs from minimum and reduces the risk of damage.

2 Cars in containers

A strong experience with soiled that requires multiple ships. Car owners have to face vehicles inside a container, which is lifted by crane or fire at the 75th-dot bridge in a container's more prone to vehicle damage.

Second, the first car carrier can't start a quarter of a week. The second car carrier is already operating in the United States.

600,000 cars and vans in 2019, according to research group Mobility Global. This year, the group forecasts China could ship up to 10 million vehicles. Experiences in the European Union for China's SAIC

Motor jumped 19% and B10 more than doubled in the first half of 2018, according to the European Automobile Manufacturers' Association. Meanwhile, legacy stock shipments Dediania gained just 4%, Volta

wages edged up 2.6% and Renault fell 4.2%.

"You've got China moving from being insignificant to being the world's largest vehicle superior in only a few-year period," said Andreas Enger, chief

Car carrier charter rates:

EUR 800 a day

Car carrying capacity of global ocean fleet

6 million cars

(FINA 6, 000 US$10,000)

executive of Norwegian car carrier Blingh Autolines.

The boom has pushed ocean freight rates for cars to double their propaedena levels, Enger said.

Please turn to page B2

The complaint alleges the Chinese-owned automaker wanted 'cover' to exit the U.S. market.

Polestar Dealer Claims in Suit Its U.S. Ban Was 'Orchestrated'

By Cantersonia DTV3

The Chinese-owned automaker Polestar 'orchestrated' its recent ban by the U.S. government as 'cover' for its 16 size to leave the U.S. market, one of its largest American dealers alleged in a lawsuit filed this week.

Polestar's ban is of East Hanover, N.J., doing business as Provolpy. Polestar and owned by dealer Matthew Haines, design Polestar's decision to win from the U.S. effectively and wrongfully terms. Pleasant to to page B2

Polestar revenue for 2019, top countries

Musk, Pioneer of EVs, Leans Into Fossil Fuels

By BRIAN PETERSON AND JENNIFER MILLER

Elon Musk's vision for taking electric vehicles mainstream of Tesla helped make him the world's richest man. Now he's pulling up to the gas pump.

Last week, SpaceX disclosed plans to build a natural-gas power plant in Grimes County, Texas, where the company is developing a huge new chip manufacturing facility.

At other campuses in Tennessee and Mississippi, Musk

is relying on dozens of gas turbines to power data centers he says are necessary to train the artificial intelligence at the center of his business plan.

This year, Musk even bought a low-turbine manufacturer as a personal investment, regulatory disclosure show.

Driving the build-out, and Musk's price, is SpaceX's immense need for fuel and power to develop and generate an "the company's data centers this spring already accounted for three-quarters of the 2 gigawatts of data-center power that was being generated behind-the-nation, or outside of the U.S. electrical grid. On its Aug. 4 monitor call,

Musk said capacity could swell to about 10 gigawatts by the end of 2020, or even reach 15 gigawatts. That would make SpaceX the biggest data center operator in the U.S. Aviation, the current leader, has about 33 gigawatts, according to data firm Chantower, which tracks data center projects.

Musk built much of his fortune on technologies designed to replace fossil fuels: electric vehicles, batteries and solar cells. A decade ago he added burning fossil fuels "the

dangerous" to history, warning that would eventually run out. Tesla's mission at the time was to "accelerate the world's transition tosustainable energy."

years, his views changed. As he moved tight politically, scouting hundreds of millions of dollars to President Trump and Republicans, he took the word "sustainable" out of Tesla's tagline.

Some Musk supporters argue that SpaceX's recent investments can reduce energy use over the long term. The company aspires to launch data centers in space, powered by solar energy, fast allows SpaceX to move quickly, and Pleasant to to page B2

Ackman

Remakes

Portfolio

Funds

Slump

By PETER BERNABAR

Bill Ackman's stock-picking funds are trading the broader market so far this year. He hopes a portfolio consumer, including fresh bets on company's cash in Netflix and Viva, can help turn things around.

The billionaire investor held his 10th earnings call Thursday since he staged a simultaneous public listing of a new fund, Pershing Square USA, and his management company, Pershing Square.

Pershing Square USA, known by its ticket P3525, gained only 0.6% on its investments since its defeat in late April through Tuesday. Meanwhile, his London-listed fund, Pershing Square Holdings, lost over 6% this year through Thursday compared with a 2.7% (total profit) for the mid-50th year the same period. Pershing Square U.S. stock price rose 6.7% on Thursday.

His funds set out the rally in the future of chip makers and other providers of artificial intelligence infrastructure that have carried market indexes higher. Meanwhile, long-time buildings like Russia Blue and Universal Music Group subtracted from his performance.

Ackman told analysts that he is unhappy with the public about it was in which shares of P3525 are trading. Most closed-end funds trade at a discount to the value of their underlying positions, but P3525 is an outlier. Its 22% discount was one of the wailers of any U.S. closed-end fund that involved in public securities, according to the fund's semiannual report.

Ackman made his name as an activist investor but for the past several years has focused on taking friendly, concentrated orders that he holds for long periods.

He closed on this year's market turbulence—and the billions of dollars of proceeds he raised in P3525's initial public offering—to take new positions in an companies in recent months, he said Chief Investment Officer Ryan Israel revealed in a letter to Pershing Square shareholders' Wednesday afternoon.

They include stakes in card networks Visa and Mastercard, financial services providers SAP Global and Intercontinental Exchange and,you care company Alcon the also jumped back into Netflix, which he had placed a big bet

Please turn to page B3

INSIDE

BUSINESS NEWS

Tapestry's Coach brand achieves another standard quarter of sales. B1

HEARD ON

THE STREET

Inflation-protected U.S. bonds took like a bargain. B10

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82 | Friday, August 14, 2026

• • • • •

THE WALL STREET JOURNAL

INDEX TO BUSINESS

Your index: its whole reference is real point compare and/and complete in many tables. Article is a guide page insert, and I find it thus online.

A	Vol.	39
A.P. Under-Illness...$0.01
Australian...$0.01
Asian...$0.01
Alphafen...$0.01
Avianoram...$0.01
Aviknaya...$0.01
Asphina...$0.01
Benelux Inserts...$0.01
Belmontian...$0.01
Buenos Aires...$0.01
Can. Series...$0.01
Can. Series...$0.01
Deere...$0.01
Canadian...$0.01
Canadian...$0.01
Canadian...$0.01
Canadian...$0.01
Canadian...$0.01
Canadian...$0.01
Canadian...$0.01
Canadian...$0.01
Canadian...$0.01
Canadian...$0.01

INDEX TO PEOPLE

Australia	39	1
African. Isles...$0.01
Asian. Isles...$0.01
Asian. Isles...$0.01
Australian. Isles...$0.01
Australian. Isles...$0.01
Canadian. Can. Series...$0.01
Canadian. Can. Series...$0.01
Canadian. Can. Series...$0.01
Canadian. Can. Series...$0.01
Canadian. Can. Series...$0.01
Canadian. Can. Series...$0.01
Canadian. Can. Series...$0.01
Canadian. Can. Series...$0.01

World Cup

Fiasco Hits StubHub

Continued from page 82 period this week that StubHub was facing a flood of com- ments in the 1980s. The 1980s were a who bought tickets months in advance, only to be signaled keeps before the games. Stub- hub has General World Cup conference on what it said were obstacles with 2024's top lab-ticket app.

The Journal found that tick- stage problems extended to youth the tournament. More than 10 StubHub buyers said in interviews they were denied entry for events despite paying for valid tickets, were sent re- placements worse than what they had bought or spent

Polestar

Dealer Sues EV Maker

Continued from page 82 rates its state dealer franchise agreement under state law. The lawsuit was filed in a New Jersey state court. The dealer- ship claims it is tested at least $25 million in damages.

Polestar, a Sweden-based manufacturer of high-end electric vehicles, appeared in June that it would stop selling new vehicles, starting with the 2027 model year, in the U.S. after the Commerce Depart- ment denied its request for a waiver.

U.S. authorities are enfor- ting a new "Contracted Vehi- cles" rule aiming to prevent foreign adversaries such as Russia, China, and the United techniques such as data trans- mission and cameras in vehi- cles to up to Americans.

Polestar declared to re- duce its new "Contracted Vehi- cles" rule aiming to prevent foreign adversaries such as Russia, China, and the United techniques such as data trans- mission and cameras in vehi- cles to up to Americans.

months fighting StubHub for refunds it had already preen- sued for many smokeless cases into 1997 they had been set to compliance in the press.

Racer said the newsreli- ging majority of StubHub buyers experienced to problems with their car owners. The American World Cup had acknowledged the news, and a small number of fans who didn't have the expe- rience they wanted and had to get a refund.

"That's unacceptable to us. We work every day to try and eliminate that. Even one re- found, is one too many! And I think."

With Thursday's sharp drop, this story is now shown nearly 70% from the price the com- pany fetched in its initial public offering less than a year ago. The results included a box- ette facsimile to common stock- bulletin of around $40,000, or 0 cent a share. Analysis pulled by Eurifort had projected a profit of 12 cents a share.

Commerce Department ap- proved a waiver for Volvo Case—which has common flai- vers ownership and other links to Polestar—to continue selling its vehicles.

The Commerce Department and Polestar have declined to about the factors in the Jan- nuine. Rakers previously told The Wall Street Journal be- fault it baffling that Volvo was able to get approved to continue selling in the U.S., but Polestar wasn't.

In the lawsuit filed Wednesday, Rakers's business claims Polestar "declined" to make changes that U.S. au- thorities wanted. Then ensue- ing its own demand.

"Polestar refused to engage with regulators as Volvo did, and has refused to appeal the [government] decisions," the lawsuit said.

Polestar claimed the ban was a "Force Majeure" event outside of its control in a July 10 letter to Rakers, according to a copy of the letter filed with the lawsuit.

A small number of Volvo dealers, Rakers among them, were arrested Polestar fran- chians whose names made began selling its Polestar 2 in the U.S. in 2026.

Rakers, who declined to comment, previously told the claiming he had received not- born of dollars to build a should-alone Polestar share- room in New Jersey the halted constructors where Polestar announced it would no longer sell in the U.S. he said.

Polestar contains a radio- player in the small corner of the U.S. market represented by fully electric cars: It sold 2,221 vehicles from January to July, giving 3 tons share in the U.S. EV market in the U.S., accord- ing to Motor Intelligence data

The shipping industry is navigating skyrocketing rates and scarce supply as Chinese carmakers flood foreign markets.

China's

Car Exports Hit a Snag

Continued from page 82

Industry executives had en- rounds 1,000 million sales to dump the year, thanks to a big inflor of new ships entering service. Companies ordered bil- lions of dollars worth of car carriers between 2022 and 2025 at consumer exchange vehicles staged and Chinese reports started their rapid con- demand for space pushed char- ter rates in late 2023 and early 2026 to a peak of 810,000 a day.

Instead, rates are soaring again at carriers through 3-most demand, thanks to large part to Chinese auto reports. The average annual rate to charter a large car carrier hit 870,000 a day as the same coming to shipbroker Clarkson, up

from $42,500 at the end of last year.

With a handful of excep- tions, Chinese cars aren't ex- ported to the U.S., thanks to high tariffs and software re- stitutions that to national auto- city concerns. The climate of more advanced battery-electric and hybrid cars from brands like FEV and AUK Motor ha- nout's only extensive longtime Westerin brands in China, they also are gaining share in consi- tors like the U.K., Brazil and Germany.

To Lx, managing director of advisory firm Sino Auto In- rights, said the Chinese auto industry's aggressive export plans equate to a "pressure re- lease valve" as sales at lower slow. In the first half of 2026, car sales in China fell more than 20% from the same period last year, according to data from the International Energy Agency.

"When you go to Germany, you don't have 20 other Clai- nees car brands that are efec- said, you to get that one sale, like you have in Shanghai," Le

said.

Automakers prefer to ship front car carriers because during cars on and off vessels is cheaper than other shipping methods and carries less risk of vehicle damage, such for lev- erators, vice president of fin- sided vehicle logistics at Pioneers. Even

Logistics drill, automakers find there no other choice will move on to containers, Dev- reprint said.

What has come With Johnson's K-1 record to even said in an ostra- nage presen- tion on Tuesday

that up to four million vehicles are imported from China such year as containers or other al- ternatives to car carriers.

The point to containers first pinned popularity during the Cereal-B pantry, which de- mand to move vehicles out- stripped the supply of days. Christoph Seitz, global vice

president of finished vehicles for 2D World, a Dukes-based foright fireworks, said some Westerin automakers were skeptical of putting cars in boxes, but Chinese automakers didn't think. "They immedi- ately went. We need more ca- pactry," Seitz said.

10M

Number of vehicles China automakers are expected to expert this year

A car being shipped by con- tainer must first be taken to a facility near a port, where it is loaded into a box and then lifted by cross- rate a ship. That person must be re- ported, in re- verse, at the

destination year. Seitz said shipping cars in containers has become so pop- ular that major container ship- ping companies such as Dev- reprint's A.P. Miller-Macock and Switzerland's Mediterranean Shipping Co. have started sell- ing their services directly to automakers.

Musk Leans

Into Gas Turbines

Continued from page 82

sources could insure its need for ground attractiveness.

"In its think that AI training will continue to be on the ground but AI inference, the day to day use of AI, will be a space," Musk said in a com- pany all hands on Tuesday, which was streamed on his re- ceal network. "

To help power those refrain data centers, SpaceX said it plans to build a new solar fa- tory in Rantoup, Texas.

Speed to power

Plugging into the power gird quickly isn't possible with most, AI-scale projects. The only kind of 24/7, do it your- self power generation avail- able in the short term con- to from natural gas.

A 5-galvanic AI data center can shower roughly so much electricity at 1,000 Whittac- larson would be the most easy to ban furnaces. (Referring that much power to use in terms is difficult without major trans- mission investments, which take years. In many regions, new data centers may not be able to connect to the grid un- til the 2020s.

Companies are opting to build their own on-site gas powered plants that may not be connected to the power gird, part of a broad known as "Bing Your Own Future."

A large world-based business details of its plans for a 85rd billion, 500-million square-foot chip-manufacturing facility, part of a project it is called Trouble To power it, the com- pany plans to build and run in own natural-gas plant, along- side tapping in to the local city.

We're bringing our own power," said Mark Tyroth, company, lead for the develop- ment of Trouble, at the Grimes Country Commissioners Court- last week. "We are going to be building very large battery at the end of the year." Musk embraced the concept in the summer of 2026, when

An aerial view of the Colonial Campaign, which now receives gold power. Dino Musk, left, was charged his views of fossil fuels.

even-trucks arrived in Mon- plus, Texas, carrying mobile natural gas generators for the data center project he called Colonias. The views led to his- tain and kept conflicts with local residents and advocacy groups. It also enabled Musk's still, then a stand-alone com- pany, to build its first data center at four months.

A similar grid-connected project to a market like Tri- gonia would have taken努- ofito years, according to Mi- chael Thomas, founder of Chronicle, SpaceX. (Memple- ment of a hard-slave gas con- tractive four properties along the Tennessee-Microstego border.

The original Colonias com- mited to receive gold power, estimated around 300 megaw- watts, and has almost 200

megawatts of turbines on site, according to satellite photos from data analyzed by Clean- view. About two-thirds of the mobile turbines had been re- ceived. The second, much larger Colonias campaign relies on power from a site in Mis- rostego where the company has been adding turbines. As of July 30, 54, now a pair of SpaceX, had 69 temporary tur- bines at the site, according to an agreement with local regu- lators obtained through a pub- lic records request.

Deals and copycats

SpaceX's unconventional power strategy has enabled it to take cloud companies to use with build-ups, which it set to pay SpaceX $1.25 billion a month, and with Google,

which is set to pay $9.00 mil- lion a month, the companies offer.

The year Musk acquired a Florida gas and diesel turbine manufacturer, according to a Federal Trade Commission fil- ling. That deal valued the com- pany at around $1 billion, ac- cording to a public filing from a company that had held an university-wide. Musk hasn't commented on the purchase.

Other players are taking care from Musk. Clearview is tracking 10 data centers with on-site power generation that aren't connected to the power gird. Together they have a combined capacity of about 60 gigawatts—roughly enough to power Texas on the hottest day of the year.

Clarence recently struck a 20-year agreement to sell elec- tricity to Microsoft in West Texas, fueled by Clarence's gas production. Pipeline giant Wil- liams Companies is building off-grid. Almost gas power generation for Meta in Ohio.

A recent McKinsey survey found that 65% of power in- fantry evaporators are plan- ning to use on-site generation. Of these, 84% said they would only on natural gas.

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THE WALL STREET JOURNAL.

Friday, August 14, 2026 | 83

BUSINESS NEWS

Tyson Extends Pullback From Beef

Meatpacker to close Illinois plant, sell Washington state slaughterhouse

By PATRICK TAYLOR

Tyson Foods plans to close a major beef processing plant and sell another, the latest moves by the meatpacking giant to pull back from the beleaguered beef business.

The Arkansas-based company sold $1.4, illustrating its 2nd in, 31, plant, which employs more than 2,000 people and can kill about 3,000 cattle a day.

It separately aims to sell its Fancy, Minds, facility that can slaughter about 1,000 cattle a day. Tyson also said a plans to close a large beef-packaging facility in Utah.

U.S. meatpackers are under enormous financial pressure because of a year-long cattle shortage, with domestic supplies falling to their lowest level in 75 years, sharply driving up costs for processors.

Consumer demand for beef has remained strong, helping preget prices to recreate and making beef the face of food inflation over the past 12 months.

Tyson's moves come after the company earlier this year

closed a Lexington, Neb., beef plant, one of the industry's largest, and halved production at a Texas plant.

Taken together, the exits this year would amount to Tyson doubling roughly one third of its previous beef processing operations.

The company now plans to ramp operations back up at the Texas facility.

In a note to employees, Chief Executive Bonnie King said that recent Agriculture Department data showed limited signs of U.S. cattle catchers expanding their herds, "which indicates these supply constraints are likely to persist, requiring strategic ac-

tion."

The company said the changes would make Tyson's beef operations more competitive during a historic cattle shortage.

Best company executives have said the surging consumer prices aren't helping their bottom lines. Tyson earlier this month reported a $182 million loss in its beef division for its most recent quarter.

The company said its average beef sales price rose almost 2.5% year over year in the period, while sales volumes fell 16%.

The company said earlier this month it expects its beef

business to lose $500 million to $650 million on an adjusted basis in its current fiscal year.

Tyson has been the second-largest U.S. beef processor by volume behind rival JBS, which is based in Brazil.

Earlier this week, JBS reported an adjusted loss of $138 million in its North American beef business for the three months ended June 30.

In June 1881 announced it would close a Pennsylvania-based beef plant.

The company this week said it would no longer close the plant, and instead convert it into a packaging facility.

Orsted Says

Profit Fell Because of Charges, Tax Costs

By MICHAEL HENNEDY

Orsted reported lower second-quarter profit, hit by write-downs, but said all projects are on schedule and within planned costs.

The Danish renewable-energy company said Thursday that quarterly net profit sank to $18 million Danish kroner ($79.9 million) from 3.10 billion kroner previously.

Higher taxes and noncash impairment charges this year because of increases in long-dated U.S. interest rates, as well as last year's gains on asset sales, caused the drop.

Operating profit before depreciation, amortization, and impairment losses fell to 5.42 billion kroner from 4.64 billion kroner in the year-earlier period.

This was above the consensus of 5.10 billion kroner provided by the company.

Revenue was up 23% at 20.45 billion kroner, mainly due to higher generation and prices.

Orsted said it made significant progress on its construction portfolio, with all projects proceeding on schedule and within planned costs.

The company reaffirmed its guidance for adjusted profit before depreciation, amortization, and impairment losses, of above 28 billion kroner. This compares with 25.1 billion kroner in 2025.

Orsted said it plans to reinstate dividend distributions for 2030, with the first distribution next year.

The dividend will be announced in the 2026 annual report, and will start at a modest level, the company said.

Coach Brand Continues to Boost Tapestry

By KATHERINE HORTON

Tapestry's Coach brand finished the fiscal year with another standard quarter of sales growth, but investors are worried the company won't be able to keep momentum going for another year.

Coach has second shareholders this year, as its handbags caught on with Gen Z shoppers and found vital success with some products including the Brooklyn Bag.

But Tapestry struck a note of conservation Thursday and said it now expected revenue to slow down in the second half of its new fiscal year.

Shares of the fashion company fell 16% to $228.38 Thursday.

Tapestry, which also owns Kate Spade, expects to generate $8.4 billion to $8.5 billion in sales during the new year, compared with analysts' forecast of $8.47 billion.

It anticipates $7.90 to $7.90 in earnings per share, while analysts were looking for $7.87 a year.

Tapestry expects revenue will slow to a mid-single-digit

Coach's 16% sales increase offset a 7% decline in Kate Spade revenue in the quarter.

percentage in the second half of the year, after rising in the high-single digits during the first half, executives told analysts on a call.

The guidance assumes Coach's sales growth will start the year at a similar clip

to the quarter before, but doesn't require Tapestry to keep up with that same level of growth as the year stretches on, Chief Financial Officer Scott Roe said.

"Our outlook reflects that confidence, but also discipline

in how we give guidance and how we plan," Roe said.

Coach sales increased 25% to $1.64 billion in the fiscal fourth quarter, offsetting a 7% decline in Kate Spade revenue. Total sales were up 9% to $1.88 billion, just above ana-

lyric' estimate of $1.87 billion. Profit was $247.9 million, or $1.60 a share, compared with a loss of $127.1 million, or $2.40 a share, a year earlier.

Stripping out certain onetime items, adjusted per share earnings were $1.32, ahead of the $1.28 anticipated by analysts, according to Farfleet.

Roe noted that Tapestry was still navigating macroeconomic uncertainty and changing tariffs, which are expected to result in uneven profitability across quarters.

The company expects a modest benefit from tariffs in the first half of the year, which will turn into a headwind in the second half.

During the current first quarter, Tapestry expects $1.05 in earnings per share, ahead of the $1.49 a share analysis are anticipating.

The company said its board approved a 10% increase to its quarterly dividend at $6.25 cents a share and expects to buy back $1.30 billion in shares that fiscal year under its existing share repurchase administration.

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BUSINESS & FINANCE

Startup Finks customer for Terms At Bet

Power company co-founded by former energy industry names a new CEO

By JENNIFER MILTON

Fermil, the data center and power startup co-funded by former Energy International, Perry, is hoping to turn a corner after landing its first customer and naming a new chief executive.

The company which were public in a wealthy IPO last year, has been recent months in a legal and shareholder state with its former CEO, while racing to sign a first customer for its operating Texas data center. The company's campus

All cloud provider Tennessee opened to a base at the campus, which will have a grid connection but plans

huge on-site power plants to identify food data centers filled with cows of servers running AI workloads for each company.

The site, which Fermi calls Project Manalco, is on former grasing land owned by the Texas Tech University System and covers an area more than half the size of Manalco.

"Ferril, the business" projects at Mizuho American stores, calling it "a long-awaited catalyst."

The company also named the "Ferril" company and chief executive this week. By previously served as CEO at engineering firm CIGER BID and nuclear power startup TerraPower.

"Ferril, is in a much stronger place than it was three months ago, Chairman Marian Rose told students Thursday after the company reported second-quarter results.

The startup has set to book any revenue and said its use less for the most recent quarter endowed to $25.8 million. The company hopes that will change and easy to deal with Tennessee's new 222 megawatts of power

will bring in about $6.5 billion in revenue over 15 years. Fermi's co-founders include Perry and energy billion companies, Jerry Krueger's new 222 power plant, Mary

last year and took it public with plans to build four big nuclear markets and a slow of what will power generation largely natural gas to power the AI boom.

Tensions soon rose. Fermi started Republican as CEO at

April, leading to legal fights and a call by the senators, who is also a major shareholder, for changes that included possibly selling Fermi, an idea the company opposed. "My wife, I know, and I

have not sold a single [Ferril] share since the IPO." Bought a new lead in a tax-exempt future day. "Given the last 200 days' performance we continue to believe that Fermi is grossly un-

dervalued and intricate our call for a strategic, full-value deal process and governance system."

Ferril was valued at roughly $10 billion upon its public debut in October, but six market value has since

dropped under $5 billion. The stock support earlier this week following the deal with TerraPower and then gave up much of these gains Thursday.

Ferril also said follows the large English will build, own and operate 2.6 gigawatts of power generation—mostly natural gas with some value and factory storage—of Project Manalco. Fermi wouldn't be required to commit money or some debt to build the plant but would have the option to buy it in a decade. Bill size is raised by Canadian investment firm Billcore Group and industrial contractor, N Driver Group.

Revenues: Billcore and Fermi's own construction at the site, the company projects Project Manalco could have 4.6 gigawatts of power within about 20 months. Eventually, it hopes that will grow to 17 gigawatts, an amount of

power generation greater than that in some minor supply.

Ferril's plans center around building an enormous amount of on-site power generation. "Being Your Own Power," or PUSY, has become a growing trend during the race to build data centers for AI.

Supply chain backlog, permitting fights and availability of power equipment, has led the issues that have caused the construction of data centers to fall behind targeted timelines this year.

The new customer that Fermi is in a position to take advantage of the highest

"The core question now is, 'How fast can you deliver power in 127?'" he said. Ferril told customers are running and candidates are other locations, he added. "So they're now all knocking on the door, coming and having the conversations with the team."

Lenovo Posts Record Revenue, Updates View

By Naranjo Qin

Lenovo Group kicked off its fiscal year with record sales and its support to achieve its $300 billion annual revenue goal ahead of schedule, thanks to robust artificial intelligence infrastructure demand and a resilient personal computer business.

The aggregate guidance comes as the world's largest PC maker branches out beyond computers, helping it increasingly be viewed as a play on the AI infrastructure and AI device themes.

The company on Thursday said revenue grew 40% to $29.94 billion in the three years ago, with a 2.5% increase, also beginning market expectations of $22.23 billion.

In infrastructure solutions business, encompassing data center hardware, powered ahead on ranging AI server demand fueled by growing

adoption of agents: AI fogment revenue nearly doubled from a year earlier, producing an operating profit of $777 million.

With the business "flying on fast as it's facing," ITT Chairman and Chief Executive-Tearspring Yang said he now expects the company to hit the $300 billion revenue mark this fiscal year.

A $54 billion AI server pipeline, up more than two-fold from a year ago, with a new operating trend service providers to enterprises, will serve as fuel to reach that milestone.

AI has become a more meaningful growth engine for the company. The company has foundered into tangible revenue. AI-related revenue accounted for 50% of the total in its fiscal five quarter.

As a PC and server giant also beat importation on other key metrics, with ad-

justed net profit nearly tipping to $1.075 billion. The company swung to a $600 million net loss, however, hard to a nonrecurring fair-value loss due to the revaluation of its warrants.

Lenovo's intelligent devices group, which includes PCs, smartphones and tablets, delivered a 27% revenue gain amid surging memory costs.

Worldwide PC shipments fell 8.9% from a year earlier in the April-June period, declining for the first time after nine straight quarters of growth, as the memory share-up! packed up prices of consumer electronics, according to data from industry tracker, IBC.

"While raising end-device prices should help support margin and maintain revenue growth, it will inevitable put pressure on said volumes," Counterpoint Research analyst Ivan Lam said.

The new guidance comes as the world's largest PC maker branches out beyond computers.

Despite the lower efficiency, Lenovo remained the world's leading PC maker, with a market share of 24.2%. The weakness in PC sales could prove temporary, as a new line of AI PCs equipped with Skoda's new chip in en-

pected to sell out later this year, supporting Lenovo's core business.

Lenovo's Hong Kong-listed shares have talked as many as a more the company on its AI potential, sending the stock about 250% higher in the June

quarter. Share reached 25% on Thursday after the results, taking over-to-date gains to more than 275%.

"Scenario: AI story is committed with significant upside-presented "Counterpoint's" Lam said.

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AT THE OFFICE OF THE MANUFACTURER THE NEW MARKET RESEARCH COMPANY (1) 2017年1月1日

1. 2017年1月1日，公司与上海浦东发展银行股份有限公司签订了《最高额保证合同》，约定在2017年1月1日的最高额保证合同为人民币壹亿元。

OFFICE OF A CERTIFIED AT A LICENSED MANUFACTURER OF A CERTIFIED CONVENIENCE TO THE MANUFACTURER

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Non-AI sectors are dealing with a severe chip shortage as global foundries prioritize AI

SMIC Earnings Exceed Views

On Robust Demand for Chips

By Naranjo Qin

SMIC, China's biggest chip industry, recorded sharply higher net profit and revenue, ranking as on robust orders for legacy and specialty costs, conducted as artificial intelligence drivers. Demand-biased production capacity worldwide.

The stronger-than-expected results come as non-AI sectors are dealing with a severe semiconductor business, a global foundries increasingly prioritize capacity for AI-related demand. That has prompted many international and domestic clients to shift market-wide manufacturing output to China, benefiting established players such as Semiconductor Manufacturing International Corp.

The Shanghai-based concept chip maker said Thursday that it expects industrial momentum and the upflows effects generated by AI to per-eet, driving broad-based chip industry.

The company's net profit more than tripled in the out-

ond-quarter to 840%2 million, leading the $200.5 million expected by analysts in a Visible Alpha pull.

Revenue year 36% from a year subject to $3.35 billion, also recording market expectations and the company's own estimate.

SMIC's prime margin of 35.3% topped its guidance of 25% to 32% and reached the highest level in quarters. Its prime margins had been previously to aggressive capacity generation and the resulting surge in fixed depreciation and amortization costs.

In May, Co-Chef Executive Zhao Hujian said that the company negotiated higher prices with clients on good-sets that were in short supply, and that the AI boom lifted demand for other supporting chips, such as SMIC's power management chip.

Research firm Tereshkova said in a June report that TV and personal computer makers have accelerated production schedules and increased inventory levels for peripheral chips since the first quarter,

prompting foundries to receive pull-in orders and additional customer bookings. Meanwhile, smartphone vendors likely also entered their new product build style in the second quarter. That approach to its reflected in SMIC's under revenue from smartphone vendors to the company's quarterly revenue, up from 38.9% in the first quarter.

The company on Thursday forecast a further aggressive level in gross margin to be over 26% and 28% in the third quarter, and said it expects quarterly revenue to rise 2% to 4% respectively, against the same per-eet increase amid the supply rounds are not weighing costs.

Despite aggressive expansion, the company's overall water utilization rate was 10.7% in the June quarter, up from 25.7% in the same quarter, it said.

To help ease supply constraints across the industry chain, SMIC said it "will thereby allocate existing capacity and accelerate the qualification of nearly added capacity."

Open AI

Revenue Chief Will Depart

By CONNAN BEAT And Shauck O'Quinn

OpenAI announced that Chief Revenue Officer Denna Denner would be stopping down to pursue other opportunities, into those a year after the launch of artificial intelligence company.

Denner will be succeeded by Bidi Baix. During the interim transition period, Denner will work closely with the business team to support its internal data company said Thursday.

Denner is the latest senior OpenAI executive to leave the company, following the department's decision on the market. Lightning, the company's former chief operating officer.

Fidji Simo, new OpenAI's second in command, told staff in July that she would leave her full-time role after a medical condition increased.

The former CEO of Slack, Denner was tasked with growth and the company's new person looking to adopt artificial intelligence tools in these workforce.

Tenure has led our revenue growth in the company's formal time period for the business and has worked tirelessly to get the team to where it is to day," said Greg Brockman, director and co-founder.

Brockman has taken as a more public role in recent months at the company, playing a role in its efforts to catch mail. Although in growing its revenue from business to the market.

Both companies are plan long public settings, with Northrup's expected in the coming months.

OpenAI has sought to engit new a comeback after losing its lead atop the AI test.

---

THE WALL STREET JOURNAL.

Friday, August 14, 2026

85

BUSINESS NEWS

Hapag-Lloyd's Earnings Recover

By ANNIE LOVA

Hapag-Lloyd's earnings recovered in the second quarter, driven by strong exports out of Asia and improved U.S. demand.

The German shipping company reported earnings before interest, taxes, depreciation

Hapag-Lloyd share price, past three months

June 2026 July Aug Note: 47 = 32 W Year to End/End

and amortization of $629 million in the second quarter, compared with $820 million in the same period a year earlier.

Its earnings growth comes after operational disruptions weighed on the first quarter, and was mainly driven by our best exports out of Asia and U.S. demand improvements, it said.

But there were still significant cost headwinds of around $600 million in the second quarter arising from the conflict in the Middle East, it added.

Revenue for the quarter was $3.84 billion, compared with $3.27 billion in the same period a year prior.

Still, Hapag-Lloyd swung to a $175 million group loss for the first half overall, compared with a profit of $770 million in the same period a year before.

JD.com Profit, Revenue Exceed Expectations

By THAN'S Q1:

JD.com reported better-than-expected results in the second quarter as the Chinese e-commerce than made steady progress in narrowing losses at its food-delivery business.

The online retailer is in recovery mode after its costly entry into China's highly competitive food-delivery market a year and a half ago.

Aggressive investment to capture market share has hit JD.com's bottom line hard, locally pushing the company to a loss late last year before it returned to a profit at the start of 2026.

The Beijing-based company Thursday said net profit was 7.32 billion rents, equivalent to $1.04 billion, for the three months ended June. That rose

10% from a year earlier and was 60% higher than the previous quarter.

Revenue declined 2.9% to 248.48 billion yuan but still beat up in the quarter.

Analysis had expected net profit of 6.73 billion yuan on revenue of 330.83 billion yuan, according to a FactSet consensus estimate.

The results show "resilient and high-quality operations," Chief Executive Sandy Xu said.

"Despite near-term revenue headwinds, we achieved strong, bottom-line growth, marking a clear inflection in our profit trajectory," Xu said. "This improvement was primarily driven by solid profitability in our core JD Retail business and continued narrowing of loss at JD Food Delivery."

Maersk benefited from strong demand in East Asia and higher spot rates as the industry has seen higher costs in the Midwest.

Maersk Lifts Outlook on Strong Demand, Spot Rates

Danish shipping group expects global container market to grow 4% this year

By NINA KIDDLE

A.P. Moller-Maersk shares rose after the Danish shipping group raised its full-year guidance for the second time in less than three months, citing higher freight rates and strong demand in Asia.

Its trading in Denmark, Maersk shares rose 9.4% on Thursday, taking the stock's year-to-date gains to more than 30%.

Shipping companies have been grappling with the con-

flict in the Middle East, which has disrupted key shipping routes, forcing carriers to desert vessels around Africa and absorb higher fuel, insurance and operating costs.

Maersk benefited from strong market demand in East Asia and higher spot rates, while increased costs evenning from the Middle East conflict were offset by commercial measures, it said.

The company now targets underlying earnings before interest, taxes, depreciation, and amortization for the year of between $10.5 billion and $12.5 billion, ahead of its previous target range of $6 billion to $10 billion.

It also raised its guidance for underlying earnings before

interest and taxes to $4.5 billion to $6.5 billion, from $2 billion to $4 billion.

The company had already lifted its annual forecasts in late June because of strong demand and rising freight rates.

German poor Hapag-Lloyd on Thursday reported an earnings recovery in the second quarter, driven by robust exports out of Asia.

Swiss logistics company Kaelner + Nagel International raised its full-year outlook last month, supported by its air logistics unit.

Maersk said strong second-quarter performance and greater certainty on demand for the rest of the year led it to raise its outlook. The com-

pany expects the global container market to grow by 4% this year.

For the second quarter, Maersk posted net profit of $1.26 billion, up from $586 million in the prior year's period, on revenue that increased to $13.76 billion from $13.13 billion.

Maersk said each of its segments contributed with double-digit growth. The ocean unit saw a 23% jump in revenue to $2 billion, supported by higher freight rates and volume growth of 4.3%, the shipping group said.

The group's underlying Florida rose to $2.99 billion from $2.30 billion, while underlying EBIT rose to $1.04 billion from $410 million.

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---

86 | Friday, August 14, 2026

▶

THE WALL STREET JOURNAL.

MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average

53029.99	4.69	72.47	0.135
High, low, open and close for each trading day of the past three months.

	Last	Year ago
Trading P/E ratio	22.22	24.49
P/E estimate	25.75	25.99
Dividend yield	1.42	1.12
All time high	54749.22	60.93

S&P 500 Index

7796.99	3.5	6.09	41.0	655
High, low, open and close for each trading day of the past three months.

	Last	Year ago
Trading P/E ratio	26.02	24.79
P/E estimate	22.21	23.74
Dividend yield	2.37	2.28
All time high	7798.95	80.52

Nasdaq Composite Index

26303.83	2.2	24.54	41.0	655
High, low, open and close for each trading day of the past three months.

	Last	Year ago
Trading P/E ratio	33.56	32.52
P/E estimate	22.21	25.19
Dividend yield	1.25	2.15
All time high	27393.90	36.92

Major U.S. Stock-Market Indexes

	High	Low	Close	Total	% Chg	High	Low	Close	Total	% Chg	High	Low
Dow Jones
Industrial Average	14549.28	15212.8	15209.99	149.72	14.23	14549.28	14255.8	15212.8	15209.99	149.72	14.23	14549.28
Trading P/E ratio	22781.26	22706.78	22828.88	123.45	22781.26	22706.78	22768.88	23017.02	23007.87	123.45	22781.26	22706.78
U.S. Exchange	1.32	1.42	1.42	2.00	1.32	1.42	1.42	1.42	1.42	2.00	1.32	1.42
Total Stock Market	27450.75	29087.5	27933.23	458.55	24.63	27433.23	26758.5	28434.55	27933.23	458.55	24.63	27433.23
Reserves	1.63	1.63	1.63	2.00	1.63	1.63	1.63	1.63	1.63	2.00	1.63	1.63
Nasdaq Stock Market
Nasdaq Composite	24375.52	26612.0	26593.03	114.54	24.45	23901.96	20794.64	25.8	24.7	25.2	24.45	24594.64
Nasdaq 500	9016.00	20757.0	20806.86	141.95	22.14	9360.00	22951.9	26.2	25.1	26.0	22.14	24.45
S&P
500 Index	7832.70	7763.13	7790.99	58.49	8.69	7798.99	6303.52	20.6	21.9	20.4	7.79	20.4
WTI Index	2530.70	3091.22	3058.65	33.44	10.40	3554.44	3201.04	20.7	19.4	20.3	10.40	20.4
Total S&P	1834.20	2013.99	2039.68	7.72	10.49	2028.54	1964.94	29.6	24.4	18.9	10.49	20.4
P/E estimates
Reserves	3900.00	3597.00	3600.00	7.36	10.20	3052.00	2269.35	52.8	51.9	56.6	7.36	56.6
WTI Index	2000.41	2075.22	2059.68	12.12	14.21	2000.41	2025.04	20.2	19.3	20.1	10.41	20.1
Value Index	7762.60	6973.0	7781.53	9.09	10.70	7762.60	5990.90	13.5	11.9	6.8	7.79	6.8
WTI Price/Botach	9328.60	1012.33	1016.23	44.04	10.80	9424.00	7976.00	15.6	14.1	13.9	10.80	15.6
WTI Price/Botach	1254.70	1291.61	1199.64	5.52	14.15	1272.70	929.99	35.4	31.9	35.9	5.52	35.9
WTI Price	1794.41	1551.02	1812.0	9.29	10.80	1592.22	1015.29	32.2	27.9	30.0	9.29	30.0
PreLipT Index	369.00	362.78	362.73	130.33	10.80	476.37	325.29	55.6	6.4	45.0	6.4	45.0
PreLipT Index	1315.99	1316.26	1312.71	6.48	10.80	1416.99	1012.67	12.5	12.0	12.5	6.48	12.5
PreLipT Index	1279.67	1258.06	1259.68	14.42	10.80	1404.73	1012.67	12.5	12.0	12.5	14.42	12.5
Dividend Index	10.80	14.59	16.60	6.06	10.80	10.80	10.80	10.80	10.80	10.80	10.80	10.80

Late Trading

Most active exchange reserves among NYSE, NYSE Ams, NYSE Amps and Nasdaq losses from back to 6 p.m. (F) are promoting electronic trading services, so certain dealers can respond exchange. Minimum interest rate of 50 and interest rate after future volume of $2,000 shares.

Most-active issues in late trading

Company	2025	2026	2027	2028	2029	2030	2031	2032	2033
IBCIS	6000	24,295.5	45.29	0.10	0.76	0.76	45.25	44.95
Wachovia Group	2,000	20,795.5	23.64	0.09	0.48	0.48	23.91
Capstone Therapeutics	1,000	16,283.5	6.83	2.59	63.52	17.66	2.90
Jardel Technologies	1,000	8,437.7	10.44	0.02	45.06	14.45	10.36
Kiowa 25 One & other	1,000	7,795.5	26.59	0.09	0.29	26.59	26.79
Waltes	1,000	5,625.9	6.63	0.08	0.28	6.16	6.15
Waltes	1,000	4,701.1	2,053.0	0.08	0.22	1,013.1	2,012.0
Waltes	1,000	4,701.1	2,053.0	0.08	0.22	1,013.1	2,012.0
Waltes	1,000	4,701.1	2,053.0	0.08	0.22	1,013.1	2,012.0
Waltes	1,000	4,701.1	2,053.0	0.08	0.22	1, 013.1	2,012.0
Waltes	1,000	4,701.1	2,053.0	0.08	0.22	1, 013.1	2,012.0
Waltes	1,000	4,701.1	2,053.0	0.08	0.22	1, 012.0	2,012.0
Waltes	1,000	4,701.1	2,053.0	0.08	0.22	1, 012.0	2,012.0
Waltes	1,000	4,701.1	2,053.0	0.08	0.22	1, 012.0
Waltes	1,000	4,701.1	2,053.0	0.08	0.22	1, 012.0
Waltes	1,000	4,701.1	2,053.0	0.08	0.22	1, 012.0
Waltes	1,000

Trading Diary

Volume, Allowances, Decibrance
	2016	2015
Trading Rate	1.24	1.24
Debt	1.24	1.24
Debt	1.24	1.24
Debt	1.24	1.24
Debt	1.24	1.24
Debt	1.24	1.24
Debt	1.24	1.24
Debt	1.24	1.24
Debt	1.24	1.24

Percentage Gainers

Company	Quarter	Close	Net Cap	% Chg	High	Low	% Chg
First Securities	7.12	22.72	6.99	167.75	29.93	21.24	223.3
Interim Group	4.60	20.91	5.59	151.25	30.22	2.01	48.2
First Securities	4.60	20.91	5.59	151.25	30.42	5.18	52.2
Commodity Group	11.46	5.99	1.29	42.04	5.52	2.28	-2.9
Leasehold Industries	12.04	4.23	1.92	32.39	21.25	4.12	-0.46
Leasehold Industries	12.04	4.23	1.92	32.39	21.25	4.12	-0.46
Leasehold	12.04	4.23	1.92	32.39	21.25	4.12	-0.46
Leasehold	12.04	4.23	1.92	32.39	21.25	4.12	-0.46
Leasehold	12.04	4.23	1.92	32.39	21.25	4.12	-0.46
Leasehold	12.04	4.23	1.92	32.39	21.25	4.12	-0.46
Leasehold	12.04	4.23	1.92	32.39	21.25	4.12	-0.46
Leasehold	12.04	4.23	1.92	32.39	21.25	4.12	-0.46

Volume Movers

Ranked by change from 0-6 day average

Company	Quarter	Close	Net Cap	% Chg	High	Low	% Chg
Pfizer Capital Growth	11.5	1.325	1382.1	4.27	1.38	5.34	1.75
Wachovia Group	10.88	0.98	0.92	10.56	0.45	0.30	10.23
Southwest Holdings	14.4	0.104	0.94	14.12	0.45	0.41	14.4
Leibler	13.68	0.25	0.64	1.27	15.40	0.95	4.99
Microfiber Capital	16.02	0.95	0.97	9.97	0.90	4.99	5.75
Sampling Group	13.67	1.04	2021	12.96	0.01	24.23	21.68
National Securities	13.04	1.09	2021	10.94	0.07	21.66	17.94
American W/H & Co. (NY)	10.12	2.27	2021	25.67	0.01	25.36	20.14
Wisconsin & World Bank	14.4	1.09	2091	10.49	0.20	20.05	15.86
American W/H & Co. (NY)	10.14	1.08	2021	10.94	0.07	24.02	17.94

International Stock Indexes

Inland Country	1st	2nd	3rd	4th	5th	6th
World	9853 AC80	2242.06	4.27	12.58	14.4
	9853 AC80 (or USA)	4951.24	1.92	14.02	25.2
	9853 World	3076.04	23.52	19.92	24.4
	9853 International	3078.07	13.47	10.69	20.7
American	9853 AC America	2954.22	17.59	15.99	23.9
Cannabis	5497.50 Camp	24579.29	57.25	9.28	22.3
Latin America	4774.50 Camp America	2956.04	14.42	-0.093	14.4
Mexico	4774.50 Camp America	2956.04	14.42	-4.237	14.4
Chile	5387.50	3108.26	6.34	5.16	2.2
Mexico	5387.50 (or USA)	4983.39	9229.50	4149.80	5.8
EMBA	5750.50 Europe with	679.29	-0.24	-0.091	11.3
European	8947.50 Europe	688.65	0.46	0.10	10.4
Belgium	8947.50 Europe	688.65	0.46	-0.10	10.4
Denmark	5000.50 Europe	3628.62	9.27	0.98	9.9
France	5147.40	8099.94	14.52	-0.292	14.4
Germany	8464	24299.79	-11.21	-4.122	7.4
Israel	7154.00	6216.48	10.42	0.25	10.2
Italy	7154.00	5369.57	15.39	-0.051	20.3
Netherlands	664	2220.59	7.51	19.46	17.7
Norway	Data from All Shares	2605.07	4.23	6.18	25.5
South Africa	4774.50 All Shares	2605.07	10.15	-0.293	10.4
Spain	9057.97	2026.64	10.20	-4.167	10.5
Sweden	1000.50 Sweden	1107.91	-1.43	-0.141	9.8
Switzerland	1000.50 Sweden	1407.52	1.43	0.10	9.9
Turkey	8057.00	1430.03	2.10	0.16	9.9
UK	7758.00	1430.07	10.85	-0.163	9.5
UK	7758.00	1430.07	10.85	0.09	10.5
Asia-Pacific	9057.50 Asia Pacific	1357.07	2.41	13.09	21.7
Australia	5497.50 Asia Pacific	9285.07	14.52	-0.201	9.9
China	5497.50 Asia Pacific	9285.07	14.52	-0.201	9.9
China	5497.50 Asia Pacific	9285.07	14.52	-0.201	9.9
China	5497.50 Asia Pacific	9285.07	14.52	-0.201	9.9
China	5497.50

Percentage Losers

Company	Quarter	Close	Net Cap	% Chg	High	Low	% Chg
United States	1.00	10.52	4.28	-12.45	49.57	2.22	22.6
Columbus	1.00	8.20	4.30	-29.33	29.92	5.93	-2.02
Securities	15.12	5.35	4.16	-27.06	24.05	5.47	-40.9
Life & Middle	14.75	20.06	4.20	-25.99	38.20	39.01	1.1
Brookline Technologies	14.52	20.46	4.25	-28.42	32.02	32.35	-28.4
Star Sports	16.91	2.74	0.10	-18.12	29.45	1.12	-11.3
Administration	47.42	9.94	9.94	-19.16	29.95	2.91	-40.0
Microfinance	16.06	3.77	4.02	-14.52	23.20	3.12	-79.6
Business Technologies	12.08	3.22	4.70	-18.42	20.15	2.29	-78.9
Capital expenditures	16.06	4.75	3.76	-18.28	24.23	3.48	-22.4
Leverage of the UMBS (By	14.66	3.68	4.16	-17.07	24.05	1.01	-1.7
Investments in the UMBS	16.06	3.21	4.35	-22.94	4.53	1.29	52.6
Investments in the UMBS	13.16	3.92	3.15	-22.28	27.90	2.07	23.1
Leverage of the UMBS (By	14.91	22.16	4.14	-16.47	26.82	5.37	-1.1
Unconsolidated earnings	15	3.05	4.39	-14.99	26.77	2.20	-25.4

CURRENCES & COMMODITIES

Currencies

U.S. dollar foreign exchange rates at 5 p.m. ET
		1st
Country (current)	1st	2nd
Americas	1st	2nd
Americas (1st)	1st	2nd
Brazil	1st	2nd
Colombia	1st	2nd
Colombia (1st)	1st	2nd
Colombia (1st)	1st	2nd
Ecuador (1st)	1st	2nd
Uruguay (1st)	1st	2nd
Uruguay (1st)	1st	2nd
Asia-Pacific	1st	2nd
China	1st	2nd
China (1st)	1st	2nd
Hong Kong (1st)	1st	2nd
China (1st)	1st	2nd
Indonesia (1st)	1st	2nd
Indonesia (1st)	1st	2nd
Japan (1st)	1st	2nd
Malaysia (1st)	1st	2nd
Malaysia (1st)	1st	2nd
Pakistan (1st)	1st	2nd
Pakistan (1st)	1st	2nd
Singapore (1st)	1st	2nd
Singapore (1st)	1st	2nd
Singapore (1st)	1st	2nd
Singapore (1st)	1st	2nd
Singapore (1st)	1st	2nd
Singapore (1st)	1st	2nd
Singapore (1st)	1st	2nd
Singapore (1st)	1st	2nd

Commodities

	1st	2nd	3rd	4th	5th	6th	7th	8th	9th	10th	11th	12th
Oil Currencies	1276.06	16.35	-1.06	144.72	1017.99	1000.00	1000.00	1000.00	1000.00	1000.00	1000.00	1000.00
FTSEX/COM Index	108.37	4.10	-1.25	64.16	171.09	32.62	29.99	30.00	30.00	30.00	30.00	30.00
Marketable Currencies	81.25	-2.16	-4.85	111.95	55.37	27.00	6.36	6.36	6.36	6.36	6.36	6.36
Marketable (SOMEX)	1.737	-0.572	-2.75	1.04	1.522	1.42	15.42	15.42	15.42	15.42	15.42	15.42
Total Currencies	1043.86	-0.16	-1.88	1123.46	1123.46	1000.00	1000.00	1000.00	1000.00	1000.00	1000.00	1000.00

Polymarket | A Dow Jones partner

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THE WALL STREET JOURNAL.

• •

COMMODITIES

Friday, August 14, 2026 | 87

Futures Contracts

World's First Team Futures

	Qtr.	Qtr.	Qtr.	Qtr.	Qtr.	Qtr.	Qtr.
Gaggen Tredgman (2007) 2007-2008
2008	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2009	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2010	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2011	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2012	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2013	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2014	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2015	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2016	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2017	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2018	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2019	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2020	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2021	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2022	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2023	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2024	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2025	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2026	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2027	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2028	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2029	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2030	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2031	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2032	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2033	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2034	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2035	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2036	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2037	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2038	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2039	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2040	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2041	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2042	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2043	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2044	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2045	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2046	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2047	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2048	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2049	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
2050	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000

AlphaLima Futures

Gastrostomy (2007) 2007-2008
2008	0.0	0.0	0.0	0.0	0.0
2009	0.0	0.0	0.0	0.0	0.0
2010	0.0	0.0	0.0	0.0	0.0
2011	0.0	0.0	0.0	0.0	0.0
2012	0.0	0.0	0.0	0.0	0.0
2013	0.0	0.0	0.0	0.0	0.0
2014	0.0	0.0	0.0	0.0	0.0
2015	0.0	0.0	0.0	0.0	0.0
2016	0.0	0.0	0.0	0.0	0.0
2017	0.0	0.0	0.0	0.0	0.0
2018	0.0	0.0	0.0	0.0	0.0
2019	0.0	0.0	0.0	0.0	0.0
2020	0.0	0.0	0.0	0.0	0.0

Year	2016	2017	2018	2019	2020	2021	2022	2023
2016	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2017	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2018	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2019	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2020	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2021	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2022	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2023	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2024	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2025	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2026	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2027	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2028	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2029	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2030	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2031	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2032	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2033	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2034	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2035	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2036	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2037	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2038	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2039	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2040	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2041	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2042	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2043	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2044	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2045	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2046	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2047	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2048	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2049	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
2050	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0

Cash Prices | 1st quarter, 2nd quarter, 3rd quarter, 4th quarter

Thursday, August 13, 2026

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

GAMMA
GAMMA (2007) 2007-2008
2008	0.0000	0.0000	0.0000
2009	0.0000	0.0000	0.0000
2010	0.0000	0.0000	0.0000
2011	0.0000	0.0000	0.0000
2012	0.0000	0.0000	0.0000
2013	0.0000	0.0000	0.0000
2014	0.0000	0.0000	0.0000
2015	0.0000	0.0000	0.0000
2016	0.0000	0.0000	0.0000
2017	0.0000	0.0000	0.0000
2018	0.0000	0.0000	0.0000
2019	0.0000	0.0000	0.0000
2020	0.0000	0.0000	0.0000
2021	0.0000	0.0000	0.0000
2022	0.0000	0.0000	0.0000
2023	0.0000	0.0000	0.0000
2024	0.0000	0.0000	0.0000
2025	0.0000	0.0000	0.0000
2026	0.0000	0.0000	0.0000
2027	0.0000	0.0000	0.0000
2028	0.0000	0.0000	0.0000
2029	0.0000	0.0000	0.0000
2030	0.0000	0.0000	0.0000
2031	0.0000	0.0000	0.0000
2032	0.0000	0.0000	0.0000
2033	0.0000	0.0000	0.0000
2034	0.0000	0.0000	0.0000
2035	0.0000	0.0000	0.0000
2036	0.0000	0.0000	0.0000
2037	0.0000	0.0000	0.0000
2038	0.0000	0.0000	0.0000
2039	0.0000	0.0000	0.0000
2040	0.0000	0.0000	0.0000
2041	0.0000	0.0000	0.0000
2042	0.0000	0.0000	0.0000
2043	0.0000	0.0000	0.0000
2044	0.0000	0.0000	0.0000
2045	0.0000	0.0000	0.0000
2046	0.0000	0.0000	0.0000
2047	0.0000	0.0000	0.0000
2048	0.0000	0.0000	0.0000
2049	0.0000	0.0000	0.0000
2050	0.0000	0.0000	0.0000
2051	0.0000	0.0000	0.0000
2052	0.0000	0.0000	0.0000
2053	0.0000	0.0000	0.0000
2054	0.0000	0.0000	0.0000
2055	0.0000	0.0000	0.0000
2056	0.0000	0.0000	0.0000
2057	0.0000	0.0000	0.0000
2058	0.0000	0.0000	0.0000
2059	0.0000	0.0000	0.0000
2060	0.0000	0.0000	0.0000
2061	0.0000	0.0000	0.0000
2062	0.0000	0.0000	0.0000
2063	0.0000	0.0000	0.0000
2064	0.0000	0.0000	0.0000
2065	0.0000	0.0000	0.0000
2066	0.0000	0.0000	0.0000
2067	0.0000	0.0000	0.0000
2068	0.0000	0.0000	0.0000
2069	0.0000	0.0000	0.0000
2070	0.0000	0.0000	0.0000
2071	0.0000	0.0000	0.0000
2072	0.0000	0.0000	0.0000
2073	0.0000	0.0000	0.0000
2074	0.0000	0.0000	0.0000
2075	0.0000	0.0000	0.0000
2076	0.0000	0.0000	0.0000
2077	0.0000	0.0000	0.0000
2078	0.0000	0.0000	0.0000
2079	0.0000	0.0000	0.0000
2080	0.0000	0.0000	0.0000
2081	0.0000	0.0000	0.0000
2082	0.0000	0.0000	0.0000
2083	0.0000	0.0000	0.0000
2084	0.0000	0.0000	0.0000
2085	0.0000	0.0000	0.0000
2086	0.0000	0.0000	0.0000
2087	0.0000	0.0000	0.0000
2088	0.0000	0.0000	0.0000
2089	0.0000	0.0000	0.0000
2090	0.0000	0.0000	0.0000
2091	0.0000	0.0000	0.0000
2092	0.0000	0.0000	0.0000
2093	0.0000	0.0000	0.0000
2094	0.0000	0.0000	0.0000
2095	0.0000	0.0000	0.0000
2096	0.0000	0.0000	0.0000
2097	0.0000	0.0000	0.0000
2098	0.0000	0.0000	0.0000
2099	0.0000	0.0000	0.0000
2100	0.0000	0.0000	0.0000

B737 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063 2064 2065 2066 2067 2068 2069 2070 2071 2072 2073 2074 2075 2076 2077 2078 2079 2080 2081 2082 2083 2084 2085 2086 2087 2088 2089 2090 2091 2092 2093 2094 2095 2096 2097 2098 2099 2100

Borrowing Benchmarks | wq.com/nearb+data/needs/benehmarks

Lequay 2021 exchange-needed funds, latest session

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88 | Friday, August 14, 2006

...

THE WALL STREET JOURNAL.

How to Read the Stock Tables

Stock price: 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price

Additional guidelines: 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price, 100% of stock price

For example:

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

Stock tables reflect comparable against shares as of 4.4m. ET and changes in the effect of the price of stock from 4.2m. ET on a 100% basis.

Non-Sales Report 21, 2006

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THE WALL STREET JOURNAL.

Friday, August 14, 2026 | 89

MARKETS & FINANCE

Inflation Data Propel Stocks to Records

Wall Street now expects the Federal Reserve to hold rates steady

By JACK PITCHER

Prices on consumer and wholesale goods aren't rising as much as feared, and that has been good for stock prices.

THURSDAY'S MARKETS T w o straight days of soft inflation data lifted the S&P 500 index to a record. On Thursday, the Labor Department reported that wholesale prices were unchanged in July, shifting predictions from economists who saw them rising. The reading, which followed a mellow consumer-price index report the

day before, is resetting expectations about what the Federal Reserve will do next month—and in a positive way for the market.

Between the war in Iran's impact on energy prices and a new Fed-than who Wall Street expects is more bankish than his predecessor, inflation and high interest rates had re-emerged as investors' top concerns.

"Shifting expectations for Fed policy may contribute to periods of equity volatility, but we expect the global stock rally to continue," said Diriko Hoffmann-Burchardt, global head of equities at the UES Chief Investment Office.

The S&P 500 rose 0.7% to close at a record high for the 27th time this year. The technology Nasdaq Composite Index added 0.8%, while the Dow Jones Industrial Average

climbed 0.3%, or 70 points. Traders are now pricing in a two-thirds chance the Fed will hold benchmark rates steady at its meeting next month. And a month ago, they saw a 70% chance the control bank would hike. Another CPI report is due before the Fed's next rate decision in September, so it is far from a done deal.

An increase in rates could pressure consumers by raising borrowing costs or cast a chill on the tech industry's debt-powered AI investment cycle, which is already struggling to contend with high borrowing costs.

For now, the outlook looks better. The benchmark 10-year Treasury yield dropped to 4.04% Thursday, from a nearly two-year high of 4.745% on July 31. Short-term government-bond yields, which are

Index performance on Thursday

influenced by benchmark rate expectations, also dropped and are setting almost a quarter percentage point below last month's high.

That helped power a rally

in technology, communication services and real-estate sectors, which led the S&P 500 Thursday. All are sensitive to borrowing costs.

"The 10-year yield has re-

mained uncomfortably high," said Jeff Buchbinder, chief equity strategist at LPL Financial. While that is good for bond buyers, stock investors would prefer they keep drifting down for added.

Chip makers: Sandisk, Micron Technology and Intel were among the best performers in the S&P 500 Thursday, as they have been all year. Worliday, the human-resources software provider, was the index's top performer, jumping 18% after a report that the private-equity firm Silver Lake is in talks to take it private.

Online ticket marketplace Stubbish was among the laggards, extending the total share-price loss since its IPO last year to 45%. It reported a quarterly loss tied to increased costs surrounding the World Cup.

Ackman Remakes Portfolio

Continued from page 81 on in 2022 only to walk away months later after it reported a loss in subscribers and a flun to introduce advertising. Since then, Netflix "has effectively won the streaming wave" and can "outspend rivals on content while spreading the cost across the industry's largest user base," Ackman and Israel said in the letter.

The market value of PSUS's Netflix stake was $225 million as of June 15.

The new positions came on top of top ticket box on Meta Platforms and Microsoft earlier this year. Ackman also sold PSB's stakes in Universal Music and Alphabet in the first half of the year and rolled from its position in Hertz in July.

Bill Ackman says he is unhappy with the 'frankly absurd' way that PSUS shares are trading.

Preshing Square manages around $22 billion in low-paying assets.

Ackman said an active marketing program for PSUS would begin shortly with the goal of generating demand for the fund, especially among financial advisers, and narrowing the discount. Ackman told

shareholders they could help by spreading the word. He also said he plans to launch a fund focused on venture investments. Ackman acknowledged mistakes in how the PSUS IPO was handled. Much of the offering was allocated to individual investors who may have received more stock than

expected and ended up selling it. "It was an ideal environment to take PSUS public in terms of the ability to deploy capital in a volatile market," Ackman said on Thursday's analyst call, "not the ideal environment to launch something new that no one's ever heard of before."

Accelerant Plans To Go Private In $4.4 Billion Deal

By KATHERINE SHANLTON

Accelerant agreed to go private in a deal with private equity firm Thoma Reese valued at more than $4 billion.

Under the terms of the agreement, Accelerant shareholders will receive $331.25 a share in cash, representing a 40% premium to the company's closing share price on Aug. 12.

Accelerant had about $38.2 million Class A and B shares as of the end of its latest quarter, putting the deal's equity value at roughly $4.4 billion.

Accelerant shares jumped 42% to $39.51 in trading on Thursday.

The company, which uses

data analytics to connect specialty insurance underwriters with risk capital partners, said it has formed a special independent committee to review the transaction, which it unanimously recommended to the board.

The deal is expected to close in the first half of 2027. If the closing is delayed, shareholders will receive a ticking fee accruing at a rate of 6% a year for a period specified in the agreement.

Entities affiliated with Altamont Capital Partners, which owns shares representing about 82% of Accelerant's voting rights, have agreed to vote their shares in favor of the transaction, the company said.

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820 | Friday, August 14, 2026

THE WALL STREET JOURNAL.

HEARD ON THE STREET

FINANCIAL ANALYSIS & COMMENTARY

Inflation Protection Is on Sale

While far from perfect, these government bonds look like a bargain—at least for the near term

Investors are getting paid what seems like a lot to buy inflation protection for decades ahead. But longer-term bonds also come with longer-term risks.

Treasury inflation-protected securities, or TIPS, are government-issued bonds that in the simplest terms pay a yield on top of the rate of inflation. In effect, they offer the protection that an investor's money can at least keep up with inflation, plus some extra.

Some investors might say, "You had me at inflation protection." What's more, the market isn't setting some enormous inflation hurdle. The yield on a 20-year nominal, or "regular," Treasury bond is over 5.2%. The 30-year TIPS is paying what is known as a real yield—of the rate on top of inflation—of around 2%.

That difference is known as the break-even rate. A common way to look at these bonds is to say that as long as the rate of inflation is above that difference, or roughly 2.2%, TIPS will have outperformed an equivalent-length regular bond at maturity.

That bonds might seem like a low but to investors who are very worried about it. [Text 1002b, 1] is, tilted intelligence, or lots of other price processes. But the further not you try to predict the future, the greater the amortization become. That makes shorter-term TIPS is better option for most.

First, you have to consider the kind of inflation that is being measured. TIPS took the consumer price index, not seasonally adjusted, for other consumers. The has the benefit of including food and energy costs—things that economists often include at they seek to measure "core" inflation but which are obviously quite relevant expenses for most demand.

The most recent reading of this headline measure was 8.8% year over year in July. The core inflation

The Feds Gains Worth said measures like the CPI are 'imperfect measures of the state of underlying inflation.'

rate was 2.2%.

But CPI is also just one measure of inflation. The cost of key ex-potent that people might be saving up for in future

years, like college tuition or sideways, have at times risen far faster than the index. As a result, you might not ultimately feel like TIPS have fully protected your purchasing power of for decades of wasting.

Federal Reserve

Chairman Kettle

Worth in July said during a Senate hearing that measures like the CPI and producer-price index are "imperfect measures of the state of an-

derlying inflation."

How the CPI is calculated also isn't fixed forever. Historically, it has been a subject of frequent debate and technical adjustments.

But making bets based on ideas of the new measures of future inflation is, needless to say, pretty difficult. Instead, investors in long-term TIPS should be thinking beyond inflation forecasts and about the

risk that is shared by all long bonds. That future interest rates will be higher.

For TIPS, that means focusing on the real yield that is on top of the

inflation rate. Even if everyone is injecting better inflation, if the level of interest rates is also higher than expected, TIPS might still lose value.

Currently, the real yield offered on 30-year TIPS at the market price is higher than at any time in the last several years, getting in over 3%. That high yield is also coming at a time when stock index valuations are still elevated, making the relative attraction of that long-term TIPS an competitive with equities than is typical.

But a lot of forces can drive real yields higher. Depending on whom you ask, it could be faster economic growth, or changes in the supply of, or global demand for, Treasury bonds. There is also 42% resources demand for financing, which could

Real yield on 30-year U.S. Treasury Inflation-Protected Securities

drive up borrowing costs, as well as its impact on productivity.

Any of these concerns could cause investors to price in more risk of higher long-term rates, causing the prices of TIPS and price-savings seem bonds to fail. That is a risk if you aren't committed to holding the bonds to maturity.

So a lot of investors might want to focus on shorter-term inflation protection. Real yields on the—and 10-year TIPS aren't at the same level as 30-year TIPS, but they are still near their highest levels in years. Five-year TIPS currently carry real yields of over 2.1%. The break-even rate is 2.2%.

Some investors also choose to "ladder" their TIPS investments, with a sense of necessary maturities to spread their bets over shorter-term and longer-term instruments. There are also ETFs that enable investors to buy shorter-term TIPS.

At current prices, TIPS give investors good inflation protection and decent yield, at least for the next couple of years. Longer term than that, nothing offers perfect certainty. —Tells Demus

Japanese Drama Is No Sideshow for U.S. Markets

Thirty-four years ago, a brilliant young hedge-food manager helped engineer a $1 billion payday for his employer by betting a major currency would be devalued. He made a similar falling tree decades later.

How Scott Broome finds himself on the other side of the foreign exchange trenches as U.S. Treasury Secretary, and it's the sagging you he's fighting to defend, not the dollar. How far does it matter is in practice at home, too.

Even speculators with the deepest pockets are versatile friends when facing government hazards, but they have one advantage. It can get more awkward for a country to artificially strengthen a currency than to weaken it.

When Broome helped foreign forces break the pound on "Black Wednesday" in 1992, he reckoned that the country's floating-rate-meningues made it politically painful for Britain to raise interest rates to prop it up. The painful, it turned out.

Japan's recent intervention to strengthen the yen without raising

How many Japanese yen 21 buys

its own rates got a very rare assist from America. That's what friends are for, said President Trump.

"They wanted a little bit of help. And we're always there for Japan. Japan's been very good to us, such the exception, of course, of Pearl Harbor," he said.

Anyway, there's something in it for the White House tax. Japan

The U.S. could have bought yen directly, but it sold euros instead.

normally sells some of its huge pile of Treasury debt to intervene. The U.S. could have bought yen directly, but it settled Europe on official by selling euros instead in what seemed like a way to keep pressure off the dollar.

And future intervention might

be done by expanding an obscure emergency Federal Reserve facility that allows it to buy foreigners' Treasury securities directly. Keeping Japan's future sales off the market avoids boosting U.S. bond yields, now near multibandys highs, at a politically bought time.

That might prevent U.S. mortgage rates from claiming more. And, of course, bond yields indirectly affect stock valuations.

Spinners are mixed over how dangerous it would be for the Bank of Japan to just raise interest rates to make the yen more attractive given its government's world-loading debt pile.

It may, though, make domestic bonds more enticing to the country's huge private investors in Treasury bonds.

As Broome knows well from his hedge-food days, foreign selling rates are not only a big factor in debt-related country like the U.S. has in-race too. With federal borrowing on the range of passing $40 trillion (yes can try growing the exact day here), Uncle Sam's money problems will be back in the head-lines soon.

More yen intervention will probably put delay tough choices for Japan. U.S. assistance may also be about postponing some unpleasant financial developments at home.

— Spencer Jakob

MONEY & INVESTING

Stock

Spotlight

Lenovo Group

Shares rose 20% in ritang Kong after the company posted record revenue driven by artificial-intelligence infrastructure demand

Statista

Shares in the hotel table fell 10% after the company failed to turn a profit in the second quarter because of overlying costs, despite surging revenue from the World Cup.

Cisco

The network-aquipment company posted a jump in real income from the quarter at it continued to receive billions in orders from Al Aspecians, Not shares declined 8.6% on Thursday.

A.P. Motor-Marath

The Danish shipping group raised its guidance despite the conflict in the Middle East. Shares were up 8.6% in Denmark.

Bending Spoons,

Birkenstock and VETI The companies all reported earnings before the opening last on Thursday. Bending Spoons and VETI closed down about 16% and about 17%, respectively. Birkenstock shares rose 12%.

Weekday

Shares gained 18% after Reuters reported that Silver Lake is in talks to buy the humanresources software company.

Tyson Foods

Shares rose 7% after the company said it is planning to close a major hoof-processing plant and sell another.

Chip Dades, Noars

The PRLX Semiconductor Index rose 10.2% from its July 29 best market. Using low, just falling short of the gains needed to enter a bull market.

The index closed at a record on June 22 and fall nearly 20% to its late July low. Entering a bull market would have ended the shortest best market for the index since early 2025. A 29 trading date, On average, the index spends 70 minutes in a best market. Its months after exiting its previous best market in January 2026, the index was up 64%, according to Dow Jones Market Data. After one year 1425, —Shrusha Dinesh

PRLX Semiconductor Index

Kospí Enters

Bull Market

Well, that was fact, South Korea's Kospí index entered a bull-market again on Thursday, defined as a 20% rise from a recent low. Since the state's recent bottom on July 30, it is up nearly 22% in trading Thursday's 2.6% gain. That is a quick turnaround; its launch back into a bull-market territory happened over 10 trading sessions. Investors' agenda for its efforts returned this month, in South Korea, a surge in shares of Samsung and SK Hyria helped drive the Kospí's gains.

Analytic at JPMorgan Chase say investor positioning indicates the index may have room to run higher, according to a note from the bank's data assets and alpha group. But, they added, "the index is moving in a 20% (or less) participant's may mean a slower pace." South Korea took steps recently to crack down on an explosion of in-depth in leveraged ETFs—risky products that can leave investors with huge losses.

The index remains far off from where it stood earlier in the year. The stock, the Kospí's limited 750s, it is up 62% for the year.

—Caitlin McCabe

FRIDAY'S EVENTS:

• Economic data
• retail sales;
• business inventories;
• and the University of Michigan consumer sentiment index

This Day in Market History

Do this day in 2001, Jeffrey Sliding abruptly resigned as chief executive of Etern just six months after, ascending to the position—

another sign that all wasn't well at the energy-trading giant. The official explanation for his departure was "personal reasons," but Skip

long later said his main reason was the company's tumbling stock price, Kenneth Lipp, their chairman, agreed to return to the CEO role.

---

$3.3 Million

A circular Novalis, Calif., home—that actually rotates—is for sale M3

HOMES | MARKETS | PEOPLE | BEDOS | SALES

MANSION

THE WALL STREET JOURNAL.

$70 Million

Al boom drives record sale in San Francisco area town M2

Friday, August 14, 2020 | M1

By E.B. SOLOMONY

With 3,500 miles of craggy coastline, Maine has evolved from a modest seasonal retreat into an increasingly sought-after luxury market. Long known for its relative isolation and lower price points, the state has historically lagged behind resort destinations like the Hamptons, Nantucket and Martha's Vineyard.

To date, only 10 homes have ever sold for $10 million or more, property records show, a fraction of the number of eight-fig-

ure sales in other coastal enclaves. However, a quiet shift is underway: Five of these 10 sales have closed in the past three years, fueled initially by a Coral-era boom that brought city dwellers to more remote destinations.

Younger buyers—both the newly rich and those born into money—are increasingly viewing Maine as both a lifestyle destination and a long-term investment. The number of luxury sales, defined as $2 million or more, more than doubled between 2020.

Please turn to page M4

$10 MILLION+

SALES

10

SALES SINCE 2023

They Watched Their Homes Burn—From Their Phones

When wildfires strike, some homeowners rely on Ring cameras to find out what happened to their houses.

By NANCY KRAUSS

GREGG MORIN and his wife, Brooke Morin, were at a street bar about 40 minutes away from their house in Spokane. Work, when they learned a nearby wildfire had started rapidly growing. They jumped in their car and started racing back home.

Initially, the couple closely monitored footage from their Ring home—severely cameras on their cellphones. They were worried that their three small dogs, who they had left inside, would run

out the dog door into the backyard.

Then, the camera positioned at the back door started drawing houses a couple of blocks away, burning. As the flames got closer to their home, Gregg, 61, told Brooke, 12, to stop looking. "There was nothing we could do," said Gregg, who owns a home-inspection company. "Seeing the house burn on our phone would have been even more devastating."

When the couple made it Please turn to page M3

The remains of Spokane houses burned in the latest round of wildfires, which destroyed hundreds of homes.

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M2 | Friday, August 14, 2026

THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

A gated estate in California's Hillsborough has sold for $70 million—double the previous record for the off-road town, according to the listing agent.

After being chopped off-market late last year, the property just outside San Francisco was listed for $68 million at Peoria's. Listing agent Jennifer Gilson of Golden Gate Softsby's International Realty declined to identify the buyer.

SOLD

$70

MILLION

12,400 sq. ft. sports complex, home theater, water features

who she said works in artificial intelligence. The record sum comes as San Francisco's market is being fueled by Al wealth, with buyers rushing to purchase homes ahead of anticipated 40.20%.

Private-equity investor and philanthropist Ted Kruttschmitt and his wife, Alessa Kruttschmitt, told The Wall Street Journal last year that they decided to sell the home because they were spending most of the year in Palm Desert, Calif. The couple declined a request for comment on the sale.

San Francisco's Al Boom Fuels Record Sale in Bay Area Town

The Kruttschmitt built the home in the early 2000s. It spans roughly 12,500 square feet across three levels and has views of San Francisco Bay. They also built a sports complex on the property, including a sunken tennis court, as well as multiple ball courts.

Hillsborough, about 20 miles from San Francisco, is known for its pricey homes. The previous record there was held by an estate that sold for $35 million in 2022, according to Gilson.

—Liberta Brandt

Ex-Starbucks CEO Schultz Sells Hawaii Home

After relocating to Florida from the Seattle area, billionaire Howard Schultz, the former chairman and CEO of Starbucks, has sold his house in Hawaii's different Hualalai Resort community for $36 million in an off-market deal.

The buyer is splicing from a smaller house in the wealthy Big Island community to accommodate a growing family, said listing agent Robert Kildow of Hualalai Realty. Kildow declined to identify the buyer, who agrees to sell the house over FicoTime, he said.

Although the property was never formally listed on the multiple listing service, it went into contract at the asking price about a week after Kildow started quietly marketing it, he said.

Schultz bought the house for $25 million in 2013, according to

property records. Schultz, who didn't respond to a request for comment, is credited

with transforming Starbucks into a global coffeehouse chain. He stopped down from his most re-

cent stint as the company's CEO in 2023.

In March, he bought a $44 million penthouse in Starbuke, Fla., and announced his relocation from the Seattle area, where Starbucks is based, with his wife,

SOLD

$36

MILLION

15,400 sq. ft., 8 bedrooms over 8 structures

Sheri Schultz: "We are enjoying the sunshine of South Florida and its allure to our kids on the East Coast as they raise families of their own," he wrote in a statement on LinkedIn.

The 18-acre estate has eight

structures with a combined eight bedrooms and about 13,600 square feet.

The house is the most expensive sale in the Hualalai Resort, where homeowners have included Citadel CEO Ken Griffin and Postmatte co-founder Rustian Lehmann.

Houses in Hualalai almost exclusively trade off-market and typically sell in a matter of days, thanks to a waiting list of buyers, said Kildow. The previous record for the community was $10.2 million in 2023, he added.

On the Big Island, luxury homes sold for a median $9.26 million in the first half of 2026, up 20.9% from the same period in 2023, according to Hawaii Life brokerage, which wasn't involved in the sale.

—Sarah Paynter

As a listener, when someone raises their hand for help, you're often one of the first ones to respond. But it's also okay to get help for yourself. Maybe you want or need assistance with employment, stress, finances, mental health or finding the right resources. No matter what it is, you earned it. And there's no better time than right now to ask for it. Don't wait. Reach out.

VA

U.S. Department of Veterans Affairs

Find resources at VA.GOV/REACH

---

THE WALL STREET JOURNAL.

Friday, August 14, 2026 | M3

PRIVATE PROPERTIES

A circular house overlooking Highway 101 in Novato, Calif., is on the market for the first time ever. The house, which has fascinated generations of commuters, was built in 1903 by Sam Harkicrad, a tax-issue who invited Marin County with unconventional dwellings before he died in 1993. "He was tired of the name old houses," says his grandson Harold Pozzi, 71. "He thought normal houses were boring."

The round house is one of seven residences on a 2.25-acre site. Its closest neighbor is the "petate-clap house," built in 1919. That house's sweeps roof, which approaches the ground at two points, can be described mathematically—as a hyperbolic paradoxical—or by reference to the snack food. The other five houses are more conventional.

The land and buildings—all seven of which are tenant-occupied—are listed at $3.2 million.

The round house was designed by Harkicrad to turn 320 degrees, or eight-ninths of a circle. Switches marked "clockwise" and "counter clockwise" allow occupants to follow (or avoid) the sun or change the view. "He liked a challenge," Pozzi says of his mother's father.

Pozzi has been caring for the house for 60 years. He regularly drives from his home in Petaluma, about 10 miles north of Novato, to maintain the property. Now, he says, "I'm getting too old," which is why he decided to list it on behalf of himself and his niece and nephew. (He has no children and his only sibling, a brother, died in 2020.)

The sale is being handled by Angelo Bagheri, the senior director of investments

Gate Bridge, in the 1940s. Harkicrad said he built the 1,500-square-foot "round house," with a diameter of about 50 feet, for $37,000. One way he saved money, according to Pozzi, was getting companies to donate products. He received free appliances from Tappan. In exchange, Pozzi says, he agreed to let the public tour the finished house for several months.

Setting a sale price was tricky, Bagheri says. "There really are no direct comparables. So I looked at the property from several different angles, including the income it currently produces, other multifamily and residential sales in Novato, the value of approximately 2.25 acres of land, and the fact that it contains seven detached homes on one parcel. We also considered the property's unique history and its long-term potential."

Asked if it's important that the house survive, Pozzi demurred. "Everybody who travels on the 101 knots the round house. A lot of people wouldn't want to see it go."

—Fred A. Bernstein

A Circular House With a Singular View at Every Turn

at Marcus & Millichap in San Francisco. Bagheri, whose firm operation in investment real estate, got the listing by cold-calling Pozzi a decade ago, then waiting patiently until Pozzi was ready to sell.

The central core of the round house contains conduits for gas, water and sewage, each of which is able to extend enough to accommodate the 320-degree turn. (A house that went all the way around would have posed far more complex engineering problems.)

The rotation is powered by two washing machine-type motors, and Pozzi says

the system functions well. Still, the house won't designed to be in constant motion, like a revolving restaurant, for which it has sometimes been mistaken.

FOR SALE

$3.3 MILLION

2.25 acres, 1560 sq. ft. "round house," plus 4 others on property

Pozzi was 11 when the house moved more than 320 degrees. A couple of years after Harkicrad completed it, the state acquired

its site, which was in the path of the new Highway 101. Harkicrad bought the house back from the state. Then, using a bulldozer borrowed from a friend, he pushed and pulled it to its present site.

The round house is cantilevered off a cylindrical core, which leaves room below for shaded parking. It has a wraparound terrace and lots of picture windows. Its three bedrooms and two bathrooms are spacious, if unheardly shaped.

According to a 1996 profile in the Los Angeles Times, Harkicrad designed and built 25 houses in Marin County, always incorporating found materials or structures.

His workshop was as a small building next to the house. On its roof was what he called "the poor man's energy wheel," a jerry-built wind turbine made of carved-up barrels. On windy days, the shop was energy independent.

Harkicrad grew up on a farm in Fresno, where, he told the Times, "If you wanted toys, you built them." His education ended in high school. He moved to the Bay Area as a young man. Over the years, he passed for gold, picked fruit and worked as a ship rigger, a tree surgeon and a trucker. He began buying land in Novato, about 20 miles north of the Golden

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For wildfire prevention tips, visit SmokeyBear.com

---

M4 | Friday, August 14, 2026

THE WALL STREET JOURNAL.

MANSION

Built Off-Site and Hauled to Remote New Zealand

Because of rugged terrain, the owners constructed the house and brought it to the property in sections

By SARAH PRINTERS

In 2017, Richie Smith and Susanna Izard fell in love with an expanse of rugged land near Lake Tykapo, New Zealand, envisioning a home tucked among the alpine grass. But building their dream house posed a challenge: getting a construction crew and

THE SPECS 4,370 sq. ft. 3 bedrooms, 3 bathrooms, 500 acres materials to a remote location roughly 2,600 feet above sea level.

After purchasing the land for about $1 million, they built the house off-site in 2020 and hauled it in large sections up steep mountain passes and across a creek, says Smith, chairman of Wool-Aid, which makes merino-wool bandages.

To transport a 75-ton section, one truck crawled up a closed road in its lowest gear. Two large John Deere tractors waited at the

HOUSE OF THE WEEK

creek to tow the truck if it got stuck, but the driver jacked it up and plowed through.

The house cost Smith and Izard about $1 million to build, and an additional $500,000 to install services such as water and electricity. Building off-site allowed them to complete construction in only three months, Smith says.

Designed for the environs

The couple hired architect Charlie Rutt to design a house built to withstand the mountainous environment, choosing durable materials such as carton steel, aged corrugated steel and thick western red cedar.

They decided against planting a garden, instead letting tuffs of grass called tanocks grow right up to the house.

Can't-miss features

Smith and Izard consider nature to be one of the home's best amenities. They draw their water from a glacial source and enjoy unfiltered skies protected by an International Dark Sky Reserve.

They also added a few amenities, including a cedar hot tub and a stand-alone boardroom where Smith and his son work.

What they'll miss

The smell of the dew on the toe-

socks.

"When you wake up on a crisp morning, it smells incredible," Izard says. "You throw open the windows, and there is no one around, and it just smells fresh."

What they won't miss

"On the rare occasion we have to shovel some drifts, I won't miss that," Smith says.

Reason for selling

Smith and Izard are moving to South Canterbury, New Zealand, where they keep a herd of Clydesdale horses.

The vegetation at their Lake Tykapo property is too sparse to support the herd, Izard says.

Market snapshot

In Lake Tykapo, luxury homes typically sold for around $1.5 million over the past 12 months, up from $1.5 million the previous year, according to listing agent Steve Rosen of LJ Hooker.

Rosen shares the listing with Laura Reidy, Matt Finnigan and Russell Ruddell of New Zealand Sotheby's International Realty.

» A new House of the Week drops every Friday at WSJ.com/RealEstate.

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THE WALL STREET JOURNAL.

Friday, August 14, 2020 | MS

MANSION

ANNOTATED ROOM

A Desert Spa—or a Posh Bathroom?

The owners enlisted an interior designer to create a nature-infused luxury retreat inside their Arizona home

BY VINCENT NUTT TILANDER

For Bob and Lisa Moran, the best views don't always require packing a suitcase.

Bob, 75, is a former chairman and CEO of Pertsmart, and Lisa is a former hairstylist who loves mountain biking in the Sonoran Desert surrounding the couple's home in Paradise Valley, Ariz.

When the Morans purchased their house for $3.2 million in 2008, they wanted the local flora and skies reflected in their space—and, in particular, the 310-square-foot primary bathroom they inherited. It was covered in large, slippery porcelain tile and lighted by an oddly shaped half-room window that let in little light and served no real purpose.

"We wanted the bathroom to feel like a spa retreat that brings the outside in—natural stone and wood, abundant light, an open layout," says Lisa, 48. "A place where you would want to forget, authorized, like being out in nature."

The Morans hired interior designer Jennifer Boget of J Boget Designs. Boget—who partnered with Lortie Construction—layered the bathroom with tactile, light-catching materials; gold-embossed vinyl wallcoverings by French company Elitin, shell-lined vanity walls and a crystal spate window that filters light through its honeyed creams, tans and warm-brown veining.

Covered in earthy tones and grounding textures, the bathroom has all the serenity of a luxury escape.

Here are some of the bathroom's design features.

1. Again Window

Boget replaced the half-room window with Antoine's crystal spate, imported from Italy, creating a dramatic focal point that preserves privacy while echoing the shifting tones of the desert. "It changes colors throughout the day," says Lisa. | Price: $33,583

2. Earthlab

To ensure the window remained

the star attraction, Boget sourced a crystalline bathtub from Maidstone I dev that almost disappears into the space. | Price: $3,500

3. Stool

A Murano glass stool from Italian brand Alenforms adds an emerald pop. | Price: $2,750

4. Floor Tile

After searching high and low for a

custom floral mosaic, Boget landed on Artax's Flame Desert motif. "Not only did they already have the perfect pattern, I was even able to pick the natural stones that went into the mosaic," says the designer. | Price: $150 per mosaic sheet

5. Bench

For a bathroom this large, Boget felt it was fitting to add seating. "This waterfall bench was the per-

fect selection," she says of Bradley's Galile design. | Price: $7,500

6. Onyx Wall

"Because we wanted a glass shower enclosure, we needed a stone with real visual drama," says Boget. The onyx Antoine slabs wrap the shower walls, swathes and integrated sinks. | Price: $6,384 per slab

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M6 | Friday, August 14, 2026

THE WALL STREET JOURNAL.

MANSION

Maine's Luxury Rise

Continued from page M1 and 2023, according to data compiled by Stewart Young of Landfront.

Some sellers are taking note. There are currently eight properties listed publicly for $30 million or more, including a waterfront property in Cape Elizabeth asking $16.5 million. The property has views of five different lighthouses, said Sam Michaud, the listing agent from Legacy Properties Sotheby's International Realty. "I don't think we're under close to letting our potential," he said.

More are the 10 deals topping $30 million that reflect Maine's evolving luxury real-estate landscape.

1 Mount Desert

Sold: 2026 Buyer: Monarch Rock LLC Seller: Jennifer and investment banker Winston Holt Land: 8.22 acres Square Footage: 8,026

The latest sale is Monarch Rock, an estate in the middle of Acadia National Park with wooded trails and sweeping views of the ocean and Mount Desert Island's outer islands. Located in Staff Harbor, the circa 2012 home has a paneled library and wine cellar. Listing agent Kristi Jacoby of Sotheby's said buyers are increasingly willing to pay a premium for turnkey homes. "People don't have time, or want to wait," she said.

1 Kennebunkport

Sold: 2025

Buyer: Sue and Mark Koestaar, CEO of Packing Corporation of America

Seller: Michael Schudhoff, founder of Carriage House Motor Cars

Land: 10 acres

Square Footage: 5,064

Up the road from Walker's Point, the Bush family compound, this home has double-height ceilings, a contemporary interior from a 20% renovation and 27% feet of water frontage. Strong demand continues to push prices higher in luxury endures, including Kennebunkport, Bar Harbor, Cape Elizabeth and Mount Desert Island.

1 Bar Harbor

Sold: 2025

Buyer: Tranquility 45 LLC

Seller: Frank Moya

Land: 9.25 acres

Square Footage: 7,016

Set on Frenchman Bay in an area known for historic mansions, the compound named Tranquility, has three year-round residences and roughly 1500 feet of deepwater shorefront, with a dock and has moorings. The property has meandering paths with teak and granite benches, a stream with arched bridges and a reflecting pond.

1 Scarborough $11.5 MILLION

Sold: 2025

Buyer: Spanking Waters LLC

Seller: Katherine and investor Timothy McDonald

Land: 7.94 acres

Square foot: 7,600

Formerly owned by the actress Bette Davis, Seascape is a waterfront estate with 1,964 feet of ocean frontage. "It had privacy and exclusion and the drama of looking out to see and watching the ships," said Bill Gaynor of Sotheby's, who represented the buyer.

Sold: 2023

Buyer: Harold P. Hope III, partner at Goldman Sachs Seller: Bonnie and Ogden White, late banker

Land: 1.57 acres

Square Footage: 4,403

Long owned by one family, the property, called Eastern Point, is on the eastern side of Private Neck, a historic summer community dating to the 1800s that juts into Saco Bay. Generalized estates like this trade infrequently, making them especially valuable when they do come to market. "If you don't get them now, you might have missed your chance," said Michaud, who was not involved in the Scarborough sale.

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Sold: 2022

Buyer: Betsy Sherman, widow of Black & Decker CEO George Sherman

Seller: Julie and Charles Cawley, founder of MBNA credit cards

Land: 10 acres

Square Footage: 10,167

Overlooking West Penobscot Bay, the compound has roughly 720 feet of shorefront with a circa 1904 five-bedroom main house, two guesthouses and a beach house. Known as Watercote, it has just like grounds with a rolling lawn, gardens and stonework.

CUSTOMER: FROM THE WALL STREET JOURNAL. (M6) 2023. 10.00

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THE WALL STREET JOURNAL.

Friday, August 14, 2026

M7

MANSION

Sold: 2022

Buyer: Anne and Jacob A. Citrin, warehouse developer

Seller: Curt Strohecker, founder of auto restoration tool supplier Eastwood

Land: 1.51 acres

Square footage: 7,411

The recent price growth can be choked up to basic laws of supply and demand. There are a limited number of luxury homes in places like Mount Desert Island, where large swaths of land are protected as part of Acadia National Park, said Story Litchfield of Landfront, who brokered the sale. Surrounded by woods, the home, named Wynneclay, has a large open terrace and covered porch with views of the water. There is also a deepwater dock and three moorings.

Sold: 2018

Buyer: Billionaire Mitchell Roles, part owner of the Washington Commanders

Seller: Estate of banker David Rockefeller

Land: 14.8 acres

Square footage: 5,534

The oceanfront estate in Seal Harbor—a village abutting Acadia National Park—is the most expensive home ever sold in Maine. Known as Ringing Point, it has about 2,500 feet of rocky coastline, including a pink granite promontory. Rates here down a circa-1970s home and has since built a massive compound with at least seven structures; property records show.

Sold: 2011

Buyer: Donna and David Reis

Seller: James Leah

Land: 4.5 acres

Square footage: 9,594

The house is porched on a promontory named Manchester Point at the entrance to Sames Sound. It has a sandy beach, deepwater dock and moorings.

Sold: 2004

Buyer: "Law and Order" producer Dick Wolf

Seller: Fitzgerald "Jerry" Hudson, late insurance executive

Land: 5.94 acres

Square footage: 18,770

The Southerly estate is on Cooksey Drive, one of Seal Harbor's wealthiest streets, overlooking Hunters Beach Cove. It set a record for the state when it became the first property to cross $10 million. "Southerly would be $12 million today," said Litchfield, who was involved in the sale.

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MB | Friday, August 14, 2026

THE WALL STREET JOURNAL.

MANSION

Monitoring The Loss

Continued from page 50 home, there quickly grabbed their dogs and passports, and drove away. They saw the neighborhood in flames in the reunion mirror. It was one of more than 100 houses in their development in Northwest Spokane that burned in the wildfires on Aug. 1.

The latest round of wildfires has ripped through the Spokane region of eastern Washington state, destroying hundreds of homes and forcing tens of thousands of people in suburban neighborhoods with moved grass and rail-de-sacs to evacuate over the past week. In June, a wildfire on the eastern side of the city forced about 22,000 people to evacuate and destroyed around 14 homes.

To monitor their properties, homeowners are using security cameras like Ring and Blink, wildlife cameras and drones. Some have watched as their houses burned, while others are keeping an eye out for looters. For many, these cameras are the only way of knowing what's happening as affected neighborhoods.

Gregg and Brooke Morin's devastated home. There was nothing we could do; Gregg said.

This view from a drone this week shows a neighborhood burned by the Old Trails Fire in Spokane.

and streets are confused off by authorities. "I'm refreshing it like crazy, checking it every

hour or so," said Rachel Bardwell, a consultant for Kaiser Permanente, referring to her Ring app. The house where Rachel and her husband, Tyler Bardwell, who owns a chimney-sweep company, live didn't burn in the wildfire, but houses just two blocks away did.

She has received notifications of movement from the camera at her front door, and said she has seen some "suspicious" people on her three Ring cameras, even yelling at them through her phone. "It's not much, but it's what we've got," Rachel, 42, said.

The Bardwell's are staying at a hotel since their neighborhood in Balboa is

still under evacuation orders. Tyler, 40, said he has been able to check on the house by taking back routes to skirt police and National Guard roadblocks.

Chris Meyer, 42, said his wife, Andrew Meyer, 58, watched their house burn on their Ring camera in the June fire. As they were driving away when evacuating, they could see on their app that there were firefighters with house walking around. There was smoke and embers blowing in the wind. Fire crackled and trove burned. Then their neighbor's house was fully ablaze.

"Forget that one. It's gone," they heard one firefighter say, referring to their house. Then the power cut out and their cameras went dead.

"You feel so helpless. You go numb," said Chris, a pharmaceutical engineer. Chris said the couple confirmed their house was gone the next day when he saw a video his neighbor had posted in a neighborhood Facebook group.

Even though his house was essentially just a hole in the ground, Chris said, it was still looted. A couple of silver seeping spoons were missing from a box of stainless-steel flatware that survived, said Chris, who did not report them to the

A still image from Chris and Andrew Meyer's Ring camera.

authorities. Spokane police said they received multiple reports of looting in the most recent wildfires but found no evidence.

To monitor their properties, owners are using security cameras like Ring and Blink.

Ryan Van Doren and his wife were looking at their Ring cameras when they saw the flames heading toward their property in the June fire. His wife called 101, and they watched as firefighters tried to save their house. After about 45 minutes, she video turned off. They found out a few days later that their house

had survived. They kept watching all the next week as the firefighters continued to work on their property, yelling. Thank you through the camera's microphone since they were still evacuated. "It gave us a chance to show our appreciation," said Van Doren, a real-estate agent. Peyton Maxwell, 24, got an alert on her Blink camera last week as she was evacuating and watched the wildfire approach her house in the Indian Trails neighborhood. Then the camera went out. "I was sitting there sobbing," she said. She found out on Aug. 4 that her house survived when the power returned. Maxwell, who helps disabled people find and maintain jobs, is still evacuated and monitors her Blink hourly. "It's how I keep an eye on it," she said.

Fire crews work through the night in Spokane in early August. You feel so helpless. You go numb," said Chris Meyer, who watched his house burn on a Ring camera in the June fire.

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THE WALL STREET JOURNAL.

Friday, August 14, 2008

M9

MANSION

HOUSE CALL | JON LOVITZ

Before 'SNL,' a Film Exec Told Him to Become a Lawyer

The 'Don't Say Good Luck' co-star on studying Lenny Bruce and Woody Allen records, his Pathological Liar character and his love for old movies

I always wanted to perform. My dad was a doctor who originally wanted to be an opera singer and sang a lot at home, so maybe that was it.

I do know how the comedy thing started. One night when I was 3, I stayed over at a friend's house. I couldn't sleep. My friend sat bed upright, made a face and dropped back down as if asleep a few times. I laughed hypersically and wanted to be funny like him.

My family first lived in a small ranch house in Encino, Calif. When I was 10, my parents divorced and my father remarried. I got an additional mom and two more siblings, so we moved to a larger ranch house in Tarzana.

My father, Harold, was an internist and was driven. By 1973, he had upward of 5,000 patients. My mother, Barbara, was funny and very supportive. She had a sing song way of talking. I'm a product of all these parents.

As a kid, I was shy. After my dad remarried, my new grandfather, Papa Lee, had a huge personality and was very funny. He took me under his wing and helped me overcome my shyness.

In Tarzana, I went into fifth grade and met David Kudrow. She agreed to be brothers. He adored his sister, Lisa, and urged me to meet her. "She's 5 and speaks Spanish. She's so cute." He was right.

After seeing Woody Allen's film "Take the Money and Run," David and I realized Woody had our sense of humor. I wanted to become a comedian.

I was in five high-school plays,

Jon Lovitz in Los Angeles earlier this month, and at right, Lovitz, left, and his friend David Kudrow—older brother of Lisa—in Tarzana, Calif., in 1975.

and in 1974, I saw the film "Lenny," with Dustin Hoffman, who played comedian Lenny Bruce. I bought albums by Lenny and Woody, and studied them. They helped me do-

velop a feel for writing and timing. At OC Irvine, I studied Shakespeare with actor William Needles, who became a mentor. I based my Master Theopian char-

acter on him. I was in 21 plays in college. After graduation, I studied at Tony Barr's Film Actors Workshop in Santa Monica. Tony helped me develop a naturalistic acting style for film.

Tony brought in Ralph Levy, a TV comedy producer-director. Ralph said, "Comedy's here," pointing to his head, "and drama's here," pointing to his heart. "With

comedy, you do everything you'll do with drama, but add the comedy on top."

At Tony's workshop, we had an industry night, and our scenes were taped. I asked my dad if he could share them for feedback. He sent my tape to Ed Gradinger, a Twentieth Century Fox executive, and to William Blum, a Hollywood screenwriter and producer.

Gradinger said, "If you can do anything else, do it," adding, "Why not be a lawyer?" Blum's letter said, "You have talent but I wouldn't stick to just comedy." Tony suggested I go with Blum's advice: "He's the creative one."

At 25, I decided to put everything into becoming successful in comedy. I took classes at the

Groundlings—L.A.'s singers and sketch comedy group—where I invented characters such as Tommy Flanagan, the Pathological Liar. I made it into the Groundlings' main cast. Our show in January 1985 got good reviews, which led to my "Tonight Show" appearance.

My agent submitted my tape to "Saturday Night Live." Before I heard back, I landed parts in the film "Last Resort," with Charles Grodle, and in the TV series "Foley Square." When I met with "SNL" producer Lorne Michaels in the summer of 1985, comedian actor Lansine Bowman and Grodle had recommended her. I was cast.

Today, I live in L.A. in a contemporary house I've owned since 1990. It's spacious, and I get a lot of light.

The day Grodle called to tell me I'd been cast, I said, "What?" He said again, "You get it." I went, "Oh, my God." After three years working my best off, everything was happening for me.

I drove down to the Groundlings and interrupted my teacher, Randy Bennett, midclass. I shouted, "Randy, I get 'SNL. I get it." He said, "Oh, my" and started crying. —As told in Marc Myers

Jon Lovitz, 68, is an actor and comedian known for "Saturday Night Live," "Seinfeld" and the film "A League of Their Own." He co-stars in the upcoming films "Redemption" and "Don't Say Good Luck," due Friday on Netflix.

JON'S THEATER

What's your favorite home spot? My theater. I still watch a lot of old movies.

What did you screen recently? "Sharlock Holmes" movies with Basil Rathbone.

Why do you love old movies? The great actors were theatrical but not boring. I studied for two weeks with Marlon Brando in 2002. He said, "Actors should be real, but you've got to be entertaining."

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IT'S YOUR BUSINESS

© 2008 Drive Brown & Co., Inc. All rights reserved. 4834840

WALL STREET JOURNAL

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M20 | Friday, August 14, 2026

THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

flashing. "The idea is, as you walk around the house, you get a slap-pled look that is changing with every step you take," he said.

The house has a home theater and a floating staircase, with a curved, brass banister. "It looks like ribbon coming down," Olga said. The house also has built-in furniture and custom pieces, including a dining table, which can be purchased separately.

The Kagans, who have two adult children, are making Miami their main residence because they

FOR SALE

S15

MILLION

4500 sq. ft., 4 bedrooms, home theater, 4-acre garden

don't like New York winters, and "especially don't like paying New York taxes," said Michael. "It hurts because we love this place."

However, he acknowledged surging property values in both Pound Ridge and Westchester County. "If you're ever going to sell a place like this, now would be the time to do it," he said.

Pound Ridge is known for contemporary architecture, and demand for luxury homes in the area is strong, said listing agent Brian Milton of Company. The town's median sale price was $1.8 million for the three months ending in May, up 17% year-over-year, according to real-estate brokerage feddits.

-E.B. Solomon

A Mirrored New York Home That Blends Into Nature

In 2009, Olga and Michael Kagans were grappling with two major—albeit unrelated—life events. They were about to become empty nesters, and the country was in the depths of the financial crisis.

Seeing an opportunity, Michael recalled the adage to buy "when there is blood in the streets." The couple began hunting for land in Pound Ridge, NY, the Westchester County suburb about 50 miles north of Manhattan where they had lived for decades.

The Kagans paid $1.75 million for a roughly 50-acre property with a circa $50th home. After selling the home and the 3.52 acres it

sat on, they donated 10 acres for conservation and retained about 19.5 acres, where they built a contemporary home with a mirror-like facade and glass bridge.

"It was definitely a vanity project, I admit it," said Michael, a mutual-fund manager, explaining why they donated a chunk of land. Olga is a movie producer. "We wanted to create a piece of art."

Now living primarily in Miami, where they own an apartment, the Kagans are listing the roughly 4,500-square-foot, four-bedroom house for $10 million.

Architecture enthusiasts, the couple were inspired by a design

they saw in an architecture book. "We wanted to be involved up to our elbows," Michael said.

Completed around 2004, the house was built around the natural topography of the property, including trees and boulders. "We blazing needed to be done," Michael said. The site dictated the shape of the home, which is separated into two parts—one with bedrooms and the other with common rooms—connected by a glass bridge.

The mirrored siding was added late in the design process, Michael said, and is made up of brooded stainless steel, polished stainless steel and a lead-coated copper

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---

THE WALL STREET JOURNAL.

Friday, August 14, 2020 | M11

PRIVATE PROPERTIES

Ryanair Co-Founder's Family Lists Horse Farm

A centuries-old Kentucky horse farm owned by the family of Tony Ryan, a co-founder of Ireland-based discount airline Ryanair, is listing for $57.5 million while simultaneously heading to auction.

The 953-acre equestrian property in Lexington will be offered at the Homeland Championship

FOR SALE

$57.5

MILLION

15,000 sq. ft., 7 bedrooms, multiple houses, apartments

Sale, an institution-only horse auction set to take place on Oct. 20.

The unusual strategy was the idea of Tony's son, Shane Ryan, who has owned the farm since his father's death in 2007, said listing agent Ken Donworth of Bluegrass Sotheby's International Realty.

Tony paid $14 million for the farm in 2001, Donworth said. Established in 1793, the farm has 30 barns with 248 stables combined. The music residence is a circa 1040 finesk Revival-style manners with ornate millwork and moldings. It

has seven bedrooms and spans roughly 13,500 square feet. There are four additional houses on the property, and four buildings with apartments.

The family replaced barn roofs and made other improvements over the years, Donworth said. Paintings and furnishings from Tony's collection in Ireland were

brought to the U.S., according to Richard Adams's 2012 biography, "Tony Ryan, Ireland's Amator." Shane has operated the property as a commercial-breeding

farm, which has a long history of producing thoroughbreds, Donworth said. About 10 years ago, Shane moved his house on the farm to a piece of land that alters the property. He is now looking to sell Castleton because he is spending more time in Europe and his children aren't as interested in horses, Donworth said.

Donworth said the price is justified by the size, history and farm infrastructure, as well as its proximity to Kentucky Horse Park, a farm and equestrian facility.

The Covid-19 pandemic boosted the central Kentucky farm market, he said. "Property values have gone up over the years because demand has gone up," he said.

This spring, he brokered the sale of a nearby farm for $40.5 million.

The son of a railway operator, Tony worked at Aer Lingus and co-founded Ryanair in the 1980s. Row one of Europe's largest airline groups, Ryanair Holdings operates 3,800 flights daily.

—E.B. Solomon

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MANSION | THE WALL STREET JOURNAL.

Source: Ryanair & Rhone's Surveys 6.0A. See top 2021 Industry Data tables: 400-1125, 2020-1: 2020, 2020, 2020, 2020, 2020, 2020, 2020, 2020, 2020, 2020, 2020, 2020, 2020, 2020, 2020, 2020

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MS2 | Friday, August 14, 2026

THE WALL STREET JOURNAL.

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mtoelam@ttnk.com

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Ellis Sotheby's International Realty

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+1 757.275.0339

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+1 843.533.8437

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Prior Open Request

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kumana@stothebyxrealty.com

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Rebecca Sotheby's International Realty

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val.burrin@the.com

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