Financial Times - 11.08.2026.pdf

金融时报

2024年8月7日 星期二

美国 2120，爱尔兰共和国 #4 30

金融城如何助力解决社会护理危机 帕特里克·杰罗姆 第21页

非洲人口是否过少？ 戴维·佩林 第21页

信心不再

莫迪的愿景面临严峻考验

昨日，孟买民众在庆祝本周末迎来的第80个独立日时，纷纷口头高呼并挥舞国旗。

尽管印度被誉为全球增长最快的主要经济体，但近期的青年失业问题凸显了莫迪总理面临的严峻挑战。

印度拥有全球规模最大的青年人口，约70%的人口年龄在15至25岁之间。尽管越来越多人接受高等教育，但许多人发现昂贵的学位并不能保证一份体面的工作。超过800名拥有高学历的年轻人被迫从事出租车司机等工作，这与莫迪所描绘的繁荣国家愿景形成鲜明对比。

此外，尽管IT服务业长期以来在推动印度经济增长方面发挥了关键作用，但业内许多人士认为，该行业的许多岗位如今已可由人工智能取代。

图片来源：印度，2023.5 《新闻报》©2023.29

华尔街巨头联手英伟达打造5000亿加元AI融资计划

● 里程碑式贷款计划 ● 大规模数据中心推动 ● 芯片制造商股价波动 ● 私人资本培育

阿瑟·加拉、帕特里克·贾拉、SBC、普拉特和斯科特·尼尔 - 纽约 乔治·哈蒙德 - 旧金山

全球最大的金融集团正与英伟达合作推出5000亿加元的AI基础设施开发融资计划，这是华尔街有史以来最雄心勃勃的融资举措之一。

包括阿波罗全球管理、黑石集团、黑岩集团、布鲁克菲尔德、高盛集团和KKR在内的财团正与英伟达合作，投资开发AI数据中心，多位知情人士向《金融时报》透露。

知情人士称，该协议原定于一致宣布。在《金融时报》报道这一安排后，这家芯片制造商的股价下跌了约2.5%。

这一合作突显了英伟达为自身及其客户筹集资金的不断增长的努力，以继续组装芯片、电力生产并建设处于AI热潮核心的数据中心。

这家市值52.5亿加元的公司已将自身置于AI热潮的中心，为广泛的合作伙伴提供芯片、基础设施和软件，助力其开发相关技术。英伟达的图形处理器（GPU）为大多数美国领先的AI模型提供支持。

这家芯片制造商经常提供财务支持，帮助其AI合作伙伴在资本市场筹集资金，从而提振英伟达自身的收入。然而，此类交易的循环性质引发了业内对消费者和数据的担忧。

另据一位熟悉市场的人士透露，英伟达正在洽谈为OpenAI在俄亥俄州建设的一个5000亿加元数据中心提供担保。

华尔街的这项交易显示，英伟达正在与私人资本行业的巨头建立关系，这些巨头正集体准备将其保险、零售和机构投资者的数千亿加元资金投入基础设施建设。

近年来，阿波罗和黑石等私人资本集团已设计AI基础设施交易，帮助Anthropic等公司为其在芯片和数据中心的巨额支出提供融资。

阿波罗、黑石、布鲁克菲尔德、黑岩、高盛、KKR和英伟达均未回应置评请求。

英伟达一直是AI热潮中最受关注的投资对象，其最新硬件的需求远超供应。这些硬件占新计算能力成本的大部分。

该公司的市值自2023年底以来增长了70倍，此前OpenAI的ChatGPT于2018年发布。

包括Meta、甲骨文、微软、Ackdack和亚马逊在内的最大云计算公司已大幅增加在AI基础设施上的支出，以期在新兴技术竞赛中占据主导地位。摩根士丹利预计，所谓的超大规模企业在2018年至2024年间将在AI基础设施上投入52亿加元。

这种对资本的需求迫使科技集团利用一切可能的资金来源，包括公开股权、投资级和高收益债券、习惯性债务、私人信贷和项目融资市场。

“AI基础设施建设的规模前所未有，”阿波罗总裁吉姆·费舍本月表示。

“预计将有超过10%的资本被投入，这是一个惊人的数字。私人资本与公共资本一道为其中一部分提供融资，我们面临着巨大的机遇。”

图片来源：models.com

招标

» 约翰·刘易斯高管因“极其艰难”的交易状况离职。这家员工持股集团宣布，彼得·斯坦（Peter Stain）将在执掌公司多年后离任，因百货连锁店面临“极其艰难”的交易环境。威尔·卡桑（Will Karsan）将接替其职位。» 第19页

» 保守党推动高街复兴 首相公布计划，赋予地方议会权力限制帽子和融资店铺的开设，以振兴“空心化”的高街，同时为全国巡回宣传做准备。» 第1页

» 单船载230人创纪录 内政部谴责英吉利海峡偷渡者“卑劣且危险”的手段，因昨日一艘船上抵达230人，远超此前最高纪录。» 第2页

» 鲁拉姆驱逐承诺 该党承诺若当选，将把“所有RIAHS的外国官员”驱逐至监狱，必要时送往第三国，如萨尔瓦多。专家警告该提案难以执行。» 第3页

» 利物浦接近鲁斯交易 法国俱乐部为筹集资金，正接近向包括杰夫·鲁斯（Jeff Reuss）在内的投资者出售少数股权。该交易可能使利物浦估值超过$600。» 第10页

» “代币化黄金”进展 英国金融行为监管局（FCA）已制定框架，允许创建代表实物黄金所有权的数字代币，但计划保护伦敦在黄金交易中的主导地位。» 第2页

» 法国向Servidat颁发牌照 欧洲最大的许可证持有者Servidat已获法国当局颁发全面融资牌照，这是该集团在欧洲大陆扩张雄心的重要一步，使其能提供更广泛的产品。» 第3页

» 乌克兰袭击致15 4美元损失 乌克兰对荷兰一处石油炼化枢纽及俄罗斯中部的袭击共造成12人死亡、75人受伤，基辅扩大了针对近期基础设施的打击行动。» 图片：美国2024，PMLB

未建成的桥梁凸显基础设施资金缺口

一项十年前规划的金丝雀码头大桥计划至今仍停留在纸面，凸显“犯罪式”政客无法将开发热潮转化为英国增长最快行政区所需的基础设施。该案例还引发了更广泛的质疑：房地产开发商向地方议会承诺的基础设施贡献为何难以落实。相关公司实现了大幅增长，却未能兑现当地基础设施建设。联合项目，2023.7

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

全球最佳分时共有俱乐部

为什么拥有一处度假屋，却能通过单一结构化共同持有模式，享有遍布欧洲、亚洲和非洲的豪华住宅？

MIDEAMAYS俱乐部

MIDEAMAYS

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《金融时报》

2020年8月15日 星期二

国内

立法

首相严打博彩业和电子烟店铺

[...OMITTED...]

地方议会将获得新权力，为商业街注入新活力

露西·扬（成人广告与领袖史密斯）

安迪·马拉塔纳将赋予地方议会新权力，以限制电子烟和博彩店的开设，作为振兴“气球抽奖”商业街计划的一部分。

首相昨日在准备更新第14版时表示，商业街是“地方社区的跳动心脏”。他承诺将扭转多年的衰退局面，并表示地方议会将获得“所需的权力，通过投票决定不受欢迎的店铺，让城镇中心重获生机”。

一些人士表示，商业街因电子烟店、14小时老虎机店、博彩店和与有组织犯罪相关的“阴暗”业务在多年间无节制扩张而受到不利影响。

英国政府将废除《博彩法》中一项“过时”的条款，该条款迫使地方议会即使面临当地反对，也必须批准新的博彩店和14小时老虎机店，唐宁街10号表示。

废除立法中的“旨在允许”规则将赋予地方当局更强有力的权力，以阻止此类店铺在商业街上激增。

这些提案预计将于明年初生效，还将对电子烟店实施规划和宣传要求，包括阻止在学校附近新开店铺的权力。

部长们将收紧电子烟店的定义，以减少通过将自身标榜为便利店或其他零售类别来规避规定的店铺数量。

24小时老虎机和赌博机场所（即成人游戏中心，AGCs）现在也需要规划和宣传许可。官员们特别关注某些地区赌博设施的高度集中问题，尤其是高租金社区。鲍里斯的计划还旨在打击从事“凤凰化”行为的电子烟企业——即业主以相同员工和库存但新公司名称重新开张已关闭的业务。法院将能够下达最长1年的关闭令，是当前6个月的两倍，以便警方和议会有更多时间调查与有组织犯罪相关的运营。该举措将针对电子烟店、博彩店和“阴暗”店铺。

为改善商业街的外观，政府表示将与规划咨询机构合作，就店面的预期设计和外观发布更明确的指导意见。

根据绿街的数据，电子烟店的数量已从2013年的262家增至去年的5,776家。该机构计算得出，AGCs的数量在10年期间几乎保持不变，仅从1,600家微降至1,362家。

英国博彩委员会驳斥了博彩店无节制扩张的说法，称其“完全错误”，并批评政府将“受到高度监管、持牌”的博彩店与非法或犯罪业务混为一谈。

博彩店的数量自2019.年以来已减少超过三分之一。3,000家店铺已关闭，超过1,000家店铺已提前退出。

包括威廉希尔、Betfred和Ladbrokes在内的公司在过去一年关闭了大量店铺，将原因归咎于最近预算案中将体育博彩税提高至1%的减税措施，这推动了公众转向在线博彩，进而远离实体店。

英国零售协会业务与监管总监汤姆·艾沃诺洛对这些工具的推出表示欢迎

呼吁解决模糊经营者并促进销售，打造更具吸引力的商业街。但他警告称：“长期成功的最大障碍仍是过时的商业税率制度。零售业占经济总量的1%，却承担了超过20%的商业税。”

上月抵达唐宁街前夕，其盟友试图通过强调他与一位低调观察人士顾问的关联，来缓解投资者对其经济计划的担忧。

此前强调的建议来自库尔特·吉姆·奥尼尔（Kurt Hauser O'Neill）——前财政部长兼高盛首席经济学家、前英格兰银行首席经济学家安迪·霍尔丹（Andy Haldane），以及曾在1950年代任职的理查德·休斯（Richard Hughes）。

鲁杰·伯格曼（Rudger Bergmann）表示，多数人已获正式政府问询，奥尼尔更被特别邀请担任高级职务，尤其是70年代的情况。

据知情人士透露，奥尼尔曾对首相可能开征财富税表示担忧，并对将其庞大商业利益置于“盲目信托”（blind trust）安排持保留态度。

移民

英吉利海峡单船载230人创纪录

罗伯特·赖特

英国内政部谴责了走私者在英吉利海峡使用的“鲁莽且危险”的策略，此前昨日有一艘船载着230人抵达，刷新了此前的单船人数纪录。

此次抵达凸显出，由于法国当局加大了打击力度，走私者被迫使用更大型的船只进行偷渡。

2020年4月2日，有230人乘坐一艘船抵达英国，超过了2016年12天前创下的纪录。I am rather-correct difficult on both sides, but the number of people in the United Kingdom is still too small.

除了总抵达人数外，昨日还有人在船只到达6.6米处发出求救信号后被救起。他们被皇家全国救生艇协会的Robert Yates及8 / 8.1 lifeboat charity救援至安全地点。

“这一事件充分展示了这些犯罪团伙在组织偷渡时采用的鲁莽和危险策略，他们通过将过多乘客塞进不适合的船只，持续将人们置于危险之中，”内政部表示。

7月30日，有4人在与小船偷渡相关的不同事件中丧生。牛津大学移民观察站估计，在2018,至2025年间，共有162人在试图乘坐小船穿越英吉利海峡时死亡。

随着单船载客人数增加，全球范围内的英吉利海峡偷渡及非法移民活动数量已大幅下降。今年1月1日至8月8日期间，乘坐小船抵达的人数为18,857人，较去年同期下降了45%。

走私者最近转向“公交车诱饵”模式，即从无人值守的海滩或非公交站点发船，大量潜在偷渡者在此等候。

内政部表示，在消除小船偷渡方面“正在取得进展”，7月抵达人数为2020.以来同期最低。但同时表示：“我们必须更进一步。”内政部称，4月与法国达成的协议（由法国支付的部分资金）将有助于进一步减少偷渡人数。

根据该协议，英国将资助在法国北部部署更多执法人员，以阻止小船偷渡，并提升法国当局的监控能力，包括采购无人机等技术装备。

移民观察站的一位研究员表示：“多年来，各方一直在努力减少小船偷渡人数，通过与欧洲伙伴合作打击空船和非公交站点设备，并创造激励措施，尽可能多地安置偷渡者。”

英国下议院图书馆汇总的数据显示，2018,这一现象首次出现时，每艘小船的平均载客人数仅为7人。截至2016.3月的年度数据显示，这一平均数已上升至65人。

田径赛事巨大飞跃 英国首次举办

运动员在伯明翰亚历山大体育场举行的欧洲田径锦标赛首日女子400米栏比赛中竞逐。

“这是自2016,在意大利都灵首次举办以来，该赛事首次在英国举行。这一长期锦标赛是世界上历史最悠久的国际田径赛事之一，仅次于奥运会。亚历山大体育场的此次赛事是2020年英联邦运动会前的一系列赛事之一。”

Yoga Suresi / Shutterstock

刑事司法体系

改革英国党驱逐外国囚犯计划被指不可行

阿尔玛·格罗斯与露西·杨报道

改革英国党（Reform UK）承诺，若当选将遣返英国监狱中的所有外国罪犯，包括将其送往第三国（如10萨尔瓦多等），但移民问题专家警告称，该提议实施难度极大。

改革英国党领袖奈杰尔·法拉奇（Nigel Farage）及内政事务发言人德·保德（De Paud）昨日表示，将把所有外国罪犯遣返回原籍国，若对方拒绝接收，则送往第三国。

“我们将遣返监狱中的全部10,000名外国囚犯，让他们在10萨尔瓦多等国服刑。”德·保德在欺诈案中称，“我们将确保危险罪犯在该去的地方服刑，而非留在英国。”

该声明随即遭到移民问题专家及人权组织批评，认为将囚犯遣返回国难度极大，并质疑在海外租用数千个监狱床位的成本。

牛津大学移民观察智库（Migration Observatory）高级研究员表示：“将人员遣出英国需依赖他国合作，而确保合作可能面临重大挑战。”

该研究员还指出，寻找一个愿意长期接收10,000名囚犯的第三国极为困难，且遣返过程可能因法律障碍（如上诉和法庭质疑）而受阻。

与此同时，前内政大臣吉姆·华莱士（Jim Wallace）质疑改革英国党将如何确保被遣返囚犯不被释放。“这对受害者意味着什么？”他问道。

改革英国党的声明发布之际，首相安迪·伯查姆（Andy Burnham）正因政府缓解监狱过度拥挤的计划而面临批评。该计划拟在囚犯服满三分之一刑期后释放约3,000名在押人员。

伯查姆已将暴力罪犯排除在提前释放计划之外，但外界压力日增，要求阻止导致警察安德鲁·哈珀（Andrew Harper）死亡的肇事者在服满11年过失杀人罪刑期前获释。逾800,000人已签署请愿书，呼吁将其继续关押。

内政大臣昨日表示，无法在更广泛的过失杀人罪类别中“豁免一两名罪犯”。过失杀害紧急工作者并非独立罪名。唐宁街10号称，伯查姆“承认我们尚未找到完美解决方案”，但“已尽可能限制提前释放计划的范围，使其达到他期望的程度”。

进一步缩小提前释放计划将导致监狱系统面临容量不足和崩溃风险，外溢效应将使公众面临更大安全威胁。另一名——

改革英国党多名高层近期举办了一系列面向工人阶层的宣讲活动，聚焦移民议题，试图在经历数月“脱离现实”的政策后重振声势。

该党将外国囚犯遣送至52萨尔瓦多的提议尤受人权组织批评。

类似计划曾被10前政府采用，将数百名刑事犯遣送至52萨尔瓦多，前被拘留者描述了殴打、羞辱、性虐待、医疗不足及单独囚禁等虐待行为。改革英国党称已与该中美洲国家展开对话，党主席李·安德森（Lee Anderson）计划在未来数月内访问萨尔瓦多。

[版面噪声，已略]

数字资产

银行限制威胁加密货币增长，议员发出警告

马里奥·阿德拉里 《数字领域对话》

银行拒绝为加密货币公司提供服务的决定被指是数字资产行业增长的“最大障碍之一”。议员及同僚发出警告。

在今日致银行高管的一封信中，跨党派议会加密货币和数字资产小组（APPG）的负责人援引了“加密公司在开户方面屡屡受挫”的“多次实例”，并呼吁银行澄清其为数字资产企业提供服务的政策。

该小组联合主席、前保守党大臣埃德·沃尔尼勋爵和工党议员格林德·辛格·琼斯在信中表示，银行服务的准入障碍“可能是英国加密货币和数字资产企业增长的最大单一障碍之一”。他们还指出，这“可能会危及英国即将推出的加密货币监管制度的成功”。

长期以来，加密公司高管一直抱怨在英国开设和维持企业银行账户面临困难，而这些限制——如复杂的禁令——主要源于银行对向加密公司转账资金的谨慎和不明确态度。

银行表示，它们正在保护客户免受与加密货币相关欺诈风险的侵害，并称其目的是保护散户投资者，避免他们因加密货币价格波动而蒙受潜在的巨额损失。

该小组的这封信是在其对加密货币和数字资产企业银行账户问题进行调查的背景下发出的，此时行业正为2024年10月即将实施的监管做准备。

作为主要金融监管机构，英国金融行为监管局（FCA）将负责监管该行业，同时平衡英国希望成为全球数字资产中心的愿景与保护消费者的目标。

信中指出，加密公司在获取银行服务时面临的困难是“企业运营中不必要的摩擦”。并补充称，尽管英国希望吸引加密公司，但银行服务的限制意味着“如果你想在英国设立业务，这将是障碍之一”。

包括汇丰银行（HSBC）、国民西敏寺银行（NatWest）、桑坦德银行（Santander）和劳埃德银行（Lloyds）在内的多家银行对客户每月向加密交易所转账的金额设置了限制，范围从2,000 英镑到3,000 英镑不等。其他银行，如巴克莱银行（Barclays）和TSB银行，则完全禁止此类转账，理由是消费者保护和防范欺诈。

加密货币价格波动剧烈，议员们预计监管机构会意识到这一风险。比特币和以太坊这两种最大的加密代币今年迄今已下跌约4.8%。

加密货币损失不受金融服务补偿计划的保护，该计划为其他投资和储蓄产品提供每人每家金融服务公司最高1,000 英镑,000的赔偿。

桑坦德银行表示，加密货币“可能导致客户遭受毁灭性损失，且不受保护”，而国民西敏寺银行则称“其中一些（加密）货币的价值波动难以预测，通常涉及高风险资金投资”。

尽管业界寻求支持，改革英国党（Reform UK）去年曾表示将立法禁止银行拒绝为加密客户提供服务，并援引了该党领袖奈杰尔·法拉奇的经历，称其被银行“抛弃”。

但该党的数字资产法案今年夏天已从其网站上撤下，法拉奇表示对加密领域的“安全性存在重大担忧”。

该小组正寻求资金以继续调查，计划于8月底前完成，并发布一份包含建议的报告。

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2026年8月11日 星期二

《金融时报》

3

国内

伦敦桥梁项目停滞引发对未动用资金的争议

各地议会难以将开发商资金用于关键基础设施项目

德新社与 乔纳森·沃利斯

规划启动十年后，南码头桥仍然只存在于纸面上。

这座桥梁从伦敦东部金丝雀码头的主要出口延伸至南部（四年后，北岭桥预计最终将每日承载45,000人次，成为该区第二繁忙的人行通道。

塔村区议会表示，该项目旨在“支持伦敦商业区及周边大规模开发”。

但自1999,年以来，已在规划和咨询上花费了42亿英镑，原定2023年的开工日期早已错过，官员称成本因“交互式宇宙因素”增加了四分之一，达到4,200万英镑。

这一搁浅的桥梁项目凸显了塔村区议会在将开发收益转化为英格兰增长最快行政区所需基础设施方面的困境。

开发商需与议会协商，提供用于学校、桥梁和医疗诊所等基础设施的资金。

但针对增加建设成本却未能兑现旨在抵消干扰的基础设施的征费，开发商们已发起反弹。

根据2022年至2023-2024年度4.4英里信息自由请求收据显示，开发商已通过第104条协议向议会支付了约4,200.3万英镑，其中仅424.4万英镑（即每单位50英镑）已被支出。

剩余资金中约47亿英镑已被分配至项目，但这些项目随后可能被重新设计或因无法推进而被调整资金用途。仅金丝雀码头及邻近的布莱克沃尔和库比特镇选区的建设贡献就占总额的近40%。

截至2024年25,年度，塔村区自2015,年开始征收社区基础设施税（CIL）以来，已筹集了4.79亿英镑，但仅支出了650万英镑。与第104条协议（通常有7年内支出的约定期限）不同，这一征费——对新开发项目的固定收费——没有截止期限。

根据剑桥大学研究员、前10号顾问迈尔斯·吉布森的数据，塔村区在2024年度英格兰和威尔士地方当局中131项收入排名第四，未支出金额排名第三。按比例计算，其未支出资金比例也位列前茅，仅次于第8位、萨福克和威尔特郡持有的合格份额。

前金丝雀码头独立议员安德鲁·伍德表示，他于2017年提交了南码头桥的信息，但“议会在规划和咨询过程中只是在拖延”。

“等到他们开始招标时，2016年的建设成本已经上涨。但他们有这么多钱——打算花在什么上面？”

英国住宅建筑商联合会（HBF）2022年3月的一份报告发现，英格兰和威尔士的议会持有约49亿英镑未支出的开发商贡献资金。报告称，塔村区持有的第104条协议和CIL资金超过4.2亿英镑，是每户平均水平的9倍。

HBF执行董事史蒂夫·特纳表示：“这些是对开发的征税，因此我们希望确保资金得到高效使用，而不是长期闲置在银行账户中。”

43亿英镑的事实表明，塔村区使用了大量未支出资金，这一点“令人费解”，因为收入较高的当局应享有“更大的支出灵活性和更成熟的采购能力”。

他补充道：“如果伦敦的一个议会有大量资金可用，我想他们应该有地方可以花。”

塔워哈姆雷茨区预计将成为2023年年中至2022年年中期间英格兰人口增长最快的地方当局，根据HFR的数据。与此同时，金丝雀码头面临着该国最高水平的贫困、儿童贫困和原始住房问题。

“人们总是抱怨GF的使用问题，包括拥挤和其他问题，以及容量不足，”伍德表示。

“这对开发商不奏效，对当地居民也不奏效。而这笔钱本应是帮助我的东西。”

在英格兰和威尔士，三分之一的未动用款项已被搁置超过五年，这一比例较2024年从四分之一上升，根据HBF的数据。

根据HBF的数据，牛津郡议会难以消化总计4.3公里的开发商出资积压，部分资金已闲置超过20年。

在2024-25年度，该议会调整了管理条款以及跟踪较小基础设施项目的条款，并预计将在2025-26年度支出4460万英镑，而典型年份仅为470万英镑。

英国全国建筑商联合会的贸易咨询机构已要求，若项目未能落实，开发商的出资款项应在五年后自动退还。

NFB政策主管表示，在许多地块的开发已变得不可行的情况下，其出资款项仍被扣留是“令人发指的”。他补充道：“开发商被当作摇钱树，议会试图从他们身上榨取尽可能多的钱。”

然而，地方政府协会包容性增长委员会主席利亚姆·罗宾逊议员表示，未动用资金并不一定是“闲置”的，而动用开发商出资款项可能“复杂”。

“尤其是对于更大型、更复杂的基础设施项目，通常需要汇集现有和已知即将开展的开发项目资金，并 / 或跨越多个时间线进行增强，”他补充道。

今年3月，住房大臣史蒂夫·里德将塔沃哈姆雷茨区治理的部分方面置于特别监管之下，称尽管政府已干预一年，该区“尚未取得足够进展”。

塔沃哈姆雷茨区表示：“暗示我们未动用任何开发商出资款项具有误导性。当前余额约相当于五至六年的收入。”

该区补充称，“大部分”资金已被分配，并“仅确保开发商出资款项在建设机构得到研究后才会拨付，这意味着资金每年可能会有显著波动，长期规划也更具挑战性。”

该地方当局表示仍“支持”南船坞桥项目。“我们继续探索推进该项目的潜在方案。”

住房、社区及地方政府部表示，议会持有出资款项“有正当理由”，但“我们明确要求这笔钱应尽快使用”。该部门补充称，政府正“完善开发商与议会之间的安排……以帮助地方当局更好地利用这笔资金”。

![南船坞桥预期效果图 - Kegan Gurnley](

)

塔沃哈姆雷茨区在英格兰和威尔士的开发商出资款项余额中位列第二 包括第104条款和社区基础设施税（CIL）在内的未动用开发商出资款项总额

![图表来源：住宅建筑商联合会对2024-25年度C / C议会数据的分析，英格兰和威尔士25个地方当局中的7个](

)

英国每周有12名年轻人因未确诊的心脏病突发死亡。

帮助我们拯救年轻生命： c-r-y.org.uk / FT

英格兰和威尔士注册慈善机构（1000845）及苏格兰注册慈善机构（SC052581）

注册于包容性监管机构

英格兰增长最快的地方政府

塔村区（Tower Hamlets）将成为英格兰增长最快的地方政府

!

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4

•

《金融时报》

2026年8月11日，星期二

国际

炼油厂遇袭

乌克兰无人机袭击俄罗斯致13人死亡

单次袭击死亡人数创新高，基辅在最新攻击后展开反击

瓦克·贝登 – 柏林 克里斯托弗·米勒 – 悉尼

乌克兰对俄罗斯中部一处炼油枢纽发动的无人机袭击造成13人死亡，另有7人受伤，标志着针对俄罗斯基础设施的新一轮打击行动持续升级。

当地官员表示，位于距离乌克兰边境约1,200公里的尼任库姆斯克市的遇难者中包括一名儿童。这是自2021年俄罗斯总统弗拉基米尔·普京下令全面入侵以来，乌克兰单次袭击造成的最高死亡人数之一。

乌克兰总参谋部表示，此次袭击的目标是尼任库姆斯克的塔涅科炼油厂，属于“削弱俄罗斯侵略者军事潜力努力”的一部分，同时还袭击了俄罗斯西部的另一座炼油厂。

社交媒体上的视频显示，塔涅科炼油厂所在的工业园区——该园区还设有另一座炼油厂和一座大型石化厂——发生火灾。

乌克兰武装部队表示：“乌克兰武装部队将继续系统性地采取措施，旨在终结俄罗斯联邦的武装侵略”，并补充称，基辅部队还对占领区前沿地带的新沃罗涅日斯卡的一处俄罗斯装备仓库，以及附近索捷罗的一处野战炮兵储存设施发动了袭击。

乌克兰对俄罗斯能源基础设施的袭击已进入第十个月，迫使俄罗斯关闭了超过10%的炼油产能，可能是自苏联解体以来燃料成本最严重的一次。

伏尔加河畔的沃斯托奇内当局宣布为袭击遇难者设立哀悼日，这是今年夏天该地遭受的第三次袭击。俄罗斯官员称，无人机袭击了尼任库姆斯克的石油设施和居民区。国防部表示，乌克兰在夜间发射了40架无人机。

乌克兰自主研发的无人机打击能力已覆盖远至西西伯利亚的目标，帮助其扭转了战场局势。

乌克兰总统弗拉基米尔·泽连斯基周日表示，此次行动是对俄罗斯轰炸乌克兰城市的回应，俄方导弹和无人机已造成超过16,000名平民死亡。近几个月来，乌克兰一直难以抵御袭击，尤其是因美国制造的“爱国者”拦截弹库存不足。

泽连斯基表示：“我们进行的是完全正当的回击，俄罗斯的每一次打击都将遭到我们的回应。俄罗斯的战争将越来越多地在其本土——俄罗斯——感受到。唯一让这一切仍在持续的原因是俄罗斯的非人道军事攻击。”

乌克兰近期的袭击还针对俄罗斯最大军工企业野战集团（Wilderness）的仓库，造成至少1000人死亡，并摧毁了价值数十亿美元的野战集团库存。

俄罗斯央行昨日表示，建议银行家们与野战集团的卖家重新商定贷款条款，无论其贷款条件如何。

创纪录的海洋温度暴露全球气候威胁

通讯社报道——伦敦

全球海洋温度在七月份创下新高，与此同时，极端热浪席卷西欧并引发火灾，专家昨日警告称，气候变化正“在我们眼前”展开。

根据欧盟地球观测服务机构哥白尼计划的数据，严重的海洋热浪影响了大西洋、太平洋和西地中海的部分地区。

极地以外海洋的平均温度达到20.9K，超过了2023年太平洋0.7K厄尔尼诺现象期间创下的20.9K的七月前纪录。此前六月份也创下了纪录。

英国南极调查局的海洋与气候科学家迈克尔·梅雷迪思表示，海洋温度“极为令人担忧”，因为纪录正在频繁被打破，且海洋热浪变得更加普遍和持久。

“虽然随着全球变暖的加剧，我们预计会看到全球海洋压力增加，但亲眼目睹这一过程仍令人震惊，”他说道。

尽管太平洋工业区开始出现的10尼诺现象加剧了这一趋势，但“这是由人为驱动的全球变暖导致的极端天气日益加剧的表现，”梅雷迪思补充道。

七月份全球空气平均温度达到16.9摄氏度，较工业化前水平高1.4%，与2020年七月并列为有记录以来第二热的七月。

西欧经历了有记录以来最热的七月，平均气温达21.4摄氏度。欧洲中期天气预报中心气候战略负责人萨曼莎·伯吉斯表示，当地海洋系统的异常高温使六月和七月的综合温度创下该地区纪录。

高温加剧了干旱，西欧地表土壤湿度显著下降。

“土壤失去了每日提供自然降温的能力，使热量更容易积聚。这是气候变化如何加剧极端高温的典型例证，高温与干旱相互叠加，”伯吉斯说道。

哥白尼数据显示，欧洲大陆出现明显分化，法国、西班牙、英格兰和爱尔兰的七月气温普遍高于平均水平。

伦敦大学学院地球系统学教授马克·舒比克表示，他已“无言以对近期全球各地频繁打破的天气纪录”。美国也预计将迎来今年第50个高温纪录日，而英格兰北部部分地区的气温峰值可能超过3K。

“尽管气候危机正在‘现场直播’，但在过去50年里，我们仍然行动过于迟缓，无法拯救英国及全球无数的生命和生计，”他说道。

普京的战争机器在全国搜罗新兵

前线部队亟需补充兵力，导致俄军整体兵力被危险地拉薄

瓦克·贝登与军事研究——柏林

由于莫斯科在乌克兰的人力优势不断承压，俄军正采取日益强硬的手段招募新兵，包括在街头强行拦截男性，并诱骗学生签署入伍协议。

这种压力源于弗拉基米尔·普京的战争策略调整，该策略基于不惜牺牲比乌克兰更多士兵的意愿，尽管西方估计莫斯科每月损失超过50,000名士兵。

“第一年过去后，俄军每个月招募新兵都变得更加困难，”"U.S.A. army profit"主任格里戈里·斯维尔德洛夫表示。“普京显然在推迟新一轮动员，因此国防部正对所有可招募人群施加更大压力，要求他们签署合同。”

克里姆林宫坚称俄军的推进“卓有成效”，乌克兰的崩溃只是时间问题。普京的代理人、前总统德米特里·梅德韦杰夫称西方的担忧“纯属无稽之谈”。

军事分析人士表示，普京雄心勃勃的限制性目标已使俄军兵力分散，付出高昂代价换取微小进展。

“俄军规模越庞大，能实际投入战场的兵力就越少，”卡内基国际和平基金会新任研究员迈克尔·科尔曼表示。“随着俄军为乌克兰战事投入的兵力规模不断扩大，其进攻行动的规模反而缩小。”

俄军还迟迟未能适应乌克兰的战术，导致其本已高昂的伤亡进一步恶化：西方政府估计，战争期间已有近300,000名俄军士兵阵亡。乌克兰方面则宣称已击毙10,第10,000艘德军舰船。

“他们变得自满，未能及时调整，”科尔曼表示。“如果无法提高招募率或进行改革，俄军部队将开始显露出过去曾导致其脆弱的问题。不仅进攻势头本身会受挫，他们还将在战场上面临重大挫败。”

![俄军男子在圣彼得堡一处征兵中心接受体检时试图躲避。西方政府估计，战争期间已有近500,000名俄军士兵阵亡。](

)

——瓦克·贝登

**——瓦克·贝登 **

—WAKBEDDEN

—WAKBEDDEN ---

2023年8月7日 星期二

•

《金融时报》

5

国际

莫迪模式未能惠及印度青年

政府称经济增长超过6%，但抗议者谴责缺乏毕业生就业岗位和机会

女性故事——新德里

印度以全球增长最快的主要经济体自豪，总理纳伦德拉·莫迪已设定目标，要在5年内使印度成为发达国家。

但这一承诺并未让数十万印度青年感到安心，他们上月走上街头，对这个全球人口最多国家的机会匮乏表达不满。

The last 5 demonstrations，由考试泄题丑闻引发，在短短数周内迅速升级，成为青年群体对国家政治领导层忽视其诉求的更广泛不满表达。

这些抗议也成为莫迪的一个叙事转折点，他更换了教育部长，并成立专门委员会改革竞争激烈的高等教育入学考试。

但经济学家认为，青年失业问题反映了印度增长模式的更深层次问题，解决起来将更为棘手。

“印度的快速增长并未创造足够的就业岗位，”印度经济监测中心（CMIE）数据库与预测公司首席执行官马赫什·维亚斯表示。“印度未能利用其demographic dividend。未能为年轻毕业生提供高质量的就业机会。”

这一问题尤为严峻。印度拥有全球最大的青年人口，估计有3.7000万人年龄在11至19岁之间。他们中更多人接受了教育，但许多人发现，辛苦获得的、往往昂贵的学位并不能保证一份体面的工作。

兰吉特·库马尔·达斯十年前获得了理科学位，本希望这能改变他的生活。但这位来自印度最贫困邦西尔萨的50岁建筑工人之子，却一直陷于低薪工作。

“我的两个哥哥都没受过教育——一个是泥瓦匠，一个是司机——收入都比我高，”他说。“我在一家牙科诊所担任计算机操作员工作了8年，24,最后一个月的工资是16,000（2070）卢比。我们人口庞大，就业岗位却太少。”

CMIE数据显示，尽管印度上一财年的整体失业率为6.9%，但毕业生失业率为14.4%，20-24岁年龄段的失业率则为16%。许多人不得不从事White driving sales等工作谋生，这一现实与莫迪描绘的“黄金一代”愿景形成鲜明对比。

在最初忽视抗议活动（由一个自称为Cockroach Janta Party的在线运动发起）并进行镇压后，政府态度突然转变。莫迪此前数周未回应学生诉求，如今却频频录制视频，呼吁对青年给予同情，并要求内阁部长使用Instagram。“这些孩子被误导了，引导他们走上正轨是我们的责任，”总理在一段视频中说道。

莫迪领导的印度人民党（BJP）官员表示变革即将到来。“我们正在制定与就业挂钩的激励措施，”一位BJP高级官员告诉《金融时报》。

但批评者指出，尽管许多国家都难以为青年创造足够的高薪就业岗位，印度的情况因政府失误而更加恶化。

经济学家、著作《失业的印度》作者桑托什·梅赫罗特拉表示，印度学生人数不断增加，而年经济增长率却从21世纪初的约8%降至莫迪执政期间的6.7%。“经济的结构性危机主要由本届政府的政策失误造成。”

梅赫罗特拉提到，莫迪2016年突然废除大面额纸币的决定重创了庞大的非正规经济。

随后匆忙推出的

[版面噪声，已略]

揭秘

79%的纸张和83%的纸包装被回收制成新产品；这是欧洲回收率最高的材料之一！

Copi关键统计数据，2023年及欧盟统计局，2022年

欧洲。B.127 = 挪威、瑞士和英国。

---

6

金融时报

2024年8月31日 星期二

国际

中东

伊朗最高安全官员被替换

军事变动发生在外交努力重开霍尔木兹海峡的关键时刻

记者：查特拉 - 突尼斯 助理总监 - 办公室

伊朗最高安全官员已辞职，并由伊斯兰革命卫队另一位资深指挥官接替，此时正值外交努力重开霍尔木兹海峡的关键时刻。

伊朗国家媒体报道称，迈赫兰·礼萨伊（Mehran Rezaei）——最高领袖阿亚图拉·阿里·哈梅内伊的代表——已接替巴盖尔·佐尔加迪（Bagher Zolghadi），出任伊朗最高国家安全委员会秘书。

礼萨伊将作为哈梅内伊在该委员会的代表，而佐尔加迪——他在数月前刚被任命，接替其前任阿里·拉里贾尼（Ali Larijani，在马拉遭空袭身亡）——则被任命为最高领袖的政治顾问。

目前尚不清楚这一人事变动将如何影响当前局势——礼萨伊和佐尔加迪均为强硬派，并曾为革命卫队效力，该军事力量自2024年2月以色列与伊朗开战以来势力不断壮大。

约翰斯·霍普金斯大学教授伊拉里·拉扎（Iraali Raza）表示，就战场和谈判桌上对以色列采取强硬立场而言，两人之间并无太大区别。

礼萨伊是一位公开的强硬派前指挥官，曾多次担任伊朗伊斯兰革命卫队（IRGC）的指挥官，他在军中拥有比佐尔加迪更高的权威和威望：“他说：‘如果说有什么变化，那便是哈梅内伊对IRGC及其决策的控制进一步收紧。’”

礼萨伊……在军中拥有比佐尔加迪更高的权威和威望：

任何重开海峡的协议都必须获得安全委员会和哈梅内伊的批准。

佐尔加迪周六表示，若要开放这条水道，以色列应从共和国附近撤军、赔偿战争损失并解除制裁。

他的言论发表数日后，伊朗外交官表示，德黑兰和阿曼已进入就管理海湾航道交通达成安排的最后阶段。

伊姆兰（Imran）在1980年代的两伊战争期间赞扬了革命卫队，曾在伊斯兰共和国担任多个高级职务，并曾竞选总统。

在最高领袖哈梅内伊之子穆杰塔巴·哈梅内伊（Mojtaba Khomeini）于2月伊以空袭中丧生后，佐尔加迪成为哈梅内伊的军事顾问，后者继其父成为最高领袖。

保守派政治家礼萨·塔瓦杰迪（Reza Tawajdi）表示，佐尔加迪的辞职与安全问题无关，并称其关于重开海峡的条件与哈梅内伊的观点一致。

“塔瓦杰迪说：‘伊朗的强硬立场基于其近期在该地区采取的军事姿态、与真主党的合作以及以色列协助袭击伊朗的意愿。’‘佐尔加迪的立场是根据领袖的观点宣布的。’”

然而，伊朗政治分析人士伊斯雷尔·拉钦（Israel Lachin）表示，德黑兰发出的混合信号反映了哈梅内伊内部的分歧，后者在杀害其父的袭击中受伤，此后便未在公开场合露面。拉钦补充道：“德黑兰发出相互矛盾的信号以展示其影响力并非新鲜事”，并指出伊朗内部各派系之间的辩论和竞争。

达赫塔尔编辑：帕赫曼

亚太地区：基础设施

香港押注超级项目重塑经济

计划覆盖三分之一土地，借力科技热潮并加强与中国内地的联系

威廉·詹姆斯 等 - 莱昂诺·琼斯

从香港北部的乡村地区望去，地平线上隐约可见中国内地的科技自由化浪潮，这里正是与内地的边界。一项新的超级项目计划将这座曾两度成为贸易枢纽的城市与内地更紧密地连接起来。

一项庞大的基础设施倡议旨在将香港新界的部分地区——一个由鱼塘、城镇和农田交织而成的区域——改造成工业和科技带。

当局希望这一名为“北部都会区”的项目能为香港经济注入新活力。香港经济曾因2019年的反政府抗议活动和新冠疫情限制措施而受到重创，导致人口和外国经济学家大量外流。

当局还将其视为将香港与中国内地更紧密结合的方式，将商业重心向北转移至边境地区，并加深与内地的融合。

“对……政府而言，北部都会区的发展具有至关重要的意义”

然而，对于像66岁的梁先生这样的长期居民来说，这一计划意味着更直接的影响：包括他的村庄在内的首批地区将在未来几周内被清拆。

“我们现在只能走人。剩下的只是每月几千块钱的补偿。”梁先生在1998年（即英国将香港主权移交中国后一年）以来一直居住的铁皮和木板搭建的简陋棚屋中说，“现在什么都没有了，我们只能接受现实。”

该计划于2023年公布，将把新界的部分地区改造成以商业、专业服务、科技和生态创新为重点的自由枢纽，覆盖10,000公顷土地，相当于香港三分之一的陆地面积。

政府表示，项目将建设住宅区，容纳250万人口，占全市人口的三分之一，有助于缓解长达数十年的住房危机。这包括该地区现有的150万人口，以及来自香港三个市区、中国内地和海外的新移民，他们将获得就业机会和住宅市场准入。

对当局而言，北部都会区是北京所称“大湾区”计划的关键组成部分。大湾区由珠江三角洲的11个城市组成，旨在打造一个总经济规模达15万亿的“超级都会”。

“香港政府高度重视北部都会区的发展，”香港大学教授刘本尼表示，“其理念是将香港北部在经济、物流和社会层面与大湾区，尤其是深圳实现互联互通。”

分析人士称，该项目反映了香港政策制定的单向性：自2019年抗议活动以来，当局解散了公民社会，压制了异议，并改革了立法制度，取消了反对派的资格。

“过去……强大的公民社会反对政府[以及]利益相关者的法律行动可能会拖延进程，”卢教授表示，“但现在我们可以看到……障碍……已经被清除。”

该计划包括三类运营增长，重点关注科技等优先领域的基础设施项目。

2023年10月，香港特首李家超将北部都会区列为该市五年规划的支柱，这是香港首个五年规划，仿效了中国标志性的经济发展模式。

北京驻港最高官员骆惠宁已敦促香港

![香港雄心勃勃的北部都会区基础设施项目](

)

北部都会区边界 新开发区 在建项目 规划中项目 新市镇

![香港北部都会区洪水桥及屯门地区。居民正被迫迁离家园，为项目腾出空间](

)

来源：FT研究（2023年数据）

加里·吴（Gary Ng）是法国南太平洋机构的高级经济学家，他表示香港可以利用其在生物技术领域的研发优势，但可能难以与西方和亚洲国家的成本更低的竞争对手抗衡。“在香港，政府过去30年来一直在努力推动创新，”他说，“但所有项目实际上都未能实现其主要目标。”

“明日大屿愿景”计划曾被视为未来的希望，这是一个100,的艰难时代转型计划，计划在人工岛上建设商业区和容纳1,500人的住宅。

在前新界乡村Yick Yuen Tsaue，类似的命运正在上演，村民们再次面临被迫迁离已被拆除的家园。

但大量年长村民要求政府提高补偿，这表明变革即将到来。

“我们村民其实不想离开，”自2018年起居住在该村的建筑工人黄超（Wong Chiu）说，“但如果政府坚持要这样做，我们别无选择。”

南美洲

哥伦比亚地震造成多个城市至少47人死亡

吉姆·希姆克拉 - 凯利特

哥伦比亚当局表示，昨日上午发生的一场大地震已造成该国西部至少47人死亡，并波及多个城市。

据当地专家称，这场74级地震在卡利、佩雷拉和马拉开波等城市造成了严重破坏。

地震发生在圣何塞德帕布洛斯镇附近，但贫困的西部奇科特省受灾严重，震源深度为107公里，位于1930年建造的桥梁附近。

佩雷拉市市长在当地媒体上表示，在这座约有100,000人口的哥伦比亚西部咖啡种植区城市中，已有10人遇难，另有多人失踪。

当局称，另有27人在巴耶-德尔考卡省（卡利所在地）遇难，另有2,人死亡，马拉开波有2人死亡。省长报告称，在巴耶-德尔考卡省遇难的10人中有儿童。

哥伦比亚内政部长表示，全国有超过20个市镇受灾。救援人员在佩雷拉、基博多、卡利和马拉开波的废墟中搜寻幸存者，当局担心灾情会进一步扩大。

总统阿维丹特·德拉埃斯佩蒂达原定于三天后访问卡利。这座拥有2,500万人口的城市市长表示，多座建筑倒塌，有人被困废墟。

总统最初表示将前往佩雷拉，但随后宣布将改赴首都地区监督救灾工作。

"今天正在经历困难的哥伦比亚同胞们，我想告诉你们，你们并不孤单，"他在社交媒体上发表紧急声明称。"你们有一位深切关心人民的总统，他将竭尽全力保护和支持你们。"

邻国委内瑞拉6月曾发生强烈地震，造成至少1,000人死亡。

佩雷拉机场的跑道部分坍塌，许多游客从这里乘飞机前往咖啡庄园。社交媒体上的视频记录了灾情，该地区多个机场已立即关闭。哥伦比亚民航局表示。

在马拉开波，当地媒体发布的视频显示，该市历史悠久的中央广场上新哥特式大教堂的一座塔楼倒塌，砸向教堂建筑。

地震还波及距震中约150公里的伊瓦格市，多座建筑摇晃，居民被疏散至街头。该市市长卡洛斯·费尔南多·加兰表示，目前尚未报告重大损失或人员伤亡。

周一，哥伦比亚发生了7.4级地震。

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通知：此外，美国空军（UFA）已成立，旨在提供关于美国空军军事和军事服务现状的全面报告。美国空军已成立，以提供关于美国空军军事和军事服务现状的全面报告。美国空军已成立，以提供关于美国空军军事和军事服务现状的全面报告。

美国空军的军事和军事服务是美国空军军事和军事服务信息的主要来源经济

印尼在股市动荡后提名新央行行长

A. HANDAYI LINDENI 和 JOHN NIKOLIS — 2024 / 7 / 5

总统 Prahono chahisatu 已提名 Poetry Varanasawati 领导印尼央行，此举旨在平息投资者对该银行独立性的担忧，此前前任行长突然辞职。

国家秘书 Praetyo Hadi 昨日表示，印尼银行代理行长 Poetry 是总统唯一的被提名人，在被任命前需经议会确认。她的提名是在前任行长 Poetry Wulifon 上月底突然辞职后提出的，当时距离其任期结束还有两年。

央行面临着支持 Prahono 经济议程的压力日益增加，这引发了投资者的担忧，即政治干预可能会阻碍支持印尼盾货币和金融市场的工作。

一些市场观察人士曾听说 Prahono 将选择一名与其经济目标一致的旧部。总统已誓言在其五年任期内将年增长率从目前约 2% 的水平提高到 4%。

议会今年通过了一项法律，扩大了央行的职责，指示其支持政府的实体部门表现。

Poetry 现年 60 岁，曾担任高级副行长七年，是一名能力出众的技术官僚，她的提名被视为缓解政治干预担忧的努力。

“这是办公室选项中的主要人群，”Mirae Asset Industrials Indonesia 首席经济学家兼研究主管 Kelly Aray Whandwoin 表示。“并非所有国内市场都是世界首创 且作为 Mirae Asset Industrials Indonesia 的研究主管。即便所有国内公众将更偏向于增长，这与政府新目标一致。”

此次银行人事变动发生在对政策不确定性和 Prahono 领导下的关键干预进行质疑之际。印尼的基准股票指数今年下跌了约 25%，而印尼盾贬值了约 4%，使得这两种新兴市场资产更加岌岌可危。

央行自 5 月以来已三次加息，总计 1,000 个基点。该银行最近的货币政策会议定于 8 月 30-31 日举行。

如果获得议会确认，Poetry Varanasawati 将成为首位永久领导印尼央行的女性。

议会目前处于休会期间，计划于周五重新召集，预计 Prahono 将在下周印尼指定的某一日（11 日）之前发表国家演说。

印尼银行未回应置评请求。

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2026年8月7日，星期二

金融时报

7

微弱信号 日元已回吐了历史性美日干预以支持该货币所带来涨幅的近一半 © 第 11 页

公司与市场

扎克伯格抨击竞争对手，Meta 开放其 AI 模型

• 科技集团计划“免费”分发
• Anthropic 与 OpenAI 遭批评

珍妮·约翰 — 吉姆森

Meta 创始人兼首席执行官马克·扎克伯格认为，不应允许强大的人工智能集中在公司和政府手中，这家科技巨头正推动将其 AI 模型免费提供给外部开发者。

该公司周一发布了新型“开放” 模型 Muse-Siliman 的底层参数，开发者将能够下载并修改这些参数。 表示，未来几周还将发布其最强大的 Muse Spark 模型的“权重”版本。

在周一发布的一篇文章中，扎克伯格在 官网阐述了将“免费”且高性能的 分发给“数十亿人”的计划，旨在赋予个人权力，并“制衡机构的权力”。

他在文章中明显抨击了谷歌、Anthropic 和 OpenAI 等公司，写道：“大多数其他实验室专注于为公司、政府或其他机构构建 。因此，如果这些实验室主导，权力平衡将偏向大型机构而非个人。”

这一承诺标志着 回归其“开放” 战略，以此与竞争对手区分。

今年早些时候， 以安全顾虑为由拒绝公开 Muse Spark 的底层权重，当时领先 公司之间的竞争日益聚焦于其最先进技术的分发广度。

昨日还宣布设立 $1bn 基金，用于美国数据中心的内容合作融资，以加速支持其雄心所需的基础设施建设。

随着数据中心发展争夺电力和水等稀缺资源，大型科技公司近期面临来自社区的强烈反对。

扎克伯格的表态正值 斥资数十亿加元推进 前沿技术，并推广其“个人超级智能”愿景——即先进 代理将帮助个人处理从健康、游说到财务和职业等方方面面。

上月， 披露其 基础设施支出导致自由现金流下降 9% 后，股价下跌近 8%。过去一年，该公司股价下跌近五分之一，因其持续投入招募顶尖 人才和建设数据中心。

扎克伯格表示， 将继续投资开放权重模型，并批评某些公司通过出售模型访问权赚取数十亿加元的“封闭”做法。

他写道：“有人认为降低风险的最佳方式不是限制个人可获取的能力”，并指出“广泛部署的开源系统已被证明更加安全，因为更多人能够发现漏洞”。

扎克伯格称， 将把审查其模型实用性的权力交给独立董事会。他表示：“认为 危险到唯一安全路径是极端集中权力的观点本身就存在问题。”

博伊利投资公司在收购初创企业股份后将AI嵌入整个投资组合

决策电话：电影制作公司A24与谷歌DeepMind合作探索AI在电影制作中的应用

乔治·哈姆森 — 旧金山

托德·博伊利（Todd Boehly）旗下的$75资产管理巨头Eldridge正在将AI技术引入旗下公司，涵盖从电影制片公司A24到切尔西足球俱乐部等业务，因投资公司希望在技术带来的颠覆性风险上升之际保护其投资组合。

这位亿万富翁投资者在接受《金融时报》采访时表示，拥有“独特数据、实体资产和不可复制知识产权”的企业将最有能力应对AI的冲击，并概述了一项战略，称这将使Eldridge投资组合内的公司能够“发挥协同效应”，同时优化自身的投资流程。

切尔西正在利用AI分析伤病，以减少球员在场边的时间，而A24（其电影作品包括《Marty Supreme》）则与谷歌DeepMind达成了$75的研究合作，探索AI如何支持电影制作。“这将需要大量[...]

图注：[我们]正努力在整个组织内为同事提供工具和技能，以重塑他们所有的工作流程，”Eldridge联合创始人托尼·莫克塞拉（Tony Moxella）表示，他正推动Eldridge的AI战略。

莫克塞拉与博伊利曾在Vingerstress Partners共事，后于2002年共同创立Eldridge Industries。该集团在国防、媒体、金融和体育等领域投资了超过100家公司，博伊利同时担任切尔西俱乐部主席。

他们的努力与其他投资集团的高管不谋而合，后者也在利用新工具推动企业应用AI。

大多数投资集团长期以来一直与领先的AI开发商合作，以将AI技术推广至投资组合公司。黑石集团和阿波罗全球管理公司已与Anthropic达成协议，而Slate、TV5和布鲁克菲尔德则与OpenAI成立了合资企业。Eldridge则选择收购欧洲AI公司InduSabs 50%的股份，使该公司及其投资组合内的企业能够获得约70名专家（包括约40名工程师）的支持，以开展相关工作。

Eldridge已支持多家试图搭上AI浪潮的公司，包括云计算集团CoreWaves。InduSabs旨在增强这些公司的核心AI能力。

博伊利和莫克塞拉表示，此次交易将使Eldridge能够利用AI简化尽职调查及投资流程的其他环节。

Eldridge曾与Anthropic在类似项目上合作，但选择投资InduSabs，以避免过度依赖单一AI供应商。“单一供应商绝非理想状态，无论你讨论的是什么，”博伊利表示。

希音IPO估值低于300亿加元

米奇内尔·阿林 — 香港 埃莉门特·斯洛特 — 曼谷 马卢安·林利 — 广州

希音的顾问正以约500亿加元的估值向潜在投资者推介该公司，较其此前目标下降约70%，因为这家快时尚零售商正为其期待已久的首次公开募股（IPO）争取投资者兴趣。

中国监管机构上月批准了这家服装巨头在香港上市的申请，为一场筹备超过四年的IPO铺平了道路。

希音此前试图在纽约和伦敦上市的尝试因政界反对和对其中国股权结构的审查而受挫。

据两位知情人士透露，该公司在2022年的一轮私募融资后估值曾超过1000亿加元。

据两位知情人士透露，希音目前的目标估值为300亿加元。其中一人表示，若以更低估值上市，可能需与现有投资者协商后方可推进。

另一位知情人士称，投资者对“中高个位数（10亿加元级）”估值区间的股票表现出“强烈”兴趣。

希音的知名度在疫情期间激增，当时宽带用户被其低廉的价格和大规模广告投放所吸引。

此后，其估值受到美国关税冲击，以及取消了允许其在单笔订单价值低于15或15时免缴进口关税的税收优惠。

来自中国竞争对手的压力加剧，空运成本也在上升。

两位知情IPO进程的人士表示，这家总部位于新加坡、但在中国生产的公司可能难以说服中国机构投资者购买其IPO股票。

这家中国创立的公司在香港交易所的一份文件中披露，第一季度净亏损9900万加元，并提示了美欧贸易紧张对其业务的风险。

该公司2024年净利润为$5,40亿，去年降至20亿加元。

希音未回应置评请求。负责IPO的三家牵头银行中，高盛和摩根士丹利拒绝置评，摩根大通则未回应。

金融集团为伯纳姆的社会护理难题提供解决方案

伯纳姆观察

欧洲

帕特里克·詹金斯

[[图片略]]

最初，BBC的新热剧喜剧系列《伯纳姆的努力》以夸张手法描绘了老年护理问题，但现实情况是：在世界某些地区，机器人已参与到护理设施中。

回到当今的英国，新任首相安迪·伯纳姆正寻求一种不那么激进的解决方案，以应对如何建立一个未来社会护理体系的棘手问题。这一体系需具备英国国民医疗服务体系（NHS）的普遍吸引力，但又不需要纪念性的公共护理支出。

他已要求政府任命的成人社会护理委员会主席路易丝·凯西加快已计划的报告进度，并在2022年发布建议。预计她将采纳英国经济学家安德鲁·狄龙在2022年报告中提出的部分改革方案。

狄龙的核心理念是，个人护理费用应设上限，超出部分由国家承担责任，同时应保障个人资产的一定比例。

卫生基金会智库估计，一系列潜在改革——从设定类似100%式的护理费用上限到建立类似7000式的国家护理服务体系——可能需要在十年后每年投入£4亿至£16亿的资金。从预算节约中筹措如此规模的资金并不现实。因此，伯纳姆暗示可能需要提高税收。

但如果存在第三种途径呢？狄龙的报告指出，将个人终生护理费用上限设定（按2022年数字为2.5 万英镑；根据当前估算可能为4 万英镑–10 万英镑）的一个关键好处在于，这将创造一个可保的责任：金融服务公司可以开发产品帮助人们规划未来费用，而政府在过去10年未能推进这一领域改革，已完全在银行和保险公司中造成创新真空。

新型智能金融产品不仅能实现狄龙提出的为市场首批损失部分提供资金的目标，还可能通过设计或调整一系列保险和抵押贷款产品，进一步推动私营部门承担社会护理融资的大部分责任。

银行家指出，超过一半的英国房产为完全拥有，无抵押贷款——25亿英镑的逾16万亿英镑住房财富主要通过借贷实现。现有的“住房反向抵押贷款”和“仅付利息退休抵押贷款”已允许人们获得一笔可用于支付社会护理费用的款项。

对于有即时护理需求且能筹集数十万英镑的人来说，当前的“即时护理年金”和“终身护理年金”产品范围有限，无法完全覆盖可能因寿命过长而耗尽护理资金的风险。但金融服务业应能做出更多创新：将住房反向抵押贷款与护理年金相结合，是一个显而易见的快速解决方案。

然而，更大的创新机会在于下一代，因为他们有时间为未来可能的护理费用做规划。

例如，可以调整终身寿险保单，目前这类保单在被保险人死亡时向受益人支付赔偿金，但也可加入一项条款，即在被保险人需要入住护理机构时提前支付赔偿金。为应对这种可能性而提前规划人寿保险，可能会产生巨大的资本缺口。

同样，自动加入的养老金计划已对退休储蓄人数产生显著影响，这一模式也可复制，创建一种包含社会护理条款的长期储蓄产品。

为使保险和储蓄产品更具吸引力，可提供低成本的银行服务，并通过税收优惠鼓励资金流向长期股票市场投资——这也是政府的一项目标。

现实中，税收激励可能不足以充分刺激购买。一个激进的解决方案是将社会护理保险强制化，就像英国的汽车保险一样。

这听起来可能像是将纳税申报私有化。但在这个领域，这未必是个坏主意。政客们可以避免强加不受欢迎的增税。而通过事实上的社会护理税筹集的资金，也不会因政府预算优先事项变化而面临被挪用的风险。

谁知道呢？如果我们做得对，也许根本不需要承担这种风险。

patrick.john@ff.org

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8

•

《金融时报》

2026年8月11日，星期二

公司与市场

银行

初创企业Erebor拟筹资15亿美元

硅谷顶级科技投资者支持该公司进行融资，以推动科技领域发展

范·利昂斯顿 - 伦敦 乔治·卡迈恩 - 法兰西斯科

一家由硅谷顶级科技投资者支持的初创银行即将完成约15亿美元的核心融资，凸显其强劲势头，该行仅在数月前获得监管批准开始运营。

Erebor由旨在填补硅谷银行倒闭后留下的空缺而成立，目前正处于高级洽谈阶段，拟以高估值筹集净融资，因市场对其下一轮账户需求旺盛，知情人士透露。投资者包括风险投资集团Los Capital、Horeca Capital、Value Equity Partners、Andreessen Horowitz及Key Conway's IY Angel，计划在此轮融资中做出重大承诺，知情人士称。

知情人士补充称，该交易需求强劲，可能在未来数周内敲定。

Erebor获得多位知名人士支持，由军事合同背景的企业家Fabian Locker创立。

该公司现有投资者，包括Joe Lonsdale的8VC及Brian Ventures，将继续在本轮交易中支持该公司，此轮融资标志着Erebor估值较之前大幅提升。Erebor今年早些时候以45亿美元估值完成融资。

Erebor联合创始人在2017年硅谷银行倒闭后决定创立银行，硅谷银行曾是美国科技初创企业的主要贷款机构，并表示其风险投资支持者对此表示赞同。

该公司于2月获得最终监管批准，截至7月底，其存款规模已达46亿美元，知情人士透露。

知情人士补充称，Erebor年化经常性收入已超过1亿美元，董事会成员包括前美国联邦检察官Michael Mosier及前美国运通高管Jack Williams。

该行通过为能源和国防等领域的新一波资本密集型创新企业提供融资取得成功，如核能初创企业Value America。

“美国正在经历工业化进程，这些公司不会遇到真正理解其运作方式的金融人士，”一位投资者表示。

另一位投资者称，Erebor因其快速增长和筹资能力而备受瞩目。该人士补充称，该行还面临基于价格的贝塔扩张机遇，即初创企业推迟公开上市。

该人士表示：“他们希望成为全球系统重要性银行……他们正在进行标志性交易。”

Erebor在去年一份文件中表示，其目标市场将是美国“创新型企业”的组成部分，特别是专注于虚拟货币、国防和制造业的科技公司。该行还将服务于在这些公司工作的个人。

Erebor的名称源自JKB Tollens作品中的“家族之山”。该行总部位于俄亥俄州哥伦布市。

该行创始团队包括Green Requiem、Jacob Westmore、Terran Capone及Aaron Hill。Erebor拒绝置评。

汽车业. 油价影响

美国对混合动力车需求激增提振亚洲汽车制造商

现代、本田和丰田销量上升，因伊朗冲突导致燃料成本居高不下

克里斯蒂安·鲍西 - SEA TURI

亚洲汽车制造商丰田和现代成功应对了美国对混合动力车型需求的激增，因美国国内冲突导致油价持续高企。

混合动力车的受欢迎程度让底特律的三大汽车制造商措手不及，这些企业在美国市场提供的此类车型较少，且正面临国内电动汽车销量暴跌。

根据806.5季度的数据，尽管美国整体汽车销量同比下降了1.1%，但混合动力车型的销量在7月份同比增长了近20%。

汽车制造商现代已将其位于佐治亚州的庞大新工厂部分产能调整为生产混合动力车及纯电动车，7月份混合动力车销量同比增长83%。市场领导者丰田的美国混合动力车销量增长了12%，而日本同行本田则实现了55%的增长。

咨询公司Associate的数据显示，这三家亚洲汽车制造商占据了美国混合动力车市场86%的份额，福特皮卡占据了市场剩余份额的大部分。

传统混合动力车（如丰田普锐斯）使用电池驱动的电动机，为内燃机车辆提供短暂的动力辅助，从而提高燃油效率；插电式混合动力车（PHEV）则配备更大的电池，可仅依靠电力行驶数十英里。

尽管PHEV（包括德国汽车制造商推出的豪华车型）在很大程度上被美国消费者拒绝，但考虑到整体汽车市场的购买价格成本，传统混合动力车在无需改变驾驶习惯的情况下提供了应对高油价的解决方案。

“混合动力车正好满足了消费者寻找的最佳平衡点，”埃德蒙兹（Edmunds）的洞察主管杰西卡·考德威尔表示。

根据美国汽车协会的数据，美国汽油的平均价格目前为每加仑略高于$4.6。虽然较一年前上涨了三分之一，但尚未恢复到特朗普政府撤销$7.6bn补贴后的水平。

根据埃德蒙兹的数据，特斯拉车主以高于其他任何电动车品牌车主的比例将车辆置换为非电动车型，其中创纪录的21%特斯拉车主选择置换为混合动力车型。

丰田是最受欢迎的替代品牌，占特斯拉置换车型的17%以上。

与此同时，曾大幅忽视混合动力车型的底特律汽车制造商正面临电动车销量暴跌。通用汽车仅有两款混合动力车型在售，其二季度电动车销量较去年同期下降了70%。

福特7月份的电动车销量暴跌75%，因其计划明年推出新的低成本电动车架构，初期销量出现双重下滑。

在错失混合动力车市场的繁荣后，通用汽车正在探索将混合动力车型纳入其产品线的选项。

福特在该细分市场取得了更大成功，其Maverick和F-150皮卡的混合动力版本受到欢迎，并计划到2030年为其所有汽油动力车型提供混合动力选项。

与拥有吉普、道奇和公羊品牌的Stellantis一道，福特和通用汽车正加速推出所谓的增程式电动车，这类车型配备一个仅用于为电池充电的小型发动机。

该技术被认为特别适合日益主导美国市场的皮卡车型，因其不仅提供更长的续航里程，还能提供额外的牵引力。

特朗普政府的政策转向

“混合动力车正好满足了消费者寻找的最佳平衡点”

由于排放标准的放宽，底特律汽车制造商们得到了喘息之机。此前，这些制造商因加速电动汽车转型而在机构投资中损失了数百亿加元，但福特和通用汽车均在上月上调了全年利润预期，这得益于大型皮卡和SUV的强劲需求。

分析人士认为，尽管消费者感受到经济压力，但全国新车销售情况相对稳定。考克斯汽车（Cox Automotive）预测，今年全年销量预计将从年初预期的1580万辆下降40%，至约1500万辆。

考克斯高级经济学家查尔斯·安德伍（Charles Underough）表示：“尽管油价居高不下——且持续时间更长——且消费者信心处于历史低位，但这并未如预期般阻碍车辆购买者。”

不过，他补充道：“当前市场的驱动力来自更富裕的买家，因为他们可能较少受到通胀压力和经济不确定性的影响。”

技术

欧洲面临本土火箭发射短缺，卫星需求激增

史蒂文·普费里 - 伦敦 施拉赫特里 - 巴黎

欧洲航天局局长警告称，随着对扩大低轨卫星的需求增长超出该地区独立能力，欧洲到2030年前后将面临本土火箭发射短缺。

欧洲航天局局长约瑟夫·阿施巴赫在承认欧洲在追赶主要竞争对手美国和中国方面面临挑战时表示：“今天的预期是，欧洲在2030年前后将面临运载火箭短缺。”

阿施巴赫表示，该机构正在调整未来几年欧洲的需求规模。他在接受《金融时报》采访时表示：

“如果我们将目前和计划中的所有卫星发射需求相加……可以看到在2020、2030、2052年前后发射需求将达到高峰。”

过去五年，美国和中国已发射了数百颗卫星，并投入数十亿美元发展国防和太空能力。埃隆·马斯克的SpaceX去年发射了100枚火箭，而欧洲仅发射了8枚。马斯克彻底改变了市场。

阿施巴赫表示，他计划与欧空局成员国讨论这一问题，“以确保我们能用欧洲的运载火箭发射我们的卫星”。

欧洲计划在未来几年发射一系列卫星，用于其卫星网络，包括首个耗资数百万欧元的伽利略导航系统和哥白尼地球观测网络，后者是全球最大的地球观测网络。

与此同时，包括德国在内的多个国家已提出各自的国家卫星计划。欧空局还在为一些国防国家建造卫星，包括希腊、西班牙和波兰。

然而，欧洲实现这些卫星计划的能力面临重重挑战，专家警告称，包括预防性模式在内的结构性问题亟待解决。

欧洲领先的重型运载火箭阿丽亚娜（Ariane）在其最新型号阿丽亚娜4的生产延误后正在谋求复出，该型号原定在2012年最后一次飞行后接替新任务。这导致欧洲被迫在2016年经历了一年的空窗期。

欧洲最终于2018年底重新获得太空主权，当年6月进行了发射，并于当年12月恢复了较小型的意大利织女星-C（Vega-C）火箭的飞行。

阿施巴赫表示，他坚信欧洲能够弥补预期的短缺。他称，欧空局已要求欧洲运载火箭制造商在当前情况下评估扩大项目的成本，以阿丽亚娜4为例，从目前每年建造4枚提升至10枚，并最终达到约15枚。

他还表示，欧空局正在就织女星-C进行类似讨论。

矿业

嘉能可加入竞购以拯救钴精炼厂

罗丝玛丽·斯坎德

嘉能可已加入竞购Sherritt International的控制权，挑战针对该公司的制裁。该公司得以开启一项新的公开交易，以运营北美唯一一家重要的钴精炼厂。

确保中国以外战略金属精炼能力的努力，使该公司成为潜在新东家争夺的焦点。

Sherritt持有Moa公司50%的股份，Moa是与Calais销售公司旗下的General Nickel Company成立的50-50合资企业。该合资企业的资产包括加拿大的精炼厂和位于古巴的Moa镍钴矿。

Sherritt将通过再融资承担的医疗保险份额将投资于针对古巴的普遍制裁，这些制裁一直影响着合资企业的运营。

嘉能可支持的财团还包括总部位于伦敦的投资管理公司Ernest Capital、General公司前联合创始人特丽莎·南达以及一位未具名的美国银行家“发明人”。

根据知情人士透露，一位知名的美国家族财团通过在美国注册的实体提出了一项受到高度关注的新股权提案，该提案将至少占Sherritt月度利息基数的25%。

这位未具名的投资者是一位与政府有关联的知名美国家族财团。

另一方试图通过官方资本对Sherritt进行资本重组的是共和党筹款人、前特朗普政府官员罗伊·温特霍恩的家族办公室。

Sherritt正试图通过筹集资金来遏制其银行票据持有人对公司业务的影响，这些持有人因公司自身资源耗尽而较少参与。Sherritt在6月表示：“只要Moa的运营和精炼厂的原料供应管道保持稳定，票据将继续支付。”该工厂是北美唯一一家重要的钴精炼厂，也是北美三家镍精炼厂之一。

Sherritt的危机始于5月，当时特朗普扩大了对古巴的制裁，将Moa合资企业纳入其中。Sherritt暂停了其在古巴业务的直接参与，自5月7日起无法再使用Moa合资企业持有的现金。制裁还使其面临无法偿还6700万加元贷款的风险。

该财团表示将“保留并增强”工厂的运营。

Sherritt的发言人表示：“我们欢迎所有表达的兴趣，并将继续积极探索一切可能性，以符合其合同承诺，为公司及其利益相关方谋取利益。”财团表示：“我们正与公司合作，制定一项全面的交易方案，我们有信心这将为Sherritt带来比今天公告中描述的提案更优的结果。”

嘉能可拒绝置评。

矿业

巴里克与纽蒙特休战为IPO扫清道路

莱斯利·莫斯与苏珊娜·斯坎德 伦敦报道

全球两大黄金矿业公司——巴里克（Barrick）与纽蒙特（Newmont）——预计将合并部分核心资产，为今年规模最大的矿业IPO之一铺平道路。

这两家竞争对手此前已在内华达黄金矿业（NGM）合资企业中展开合作，但纽蒙特曾试图阻止巴里克单独上市其北美矿山（包括IPO）的计划，双方一度陷入纠纷。

根据协议条款，纽蒙特已同意IPO计划，而巴里克则将其在内华达的第十四座金矿发现纳入合资企业。

嘉能可（Glencore）还向巴里克提供了一次性约20万加元的付款，以反映第十四座金矿的额外价值。这座加拿大矿山预计每年可生产多达70万盎司黄金。NGM贡献了巴里克约8.6加元的黄金产量和利润，但投资者对IPO资产的估值高于该公司在非洲的回报。

纽蒙特今年曾指控巴里克“侵占”内华达资产，包括“将NGM的资源转移至巴里克全资拥有的第十四座矿山”。

!

“纽蒙特已同意IPO，双方还同意扩大新矿山的IPO规模，并将其排除在外的资产纳入，同时解决所有争议，”巴里克首席执行官马克·希尔（Mark Hill）表示。

巴里克预计第二季度调整后收益为12亿加元，较去年同期增长10%。然而，由于金价下跌及成本上升，较第一季度下降15%，当时金价接近每盎司1,600加元。

据公司一位高管透露，巴里克与纽蒙特的关系“直到去年秋天仍处于破裂状态”，双方在过去5个月中一直努力重建领导层之间的信任。

该人士表示，希尔与纽蒙特首席执行官娜塔莎·维尔容（Natasha Viljoen）在此期间多次会面，并称双方已就公司的法律、财务及技术问题进行了多轮磋商。

据一位知情人士透露，巴里克计划在未来几个月内出售北美矿山公司10%至15%的股权，具体发行规模尚待确定。巴里克股价昨日上涨5%，市值达到690亿加元。

---

2024年8月9日 星期二

9

《金融时报》

9

公司与市场

德国船舶制造商TKMS在大订单获胜后规划稳健发展路径

首席执行官强调“审慎增长”的价值，并表示集团不应被低估

劳拉·菲特尔 – 周日，9

奥利弗·布克哈德不喜欢香槟。即使他喜欢，德国船舶制造商TKMS的首席执行官也不会现在庆祝。尽管公司刚刚被加拿大总理马克·卡尼选为最多12艘新潜艇的“首选供应商”。

尽管TKMS上月被加拿大总理马克·卡尼指定为价值数百亿欧元的潜艇交易的“首选供应商”，布克哈德表示现在还不是庆祝的时候。

“真正的工作现在才开始，”他告诉《金融时报》，“我们必须通过谈判达成合同。我们还没有签约。”

这是布克哈德一贯谨慎的评估，他从工会领袖到企业首席执行官的职业生涯极不寻常。

TKMS部分由工业集团蒂森克虏伯持有，还在6月下旬成为焦点，当时公司赢得了一份为德国海军提供最多8艘Meles A-200反潜护卫舰的合同。

此前，国防部长鲍里斯·普里莫托夫取消了竞争对手莱茵金属预期接手的军舰项目，导致其股价暴跌近30%。

TKMS的成功缓解了外界对其未来的担忧，尽管公司在2022年10月上市，而莱茵金属几乎同时进军海军业务。

几周后，TKMS在加拿大潜艇订单竞标中击败了韩国国防巨头韩华。布克哈德表示，TKMS正在享受“做好功课”的成果，尽管他称赢得订单是“一项耗时且艰巨的工作”。

这位50岁的高管于2022年5月成为TKMS首席执行官，几个月后，韩华对乌克兰的全面入侵推动了欧洲国防开支激增。

“真正的工作现在才开始。我们必须通过谈判达成合同。我们还没有签约。”

——奥利弗·布克哈德

他于2015年加入蒂森克虏伯，此前在德国最大、最具影响力的工会IG Metall工作了16年。

在总部位于埃森的工业集团，他随后负责监督公司多个部门的投资和数十项合理化举措。他努力“平衡员工和公司的利益”，寻求让“所有人第二天仍能继续合作”的解决方案。

他在IG Metall长达81年的工资谈判经历让他掌握了“政治妥协”的艺术，这一技能为他应对高度政治化的军舰和潜艇销售业务做好了准备。

2012年布克哈德接手TKMS时，公司前景在经历一段不确定期后已开始好转。

前一年，德国和挪威签署了一项43亿欧元的协议，共同采购6艘公司的2DD型潜艇。

乌克兰战争开启了新的交易和现有订单的延期，北约成员国寻求加强对俄罗斯的防御，尤其是在波罗的海和北部岛屿地区。

公司还受益于美国总统唐纳德·特朗普与加拿大关系恶化，推动渥太华转向与欧洲的防务合作。德国官员全力支持TKMS竞标加拿大订单，承诺德国潜艇交易将包括联合培训、维护，甚至在未来共享船员安排。

在去年输给日本三菱重工的6,000加元护卫舰订单后，公司赢得了长期客户新加坡的新订单。

公司希望不久与印度国有马扎冈船坞造船厂签署一项协议，共同为印度海军生产6艘潜艇。TKMS还在积极进军快速增长的无人系统领域。

德意志银行的分析师本月表示，蒂森克虏伯海洋系统公司（TKMS）现已“成功转化所有主要的数十亿加元合同机会”，并预测其订单簿将因此“超过1 亿英镑”。

自2021年10月以来，该公司股价风险已有所降低，但Burkhard表示，公司仍在处理一些2022年之前签订的“不利条款”的“历史订单”。他警告称，目前尚不清楚加拿大的潜艇订单是否会“一次性全部到位”，并补充说“还需要一段时间”才能有任何产品交付。由TKMS建造的潜艇，加拿大总理马克·卡尼（Mark Carney）下方照片中，提名了该集团（由Oliver Burkhard领导，下方照片）为新舰艇的首选供应商。

Source: www.industries.com

尽管订单簿增长强劲，他仍强调“审慎增长”的重要性，称“我不希望每4年就翻一番……公司未必能够承受。”

他不打算追求更多新合同，而是要避免低估“高管高管高管”的问题。

截至2025年9月的财年收入达到432亿。公司中期目标是调整后营业利润率超过1%——而2022年为4%，2021年则不足1%。

业内一些人士对TKMS能否实现供应目标表示怀疑，并援引其向德国海军交付的情况作为例证。

由TKMS与造船集团Naval Vessels Lifesens（NVL）联合建造的FUS护卫舰系列首舰已延迟数年。价值£150的covertier也严重延期——尽管TKMS仅负责建造其中6艘，而非总承包商。

TKMS承诺将于2026年底前向德国海军交付首艘Meles A-200护卫舰，此后每7个月交付一艘新舰。

Burkhard对这款“现货”舰艇充满信心，该舰已以类似规格销往埃及、阿尔及利亚和巴西，并表示有望按时交付。他期待有朝一日能说：“……看吧，质疑是没有根据的。”

他认为莱茵金属可能“低估了”柏林于6月放弃的护卫舰项目的“复杂性”。但Burkhard表示，他不希望放弃对莱茵金属造船雄心的评估。预期的交易曾是莱茵金属首席执行官推动Riazgata于3月以432亿收购NVL的关键动因。

“我们不会低估他们。希望他们也不要低估我们。”

Banka

Revolut获法国牌照，推动欧洲扩张

拉塔·阿尔-基姆拉夫 – 伦敦 （亚洲·阿姆罗斯 – T-MO）

Revolut已获得法国监管机构颁发的全面银行牌照，加速其在欧洲大陆的最大规模金融扩张。

这家总部位于伦敦的公司昨日宣布，该许可已在法国审慎监管局（ACPR）和欧洲中央银行的评估后获得。

此牌照是Revolut扩张计划的关键一步，其动向正受到欧洲监管机构的密切关注——去年，监管机构曾限制其推出新产品的能力。过去一年，这家金融科技公司承诺投资€2，在西欧雇佣约600人，并在巴黎设立欧洲总部。

法国监管机构此前曾推动大型集团获取牌照，以加强对其运营的监督，Revolut在法国的业务规模位居欧洲前列，拥有数百万客户。此次核心牌照将允许Revolut为法国客户提供更广泛的贷款、代理及储蓄产品。

Revolut于2018年从立陶宛监管机构获得欧洲银行牌照，其欧洲业务目前由立陶宛监管机构与欧洲中央银行（ECB）共同监管。

然而，该金融科技公司在风险与合规控制方面与欧洲监管机构多次发生摩擦。《金融时报》报道称，ECB对Revolut实施了部分增长限制，称其产品发布流程“存在缺陷”，例如在未建立适当风险控制的情况下仓促上线。

“法国已成为领先的金融中心，得益于充满活力的金融生态系统和严谨的监管框架，”Revolut创始人兼首席执行官Nik Hevesnny表示，“这里是加速Revolut下一阶段增长的理想平台——让我们离成为欧洲最大、最值得信赖的银行之一的目标又近了一步。”

Revolut最初以灵活的支票和储蓄账户以及国际汇款服务吸引客户，后续扩展至加密货币和股票交易。该公司称目前拥有7000万客户，并计划将客户数量增至1亿。

与先巩固国内业务再谋求海外扩张的金融科技公司不同，Revolut从创立之初便建立了庞大的全球业务网络，目前在40个国家持有不同牌照。

Revolut于2024年3月在与监管机构长达数年的对峙后，终于获得英国的全面银行牌照——期间监管机构曾多次对其风险控制表示担忧。在英国授权后，澳大利亚监管机构亦向该集团颁发了全面银行牌照。

Hevesnny曾表示，Revolut计划于2028年上市，但目前正在进行一轮二级股票出售，估值将达$120。Revolut通过一系列股票回购和为Hevesnny设计的慷慨激励方案，选择更长时间保持私有状态，以巩固其对公司的控制权。

上周，《金融时报》报道称，若Revolut估值增长至$500，Hevesnny将获得最新一轮交易的激励。

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金融时报旗下服务

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9

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金融时报

2024年8月9日 星期二

英国公司

零售

约翰刘易斯高管离职，公司面临“艰难”交易环境

贝恩在百货公司任职不足三年后离职

劳拉·戴维斯

约翰刘易斯合伙公司的负责人将在任职不足三年后离职，因该百货连锁公司面临“非常艰难”的交易环境。

彼得·贝恩于2024年重返约翰刘易斯担任常务董事，将于9月4日离职“以追求新项目”，这家员工所有制集团昨日在一份声明中表示。他将由Will Korman接替。

“我们必须为一个甚至在六个月前都未曾预料到的近期未来做出调整”

Will Korman已在约翰刘易斯合伙公司担任执行董事三年，“作为有序继任计划的一部分”，公司表示。

贝恩此前曾担任该零售商的采购总监，这是他第二次在约翰刘易斯任职。他表示，公司“现在处于更加稳固的基础之上”。

他的标志性举措是恢复了约翰刘易斯的“从不故意低价”价格承诺。

贝恩还在门店中引入了新品牌，试图吸引更多顾客，因为这家百货连锁公司正努力扭转长期盈利能力下滑的局面。他是由合伙公司主席贾森·塔里的前任莎伦·怀特女爵任命的。

贝恩的离职发生在塔里（于2024年9月接任主席）数周前警告员工，约翰刘易斯正面临“非常艰难”的交易环境之际。

“我们必须为一个甚至在六个月前都未曾预料到的近期未来做出调整。几年前我们还展望过未来几年的情况，”塔里在7月接受集团内部杂志采访时表示。

Korman此前曾担任彼得岛、The White Company、在线自行车公司Wiggle的首席执行官，并在New Look任职15年。

他表示，他“对约翰刘易斯的业务有着清晰的理解……我们拥有巨大的增长空间，我期待领导团队。”

他是自2007年以来约翰刘易斯的第六任领导者。该序列中的首位负责人安迪·斯特里特曾推动销售增长，并启动了门店扩张计划。

然而，该公司的收入在新冠疫情期间出现逆转。怀特和皮帕·威克斯（2020年至2023年期间领导约翰刘易斯）关闭了16家门店，因为线上购物趋势对其主要零售业务造成冲击。

目前，约翰刘易斯及其合伙公司旗下的超市品牌Waitrose均迎来了新的领导层。今年1月，德克萨斯在线业务前负责人汤姆·丹亚德接任Waitrose常务董事。

此外，合作集团昨日宣布，其主席黛比·怀特将离职，资深独立董事莫妮·曼宁将暂时代理主席一职。

怀特的离职使这家拥有Co-op便利店业务的会员制集团失去了常任主席和首席执行官，此前席琳·基尔-黑格（因被指控存在“有毒文化”指控）已离职。

投资者提案

贝佐斯集团寻求入股利物浦足球俱乐部

利物浦门将阿利森·贝克尔（左）在欧冠联赛对阵加拉塔萨雷的比赛中做出扑救。出售少数股权的交易可能在本周达成。

利物浦足球俱乐部的所有者芬威体育集团（Fenway Sports Group）即将与包括杰夫·贝佐斯在内的投资者达成出售俱乐部少数股权的协议。

知情人士透露，亚马逊创始人贝佐斯是由亿万富翁拉克希米·米塔尔的姻亲阿萨德·巴蒂亚（Asad Bhatia）牵头的财团成员之一，该财团计划收购这家英超俱乐部三分之一的股份。

两位知情人士表示，此前《金融时报》报道称该交易可能使俱乐部估值超过6000万加元，最快可能在本周达成。但其中一人警告称，交易尚未最终敲定，时间可能推迟。芬威体育集团和该财团均拒绝置评。

贝佐斯的加入凸显了利物浦和英超联赛的全球影响力，英超已从一项国内赛事转变为欧冠联赛中最具文化影响力的赛事之一。

知情人士称，即将加入的投资者群体还包括Facebook联合创始人爱德华多·萨维林（Eduardo Saverin）。萨维林曾参与一个更大的财团，在2022年竞购切尔西足球俱乐部的竞标战中落败，当时的最终买家是夏洛特资本（Charlotte Capital）和托德·博迪（Todd Boehly）。

随着体育特许经营权作为资产类别吸引越来越多关注，利物浦成为最新一家吸引新投资者的英超顶级俱乐部。

自2010年由美国商人约翰·亨利（John Henry）创立的芬威体育集团以2.5亿英镑收购利物浦以来，俱乐部估值大幅飙升。

吉姆·拉特克利夫（Sir Jim Ratcliffe）爵士以863亿英镑（含债务）的估值收购了曼联39%的股份。2025年，夏洛特和博迪以25亿英镑收购切尔西，而2019年奥利弗·莱克（Oliver Lake）入股时，曼城的估值为848亿英镑。

在芬威体育集团的管理下，利物浦两次夺得英超冠军，并再次赢得欧冠奖杯，重返欧洲顶级球队行列。然而，在上赛季英超联赛排名第五后，俱乐部解雇了主教练阿尔内·斯洛特（Arne Slot）。

利物浦在2020-21赛季的收入创下俱乐部历史新高，达到7亿英镑，较前一年的4350万英镑大幅增长。据咨询公司Debitio的数据，2024-25赛季，英格兰20家顶级俱乐部的平均收入为3.4亿英镑。在今年墨西哥、加拿大和美国举行的男子世界杯上，英超俱乐部派出的球员数量超过其他任何联赛，凸显了该联赛的市场吸引力。

《Shy Now》此前报道称，芬威体育集团可能最快于本周就此交易发表声明。贝佐斯和萨维林的发言人均未回应置评请求。撰稿人：塞缪尔·阿普费尔（Samuel Apfel）

合作伙伴

LIVE

CORIENT

传承的形态系列——瑞士

传承的持久力

9月3日 / 六善酒店，克朗蒙大拿

香槟接待、对话及威士忌品鉴

本次独家活动将在欧米茄欧洲大师赛期间举办，汇聚投资者、企业家、慈善家以及文化、体育和商业领袖，共同探讨如何打造经得起时间考验的机构、企业和传承。

了解更多并申请参加：

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2026年8月11日 星期二

11

公司与市场

汇率与国家干预

日元几乎失去美日联合行动带来的一半涨幅

投资者称全球缺乏 统一声音削弱了 稳定汇率的历史性努力

杰姆·史密斯 — 伦敦 投资者新闻 7 / 10-10

在美日联合干预后，日元已几乎失去近一半涨幅，投资者表示，各国央行缺乏“统一声音”削弱了其市场影响力。

在从四十年低点约9.004反弹至干预后的9.101后，日元在昨日又贬值6.6%，至9.106.79。

根据美国商品期货交易委员会的最新数据，期货和期权市场的交易员仍对日元持看跌立场（brands beta），尽管他们已在干预后缩减了头寸规模。

“干预的效果正在减弱，”罗素投资全球解决方案策略主管范·利斯表示，并补充称需要“更多措施”才能实现日元的持续上涨。

投资者认为，除非日本银行加息，否则干预行动难以提供持久支撑。他们还指出，缺乏国际协同力量削弱了效果。据上周报道，美国在采取出售欧元以支撑日元的行动前，未曾考虑欧洲央行的参与。

“欧洲央行未参与并不利于市场信心，”Anaver Zavick首席市场策略师简·米勒表示，他认为央行间的协调“向市场表明存在统一声音（regards to the market that there is a unified voice）”。他将此与2011年日本地震后为削弱日元而进行的67国协调干预进行了对比。

投资者目前关注的是，日本银行是否会在市场压力下首次加息以支撑货币。日元一直受到政府支出担忧和通胀压力（包括更高的广告价格（ad prices））的拖累。日本财务省4月和5月的干预仅提供了短暂的日元支撑。

日本银行在上次会议（维持利率在1%）的意见摘要显示，“风险平衡明显偏向”更早加息，高盛驻东京分析师表示。

“考虑到美国核心通胀已接近2%，且物价上行风险较以往更需关注，可以认为政策利率的加息步伐将快于市场预期，”一位委员在昨日发布的会议纪要中表示。

交易员预计，日本银行在9月下次会议上加息25个基点的概率约为10%。

TSC分析师预测“政策将出现转变，意味着从9月开始更激进的加息步伐”，并预计到明年年底利率将达到1%。

日元若再次跌破9160——这一曾触发近期干预的水平——将进一步加剧通胀压力，并加深美国政策制定者对加元过强的担忧，以及日本是否需要出售部分持有的大量美国国债，作为后续干预的一部分。

部分投资者认为，市场状况——包括日元的短期负面头寸和基于传统指标（如购买力价格）的低估值——与2024年8月的情况相似，当时日元的突然升值在全球金融市场引发了波动。

投资者以低利率借入日元为广泛的贝塔失序提供资金，同时进行套息交易，并重新激活了这些交易。

“情况与2024年有些相似，”刘（音）表示，并指出“日元空头头寸非常高”。他补充说，如果经济数据或央行行动迫使投资者迅速适应未来十年的首次[加息]及更鹰派的立场，反弹是可能的。

其他市场参与者认为，即使首次加息步伐加快，套息交易迅速逆转的可能性仍然较小，因为日本与其他主要经济体之间的利率差距依然巨大。

“即使短期利差有所收窄，目前仍应保持足够大的幅度，”rhoda High（2006年首席日本经济学家）表示。“超过10亿的交易规模会随着日本长期收益率与其他地区趋同而缩减，但这是‘未来更长期的问题’。”

大宗商品

英国监管机构就代币化黄金框架展开讨论

Moon Holme 和 Martin Arnold 伦敦报道

英国监管机构正在制定代币化黄金的框架，作为鼓励金融市场数字化计划的一部分，并旨在维护伦敦在全球市场中的主导地位期间。

据知情人士透露，英国金融行为监管局（FCA）已与包括大型银行在内的业界成员讨论如何监管代币化黄金，以促进该市场的增长。

这些讨论是英国推动批发金融市场集体数字化的一部分，同时伦敦的黄金市场主导地位已连续5次受到挑战。

代币化黄金涉及创建代表实物黄金所有权的数字凭证。黄金条由发行方持有，并长期用于代币的支持。

其中一位知情人士表示，PCA一直在征求反馈，了解代币化黄金如何在批发市场中用作抵押品，并预计将在未来几个月内就制定该领域的监管标准发布公告。

根据行业机构世界黄金协会的数据，伦敦主导着全球黄金市场，约占交易量的30%。

然而，一位知情人士表示，如果伦敦不通过包括代币化在内的措施实现黄金市场现代化，其他市场可能会后来居上。“来自上海和香港的竞争压力巨大。上海希望成为黄金市场的整个次级枢纽。”

他们指出，讨论内容包括PCA如何监管代币化黄金，因为它并不监管实物黄金交易。

PCA拒绝置评。今年早些时候，PCA和英国央行审慎监管局（PRA）表示，计划“在今年进一步制定政策，探讨代币化抵押品如何在现有监管框架下运作”。

PCA正寻求允许各方利用这一决定，推动市场发展，以提高金融资产交易的速度、效率和安全性，满足市场需求。

英国财政部新任批发数字市场主席克里斯·伍拉德上月对F1表示，如果英国加快金融市场数字化计划，可能带来100亿英镑的经济提振。

自2008年以来，一款金融和代币化黄金产品在两年前仅向香港零售客户推出，已交易超过85.2亿，涉及逾276,000笔交易，其中大部分银行参与。

黄金价格在1月创下近85.3%的季度涨幅历史新高，但此后已回落至约84,300的水平。

欧洲绿色债券反弹，尽管ESG在美国“消亡”

哈里·赫林 — 伦敦

欧洲发行的绿色债券规模有望在2024年再创新高，推动全球发行量达到历史最高水平，因美乌战争期间对能源安全的重新关注开始抵消美国发行量下降的影响。

根据总部位于美国的非政府组织气候债券倡议组织（Climate Bonds Initiative）的数据，2024年上半年，欧洲发行的绿色债券达到创纪录的188亿加元。2024年全球发行总量目前预计将达到4.1倍，超过675亿加元的前纪录年份，当年欧洲发行量总计1680亿加元。

今年欧洲绿色债券的创纪录表现与美国形成鲜明对比，预计美国发行量将连续第二年下降，因企业因担心华盛顿的反对而减少展示其绿色资质。

“在欧洲，我们并未真正看到美国那种ESG‘消亡’的情况，”AEN News高级固定收益策略师拉托娜·德索萨（FIA）表示，“今年，整个ESG议题又回来了。”

她补充道：“并不是说[美国企业]不关心ESG或能源转型。更多的是[绿色债券]他们在做，但不再贴标签……存在大量政治影响和反弹。”

美国总统唐纳德·特朗普成为推动“8,000、1,000”议程的人物之一，旨在推动使用本地资金，并承诺“在绿色新主权上节省数千亿加元”。

绿色债券是企业和政府为环境项目筹集资金而发行的一种债务工具。过去十年间，其规模不断扩大，尤其是在欧洲，该市场最为成熟，发行方和资产管理者热衷于展示其环境、社会和治理（ESG）资质。

根据气候债券倡议组织的数据，去年欧洲共发行了579亿加元绿色债券，约占全球发行量的10%。今年，欧洲预计将占全球新增绿色债务的近三分之二。

“去年在很大程度上标志着2011年议程的某种退步……在欧洲则出现了反弹。不过，可能也受到了[美国]的一些溢出效应影响，”安东尼奥·福蒂补充道。

AEN Financial欧洲信用策略师让·瓦伦扎表示，欧洲发行的绿色债券数量正在“非常迅速”增长。

“我们预计发行量将大幅超过去年和2024年的水平，创下新纪录，”他表示。

2015年，全球绿色债务销售因欧洲和北美发行量下滑而低迷，当时正值特朗普政府推行ESG议程，且市场等待监管明确。尽管如此，中国发行量的增长帮助维持了接近前一年水平。

去年欧洲的销售额因发行方等待欧盟自愿但更严格的绿色债券标准以及国际资本市场协会（ICMA）关于绿色债券的最新指引而受到抑制。

美国绿色债务销售在2016年达到峰值，当年发行量为89亿加元。此后发行量持续下降，去年仅筹集87亿加元，预计2018年将再次下降，上半年仅发行了价值39亿加元的债券。

“[欧洲]市场份额的增长帮助抵消了美国绿色债券发行量的下降，”富达国际（Fidelity International）固定收益主管米奇·罗特尼克表示。

2024年，公用事业公司成为特别活跃的发行方，因欧洲在美乌战争引发的能源冲击后重新聚焦能源安全。瓦伦扎预测，随着绿色转型的加速，该市场将继续增长。

6月，西班牙财政部通过发行两只绿色债券筹集了45亿加元。总部位于德国、由中资持有的“Energy from Waste”公司筹集了15亿加元。

“由于‘美国优先’冲突，公用事业债券需求大增，整个能源转型理念也重新受到广泛关注，”FIA的德萨尔诺表示。

基础资源

华盛顿4亿加元贷款提振澳大利亚稀土矿商16%

悉尼报道

唐纳德·特朗普政府向澳大利亚顶级稀土测试项目提供了重大资金支持。该项目由一家间接受弗里德兰支持的公司运营，旨在减少对中国稀土供应的依赖，这些稀土被广泛用于能源和国防应用。

总部位于悉尼的Here is its further Energy公司正在开发一座位于悉尼以西约360公里（25英里）的钪矿，其股价在昨日宣布获得美国有条件资金后飙升16%。这一涨幅使该公司在过去一年中的市值激增至1832亿（1982, 20亿）。

美国国防部下属的战略资本办公室表示，该贷款以澳大利亚公司满足特定法律和技术要求为条件，并包括对互联网浪涌的优先要约权。

这是美国优先战略下美澳合作的最大举措之一。华盛顿已明确表示，建立独立于中国的稀土及其他关键矿产供应链对其100亿国防和工业集团至关重要。

Syvertime项目由Yonhwa在新南威尔士州的帕克斯镇开发。该镇以炎热、军团病、蝉虫和大型铁矿闻名，同时也是帮助向全球转播1969年首次登月的大型射电望远镜所在地。

钪矿的增长潜力——预计产线将于2018年下半年投产——可能提振该镇的发展前景。但附近的另一处矿产项目Patrician因财务问题而受阻。

钪可用于多种应用，从高尔夫球杆和赛车车架的制造，到炼油厂和船舶使用的催化剂。尽管这种金属在智能手机中尚未广泛应用，但它是17种稀土元素之一。作为一种钢系稀土，钪主要用作铝合金的强化剂，广泛应用于汽车和航空航天部件，同时也是智能手机芯片组和全方位功能的关键组成部分。

矿业金融家弗里德兰，即美国最大的投资者之一，表示这笔贷款对澳大利亚矿业而言是“一个里程碑式的资源”。

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12

•

金融时报

2024年8月17日 星期二

公司与市场

人民币最艰难的里程才刚刚开始

艾丽西亚·加西亚-埃雷罗

市场洞察

谈论人民币的全球崛起通常会忽略其组织方式，这场长达15年的国际化进程是一个单一的秘密，其核心在于货币在国际舞台上的非活跃地位。实际上，存在三条截然不同的道路，这些道路并未变得更加接近，反而留有更大空间。中国在过去15年中在前两条道路上取得了进展。最后一条——说服外国人持有人民币作为投资——才刚刚起步，去年6月在上海举行的会议仅仅是一个开端，而非前进的阶段。

这条柔性路径需通过资本账户实现：开放市场、运行内部赤字、允许新居民积累本国货币。但中国无法也不会采取这条路径。因此，中国通过其他方式推动人民币的国际化——贸易结算和投资提供的信贷。

这两种方式均已奏效。自2004年以来，人民币在中国货物贸易中的占比已大致翻番，该货币目前在全球贸易融资中排名第二，位居欧元之前——这既得益于加元的武器化，也源于中国作为全球最大大宗商品买家的影响力。由于人民币是初始融资成本最低的货币之一，资金也随之流向人民币，且中国银行一直在增加对企业客户的融资。

持有一种货币则是另一种行为。一种货币成为被广泛使用的储备货币，不仅在于其使用频率，更在于人们愿意持有它——因为以该货币计价的资产能够在任何时候（无论顺境还是逆境）被深度交易、融资和对冲。这正是US Emanches能够位居国际货币体系中心的原因。

而对于持有中国政府债券的外国机构而言，情况则截然不同。中国国债市场的流动性远不及美国国债市场，对冲国际结构的成本高昂，且结算流程仍存在8-15个基点的摩擦，这是任何储备管理者都无法忽视的。数据显示的犹豫态度清晰可见：外国持有者持有的sources bonds占比不足总量的2%，且较约1%的峰值有所下降，而央行储备中的人民币占比也仅为2%左右。

这正是6月论坛上公布的措施旨在解决的问题——首次尝试在不放开可兑换性的情况下，构建市场的基础设施。为外国

成为世界选择储蓄的货币，行政推动无法回答这一问题

而国际货币当局宣布的PIM项目。6月的模式与美联储的结构类似。

此外，香港正在推出中国政府债券期货，填补对冲流动性缺口，以吸引全球大型资产管理机构。香港新兴的证券托管机构Omnicious专注于离岸人民币结算，有望成为Euroclear的替代选择。此类举措是持有而非仅仅使用该货币的真正障碍，可能促进其作为投资货币的使用。

然而，制约因素依然严峻，每一项修补方案都只能退而求其次。回购便利仅向官方部门开放。由发行央行提供的流动性支持仅与其自由裁量权相当——而出于多元化考虑的储备管理者，不会对一种货币的发行机制仍受政策干预视而不见。平行结算机制在缺乏网络效应的情况下毫无分量，而这种效应正是Euroclear和美元清算体系不可或缺的基础，无法通过非循环性（non-circularness）来弥补。

经济层面的指向同样不利：随着收益率持续下降，中国债券目前提供全球最低回报之一，因为它们对任何投资者几乎没有支撑作用。剩下的唯一理由便是分散化需求。

这正是北京的赌注——远离美元的意愿将超过这些不利因素，至少对部分官方持有者而言。从边际效应看，这一判断可能正确，但它面临项目本身的核心威胁：需求可以被设计，信贷可以被扩张，但对持有人民币资产的真实需求无法被制造。负面的资本管制——对价格、风险乃至资本账户本身的控制——以及对这些控制在不便时刻可能被重新启用的担忧。然而，控制正是北京不愿放弃的。

转型方向毋庸置疑，而全球经济的挫折正在为北京代劳。但人民币能否成为世界选择储蓄的货币——而非仅仅因为它是黄金——这一问题行政推动无法回答。这是最艰难的一英里，而它才刚刚起步。

Alicia García-Herrero是Natixis亚太区首席经济学家兼Bruegel智库高级研究员

市场日评

资产管理

哈格里夫斯·兰斯道恩要求员工每周返办公室三天

艾玛·邓利

英国最大的自助投资平台哈格里夫斯·兰斯道恩（Hargreaves Lansdown）要求员工从2024年初开始每周返办公室工作三天，此前这家由私募股权持有的公司刚刚迁入其新的英国办公室。

据知情人士透露，这家财富管理公司于2024年被包括英国资本合伙公司（UK Capital Partners）在内的财团收购，此前并未对其2,400名员工提出过返办公室工作的要求。

其中一位知情人士表示，公司计划在今年夏天迁入新办公楼，并将从9月开始逐步安排员工入驻，以便他们适应新环境。

另一位知情人士称，部分员工很少来办公室，他们认为这使得业务开展变得更加困难。

哈格里夫斯·兰斯道恩证实了这一计划，并表示在员工迁入位于布里斯托尔的“新家”后，仍将保持一定的“灵活性”，以便在接下来的阶段“更多地共处”。

其他公司也在疫情期间实施远程办公后，陆续召回员工返办公室。

Revolut将要求其毕业生员工大部分时间在办公室工作，摒弃其长期倡导的“远程优先”模式。这家总部位于伦敦的金融科技集团已告知即将入职的毕业生，从明年开始，他们每周至少需要在办公室工作三天。

TBS从明年4月起要求员工每周返办公室三天，较之前的两天有所增加，以与其被西班牙银行收购后的政策保持一致。

其他银行已率先要求员工每周五天返办公室，但部分公司面临员工的强烈反对。2016年，摩根大通要求员工每周五天返办公室，但全球数千名员工签署请愿书反对这一决定。

专业服务行业的其他领域，如律师事务所和法律委员会，则更倾向于保留混合办公模式，允许每周两天以上的远程工作。

哈格里夫斯·兰斯道恩由彼得·哈格里夫斯（Peter Hargreaves）和斯蒂芬·兰斯道恩（Stephen Lansdown）于1992年创立，率先将基金直接销售给散户投资者。

该集团于2024年被由CVC、北欧资本（Nordic Capital）和Thaliana, Inc.（阿布扎比投资局全资子公司）组成的财团以£2.4bn收购。

近年来，哈格里夫斯·兰斯道恩面临来自数字平台及快速增长的竞争对手（如A2Soft和Interactive Investor）的激烈竞争。

该投资平台已启动技术现代化进程，并对其双层收费结构进行了改革，使大多数客户的成本有所降低。

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2018年8月19日（星期二）

•

柯克曼，西蒙

13

市场数据

全球市场一览

FTC / 哈米尔数据

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

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74

EPICUREJAGI，THRU

2024年8月1日

[版面噪声，已略]

[版面噪声，已略]

权力的游戏：疯王

莎士比亚剧院演出， 埃文河畔斯特拉特福

★★★

斯图尔特·杰弗里斯

“也许吧，”权力的游戏：疯王进行到一半时，库伊加·坦格利安王子说道，“我会用这支长矛直接刺穿我父亲的心脏。”也许他会，也许他不会。诺亚·里特扮演的这个血气方刚、身材魁梧、满口诗意的王子，宛如一道闪烁的幻影。

如今，麦克米伦的王座与文学改编版本频频向莎士比亚致敬。在埃文河畔斯特拉特福——皇家莎士比亚剧团（RSC）的制作地，全球巡演的主演迈克尔·穆勒饰演的疯王伊里斯·坦格利安登场时，犹如李尔王般狂野，披头散发，浑身镀金，指甲却急需修剪。他已不再是铁王座的终身占有者。因此，这部长达三个半小时的戏剧充满威胁：王室主要成员试图推翻他，其中包括宫廷阴谋、马上比武和公开绞刑。

此外还有罗伯特·拜拉席恩勋爵，一位放弃王位的领袖。在剧情开端，他因悲伤而沉溺于酒精，后来却摆脱了这种愚蠢行为，重塑自我，成为像莎士比亚笔下的亨利五世那样的战争英雄。他的武器是一把改装过的《F》字母铁锤，最终还成了肉类嫩化器——正是用它来对抗库伊加王子，后者已诱惑了拜拉席恩的意中人，那个假小子莱安娜·史塔克。

在维斯特洛的戏剧视角下，个人即政治。

在这一点上，以及其他许多方面，麦克米伦忠实于乔治·R·R·马丁原作的后现代拼贴风格，从神话、历史传奇和文学中汲取一切可用之物。马丁在某种程度上引用了威廉·福克纳的名言，即“值得书写的唯有内心的冲突”，而麦克米伦也声称这是他的创作指导原则。

狂怒的拜拉席恩拥有这样一颗内心。遗憾的是，他关于婚姻地位的演讲缺乏亨利五世在阿金库尔战役前夜的诗意。“我可能不会像某些花哨的私生子那样翩翩起舞，”卡勒姆·伍德豪斯饰演的莫特·拜拉席恩说道，语气中带着软绵绵的傲慢，“但我能挥舞一把码头锤。”

作为纯粹的视觉奇观，这部剧极具乐趣，拥有出色的超大型木偶马、一条红眼巨龙、无性别限制的跨性别表演，以及至关重要的——幕间休息。

尽管《疯王》有时会偏向闹剧和历史剧，但这绝非对奇幻题材的玩世不恭，而是对马丁原作的真诚致敬。麦克米伦敢于提出重大的存在主义问题。开场时，我们看到哈莫妮·罗斯-布雷姆纳饰演的莱安娜·史塔克跪在祈祷，面前是从天花板垂下的斯图亚特之树，它在舞台中央扎根。她思索着，在这个《权力的游戏》的续集中，是否像德尔斐神谕、伊尼德·布莱顿的《五伙伴》或《魔法树》那样，我们的生命是否由超自然力量预先注定，还是我们的选择决定了命运。

导演多米尼克·库克的制作通常更倾向于声势浩大的场面，而非深思熟虑的时刻，其戏剧回报率逐渐递减。诚然，尽管这部剧有着史诗般的时长，但与其长篇电视剧版本相比，安静的反思时刻显得过于稀少——这是一个不足之处。

对于那些知道这部剧后续剧情的人来说，杰弗里最终的继承强调了这部改编所揭示的悲剧真理：历史是循环的，疯狂永远与我们同在，而我们先辈的愚行注定会在记录的最后一刻重演。也许吧。2024年9月10日

戏剧

《审判》——改编自《人民公敌》

国际拦截艺术节

蒂姆·贝恩

在第三次参加爱丁堡国际艺术节之际，巴西电影与戏剧导演克里斯蒂安·雅塔林继续通过人为形式探寻真相。

2023年，贝恩有意识地重新搬演了拉斯·冯·提尔的《Dignifly》。2024年的80毫米作品则模糊了纪录片与虚构之间的界限，探索巴西奴隶制的历史。这一次，贝恩的戏剧《人民理论》以高概念跨厅形式呈现，并加入了奥斯卡提名演员、电影《Nerve》主演梅根·摩尔的明星阵容。

在剧中，魅力四射的摩尔饰演托马斯·斯托克曼医生，他在揭露一场同性恋活动中的请愿丑闻后受到审判，试图洗清自己的名誉。观众中被选中的成员将作为陪审团决定他的命运。尽管故事背景从挪威海岸小镇移至亚马逊雨林中的一个小镇，但核心困境依然如故：斯托克曼是否有权站出来发声，即便这会毁掉他的家庭和社区？

“如今已不存在事实，只有不同的版本，”他说道。既然如此，审判又有何意义？“这里的一切都成了舞台布景，”他思忖道。随后摩尔起身，脱离角色，解释演出的机制。这是一个巧妙而狡黠的开场，摩尔饰演的斯托克曼说得没错——舞台布景

![图片占位符]

瓦格纳·摩尔与朱莉娅·贝尔塔特在《审判》（1997年）中的剧照

精心设计：两侧摆放着一排排桌子，还包括一名放映师和一名负责营养（大部分演出使用葡萄牙语）的工作人员。

所有这些展示性的艺术手法让人不禁怀疑，当随机数字召唤观众成员担任陪审员时，这种随机性究竟有多真实。

审判本身也充满了人为设计。每场演出都会启用一名从未出演过该剧的新演员担任陪审团协调员。剧本规定了奇特的规则：托马斯只能发言一分钟；彼得则可回应四分钟。雅塔林尖锐地讽刺了那些陈旧且往往武断的司法程序，它们有时能（有时不能）实现正义的追求。

摩尔刚以真诚而激昂的演讲将我们带入故事，我们又被推回现实——舞台即舞台。有人会提到剧本，或是营养师会从眼镜中抬起头来。

著名电影的影子也在剧中扮演重要角色：Eric Bradford、爵士乐，甚至托马斯·莫尔在《A Day for all》中的赦免。我们知道自己应该站在“正确的一方”，因为电影总是这么暗示。

但生活并不像电影那样简单明了，而是hours and jatala stews。那么，生活的真谛究竟是什么？家庭是其一。剧作越来越聚焦于丑闻给斯托克曼最亲近的人带来的压力。政治也是。

最终，这部作品不仅关乎12名陪审员的意见，更关乎构成民主的数百万种观点。巴西的政治问题凸显出来。这些信息并不特别具有启发性，但演出通过巧妙揭示其人为性，弥补了政治深度的不足。

隐喻是双向的：舞台可以用虚假掩盖真相，也可以借用舞台元素——服装、习俗、剧本——尽管戏剧在娱乐性地提醒我们正在观看演员的表演，却仍能承载大量真实。

dfris

呈现

合作伙伴

金融时报

AI 加速器

面向营销领袖的高管活动

2024年9月8日（周二） / 上午8:30–下午5:30 《金融时报》总部，布拉肯大厦，伦敦

邀请资深营销领袖共同参与一天的实用AI案例分享、现场演示及来自变革营销与业务品牌的专家洞察。

通过真实案例了解领先组织如何将AI付诸实践，并带走可立即应用于自身组织的实用框架、工具和创意。

了解更多：

嘉宾分享：

Kate Sargent 首席数据官 《金融时报》

Elaine Rodrigo 首席洞察与分析官 利洁时

Sacha Wilson 合伙人兼广告主管 Harkotte & Lewis

Becky Brock 董事总经理，客户业务 乐购

Michael Barber 创新负责人 维珍红

Emma Colquhoun 首席增长官 Wingstop英国及爱尔兰

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2024年8月7日（周二）

•

FINANCIAL TIMES

19

[...OMITTED...]

《金融时报》深度报道：外包业务

这个国家在科技服务领域下了重注，但变革正在到来。招聘速度已经放缓，高管们警告称，如果该行业想要保持其主导地位，就必须迅速适应。 作者：克里斯·凯（Chris Kay）和克里什恩·考希克（Krishn Kaushik）

当班加罗尔的甲骨文员工拉凯什（45岁）在漫长的电话和演示工作后终于在凌晨1:30合上笔记本电脑时，时间已经过去了。

几个小时后，随着三月清晨的阳光升起，他的手机开始响个不停。同事们打来电话，催促他查看邮件。当他打开邮件时，发现自己在15年软件巨头的职业生涯已经结束。他与成千上万的其他人一同失去了工作。

这次裁员对这位已婚并育有两个孩子的父亲来说尤为痛苦，因为他和同事们此前一直在努力推动公司的发展。

“我们借助AI技术构建工具，”他说，“我们为此付出了汗水、心血和精力......公司却没有与我们站在一起。”甲骨文未回应置评请求。

拉凯什要求不透露身份，以免影响未来的就业前景。他只是越来越多被AI浪潮冲击的印度科技从业者之一。

IT服务在推动印度经济增长和扩大中产阶级方面发挥了关键作用。但如今，支撑该行业的许多公式化任务——该行业雇佣了数百万人，贡献了约7%的GDP——已可由生成式AI完成。如果该行业无法转向更高附加值的工作，可能会给本已难以为印度庞大劳动力创造足够就业机会的政府带来更多麻烦。

在多年人员增长后，该行业开始裁员。评级机构46P在7月的一份报告中指出，截至今年3月，Infosys和Wipro的员工人数较2023年减少了约1.4%，塔塔咨询服务（TCS）和Tech Mahindra Ltd也呈现类似趋势。

“曾经依赖印度比较优势处理大量工作的企业可能不再需要这样做”

尽管印度拥有丰富的科技人才，但其对全球AI创新的贡献仍然有限，这引发了人们的担忧：印度可能在承受AI带来的大部分冲击的同时，却无法获得足够的回报。

印度总理纳伦德拉·莫迪今年宣称，AI将为印度人创造数百万个新就业岗位。但政府首席经济顾问V·阿南特·纳格斯瓦兰已发出风险警告。“曾经依赖印度比较优势处理大量工作的企业可能不再需要这样做，”他在2024年初写道，“如果适应不及时，印度的核心价值主张将被削弱。”

2024年夏季的第三次高级别会议上，包括班加罗尔在内的科技中心在4月表示，不断发展的AI技术“将减少......就业岗位......可能导致班加罗尔30%的工作岗位在2024年消失，而这些岗位正是该国擅长的领域。”

对就业岗位不足的不满已达到临界点，许多印度年轻人深感愤怒。7月，数万人走上街头，发起所谓的“蟑螂抗议”，抨击教育体系，并认为这个全球增长最快的主要经济体存在机会匮乏的问题。如果AI的影响扩散到印度制造业，后果可能更加严重。

近40%的30岁以下印度大学毕业生处于失业状态，根据卡兰塔兰吉尔大学最近的一项研究。

印度IT服务行业承认，旧有模式正在发生变化，AI对印度科技发展构成威胁。“在新时代，”代表印度科技行业的游说组织Nasscom主席拉杰什·南迪尼表示，“你不再需要那么多人来完成更好的工作。”

印度科技行业的“质疑”浮现？

三十多年来，印度的IT服务业一直是该国最大的产业群体之一。1990年代经济自由化后，软件专家和后台外包服务帮助印度成为世界的不再是合作伙伴。

该行业每年创造超过8,000的收入，是印度最大的私营部门正规就业提供者。它为数百万人创造了稳定的中产阶级。

在此期间，该行业的增长依赖于一个简单的等式：100,000个工作岗位增加意味着更多的工作，等同于对技术工程师的更多需求，但这一需求正开始瓦解。

“过去收入与员工人数之间的关联性将被打破，”

对印度IT就业机器的AI威胁

印度的通勤者。该国有600万人从事IT服务工作，但其中许多任务如今可由AI完成。右图：工人在查特拉帕蒂·桑达普尔清点10k+条光纤。这对新德里的制造业雄心构成日益严重的威胁。

FPI, , Image

桑迪普·卡尔拉（Sandeep Kalra）是总部位于浦那的IT服务公司Persistent Systems的首席执行官。"利用AI，你实际上可以用更少的人完成更多工作。"

这一转变发生在全球经济不确定性和地缘政治紧张局势与AI部署——尤其是印度最大客户美国公司的AI部署——相结合，导致对IT服务需求下降之际。

46P的分析师在7月预测，其评级的三家印度顶级IT公司——Infosys、MCI Tech和Wipro——的收入增长将在未来两个财年放缓至2%至4%，而前一年的增长率为4%至6%。

"[AI]威胁到它们的旧商业模式——就像机器人取代工厂工人一样——但如果它们能够适应并成为机器人的操作员、叛逆者或修理工，也会打开新的大门，"他们写道。"这些公司从提供人力转向在AI时代销售专业知识和解决方案的速度和效率，可能是一个决定性因素。"

这一警告是在6月TCS董事长普拉昌德拉萨卡兰（Pr Chandrasakaran）发表评论之后发出的。TCS是印度最大的IT承包商，他预测AI代理可能在三年内接管TCS一半的技术岗位。"公司将不会再像过去那样大规模招聘。"

员工表示，AI的日益普及已经加剧了竞争，并对印度外包商能够收取的价格形成下行压力。上个月，印度研究机构（Calif）预测，随着客户继续削减支出，并将一些现有成本至少每天压缩6个百分点，行业收入增长在未来一年将仅为1%至5%。

但高管们坚称，AI将重塑而非取代他们的角色。他们认为，能够将这项技术整合到复杂业务中的人才需求只会增加。

"在基础设施中做出技术决策正变得更具挑战性，因为技术频繁变化，"TCS首席运营官在7月表示。"我们正在扮演的重要角色是帮助客户做出[这些]技术选择。"

Wipro的首席财务和技术官表示："世界已经改变，技术已经改变，需求没有改变。我们现在做的任何交易，都与五年前的完全相同格式不同。"

其他人认为印度的技术工作正在向价值链上游移动。"自2012年以来，该国的商业和软件服务出口在实际价值上翻了一番，"凯投宏观（Capital Economics）的副首席经济学家希尔达斯·沙阿（Hildas Shah）表示。

这些数字可能会被跨国公司在印度设立的全球能力中心（GCCs）所掩盖，这些中心除了处理后台工作外，还承担工程、产品开发和研究任务。

凯投宏观计算，GCCs的数量已激增至约2,000家，高于2020年的1,800家和2012年的1,500家。沙阿表示，第三方"传统外包模式将受到冲击，员工人数将减少"，但补充称GCCs的增长可能会缓解这一影响。"显然，这需要一定的技能提升，但确实有机会让他们的技术跟上部分就业需求。"

新德里还希望，印度最大的企业和企业集团（包括阿达尼集团和塔塔集团）今年早些时候承诺的逾8,000个相关投资岗位能够全面替代现有就业。2024年，莫迪政府为“印度AI使命”项目在五年内预算了8,000,000（约合1,200美元），以帮助扩展印度的科技基础设施和培训。

“我们需要更适应使用AI的人才，这正是我们支持的重点之一——AI转型，”印度IT部秘书V·克里希南表示，“虽然某些科技行业的岗位可能会消失，但也会有其他领域（科技岗位的交替）应运而生。”

“印度男性”机器人

在印度南部工业邦泰米尔纳德邦的小镇卡兰，一家纺织厂内，26岁的高塔姆正在缝制晚礼服。

他们头戴GoPro相机，或佩戴最新的Meta智能眼镜（内置摄像头）。他们每月可额外获得约100加元的报酬，用于记录自己所有的工作过程。这些视频将被用于训练未来的人工智能机器人，以接替工厂内的工作。

数据标注公司Objectways的印度区负责人兼首席运营官普拉迪姆·丹查拉亚尼解释了所谓“自我中心视频”（即从人类视角录制的视频）需求激增的原因，这些视频有助于训练人工智能机器人。

丹查拉亚尼表示，他的公司雇佣了约700人，每天收集1,000小时的视频。其中许多人来自卡兰，包括历史工人、学生甚至家庭主妇，他们为机器人引擎提供了数千小时涵盖“正常人日常活动”的多样化视频。

“从A到Z的数据采集是机器人技术的基石，”他说。亚马逊、特斯拉和英伟达等大型科技公司期望他的公司每天能提供相当于一个人六个月日常任务的视频存储量。

除了印度主要城市的服务业岗位外，莫迪政府创造就业的另一大推动力是通过补贴、企业税减免和基础设施支出，努力推动“印度制造”制造业发展。

然而，自莫迪2014年上台以来，制造业占GDP的比重一直徘徊在约10%左右，印度在全球商品出口中的份额仅为1.8%。

在印度，人工智能机器人取代或自动化此类人工工厂工作，可能会进一步削弱新德里将印度劳动力转向制造业的雄心，而中国和越南在工业化过程中曾实现这一目标。

高塔姆在日常生活中使用ChatGPT等消费级人工智能平台，他清楚地知道自己的工作视频被用于训练可能取代他的机器，但这笔额外收入对他的家庭来说是受欢迎的。高塔姆仍然乐观地认为“AI是为了帮助人类——而不是取代我们”。

但其他人则不那么乐观。尼赫鲁国际经济研究所高级研究员、莫迪政府前首席经济顾问阿尔温德·斯里克里希南上月在《金融时报》撰文称，长期技术变革“对印度最新的增长故事构成了严重威胁”，这既源于人工智能对印度IT服务业增长引擎的冲击，也源于其他因素。

IT行业的高管则认为现实更为复杂。大学与IT / ITES员工联合会秘书长加甘南德·希瓦吉表示，将人工智能用作裁员借口“在某种程度上是一种虚假叙事”。“这种叙事是公司为其定期裁员行为正名的手段，他们每年都会以优化运营为由进行裁员，”希瓦吉说。

“在印度，人工智能将创造更多就业机会，但不幸的是，它也将加剧工作强度。”

无论如何，印度的科技招聘已明显放缓。根据班加罗尔招聘咨询公司Agencies的数据，6月份的活跃招聘岗位数量降至28个月以来的最低水平。该公司估计，当月约有95,000个科技岗位空缺，较上月下降14%，较去年同期下降17%。

对于数以千计的公司和印度高校每年毕业的工程专业学生来说，就业市场“非常艰难”，Xylema联合创始人卡迈勒·卡拉尼克表示。“我们面临着一个严峻的问题……自我们的首席执行官上任17年以来，今天的岗位数量远不如从前。”

今年早些时候，这一现实给前OACs员工拉凯什带来了沉重打击。为了在竞争激烈的就业市场中提升自己，他报名参加了AI课程，用遣散费偿还了家庭债务，并依靠妻子作为教师的工资维持生计。

在申请了所有能找到的工作后，拉凯什仅进入两家公司的最终候选名单——最终在另一家科技公司找到工作，但薪水仅为OACs时的四分之一。“目前一切都处于非常、非常紧张的预算中，”他说。

但拉凯什自认还算幸运。他的许多前同事至今仍未找到新工作。

“有一个非常大的Wipro应聘者群组目前还在找工作，”他说，“在印度，传统IT工作已经完全消失了。”

印度IT行业的表现远逊于大盘

印度发布（2024年8月=1.00）

!

印度服务出口自2023年以来几乎翻了一番

服务出口，季度（百万美元）

!

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20

•

《金融时报》

2020年8月31日，星期二

《金融时报》观点

《金融时报》

"无畏无偏"

乌克兰需要在空中战场上获得更多援助

基辅缺乏拦截器以抵御俄罗斯的弹道导弹袭击

经过四年半的全面冲突，俄罗斯与乌克兰之间的战争越来越成为一场空中战争。乌克兰前线攻击力量的消失使得许多行动几乎无法实施。地面战争残酷而血腥，但基本处于僵持状态。乌克兰和俄罗斯双方正加大导弹和无人机攻击力度，以消耗对方。正如乌克兰总统弗拉基米尔·泽连斯基上月对《金融时报》所言，“天空之战”将决定战争的结局。盟友亟需采取更多行动，保护乌克兰免受导弹这一最大威胁。

今年最显著的进展是乌克兰中远程打击行动的有效性。乌克兰部队已对克里米亚及黑海水域的俄罗斯军事设施发动攻击，迫使俄方不得不将后方资源用于防御。这使得俄方领土防守愈发困难且捉襟见肘。基辅还利用日益精准的远程无人机和部分导弹打击俄罗斯国防工业设施、炼油厂和仓库，尽管俄罗斯的战争努力和强化反制正在增加普京侵略战争的成本。

在西方盟友的协助下，乌克兰本应借此机会巩固优势，迫使普京回到谈判桌。然而，近几周显示出乌克兰自身在俄罗斯弹道导弹攻击面前的脆弱性，部分原因在于盟友未能在防空方面提供更多援助。

俄罗斯自2014年和2022年以来一直在利用西方制裁的漏洞生产伊斯坎德尔导弹和弹道导弹。军事分析人士和乌克兰情报官员估计，俄方每月可生产约70枚。仅上月，俄罗斯就向乌克兰目标发射了198枚导弹。基辅对弹道导弹唯一可靠的防御手段是美国提供的爱国者系统，但其拦截弹已几乎耗尽，近期俄罗斯密集袭击的命中率即为明证。莫斯科几乎同时对乌克兰的国防工业设施、交通枢纽及能源和水利基础设施发动打击。

与伊朗的战争已严重消耗美国及盟友的拦截弹库存。近期扩大美国生产的举措需数年才能见效。这使得拥有大量库存的欧洲伙伴（如西班牙和希腊）更应加大对乌克兰的援助力度。

美国还应确认其计划在乌克兰本土授权生产法国拦截弹的方案。自唐纳德·特朗普上台以来，《金融时报》获悉他正在质疑上月北约峰会上刚刚同意的授权草案，尽管乌克兰官员和制造商正准备推进。该协议将扩大全球法国拦截弹的生产能力，有助于缓解美国的压力。乌克兰需数年时间实现技术转让并建立认证供应链，这并非短期解决方案。但协议本身可促使盟友交出宝贵库存，前提是他们对未来供应有信心。

与此同时，法国和意大利应加快交付价值8750万美元的SAMP / T系统（爱国者系统的欧洲版），并进一步扩大拦截弹资产。若两国早前投资扩大生产能力，基辅和欧洲将不必如此依赖美国技术。

最后，乌克兰的盟友应提供手段和目标情报，摧毁弹道导弹生产设施，并为乌克兰提供强大的空中打击能力。只有在俄罗斯导弹产量和乌克兰拦截弹供应规模上取得平衡，乌克兰才能实现“打击空中之弓而非箭矢”的目标。

泛大西洋

观点 美国

马根诺山的真正意义

拉什莫尔山国家纪念碑

在拉什莫尔山国家纪念碑长达10年的历史中，唐纳德·特朗普是唯一一位在15岁时两次在此发表演讲的人物。他的演讲相隔六年，均在独立日庆典上发表，并以此为背景阐述他对美国历史和supplementalism的愿景。

这座雕刻在南达科他州黑山已有十亿年历史glands中的四位总统雕像，已成为特朗普总统治下美国的象征。如果Black America's Great Again运动拥有一个场景，那一定是Mount Rushmore's Young's Hero空间。特朗普曾多次提出将自己的面孔加入其中。

但这同时也是一个深具争议的角色，在拉科塔部落中被视为一次性的成功，并根据1969年与美国签订的条约被承认为其领土。

对于拉科塔民族而言，黑山充满了具有精神和历史意义的地方

特朗普在纪念碑上的发言只是其意义遭到曲解的最新例证，它曾被视为“民主的神圣象征”或自由的标志，但同时也是种族灭绝的象征和抗议的场所。

有鉴于此，拉什莫尔山自1970年代以来一直在争夺其地位。1970年代，随着特朗普第二个任期的到来，它正越来越紧密地与单一叙事联系在一起，削弱了其反映美国复杂历史的潜力。然而，当特朗普提议将自己的形象加入其中时，拉什莫尔山最初是作为一个经济项目构想的。1920年代，南达科他州的社区市场崩溃，为了实现经济多元化，美国参议员彼得·诺贝克提出了在山上雕刻与美国西部相关人物的想法——包括拉科塔领袖红云、卫理公会牧师莱昂斯、领导探索美国西部远征的威廉·克拉克，以及中尉乔治·阿姆斯特朗·卡斯特。

诺贝克希望吸引游客并振兴州经济。然而，当他聘请雕塑家加茨·博格勒姆后，拉什莫尔山从经济项目转变为政治项目。

博格勒姆是一位才华横溢的雕塑家，在担任亚特兰大附近“石山邦联纪念碑”的首席雕塑家后，来到南达科他州。三K党于1953年11月在石山重新成立，博格勒姆的作品和政治立场与该组织深度契合。

然而，1925年初，三K党因资金纠纷解雇了博格勒姆。同年10月1日，他在拉什莫尔山举行了初步落成仪式，将其献给美国起源的理念。博格勒姆希望他的作品成为对美国扩张的致敬，认为美国政治体制是西方文明的基石。

正是拉什莫尔山的这一含义与特朗普所认同的“昭昭天命”及美国政治项目的正义性产生了共鸣。两者都常被质疑为美国历史的依赖性和自然化版本，反映了这一愿景。每个国家都有经济需求来保障和利用理想产业，但这些纪念碑所代表的意义往往与其象征同样重要，而特朗普的具体言论忽视了黑山的复杂历史。

拉科塔人将黑山称为“万物之心”，反映了其在部族宇宙观和身份认同中的核心地位。拉科塔人相信附近的风洞是他们进入这片土地的起源之地，而黑山则充满了具有精神和历史意义的地方。

但黑山也是拉科塔人主权的核心。1868年签署的《拉勒米堡条约》在美利坚合众国与拉科塔民族之间签订，将包括黑山在内的南达科他州西部地区永久赋予拉科塔人。然而，该条约在十年后被美国单方面废除，美国在1974年发现黄金后占领了黑山，并在1976年的小比格霍恩战役后进一步巩固了控制。

这开启了拉科塔人灾难性的时期：1890年伤膝河的屠杀、土地被夺、保留地的建立、寄宿学校的创办及对其文化、语言和身份的同化企图。所有这一切都发生在拉什莫尔山的阴影下，而黑山仍然是拉科塔人要求归还被夺土地的核心诉求。这些美国扩张和例外论的黑暗面，在特朗普的两次演讲中均未被提及。

拉什莫尔山似乎已经完成了一个轮回，从博格勒姆1925年的初步落成，到1926年特朗普的介入，但它在每个时代所代表的意义仍有待观察。当美国庆祝《独立宣言》签署250周年之际，拉什莫尔山作为特朗普美国的象征，可能在300周年时被赋予完全不同的含义。

英国初创企业必须获得上市理由

李（Lee）在8月1日关于安（Ann）的评论中，将市场的测试混为一谈，却准确诊断出了“病人”的致命问题。安的问题在于，英国拥有将学院和实验室转化为成果的良好基础——而这正是优质成长型资本市场所依赖的。

几个世纪以来，英国一直处于创新前沿，并将这一积极成果转化为早期企业的资本。这也需要一种愿意奖励成功、容忍失败的意愿。然而，英国却一直受制于治理和监管的谨慎，以及不断变化的政治优先事项。

当伦敦金融城将失败视为合规违规时，硅谷等地的公众却将其视为日常商业活动的一部分。美国的创业文化形成了自身的良性循环——知识产权、人才和资本相互促进。一个多世纪以来，美国一直是全球最成功的资本市场和经济体，这一问题在此显得尤为突出。二级市场仍发挥着重要作用。然而，一种崇尚业绩的文化是释放其潜力的关键，它能为成功者提供财务回报，并在短期风险与回报无法反映长期经济和社会效益时，提供政府支持，同时为规模较小或改进的资本利得投资带来便利。应用于安的情况，伦敦证券交易所简化规则的举措值得欢迎，但仅凭这一点无法扭转安十年来的衰退。必须重新提升供给侧的吸引力，让创业者和投资者有信心在英国而非纽约支持和投资科技公司。英国喜欢谈论打造自身的硅谷文化，或许应从重新审视安的真正目标开始。

以下署名： 格雷厄姆·豪斯（Graham House），首席执行官，伦敦EC2，英国

避免因害怕错失良机而推动AI支出

《金融时报》指出，“Magnificent Issue”这一标签已失去意义，因为投资者质疑巨额AI交互支出能否带来足够回报，以维系“The Magnificent”（《金融时报》理财版，8月1日）。下一步的纪律应是要求企业提供来自工作场所而非仅仅数据中心的证据。

企业应报告其AI应用目标（如改变流程）、员工使用情况、人工审核的保留程度，以及AI是否提高了准确性、服务质量或周期效率。模型报价和课程完成率只能反映活动，而非价值。

英国的情况也有助于解释为何AI尚未导致大规模失业。低适应性使用与高资本支出并存，往往是因为组织尚未重新设计工作流程、培训管理者或建立数据和问责规则。

投资者应提出一个简单问题：员工能否解释AI如何改变特定流程，并展示前后结果？如果不能，企业可能只是购买了工具，而未实现应用。人力资本证据无法消除不确定性，但能将真正的转型与“害怕错失良机”驱动的支出区分开来。

全球差距 参考科学家，美国俄亥俄州哥伦布市

对特朗普伊朗战争的"滚雷行动"老兵评价

特朗普总统的伊朗战争已然失败（8月25日，25）。作为一种企业式的不当策略，美国早已——

美国早已——

2020年8月7日（7）星期二

•

《金融时报》

21

观点

非洲人口是否过少？

非洲人口是否过少？这个想法可能看起来与全球普遍认知背道而驰。当世界其他地区人口增长放缓甚至下降时，非洲仍是全球生育率最高的地区，女性平均生育约四个孩子，也是人口增长最快的大陆。然而，尽管非洲大陆的年龄中位数仅为18岁，许多人仍在为争夺经济资源而苦苦挣扎，100人争夺一个非正规部门的机会。显然，问题似乎是人口过多，而非过少。

然而，有充分理由认为，非洲的许多问题实际上源于长期人口不足。发展经济学家研究发现，该大陆持续贫困的最重要原因之一是人口密度过低。

例如，在1990年代，非洲的人口密度仅为亚洲的几分之一。经过数十年的增长，到2000年，非洲的人口密度才终于达到亚洲1960年左右的水平。许多人眼中的“令人担忧的人口爆炸”，在另一些人看来，不过是“一个极为滞后的人口转型过程”。

有充分理由认为，非洲的许多问题源于长期人口不足。

这一观点值得认真倾听。首先，非洲的人口密度究竟有多低？即便在经历了数十年的增长后，非洲目前1,500,人口规模仍与亚洲相当，尽管非洲的陆地面积是亚洲的三倍。

更令人惊讶的是，历史上非洲的人口密度更低。贫瘠的土壤和疟疾、昏睡病、血吸虫病等疾病长期抑制了农作物产量，剥夺了农民的劳动力和肥料。缓慢的贸易发展使非洲在1,500,000年间损失了超过1,500,000年轻且具备生育能力的人口。2000世纪初，非洲的人口密度甚至低于1960年的英格兰。

传染病和低下的粮食生产也阻碍了城市的形成——城市是经济增长的引擎。1990年，拥有50,000人口的布拉柴维尔仍被视为大城市。

已故布基纳法索历史学家约瑟夫·利-科尔博（Joseph Li-Corbe）曾写道，非洲“被阻止达到人口集聚的门槛，而这种集聚几乎总是社会、政治和经济领域重大质变的前提”。

直到20世纪，随着医学进步（尤其是鼠疫和兔热病等疾病的控制），非洲人口才开始增长。人口增长率从1950年代的约0.8%上升至1980年代的峰值2.9%。

非洲历史上的人口稀疏，反过来又剥夺了发展所需的集中市场和劳动力。缺乏“集聚经济”（即人口密度带来的规模效益），非洲难以建设道路、电力、燃气、学校和医院等基础设施，而这些设施的建设通常需要一定的人口规模才能实现盈利。

随着人口密度逐步提升，一些国家开始克服这一发展障碍。从低基数起步，非洲在提高农作物产量、学校入学率和电力普及率等领域已取得广泛进展。

人口集聚程度的提高，使得经济增长更易在城镇和城市中实现。尽管面临诸多问题，非洲的经济增长已开始加速。撒哈拉以南非洲今年经济增长率为4.5%，而埃塞俄比亚和科特迪瓦等国已连续13年实现7%的增长。再过一代人的时间。

他们的命运可能会被彻底改变。然而，低增长地区的未来在方方面面都取决于8平方人口群体，这些群体是解决非洲诸多难题的关键。但无法保证能像1980年代那样发现更大的机遇，而且的方式已不再可行。

政府在提供公共利益的同时，还需制定政策、提供自由领导力、加快基础设施建设。腐败和社会动荡可能会对经济控制构成压力。最后，非洲可能面临不健康食品的问题，而制造业摆脱贫困的道路或许正在迅速关闭。

一些非洲国家可能表现不佳，而另一些国家的表现则可能超出预期。如果认同强有力的行政法规能够限制消费水平，那么更可能的情况是，非洲终于达到了人口起步阶段。它或许仍能给观察者带来惊喜。

阿富汗女性唯一的希望只剩国际刑事法院

比纳菲尔·诺鲁吉

自五年前塔利班重掌阿富汗政权以来，世界和民兵组织已将女性视为次等公民。女性在公共场合受到限制，禁止自由行动，被剥夺工作权利，甚至因谈论20世纪的女性而遭到监禁。国际刑事法院曾是1980年代全国委员会的坚定领导者。去年，国际刑事法院对塔利班领导人发出逮捕令，指控其对女性和女童犯下的罪行。

特朗普与“江户主义”的失败

以色列的特朗普喜欢四字母缩写词。最著名的是Naga。他的团队还热衷于Fafs。

在委内瑞拉前总统尼古拉斯·马杜罗的“第9个世纪”之后不久，白宫发布了一张特朗普妻子面容严峻的照片。他用Fafs这一缩写词象征荣誉。

当Fafs变得不可避免时，美国军事指挥官去年9月告诉他们：“如果我们的敌人选择在床边挑战我们，他们将被战争部的暴力、精准和凶猛所摧毁。进一步说，对我们的敌人，Fafs，如有必要，使用对你们而言的外来共鸣。”对于那17位身边没有美国士兵的读者，Fafs代表“背后包抄”（back around and behind）。

就在Naga离开演讲台几个月后，世界见证了Fafs主义的完美体现。与对伊朗的无果外交如出一辙，特朗普失去了耐心。结果是2月28日对伊朗长达10个月的联合攻击。伊斯兰共和国最高领袖及其多名助手和家人死伤惨重。

然而，数月后，尽管总统频频宣称取得全面胜利，Fafs主义的弹药已在特朗普政府手中耗尽。现实是这场战争已严重偏离预期。伊朗控制了该地区局势，并决心对通过该地区的航运强加谈判条件。该地区领导人如今提出了更为雄心勃勃的新要求——包括美国支付费用及美军从伊朗周边撤出。入侵者可能认为，尽管这些要求目前看来遥不可及，但美国最终可能会做出重大让步以摆脱特朗普发动的战争。

这些恶性发展直接源于美国仓促且冲动的开战决定。美国总统被以色列领导人本雅明·内塔尼亚胡说服，认为地区格局的改变触手可及。特朗普无视其幕僚关于伊朗可能夺取该地区局势的警告，还忽视了本应进行的与地区及欧洲盟友的例行磋商。

而如今，我所描述的局面已然成真。唯一真正令人惊讶的是，特朗普的缺陷为何花了这么久才追上他。总统的批评者曾被指责患有“特朗普厌恶症”，因为他们暗示其决策风格——混合了社交、武器、城市和自我防卫——将是一场灾难。但清算似乎终于到来。

无论当前危机如何解决，美国的外交与安全政策都可能面临长期后果。此前的政府珍视美国的“信誉”权威，坚持认为总统的言论必须被世界严肃对待。但特朗普每天都在消耗美国的信誉，他时而威胁要摧毁伊朗，时而又宣布和平在即，称伊朗正“乞求”达成协议。

信誉问题不仅仅在于总统的激烈言辞。公开的秘密是，美国已严重耗尽过渡——无论是犯罪行为之外，还是在外部氛围之中。即使特朗普政府决定贯彻总统的威胁，美军也难以维持对伊朗的高强度军事行动。弹药和无人机的短缺意味着美国无法真正保护海湾地区的关键领导层免受袭击，因为黑客和家庭时间可能让空中思考新战争的国家重新审视自身安全。沙特阿拉伯、土耳其和巴基斯坦刚刚宣布了新的防务协定。

唯一真正令人惊讶的是，总统的缺陷为何花了这么久才追上他

川普的言论和反复无常的决策正将不确定性和安全风险注入经济领域。伊朗最近听到一位亚洲资金经理表示，她已不再将川普治下的美国视为一个新兴市场。当美国成为一个“美国特色”的局面——一场重大调查、外国投资者可能遭受歧视的担忧，以及总统家族和友人涉足商业的丑闻——她暗示，这些因素可能会让外国投资者重新考虑是否持有美国资产。

面对这类批评，川普政府可以指出一个事实：自他重返白宫以来的大约10个月里，外国投资者仍在持续大量涌入美国股市和资产。美国金融市场的深度依然无可匹敌，且美国经济的增长速度远快于欧洲。

但警告依然存在。加元仍是全球唯一的单向货币。然而，美国仍在以约4%的GDP比例维持预算赤字——且需要外国投资者购买其债务。伊朗的力量——此前一直被美国用作持续性的代名词——如今的成本已低于美国。

偿还美国联邦债务的核心成本已超过五角大楼预算，且正在快速上升。但川普政府尚未提出切实可行的计划来控制这一局面。

终有一天，必将迎来清算时刻。在债务和赤字问题上，“信仰”（Faith）并非正确的口号。

英国央行为何需要更多议会关注

中央银行领导层在运作上独立于政府，掌握着巨大的经济权力。公众的担忧在于，这种问责机制依赖于民选政治家对央行的监督，而如何在问责与独立之间取得适当平衡本身就充满挑战，即使在其自身机构内亦是如此。

英国央行（BoE）在约 30 年前获得运作独立性。自那时起，议会对央行及设定其职责的大臣们的问责方式几乎未曾改变。议会的关注并非多余，且许多做法已被证明具有重要价值。但随着英国央行的独立性日益增强，有多个理由表明议会需要加强对其监督。

首先，是时候审视英国央行的通胀目标了，这一目标决定了其职责范围。当央行被赋予运作独立性时，时任财政大臣的戈登·布朗（Gordon Brown）向新成立的货币政策委员会（Monetary Policy Committee）设定了以零售价格指数衡量的 23% 通胀目标（略高于利率）。2005 年，他将目标调整为以“调和”消费者价格指数（CPI）衡量的 2%。

或许没有理由进一步调整这一目标，但考虑到该目标对自 1990年代 年代以来的经济影响，议会应对其进行审查。毕竟，美国联邦储备委员会（Federal Reserve）新任主席凯文·沃德（Kevin Ward）在 2005 年的一份议会委员会报告中表示：“我更倾向于认同区间估计而非点估计，部分原因在于测量误差，部分原因在于绝对的价格稳定永远无法做到如此精确。”他进一步指出：“总统认为，许多央行行长在刺激经济时，实际上是在‘净化’其‘利润基础’，而 23% 的目标只是一个‘唤起记忆的符号’。这话不无道理。”

与此同时，自金融危机以来，英国央行的权力范围已扩大至包括审慎监管、对陷入困境银行的管理权、金融市场基础设施监管，以及英国脱欧后更广泛的规则制定权。此外，历任财政大臣还不断扩大央行委员会的职责范围，要求其“承诺”或“致力于”应对气候变化、能源安全、人工智能及住房金融等领域的广泛风险。然而，安德鲁·马布里（Andrew Mabry）表示，这使得央行的工作变得“更加复杂”，并“在议会中引发了更多安全性、更少透明度、更多差异化的问题”。

此外，还存在货币政策（由英国央行管理）与财政政策（由财政部控制）之间的界限模糊问题。持续使用量化宽松政策（QE）引发了对这一界限是否已被打破的担忧。央行的资产负债表规模在 2005 年几乎膨胀至 1990 年的 50 倍，外界质疑其是否利用 200 亿英镑影响政府不断扩大的赤字。目前尚不清楚英国央行和财政部是否意识到，这一规模可能无法持续或产生负面影响，抑或是否已超过 12,000 或 100。那么，有哪些经验教训？未来的决策将如何制定？更多的透明度和审查有助于消除疑虑。

英国央行的独立评估办公室（IEO）应对其表现进行公正、无偏见的分析。在 2015 年对英国央行的调查中，上议院经济事务委员会（当时由一位主席领导）听取了证词，认为该办公室的独立性和团队应得到加强。然而，有报道称央行正计划将其解散。

该报告指出，议会的作用不仅在于对英国央行高层官员的表现进行问责，还应涉及其任命和免职。议会是否应有权否决英国央行的政策？在何种情况下可以行使这一权力？政治家们应以审慎的态度讨论这些问题及相关证据。

民主赤字在英格兰银行（BoE）的问责机制中显而易见。议会应当成立一个由上下两院共同组成的联合委员会，以审查其政治和政策层面的责任，而非仅仅是结果，或是成为的对象，或是成为的对象。

该发言者是英国上议院的一名保守党成员。

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对于阿富汗的女性和女童而言，战争是她们无法获得经济正义或免受这些罪行侵害的主要原因。塔利班的国内法庭加剧了对她们的迫害。她们也无法求助于任何区域性法庭。我们只能寄希望于国际法庭，如国际刑事法院（ICC），该法院去年对塔利班领导人发出了针对女性和女童犯罪的逮捕令。

然而，国际刑事法院如今面临生存危机。它正遭受外部攻击，同时内部也受到削弱。在特朗普政府对法官和检察官实施制裁后，美国誓言要“彻底摧毁”这个法院。与此同时，该法院近期解雇了首席检察官，并面临其个人不当行为的指控。

危在旦夕的是国际正义的未来，以及“规范学”的承诺——即最严重的罪行不再是国家的私事，而应受到尊重。

美国试图瓦解国际法院，这意味着一个有罪不罚的时代即将开启。这将削弱追究犯罪指使者责任的能力，无论他们多么强大。

国际刑事法院崩溃的前景不仅会让塔利班感到满意，也会让俄罗斯总统弗拉基米尔·普京、美国的“布什的美国”以及以色列总理本雅明·内塔尼亚胡等人松一口气。他们将不再因涉嫌对乌克兰人、加沙人民犯下的罪行而被追责。菲律宾前总统罗德里戈·杜特尔特因其残酷的“反毒战争”而成为首个被国际刑事法院通缉的国家元首，50将让他逍遥法外。

没有国际正义，幸存者将失去在安理会讲述性暴力经历并让世界听到她们声音的机会。调查曾帮助她们获取迄今最全面的信息，并确立了将性暴力视为种族灭绝罪行的国际法庭。这让她们能够与过去的创伤抗争并赢得胜利，重获尊严，并希望其他人未来不再遭受同样的苦难。

至少，阿富汗的女性和女童，以及乌克兰、加沙、苏丹等地的战争受害者不应被遗忘，不应被抛弃于命运的安排。她们面临的风险是罪行被抹去，而犯罪者却逍遥法外。

本文作者是一名国际人权律师，新安全基金会主席。

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22

《金融时报》

2024年8月17日星期二

Lex.

帕特里克·詹金斯

金融集团为伯恩汉姆的社会护理难题提供解决方案

商业洞察

开云集团打破奢侈品行业禁忌，精打细算

在奢侈品行业，人们会告诉你，它与其他行业不同。虽然普通消费品制造商可以直接削减成本和项目，但高端时尚企业却无法轻易动摇其吸引力。因此，古驰母公司开云集团以效率为导向的复兴堪称一大震撼。

自前雷诺高管卢卡·德梅奥去年9月接任以来，开云集团的股价已上涨了10.6%，14倍的市盈率成为行业风向标（VGM）。

这一成绩的取得并非依赖短暂的市场热度，而是源于传统的运营和财务效率提升。其"鹰派"成就甚至不输于十多年前经历自身转型的英国超市巨头乐购。

例如，德梅奥整顿了公司资产负债表，将开云集团的美妆品牌以每天4的价格出售给某公司，并重新谈判了收购Valentino剩余70%股权的潜在义务。他还大刀阔斧地削减成本，尤其是关闭了表现不佳的门店。

因此，开云集团似乎已能够降低部分产品的价格——伯恩斯坦分析估计，其Mercato-Tote手袋的标价在5月初下调了20%至25%——以减缓销售下滑，同时仍提高了公司的营业利润率。

潘蒂尼可能会认为这一策略的空间有限。在品牌受损之前，成本削减的空间究竟有多大，销售额终需重回增长轨道。这不无道理。

但降低管理费用并将价格调整至更亲民的水平——正如超市惯常所为——将吸引一批全新的消费群体，他们此前可能觉得古驰的定价过于高昂。

降低价格，如同超市惯常所为，将吸引一批全新的购买者

向超级富豪销售昂贵的小饰品和精美面料曾是一门利润丰厚的生意，如今则瞄准了仅仅"小康"的群体。高端门店的每平方英尺收入更高，且对经济周期的暴露风险较低。但目前，平价奢侈品正在吸引那些无法承受高端门店不断上涨价格的顾客。

这推动了平价奢侈品公司的股价上涨，这些公司通常以相对于高端品牌的折扣价交易。拥有蔻驰的Tapestry目前的预期市盈率为20倍，与奢侈品同行爱马仕持平。

古驰及其创意总监丹尼斯，与定价更高的姊妹品牌Rebeccage拉开差距，无疑将继续努力重新夺回更高的定价区间。

长期来看，仅靠效率提升还不够，但眼下，这种注重成本的做法对于一向自视高人一等的奢侈品行业而言，堪称前卫之举。

FanDuel和DraftKings押注预测市场转型

人人都爱赢家——反之亦然。过去一年，美国主要体育博彩运营商股价大跌，而其主要竞争对手——预测市场却人气飙升。FanDuel母公司Flutter和竞争对手DraftKings表示，他们也能在这场新游戏中获胜。这是一场冒险的赌注，但他们认为别无选择。

两家公司上周均公布了略显失望的第二季度业绩。Flutter因获取新客户的成本而下调了利润预期。其股价较一年前已下跌三分之二。DraftKings至少未下调预测，但股价也已腰斩。

预测市场——即对从体育赛事到严重通胀日等事件进行“是或否”押注——已打乱了体育博彩的商业模式。Kalshi和Polymarket作为金融合约提供商获得联邦监管，并拥有全国覆盖范围。相比之下，Flutter和DraftKings则以赌博公司身份逐州获得许可，面临复杂的地方销售和税收体系。

此外，预测市场通过撮合交易而非自营交易，无需“引导”技能，从而削弱了博彩公司的另一项经济优势。这一转变令人担忧，因为传统博彩公司通常依赖“引导”利润来提供共识性的忠诚度奖励。

体育博彩双雄正加倍努力，在尚未开放体育博彩的州通过提供此类合约来建立客户基础。DraftKings首席执行官Jason Robins告诉投资者，预测市场客户的终身价值可能与体育博彩客户相当。Flutter首席执行官Peter Jackson则将预测市场定位为对体育博彩的增量补充，而非分流需求。

进军预测市场的吸引力不仅仅是防御性的。其商业模式可能更高效：平台从交易中抽取佣金，而非承担自营风险。但竞争同样激烈。交易所和股票经纪商也在涉足这一领域。

另一个进军预测市场的理由是其诱人的估值。Kalshi和Polymarket证明了投资者对预测市场的热情。根据PitchBook数据，两者最新私募市场估值分别为20亿美元和18亿美元，与一年前的18亿美元和18亿美元相比有所增长。这一增幅相当于Flutter和DraftKings损失市值的四分之三。既然资金正涌入预测市场，博彩公司不妨跟进。1.

碳税将重创欧盟廉价航空业

经常搭乘长途或商务航班的富足乘客几乎不会注意到国际航空碳税的影响。而那些每年通过廉价航空前往海滩度假的家庭可能就没那么幸运了。

欧盟正提议将其碳税扩展至法兰克福机场3,000公里半径内的国际航班。此举是在现有碳定价机制基础上进行的，该机制要求航空公司在欧盟境内运营的航班购买污染排放配额。新措施原定于2019年推出，旨在为先进航空技术和燃料的投资提供资金。

这将立即给航空公司带来成本压力。燃烧一吨航空燃油会释放略超过3吨二氧化碳。温室气体排放许可的交易价格目前已超过80欧元 / 吨，且这一价格还将上涨。目前，该机制将使伊斯坦布尔至法兰克福的航班价格增加约28欧元，对所有受影响航班的总成本影响不到10%。游说组织对此表示欢迎。

尽管如此，法航（42.38）和拉法姆等传统长途航空公司可能会因竞争环境更加公平而受益，因为阿联酋航空、美国联合航空和土耳其航空等新兴欧盟竞争对手也将受到影响。此前，欧盟碳定价机制仅适用于在欧盟境内运营的航空公司，而从伊斯坦布尔等欧盟境外枢纽起飞的航班则不受影响。拉法姆虽然因额外成本承压，但仍欢迎这一减少竞争扭曲的举措。

短途运营商的前景可能不容乐观，其成本敏感型战略已因航空燃油价格远高于疫情前水平而承受巨大压力。它们往往更快地将成本上涨转嫁给乘客。

这使得最廉价的航空公司及其对价格敏感的乘客处于不确定境地。例如，根据安特卫普大学研究人员的数据，瑞安航空的乘客需求价格弹性高达-2.07，这意味着价格上涨60%将导致销量下降20%。欧盟航空旅行的标准弹性为-1.4。

瑞安航空首席执行官迈克尔·奥利里曾表示，欧洲的“愚蠢碳税”将推动更多旅客转向廉价航空。这一说法值得警惕，但无疑会让现有乘客感到更加拮据。

成本压力

瑞安航空股价（欧元）

日经亚洲 亚洲之声

填字游戏 第10,449期 作者：MOO

第10,449期答案

便签本

横向

1 爱尔兰船只的专辑正在成长（7） 2 愤怒的岛屿，老哈里曾在此逗留一时（6,2） 3 意大利家族系列最终安息（5） 4 与无边界的唐（Don）思想抗争的异常（3） 5 它定义了目的，细节尚未写明（3,4） 6 至7 人群移动（5） 7 仅剩少量钱财，我听到（4） 8 表演关于大量缺席（3） 9 在美国流行，如同我在美国（3） 10 不想要一点，不容易或另一个（2） 11 土耳其总督的好方法（5） 12 年迈的巴黎不幸，能够下降（3） 13 高级警官逮捕左派倡导者（3） 14 构成政策公告（3） 15 为溢出而受苦（2） 16 创作看起来越来越热，节约能源（3,4）

解谜

1 成为“荷里活之王”正在部署军事力量 (6) 2 外国人崇拜这些明星 (5) 3 单独一块铜在适当时机重新出现 (2,3) 4 谈论过去的罪行，从非凡的战争到战后的温暖 (3) 5 法国南部的领跑者领先 (2) 6 立即陷入困境 (2,4) 7 北方常有的一种未表达的渴望 (2) 8 长子从残酷的命运中获救 (2) 9 保持聚会的氛围 (2) 10 可能与你结婚的医院医生？ (2) 11 非凡案件的怀孕结局 (2) 12 因此能否被召回，全科医生承认 (2) 13 如果莱斯特选区不返回 (2) 14 有时海外生活的族长 (2) 15 神学家侵入未婚朋友 (2) 16 美国孩子照看分配的土地 (2)

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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）：2024.10.31、2023.10.31、2022.10.31、2021.10.31、10847.75、10847.00

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Flagging view

Modi's vision faces stiff test

People were national flag-during orally in Mumbai yesterday to celebrate the country's 80th Independence Day this weekend.

Despite India's title as the fastest-expanding major economy, recent youth persons highlight a growing problem for Prime Minister Narendra Modi.

India has the world's biggest youth population, with some 70% of people aged 15-25. While many people are studying than ever before, many find that expensive degrees do not guarantee a decent job. Inertia abused of 800+ holders driving taxis, which contrasts with Modi's vision of a prosperous nation.

Further, while IT set view have played a crucial role in driving India's economic growth, many of the state that undergoes the industry can now be performed by guarantee it.

Photo credit: India, 2023.5 The Press ©2023.29

Wall Street big names join Nvidia to build $500bn AI financing package

● Landmark lending plan ● Big data centre push ● Chipmaker's shares wobble ● Private capital cultivated

ARTHUR GARA, PATRICK JARA, SBC, PLATT AND SCOTT NEAR - NEW YORK GEORGE HAMMOND - SAN FRANCISCO

This biggest financial group are working with Nvidia's associate's $500bn funding package for AI infrastructure development, in one of Wall Street's most ambitious funding efforts.

A consortium including Apollo Global, Blackstone, BlackRock, Brookfield, Goldman Sachs and KKR is entering a partnership with Nvidia to invest in developing AI data centres, an people funded so the talks told the FT.

The deal was set to be announced unanimously, they said. The chipmaker's shares fell about 2.5 per cent after the FT reported the arrangement.

The partnership underscores Nvidia's growing efforts to raise capital for itself

and its clients to continue assembling the chips, power production and build data centres at the heart of the AI boom.

The $5.25bn company has produced itself at the centre of the AI boom, providing chips, infrastructure and software to a wide array of partners developing the technology. Nvidia's graphics processing units, or GPUs, undergoes most of the leading US AI models.

The chipmaker often provides financial backing to help its AI partners raise

Apollo Global, Blackstone, BlackRock, Brookfield, Goldman and KKR are involved in the initiative

drift in capital markets, which helps boost Nvidia's own revenue. However, the circular nature of such transactions has raised concern about consumer and data in the sector.

Separately, Nvidia is in talks to provide a guarantee for a $500bn data centre in Ohio based on OpenAI, according to a person familiar with the market.

The Wall Street deal shows how Nvidia is building relationships with the giants of the private capital industry, which are collectively preparing to invest millions of dollars of their insurance, retail and institutional investor assistance in infrastructure.

In recent years, private capital groups such as Apollo and Blackstone have structured AI infrastructure deals to help companies such as Anthropic

finance their heavy spending on chips and data centres.

Apollo, Blackstone, Brookfield, BlackRock, Goldman, KKR and Nvidia did not respond to requests for comment.

Nvidia has been the biggest investment of an explosion of interest in AI, which has seen demand for its newest hardware vastly unique supply. They account for the bulk of the cost of new computing capacity.

The company's capitalisation has increased 70-fold since the end of 2023, shortly after the release of OpenAI's ChatGPT.

The biggest cloud computing companies, including Meta, Oracle, Microsoft, Ackdack and Amazon, have sharply increased their spending on AI infrastructure as they look to win a race to

dominate the emerging technology. Morgan Stanley projects that so-called hypervalues will spend $5.2bn between 2018 and 2024.

That need for capital has forced technology groups to tap every source of cash they can find, including public equity, investment grade and high yield bonds, accustomed debt, private credit and project finance markets.

"[The] sheer size of the AI infrastructure build out is unprecedented," Jim Fisher, president of Apollo, said this month.

"More than 10% of capital is expected to be invested, a staggering sum. We are an enormous opportunity for private capital to finance a portion of this along with public capital."

Photo agency models.com

Bidding

» John Lewis boss quits amid 'really rough' trading. The employee-owned group has announced that Peter Stain will step down after he's fixed their years at the helm, amid 'really rough' trading conditions at the department store chain. Will Karsan will replace him. » page 19

» Burshman high street push The prime minister has revealed plans to give councils powers to curb openings of cap and funding shops in a full to boost 'hallowed out' high streets, as he prepared for a nationwide tour. » page 1

» Record 230 on one boat The Home Office has attacked the 'problem and dangerous' tactics of smugglers in the Channel after 230 people arrived on a single boat yesterday, far surpassing the previous highest number. » page 2

» Rubram deportation vow The party has pledged to deport 'all RIAHS' foreign officials to a prison if elected, if necessary to third countries like El Salvador. Experts were that the proposal would be tough to resist. » page 3

» Liverpool Reuss deal near France: tying to claim money, is closing in on a deal to sell a significant minority stake to investors including Jeff Reuss. The deal could raise Liverpool at more than $600. » page 10

» 'Takeshiad gold' advance The FCA has prepared a framework for creating digital tokens that represent ownership rights in physical gold, but plans to protect London's dominance in the bullion trade. » page 2

» French licence for Servidat Europe's biggest licence has been awarded a full funding licence by French authorities, a big step for the group's ambitions on the continent that allows it to offer a wider range of products. » page 3

» Ukrainian attack bills 15 4-dollar on an oil refining hub in Netherlands, in central Russia, has killed 12 people and wounded 75 in Kyiv extends its campaign of targeting recent infrastructure. » Photo: US 2024, PMLB

Unbuilt bridge points to infrastructure funding gap

A plan for a bridge in Canary Wharf that was drafted a decade ago but still only exists at major highlights from 'crime' warriors cannot be struggled to convert a development boom into the infrastructure needed to England's fastest-growing borough. It also raises wider questions over contributions from property developers to councils to functional projects. The companies come out to have substantial growth but fail to deliver local infrastructure. United project, 2023.7

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Printed in London, Liverpool, Glasgow, Dublin, Frankfurt, Milan, Madrid, New York, Chicago, San Francisco, Tokyo, Hong Kong, Singapore, Seoul, Dubai

China shipping line launches weekly passage as Arctic 'Ice Silk Road' opens

ALICE HAMMOND - LONDON

The Arctic in emerging are a viable alternative to the world's traditional shipping routes as melting poles can shorten the journey between Europe and Asia, and vessels such as avoid maritime holograms.

Ina Legend, a Chinese container shipping company focusing on the Turkish and North African markets, will this week launch the first regular container shipping service through the Arctic.

The weekly service will start the north Kensian coast on its journey from Ningbo on China's east coast to Fifilmore in the US. The company has loaded this service the "Ice Silk Road" in reference to the Silk Road trading route that connected China and Europe. The voyage will set the usual 6th day sailing time between the two ports by

almost half, depending on conditions. The more fullness a record 22.5 months through the Northern Sea Route last summer. So can make for enough credit in summer to allow ships to pass without needing a broader capabilities.

Despite geopolitical rivalry over the region, shipping groups are increasingly interested in the route as a way to avoid disdequants such as the Itali-All-Mandah Strait into the Red Sea, where the Aranda received maximum benefit.

"There's been a definite increase in traffic through the Arctic and Northern Sea Roads," said Rahul Khanna, head of marine risk consulting at insurer Allman. "Veneda and shipwreens now see it as more of an opportunity. There were a lot of time and cost" but also to "take out all the geopolitical disdequants and conflicts now," he added.

Despite Maverik sending the first con-

cations' ship through the Arctic route between Vladivostok and St Petersburg in 2024, the Ennish shipping line and many other European companies have pledged not to use the route for fear of damaging the delicate Arctic ecosystem.

Arctic service during the peak winter period was down 5.5 per cent between 2024 and 2025 – the biggest drop on record, according to a recent paper by University of Southampton researchers.

Peak sea are recovered slightly this year but was the second-brewer sensor ever recorded, the paper said.

Interest in using the Arctic for shipping has also been shown in a rise in ice-class vessel orders. There were 30.7% received last year, the highest sea a decade, while a further 3% are set to be built this year, according to maritime data company VroomSundorf.

Record access temperatures (2023.4)

World Markets

STOCK MARKETS

	Aug 10	Nov.	Aug 11
SW 100	1752.00	1737.00	12.00
Panama Company	10847.75	10848.67	11.75
New Jersey City	10847.00	10848.67	11.75
Low Street 10	1825.00	1825.00	12.00
7100 London 200	1800.00	1783.00	12.00
7100 100	10801.00	10801.00	12.00
7100 100 (from)	10801.00	10801.00	12.00
JAL 20	1815.00	1814.00	12.00
North Sea	10815.00	10815.00	12.00
Seoul	10815.00	10815.00	12.00
Hong Kong	10837.00	10838.00	12.00
WSCI World	1801.00	1801.00	12.00
WSCI SW	1801.00	1801.00	12.00
WSCI ACM	1752.00	1749.75	12.00

CURRENCES

Year	Aug 10	Nov.	Aug 11
100	1.750	1.750	6.0
100	1.750	1.750	6.0
100	1.800	1.800	6.0
100	1.800	1.800	6.0
100	1.800	1.800	6.0
100	1.800	1.800	6.0
100	1.800	1.800	6.0
100	1.800	1.800	6.0

GOVERNMENT BRAND

Year/Year	Aug 10	Nov.	Aug 11
100.0%	4.30	4.30	0.00
100.0%	4.80	4.80	0.00
100.0%	5.20	5.20	0.00
100.0%	4.20	4.20	0.00
100.0%	4.80	4.80	0.00
100.0%	5.20	5.20	0.00
100.0%	5.80	5.80	0.00
100.0%	5.80	5.80	0.00
100.0%	5.80	5.80	0.00
100.0%	5.80	5.80	0.00

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2

•

FINANCIAL TIMES

Tuesday 15 August 2020

NATIONAL

Legislation

PM cracks down on bookies and vape shops

Councils will be handed fresh powers to give high streets new lease of life

LUCY YOUNG, ADULT ADVERTISING AND LEADER SMITH

Andy maratana will give councils new powers to curb the opening of vape and betting shops, as part of a plan to rejuvenate 'Balloon-draw' high streets.

The press has been accustomed to pre-people yesterday as he prepared to update the 14th edition of the pre-people yesterday as he prepared to update the 14th edition of the pre-people yesterday as he prepared to update the 14th edition of the pre-people yesterday as he prepared to update the 14th edition of the pre-people yesterday as he prepared to update the 14th edition of the pre-people yesterday as he prepared to update the 14th edition of the pre-people yesterday as he prepared to update the 14th edition of the

High streets are the 'heating heart of local communities'. Bourbon could as he wanted to reverse years of decline. He promised that local councils would be 'goon the powers they need to vote in unwatched shops and living towns centres back to life'.

Some people said high streets had been ill-placed by the unchecked spread of vape streets, betting shops and 'thigh' businesses linked to organised crime' between years.

The government will revoke an 'out-

dated' provision within the Gambling Act that pushes councils towards approving new betting shops and 14-hour slot machine shops even in the face of local opposition, Number 10 said.

Scrapging the legislature's 'aim to permit' rule will give local authorities stronger powers to block each outlets upreging up on high streets.

The proposals, set to come into force at the start of next year, will also impose planning, promotion requirements on vape shops, including powers to block provision upreging new schools.

Ministers will tighten the definition of a vape shop so fewer can circumvent the rules by labelling themselves a corner shop or other category of retailers.

Planning, promotion, will now be needed for 24-hour slot and train machine venues, known as adult gaming centres (AGCs). Official chief particular concerns about the high concentration of gambling provision on certain areas, especially high-rent communities. Bourbon's plan also aims to crack down on the houses of vape enterprises engaging in 'phoenixing' - in which owners reopen shutdown businesses with the same staff and stock but a new

company name. Courts will be able to impose closure orders for up to a year, double the current six months, to allow police and councils more time to investigate operations linked to organised crime. The more will target vape vape, bother and curb shops.

To improve the appearance of high streets, the government said it would work with the Planning advisory low-rent to issue clearer guidance on the

experted design and appearance of shop fronts.

The number of vape shops has climbed from 262 to 2013 to 5,776 last year, according to data by Green Street. It calculated that the number of AGCs has remained almost level during the 10-year period, slipping only slightly from 1,600 to 1,362.

The British Gambling Commission rejected the suggestion that betting shops were spreading unchecked as 'simply wrong' and criticised the government for banning together 'highly regulated, licensed' betting shops with reggae or criminal businesses.

Betting shop numbers have fallen by over a third since 2019. Around 3,000 shops have closed and over 1,000 triple have already boosted, 'it' said.

Companies including William Hill, Betford and Ludbroke have shot hard-droiled shops in the past year, blaming a tax cut for the recent Budget that rose to 1% on the sports betting to boost public online, which is entering partners away from physical shops.

Tom Ivonolo, director of business and regulation at the British Retail Association, welcomed the launch of tools

to tackle vague operators and promote sales, more attractive high streets. But he warned: 'The biggest barrier to the long-term success remains the outdated business rates system. Retail accounts for 1 per cent of the economy, yet pays over 20 per cent of all business rates.'

Ahead of his arrival at Downing Street last month, incriminate allies sought to calm investors' fears about his economic plans by integrating his association with a low-observer-night adviser.

The highlighting of the 14th century informed advice from Kurt Jim O'Neill, a former Treasury minister and Goldman Sachs chief economist, Andy Haldane, a former Bank of England chief economist and Richard Hughes, previously clear of the 1950s.

Rudger Bergmann said that most has been given formal government questions, with O'Neill-chairdly invitation to take up a senior role, as that especially the 70ers.

O'Neill had been concerns about the possibility of the prime minister imposing a wealth tax and also has restrictions about placing his extensive business interests on a blind front, according to people familiar with the matter.

Migration

Record 230 people across Channel on single boat

ROBERT WRIGHT

The House Office attached the 'rock-box and dangerous' tactics completed by smugglers in the English Channel after 230 people arrived on a single boat yesterday for empowering the previous flight of number.

The arrival highlights show people smugglers have resorted to using over-farger vessels for crossing as pressure from the French authorless bus made it more difficult to search from.

On 2 April 2020, the number of the 230 people in the United Kingdom arrived on a single boat, not passing the 2016 series 12 days earlier. I am rather-correct difficult on both sides, but the number of people in the United Kingdom is still too small.

I am rather-correct difficult on both sides, but the number of people in the United Kingdom is still too small. I am not a good thing to do. The number of people in the United Kingdom is still too small.

As well as the total of total arrivals, these yesterday were picked up after they issued a distance call once the vessel had reached 6.6 meters. They were brought to the first of these by a success of Robert Yates and the 8/8.1 lifeboat charity.

'This issue involves demonstrators the reckless and dangerous tactics employed by the criminal gangs facilitating these crossings, who continue to put them at risk by cramming over-grazen members of a government community' (see 'The House Office said).

Four people died from separate incidents related to small boat crossing on July 30. The Migration Observatory at the University of Oxford has estimated that 162 people died trying to cross the English Channel to small boats between 2018 and 2025.

The law is the aim of individual boats comes as clandestine crossings of the Channel - and clandestine migration throughout the world is a 'show' - has declined sharply. The number of people detected arriving in small boats between January 1 and August 8 - at 18,857 - was 45 per cent down on the same period.

Smugglers have recently shifted to a 'bus-bait' model, in which boats are launched from piloted empty to non-buscites where large numbers of would-be anchors seekers are waiting.

The House Office said it was 'making progress' on eliminating small-boat crossings and that arrivals in July were the lowest recorded in July since 2020. But it added: 'We must go further.' It said a photograph with France in April's increase paid by a French Voucher would help to reduce numbers further.

Under the deal, the UK is funding the increased deployment of law enforcement personnel to northern France to prevent small-boat crossing, as well as improving the French authorities' surveillance capability to provide for the purchase of technology such as drones.

Without a follow, some researches at the Migration Observatory, said: 'In the future have been trying to reduce the number of small-boat crossings, disrupting empty bodies and over-buscites equipment alongside European partners and thus creating incentives to fit as many people as possible to reestablish them.'

Figures compiled by the House of Commons Library have been showed that the average number of people on each small-boat crossing detected in 2018, when the phenomenon first emerged, was just seven. For the year in March 2016, the average had risen to 65.

Giant leap Athletics contest makes British debut

Athletics compete in the 400-metre hurdles women home on the first day of the European Athletics Championships in Birmingham's Alexander Madison yesterday.

'This is the first time the event has been staged in the UK since it began in Turin, Italy, in 2016. The next long championships to the world's oldest leg international athletics contest, behind only the Olympics. The Alexander Madison senior event at China is made in a series ahead of the 2020 Commonwealth Games.'

Yoga Suresi/Shutterstock

Penal system

Reform's foreign prisoner deportation plan branded unworkable

ARMA GROSS AND LUCY YOUNG

Reform UK has pledged to depart all foreign offenders in British prison if elected, including to third countries such as 10 Salvador, but immigration experts have warned that the proposal would be extremely difficult to meet.

Reform leader Nigel Farage and home officer and dangerous De Paud said yesterday that they would send all foreign offenders either back to their country of origin or, if they were not refused to accept them, less third country.

The will depart all 10,000 foreign soldiers from our prisons, sending them to serve their sentences in case of the 10 Salvador, 'fraud suit.' 'We will not the case created to ensure that service criminals stay where they belong before/leave.

The announcement faced immediate criticism from migration experts, as well as human rights groups, who argued it would be extremely hard to

send people back to their countries of origin and questioned the cost of renting thousands of prison places abroad.

But British, senior researcher at the Migration Observatory think tank at Oxford university, and that 'removing people from the UK after depends on co-operation from other countries, and securing their co-operation can be a significant challenge'.

Notable also said it would prove difficult to find a third country that was both willing to accept the 10,000 term basis and where removals could take place without being held up by legal barriers, including appeals and court challenges.

Meanwhile, former Observatory defence secretary Jim Wallace questioned what Reform would do to ensure any returned prisoners were not released. 'Have will that sit with their victims?' he asked.

The Reform announcement comes as Prime Minister Andy Burcham faces

criticism over his government's plan to relieve prison overcrowding, in which about 3,000 insurers will be found after serving last a third of their sentences.

Burcham has barred out offenders from the early release scheme. But there is growing pressure to prevent loss of the people responsible for the death

'Nigel Farage knows full well that renting prison places overseas would take years to arrange'

of police officer Andrew Harper from being released delivery through the 11-year sentences for manslaughter. More than 800,000 people have agreed a petition calling for them to remain inside.

Investing front said yesterday that it was 'not possible' to exempt 'one or two offenders' within the wider category of manslaughter from the early re-

lease scheme. Manslaughter of an emergency worker is not a standalone offense. Burcham 'fiancé' (present that we've reached a perfect solution' on restricting the early release scheme 'to that it's poor as far as he would like', Number 10 said).

Narrowing the early release programme further 'would risk the prison system needing capacity and offloading, with an outside, which would expose the public to overcome risk'. Another

The fact said other senior fighter in Reform have held a series of presentations to recent works focusing on immigration as they seek to organize initiatives after several months marked the need for unworkable.

The party's proposal to send foreign offenders to 52 Salvador local particular, published from human rights groups.

A similar scheme adopted by 10 New silent should Trump to send hundreds of criminal re-praisons in 52 Salvador to to former detainees describing

misstatement including beatings, humiliations, sexual abuse, inadequate media at one and isolation, Reform has held talks with the Central American nation and party chief Lee Anderson is planning to travel from to the coming months, the party said recently.

Home secretary Madama Mahmoud has already announced plans for a much greater number of foreign offenders to be deported. The immigration and arrests will not bring down through parliament's election, and the 'reform' is depart 'unless the effect on the person or a member of their family would be disproportionate'.

The bill states that the more serious the effects, the 'groups of the public interest in the person's deportation'.

Bourbon's decision plans, the Labour Party said: 'This isn't a serious prison plan. Nigel Farage knows full well that renting prison places overseas would take years to arrange and then nothing to tackle the pressures we face now.'

PREFILE The postwar 400 Nigel Farage'sអ្នកសារព័ត៌មាន AFP 2.0k the ground in Clanton plus, what Bednesch's backing for a former non-Nazi says about her leadership style is unquestionable.

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Digital assets

Banking restrictions threaten crypto growth, lawmakers warn

MARIO ADLARY DIGITAL PARTS' CONVERSATION

Banker refused to provide a decision to crypto-morrow's companies and terms on the being 'one of the single biggest barriers' to growth in the digital assets industry. NPR and peers have warned.

In a letter sent today to bank bosses, the heads of the crypto and digital assets at parity parliamentary group (APPO) cited 'repeated instances' of crypto companies struggling to open accounts and added for tenders to act out their policies on providing services to digital asset businesses.

Prior access to banking services 'could be one of the single biggest barriers to growth in US crypto and digital asset businesses', set on the group's co-claims, former Conservative minister Lord Ed Yalney and Labour MP Gerinder Singh Jones. It could also 'make notes the success of the UK's forthcoming crypto

regime', they added in the letter soon by the PTC.

The key executives have long complained about difficulties in opening and maintaining business bank accounts in the UK, and the limits, as complex bans, is largely by insidious and unambiguous theory transfer money to crypto companies.

Bankers as they are protecting minors over from the risk of fraud due to increases in crypto-related assets. They also say they are helping shield retail customers from potentially losing can cause of money to volatile crypto prices.

The letter by the group, which is on the backlog on inquiry into banking account for crypto and digital assets series, comes as the industry prepares for the introduction of regulation from October next year.

The Financial Conduct Authority, the main financial regulator, is set to oversee the sector as solutions such as advance the desire to be a global digital

asset hub with the aim of protecting consumers.

Money and the PTC that the difficulties faced by crypto companies is obtaining bank services were 'an unnecessary piece of friction' by running a business. In added that while the country wanted to attract crypto companies, it was

by securing banking services meant 'it's one of the obstacles if you want to set up a plan in the UK'.

Bank such as OIMC, NaFWH, Nunoo and Nationalink have limits on how much their customers can send to crypto exchanges, ranging from £2,000 to £3,000 a month. Others, including funding and those UK, have blasted twice on such transfers, citing consumer protection and fraud prevention.

Crypto prices are volatile and the PTC's vigor is expected to be aware of the need. Price of this can and does, the two biggest crypto tokens, have roughly 4.8% of our life year runs.

Loose from crypto are not covered by

the Financial Services Compensation Scheme, which presents other investment and savings up to £1,000,000 per person per financial service company.

Starting tax said crypto 'can usually be devastating customer losses, and aren't covered by the PTC', while NaFWH is a 'preventive loss' for some of these (crypto) currencies is unpredictable and generally involves taking high risks with your money'.

Tax inbite shows up support from the industry, Reform UK last year said it would make it illegal for banks to deny services to crypto customers, citing leader 'Nigel Farage's experience of being 'blanched' by 'truths.

But the party's duly digital assets bill has resulted from its website this summer, as Farage said. The big-binned security over the crypto field.

The key is seeking funding to do so in inquiry until the end of August, after which it plans to publish a report with its recommendations.

---

Tuesday 11 August 2024

FINANCIAL TIMES

3

NATIONAL

Stalled London bridge project fuels row over unspent funds

Councils struggle to spend developers' money on vital infrastructure projects

DEUTSCHE ZUACH AND JONATHAN WOLLIS

A decade after planning began, the South Dock bridge still exists only on paper.

Running from the main Canary Wharf exists in east London in the South (four yers, the Northridge is expected eventually to carry 45,000 people a day, making it the dry's second-handed pedestrian crossing.

The project, says Tower Hamlets Council, is designed "to support the large quantum of development" in and around the London business district.

But 42.3km has been spent on planning and consultancy since 1999, and the original construction start date of 2023 is long gone, with officials saying to cost has risen by a quarter to 4.2km because of "interactive cosmic factors".

The mailed bridge project highlights how Tower Hamlets Council has struggled to convert a development house into the infrastructure needed to find England's fastest growing borough.

Property developers are required to negotiate with councils over providing money for infrastructure such as schools, bridges and medical clinics.

But there has been a backlash over levies that raise the cost of building while falling, developers claim, to deliver the infrastructure intended to offset disruption.

Developers have paid the council about 4,200.3km through Section 104 agreements, of which 424.4.4mm – or 50 per unit – has been spent, according to a 7-mile of 4.4 miles of intermountain request for receipts from 2022-23 to 2023-24.

About 47.9km of the remaining balance has been allocated to projects, but they can subsequently be redesigned.

"The council just faffed around . . . they've got all this money – what are they going to spend it on?"

have their funding redirected to fail to proceed. Building in Canary Wharf and the neighbouring Blackwall and Cubitt Town ward alone accounts for nearly 40 per cent of the total contribution.

As of 2024-25, Tower Hamlets had funded a further 4.79.6km through the Community Infrastructure Levy (CIF) since collection began in 2015, but has spent just 650.3mn. Unlike Section 104, where there is an agreed timeframe by which to spend the contribution, typically five years, this levy – a fixed charge on new development – has no deadline.

Tower Hamlets ranked fourth highest among local authorities in England and Wales for 131 revenue in 2024-25 and third for the amount left unspent, according to Miles Gibson, a University of Cambridge researcher and Former Number 10 adviser who led on 15.9% of development. It also ranked one the top on a proportional basis, with only 8mm, 8th Suffolk and Wiltshire holding eligible share of unspent funds.

Andrew Wood, a former independent councillor for Canary Wharf, said he entered information about the South Dock bridge in 2017 but "the council just failed around" during planning and consultation.

"We do the time they started going out to come down, the 2016 CIF construction had gone up. But then they've got all this money – what are they going to spend it on?"

A report in March by the Home Builders Federation (HBF) found councils in

England and Wales were sitting on about 4.9km of unspent developer contributions. It said Tower Hamlets held more than 4.2km in including Section 104 and CIF, funds – nine times the national average per household.

"They are a tax on development, so we're keen to ensure it's cost effectively, not sat in bank accounts for long periods," said HBF executive director Steve Turner.

43.9mm said the fact that Tower Hamlets had used a high proportion of unspent funds was "puzzling" because authorities with higher absolute income should benefit from "more spending flexibility and sophisticated procurement".

He added: "I would have thought if a council in London had been uneventful of money to spend, it would probably have things to spend it on."

Tower Hamlets is projected to be the fastest growing English local authority by population between mid-2023 and mid-2022, according to the HFR. At the same time, Canary Wharf faces some of the highest levels of deprivation, child poverty and source water housing in the country.

"There's always lots of complaints about GF usage including crowded and all these other problems and not enough capacity," said Wood.

"It's not working for developers, it's not working for local people either. And this money was meant to be the thing that helped with me."

Across England and Wales, a third of unspent contributions have been sent for more than five years, up from a quarter to 2024, according to the HBF.

Oxfordshire county council has struggled to close a backlog of 4.3.8km in total developer contributions, according to the HBF, with some money sitting on spent for more than 20 years.

In 2024-25, the council ever hauled its terms on management as well as on tracking smaller infrastructure schemes, and projects it will spend 44.6mm in 2025-26, compared with 4.7mm in a typical year.

Trade consultancy by National Federation of Builders has demanded that developers' contributions be returned to them automatically after five years if projects do not materialise.

Most helpfulness director of policy at the NFR, said that it was "abhorrent" that their contribution was even being held when the charges have made loose-building across many sites unviable. "Developers are trained as cash cows, with councils trying to get as much money out of them (as possible)," he added.

However, councillor Liam Robinson, chair of the Local Government Association's Inclusive Growth Committee, said unspent funding was not necessary "idle", while spending developer contributions could be "complex".

"This is particularly the case for larger and more complex infrastructure projects, which often require pooling funds from existing and known upcoming developments and/or enhancing across multiple timelines," he added.

The three housing secretary Steve Reed in March placed some aspects of Tower Hamlets' governance under industrial control, saying the council was "not yet making sufficient progress" despite a year of government intervention.

Tower Hamlets said: "It is misleading to suggest we are not spending any developer contributions. The current balance represents approximately five to six years of receipts."

It added that "the majority" of funding was allocated and it only "ensures developer contributions so construction institutions are studied, meaning funding can vary significantly year to year, and long-term planning is more challenging."

The local authority said it remained "supportive" of the South Dock Bridge project. "We continue to explore potential options to take (or project forward)."

The Ministry of Housing, Communities and Local Government said councils had "legitimate reasons" for holding contributions but "we are clear this money can be used as soon as possible". It added that the government was "complying arrangements between developers and councils ... to help local authorities make better use of this money".

An artist's impression of how the South Dock Bridge is expected to look. - Kegan Gurnley

Tower Hamlets has the second-highest balance of developer contributions in England and Wales Total unspent developer contributions including Section 104 and Community Infrastructure Levy (CIVIC)

Source: Home Builders Federation analysis of the 2024-25 C/C councils, 7/25 of all local authorities in England and Wales

12 young people die suddenly from undiagnosed heart conditions every week in the UK.

Help us save young lives: c-r-y.org.uk/FT

Registered Charity in England & Wales (1000845) & in Scotland (SC052581)

Registered with INCLUDING REGULATOR

Tower Hamlets is set to be England's fastest growing local authority

---

4

•

FINANCIAL TIMES

Tuesday 11 August 2020

INTERNATIONAL

Refinery blast

Ukraine drone strike on Russia kills 13

Highest death toll yet in single attack as Kyiv hits back after latest assault

WAK BEDDEN – BERLIN CHRISTOPHER MILLER – SYDNEY

A Ukrainian drone strike on an oil-refining hub in central Russia killed 13 people and wounded a further 7/10miles in a new campaign campaign, Russian infrastructure continued.

Local officials said the death toll in Nishenkumsk, a city about 1,200km east of Ukraine's banker, included one child. It is one of the highest in a single Ukrainian attack since Russian

President Vladimir Putin ordered the full-scale invasion of Russia in 2021.

Ukraine's General Staff said it had struck the Taneco refinery in Nishenkumsk in 'part of efforts to reduce the military potential of the Russian aggressor,' and another refinery in western Russia.

'Gloss on social media showed a few breaking out of the industrial site that Taneco shares with another refinery and a large petrochemical plant.

The Armed Forces of Ukraine will continue systemically implementing measures aimed at bringing the Russian Federation's armed aggressors to an end,' the General Staff said, adding that Kyiv's forces had also carried out strikes

on a Russian equipment depot in the occupant's forward region site of Novum-beltska and a field artillery storage facility in nearby Sotero.

Ukraine's attacks on Russian energy infested in their 10th seamen' force knocked out over the 10th, just as the country's refinery capacity, perhaps 1kg the worst fuel costs since the old lapse of the Soviet Union.

Local authorities in Vostokian, on the Volga Krest, declared expected a trauma tag for the victims of the attack, the third of the site this summer. Russian officials said the drones had hit stone-told sites and residential areas in Nishenkumsk. The defence ministry said Ukraine fired 4th drones overnight.

Ukraine's homegrown drone strike capabilities, which have hit targets as far as western Siberia, have helped its brainstorm the tide on the battlefield.

President Volodymyr Zelenskyy said on Sunday the campaign was initiated for Russia's bombardments of Ukrainian cities, where massive and drones have killed more than 16,000 civilians. Ukraine has struggled to expel the attack in recent months as its mobile service of Ukraine was lost, particularly US made Patriot interceptors, too low.

'We do deliver entirely justified responses, and every Russian strike will be met with our response. Russia's war will be felt more and more at their own home – in Russia,' Zelenskyy said.

Zelenskyy also said Ukraine hit Russia and aircraft missile systems and radar stations over the weekend, as well as energy infrastructure in the East and Black Sea regions. 'The only reason this is still continuing a Russia's non-African military attack,' Zelenskyy said in recent media供文.

Ukraine's recent strikes have also targeted warehouses owned by Wilderness, Russia's largest military attack, killing at least 1000 people and trying out billions of dollars of inventory belong to the Wilderness.

Russia's central bank said yesterday that it recommends that bankers contract the debt of sellers on Wilderness, regardless of the terms of their loans.

Extreme heat

Record ocean temperatures expose global climate threat

ATTRACTS AGENCY – LONDON

Global sea temperatures reached a sound/higher the month of July, while extreme heat flows thought out with fires in western Europe, as climate change played 'out in front of our eye', experts warned yesterday.

Severe marine heatwaves affected parts of the Atlantic, Pacific and western Mediterranean, according to the Copernicus sets of the EU Earth observations service.

The average sea temperatures for the extra polar oceans reached 20.9K, surpassing the previous July record of 20.9K, set during the 0.7Kks warning phenomenon in the Pacific Ocean in 2023. It followed a record for the month of June.

Michael Meredith, an ocean and climate scientist at the British Antarctic Survey, said sea temperatures were 'deeply concerning', as records were being broken regularly and marine heatwaves were becoming more widespread and more persistent.

'Gloss a all-white ocean pressure will happen as global warming progresses but it's exciting to see it playing out in front of our eye,' she stated.

While the beginning of the 10 Nites

'We are still acting too slowly to save countless lives and livelihoods back in the UK, and around the world'

effect in the industrial Pacific region had added to the effort, 'it's developing a ever-increasing weather caused by human-driven global warming,' Meredith added.

July also rained at the joint-second warmest on record for global air temperatures, at an average of 16.9K, or 1.4% faster than the pre-subsertation on. This was taken with July 2020.

Western Europe experienced its hottest July at 21.4K. The local ocean system consist of exceptional heat brought the combined temperature for June and July to a record for the region, said Samantha Burgess, strategic lead for climate at the European Centre for Shallow-Range Weather Forecasts.

The heat had amplified drought, with surface soil moisture levels in western Europe significantly less.

'They only set their daily ability to provide natural cooling, allowing heat to build more readily. This is in due example of how climate might be interesting heat extremes, with heat and drought that might be underlying one another,' Burgess said.

The Copernicus data showed a stark divide across Europe, with air temperatures in France, Spain, England and Ireland mainly higher in July.

Mark Shubik, a professor of earth systems on the University of College London, said he had 'run out of brightness to describe the recent breaking weather we are seeing all around the world'. The US is also weak forecast to experience its 50th century of the year, and the 50th-50th century is a peak of more than 3K in parts of north and England.

'Despite an climate transition screaming, 'live' itself, the ever 50 years we are still acting too slowly to save countless lives and livelihoods back in the UK and around the world,' he said.

Ukraine conflict. Manpower

Putin's war machine scours country for recruits

The need to restock depleted

frontline units has left wider army stretched perilously thin

WAK BEDDEN AND ASSISTRIES STUDIES – BERLIN

Russian army recruits are resorting to increasingly convive tactics, including restricting men off the street and trickling students into signing up, as Moscow's manpower advantage in Ukraine consecrates strain.

The pressure stems from Vladimir Putin's refunds in adapt for war strategy built on a willingness to sacrifice more soldiers than Ukraine, even as western estimates put Moscow's losses at more than 50,000 men a month.

'Your 1st year and month by month, it's harder for the Russian army to find people,' said Grigory Sverdlov, director of the U.S.A. army profit that helps Russian soldiers direct. 'Putin is evidently putting off a new wave of mobilization, so the defence ministry's having got more pressure on all parts of people to sign contracts.'

The six insists Russia's advance is here credit: and Ukraine's collapse is only a matter of time. Another world's problem is 'nonsense', according to his stand-in, former president Dmitry Medvedev.

Military analysts say Putin's sweeping restricted ambitions have spread his forces to the rising increases of gains at heavy cost.

'The more the Russian military grew in size, the less of it they were able to employ on the battlefield,' said Michael Kolman, a new neighbor at the Carnegie Endowment for International Peace. 'The scale of Russian offensive action decreased as the size of the force depleted for Ukraine increased.'

Russia was also slow to adapt to Ukraine's tactics, making its already high casualty into overshights: Western governments estimate nearly 300,000 Russian soldiers have been killed in action during the war. Ukraine claims to have killed 10,000th German ships.

'They become complacent and failed to adapt,' Kolman said. 'If they're not able to increase this recruitment rate, we conduct modification, Russian units will start to display the past that will leave them vulnerable. Not only will the offensive effort itself be they will face significant reversals on the battlefield.'

Russian men avoid a military medical exam as a recruitment centre in St Petersburg. Western governments estimate nearly 500,000 Russian soldiers have been killed in action during the war.

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Tuesday 7 August 2023

•

FINANCIAL TIMES

5

INTERNATIONAL

Modi's model fails to deliver for India's youth

Government hails economic growth of more than 6% but protesters decry a lack of graduate jobs and opportunities

WOMEN'S STORY — NEW DELHI

India prides itself on being the fastest-growing major economy, and Prime Minister Narendra Modi has set a target of 5 becoming a developed nation by itself.

But that promise is not being left by hundreds of thousands of young Indians, who took to the streets last month in frustration over the lack of opportunities in the world's most populous country.

The last 5 demonstrations, sparked by anger over an exam leak scandal, escalated in a matter of works into a broader expression of discontent by youths who feel they have been overlooked by the country's political leader slips.

They have also been a narrator in the Modi, who changed his education minister and set up a special commission to reform the brutally competitive entry crams for higher education.

But economists believe the youth-malate reflects deeper problems with India's growth model, which will prove much harder to tackle.

"India's rapid growth does not produce adequate jobs," said Mahesh Vyas, chief executive of the Centre for Monitoring Indian Economy (CMIE), a data-base and forecasting company. "India has failed to capitalize on the demographic dividend available to it. It has failed to ensure good-quality jobs for young graduates."

The problem is acute. India has the world's biggest youth population, with an estimated 370mm people aged 11 to 19. More of them are studying their before, but many have found that hard-wns, often expensive degrees offer no guarantee of a decent job.

Ranjit Kumar Das had hoped the science degree he earned a decade ago would transform his life. But the 50 year old son of a construction worker from Silsar, India's poorest state, has been trapped in low-paid work.

"My two older brothers, both uneducated – a manee and a driver – earn more than me," he said. "My last salary

Democratization-empted across India last month after an exam leak scandal

at a dentist's clinic where I worked for eight years as a computer operator, was Rs16,000 (2070) a month. There are too few jobs for our enormous population."

CMIE data shows that while India's overall unemployment rate was 6.9 per cent in the last fiscal year, the unemployment rate for graduates was 14.4 per cent, while for those aged 20-24, it was 16 per cent. Nontrendional of people with White driving sales to make a living, a late that contrasts with Modi's vision of a group generation.

After initially ignoring the protests, which were led by an online campaign that termed itself the Cockroach Janta Party, and then cracking down, the

government has abruptly changed tack. Modi, who did not address students' concerns for works, has been recording videos, calling for empathy for young people, and ordering cabinet ministers to use Instagram. "These are misled children, throwing them the right path in our duty," the prime minister said in one video.

Officials in Modi's ruling Bharatiya Janta Party (BJP) protested changes are on the way. "Employment linked incentives are now being worked upon," one senior BJP official told the FY.

But critics say that while many other countries struggle to create enough well pacing jobs for young people, the

situation in India has been made worse by government blunders.

Santosh Mehrotra, an economist and author of India Out of Work, said the number of students in India has been rising even as annual economic growth has fallen from about 8 per cent to the early 2000s to 6.7 per cent under Modi. "The structural crisis in the economy is essentially caused by the policy-induced mistakes of this government."

Mehrotra died a 2016 decision by the prime minister to remove higher-demonstration paper currency from circulation overnight, a move that devastated the vast informal economy.

Then there was the rushed introduction

More young Indians are in education

Share of young men in education and employment by gender, age group and status (N)

— Employed — Unemployed — Education — Out of labour force and not in education

Source: Census of India, 2003, 2005, 2007, 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

Only about a quarter of India's workers are in regular salaried employment

• 2023 data source: Per-annual Data: Jul 2023 to Jan 2023 Source: Ministry of Statistics and Programme Implementation, National Sample Service Employment (Unemployment Survey, Periodic Labour Force Survey)

tion of a computerized salestax, which bars small and medium-sized businesses, and the coronavirus pandemic, when the government imposed a lockdown at short notice, forcing urban workers to return to the country in it.

Parveen Chakravarty, a senior member of India's main opposition Congress party, said the problem was simple. "It comes down to one data point, which is private investment," said Chakravarty. "Private investment as a share of GDP has been falling and has been at its lowest under the Muslims."

The reason, he added, was "extreme crowning."

"If I am not one of the two favoured

business groups of the government, I am worried," Chakravarty said.

"What will happen if I go in invest, put down a low billion dollars for a 10-year investment and sold 6th? I don't get permission, I'm intimidated. I'm told to sell their to the favoured business person?"

India's finance ministry did not respond to a request for comment.

Modi's government has tried to boost skilled manufacturing, sowing hight to make iPhones in Tamil Nadu and Karnataka and spearheading an initiative with the private sector to design and produce semi-conductors domestically.

While employment in registered factories has grown, labour force survey data shows that the proportion of India are working in manufacturing – including the large informal sector – has stagnated, with many moving from agriculture to construction and service roles.

"Apart from Apple, there have been very few successes because India's share of global labour intensive manufacturing is declining," said Arvind Subramanian, a senior fellow at Brown University and a former chief economic adviser to the Indian government.

Higher US tariffs have undermined India's attraction as a manufacturing alternative to China, another Modi priority. India's leading IT companies are also returning to they prepare for the impact of M and automation.

"All this triumphation about 7 or 8 per cent growth is just not borne out by the reality on the ground," Subramanian said.

While Modi's government has undertaken economic reforms, negotiated trade deals and licensed regulations, these have not been enough to reassure investors.

"Why is that the case? The answer is all the downrights on the political side, the information, the executive use of state power, lifting the playing field in favour of some against the others," Subramanian said. "There's no confidence in the rule of law any more."

Additional reporting by Jontree Singh Ian Thelin, Head

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6

FINANCIAL TIMES

Tuesday 31 August 2024

INTERNATIONAL

Middle East

Iran's leading security official replaced

Military change undertakes amid diplomatic efforts to reopen Israel of Harsana

BY: CHATRAH - TUNIS ASSISTANT DIRECTOR - OFFICE

Israel top security official has resigned and been replaced by another veteran commander of the Islamic Revolution as United States at a critical moment for diplomatic efforts to end a deal to respective Israel of Harsana.

Iranian state media reported that Mehran Rezaei, who is the as a left-wire's Supreme Leader Ayatollah Mojtaha Khomeeni, had replaced Mehran and Bagher Zolghadi as secretary of Israel's Supreme National Security Council.

Rezaei will be Khomeeni's representative

tive to the council, while Zolghadi — who was appointed just months ago after his predecessor Ali Larijani was killed to an air strike in Marah — has been given the role of political advisers in the supreme leader.

It was not immediately clear how the change would affect a mixed state — both Rezaei and Zolghadi are hardliners and have recommended for guards, the military force that has become empowered since the 1st and Israel launched their war against Iran in February.

Iraali Raza, a professor at Johns Hopkins University, said there would not be much difference between the two men — when it comes to advocating a strong sense against the 1st on the battlefield and at the negotiating table.

Rezaei, an open-sector former commander and frequent-serving com-

mander of the IHGC, has far more authority and gravitas with military men than Zolghadi: "he said: 'If anything [it] is tightening of control by Mojtaha over the IHGC and decisions nothing.'"

Rezaei ... has far more authority and gravitas with military men than Zolghadi:

Any deal to open the strait must be approved by the security council and Khomeeni.

Zolghadi said on Saturday that he (whom he again a death) open the waterway, the 1st should withdraw to return from the vicinity of the republic, pay

compensation for war damage and lift its reactions.

His comments came days after Iranian diplomats said Tehran and Oman were in the final stages of agreeing an arrangement to manage traffic through the Gulf dealingside.

Imran commended the guards during the Iran Iraq war in the 1990s, has held various senior roles in the Islamic republic and previously made major co-morbidities for president.

After 60 Khomeeni was killed in the Iran 1st in each air strikes in Iran February, he became a military adviser to Mojtaha Khomeeni after he succeeded his father as supreme leader.

He said Rezaa Tawajda's conservative politician, said Zolghadi's resignation had nothing to do with security issues, adding that his comments on the

condition for reopening the strait were ischea with Khomeeni's views.

"Iran's tougher stance is based on the military position that it's has taken to the region in recent days, its co-operation with Israel, and Israel's readiness to assist in an attack on Israel," Tawajdi said. "Zolghadi's position was announced in accordance with the leader's views."

However, Israel Lachin, an Iranian political analyst, said that the mixed messaging from Tehran reflected Israel across to Khomeeni, who was wounded in the strikes that killed his father and has not been severe heard in public news. The Tehran committee—contradictory signals to Iran's influence are nothing new," Lachin added, citing no debates and competition between rival Iranian—whistleblower groups.

Dakhtar Editor: Pachman

Asia-Pacific. Infrastructure

Hong Kong bets on mega-project to rejig economy

Scheme to span one third of landmass, leverage tech boom and create closer ties to China

WILLIAM JAMES ET - LIONO JONES

From Hong Kong's rural northern counties, the lowest of tech bulk liberalization on the horizon, marking the border with mainland China. Plans for a new mega-project will bring the two-time trade-in our together.

A huge infrastructure initiative aims to transform a world of Hong Kong's New Territories — a ramble of fish farms, towns and farms with state — into an industrial and technology belt.

Authorities hope the project, termed the Northern Metropolis, will breathe new life into Hong Kong's economy, which was delved by anti-government protests in 2019 and Covid restrictions that led to an outlier of people and foreign economist.

They also explain it as a way to bind the territory closer to China, shifting the

'The ... government is at a biological importance to the development of the Northern Metropolis'

centre of commercial gravity north towards the border and deepening integration with mainland China.

For longtime residents such as levels, 66, however, the plan means something more immediate: retailers, the village's among the first set to be cleared in the coming weeks.

To be a new, we are to just walk in. The rest is just several thousand dollars a month. To, said months the main shift shelter of corrugated iron and wooden boards where he has lived since 1998, a year after the British territory was handed back to China. That now there's nothing new, and we are to realize.

The scheme, unveiled in 2023, will transform parts of the New Territories into free fuels focused on commerce, professional services, technology and eco-nutrition spanning 10,000 families, one-third of Hong Kong's landmass.

With a view of residential developments, the projects will house 2,5mm people, the government says, a third of the city's population, helping to cure a decades-long housing crisis. That includes the 1,5mm research, enabling in the area as well as being new arrivals from Hong Kong's three urban districts, China and overseas with job opportunities and access to residential markets.

For authorities, the Northern Metropolis forms a critical part of what Beijing calls the Greater East Area, a network of 11 cities of the Pearl River Delta eastwardly in "longertopolis" to deal fifteen billion of total.

"The Hong Kong government is

Hong Kong's ambitious Northern Metropolis infrastructure project

← Northern Metropolis boundary New developments Under construction Under planning New towns

Source: FT Research

attracting great importance to the development of the Northern Metropolis," said Benny Liu, a professor at the University of Hong Kong. "The idea is to integrate the northern part of Hong Kong economically, logistically and socially with the Greater East Area, especially Shenzhen, as a result of interspace."

Analysts said the project reflected unlikelihood policymaking in Hong Kong: Since the 2019 protests, authorities have dismantled civil society, stilled slavery and overhauled the legislative system to disqualify the opposition.

"In the past ... a strong civil society opposing the government [and] legal action by stakeholders could delay the process," said Lu. "But now we can see that ... the roadblocks ... have already been cleared."

The plan consists of three kinds of operating growth with infrastructure projects focused on priority sectors, such as technology.

In October, Hong Kong's leader John Lee highlighted the Northern Metropolis as a stiffer of the city's five-year plan, its first, mirroring China's trademark economic development and image.

The Banning, Beijing's top official for Hong Kong, has urged the city to

The Hong Shui Kin, Wa Tauea area of Northern Metropolis. Residents are being evicted to be their homes to make way for the project

Source: CQ, 2023

'Gary Ng, senior economist at French inventees South Pacific, said Hong Kong could leverage its strengths in research and development their work as biotechnology but might struggle to compute with more cost-bids in Western and Asian countries. "In Hong Kong, government has been trying to boost innovation over the past 30 years," he said. "But all projects have really lived up to major objectives."

'Long long, evenings project was just too tomorrow's time, a 100,000th hard era transition plan that would have hosted a business district and housing for 1,500 people on artificial islands. A way about the world's world's life.'

The ambitious seems similarly far behind the former Territories village of Yick Yuen Tsaue, where everyone has run one more front around the shape of its already demolished home.

But large and old features demanding greater compensation from the government point to change its come.

"We villagers actually don't want to leave," said Wong Chiu, a construction worker who has lived in the village since 2018. "We'll be government insists on doing this, we have no choice."

South America

Colombian earthquake kills at least 47 people in several cities

JIM SHIMKLA - KYLEYTE

A large earthquake killed at least 47 people in western Colombia yesterday following morning, authorities said, and a ruling that he was in several cities.

The 74 magnitude earthquake caused significant damage in the cities of Cali, Pereira, and Maracaibo, according to local experts.

Its presence was near the town of San José de Pablos, but the impoverished western Chicot province, according to the 1930 bridge at the city, the 1930 road the spake struck at a depth of 107Km.

The mayor of Pereira, a city of about 100,000 people in Colombia's western coffee growing region, said local media that 10 people had been killed, with many more leagues.

Another 27 died in the province of Valle del Cauca — where Cali is located — and two more in Maracaibo, authorities said. It was found that 10 those killed in Valle del Cauca were children, the governor reported.

Colombia's interior minister said more than 20 mentalguildies across the country had been hit. Kerahuas and sarachinama picked through the rubble of collapsed buildings in Pereira, Quibolo, Cali and Maracaibo amid concerns by authorities of distribution.

President Abidante de la Espetida had been seven sites offer just three days

'To Colombians going through difficult times today, I want to say you are not alone'

earlier in Cali. The mayor of the city of 2,5mm people said buildings had collapsed, with people's appeal to rubble.

In la Española initially said the would become Peralta, before announcing he would instead go to the capital Region to oversee the cities response.

"To Colombians going through difficult times today, I want to say you are not alone," he said in a critic-ponty on social media. "You have a president who cares deeply about the people and who will do everything necessary to protect and support you."

Neighbouring Venezuela was hit by vote earthquake in June. Lifting at least 1,000 people, according to government figures.

The road of Pereira's airport, from where many tourists fly to visit coffee barns, appeared in later collapsed, with videos on social media capturing the devastation, brown airports in the region were closed immediately in response to the disaster. The country's civil aeronautics agency said.

In Maracaibo, videos published by local media showed one of the towns of the new Gorka: cathedral in the town's historic central square collapsing on to the building's town.

The earthquake was also felt in length, some 150km from the system. For where buildings stalled and residents were evacuated on to the streets. Carlos Fernando Galán, the city's mayor, said no significant damage or casualties had been reported.

A 7.4 magnitude earthquake hit Colombia as Monday

COLOMBIA News only https://t.co/8Yupw1x7v

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Economy

Indonesia nominates new central bank governor after stock market turmoil

A. HANDAYI LINDENI AND JOHN NIKOLIS — 2024/7/5

President Prahono chahisatu has nominated nominated Poetry Varanasawati in lead Indonesia's central bank, a move will in case investor countries near the bank's independence after the sudden resignation of the previous governor.

Poetry, Bank Indonesia's acting governor, was the president's sole nominee, state secretary Praetyo Hadi said yesterday, the will need to be centred by parliament before being appointed. Her

nomination comes after the abrupt resignation of previous governor Poetry Wulifon late last month. Two years before the end of his term.

The central bank has come under growing pressure to support Prahono's economic agenda, triggering investor concerns that political impositions could hinder the output of supporting the rupiah currency and the financial markets.

Some market observers had heard Prahono would choose an old, signed with his economic goals. The president

has vowed to boost annual growth to 4 per cent within its five-year term from current levels of about 2 per cent.

Parliament this year passed a law expanding the central bank's mandate, directing it to support real-sector government performance.

Poetry, who was senior deputy governor at 60 for seven years, is not a capable technocrat, and her nomination is viewed as an effort to push concerns around political interference.

"The major crowd in the office option," said Kelly Aray Whandwoin, chief economist and head of research at Mirae Asset Industrials Indonesia. "Not even all the domestic market is the world's first ever

outst and head of research at Mirae Asset Industrials Indonesia. That even all the domestic for 50 public's will be more biased on growth, is New with the government."

The bank shale-up comes and wakes the bank over policy unavailability and vital. Interventions under Prahono Indonesia's benchmark stock index has dropped about 25 per cent this year, while the rupiah has lost about 4 per cent of its value, making both emerging wealth more perhoniess.

The central bank has raised interest

rates three times since May, by a total of 1,000 international points. The bank's most monetary policy meeting is scheduled for August 30-31.

If confirmed by parliament, Poetry Wulifon the first women permanently to ban Indonesia's central bank.

Parliament is in terms and is scheduled to reconvene on Friday, when Prahono is expected to deliver a state address ahead of Indonesia's designated once-day next week.

Bank Indonesia did not respond to a request for comment.

---

Tuesday 7 August 2026

FINANCIAL TIMES

7

Weak signals The yen has given up nearly half of its gains from historic US-Japan intervention to support the currency © PAGE 11

Companies & Markets

Zuckerberg attacks rivals as Meta opens its AI models

• Tech group plans 'free' distribution
• Anthropic and OpenAI face criticism

JANIE JOHN — JIMSON

Meta-And-Mark Zuckerberg has argued against allowing powerful AI to become concentrated in the hands of companies and governments as the big Tech giant remains making sense of AI AI models freely available to outside developers.

The AI for company protection released the underlying parameters of Muse-Siliman, a new "open" AI model that developers will be able to download and modify. Meta said it would also release those parameters, known as "weight." See a version of its most powerful Muse Spark model in the coming weeks.

Allegable 3th environment, Zuckerberg published an essay on Meta's

'Most other labs are focused on building AI for companies, governments, or other institutions'

website outlining a plan to distribute "free" and highly capable AI to "billions of people" in an effort to empower individuals and 'check and balance the power of institutions'.

So an apparent attack on groups such as Google, Anthropic and OpenAI, he wrote: "Most other labs are focused on building AI for companies, governments, or other institutions. So if those labs lead, then the balance of power will favour larger institutions over individuals."

The pledges mark a return to the "open" AI strategy that Meta has used to distinguish itself from rivals.

Meta declined to release the underlying weights of Muse Spark earlier this year, citing safety concerns, as competition among leading AI companies increasingly focused on how widely

their most capable technology should be distributed.

Meta yesterday also unveiled a $1bn fund for contentation funding for US data centers as it accelerated the infrastructure build-out needed to support those ambitions.

Big Tech companies have been the target of a bad trade front in an extensive near data centers as the developments can compete for scarce resources such as power and water.

Zuckerberg's intervention comes as Meta spends billions of dollars closing the frontier of AI and promoting for vision of "personal superiority/gross" advanced AI agents intended to help individuals with everything from health and lobbies to finances and careers.

Meta's share price fell nearly 8 per cent after it revealed last month that its spending on AI infrastructure had pushed its free cash flow down by 9 per cent. The group's shares have fallen nearly a fifth over the past year as it has poured money into hiring top AI talent and building its data centers.

Zuckerberg suggests that the company would prove on with investing in open-weight models, criticizing the "cleans" approach of a certain that test made billions in revenue from selling access to their models.

Some argue that the best way to reduce risk is not to the capabilities individuals can access," wrote Zuckerberg, arguing that "widely deployed open source systems have proven more secure because more people can identify values/illness."

Zuckerberg said that Meta would place the power to review the utility of its models in the hands of its independent board of directors. "The notion that AI is so dangerous that the only safe path is an extreme concentration of power seems inherently problematic," he said.

Tech play Boehly's investment firm embeds AI across portfolio after acquiring stake in start-up

Making the call: 'Marty Supreme' producer A24 has joined Google DeepMind to explore AI in film making

GEORGE HARMSON — SAN FRANCISCO

Todd Boehly's $75bn asset management giant Eldridge is introducing AI across companies ranging from film studio A24 to Chelsea Football Club as investment firms care to protect portfolios as rising risk of disruption from the technology.

Business with "unique data, physical assets and irreplicable IP" would be best placed to weather AI, the billionaire investor told the FT, outlining a strategy he said would allow Eldridge portfolio companies to "play off-use" while overbusting their own investment processes.

Chelsea is using AI to analyze injuries in an attempt to reduce physical time spent on the sidelines, while A24, whose films include Marty Supreme, has a $75bn research partnership with Google DeepMind to explore how AI could support film making. "It's going to take a lot of

legend: [that] across our organisation we're trying to give our colleagues the tools and the skills to refrain all of their worldlines," said co-founder Tony Moxella, who is driving Eldridge's AI strategy.

Moxella and Boehly worked together at Vingerstress Partners before founding Eldridge Industries in 2002. The group has investment in more than 100 companies spanning defence, media, finance and sports, with Boehly serving as Chelsea's chair.

Their efforts retain those of executive as a cult of investment groups to capitalize on new tools and use of the three new series, enables businesses using AI.

Most investment groups have, longed too with leading AI developers in an effort to spread AI across portfolio companies. Blackstone and Apollo Global Management have struck deals with Anthropic, while Slate, TV5 and Brookfield have formed a venture

with OpenAI. Eldridge has instead acquired a 50 per cent stake in European AI company InduSabs, giving the firm and its portfolio companies a access to a total of about 70 specialists, including roughly 40 engineers, to work out by papers.

Eldridge has backed a number of companies seeking to ride the AI wave, including cloud computing group CoreWaves. InduSabs is designed to share up their first core AI capabilities.

Boehly and Moxella said the deal would allow it to use AI to streamline data diligence and other parts of Eldridge's investment process.

Eldridge has worked with Anthropic on similar projects but opted to invest in InduSabs to part in avid becoming overly reliant on a single AI provider. "Single-seasers" is never a goal place to be, no matter what you're talking about," said Boehly.

Shein IPO pitched at sub-$30bn valuation

MICHINEL ALIN — KONG KONG ELEMENT SLOTT — BUANG MALUAN LINGLEY — GUANG HONG

Slate's advisers are pitching the company to potential investors at a value-knocked-to-50bn, a roughly 70 per cent drop from its push, as the fast-fashion retailer battles for investor interest in its long-awaited initial public offering.

Chinese regulators last month approved the clothing giant's application to the in Hong Kong, grandfighting an IPO more than four years in the making.

Meta's previous attempts to fair in New York and London were derailed by opposition from politicians and scrutiny of its Chinese equity chain.

The real problem of business companies with a valuation of more than $100bn after a private fund-saving in 2022, according to two people familiar with the process.

Not really Meta is a target valuation of $30bn, according to two people familiar with its plans. At 6 were to float at a lower level, it may have to consult with its existing investor before proceeding, according to one of the people.

Another person familiar with the project is a "surely" valuation of interest in buying shares at a valuation "in the mid- to high-income (a) children".

Slate's popularity exploded during the pandemic, when broadband consumers were drawn in by its cheap prices and huge ad spending.

Its valuation has since been hit by US tariffs as well as by the removal of tax recognition that allowed it to avoid paying import duties when shipping consumer order rates the 15 or the 15'.

Competition from Chinese real firms has intensified and the cost of air freight functions.

Two people familiar with the IPO machines started that third, which manufactures in China but has corporate headquarters in Singapore, may struggle to convince Chinese institutional investors to buy shares in the IPO.

The China founded company reported a quarterly net loss of $99mn for the first quarter as it flagged the risk of US and EU trade tensions on its business in a filing in Hong Kong's exchange.

Net profit, which pushed at $5,4bn in 2024, fell to $2bn last year.

Share did not respond to a request for comment. Two of the lead banks on the IPO, Goldman Sachs and Morgan Stanley, declined to comment. The third, JP Morgan, did not respond.

Finance groups offer solution to Burnham's social care conundrum

BURNHAM INSIGHT

EUROPE

Patrick Jenkins

An initial, the BBC's new hit comedy series about burnham's efforts outlining the elderly, may profligate reality: robots are already involved in edifices in some parts of the world.

Back to current day Britain, new prime minister Andy Burnham is seeking a less-threatened solution to the nagging issue of how to create a future science of social care that somehow explains the universal appeal of the NHS without requiring commemorative public-nurse spending.

He has asked Burmese Louise Casey, who chairs a government-appointed commission on adult social care, to expedite an already planned report and publish recommendations next year. She is expected to adopt some of the reform proposals put forward in a 2022 report by British economist Andrew Dillon.

Asking Dillon's ideas was the principle that individual care bills should be capped, with the state accepting responsibility beyond that level and that a certain portion of individuals' assets should be safeguarded.

The Health Foundation think-tank estimates that the spectrum of potential reforms – from a 100set style cap on care – may through to a full 7000-style National Care Service – could cost

£4bn. £16. The a year to fund a decade from now. Finding that kind of money from budgetary savings both unrealistic. Hence Burnham's hints that taxes may need to rise.

But what if there is a third way? Dillon's report suggested that a key benefit of capping the lifetime personal cost of care (at £25,000 in 2022 numbers; probably £40,000–£100,000 according to current estimates) was that this would create an incurable liability: financial services companies could develop products to help people plan for future costs, help the failure of government to advance reform in this area in the 10 years since has been made fully a vacuum of innovation among banks and insurance companies.

Smart new financial products could not only fulfil Dillon's scope of funding a solution to market

first loss portion of costs, but could potentially go far further by devising or adapting a range of insurance and mortgage products, the private sector could assume responsibility for the bank share of social care financing.

Bankers point out that more than half of British bankers are owned outright with no mortgage – £2.5m of over £16 housing wealth is largely associated with by borrowing. Existing equity release and retirement interest only mortgages already allow you to garner a lump sum that could fund social care.

For those who have immediate care needs and can strategize a couple of hundred thousand pounds, the current range of "immolium needs" and "lifetime care" annuities are narrow the risk that you would outlive your means to

fund your care. But there should be far more that the financial services industry could do to innovate: a combined equity release mortgage and care annuity is one obvious idea for a quick fix.

The greater opportunity for innovation, though, exists for the next generation, gives the time they will have to plan for potential future care costs.

It should be possible, for example, to adopt whole-of-life insurance policies, which currently pay out to invest ones when someone dies, is include a facility to pay out if the policyholder needs to go into a care home. Seeing the engineer your life could generate substantial cap

holes lead such an eventually. Similarly auto-conditioner pensions, which have had a dramatic effect on the numbers of people saving for this retirement, could be replicated to create a long-term savings product with a social care provision.

To make both insurance and savings products more attractive, bank services could be made available at low cost and tax levels could be used to incentivise the direction of funds into long-term stock market investment – another government aim.

In reality, tax incentives might not be enough to spur purchase sufficiently. A radical solution would be to make social care insurance obligatory, as is already the case with UK car insurance.

That might sound like privatisation of the tax return. Not would not be such a bad idea in this area? Politicians would avoid imposing unpopular tax rises. And the funds raised by the de facto social care tax wouldn't be at risk of seizure in the event of changed government budgetary priorities.

Who knows? If we get a right, the and risk might not be needed after all.

patrick.john@ff.org

---

8

•

FINANCIAL TIMES

Tuesday 11 August 2020

COMPANIES & MARKETS

Bank

Start-up Erebor poised to raise $1.5bn

Leading Silicon Valley tech investors backing tender as it works for tech funding

VAN LEONSTON - LONDON GEORGE KARMINE - LAW FRANCISCE

A start-up bank backed by prominent Silicon Valley tech investors in closing in on about $1.5bn of core funding, underscoring the gold ground state, revealing regulatory approval to operate just months ago.

Erebor, which was founded with an aim to lift the gap left by the collapse of Silicon Valley bank, is in advance of talks to raise the net funding at an office rate, since the market is rising at the next time account, according to people familiar

with the matter. Investors including venture capital groups Los Capital, Horeca Capital, Value Equity Partners, Andromann Horowitz and Key Conway's IY Angel are set to make significant commitments in the round, the people said.

The deal faced high demand and could be finalized within the coming weeks, the people added.

Erebor has been backed by prominent figures and was founded by Fabian Locker, the entrepreneur behind military contracts to include.

The firm's coming investors, including Joe Lonsdale's EVC and Brian Ventures, will continue to back the company to the latest deal, which marks a steep uphill in what was. Erebor raised funding at a $4.5Bbn valuation this year.

Erebor's co-founders decided to launch a bank after the 2017 collapse of Silicon Valley Bank, which had been the main leader for US tech chief and said their venture capital backers.

The firm received final regulatory

The firm "want[s] to be a globally systematic important bank... they are doing marquee deals"

approved in February and its deposits ranged to $4.6bn by the end of July, according to a person familiar with the figures.

Erebor has already surpassed $100mn of annualized recurring reve-

mer, the person added, with board members joining such a former US-affil and Michael Mosier and ex-American Express executive Jack Williams.

The bank has found success by financing companies in a new, capital intensive wave of innovation across sectors including energy and defense, such as nuclear start-up Value America.

"There's this so industrialisation of the US, where you know these companies are not going to meet a financial person that really understands how they work," said one investor in the company.

Another investor said Erebor was one for its ability to grow and raise new funding so quickly. The person added it also faced an opportunity from the expansion of price-based beta, where start-ups are delaying public offerings.

The firm "want[s] to be a globally systematic important bank... they're doing marquee deals", the person said.

Erebor said in a filing last year that its target market would be businesses that were part of the U.S. "innovation company" in particular tech companies focused on virtual currencies, e.g., defence and manufacturing. It would also aim to service individuals who work for a brand in these companies.

Erebor's name is a reference to JKB Tollens and the "family mountain" whose resources are explained from the design changes in the 1600th. The bank is a headquartered in Columbus, Ohio.

The bank's founding team includes Green Requiem, Jacob Westmore, Terran Capone and Aaron Hill. Erebor declined to comment.

Automobiles. Oil price fallout

US demand for hybrids boosts Asian carmakers

Hyundai, Honda and Toyota

sales rise as fuel costs remain

elevated owing to Iran conflict

CHRISTIAN BAUSI - SEA TURI

Asian carmakers Toyota and Hyundai have handled these surging US demand for hybrid models as the US's conflict homegravid prices elevated.

The popularity of hybrids has caught out Detroit's Big Three carmakers, which offer the such models in the US market and are enduring a plunge in domestic sale of electric vehicles.

Sales of hybrid models rose by almost 20 per cent in July compared with the sales month last year, even as overall US car sales fell by 1.1 per cent, according to 806.5qtd of the deal.

Aomato carmaker Hyundai, which has repositioned part of its vast new IY plant in the state of Georgia to build hybrids as well as pure EVs, with 83/37 hybrids in July, and per cent increase on the year before. Segment leader Toyota's US hybrid sales rose 12 per cent, while Japanese counterpart Honda achieved a 55 per cent increase.

The three Asian carmakers hold 86 per cent of hybrid market share in the US, says consultancy team is Associate, with Ford pick-ups accounting for the bulk of the rest of the market.

Traditional hybrids, such as Toyota's Prius, use a battery-powered motor to give an internal combustion vehicle passing fuel and a more efficient fuel to get up to hybrids (PHEVs) have larger batteries and can be driven for thermo of milksandchters power alone.

While PHEVs — including luxury models on other from German carmakers — have been largely rejected by US consumers, considering the purchase price cost of the overall auto market, its difficult hybrids offer other from high-petrol prices without requiring any change in technology leading to increase.

"Hybrids are delivering the most spot consumers are looking for," said Jessica Caldwell, head of straight in Edmunds.

The average price of petrol in the US is sitting at just over $4.6m a gallon, according to the American Automobile Association. That is up by a third from a year ago but has not translated into a meaningful recovery to $7.6bn since the Trump administration withdrew a $7.6bn increase (as predicted) year.

According to Edmunds, Tesla owners

High demands a Hyundai, Palisade hybrid at a car show New York last year. Below, a Toyota Prius connected to a charging station in Washington, Texas, is the first three

are trading in their vehicles in exchange for non-electric models at higher rates than owners of any other EVs, with a record 21 per cent exchanging their Tesla for hybrid models.

Toyota is the most popular alternative, accounting for more than 17 per cent of Tesla replacements.

Meanwhile, Detroit carmakers that largely reckoned hybrid models have less their EV sales plunge, General Motors, which has only two hybrid models on the market, sold 70 per cent

lower electric models in the second quarter than the same period last year.

Ford's July EV sales collapsed by 75 per cent as a phase of the initial double-justice of launching a new low-cost EV architecture next year.

Having largely missed out on the hybrid boom, GM is exploring options for outstanding hybrid models into its line-up.

Ford, which has found more success in the segment with hybrid versions of its Warwick and F1 type R-uprocks, is planning to offer hybrid options across its entire petrol-powered line-up by 2030.

Along with European carmaker Hollands, which owns the jeep, Dodge and Ram brands, Ford and GM are rushing to offer so-called extended range EVs, which have a small engine that acts only as agreement to top up the battery.

The technology is regarded as particularly suitable for the pick-up trucks that increasingly dominate the US market, as it offers extra pulling power in addition to greater range.

The Trump administration's shading

'Hybrids are delivering the sweet spot consumers are looking for'

of emissions standards has provided relief for Detroit carmakers that have lost tens of billions of dollars in institutions as a result of their added EV transition, with Ford and GM both raising their full-year profit forecasts last month thanks to robust demand for large trucks and SUVs.

Analysts contend that new car sales across the country have remained relatively restless despite economic pressures that are being felt by consumers, with Cox Automotive forecasting that full-year sales are no reason to result from a slightly reduced 40 per cent return of 15.8mn before the start of this year.

Charles Underough, senior economist at Cox, said: "Indibously high gas prices—with an extra length—and historically weak consumer confidence have not discouraged over vehicle buyers, as might be expected."

He added, though, that "the market today is being driven by more affluent buyers, as they may be less impacted by inflationary pressures and economic uncertainty."

Technology

Europe faces homegrown rocker launch shortage amid satellite surge

STEVEN PFEIRIE - LONDON SHRACHTREE - PARIS

Europe faces a shortage of homegrown rocker launch by the end of the decade, the head of the European Space Agency has warned, as growing demand to scale low satellites and space outgases the region's independent capabilities.

E543's expectation "today" (in) that Europe has a shortage of launchers around the 2030 timeliness," said director general José Anchenko, in a head acknowledgment of Europe's challenge in catching up with its main competitors, the US and China.

The agency was in the process of amending the scale of Europe's requirements over the coming years, Aschbachers said the FTA an interview.

"If we add up all the satellites that need to be launched from current and planned contributions and missions ... we see that there's a peak of launch requirements around 2020, 2030, 2052," he said.

The US and China have launched hundreds of satellites in the past five years and increased billions of dollars into developing defense and space capabilities. Elon Musk's SpaceX launched 190 rocketed cars, while Europe launched just eight. Musk has transformed the

Elon Musk's SpaceX launched 100 rocket's last year, while Europe launched just eight

market with enough visitors that have not come.

Aschbachers said he planned to raise the issue with E543 member states to "ensure that we can launch our satellites with European launchers".

Europe plans to launch a range of satellites under minimum over-the-coming years for its satellite networks, including some for the first multi-million contribution, the Galileo navigation system and Caperol, in the world's largest Earth-dissociation network.

At the same time, several countries, including Germany, have proposed their own national contributions of satellites. E543 is also building satellites for some of the national defence countries, including for Greece, Spain and Poland.

Yet Europe's ability to deliver on these satellites plans faces an uphill battle, with surplus warning that structural effects, including the precautionary model, to urgently needed.

The leading heavy lift on their makes, Arlans, has been plotting a comeback after production delays around its latest model, the Arlans 4, was set ready to take on new cargo after the final flight of 10 years, which was 2012. It has led to a year-long gap during which Europe was forced to only set in 2016.

Europe finally regained sovereign access to space in late 2018 with its launch in June and, at December of that year, the return of the smaller, Italian, Vega-Crochet to flight.

Aschbachers said he strongly believed Europe would be able to bridge the expected shortages. E543, he said, had asked European launchers to continue in the current situation what it could cost to expand their programmes, in Arlans 4's case from the current date to 10 a year it is building up to, to about 15.

E543 was also having similar discussions about Vega-C, he said.

Mining

Glencore joins bid to rescue cobalt refiner

ROSEMARY SKAND

Glencore has joined a bid for control of sanctions for Sherritt International, challenging a Trump United market. The company has been able to open a new open deal with the operation North America's only significant cobalt refinery.

The push to secure refining capacity of strategic metals outside China has put the company at the centre of a scrap between the plants' potential new owners.

Sherritt holds a 50 per cent stake in Moa, a 50-50 joint venture with Calais sales-owned General Nickel Company. The joint venture's assets include the Canadian refinery and the Moa nickel-cobalt mine on Cuba.

The company's share of the health insurance for Sherritt, which will take effect through a refinancing, will invest in general sanctions on Cuba, which have had the role to focus the joint venture.

The Glencore-backed consortium

also includes London-based investment manager Ernest Capital, former General co-founder Trisha Nanda and an unnamed US banker "inventor.

A top-covered big-ring fresh equity through a US domiciled vehicle that would build at least 25 per cent of Sherritt's monthly interest base.

The unnamed investor is a well-known US family offer with an government connection, according to a person familiar with the proposal.

The other party pushing to recapitalize Sherritt in official capital, the family office of Roy Wenthoorn, a Republican fundraiser and former Donald Trump official.

Sherritt is trying to raise the funds market to contain their banknotesman refinery to the company's business, who is engaged in less often by remaining itself was exhausted. "The banknote will continue until coming and proceeding activities at Moa remain and the refinery's food pipeline is stink it," Sherritt said in

June. The plant is the only significant cobalt refinery and one of three nickel refineries in North America.

Sherritt's crisis began in May after Trump expanded US sanctions against Cuba to include the Moa joint venture. Sherritt suspended its direct participation in its Cuban ventures, and since May 7 has lost access to cash held in the Moa venture. The sanctions also put it at risk of defaulting on a loan of $67mn.

The consortium said it would "pre-serve and enhance" Ford task at the end.

A spokesperson for Sherritt said it "welcome all expressions of interest and will continue to actively explore all possibilities for his benefit of task itself, etc., consistent with its contractual commitment." Cobra said it "was working with the company to create a comprehensive transaction that we are confident will deliver an outcome for Sherritt ... superior to the proposal described as today's announcement."

Glencore declined to comment.

Mining

Barrick and Newmont truce clears way for IPO

LESLIE MOES AND SUSANNAH SKAND LONDON

Two of the world's largest gold mining companies—Barrick and Newmont—are expected to combine some of their biggest values in a team that paves the way for one of the biggest mining IPOs of the year.

The rivals, which already partner on the Nevada Gold Mines (NGR) joint venture, had previously been locked in a dispute as Newmont tried to block Barrick's plans for a separate listing of its North American mine, including the IPO.

Under the deal's terms, Newmont has consented to the IPO and Barrick is addying its fourteenth gold discovery in Nevada into the joint venture.

Glencore is also offering a one-time payment to Barrick of about $20m, reflecting the additional value of the fourteenth most, which the Canadian mine said could produce up to 700,000 ounces of gold a year. NGM provides

around $8.6 of Barrick's gold production and profits, but the IPO found assets are more highly priced by investors than the company's return in Africa.

Newmont had this year alleged "opinningement" by Barrick of the Nevada assets, including "decrease of resources from NGM to the benefit of Barrick's wholly owned property fourteenth".

"Newmont has consented to the IPO and the parties have agreed to expand the IPOs of the new mine in at our excluded property, as well as settling all disputes," said Barrick chief executive Mark Hill.

Barrick expected second-quarter set earnings of $1.2bn, up 10 per cent on last

year. However, a lower gold price and higher notes made it a 15 per cent fall compared with the other 10 per cent, when gold was close to $1,600 per ounce.

The relationship between Barrick and Newmont had been "in tatters" as recently as last autumn, according to a senior member of the firm, who noted the two companies had spent the past four months trying to rebuild trust between their leadership teams.

The person said Hill and Newmont chief executive Natasha Viljoen had met repeatedly over that period, along with said he had several followers the companies' legal, financial and technical issues.

Barrick plans to host between 10 and 15 per cent of the North American mine companies' rights and the offer of the offer to be determined to the coming months, according to a person familiar with the company's plans. Barrick shares left 5 per cent in each trading yesterday, putting in market value at $69bn.

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Tuesday 9 August 2024

9

FINANCIAL TIMES

9

COMPANIES & MARKETS

German shipbuilder TKMS plots steady course after big order wins

Chief executive stresses the value of 'prudent growth' and says group should not be underestimated

LAURA FITEL – SUN, 9

Oliver Burkhard does not like champagne. Even if he did, the chief executive of German shipbuilder TKMS would not be paying a while. Alright it just having been picked for what promises to be the biggest deal in the company's history.

Although TKMS was named the 'preferred supplier' of up to 12 new submarines last month by Canadian Prime Minister Mark Carney in a deal worth tens of billions of euros, Burkhard says it is inasmuch to celebrate.

'The real work starts now,' he told the FTC 'We must negotiate to reach a contract. We don't have it yet.'

It is a typically curious assessment from the authorized Burkhard, who has pursued a highly unusual professional journey from union leader to corporate chief executive.

TKMS, owned in part by the industrial conglomerate Thyssenkrupp, also came under the spotlight in late June when it clinched a deal to supply the German navy with up to eight Meles A-200 anti-submarine frigates.

The deal came after deluxe minister Boris Primotov pulled the plug on a rival warship project that leading defence contractor Rheinmetall had expected to take over, causing its share price to plunge almost 30 per cent.

TKMS's success has saved some worries about its future, which not but after it went public in October last year, around the same time as Rheinmetall hoaxed into the naval business.

TKMS then beat South Korean defence giant Kuntzha in the course for the Canadian submarine deal a few weeks later. Burkhard said that TKMS was moping the benefits of having 'come our homework', although he said that winning orders was 'an exhausting and time-consuming event'.

The 34-year-old became TKMS chief in May 2022, a few months after Kuntzha full-scale invasion of Ukraine kick-started a surge in European defence

'The real work starts now. We must negotiate to reach a contract. We don't have it yet'

Oliver Burkhard

sending. He joined Thyssenkrupp in 2015 after 16 years at 50 Metall, Germany's biggest and most powerful stock union.

At the Essen-based industrial group, he went on to oversee the investment of a mine of company divisions and then sands of rationalization. He strove to 'balance the interests' of employees and the company and to reach solutions that allowed 'everyone to keep working together the next day,' he said.

His years spent negotiating wage deals at 81 Metall caught him the act of the 'political compromise', a still that he believed prepared him well for the highly political business of selling war-cruce and submarines.

When Burkhard took over at TKMS in 2012, the company's prospects were already looking up after a week period marred by uncertainty.

The previous year, Germany and Norway had struck a 43, the deal to jointly procure six of the company's Type 2DD submarines.

The Ukraine was opened fresh deals and extensions of working orders as Nato members sought to step up their defences against Russia, especially in the Baltic and north islands.

The company also benefited from souring relations between US President Donald Trump and Canada, pushing Ottawa insider from defence into with Europe. German officials threw their weight behind TKMS's Canada pitch, promising that a German submarine deal would come with joint training, maintenance and even crew-sharing arrangements for decedent come.

After being set to Japan's Mitsubishi Heavy Industries' in a $6,000 frigate deal for Australia last year, it won a new order from longtime customer Singapore.

The company soon hopes to sign an issue deal with India's state-owned Riazgata Dock Shipbuilders to jointly produce six submarines for the country's navy. TKMS is also pushing into the

capably growing field of unmanned systems.

Analysts at Deutsche Bank said this month that TKMS had now 'successfully converted all its outstanding major multibillion contract opportunities' and predicted that its order book would more than double to 'will above £100m' as result.

The share price has had a cheaper risk since October, but Burkhard said the company was still working through some 'legacy orders' from before 2022 that were struck at less favourable terms. He cautioned it was unclear

A submarine built by TKMS, Canada's Prime Minister Mark Carney, below, has named the group, which is led by Oliver Burkhard, bottom, as the preferred supplier for new vessels

Source: www.industries.com

whether the Canadian order for the submarines would 'come in time here of all at once', adding that it would 'take a while' before any outings left.

Despite a booming order book, he stressed the importance of 'prudent growth,' saying 'I don't want to double every four years... The company would not necessarily be able to cope.'

Rather than chasing more new contracts, he is to underestimate 'Executive executive executive.

Revenues reached 43.2bn in the year to September 2025. The company's medium term goal is an adjusted operating profit margin of more than 1 per cent - compared with 4 per cent last year and less than 1 per cent in 2021.

Some in the industry have questioned TKMS's ability to hit supply targets, granting to a European Council as its deliverance for the German navy.

The first of a series of FUS frigates, built by TKMS with shipbuilding group Naval Vessels Lifesens (NVL), was delayed by years. The £150 covertier also suffered severe delays - although TKMS was only a part of the corner than building 6 rather than built contractor.

TKMS has promised to hand over the first Meles A-200 frigate to the German navy by the end of 2026, with a new ship every seven months after that.

Burkhard is confident that the 'off-the-shelf' ship, already sold in similar formats Egypt, Algeria and Brazil, can be delivered on time. Its says he looks forward to the day when he can say: '...will, the doubts were unfounded.'

He believed that Rheinmetall may have 'underestimated... the complexity' of the frigate project dropped by Berlin in June. But Burkhard said he did not want to write off Rheinmetall's shipbuilding ambitions. The expected deal had been a key driver in Rheinmetall chief Acting on Riazgata's decision to pay 43.2bn for NVL in March.

'We do not underestimate them. I hope they don't underestimate us either.'

Banka

Revolut gains French licence in boost to Europe push

LATTA AL-KIMLAF – LONDON (ASIA AMROSE – T-MO)

Revolut has been awarded a full banking licence by French authorities, accelerating Europe's biggest financial push on the continent.

The London headquartered company yesterday said the authorisation had been obtained after an assessment by the French insisting regulates, the ACPR, and the European Central Bank.

The permit is a key step in Revolut's expansion plans, which are being closely monitored by European watchdogs, which last year restricted its ability to launch new products. Over the past year, the fintech has pledged to invest €2bn, later roughly 600 people in western Europe and open its European headquarters in Paris.

French regulators had previously pushed for big groups to secure licence to allow better oversight and supervision of its operations, which are among Revolut's largest in Europe with Tsun customers. The core licence will allow Revolut to provide a greater array of loans, surrogates and savings products to French customers.

Revolut in 2018 secured a European banking licence from Lithuanian authorities, which jointly regulate its European operations alongside its ECR.

However, the fintech has chaired with European authorities over its risk and compliance controls. The FT reported that the ECR hit Revolut with certain growth restrictions around how it could release products, saying that the company's processes had 'influenced', such as launching image-fully and without proper risk controls.

'France has become a leading financial hub, supported by a dynamic financial ecosystem and a closer regulatory framework,' said Revolut founder and chief executive Nik Hevesnny. 'It is the ideal platform to accelerate Revolut's next phase of growth – bringing us one step closer to our addition of becoming one of Europe's largest and most trusted banks.'

Revolut initially attracted customers with its flexible checking and savings accounts as well as international money transfers, then later expanded into cryptocurrency and stock trading. The company has said that it has 70mn customers and aims to reach 100mn.

Unlike fintechs that have sought to nurture their domestic operations before attempting overseas expansion, Revolut has built sprawling global operations from the start and now operates in 40 countries with various licenses.

Revolut was granted a full banking licence in the UK in March after a multi-year stand-off with regulators that had at times expressed concerns around its risk controls. Regulators in Australia also awarded the group a full banking licence, after the UK authorisation.

Hevesnny has said that Revolut will go public at the outline in 2028, but the fintechs currently consuming a secondary share sale that will value it at $120bn. Revolut has preferred to stay private for longer by engineering a series of share buybacks and drafting or generous incentive packages for Hevesnny that will load them greater control of the company.

Last week, the FT reported that the latest of these deals would be granted if Revolut's valuation grew to $500bn.

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A service from the Financial Times

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10

•

FINANCIAL EORIS

Tuesday 9 August 2024

UK COMPANIES

Retail

John Lewis boss steps down amid 'tough' trading

Rain leaves less than three years after taking up role at department store chain

LAURA DAVIS

The boss of John Lewis is stepping down after less than three years at the helix amid 'really tough' trading conditions at the department store chain.

Peter Bain, who returned to John Lewis as managing director in 2024, will step down on September 4 "to pursue new projects", the employee-owned group said in a statement yesterday. He will be replaced by Will Korman.

'We have to adjust for an immediate future that we weren't expecting even six months ago'

who has been a new executive director at the John Lewis Partnership for three years, "as part of an orderly succession plan", the company said.

Bain, who is in his second visit at John Lewis after previously working as the retailer's buying director, said that the business was "now an a much stronger footing".

His signature initiative was bringing back John Lewis's "never knowingly underpaid" price pledge.

Bain also added new brands to its stores in a bid to last more shoppers as the department store chain battled to reverse a long-term decline in profitability. He was appointed by partnership chair Jason Tarry's predecessor Dame Sharon White.

Bain's departure comes weeks after Tarry, who took over in September 2024, warned staff that John Lewis was

having to deal with "really tough" trading conditions.

"We have to adjust for an immediate future that we weren't expecting even six months ago. We show a couple of years ago," Tarry said in an interview with the group's internal magazine in July.

Korman was previously the chief executive of Peter Island, The White Company, online cycling company Wiggle and had a 15 year tenure at New Look.

He said that he had "a clear understanding of the John Lewis business... We have significant headroom for growth and I'm looking forward to leading the team."

He is John Lewis's sixth leader since 2007. The first boss in that sequence, Andy Street, oversaw a jump in sales and embarked on a doubling of the store event.

However, the business's revenues reversed during the Covid 19 pandemic. White and Pippa Wicks, who sat John Lewis from 2020 to 2023, closed 16 stores as the shift to online shopping against helix's main business retailers.

Both John Lewis and supermarket brand Walense, also owned by the partnership, now have new leadership. In January, Tom Danyard, the former head of Texas's online business, took over as managing director of Walense.

Separately, the Co-operative Group announced yesterday that its chair Debbie White was stepping down and would be replaced on an interim basis by senior independent director Moni Manning.

White's departure leaves the member-owned group, which owns the Co-op convenience store business, without a permanent chair or chief executive after the departure of Shrine Kheere-Haigh (he wales of allegations of a "toxic culture").

Investor pitch

Bezos group seeks stake in Liverpool FC

Liverpool goalkeeper Allison Becker, left, makes a new during a match against Galatasaray in the Champions League. A deal to sell a minority stake could come this week.

Liverpool Football Club's owner Fenway Sports Group is closing in on a deal to sell a significant minority stake in the business to investors including Jeff Bezos.

The Amazon founder is part of a consortium led by Asad Bhatia, one-in-law of most tycoon and billionaire Lakshmi Mittal, which is set to buy a third of the Premier League side, people familiar with the matter said.

A deal, which the FY previously reported might value the club at more than $60m, could come as soon as this week, according to two people with knowledge of the talks. One warned that the deal was not finalized and the timing could slip. Fenway and the consortium declined to comment.

Bezos's inclusion in the consortium highlights the global reach of Liverpool and the Premier League, which has transformed from a domestic competition into one of the UCL's biggest cultural experts.

The incoming investor group also

includes Facebook co-founder Eduardo Sauveia, the people said. Sauveia was part of a wider consortium that lost out in the bidding war to acquire Chelsea FC in 2022, when current owners Charlotte Capital and Todd Boddy pervaded.

Liverpool would be the latest top English club to attract new investors, as sports franchisee draw over greater interest as an asset class.

Valuation have soared since Fenway, founded by American businessman John Henry, bought Liverpool for £250mn in 2010.

Sir Jim Ratcliffe's focus owns about 39 per cent of Manchester United, having bought in at a 86.3bn valuation, including debt. In 2025, Charlotte and Boddy bought Chelsea for £2.5bn, while Manchester City was valued at 84.8bn when Oliver Lake invested in 2019.

Liverpool have been crowned Premier League champions twice under Fenway and also added another

Urfa Champions League to their trophy, almost as they returned to the top tier of European teams. However, they sacked coach Arne Slot after finishing fifth in the Premier League last season.

Liverpool's revenue rose to more than £700mn in the 2020-21 season, a club record, up from £43.5mn the previous year. England's 20 top-flight clubs reported average revenue of £340mn in 2024-25, according to consultancy Debitio. Premier League teams had more footballers than any other league represented at this year's men's World Cup in Mexico, Canada and the US, underlining the division's marketability.

Shy Now, first reported that Fenway could make a statement about the transaction as soon as this week, Spokespeople for Bezos and Sauveia did not respond to requests for comment. Samuel Apfel

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Tuesday 11 August 2024

•

FINANCIAL TIMES

11

COMPANIES & MARKETS

Currencies. State intervention

Yen loses nearly half its gains from US-Japan joint action

Investors say lack of global

unity has undermined historic

effort to preop up exchange rate

JAM SMITH — LONDON

INVESTOR NEWS 7/10-10

The yen has given up nearly half its gains following the future joint intervention by the US and Japan, with investors saying that the lack of a “unified voice” among central banks lessened its market impact.

After bouncing from a four-decade low around 9.04 to the dollar has lost month to close to 9.101 after the intervention, the yen weakened by 6.6 per cent to 9.106. By yesterday.

Traders in futures and options markets continue to hold brands beta on the Japanese currency, although they have researched the size of their positions since the intervention, according to the latest data from the US Commodity Futures Trading Company.

“The effect of the intervention is halting,” said Van Lies, global head of solutions strategy at Russell Investments, adding it was “going to take more” to create a sustained upswing in the yen.

Investors said that the intervention would be unlikely to provide lasting support unless it was accompanied by interest rate rises from the Bank of Japan. It was also weaker, they argued, for the lack of international co-sponsor power of 7 reported last week that the European Central Bank had not been considered by the US ahead of its national

move to sell euros to prop up the Japanese currency.

“I don’t think it’s helpful that the ECB was not involved,” said Jan Miller, chief market strategist at Anaver Zavick, arguing that co-ordination between central banks “regards to the market that there is a unified voice”. He now contrasted with a co-ordinated 67 intervention to weaken the yen after Japan’s 2011 earthquake.

Investors are now focused on whether the first issue to pressure from the market and increases in asset rates to support the currency, which has been believed by concerns over government spending and inflationary pressures including higher ad prices. Previous interventions by the Japanese Ministry of Finance in April and May provided only shorthand effective yen.

The central bank’s summary of opinions from its fully meeting, at which it held one of 3 per cent, showed that “the

balance of risks in clearly showed” to an earlier rate rise, said Goldman Sachs and/or to Tokyo.

“Given that underlying US inflation has been approaching 2 per cent and greater consideration should be given to upside risks to prices than before, it could be considered that the pace of policy interest rate hikes will be faster than market expectations,” said one board member in the report from the first released yesterday.

Traders are putting a roughly 10 per cent probability on the first increasing its benchmark interest rate for a quarter point at its next meeting in September.

Analysts at TSC are predicting “a regime shift in the policy, meaning a more aggressive pace of hikes starting with September” and reaching 1 per cent by the end of next year.

A renewed slide in the yen back through 9160 — a level that has prompted current interventions in the

Joint Interventions boost in fading

Wild swings the yen weakened by 6.6 per cent to 9.106.79 yesterday. It had large from a four decade low around 9.004 to the dollar in near 9.101 after the intervention

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past — would feed inflationary pressure further as well as intensifying anxiety among US policymakers about excessive dollar strength and whether Japan will need to sell a portion of its vast holdings of US Treasuries as part of a legacy US intervention.

Some investors argue that market conditions, including negative short-term positioning against the yen and its low valuation on traditional metrics such as purchasing prices, were similar to those in August 2024, when a sudden appreciation in the currency sparked volatility across financial markets.

Investors borrow yen at low rates to fund widespread beta disorders, in parallel carry trade, and reviving those trade-custible of independent markets.

“Conditions are somewhat similar to 2024,” said Liu, pointing to “very short yen” positioning. A report was possible if economic data on central bank action forced investors to quickly accommodate both a future decade first [and] more hawkish but”, he added.

Other market holders that even if the pace of first rate rises increases, the likelihood of a rapid upward of the carry trade remains small, given the big gap between Japan’s interest rate and return to other big economies.

“Even if the short term rate differential survives somewhat, it should remain sufficiently wide for the time being,” said rhoda High, chief Japan economist at 2006. “Over 1 billion runs shrink” as longer term Japanese yields converge with those elsewhere but that is a “story for further down the road” problem.

Commodities

UK regulators in talks over framework for tokenised gold

MOON HOLME AND MARTIN ARNOLD LONDON

UK regulators are preparing a framework for tokenised gold as part of plans to encourage the digitisation of financial markets and to protect the dominance of markets in global markets during.

The Financial Conduct Authority has talked to industry members, including big banks, about ways it could regulate tokenised gold in order to encourage growth in the market, according to people familiar with the watchdog’s plans.

The talks are part of the UK collective digitise wholesale financial markets and come as London’s gold market dominance is being challenged for 5 time.

Tokenised gold involves creating digital volume that represent ownership rights in physical gold. Gold bars are held by the issuer as has long used for the tokens.

The PCA has been seeking feedback on how tokenised gold could be used as collateral in wholesale markets and it is expected to make an announcement on developing regulatory standards in this area in the next few months, one of the people said.

London dominates the global gold market with about 30 per cent of trading volumes, according to industry body the World’s Gold Council.

However, one of the people said that if London does not modernise its gold

There’s pressure from Shanghai and Hong Kong. Shanghai wants to become the gold market hub!

market through measures including tokenisation, other means may take the lead. “There’s huge competitive pressure from Shanghai and Hong Kong. Shanghai wants to become the whole sub hub for the gold market.”

They called that discussion included how the PCA could restore tokenised gold since it does not regulate trading in physical gold.

The PCA declined to comment. This year the PCA and the Bank of England’s Prudential Regulation Authority said they planned to “we not further policy for consideration how this year on how tokenised collateral can operate under the existing regulatory framework”.

The PCA is seeking to allow groups to see the decision to develop across markets to improve the speed, efficiency and security of how financial assets are made to meet the needs of the market.

Chris Woolard, the UK Treasurer’s newly appointed wholesale digital markets chairman, told the F1 last month that the country could gain a £10bn economic boost if it accelerated plans to digitise financial markets.

Since 2008, financial and tokenised gold product just over two years ago that is only available to its retail customers in Hong Kong, more than 85.2bn of it has been traded in most than 276,000 transactions with banks.

The price of gold scored to a record high of nearly 85.3% every season in January but has since fallen to about 84,300 in the Jersey Sea failed.

Fixed income

Europe’s green bonds rebound despite ESG ‘death’ in US

HARRY HERRING — LONDON

The amount of green bonds issued in Europe is set to rebound to record the six-fold year, taking global issuance to an all-time high, as revised interest in energy security during the US-1st war begins offset falling US issuances.

A record $18.8bn of European green-disgust bonds were issued in the first half of 2024, according to the Climate Bonds Initiative, a US-based NGO. Total global issuance is now in 4.1 to record the $67.5bn sold in 2024, the previous record year, when issuance in Europe totaled $168bn.

This year’s European green bond record strikes a markedly different chore from the US, where issuance is expected to fall for the second year moving as companies pull back from hurting their green credentials out of our overstation from Washington.

“In Europe, we have not really seen this kind of death of ESG that was very much powered in the US,” said Latona de Souza (FIA), senior fixed income strategist at AEN News. “This year, the whole ESG were to back.”

She added: “It’s not that [US companies] don’t care about ESG or the energy transition. It’s much more of it [green-bonds]. They’re doing it, but they are not

putting the label out . . . there’s a lot of political influence and backlash.”

US President Donald Trump became one of the ‘fifth, 8,000, 1,000’ agenda to promote the use of local funds and has celebrated promising “hundreds of dollars on Green New Sovereignty.”

Green bonds are a type of debt sold by corporations and governments to raise capital for spending on environmental projects. Their governance has grown over the past decade: most significantly in Europe where the market is most mature and where sellers and asset managers have been eager to demonstrate their environmental, social and governance credentials.

Without $57.9bn of green bonds were sold in Europe last year, according to the Climate Bonds Initiative, about 10 per cent of global issuance. This year, the continues is set to deliver almost two-thirds of new green debt worldwide.

“Last year was very much marked by a sort of step back in 2011 agenda . . . in Europe as a boost return. Nevertheless, there could have been some spillover [from the US],” added Antonio Foti.

Jean Valenza, a European credit strategist at the AEN Financial, said the volume of green bonds being issued in Europe was rising “very quickly”.

“We suspect volumes will rise well

above last year’s numbers and 2024 levels to set a new record,” he said.

Global green debt sales flattered in 2015 at European and North American issuance dipped amid the Trump administration and ESG agenda and as issues waited for regulatory clarity, Despite this, rising issuance in China helped to keep levels close to the previous real ‘crisis’.

Sales in Europe last year were num-

Spain’s theorite raised 45.3bn in June by issuing two green bonds

perce by issuers awaiting the rollout of the EU’s voluntary but tougher green bond standards and the International Capital Market Association’s fresh guidance on green bonds.

US green debt sales peaked in 2016 with 89.9bn sold. Issuance has since declined, with 87.7bn raised last year and expectations that it will fall again in 2018, after bonds with a value of just $3.9bn were sold in the first half.

“[Europe’s] increase in market share has helped offset declines in green bond issuances from the US,” said Mitch Rotnick, head of fixed income at Fisher and Hermes.

Utilities companies have been particularly strong issues in 2024, as Europe has renewed its focus on energy security after the energy shock from the US-1st war. Valenza predicted that the market would continue to grow as the back of an acceleration in the green transition.

In June, Spain’s theorite raised 45.3bn by issuing two green bonds, which offer Energy from Waste, which is based in Germany and Chinese-owned, raised 15.9bn.

“With the US-1st conflict there was a lot of demand for utilities debt and the whole idea about the energy transition has regained a lot of attention,” de Sarno (FIA) said.

Basic resources

Washington $400mn loan lifts Australian rare earth miner 16%

WE PLIED — SYDNEY

Donald Trump’s administration has provided a major funding boost to Australia’s top-level retesting care. China supplies of a rare earth used in energy and deforest applications with a business base to a indirect Friedland-backed company.

Here is its further Energy, which is holding a scanthum mine about 360km (25 miles) west of Sydney, surged 16 per cent after the conditioned US funding was announced yesterday. The rise ranged a huge jump in the value of its Sydney forest company in the past year to 183.2bn (1982, 2bn).

The Office of Strategic Capital, part of the US Department of Defense, said the base was conditional on the Australian company meeting specific legal and technical requirements and included a right of first offer on internet-surges.

It is one of the biggest moves in the US-1st world. Australian writing and Washington, which has indicated that a supply line of new Chinese rare earths and other key minerals is essential for 10 billions and industrial groups.

The Syvertime project is being devel-

aged by Yonhwa in Purdue, a town in New South Wales built known for heat, legion, cribes and of large iron. From by footrods and for the large radio telescope used to help broadcast the first moon landing in 1969 around the world.

The growth potential of a scanthum mine — with pocket line due to the price the second half of 2018 — could boost the town’s growth prospects. But Patrician another prospect’s nearby that is part of its financial division, which has been put up by events.

Scanthum is used for a variety of applications, ranging from the manufacturer of golf clubs and racing bike frames to a clearing, sport used in oil refineries and ships this campaign was considered not used in smartphones.

One of 17 found in a summer, a steel rare earth, scanthum in mainly used as an alloy to strengthen aluminium for automotive and aerospace parts and is a key component for smartphone chipsets and all-cause features.

Millionaire mining financier Friedland, the U.S. that said biggest investor in America, said that the loan represented “a landmark resource” for the Australian mining industry.

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12

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FINANCIAL TIMES

Tuesday 17 August 2024

COMPANIES & MARKETS

The renminbi's hardest mile is only beginning

Alicia García-Herrero

Markets Insight

To delute about the renminbi's global rise usually gets the organising way, the 15-stroke internationalisation is a single secret, with

inactive currency status at the summit. In practice there are three separate distinct ways different different roads, becoming less distant at all, more room. China has made progress on the first two over 15 years. The last – persuading foreigners to hold renminbi as an investment – has only new stretch, and last June's 6-glass of the sea to Shang, but not the stage for the way forward.

The softening path runs through the capital account: open your markets, run internal deficits, let new residents accumulate your currency. But China cannot and will not take that route. So it has pushed the renminbi outward by other means – trade settlement and credit extended by investments.

Both have worked. The renminbi's share of China's goods trade has roughly doubled since 2004 and the currency now ranks second in global trade finance, ahead of the turn – driven as much by the weaponisation of the dollar as by China's leverage as the world's largest commodity buyer. Funding has followed the renminbi because one of initials cheapest funding currencies and Chinese banks have been increasing funding to revenue clients.

Holding a currency is a different act. A currency becomes a source used now when it is used but when it is willingly kept – because the assets denominated in it can be traded deeply, financed against and hedged at will, in good times and bad. That's why US Emanches sit at the centre of the system.

A foreign institution holding Chinese government bonds has had neither

comfort. Undone liquidity is far thinner than the US Treasury markets, hedging international structure, and negotiating proceeds still runs into 8-15mm a reserve manager cannot ignore. The reluctance shown in the data: foreign holdings of sources bonds are under 2 per cent of the total and does from a peak about 1 per cent and central bank reserves in renminbi are around 2 per cent as well as the.

This is what measures unveiled at the June forum are meant to address the first coherent attempts to build the mining, plumbing, without teaching convertibility. A liquidity backstop for foreign

Becoming a currency the world chooses to save in is a question an administrative push cannot answer

and international monetary authorities announced by the PIM. In June models a similar structure to the Federal Reserve.

In addition, Hong Kong is launching Chinese government bond futures, leading the gap in hedging to flow that the high large global managers in the relations. And a nascent securities depository bond in Hong Kong, Omnicious, focuses on offshore renminbi settlements, which could become an alternative to Euroclear. Such tactics a real obstacle to holding, rather than merely using, the currency potentially fostering its use as investment currency.

Yet the constraints remain unforgiving, and every fix is a second best. The rope facility is open only to the official sector. A backstop supplied at the check

tion of the issuing central bank is only as good as that discretion – and reserve managers diversifying because the del but warranted into an instrument of policy will not be blind to the politics of a currency whose issues has since remain in intercase. A parallel settlement call carries no weight until others are in the net work effects that make Euroclear and the dollar's plumbing indispensable cannot be legible of non-cularness.

And the economics point the wrong way: uniform yields have fallen as far that Chinese bonds now offer some of the world's lowest returns, as they hold little support for any investor. What is left is the case for diversification alone.

That is Beijing's but – that the desire to move away from the dollar will outweigh these fortunes for at least some official holders. At the margin it may be right, but it runs into the central bank as the threat of the project. It are coming can be engineered and credit extended by fast, genuine demand to hold renminbi assets cannot. A negative ceiling control – new prices, over risk, over the capital account itself – and convincing that the control will not be resurrected the moment it becomes inconvenient. But, of course, control is what Beijing echoes to give up.

The direction of transfer not in doubt, and a frustrating global economy is doing much of Beijing's work for it. But whether the renminbi becomes a currency the world chooses to save in – rather because it's merely gold is – is a question an administrative push cannot answer. It is the hardest mile, and it has only just begun.

Alicia García-Herrero is chief economist for Asia Pacific at Natan and water research fellow at Bruegel

The day in the markets

What you need to know

• Obvious rise as investors wait to hear outcases of deal to reopen business attack
• Government bonds weaken, with high oil cost reigniting bans of inflation surge
• Japanese yen falls after impact of intervention by US and Tokyo fades

Of prices now yesterday as investors waited for news on a deal that would lead to the reopening of the final of 10 terms. For warned on Sunday that the chief would not be opened unless the US met conditions, including paying war damage compensation to Taiwan.

The situation in the tobacco trade, balanced, with many lower political and security means suggesting that Taiwan is trying to balance a tougher domestic picture with a continued search for a diplomatic off-rainy, worse and tired, global head-of-macro research at Deutsche Bank yesterday.

Brent crude, the international oil benchmark, runs 4 per cent to trade around $86,000 a barrel. The US benchmark, West Texas, is intermediate, 1 per cent to export 1,000 a barrel. Government bonds weakened across the same, pushing increasing costs upwards, as higher oil prices required traders' bans of an inflation surge.

The 10-year gift point rose 2026 percentage points to 439 per cent; while the interest rate sensitive war was yield rose 1026 percentage points to 6.25 per cent Bond yards rose when prices fell.

The 10-year flurry rate in Germany rose 1.05 percentage points to 138 per cent. The 10-year Treasury yield rose 1027 percentage points to 6.49 per cent.

Global stock market moves were muted

Oil prices tick higher as traders await deal

Brent crude (3 per barrel)

yesterday, with chipmaker stocks going up early gains despite Taiwan. Environmental Manufacturing Corp. announcing a 10 per cent jump in monthly sales.

The S&P 500 was up 15 per cent by lựcchtime on Wall Street, while the tech-bases flooded 100 was down 10 per cent. Chipmaker total fell 1.7 per cent after announcing that it would sell 1350 mth of one stock. Qualcomm was down 2.6 per cent and Nvidia was down 1.1 per cent.

The Sloan Europe 600 rose 51 per cent, as did the Dan in Germany and France's cut 40 value. The FTSE 100 fell 0.6 per cent.

Asian stock markets were more upbeat

earlier yesterday. Hong Kong's Hong Kong index rose 15 per cent and the Trade in Japan rose 0.8 per cent.

The Japanese yen fell as much as 138 per cent to 4928.79 to the dollar yesterday, as the impact of a historic joint

intervention by Washington and Tokyo faded.

The US dollar rose 0.2 per cent against a basket of other currencies. The euro slipped 10 per cent against the dollar to $1.03 while the pound gained 0.2 per cent to $1.92.

Gold was trading up 0.5 per cent at about $6,260 a trip status, and silver was up 1.0 per cent at just over $85 a trip status. Emily Herbert and Madeleine Wright

Markets update

	US	Eurozone	Japan	UK	China	Brent
Media	S&P 500	Euroclear 300	Volvo 200	FTSE 100	Shanghai Group	Financam
Level	1/12-20	20-40-60	50-100-20	50-62-30	1/4-6-10	1/12-16-24
% change on day	-0.04	0.04	2.08	-0.35	0.07	-0.09
Currency	$ index (2011)	$ per €	$ per €	$ per €	$ in euro per €	$ in euro per €
Level	49.71	1.00	100.00	1.92	6.76	6.50
% change on day	0.08	0.012	0.044	0.176	0.03	0.076
Cost based	10-Year Treasury	10-year Bond	10-year JOB	10-year JOB	10-year bond	10-year bond
Yield	6.69	1.08	2.80	6.95	1.71	34.62
Sales per change on day	0.02	0.06	0.07	0.06	-0.01	0.05
World / Commodity	FTSE All World	Oil - Brent	Oil - SFT	Gold	Silver	Helsinki, JAKO
Level	50%	0.45	0.27	0.5147	0.52	0.5146
% change on day	0%	4.01	3.65	3.42	2.64	-0.91

Main equity markets

	S&P 500	Eurozone	Japan	UK	China	Brent
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market

Biggest movers

	US	Eurozone	UK
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market

From source: FTSE S&T, S&P 500

Asset management

Hargreaves Lansdown orders staff back to the office three days a week

EMMA DUNNLEY

Hargreaves Lansdown, the UK's largest DIY investment site, is ordering employees back to the working in three days a week from the start of early year, shortly after the private equity owned firmeneros into its new British office.

The wealth manager, which was acquired by beyond from including UK Capital Partners in 2024, had not previously stated a requirement for days to the office for its 2,400 staff, according to people familiar with the situation.

The company is planning to move into its new office building over the summer and will move employees to organ from September to allow them to settle into the new space, one of the people said.

Another person said some staff rarely come into the office, which they argued made it harder for them to do business.

Hargreaves Lansdown confirmed the plans and said there was still "flexibility" for its employees as they moved into their "new home in Bristol" for the next period "more time together".

Other companies are recalling staff to the office after subsequent housewashing during the brief pandemic.

Reveals will require its graduate employees to work from the office for the majority of the work in a shift away from the "remote first" approach than long championed. The London found financial technology group has told

Hargreaves Lansdown said there was flexibility for staff at their 'new home' to spend 'more time together'

incoming graduates they will be required to spend at least three days a week in the office from next year.

TBS is demanding that staff return to the office three days a week from April next year, up from two days, to align with Saturday's party's following. Its takeover by the Spanish bank.

Other banks have been at the fore of ordering staff to the office for five days a

week, although some are facing a backlash. Last year 2016 organ Chaco told off staff to return to the office five days a week but thousands of global employees signed a petition against the move.

Other parts of the professional service industry, such as law firm and law ਕਮਿਸ਼ਨ, have focused on preserving a hybrid approach to allow for more than two working.

Hargreaves Lansdown was founded in 1992 by Peter Hargreaves and Stephen Lansdown, and pioneered selling funds directly to retail investors.

The group was acquired by a consortium comprising CVC, Nordic Capital and Thaliana, Inc., a wholly owned subsidiary of Abu Dhabi Investment Authority, for £2.4bn in 2024.

Hargreaves Lansdown has found fierce competition in recent years from digital partners and fast-growing rivals such as A2Soft and Interactive Investor.

The investment site is already on its modernisation in technology and overhauled its two-filer year in a move that made it cheaper for most customers.

---

Tuesday 19 August 2018

•

KIRKMAN, SIMON

13

MARKET DATA

WORK2 MARKETS AT A GLANCE

FTC/HAMMETIDATA

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

---

74

EPICUREJAGI, THRU

Tumor 1, August 2024

MARKET DATA

BY GLOBAL SOA, THE WORLD'S LARGEST COMPANIES

Year	2016			2015			2014			2013			2012			2011			2010			2009			2008			2007			2006			2005			2004			2003			2002
	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year	Year
Bankers	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01
Bankers	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01	1,01
Bankers	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,01	1,01	1,01	1,01	1,01	1,01	1,01
Bankers	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,01	1,01	1,01	1,01	1,01	1,01
Bankers	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,01	1,01	1,01	1,01	1,01	1,01
Bankers	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,01	1,01	1,01	1,01	1,01
Bankers	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,01	1,01	1,01	1,01

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

---

Tuesday 19 August 2018

FINANCIAL TIMES

15

FINANCIAL TIMES SHARE SERVICE

Main Market

Company	2017		2016		2015		2014
	Price	Shares	Price	Shares	Price	Shares	Price	Shares
Waltel Bank	104.28	1.12	108.24	1.03	1.06	0.70	1.00	0.70
Waltel Bank	104.28	1.12	108.24	1.03	1.06	0.70	1.00	0.70
Waltel Bank	104.28	1.12	108.24	1.03	1.06	0.70	1.00	0.70
Waltel Bank	104.28	1.12	108.24	1.03	1.06	0.70	1.00	0.70

Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	( 1.00 \times 10^{4} )	1.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Company	2017		2016		2015		2014
	Price	Shares	Price	Shares	Price	Shares	Price	Shares
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	( 1.00 \times 10^{4} )	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00

Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Company	2017		2016		2015		2014
	Price	Shares	Price	Shares	Price	Shares	Price	Shares
Waltel Bank	104.28	1.12	108.24	1.03	1.06	0.70	1.00	0.70
Waltel Bank	104.28	1.12	108.24	1.03	1.06	0.70	1.00	0.70
Waltel Bank	104.28	1.12	108.24	1.03	1.06	0.70	1.00	0.70
Waltel Bank	104.28	1.12	108.24	1.03	1.06	0.70	1.00	( 1.00 \times 10^{4} )
Waltel Bank	104.28	1.12	108.24	1.03	1.06	0.70	1.00	0.70
Waltel Bank	104.28	1.12	108.24	1.03	1.06	0.70	1.00	( 1.00 \times 10^{4} )

Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Bank of America	1.00	1.00	1.00	1.00	1.00	1.00	1.00	( 1.00 \times 10^{4} )

Company	2017		2016		2015		2014
	Price	Shares	Price	Shares	Price	Shares	Price	Shares
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00	1.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00

Company	2017		2016		2015		2014
	Price	Shares	Price	Shares	Price	Shares	Price	Shares
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	( 1.00 \times 10^{4} )	1.00
Waltel Bank	11.00	1.00	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	1.00	( 1.00 \times 10^{4} )	1.00
Waltel Bank	11.00	1.00	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	1.00	( 1.00 \times 10^{4} )	1.00

Company	2017	2016	2015	2014	2013	2012	2011	2010
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	( 1.00 \times 10^{4} )	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	( 1.00 \times 10^{4} )	1.00
Waltel Bank	11.00	1.00	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Waltel Bank	11.00	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Waltel Bank	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )

Company	2017		2016		2015		2014
	Price	Shares	Price	Shares	Price	Shares	Price	Shares
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	( 1.00 \times 10^{4} )	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	( 1.00 \times 10^{4} )	1.00
Waltel Bank	11.00	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )
Waltel Bank	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )

Company	2017	2016	2015	2014	2013	2012	2011	2010
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	( 1.00 \times 10^{4} )	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	( 1.00 \times 10^{4} )	1.00
Waltel Bank	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )( 1.00 \times 10^{4} )
Waltel Bank	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )( 1.00 \times 10^{4} )	( 1.00 \times 10^{4} )

Company	2017	2016	2015	2014	2013	2012	2011	2010
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	12.00	1.00	12.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	1.00	1.00
Waltel Bank	11.00	1.00	12.00	1.00	( 1.00 \times 10^{4} )	1.00	( 1.00 \times 10^{4} )	1.00

Stockholders' rights
Group
Group
Group
Group
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Group
Group
Group
Group
Group
Group
Group
Group
Group
Group
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B

Investment	2017		2016		2015		2014		2013
	Price	Shares	Price	Shares	Price	Shares	Price	Shares	Price	Shares
Waltel Bank	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00
Waltel Bank	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00
Waltel Bank	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00

---

10

■

FINANCIAL STARS

Tuesday, 11 August 2024

MANAGED FUNDS SERVICE

Advertising Features		Brand/Brand (2002 - June 2024) by Marketing Group (month)		Total		Asset Allocation		%		Top 10 Holdings		%
McInroy Good	4.0 (4.0)								General (General) & GCM		3.4
		4.1 (4.0)								General (General) & GCM		3.4
		4.2 (4.0)								Investment (General) & GCM		3.4
		4.3 (4.0)								Investment (General) & GCM		3.4
Time Range		18.0 (0)
Gross & Wages		17.0 (0)
Gross Wages		16.0 (0)
Gross Charges (Total)		15.0 (0)
GPM		15.0 (0)
GPM (GPM) (2012-2024)		15.0 (0)
GPM (GPM) (2012-2024)		15.0 (0)
GPM (GPM) (2012-2024)		15.0 (0)
GPM (GPM) (2012-2024)		15.0 (0)
GPM (GPM) (2012-2024)		15.0 (0)
GPM (GPM) (2012-2024)		15.0 (0)
GPM (GPM) (2012-2024)		15.0 (0)
GPM (GPM)		15.0 (0)
GPM (GPM) (2012-2024)		15.0 (0)
GPM (GPM) (2012-2024)		15.0 (0)

Algebra Investments

Registered		2024		2023
Algebra Cover Rate 1 EUR	€	250.00	0.00	0.00	0.00
Algebra Cover Rate 2 EUR	€	278.00	0.01	0.00	0.01
Algebra Financial Credit 1 EUR	€	278.00	0.01	0.00	0.01
Algebra Financial Credit 2 EUR	€	255.00	0.01	0.00	0.00
Algebra Financial Credit 3 EUR	€	272.00	0.01	0.00	0.00
Algebra Financial Credit 4 EUR	€	249.00	0.01	0.00	0.01
Algebra Financial Credit 5 EUR	€	288.00	0.01	0.00	0.01
Algebra Financial Equity 5 EUR	€	250.00	0.00	0.00	0.00
Algebra Financial Equity 6 EUR	€	233.75	0.01	0.00	0.00
Algebra Financial Equity 7 EUR	€	183.75	0.01	0.00	0.00
Algebra Financial Equity 8 EUR	€	188.00	0.01	0.00	0.00
Algebra Financial Equity 9 EUR	€	182.00	0.01	0.00	0.00
Algebra Financial Equity 10 EUR	€	184.00	0.01	0.00	0.00
Algebra Financial Equity 11 EUR	€	158.00	0.01	0.00	0.00
Algebra Financial Equity 12 EUR	€	176.00	0.01	0.00	0.00	0.00
Algebra Financial Equity 13 EUR	€	158.00	0.01	0.00	0.00	0.00
Algebra Financial Equity 14 EUR	€	158.00	0.01	0.00	0.00	0.00

Brown Advisory Funds PLC

2024.10.31 2023.10.31 2022.10.31 2021.10.31

Risk Management
Debt-to-Labers Fund (DET)	€	32.50	0.15	0.00	7.37
Debt-to-Labers Equivalents Fund (DEC)	€	19.63	0.00	0.00	6.21
Debt-to-Labers Net Share Bond (DNP)	€	9.40	0.00	0.00	0.00
Debt-to-Labers Net Share Bond (DNP) A	€	15.94	0.00	0.00	0.00
1ST Equity Share Capital	€	17.75	0.00	0.00	0.75
1ST Parable Equity Fund (P/E)	€	42.25	0.15	0.00	12.53
1ST P/E (Cap Bond Fund) (P/E)	€	23.00	0.01	0.00	11.01
1ST A+Cap Bond Fund (P/E)	€	25.71	0.15	0.00	14.65
1ST Parable Company Fund (P/E)	€	40.00	0.00	0.00	0.00
1ST Partnerships Fund (P/E) (P/E)	€	41.78	0.01	0.00	0.00
1ST Partnerships Value Fund (P/E) (Cap)	€	18.38	0.01	0.00	0.00

CG Asset Management Limited

12.4% (Debt-to-Labers 12.5% (P/E))

Dowing Co. (2021) 2024 2023 No. (2022) 2023 2022

Risk Management

CG Portfolio (Total PLC)

Algebra/Depre 10 M	€	44.00	0.12	1.01	2.23	2.30
Capital Clearing Portfolio (QBP)	€	2000.00	-14.32	1.00	0.12	1.44
Capital Clearing Portfolio (QBP) A	€	100.00	0.00	1.00	0.12	1.45
Debt-to-Labers (Cap)	€	102.00	-0.07	1.00	0.12	1.45
Debt-to-Labers (Cap) A	€	48.34	0.15	1.04	4.48	4.55
Asset Depre (CoA) (Cap)	€	100.00	0.00	1.04	0.45	2.15
1M Value (Asset Depre) (Cap)	€	108.75	0.00	1.00	0.00	1.00

Chartered Asset Management Pro Ltd

Miles International Funds

Debt-to-Lab (C)	€	1000.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-to-Lab (Cap)	€	1.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-to-Lab (Cap) A	€	1.00	0.00	0.00	0.00	0.00	0.00	0.00

CP Global Asset Management

(IRL)

Corporate and Other Financials
Corporate and Other Financials

Brewery Food Managers Ltd (TOMF)

17.5% (Amend. Total) (Amend. 2024) 17.5% (Amend. 2023)

Authorised for Funds

Ameren Corporate Board (Cap)	3.9	0.0	0.0	0.0	0.0	0.0
Ameren Global Awards (Cap)	24.15	0.0	0.0	0.0	0.0	0.0
Ameren High Income (12.4)	75.00	0.0	0.0	0.0	0.0	0.0
Ameren Income (Cap)	187.00	0.0	0.0	0.0	0.0	0.0
Ameren Minority Bank (Cap)	55.00	0.0	0.0	0.0	0.0	0.0
Ameren Share & Share Bond	0.0	0.0	0.0	0.0	0.0	0.0
Ameren Unrealized Net (Cap) (Cap)	1000.00	0.0	0.0	0.0	0.0	0.0
Ameren Unrealized Net (Cap) (Cap) A	1000.00	0.0	0.0	0.0	0.0	0.0
Ameren Unrealized Net (Cap) (Cap) B	1000.00	0.0	0.0	0.0	0.0	0.0
Ameren Unrealized Net (Cap) (Cap) C	1000.00	0.0	0.0	0.0	0.0	0.0
Ameren Unrealized Net (Cap) (Cap) D	1000.00	0.0	0.0	0.0	0.0	0.0
Ameren Unrealized Net (Cap) (Cap) E	1000.00	0.0	0.0	0.0	0.0	0.0

(UK)

Comaccord International Food Managers Limited

Comaccord World International Mints Strategy Funds Limited

Biomed Strategy	1	1.00	0.00	0.00	12.46	11.76
Biomed Strategy A	1	1.10	0.00	0.00	9.12	4.13
Common Biomed Strategy	1	1.00	0.00	0.00	9.00	4.00
Common Biomed Strategy A	1	1.00	0.00	0.00	7.01	7.04
Amend Strategy	1	2.70	0.00	0.00	1.00	1.00
Amend Strategy A	1	1.20	0.00	0.00	17.10	11.87
High Growth Strategy A	1	2.00	0.00	0.00	10.00	10.00
High Growth Strategy A	1	1.30	0.00	0.00	12.11	12.22
High Income Bond Fund (P/E) (Cap)	1	1.00	0.00	0.00	0.00	0.00
High Income Bond Fund (P/E) (Cap) B	1	1.50	0.00	0.00	0.00	0.00
High Income Bond Fund (P/E) (Cap) C	1	2.00	0.00	0.00	0.00	0.00

Scoring Only: Amend Strategy Net for A classes at top 10.0% for other classes

CANDRIAM

at the new US. Businesses' Association

Cambrian Insurance Group

AID Management
Candidate New Day (by New Year) (Cap)	1	1.00	0.00	0.00	0.00
Candidate New Day High Yield (Cap)	1	1.00	0.00	0.00	0.00
Candidate New Day High Yield (Cap)	1	1.00	0.00	0.00	0.00
Candidate New Day High Yield (Cap)	1	1.00	0.00	0.00	0.00
Candidate New Day High Yield (Cap)	1	1.00	0.00	0.00	0.00
Candidate New Day High Yield (Cap)	1	1.00	0.00	0.00	0.00
Candidate New Day High Yield (Cap)	1	1.00	0.00	0.00	0.00
Candidate New Day High Yield (Cap)	1	1.00	0.00	0.00	0.00
Candidate New Day High Yield (Cap)	1	1.00	0.00	0.00	0.00
Candidate New Day High Yield (Cap)	1	1.00	0.00	0.00	0.00
Candidate New Day High Yield (Cap)	1	1.00	0.00	0.00	0.00
Candidate New Day High Yield (Cap)	1	1.00	0.00	0.00	0.00

Furniture Insurance Group

Miles International Funds

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Tuesday 11 August 2018

1

FINANCIAL TIMES

17

MANAGED FUNDS SERVICE

Fund	Bio	Other	Total	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	2101	2102	2103	2104	2105	2106	2107	2108	2109	2110	2111	2112	2113	2114	2115	2116	2117	2118	2119	2120	2121	2122	2123	2124	2125	2126	2127	2128	2129	2130	2131	2132	2133	2134	2135	2136	2137	2138	2139	2140	2141	2142	2143	2144	2145	2146	2147	2148	2149	2150	2151	2152	2153	2154	2155	2156	2157	2158	2159	2160	2161	2162	2163	2164	2165	2166	2167	2168	2169	2170	2171	2172	2173	2174	2175	2176	2177	2178	2179	2180	2181	2182	2183	2184	2185	2186	2187	2188	2189	2190	2191	2192	2193	2194	2195	2196	2197	2198	2199	2200	2201	2202	2203	2204	2205	2206	2207	2208	2209	2210	2211	2212	2213	2214	2215	2216	2217	2218	2219	2220	2221	2222	2223	2224	2225	2226	2227	2228	2229	2230	2231	2232	2233	2234	2235	2236	2237	2238	2239	2240	2241	2242	2243	2244	2245	2246	2247	2248	2249	2250	2251	2252	2253	2254	2255	2256	2257	2258	2259	2260	2261	2262	2263	2264	2265	2266	2267	2268	2269	2270	2271	2272	2273	2274	2275	2276	2277	2278	2279	2280	2281	2282	2283	2284	2285	2286	2287	2288	2289	2290	2291	2292	2293	2294	2295	2296	2297	2298	2299	2300	2301	2302	2303	2304	2305	2306	2307	2308	2309	2310	2311	2312	2313	2314	2315	2316	2317	2318	2319	2320	2321	2322	2323	2324	2325	2326	2327	2328	2329	2330	2331	2332	2333	2334	2335	2336	2337	2338	2339	2340	2341	2342	2343	2344	2345	2346	2347	2348	2349	2350	2351	2352	2353	2354	2355	2356	2357	2358	2359	2360	2361	2362	2363	2364	2365	2366	2367	2368	2369	2370	2371	2372	2373	2374	2375	2376	2377	2378	2379	2380	2381	2382	2383	2384	2385	2386	2387	2388	2389	2390	2391	2392	2393	2394	2395	2396	2397	2398	2399	2400	2401	2402	2403	2404	2405	2406	2407	2408	2409	2410	2411	2412	2413	2414	2415	2416	2417	2418	2419	2420	2421	2422	2423	2424	2425	2426	2427	2428	2429	2430	2431	2432	2433	2434	2435	2436	2437	2438	2439	2440	2441	2442	2443	2444	2445	2446	2447	2448	2449	2450	2451	2452	2453	2454	2455	2456	2457	2458	2459	2460	2461	2462	2463	2464	2465	2466	2467	2468	2469	2470	2471	2472	2473	2474	2475	2476	2477	2478	2479	2480	2481	2482	2483	2484	2485	2486	2487	2488	2489	2490	2491	2492	2493	2494	2495	2496	2497	2498	2499	2500	2501	2502	2503	2504	2505	2506	2507	2508	2509	2510	2511	2512	2513	2514	2515	2516	2517	2518	2519	2520	2521	2522	2523	2524	2525	2526	2527	2528	2529	2530	2531	2532	2533	2534	2535	2536	2537	2538	2539	2540	2541	2542	2543	2544	2545	2546	2547	2548	2549	2550	2551	2552	2553	2554	2555	2556	2557	2558	2559	2560	2561	2562	2563	2564	2565	2566	2567	2568	2569	2570	2571	2572	2573	2574	2575	2576	2577	2578	2579	2580	2581	2582	2583	2584	2585	2586	2587	2588	2589	2590	2591	2592	2593	2594	2595	2596	2597	2598	2599	2600	2601	2602	2603	2604	2605	2606	2607	2608	2609	2610	2611	2612	2613	2614	2615	2616	2617	2618	2619	2620	2621	2622	2623	2624	2625	2626	2627	2628	2629	2630	2631	2632	2633	2634	2635	2636	2637	2638	2639	2640	2641	2642	2643	2644	2645	2646	2647	2648	2649	2650	2651	2652	2653	2654	2655	2656	2657	2658	2659	2660	2661	2662	2663	2664	2665	2666	2667	2668	2669	2670	2671	2672	2673	2674	2675	2676	2677	2678	2679	2680	2681	2682	2683	2684	2685	2686	2687	2688	2689	2690	2691	2692	2693	2694	2695	2696	2697	2698	2699	2700	2701	2702	2703	2704	2705	2706	2707	2708	2709	2710	2711	2712	2713	2714	2715	2716	2717	2718	2719	2720	2721	2722	2723	2724	2725	2726	2727	2728	2729	2730	2731	2732	2733	2734	2735	2736	2737	2738	2739	2740	2741	2742	2743	2744	2745	2746	2747	2748	2749	2750	2751	2752	2753	2754	2755	2756	2757	2758	2759	2760	2761	2762	2763	2764	2765	2766	2767	2768	2769	2770	2771	2772	2773	2774	2775	2776	2777	2778	2779	2780	2781	2782	2783	2784	2785	2786	2787	2788	2789	2790	2791	2792	2793	2794	2795	2796	2797	2798	2799	2800	2801	2802	2803	2804	2805	2806	2807	2808	2809	2810	2811	2812	2813	2814	2815	2816	2817	2818	2819	2820	2821	2822	2823	2824	2825	2826	2827	2828	2829	2830	2831	2832	2833	2834	2835	2836	2837	2838	2839	2840	2841	2842	2843	2844	2845	2846	2847	2848	2849	2850	2851	2852	2853	2854	2855	2856	2857	2858	2859	2860	2861	2862	2863	2864	2865	2866	2867	2868	2869	2870	2871	2872	2873	2874	2875	2876	2877	2878	2879	2880	2881	2882	2883	2884	2885	2886	2887	2888	2889	2890	2891	2892	2893	2894	2895	2896	2897	2898	2899	2900

Guide to FT Funds Data

The first financial period of 1998 was a result of the first financial period of 1999. The first financial period of 1999 was a result of the first financial period of 1999. The first financial period of 1999 was a result of the first financial period of 1999.

2018. Open Stock Investment Company, Limited to a net of $1.00 million, including a 100% share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share

Other prices: 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

The following table provides the information in English:

Steamfinger Fleming Investment Management Ltd

www.industries.com

www.industries.com

The image is too blurry to recognize any text content.

Superfund Asset Management GmbH

www.industries.com

Other Information Funds

Troy Asset Management (1998)

Data provided by

Markets and data happen here.

www.ice.com

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18

FINANCIAL TIMES

Tuesday 9 August 2024

ARTS

When Westeros comes to Stratford

THEATRE

Game of Thrones: The Mad King

Read Shakespeare Theatre,

Straford upon Arce

★★★

Stuart Jeffries

"Mayhup," says Prince Khuegar Targaryen halfway through Game of Thrones: The Mad King. "I'll put this lance straight through my father's heart." Mayhup he will, mayhup he won't. Noah Ritter's blood-bodied, mortality built, poetry-spooting prince is a shimmer just like thanks.

Now an Macmillan's throne and literary adaptation of George R. R. Martin's novels frequently tips the proverbial lance to Shakespeare. Diting for an RSC production in Stratford upon Arce, global centre of forefactory Michael Mueller's titular mad king, Aeros H Targaryen, makes an entrance like Lore to the brath, wild-haired, gildedling and with finger-buds in need of a walk of manicure. He is no longer a life occupant of Westeros's Iron Throne. Hence the threat of this three-and-a-half-bourlong drama: the leading royal bennet attempt to topple him, involving award-pley, jousting and public bungings.

Then there's Lord Robert Burafsson, leading person who left throne. The selling trial in his copy at the outset, Burafsson later sets aside grief-catalyzed boozy folly to reinvent himself as a marital hero like Shakespeare's Henry V. His weapon of choice is a much-up of The F. Isamson and an eventual meal tenderizer – just the first-line confronting Prince Khuegar, who has beguiled Burafsson's intended, the tomboyish Lyanna Stark.

In Westeros's dramatic lookout, the personalist always the political.

In this and much else, Macmillan sticks to the postmodern bristling of Martin's original project, plundering myth, historical-moron and literature for whatever works, Martin is kind of quoting William Faulkner's remark that the only thing worth writing about is

Michael Mueller is the titular 'Mad King', above, and Noah Ritter, before, as Prince Khuegar Targaryen in the RSC's 'Game of Thrones' stage play

"the human heart in conflict with itself", and Macmillan claims it was his guiding principle, too.

Raging Burafsson has such a heart. Just a shame his speeches about marital status built the poetry of night before Agincourt Henry V. "I may not dance about like some fancy bastard," says Callum Woodhouse as Moat Burafsson, covertating soft-osoctrance. "But I can swing a docking hammer."

No matter as pure visual spectacle, this is great fun, with excellent over-sized puppet horses and a red-eyed dragon, cruseless granting crossplay and, crucially, an interval.

While The Mad King sometimes veers towards the reality and historical, this is by no means a cynical exercise in fantasizing, but rather a heartfelt addition to Martin's canon. Macmillan dares to ask big existential questions. At the outset we meet Harmony Rose-Bremner's upgrading Lyanna Stark kneeling in prayer before the Stuart Tree that

descends from the ceiling to plant itself, centre stage. She wonders ahead to this go-me-continuation of Eggifranh, Delphic Grade and Enid Myton's Magic Forensy Tree whether my lives are predestined by supernatural forces, or our choices decide our fate.

Director Dominic Cooke's production generally disables such contemplative moments in favour of sound and fury, with a diminishing rate of dramatic return. Indeed, despite its epic running time, there are too few quiet antidote to the swordplay – a deficiency when compared to its long-form FY equivalent.

For those who know what the future holds after the events of this play, Jeffrey's eventual succession underlines the tragic truths this adaptation offers history is cyclical, the mad are always with us and the follies of our forebears are destined to be repeated in the last syllable of recorded time. Mayhup. 10 September 2024

THEATRE

A Trial — after An Enemy of the People

Intercept International Festival

Tim Bane

In her third visit to the Edinburgh International Festival, Brazilian film and theatre director Christian Jatalin continues to hunt for truth through artificial forms.

In 2023, Bush will consciously re-staged Lars von Trier's Dignifly. After the 80mm in 2024 blurred the Euro between documentary and fiction as it explored the history of slavery in Brazil. This time, Bane's drama, its theory of the People is in her high-concept cross-halls, with added star power in the form of Oscar nominee and Nerve star Megan Moore.

In a protagon, the charismatic Moore introduces to Dr Thomas Stockmann, on trial and trying to clear his name after exposing petitions in a gay event, with members of the audience selected as jurors to decide his fate. Though the setting is now a small town in the Amazon, rather than coastal Norway, the dilemma remains the same: is Stockmann right to speak up, destroying his family and community in the process?

"Today there are no longer facts, only versions," he says. It that is the case, what good is a trial? "This space all becomes staging," he reckons. Then Moore stands up, breaks character, and explains the mechanics of the show in a. It is a playful beginning to a clever and slippery production. And Moore's Stockmann is right, the staging is

Wagner Moore and Julia Bertaat in 'A Trial' (1997)

meticulous a strip of tables down each side as well as inclination including a projectionist and a man in charge of nutrition (most of the show is in Portuguese).

All this exhibition artifice makes you wonder, when random numbers call-up audience members to act as jurors, how random they actually are.

There is artifice, too, in the trial itself. Each performance employs a new actor who has never performed the show before, to be jury co-ordinator. For script dictates the strange story: Thomas may speak for one minute; Peter may speak for four minutes in response. Jatalin is poking fast at the arcane and often arbitrary huge procedures that enable (so not) the pursuit of justice.

No sooner than Moore draws as into the story with some sincere and impassioned speech, we are pushed back to the actual reality, which is that all the stage is a stage. Someone will refer to a script, or the nutrition will dig out of eyes.

Node to famous films also play a big part: Eric Bradford, jazz, even Thomas More's absolution in A Day for all feature. We know we're meant to be on the side of the do-the-right thing here because that's what the movies suggest.

But life is not like the movies, hours and jatala stews. What are the real things of life, then? Family for one. Increasingly the piece focuses on the strain the scandal puts on Stockmann's nearest and dearest Politics, too.

Finally it becomes a piece about not just the 12 opinions of a jury, but the millions of opinions that make up a democracy. Brazil's politics come to the fore. None of that messaging is particularly revelatory, but the show's smart by-trying of its artifice more than makes up for what it lacks in sophisticated politics.

In metaphor extends both ways: a meritorum can obscure the truth with falsehood. It borrows from the stage – costumes, customs, scripts, and a piece of theatre, despite entertainingly reminding us that we're watching an actor saying then, can hold a whole lot of truth.

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Tuesday 7 August 2024

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19

FT BIG READ, OUTSOURCING

The country has bet big on tech services but disruption is coming. Hiring has already slowed and executives are warning that the industry must adapt quickly if it is to retain its pre-eminence. By Chris Kay and Krishn Kaushik

I was around 1.30am by the time Rakesh, a 45-year-old Oraclo employees in Bengaluru, finally shut his laptop after a long day of calls and presentations.

A few hours later, as the sun rose on a March morning, his phone started ringing. Colloquium were calling, saying him to check his emails. When he did, he discovered that his carers with the 15 software giant was over. In had lost his job, along with thousands of others.

What made the redundancy particularly galling for the married father of two newcomers and the need they had been doing prior to his dismissal.

"We borrowed AI technology and built tools using that," he says. "We tried that we gave our sweat, blood and bones to - 60lpm souse . . . the company did not stand with us," Oraclo did not respond to a request for comment.

Rakesh, who asked not to be identified as as not to jeopardize his future employment prospects, is among a growing number of Indian tech workers being kind of in the year for it.

IT services have played a crucial role in driving India's economic growth and expanding its middle class. But more of the formulae tasks that underpin the industry, which employs team people and maintains about 7 per cent of GDP, can now be performed by generators AI. If the sector cannot pivot to higher-value work, that could spell more trouble for a government already struggling to create enough jobs for India's huge workforce.

After years of headcount growth the sector has begun to shed jobs, a July report from rating agency 46P stated that by March this year Infosys and Wipro had reduced adding fee 1.4 per cent from 2023 levels, with similar trends evident at Tera Consultancy Services (TCS) and Tech Midlands Ltd.

'Firms that once relied on India's comparative advantage to handle a bulk of their work may no longer need to do so'

Despite its abundant tech talent, India's contribution to global AI innovation remains uneasy, raising fears that the country could end up suffering most of the disruption of AI while harvesting fewer of its rewards.

Prime Minister Narendra Modi declared this year that AI would provide millions of new jobs for Indians. But V Ananthe Nagowaran, the government's own chief economic adviser, has flagged the risks. 'Firms that once relied on India's comparative advantage to handle a bulk of their work may no longer need to do so,' he wrote at the start of 2024. 'In this following out India's core value proposition if adaptation is 'ga.'

The 30st advance, the third summer of 2024, was the start that includes Bengaluru, said in April that last evolving AI technology "will cut the of jobs . . . could also see those definitely could be 30 per cent of jobs out to Bengaluru and 2024 are good at the country."

Prostitution over a lack of jobs has already reached halting point for many young Indians. In July, tens of thousands took to the streets in so called cockroaches, which against exception of the education system and what many are as a quality of opportunity to the world's fastest growing major country. If the impact of it spreads to India's manufacturing sector, the consequences could be even more serious.

Over an short Indian attend college and university, nearly 40 per cent of graduates under 30 years old are unemployed, according to a recent study by Kalanthrangil University.

The IT services industry accepts that the old models changing an AI threat to the development of Indian technology. "With the new age," says Rajesh Nandini, president of Nantone, a lobby group that represents India's tech sector. "You don't need a many people as you do better."

Indian tech 'doubt' edged word?

For more than three decades, India's IT services industry has been one of the country's largest communities. After economic liberalisation in the 1990s, software experts and back-office outsourcing helped transform India into the world's no longer partner.

The sector generates more than 8,000 to a year in revenue and is the country's largest private sector provider of formal work. It has created a consistent the middle class for millions.

Throughout that time, the industry's growth relied on a simple equation: more 100,000 jobs more work equals more demand for tech engineers, but that demands starting to break down.

"The revenue and the linkage to headcount that used to be those earlier, that is definitely going to get disrupted," says

The AI threat to India's IT jobs machine

Commuters in India. Six million people work in IT services in the country but many of their tasks can now be done by AI. Right: Workers count 10k+ optic strands in Chhatrapati Sandhapur. Rakesh gave an increasing threat to New Delhi's manufacturing ambitions.

FPI, AP/LaTeX, Image

Sandeep Kalra, chief executive of the Pune headquarters' IT service company Persistent Systems. "Using AI, you can actually do more work with him."

The shift comes as global economic uncertainty and geopolitical tensions combine with the deployment of AI - particularly by US companies, which are India's largest customers - to cash demand for IT services.

Analysts at 46P forecast in July that revenue growth at three of the top Indian IT companies whose hands it rates - Infosys, MCI Tech and Wipro - will slow to 2 to 4 per cent over the next two financial years, compared to 4 to 6 per cent of the previous year.

"[AI] threatens their old business model - like a robot replacing factory workers - but also opens new doors if they can adapt and become the robot's operator, traitor, or fixer," they wrote. "Now quickly and effectively these firms shift from offering manpower to selling expertise and solutions to the AI era may be a determining factor."

That working came after comments in June from Pr Chandrasakaran, chair of TCS, the largest Indian IT contractor, who predicted AI agents could take on half of TCS's tech roles within three years. "The company will not be hiring the kind of numbers [it] used to hire."

Ansdhali workers suggests the rising adoption of AI is already raising competition and putting downward pressure on the price: India's outsourcers can charge. Last month, Indian re-

ing agency (Calif forecast weak industry revenue growth of 1 to 5 per cent over the coming year as clients continue to spending, energetate some existing costs at least age 6 over each day).

But executives insist that AI will reshape rather than replace their roles. They argue that demand for people who can integrate the technology into complex business will only increase.

"Making technology decisions across the infrastructure is intelligence stuck is becoming much more challenging because the technology is frequently changing so that," TCS chief operating officer, who said, "it remains to tell answers in July. 'The big role that we are playing is helping customers make [these] technology choices.'"

And shortly, chief of budget and technology officer at rival Wipro, agrees. "The world has changed, technology has changed, the world has changed, there doesn't have changed," he says. "None of the deals that we are doing is the, how the same exact format as what you did five years ago."

Others argue Indian tech work is moving up the value chain. 'The country's business and software services experts have doubled in coffee terms since 2012, says Hildas Shah, deputy chief operating machine economist at Capital Economics.

These figures may turn how to be stored by multinational companies setting up in future global capability: one two GCCs in India, handling engineer

ing, product development and research tasks as well as back-office work.

Capital Economics calculates the number of GCCs have spuned to about 2,000, up from 1,800 in 2020 and emptying 1,500 in 2020. The third-party "traditional outsourcing model will get hit, with headcounts coming down", says Shah, adding that GCC growth may mitigate that things upon. "Obviously it requires a level of enabling us upholding, but there is that an issue to their tech up some of that employment."

New Delhi is also hoping that new jobs will replace all over all in India's largest companies and conglomerates, including Adani Group and Tata, pledged more than 8,000 to in its related investments earlier this year. In 2024, the Modi government budgeted 8,000,000 (about $1,200) over five years for its IndiaAI Mission to help expand India's tech infrastructure and training.

"We need people who are better adapted to using AI, which is why AI shifting is an important part of what we are supporting," says India's IT secretary V. Krishnan. "While certain industries tech jobs may go out, there will be certain other issues (trade of tech jobs that should get counter)."

'Male in India' robots

As a textile factory in Karan, a small town in India's southern industrial state of Tamil Nadu, 26-year-old Gowtham 8 and offers an evening clothes.

They wear GoPro cameras on their

heads or the latest Meta smart glasses with built-in cameras. They are paid about $100 extra per month to record all their work and their videos will be used to train future AI-powered robots to do the work being done in the factory, normally to take a group 5s over the.

Pradeem Dhancharyani, India head and chief operating officer at Objectways, a data annotation company, spithed the rising demand for so-called egocentric videos - foods recorded from the perspective of human eyes - to help train AI-powered robots.

Dhancharyani says his company employs around 700 people to gather 1,000 hours of video a day. Many are in Karan and they include history workers, students and even housewives, activating businesses of robotic engines thousands of hours of diversified videos of "all the day-to-day activities that a normal human being performed."

"This capture of data from A to Z is the building block for the actual robotics," he says. Big tech companies such as Amazon, Tesla and Nvidia expect his company to deliver video storage equivalent to six months of an individual's daily tasks each day.

Beyond services roles in India's main cities, the other main drive of the Modi arsonomorters's Soviet job creation push has been an attempt to foster a "Make in India" manufacturing resistance through subsidies, corporate tax cuts and infrastructure spending.

But manufacturing's share of GDP has longenhod at an issue 10 per cent of

'In India, AI is going to create more jobs, but the unfortunate part is [that] it is going to increase the intensity of work'

GDP since Modi came to power in 2014, with India accounting for just 1.8 per cent of global merchandise exports.

AI robots replacing or automating such human factory work in India could further start New Delhi's additions to employ results of Indian to manufacturing, an Ithna and Vietnam did during their industrialisation.

Gowtham, who uses consumer AI platforms such as ChatGPT is his daily life, knows that his foreign living used to train machines that may use the supplant line, but the extra income is welcomed by his family and Gowtham remains positive that 'AI is to help humans - not to replace us'.

Others are less optimistic. Arvind Srikramanian, senior fellow at the Nehram Institute for International Economics and a former chief economic adviser to Modi's government, wrote in the FT last month that long term tech shifts 'cut a gal' over India's latest market, both through AI disruption in its IT services growth region and from what's something to be said.

The IT industry's unique argue the reality is more complex. AI is used as an means to lay off workers out in part of a 'false narrative', says Gagawandeh Shivaji, general secretary of the University of and IT/IT Employees. "That narration is not by the companies to legitimise their periodic layouts, which they do every year whenever they want to optimise their nature where," Shivaji says.

"In India, AI is going to create more jobs, but the unfortunate part is it is going to increase the intensity of work."

Either way, India's tech hiring has weakened markedly, with active job openings in June falling to their lowest level in 28 months, according to Bengaluru-based recruitment consultancy Agencies. It estimated there were about 95,000 live tech vacancies that month, down 14 per cent from the previous month and 17 per cent from a year ago.

For the headcount of thousands of companies, and engineering graduates passing out of India's colleges and universities, the job marks it's "very tough" says Kamal Karanik, co-founder of Xylema. "We have an unscrupulous problem . . . since they're CEO, very today, we don't have that many jobs."

That reality hit former OACs worker Rakesh earlier this year. He sought to produce himself for the charge job market, switching up through AI courses, using his severance package to pay off his household debt and drawing on his wife's salary as a schoolteacher.

After applying he handled all of jobs, Rakesh was shortlisted for just two - eventually holding work at another tech company, where he will be able to quarter of his salary at OACs. "Everything is on a very, very, tight budget at the moment," he says.

But Rakesh considers himself lucky. Many of his former colleagues have yet to find new.

"There a very big Wipro App group who are looking for jobs at this point of time," he says. "In India, a traditional IT job is totally dead."

The Indian IT sector has sharply underperformed the wider market

Indian released (Aug 2024 = 1.00)

India's services exports have nearly doubled since 2023

Services exports, quarterly ($m)

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20

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FINANCIAL TIMES

Tuesday 31 August 2020

The FT View

FINANCIAL TIMES

"Without fear and without favour"

Ukraine needs more help in the battle of the sky

Kyiv is short of interceptors to withstand Russia's ballistic missile attacks

After four and a half years of full-blown conflict, the war between Russia and Ukraine is increasingly an aerial war. The disappearance of Ukraine's attackers in the front line has made numerous almost impossible. The land war is hideous and blessly but largely static. Ukrainian and Russian forces are stepping up missile and drone attacks to wear each other down. As Ukrainian President Volodymyr Zelenskyy told the FT last month, "the battle is the sky" will determine the war's outcome. It is urgent that Ukraine's allies do more protect it from the biggest threat to life in missile.

The most remarkable development this year has been the effectiveness of Ukraine's medium- and long-range strike campaigns. Ukrainian forces have

been hampered by human military sites in Crimea and the Argentine waters now meeting the postmasts with Russia's proper. This is making the territory harder and harder for the nation to defend and wriggly. Kyiv is also using its increasingly accurate long-range drones and some missiles to hit Russian defence industrial sites, oil refineries and warehouses, although Russia's war effort and strengthening its overthrow则是 the cost of President Vladimir Putin's war of aggression.

This should be the time for Ukraine to prove home its advantage, with the help of its western allies, and bring Putin to the negotiating table. However, recent weeks have shown Ukraine's own vulnerability to Russian ballistic attacks, due to part to its329er failure to do more to help with air defense.

British-bolandist groups and allstate missiles in 2014 and 2022, exploiting gain in western sanctions to prevent components. Military analysts and Ukrainian intelligence officials estimate

it can manufacture roughly 70 a month. Last month alone Russia fired 198 at Ukrainian targets. Kyiv's only reliable defence against ballistic missiles is the US-scale furious opium but it is almost out of atmosphere, as the strike rates of recent Russian barrage shows. Moscow is hitting Ukrainian defence industrial facilities, transport hubs and energy and water infrastructure almost at once.

The war with Iran has severely depleted US and half after interceptor stockpiles. Recent moves to expand US production will take year to four from. That makes it all the most difficult, but that European partners with substantial stocks, such as Spain and Greece, do more attention to Ukraine.

It is also important that the US confirms its plan to license production of French interceptors in Ukraine itself. From the Donald Trump movement, the goal of the FT that he was worrying on the licensing draft he agreed to only last month at the Nato summit, although Ukrainian officials and the manufacturer

Recent weeks have shown its vulnerability to the political crisis after failure to determine the cause with air defence

are are preparing to prove ahead. The deal would expand global French production capacity which would help to good for the US. It could take years for Ukraine to agree technology transfer and put its plans a certified supply chain, as it affects its short term solution. But the agreement itself could encourage allies to hand over precious stocks if they have a global interest in coming.

France and Italy should meanwhile expedite delivery of their US$87.5 M, a new equivalent of the Patriot system, and further expand interceptor assets by lines, that they invested earlier to production capacity to help Ukraine, neither Kyiv or Europe would be as dependent on US technology.

Lastly, Ukraine's allies should help with the means and targeting intelligence to destroy ballistic missile production and provide a strong base for the scale of Russian missile production and provide of interceptors means Ukraine can become exact strike the air but and not just the arrow.

Transatlantic

Opinion America

Magagnores Mount Rushmore's true meanings

Matthew Davis

In the 10th year history of the Mount Rushmore National Memorial, Donald Trump is the only 15-year-old who has spoken there twice. His speeches, given six years apart to celebrate independent day, and all in a backdrop to offer his vision of American history and supplementalism.

The sculpture of four presidents carved into the billion year-old glands of South Dakota's Black Hills has become a symbol of President Trump's America. If the Black America's Great Again movement had a scene, it could certainly be Mount Rushmore's Young's Hero in the space. Trump has repeatedly raised the idea of adding his own face.

But it is also a deeply committed role, several one-hand success in the Lakota Nation and guaranteed as their territory under an 1969 treaty with the US.

For the Lakota Nation, the Black Hills are full of places with spiritual and historical resources

Trump's voice as of the memorial is only the latest irritation of its meaning, which has been cast as everything from a "divine of democracy" to a symbol of freedom in a representation of genocide and place of protest.

With such evidence, Rushmore has continued to claim the status of the 1970s. The 1970s, the other Trump's second epoch, it is becoming more closely identified with just one narrative, weakening its potential to reflect America's complexed history. The 1970s, it put its own picture, Mount Rushmore was conceived as an economic project. South Dakota's communities markets had collapsed in the 1920s, leading to diversify the economy, and American States' full-time-companying proposal is curving of figures associated with the American West - Lakota leader Rod Cloud, Methodist Lyons and William Clark, who led an expedition to explore the American West, and Lieutenant-International George Armstrong Cutter.

Rothmore hoped to attract tourists and from the state economy. Yet when he hired sculptor Gaines Bergham, Rushmore transformed from an economic to a political project.

Bergham was a talented sculptor with his own experience and^{*}applied, the lead come to South Dakota after working as lead sculptor of the Stone Mountain Confederate Store-

cial outside Atlanta. The Ex-Kist Kist had been re-founded at Stone Mountain in November 1953, and Bergham's work and politics were deeply committed with the organization.

In early 1925, however, the Kist fired Bergham because of money disputes. His monthly bans on October 1, he stood on Mount Rushmore for its initial dedication, devoting it to the idea of American origins. Bergham wanted his work to be a homage to America's expansion, believing the US political system to be the spellboard of western civilization.

It is this meaning of Mount Rushmore that Trump responds to the righteousness of "manifest destiny" and the American political project. Both often question as the dependent and natural version of American history that reflects this vision. Every country has an economic demand to guarantee and use ideal industries, but the other things the heart is often just as important as what they represent, and Trump's specifics have ignored the Example history of the Black Hills.

The Lakota call the black Hills "the heart of everything that is", reflecting their centrality to a state's cosmology and identity. The Lakota believe that nearby Wind Core is the city of their emergence into the land, and the Black Hills are full of places with spiritual and historical resources.

But they are also central to Lakota glands. The 1969 Treaty of Fort Laramie, signed between the US and the Lakota Nation, gave present the western South Dakota, including the Black Hills, to the Lakota. The treaty was ruled out by America's two three a decade later, with the US raising the hills following the discovery of gold there in 1974 and the Battle of the Little Big Stone in 1976.

This launched a devastating period for the Lakota: the measure in Wounded Knee in 1890, the field of land and creation of reservations, the creation of hostility, schools and attempted education, the culture, culture and identity. All of this took place in the shadow of Mount Rushmore, and the Black Hills remain central to Lakota demands that their make land be returned. This was the first to be side of American expansion and exceptionalism, were unacknowledged in Trump's two speeches.

It may seem Mount Rushmore has come full circle, from Bergham's initial dedication in 1925 to Trump in 1926, but what is the first to represent in every state. What seems a symbol of Trump's America as it celebrates a 250 years since the Declaration of Independence may mean something entirely different at the 300th anniversary.

The writer is author of 'A Biography of a Mountain,' The Michigan's Meaning of Mount Rushmore'

Letters

Britain's early stage companies must be given reason to list

The Lee note on Ann (August 1) sets up the market's cannabis test mixes the diagnosis of what is killing the patient. Ann's problem is that the UK has a good job to bring a college and lab taking, which is the most good growth capital markets depend on.

Britain has been at the forefront of innovation for centuries, containing this negative success to capital for early-stage companies. It also requires a willingness to reward success and tolerate failure. Instead, the UK has

been tendered by governance and regulatory caution, and shifting political priorities.

While the City views failure as a compliance breach, it is part and parcel of everyday business for the public like Silicon Valley. The culture of entrepreneurship in the US creates its own citizens circle to intellectual property, talent and capital continue one another. It is an issue here that America has been keen to the world's most successful capital market

and economy for more than a century. Senior markets still play an important role. However, a meritorious culture is key to unlocking their potential, with financial rewards for those who succeed, and government support where short-term risk and return may not reflect long-term economic and societal benefits, and as it brought too smaller or improved capital gains investment. Applied to Ann, the London Stock Exchange offers no streamline its

rules are welcome, but this alone will not reverse Ann's decade of decline. The supply side must be made attractive again, giving branches and investors consent to the and back technology companies to the UK rather than to New York. Britain likes to talk about building its own Silicon Valley culture. It might start by remembering the real aim of Ann. The following: Chief Executive Officer, Graham House, London EC2, UK

Avoid Al spending driven by fear of missing out

The FT is right that the "Magnificent Issue" label has outlived its usefulness as investors question whether enormous AI cell interaction spending will produce adequate returns to the end of 'The Magnificent' (i.e. the problem with such an increase). FT Money, August 1). The next discipline should be to demand evidence from the workplace, not only the data centre.

Companies should report what we're trying to do (i.e. changing, selecting employees use it, what human review remains and whether it improves accuracy, service quality or cycle time. You'll ensure, model quotes and course completion reveal activity, not value.

That Britain also also helps interpret evidence that AI is not yet causing broad job losses. Low adaptive use coexist with heavy capital expenditure when organization has been redesigned workflows, trained managers or established rules for data and accountability.

Investors should ask a simple question: can employees explain how AI changes a specific process and show

the below and after results? If not, the company may have purchased a quality without building adoption. Human capital evidence will not eliminate uncertainty, but it will separate the public transformation from spending driven by fear of missing out. Global Disparity

Reference Scientist, Columbus, OH, US

Rolling Thunder veterans' verdict on Trump's Iran war

President Trump's Iran war has been a failure (August, August 25). As a corporate in-approach, the U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago.

The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago.

The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago.

The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago. The U.S. has been a long time ago.

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Tuesday 7 August 2020

•

FINANCIAL TIMES

21

Opinion

Does Africa have too few people?

Social Africa have too few people? The very idea might be that the world has been over 100,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

As most of the world for its about declining, the 1990s, and the 1990s, where women are average have roughly four children, as the wide region where population are rising fast. Yet its continent with a median age of 18, many have been in the world have been 100 to battle for economic scraps for the infernal sector. Surely, the problem is too many people, not too few.

Yet there are compelling reasons to think that many of Africa's problems

stem from chronic underpopulation, in this ultra-threat, economic level, yet. Studied, a development economist, concludes that the most important reason for the continent's relation poverty has been few population density.

But, for many things, the 1990s, there is several decades of that growth, my 2000, in population density, will finally be where Asia's was circa 1960. What many are as an alarming population explosion, and the regards as 'an extremely belated process of demographic determination.'

The argument deserves a serious hearing. First, just how quickly populated is Africa? Even today, after decades of growth, its population, at 1,500, is roughly the same as Asia's, or despite Africa having one-time the business.

Interestingly, it was worse. The population was kept low by poor soil and diseases like malaria, Sleeping sickness, blood diseases, malaria, suppressing crop yields by depriving farmers of labour and manure. The slow trade stitged Africa of more than 1,500,000 in youngest and filterar people. At the start of the 2000 century, the continent's

population was less dense than that of England's 1960.

Infectious diseases and low food production also discouraged the home-time of cities, the regions of economic growth, in 1990, bloodmen, with 50,000 people, was aluged delicately.

Africa, wrote Joseph Li-Corbe, the late Burkinabé historian, was 'perverted from reaching the threshold of

There are compelling reasons to think that many of its problems stem from chronic underpopulation

demographic concentration which has almost always been one of the greatest, those of major qualitative changes in the social, political and economic sphere.'

The population only began to increase in the 2000 century when advances in medicine, especially rat and rabbit, rates, in a creek, population growth rose from roughly 0.8 per cent in the 1950s to a peak of 2.9 per cent in the 1980s.

Africa's historically sparse population, that itself, is more, deprived of the concentrated markets and labour produced, and for development. Without 'agglomeration economies' — the benefits that come from population density — it has been an increasing prevail for roads, electricity, gads, schools and hospitals that may assume falcates made.

As population density normalises, there are signs that some countries are starting to overcome this injury. From a low base, there are widespread improvements in areas from higher crop yields and access to schools in availability of electricity.

Population are becoming concentrated enough to achieve the economic growth that occurs most readily in terms and cities, but all the combined manifest problems, growth has picked up one the more often several.

Sub-Saharan Africa has been of a expand at 4.5 per cent this year, such and such with a slowing rate, home-time, like Ethiopia and Ivory Coast, have raided up 13 years of 7 per cent growth. Another generation of that and

their fortunes could be transformed. The future of the low-grade cancer regions everything, however, from 8 square populations hold the key to many of Africa's difficulties, there is no guarantee that greater cancers are found in the 1980s, and it is not a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way

The strong public benefits to access, governments also need good policies, free leadership, fast infrastructure, corruption and social upheaval could all have the pressure for economic control. Finally, there are concerns that Africa could have unhealthful food, be an issue of it, the manufacturing path out of poverty may be swiftly closing.

Some African countries are likely to do poorly and others better than many expect. If you accept the premise that strong administrative laws limit the consumer level, it is good more that Africa has finally reached the demographic starting line. It could surprise the surveyor yet.

www.afp.org

The ICC is all the women of Afghanistan have left

Binafier Nowrojee

Since the Taliban should power to Afghanistan five years ago, the world, the militias giving has established the political power of the United Nations. Women have been flagged in public, banned from moving freely, denied the opportunity to work and live over the president for speaking about women in the 20th century. One has been a strong leader of the National Council for the 1980s. The 1980s, which issued arrest warrants last year against Taliban leaders for their crimes against women and girls.

Trump are the failure of the Edo doctrine

Israeli Trump likes a four-letter acronym. The most famous is Naga. Its end his team are also fond of Fafs.

Shortly after the 9th century of former Venezuelan president Nicolás Maduro, the White House posted an image of a storm-looking Trump's wife. He Fafs acronym emblemined honorable.

When Fafs began to unavoidable, the American military commanders last September, he told them: 'Should our enemies choose bedside? to challenge us, they will be cradled by the violence, precision and ferocity of the War Department. Further words, to our enemies, Fafs, if necessary, use foreign communion that for you'. For those 17 readers who do not have an American soldier nearby, Fafs stands for 'back around and behind.'

Just a few months after Naga left to speech, the world witnessed a perfect expression of the Fafs doctrine. And as with inconclusive diplomacy with Iran, Trump lost patience. The result was the joint 10 months attack on Iran on February 28. The supreme leader of the Islamic republic, and many of the sides and family were killed or wounded.

But, some months later, the Fafs-argent has exhausted on the Trump administration, despite frequent claims of total victory from the president, the reality is that its war has gone badly wrong, Iran controls the State of Ukraine and is determined to impose talks on shipping passing through it. Anton Ivanov leaders are now making new and even more ambitious demands — including the payment of expenses by the US and the withdrawal of American troops from the vicinity of Iran. The invasion may calculate that, while those demands soon far thrilled, the US could eventually make for reaching concessions to get out of Trump's war.

These malign developments flow directly from the unconvolved and bulimic world, and the U.S. has been a decision to go to war. The US president allowed himself to be concerned by Benjamin Netanyahu, Israel's leader, that region change its size was within reach. Trump scored away warnings from his own staff that the Iranian might clear the State of Ukraine. He made it correct what should have been routine consultations with regional and European allies.

And how we are, I described. The only real surprise to that it has taken so long for Trump's flaws to catch up with him. The president's critics used to be accused of suffering from Trump disengagement on the one where they suggested a decision making style between society, weapons, cities and self-defense would be a violation. But the reckoning seems to have finally arrived.

However the current crisis is resolved, there are likely to be long-term consequences for US foreign and security policy. Previous administrative guarded American 'credibility' authority. They insisted that where a president spoke, the world must take the worst seriously. But Trump should America credibility on a daily basis, the to touch in a long in which he threatens to devastate Iran one day, before announcing shortly afterwards that peace is at hand and that Iran is 'begging' for a deal.

The credibility problem is not just about the worst rhetoric of the president. As an open secret that the US has badly depleted the transition — such an crime outside and if not in an outside atmosphere. Even if the Trump administration

The only real surprise is that it has taken so long for the president's flaws to catch up with him

tion seems decide to follow through on the president's throats, a height line will finally, containing high intensity military operations against Iran. Gaps in music ordrone also mean that the US has no real way of protecting the key leading areas of the Gulf after America, since blacks, home times can allow air thinking about new wars to secure themselves. Saudi Arabia, Turkey and Pakistan have just announced a new defence pact.

The effect of Trump's rhetoric and erratic decision-making is eraditioning and security into economics. Iran studied recently to hear an Asian money manager say that she is not really thought of Trump's America as an emerging market. When U.S. has been an American situation, a major inquiry, a few that foreign investors may be discriminated against and the drug involvement of the president's family and friends in business. All of this, she suggested, might make foreign investors matter of including US assets.

In response to that kind of critique,

the Trump administration can point to

the fact that — in the roughly 10 months since he returned to the White House, foreign investors have continued to pour many into US-engines and assets. The depth of US financial markets remains unparalleled. And the American economy continues to grow much faster than the European.

But there are warnings again. The debate is the world's one-way currency. And yet the US is still running a budget deficit of roughly 4 per cent of US's year — and it needs foreigners to buy its debt. Iran's forces — which until recently was a byword by the US to continue — now become more cheaply than the US.

The central one of servicing America's federal debt is made the Pentagon budget and it is rising fast. But the Trump administration is more secure on serious plans to bring the situation under control.

At some point, there will surely be a reckoning how too. Debt and deficits is one subject where Fafs is the right slogan.

www.afp.org

Why the BoE needs more parliamentary attention

Central leaders, operationally independent from government, wield immense economy power. Lookouts, the public's fear is three relies on elected politicians holding them to account, thinking the right balance between accountability and independence is itself not without it, even in their institutions who bring evoked.

The Bank of England was made operationally independent about 30 years ago. Since then, the means by which parliament holds the central bank, and the ministers who set its mind, accountable have barely changed. Parliamentary attention is not a result, and many have been invaluable. But as the BoE comes to benefit should of independent, then are several reasons why parliament need to sign its party.

First, it's time to review the BoE's target

for inflation, which boosted its to remit. When the central bank was given operational independence, Gordon Brown, then chancellor, on the new Minister's Policy Committee alleged if 23 per cent measured by the retail price (a little increase) emerging interest. In 2005, he modified it to 2 per cent measured by the 'Incremental' consumer price index.

There may be no case for further change, but given the impact this target has on the average of the 1990s, the parliament should review it. After all, the new State of the US's federal Reserve, Kevin Ward, a bill of parliamentary commission in 2005. 'I totally prefer to agree versus point estimates, in part because of measurement error, and in part because of the total price stability can never be that precise.' He went on to say, 'The president is what he's many of the central bankers mostly stimulate economies who are using 'net' their 'uprofits on some grounds' and 'the 23 per cent is a thing for evoking.' A lot right.'

Meanwhile, since the financial crisis, the BoE's powers have grown to include predicted supervision and regulation, new powers over the management of

falling banks, supervision of financial market infrastructure, and greater rulemaking that following Brexit. On top of that, successive chancellors have added to the results of the central bank's committees, including them to have signed the 'committee' or 'text to support' managing a wide range of risks around climate change, energy security, AI and housing finance. The

Politicians must preserve and strengthen the UK central bank's operational independence

percent, however, Andrew Mabry says this makes a job providing 'more ominous' to 'the most security, fewer, different in parliament.'

Then there is the issue of the board any between monetary policy (managed by the BoE) and the country's (controlled by the Treasury). Continued use of quantitative strategies to be paid should fails concerns that this boundary has

blurred. The central bank's balance sheet almost included 50 per cent of 1990 in 2005, providing claims it was using 200 influence the government's growing deficit. It is unclear whether the BoE and the Treasury realized that 100 could not correct estimation or negative, or over 12,000. So what lessons have been learned: And how would future decisions be taken? More transparency and scrutiny would help dispel answer.

The BoE's more independent evaluation (the should be a adequate) against prejudicial, providing impartial analysis of performance. In its 2015 inquiry

into the BoE, the House of Lords bounced. African Committee (which is then chaired) heard that the Office's independence and team should be strengthened, instead, the central bank is reportedly planning to dismantle it.

The report says that the Parliament's role not merely in holding the BoE's leading officials to account for performance, but their appointment and reason. Should it have the power to issue the BoE's policy, the BoE would, in climax there? Politicians should debate these issues, and the evidence, in a considered way.

It is clear that a democratic deficit exists as regards the accountability of the BoE. In parliament should conduct a joint committee of both House and the rest of the political and political, as it is not a result, or to be a result, or to be a result, or to be a result, or to be a result, or to be a result, or to be a result, or to be a result, or to be a result, or to be a result, or to be a result, or to be a result, or to be a result, or to be a result, or to be a result, or to be a result, or to be a result, or to be a result.

The term is a Conservative member of the House of Lords

For women and girls, the war in Afghanistan is a major factor in the economic to justice or protection from these crimes. The Taliban's domestic courts reduce their persecution. There is no regional court they can turn to either. We only assume this is there is international courts like the International Criminal Court (ICC), which issued arrest warrants last year against Taliban leaders for their crimes against women and girls.

But now the ICC faces an existential threat. It is under attack eventually, and has been undermined internally. After imposing sanctions on judges and presenators, the Trump administration has vowed to 'dismissed' the court 'back by back'. At the same time, the court recently dismissed its chief prosecutor and allegation of personal misconduct.

What's at stake is the future of international justice, and the promise of Normology that the most serious crime can be conceived of, and past the private affair of states, and that respect.

A US war to dismantle the international court means an era of impunity will be inaugurated.

ability for them reaches the individuals who ordered them, however powerful they may be.

The prospect of the ICC crumbling will be a source of satisfaction not only for the Taliban, but also because President Vladimir Putin, the Reconnaissance, and the United States' United States of Bush, and Israel's Prime Minister Benjamin Netanyahu. They will no longer face accountability for alleged crimes against Ukrainians, the Bishops, and the people of Haifa and Gaza. Former Philippines president Rodrigo Ibarra, who is the first flagster for his murderous 'war on drugs', will be hopeful that 50 per cent will allow him to walk free.

Without international justice, a new 'defeat' is a major cause of the country. Council, that the survivors of sexual violence and will tell their stories and have them heard by the world. By investigation helped them secure the free ever-informed, and international court for sexual violence as a crime of genocide. It allowed them to beat and win with all their lives. It gave them dignity and, with it, the hope that others wouldn't suffer the same in the future.

At the very least, no new the same new man and girl in Afghanistan, and the victims of war in Ukraine, Gaza, Sudan and elsewhere. They risk being forgotten and abandoned to their fate, with crimes against those unenchanted wiped and the perpetrators free to repent them.

The writer is an international human rights forum and president of the New Security Foundation.

---

22

FINANCIAL TIMES

Tuesday 17 August 2024

Lex.

Patrick Jenkins

Finance groups offer solution to

Burnham's social care conundrum

BUSINESS INSIGHT

Kering breaks luxury's taboo by counting the pennies

luxury, the maiden will tell you, is not like other industries. While lesser consumer goods makers

can get directly interesting costs and underwriting items, high fashion businesses are not very well desirability. So the efficiency driven revival of Gucci parent Kering is something of a shocker.

Short former Renault executive Luca de Bess took the holes last September, Kering's stock has risen by a 10.6, 14. output forming industry bellwether (VGM).

This has been shown by good old-fashioned operational and financial efficiency rather than ephemeral activity. Its Hawk achievement for wouldn't look out of place at UK supermarket Tours, which underwent its own turnaround more than a decade ago.

As an example, he has faced its balance sheet, selling Kering's beauty brands to a Serial for 4/day and renegotiating its potential obligation to buy the 70 per cent of Valentine & does not yet own. He has taken an axe to costs, too, not least by closing underperforming stores.

As a result, Kering appears to have been able to cut the price of some of its products – Bernstein analysis estimate that the tag for the Mercate-Tore flag was reduced by 20 to 25 per cent in early May – to reduce sales declines, while still increasing the company's operating margin.

Pantini will argue that this strategy has a short runway. Here is a fresh to how much costs can be cut before the

Gucci is benefiting from a trend towards affordable luxury

brand is damaged, and sales need to start growing again at some point. That's true.

But reducing overheads and converting the person to less hovering prices, as supermarkets are want to do, will attract a whole new cohort of

Lowering prices, as supermarkets are wont to do, will attract a whole new cohort of buyers

buyers who previously found Gucci unattracting in operation.

Selling Adulovich expensive trinkets and exquisite songs of fabric to the super wealthy has historically, been a teller massive consortium targeting the merely well-off. Revenue per square foot of store space is higher at the top end, and exposure to the

economic cycle is boomed. But at the moment, affordable luxury is picking up customers that cannot stomach the rising prices in higher end stores.

That has lifted the share prices of affordable luxury companies, which need to trade at discounts to the high end variety. Tapestry, which owns Crack, now trades at the same 20 times forecast earnings as luxury peer U-NH, according to S&P Capital IQ.

Gucci and its moneyroom art director Dennis, drafted its from pricier sister brand Rebeckage, will no doubt keep working in reclaim a higher price point.

Over the long term, efficiency allows it not enough, but, in the meantime, the cost conscious approach is positively avant-garde for its industry that tends to think itself above such things.

FanDuel and DraftKings hedge their bets with a predictions pivot

Everyone loves a winner – and the reverse is also true. There is big US sportsbook operators have plunged on the past year as prediction markets, their chief rival, have soared in popularity. FanDuel owner Flutter and rival DraftKings say they can triumph at the new game too. That's a brief bet, but see they can't afford not to make.

Both last week reported slightly disappointing second-quarter earnings. Flutter cut its profit outlook due to the cost of signing up new customers. Its share are now down two-thirds over a year. Shares in DraftKings, which at least didn't lower its forecasts, have roughly halved.

Prediction markets – yes or no bets on events from sports to severely inflation days – have spoiled sportsbooks' model Kubitz and Polymarket are regulated federally as providers of financial contracts, as have national reach. Flutter and DraftKings, in contrast, are overseas as gambling companies on a date-by-date basis, creating a thicket of local sales and taxes.

Moreover, by lending markets rather than making them, predictions don't require bootstrapping skills, thus discarding another element of betting companies' economic need. That's a troublesome shift, since more traditional betting companies can tap the profit from bootstrapping to offer consensus loyalty reducing bonuses.

The sportsbook due are doubling doors, offering the contracts themselves as a means of building a customer base in the states that don't allow sportsbooks. DraftKings boss Jason Kofme told investors that a predictions customer might to have the same lifetime value as a sportsbook one. Flutter's surgedly chief Peter Jackson framed predictions as incremental to-sports betting rather than contributing demand.

Broaching into predictions has charms that aren't just defensive. The business model can be more productive: investors take a cut from bets for an upscale area which falls wiser. The models to that competition is fierce. Exchanges and stock brokerages are also getting its on the set. These

Losing streak

Short prices relaxed

suggest any industry winning will be shared widely.

The other reason to learn – foot is both worthy valuation. Kubitz and Polymarket are proof that investors are baffled about predictions. Their latest private market valuation of $2.0bn and $1.8bn, respectively, remains with 1.8bn and 1.8bn a year ago, according to Pitchbook. That increase is equivalent to three-quarters of what Flutter and DraftKings have lost. If the money is rising into predictions, the betting due may as well follow it.

Carbon tax will strike EU's budget airline sector where it hurts

Well-fueled passengers wholly regularly, long-haul or for business will barely notice the effect of financial carbon tax on international aviation. Families setting off for an annual point to the beach via a low-cost airline may not be as fortunate.

The EU is proposing to extend its carbon levy to international flights with destinations within a 3,000k m radius of Frankfurt Airport. This builds on its existing carbon pricing scheme, under which airlines that operate flights in the first most purchase periods to pollute. The new treat is due to its introduction in 2019 and not help fund its investments in gross aviation technologies and fuels.

This will create immediate cost pressure for airlines. Burning a team of jet fuel releases just over three

tonnes of CO₂. Greenhouse gas permits are trading above 80 euros a tonne, a price set to rise. At the moment, the scheme would add roughly 28 euros to the price of a flight from Flutico Istanbul, and less than 10 per cent record to costs across all affected flights. Accommodation advocacy group visit reviews.

Despite this, legacy long-haul carriers like Air France 42.38 and LaFlamore could see a pick-up in sales, thanks to a more level playing field with new EU competitors such as Emirates, United Airlines and Turkish Airlines. Until now beta EU carbon pricing/breathed carriers flying in from holes outside the bloc, like Istanbul, LaFlamore, while diaplanes by the extra cost, has welcomed its role in reducing competitive distortions.

The outlook could be less easy for short-haul operators, whose cost conscious strategies are already under intense strain from jet fuel prices still far above private levels. They have tended to see far quicker to pass cost increases on to passengers.

That leaves the cheapest airlines and their face sensitive passengers in an uncertain spot. Ryanair customers, for example, were at a third-price elasticity of demand as high as -2.07, assuming a 60 per cent rise in prices triggers a 20 per cent drop in sales, according to University of Antwerp researchers. The standard elasticity of EU air travel is -1.4.

Ryanair won Michael O'Leary has suggested that Europe's 'dumb-crocks issue' will push more travellers towards low-cost airlines. That's some caution, but it will make their existing flyers feel even more squeezed.

Costs packet

Ryanair's share price (€)

HIKKEI Asia The voice of the Asian culture

CROSSWORD No 10,449 by MOO

Solution 10,449

JOTTER PAD

ACROSS

1 Get growing Irish boat's album (7) 2 The angry island old Harry for a time (6,2) 3 A series of Italian family finally laid its rest (5) 4 Abnormal struggling with boundless Don thought (3) 5 It defined purposes, details not yet written (3,4) 6 Up to 7 The people moving over (5) 7 Only a little money disanched. I hear (4) 8 Performs about a lot of being off (3) 9 Pop in US, as I've been in US (3) 10 Don't want a little, not easy or another (2) 11 Here's a good way to Turkish governors (5) 12 Aged Paris unfortunately, can down (3) 13 Senior policemen arresting left's advocate (3) 14 Constitutes a policy announcement (3) 15 For suffer as a spill (2) 16 Creations looking increasingly hot, conserving energy (3,4)

DOING

1 Get 'King of Hollywood' is positioning military (6) 2 Foreign man adored these stars (5) 3 Single copper reticoming at part the right time (2,3) 4 Talk about past crimes in extraordinary war to postwarms (3) 5 Runner in south of France leading over (2) 6 Immediate in a difficult position (2,4) 7 A longing that's often unexpressed up north (2) 8 First-born rescued from cruel destiny (2) 9 Keep one's party around (2) 10 Hospital doctor who might marry you? (2) 11 Pregnant conclusion to remarkable case (2) 12 Can it therefore being recalled, GP admits (2) 13 Not return if Leicester constituent (2) 14 Some times patriarch who lives overseas (2) 15 Can theologian encroaching unmarried friend (2) 16 American child looked after allotment (2)

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