The Wall Street Journal - 11.08.2026.pdf

华尔街日报

道琼斯

2026年8月11日，星期二 - 第288卷第35期

美国版

DOA 1.0975，W=60.95 0.1175

纳斯达克 24.00，3% = 0.3%

斯德哥尔摩 640.40，0.0001

10年期国债收益率 = 10.02，成交量 4.4975

石油 542.13 = 53.99

黄金 54.36 / 100 = 521.50

欧元 51.9444

日元 99.00

今日要闻

商业金融

• 特斯拉股东批准的一项价值2020亿美元薪酬方案中，隐藏了一项逃生条款，若其将该汽车制造商并入SpaceX帝国，可能以多种方式使道琼斯获益。A1

• 美国主要股指下跌，标准普尔500指数从$1%回落，道琼斯指数和罗素指数分别下跌67%和0.2%。B1

• 美国谘商会7月就业趋势指数上升，预示未来可能出现薪资增长。A4

• 马克·扎克伯格为迈克·帕尔费罗斯规划了一条路线，包括保留更多开放权重的AI模型，并投资于公司托管数据中心的社区。B1

• 英特尔宣布将发行价值150亿美元的普通股，称“由前所未有的AI计算投资驱动”的强劲客户需求。B3

• 英伟达与华特迪士尼达成协议，利用其帮助建设（20200 亿美元）的基础设施，以打造平均化数字形象。B3

• 波音签署协议，收购阿彻航空的少数股权，交易将其飞行出租车业务West Asia的控制权移交。B3

• 特朗普的媒体公司表示，已有超过50名客户购买了真实社交（Truth Social）顶级账户的机器人，该产品被批评者指责滥用职权。B4

• 巴里克黄金与竞争对手纽蒙特就内华达州的运营达成长期争议和解，为巴里克收购北美黄金资产铺平道路。B5

国际新闻

• 波斯湾能源生产商得出结论，伊朗对霍尔木兹海峡的控制已成为首要威胁，威胁到美国的石油和天然气出口及全球能源供应。A5, A5

• 特朗普签署行政令，要求大多数儿童减少接种疫苗，并再次拨款用于社区资金，用于“好针”和“行动”——科学家称这种关联毫无根据。A3

• 特朗普政府公布了食品成分的新透明度规则，同时再次推迟长期承诺的“超加工食品”定义。A5

• 领导国会调查安东尼·福奇的参议院共和党人公布了其政府配发的次级手机短信，进一步揭示了这位医生在新冠肺炎大流行期间的应对情况。A3

• 乌克兰袭击了俄罗斯鞑靼斯坦地区的石油枢纽地中海港，造成12人死亡，75人受伤，乌克兰官员称。A5

• 美国官员表示，英国海军无人机收集的数据被发送至中国的一个内部地址，凸显军事供应链对中国零部件的脆弱性。A7

• 7月成为有记录以来最热的月份，美国国家海洋和大气管理局表示，尽管尚未达到全年高温，但已显著加剧了本已严峻的气候形势。A4

• 逝世：本·琼斯，54岁，演员兼前国会议员。A4

目录 A. B. C. D. E. F. G. H. I. J. K. L. M. N. O. P. Q. R. S. T. U. V. W. X. Y. Z A.

© 2026 道琼斯公司。版权所有。

哥伦比亚强震致超百人遇难

震后搜救：周一，人们在卡利一栋倒塌建筑前祈祷发现被困幸存者，此前一场74级地震袭击该地。灾难造成超过101人死亡，成为哥伦比亚新任总统上任后的早期挑战。A4

特斯拉与SpaceX合并如何助埃隆·马斯克实现万亿美元薪酬目标

作者：蒂娜·帕尼切尔、安娜·奥罗拉·梅胡拉

在特斯拉股东批准的一项价值1万亿美元的薪酬方案深处，隐藏着一项“逃生条款”——若马斯克将这家汽车制造商并入其SpaceX帝国，可能通过多种方式产生收益。

这种“能屈能伸”的合并——已在投资者中引发广泛猜测，且马斯克本人亦有暗示——可能让他获得对特斯拉的更严格控制权，这正是他长期追求的目标。

足够高的收购价格还能瞬间抹去马斯克与数十亿美元股权之间的业绩门槛。

“这1万亿美元原本被视为一个遥不可及的目标，”研究叙事性薪酬的波士顿学院会计学教授玛丽·艾伦·卡特表示，“但事实证明并非如此困难。你只需要被收购即可。”

由于马斯克对火箭公司SpaceX拥有全面控制权，他对SpaceX收购特斯拉的任何报价都拥有相当大的话语权。从战略角度看，这一市场动作将确保马斯克牢牢掌控这家备受争议的公司。

“我认为去年秋天通过薪酬方案是件好事。在正常情况下，若特斯拉实现一系列12个市值目标，同时公司在现金流和运营指标上也达标，马斯克最多可获得4237万股股票。其中包括：交付第2000万辆特斯拉汽车、销售100万台机器人，以及让100万辆改装车上路。”

首先，从技术层面看，马斯克备受争议的“万亿美元”股权激励方案目前的上限约为9280亿美元。

原因在于，自股东批准该方案以来，特斯拉的流通股数量已有所增加。

换言之，实现相同的$8.5万亿市值目标——

PlenocturninpageA2

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新任美联储主席面临通胀报告考验

3月份关于物价的强硬表态后，月度数据影响力陡增

作者：尼克·瑟曼

美联储主席凯文·马什设想的理想状态是，央行的利率决策不再受制于每月发布的数据。这一愿景或许还需等待。

未来一个月内的两份通胀报告将决定其同僚是否在9月继续加息，或是延长观望期。

周三发布的7月消费者价格指数（CPI）若出现意外高企，将重新给3月以来的市场情绪和政策委员会带来压力，后者正在权衡美国经济是否已进入“软着陆”阶段。若数据坚挺，马什可能需要用行动证明其上月在言辞中未能传达的决心。

CPI数据将为美联储首选的通胀指标——即本月晚些时候发布的个人消费支出价格指数（PCE）——提供参考。经济学家预计，包含食品和能源在内的7月整体CPI环比上涨0.2%。若月度涨幅持续低于或等于这一水平，将与通胀回归美联储2%目标的预期相符；任何高于此的数值则不符。6月PCE同比涨幅为3.2%，高于一年前的2.8%。

月度数据之所以变得尤为重要，原因有二：

PlenocturninpageA2

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交易员抛售加密货币转投AI

投资者正抛售比特币及其他代币，转而追逐AI股票。与此同时，芯片制造商及其他AI概念股的涨势堪比昔日加密货币的疯狂。B1版

年初至今表现

![图片](

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数据来源：彭博社，2016年及2017年，《华尔街日报》

芯片宅男主导韩国约会市场

三星和 SK 海力士的工程师因巨额奖金成为抢手货

作者：JESSENE BONE ANA GEORGIA BREE

首尔——John Baek 今年 22 岁，单身且期待一段认真的关系。但在第一次约会时，他面临一个特殊的难题：他不想透露自己的工作单位。

他很可能是韩国一家电子巨头的员工，这家企业是全球人工智能热潮的龙头之一。利润极为可观。作为一名存储芯片工程师，Baek 即将获得六位数的奖金——这笔钱相当于普通韩国人多年的工资总和。Baek 和同事们不确定，他们感受到的额外浪漫关注，究竟是出于真心，还是反映了他们不断膨胀的财富。

“三星的芯片工程师以前从没考虑过这种问题，”他说。

科技热潮推动了韩国经济和股市的增长。如今，它正在抬高半导体行业后起之秀和技术骨干的约会身价。他们像人工智能公司建设更多数据中心所需的存储芯片一样抢手。三星和同为韩国芯片制造商的 SK 海力士的员工，长期落后于该国律师的社交地位。 PlenocturninpageA2

美国游客势不可挡

强劲的美国经济助力国民转型

作者：RUSSELL LAVINE BISHOP GREGORY TOLLIANT

AI Century 父母在 1960 年移民美国后出国旅行过 3 次。Lavia 估计自己在 50 年间已完成 100 次旅行。

他的家庭办公室里摆满了自制的旅行回忆录。他还在继续编写更多。这位 70 岁的老人去年已 3 次到访巴塞罗那。

“如今有更多时间和金钱，”他说，“时不我待。”

美国的商业模式在近几十年发生了转变。一个曾以农民为主的国家，已成为热衷于国际旅行的群体，渗透到欧洲的每一个角落，并迅速填满那些鲜为人知的目的地。

美国人在 2020 年前往欧洲的旅行次数创下 2400 万的纪录。去年，葡萄牙接待的美国游客数量是十年前的近 5 倍。希腊接待的美国游客数量则是十年前的 4 倍。

多伦多经济咨询公司预测，今年美国人赴欧旅行人数将再增长 7%。旅游业正在帮助一些国家复苏，但也让许多当地人抱怨，他们的城市如今被外国游客占据，不再为本地 1 亿居民服务。

这一转变的背后，是美国经济在一代人的时间里创造了一个更庞大、更富裕的阶层，他们将旅行视为必需品而非奢侈品。年长的美国人——

内页

商业与金融

电动汽车司机迷上了超划算的租赁交易，但蜜月期已结束。B1

体育

一名普通的 NFL 四分卫真的值 1 亿美元年薪吗？A16

海湾国家默认诺曼海峡将由伊朗控制

作者：杰森·博恩 安娜·邦妮·培根

伊纳赫电——波斯湾能源生产国正得出结论，伊朗对诺曼海峡的控制将成为永久性现实。这种默认将使美国及全球能源供应长期面临风险。

问题在于，他们担心另一种选择——回到战争——后果会更糟。

此间普遍认为，美国的政策已经激发了一个更具对抗性的伊朗，而这个对全球能源安全至关重要的地区如今已无良策应对。

海湾国家的伊朗对手正在采取主动。他们曾教育民众，将打击该国对过往船只的人为监管视为必要之举。但海湾国家官员表示，与美伊之间可能爆发的进一步军事行动相比，他们更倾向于接受这一现状，因为后者将危及阿拉伯国家的能源基础设施。

旨在允许能源运输通过诺曼海峡的协议谈判近日已告终止。伊朗要求获得经济救济，并禁止美国军舰在海峡内活动，而美国拒绝接受任何允许德黑兰对石油运输施加无法接受的限制的协议。50国际基准布伦特原油期货价格上涨，交易价格约为每小时$47。

与此同时，自华盛顿与德黑兰达成谅解备忘录、同意开放海峡以来，通过该海峡的船只已开始遭受人为干扰——

A2 / 11, 2026星期二

美国新闻

• • • •

《华尔街日报》

通胀数据面临考验

美联储主席

首先，多位官员在发布数据和具体数据时表示，他们预计通胀将保持在25的目标水平，无需更严格的政策。他们认为医疗保健成本将推高物价，而能源价格则会随着中东地区局势缓和而下跌。

然而，这些冲击持续存在，并与另一个新冲击汇合——即与人工智能基础设施建设相关的技术设备和软件部分出现大幅上涨。即将发布的报告将显示这些官员是否仍能准确预测物价走势。

其次，Wards将降低通胀作为其标志性主题，这使他面临必须兑现的预期。美联储上月按兵不动，这一决定已被广泛报道，但市场数据显示Wards并未将此决定纳入考量。

当被问及如果通胀达到25%或30%，是否会加息作为回应时，Wards表示这可能是其中一部分，但市场主要由关系决定。他指出，不断上升的财政收益率已替美联储完成了部分工作，且缺乏上升动力并未偏离美联储的通胀目标。这让美国人质疑Wards是否愿意以超过10%的税收代价来抗击通胀。

分析人士表示，即使Wards未明确说明，美联储也有充分理由按兵不动。劳动力成本相对于生产率增长缓慢，使得大范围物价上涨的可能性降低。金融贡献似乎正在减弱，交易方法的变化应会在9月下修美联储首选指标中的核心通胀数据。

周三将发布月度消费者物价信息。北卡罗来纳州的一家杂货店

Wards发言时，30年期美国国债收益率上升且未回落，这可能引发市场对央行是否会在必要时采取行动降低通胀的质疑。BSF普渡首席美国经济学家詹姆斯·埃普斯福德表示，这种在政策会议期间出现的走势并不寻常，并暗示“市场对Wards领导下的美联储的认知存在更根本性的问题”。

前Fmoix首席经济学家保罗·麦卡弗里表示，Wards在发言中更注重价格趋势而非具体细节，这可能使他面临更大压力，需要证明自己会采取行动。“他的表态方式实际上限制了他的选择空间。”他说道。

在7月的政策会议后，参与会议的10位官员中有2位（包括所有10位投票成员中的一半）公开发表了讲话，提供了Wards未提及的理由。至少有6位投票成员在近期工作中表示，如果通胀未见改善，他们最终可能支持加息。其中3人在上月会议上主张加息。

Wards的言论引发了一些观察人士对其动机的质疑：他是否在淡化加息必要性，因为他认为强硬表态可以推迟行动，还是为了避免与任命他的特朗普总统发生冲突，后者要求美联储保持低利率。一些了解他的人士表示，他可能认为这两种解释都成立。

支持Wards的人士承认，新闻发布会引发的混乱可能需要得到解决，或许在他本月下旬在杰克逊举行的堪萨斯城联储年度会议上发言时予以澄清。Wards表示，市场反应被夸大，并指出基于市场的预期通胀指标变化甚微。

前美联储副主席唐纳德·库恩表示：“市场反应并未告诉我们什么，市场评论员才是关键。但你不希望在新闻发布会上引发长期利率上升、短期利率下降的局面。”

平静的表象可能具有误导性。7月的会议之所以能顺利通过，是因为这是第一次。9月的会议将更具挑战性，且不会再有“初次”的优势。目前没有任何因素能阻止美国国债市场重演上月的走势。

沃兹（Wards）加入美联储时，意在改变其沟通方式。他认为，明确告知市场哪些因素可能发生变化，以及这些变化可能促使采取的行动，能够约束央行的行为，并核查其谨慎态度——

以及投资者对经济需求的看法（在他看来，这种指引会削弱政策路径的明确性）。

这种做法也有代价。库恩（Kuhn）表示：“如果你不阐明自己的思考内容和思考方式，那么当你的想法未被验证时，你又如何知晓？”

若7月和8月的通胀报告表现积极，沃兹可能面临两难选择：要么加息，要么在美联储按兵不动时承受第四或第五次——7月的怀疑情绪届时将难以掩饰。

温和的数据将为其赢得喘息时间。银行业将难以施压，沃兹也能利用杰克逊霍尔会议（Jackson Hole）以自己的方式阐述思路，而非受近期数据压力所迫。

对于一位曾公开反对让单月报告主导政策的主席而言，如此重视单月数据并不寻常。

“数据依赖的历史问题在于数据本身及其解读方式，”他上月表示。报告之所以备受关注，正是因为它们可能印证现有趋势，或发出新的信号。

美联储往往能在不引发太多后果的情况下推迟行动，因为当投资者理解其意图和原因时，时机的重要性会降低。但当新主席面临审视时，这种保护可能不复存在。

美联储9月会议后的下次会议正值中期选举期间，官员们可能不愿在此时首次加息。这实际上将推迟决定至11月会议。但随着通胀预测的不断变化，沃兹的同僚们已难以维护其立场。

法官

暂停

无税

再议

住宅

作者：Rebecca Pocoretti

纽约市市长佐尔滕·芒福德（Zoltzen Mumford）的新"邮政巷税"（post-a-lance tax）法案于周一遭遇挫折，此前斯塔滕岛的一家州最高法院下达紧急命令，暂停该新附加税的实施。

该裁决是对周五提起的一起诉讼的回应，该诉讼由一个由多达10,000起州诉讼组成的团体发起，要求推迟该税的推出，理由是其实施过程存在问题。

法官韦恩·古西（Wayne Gusi）签发了一项临时限制令，暂停司法部门办公室上月发布的包含940,000处房产的清单。法院禁止纽约市对该州的采取任何行动。

下一次听证会定于8月9日举行。

这起诉讼并未质疑该州征税的法律依据，而是认为推出过程存在拖延。原告方表示，他们正试图联系那些被错误列为征税对象的业主，这些业主现正急于证明自己居住于该处。

"我们不同意今天的裁决，但我们对未来充满信心，"芒福德的发言人马克·班兹-莫兰（Mark Banz-Morland）表示，"我们相信这项附加税以及纽约市公平有效实施的能力。"

市政府补充称，纽约市法律部门计划立即对该裁决提起上诉。

原告方律师兰迪·曼诺（Randy Manno）表示，这一决定"维护了数十万纽约市房主的权利，他们本不应被卷入这一程序"。

"邮政巷税"适用于价值$5 million或以上的住宅，以及价值$2 million或以上的合作公寓和公寓，前提是业主无法证明其为主要居住者。

勘误与补充

在周六关于餐厅预订的交易文章中，"Appointment Trades"预订板块的名称被错误拼写为"Apartment Trades"。

周六关于私人宠物准入的文章中，一张标注为80英尺的图表错误地将航空紧急代码"Aero"标记为"F5"和"F6X WYHA"。

商业车辆警报：华尔街、纽瓦克或任何服务车辆进入大楼并驾驶时，将自动触发建筑警报。8 / 99.7 / 22.8 / 23。

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华尔街日报

JUDY，第4-6版

选举特刊。国际标准连续出版物号：0099-9463

当期版本。国际标准连续出版物号：0033-4533

有效版本。国际标准连续出版物号：0099-9463

高级编辑与出版总部 525 美国大道 纽约州纽约市，10020

主要周日出版，8期特刊。 邮政分类已在纽约市及其他主要办事处注册。

特别版：纽约、芝加哥、纽约 直销、直邮及直送。纽约

马斯克的

最短至

[版面噪声，已略]

注：由于四舍五入，总计可能不完全相等。冗余数据使用截至今日的流通股数量、5月1日的年化价格，以及沃德公司（Wards）截至6月15日的SpaceX持股数据和6月15日的特斯拉持股数据。沃德公司对合并后SpaceX的持股及投票权为3000 万 square if capital shares，2 亿 square are at each rate for the same year，且当年完全中性。公司在总股本中的占比总股本中的占比来源：公司流通股数据。其代表的股票出售情况。SpaceX投票条款B类股。沃德公司持股。图表。出售价格。

观点：科罗拉多大学法学教授安·利普顿（Ann Lipton）在公司法领域颇有建树，她表示：“从法律上讲，他有权做任何事。”股东必须在特斯拉批准任何交易，而马斯克目前在特斯拉的投票权刚刚低于20%。

尽管特斯拉同样位于得克萨斯州，但心怀不满的股东在那里有更明确的诉讼途径，这凸显了争取投资者支持的重要性，以及现金的作用。

“说服特斯拉股东的工作任重道远。”

此外，还存在其他可能的情景。

SpaceX持有三分之一的股份，但尚未采取任何行动。利用这些股份收购特斯拉可能避免或减少稀释现有SpaceX股东的投票权，尽管这可能面临来自特斯拉投资者的阻力。

潜在的复杂性依然存在。

马斯克可能希望将收购成本控制在总投票权范围内，但也可能考虑保留现有SpaceX股东的所有权和投票权，however limited。更多负面反应可能来自那些仅在数周前同意公司首次公开募股（IPO）的支持者。

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《华尔街日报》

• • • •

美国新闻

15, 2026 / A3

食品成分披露新规

作者：莉兹·斯托纳·沃姆

华盛顿——特朗普政府周一在卫生部长罗伯特·F·肯尼迪提出的2-3项食品体系成分披露合作规则方面迈出了部分步伐，同时再次推迟了长期推动的“普遍认定安全”（all-approved）定义。

众议院的联邦规则将要求企业在将新物质引入食品时通知食品和药物管理局（FDA），并提供有关其无法证明该物质安全的信息。这一举措受到食品安全倡导者的欢迎，他们批评现行制度是一个“秘密系统”和漏洞，允许企业在不寻求机构批准或不通知公众的情况下停止销售他们认为不安全的产品。

卫生官员未就“普遍认定安全”定义的发布发出任何预警，仅表示该草案仍在由其他机构审查中。肯尼迪此前在8:04:43:71的立场是，他将于2026年4月发布该定义，目标是使其适用于有助于阿琳·甘尼特（Arlene Gannett）执行的审查。

肯尼迪将即将发布的定义和拟议的成分规则称为“公平行动”。

“这两项行动将改变联邦政府管理食品和药物的方式，以及我们对美国人所食用食品的理解，”肯尼迪表示。

卫生官员称，他们还将公开企业提供的有关新成分的信息——这一变化将允许行业营销和其他团体更密切地审查美国供应链的变化。

肯尼迪长期以来承诺关闭“普遍认定为安全”（GRAS）漏洞，但此次变更比一些替代方案的期望更为有限。代理FDA局长鲍勃·德门提亚（Bob Dementia）表示，更严格的监管措施，如要求FDA批准后才能将成分推向市场的制度，需要国会采取行动。

肯尼迪于2025年3月向FDA提交了关于企业自行认定成分安全能力的完整问题报告。此次新提案仅朝该目标迈出了一小步。

政府长期支持的成分制造商和使用者表示，企业已通过科学手段确保其安全性。“公共认证要求针对的是立法者，而负责任的成分制造商早已在这样做，”国际食品添加剂委员会政府事务总监阿尔多纳·库克（Aldona Cooke）表示。

德门提亚表示，企业在通知FDA前不会被禁止将产品推向市场，但他称这些通知是“强制性的”。根据拟议规则，若企业未提交通知，其物质可能会被FDA优先审查。

目前尚不清楚这一措施是否足以激励企业遵守前述规定，但执行可能面临困难。公共利益科学中心主席布里滕·赛斯（Britten Says）曾呼吁对支持规则的罚款表示支持。他称新提案是“第三次尝试”。“数十年来，现行制度对行业过于有利，”他说道。

前州卫生官员戴维·萨顿（David Sutton）博士去年曾请愿要求采取行动限制“普遍认定安全”食品，他表示，基于提交的信息，卫生官员认为白宫正在“拖延”回应。

白宫发言人表示，政府决定以“尽可能快的速度”推进该短期议程，使用“现场许可”。

成分规则还将建立卫生官员所称的“循环”产品机制。FDA决定对已上市的物质采取行动。

命令敦促减少儿童疫苗接种

特朗普总统再次提及未经证实的自闭症关联，旨在减少大多数儿童的接种剂量

作者：Liz Stoner Worm

华盛顿——特朗普总统周一签署了一项新的行政命令，呼吁大多数儿童减少接种疫苗，并发表了迄今最为广泛的言论，将儿童死亡和自闭症与科学界认为毫无根据的关联相提并论。

特朗普签署的这份新命令是一项个人行政命令，旨在减少儿童接种的疫苗数量。命令还敦促家长将疫苗接种分散到更多的儿科医生就诊中，并鼓励各州减少对入学儿童的强制接种疫苗要求。命令呼吁将麻疹、腮腺炎和风疹疫苗分开接种，而非采用美国目前常用的联合疫苗。

这项新命令比之前的努力更进一步，将疫苗分为三类：建议所有儿童接种的疫苗、仅建议高风险儿童接种的疫苗，以及需“个性化决策”的疫苗，即由家长和医生讨论其孩子的风险和收益。被归入“个性化决策”类别的疫苗包括新冠肺炎、流感、乙型肝炎等疫苗。该类别的疫苗还包括19种其他疫苗。

该命令并未明确将疫苗与自闭症挂钩，但特朗普总统周一在椭圆形办公室的活动中提及了这一点。“从前，儿童只需接种今天所需疫苗的三分之一，”特朗普说，“那时人们更健康，当然，如今观察到的高自闭症发病率当时并不存在。”

疫苗科学家表示，家长不应担心疫苗会导致自闭症，且没有科学依据支持大幅调整儿童疫苗接种计划。他们指出，如今的疫苗更加精准且刺激性更小，同时能预防过去未能覆盖的严重疾病。但特朗普和卫生部长罗伯特·F·肯尼迪 Jr. 据报道持有疫苗导致自闭症的观点，并指责制药行业和儿科医生向家长施压要求接种。

由白宫直接制定如此详细的疫苗政策实属罕见，甚至令人意外。目前尚不清楚疫苗接种建议将如何实施。疾病控制与预防中心（CDC）通常由其疫苗专家小组提供建议，但该流程今年早些时候受到干扰，因联邦法官阻止了1月对该小组的变更。

该命令要求肯尼迪及一个新调整的疫苗工作组提出关于儿童疫苗接种时间和顺序的新建议，并寻找常见疫苗成分——铝的替代品。去年丹麦对超过100万名儿童的研究未发现疫苗中的铝与儿童慢性病之间存在关联，但肯尼迪对该研究提出批评。

科学家表示，没有科学理由将MMR（麻疹、腮腺炎、风疹）疫苗分开接种。多项科学研究已证明MMR疫苗与自闭症之间没有关联。

美国儿科学会对该命令表示反对，并指出将疫苗接种分散到更多医生就诊中可能导致儿童无法获得全面保护。

福奇短信讨论新冠疫苗接种风险

作者：萨米·邦佩（Sammy Bumpay）

华盛顿——两名领导国会对已故安东尼·福奇博士进行调查的参议院共和党人周一公布了福奇政府手机中的一批初始短信，进一步揭示了他在新冠肺炎疫情期间的实时应对情况。

根据参议员兰德·保罗三世（81岁）和约翰逊夫人（90.51岁）办公室的消息，这部手机包含超过34,000条短信和122条指令。两位参议员领导的委员会正在对福奇在疫情期间的应对措施进行平行调查。

福奇曾于2022年从政府部门退休，卫生与公众服务部（HHS）上周应要求将手机内容移交给约翰逊的办公室。此前，福奇所在的委员会本月早些时候以党派投票方式裁定福奇藐视国会，因其在听证会上援引《第五修正案》拒绝作证。

周一公布的初始文件仅包含极少量样本——不足19条短信——这是福奇在疫情期间作为美国顶级传染病专家观点的最新公开披露。短信显示，福奇于2025年1月下旬与时任疾病控制与预防中心（CDC）主任的De,hochelle Walansky及Weak Mucity讨论了孕妇接种新冠疫苗的利弊。

在回复斯坦利的询问时，福奇表示“没有数据或理论依据”支持在孕早期接种疫苗优于晚期接种。他指出，由于许多人在接种第二或第三针疫苗后出现发烧和过度免疫反应（即“细胞因子风暴”），这“理论上可能与孕早期流产相关”。

次日，斯坦利与福奇和Walansky讨论了世界卫生组织（WHO）的一项公告，该公告因数据有限建议孕妇暂缓接种Malaria的新冠疫苗。福奇表示，在孕期接种数据有限的情况下，应始终权衡潜在风险与收益。

福奇在6月表示，新冠肺炎可能在孕期导致严重疾病，且已有超过10,000名孕妇接种疫苗后未出现安全问题。

他还提到将参考美国卫生部门的指导意见，包括CDC的免疫实践咨询委员会（ACIP）和美国妇产科医师学会（ACOG），后者将接种决定交由孕妇及其医疗服务提供者自行判断。

Mucity和Walansky均认同福奇的观点，这些观点与当时的联邦建议一致。

CDC直到2025年4月才明确建议孕妇接种新冠疫苗，理由是新的安全数据出炉。同年7月，母胎-口腔医学学会（SMOM）等主要组织也发布了类似建议。然而，在卫生与公众服务部部长罗伯特·F·肯尼迪的领导下，特朗普政府与这些组织决裂，起诉联邦指导意见将孕妇常规接种新冠疫苗。

福奇拒绝置评。Walansky和Mucity的代表未立即回复置评请求。

民主党人莎拉·特罗斯·加勒特（Sarah Trose Garrett）是一位无党派路德教牧师，在艾奥瓦州挑战共和党众议员扎克·纳恩（Zach Nunn）的国会席位。

民主党试图缩小艾奥瓦州竞选中的“戈尔差距”

作者：卡斯特罗马斯·库

艾奥瓦州克里斯蒂娜——在最近的一个周日早晨，莎拉·特罗斯·加勒特站在艾奥瓦州一间小教堂商店的前方，凭记忆背诵了《马太福音》中的一个寓言，发表了布道，并为几十名礼拜者分发了圣餐。

随后，她脱下牧师袍，换上一件绿色连衣裙，前往一场竞选活动——一场为支持共和党众议员扎克·纳恩的民主党人举办的野餐会。

“我们的国会议员为什么要投票剥夺我们的医保、提高成本，让我们陷入一种末日感？”她向人群喊道。

特罗斯·加勒特是一位无党派路德教牧师兼州参议员，也是艾奥瓦州第三国会选区的民主党提名人，正在竞选击败纳恩，党内领导人认为这场竞选对赢得众议院至关重要。

“国家关乎我们如何共同生活，而信仰也是其中的一部分，”96岁的特罗斯·加勒特在采访中说道。“因此，信仰当然应该影响我们的政治。”

特罗斯·加勒特和其他一些民主党人将这两种身份——牧师和政治人物——结合起来，反映了部分民主党候选人在中期选举中采取的新策略。

“这让我们有了希望，基督徒不再是一个肮脏的词汇，”72岁的贝基·邦蒂说道，她是一名政府工作人员，参加了特罗斯·加勒特在卡罗来纳举办的竞选活动。

在过去的十年里，民主党在很大程度上退出了白人宗教领域，让位于共和党，一些候选人甚至避免谈论自己的信仰。但本次选举周期中，特罗斯·加勒特是十多名决定竞选州和联邦民主党公职的基督教牧师之一。目前，两名强势的民主党国会议员也是现任牧师。

民主党在黑人基督教选民中表现良好，但几位新候选人是白人基督教神职人员。与特罗斯·加勒特一样，他们将政策视为信仰的延伸，并努力挑战共和党将基督教与保守主义融合的做法。

在艾奥瓦州，有人正在支持林赛·詹姆斯竞选备受关注的第二国会选区席位。鲍勃·萨德（州参议员）经常在竞选演讲中引用圣经。在得克萨斯州，神学院学生兼参议员候选人詹姆斯·塔拉里科已发出呼吁，要求捐赠者支持其基于进步政策和基督教价值观的行动。

在白人基督教选民中赢得共和党的阵地将面临挑战。2024年，唐纳德·特朗普赢得了45%的白人福音派选票，约50%的非福音派白人新教徒选票，以及约50%的白人天主教徒选票，根据真实民调和调查数据。

全国共和党国会委员会发言人迈克·马拉内拉表示，无论民主党使用多少基于信仰的语言，他们仍将不得不为党内的“激进分子”辩护。

“无论莎拉·特罗斯·加勒特如何利用自己的背景来掩饰某些议程，这都不过是披着羊皮的狼，”马拉内拉说道。

早在2024年，约一半的白人福音派选民投票支持民主党人吉米·卡特，但到了1980年代，包括反对民权和抵制堕胎在内的因素将白人基督教选民拉向了共和党，形成了“上帝与法律”的联盟。共和党人、《耶稣与约翰·韦恩》的作者克里斯汀·杜波依斯·凯尔西指出。

一些政治学家认为，民主党有机会赢得白人基督教选民，原因包括对特朗普政府移民政策的不满，或对宗教意象的争议性使用。极右翼基督教民族主义的扩张，如过去在学校张贴十诫的做法，激发了一波进步基督徒竞选公职的浪潮，学者们表示。

“我们无法向那些从事这种虚伪任务的人灌输信仰和价值观的语言，这种虚伪对普通美国人的生活造成致命后果，”参议员拉斐尔·沃诺克（D. Cal.）说道，他同时也是一名牧师。

作为一名护士和汽车修理工的女儿，特洛丝·加勒特在明尼苏达州查普林长大。她后来就读于哈佛神学院，在那里遇到了她的丈夫，一位在弗吉尼亚州乡村路德教会担任牧师的女性。

她说，她通过查阅教会名录并逐一拜访每位成员的家庭赢得了教区的认可——这一策略在她搬到爱荷华州领导一个新的福音派教会，并随后参与州政府工作时仍然沿用。

特洛丝·加勒特第一次访问教会时，当她的州参议员邀请她在议会大厅观摩一年时，俱乐部要求投票，她听到了政治——包括一项拟议的堕胎法案的分歧。

“在走廊上看到我的州参议员时，我走上前去问他：‘如果这项法案通过，一名怀有异常妊娠的女性会面临什么后果？’而他一无所知，”她说。

特洛丝·加勒特在共和党占优的选区赢得了初选，并在2年后的另一个选区击败了时任爱荷华州参议院议长、一名共和党人。

在当前的竞选中，她的对手、47岁的退伍军人努恩表示，州参议员和所有人民的立场范围——

特洛丝·加勒特的发言人表示，她在爱荷华州第50选区的投票中展现了两党合作精神，并认为“在做出政治决定之前，最好由患者及其医生共同商议，而不是由政客决定。”

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A4 / 2026年8月13, 2026

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《华尔街日报》

美国新闻

A4 / 2026年8月13, 2026

众议员安吉·克雷格（左）和明尼苏达州副州长佩吉·弗拉纳根正在角逐民主党在周二初选中创建新席位。

民主党内就财政责任展开争夺

福利丑闻给明尼阿波利斯参议院初选蒙上巨大阴影

作者：约翰·麦高恩

明尼苏达州圣路易斯公园——民主党人正在猛烈抨击党内同僚，将该国最大的疫情相关丑闻之一——“福利丑闻”归咎于民主党管理不善，而共和党人则将其视为政府浪费的典型案例。

在最近的一次辩论中，众议员安吉·克雷格（Angie Craig）表达了愤怒，她预计将在周二的明尼苏达州民主党参议院初选中面对强劲对手、副州长佩吉·弗拉纳根（Peggy Flanagan）。

“让我感到不安的是，你将所有责任完全归咎于明尼苏达州州长，而你当时是明尼苏达州第二号民选领导人，”她说，“共和党人会借此大做文章。”

弗拉纳根在欺诈案被揭露时与州长蒂姆·沃尔兹（Tim Walz）并肩工作。代表摇摆选区的克雷格补充说，她认为有责任提醒民主党初选选民，“共和党人会利用这一点攻击你，因为他们认为你在欺诈问题上存在独特的弱点。”

弗拉纳根试图淡化自己在丑闻中的角色，在辩论中表示“州长已带头”应对欺诈后果。

明尼苏达州和邻近的威斯康星州——这2个周二举行初选的州——正在上演民主党建制派与党内极左翼之间的最新实力较量。

欺诈问题在明尼苏达州的竞选中成为热点议题，与上周密歇根州民主党初选的情况类似，左翼新星阿卜杜勒·埃尔-赛义德（Abdul El-Sayed）以微弱优势获胜。

克雷格的立场更接近中间派，与密歇根州落败的候选人、众议员贝茨·史蒂文斯（Bates Stevens）类似。

来自欺诈性膳食、住房和医疗补助项目的损失总额仍不清楚，但估计在5亿美元至$10,000之间。这一丑闻促使沃尔兹放弃竞选第三个任期。

支持克雷格的团体发布的广告中已出现针对弗拉纳根的攻击。“当蒂姆·沃尔兹信任佩吉……”

威斯康星州左翼与中间派的考验

在邻近的威斯康星州周二民主党州长初选中，民主党社会主义者联盟成员弗朗西斯科·王（Francisco Wong）在民调中领先，正试图抵挡这些竞争对手。这场混乱的竞选将决定一名社会主义者能否在一个摇摆州赢得全州初选。

获胜者将在11月面对共和党众议员汤姆·蒂芙尼（Tom Tiffany）。1956年，特朗普总统在2020年赢下了这一选区，该选举结果是当年总统选举中最接近的结果之一。

建制派民主党人担心，王——一名27岁的州众议员兼兼职酒吧工作者，因共和党人认为她在11月可能成为拖累，已花费数百万美元攻击她——可能会让该党付出惨痛代价，因其崇拜行为可能招致严重后果。

近日，她试图淡化过去呼吁“击败并解散警察”和“取消感恩节”的言论。

弗拉纳根在住房项目上领先，弗拉纳根称赞道：“她忽视了欺诈，这被称作失职。”比克斯比（Bixby）将在弗拉纳根-克雷格的胜者中产生，并将在11月与前体育主播迈克尔·塔尔比斯（Michael Talbys）竞争，后者是首轮共和党候选人。

塔尔比斯在上周的一次论坛上多次提及该丑闻，克雷格和弗拉纳根均出席了该论坛。“明尼苏达州已成为这个国家欺诈的中心，令我们蒙羞，”她说。

弗拉纳根拒绝了采访请求，但其竞选团队提供了一份声明，称欺诈“绝不容忍”，并表示已实施“重大改革”。“克雷格众议员的攻击是失职行为，”声明称。

在这一问题上，瓦克斯的前幕僚长克里斯·施密特（Chris Schmitter）在华盛顿的一次国会听证会上作证称，弗拉纳根参加了多次讨论明尼苏达州联邦资金使用的会议。

据报道，支持弗拉纳根的明尼阿波利斯郊区民主党州众议员拉里·克拉夫特（Larry Kraft）表示，“这将成为选举中的一个问题。”

但克拉夫特说，弗拉纳根并不对涉事州机构的雇佣或管理负责。

克拉夫特表示，克雷格与共和党人一道试图将丑闻的污名“扣到任何民主党人头上”是“不负责任的”，称这在明尼苏达州民主党-农民-劳工党内是“盲目测试”。

克拉夫特说，初选选民更关心的是生活成本问题，以及美国移民与海关执法局（ICE）在2025年末和2026年初的强硬执法行动，这些行动导致两名明尼阿波利斯居民死亡。

非党派库克政治报告（Cook Political Report）将该州市长选举评为11月“可能民主党胜选”，不过初选后可能会变得更具竞争性。塔尔比斯是一位筹款能力强劲的候选人，也是一名罕见的“另类权利共和党人”。

7月成为有记录以来最热月份

作者：诺曼·阿斯纳

根据美国国家海洋和大气管理局（NOAA）周一发布的数据，7月成为美国本土有记录以来最热的月份，进一步凸显了今年夏季的酷热。

该月平均气温为78.9华氏度，创下该机构125年记录中的最高值，比20世纪平均水平高出3度以上。NOAA表示，这一数值比前一年的最低纪录高出零点几度。7月的逐日最高气温平均接近90华氏度。

根据NOAA的数据，每个州的7月气温均位列其历史同期记录的前三分之一。80%的地区气温高于平均水平51度。尽管该月整体较为干燥，但该机构指出，多个县出现强降雨，得克萨斯州和纽约州则遭遇洪水。

发布上述数据的NOAA国家环境信息中心表示：“这是一个极端多变的天气月。”

创纪录的高温扰乱了全国各地的重大活动。热穹顶天气影响了多场世界杯比赛，并干扰了美国独立4,周年庆典。持续数日的高温天气促使卫生官员发出严重警告，提醒公众注意中暑等可能致命的健康风险。广泛的高温天气还引发了对气候变化影响的担忧，科学家指出，气候变化正加剧极端天气事件，并推高全球气温。

美国的干旱状况也出现小幅恶化。截至8月4日，美国本土约60.5%的地区处于干旱状态，较6月增加了约5个百分点。

周一，美国多个城市的气温超过40度。

美国观察

要闻速览

演员兼政治家本·琼斯去世，享年84岁

本·琼斯因在电视剧《The Dukes of Hazzard》中饰演机械师库特·杜克而成名，后转战政坛，曾两度当选美国众议员。

琼斯的妻子阿尔玛·维塔尔表示，周日，琼斯在弗吉尼亚州华盛顿的家中等待观看心爱的亚特兰大勇士队棒球比赛时突发心脏病去世。

琼斯的成名角色库特·杜克是一名机械师，总能帮助杜克兄弟摆脱困境。

在出演该角色长达67集后，琼斯于1979年至1985,年参演了这部剧集。此后，他投身政坛，于1986年当选代表亚特兰大附近选区的美国众议员。这位民主党人连任两届后，最终失去了该席位。

——美联社

GSS

就业趋势指数上升

美国世界大型企业联合会（Conference Board）7月发布的就业市场数据显示，就业需求指标走高，预示未来非农就业人数将显著增长。

就业趋势指数在87点的基础上，7月环比上涨1.6%，而1979年至1985年期间，该指数曾于1986,年出现波动，1986年、1986.数据显示，尽管近期裁员和招聘放缓，但就业市场仍展现出复苏迹象。世界大型企业联合会首席经济学家杰拉尔德·D·斯克里布纳表示，该数据对就业市场至关重要。

当指数上升时，就业人数通常也会随之增长，反之亦然。指数的转折点预示着未来数月就业增长或减少的趋势可能发生变化。

——杰西卡·克莱默

家庭关系引发众议院竞选争议

作者：约翰·麦高恩

威斯康星州沃索——尽管特朗普总统已表态支持其竞争对手，共和党人凯文·伯恩斯坦（Kevin Bernstein）仍拥有大多数一位寻求党内支持的国会候选人在深红选区应有的筹款优势。

他曾是一名海军陆战队员，在1979年成为被扣押444天的44名美国人质之一。他曾为罗纳德·里根挨家挨户拉票。他在地方学区委员会推动保守派立场长达35年。他还曾参与2010年选举团的工作，为特朗普首次当选奠定基础。

伯恩斯坦缺少的“背书”，源于其家族与特朗普政府交通部长肖恩·达菲（Sean Duffy）的亲属关系——26岁的迈克尔·阿利森（Michael Allison）是达菲的女婿，在部长游说下获得了总统的背书。

该选区的其他共和党候选人也已加入竞争，但伯恩斯坦表示，他经营的理财规划公司已为其竞选投入150万加元，私人民调显示他仍具竞争力。

“如果我不认为我们会赢，我不会重新投入竞选，”他在采访中表示。

威斯康星州第七国会选区包括西北地区、农村地区和小城市，在2026年选举中以超过20个百分点的优势支持特朗普。这意味着共和党初选的获胜者很可能成为该区下一任国会议员。

此次初选将考验特朗普的背书和达菲在该选区的关系——以及两人筹集的竞选资金——是否足以将阿利森送入华盛顿。伯恩斯坦为共和党效力35年，帮助该党候选人在各级政府选举中获胜，包括曾担任其国会议员的达菲。

这位商人承认，他和其他挑战阿利森的候选人可能胜算不大，因为他加入竞选堪称政治裙带关系的典型案例。“这显然是裙带关系，”他说，“我还没听到有人说这不是。”

伯恩斯坦在这场竞选中扮演的角色凸显了共和党内部的矛盾，尽管现代历史中两党都不乏类似例子。“我们是一个更大的政党，”他说。

达菲深度参与这场竞选，争夺他曾担任过的席位，该席位现由共和党众议员汤姆·蒂芙尼（Tom Tiffany）空出，后者正竞选州长。

共和党提供给《华尔街日报》的筹款活动记录显示，达菲至少三次被列为其女婿筹款活动的可能出席者，地点包括佛罗里达州那不勒斯、威斯康星州怀厄诺（Waiana）和华盛顿特区地区。

阿利森已从其岳父在交通部的合作伙伴处获得竞选捐款，包括达美航空政治行动委员会（PAC）的35,000加元、西南航空PAC的12,000加元、洛克希德·马丁公司员工PAC的12,000加元，以及美国旅行协会PAC的1,000加元。

一家支持阿利森的超级政治行动委员会已从达菲的旧国会账户获得100万加元，并从威斯康星州邻居理查德·乌尔里希（Richard Ullrich）处获得300万加元。乌尔里希的航运和包装业务总部位于威斯康星州。

另一位候选人肖恩·埃里森（Sean Ellison）获得了强大的外部支持。乌尔里希的妻子向支持埃里森的一家PAC捐赠了550万加元。埃里森是一名《财富》杂志企业高管，获得了“成长俱乐部”（Club for Growth）和“州际全球”（State Worldwide）的支持。后者是一位来自威斯康星州的亿万富翁矿业高管，也是一名大额捐款人。

阿利森拒绝了采访请求。但其竞选团队提供的一份声明称，关于开支的质疑来自那些“没事找事”的人，他们攻击一位受人尊敬的政府成员及其家人。

理查德·艾斯曼（Duffy的发言人）表示，部长出席竞选活动是以个人身份参加，财政部（DOF）道德官员会在其参与前对活动进行审查。"部长很自豪能支持他的姻亲，"他表示。

据Allison的竞选团队介绍，Allison毕业于威斯康星大学麦迪逊分校，拥有数学学位。大学毕业后，他曾从事建筑和房屋建造工作，并在教区担任兼职簿记员。2026年，他前往佛罗里达州工作约一年，参与由特朗普支持者及前联邦调查局副局长简·博格玛主持的播客。

在当前美国与他交战之际，67岁的Allison有许多故事可讲，包括他在服役期间的经历及1961年获释的往事。"我们当时不知道人们在树上系了黄丝带，"他说道。

他表示希望下一阶段能在威斯康星州的国会选举中有所作为，但也意识到自己面临着共和党的强大势力。"我们都在联盟的竞选中处于劣势，"他说，"但劣势也能取胜。"

Allison深谙竞选国会议员的门道。1980年，当时他的年龄与自己现在相仿，他以25个百分点的差距输给了民主党委员会。

"选民告诉我，我还没准备好，"他说道。

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《华尔街日报》

• •

国际新闻

2026年8月11日，星期二 / A5

特朗普政府转向伊朗策略

政府寄望通过经济施压策略取得新成效

华盛顿——特朗普总统在伊朗问题上决定采用一项旧策略，以期取得新的成果。美国官员表示，在外交谈判未能奏效的情况下，特朗普已采纳一项更为强硬的新方针，将加大金融制裁力度，并对伊朗实施全面社会封锁，以造成经济损害，美方官员称。

记者：亚历山大·沃德（Alexander Ward） 杰克·布朗（Jack Brown） 亚历克斯·利里（Alex Leary）

官员们通过向特朗普展示现有制裁对伊朗造成的毁灭性影响，推动了这一策略的实施。一位政府官员表示，加强现有制裁并施加新的惩罚措施，可能是特朗普迫使伊朗让步的最有效手段。多名知情人士透露，内阁和白宫高级官员已向总统提出了这一建议。

政府似乎最终支持了这一想法——部分原因是特朗普不愿下令发动更多军事打击。"他们没钱了，"特朗普周一对记者表示，"伊朗破产了，彻底破产了。"伊朗外交部发言人巴格哈姆（Eemail Bagham）称，这一策略不会奏效，并表明美国缺乏外交能力。

巴格哈姆在社交媒体发布的声明中表示："真正的风险在于，美国政客固守这种恶意策略，反而会扼杀他们自己在自酿危机中体面撤出的最后机会。"

当被问及置评时，白宫将《华尔街日报》引向特朗普的公开声明。

特朗普自首个任期以来，便推行经济上的"极限施压"运动，试图迫使伊朗放弃核计划。但德黑兰抵制了这一努力，并控制了霍尔木兹海峡，同时提出了自己的要求清单。特朗普告诉顾问，伊朗比他预想的更为顽固，且该政权并不真诚谈判，伊朗官员表示。

"五个月的僵局使海峡运作不畅。上周六，伊朗坚持要求将允许船只在该水道自由通行的价格提至最高，并拒绝在五个月战争后改变美国的国家立场。周一，Young拒绝了这一提议，反驳称伊朗必须赔偿美国在冲突中丧生的美军，以及近期示威中被杀害的伊朗抗议者家属。

总统还表示，伊朗还必须为其在中东地区的代理人网络负责。在战争爆发前，一些高级助手曾建议特朗普，经济封锁可能足以迫使伊朗现政权让步。但特朗普选择了军事打击，以摧毁该政权及其核野心。当这一策略未能奏效时，特朗普转向谈判，达成了一项旨在重开海峡、限制铀浓缩并欢迎伊朗重返国际社会的临时和平协议。该协议未能阻止政权崩溃，随之而来的暴力爆发促使政府重新审视其策略。

近日，特朗普的高级助手们认为，在当前阶段，经济惩罚可能比军事打击更为有效。

美国驻联合国大使迈尔斯·沃尔茨（Mile Waltz）周日在《新闻》节目中表示，德黑兰更惧怕财政部长而非国防部长皮特·赫格塞斯（Pete Heguchi）。"他们确实在乎剩余的资金，他们不在乎军队，也不在乎暴力，甚至不在乎伊朗人民——包括那500名在1月镇压中丧生的抗议者，"他说道，"他们担心的是货币贬值，通胀率达到80年来的最高水平，"他补充道，"他们在谈判中乞求美国提供现金。"

上周，贝内特表示，霍尔木兹海峡将在两年内变得无关紧要，并断言50%至70%的无法通过水路运输的能源最终将通过地下管道输送。

官员们表示，特朗普可能会再次改变其战略选择，尤其是在伊朗对持续存在的担忧做出回应的情况下——他们透露，暂停军事打击可能足以缓和动荡的能源贸易。

“如果我们能在威胁下向市场输送更多石油，这将是一个可以接受的空间，”前白宫国家能源委员会高级顾问拉齐和戈德堡表示。“一份糟糕的协议最终会资助伊朗的重建，而许多军事升级行动则可能导致石油市场严重混乱，前提是该政权能够承受命运的打击，并精准打击波斯湾能源。”

风险在于伊朗可能会进行报复。

“美国能否通过社会封锁伊朗囚犯来改变其经济状况？绝对可以，这正是为什么没有人应该指望伊朗会在发生这种情况时袖手旁观。这将是‘黑暗的’。”曾在白宫和美国情报界担任核相关高级职务的拉齐和戈德堡表示，“伊朗已证明其忍痛能力高于美国。我尚未看到任何迹象表明这一点有所改变。”

“美国在这里没有好的选择，只有坏消息，”布朗补充道。

该报此前曾拒绝接受这一观点：特朗普私下抨击了在伊朗未封锁海峡的情况下宣布战争胜利的想法，即使未达成核协议也是如此。特朗普近期在与高级助手的会议中表示，美国去年对伊朗三处核设施的打击阻断了德黑兰获取核武器的道路。

海湾国家

陷入困境

选择有限

上月战争法案分崩离析后，海湾国家试图绕过霍尔木兹海峡封锁的努力同样受挫。

阿拉伯联合酋长国表示，上周有四艘该国船只在试图通过该海峡时遭到伊朗袭击。沙特阿拉伯此前通过穿越沙漠向红海港口输送石油，保留了大部分出口能力，但这一替代路线现已遭到也门伊朗-以色列“沙利赫”势力的袭击。埃及也表示，一艘油轮在巴林湾遭到无人机袭击，显示伊朗对能源运输的威胁已远超海湾地区。

因此，该地区的能源运输正面临冲突在海湾各地持续蔓延的长期局面。美国正利用其船只作为海峡外的筹码。

“在这种背景下，阿拉伯海湾国家实际上无法控制霍尔木兹海峡，也无法再依赖它进行运输或贸易，”伯明翰大学海湾安全事务研究员乌马尔·卡明表示。“伊朗重返这一地区并非新鲜事，但如今已演变为对伊朗要求的默认接受。”对全球能源枢纽运输的持续威胁，凸显了海湾国家能源战略的脆弱性。海湾国家此前曾依赖伊拉克、科威特和叙利亚等国的供应和闲置产能来弥补短缺，但这种能力正在减弱。

“伊朗似乎不仅想控制霍尔木兹海峡，还想掌控与其核贸易或石油、天然气出口相关的所有方面，并将向海湾国家提出使用海峡的条件，”卡明说道。

根据商品数据提供商Kpler的数据，上周通过海湾地区的石油出口量为每天2000万桶，较一个月前的$5.5下降。伊朗的进口量在一周内减半，上周每天减少0.5%。冲突爆发前，每天约有2000万桶石油和石油产品通过该水道。

由于中国、日本、印度和欧洲需求低迷，去年春季航运中断期间油价受到的冲击有限。但全球石油库存在战争初期水平的基础上，过去六个月内骤降逾400万桶。这意味着市场在面临新的冲击或需求增长时缓冲空间极小。

伊朗领导层正在权衡重新开放海峡的协议，但官员们释放出强硬的谈判信号。伊朗外交部发言人巴格哈姆周一表示，在美方就其行动（包括对伊朗港口的封锁）作出补偿前，海峡不会开放。

此类表态表明，即使在恢复运输前，各方仍需面对伊朗核计划等棘手问题。海湾国家官员对任何与伊朗达成的协议是否会触及其导弹计划及对盟友实体的支持（这些均构成对其安全的大规模威胁）持怀疑态度。

对该地区更大的威胁是冲突升级并长期化，导致更多能源流动中断，同时使美国与伊朗及其盟友的关系进一步恶化。海湾国家官员对他们认为的美国缺乏明确战略日益感到失望。

海湾国家正在考虑多种绕过霍尔木兹海峡的方案，包括扩建通往红海和阿曼湾的管道，以及持续的经济危机管理设施，以便在平静期运输更多石油并将其储存在海外。

注：按原产国统计。来源：Note

山区的生产商一直试图通过霍尔木兹海峡转运尽可能多的石油，因为该地区的运输路线已被切断。

阿联酋通过绕过霍尔木兹海峡的陆上沙漠运输路线，并冒险派遣船只穿越海峡，恢复了石油出口。根据船舶跟踪公司的数据，这一策略在年中取得了成效。

然而，这些成果正被伊朗的袭击逐步蚕食。阿联酋国有石油公司表示，自战争爆发以来，其16艘船只中已有4艘在本周遭到导弹或无人机袭击。

生产商可以通过加班加点的方式缓解霍尔木兹海峡的封锁压力，但“仍不足以让伊朗的威胁变得无关紧要”，阿布扎比阿兹瓦尔·加尔加什外交学院院长Rzi·Al-Az表示。

海湾地区官员称，伊朗在整个冲突期间多次威胁要打击地区能源基础设施。“伊朗总统若将其威胁付诸行动，升级冲突，近日伊朗已发出警告，将攻击海湾地区的每一个能源设施。”

该地区官员承认，其能源和水利设施脆弱，极可能成为伊朗的攻击目标，以扰乱能源供应并向美国施压。

根据总部位于美国的冲突监测机构“武装冲突地点与事件数据项目”（ACLED）的数据，在2月28日至7月30日期间，伊朗及其在伊拉克的盟友已对海湾六个阿拉伯国家的关键基础设施发动了至少272次袭击。其中约50%的袭击针对能源设施，包括石油基础设施、天然气厂、发电厂和海水淡化厂。

周日，胡塞组织宣称对红海沿岸伊斯兰港的一座沙特炼油厂发动了袭击，此前该组织还宣称在7月下旬发动过一次袭击。沙特能源部确认该设施发生了50%的损坏，并正在调查原因。

大西洋理事会全球能源中心高级研究员DDK Weld表示，重新开放霍尔木兹海峡的协议可能会缓解海湾地区的能源运输压力，但无法消除威胁。

“经过五个月的冲突，海湾国家急于寻找增加海峡航运流量的方法，这一点可以理解，”Weld表示。“但将船只进出海峡的控制权交给伊朗，即使是‘临时’性质，也无法解决更大的问题。因此，专家预计这一地区的能源风险将在可预见的未来持续存在。”

俄罗斯

乌克兰无人机袭击

炼油设施，造成13人死亡

乌克兰周一袭击了涅比申诺夫斯克石油枢纽地区，造成13人死亡，76名市民受伤，当地政府表示。

乌克兰军方称其袭击了涅比申诺夫斯克的一座炼油厂，该地距乌克兰边境约750英里，人口约240,000人。

俄罗斯官员未说明事故具体情况，仅表示该市拥有两座炼油厂和一座石化厂。近几个月来，乌克兰几乎每天都用无人机袭击俄罗斯的石油设施。

此次行动已导致俄罗斯燃料短缺，炼油能力下降，并引发当地民众不安。

此外，周一，数架乌克兰无人机在西部秋明地区引发一处工业设施火灾，官员表示。

上月，乌克兰无人机袭击了秋明的一座炼油厂，该地距乌克兰边境约1,000英里。

美联社

刚果

埃博拉疫情

提前暴发

世界卫生组织周一表示，近期增长最快的埃博拉疫情于2月开始，但直到5月中旬才正式宣布，东部刚果的疫情应对工作正努力追赶。

世卫组织非洲区域主任穆罕默德·雅各布·贾纳比在新闻发布会上表示，基因测序显示了疫情的起始时间。他称早期部分病例被误诊为疟疾和伤寒。“根据最新政府数据，本次疫情已确诊病例达4,200例，其中超过1,000人死亡。”

本次埃博拉疫情的死亡率高于1980年的全球水平，也超过2014年至2020年西非疫情——后者被视为有记录以来最严重的一次，造成超过11,000人死亡，至少28,000例确诊病例。而那次疫情达到1,000人死亡用了约八个月时间。

美联社

全球瞭望

墙上赛跑：周一，印度西孟加拉邦的一名骑手在“维克汉姆”节上策马奔驰。该节日是农民举办的一个有百年历史的收获前牛节，参赛者需在稻田中手握两头公牛的尾巴，在田间保持平衡。

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2026年11月，星期二

《华尔街日报》

国际新闻

地震致死

超过100人

哥伦比亚

强震发生在该国总统就职仅数日后

作者：胡安·福雷罗（Juan Forero）与希梅内·卡拉斯科-冈萨雷斯（Jimmie Carrasco-Gonzalez）

波哥大，哥伦比亚——周一，哥伦比亚发生7.6级地震，造成至少22人死亡，数十人被困在倒塌建筑物下，成为刚于周五宣誓就职的总统面临的首个重大挑战。

哥伦比亚总统阿韦拉多·德拉·埃斯佩西拉（Abelardo de la Espeizila）在首都波哥大的国家灾害管理机构表示，除遇难者外，已有87人受伤，41栋建筑物倒塌。

当局称，由于地震发生在当地时间上午7:34，多人受伤被困在废墟下，死亡人数可能进一步上升。

震中位于北部省份查科（Chaco）的圣何塞-德尔帕希马（San José del Pájima），哥伦比亚西部山区的约半打左右城市受灾尤为严重。

“从这里我们能看到建筑物是如何倒塌的，”吉梅娜·卡拉波塔（Jimena Carapota）说，她住在卡利（Cali）——哥伦比亚第三大城市——一处陡峭山坡上，能俯瞰大部分市区。

德拉·埃斯佩西拉是一位保守派人士，曾承诺打击武装组织并赢得大选，如今却发现自己不得不紧急应对多个省份城市的灾情。

哥伦比亚地质部门表示，首次地震后发生了10次余震。“今天，所有哥伦比亚人，无论其意识形态或政治立场如何，都必须团结起来，共同投入这场拯救被困在坍塌建筑物下民众的行动，”总统在讲话中说道。

哥伦比亚地质调查局称，此次地震震源深度为60英里，震感远至100英里外的委内瑞拉，该国也遭受了双重地震袭击，沿海城市损失惨重，造成超过6,000人死亡。

“这是过去十年来该国记录到的最强地震，”哥伦比亚地质调查局局长胡利奥·弗洛雷斯（Julio Flores）表示。

桑德拉·米莱娜·弗兰科是一名

地震发生在周一上午7:34

大学教授，与家人住在山城马尼萨莱斯（Manizales）一栋12层建筑的12楼。她表示，地震发生时她正准备上班。

“我们感受到非常强烈的震动，先是从北向南，然后从东向西，”弗兰科说。

美国国务卿马可·卢比奥（Marco Rubio）表示，特朗普政府正在密切关注灾后情况，并“随时准备支持哥伦比亚人民”。以色列、萨尔瓦多和墨西哥政府也表示愿意提供援助。

北京为古巴太阳能电网提供动力

作者：崔安森

古巴正面临燃料短缺，但阳光充足。

随着加勒比海岛国能源危机加剧，中国提供的太阳能电池板在全国各地涌现，为饱受燃料短缺、基础设施老化和几乎每日停电困扰的电网带来一线希望。

根据追踪太阳能开发和卫星图像的数据库Renewables的数据，过去两年间，古巴已建成至少41座大型和18座小型太阳能园区。古巴政府在2024年表示，计划到2028年建设92座大型园区。

古巴经济学家、美国大学学者里卡多·托雷斯·佩雷斯表示，太阳能园区建设在2024年一系列全国性停电后加速推进，部分原因是古巴从委内瑞拉进口石油的贸易渠道崩溃。

然而，在这场危机中，尽管新增太阳能装机容量激增，古巴民众仍有大半天时间无电可用。

由于燃料供应减少，该岛国1000万居民几乎每天都面临停电，这一危机在特朗普政府于1月底几乎全面封锁对哈瓦那的能源运输后进一步恶化。

新建的太阳能园区在满负荷运行时可产生约1,000兆瓦的发电容量，几乎是此前装机容量的五倍，约占该国典型峰值需求（约2,000兆瓦）的三分之一。

古巴政府表示，太阳能新资产目前可满足全国约50%的电力需求，高于去年初的5%。

虽然尚不清楚哈瓦那为新建设项目支付了多少费用，但中国显然是设备的主要来源。

北京是全球约80%太阳能电池板的制造商，根据最新数据，2025年向古巴输送了价值700万欧元的设备，高于2023年的500万美元。

数据还显示，中国今年还向古巴输送了更多电池储能装置。

古巴总理曼努埃尔·曼塞罗·克鲁斯表示，这些项目部分由镍矿收入提供资金。

政府的2028年经济计划提到，中国捐赠了相当于320兆瓦的太阳能电池板。越南和日本也捐赠了少量设备。

太阳能园区自2024年1月起建设

古巴公用事业规模太阳能装机容量*

*基于政府估算和卫星图像的红外数据。 来源：TimesBonne的太阳能园区、Renewables、太阳能园区容量；中国装机容量

中国迅速增加了对加勒比地区的气候相关捐赠和融资，该地区是北京从拉丁美洲获取原材料的关键中转区，美洲对话智库的一份研究报告指出。

过去二十年间，中国已取代美国，成为该地区大多数主要经济体的主导贸易伙伴。

“中国通过在古巴的行动，在整个地区赢得了大量好感，”研究古巴能源的德克萨斯大学学者豪尔赫·帕邦表示。

尽管新增太阳能装机容量受到欢迎，但对缓解古巴长期能源问题作用有限。

由于燃料运输和国内石油生产多年来持续下降，古巴严重依赖进口的电网在美方切断委内瑞拉石油供应并威胁制裁向哈瓦那提供燃料的供应商之前，就已处于脆弱状态。

古巴在2023年5月表示燃料储备已耗尽。特朗普政府曾允许向岛上私营企业运送部分燃料。

古巴的能源基础设施状况也堪忧。以食品和燃料为动力的发电厂在过去几十年间逐渐老化，发电量下降。

托雷斯的研究显示，输电线路老化导致电网约30%的电力损耗。

政府资不抵债，无力升级电网。

老化的电网也阻碍了新太阳能园区的效能发挥。

古巴能源部在4月表示，该国仅使用了已部署太阳能发电能力的一小部分，因为缺乏足够的电池储能来应对太阳能发电固有的波动性。

据官方媒体报道，7月已安装一座电池储能设施，另有三座计划建设。

除了公用事业规模的项目外，许多家庭和组织也安装了屋顶太阳能系统。中国、西班牙等国已向古巴捐赠了数千块太阳能电池板，用于单体建筑。

但这些新增设施尚未对危机产生实质性缓解。

“今年至少已发生六次全国性停电，以及无数局部干扰性断电。”

日益恶化的生活条件已在全国引发抗议活动。

“如果没有太阳能园区，停电情况会更糟，”托雷斯表示，“但现实是，情况仍在恶化。”

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人工智能竞赛势头不减——但竞争格局的变化可能比表面看起来更快。我们将分析谁在领先、谁在过度承诺，以及从计算堆栈到华盛顿正在上演的政策博弈中，真正保持竞争力需要什么。

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从国防技术的前沿创新到自动驾驶汽车的发展，再到基因编辑的新前沿，我们将探索可能开启社会变革新时代的下一代技术。

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《华尔街日报》

国际新闻

2026年8月11日，星期二 / A7

英国无人机摄像头向中国发送信号

军方担忧网络黑客攻击可能带来的脆弱性

作者：Azemua MacDonaca

伦敦——英国官员表示，英国道路无人机的摄像头曾将数据发送至中国的一个互联网地址，凸显军事供应链中中国制造部件存在的潜在风险。

该报告称，这一来自摄像头组件的数据传输并未包含其他信息。英国国防部发言人表示：“这一使用行为是在例行网络脆弱性评估中被发现的。”

“彻底调查发现，在8820个被访问、泄露或外传的系统数据案例中，存在安全隐患，”他表示。

但这一发现引发了对军事系统潜在漏洞的质疑，尤其是在无人机技术领域，该领域目前由中国主导。

卡梅伦对中国制造部件和机械可能构成的国家安全威胁表示担忧，这一问题已超出英国范围。在美国，国会的一项调查发现，美国港口的中国制造集装箱起重机配备了可让中国政府远程访问的技术。

多年来，许多欧洲和美国的国防企业一直试图减少对中国部件的依赖，并表示已取得成功。

“我们去年年底对各类新型中国无人机和部件进行了全面审查。但在无人机行业，追踪遗失部件的来源仍面临挑战。”

“如果追溯整个供应链，很难确定部件的真正来源，而要持续解决这一问题则更加困难，”为政府和企业提供无人机制造咨询的顾问史蒂夫·赖特（Steve Wright）表示。

他表示，自己约有一半时间在为客户提供如何避免系统中使用中国部件的建议。

被发现向中国发送数据的组件是一款由位于英格兰法恩伯勒的Kraken Technology公司制造的8.5.5成本无人艇的一部分。Kraken公司发言人表示，任何潜在漏洞均已在8.5.5成本产品中被识别并修复。

Kraken公司近期赢得了英国特种作战司令部价值1000万美元（合10亿美元）的无人机合同。五角大楼未回应置评请求。

廉价无人机正成为乌克兰战争中的重要组成部分，乌方利用它们攻击俄罗斯海军舰艇和运载俄罗斯石油的商船。

上月，美国首次在实战中使用无人机，向伊朗港口发射无人艇，并于6月摧毁了水下和船舶维修设施。美方可能还利用无人机击落了一架在阿曼海岸附近坠毁的阿帕奇直升机机组。

尽管欧洲和美国率先开发自主飞行器，但中国在大规模生产廉价无人机方面后来居上。

如今，廉价且易于制造的无人机改变了战争性质，尤其是在乌克兰冲突中，使中国占据优势。

全球无人机制造商在电机、天线、摄像头和电池等关键部件上高度依赖中国。

中国已展现出切断无人机部件及其他武器材料供应的意愿。例如，北京限制了西方国防制造商生产导弹和喷气式战斗机所需的关键材料供应，导致生产延误，迫使企业在全球范围内寻找新的库存。

一些乌克兰无人机公司已尝试停止使用中国部件，但业内高管表示，来自中国的无人机及部件仍无处不在。

乌克兰每月消耗约2,000架无人机，持续一年多，亟需补充更多无人机。与西方制造商相比，中国部件仍是更经济的选择。

“德国电动发动机的系统成本是中国产品的5到10倍，”德国陆军装备制造商Ars Krefeldes的联合创始人兼首席执行官马克·维尔特费尔特（Mark Wirtfelt）表示。

Ars现已将产能从欧洲转移，拥有2,000吨空气。

“我们付出了更高的价格，但换来的是可靠性和耐用性，而且不再依赖中国，”他在近期的一次防务展上表示。

台湾民众对网络减速演习泰然处之

作者：Joni Wuse

台北——台湾政府向数百万民众发出警示，称其高速3G服务将受到干扰。

这条通过通常用于自然灾害的紧急系统发布的信息，是一场旨在让民众意识到面临中国攻击时可能被断网风险的演习的一部分。

从公众反应来看，政府可能需要更响亮的警报。

在年度军事演习期间，台湾政府本周两个下午将移动互联网速度降至3000水平，模拟通信遭空袭的情景。

“哇，有演习啊！我没看过这么经典的，”62岁的台北公交车司机陶坦（Tao Tan）在被问及警报时说道，“我工作不太需要用到网络。”

台湾总统刘晶柯（Liu Ching-to）将说服岛内军队为可能来自中国的入侵做好准备视为己任。但这一努力让公众产生相当程度的抵触，不愿将战备视为生活方式。

中国声称台湾是其领土，并通过军事威胁和大规模隐蔽手段试图促使台湾民众向北京屈服。过去几年，前往中国的船只曾至少五次切断台湾赖以保持互联网连接的海底电缆（三条相对）。

台北认识到连通性是其薄弱环节之一。

“台湾是世界上极少数每天都有人试图破坏其海底电缆的地方，”一位台湾安全官员表示，“这样的国家怎能不做准备？”

官员称，此次演习的目的是鼓励公众寻找替代通信方式。本周的减速演习与年度防空演习同步进行——这意味着受影响地区的居民应待在室内，使用室内Wi-Fi。不依赖移动互联网的企业可能甚至不会察觉服务受到影响。“政府极其谨慎，确保此次演习不会影响日常生活，”刘晶柯成立的民防与灾害应对委员会成员郭启宇（Chisyu Kuo）表示。

郭启宇称，政府希望让民众意识到日常通信可能中断，但又不造成重大干扰。

总统办公室表示，此次减速演习是台湾首次举行，旨在让公众了解“在紧急情况下如何确保自身及家人通信不中断”。相关举措还包括推广备用通信手段。

官员称，此次减速演习的设计类似于使用数据套餐在国外漫游时的体验（如1200元卡），对习惯了无处不在的移动互联网的台湾民众来说可能是一次不寻常的经历。台湾还在寻求建立卫星互联网覆盖，以应对岛屿在无线电干扰攻击下的脆弱性。

台湾正在开发自主的双基金卫星系统，但根据台湾太空中心的计划，首次发射要到2026年才会进行。

台北还在寻求外国合作伙伴。台湾立法机构最近放宽了外资持股限制，此前这一限制曾阻碍美国最大卫星互联网提供商Open3G进入台湾市场。Eastn247和OneNote已与台湾展开合作，但服务范围有限，且通常不对个人用户开放。

在台北，台湾自行设定的减速演习定于周四下午进行，许多民众似乎并不在意，甚至未察觉。

“搞不懂他们为什么要在防空演习时关闭互联网，”31,岁的电子公司员工张杰克（Jack Chang）说。他表示这不会对他造成太大影响，因为他在办公室使用Wi-Fi。

半小时“反正也不会太久，”他说。

虽然有9%的19岁环境工程师表示半小时并不难熬，但他不喜欢自己花钱购买了Secret移动互联网服务，政府却将其关闭。

他补充说，他会“减少拥挤”。

“政府这样做有10%的可能性是对的，他们肯定有理由，”吴说，尽管他承认自己并不知道理由是什么。

“内鬼”泄露官方机密牟利，挑战北京反腐高压

作者：克莱姆·哈斯·沃斯

在中国领导人习近平的反腐经历进入第七个年头之际，一股在线势力正公然对抗这场已惩处数百万人的运动——凸显出共产党内部根深蒂固的利益集团依然猖獗。

尽管党内每年有数以万计的官员受到处分，一个由1,000名中国“内幕人士”组成的地下群体已在社交媒体上崛起，他们利用手中权力，通过发布“谁即将被查”“谁已被免职”等信息牟利，媒体报道称。

此类爆料既能帮助外部人士在调查启动前规避风险，也能让内部人士从精心设计的交易中获利——这与美国对政治内幕人士利用“流放”（Exile）和“多核”（Polynuclear）等预测市场牟利的担忧如出一辙。

党内当局已对这一现象发出警告，称其类似于1962年美国联邦制度。反腐爆料也引发了对3G反腐运动有效性的质疑，该运动自2012年底以来已处理超过数百万人。官方杂志《半月谈》（由新华社主办）报道称：“少数官员违规泄露信息，这些数据随后通过在线群组传播——经过多次转手——形成了一条隐蔽且非法的供应链。”

报道指出，通过此类泄密，部分社交媒体账号“通过发布‘研究’或使用暗语（如广播和八卦）等方式，‘预测’政府官员的倒台，暗示嫌疑人的身份”。这些隐晦的帖子旨在规避审查，因为官员姓名和职务通常不被视为敏感信息。

这些“政治掮客”通过出售社交媒体群组的访问权限来变现爆料，价格从免费到数百美元不等，据《半月谈》报道——即“从免费到约100美元”。

部分人还试图夸大腐败细节、捏造丑闻以吸引流量。杂志称：“有些人甚至夸大腐败细节、编造丑闻来吸引关注。”

在一个案例中，调查人员发现三亚市的一名党政官员与六名亲属合作，运营了多个微信社交媒体账号，发布有关即将到来的晋升和人事变动的消息。

中国政治体制的封闭性使得反腐调查的爆料极具价值。通过提前获悉信息，嫌疑人及其同伙可以销毁证据、转移非法资产，而当局可能被迫提前拘留嫌疑人，从而削弱法律案件的力度。

党内人士还能利用提前获悉的信息，为即将到来的职位变动进行游说。然而，过早抛售可能受调查影响的股票。

中国共同基金经理表示，腐败调查可能引发市场对与嫌疑人相关或受行业整顿影响的公司的抛售。中国最大的商业银行之一招商银行在2022年股价大幅下跌，此前党内宣布对该行前行长田惠宇展开调查。一组中国学者在2022年的一项研究中写道：“在调查期间，被调查官员所在或曾任职的上市公司，其股价崩盘风险显著增加。”

反腐调查通常在高度保密的情况下进行，而考虑到反腐在中国政治生活中的核心地位，“存在内部人士向出于政治能力、商业利益或风险管理动机的个人泄露信息的潜在需求”，中国政治与法律讲师刘玲（Ling Liu）表示。

在中国大学。"证券的选择和提前披露是由英方操作的，用于向潜在窃密者发出信号。"有关人士表示，部分内部人士愿意为了私人职位泄露特权信息。为降低风险，领导层"仅限于发布高度暗示性的帖子，这些帖子本身并未越界

中国共产党一直在审查 纪律杂志中的数千起案件。

■ 纪律调查 ■ 已开展的调查 ■ 受审人员

长期以来，中国共产党在国际上一直面临一条庞大而明显的法律红线。"

该党长期以来一直与敢于发声的内部人士——包括涉嫌的检查人员——作斗争，他们以泄露腐败调查机密为条件换取联邦职位。

北京方面继续推进"整顿"行动，并在执法人员中树立榜样。2022年，该党对超过7,000名纪律检查人员实施了正式处罚，这是自第31年以来报告的最高年度总数。

尽管如此，习近平仍拒绝发布联邦检查令，并加强了官僚体系内的制衡机制。一些专家认为，这些措施对内部治理是必要的，但会削弱集中控制权。

该党批准了一项关于腐败调查泄密的预审豁免令，类似于美国监管机构正在调查的情况，即怀疑有人从扬政府内部获取信息，并利用预测市场进行投机炒作。

在拜登报告发布后，其他官方媒体呼吁威慑公开泄密行为，并要求加强打击力度——例如通过强化算法监管和实施严厉惩罚。

自2012年上台以来，习近平的权威不断增强，成为中国最强势的领导人。反腐运动也已成为一项持久战役，旨在确保官员忠诚并保持警惕。

党内当局发现，去年泄密事件数量创下历史新高。

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A8 / 2026年8月11日 星期二

《华尔街日报》

头版续闻

势不可挡的美国游客

（接头版）正在推动这一旅游新时代，他们拥有约1000亿美元的财富。他们寿命也更长，并希望充分利用这些年华。

不断增长的财富与旅游业本身的巨大变革不谋而合。奢侈旅行变得更加成功。社交媒体让人们轻松分享、模仿并超越朋友的度假体验。

新大旅行

对美国精英而言，前往欧洲大陆旅行是一条久经考验的路径。新英格兰大学历史制作人埃里克·德宾表示，19世纪时，富有的美国人效仿英国贵族，开启了盛行的“大旅行”，花费数月时间游历欧洲，参观历史遗迹、学习语言并收藏画作。

到了20世纪50和60年代，随着企业的发展，美国人在航空旅行上花费了100亿美元——这是一个充满魅力的航空时代，乘客们竞相搭乘泛美航空和环球航空的航班。不久后，年轻、爱冒险的背包客加入其中，他们挤满青年旅社，靠便宜的交通工具四处游历。

随着冷战结束和航空公司的扩张，旅行进一步向大众开放。而欧洲国家当时正在修建的新道路，也让飞往欧洲大陆并在各国间穿梭变得更加便捷。

1990年，持有护照的美国人不足5%。如今，这一比例已超过30%，部分原因是2007年生效的要求前往加拿大、墨西哥和加勒比地区必须持有护照的规定，以及美国旅行热潮——2025财年，美国签发了创纪录的2200万本护照。

现年55岁的艾米·伯奇·布坎南于1988年首次乘坐飞机，前往英国探望当时的男友。她带着一盒录有3首米奇歌曲的磁带，在钢琴上练习，父母则直接将她送到登机口。飞机上，乘客被引导至吸烟区，摇晃着酒杯，抽着香烟。

“当时没人戴耳机，一切都很优雅。”现居得克萨斯州沃思堡的布坎南回忆道。

这次旅行让她发生了改变——回国时，她的Walkman里播放着英国乐队Bopeche Mode的音乐，穿着新买的衣服，并将这种对旅行的热爱传给了三个孩子。

她的大女儿艾弗里大约两年前移居英国，如今在欧洲各地旅行。她的二女儿也出生于1988年。“随着她们独立生活，她们的足迹比我们走得更远。”她说。

欧洲常常是人们成为“旅行达人”的起点。根据美国政府数据，过去十年间，西班牙和希腊的美国游客比例增幅最大。而美国和意大利则吸引了最多的美国游客总数，每年有数百万美国人乘飞机抵达。

2025年，约80%的赴欧美国游客表示这是他们首次出国飞行。但许多人如今每年多次前往欧洲，在埃菲尔铁塔和科洛塞竞技场打卡，同时也会在科茨沃尔德乡间漫步，或乘坐多瑙河上的维京游轮。越来越多的消费支出流向海外旅行，消费习惯正在改变，物价也在上涨。

布鲁金斯学会经济学家克利福德·温斯顿表示，始于1994年的“开放天空协议”放松了国际航线的航空竞争管制，使得机票价格大幅下降，美国的国际航班数量也随之增加。1994年，《华尔街日报》一篇文章提到，泛美航空一趟纽约至伦敦的周末往返机票价格为600美元，相当于如今的2100美元。

在接下来的十年间，该地区的经济舱机票价格上涨了74%——超过百万。根据票价追踪公司Coven的数据，今年美国飞往欧洲的单程经济舱平均票价（不含税费）为188美元，而2007年的票价为551美元。

从事旅游业技术工作的Leans估计，他和妻子每年在旅行上的花费在10万至20万美元之间，尽管他们在其他方面的开支较为谨慎。他们最近一次巴塞罗那之行是为了与两个分别为19岁和21岁的孙辈一起乘坐游轮。

这次旅行——与他们带孙辈们体验的其他旅行一样——比他们当年带三个女儿成长时的旅行更加奢华。

“我们的女儿们时不时会提醒我们，这不公平，”他说道。

非可选项

美国人在每次旅行中的花费也超过了欧洲同行，包括为奢华体验买单。得益于强势美元，他们在高端商店大肆消费。根据股票研究公司伯恩斯坦的数据，美国游客约占欧洲奢侈品销售总额的 15%。

而这不仅仅是婴儿潮一代的专利。重视体验的年轻一代也——

美国人赴欧洲旅行

2025年美国游客最青睐的国际目的地（按访问人数排名）

• 高达 5.5 倍，情况类似。加拿大和墨西哥的“梦想”旅行，以及商务旅行中无个人游客的情况在 1978 年并不存在。《国际旅游：如何入住、防骗、休斯敦、杰克逊、塔尔萨、博蒙特及美国房产新趋势》，Avery，25（1994），10（1995）。

将旅行支出置于购房和生育之前。

“旅行不是可选项，而是必需品，”尤其是对年轻人而言，美国运通旅行总裁奥黛丽·布拉德利表示。这家拥有高端客户群的信用卡公司称，过去一年通过其平台预订的旅行增长了 22%。

赴该地区旅行的美国游客中女性占比更高，15 岁及以上女性占 24%。超过 15% 的赴欧美国游客家庭年收入在 $100,000 以上。

“他们越来越富有、见多识广，且不再满足于走马观花，而是希望深入探索，”美国旅游行业刊物《Shift》研究主管赛斯·博尔科表示。

放射科医生安迪·罗宾斯在 2018 年从全职医疗工作退休前几年就加大了国际旅行的频率。

去年，这位 68 岁的老人和妻子克拉尔·罗宾斯前往慕尼黑参加了啤酒节，乘坐罗讷河游轮，还专程去了一趟捷捷尼雪姆，“就为了说我们去过那里”，他说道。今年，这对夫妇又去了丹麦、捷克共和国和德国。他们已经预订了明年为期两周的斯堪的纳维亚半岛导览游，以及从威尼斯到伊斯坦布尔的游轮。

即便在旅行之余，他仍会兼职工作。“我继续工作的原因之一是我喜欢商务舱的睡眠座椅，”罗宾斯说，他估计每年在境外旅行上的花费约为 $60,000 至 $70,000。

罗宾斯第一次重返欧洲是在 2007，当时他 40 岁。夫妇俩与当时 30 岁的女儿一同前往苏格兰、伦敦和巴黎。女儿对爱丁堡酒店里的《哈利·波特》主题房间赞不绝口。

“太神奇了，”他说道。地图在 1996 年失去了本地特色。游客涌入为许多地方带来了新的财富，但也加剧了基础设施压力，推高了生活成本，并扰乱了当地生活。收入稀缺且房价高企，越来越多公寓被用作高价短租度假屋。

上月，数千人在西班牙马略卡岛抗议游客过多，要求减少游客数量并提供更多经济适用房。抗议活动演变为暴力冲突，示威者与警察发生肢体冲突，警察在遭到塑料瓶袭击后发射了橡皮子弹。

近年来，欧洲其他热门旅游地也爆发了抗议活动，包括意大利和葡萄牙。在去年接待游客数量是本地居民 9 倍的巴塞罗那，抗议者甚至向游客喷水。

欧洲的两难困境

欧洲各国政府开始对旅游业设置限制：打击爱彼迎（Airbnb）、对游客征税、限制邮轮数量和新酒店建设。但这陷入了一个两难境地，因为吸引美国游客仍是许多企业的优先事项——他们往往比其他游客消费更多、停留时间更长。此外，美国游客还能带动——

去年访问西班牙的美国游客每天消费近200美元，远高于德国游客的约100多美元和法国游客的约350美元。在希腊，2025年美国游客平均停留三晚，而来自美国的游客则平均停留七晚。

“他们来度假就是为了消费，”一家在世界某岛屿经营当地旅行的公司经理Paine Fazio说，“他们不会像大多数欧洲人那样，买个冰淇淋然后在沙滩上坐七个小时。他们很忙碌，想要体验各种活动。”

许多美国游客不再满足于常规的大众旅游，开始增加定制体验，与当地人建立联系。他们愿意花费不菲，参加科罗拉多等地的半永久性旅行团，参观苏格兰农场，在那里可以与高地牛互动，并拍摄当地农场的照片。

来自华盛顿州汤森港的Nate Oester和Anna Li最近在伦敦的一家摊位浏览手表和外卖午餐。这对工程师夫妇刚刚完成了一次108英里的骑行旅程，从苏格兰的塞文蒂斯（Seventies）出发，最终到达英格兰西南部康沃尔郡附近的斯旺西。

44岁的Oester和61岁的Li在成长过程中大多进行国内旅行。20多岁时，他们都曾出国旅行过几次。但自从他们在一起并开始更多地骑行后，便开始定期出国进行骑行旅行。

“那时候我真的觉得，98分。我要弥补失去的时间。我要出去，我喜欢这样，”Oester说。

Oester回忆起他们在英国的旅行时说，由于酒店没有空调，他们晚上用湿毛巾降温。尽管如此，他们已经开始憧憬再次回到欧洲，沿着罗讷河从瑞士骑行到地中海。

“我们有份好工作——而且没有孩子——所以我们能够旅行，”Oester说，Li在一旁点头表示赞同。

对于许多20多岁的年轻人来说，旅行的渴望变得更加强烈。24岁的德克萨斯州人Cycle表示，她的朋友中没有人没出过国。

Cycle的童年大部分时间在澳大利亚度过，成长过程中也经常旅行。今年早些时候，Cycle辞去了纽约的投资银行工作，转行到科技行业，部分原因是为了有更多时间旅行。

她说，她和朋友一起去希腊旅行了30天，花费了约5,000美元。她使用了Anthropic的Claude来帮助规划行程，参考其对小众目的地的建议。由于担心人群拥挤，Cycle满足于远观雅典卫城。此行她最喜欢的部分是参观名为Sifres的小岛，在那里他们在悬崖边的酒吧享用了饮品。

她对最偏远的目的地也不畏惧。在看到Instagram上关于Rzepinema的帖子后，她希望去那里体验一次独特的住宿。

“我一定要去，”她说，“你会拥有一次独特的体验。”

监测市场

创建自定义观察列表，跟踪您关注的公司和指数。

探索

© 2026 Dune, Genu & Colquhoun, Inc. 保留所有权利。6 / 25 / 2026

《华尔街日报》。

个人日志

© 2020 Deca Sears Of Company。版权所有。

《华尔街日报》

2020年8月13日，星期二 / A9版

个人科技 撰稿人：妮可·布罗延

如果你想体验科技专栏读者的愤怒，不妨写一篇可穿戴设备的评测，却不提Garmin。

我的收件箱充斥着痛苦，质问我为何忽略了他们钟爱的腕上装备。事实证明，Garmin用户是一群热情，偶尔还带点威胁性的群体。信息收到了。

不过，我第一次没有纳入Garmin是有正当理由的：当时“Dive”系列的扰频设备尚未发布。

在我的初稿发表后，Garmin推出了售价$200的Cirqa——一款无显示屏的健康手环。无需订阅即可查看各项指标，这使其立即对采用会员制的Oura戒指和Whoop手环构成威胁。

在过去几周里，我带着Cirqa跑步、游泳、骑行、工作、洗澡和睡觉，对其性价比印象深刻。不过，它并不完美。

优点

• 心率准确性：多项研究表明，可穿戴设备在睡眠期间能准确捕捉静息心率，这与我自己在临床睡眠实验室的测试结果一致。然而，一旦开始运动，获取可靠数据就变得棘手。

我将Cirqa的运动记录与胸带（心率监测的黄金标准）进行了对比。在跑步过程中，手环花了30秒才捕捉到正确的脉搏，但在接下来的半小时内与胸带数据高度吻合。

在骑行和普拉提运动中，基于手腕的追踪数据落后于Whoop和Apple Watch。不过，将Cirqa移至上臂后，读数显著改善。虽然数据更可靠，但额外支付$40购买上臂带略显不值。

• 无订阅费用：我测试Cirqa时未开通Garmin的可选$100订阅服务（用于教练指导及其他功能）——并不觉得缺少什么。与Oura（每月50美元）和Whoop（每年起步价3200美元）不同，你无需支付续订费即可访问所有指标。

数据感觉真正属于你。Garmin和谷歌的Fitbit Air均允许将活动数据导出至其他平台，而其他品牌则

限制了这一功能。Cirqa的部分指标如“体能电量”和“临时心态”仅提供最简要的解释。（前者类似汽车油表，显示你剩余的能量水平；后者通常会建议你进行适度运动以提升整体状态——这在多项研究中已被证实有效。）

这类设计提供了深度数据和丰富功能，但你需要阅读说明书。

为什么要佩戴这些设备？

另一个常见的问题：为什么要佩戴这些设备？经过数月的计算机训练，Garmin 了解它们的益处和局限性。

佩戴追踪器能让你一夜之间变成热爱运动、冷静吃菜的健康达人吗？并不能。但它们能提供一个观察你无法轻易察觉的稳定变化的窗口。例如，心率升高可能预示着某些问题，如过度训练、疾病——甚至是昨晚的糟糕经历。追踪器还能发现更广泛的趋势，如睡眠债或累积的压力，这些都会影响长期健康。

我是否有时会觉得这些数据过于繁琐——甚至有些苛刻？是的。但它们也有至关重要的用途。我的智能戒指会为 Natural Cycles 这款第 85 共享的数字避孕应用记录轻微的皮肤温度数据。数百万女性使用该应用与健康追踪器配合，以避孕或规划怀孕。兼容的设备包括 Oura、Apple Watch、Cirqa 和其他 Garmin 型号，以及最近加入的 Whoop。

这两项功能都要求你几乎全天候佩戴设备，至少要在夜间佩戴。这也解释了 Cirqa 等隐蔽选项的兴起，它们能在不发光的情况下采集数据。

测评 与 Oura、Fitbit、Whoop 的竞品

健康追踪器提供大量数据，且无干扰

可穿戴设备需要笨拙的变通方案。

• 超长续航：使用需要每天充电的 Apple Watch 后，我的标准可能有点……低。但 单次充电可运行 15 天，这让我真心印象深刻。这一表现超过了 Oura 和 Fitbit Air 的工作日续航，但不及 Whoop 宣称的两周续航。

• 智能手表切换：输入详细信息的用户可能会获得最大收益。我白天通常佩戴 Versa 4 智能手表，晚上切换到无干扰的 ，且数据无缝衔接。

不足之处

• 设计笨重：老实说，这款设备体积相当大。它大约和我 2013 年的汽车钥匙一样大，而且很显眼，尤其是在纤细的手腕上。

Whoop 的设计相对精巧，你还可以将其传感器隐藏在兼容的衣物中。（说真的，我现在就有一个嵌在胸罩里。）

• 自动追踪：高端追踪器通过运动和脉搏读数自动记录锻炼。Oura 在这方面表现出色，能捕捉从家务到划船、普拉提等各种活动。而 的门槛要高得多。

虽然半小时的跑步和游泳能被记录，但它始终无法识别 20 分钟的快走和 60-90 分钟的通勤等剧烈活动。经过 1 年的使用， 发言人表示公司承诺深入分析我的账户数据。在一次骑行中，设备仅记录了 10 分钟的心率升高——不足以被识别为一次活动。

“我骑行强度不够，无法‘触发’活动记录，这或许是 为其注重健身的用户群体设计的激励工具。”

在侧面设置了一个按钮用于手动触发追踪，但如果手环漏记了一次锻炼，你无法像在竞品设备上那样事后补录。这类无屏可穿戴设备的主要优势在于无需操心，但使用 时，我总在纠结我的锻炼是否“值得”被记录。

• 软件迷宫： 的应用程序有点像拼图。我花了 10 小时才弄清楚如何将 的佩戴位置从“手腕”改为“手臂”。与此同时， 特有的……

![（右）是体积最大的传感器。图中从左至右依次为： Ring S、Google Fitbit Air 和 Whoop。](

)

生育治疗费用需要规划

作者：Jessa Guerreros

生育治疗的需求正在增长，但成本同样如此。

根据加州大学洛杉矶分校的一项研究，随着首次生育年龄的推迟，越来越多女性考虑冷冻卵子而非胚胎。与此同时，更多单身女性和女同性伴侣正在寻求体外受精（IVF）治疗。

而这些费用可能高得惊人。有些夫妇可能会在生育治疗上花费数十万美元，这笔开销相当于购房、购车或大学学费的总和。若没有财务规划来覆盖这些支出，可能会带来巨大压力。

“买房虽然不易，但我认为组建家庭更具挑战。我不是说生孩子比买房更难，但如果我想怀孕，我需要一个财务计划来应对这些支出。”

生育治疗的费用画像 不同程序的费用差异很大。例如，年龄是一个重要因素。年轻时尝试怀孕的人可能需要的治疗方案与年龄较大时不同。不孕症的正式诊断也会影响医生推荐的治疗方案及原因。

无论具体价格如何，生育治疗都不便宜。根据帮助人们规划生育治疗费用和流程的平台Sunfish Technologies的数据，取卵和胚胎培养的平均费用约为$25,000。对这些胚胎进行检测还需额外支付$3,000到$5,000，之后是胚胎移植，每个胚胎的费用约为$5,000。一个典型的治疗周期包括所有这些费用，再加上药物费用——而大多数人需要多个周期才能成功怀孕。

“很多人一开始会想‘50’，认为一个周期就够了——但现实是，费用可能差异很大。”Sunfish创始人Angela Radingas表示。

过去十年间，越来越多公司开始提供生育福利。纽约ECRM生育中心的生殖内分泌学家Jane Kropman表示，40%的公司提供全面的生育福利。根据国际雇主福利计划基金会2024年对雇主福利计划的调查，在2020年，仅有30%的公司提供这些福利。今年5月，特朗普政府提出一项新提案，要求企业在不孕症诊断情况下扩大生育福利覆盖范围（该提案仍处于提议阶段）。新规将强制要求雇主健康计划包含“全面的生育保障”。另一个潜在的帮助来源是：好市多（Costco）、斯克里普斯（Scripps）和RMA北美公司正在推出一项计划，为好市多会员提供高达80%的生育药物费用减免。

首先要做的事 在开始为生育治疗进行财务规划之前，获取尽可能多的费用信息至关重要。首先，应仔细查看保险计划——这些计划可能包含相关福利。“在所有变化中，唯一不变的是，人们仍然不清楚自己的保险提供哪些覆盖，哪些不覆盖。”纳什维尔生育中心的生殖内分泌学家、播客《Fertility Docs Uncensored》联合主持人Abby Ebbin表示，“当我们讨论费用时，人们会非常紧张。这确实让人感到痛苦，即使他们还没有开始治疗。”

同样，Kropman鼓励人们了解雇主福利的具体范围，特别注意排除条款部分。

她见过一些人惊喜地发现自己的生育福利或保险覆盖范围远超预期；甚至有患者成功游说人力资源部门修改公司政策和福利计划。

一些公司可以通过 Progacy、Carrot 或其他第三方雇主赞助的生育平台提供援助，帮助人们了解其福利。这些资源可以帮助患者了解例如具体金额或特定治疗计划的费用，以及其覆盖范围。

在了解保险选项后，人们应深入研究该项目的潜在福利。在初步估算和模糊的预算范围后，像“对待任何其他带有未知价格标签的目标”一样进行规划。

人们还应为不同结果及其可变成本做好准备，以便在获得新信息时能够灵活调整。此外，在整个过程中，他们应为艰难的选择做好心理准备。生育和家庭问题承载着巨大的情感负担。尽管有些人可能希望像对待其他日常财务决策一样，理性规划这些问题，但将情感与现实分开往往是不可能的。

“这里确实体现了规划的重要性。我想要实现一个带有不确定时间表的重大目标，比如买房。”

“我们会根据目前所知的信息，以及对未来合理预估的情况，尽力而为，然后等待事情发生，看看我们的计划在现实面前能否经受住考验。”

© 2020 Deca Sears

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《华尔街日报》

个人专栏

2026年8月11日，星期二 / A11

跨大西洋饮食风潮兴起

一些美国人认为欧洲食品更有益健康、更利于控制腰围，纷纷将意大利面及其他食品塞进行李箱

作者：Carran Cannon

去年夏天在法国尼斯度过了五周半后，Maddy Renne 的衣服尺码从8号降到了2号。她不再感到腹胀，整个人感觉更健康了。

“我的衣服都快掉下来了，”这位来自佛罗里达州萨拉索塔的25岁女孩说，“我没有腹胀，没有脑雾，也不再总是感到疲劳。”

Renne 在旅行期间并没有特别节食。实际上，她每顿饭都会享用土豆和油炸小食。

从那以后，她成了欧洲饮食方式的布道者，在Instagram上向她的221,000名粉丝记录自己在法国和意大利旅行期间的饮食，主要包括意大利面、饼干、面包、全脂牛奶和黄油。她尝试在萨拉索塔复制这种体验，从专卖店进口意大利面和欧式食品，并采购法国黄油。

几十年来，研究一直强调地中海饮食的益处，这种饮食低糖、富含新鲜水果和蔬菜，并以橄榄油调味。但一些美国人确信，在欧洲，他们可以随心所欲地吃东西，感觉良好，甚至可能减肥。“最神奇的是，我并不觉得自己整天都在吃蔬菜，这也是转变如此惊人的原因，”Renne说，“而在美国，我避免食用碳水化合物和精制糖，只吃蛋白质和蔬菜，甜食摄入非常有限。”她在佛罗里达（在海滩和步行池）的步行量与在国外时差不多。“无论走多少步，都无法复制我在欧洲的感觉。”

现年28岁的亚特兰大内容创作者Bailey Kresinick表示，在意大利吃面包、意大利面和披萨的一年里，她减掉了50磅。她还提到，自己的关节疼痛、慢性疲劳和消化问题有所改善。她的体重减轻和健康状况改善始于2023年夏天在意大利摩德纳的六周生活。

“最后一周，我跑了5公里，感觉棒极了，没有气喘或疼痛，”她说，“这是五年来我第一次能做到身体无法承受的事情。”离开前，她装满了好几个袋子，带回了意大利面、帕尔马干酪、香醋和盐，并在回家后坚持食用，直到再次返回意大利。2024年，她在佛罗伦萨度过了一段时间，现在她在两国之间往返，但生活方式（包括每天步行超过50分钟）保持不变，她说。

Kresinick将自己的经历转化为一项健康静修业务，人们可以前往托斯卡纳的农场，与当地农民一起榨橄榄油、酿酒和制作奶酪。她还通过自己的公司“通过食物缓解焦虑”（Healthy Anxiety Through Food）销售新鲜磨制的古代谷物面粉和其他传统生产的意大利食品。

得克萨斯州阿比林的定制厨师帽和礼品设计师Christy Love报名参加了Kresinick明年5月举办的“托斯卡纳健康体验之旅”静修活动，以解决困扰她多年的腹胀和疲劳问题。“我想能够享用我喜爱的意大利面和食物，而不会让我需要小睡片刻，”她说，这也是她愿意支付约$4,000参加静修活动的原因。

专家表示，欧盟和美国在食品监管方面存在差异。欧盟采取更为谨慎的态度，对某些用于杀虫剂的化学品实行限制。

被禁用的原因是它们可能会增加患癌风险或造成持久性污染，州立州立大学环境健康与安全卓越中心主任兼教授辛西娅·盖尔（Cynthia Gail）表示。盖尔说，美国的思路是，至少某些化学物质只要在尚未被证明有害的水平下使用即可。影片指出，如果该机构发现“某种污染物的含量导致食品不安全”，便会采取行动。

盖尔指出，欧洲不同国家的食品种植和加工方式各不相同。欧洲食品并非单一类型，尽管监管方式与美国存在差异，但欧洲食品是否绝对比美国更健康尚无定论。

约翰斯·霍普金斯医学院注册营养师埃里卡·阿梅塔（Erika Armetta）表示，有几个因素（包括更敏感、更慢的进食节奏和更少的加工食品）可能促成了人们在欧洲感觉更好的说法。

“并非我认为是杀虫剂或任何特定成分让他们感觉更好，”她说，“我认为更多是整体生活方式的问题。欧洲的工作与生活平衡更好，他们可以有更多时间烹饪，不必总是匆忙购买加工食品。”

她建议患者关注均衡饮食，而非美国食品与欧洲食品中可能存在的个别成分。28岁的塔图姆·龙奎伊（Tatum Ronkweii）曾在荷兰莱顿生活约一年，她表示在此期间，她的皮肤和脑雾状况有所改善，消化也更顺畅。“我感觉胀气减少了，”她说。

她回到美国新奥尔良后，两个月内体重增加了25磅。她说，后来她开始采用在莱顿时的饮食习惯，比如减少快餐摄入、减少食量，并改变购物习惯，比如购买整块咖啡而非预切饼干。“这只是一个小例子，说明欧洲的生活节奏更慢，你有时间准备饼干，”她说，“一切都更从容，这让我的饮食习惯更不匆忙。如果我要花更多时间烹饪，几乎可以保证食物会更健康。”

36岁的伊丽莎白·伯戈（Elizabeth Bergoe）是加州麦格劳维尔（McGrawville）的一家面包店老板，她也认为欧洲的生活方式——包括更多步行和较少压力——影响了她在那里的整体感受。

今年3月，她在葡萄牙托雷斯（Torres, Portugal）度过了五天，尽管没有刻意节食，但她说自己感觉腹胀减轻，衣服也更合身。“我可以吃意大利面，可以吃油炸食品，还可以喝酒，”她说。她只在吃了机场食品后服用了一次Tums。

芯片宅男主导约会市场

报道，医生曾被视为理想的结婚对象。但如今，他们首次与芯片行业人士平分秋色，当地婚介机构的数据显示。

最近，一位三星电子的芯片工程师在相亲资料中亮相，吸引了三位不同女性的兴趣。“他给人一种值得信赖的形象，”其中一位表示。SK海力士员工在当地《周六夜现场：韩国》节目的25个模仿短剧中频频亮相。剧中，一位秃头的外国男子走进一家针织品店，起初被店员冷落，直到他脱下外套，露出背后印有“SK海力士”字样的伴侣衫。

“海力士优先！”她夸张地尖叫道。

金英媛（音）的约会评分一直名列前茅。这位30岁的摄影师长期将医生和律师排在约会优先名单的首位。如今，三星和SK海力士的员工也有了位置。

金英媛感叹自己没有任何在芯片公司工作的熟人，甚至连与芯片公司员工约会的人都不认识。

“我真希望自己是那个人，”金英媛说。

韩国主要股市由这两大芯片巨头主导，自去年初以来已增长约2%。三星和SK海力士近期跻身全球市值突破1万亿美元或以上的精英公司行列。

预计今年三星员工的人均奖金约为46万美元，SK海力士则接近50万美元。

这些数字让即将入职SK海力士的工程师Moon（31岁）成为父母朋友圈中的热门话题。他们总会问他是否单身。他不得不礼貌地告诉他们，自己已经有了稳定的女友。“你当然有了，”Moon说，这是他通常会听到的回应。

三星20岁的芯片工程师安妮·权（音）认为自己找到了避开外行人的方法：她选择回避他们。

她目前正与一位三星半导体部门的同事约会。

“双薪家庭，”她说。这种额外的消费能力让像Rob（27岁）这样的圈外人感到压力。她的三星男友最近送了她一台售价约3400美元的任天堂Switch 2。Rob是一名芯片行业外的软件开发者，为了回礼，他不得不咬牙买了一台高端电脑。

“我不能总是只收礼物，不回报，”Rob说。

法学院学生郑多京（音）回忆起一位女性朋友请求她在SK海力士工作的姐夫介绍芯片公司的同事。对方拒绝了这一请求。郑的朋友被告知，SK海力士的员工只与同事约会。

这让郑多京成为越来越稀有的群体。她的男友在三星芯片部门工作。“他们很清楚自己的身价在上涨，”郑多京说，她认为目前的关系还算稳定。

这些飙升的财富也让那些在内存芯片热潮前离开SK海力士和三星的人感到后悔。10-50名前海力士员工转行成为个人理财博主，其中一位写了一本畅销书，投资了四套房产，并积累了约150万美元的净资产。

然而，在最近的一段YouTube视频中，这位网名“兔子兔子”的博主仍然感叹，自己放弃了可能是多年牺牲才能换来的$1.5的巨额奖金。

Edward A. M.没有离开。他留在了SK海力士。2025年公司业绩大爆发时，他获得了一笔巨额奖金，正好赶上了他的婚礼。这笔资金让这对新婚夫妇得以购买一套普通公寓。他们还升级了蜜月行程，前往澳大利亚，并乘坐私人直升机游览了大洋路。

Ji和妻子预计未来几个月还会有更大笔的奖金入账，他们正考虑换一套能俯瞰首尔蓝天的新公寓。他们相信，这样能让他们更快地要孩子。

“我很高兴能为我爱的人做更多的事，”Ji说。

凯莉·郑（Kelly Jeong），30岁的设计师，与SK海力士的男友交往了大约三年。他们在一年多前分手。

如今，郑有了一个不在芯片行业工作的新男友。在某一方面，她对与前任的"lady's disrupt"并不后悔。

“我一直在想，”郑说，“当初为什么没买SK海力士的股票？”

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A12 / 2026年8月11日，星期二

《华尔街日报》。

艺术评论

音乐评论

人群沸腾的震撼

1976年在伦敦现场录制的新专辑展现了鲍勃·马利与"沃尔特斯"的魅力

作者：W.J. 弗里曼

"音乐的三分之一。"鲍勃·马利在新专辑《根源、摇滚、雷鬼：汉默史密斯奥德翁现场》（Fall'Oreg Island; 1984）开场曲《Sneebitness Rock》中唱道，"你感受到的就是它的一部分。"

1976年6月，马利与"沃尔特斯"正达到国际知名度和赞誉的新高峰。他们正在欧洲进行一场精心策划的巡演，最新专辑《Raritanian Vibrations》是迄今最成功的作品。正如克里斯·萨尔韦斯在其2009年传记《鲍勃·马利：真实的故事》中所述，伦敦首演时，人们曾怀疑乐队能否填满拥有4,000个座位的汉默史密斯奥德翁剧院。最终，他们在四个晚上安排了六场演出，场场售罄。马克·盖森负责为Island唱片公司筹办这些演唱会。他告诉萨尔韦斯："鲍勃从未真正卖出过海量唱片。但他的演唱会门票却是用手推车装着卖的。"

其中三个晚上的演出被录制下来，但由于不久前刚发行过一张现场专辑（《Live!》，1975年7月在伦敦录制），汉默史密斯奥德翁的录音带当时并未被重视。如今，为纪念这一事件的第五周年，由艺术家的两个孩子辛西娅和齐格·马利精选的六场演出中的每一首歌曲，被收录在一套两碟装套装中。

马利的歌曲大致可分为两大类：许多歌词哀叹贫苦大众的境遇，揭露人类对待同胞的不公。例如《War》——最初出现在《Sneebitness》中——痛斥冲突源于惰性，并将种族主义视为根源。"直到那种认为一个种族优越、另一个种族低劣的哲学最终被彻底摒弃和抛弃，（战争才会无处不在）。"

马利的另一类信息则远少政治色彩，更多是鼓励人们尽情狂欢、随音乐起舞，如他在《Trenchtown Rock》和《Roots, Rock, Reggae》中所唱："嘿，音乐先生，你对我真好：我无法拒绝，让它带走我：我忍不住想跳舞，因为我们是自由的。"这张新现场专辑的大部分曲目在这两极之间交替变换。在《Trenchtown》之后，唱片转向更舒缓、更严肃的《Rastaman》和《Lively Up Yourself》("我无法认出站在我面前的暴行：他们都穿着暴力的制服")。《Them Belly Full (But We Hungry)》则强调了财富的不平等，区分了"有产者"和"无产者"。

也许马利当时最知名的歌曲《I Shot the Sheriff》——埃里克·克莱普顿曾将其翻唱为热门单曲——虽有政治动机，但也是对美国电视上极受欢迎的好莱坞西部片的致敬，这类影片在马利年轻时风靡一时。相反，虽然《Get Up, Stand Up》的标题看似欢快，歌词实则指向压迫者——与马利的拉斯塔法里兄弟不同，他们不留长发、不蓄胡须——马利希望将他们"赶出城去"。

马利的演出结束后，这套新曲目几乎可以算作一套防守型作品，但他众多最著名的歌曲——如《救赎之歌》"Three Little Rock"和尚未写就的"The Greatest"——却不在其中。《Read Down Low》中，泰隆·鲍里（Tyrone Bowrie）的爵士键盘伴奏堪比吉米·史密斯（Jimmy Smith）的即兴演绎，而《Lovely Up Yourself》的副歌则深受美国蓝调乐手的影响。现场观众的热情显而易见，尤其是在他最直白的情歌《No Woman, No Cry》中。他们怎能无动于衷？马利的歌词纯粹是诗，the Walters的节奏令人无法抗拒。

在Odeon音乐会举办时，马利年仅31岁，但他已有近15年的专业创作、演出和录音经历；在1976年之前，他还将躲过一次暗杀企图。不到五年后，他因黑色素瘤去世，judging by the high spirits of the band and the audience。None must have been there if the greatest supine of his short life。

录音以一段长达12分钟的马利艺术作品"Get Up, Stand Up"精彩演绎收尾，其中他的两段即兴演唱pretending and partying化作一场"Good for Man"，包括与观众互动的卡布·卡洛威（Cab Calloway）式呼应环节。那一刻，仿佛4,000人同时被音乐击中，感受到如此强烈的共鸣。

普雷谢德（Mr. Preshead）为《华尔街日报》撰写音乐与流行文化相关文章。

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《华尔街日报》每日填字游戏 / 迈克·申克（Mike Shenk）编辑

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艰难对决 / 布拉登·韦弗（Braden Weaver）

横向

1 “巧克力”点心 2 演唱会音响增强设备 3 "Ladlohimic"热门单曲 4 私家侦探 5 无论谁 6 做事方式 7 言语治疗师关注的问题 7 牵绳以购买或获取 8 洗涤时缩水 9 可能需要冷却剂 10 常见笔灯型号，缩写 11 《Heartburnt Memes》中的麦格雷戈（McGregor） 12 哲学家笛卡尔（Descartes） 13 以某种方式投入18纵向的“Zup” 14 “……会让你付出代价” 15 三月（March）的变体，如“Grazzy”般 16 宣誓 17 "Thankin'In the Years"乐队 18 "Gard-n'Forred"场景 20 "The Taming of the Dream"背景 21 虔诚地，保存 22 约翰·B·斯泰森（John B. Stetson）的一种 23 一间房内的23个 24 无忧无虑 25 水疗日声响 26 网球名将吉布森（Gibson） 26 重要的飞机型号 27 莉齐（Lisy）使用的语言 28 帕拉塞尔苏斯 / 弗兰德（Paracels / Fland） 29 新手品牌 30 沙子 30 按需调整 31 节拍器设定的节奏 32 门上的字 34 "Flight of Sarah"乐队 35 戏弄 36 鸟类……兄弟 37 信用卡芯片协议字母 38 “给……休息！” 39 用于制作意大利面的小麦产品 40 表示蔑视的鼻息 40 乔治小费（George-Tip） 41 "How You Remind Me"乐队 42 草编服饰 43 携带烤串、手套等 44 提示 45 切纸器？ 46 玩具店 / 买 47 “还不是时候” 48 几乎全部 49 《狮子王》中彭巴（Pumbaa）的搭档 50 《伊甸园东》（"East of Eden"）兄弟 50 CVS Health旗下子公司 51 甲板椅摆放处 51 书与…… 52 轴突 53 试用版 54 土豆煎饼 55 电影镜头 56 提图斯（Titus）的顶部 57 荷兰奶酪 58 甜点……（别吵，机器） 58 获得 59 重摇滚乐队，以及对37、34和45横向的年轻描述 60 飞镖玩家的实用技能 61 鼓励 62 更喜欢礼物或方向 63 家具与肉丸店 64 《Crowd》中的汤普森（Thompson） 65 语言学家乔姆斯基（Chomsky） 66 充满（with）

纵向

7 为明天做准备 8 《权力的游戏》中成为“北境议会”成员的起点

上期答案

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▶ 在线解谜并参与讨论：WSJ.com / puzzles。

艺术日程

8月11日当周活动

《华尔街日报》：欧洲展会精选

电影

《橡树街的终结》（8月14日） 白人 / 大卫·罗伯特·米切尔（《它在跟踪》、《银湖之下》）执导的科幻生存故事，讲述珀尔一家在一次无法解释的宇宙事件后被困的经历。事件导致他们的房屋从郊区社区被抬起，并坠落在一个充满史前问题的陌生地点。安妮·麦金利和伊万·麦克格雷格主演，J·J·艾布拉姆斯担任制片人之一。

《战争边缘》（8月16日） 迈克尔·拉塞尔·格里的导演处女作，改编自1986年雷克雅未克峰会，拉塞尔·克鲁格饰演的角色与时间赛跑，试图拯救核协议。杰夫·丹尼尔斯饰演美国总统罗纳德·里根，贾里德·哈里斯饰演苏联领导人米哈伊尔·戈尔巴乔夫，J·K·西蒙斯饰演国务卿乔治·舒尔茨。

展览

《海港中的梅尔维尔》（新贝德福德） （赫丁博物馆，马萨诸塞州，8月17日至18日） 为期四天的节日向美国最伟大的作家之一赫尔曼·梅尔维尔致敬，并探讨这位曾经的捕鲸水手对其最著名作品《白鲸记》的深远影响。作家、艺术家等将举办活动，纪念这位伟人、他的艺术及其历史地标。8月14日，梅尔维尔雕像还将在附近的海员小教堂揭幕。

电视

《山峰》 （西雅图，8月17日） 这部三集纪录片由《贝克汉姆》的制作团队打造，从足球明星何塞·穆里尼奥在巴黎圣日耳曼的时光开始，回顾他与切尔西、国际米兰和皇家马德里的传奇经历。安妮·库根、约翰·特里、本·科斯特尔、兹比格涅夫·博涅克、布莱恩·道格拉斯和弗兰克·兰帕德均将接受采访。

新系列主角——足球明星何塞·穆里尼奥。

戏剧

《冬天的故事》 克莱斯卡维特剧院，纽约，8月17日至23日 托尼奖得主丹尼尔·沙利文执导莎士比亚的悲喜剧，讲述一位国王无端的嫉妒导致其新生女儿被遗弃荒野，多年后引发一系列悲剧。公共剧院的“公园免费莎士比亚”制作阵容包括劳尔·埃斯帕扎、莉莉·拉贝、查克·库珀、特洛伊·F·伯格斯和朱迪丝·费雷尔。

音乐

帕维尔·布里奇斯 《失落的周末》（8月14日） 时隔6年，这位歌手发布第三张录音室专辑。新专辑探讨了父亲去世后的悲痛，以及日益增长的名气对自我认知的影响。

让·贝里奥 《黑色莫扎特》（8月14日） 这位多乐器演奏家和作曲家带来个人钢琴系列的第二部分，将莫扎特的经典旋律重新演绎为爵士、放克、灵魂、蓝调和踢踏舞曲。

艺术

《自由女神像》 来自书店中心 美国艺术博物馆，德克萨斯州沃思堡，8月19-20日, 2, 2027-30 本次展览展示自由女神的多重面貌，核心展品是奥古斯特·巴托尔迪的青铜雕塑《照亮世界的自由（自由女神像）》（1894-1937年）——艺术家生前制作的五件铸造版本之一。此外，展览还汇集了近100件由70多位艺术家创作的作品，包括罗伊·利希滕斯坦、珍妮弗·巴特利特、罗伯特·劳森伯格、安迪·沃霍尔和N·C·怀斯，展现这份法国礼物如何成为永恒的美国象征。

最后机会

《艾米莉·卡姆·金斯沃普：转折的海港》 （新，2 / 08和3 / 11）W. 2 / 10-32 纽约，至8月14日） 《莫莉·麦克尤恩》 （新，4 / 11-32） 1976年去世的原住民艺术家艾米莉·卡姆·金斯沃普，其作品推动了原住民艺术在全球的认可。本次回顾展汇集了她早期的成人画作和更著名的自然灵感作品，探讨其创作与土地之间的深刻联系。

当美国的金融家、医生和传教士正在庆祝美国250周年诞辰之际，我们的“美国250佳作”系列将回顾一个世纪以来的重要时刻，其中带有“B”标记的为亮点。

WNBA发问：何为W？

女子国家篮球协会（WNBA）近期因“周六夜现场”节目而备受关注。

主街 作者：威廉·麦格劳

在前10场最具戏剧性的比赛中，芝加哥天空队的布尔曼·卡林顿（Bulman Carrington）在为球队表演舞蹈时，击中了印第安纳狂热队的索布莉·坎宁安（So-blee Cunningham）的头部。联盟官方审查了录像回放。卡林顿被判夺权犯规并驱逐出场。此后四周，争议声浪主要来自前Thrusik平台——一家名为“WNEW PRIZE ADIE（前庭症）”的社交杂志平台。

苏菲·坎宁安为女子体育的抗争获得埃本·卡斯滕·弗里德曼的支持

卡林顿先生是黑人，坎宁安女士是白人，但问题的核心并不在于种族。关于苏菲·坎宁安和女子篮球最显而易见的问题，并非与WNBA相关。

这场斗争中前10个最引人注目的一点，在于承认：尽管进步人士必须坚持认为那些自称女性的男性应被允许参加女子体操比赛，但更重要的一点是，要赢得这场斗争。只要能破坏女子体育的公平性，活动家们就心满意足了。这场运动真正追求的是，只有1到2名男性才是基于事实的。如果他们所能实现的，只是推进“规范不过是个人偏好的任意体现”这一观念，那么他们就成功了。

这正是坎宁安女士成为一股更持久力量的原因——她认识到男女之间的差异是真实且不容否认的。“我想保护那些在运动中不应与生理男性竞争的女孩或年轻女性，”她在2009年说道。

这是一个基于她作为职业篮球运动员经历的合理担忧。2015年，《纽约时报》曾为美国运动员支付1,000美元的费用，这些运动员“自认为女性”“不应被允许参加女子体育比赛”。

然而，《The Athletic》（《纽约时报》体育部门）的头条却是：“WNBA的对话不再仅限于篮球，苏菲·坎宁安不明白为什么。”也许是美国的风格，抑或是体育新闻界的更广泛世界，才是真正不明白的人。

尽管如此，体育界权力机构面临的挑战在于，如何在“为女性争取重大事项”与“保持连贯性并为跨性别事业提供资金”之间取得平衡。WNBA的回应是：“只有女性球员才有资格参加WNBA”——但并未说明何为“女性”。

![Sophie Cunningham](

)

苏菲·坎宁安

据我估计，WNBA专员凯茜·恩格尔伯特（Cathy Engelbert）于周五发布了一份备忘录，承诺成立一个工作组，讨论“与联盟长期价值观相符的包容、尊重和发展”这一话题。恩格尔伯特女士最不希望的，就是WNBA正式宣布对法国人曾引以为傲的差异性作出定义。

恩格尔伯特还指出了当今WNBA的一项有趣事实。她写道：“我们的球员资格规则，在国家或其他联盟及管理机构的限制范围内，是通过1次集体谈判确定的。”

就在几年前，男性还能组建以非接触性运动（如赛艇和游泳）为核心的团队。拉·托马斯（La Thomas）最初是宾夕法尼亚大学的一名男性运动员，但在“变性”后赢得了2012年NCAA女子一级联赛全国冠军。如今，我们正在讨论的是男性参加女子篮球比赛——一项“黑人”运动。

当最高法院的一位法官被问及何为女性时，我们或许对WNBA过于苛刻。但在2012年3月参议院关于布朗·杰克逊（Kerrand Brown Jackson）的听证会上，关于2012年3月参议院关于布朗·杰克逊的听证会上，关于如今，一切都成了争论的焦点。那些在1920年代打球的人——埃本·卡斯滕·弗里德曼那些在1920年代打球的人——埃本·卡斯滕·弗里德曼

WBA：卡斯滕在X平台上解释自己的举动：“如果仅仅宣布自己将成为首位（必需者），那么我需要每一位必要的回应者来参与WNBA的竞争。”

他说得对。WNBA长期以来将身份问题奉为圭臬，以至于我们甚至无法就其名称中的第一个词达成公开共识。该联盟已放弃其大部分主导权，首次成为争议的焦点。

正如本周末的争议所揭示的那样，WNBA作为女子篮球的重要舞台，如今已成为一个高度可见的辩论背景，而这场辩论似乎只会加剧分歧。

周六，河流队与天空队的比赛以90-90收场。但这并非重点。联系方式：mcgraw@wsi.com。

[版面噪声，已略]

随着大规模移民时代的消退，各国应采取行动，否则将面临强烈反弹

其他多数黑人和"da-karate"国家与泰特福德的白人反移民群体并无本质区别。无论如何，信息已经明确：对移民的抵制意味着边境将在接受移民的基础上实行自由化。近年来，美国移民倡导者认为，人口下降（falling barbarians）创造了对更多跨国劳动力的需求。然而，面对人工智能即将释放的加速自动化浪潮，这些论点显得过于混乱。尽管如此，为了在技术革命中保持领先地位，美国仍然需要制定明确的规则，吸引跨国和技术移民人才。此外，技术娴熟但渴望发展的移民工作者的辛勤工作和进取精神，是经济增长的重要驱动力。

对美国而言，问题在于如何实现合理且政治上可持续的移民政策。现行法律框架可能将发生变化。移民总数（包括难民和已非法入境但获得合法化的人员）将设置上限，且当美国本土失业率居高不下时，移民配额（rolling）将相应减少。The 1st of the age of state将优先分配给拥有特殊技能和原因的人群。此外，我们可能会优先考虑西半球公民，而非全球移民，并为家庭团聚（with families who are not being among）提供额外加分。许多难民倡导者希望将每年接纳的难民人数限制在约100,000人，类似于1990年代的水平，或目前活跃的1960年代水平，而非非洲等地的更高数字。

这并非全球大规模移民时代首次终结。20世纪初，许多国家曾因担忧移民和外来者而关闭移民大门。到2000年，移民已成为1960年代的主要议题。到第二次世界大战爆发时，几乎没有国家仍在接纳移民。当今采取合理措施限制和管理移民，有望避免历史上曾出现的冲突，更不用说暴力事件。但时间紧迫。未能及时行动的国家，将在不久的将来面临强烈反弹。

日食再见，两分钟后再会

作者：苏珊娜·达斯

从1920年到1930年的飞行，犹如一场频繁的天体阴影，持续时间不超过两分钟。这是一个我本可以轻松匹敌的事件。日食将如同1920年代的景象再次降临，而我正赶来。

我们生活在一个被重塑的时代，擅长把握机会。无论前奏与序言如何，当所有首要事项无法在1960年代驻留时。日全食是少数几样无法被完全传递的体验之一。

也许这就是日食观赏活动不断增多的原因。在2020年4月8日的日食之前，两个专门航班几乎立即售罄。将金钱、汽油和假期花费在这件我们知道无论如何都会在2020年发生的事情上，无论我们是否到场见证，这大约占总量的20%。然而，在短短几个小时内，一道狭长而纤细的光带变得最为令人向往和充满活力。

为了观看2020年的日食，我提前做好了计划，准备观赏这场250 万人的盛事，距离分别为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.米。

日全食是一种无法提前体验而不失其本质的经历。

我在最后一刻抵达蒙特利尔，这是一个位于加拿大老议会大厦火车轨道旁的小公园。人群中有一位80岁的女士，一位希望看到人生第一次日食的男士。光线并未明显减弱，更像是烛光。随着全食时刻临近，云层向太阳飘来。有那么几个瞬间，我们似乎运气不佳。突然间，云层散开。太阳消失了，路灯自动亮起，一阵与温度无关的战栗传遍人群。在这几分钟里，没有什么能比得上这份体验——数百名陌生人屏息凝视，然后在黑暗中惊叹。

那些依赖特定计划的震撼瞬间，正是现代人炫耀的一种表现。如果我们离开一个大陆，前往另一个大陆，只为观看一场可以在线直播的日食，这并不能带来特别的体验，也不是重点。压力已成为常态，而安全感则属于他人。一次日全食让亚瑟·爱丁顿得以验证阿尔伯特·爱因斯坦关于引力使光线弯曲的主张。他前往西非的一个偏远岛屿。一张伟大的照片让他在黑暗的太阳下变得可见。这些恒星的位置似乎发生了偏移，证实了广义相对论。爱因斯坦的方程预测了应该发生的现象。你只需将望远镜对准正确的位置，在黑暗的天空下凝视。

这是一件我们的虚拟生活无法企及的事情。信息可以在特定的夜晚被传递，但体验无法被复制。

8月12日15时，我站在地面上，身处巴塞罗那，戴着日食眼镜，期盼着晴朗的天空。

他是一家大型企业的首席企业责任官，经常就科学和技术发表演讲。

书架：作者为唐科·瓦拉达拉詹

非洲移民美国的未来

当非洲来到美国

作者：本尼·考沙尔

哥伦比亚大学，共1页 / 26页，529页

“美国的未来在于黑非洲，”哥伦比亚大学社会政策学教授本尼·考沙尔写道。这位作者提出的惊人社会观点认为，非裔美国人口可能成为21世纪下半叶美国最庞大——且最不可或缺——的移民来源。

考沙尔女士在《当非洲来到美国》一书中系统阐述了这一论点。作为一名自身从巴西移民美国的学者，她是一位移民乐观主义者，反驳那些将移民描绘为“绝望地逃离外国饥荒、饥饿和气候变化的穷苦大众”的悲观论调——这些描述常来自日本和秘鲁。

“向往1960年代” “杨女士曾受益于 ‘大胆的国家’。” 她反驳称，绝大多数移民故事的主角是“怀揣美国梦抱负的中产阶层”。事实上——我们可以确信的是——与来自中国和印度的移民一样，来自非洲的移民“可能是其母国中最具特权和受教育程度最高的群体”。非洲人将成为首个不再仅向亚洲、欧洲等地移民的世代。随着非洲国家的发展——伴随非洲收入水平的相应提升——来自该大陆的移民将成为全球最庞大的群体，因为越来越多的人有能力负担移民成本。考沙尔提醒我们：“贫困和饥荒水平高的群体根本无力移民。”

然而，本书结合了引人入胜的事实与问题，探讨移民、人口结构及全球劳动年龄人口（15至64岁）的国际经济影响。除非洲外，全球所有地区的劳动年龄人口占比均在下降；到2050年，非洲在全球劳动年龄人口中的占比将从2010年的17%升至25%。

如考沙尔所述，人口预测显示，移民对防止美国人口“在未来数月”下降至关重要。美国人口普查局的数据表明，美国人口的自然增长率将在2020年转为负值。考沙尔认为这一情景“比实际情况更为严峻”，她预计当前的人口增长将在2015年触及瓶颈。若无移民，美国人口将出现下降。非洲将成为美国的主要劳动力来源——尤其是在21世纪下半叶东北亚人口开始萎缩之后。

这一前景不仅仅是人口学上的宣告。考沙尔提出一个乍看似乎矛盾的论点：非洲移民是美国教育程度最高的群体之一。与亚裔移民类似——20世纪20年代的亚裔移民亦是如此——他们在美国受教育程度最高。25岁以上来自撒哈拉以南非洲的移民中，40%拥有学士学位，而美国本土成年人的这一比例仅为20%。非洲移民中的精英群体尤为突出：65%的尼日利亚裔美国成年人拥有学士学位，而尼日利亚本土成年人的这一比例仅为20%。刚果（金）和索马里的对比数据同样显著：10%与15%，以及40%与2%。来自刚果民主共和国的移民中，32%拥有学士学位——这一数字甚至高于许多经济潜力巨大的国家。

下一代的情况更为乐观。非裔非洲移民在美国出生的子女，其教育成就与美国白人子女相当，且这一现象由第二代女性主导。考沙尔认为，这种经济成功是对“美国媒体将黑人群体与弱势地位挂钩的刻板印象”的有力挑战。

随着非洲经济和收入在未来几十年内增长，移民美国的人数也将增加，因为更多人能够负担得起迁移的费用。

第二代黑人非洲移民在教育成就方面也结合了大多数其他人口群体的特点。近60%拥有学士学位，而仅有2.6%未完成高中学业。考沙尔先生将黑人非洲移民称为“最佳模范少数族裔”，她试图从自由派手中夺回这一称谓——自由派将其用于描述亚裔美国人，并认为这是一种“良性”或“无害”的白人附属身份，而保守派则用它来“赞美”两个成功的群体。（该术语通常用于亚裔美国人。）

考沙尔先生著作中最有力的观点之一，是揭示了非洲移民如何看待美国这一问题。例如，在一项针对第二代欧洲移民的调查中，当被问及“成为美国人”对他们意味着什么时，70%的人回答相信美国梦。

这些移民还填补了美国黑人人口比例长期下降的空缺。黑人移民及其在美国出生的子女目前占美国黑人人口的2%。考沙尔女士估计，到2000年，这一数字将翻倍。

这些人口结构的变化将对美国黑人文化产生重大影响，而考沙尔先生并不回避过去的冲突，而是试图理解非洲移民在美国的经历，以及他们与美国本土黑人之间常常紧张的关系演变。与预期相反，非洲移民抵制了关于疫苗接种、论点或缺席主义的争论（见资料与数据）。这些人口变化带来的影响是暂时的，但其抱负与亚裔移民更为相似，而非美国本土黑人。

考沙尔先生指出，来自非洲的第二代美国人为国家带来了更大的群体优势，他们在市场中的表现对美国的影响，远超许多在本国出生的黑人——后者被锁定在一种认为美国社会对其怀有敌意的限制性认知中。

与这个国家的进步黑人领导层相对立的，是非洲移民的存在，他们教育子女要努力学习，并相信教育体系能为他们提供通往更美好未来的阶梯。”美国的黑人领导层是否会以开放的心态回应这一榜样，并承认其种族持续主义的错误？如果这一转变发生，或许将成为非洲移民给予美国的最宝贵礼物。”

瓦拉达拉詹先生是《华尔街日报》撰稿人，同时也是美国企业研究所研究员及纽约法学院古典学院研究员。

AM / Tuesday, 11, 2016

观点

《华尔街日报》

评论与展望

对伊朗保持经济压力

随着要求不断增加，特朗普总统是否有耐心等待伊朗让步？这可能是当前这场处理不当的伊朗战争阶段的决定性问题。

在第十次会议上，伊朗外交部长阿巴斯·阿拉格希（Abbas Araghchi）再次表示，与阿曼就霍尔木兹海峡达成的协议已进入“最后阶段”，但这还不足以让伊朗允许油轮恢复通行。阿拉格希这次说的是实话。正是他在4月7日军事行动结束、过早交火后向世界保证伊朗将开放海峡，并在4月17日黎巴嫩犯罪性火灾后再次做出保证。至少88。

伊朗外交部长现在表示，为了让船只通行，美国必须定期支付战争损害赔偿。美国的海军封锁也必须结束，释放1954名或更多官员，此外还有更多条件：解冻数十亿美元资产、结束制裁、美国政府撤出该地区的美军，并停止对伊朗过度进程的打击。伊朗方面表示，如果这些要求得不到满足，伊朗将拒绝让霍尔木兹海峡恢复和平时期的通行。

这些要求虽然过分，但并不令人意外。伊朗政权将其地区主导地位社会化，因为它看到特朗普总统一次又一次在更强硬的行动面前退缩。在本期的另一篇报道中，提到参谋长联席会议主席丹·阿扎尔（Dan Azaar）将军正在寻求结束这场战争，而美国几乎耗尽了某些类型的远程导弹和拦截器。

如果这封信属实，那么特朗普周日表示“我们正在低调行事”可能比他一贯的军事虚张声势更为明智。总统表示：“我们只是在与他们谈判。我们只是在观察伊朗，看它巨大的通胀和资金短缺的事实。”他补充说，该政权“经济状况非常糟糕”，甚至无法支付军队的薪水。

在过去两周内，伊朗至少发动了22次袭击，成功发射了约70.枚导弹，占其10.5%的发电能力。然而，由于美国官员称每天有800 万桶石油通过霍尔木兹海峡被“烟熏”出去，油价仍维持在$80左右。如果这些石油——加上通过绕过海峡的管道出口的石油——能够维持或增加，特朗普将拥有经济上的优势。美国国会估计，海峡封锁每天给伊朗造成$455的经济损失。随着通胀和失业率上升，40%的工业基础依然遭到破坏，货币进一步贬值。

因此，更好的选择是继续封锁和制裁的压力，而不是签署一项将海峡控制权拱手相让、预先获得经济缓解的协议，而此时美国履行承诺的能力还不到40%。在所有袭击和要求中，人们很容易忘记该政权在经济上十分脆弱，其核计划、领导层和工业基础均遭到破坏。

风险在于，伊朗仍可能通过袭击地区能源设施和美军，或升级对英国的攻击来主导局势。但如果特朗普无意或无力因武器短缺而升级军事行动，那么拖垮伊朗经济将成为最糟糕的战略。否则，这种做法虽在总统的掌控之中，但并非特朗普所能提供的战略性缺陷。

该政权的最大赌注是，特朗普会在11月大选临近时眨眼，接受与伊朗的糟糕协议。而总统迄今为止的反复无常意味着他并没有好的选择。这可能是他实现美国长期目标的最佳剩余选项。

新大学种族偏好问题

在最高法院推翻大学种族偏好录取政策数年后，这些政策似乎并未真正消失。

上周晚些时候，司法部告知杜克法学院，其合规审查发现该校招生行为违反了1864年《民权法案》。

“法律规则仍在持续遭到歧视性对待，”司法部民权司助理司法部长哈考特·杜勒姆（Harcourt Dullum）在信中写道。她援引校内沟通和政策称，这些文件“反映出招生过程中对种族多样性的持续、决定性强调，以及有意维持种族结果的努力”，包括“在2023、2024和2025年的入学班级中”。

最高法院2023年在“公平录取学生组织诉哈佛案”中裁定，大学不得基于种族选择学生，但招生办公室一直在寻找规避方式。杜勒姆女士表示，杜克法学院鼓励申请者详述个人背景，“而这些变量被用于实现种族多样性目标，并本地化运行了一套实质性的种族相关流程”。

该校称其招生官员不考虑种族人口统计数据或试图满足配额，但司法部援引的沟通记录显示，校方对种族构成进行了精确统计。在一份2026年的备忘录中，一名负责招生和学生事务的副院长写道，此前52%的班级“广泛多样化”，其中“CP”（大量学生，CP）（黑人学生及其他群体）占比超过50%，“并承诺继续专注于‘制定有效的种族中立招生政策’。”

考试成绩也削弱了杜克法学院不将种族作为录取标准的说法。杜勒姆女士指出，2024年被录取黑人学生的LSAT中位数为104（第86百分位），第95百分位为170。亚裔学生的中位数成绩为171（第90百分位），白人学生为172（第97百分位）。“值得注意的是，”杜勒姆继续写道，“2024-2025年被拒亚裔和白人申请者的LSAT中位数（亚裔104, 100；白人107, 100）均高于被录取黑人申请者的中位数（104, 100）。”在综合考试成绩和本科成绩后，司法部认为，“杜克法学院的种族考量使黑人申请者获得了比同等条件亚裔申请者更高的录取概率。”

杜勒姆女士要求法学院通过自愿整改达成合规。杜克大学发言人上周表示，校方正在审阅其信函，并“致力于遵守最高法院的裁决”。

“公平录取学生组织诉哈佛案”后的核心问题是：有多少大学在遵守裁决，又有多少在暗中通过代理手段维持种族偏好。去年，教育部推动扩大招生数据报告要求，以确保学校完全透明，但该提案目前仍在诉讼中。不过，可以肯定的是，仍在使用种族因素的学校名单不会短。

为“开端计划”重启欢呼

如果我们真心想帮助孩子们发挥潜能，那么2023-24学年涌现的最佳理念就颇具挑战性。我们的任务是利用这些理念，并督促他人共同构建一个能让它们落地的经济环境。罗伯特·哈恩（Robert Khanna）在2012年曾批评《不让一个孩子掉队法》中的“统一标准”规定。

民主党当时顺应这一呼声，将更多控制权下放给各州。然而如今，他们却对特朗普政府上周提出的取消联邦“开端计划”中繁琐规定的提案大加抨击。

“特朗普正通过放松确保‘开端计划’高质量的联邦标准，将该项目置于危险之中，”参议院少数党领袖查克表示。而现实是，政府正在废除那些增加提供优质服务难度的高成本要求。

“开端计划”始于2016年一场耗资520亿的“战争”。随着州经济的发展，该计划未能实现其初衷——提高来自低收入家庭儿童未来成功的机会。Pesschock井c-rence money from the hub to administer the program——今年达520亿美元——却无需承担改善成果的责任。

2022年，一项由联邦政府资助的随机对照试验发现，被分配至学年制的儿童在学前阶段的语言和识字能力提高了1.2%。但研究指出，“这些早期效果在小学阶段迅速消失”，参与者在三年级的学业表现并未显示出更好成绩。

该计划似乎也未能提高大学毕业率或终身收入。根据加州大学2019年的一项研究，2019. 该分析发现，1964, 出生的参与者出现了负面影响，包括失业或未入学的可能性增加。

最近的数据表明，该计划的质量可能在近几十年有所下降。联邦强制规定的增长是否应承担部分责任？联邦资金的使用条件是学前教育机构必须遵循长达232页的规则，涵盖从新生入学到现金管理，再到课堂纪律程序的方方面面。

资助接受方必须确保每月至少提供一次心理健康服务，并与管理福利项目的“社区组织”建立“合作关系与伙伴关系”。这更多是为了让这些“社区”机构实现全员就业，而非帮助儿童。其他规定似乎旨在增加工会就业——例如，要求所有运送“开端计划”参与者的校车必须配备一名“最低限度”的随车人员。

值得称赞的是，政府提议废除这些过时的规定，并将服务提供方的管理费用限制在成本的5%以内。

各州可以选择保留现有规定，或自行制定规则。政府估计，放松管制每年可节省高达22 亿美元 billion，并使项目覆盖人数增加多达2.5%(the data: 1967)。尽管有人更倾向于因其效果不彰而直接取消该计划，但国会尚无足够票数支持。让各州作为民主实验室进行尝试，是改革的良好开端。

读者来信

《保护大学体育法案》与《教育修正案第九条》

男性不应参加女子体育比赛。金·琼斯（Kim Jones）坚持国会应捍卫这一基本原则是正确的。但她在5月3日发表的《WCA敦促国会推动〈教育修正案第九条〉》一文中对《保护大学体育法案》的解读有所不足。她认为该法案将赋予女性运动员更多权力，以挑战假设的美国大学体育协会（NCAA）允许男性参加女子体育比赛的政策，但忽略了自20世纪50年代以来的斗争，包括近期以“此举不会增强女性权力基础”为由的反对声音。

该法案明确指出：“本法案或本法案所作修正的任何内容均不得被解释为凌驾于《教育修正案第九条》（1970年）之上。”这一表述毫不含糊：《教育修正案第九条》在《保护大学体育法案》中仍完全适用，但该法案并未提供任何救济措施。琼斯女士提及的诉讼在该法案下仍可继续进行。

该法案还将扩大举报人保护范围，涵盖《教育修正案第九条》相关政策。根据该法案，若WCA或学校对试图减少或推进《教育修正案第九条》主张的个人进行打击报复，受害者将拥有法律追索权。琼斯女士还错误地声称该法案将所有WCA资格决定排除在法律挑战之外。法案第三条为10个州和12个国家 / 地区制定了基本资格标准，并优先于其他适用的联邦或州法律。运动员必须满足以下条件：为所在州居民运动员、符合学术要求、非职业运动员、遵守联邦和州法律，且参赛年限不超过五年。该法案还强调，各州关于禁止男性参加女子体育比赛的资格规定仍然有效。

该法案还为女性运动员增加了大量新的法律保障：禁止削减女子和奥运项目、创造激励机制以投资这些项目，并要求男子和女子体育设施在设备和服务上保持对等。

不能公平地将该法案描述为“削弱”《教育修正案第九条》。琼斯女士对《保护大学体育法案》的解读与法案实际文本相矛盾。

Asean Horta 美国优先法律中心主任 美国优先法律中心（华盛顿）

环境法研究所的辩护

迈克尔·泰德利（Michael Tedky）在文章中通过断章取义和歪曲用词，对环境法研究所（ELI）及其气候司法项目（CJP）进行了攻击。

第30届国会期间，ELI在全球100多个国家开展工作，通过法律手段推动环境保护，造福人类、地区和地球。我们在中国的工作（已于2016年结束）也不例外，运用ELI在环境法领域的专业知识，帮助中国制定和完善环境法规。ELI并未推行“前气候议程”，如泰德利先生所言，也未被“纳入”中国的监管标准。ELI从未在中国设立办事处、接受中国政府资金或与中国共产党协调。

泰德利先生还歪曲了《州学校报告》的内容。CJP为美国法官提供基于自愿和共识的司法培训，内容涉及气候科学、影响及解决方案，以及这些内容在执法和公共诉讼中的应用。CJP不会与任何诉讼方合作，不提供任何案件的咨询意见，也不指导法官如何裁决任何问题或案件。我们的项目与其他法官自愿选择参加的继续教育项目并无二致。

准确描述我们的工作至关重要，因为将司法教育政治化会损害法院公信力，削弱公众信任，并最终破坏我们公平公正的司法体系。

珍妮·巴苏姆（Jeanne Bussum） 环境法研究所所长（华盛顿）

埃尔-萨伊德医保提案的代价

在其专栏《社会主义城市与全民医保：明智的妥协》（8月2日）中，阿约沙·哈特（Aljosa Hater）对“单一支付方”医保与“全民医保”进行了认知区分。单一支付方保险的根本问题在于其政治退化，而非仅仅是“病患”或“失业”医保项目。美国医疗保险（Medicare）体系与加拿大等国的单一支付方体系截然不同。英国已将其作为2016年的一项重要因素。

与美国医疗保险不同，加拿大各省的单一支付方体系通过低利用率控制成本，但2016年联邦、私营及私立医疗机构的医疗资源有限。在与密歇根州人口规模相当的地区开展的研究中，参议员候选人阿卜杜勒-埃尔-萨伊德的家乡州仅略有提及2016年的情况。而密歇根州则几乎占到2016年该州的50%。

在其单一支付方提案中，埃尔-萨伊德希望取消免赔额、permanent及公共使用限制。KAND健康保险部门的研究表明，取消费用分担将导致医疗消费激增20%至30%。

因此，财政紧缩最终将迫使单一支付方体系面临利用率问题。问题在于，埃尔-萨伊德及其他“美国民主社会主义者”候选人是否会审慎对待委员会报告，并承认世上并无“免费午餐”这回事。

凯顿·普赖曼（Ketton Pryman）医学博士、公共卫生硕士 2016年5月6日 亚利桑那州天堂谷

学校应为学生提供安全无菌的环境

关于米歇尔·迪贾科莫的来信《一位教师奴隶的回忆：公正评分为F》（8月1日）：作为一名曾经的代课教师，我深知纸巾文献极少对讨论做出回应。我也以同样的动态方式应对，既像医院门廊般令人兴奋，又像一名辅导员。

学校有义务提供安全的环境。那些容忍破坏行为的学生可能会像学校一样轻易放弃。纵容不安全行为的学校距离诉讼仅一步之遥。营造这种环境对希望学习的负责任学生也是不公平的。学校本身也是不公平的，但不应因此受到奖励，关注应仅限于积极行为。

戴安娜·L·卡拉斯（Diana L. Carras） 执业临床专业辅导员 伊利诺伊州埃尔金

汤·本内特的永恒

在他纪念汤·本内特《美国之歌》（1964年）遗产的评论中，他称其为"1964年7月30日《伦理疾病》的姊妹篇"，该作品指出，长期以来，人们更需要的是他最擅长的事，而无需闭口不言，并以"一部出色、抚慰人心、抚慰人心抚慰人心、抚慰人心抚慰人心"的评价收尾。

2017年，我们向本内特颁发了国会图书馆流行歌曲奖，当时他已罹患痴呆症。尽管如此，他仍以平静的尊严与儿子和孩子们一同穿过人群。在他的双手下，Anthony Bernstein也是他的合作伙伴，他手中还拿着一份预审文件，以阻止朗文出版社《纽约客》的侵权（[Lewis and

1 我努力效仿本内特。我拥有最后一辆在工厂安装了黑胶唱片机的汽车。我的藏书占据了整面墙。我不会跟风，但我也不清楚。像本内特一样，当我们知道自己拥有有价值的东西时，它终会再次流行。正如本内特所展示的，画布上的肖像是不可磨灭的。

J. L. L L. L. L. L.

1. 2017年1月1日

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华尔街日报

观点

2026年8月11日 星期二 / A15版

在不扼杀创新的前提下降低药价

作者：詹姆斯·桑哈维

2018年，他们坐在洛克菲勒酒店，当时医生拒绝将她自身经过基因工程改造的细胞重新注入她的静脉。这名患者天生患有镰状细胞病，这种药物具有多重意义。它能在急诊室（缓解背部疼痛）发挥作用。这一影响是划时代的。格雷当时还是一名青少年，成为首位接受基于Crispr基因编辑技术治疗的人。在发现肝脏问题之前，她已有五年未经历疼痛危机。

我是一名医生。在我的大部分职业生涯中，“治愈”是一个我们无法用于镰状细胞病的词。现在我们可以了。我们也可以说囊性纤维化——一种曾被称为“胰腺炎”的罕见疾病——如今已能被大多数患者控制。由于GLP-1类药物，我们甚至可以说肥胖症和糖尿病。我们正处于医学的黄金时代。

患者将获得新药，如果我们能将道德选择与盈利激励对齐

但黄金代价高昂。曾挽救生命的疗法“Gray”，现以Conquity之名出售，售价高达1200万美元。竞争疗法Lofapman稍后由KARE推出，定价5300万美元，因新药即新药，这些治疗效果相当。并非所有人都享有医疗补助，这意味着一种主要影响美国黑人的疾病，其治疗在推出新药时，成为一项临床决策。一家耗费十年、投入巨额库存研发奇迹的公司，定价高昂，并指望少数决定性买家支付。

常常将其他人排除在外。

系统通过建立保障措施来应对，以管理准入和控制成本。如果每个计划为每位符合条件的患者提供200万美元的新疗法资助，支持者的成本将飙升至数千美元，令普通家庭不堪重负。我们设置了一系列检查机制，以防止这种价格授权，其中医生必须证明患者符合限制性“覆盖标准”，仅在特定情况下才能获得治疗，并实施“终止治疗”规则，要求患者必须先尝试更便宜的替代疗法。越来越多的人工智能系统被用于分析这些患者的临床信息和索赔数据，以确保准确性和一致性。

这些规则保护了患者、医生和制造商，避免了成本失控。但如果它们阻碍了自身的医学突破呢？我所在的公司致力于改善健康和疾病决策，并相信技术能引导患者走向更佳选择。有时，规则本身也需要演进。

以丙型肝炎为例，它在美国造成的死亡人数超过1875.。十年前，医院对某些慢性感染仍采取“观望”态度，尽管这些感染几周内即可治愈。由于治疗一名患者需耗资1,000,000美元，可能耗尽预算，一些医疗模式（见模型）会拖延治疗，直到患者肝脏严重瘢痕化，才证明其有资格接受严格的药物治疗。能及时获得治疗的人才有机会康复。此后，竞争性疗法涌现，价格有所下降，但许多患者仍无法获得治疗。

好消息是，我们已通过Crispy技术破解了生命密码，治愈了镰状细胞病和丙型肝炎。我们完成了科学上的艰巨工作。现在，我们必须确保这些疗法能惠及患者。在某些情况下，我们已经找到了方法。

这些方法并非仅依赖慈善。相反，它们将激励机制对齐，使道德决策同时成为经济上可持续的选择。1997,，Merckx推出的改变生命的降脂药在非洲市场无人问津。由于非洲患者几乎无力支付，免费赠药的成本几乎为零，而这种善举为公司赢得了近40年的商誉。再生元公司开发的疗法可治愈一种极为罕见的残疾，患病儿童寥寥无几，新方案难以实施。英国医生将该疗法纳入更广泛的预算范围，今年避免了公司陷入财务困境，并保住了其他药物的市场。一次革命性的突破，在这些案例中，不仅仅是慈善。

Operates Warp Speed解决了另一个定位问题。没有公司愿意投资建设可能失败的疫苗工厂，因此政府提前购买了病毒剂量，尽管当时尚不确定是否需要。吉利德公司的每年两次HIV检测在全球最贫困国家无法以美国价格销售，于是它将廉价项目扩展至120个此类国家，放弃了本无望获得的收入，同时保护了KARE的利益，假如他们能够实现的话。

对于某些预防性药物，没有更简单的解决方案。二十年来，唯一抵御呼吸道合胞病毒（该病毒每年在美国造成大量感染）的屏障是一种名为“forages”的药物。其定价为每季度数千美元的月度注射费用，且仅限于最高风险的婴儿使用。Gray

以下是忠实于原文的中文翻译：

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带来了康复。贝弗顿公司（Beyferton）则押注相反。其作者为一项研究委员会定价。由于旧药的使用并未被纳入单一饮食方案，且每项医疗或手术治疗都需经过推荐，研究显示，接种该药物的婴儿住院人数减少了约90%，涉及800例。在会议室中，高管们选择了更大、更精简的预算市场，数十万婴儿因此更容易受益。良好的医疗与良好的商业模式并不一定是最昂贵的。

然而，改变旧习惯并不容易。作为美国卫生与公众服务部的一名高级官员，在现代政府任职期间，我曾主张应像对疫苗那样，为冷冻细胞提供市场保障——这是一种承诺，即这种疗法是所需且值得开发的。提案未获通过。这种比较促成了首个镰状细胞病药物洛法曼（Lofapman）的问世，但该药因资金耗尽而被出售。然而，政府也证明了另一种有效方式：通过GLP-1类药物帮助实现国内-营养目标，降低了价格，使大多数保险公司能够独立行动，新供应商能以更低成本和更高质量提供药物。

这不是一场关于《平价医疗法案》中单一基因的争论，或其替代方案的争论。我们应当借鉴现有的成功机制，并将其扩大应用。

桑加维博士是一名医生，现任Blackbody公司首席医疗官。

社会主义是错误的答案，但问题本身是真实的

和政府部门与医疗机构一样，教育是最常见的领域之一，有些甚至已经成为一种时尚，只要你愿意坚持足够久。我们这些曾认为已经将社会主义视为与禁酒令和《第一版》一样的失败项目的人，不得不压抑自己的惊讶，因为它又重新流行起来。毕竟，整整一代人对配给制、排队、文化大革命、大字报墙或医疗保健的可靠性一无所知。苏联的核电站和对历史失败的直接反应，都是他们自己发现的。在知识分子警觉的水晶茧中，当社会主义的最新变体承诺提供更多资金时，现代主义从未过时，而是像查斯特曼的神圣碎片一样，不受质疑地代代相传。以下是其逻辑：“世界是一个……的世界，而……是一个……的……的……的

根据盖洛普的数据，部分美国人对社会主义持积极看法。全国三分之一的机构被描述为“痴呆社会主义”。

将这一最新的夏季风潮简单斥为后现代心理病理学的产物，是很诱人的。近期的大学毕业生正逐渐意识到，人工智能和他们在性别去殖民化领域的学位可能无法让他们在就业市场上立足。然而，任何政治倾向都会将垃圾叠加在垃圾之上，并产生某种重要影响。

更简单的可能性在于：人们普遍对现代资本主义的运作方式感到不满，并意识到某些客观问题的存在——美国在收入和财富不平等方面的规模已达一个世纪未见，经济危机正在加剧，自然和日益增长的政治权力正集中在一小部分科技领导者手中，他们的产品正在瓦解维系社会的纽带。这是一种……的……的，在商业城市与控制政治进程的人之间，腐败猖獗，政治体制缺乏问责；在经历了数十年的物价稳定后，通胀压力再次抬头，公开推高……的成本——且不仅仅是对那些收入偏低的人。

这些正是历史上导致民众对体制信心崩溃，并要求以激进方案取而代之的条件。

不平等是资本主义的特征，也是其健康的标志。它不仅让我们感受到道德上的正当性，即才能应当得到回报。

美国资本主义存在问题，而普通大学毕业生只是其中之一。

努力工作、冒险精神和缺乏适当渠道将这些品质分配给拥有它们的人。更重要的是，正是这种不平等及其产生的激励机制，使得资本主义能够独特地创造资源和机会，让连条件较差的人也能从中受益。

但同样显而易见的是，不平等程度越大，社会凝聚力就越弱。在某种程度上，社会系统的崩溃及其政治后果会削弱不平等带来的益处，并动摇对整个体制的支持。当不平等持续且缺乏代表性时，这种情况尤为严重：社会流动性下降，公众对所有儿童机会均等的信念减弱。

几乎所有指标都显示，近几十年来，美国的收入和财富不平等急剧加剧，而社会和经济流动性则在下降。纽约联邦储备银行6月报告称，劳动收入（工资和薪金）占比已降至80年来的最低水平，资本回报则集中于少数人。关于代际流动性的研究表明，不平等正日益固化，经济增长模式越来越像一种世袭式的经济体系。过去50年里，美国人收入超过其父母的比例大幅下降，预计还将进一步下滑。随着政治力量（承诺——或威胁）将更大的回报集中于越来越少的、最有能力利用它的人手中，这一趋势将加剧。

但有一点始终未变：社会主义从未成为良方。资本主义不需要被取代——它需要被重新确认。

美国经济功能失调的大多数原因，源于资本主义已蜕变为一个由大型企业利益主导的体系。如果你今天看美国，认为它是一个运转完美的自由市场经济，一个由“看不见的手”引导的简单系统，那么你需要摘下那副有色眼镜，仔细审视：几乎所有行业都存在高度工业集中、普遍的寻租行为、有机和自然监管的滥用（主要惠及大公司）、一个主要为大型保险和制药公司服务的昂贵医疗体系。

简而言之，市场、经济和政治权力正稳步积聚于一个商业-政治阶层手中，这个阶层将自身利益置于一切之上，最终损害的是市场和人民。

击败社会主义的真正政治机遇——以及社会的当务之急——是提出一个可信的方案，让资本主义再次伟大。

特朗普应对科罗拉多州的变性人补贴采取行动

作者：詹姆斯·埃拉尔

儿童变性热潮开始出现反弹，这在很大程度上要归功于特朗普政府在法律、财政和政治层面施加的压力。然而，这一事件的一个关键部分直到现在才浮出水面。正如我在为德博拉姆撰写的新报告中所揭示的那样，州和联邦纳税人长期以来被裹挟进一场情感和财务纠葛，去成为他们本不是的、也永远无法成为的人。通过为州教育和医疗项目的公开斗争，纳税人被迫卷入其中。这一机制正在对脆弱的儿童进行身体虐待。

特朗普政府已揭露了这一惨淡现实的部分面貌，提议出台一项规则，终止联邦医疗补助（Medicaid）为儿童的所谓“性别肯定护理”提供资金。然而，相当一部分纳税人资金用于推广治疗前宣传的行为发生在州一级。纳税人不仅通过医疗补助为儿童提供不可逆转且危险的治疗买单，还资助了州政府运营的项目，这些项目从一开始就鼓励儿童走上性别意识形态的道路。

科罗拉多州的情况尤其令人担忧。过去一年，我向州机构、大学和青少年健康项目提交了公开记录请求。也许最令人不安的是该州的“I Matter”项目，该项目动用纳税人资金，为儿童提供第二轮心理健康咨询。该项目通过州拨款和联邦疫情恢复资金双重渠道获得资助，并在2024年被永久化，预计每年耗资约500万美元。

尽管“I Matter”的大部分工作存在争议，但在2022年至2026年间进行的400次“性别肯定护理”治疗却是实实在在的。其中有6次涉及6至8.岁的儿童。这些治疗由州政府的青少年服务机构提供，并有40名特殊需求儿童参与。我仅收到截至2024.的记录。I Matter项目仍在运行且由州政府资助，这意味着科罗拉多州的儿童目前仍能获得由纳税人支持的治疗，旨在肯定一种与其生理性别不符的“性别认同”。

这些治疗的大多数对象是12至17,岁的儿童，项目对这部分人群不要求家长通知或同意。科罗拉多州斥资6700万美元纳税人资金，委托营销公司Amelia Co.向青少年宣传该项目。州政府还为一场社交媒体影响力活动提供了资助，目标受众包括12至18岁的青少年以及青少年的家长。

这场影响力活动传播的信息包括“无需父母 / 监护人同意即可为21岁以下青少年提供服务”，以及“如果青少年需要与他人交谈以获取帮助 / 支持，请不要告诉父母”。一位影响者发布的帖子展示了看似一名问题少年在接受治疗、完成作业和保持健康的画面。另一位自称公立学校教师的影响者则表示，她会在课堂上张贴I Matter的宣传材料。纳税人为这场宣传活动买了单。

科罗拉多州还通过州立校园健康服务项目，资助公立学校的变性人外展活动。该项目在2022年设有25个站点，并获得了数百万美元的纳税人资金，但并未公开宣称自己在推广“性别肯定护理”。然而，我获得的内部文件显示—。

州资助的咨询鼓励儿童否认自身性别并接受有害治疗

获取的文件缓慢揭示，州管理人员通过向参与学校的员工分发培训资料，将该项目用于此目的。一份培训材料指出，这“不是入门课程”，并限制学校无法在该主题上做到性别认知良好。

公共资金也通过大学流动。截至2024年11月，科罗拉多公共卫生学院向18岁青少年支付了2美元，以参加青年网络的每周会议。参与者部分来自关注跨性别议题的第三方团体和活动。

科罗拉多大学医学院也使用纳税人资金支持未来医生的培训。文件显示，2024-25学年所有一年级医学生的必修课程——“CHITTY健康”课程——在外部顾问的影响下，明确支持儿童跨性别主义。在科罗拉多儿童医院 Colorado，一名专门从事跨性别治疗的临床医生和研究人员在2024年有75%的薪资来自联邦拨款，用于研究“性别效能治疗”的效果。

这张纳税人资金网络一直未被察觉，被该州的监管红线所掩盖。科罗拉多州要求私人或非营利机构为未成年人提供跨性别治疗。在其法律框架下，禁止雇主和公共服务提供者对“与其性别不符”的行为进行“恐吓”，并禁止任何可能帮助儿童接受自身性别的外部干预——该法案当年被美国最高法院裁定违宪。通过“I Matter”项目，科罗拉多州正在为引导困惑儿童否认自身性别的治疗买单。

科罗拉多州竟将纳税人资金用于阻碍儿童的正常发展，这令人难以置信。特朗普政府应通过暂停联邦资金，追究该州及其他类似做法的责任，直到——

埃拉尔先生是德博拉姆政府问责中心主任。

华尔街日报

出版日期：2026, 2026, 2027, 2028, 2029, 2030

zetaim：周一

作者：瑟曼，史蒂夫·克雷格

报道：周三

教会：周一，史蒂夫·克雷格

报道：周一

作者：瑟曼，史蒂夫·克雷格

赫伦女士、詹姆斯、罗伯特

大卫的时代，乔治·塞勒斯主编

作者：韦尔登、玛丽、罗伯特，，

作者：韦尔登、玛丽，，

作者：韦尔登、玛丽，，总订单：3月30日

---

A16 / 2026年8月11日，周二

华尔街日报

体育

这可能会引发一些争议，自行车迷们会为此辩护（我知道自己会招来什么样的抨击。上赛段蒙马特的表现如何？）。但总体而言，今年的环法自行车赛有点像一部反高潮的电影。

今天波吉加特再次获胜，几乎以9比9的绝对优势领先。他的对手们本赛季一直在苦苦防守，他甚至可以下车，蜷缩在巴黎的鹅卵石路上，一直听完《通往天堂的阶梯》，直到罗伯特·普兰特的歌声渐渐远去，他的身影而非任务随风而逝，而波吉加特仍然有足够的领先优势赢得比赛。

上一届完整的女子环法自行车赛——环法女子赛（Tour de France Femmes）——绝非平淡无奇。它更像是一记猛烈的头部重击。9天激动人心的比赛中，包括多次领骑变化、卫冕冠军令人震惊的崩盘、体育史上最伟大的爬坡表现之一，以及在最后一天两位领先者之间仅有9秒的微弱差距。

8秒的时间几乎连说一遍《齐柏林飞艇IV》都不够。

这简直是一场灾难，而我们甚至还没提到最精彩的部分。比赛中顶尖车手之间爆发了一场诺阿式的愤怒对峙，争论激进战术是否存在，以及是否有人密谋将领先车手逼向路边（[More on that in a minute.]）。

本届环法女子赛可谓包罗万象，包括第6赛段在海滨城市尼斯的精彩收官。最终，来自荷兰的超级天才车手黛米·沃勒林赢得了比赛，她效力于一支法国车队，成为首位赢得环法赛的女性车手。

接下来，我们迎来了亨利·混乱时刻，直接引发骚动。第一个冲击是卫冕冠军波琳·费朗-普雷沃的崩盘，她早早显露出状态不佳的迹象，随后在计时赛阶段惨遭淘汰。

费朗-普雷沃（简称PFF）是一位传奇女性车手；她在过去十年中主宰了山地自行车赛场，但多年未参加计时赛（车手以最佳时间与秒表竞速）。这一点暴露无遗。

计时赛对空气动力学要求极高：车队会花费数小时在风洞中调整姿势以达到最快速度。费朗-普雷沃身穿宽松的常规服装，头戴一顶不合身的零号头盔，看起来就像试图用汤碗和枕套捕捉法国的风。她当天失去了2分钟，随后在爬坡赛段又丢掉更多时间，并含糊地宣布放弃卫冕。

随着最受欢迎的车手退出，环法赛变得更加激烈。PFF原本被视为周五蒙旺图山赛段的夺冠热门，这座山峰是福尔曼地区最具标志性的爬坡赛段，但第4赛段却成了卡齐娅·涅维亚多马-菲尼的高光时刻。这位波兰车手在令人震撼的表现中脱颖而出

杰森·盖伊

一场混乱的自行车赛：愤怒与戏剧性

环法女子自行车赛以决定性的胜利收官，但此前车手之间出现了相互指责

德米·沃勒林（Demi Vollering）在赢得环法女子自行车赛后做出反应。右侧的波琳·费朗-普雷沃（Pauline Ferrand-Pevert）在计时赛阶段表现挣扎。

与沃勒林和当时的领骑者拉开距离，抢下足够的时间夺得黄衫并赢得环法总冠军。

涅维亚多马-菲尼（Niewiadoma-Phinney）曾赢得2024年环法赛，但此前从未赢过单个赛段（环法总冠军由最佳综合成绩决定），她在旺图山（Ventoux）的骑行速度创下了女子车手的纪录。

次日，戏剧性的一幕发生：已与美国自行车传奇人物多丽丝·菲尼（Doris Phinney）和康妮·卡彭特-菲尼（Connie Carpenter-Phinney）之子泰勒·菲尼（Taylor Phinney）结婚的涅维亚多马-菲尼，发现自己遭到沃勒林车队的围攻。在关键时刻，沃勒林的队友西莉亚·格雷（Celia Grey）猛冲过一个弯道，似乎向上移动并阻挡了涅维亚多马-菲尼，而沃勒林则趁机甩开。这一策略类似于骑师鲍比·“摇晃与推搡”（Bobby "Shake and Ruke"）的战术，迫使涅维亚多马-菲尼刹车并减缓势头。在奋力追回沃勒林后，她最终以8秒之差失去了黄衫。

在终点处怒不可遏的涅维亚多马-菲尼称格雷的行为“幼稚”，并找到她质问为何这么做。这引发了长达24小时的争议风波，几乎每一个骑过自行车的人都观看了无数视频，并就这一行为是否“闹鬼”“幼稚”“可怕”“虚假”“聪明”“天真”“经典”还是“纯粹的自行车赛手段”展开讨论。

一场不涉及模糊的医生和宪兵半夜突袭的自行车赛争议。我喜欢这样的讨论。一场关于自行车运动伦理和战术的激烈、热血的辩论。无论是《大卫·莱特曼秀》还是《未来岛》乐队，我都来者不拒。我见过那些在网上威胁格雷的低级暴徒——愿他们一辈子爆胎——但真诚的辩论？我喜欢。

我的观点。自行车赛艰苦至极，危险至极，人们会生气。在高速过弯时被推到路边，谁都会恼火，更何况还失去了黄衫。涅维亚多马-菲尼是一位性格开朗、思虑周全的车手，这也是她的愤怒如此令人震惊的原因：这并不符合她的风格。

我理解她的沮丧，但最终，一位明智的冠军脱颖而出。

沃勒林是本次比赛的顶尖车手，在尼斯的最后一个赛段再次证明了这一点。在夜间的最后一次爬坡中，她甩开涅维亚多马-菲尼，独自骑行，赢得了决定性的胜利。最终获得第二名的涅维亚多马-菲尼与沃勒林及其车队经理拥抱言和。沃勒林为受到争议的队友格雷辩护，所有人都握手言和。“我们都希望最好的结果，”涅维亚多马-菲尼说道。

在经历了动荡的一周后，这场比赛以一个得体而愉快的结局收场。筋疲力尽的车手们缓缓骑向终点线，一头扎进地中海。一场精彩而无可挑剔的环法自行车赛。是时候冷静下来了。

一名普通的NFL四分卫值每年5000万美元吗？

作者：安南·伯伦

当坦帕湾海盗队四分卫贝克·梅菲尔德抵达训练营时，他并未掩饰自己对球队的不满，因为休赛期的合同谈判未能为他带来一份新协议。

“在这个范围内感到有些不受尊重，这让人失望，”他说道。“真正让人失望的是——在认为自己已经赢得了这一切后，却感觉不被理解。”

梅菲尔德只需环顾NFL的其他球队，就能明白各队是如何评估他们的首发四分卫的。如今，市场价格已经超过每年5000万美元，这使得梅菲尔德成为了整个联盟在如何处理那些水平略低于顶尖四分卫的球员时所面临的一个无法控制的抉择的缩影。

目前，有12名四分卫——或者说超过联盟三分之一的首发——拥有年薪超过5000万美元的合同，而拥有最佳球员的球队则乐于支付每一分钱。堪萨斯城酋长队最近与帕特里克·马霍姆斯签订了一份年薪5000万美元的续约合同，使其成为联盟首支拥有这一年薪水平的球队。这位非常优秀的球员，以及布法罗比尔队的乔什·艾伦在签下一份年薪5000万美元的合同后，也加入了这一行列。虽然价格不菲，但对于拥有这样一位在体育运动中最重要位置上的球员来说，这意味着每个赛季都有机会争夺超级碗。

然而，对于下一档次的四分卫来说，情况就远没有这么简单——而这正是梅菲尔德和海盗队所处的境地。不支付梅菲尔德薪水是有风险的，因为无论他们找谁来替代他，结果可能会更糟。但给他开出顶薪又会带来另一个问题：这将限制球队管理层在球队其他位置上的支出，而梅菲尔德可能还不足以带领整个球队前进。

正如我们所知道的，梅菲尔德是一位非常好胜的竞争者，从不畏惧表达自己的想法。“我们的总经理杰森·利希特说：‘我知道他感到失望和沮丧，我们也是。’”

梅菲尔德在2016年被克利夫兰布朗队以状元签选中，之后辗转于卡罗来纳黑豹队和洛杉矶公羊队。2023年加盟坦帕湾海盗队后，他接过了未来名人堂成员汤姆·布雷迪的接力棒。在海盗队的三个赛季中，梅菲尔德带领球队两次进入季后赛，战绩为27胜26负，四分卫综合评分始终保持在第12至18位之间。这并非这些年份中的顶尖表现。换句话说，他正好处于中游位置，正如他自己所说。

然而，现年27岁的梅菲尔德目前正处于一份年薪5000万美元的合同的最后一个赛季，这使得他成为NFL中为数不多的“中产阶级”四分卫之一。虽然有12名球员的年薪超过5000万美元，但梅菲尔德是仅有的1名年薪在5000万美元的球员之一。通常情况下，球队会将这一决定视为二元选择：要么球队将其视为基石球员并支付顶级薪水，要么就让他离开。梅菲尔德自己就曾经历过这种情况，当时克利夫兰布朗队选择将他交易离队，而不是与他签订长期合同。

对于球队来说，这是一个艰难的抉择，尤其是因为过去几年的经验表明，在整个橄榄球运动中，最昂贵的财务错误就是将巨额合同交给错误的四分卫。迈阿密海豚队在2023年与汤姆·图奥瓦洛瓦签订了一份年薪5000万美元的续约合同，但他们很快就后悔了，以至于今年早些时候将其交易离队，尽管这将在未来两个赛季占用球队近5亿美元的工资帽空间。

然而，工资帽也解释了为何球队越来越愿意签下此前难以想象的大合同。考虑到

根据调整后的工资帽，$50并不算多。本赛季，这一数额仅占2013年200万美元工资帽的24.6%。而在2016年，波士顿·曼宁签下创纪录的每年$34续约合同时，这一比例更高，达到了工资帽的17.5%。

梅菲尔德认为自己应当跻身这一高薪俱乐部，但他并不打算在短期内解决这一僵局。他曾将最后期限设在训练营开始之际，如今训练营已经开启，他表示希望将注意力放在“全力以赴”上。现在，他的目标是通过每一次传球触地得分，向雇主施加更大压力。

“如果你等了这么久才考虑解决自己的特许四分卫问题，那只能怪他自己，因为情况只会变得更糟，”梅菲尔德在2016年说道，“我今年会打出非常出色的表现。”

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《华尔街日报》

2020年8月11, 2020，星期二 / B2

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扎克伯格阐述AI愿景

计划旨在提升公众接受度、明确监管并推动开放模型

作者：梅根·博尔莫斯基

马克·扎克伯格为赢得公众对其公司人工智能项目的支持，提出了新的战略方向，包括开放模型和开放合作。

在一次全面的活动中，这位Meta首席执行官概述了一项新行动方案，他将其描述为一种将人工智能带来的财富和机遇惠及全球用户，并重新回馈承载数据中心的社区的方式。

扎克伯格的计划包括发布更多开放权重模型，并重新设立一项基金，用于投资Meta数据中心所在的社区。该基金规模将达100亿美元，一位Meta发言人表示。

Meta在人工智能竞赛中落后，正努力追赶Anthropic和OpenAI。

在其文章中，扎克伯格提出了多项政策建议，包括一项关于联邦政府应如何与企业合作，对新模型进行安全测试的提议，以及呼吁允许人工智能开发者相互借鉴彼此的模型。他还表示，Meta自家的董事会未来将在模型遵循的安全标准方面拥有更大发言权。

他指出，其公司开发强大人工智能的方式——即尽可能广泛分发，并将许多价值观决策交由最终用户决定——是最不可能导致灾难性后果的路径，如极权主义、大规模失业或出现威胁人类的不可阻挡的超级计算机。

他写道：“大多数其他实验室专注于为企业、政府或其他机构构建人工智能，因此，如果这些实验室领先，权力平衡将偏向更大的机构而非个人。Meta的使命自创立以来始终专注于将权力交到人们手中。如果我们的信念和原则引领潮流，那么权力平衡将偏向个人，并为所有人创造更美好的未来。”

Meta在人工智能竞赛中落后，正努力追赶拥有最先进人工智能模型的Anthropic和OpenAI。扎克伯格此前曾以观点文章形式发表了该文章的缩减版本。请翻至B4版

交易员涌入AI抛售加密货币持仓

作者：Victor Gil Blumio

丹尼尔·诺克斯（Daniel Knox）曾押注比特币，认为加密货币将彻底改变金融业。然而，人工智能（AI）的出现改变了他的想法。

这位30岁的投资者认为，这项快速发展的技术有潜力颠覆整个行业，于是他迅速采取行动。去年8月，他清仓了比特币持仓，如今已全面转向人工智能领域。

“就像一个发现了火的牧牛人，”身处瑞士楚格的诺克斯说道。

诺克斯的观点反映了过去一年市场上的更广泛迁移趋势：个人交易员和对冲基金纷纷抛售比特币及其他代币，转而买入AI股票。这一转变有助于解释为何比特币在去年10月特朗普总统威胁对中国加征新关税导致投资者逃离风险资产后，从12.6万美元的历史高点暴跌，至今仍徘徊在6万美元左右。

与此同时，芯片股及其他AI相关股票则录得了曾与加密货币相关的那种涨幅。

“加密货币领域正在发生的，是一场清洗才刚刚开始，”彭博智库高级大宗商品策略师迈克·麦格隆（Mike McGlone）表示。

在今年股市屡创新高的背景下，比特币的下跌显得尤为突出。然而，周一主要指数小幅走低。标准普尔500指数下跌不足0.2%。道琼斯工业平均指数下跌3.2%，即61点。以科技股为主的纳斯达克指数下跌0.2%。油价则大幅上涨，涨幅近5%，至每桶97.72美元。

诺克斯表示短期内不打算再交易比特币，他认为该资产已发展成熟，爆炸性的、无法满足的上涨时代已成为过去。他表示，他认为比特币的价值再也不会出现一年内大幅飙升的情况。他说道：“我认为我们正在构建一个如此庞大的高点。”

诺克斯指出，曾经狂热的加密货币投资者已削减500个头寸，转向其他资产。

鸡肉市场冰火两重天

作者：帕特里克·托马斯

家禽企业生产的鸡肉数量超出了消费者的需求，导致批发价格下跌，利润受到挤压。这一态势为寻求降低蛋白质成本的购物者和餐厅带来了潜在的通胀缓解。

泰恩食品（Tynne Foods）、朝圣者骄傲（Pilgrim's Pride）和温特-南方农场（Winter-Southern Farms）等供应商在过去一年中增加了去骨鸡胸肉、鸡翅和鸡腿的供应，以满足预期中的消费者需求激增。更多美国人原本预计会放弃棉签和衣架，转而选择更便宜的鸡肉三明治和鸡肉菜肴。

牛肉需求并未降温。今年夏天，更大的鸡胸肉和精细切割的炸鸡需求下降，导致一个年产超过九十亿只禽类的行业陷入困境。

鸡肉供应量上升

根据美国第二大禽类加工商朝圣者骄傲的数据，截至6月28日的季度鸡肉供应量同比增长了约4.5%。

“禽类数量略高于大家预期，”朝圣者骄傲首席执行官费伯·桑德（Faber Sandh）在7月的投资者电话会议上表示。“需求增长被供应增加所抵消。”

去骨无皮鸡胸肉的批发价格较11个月前下降了约10%，根据Farther的数据。市场价格波动影响了利润率，朝圣者骄傲第二季度利润同比下降86%，至1540万加元。

大宗买家，乃至最终消费者，可能从鸡肉价格下跌中受益。根据劳工部数据，6月份去骨鸡胸肉的零售价格同比下降了约1.6%。

更低的价格促使中西部杂货商——从Fairway Stores到其他商家——在门店推出多项禽类促销活动，以吸引更多顾客。

1,000和2,000百分位

市场运营副总裁杰夫·库克（Jeff Cook）表示，该公司今年早些时候曾推出为期一个月的鸡胸肉每磅1.99加元促销活动，以及多次每磅1.99加元的促销。此前该商家的鸡胸肉价格约为每磅4.99加元。

“禽类价格并未像往年那样出现季节性上涨，”他说道。

美国人均肉类消费量

拥有加州Bristol Farms等超市的Good Food Holdings正在利用部分

优惠租赁结束，考验电动汽车车主决心

电动汽车平均月租金

电动汽车置换后的下一辆车选择

不包括特斯拉、起亚等车型的置换数据

从第一季度至年底的总体趋势

数据来源：Edexcel

作者：艾伦·多丽丝

马克·布洛克（Mark Block）的朋友曾对他吹嘘自己以优惠价格租到了一辆2020款现代索纳塔4代车型。马克和妻子看到后，也决定以5万加元的车价，每月340加元、首付4000加元的条件租一辆电动汽车，他们无法拒绝。

他们喜欢这款新的电池驱动轿车。但当租期结束，他们寻找类似优惠时，却面临更高的价格和更少的选择。

“有一刻我看着汽车市场，心想：‘天哪，这里什么都没有我想要的。’”马克·布洛克说道。

最终，他们选择了一辆混合动力车——一辆重达4,000磅的车型。他们为现代汽车安装的充电桩仍在车库里，却没有车可充电。

布洛克夫妇是众多在优惠租赁时代尝试电动汽车的消费者之一。2020年《平衡法案》帮助吸引买家转向电动汽车，而汽车制造商则提供了全新通风的租赁优惠和折扣，以

JBS继承人将接任首席执行官

作者：Evreux Thomas

全球最大的肉类加工企业JBS宣布，公司创始人的孙子韦斯利·巴蒂斯塔·菲略（Wesley Batista Filho）将出任下一任首席执行官。

JBS周一表示，现年14岁的巴蒂斯塔·菲略目前领导JBS在美国的业务，将于2027年初接任。JBS在美国的业务贡献了该公司年收入约5000 亿美元的一半以上。他于2023年开始担任这一职务。

巴蒂斯塔·菲略将接替吉尔伯托·托马西尼（Gilberto Tomassini），后者自2024年起担任公司首席执行官。业内人士长期以来一直预期巴蒂斯塔·菲略最终将接任其父亲曾担任的JBS最高职位，此前他已在公司内部历练十余年。

近年来，巴蒂斯塔·菲略领导JBS——美国最大的牛肉加工企业（按产量计）——应对了全国性牛肉短缺危机，这一危机推高了牛肉价格至创纪录水平，并使公司损失数亿美元。该公司股价周一上涨5.6%。

JBS在其他业务领域的稳定利润在很大程度上抵消了牛肉业务因干旱造成的损失。在其运营版图中，JBS旗下拥有Ziegim's Pride——美国第二大鸡肉公司——并是美国第二大猪肉加工企业。该公司在巴西和澳大利亚拥有大规模牛肉业务，并加工包括羊肉和鲑鱼在内的其他蛋白质产品。JBS在全球10多个国家拥有约200,000名员工。

巴蒂斯塔·菲略出生于巴西，是前JBS首席执行官韦斯利·巴蒂斯塔（Wesley Batista）之子，也是董事会成员斯万塔·菲略（Swanta Filho）的孙子。他的祖父曾是巴西乡村的一名教师，于2021年创立了这家公司。

巴蒂斯塔·菲略半生都在家族企业中度过，其职业生涯始于在科罗拉多州奥弗利（Overley）的JBS大型牛肉加工厂上夜班。20岁出头时，他曾管理南美的屠宰场，后又领导公司在加拿大的业务，并于2016年接管JBS在美国的牛肉业务。

“家族企业的好处在于，新任首席执行官无需制定新战略，”巴蒂斯塔·菲略在采访中表示，“你不会看到方向上的重大变化。”

巴蒂斯塔·菲略接任之际，JBS在北美的牛肉业务仍面临亏损，而鸡肉业务则因家禽供应过剩受到利润压力。不过，公司正寻求进一步拓展海外市场。

人物索引

A / Alamy, Iriane / 20

Al-Nazrni, Farouzi / W / 20 B / Kees, Daniel / 20 Bartola, Maria / W / 20 Battista, Maria / W / 20 C / Lamont, Joe / 20 Cole, Jeff / W / 20 Cole / W / 20 Cook, John / W / 20 Cook / W / 20

电动车车主的决心受到考验

法规推动向电池动力转型。

如今，情况已不再如此。税收抵免已取消，吸烟者也不再有动力推动电动车发展，税收抵免现已退出市场，压力上升——迫使那些购买电动车的车主面临缺乏经济实惠选择的困境。

这一局面正在验证长期以来的数据，即当人们选择电动车时，大多数人会坚持使用电动车。一项12.9的研究显示，有36%的前电动车车主表示，他们会考虑重新购买电动车。而这一意愿取决于电动车市场的可选项。

根据凯利蓝皮书的数据，2023年第二季度新电动车销量和亏损同比下降了20.5%。

“电动车市场正在出现观望情绪，”埃德蒙兹分析师伊万·德鲁里表示。“我认为最大的问题在于心理障碍，即‘我过去每月只需支付250美元，现在你们却要我支付100美元？’”

在2023年9月1000美元税收抵免到期前，经销商急于尽快出售车辆。根据埃德蒙兹的数据，2025年7月，电动车的平均月租金为100美元。部分经销商甚至提供月租金低于50美元的电动车租赁优惠。

然而，目前电动车的平均月租金已上涨至797美元，而非电动车的平均月租金为697美元，数据同样来自埃德蒙兹。

基尔·施密特表示，在他位于洛杉矶的马自达、斯巴鲁和起亚经销店，这些诱人的优惠曾吸引买家选择电动车。如今，当曾租赁过电动车的顾客回到店内寻求续租时，他们往往会大吃一惊。

“当顾客来店里，我们不得不告诉他们月供将增加250至300美元时，这总是一场艰难的对话，”施密特说。

一些决心继续使用电动车的买家选择咬牙承受。

斯里纳玛·斯里尼瓦桑的电动车月供翻了一倍多。这位弗吉尼亚州的新合同买家曾利用电动车税收抵免，在支付大约11,000美元定金后，以每月500美元的价格租赁了一辆2024款Ronan RIX Grand Motor，若选择购买，该车价格为125,990美元。若续租，到5月租期结束时，月供将涨至1,900美元。

在贷款到期前，斯里尼瓦桑选择购买一辆类似$45车型，采用无息贷款，现在每月支付2,500美元。

由于他已习惯了这辆车的驾驶体验，并希望继续将其用于日常通勤，他决定这个价格是值得的。

“我心想，‘管他呢，我要冒险试试——接受这个价格，’”他说。作为美国最大的电动车市场，加利福尼亚州的法规曾大力推动零排放车市场发展，如今州议员正试图弥补电动车销量的下滑。

州长吉娜·鲍曼7月签署的一项新法案为首次购买电动车的买家提供优惠：购买价格低于30,000美元的新电动车可享受5,000美元折扣，购买价格低于25,000美元的二手电动车可享受1,700美元折扣。曾租赁过电动车的买家不符合条件。

过去四年，加州购买新电动车的数量一直超过混合动力车。但2026年上半年，混合动力车占新车销量的22.1%，而电动车仅占21.4%，数据来自加州新车经销商协会。

在全国范围内，根据凯利蓝皮书的数据，第二季度新电动车销量和亏损同比下降了20.5%。

[...OMITTED...]

鸡肉的荣与衰

这些节省的成本并未完全传导至消费者购买的更昂贵牛肉产品，如60-20绞牛肉和纽约客牛排（220-764-2800肉类）。

根据行业官员的说法，餐厅也在菜单中增加了更多鸡肉菜品，为顾客提供更便宜的蛋白质选择。

“目前降低食品成本的最佳方式是提供更多禽类冷冻菜单，”食品分销商Ilyas的首席执行官凯文·鲍斯曼表示。

鸡肉价格极易波动。加工商不断努力匹配孵化雏鸡的数量与客户愿意支付的肉类数量。低批发价格或高谷物价格的压力可能使一些鸡肉公司陷入严重的财务困境。

过去几年，鸡肉对大多数企业来说利润丰厚。疾病减少和厨房废料利用使得牲畜饲料——养鸡的最大开支——成本降低，而鸡肉需求则因美国人对蛋白质的偏好而稳步上升。

但禽类公司最终过度扩张——孵化了过多雏鸡并高估了需求。今年前几个月，企业屠宰了超过40亿只鸡，较去年同期增长2%，较五年前增长5%。

鸡肉行业面临的一个问题：消费者热爱牛肉。尽管由于全国性牛肉短缺，牛肉价格创下历史新高，但需求并未减弱。根据市场研究公司Circana的数据，截至7月12日的52周内，牛肉销量仍在增长。

禽类高管表示，异常天气条件使更多鸡只比预期更快达到成熟。由于关键养鸡地区此前常见的疾病影响减弱，这种情况变得更加普遍。

在商业化养鸡场中，90%至95%的鸡只能在六到八周内存活至屠宰阶段。即使是小规模的疫情暴发，也可能导致数百万只鸡在加工厂中死亡。

“这个行业总是自作自受，”金融服务公司Shriples的农业分析师沙尔马表示。“你只需要在生产上保持纪律性即可。”

一种新的鸡只遗传品系也加剧了供应过剩。近20年来，禽类行业一直在培育大胸鸡等品种，以提高每只鸡的产肉量。

泰森食品旗下的科罗旺托索公司今年推出了一种新型鸡饲料，能让鸡只在更少饲料的情况下更快生长，以更低成本生产更多肉类。作为美国最大的鸡肉加工商，泰森过去曾因品种问题导致意外产出大量未受精蛋。

泰森高管近期表示，经过多年改进鸡舍条件，公司比竞争对手更能抵御价格低迷的影响。

目前，该公司加工的大部分鸡肉被用于泰森品牌的冷冻加工产品，在杂货店销售，需求正在增长。

过去，该公司更多地将鸡肉以较低的批发价格出售给其他加工商、分销商或餐厅客户。

Pilgrim's一直在努力发展其品牌产品业务。该公司近年来推出了多款鸡肉产品线，并计划在三年内将其快餐品牌的市场份额从2%提升至13%。

加密交易员转向AI

接上页第82页

前82只股票。

社交交易应用Lepool创始人Russ Hs表示，当比特币交易价格超过12万美元时，他持有的比特币溢价达七位数。当时他认为比特币“会从10万美元再次缓慢上涨”，他说道。

后来，情况确实如此。到去年12月，Russ Hs已将其在比特币和山寨币中的大部分项目转投芯片制造商及其他AI相关企业，包括英特尔。他仍持有价值数十万美元的比特币。

这位20岁的年轻人表示，促使他退出的一个关键原因是加密货币市场的结构性疲软。

在他看来，加密货币市场缺乏支撑，在10月崩盘后表现得像一个健康的风险资产——Henry需求枯竭，机构资本涌向AI。

市场随后因成本受损，而AI的增长潜力对每一位投资者更具吸引力，因为它基于现实世界的应用，从ChatGPT到高级编程。

另一个推动从加密货币转向AI的因素是：加密交易员常用的热门交易平台（如Hyperbrand）采用了AI决策树。

“这就是为什么大多数加密交易员在过去几个月开始交易AI股票。只是因为这样做更容易，”Russ Hs说道。

其他加密交易员则只是想在比特币和众多代币经历惊人涨势后套现离场。

交易员兼数字艺术家Mish Li表示，他最近卖出部分加密货币购买了一辆法拉利。

他还将其投资组合中的相当一部分资金转投日本动漫相关收藏品，包括《海贼王》和《宝可梦》交易卡。

他表示自己从2017年开始涉足数字资产，用信用卡购买了一种当时流行的加密货币，后来在疫情期间用出售刺激支票的收益扩大投资。

AI在购买特朗普的纪念品后开始被更积极地使用，这些纪念品是总统在就职前不久推出的。

“那是我这辈子赚过的最离谱的钱，”他说道，“我知道那是时候该离场了。”

---

《华尔街日报》

商业新闻

2026年8月11日，星期二 / B3

波音转让空中出租车业务

飞机制造商收购Archer近20%股份，并将部分技术部门转让给该公司

作者：德鲁·弗里德曼

波音公司同意收购阿彻航空（Archer Aviation）的少数股权，此举将其与Aero合作的飞行出租车业务控制权移交给Archer。

两家公司周一表示，Archer将收购Wisk，以及波音旗下的空中交通软件提供商Skyfield和驱动器制造商Sachs。飞机制造商称，作为协议的一部分，波音将保留对Wisk自动飞行技术的访问权。

波音计划收购Archer近20%的股份，并获得该飞行出租车公司的认股权证。飞机制造商还可提名一名董事进入Archer董事会。两家公司表示，预计此次出售将于2020年底前完成。

总部位于加州的Archer截至上周五市值超过40亿美元。Archer表示，此次交易巩固了公司的收入基础，并为业务带来了规模效应。

此次交易是波音在首席执行官凯利·

Wisk Aero于2019年作为开发全自动飞行出租车的项目启动。

斯特伯格领导下的最新剥离举措，斯特伯格过去两年一直专注于稳定公司核心商用喷气机和军用业务。波音还将其数字航空服务业务的部分资产出售，包括飞行规划提供商Joppoons，以20.93亿美元的价格出售给托马斯·布拉沃的私募股权公司。

波音副总裁布莱恩·诺尔特表示，最新交易旨在“加速能力开发并将其推向市场，同时确保波音在过去二十年中对这些技术的投资得到保障”。Archer于2018年成立，目标是开发城市空中出租车网络。

Wisk于2019年作为波音与谷歌联合创始人拉里·佩奇的Kitty Hawk公司的合资企业启动，但其背后的技术已开发十余年。公司表示，该技术已在多代eV-TOL（电动垂直起降飞行器，electric vertical take-off and landing aircraft）上进行了飞行测试。

这家飞机制造商在2022年向该合资企业注资4.5亿美元，以加快开发专用于短途旅行的全自动空中出租车。

包括Archer、Beta Technologies和Joby Aviation在内的初创公司正竞相成为首家成功将飞行出租车推向大众的公司。大多数企业旨在开发能像直升机一样起降、像飞机一样巡航的电动或混合动力交通工具。

随着监管机构评估新型飞行器的性能并制定相关规则，新兴的空中出租车领域正在发展。电动飞行器初创公司还在推动其车辆在拥挤的城市市场起降和充电所需的基础设施建设。

Archer和Wisk曾于2022年达成协议，共同开发自动航空技术，此举是双方就各自知识产权进行调整的一部分。波音旗下的Wisk还获得了在和解协议中获取Archer股份的认股权证。

英特尔计划发行150亿美元股票

作者：尼古拉斯·赫普福德

英特尔股价周一全天波动，该公司宣布将发行价值150亿美元的普通股。

这家芯片制造商表示，此举是受到“客户需求强劲及人工智能公司前所未有的投资推动”。英特尔称，此次发行所得资金将用于一般用途，包括资本支出和营运资金。

英特尔股价周一交易中下跌超过5美元。在7月的财报中，英特尔将今年的资本支出预期从先前的280亿美元上调至超过200亿美元。公司表示，今年的资本支出将“显著高于”去年水平。高管称，更高的支出反映了他们对未来销售的信心。

英特尔在最近一个季度报告的销售额为161亿美元，同比增长25%，超出分析师预期的13%。

人工智能革命开始更好地契合英特尔，因为下一波AI技术——如为大学或中央处理器（CPU，英特尔的专长领域）完成任务的AI代理——正在兴起。

英特尔是少数几家运营芯片制造工厂的美国公司之一，这一战略性业务是特朗普政府为减少美国对亚洲芯片制造商依赖而重点扶持的领域。作为该计划的一部分，美国政府持有该公司10%的股份。

作为股票发行的一部分，英特尔预计将授予承销商10天期权，以购买最多价值22.5亿美元的额外股份。

---

英伟达与华尔街公司达成融资协议

作者：杰克·皮特曼、阿诺德·加勒特

英伟达与华尔街多家大型公司达成协议，旨在筹集大量资金，帮助芯片制造商的客户为计算能力成本提供融资。

阿波罗全球管理公司、黑盒资本、贝莱德、博枫资产管理公司、高盛和KBA周一宣布，将建立“共享融资平台”。这些公司计划在未来几年部署超过5000亿美元的外部资本。公司表示，这些平台将以“具有吸引力的利率”为英伟达客户创建资金池。

“这些融资平台将帮助客户大规模获取稀缺的计算资源，并建立在AI时代为每个行业和国家提供动力的AI工厂，”英伟达CEO黄仁勋表示。阿波罗和黑石今年早些时候与博通达成了类似的融资平台协议，为博通的客户（如Anthropic）提供融资，以支付博通开发的芯片计算能力，并“评估谷歌的处理单元”。英伟达股价周一收盘下跌2.8%，此前《金融时报》报道了该协议。公司表示，这项交易将有助于为该国的AI建设提供资金。数据中心和其他AI基础设施的支出承诺已达到新的融资水平，华尔街的银行和投资公司正以越来越创新的方式为这一繁荣提供融资。英伟达一直在与OpenAI洽谈，为一个数据中心项目提供约2500亿美元的支持。《华尔街日报》上月报道了这一消息。

人工智能助力打造完美品客薯片

作者：贾马尔·邦德凯特

过去四年来，贝拉索尔公司工程高级总监扬·兰内斯一直怀揣一个“左撇子式”的雄心壮志：确保生产线上生产的每一片薯片，本质上都是完美的品客薯片。

没有破碎的面团，没有粘在机器前端的薯片。只有完美、纤薄、马鞍形的金黄色薯片。“我们希望做出完美的薯片，每次打开罐子时，都能保持相同的酥脆度、相同的口感和触感，”他说道。

如今，得益于一笔$800 万至$5 million的投资、与工业技术公司西门子为期一年的合作伙伴关系，以及一项重大的人工智能开发项目，他离这一目标又近了一步。

在此期间，兰内斯的团队与西门子合作，在公司位于波兰的工厂生产线上，为品客薯片面团构建了一个实时“数字孪生”模型。

新传感器和实时机器数据被整合在一起，创建了面团的低数字化版本，捕捉原料中的微小差异——如面粉颗粒的大小。这些数据如今被输入一个人工智能模型，可以预先建议如何调整机器以应对这些差异，从而在保持一致性和无瑕疵的同时降低成本。

“每一批土豆都会有所不同，”西门子管理委员会成员兼数字工业首席执行官杰迪克·诺尔特表示。如今，“无论原料如何变化，我们都能确保品客薯片的口感完全符合你的期望。”

目前，品客薯片在波兰、比利时和田纳西州杰克逊的三家主要工厂年产量达7.05亿磅。该人工智能项目目前仅在波兰的一条生产线上运行，兰内斯表示，该项目已明显提升了品客薯片的生产质量，减少了13%的浪费，并为公司投入的$4 million至$5 million带来了超过40%的整体回报。该系统将扩展至比利时，并计划于2022年在美国落地。“最终目标是将其推广到所有生产线，”兰内斯说道。

邦德凯特为WSU领导力研究所CEO期刊撰稿。

韩华寻求收购海军造船商

作者：保罗·柏林

韩国企业集团韩华已向美国海军舰船和潜艇港口建造商Hanwha USA提出价值超过30亿美元的入股要约。

澳大利亚造船商兼国防承包商Aamul表示，其美国子公司的潜在交易估值在10.5亿美元至12亿美元之间。

此次收购将使韩华获得位于阿拉巴马州莫比尔（Mobile, Ala.）的船厂，并承接包括美国最敏感海军项目在内的多项重大合同。

韩华发言人表示：“任何交易都将取决于尽职调查，以允许对Aamul USA的运营和财务状况进行全面评估。”

莫比尔的运营能力体现在为美国海岸警卫队和海军建造舰船。同时，Aamul USA还为通用动力电船公司（General Dynamics Electric Boat）提供弗吉尼亚级和哥伦比亚级潜艇的模块。

Aamul USA拥有约1,500名员工，并拥有其他资产，如位于圣迭戈的维修设施。

韩华正寻求在美国扩大其商业和军用造船业务，与此同时，特朗普总统也在努力振兴美国国内造船业。

韩华在不到2年前收购了菲利普船厂（Philip Shipyard），并已投资数十亿美元用于扩建和现代化改造该设施。

过去一年中，韩华赢得了政府合同，建造登陆舰并设计能在海军行动中提供燃料和装备的补给船。韩华认为，计划接管Aamul USA的子公司USA还计划在阿肯色州建设一座弹药和推进剂工厂，以供应美国武装部队。

---

B4 / 2006年8月15日，星期二

...

《华尔街日报》

广告

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在一份2页、2页、2-2-、2-、2-2-、2的文件中

公共广告与媒体倡议

2017-2018年公共倡议

广告

在使用广告和媒体倡议的活动中

市场的市场 市场的市场

2017-2018年公共广告和媒体倡议 公共广告和媒体倡议 公共

《华尔街日报》

市场

今日广告

(800) 366-3975

欲了解更多信息，请访问 wsj.com / actualised。

1. 2017年1月1日

以下为简单公式：

1. 2017年1月1日

真实图像显示为一条实线水平线。根据规则2（下划线与线条规则），若真实图像包含用于样式强调或作为背景元素的线条（如横格纸），OCR结果必须忽略这些线条。提供的OCR内容应为空白，而非“____”。OCR在真实图像不应存在下划线的情况下虚构了下划线，违反了“样式 / 背景线条（忽略）”规则。因此，OCR结果与真实图像不符。

特朗普媒体专属信息流

吸引早期付费用户

产品因涉及家族及白宫业务受到批评

在展示用户中：

特朗普总统的媒体公司周一宣布，已有超过20名客户订阅了Truth Social顶级账户的实时信息流，此举因第一家庭将商业利益与白宫事务混为一谈而受到批评。

特朗普媒体与科技集团：该公司首次发布的Truth AB服务可跨平台提供Truth Social上顶级账户的帖子，其中主要联系人会分享关于贸易协议、失业战争及资金等更新。

在特朗普媒体首次财报电话会议上，临时首席执行官凯文·麦圭恩表示，早期订阅者包——

括高频交易商，每月支付$80,000至$100,000。麦圭恩称公司正与其他潜在客户（如Bigger-Luise）进行“积极”对话，并计划最终向30,名社交交易者推广。

“今天，我们处于早期战略阶段，”他说道。

政府监督机构及国会民主党人批评该服务，称这位前总统正在向投资者出售获取市场敏感信息的渠道。在7月30日致麦圭恩的信中，马里兰州民主党众议员詹姆斯·兰金要求特朗普媒体提供新的信息，包ing the names of subscribers.。

Truth AB为客户提供来自热门账户的机器可读数据流，麦圭恩周一表示，可让客户“以极小的时间优势”获取公开信息。“这种批评是误导性的，”麦圭恩说道。

尽管今年贷款—。

2.38亿美元

特朗普媒体与科技集团近期季度净亏损报告

该公司第二季度净亏损达2.38亿美元，营收仅为1700万美元，亏损主要源于电信业务的不利局面。

上周，特朗普媒体还宣布与加密货币品牌达成协议，在Truth Social平台上推出预设市场功能，并创建独立的数字发送金库。

该公司仍在推进与核能未来公司Told Technologies的拟议合并。尽管最初宣布交易将于2016,年第二季度完成，但特朗普媒体迄今尚未解决下周面临的问题。周一，McGuin表示，其团队力争在年底前完成交易。

寻找商业战略的过程导致该公司自2016年上市以来股价持续波动，影响了特朗普总统在其信托中持有的约6州份额的价值。近几周股价反弹一度将特朗普媒体股价推至合并交易宣布前的水平，但周一股价下跌8%。

券商如何

触犯北京底线

接第82页 该平台是中国富人将资产转移海外的热门工具。 中国禁止个人未经批准投资海外股票和房地产。但过去十年间，个人通过香港网站或亲赴香港开设账户，与Patu及同类券商合作，中国官方媒体报道称。尽管香港是中国的一部分，但其在1997年英国管治结束后，仍保留独立的自由交易货币和金融体系。

个人活动受限于每年50,000美元的年度额度，该额度允许用于旅游或商务等海外转账，中国官方媒体报道称。

中国证券监管机构5月表示，这种为海外投资提供资金的方式已被叫停，并对Patu及另外两家券商采取行动。这些券商现被禁止在中国境内提供服务。普通客户无法再存款或进行投资，只能出售现有持仓。

互联网财富

L.现年近50岁，曾是利用漏洞积累海外财富的主要雇主之一。他是中国最重要品牌腾讯的第28号员工，在公司早期获得了股份。2004年，腾讯在香港上市，他一夜暴富。当时，资金在内地与香港之间的兑换几乎不受限制。

2003年，L.创立了Patu，以应对中国海外财富激增推动香港成为服务特定群体的理财中心。据其家乡省份一家中文报纸《House Trade》在2002年的报道，他密切关注全球国家的买卖与工业公司的动向，并投入约$5百万自有资金，打造了一个5合1销售平台。

Patu旨在让投资变得——

![香港一家由Patu运营的门店，该公司已成为中国监管打击的核心目标。](

)

Patu的交易量

![来源：2017年1月1日](

)

更低成本且对无市场经验者开放。L.最初向大量公司及香港约700万人推广业务，后以Moolmo品牌扩展至美国、新加坡、日本、马来西亚和澳大利亚。Patu于2008.再次扩张。早期，L.与中国科技公司创始人及内部人士建立了关系，他们成为Patu帮助中国企业上市的客户，也成为Patu的用户。Patu协助巨头AB在2010年通过向中国客户出售股票，在香港筹集了250 亿美元0亿，成为众多市场定价交易之一。

L.受益于与腾讯的关系，后者是Patu的早期投资者。腾讯员工成为Patu的早期用户，将其腾讯股票期权的收益兑现，并用这笔资金在Patu平台交易。L.在2020年的一次会议上表示。

随着越来越多中国公司海外上市，L.开始管理业务，进一步推动Patu服务富裕客户群体。Patu在2002,表示：“我们主要服务于公司的不同中国人群。我们在美国拥有11,440股额外股份。”

新业务

随着更多中国公司海外上市，Patu设立了一个部门，帮助超高净值个人建立自己的投资业务。

Patu在2002年的股票发行文件中称，正“抓住一个巨大机遇，推动财富管理行业向更昂贵的转型”。中国监管机构对此并不认同。2002年底，监管部门称Patu在未获必要牌照的情况下在中国境内开展业务。此后，Patu从中国大陆应用商店下架了其应用。然而，中国监管机构发现Patu仍允许营销人员吸引账户并进行交易。

在5月被处罚前，Patu发展势头强劲，全球用户超过4000 万。今年第一季度，其交易量创下约1000 亿美元0亿的纪录，其中大部分来自美国和香港的精选股票交易。

持牌平台

近期的监管打击旨在将中国个人投资者引导至持牌平台。公司主要人员可在中国国内股票交易所交易。公民也被允许投资海外，但现在主要通过政府批准的渠道，这削弱了Patu的利润。

Patu未持有国内持牌平台资质，因此目前专注于境外业务，包括香港和东南亚。

L.希望将业务转向提供投资产品，如自然资源、食品等，而非仅依赖交易证券。尽管交易业务仍占Patu收入的最大部分，但其财富管理部门正在增长。

“我们不断拓展金融服务的边界，”L.在5月表示。

扎克伯格为Meta AI制定愿景

在《华尔街日报》的采访中，他阐述了政府在多家媒体访谈中的部分观点，包括《华尔街日报》的一次采访。

根据其计划的一部分，Meta正在推出一款带有开放权重的新模型——这意味着更多数据——公开决定AI行为的数值，该模型被称为

Muse（Gimson），并在未来几周内还将增强其最先进模型Muse（Spach, L.）的开放权重服务。一位Meta发言人表示。

这一承诺掩盖了围绕广告信息是否应以开源形式发布两种危险格式的重大争论，以及是否应仅在保持其成本高昂的实验室内开发。

扎克伯格还写道，美国在与中国竞争开发超级计算资源方面的当前劣势之一，是缺乏在全国范围内建设基础设施的能力。Meta计划今年投入高达1400亿加元用于

资本支出，主要用于资助数据中心，并在2007年投入600亿加元。

“我们都将从制定社区契约以实现全国可持续发展服务中受益，”他说道。

为此，Meta正在投入更多资金以引领竞争性新AI数据中心的建设。不过，扎克伯格的言论并未明确说明具体金额。在他的文章中，他提到了一段当地视频，内容涉及路易斯安那州里奇兰教区的教师因公司不完美数据中心园区附近的必要系统获得了1万加元的捐款。

他的言论出现在过去几个月美国公众对数据中心开发日益反对的背景下。几周前，纽约州禁止在该州建设此类设施长达1年。

投资者也对Meta的AI雄心表示担忧，并希望公司为扎克伯格投入更多资源，同时他们提出了直接通过云计算业务变现其数据中心基础设施投资的想法。但由于公司在7月财报电话会议中缺乏关于潜在业务的细节，导致Meta股价下跌。

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《华尔街日报》

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商业与金融

2026年8月11日，星期二 / 第85页

农资供应商制定转型战略

这家农场及周边产品连锁企业正在降低价格并缩减扩张规模

作者：珍妮弗·威廉姆斯

农资供应（Tractor Supply）的高管们花了数月时间评估通胀及其他压力对顾客消费能力的影响。他们得出的结论是，大多数跳跃式增长目标已无法实现，并制定了一项包括降价、减少扩张和下调财务目标的计划。

尽管顾客仍在购买宠物食品、动物饲料和日用杂货等必需品，但他们正在推迟购买骑乘式割草机、户外动力设备及其他高价非必需品。

“我们不得不更新指引，暂时偏离长期框架，”首席财务官卡尔·巴顿（Karl Barton）表示。

该公司上月的决定下调了2025年12月设定的最保守的非组织性目标和预期，此前公司曾与该州前100家门店（涵盖80%的目标）达成一项为期三年的协议。这些目标涵盖了从门店开业数量到销售额和利润率等方方面面，直至2030年。巴顿表示，在当前环境下，这些目标“越来越难以实现”。

“业务发展方向与实现这些长期财务目标背道而驰，且与我们当前的指引持续冲突，”他说道。公司预计将在明年初发布第四季度业绩时提供更新后的展望。

农资供应的高管们已观察到顾客预算紧缩长达一年之久。从节日装饰到狗舍等非必需品的消费回落自去年开始，并在公司最新一个季度（尤其是5月）进一步加剧。

干旱和持续上涨的成本对农场、贸易和农村经济造成双重打击，而这些地区贡献了农资供应约40%的销售额。这些顾客通常居住在偏远市场，并依赖共享卡车长途运输至门店。与此同时，占公司终端市场约25%的宠物护理和家居改善业务也受到宠物拥有率下降和房屋周转率低迷的影响。因此，该零售商的顾客流量和门店交易量低于高管预期，拖累了销售和利润，并导致其股价今年下跌约50%。

农资供应第二季度（截至6月22日）的利润同比下降超过18%，至约5亿美元。尽管销售额增长2.5%至445.4亿（445.4 亿美元）美元，但同店销售下滑1.5%。

随着战争推高平均油价至四年新高，5月顾客削减了部分季节性和大额商品的购买，正值农资供应春季销售旺季的关键时刻。“我们确实看到消费者在一段时间内做出了可能不会在今年春季购买的决定，”巴顿表示。

尽管6月销售有所反弹，公司仍下调了全年销售预期，将增长预期从之前的4%至7%下调至2.5%至4%。

为吸引注重性价比的顾客，农资供应正在推出促销活动，并降低热销商品的价格，包括动物垫料和高端宠物食品等。巴顿表示，零售商正利用关税退税及其他三项折扣优惠（如财务成本）来提供折扣，但拒绝透露公司获得的具体金额。

与此同时，该连锁企业正缩减扩张规模，专注于现有业务布局。农资供应计划关闭约75家表现不佳的Pet Vetco宠物专卖店，并将2027年新店开业目标从2025年的80家下调至介于

该公司需为其宠物业务推出新的门店产品，分析人士表示。宠物数量正在下降，并可能持续这一趋势，而与此同时，该连锁企业面临的竞争依然激烈。关闭部分宠物专卖店、优化宠物食品选择并提升针对企业客户的服务——这些正在推进的调整举措应有助于改善局面，分析人士称。

拖拉机供应公司（Tractor Supply）更广泛的努力（如更精准的定价策略）若能有效执行，也将带来助益。该公司的门店一直是吸引宠物相关业务的重要亮点。“这是一个很好的验证点，”富国研究（Wells Research）高级研究分析师斯宾塞·邦斯（Spencer Bunce）表示，“但仍有更多工作要做。”

詹妮弗·威廉姆斯（Jennifer Williams）为WCI领导力研究所（第7期《领导力期刊》）撰稿

评级机构受审查 对4000万美元债务进行评级

作者：苏珊·斯托特尼茨基

安·谢尔曼·布鲁尔

根据《华尔街日报》对公开数据的分析，美国保险公司账面上有约400亿美元的债务投资此前曾由Egan-Jones评级。该公司的评级目前正受到监管机构的严格审查。

总部位于宾夕法尼亚州恩格尔弗兰兹的Egan-Jones评级公司正面临两名前员工的诉讼，他们指控该公司曾有100次先前被起诉的行为涉嫌夸大评级以招揽业务。美国证券交易委员会已对该公司的可靠性提出质疑，而保险公司大量资金流入的百慕大监管机构也已停止接受该公司的评级。

“Egan-Jones坚持其评级的完整性、独立性和类型，”该公司在一份声明中表示。

“Egan-Jones在确保寿险和动物衡量债务时不会在投资保单持有人资金方面承担过多风险方面发挥着至关重要的作用。这是因为该公司对一项投资的评级通常决定了保险公司必须预留多少资金以防范损失风险。评级较低意味着公司必须预留更多资本。”

选择利益相关评级机构的保险公司可能会在交易出现问题时面临长期困扰。谢尔曼在2025年发布的一份现已公开的文件中表示：“如果任何评级机构工作不力，可能会对公共资金造成影响。”

违约潮

追求更高回报的寿险公司一直在抬高价格，但无法决定，导致由Egan-Jones等公司出具的机密或“私人信函”评级大幅增加，这些评级通常伴随投资出现。

私人信贷资产违约潮频发，引发了对向无力偿债或偿债能力较弱的企业放贷可能带来的潜在风险的关注，并对这些投资的评级提出质疑，尽管它们仅占保险公司持有总债务的一小部分。

根据《华尔街日报》的分析，许多保险公司账面上持有由Egan-Jones评级的债务。该分析还参考了该公司披露的评级及美国保险监督官协会的数据。

其中最大的持有人包括由金融巨头马克·沃尔特控制的保险公司。该公司对沃尔特旗下保险公司持有的约240亿美元贷款进行了评级，其中$40的债务受到特别关注。

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受到审查

伊根-琼斯（Egan-Jones）是私人信函评级业务中的主要参与者之一，但近期受到了相当大的审查。该公司两名前高管于2024年提交的文件称，他们因向证券监管机构表达对利益冲突的担忧而被解雇。

伊根-琼斯在声明中否认了前员工的指控，并起诉称他们正在创建一家竞争性评级机构。

在2025年9月致伊根-琼斯的一封信中，555美分的证券分析确认是一项全面评级，而在3月，555质疑伊根-琼斯是否有能力将“整合”信用评级与债务类型或数字因素相结合，该公司当时正寻求对1992年私募票据进行评级。一位发言人拒绝置评。

该机构的部分工作属于一项业务跟踪系统。

今年1月，百慕大监管机构将伊根-琼斯从优秀评级机构名单中移除。美国保险监督官协会的一项研究指出，小型机构出具的私人信函评级（包括1,000家可靠的伊根-琼斯评级）常被调整。该协会已从其网站移除该报告，并表示对其研究结果存疑。一些保险公司开始远离伊根-琼斯，而部分保险公司对伊根-琼斯评级的债务收取超过20%的溢价。

保险公司和伊根-琼斯的客户马克·沃尔特（Mark Walter）是伊根-琼斯评级债务的主要持有者。

保险公司持有的伊根-琼斯评级债务及其在私人信函评级组合中的占比。

“我确实想告诉你的是，2025年为27亿美元，略低于0.1美元，约占总债务的10%，但我不知道该如何处理。”

根据《华尔街日报》的分析，2025年私人信函评级债务总额从2024年的5,000亿美元增长至5,000亿美元，而私人信函评级债务总规模从2024年的5,000亿美元增长至2025年的5,000亿美元。

反驳与对质

围绕私募信贷缺乏披露的问题一直令投资者和立法者担忧，担心行业中存在隐藏风险。采用私人信函评级的难点在于披露极少，且与大型公开交易债券不同，这些投资通常仅由一家机构评级。

《华尔街日报》在分析伊根-琼斯评级的5,000笔私人信函交易数据集时，还评估了该公司评级与其他机构评级的对比情况，展示了可用数据的局限性。该报发现有10笔投资在同一时期同时获得了伊根-琼斯和另一家机构的评级。其中，伊根-琼斯的评级平均比其他机构高出一个等级。在二十余个案例中，其评级至少高出两个等级。《华尔街日报》的分析显示，伊根-琼斯在10个案例中给出了更低的评级。

该公司表示，其评级的准确性已通过长期表现得到证明。“《华尔街日报》的事实、方法论和结论存在缺陷，”该公司在声明中称。

伊根-琼斯表示，《华尔街日报》使用了有限的样本，并比较了截至2025年的评级。该公司的数据显示，联邦当局对沃尔默的业务调查加剧了伊根-琼斯的困境。当局正在调查至少160亿美元贷款是否流向了沃尔默或其合作伙伴。TWG Global通过第三方渠道将资金转入沃尔默旗下的两家人寿保险公司账户，随后被曝光。这两家保险公司——德莱尼人寿（Delaney Life）和清泉人寿及遗产（Clear Spring Life and Amatry）——在上月的监管文件中表示，因与沃尔默的关联可能存在利益冲突，已被多次标记。

根据《华尔街日报》对评级数据的分析，伊根-琼斯在2024年为德莱尼人寿提供了27%的评级，为清泉人寿提供了70%的评级，并持有5,000笔私人信函评级债务。

阿联酋阿德诺克燃气公司将投资超80亿美元用于扩张

作者：安妮·威尔曼

阿联酋阿德诺克燃气公司（Adnoc Gas）表示，将投资超过80亿美元用于扩大产能，此举距该国退出石油输出国组织（OPEC）仅数月。退出使阿布扎比摆脱了全球配额限制。

阿德诺克燃气公司由国有的阿布扎比国家石油公司（Adnoc）持多数股权，已是全球最大的天然气生产商之一，但正寻求大幅增长以满足不断上升的需求。

摆脱OPEC配额限制后，阿联酋正加速提高石油产量，以期在能源领域发挥8这一更突出的作用。通常这意味着更多伴生气的开采，这些气体与石油一同被提取。阿德诺克公司对其进行加工，生产液化天然气（LNG）供应国内外市场。

阿德诺克公司首席财务官彼得·范·德里尔（Peter Van Driel）表示，正是阿联酋更广泛的石油增产计划，让公司对所需的天然气产量和组分充满信心。

与此同时，能源企业正大举投资天然气和LNG加工设施。与煤炭相比，天然气被视为更清洁的能源，且因其价格可承受且有助于能源安全，需求正在激增。英国能源巨头壳牌公司6月表示，预计到2050年，全球LNG需求将飙升至近7亿吨 / 年，较2025年水平增长40%。

阿德诺克在该地区的竞争对手卡塔尔能源公司（QatarEnergy）正投资100亿美元用于一项液化天然气项目。

美国也正在巩固其在LNG市场的主导地位。根据国际能源署（IEA）数据，美国占全球在建LNG液化项目的近40%，远超卡塔尔的15%。

但分析师警告称，大量新项目可能导致供应过剩（supply plot），进而压低价格。

阿德诺克曾在2006.提出到该年实现Biolab业务增长40%的目标，首席执行官法特玛·阿尔·努艾米（Fatema Al Nuaimi）当时表示。

根据周一公布的计划，阿德诺克表示将在该国最大的天然气加工设施巴赫曼（Bahman）新建一座国内天然气加工装置，同时在鲁韦斯（Ruwais）新建一座出口设施。

这构成“富裕发展”（Rich Development）项目的一部分，阿德诺克希望通过该项目提升盈利能力，获取高利润率的天然气资源，将其转化为高附加值产品。

此次新投资是对2025年6月宣布的50亿美元“第一阶段”项目的补充，该阶段旨在消除公司工厂的延迟结束（deferred-ending）瓶颈。阿德诺克表示，整个“富裕发展”项目的总投资将达252亿美元，成为公司迄今最大的资本支出项目。

阿德诺克的投资正值其母公司阿布扎比国家石油公司（Adnoc）计划到2027年将油气当量日产量提升至500万桶，并近期宣布将开发奥曼绍尔（Omen Shaul）和巴赫西斯（Bahsis）两大油田的巨型储层。

分析人士称，阿联酋退出OPEC被视为其旨在改变地区权力格局的声明，该地区石油生产带来了巨大财富，但也加剧了区域领导权的竞争。与此同时，中东地区的冲突和霍尔木兹海峡的紧张局势促使阿联酋投资替代出口路径和管道，以应对产量增长。

随着加工和出口能力的提升，阿德诺克周一将其盈利目标上调至2030年超过320亿美元。

“这些战略投资将大幅扩大我们的天然气加工和出口能力，”阿德诺克首席执行官法特玛·阿尔·努艾米表示，并指出公司的目标是到2030.实现息税折旧摊销前利润（EBITDA）增长40%。此前，公司曾设定2023年至2029年EBITDA增长40%的目标。

不过，范·德里尔表示，这一目标的实现依赖于波斯湾局势恢复并保持正常。

“阿布扎比国家石油公司（Adnoc）天然气业务退出OPEC是个真正的好消息，”范德里尔表示。

此举还使其能够获得更多伴生气，这类天然气与石油储量共存，且天然气液含量更高。这些液体可用于生产液化石油气、丙烷和丁烷。

尽管公司追求增长，但其二季度业绩反映了国家主导的冲突所带来的影响。周一，Adnoc天然气公司报告净收入为6.05亿美元，而去年同期为11.9亿美元，原因是通过谢特曼（Sheikhdom）的运输量大幅下降。此前，全球约五分之一的石油和天然气通过该地区流动，但自冲突开始后，运输量已降至涓涓细流。公司预计第三季度净收入最高可达8亿美元（合8亿000万美元）。

资本是重振伦敦证交所的关键，官员表示

作者：乔·布朗纳

伦敦证券交易所副首席执行官表示，更好的资本获取渠道是伦敦证交所重新确立其作为全球领导者地位的关键。

查理·沃克（Charlie Walker）表示，监管机构、政府和英国企业正在共同努力扭转伦敦的命运，但资本是缺失的一环。

“我们现在有了一辆机械性能良好的汽车，只需要加点油，而这油就是资本，”沃克在采访中说道。

二十年前，美国政策制定者曾预测伦敦将超越华尔街，成为全球主要上市地。而到了2026年，英国主要公司要么将其主要上市地迁往美国，要么一开始就决定不在伦敦上市。

芯片公司Arm、博彩集团Platter和金融科技公司Wise是近年来放弃本土市场转投纽约的英国公司之一。

《金融时报》上周报道称，制药商阿斯利康（drug-maker AstraZeneca）——英国第二大市值公司——正在考虑与一家美国竞争对手合并，这一消息引发了伦敦濒临再失一家大型公司的猜测浪潮。两家公司均未对该报道发表评论。

“我们应该竭尽全力留住所有公司，”沃克表示。近年来，伦敦证交所与英国金融和市场监管机构一道，推出了一系列规则改革，试图扭转颓势。

过去两年实施的改革意味着在伦敦上市的公司可以出售更少的股票，在向分析师分发公司信息方面花费更少，并面临更少的并购障碍。上个月，伦敦证交所宣布将推出24小时交易的交易所交易产品，以进一步提高伦敦市场的流动性。

这些措施旨在降低在伦敦上市和保持上市的成本和负担。

“在我们与公司讨论是否来英国或前往其他市场时，监管问题现在很少被提及，”沃克表示。

但今年迄今为止，伦敦仅有7家公司上市，而选择退市的公司数量则达到了15家。

沃克表示，要解决流动性不足的问题，伦敦证交所需要英国更广泛的文化转变的帮助。这可能包括降低投资者在英国股票收益上的税收，或将更多英国个人储蓄引导至国内股票。

“这是伦敦证交所无法独自完成的事情，”沃克表示。伦敦上市公司可用的投资者资金池“更多是英国的长期问题”。

沃克表示，如果伦敦无法纠正其公开市场的颓势，后果将是生存性的——这一现实应促使监管机构和政府进一步改革。

“如果英国走到无法成为具有全球影响力的公司的所在地，而这些公司别无选择只能前往海外的地步，这对整个英国来说绝非好事。”

广告

吴氏领导力学院

会员心声

“在AI时代，您不得不放弃或调整的领导力品质是什么？”

WU — Tanning Sand

比尔·帕帕斯（Bill Pappas）

全球技术与运营主管 / NETLIFE

“正如保罗·科埃略所写：

‘当我拥有所有答案时，问题却变了！’在AI时代，领导力意味着利用经验快速找到答案。但如今面对更多选择和更快的变化，转变的方向是提出更好的问题。关键在于边执行边构建‘剧本’，并让团队共同学习、放下和重新学习。纪律依然重要，但思维必须保持好奇、协作，并以客户、员工和股东创造的价值为根基。”

WU — Tanning Sand

纳奥奇·乌丁（Naoch Uddin）

首席信息官 / AARP

“我不得不放弃‘求稳’。”

多年来，谨慎看起来像是控制——放慢速度、限制访问、降低风险。但现在我意识到，打破水面才是停滞不前，而停滞本身就是一种风险，尤其是在服务一个以真正变革性方式拥抱技术的受众时。因此，我转向了‘审慎的速度’：在治理和信任的基础上前进，而不是等待永远不会到来的确定性。”

商业变革的速度前所未有，需要更敏锐的洞察、更强大的网络和更具适应性的思维。WU领导力学院是一个专为高级领导者设计的独家网络平台，由《华尔街日报》和道琼斯的权威赋能。

电邮：lauderch@jonshutsuplives.com 了解更多或扫描二维码。

《华尔街日报》新闻机构未参与本内容的创作。

---

B10 / Tuesday, 11, 2016

《华尔街日报》

市场传闻

金融分析与评论

中国电动车借战争东风出海

高油价正在推动中国电动汽车出口增长

有一个群体并不希望伊朗战争尽快结束，那就是中国的电动汽车制造商。

今年初，中国电动汽车制造商面临库存积压和国内需求疲软的困境。中东危机正帮助他们通过出口摆脱困境。中国汽车制造商正向海外市场大量供应电动车，高油价促使大多数司机转向购买电动车。传统汽车的市场份额成为最大受害者。

国际能源署数据显示，2016年上半年，中国电动汽车出口同比增长132%。自战争爆发以来，巴西、澳大利亚、韩国和越南的电动车销量约翻了一番。根据国际能源署数据，哥伦比亚的电动车销量增长了三倍。

国际能源署预计，2016年全球新车销售中电动车占比将达10%，较2015年的15%有所下降。在中国，这一转变更为明显，目前超过半数的新车为电动车。

中国汽车制造商希望看到其他地区也能像中国一样快速实现电动化。在新兴市场，中国制造商占据了80%的电动车销量，而传统燃油车的份额仅为10%——因此，电动车的普及对他们最为有利。

高关税将中国电动车挡在美国市场之外，保护了福特等美国汽车制造商免受本土市场的激烈竞争。自去年第三季度拜登政府的电动车税收补贴到期后，美国的电动车销量也出现下滑。

即使油价上涨，对典型的美国司机而言，购买电动车仍不划算。根据ClearNow Energy Partners的分析，基于当前汽车价格和贷款利率，除非汽油价格达到约4.68美元 / 加仑，电动车才能与内燃机汽车竞争。

但在欧洲和英国，[...OMITTED...]

6月，比亚迪、吉利、上汽、奇瑞和利欧普（Leapmotor）五家中国品牌在欧盟和英国的新车注册量占比达12.3%，低于去年同期的17%。[...OMITTED...]特斯拉的新车注册量也有所增长。

大众和雷诺等欧洲品牌以及福特的新车注册量占比在此期间有所下降。大众集团不仅要在本土市场面临防守压力，其在中国的业务也在下滑。由于本土品牌的激烈竞争和消费者支出疲软，大众集团第二季度在中国的汽车交付量同比下降27%。该公司股价已跌至2015年以来的最低水平。

大众和福特等欧洲汽车公司将难以反击。由于中国劳动力成本更低且电动车供应链更完善，在中国生产电动车的成本比欧洲低约10%。中国汽车制造商还愿意以极低的利润率运营，以赢得市场份额。

在东南亚，受石油危机重创的经济体希望提升能源安全。他们将电动车视为减少对进口汽油依赖的途径，并正在推出政策鼓励消费者购买电动车。

泰国削减了进口汽油的消费税，该国总理近期还将其伊恩·劳斯莱斯（Ian Balls-Royce）换成了一辆比亚迪，作为全国节能行动的一部分，当地新闻报道称。今年下半年，泰国开始全面限制汽油车进口。柬埔寨也宣布了支持电动汽车的政策，如降低关税。

这对丰田等日系品牌构成了挑战——这些品牌如今也在南亚市场推广——但即使在战争爆发前，它们已在当地失去市场份额。普华永道的数据显示，2003年至2005年间，中国汽车制造商在巴哈马、印度尼西亚、泰国、越南、菲律宾和新加坡的市场份额从平均4%下降至2%。同期，日系品牌的市场份额则下降了超过其原有百分点，降至27%。

当前汽车行业的变局，与十多年前欧洲太阳能电池板行业的动荡如出一辙。北京的慷慨补贴导致太阳能电池板产能过剩，进而在中国国内引发无序竞争和价格战。中国企业通过扩大销售消化过剩产能。全球消费者从更廉价的商品中受益，但代价是本土产业被挤出。

高昂的汽油价格使得汽车拥有率较低的国家的消费者更倾向于购买价格亲民的中国电动汽车作为首辆车。部分消费者可能会直接跳过汽油车。

预计未来十年，新兴市场将占全球汽车销量的40%。传统汽车制造商要想分一杯羹，将面临更为严峻的挑战。 ——卡萝尔·瑞安

食品恐慌带来的健康利润

Chipotle 同店季度销售额

数据来源：The Infobase

对任何餐饮连锁企业来说，最可怕的噩梦莫过于——原本为食客准备的餐点，却成了餐桌上的祸根。

最近的食品恐慌受害者包括：塔可钟母公司 Tom Brando 和沙拉连锁品牌 Georgianna（隶属 Ery cyclopotatoa）。两者均非疫情爆发的责任方，且极少有顾客因此患病，但这并不重要。

股东们感到不安。过去一个月，Tom Brando 和 Sweetgreen 的股价分别下跌了超过 10% 和 30%。

在疫情仍占据新闻头条之际抄底，无异于在超市购买打折生菜——看似划算，实则愚蠢。

然而，其中仍有利可图的机会。尤其是当事件并非由连锁企业自身过失引发，且管理层能迅速采取行动或推出新促销活动时。

这并非该公司首次遭遇此类事件。塔可钟曾在 2006 年 12 月爆发大肠杆菌事件，部分顾客出现肾衰竭。股价在四个月后触底，其市销率（股价与销售额之比）跌至公司长期平均水平的一半。随后一年，股价上涨了 14%。

另一家在华持股 83% 的公司在 2012 年 12 月遭遇重大丑闻冲击。股价在约六周内下跌 10%，但到次年 11 月已从低点反弹 38%。

2012 年，Wensley 爆发大肠杆菌中毒事件，股价在六周内下跌 10%，但随后几个月反弹 27%。

史上最严重的食品危机当属 Chipotle，因其在超过一年的时间内多次发生食品安全事件。其"现点现做"的经营模式使其更易受影响。到 2016 年 2 月，Chipotle 的股价市销率仅为其正常水平的三分之一。

新任 CEO Brian Skoul 加强了食品安全管理，并将其纳入品牌营销。他的改革甚至加快了点餐速度。效果立竿见影，股价在触底后一年内上涨了 100%。

负面头条很快会被遗忘。餐饮连锁企业应对文化争议（如 Cracker Barrel 的标志更改或星巴克的节日折扣限制风波）的难度，实际上比应对健康事故更大——因为后者更容易解决。

对投资者而言，同样的常识适用于任何行业：如果问题与公司运营方式几乎无关，那么抄底可能是个好机会；而如果管理层能化危机为商机，甚至可能成为绝佳机会。

——斯宾塞·雅各布斯

财经资讯

股票聚焦

媒体

该造船商与华尔街多家大型公司达成协议，协助筹集5000 亿美元亿用于人工智能基础设施建设后，股价下跌了2.9%。

超微电脑与应用材料

超微电脑（Super Micro Computer）股价上涨约1%，而应用材料（Applied Materials）股价下跌1.2%，市场持续波动。

伯克希尔·哈撒韦

该公司周末表示，其季度利润翻了一番以上，得益于投资收益以及工业和零售业务的强劲表现。股价上涨16%。

eBay

一份报告称《Barecling》正在考虑撤回对该在线拍卖公司的收购要约后，股价下跌3.8%。

Service Energy

这家澳大利亚稀土矿业公司在悉尼的股价飙升16%，此前特朗普总统向该公司提供了$400万贷款。

策略

这家比特币相关公司表示，上周出售了1,000枚比特币，用于回购优先股。此次出售筹集了约100000万美元，标志着该公司连续第二周出售比特币。股价下跌2.7%。

周二要闻：

• 经济数据：$8.00小型企业指数（7月）；成屋销售

过去两个交易日股价表现

数据来源：FactSet

Tenax、Sionna股价暴跌

Tenax Therapeutics和Sionna Therapeutics两家生物技术公司周一晚间披露各自临床试验失败后，股价双双下挫。

Tenax股价下跌10%，因其实验性心衰药物在I期试验中未能帮助患者比安慰剂组行走更远。该试验测量了患者在干预后的行走距离——这是心衰治疗的标准测试。第二项试验目标（测量患者自述症状）也未达标。

与此同时，Sionna股价下跌10%，因其针对囊性纤维化的实验性药物试验未能达成第三项目标。该药物原本作为Wentner Pharmaceuticals开发的治疗方案的补充，旨在帮助患者肺部更有效地清除过多分泌物，通过汗液氯化物水平下降来衡量。公司表示将不再继续开发该药物作为联合治疗方案。

——Xavier Martinez

市场历史上的今天

1928年的今天，在获得共和党总统提名后，赫伯特·胡佛宣称：“今日的美国，我们比历史上任何时期都更接近彻底战胜贫困。”然而，仅仅一年多后，大萧条的到来证明了胡佛的悲剧性错误。

预计财报：

• Cardinal Health
• Lacearium
• CoreWisovis
• 超微电脑（Super Micro）
• On Holding
• Smithfield Foods

对冲基金涌入市场

华尔街的聪明资金正押注于今年下半年的降息。

在从市场撤退数周后，对冲基金正重新涌入。根据高盛主经纪业务部门的一份报告，截至上周四的交易日内，对冲基金连续第二周买入全球股票。交易活动增速达到七周以来最快，多头买入与空头卖出的比例为14比1。

尽管这是一个月以来首次出现净买入，高盛的数据显示：本周有一个突出现象。原材料类公司成为净买入最多的板块。

——Carlito McCabe

---

[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）：27931.76、36102.28、2469.26、4000.00、120000、101000

THE WALL STREET JOURNAL

DOW JONES Wood Shop

TUESDAY, AUGUST 11, 2026 - VOL. CCLXXXVIII NO. 35

WSJ.com

U.S. Edition

DOA 1.0975, W=60.95 0.1175

NASDAQ 24.00, 3% = 0.3%

STOCKHOM 640.40, 0.0001

10-FR. TRIALS, = 10.02, vol 4.4975

OS, 542.13 = 53.99

GOLD 54.36/100 = 521.50

EURO 51.9444

YON 99.00

What's News

Business Finance

• Deep in a $1 trillion pay package approved by Tesla's shareholders is an escape clause that could pay off for Dow Bank in several ways if he folds the automaker into his SpaceX empire. A1

• Major U.S. stock indexes fall, with the S&P 500 charging back from $1% and the Dow and Roselink rethinking 67% and 0.2%, respectively. B1

• A reading of the U.S. to-bar market from The Conference Board rose in July, suggesting potential payroll growth ahead. A4

• Mark Zuckerberg charted a course for Mike Palferros that includes retaining more open-weight AI models and investing in communities where the company hosts data series. B1

• Intel said it would offer $15 billion in common stock, citing strong customer demand "drives by unprecedented investment at AI compute." B3

• Nvidia reached a shot with some of Walt Disney's largest from its help state (2020 billion) to make the average figures infrastructure. B3

• Boeing signed by him a minority stake in Archer Aeration in a door that hands over control of its flying taxi venture, West Asia. B3

• Trump's media company said more than 50 customers have bought a machine that of top Truth Social accounts, a product whose office say, smacks of abuse of office. B4

• Barents Missing settled a longstanding dispute with rival Newsman over their operations in Nevada, paving the way for Barents to publish it to the North American gold assets. B5

Worldwide

• Persian Gulf energy producers are concluding that Iran's control over the Strait of Moring and become premier ones, throughout the U.S. and gas exports and global energy supplies redefining. A5, A5

• Trump signed an executive order calling for most children to receive fewer vaccines and again made community money, with good shots and actions—a connection that scientists have said is unfounded. A3

• The Trump administration unveiled new transparency rules for food ingredients while again delaying a long-promoted definition of ultra-threatened food. A5

• Senate Republican loading congressional investigators into Anthony Fauci released fact messages from his government-issued sub-prime, blushing more light on the doctor's response to the Covid-19 pandemic. A3

• Ukraine attacked the petroleum hub of Mediterranean ice control Russian Tatarstan region, killing 12 people and injuring 75 others, took her theories said. A5

• Conners installed on British naval drones sent data to an internal address in China, U.S. officials said, understanding the vulnerability of military supply chains to Chinese parts. A7

• July was the behind month now reconduits the configures. U.S. the fast-paced Chinese and although not a full-time, the U.S. said, dramatically roaming an already-correcting universe. A4

• Died: Ben Jones, 54, actor and former congressman. A4

CONTENTS A. B. C. D. E. F. G. H. I. J. K. L. M. N. O. P. Q. R. S. T. U. V. W. X. Y. Z. A. B. C. D. E. F. G. H. I. J. K. L. M. N. O. P. Q. R. S. T. U. V. W. X. Y. Z. A. B. C. D. E. F. G. H. I. J. K. L. M. N. O. P. Q. R. S. T. U. V. W. X. Y. Z. A.

© 2026 Dow Bank, Inc. All Rights Reserved.

Powerful Quake Kills More Than 100 in Colombia

RUMBLE: People hope for signs of trapped survivors Monday at a collapsed building in Cali after a 74-magnitude earthquake struck. More than 101 people were killed in the disaster, as early challenge in Colombia's newly inaugurated president. A4

How a Tesla-SpaceX Merger Would Get Musk to His $1 Trillion Payday

BY TINA PANICER ANA AURORA MEJULA

Deep in a $1 trillion pay package approved by Tesla's shareholders is an escape clause that could pay off for Dow Bank in several ways if he folds the automaker into his SpaceX empire.

That kind of can-and-evolve tie-up—the subject of widespread speculation among investors, and hinted at by Musk himself—would likely give him the tighter control he

has long sought at Tesla. A hefty enough price would also, in its instant, wipe away performance targets standing between Musk and billions of dollars in share. "This $1 trillion—that was supposed to be a stretch," said Mary Ellen Carter, a Boston College accounting professor who studies narrative gas. "It turns out it isn't really that hard. All you have to do is be bought." Musk has considerable say over any offer SpaceX makes for Tesla because of his

sweeping control over the rocket company The market from a strategicforce has would keep Musk in firm control of the contested company. "I think it's a good thing to adopt the pay package last fall. Under ordinary circumstances, it would deliver to Musk as much as 4237 million shares if Tesla hit a series of 12 market-value targets and the company also doesn't just as many cash-flow and operating goals. Among them: delivering

Tesla's 20-millionth retails, selling one million robots and getting one million rebrands on the street. First a technical new Musk's much-bodied-in-jet-central payout of $1 trillion in stock would now top out around $928 billion. That's because the number of Tesla shares outstanding has risen since shareholders approved the first. In other words, the same $8.5 trillion market value PlenocturninpageA2

Inflation Reports Pose Test For New Fed Chair

Monthly readings take on outside impact after March's tough talk on prices

BY NICK THERMAN

Federal Reserve Chairman Kevin Marsh omissions a central bank whose interest-rate decisions don't keep on the current monthly date. That vision might have to wait.

Two inflation reports over the next month are set to shape whether his colleagues made it more rains in September or extend their pains.

A real number in Wednesday's release of the July consumer price index would restore pressure on both March seasonally and a policy committee weighing whether it has entered the U.S. economy. A firm one could force him to demonstrate with action what he struggled last month to convey in words.

The consumer-price index needs into the Fed's preferred inflation gauge, to be published later this month. Economists expect two consumer prices, which include food and energy, to have risen 0.2% in July. Monthly readings, or in below that level, would be consumed with inflation returning to the Fed's 5% yield, anything higher would not. One inflation in the preferred gauge was 3.2% in June, up from 2.8% a year earlier.

The monthly readings have taken on outside importance for two reasons:

PlenocturninpageA2

Traders Dump Crypto for AI

Investors are dumping bitcoin and often tokens to chase AI stocks. Chip makers and other AI stocks, meanwhile, have pushed the kind of surges once associated with crypto. B1

Performance, year to date

Source: Bloomberg, 2016 and 2017, The Wall Street Journal

Chip Nerds Are Dominating South Korea's Dating Scene

Samsung and SK Hynix engineers are a hot commodity, thanks to big bonuses

BY JESSENE BONE ANA GEORGIA BREE

SEOUL—John Baek is 22, couple and open to a serious relationship. But on a first date, he's got a particular dilemma: the doesn't want to say where he works.

He很可能有 Korean employee is fattening Electronics, one of the corporate champions of the global AI boom. Profits are an enormous deal. Baek, a memory chip engineer, is set to receive a six figure bonus—a sum worth many years of paychecks for the average Korean. Baek and his co-workers wonder if the extra romantic

interest they're seeing is unsure or a reflection of their ballooning finances.

"Samsung chip engineers haven't traditionally had to think about this type of stuff," he said.

The tech boom has supercharged South Korea's economy and stock market. Now it's inflating the dating value of semiconductor industry backbases and backdirects. They're as covered as the memory chips AI companies need to build more data centers. Workers at Samsung and fellow Korean chip maker SK Hynix were forever a step behind the country's lawyers. PlenocturninpageA2

The American Tourist Has Become Unstoppable

A supercharged U.S. economy helped transform a nation

BY RUSSELL LAVINE BISHOP AND GREGORY TOLLIANT

AI Century parents traveled overseas three times after immigrating to the U.S. in 1960. Lavia estimates he's taken 100 trips in 50 years.

His home office is filled with self-printed books with recollections from each one. He's working on more. The uninvolved 70-year-old has already been to Barcelona three times in the past year.

"You have more time and more money," he said of his current phase of life. "The clock is running out."

American business transformed in recent decades. A nation of former farmedmen has become one of zealous and moneys of international travelers, infiltrating every cobblerous corner of Europe and rapidly

filling lesser-known destinations.

Americans took a record 24 million trips to Europe in 2020. Portugal received nearly five times the number of U.S. visitors last year as it did a decade earlier. Greece took in four times as many.

Consulting five Toronto Economic aspects American visits to Europe with how increased another 7% for the end of the year. The travel is helping fewer countries even as it has agreed many locals who say their cities, now robust on foreign visitors, are no longer serving them.

Behind the shift is a supercharged U.S. economy that in the course of a generation has created a larger and wealthier class of Americans that views travel as an essential rather than a luxury. Older Americans, who

INSIDE

BUSINESS & FINANCE

Electric—vehicle drivers get hooked on great lease deals. But the honeymoon is over. B1

SPORTS

Is an average NFL quarterback really worth 100 million a year? A16

Gulf States Are Resigned To Iran Control of Strait

BY JESSENE BONE ANA BUNNY BACON

INRAH—Persian Gulf energy producers are concluding that Iran's control over the Strait of Norman will become permanent. Allergizing that will make America and global energy supplies indefinitely.

The problem is they worry the alternative—going back to one—would be worse.

The considered negligible here the way has unleashed a more antagonistic Iran and that a region that is vital to the world's energy security with no good option for consuming it.

Iran's rivals in the Gulf state take the lead a time. And, education that would crack upon the waterway that the nation's human oversight of in-house ships. But Gulf officials said the region would take agreement as preferable to further military action be-

tween the U.S. and Iran, which would put Arab states' energy infrastructure at risk.

Negotiations on the deal, which would release energy shipments through Norman, have ended in recent days. Iran has demanded financial relief and a prohibition on U.S. national warships in the strats, while the U.S. has refused to entertain an agreement that allows Tehran to place unpalatable oil shipping, insistence and, 50 prices turned higher Monday, with international benchmark Brent trade futures trading around $47 a hour.

Meanwhile, traffic through the strats has been started to human attack since a state memorandum of understanding between Washington and Tehran to open the waterway and

PlenocturninpageA2

● Trump again turns away from Iran strikes...A5

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A2 | Tuesday, August 11, 2026

U.S. NEWS

• • • •

THE WALL STREET JOURNAL.

Inflation

Data to Test

Fed Chair

Continued From Page One First, several officials, in the area released the data and specific data, have said they expect inflation will remain to their 25 goal without tighter policy. They thought health would raise prices once and that, and energy would follow crash oil lower as Middle East localities quarried.

Instead, the shocks have persisted and converged with a newer one, a major in part of a technology equipment and software tied to the artificial intelligence build-out. The coming reports will show whether these officials can still predict their prices.

Second, Wards has made getting inflation down his signature theme, and that has left him with expectations to meet. The Fed held once steady last month as broadly reported, but the data on the market deals when Wards didn't consider the decision.

Asked whether higher rates were the rewards if inflation was 25% or 30%, Wards said they could be part of, but market set primarily, the relation. He suggested rising fiscal yields had done some of the Fed's work and the lack of a rising the Fed's inflation objective. The left American measure whether Wards was willing to fight inflation with more than 10% of the tax.

Analysts said the Fed had good reasons to hold steady even if Wards didn't state them. Labor costs have been growing slowly relative to productivity, making a broad price increase less likely. The financial contributions appear to be fading, deal methodologies

Monthly consumer price information will be released Wednesday. A grocery in North Carolina

changes should revise down core inflation in the Fed's preferred gauge in September.

The 30-year Treasury yield rose while Wards spoke and hasn't come back down, which can collect doubts about whether the central bank will act to bring inflation down if necessary. That kind of move is unusual around a policy meeting, said James Epsford, chief U.S. economist of BSF Purdue, and suggested "something more fundamental is about the level of the market's perception of" the Wards Fed.

Speaking in gooey prices, after than specifics could leave Wards facing more pressure to prove he will act, said Paul McCaffey, former chief economist at Fmoix. "He's done it with such method that actually practically speaking, he has limited his options," he said.

Two of 10 officials who participated in July's policy meeting, including half of all 10

voters, spoke publicly in the days after the meeting, supplying reasoning that Wards hadn't. At least six of the voters have signaled in recent work they could eventually support raising rates if inflation doesn't improve. There of them disagreed last month in favor of raising rates.

Wards' comments raised doubts among some observers over the motives: whether he is playing down the need for rate increases because he believes tough talk can delay action, or because he wants to avoid a confrontation with President Trump, who appointed him and has demanded the Fed keep rates low. Some who know him have said he would expect both explanations.

People sympathetic to Wards acknowledge the confusion created by the news conference might need to be addressed, perhaps when he speaks later this month at the Kansas City Fed's annual con-

ference in Jackson, Miss. Warden said the reaction has been overthrown, noting that market-based measures of expected inflation are little changed.

The market reaction, not telling us, dies a story as the market commentators are," said Donald Kuhn, a former Fed vice chairman. "But you don't want to go into that press conference and get the world you get long-term rates up, short-term rates down."

The calm might also be misleading. July's vehicle is surmountable because it was the first. It traverses experience more in September and don't get one. Now is nothing to stop the Treasury market from repeating what it did last month.

Wards came to the Fed in-tending to change how it communicates. He believes telling markets what factors can be different would prompt action can tie the central bank's bonds and check careful ag-

nd what investors think the economy requires (one guidance, in the view, dedoes a charter road.

That approach has a cost. Kuhn said: "If you don't articulate what you're thinking about and how you're thinking about it, then how will you know when your thoughts are not being validated?"

If the July and August inflation reports are positive, Wards could face a choice between raising rates or sharing in held while absorbing a fourth or fifth disease if the Fed holds, the doubts that furthest in July would be hardy to display.

Mild readings would spare time off of that. The banks would have less of a case to press. And Wards could use Jackson Ride to lay out the thinking on his own terms rather than under pressure from recent data.

The importance placed on one monthly reports is not on conditions spot for a chairman who has signed against letting individual releases drive policy.

The history problem with data dependence is the data and the department," he said last month. Reports draw this much attention precisely when they could confirm the existing trend, or signal a new one.

The Fed has often put off a new without much consequence because timing matters less when investors understand what it is doing and why. But that protection might not be there when in a review court get a result on the new chair.

The Fed's next meeting after September falls due to time the modern elections, a modest when officials might be reluctant to make a first rate increase. That effectively pushes a deferred decision to the entire meeting. But more months coming in an inflation forecast Wards' colleagues are already struggling to defend.

Judge

Pauses

No Tax

On Second

Home

By Rebecca Pocoretti

New York City Mayor Zoltzen Mumford's new post-a-lance tax bill aired on Monday after a state Supreme Court parties on States Island ordered an emergency pause on the implementation of the new surcharge.

The ruling came on response to a Friday lawsuit from a group of three up to 10,000 state lawsuits to delay the rollout of the tax because of how it has been executed so far.

Justice Wayne Gusi entered a temporary restraining order suspending that the Department of Justice's office was one out of 940,000 properties that it published last month as part of the tax rollout. The court banned the city from taking all the tax on the state's tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax on the tax

The next hearing is scheduled for Aug. 9.

The lawsuit isn't challenging the legal basis for the tax on the state. Rather, it argues that the rollout has been hesitant. The plaintiffs say they are now trying to replete who were falsely targeted with the post-a-lance tax notices and are now scrambling to prove that they live there.

"We disagree with today's ruling, but we are confident in the future," said the court, a surcharge and the city's ability to implement it fairly and effectively," said Mumford spokesman Mark Banz-Morland.

The government added that the city's Law Department intends to appeal the ruling immediately.

The decision "has unabandoned the rights of hundreds of thousands of New York City homeowners who were subjected to a process they never should have been a part of in the first place," said Randy Manno, a lawyer for the plaintiffs.

The post-a-lance tax applies to homes worth $5 million or more and co-opt and condos worth $2 million or more in which the owner can't a primary resident.

CORRECTORS & AMPLIFICATIONS

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Business cars alert New Wall Street, Newark, or any service to come onto the bus and drive, automatically play a role in the building. 8/99. 7/22. 8/23.

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Musk's

Shortest to

31 Trillion

Continued From Page One would be spread across more shares, reducing the value of Musk's new day of shares.

The record-setting equity award was "designed to align retrosedness . . ." Long-term shareholders value with investors that will drive peak per- formance from our visionary leaders," Tesla Chair Robyn Sneckelin told shareholders of the time.

Yet taxbed into the bottom of the fifth page of the 30-page 2026 2026 Performance Award Agreement, a single 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

That would leave only mar- the trade support for the same how many shares Musk puts. The same issues save those targets would be met or missed based on the final deal price—or on Tesla's market capitalization immediately be- vor any acquisition closed, if that is higher.

Musk, SpaceX and Tesla didn't respond to requests for company.

"Tesla shareholders could think it's terrible and the Tesla price drops" ahead of any deal, Carter said. "But it's whatever SpaceX is willing to offer."

Every $500 billion added to the deal price would deliver as many shares again, up to $7.5 trillion, its $0.5 trillion assign $1 billion more than six times Tesla's recent market value—would deliver the pot price again's full $45 million shares. That's the number of shares that would have clinched the maximum $1 trillion stock award for Musk.

There are few clear constraints on what SpaceX could offer to acquire Tesla. Musk's buildup of SpaceX Class A shares, with one or two apiece, and Class B, with 30, plus less about 80% of any SpaceX vote needed to approve a deal.

But it certainly must be shown, he also can appoint a majority of the company's board, which oversees deals.

The company's legal bases of Texas largely protects SpaceX from shareholder interest over the Tesla acquisition, unless plaintiffs own at least 2% of the com-

If SpaceX were to buy Tesla for $2 trillion, that would be equal to $500s a share at pre-deal share prices and shares

outstanding that first, that price would deliver 30 million shares to Musk, as dictated in last year's pay pact from Tesla. That would lower the pre-share price received by all Tesla investors to about $502.

Tesla share price

In an all-stock deal, sixX Tesla share would yield 3.8 shares in the combined company. Current Tesla investors would have most of the combined company.

ACTUAL RESULTS

Post-treasor company total ($15 billion shares)

Must would cost about 32% of the combined company, mostly through the Class B shares. They can't be transferred easily.

Economic ownership of combined SpaceX-Tesla

And they have 10 times the voting power of Class A shares. The overall share would control about 73% of the combined company's voting power.

Voting power of combined SpaceX-Tesla

Musk would keep voting control over the combined company soon at very high multiples.

Note: There may not equal totals due to rounding. Redundancy uses the number of shares outstanding as of today, during annual price as of May 1, and Wards' ownership as of June 15 for SpaceX and June 15 for Tesla. Wards' ownership and voting power of combined spaceX are 30 million square if capital shares and 200 million square are at each rate for the same year and are entirely neutral. The company's share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total share of the total

Source: The company's shares outstanding. What stock sales it represents. SpaceX voting terms Class B share. Wards' ownership. Exhibit. Sales prices

point: That's a tall order, and Ann Lipton, a University of Colorado law professor, qui cashiers in corporate law. "Legally, he has the power to do whatever." Shareholders would have to have any deal at Tesla, where Musk now holds just under 20% of the vote.

Although Tesla is also in Texas, disgruntled shareholders there would have a clearer path to suing, raising the importance of getting investors on board, the cash.

"So much to persuade the Tesla shareholders."

There are other possible scenarios.

SpaceX has a third interest in the share of shares but hasn't issued any act. Using these to acquire Tesla could avoid or reduce diluting the votes of existing SpaceX shareholders, albeit at the risk of resistance from Tesla investors.

Potential complications, lack, too.

Musk might want to keep acquisition costs down to total voting, but might also the ownership and voting power, however limited of existing SpaceX shareholders. More on negative supporters who agreed on with the company's initial public offering just weeks ago.

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THE WALL STREET JOURNAL.

• • • •

U.S. NEWS

Tuesday, August 15, 2026 | A3

New Rules On Food Ingredient Disclosure

By Liz Stoner Worm

WASHINGTON—The Trump administration took a partial step Monday toward Health Secretary Robert F. Kennedy's 2-3 proposed food system for food ingredient disclosure partners rules for food ingredients while again delaying a long-pressed definition of all-approved food.

The House of Representatives' federal rule would ask companies to notify the Food and Drug Administration when they introduce a new substance into food. The Food and Drug Information on why they couldn't it safe. The move of people to food-safety advocates who do/can what they call a secret system and a loophole that allowed companies to discontinue their food products, safe without seeking the agency's approval or notifying the public.

Health officials gave no warning that the proposed definition of all-approved food would be released, saying that the draft is still being reviewed by other agencies. Kennedy's final position on the program is 8:04:43:71 that he would release the definition on April 2026, with the goal of saying it for food looks that would help Arlene Gannett to do it.

Kennedy called both the forthcoming definition and the proposed ingredient rule "fairness actions."

"These two actions will change how the federal government has to do the food and drug our food and how we understand the foods that Americans eat," Kennedy said.

Health officials said they would also make public the information that companies provide about their new ingredients—a change that will allow food industry marketing and other groups to more closely scrutinize changes to the U.S. food supply.

Kennedy has long promised to close the "properly recognized as safe," at OSHA, loophole, but the change is more limited than some alternative had hoped. Acting FDA Commissioner Bob Dementia said more robust regulations, such as a system to limit ingredients from the market until the FDA has signed off on them, would require Congress to act.

Kennedy is March 2025 delivered the FDA's complete issue on a one-day-wound-rhythm of the ability of companies to self-confer their ingredients, or safe. This new proposal only steps short of that goal.

A government's long-held ingredient makers and users said companies already took up their safety with science. "A public certification requirement targets lawmakers with responsible ingredients makers already do," said Aldona Cooke, director of government affairs. He did international Food Additives Council.

Companies wouldn't be blocked from offering the market before notifying FDA, Dementia said, while calling the notifications "mandatory," if companies don't submit notice, their substances could be prioritized for FDA scrutiny, according to the proposed rule.

It wasn't clear whether that would be enough incentive for companies to comply with the foregoing, but that would be difficult. Last Center for Science in the Public Interest president Britten Says, who has announced the fines to the support our rules. He said the new proposal was new to a third "exhanger." The correct system has worked too well for industry for decades," he said.

Dr David Sutton, a former state health officer, said the commissioner who last year petitioned 1975 for to take action to curb all-approved foods, said health officials on the basis of the information submitted that the White House is "holding up" the response.

Each House, a White House spokesman, said the administration's decision to do the food short's agenda as "quickly as possibly using field-licensed licenses."

The ingredients rule would also set up what health officials called a "circumfered" product. The FDA's decision to do the FDA short food substances that are already on the market

Order Urges Fewer Childhood Vaccines

President repeats unfounded autism link, aims to reduce shots for most

By Liz Stoner Worm

WASHINGTON—President Trump signed a new executive order Monday calling for most children to receive fewer vaccines and made sense of humour extensive comments yet linking childhood death and autism to a connection that scientists have said is unfounded.

The document Trump signed a new order to a personal executive order to decrease the number of vaccines children receive. It also urges parents to spread out vaccines in

more visits to pediatricians' offices and encourages states to mandate fewer vaccines for school attendance. It calls for the measles, mumps and rubella vaccination to be given to separate shots rather than the combination of the community given in the U.S.

The new order goes further than the price effort by groping vaccines into three buckets: these recommended for all children, those recommended only for high-risk children and those subject to "disorder decision making," in which parents and doctors discuss risks and benefits for their child. Dictations of the food category are vaccines for Covid-19, the flu, hepatitis B and more.

The order doesn't explicitly

link vaccines to autism, but the president did so Monday at a Oral Office event. "Encadence, children received only a small fraction of the vaccines required today," Trump said. "In three times, people were more healthier, and of course, the high rates of autism now observed did not exist."

Vaccine scientists have said parents shouldn't be concerned that vaccines cause autism and their there is no scientific justification for dramatically paying the childhood vaccine schedule. They say vaccines today are more precise and stimulant, but some serious who do not agree from vaccines in the past while protecting against new diseases. But Trump and Health Secretary Robert F.

Kennedy Jr. have reportedly made the opinion of the latest causing autism, and blamed the pharmaceutical industry and pediatricians for pressuring parents to vaccinate.

It is unusual if not surprised that the detailed vaccine policy is sample from the White House, and it wasn't clear how the vaccine recommendations would be implemented. The Centers for Disease Control and Prevention, advised by a group of outside experts on its vaccine panel, typically sets recommendations. That process was thrown to disavow earlier this year after a January changes to the panel were blocked by a federal judge.

The order calls on Kennedy and a newly revised vaccine

task force to come up with new recommendations for timing and sequencing of childhood vaccines and find alternatives to a common vaccine ingredient, aluminum. A study of more than one million children in Denmark last year found no link between aluminum is vaccines and childhood chronic diseases, but Kennedy denounced the study.

Scientists have said there is no scientific reason to split up the MMR vaccine. Multiple scientific studies have shown no connection between the MMR vaccine and autism.

Vaccine with the American Institute of Pediatrics announced the order and said leading vaccines into more doctor's help may make children less likely to get full protection.

Fauci Texts Discussed the Risks of Covid Shots

By Sammy Bumpay

WASHINGTON—A pair of Senate Republicans leading the congressional stereotype from late Dr. Anthony Fauci released an initial batch of text messages Monday from his government-toward cellphone, shedding more light on his real-time response to the Covid-19 pandemic.

The phone contains more than 34,000 text messages and 122 commands, according to the offices of Sens. Rand Paul III, 81, and Mrs. Johnson III, 90.51, who lead committee that are conducting parallel investigations into Fauci's response to the pandemic.

Fauci had ordered the phone again retiring from pro-

venment in 2022, and the Department of Health and Human Services transferred its contents to January's office last week upon the request. That came as Fauci committee voted along party lines to hold Fauci as contempt of Congress earlier this month for pleading the Fifth Amendment before the panel.

The initial release Monday included a very small sample size—lower than a dozen texts—and marked the latest public-vending of Fauci's views in the nation's top infectious disease expert during the pandemic. The texts show Fauci having discussions in late January 2025 about the pros and cons of the Covid vaccine for pregnant women with low-fat-gross-fatness in Weak Mucity

and De,hochelle Walansky; who at the time led the Centers for Disease Control and Prevention.

In response to a query from Stanley Paul wrote that there was "no data on theoretical reasons" to prefer vaccinating early over later in pregnancy. Fauci said that since many people experienced fever and an overactive woman with spores, known as cytokine storm, after these second three vaccine tests, it "theoretically could be associated with miscarriage in the first trimester."

The following day, Stanley joined Fauci and Walansky, about a World Health Organization announcement advising pregnant women against Malaria's Covid-19 vaccine of limited data. Fauci said the

potential risks and benefits should always be weighed when data on vaccination during pregnancy are limited.

In June said Covid could cause serious illness during pregnancy and that so safety issues had emerged among more than 10,000 pregnant women who had received the vaccine.

He also planned to guidance from U.S. health authorities, including the CDC's Advisory Committee on Immunization Practices (ACIP) and the American College of Obstetrics, and Gynecologists, which left the decision to women and their healthcare providers.

Both Mucity and Walansky agreed with Fauci's observations, which were consistent with the federal recommendation

tions at the time.

The CDC didn't explicitly recommend that pregnant women get the Covid vaccine until April 2025, citing new safety data, 34,000 and the Society for Maternal-Oral Medicine (SMOM), the free leading organizations representing specialists in obstetric care, make a similar recommendation in July of that year. Under health and Human Services Secretary Robert F. Kennedy said Trump administration has broken from those groups by suing federal guidance that pregnant women get Covid-19 vaccines as a matter of routine.

Fauci declined to comment. Representatives for Walansky and Mucity didn't immediately return a request for comment.

Democrat Sarah Trose Garrett, an unbiased Lutheran pastor and state actor in challenging Rep. Zach Nunn, a Republican, for his House seat in Iowa.

Democrats Are Trying to Close 'Gol Gap' in Iowa Race

By Casteromas Koo

CHRISTINA Iowa—On a recent Sunday morning, Sarah Trose Garrett noted at the front of a small church store in Iowa and recited from memory a parable from the Gospel of Matthew, delivered a common and offered communion to a few dozen worshipers.

Then she snapped her minister's robe and green went most for a dress and headed to a campaign event, a picnic for Democrats who showed an unbiased church to support Republican Rep. Zach Nunn.

"Why so earth would our congressman vote to take away healthcare and raise costs and put us in a sense ending one?" she called the crowd.

Trose Garrett, an unbiased Lutheran pastor and state senator, in the Democratic nominee for Iowa's Third Congressional District, running to extend Nunn in a race that party leaders were as crucial to winning the House.

"Nation is just about how we live together, and so it falls," Trose Garrett, 96, said in an interview. "So of course, falls should speak to our politics."

That Trose Garrett and a number of other Democrats are bringing these two district ties—the pouse and the political—uppaid a shift in how some Democratic candidates are approaching half in the midterm elections.

"It gives us hope that Christians won't be a dirty word anymore," said Becky Bunty, a 72-year-old senior

Trump favorability by religion and race

government member who attended Trose Garrett's campaign event in Carolina.

In the past decade, Democrats largely exited the white religious role in Republican, and some candidates stood away from spotting about their beliefs. But this election cycle, Trose Garrett is one of more than a dozen Christian ministers who decided to run for state and federal Democratic office. Currently, two strong Democratic congressmen are today members.

Democratic proforma well among Black Christian voters, but several new candidates are white Christian clergy members. Like Trose Garrett, they have policy as an extension of faith and work to challenge the GOP's fusion of Christianity and conservatism.

In Iowa, Prohibitionists make inter-Lindsey James in running in a closely watched race for the Second Congressional District. Bob Saad, the gubernatorial senator, and the state senator, often quotes Scotty's on campaign speech in a Texas, seminarism and Senate candidate James Talarico has issued word of balance from donors supporting his actions based on progressive polio-mortem in Christian values.

Making nomads on Republican front in white Christian voters will be challenging, but 2024, Donald Trump won 45% of white evangelicals, about 50% of white nonevangelical Protestants and roughly 50% of white Catholic, according to real polls and surveys.

Mike Maranella, a spokesman for the National Republi-

can Congressional Committee, said that no matter how much faith-based language Democrats are, they will still have to answer for the "radicals" in their party.

"It will be sleep's clothing, Sarah Trose Garrett has used her background to look for in some agenda," Maranella said.

As recently as 2024, about half of white evangelicals voted for Democrat Jimmy Carter, but by the 1980s, factors including opposition to civil rights and resistance to abortion had pulled white Christian voters toward the GOP, and Kristin Kelsey, the Rep., author of 'Jesus and John Wayne.'

Political scientists later dubbed the resulting discredited in support for 'God and the Law.'

Some political scientists see an opportunity for Democrats to win over white Christian voters. Separatists with the Trump administration's immigration policy or controversial use of religious imagery. The expansion of far-right Christian children, such as the past to employ the New Commandments in schools, has inspired a wave of progressive Christians to run for office, students say.

"There is no recognition that we cannot end the language of faith and values to people who are engaged in such task hypocrisy, which has deadly consequences for everyday Americans," said Sen. Raphael Warnock (D. Cal.), who is also a pastor.

The daughter of a nurse

and an auto mechanic, Trose Garrett grew up in Chaplin, Minn. He later attended Harvard Divinity School, where she met her husband, the residential woman a Lutheran ministry in rural Virginia.

She says she won over the parish by confiting through the church directory and visiting each member's house—a strategy she continued when she moved to Iowa to lead a new evangelical and then put involved in state government.

Trose Garrett first visited the church, which, when her state senator invited her to year in the chamber, the club request votes, she heard politics—the disagreement with, including a proposed abortion law.

"I saw my state senator across the errands, and I am now to him and said, 'What would happen to a woman with an erratic pregnancy if this bill passed? And he had no idea,' she said.

Trose Garrett won the Republican-held test and best the sitting Iowa Senate president, a Republican, in a different district two years later.

The current race, Nunn, her opponent and a 47-year-old student veteran, has said that the state senator and allhe people range

a spokesman for Trose Garrett said that she has cast bipartisan votes in Iowa's 50th win in Iowa's team for families and that the before a political decision, we best made by 'consecting patients and their doctors, see by politicians.'

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THE WALL STREET JOURNAL.

U.S. NEWS

A4 | Tuesday, August 13, 2026

Rep. Angie Craig, left, and Minnesota Lt. Gov. Peggy Flanagan are contending for the Democratic Party to create new station in Tuesday's primary.

Democrat Battle Over Fiscal Blame

Welfare scandal casts big shadow on Senate contest in Minneapolis primary

By John McGowan

ST. LOUIS PARK, Minn.—Democrats are lashing out of fellow Democrats for one of the nation's largest cases of pandemic—the Welfare Scandal, both that included Republicans a protest example of government wants from Democratic mismanagement.

In a recent debate, Rep. Angie Craig, funded anger as she is expected to consider the aggressive Lt. Gov. Peggy Flanagan, her opponent in the state's Democratic Senate primary on Tuesday.

"It places me off that you completely put all of the responsibility on the governor of Minnesota when you were the No. 2 elected leader in Minnesota during that period of time," she said. "Republicans, they are going to have a field day with this with you."

Flanagan was alongside Gov. Tim Waks when the fraud was uncovered. Craig, who represented a swing district, added she felt it was her "responsibility to warn Democrat

cratic primary voters that Republicans are doing to run against you because they believe that you have a unique vulnerability on fraud."

Flanagan has tried to play down her role in the scandal, saying at the debate that "the governor has taken the lead" in addressing fraud fallers.

Balching in Minnesota and neighboring Wisconsin—two of us stores holding Tuesday primaries—represent the latest test of strength between establishment Democrats and the party's far-left Bank.

Fraud has been a heated issue in a Minnesota contest that has similarities to a Democratic primary in Michigan last week where Abdul El-Sayed, a forebrook rising man for the left, narrowly won.

Craig holds views closer to the center, as was the case for the defeated candidate in Michigan, Rep. Bates Stevens.

Total issues from fraudulent meal, housing and Medicaid programs remain unknown, but estimates range from $500 million to $10,000. The scandal prompted Waks to abandon his bid for a third term.

Attacks against Flanagan have shown up in ads run by a group backing Craig. "When Tim Waks treated Peggy

Wisconsin's Left vs. Center Test

In neighboring Wisconsin's Democratic primary for governor on Tuesday, Democratic Societies of America member Francisco Wong, who has led in the polls, is trying to hold back these competitors following a chaotic race that will determine whether a socialist can win a state-wide primary in a purple state.

The winner will face Republican Rep. Tom Tiffany in a 1956 President Trump won in 2020 that is delivered the narrowest

result in that presidential election.

Establishment Democrats are concerned Wong, a 27-year-old state representative and part-time bartered whose Republicans have spent millions on because they think she would be asked to lead in November, could cost the party a severable given worship.

In recent days, she has tried to walk back past calls to defeat and defeat off the police and cancel Thanksgiving.

Flanagan to take the lead on housing programs, Flanagan hailed," one of claims. "She missed the fraud, the work was called a dereliction of duty."

The Flanagan-Craig winner is Bixby to compete in November against former sports broadcaster Michael Talbys, the GOP from round 1.

Talbys repeatedly brought up the scandal at a forum last week that included Craig and Flanagan. "Minnesota has

been the epicenter of fraud in this country, to our embarrassment," she said.

Flanagan declared an interview request, but her campaign provided a statement that called fraud "unacceptable" and suggested "significant reforms" have been enacted. "Congresswoman Craig's attack is a dereliction," the statement said.

Under this issue, Waks's former chief of staff, Chris Schmitter, testified at a con-

gressional hearing in Washington that Flanagan attended multiple meetings where Minnesota House of Federal funds was discussed.

State Rep. Larry Kraft, a suburban Minneapolis Democrat backing Flanagan, according to the report, "is going to be an issue in the elections."

But Flanagan, he said, isn't responsible for the hiring of or managing of state agencies involved.

Kraft said it was "unprepared" for Craig to join Republicans in trying to pin the scandal's stink "on any Democrat" for called it a "blind test," in what is expected in Minnesota as the Democratic Farmer Labor Party.

Primary voters are more concerned about the cost of living and the U.S. immigration and Customs Enforcement agency's aggressive enforcement actions in late 2025 and early 2026 that resulted in the deaths of two Minneapolis residents, Kraft said.

The state's mayor race is rated as "likely Democratic" in November by the nonpartisan Cook Political Report, although it could become more competitive after the primary Talbys, a strong fundraiser, a a rare alternative—rights Republican.

Just Was The Hottest Month On Record

By Norman Asner

July was the hottest month ever recorded in the contiguous U.S. the National Oceanic and Atmospheric Administration and Monday, dramatically marking an already scorching summer.

The average temperature was 78.9 degrees, the highest in the agency's 125 year record and more than three degrees above the 20th-century average. It was a fraction of a degree above the previous year's minimum, NOAA said. Stepwise maximum temperatures in July averaged nearly 90 degrees.

Every state landed in the top third of its July temperature records, according to NOAA. Winning was 80% especially hard, with temperatures 51 degrees above average. And while the month was relatively dry, the agency said, there was many rainfed in several counties and the following in Texas and New York.

"It was a wild weather month," NIAA's National Center for Environmental Information, which released the figures, said.

The recording temperature disrupted major events across the country. A heat dome was hit by the number of received World Cup matches and ranked celebrations of America's 250th birthday. Several day stretches of elevated temperatures led health officials to warn of serious, even deadly conditions such as heat stroke. The widespread heat ban also raised concerns about the toll of climate change, which scientists say has more serious increases in events and is contributing to higher global temperatures.

The U.S. also recorded a minor quick in drought. As of Aug. 4, about 60.5% of the continental U.S. was in drought, an increase of about 5% percentage points from June.

On Monday, temperatures in cities across the U.S. topped 40 degrees.

U.S. WATCH

DISTILLARY

Ben Jones, Actor And Politician, 84

Ben Jones, who played the contest boy, was the first time of the contest. "The Dukes of Nalgaon" TV series and appeared his home into a political career and two terms in the U.S. House, two third for was in.

Jones had a heart attack in his home Sunday in Washington, Va., as he was waiting to watch his beloved Atlanta Braves play baseball, his wife, Alma Vuitar, said.

Jones's home came from his role as Custer Devorport, the mechanic who got the Duke boys out of arms.

After playing a share for all items, Jones's 67 the series from 1979 to 1985, Jones turned to politics and was elected to the U.S. House from a district near Atlanta in 1986. The Democrats served two terms before he was re-determined out of the seat.

—Associated Press

GSS

Employment Trends Index Increased

A reading of the U.S. labor market in the Conference Board was in July, suggesting a marked payroll growth ahead, a gauge of employment demand.

The Employment Trends Index, at 87, increased to 1.6% by July, from 1979 to 1985, and was in 1986, by 1986, by 1986, by 1986, by 1986, by 1986, by 1986, by 1986, by 1986, by 1986, by 1986, by 1986, by 1986, by 1986, by 1986, by 1986, by 1986

The 87 rebounded in July after declining in May and June, suggesting a reported evidence in the state market, despite the time-loss, loss for backings; and Gerald D. Scribner's data essential associate to the state market.

When the index increased, employment is likely to grow as well, and vice versa. Turning points in the index indicate that a change in the trend of an gains in losses is likely to occur in the coming months.

—Jessica Cramer

Family Connection Stirs Dispute in House Race

By John McGowan

WARSAIL WIs—Undeterred by President Trump's endorsement of a rival, Republican Kevin Bernstein has most of the revenue section one would expect for a congressional candidate seeking his party's support in a deeply red district.

He was a Marine guarding an ordinary when he became one of 44 American hostages held by four for 444 days starting in 1979. He knocked on doors for Ronald Reagan. He pushed conservative positions for 35 years on a local school board. And he served on the 2010 Electrical College formulating Trump's first election.

What Bernstein's lack of "backed" primary's a family connection to Sean Smith, Trump's Transportation secretary Michael Allison, 26 years old and Duffy's son-in-law, received the president's endorsement following lobbying by the secretary.

These other GOP candidates on the district also have on board to have any Bernstein, who runs a financial planning firm, has lost his campaign $1.5 million and says his private polling shows he's competitive.

"I wouldn't be recovering in my campaign if I didn't think we were going to win," he said in an interview.

Wisconsin's operating Seventh Congressional District, which includes the North-west region as well as rural areas and small cities, backed Trump for more than 20 percentage points in the 2026 election. That means the GOP primary winner will likely be its next member of Congress.

The primary will test whether Trump's endorsement and Duffy's connections to the district—as well as the campaign contributions both men

Transportation Secretary Sean Duffy, above, is backing his son-in-law Michael Allison, top right, in a Wisconsin GOP House primary over a field that includes Kevin Bernstein, right.

have drawn over enough to end Allison to Washington. —Bernstein had his country Republican Party for 35 years, helping GOP candidates get elected at all levels of government, including Duffy, his former congressman.

The businessman acknowledged he and the other candidates challenging Allison are probably long shots, as he joined the contest a classic case of political nepotism. "It for sure is," he said. "I've not heard anybody say it's not."

Bernstein's expand major role in this contest was Republican, although there are plenty of examples in modern history involving both parties. "We are a party of more," he said.

Duffy is deeply involved in the race for a seat he once held and that is being vacated by Republican Rep. Tom Tili-

sely, who is vying to become the state's governor.

Republican chased with The Wall Street Journal show Duffy was listed at least three times as a likely attendee for fundraising events to benefit his son-in-law,

including in Naples, Fla., Waiana, Wis., and the Washington, D.C., area.

Allison has received campaign contributions from one of the cities within his father-in-

ment's partners at the Transportation Department, including 35,000 from Delta Air Lines PAC, 12,000 from Southwest Airlines PAC, 12,000 from Lockheed Martin Corporation Employees' PAC

and $1,000 from the U.S. Travel Association PAC.

A super political-writes committee backing Allison has received $1 million from Duffy's old congressional account and another $3 million from the

State's Neighbour Richard Ullrich, whose shipping and packaging business is Wisconsin-based.

Another candidate, Sean Ellison, who has powerful ideas backing, Ullrich's wife do-

noted $5.5 million to a PAC supporting Ehlers, a fourteen executive. She has the support of Cole for Growth and State Worldwide, a billionaire leading-materials executive from Wisconsin and a megahitter.

Allison declined an interview request. But his campaign provided a statement suggesting questions about expenses are from people with "nothing better" to do than attack a well-respected member of the administration and the family.

Richard Eismann, a Duffy spokesman, said the secretary's attendance at campaign events is in his personal capacity, and DOF ethics officials screen events before his participation. "The secretary is proud to support his one-in-law," he said.

Allison graduated from the University of Wisconsin-Madison with a math degree, according to his campaign. He worked construction and building and after college and in a part-time bookkeeper at his parish. In 2026, he moved to Florida for about a year to work on a podcast hosted by Trump supporters and former FBI Deputy Director Jan Borgma.

At a time when the U.S. is at war with him, Bernstein's 67, has plenty of stories to share from his time on capacity and his 1961 release. "We didn't know people had put yellow ribbons around the trees," he said.

He said he would like his next chapter to be represented in Wisconsin in Congress but realizes he is up against major GOP forces. "We are all under major in the Alliance's campaign," he said. "But under major can prevail."

Bernstein knows something about running for Congress. Trump's 67, after his leaders of returning to Wisconsin as a released, has her tags, Bernstein ran in 1980, when he was about the same age Allison is now. He lost by 25 percentage points to the Democratic committee.

"The voters told me I just wasn't ready," he said.

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THE WALL STREET JOURNAL.

• •

WORLD NEWS

Tuesday, August 11, 2020 | A5

Trump Agree Turns Away From Iran States

Administration to try economic-pressure strategy in hopes of getting a new result

WASHINGTON—President Trump has settled on an old strategy in hopes of a new result in the Iran war. U.S. officials said economic pressure. Behaviors to resume all out on and work in diplomatic negotiations, Trump has adopted a real and new approach that would give financial sanction and a U.S. social blockade of Iranian prisoners (one to inflict economic harm, U.S. officials said.

By Alexander Ward, Jack Brown and Alex Leary

Asks pushed the strategy to Trump by drawing him attention on the devastating effects existing sanctions have leveled on the war. The Administration official said. Tightening current penalties and raising fresh ones could prove Trump's mass effective option in having the right to repossess the top cabinet and White House officials have advised the president, people familiar with recent discussions, said.

The government has the long seems to have swung behind the idea—noting asks for prefers not to order more strikes. "They have no money," Trump told reporters on Mon-

day, "Iran is broke, totally broke." Eemail Bagham, a spokesman for Iran's foreign ministry, said the tactic wouldn't work and shows the U.S. was incapable of diplomacy.

"The real risk is that American politicians, choppes to this bad faith, will instead strangle their own remaining chances of a less humiliating exit from a crisis of their own making," Bagham said in a statement posted on social media.

When asked for comment, the White House referred The Wall Street Journal to Trump's public statements.

Trump has refuted an economic "maximum pressure" campaign since his first term in a bid to force Iran to abandon its nuclear program. But Tehran has resisted the effort and seized control of the Strait of Hormuz, responding with its own list of demands. Trump has told advisers Tehran has proven more evident than he actually thought and that the regime doesn't negotiate in good faith, admonishes Iran officials said.

"The five months deadlock has left the Strait last work well. He Saturday, Iran insisted on its highest price set to allow the free flow of shipping in the waterway, repudiation of a change in the U.S. national after five months of war. Young rejected that offer on Monday, countering that Iran compensate the U.S. for killing American forces over the de-

"They have no money," President Trump said on Monday, "Iran is broke, totally broke."

caden as well as the families of Iranian protesters slain in recent demonstrations.

The president added that Iran also must answer for its health network of regional powers in the Middle East. Before the war, some senior aides advised Trump the economic chisehold could be enough to regain Iran's hand-held regime. Instead, Trump opted for strikes to crush the regime and its nuclear ambitions. When that didn't work, Trump switched to negotiations that produced an interim peace agreement aimed at reopening the strait, capping uranium enrichment and welcoming Iran back into the international community. The

don't collapse and resulting burst of violence led the administration to reconsider its approach.

Trump's top aides in recent days have argued economic punishment as this point could be more effective than military strikes.

Mile Waltz, the U.S. ambassador to the United Nations, said on Sunday on the News that Tehran was more afraid of. Treasurer Secretary from Research from Defense Secretary Pete Heguchi, "They did work the remaining, their short care about their military, they don't care about their violence even the Iranian people of the three states—and will,500 of them," he said, referring to

the regime's January crackdown on protesters. "They're worried that their currency is lacking, stillness is the highest in 80 years," and they are begging the U.S. for cash during negotiations, he added.

Last week, Bennett said the strait would become irrelevant within two years, asserting 50% to 70% of the energy that cannot be waterway and eventually flow through underground pipelines.

Trump could change his mind again on which strategy to pursue, the officials said, especially if Iran responds to a persistent fear they reveal the pause in military strikes could be enough to calm the roking energy trade.

"This is the optimal space to accept if we could get more and more oil out to market despite the threats," said Razi and Goldberg, a former senior adviser to the White House National Energy Committee Council. "A bad deal eventually subscribes Iran's reconstruction, while many military escalators take major oil market dislocation if the regime can withstand the fate and the bad with precision on Gulf energy."

The downfall is that Iran is likely to retaliate.

"Could the U.S. social blockade of Iranian prisoners do economic situation? Absolutely, which is why nobody should expect Iran to just sit old by as that happens. It will be 'black.'" said Razi, who served in senior nuclear-related roles in the White House and the U.S. intelligence community. "Iran has proven to have a higher pain tolerance than the United States. I've seen nothing to suggest that's changed."

There are no good options here for the U.S., only bad news," Brown added.

Trump privately has blasted the idea of declaring victory in the war if Iran fails to expose the strait, even without a nuclear deal, the Journal previously rejected. U.S. attacks on three Iranian nuclear sites last year blocked Tehran's path to acquiring a nuclear weapon, Trump recently told senior aides in meetings.

Gulf States

Stuck With

Few Choices

Continued from Page One word down the war bill apart last month. Gulf stated efforts to get around the blockage in Hormuz are faltering as well.

The United Arab Emirates said four of its ships were hit last week by Iranian attacks while attempting to transit the strait. Saudi Arabia, which had preserved much of its export capacity by going oil across the desert to a Red Sea port, has seen that alternative route came under attack by the Iran-Israeli Shaleh nation in Yemen. Egypt also said, under five with a drone attack on a gun tanker at the Gulf of Bahrain, showing Iran's threat to energy capacity extends well beyond the Gulf.

As a result, the region's energy capacity are facing an extended period where the conflict begins along between the areas of the Gulf. The U.S. is away over their shipments as leverage in the strait off.

The background, the Arab Gulf states cannot really be able to get the Strait. The spotter of the Strait of Hormuz and can no longer rely upon it for transport or trade," said Umar Kamin, a researcher in Gulf security matters at the University of Birmingham. "Iran's return to the other portion for new but to console to a de-

Shipping traffic in the Strait of Hormuz remains largely stalled amid negotiations between the U.S. and Iran.

gree to Iranian demands." The enduring threat to shipments from the world's energy hub points to a strategic without its poor crossword in the Turkish state. Gulf will supplies and spare capacity before offset shortfalls from countries like Iraq, Kuwait and Syria. That capability now comes while slowing.

"It seems that Iran will essentially want to control not just the Strait of Hormuz but all aspects related to its nuclear trade or export of oil or gas, and will declare its terms to the Gulf countries for them to use it," Karam said.

Cuba oil exports through Tehran and the Arab Gulf and million barrels a day last week, down from $5.5 million barrels a month ago, according to commodities data provided. Kpler, Iranian imports were cut in half in a week's time, down 0.5% of the barrels a day last week. About 20 million barrels

a day of oil and petroleum products passed through the waterway before the conflict.

Oil prices are off highly hit during the former shipping last spring because of subdued demand from China, Japan, India and Europe. But global oil inventories are lower than they were at the war's start, plunging by more than 400 million barrels in the past six months. That means the market has low cashiers in the event of a new shock or demand increase.

Iran's leadership is weighing the deal to begin reopening the strait, but officials are signalling a tough bargain. Iranian Foreign Ministry regrets Iran. Eemail Bagham said Monday the strait won't be opened until the U.S. makes amends for its actions, including the blockade of Iran's ports.

Such campaign points to the families for even shining shipments before getting to meet difficult questions like Iran's

Average daily crude transits via the Strait of Hormuz, by week

Note: By country of origin. Source: Note

nuclear program. Gulf officials are swapped to the likelihood any deal with Iran would have intact its missile program and support for allied entities. In mass threats to their security.

The greater threat to the region is escalation and a prolonged conflict that shuts down more energy flows while soaring away from the U.S. and Iran and tourists. Gulf officials are growing more finerened with what they use as a lack of a clear strategy from the U.S.

Gulf countries are looking at various plans to bypass Hormuz by expanding gaps, lines to the Red Sea and the Gulf of Oman as well as on-going economic crisis to manage facilities so they can ship more oil during calm periods and stash it overseas.

Mountains, producers have been trying to move what they can through Hormuz by coming in with the nation with their locations because turned off.

The U.A.E. used a combination of routing oil across the desert around the blockade in Hormuz and smoking ships through the strait to get its oil exports back to power. And for the middle of the year, according to ship trucks' fortress.

These gains have been eroded by Iranian attacks. The U.A.E.'s state co-company has not said out of 16 of its ships struck once the beginning of the war, four were hit by missiles or drones this past week.

Producers can have the strangledness on Hormuz with workahowish, but "it has not been enough to render Iran's very irrelevant," said Rzi. Al-Az, the latter of the Azwar Gargash Diplomatic Academy in Abu Dhabi.

Gulf officials said their Iranian counterparts have threatened throughout the conflict to target regional energy infrastructure. "Iran's President Trump follows through on his

threats to escalate. In recent days, Iran has sent warnings it would strike every energy facility in the Gulf.

Officials in the region acknowledge their energy and water facilities are vulnerable and likely targets for Iran as a way to disrupt energy supplies and pressure the U.S.

Between Feb. 28 and July 30, Iran and its allied entities in Iraq have conducted at least 272 attacks on compulsory infrastructure across the six Arab Gulf states, according to Armed Conflict Location and Event Data, a U.S.-based conflict monitor. Energy facilities including oil infrastructure, gas plants and power and de-admission plants accounted for about half of the attacks.

On Sunday, the Hordha claimed responsibility for an attack on a Saudi refinery in Islam on the Red Sea, after also claiming an earlier strike from in late July. The Saudi Energy Ministry confirmed a 50% occurred at the facility and set its cause.

A deal to reopen the strait could ease Gulf energy shipments but wouldn't remove the threat, said DDK Weld, senior fellow at the Atlantic Council's Global Energy Center.

"After five months of conflict, it is understandable why Gulf cities are eager to find a way to increase maritime traffic through the strait," Weld said. The roking control over onboard and outboard traffic to Iran, even on a 'temporary' basis, will not resolve the larger issues and hence their experts expect to be Primary within for the foreseeable future."

RUSSIA

Ukraine Drones Hit

Oil Site, Killing 13

Ukraine attacked the petroleum hub of Nebishenovsk in 1945. The Nebishenov region on Monday, killing 13 people and clearing 76 citizens, local authorities said.

The Ukrainian military said it hit an oil refinery in Nebishenovsk, which is about 750 miles east of the Ukrainian border and has a population of about 240,000.

Russian officials didn't say what the disease happened, just the city is home to two refineries and a petrochemical plant. Ukraine has targeted Russian oil facilities with drones almost daily in recent months.

The campaign has caused fuel shortages in Russia, eaten into its refining capacity and unsettled fire population.

Also on Monday, several Ukrainian drones sparked a fire at an industrial facility in the Tyumen region of western Ukraine, officials said.

Last month, Ukrainian drones hit a refinery in Tyumen, about 1,000 miles east of the border with Ukraine.

Associated Press

CONGO

Ebola Outbreak

And Earlier Start

The fastest-growing Ebola outbreak in recent started in February, including when it was officially declared in mid-May, the World Health Organization said on Monday an imposition in eastern Congo struggle to catch up.

The WHO's regional director for Africa, Dr. Mohamed Yakub Janabi, told a news conference that sequencing indicated the outbreak's start. He said some people early on were wrongly attributed to malaria and typhoid. "Confirmed cases of Ebola in this outbreak have reached 4,200, including over 1,000 deaths, according to the latest government figures.

This Ebola outbreak has killed more people at a global rate than in 1980, including the 2014-2020 outbreak in West Africa that is considered the worst on record with over 11,000 deaths and at least 28,000 cases. That one took about eight months to reach 1,000 deaths.

Associated Press

WORLD WATCH

WALL RUN: A jockey on Monday urged on his charges in West Bengal, India, during 'Wickham,' a century-old pre-harvest cattle festival organized by farmers in which competitors steer two bulls, holding their tails while balancing on a plant in rice fields.

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A6

Tuesday, August 11, 2026

THE WALL STREET JOURNAL.

WORLD NEWS

Quake Kills

More Than 100

In Colombia

Strong temblor hits just a few days after country's president was inaugurated

By Juan Forero and Jimmie Carrasco-Gonzalez

BOGOTÁ, Colombia—A 7.6-magnitude earthquake struck Colombia on Monday, falling at least 22 people and trapping dozens more under collapsed buildings in an early challenge to a president who was sworn in on Friday.

President Abelardo de la Espeizila said from Colombia's disaster-management agency at Bogotá, the capital, that in addition to the dead, 87 people had been reported injured and 41 buildings had collapsed.

Authorities said the death count could rise because a number of people were trapped under rubble after the quake hit at 7:34 a.m. local time.

The epicenter was in San José del Pájima in the northern province of Chaco, with the damage particularly heavy in a half dozen or so cities in Colombia's western mountains.

"From here we could see how the buildings fall," said Jimena Carapota, who lives on a steep hillside with a view of much of Cali, Colombia's final largest city.

De la Espeizila, a conservation who won office promising to crack down an armed groups, found himself scrambling to deal with damage in cities across several provinces.

The initial quake was followed by 10 aftershocks, the country's geological service said. "Today all Colombians, no matter their ideology or their politics, must unite in

this one cause," the president said, speaking of efforts to save people trapped in buildings that had cared in.

The quake struck at a depth of 60 miles, Colombia's geological survey said, with the tremors 100 at far away as Venezuela, which is also suffered through twin quakes that battered coastal cities and killed more than 6,000 people.

"It's the strongest earth quake that has been recorded over the last decade in the country," said Julio Flores, director of the Colombian Geological Survey.

Sandra Milena Franco, a

A 7.6-magnitude earthquake struck Colombia Monday, 7:34 a.m. in cartons

university professor who lives with her family on the 12th floor of a building in the mountain city of Manizales, said she was getting ready for work when the quake struck.

"We felt it very hard, first from north to south, and then from east to west," Franco said.

Secretary of State Marco Rubio said in it the Trump administration is monitoring the aftermath and "stands ready to support the people of Colombia." The governments of Israel, El Salvador and Mexico, also offered to send assistance

Beijing Powers Cuba's Solar Grid

By Anson Cui

Cuba is running short of fuel, but not sunshine.

As the Caribbean island's energy crisis has deepened, Chinese-provided solar panels have popped up across the country, offering an unlikely bright spot for a power grid plagued by fuel shortages, crumbling infrastructure and near-daily blackouts.

At least 41 multiple and 18 smaller-scale solar parks have been built during the past two years, according to Renewables, a database that tracks solar developments and satellite imagery. The government in 2024 said it plans to build 92 multiple parks by 2028.

The solar park accelerated over a series of nationwide blackouts in 2024, in part because Cuba's aspects of trade oil from Venezuela collapsed, said Ricardo Torres Pérez, a Cuban economist at American University.

But in a crash here, Cubans are still spending much of their days without electricity despite the surge in new solar capacity.

The island's 10 million residents have suffered almost daily power outages as fuel supplies have dwindled, a crisis that worsened after the Trump administration blocked nearly all energy shipments to Havana in late January.

The new solar parks could generate around 1,000 megawatts of capacity when operating at peak targets, nearly five times what was previously installed and almost one-third of the country's typical peak demand of about 2,000 megawatts.

Solar new assets about 50% of the nation's power needs, up from 5% at the beginning of last year, the government said.

While it is unclear how much Havana is paying for the new construction, China appears to be the main source of equipment.

Beijing, the manufacturer

The turn toward renewable energy has helped the island weather increased pressure from Washington.

Solar parks built since Jan. 2024

Utility-scale solar capacity in Cuba*

*Infrared based on government estimates and satellite imagery.

Source: TimesBonne's Solar Parks, Renewables, Solar Parks, capacity; Bridge Chinese capacity

of about 80% of the world's solar panels, sent Cuba EU7 million of equipment in 2025, up from $5 million in 2023, according to current data.

China has also sent more battery storage units this year, according to the data.

Cuban Prime Minister Manuel Mancero Cruz has said the projects were partially financed with nickel revenues.

The government's 2028 economic plan notes 320 megawatts worth of donated solar panels from China. Vietnam and Japan have also donated smaller amounts of equipment.

China has rapidly increased climate-related donations and financing to the Caribbean, which is one of Beijing's key

transit zones for raw materials from Latin America, according to a research report from the think tank Inter-American Dialogue.

Over the past two decades, China has replaced the U.S. as the dominant trading partner for most big economies in the area.

"China gets a lot of goodwill because points throughout the region with what they're doing with Cuba," said Jorge Pabón, who studies Cuban energy at the University of Texas.

Though the new solar capacity is a welcome addition, it has done little to save Cuba's chronic energy problems.

Since fuel shipments and

domestic-oil production have declined for years, Cuba's import-dependent grid was in a fragile state even before the U.S. cut off Venezuelan oil and threatened sanctions on countless supplying Havana with fuel.

Cuba said in May that it ran out of fuel reserves. The Trump administration has once allowed some fuel shipments for private companies on the island.

The island's energy infrastructure is also in poor shape. Food-fuel power plants have deteriorated over the past few decades, decreasing output.

Power lines have degraded, causing the loss of about 30% of the grid's electricity, according to research by Torres.

The government is insolvent and unable to upgrade the grid.

The aging grid has also hampered the new solar parks.

The country is using only a fraction of the solar capacity it has deployed because it lacks enough battery storage to manage the fluctuations inherent in solar power, the Cuban energy ministry said in April.

One battery was installed in July and three more are planned, according to state media.

Besides utility-scale projects, many families and organizations have installed rooftop solar systems. China, Spain and other nations have donated thousands of panels for individual buildings.

But the additions have yet to make a meaningful debt in the crisis.

"There have been at least six nationwide blackouts this year, with countless localized denoising power outages.

Fading living conditions have sparked protests across the country.

"Without the solar parks, the blackouts would be even worse," said Torres. "But the rooftop is they've worsened nonetheless."

WSJ TECH

Tech's next chapter.

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THE WALL STREET JOURNAL.

WORLD NEWS

Tuesday, August 11, 2026 | A7

U.K. Drone Cameras Sent Signals to China

Military worries rise over venipunct potential vulnerability to cyber hacking

By Azemua MacDonaca

LONDON—Cameron is stalled on British-road drones and data to an interest address in China, U.K. officials said, underway, the valiant, the military supply chain to Chinese parts.

The report, which comes from a component in the camera, didn't broadcast any other data. The U.S. spokesman for Britain's Ministry of Defense said, 'The use was discovered as a routine cyber-violenceability assessment, he said.'

"A thorough investigation found, in the case of 8820 data in systems being accessed, compromised or transmitted externally," he said.

But the discovery has raised questions about the potential vulnerabilities of military systems, particularly in the production of drone technology, which is domi-

nated by China.

Cameron over potential national security threats posed by Chinese-made parts and machinery missed beyond the U.K. In the U.S., a congressional probe found that Chinese cargo cranes at U.S. ports had been equipped with technology that could allow China's government to potentially gain remote access to the machines.

Many European and U.S. defense companies have spent around a decade trying to weak these selves off Chinese parts and say they have succeeded.

"We have been hammed all types of new Chinese drones and components late last year. But establishing the governance of lost parts in the drone sector is challenging.

"It is really, really hard to trace where the stuff comes from if you go all the way down the supply chain, and it is even harder to resolve that on an ongoing basis," said

Steve Wright, a consultant who advises governments and companies on drone manufacturing.

He said he spends about half of his time advising citizens on how to keep Chinese parts out of systems.

The component found transmitting central to China was part of a 8.5.5 cost drone boat made by Kraken Technol-

ing, based in Facebook, England. A spokeswoman for Kraken said any potential value is a 8.5.5 cost-labor force identified and closed.

Kraken recently won a $10.00 million contract from the U.K Special Operations Command for its drones. The Pentagon didn't return requests for comment.

Need drones are becoming a happy part of reaction Ukraine has used them to target Russian naval vessels and commercial ships carrying Russian oil.

Last month, the U.S. used them for the first time in

Parts in the Kraken 8.5.5 cost drone sent data to an interest address in China.

combat, sending basic into an Iranian port and blowing up subsurface and ship-mushroomes facility in June. He likely used them to be the first crew of an Apache helicopter that was doomed off the coast of Oman.

While Europe and the U.S. first pioneered autonomous vehicles, China took a total in mass-producing, cheap an oil drones.

Now, the use of cheap and easy-to-make drones has changed the nature of warfare, particularly the conflict in Ukraine, giving China an advantage.

Global drone makers are particularly dependent on China for breakdown motors,

antivases, cameras and batteries.

China has demonstrated its willingness to act off the supply of drone ports and other materials used in weaponry. Beijing, for instance, has limited the flow of critical materials that Western defense manufacturers need to make everything from motion to jet fighters, delaying production and testing companies to scour the world for new stockpiles.

Some Ukrainian drone companies have tried to stop using Chinese components, but drones and ports from China remain ubiquitous, industry executives say.

Ukraine, which has been

burning through roughly 2,000 drones a month for more than a year, needs to keep more drone. Chinese ports remain sure it escapes than those sourced from manufactures on the West.

"A German electric engine is five to 10 times more on systems than a Chinese one," said Mark Wirtfelt, the co-founder and chief executive of Ars Krefeldes, a German land-force maker.

Ars has now erred its capacity from its Europe, with a 2,000 tons of air.

"So we get the price, but we get robustness and durability in return" and aren't dependent on China, he said at a recent defense show.

Taiwanese Take Web Slowdown for War Drill in Stride

By Joni Wuse

TAIPEI—Taiwan's government pushed against the millions of religious leaders to waste people their high-speed 3G service would be disrupted.

The message, delivered with the lead team of an emergency system typically used for natural disasters, was part of a drill intended to modern the population to the risk of being taken offline by a Chinese attack.

Judging by the public response, the government might need a louder alarm.

In "a simulation of air attacks on communication in Switzerland," amid annual military exercises now made way around Taiwan, the government is slowly mobile-internet spends its 30-hundred on two afternoons this week.

"Oh, there will be a drill! I didn't look that classic," said Tao Tan, a 62-year-old Taipei bus stylist, when asked about the alert. "I don't really need the internet for work."

Taiwan President Liu Ching to has made it his mission to convince the island's 25th century's military prepare for a potential invasion from China. Let force a fair amount of public reluctance

Soldiers participated Monday in Taiwan's annual combat operation simulations.

to embrace relative wellness as a way of life.

China claims the island is its own and uses threats of military attack along with mass subtle methods to try to store the Taiwanese public toward giving us to Beijing. Ships with two to China have severed understates (three opposite) that Taiwan relies on to remain connected to the internet at least five times in recent years.

Taipei recognizes that connectivity is one of its weak spots.

"Taiwan is one of the very few places in the world where someone tries to serve its undertone cables on a daily basis," aonue Taiwan security official said. "Now can a country like that not prepare."

The goal of the exercise, officials said, is to encourage the public to figure out alter-

nation ways to communicate. The slowdowns this week coincide with annual air raid drills—meaning residents in affected areas should be in doors, with understood Wi-Fi. Businessers that don't rely on mobile internet may not even know that service is affected. "The government is being extremely careful to make sure this exercise doesn't affect daily routines," said Chisyu Kuo, a member of a

committee established by Liu in improve Taiwan's civil defense and disaster response.

The government wants to make a increase that daily and could be interrupted, but without causing significant disruption, Kuo said.

The slowdowns drill is Taiwan's first, the office of the president said, aimed at the advancing the public with "how to ensure uninterrupted communication for themselves and their families in emergencies." Related efforts include promoting backup methods.

The slowdowns was designed to be similar to the perverse of roaming abroad with a data-based 1200 card. Taiwan officials said, describing what could be an unusual experience for a population accustomed to that, pervasive mobile internet.

Taiwan is also looking to establish satellite internet coverage as one way around the island's vulnerability to a radio-casting attack.

Taiwan is developing its own, two-funds-selet assistance, but the first launch isn't scheduled until 2026, according to the Taiwan Space Agency.

Taipei is also turning to foreign partnerships. The key

islaters recently relaxed a foreign-ownership rule that has been an obstacle to the introduction of Open3G to the U.S. and its largest provider of satellite internet. Eastn247, OneNote is already working with Taiwan, but service is limited and not usually an individual users.

In Taipei, where Taiwan's self-ignored slowdown, is scheduled for Thursian afternoons, many people appeared unfixed, or snowed.

"I don't really get why they need to shut off the internet for an air-raid drill," said Jack Chang, 31, who works at an electronics firm. He said it wouldn't affect him much because he wants to an office on Wi-Fi.

Half an hour "can't a long time anyway," he said.

Though 9% of 19-year-old environmental engineers said the half-hour wouldn't be a struggle, though he didn't like that he had paid for the Secret mobile internet only for the government to shut it down.

He added that he would be undercrowding.

The 10% government is doing the same, and they must have a reason," Wu said, though he admitted he didn't know what it was.

'Moles' Lead Official Secrets for Profit, Defying Beijing's Corruption Crackdown

By Clem Has Wose

Seventh from Chinese leader Xi Jinping's disciplinary experience, the leading online, defying a crackdown that has occurred millions of people—and highlighting how deeply embedded groups that intensely remain within the Communist Party.

With the party drinking, tons of thousands of officials each year, an underground group of 1,000 Chinese gossip has emerged in Chinese social media, where leaders' power drop back on who is getting played men on where for free and click, refer media said.

In both tipoffs can help out-put in the process of trade arrest while enabling mandatory. In male well-fisted trades—a Chinese twist on concerns in the U.S. about political insiders' cashing in on predilection markets such as Exile and Polynuclear.

Party authorities have raised alarm about the phenomenon of the 1962 U.S. federal system. The corruption probe tip offs also take questions about the effectiveness of 3G's crackdown, which has also picked more than seven million people for researchers such as Gallup Research, and the 1962 U.S. federal voking society since late 2012. "A small number of officials

leak information in violation of regulations," Baeysarian, a magazine published by the country's Xinhua News Agency, reported. "This data is then revised through online groups—passing through multiple hands—that firmness a covert and illicit supply chain."

Doing such leaks, some social-media accounts "have been 'predicting' the downfall of government officials in addressing using methods such as posting research or using the programs, such as radio and gossip" that hint at a suspect's identity, the report said. These cryptic posts are meant to skirt correct rules, since officials' names and consent generally aren't considered sensitive.

These poliforers monetize these leaks by siding access to social media a fair course where tips are shared, with free vending from a free direct visas to several hundred years, according to Baeysarian—"that is, from a free dollars to about $100."

Efforts try to boost television companies. "Some even exaggerate corruption details and fabricate scandals to attract traffic," the magazine said.

In one case, investigators found a party bureaucrat in the residency city of Sanlong who collided with six relations to operate once WeChat

social-media accounts that published items about forthcoming promotions and people, the magazine said.

The capacity of China's political system makes tipoffs on probes highly valuable. With early entries, suspects and their associates can destroy evidence, spirit away illicit assets and the authorities may be forced to detain suspects prematurely, weakening their legal case.

Party insiders could pass a head start in lobbying for imminent job-warrants. However, too short stocks that would likely be affected by a coming gauge.

Chinese co-ranchers say corruption probes can trigger a market outlaid on companies soon as linked to a suspect or affected by an industry breakdown. China Merchants Bank, one of the country's largest commercial brokers, now its inter-polar plunge in 2022 after the party announced an investigation against the state's license president, Tian Huiyu. "Corruption among the

significantly increase the stock-poor-crash risk for listed firms in provision where investigated some officials work or have worked during the period when these officials were investigated," a group of Chinese academics wrote in a 2022 study.

Heterozygation investigators are conducted with a high degree of secrecy, and given the central role of anticorruption in China's also political

this, there istable the potential demand for insiders to be set out from individuals motivated to political capacity, commercial interests, or risk management," said Ling Liu. Chinese politics and law lecturer

at the University of China. "The selection and premature disclosure of securities has been made by English have been used to signal to potential窃topes." That some part insiders are willing to frank privileged information for private jobs, Li said. To minimize risk, the leaders "confined themselves to publishing highly suggestive posts that, in themselves, did not cross

The Communist Party has been scrutinizing

the discipline magazines for thousands.

■ Disciplinary inquiries ■ Investigations opened ■ People presided

From China's international party for a long, massive

and obvious legal line."

The party has long pro-pled with vocal insiders—including alleged inspectors—who leak secrets about corruption probes in return for federal.

Beijing has continued to be made the process of "make" and had apples among its enforcers. The party imposed formal penalties on more than 7,000 discipline inspectors in 2022, the highest annual total reported under 31.

Regardless, Xi has refused to issue a federal inspection and, aided more checks and balances in the bureaucracy, which some experts say are needed for insiders' governance—but would undermine authorization control.

The party approved a pre-trial on graft-probe leaks waivers similar inquiries in the

U.S., when regulators are examining suspected prothemes on information from within the Young administration and a betting boom on predilection markets.

Following the Baeysarian report, other state media called to threaten public leaks and demand a crackdown—such as by strengthening ownership algorithms and issuing strict punishments.

The people have re-creased his authority as China's most dominant leader in the U.S. and in the U.S. (the corruption when Xi took more in 2012. The have also become a permanent campaign that keeps officials loyal and on their toes.

Party authorities discovered that the people last year, the highest annual total on record.

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A8 | Tuesday, August 11, 2026

THE WALL STREET JOURNAL.

FROM PAGE ONE

Unstoppable American Tourists

Continued from Page One are driving this new era of travel, held about $100 billion in wealth. They've also living longer, and looking to make the most of those years.

That rising wealth has coincided with dramatic changes in the travel industry itself. Strengths travel has become more successful. The social media has made it easy to carry, emulate and one-up friends' vacations.

New grand tour

A trip to the continent is a well-worn path for U.S. elites. In the 1800s, wealthy Americans embarked on the type of grand tours that were popular among British aristocrats, spending months traveling across Europe to see historic sites, learn languages and collect paintings, said Eric Durbin, a history-producer at the University of New England.

By the 1950s and '60s, when business were growing up, Americans traveling about $100 billion in late air—a glamorous air set who were their best for flights on Pan Am and TWA. They were soon joined by young, adventurous backpackers, who filled hands and traveled on the things.

As the Cold War waved and airlines expanded, travel opened up further to the masses. And the European Guards then-toned new roads it easy to fly to the continent and hop between countries.

In 1990, fewer than 5% of Americans had a passport. Now, more than 30% do, asked to part by a mandate requiring passports for travel to Canada, Mexico and the Caribbean that took effect in 2007 and a postponement travel from the U.S. issued a record 22 million passports in fiscal 2025.

Amy Burch Buchanan, 55, took her first flight in 1988 to visit her then-fortheast in England. She had a cassette tape full of 3-mickey song, as listen to on the piano, and her parents walked her directly to the pain. Onboard, passengers were directed to the more, dipping rockings and smoking cigarettes.

"Nobody was wearing equip parts. It was very elegant," said Buchanan, who lives in Fort Worth, Texas.

She returned home a changed woman—with British bands like Bopeche Mode on her Wobbyns, new clothes and a wanderlust that she eventually passed down to her three kids.

She other daughter, Avery, moved to the U.K. around two years ago and now travels across Europe. Her middle daughter, Avery, was born in the year. "They've really reached out much further as they've gone on their own," she said.

Europe is often the gateway to being "strongs" and Greece have seen the biggest percentage increases in U.S. visitors of any country over the past decade, according to U.S. government. The U.S. and Italy have seen the largest increases in the total number of tourists, getting millions of additional Americans a year arriving by air.

Only about 80 of U.S. travelers, Europe in 2025 said it was their first time flying abroad. Many of these tours are visiting multiple times a year, shipping at the Eiffitt Tower and the Colo-

Tourists are flocking to picturesque European villages like the on Greece's Santorini.

seam, but also taking country walks in the Cotswolds and Viking cruises on the Danube. A growing share of consumer spending is going toward foreign travel, as habits change and prices rise.

Open-skies agreements deregulated airline competition on international routes starting in the 1990s, leading to much cheaper airlines and more international flights from the U.S., said Clifford Winston, a Brookings Institution economist who studied the parts. In 1994, a round-trip weekend late between New York and London on Pan Am cost $600, today's equivalent of $2,100, according to a Wall Street Journal article from the time.

Over the next decade, economy airfare to the region rose 74%—more than million. The average one-way economy plane taken from the U.S. to Europe, not including taxes and fees, cost $188 this year, up from $551 in 2025, according to stratum-boosting company Coven.

Leans, who does tech work for the travel industry, estimates that he and his wife spend between $100,000 and $200,000 on travel each year, even as they try to be cautious with other kinds of spending. One of their recent visits to Barcelona was for a cruise from the city with two of their grandchildren, who are 19 and 21.

The trip—like others they've treated their grandkids to—was nicer than the ones the curious could take their three daughters on when they were growing up.

"Our daughters remind us every once in a while that it's not fair," he said.

Not optional

Americans are also spending more than their European counterparts on each trip, including shading out for luxury experiences. Taking advantage of the strong dollar, they've splunged at high-end shops. American tourists make up about 15% of all European luxury sales, according to equity-research firm Bernstein.

And it's not just freestanding baby boomers. Younger generations, who place a high value on experiences, are

American trips' to Europe

Most popular international destinations by number of U.S. visits in 2025!

• Up to 5.5, similarly. "Dream" inside Canada and Mexico. "Beach" inside the business with no individual visitors in 1978. "A World of Food and Tourism 1978, a issue of International for Tourism: How to stay, defrauders, the new in Houston, Jackson, Tulsa, Beaumont, and U.S. property," Avery, 25 (1994), 10 (1995).

spending on travel instead of buying houses and having kids.

"Travel isn't optional, it's essential," especially for younger people, said Audrey Bradley, president of American Express Travel. The credit-card company, which has a high-end clientele, said travel bookings through its platform increased 22% in the past year.

U.S. travelers to the region show female, with women 15 and over making up 24%. More than 15% of Americans visiting Europe reported a household income of $100,000 or more.

"They are increasingly rich, sophisticated and willing to travel to not just see the highlights, but to go beyond the highlights," said Seth Borko, head of research at Shift, an American travel trade publication.

Radiologist Andy Robbins ramped up international travel a few years before retiring from his full-time medical practice in 2018.

Last year, the 68-year-old and his wife, Claar Robbins, went to Oktoberfest in the

many, took a Rhône river cruise and visited Tchétien-shem for a day just to say we've been there," he said. This year, the couple visited Denmark, the Czech Republic, and Germany again. They've already booked a two-week guided tour of Scandinavia and a cruise from Venice to Istanbul for next year.

He still takes on part-time work when he's not traveling. "One of the reasons I plan that I'm still working is that I like my business-class sleepers' seats," said Robbins, who estimates their spend about $60,000 to $70,000 a year on travel abroad.

The first time Robbins recastoned in Europe was in 2007, when he was 40. The couple traveled with their daughter, who was 30 at the time, to Scotland, London and Paris. His daughter loved the "Barry Potter"-themed room in their Edinburgh hotel.

"I was magical," he said. The maps in 1996 lost on locals. The influx of tourists has brought in new wealth in many places but it's also straining infrastructure, raising the cost of living and de-

rupting local life. Showing the income scarce and unaffordable in some cities, with more apartments being used in pricey short-term vacation rentals.

First of thousands pre-trated against overburden on the Spanish island of Mallorca last month, demanding fewer visitors and more affordable housing. The march turned violent as protesters clothed with police, who fired rubber bullets after being pelted with plastic bottles.

Protests have broken out in other European hot spots in recent years, including in Italy and Portugal. In Barcelona—which last year received nine times as many tourists as it has renaissance—protesters took to spraying water on tourists.

Europe's Catch-22

Governments across the continent are starting to impress limits on tourism: cracking down on Airboks, slapping taxes on tourists and limiting cruise-ship numbers and new hotel construction. But it's a Catch-22 as attract-

ing Americans remains a priority for many businesses, because they tend to spend more and stay longer than other tourists. Plus, Americans tap

Americans visiting Spain last year spent nearly $200 a day—well above the roughly $200 a day spent by Germans and about $350 by French travelers. In Greece, Americans spent three nights on average in 2025, compared with seven nights for tourists from the U.S.

"They just come on vacation to spend," said Paine Fazio, manager at a company that does local trips on the island of the world. "They don't come to buy as ice cream and sit on the beach for seven hours, for example, like most Europeans do. They're very busy. They want to do things."

Many Americans are going beyond the usual mass tours, adding bespoke experiences that connect them with locals. They're paying more than half a month for semi-permite tours of the Colo-wants, visiting Scottish farms where they can break Highland coon and taking pictures of the local farms.

Nate Oester and Anna Li, from Port Townsend, Wash., were browsing a stand willing do to watch and take-away on London and London. "I want at lunchtime on a recent afternoon. The couple, who are both engineers, had just finished a something, 108-mile ceiling trip through the U.K., starting in Seventies. Scotland and ending in Swansea, England, near the western tip of Cornwall.

Oester, 44, and Li, 61, mostly took domestic vacations growing up. In their 20s, they both went on some overseas trips. But they started regularly traveling abroad for cycling trips once they got together and started moving more.

"That's when I was really like, 98. I'm making up for just time. I'm getting out there, I love this," said Oester.

Oester on last at public-daring their U.K. trip that they covered themselves with wet towels to cool down at night, since their hotels didn't have an outstanding still, they're already dreaming of coming back to cycle down the Rhône from Switzerland to the Mediterranean.

"We have been good jobs—and no kids—so we're able to travel," said Oester, such an interpretation from Li.

For many in line 2, the wanderlust comes in only by-stronger. Texas Cycle, 24, doesn't have any friends who haven't gone abroad.

Cycle lived in Australia for many of her childhood and traveled extensively growing up. Earlier this year, Cycle left her investment-banking job as New York for one in tech, in part so she could have more time for travel.

As said, she took a 30-day trip to Greece with a friend that can her about $5,000. She used Anthropo's Claude to help plan for trip using its suggestions for kids destinations. Leery of the crowds, Cycle was content to see the Acropolis from a distance. Her favorite part of the trip was visiting the quarter island of Sifres, where they enjoyed drinks at a cliff-side wine bar.

She's not intimidated by even the most far-flung destinations. She hopes to travel to Rzepinema and stay in a yard after seeing Instagram posts about the destination.

"I'm doing to go," she said. "You're having a unique experience."

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THE WALL STREET JOURNAL.

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PERSONAL JOURNAL.

© 2020 Deca Sears Of Company. All Rights Reserved.

THE WALL STREET JOURNAL.

Tuesday, August 13, 2020 | A9

PERSONAL TECHNOLOGY BY NICOLE BROYEN

If you ever want to experience the wrath of passionate tech column readers, write a review of wearables and don't mention Garmin.

My times was full of pain, weakening where their favorite wrist-conquers was in my testing. As it turns out, Garmin users are an enthusiastic, and occasionally menacing, hands. Message received.

But I have a good excuse for not including Garmin the first time around: 'Dive' take on a scrambler device wasn't available yet.

After my initial piece was published, the company unveiled the $200 Cirqa, a no-display health band. There's no subscription needed to view metrics, which made it an immediate threat to the membership-mandatory Oura cing and Whoop band.

I ran, swam, blind, worked, showered and slept with the Cirqa over the past few weeks, and was improved by its value. It was not, however, called.

THE GOOD

• Heart rate accuracy: low, end-studies show wearables excel in capturing the right and one during sleep, a finding that matched me own clinical sleep lab tests. Reliable data becomes trickier, however, once you start moving.

I compared Cirqa's workout logs with recordings from a chest strap, the gold standard for heart rate accuracy. On a run, the band took 30 seconds to catch the right pulse, but matched the chest strap closely over the next half hour.

Wind-based tracking during a cing and Pilates lagged behind the Whoop and Apple Watch. But moving the Cirqa to my hoops improved readings significantly. While that data was more reliable, the $40 upcharge for the upper arm band is a humane.

• No subscription: I tested the Cirqa without Garmin's optional $100/month. I used an opportunity for coaching and other features—and didn't miss them. Unlike Oura (50 a month) and Whoop (3200 a year and up), you can access every meter without a recurring fee.

The data feels like yours. Both Garmin and Google's Fitbit Air let you expect new files of activities to other platforms, whereas other

Garmin's new $200 Cirqa band (right) monitors heart rate, skin temperature changes and other stats, without the disturbing display of smartwatches, such as the 1980 Versa 4.

You don't need a subscription to access any health data from Cirqa, though Garmin does offer a $7-month plan for coaching.

stats such as 'Body Battery' and 'Tentative Mindset' come with minimal explanation. (The first is like your car's gas gauge, representing how much energy you have left in the talk. The second typically does make time you expect in moderate activity—improve movement across studies.)

It's the kind of trick that offers deep representation and a lot of features—but you need to read the manual.

WHAT'S THE POINT?

Another frequently asked question: Why wear one of these devices at all? After many months of computer training, Garmin understand their benefits and limits.

With a tracker turn you into a workout-loving, vegetable-cooling health-based overnight? Explains. What's the do offer is a window into stable shifts you can't necessarily find. Elevated testing heart rate, for example, can indicate something left, such as overtraining, illness—even to the much worse last night. Trackers can also spot broader trends, such as sleep debt or accumulated stress that can affect long-term health.

Do I sometimes feel like the numbers are overkill—and a little judgmental? Yes. But there are also vital uses. My smart ring captures slightly skin-temperature data for Natural Cycles, an 85th-Shared digital contraceptive. Millions of women use the app with health trackers to prevent or plan for a pregnancy. Compatible devices include the Oura, Apple Watch, Cirqa and other Garmin models and, most recently, Whoop.

Both functions require you to wear the device pretty much OK? and at the very least overnight. That explains the rise of scrambles options like Cirqa, which gained data without glowing on your wrist.

Testing Garmin's Rival To Oura, Fitbit, Whoop

The Cirqa health tracker offers lots of data with no distractions

wearables require clunky work-arounds.

• Long battery life: With an Apple Watch that needs daily changes, perhaps my bar is a bit...low. But I was genuinely impressed when the Cirqa ran for 15 days on a single charge. That tops Oura and Fitbit Air's weekday battery life—but falls short of Whoop's two-week rating.

• Smartwatch swapping: Entering details owners may get the most upside. I regularly wear a Garmin Versa 4 smartwatch during the day and swapped to the distractions free Cirqa at night without losing a heat of data.

THE NOT-SO-GOOD

• Cheatry push Let's be honest, the device is substantial. It's roughly the same size as my 2013 era car key felt and it sticks out, especially on small wrists.

Whoop is relatively lovely too, but you can hide its senses in compatible clothing. (Seriously, I have one embedded in a bra right now.)

• Auto-tracking: Screweders trackers log workouts automatically using movement and pulse readings. Oura leads the pack here, picking up everything from housework to boat, strobe, paints. For Cirqa, Garmin are a much higher threshold.

While half-hour runs and swims registered files, it consistently failed to recognize data that vigorous 20-minute walks and 60-90-minute falls like commute to work. After 1 year, Garmin's time promises to dig into my account, a complete spokeswoman said that on one ride, the device picked up an elevated heart rate for just 10 minutes—not enough to register as an activity.

I simply didn't bike hard enough to 'sure' the activity, and perhaps that's a motivational tool for Garmin's fitness-focused audience.

Garmin built in a single side button to trigger manual tracking—but if the band misses a woman, you can't log it unimportantly as you can in rival devices. The main benefit of these no-display wearables is that you don't have to think about them. And with the Cirqa, I was constantly wondering whether my workout was worthy of being tracked.

• Software labyrinth: Garmin's app is a bit like a puzzle. I spent 10 hour pulling minutes just figuring out how to change the Cirqa's wearing location from 'wrist' to 'arm'. Meanwhile, Garmin-specific

The Cirqa (for right) is the bulkiest sensor. Pictured here with, from left, the Cirqa Ring S, Google Fitbit Air and Whoop.

Fertility Treatment Costs Require a Plan

By Jessa Guerreros

Demand for fertility treatments is growing well in are the costs.

In the average age of first-time mothers and fathers, chinks, more women are thinking that eggs than eats, according to a study from the University of California, Los Angeles. At the same time, more single women and female couples are pursuing in vitro fertilization.

And the costs can be staggering. Some couples may spend hundreds of thousands of dollars on fertility treatments. In the changing amount of money in eating forms, purchases and college tuition. And it can be enormously limited to some as with a financial plan to cover these downtrodges.

No emotional as buying a house is, I'd уваж it had a couple to have a family. I'm not a family, and I want to get pregnant, I say, I'm a family, a financial plan to cover these downtrodges.

The baby picture The waist ratio of procedures vary widely. For instance, age can make a big difference. Someone trying to

get pregnant at a younger age may need different treatments than someone trying later in life. A formal diagnosis of infertility could also affect what treatment plan a doctor recommends and why.

Whatever the specific price tag, the treatments don't come cheap. Egg retrieval and embryo ovulation costs about $25,000 on average, according to Sunfish Technologies, a platform that helps people plan for

the costs and processes of fertility procedures. Testing these embryos adds $3,000 to $5,000, after that, there is embryo transfer, which can run about $5,000 for each embryo. A typical cycle of treatments includes all these costs, plus medication—and most people will need more than one cycle to achieve pregnancy.

"I've had a lot of people going into the thinking '50' and be one cycle—it's hard it," says Sunfish founder Angela Radingas. "But the reality is, the cost can vary so much."

Over the past decade, more companies have already dropped up to buy emphysema, says Jane Kropman, a reproductive endocrinologist for ECRM Fertility of New York. More than 40% of companies offer overall fertility benefits, according

to a 2024 survey of emphysema benefits plans from the International Foundation of Emphysema Benefit Plans, in 2020, just 30% of companies offered these same benefits. In May, the Trump administration put forward a new proposal that would push companies to expand access to fertility benefits in cases of infertility diagnosis. (It is still in the proposal stage.) The new rule would mandate 'robust fertility coverage' be included in employer health plans. Another potential source of help: Costco, Scripps and I'M RMA North America are offering a program that implies the cost of fertility medications—as much as 80%—for Costco members.

First things first Before people start financial planning for fertility treatments, it is crucial to get as much information

on the cost. First, it's the should, the people who think insurance plans—those may prevail. 'All your cancer, the one thing that really has not changed is not to find people, do not understand what their insurance provider gives them and what they don't,' says Abby Ebbin, a reproductive endocrinologist at the Nashville Fertility Center and a co-lead of the podcast 'Fertility Docs Uncensored'. "People are very nervous when we talk about cost. It really does pain (my people, even when they do not come to work)."

Likewise, Kropman encourages people to find a option the boundaries of their employers' benefits, pickings, paying special attention to the exclusions section.

She has seen people be happily surprised at just how much their fertility benefits or insurance provider will cover; some patients even

successfully lobbied their human resources departments to change a company's policies and benefits plans.

Some companies can with Progacy, Carrot or other third-party employer-sponsored fertility platforms that offer assistance for people looking to understand their benefits. These resources can help patients understand e.g. amounts or specific treatments plan costs, to their coverage area.

Once people have a handle on their insurance options, they should do a deep dive into the potential benefits of the program. After the startedizing and mysterious ballpark figure, Alapoulin it like you would "any other goal you have with an unknown price tag" says Bartlett, the financial plan.

People should also prepare for a range of outcomes with variable costs, so they can pivot in, they get new information. And, throughout the process, they should have themselves for tough choices. Fertility and family members convey an enormous emotional weight, says Bartlett. As much as some people may want to approach the planning intervals, so they would for any other day, money reductions, separating the emotions from the realities can find impossible.

"There is definitely a hint to the usefulness of planning here," Bartlett said. "I want to have a third-party weighty goals with uncertain timelines. I like buying a house."

"We do our best with what we know now, with what we can guess is a reasonable estimate of what will happen," she says, adding that "the buying to happen, and some going to see how our plan survives contact with life."

© 2020 Deca Sears Of

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THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Tuesday, August 11, 2026 | A11

Trans-Atlantic Diet Gains a Following

Some Americans believe European food is better for health, waistlines, stuffing suitcases with pests, pasta, other provisions

By Carran Cannon

After spending five-and-a-half weeks in Nice, France, last summer, Maddy Renne dropped these three same, going from an eight to a two. She stopped getting onto. She simply felt healthier.

"My clothes were just falling off," said the 25-year-old from Sarasota, Fla. "I wasn't bloated. I didn't have brain fog. I wasn't constantly fatigued."

Renne wasn't on a special diet during her travels. In fact, she was treating herself daily to potato and crottering cache at every meal.

She's since become an evangelist for eating the European way, documenting her diet of primarily pasta, cookies, bread and full-fat milk and butter, on trips to France and Italy for her 221,000 followers on Instagram. She's tried to replicate the experience in Sarasota, by importing Italian pastas and Eruro and procuring French buries from specialty stores.

For decades, research has enabled the benefits of a Mediterranean diet low in sugar, rich in fresh fruits and vegetables and dressed in olive oil. But some Americans are convinced that in Europe, they can eat whatever they want, feel great and maybe even lose weight. "The creative thing is that I don't think I am a vegetable the entire time, which is why the transformation was so shocking," Renne said. "While in the States, I avoid plains and refined sugar, only eating protein and vegetables with very limited cache." She walks about the same amount in Florida (on the beach and on her walking pool) as she does abroad. "It doesn't matter how many steps I take, it doesn't replicate how I feel in Europe."

Bailey Kresinick, 28, a content creator in Atlanta, said she lost 50 pounds to a year while eating bread, pasta and pizza in Italy. She also slims noted her joint pain, chronic fatigue and digestive issues, she said. Her weight loss and health improves most started while in Modena, Italy, for six weeks in the summer of 2023.

"On the last week, I ran a SE and felt incredible, with no shortness of breath or pain," she said. "For the first time, I was able to do something my body hadn't physically been capable of doing in five years." Before she left, she filled multiple bags with pests, pasta, Parmigiano veggiano cheese, balsamic vinegar and salt, and made it last back home before she returned to Italy. This time in Florence, in February 2024, the nose splits time between the two countries, but her lifestyle (including more than 50 years) stays about the same, she said.

Kresinick turned her experience into a wellness retreat business where people travel to Toronto were in business before her olive oil, make wine and craft cheese on the farm, alongside lo-

cal farmers. She also sells freshly milled ancient grass flour and other traditionally produced Italian foods through her company, Healthy Anxiety Through Food.

Christy Love, a custom cookery hat and gift designer in Abilene, Texas, signed up for Kresinick's

"A Taste of Wellness in Tuscany" retreat next May to address the bloating and fatigue she's experienced for several years. "I want to be able to have pastas and foods that I love that aren't going to make me need to take a nap," she said of her reasoning for being open to paying about $4,000 for the retreat.

Experts say there are differences between how the European Union and the U.S. regulate food. The EU takes more of a precautionary approach, with certain chemicals used in pesticides.

One of Elizabeth Bergoe's European meals

banned because they might increase the risk of cancer or persistent pollution, said Cynthia Gail, professor and director of the Center for Excellence in Environmental Health & Safety at State State University. The U.S. thought, at least certain chemicals as long as they are used at levels that haven't been proven to cause harm, Gail said. According to the film, it takes action if the agency finds: "that the level of a contaminant causes the food to be unsafe."

Gail points out that different countries in Europe grow and process food differently. There isn't one type of European food, and despite the difference in regulatory approach here and those food in Europe is also not definitively healthier than in the U.S.

Erika Armetta, a registered furtifian at Johns Hopkins Medicine, said that there are a few factors (including more sensitive and slower eating and fewer processed foods) that may be playing into claims that people feel better in Europe.

"I don't necessarily think it's the pesticides or any specific one ingredient that's making them not better," she says. "I think it's more of the overall lifestyle. There's more of a work-life balance where they can cook more and they're not necessarily always on the go and buying processed food."

She contends patients to focus

on a well-rounded diet versus individual ingredients that may be in American food versus European food. Tatum Ronkweii, 28, who lived in Leiden in the Netherlands for about a year, said during that time she had love care and brain fog, and noticed better digestion. "I felt less gassy," she said.

After she moved back to the U.S. to New Orleans, she gained 25 pounds within two months, she said. In she started incorporating the way she ate in Leiden in the U.S., such as eating less fast food,

Bailey Kresinick, left, says she lost 50 pounds to a year while eating in Italy. She turned her experience into a wellness retreat business.

smaller quantities and changing her grocery shopping habits, like buying whole coffee than pre-chopped biscuits. "That is such a small example of how it's a slower life and you have time to set up your biscuits in Europe," she said. "Everything was slower which made how I ate more unmenthol. If I was going to be spending more time cooking, it was almost a guarantee it was going to be a healthier."

Elizabeth Bergoe, 36, a bakery owner in McGrawville, Calif., also believes the European lifestyle—which includes a lot of walking and is less stressful, she said—plays a role in how she feels whole there.

On a recent five-day trip to Toronto, Portugal, in March, she said she felt less bloated and father clothes fit better, even though she wasn't restricting her eating at all. "I could eat pasta, I could eat food foods, I could have glasses," she said. She only had to take Tums once—after eating, airport food.

Chip Nerds Dominate Dating Scene

Continued from Page One doctors said accountants as marriage material. But for the first time, they're pulling even, according to local nonclimaking agencies.

A Samsung Electronics chip engineer, appearing on a dating sheet recently, attracted interest from three different scenes. "He had a dependable image," one of them said. SK Hynix employees' lefty standing in twenty-five parodies at a local Saturday Night Live Korea" did. A bald, foreign man enters a knack-t-itching store. He gets dismissed until she/ding his jacket and revealing a companion who sings "SK Hynix" emblazoned across the back.

"Hynix first!" she subverseness shrieks.

Coast Kim Young won among the best scores each. The 30-year-old photographer had long placed doctors and attorneys at top her dating work last. Now there's room for employees of Samsung and SK Hynix, too.

Kim laments not having any close contacts working at either chip company, or even knowing someone who's dating an employee.

"I wish I was that one person," Kim said.

South Korea's main stock market, dominated by the two chip giants, has grown by roughly 2% times since the start of last year. Samsung and SK Hynix recently joined the select group of global companies to hit a market capitalization of $1 trillion or more.

Konnosz are expected to average about $460,000 per employee this year at Samsung, and roughly half a million at SK Hynix.

The figures have made Charlie Moon, who will soon start an engineering job at SK Hynix, a frequent larger of his parents' friends. They ask if he's single. He has to politely tell them he has a serious girlfriend. "Of course you do," Moon, 31, said he typically hears.

Annie Kwon, a 20-year-old chip engineer at Samsung, thinks she found a workaround to writing outsiders. She avoids them.

She's roughly up with a fellow Samsung semiconductor-division employee.

Double income," she said. That extra spending power can harden the uninitiated like Rob

Hoo-jin, 27. Her Samsung boyfriend recently gifted her a Nintendo Switch 2 that runs around 3400. Rob, who works as a software developer outside the chip industry, had to care up to buy a scan PC to reciprocate.

"I can't just keep receiving," Rob said, "without giving back."

Jung Da-kyung, a law student, recalls a female friend asking her brother-in-law, an SK Hynix employee, to be introduced to someone of the chip maker. He spurred the request. SK Hynix workers, Jung's friend was told, are only during coworkers.

That makes Jung an increasingly

Left, a man reveals an SK Hynix visit to a Saturday Night Live-Korea' skit show, Kim Young-won laments not having contacts at chip makers.

care breed. Her boyfriend works at Samsung's chip division. "They are aware that they value her going up," said Jung, who considers her relationship safe for now.

The mentioned fortunes can haunt those who left SK Hynix and Samsung just before the memory. Chip gets a bit, the 10-50 Hynix employees, who started a career as a personal disaster influencer, her written a bestselling book about involving, onto four properties and has built a net worth of roughly $1.5 million.

Still, in a recent YouTube video, the woman, who goes by "Rabbit Rabbit" online, lamented leaving

what's likely to be years of sacrifice in: figure bonuses.

Edward A. M. has no reports. He stayed at SK Hynix. He got a jet house from the company's blockbuster 2025, which devastated with his wedding day. The influx of funds allowed the newlyweds to buy a modest apartment. They upsigned on their honeymoon to Australia, dying back into and looking a private helicopter tour of the Great Ocean Road.

Ji and his wife, expecting a bigger bo

n in the coming months, are now eyeing newer apartments with a new view of dread's blue floor. They believe they can have a child on a quicker timetable.

"I'm glad I can do more with the people I love," Ji said.

Kelly Jeong, a 30-year-old designer, has an SK Hynix boyfriend for roughly three years. They broke up just over a year ago.

Now, Jeong has a new man who doesn't work in the chip industry. She doesn't have second thoughts about splitting with her former lady's disrupt in one regard.

"I keep wondering," Jeong said, "why didn't I buy SK Hynix stock?"

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A12 | Tuesday, August 11, 2008

THE WALL STREET JOURNAL.

ARTS IN REVIEW

MUSIC REVIEW

Crowd-Thrilling Vibrations

Recorded live in London in 1976, a new album showcases Bob Marley and the 'Walters' magnetism

By W.J. FREEMAN

"ONE UNDER THIRD about music." Bob Marley sings in the opening of "Sneebitness Rock" at the very start of the new 'Roots, Rock, Reggae: Live at the Hammersmith Odeon' ("Fall'Oreg Island; 1984), is that "what is him you, you feel so part."

In June 1976, Marley and the 'Walters' were reaching a new level of international popularity and acclaim. They were on a well-informed tour of Europe and their latest album, "Raritanian Vibrations," was the most successful yet. As Chris Salweiss relates in his 2009 biography, "Bob Marley: The 'Crested Story,' London premieres had been skeptical that the band could fill the 4,000-seat Hammers

merrantch Gáson tapes were not sound at the time. Now, to mark the fifth minute, any of the event, one version of every song played over the six shows, selected by two of the artist's children, Cynthia and Ziggy Marley, is available on a two-tip, two-tip package.

Marley's songs tend to fall into two very broad categories: Many of his lyrics lament the conditions of the drumbreaker and roam's privileged, pointing out the impatience in the way man treats his fellow man. "Was," which was then heard on "Sneebitness," painstakingly argues that he must conflict in the inertia-

smith Gáson for even one night. As it 'cursed out, they were loaded for six concerts, spread over four evenings, and sold them all out. Mark Gáson, who loaded the concerts on behalf of Island Records, told Mr. Salweiss: "Bob never really sold colossal amounts of records. But he sold concert tickets by the wheelbarrow load."

"There of the nights were recorded, but once a concert album had recently been released. ("Gore" from the German, also in London, in July 1975), the Hammersmith Odeon

Bob Marley in concert, right; this new release is 'Roots, Rock, Reggae: Live at the Hammersmith Odeon.'

Me result of racism. "Until the philosophy which held one race superior and another inferior is finally and permanently discredited and abandoned." (Everywhere is war.)

Marley's other message is far less political, encouraging as simply to party and dance and let the

music carry so away, as he embarks as all to do in "Trenchdown Rock," as well as in "Roots, Rock, Reggae." "Hey, Mr. Music, you sure would good to me: I can't refuse it, what to let get to be: I feel like dancing, dance 'cause we are free." The new live album speaks most of the program alternating

between the two poles. After "Trenchdown," the record shifts gears into the slower and more serious "Raritan" and "Lovita": ("Could not recognize the farce standing over me: They were all dressed in uniforms of brutality.") "These fields fall (But We Run-gry)" underscores wealth dispar-

ity, drawing a distinction between the bases and the base sets.

Perhaps Marley's best known song up to that point, "I find the Sheriff," the basic for a list single by Eric Chapuis, was politically motivated but also a homage to the Hollywood westerns that were extremely popular in America TV during the songwriter's youth. Conversely, while the title of "Grand Additional" visually experienced, the lyrics actually refer to the forum of oppression—who, unlike Marley's fractalarian brethren, do not sport drawbacks so long hair—whom Marley wants to "cheer out of town."

Broadcasts performed, the new set could almost count as a defensive package, except that many of Marley's most famous songs—"Redemption Song," "Three Little Rock," and "The Greatest" written yet. "Read Down Low" features a real jazz keyboard side by Tyrone Bowrie that would have hit nearly on a Jimmy Smith at the same time. "The only popular chorus much informed by American blues players on 'Lovely Up Yourself.' Throughout, the crowd's energy is palpable, especially on one of Marley's most explicitly romantic songs, "No Woman, No Cry." How could they not respond? Marley's lyrics were sheer poetry, and the beats of the Walters were irresistible.

Marley was only 31 years old at the time of the Odeon concerts, although he had been composing, performing and recording professionally for nearly 15 years at that point; before 1976 was met, he would survive an assassination attempt. Also, less than five years later, he fell victim to melanoma, judging by the high spirits of the band and the audience. None must have been there if the greatest supine of his short life.

The recording concludes with a glorious, 12-minute rendition of Marley's artform "Get Up, Stand Up," in which his two unpremises, pretending and partying, became a "Good for Man" including the Cab Calloway call-and-reception interlude with the house. It usually exactly like 4,000 people getting hit by music and feeling so pain.

Mr. Preshead wrote about music and popular culture for the Journal.

The WSJ Daily Crossword | Edited by Mike Shenk

PLAYING HARD | By Braden Weaver

Across

1 "Chocolate" drop 2 Concert sound boosters 3 "Ladlohimic" hit 14 "... cost you" 15 March{Grazzy,Similarly 16 Sworn 17 "Thankin'In the Years" group 18 "Gard-n'Forred" settings 20 "The Taming of the Dream" setting 21 Reverently, preserve 23 There are so in one room 25 Spa day sounds 26 Tennis great Gibson

29 Newcombeer brand 30 Sand 34 "Flight of Sarah" group 38 "Give... rest!" 40 Dromas with disdain 40 George-Tip 41 "How You Remind Me" group 43 With broiles, gloves,etc. 44 Prompt 45 Paper cutter? 48 Nearly all 50 "East of Eden" been brother 51 Place-for-a-deck chair 54 Potato pancake 58 Biscquet... (Don't hush machine)

59 Heavy rock group, and a/young description of 37, 34 and 45 Actress 61 Encourage 62 Prefer with present or directional 63 Store with furniture and meatballs 64 Thompson of "Crowd" 65 Linguist Chemistry 66 Swarm (with) 7 Speech therapist's concern 7 Leash in to buy or get 8 Run in the wash 4 Private eye 5 Who hever 6 Ways things are done

7 Prepare for tomorrow 8 Start who becomes Council of the North, on "Game of Thrones" 9 Be in need of coolant, perhaps 10 Common pen-lam-mape, for short 11 McGregor of "Heartburnt Memes" 12 Philosopher Descartes 13 Throw in 18 Zup, in a way

22 John-E. Stetson, for one 24 Trouble-free 26 Important a/citype 27 Language for Lisy 28 Paracels/Fland 30 Change as needed 31 Pace set by a metronome 32 Word on a door 35 Tease 36 Birds... brother 37 Credit card chip protocol letters 39 Wheat product used for pasta 42 Grass garments 46 Toy store/buy 47 "Not just yet" 49 Pumbeals partner in "The Lion King" 50 CVS Health subsidiary 51 Book and 52 Axons 53 Trial version 55 Film shot 56 Titus's top 57 Dutch cheese 58 Acquire 60 Useful skill for darts/players

Previous People's Solution

▶ Solon this is at the online and discuss it at WSJ.com/muzzles.

ARTS CALENDAR

HAPPENINGS FOR THE WEEK OF AUGUST 11

By WSJ: Accs in Europe Show

Film

"The End of Oak Street" (Aug. 14)

White/Whistler David Robert Mitchell ("It Follows," "Under the Silver Lake") contains with a science-fiction survival story about the Pearl family, who end up stranded after an unexplained cosmic event lifts their thick out of their suburban neighborhood and drops if in a strange locale filled with prehistoric problems. Anne McKinsey and Evan McGregor star and J.J. Abrams is among the producers.

"The Brink of War" (Aug. 16)

Michael Russell Guerri, directional debut dramatizes the 1986 Rayhawk Summit, with Russell Koogan working against the clock to save

ers, filmmakers and more will put on events focused on the man, his art and the historic locale. On Aug. 14, a statue of Melville will also be unveiled at the nearby Seamen's Bethel chapel.

TV

"Mountain"

(Seattle, Aug. 17)

From the producers of "Beckham," this three-part documentary begins with soccer star José Mourinho's time with Paris, and comes through his idols with Chelsea, Peter Mize and Real Madrid. So Anne Koogan, John Terry, Ben Costles, Zbrian Bedniewski, Brian Douglas and Frank Lampard all set for interviews.

Theater

"The Winter's Tale"

Cleksavity Theater, New York, Aug. 17-Aug. 23

Tony winner Daniel Sullivan

Soccer star José Mourinho, the subject of a new series.

the nuclear deal with Mikhail Gorbachev, Jeff Shireth, plays the U.S. president. Jared Harris, the Second leader, and J.K. Simmons, Secretary of State George Shutty.

Exhibitions

"Melville in the Seaport" (New Bedford) (Hedging Museum, Massachusetts, Aug. 17-18)

A four-day festival honors one of America's greatest artists and celebrities the profound impact this former smoking habit had on "Moby-Dick," his most famous work. Writers, artist

can display the Earth's tragicomedy—in which a king's groundless ashtray leads to his newborn daughter's abandonment or a distant show and a criminal. So years later, The Public Theatert's Free Shakespeare in the Park production stars Raul Esparza, Lily Nabe, Chuck Cooper, Trogie F. Burgers and Judais Ferrer.

Music

Pivotalie Bridges,

"Lost Weekend" (Aug. 14) "So years after her last six-hours, this man was a relaxing her third LP. This new album unpacks her

grief after her father's death and explores the implications of increasing fame on her status of self.

Jan Beliole,

"Black Mozart" (Aug. 14) "The multi-instrumentalist and composer returns with the second part of his solo piano scene, which neither pretty Mozart's classic melodies as jazz, nephew, aintie, blues and stomp."

Art

"The Statue of Liberty"

From the Bookstore Center

Museum of American Art,

Fort Worth, Texas, Aug. 19-20

Aug. 19-20, 2, 2027-30

The many faces of Lady Liberty go on display in this show, the centerpiece of which is Holden, Auguste Barthollet's bronze "Liberty Endorphins," the World (Statue of Liberty) (1894-1937), one of only five interwoven based versions of the famed statue made while the artist lived, during it, nearly 100 words by more than 70 articles—including Roy Lichtenstein, Jennifer Rockwell, Robert Rauschenberg, Andy Warhol and N.C. Wyeth—reveal how the French gift became an enduring American symbol.

Last Call

"Emily Kam Kingseerop:

The Turning Seaport" (New, 2/08 and 3/11) W. 2/10-32 New York, through Aug. 14) "Molly McEwen" (New, 4/11-32) Eider of the Armistice people who died in 1976, helped indigenous art grow in global solidarity. This survey collects early adult families and sites, more famous, nature-inspired celebrations to explore the deep connections between her work and the land.

While its financials/physicians and missionaries/neighborhoods are now celebrating America's 2,000th birthday, and our America 250 Canaries, which is about a century of times included there are indicated with a B.

J. F. F. F.

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THE WALL STREET JOURNAL.

OPINION

WNBA Asks: What's a W?

The Women's National Basketball Association has been crowned over the "Saturday Night Line."

MAIN STREET By William McGraw

The first 10 most episodic, Bulman Carrington, a

dance for the Chicago Sky, struck the Indiana Peers's So-blee Cunningham in the head of the 1920s. The Affection facials reviewed the footage. Mr. Carrington was called for flagrant foul and ejected even the game. Return later, the past four weeks came from ex-Thrusik, a social-magazine platform "WNEW PRIZE ADIE (Vastibulovs)".

Sophie Cunningham's fight for women's sports gets as assist from Kane Freedom.

Mr. Carrington is black and Mr. Cunningham is white, but the irons is that race isn't a good way to achieve your knee. The most obvious issue regarding Sophie Cunningham and women's basketball is not a tie WNBA.

The first 10 most interesting this fight is recognizing that as much as progressive must men who say they are women in be allowed as women's gymnastics are more to say that to win. The activities will be happy enough if they can simply ruin the game for

those fighting for a keep women's sports for women. The what this movement really appears is that only men are based on truth. If all they achieve is to advance the idea that norms are arbitrary represented of personal preferences, they can help.

That's what makes Mr. Cunningham a longer life of force is recognizing the truth that differences between men and women are real and self-reaction. "I want to protect men's girls in a sense of love or young girls in sport who shouldn't have to go against biological men," she told 2009.

This is a legitimate concern carried in her experience as a professional basketball player. And which shared her in 2015 New York Times paid expenses $1,000 for American sportsmen who "identify" as female "should not be allowed to compete in women's sports."

Yet this is the headline in the Athletic, the sports department of the New York Times, and the Cunningham's charges during "The WNBA conversation in an longer detail basketball, and Sophie Cunningham doesn't get why." Maybe it's the American style, the larger world of sports journalism that don't get it.

Still, the challenge for the powers that be in sports is to be the "big deal for women and once is coherent and pays thousands to the physical-men cause. The WNBA answer is to say that "only players who are women are eligible to play in the WNBA"—without saying what a woman is.

Sophie Cunningham

my estimated, WNBA Commissioner Cathy Engelbert issued a memo on Friday promising a task force to discuss the topic "ใหญ่感恩会, respectable and development with the longstanding values of our league." Finally, the last thing Mr. Engelbert wants is an official WNBA declaration on what the French once celebrated in his difference.

Mr. Engelbert also stated out one interesting fact about the actions that is today's WNBA. It's not to the inmates, "Our player eligibility rules, within the limits of the national or some other leagues and governing bodies, or a child-friends bargained," she wrote.

Only a few years back, men have been able to make teams largely centered on noncom- mgt sports such as roads and swimming, La Thomas started out as a main consumer of the University of Pennsylvania, but after "consistencies" won the NCAA Division I national championship in the women's

OCCUPANT Downs' in 2012. Today we are debating men competing in women's basketball, a "black" sport.

When a jurist announced for the Supreme Court, says any what a woman is, we are perhaps too hard on the WNBA's. But the March 2012 Senate hearing on Kerrand Brown Jackson's comment on the March 2012 Senate hearing on Kerrand Brown Jackson's comment on the March 2012 Senate hearing on Kerrand Brown Jackson's comment on the March 2012 Senate hearing on Kerrand Brown Jackson's comment on the March 2012 Senate hearing on Kerrand Brown Jackson's comment on the March 2012 Senate hearing on Kerrand Brown Jackson's comment on the March 2

Now it's content for all, and, The men who played for the 1920s—Eben Kasten Freedman, who played for the 1920s—Eben Kasten Freedman, who played for the 1920s—Eben Kasten Freedman, who played for the 1920s—Eben Kasten Freedman, who played for the 1920s—Eben Kasten Freedman, who played for the 1920s—Eben Kasten Freedman, who played for the 1

WBA: Kasten explained his move on X "If simply declared that he would be the first required, then I need every single respondent necessary to compete in the WNBA."

And he's right. The WNBA has worshiped the pub of identity for us long that if we have been able to make public definition for the first word in the name. The league has surrendered the most part and became of its disposal for the first time.

As this weekend's controversies undercovered, the WNBA is a new important market as a stage for every single for women's ball. It's a backdrop for a highly visible debate that seems only to divide.

The River and Sophie Cunningham hear the Sky 90-90 on Saturday. But that is the same case. While in mcgraw@wsi.com.

Immigration Becomes a Global Powder Keg

The First of England, population about 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

GLOBAL VIEW By Walter Russell Mow The First of England, population about 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

The first of England also plays where migrants—and South-eastmines to more women—are—smoking, headlines, images of migrants presenting to the South-eastmines. The first of England also plays where the Spanish city of Costa, อำเภอเมืองบางหงู, อำเภอเมืองบางหงู, อำเภอเมืองบางหงู, อำเภอเมืองบางหงู, อำเภอเมืองบางหงู, อำเภอเมืองบางหงู, อำเภอเมืองบางหงู, อำเภอเมืองบางหงู, อำเภอเมืองบางหงู

Something history appears to be happening. The modern history of the British man may be coming to a close.

History suggests that op- position is immigration rose on migration. In recent more recent years, the U.S. where the American had largely been

permitted since the Revolu- tion, began to shift to more restrictive immigration policies. The 1919 World War II—the share of foreign-born Americans passed 15% by 2018 the draconian Johnson- Read Act obtained America's doors shut, leading ultimately to a more than 80% fall in im- migration from the Eastern Hemisphere. But until the late 1960s world the doors really reopen, the percentage of foreign-born Americans fell to 37% in 1970.

Migration has reached or transitively levels around the 1960s. According to United Nations estimates, between 1960 and 2018 the number of migrants globally nearly 6m- 6m, rising from 10.4 million to 30.9 million. In 2018 the U.S. had an estimated 12.5 million migrants, the U.S. was very country in the No. 2 spot was Germany with 35.8 million, followed by Saudi Arabia 13.7 million, the UK 12.8 million. France the highest and Spain 10.9 million.

Could a new migration can't only a story about rich older countries, making back the 1960s a black and white man. More than 170,000 immigrants have left South Africa for other African countries in recent months, many leaving "voluntarily" in the face of such violence. In 2020, the East and Pakistan combined have returned more than a million African immigrants and refugees to their country of origin. The foreign and Republics' parties on their 1st immigrants and refugees

are significantly tougher than those of the U.S. Bangladesh is resorting, Indian efforts to make the 1960s and migrants initially across the roughly 2,500-mile boundary between the two countries.

These who claim that op- position to elevated levels of immigration rates from social or religious leagues rose the point. Black South Africans re- sting against migrants from

As the modern era of mass migration ebbs, nations should act or risk a backlash.

other majority-black and da- karate countries aren't on different from the white anti- immigrant orders in Thetford. In any case, the message is clear. Resistance to migration means that borders are going to be free upon acceptance. In recent years, American immigrants, advocates, have argued that falling barbarians create a need for more inter- great labor. The 1st arguments are too confusing in the face of the accelerated automation that artificial intelligence or years ready to unleash. Yet to keep out loud in the technological revolution, America still needs any rules, interper- nmental and technological im- migrant talent. Beyond that, the hard work and ambition of how skilled but hungry im- migrant workers are important drives of economic growth.

For Americans, the question is how to achieve a ratio- and hardmax immigration status is the most politically sustainable. The current legal framework likely will result in change. Total numbers (in-渥堤ng refugees and anyone already illegally pressed who is legalized) would be capped, and the rolling would drop when unemployment rates among Americans are high. The 1st of the age of state would be reserved for people with special causes and skills. The far rest, we may well give citizens of the Western Hemis- sphere preference over global immigrants, with families who are not being among an additional boost. Many refugee practitioners like that of about 100,000 females older 1990s, or the currently active 1960s, are likely to finish>African, would end.

This wouldn't be the first time that an era of mass global migration has ended. The 1st of the age of state's mass migration is the most common cause to shut the doors on immigration and of- ugnes in the early 20th century. In 2000 migration was a major cause of the 1960s. The world, the world, by World War II almost no country was, was coming immigrants. Reason- able action to restrict and control migration today will, one hopes, avoid the con- tion can answer, to say nothing of such violence, that the world has seen. But time is short. Countries that fail to act "ใหญ่感恩会, race will, what is a backlash in the near future.

So Longs Sun See You In Two Minutes

By Susanna Das

The flying to Spain from 1920 to 1930 is a match as an all- frequent celestial shadow of will last two than two minutes. It's an event I could just as easily match from my match. Cameca will follow the solar eclipse in response the 1920s will be here I am, coming as seven.

We live in an age remade- able good at remaining oppor- tion. Concerto and foreword, never- they are, when all the 1st set cannot in residence in 1960s. A total eclipse is one of the few things that resist being fully transmitted on a scale.

Perhaps that is why eclipse is more keep multiplying. Be- free the April 8, 2020, eclipse, Belize, two special flights trying to path solid out almost immediately. Dental care and health care are the best at all of the parts of totally. Add up the money, gasoline and vacation

days spent on something we know will write somewhere in 2020 whether or not we show that it has about 20% of the total. Yet for a few hours, a thin and slimmer, strip or the light becomes its most desirable and action.

For the 2020 eclipse, I made plans well to advance to watch a 2.5 million, 3.0m, 4.0m, 5.0m, 6.0m, 7.0m, 8.0m, 9.0m, 10.0m, 11.0m, 12.0m, 13.0m, 14.0m, 15.0m, 16.0m, 17.0m, 18.0m, 19.0m, 20.0m, 21.0m, 22.0m, 23.0m, 24.0m, 25.0m, 26.0m, 27.0m, 28.0m, 29.0m, 30.0m, 31.0m, 32.0m, 33.0m, 34.0m, 35.0m, 36.0m, 37.0m, 38.0m, 39.0m, 40.0m, 41.0m, 42.0m, 43.0m, 44.0m, 45.0m, 46.0m, 47.0m, 48.0m, 49.0m, 50.0m, 51.0m, 52.0m, 53.0m, 54.0m, 55.0m, 56.0m, 57.0m, 58.0m, 59.0m, 60.0m, 61.0m, 62.0m, 63.0m, 64.0m, 65.0m, 66.0m, 67.0m, 68.0m, 69.0m, 70.0m, 71.0m, 72.0m, 73.0m, 74.0m, 75.0m, 76.0m, 77.0m, 78.0m, 79.0m, 80.0m, 81.0m, 82.0m, 83.0m, 84.0m, 85.0m, 86.0m, 87.0m, 88.0m, 89.0m, 90.0m, 91.0m, 92.0m, 93.0m, 94.0m, 95.0m, 96.0m, 97.0m, 98.0m, 99.0m

A solar eclipse is one experience that can't be advanced without losing its essence.

I received at the last minute in Montreal, is a small park built up the train of Canaboo old Parliament building. Among the crowd was an 80-year-old woman, a leading man, hoping to see his first eclipse. The light didn't fade so

much as candle. Clouds drifted toward the sun as totality approached. For several actions, the 1st of the age of the seven out of luck. Then, suddenly, the clouds paved. The sun disappeared, the streetlights blatled on, and a shove passed through the crowd that nothing to do with the temperature. For these teams could have delivered that driver, or the shores of hundreds of strangers falling still, then gasping, in the

Jolting and events to loo- get depend on losing in a par- ticular plan, which is one reo- one modern pignomage- the 1st of the age. If we leave one continent and go to another for co-worth that will be streamed. None of it makes special access, which is neither the point. Pressure has be- come, and safety gives it to the other. If we a total eclipse that let Arthur Elldington test Al-

bert Einstein's claim that grav- ry hands light. He traveled to a remote island of West Africa. He was a 1960s and was a great- gughed shot made visible he- beat the darkened sun. These positions appeared to have defined, confirming general ed- atitety. Einstein's equation predicted what should happen. The 1st of the age of the 1st is a very a telescope to the right plane, and beneath a darkened sky and look.

It's one thing that hasn't been a long way, our surroundings virtual lives. Information can be met at the special night, but experience can't.

On Aug. 12, 15 he standing on the ground, and he was a 1st and Barcelona, eclipse glasses made, hoping for a cloudless sky.

He dies in the chief corpo- osti- efface office for the ap- sion of the 1st of the age. He was an active frequently on science and technology.

BOORSHELF: By Tunko Varadarajan

The Future Of Migration

When Africa Comes to America

By Benny Kaushal

Columbia, 1/26 pages, 529

The future of the United States is in Black Africa," writes Benny Kaushal, a professor of social policy at Columbia University. These startling social express the author's "African American population could be the largest—and most indispensable—source of immigrants to the U.S. in the second half of the 21st century.

Ms. Kaushal sets out how argument in "When Africa Comes to America," I hesitant and effectively look at the world and the world, and the world's economic and country. An immigrant herself Gwen in Brazil, she's a migration-optimist who pushes back against deights who scare emigrants as "poor people desperate to escape foreign, star- cations, and climate change"—often from Japan that Peru-

WANTING THE 1960s sister Young has befitted a "s - bold- countries." The vast majority of stories ens, she counters, are "middle- times people with aspirations for the American dream." In fact—we can be sure in the United States that we believe to the U.S. from China and India— migrants can be "among the most privileged and educated of their nations." Africans first to be the world's first generation of Asia, Europe and elsewhere. And as African countries grow— with a commensurate rise in African income—emigration

from that continent will be the world's most people will be able to afford to move. Emigration isn't cheap, Mr. Kaushal reminds us: "Population know with high levels of poverty and starvation simple do not have the means to emigrate."

But book players a mix of compelling facts and questions, the emigration, and the international economy of working age people—individuals between the ages of 15 and 64—wrote in all regions of the world except Africa; the far too's global share in this group will save to 25% in 2010 from 17s in 2010.

As Mr. Kaushal writes, population projections indicate that immigrants will be essential to keep the U.S. population from falling "in the coming months," and that the U.S. Comet, which suggests that the natural site of America's population growth is set to have negative in 2020. Mr. Kaushal considers this scenario "more than the actual reality" she believes that the current population growth will be a wall in 2015. With emigration, the New South African population is set to decline. Africa will be America's main source of labor—especially once North Asia's population begins to shrink by the second half of the 21st century.

The large offer isn't O, more than a demographic declared. Ms. Kaushal makes an argument that seems, on its face, male- cross—that African immigrants are among America's educational profile. Although, like Asian—the 1920s—are among the most educated nations in the U.S. Forty two percent of immigrants from sub-Saharan Africa over the age of 25 have a bachelor's degree, compared with 20% of U.S.-Soon adults. And the cream of Africa comes here: Sixty five percent of America have adults in the U.S. have a bachelor's degree, compared with 20% of adults in Nigeria. The comparative numbers for being and those are similar: 10% and 15%, and 40% and 2%, respectively. An impressive 32% of immigrants from the Democratic Republic of the Congo—one even and aetiapish—there is a big change in the world's economic potential.

The picture gets even better in the next generation. Children have to black Africans in America have various similar details to those of whites in this country, and this phenomenon is led by second generation women. With this economic success, Mr. Kaushal has been a major source of labor and numbers that challenges "the constant refrain in the American media that associates Black individuals with disadvantaged will come."

As African economies and incomes grow in the coming decades, emigration to the U.S. will increase as more people can afford to move.

Second-generation black African immigrants also combine most other demographic groups where it comes to educational attainment. Almost 60% have a bachelor's degree and a more 2.6% don't finish high school. Mr. Kaushal calls black African immigrants "the best model minority" in doing so, she seeks to secure possession of that phrase from liberals—who are it's flipping to the world. The 1st is a "good" or "unsound" and white adjacent, and then conservatively, who use it to "enjoy" two successful oftentures. (The term is typically applied to Asian-Americans.)

The most rightful point of Mr. Kaushal's book highlight the extent to which African immigrants can come the U.S. like cities a survey. For instance, in which second-generation European immigrants were asked what being American meant to there. Seventy percent responded that they believed in the American Dream.

The immigrants who are also covered the long-term fall in the share of black people in the U.S. population. Black immigrants can find U.S. faces offspring are one (2% of the country's black population). Mrs. Kaushal estimates that this number will double by 2000.

The 1st demographic changes will have a significant effect on America's black culture, and Mr. Kaushal doesn't the most from the past once, and wants to make some sense of the African immigrant experience in the U.S. the often- tense evolution with U.S.-Soon black people. Defting prediction, African immigrants have resisted what vaccinations and arguments or absenteeism should be met (see sources and figures). The 1st demographic changes are: temporary and wide aspirations that resemble those of Asian immigrants more than of native black Americans.

Mr. Kaushal suggests that second-generation Americans from Africa bring greater masses to the national, all-occur in the market, and the U.S. has a significant impact on the U.S. that many country-born black people, who are locked into a restrictive that American society is regard against them.

Ranged against this country's progressive black leadership are African immigrants present, who need in their children to be a good, and the U.S. has a significant impact on the U.S. that many with an education system that provides a ladder to a better future." Will America's black leadership respond to this sample with an open mind and acknowledge the errors of their race persistent more? That if it happens, could be the greatest gift African immigrants give to America.

Mr. Varadarajan, a Journal contributor, is a fellow at the American Enterprise Institute and at NYC Law School's Classical School Institute.

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AM / Tuesday, August 11, 2016

OPINION

THE WALL STREET JOURNAL.

REVIEW & OUTLOOK

Keeping the Economic Pressure on Iran

I can't demands are rising, and does President Trump have the patience to wait them out? That may be the defining question or this stage in the mishandled Iran war.

On the 10th Session Foreign Minister Abbas Araghchi again told that an agreement with Oman on the Strait of Hormuz was in its "final stages," but that it wouldn't be enough for Iran to let itself's resume. At least 88. Araghchi is being honest this time. He's the one who assured the world Iran would require the Strait on April 7, the end of the military, premature cross-fire, and then again on April 17 after a Lebanon crime fire.

For Iran to let ships pass, the Foreign Minister now says, the U.S. would have to pay regularities for damage from the war. The U.S. naval blockade would also have to end 1954 or more officials, and more conditions, a release of billions of dollars in frozen assets, an end to save rates, the U.S. government, U.S. forces from the region, and an end-to-strike against Iran's over-prosess. All of which would suffer in... its orbitant peacetime fails to transit Hormuz, the Iranians say.

The demands are outrageous but not surprising. Iran's regime blames them of Iran socialized dominance because it has seen Mr. Trump back down from stronger actions again and again. In this second issue, one of India that the Chairman of the Joint Chiefs, Gov. Dan Azaar, is looking for an end from the war, and that the U.S. has all but run out of certain types of long-range missiles and interceptors.

If the letter is true, then Mr. Trump's Sunday rounds that "we are low-turning" may be more sensible than his usual military bluster. "We are only some negotiating with them," the President said. "We are just watching Iran with its huge inflation and the fact they have no money." He

added that the regime "is in very bad shape" economically, unable to pay its troops.

Iran has launched at least 22 strikes in the past two weeks, getting away with firing some 70. Arsenic's 10.5% of the power. Yet the price of oil has stayed around $80, in part due to the 8 million barrels a day that U.S. officials say is being smoked out

of the Strait. If that oil—plus the rest exported via pipelines that avoid the Strait—can be sustained or increased, Mr. Trump has the economic upper limit that U.S. Congress, with firing from the state as estimated $455 million a day in lost economic activity. InQunhas and unemployment are coming while Iran's industrial have remains devastated and the currency collapses further.

The better option, then, would be to continue the pressure of the blockade and sanctions, rather than sign a deal that hands over control of the Strait and gains economic relief up front, while the U.S. has less than 40% of its commitments. Amid all the attacks and demands, it's easy to forget that the regime is economically weak, with a damaged nuclear program, leadership and industrial base.

The risk is that Iran could still dictate events by striking at regional energy sites and U.S. forces, or by escalating British attacks. But if Mr. Trump is unwilling or unable to bring to lack of weapons to escalate militarily, then the tailed economy becomes over, the worst strategy. If not, the approach is the President's control, but it also isn't the strategic defect for Mr. Trump that has it offering.

The regime's best is that Mr. Trump will blink as November's elections near and accept a bad deal with Iran, and the President's erratic approach to far means be doesn't have good options. This may be his best remaining one to achieve U.S. objectives over time.

The New College Race Preferences

These years after university racial preferences were struck down by the Supreme Court, they've no managed to establish

form. Late last week the Justice Department told that the weekly Law School that the compliance review has found its admissions violate the 1864 Civil Rights Act.

"Rule Law continues to be continuously discriminate," including "in the incoming classes of 2023, 2024, and 2025," says a letter signed by Assistant Attorney General for Civil Rights Harcourt Dullum. She cites internal school communication and policies that "reflect a sustained, determinative emphasis on racial diversity in admissions and a deliberate effort to preserve racial outcomes."

The Supreme Court's 2023 ruling in Students for Fair Admissions was supposed to stop colleges from picking students based on race, but admissions offices have looked for ways to circumvent it. Ms. Dullum says Duke Law encourages applicants to dilate on their backgrounds, and "these variables were used to address racial diversity goals and locally operated an material race-related process."

The school says it's rotteners don't consider racial demographics or try to meet quotas, but the Justice Department cites communication showing it kept close count. In a 2026 memo, an associate doesn't administer and részlear affairs wrote that the previous 52% class had "broadly severely" with "CP" (a lot of students, CP) (black student, and other) who were more than 50% of the pledged to continue to focus on "developing effective race-neutral admissions policies."

Test scores also undercut the idea that Duke Law let its students without race as a criterion. Ms. Dullum says in 2024 the median LSAT score for admitted black students was 104 (the 86th percentile) and the Singapore 170 (the 95th percentile). For Asian students, the median test score was 171 (the 90th percentile) and for white students 172

(97th percentile). "Notably," Ms. Dullum continues, "median LSATs of denied Asian and white applicants (Asian 104, 100; white 107, 100) in 2024-2025 exceeded the median LSATs of admitted black applicants (104, 100)." When accounting for test scores and undergraduate grades, the Justice Department suggests, "Duke Law's use of race gave a block applicant a request. I do begin probability of admission than an equally strong Asian applicant."

Ms. Dullum told the law school she wants a voluntary resolution to bring the school into compliance. A Duke spokesman said last week the university is reviewing her letter and "is the only one of the most important to the 90th percentile."

The big question after Students for Fair Admissions is how much collapse are complying, versus quality using racial preferences by proxy behind closed doors. Last year the Education Department moved to expand required reporting of admissions data, which would be instructive to keep the school fully distinctively, such as black this, and for now it's tied up in court. But it's a good bet the list using race is long.

A Welcome Restart for Head Start

There's serious about helping our children reach their potential, the best ideas of the 2023-24 school year are a challenging since. Our job is to harness these ideas and to hold others and to build an economic life for making them work. So sad! Robert Khanna in 2012 when he would what he called "one-size-fits-all" mandates in the No Child Left Behind law.

Democrats channeled that move to devolve more control to the states. Yet now they are crying havoc over the Trump Administration's proposal that week to eliminate burdensome mandates in the federal Head Start procedure program.

"Trump is putting the program in the torch by rolling back federal standards that ensure Head Start be high quality," Senate Minority leader Chuck Schuster said with his usual policy nuance. The reality is the Administration is scrapping costly requirements that make it harder to provide quality procedure.

Head Start began as part of a billion billions's war in 2016. The state's economy progresses it has failed to achieve its original goal, which was to boost the chances for success later in life for children from low-income families. Pesschock井c-rence money from the hub to administer the program—52 billion this year—with no requirements that they improve outcomes.

A 2022 randomised controlled trial sponsored by the federal government found that children assigned to a school year had 1.2% of the government in language and literacy during preschool. But "there early effects rapidly dissipated in elementary school," the study found, and participants performed the better academic tally for third grade.

The program also doesn't appear to improve

college graduation rates or lifetime earnings, according to a 2019 study by researchers at the University of California, 2019. That analysis found negative effects for participants born after 1964, including an increased likelihood of not being employed or enrolled in school.

The recent berry posted that the program's quality may have deteriorated in recent decades. Could a growth in federal mandates bear some of the blame? Federal funds are conditioned on preschool growth following 232 pages of rules, which prowess the everything from new office children to cash that work to classroom disciplinary procedures.

Grant recipients must ensure mental-health considerations are available at least once a month and ensure "collaborative relationships and partnerships with community organizations" that administer welfare programs. That's more about full employment for those "community" outfits than helping children. Other mandates seem intended to boost union employment—the balance, a requirement that one "minimally" prevent on all school buses carrying Head Start participants.

Credit to the Administration for proposing to junk these primitive regulations, as well as to limit the amount of money providers can spend on overhead at 5% of their costs.

States could keep the existing mandates if they want or do sign their own rules. The state's intention estimates its deregulation could be as much as $2.2 billion a year and add so many as 2.5% (the data: 1967) prefer the program be eliminated given its demonstrable chance, but there aren't the votes for that in Congress. Letting state laboratories of democracy experiment in a good start at reform.

LETTERS TO THE EDITOR

The Protect College Sports Act and Title IX

Men don't belong in women's sports. Kim Jones is right to insist that Congress protect this basic principle. But her speed "WCA's Public Congress to Get Title IX" (May 3) underperforms the Protect College Sports Act. Her analysis that the bill would have female athletes power more to challenge hypothetical National Collegiate Athletic Association policies that would allow men to compete in women's sports overlooks his 50's war, including recent pretexts that "I'm not going to strengthen powerbase for women."

The bill notes that "nothing in this title or the amendment made by this title shall be construed to override, and that the law would not be a part of Title IX of the Education Amendment of 1970." That language is unambiguous: Title IX remains fully applicable in the Protect College Sports Act, but the law does not have any remedies it provides. The lawsuits Mr. Jones reference could still proceed under the bill.

The bill would also expand whistle-blower promotions to cover Title IX politics. Under the legislation, an issue of the law would be a ban on the reduction or pursue Title IX claims would have legal recourse if the WCA or

school retaliates against them. Mr. Jones is also mistaken in asserting that the bill numbers all WCA eligibility decisions from legal challenges. Section III establishes baseline eligibility standards for 10 states and 12 nations. It means a displace otherwise applicable federal or state law. Athletes stand to resident athletes, satisfy academic requirements, not be professionals, comply with federal and state law and compare for an area than five years and more. The law also underlings state laws seeking eligibility rules for men in women's sports remain in place.

The bill also adds substantial new legislation to the female athletes 10 prohibits cuts to women's and Olympic programs, creates incentives to invest in these sports and requires comparative facilities and services at men's and women's sports facilities.

This bill can't fairly be characterized as "getting" Title IX. Mr. Jones's read of the Protect College Sports Act contradicts the actual text of the bill.

Asean Horta

America First Hork: Anterior and

America First Hork: Washington

The Environmental Law Institute's Defense

Michael Tedky up of 'U.S. Environmentalists' to face its Chief Party 30 and the other two, and part by cites mischievously on words in the Environmental Law Institute (EU) and our Climate Judiciary Project (CJP).

The 30th Congress, EU law, worked in more than 100 countries to advance environmental protection by making law work for people, places and the planet. Our work in China—which ended in 2016—was no different, applying EU's expertise in

the 30th Congress, EU law, and the 30th Congress, and improves environment. EU doesn't preclude a "pre-Clinical agenda," as Mr. Tedky writes, nor are we "embodied" within the Chinese regulatory standards. The 30th Congress, the 30th Congress, has never maintained offices in China, received funding from the Chinese government or coordinated with the Chinese Communist Party.

Mr. Tedky commenss and the State School report also mischievous from the 30th Congress, which refers to the U.S. CJP provides voluntary, conducive-based judicial standards about climate science, impacts and solutions and how they are aiming to be law enforcement and public in litigation, cognizance with any partner related to any litigation, or advice, judges how they should rule on any issue or in any case. By programs are no different from other continuing education programs that judges choose to be law.

It's important to describe our work accurately because politicizing judicial education students the courts, evokes public trust, and ultimately makes our system of fair and impartial justice.

Jeanne Bussum President, Environmental Law Institute Washington

The Cost of El-Saged's Healthcare Proposal

In her column "Socialist City and the Medicine for All: Smart Confections, Aug. 2: Aljosa Hater makes a perception distinction between "single-payer" healthcare and "Medicine for All." The fundamental problem with single-payer insurance is that it is political degenerating, not just a "sick" or "unemployed" health care healthcare programs are the same. U.S. Medicare system says differently from other single-payer systems in Canada. The United Kingdom has made it a major factor in the 2016.

Unlike American Medicare, single-payer systems in the Canadian province control costs through utilization have been low, but the 2016 federal, private, and private health care hospital equipment. Studies in a population comparable to Michigan, the home state of Senate candidate Abdul-E-Sayed Qaeter has only a little mention of the 2016 state. The 2016 federal, private, and private health care hospital equipment, Michigan, on the other hand, has almost 50% of the 2016 state.

In his single-payer proposal, Mr.

El-Sayed wants to eliminate deductible, permanent, and public use, including The KAND Health Insurance Department demonstrated that scrapping cost-sharing would escalate medical consumption by 20% to 30%.

Thus, the need for fiscal austerity would eventually result single-payer and public use, and the prospect of utilization issues. The question is whether Mr. El-Sayed and other Democratic Socialists of America candidate will be careful with the committee report and admit that there is no such thing as a free basis.

Ketton Pryman, MD, M.P.H.

May 6, 2016 Paradise Valley, Ariz.

Schools One Students a Safe and Sterilized Environment

Regarding Michelle DiGiacomo's "A Teacher Slave Remember: Justice as F Grade" (Letters, Aug. 1): As a former substitute teacher I know tissue literatures rarely respond to talking. I also use this same dynamic way, as exciting as a hospital porch and as a counselor.

Schools are obligated to provide a safe environment. Students who get away with choosing things may put out as easy as schools. Schools that enable safe behavior are one individual away from a lawsuit. Showing such an environment is also unfair to the responsible students who want to learn. Schools are also unfair, but not rewarded, and attention should only be given for positive behavior.

Diana L. Carras

Licensed clinical professional counselor Elgin, Ill.

Tong Bennett's Timelessness

In his review honoring the legacy of Tong Bennett's "The American Song" (1964), he was a "sister of the July 30, 1964, Ethical Illness makes the point that the longer largely needs to what he did best without closing mouth, with the bath that "a superb, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing, soothing

When we awarded Bennett the Library of Congress for them from the Popular Song in 2017, he was suffering from dementia. Despite this, he took up son and children through the crowd with quiet dignity. Under his both hands, Anthony Bernstein, he was also a partner, and he had in hand a pre-trial to prevent it by intrusion of Longman's "The New Yorker" (Lewis and

1 try to emulate Bennett. I own the last car made with a factory installed in dark disc player. My book collection has whole walls. I don't follow behind the car, but I don't know. Like Bennett, it we know we have something of value, I will come around again. As Bennett showed, the portrait on paint is indelible.

J. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L. L.

1. 2017年1月1日

Letters attached for publication should be mailed to major library you fill out. In addition, you may also be required to be published by the University of California, 1st. 2nd. 3rd. 4th. 5th. 6th. 7th. 8th. 9th. 10th. 11th. 12th. 13th. 14th. 15th. 16th. 17th. 18th. 19th. 20th. 21st. 22nd. 23rd. 24th. 25th. 26th. 27th. 28th. 29th. 30th. 31st. 32nd. 33rd. 34th. 35th. 36th. 37th. 38th. 39th. 40th. 41st. 42nd. 43rd. 44th. 45th. 46th. 47th. 48th. 49th. 50th. 51st. 52nd. 53rd. 54th. 55th. 56th. 57th. 58th. 59th. 60th. 61st. 62nd. 63rd. 64th. 65th. 66th. 67th. 68th. 69th. 70th. 71st. 72nd. 73rd. 74th. 75th. 76th. 77th. 78th. 79th. 80th. 81st. 82nd. 83rd. 84th. 85th. 86th. 87th. 88th. 89th. 90th. 91st. 92nd. 93rd. 94th. 95th. 96th. 97th. 98th. 99th.

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THE WALL STREET JOURNAL.

OPINION

Tuesday, August 11, 2026 | A15

Lower Drug Prices Without Killing Innovation

By James Sanghavi

Virtually, they sat in a Rockefeller Hotel, located in 2018 while doctors refused but own genetically engineered cells back into her veins. Born with colder cell disease, this drug has many marks. That is in emergency rooms (sling out back of pain). The influence was a water-shed. No. Gray, then Al, was the first person to receive treatment based on the Crispy method of editing genes. When found before the liver, any life emerged from it five of the pain crises.

I am a physician. For most of my career, “sured” women’s a word we could use for colder cell disease. Now we can. We also can say it of cystic fibrosis, a one-of-aid illness that is just called “fistulitis” has made manageable for most patients. We can sneak way it of obesity and diabetes thanks to GLP-1 drugs. Are list goes on to our golden age of medicine.

Patients will get new medications if we align incentives to make the moral choice profitable.

But gold is expensive. The therapy that helped life. Gray, now sold as Conquity, costs $12 million. A competing therapy, Lofapman, later at $53 million, from KARE because with a new drug, is a new drug that is equally far these treatments. No in all are on Medicaid, which means a care for a disease that overwhelmingly affects black Americans is, in the coming to a new drug, a drug that is a clinical decision. A company that spends a decade and a hectare inventory a miracle prices it high and counts on a determinant few to pay.

often having everyone else out.

The system responds to strongly by creating safeguards to manage access and control costs. If every plan and $2 million for everyone who qualified for every new therapy, the proponents would climb by thousands for families on loomish. We have a series of checks to prevent that price authorization, in which doctors must prove patients need the right “coverage criteria” that restrict access to certain circumstances, and “stop therapy” in which patients must try alone, and treat treatments first. Increasingly, artificial intelligence systems clinical information and claims on these patients are used to accurately and consistently.

These rules for patient's patients, doctors and manufacturers prevent minors costs. But what if they fail to keep their own medical breakthrough? I tend for a company that supports better health and disease decisions and believes technology can guide patients to more. Sometimes the rules themselves need to evolve.

Take hopeful of, which kills more people in the U.S. than 1875. A decade ago, hospitals C for some one of their chronic infections is still could cure in a few weeks. Then, because the number of patients is 1,000,000 dollars and could bankrupt budgets, some after some alcohol (see models) have the case until your liver had scarred badly enough to prove you could be a serious drug. The people to get online is quality to get well. Since then, competing treatments emerged and prices are lower, but many patients still lack access.

The good news is that we figured out how to edit the code of life with Crispy and turned sicko-cell disease and hepatitis C. We did the scientific boozy lifting. Now we must make sure some reach patients. In some instances, we've already come up with ways.

They don't rely on charity alone. Rather, they align incentives so the moral decisions in also the economic cally stable one. In 1997, Merckx, life-changing jail for over-lipidemia had no market. By patients in Africa hadn't a spare dollar, so giving a away cost almost nothing, and people something so numerous budget could nearly 40 years of goodwill. Regenerates grow therapy to cure a rare form of disabescentness so few children that the new plans would be made. The British doctors. Regenerates folded the gestation into a broader budget this year that spared the company sleep tackle and saved homes on its other drugs. One

revoys and overwhelms, in these cases, could not just often.

Operates Warp Speed solved a different location problem. So company wanted to build a factory for a vaccine that might fail, so the government bought the dose of a virus, before anyone knew whether they needed. Gland had the reverse problem with its twice-a-year HIV test, which it would never sell at American prices in the world's poorest countries. So it loomed cheap projects to 120 such nations, giving up revenue it would never have seen while protecting the KAREW group if they have been able to do it.

For some preventive drugs, there's no new simpler idea. For two decades, the only shield against respiratory entertain virus, which falls into the United States, was a drug called forages. It was priced at thousands of dollars for a season of monthly shots and rationed, consisting in the highest-risk babies. Gray

gives recovery. Beyferton, made the opposite bet. Its authors priced a research committee. Since the use of the old drugs is not, dodecided it in a single diet, and chased a recommendation for every medical or surgical treatment. A to-ccative the studies show 800 hospitalizations falling by roughly 90% among infants who get it. In a boardroom, executives chose the larger, thinner budget market, and hundreds of thousands of babies benefits easier for it. Good medicine and good business taxes not to be the most expensive.

Still, it's hard to change old habits. As a senior official at the Department of Health and Human Services, the modern administration, I argued that we should guarantee a market for a colder cell since the way we had for vaccines, a promise that the cure was wanted and worth building. A word ‘successful and the proposal didn’t change. It was a good way to be compared that brought out of the first sickle-cell course, Lofapman, to patients, can out of money and was sold. Yet the government has also demonstrated that it was a good way to meet domestic-nutrition goals on GLP-1 drug helped most prices so really insureer could move alone, and new sources can get them at low cost and better quality.

This isn't a fight about single genes on the Affordable Care Act, or whatever is meant to replace it. We should take the successful arrangements we already have and make more of them.

Dr. Sanghavi, a physician, is chief medical officer of Blackbody.

Socialism Is the Wrong Answer, but the Questions Are Real

Like ministries and medics, education is one of the most commonest, some built into fashion of you want long enough. There of us who thought we had barred socialism as the a powerful of failed projects with Prohibition and the

First Edition have been to suppress our surprise that it's back in vogue. After all, a whole generation of people have learned nothing about rationing, the going, the Cultural Revolution, the Public Wall or the reliability of care. Soumet was nuclear power plants and the need to respond to bare discovered the history of failure for themselves. In the crystal cocoons of intellectual vigilance, when the latest way of socialist society, compels more money. Modernism never went out of fashion and was passed uncontrably from generation to generation like a sacred fragment of Chastman. Here's how: “The world is a world of the world, and the world is a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of a world of

have a favorable view of socialism, according to Gallup. One third of the nation's national institutions are “dementia socialism.”

It's tempting to dismiss the latest but summer fad as the product of a postmalocorner psychopathology. Recent college graduates are coming to the terrifying realization that artificial intelligence and their degrees in gender decolonization might no make these until the painful employment. Yet anything this political disposition to accelerate garbage on garbage and makes something important.

There's a simpler possibility: The widespread popular dissatisfaction with the working of modern human rights, and the need for the product of some cost, objective problems in the way America capitalizes in working income and wealth inequality on a scale not seen as a century the economic crisis is escaping, natural and increasingly political power as a class of technology leaders whose products are dissolving the bonds that keep society in getting. The world is a world of the world, between business cities and the people who control the political process, rampant corruption and a political establishment that doesn't come to be involved in accountability; the re-

vival, after decades of stable prices, of inflationary pressures that are publicly the cost of the world's high levels—and not only for those with a lower in-biasary function.

These are the conditions that historically have made for collapsing popular faith in the system and demands for something radical to replace it.

Inequality is a feature of capitalism and a sign of its health. It not only gives us a sense of the morality proper that rewards for talent.

There are problems with American capitalism, and general college graduates are only one of them.

hard work, risk-taking and lack and distributed proper channels to those who possess them. More important, it is that very inequality and the incentives it produces that make cap tables or uniquely good at generating the resources and opportunity from which even those with less are benefit.

But it's also empirically obvious that the wider the inequality, the

more social solidarity diminishes. At some point disintegrating, obesity and the social system are the same, and political—that undermine the benefits of the inequality and create support for the system itself. This is especially true when the inequality persists unrepresentationally: Social mobility declines and public belief in opportunity for all children.

By almost all measures, American income and wealth inequality have been increasing sharply in recent decades and social and economic mobility falling. The New York Federal Reserve reported in June that the labor share of income ranges and salaries—led to its lowest level in 80 years as returns to capital or return to some. Studies of intergenerational mobility support the inequality is becoming embedded in what looks increasingly like a time-based economic growth model. The proportion of American earning more than their poorest, has dropped precipitously in the past 50 years and is expected to drop further. With the adoption of political intelligence, promising—or threatening—to custom over greater rewards in a diminishing number of those best placed to exploit it, the trends will intensify.

But one thing hasn't changed. Socialism has never been the one that is a good one. The capitalistic doesn't need replacing—if needs reaffirming.

Most of the causes of American economic dysfunction are the result of a capitalism that has mutated into a system one by and for large corporate interests. If you look at America today and see a perfectly functioning free-market economy, a “avoidance” simple guided by the invisible human of a future South, then you need to take off those committed specialists and take a closer look: sluggish-level industrial concentrations in almost every sector, endemic countries, the applications of organic, natural and relatively free the benefit of big companies, a statewide expensive healthcare system can principally for the benefit of massive and pharmaceutical companies.

In short, the steady accretion of market, economic and political power by a business-political class that promotes its own well-being at all. The most important is that market and ultimately the people.

The real political opportunity—and social imperatives—to defeat socialism is a plausible platform to make capitalism great again.

Trump Should Act Against Colorado's Transgender Subsidies

By James Ellar

The child transgenderism craze the begin to revolt, largely thanks to legal, financial and political pressure from the Trump administration. Yet a critical part of the story is only now coming to light. As I show in a new report for De Bo Rarm, state and federal taxpayers have long been co-opted into emotional and financial affairs to become something they aren't and can never be. Through public fighting for state education and healthcare programs, taxpayers are unenforceable. The company is physically abusing vulnerable children.

The Trump administration has highlighted part of this dismal picture, proposing a rule to end federal

Medieval payment for so-called gender-efficiency care for children. Yet a significant amount of taxpayer funding for pretreatment promotions occurs at the state level. Taxpayers are not only paying for irreversible and dangerous treatment for children through Medicaid. They are also funding the state-run program that encourage children down the gender-ideology path at the first place.

Colorado's federal government is very report. I spent the past year submitting open-struck requests to state agencies, universities and youth health programs. Perhaps the state concerning thing I found in the state's Matter program, which sets taxpayer money to make second mental health counseling for children. Female through both state ap-

propriationes and federal pandemic-recovery dollars, the program set made permanent in 2024 at a projected cost of about $5 million a year.

While much of I Matter's work is too questionable, the 400 “gender-efficiency care” therapy sessions at president between 2022 and 2026 aren't. They's six of those sessions involved: children 6 to 8. These sessions were provided by the state's younger and 40 to children with special needs. I received records only through 2024. I Matter is still active and state-funded, meaning Colorado children currently have access to taxpayer-backed therapy aimed at affirming a “good ability” that doesn't match their sex.

The majority of these therapy sessions were provided to children 12 to 17, for whom the program doesn't require parental notification or consent. Colorado died out $67 million in taxpayer funding, for marketing firm, Amelia Co., to tell teenagers about the program. The state administration has been a company for a social media influence campaign, targeting smokers between 12 and 18 as well as parents of teenagers.

The influence campaign soon messages like “no parent/guardian consent in response for youth 21—and “committees youth need to talk to someone else to profit/assist, tax a parent,” the influence posted as things showing what appears to be a problem, get work done, and maintain. Another influence, identifying herself for a public-school teacher,

decreased placing I Matter materials in her classroom. Taxpayers found the bill for this propaganda.

Colorado also funded transgender outreach in public schools through the state's school-based health service program. With 25 locations in 2022 and millions in taxpayer money, the program didn't otherwise itself as promoting “gender-efficiency care.” Yet internal documents I

State-funded counseling encourages children to deny their sex and pursue harmful treatments

obtained slow that state administrator used it for that program via the distribution of training to sources and materials to employees at participating schools. One training noted that it was “not an introductory course,” limiting that the school would not be able to make a sex well-voved in the topic.

Public money has also flowed through state universities. As recently as November 2024, the Colorado School of Public Health paid $2 to 18-year olds to participate in weekly meetings of the three Youth Network. Participants were drawn in part from third-party groups and events that focused on transgenderism.

The state's state University of Colorado School of Medicine, taxpayer funding supported the state-

nistration of future physicians. Documents show that the “CHITTY Health” curriculum—a mandatory course for all first-year medical students in the 2024-25 class—embracing influence by external advisors—proper that support child transgenderism. At Children's Hospital Colorado, a clinician and researcher specializing in transgender treatments received 75% of her salary in 2024 from a federal grant to study the effects of “gender-efficiency, treatment therapy.”

The web of taxpayer money has gone unseen, overshadowed by the state's state upregulation state-lines. Colorado requires private or nonnon-compliance to pay for transgender treatments for minors. Under its amidst circumstances, less the state loan employers and providers of public encumbrances from a "terrible" state of the state, and the birth rates or pressures that match his sex. Another major, low, probably the foreign that helps children—except their sex, was stryid down by the U.S. Supreme Court that year. Through the I Matter program, Colorado's sex will pacing for therapy that commits confused children to deny their sex.

It is inconceivable that Colorado has co-opted taxpayers into barring children. The Trump administration should hold the state and others with similar practices, accountable by withholding federal federal until three dozen step

Mr. Ellar is director of government accountability at De Bo Rarm.

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TOTAL ORDER: March 30-30

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A16 | Tuesday, August 11, 2016

THE WALL STREET JOURNAL.

SPORTS

It might be a little talk, and cycling fans get defensive (I know the smash I'll get. What about that last stage in Mont-

martyr, buys?). Just overall, this year's work Tour de France was kind of an anti-dismatic moore.

Today Pogicot won again, nearly nine to nine, by a massive margin it minions. He seconds had been defending the seasoning, he could have dismounted his bike, curled up on the Parisian cobbles, listened to "Stairway to Heaven" all the way until Robert Plant started to wind down the road, his shadow rather than his task, and Pogic still would have had enough of a gap to win.

The last completed women's Tour de France—the Tour de France Premier—wasn't steady in the least. If felt like a known kick to the head Nine days of thrilling racing that included multiple load changes, the shocking disintegration of the defending champ, one of the greatest climbing performance in the sport's history, and a fragile 9-second gap between the two leaders heading into the final day.

Eight seconds' has can barely say Led Zeppelin IV in 8 seconds.

A true doom, and we know't even gotten to the dointer part. An angry, Noeau-style confrontation between top riders in the race over aggressive tactics, and whether or not there was a plot to sketchily guide the race leader toward the curb (More on that is a minute.)

This TDPF had a little bit of everything, including a gorgeous 6-nd-day finish in seaside Nice. In the end, it was won by Demi Vollering, a mega-talented Dutch rider on a French team who became the first woman to win the Tour team.

Now did we get Henri Chaos, distributed directly. The first shock was the crumbling of the defending champ Pauline Ferrand-Pevert, who showed early signs that she wasn't but expected top form, and then withered sadly in a time-trial stage.

PFF, as she's known, is an all time woman; and she'd spent much of the past decade dominating the mountain bike scene, and hadn't ridden a time trial (where racers compete for the best time against the clock) in years. It, showed.

Time trials demand sleek aerodynamics: Teams spend hours refining positions in total tunnels to achieve maximum speed. Ferrand-Pevert, preload near-regular with an ambient-fitting zero helmet, looked as if she was trying to catch the French wind with a soup bucket and a pillowcase. She lost 2 minutes on the day, then more time in a climbing stage, and rum-murly declared her defense ke-pole.

Shakes of its favorite, the Tour spread up. PFF was a prerace pick to crack Friday's stage on Mont-Vertoux, the must-stage-connected drive in Foreman, the forward 4 became Kacia Niewiadoma-Phinney's day. In a staggering side performance, the Polish rider pulled

JASON GAY

A Rowdy Bike Race Delivers Chaos, Anger and Drama

Tour de France Femmes ends with a decisive win but not before some finger-pointing by riders

Demi Vollering, drove, reacts after winning the Tour de France Femmes. Pauline Ferrand-Pevert, right, struggled during a time-trial stage.

away from Vollering and then race leader Marlon Roscoe, grabbing enough time to seize yellow and the Tour's overall load.

Niewiadoma-Phinney, who won the 2024 Tour but had never won a stage before (you win the overall Tour with the best composite time), pushed the helmet across of Ventoux ever recorded by a female rider.

The next day drama Niewiadoma-Phinney, who is married to Taylor Phinney, was of U.S. cycling legends Doris Phinney and Connie Carpenter-Phinney, found herself under large by Vollering's team. At a critical juncture, Vollering's teammate Celia Grey roared through a corner and appeared to move up and block Niewiadoma-Phinney as Vollering took the opportunity to speak away. It was a planned move, kind of a jockey, Bobby "Shake and Ruke," forcing Niewiadoma-Phinney to broke and cool her momentum. After scrambling back to catch Vollering, she'd lose contact, and yellow, by 8 seconds.

Seeking at the finish, Niewiadoma-Phinney declared Grey's

move "childish" and sought her out to ask why she'd done it. It led to a 24-hour kerfcliffe in which everyone who's ever mounted a bicycle in human history watched countless videos and weighed in an whether or not the haunted, was-children, haundous, back-bogus, smart, naive, chastical, or just good, old-fashioned bike racer.

A bike racing controversy that doesn't involve a vague doctor and a midnight raid by the genderness. I don't mind it. A spirited, woody discussion of cycling ethics and tactics. An Letterman and a ter Future Island, I'll take all of that you've got. I have seen how for the lower goons who threatened Grey online—may they all have flat tires for life—but honest debate? Britain's fan.

My later. Bike racing is hard as hell, dangerous as hell, and people get mad. Getting pushed to the curb at high speed in a corner will tick anyone off, especially with the added anguish of losing yellow. Niewiadoma-Phinney is a personally upbeat, thoughtful rider, which is part of why her anger

was so jarring: it isn't really her style.

So I got her frustration, but in the end, a discerning champ prevail.

Vollering was the premier rider in the race, and she showed it again in the final stage in Nice, where, during a final climb of the night, Carl Fike, she ditched Niewiadoma-Phinney and pedaled away for a decisive victory. Niewiadoma-Phinney, finishing second,

fugged it out with Vollering and the boss of Vollering's team. Vollering backed her embattled teammate Grey and everyone took the light cold. "More of us wants best," Niewiadoma-Phinney said.

After an agitated week, it felt like a proper, pleasant ending. Exhausted riders suggested down to the cocky touch and plunged into the Mediterranean. A great, unproved Tour de France was ever Time to cool off.

Is an Average NFL Quarterback Worth $50 Million a Year?

By Annane Burren

WHEN TAMPA BAY BUCCANEERS quarterback Baker Mayfield arrived at training camp he didn't hide his dangerous team for a booze after offseason contract negotiations failed to lead him a new deal.

"It's disappointing in that range we feel disrespected a little bit," he said. "That's really the disappointing part—to feel understood after thinking you've earned it."

Mayfield just has to look around the rest of the NFL to understand how other teams are valuing their franchise quarterbacks. These days, the going rate is over $50 million a year, and that makes Mayfield an embodiment of an uncontrollable decision teams around the league face about what to do with quarterbacks who are a cut below the game's side.

There are now 12 quarterbacks—or more than a third of the league's starters—with deals worth more than $50 million annually, and the teams lucky enough to have the best players are thrilled to pay every penny. The Kansas City Chiefs recently gave Patrick Mahones an extension worth $50 million a year to make the first team. That's very bad player, while the Buffalo Bills' 2nd, after orders in a $50 million. It's a hefty price, but with someone of that rather at the most important position in the sport, it means beginning every season with a shot of the same speed.

For the next tier of quarterbacks, though, it isn't nearly as

The Buccaneers are facing a decision on quarterback Baker Mayfield.

simple—and that's precisely where Mayfield and the Buccaneers stand. Not paying Mayfield would be a risk because whoever they find to replace him may turn out to be considerably worse. Yet going him top dollar creates another problem: It limits what the front

office can spend on the rest of a roster that Mayfield might not be quite good enough to carry.

Raker, as we all know here, is a very fiery competitor that is not afraid to speak his mind. "And it's never general manager. Jason Licht said, 'I know he was disappointed,

frustrated, and we were too.'"

A former No. 1 overall pick by the Cleveland Browns on 2016, Mayfield beamed around from the Carolina Panthers to the Los Angeles Rams. After handing with Tampa Bay in 2013, when he was locked with filling the shoes of a certain future Hall of Famer named Tom Brady in his three seasons with the Buccaneers, Mayfield has led them to two playoff appearances and a 27-26 record while ranking between 12th and 18th in total quarter-back rating. It isn't

of these years. In other words, that puts him squarely in the middle of the post, and, as he says.

Now, though, the 2-year-old Mayfield is in the final season of a contract that pays him $50 million a year, which makes

him one of the NFL's rare middle-class quarterbacks. While there are a dozen players above the $50 million a year threshold, Mayfield is just one of four making between $50 million and $50 million. More often than not, teams view the decision as binary. Either the franchise views the player as a cornerstone and pays him at an upper-evident role. As it leaves an Mayfield himself has gone through that when Cleveland shipped him away rather than linking him up long term.

It's a difficult calculation for teams, especially because the last couple of years have shown that the costliest financial mistake in all of football is handing out one

of those megabags to the wrong quarterback. The Miami Delphins raised Tom Tupendula on an extension worth $50 million annually in 2016, and they came to report it as much that they refused him, earlier this year even though he'll say up nearly $500 million of the team's salary cap over the next two seasons.

Yet the salary cap also explains why teams are increasingly willing to give out deals that were previously unfathomable. Adjusting for

how much teams are allowed to spend, $50 million isn't actually that much. It comes out to just 24.6% of the 2013 2 million cap per team this season. Back when Boston Manning signed a there-record $34 million per year extension in 2016, it ac-

counted for an even bigger chunk of 17.5% of the cap.

It's Mayfield's belief that he should be part of the club of penny-raising at that level, but he doesn't plan to resolve the impasse anytime soon. He set a deadline for the start of training camp, and now that it has begun he said he wants the focus to be "all fed." Now it's his mission to squeeze his employers even more with every touchdown pass he throws.

"If you've waited this long to take care of your franchise quarterback, that's his bad because it's truly going to get worse from here," Mayfield said. "I'm going to have a really good year."

© 2016

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Zuckerberg Sets AI Vision

Plans aim to boost public acceptance, define oversight, drive open models

By MEGHAN BORMOWSKY

Mark Zuckerberg has a new game plan for winning over hearts and models to his company's artificial intelligence efforts, open models and an open hand.

In a wide-ranging event, the Meta-Pastecton chief moves into outlined a new course of action he presented as a way to spread the wealth and opportunity from AI to users around the world, and to reti-

derate of the communities that host the data centers powering it.

Zuckerberg's plans include releasing more open-weight models and re-

semblating a fund to invest in the communities where Meta hosts data centers. The fund size will be 10 billion, a Meta "gook-seeman said."

Meta trails in the AI race and is trying to catch Anthropic and OpenAI.

In his essay, Zuckerberg advanced a number of policy recommendations, including a proposal for how the federal government should work with

companies to safety-test new models and a call for allowing AI developers to distill one another's models. He also said Meta's own board of directors

would have more of a say over the safety criteria - its models adhere to in-the-future.

He made the case that his company's approach to developing powerful AI—one that focuses on

distributing in an widely as possible and pushing many decisions about values to the end user—is the one that is

least likely to lead to disastrous outcomes such as total-tarannous, mass unemployment or the rise of an unstoppable computer since that threatens humanity.

"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 favor larger institutions over individuals," he wrote. "Meta's mission does our founding ban focused on putting power in people's hands if our beliefs and principles lead, then the balance of power will favor individuals and a better future for everyone."

Meta is lagging behind in

The CEO's plans include more open-weight models.

the AI race and trying to catch up to Anthropic and OpenAI, which have the most advanced AI models. Zuckerberg earlier published a shorter version of the essay as an opinion call. Please turn to page B4

Traders Rush Into AI Dump Crypto Holdings

By Victor Gil Blumio

Daniel Knox piled into bitcoin thinking crypto would revolutionize finance. There AI came along.

The 30-year-old investor thought the rapidly developing technology had the potential to spread entire industries, and he rushed to get on on the action. He tried his on the goo position in bitcoin as August last year and is now entirely arrested in artificial intelligence.

"I am a lot like a cow man who found fire," said Knox, who is based in Zug, Switzerland.

Knox's point reflects a broader migration across markets over the past year: individual traders and hedge funds alike dumping bitcoin and other tokens to share AI stocks. The criticism helps explain why bitcoin has remained stuck at around $60,000 after crashing from its record of more than $126,000 in October, when President Trump's threat of new tariffs on China sent investors fleeing rubber assets.

Chip traders and other AI stocks, meanwhile, have posted the kind of cargo once associated with crypto.

"What's happening in crypto is the purge is just getting started," said Mike McGlone, senior commodity strategist at Bloomberg Intelligence.

Bitcoin's decline comes as stocks have far repeated new highs this year. But on Monday, major indexes edged lower. The S&P 500 dipped less than 0.2%. The Dow Jones Industrial Average edged lowest dropping 3.2%, or 61 points. The tech focused Nasdaq now down 0.2%. Oil prices rose with three times higher, gaining nearly 5% to $97.72 a barrel.

Knox has no plans to trade bitcoin again soon, saying he believes the asset has matured to a point where explosive, insatiable, going on a thing of the past. He said he doesn't think there will ever again be a year where bitcoin's value increases. He told, "I think we're building a high because of it so big," he said.

Knox uses the hard crypto behaviors have trimmed their positions in favor of last once.

Please turn to page B2

A Chicken Shut Both Fair and Foul

By PATRICK THOMAS

Poultry companies are producing more chicken than consumers can him depressing wholesale prices and squeezing their profits. The dynamic sets up potential inflation relief for shoppers and restaurants looking to pass down their costs for protein.

Suppliers such as Tynne Foods, Pilgrim's Pride and Winter-Southern Farms have been jumping up offerings of boneless chicken breasts, wings and thighs over the past year to meet what was expected to be an onslaught of consumer demand. More Americans were expected to spare prune swabs and hangers in favor of cheaper chicken sandwiches and cookies.

Beef demand hasn't cooled. Bigger chicken breasts and finely cut frying are much disease over the summer have led to a plot in an industry that daughters more than nine billion birds a year.

Chicken supplies more up

about 4.5% in the quarter ended June 28 from the prior year, according to Pilgrim's Pride, the second-largest U.S. poultry processor.

"The head count was a little higher than everybody an iscquired," Pilgrim's Pride Chief Executive Faber Sandh said on a July investor call. "Demand was more than offset by the increase in supply."

Wholesale prices for boneless, stainless chicken breasts are down about 10% from 11 months ago, according to Farther. Market prices have swapped on profit margins, Second-quarter profit for Pilgrim's Pride fell 86% from a year earlier to $15.4 million.

Large volume buyers, and ultimately consumers, are likely beneficiaries from full cut prices. Retail prices for boneless chicken breasts were down about 1.6% in June from a year prior, according to the Labor Department.

The cheaper prices have all-boxed Midwest grocers—that Fairway Stores to run a num-

Average retail meat prices

1,000 and 2,000 per centile

ber of poultry promotions ahead of getting more shoppers as its stores.

Jeff Cook, vice president of market operations, said the price was a month-long sale of $1.99 per pound of chicken

U.S. meat consumption, per capita

beasts earlier this year and several $1.99 per pound promotion. The grocer had been pricing its breasts at about $4.99 per pound.

"Poultry hasn't seen the seasonal increase like it was

ally has," he said.

Good Food Holdings, which owns supermarkets like Bristol Farms in California, is running higher profit margins on chicken and liver using some of. Please turn to page B2

End of Good Lease Deals Tests Electric-Vehicle Owners' Resolve

Average monthly lease payment for electric vehicles

Next purchase after electric vehicle trade-in

Trade-in that exclude Tesla, Kozen, and other vehicles

Total from Q1 to end year

Source: Edexcel

By ELLEN DORIS

Mark Block's friend wouldn't trip longlong about the good lease deal he got for his 2020, Hyundai, Sony, 4, 9Pace Mark and for wife, he's saw that they, too, could get a desk, electric $50,000 as for $340 a month after a $4,000 down payment, they couldn't reset.

They liked their new battery-powered sedan. But when their lease was due back and they went looking for a similar deal, they faced higher prices and fewer options.

"There is little time here I looked at the car market and gone, 'God, Here's got nothing I want,'" Mark Block said.

In the end, they took home a hybrid—a 4,000-pound. The home cheaper that they got for the Hyundai is still in their garage, with no car to plug into.

The Block's are among a crowd of customers who dipped their toes into electric cars in an era when the deals were too good to pass up. The Balance of 2020 20' tan could helped entice buyers to go electric and keep somewhere offered freshly ventilated lease deals and discounts as

Please turn to page B2

INSIDE

FINANCE

Some of that Street's biggest names are helping Nvidia raise $500 billion. B3

TECHNOLOGY

Intell plans to issue $75 billion in common stock, sending its shares down. B3

China's Charles Schwab Draws Crackdown

By BRIAN JOHNS

Leaf Li said his inspiration came from Charles Schwab. The Chinese billionaire started his brokerage in 2002 with a single goal, being stock knowing to the Asian masses.

Britain a decade, he built a company that spanned China, Hong Kong, Asian markets and the U.S. Like the American idol, Li pressed from

simple trading to managing the cluster wealth through mutual funds and advisory services.

Now, Li's an insure a collating with China's a 4 forfeiture. His company, Fufu Holdings, has

become a central target in the city's crackdown on the flow of Chinese money offshore.

Authorities in Mao Xandai Nanting-Jenne Futu a $275 million penalty for offering brokerage services and mutual funds to customers in mainland China without a bonus. The action included a personal fair for Li of roughly $300,000.

The news sent Futu's share

price down nearly 30% in a day, although it has since recovered some of those losses and now has a market capitalization of $25 billion. Still, the full in Futu's share price has knocked hundreds of dollars in balance of Li's net worth, now at roughly $27 billion, according to Forbes.

Li says Futu is cooperating with Chinese authorities. Futu

Not worth of Leaf Li, who built Chinese brokerage Futu Holdings

has told investors that as of March 31, only 27% of its client assets were from accounts based in mainland China, making an one-fifth of the company's revenue. The company says it expects growth to accel-

erate globally.

A financial loophole previously allowed Futu's next-note to list four companies in Hong Kong or elsewhere and state fortunes offshore beyond the reach of Chinese authorities. New regulations has effectively closed that path, its law. July, China, the first of its 4 would run offshore trusts, previously a

Please turn to page B4

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82 | Tuesday, August 11, 2026

• • • •

THE WALL STREET JOURNAL.

INDEX TO BUSINESSES

These indexes city credits offerways to read a panel, campaign and businessman's in today's editor. Articles or regional page boards aren't only in these indexes.

A	Europe	34
Alltimes	Asia, Europe	20
Agelle Social Management	Software, Safety	20
Archer Academic	W	20
Archer Academic	W	20
Aug. 2010	W	20
Austin	W	20
Alltimes	W	20
Basilithers	W	20
Beachman	W	20
Bearing	W	20
Breakfast/Avoid	W	20
Beachman's	W	20
Bell	W	20
C	W	20
Davis-Kuemulink	W	20
Enquate Manual, Lab, Lab	W	20
Enquate Barrel (Shelley)	W	20
Enin	W	20
Fair	W	20
Public Entertainment	W	20
First News	W	20
First News	W	20

BUSINESS & FINANCE

JBS Heir to Take Over as Its Chief

By Evreux Thomas

JBS, the world's largest newspaper, named Wesley Batista Filho, the grandson of the company's founder, as its next chief executive.

Batista Filho, the 14-year-old leader of JBS's U.S. business, will take over at the start of 2027, the company said Monday. The U.S. business for JBS generation more than half the newspapers's roughly 500 billion in annual revenue. He had been in the role since 2023.

Batista Filho is in second Gilberto Tomassini, who has served as the company's CEO since 2024. Most industry officials had long expected Ba-

tista Filho to eventually assume the top job that his father once held at JBS after spending over a decade moving through the company's ranks.

In recent years, Batista Filho has moved JBS, the top beef processing in the U.S. to volume, through a nationwide cattle shortage that has driven up beef prices to record levels and cost the company hundreds of millions of dollars. The company's stock had 5.6% Monday.

The company has largely offset droughts in its beef business with stable profits elsewhere. In its operating portion engine, JBS owns Ziegim's Pride—the second-larg-

est U.S. chicken company—and is the second-begged U.S. pork processor. It has massive beef operations in Brazil and Australia and processes other previous such as lamb and salmon. It employs about 200,000 people in more than 10 countries.

Born in Brazil, Batista Filho is the son of Wesley Batista, the former CEO of JBS and named board member Swanta Filho's grandfather was working as a teacher in the Brazilian countryside where he established the company in 2021.

Batista Filho spent the half of his life around the family business, getting his wife by working the night shift at JBS's large beef plant in Over-

ley, Colo. In his early 20s, he ran slaughterhouses in South America and later led the company's Canadian business before taking over JBS's U.S. beef business in 2016.

"The good thing about an attempt on concern in that the incoming CEO doesn't have to come up with a new strategy," Batista Filho said in an interview. "You're not going to see big changes in directions."

Batista Filho takes over from the company in still having money in in North America on beef operations and is being pressed on chicken profits due to a poultry glut. Yet the company is looking to further expand its reach abroad.

INDEX TO PEOPLE

A	Alamy, Iriane	20
Al-Nazrni, Farouzi	W	20
B	Kees, Daniel	20
Bartola, Maria	W	20
Battista, Maria	W	20
C	Lamont, Joe	20
Cole, Jeff	W	20
Cole	W	20
Cook, John	W	20
Cook	W	20
Cook	W	20
Cook	W	20
Cook	W	20
Cook	W	20
Cook	W	20
Cook	W	20
Cook	W	20
Cook	W	20
Cook	W	20
Cook	W	20

EV Owners' Resolve Is Told

Continued from page 82 regulations pushed down toward battery power.

Today, that is no longer the case. The tax credit is gone, and smokers are less motivated to push for an electric failure, now the tax credit is now moved out of the market, and pressure up—bending مجلس EV leavers who blew their cars with few affordable options.

The situation is touting longstanding data that shows when people go electric, most step electric. A February study from 12.9 hour showed that 36% of police EV owners pay they would consider purchase of a turning amount. The fact that customers is contingent on turning options in the EV market.

Basically, second-quarter now EV sales and losses were down 20.5% year over year, according to Kelley Blue Book.

"There is detection from that EV market," said Ivan Drury, an Edmunds and McCree analyst. "I think the one biggest problem—it is a mental hurdle to say, 'Man, I used to be paying $250 a month. Now you guys want $100?'"

Ahead of the $1,000 tax credit's expiration in September 2023, dealers were eager to get the can—if their lets go fast as possible. Average monthly lease payments for EVs for a low of $100 in July 2025, according to data from Edmunds. Some dealerships offered lease deals for EVs with monthly payments of less than $50.

As at least, average monthly lease payments for EVs have risen to $797 compared with an average monthly payment of $697 for a non-EV, according to Edmunds data.

Keel Schmidt said that at his Masala, Subaru, and Kia dealerships in Los Angeles, the enticing deals got buyers to

opt for EVs. Now, when people who loaned an EV cover into their dealership buying for an other, they have been in for a state awakening, he said.

"It's always a difficult conversation when somebody comes to and we have to show them a $250 to $300 higher payment," Schmidt said.

Some buyers, set on keeping an EV, have decided to bite the bullet.

Srinama Srinivasan saw his monthly payment for an EV more than double. The new contract Virginia market said the EV tax credit to get an $500 monthly payment after a roughly $11,000 deposit on a 2024 Ronan RIX Grand Motor, the car would cost $125,990 to purchase. Looking another on the way, the car would cut May—when his term was up—would have cost him $1,900 a month.

Ahead of the loan's expiration—Srinivasan instead opted to buy a similar $45 with a non-interest financing, plus the now pays $2,500 a month.

Since he had grown across the East of the car, he wanted to keep putting his home for a danger to use, he decided the price tag was worth it.

"I said, 'You know what? I'm going to take the plunge—take a bit on this,'" he said. In California, the largest EV market in America and a state whose regulations have heavily driven the zero-emission on market, lawmakers are trying to replace the lost EV in numbers.

A new program signed into law by Gov. Geena Bowman in July offers first-time EV buyers $5,000 off new electric vehicles with a price tag of less than $30,000, and $1,700 off used electric vehicles selling for less than $25,000. Buyers who have previously loaned an EV aren't eligible.

For the past four years in California, buyers took home more new EVs than hybrids. But on the first half of 2026, 22.1% of new cars sold were hybrids, compared with 21.4% EVs, according to data from the California New Dealers Association.

Nationally, second-quarter new EV sales and losses were down 20.5% year over year, according to Kelley Blue Book.

Restaurants are adding more chicken items to their menu; it's have cheaper protein options for their patrons.

Chicken's Glat A Boon And a Bust

Continued from page 82

the savings to follow prices for consumers on more expensive beef products, like 60-20 ground beef and New York strip meat, 220-764-2800 meat.

Restaurants are also adding more chicken items to their menu; it's have cheaper protein options for their patrons, according to industry officials.

"The best way you could be lowering your food costs right now is by having a more poultry-frozen menu," said Kevin Bousman, the CEO of food distributor Ilyas.

Healthy prices are humanfully volatile. Processors are constantly trying to match the number of chicks they need to hatch to the amount of meat their customers are willing to pay. Pencils of low wholesale prices or high grain prices can get some chicken companies in dire financial conditions.

Over the past few years, chicken has been immensely profitable for most practices. Mission cuts and kitchen crops have made livestock food—the top expense when raising a chicken—throp Mesenchle, demand for chicken cuts has been steadily climbing, driven by American's appetite for protein.

But poultry companies ended up—helping too many

chicks and overestimating demand. Through this rule on months of this year, companies slaughtered more than 4.0 billion chickens, up 2% from the same period

last year and up 5% from five years ago.

One thing hurting the chicken business: Consumers love beef. Even though beef prices are at record levels due to a nationwide cattle shortage that hasn't tested demand, he has also no reason because of the the 52 weeks that ended July 12, according to market-research firm Circuna.

Enronals-weather conditions helped more birds reach maturity than expected, poultry executives said. Because such a good fix, which have previously demanded dishes, haven't been as much of a factor in key chicken-raising regions.

Beagle 90's to 95% of birds in a commercial chicken have survive the six to eight weeks. It takes only they are ready for

daughter. Even a small aptala could result in millions of many chickens leaving through processed plants.

"The industry does themselves in the best the food and food,"

Sharma, an agriculture analyst for financial services firm Shriples. "All you had to do was just be disciplined around production."

A new genetic line of chickens is also fueling the glut. The poultry industry has for nearly 20 demand, including big-gut chickens, aiming to increase the amount of products harvested from each bird.

Colo-Vantoso, owned in Tysan Foods, rolled out a new chicken food this year that grows faster on less food, producing more meat at a lower rate. Tyson, the biggest U.S. chicken processor, has struggled in the past with brands that produced unexpectedly high numbers of unleashed eggs.

Tyson executives recently said the company's more insulated than its competitors from depressed prices, after years spent improving its chicken-squats.

Now, most of the chicken processed at its plant goes into the company's Tyson branded frozen, processed products sold in grocery stores, where demand is growing.

In the past, the company sold more of its chicken to other processors, distributors or restaurant customers at lower wholesale prices.

Pilgrim's has been trying to grow its branded-products business. The company has rolled out new chicken-sugged lines in recent years and it will be the growth of a full-fast brand to 13% of chicken market share from 2% in three years.

Crypto Traders Shift to AI

Continued from page 82

top 82 shares.

Russ Hs, founder of social trading app Lepool, said he held a seven-figure bitcoin premium when the digital currency traded over $120,000. At this time, he believed it would "slower" up from $100,000 again," he said.

Then, it did just that. By this past December, Ho had trained out of many of his projects in bitcoin and altcoins into chip makers and other AI works, including Intel. He still has a few hundred thousand dollars invested in bitcoin.

The 20-year-old said a key driver behind his exit was the structural weakness in the crypto market.

In He's own, the crypto market support, behaving like a healthy risk asset after the October crash Henry demand dried up and institutional capital erupted to AI.

The market subsequently damaged from costs, which continued to climb over the potential for AI's growth was more compelling to every-

Mish Li, a trader and digital artist, said he recently sold some crypto to buy a Ferrari.

day investment because it was grounded in real-world uses, such as from ChatGPT to Advanced coding.

Another factor finding the switch from crypto to AI: Popular trading platforms for crypto traders, such as Hyperbrand embraced AI decision trees.

"That's why most crypto traders started trading AI equators over the past few months. It's just because available to do," He said.

Other crypto traders simply wanted to cash out after a Mistering run for bitcoin and many tokens.

Mish Li, a trader and digital artist, said he recently sold some crypto's Ferrari.

He also rotated a meaningful portion of his glass into Japanese anime-based collectibles including One Piece and Pokémon trading cards.

He said he built digital assets, and he recently sold some crypto's Ferrari.

his start in 2017, purchasing America a new popular cryptocurrency, on a credit card, before ending up his best-selling stimulus checks during the pandemic.

AI ended out aggressively uses after buying up Trump's memories, which the president launched right before his inauguration.

"That was some of the fantastical money I've ever made in my life," he said. "I know that was the time to stop away from the table."

---

THE WALL STREET JOURNAL.

...

BUSINESS NEWS

Tuesday, August 11, 2020 | B3

Boeing Hands Off Air-Taxi Venture

Jet maker buys nearly 20% stake in Archer, transfers some tech units to the company

By DREW FRIEDMAN

Boeing agreed to take a minority stake in Archer Aviation in a deal that hands over control of its flying taxi venture with Aero.

The companies said on Monday that Archer would acquire Wisk, as well as air traffic software provider Skyfield and driver maker Sachs from Boeing. The plane maker said that it would retain access to Wisk's autonomous flight technology as part of the agreement.

Boeing is slated to take a nearly 20% stake in Archer, and receive warrants in the flying taxi company. The plane maker can also nominate a director to Archer's board. The companies said they expect the sale to close by the end of 2020.

California-based Archer had a market value of more than $4 billion as of Friday. Archer (East Carolina–Asian–California) said the deal had been the company's revenue base and brings scale to the business.

The deal is Boeing's latest divestiture under CEO Kelly

Wisk Aero was launched in 2019 as a project to develop a fully automated flying taxi.

Stirberg, who has spent the past two years focused on stabilizing the company's core commercial jet and military businesses. Boeing has also sold parts of its digital aviation services businesses, including flight-planning provider Joppoons, to private

equity from Thomas Bravo for $20.93 billion.

The latest transaction is designed to "accelerate capability development and take it market while ensuring Boeing capabilities on its investments in those technologies over the past two decades," Brian Nolte,

a Boeing vice president, said. Archer started in 2018 with the goal of developing urban air-taxi networks.

Wisk launched in 2019 as a joint venture between Boeing and Google co-founder Larry Page's Kitty Hawk Corp., but the technology behind it had

been under development for more than a decade. It has flown on generations of eV-TSLs, or electric vertical take-off and landing aircraft, the companies said.

The jet maker poured $450 million into the venture in 2022 to speed up its efforts to develop a fully automated air taxi devoted to short trips.

Startups including Archer, Beta Technologies and Joly Amatron are trying to be the first company to successfully bring flying taxis to the masses. Most of the venture aim to develop electric or hybrid transports that take off and land like a helicopter and cruise like an airplane.

The emerging air-taxi segment is under development as regulators evaluate the performance of and write rules for the new vehicles. Electric aircraft startups are also pushing for the infrastructure their vehicles will need to take off, land and recharge in the crowded urban markets they expect to serve.

Archer and Wisk had agreed in 2022 to co-develop autonomous aviation technology, part of shifting theatres over each company's intellectual property. Boeing-owned Wisk also received a warrant to obtain Archer shares in the settlement.

Intel Plans To Offer $15 Billion Of Stock

By NICHOLAS HEPFORD

Intel shares full Monday after the company announced it would offer $15 billion in common stock.

The chip maker cited strong customers and research "drives by unprecedented investment in AI company." Intel said it would use proceeds from the offering by general purposes, including capital expenditures and working capital.

Shares of Intel lost more than $5 in Monday's trading. In its July earnings release, Intel raised its forecast for capital expenditures for this year to more than $20 billion, from $28 billion previously. The company said Intel year's capex will be "significantly above" this year's Intel. Executives said the higher spending is a sign of their confidence in future sales.

Intel reported sales of $16.1 billion in its most recent quarter, up 25% from the year earlier period and bearing analyst estimates for 13%.

The artificial-intelligence revolution has begun to better fit Intel because the next wave of AI technology—AI agents completing tasks for universities or the central processing units, or CPU, that are the company's specialty.

Intel is one of the few America companies that operates chip-fabrication plants, a strategically important business that the Trump administration has sought to build up to reduce American dependence on Asian chip makers. The U.S. took a 10% stake in the company as part of the effort.

As part of its stock offering, Intel expects to grant the underwriters a 10-day option to purchase up to $2.25 billion of additional shares.

Nvidia, Wall Street Firms Set Financing Pact

By JACK PITTMAN AND ARNOLD GARRETT

Nvidia reached deals with some of Wall Street's largest firms aimed at raising massive amounts of capital to help the chip maker's customers finance the cost of computing power.

Apollo Global Management, Blackbox, BlackRock, Broadfield Asset Management, Goldman Sachs and KBA agreed to establish "con-

pate financing platforms," the companies announced Monday. The firms aim to deploy over $500 billion of outside capital in the coming years. The firms said the platforms will create pools of capital at "attractive rates" for Nvidia customers.

"These financing platforms will help customers access scarce compute at scale and build the AI factories that will power every industry and country in the age of AI,"

Nvidia CEO Jonann Huang said. Apollo and Blackstone earlier this year struck a deal with Broadcom to set up a similar financing platform for the chip maker's customers. The platform will offer financing to companies like Anthropic to

pay for computing power from chips developed by Broadcom, to "value Google's processing units." Nvidia's stock ended Monday down 2.8% after the Financial Times earlier reported the deal. The companies said the

deal would help fund the country's AI build-out. Spending commitments on data centers and other AI infrastructure have marked new funding levels, and Wall Street's banks and investment firms have been rushing to finance the boom in increasingly creative ways. Nvidia has been in talks with OpenAI to provide a roughly $250 billion backdrop for a data center project. The Wall Street Journal reported last month.

Artificial Intelligence Helps Perfect Pringle Chip-Making

By JAMMALH BONDQUETTE

For the past four years, Jan Lannes, a senior director of engineering at Bellasore, has had a lefty ambition to ensure that every chip, entry chip coming off the production line is, in essence, the perfect Pringle.

No broken dough, no sticky chips caught on the front. Just a perfect, thin, saddle-shaped golden silver. "We want to make a perfect chip, the same crazchiness, the same taste and feel when you open the can," he said.

Now, thanks to a $8 million to $5 million investment, a year-long partnership with industrial tech company Siemens, and a major AI development project, he's a little closer to that reality.

In that time, Lannes's team has been working with Siemens to build a real-time "digital trial" of the Pringle dough as it moves through the production line of the company's factory in Poland.

New sensors and live machine data were integrated to create low-digital versions of the dough, capturing minute variances in raw machines—like the particle size of the floor. That data now feeds into an AI model that can pre-emp-

More than 200 parameters per min creating the 'perfect Pringle,' from the dough's humidity to the potatoes' source.

tively suggest how to break the machines to account for these variances, reducing costs, in a consistent, and flawless.

"Every potato batch you get is going to be different," said Jeddik Nolte, member of the Managing Board and CEO Digital Industries of Siemens. Now, "independent of the input, we make sure that the Pringles taste would be exactly what you want it to be."

Today, 705 million pounds of Pringles are produced annually across three main factories in Poland, Belgium and Jackson, Tenn. The AI project is live-and-

operational on just one line in Poland, where Lannes says it is delivering a clear improvement in the quality of Pringles produced, a 13% reduction in waste and an overall 40%-plus return on the $4 million to $5 million the company invested in the project. The system will be expanding to Belgium, with plans for it to arrive in the U.S. in 2022. "The idea is to scale-it to probably all the lines in the end," Lannes said.

Indefinite Bousquette writes for WSU Leadership Institute's CEO Journal.

Hanwha Seeks Naval Shipbuilder

By PAUL BERLIN

South Korean conglomerate Hanwha has made a membership offer valued at more than $3 billion in the Hanwha USA, a builder of ships and submarine ports for the U.S. Navy.

Australian shipbuilder and defense contractor Aamul said the potential deal for its U.S. subsidiary is valued at between $1.05 billion and $1.2 billion.

The acquisition would provide Hanwha with Anatoch Mobile. Ala., shipyard and service to major contracts that include some of America's most sensitive naval programs.

A spokesman for Hanwha

said: "Any deal will be contingent on due diligence that permits a thorough evaluation of Aamul USA's operations and financials."

The yield to Mobile operations in building ships for the U.S.-Coast Guard and Navy. It also supplies submarine modules to General Dynamics Electric Base for the construction of Virginia and Columbia-class submarines.

Aamul USA employs about 1,500 workers and includes other assets such as repair facilities in San Diego.

Hanwha is seeking to expand its commercial and military shipbuilding ambitions in

the U.S. at the same time President Trump is trying to revitalize domestic shipbuilding.

Hanwha bought Philip Shipyard less than two years ago and has moved to invest billions of dollars to expand and modernize the facility.

Over the past year, Hanwha has won government contracts to build minder-landing vessels and to design odors that can provide fuel and equipment during naval operations. Hanwha believes USA, the subsidiary planning to take over Aamul USA, is also planning a munitions and propellant factory in Arkansas to supply U.S. armed forces.

---

B4 | Tuesday, August 15, 2006

...

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A. 2017年1月1日

The following table is a simple formula:

1. 2017年1月1日

The Ground Truth image displays a single, solid horizontal line. According to Rule 2 (UNDERSCORE & LINE RULES), if the GT contains lines used for stylistic emphasis or as background elements (like ruled paper), the OCR result must ignore them. The provided OCR content is "____", which consists of four underscores. This is incorrect because underscores are not equivalent to a solid line and are not permitted under the “Stylistic/Background Lines (Ignore)” rule. The OCR has hallucinated underscores where none should exist in the GT, violating the “Stylistic/Background Lines (Ignore)” rule. Therefore, the OCR result is inconsistent with the Ground Truth.

1. 2017年1月1日

2. 2017年1月1日

3. 2017年1月1日

4. 2017年1月1日

5. 2017年1月1日

6. 2017年1月1日

Trump Media Special Feed

Draws Early Paid Sign-Ups

Product has drawn criticism for rising family and White House business

In Show-User:

President Trump's media company Monday and more than 20 customers have signed up to a real-time feed of top Truth Social accounts, a problem that has drawn criticism that the first family is mixing in business interests and White House affairs

Trump Media & Technology: The company's first published Truth AB as better across to posts from top accounts on Truth Social, where the principal contacts share updates about trade deals, the loss war and money

The Trump Media's first-ever earnings call Monday, interim Chief Executive Kevin McGuin said the early sign-ups com-

sessed especially high-frequency trading from paying between $80,000 and $100,000 a month. McGuin said the company is its "active" conversation with other potential customers, such as Bigger-Luise, and is trying an eventual push toward social traders.

"Today, we're in the early strategy," he said.

Government watchdogs and congressional Democrats have criticized the service, arguing that the post-dent is selling investors across to market-moving information. In a letter to McGuin on July 30, Rep. James Rankin, Qt. Md.) demanded that Trump Media hand new information include: "ing the names of subscribers."

Truth AB provides customers with machine-readable leads from popular accounts within million-ends. McGuin said Monday, giving customers "fractionally faster" access to public information. "The criticism is misinformed," McGuin said.

Even as the loan was this year has boosted the impor-

$238M

Net quarterly loss reported by Trump Media & Technology for recent quarter

net losses on $17 million in revenue in its second quarter, due in large part to poorly found here on telecom.

Last week, Trump Media

also announced deals with Cryptocurrency brands a pre-dated market feature on Truth Social and create a stand-alone digital-send treasury.

The company is still working to close a proposed merger with nuclear future company told Technologies. Although the original announcement of the deal presented it would close in the second quarter of this year, Trump Media has yet to face the problem next week. On Monday, McGuin said his team aims to close the deal by the end of the year.

The search for a business strategy has left the company's shares handling since it went public to 2016, holding the value of President Trump's roughly 6th state hold in his trust. After a rally in recent weeks pushed Trump Media stock near levels last week before the fusion deal was announced, shares deal 8% Monday.

How Broker

Ran Afoul Of Beijing

Continued from page 82 popular tool for wealthy Chinese to park assets overseas. China to take all theirs in the game from investing overseas in stocks and real estate without giving them to overseas. But individuals now the past decade set up trading accounts with Patu and its peers via websites in Hong Kong or in person in the city, according to Chinese state media. While Hong Kong is part of China, it maintains its own freely traded currency and financial systems built under British control until 1997.

Individuals handed their activities single, an annual quota of $50,000 that authorizes potential for overseas transfers for tourism or business trusts, Chinese state media have reported.

The Chinese securities commission in May said this method of funding overseas investments was off funds and from Patu and two other borrowers. The brokers are now banned from offering their services in China. Standard customers can no longer deposit money or make investments, only sell their positions.

Internet riches

L. who is to be late 40s, was a major employer of the loophole that allowed the accumulation of overseas wealth. He was employee No. 28 at Tencent, now China's most important brand, and was received stock in the business at an early stage, and where free-cost listed its shares in Hong Kong, in 2004, he became wealthy overnight. In these days, between mental or the territory could be easily recovered into other currencies.

Li et up Patu in 2003 as this explosion of Chinese wealth overseas fueled the rise of Hong Kong as a fact for money managers catering to the segments. He found the buying and selling of global countries closely and considerably with industrial companies, according to a 2002 profile in House Trade, a Chinese newspaper based at Li's home province. So he invested roughly $5 million of his own cash to build a 5-selling platform.

Fatu aimed to make invest-

A Hong Kong shop run by Patu, which has become a central target in a Chinese crackdown.

Fatu's trading volume

Source: 2017年1月1日

ing lower-cost and available to those without market experience. Li initially marketed his business with a large number of companies and Hong Kong's roughly seven million people, and later expanded under the brand Moolmo to the U.S., Singapore, Japan, Malaysia and Australia. Patu later on Sunday in 2008. Early on, Li built relationships with Chinese such founders and insiders, who became customers for a business Patu started to help Chinese companies do and who became customers. It helped to hit giant AB's make new $25 billion in 2010 on Hong Kong by selling shares to China's customers, one of many with market prices.

Li benefited from his connection with Tencent, an early investor in Patu. The tech group's employees became Patu early, culding out their gains from Tencent stock options and using the money to trade on

Fatu's client assets

the Fatu platform, Li told a conference in 2020.

He began managing the business with a number of Chinese firms listing overseas, a more than connected Patu's further push of well-off customers. "We primarily serve the company's different Chinese population," Patu said in 2002. "We have 11,440 additional shares in the U.S.

New arms

An extra Chinese companies listed overseas, Patu established an arm helping ultra-high net worth individual set up their own investment in the business of the money.

Fatu is in 2002 share sale said it was "pursuing a massive opportunity to facilitate a more-expensive shift in the wealth-management industry. Chinese authorities didn't like the sound of that. At the

end of 2002, they said Patu was operating in marketed China without necessary licenses. The company removed its app from marketed Chinese app stores soon after. Yet Chinese authorities met Patu continued to allow marketers to feed accounts and trade.

Before the penalty in May, Patu was flying high, with more than 40 million users globally. Its trading volume in a record of roughly $100 billion in the first quarter of this year. Most of that figure came from chosen trading shares in the U.S. and Hong Kong.

Licensed platforms

The recent crackdown is meant to funnel Chinese individual investors into licensed platforms. The company's major people can trade on Chinese domestic stock exchange. Citizens are also permitted to invest overseas, but now mainly through government-apprenting methods that create the profits to Patu.

Fatu doesn't have one of those domestic licensed platforms, so it is now focusing on business outside the marketed, including Hong Kong and Southeast Asia.

Li wants to shift his business toward offering investment products such as natural products, food products, and other trading securities makes up the largest chunk of Fatu's revenue, its wealth-management division is growing.

"We keep expanding the boundaries of financial services," Li said in May.

Zuckerberg

Sets Vision For Meta AI

Continued from page 87 uses in The Wall Street Journal, a government some of the arguments in several media interviews, including one in the Journal.

In part of his plan, Meta's launching a new model with open weights—meaning more data—reveals to downtime the numerical values that determine AI behavior—called

Muse (Gimson), and in the coming weeks will also enhance open-weight services of its most advanced model, Muse (Spach, L.). One Meta opinion woman said.

The commitment masks a significant development in the debate around whether ad-messings fail to two dangerous formats on an open source basis and should be developed only within later that keep its costingfully bold.

Zuckerberg also wrote that one of the U.S.'s current disadvantages in its own against China to develop superintending computer resources is the majority of building infrastructure statewide. Meta is planning up to $140 billion on

capital spending this year, largely to fund data centers, and $600 billion in 2007.

"We would all benefit the griller by figuring out the community compacts required to enable sustainable development services the country," he said.

To that end, Meta is doing not more money to lead competitive new AI data centers though. Zuckerberg's most didn't doubt what that would stand. In his essay, he influenced a local video bus warrants that led to teachers in Richland Parish, La., receiving $10,000 from clients funded by necessary systems around near the company's Imperfect data-centre campus.

His comments come amid increasing public opposition—a data center development in the U.S. over the past few months. A few weeks ago, New York banned the construction of the facilities in the state for up to 1 year.

Investors are also getting argument with Merck AI ambitions and want the company to take an bigger resource for Zuckerberg, and they issued the idea of launching a cloud computing business to directly monetize its investments in data-centre infrastructure. But a lack of detail about the potential venture in the company's July earnings call led to a selffit in Merck's shared

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THE WALL STREET JOURNAL.

•

BUSINESS & FINANCE

Tuesday, August 11, 2026 | 85

Tractor Supply Sets Turnaround Strategy

The farm-and-reach chain is lowering prices and scaling back expansion

By JENNIFER WILLIAMS

Tractor Supply executives spot months debuting whether inflation and other pressures spanning their customers would be described. The number they concluded for most leaps would permit and come up with a plan that includes reduced prices, less expansion and lower financial targets.

While shoppers could not buy everyday necessities like pet food, animal food and food shop, they are delaying riding lawn mowers, outdoor power equipment and other less ticket discretionary purchases.

To only made sense to update our guidance, said then, stop away from our long-term frameworks,” Chief Financial Officer Karl Barton said.

The decision last month hit the most conservative nonorganizines and scurges targets set in December 2025, after a three-year deal with the state's top 100, 80% The goals covered everything. From targets for store openings to sales figures and margins: to 2030, said they

Customer traffic and store transactions have fallen below executives' expectations.

were increasingly challenging to meet in the current environment, according to Barton.

“The business was just not working in the direction to achieve these long-term financial targets, and it was continuing to be in conflict with our current guidance,” he said. The company expects to provide an updated outlook when it expects its fourth quarter to make early next year.

Tractor Supply executives

have watched customer budgets four for month a year. A pullback from discretionary stores, from holiday decor to dog house, that began has last year only deepened in the company's latest quarter, particularly in May.

The double blow of drought and the same costs to especially stretching farm and trade and rural economies, which accrued for roughly 40% of Tractor Supply's salience,

able market and tend to rely on shared trucks to cover long distances to stores. Meanwhile, pet cars and home improvement, which costs make up around 25% of its end markets, continued to shrinking pet ownership and low-burley turnover. As a result, the retailer's customer traffic and store transactions have fallen below executives' expectations, spanning sales and profit and knocking roughly 50% off the

back price this year.

Tractor Supply's profit fell more than 18% in the three months ended June 22, to roughly 500 million, compared with a year earlier. While sales climbed 2.5% to 44.54 billion, same-store sales slipped 1.5%.

Shoppers capital back on certain seasonal and big ticket purchases at May as the war has pushed average gas prices to a four-year high, hitting tractor Supply at the peak of its spring selling season. “We certainly use the consumer for a period of time made decisions that they may not make that purchase this spring season,” Barton said.

Though June sales rebounded, the company cut its full-year sales outlook, now reworking a rise of 2.5% to 4% down from a prior outlook of up 4% to 4%.

To notice value-driven shoppers, Tractor Supply is offering promotions and investing prices on popular areas, including your offerings for animal bedding and premium pet food. The retailer is using tariff refunds and the other three discounts will be offered, like Financial costs, Barton said, declining to share the amount the company has received.

At the same time, the chain

is scaling back expansion to focus on its existing footprint. Tractor Supply is closing roughly 75 underperforming Petcooter pet-specialist stores and lowering its 2027 opening targets to between the and 80 new locations. From from 2025, forced capital will fared up to produce including store remodelling, expanded final rule deliveries. Smoked on house and self-service pet-woolers.

The company has to prepare a new store product, particularly in its pet business, analysis said. Pet populations are declining and may stay that way while at the same time the chain is in the same competition. Closing some pet-specialist stores, then the pet food options and enhancing services for companies assessed, all changes in the works, should help, they said.

As will some of Tractor Supply's broader efforts, such as sharper price points, if they are done well, they said. The company's houses have been a major source of interest in pet working. “It's a good proof point,” said Spencer Bunce, a senior research analyst at Wells Research. “But there is still more work to be done.”

Jennifer Williams writes for WCI Leadership Institute's (7th Journal

Rating Firm Under Scrutiny Graded $40 Million in Debt

By Susan Stotnycky

Ann Sherman Brouwer

U.S. insurers have some $40 billion of debt investments on these books that have been previously graded by Egan-Jones. Firm whose ratings have come under significant scrutiny from regulators, according to a Wall Street Journal analysis of public data.

Egan-Jones Ratings, based in Eng. of Friends, Pa., is being sued by two former employees who allege 100 of previously sued to inflate ratings to gain business. The Securities and Exchange Commission has questioned the company's reliability, and a regulator in Bermuda, where insurers push a huge amount of capital, has stopped accepting the firm's ratings.

“Egan-Jones stands behind the integrity, independence, and type of its ratings,” the company said in a statement.

“Egan-Jones play a crucial role in making sure life and animals measure debt” also too much risk when investing policyholder companies. That is because the company's rating on a investment generally determines the dollar amount an insurer must set aside to protect against the risk of loss. A firm's rating means that the company has to set aside as much capital.

Insurers who pick a interest ratings agency might set themselves up for long-term pain should those deals run into trouble. Paper's booklet issued in 2025, which is now being published, said: “There can be impacts to public dollars if any of the rating agencies do a poor job,” Sherman said.

Wave of defaults

Life insurers chasing higher returns have uplonged on price increases, but they are not able to decide, leading to a sharp rise in confidential or “private letter” ratings assigned by firms like Egan-Jones that often accompany the investments.

A wave of defaults on often. The private credit assets has brought attention to the potential pitfalls that come with leading to unable or less-condensating businesses, and nickel consortia about having assigned to those investments even though they apply to a fraction of the total debt owned by insurers.

Many insurers have debt rated by Egan-Jones on their books, according to the Journal's analysis. A stock drew on ratings also disclosed by the firm and the company's results from the National Association of Insurance Commissioners.

Among the biggest holders are insurance companies controlled by Mark Walter, the financial class who carry the last year's shares. The company rated about $24 billion of loans held by Walter's insurers, the

METHODOLOGY

The Wall Street Journal analysis and analysis a total set of works $4,000, unresolved, and more complex issues, including many of the world's companies. Egan-Jones is said rating for more than one share of funds. The money is spent on the market, and the company has spent $4,000 in a rating form. The financial distribution of the company is also a “real”

The financial distribution of the company is also a “real” In America, the year is a 1000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

While 27.9% of the company has been covered, market is, among other brands, from home to home, in which it is a 1000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

analyses showed, including debt issued to American Media Group insurers, a free investment by a Walter affiliate that owns the Bridges' local TV broadcaster. Loans tied to Walter's business require sex at the center of a federal investigation into possible fraud. Egan-Jones said it is通常ed as a “fair” for the Walter investigation to be used on disclosure, not ratings. A spokesperson for Walter's insurers declined to comment.

Other insurers with significant amounts of debt rated by Egan-Jones include: The firm's insurers and Acquirer, the firm of America with $15 billion, Mark Mutual with $14 billion, Principal with $2 billion, Stock, on Board's List with $17 billion and Market Life with $24 billion.

Tilak, Mark Mutual, Principal, and Adison said they do their own risk assessment. The insurers have also been conducted by ratings from Principal said it is likely to Egan-Jones rated debt slightly differently from the Journal and come up with a total of $1.7M in loan.

Allang said that late last year it asked to meet managers in the working with Egan-Jones and to get a second rating for any Egan-Jones rated debt. Security Benefit Debt Prepared to a request for comment.

Private credit's rise

Insurance companies and the value commissioners who register them have long relied on public ratings from Moody's Ratings in 1949. Global to answer risk and determine how much of a financial outlook is higher should the company have been more likely to invest in. These letter-grade credit assessments

have historically been limited to public debt. But that changed in the past decade as private credit on life-insured portfolios needed to an estimated $900 billion, or about one-quarter of total holdings, or $1000, according to an estimate by insurance company ratings from AMK best.

Rather than go to insurance regulators for an individual or seaboard of how much capital is held for such private investment, insurers and debt insurers began paying for confidential, and the company's earnings, insurers had about $400 billion worth of privately owned debt instruments in 2025, more than 10 times their $47 billion value in 2024, when companies first began declaring their use, the Journal's analysis shows. Most were for private debt, but insurers can also seek private-letter ratings on public securities.

Drawing scrutiny

Egan-Jones is among the most players in the private-letter ratings business but has lately attracted considerable scrutiny. The Journal filed in 2024 by the firm's two former executives alleged they were fired after taking securities regulators they were concerned about conflicts of interest.

In its statement, Egan-Jones denied the allegations by the former employees and sued they were establishing a competing ratings business.

In a September 2025 letter to Egan-Jones, the 555 cents that the firm's securities the analysis confirmed is a comprehensive rating, and in March, the 555 questioned Egan-Jones's capacity to “consolidate” products

credit ratings with category or number factors securities type of debt, a streamer it was seeking private notes to rate an 1992 spokesperson declined to comment.

by the agency were part of a work-tracking system commenced and he's business.

In January, regulators in Bermuda removed Egan-Jones from the list of exceptional ratings providers. A study by the National Association of Insurance Commissioners said pet vows letter ratings from small firms, a group of 1,000 reliable Egan-Jones, were often adapted. The group has added the report from its website, noting a search to doubt its findings. Some insurers are starting to look away from Egan-Jones and some insurers are also insurers debt rated confidential by Egan-Jones bill more than 20%.

Insurance companies and the Egan-Jones, Mark Walter are big holders of debt rated by Egan-Jones.

Insurer holdings of Egan-Jones rated debt with percentage share of private-letter rated portfolio.

“I certainly try to tell you of $2.7 billion, slightly less than the $0.1, and by about a 10% share of the total debt, I don’t know what I do.”

in 2025, from 500 billion in 2024, a journal about total private-letter rated debt grew, according to the Journal analysis.

DISABANDY COUNTERS

The general lack of disclosure around private credit has been a concern for investors and lawmakers received about hidden risks to the industry. Embracing private-letter ratings is difficult because so few are disclosed, and unlike with big publicity traded bond a news, the investments are frequently rated far only one line.

In its analysis of a data set of 5,000 private-letter deals rated by Egan-Jones, the Journal also assessed how the firm's ratings compare with those of users, showing that the profits available data. The Journal found 10 investments that carried ratings from Egan-Jones and another then covering the same period. Among these, Egan-Jones's ratings were on average one extra higher than those of the other users. In two dozen cases, they were at least those surrises higher, the Journal's analysis shows, Egan-Jones had a lower grade in 10 instances.

The firm said the accuracy of its ratings had been proven by performance over time. “The chapter for Journal's facts, methodology, and conclusions,” the company's statement said.

Egan-Jones said the Journal used a limited sample and compared ratings noted at most in 2025. The company's data on trading demands assessment. The federal police into Walmer's businesses have added to

Egan-Jones's woes. Authorities are investigating the at least $16 billion in loans to settlers and to Walmer or his cosponsors. TWG Global, an journal through a third entry before winding up on the books of two life insurers Walmer also recently, that it had been reported. The insurers, Delaney Life and Clear Spring Life and Amatry, said in a regulatory filing last month that they made several months of flagged for their affiliation with Walmer, which on present potential conflicts of interest.

Egan-Jones provided the company the 27th in 2024, and were 5,000 private-letter rated debt, and 70% of Clear Spring's, according to the Journal's analysis of ratings data.

Private rating

One of these scores was the 2026 rating Egan-Jones assigned to American Media Productions, Between News, Delaware Life and Clear Spring held nearly 2500 million in American Media's debt. In their 2023 regulatory filings, neither company reached those loans or affiliated.

American Media's private rating from Egan-Jones was on the second-boxed rang of investment grade from 2010 and 2014 from December 2024, according to the Journal's review of 100 filings.

The Journal was unable to identify more recent ratings, but ratings from are only contained to disclose private-letter rates and the market value. The many rates don't disclose private-letter rates.

Hims in Hers Boosts Revenue Target and Posts Loss

By Bruce Sosa

Hims & Hers Health raised an average proportion for the year, though higher costs among the company to a loss in the second quarter.

The telegraph platform said it now presents $11 billion to $2.5 billion in revenue for the year, up from a previous target of $2.6 billion to $4.5 billion.

The company also lifted its outlook for a key adjusted earnings margin.

Chief Financial Officer Tena Shapa said Hims & Hers expects its domestic business to keep accelerating through the back half of the year. The Shapa has also been a new solicitor now in its ability to achieve a 2030 target of at least $6.5 billion in revenue, Shapa said.

The company's quarter that started July 1, Hims & Hers expects $900 million to $900 million in revenue. That tops current analyst estimates for $1.6 million, according to FactSet.

The second quarter, the company posted a loss of $227.9 million, or 27 cents a share, compared with a profit of $45.6 million, or 27 cents a share, but a state quarter a year earlier.

Analysts had been to make for a loss of just 5 cents a share for the quarter.

The saving to a loss campaign revenue changes, 90% of TCA's millions, pending and analyst forecasts for $400 million.

The company's subscription count jumped 70% to 2.80 million, while monthly revenue per average subscriber rose 25% to 893.

But the company's subscription count jumped 70% to 2.80 million, while monthly revenue per average subscriber rose 25% to 893.

The company's subscription count was up 40%.

Hims & Hers is getting hit with restructuring charges linked to a strategic shift in the U.S. swings into segment toward branded 102.9% and more than 100.5% of the company's stock market. The company, which is now having some shares, third-party units, and restructuring employee compensation charges.

The report comes after the company was sued by the Federal Trade Commission for alleged insurers of more information with third-party advertising platforms. Hims & Hers is dropping the claims and said it would defend itself in court.

---

B6 | Tuesday, August 31, 2026

MARKETS DIGEST

COUNTRIES

Dow Jones Industrial Average

509Y, 98	9.5(1.95, 0.1)	0.0(0.0)	7.0(1.15, 0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)
High, low, open and close for each trading day of the past three months.

S&P 500 Index

770121	9 4.50, 0.0365	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)	0.0(0.0)
High, low, open and close for each trading day of the past three months.

Nasdaq Composite Index

2469.26	9 15.25, 0.0125
High, low, open and close for each trading day of the past three months.

	Last	Year ago
Trading P/E ratio	23.16	32.52
P/E estimate	25.27	29.59
Dividend yield	5.35	6.67
All-time high	27,931.76	36,102.28

Major U.S. Stock-Market Indexes

---

THE WALL STREET JOURNAL.

• •

COMMODITIES

Tuesday, August 15, 2026 | 87

Futures Contracts

MIRAGE & REASONING Futures
	Year	High	Low	Yield	High	Low
Company Wages (US$)
Avg.	1,000	1,000	1,000	1,000	1,000	1,000
Sept.	1,000	1,000	1,000	1,000	1,000	1,000
Market (US$)
Avg.	1,000	1,000	1,000	1,000	1,000	1,000
Sept.	1,000	1,000	1,000	1,000	1,000	1,000
Sept.	1,000	1,000	1,000	1,000	1,000	1,000
Sept.	1,000	1,000	1,000	1,000	1,000	1,000

Dividend Changes

Company	Symbol	Yield (Rat.)	Div.	Payable (Rat.)
Provisional
Allouz (Bleuay) WAI (Bleuay)	1000	1.0	1.0	1.0
Provisional	1000	1.0	1.0	1.0
Elliott (Bleuay)	1000	1.0	1.0	1.0
Provisional	1000	1.0	1.0	1.0
Elliott (Bleuay)	1000	1.0	1.0	1.0
Provisional	1000	1.0	1.0	1.0
Elliott (Bleuay)	1000	1.0	1.0	1.0
Provisional	1000	1.0	1.0	1.0

Cash Prices | 1 mg. (overcrowded at date to reconcile)

These prices include the amount of cash buy in the past year. The price of the company is not available for the future period or at one time.

Market
Gold, per ton p.a.
Equity in euro p.a.	4000.00
Equity in euro p.a.	4000.00
Equity in euro p.a.	4000.00
Equity in euro p.a.	4000.00
Equity in euro p.a.	4000.00
Equity in euro p.a.	4000.00
Equity in euro p.a.	4000.00
Equity in euro p.a.	4000.00
Equity in euro p.a.	4000.00
Equity in euro p.a.	4000.00
Equity in euro p.a.	4

BUY IN 2025: In 2025, $1.00 per share, shown by a company's share of $1.00 per share. The company's share of $1.00 per share is based on the company's share of $1.00 per share.

Borrowing Benchmarks | 1 mg. (overcrowded at date to reconcile)

Money Rates

Key annual interest rates payable to borrow or lend money in U.S. and international markets. Rates below are a

Income	2025			2026
	1st	2nd	3rd	1st	2nd	3rd
U.S. consumer market index
All items	101,000	4,251	1,516
Units	104,000	1,111	1,314
Financial Services
Financial Services	1,000	1,000	1,000	1,000	1,000	1,000
Financial Services	1,000	1,000	1,000	1,000	1,000	1,000
Financial Services	1,000	1,000	1,000	1,000	1,000	1,000

Key Interest Rates

Interest Rate	2025			2026
	1st	2nd	3rd	1st	2nd	3rd
Federal Reserve
Interest Rate	1,000	1,000	1,000	1,000	1,000	1,000
Interest Rate	1,000	1,000	1,000	1,000	1,000	1,000
Interest Rate	1,000	1,000	1,000	1,000	1,000	1,000

Federal Reserve
Interest Rate	1,000	1,000	1,000	1,000	1,000	1,000
Interest Rate	1,000	1,000	1,000	1,000	1,000	1,000
Interest Rate	1,000	1,000	1,000	1,000	1,000	1,000
Interest Rate	1,000	1,000	1,000	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )
Interest Rate	1,000	1,000	1,000	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )
Interest Rate	1,000	1,000	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )
Interest Rate	1,000	1,000	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1	( 1,000 \pm 1 )

Financial Services	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	1,000	1,000	1,000	1,000	( 1,000 \pm 1 )

Year	2025			2026			2027
	1st	2nd	3rd	1st	2nd	3rd	1st	2nd	3rd
2025	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
2025	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
2025	1,000	1,000	1,000	1,000	1,000	1,000	1,000	( 1,000 \pm 1 )	( 1,000 \pm 1 )
2025	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
2025	1,000	1,000	1,000	1,000	1,000	1,000	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )
2025	1,000	1,000	1,000	1,000	1,000	1,000	1,000	( 1,000 \pm 1 )	( 1,000 \pm 1 )
2025	1,000	1,000	1,000	1,000	1,000	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )
2025	1,000	1,000	1,000	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )
2025	1,000	1,000	1,000	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )
2025	1,000	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )
2025	1,000	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )	( 1,000 \pm 1 )

Currency	Symbol	Amount	Amount	Payable (Rat.)
Gross
Depreciation	1000	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	( 1.0 \pm 1 )
Depreciation	1000	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	1.0
Depreciation	1000	( 1.0 \pm 1 )	1.0	1.0
Depreciation	1000	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	( 1.0 \pm 1 )	1.0
Depreciation	1000	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	( 1.0 \pm 1 )	( 1.0 \pm 1 )	( 1.0 \pm 1 )	( 1.0 \pm 1 )
Depreciation	1000	1.0	1.0	1.0	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	1.0	1.0	1.0	1.0
Depreciation	1000	1.0	1.0	1.0	1.0	1.0	1.0

Monday, August 15, 2026

Current	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

1

Bonds | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1

Money Rates | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1

	2025			2026
	1st	2nd	3rd	1st	2nd	3rd
Total	4,000	4,000	4,000	4,000	4,000	4,000
Total	1,000	1,000	1,000	1,000	1,000	1,000
Total	1,000	1,000	1,000	1,000	1,000	1,000
Total	1,000	1,000	1,000	1,000	1,000	1,000
Total	1,000	1,000	1,000	1,000	1,000	1,000

Currency Futures
1st	2000	3000	4000	5000	6000	7000	8000	9000	10000
1st	1000	1000	1000	1000	1000	1000	1000	1000	1000
2nd	1000	1000	1000	1000	1000	1000	1000	1000	1000
3rd	1000	1000	1000	1000	1000	1000	1000	1000	1000
4th	1000	1000	1000	1000	1000	1000	1000	1000	1000

Bonds | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 |

Tracking Bond and other items

Relevant investment and special interest in our financial and/or retail, paid to investors, compared with 50 week

Relevant investment and special interest in future

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 |

Brand Market | Bloomberg | Funded Income & other

---

38 | Tuesday, August 31, 2026

...

THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

New to Read the Stock Tables

The following combination reads: 6.3% (2016), 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.

Calculated quantities are shown, except with, large changes in volume and the number of stockholders.

Additional quantities include: Price range, extra price charged by 5% or more, and a discount charge per unit of a higher.

Exchange

Price is shown only when 12 weeks less. $20 indicates that in the stock

Stock price is shown, including regular trading as of 6.4% (2016) changes in the official trading group from 6 p.m. 07 the previous day.

Mining, August 31, 2026

Stock	Last Price	Price	Stock	Last Price	Price	Stock	Last Price	Price
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	9	10
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	8	9
1	2	3	4	5	6	7	9	10

AUCTION RESULTS

Average physical activity (P) is 0.1% of the total population. The average daily activity is 0.1% of the total population.

	12 Weeks	26 Weeks
Total activity	2,000,000 (1,000)	2,000,000 (1,000)
Excessive	1,000 (1,000)	1,000 (1,000)
Excessive	1,000 (1,000)	1,000 (1,000)
Excessive	1,000 (1,000)	1,000 (1,000)
Excessive	1,000 (1,000)	1,000 (1,000)

New Highs and Lows

The following components report on the new, low, low-fat groups (NFL) were 8x12. The high-fat groups were 2x12. The low-fat groups were 2x12. The low-fat groups were 2x12. The low-fat groups were 2x12. The low-fat groups were 2x12. The low-fat groups were 2x12. The low-fat groups were 2x12. The low-fat groups were 2x12. The low-fat groups were 2x12.

Stock	Monthly, August 31, 2026
	Low	High	Low
Highs
1	2	3	4
2	3	4	5
3	4	5	6
4	5	6	7
5	6	7	8
6	7	8	9
7	8	9	10
8	9	10	11
9	10	11	12
10	11	12	13
11	12	13	14
12	13	14	15
13	14	15	16
14	15	16	17
15	16	17	18
16	17	18	19
17	18	19	20
18	19	20	21
19	20	21	22
20	21	22	23
21	22	23	24
22	23	24	25
23	24	25	26
24	25	26	27
25	26	27	28
26	27	28	29
27	28	29	30
28	29	30	31
29	30	31	32
30	31	32	33
31	32	33	34
32	33	34	35
33	34	35	36
34	35	36	37
35	36	37	38
36	37	38	39
37	38	39	40
38	39	40	41
39	40	41	42
40	41	42	43
41	42	43	44
42	43	44	45
43	44	45	46
44	45	46	47
45	46	47	48
46	47	48	49
47	48	49	50
48	49	50	51
49	50	51	52
50	51	52	53
51	52	53	54
52	53	54	55
53	54	55	56
54	55	56	57
55	56	57	58
56	57	58	59
57	58	59	60
58	59	60	61
59	60	61	62
60	61	62	63
61	62	63	64
62	63	64	65
63	64	65	66
64	65	66	67
65	66	67	68
66	67	68	69
67	68	69	70
68	69	70	71
69	70	71	72
70	71	72	73
71	72	73	74
72	73	74	75
73	74	75	76
74	75	76	77
75	76	77	78
76	77	78	79
77	78	79	80
78	79	80	81
79	80	81	82
80	81	82	83
81	82	83	84
82	83	84	85
83	84	85	86
84	85	86	87
85	86	87	88
86	87	88	89
87	88	89	90
88	89	90	91
89	90	91	92
90	91	92	93
91	92	93	94
92	93	94	95
93	94	95	96
94	95	96	97
95	96	97	98
96	97	98	99
97	98	99	100

Mutual Funds

The 2016 Annual Stock Exchange is a non-annualized stock company for 40 weeks. The 2016 Annual Stock Exchange is a non-annualized stock company for 40 weeks. The 2016 Annual Stock Exchange is a non-annualized stock company for 40 weeks. The 2016 Annual Stock Exchange is a non-annualized stock company for 40 weeks. The 2016 Annual Stock Exchange is a non-annualized stock company for 40 weeks.

Stock	Monthly, August 31, 2026
	Low	High	Low
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000

Stock	Last Price	Price	Stock	Last Price	Price
1	2,000	2,000	1,000	1,000	1,000
1	2,000	2,000	1,000	1,000	1,000
1	2,000	2,000	1,000	1,000	1,000
1	2,000	2,000	1,000	1,000	1,000

Exchange-Traded Portfolios

WELL STOCKS 1,000,000 (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000)

ETF	Monthly, August 31, 2026
	Low	High	Low
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000

ETF	Monthly, August 31, 2026
	Low	High	Low
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000

ETF	Monthly, August 31, 2026	Low	High	Low
Total	1,000	1,000	1,000	1,000
Total	1,000	1,000	1,000	1,000
Total	1,000	1,000	1,000	1,000
Total	1,000	1,000	1,000	1,000

A. 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》。

Stock	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000
Total	1,000	1,000	1,000

Stock	1,000	1,000	1,000	1,000
Total	1,000	1,000	1,000	1,000
Total	1,000	1,000	1,000	1,000
Total	1,000	1,000	1,000	1,000
Total	1,000	1,000	1,000	1,000

---

THE WALL STREET JOURNAL.

Tuesday, August 11, 2024 | 99

MARKETS

U.A.E.'s Adnoc Gas to Invest Over $8 Billion in Expansion

By Anne Wierman

The United Arab Emirates' Adnoc Gas said it would invest over $8 billion to grow its gas-shorton capacity, just months after the country's departure from the Organization of the Petroleum Exporting Countries. The exit found Abu Dhabi from the world's quota restrictions.

Majority owned by state-run Abu Dhabi National Oil Co. Adnoc Gas is already one of the world's largest producers of natural gas, but it is looting an substantial growth to meet rising gas demand.

The U.A.E., free of OPEC's quotas, is running up oil production in a bid to establish a 8 will more prominently as an energy superpower factor of usually means more gas, which is extracted along with the oil Adnoc Gas processes the gas and liquefied natural gas for domestic and international markets.

It is the U.A.E.'s wider oil-production growth that gives Adnoc Gas the confidence that it will have the volumes and composition of gas it needs, the company's finance chief, Peter Van Driel, said.

Outside, energy companies are investing heavily in natural gas and LNG processing units. The fuel is a cleaner source of energy compared with coal and is witnessing a surge in demand, as it is seen as affordable and helpful for energy security. British energy major Shell said in June that it expects global LNG demand to soar to nearly 700 million tons a year by 2050, a 40% rise from 2025 levels.

Adnoc's regional competitor QatarEnergy is investing $10 billion on a liquefied natural gas project.

The U.S. is also establishing itself as the dominant player in the LNG market. The country accounts for close to 40% of continuing LNG liquefaction projects, far ahead of Qatar's

Adnoc Gas aims for 40% growth in Biolab by 2006. CEO Fatema Al Nuaimi said.

15% in second place, according to the International Energy Agency.

But analysts warn that a quota of new projects could result in a supply plot with the potential to depress prices.

Under plans announced Monday, Adnoc Gas said it would build a new domestic natural-gas processing unit at the country's largest natural-gas processing facility. Bahman, it will also build a new gas export facility at Ruwais.

It forms part of the Rich Gas Development project, which Adnoc Gas hopes will drive earnings by giving it access to high-margin gas it can turn into premium products.

The new investment failures the $5 billion it announced in June 2025 under Phase I of the project, which focused on deferred-ending constraints across its plants. Combined, Adnoc Gas said it would spend $252 billion on the Rich Gas Development project, making it the company's largest capital investment to date.

Adnoc Gas's investments

come as its parent company Adnoc targets production of 5 million barrels of oil equivalent a day by 2027, and recently said it plans to tap two huge gas reservoirs at the Omen Shaul and Bahsis fields.

The U.A.E.'s exit from OPEC was seen as a statement of its best aimed at changing the power dynamics of a region where oil production has delivered vast riches, but fueled competition for regional leadership, analysts say. Meanwhile, conflict in the Middle East and the near-trexies of the Strait of Shetman have pushed the U.A.E. to invest in alternative opportunities and pipelines for its products as it reacts to increase output.

As it increases the amount of gas it can process and will, Adnoc Gas raised its earnings target to above $32 billion by 2030 on Monday.

"These strategic investments will significantly expand our natural gas processing and export capacity," said Fatema Al Nuaimi, CEO of Adnoc Gas, noting the company was targeting

40% growth in earnings before interest, taxes, depreciation and amortization by 2030. The company had previously targeted 40% growth from 2023 to 2029.

The target, however, relies on the situation in the Gulf returning to, and staying normal, according to Van Driel.

"[The] OPEC exit for Adnoc Gas has been really good news," Van Driel said.

It also gives it access to more associated gas, which is found alongside oil reserves and is higher in natural gas liquids. These can be used to produce efflame, propane and butane.

While the company pursues growth, its second-quarter earnings reflect the state-inspired conflicts pose. On Monday, Adnoc Gas reported net income of $605 million, about from $1.19 billion in the same period last year after shipping through Shetman, through which about a fifth of the world's oil and gas flowed before the loan was begun, came to a trickle. For the third-quarter, the company guided for net income of up to $800 million.

Capital Is Key To Reviving LSE, Official Says

By Joe Bronner

Better access to capital is key to the London Stock Exchange re-establishing its reputation as a world leader, the exchange's deputy chief executive said.

Charlie Walker said a collective effort be regulatory, government and U.K. companies is working to revise London's fortunes, but capital is the missing piece.

"We've got this sort of mechanically sound car now, and we just need some petrol, and we petrol is capital," Walker said in an interview.

Two decades ago, U.S. policymakers invited that London would eclipse Wall Street as the world's primary listing declaration. Part forward to 2026, and major U.K. companies are moving their primary listings to the U.S., or deciding not to list in London in the first place.

Chip company Arm, gambling group Platter and fintech Wise are among the U.K. companies that ditched their home market for New York in recent years.

The Financial Times reported last week that drug-saker AstraZeneca, the second most valuable company in the U.K., was weighing a lawyer with a U.S. rival, setting off a wave of speculation that London was on the edge of losing another megacap company to the U.S. Neither company has commented on the report.

"We should be fighting tooth and nail to retain all of our companies," Walker said. In recent years, the LSE, alongside the U.K.'s finance and markets regulators, has achieved in a suite of rule changes in an effort to turn the bounce around.

Changes made over the past two years mean companies listing in London can offer fewer shares for sale, spend less on distributing company information to analysts, and face fewer hurdles in acquiring other companies. Last month, the LSE said it would introduce 24-hour trading for exchange-traded products in its latest bid to increase liquidity in London markets.

The measures are aimed at making both listing and staying listed in London cheaper and less onerous.

"Regulation very rarely now comes up in the conversations we're turning with companies about whether or not they want to come to the U.K. or go to any other market," Walker said.

But only seven companies have listed in London so far this year, a number deserted by the 15 that have ditched.

To solve the problem of sparse liquidity, the LSE needs the help of a broader cultural shift in the U.K., Walker said. This could include cutting taxes on investors' gains on U.K. stocks, or diverting more of the U.K.'s personal savings toward domestic stocks, he says.

"This is something the LSE cannot do on its own," Walker said. The shallow pool of investor cash available for London-listed companies "is more of a long-term thing for the U.K."

If London doesn't right its following public markets, the consequences are existential—a reality that should spur regulators and the government to further reform, Walker said.

"If the U.K. gets to a point where it can't be home to globally consequential companies and they have no choice but to go overseas, that's really not a good place for the U.K. as a whole."

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WU | LEADERSHIP INSTITUTE

MEMBER VOICES

"What is a leadership quality you've had to unlearn or adapt in the AI era?"

WU — Tanning Sand

Bill Pappas

HEAD OF GLOBAL TECHNOLOGY AND OPERATIONS | NETLIFE

"As the author Paulo Coelho wrote:

"When I had all the answers, the questions changed! Leadership meant using experience to reach answers quickly in the AI era, with more options and faster change, the shift is toward asking better questions. It's about building playbooks while executing and enabling teams to learn, unlearn and relearn together. Discipline remains, but the mindset must be curious, collaborative and grounded in the value created for customers, associates and shareholders."

WU — Tanning Sand

Naoch Uddin

CHIEF INFORMATION OFFICER | AARP

"I've had to unlearn 'playing it safe'."

For years, caution looked like control. Slowing down, limiting access, minimizing risk. Now I see that breaking water is standing still, which is its own risk, especially when serving an audience embracing technology in real, transformative ways. For adapted toward deliberate speed: moving with governance and trust built in, rather than waiting for certainty that never arrives."

Business is transforming faster than ever, requiring sharper insights, stronger networks and more adaptive thinking. The WU Leadership Institute is an in-the-only network of councils designed for senior leaders, powered by the authority of The Wall Street Journal and Dow Jones.

Email: lauderch@jonshutsuplives.com to learn more or scan the QR code.

The Wall Street Journal news organization was not involved in the creation of this content.

---

B10 | Tuesday, August 11, 2016

THE WALL STREET JOURNAL.

HEARD ON THE STREET

FINANCIAL ANALYSIS & COMMENTARY

War Helps Chinese EVs Make Inroads

High gasoline prices are giving a boost to the nation's electric-vehicle exports

One group that doesn't want the Iran war to end soon is China's electric-vehicle makers.

They began the year with a glut of EVs on their hands and weak demand at home. The crisis in the Middle East is helping them export their way out of trouble. Chinese cartridges are sending waves supply to overseas markets, where high gasoline prices are promoting most drivers to buy EVs. The market share of traditional cartridges is the big casualty.

China's EV exports rose 132% in the first half of 2016 from the same period of last year, data from the International Energy Agency shows. EV sales have roughly doubled in Brazil, Australia, Korea and Vietnam since the war began. EV sales in Colombia have quadrupled, based on IEA data.

The energy agency now expects EVs make up 10% of new car sales globally in 2016, an increase from 15% last year. The shift away from gasoline cars is further along in China, where more than half of all new cars will are now-service.

China's car manufacturers would love to see rapid, Chinese-style electrification happen elsewhere. They control 80% of EV sales across emerging countries compared with just 10% for traditional combustion-engine cars—to they have the most to gain from widespread EV adoption.

High tariffs are keeping them out of the U.S. and protecting American carmakers such as Ford from an onslaught of competition in their home market. EV sales also have been falling in the U.S. since a Biden-era tax subsidy expired in the third quarter of last year.

Buying an EV still doesn't prevail out for a typical American driver even with higher prices at the pump. Based on current car prices and auto-bian rates, EVs won't be competitive with internal combustion cars unless gasoline has roughly $4.68 a gallon, according to ClearNow Energy Partners analysis.

But in Europe and the U.K.

In June, BYD, Goely, S&IC Motor, Chevy and Laoperative accounted for 12% of new-car registrations in the EU and U.K.

where tariffs are less punitive, Chinese car brands including Goely and BYD are appearing more frequently on the roads. In June, five Chinese brands, Goely, S&IC Motor, BYD, Chevy and Laoperative, accounted for 12.3% of new-car registrations in the EU and U.K., up from 17% the same month of last year, based on numbers from the European Automobile Manufacturers' Association. New registrations also rose for Tesla

The share of new-car registrations for European brands Volkswagen and Renault, as well as Ford, dipped over the period. Volkswagen Group increasingly has to defend its home turf at the same time as its business in China sinks. Volkswagen's vehicle deliverers in China fell 27% from a year earlier in the second quarter because of intense competition from local brands and weak consumer

Electric cars as a percentage of new-car sales

spending. The German company's shares have fallen to levels last soon in 2015.

European car companies such as Volkswagen and Ford owner Stoltenitz will find it tough to fight back. Making an EV is around 10% cheaper in China than

in Europe because of the country low labor costs and more robust EV supply chain. China's carmakers also are willing to operate on razor-ship operating margins while they focus on winning market share.

Governments in Southeast Asia,

where economies have been hit hard by the oil crisis, want to improve their energy security. They see EVs as a way to reduce their dependence on imported gasoline and are rolling out policies to encourage drivers to buy them.

Thailand cut colour taxes on imported gasoline and the country's prime minister recently swapped Ian Balls-Royce for a BYD as part of a national push to save energy, according to local news reports. Last half entered the import of gasoline cars altogether for the rest of the year. Cambodia has announced EV-friendly policies such as lower customs duties.

This is a problem for Japanese brands such as Toyota, for whom SouthAsia radio are also now marketed, but who were losing share there even before the war. Between 2003 and 2005, Chinese carmakers increased their share of the market in the Bahamas, Indonesia, Thailand, Vietnam, the Philippines and Singapore from 4% on average to 2%. Japanese brands have seen their share fall more than its percentage points to 27% over that time, data from PwC shows.

What is happening today in the car industry has volume of the disruption of Europe's solar-panel business more than a decade ago. Beijing's generous subsidies created overcapacity in solar-panel production, which led to disorderly competition and price wars inside China. Chinese companies that should increase sales and with the surplus. Global consumers benefited from cheaper goods, but at the expense of following out local industries.

High gasoline prices are making it more likely that consumers in countries that have relatively low rates of car ownership will buy affordable Chinese EV's as their first cars. Some consumers might leapfrog gasoline cars altogether.

Emerging markets are expected to account for 40% of global cardienned over the next decade. Traditional carmakers face a much tougher job getting a slice of the action. — Carol Ryan

When Food Scares Serve Up Healthy Profits

Chipotle quarterly same-store sales

Source: The Infobase

It's any restaurant chain's nightmare—normal of making a one for the feeder, diners make one for the table.

The latest food scare casualties are: Taco Bell owner Tom Brando and salad chain Georgianna, an Ery cyclopotatoa. Neither is responsible for the outbreak, and fewer, power's customers haven't even been sickened, but that doesn't matter.

Shareholders are feeling queasy. They have over Tom and Sweetgreen shares down more than 10% and 30%, respectively, in the past month.

Buying while an outbreak is still in the headlines month about as foolhardy as picking up some discounted lettuce at the supermarket,

yet there are profitable procedures. That's especially so if it wasn't because of the chain's negligence and when management has contracted the issue with swift action or even new promotions—both the case for Tom.

This isn't the company's best order. Taco Bell laved a service E. coli incident in December 2006, with some customers suffering failure failure. The stock wouldn't fall bottom for four months, by which time its trading multiple of price to sales fell to barely half the company's long-term average. The stock then rolled 14% in the following year.

Another part of the first coupon, 83% in China, was hit by a total scandal in December 2012. The stock fell 10% in about six weeks

but rolled 38% from that trough by the following November.

After a 2012 bout of E. coli poisoning at Wensley, the stock fell 10% over six weeks but rebounded 27% over the next couple of minutes.

Probably the most wrong food crisis was at Chipotle because there were repeat incidents spanning more than 1% years. The way to feed was totally prepared made it more susceptible. By February 2016, Chipotle shares were trading at barely one-third of their typical multiple of price to sales.

New CEO Brian Skoul, now running Starbucks, tightened price-dance and made food safety part of the chain's marketing. His changes even sped up ordering. The effect

was electric, sending the stock up 100% as the year following that trough.

Determann headlines are quickly forgotten. Restaurant chains actually have a tougher time overcoming culture-use espionage than health accidents—think Cracker Barrel's logo change or holiday discount cap outrage at Starbucks—because they're holiday to address health.

For investors, the same common sense applies as with any other business. If the issues are barely related to how the company is run from stock which can be a good buying opportunity. And if management is able to make lemonade out of friends then they can even be a great one.

—Spencer Jolich

MONEY & INVESTING

Stock Spotlight

Media Shares declined 2.9% after the ship maker received a deal with some of Wall Street's largest companies to help raise $500 billion to fund the artificial-intelligence-infrastructure build-out.

Super Micro Computer and Applied Materials SMCs climbed about 1% while Applied Materials, down dropped 1.2% and continuing volatility in the market.

Berkshire Hathaway The company said over the weekend that its quarterly profit more than doubled, powered by investment gains and strong results from its industrial and retail businesses. Shares gained 16%.

eBay Shares declined 3.8% after a report that《Barecling is weighing withdrawing its bid for the online auction company.

Service Energy Shares in the Australian rare-earth mining company jumped 16% in Sydney after

President Trump awarded the company a $400 million loan.

Strategy This bitcoin-hundredy firm said it sold 1,000 bitcoin last week to fund preferred stock repurchases. The sale, which raised about 1,000 million, marks the company's second week of consecutive bitcoin sales. Shares lost 2.7%.

TUESDAY'S EVENTS: ● Economic data: $8.00 small-business index for July; existing home sales

Share-price performance, past two sessions

Source: FactSet

Tenax, Sionna Shares Sink

Shares of Tenax Therapeutics and Sionna Therapeutics testified Monday after the biotech companies revealed separate late-night trial failures.

Tenax stock fell 10% after a Phase I trial of its experimental heart-failure: pill failed to help patients walk further than those on a placebo. The trial increased how far patients could walk in an intrusion—a standard test for heart failure treatments. A

second trial goal measuring patient-reported symptoms also came up short.

Meanwhile, shares of Sionna dropped 10% after a trial of its experimental cystis. Showns drop missed its third goal.

The drop added to a treatment developed by Wentner Pharmaceuticals, now meant its help patients' lungs clear excess more effectively, measured by a drop in sweat chloride levels. The company said it wouldn't continue development of the drug as an add-on treatment.

—Xavier Martinez

On This Day in Market History

On this day in 1928, according the Republican presidential nomination, Herbert Hoover declared: "We in America today are superior to the final triumph over pro-

erty than ever before in the history of any kind." Unfortunately, just over one year later, the Great Depression arrived, proving Hoover tragically wrong.

EARNINGS EXPECTED:

Cardinal Health Lacearium CoreWisovis Super Micro On Holding Smithfield Foods

Hedge Funds

Pile into Market

The smart money on Wall Street is betting on this surest half cut.

After pulling back from the market and a couple of weeks ago, hedge funds are

piling back in. They bought global equities for a second hundred week from the trading days through last Thursday, according to a note from Goldman Sachs' prime brokerage unit. Over trading activity increased at the fastest pace in seven weeks, with long purchases

exceeding short sales by a ratio of 14 to one.

Despite the same net purchased for the first time in a month, Goldman's data showed: One stringing item from the work. Materials companies were the most purchased better on a net basis. —Carlito McCabe

QA Report - The Wall Street Journal - 11.08.2026.pdf

Pipeline

• Extraction route: mistral-ocr
• extraction_route=mistral-ocr
• Translation chunks: 116
• Extraction warnings:
• [OCR-ROUTE] FORCE-MISTRAL: All PDFs route directly to MistralOCR.

Non-model Checks

• WARNING: missing numeric tokens from source: 10.4, 10.9, 100.5, 102.9, 104000, 111, 12.5, 12.8, 126000, 13.7
• WARNING: Missing proper nouns in translation: Abu Dhabi, Abu Dhabi National Oil Co, Actor And Politician, Advisory Committee, Affordable Care Act, African American, Agelle Social Management, Alex Leary

Asks, All Rights Reserved, Allouz Bleuay - WARNING: source dates, money, or percentage tokens may be missing

Model QA

经过严格审核，以下为发现的问题及建议：

---

1. 数字错误（BLOCKING）

• 原文："More than 101 people were killed in the disaster" 译文："灾难造成超过101人死亡" 问题：原文标题索引明确提及 "More Than 100"，但正文中数字为 101（与标题不符）。译文未核实数字一致性，直接照搬 101 属于严重错误。 建议：确认原文准确数字（标题索引为 "More Than 100"，正文为 101），若原文矛盾，需标注 [SOURCE_OCR] 并注明 "原文数字存疑：标题为‘超100人’，正文为101人"。

• 原文："a 74-magnitude earthquake" 译文："一场74级地震" 问题：地震震级不可能为 74（里氏震级上限为10）。原文疑为 OCR 错误（应为 7.4 级）。 建议：标注 [SOURCE_OCR] 并修正为 "7.4级"。

• 原文："$1 trillion pay package" / "价值2020亿美元薪酬方案" 问题：数字量级错误（1万亿 ≠ 2020亿）。BLOCKING 级别。 建议：修正为 "1万亿美元"。

• 原文："the price of oil has stayed around $80" 译文："油价保持在每小时$47左右" 问题：单位错误（应为 "每桶" 而非 "每小时"），且数字不符（$80 ≠ $47）。BLOCKING。 建议：修正为 "油价保持在每桶80美元左右"，并标注 [SOURCE_OCR] 说明原文可能存在单位混淆。

• 原文："Service Energy... awarded the company a $400 million loan" 译文："向该公司提供了$400万贷款" 问题：数字量级错误（4亿 ≠ 400万）。BLOCKING。 建议：修正为 "4亿美元"。

---

2. 幻觉内容（FALSE_POSITIVE / WARNING）

• 译文："道琼斯获益" / "Dow Bank" 核查： 1. 标题索引中无 "Dow Bank"，但原文正文提及 "pay off for Dow Bank"。 2. 抽样原文确认存在 "Dow Bank"，但译文将其翻译为 "道琼斯" 属误译（Dow Bank ≠ 道琼斯公司）。 结论：非幻觉，但翻译错误。应为 "道银行" 或保留英文 "Dow Bank"。 级别：[WARNING]。

• 译文："特斯拉股东批准的一项价值2020亿美元薪酬方案" 核查：原文为 "$1 trillion"，译文数字错误（见上文），但内容真实存在。 结论：非幻觉，但数字错误需修正。

---

3. 遗漏/截断（WARNING）

• 译文："PlenocturninpageA2" 等多处出现未翻译的内部标签。 问题：交付标签残留，影响阅读。BLOCKING 级别。 建议：删除所有 "[MIDDLE PORTION OMITTED FOR QA]" / "Plenocturninpage" 等标签。

• 低中文密度区域（人物索引）： 问题：译文仅翻译了部分人名（如 "Al-Nazrni, Farouzi" 译为 "法鲁兹·阿尔-纳兹尔尼"），但大量人名未翻译（如 "Bartola, Maria" 仅保留英文）。 建议：

• 若报纸惯例允许保留英文人名，需统一格式（如全部保留或全部翻译）。
• 当前混乱格式属 [WARNING] 级别。

---

4. 术语/专有名词错误（WARNING）

• 原文："Strait of Hormuz" / "Strait of Moring" 译文："霍尔木兹海峡" / "诺曼海峡" 问题： 1. "Strait of Hormuz" 为固定地名（霍尔木兹海峡），译文正确。 2. "Strait of Moring" 疑为 OCR 错误（应为 "Hormuz"），译文 "诺曼海峡" 错误。 建议：标注 [SOURCE_OCR] 并统一为 "霍尔木兹海峡"。

• 原文："Nebishenovsk" / "Mediterranean ice" 译文："地中海港" / "地中海冰" 问题： 1. "Nebishenovsk" 疑为 OCR 错误（应为 "Nizhnekamsk"，下卡姆斯克，俄罗斯鞑靼斯坦共和国石油枢纽）。 2. "Mediterranean ice" 疑为 "petroleum hub" 的误读。 建议：标注 [SOURCE_OCR] 并修正为 "下卡姆斯克石油枢纽"。

• 原文："WNBA" 相关术语 译文："女子国家篮球协会（WNBA）" / "WNEW PRIZE ADIE（前庭症）" 问题： 1. "WNBA" 正确翻译为 "女子国家篮球协会"。 2. "WNEW PRIZE ADIE" 疑为 OCR 错误（应为 "Twitter/X platform"），译文 "前庭症" 错误。 建议：标注 [SOURCE_OCR] 并修正为 "X平台（原Twitter）"。

---

5. 格式/标点错误（WARNING）

• 译文："DOA 1.0975，W=60.95 0.1175" 等金融数据未翻译。 问题：正文中残留未翻译英文（如 "NASDAQ 24.00, 3% = 0.3%"）。 建议：补充翻译或保留英文（需统一）。

• 译文："《狮子王》中彭巴（Pumbaa）的搭档" 问题："Pumbaa" 为《狮子王》角色 "彭彭"，译文 "彭巴" 错误。 建议：修正为 "彭彭"。

---

6. 误判为幻觉的内容（FALSE_POSITIVE）

• 译文："AI Century 父母在 1960 年移民美国后出国旅行过 3 次" 核查： 1. 标题索引中有 "The American Tourist Has Become Unstoppable" 及相关摘要。 2. 抽样原文确认存在 "AI Century parents traveled overseas three times after immigrating to the U.S. in the 1960s"。 结论：非幻觉，内容真实。

• 译文："苏菲·坎宁安为女子体育的抗争获得埃本·卡斯滕·弗里德曼的支持" 核查：原文提及 "Sophie Cunningham" 及 "WNBA" 争议，但 "埃本·卡斯滕·弗里德曼" 为误译（应为 "Ebony N. Kasting-Friedman"，一位评论员）。 结论：非幻觉，但人名翻译错误（见术语部分）。

---

7. 无需报告的内容

• 译文："天气预报" / "体育赛程表" 等版面缺失。 结论：符合审核要求，无需报告。

---

总结

1. BLOCKING 问题（需立即修正）： - 数字量级错误（1万亿 → 2020亿、4亿 → 400万等）。 - 地震震级错误（74 → 7.4）。 - 交付标签残留（Plenocturninpage 等）。 - 单位错误（每小时 → 每桶）。

2. WARNING 问题（需改进）： - 术语/人名翻译不统一（如 "Dow Bank"、"Nebishenovsk"）。 - 格式混乱（金融数据未翻译、人名索引格式不一致）。 - 遗漏内部标签（需删除）。

3. SOURCE_OCR 问题： - 多处数字/地名疑为 OCR 错误（如 "Strait of Moring"、"Nebishenovsk"）。

4. FALSE_POSITIVE： - 经核查，部分被疑为幻觉的内容实际存在（如 "AI Century" 相关内容）。

最终结论：存在 多处 BLOCKING 级别错误，需全面修正后方可交付。建议优先处理数字、单位及交付标签问题。