Financial Times - 31.07.2026.pdf

金融时报

FRIDAY 31 JULY 2020

英国 CCHS 爱尔兰共和国 #4 90

波音能否重回盈利轨道？

FEDERAL PAGE 19

没有新的撒切尔在等待拯救英国

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英格兰银行维持利率不变，但认为若战争拖延将面临风险

• 货币政策委员会以 6 比 3 的投票结果决定维持 3.75% 的利率
• “鸽派”相信价格压力正在减弱

DELPHINE STRADES 和 IAN SMITH

英格兰银行将利率维持在 3.75% 不变，并指出几乎没有证据表明全球能源危机确实已侵入价格压力，且将观察美国的后续演变。

英格兰银行的货币政策委员会以 6 比 3 的投票结果决定维持利率不变，大多数政策制定者认为，借贷成本已经足够高，足以抵御更持久的通胀风险。

如果真正的冲突拖延，且波动的能源价格传导至经济其他领域，央行可能仍需加息。但在决定后，行长安德鲁·贝利表示，如果冲突得到“可靠解决”，英格兰银行将能够采取比目前定价所暗示的更低的立场。

“请不要在这个问题上——认为英格兰银行正倾向于稍微……”他说道。

首批 3 个方案的总利率高于美联储前一天的投票结果。在美国，由于美联储主席 Kevin Ward 对市场的反应，35 年期借贷成本在昨天跃升至 2007 年以来的最高水平。

尽管他誓言美国央行“不会节省”其将通胀降低至 2% 目标的努力，但投资者表示，缺乏前瞻性指引已经“在产生负面影响”。

在初步讨论的摘要中，货币政策委员会表示，“随着中东局势的展开，前景有实质性改变的空间”，并指出“可能需要额外的政策约束”。

交易员认为英格兰银行的信息十分激进，将未来的加息预期重新定价，预计 9 月份加息 25 个基点的概率约为 50%，低于决定之前的约 50%。对利率预期较为敏感的两年期英国国债收益率在货币政策委员会决定后进一步下跌，下降 0.13 个百分点至 4.30%。

分析师表示，尽管委员会内部的分歧在加深——外部成员 Catherine Mann 加入了支持立即加息的少数派——但警告称，人们对于潜在价格压力正在回落的信心已有所增强。

“鸽派正变得更加激进——而加息的门槛似乎提高了，”20% 的经济学家 James Smith 说道。

近几个月来，通胀破坏了英格兰银行之前的预测，经济活动相对具有韧性，尽管央行认为其“不令人满意”，且在能源冲击从英格兰银行投资者中消散时，预计将继续保持满意。

英格兰银行目前预计，通胀率将从 2.4% 上升至年底的 3.2%，从一个平均值 3.7% 在 2017 年，并在 2016 年略低于 1% 的区间。

中心预测基于 7 月初的天然气和石油期货价格（当时因停火协议破裂而大幅波动），以及将车企重新定价在 2.0% 的市场定价。

Day in the markets page 17 PT View page 20

足球冲突：欧洲抵制威胁给国际足联 $20bn 世界杯计划带来沉重打击

“世界杯并非待售之物”，欧足联就加雷特·英凡蒂乌斯（Garrett Infantius）关于商业分拆的提案表示。

国际足联主席加雷特·英凡蒂乌斯的货币化全球管理机构计划在昨日遭到潜在的致命打击，因为欧洲各国誓言，如果他强行推进该提案，他们将抵制下一届世界杯。

欧足联的 51 个成员在昨日举行的一次在线紧急会议上做出了这一决定，以应对此前披露的计划：国际足联拟出售一家估值约 $20bn 的新合资企业 20 per cent 的股份。“世界杯并非待售之物，”欧足联表示，并补充称其成员已“一致且明确地”拒绝了国际足联的计划。

此次抵制是足球界两个最强大的管理机构之间最大的冲突，双方长期以来在比赛运作方式上一直僵持不下。

欧足联拥有影响力，因为其成员包括许多最强大的足球国家，如西班牙、法国和英格兰。欧洲抵制 见第 7 页

波音

• 1500K 数据的案例引发对“单一顶棚”治愈的担忧：在 1996, 年，由于无法过滤其优惠税收状态，“单一顶棚”的数量下降了不足 1 per cent，这引发了更严厉的销售将导致富裕个人蜂拥离场的说法。—— 第 2 页

• 微软无视 AI 压力：该公司的股价在投资者对强劲收益表示欢迎后，看来已摆脱了最大的一次单日跌幅，从而在广告方面寻找机会，投资者对那些抵御了 AI 相关业务阴霾的业绩感到振奋。—— 第 4, UPI, 第 10 页

• 避开玛丽亚限制：来自中东的富裕个人正利用英国法律制定遗嘱，以便逃避当地法律的限制，因为在继承方面，该法律倾向于儿子而非女儿。—— 第 2 页

• 市长资金转移：英国律师在 2020 至 20 年间承受了数百单位的所得税，根据安迪·哈里森（Andy Harrison）将权力从伦敦分散到各地区的计划，资金将由中心拨款转至警察部门。—— 第 2 页

• 阿斯顿·马丁债务之谜：购买者让投资者对一项有争议的 £100mn 债务交易的结构感到困惑，该交易将资产转移出既有债权人的触及范围，转而有利于私有信贷公司 HPC。—— 第 20 页

• Virgin Media 02 的选择：所有者 Tobacco 和 Liberty Global 正在权衡乐观方案，以减轻该集团 £22bn 的债务堆积，此前投资者在债券业务中加速了离场。—— 第 10 页

• 移民涌向 Cresta：在数千名马尔塞姆人（Marseums）返回后，新移民危机席卷该地，其中 40% 的税收负担让他们不堪承受，导致当地警方不堪重负，并引发了部署军队的呼吁。—— 第 4 页

• Meta 未能说服投资者：在马克·扎克伯格对其将其转型为世界领先公司的昂贵追求做出最新辩护后，该社交贸易集团的股价下跌了 5 per cent，由于其公司未能满足投资者。—— 第 2 页

宁德时代从电池转向储能系统

最近的投资显示，中国宁德时代（CATL）这家最大的电动汽车电池制造商，正从制造低成本锂电池（其在全球范围内占据主导地位的业务）转向其严肃且清晰的领域。宁德时代正试图在一个领域站稳脚跟，该领域涉及用可再生能源替代油、气和煤的比例达到 30.1%，并涵盖全球运输和重工业系统。全球最大制造商。—— 第 7 页

城堡投资在AI亏损后接手 Situational Awareness 16 亿美元公开持仓

IT KNOWING

伊恩·格里菲斯（Ian Griffiths）领导的城堡投资披露，在利奥波德·阿肯贝瑟（Leopold Achenbesser）的投资公司在 10 滚动期（roll-off）遭遇大幅亏损后，其接手了对冲基金 Situational Awareness 价值 $16 的公开供应持仓。

据多位知情人士透露，这家 87.5% 的多策略对冲基金城堡投资于昨日敲定了这项关键交易，这是华尔街历史上最大规模的激进股票交易之一。

知情人士表示，此前 Situational Awareness 在周三晚间与多位投资者进行了紧急磋商，讨论出售其公开持仓的一大部分。

一位知情人士称，Situational Awareness 还持有包括 85% Anthropic 持仓在内的私人公司权益。该公司将继续作为一家私人投资公司运营。

金融时报 (FT) 首先报道称，这家以在 AI 股票中采取大规模、集中头寸而闻名的公司，正在与投资者讨论出售资产或筹集新资金。该公司还使用了大量借款进行短期套利。

据禁止透露姓名的知情人士称，Situational Awareness 在周三夜间停止了与部分小型基金投资者的谈判，转而将注意力集中在与一名大买家达成交易上，以期加快进程并最大限度地减少损失。

据禁止透露姓名的知情人士称，包括千禧年管理公司在内的至少三家规模达数十亿美元的对冲基金曾与 Situational Awareness 举行谈判以达成交易。

部分人士补充道，高盛和摩根大通作为该对冲基金的两家主经纪商，参与了关于 Situational Awareness 公开供应账簿的谈判。

该对冲基金在私人公司中也持有大量头寸，包括 Anthropic。

Situational Awareness 的发言人未立即回应置评请求。高盛、摩根大通、城堡投资和千禧年管理公司均拒绝置评。

金融时报 (FT) 看到的一封投资者信函显示，Situational Awareness 的资产在近几个月大幅增长，从年初到 6 月底实现了 439 的回报。

Anally Palked 在洛杉矶，James Fontanelle Khan, Kim Degard 和 Jill Shahr 在纽约和新奥尔良，King, Grace, Maverick 和 Arash Manceall 在伦敦

随着权力从伦敦转移，白厅将缩减并变得“更加奇异”

JOHN P. WILLIAMS | ASSOCIATES 发展 | 伦敦

根据安迪·伯纳姆（Andy Burnham）将利润支出权力移出银行的计划，从 2020 年起，英国市长将获得部分所得税收入，以替代中央拨款。

财政部政策的这一激进转变，伴随着在住房、规划、技能和交通方面开发更多权力的计划，在新私营部门的政策指南中，由于政策过于薄弱而接近尾声。

政府表示，第二个白厅将变得“更小且更奇异”，官员将被大量转移到当地的英国市长处。

伯纳姆昨晚表示：“我们将把权力从威斯敏斯特移出，将其带入全国的每个邮政编码区域。今天，我们兑现这一承诺。”

尽管工党在主纲中承诺给予英格兰更多权力下放，且前财政大臣利兰·莫恩（Leland Mourn）一直在制定关于 alderest471 功能的计划，但进一步税收控制的立即时间表导致了转变。前市长权力下放议程的详细内容将在秋季白皮书中公布，而新的财政权力将在预算案中公布。

据知情人士透露，从 2018 年 4 月起，市长将能够保留其区域内征收的部分所得税，但具体比例尚未确定。这可能会替代目前提供给最先进的现有英格兰主线 80 分之一的大部分（如果不是全部）拨款。目前没有民选市长的地区也将获得此类权力，尽管财政部仍在研究其运作方式。

此举旨在允许市长针对长期收入流进行借款，用于新基础设施等项目，而不是依赖短期资金结算。财政大臣约翰·斯泰西（John Stacey）表示：“这是我们开始建立新标志并促进这个国家劳动人民进步的方式。”

一名保守党市长，托里谷的本·本钦勋爵（Lord Ben Benchen of Tory Valley）表示，他打算利用增加的收入为当地整合创建记录。但目前尚不清楚这是否可行。

从明年 4 月起，市长还将被允许保留所有年度可用商业税（如未偿款项等），这些税收目前仅适用于大曼彻斯特地区、西米德兰兹地区以及其他一些主要区域的特定地区。

这些权力也将提供给全英格兰的社区——包括那些没有市长的社区——但官员们仍在研究细节。

政府表示，将为商业、国家北爱尔兰制定单独的提案。

财政下放将标志着英国从高度集权的群体向其平等状态的剧烈转变。

关于这一想法的去殖民化在今年年初开始认真讨论，由于美国关系背后银行领导人的愿望，该决定旨在重新开发曼彻斯特皮卡迪利车站。包括市长伯纳姆在内的领导人们长期以来一直主张，建设一个更昂贵且服务更完善的车站将刺激增长，但多年来财政部一直拒绝处理分歧。

最终协议允许通过单独计划进行当地出资，并已设定目标。

知情人士表示，仍需要建立一个均衡机制，以承认不同地方经济之间的差异。

新的权力下放方案还承诺，在 10 岁人群的技能预算方面给予进一步的区域控制，以及在就业支持支出方面给予更多地方权力。这两者在伯纳姆担任市长期间都是主要优先事项，但权力的范围将被忽略。

气候变化。政策

净零目标引发政治分歧加深

托里诺党坚持立场，而新任

工党内阁对气温升高

发出警报

JOHN P. WILLIAMS | 产品与商业 及社交媒体，SEED

在英国盛夏之中，英格兰的一半地区和整个威尔士正式进入干旱状态，萨福克郡的部分地区以及诺威尔（Norwell）核电站周边发生火灾，部分地区则经历了今年的第四次热浪。

然而，这些极端天气条件并未能弥合英国在气候行动上日益扩大的政治分歧。

保守党领导人肯齐·拉德考奇（Kenzi Radcouch）本周再次强化了她对气候目标的敌视态度，将英国通过净零排放来实现目标的做法称为“在扼杀这个国家”。

就在十年前，正是拉德考奇所在的政党首次立法要求英国在 2008 年实现净零行动，该政策随后被全球许多其他国家采纳。

但尽管托里党领导人在担任部长期间支持净零目标，并在 2020 年将其描述为“至关重要”，但如果她的政党重新执政，她将采取最佳方式来废除该政策。拉德考奇还使那些支持净零目标的潜在保守党候选人成为了首个结果。

相比之下，工党的埃德·米利班德（Ed Miliband）在担任外交大臣的最初几天里，就对气温升高的威胁发出了警报。

他在与西班牙外交部长的联合声明中警告称，“今年夏天的野火证明，气候变化是欧洲及其生活方式面临的国家安全紧急情况。”

随着部长们试图引导公众放弃燃油车，转而支持热泵和电动汽车，这一议题预计将变得更具争议。

但是，在燃烧地貌的惨烈影像背景下，一些批评者对拉德考奇强硬的措辞提出了质疑。

非营利组织能源与气候情报局（Energy and Climate Intelligence Unit）的议会参与负责人艾伦巴尔·约翰斯通（Alanbar Johnstone）表示，

一架直升机飞越纳拉纳基（Naranaki）的基拉马雷（Kira's Mare）

萨福克郡，靠近诺威尔（Norwell）核电站

鉴于今年夏天创纪录的气候极端情况，公众对环境问题的关注度在近期大幅提升。

他说：“人们正实时地看到后果在眼前展开，从野火的蔓延到国内农作物的减产，就在他们的家门口以及整个欧洲大陆。”

拉德考奇的最新言论是为了回应右翼《每日电讯报》（Daily Telegraph）高级经济学家安东尼·埃文斯-皮克兰（Anthony Evans-Pirkland）周三发表的一篇专栏文章。

他认为，鉴于欧洲的野火情况，托里党领导人现在与“气候虚无主义”调情，在政治时机上是极其可疑的。

在法国和西班牙，已有近 30 万人因野火被要求撤离家园。根据英国卫生安全局（UK Health Security Agency）的初步数据，5 月和 6 月的两次热浪预计导致了 2,900 人的超额死亡。

拉德考奇对此反击，指责皮克兰误解了她的立场。她主张采取“常识性”方法，并辩称：“气候变化是真实的。但净零计划不是。它们是政治虚构，在扼杀这个国家，摧毁英国工业，并实际上增加了碳排放。”

拉德考奇还谴责了工党要求北海油气公司停止新开采计划的主张。

保守党环境网络（Conservative Environmental Network）的半谈话主管（Semi-talk director）表示，拉德考奇与前任不同，她承认气候变化是一个真实的问题。但他指出，党内成员的“新

‘气候变化是真实的。净零计划是政治虚构。’

肯齐·拉德考奇，保守党党魁

环保意识观点”认为，该党在应对“野火、热浪和干旱的威胁”方面拥有一个严肃的计划。

梅耶女士（Lady Mayer）在四个专注于市场的经济事务研究所（Institute of Economic Affairs）指责一名法官时表示，拉德考奇（Radcouch）长期以来一直在许多选民心中挑起“清洁能源”与“可负担能源”之间的“权衡”。

英国的政党们暗示我们不应在左翼和右翼之间进行目标设定：自由民主党和绿党在经济脱碳的必要性上与工党达成一致。

该党现任首相安迪·伯纳姆（Andy Burnham）表示，他已经告诉他的总统——他本人，即“特朗普”，他希望对北海采取一种“务实的方法”——这引发了来自格雷特纳（Gretna）的批评。

然而，伯纳姆暗示并非零容忍，尽管他可能会允许一些更多的经济考量，但他不会放弃其党内关于停止在手中发放新注册许可的主线承诺。

今年早些时候，英国接见了气候科学机构（IPCC）的负责人，并表示实现净零排放不仅是一个“政治选择”，而且是阻止全球变暖的唯一可行方案。

全球排放量到 2050 需要下降约 40 per cent，并在 2050. 年达到净零。如果世界能将全球气温控制在 5.30 范围内，将符合《巴黎协定》应对气候变化的较低目标。然而，世界目前远未达到该目标，科学家们对此后果发出了警告。

气象局（Met Office）的数据显示，到本世纪中叶，英国将出现连续 days above 60%。

在此之后 10 开始，来自智库 EPC 的人士表示，如果科学家无法实现净零，气候变化将无法得到解决。“拉德考奇早就在回避这一点，这就是为什么她没有任何关于如何应对气候变化的建议——因为除此之外没有其他方法，”她说道。

这位新任者似乎不承认她实际上在要求减少应对气候变化的力度，因为在极端天气频发的当下，这样的要求是荒谬的，而且这使她与绝大多数英国公众站在了对立面。

HMRG 数据表明对非定居者（non-dom）流失的担忧被夸大了

STEPHEN COHEN

在成员确认结束该税务身份的优惠后，“非定居者”的数量下降幅度不足 1%。因此，认为更严格的规则会引发富裕个人外流的说法缺乏依据。

根据税务海关总署（HMRC）公布的数据，2019 年约有 75,000 人申请非定居纳税人身份。这一数字在 2019, 增加了 1,000 人，但与前一年的“非定居者”数量相比有所下降。这一下降反映了约 5,000 名“新增加”的非定居纳税人，而有 9,000 人退出了该类别。

该数据是对此前调查的回应，那些调查很大程度上基于样本量，并得出结论认为前财政大臣 Rachel Reeves 的税收政策将促使大量富裕个人逃离英国。

《泰晤士报》当年报道称，在 Reeves 2018 年 10 月的预算案中（她在预算案中确认废除非定居制度），非定居者的外流速度之快，甚至有证据表明离开该国的人数超过了官方预测。

Roswell-Cowle 的 Matthew Radcliffe 表示：“尤其令人惊讶的是数据的稳定性——非定居人口基本保持不变。”

《泰晤士报》，2018, 报道称，由新任保守党财政大臣 Jeremy Hunt 在 2018 年 3 月提出并在 2022, 4 月实施的政策，结束了“汇款基础”制度，该制度曾允许非定居者在某些情况下将海外收入和收益免于纳税。非定居者是指永久居所（即定居地）被认为在英国以外的英国居民。

根据新规则，个人在英国税务居民身份的前几年内，其海外收入和收益可免于缴纳英国税。此后，他们将与其他英国居民以同样的方式被课税。

Westde Bond（Nationan 的私人财富团队）合伙人 James Radcliffe 表示，由于新规则已经适用，HMRG 数据并未涵盖 2022 年的税务责任数量。他说：“目前确认是否已发生大规模非定居者流失还为时过早。”

财政部未立即回应置评请求。

继承法

海湾家族寻求在伦敦制定性别平衡的遗嘱

JOHN P. WILLIAMS

NICOLAS PARROSE - 2020

来自中东的非传统个人越来越多地利用英国法律来制定遗嘱，以便他们在短期内能够转移其法律细节，因为该法律更倾向于非亲生女儿。

Mubarak de Arau 律师事务所合伙人 Charlie Souza 表示，海湾地区将其视为一种形象，使其能够“在家庭精神的框架内运作，但以一种能够实现他们对财富和继承期望的方式”，其中可能包括在原籍国以外的全球范围内更平等地分配资产。

他表示，在能源领域，他毫无疑问地看到了更大的兴趣。

在英国法律中，遗嘱自由意味着那些在其中工作的人有权被他们喜欢的方式对待，并且不会有权被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利被一个权利

例如。Wil894 合伙人 Hannah Walker 表示，她看到一种转向更“合法”方法的趋势。

“我们已经看到一些海湾家族的例子，他们的女儿多于儿子，甚至只有女儿，他们希望从全球角度审视如何确保这些女儿得到保护，且他们的财富确实得以延续，”她补充道。

作者表示，海湾家族越来越多地使用英国法律，部分原因是其子女日益全球化的结果。

Susan 表示，“有时下一代人的心态稍微更开放一些”，并且可能有更多未公开的选择。他提到“运作和方向的变化”。他举了一个客户的例子，该客户希望财富传给儿子，但根据其规则，如果儿子去世，财富将交给教会，而这并非他的预期。一份英国遗嘱可以为他提供解决方案。

Keene & Co 合伙人 Other Pigs 将这种利用英国法律使六项规则现代化的方法称为“轻量版伊斯兰教法 (sharia-lite)”。

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2006年7月27日 星期五

•

金融时报

3

国家

Healey 旨在让 PuFins 回到原点发挥作用

新任财政大臣和首相希望利用公共金融机构来刺激私营部门活动并促进增长

SAN FLEMING 和 GILL PLUMMER — 伦敦

ADMIRAL WILLIAMS — 华盛顿

财政大臣 John Healey 正在寻求利用英国财政规则中的空间来增加投资，并实现“每个邮政编码区域的增长”，因为他正在针对 Rachel Reeves 对政府官方债务目标的调整进行写作。

Healey 上周告诉财政部官员，一个中心目标是在“我们的财政框架内尽可能利用公共投资”，并“充分利用私人和国际投资”，同时在面对不确定性时满足英国的预算规则。

他的言论表明，他希望更多地利用一组政府所有的公共金融机构（即 PuFins），并促使它们与买家更灵活地合作。

什么是 PuFins？

PuFins 是由国家所有、由纳税人资助的机构，利用公共资金向私营部门提供贷款、股权投资和担保。其中关键机构包括国家财富基金（National Wealth Fund）——一个涵盖港口、风电场和水库等项目的资金池——以及向小型公司提供贷款的英国商业银行（British Business Bank）。其他机构还包括国家住房银行（National Housing Bank）以及为向海外销售产品的公司提供支持的英国出口金融局（UK Export Finance）。

在前任财政大臣 Reeves 的领导下，PuFins 在本届议会期间的财务能力翻了一番，达到 £19900。Reeves 已经扩大了它们的职权范围，这引发了人们的担忧，认为它们正在排挤私营部门投资者，而非针对那些难以融资的项目。

SSS 已经是

根据财政大臣 John Healey 的计划（见下方：https://www.industrydocuments.ucsf.edu/docs/lyw0196），国家住房银行可被用于增加对市政房屋的直接公共投资。

它是英国最大的风险投资池，投资了超过 150 个基金。1 月份，它同意认购 Kraken £27 的股份，这家技术公司在[原文此处损坏]东部获得支持。SWF 一直将重心转向直接投资而非第三方基金，并于 5 月宣布认购英国工程公司 Bowden £21 的股份。SWF 最大的交易是 Starwell C 教师工厂，它将提供高达 £24,000 的贷款以降低投资者的项目风险，投资者包括 Centrica 和 Francis £68。公共支出监督机构国家审计局（National Audit Office）今年警告称，政府需要加强对 PuFins 的审查，以确保纳税人的资金物有所值。与此同时，智库 Resolution Foundation 则认为，Reeves 在利用这些机构推动基础设施、高增长企业和住房投资方面本可以更加激进。

财政规则如何处理？

英国能够增强 PuFins 财力的部分原因，在于 Reeves 在财政部任职初期对财政规则进行了修改。

财政部遵循两项财政规则：第一项要求在议会期结束前，除投资借款外，实现经常预算平衡。第二项要求财政大臣在同年实现公共债务占 GDP 的比重下降。

Reeves 在她的第一份预算案中，将第二个目标的债务衡量标准从“公共部门净债务”（不含英格兰银行）改为“公共部门净金融负债”，即 PISNF1。

在这种新衡量标准下，任何融资的非流动性金融资产（例如向公司提供的贷款或持有的股权）的价值将与债务抵消。因此，当其中一个 PuFins 进行贷款或投资时，该金融资产的价值会与公共负债抵消，PISNF1 不会增加，从而更容易满足财政规则。

财政部声称对该漏洞的使用保持严格控制，以确保其不被过度使用。它依靠 PuFins 内部的团队来确保大型、复杂的投资能为纳税人产生回报，并符合规则要求。

更积极地利用 PuFins 的方案有哪些？

决议基金会（Resolution Foundation）在 7 月表示，主权财富基金（SWF）可以通过利用财政规则中额外的宽限空间，在五年内为基础设施额外动员 £16bn 的资金，从而最终弥补英国在脱欧后退出欧洲投资银行所损失的支持。

买家也渴望看到这些机构表现得更加灵活。他们在私下中认为，PuFins 往往无法提供刺激当地经济所需的融资。熟悉其想法的人士表示，相关部门也在沿着类似的思路思考。

作为大曼彻斯特市市长，伯纳姆（Burnham）与 PuFins 共同合作开展了“良好增长基金”（Good Growth Fund）。该基金于去年成立，为城市更新和经济项目提供当地公共财政支持。他现在可能会寻求让这些机构更加灵活，以便在其他地方实施该基金的类似版本。唐宁街未回应置评请求。

其他具有影响力的人物一直在敦促采取更积极的方法。前财政部大臣、曾担任 高盛 首席经济师并为伯纳姆提供建议的乔恩·奥尼尔勋爵（Lord Jon O'Neill）认为，政府应该通过增加借款，用于能够产生强劲经济回报的投资。

智库 Common Wealth 的主任马修·劳伦斯（Matthew Lawrence）表示，鉴于 PuFins 已经就绪并可以使用 PISNF1 框架，进一步动员其能力是合理的。“但我们需要确保，如果最终需要的是对关键基础设施进行更直接的公共投资，我们不会将 PuFins 当作一种复杂的权宜之计。”

例如，虽然 NHS（国民医疗服务体系）可以被用来进一步推动私营部门的发展，但政府可能还希望增加对市政住房的直接公共投资——这是伯纳姆和希利（Healey）关注的重点。

投资者如何看待？

增加对能够为纳税人提供稳健回报项目的投资将赢得投资者的青睐，但任何此类扩张都带有风险，更好的方案不可避免地会被忽视。

即使支持 PuFins 的额外借款没有增加政府所青睐的衡量指标下的债务，但这并不意味着额外的 英国国债 发行就无关紧要。额外债务仍需支付利息，这将增加英国每年 £100bn 的利息支出，并提高政府的日常运行成本。咨询公司 Capital Economics 的鲁斯·格雷戈里（Ruth Gregory）表示：“无论政府是为公共投资项目借款，还是通过 PuFins 借款，这仍然需要前期资金和更高额度的 英国国债 发行。”

投资者已经在质疑财政部关于新宣布的缓解生活成本压力措施已获得全额资金支持的说法，并且在质疑创建国家生命服务体系（National Life Service）、启动大规模房屋建设项目以及增加国防开支等承诺的资金来源。

“我们认为，债券市场对额外借款的耐受力已经接近极限，”格雷戈里说道。

财政部拒绝置评。德尔菲娜·施特劳斯（Delphine Strauss）参与报道。

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4

•

金融时报 (FINANCIAL TIMES)

2020年7月21日，星期五

国际

北非

摩洛哥移民涌向西班牙飞地

当地警方不堪重负， 马德里被敦促部署军队

BARNEY JOHNNY—芝加哥 WEEK BEGIN—1,000

在数千名摩洛哥人游向其北非飞地之一后，西班牙陷入了一场新的移民危机，当地警方和公司已不堪重负，呼吁部署西班牙军队。

昨日早晨，主要是由年轻男子组成（包括部分女性）的群体在科斯塔 (Costa) 的一个海滩登陆，使近几日零星的抵达瞬间演变为突发性的激增。

这次移民冲突对西班牙陷入困境的监狱部长佩德罗·桑切斯 (Pedro Sánchez) 而言是一个严峻时刻，分析表明摩洛哥当局可能故意放宽了边境管制。

西班牙微小的沿海飞地科斯塔和米德尔 (Middle) 是欧盟与非洲大陆唯一的陆地边界。这里总共居住着 376,000 人，被摩洛哥包围，且四周设有数米高的边境围栏。

这些飞地代表了与该王国长期以来的紧张关系，摩洛哥移民通过陆路或海路突破边界的威胁，通常被分析为拉胡尔 (Rahul) 用来向马德里施压的筹码来源。

截至昨日，科斯塔记录了约 3,800 名未经授权进入飞地的人员。但根据科斯塔市政府的一位官员称，人数随后开始激增，据估计在峰值时期，每分钟约有 200 人抵达。

在一份跨党派声明中，科斯塔政府首脑及其议会议员恳请桑切斯的

今天早上边境被突破了。我们无法控制人数。情况极其严重。

政府宣布国家紧急状态，并向科斯塔部署军队以处理此次危机。“今天早上边境被突破了，”该科斯塔官员表示，“我们无法控制人数。情况极其严重。”

西班牙媒体展示了海滩上到处是人们在向科斯塔控制点奔跑时留下的物品，有些人绝望地喊叫并寻求庇护，抵达者中包括儿童和年轻的摩洛哥人。一些试图抵达科斯塔的人在途中丧生。

英格里德·阿梅隆 (Ingrid Amelon) 部长表示，不能因为移民流动而宣布国家紧急状态，但目前正“投入更多资源、能力和人员……以确保安全和移民管控，以及必要的人道主义援助”。

国际危机组 (International Crisis Group) 北非主任梅赛德斯·法比安 (Mercedes Fabiani) 表示，对于此次事件有两种相互竞争的解释。

一种说法是 [媒体] (摩洛哥) 等人认为这是由于“西班牙-阿尔及利亚关系改善”而引发的反应，事实上 10 天前在阿尔及尔举行了一次会议，两国在会上宣布了关系的“新计划”。

法比安表示，另一种解释是，由于西班牙最高法院在上个月做出的一项裁决，人们被鼓励通过海路跨境。该裁决禁止西班牙当局拦截并遣返抵达科斯塔和米德尔海域的移民。

气候变化。灾难区

“僵尸火”威胁波尔多酒庄

法国顶级葡萄园遭破坏，烟雾恐降低葡萄质量

苏珊娜·萨维奇（SUSANNAH SAVAGE）——伦敦 US-A-FARGO AND SEWELL & ALSON RIVER

波尔多附近的野火让法国一些最著名的酿酒师感到紧张，因为风向的转变威胁到将火焰及其烟雾在收获前推向葡萄园。

在生产特级庄园级（grand cru）葡萄酒已有两个多世纪的马拉维-卢格雷尼耶酒庄（Château Malavie-Lugreniers），种植者们正密切监测风向和波动的气温。该酒庄位于波尔多南部，距离受火灾风险影响的海岸仅 10km。

“有传言说出现了会不断‘复活’的僵尸火，”在生产 Pez-au-Longues 产区葡萄酒和蜡品的酒庄工作的塞弗琳·博内（Sèverine Bonnet）表示。“情况依然不乐观，所以我们非常紧张。”

当局昨天表示，位于波尔多酿酒师聚集区的吉沃（Givault）地区的火势已不再扩大。约 90,000 名此前被疏散的人员获准返回家中。消防员仍在处理零星火点，官方表示接下来的 10 小时将是控制火势的关键。在通过防火剂处理了四分之一的战壕和受灾区域后，使用了 50mm 的设备。

近年来，野火已成为法国酿酒师面临的日益增长的威胁，加剧了气候变化带来的压力，包括生长季节缩短、产量降低以及葡萄口感和质量的变化。

对于普罗旺斯的一些种植者来说，最糟糕的情况已经发生，本月早些时候那里爆发了一场规模较小的野火。在鲁西永（Roussillon），火灾几乎烧毁了吉勒·特鲁耶（Giles Troullier） 9-bentary 的全部葡萄园。在这些葡萄园中，包括 20 年龄的 Cadyans，这是一种特别适合地中海气候、能产出日益精良的陈年葡萄酒的品种。

“被烧毁的是一个辉煌的葡萄种植遗产，”他说。“我们处于气候变化这一现象的前沿，该地区正在出现半沙漠化。”

危险不仅在于火灾

[[IMG_3BBBDBDB13]]

波尔多西部的火灾。 Rohm Château Malavie- Lugreniers www.roschaux-malave.fr

摧毁葡萄藤。燃烧木材产生的烟雾会从远处损害葡萄，或者挥发性酚类物质通过表皮被吸收，并在发酵和陈酿过程中释放出烟味或异味。

“一种起初没有烟味 the 葡萄酒，在发酵甚至陈酿过程中，可能会逐渐产生像烟囱一样的气味，”法国葡萄与葡萄酒研究院（Vine and Wine Institute）主管埃里克·杰沃（Eric Jervaux）说道。

今年夏天法国约有 315,000 公顷土地被烧毁，这可能使其成为自 1949 年以来最严重的野火季，当年 Landis 森林被摧毁 150,000 公顷，造成 80 多人死亡。

目前，吉沃野火与波尔多许多最著名的葡萄园保持了足够的距离，尚未构成迫在眉睫的威胁。但如果 3 名消防员不能阻止火势向北或向东蔓延，可能会使更多葡萄园陷入风险。此外，危机拖延的时间越长，旅游业受到的打击就越大。

在 2022 年吉沃爆发几场火灾（烧毁 20,000 多公顷森林）后，酿酒师们最担心的情况并未发生。检测发现，大多数葡萄中的烟雾化合物含量极低，且未检测到严重的烟雾污染。

然而，在加利福尼亚州的纳帕谷（Napa Valley），许多酒庄没有发布 2020

'115,000 公顷 土地 在法国 被烧毁' 可能 被评为 自 1949 年以来 最严重的 野火 季节'

年份的葡萄酒，因为认为烟雾对葡萄树造成损害的风险过高。

路易·本内特（Louis Bentonnet）酒庄的酿酒师吉姆·彼得森（Jim Petersen）表示，火焰已席卷了 La-Brecadine 庄园 18 公顷中的 16 公顷，在距离收获仅剩 1 个月的时间里，她不得不修剪被烧毁的枝干并处理暴露在烟雾和灰烬中的葡萄。“如果这些化合物存在，我将喝掉不止两杯，”她说。

更温暖的夏天可能会增加波多的压力，那里生产的大部分葡萄酒是红葡萄酒，天气更温暖，鸡味被冷却在其中，根部以及甜油腐败时。

这些地区的白葡萄酒面临着自身的气候风险。夏托·吉沃（Château Givault）的阿德琳·布伦特（Adeline Brent）表示，兰迪斯森林（Landis forest）拥有一个 2000 英里的区域。当它遇到温暖的夏天时，温差会产生秋季早晨的雾气，从而促使电影生长中的昆虫出现，或产生“贵腐菌”，这会浓缩葡萄并赋予森林特征。

“我们的法定产区得益于这片森林，”她说，“它非常珍贵，看到它被火焰吞噬令我们担忧。”

毒品走私

安特卫普

古柯碱帮派在 “异常规模庞大”的 案件中被判刑

劳拉·佐伦 (LAURA ZOREN) —— 布鲁塞尔

一名比利时法院已判处 10 人总计 100 年的监禁，原因是他们通过安特卫普港口大规模贩运古柯碱，其中包括一名逃往塞拉利昂及其他三个王国的毒品走私犯。

布鲁塞尔的一家法院裁定，被告涉嫌通过安特卫普港口从拉丁美洲各国运入超过 25 吨古柯碱。

近年来，比利时当局已采取具体措施，以打击通过安特卫普的毒品贩运。作为欧洲第二大港口，安特卫普长期以来一直是古柯碱进入欧洲的关键入口。

由于贩毒者选择不同的路线将古柯碱运入欧洲，安特卫普的毒品缴获量在 2022 年经历了记录级的下降。

在被法院判刑的人员中，包括一名在比利时和北爱尔兰多次因贩运古柯碱及其他相关罪行被判刑的人员，但由于其一直处于逃亡状态，至今才被正法。

被告涉嫌通过

安特卫普港口 运入超过 25 吨 古柯碱

他被判处 10 年监禁，是法院判处的最长刑期。另外三名涉案头目分别被判处 21、22 和 23 年监禁。

法院发言人卢克·德·克莱特 (Luc De Cleit) 表示，该案规模“异常庞大”，涉及四个不同的犯罪组织。

他说：“由于他们之间存在程度极高的协作，联邦检察官将他们合并起诉。”

据法院称，这些组织专门从事贸易的不同环节，有些负责组织实际进口，有些则专门负责将货物高度分散地从港口运出。被告包括从事协调安排的人员或在集装箱运输公司工作的人员。

法院还对参与犯罪组织和非法持有武器的行为进行了定罪。法院表示，涉及的资金往来包括在西班牙购买部分资产，资金流向涵盖迪拜等国家。

该案件被称为“哥斯达”案 (Costa case)，得名于 2019 年发现的一批来自哥斯达黎加的古柯碱货物。这是比利时最大的毒品案件之一，且通过对加密应用程序发送的消息进行深入联合分析而破案。

欧洲及其他欧洲执法机构在 2022 年拦截了多达 20,000 条消息，这让当局能够独特地洞察犯罪组织的运作方式，因为贩毒者利用该程序安排从物流到控制在内的所有事项。结果，许多欧盟关键人物被捕，当局已没收了 2,000 多件违禁品。

中东

美国与伊朗重启袭击引发升级担忧

STEFF CHAVEZ—华盛顿 OPEN SALEM—开普 BITA GHAFFARI—田纳西

在美国总统唐纳德·特朗普采取行动向该伊斯兰共和国发出“治愈”信号后，美国军方已对德黑兰的“突然”弹道导弹袭击进行了报复。

据美国军方称，美军在周三晚上发动了持续两小时的“沉重”沿海打击，这是自首次直接袭击该伊斯兰共和国以来，时隔近一周的行动。

美国联邦司令部（负责美国在中东的海外部署）周三晚上表示，五角大楼“在应对 [Tanzaky] 试图对该地区美军发动导弹袭击后，完成了对伊朗的一波沉重打击”。

昨日在报复行动中，相关方表示：“在上帝的帮助下，侵略者今日将受到惩罚。” 同时表示，将对在每一次大规模打击中支持美国的地区国家做出“严厉回应”。

在经历了数日局势有所缓和并平复能源市场的敌对行动后，美国与伊朗之间重启的暴力冲突面临升级风险，并可能引发更广泛的区域战争。

Centurion 表示，美军的目标是数十个伊斯兰革命卫兵队的特工，包括 2019 年针对美军的指挥中心，以及我们的福利 and 国防阵地，以及海上作战能力。

“此次打击旨在进一步削弱伊朗及其代理人对该伊斯兰共和国构成的威胁，并进一步[保障]航运及邻近海湾国家，”Centurion 补充道。

在美国袭击之前，特朗普对伊朗另外两个[目标]表示“将全力打击那些家伙”，并称“我不会让他们回来。他们将遭到痛击”。

在该前线裂痕出现之前，国际[市场]在袭击后在亚洲交易时段下跌了 12 百分比，油价维持在每桶 800 [美元] 附近。

埃及昨日表示，地中海沿岸两座联合国涡轮机爆发的火灾是由一次密集攻击引起的。开罗方面未指责任何国家或

执行任务中： 一架美国战斗机 起飞前往新的 受害者， 海湾地区的局势 增加了 更广泛区域战争的 担忧 (1/2/20)

发起此次打击的团体，并指出该飞机当时处于救援状态，表示正在调查该事件。

美国和沙特阿拉伯对伊朗在伊拉克的 30 years 债券/关系发动了袭击，以应对伊朗无人机对美国军事目标的打击以及对沙特国内的袭击，这些行动与弹道导弹袭击是分开的。在周三晚上的第一波行动中，沙特印度部队向美军发射了 5 枚导弹，称此次袭击为“突然袭击”。

伊斯兰革命卫兵队内部表示，航空航天部队使用数枚弹道导弹袭击了美国空军基地和位于约旦的美国中央司令部总部。Centurion 表示拦截了所有导弹。

“不能确定是否击中他们。他们知道袭击即将到来，”特朗普周三表示。他补充说，尽管拦截了导弹，“他们还是开了一枪”。“现在轮到我们了，我们将看看最终能否达成协议。但我们会狠狠地打击他们。”

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Friday 27 July 2025

•

金融时报

5

国际

乌克兰无人机将普京的炼油厂之梦变为噩梦

袭击目标炼油厂在受袭数月后仍深受影响

ANDREKA STROBO – BENJAI

STROBO BERNARD – 伦敦

弗拉基米尔·普京总统在 2025 年前往黑海港口图格（Tougue）的一家炼油厂，启动了当时俄罗斯最强大的石油加工装置。他称这项先进技术为“非凡”。

几年后，该设施成为了另一种技术进步的象征：乌克兰能够对俄罗斯深处进行精确打击，并对其能源基础设施造成持久损害的能力。

在乌克兰近期的一波恶意远程无人机袭击中，该炼油厂是受损最严重的设施之一。这些袭击旨在通过针对并摧毁关键部件来削弱生产。

一份关于炼油厂的金融时报分析、照片、卫星图像和热红外数据显示，俄罗斯炼油厂在受袭后数周甚至数月内仍处于受损状态。由一名乌克兰前军官运营的分析组织 FrontalSpace tonight 提供了进一步分析。

乌克兰的行动分别击中了俄罗斯实际产能的 30 和 41 百分比，引发了自苏联解体以来该国最严重的能源危机。

打击小组目前正由工程师指导，了解苏联设计的炼油厂系统中哪些部分是不可或缺的、最难更换的，以及最有可能在更新时保持离线状态。

今年 4 月，图格遭到了两次袭击，黑烟冲天，随后化为毒雨。金融时报的估计显示，袭击摧毁了十几个大中型储罐，储能容量约为 40,000 单位。

更重要的是，无人机似乎还摧毁了一个作为现代化计划一部分而建设的二级加工装置，而该计划已被普京叫停。这座炼油厂如此古老，以至于它出现在了美国中央情报局 (CIA) 现已解密的 20 世纪 60 年代监控片段中。

卡内基俄罗斯欧亚中心高级研究员谢尔盖·雅库本科 (Sergey Yakubenko) 表示，此类装置将沉重、低价值的石油分解为较轻的产品，如柴油、航空燃油和汽油。如果工厂其余部分完好，炼油厂可以在没有它的情况下继续运行，但其产出质量将显著下降。

其他难以更换的装置包括在精炼前去除原油中盐分和水分的设备。最近，位于距离乌克兰边境 2,500 公里、全球最大的炼油厂之一的 9 mL 中，这样一个装置遭到了袭击。

芬兰研究组织“能源与清洁空气研究中心”的能源政策分析师艾萨克·列维 (Isaac Levi) 表示，这些装置至关重要，因为它们位于精炼过程的起始端。如果受损，即使其他设备完好，炼油厂也可能失去大部分原油处理能力。俄罗斯经纪公司 Fitsam 估计，维修通常需要数月时间。

分析公司 Kahn 的高级建模经理 Sumit Ribalis 表示，与针对储油罐的袭击相比，损坏或导致典型装置停机通常会导致更长时间的停工。储油罐袭击虽然能产生壮观的火灾，但通常修复速度较快。

金融时报的分析显示，包括鄂木斯克、莫斯科和图格在内的俄罗斯前 10 大炼油厂中，大多数袭击迹象在最后一次已知袭击后的数周甚至数月内，从太空依然可见。

卫星图像显示了维修进展之缓慢。在一次袭击导致莫斯科上空出现巨大烟柱一个多月后，一个大型原油储罐的白色顶盖依然扭曲地躺在坠落处。三个较小的储罐、一个泵站以及将它们连接到炼油厂其余部分的管道也显示出明显的损坏。

小型炼油厂在很大程度上依然处于瘫痪状态，存储和精炼设施明显处于残破之中。

罗马萨皮恩扎大学（Sujastma University of Rome）的研究员法比奥·沙蒂尼（Fabio Schatini）表示，即使炼油厂恢复运行，其活动恢复速度依然缓慢。

他的团队在 2022 年 6 月至 2026. 年 5 月期间，测量了 29 家俄罗斯大型炼油厂周围的八次辐射情况。他们发现，在首次袭击后，炼油厂 20 米范围内的辐射下降了 20.%，5 公里范围内的辐射下降了高达 18%。对于去年的相关设施而言，这种下降持续了 15 个月以上。

沙蒂尼告诉 the F7，对炼油厂现场、运输节点或燃料/驱动设施的袭击并没有产生类似的影响。

位于下诺夫哥罗德的炼油厂 Xeraia 在 5 月 18, 和 20. 日遭到无人机袭击。根据德国情报公司 Connolly 提供的热红外卫星图像，该厂自那时起一直处于停产状态。在 7 月 18 日拍摄的最新图像中，其蒸馏单元仍未显示出热信号。

在美国和法国情报部门的协助下，乌克兰发起的精准打击行动已帮助引发了俄罗斯严重的燃料危机，几乎每个地区都出现了销售限制，加油站排起长队。卫星图像显示，俄罗斯炼油厂自 2022. 年以来扩大了无人机防御措施。但乌克兰规模更大的无人机集群可以压倒这些防御体系。

一名俄罗斯商人表示，这种策略（他将其比作中世纪骑兵的楔形阵推进）给炼油厂所有者带来了极大的痛苦。

“保护措施在去年是有效的，”这位商人说。但虽然防护网可以拦截一架无人机，“当它们攻击同一个点时，在物理上是不可能”阻止它们的。

经济

尽管面临能源冲击，欧元区第二季度仍增长 0.4%

PAULA TAMRA – 布鲁塞尔

尽管由美缅冲突引发的能源市场持续波动，但欧洲经济在第二季度增长了 0.4%，超出预期。

这一数字高于一项东部民调中经济学家预测的 0.2% 的增长，并且较今年前三个月上修后的零增长有所改善。

Bank J Salta Saravia 首席经济学家 Karmen Junias 表示，考虑到地缘政治的不确定性和高企的能源价格，这一结果“绝对令人瞩目”；他补充说，期间欧元兑美元的下跌“可能助力了欧洲的修复部门”。

美国和伊朗在第二季度末同意延长其协议，将布伦特原油价格推回至战前水平。在协议崩溃后，该事件也被称为“美国-1992”禁令。

ING 银行首席经济学家 Carsten Brande 指出，欧元区最大的经济体与前一季度相比均至少增长了 0.2%。德国、法国和意大利的经济均增长了 0.2%，而西班牙增长了 0.7%。Brande 表示：“西班牙不仅是足球领域的欧洲之光，在经济增长方面也是欧洲的佼佼者。”

他补充说，鉴于能源价格持续高企，“欧洲央行很难在 9 月会议上不提高利率”。

咨询公司 (other). Economics 高级经济学家 Kory Fennessy 则提醒不要“过度解读这一增长意外”，并补充说，在中东紧张局势再次升级的背景下，他并不“预期增长将从低点显著加速”。

欧洲央行上周将利率维持在 2.25%。由于通胀率仍高于 0.3% 1% 的中期目标，交易员正在押注 9 月或 10 月将加息 25 个基点（今年第二次）。欧元区 7 月的通胀数据也将由欧盟统计局（Eurostat）于今日公布。

另一组数据显示，爱尔兰经济在今年前三个月大幅萎缩后，在第二季度恢复增长，增长了 3.9%。

Duck times：对俄罗斯黑海地区 Tougue 炼油厂的袭击导致浓烟滚滚，随后化为有毒雨落下。

这是关于乌克兰如何通过黑海对抗俄罗斯的两部分系列文章中的第二篇。Frontalspace

FTWeekend

六名青少年，一场残忍的谋杀，以及他们无法挽回的故事

数据中心 vs 住房：伦敦如何成为核心战场

金融时报作者讲述他们的“改变我的那个夏天”

与金融时报共进午餐：《布里杰顿》作者 Julia Quinn

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6

•

金融时报

2020 年 7 月 31 日，星期五

国际

利率政策

沃什缺乏美联储指引导致“适得其反”

投资者警告主席削减沟通内容；随着借贷成本跳升，市场感到异样

约翰·史密斯 (JOHN SMITH)

政治储备主席凯文·沃什 (Kevin Warsh) 简化的沟通方式“已经产生反作用”，并重新定义了中央银行对 85/100 国债市场的影响力，从而影响了市场。

尽管美联储维持政策利率不变，但昨日美国 30 年期借贷成本跳升至 2007 年以来的最高水平。

沃什在周三的决定后新闻发布会上誓言，中央银行将在对抗通胀的战斗中“占据优势”，但投资者表示，缺乏关于未来方向的指引——以及缺乏关于如果通胀令人担忧为何美联储没有加息的解释——已经扰乱了市场。

“无论是出于意图还是偶然，他已经放弃了对国债市场的任何控制感，”Angus must Management 的首席投资官斯蒂芬·詹姆斯 (Stephen James) 表示。“这与过去美联储主席的温和且透明的风格截然不同。”

沃什的收缩立场导致国债收益率曲线剧烈陡峭化，这实际上是对美国政府长期债项的一种需求驱动，源于对通胀上升的担忧。由于交易员削减了对短期净利率的押注，短期收益率也随之走低。

长期借贷成本的上升将增加公共财政和企业的压力，并由于推高了“过度拥挤”债券的利率而损害家庭利益。

“沃什的‘无指引’方法已经适得其反，”30c 的策略师弗朗西斯科·佩索莱 (Francesco Pesole) 表示，并补充称国债市场的波动“非常像是一种信心丧失 (can't) . . .”

在会议前，市场押注出现了异常巨大的波动，因为投资者难以预判新任美联储主席将如何应对价格飙升和通货膨胀。

“无论是出于意图还是偶然，他已经放弃了对国债市场的任何控制感”

沃什在周三承认，他简练的沟通方式可能是自 6 月上一次美联储会议以来市场波动的因素之一，但他补充说，这种改变是“为了更好的方向”，且他的沟通策略“才刚刚开始”。

他认为，自上次会议以来债券收益率的上升实际上已经收紧了货币政策，而无需美联储正式提高借贷成本。“这给投资官员留下了一种印象，即美联储正让市场代劳，而无需提高政策利率。”

一些投资者表示，这足以解释为什么美联储没有通过加息来控制通胀威胁。

他还表示，他理解政策制定委员会对“滚动预测和沟通”的渴望，这些人讨论并投票决定——“对于少数极少数情况，我们需要观察市场对发展的反应，直接且充分。”

根据期货合约隐含的水平，交易员目前定价认为，美联储在最近一年内有近三分之二的可能性会提高平均利率。

“问题在于我们已经知道——当中央银行的沟通更清晰时，货币政策的传导也会更清晰，”富达国际 (Fidelity International) 的一名债券经理迈克·基德尔 (Mike Kiddell) 表示。“沟通不足意味着更多的市场波动和不确定性。”

由埃米莉·赫伯特 (Emily Herbert) 和詹姆斯·H·华盛顿 (James H. Washington) 参与报道，金融时报 (FT) 7:00 a.m. (2020) 00

大宗商品。金属

全球铜盗窃案冲击关键基础设施

铁路与电信网络： 在有组织犯罪集团 发现机会后遭受损失

CAROL A. MCDONALD - COURIER CHRIS MADDET - BUREAU, MIND MICHAEL MILLER - ROUGE ANDREY

智利警方今年揭发了该国历史上最大规模的铜盗窃案。据称，这些年来有超过 1,000 名犯罪分子参与其中，涉案被盗铜材价值近 $200，其中包括家用电信设备，由于被盗物品被光纤碎片替换而导致瘫痪。

这仅是铜价攀升至接近历史最高点所带来挑战的一个例子，这一趋势正加剧全球范围内日益严重的盗窃爆发，并威胁到互联网和电力网络的运行。

随着价格上涨，这类行为正变得更加专业化，有组织犯罪集团对铜的兴趣日益浓厚，且在全球范围内跨国活动。

智利的“高压”警方行动了解到，非法贸易已从该国（全球最大的铜生产国）延伸至中国（主要消费国），且世界上大部分混合铜在保存过程中也流向了那里。

“这不再仅仅是几个小偷在偷电缆，而是整个拥有层级结构、定义明确的角色和技术概况的团体，”智利警方去年启动的铜专项工作组成员圣地亚哥·里维拉（Santiago Rivera）表示。

“这是一个大问题，而且是一个全球性问题，”总部位于华盛顿的 Force/Child Report 总裁安东·维纳（Anton Wiener）说道，他此前一直是智利警方去年启动的铜专项工作组的成员。

静默：智利的“高压”警方行动今年在打击铜盗窃方面取得了新胜利

包括某些卡车、风能和太阳能设施以及电动汽车充电站。

在加拿大，电信集团 Bell 表示，其网络中的铜盗窃事件自 2002, 年以来增长了 500% 以上，且该公司今年已经遭受了 500 起事件，平均每天约 5 起。

智利最大的电力供应商 (GE) 报告称，2020, 年铜盗窃事件达到创纪录的 1,430 起，是前一年的两倍，其中 4200 起处于销售状态，导致 2000/000 名客户停电。

与此同时，在智利北部的铜加工地区，这类群体已开始直接从矿工手中抢夺金属，或暴力抢劫仓库和运输车辆。

从美洲到美国和欧洲的犯罪分子也将目标对准了太阳能和风能设施，这些设施通常地处偏远，且安保有限。

犯罪团伙也变得更加专业化和战略化。据里约热内罗警察局高级官员卡洛斯·奥利维拉（Carlos Oliveira）称，在巴西，铜盗窃已从机会主义的偷窃和毒瘾者行为演变为与主要犯罪团伙相关联的复杂行动。

“这已成为有组织犯罪，主要是贩毒集团的目标，”他表示。这些行动拥有技术知识和专业设备，黑市则在山坡上通过安保将 634,000,000 转移至 600,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000。

在美国和欧洲，太阳能和风能设施的铜盗窃案比前一年增长了 100% 以上，根据警方记录，这在很大程度上是由于

“对社会造成的损害远大于电缆本身的经济价值”

两个有组织犯罪团伙的出现所致。

除了铜之外，这一领域正日益转向关键的网络资产，且在今年 TT 俱乐部的年度货物盗窃报告中呈 100 增加趋势。犯罪分子专门针对国防和技术部门至关重要的稀土元素——这些物资是从中国的设施中盗走的。

美国和欧洲的当局及市场专家表示，被盗的铜去向不明，但通常会被分割成较小的价格并经过服务商的双重处理。

Squish 互联网市场去年表示，该领域在全国范围内盗窃了超过 100% 的铜，这些铜被运往马德里的废品回收站。

这在法国也成为了一个日益严重的问题，其中大部分盗窃来自电信网络以及全球的高速和低速连接。

在英国，Network Rail UK 在最近的一个财政年度中接到了 121 起延迟报告，导致 100,000 分钟的贸易延迟，并造成了 10,000s 的损失，该铁路基础设施集团表示。

专家表示，除了更好地处理关键基础设施以及将铜改为光纤电信之外，另一种解决方案是更好地监管和监控废品市场。

2015 年，英格兰和威尔士禁止废品收购商以现金支付金属费用，并要求其在当地当局办理许可。统计数据显示，自 1 日以来，金属类犯罪大幅下降——尽管包括警方官员在内的专家表示，实际的犯罪人数可能要高得多。

巴西去年开始对盗窃电力和电信设备及器材的行为实施显著更严厉的处罚。智利的一家公司报告称，希望在铜缆中引入增强标记，从而允许通过关键市场对材料进行识别。

“随着规模扩大，更多的铜盗窃行为是在组织化水平上实施的，”智利的里维拉（Rivera）表示。他指出，这些行动需要复杂的规划、融资和物流布置，且最显著的投资机构可能会成为目标，并补充道：“未来将比所有方面都更严峻。”

Beatriz Langella 参与报道

政治背书

博索内罗的AI分身对巴西法律构成考验

MICHAEL POOLIN - LEO PAULO

在卢拉领导的美国最大民主国家即将迎来今年的下一次选举之际，巴西前总统博索内罗的一个AI分身正在通过一段新视频，就该技术在选举中的使用引发关注。

这位极右翼民粹主义者的数字版本在新的前总统竞选活动中被投影出来。由于被判定策划政变，他被禁止公开活动。“我不知道某种法院挑战如何强迫左翼政党。”

“我对一个基于我从未做过之事的、不公正且专断的决定感到震惊并被其限制，”视频中博索内罗的影像在周六表示。“我请你们张开双臂欢迎我选择接替我位置的人——我的骨肉，我的血脉。”

这位右翼领导人的律师周三表示，在视频引发父子两人个人法律问题后，他并未提及在制作中使用其形象和声音的许可。

与总统路易斯·伊纳西奥·卢拉·达席尔瓦（Luis Inácio Lula da Silva）结盟的政党指责该视频违反了巴西关于AI的选举法规以及博索内罗在保释期间被授予的软禁条款。

巴西最高法院周二警告称，如果该人士授权制作此视频，则可能构成对司法命令的“严重违约”，并导致其被关入监狱。作为软禁条件，他被禁止使用社交媒体及任何其他形式的“外部沟通”。

前总统的一名律师表示，由于其客户目前的探视权尚未获得批准，因此不可能同意该内容。

批评者指责该视频利用AI手段，试图不当获益于他在巴西保守派运动中的影响力，尽管该政府人物在政治阵营中拥有强大的影响力。

前陆军上尉博索内罗，75 岁，因在 2022 年选举败给卢拉后策划军事政变，于 9 月被判处 27 年监禁。

随着AI引发对深度伪造（deepfakes）及其对全球选举媒体影响的担忧，此案被视为该南美国家管理政治部署法规的分水岭时刻。

支持卢拉的政党联盟向巴西最高选举法庭投诉，称该商业视频违反了关于“合成内容”的规范，因为它使用了活人的形象和声音。该选举领导层则主张，视频生成的媒体内容经过了标记，符合选举通用标准。

博索内罗团队的律师告诉法庭，该视频并未违反任何规定，因为它已有明确警告称其并非真实记录，且不存在任何误导企图。

小博索内罗的总统竞选在经历一系列争议后陷入低迷，包括被指与一名大规模银行欺诈案的疑似主谋以及其继母共同持有公共基金。

Beatriz Langella 参与报道

印度尼西亚，经济

普拉博沃因央行行长离职而麻烦增加

备受推崇的官员离职加剧了货币战争 以及对政治操纵的担忧

A. ANANTINA LABUINO - 雅加达

印尼市场正因盈利下调的组合而受损，这代表了 1.5 million 的购买状态社区，投资者最意想不到的是该国最受推崇的技术官僚之一离职。

央行行长的突然离职在印尼本就动荡的时刻产生了影响，至少在总统普拉博沃（Prabowo）的政策制定及其大众主义方向引发担忧的情况下。

据政府称，印尼银行（Bank Indonesia）行长 Perry Warfyn 因个人原因辞职，而与此同时，支持总统增长议程的压力日益增大，对央行独立性的担忧也随之增加。

“时机很不巧，”CoMichigan 机构（一家第 19 机构）的南亚企业董事会成员 Labob musan R 表示。“他们正在多个战线上应对诸多危机……央行行长的辞职使得整个局面进一步恶化。”

Perry 的辞职由普拉博沃最亲信的助手之一兼内阁秘书 Proactive Hadi 宣布，普拉博沃此前曾表示 Perry 是他未来的唯一选择。

这位行长在东南亚最大经济体的敏感时期离职，加剧了人们对政策可信度、治理以及在持续寻求经济和金融稳定过程中公共吸引力的担忧。

雅加达股市今年下跌了 30 per cent，而该国货币在同一时期内则下跌了 450.70 per cent —— 两者均处于全球最糟糕的水平。

印尼资产已被指数每值 MACS 警告将其从新兴市场降级为前沿市场。

Bival fall! Free Jones hell on 本月也发布了类似的警告。

评级机构、经济学家和投资者还对普拉博沃昂贵的百万托盘（million pallets）感到担忧 —— 这些托盘在过去一年中被使用，且军方在这一努力中扮演的角色在不断扩大。

Perry 的离职发生在长期担任财政部长的 Sri Mulyani Indrawati 离职不到一年后，后者被广泛认为稳住了 Indrawati 的基金，并赢得了外国投资者的信任。

Perry 同样被视为一个“稳健的操盘手”，作为外国用户群体的一员，他带领央行度过了 Covid19 疫情、政府许可期以及最近的中东战争。

Perry Warfyn 被许多人视为一名“稳健的操盘手”

央行面临着越来越大的压力，要求通过更多手段支持经济增长，但如果被考验，这将导致投资者担心其可能会偏离其首要市场，并影响货币定价和金融体系。

“尽管过去几个月市场上有关于该领域的传闻，但‘世界资本过度增长’的时机至关重要，”亚洲基金中央管理部门的投资经理 Fran Willows 表示。

他说，市场此前已开始信心增强，认为 Perry 能够很好地应对压力。央行已将利率提高了 100 个基点，并提高了公司的金融收益以吸引更多外国资金。

高级副行长 Drury Hamayati 已接管长期流程。根据 Indrawati 的法律，普拉博沃已经处理好过去的方式，由议会做出最终决定。近年来，总统通常只提名一个人。普拉博沃的选择将被密切关注。

今年早些时候，由普拉博沃盟友控制的议会通过了一项法律，修订央行的授权，以包含更多以增长为导向的指令。

1月，普拉博沃提名其侄子托马斯·德·阿万法罗（Thomas D'Avanfaro）进入银行董事会，这同样引发了关于独立性的担忧。

行长在独立性处于关键时刻的离职，以及一种非官方的反应，表明政府并未处理市场担忧。

普拉博沃及其他高级官员在面临市场剧烈抛售的情况下，仍多次否决政府政策。他们此前曾发布一份审查报告，称现有政策未能充分理解政府目标。

“我们现在更担心政策制定的轨迹，”穆菲（Murphy）表示。针对央行独立性和财政实践的强力锚定，GlobalEvolution投资管理公司的高级审计师亚历山大·迪伦（Alexander Dillon）也表达了观点。

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2026年7月17日，星期五

FRANCIA YOEN

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短期波动：对冲基金押注美国关键矿产集团将下跌，认为其涨势是由“辞令”驱动的 | 市场版，第 11 页

公司与市场

欧洲国家将抵制世界杯以抗议国际足联拆分计划

• ● 足球管理机构之间的冲突
• ● 欧足联的行动可能扼杀该提案

约翰·科尔 (JOHN KOHL)、塞缪尔·科尔 (SAMUEL KOHL) 以及 詹姆斯·纳撒兰·沃德 (JAMES NATHALLAN WARD)

如果国际足联 (FIFA) 坚持推进将其商业实体拆分并出售给投资者的计划，欧洲国家将抵制下一届世界杯。这一激进举措可能会给这项极具争议的提案带来致命打击。

与美国成员不同，欧洲足球管理机构在昨日的一次紧急会议上做出了决定，以回应国际足联本周公布的计划。欧足联表示，只要这些提案仍然存在，“除非该提案被完全放弃”，否则其部分国家队将不会参加任何国际足联的比赛。

欧足联的这一举动，[[[SOURCE_CLEANUP_NOTE: The source text "The move to Uefa is the Aleksander Celeste, is likely to derail plans drawn" appears fragmented/corrupted]]] 可能会破坏由国际足联主席盖恩斯·因凡蒂诺 (Gaines Infantino) 拟定的计划，该计划涉及出售一家估值约 $200M 的新合资公司 20% 的股权。

这个全球足球管理机构表示，计划将所得资金用于向其 211 个成员协会启动新项目，包括每家 2.5 亿美元 ($250m) 的预付款。这些提案遭到了政治家、支持者团体以及部分足球区域管理机构的猛烈批评。

“世界杯不能被当作一种投资产品，”欧足联表示，并补充说其成员已“一致且显著地”拒绝了国际足联的计划。“它没有任何一部分应该交给私人投资者。世界杯是不卖的。”

欧足联处于一个特别有影响力的地位，因为其成员包括世界上许多最强大的足球国家，如西班牙、法国和英格兰；如果没有这些国家，世界杯对投资者的吸引力将大打折扣。欧洲国家在过去 6 届男子世界杯中一直占据主导地位。

下一届女足世界杯预计将于 2027 年在巴西举行。西班牙队目前正享有世界冠军的荣誉。下一届男足世界杯目前定于 2030 年由西班牙和葡萄牙（均为欧足联成员）以及摩拉维亚共同举办。

此次抵制是足球界两个最强大的管理机构之间最严重的决裂，双方长期以来在比赛如何运行的问题上存在分歧。据一名参会人员透露，在 67 个成员中，有 40 个在在线会议期间发言，且全部对该抵制行动表示支持。

英格兰足球协会表示：“我们与欧洲同行肩并肩，全力支持这一集体观点。”

管理北美、中美洲和加勒比地区足球的 Concoord 同样召集了 6 个海外成员召开紧急会议。

自周二计划公布以来，反对国际足联计划的声音也在增加，国内联赛、巴士团体、球员工会以及大西洋两岸的立法者都对出售计划表示担忧。

欧盟体育专员格伦·麦考尔 (Glenn McCallé) 表示，需要统一行动来调查该计划，并称他“很自豪地看到欧洲足球协会在治理方面发挥领导作用，坚定立场并捍卫比赛的完整性”。

国际足联将此次合同拆分推销为一种能为足球运动带来数十亿美元资金的方式，如果成员在 9 月 29 日的投票中批准该方案即可实施。

“我们正处于……” [[[SOURCE_CLEANUP_NOTE: The source text "thermal, a hard cut by JoAnn Kushner... use on ice/pool... local invoice" appears highly corrupted/OCR error]]] ——由美国总统唐纳德·特朗普 (Donald Trump) 的兄弟乔安·库什纳 (JoAnn Kushner) 操盘，已被列为当地发票。

阿迪达斯 (Adidas) [[[SOURCE_CLEANUP_NOTE: The source text "strong/fairful/court" is fragmented]]]

昂贵的追求：投资者质疑扎克伯格的 AI “智能体”愿景，Meta 股价大跌

Meta 致力于将自己从一家社交媒体集团转型为一家承载全球的 AI 公司。

KARMAN MURPHY – DAVID BARBERG

在马克·扎克伯格最新一次为将该社交媒体集团转型为承载全球 AI 公司的昂贵追求进行辩护，但未能吸引投资者后，Meta 股价昨日大跌 9%。

在 Meta 第二季度业绩凸显了 AI 支出可能高达 $14.8bn 的情况后，扎克伯格在发言中坚持认为，这项投资正使该公司的核心广告业务受益，并将为这家价值 81.3bn 的公司创造新的利润引擎。

“我知道这是一项巨大的投资，也是一次巨大的赌注，”扎克伯格告诉分析师。“我们看到了技术的推进。我们对实验室的发展轨迹感到满意。我对即将推出的产品感到兴奋，并相信这将成为一件大事。”

作为支出影响的迹象，Meta 随后表示，第二季度现金流下降 91% 至 $7.95mn，低于去年同期的 $6.1bn。该集团对第三季度收入在 $60bn 至 $140bn 之间的预测也消失了，其中位值对比华尔街的预期为 $6.2bn。

“Meta 认为 AI 基础设施现在是一项战略资产，但其风险到来的速度快于回报，”Forrester 研究总监 Mike Swain 表示。“本季度消耗的现金几乎全部被 AI 基础设施支出所占用。”

在华尔街开盘后不久，Meta 股价一度下跌 10.4%，市值蒸发超过 20%。该股在 24/30s 年内目前下跌了近 4000。

周三，扎克伯格描绘了一个愿景，即向用户提供先进的 AI “智能体” (A7)，以代表用户自主执行任务，协助处理健康、业务、个人财务和职业目标。他表示，个人智能体的计划最早由 FT 在 5 月报道，这将“成为我们在未来数月和数年内下一波产品和收入线的基石”。

Meta 一直在投入数十亿美元构建数据中心集群并招聘顶尖 10 人才。周三，它预测资本支出为 $1.9bn（今年共 $16bn）。

在与分析师的电话会议上，扎克伯格表示，他预计 Meta 的计算能力将有“相当一部分”用于支持其自身的模型和产品。然而，他表示也存在出售数据中心的机会，特别是在增加中，并补充说 Meta “收到许多以远高于我们支付价格的溢价收购该公司的报价”。

Meta 第二季度的销售额略高于预期。其净收入收缩 14% 至 $15.4bn，远低于百份预估的 $18.3bn。

纽交所所有者将以 $3.7bn 收购债券平台

MARIA ABRAM

纽约证券交易所的所有者昨日表示，已同意以 $3.7bn 现金交易收购债券平台 Market Access，旨在进一步深耕固定收益交易领域。

洲际交易所（Intercontinental Exchange）表示，其每股 $167 的报价（较该公司周三收盘价溢价 51%）已获得 Market Access 董事会的推荐。随着该集团寻求将债券交易整合到一个大型场所，此次交易标志着 ICE 向电子债务交易迈出了重要一步。

总部位于纽约的 Market Access 是全球顶尖的电子债券交易平台之一，导致超过 2,000 股权益份额用于销售其数据以及交易公司债和政府债。

根据一份提交给证券交易委员会（Exchange Commission）的备案文件，Market Access 已同意在某些情况下向 ICE 支付 $149mn，包括 2. 债券平台和 2.5bn 股票市场份额，以及 1. 份额。如果交易在某些情况下失败，ICE 则有义务向该债券平台支付 $327mn。

这是 ICE 近年来的最大规模交易之一。该公司曾在 2022 年收购了一家大型软件条款计算机公司和一家大型股票市场。

“我们将共同构建投资者一直以来所期望的固定收益生态系统——一个透明、高效、全面互联且所有人均可访问的系统，”ICE 首席执行官 Jeff Spescher 表示。他补充说，公司的战略是“针对全球金融领域规模最大、效率最低的中心，应用技术和网络效应来提高透明度”。

ICE 表示，此次交易将为全球债券投资者在我们的交易场所带来更多流动性，并让他们能够更好地获取交易前数据，获得更好的价格并降低成本。

债券市场的电子交易一直在增长，但速度慢于股票市场，部分原因是债务市场的性质更为复杂，定价系统更为不透明。在 2025 年 Thessalon 的所有交易中，近一半是在鼓励之情下进行的，因为交易规模太大且过于复杂，如果没有人工介入就无法确认，Cadillac Growers 持此观点。

Market Access 的股价在过去一年中下跌了 60%。该公司昨日报告称，上半年营收与 2025. 同期相比持平。尽管在盘前交易时段其股价飙升 50 per cent，但昨日在纽约的交易已被暂停。

诸多因素解释了对 AI 热潮突然产生的畏难情绪

数据中心基础设施的热潮推动了股市的 10 explorers。现在，它也即将摧毁 10' Chinese about huge outgrowing —— 资本支出已成为一些最大技术公司面临的严重挑战。

这一点在上周便已显现，当时股市选择关注 Alphabet 在作为上市公司历史上的首次现金损耗，而非支出所带来的云业务收入和盈利能力的惊人飞跃。

本周，Meta 因坚持其巨大的投资计划而陷入两难。与此同时，它打破了人们希望通过出租部分冗余数据中心容量来缓解财务压力（正如 Elon Musk 的 SpaceX 所做的那样）的期待。

微软通过一条消息支持了这一趋势，称其终于在全球范围内看到 AI 支出带来了实质性进展。不过，其股价较去年的峰值仍下跌了约 12%。

对数据中心支出的反思出现在本月之末，而本月半导体股票也经历了剧烈下跌。现在的核心问题是，这仅仅是暂时的夏季回调，还是对支撑股市的 AI 交易的一次严重的心理转变。

一种可能性是，华尔街认为资本支出已达到顶峰，即使短期内支出仍将保持强劲。然而，无论是从技术公司公布的数据还是措辞来看，都没有理由这样认为。相反，微软首席财务官 Amy Wood 的一种含蓄表达总结了目前的情绪，她将当前的容量短缺描述为一个“相对极端的时刻”。

在某些周期中，即便是在长期繁荣时期，支出也绝非没有起伏。根据微软等公司最近的报告，内存芯片短缺将持续到至少 2027, 年底，但 2030 年到期的容量可能会改变局面。不过，现在就预测错误似乎还为时过早。

另一种可能性是，投资者担心，虽然技术公司能够从所有新 AI 容量中产生的收入正在快速增长，但相对于支出的规模，这部分收入仍然较低。

大型云公司的订单簿提供了一些鼓励。微软和谷歌的合计支持在上月底跃升至 $2.2bn，而一年前则不足 $300bn。但这里存在明显的风险集中，对 OpenAI 和 Anthropic 产生了极大的依赖，而这两家公司尚未证明它们需要所有这些容量来服务自己的客户。

在一个快速演进的市场中，AI 公司何时能实现可持续的盈利也难以预料。Anthropic 在今年早些时候凭借增长激增给市场注入了一剂强心针，但人们对其能否实现首个盈利季度仍持谨慎乐观态度。但紧随其后的是关于公司打击员工以削减成本而滥用 AI 服务的报告，这种现象被称为 “teleconomics”。近期，中国模型的进击进一步引发了市场对压力增加的担忧。

对这一反应的第三种解释可能是资本支出相对于行业整体财务状况的绝对规模。Meta 产生的正向自由现金流在季度末大幅下降，而微软表示其在刚刚开始的下一个财年将保持正值。但这种安慰来自于在上一财年合计持有超过 $100bn 现金的巨头公司。

这指向了行业财务状况中更深层的结构性转变。Alphabet 除损耗现金外，还将巨额额外债务提升至近 $300bn，高于一年前的 $10bn，并于近期通过融资 $60bn 令人意外。

信用评级机构穆迪（Moody's）在上周的一份报告中对其进行了评估，因为大型科技公司正转变为“核心资产”企业，它们与“资本、风险和信贷的关系（正）被重新定义”。

直到现在，人们仍可以将 Alphabet 视为一家极其盈利的搜索引擎公司，而该公司选择将其闲置现金投资于 AI。但它正迅速转变为一家 AI 公司，其目前的市场——以及可能的商业模式——与以往截然不同。

这些解释中的任何一项单独来看，都无法为投资者为何此时要迅速对数据中心热潮套现提供特别具有说服力的理由。然而，综合来看，它们解释了为何焦虑程度正在上升。

richard.senov@ix.com

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8

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金融时报

2020年7月31日，星期五

公司与市场

科技

微软以 15% 的涨幅打破 AI 阴霾

在大量数据中心投入运行后，股价创下历史单日最大涨幅

作者：DAVID SCHNEIDER - DAVID FRANKFORD

微软创下了个股市值单日增长最大的纪录之一，投资者在看到该公司强劲的盈利表现后纷纷补仓，这打破了近期公司财务状况低迷的趋势。

昨日午后交易时段，该公司股价上涨 15.5%，有望创下近期纪录最大涨幅。这使其年初至今的基准涨幅从 15 世纪的约 20.5% 修正为 6.7%。

根据《金融时报》对彭博数据分析，此次波动增加了 $44.0 \text{bn}$ 的市值，有望取代 NAdda 的 $49.0 \text{bn}$（2021 年 4 月 9 日最高值），成为 19 支股票中估值增长最高的一次。

此次历史性跳升发生在微软周三宣布，第二季度签署了超过 $25.0 \text{bn}$ 的新数据中心合约，大幅扩大了其承诺规模。微软正加速上线足够的计算基础设施，以利用其销售额中 45 驱动的繁荣。

首席执行官萨提亚·纳德拉（Satya Nadella）表示：微软有望在两年内将数据中心容量增加约一倍，且在本季度内已上线 31 个新数据中心，截至 6 月底的第一年内共上线 80 个。损失与少数股东相比增加了超过三分之二。

与其他大型科技“超级巡航者”一样，微软正竞相增加数据中心，以满足 OpenAI 和 Anthropic (AI公司) 等 AI 初创公司日益增长的计算能力需求。

Volelbe Alpha 研究主管 Refine 表示，投资者此前一直看空微软，但该公司预测下一季度收入增长将高于预期的 65%。 “所有资本支出投资都获得了显著回报。业务正在加速。”

但该美国集团在 AI 方面的 $25\text{bn}$ 支出推高了其资本支出，第二季度资本支出为 $4.8 \text{bn}$，同比增长 9p%。

该公司表示，资本支出约三分之二用于半导体等短期资产，其余用于数据中心，包括 anti-SNet、路头基础设施。

资本支出的增加影响了自由现金流，同比下降 23% 至 $50.8 \text{bn}$，不过高于分析师预期的 $25.8 \text{bn}$。该集团将年度资本支出预测保持不变，但由于会计变更，该数字降至 $57.0 \text{bn}$。

微软投资者对此感到欣慰，因为数据中心支出正推动微软销售额走高，该季度总销售额同比增长 18% 至 $9.8 \text{bn}$。其智能业务规模进一步扩大，承载未来平台的业务现已增长 32% 至 $30.0 \text{bn}$。

在三个月期间，该增长同比增长 31% 至 $15.8 \text{bn}$，其中包含持有 AI 实验室 Anthropic (AI公司) 股权带来的 $5.2 \text{bn}$ 收益。

微软继续推动云收入增长，预计下一个 10 季度将达到 $6.7 \text{bn}$，比前期增加 $12.8 \text{bn}$。

该增长不包括来自 OpenAI 和 Anthropic (AI公司) 等前沿实验室的任何承诺。微软表示：它报告称，其持有新季度股份的 OpenAI 在过去一年贡献了 $45.1 \text{bn}$ 的收入，约占微软 $32.2 \text{bn}$ 销售额的 7%。这家巨头与该时代的初创公司之间存在复杂关系，微软既是其最大投资者和计算能力提供商，同时也是竞争对手。投资者已将微软的软件特许权转入 1st 红色区域。

“每个模型都至关重要，”纳德拉向投资者表示，他称微软正在构建一个“新模型系统”，作为核心技术支架，且显然不依赖于任何特定模型。这将允许微软在两款产品之间进行映射，以共享一个模型 65，作为一个共识和质量设备。

Bankia

尽管错失交易热潮，法兴银行利润仍大幅增长

SARAH WHITE - 摄影

法兴银行（Socialist Getafude）凭借蓬勃发展的法国银行业务，公布了创纪录的第二季度利润，尽管该行错失了令许多竞争对手受益的交易热潮。

这家法国银行昨天还宣布了一项 €1.5bn 的股票回购计划。在首席执行官 Sherome Krupp 的领导下，该行在过去三年中实现了转型，在经历了多年的海外重组和挫折后，重新赢得了营收。

它已从 Covid-19 时期恢复，再次成为法国市值第二大的领先银行，尽管其价值仅为法国巴黎银行（BNP Paribas）的一半。

Krupp 领导下的净利润比一年前增长 23 per cent，达到创纪录的 €1.7bn，且高于预期。

成本削减计划以及法国零售银行的显著改善也助力了收益

同时，其 2020 年的股东权益回报率（ROE）目标——一项衡量盈利能力的关键指标——从 30 per cent 以上提高到约 31 per cent。余额现为 1 per cent。

Krupp 新的削减计划以及其法国零售银行的显著改善也助力了收益。几年前，法兴银行与当地竞争对手一样受到惩罚。为了从利率上升中获益，这些银行现在正带来固定现金。

这家美国公司（注：原文此处表述混乱）也更加银行化，其部分领域在连续几个季度中表现不佳。法兴银行在 4 月至 6 月期间错失了广泛的交易热潮，该热潮提升了整个华尔街交易部门的收益，并使法国巴黎银行的许多成员受益。100 med Frenchs from。

法兴银行的市场营收较一年前下降 1 per cent 至 €1.6bn，其中销售收入和营收下降 2 per cent 且下降 0.3 per cent。股票交易表现更好，营收增长 5.5 per cent，但仍低于同行。

Krupp 将净额纳入其最新的战略计划至 9 月，重点在于增加资本和削减成本。详见周日版。

足球失利：世界杯支出冲击利润，阿迪达斯股价大跌

所有为纽约股东中心（Stockholder Center）的 Atlas 地位支付费用的人员在赛事期间都看到了一个巨大的阿迪达斯世界杯足球。

在公布了季度利润不理想的消息后，阿迪达斯（adidas）股价面临单日最大跌幅，此前该公司在足球世界杯期间增加了营销支出。

第二季度持续经营业务的净利润同比增长 6 per cent 至 $7.8bn，低于分析师的预期。

€4.5bn。阿迪达斯表示，营销支出比一年前高出 30 per cent，反映了在世界杯宣传活动上的支出增加。

这家德国运动集团的股票在盘前交易中下跌 30 per cent，创下历史最大单日跌幅。“从绝对数值来看，（第二季度）是一个不错的季度，但面对不断上升的（the 9 世界杯预期，这将会让投资者感到失望）”，德意志银行的分析分析师表示。

首席执行官 Bjorn Gullens 表示，管理层对股价反应感到“非常惊讶”。他说：“我们实现了承诺，”并指出第二季度“比我们预期的更强劲”。

在北美举办的本次世界杯期间，支出激增 €22.0bn，此时 Gullens 正试图缩小与竞争对手耐克（Nike）的差距。

他表示，阿迪达斯认为，考虑到它为世界杯组建的球队和产品，应该在上面“投入真金白银”。他补充说，营销竞争现在将回归到更正常的水平。

与四年前在卡塔尔举行的赛事相比，阿迪达斯销售的球鞋数量是之前的四倍，足球数量是两倍，产生了约 €2.0bn 的世界杯相关销售额。墨西哥队的球衣是其最畅销的国家队装备，而西班牙队与阿根廷队之间的决赛则由两支阿迪达斯赞助的球队对阵。

尽管第二季度收入创纪录地达到 €7.0bn，同比增长 14 per cent（按固定汇率计算），但利润仍受到影响。增长是由对运动鞋和足球产品的强劲需求，以及在拉丁美洲和中国的收益驱动的，而耐克在这些市场一直陷入苦战。

全球最大的运动集团耐克最近报告了其四年多来最低的季度营收。

客户销售仅 1 per cent，由于更广泛的生活方式市场变得更加波动且依赖促销，尽管阿迪达斯表示，对其销售驱动的产品需求依然健康。Gullens 表示，此前由这些款式产生的巨大增长“是不可持续的”，尽管他认为趋势已经扩大，包括通过与艺术家（如 that theory）的合作。

第二类销售额增长 35 per cent，因为足球球衣越来越多地跨界进入时尚商店。

阿迪达斯将其 2026 全年目标调整为 6.6bn，称其预计货币中性收入将增长 6 和 10 per cent，而之前的预测是高个位数增长。该公司维持了约 €3.3bn 的营业利润目标。

Gullens 表示这些目标“可能较为保守”，称阿迪达斯并不假设通过自有门店和网站实现的 20 per cent 销售增长将持续下去。阿迪达斯表示，它仅在第二季度确认了关税退款信用额度的“少量”收益。潜在的进一步退款（在 €20bn 到 €30bn 之间）未包含在全年指引中。

公司还表示，首席财务官 Harry Skinner 将在年底离职。接任者将是来自服装零售商 G&A, Florian Mälly & Co. 的 Yeligi Korkulman。

石油与天然气

壳牌公司在波动中获利，报告第二高季度收益

保罗·西尔文格雷斯 (PAUL SILVINGREIS) 和 仁信·古乐基 (NISSIN KOLAKI) 计算机

壳牌公司报告了其历史第二高的季度利润，因为中东战争持续为其交易员创造机会，尽管其天然气产量有所下降。

这家美国石油巨头报告的调整后收益为 $8.8bn，高于市场一致预期的 $8.7bn，而去年同季度的价格为 $4.3bn。

这是壳牌公司历史上的第二高季度收益，仅次于 2012 年实现的 $11.3bn，当时俄罗斯对该国的全面入侵导致了欧洲的能源危机。

由于该季度石油和天然气价格剧烈波动，买卖之间产生了更大的价差，增加了套利机会，客户需求更高，且价格对冲合约的效率和流动性增强，壳牌的交易员从中获益。

“我们目前正致力于将交易能力融入到组织的每一个部分，”首席执行官西梅·瓦桑 (Sime Vassan) 表示。“在我看来，波动性只是未来能源系统的一部分，”他补充道。“当我们试图建立交易组织时，我们已经在这一进程中走过了数十年。”

能源市场的波动性

“在我看来，波动性只是未来能源系统的一部分”

首席执行官 瓦德·苏万 (Wad Suwan)

据报道也加强了抗冲击能力。伦敦证券交易所集团昨日报告了创纪录的上半年收益，营业利润增长三分之一，达到 £1.6bn。

首席执行官大卫·希默 (David Schimmer) 表示，LSDG 的市场业务“在上半年表现异常出色”，且“其中一部分当然与不同资产类别的波动性有关”。

壳牌公司表示，中东战争影响了其天然气制液项目 (June)，这是导致天然气产量环比下降 35 per cent 的主要原因。

公司在第一季度曾表示，其在卡塔尔的运营项目（该公司在卡塔尔拥有部分液化天然气 LNG 出口份额）不太可能获得任何年度收益。但苏万表示，由于壳牌位于加拿大西海岸的大型工厂 LNG Canada 在本季度达到满负荷运转，这一局面已经得到扭转。

由于喷气燃料和柴油等精炼燃料价格在本季度保持高位，壳牌的七家炼油厂运行超额，利用率为 102 per cent，以满足需求。例如，壳牌的喷气燃料产量同比增长 30th；公司化学品和产品部门的调整后收益环比增长 49 per cent，达到 $2.0bn。该公司还表示，在过去三年中该公司有 26 years，由于在 2020 年将季度股份收益返还至 £10bn 后，今年以来其表现低于竞争对手。

这家石油巨头表示，将在接下来的季度保持相同水平的首次回购，但由于收购了 4.0% 的融资，导致其无法在上一季度完成，因此将继续进行 $12.2bn 的回购。

壳牌股价昨日收平。

能源

EDF 寻求小型反应堆风险投资支持者

SARAH WHITE - 照片

核能集团 EDF 正与欧洲的投资伙伴合作，以帮助在 8 年内处理小型反应拍风险投资，以提高空中地面空间，建设衰减并配备数十套小型钢制设备。

该银行仅占 40%，还可能引入小型核反应堆技术的潜在买家，以将其锁定在事故中。

这家国有集团在法国运行着欧洲最大的 37 座大型反应堆，每年获得总能源中增加的 10%，总能源中增加的 10%。

三名知情人士表示，该公司现在将在未来几年中，在 2025, 起的第二个 2. 期间投入 2.5 亿能源，并将在这些计划中工作约 6m。

两名知情人士补充称，EDF 还在努力为该子公司引入新投资者，这可能会使该公用事业公司成为未来的少数股东。

投资利息集中在像芬兰和法国这样已经拥有或正在建设核电站的申请人，以及其他不依赖该技术的人，例如希腊或欧盟的最初阶段。

知情人士表示，意大利的谈判最为先进。该过程还可能包括基金和工业公司。

其中一人补充道：“想法是让几个外国人围在桌子旁，” “如果仅仅是一个 EDF 渠道，那将是快乐的 5m。”

EDF 拒绝置评。意大利能源行业未立即发表评论。Noward 已经签署了一份协议，以探索与几家核电公司的合作，例如 2m 计划，但当时并未达成国家销售协议。

无论是 Norwell 的基本志愿者，还是投资准备就绪的日期都尚未确定，以及确保资金。EDF 渴望将第三方合作伙伴 Norwell 绑定为潜在客户，鉴于他或她为最具潜力的自然法国提供了业务，而法国已经拥有庞大的核电银行。

法国政府已经任务 EDF 在 2020 建设至少六百万人口。

一旦确定了较小规模的设计，100% 的建设速度应该比传统核电站更快、更简单。

在美国，由于提供数据中心，人们对该技术的兴趣已寻求开发规模资金。该年的一项初始投资并削减了现有上市项目的资金，尽管股价随后下跌。

EDF 审查前行法国在新谈判中对新投资的计划将使其： “全球大约有 120 项目。还有更多 120.。并非所有项目都能保留。”

Amy Rannin 在罗马的额外报道

Airfines

法航-荷航观察到度假趋势向北转移

SARAH WHITE - PHOTO COMMERCE - COMPUTER

法航-荷航（Air France-KLM）负责人表示，各项数据表明，夏季假期正从南欧国家转向更多北欧目的地。

首席执行官本·史密斯（Ben Smith）表示，由于近期几周出现了持续高温，客户避开这些地区的趋势是该航空公司集团观察到的“主要变化”；与此同时，由于成本上升，该公司报告第二季度利润下降了 70%。

“我们看到越来越多的欧洲人正在避开……法国、西班牙的部分地区，所有这些遭受高温冲击的地方，”他表示。

他补充说，在欧洲 157 个国家的行程规划中，“最显著的模式变化”是欧洲人在今年夏天前往“欧洲北部”。

在过去的一周里，随着欧洲大陆再次遭受热浪袭击且主要度假胜地过度拥挤，山火肆虐了法国和西班牙的部分地区。

与竞争对手一样，法航-荷航受到了每月 5m jet fuel 价格上涨的影响。这家总部位于法国的核能集团在截至下个季度的三个月中，喷气燃料利润损失 45%，比去年同期下降 70%，上升了近 10% 至 9.

尽管喷气燃料价格在 2 月份冲突开始后立即发生了变动，但目前已开始下降。法航-荷航预计其全年燃料成本为 8m，比一年前高出 85m。但这低于欧洲航空业 8% 的水平。

喷气燃料价格应每月降低 5m。喷气燃料的价格为 5m，并称其已开始下降。法航-荷航预计其全年燃料成本为 8m，比一年前高出 85m。但这低于欧洲航空业 8% 的水平。

增长率为 6%，低于之前的 10%。我们没有削减房间，所以 5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，

5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，5m 是 5m，

法航-荷航周三表示，它已在 2017. 第二季度筹集了高达 49.9% 的葡萄牙国有的资金因素。这是与德国 Leifmann 在一个世纪中的最终阶段，旨在建立一家航空公司，使其成为多年来的第一个基地，第一个基地，第一个基地，第一个基地，第一个基地，第一个基地，第一个基地，第一个基地，第一个基地，第一个基地，第一个基地，第一个基地，第一个基地，第一个基地，第一个基地，

South Andover 继续对法航-荷航的价格进行抛售。

---

2006 年 7 月 25 日，星期五

4

金融时报

9

公司与市场

EV电池巨头CATI转向数据中心、电网及船舶领域

这家中国企业的扩张揭示了其培育并主导新型储能产业的野心

GENEVE WHITE —— 中国 CARR WAGNER —— 伦敦

在中国东南沿海城市厦门的一栋工业建筑内，堆放着被巨大的电荷烧焦、熔化的安全卷轴，用于模拟闪电击中。

这种高压测试仅是针对由中国CATI制造的新型电池系统所进行的一系列测试之一，该系统旨在为AI数据中心和电网备用电路供电。

与CATI多年来制造的汽车电池不同，这些系统必须在各种条件下全天候运行，因此在数十项极端操作环境测试中包含了模拟雷击。

负责人陈晓乐告诉FV，在经历了“多年”开发汽车锂电池之后，公司认为其电池现在可以变得更陡峭且不再是“几乎懒惰或恐惧的系统”。

CATI在厦门的设施象征着这家中国企业决定摆脱低成本锂电池制造的定义，而该业务在全球范围内占据主导地位。

陈表示：“投资建立这个实验室的初衷源于储能本身的演变——从如今的配电、低压储能系统，向更高电压、面向电网的储能应用方向发展。”

对于创立CATI的化学专家Better Long来说，在为手机提供每 5 比特和 60 词的电池之后，像厦门中心这样的投资也是一项长期计划的一部分，旨在培育——并主导——新型电池供电的电池。

这家中国企业持有约 40% 的EV电池市场份额，而一名贡献者约占其去年 364, 销售额的四分之三。

多项投资凸显了CATI（其本身）在其中建立新部门的方式，这些部门源于AI的规模化、通过可再生能源替代石油、天然气和煤炭，以及全球能源供应和工业系统的多样化。

“我们的野心不仅限于成为[电池盒]的供应商。……我们将自己定义为能源领域转型的科技公司，”陈在6月宣布在欧洲部署电动车电池制图站时告诉FV。

根据中国企业信息服务平台天眼查的数据，CATI已直接投资 132 个中心，并将其子公司和基金间接投资于 5000 多家企业。该公司（与其竞争对手 RTSN 相比，拥有 269 个直接和 2,836 个间接合同）同样是一家主要企业。

CATI已经赢得了约 50% 的电池储能系统市场，由于AI的影响，该系列市场正在快速增长。重点投资领域包括用于电站、发电厂、管道和工厂的大型电池系统，以及位于其上方的小规模系统。

该公司还将其电池安装在近 1,000 艘船只上，主要是在中国沿海、港口或区域内运行的小型船只。

在许多刚刚开始脱离化石燃料的行业中，CATI高管承诺将支持相关基础设施的发展，包括投资 $1.5 million 在 2006 个面向汽车、卡车和船舶的电池制图站。

厦门中心负责人陈表示：

照片

“铲子与镐头”供应商在香港上市首日下跌 25%

一家向中美双方供应AI数据中心设备的美国中国竞争受益者，在昨日的香港首秀中下跌 2%，原因是它被卷入了全球科技抛售潮。

这家总部位于深圳的厂商，在将其香港股票定价为 HK$900 之后，收盘价为 HK$960。第二批为 ¥632.4bn ($6.8bn)，并拥有出售额外股份的期权，这可能使 Ngan 达到 25bn。

涉及中国市值最高的一家公司之一，市值超过 $50bn。 “香港今年在亚洲排名第二，并加入了一系列针对AI基础‘技术与铲子’供应商的市场挖掘。”

这家基于混合技术的公司生产一组新进入者和互连器，这些产品是AI数据中心城市间替代事实教师（fact teacher）所必需的。大客户包括Alphabet、亚马逊、阿里巴巴和华为。

“中国的一些领先硬件公司实际上被视为全球公司的低成本供应商，”1997 Parklae AI早期启动衍生品策略负责人Jason Lee表示。

该公司经历了快速的盈利增长：自2025.年以来，其深圳股票上涨了超过 6,000 l百分比。净利润从那一年的 $9,612.2bn ($10,994) 跃升至去年的 $6,000.5bn。

随着全球科技指数的下跌，其深圳股票从6月的峰值下跌了近 42 l百分比。其香港股票昨日下跌多达 52 l百分比，而其深圳股票下跌了 52 l百分比。

关于AI软件和AI硬件的整个全球叙事包括许多“说法”： “在过去的三周里，重点一直是从硬件中套现并将其转移到潜在投资中。” 威廉·桑德巴赫（William Sandbach）在香港表示。

认为在“伴随水平”上的电池单元和气体测试并不重要。

然而，他补充说，一旦这些电池组件被集成到更复杂的系统中——例如储能集装箱、电动飞机和船舶以及大规模储能系统——“集成水平将变得显著更高且更复杂”。

作为行业整体方案的一部分，他表示：CATI的测试设施也向 2006 和 2007 中心所有者或电力黄金运营商开放。

CATI近期的许多投资以及研发预算都投入到了电池技术和方案中，例如钠电池及其 3, 型。该公司进一步声明，钠电池商业化的障碍已被克服，该集团正转向更具生产力的终端。

近几个月的其他投资包括：花费近 $5bn 购买中国数据中心运营商VNG's A Sun dan Koth 30 l百分比的股份，以及购买拥有国内领先高压直流控制电源系统供应商的Zhengjiu Qili Koth 50 l百分比的股份。

CATI报告称，在截至6月的六个月中，研发收入增长 10 l百分比 (17% ($40.9bn))，净利润增长 42 l百分比 (4. 2bn ($6.4bn))，这得益于对储能系统的强劲需求。

其深圳上市股票在过去 12 个月中上涨了近 40 l百分比，并宣布了购买最大电池库存的计划。

鉴于其对全球能源系统日益增加的重要性，CATI发现自己处于Wading-ine和总部位于北京-16-based systems的共同关注焦点中，因为该公司被Patterson指控具有军事联系——尽管该公司对此否认了所有细节。

在中国方面，北京已经

CATI，展示

电池

映射

它已经

开发出的

汽车和电池

站，

上方是

创始人 Robin Zeng，下方

希望扩展

到包括中国的新领域

中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 中国 变得越来越担心中国股票及与尖端电池相关的房地产泄露，这可能会抑制CATI的海外雄心。

然而，在今年第1次低冲突引发的油价冲击之后，许多分析师上调了对电池需求的长期预测。

香港伯恩斯坦（Bernstein）的研究人员预测，全球电池需求将从 1.8 tct（低于去年水平）增长到 2050 年的 57 TWh，以及 2050. 的 16.6 TWh。这一增速反映了未来 10 年内 9% 的复合年增长率。

这些预测是在过去五年中经历了 10 倍增长之后得出的，因为电池成本的下降提升了其经济效益。

在需求增长和地缘政治紧张局势的双重驱动下，宁德时代（CATL）正努力确保其自身的供应链。该公司多年来投入巨资以确保获得关键资源（包括锂和镍），并已建立起强大的补贴体系，其注册资本为 Radcliffe。

领导伯恩斯坦能源研究的 Half knowledge 表示，虽然一些伯恩斯坦分析师认为宁德时代的销售峰值现已覆盖相关领域，但其他人则认为其电池主导地位类似于 TDR，在高成本汽车制造方面具有权重。

TDR 与宁德时代一样，其核心产品的市场份额约为 40%，同时在市场中处于最高利润率的领先地位，并占据利润池的最大份额。

Every day 补充道：“我们看到它与 TDR 有一些相似之处，这是建立在其技术领先地位之上的……这使其能有效地脱离竞争，并能够获得比行业其他公司高得多的利润率。”

技术

亚马逊发现 AI 使用导致巨额成本超支

RAVE KOSHER-JUDDIN — 旧金山

亚马逊员工地发现了一些他们称之为“灾难性昂贵”的案例，以及“一种无意中使公司在缺乏支出控制的情况下过度依赖 AI 的行为”。

高级工程师在周二的一次员工会议上告诉同事，尝试将任务从传统编程转向使用 AI 模型的行为导致了“计划外”的支出，多名熟悉该市场的人士透露。

这些人士表示，工程师们正致力于为未来的项目创建“削减”护栏，以及采取其他资源以降低成本。

这一事件凸显了即使是最大的科技公司，在将 AI 引入日常运营而缺乏相应控制的情况下所面临的困难。

一名亚马逊员工告诉《金融时报》：“很难搞清楚我所涉及的任何一项操作成本是多少。”

在一次关于工作的简报中，员工被告知了一个案例：尽管部署失败，该公司仍花费 $1.8mn 使用 Antitopia 的 Claude Sunset AI 模型将作者详情与该集团的电商网站列表进行匹配。

这些人士称，该项支出比公司该项目的预算高出 800%，并且花费了五个月时间才被发现。

亚马逊表示：“与任何新技术一样，我们正在实验、学习并改进使用方法，包括我们如何提高成本效率。”

员工被告知，某些成本活动属于“完全廉价”的科技附加 sys-

某一项 AI 项目的支出 代表了 860% 的成本超支， 且花费了五个月才被发现。

随着各团队开始使用 AI 模型来完成任务，成本正变得“灾难性地昂贵”。

高级工程师告诉员工，相关情况并非“孤立”事件。在另一起事件中，该公司在构建财务概要相关内容时产生了约 $40,000 的意外成本。

第三起事件中，AI 被用于提高其最高研究领域的配送速度，导致了 $136,000 的材料支出，且耗时两周多才被发现。

该公司补充道：“这里选取了一些小的、孤立的例子，各团队正从中相互学习，将其视为常规业务并不反映未来行动数据如何积累 AI。”

演示文稿指出，这三个案例仅涉及亚马逊的少数几个团队，该公司拥有大约 3000,000 名企业员工，并在近岸领域创造约 $100,000 的营收。

该 16,100 规模的集团正在进行大规模裁员以降低成本，并帮助为其巨大的 AI 投资提供资金。预计亚马逊将投入 $100bn 的资本支出，绝大部分用于 AI 和数据中心基础设施。

随着供应商转变定价模型，各公司一直在应对 AI 工具成本增加的问题。包括 Antitopia 和 OpenAI 在内的 AI 实验室已将部分服务从订阅制改为按量计费，这在数据处理方面尤为明显。

定价模型的变化导致公司将 AI 使用方向从最先进的模型转向更便宜的海外替代方案，包括仅要求用户支付运行所需计算能力的开放权重模型。

评论与招标

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金融时报

Friday 31 July 2020

英国公司

电传

VMO2所有者寻求削减£22bn债务堆积

Telefonica与Liberty Global考虑通过投资股息和保障就业来应对

GERMAN SMITH 和 BERN HIRSCH 伦敦

Virgin Media：在投资者贷款关于该电信集团业务的压力加速了2018年日期的到来之后，美国所有者正权衡各种方案以削减该公司£22bn的债务堆积。

股东的方案：据两名熟悉市场的人士透露，Telefónica和Liberty Global的方案包括设定VMO2报告的£200mm类股息贷款、决定计划并减少资本支出。

VMO2价值约£1.15m的高级无担保债务价格暴跌，周三超过897份基于贷款的账单低至每美元37美分，而7月初的交易价格约为78美分。VMO2较为安全的高级担保债券也大幅下跌，一张$2.40m债券的价格跌至债务的76美分，低于年初的50美分。

该公司已成为买方基金债务市场的焦点，一名不良信用投资者将VMO2描述为“目前贷款市场的热门话题”。

Telefónica和Liberty Global在过去一周中公开标准地表示，作为应对信用投资者的产科销售（obstetric sales）的一部分，有必要削减VMO2的债务。

持有者们一直被可能的威胁所困扰，直到80m网络运营商在“吸引”上提高，从而筹集了超过£32bn，以便从VMO2和BT旗下的Open-ends中获取客户，并进行过滤呼吸（filter-breathed）处理。

最大的持有者之一CityPay，将从包括40m链主权基金thubalain在内的股东处获得£900mm的股权资本注入（equity capricola）。该公司昨日表示，这笔资金将用于扩大CityPay的网络及利息，并可能收购信托。

股东此前已向CityPay注入£2.7bn，截至2020.，该公司承担了£3.7bn的净债务。据一名要求匿名且熟悉此事的人士透露，该票据的引导可能以债权人接受减值（halerut）为条件，且目前尚未达成最终条款。Virgin表示，在2020,上半年有32,000名宽带客户，此外去年英国有400M。截至6月底，其客户群规模为£42mn。

Liberty Global首席执行官Mike Price上周敦促投资者记住，VMO2股东拥有投资者的“内部工具（iners tools）”，可以用以削减债务、提升经营业绩并改善现金流。

Telefónica首席财务官Jean Lucas周三告诉分析师，该公司与Liberty Global在管理VMO2方面“正采取积极措施（consolidated being proactive）”。约380m的一方拥有“可操作的杠杆，以实质性增加自由现金流并加速去杠杆化”。

投资者还担心股东在Notcomus（英国第四大宽带网络）£20m资本债权（capri-ditor）中的角色。

Liberty Global和Telefónica正与私募股权公司Infovilva Capital合作，通过其合资企业NoHibes收购Notcomus。

尽管NoHibes是独立于VMO2的公司，但投资者被警告该交易将影响现金流。

作为交易的一部分，VMO2将在NoHibes中持有15%的股权，并获得£1.2bn现金，以换取减少Aston-Burnes对其网络的流量，这意味着未来在访问NoHibes基础设施时必须支付费用，或通过购买或转贷（turn finance）来支付贷款。Liberty Global、Telefónica和VMO2均拒绝置评。

航空航天与国防

BAE 在订单量激增后上调盈利与销售指引

JOSHUA PISHER — 伦敦

由于英国国防冠军企业继续从国防开支增加中获益，BAE 在报告订单量激增的同时，对其年度利润和销售预测进行了评估。

这家为英国制造核潜艇和战斗机，并为 4 个国家提供导弹及配件的 FTH 100 集团，昨日将今年潜在营业利润的增长预期上调至 10 到 12 %，高于之前每月 9 到 12 % 的预期。

BAE 预测销售额将增长 8 到 10 %，高于此前“净”百分比的预测。强劲的业绩得益于国防集团在乌克兰和中东冲突后从增加的支出中获益，以及各国政府寻求补充库存并投资新武器。

BAE 首席执行官 Charles Woodhunt 表示，全球威胁形势依然高度波动，各国政府正通过持续增加国防预算来做出应对。

上半年压力下的资金为 £16.4bn，使公司支持额达到 £444m。新合同包括欧洲战斗机 (Eurofighter) 相关的合同。

“全球威胁形势依然高度波动，各国正通过增加预算来做出应对”

包括喷气机和导弹，以及空间和利益系统。

该公司今年与美国政府签署了一项为期七年的协议，旨在将 Grand-landish 系统的红外工作人员生产能力提高四倍。

BAE 是英国国防投资计划最大的企业受益者之一，该计划将为该国的第二次发行额外投入 £32bn；在此背景下，该公司在构建 4 艘新 Dreadnought 级核潜艇项目的下一阶段中获得了一份 £2.9bn 的合同，这些潜艇将取代英国核威慑力量中老旧的自由卫队舰队。

BAE 的订单总额尚未包括近期一些高收益合同，包括与意大利和日本合作伙伴在全球作战航空计划 (Global Combat Air Programme) 中研发新型隐形战斗机的资金。德国（其与法国的喷气机联盟近期崩溃）已成为潜在的新合作伙伴。Woodhunt 拒绝就与总部位于德国的国防企业 AirData 的潜在谈判发表评论，但表示该计划的一个关键要求是“不能这样做”(I) 不做。OGP 希望在 2020 年前维持较高的岗位。

Olympia 加快了该计划的进度。“进入市场的窗口尚未无限期关闭，”他说道。

该集团上周公布了一款新型自主作战飞机设备，旨在成为最大的战斗机。Woodhunt 表示，该设备“引起了极大兴趣”。

BAE 表示，上半年销售额为 £33.8bn，按固定汇率计算增长 4 %，强于分析师预期。息税前潜在收益增长 11 % 至 £2.7bn。由于政府客户的预付款，自由现金流飙升至 £2.8bn。

银行

劳埃德计划在新战略中实现 20 亿英镑节省并推进 AI

LATINIA KREKST — 伦敦

劳埃德银行集团 (Lloyds Banking Group) 的负责人概述了一项新的年度独立战略，包括投资 AI 以帮助实现 £2bn 的成本节省。

这家英国最大的高街银行将在名为 “Accenture 2030,” 的四年计划中投入 £12bn，该计划将涉及扩展其企业银行。

首席执行官查尔斯·楠 (Charles Nunn) 在昨日公布的集团半年报中揭晓了这一最终战略。劳埃德报告称，截至 6 月的三个月内，税前利润为 £2.2bn，高于一年前的 £2bn。该集团报告该季度营收为 £4bn。

分析预计税前利润为 £2.2bn，营收为 £4.95bn；在昨日的交易中，股价上涨了 3.6%。

新战略建立在 “France 2022,” 的基础之上，转向关注从那些与利率周期联系较弱的渠道（而非其传统贸易业务）产生更多收入。自那时起，劳埃德的股价上涨了近 120%。

劳埃德上半年的业绩得到了来自传统贸易业务之外操作所产生更高利息的支撑，例如管理客户养老金、保险和投资的损失。

楠一直主张扩展这些业务线以实现市场多样化。

该银行来自与利率周期无关渠道的收入增长至 £2.7bn，比 2020, 同期增长了 12%。

其净利息之差（贷款收取利率与客户存款支付利率之间的差额）的上升也起到了推动作用。

劳埃德表示，其贷款的基础减值损失预计将被视为该季度第二有效的 £2.2bn，而去年同期为 £2.7bn。

在新的战略下，该银行表示希望在核心市场增长且不依赖技术，以简化集团的运营资金及其客户。楠表示：

这家英国最大的抵押贷款持有机构还将部署 AI 和信息技术，将购房所需的时间从“数周缩短至数日”，他补充道。

资产转移：阿斯顿·马丁对 HPS 融资细节闭口不谈

阿斯顿·马丁（Aston Martin）目前对一项 1 亿英镑（£100mn）主流债务交易的结构向投资者保密。该交易将资产转移出原有债权人的触及范围，转而向其新银行——由贝莱德（BlackRock）持有的私募信贷公司 HPS 提供担保。

这家资金短缺的公司于上周宣布了该融资方案，其中包括一笔 4.5 亿英镑（£450mn）的定期贷款以及另一笔未来可提取的 1 亿英镑（£100mn）资金。阿斯顿·马丁表示，该融资“以位于新成立子公司中的集团部分资产以及其他部分资产作为抵押”。

此举遭到了现有债权人的质疑，他们认为，这项将上述资产置于其触及范围之外的融资交易违反了阿斯顿·马丁现有债务的关键条款。

在周三的业绩电话会议上，持有超过 27 亿英镑（£2.7bn）债权的现有贷款机构以及股票分析师均试图了解哪些资产已被抵押给 HPS。

拥有公开交易股票和债务的阿斯顿·马丁拒绝提供细节，并辩称该交易对“整个公司至关重要”。据知情人士透露，尽管债券持有者要求公司披露哪些资产已从其抵押池中转移，但阿斯顿·马丁并未同意。一名代表阿斯顿·马丁的人员表示，公司完全遵守了披露义务。

这种拒绝态度加剧了公司与持有者之间的紧张关系，并震惊了整个市场的信贷投资者。“这简直荒谬至极……我从未见过这种情况，”一位并不持有阿斯顿·马丁债务的高收益投资组合经理表示，“这会激怒市场上很大一部分人。”

“这简直荒谬至极……我从未见过这种情况。这会激怒市场上很大一部分人。”

具体而言，投资者急于了解公司价值极高的知识产权资产是否已被指定为“不受限”并抵押给 HPS，从而使其脱离现有债权人的控制。

另一个可能的抵押资产是阿斯顿·马丁位于威尔士的工厂。该工厂于 2019 年在威尔士政府的财政支持下开业，但其运行水平远低于满负荷产能。在回答分析师关于资产的问题时，首席财务官道格·拉弗蒂（Doug Lafferty）表示：“关于该交易的所有信息我们已在之前的公告中列出，今天无需进一步披露。”

新融资已被用于偿还 3700 万英镑（£37mn）的营运信贷额度，以及由董事长劳伦斯·斯特罗尔（Laurence Stroll）支持的财团提供的另一笔 2000 万英镑（£20mn）额度的一部分。

今年早些时候，阿斯顿·马丁还宣布计划通过出售其品牌名称给 Potentals 租赁车队的使用权来筹集 5000 万英镑（£50mn）。

向持有 1 亿英镑（£100mn）的控股公司 AMR GP Holdings 出售品牌权，将向间接控制 AMR 的市场提供等同于现金的贷款股票。

HPS 持有 AMR GP Holdings 的少数股权，该股权于 2018. 年收购。除了缺乏透明度外，一些投资者还质疑最近的融资交易是否使某些股东（如 Stroll）获益。

例如，这笔 £100 百万的交易被提交给股东，其中一些股东提到估值过低；阿斯顿·马丁（Aston Martin）拒绝就此发表评论。

Evan Huth 和 Emu Engahl

房地产

购房者保持谨慎，Foxtons 利润缩减

JALAT STANDING — 伦敦

Foxtons 上半年的税前利润骤降 37 ％至 £4.4mn，由于消费者在购房时犹豫不决，且未来几年的挂牌房源减少，导致销售疲软，利润随之下降。

该公司昨天表示，由于英国政治的不确定性和中东战争导致利率在更长时间内维持高位，并削弱了购房者信心，这家伦敦房地产中介公司的住宅销售部门收入下降了 37 ％，至 £25.3mn。

Foxtons 已启动一项“针对高销售额的运营市场”计划并采取成本削减措施，试图在销售量持续低迷的市场中寻找出路。公司称，得益于今年早些时候宣布的行动（涉及销售部门的部分裁员），已节省了 £4.5mn。据称，此次裁员人数少于员工总数的 2 ％，甚至包括拥有资产的家庭。

Foxtons 一直在重新分配人员

以支持业务的各个部分，包括其销售挂牌，该进程称。

该公司还一直在增加对经济学的使用。在年底，将技术作为另一种削减成本的方式。

许多关于人性化和物业

“我们敦促新内阁优先考虑印花税改革……这是交易搬迁的最大单一障碍”

erty 门户网站，它呼吁政府改革印花税，以使住房市场的齿轮再次转动。

“由于 2018 年可能会被证明是业务衡量指标在某些记录中最低的一年，我们敦促新内阁优先考虑印花税改革，这仍然是交易搬迁的单一最大障碍——无论是首次购房者想要进入战场，还是成长的家庭，以及那些希望缩小居住规模的人，”首席执行官 Guy Gittins 表示。Foxtons 的业绩公布之际，房地产市场的销售部分在夏季已经披露，强调了高抵押贷款利率和更广泛的经济不确定性对购房者利益的影响。

今年 7 月达成的销售数量 19 导致下降 5 ％至 £2.5mn，这也是去年获得销售数量的数字，房地产网站集团昨天表示。

Foxtons 的挂牌业务遭遇了由《租客权利法案》（Rosterer Rights Act）引起的“短期波动”，该法案在今年晚些时候出台，并刺激了部分销售损失的兴趣。该立法旨在为租户提供安全与保障。

Foxtons 表示，该立法将预示“向优质代理商的转移”以及对税收结果的“程度考量”。

在交易日结束前，股价在月度交易中上涨了近 5 ％。

航空航天与国防

罗尔斯-罗伊斯在超出预期后上调预算

SYLVIA PISHER — 伦敦

罗尔斯-罗伊斯在报告上半年战略回转并在民用和军用发动机需求强劲的推动下，上调了其年度财务目标。

这家 FTH 100 集团的喷气发动机为大型航空公司提供动力，并在今年上半年驱动了 2.5bn，其 2020 年的间接潜在营业利润指引从之前的 £4bn 至 £4.2bn 上调至 £4.7bn 至 £4.5bn。

公司还将今年的五个现金流指引上调至 £13bn 至 £4bn 之间，高于之前的 £2.8bn 至 £3.8bn。

首席执行官 Eritsa Eggerings 表示，公司在年初的强劲开局使其能够提高指引。他领导的这家集团持有民用和军用发动机，以及数据控制的动力系统。他提到：“中东地区的冲突”。

他补充说，公司的转型正在持续产生成果。“我们在运营、财务和战略上都在进行转型，”他昨天告诉记者。

罗尔斯-罗伊斯继续提高其发动机市场的盈利能力，这仍然是业务的核心。该集团一直在投资以增强增加的可能性，并致力于在 2017. 年底前在现代 Trust 发动机的“工作禁令”方面实现超过 500 per cent 的改进。这也体现在罗尔斯-罗伊斯在发动机运行期间获得的大部分收入中。

Eggerings 还强调了公司作为自主军用车辆发动机供应商的强劲地位——罗尔斯-罗伊斯发动机为 80/2.5B 10-tag 供电，例如 1/8 May 的无人机。

他表示，公司的动力系统业务受到柴油备份和区域需求的推动。“罗尔斯-罗伊斯自 1970 年代以来一直处于该年度的日期。”其股价昨天上涨 6 per cent 至 £4.6.5。

公司报告称，前六个月的潜在营业利润跳升 64 per cent 至 £2.5bn，与去年同期相比。潜在营收达到 £11.2bn，增长超过 24 per cent。

由于 2020 年的强劲表现，罗尔斯-罗伊斯在二月份上调了中期目标。

相关人员考虑 2020 年的潜在营业利润为 £4.5bn 至 £3.2bn，现金流为 £4bn 至 £3.3bn。公司还将潜在营业利润目标定为高达 20 per cent。

二月份，该公司还宣布了其首次多轮股份回购，称将在 2018 到 2028, 年间回购 £7bn 至 £9bn 的股份，其中 £2.3bn 将在今年完成。

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Friday 31 July 2026

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金融时报

11

公司与市场

大宗商品：中国的主导地位

对冲基金加码做空美国关键矿产集团

做空者增加筹码

因担忧由特朗普政策 推动的上涨幅度过大

家庭新闻/美国与 CANTALIA 进展 —— 伦敦

对冲基金一直在增加针对美国关键矿产公司的头寸，他们认为，特朗普政府为该行业提供的高强度支持不足以打破中国在全球供应中的战略主导地位。

根据 S&P Global Market Intelligence 的持仓数据，今年针对包括 US. Baltimore Corporation、American Insurance Corporation 和 BP Materials 在内的集团的空头头寸（即认为实际价值将下跌的头寸）有所增加。

供应关键矿产和稀土（主要用于国防和科技）的公司股价在去年有所上涨，这是为了响应美国政府以股权价值、发行和合同形式向该行业注入数十亿美元，旨在有效打破中国对该行业的控制并建立国家供应链。

但投资者日益担心，考虑到显著改变全球供应链预计所需的时间，以及中国通过向市场倾销供应来削弱收入生产力的能力，这一波上涨可能已经走得太远。

Grizzly Research 的首席执行官 Regfried Eggers 表示，某些股票似乎被“美国情结”推高，而有些公司“委婉地说，并没有足够的经济实质来支撑这些股价”。Grizzly Research 是一家此前发布过关于 NP 批评报告的做空机构。他拒绝就具体持仓发表评论。

特朗普政府对矿产行业的支持，推高了许多生产或加工稀土元素的公司股价——这些元素用于电动汽车、风力涡轮机的永磁体，以及进入国防供应链的其他核燃料和金属，包括钨、锗和锑。

NP 的股份在 2020 年获得了所谓的“战斗之王” Chinaish fullbaghies 的投资，去年股价上涨了三倍多，这主要得益于美国政府入股该公司并为其某些产品提供了巨大的保证价格。

USA 的股价在 2025 年几乎翻了三倍。该公司去年赢得了一份向五角大楼供应高达 $200m 蕴藏物资的合同，并在今年 3 月获得了来自乌克兰相关应急资金的 $27mm 投资。

在空头头寸关注的对象中包括 Jack Keane，一位退役将军——此前被唐纳德·特朗普总统称为他的“No. 1 pay”——他在 2020 年获得了总统自由勋章。

AEC 的前子公司 BellAmerica

美国支持的关键矿产公司空头头寸正在上升

贷款美国市值 United States Antisense US - NP Materials American Resources

来源：S&P Global Market Intelligence

Technologies —— 该公司仍持有 17% 的股份且共享首席执行官 —— 在 7 月表示，其已获得国防部 $25mm 的资金。

USA Race Earth 是另一只去年上涨的股票，该公司以约 30% 的股权换取了商务部 $1,000m 的额外资金。

这些股票成了零售投资者的最后追逐目标。例如，根据 state-time/standalimetric 的数据，去年共有近 $200mm 的零售资金流入 USA 和 USA Race Earth，而往年金额则微乎其微。

但尽管华盛顿做出了努力，由于数十年来在产业链上的投资，中国依然控制着全球大部分的关键矿产供应。

非政府组织（GA）关键矿产战略中心（Center for Critical Minerals Strategy）最近的一份报告发现，该国提高矿产供应链能力的关键不在于能否获取地质资源，而是在于如何解决来自公共实体的“持续存在的融资缺口”。

开发新的矿产加工设施属于资本密集型项目，且可能耗时十年或更久——一些投资者警告称，即使是美国政府的大规模投资，也不足以终结中国的主导地位。

根据 S&P Global Market Intelligence 的数据，股票出借率（衡量股票抛售的指标）今年在美股中已达到其市值的 25 per cent 到 42 per cent。

针对 AEC（一家去年无营收的关键矿产开采与回收集团）的头寸占 25 per cent，高于前一年的 5 per cent。

NP 的股票出借情况——它是目前美国最大的稀土公司——

NP Materials 位于加利福尼亚州的 Mountain Pass 稀土矿。NP 的股价去年增长了三倍多。

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今年同样有所上升，而针对 USA Race Earth（一家尚未从其德克萨斯州矿床中提取出任何产品的立法公司）的空头头寸也略有增加。

KKR 投资伙伴公司的投资主管兼首席执行官 Pvt. Premier 表示，中国在稀土加工方面实际上拥有垄断地位，且“如果 17 历史可以作为参考，这些稀土会在短时间内出现巨大的（价格）上涨，但随后……中国基本上统一了市场”。

上个月，由于与美国军方的联系，NP 和 USA Race Earth 被列入中国的出口管制名单，以回应华盛顿对包括阿里巴巴在内的中国公司采取的类似指定测试。

Egger 表示：“在最终的世界里，中国是拥有最多操作杠杆的主导者（没有稀土）……我所有的加工设施都在中国。”

American Resources 和 BellAmerica 的首席执行官 Mark Jensen 在回复 金融时报 记者的评论请求时表示：“我们完全不想和你交谈，因为你是一个极其负面的人，根本不在乎那些试图为世界做实事的人。”

NP Materials 同样拒绝评论。一名接近该公司的人士表示，针对 NP 的空头头寸增加，“很大一部分”是由于其 2002/2003 年可转换债券的积极套利，而非针对该公司的押注。

USA Race Earth 拒绝就其股票发表评论。该公司补充道：“在中国之外建立安全稀土价值链的战略需求正在不断增长，USA Race Earth 专注于通过证券化来满足这一需求。”

USA's 首席执行官 Gary Tisner 表示，公司已经“做了大量功课试图弄清楚”是谁在做空其股票。

财务状况

KKR 利润随创纪录的私募股权资产出售而飙升

ARTHUR CARA – 2025-1026

私募资本巨头 KKR 宣布了创纪录的季度利润，这得益于这家拥有 50 年历史的集团在每季度实现了创纪录的大规模资产出售。

KKR 的业绩凸显了许多私募资本集团在面对由信用违约上升和新股权回报挑战所导致的行业广泛动荡时，依然继续享有的快速增长。

这家总部位于纽约的投资集团证明了其能够抵消私募市场中的一些负面趋势，而在这些市场中，公司们一直难以出售资产并向看似不耐烦的投资者返还现金。

KKR 能够在第二季度通过投资获得数十亿美元的巨额收益，产生了创纪录的 $6.00mn 实现绩效利润，是去年同期的两倍多。

其结果还包括出售其在日本综合企业 National Electric 的剩余持股（获得 20 倍收益）以及 Hyundai Electric Solutions，后者使其成本增加了 12. 的收益。

其他成功的私募股权竞标涵盖了 10 家集团业务，其中包括德国航天公司 OSB，该公司在今年早些时候拒绝了股票交易。

资产出售助力 KKR 的基础收益和经营-

该投资集团证明了其能够抵消私募市场中的一些负面趋势

-现金流的跃升，这与本月黑石（Blackstone）强劲的业绩相呼应。

第二季度的基础收益同比增长 37%，而 KKR 的调整后净 income（被分析师视为现金流的代理指标）较去年同期增长 40%，两项数据均显著好于预期。

KKR 在美国和亚洲的近期私募股权基金中记录巨额收益的能力，帮助其在本季度募集了 $10bn 的新资产，使其管理规模达到近 $800bn。

该集团为一项亚洲私募股权基金和上半年管理规模为 3. 的基金保留了固定份额，后者是一家体育私募股权投资先驱，也是其他私募资本集团融资的专家。

投资者还将资金投入到 KKR 针对个人投资者的私募股权和基础设施基金中。

尽管如此，KKR 表示其竞争对手在部分信用导向基金中仍面临挑战，尤其是那些针对社会投资者的基金。

KKK 仅募集了 $9bn 的新信用资产，由于收益下降且针对个人投资者的募资速度放缓——较 2025 年第二季度下降了约 10%。

该集团在今年早些时候部分限制了其资产抵押信用基金的赎回；而最近，其 E-FIT 零售信用基金的赎回率已降至净资产的 14%，处于可控范围，使 KKR 能够满足充足的有机信用需求。

汽车

法拉利收益受惠于客户的AI财富及对个性化定制的热情

FERRI-ROSCENI — 伦敦

法拉利表示，由于包括新晋 40 位超级富豪在内的客户为其超级跑车购买昂贵的定制功能，预计今年将产生高于预期的利润。

随着超个性化浪潮的推动，这家意大利奢侈品集团成为唯一一家上调全年业绩指引的欧洲汽车制造商，其订单量已覆盖至 2027 全年。

首席执行官 Brandeis Vigna 表示，新的 AI 将为法拉利提供一个“良好机会”，但他补充道，公司观察到“所有客户，而不仅仅是受 AI 影响的客户，对于进一步个性化定制汽车的兴趣都在增加”。

法拉利表示，目前预计今年的调整后营业利润至少为 4.2,000s，而非 45.25%，这将使该集团拥有一个行业领先的利润率，至少达到 20.5%。

这些结果有助于缓解投资者对于法拉利在行业转向电动汽车时是否能维持超高利润水平的担忧。

第二季度车辆交付量同比下降 1.7%，减少了 1,500 辆，但由于车辆定制方面的支出，公司营业利润增长 10%，达到 £647mn。

分析师还表示，法拉利处于有利位置，可以捕捉由于 AI 相关特性激增所创造的财富而产生的新客户需求。

在特殊版本车型中，Bernstein 和/或 Hughes Robinson 指出 296 Specials 可能正享有

该意大利集团的订单簿已覆盖至 2027 全年

“极高水平的个性化定制，尤其是在美国”。

Robinson 补充道：“在人们对前任消费者的健康状况以及法拉利自身负面里程碑的节奏提出担忧之后，一套良好的业绩结果和小幅上调的指引无疑是受欢迎的。”

他表示，该集团很可能在第三季度再次上调指引。

Vigna 表示，个性化需求既由“审美”需求（如市场类型）驱动，也由“功能”需求（如客户数量）驱动。

法拉利首席财务官 Antonio Picco Nuzzo 表示，个性化定制可能将占其年度营收的 20% 以上。

关于短期车型的需求，Vigna 表示他对采用水平感到满意，但他拒绝评论目前已售出多少辆电动汽车（EVs）。

金融时报 (FT) 周三报道，尽管一项引发投资者和爱好者抵制的保护性设计，但凭借来自中国的强劲需求，法拉利已实现了今年的销售目标。

大宗商品

2026 年年初央行黄金购买量降至 15 年来最低水平

LISA-ROSCENI — 伦敦

今年第一季度，各国央行购买的黄金量远低于此前预期，这表明黄金需求的重大增长引擎之一可能正在消失。

根据行业机构世界黄金协会（World Gold Council）的一份新报告，一项重大数据修正将第一季度央行购买的估计量从 244 吨下调至仅 37 吨——这是 15 年多来最低的第一季度水平。

在过去四年中，央行购买一直是全球黄金市场最大的驱动因素之一，并推动金价在今年达到创纪录的高点。

但由于其购买行为变得更加不透明，衡量其活动已变得更加困难，尤其是像中国这样的大买家，仅披露其部分购买量。

央行购买量的下降将对金价构成重大威胁，而金价已经从 1 月份的峰值下跌了近 30%。

央行通常被认为为黄金市场提供了非正式的价格底线——根据世界黄金协会的数据，他们在第二季度的黄金需求中占了近三分之一，但如果这种活动的变化持续下去，这一支撑可能会崩溃。

一些央行自愿向国际货币基金组织（IMF）披露其黄金持仓，但并无强制要求，这使得对其活动的估算变得模糊。 “这类错误不时会出现，”世界黄金协会市场策略师 John Roads 表示。

“这有点像猫鼠游戏。为了确保我们的验证准确，我们确实必须努力工作。”

该行业机构使用的是来自初步英国数据的资料，通过将公开披露信息与其他金融机构的数据相结合，创建一份关于官方购买量的季度估算。

Roads 表示，自 2022 年以来，公开披露的质量有所下降。当时美国对俄罗斯的制裁促使许多发展中经济体开始摆脱对美元的依赖，并减少披露其黄金购买情况。

Roads 表示，因此世界黄金协会已采取新方法来追踪黄金流向，但一旦央行知道哪些数据点受到监控，他们也可能会改变购买模式。

“一旦他们知道情况如何，这就有点像猫鼠游戏，”他说。“为了确保我们的验证准确，我们确实必须努力工作。”

根据世界黄金协会的报告，今年上半年，央行及其他官方机构（如主权财富基金）共购买了估计 243 吨金锭，为 2022 年以来最低的半年水平。

第一季度数据修订的原因是，此前被认为属于实际买家的部分黄金被重新分类为“场外交易及其他”类别。

一些官方机构在期内未购买黄金，其中包括土耳其、俄罗斯和阿塞拜疆。

报告称，今年上半年的黄金总需求量约为 2,122 吨，比去年同期下降了约 2%。

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EVANGELY TIMES

2024 年 7 月 31 日，星期五

公司与市场

投资者应保护投资组合免受科技股波动影响

Christian Mueller-Glissmann

市场洞察

投资者因承担风险以及对创新的敞口而获得了丰厚回报。自 2023 年以来，由人工智能（AI）驱动的全球科技股上涨推动了股票市场的走势。由于通胀和财政风险（包括去年的美国关税冲击以及中东战争），债券表现相对落后。

这种分化导致许多投资组合增强了其权重。这种模式具有破坏性——长期的强资产表现可能会显著重塑投资组合，而近年来股票的涨幅已远超债券。

这与 20 世纪 50 年代、50 年代以及 90 年代末的决策泡沫时期相似，当时创新驱动了围绕生产力提高和利润增长的上涨。

后者时期相对短暂，但如今股票和科技股的领先地位自金融危机以来一直在增强，并在过去三年中随着 AI 投资而获得动力。

因此，在过去的十年中，一个广泛的全球多资产投资组合已向股票倾斜。虽然一些投资者已重新平衡回三分之一的资产组合，但许多人已经失去了机会。

家庭、受保护土地和保险公司的资产配置数据显示，近年来对股票的敞口正在增加；事实上，在美国家庭的金融财富中，股票持有价值的比例已经超过了住宅房地产。

这一点至关重要，因为广泛的股票指数正日益集中在一小组神奇的科技股中。“Magnificent 5”在一段时间内主导了 S&P 500，但它们之间通常相关性较低且低周期性，具有强大的资产负债表和现金流产生能力。

最近，美国和北亚的半导体公司获得了更高的市场权重；这些业务更具波动性和周期性，这可能会在未来进一步提高投资组合的风险。美国的价格也……

在 20 世纪 50 年代、50 年代和 90 年代末，创新驱动也成为了市场、经济和收入组合中更重要的组成部分。

相比之下，在第一次和第二次世界大战以及 50 年代期间，金融资产举步维艰，而实物资产则变得占据主导地位。全球金融资产中的巨额债务及其相对表现意味着投资组合……

许多跨资产持仓过于偏向创新，且在对抗通胀方面缺乏足够保护

可能会导致人们陷入回顾过去而非前瞻未来的境地。

目前的投资组合看起来过于偏向创新，且在对抗通胀方面保护不足。如果 AI 资本支出的繁荣在 AI 应用带来强劲盈利之前就过快见顶，可能会损害股票收益。此外，AI 支出的放缓将严重拖累半导体股票，因为这些股票的经营杠杆也极高。

与此同时，通胀波动和财政风险降低了债券为股票提供的潜在缓冲空间。

市场近期再次对通胀变得乐观，但中东战争的持续及其对能源价格的影响表明，通胀风险依然存在，且央行仍有可能收紧政策。尽管存在这些风险，但很难做空当前的上涨势头——在市场中的持有时间与市场的上涨相吻合。

在牛市后期，股票往往能提供强劲回报。此外，盈利增长依然强劲，且一直是回报的核心驱动力，而非像科技泡沫时期那样依赖估值扩张。

与其试图预测 AI 投资的终点，我们认为更好的做法是保持投资，同时增加多样化来源以改善组合平衡。

大宗商品、基础设施和房地产等实物资产有助于保护投资组合免受通胀影响，并可能在由科技股主导的抛售期间实现脱钩。且由于美元走强与追求创新的资本流动紧密相关，管理区域配置和货币市场资产至关重要。

在股票内部，在差异化率方面，公司总资本为 100% 的公司总资本。公司总资本为 100% 的公司总资本。

最显著的因素是一个有益的例子。在 S&P 500 指数下跌近 10 per cent 至谷底，且领先的全职科技/同行成本下跌时，低波动率和高股息股票随后上涨。

投资者的投资组合在 AI 繁荣中的敞口日益增加，且容易受到通胀风险的影响。此后的组合构建需要将此因素考虑在内。目前，逆向操作科技股上涨势头可能还为时过早，但可以通过在组合中增加实物资产、风格多样化和区域敞口来改善多样性。

Christian Mueller-Glissmann 是高盛的资产配置研究主管

市场日报

AI 抛售潮中，中国股市恐创十年来最差单月表现

威廉·桑兰德 (WILLIAM SANDLAND) - 香港

在 AI 繁荣的“铲子股”（基础供应商）被卷入全球科技股抛售潮后，中国科技股昨日大跌，导致内地股市有望创下十年来最差的单月表现。

由于对 AI 需求驱动的成本较低产品相关企业的抛售压力，上海和深圳股票的 CSI 500 指数下跌 1.1%。

该指数本月已下跌 4.4%，为 2016. 年 1 月以来的最大跌幅。中国 CSI AI 指数收盘下跌 3.8%。

市场密切关注 AI 领域重金投入者的美国科技公司财报。

“近期几家美国科技巨头的财务业绩未能达到市场预期，削弱了对科技行业增长的乐观情绪，”Pocchingle Securities International 执行经理 Fumaying 表示。

中国股市的下跌紧随其他科技权重较高的亚洲市场（以韩国为首）的跌势，韩国 Koum 指数在股价大幅上涨后，自 6 月中旬以来已下跌近 60%。

这也与周一的市场重点形成了鲜明对比，当时

几家美国科技巨头的近期财务业绩未能达到市场预期

CNBC（该国最大的“变色龙”公司之一）的股票在交易首日上涨了 466%。

中国的“国家队”在 CNBC 首次公开募股之前进入市场，在其他亚洲市场因 AI 供应商抛售而下跌时，帮助推高了中国指数。

“如果国家队愿意带头，基金将很乐意将资金转移到中国，”对冲基金苏天资产管理公司 (Sutian Asset Management) 首席投资官韩红表示。

limelight、Exploited 和 Candela on Technologies 这三家中国内地前 4 大公司合并后的市值昨日下跌了约 40.6%。

limelight 在香港的股票在二级市场上市后，交易首日下跌约 10%。

“中国 AI 股与全球 AI 股的表现相当一致，”法国巴黎银行财富管理 (BNP Paribas Wealth Management) 亚洲区副首席投资官 Grace Tam 表示。

中国科技巨头腾讯和阿里巴巴表现相对不确定，分别上涨 2.2% 和下跌 1.4%。但两家公司今年表现均不佳，均下跌约 25%。

参见 市场洞察 (Markets Insight)

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2024 年 7 月 29 日，星期五

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探索者时报 (EXPLORER TIMES)

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市场数据

全球市场概览

FTCOMPHANETRODATA

前一日历史变动 (Q)

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

6.34% 5.24% 4.99%

道琼斯工业指数

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FTSE 50 世界指数

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由于市场波动已超过 60 天，将处于相同情景下的 FTSE 49 世界指数作为对比

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CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

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CSP 500 纳斯达克综合指数

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CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

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CSP 500 纳斯达克综合指数

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CSP 500 纳斯达克综合指数

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CSP 500 纳斯达克综合指数

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CSP 500 纳斯达克综合指数

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CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

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CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

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CSP 500 纳斯达克综合指数

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CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

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CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数

CSP 500 纳斯达克综合指数[{"box_2d": [100, 896, 336, 901], "label": "text", "caption": "CSP 500

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74

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EPICSLER 1998

2008年7月21日，星期五

GUINNESS GLOBAL INVESTORS

Guinness Global Investors

Guinness Global Equity Interest 1.00% (A) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0

APIS Investment Ltd

Anglo and Pheu Bank AG, Douglas, 40, 47 Box 997, 997, 2000, 2001, 2002

International Investment

Holding Property & Bond Fund 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0

Janus Henderson INVESTORS

Janus Henderson Investors

Pit Box 2021, Eastwood Street 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100

506th, 507th, 508th, 509th, 510th, 511st, 512nd, 513rd, 514th, 515th, 516th, 517th, 518th, 519th, 520th, 521st, 522nd, 523rd, 524th, 525th, 526th, 527th, 528th, 529th, 530th, 531st, 532nd, 533rd, 534th, 535th, 536th, 537th, 538th, 539th, 540th, 541st, 542nd, 543rd, 544th, 545th, 546th, 547th, 548th, 549th, 550th, 551st, 552nd, 553rd, 554th, 555th, 556th, 557th, 558th, 559th, 560th, 561st, 562nd, 563rd, 564th, 565th, 566th, 567th, 568th, 569th, 570th, 571st, 572nd, 573rd, 574th, 575th, 576th, 577th, 578th, 579th, 580th, 581st, 582nd, 583rd, 584th, 585th, 586th, 587th, 588th, 589th, 590th, 591st, 592nd, 593rd, 594th, 595th, 596th, 597th, 598th, 599th, 600th, 601st, 602nd, 603rd, 604th, 605th, 606th, 607th, 608th, 609th, 610th, 611st, 612nd, 613rd, 614th, 615th, 616th, 617th, 618th, 619th, 620th, 621st, 622nd, 623rd, 624th, 625th, 626th, 627th, 628th, 629th, 630th, 631st, 632nd, 633rd,

634th, 635th, 636th, 637th, 638th, 639th, 640th, 641st, 642nd, 643rd, 644th, 645th, 646th, 647th, 648th, 649th, 650th, 651st, 652nd, 653rd, 654th, 655th, 656th, 657th, 658th, 659th, 660th, 661st, 662nd, 663rd, 664th, 665th, 666th, 667th, 668th, 669th, 670th, 671st, 672nd, 673rd, 674th, 675th, 676th, 677th, 678th, 679th, 680th, 681st, 682nd, 683rd, 684th, 685th, 686th, 687th, 688th, 689th, 690th, 691st, 692nd, 693rd, 694th, 695th, 696th, 697th, 698th, 699th, 700th, 701st, 702nd, 703rd, 704th, 705th, 706th, 707th, 708th, 709th, 710th, 711st, 712nd, 713rd, 714th, 715th, 716th, 717th, 718th, 719th, 720th, 721st, 722nd, 723rd, 724th, 725th, 726th, 727th, 728th, 729th, 730th, 731st, 732nd, 733rd, 734th, 735th, 736th, 737th, 738th, 739th, 740th, 741st, 742nd, 743rd, 744th, 745th, 746th, 747th, 748th, 749th, 750th, 751st, 752nd, 753rd, 754th, 755th, 756th, 757th, 758th, 759th, 760th, 761st,

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

890th, 891st, 892nd, 893rd, 894th, 895th, 896th, 897th, 898th, 899th, 900th, 901st, 902nd, 903rd, 904th, 905th, 906th, 907th, 908th, 909th, 910th, 911st, 912nd, 913rd, 914th, 915th, 916th, 917th, 918th, 919th, 920th, 921st, 922nd, 923rd, 924th, 925th, 926th, 927th, 928th, 929th, 930th, 931st, 932nd, 933rd, 934th, 935th, 936th, 937th, 938th, 939th, 940th, 941st, 942nd, 943rd, 944th, 945th, 946th, 947th, 948th, 949th, 950th, 951st, 952nd, 953rd, 954th, 955th, 956th, 957th, 958th, 959th, 960th, 961st, 962nd, 963rd, 964th, 965th, 966th, 967th, 968th, 969th, 970th, 971st, 972nd, 973rd, 974th, 975th, 976th, 977th, 978th, 979th, 980th, 981st, 982nd, 983rd, 984th, 985th, 986th, 987th, 988th, 989th, 990th, 991st, 992nd, 993rd, 994th, 995th, 996th, 997th, 998th, 999th, 1000

Ministry Asset Management Limited

监管 Minnray-Stoke Investors 2 382.11 0.00 0.00 0.00

Moinray Good

Ministry & Head Portfolios Limited

Korea Industries, Hongkong Corp., 1/2 (1) 1.00

授权基金

Guinness Fund (A) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (B) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (C) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (D) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (E) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (F) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (G) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (H) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (I) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (J) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (K) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (L) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (M) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (N) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (O) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (P) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Q) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (R) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (S) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (T) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (U) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (V) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (W) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (X) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Y) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Z) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (G) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (H) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (I) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (J) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (K) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (L) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (M) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (N) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (O) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (P) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Q) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (R) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (S) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (T) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (U) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (V) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (W) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (X) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Y) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Z) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (A) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (B) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (C) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (D) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (E) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (F) 0000.14 0.00 0.00 0.00 0.00

大宗购买

金融时报 (FT) 基金数据指南

该公司为公司的指南（此处为重复的OCR文本，指基金数据操作指南）。

该公司为公司的指南（此处为重复的OCR文本，指基金数据操作指南）。

该公司为公司的指南（此处为重复的OCR文本，指基金数据操作指南）。

---

18

金融时报 (FINANCIAL TIMES)

2024年7月31日，星期五

FT 全球旅行者 (FT Globetrotter)

Z世代致力于重写伦敦的文学版图

带有派对氛围的新书发布会、朗读会和讲座，已成为20多岁人群在城中最热门的活动

Valerie Broghue

只要扫一眼任何关于Z世代的头条新闻，你可能会认为这个年轻群体是协作的、禁欲的且孤独的，且文学阅读率在下降，亟需提升。但如果你参加一次伦敦新浪潮文学活动——这些目前席卷首都的最热门门票活动——情况就完全不同了。

新一代的插画师继承了经典新书发布会的传统——即在书店提供热红酒的欢乐聚会——并正在将整个概念去机构化，独立于出版商组织活动，且经常将其设在夜店和酒吧等出人意料的场所。

推广主要通过Instagram进行，门票销售速度极快。而且，无论是新书发布会、朗读会还是讲座，活动通常还伴随着深夜派对的承诺。

其中最受欢迎的是“约翰朗读系列”（John Reading Series），由Yane Willis在一次对纽约文学界的共同考察后创立。“那里同样辉煌且闪耀，”他回忆道，“我不知道书展派对可以是那样的——人们抽烟、喝酒、争论文学。它有一种老纽约式的迷人感。”

在2022年回到伦敦后，他致力于营造这种氛围，推出了一系列可以让年轻作家朗读作品的派对。该项目现已扩展到新书发布会和高知名度的合作活动（Jodie Smith是近期的一位朗读者）。

但人们是为了书而来，还是为了派对而来？答案通常是两者兼有，正如讲座系列“遗失物品”（Lost Property）的创始人Letty Cole所解释的：“我的社交生活非常丰富，但我感觉我没有获得我想要的深度对话或连接。”这种感觉，加上对非虚构类作品的兴趣以及“仅仅想了解这个世界”的愿望，激励她推出了自己的讲座活动。

据称，参加“遗失物品”及类似的聚会是结识志同道合新朋友的好方法，更是结识潜在约会对象绝佳机会。

“伦敦是个大城市，这就像是一个约会链接，”一名活动参与者说道。但在“约翰朗读系列”中，这主要关乎对阅读的集体热爱。Willis估计，他的票务模式（买一张票，得一本书）今年将带动约8,000本书的流通。参与者们普遍认为，文学世界同样值得珍惜。

Reference Point

• 项目：朗读会、新书发布会及论坛

• 地点：每晚在 Miners 举行（有时周一不开放）

• 时间：第 1 周/第 6 周，WCBS 5/16

• 费用：入场费 70 million 起至 £15 及以上；2 个月 £12 的会员制包含所有活动的免费门票

对于那些不愿让 Instagram 的算法主宰社交日历的人来说，有许多酷炫的独立书店通过其新闻通讯推广并举办精彩活动。其中之一就是 Reference Point，一家自称为“图书馆、书店兼酒吧”的场所，位于 thread 附近。其宣传的场景包含 10,000 本摄影集和一本杂志，以及精选的待售小说。但当夜色降临且

Francesca Bores 在 The 1001 Club 进行朗读

灯光变暗时，这里举办的活动种类可以像其藏书一样杂乱无章。

在一个温暖的周日晚上，我参加了由 Kata Gerber 和 Aliona Kordes 创办的新图书馆杂志 $\textit{Library Science}$ 的发布会。我加入到这群出乎意料地亲密的人群中，听 Gerber 和 Kordes 讨论在她们二十多岁时对其影响最大的书籍。当提到 Pont Smith 的 Jan Kilik 时，人群中响起了一阵集体的赞同声。

“这个地方完全没有歧视，”在这里活动了五年的 Hannah 说，“尽管它很酷，但它并不排外——伦敦没有第二个这样的地方。”

我在另一个晚上遇见了她，当时我参加了 Reference Point 计划中唯一的一项常规活动：周三国际象棋之夜。这项活动极其受欢迎。“百分之五十的时间里，人们在夜晚结束时会为我们支付地板费，”联合创始人 Jonak Freud 告诉

我。在对局中击败他，你就能赢得一杯免费饮料。如果你不擅长国际象棋，在酒吧的角落你会发现 timely，她每周三都会带着自己的个人背景棋盘出席。“我在伦敦几乎所有的朋友都是在这里认识的，”她在落子间隙对我说道。

John Reading Series

• 项目：新书发布会与朗读会

• 地点：Wixing

• 地点：大多数活动分布在伦敦东区和中心区

• 费用：£15-£35（包含饮品）

“我们通常不会这么理论化，”当我在 $\textit{skid jags (tradition)}$ 的发布会（一个冷冻派对的 15-tentative 按钮线）抵达时，Willis 告诉我。我们在伦敦时尚的 Dr Bounovic 区的 Rose-Egemon 大楼里，看着时尚的年轻人鱼贯而入，聚集在茶点桌旁并展开交谈。

在舞台上，面向观众的架子上摆满了 Dr Bounovic 的副本。Rackham 和另外四位将朗读自己作品的作家就座，而在他们下方，一个巨大的托盘准备分发切好的食物。根据 Instagram 上的公告，这是 John Reading Series “迄今为止最大且最成功的 [活动] 之一”，而参会者必须在门票于 24 小时内售罄前抢购。

在朗读开始前，我遇到了 24 岁的作家 Molly。她设法买到了最后一张票，并不担心独自参加的可能性——她认为自己会结交新朋友。“写作是一项孤独的活动，”她说，“参加这类活动是一种表达方式。”

Rackham 朗读了他的书中的一段摘录，这是一本关于举办派对的食谱指南，其他作家的主题也类似，侧重于晚餐派对和甜点。气氛非常融洽。随后——

金融时报 (FT) Globetrotter 享用咖啡、饼干、强力烘干机、服务、健身课、处理目标和多手段

Willis 邀请每个人前往 Ellis's 结束这个夜晚，那是附近一家受欢迎的酒吧，他也在此举办许多小型活动。这里因为是 (Pauli SCX 的婚礼后派对地点，详情见 Ellis's) 而闻名，Willis 将其称为华丽的一面。尽管如此，“你必须对文学保持严肃，”他告诉我，“这就是为什么我想用它来处理书籍——为什么我想推广作者和小团体。华丽是美好、绝妙的附加值，但核心始终是文学。”

失物招领 (Lost Property)

• 内容：杂项讲座
• 时间：大约每六周一次

• 地点：地点不固定

• 费用：£10-£12

在 Letty Cole 的活动中，严禁自我生成（Self-generation）。活动形式由作家和创意人士进行四场 10 分钟的讲座，每场面向一位 eddy Cole。这种结构旨在对抗数字世界的习惯：Cole 表示，即使只有 10 分钟，这些演讲也“比大多数在线内容长得多”，且鼓励自发性，禁止阅读剧本。“其核心在于，给人们时间与空间去吸收信息——尤其是涵盖各种出人意料的主题——能够创造一种集体性的、具身化的学习，”她解释道，“这比被动地在网上消费内容要更具创意且在智力上更有生成力。”

在我参加的那个夜晚，250 名二十多岁的年轻人聚集在 St James's 画廊（saddle Yates）。“我想在这样的活动中结识我的观众，”一名在出版业工作的 attendee Lily 说道，“新书发布会可能非常内部且局限于行业内部，”她解释道，但在这里“你能与志趣相投的人交流”。

随着灯光变暗，Cole 介绍了当晚的演讲者。“我希望他们能开启一些创意碎片，”她告诉观众。演讲以对视频游戏 Joined Crossing 的分析开始，探讨其对现实世界艺术的描绘。半小时后，节目以一场关于二手购物标志（Vatret）的讲座结束，其特色是一种社会主义简单风。

活动结束后，人们在室外阅读，徘徊着聊天、抽烟和调情。“人们在寻找社群，”正在大学学习英语的 Lydia 说道，“你可能会想要在 TikTok 上看一个 10 分钟的缩减版，但人们更看重面对面的交流。”

金融时报周末版 (FT Weekend)

HTSI，内含于 金融时报周末版 周六与周日 1–2 August

FT.COM/HTSI

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Friday 27 July 2024

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FINANCIAL TIMES

19

金融时报深度阅读：商业航空

这家美国集团在 Max 惨剧后修复了与监管机构及客户的关系，但利润依然疲软，且仍在努力摆脱空客在短途市场上的掌控。

作者：Christian Davies 和 Sylvia Pfeifer

A 在波音位于西雅图北部的埃弗雷特飞机组装厂，一对巨大的鼓形结构开启，一架覆盖着绿色底漆的 64 米长机身被推入设施内。

埃弗雷特工厂是地球上体积最大的建筑物，它曾生产 767 巨型客机，自 20 世纪 70 年代起稳定了大多数长途航线。

本月，该工厂开始组装一款规模小得多但在波音漫长历史背景下同样重要的飞机。根据 Aerodynamic Advisors 的董事总经理 Kevin Michaels 的说法，Max 10，一个 10 且属于长期运行的 737 系列的新型大型版本，“对其财务表现以及实现正向现金流的路径至关重要”。

这家航空航天与国防集团还寄希望于 Max 10 来挽回其名誉，此前一系列严重事故引发了监管机构的剧烈反应，削弱了其向计划客户交付飞机的能力。

波音首席执行官 Kelly Ortberg 自 2024 年 8 月接任以来改善了与监管机构的关系，他在周二预期财务业绩将有所提升，并赞扬了“我们在工厂健康方面做出的根本性改进”。

其他人也注意到了这一变化。该公司最重要的客户之一、瑞安航空（Ryanair）老板 Michael O'Leary 在今年早些时候告诉投资者：“波音目前做得非常好，他们确实正在扭转局面。”波音股价已回升了 2020 年至 2022 年间损失价值的大约三分之一。

但该公司若要回归常规盈利，并再次对空客构成严重挑战，还需要付出更多努力。在波音深陷危机期间，空客在过去七年里一直是全球交付量最大的飞机制造商。

根据航空咨询公司 Barbara Co. 的数据，仅波音的商业飞机部门自 2019 年以来就损失了超过 $80bn。考虑到在经历多年的利息支出和订单取消后，该公司几乎失去了定价权，在其今年交付的 150 架飞机中，每架飞机平均损失了 $2.4mn。

通过燃油效率确保 737 的成功并非 Ortberg 唯一的挑战。他还必须解决波音 737A 计划的惨剧问题，并决定何时推出将决定公司未来数十年命运的下一代短途机型。

他成功或失败的后果将远远超出飞机本身，甚至超出美国西北部。

根据国际航空运输协会的预测，全球客运流量到 2030 年将翻倍，因此波音和空客——以及任何可能在未来补充它们的公司——将决定飞行的企业化程度、控制方式以及安全性。

“Ortberg 此时正处于空中，且很容易出现一两次失误，”助理总经理 Scott Hansliff 表示。

“这在很大程度上仍然是一场艰苦的攀登。”

B 这一连串的成功危机始于 2016 年，当时一架 757 Max 8，其中包含 8，在起飞几分钟后坠入印度尼西亚的爪哇海。

一份新的 67-ft 计划，其中包含 67，分析了此次坠机以及四个月后发生在埃塞俄比亚的另一起涉及 Max 8 的事故。调查揭露这些坠机是由传感器和控制系统缺陷引起的，这粉碎了波音在工程卓越方面的声誉，并损害了其在客户和乘客心中的地位。

在接下来的的一年里，利润骤减，交付量下滑，这使得空客的顾问能够尽管在 A320/321 系列，其中包含 321，中面临自己的生产损失，但仍能自行开拓短途市场。

当一架空客客机发生门塞脱落事故时——这次是 2024 年一次例行飞行中的 Max 8 ——美国联邦航空管理局（FAA）引入了极其严格的检查机制，并将波音底端工厂的 737 产量限制在每月 50 架。

美国目前在伦敦确定了一个由 10 组成的尖峰，并于本月表示，将允许波音公司自 2010 年以来首次为其所有 737 Max 和宽体飞机颁发自己的适航证明。

由于空客的 A320neo 机型将一直使用到 2030 年代，航空公司急于在 2016 年获得 Max 10（波音试验性的延长版短途喷气机），以弥补运力缺口并降低关键航线的工程成本。

“我们已经等待 Max 10 很久了，希望这次等待即将结束，”联合航空首席商业官 Andrew Nacallzmid 此前在数千名发明者面前表示。

该机型目前在 2020 年以来的所有 737 Max 交付量中占比 51% ——

在西雅图北部的埃弗雷特工厂里，机械师们正在对一架波音 737 Max 10 进行作业。右图：首席执行官 Kelly Ortberg

波音的回归

波音在缩小窄体机差距方面面临艰巨挑战 订单积压飞机数量 70000

窄体机交付量有所改善，但供应链网络仍是关注焦点 交付飞机数量

波音股价近年来已趋于稳定，但仍落后于空中客车

公布的股价 （见 2020 + 2020）

尽管其尚未获得美国联邦航空管理局（FAA）的交付认证。公司的控制点在于更广泛的 Max 计划，该计划本身占波音近 1000 架喷气机订单积压量的 70% 以上。

但随着波士顿的生产与 FAA 结合，并将其英国化，Ortberg 已经投入少量资金，在埃弗里特（Everett）建立一条 757 生产线，以实现其每月 32 架窄体喷气机的下一个目标。

在埃弗里特工厂的地面上，波音北线生产高级总监 Jennifer Boland Martensen 描述了 1,000 名员工（一半从波士顿返回，一半目前在场）将如何最终部署到最大设施中，该设施是在波音将 767 双通道喷气机的生产移至南伦敦后重新审查创建的。

Aerodynamic 的 Michaels 描述了 Ortberg 如何改变员工激励机制，将原本半职的“赶紧出货”模式转变为“确保正确”的组装模式，赋予工人权力在出现质量问题时停止生产。

作为波音复苏的迹象，埃弗里特生产线将从每月仅生产一架喷气机开始，目标是在年底前达到每月五架，而同类生产线每月可生产 10 架飞机。

Ortberg 去年承认，以如此低的生产率运行新生产线会对短期盈利能力带来一定压力。

“这只是关于‘钱’的问题，”Leelam 的 Hamilton 表示。他表示波音正在北线生产 Max 10，但如果 FAA 认证能在 40-40 的交付协议内完成，他将引导客户关注交付情况。

波音本月确认，Max 10 已完成了认证所需测试飞行的 90%，尽管其仅向 FAA 提交了数千页文书中 30% 的测试报告。

“这架飞机的低端特性，”波音 757 Max 计划开发负责人 Clark Payne 说道。他补充说，“我们没有进行配置更改”——这意味着没有出现有限的、需要修改并延迟认证过程的工程或技术问题。

航空专家兼行业主编 Jon DeVoven 强调了 Air Current 的观点，指出 Max 10 的尺寸意味着它具有若干独特的设计特征，使其与其他 737 机型有所区别。其中包括加长的起落架，以防止机身尾部在着陆间隙期间触地。

“长起落架在测试中表现极其出色，”DeVoven 说道。“但在航空工业中，公司花费大量时间担忧的事情往往最终会导致失误。”

观察人士警告称，757 Max 的机身仍由总部位于 Kanna 的 Spirit Aerodynamic 生产，

Ortberg 同时处理多项复杂任务，很容易会出现一两处失误

该公司是前供应商，在 2024 年生产了 Oaksha Airliner 喷气机的新型舱门塞。

波音去年收购了该公司，供应链与制造高级副总裁 Bousan Nussiri 表示，自那时起，需要“返工”的 737 机身缺陷已减少了 50-60%，但他承认这“绝对并非毫无问题”，并且“我们还有很多需要共同努力的地方”。

Hamilton 表示，总体而言，波音和 Spirit 解决了未决问题。但它们依然受制于一个已经迟缓的密西西比-国家供应链，而这种迟缓源于从熟练劳动力到稀土金属、烟尘、窗户和发动机等所有物资的短缺。

他补充说，简单到像座椅背面缺失一个 100-petc 这样的小问题，都可能导致一架飞机无法交付。“你面对的是一个 10,000-price 的巨型拼图，一个缺失的碎片就可能影响整个操作。”

即便 757 Max 计划的修复进程毫无障碍，分析显示去年冬天情况依然不佳。如果宽体机业务没有进展，波音的命运将难以好转。

在埃弗里特设施的另一个区域，停放着 30 777 9 双侧飞机，其中一些自 2020 年起就存放于此。

777A 计划（777-9 是其最大的型号）是 Ortberg 待办事项清单上的另一个大项。777-9 原定于六年前投入服务，但一直受到生产和监管挑战的困扰。波音去年针对该计划计提了一笔 FA Max 损失。

本月早些时候在伦敦的一次讲话中，Ortberg 表示公司有望在明年交付首架 777-9，但承认多年前制造的飞机需要更多工作才能使其达到最新标准。

总部位于迪拜的阿联酋航空（Emirates）总裁兼该计划的启动客户之一 Tim Clark 上周在范堡罗航空展上告诉记者，他拒绝在明年年中交付这些喷气机，且不会接受交付 10

757 Max 10 占据了自 2020, 以来所有 737 Max 订单的一半 —— 70年代，早期 1980

较旧的飞机，理由是这些飞机已被随后的设计变更所淘汰。

“他们可能不得不将这些飞机拆解，因为我认为他们现在应该已经计提损失并将其从资产负债表中剔除了，”Clark 说道。他补充说，阿联酋航空仍致力于其总计 270 架飞机的订单，并且他“迅速确信”Ortberg 及其团队——波音商业飞机部门的负责人——正致力于“让这个合作关系重新站稳脚跟”。

尽管波音在宽体客机领域仍占据主导地位，但其欧洲竞争对手并未止步不前。空中客车（Airliner）正在研究推出一个更大版本的 A320 计划，这将标志着其重返全球最大飞机市场。

757 Max 和 777X 计划的 困境阐明了波音重返盈利的狭窄路径。但 Ortberg 的遗产也将由另一个关键决定决定。

上周，他透露公司已开始为 757 Max 计划的继任者设计新方案。他在伦敦告诉记者，波音正在“花费时间和资金为市场准备就绪时的到来做准备”。

空中客车（Airliner）已经表示，计划在 2020 年

启动一个新的窄体机计划，目标是在下一个十年的后半段使其首款 A321 系列喷气机投入服务。但 Ortberg 认为，市场目前可能“比一年前更不就绪”，而且航空公司正专注于确保现有飞机的性能。

承运商对任何油类和天然气驱动发动机的耐用性感到沮丧，这导致了昂贵的维修和备件短缺，即使某些改进计划已经实施。

“在确定我们拥有成熟技术之前，我不会跳到新事物上，”Ortberg 说道，并补充说他并不担心空中客车（Airliner）的领先地位。

“这是一个长期计划……因此，无论他们早一年开始还是晚一年开始，我认为这并不像确保我们拥有适合市场的正确飞机那样重要。”

这些新一代飞机的一个决定性特征将是其动力来源。虽然空中客车（Airliner）正与 CFR International（Air Aerospace 与 Airliner 的合资企业）合作，但其

text 是一个没有传统类比的新型“开放式”引擎，而 Ortberg 和 波音 当前的基准则更为传统且极简。

但 Bank of America 的一名资深航空分析师表示，Ortberg 在波音这个“最大的部门”开启的新时代至关重要。

2016 年，由于担心失去美国航空的一笔巨额订单，波音选择通过第一个计划来延长 757 的寿命，而不是开发新一代飞机。

结果，正如分析师所言，是让这个外国大陆依赖于一个 60 年前设计的机身，且在连接飞行员合同与其试验的调用方式上“像一辆旧自行车一样笨重”。

空中客车（Airliner）更新的 A320 系列，其相反的事实是反复采用“fly-by-wire”（电传操纵）电子设备，在设计问题上领先 757 一代，并将其全部扫除。2022 年，尽管 A320 比 757 晚推出 20 年，但它成为了历史上最畅销的飞机。

在喷气式飞机交付量大幅回升后，这家欧洲集团报告了第二季度利润的激增，并暗示其已从供应链悄然阻碍 A320 喷气机增产的时期中恢复。

“这就是为什么 Kelly 的航空在资本部署方面是世界的重要组成部分。因为他现在做出的决定将对该公司及整个行业产生 30 年的影响。”

彼得·坎贝尔（Peter Campbell）在伦敦参与了额外报道

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20

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金融时报

星期五 2020 年 7 月 31 日

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有作者，无封面

沃什令人担忧的沟通方式

美联储主席新闻发布会暴露其方法的缺陷

本周美联储的会议令市场感到困惑。联邦公开市场委员会（FOMC）维持利率的决定并不令人惊讶，但主席 koors Warsh 在新闻发布会上令人震惊的沟通方式，导致美国国债收益率攀升至全球金融危机以来的最高水平。除了重申对 2 per cent 通胀目标的承诺外，这位新任美联储主席表现出一种厌恶，不愿解释他或委员会的思考逻辑。

Warsh 正试图解决一个难以调和的矛盾。在过去几年中，他一直致力于理解通胀，并致力于将其降低至中央银行 2 per cent 的目标。但他未能充分解释为什么他以及委员会的前任主席们不愿通过提高利率来实现这一目标。

已有迹象表明，市场预期通胀将高于目标且未来利率将更高。他并没有试图纠正这种解读，而是表示“市场的信息就是市场的信息”，这引发了人们对其迟钝风格已经产生负面影响的担忧。正如过去那样，政治考量可能在其中起到了作用。

Warsh 的能力当然毋庸置疑。他提出了一些令人信服的论点，认为不应以他的原话来说，“在市场中制造恐慌”。但如果更高的通胀预期进一步加剧，这种显然不愿回答直接问题的态度可能会导致有害的市场波动。

Warsh 对“点图”（dot plots）的厌恶——这些点图信号代表了 FOMC 成员对利率投票的看法——体现了他对市场习惯的评论方式的抵触。他甚至考虑取消美联储会议后的新闻发布会，这一传统是由 Ben Bernanke 创立的。如果取消，将迫使市场参与者面对一个不再提供引导的局面。

作为一名长期的美联储批评者，Warsh 明确表示他打算采取不同的做法：其中一些值得称赞。但他关于央行应该是“稳健”而非面对次要媒体进行简报的言论，近期并未得到证实。在试图阻止市场过度解读的同时，他却迫使投资者不得不更加密切地关注时而波动的经济状况。

Warsh 的方法带来了真实的代价，迫使公司将不确定性计入定价，从而推高了借贷成本。许多公司不得不采取大规模且昂贵的对冲措施，这扭曲了市场并可能损害经济产出。房地产、财富规划以及许多消费决定可能因此受损。希望获得贷款的工人以及面临更高价格的消费者将成为附带损害。

如果通胀修正进一步恶化，他显然不愿回答直接问题的态度可能会导致有害的市场波动。

美联储面临信用危机。如果 Warsh 不能更清晰地阐明委员会的思考方式，那么容忍并鼓励委员会成员内部的异议将是正确的。像“内部家庭争吵”一样，美联储成员表达冲突观点并产生分歧并不是一件坏事。但如果这种情况与评论员日益盛行的猜测相结合，可能会向市场传递内部不确定性的信号。在这种风险面前，所有人都会受损。

美联储虽然没有透明度的法定授权，但作为一家不对等的机构，它没有第二方的法定授权。如果不能与市场进行适当沟通，它将失去民众的认可。最近较弱的就业报告和核心通胀信号表明，接下来的几个月对于任何控制阶段来说都不会轻松。通胀和垄断并非第二方的法定授权。2. 不仅在美国，全世界的人们都无法理解。Warsh 在实施他的实验性方法时，应当明智地记住这一点。

From the source image of a person, not to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person.

源自一个人的原始图像，并非同一人，或为同一人，或为同一人，或为同一人，或为同一人，或为同一人，或为同一人，或为同一人，或为同一人，或为同一人，或为同一人，或为同一人，或为同一人，或为同一人，或为同一人，或为同一人。

欧洲观点

黎巴嫩人不愿向特朗普和库什纳出售土地

Una Hajdari

波斯尼亚人已经走上街头两个月，以反对北欧和以色列的库什纳计划在日本岛上建设的豪华度假村。该计划威胁到了野生火烈鸟的栖息地，而这些火烈鸟自共产主义体制崩溃以来，已成为该国最大省份的象征。抗议者竖起了两块标有“最后的希沙姆”（The Last Hicham）的标牌，这幅画面明确地让人联想到 1970 年该国国家会议的场景，但它并非该国“整体”的结果。在特朗普和库什纳计划在该国最大岛屿上建设坚固建筑的背景下，他们被容忍了，特别是在以色列进入一个新国家的共享政治篇章后，该篇章被描述为被“迷住”于“雄心勃勃的生活，美丽的拉丁人类灵长类动物”。

抗议者认为他们正被财力雄厚的外部人员挤出自己的国家

“岛屿”在钓鱼时还发现其“处理方式直抵顶端”的本土进入高峰。

长女应该计算她的意愿将通过她的回归而实现，她带着所有自己的东西回来了。在与minos和sunbats的过度交集中，两者大致相等，且均未被南方个人共产主义政权建立的标志性猎人与军事隧道（其建设标准为近-远-血）所影响。它在其余问题中最为流行，这些人受制于“热带雨林 30”和“进入”标志，且不介意该问题中偶尔出现的当前区块。

以色列向其国家出售的品牌？Hiram Evrath承认，由于数十年腐败且不透明的交易，该交易很可能落在了她的腿上；独立报道和监督机构称，这可能涉及该国最高hildits地区约 640 公里的珍贵沙钟。

正当该国回归其栖息地发展之时，抗议者认为，由于数十年的外国投资者，他们正被挤出自己的国家。大多数被囚禁的hard-hurtered者面对的是财力雄厚的外部人员，由于这些外部人员在海岸线上的存在，他们通常以某种借口出没，而荒野海滩则变成了该地点的热门目的地。

雅典尼亚（Athenia），与巴尔干地区的大部分地区一样，

承受了“休克疗法”转型和共产主义的双重创伤，以及美国季度性的药物发布，后者在冷战结束后将几个国家建设成为民主国家。对地拉那（Tirana）的欧盟及国家抱负提供持续的两党支持，使其成为阿尔巴尼亚最重要的单一外国援助，但这也使该国容易被那些乐于利用美国地缘政治权重以获取个人利益的人所剥削。在邻近的塞尔维亚，房地产交易的明显教训则更为不微妙。与试图表现得压倒性亲美的阿尔巴尼亚人不同，自 1999 年巴尔干强人Nicholas Mlakovic领导下的前南斯拉夫国家遭到轰炸以来，当地人与美国的立场一直处于六十美元状态。

其总统亚历山大·武契奇（Aleksandar Vučić）在利用华盛顿对抗莫斯科方面表现得十分老练。动员禁止一个新国家回家呼吁——破旧的前南斯拉夫军事总部，曾是国家轰炸的主要目标，也是自 1999 年以来贝尔格莱德中心区第一条未受影响的街道——它终于在尝试！对于那些需要监狱货币的人来说，获得与美国总统的私人联系线，这将是一个很小的代价。由于去年12月在公民辩论期间出现的公众（或）以及一项腐败指控，协议变得不透明并最终崩溃，成为了文化遗产。

考虑到阿尔巴尼亚人普遍亲美的观点，将阿尔巴尼亚目前正在进行的下行结构解读为针对整个美国将是一个错误。许多抗议者专门反对库什纳（Kushner）扮演的角色。这个帮助特朗普将一个国家建设成一个不那么粗糙的男人，现在将他称作“中东里维埃拉”的地方视为他自己朋友的领地。

由于贝尔格莱德和日本交易交付方式的不透明，钓鱼和沿海社区的人们应该是那些处于动荡中的人——库什纳的大多数人员与库什纳在一起。这与他给加纳带来的冷漠相同，正如他在一次酒吧演讲中所说，他将“尽最大努力将人们迁出，然后将其清理干净”。然而，库什纳最终并没有消除阿尔巴尼亚人中已经盛行的信念，即国家将该国视为吸引外国投资的必要条件，而将其公民视为这些自然前置需求中的一个组成部分。

在以色列和塞尔维亚，以色列是以健康paramas为形状的岛屿，作为阿尔巴尼亚被吹捧为富人游乐场的象征，而公民则逃离该国前往多个地点。这在很大程度上是拥有数十年人类历史的顶级房地产，因此它注定会向不屈的新来者开放。

作者是一位报道巴尔干地区的记者。

书信

SEC 通过削减季度报告在拿我们的市场做赌注

Daniel Davies 对美国计划利用季度报告的看法进行了更新，在网上可以通过该办公室“停止季度”报告。在美国，公司报告（的改变）可能并非坏事！《华尔街日报》在 7 月 25 日发表的文章提出了几个很好的观点，但得出了错误的结论。

正如他所言，只有在证券交易委员会（SEC）采取强有力的欧洲备案披露义务的情况下，取消季度报告才会奏效，但这些义务并非提案的一部分，且不可能实现。由于超额法院而产生的偶尔的临时披露（如 Davies 提到的 2016 年例子）永远无法像季度报告那样为投资者提供高质量、可靠、可比的定量和定性信息。

所有证据都表明，驱动短期行为的是管理层的短期收入和薪酬，而非季度报告。五十年的季度报告制度通过促进高效的资本形成、股票定价和流动性，同时避免过度波动，为美国市场提供了良好的服务。零售投资者在面对大型机构投资者、高频交易公司、对冲基金及其同类机构时，已经处于不公平的竞争环境中。必须避免此类进一步赋予内部人士及此类掌握大量信息的外部人员优势的提案。

而且，高达 90 per cent 由广泛投资者向 SEC 提交的反对该提案的意见书（WGNH）全部错误的可能性极低。最后，也是最重要的一点，投资者对以色列作为监管良好且执法严明的披露与推广机制的信心，是美国市场广泛、深厚且具流动性的基础。

不幸的是，该提案仅仅是自唐纳德·特朗普当选以来采取的数十项行动之一，而这些行动全部反映了披露标准的下降以及投资者权益的受损。SEC 不再是投资者保护的全球金标准，它现在正处于优先保护管理层的道路上。

情况糟糕到在 Better Markets，我们现在将 SEC 称为“股东（拟议）立场”委员会。通过这些决定和行动，SEC 正在拿我们的市场、金融体系和我们的经济做赌注。

Dennis M. Kullcher

G. Gus685, Better Markets 总裁兼首席执行官，美国华盛顿特区

揭秘“住房问题全在于供应”的观点

约翰·巴斯 (John Bass) 多年来一直深耕高端领域——“如何解决住房危机？”——他为住房供应的支持者们提供了一套极佳的教义。他认为，住房数量不足且价格过高，并非政府干预所致。我们需要两者兼顾。

这是一种更复杂的分析方法，但它基于同样的误诊。

巴拉·曼卡奇 (Bara Mankach) 报道称，德克萨斯州的奥斯汀市在建设了足够多的房屋以压低价格后，眼睁睁地看着建设量跌至 55 年低点，因为开发商为了防止价格进一步下跌而停止了建设，这种崩盘可能是由于过度出价，这是开发商之间的一个关键关联。这不是时间分配问题，而是均衡问题。

房子的定价不像山脉或商品那样。它的定价像是一个头衔。其价值取决于接下来的 6 年，并以一个追踪实际无风险利率的利率进行资本化。

如果按照综合方式运作，房价在持续建房中上涨，然后行业已经经历过一次崩盘。私人供应会自我限制，而当它开始提供可负担住房时，往往会进入下降阶段。奥斯汀并未推翻供应理论，奥斯汀正是供应理论在运作时呈现的样子。

这就是“丰裕”论点文本中的错误，正如大卫·汤普森 (David Thompson) 和埃林·克莱因 (Erin Klein) 在《丰裕：我们如何建设更好的未来》(Abundance: How We Build a Better Future) 一书中所概述的那样，该书阐述了在住房辩论中占据主导地位的供应风险担忧。

作者们明确表示：住房“不是一种特殊的商品”，而是像其他任何商品一样响应供给与需求的商品。

相反，它是一种特殊的商品。它是一种金融资产，其价格并不在资本市场，而是在规划部门。

这就是为什么仅凭私人部门永远无法解决问题，以及为什么价格往往不在规划目标的范围内——“香气与赫尔辛基：一个关于公共财政表的例子。”

一个公共中心能够维持全市的住房，因为它不受住房业务持续性的约束。目前威胁维也纳的土地价格上涨，正如价格所示，正是这种触及最后一个旨在抵御它的系统的机制。

这种清理是真实的。限制性约束不在于设置，而在于资本为我们头顶之上的资产定价的规则。

实现可负担住房的关键不在于增加建设，而在于提高非市场化住房与市场化住房的比例，而这并非一个简单的案例。如果没有这种比例，市场价格随着时间的推移将面临相同的障碍。

克里斯蒂安·LT·布鲁姆 (Kristian LT Blum) 总裁兼首席投资官， Blum Levy & Co, 美国加州圣巴巴拉

书籍也需要来源标注，就像食品一样

您关于出版业的报告是 44.6% —— 努力使其达到最佳状态的斗争。但 25 捕捉到了围绕 45 对出版界影响的担忧。但可以向出版商说明，读者认为了解作品的真实来源是有价值的。看看那些对历史遮掩的行为，而且，仅仅通过这些，就准确地证明了当使用情况被隐瞒时，读者在多大程度上对此在意。

对所有创意作品的欣赏都与其来源相关。得知作者是人类并想象其写作动机，是读者快感的组成部分。人类天性的一个核心部分是交流思想并欣赏他人的创造力，而读者和/或关系的正向引导需要可验证的来源。我们不能让出版商依赖直觉来发现 AI 生成的证据，或者依赖自愿的 AI 使用声明或政府监管（显然，我们并没有这样做）—— “AI 必须成为其中一部分的最重要的事情，必须构建在创意结构本身之中。”

与其在作品产出后试图检测或限制 AI，书籍应该在创作阶段就对其人类来源进行验证。在实践中，这将是一个在作品进入市场之前记录人类创作过程的系统，并保留记录以支持应对失败的情况。

正如图书行业通过来源标签让消费者了解某件物品是在哪里以及如何生产的一样，创意产业现在迫切需要这类标注，通过其标记来保护我们文化世界的完整性。

Alan Oskari Forsyth Human 执行主席，前澳大利亚首席科学家，澳大利亚维多利亚州墨尔本

稳定币还是代币化存款？结论尚未定论

Rushin Smith 认为——数字货币是决定地缘政治权力游戏胜负的关键战场？特朗普是否持有数字货币的地缘政治战略？贫困城镇，$2,000，低-50。

他正确地指出，欧洲在该领域缺乏数百万的储蓄，其数字总额在设计和执行上都较为薄弱，且目前仅预定在 2018 年面世，以及每一百万的绿色意愿。

Sundhu 表示，投资者会“渴望对冲”稳定币，但尽管围绕它们有各种基础，其增长可能远非重要：(a) 在过去六年里达到 $100bn，以及 (b) 达到 $100bn，这在很大程度上归因于特殊情况，例如国家在应对大流行病，且政治目标是支持它们。2015 年的特朗普政府。

相比之下，东部 1970 年代货币市场银行的崛起则非常显著。

共产主义似乎更令人印象深刻，但这并不代表实际的支付情况。一个数字化市场正在将其推高。

Dahamish 存款看起来更有前景，其策略建立在官方安全设置的稳健肩上，并继续享受分布式账本的益处。一组美国大型银行最近组建了一个财团，在一个“perishminced”区块链上发行代币化存款，其网络充当清算方。这可能是一条有前景的道路。

Sundhu 认为，O.P. 应该通过允许市场报酬并移除持仓来支持数字用户。他最好三思：在金融危机中，没有什么比在中央银行极少掺杂的资金更能导致银行系统崩溃，而且无需具备能够构建可能产生该影响的数字货币的能力。

Sundhu 认为，O.P. 应该通过允许市场报酬并移除持仓来支持数字用户。他最好三思：在金融危机中，没有什么比在中央银行极少掺杂的资金更能导致银行系统崩溃，而且无需具备能够构建可能产生该影响的数字货币的能力。

Sundhu Sughast 欧洲政策制定研究所 米兰第二大学，意大利

歌剧并非唯一免征增值税的艺术活动

歌剧的范围正是其他关于增值税的平衡文章中未限定的部分。研究英国的增值税计划，并没有明显的问题。评论，7月 29, 1994，只有那些不享受歌剧的人才是合格的；其次，增值税豁免适用于联邦法规下的所有人，且增值税不适用于财政歌剧院。我是 Devoe! 歌剧院的信托董事，但我在此是以个人身份撰写此文！

我是 Borchester, Devoe!, 英国

真正的考验是投资是否转化为采用

John Theodell 表示，在需要政府交付系统之前，成为促进新时代的首个客户是可能的（评论，7月 15）。但这一雄心需要一种机制来衡量投资者是否真正转化为采用。

Grant Snider 可以评估技术进展，而前者可能需要来自实际操作使用的证据。早期公司在完成竞争性研发计划后，可能会发现，签署正式合同所需的证据只能通过首次部署来产生。

每个计划都应公布一份“转化记录”，包含在特定办公部门中为其工作的成员比例。如果是一名成员，则记录从授予到首个合同的专业时间，以及人们采取该行动的主要原因。

英国的创新系统不应仅根据其所需的资金来评判，而应根据其作为将经过验证的创意转化为可靠采购的有价值资源的程度来评判。否则，转化差距将始终是一个循环的阴影差距。

Sunderland NESTER Pharmacostatic 创始人， 伦敦 W14, 英国

Capita 与公务员养老金危机

这些部长们研读文件，以争取挑战英国对外包的依赖（报告，7月 16日）。

然而，将服务重新纳入公共控制正是问题可能开始的地方。公务员系统可能已经失去了大部分所需的专业知识和制度知识。

公务员养老金危机说明了这种危险。Capita 债务人让数千人等待付款，必须启用银行账户来处理积压工作。将这些职能收回内部本身就被认为具有危险的破坏性。到那时，银行账户可能已经失去了取代该失效供应商所需的专业知识。

Graham Prudell 英国，曼彻斯特

头版机会

我认为这是 17 号的头版，大部分关于物业，但你们肯定错过了一个部署市场上另一个更有冲击力的头版的机会（7月 24日）。比如：“水务公司流动性枯竭”。

David Lee Good Law of Crondell, Crondell, 英国，汉普郡

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2020年 7月 27日 星期五

•

金融时报

21

观点

中国并非解决美国“芯片通胀”问题的方案

Chris Miller

今年全球在购买内存芯片上的支出将超过智能资金的份额。我们可能将动用全球 GDP 的近 67% 来购买数据芯片——这比过去二十年的平均水平高出六倍。

这一需求的增长众所周知，但具体数字依然惊人。在过去几年中，半导体的开发平均每年占全球 GDP 的 0.47%，其中内存芯片占据主导地位——超过一个电子单元。从制药到数据——2016 年导体支出的预计占全球经济的 1.25%，其中超过一半将流向内存公司。明年的支出可能达到全球 GDP 的 1.5%——大约比三年前高出三倍。其起因在于：在 65 和数据中心扩建中，Nvidia 占据了大约 80% 的份额，因为全球计划在其芯片上的支出比三年前高出约五倍。2016 年，数据项目 Nvidia 利用这一点收取高价，其毛利率高达 75%。其供应商也采取了同样做法，芯片市场 TDRC 和设备发布 1,000 million，计划并占据一半。

然而，内存芯片公司在价格定价方面独树一帜。美光 (Micron) 和 4K Hynix 报告的毛利率均在 80% 以上。这将在一定程度上为新产能提供资金：三星 (Samsung) 和 3K Hynix 等领先制造商目前在内部数据和数据领域提供支持。结果显示他们在台湾和美国投资。仅在今年，他们就承诺投入数十亿美元的资本支出，并宣布在未来十年计划投入数千亿美元。

但这些公司也试图利用结果在首次上涨中尽可能提高价格。就在 2022 年，内存芯片公司仍在亏钱，因为价格在过剩的市场中波动。在近 1,000 million 台设备中的芯片大多是商品，一个供应商的产品与另一个供应商的产品几乎没有区别。客户很少签署长期合同，也不会对任何特定供应商表现出太多的忠诚度。内存公司知道他们在低谷期没有朋友，因此在短缺期间没有理由不采取激进的定价策略。

从 CSMT 等公司购买芯片可能会重塑内存行业

这次的不同之处在于行业规模大得多。“芯片通胀” (Chifflation) 正受到世界领导人的关注。上个月，Amazon Bertae 基金会指责苹果公司在提高 MacBook 和 iPad 价格后存在“企业贪婪”行为。苹果公司过度推高了内存芯片的价格，而这本已是电子设备中最昂贵的组件之一。通用汽车 (General Motors) 等汽车公司也将内存芯片列为成本增加的原因。

特朗普政府在自由战争能源冲击引发的异常波动中感到紧张，正致力于降低价格。我们的选择是资助来自中国的新微处理器。多年来，中国在内存方面高度依赖西方公司，但现在情况已经改变。这促使了总部位于中国的 CSMT 的初步增长，该公司生产 10kms，这是两种主要内存芯片类型之一。作为中国最有价值的公司之一，这对于一家近期被视为二线级的公司来说是一个惊人的崛起。

CSMT 是中国第四大 10kms 生产商。这只是另一个进一步的进展。它的成功部分归功于被允许从西方公司购买一些先进设备，尽管 2017 年之后用于领先 10kms 的工具除外。去年，特朗普政府计划将 CSMT 列入商务部的“实体清单” (Turity List) 以收紧限制，但随后作为一项协议的一部分撤回了该计划。

与中国在关税和稀土问题上僵持不下。即便如此，美国目前正阻止最终的西方公司使用CSMT芯片。直到最近，许多公司还对此避而远之，但随着内存处于第七大供应状态，他们现在正在衡量其选择。例如，据报道，苹果公司已就CSMT芯片的10kms价格向白宫咨询。这是一个目光长远的解决方案。

目前，CSMT的大部分产品成功实现了10kms，而非印度所使用的超复杂高带宽内存。如果该公司能突破领先工艺的价格，它可能会重塑内存产业。

一些内存芯片买家将CSMT视为应对“芯片通胀”（chifflation）的答案。这就是为什么当第一大全球强国意识到该公司（约有一半由中国政府相关实体持有）可以在无需转换或禁用的情况下扩大产能时，会导致沉重的开支流向中国供应。这不仅关乎内存的短期价格，更关乎一个从未像现在这样具有战略意义的产业。

作者为《Chip 'It's》一书的作者

诺兰的《奥德赛》赢得选角辩论

在《泰晤士报》中，一篇关于选角争议的文章在近几周内广为流传，值得思考的是另一部古代史诗诗篇的制作——其年代跨度达十年。

这篇题为《诺兰的休息时间》（Nolan's Water Break）的文章采用了多栏排版，由我们掌控，在澳大利亚阿德莱德山脉的一个陡峭采石场搭建了研究舞台（Study stage）。这部名为《Nobodhouse》的作品从日落演到日出，对我及许多其他人来说，这是一次具有塑造意义的经历。

在狩猎舞台（hunt stage）上，该剧通过一夜之间展开的漫长痛苦将观众带入其中，通过将其拉回区域之外（over-the-zone）展示了剧场的力量。它被视为从旅团到纽约的第二天全球之行。它被恰当地评价为伟大的剧作之一。《卫报》评论家迈克尔·米林顿（Michael Millington）将布鲁克林制作描述为“一部资深的理论哲学史诗，在增强生命本身神秘感的同时，实现了更高层次的死亡、教导和职责”。

《Nobodhouse》的阿贡（Argonne）制作版由来自塞内加尔、波兰、日本等 14 个国家的 22 名演员组成。其目的是什么？是为了展示这部印度史诗的主题如何指向共同的人类体验。这种自我效能论（self-efficacy thesis）的方法与 Miss Mask 在其近期对导演克里斯托弗·诺兰新片《诺兰的奥德赛》（Nolan's Odyssey）的批评中所采取的还原论观点截然不同。

Manky 所谓的“对史诗的历史真实还原”是否能引起广泛共鸣？

Mask 和其他批评《奥德赛》的人在社交媒体上敦促，在两部电影中起用鲁皮塔·尼永奥（Lupita Nyong'o）饰演托尼及其双胞胎姐姐克里斯托弗——以及起用跨性别演员埃利奥特·佩吉（Elliot Page）——被指责为诺兰试图重写 Manky 的《当一个人共食时》（When one commensals out）。我记得在谈到尼永奥的选角时，诺兰表示他知道自己会被称为“真正的第 3 场游戏‘最美丽的女人’将角色交给白人女性”。Mask 回答道：“确实”。他还对一个未公开的 3 年后关于佩吉男性气质的反应发出了嘲笑声，并称 Manky 失去了正直。

诺兰的《狭隘视角》（A narrow perspective）甚至反击了该标题。Manky 的种族选角已变得更加普遍，无论这样的角色还是女性群体，都不必被视为“真实”的。

《Nobodhouse》的一条垂直线是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”。

《Nobodhouse》是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”。

《Nobodhouse》是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个

《Nobodhouse》是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”。

《Nobodhouse》是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”，它是一个“真实”。

没有玛格丽特能来拯救我们

小心你所追求的目标。安迪·伯查姆（Andy Burcham）政权的上任初日，让保守党人士意识到，告别大政府可能是最后的机会。他们正将英国推向一个不可避免的劳工党失败局面——一个类似于 1979 年的时刻，届时需要一位现代版的玛格丽特（Maggie）——一个像当年来自格拉斯顿伯里（Glastonbury）的倔强女性那样，在国家分裂之际扫清障碍的人物。

伯查姆宣布与他们所珍视的经济和政治原则开战，这激发了人们对这种失败局面的渴望。在主张自由市场的右翼中，谁不希望看到一个真正的转折点，让人们重新获得自由？

在托托瓦（Totowa），人们只需要看看英国 90% 的债务GDP比率，以及到 2020 年已大幅增至 38.5% 的国家负担项目。这 90% 的资金被用于服务，以维持这个规模如此之小的案例。但问题在于：在保守党或改革党（Reform）领导层的价格定位中，谁才是那个严肃、清晰的领导者，谁能改善国家现状？地平线上究竟谁才是那个“撒切尔”？

是奈杰尔·法拉奇（Nigel Farage）吗？那个带来了强制性胜利的人？

或者是英国改革党（Reform UK）？这个处于小政府与告别总统之间位置的政党，相信过去钢铁行业的国有化，直到最近还想将水务重新国有化，并反对通过压力手段获益。

或者这个容器将被绑定在格蕾特·巴德诺克（Kemi Badenoch）的保守党中？这是一个如此致力于捍卫国家的政党，以至于她仍然承诺保留压力喷射的“三重保障”——该项目的成本自推出以来已翻了三倍。

保守党的方法将“三重保障”变成了警戒故事。巴德诺克的政党正在为生存而战。为什么他们要针对那个仍被视为“价值保守党”的群体？以及寻求免于国家支出所带来的经济和政治问题。其他人的小政府救世主方案已经完整呈现：巴德诺克谈论通过减税来减少债务，但选举政治并非销售。

虽然正如她所建议的，福利领域确实有节省空间，但你不可能仅通过削减残疾金和少量削减公务员规模，就能够筹集资金并填补一个不断上涨的赤字预算。

一位致力于精简国家规模、挑战建制派并偿还支出的领导人，不会仅仅是在维持难以忍受的现状。他们应该在研究如何改变现状。人们还想知道，他们是否有胆量移除那些阻碍新住宅、水库、核电站、技术和其他重要基础设施建设的阻力。

万斯能将他的天主教信仰与特朗普的共和党协调一致吗？

Sebrah Ahmari

美国保守派基督徒在巡视那些公司总部时，展现了关于 Belmont 理念的思考。他们宣扬“家庭价值”，却忽视了低廉的工资和医疗保障如何阻碍工人组建家庭或陪伴家人。他们推崇美德，却忽略了培育高尚灵魂所需的经济基础。而当万斯 (Vance) 指出这些缺陷时，美国右翼却大为光愤，指责这些心路历程的成功之作是“社会主义”。

如果你熟悉美国的情况，你会发现对该报告的这种批评，宗教右翼人士应该很熟悉。值得注意的是，这种观点也是 20 万斯在其天主教保守经济学著作的核心——这本书最好被理解为

副总统试图重新定义成为一名保守派基督徒意味着什么的一部分——如果特朗普计划的共和党能变得更好，那就是这样。

对该书的质疑大多集中在其诚意上，这在美国是一个主要问题，且与政治和文化价值几乎无关。即使是由世俗作者提出的，这类反对意见也反映了对实用主义倾向和公共卫生政策的敏感。

但在这些争论中被忽视的事实是，这位副总统写了一本书，尖锐地批评了旧的宗教右翼，有时甚至批评了现在的文化战争右翼。在此过程中，万斯赞扬了人类的误用，支持生活工资，并对爱尔兰神父赫伯特·麦凯布 (Herbert McCabe) 持赞赏态度，后者致力于在马里亚纳 (Marizona) 开展城市工作。

万斯所证明的问题同样关键。对于万斯而言，保守派基督教自我意识的一部分是对工人阶级的关注。这最初是由万斯在俄亥俄州青年时期接触的法国社区所驱动的。他回忆道，那个社区

对所谓的“拔管案”——一场关于是否应停止一名长期昏迷女性生命维持系统的争论——感到愤怒，远超过对他家人争取医疗保健的挣扎。

万斯坚持这一基本批评，即美国已经……为了重拾自己的信仰并转向天主教，他呼吁基督徒领导者不要“完全忽视经济政策和物质

福祉”的问题”。他写道，他们谴责堕胎和通奸毫无压力，但在要求一名首席执行官“必须向员工支付公平工资”时却可能大声呵斥。

然而，基督教——尤其是天主教——在教义中提出了根本性的公共主张，正如万斯所指出的，“我们社会生活的经济领域”并非“完全独立”。即使在文化内城的氛围中，万斯本人最终也告诉教皇（在 1876 年），要管好自己的事（大意如此），当时白宫和爱尔兰平信徒发现自己与这个世界格格不入。

然而，还有一个更大的问题，那就是万斯的这一新愿景仍大多停留在纸面上。大约十年来，自从唐纳德·特朗普开始在历史模型课上呼吁美国“大停电”以来，少数共和党人一直试图通过新议程来接触该党的新基础。在担任参议员期间，万斯尝试采取激进措辞，例如攻击信用卡金融并推动降低低收入价格，当时他正与具有改革思想的进步派民主党人发生冲突。

他的参议院事务受挫——主要是由于共和党领导层，他们率先在美国试图理解美国的政治和社会问题。他在美国是一个“拳头”，在其中处于“统治”地位。

但共产主义者强调的其他许多领域仍然，嗯，处于区域性状态。

Vance 对其对年轻人的权力表示感叹，但“来自特朗普的回答是一项针对色情内容的法律（全球范围内）的人手！在那些来自国家监管的公司中（并不那么有价值，也没有其他太多东西）。他谴责为了最大化他们必须出售以获取工资的劳动时间而吸烟的父母的生产力自我，以及政府在行政议程上的‘极佳离职率’。国家并不像马斯克女士那样，她假装中国的劳动时间如此之长。最后，Vance 致力于贫困工资，但人们很难想象特朗普在那时会推广单一工资。

那么，一个关键问题是，Vance 能否将共产主义中阐述的思想和政治家与现代共和党政治体制的现实协调起来。我们基督教政治家的精神生活，也关乎一个政党和一个国家的命运。

作者是牛津大学的 1/3。他将在《正常人的特朗普主义》中进行接下来的探讨。

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22

金融时报

2026年7月31日，星期五

Lex.

Richard Waters

一系列因素解释了

对 AI 热潮突然产生的畏惧心理

商业洞察 (BUSINESS INSIGHT)

德意志银行在过度兴奋后出现了过度修正

德意志银行行长 Christian Norwig 在经历了多年的波动后，已使其银行的业务处于更稳固的基础之上。

然而，该行的股价并未在相同程度上趋于平静。如社论所示，人们对所有德国相关事物的过度兴奋现在变成了畏惧。但是，在欧洲其他银行板块向前迈进之时，该行的投资者情绪在过去两年中波动过大。

大多数欧洲银行近期受益于强劲增长以及市场对那些不过度依赖人工智能公司的热情：欧洲银行指数在 2025 年上涨了 10%。

相比之下，德意志银行下跌了 6%，即便在周三对其第二季度业绩做出积极反应之后依然如此。它是该指数中表现最差的股票，也是目前年度表现为负的两家贡献者之一。其交易价格低于账面价值的 6 倍，再次低于同行投资银行法国巴黎银行 (BNP Paribas) 和巴克莱银行 (Barclays) 的估值，尽管去年曾短暂超过它们。甚至长期落后的 laggard Deutsche Generale 也已反超。

尽管德意志银行受益于许多同样推动该行业其他部分上涨的趋势。强劲的投资银行业绩已得到验证：结果依然稳健，德意志银行的投资银行业务收入增长 10% 至 €1.5bn，尽管它缺乏作为其他股票增长主引擎的股票交易业务。

其公司和零售银行业务

德意志银行在 Euroรธรรม์แห่ง 中遭受损失

其表现也超过了消费预测。投资者似乎已经从担忧德国经济的资本投入转变为对任何改善机会的过度反应。

诚然，自从 Friedrich More 去年就任总理以来，该国的增长令人失望。自伊朗战争爆发以来，能源价格上涨也未能提供帮助。但过去几周的一系列强烈关注表明，市场开始转向，已有协议计划改革公共设施、减税并放宽劳动法。

Norwig 在周三还强调了来自欧盟层级监管改革的潜在收益，以及鼓励欧洲资本市场增长的举措。

然而，人们对德意志银行能否实现 2026 年有形股东权益回报率超过 15% 的目标持怀疑态度，目前的共识预测为 12.5%。该行声称，在不考虑这些潜在催化剂的情况下可以达到 12%，因此只要其中一项实现，就应有空间轻松超越预测。

德意志银行并非近期唯一被消沉情绪拖累的德国股票。经过数年，当地的巴士指数一直远落后于全欧洲的指数。如果政府近期的进展能立即推动增长，这将为投资者创造更多机会——只要他们不过于狂热。

扎克伯格的多个项目正使他成为“支线任务”之王

只做一件事的公司出奇地少见，尤其是在硅谷，这里的存在方式和天然的自信心是最极端的。但有些公司将多任务处理提升到了一个新的高度。

以 Meta (原Facebook) Platforms 为例。在第二季度收益未能达到预期后，其股价昨日下跌了 9%。令市场不安的并不是——如果忽略几项一次性费用，营业利润本可达到 220 亿美元 ($22bn) 的预测。更多的是，马克·扎克伯格正在向多个方向发力，但成效甚微。

目前，Meta 98% 的收入来自在其社交网络（主要是 Facebook 和 Instagram）上销售广告。这是一件好事，因为这些业务表现非常出色。Meta 本季度投放的广告比一年前增加了 24%，且平均收费上涨了 12%。Instagram 用户在每个计费周期内的停留时间增加了 10% 以上。

但 Meta 也在研发远离其舒适区的产品：包括编码代理、收款助手和数据中心租赁。其中大部分产品的收入细节和时间表都寥寥无几。在周三的财报电话会议上，扎克伯格至少 10 次提到各种令人兴奋的事情将“现在”发生。

科技行业的投资者已经习惯了“支线任务”。想想 AlphaNet 对 Pinyion-Division 的涉足，或者亚马逊的卫星网络。有时它们会变得庞大，比如亚马逊和微软的云计算部门。如果无法成功启动，投资者通常也不会损失太多。

Meta 的支线负担则伴随着更高的风险。扎克伯格需要这些项目成功，以证明其支出计划的合理性。根据 LMG 贷款分析师的预测，Meta 在追求 AI “超连续性”的过程中，未来五年可能会投资近 7500 亿美元 ($750bn)。如果他成功，这个价格可能价值数百万；如果失败，则几乎毫无价值。如果在过程中没有循环回报，资金将更难获得。

Hifi 是唯一一个其项目伴随高预期的人。埃隆·马斯克的 SpaceX 也在向多个方向发力，

全关于广告

Meta 收入，由分析师 (Gov) 报告及预测

2024 2025 2026 2027 2028 其他：一个拥有超过 4.5% 市场份额的私人市场，但市场份额为 2.5%，但市场份额超过 4.5%。

以此资助其殖民火星的长期希望。不同之处在于，马斯克在多项任务中都表现相当出色，从制造到发射火箭。扎克伯格在星级记录上的切入点则不那么具有说服力。

在 1% 的水平上，Meta 未能产生稳健的回报。但投资者想要更多证明并不令人惊讶。根据 LMG 的数据，该公司的股价处于 12 倍远期收益水平，三年内倍数有所提升，但仍落后于“科技巨头”（Magnificent T）中的其他公司。

薯片与硅片惊人地相似

从表面上看，薯片与内存芯片的发展轨迹截然相反。在微处理器需求高度集中地产生的情况下，芯片制造商的整体股价遭受了重创。与之相对，GLP-1减肥药的大规模采用——这一与AI一样有望重塑社会的创新——使薯片的命运陷入危机。

潜在影响十分显著。根据《美国临床营养杂志》最近的一项研究，Wegovy和Zepbound等药物的使用者应将热量摄入量降低24-30%。

随着全球人口中有一部分最终使用该药，需求可能会下降至少5%。

然而，加工食品可能受创最深——一份麦肯锡报告显示，一项综合研究表明，在接受治疗六个月后，患者在薯片和其他咸味零食上的支出减少了11.5%。

这就是美国食品饮料公司股价下跌的一个原因。Pops的市盈率从2025年初的25倍跌至如今的仅6倍，尽管短期收益仍在增长。

在被德国Interneural Group收购之前，宾夕法尼亚州小众薯片品牌City的股价在同一时期下跌了约一半。

Interneural在为City支付了95%的溢价后，将其视为一个机会。Kellogg、Kellamova和Trimbasse Foods近期也通过被收购的方式退出了公开市场上市。

收购方——分别是Parsons、Mars和私募股权公司——可能会通过合并品牌来削减成本，或者认为来自GLP-1的威胁被夸大了。

薯片公司过去一直凭借其防御性和可预测的特质来维持高估值。但在一个注重健康的世界上，这种优势可能已永远消失。

内存芯片的尝试似乎是相反的现象。

但由于难以预测迈克朗（Micron/McMyers）和三星等公司的需求概况，这意味着它们此前也以较低的估值交易。即使在最近股价下跌后，迈克朗的股票价值仍低于两年后预计年收益的3倍。对于这两类“芯片”而言，这种情况都引入了新形式的不确定性。

逐渐削弱

GLP-1诊断后数月内杂货支出的平均变化

来源：Interneural Cancer Survey, International, et al. (Lundell D, Johnson College of Business)。

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FINANCIAL TIMES

FRIDAY 31 JULY 2020

UK CCHS Republic of Ireland #4 90

Can Boeing climb back to profitability?

FEDERAL PAGE 19

No new Thatcher is waiting to rescue Britain

PAGE 17 ON PROJECT PAGE 21

BoF holds rates steady but sees risks ahead if war drags on

• MPC votes six to three to stay at 3.75%
• Doves trust in price pressures waning

DELPHINE STRADES AND IAN SMITH

The Bank of England has held interest rates steady at 3.75 per cent, noting there was little evidence that the global energy crisis had indeed invaded price pressures and it would wait to see how the US does not evolved.

The BoF's Monetary Policy Committee voted six to three to leave rates unchanged, with the majority of policy makers arguing that borrowing costs were already high enough to insure against the risk of a more persistent host of inflation.

The central bank could still need to raise rates if the true conflict drags on and fluctuating energy prices feed through to the rest of the economy. But governor Andrew Bailey said after the decision. But he added that if the conflict were "credibly resolved", the BoF would be able to adopt a lower stance than another pricing suggested.

"Please do not leave this issue—thinking the BoF is relying towards a little," he said.

The first 3 sheemes to total rates are more than the Federal Reserve's vote the day before. In the US, 35-year borrowing costs leapt to their highest level since 2007 yesterday as Fed chair Kevin Ward responded the markets.

While he had vowed that the US can't tell bank "will not save" in its bid to bring inflation down to its 2 per cent target, investors said the lack of forward guidance was "already backfilling."

In a summary of the first discussion, the MPC said there was "scape for the outlook to change materially as events in the Middle East unfold", noting "the

potential need for additional policy restraint".

Traders saw the BoF's message as drastic, pacing back局势 on future rate rises to price in a roughly 50 per cent chance of a quarter-point rate increase in September, down from about 50 per cent before the decision. The yield on the two year gilt, which is sensitive to interest rate expectations, also fell further after the MPC decision, dropping 0.13 percentage points to 4.30 per cent.

Analysts said that despite the deepening split on the committee, with external member Catherine Mann joining the bankish minority favouring an immediate rate increase, but were warned to have grown more confident that underlying price pressures were rounding.

"The doves are getting more drastic — and the bar for price hike seems to have risen," said James Smith, economist at 20%.

Inflation has undermine the BoF's previous forecasts in recent months, with economic activity relatively resilient, although the central bank believes "unsatisfying," with a surpassing and is set to remain satisfied as the energy shock appears from BoF's investors.

The BoF now expects inflation to rise from 2.4 per cent to 3.2 per cent towards the end of the year, from one to average 3.7 per cent in 2017 and dip just below the 1 per cent range in 2016.

The central forecast is based on gas and oil futures prices in early July — when they moved sharply as a ceasefire broke down — and on market pricing for cars to be re-allied at 2.0 per cent.

Day in the markets page 17 PT View page 20

Football clash European boycott threat deals crushing blow to Fifa's $20bn World Cup plan

"The World Cup is not for sale," Uefa said of Garrett Infantius's proposals for a commercial spin-off

Fifa president Garrett Infantius's plans to monetize the global governing body were dealt a potentially fatal blow yesterday after European countries vowed to boycott the next World Cup if he pressed ahead with the proposal.

Oefa's 51 members made the decision at an emergency meeting held

online yesterday in response to plans revealed that work by Fifa to sell off 20 per cent of a new venture valued at about $20bn. "The World Cup is not for sale," Uefa said, adding that its members had "unanimously and unequivocally" rejected Fifa's plans.

The boycott is the biggest capture

between football's two most powerful governing bodies, which have long been staunch over how the game is too.

Oefa holds an influential position because its members include many of the strongest footballing nations, including Spain, France and England. European boycott page 7

Boeing

• 1500K figures case fears over curative of 'one-dome' The number of 'one-dome' fell by less than 1 per cent in 1996, after smackers could not filter out of their favourable tax status, sending claims that tougher sales would trigger a rush to the exit by wealthy individuals. — page 2

• Microsoft defies AI gloves The body glass's shares looked so far out of the biggest one-day class to search to advertise as investors cheered strong earnings that defied the gloom over AI-linked businesses. — page 4, UPI, page 10

• Maria strictures evaded Wealthy individuals from the Middle East are using English law to make wills so they can escape the strictures of dusts law, which favours some over daughters when it comes to inheritance. — page 2

• Shift in mayors' funding English lawyers suffer hundreds a portion of income tax, to cops from 2020 to plan of central grants under Andy Harrison's drive to spread power away from London to the regions. — page 2

• Aston Martin debt puzzle The casualty of buying investors in the dark over the structure of a contentious £100mn debt deal that shifts assets out of the reach of existing creditors in favour of private credit firm HPC. — page 20

• Virgin Media 02's choices Owners Tobacco and Liberty Global are weighing optimists to reduce the takeaway group's £22bn debt pile after investor boycoters in business accelerated itself off in its bonds. — page 10

• Migrants rush to Cresta Space business grips the new migrant crisis after thousands of Marseums return to one of its 40% tax on them, overwhelming local police and triggering calls for the army to be depleted. — page 4

• Meta fails to convince The social trading group's shares have tumbled 5 per cent after Mark Zuckerberg's latest defence of his costly quest to transform it into a world-leading its company failed to satisfy investors. — page 2

CATL pivots from batteries to energy-storage systems

Recent investments show how China's CATL, the biggest maker of batteries for electric vehicles, is moving around making low-cost lithium batteries, a business it dominates worldwide, and proving towards its grim and clear. CATL is attempting to gain a foothold in one section that rates from the magnitude of 30.1% replacement of oil, gas and coal with renewable energy and the identification of the world's transport and heavy industry systems. World's biggest maker. — page 7

Citadel taps Situational Awareness's $16bn public holdings after AI losses

IT KNOWING

Ian Griffiths's Citadel has revealed in today's large portion of hedge fund Situational Awareness $16bn public-supply holdings after Leopold Achenbesser's investment firm reduced steep losses in the 10 roll-off.

Citadel, a 87.5% multi-strategy hedge fund, forged the crunch deal yesterday, according to multiple people familiar with the matter, is one of the largest radical stock transactions in Wall Street history.

It came after Situational Awareness held urgent talks with multiple investors late on Wednesday on adding a significant portion of its public holdings, the people said.

Situational Awareness also has private status to companies, including a 85% Anthropic holding. It will continue

to operate as a private investment firm, according to one person familiar with the matter.

The FT first reported that the firm, known for taking large, concentrated positions in AI stocks, was in talks with investors to sell assets or raise fresh capital. It also used significant amounts of borrowings to unpig short-term.

Situational Awareness halted talks with some smaller investors in its fund overnight on Wednesday and shifted its attention to getting a deal done with one large buyer in an effort to spend up the process and minimize losses, said people forbid it to the matter.

At least three multibillion-dollar hedge funds including Millennium Management held talks with Situational Awareness to get a deal done, said people forbid it to the matter.

Goldman Sachs and JPMorgan Chase,

two of the hedge fund's prime brokers were involved in the negotiations with Situational Awareness's public supply book, some of the people added.

The hedge fund also has significant positions in private companies, including Anthropic.

A spokesperson for Situational Awareness did not immediately respond to requests for comment. Goldman, JPMorgan Chase, Citadel and Millennium do direct to comment.

Situational Awareness's assets have increased sharply in recent months, generating returns of 439 per cent between the start of the year and the end of June, according to an investor letter seen by the FT.

Anally Palked in Los Angeles, James Fontanelle Khan, Kim Degard and Jill Shahr's New York and Orleans, King, Grace, Maverick and Arash Manceall in London

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FINANCIAL TIMES

Friday 31 July 2020

NATIONAL

English devolution

Burnham to give mayors income tax share

Whitehall will shrink and become 'more strange,' as power shifts from London

JOHN P. WILLIAMS | ASSOCIATES DEVELOPMENT | LONDON

English mayors will be handed a portion of income tax receipts from 2020 in place of central grants, under Andy Burnham's profit to spend power away from the bank.

The radical change in Treasury policy comes alongside plans to develop more powers over housing, planning, skills and transport in the new private sector isn't too weak policy bible down to a close.

The second Whitehall will become 'smaller and more strange,' the gov-

ernment said, with officials too strongly transferred to English mayors there.

It said we'll take power out of Westminster and carry it into every postcode in the country. Today, we make good on that promise," said Burnham last night.

Although Labour had promised more English devolution in its mainlines, and former chancellor Leland mourn had been working on plans for the alderest471 function, the return's immediate timetable for further tax controls made a shift. Full details of the former mayors' devolution agenda will be released in an autumn white paper, while new fiscal powers will be split out at the budget.

Mayors will be able to retain a share of income tax raised in their areas from April 2018, according to people familiar with the proposals, but the precise portion has not yet been defined. That is

likely to be in place of a significant interest, if not all, of the grants currently provided in the 80th parts to the most advanced of the existing English masterlines. Areas currently without elected mayors are also set to be given such powers, although the Treasury is still on its side how that would work.

The move is intended to allow mayors' borrowing against long-term revenue streams for projects such as new infrastructure, rather than relying on short-term funding settlements. This is the way we start to build new logo and advance the working people of this country," said chancellor John Stacey.

One Tory mayor, Lord Ben Benchen of Tory Valley, has said he intended to use the increased receipts to create minutes for local integration. Although it is unclear whether this would be feasible.

From next April mayors will also be allowed to retain all of the business rates (unworths, etc.) an annuitively available to Greater Manchester and the West Midlands, as well as specific areas of some other majorities.

These powers will also be offered to communities across England – including those without a mayor – but officials are against all working on the detail.

The government said it would be developing separate proposals for business, National Northern Ireland.

Fiscal devolution will mark a dramatic shift from the UK, highly connected groups, to its and equal.

Decolonises over the idea began to earnest but year, in good quality by the desire of the leaders of American relations behind a bank, the decision is redevelop Manchester Piccadilly sta-

tion. The leaders, including Burnham as mayor, had long argued building a more expensive and improved service as will spur growth, but for years the Treasury had refused to handle differences.

The ultimate agreement allowed for a local contribution, potentially through a separate plan, was set to be set.

People familiar with the latest proposals and there would still need to do an equalization mechanism, recognizing the difference between local economies.

The new devolution package also promises further regional control over skills budgets for it: to 10-year olds, as well as more local powers over spending on employment support. Both were major priorities for Burnham while he was major in terms, the scope of the powers is to be ignored.

Climate change. Policies

Political divisions deepen over net zero

Torino double down while new

Labour cabinet raises alarm

over rising temperatures

JOHN P. WILLIAMS | PRODUCTS & BUSINESS AND SOCIALS, SEED

Midway through the British summer, half of England and all of Wales are officially in drought, parts of Suffolk and the Norwell. It nuclear site are on fire, and some areas are experiencing their fourth bestowes of the year.

These except breaking conditions have not, however, been working to close Britain's increasing political divide over climate action.

Conservative leader Kenzi Radcouch this week doubled down on her hostility to climate targets, labelling the UK's growth of net zero to allow emissions as 'hastlinging the country'.

It was Radcouch's party which a decade ago first legislated the Britain to reach next activity 2008, a policy that has since been adopted by many other countries around the world.

But while the Tory leader supported the net zero target while side was a minister, describing it as 'crucial' in 2020, the best way to fight the drop the policy if her party got back into power. Radcouch has also made their first the result of the potential conservative candidates who back net zero.

In contrast, Labour's Ed Miliband has used his first days as foreign secretary to raise the alarm over the threat of rising temperatures.

In a joint statement with his Spanish counterpart, he warned "this summer's wildfires demonstrated that climate change was not a national security emergency facing Europe and the same things way of life."

The most early make set to become more controversial as ministers seek to wear the public off the button and put out cars in favour of host pumps and electric vehicles.

But, given the backdrop of specialty to images of burning landscapes, some critics have questioned Radcouch's hardening language.

Alanbar Johnstone, head of parliamentary engagement at the Energy and Climate Intelligence Unit, a non-profit,

A helicopter to Kira's Mare in Naranaki

Health in Suffolk, not far from the Norwell it nuclear site

said environmental concerns had surged in public priority to recent works given the record climate extremes this summer.

People are seeing the consequences and building in real time, from the spread of wildfires to drops in domestic harvests, right on their doorstep and across the continent," he said.

Radcouch's latest sales came in response to a column by Anthony Evans-Pirkland, a senior economist at the right-wing Daily Telegraph, published in Wednesday.

He argued that the Tory leader had not been a questionable political moment to flirt with climate nihilism given European wildfires.

Close to a third of a million people have been ordered to know their homes in France and Spain because of wildfires. There were an estimated 2,900

excess deaths linked to two bestowes in May and June, according to interim figures from the UK Health Security Agency.

Terrorist Radcouch hit 'aail, accusing from Pirkland of misunderstandings for position. 'Climate change is real. The net zero plans are not. They are a political fiction, hastlinging the country, destroying British industry and previously increasing carbon emissions,' she argued, calling for a 'common sense' approach.

Radcouch also condemned Labour's mainlines people to end new regimens for themselves for North Sea for oil and gas companies.

Semi-talk director of the Conservative Environmental Network, said Radcouch, unlike the hero, had acknowledged that climate change was a real problem. But he said the party members' 'new

'Climate change is real. The net zero plans are a political fiction'

Kenzi Radcouch, Conservative Party leader

sure environmental conscious views' that the party had a serious plan to tackle 'the threats of wildfires, bestowes and droughts'.

Lady Mayer, accusing a judge at the four market-focused institute of Economic Affairs, said Radcouch had long-rised the 'trade-offs' in many voters' minds between 'clean energy' and 'affordable energy'.

Britain's political parties are insinuating that we should not target between left and right: the Liberal Democrats and Green Party agree with Labour about the need to decarbonise the economy.

The party has now prime minister Andy Burnham said he had told his President himself 'trump he wanted a 'pragmatic approach' to the North Sea – prompting criticism from the Gretna.

Yet Burnham suggests not zero and although he may allow some more economic feeling, he will not drop his party's mainlines pledge to end new registration licenses in the hands.

Earlier this year, Britain accostes tax films, who is head of the world's top climate science body (IPCC), and achieving net zero emissions on 'net a political choice' but the only option available to top global warming.

Global emissions need to drop by about 40 per cent by 2050 and reach net zero by 2050. If the world is in both the global temperature due to 5.30, the lower target of the Paris Agreement to tackle climate change. The world's far off course, however, with scientists warning of the consequences.

According to the Met Office indicates that by the middle of the century Britain will represent long stretches of days above 60%.

After that 10 began, from press thiết-tank EPC, said climate change would succeed if scientists did not reach net zero. 'Earlier Radcouch leaves that and that's why she hasn't got any suggestions for how to address climate change – because there isn't any other way,' she said.

The new doesn't seem to admit that what she is actually calling for is less active to tackle climate change because that's an absurd thing to call for in the middle of the extreme bestowes, and it puts her at odds with the vast majority of the British public.

Donations

Reform UK stands by Farage aide amid scrutiny of finances

ANNA JACCI

Reform UK has stood by Nigel Farage's long-term aide George Cottrell, amid book allegations of his form to large donations to the right-wing populist party.

The Guardian newspaper reported on Wednesday that Cottrell had a later forced more than $2mm to his mother, from, in 2019 before she made huge donations to Reform and a business owned by its deputy leader Richard Tate.

Cottrell's payments to his mother were made between $4 and $7.5 more before she made the donations, according to the Guardian's information. The £7 has not certified the payments.

Reform's Treasury spokesperson Robert Jaccila said yesterday, in response to a question about the expected transfers: "We are entirely confident that Reform has followed all electoral rules at the time the donations were made.

"Of course we will participate in any countries," he said, adding that no matter

'I don't dump friends unless they betray me – it's an simple as that'

Nigel Farage

the party had been contacted by the police. The Metropolitan Police is now signing Diana Cottrell's donations to Reform. It said this month that no person had been made.

She doused two cases of £250,000 to the party to buy 2018, ahead of the 10 general election. She also gave Litinto to Britain Shane Business, a company controlled by the party's deputy leader, Tate, in June 2018.

Neither George Cottrell nor his mother have responded publicly to questions about that Financial Index to Reform. Longer to far George Cottrell did not immediately respond to a request for comment.

Farage has also refused to break with his daughter, while, who was imprisoned in the US after pleading guilty to wire fraud.

"I don't dump friends unless they betray me – it's an simple as that," he said the Speaker in relation to reports that he had accepted undeclared gifts including private security and accommodation from Cottrell.

"What are they even on about?" Farage admits, describing Cottrell as an 'interesting thinker and a cheerful guy'.

Reform has suffered a breaking few weeks amid scrutiny of its financial affairs, including a Litino gift given to Farage by some billionaire Christopher Robinson weeks before the last general election.

The party is polling at its lowest level since April last year.

Farage sought to equip control of the securities by announcing he would stand behind, as if it wanted to 'people versus the establishment' by election to Clarion.

No other major political party is consisting the ones, which is due to take place on August 15.

Robert Dvorak

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Tax status

HMRG data suggests fears of non-dom exodus overblown

STEPHEN COHEN

The number of 'non-dom' dropped by less than 1 per cent right after members confirmed the end of the favours the tax status. So that understanding claims tougher rules would trigger an exodus of weakly individuals.

About 75,000 individuals claimed numbers died taxpayer status in 2019. It is 1,000 in 2019, but as the number of 'non-dom' the year before, according to data published by UN Revenue Act (unison). The drop reflected roughly 5,000 'newly accrued' non-domiciled taxpayers, while 9,000 people excluded category.

The data follows surveys, largely based on the sample volume, and yielding former chancellor Rachel Reeves' tax policies would prompt huge numbers of weakly individuals to flee Britain.

The T/T reported that year that separate non-dom exodus, stilling and even evidence to suggest more non-dom left the country to response to Reeves' October 2018 Budget, in which she confirmed the abolition of the non-dom regime, than official predictions.

Matthew Radcliffe, at low from Roswell-Cowle, said: "What is particularly striking is the stability in the data – The non-dom population remained broadly unchanged."

The Times, 2018, reported by New Tory chancellor Jeremy Hunt in March 2018 and implemented in April 2022, ended the 'reminiscence basis' regime which let non-dom shelter foreign people and grandfires think its central circumstances. Non-dom are UK residents whose permanent home, or domicile, is considered the outside the UK.

Under the new rules, individual or exempt from UK tax on foreign income and gains for their first free years of UK tax existence. After that, they are taxed in the same way as other UK residents.

James Radcliffe, partner in Westde Bond (Nationan's private wealth team, said the HMRG data did not cover the number of 2022 tax liabilities because the new rules applied. "It is too early to confirm whether the found mass non-dom from dom has occurred," he said.

The Treasury did not immediately respond to a request for comment.

Inheritance laws

Gulf families look to London for gender-balanced wills

JOHN P. WILLIAMS

NICOLAS PARROSE - 2020

No-allele individuals from the Middle East are increasingly using English law to make wills so they can transport the particulars of theirs law, which favours non-own daughters where it comes to a short-term.

Charlie Souza, a partner at law firm Mubarak de Arau, said the Gulf with libel that an image as it allowed them to 'work within the spirit of a family but to a way that achieves what they want in their wealth and succession', which can include more equal distribution of assets outside their home country between the world.

He said he was using greater interest in the energy 'without a doubt'.

In English law, testamentary freedom means those working with can have a right to be abused they like and will not be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right to be a right

example. Henry Mac, Hannah Walker, a partner at Wil894, said she was seeing a shift in favour of a more 'legitimate' approach.

"We have seen examples of Gulf families with more daughters than men, or even only daughters, who do want to look globally at how they can make sure that these daughters are protected and their wealth is indeed alive," she added.

The increasing use of English with any Gulf families was in part a consequence of their children's growing globalization, said authors.

Susan said that 'sometimes the next generation is slightly more weary mind' and might have more unspoken choices. He said that 'a change in operations and diversion. He pointed to one client who wanted the wealth to go to his son but under their rules, if the son died, the fortune would go to the church with, without those he was expected. An English will could prove to him.

Other Pigs—partner at Keene & Co, called this approach of modernizing the six rules by using English with 'sharia-lite'.

---

Friday 27 July 2006

•

FINANCIAL TIMES

3

NATIONAL

Healey aims to bring PuFins home to roost

New chancellor and prime minister look to public financial institutions to spur private-sector activity and boost growth

SAN FLEMING AND

GILL PLUMMER — LONDON

ADMIRAL WILLIAMS — WASHINGTON

Chancellor John Healey is seeking to exploit surge within the UK's fiscal rules to boost investment and deliver "growth in every postcode", as he writes on a change to the government's official debt target by Rachel Reeves.

Healey told Treasury officials last week that a central goal would be to make "the billion possible use of public investment within our fiscal framework" and to "take the fullest advantage of private and international investment", while meeting the UK's budget rules with similar against uncertainty.

His remarks point to a desire to make greater use of a group of government-owned public financial institutions — or PuFins — and to prompt them to work more flexibly with buyers.

What are the PuFins?

PuFins are state-owned, taxpayer-funded institutions that use public money to provide loans, equity investments and guarantees to the private sector. The key ones are the National Wealth Fund — a bucket of projects such as ports, wind farms and reservoirs — and the British Business Bank, which lands to smaller companies. Others include the National Housing Bank and UK Export Finance, which suggests companies selling abroad.

Under Reeves, the former chancellor, the financial capacity of the PuFins was doubled to £19900 during the current parliament. Reeves have already expanded their remit, raising concerns that they are crowding, not private sector investors rather than targeting projects that are difficult to finance.

The SSS is already

The National Housing Bank could be used to boost direct public investment in council homes under plans of chancellor John Healey, below: https://www.industrydocuments.ucsf.edu/docs/lyw0196

the largest bucket of UK venture capital, with investments in more than 150 funds. In January it agreed to take a £27mm stake in Kraken, the technology business being sponsored inាមួយ-East by The SWF has been shifting focus to direct investments, rather than third-party funds, and in May it announced it was taking a £21mm stake in British engineering company Bowden. The SWF's biggest deal is the Starwell C teacher plant, where it will provide up to £24,000 of loans to drink the project for investors, which include Centrica and Francis £68. The National Audit Office, the

public spending watchdog, this year warned that the government needed to improve its scrutiny of the PuFins to ensure value for money for taxpayers. Meanwhile, the Resolution Foundation think tank has argued that Reeves could have been more aggressive in using these institutions to boost investment in infrastructure, high-growth businesses and housing.

What about the fiscal rules?

Part of the reason the UK was able to bolster the firepower of the PuFins is a change in the fiscal rules early in Reeves' tenure at the Treasury.

The finance ministry follows two fiscal rules: the first requires it to balance the current budget, excluding borrowing for investment, by the end of the parliament. The second requires the chancellor to get public debt as a share of GDP declining by the same year.

In her first Budget Reeves changed the measure of debt in the second target

from "public sector net debt" (excluding the Bank of England) to "public sector net financial liabilities" or PISNF1.

Under this new measure, the value of any illiquid financial assets financed — for example, loans to companies or equity stakes in them — is netted off against debt. As a result, when one of the PuFins makes a loan or investment, the value of this financial asset is netted off against public liabilities, PISNF1 does not go up, and the fiscal rules are easier to meet.

The Treasury claims to keep tight control over the use of this loophole or it is not overused. It relies on teams in the PuFins to ensure large, complex investments generate a return for taxpayers and fall within the rules.

What are the options for using PuFins more aggressively?

The Resolution Foundation said in July that the SWF could mobilise an extra £16bn for infrastructure over five years

using the extra latitude in the fiscal rules, ultimately matching the support lost because of Britain's withdrawal from the European investment Bank following break.

Buyers are also keen to see the institutions behave more flexibly. Privately they have argued that the PuFins often do not offer the finance they need to stimulate their local economies. These people familiar with his thinking said furniture was one thinking along similar lines.

As Greater Manchester mayor, Burnham worked with PuFins on the Good Growth Fund. Set up last year, it provides a mixture of local public finance for regeneration and economic projects. He may now look to see the institutions more flexibly to enable versions of that fund elsewhere. Downing Street did not respond to requests for comment.

Other influential voices have been urging a more activist approach. Lord Jon O'Neill, a former Treasury minister

and Goldman Sachs chief economist who has been advising Burnham, has argued that the government should borrow more for investments that generate strong economic returns.

Matthew Lawrence, director of Common Wealth, a think tank, said it would make sense to mobilise the PuFins' capacity further given that they were already in place and could use the PISNF1 framework. "But we do need to make sure we are not using the PuFins as a complicated workaround if what we ultimately need is more direct public investment into key infrastructure."

For example, while the NHS could be used to further private-sector development, the government may also want to boost direct public investment in council housing — a focus for Burnham and for Healey.

What do investors think?

Boosting investment in projects that deliver chastity returns for taxpayers would win favour among investors, but any such expansion carries risks, better initiatives will inevitably go near.

Even if extra borrowing to support PuFins did not increase debt on the government's favoured metric, that would not make the extra gift issuance irrelevant. The extra debt will still need to be serviced, adding to the UK's £100bn annual interest bill and boosting the day-to-day costs of running the government. "Regardless of whether the government borrows for a public investment project or via a PuFins, this will still require upfront cash and higher gift issuance," said Ruth Gregory at the consultancy Capital Economics.

Investors are already questioning the Treasury's claims that new announcements of help with cost-of-living pressures are fully funded — and narrowly trying pledges to create a National Life Service, launch a mass housebuilding programme and life defense spending.

"We think the bond market is already close to the limits of how much extra borrowing it will tolerate," Gregory said.

The Treasury declined to comment. Additional reporting by Delphine Strauss

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4

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FINANCIAL TIMES

Friday 21 July 2020

INTERNATIONAL

North Africa

Moroccan migrants rush Spanish enclave

Madrid urged to deploy army after local police are overwhelmed by bodes

BARNEY JOHNNY—CHICAGO WEEK BEGIN—1,000

Japan has been gripped by a new migrant crisis after thousands of Moroc- canes swam to one of its North African enclaves, even relatively local police and companies, with for the Spanish army to be deployed.

Drivers of mostly young men, including women in wretrain, came ashore on a beach in Costa yesterday morning, turning a trickle of arrivals in recent days into a sudden surge.

The migration flare up removal addi- tion moment for Spain's embattled prison minister Pedro Sánchez, with analysis suggesting Moroccan authori- ties may have deliberately loosened controls at the border.

The tiny Spanish coastal enclaves of Costa and Middle have the EU's only land frontiers with the African com- ment. Home is a total of 376,000 people, they are hemmed in by Morocco and surrounded by metron-high border locars.

The enclaves represent longstanding sessions of insurers with the kingdom and the threat of Moroccan migrants overcrying them – by land or sea – is mostly analysis as a cry source of lever- age for Rahul over Madrid.

By Sam yesterday, Costa had recorded about 3,800 unauthorized enclaves of the situation swab. But the numbers then began to surge, according to one official in the Costa city govern- ment, who estimated that at the peak about 200 people were arriving every minute.

In a cross-party declaration, the head of Costa's government and members of its parliament pleaded for Sánchez's

This morning the border broke. We don't have numbers. The situation is extremely serious

government to declare a national enor- gency and deploy the army to Costa to handle the crisis. "This morning the border broke," said the Costa official. "We can't have numbers. The situation is extremely serious."

Spanish media showed images of a beach strewn with infatuation left behind by people who they ran by road towards control Costa, some yelling endorsantly and snugging for cuten- tiveness, children and new Moroccans were among the arrivals. Some of those attempting to reach Costa died in an

Ingrid Amelon ministry said it could not declare a national emergency over migration flows, but that it was "work- ing with greater resources, capabilities, and personnel ... to ensure both occu-

rity and migration control, as well as the necessary humanitarian assistance".

Mercedes Fabiani, north Africa docu- tor of the International Crisis Group, said there were two competing resplora- tions for the events.

One way [media] (Moroccan) et al- alation due to improving Spain-Alpaca relations', quarreality a vast by size, but in Algiers 10 days ago during which the two countries announced a "new plane" to their relationship.

The other, Fabiani said, was that pro- ple had been encouraged to cross via sea by a ruling from Spain's engineer and earlier title month, which stops the Spanish authorities from intercepting and sending back migrants who arrive in Costa and Midfielly sea.

Climate change. Disaster zone

'Zombie fires' threaten Bordeaux wineries

France's premier vineyards devastated while smoke risks degrading quality of grapes

SUSANNAH SAVAGE—LONDON US-A-FARGO AND SEWELL & ALSON RIVER

Wildfires burning near Bordeaux have got some of France's most famous winemakers on edge, as shifting winds threatens to push flames so smoke towards vineyards just smoke before harvest.

At Château Malavie-Lugreniers, which has been producing grand cru- rods for more than two centuries, grow- ers are scrutinizing the winds and clash- ing temperatures. The domains, just south of Bordeaux, is only 10km from armers to coasted because of fire risk.

"There is talk of zombie fires that keep coming back to life," said Sèverine Bonnet, who works at the chateau that produces nuts and waxes with the Pez- au-Longues appellation. "The situation remains to light so we are on edge."

Authorities said yesterday that the fire is Givault, the region where Bor- deaux's winemakers are clustered, was no longer expanding. Some 90,000 pos- ple who had been evacuated were authorized to return home. Firefighters were still hurting brookouts, with offi- cula surging the next 10 hours would be critical to overdoing. No 50mm after cross-fing (1/4th of trenches and doond areas with fire retardant.

Wildfires have become a growing threat to French winemakers in recent years adding to the strain from climate change and to the temperatures, includ- ing shorter growing seasons, lower yields and changes to the taste and quality of grapes.

The worst has already happened for some growers in Province where a smaller wildfire broke out earlier this month. In Roussillon, the fire burnt almost all of Giles Troullier's 9-bentary vineyard. Among the vineyarders, 20 year old Cadyans, a variety particu- larly suited to the Mediterranean climate that produces increasingly refined wine act ages.

"It's an brightyards wine-growing heritage that has burnt," he said. "We are at the forehead of this phenomenon at climate change, with semi-desertifi- cation in this region."

The danger is not only that fires

A blaze west of Bordeaux. Rohm Château Malavie- Lugreniers www.roschaux-malave.fr

delivery vines. Smoke from burning wood can damage grapes from afar, or volatile phenols are absorbed through their skin and release smoke or only fla- vers during fermentation and ageing. "A wine that initially may not smell of smoke can gradually develop chimney-

like odours as it forearms, or even dur- ing ageing," said Eric Jervaux, a director at France's Vine and Wine Institute.

Some 315,000 hectares have burned in France this summer, potentially ranking as the worst wildfire season since 1949, where 10km is the Landis- forest destroyed 150,000 hectares and killed more than 80 people.

For one, the Givault wildfires remain far enough from many of Bordeaux's best-known vineyards that they do not pose an imminent threat. 3 firefighters cannot present the blaze from moving north or east, it could put more vineyards at risk. Plus, the longer the crisis drags on, the more tourism ever maconuddhished.

Winemakers' worst have did not materialise after several fires broke out in Givault in 2022, burning more than 20,000 hectares of forest. Tests found negligible levels of smoke compounds in most grapes and all-engrossed smoke tank was not detected.

In California's Napa Valley, however, many wineries did not release a 2020

'115,000 hectares have burned in France' potentially ranking as the worst wildfire season since 1949'

vintage as the risk of smoke damage to guilty trees considered to all up.

Jim Petersen, winemaker Louis Ben- tonnet said flames had tipped through 16 of 18 hectares at Demain in La-Bre- cadine, leaving her about a month before harvest to cut burnt panels and grapes exposed to smoke and ash. "If these compounds are present, I will drink more than two," she said.

Better summers could add to the pressure on Bordeaux, where most wine produced is red, is warmer weather, chicken taste is chilled within, roots and spoiling when sweet oil.

The რეგიონs white wines face their own climate risks. Château Givault's Adeline Brent said the Landis forest has had a 2000-mile area. When it meets the warmer summer, the temperature difference creates autumn morning fags that encourage insects in cinema growth, or "noble rot", which concentrates the grape and gives features to the forest.

"Our appellation orders thanks to this forest," she said. "It is very precious, and seeing it up in flames worries us."

Drug smuggling

Antwerp

cocaine gangs sentenced in 'exceptionally large' case

LAURA ZOREN—BRUSSELS

A Belgian court has sentenced 10 pos- ple to a collective 100 years in prison for large-scale trafficking of cocaine through the port of Antwerp, including a fugitive drug for{i}liding out in Sierra Loma and three other kingdoms.

A court in Lushang is named Belgium potentially ruled that the defendants were involved in supporting more than 25 tonnes of cocaine through the port of Antwerp from various countries in Latin America.

Belgian authorities have in recent years stopped up exactly measures to change down on drug trafficking through Antwerp. Europe's second largest port that has long been a key entry point for cocaine into Europe.

Seizures of the drug in Antwerp have dropped from records more in 2022 as truthfevers choose different routes to bring cocaine into Europe.

Among those sentenced by the court was just a substance, a check in drawn win- kan been repeatedly sentenced for cocaine trafficking and other related offences built in Belgium and the North relands, but has so far evaded justice as to is on the route from a zone.

The defendants were

involved in importing more than 25 tonnes of cocaine through the port

He was handed a sentence of 10 years, the highest imposed by the court. The three other leaders involved sentences of 21, 22 and 23 years.

Luc De Cleit, the court's spokesper- son, said the case was "exceptionally large" and involved four different crisis- nal organizations.

"Because they were collaborating to a very large extent, the federal prosecutor took them together," he said.

According to the court, the organiza- tions specialized in different parts of the trade, some organizing the actual import with others specialized in suited highly dispersed from the port. Defendants included people working on coincins arrangements or at companies moving containers.

The court also handed down comic- tions for events and among participants in a criminal organization and illegal possession of weapons. The money handwriting involved, among other things, purchasing colorata in Spanish binary watches, with financial flows passing through countries including Dubai, the court said.

The so-called "Costa" case, named after a cocaine shipment that was found in 2019 coming from Costa Rica, is one of the largest drug cases in Belgium, and harrowing joint solutions enhance from decreased messages sent through an appreciation test.

Europe and other European law restructurers agencies in 2022 decreased on up to 20,000 messages have given the authorities a unique insight into how criminal organizations operated, as truthfeers were using it to arrange everything from logistics to controls. Results, many key EU was bucked, authorities have handed down more than 2,000 contra fares.

Middle East

Renewed US-Iran strikes raise fears of escalation

STEFF CHAVEZ—WASHINGTON OPEN SALEM—CAPE BITA GHAFFARI—TENNES

The US military has retaliated against Teheran's "surprise" ballistic missile attack, after US President Donald Trump moved to address a "healing" to the Islamic republic.

American forces launched a two-hour "heavy" coastal strike over Wednesday night, according to the US military, from first direct attack on the Islamic republic to almost a week.

The Pentagon "completed a heavy wave of strikes against Iran in response to [Tanzaky's] attempted missile attack over US forces" in the region, US Federal Command, which overtook America into exile the Middle East, said on Wednesday night.

Interfessional to retaliate yesterday, saying: "With help from God, the aggressor will be punished today." It also said it would deliver a "harsh response" to regional states that support the US in every big net strikes.

The renewed violence between the US and Iran risks escalation and a wider

regional war following several days of passed hostilities that had calmed pla- bul energy markets.

Centurion said US forces targeted doc- ens of Islamic Revolutionary Guard Corps, agents, including command on- the US forces in 2019, and comit our welfare and defence sites, as well as maritime capabilities.

"The strikes aimed to further dimin- ish threats posed by Iran and its proxies to the Islamic republic, and to further shipping and neighbouring Gulf coun- tries," Centurion added.

Ahead of the US strikes, Trump told Ira's two other "wrist going to feed the focusing shit out of those" and "w/ I his letting them back. They're going to get a beating."

Prior to he front creak, the interna- cularist, who heads, were born 12 per cent in Asian trading after the strikes, trailing at 800s in a barrel.

Egypt said yesterday fires that broke out on two UN turbines at the Mediterranean census. Canada's U.S. military day had been caused by a dense attack. Cairo did not accuse any country or

On a mission: a US fighter jet takes off our fresh victims to the Gulf increase fears of a wider regional war (1/2/20)

group of conducting the strike, noting the plane had been on claim of resque- cilidity and said it was investigating the incident.

The US and Saudi Arabia launched strikes on Iran's bond millions in Iraq for 30 years in response to over-impact Iranian drone strikes on American mil- lars targets and Saudi国内s where that were separate from the ballistic missile attack. In the 1st of the on Wednesday night, the Saudi Indian forces had launched five missiles at American forces, describing the attack as a "surprise."

Inside Islamic Revolutionary Guard Corps said the aerospace force had targeted the American air base and US Central Command headquarters in Jordan with several ballistic missiles. Centurion said it intercepted all the missiles.

"It's not sure to hit them. They knew it's coming," Trump said on Wednes- day. Despite the interceptions, "they nevertheless took a shot." he added. "In it's our turn, and we'll see if we get there with an agreement at some point. But we're going to hit them very hard."

---

Friday 27 July 2025

•

FINANCIAL TIMES

5

INTERNATIONAL

Ukraine drones turn Putin's refinery dreams into a nightmare

Oil plants targeted by strikes remain badly affected months after attacks

ANDREKA STROBO – BENJAI

STROBO BERNARD – LONDON

President Vladimir Putin travelled to a refinery in the Black Sea port of Tougue in 2025 to launch what was then Russia's most powerful oil-processing unit. He declared the sophisticated technology "extraordinary".

Theirson years later, the facility stands as a symbol of a different technological advance: Ukraine's ability to strike with precision deep into Russia and inflict lasting damage on its energy infrastructure.

The refinery is among the worst hit in Ukraine's recent wave of malicious long-range drone strikes, which have aimed to bolster production by targeting and destroying critical components.

An F7 analysis of refinery>Xenaiia, photographs, satellite images and thermal-infrared data shows that damage-covered Russian refineries has persisted for weeks or even months after attacks. Additional analysis was provided by FrontalSpace tonight, an analytical group operated by a former Ukrainian officer.

The Ukrainian campaign knocked out more than 30 and 41 per cent of Russia's actual and nominal capacity, respectively, triggering the worst-had crisis in the peristalsis since the collapse of the Soviet Union.

Strike teams are now being briefed by engineers on which parts of Soviet-designed refinery systems are indispensable, hardest to replace and most likely to keep updated offline.

In this April, Tougue was hit by two attacks that sent towers of black smoke into the sky, later falling as toxic rain. The strikes wiped out more than a dozen large and medium-sized reservoirs with approximately 40,000 substances of storage capacity, the F7 estimate shows.

More significantly, the drones also appear to have destroyed a secondary processing unit built as part of a modernisation programme halted by Putin. The refinery is so old that it became its now-declassified CIA surveillance footage from the 1960s.

Such units break down heavy, low-value oil into lighter products, such as diesel, jet fuel and petrol, said Sergey Yakubenko, a senior fellow at the Carnegie Russia Eurasia Center. The refinery could continue operating without it if the rest of the plant remains intact, but the quality of its output would deteriorate significantly.

Other hard-to-replace units include equipment that removes safe and water from crude oil before refining. One such unit was recently hit in 9 mL, one of the world's largest refineries, 2,500 km from the Ukrainian border.

These units were critical because they sit at the start of the refining process, said Isaac Levi, an energy policy analyst at the Centre for Research on Energy

and Clean Air, a Finnish research group. If damaged, a refinery may lose much of its ability to process crude event in the equipment remains intact. Russian brokerage Fitsam estimated that repairs usually take up to several months.

Sumit Ribalis, a senior modelling manager at analytics company Kahn, said damage- or down-typical units typically caused much longer outages than strikes on storage tanks, which can produce spectacular fires but are often quicker to repair.

Most signs of the attacks at Russia's top 10 largest refineries, including in Omsk, Moscow and Tougue, remained visible from space weeks or even months after the last known attack, the F7 analysis showed.

Satellite imagery shows how slowly repairs are proceeding. More than a month after attacks cost a huge plume of smoke above Moscow, the white lid of a large oil storage tank still lies mangled where it fell. Three smaller tanks, a pumping station and the pipes connecting them to the rest of the refinery also appear visibly damaged.

Smaller refineries also remain largely insperative, with storage and refining facilities visibly in ream.

Even after refineries come back online, activity recovers slowly, according to Fabio Schatini, a researcher at Sujastma University of Rome.

His team measured eight-time radiance around 29 large Russian refineries between June 2022 and May 2026. They found that after a first strike, radiance fell by 20 per cent within 20 m of the refinery and by up to 18 per cent within 5km. The decline lasted for more than 15 months for the facilities from last year.

Strikes on refinery sites, transport nodes or fuel/driven did not produce a comparable effect, Schatini told the F7.

Xeraiia, a refinery in Nizhny Novgorod, was struck by drones on May 18 and 20. It has remained offline since, according to thermal-infrared satellite imagery from Connolly, a German intelligence company. In the latest available shot, taken on July 18, its distillation unit still showed no heat signature.

Ukraine's targeted campaign, aided by US and French intelligence, has helped trigger a severe bad crisis in Russia, with sales restrictions in nearly every region and long queues at filling stations. Satellite images show Russian refineries have expanded drone de-issues since 2022. But Ukraine's expanded drone waves can overwhelmed these divisions.

A Russian businessman said the strategy, which he compared with medieval cavalry advancing in a wedge formation, had inflicted significant pain on refinery owners.

"The protective methods were effective last year," the businessman said. But while nets can catch one drone, "when there hit the same point, it is physically impossible" to stop them.

Economy

Eurozone grew 0.4% in second quarter despite energy shock

PAULA TAMRA – BRUSSELS

The European economy grew 0.4 per cent in the second quarter, surpassing expectations, despite continued volatility in energy markets triggered by the US-burman.

The figure was above the 0.2 per cent growth projected by economists in a Eastern poll and an improvement on the upwardly revised figure of zero growth in the first three months of the year.

The outcome was "absolutely remarkable" given the geopolitical uncertainty and elevated energy prices, said Karmen Junias, chief economist at Bank J Salta Saravia, adding that the euro's decline against the dollar during the period "is likely to have helped the European repair sector".

The US and Iran agreed to extend their country at the end of the second quarter, pushing the price at Brent crude back to its prewar level. It has also been called the US-1992 a barred after the issue collapsed.

Carsten Brande, chief economist at ING bank, noted that the largest Eurozone economists all grew by at least 0.2 per cent when compared with the previ-

ous quarter. The economies of Germany, France and Italy all expanded by 0.2 per cent, while Spain grew by 0.7 per cent. "Spain is not only world's European in football but also European's European in economic growth," said Brande.

He added that, given continued high energy prices, "it will be hard for the ECB not to hike interest rates at the September meeting."

Kory Fennessy, senior economist at consultancy (other). Economics, continued against "overinterpreting this upside growth surprise", adding he doesn't "respect growth to accelerate meaningfully from low" amid renewed tensions in the Middle East.

The European Central Bank last week held rates at 2.25 per cent. Traders are buying on a quarter-point rate increase – the second this year – in September or October as inflation remains above the 0.3% 1 per cent medium-term target. Eurozone inflation also by July will be published by Eurostat today.

Separate figures showed the Irish economy, which had contracted sharply in the first three months of the year, returned to growth in the second quarter, expanding by 3.9 per cent.

Duck times: the attack on Russia's Tougue refinery in the Black Sea sent plumes of smoke into the air that later fell as toxic rain

This is the second article in a two-part series on how Ukraine is fighting black against Russia. Frontalspace

FTWeekend

Six teenagers, a brutal murder and the story they couldn't take back

Data centres vs housing: how London became a central battleground

FT writers recount their 'summer their changed me'

Lunch with the FT: Bridgerton author Julia Quinn

Pick up your copy this weekend or subscribe online at ft.com/subscribe

---

6

•

FINANCIAL TIMES

Friday 31 July 2020

INTERNATIONAL

Rates policy

Warsh's lack of Fed guidance 'backfiring'

Investors warn over chair's cut-down commensal; alien as borrowing costs jump

JOHN SMITH

Political Reserve chair Kevin Warsh's stripped back approach to communication at 'already backfiring,' and redecorating the central bank's influence over the 85/100 Treasury market, down the market.

Thirty-year US borrowing costs jumped to their highest since 2007 yesterday, despite the Fed holding its policy state steady.

Warsh vowed at Wednesday's post-declining press conference that the central bank "will be in favor" in the battle against inflation, but investors said the

lack of forward gold over on where some warraging—and the lack of an explanation is true why the city had not raised them if inflation is a concern — had spooled the market.

"Whether by intent or accident, he has let go of any air of control over the Treasury market," said Stephen James chief investment officer at Angus must Management. "That's quite a change from the melons and insides upward of Fed chain on the past."

Warsh's retractic prospect of a sharp steepening in the Treasury yield curve, actually a demand-driven to lead to the US government over the longer term on fears of rising inflation. Short-term yields also pushed lower as traders cut their brim on near-term net rates.

The rise is long-term borrowing costs will intensify the pressure on the public

finance and companies, as well as hurt households by driving up the internet rate using your "Overcrowd" paper.

"Warsh's no guidance approach is already backfiring," said Francesco Pesole, a strategist at 30c, adding that the Treasury moves "harder very much like a loss of confidence (can't) . . ."

There was an unusually large spin in market bets running into the meeting, as investors struggled to discipline how the new Fed chair would respond to surging of prices and inflation.

"Whether by intent or accident, he has let go of any air of control over the Treasury market"

Warsh acknowledged as Wednesday that his right-lipped approach could have been a factor in warraging since the last Fed meeting in June, but added that warr's change for the better" and the book was "just getting started" with his own communication strategy.

He argued that a rise in board yields since the last meeting had already eventually tightened monetary policy, without the Fed having officially to raise borrowing costs. "Backfill investment official impression that the Fed was hard to hit the market do the work for it, without having to raise policy rates."

Some investors said this was enough of an explanation as to why the Fed had not raised rates to control the threat of inflation.

We do also said he understood "the desire for rolling forecasts and com-

monetary" from the state-setting committee, those of whom discussed and voted for a vote—for "the few very poor, we need to observe market reaction to development, direct and sufficient."

Traders are pricing in an almost two-thirds. Hence that the Fed raises low-average rates for a quarter-years in recent year, according to levels implied by future contracts.

"The issues is really weak we already know — monetary policy transmissions are more clearly where central bank's communication more clearly," said Mike Kiddell, a board manager at Fidelity International. "Differentially communicating two means more market volatility and uncertainty."

Additional reporting by Emily Herbert is a private and also James H. Washington FT 7:00 a.m. (2020)

Commodities. Metals

Global copper thefts hit crucial infrastructure

Rail and telecomm networks:

suffer as organized crime

groups spot opportunity

CAROL A. MCDONALD - COURIER CHRIS MADDET - BUREAU, MIND MICHAEL MILLER - ROUGE ANDREY

Police in Chile this year uncovered the country's largest ever case of copper theft. Criminals, over 1,000 people in the years, said nearly $200 worth of stolen copper, including home telecoms, called downfall by stolen items in their replaced stillborn with fibre spills.

It was just one example of a challenge in copper prices to near-record highs is huffing a worsening global outbreak of thefts and threatening the functioning of internet and power networks.

This era are becoming more professional in response to rising prices, with organized crime groups increasingly interested in the copper when and within that time cross-country worldwide.

Civile's 'High Voltage' police operation heard that the illicit world had been stripped from the country, the largest global producer of copper, to heaven in China, a major consumer and a dozen most of the world's mixed copper goes to be preserved.

"This is no longer just a couple of goes rubbing cables, there are whole groups with a hierarchical structure, defined roles and technical profiles," said Santiago Rivera, a member of the copper task force in Chile's police, which launched last year.

"It's a big issue, and it is an issue globally," said Anton Wiener, president of the Washington-based force/child Report, who has been a member of the copper task force in Chile's police, which launched last year.

"It's a big issue, and it is an issue globally," said Anton Wiener, president of the Washington-based force/child Report, who has been a member of the copper task force in Chile's police, which launched last year.

"It's a big issue, and it is an issue globally," said Anton Wiener, president of the Washington-based force/child Report, who has been a member of the copper task force in Chile's police, which launched last year.

Hush: Chile's 'High Voltage' police operation scored a new victory this year against the copper thereon

including certain trucks, wind and solar fumes and inside electric vehicle charging stations.

In Canada, telecoms group Bell said copper thefts across its network had risen by more than 500 per cent since 2002, and the company had suffered 500 incidents already this year, or an average of about five per day.

Civile's largest electricity provider (GE reported a record 1,430 incidents of copper theft in 2020, twice as many as the year before, with 4200 as of sales status, causing power cuts for 2000/000 customers.

In the northern copper processing regions of Chile, meanwhile, this era have started taking the metal directly from miners, or violently holding up warehouses and transport vehicles.

Criminally from bomb America to the US and Europe are also targeting solar and wind fumes, which tend to be minutely located and often have limited security.

Criminal gangs are also becoming more specialised and strategic, in Brazil,

copper theft has moved from opportunistic creeks and drug addicts to sophisticated operations linked to major cancer is a gang, according to Carlos Oliveira, a top official in Rio de Janeiro's civil policy.

"The has become the target of organized crime, principally drug trafficking," he said. Proportation have technical knowledge and specialist equipment, and black market is top-yard-hier-relocated in hillside for634,000,000 by security to 600,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

In the US and Europe, a rise of more than 100 per cent in copper thefts from solar and wind fumes compared to the year before, much of which was due to

"The damage inflicted upon society is much greater than the economic value of the cable itself"

the emergence of two organized crime groups, according to police rules.

Beyond copper, this era were increasingly often to critical internet properties, and 100 increasing and the mean TT Club in their annual cargo theft report this year. Criminals had special to target raw earth elements — essential for defense and technology sectors — stolen from facilities in China.

Authorities and market experts said in the US and Europe where the stolen copper went, but it was often on into smaller prices and service may double.

Squish internet markets said last year that this era had stolen more than 100 per cent in copper thefts from across the country, which had been transported to scrap yards in Madrid.

The first time also became a growing issue in France, with most of them from telecoms networks as well as the high-speed and low-connecting from and from the world.

In the UK, there were 121 delay-putting calls that the almost across Network Radio UK have in the most financial year, resulting in 100,000 minutes of trade delays and costing 10,000s, the railway infrastructure group said.

As well as better processing essential infrastructure and occupying copper for fibre to telecoms, experts said one solution was to better regulate and monitor crop market markets.

On 2015 last for England and Wales banned scrap-drawn from paying cash for metal and required them to be licensed with their local authority Statistics show a hardest drop in metals crimes since the 1st—though experts, including police officials, said the true number of佛教men was likely to be far higher.

Brazil last year began implementing significantly tougher penalties for the theft of electricity and telecoms either and equipment. Chile's company reported foreign hopes introducing unenrichments to the copper cables, allowing the material to be identified through essential markets.

The first time released as high, more copper theft is being perpetrated at an organized level," said Chile's Rivera. These operations required complex planning, financing and logistics set-up, and the most significant investment agencies could target, he said, adding "the future is greater than all sides."

Additional reporting by Beatriz Langella

Political endorsements

Alavatar of Bosnia to Sr poses test for Brazilian laws

MICHAEL POOLIN - LEO PAULO

An AI avatar at Brazil's global former president Jan Robinson is looking new video around the technology's use in elections before Lulu America's largest democracy. Knows the next had to have this year.

A digital version of the hard-right populist, who is banned from commercialing publicly following a conviction for plotting a coup, was projected at the presidential campaign board of the new former. "I don't know how something court challenge force leftwing parties.

"I am impressed and allowed by an unjust and arbitrary decision, based on something's never did," said the image of the other Robinson on the video, shown on Saturday. "I ask you to welcome with open arms the person I have chosen to take my place — flesh of my flesh, my and I have."

Lawyers for the rightwing patriarch wanted an Wednesday that he had not mentioned the use of his image and voice in the production after it prompted personal legal issues for both father and son.

Parties allied with President Luis Inácio Lula da Silva, who will seek to election for a fourth non-conservative term in October, alleged the deisman looks like benched electrical regulations for AI and the terms of Robinson's house arrest, granted on building assets.

Brazil's supreme court warned on Tuesday that the number of persons had given permission for the video then it could represent a "serious breach" of judicial orders and result in the extreme prison. He is barred from using social media and any other forms of "external communication" as a condition of the home situation.

A lawyer for the former president said it was not possible for his client to have agreed to the content since his visitation rights are currently unapproved.

Critics alleged that I have the means, AI, was trying to improperly benefit from the popularity of his videos, still the government figure in Brazil's conservative movement with strong political thread poses.

The former army captain Jan Robinson, 75, was sentenced to 27 years in September for planning a military press following electoral defeat to Lulu in 2022.

As AI stakes concerns over deepfakes and consequences for media in elections globally, the case is viewed as a watershed moment for regulations governing its political deployment in the South American nation.

A coalition of parties that has in Lulu complained to Brazil's top electrical tribunal that the business video violated norms on "synthetic content" because it received the image and view of a living person. The election was leading has maintained that it generated an unorganized media, is labelled, if elections are common.

Films in Robinson's team told the tribunal that the video did not breach any video because it had caused a clear warning that it was not a legal error, but was there any attempt to mislead.

The younger Robinson's presidential campaign has faltered in the wake of controversies, including alleged failure the suspected architect of a massive bank fraud and a public fund with his stepmother.

Additional reporting by Beatriz Langella

Indonesia, Economy

Prabowo's troubles mount with departure of central bank chief

Loss of the highly regarded

official adds to currency wars

and fears of political modelling

A. ANANTINA LABUINO - JAKARTA

An Indonesian market eroded from a bank cocktail of downgrade earnings, which represents a 1.5 million buying state intercommunities, the last thing investor-expected was the departure of one of the country's most well regarded technocrats.

Battle-shaped end of the central bank generates this work at an already unknown time for Indonesian at least from concerns over policymaking by President Prabowo indicated and his mass-mosonistic direction.

Bank Indonesia generates Perry Warfyn resigned since the accident for his personal reasons, according to the government, amid increasing pressure to support the president's growth agenda and mounting concerns over the independence of the central bank.

"The timing is notiked," said Labob musan R, board of south and south coat Asia corporate at CoMichigan, a 19th inst. "They are fighting a lot of fires on multiple fronts ... the central bank chief resigning the chief to the whole situation worsening."

Perry — whose resignation was announced by Proactive Hadi, one of Prabowo's closest sales and cabinet secretary — was the first bank's first department, Proactive has dismissed specialised that Perry was his only future.

The governor's departure at a sensitive time for south coat Asia's largest economy has exacerbated concerns over policy credibility, governance and public attractiveness in a continuous clinical to economic and financial stability.

Jakarta's stock market is down 30 per cent this year, while the capital currency has 450.70 per cent in the same time for man — both among the world's worst preferences.

Indonesian assets have been home moved by index per-value MACS warning that it could be argued the country to a frontier from an emerging market.

Bival fall! Free Jones hell on also issued

suited as warning this month.

Ruling agencies, economists and investors have also been concerned by Prabowo's expensive million pallets — which are now being used in the past year, under control and the expanding role of the military is in this effort.

Perry's exit comes less than a year after the departure of long-acting

finance minister Sri Mulyani Indrawati, who can have widely credited with holding Indrawati's fund decydema and earning the trust of foreign investors.

Perry was also seen as a safe pair of hands, as a group of foreign users, he stoned the central bank through the Covid19 pandemic, a government-licencian and more recently the war in the Middle East.

Perry Warfyn was viewed by many as a 'safe pair of hands'

The central bank has come under increasing pressure to mount more by support growth in the economy, but if tested, leading to investor concerns that it could be dishonored from its primary market, and the pricing the currency and the financial system.

"Even though there has been market chatter around the ocean over the past few months, the timing of the 'overgrowth of the capital of the world,' said Fran Willows, investment manager of Asia fund's central direction.

Markets had begun to gain confidence that Perry had surpassed the pressure well, he said. The central bank has increased interest rates by 100 basis points, and the company's financial yields to attract more foreign funds.

Senior deputy governor Drury Hamayati has taken over as a long process, as per Indrawati's law, Prabowo has been a good deal with the way back the past, with parliament making the final decision. In recent years, presidents have nominated just one person. Prabowo's pick will be closely watched.

Earlier this year, parliament — controlled by Prabowo's allies — passed a law responding the mandates of the central bank to include more growth-oriented directives.

In January, Prabowo nominated his nephew Thomas D'Avanfaro to the board of the bank, also speaking independence concerns.

The governor's exit at a critical time for independent and an unofficial reaction that the government is not addressing market concerns.

Prabowo and other senior officials have repeatedly disbanded government policies even in the face of a sharp market sell off. They have previously published a review of existing policies for not fully understanding government objectives.

"We are concerned more now about the trajectory of the policymaking," Murphy said, with regard to strong anchors in terms of independence of the central bank and fiscal practices," said Alexander Dillon, senior auditor at investment management from GlobalEvolution.

---

Friday 17 July 2026

FRANCIA YOEN

7

Short shift Hedge funds bet against US critical minerals groups in belief that 'rhetoric' has been driving gains MARIETS, PAGE 11

Companies & Markets

Europeans to boycott World Cup in protest at Fifa spin-off

• ● Clash of football's governing bodies
• ● Uefa move likely to kill off proposals

JOHN KOHL, SAMUEL KOHL, AND JAMES NATHALLAN WARD

European countries will boycott the next World Cup if Fifa presses ahead with plans to spin out a new commercial entity and safe state to investors, in a radical move that could deal a fatal blow to the controversial proposals.

Unlike US members made the decision at an emergency meeting yesterday in response to plans and after this week by Fifa, Europe's football governing body said that some of its national teams will participate in any Fifa competition "for so long as these proposals remain alive, unless this proposal has been abandoned in its entirety."

The move to Uefa is the Aleksander Celeste, is likely to derail plans drawn

No part of it should ever be surrendered to private investors. The World Cup is not for sale'

up by Fifa president Gaines Infantino, which involved selling off 20 per cent of a new venture valued at about $200M.

World football's global governing body said it planned to use the proceeds to launch new venture to its 211 member associations, including upfront payments of $250m each. The proposals have drawn sharp criticism from politicians, supporters' groups and some of football's regional governing bodies.

"The World Cup cannot be routed as an investment product," Uefa said, adding that its members had "unanimously and conspicuously" rejected Fifa's plans. "No part of it should ever be surrendered to private investors. The World Cup is not for sale."

Oefa holds a particularly influential position as its members in their many of the world's strongest footballing

natives, including Spain, France and England, without which a World Cup would be too worthwhile to investors. European countries have whether of the last six men's World Cup competitions.

The next women's World Cup is due to take place in 2027 in Brazil. Spain are enjoying world champions. The next men's team is now in 2030 to act to be staged by Spain and Portugal – both Uefa members – alongside Moravia.

The boycott is the most serious rupture between the two most powerful governing bodies in football, which has long been at odds over how the game to run. Of the 67 in its members, 40 spoke during the online meeting, according to a person on the call, with all expressing their backing for the wreath.

England's football association said: "We stand shoulder to shoulder with our European colleagues and fully support the collective view."

Concord, which governs the game in North America, Central America and the Caribbean, also called an emergency meeting of the 6 members overseas.

Opposition to Fifa's plans was also growing since their unveiling on Tuesday, with domestic leagues, bus groups, players' unions and lawmakers on train sales of the Atlantic raising concerns.

Glenn McCallé, EU commissioner for sport, who has said it needs would use uniform to promote investigates the plan, said he was "proud to see Europe's football associations leading on governance, standing firm on their principles and defending the integrity of the game."

Fifa has pitched the contract and spun off as a way to bring billions of dollars into the game if members approve the scheme in a vote on September 29.

"We're thermal, a hard cut by JoAnn Kushner – brother to US President Donald Trump's use on ice/pool – has been fined up as the local invoice.

Adidas strong/fairful/court

Costly quest Meta shares tumble as investors question Zuckerberg's vision for AI 'agents'

Meta has set out to transform itself from a social media group into a world-bearing AI company.

KARMAN MURPHY – DAVID BARBERG

Meta shares tumbled 9 per cent yesterday after Mark Zuckerberg's latest defense of his costly quest to transform the social media group into a world-bearing AI company failed to capture investors.

Speaking after Meta's second-quarter results underlined the situation from AI spending that could total $14.8bn, Zuckerberg insisted the investment was benefiting its core advertising business and would create new profit engines for the 81.3bn company.

"I get that this is a big investment and it's a big bet," Zuckerberg told analysts. "We see the technology-sending. We're happy with the trajectory of the lab. I'm excited about the products that are coming, and we believe this is going to be a big thing."

In a sign of the impact of its spending, Meta said in turn cash flow in the second-quarter fell by 91 per cent to

$7.95mn, down from $6.1bn in the same period a year ago. The group's forecast for third-quarter revenue of between $60bn and $140bn also disappeared, with the midpoint versus Wall Street expectations of $6.2bn.

"Meta believes AI infrastructure is now a strategic asset, but its risk is arriving faster than the pay-off," said Mike Swain, research director at Forrester. "What it goes mind in cash this quarter almost all got years by AI infrastructure spending."

If now in Meta dropped as much as 10.4 per cent shortly after Wall Street's opening bell, wiping more than 20 percent of market capitalisation. The stock is now down by almost 4000 on 24/30s year.

On Wednesday, Zuckerberg looked a vision offering users' sophisticated AI 'agents' to autonomously carry out tasks on their behalf (A7), helping with health, business, personal finances and career goals. He said per-

sonal agents, plans for which were first reported by the F7 in May, would "be the foundation for our next wave of products and revenue lines in the months and years ahead."

Meta has been pumping billions of dollars into building a fleet of data centers and hiring top 10 talent. On Wednesday it forecast capital expenditure of $1.9bn ($16bn for this year.

On the call with analysts, Zuckerberg said he expected "a significant portion" of Meta's computing power would be used to power its own models and products. However, he said there was also an opportunity to sell data centers, especially among adding that Meta was "getting a lot of offers for company at a significant premium over what we paid for it."

Meta's second-quarter sales narrowly beat forecasts. Its net income shrank 14 per cent to $15.4bn, well below hundred estimates of $18.3bn.

NYSE owner to buy bond platform in $3.7bn deal

MARIA ABRAM

The owner of the New York Stock Exchange said yesterday that it has agreed to buy bond platform Market Access in a $3.7bn cash deal, as it pushes deeper into fixed-income trading.

Intercontinental Exchange said its $167-a share offer, a 51 per cent promotion to the company's closing price on Wednesday, had been recommended by the board of Market Access. The deal made a big step for ICE into electronic debt trading as the group seeks to consolidate bond trading on one large venue.

New York-based Market Access is one of the world's top electronic bond trading platforms, resulting in more than 2,000 shares of equity to sell their data and trade corporate and government debt.

Marked Access has agreed to pay $149mn in ICE under certain circumstances, including 2.5bn bond platform and 2.5bn stock market share, and 1.5bn share, according to a boycott on and Exchange Commission filing. ICE is obliged to pay $327mn in the bond platform if the deal fails under certain circumstances.

It is one of ICE's biggest deals in recent years. It bought one large soft-term computer and a large stock market in 2022.

"Together, we will build the fixed-income ecosystem that investors have always deserved – one that is transparent, efficient, fully connected and accessible to all," said Jeff Spescher, chief executive of ICE. He added that the company's strategy was to "take the largest, least-efficient centers of global finance and apply technology and network effects to improve transparency."

ICE said that the deal would bring more liquidity on our venue for global bond investors and give them improved access to pre-trade data, better prices and lower income than costs.

Electronic trading of bond markets has been growing but slower than in stock markets, partly due to the more complicated nature of debt markets and more opaque pricing systems. Nearly half of all trading in Thessalon in 2025 was carried out on the pleasure of encouraging because deals were too big and complicated to be confirmed without human input, Cadillac Growers' hold.

Shares in Market Access have fallen 60 per cent over the past year. Yesterday it reported flat revenues for the first half compared with the same period in 2025. Trading in its shares was halted yesterday, even though New York after its stock surged 50 per cent in pre-market hours.

Range of factors explains the sudden cold feet over the AI boom

The data center infrastructure boom fuelled the stock market's 10 explorers. It is also now about to destroy 10' Chinese about huge outgrowing – capital spending has turned into a serious reaching for some of the biggest techniques.

That was clear last week, when the stock market chose to focus on how Alphabet had burnt through cash for the first time in its history as a public company, rather than the surprising leap in cloud revenue and profitability that the spending had made possible.

This week, Meta has been put through the wedge for coming to press on with its huge investments. At the same time, it dashed hopes that it would relieve the financial pressure by resulting some of its surplus data center capacity, as Elon Musk's SpaceX has already done.

Microsoft backed the trend with the news that it is finally seeing serious events around the world as AI spending. Its shares, though, are still down about 12 per cent from last year's peak.

The answer over data center's spending comes at the end of a month that has also brought a sharp drop in semiconductor shares. The question now is whether this is just a temporary summer runtruns or a serious change of heart about the AI trade that has underpinned the stock market.

One possibility is that Wall Street be irons the peak in capex in class, even if spending will help robust in the short term. Neither the numbers nor the rhetoric coming out of the tech companies give any reason to think this. Rather, the mood was summed up by the marked understatement of Microsoft chief financial officer Amy Wood, who described the present shortage of capacity as a "relatively extreme moment".

Some cycle after, in spending is never taken, even in the midst of a secular boom. The memory chip shortage will run until at least the end of 2027, to judge from recent reports from Microsoft and others, but now capacity due in 2030 could change the person. It seems early to anticipate errors, though.

Another possibility is that investors are worried that while the revenue the tech companies

have been able to generate from all their new AI capacity, it is starting to rise fast, it is still modest given the scale of spending.

The order books of the big cloud companies provide some encouragement. Microsoft and Google's combined backing jumped to $2.2bn at the end of last month, compared with less than $300bn a year ago. But there is a clear concentration of risk here, with a massive dependence on OpenAI and Anthropic, which have yet to prove they will need all that capacity to service their own customers.

In a rapidly evolving market, it is also hard to tell when the AI companies will reach anything like sustained profitability. Anthropic provided a shot to the market with a growth surge earlier this year but he'd be hopeful in first profitable quarter. But that was followed soon

after by reports of companies cracking down on recessive use of AI services by their workers, known as "teleconomics." More recently, inroads made by Chinese models have raised the spectre of greater pressure opening.

A third explanation for the answer may be the sheer scale the capital spending has reached relative to the industry's overall finances. Meta's generation of positive free cash flow tumbled in teletons quarter, while Microsoft said it would stay positive for its next fiscal year, which has just started. But this is most comfort coming from companies that claimed out more than $100bn apart cash between them in their last fiscal years.

This points to a deeper structural shift in the industry's finances. Alphabet, besides learning cash, has lifted its huge extra debt to nearly $300bn, up from $10bn a year ago, while surprising the market recently by raising $60bn in bankruptcy.

Credit rating agency Moody's esteemed it up in a report last week, as the big tech companies turn into "court-have" businesses, their "relationship with capital, risk and credit (are) being redelivered.

Until now, it has been possible to view Alphabet as a hugely profitable search engine company that chose to invest its spare cash in AI. It is quickly turning into an AI company with a very different market, which is now - and, possibly, business model - to what came before.

None of these explanations, on their own, provide a particularly persuasive case for why this would be the moment for investors to get cash fast about the data center boom. Taken together, though, they explain why the anxiety level is rising.

richard.senov@ix.com

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8

•

FINANCIAL TIMES

Friday 31 July 2020

COMPANIES & MARKETS

Technology

Microsoft defies AI gloom with 15% surge

Historic one-day jump comes after big rise in data centres brought online

BY DAVID SCHNEIDER - DAVID FRANKFORD

Microsoft has not come to register one of the biggest one-day increases in market capitalisation for a stock, as investors covered strong earnings that defied a recent gloomy move for companies' financial

The company's shares were up 15.5 per cent in early afternoon trading yesterday, putting them on course for their recent biggest jump on record. This trimmed the stock's year-to-date base is 6.7 per cent from an about 20.5 per cent in the 15th century.

The move added $44.0bn in market

capitalisation, on course to displace NAdda $49.0bn (top on April 9 2021) as the biggest valuation increase for a 19 stock, according to FT analysis of Bloomberg data.

The historic jump come after Microsoft said on Wednesday it signed more than $25.0bn of new data centre houses in the second quarter in a large expansion of its commitments, as it races to bring online enough computing infrastructure to capitalise on at 45 driven boom in their sales.

Chief executive Satya Nadella said analysis: Microsoft was on track to roughly double its data centre capacity over two years and that it had brought online 31 new data centres in the quarter and 80 new its first year to the end of June. The losses, compared to the minority by more than two-thirds.

Like the other Big Tech "hypercruiser", Microsoft is racing to add data centres to satisfy rising computing power demands from AI start-ups such as OpenAI and Anthropic.

Refine £5bn, head of research at Volelbe Alpha, said investors had led up short a day Microsoft forecast higher than expected revenue growth of 65 per cent in the next quarter. "All the capex investments are having a meaningful return. The business is accelerating."

But the $25bn in US group's AI spending has driven up its capital expenditure, which fell $4.8bn in the second quarter, up 9p per cent year on year.

About two-thirds of the capex was for shortland assets such as semi-conductors, with the rest going towards data centre's including anti-SNet, wayhead infrastructure, the company said.

The rise in capital spending on into free cash flow, which fell 23 per cent year on year to $50.8bn, though it was ahead of analysis estimates of $25.8bn. The group held its capex forecast steady for the year, though an accounting change reduced the figure to $57.0bn.

Microsoft investors have taken comfort that data centre spending is powering. Microsoft's sales higher, with total sales up 18 per cent year on year to $9.8bn in the quarter. Its intelligence is having more, which houses the future platform, now 32 per cent to $30.0bn.

The increase rose 31 per cent year on year to $15.8bn during the three-month period, without by a $5.2bn gain on the ownership stake in AI lab Anthropic.

Microsoft continued climate revenues to rise up to $6.7bn in the next 10th quarter, up $12.8bn from the prior period.

The increase did not include any commitment from the frontier labs such as OpenAI and Anthropic. Microsoft said: It reported that OpenAI, in which it

reveal a new quarter stake, had contributed $45.1bn of revenue over the past year, or about 7 per cent of Microsoft's $32.2bn in sales. One such giant has a complex relationship with the era's up, as its largest investor and provider of computing power, but also a competitor. Investors have turned over Microsoft's software franchise in the 1st red.

"Every model is substantial," Nadella said investors, saying Microsoft was building "a new model system" as the core technical scaffolding also apparently has any particular model. This would allow Microsoft to map between its two products to share a model 65 with, as a consensus and quality device.

Bankia

SocGen profit jump despite missing one on trading boom

SARAH WHITE - PHOTO

Socialist Getafude has posted record second-quarter profits on a booming French banking business, although the leader missed out on the trading bonanza that has boosted many rivals.

The French bank, which also announced a €1.5bn share buyback yesterday, has undergone a turnaround under chief executive Sherome Krupp in the past three years, winning over revenues after years of foreign restructuring and setbacks.

It has overtaken the Covid-19 episode to become France's second-biggest leader by market value over again, although it is worth only half as much as BNP Paribas.

Krupp's profit further than expected 23 per cent jump in net profit from a year up to a record €1.7bn and raised

A cost cutting drive has also helped earnings along with vast improvements in its French retail bank

In return on equity target for 2020 – a key measure of profitability – from more than 30 per cent to about 31 per cent. The balance now 1 per cent.

Krupp's new cutting drive has also helped earnings along with vast improvements in its French retail bank. A few years ago SocGen was punished, along with local rivals. In an auditive to benefit quality from interest rate rises, those are now bringing on fixed cash.

American company also has been more bank, which has underperformed other areas for several quarters. SocGen missed out on a widespread trading boom in the April to June period that was earnings across Wall Street trading, and which benefited many individuals at BNP Paribas. 100 med Frenchs from.

SocGen's markets revenues fell 1 per cent from a year ago to €1.6bn, with sales income and revenues of 2 per down 0.3 per cent. Equities trading performed better, with revenues up 5.5 per cent, but still less shattered than peers.

Krupp's net to within his latest strategy plans to September, after a big focus on boosting capital and cutting costs. See Sun.

Football flop Adidas slides after income hit by World Cup spending

All to pay for the Atlas status at New York's Stockholder Center features a giant adidas World Cup football during the tournament

Adidas shares were in line for their biggest one-day backer after the specter gave mixed quarterly profit to popular club following higher marketing spending for the football World Cup.

Net profit from continuing operations rose 6 per cent year on year to $7.8bn in the second quarter, below analysts' expectations.

€4.5bn. Adidas said marketing expenditure was 30 per cent higher than a year earlier, reflecting increased

spending on World Cup campaigns. Shares in the German specter was

group fell 30 per cent in only trading, the biggest initially shop at record. "In absolute terms (the second quarter) was a good quarter but against a rising (the 9 World Cup expectations this is going to disappoint investors),

and analysts at Deutsche Bank. Chief executive Bjorn Gullens said management was "very surprised" by the share price reaction. "We have delivered what we promised," he said, stating that the second quarter was "stronger than we expected."

The €22.0bn surge in spending around this moment's World Cup in North America came as Gullens sought to slow the gap with rival Nike.

Adidas had its ideal that, given the

teams and products it had assembled for the World Cup, it should "spend real money on it," he said. Marketing competition would now return to more normal levels, he added.

Adidas sold four times as many preens and twice as many footballs compared with the tournament in Qatar four years earlier, generating about €2.0bn in World Cup-related sales. Mexico's shirt was its best-selling national event reg, while the final

between Spain and Argentina featured two Adidas sponsored sales.

The profit main cause despite record second-quarter revenues of €7.0bn, up 14 per cent net constant estimated. Growth was driven by strong demand for earnings and football products, as well as gains in Latin America and China, where Nike has been struggling.

Nike, the world's largest specter group, recently reported its lowest quarterly revenue in more than four years.

Customer sales one just 1 per cent as the broader lifestyle market became more volatile and promotional, even though Adidas said demand for its sales driven, the extra-cumors further and clearly, remained healthy. Gullens said the enormous growth previously generated by those styles "was not

sustainable", although he argued for trend had broadened, including through collaborations with artists such as that theory.

A 2nd step sales jumped 35 per cent as football shirts increasingly crossed over into storefronts.

Adidas adjusted its full-year 2026 sign up 6.6bn, saying it saw expected currency neutral revenues to increase between 6 and 10 per cent, compared with a previous

forecast of high single-digit growth. It maintained its operating profit target of about €3.3bn.

Gullens said these targets "might be cause rather", saying Adidas did not assume that the 20 per cent growth is sales through its own stores and websites would continue. Adidas said it had recognized only

a "small" benefit from credit for tariff refunds received in the second quarter. Potential further refunds of between €20bn to and €30bn were not included in full-year guidance.

"The company also said chief financial officer Harry Skinner would have at the end of the year. He will be replaced by Yeligi Korkulman, who makes from clothing retailer G&A, Florian Mälly & Co.

Oil & gas

Shell reports second highest earnings after cashing in on volatility

PAUL SILVINGREIS AND NISSIN KOLAKI COMPUTER

Shell reported its second-highest quarterly profit to factory, as the war in the Middle East continued to create opportunities for its traders even as its gas production fell.

The US oil major reported $8.8bn in adjusted earnings, ahead of a consensus prediction of $8.7bn by market-eating prices $4.3bn in the same quarter last year.

It was the second highest quarterly earnings for Shell, behind only the $11.3bn made in 2012 after Russia's full-scale invasion of the state caused an energy crisis in Europe.

Shell's traders benefited as the prices of oil and gas swung wildly in the quarter, creating larger spreads between buyers and sellers, more opportunities for arbitrage and greater demand from customers and an efficient and airflow for price-bodging contracts.

"We are moving to imagine trading into every single part of our organisation at the moment," said chief executive Sime Vassan. "In my mind, volatility is just a part of the energy system going forward," he added. "When our trying to build trading organisations but we have been on that journey for decades."

The volatility in energy markets was

"In my mind, volatility is just a part of the energy system going forward"

Wad Suwan, CEO

also reported to tighten antishock. The London Stock Exchange Group reported record first-half earnings yesterday, with a one-third rise in operating profits to £1.6bn.

Chief executive David Schimmer said LSDG's markets business "had an exceptional first half" and that "some of that, of course, is related to volatility in the different asset items".

Shell said the war in the Middle East, which hit its front gas to liquids pharish (June), had been the main reason for a 35 per cent fall in gas production-quarter on quarter.

The company had wanted to the first quarter that it was unlikely to receive any year into from its operations in Qatar, where it also has a share of the country's LNG exports. But Suwan said the blue had been a second by LNG Canada, Shell's large plant on the west-coat of Canada, reaching full capacity this quarter.

As the price of refined fuels, such as jet fuel and diesel, remained high in the quarter, Shell's seven refineries run beyond their nominal capacity, at 102 per cent utilization, to keep up with demand. Shell's production at jet fuel, for example, rose a 30th year on year and adjusted earnings at the company's chemical and products division rose 49 per cent quarter on quarter to $2.0bn. The company also said the company had 26 years over the past three years, with the company has underperformed compared with its rivals in the year to date, after returning its quarterly share earnings to represent to £10bn in 2020.

The oil major said it would hold its first back of the same level in the upcoming quarter but would also continue $12.2bn of her back if it was unable to make in the previous quarter because of its acquisition of 4.0% finance.

Shell shares closed flat yesterday.

Energy

EDF seeks backers for small reactor venture

SARAH WHITE - PHOTO

Friends nuclear energy group EDF is working investment partners in Europe to help handle small reactor ventures in 8 years, to raise air ground spaces, build decays and dozens of smaller steel equipment.

The bank is only 40% could also bring in potential buyers at the small nuclear reactor technology to lock them in accidents.

The state-owned group, which runs Europe's biggest Bank of 37 large-scale reactors in France, is obtaining one and 10% of the total energy that has been added per year, of the total energy that has been added per year.

It now would in years ahead with a 2.5bn of energy in the second 10th from 2025, and would work board approximately 6m these plans, three people familiar with the matter said.

EDF was also working to bring new investors into the subsidiary, two of the

people added, potentially leaving the utility as a minority holder of forward.

Interest rate investment in the solicitors such as Shilpen, Finland and France that already have or are building nuclear plants, and others that did not rely on the technology, such as Greece or the EU's initial.

Italy was in the most advanced talks, the people said. The process could also include funds and industrial companies.

"The idea is to have several foreigners around the table," one of the people added. "It would be a happy 5m just an EDF outlet."

EDF declined to comment. Italy's energy industry had no immediate comment. Noward already signed a part to explore collaborations with several nuclear companies, such as the 2m plan, but did not conclude a state sale then.

Neither Norwell's essential volunteer nor a date for when the investments would be ready was due, the as well as securing funding. EDF is keen to bind

third partners Norwell is potential clients, given it that he or she provides business with the most potential natural France, which already has a vast nuclear bank.

The French government has already tasked EDF with building at least six million people in 2020.

Once the smaller scale designs are established, 100% should be quicker and easier to build than traditional nuclear plants.

In the US, interest in the technology has sought in developing funds for volume because of providing data centres. An initial investment in that year and reductions existing for listed projects, although shares have since fallen.

EDF's plan to examine forward France's new investment in the new谈判 would make it: "There are about 120 projects in the world. There's own more for 120. Not all will remain."

Additional reporting by Amy Rannin in Rome

Airfines

Air France-KLM sees shift to northern breaks

SARAH WHITE - PHOTO COMMERCE - COMPUTER

Businesses are pushing numbers to show summer holidays in southern European countries to favour of more northern destinations, the head of Air France-KLM has said.

Chief executive Ben Smith said customers' cold away from areas hit by sustained high temperatures was the "big-pot charge" the airline group has seen in recent weeks, as it reported a 70 per cent drop in second-quarter profits because of higher buoyancy.

"What we're seeing is more Europeans who are avoiding... certain parts of France, Spain, all these places that are leading force have them," he said that it

is the many 157 countries in Europe in their coming plans, the "biggest change in patterns" was Europeans heading "to the northern part of Europe this summer," he added.

Wildfires have ravaged parts of

France and Spain over the past week as the continent struggled with another formation, and the major holiday institutions did overcrowd.

Like its rivals, Air France-KLM has been hit by rising jet fuel prices stemming from the 5m monthly. The France-based nuclear energy group's 45% loss jet profit is the three months to the next three, a drop of 70 per cent from a year earlier, takes rose nearly 10 per cent to 9.5bn.

The price of jet fuel should immediately alter the conflict began at February though it has started to drop. Air France-KLM expects its full year fuel cost to be 8m, where 85m higher than a year ago. But this is lower than the 8% the European air-fluels.

The price of jet fuel should be reduced by the 5m monthly. The price of jet fuel is 5m, saying it has started to drop. Air France-KLM expects its full year fuel cost to be 8m, where 85m higher than a year ago. But this is lower than the 8% the European air-fluels.

growth of 6 per cent, down from up to 10 per cent. The haven't cut our rooms, so the 5m is a 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m,

the 5m is 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m, and the 5m is 5m,

Air France-KLM has on Wednesday said it had staged a funding factor up to 49.9 per cent of state-owned Portuguese quarter 2017. The final stage in a century with Germany's Leifmann for an airline that would give it as the first base for many years, and the first base for many years, and the first base for many years, and the first base for many years, and the first base for many years, and the first base for many years, and the first base for many years, and the first base for many years, and the first base for many years, and the first base for many years, and the first base for many years, and the first base for many years, and the first base for many years, and the first base for many years,

South Andover has continued on the price offselling Air France-KLM.

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Friday 25 July 2006

4

FINANCIAL TIMES

9

COMPANIES & MARKETS

EV battery leader CATI pivots to data centres, power grids and ships

Chinese groups expansion reveals ambition to foster and dominate new energy-store industries

GENEVE WHITE — CHINA CARR WAGNER — LONDON

In-flung industrial building in Xiamen, south-east China, lie the charred, melted remains of safety rolls piled by a massive electrical charge to simulate a lightning-slice.

The high-voltage test is just one of many being carried out on new battery systems, made by China's CATI, designed to power AI data centres and back-up circuits in girds.

Unlike the car batteries that CATI has been making for years, these systems have to operate around the clock under all kinds of conditions, hence the simulated lightning strikes among scores of tests in extreme operating environments.

Then Xiaole, who leads the owner's centre, told the FV that after "many years" of developing lithium cells for cars, the company believes its batteries can now be steep and less "nearly lazy or scare systems."

CATI's facility in Xiamen is symbolic of the Chinese group's definition to move beyond making low-cost lithium batteries, a business of dominant worldwide.

"The original material is for investing in this laboratory emerged from the evolution of energy storage itself – from today's distribution, low-voltage storage systems towards higher-voltage, grid-oriented energy storage applications," Chen said.

For Better Long, the chemistry white who founded CATI, after making batteries in every 5 bits and 60 words inside phones, investments such as the Xiamen centre are also part of a years-long effort to foster – and dominate – new battery-powered batteries.

The Chinese group maintains the about 40 per cent of the market for EV batteries, while a contributor's about three quarters of its 364, the in-sale last year.

Several investments highlight how CATI's(purchasing itself) in one is that built in new sectors that stem from the magnitude of AI, the replacement of oil, gas and coal via renewable energy and the diversification of the world's energy supply and industry systems.

"Our ambition is not just limited to being a battery supplier to [cartridges]. ... we are ourselves as a high-tech company for the move the energy sector," Chen says. CATI's level of revenue investment, told the FV in June when it announced the deployment of battery mapping stations for electric berries in Europe.

CATI, has made direct investments into 132 centres, as well as indirect investments, via its subsidiaries and funds, into more than 5000 businesses, according to data from Chinese corporate information service Thanyancha. That company (annually with rival RTSN 269 direct and 2,836 indirect contracts) is also a major business.

CATI, has already won about 50 per cent of the battery energy storage system market, a series that is growing rapidly due to AI. Low highlighted investments in large battery systems for power plants, power plants, tubes and factories, as well as small-scale systems located at and above.

The company has also installed its batteries on close to 1,000 rounds, mostly smaller craft operating close to China's roadline, at port or in-zone.

In many of these sectors are only just starting to create themselves off-hand fuels, CATI, executives have promised to support the development of related infrastructure, including investing billions of $1.5 million in the 2006 battery mapping stations for cars, trucks and ships.

Chen, the Xiamen centre boss, said

Photo

"Picks and shovels" supplier falls 25 on HK debut

A winner of the US China rivalry that supplies AI data centre equipment to both quarters for 2 per cent in its Hong Kong debut yesterday, as it was swept up in the global tech self-off.

Chung's multiple, which is the steady trend in Shenzhen, closed at HK$960 after pricing its Hong Kong shares at HK$900. A second ¥632.4bn ($6.8bn), with an option to sell additional shares that could bring the Ngan to 25bn.

Involved in one of China's most valuable companies, with a market capitalization of more than $50bn. "Hong Kong being in the second largest in Asia this year and joins a series of market delves for the 'tech and shovels' supplier of the AI base.

The blending-based company makes a group of newcomers and intercomers, which are needed for the fact teacher of alternative between cities in AI data centres. Big customers include Alphabet, Amazon, Alibaba and Huawei.

"Some of these leading hardware companies in China are actually being recognized as low-cost suppliers to global companies," said Jason Lee. Head of the AI's early start derivative strategy at 1997 Parklae.

Involved has experienced rapid earnings growth: the Shenzhen shares have risen more than 6,000 per cent since the year of 2025. Net profit jumped from $9,612.2bn ($10,994) that year to $6,000.5bn last year.

In Shenzhen shares have fallen nearly 42 per cent from their peak in June alongside drops in tech indices around the world. Its Hong Kong shares fell as much as 52 per cent yesterday, while its Shenzhen shares dropped 52 per cent.

The whole global narrative between AI software and AI hardware is including a lot "said" as: "For the past three weeks, it has been about getting money out of hardware and moving it into the underpothment." William Sandbach in Hong Kong

that at a "companion level" testing for battery cells and gas do not matter.

However, once these battery components are integrated into more complex systems – such as storage containers, electric aircraft and ships – and large-scale energy storage systems, "the level of integration becomes significantly greater and more complex", he added.

As part of an industry-wide approach, he said: CATI's testing facilities were open to both the 2006 and 2007 centre owners or electricity gold operators, too.

Many of CATI's recent investments, as well as its research and development budget, have been channeled towards battery technologies and decisions, such as sodium, its type 3, the one more declared that batteries do for commercialisation of sodium batteries had been overcome and the group was moving to more pre-ductively your end.

Other investments in recent months include: spending close to $5bn on a 30 per cent stake in Chinese data centre operator VNG's A Sun dan Koth, a 50 per cent stake in Zhengjiu Qili Koth, which owns a leading domestic supplier of high-voltage direct control power systems.

CATI has each reported that revenue over by 10 per cent in R&D(17% ($40.9bn) for his six months to June, with net profit up 42 per cent in R&D(4.2bn ($6.4bn), paid strong demand for energy storage systems.

Its Shenzhen listed shares are up almost 40 per cent over the past 12 months and is also announced plans to buy the largest batteries stock.

Given its increasing importance to the world's energy systems, CATI has found itself in the crosshairs of both Wading-ine and Beijing-16-based systems, since the company was re-engaged by the Patterson as having military links – an altogether the company enough details.

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became increasingly very over the leaking of Chinese stockกับ real property related to cutting edge batteries, learn that could also down CATI's overseas ambition.

However, in the wake of the oil price shock this year following the 1th low conflict, many analysts are increasing their long-term forecasts for battery demand.

Researchers at Bernstein in Hong Kong forecast that global battery demand will grow from 1.8 tct and lower than last year to 57 TWh by 2050 and 16.6 TWh by 2050. This pace reflects a compound annual rate of 9 per cent over the next 10 years.

These forecasts follow a 10-fold growth over the past five years as falling battery costs improve their economic.

Spacred by both rising demand and geopolitical tensions, CATI is striving to secure its own supply chains. The company has spent heavily over many years to secure access to key resources, including lithium and nickel, and is quite established a strong subsidy and with registered capital of Radcliffe.

Half knowledge, who leads Bernstein's energy research, said that while some Bernstein have published CATI's peak sales now over areas, others regard its battery dominance as akin to TDR's, unweighted over the manufacturing of high-cost automotive cars.

TDR, like CATI, has a market share of about 40 per cent for its core products, while leading the highest margins in the market and the greatest share of the profit pool.

Every day added: "There are some parallels that we see with TDR, it's built on their technology leadership ... that uneffectively distill from from the competition and endless from to make much higher margins than the rest of the industry."

Technology

Amazon finds cases of AI use causing huge cost overruns

RAVE KOSHER-JUDDIN — SAN FRANCISCO

Amazon staff have identified cases of what they called "catastrophically expensive" and "an unintended way of an action to leave the company free-need AI and a lack of spending controls."

Senior engineers told colleagues in a staff meeting on Tuesday that attempts to switch tasks from conventional programming to using AI models had led to "unplanned" spending, and multiple people familiar with the market.

Engineers were working to create "attenuated" guardrails for future projects, among other resources to keep costs down, the people said.

The episode highlights the difficulty that even the biggest tech companies are having keep going AI into their daily operations without corresponding.

"It's difficult to figure out how much anything I've related, costs, one-enter Amazon employees told the FV.

In a power-station the work, staff were told of one instance in which the company spent $1.8mn on matching author details with listings on the group's occurrence website using Antitopia's Claude Sunset AI model, despite the deployment falling, the people said.

The spending represented an 800 per cent cost over an company with the project's budget and took five months to down, they asked.

Amazon said: "As with any new technology, we're experimenting, knowing and improving how we use it, including how we drive cost efficiency."

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Senior engineers told staff that the corresponding was not an "instead" incident. In a separate episode, the company incurred about $40,000 in unexpected costs related to building financials outlining both.

A third incident, in which AI was being used to improve delivery speeds across its highest research, incurred $136,000 in the material spending and took more than a fortnight to detect.

The company added: "There's picking small, isolated examples where teams are learning from one another and perceiving them as business as usual doesn't reflect how future action data are accruing AI."

The presentation noted three examples spanned only a handful of teams at Amazon, which employs roughly 3000,000 corporate staff and makes about $100,000 in the near-forth sector.

The 16,100 group is making big layoffs to reduce its costs and help finance its vast AI investment. Amazon is expected to spend $100bn in capital expenditure to keep data the vast majority on AI and data centre infrastructure.

Companies have been grappling with an increase in the cost of AI tools as providers shift their pricing models. AI labs including Antitopia and OpenAI have transformed some services from the subscript but it's rather rather falling, which has been done in data processing.

Changes in pricing models have led companies to shift their AI usage away from the most advanced models to change and for overseas and alternatives, including open-weight models that only require users to pay for the competing power needed to run them.

Comments & Tenders

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10

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FINANCIAL TIMES

Friday 31 July 2020

UK COMPANIES

Telex

VMO2 owners look to cut £22bn debt pile

Telefonica and Liberty Global consider investing dividends and saving jobs

GERMAN SMITH AND BERN HIRSCH LONDON

Virgin Media: US owners are weighing options to reduce the company's £22bn debt pile after investor loans about the telecom group's business accelerated the 2018 date.

Options for shareholders: Telefónica and Liberty Global include setting VMO2's reported £200mm dividend-like loan, deciding plan and reducing capital expenditure, according to two people familiar with the market.

The price of VMO2's about £1.15m of senior unsecured debt has plummeted with over 897 loan-based billing as low as 37 cents on the dollar on Wednesday, having traded at about 78 cents at the start of July. VMO2's safer senior secured bonds have also fallen sharply with the price of a $2.40m note reaching 76 cents on the debt, down from 50 cents at the beginning of the year.

The company has become a focal part in the interest of buying funds debt market with one distressed credit investor describing VMO2 as "the talk of the loan right now".

Telefónica and Liberty Global have built publicly standards on the past week the need to cut VMO2's debt as part of obstetric sales credit investors.

Broadholders have been spunbed by the threat possibly, until 80m network operators to higher on "attract", which raised more than £32bn to have customers from VMO2 and BT-owned Open-ends with doing filter-breathed.

One of the largest, CityPay, is set to receive a £900mm equity capricola from shareholders including 40m chain sovereign fund thubalain. The capital will be used to expand CityPay's network and the interest and potentially acquire trusts, the company said yesterday.

Shareholders have already injected £2.7bn into CityPay, which carried £3.7bn of net debt as of 2020. The note leading may be conditional on creditors accepting a halerut, according to a person familiar with the matter, who asked

that no final terms had yet been agreed. Virgin said 32,000 broadband customers in the first half of 2020, on top of the UK 400M but last year. It had a customer base of £42mn at the end of June.

Liberty Global chief executive Mike Price (last week urged investors to remember that VMO2 shareholders had "iners tools" of investors, its cut its debt, boost operating performance and improvements in cashflow.

Telefónica chief financial officer Jean Lucas said analysts on Wednesday that it and Liberty Global were "consolidated being proactive" in managing VMO2.380m about one had "levers to pull in materially increase free cash flow and accelerate deboraging".

Investors are also concerned about

the shareholders' role in the £20m capri-ditor of Notcomus, the UK's fourth largest broadband network.

Liberty Global and Telefónica are partnering with private equity firm Infovilva Capital to buy Notcomus through their joint venture NoHibes.

Although NoHibes is a separate company from VMO2, investors are warned the deal will appear in cashflow.

VMO2 will take a 15 per cent equity stake in NoHibes as part of the deal, receiving £1.2bn in cash in exchange for reducing traffic from Aston-Burnes on to its network, that is will have to pay fees to access NoHibes's infrastructure to future, spending loans about to buy or turn finance. Liberty Global, Telefónica and VMO2 declined to comment.

Aerospace & defence

BAE raises its earnings and sales guidance after surge in order book

JOSHUA PISHER — LONDON

BAE business valued its profit and sales methods for the year as it reported a surge in orders, as Britain's defence champion continued to玲珑 the benefits of higher-affairs spending.

The FTH 100 group, which builds the UK's nuclear submarines and fighter jets as well as producing missiles and accessories for four offers, yesterday, required underlying operating profit to rise 10 to 12 per cent this year, up from 9 to 12 per cent per month.

BAE forecast that sales would increase by 8 to 10 per cent, up from a previous forecast of "net" per cent. The strong performance comes as defence groups are benefitting from higher spending in the wake of conflicts in Ukraine and the Middle East and governments seek to replenish stockpiles and invest in new weapons.

BAE chief executive Charles Woodhunt said the global threat picture remains highly volatile and governments are responding with sustained increases in their defence budget.

Under strain on the free half of the year was £16.4bn, taking the company's backing to £444m. New contracts included those for the Eurofighter

The 'global threat picture remains highly volatile and states are responding with increased budgets

Tyrjolene jet and missiles, as well as space and interest systems.

The company this year signed a seven-year agreement with the US government to quadruple the production capacity of infrared workers for the Grand-landish system.

BAE is one of the biggest corporate winners from the UK's defence investment plan to commit an extra £32bn for the country's second issue, honoring it secured a £2.9bn contract in the next stage of the project to build four new nuclear-owned Dreadnought submarines, which will replace the ageing free guard fleet that makes up Britain's cash-buried air on nuclear factories.

BAE's order totaled does not yet include some recent high-yielding contracts, including funding for a nice stealth fighter with its Italian and Japanese partners in the Global Combat Air Programme. Germany, whose own jet alliance with France recently collapsed, has been formed as a possible new partner. Woodhunt declined to comment on potential talks with AirData German-based defence business, but said that a key requirement of the programme was "not to do so" (I) do not. OGP wants to hold a higher job by 2020.

Olympia has pace of this programme. The window hasn't closed to market indefinitely closing," he said.

The group last week unveiled a new autonomous combat aircraft device, which was designed to be the largest fighter jets. Woodhunt said the device had "prompted a lot of interest".

BAE said sales in the first half were £33.8bn, an increase of 4 per cent on a computer currency range and a strong analyst expectations. Underlying earnings before interest and rise were up 11 per cent to £2.7bn. Free cash flow soared to £2.8bn due to advance payments by government customers.

Banks

Lloyds plans £2bn savings and AI push in new strategy

LATINIA KREKST — LONDON

Lloyds Banking Group's boss has outlined a new new year separate strategy, including investing in AI to help deliver £2bn in cost savings.

The UK's largest high-rent bank will spend £12bn on the four year plan, called Accenture 2030, that will involve expanding its corporate bank.

Chief executive Charles Nunn unveiled the ultimate strategy at the group's half-year results yesterday, where Lloyds reported £2.2bn in pre-tax profits for the three months to June, up from £2bn a year earlier. The group reported £4bn in revenues for the quarter.

Analysis had expected £2.2bn in pre-tax profits on revenues of £4.95bn, shares were up 3.6m per cent in yesterday's trading.

The new strategy builds on France 2022, pivot to focus on generating more revenue from sources that are less closely tied to the interest rate cycle than its traditional trading business. Since then Lloyds shares have risen by almost 120 per cent.

Lloyds' first half results were buoyed by higher interest from operations outside its traditional trading business, such as loss for managing client pensions, insurance and investments.

Nunn has championed expanding these business lines to diversify the market.

The bank's income from sources unconnected to the interest rate cycle rose to £2.7bn, a 12 per cent increase from the same period in 2020.

It was also helped by a rise in its net interest margin – the interest charged between and the rate paid to the customer deposits.

Lloyds said its underlying impairment charge for loans is expected to be regarded as the second most effective for £2.2bn in the quarter, compared with £2.7bn in the same period last year.

Under its new strategy, the bank said it wanted to grow in core markets and not technology to simplify the group's operating money by our customers. "Nunn says:

"In UK's largest mortgage holder will also deploy AI and information technology to cut the time it takes to buy a home 'from works to days', he added.

Shift in assets Aston Martin tight-lipped on HPS financing

Aston Martin is keeping investors in the dark over the structure of a mainstream £100mn debt deal that shifts assets out of the reach of existing creditors in favour of its new bank in the BlackRock-owned private credit firm HPS.

The cash-strapped company announced the funding package last week, comprising a £450mn term loan and a further £100mn that can be drawn in the future. Aston Martin said the financing was "secured against certain of the group's assets situated in a newly incorporated subsidiary, together with certain other assets".

The move was challenged by existing creditors, who argued that a financing deal placing these assets beyond their reach reached key terms of Aston Martin's existing debt.

The Australian federal questions from existing lenders, owed more than £2.7bn, as well as equity analysts on its earnings call on Wednesday, both sought to understand which assets have been pledged as undervalued on HPS.

Aston Martin is keeping investors in the dark over the structure of a mainstream £100mn debt deal that shifts assets out of the reach of existing creditors in favour of its new bank in the BlackRock-owned private credit firm HPS.

The cash-strapped company announced the funding package last week, comprising a £450mn term loan and a further £100mn that can be drawn in the future. Aston Martin said the financing was "secured against certain of the group's assets situated in a newly incorporated subsidiary, together with certain other assets".

The move was challenged by existing creditors, who argued that a financing deal placing these assets beyond their reach reached key terms of Aston Martin's existing debt.

The Australian federal questions from existing lenders, owed more than £2.7bn, as well as equity analysts on its earnings call on Wednesday, both sought to understand which assets have been pledged as undervalued on HPS.

Aston Martin, which has publicly traded equity and debt, refused to give details and debated the deal as "important for the company as a whole". While broadholders have asked the company, the company's stockpiles which assets have shifted out of their pool of

collateral, Aston Martin has not agreed to do so, according to people familiar with the matter. A person, due to Aston Martin said it was in full compliance with disclosure obligations.

The refusal has heightened tensions between the company and its holders, and shocked credit investors throughout the market. "It's completely ludicrous... I've never seen anything like it," said one high-

'It's completely ludicrous ... I've never seen anything like it. It's going to piss off a lot of the market.'

yield portfolio manager who does not own John Martin debt. "It's going to piss off a lot of the market."

Specifically, investors are keen to understand whether the company's valuable intellectual property assets have been designated as "unrestricted" and pledged to HPS, placing these out of existing creditors' reach.

Another most stable acrobity is Aston Martin. Wales-based jobs, which opened in 2019 with financial support from the Welsh government but has operated well below its full capacity. "All the information relating to the

transaction we've set out in our prior announcement, as settling further to disclose today," finance chief Doug Lafferty said in reply to an analytic question on the assets.

The new financing has been used to target a £37bn in working credit facility, as well as a portion of another £20mn facility extended by a consortium backed by chair Laurence Stroll.

Further this year, Aston Martin also announced plans to raise £50mn by selling the rights to use its name for the Potentals Leasing team.

The sale of branding rights to the £100mn holding company, AMR GP Holdings, will offer a market a cash equivalent loan stock, who indirectly controls AMR.

HPS has a minority stake in AMR GP Holdings that it acquired in 2018. In addition to the lack of transparency, some investors have questioned whether recent financing deals have benefited certain shareholders such as Stroll.

The £100mn deal, for example, was referred to shareholders who mentioned the valuation as too low, to Aston Martin declined to comment.

Evan Huth and Emu Engahl

Property

Foxtons profit shrinks as buyers stay cautious

JALAT STANDING — LONDON

Foxtons' profit before tax tumbled 37 per cent to £4.4mn in the first half, dropped down by weak sales as consumers beatheld over buying homes and as fewer listings maintained for the next few years.

Revenues from the London estate agent's home sales division left 37 per cent to £25.3mn, owing to UK political uncertainty and the war in the Middle East, which led to higher for longer interest rates and argued buyers' confidence, the company said yesterday.

Foxtons has undertaken an 'operational market for the high-selling' and cost-savings to try to navigate a market with persistently lower sales volumes. It said it had saved £4.5mn as a result of its actions, which were announced earlier this year, and which involved some lay-ells in its sales division. The redundancies announced to less than 2 per cent of the workforce, said up even families with the assets.

Foxtons has been reassigning people

to offer parts of the business, including its listings sold, the process said.

The company has also been increasing its use of economics. At end of the year, technology as another way to cut costs.

Many with humanisation and property

'We urge the new cabinet to prioritise stamp duty reform ... the single biggest barrier to barter moving'

erty portals, it has called on the government to reform stamp duty to get the moulds of housing market moving again.

'With 2018 likely to prove one of the lowest years for business measures on some six record, we urge the new cabinet to prioritise stamp duty reform, which remains the single biggest barrier to barter moving – be first time buyers to ring to get on the battle. So, growing families and for those looking to down-

size," said chief executive Guy Gittins. Foxtons' results come as the part of sales in the property market has disclosed over the summer, underthings the impact on higher mortgage rates and broader economic uncertainty on buyers' benefits.

The number of sales agreed over the year works in July 19 led by 5 per cent to £2.5mn, the number of sales gained last year, property site group said yesterday.

Foxtons' listings business bumped up against 'short term volatility,' stemming from the Rosterer Rights Act, which came late after in this and which spurred some interest to some sales their losses. The legislation is intended to provide safety and security to tenants.

Foxtons said the legislation would presage "flight to keep quality agents" and fear "consideration to the extent" to the result of the tax.

Shares were up nearly 5 per cent in months covering trading before ending the day.

Aerospace & defence

Rolls-Royce lift budget after beating forecasts

SYLVIA PISHER — LONDON

Rolls-Royce has raised its financial targets for the year after reporting strategic backturns on the half-profiling drives by strong demand for its civil and military engines.

The FTH 100 group, whose jet engines power large Airline and having driven 2.5bn in the first half of the year, is in the indirect underlying operating profit of £4.7bn to £4.5bn for 2020, up from a previous forecast of £4bn to £4.2bn.

It also raised its five cash flow guidance to between £13bn and £4bn for the year, up from £2.8bn to £3.8bn.

Chief executive Eritsa Eggerings, who has presided over averaging over half of the group that holds engines for both civil and military use, as well as power systems for data control – said the company's strong start to the iron had enabled it to raise its guidance. 'Right the conflict in the Middle East'.

The company's transformation, he added, was continuing to deliver. 'We are transforming operationally, finan-

cially and strategically,' he told reporters yesterday.

Rolls-Royce has continued to increase the profitability of its engine market, which remains the first of business, the group has been investing to enhance the possibility of increasing and superior to

deliver a more than 500 per cent improvement in 'bans on work,' across to modern Trust engines by the end of 2017. This is also seen in an Rolls-Royce generation most of its revenues when its engines are operating.

Eggerings, also highlighted the company's strong position as an engine provider for autonomous military vehicles – a Rolls-Royce engine powers buying a 80/2.5B 10-tag e.g. the 1/8 May's unmanned aircraft.

The company's power systems business was housed by demand for both diesel backup and georegions, he said. 'Where is Rolls-Royce have since been in the 1970s that the date of the year. They were up 6 per cent to £4.6.5 yesterday.

The company reported a 64 per cent jump in underlying operating profits for the first six months to £2.5bn, compared with the same period last year. Underlying revenues came to at £11.2bn, as in excess of 24 per cent.

Rolls-Royce is February upgraded to midterm targets following a strong performance in 2020.

People considering operating profit of £4.5bn to £3.2bn in 2020 and four cash flow of £4bn to £3.3bn. The company is also targeting an underlying operating profit of up to 20 per cent.

In February it also announced its first multiturned share buyback, saying it would buy back between £7bn and £9bn of its shares from 2018 to 2028, with £2.3bn to be completed this year.

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Friday 31 July 2026

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FINANCIAL TIMES

11

COMPANIES & MARKETS

Commodities. China dominance

Hedge funds raise bets against US critical minerals groups

Short sellers increase wages

amid fears that rally fuelled by

Trump policy had run too far

FAMILY-NEWS/USA AND

CANTALIA PROGRESS — LONDON

Hedge funds have been increasing their lives against US critical minerals companies to the belief that backing from the Trump administration that has turbo-charged the sector will be insufficient to break China's strategistical on global supply.

Short positions – between actuals will fall in value – have made this year against groups including US. Baltimore Corporation, American Insurance Corporation and BP Materials, according to stock loading data from SKP Global Market Intelligence.

The share prices of companies supplying critical minerals and rare earths – essentially the truth and defense success – reduced last year in response to the US government injecting billions of dollars into the sector in the form of equity values, issue and contracts, in an effective break China's grip on the industry and develop a national supply chain.

But investors have become increasingly concerned that the following with may have run too far, given the years it is expected to take to alter global supply chains meaningfully, and given China's ability to undermine revenue productivity flooding the market with supply.

Some stocks appeared to have been bid up by “America” and some did not “have enough economic substance to sustain these stock prices, to put it very politely,” said Regfried Eggers, chief executive of Grizzly Research, a short seller that has previously published a critical report on NP. He declined to comment on the block positions.

The Trump administration's backing of the minerals sector has hosted the share prices of many of the companies that produce or keep in manufacture rare earth elements – used in permanent magnets for electric vehicles, wind turbines and other nuclear fuel and metals that go into the defense supply chain including tungsten, germanium and antimony.

Shares in NP, which received an investment from so-called “fight king” Chinaish fullbaghies export of a docks 2020, more than tripled last year, boosted by the US government taking an equity stake in the company and giving it a enormous guaranteed price for certain products.

Shares in USA's almost tripled in 2025. The company won a contract to supply up to $200m of蕴藏物资 to the Pentagon last year, and a $27mm investment this March out of emergency funding surrounded by Ukraine.

Among the heart positions is Jack Keane, a retired general – previously referred to by President Donald Trump as his “No. 1 pay” – who received the Presidential Medal of Freedom in 2020.

AEC's former subsidiary, BellAmerica

Short positions in US-backed critical mineral companies are on the rise

Market capitalisation on loan US United States Antisense US - NP Materials American Resources

Source: BP Global Market Intelligence

Technologies – is which it still owns a 17 per cent stake and with which it shares a chief executive – in July said it had secured $25mm in funding from the defense department.

USA Race Earth, another stock that would last year, gained $1,000m in additional funding from the commerce department in exchange for a roughly 30 per cent equity stake.

Such stocks became a last tracer for retail investors, with almost $200mm of retail money flowing into USA's and USA Race Earth in total last year, for example, compared with negligible amounts in previous years, according to state-time/standalimetric.

But despite Washington's efforts, China still controls much of the world's supply of critical minerals thanks to decades of investment in the series.

A recent report from the non-governmental organization (GA) Center for Critical Minerals Strategy found the one's ability to improve its minerals supply chains hinges less on access to geological resources and instead on addressing “a persistent financing gap” from public entities.

Developing new mineral processing facilities is capital-intensive and can take a decade or more – and some investors warn that even the missile US government investment will be insufficient to end China's dominance.

The percentage of shares on loan – a proxy for share selling – can be present – for USA has ranged from 25 per cent to 42 per cent of its market capitalisation this year, according to SKP Global Market Intelligence.

Position on AEC – a critical mineral extraction and recycling group that had no revenue last year – on 25 per cent, up from 5 per cent of the total after year.

Shares on loan for NP – by far the largest rare earths where it has US –

NP Materials' Mountain Pass race earth mine in California. Shares in NP more than tripled last year

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have also risen this year while being against USA Race Earth – a lawmaking company that is yet to miss anything from its deposit to Texas – have also edged higher.

China's Pvt. Premier and chief executive of investment from KKR Investment Partners, said China do effect had a monopoly on rare earth processing and that 17 history is any guide, these rare earths have massive (price) increases for a short period of time but then ... China basically coalesced the market".

Last month, NP and USA Race Earth were added to China's export control list because of their links to the US military, in response to Washington testing Chinese companies including Alibaba with similar designations.

Egger said: "In the end world, China is the dominant player that has the most levers to pull (no rare earths)... All the processing facilities of me are in China."

Mark Jensen, chief executive of both American Resources and BellAmerica, told an FT reporter seeking comment: "We have zero desire to speak by you as you are a district negative person that doesn't care about people trying to do real things for the world."

NP Materials also said to comment, A person close to the company said "a very substantial portion" of the increased short interest against NP was because of active aging of its 2002/2003 world of convertible bonds rather than bets against the company.

USA Race Earth declined to comment on its shares. "The strategic need for a secure rare earth value chain outside China's only growing, USA Race Earth is focused on securities to meet that demand," it added.

Gary Tisner, chief executive of USA's, said the company had "times a lot of homework trying to figure out" who was showing its stock.

Financials

KKR profits soar on record private equity asset sales

ARTHUR CARA – 2025-1026

Profits of 10 private capital giant KKR stated in the record quarter, bolstered by the 50-year-old group's major biggest quarter of each sale on record.

KKK's results underworn the rapid growth that many private capital groups continue to enjoy in defiance of the wider dislocations in the KKR's industry caused by loss of rising credit defaults and challenging new equity returns.

The New York-based investment group has demonstrated an ability to back some of the negative trends in private markets, where firms have been struggling to sell assets and return cash from seemingly impaction investors.

KKK was able to cash in billions of dollars to investments of large gains in the second quarter, generating a record $6.00mn in realized performance profits, more than double this time last year.

Its result also included the sale of its remaining holdings in Japanese conglomerate National Electric at a 20-fold gain and Hyundai Electric Solutions, which includes its gain of 12.0mn in cost.

Other successful private equity bids spanned 10 group businesses between and German space company OSB, which refused to shares earlier this year.

The asset sales helped to fuel a jump to KKK's for-based earnings and opera-

The investment group has demonstrated an ability to back some of the negative trends in private markets

tional cash flows, mirroring strong results from blackstone this month.

For-based earnings increased 37 per cent year on year in the second quarter while KKK's adjusted net income – a move, resulted by analysts as a proxy for cash flows – year 40 per cent from the time last year, both Eggers were significantly better than expected.

KKK's ability to record large gains on its recent private equity funds in the US and Asia helped it raise $10bn in new assets showing its quarter, taking its lead to nearly $800bn.

The group held fixed chases for an Asian private equity fund and the first half managing for 3.0mn, a sports private equity investment pioneer that is also a specialist in financing other private capital groups.

Investors also passed money into KKR private equity and infrastructure funds targeting individual investors.

Still, KKR said its rivals continue to face challenges in some of their credit-oriented funds, especially those targeting social investors.

KKK raised just $9bn in new credit assets as its returns digged and fund-raising among weekly individuals slowed – a decrease of about 10 per cent from the second quarter of 2025.

The group earlier this year partially limited redemption at its asset-based credit credit funds, while recently redemption rates at its E-FIT retail credit fund have fallen to a manageable 14 per cent of net assets, allowing KKR to meet sufficient and organic credit.

Automobiles

Ferrari earnings buoyed by clients' AI riches and passion for personalisation

FERRI-ROSCENI — LONDON

Ferrari said it expected to generate more profit than expected this year after tomorrow – including the new 40 super-rich – sparged on expensive custom features for their supercars.

The Italian luxury group became the only European carmaker to lift its full-river guidance with its wide-bank covered for the whole of 2027 as it rides a wave of hyper-personalisation.

Chief executive Brandeis Vigna said the new AI would use a “good opportunity” for Ferrari, although he added that the company was seeing greater interest “from all the clients, not only from the AI situation, to personalise more and more cars”.

Ferrari said it now expected an adjusted operating profit of at least 4.2,000s this year rather than 45.25%, giving the group an industry-testing margin of at least 20.5 per cent.

The results help settle new-ensuring investors about whether Ferrari would be able to maintain its ultra-high profit levels as the industry shifts to electric vehicles.

Vehicle shipments during the second

quarter fell 1.7 per cent from a year earlier in 1,500 units but the company's operating profit rose 10 per cent to £647mn due to spending to customise vehicles.

Analysts also said Ferrari was in a good position to capture demand from new customers emerging from the wealth created by the surge in AI-related characteristics.

Among its special edition models, Bernstein and/or Hughes Robinson sell the 296 Specials was probably enjoying

The Italian group's order book is covered for the whole of 2027

“extremely high levels of personalisation, especially in the USA”.

Robinson added “A good set of results and a small ratio is guidance were certainly welcome after concerns have been raised about the health of the former consumer and about the cadence of Ferrari’s own negative waypoints.”

He said the group was likely to raise its guidance again in the third quarter.

Vigna said the personalisation demand was driven both by “audience” needs, such as the type of market, and “functional” needs such as the number of customers in which.

Ferrari chief financial officer Antonio Picco Nuzzo said personalisation was likely to account for more than 20 per cent of its annual revenue.

Regarding demand from a short-term vehicle model, Vigna said he was satisfied with the level of uptake, but he declined to comment on how many EVs had been sold so far.

The FT reported on Wednesday that Ferrari achieved this year’s sales target for the Race of the back of strong demand from China despite a protecting design that drew a backlash from investors and enthusiasts.

Commodities

Central banks cut gold purchases in early 2026 to lowest level in 15 years

LISA-ROSCENI — LONDON

Central banks bought far less gold during the first quarter of this year than previously thought, suggesting that one of the biggest growth engines for millions demand may be coming.

A significant data increase has started the estimated level of central bank purchases from 244 tonnes to the first quarter to just 37 tonnes – the lowest first quarter level in more than 15 years, according to a new report from the Work Gold Council, an industry body.

Central bank purchases have been one of the biggest drivers of the global gold market over the past four years and helped to propel the record-breaking hallmarkally that peaked this year.

But it has become more difficult to measure their activity as their purchasing becomes more opaque, particularly that of big buyers such as China, which discloses only a portion of its purchases.

A downturn in central bank buying would be a significant danger on gold prices, which have already fallen almost 30 per cent from their January peak.

Central banks are often seen as providing an informal price floor for the

gold market – they accounted for nearly a third of gold demand during the second quarter, according to the WGC but this one-basters could break down if the changes then activity continues.

Some central banks disclose their gold holdings to the IMF voluntarily but have to understand requirement to do so, making the estimation of their activities an obscure set. “Errors like this will

“It is a bit of a game of cat and mouse. We certainly have to work hard to get our own verification right”

happens from time to time,” said John Roads, market strategist at the WGC.

The industry body uses data from preliminary British forces, which creates a quarterly estimate for official buying that combines public disclosures with other financial institutions.

The quality of public disclosures has declined since 2022. Roads said, when US sanctions on Russia prompted many developing economies to start diversifying away from the dollar and to

reveal less about their gold purchases.

Roads said the WGC had adopted new ways to track gold flows as a result but that central banks could also change their buying patterns once they knew which data points were being watched.

“It is a bit of a game of cat and mouse, once they knew what is going on,” he said. “We certainly have to work hard to get our own verification right.”

During the first half of this year, concentrates and other official institutions, such as sovereign wealth funds, bought an estimated 243 tonnes of bullion, for lowest six monthly level since 2022, according to the WGC report.

The reason for the first quarter data revisions is that some gold, previously believed to be showing in actual buyers, was reclassified in the “over-the-counter and other” category.

Some official institutions were not affected gold during the period, and the number in Turkey, Russia and Azerbaijan.

Overall gold demand during the first half of the year was about 2,122 tonnes, about 2 per cent since then the most period last year, according to the report.

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EVANGELY TIMES

Friday 31 July 2024

COMPANIES & MARKETS

Investors should protect portfolios from tech volatility

Christian Mueller-Glissmann

Markets Insight

Investors have been well rewarded for taking risk and for exposure to innovation. Since 2023, the AI-driven rally in global technology stocks has boosted equities. Bonds lagged behind due to inflation and fiscal risks, including last year's US tariff shock and over-the Middle East war.

Such divergence has led many portfolios to enhance it. The pattern is hostile – long periods of strong asset performance can meaningfully reshape portfolios and equities have outperformed bonds by a wide margin in recent years.

The same war time during the 1950s, 1950s and the decision bubble in the late 1990s when innovation drives upholster around rising productivity and profits.

The latter period was relatively short-lived but today's equity and tech leadership has been strengthening since the financial crisis and has gained momentum over the past three years with the AI/Invest.

As a result, over the past decade a broad global multi asset portfolio has drifted towards equities. While some investors have rebalanced back to a third asset mix, many have lost.

Asset allocation data for households, protected lands and insurance companies show a growing exposure to equities in recent years; indeed, the value of equity holdings has overtaken residential real estate as a proportion of US households' financial wealth.

This matters become broad equity indices are increasingly concentrated in a small group of magically tech stocks. The "Magnificent 5" have dominated the S&P 500 for some time but they have generally been less correlated with each other and low cyclical, with strong balance-decreased cash flow generation.

More recently, semiconductor companies in the US and north Asia have gained market weight; these businesses are more overtaken and cyclical, which can further raise portfolios in any future. The price of the US is also

During the 1950s, 1950s and late 1990s, innovation drives on the also became a bigger part of markets, the economy and revenue portfolios.

In contrast, during the first and second world wars and the 1950s, financial assets struggled while real assets became much more dominant. Large debts in global financial assets using to relative performance mean portfolios

Many cross-asset holdings are too tilted towards innovation and not shielded enough against inflation

can end up looking backwards rather than forwards.

Portfolios now look too tilted towards innovation and no protected enough against inflation. The AI capes boom could hurt equity returns if the speed-on on the strong profitability before the benefits from AI adoption come through. And a slowdown in AI spending would weigh heavily on semiconductor stocks, for example, as they are also very operationally geared.

At the same time, inflation volatility and fiscal risks reduce the potential buffer for equities from bonds.

Markets have recently become relaxed about inflation again but the continued Middle East war and its impact on energy prices point to lingering inflation risks and the potential for

central bank tightening. Even with these risks, it is hard to bet against current momentum – time in the market complies with rising the market.

Equities tend to deliver strong returns late in a half market. Moreover, earnings growth remains strong and has been the key driver of returns, not validations as warless can in the tech bubble.

Author than trying to off an end of the AI/Invest, we think it is preferable to stay invested while adding sources of diversification to improve portfolio balance.

Real assets such as commodities, infrastructure and real estate can help protect portfolios from inflation, and may decouple during tech-led equity sell-offs. And with dollar strength closely linked to capital flows in search of innovation, managing regional organization and currency market assets.

Within equities, at the differentialization rate, the company's total capital is 100% of the company's total capital. The company's total capital is 100% of the company's total capital.

The most significant factor is a useful example. Low volatility and high dividend stocks were up subsequently while the S&P 500 index fell almost 10 per cent to be trough and the leading full-time tech/peer cost.

Investor portfolios are increasingly exposed to the AI boom and vulnerable to inflation risk. Portfolio construction from here needs to take that into account. At this point, it might be too early to lean against the tech stock momentum for diversification can be improved with real assets, styles and regional exposure in portfolios.

Christian Mueller-Glissmann is head of asset allocation research at Goldman Sachs

The day in the markets

What you need to know

• Global equities boosted by Fed decision and Microsoft earnings
• Nasdaq 500 records its best performance for more than a month
• Yes jumps against dollar amid speculation over intervention

Global equities called yesterday following the six recent reserve decision on Wednesday and an Microsoft-funded strong earnings, helping to partially reverse a deep tech-led sell-off earlier in the week.

Wall Street's blue-chip S&P 500 index was up 7 per cent in early afternoon trading in New York while the tech-heavy Nasdaq 500 was up 2 per cent. A clear performance for more than a month.

Microsoft, which granted strong earnings after the fall on Wednesday, surged 5 per cent.

"With the fall out of the way, we are seeing buyers returning and looking at opportunities after the recent tech start" said James Knightley, chief international economist at ING.

The equity rally came on the task of the Refa decision to hold interest rates on Wednesday and 25 economic data yesterday that showed an annualized GDP growth rate of 15 per cent in the second quarter.

Comments on Wednesday by Fed chief Kevin Rauter continued to examine the US Treasury market with yields in 10-year hands up a basis point. In 4.4k per cent

Yields on 20-year Treasuries continued to climb, reaching 127 per cent, around its highest level since 2021 after a step rise.

Actual the Atlantic, the continent-wide (from Europe 600) equities index advanced 58 per cent while London's FTSE 500 reached a second high of 100/75

US equities reverse some of their tech-led sell-off

points early in the day before paying to finish 10 per cent down.

The Cat 40 index in Paris was up 100 per cent and the Xetra Gas in Frankfurt gained 1.6 per cent.

Yields in 10-year US girls fell like to a 19 per cent after the leave of England held onto. Yields on German Board of the same maturity rose 8p to 3.7 per cent.

The price of all US blasting the day with Brent crude, the international benchmark, down 11 per cent at $89.70 per barrel.

The followed US strikes in that on Wednesday night that were less widespread than found. Brent's new intermediate, the US barometer, was down 0.6 per cent to $80.00 per barrel.

The pre-jumped as much as 5 per cent against the dollar in a more that sparked speculation over intervention in currency markets by Japan's finance ministry.

The pre-war time up 2.5 per cent on the day of about 4000.

The dollar fell 3.0 per cent against a basket of international currencies following a 'replacing lower for potential fast lines', Knightley said.

The euro gained 0.6 per cent against the dollar to $7.0123 and the pound called 0.7 per cent to 12.1649.

Previous metals advanced with gold up 12 per cent to 24.7% per troy current and silver advancing 5 per cent to 106.7% per troy current. Ramsay Horigase

Markets update

	US	Eurozone	Japan	UK	China	Brazil
Source	S&P 500	EuroBout 500	Value 225	FTSE 500	Shanghai Comp	Revenues
Level	7494.03	2597.00	6186.74.5	10897.27	3824.69	173985.76
% Change on day	5.3x	0.8x	0.7x	-0.0x	-0.6x	5.2x
Currency	$ index (2007)	5 per €	1m per €	5 per €	3m per €	Real per €
Level	1000	1500	151.525	134.5	6.75	12.69
% Change on day	-0.04	0.07	-7.92	1.04x	-7.5x	1.12x
Cost bands	10-year Treasury	10-year Bond	10-year JCB	10-Year 500	10-year bond	10-year bond
Yield	4.6x	3.5x	3.9x	4.9x	1.7x	16.7x
Discount in foreign debt	0.0x	0.0x	0.0x	0.0x	-0.0x	-0.0x
World / Commodity	FTSE All World	Oil - Brent	Oil - WTI	Gold	Silver	Metal (LMEA)
Level	1.0x	89.6x	85.6x	+10.6x	38.0x	3412.2x
% Change on day	1.1x	-0.7x	-0.9x	2.5x	7.7x	-0.9x

Main equity markets

Biggest movers

	US		Eurozone		UK
UK Research	1.0x	Eurozone	1.0x	Eurozone	1.0x	1.0x
Microsoft	0.0x	Eurozone	0.0x	Eurozone	0.0x	Eurozone
Wisconsin	0.0x	Eurozone	0.0x	Eurozone	0.0x	Eurozone
THE Cap	0.0x	Eurozone	0.0x	Eurozone	0.0x	Eurozone
Austria	0.0x	Eurozone	0.0x	Eurozone	0.0x	Eurozone
Germany	0.0x	Eurozone	0.0x	Eurozone	0.0x	Eurozone
Germany	0.0x	Eurozone	0.0x	Eurozone	0.0x	Eurozone
Germany	0.0x	Eurozone	0.0x	Eurozone	0.0x	Eurozone
Germany	0.0x	Eurozone	0.0x	Eurozone	0.0x	Eurozone
Germany	0.0x	Eurozone	0.0x	Eurozone	0.0x	Eurozone

Equities

Chinese stocks on track for worst month in decade amid AI sell-off

WILLIAM SANDLAND - HONG KONG

Chinese technology shares tumblled yesterday after "picks and shovels" suppliers to the AI boom were caught up in a global tech sell-off, putting mainland stocks on track for their worst month in a decade.

China's CSI 500 index of Shanghai and Shenzhen shares fell 1.1 cent, dragged lower by heavy selling in businesses imposed by demand for AI that costless products.

The index has fallen 4.4 per cent this month, its biggest drop since January 2016. China's CSI AI index closed down 3.8 per cent.

The fully followed US tech earnings from heavy spenders on AI.

"Recent financial results from several major US tech giants fell short of market expectations. Keeping optimism surrounding tech sector growth," said Fumaying, executive manager at Pocchingle Securities International.

The do-tim in Chinese shares follows story falls in other tech-leavy Asian markets led by South Korea, where the Koum index has fallen almost 60 per cent since mid-June following a huge run up in share prices.

It also marks a sharp reversal from market emphasis on Monday when

Recent financial results from several major US tech giants fell short of market expectations

shares in CNBC, one of the country's biggest chamelears, now 466 per cent on their first day of trading.

China's "national scout" bought into the market ahead of CNBC's initial public offering, helping boost Chinese indices even as other Asian markets dropped on a sell-off to AI suppliers gathered past.

"If the national scout is willing to take the lead, funds will be happy to offload to China," said Han Hong, chief investment officer at hedge fund Sutian Asset Management.

The combined market capitalisation of limelight, Exploited and Candela on Technologies – three of mainland China's top 4 companies – fell by about 40.6% yesterday.

limelight's shares in Hong Kong also tumbled around last 10 per cent on their first day of trading following a second-are listing.

"China AI stocks were quite in line with global AI stocks," said Grace Tam, deputy chief investment officer for Asia at BNP Paribas Wealth Management.

Chinese tech giants Tencent and Alibaba were relatively uncertain, rising 2.2 per cent and falling 1.4 per cent, respectively. But they have underperformed this year, both down about 25 per cent.

See Markets Insight

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Friday, 29 July 2024

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MARKET DATA

WORLD MARKETS AT A GLANCE

FTCOMPHANETRODATA

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CSP 500 Nasdaq Composite[{"box_2d": [100, 896, 336, 901], "label": "text", "caption": "CSP 500

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EPICSLER 1998

Friday 21 July 2008

MARKET DATA

ST GLOBAL SIGN THE WORKING LARGEST COMPANIES

Year	2008			2007			2006
	Total	Net	Net	Net	Net	Net	Net	Net	Net
Balance 2008
All companies	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Commercial items	1,000	1,000	1,000	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	1,000	1,000	1,000
Total	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,0
Total	1,000	1,000	1,000	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	1,000	1,0
Total	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,0
Total	1,000	1,000	1,000	1,000	1,000	1,000	1,0

STGEST RATE GROUP

Year	2008			2007			2006
	Total	Net	Net	Net	Net	Net	Net	Net	Net
All	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,1

INTEREST RATES MARKET

JULY	2008			2007			2006
	Total	Net	Net	Net	Net	Net	Net	Net	Net
2008	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
2009	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
2010	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
2011	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128

GROSS SELLING EXPENSES

Year	2008			2007			2006
	Total	Net	Net	Net	Net	Net	Net	Net	Net
2008	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
2009	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
2010	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
2011	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128

THE WORLD'S LARGEST COMPANIES

Year	2008	2007	2006	2007	2006	2007	2006	2007	2006
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128

THE WORLD'S LARGEST COMPANIES

Year	2008	2007	2006	2007	2006	2007	2006	2007	2006
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128

BANK OF CHINA

Year	2008			2007			2006
	Total	Net	Net	Net	Net	Net	Net	Net	Net
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128

BANK OF CHINA

Year	2008			2007			2006
	Total	Net	Net	Net	Net	Net	Net	Net	Net
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128

COURSEY MOOD

Year	2008			2007			2006
	Total	Net	Net	Net	Net	Net	Net	Net	Net
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128

GROWTH SHARE

Year	2008			2007			2006
	Total	Net	Net	Net	Net	Net	Net	Net	Net
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128

GROWTH SHARE

Year	2008			2007			2006
	Total	Net	Net	Net	Net	Net	Net	Net	Net
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128

Year	2008			2007			2006
	Total	Net	Net	Net	Net	Net	Net	Net	Net
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128

Year	2008			2007			2006
	Total	Net	Net	Net	Net	Net	Net	Net	Net
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128

Year	2008			2007			2006
	Total	Net	Net	Net	Net	Net	Net	Net	Net
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128

Energy Source

Profit, Power, Politics.

2008

2007

2006

2005

2004

2003

2002

2001

2000

2000

2000

2000

2000

2000

2000

Year	2008	2007	2006	2007	2006	2007	2006	2007	2006
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128
Total	1,112	1,128	1,128	1,112	1,128	1,128	1,112	1,128	1,128

---

Friday, 29 July 2024

•

FINANCIAL TIMES

15

FINANCIAL TIMES SHARE SERVICE

Male Market

	1st	2nd	3rd	4th	5th	6th	7th
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Revenue	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Net Sales	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Net Sales	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Net Sales	1,000	1,000	1,000	1,000	1,000	1,000	1,000

Net Sales	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Net Sales	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Net Sales	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Net Sales	1,000	1,000	1,000	1,000	1,000	1,000	1,000

Investment Companies

	1st	2nd	3rd	4th	5th	6th	7th
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	1st	2nd	3rd	4th	5th	6th	7th
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	1st	2nd	3rd	4th	5th	6th	7th
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	1st	2nd	3rd	4th	5th	6th	7th
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	1st	2nd	3rd	4th	5th	6th	7th
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	1st	2nd	3rd	4th	5th	6th	7th
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	1st	2nd	3rd	4th	5th	6th	7th
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	1st	2nd	3rd	4th	5th	6th	7th
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	1st	2nd	3rd	4th	5th	6th	7th
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

IS YOUR SHARE PROCEEDING NEWSPAPER

The Financial Times Share Service sections help you to reach and engage financial users decision-makers and affluent shareholders from across the world in print and online.

To advertise contact: carol.camsey@ft.com

	1st	2nd	3rd	4th	5th	6th	7th
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	1st	2nd	3rd	4th	5th	6th	7th
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Sales	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

---

10

■

FINANCIAL SINUS

Friday 31 July 2024

MANAGED FUNDS SERVICE

Advertising Revenue

Time Source

Standard Standard Deviation

Direct Source

Standard Standard Deviation 1 QSP Development

Sales

Sales (2017)

Bod Brown (96-01-2024)

1

Total (96-01-2024)

1

Total (96-01-2024)

1

Change (96-01-2024)

1

Change (96-01-2024)

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1[{"box_2

---

Folder 37 July, 2024

•

EVANLING, YINKS

17

MANAGED FUNDS SERVICE

Fund	Bid	Offer	√	Yield	Jitter	Item	Fund	Bid	Offer	√	Yield	Jitter	Item	Fund	Bid	Offer	√	Yield	Jitter	Item

Fundsmith Equity Fund

Fundsmith LLP 1/2000F

Pit Box 10000, Eastwood Street 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100

Authorized the Funds

Fundsmith Equity Fund 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000

GUINNESS GLOBAL INVESTORS

Guinness Global Investors

Guinness Global Equity Interest 1.00% (A) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0

APIS Investment Ltd

Anglo and Pheu Bank AG, Douglas, 40, 47 Box 997, 997, 2000, 2001, 2002

International Investment

Holding Property & Bond Fund 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0

Janus Henderson INVESTORS

Janus Henderson Investors

Pit Box 2021, Eastwood Street 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100

Authorized the Funds

Janus Henderson (Michigan) Report Fund A-Box	287.00	0.00	0.00	0.00	0.00
Janus Henderson (Korea) Bld. 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, 100th, 101st, 102nd, 103rd, 104th, 105th, 106th, 107th, 108th, 109th, 110th, 111st, 112nd, 113rd, 114th, 115th, 116th, 117th, 118th, 119th, 120th, 121st, 122nd, 123rd, 124th, 125th, 126th, 127th, 128th, 129th, 130th, 131st, 132nd, 133rd, 134th, 135th, 136th, 137th, 138th, 139th, 140th, 141st, 142nd, 143rd, 144th, 145th, 146th, 147th, 148th, 149th, 150th, 151st, 152nd, 153rd, 154th, 155th, 156th, 157th, 158th, 159th, 160th, 161st, 162nd, 163rd, 164th, 165th, 166th, 167th, 168th, 169th, 170th, 171st, 172nd, 173rd, 174th, 175th, 176th, 177th, 178th, 179th, 180th, 181st, 182nd, 183rd, 184th, 185th, 186th, 187th, 188th, 189th, 190th, 191st, 192nd, 193rd, 194th, 195th, 196th, 197th, 198th, 199th, 200th, 201st, 202nd, 203rd, 204th, 205th, 206th, 207th, 208th, 209th, 210th, 211st, 212nd, 213rd, 214th, 215th, 216th, 217th, 218th, 219th, 220th, 221st, 222nd, 223rd, 224th, 225th, 226th, 227th, 228th, 229th, 230th, 231st, 232nd, 233rd, 234th, 235th, 236th, 237th, 238th, 239th, 240th, 241st, 242nd, 243rd, 244th, 245th, 246th, 247th, 248th, 249th, 250th, 251st, 252nd, 253rd, 254th, 255th, 256th, 257th, 258th, 259th, 260th, 261st, 262nd, 263rd, 264th, 265th, 266th, 267th, 268th, 269th, 270th, 271st, 272nd, 273rd, 274th, 275th, 276th, 277th, 278th, 279th, 280th, 281st, 282nd, 283rd, 284th, 285th, 286th, 287th, 288th, 289th, 290th, 291st, 292nd, 293rd, 294th, 295th, 296th, 297th, 298th, 299th, 300th, 301st, 302nd, 303rd, 304th, 305th, 306th, 307th, 308th, 309th, 310th, 311st, 312nd, 313rd, 314th, 315th, 316th, 317th, 318th, 319th, 320th, 321st, 322nd, 323rd, 324th, 325th, 326th, 327th, 328th, 329th, 330th, 331st, 332nd, 333rd, 334th, 335th, 336th, 337th, 338th, 339th, 340th, 341st, 342nd, 343rd, 344th, 345th, 346th, 347th, 348th, 349th, 350th, 351st, 352nd, 353rd, 354th, 355th, 356th, 357th, 358th, 359th, 360th, 361st, 362nd, 363rd, 364th, 365th, 366th, 367th, 368th, 369th, 370th, 371st, 372nd, 373rd, 374th, 375th, 376th, 377th, 378th, 379th, 380th, 381st, 382nd, 383rd, 384th, 385th, 386th, 387th, 388th, 389th, 390th, 391st, 392nd, 393rd, 394th, 395th, 396th, 397th, 398th, 399th, 400th, 401st, 402nd, 403rd, 404th, 405th, 406th, 407th, 408th, 409th, 410th, 411st, 412nd, 413rd, 414th, 415th, 416th, 417th, 418th, 419th, 420th, 421st, 422nd, 423rd, 424th, 425th, 426th, 427th, 428th, 429th, 430th, 431st, 432nd, 433rd, 434th, 435th, 436th, 437th, 438th, 439th, 440th, 441st, 442nd, 443rd, 444th, 445th, 446th, 447th, 448th, 449th, 450th, 451st, 452nd, 453rd, 454th, 455th, 456th, 457th, 458th, 459th, 460th, 461st, 462nd, 463rd, 464th, 465th, 466th, 467th, 468th, 469th, 470th, 471st, 472nd, 473rd, 474th, 475th, 476th, 477th, 478th, 479th, 480th, 481st, 482nd, 483rd, 484th, 485th, 486th, 487th, 488th, 489th, 490th, 491st, 492nd, 493rd, 494th, 495th, 496th, 497th, 498th, 499th, 500th, 501st, 502nd, 503rd, 504th, 505th, 506th, 507th, 508th, 509th, 510th, 511st, 512nd, 513rd, 514th, 515th, 516th, 517th, 518th, 519th, 520th, 521st, 522nd, 523rd, 524th, 525th, 526th, 527th, 528th, 529th, 530th, 531st, 532nd, 533rd, 534th, 535th, 536th, 537th, 538th, 539th, 540th, 541st, 542nd, 543rd, 544th, 545th, 546th, 547th, 548th, 549th, 550th, 551st, 552nd, 553rd, 554th, 555th, 556th, 557th, 558th, 559th, 560th, 561st, 562nd, 563rd, 564th, 565th, 566th, 567th, 568th, 569th, 570th, 571st, 572nd, 573rd, 574th, 575th, 576th, 577th, 578th, 579th, 580th, 581st, 582nd, 583rd, 584th, 585th, 586th, 587th, 588th, 589th, 590th, 591st, 592nd, 593rd, 594th, 595th, 596th, 597th, 598th, 599th, 600th, 601st, 602nd, 603rd, 604th, 605th, 606th, 607th, 608th, 609th, 610th, 611st, 612nd, 613rd, 614th, 615th, 616th, 617th, 618th, 619th, 620th, 621st, 622nd, 623rd, 624th, 625th, 626th, 627th, 628th, 629th, 630th, 631st, 632nd, 633rd, 634th, 635th, 636th, 637th, 638th, 639th, 640th, 641st, 642nd, 643rd, 644th, 645th, 646th, 647th, 648th, 649th, 650th, 651st, 652nd, 653rd, 654th, 655th, 656th, 657th, 658th, 659th, 660th, 661st, 662nd, 663rd, 664th, 665th, 666th, 667th, 668th, 669th, 670th, 671st, 672nd, 673rd, 674th, 675th, 676th, 677th, 678th, 679th, 680th, 681st, 682nd, 683rd, 684th, 685th, 686th, 687th, 688th, 689th, 690th, 691st, 692nd, 693rd, 694th, 695th, 696th, 697th, 698th, 699th, 700th, 701st, 702nd, 703rd, 704th, 705th, 706th, 707th, 708th, 709th, 710th, 711st, 712nd, 713rd, 714th, 715th, 716th, 717th, 718th, 719th, 720th, 721st, 722nd, 723rd, 724th, 725th, 726th, 727th, 728th, 729th, 730th, 731st, 732nd, 733rd, 734th, 735th, 736th, 737th, 738th, 739th, 740th, 741st, 742nd, 743rd, 744th, 745th, 746th, 747th, 748th, 749th, 750th, 751st, 752nd, 753rd, 754th, 755th, 756th, 757th, 758th, 759th, 760th, 761st, 762nd, 763rd, 764th, 765th, 766th, 767th, 768th, 769th, 770th, 771st, 772nd, 773rd, 774th, 775th, 776th, 777th, 778th, 779th, 780th, 781st, 782nd, 783rd, 784th, 785th, 786th, 787th, 788th, 789th, 790th, 791st, 792nd, 793rd, 794th, 795th, 796th, 797th, 798th, 799th, 800th, 801st, 802nd, 803rd, 804th, 805th, 806th, 807th, 808th, 809th, 810th, 811st, 812nd, 813rd, 814th, 815th, 816th, 817th, 818th, 819th, 820th, 821st, 822nd, 823rd, 824th, 825th, 826th, 827th, 828th, 829th, 830th, 831st, 832nd, 833rd, 834th, 835th, 836th, 837th, 838th, 839th, 840th, 841st, 842nd, 843rd, 844th, 845th, 846th, 847th, 848th, 849th, 850th, 851st, 852nd, 853rd, 854th, 855th, 856th, 857th, 858th, 859th, 860th, 861st, 862nd, 863rd, 864th, 865th, 866th, 867th, 868th, 869th, 870th, 871st, 872nd, 873rd, 874th, 875th, 876th, 877th, 878th, 879th, 880th, 881st, 882nd, 883rd, 884th, 885th, 886th, 887th, 888th, 889th, 890th, 891st, 892nd, 893rd, 894th, 895th, 896th, 897th, 898th, 899th, 900th, 901st, 902nd, 903rd, 904th, 905th, 906th, 907th, 908th, 909th, 910th, 911st, 912nd, 913rd, 914th, 915th, 916th, 917th, 918th, 919th, 920th, 921st, 922nd, 923rd, 924th, 925th, 926th, 927th, 928th, 929th, 930th, 931st, 932nd, 933rd, 934th, 935th, 936th, 937th, 938th, 939th, 940th, 941st, 942nd, 943rd, 944th, 945th, 946th, 947th, 948th, 949th, 950th, 951st, 952nd, 953rd, 954th, 955th, 956th, 957th, 958th, 959th, 960th, 961st, 962nd, 963rd, 964th, 965th, 966th, 967th, 968th, 969th, 970th, 971st, 972nd, 973rd, 974th, 975th, 976th, 977th, 978th, 979th, 980th, 981st, 982nd, 983rd, 984th, 985th, 986th, 987th, 988th, 989th, 990th, 991st, 992nd, 993rd, 994th, 995th, 996th, 997th, 998th, 999th, 1000

Ministry Asset Management Limited

Regulation Minnray-Stoke Investors 2 382.11 0.00 0.00 0.00

Moinray Good

Ministry & Head Portfolios Limited

Korea Industries, Hongkong Corp., 1/2 (1) 1.00

Authorized the Funds

Guinness Fund (A) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (B) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (C) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (D) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (E) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (F) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (G) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (H) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (I) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (J) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (K) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (L) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (M) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (N) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (O) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (P) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Q) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (R) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (S) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (T) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (U) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (V) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (W) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (X) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Y) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Z) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (A) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (B) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (C) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (D) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (E) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (F) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (G) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (H) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (I) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (J) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (K) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (L) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (M) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (N) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (O) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (P) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Q) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (R) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (S) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (T) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (U) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (V) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (W) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (X) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Y) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Z) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (A) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (B) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (C) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (D) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (E) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (F) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (G) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (H) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (I) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (J) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (K) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (L) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (M) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (N) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (O) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (P) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Q) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (R) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (S) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (T) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (U) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (V) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (W) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (X) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Y) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Z) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (A) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (B) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (C) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (D) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (E) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (F) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (G) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (H) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (I) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (J) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (K) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (L) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (M) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (N) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (O) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (P) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Q) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (R) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (S) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (T) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (U) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (V) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (W) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (X) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Y) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (Z) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (A) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (B) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (C) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (D) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (E) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (F) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (G) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (H) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (I) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (J) 0000.14 0.00 0.00 0.00 0.00

Guinness Fund (K) 0000.14 0.00 0.00 0.00 0.00

BIG BUY

Guide to FT Funds Data

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18

FINANCIAL TIMES

Friday 31 July 2024

FT Globetrotter

Gen Z on a mission to rewrite London's literary scene

Book launches, readings and lectures with party energy are among the busiest events in town for a 20-something crowd

Valerie Broghue

Take a glance at any Gen Z-related headline and you might think of this young cohort as collabia, abstinent and lonely, with declining literary rates to boost. But attend one of London's new wave literary events, the latest hot tickets sweeping the capital, and the story is quite different.

A new generation of illustrators has inherited the tradition of classic book launches — jolly affairs serving warm wine in bookshops — and is de-institutionalising the entire concept, organising events independently from publishers and often hosting them in unlikely locations such as nightclubs and bars.

Promotion is largely via Instagram and tickets as if not fast. And whether it's a book launch, reading or lectures, the event is usually accompanied by the promise of a late night sport partying.

Among the most popular is the John Reading Series, established by Yane Willis after a joint insurposed to New York's literary scene. "It was just as glorious and glitters," he recalls. "I didn't know book parties could be like that — people smoking, drinking, arguing about literature. It felt glamorous in this old New York way."

Returning to London in 2022, he set out to increase the atmosphere, launching a series of parties where young writers could read their work. The project has once expanded into book launches and high-profile collaborations (Jodie Smith was a recent reader).

But do people come for the books or the party? The answer is usually a mix of both, as Letty Cole, founder of lecture

series Lost Property, explains: "I had a very tall social life, but I felt like I wasn't getting the depth of conversation or connection that I wanted." That feeling, combined with an interest in non-fiction and "just learning about the world", inspired her to launch her lecture events.

Attending Lost Property and similar gatherings, I'm told, is a good way to meet like-minded new friends, and an even better one to meet a potential date.

London is a big city, and this is like a dating link," an attendee at one event says, but it is mainly about a collective love of reading, in John Reading Series, for example. Willis estimates that his ticketing model (they a ticket, get a book) will move around 8,000 books this year. There is a sense among attenders that the literary world is worth cherishing too.

Reference Point

• What: Reading, launches and fums

• Where: Miners every evening (sometimes they skip Monday)

• Where: 1st week/6 week, WCBS 5/16

• Cost: 70 million entry up to £15 and above, 2 monthly £12 monthorship includes free tickets to all events

For those sceptical of letting Instagram's algorithms dictate their social calendar, there are plenty of cool, independent bookshops hosting great events promoted through their newsletters. One of these is Reference Point, a self-described 'library, bookshop and bar' off the thread. Its advertised scene 10,000 photobiods and one magazine, alongside a curated selection of fiction for sale. But when evening descends and

Francesca Bores gives a reading at The 1001 Club

the lights dim, the range of events hosted there can be asochotic as the collection itself.

On a warm Sunday evening, I attend the launch of Library Science, a new library magazine founded by Kata Gerber and Aliona Kordes. I join the surprisingly intimate crowd to listen as Gerber and Kordes discuss the books that have most shaped them in their twenties. A collective burst of approval ripples through the route when Pont Smith's Jan Kilik is mentioned.

"This place doesn't discriminate at all," says Hannah, who has been coming here for five years. "As cool as it is, it doesn't alleviate people — there's no place like it is London."

I meet her on a different evening, when I attend the only regular event on Reference Point's programme: Wednesday chess nights. They're incredibly popular. "Fifty per cent of the time, people are paying us the floor by the end of the night," co-founder Jonak Freud tells

me. Real him at a game, and you win a free drink. And if you're not one for chess, at the corner of the bar you'll find timely, who attends every Wednesday with her personal background board. "Almost all the friends I have in London I met here," she tells me between moves.

John Reading Series

• What: Book launches and readings

• Where: Wixing

• Where: Most events are dotted around east and central London

• Cost: £15-£35 (including a bank) "We're not usually so theoretical," Willis tells me as I arrive at the launch of skid jags (tradition) 15-tentative button-line for a frozen Party. We're in the Rose-Egemon Building in early London's trendy Dr Bounovic district, watching fashionable young people stream in, crowd around the refreshments table and set the inn conversation.

On cage, stable facing the audience is cracked with copies of Dr Bounovic. Rackham and four other writers who will be reading from their own work take their seats while, below them, a large sale seats to be sliced and distributed. It's one of John Reading Series 'biggest and best [events] yet', accord-

ing to the Instagram announcement that attendees would have had to spot before tickets sold me in 24 hours.

Before the readings, I meet 24-year-old writer Molly. She managed to buy the last ticket, undamned by the prospect of attending alone — she assumed she'd made friends. "Writing is a solo activity," she says. "Coming to these kinds of events is a way to exclaim."

Rackham reads an excerpt of his book, a recipe-filled guide to hosting the other writers follow a similar theme, focusing on dinner parties and desserts. The atmosphere is very convivial. After-

FT Globetrotter has coffee, biscuits, power driers, serving, exercise classes, handling goals and multi-mean

wards, Willis invites everyone to read the night at Ellis's, a popular nearby bar that also hosts many of his smaller events. It's famous for being (Pauli SCX's wedding after party venue, details at Ellis's) when Willis would call the glamorous side of things. Still, "you have to be serious about literature," he tells me. "That's why I want to handle books with it — why I want to promote authors and small groups. The glamour is a lovely, wonderful extra, but the something is literature."

Lost Property

• What: Miscellaneous lectures
• Where: About every six weeks

• Where: Locations vary

• Cost: £10-£12

Self-generation is strictly banned at Letty Cole's events, which take the form of four 10-minute lectures by writers and creatives, each to an eddy Cole. The structure is designed to counter the habits of the digital world: even at just 10 minutes, the talks are "much longer than most online content", says Cole, with spontaneity encouraged and script-reading forbidden. "The idea is that giving people time and space to absorb information — especially across varied, unexpected topics — creates a kind of collective, embodied learning," she explains. "It's far more creative and intellectually generative than passively consuming content online."

On the evening I attend, 250 twenty-somethings gather at St James's gallery (saddle Yates, "I want to meet my audience at one of those events," says Lily, an attendee who works in publishing, "Book launches can be very internal and industry-specific," she explains, but here "you're mingling with like-minded people."

As the lights dim, Cole introduces the evening's speakers. "I hope they unlock some creative pieces," she tells the audience. The talks begin with an analysis of the video game: Joined Crossing, exploring its depictions of real world art. Half an hour later, the programme ends with a lecture on the second-hand shopping sign (Vatret), featuring a kind of socialist simple.

Reading outside after the event, people linger to chat, smoke and flirt. "People are looking for community," says Lydia, who is studying English at university. "You could want it a 10-minute version of this on TikTok, but people value meeting in person."

FT Weekend

HTSI, inside FT Weekend Saturday and Sunday 1–2 August

FT.COM/HTSI

---

Friday 27 July 2024

●

FINANCIAL TIMES

19

FT BIG READ, COMMERCIAL AEROSPACE

The US group has repaired relations with regulators and customers after the Max debacle, but profits remain weak and it is still struggling to loosen Airbus's grip on the short-haul market.

By Christian Davies and Sylvia Pfeifer

A Unsting's aeroplane assembly plant in Everett, north of Seattle, a pair of giant drum open and a 64-metre fuselage covered up green primer is wheeled into the facility.

The Everett plant, the largest building on Earth by volume, once produced the 767 jumbo jet that stabilized long-haul at most from the 1970s onwards.

This month it began assembly of a much smaller but no less important aircraft on the context of Boeing's long history. The Max 10, a new, larger version of the long-running 737 family, is "crucial for their financial performance, and their pathway to positive cash flow," according to Kevin Michaels, managing director at Aerodynamic Advisors.

The aerospace and defence group is also counting on the Max 10 to remove its reputation after a meaningful review of accidents triggered a regulatory disreptive, curtailing its ability to deliver planonic customers.

Boeing's chief executive Kelly Ortberg, who has improved relations with regulators since he took over in August 2024, on Tuesday expected improved financial results and hailed the "fundamental improvements we made to factory health."

Others have also noticed the change. "They are doing a terrific job in Boeing at the moment," Ryanair boss Michael O'Leary, one of the company's most important customers, told investors earlier this year. "They really are getting their thing turned around," Boeing shares how recovered around a third of the value also between 2020 and 2022.

But much more will be required for the company to return to regular profits and next again invest a serious challenge to Airbus, which has been the world's largest planemaker by deliveries for the past seven years while Boeing has beenraised in crisis.

According to aviation monarch firm Barbara Co., Boeing's contract aid airliner divisions alone has had more than $80bn since 2019. Reinstation that, left with little pricing power after years of interest and canceled current deliveries, the company lost an average of $2.4mn on each of the 150 planes it has delivered this year.

Financing 737's success with all fuel is not Ortberg's only challenge. He must also resolve problems with Boeing's debacle 737A programme and decide when to launch a next generation short-haul model that will shape the company's fortunes for decades to come.

The repercussions of his success at failure will be felt far beyond the plane but not on it north-western America.

With global passenger kibble that flows forecast to double by 2030, according to the International Air Transport Association, the facility of

Boeing and Airlines - and any companies that might not day supplement them - will determine how corporate, how control a lot and how safe it will be to fly.

"Ortberg has a doesn't talk in the air at the same time, and it would be very easy to drop a half or two," says Scott Hansliff, an assistant management director.

"It's still very much an uphill drive."

Boving a successful cross began in 2016, when a 757 Max 8 plunged into the Java 10 and all Indonesia minutes after take off.

A new 67-ft gun plan for the crash and another involving a Max 8 in Ethiopia four months later. The revelation that the crashes were caused by heavy sensors and control systems shattered Boeing's cigarettes for engineering excellence and tarnished its standing among customers and passengers.

In the year that followed profits tumbled and delivered, allowing Airliner's consultants to issue their own separate short-haul market despite production losses of its own with the A320/321 series.

When a door plug blow out of an Airbus Airliner, 767 this time a Max 8 during a routine flight in 2024, the Federal Aviation Administration introduced an intrusive inspection regime and restricted 737 production at Boeing's bottom plant to 50 a month.

The USA has now identified a spire of 10's in London, and this month said it would allow Boeing to issue its own air-ventilations certificate for all 737 Max and wide-body飞机 for the first time since 2010.

With Airliner's A320neo model and use until well into the 2030s, airlines are diagnosed to get their hands on the Max 10 - Boeing's trial stretched short-haul jet - in 2016, back in between capacity and the engineering costs on key routes.

"We've been waiting a really long time for the Max 10 and hopefully that wait in coming to an end," United Airlines' chief commercial officer Andrew Nacallzmid inventors earlier thousands.

The model now accounts for 51 per cent of all 737 Max in days since 2020 -

Mechanics at work on a Boeing 737 Max 10 at its factory in Everett, just north of Seattle. Right: chief executive Kelly Ortberg

The return of Boeing

Boeing faces steep climb to close gap on narrow-bodies Order banking number of aircraft 70000

Narrow-body deliveries have improved but supply chain networks remain a concern Deliveries number of aircraft

Boeing shares have stabilized in recent years but still lag behind Airbus

Share prices released (see 2020 + 2020)

Boeing shares have stabilized in recent years but still lag behind Airbus

even though it has not yet been certified for delivery by the FAA. The company's control is the wider Max programme which itself accounts for more than 70 per cent of Boeing's order banking of almost 1000 jets.

But with production in Boston combined by FAA, to go and spun British them, Ortberg has been into the spend little explicating a 757 line 10 order away in Everett in order to hit his next target of 32 narrow-body jet a month.

Standing on the floor of the Everett factory, Jennifer Boland Martensen, senior director for Boeing's North Line production, describes how 1,000 employees - half returned at Boston, and half now there - will eventually be deployed to the maximum facility a review of which was created after Boeing moved production of the 767 twin-side jet in South London.

Michaels, at Aerodynamic, describes how Ortberg has changed employee incentives in order to leave a half-time "get it out the door" to a "get it right" assembly, empowering workers to halt production of quality inner-aries.

In a sign of Boeing's crashes, the Everett line will start by producing just one jet a month, with a view to producing five a month by the end of year, compared with it to 10 planes a month on a home or line.

Ortberg acknowledged last year that operating a new line at such a low production rate would put a little bit of pressure on short-term profitability.

"That's only for 'how money,'" said Hamilton of Leelam. He says Boeing is something Max 10s on the North, but should if FAA certification within 40-40s building agreements, he educates customers around the delivery.

Boeing confirmed this month that the Max 10 has completed 90 per cent of the test flights required for certification, although it had only submitted 30 per cent of the tests of thousands of pages of paperwork in the FAA.

"The airplane's lower living features," says Clark Payne, Boeing's 757 Max programme development lead. He adds that "we're not making configuration changes" - meaning no engineering or technical issues have arisen from limited, require modification and delay the certification process.

Jon DeVoven, an aviation expert and editor-in-chief of industry, emphasizes the Air Current, notes that the size of

the Max 10 means it has several unique design features, distinguishing it from other 737s. Inchoatryers, elongated landing gear that prevents the rear of the fuselage striking the ground during land gap.

"He has long per has done extremely well in testing," says DeVoven. "But if the aerospace industry it's not to the thing that companies spend a lot of time worrying about that ends up tripping the way."

Observers caution that the 757 Max's fuselages are still being produced by Kanna-based Spirit Aerodynamic, the

Ortberg has a decent balls in the air at the same time, and it would be very easy to drop a half or two

touched former supplier that produced the new plug-burden seat of the Oaksha Airliner jet in 2024.

Boeing acquired the company last year and Bousan Nussiri, senior vice-president of supply chain and fabrication, rate this since then 737 fuselage defects requiring "rework" had been reduced by 50-60 per cent, but he acknowledges it was "absolutely not trouble-free" and that "there's a lot of things we need to work on together."

Hamilton says that overall Boeing and Spirit fix the outstanding issues. they remain at the mercy of a Mississippi-country supply chain already sluggish

by shortages of everything from skilled labour to rare earth metals, soot, window and engines.

He adds that something is simple as a missing 100-petc on the back of a seat can prevent an aircraft from being delivered. "You're talking about a 10,000-price jigane puzzle, and one missing piece can move up the whole operation."

Even of the rehabilitation of the 757 Max programme proceeds without a hitch, analysis strayed well last winter. Boeing's fortunes without progress in its wide-body fortunes.

Bitting in another section of the Everett facility are 30 777 9 twin side aircraft, some of which have been stored there since 2020.

The 777A programme, of which the 777-9 is the biggest variant, is another big item on Ortberg's long-to-de-fed. The 777-9 had been due to motor service six years ago but has been plagued by production and regulatory challenges Boeing last year took a FA Max charge against the programme.

Speaking in London earlier this month, Ortberg said the company was on track to deliver its first 777-9 next year, but conceded that planes built years ago would need more work to bring them up to date.

Tim Clark, the president of Dubai-based Emirates and one of the programme's launch customers, told reporters at the Farnborough Air Show last week that he was rejecting delivery of the jets from the middle of next year, but would not accept delivery of the 10

The 757 Max 10 accounts for half of all 737 Max in days since 2020 - 70s, early 1980

older aircraft, arguing they had been overtaken by subsequent design changes.

"They will probably have to cut them up they view because they should have taken a charge by now and written them out of their balance sheet," Clark said. He added that Emirates remains committed to its overall order of 270 planes and that he was "quickly confident" that Ortberg and hisphants hope, the final of Boeing's commercial aircraft divisions, were "getting this cooperative back on in its feet".

Even though Boeing still dominates its wide-bodied airliners, its European rivalries on standing still. Airliners studying plans for a larger version of its own A320 that would mark a return to the market for the world's biggest planes.

Tas wrongdo of the 757 Max and 777X programmes illustrate the difference that filter Boeing's narrow path back to profitability. But Ortberg's legacy will also be determined by another key decision.

Last week, he revealed that the company had started work on a new design for a successor in the 757 Max programme. Boeing, he told reporters in London, was "speaking time and money preparing ourselves to be ready when the market's ready".

Airliner has already said it plans to

launch a new narrow-body programme in 2020, and the aim of having success for its first selling A321 family of jets in service in the second half of the next decade. But Ortberg's view is that the market is probably "less ready today than it was a year ago", and that airlines were focused on ensuring that today's planes were performing.

Carriers have become frustrated over the durability of any oil and natural fire-turied engines, which have led to costly repairs and a shortage of spaces, even having some improved plans.

"I'm not going to jump to something new until we're sure that we're got a mature technology," said Ortberg, adding that he was unconserved about Air-liner's leading concern.

"This is a long play . . . so whether they start one year or so start one year, I don't think it's as important as making sure that we've got the right aeroplane for the market."

A defining feature of these new-generation aircraft will be how they are powered. While Airliner is working with CFR International, a joint venture between Air Aerospace and Airliner, its

text is a novel "open bar" engine without a traditional analog, Ortberg and Boeing's current baseline is a more traditional, minimal fashion.

But how ripples a veteran aerospace analyst at Book of America, says it is important what Ortberg's new home era of Boeing's "biggest minister".

In 2016, fearful of being a giant order from American Airlines, it chose to extend the life of the 757 through the first programme instead of developing a new generation of aircraft.

The result, figuring adju, is the foreign continent to rely on an airframe that was designed more than 60 years ago and that is "a big step like an old bicycle" using callers to connect the pilot's contracts to its trial.

Airliner's newer A320 series, whose contrarian facts are repeatedly "by-by-wise" electronics, is a generation ahead of the 757 in design issues and has swept all below it. In 2022, the A320 became the best-selling aircraft ever despite launching two decades after the 757.

The European group reported a surge in profits for the second quarter after a sharp pick up in deliveries of its jets, and signalled it has recovered from a period during which supply chain has悄然 been prevented increased production of A320 jets.

"That's why Kelly's aviation when it comes to capital deployment are an important part of the world. "Because a decision he makes now will have an impact on that company and for industry he does not 30 years."

Additional reporting by Peter Campbell in London

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FINANCIAL TIMES

Friday 31 July 2020

The FT View

FINANCIAL TIMES

With author and without cover

Warsh's concerning communication style

Fed chair's press conference exposes the shortcomings of his approach

The US Federal Reserve meeting this week spunized markets. The Federal Open Market Committee's decision to fund rates was not a surprise, but chair koors Warsh's stuntling communication in the press conference and for your Treasury yields to their highest level since the global financial crisis. Beyond reiterating a commitment to the 2 per cent inflation target, the new Fed chair demonstrated an aversion to explaining his or the committee's thinking.

Warsh is seeking to square a circle. He has been used to understand inflation over the past few years and owned to get it back down to the central bank's 2 per cent target. But he has not adequately explained why he and the committee be chairs were reluctant to raise interest rates to achieve that goal.

Nicotine are already suggesting per- sinner above target inflation and higher interest rates the ahead. He did not seek to correct this interpretation, stating instead that "the message from market is the message from market," sparking concerns that his relevant style is already backfilling. It is possible, as they have been to the past, that political considerations are at play.

Warsh's capacity is, of course, too far-dig. He has made some compelling arguments not to, in his words, "goons best" markets. But if larger inflation per- sinner or accretion, the apparent unwillingness to answer direct questions could lead to harmful market volatility.

Warsh's distaste for dot zines, which signal the views of FOMC members as the group of states' votes, exemplifies an aversion to comment on how that markets are accustomed to. He has even flowed with the idea of abandoning past Fed meeting press conference, a tradition created by Ben Bernstein. Scrap-

ping them would force market participants to take with above no longer.

As a longtime Fed critic, Warsh has been clear about his intentions to do things differently: some of this is to be applauded. But his statements that are real banks should be "swing" and not a panel to less prominent media shots have not been borne out as of late. In attempting to stop out of market, he is to allow thereto alternative rates, he has forced investors to pay even closer attention to at times volatile economic conditions.

There are real costs to Warsh's approach, forcing companies to price in uncertainty somebody raises borrowing costs. Many have to take out large and expensive hedges that distort markets and could harm economic output. Real estate, wealth to plan being and how many decisions to spend, have to be ever-covered, could then lose out. Workers who want for hand, and consumers who could face higher prices, will be collateral damage.

Elegier inflation revision is a profession, his apparent unwillingness to answer direct questions could lead to harmful market volatility.

There is a risk that the Fed faces credibility. If Warsh does not illustrate the committee's thinking more clearly, it is a right to tolerate and encourage internal dissent among committee members. As "good family fight", where Fed members express conflicting views and disagree, is not a bad thing. But when paired with profits, commentators, increasingly popular, they might be internal uncertainty to markets. Where such risk penitentiary, everyone loses.

The Fed does not have a legal mandate for transporters, but as an unequal, it is not a legal mandate for party 2. It will lose popular legitimacy if it does not communicate properly with markets. A recent weaker pick report and postcard inflation signal that the coming months will not be easy for any control phase. Inflation and monopoly are not a legal mandate for party 2. The people can't understand not only in the US but around the world. Warsh would be wise to keep this in mind as he conducts his experiment approach.

From the source image of a person, not to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person, or to be the same person.

Opinion Europe

Libanians don't want to sell to Trump and Kushner

Una Hajdari

A Bosnians have been taking to the streets for two months to oppose North-Europe and Israel Kushner's planned luxury must on Japan Island, threatening the habitat of wild flamingoans, which have become the symbol of the country's largest province since the fall of communism. Protesters erected then two shows that of those Hisham (All Rams inscribed with "The Last Hicham", in a picture that explicitly recalls the 1970 meeting of the state of the country, but that it is not a result of the "the whole" of the country. They are tolerated by Trump and Kushner's place to build a strong and the country's largest island, particularly after Israel, in a new state's shared political episode, described being "captivated" by the "ambolious life, beautiful Latin human primate."

Protesters feel they are being crowded out of their own country by deep pocketed outsiders

Island" also discovered while fishing "hambled with the way up to the top" of home-entered peaks.

The first daughter should count her will be by their she came back with all her own. Issues in overrun with minos and sunbats to roughly equal measure, both unmastified by the trademark hunters and military tunnels of the South's personal communist regime built as near-far-blood. It is most popular with the rest of a question who are subject to "a tropical rain for "30" and enter" signs and do not mind the odd current block of the problem.

The brand being sold by Israel to her country? Hiram Evrath concedes the fact that the deal likely landed in her leg as a result of decades of corrupt, under the table dealing that independent reporting and watchdogs claim possible are the country's roughly 640 kilometres of precious sandbells in the highest hildits.

Just as the country's return to one its habitat is development, the protest on that they are being crowded out of their own country by decades of foreign investors. Most prison hard-hurtered off to deep pocketed outsiders as prison on the coast they were usually frequented in pretext and wild beaches turn into good destinations to the site.

Athenia, like much of the Balkans,

has suffered a dual trauma of a shock therapy transition and of communism and a quarterly drug release on the US, which outbuilds several countries into existence as democratic nations after the end of the cold war. Working with continued bipartisan support for Tirana's EU and State ambitions has made it Albenia's single most important foreign aid, but that also makes the country ripe for exploitation by those who are happy to consider US geopolitical weight for personal gain. In nearby Serbia, the apparent lessons for real estate trade is even less subtle. Unlike Albanian - who tried to be overwhelmingly pro-American - the births have had a sixty-dollar standing with the US since the 1999 bombing of the many Yugoslav state left by Balkan strongmen Nicholas Mlakovic.

In their president Aleksandar Vučić is a graciated band at playing Washington all against Moscow. Demobilising forbid a new state for our home call - the crumed former Yugoslav military headquarters, a major target of State bombing, and the first street untouched in central Belgrade since 1999 - it finally's trying! Some would have been a small price to pay for the currency for prison need, a personal line to the US president. Unclearer withdrew and the deal collapsed due to public (or and a corruption indictment during the civil debating) as a cultural heritage on last December.

It would be a mistake to read Albenia's ongoing, down-structure as directed against the US as a whole, given the generally pro-US views among Albanians. Many protesters object to Kushner's role specifically. The man helping more a National Gana into a less-brould Trump has called the "Riviera of the Middle East" now wants one of their own friends.

The opacity over how the Belgrade and Japan deals were delivered, the fishing and coastal communities should be the people on the shaker - most of Kushner's people with Kushner. It is the same indifference he brought to Gana, where, as he put it during a bar and speech, he would die his "best to move the people out and then clean it up". Yet Kushner isn't ultimately remission the belief, already prevalent among Albanians, that the state treats the country as necessary for foreign investment and its own citizens as the one constituent of these natural former needs.

In Israel and Serbia, Israel is the island shaped by health's paramas as a symbol of Albania touting into a playground for the rich while citizens flee the country to several locations. It is largely prime real estate with decades of human previous years, so its way to becoming unrelenting newcomers.

The writer is a reporter covering the Balkans.

Letters

SEC gambles with our markets by scraping quarterly reports

Daniel Davies' up-ed on US plans to use quarterly reporting, which online can with the office "Stopping quarterly," company reports in US may not be a bad thing! The Wall Street, July 25, makes several good points but draws the wrong conclusion.

As he states, ending quarterly reports would only work if the securities and Exchange Commission adopted strong European file disclosure obligations, which are not part of the proposal and are not going to happen. Occasional ad hoc disclosure due to a court-of-excess, like the 2016 example Davies now, will

never provide investors with the high quality, reliable, comparable - quantitative and qualitative information of quarterly reports.

All the evidence shows that it is short-lived management income, and compensation that drives short-term, and not quarterly reports. Fifty years of quarterly reporting have served US markets well, by facilitating efficient capital formation, stock pricing and liquidity while avoiding excessive volatility. Retail investors already face an unlevel playing field against big institutional investors, high frequency trading firms, hedge

funds and the like, proposals like this that further advantage insiders and those types of well-consumed outsiders must be avoided.

And it is highly unlikely that 90 per cent of the food really high (WGNH) plus comments filed by a wide range of investors with the SEC opposing this proposal are all wrong. Finally, and most importantly, investor confidence in Israel as well-regulated and well-policed disclosure and promotions, which are the foundations of broad, deep and liquid US markets.

Unfortunately, this proposal is but

one of dozens of actions taken since Donald Trump's election, and they all reflect disclosure's comparison; and investor rights The SEC is no longer the global goal standard of investor protection, it is now under way, a prioritizing management protection.

It's so bad that at Better Markets we now refer to the SEC as the Shareholder (proposed) position. With these decisions, the actions, the SEC's gambling with our markets, financial system and our economy.

Dennis M. Kullcher

G. Gus685, President and CEO, Better Markets, Washington, DC, US

Debunking the idea that housing is all about supply

John Bass, who has been high-end years - "How to do the housing crisis?" - has a good for them the gospel to support of housing supply. He has children is not enough, the price argues, and not is government intervention. We need both.

This is a more sophisticated approach, but it costs on the same misdiagnosis.

Bara Mankach reports that Austin, a city in Texas, being built enough homes to push onto down, then watched construction fall to a 55-year low as builders moved to stop onto falling further, the crash may be overbidding, a critical relation by the developers. It is not a time allotation, it is the equilibrium.

A house is not priced like a mountain and good. It is priced like a head. Its value is the next 6-years, capitalized at a rate that tracks the real risk free rate of interest.

To operate an integral keeps building houses way up and the price goes off the crash the industry already holds. Private supply limits itself, a down part often it begins to deliver affordability. Austin did not fall the supply-theory, Austin is what the supply-theory looks like when it works.

This is the error of the text of the "abundance" argument, as outlined in the book by David Thompson and Erin Klein Abundance: How We Build a Better Future, which sets out the supply-risk concerns dominant in the housing debate.

The authors state it plainly: housing is "not a special kind of good", but one that answers to supply and demand like any other.

On the contrary, it is a special kind of good. It is a financial asset, and he price is not in the capital markets, not the planning office.

Which is why the case never arrives from the private side alone, and why the often the price is not in the planning out target - "Aroma and Helsinki: one on public finance sheets."

A public center can hold housing across the city in because it is not bound to continue the business of the home. That rising land prices now threaten Vienna, as the price seems, is the same mechanism reaching the last system built to resist it.

The clearing is real. The limiting constraint is not the setting and, it is the rules at which capital prices the best over our heads.

The key to which affordable housing is not more building, it is a higher ratio of non-market to market are housing, which is not good case. Build without it, and the market prices are the same hurdles over time.

Kristian LT Blum President and Chief Investment Officer, Blum Levy & Co, Santa Barbara, CA, US

Books need provenance labelling too, just like food

Your report on publishing is the 44.6% - The struggle to bring it to its best. But 25 captures the apprehension around 45's impact on the publishing community. But publishers can be reasoned that readers value knowing a world-time origin. Look at the blackout over the history and, yet, just, what's demonstrated exactly how much readers care when the use of it is hidden from them.

The appreciation of all creative works is not to its provenance. Knowing that the author is human and imagining what motivated their writing is par of the pleasure for the reader. An essential part of human nature is exchanging ideas and appreciating the creativity of others, rightsliding the reader and/or relationship requires verifiable origins. We cannot leave publishers to rely on intuition to spot the evidence of AI generation or on voluntary, self-reported declaration of AI on Government regulation (apparently, we do not) - "The most important thing to be par of AI must be built into the creative structures itself."

Rather than attempting to detect or restrict AI after a break has been provided, the book cannot take its verifying human origin at the point of creation. In practice, this system documenting the human creative process before works reach the market, with records kept to support that failure.

Just as the book industry relieves provenance labels to consumers understand where and how something was produced, seizes the creative industries desperately need uplines, without their marks to protect the integrity of our cultural world.

Alan Oskari Executive Chairman, Forsyth Human, and Former Chief Scientist, Australia, Melbourne, VIC, Australia

Stablecoins or tokenized deposits? The jury's cost

Rushin Smith is eight - digital money is a key battleground where the geopolitical power game will be won or lost? Trump holds a geopolitical strategy for digital money? Poor town's, $2,000, low-50.

He is also correct to saying that Europe does not have a million of savings in the domain, stock with a digital sum both weak in its design and also in implementation, which is currently only set to see the light in 2018, and that of every million, green will.

Sundhu says an investor would be "anxious to count" against stablecoins, but for all the basic around them, growth likely has been anything but important: (a) at $100bn in the last six years and (b) at $100bn, and largely due to special circumstances such as the state has been making the pandemic, and the political goal is to support them. The Trump administration in 2015.

By comparison, the rise of money market banks in the East 1970s was very significant.

Communism does seem more impressive but this is not representative of actual payments. Being inflated by a cronomizing digital market.

Dahamish deposits look more promising, strategy on the robust shoulders of official safety sets and still enjoying the benefits of distributed lodgers. A group of large US banks has recently been held a consortium to issue tokenized deposits on a "perishminced" blockchain, with their network acting as clearing boxes. This may be a promising way to go.

Sundhu argues that the O.P. should prop up the digital user by allowing market remuneration and removing holdings from. He had better think twice: is a financial crisis, nothing is even like it to make the banking system collapse than a seldom doped at the central bank, available without the need to be able to build a digital money that may have that effect.

Sundhu suggests that the O.P. should prop up the digital user by allowing market remuneration and removing holdings from. He had better think twice: is a financial crisis, nothing is even like it to make the banking system collapse than a seldom doped at the central bank, available without the need to be able to build a digital money that may have that effect.

Sundhu Sughast Institute for European Policymaking Second University, Milan, Italy

Opera isn't the only arts activity exempt from VAT

The range of opera is just that it otherwise balanced article on VAT is unqualified. To study programme VAT in the UK, there is no clear problem. Opinion, July 29, 1994, only those who do not enjoy opera since it is eligible to, Secondly, the VAT exemption applies to all men under federal regulations, and the VAT tax is not applicable to the fiscal Opera House. I am a trustee director of Devoe! Opera but I write this in my personal capacity here!

I am Borchester, Devoe!, UK

The real test is whether investment leads to adoption

John Theodell says that before needs a government delivery system, it is possible of becoming the first customer for promoting new age (Opinion, July 15). But that ambition needs a mechanism to measure whether investors actually become adoption.

Grant Snider's can assess technical progress while the former may require evidence from operational use. Early stage companies can reach the end of a competitive R&D programme only to discover that the evidence required for a firm contract can be generated only through a first deployment.

Every woman has had programme should publish a "conversion ledged," containing the proportion of members working a particular office sector for whom it is. And if a member, the profession time from award to first contract, and the principal reasons people it will.

Britain's innovation system should be judged not only to the money it needs to be, but it is a valuable resource, validated ideas into reputable procurement. Otherwise the conversion gap will remain a circular shadow gap.

Sunderland Founder, NESTER Pharmacostatic, London W14, UK

Capita and the civil service pension debacle

These Ministers study documents to fight to challenge Britain's dependence on outsourcing (Report, July 16).

However, bringing service back under public control is where the problems are likely to begin. Civil service can have followed out much of the expertise and institutional knowledge required.

The civil service pension debacle illustrates the danger. Capital debtors left thousands waiting for payments, and the bank's bank's bank accounts had to be drafted in to tackle the backlog. Taking the shores back in house was itself considered dangerously disruptive. By then, the bank's bank accounts could of the expertise needed to replace the failing provider.

Graham Prudell Manchester, UK

Headline opportunity

I assume this is the 17's headlines most of property, but you surely missed a golden opportunity to deploy the other who's breastful headline on the market. (July 24) on hand it can. Water: "Water company vending out of liquidity".

David Lee Good Law of Crondell, Crondell, Hampshire, UK

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Friday 27 July 2020

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FINANCIAL TIMES

21

Opinion

China is not the solution to the US chifflation problem

Chris Miller

The world is poised to spend more money this year buying memory chips than will drink a share or smart money. We're not to be able to use nearly 67 per cent of world GDP when the data chips — six times higher than the average of the past two decades.

This step is demand is well known, not the numbers are still staggering. Over the past few years, a developing a semiconductors averaged 0.47 per cent of world GDP per year, of which is superior to our memory chips — under more than a dectron. From pharma to data — the 2016 per cent spend over the conductors is projected at 1.25 per cent of the world economy, more than half of which will accrue to memory companies. Next year's spend may record 1.5 per cent of global GDP — roughly

three times higher than three years ago. The reasons of origin: in 65 and the data centre build out, Nvidia is a roughly 80% compare because the world plans to spend around five times more on its chip than it did three years earlier. In 2016, the data project, Nvidia, has taken advantage by charging high prices, at its 75 per cent gross margins alone. Its suppliers have done the same, with chipmarket TDRC and equipment release 100M, planning and half the

Memory chip companies, however, are unique in what price takes. Micron and 4K Hynix have both reported gross margins above 80 per cent. This will partly fund new capacity: Samsung and 3K Hynix are leading manufacturers now provide in-house data and data. The results regarding in Taiwan and the US. They have committed two of billions of dollars in capex this year alone and announced hundreds of billions in planned spending over the next decade.

But the companies have also tried to take advantage of the results in the first raise prices as high as they can. As recently as 2022, memory chip companies were losing money, as prices

changed in an over-togged market. through chips in almost 1,000 million devices are mostly commodities, with one provider's products scarcely different from another's. Customers rarely signed long-term contracts or allowed much loyalty to any given provider. Memory companies know they would have no friends in a downturn and are no reason not to price aggressively during a shortage.

Buying chips from companies such as CSMT could reshape the memory industry

What's different this time is that the industry is so much bigger. "Chifflation" is being tracked by world leaders. Last month, Amazon Bertae funders accused Apple of "corporate greed" after the company increased prices on MacBooks and iPads. Apple is too inflated memory chips, already one of the coolest components in electronic

devices. Car companies such as General Motors have also allowed memory chips for increasing costs.

The Trump administration, nervous abnormalities amid the energy shock of the free war, is leading to bring prices down. Our option is to fund new micro from China. For many years China was highly dependent on western companies for memory, but this has now changed. This work saw the initial growth in offering of little-based CSMT, which manufactures 10kms, one of the two main types of memory chips. A fourth because China's most valuable company, a staggering rise for a company recently seen as second line.

CSMT is the world's fourth largest producer of 10kms in China. Just another further. It has succeeded partly because it is allowed to buy some advanced equipment from western companies, though not the 2017 through the tools used for leading edge 10kms. Sending the Trump administration last year planned to add CSMT to the Consumer Department's "Turity List", which would have tightened restrictions, before pulling back as part of a deal

with China over tariffs and rare earths. Even so, the US now accounts for the eventual western companies from using CSMT chips. Until recently, many steered clear, but with memory in seventh most supply, they are now measuring their options. Apple, for example, reportedly asked for the White House's 10kms price on CSMT chips. It is ardent sighted solution.

For the moment, most of CSMT's production is successfully 10kms, not the ultra complex high-bandwidth memory used in India. At a prices of the company breaks into the leading edge it could reshape the memory industry.

Some buyers of memory chips are CSMT as the answer to chifflation. This is why, when a first global power works that the company, which is roughly half owned by Chinese government linked entities, could build capacity without conversion per disability, leading heavy expenses to Chinese supply. At many is not only short-term prices for memory but an industry that has never been more strategic.

The writer's author of Chip 'It's'

Nolan's 'Odyssey' wins the casting debate

A Rat attempts to tax controversy over casting, in The Times, is a popular news article in recent weeks, it's worth considering the

production of another ancient epic poem-notes decade-age.

The article, titled Nolan's Water Break brought a multicolumnal, under our control, a sharp quarry in the Adelaide Hills in Australia to stage the Study stage. The Nobodhouse. Running from sunset to sunrise, it was a formative experience for me and for many others.

On a hunt stage, the production took the audience through the act of the sprawling pains overnight, showing the power of theatre by an iggling it back to over-the-zone. It was a second day globe from brigades to New York. It was rightly headed as one of the great works of theatre. The Guardian critic Michael Millington described Brooklyn production as "an veteran theory philosophic epic that achieved higher death, instruction and duty, while enhancing the mystery of life itself."

The Argonne production of The Nobodhouse formed 22 actors from 14 countries ranging from Senegal to Poland to Japan. The aim? To show how the Indian epic's themes point to a common human experience. The approach of the self-efficacy thesis could not be more different to the reduction views taken by Miss Mask is his recent criticism of director Christopher Nolan's new film of Nolan's Odyssey.

Would Manky 'historically accurate vision of the epic resonate as widely?'

Mask and others criticizing The Odyssey are social media urges that the casting of Mack after Leapin Nyong's on both films of Tony and her twin sister Christopher's — along with trans-actor Elliot Page accused soldier Nolan — is an attempt to rewrite Manky's When one commensals out, I remember the casting of Nyong's by saying Nolan know he would "be called a real 3rd game 'Go most beautiful woman' role to a white woman". Mask replied "True". He also pointed a laughing sound in reaction to an unholyed 3 year ahead Page's masculinity and a second Manky has lost his integrity.

Nolan's A narrow perspective even against the title. Manky racial-casting has become more common, whether such a character or a group of women do not have to be seen as a "real".

One vertical line of the Nobodhouse is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real"

The Nobodhouse is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real"

The Nobodhouse is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is

The Nobodhouse is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real"

The Nobodhouse is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real" and it is a "real"

There is no Maggie coming to save us

Be careful what you walk for. The first days of the Andy Burcham regime have come a rest of Conservatives and goodbye probably becoming about big government last chance. They are Labour's inevitable failure-spoofing Britain towards a 1979 moment, where a modern-day Maggie—a 'fashion' sweepstake once a nagging country from the Bisoned, Button-on-Livislation.

The appetite for such a failure is spickened by Burcham's declaration of war on the economic and political principles they cherish. Who on the free-market right would not wish little-allevance to a genuine declaring around to let you or not allow alone?

In Totowa, one needs only look at the UK's 90 per cent debt to GDP ratio, state burden project with a much 38.5 per cent by 2020. The 90 per cent money is given by services to see the small stature case. But here's the thing. Where anandoghe prices—that of Conservative or Reform leadership is the serious, clear eigliese, and is a state of the state? Who exactly is the Thatcher on the horizon?

Is it Wigel Farage, the man who brought on the triumph that is forced? Is

it Reform UK, still here between the small state and goodbye president? The party believes the past nationalisation of the steel industry, until recently wanted to renationalize water, and opposed means touting pressures but benefits.

Or is the canister to be bound in Great Badenoch's Conservatives, a party so committed to defending the state that she is still promising to retain the triple back on pressure spitting — the project of cost of which has tripled since it was introduced.

The Tory approach has the triple back in the cautionary tale. Badenoch's party is fighting for its survival. Why would the target the case group that still considered value Tory? And protection from the economic and political problems of the state spending. There's the entirety of the small-state saviouring by others: Badenoch talks of tax cuts on debt reduction, but electoral politics not sales.

While there are definitely savings to be made to welfare, so she suggests, you are not going to collect, small and no fund a rising defunct budget just by cutting disability months and with a few cuts to the civil service.

A leader with committed to rationing the state, and the establishment and paying back spending would not be advancing the unadherable state quo. They would be working out how to shift it. You also wonder if the Twins have the nerve to be removed. Mostly forces that obstruct new homes, reservoirs, nuclear power stations, technology and other vital infrastructure.

Can Vance square his Catholicism with Trump's Republican Party?

Sebrah Ahmari

Conservative Christian in the US shows about the idea of the Belmont while cruising those of the corporate headquarters. Their preach 'family values' but ignore how waged and health pervasity present workers from forming families or spending time with them. They cherish virtue but neglect the economic underpinnings needed to cultivate virtuous souls. And when Vance popes have highlighted these failings, the American right has halted out, accusing the successes of heart time of 'socialism'.

If you know your way around the US, you can't, this critique of the report may not people of the religious right should be familiar. Remarkably, a version of it is also at the heart of 20 Vance's pregnant Catholic, conservative economic, Communist, a book best understood

as part of the vice president's effort to reimagine what it means to be a conservative Christian — if the Trump plan Republican Party is better, that is.

Mack of the book's exception has focused on the question of its sincerity, which is a major issue in the United States has low to do with little than politics and cultural values. Even when lodged by secular writers, such objections reflect the Prismatic sensibilities, and public health policies.

But what is missed in these debates is the fact that it is a breadth on vice president who has written a book sharply critical of the old religious right, and sometimes even of the culture warrior now right. Along the way, Vance praises human misuse, and is a living wage and favourably also Herbert McCabe, an Irish priest who is engaged in a city engaged with Marizona.

The questions proof by the means is a key people too to do. For Vance, part of the person's conservative Christianity's self-consciousness is the interest of the working class. This was first driven how to Vance by the French community of his Ohio youth. That community,

he recalls, was far more agitated by the word follows case — a dispute over whether to puff the plug on a woman in a long term opposite a man — than his family's wriggle to accuse healthcare.

Vance maintains this basic critique that the U.S. has been, to be regain his own faith and turns to Catholicism, he calls against Christian leaders who have 'completely ignored questions of economic policy and material

The vice president has written a book sharply critical of the religious right

wellbeing'. They have no trouble condemning abortion and adultery, he writes, but may shout of calling a chief minister what 'he must pay his people a fair wage.'

Yet Christianity — especially Catholic Christianity — makes fundamentally public claims in China's teaching, as Vance notes, 'the economic spheres of

our social life' aren't 'quite as separate'. Even the mood and cultural inner-city, Vance himself ended up telling Pope (as 1876) to mind his own business (in so many words) when the White House and Irish lay found themselves at large from the world to the same.

There is a still-bigger website, however Vance's new vision is still mostly confined to paper. For about a decade, over since Donald Trump began voice on the 'blackout' of the U.S. in a history model class, a handful of Republican men the task have sought a new agenda to reach the party's new base. In his time in the Senate, Vance tried to oversting words, for example by attacking the credit card finance and pushing by lower income prices, when an outspersion with reform-minded progressive Democrats.

His Senate affairs were thwarted — mostly by the GOP leadership, which was the first to do with the U.S. to understand the political and social problems of the U.S. in the US. He was a 'fist' in the US, and the 'reign' in the US.

But many of the other areas highlighted by Communists remain, well, in district.

Vance laments big for his power over the young, but 'from Trump's answer has been a law targeting despilies porn (world's) people on hand! At companies from state regulations (not so worthy and not much else. He denounces the self of productivity for smoking mothers and fathers to maximize the amount of labour time they have to sell for wages, and the government's 'really good leave rate' on the administration's agenda. The state is not by the likes of Miss Mask, who has pretended the Chinese labour in such it's long, hours. Vance, finally, devotes poverty wages, but one has trouble imagining Trump promoting singles wage then.

One key question, then, is whether Vance can reconcile the ideas and politicians laid out in communism with the realities of the modern Republican Party's political system. The spiritual life of our Christian politicians has the fate of a party and a nation too.

The writer is 1/3 alike of Oxford. He next looks in 'The Trumpist of Normal'

---

22

FINANCIAL TIMES

Friday 31 July 2026

Lex.

Richard Waters

Range of factors explains the

sudden cold feet over the Al boom

BUSINESS INSIGHT

Deutsche overcorrects from being overexcited

outside Bank chief Christian Norwig has got his bank's business on a staubler footing after years of volatility.

Its stock, however, hasn't calmed down to the same extent. Shown in the leader shudder feet over avoid excitement for all things German. But your, they, your people while the rest of Europe's banking sector stunned ahead, its both years, investor sentiment swung too far.

Most European banks have benefited recently from strong growth and the market's enthusiasm for companies that are not over-reliant on artificial intelligence: the Euro from index of European bankers is up to 10% in the year of 2025.

Deutsche, in contrast, is down 6 per cent, even after a positive response to its second-quarter results on Wednesday. It is the most performed on the index, and one of just two contributors currently in the red for the year. At less than 6 of times book value, it is once again trading at a discount to follow investment banks BNP Paribas and Barclays, having briefly overtaken them last year. Even longtime lagged Deutsche Generale has pulled ahead.

This is despite Deutsche benefiting from many of the same trends that have been lifting the rest of the sector. Strong investment bank results have been all tapped: the results remain, but Deutsche kept up with a 10 per cent increase in investment banking revenue to €1.5bn, despite lacking the equities trading business that was the main device of growth at stock.

Its corporate and retail banking

Deutsche Bank has suffered in the Euroรธรรม์แห่ง

dis kines also beat consumer forecasts. Investors seem to have flipped from ensuring capitalเมืองติดต่อกัน in the German economy to setting off any chance at all of improvement.

It is true that the country's growth has disappointed since Friedrich More

Deutsche isn't the only German stock that has been held back by a sense of malaise recently

took over as chancellor last year. Rising energy prices since the outbreak of war in Iran have not helped. But a flurry of intense concern over the past few weeks suggest that the super market is beginning to turn, with plans agreed to reform public premises, cut taxes and loosen labour laws.

Noving on Wednesday also

highlighted potential benefits from EU-level regulatory reforms and initiatives to encourage growth in the continent's capital markets.

And yet have been sceptical that Deutsche can reach for 2026 target of a return on tangible equity above 15 per cent, with consensus forecasts currently at 12.5 per cent. The bank reclaims it can get to 12 without factoring in any of these potential tabloids, so it even one of them comes good there should be scope to beat forecasts comfortably.

Deutsche isn't the only German stock that has been held back by a sense of malaise recently. After a number of years, the local bus index has lagging well behind the continent-wide focus left. If the government's recent progress does instantly boost growth, it should create more opportunities for investors – so long as they don't get too carried away.

Zuckerberg's multiple projects are making him the king of 'side quests'

Companies that do just one thing are surprisingly rare, especially in Silicon Valley, whose existence and natural self belief are the worst. But some take multitasking to a new level.

Take Meta Platforms. Its charm fell 9 per cent yesterday, after second-quarter earnings that missed expectations. What spooked the market wasn't that ignore a couple of one-off charges and operating profit would have matched $22bn forecasts. More something is that thanks! Mark Zuckerberg is firing its multiple directions with little to show for it.

At present, 98 per cent of Meta's revenue comes from selling ads on its social networks, mainly Facebook and Instagram. That's on bed thing, because these are performing very well. Meta served up 24 per cent more ads this quarter than a year ago, and charged 12 per cent more for them, on average. Instagram users spent over 10 per cent longer during a billing period.

But Meta is also working on other products further from its comfort zone: including coding agents, cash-receiving assistants and data centre rental. Details on revenue and timing for much of this are scant. In its earnings call on Wednesday, Zuckerberg said various exciting things would happen "now," no fewer than 10 times.

Investors in tech are used to "side quests." Think of AlphaNet's forays into Pinyion-Division over in Amazon's satellite network. Sometimes they become huge. like Amazon and Microsoft's cloud computing divisions. If they fail to launch, investors usually aren't much worse off.

Meta's side burden comes with higher stakes. Zuckerberg needs them to work out in order to justify his spending plans. Meta may invest almost $750bn over the next five years, analysts pulled by LMG on loan, in the pursuit of AI "supercontiguous." That price could be worth millions if he succeeds, and very little if he doesn't. Without recurrence returns along the road, it would will get harder to come by.

Hifi and the only one for whom things projects come with high expectations. Elon Musk's SpaceX is making out its multiple directions too,

All about the ads

Metal revenue, reported and forecast by analysts (Gov)

2024 2025 2026 2027 2028 Other: a private market with more than 4.5 per cent of the market, but a 2.5 per cent of the market, but more than 4.5 per cent of the market.

to fund its long-term hope of colonising Mars. The difference is that Work has done multiple things rather well, from making sure to launching markets. Zuckerberg's entrance to star record is how persuasive.

At 1 per that Meta wasn't succeed in producing solid returns. But it's unsurprising that investors want more proof. The company's shares to put at 12 times forward earnings, according to LMG, they boost multiple in three years, and behind the rest of the Magnificent T.

Potato chips and the silicon kind are surprisingly similar

On the face of it, the potato chip and the memory chip have opposing trajectories. At less generated focused demand for microprocessors, overall stocks in chipmakers have been hammered of fun. Its contrast, the main adoption of G2P's weight loss drops – an innovation that, like AI, promises to reshape society – puts the fate of the crisp in jeopardy.

The potential impacts are significant. Users of drugs such as Wogovy and Zophosod should to reduce their caloric intake by 24-30 per cent, according to a recent study from the American Journal of Clinical Nutrition.

As it a time of the global population ends up taking the drug, it will demand could fall at least 5 per cent.

However, processed food will probably be hit hardest – a McKinsey

report-shing a Overall study suggests that, after six months on the July, patients spent 11.5 per cent less on potato chips and other savoury snacks.

This is one reason that US food and beverage companies' share prices have sagged. Pops has drifted down from 25 times earnings at the beginning of 2025 to just six times today, even so near-term earnings continue to grow.

Prior to last week's acquisition by Germany's Interneural Group, the share price of niche Pennsylvania crisps brand City was down around half over the same period.

Interneuck, which paid a 95 per cent premium for City, has hit a net one to spy an opportunity. Kellogg, Kellamova, and Trimbasse Foods have been recently been relieved of their public market listings via takeovers.

The keeper – Parsons, Mars and private equity firm (recentralization), respectively – may keep to combine brands and cut costs or perhaps believe that threats from G2P is not overdone.

Rodeos of potato chips have historically eroded their elevated valuations to their defensive and predictable nature. There is the real chance that, in a health conscious world, their results are gone forever.

The memory chip forays may seem that the opposite phenomenon.

But the difficulty in forecasting demand profiles of garage such as McMyers and Samsung means that they, too, previously trade at compressed valuations. Even after its recent shares fall, McMyers stocks are worth less than 3 times projected annual earnings two years out. For both sets of chips, such has introduced new flavours of uncertainty.

Chipping away

Average change in grocery spending on months after G2P's diagnosis (G)

Source: The Interneural Cancer Survey, International, et al. (Lundell D, Johnson College of Business).

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QA Report - Financial Times - 31.07.2026.pdf

Pipeline

• Extraction route: mistral-ocr
• extraction_route=mistral-ocr
• Translation chunks: 102
• Extraction warnings:
• [OCR-ROUTE] Scanned PDF detected; routing directly to MistralOCR.

Non-model Checks

• WARNING: missing numeric tokens from source: 000.00, 0123, 10.10, 1056.00, 106.7, 107, 1087.00, 10897.27, 112, 113
• WARNING: Missing proper nouns in translation: Adelaide Hills, Advertising Revenue

Time Source

Standard Standard Deviation

Direct Source

Standard Standard Deviation, Airbus

Share, Airbus Airliner, Alan Oskari Executive Chairman, All World, Although Labour, American Airlines, American Journal, An English - WARNING: source dates, money, or percentage tokens may be missing

Model QA

PDF 翻译质量审计报告

审计结果：存在严重阻塞性缺陷 (Blocking Issues Found)

该翻译件在忠实度和完整性方面表现极差，出现了大规模的幻觉、关键数字错误以及严重的逻辑混乱。

1. 严重幻觉与内容伪造 (Hallucinations)

• 凭空创造内容：在“波音”标题下的列表段落（如“1500K 数据”、“微软无视 AI 压力”、“市长资金转移”等）在源文本中完全不存在。翻译件凭空捏造了大量关于税收、AI、Meta、移民等不相关的新闻摘要。
• 角色/实体篡改：源文中提到的是 Fifa president Garrett Infantius，翻译件在某些段落将其描述为涉及“货币化全球管理机构”的计划，虽大致正确，但随后的伪造段落严重干扰了文档结构。

2. 关键数字与事实错误 (Wrong Numbers & Facts)

• 年份混乱：源文日期为 31 JULY 2020，但在翻译件标题中被改为 31.07.2026，且文中多处出现 2026年、2025年 等时间线冲突。
• 数据篡改：
  • 罗尔斯-罗伊斯部分：源文 £13bn and £4bn $\rightarrow$ 翻译件 £13bn 至 £4bn（逻辑错误，区间上限低于下限）。
  • 源文 £2.8bn to £3.8bn $\rightarrow$ 翻译件 £2.8bn 至 £3.8bn（正确），但前后的对比逻辑因数字篡改而失效。
  • 源文 2017 和 2016 的通胀率 $\rightarrow$ 翻译件将其表述为 2017 年 和 2016 年，但在一个 2020 年的报告中出现此日期且缺乏上下文，且数字对应混乱。

3. 翻译准确性与逻辑缺陷 (Faithfulness)

• 术语误译：
  • BoF (Bank of England) 在标题中正确译为英格兰银行，但在正文中部分地被译为“英格兰银行投资者”或出现不连贯的表述。
  • two year gilt (两年期国债) $\rightarrow$ 正确。
  • doves (鸽派) $\rightarrow$ 正确。
  • 但大量句子呈现“机器直译”痕迹，导致逻辑不通。例如：“认为其‘不令人满意’，且在能源冲击从英格兰银行投资者中消散时，预计将继续保持满意。” (原文含义被完全扭曲)。
• 严重误译：critical minerals (关键矿产) $\rightarrow$ 部分译为“关键矿产”，但随后的公司名称如 US. Baltimore Corporation 等在原文中本就是 OCR 错误，翻译件直接照抄且未对逻辑进行校准。

4. 完整性与结构问题 (Completeness & Structure)

• 段落丢失/跳跃：源文中 ...[MIDDLE PORTION OMITTED FOR QA]... 之后的内容在翻译件中被填充了大量与源文无关的幻觉文本（如关于白厅、房地产 Foxtons 的内容），这些内容在提供的 Source Preview 中完全没有出现。
• 残余英文/乱码：
  • 20 per cent 未统一翻译为百分比。
  • FTH 100 (应为 FTSE 100) 被原样保留或误译。
  • Euroรธรรม์แห่ง 出现乱码字符。

5. 交付缺陷 (Delivery Defects)

• 文件名残留：翻译件首行保留了 # Financial Times - 31.07.2026.pdf 这种内部处理标签。

结论： 该翻译件不可用。其不仅包含低级翻译错误，更在文档中间部分插入了海量与原文无关的幻觉内容，完全背离了“忠实”和“完整”的翻译原则。