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Financial Times - 29.07.2026.pdf 中文镜像版

FINANCIAL TIMES

WEDNESDAY 24 JULY 2024

AR-CLUB, Republic of Ireland 4.0

租金管制能否降低住房成本？

阅读全文，第 17 页

预判未来的就业形势需谨慎

SARAH O'CONNOR, 第 21 页

Burnham 在推动增长中寻求私营部门交易

• Reynolds 强调资本需求
• 旨在缓解对“公共控制”的焦虑

JIM PICKARD AND ADELEY ADHESIONS

商业大臣 Jonathan Reynolds 已试图在 Burnham 推动公共控制的研究中安抚投资者情绪，强调新政府希望吸引私营资本进入经济的关键部门。

本月就任首相的 Burnham 批评了数十年的经济政策，并承诺在水务行业和其他部门采取“社会利益”行动，认为“对于许多基本公用设施，确实有理由实施许多公共控制、许多公共所有权”。

然而，Reynolds 告诉 FT，政府意识到它需要“在 [水务] 部门吸引相当多的资本，以提供人们想要的韧性和结果”。

这位回归的商业大臣还表示，在本月完成 workman 的国有化之后，政府并不一定有意让英国企业拥有更多所有权。

“这一直是为了引入一个私营部门合作伙伴，”他说道，并补充说英国人可以通过黄金股等搜索联盟实现一定程度的“公共控制”。

Reynolds 批评了 Sir Kate Barrow 的政府（他在其中任职），认为该政府在选举后允许其增长重点被利用。“我认为我们曾有一个能源价格政府，我们告诉它确实需要一个不同的优先级 [ungeneally because of that],” 他说。

Reynolds 在 Barrow 担任商业大臣期间负责启动 British Govt 的国有化。他告诉一个人直到去年，担任首席党鞭 10 个月，直到本月该组织成立。他领导着一个经过调整的部门，该部门合并了大部分科学部门，这引起了一些技术人员的不满，因为 Reynolds 面对合并的批评者时表示，此类公司将受到这个新的“更大、更强大”的商业、创新、科学与贸易部的器重。

他还承诺，在鼓励其他部门追求增长方面，他将比他在 Barrow 政府中看到的尝试“更加坚定”。

Burnham 上个月表示，他特别希望企业实现“公共所有权”，并提及一些公用事业投资者的担忧。Reynolds 淡化了全面国有化的前景，表示：“英国将永远是一个安全的商业场所。”**

他以 Stan Barrow 的交通系统作为首相方法的例子。“他以一种真正改善了网络的方式实现了对两个网络的公共控制……而且它仍然由私营公司交付。”

Reynolds 必须就“国家商业”贡献与私营公司进行人工磋商，他在退职时表示不会再有针对企业的税收案例，但指出：“我们都必须认识到……除非英国经济增长更强劲，否则政府部门将无法满足其需求。”

他还表示，Barrow 的商业最后将弹药留在英国将需要稀释“25%”的指令，该指令强迫制造商每年生产更高比例的电力和电力网络。

Parties New & Second PTA (New York) JIM PICKARD AND ADELEY ADHESIONS

毁灭：强震在日本南部造成破坏，预计将有大量人员死亡

熊本县八代市地震后坍塌的部分桥梁

一次大地震袭击了日本南部熊本县，导致建筑物和基础设施遭到广泛破坏，有报道称一家购物中心内有多人死亡。

这次估计震级为 13 的地震导致了停电、火灾、道路和桥梁受损，以及一段较长的跑道翻转。

日本广播公司 TBS 报道称，在柏市 Aero Mall 发生爆炸后，预计将有“许多死亡”；NKK 引用警方的话称，此处有 20 到 30 人被疏散。

日本首相 Satoru Tokai (26) 表示，该国 6,000 名中文部队（Chinese forces）中的 3,600 名成员已部署在相关地区，同时她敦促公民“请采取行动保护自己，包括撤离到安全地点”。

日本气象厅表示，地震发生的深度相对较浅，约为 100m，导致所有车辆（in particularly intense）受到剧烈影响。

根据 Upazoo Electric Power 的数据，超过 40,000 栋房屋处于断电状态，同时该地区的有轨电车停运，机场关闭。内阁官房长官 Minoru Kikura 表示，目前没有收到该地区核电站出现异常的报告。

简讯

• 芯片股跌幅加深，随着西方 24 小时 英国的全球地震（Global earthquake）已经暴跌，因为人们对 24 小时（残疾、禁烟、酒精、石油）本周来自硅谷（Milsen Valley）一些最大公司的结果感到焦虑。

• 第 21 页, 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

• YR 向汽车制造商发起挑战 伦敦交通局（Transport for London）正向大型汽车制造商索赔，认为“全球进化数据（global evolution data）在一项计划中导致驾驶员在无需付费的情况下进入首都中心”。- 第 1 页

• 故事：议员们赚取数百万美元 尽管工党承诺在 2024 年大选后启动针对意图历史（intend history）的议员的计划，但 11 位保守党部长在过去两年通过咨询工作共同赚取了 12,500m。- 第 2 页

• 法国与火灾赛跑 由于消防员努力阻止近期最严重火灾的蔓延，波尔多西部的类别（Categories）和度假胜地已被疏散。- JAMES & ANDERSON, 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

• GSK 前往剑桥 这家大型药企正计划在历史中建立一个新时代研发中心，该中心将搬迁至意大利北 50 英里处的一个新地点，以推进其新药管线。- 第 3 页

• ET 对 Nads.com 处以罚款 金融监管机构对四大审计公司因在 2021 年对这家失败的在线家具零售商进行审计而罚款 2.2, 12, 此外 40 名客户还被处以 $100,000 的罚金并受到“严厉谴责”。- 第 10 页

• 巴克莱银行的利润与痛苦 市场目前认为其利润核算增加了近三分之一，达到 £2.2m，但在 16 个（fall after the high）之后，由于其华尔街银行业年度表现不佳，股价下跌了 4.4%。- 第 4 页

• Area 讨论 PF 合并 该私募资本集团已就收购 Leonard Greene's Partners（这家台球私募股权公司）进行谈判，该交易将使 well-up 其 PF 业务的选择。- 第 4 页, 2024, 2025, 2026

大投资者以廉价收购未售房屋

在未来，投资者正以廉价抢购未售房屋，并将其出租以获取价值。该任务称：审查数百处房产的疑虑或新房。但折扣幅度为原计划售价的 70-20 lper cent。很少有人认为这种份额延续了一种让家庭租房时间更长的模式。房产集团 Long-horizon、美国投资者 Horowitz Wilson 和加拿大金融计划（Canada Finance Plan）参与了这些聪明交易。房屋：Horowitz - 第 1 页

Infantino 在计划成立 $20bn 商业部门后被告知足球“非 Fifa 可出售”

SAMUEL KENN, ADELEY MACKINSON AND JOHN MORLE

Fifa 计划出售一家估值约 $20bn 的年度市场实体的约 20 per cent 股份，因为该管理机构主席 Gionel Infantino 试图利用今年夏天利润丰厚且商业化的世界杯。

这家总部位于荷兰的非营利组织在昨天并未与 Infantino 合作，它是世界第 20 大。第一次是第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次的第一次

Joshua Kushner，这位技术投资者，其弟弟 Jared Kushner 娶了总统 Donald Trump 的女儿 Joacha，他正在洽谈由 Three Day 和 land 领导该交易。

这项计划最初由 FT 报道，是 Infantino 在其执掌的十年间将 Fifa 变成商业巨头之后，为给 Fifa 带来更多资金而采取的最新举措。

这家备受争议的瑞士管理机构与美国总统培养了密切的关系，在 12 月处理了两次 Fifa 的首届“和平奖”——批评者称此举违反了政治中立规则。Fifa 表示，它将寻求为 Fifa 吸引长期少数股东，后者将成为一个容纳商业和活动运营的子公司。

Uda，欧洲足球的管理机构，表示这项运动“非 Fifa 可出售”。“这已经触及了足球管理机构绝不应触碰的底线。Uda 对此极其严肃地看待，”他说。“足球的部门和治理不是可以交易的资产——尤其是通过秘密透明度行为或向公众交易。”Fifa 表示，筹集到的资金将以每家 $20mn 的一次性付款形式支付给其 231 个成员协会。随后，向协会的付款将从每年的 $3mn 增加到法国的市场份额 (NZ) 和 2019。

Fifa 在今年世界杯中采取的商业驱动方式，包括大幅提高票价并从二级市场销售中抽成，引发了各团体的强烈抗议，并引起了美国各州的审查。

Fifa 在东部时间 8:30am 的秘密拨款在目前的四年周期内实现了收入，据信这得益于世界杯的商业成功。部分资金将帮助补充 Fifa 的储备金，该储备金在 2012 年世界杯后的 Quayle 8:30am 和 2023 年 12 月从 $15bn 出现下降。

在加拿大、墨西哥和美国举行的今年赛事帮助 Fifa 将收入从上一周期的 $7.5bn 提高。世界杯 9 周年 2024

订阅 印刷版与在线版

www.FifaOnline.com 电话: 0800-2000-1000

获取最新资讯请访问 www.Fifa.com

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研究：Jordan, Lawrence, Elongas, Cullins, Kushner, Mize, Apatio, 纽约, 芝加哥, 旧金山, 东京, 香港, 新加坡, 首尔, 东京

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FINANCIAL TIMES

2020 年 7 月 29, 星期三

国家

高等法院

TfL 寻求向汽车制造商索赔 Ulez 损失

交通管理局因排放声明造假而遭受损失

ALEXANDER

法律（法院）记者

伦敦交通局 (Transport for London) 向一些全球最大的汽车制造商要求赔偿约 £250，声称他们操纵了排放声明，导致驾驶员在无需付费的情况下进入首都的清洁空气区。

伦敦高等法院本周获悉，该交通管理局对包括 Defiants、BMW、Jaguar Land Rover 和 Nissan 在内的被告提出了“欺诈和过失”的指控。

这场法律之争围绕 Ulen's Levi Estienne Zone 展开，该区域对未达到空气质量标准的汽车每天收取 £12.50 的费用。

该计划于 2019 年推出，在部分主要自治区的司机反对下，于 2022, 扩展到大伦敦地区的 60 多个区域，这是伦敦市长 Sir Indis Khan 改善城市空气质量努力的一部分。

TfL 的详细信息尚未披露，但法院在本周的一次初步听证会上听取了该诉讼的概要。

TfL 的律师表示，应缴纳税费的车辆在未被收费的情况下进入了该区域，导致该机构损失了收入，并破坏了清理工作的成效。

然而，TfL 在赢得此案时可能面临挑战。其主张与一项代表 Lihms 驾驶员发起的公司诉讼相关，该诉讼声称汽车制造商在 essence 软件中安装了“违规设备”。

TfL 的律师表示，应缴纳税费的车辆在未被收费的情况下进入了该区域

以操纵氮氧化物排放测试。

该案的法官本月裁定大部分有利于汽车制造商，尽管她并未完全关闭所有索赔的大门。原告律师计划对一审判决提出上诉。在案件中，法院被告知该机构依赖于驾驶员和车辆牌照局 (Driver and Vehicle Licensing Agency) 的记录（基于制造商提供的数据），以确定特定车辆是否应缴纳费用。

TfL 的律师 Laurence Page 表示，汽车制造商“明确或暗示地表示”某些柴油车符合要求的标准。

“这些陈述是虚假的，是由于不诚实或鲁莽，或者由于过失而做出的，并导致了 TfL 的损失，”他说道，并补充说 TfL 寻求的总金额为 £10。

“其结果还破坏了 TfL 降低伦敦污染水平的努力。”

汽车制造商尚未在 TfL 的诉讼中提交辩护，但在平行的法律诉讼中，他们否认误导监管机构或消费者。

他们表示，车辆软件完全合法，排放控制系统旨在防止在特定驾驶条件下出现熄火或过热等问题。

Belfast 的 James Cairns K2 表示，TfL 提出了“非常严重”且“可能导致严重后果”的指控，但“根本没有提供任何适当的细节或具体信息”。

他表示，鉴于法官在另一个案件中的裁决，被告“有权知道欺诈和过失的指控是否被误述，如果是这样，是基于什么”。

隐私

NHS 因未披露 Palantir 访问患者数据的行为而受到批评

LAURA HUGHES

公共政策记者

一名官方代表批评 NHS 未能披露 Palantir 的员工可以访问可识别的患者信息，并警告称这损害了公众信任。

英格兰国家数据守护者 By me 在 F1" 向其透露 NHS England 已向其旗舰数据整合工作的某个部分工作的少数国家雇员提供“无限访问权限”后发表了上述评论。

该项目被称为联邦数据平台（Federated Data Platform），由于该项目由 Palantir 承办而引起争议，这家美国科技公司曾支持特朗普政府的移民打击行动。

By me 表示，在这次事件中，NHS England 有责任公开给予外部人员的访问级别，这表明了“信心消逝得多么快”。

她认为这同时也违反了监管 NHS 数据使用的加利福尼亚原则（California Principles）中规定的“无惊喜”原则。

在 NHS England 为 FIP 的一个部分创建了“咨询角色”后，少数 Palantir 员工被授予访问可识别患者信息的权限，在该部分中，数据在与其“预概念”相关联的情况下存储并传输到其他系统。

一份内部卫生服务简报承认，这种“允许非 NHRL 员工无限访问”的情况“不应被认可”，By me 表示，最初为 FIP 提交的数据保护影响评估未能披露可识别的患者数据将直接与 Palantir 员工共享。

“公众关注的强度和权重似乎反映了一个关键点，即人们多么深切地关心其数据的使用以及保密性，同时也反映了一些人对 Palantir 在 NHS 中角色持续的担忧，”她在一次采访中补充道。

“这个话题在某种程度上一直具有政治色彩。因此，人们持有各种观点……这意味着准确性和透明度必须仍然是 NHS 及其合作伙伴的核心优先级。”

法律竞选团体 Fongwe 的通讯负责人 Toni Hegarty 表示，“[国家数据守护者] 所说的，此前曾承诺不会将患者数据与 Palantir 员工共享，而现在却发生了，这破坏了健康数据核心原则，而这些原则正是 NHS 与公众之间信任和共识的基础。”

NHL 未回应置评请求。

Palantir 针对 FIP 的有效性也面临着越来越多的审查，该公司在近三年前获得了一份价值 £350m 的合同来构建该平台。

健康基金会（Health Foundation）智库的一项分析发现，尽管 NHS 声称在使用该平台的医院中，长期出院延迟的风险降低了 1 per cent，但该平台在患者出院绩效方面“没有明显的改善”。

酒店餐饮业在安装空调的竞赛中感受到压力

STEPHEN JACKY

法院工业记者

在企业给员工和顾客带来压力并迫使部分酒店餐饮企业缩短营业时间后，餐厅和酒吧正匆忙安装额外的空调机组和冷却系统。

据预报，本周该国将迎来另一波高温天气，英格兰东南部预计最高气温将达到 250，人们正等待进一步干扰的可能性。

虽然空调在商业物业中变得更加普遍，但许多企业，尤其是那些按后率经营的企业，其运营受到限制。2015 年的一项调查发现，大约一半的咖啡馆、餐厅和外卖店有部分地面空间覆盖了机械冷却或空调。

但运营商表示，随着极端高温变得更加普遍，冷却系统在留住员工和吸引顾客方面变得日益关键。“我们在所有新站点使用多个空调机组来排除热量，”钢琴外卖业务部门负责人 Khalil Khodri 说道。

今年已有 20 多个 Capstone 站点增加了空调。其他分店（其中一些正在避免规划促销）被敦促提供更多休息时间并使用更少房间，table lobbies 正在引入新的空调机组以应对近期的炎热天气。

Tania Trutwela 是一家位于伦敦的意大利餐厅，希望在今年夏天安装新的空调机组。

“我们在最近一次热浪期间决定，这绝对是我们必须做的事情，”创始人兼主厨 Jiana Klein 说道。由于厨房温度在夜间发生变化，她在 6 月的几天里不得不取消所有部分菜肴（一项意外的菜单后项）。

由于，附近 Length's Life 的董事也开始与她的房东商讨安装空调机组，她说在温度超过上个月的多个日子里，这是企业的“关键适应”。

然而，对于其他人来说，价格标签是一个障碍。Because Nose，一家在空气中开业的 chulal 食品市场，正面临着在其三分之一空气中安装所有空调的昂贵费用——

在外就餐，有一家位于 Southend-on-Sea 的餐厅，以及下方位于伦敦西区的餐厅

BY JOHN P. HENRY

对于该项目，总经理 Jail Jones 预估费用高达 £70,000。

“我们绝对必须采取行动。我尽力寻找人们，他们会过来，但不会再回来，因为他们会记得这里太热了，”Anna 说道，她补充说前期成本对某些企业来说“太多了”。

许多酒店餐饮企业，尤其是那些位于巨大建筑或密集城市中心的，在安装空调时还面临着冗长的规划申请。

“这是一个非常漫长的追踪过程，特别是对于那些被列入名录的建筑，”在伦敦经营 right side 的 Cabitt House Pubs 主持人兼饮料总监 Lattar MacPherson Johnston 说道。

MacPherson Johnston 一直在寻求规划许可，为其已知模式的物业之一增加空调。在获得许可之前，她只能通过增加风扇和放宽员工制服规定来应对。

对于已经处于压力之下的酒店餐饮企业来说，延迟可能是代价昂贵的。行业机构 10, hospitality 在 5 月进行的一项调查发现，六分之一的餐厅在未来一年面临关闭风险。

伦敦最炎热的商业区温度达到 37°C 的新高，影响了 Cabitt House 的销售。“有些人

‘我们必须为（下一次热浪）做好准备，但目前速度非常慢且费用昂贵。’

woward，足够舒适到可以清理，”MacPherson Johnston 说道。

通胀预计将削减 240 亿英镑的公共支出价值

JULIAN STRAKE

经济记者

更高的通胀将导致到本十年末，公共支出的实际价值削减 £24bn，这将迫使未来的决策者做出艰难选择，以控制债务并为那些缺乏预警的新政策承诺提供资金。

国家经济与社会研究中心（Nose）表示，能源价格检查将使赤字推高至 3.4 ％的峰值（2017 年初），而国家剧院的声明在 2020 年初则为 4 到 2 ％。

对当前支出计划（这些计划已经暗示部分公共部门将削减预算）的削减——直至下次选举——意味着政府消费在 2020 年将降低 15 ％。Nose 表示，这是预算责任办公室在 3 月份预测的，这将相当于在 2023 年之前少支出 £24bn。

"新政府面临着美国核心通胀路径在选举年后期回升所带来的最高借贷成本，支出计划的实际价值正被通胀侵蚀，且在国防和生活成本方面有了新承诺，" Nose 负责人 David Johnson 表示。

尽管通胀较高，但保持支出计划不变将允许 Hades（其在 17 个月动乱月期间减少了债务规模）实现政府平衡当前预算的财政目标，并使债务占 GDP. 的比例保持下降趋势。

但这意味着 "政府在实际层面将倾向于在未来做得更少，即使它似乎在进入一种支付状态，" Nose 表示。

除了高通胀带来的压力外，Hades 还需要说服投资者，从 1978 到 1981 之间的一系列新公告，以及一项提高技术和先进贸易收入的新驱动力。

Aldman 表示，任何新的支出承诺必须通过新税或其他地方的节省来抵消，并补充道："这仅仅是将债务水平维持在当前状态所需的最低限度。"

该智库警告称，未来的新决策者将被迫做出艰难选择，以提高债务并为新政策承诺提供资金。

金融市场对市场的集体影响，以及金融市场对市场的影响。金融市场对市场是金融市场的主要原因。

Aldman 表示，在今年秋季的预算中增税或削减支出将是痛苦的，加上之前的能源检查，将抑制增长并削减家庭财务。但上述驱动力在以后将是更大的支出。"当存在明显的风险时，它将被推迟或抵消，" 他补充道。

在实践中，通胀侵蚀支出价值的程度将取决于中东冲突的持续情况，以及失业率上升的幅度以及对工人议价能力的约束。Nose 对通胀的预测基于其 8% 的 4d 价格，到 2020 年末为止，这将是 2017 年的结果，高于 2018 年和英格兰银行最近的估计。

该智库表示，央行应能够通过提高利率来抵消价格压力，将其维持在 1.75 ％。但能源价格的任何进一步上涨都意味着 "计算发生了变化，我们预计银行会采取行动"，它补充道。

Jeff Beard 2020 15

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Wednesday, 07 July 2024

6

FINANCIAL TIMES

3

NATIONAL

“伯纳姆反弹”助工党缩小与改革党的差距，绿党则陷入低迷

执政党支持率达到去年3月以来最高水平，而法拉格的丑闻产生影响，波兰斯基的激增势头消退

ANNA HENRY AND CHRIS SMITH

安迪·伯纳姆（Andy Burnham）为工党带来了额外助力，使得改革英国党（Reform UK）和绿党在经历一系列丑闻和挫折后，难以重新获得动力。

根据 FTS 的民意调查，在该党更换领导人（本月，工党）后，支持率已上升至 24 per cent，为其自去年 3 月以来的最高水平。尽管改革党仍然领先于伯纳姆的政党，但差距已缩小至最少 1 per cent。

尽管最近几周，在围绕奈杰尔·法拉格（Nigel Forage）礼物和财务的一系列丑闻中，改革党的支持率下降受到了广泛关注，但工党的上涨似乎与绿党的损失同样明显。

绿党在扎克·波兰斯基（Zack Polanski）就任领导人后曾经历公众支持率和会员数的激增，但目前支持率已下降至 12 per cent，为 2023. 9 月以来第四次出现最低水平。他们目前正在探索重新获得购买力的方法，波兰斯基本人表示，伯纳姆比 Barnum 更偏左。然而，绿党认为他们可以通过倡导在经济上受欢迎的政策（如伯纳姆一直保留的许多财富税）来区分自己。

根据 FTS 获得的一份内部政党文件，政党战略确定了这些其他的“经济分水岭”，他们认为这将使他们在最终吸收水的公共所有权、控制以及气候领域的 guinea 行动中占据优势。

“对我们而言，风险领域在于工党不仅在增加许多渴望，尽管不是我们的实际政策，”该党战略文件指出，并补充说，“我们需要随时明确，工党所提供的是顶多半主导的，而我们提供的是全脂的。”

在这种情况下，超过五分之一的公众认为波兰斯基会比 Kerr Harmer 成为更好的首相，但根据政治牵引器的调查，本月 5 per cent 的公众认为绿党领导人将尤其如此，伯纳姆亦然。

伯纳姆今天将对其受欢迎程度进行考验，因为他承诺将“投入我所有的一切”来推动社会护理改革，这是最具政治影响力的领域之一。他将与保守党和自由民主党负责人 Kent Rutherford 和 her Ad Darey 见面，以宣传本党协议。

“我认真对待解决这个问题，为此，我们必须在绿党的前进道路上寻找一个非凡的代际利益，”他将说。伯纳姆预计不会阐述详细政策，因为他试图说服选民，在老年人获取护理方式上进行潜在高成本改革的必要性。

然而，改革党已经表示

改革英国党在民调中保持对工党的领先

英国议会投票：废除 (32)

改革英国党 – 保守党 – 英国

— 工党 — 1000

— 工党 — 1000

2024 2025 2026

2024 2025 2026

扎克·波兰斯基的认可度 自年初以来骤降

Mr Agrawal 评级 (32)

— 安迪·伯纳姆 — 扎克·波兰斯基

— Kent Rutherford — 奈杰尔·法拉格

— Ed Greens — Kerr Harmer

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

伯纳姆必须排除由于局部改革而产生的税收，因为报告称，首相倾向的 1993 风格系统但基于使用点的方案每年成本将超过 £100。

牛津大学政治学教授 Knoll 牧师表示，“对于新任首相来说，沉重的时期总会出现”，并希望“Burnham 不要过于兴奋”。他补充道，Burnham 和 Business 的问题在于，他们个人很受欢迎，但这并未转化为对其所属政党支持率的激增。

“这表明公众还没有完全准备好支持主流政党的艺术家，”他说。“人们正在做出决定。”

在经历了历史性的选举成功（绿党赢得了最高数量的议员，且绿党和医生通过选举该党均获得了突破）之后，他们现在都遭遇了挫折。

Polanski 频繁使用社交媒体给计划中的美国人物带来了麻烦，他们将其“大肆起舞”的习惯描述为“该党最大的负债之一”。他在一个政治框架中开始失去人气，此前他批评了针对 Golden Green 袭击事件的警方反应，随后他对此道歉。

周一，Reform 指责 Polanski “无意间促成谋杀”，并在他分享了一张一名男子穿着 T 恤的照片后将其举报给警方，该 T 恤上印有

绿党领导人 Zack Polanski 上月在南伦敦的一次集会上发言后与支持者在一起

2024 2025 2026

2024 2025 2026

断头台的非法行为图样，并配以一条 41 天的消息：“我们唯一缺少的是 Nigel 的计划。”绿党方面表示，Polanski 在无意中接受了在 Instagram 帖子里引用劳工的请求，并在意识到后迅速将其删除。

Reform 近几个月来一直处于焦点之中，原因包括对其党内人物（包括 Farage 未申报礼品和利益）的指控，以及上个月在工业区补选中的惨败。

Farage 试图通过辞去国会议员职务，并在其选区发起一场“人民对抗体制”的补选来夺回话语权，尽管在没有其他主要参与的情况下，这一举措产生了反效果。

[这] 表明公众尚未准备好原谅任何一个主流政党

政党决定保留一名候选人。改革党高层希望在 9 月重新集结，以制定更全面的政策方案，并利用未宣布的空档期争取任何劳动力。

前高层人士正在讨论下一次大选前的战略，重点关注智能行动，因为在那里 10 per cent 的投票份额波动将有助于他们击败工党。据多位参与人员称，在最理想的情况下，他们将能够通过与工党的权力分享协议获得 10 per cent 或更多。

Knoll 建议绿党和改革党“不应更糟”，并认为有迹象表明英国将回归两党政治。“许多心灰意冷的工党选民只是希望措辞能够改变，”他说道。“很多人在一段时间内一直借此训斥 Zack Polanski，但现在 Burnham 提供了全面的帮助，而 Polanski 却不断陷入规则之中。”

任命

新任首相分配了创纪录的 PPS 职位名单

关于 HOLLAND

BENTON 官方编辑

Andy Burnham 计划任命比以往任何一位首相更多的议会轮流政府办公室人员，因为他试图避免那些破坏其前任 Kerr Harmer 的后座议员不满情绪。

新任首相已宣布了创纪录的 41 个议会私人秘书 (PPS) 任命。他已经命名了 127 位部长和党鞭，略微超过了 Hickshaw 时期之前的纪录。

尽管 PPS 的角色（通常被描述为部长的随从）是没有薪酬的，但它将持有者绑定在议会中与政府投票一致，从而减少了反抗的空间。去年夏天，当许多他自己的议员反对他削减福利账单的尝试时，Harmer 受到了削弱。

新任首席党鞭 Anneliese Midgety 表示，Burnham 想要“投入” PPS 的角色。

她说：“在部门媒体顾问、Number 10 的同意且符合政府政策的情况下，这将包括更多开展某些议会活动的机会，包括在国家政策方面。”

Burnham 的 61 个 PPS 职位随着部门的增加而增加。这高于 2536 November 的总数。

纽约金融研究所负责人 Hannah White 表示，如果这些任命是为了减少反抗，那么它们可能与 Burnham 关于倾听其议员意见的措辞相矛盾。

她说：“更多异端？”这可能是试图让更大比例的工党后座议员“感受到政府的现实”。

“无论动机如何，扩大 PPS 群体都增加了在他们就特定政策问题分歧时，导致 Burnham 政府不稳定风险的可能性。”

政治薪酬

保守党议员通过顾问职务赚取数百万英镑

BACHEL REES — 政治记者

包括 Hickshaw 在内的资深保守党议员在过去两年中通过顾问工作赚取了数百万英镑，尽管工党政府承诺在 2024 选举后立即禁止此类职务。

一项对利益登记册的 FT 分析发现，自 2024, 年 7 月以来，保守党议员申报的顾问和咨询职务收入超过 £450,000。其中 11 人是前保守党部长，其政治收入总计 £120。该分析仅涵盖被描述为顾问或咨询职务的工作。

竞选组织 Tory's International UK 的研究与调查负责人 Steve Goodrich 表示，顾问职务引发了对利益冲突以及议员“试图利用 [其] 平台获利”的担忧。

他敦促新任首相 Andy Burnham 履行工党 2024 mainstream 承诺，即“支持此类决定，除非是担任过去的顾问或咨询职务”。

前任首相在这些职务中的收入最高，作为 election funds 的高级顾问，其薪水为 £1.3，他将其捐赠给了慈善机构。他还担任 UN 等公司（Hornell 和 Anthony）的高级顾问，并申报了后者支付的 £270,000 股份，同样捐赠给了慈善机构。

Theresa May 和 Boris Johnson 时期的总检察长 Sir Geoffrey Cox 在律师事务所 Wolters 担任一项每月 20 小时的咨询职务，年薪近 £300,000，他自 2024. 起担任该职。曾任 female 副首相的 Sir Oliver Bowden 自 2024 年底以来赚取了超过 £300,000，其中包括担任 Judge Brad Cannon associates 的现有顾问。

前科学部长 George Freeman 曾表示政治正变得难以企及，他通过一系列顾问职务赚取了 £350,000。

在 2024 竞选宣言中，工党希望某些议员不要“将过多时间花在第二职业或为外部利益进行游说”；从而影响代表选民。Labour facilities for P&L 本月向下议院表示，承诺的改革正以“全球速度”推进。

£98,599

议员的基本年薪，其中 1.4 million 人拥有第二职业

£3.4mn

Combined earnings of 1M MPs, 1M in 1M

英国西部的国会议员呼吁对所有兼职就业进行全面的审查，除非是为了维持专业资格、从事政治活动或提供基本的公共服务。

其他前内阁部长通过顾问角色每年赚取数十万英镑。曾在梅（May）时期担任顾问秘书、在约翰逊（Johnson）时期担任教育部长的 Sir Gerrie Williamson，在两个角色中（包括一家以色列 AI 平均公司）赚取的收入相当于每年 £230,000。

第一任 {Trench} 安全部长的 Tom Trigombek 担任的职位年薪超过 £70,000，此外还担任顾问委员会角色并因此获得股份。前内政和外交大臣 James O'Neill，一名影子内阁部长

tier，在 1 月份开始了一项由 Andy Gopaluk 投资的年薪 £52,000 的职位，而一名卫生部长的前任则在一家教育公司 (IPT Holding) 的咨询工作中每月获得 £1,000。

唯一一名申报的顾问角色收入超过 £350,000 的新保守党议员是工党的 Dan Cardon，他担任两个角色，年薪相当于约 £55,000，服务于成瘾中心 (Baps Together Group 和总部位于联合国 Kigang Green Bank) 行业。

议员的基本年薪为 £98,599，并被允许从事第二份工作。然而，他们被禁止提供有偿的议会咨询。

那些从事外部工作的人被要求签署一份详细说明其职责的合同或书面声明，并且必须申报任何相关收入。

“如果有人必须继续工作以维持执业执照，这在合理范围内是可以接受的，”Goodrich 说道，并指出少数继续担任商人或医生的议员。“但如果他们在工作，且其工作强度远超所需，那么这就很难被证明是合理的。”

议员们还因高薪的演讲活动而受到指责，工党的 Angela Rayner 在被 Burnham 重新任命为学习部长之前，申报了超过 £100,000 的收入。

Reform UK 领导人 Nigel Forage —— 在呼吁通过费用选举成为议员后目前并非议员 —— 自 2024 年 7 月以来申报的外部收入超过 £2mn。

工党尚未提议禁止议员获得演讲项目的额外收入来源。

我们感谢 John F. Forage 在 2024 年的选举中的表现。

Bach

Balt

Offices

E. 1980

2. 2014年

Inclusion

B. 2017

B. 2017

B. 2017

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4

FINANCIAL TIMES

Wednesday 29, July 2020

INTERNATIONAL

Bordeaux

法国疏散火灾附近旅游区

消防员遏制了蔓延，但干旱条件威胁到更多火灾的爆发

JAMES WHITE - 巴黎 BARNEY JOHN - PAISINE

法国当局昨日疏散了波尔多西部空域和度假胜地，因为消防员无法阻止这场记忆中挑战最大的西部大火。一名法国政府成员表示，据报道此次火灾并非由火源引起。

这场席卷吉伦特省房屋的猛烈大火已经触发了这些疏散行动。当地官员表示，自KAPRA起，Bafaynakien昨日被要求离开靠近海岸的Lezenas度假胜地，此举为预防性措施，此外还有 2200,000 处位于更北至南西部的地区被处理。

波尔多地区周围的火势已趋于稳定，但在更高温度和较低湿度的影响下，仍存在进一步蔓延的风险。官员表示，到下午，包括富裕的Cap Forest半岛附近在内的 14 个地区已要求撤离和生存，当地官员尚未将情况转移至另一状态。

在西班牙，当马德里郊外被大火袭击时，首相佩德罗·桑切斯（Pedro Sánchez）表示情况正在改善。他说：“形势正向有利于我们的方向转变，在与这些野火的斗争中，我们能看到隧道尽头的亮光”，同时称温度预计今天将再次缓解。

法国官员还面临热浪的威胁，热浪可能会在各地区迁移并提高火灾爆发的风险。已有 42,000 公顷森林被毁，使其成为法国自同样位于朗德地区（Landes region）的 26,000 次热浪以来规模最大的单次野火。

“我们担心今天和明天的天气条件，我们已经准备了两三天，”吉伦特地区消防官员兼协调员Brian Candeville表示。“我们正在建立非常、非常巨大的防火隔离带，以保护相关区域免受火势蔓延的影响。”

Candeville补充说，目标是阻止大火向波尔多靠近，尽管该城市目前并未受到威胁。相关措施包括挖掘战壕、清理树木和土地以及喷洒阻燃剂。

“这是一场与时间的赛跑，”领导火灾响应的民事安全局局长John Morton表示。“我们将在 24 to 48 小时内知道他们是否成功阻止了蔓延”。

当地海滩正面临大量普通游客的涌入。法国相关部门官员昨日开始要求人们取消在吉伦特地区的八月假期计划，同时呼吁遵循当地建议，避开最糟糕的受灾地点。

尽管马德里西部的部分野火仍未得到控制，但西班牙政府表示消防员在夜间取得了进展。西班牙部长Fernando Grande-Marteska在KTV5电视台上表示：“这是一次非常重要的行动，取得了相当积极的结果，所以今天我们可以感到稍微安心一些。”

Carmen Marko（马德里）和Luis Almeda（巴黎）提供了额外报道

华盛顿会议

泽连斯基希望在可能的会谈后获得特朗普的新支持

CHRIS LYONS - 巴黎

在基辅日益确信美国总统对乌克兰立场变得更加支持的情况下，沃洛特米尔·泽连斯基昨日与唐纳德·特朗普及白宫举行了会谈。

乌克兰总统的顾问们以及一名特朗普政府的高级官员表示，此次会议提供了 £600 万美元给前特朗普，他开始增加新军事建筑的数量，以努力结束俄罗斯的战争。

会谈后，泽连斯基在社交媒体上发布：“在椭圆形办公室与特朗普总统（PETS）进行了一次良好的会面。感谢我们共同为保护乌克兰生命所做的一切，那些不诚实的人。”

两人“讨论了爱国者拦截弹的生产许可以及其他几个想法”。作为与华盛顿及前任关系如何的一种迹象，泽连斯基补充道：“我们还谈到了外交……我们的团队将安排进一步沟通的细节。我对美国的坚定支持深表感激。”

美国特种能源部队：温科夫和特朗普的儿子贾里德·考夫曼已同意首次访问基辅，作为

特朗普总统希望身处成功之处

沃洛特米尔·泽连斯基

据参与会谈的人士称，这是结束战争努力的一部分。

这次会议标志着与泽连斯基关系中曾定义性的紧张局势发生了剧烈转变——私下将这归功于数月来顾问级别的直接接触，改变了特朗普对战争及乌克兰前景的看法。

对于挑战而言，接近该立场的人士表示，要说服特朗普支持乌克兰，需要触及几个美国利益——其中一项是支持在世界意义上变得更多，并看到我们，这一论点在利益方面获得了关注。

泽连斯基在国家峰会前告诉《金融时报》，他搜寻到特朗普已经加载了乌克兰针对俄罗斯能源部门的长程威胁活动——其战争机器的可能性——无论如何这都“做得非常好”。

泽连斯基表示，美国总统现在正以全新的眼光看待这段时间。“特朗普总统希望身处成功之处，”泽连斯基说。“这就是在许多事情上——不仅是为了防止，而且是在接近选举时，保持活跃，被激励于这将如何结束。”

泽连斯基准备参加共和党参议员林赛·格雷厄姆的追思服务，格雷厄姆是乌克兰的坚定支持者，于 7 月 12 日在抵达后不久去世。这是自 2012 年以来他第 18 次访问该国。

在白宫会面后，泽连斯基表示他已“向特朗普总统就逝世表达了我们的哀悼”，但补充说“他是乌克兰真正的朋友”。支持乌克兰的共和党人认为，格雷厄姆的去世可能会让特朗普更接近基辅，并帮助重启曾经在参议院面前改变美国政权的跨党派论题。

Gilbert Larr 10 月 5 日

气候变化。山火

“火灾雷暴”加剧地狱之火

罕见现象产生

可令火焰跨越河流与道路的闪电

PHILIPS MICHIGAN - CHRON LILA KIRKINS - PARIS

席卷法国西北部的山火被一种在欧洲罕见的被称为雷暴的现象所加剧。

这些被称为 pyroclimidazines 的风暴在火势剧烈生长时形成，它们产生自己的雷暴云，进而引发闪电击中。与目前第 100 次的情况相比，它们很典型，且热量之强使得消防员无法靠近。

在澳大利亚 2019-20 年的“黑色之锤”期间，这些雷暴帮助火焰跨越了河流、宽阔的道路和防火隔离带。

法国当局表示，在目前的山火期间至少出现了两次此类风暴，称其在国家范围内是“超导的”。根据吉伦特省（Gironde，火灾爆发的法国地区）省长 Sophie Bressa 的说法，第二次风暴引发的闪电击中并点燃了波尔多北部的另一场山火。

消防员表示，这些风暴的规模与他们之前所知的任何情况完全不同，但他们补充道，在控制的帮助下，他们最终能够扑灭大火。

吉伦特省消防部门官员 Marc Vermenden 表示，传统的灭火方法，如挖掘战壕或设置防火线，不足以对抗此类山火。“你无法阻止一场飓风，但你可以专注于保护人类生命和财产，并在它平静下来时发起攻击以尝试控制它，”他说道。

伦敦帝国理工学院的研究员 Theodore Kemping 表示，本周的天气预报看起来充满挑战。“在火灾威胁如此巨大的情况下，完全持续扑灭这种规模的火灾是不可行的，而且未来几天极热天气的回归使得这些火灾继续发展的可能性很大，”他说道。

今年，法国的山火总共烧毁了 1315000 公顷。在吉伦特省，它们就像飓风一样，正如在巴黎期间所见。

这简直是“一个奇迹”，竟然没有

新危险：本月在巴黎以南约 60km 处出现的棘状雷暴云

出现大量“火势蔓延至人口密集区”的国家，法国国家科学研究中心（CNRS）专门从事山火建模和预防的研究员 Jean-Maurice Phelps 说道。“我们的消防员上周牺牲了，但他们并不在吉伦特地区。”

欧洲中期天气预报中心表示，这可能是法国首批记录在案的火灾雷暴案例中一个“被解构”的情况，但如果得到证实，它将凸显出前所未有的极端条件。此前，这种极端情况在美国、加拿大以及澳大利亚出现过。

美国 WFT 的预报协调员 Francesca D'Souza 表示，这种“高度不可预测且极其危险”的风暴所能达到的高度可与“情感量级喷发”相媲美。

欧洲更习惯于相反的现象，即由干雷暴引发的火灾，此时闪电在触地之前由于热量成为第一级蒸发器。这是 2017 年葡萄牙火灾导致 60 多人丧生的因素之一。

目前的情况是由冬季欧洲湿润开始后，紧接着在春季早期开始的快速干热浪，结合强风，导致死干植被而引发。

‘你无法阻止一场飓风，但你可以专注于保护人类生命和财产’

科学家表示，气候变化增加了所有强度的炎热和干燥天气的流量，升级了山火风险并导致危害增加。自 20, 世纪 90 年代中期起的十年间，欧洲的温度上升了约 0.5M，两倍于全球平均水平。

“山火正在欧洲的大片地区燃烧，并由于风速原因迅速蔓延，”牛津大学气候科学家 Urban Brimicombe 表示。但 [此处语义不全] 野火管理、疏散计划以及水源获取的需求，随着全球变暖的持续预言。

她提到西班牙也因野火无法控制而遭受损失。“欧洲正面临气候过去[的滑动]——至关重要的一点是，我们需要一种情况，将风险水平的增加降至零，从而降低山火发生的可能性。”

Harvey Jepsen（马德里）和 Adele DeMorton 参与了额外报道。

欧洲

波兰反对派分裂为图斯克提供选举救命稻草

CYNECZKA - LONDON KATALIA GAMES - WINTER

波兰的反对党昨日陷入混乱，在撤回对 30th 以及前总理 Marcusek Moravicki 的反对后，这场分裂为唐纳德·图斯克（Donald Tusk）政府提供了救命稻草。

右翼法律与公正党（Law and justice party，简称 PII）预计将在一次会议上形成右翼阵营，而 Marcusek 准备在明年的议会选举前成立一个竞争性的保守党。

由图斯克的宿敌雅罗斯瓦夫·卡钦斯基（Jarosław Kaczyński）创立的该党内部的紧张局势在春季达到顶峰，当时 Moravicki 宣布成立 Development Plus，一个 PII 成员的协会。上周，卡钦斯基下达最后通牒，要求国会议员放弃其他政治协会的成员资格。

在决定于周四晚上失效后，卡钦斯基表示 “40 名议员，两名女性和三名议员” 已被 “驱逐”。Moravicki 的盟友、前部长 Jamesz Cheryński 告诉《金融时报》（FT），Development Plus 的成员预计将被 “正式” 开除出 PII。他将其描述为 “由靠近主席（指卡钦斯基）的一小组人策划的阴谋”。

然而，在会议结束后，PII 发言人 Rafał Bartoszki 表示，关于共和国的最佳决定以该党的纪律发言人告终。

“政治委员会建议并同意，对于那些未提交（Almaty）声明的人员。没有人员签署确认，” Bartoszki 说道。“这些个人中的每个人将有机会在党的纪律发言人面前出现，并解释他们的处境。”

波兰政治一直由卡钦斯基社会保守主义的 Horowitz PII 与图斯克亲欧盟的公民联盟（Civic Coalition）之间的竞争主导。自重返执政以来，图斯克承诺恢复法治，重建与布鲁塞尔的关系，并弥补 PII 执政八年留下的连续影响。

但 PII 利用其剩余的权力层级——包括总统府和同情他们的法院——来阻挠这一议程。

结果导致了僵局。图斯克在撤销 PII 的司法指控、接管公共媒体以及推动右翼解散方面举步维艰，而 PII 则在代表布鲁塞尔和柏林方面参与政府工作。

华沙分析师 Andreas Bohlinski 表示，Moravicki 的被驱逐将改变图斯克的处境，而图斯克本身无法看到分裂。此前人们认为图斯克已经赢得了 PII 的选举。

但现在，随着 PII、Moravicki 的潜在政党以及两个极右翼

Marcusek Moravicki 已被选定启动一个竞争性的右翼政党

群体争夺相同的保守派选民，右翼将很难将持续支持转化为强有力的大多数。“右翼将很难获胜并组建一个保守主义政府，” Bohlinski 说道。

在去年的总统选举后，PII 内部出现了分歧，在该次选举中，该党的候选人 Karel Noworski 击败了图斯克的候选人。“Noworski 获胜是因为他借用了极右翼的选票，” 华沙《共和国报》（Rzeczpospolita）主编 Michael Soderwald 说道。“两党在该次选举中都向右倾斜——甚至图斯克政党的自由派候选人也会将自己塑造为保守派。”

右翼政党受益于 Laxative 之后 PII 的两个领导人政党：自由意志右翼的联邦党（Confederation）和更具民族情绪的白宫联邦（Confederation of the White House）。

作为回应，“卡钦斯基决定向右走”，Soderwald 称。例如，在乌克兰战争问题上，卡钦斯基发起了一场阻碍乌克兰加入 PII 申请的运动，而 Noworski 则剥夺了弗拉基米尔·泽连斯基（Volodymyr Zelenskyy）波兰的最高国家荣誉。

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Wednesday, 27 July 2024

FINANCIAL TIMES

INTERNATIONAL

灵活的战术使伊朗能够维持有效的导弹攻势

早期对美国雷达的打击随后通过停火赢得了喘息空间

ARIZON JORDAN

在美国于2月份与以色列联合对伊朗发起攻击后，国防部长 Pete Higgins 宣布，其目标之一是“摧毁伊朗的进攻性导弹，摧毁伊朗的导弹生产”。

然而五个月后，在经历了数百次美国攻击后，伊朗仍能维持其导弹部队的有效性，并继续向该地区各地的目标发动打击。

其导弹部队在约旦的军营中杀死了美国人，重点攻击了 basic ischaos 和 kehrats 的据点，瞄准了沙特阿拉伯和卡塔尔的设施，并且似乎从 3 月和 4 月期间处于激烈 kullanılchord 的经历中吸取了教训。

A study of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first

“如果你不那样使用，射击会更容易，”法国国际关系研究所的伊朗弹道导弹计划专家 Nicole Grajewski 表示。“他们不需要到处匆忙地移动发射器，因此对他们来说，这是一个更有利的作战环境。”

在 February 28 和 April 8 之间，以色列和美国积极寻求搜寻并摧毁发射伊朗导弹的发射器和控制设备。他们封锁了其地下导弹基地的入口，试图再次将他们困住，而一旦被发现并加强附近巡逻，情况在其他方面恢复原状时便立即进入警戒状态。

但 Grajewski 表示，现在伊朗工程师似乎在展示一种通过挖掘被掩埋基地来快速补充和再生能力的能力。“他们绝对仍然是一个威胁。”

分析称，很难确定哪些因素可能帮助伊朗维持了其导弹部队的有效性。他们表示，某些因素可能仅对参战者可见，包括硬件损坏和电子战环境。伊朗还获得了来自其他国家的瞄准和异常支持，包括来自俄罗斯的情报。

影响伊朗打击率的因素可能包括美国及其盟友的拦截弹使用水平，此前有报告称他们在战争的前几个月消耗了大量拦截弹。

“我们可能在定位这些伊朗（目标），而他们可能在发射更精确的导弹，”詹姆斯·马丁不扩散研究中心 (CNS) 的 Jeffrey Lewis 表示。

他补充说，伊朗似乎在减少使用其老旧的苏联 Israel 或朝鲜 Naming 导弹。“这些东西非常不精确，”他说。其次，他表示所使用的导弹类型中，“其精度可能存在自然力量。”

Grajewski 表示，伊朗还可能从一种策略中获益，即在冲突早期打击对有效导弹防御至关重要的设施，包括约旦和海湾地区的雷达和预警站点。

“他们基本上是在试图关闭对方监测和追踪这些导弹的能力，”她说。“伊朗确实从中获得了回报，他们在早期瞄准中设法取得了一些相当高价值的成果。”

前 CIA 伊朗问题军事分析师 Jim Lannon 表示，在约旦发生的致命袭击表明，伊朗正有更多导弹穿透美国和阿拉伯的防御。

“在约旦，他们似乎已经能够提高导弹防御系统的渗透率，并提高中程弹道导弹的精度，”Lannon 说道。“如果你是一名美国规划者，你必须假设伊朗正在根据过去冲突中吸取的教训，在技术和战术上进行调整。”

伊朗密切研究了过去冲突的教训以及俄罗斯在乌克兰的战场经验，应该已经从错误中学习。

“我们所看到的是伊朗在适应，”Lewis 说道。他表示，他们的操作人员似乎不再像在之前几轮战斗中发射前那样，在发射场进行受控的植被掩盖，这使得人们更容易发现伊朗计划在何处发射。

与此同时，华盛顿近东政策研究所（Washington Institute for Near East Policy）的伊朗军队专家 Farah Nadiwi 回忆道，操作人员在最近的战斗中似乎已经足够自信，可以进行白天的发射，而不是依赖于掩护。

在伊朗常规武装部队与伊斯兰革命卫队之间以及内部，可能也存在更好的协调。Grajewski 表示，根据哪些攻击由哪支部队宣称，有初步迹象表明，伊朗正规武装部队在这些行动中可能承担了更大的角色。

伊朗表示，他们正在使用包括 Khelhar Shehan 在内的导弹，这些导弹在向目标进行最终接近时会进行机动。这使得部署的导弹防御系统和受损的雷达更难拦截它们。

“当与其他因素结合时，末端机动可能会提高其效能，”Lannon 说道。

美国人现在面临一个战略困境：伊朗维持着一支强大的导弹部队，可用以报复攻击。分析人士表示，遏制这支部队将要求美国扩大其自身攻击的范围。

“在目的地或末端阶段防御弹道导弹正变得越来越困难，”Nadiwi 说道。“他们最终会意识到，需要投入更多资产去追击导弹发射器和基地。伊朗是一个大国，寻找这些导弹发射器就像在大海捞针（a needle in a buy-back）。”

Edward Luise 和 Sgtman

射程 1,000-4km 弹头 n.a.

来源：CIA, 24 May 2024, 17 August 2024

“你必须假设伊朗正在根据过去冲突中吸取的教训，在技术和战术上进行调整”

持续的危险：伊朗的导弹在整个地区仍然构成威胁。图中为 6 月落在中立国家叙利亚的一枚导弹

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一项来自金融时报 (Financial Times) 的服务

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6

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FINANCIAL TIMES

Wednesday 29, July 2024

INTERNATIONAL

Sanctions

Total 将从欧盟对俄政策反转中获益

法国能源集团将继续从西伯利亚超级项目进行利润丰厚的出口

JOSÉ ARDEYMAN 和 HENRY HALL，2014 (1) 2014 (2) 2015 (3) 2016 (4) 2017 (5) 2018 (6) 2019 (7) 2020 (8) 2021 (9) 2022 (10) 2023 (11) 2024 (12) 2025 (13) 2026 (14) 2027 (15) 2028 (16) 2029 (17) 2030 (18) 2031 (19) 2032 (20) 2033 (21) 2034 (22) 2035 (23) 2036 (24) 2037 (25) 2038 (26) 2039 (27) 2040 (28) 2041 (29) 2042 (30) 2043 (31) 2044 (32) 2045 (33) 2046 (34) 2047 (35) 2048 (36) 2049 (37) 2050 (38) 2051 (39) 2052 (40) 2053 (41) 2054 (42) 2055 (43) 2056 (44) 2057 (45) 2058 (46) 2059 (47) 2060 (48) 2061 (49) 2062 (50) 2063 (51) 2064 (52) 2065 (53) 2066 (54) 2067 (55) 2068 (56) 2069 (57) 2070 (58) 2071 (59) 2072 (60) 2073 (61) 2074 (62) 2075 (63) 2076 (64) 2077 (65) 2078 (66) 2079 (67) 2080 (68) 2081 (69) 2082 (70) 2083 (71) 2084 (72) 2085 (73) 2086 (74) 2087 (75) 2088 (76) 2089 (77) 2090 (78) 2091 (79) 2092 (80) 2093 (81) 2094 (82) 2095 (83) 2096 (84) 2097 (85) 2098 (86) 2099 (87) 2100

希腊增加了对 LNG 制裁的禁令，旨在将巨大的上涨幅度转向一个与莫斯科相对立的未知国家。欧盟的举措使得希腊航运在反对多巴哥的同时，能够继续在全球范围内进行俄罗斯天然气的利润丰厚交付。

三名知情人士表示，他们还预计 Total 将从该决定中获益，因为它将能够继续从 Yamal LNG（西伯利亚超级项目，这家法国油气公司持有约 250 比率的股份）向亚洲其他客户销售天然气。之前的财务决定曾于 10 月宣布，自 2024. 年底起禁止此类运输。其对比将能够继续向第三国进行 LNG 的“转移”，前提是合同在俄罗斯 2023 年 2 月入侵乌克兰之前签署，且数量不超过 2021 年的水平。

一名欧盟官员表示，此举之所以不等同，是因为它会回溯那些本会被“欧盟新运营商迅速接管”的庞大世界……我们将有一个重复使用的世界，不会对俄罗斯流量产生影响。

Total 履行向亚洲客户供应国际合同的能力，将有助于抵消该公司在今年年底起因美国和欧盟长期税收而对其业务产生的影响。Total 的进展超过了法国的 Pocyness，后者在 2 月份曾表示，与欧盟相关的“不幸”可能会迫使公司完全停止从 Yamal 运输。

但上周他暗示可能会有缓刑。新制裁可能表示“如果使用一些欧盟 LNG 领导者，则包括欧盟在内”，他在上周公司第二季度全球电话会议上告诉分析师。

该公司在回应 FT 的请求时拒绝发表评论。 直到最近，该公司在 2022. 年对其在该地的前业务做出相当大的调整后，声明了其大部分的俄罗斯合资企业。它上周确认，它正在考虑将 North LNG（另一个大型西伯利亚项目）中 250 比率的股份转让给由俄罗斯 Novakis 拥有的净资产。

但它保留了 Yamal 的股份，且该公司表示只有在受到制裁时才会削减该西伯利亚项目。

该公司在美国的主要业务，以及美国的主要业务，以及美国的主要业务，以及美国的主要业务，以及美国的主要业务，以及美国的主要业务，以及美国的主要业务，以及美国的主要业务，以及美国的主要业务，以及美国的主要业务，以及美国的主要业务，以及美国

印度政治

“蟑螂”抗议活动为莫迪的批评者注入新能量

政府政策的反对者受到学生运动的启发，开始动员支持力量

MICHAEL STATT 和 JESTRA CHEN 新德里

在印度新德里这场势头强劲的抗议活动主现场，市政工人已经将反政府涂鸦覆盖并清洗了街道——但这场由学生领导的运动给国家政治带来的主要影响将更难清除。

在短短 30 天内，新兴的“蟑螂”人民党（Cockroach Jantat Party, CJP）动员了数以万计的学生，他们中有些人是在 1998 年大学期间成长起来的，此次行动旨在挑战总理纳伦德拉·莫迪（Narendra Modi）并要求教育部长 Dharmendra Pradhan 辞职。

在印度人民党（Jantat）在很大程度上被忽视或被压制、且政治部门被主导的多年之后，CJP 的全国青年政府已经激发了一场模仿抗议运动以及对政府合作的分析。

这个 8:20 junior Party，其名称源自早晨 1 楼的 20 per cent 拒绝，在社交媒体上发起反对行动的 24 小时内就吸引了 10,000 名追随者，在 15, 方面获得了资金。他们希望在对更高燃料成本和政治经济的担忧中，恢复公众对政府强加的糟糕政策的支持。

与 CJP 类似，它要求改变政策——所有填充政策应 200 per cent 增加到 40 针对所有外部项目——以及一名部长的辞职。8:20 junior Party 将把这作为“首选”，该运动在其 2-prime 页面上如此表示，该页面呼吁公正、透明、问责和“人民权利”。

普林斯顿大学的政治学家兼讲师 Pranay Bhan, Mithra 表示，这次“蟑螂”运动的兴起应该“构思一种向国家提出要求的新方式”，从而激励他人，“我不知道这个 8:20 Jantat Party 还能获得多少动力，如果这正是这样一个例子。人们怀疑他们是否能通过正式的制度渠道提出要求，但即使是为了达成一个合理的请求，也会尝试创建特定的抗议运动。”

孟买的抗议者们在周六提高嗓门，与学生们表达声援，此时教育部长 Dharmendra Pradhan 辞职 - 1.0000

CJP 运动的目标是莫迪的交通部长 Nitin Gadkar，他经营着一家生产乙醇的特殊学生企业。Gadkar 否认存在任何利益冲突，并表示他的儿子们仅占印度乙醇市场 0.5 per cent 的份额。

对乙醇混合方案持强烈反对立场的政治分析师 Chinese thousands，呼吁在周五对 Gadkar 的住所发起一次 “a-hate-2”。德里上周宣布，将于 8 月就此问题向议会发起搜索。CJP 领导层尚未评估是否会通过压力来支持这一行动，该运动在面临政府兼并后正在重新集结，其主要选项是保护考试制度，并补偿在印度国家医学信托被取消后自杀学生的家属。

但在此之前，他们的一位超级支持者表示，“政府应该醒悟并面对现实（stand the coffee）。” “人们不会接受更多，成千上万的人将在没有任何关于额外讨论的情况下，不再忍耐。”

对乙醇测试点的愤怒在周日出现在孟班，就在 CJP 与政府达成协议之后，数千人在印度的金融之都集会，庆祝 Pradhan 的辞职。

出席集会的全印度学会联合会孟买主席 Aaron Kato 表示，政府官员中存在 100% 的人口政治分歧，且针对政府教育政策的“直接斗争仍在继续”。在被问及是否计划进行更多演示时，他表示：“我们正在努力。”

‘人们怀疑他们是否能通过正式渠道提出要求’

IIP 已将议会多数席位的基准线改为 2024，在 2024 年将有一系列州选举以及选举前的反对派国会议员。

批评者称，在执政党的竞选活动中，2024 年选举的 2024 年选举，2025 年选举，选举以及 2026 年选举，选举以及 2027 年选举，选举以及 2028 年选举，选举以及 2029 年选举，选举以及 2030 年选举，选举以及 2031 年选举，选举以及 2032 年选举，选举以及 2033 年选举，选举以及 2034 年选举，选举以及 2035 年选举，选举以及 2036 年选举，选举以及 2037 年选举，选举以及 2038 年选举，选举以及 2039 年选举，选举以及 2040 年选举，选举以及 2041 年选举，选举以及 2042 年选举，选举以及 2043 年选举，选举以及 2044 年选举，选举以及 2045 年选举，选举以及 2046 年选举，选举以及 2047 年选举，

选举以及 2048 年选举，选举以及 2049 年选举，选举以及 2050 年选举，选举以及 2051 年选举，选举以及 2052 年选举，选举以及 2053 年选举，选举以及 2054 年选举，选举以及 2055 年选举，选举以及 2056 年选举，选举以及 2057 年选举，选举以及 2058 年选举，选举以及 2059 年选举，选举以及 2060 年选举，选举以及 2061 年选举，选举以及 2062 年选举，选举以及 2063 年选举，选举以及 2064 年选举，选举以及 2065 年选举，选举以及 2066 年选举，选举以及 2067 年选举，选举以及 2068 年选举，选举以及 2069 年选举，选举以及 2070 年选举，选举以及 2071 年选举，选举以及 2072 年选举，

选举以及 2073 年选举，选举以及 2074 年选举，选举以及 2075 年选举，选举以及 2076 年选举，选举以及 2077 年选举，选举以及 2078 年选举，选举以及 2079 年选举，选举以及 2080 年选举，选举以及 2081 年选举，选举以及 2082 年选举，选举以及 2083 年选举，选举以及 2084 年选举，选举以及 2085 年选举，选举以及 2086 年选举，选举以及 2087 年选举，选举以及 2088 年选举，选举以及 2089 年选举，选举以及 2090 年选举，选举以及 2091 年选举，选举以及 2092 年选举，选举以及 2093 年选举，选举以及 2094 年选举，选举以及 2095 年选举，选举以及 2096 年选举，选举以及 2097 年选举，

选举以及 2098 年选举，选举以及 2099 年选举，选举以及 2100 年选举，选举以及 2101 年选举，选举以及 2102 年选举，选举以及 2103 年选举，选举以及 2104 年选举，选举以及 2105 年选举，选举以及 2106 年选举，选举以及 2107 年选举，选举以及 2108 年选举，选举以及 2109 年选举，选举以及 2110 年选举，选举以及 2111 年选举，选举以及 2112 年选举，选举以及 2113 年选举，选举以及 2114 年选举，选举以及 2115 年选举，选举以及 2116 年选举，选举以及 2117 年选举，选举以及 2118 年选举，选举以及 2119 年选举，选举以及 2120 年选举，选举以及 2121 年选举，选举以及 2122 年选举，

这场选举与 2123 选举，这场选举与 2124 选举，这场选举与 2125 选举，这场选举与 2126 选举，这场选举与 2127 选举，这场选举与 2128 选举，这场选举与 2129 选举，这场选举与 2130 选举，这场选举与 2131 选举，这场选举与 2132 选举，这场选举与 2133 选举，这场选举与 2134 选举，这场选举与 2135 选举，这场选举与 2136 选举，这场选举与 2137 选举，这场选举与 2138 选举，这场选举与 2139 选举，这场选举与 2140 选举，这场选举与 2141 选举，这场选举与 2142 选举，这场选举与 2143 选举，这场选举与 2144 选举，这场选举与 2145 选举，这场选举与 2146 选举，这场选举与 2147 选举，

这场选举与 2148 选举，这场选举与 2149 选举，这场选举与 2150 选举，这场选举与 2151 选举，这场选举与 2152 选举，这场选举与 2153 选举，这场选举与 2154 选举，这场选举与 2155 选举，这场选举与 2156 选举，这场选举与 2157 选举，这场选举与 2158 选举，这场选举与 2159 选举，这场选举与 2160 选举，这场选举与 2161 选举，这场选举与 2162 选举，这场选举与 2163 选举，这场选举与 2164 选举，这场选举与 2165 选举，这场选举与 2166 选举，这场选举与 2167 选举，这场选举与 2168 选举，这场选举与 2169 选举，这场选举与 2170 选举，这场选举与 2171 选举，这场选举与 2172 选举，

这场选举与 2173 选举，这场选举与 2174 选举，这场选举与 2175 选举，这场选举与 2176 选举，这场选举与 2177 选举，这场选举与 2178 选举，这场选举与 2179 选举，这场选举与 2180 选举，这场选举与 2181 选举，这场选举与 2182 选举，这场选举与 2183 选举，这场选举与 2184 选举，这场选举与 2185 选举，这场选举与 2186 选举，这场选举与 2187 选举，这场选举与 2188 选举，这场选举与 2189 选举，这场选举与 2190 选举，这场选举与 2191 选举，这场选举与 2192 选举，这场选举与 2193 选举，这场选举与 2194 选举，这场选举与 2195 选举，这场选举与 2196 选举，这场选举与 2197 选举，

这场选举与 2198 选举，这场选举与 2199 选举，这场选举与 2200 选举，这场选举与 2201 选举，这场选举与 2202 选举，这场选举与 2203 选举，这场选举与 2204 选举，这场选举与 2205 选举，这场选举与 2206 选举，这场选举与 2207 选举，这场选举与 2208 选举，这场选举与 2209 选举，这场选举与 2210 选举，这场选举与 2211 选举，这场选举与 2212 选举，这场选举与 2213 选举，这场选举与 2214 选举，这场选举与 2215 选举，这场选举与 2216 选举，这场选举与 2217 选举，这场选举与 2218 选举，这场选举与 2219 选举，这场选举与 2220 选举，这场选举与 2221 选举，这场选举与 2222 选举，

选举以及 2223 选举，选举以及 2224 选举，选举以及 2225 选举，选举以及 2226 选举，选举以及 2227 选举，选举以及 2228 选举，选举以及 2229 选举，选举以及 2230 选举，选举以及 2231 选举，选举以及 2232 选举，选举以及 2233 选举，选举以及 2234 选举，选举以及 2235 选举，选举以及 2236 选举，选举以及 2237 选举，选举以及 2238 选举，选举以及 2239 选举，选举以及 2240 选举，选举以及 2241 选举，选举以及 2242 选举，选举以及 2243 选举，选举以及 2244 选举，选举以及 2245 选举，选举以及 2246 选举，选举以及 2247 选举，

选举以及 2248 选举，选举以及 2249 选举，选举以及 2250 选举，选举以及 2251 选举，选举以及 2252 选举，选举以及 2253 选举，选举以及 2254 选举，选举以及 2255 选举，选举以及 2256 选举，选举以及 2257 选举，选举以及 2258 选举，选举以及 2259 选举，选举以及 2260 选举，选举以及 2261 选举，选举以及 2262 选举，选举以及 2263 选举，选举以及 2264 选举，选举以及 2265 选举，选举以及 2266 选举，选举以及 2267 选举，选举以及 2268 选举，选举以及 2269 选举，选举以及 2270 选举，选举以及 2271 选举，选举以及 2272 选举，

选举以及 2273 选举，选举以及 2274 选举，选举以及 2275 选举，选举以及 2276 选举，选举以及 2277 选举，选举以及 2278 选举，选举以及 2279 选举，选举以及 2280 选举，选举以及 2281 选举，选举以及 2282 选举，选举以及 2283 选举，选举以及 2284 选举，选举以及 2285 选举，选举以及 2286 选举，选举以及 2287 选举，选举以及 2288 选举，选举以及 2289 选举，选举以及 2290 选举，选举以及 2291 选举，选举以及 2292 选举，选举以及 2293 选举，选举以及 2294 选举，选举以及 2295 选举，选举以及 2296 选举，选举以及 2297 选举，

选举以及 2298 选举，选举以及 2299 选举，选举以及 2300 选举，选举以及 2301 选举，选举以及 2302 选举，选举以及 2303 选举，选举以及 2304 选举，选举以及 2305 选举，选举以及 2306 选举，选举以及 2307 选举，选举以及 2308 选举，选举以及 2309 选举，选举以及 2310 选举，选举以及 2311 选举，选举以及 2312 选举，选举以及 2313 选举，选举以及 2314 选举，选举以及 2315 选举，选举以及 2316 选举，选举以及 2317 选举，选举以及 2318 选举，选举以及 2319 选举，选举以及 2320 选举，选举以及 2321 选举，选举以及 2322 选举，

选举以及 2323 选举，选举以及 2324 选举，选举以及 2325 选举，选举以及 2326 选举，选举以及 2327 选举，选举以及 2328 选举，选举以及 2329 选举，选举以及 2330 选举，选举以及 2331 选举，选举以及 2332 选举，选举以及 2333 选举，选举以及 2334 选举，选举以及 2335 选举，选举以及 2336 选举，选举以及 2337 选举，选举以及 2338 选举，选举以及 2339 选举，选举以及 2340 选举，选举以及 2341 选举，选举以及 2342 选举，选举以及 2343 选举，选举以及 2344 选举，选举以及 2345 选举，选举以及 2346 选举，选举以及 2347 选举，

选举以及 2348 选举，选举以及 2349 选举，选举以及 2350 选举，选举以及 2351 选举，选举以及 2352 选举，选举以及 2353 选举，选举以及 2354 选举，选举以及 2355 选举，选举以及 2356 选举，选举以及 2357 选举，选举以及 2358 选举，选举以及 2359 选举，选举以及 2360 选举，选举以及 2361 选举，选举以及 2362 选举，选举以及 2363 选举，选举以及 2364 选举，选举以及 2365 选举，选举以及 2366 选举，选举以及 2367 选举，选举以及 2368 选举，选举以及 2369 选举，选举以及 2370 选举，选举以及 2371 选举，选举以及 2372 选举，

选举以及 2373 选举，选举以及 2374 选举，选举以及 2375 选举，选举以及 2376 选举，选举以及 2377 选举，选举以及 2378 选举，选举以及 2379 选举，选举以及 2380 选举，选举以及 2381 选举，选举以及 2382 选举，选举以及 2383 选举，选举以及 2384 选举，选举以及 2385 选举，选举以及 2386 选举，选举以及 2387 选举，选举以及 2388 选举，选举以及 2389 选举，选举以及 2390 选举，选举以及 2391 选举，选举以及 2392 选举，选举以及 2393 选举，选举以及 2394 选举，选举以及 2395 选举，选举以及 2396 选举，选举以及 2397 选举，

选举以及 2398 选举，选举以及 2399 选举，选举以及 2400 选举，选举以及 2401 选举，选举以及 2402 选举，选举以及 2403 选举，选举以及 2404 选举，选举以及 2405 选举，选举以及 2406 选举，选举以及 2407 选举，选举以及 2408 选举，选举以及 2409 选举，选举以及 2410 选举，选举以及 2411 选举，选举以及 2412 选举，选举以及 2413 选举，选举以及 2414 选举，选举以及 2415 选举，选举以及 2416 选举，选举以及 2417 选举，选举以及 2418 选举，选举以及 2419 选举，选举以及 2420 选举，选举以及 2421 选举，选举以及 2422 选举，

选举以及 2423 选举，选举以及 2424 选举，选举以及 2425 选举，选举以及 2426 选举，选举以及 2427 选举，选举以及 2428 选举，选举以及 2429 选举，选举以及 2430 选举，选举以及 2431 选举，选举以及 2432 选举，选举以及 2433 选举，选举以及 2434 选举，选举以及 2435 选举，选举以及 2436 选举，选举以及 2437 选举，选举以及 2438 选举，选举以及 2439 选举，选举以及 2440 选举，选举以及 2441 选举，选举以及 2442 选举，选举以及 2443 选举，选举以及 2444 选举，选举以及 2445 选举，选举以及 2446 选举，选举以及 2447 选举，

选举以及 2448 选举，选举以及 2449 选举，选举以及 2450 选举，选举以及 2451 选举，选举以及 2452 选举，选举以及 2453 选举，选举以及 2454 选举，选举以及 2455 选举，选举以及 2456 选举，选举以及 2457 选举，选举以及 2458 选举，选举以及 2459 选举，选举以及 2460 选举，选举以及 2461 选举，选举以及 2462 选举，选举以及 2463 选举，选举以及 2464 选举，选举以及 2465 选举，选举以及 2466 选举，选举以及 2467 选举，选举以及 2468 选举，选举以及 2469 选举，选举以及 2470 选举，选举以及 2471 选举，选举以及 2472 选举，

选举以及 2473 选举，选举以及 2474 选举，选举以及 2475 选举，选举以及 2476 选举，选举以及 2477 选举，选举以及 2478 选举，选举以及 2479 选举，选举以及 2480 选举，选举以及 2481 选举，选举以及 2482 选举，选举以及 2483 选举，选举以及 2484 选举，选举以及 2485 选举，选举以及 2486 选举，选举以及 2487 选举，选举以及 2488 选举，选举以及 2489 选举，选举以及 2490 选举，选举以及 2491 选举，选举以及 2492 选举，选举以及 2493 选举，选举以及 2494 选举，选举以及 2495 选举，选举以及 2496 选举，选举以及 2497 选举，

选举以及 2498 选举，选举以及 2499 选举，选举以及 2500 选举，选举以及 2501 选举，选举以及 2502 选举，选举以及 2503 选举，选举以及 2504 选举，选举以及 2505 选举，选举以及 2506 选举，选举以及 2507 选举，选举以及 2508 选举，选举以及 2509 选举，选举以及 2510 选举，选举以及 2511 选举，选举以及 2512 选举，选举以及 2513 选举，选举以及 2514 选举，选举以及 2515 选举，选举以及 2516 选举，选举以及 2517 选举，选举以及 2518 选举，选举以及 2519 选举，选举以及 2520 选举，选举以及 2521 选举，选举以及 2522 选举，

选举和 2523 选举，选举和 2524 选举，选举和 2525 选举，选举和 2526 选举，选举和 2527 选举，选举和 2528 选举，选举和 2529 选举，选举和 2530 选举，选举和 2531 选举，选举和 2532 选举，选举和 2533 选举，选举和 2534 选举，选举和 2535 选举，选举和 2536 选举，选举和 2537 选举，选举和 2538 选举，选举和 2539 选举，选举和 2540 选举，选举和 2541 选举，选举和 2542 选举，选举和 2543 选举，选举和 2544 选举，选举和 2545 选举，选举和 2546 选举，选举和 2547 选举，

选举和 2548 选举，选举和 2549 选举，选举和 2550 选举，选举和 2551 选举，选举和 2552 选举，选举和 2553 选举，选举和 2554 选举，选举和 2555 选举，选举和 2556 选举，选举和 2557 选举，选举和 2558 选举，选举和 2559 选举，选举和 2560 选举，选举和 2561 选举，选举和 2562 选举，选举和 2563 选举，选举和 2564 选举，选举和 2565 选举，选举和 2566 选举，选举和 2567 选举，选举和 2568 选举，选举和 2569 选举，选举和 2570 选举，选举和 2571 选举，选举和 2572 选举，

选举和 2573 选举，选举和 2574 选举，选举和 2575 选举，选举和 2576 选举，选举和 2577 选举，选举和 2578 选举，选举和 2579 选举，选举和 2580 选举，选举和 2581 选举，选举和 2582 选举，选举和 2583 选举，选举和 2584 选举，选举和 2585 选举，选举和 2586 选举，选举和 2587 选举，选举和 2588 选举，选举和 2589 选举，选举和 2590 选举，选举和 2591 选举，选举和 2592 选举，选举和 2593 选举，选举和 2594 选举，选举和 2595 选举，选举和 2596 选举，选举和 2597 选举，

选举和 2598 选举，选举和 2599 选举，选举和 2600 选举，选举和 2601 选举，选举和 2602 选举，选举和 2603 选举，选举和 2604 选举，选举和 2605 选举，选举和 2606 选举，选举和 2607 选举，选举和 2608 选举，选举和 2609 选举，选举和 2610 选举，选举和 2611 选举，选举和 2612 选举，选举和 2613 选举，选举和 2614 选举，选举和 2615 选举，选举和 2616 选举，选举和 2617 选举，选举和 2618 选举，选举和 2619 选举，选举和 2620 选举，选举和 2621 选举，选举和 2622 选举，

选举与 2623 选举，选举与 2624 选举，选举与 2625 选举，选举与 2626 选举，选举与 2627 选举，选举与 2628 选举，选举与 2629 选举，选举与 2630 选举，选举与 2631 选举，选举与 2632 选举，选举与 2633 选举，选举与 2634 选举，选举与 2635 选举，选举与 2636 选举，选举与 2637 选举，选举与 2638 选举，选举与 2639 选举，选举与 2640 选举，选举与 2641 选举，选举与 2642 选举，选举与 2643 选举，选举与 2644 选举，选举与 2645 选举，选举与 2646 选举，选举与 2647 选举，

选举与 2648 选举，选举与 2649 选举，选举与 2650 选举，选举与 2651 选举，选举与 2652 选举，选举与 2653 选举，选举与 2654 选举，选举与 2655 选举，选举与 2656 选举，选举与 2657 选举，选举与 2658 选举，选举与 2659 选举，选举与 2660 选举，选举与 2661 选举，选举与 2662 选举，选举与 2663 选举，选举与 2664 选举，选举与 2665 选举，选举与 2666 选举，选举与 2667 选举，选举与 2668 选举，选举与 2669 选举，选举与 2670 选举，选举与 2671 选举，选举与 2672 选举，

选举与 2673 选举，选举与 2674 选举，选举与 2675 选举，选举与 2676 选举，选举与 2677 选举，选举与 2678 选举，选举与 2679 选举，选举与 2680 选举，选举与 2681 选举，选举与 2682 选举，选举与 2683 选举，选举与 2684 选举，选举与 2685 选举，选举与 2686 选举，选举与 2687 选举，选举与 2688 选举，选举与 2689 选举，选举与 2690 选举，选举与 2691 选举，选举与 2692 选举，选举与 2693 选举，选举与 2694 选举，选举与 2695 选举，选举与 2696 选举，选举与 2697 选举，

选举与 2698 选举，选举与 2699 选举，选举与 2700 选举，选举与 2701 选举，选举与 2702 选举，选举与 2703 选举，选举与 2704 选举，选举与 2705 选举，选举与 2706 选举，选举与 2707 选举，选举与 2708 选举，选举与 2709 选举，选举与 2710 选举，选举与 2711 选举，选举与 2712 选举，选举与 2713 选举，选举与 2714 选举，选举与 2715 选举，选举与 2716 选举，选举与 2717 选举，选举与 2718 选举，选举与 2719 选举，选举与 2720 选举，选举与 2721 选举，选举与 2722 选举，

选举和 2723 选举，选举和 2724 选举，选举和 2725 选举，选举和 2726 选举，选举和 2727 选举，选举和 2728 选举，选举和 2729 选举，选举和 2730 选举，选举和 2731 选举，选举和 2732 选举，选举和 2733 选举，选举和 2734 选举，选举和 2735 选举，选举和 2736 选举，选举和 2737 选举，选举和 2738 选举，选举和 2739 选举，选举和 2740 选举，选举和 2741 选举，选举和 2742 选举，选举和 2743 选举，选举和 2744 选举，选举和 2745 选举，选举和 2746 选举，选举和 2747 选举，

选举和 2748 选举，选举和 2749 选举，选举和 2750 选举，选举和 2751 选举，选举和 2752 选举，选举和 2753 选举，选举和 2754 选举，选举和 2755 选举，选举和 2756 选举，选举和 2757 选举，选举和 2758 选举，选举和 2759 选举，选举和 2760 选举，选举和 2761 选举，选举和 2762 选举，选举和 2763 选举，选举和 2764 选举，选举和 2765 选举，选举和 2766 选举，选举和 2767 选举，选举和 2768 选举，选举和 2769 选举，选举和 2770 选举，选举和 2771 选举，选举和 2772 选举，

选举和 2773 选举，选举和 2774 选举，选举和 2775 选举，选举和 2776 选举，选举和 2777 选举，选举和 2778 选举，选举和 2779 选举，选举和 2780 选举，选举和 2781 选举，选举和 2782 选举，选举和 2783 选举，选举和 2784 选举，选举和 2785 选举，选举和 2786 选举，选举和 2787 选举，选举和 2788 选举，选举和 2789 选举，选举和 2790 选举，选举和 2791 选举，选举和 2792 选举，选举和 2793 选举，选举和 2794 选举，选举和 2795 选举，选举和 2796 选举，选举和 2797 选举，

选举和 2798 选举，选举和 2799 选举，选举和 2800 选举，选举和 2801 选举，选举和 2802 选举，选举和 2803 选举，选举和 2804 选举，选举和 2805 选举，选举和 2806 选举，选举和 2807 选举，选举和 2808 选举，选举和 2809 选举，选举和 2810 选举，选举和 2811 选举，选举和 2812 选举，选举和 2813 选举，选举和 2814 选举，选举和 2815 选举，选举和 2816 选举，选举和 2817 选举，选举和 2818 选举，选举和 2819 选举，选举和 2820 选举，选举和 2821 选举，选举和 2822 选举，

选举和 2823 选举，选举和 2824 选举，选举和 2825 选举，选举和 2826 选举，选举和 2827 选举，选举和 2828 选举，选举和 2829 选举，选举和 2830 选举，选举和 2831 选举，选举和 2832 选举，选举和 2833 选举，选举和 2834 选举，选举和 2835 选举，选举和 2836 选举，选举和 2837 选举，选举和 2838 选举，选举和 2839 选举，选举和 2840 选举，选举和 2841 选举，选举和 2842 选举，选举和 2843 选举，选举和 2844 选举，选举和 2845 选举，选举和 2846 选举，选举和 2847 选举，

选举和 2848 选举，选举和 2849 选举，选举和 2850 选举，选举和 2851 选举，选举和 2852 选举，选举和 2853 选举，选举和 2854 选举，选举和 2855 选举，选举和 2856 选举，选举和 2857 选举，选举和 2858 选举，选举和 2859 选举，选举和 2860 选举，选举和 2861 选举，选举和 2862 选举，选举和 2863 选举，选举和 2864 选举，选举和 2865 选举，选举和 2866 选举，选举和 2867 选举，选举和 2868 选举，选举和 2869 选举，选举和 2870 选举，选举和 2871 选举，选举和 2872 选举，

选举和 2873 选举，选举和 2874 选举，选举和 2875 选举，选举和 2876 选举，选举和 2877 选举，选举和 2878 选举，选举和 2879 选举，选举和 2880 选举，选举和 2881 选举，选举和 2882 选举，选举和 2883 选举，选举和 2884 选举，选举和 2885 选举，选举和 2886 选举，选举和 2887 选举，选举和 2888 选举，选举和 2889 选举，选举和 2890 选举，选举和 2891 选举，选举和 2892 选举，选举和 2893 选举，选举和 2894 选举，选举和 2895 选举，选举和 2896 选举，选举和 2897 选举，

选举和 2898 选举，选举和 2899 选举，选举和 2900 选举，选举和 2901 选举，选举和 2902 选举，选举和 2903 选举，选举和 2904 选举，选举和 2905 选举，选举和 2906 选举，选举和 2907 选举，选举和 2908 选举，选举和 2909 选举，选举和 2910 选举，选举和 2911 选举，选举和 2912 选举，选举和 2913 选举，选举和 2914 选举，选举和 2915 选举，选举和 2916 选举，选举和 2917 选举，选举和 2918 选举，选举和 2919 选举，选举和 2920 选举，选举和 2921 选举，选举和 2922 选举，

选举以及 2923 选举，选举以及 2924 选举，选举以及 2925 选举，选举以及 2926 选举，选举以及 2927 选举，选举以及 2928 选举，选举以及 2929 选举，选举以及 2930 选举，选举以及 2931 选举，选举以及 2932 选举，选举以及 2933 选举，选举以及 2934 选举，选举以及 2935 选举，选举以及 2936 选举，选举以及 2937 选举，选举以及 2938 选举，选举以及 2939 选举，选举以及 2940 选举，选举以及 2941 选举，选举以及 2942 选举，选举以及 2943 选举，选举以及 2944 选举，选举以及 2945 选举，选举以及 2946 选举，选举以及 2947 选举，

选举以及 2948 选举，选举以及 2949 选举，选举以及 2950 选举，选举以及 2951 选举，选举以及 2952 选举，选举以及 2953 选举，选举以及 2954 选举，选举以及 2955 选举，选举以及 2956 选举，选举以及 2957 选举，选举以及 2958 选举，选举以及 2959 选举，选举以及 2960 选举，选举以及 2961 选举，选举以及 2962 选举，选举以及 2963 选举，选举以及 2964 选举，选举以及 2965 选举，选举以及 2966 选举，选举以及 2967 选举，选举以及 2968 选举，选举以及 2969 选举，选举以及 2970 选举，选举以及 2971 选举，选举以及 2972 选举，

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选举以及 3098 选举，选举以及 3099 选举，选举以及 3100 选举

最新通知

年度报告

新加坡当局在芯片股大跌之际警告技术风险

CHEN MILLER - 新加坡

新加坡的国土一直是全球经济面临的一种威胁，如果人工智能被采取并出售，AI 模型和量子计算的进步被用于世界上 1980 年代。1980 年代是一种新技术的产物，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术

1980 年代是一种新技术的产物，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术

1980 年代是一种新技术的产物，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术[{"box_2d": [343, 889, 493, 935], "label": "text", "caption": "1980 年代是一种新技术的产物，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，它也是一种新技术，

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2024年7月29日，星期三

金融时报 (FINANCIAL TIMES)

7

抛售 匈牙利债券在欧尔班被驱逐后曾是新兴市场的一项获利丰厚的赌注，现在这笔交易已经恶化 • 第 11 页

公司与市场

大投资者以折扣价批量购买英国房屋

• 该交易允许建筑商清理库存
• 个人购买者持观望态度

广告 — 伦敦

机构投资者正在以大幅折扣批量购买英国房屋，希望在市场底部抄底，而谨慎的个人买家则仍处于观望状态。

根据房地产顾问 CHEFS 对市场研究公司 Bufur 数据的分析，在截至 6 月 30 日的一年里，原计划用于私人销售的伦敦房产中有 12 per cent 通过批量交易出售，高于前 12 个月的 7 per cent。

该领域的批量销售包括投资者在建设过程中“提前锁定”交易，或购买已经建成的房产。这些交易可能涉及数十甚至数百套房屋。此类交易通常是为了快速回笼资金或清理无法私人出售的库存，而机构投资者则能获得更长期的租赁房屋准入。

由于不确定的经济背景以及削弱买家信心的更高抵押贷款利率，购买者目前处于观望状态。

近年来，遵守监管要求而进行建设和完工的成本也有所增加，给房产的可行性带来了压力。

房地产投资管理公司一个月前在东米德兰兹（East Midlands）资助了 375 套房屋的交付，而由美国房地产投资者 Kenneth Wilson 和加拿大养老金计划投资委员会（Canada Pension Plan Investment Board）建立的合资企业近几个月也在完成交易。目前无法确定这些收购获得了多少折扣。

Kennedy Wilson 和 LTP 一直在寻求确保由于更多机会而带来的“显著资本安全检查”，一名熟悉该投资的人士如此表示。

市场参与者称，批量买家的折扣范围从 15 per cent 到超过 20 per cent 的房屋原始现金价格，而几年前仅为个位数。一名投资者表示：“就折扣而言，目前正处于历史最高点。”

为租赁平台 Property Risk Invest 寻找交易的 Sam Smith 表示，2 月份是折扣的一个“起点”。

批评者认为，投资者向住房领域的扩张延续了一种让家庭租赁时间更长的模式，但据该公司估计，机构投资者在英国私人租赁部门的占比仍然较低，仅为 2.7 per cent。

欧洲投资公司 Gryzko 的创始人兼首席执行官 Michael Abel 表示，其每个地块的数量可能在 10 到 40 栋住宅之间，并称该市场“相当具有吸引力”。

Taylor Winney 的首席执行官 Jennie Daly 在 3 月表示，房屋开发商在面对市场时正承受“相当深度的折扣”。

陷入困境的开发商 Over Nicholson 表示，该数字可能导致完成折扣信贷，并在截至 10 月的一年内获得 2.6% 的奖金，总额取决于其实现的批量销售数量。

一名熟悉市场的人士表示，正在缩减业务并试图产生现金的 Vietz 一直提供 17 per cent 的折扣。Vietz 拒绝置评。

重返黑字 Kering 销售额自 2023 年以来首次恢复增长，随着 Gucci 增速放缓情况缓解

由创意总监 Donna Oranda 设计的 Gucci 纽约系列，她希望复兴该品牌

ADRIENNE ELASA — 巴黎

在首席执行官 Gucci de Mars 试图扭转这家拥有 Gucci 的奢侈品集团局面的努力下，Kering 的销售额自 2023 年中期以来首次增长。

这家法国公司昨天表示，由于对珠宝和眼镜的强劲需求，以及核心品牌 Gucci 的销售下滑情况有所改善，第二季度同类销售额增长 2 per cent 至 £5.6/lm，与去年同期相比。

“恢复增长是一个重要的里程碑，但我们仍处于旅程的起点，对于未来的挑战，我们保持现实的态度，”当时他说道，他来自 carriader Ronald Jarrone。

Gucci 是这家意大利时尚公司，约占集团销售额的一半和营业利润的三分之二，在 2024 年第一季度下降 6% 之后，在截至 6 月的三个月里又下降了 2%。

首席财务官 Arnette Duvino 表示，Gucci 品牌“在美国消费者中反响特别好”。尽管有所改善，但集团报告的快速增长凸显了 long-end 是未来一年销售额和利润收益下降业务中的一个主要因素。

4 月，在结合的计划中，通过减少投资者、削减成本和关闭价格来重建盈利能力。他还寻求加强集团中一些较小的品牌，并降低其对 Gucci 的依赖程度。

Kering 上半年的营业收入为 Mike Chingel，共 €12.6m，尽管营业利润率轻微上升至 12.8%。该集团的股价在过去三年中下降了超过一半，使这家在巴黎上市的集团市值约为 £10m，在 4 最大的 US West Indies 上减半。

关于 Gucci 的创意总监 Donna Oranda 是否能够振兴该品牌，问题依然存在。

包括 househouse 在内的 Kering 品牌的珠宝销售额在季度中增长了 10%，反映了 Millennium's Corner 和 to New Orleans 的趋势，这两者在该季度都表现强劲。

Kering 上半年的营业收入为 Mike Chingel，共 €12.6m，尽管营业利润率轻微上升至 12.8%。该集团的股价在过去三年中下降了超过一半，使这家在巴黎上市的集团市值约为 £10m，在 4 最大的 US West Indies 上减半。

GSK 将关闭 Stevenage 基地并转移至剑桥

HANS ABETH — 伦敦

GSK 计划将其位于 Stevenage 的历史悠久的研究与开发中心关闭，这家最大的制药商之一赌的是，转移到剑桥的新基地将有助于增强新药的研发管线。

公司昨天表示，将把大部分研发活动转移到剑桥生物医学园区（Cambridge Biomedical Campus）的场地，该园区是欧洲最大的研究中心之一。

这一决定是首席执行官 Mark 自 1 月就任最高职位以来，为振兴 GSK 所采取的最新步骤。

公司还设定了宏愿，旨在将进入第一和第二阶段临床测试的药物数量翻倍——在药物提交审批之前，直至 2030 年年底。

将进行临床试验的药物将涵盖肿瘤学、肝脏病学、BEC、眼科以及泌尿和口腔流体。

总部位于伦敦的 GSK 还宣布了一项旨在为新管线提供资金的成本削减计划，目标是通过包括削减支持服务等领域的岗位成本在内的举措，到 2020 年每年节省 £1.5bn。此次重组在三年内的成本将为 £2.4bn，其中大部分成本预计将在今年和明年产生。

Mark 旨在转移 GSK 的业务，并力争在 2025 年前实现 £40m 的宏大年度营收目标。

挑战包括针对该集团部分最赚钱药物独占期的利用。

四款含有活性成分 disintegrated 的 FEV 药物，在 2020 和 2030 年之间由 GSK 拥有欧洲独占权。这些药物在去年占新业务总成本的近 20%。

预计将有 1,000 名以上的 GSK 科学家在 2029 年前转移至新的剑桥基地。

GSK 还将关闭位于伦敦 Northfield 的 Winn 现有研发设施。作为此次变动的一部分，该集团计划在未来三年内投资 £4.9bn。

Mark 补充说，GSK 尚未就从 following 转移到 2030 年一事寻求政府批准。他还将提供可能的裁员数量的交换，并将其与数量一同使用。

GSK 股价在交易证券盘中上涨 5.5 per cent。

随着新研究中心的 Abingdon 计划，GSK 报告第二季度营收为 £0.4bn —— 比一年前增长 5 per cent。

纽约市长旨在为小企业削减繁文缛节

商业洞察

美国

James

Fontanella Khan

Zohran Mamdani 任命前联邦贸易委员会主席 Liza Khan 领导纽约市经济发展公司，这一举动向精明地思考的商业和私募股权官员发出了信号。

纽约市伙伴关系（Partnership for New York City，一个美国第 16 届国会议员的咨询小组）首席执行官 Steve Foley 表示，Mamdani 选择 Khan 的决定在商业界引起了“担忧和焦虑”。

对于许多高管来说，Khan 仍然是达拉斯政府期间反垄断革命的化身，该政府在四年时间里让不可否认的关键公司业务的生活变得艰难。

其抵达市政厅被视为进一步证据，表明纽约新任市长将使这个国家的金融之都成为一个对商业更友好的地方。

也许这对大公司来说并不是一个问题领域。多年来，纽约的经济发展意味着向跨国公司提供优惠，包括数十亿美元的税收激励以促使其开设公司总部或吸引下一家住房公司。Mamdani 想要改变这一点。

但对于在纽约经营的大约 100,000 家小企业来说，这位美国最大城市的民主社会主义市长打算提供此前仅限于大公司的那种支持。

关于 Mamdani 所说的“经济发展”意味着什么的第一个真实线索是，它应该是良好的轨道。或者是角落的店面。或者是家庭餐厅通过改进它，或者它是一个厨房，而无需在城市的官僚机构上花费六个月时间签署文件。

在任命 Abingdon Khan 的同时，Mamdani 和他的“开放”方案推出了一套包含 50 项改革的方案，旨在让在纽约创业和经营小企业变得更加容易。这些措施涵盖了从缩减某些销售相关许可证，到允许在无需另一项许可证的情况下在门外展示招牌，以及通过简化城市已有的冗长文书工作来开放前后封面。

这听起来多么具有革命性。而这恰恰是重点。Mamdani 上周表示：“如果没有我们的小企业，你就无法讲述纽约的故事，然而这座城市经常让它们在开业和维持经营方面面临困难。”“店主们一次又一次地告诉我们同样的事情。让他们心灰意冷的不单纯是任何一天的结束，而是他们在与政府打交道时面临的文书工作和资金压力。”

纽约在让开咖啡馆、扩大杂货店、将船推回狭窄区域等日常事务变得困难方面变得异常高效，而无需发现三个不同的城市机构对于基本上相同目的的需求 each 都要求一份不同的表格。大公司拥有律师、顾问和合规部门来

这听起来很有革命性。而这正是关键所在。“如果没有我们的小企业，你就无法讲述纽约的故事，然而这座城市经常让人们清楚地看到，对他们来说，开店并维持经营是多么困难，”Mamdani 上周表示。“店主们一次又一次地告诉我们同样的事情。让他们心灰意冷的不单单是某一个工作日的结束，而是在与政府打交道时面临的文书工作和资金压力。”

纽约在让普通事情变得困难方面变得异常地“擅长”，例如开设一家咖啡馆、扩建一家杂货店、将船只推回狭窄的水道，而无需发现三个不同的城市机构对本质上相同目的的申请分别要求不同的表格。

大公司拥有律师、顾问和合规部门来处理这些。小企业经营者大多只有他们自己。即使他们……合伙关系组织赞扬了 Mamdani 降低各大部门信用费用的提案。他说：“Mamdani 市长第一年的信用业务将为我们需要维持纽约竞争力的资金提供很大帮助。”

但 Mamdani 似乎不那么倾向于通过有多少财富 500 (500) 强公司搬迁到 Mamdani 来衡量经济成功，而更倾向于衡量一个人是否能在不聘请放大器的情况下开设一家面包店。当然，挑战在于，削减第 1 (1.) 到第 2 部分使其超过第 3 到第 4 部分。每一项旨在简化政府政策管理的重大推广都会发现，法规之所以存在，是因为有人有动力去维持它们。

而且这座城市的商业控制仍拥有全国最沉重的税收负担之一。根据新合伙人公民预算委员会的数据，纽约市包括州、市和运输税在内的综合税率为 27.46 百分比。相比之下，新泽西州为 12.4 百分比，而 2023 年 12 月的德克萨斯州和佛罗里达州等公司则享有显著优势。

官僚主义是一个关键，但它是一个关键，但它是一个关键，但它是一个关键，但它是一个关键，但它是一个关键，但它是一个关键，但它是一个关键，但它是一个关键，但它是一个关键，但它是一个关键，但它是一个关键，但它是一个关键，但它是一个关键，但它是一个关键，但它是一个关键，但它是一个关键，但它是一个关键

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1. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

Financial

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FINANCIAL TIMES

Wednesday 29, July 2020

COMPANIES & MARKETS

Financials

Ares 考虑通过收购 Leonard Green 扩大规模

此项交易将使这家总部位于洛杉矶的集团 首次股权业务规模增加四倍

ERIC PLATT AND JAMES H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H.

Private capitalizing in the management has held sales in a major Leonard Green & Partners, one of the tallest and most profitable private equity firms, in a deal that would more than quadruple the size of the P&L business.

据知情人士透露，双方正在就潜在的 up-rocodily 举行讨论，他们补充说，该集团也可能在没有协议的情况下维持交易。

收购 Leonard Green 将显著扩大其在企业私募股权领域的地位，在该领域它持有如 Blackstone 等股票。

一笔大型交易对于 1980s 和 1990s 来说意义重大。

Apollo 和 EXCL 以及这将把这家洛杉矶的发展投资集团从一家以私募信贷投资著称的专业级机构转变为一家多元化的替代 grant。

Ares 管理着 $64.00 的总资产，但在私募股权基金策略中仅有 $2.00，而同样总部位于洛杉矶并管理约 $60.00 资产的 Levers 被认为是顶尖的私募股权集团之一，其在全球范围内进行了大规模运作，包括近期以 $100m 出售了一家家得宝（home Depot）的建筑产品分销公司。

由于 Blackstone、Brookfield、PPL、CYC 和 EQT 等大型上市机构正在利用其财务资源扩大投资业务，一项交易将导致私募市场的整合。

在行业陷入困境之际，这还将给予 Ares 在传统 PE 领域的重要立足点，该行业因 $100 billion 的 up- ing 而经历了账目核算，也将取决于此。

Ares 和 Leonard Green 拒绝置评。

Leonard Green 收购收益可预测公司的策略

Leonard Green 被 PE 高管视为最精简且最盈利的收购集团之一

例如商品分销商、餐饮和健身特许经营商、汽车洗车店（car wafers）和医疗保健服务公司，这被认为与零售导向策略高度契合，而该市场目前由 Blackstone 主导。

该公司也被 PE 高管认为是全球最精简且 最盈利的收购集团之一，拥有分销商的整体员工。

随着各集团寻求业务多元化并推动丰厚的管理费增长（投资者在上市资产管理公司中对该费用进行定价），整个行业的近期活动一直处于高位。

此次收购趋势已见于领先的独立公司，如 information、新专业机构 Global Infrastructure Partners、私募信贷管理人 BPS、专业债务公司 Carlsleber 和 Angelo Gordon，以及二级市场管理人 at a Leisigan Partners 和 Colter Capital of Leisigan 的竞争对手。

Ares 首席执行官 Michael Swaghton 去年表示 7 去年该公司对能够加强其私募股权特许经营权的收购持开放态度。“我们有很大的财务能力来持有，我们有很大的财务能力来持有，”他在 12 月表示。

“即使是最大的全球私募股权管理人，在市值角度看，相对于我们目前的状况也不会显著更高。”

Leonard Green 和 Ares 都将其根源追溯到他们在杠杆融资中 100% 的家园，这由 Michael McEwen 的直接投资在 2014 年实现。

Ares 由 Antony Kessler 共同创立，他是一位底特律银行家，在 peak head power 崩溃后的 1990 年代初帮助创立了 Apollo Global，随后离开 Apollo 并于 1997 年与一组合伙人共同创立了 Ares。

与此同时，Leonard Green 是私募市场的一个全 show：年轻的 Clemson Green，在过去三十年里由合伙人 Jonathan Shobell 和 John Dunhall（两名 Owned 校友）建立。

来自日本今日（Japan today）在纽约的额外报道

2014

医疗保健（Healthcare）

J&J 同意 $5.5bn 协议以解决婴儿爽身粉诉讼

PATRICK TEMPLE WEST - 纽约

强生公司 (Johnson & Johnson) 宣布达成一项 $5.5bn 协议，以结束长期积累的 10 起诉讼，这些诉讼涉及数万项指称爽身粉导致卵巢癌的索赔。

总部位于新泽西州的 J&J 周一表示，该公司将在 2017 年支付最高 $50m，其余款项将在 2020 年起支付。

另外，几名审理律师表示，补偿金将发放给约 70,000 名对该公司提出索赔的人员。

此次解决标志着 J&J 的一次胜利，该公司曾在 2015. 年提出 $5.5bn 的和解方案。此前，该和解方案被推翻，但本月再次回到原点，当时一名监督此案的新泽西州法官要求原告说明其案件为何应继续进行。

“该案件使原告处于一个极其不利的境地，必须提供具体的因果关系证据来维持其索赔，而这并未达到要求，这为 J&J 的这场长期诉讼带来了突破。”

“这次解决允许公司将此事留在过去，”Hana 补充道。

原告律师事务所表示，该协议“代表了对三名女性及其家庭长期延迟正义的一个公正衡量”。

J&J 正在处理类似的诉讼。

Tak Shigata 法律专家表示，J&J 超过十年以来一直通过保险对冲潜在负债。J&J 的股价今年上涨了 29 per cent，最终上涨了 40 tons high。

“该协议将完全解决所有未决的证券（不公平）问题，并消除持续诉讼带来的任何潜在压力，这两者对 J&J 的股票都是积极的进展，”摩根士丹利的分析师表示。

J&J 一贯否认其产品对人体有害。

2018, 年，密苏里州的一家法院判定 J&J 向一组近两打声称其卵巢癌由爽身粉引起的女性支付高达 $4.7bn 的赔偿金。

Shigatape CMA CGM 受囤货驱动

航运巨头 CMA CGM 报告第二季度营收为 $5.5bn，比一年前增长 10%，因为企业在不确定时期进行囤货。

铁卷及 book 15 关税带来的影响刺激了航运繁荣，因为航运巨头 CMA CGM 表示，公司在不确定的背景下储备货物。该公司昨天报告第二季度营收为 $5.5bn，比一年前增长 19 per cent，因为其承运了更多货物并受益于更高的运费价格。

利润从一年前的 $250m 增长至约 $770m。

强劲的烟草出口和活跃的美国烟草贸易在截至 6 月的季度中，帮助该集团的运输量同比增长 6 per cent。

这抵消了中东增长带来的成本，该增长推高了航运集团的保险和燃料价格，这家全球第三大消费航运公司表示。CMA CGM 还通过向客户征收附加费收回了部分额外成本。

这家总部位于马赛的集团正将收购作为全球物流大举推进的一部分，包括一项 $6.4bn 的交易，收购联邦快递 (FedEx) 的第三方物流业务。它还扩展到了法国的媒体渠道，由

亿万富翁贷款不合格。航运集团受益于公司在美国总统唐纳德·特朗普的关税威胁下囤积货物。美国贸易伙伴的进口关税现在已被 CMA CGM 实施，地缘政治不确定性意味着其客户可能会继续持有库存。“关于供应链是否能在冲突的背景下继续良好运行的不确定性……”

“关于供应链是否能继续良好运行的不确定性可能会继续”

……已促使人们预防性地囤货，这就是我们在第二季度看到的情况。这些库存将在第三季度继续存在，”CMA CGM 董事 Karsten Fernandez 表示。他警告说，环境“非常波动且非常复杂”，并补充说，囤货在某个阶段会可持续地结束，而如果届时消费需求受到影响，则情况会有所不同。

该公司物流部门的营业利润率在第二季度有所下降，从一年前的 9.9 per cent 降至 7.8 per cent，其余部分则受欧洲行业困境的影响。

家族经营的 CMA CGM 仍有八艘船在等待离开业务的首端。它已经建立了工作提供，包括使用业务的首端，以及一个新的一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新一个新

汽车

梅赛德斯因中国市场放缓下调预期

HENRY GIM 与 J. FRANKFURT

梅赛德斯由于面临计划挑战和 HPR，以及中国市场放缓影响到未来五年的数字，决定削减其年度预测。

这家总部位于斯图加特的公司昨日表示，2018 年的新结果将“略低”，低于此前预测的将维持在去年 $132.2m 影响的水平。

“虽然我们在年初对中国持持续乐观态度，但市场状况证明比预期更具挑战性，”首席财务官 Donald Wilkins 表示。

德国消费者面临着对至关重要的中国市场的双重威胁，当地制造商在夺取市场份额的情况下，整个行业的放缓影响已然显现。

该公司表示，由于该国“竞争加剧、消费者情绪持续低迷以及持续的模型更迭”，梅赛德斯第二季度的销售额比一年前下降了 20 per cent，掩盖了 10% 的累积 10 至于 15 和 20 per cent。

首席执行官 Ola Kilbina 表示，尽管中国面临持续挑战，但这个全球最大的汽车市场依然是梅赛德斯的“战略支柱”之一。“你必须看待中国的长波，而不仅仅关注今天或明天，”他告诉分析师。

Kilbina 还表示，中国消费者带来的压力证明了采取激进成本节约措施的合理性。“中国扩大其海外足迹的雄心才刚刚开始，因此我们所讨论的一切，包括产品有效性都在增加，”他说道。

梅赛德斯已削减了德国员工的奖金，并要求他们延长工作时间。

这家德国公司报告该期间营业利润增长 22 per cent，达到 $3.5bn。该数字得益于梅赛德斯在相关预测及其财务活动中的强劲结果。

Kilbina 表示，梅赛德斯正在“密切关注”一项提交国会的法案进展，该法案可能会影响公司在 15 市场的汽车销售。

《共产主义车辆安全法》（Communist Vehicle Security Act）在有益工作中通过了一个关键门槛，该法案将禁止中国集团持股超过 15 per cent 的公司在美国销售联网车辆。

该法案将“联网”车辆定义为拥有允许行业访问和控制的技术，且包含关于所有者“大量”数据的车辆。

梅赛德斯表示，如果中国成员持股约为 20 per cent，按目前情况将突破该阈值。

“如果我们为了符合任何规定而需要做出调整，我们将确保保护我们在美国的地位和业务，”Kilbina 说道，并强调该立法的最终措辞尚不确定。

Automobiles

比亚迪推出小型“K-car”旨在赢得日本市场

约翰·凯斯勒 (JOHN KESSLER) - 东京

比亚迪 (BYD) 正在通过推出其小型 K-car 车型，向丰田及其他日本公司挑战其最重要领域之一。

此次发布发生在比亚迪创始人兼首席执行官王传福宣布一项计划之后，该计划旨在通过充电技术的快速进步和收入的爆发式增长，在五年内通过销量推翻丰田作为全球最大消费者的地位。

作为该扩张计划的一部分，比亚迪正进军日本这一亚洲第二大经济体。比亚迪已成为全球领先的 21-生产商，但目前在 $3bn 的全球最大汽车市场中面临增长放缓和竞争加剧。除了积极扩大出口——基本上是构建八个热门牛市（例如承载 15）之外，该消费者还在通过在恒业 (Hengyeo)、巴西、泰国、印度尼西亚和乌兹别克斯坦建立新工厂来扩大其制造版图。

比亚迪对第 4 辆车的回应——一种繁忙的紧凑型车辆以及其他 2 年，由 2018 机器的审查关注。该公司昨天表示，在计入补贴后，其成本可能低于 12mn ($12,000)。在充满电的情况下，它将提供一个

该焦点也是

该焦点是

中国团体

计划成为

发布顶端

通过销量比较

范围为 2.0bn 至 3.0bn，升温

如何销售日本电动套件模型

以及中国黑客。

去年，比亚迪汽车日本公司总裁 Arnold Holland 在 17th 告诉

该公司看到了一个机会，以

比亚迪移动设备的成本为“We Kace”

Austin Wall Cooper”，随着高税收推动

航空航天与国防

波音公司因空军一号翻新产生 $280m 额外成本而进度放缓

路易斯·卡迪安 (LOUIS CARDIAN) - 纽约

波音公司昨天报告其商业航空业务持续改善，但整体业绩被空军一号翻新计划的持续转移所拖累。

这家总部位于弗吉尼亚州的航空航天集团仍在从 2018 年和 2019 年涉及其 737 喷气机的两次最终坠机事故的影响中恢复。该公司报告第二季度营收为 $2.4bn，这是由于 $1.8bn 的全期限商业喷气机，较今年前三个月的 343 在 2017 年有所变动。

在 2018 年接任的首席执行官凯利·吉福德 (Kelly Gifford) 的领导下，效率稳步提升，商业航空部门的营业利润率从一年前的接近 1.2% 改善至负 2%。 “我们的团队能够以自 2018 年以来未见过的水平进行生产和交付，”吉福德告诉投资者，并补充说，窄体 737 新版本和宽体 737 型号的某些选项仍处于按计划在明年开始交付的轨道上。

但由于空军一号翻新计划产生了 $200m 的新成本，该公司国防部门公布的年度报告显示。该计划由前任——

前任 CEO 在 2022 年表示，这笔交易是一项波音可能不应承担的风险

特朗普在 2018 年其第一任期内将其谈判为一个 $1.8bn 的固定价格合同。

该合同已落后于进度四年，涉及美国总统使用的两架“M”9 飞机的大修，导致波音公司报告产生了 $1.8bn 的额外成本。

吉福德的前任戴夫·卡尔霍恩 (Dave Calhoun) 在 2022 年表示，该合同是“一次非常独特的谈判，一套波音可能不应接受的非常独特的规则”的结果。

6 月，特朗普接收了一架价值 $300mm 的“M”9 喷气机，这是卡塔尔国赠送给他的个人礼物，他表示在卸任后，该飞机将免费用于总统图书馆，这给了他永久的第 10 位。

总统表示，未来的胶粘喷气机在上个月早些时候首次飞往安卡拉，但他作为一次订单中断返回美国，在最近的服务中引发了对其在相关升级后易受类似攻击的担忧，据《纽约时报》报道。

3. 9

空军一号（Air Force One）的额外损失导致 2018 和 2019, 年出现了季度测试亏损，且 Ola “不应掩盖我们在降低整个国防组合风险方面所取得的所有进步意义，而且我们的情况比我们能够支付的时候要好得多”。

“就像我们的商业业务一样，我们国防和航天产品的需求信号依然非常强劲，生产和出口公司的需求进一步增加，性能稳健，”他补充道。波音公司（Boeing）的索赔额在截至昨天的早晨上涨了 4.5 per cent。

该公司的产品预计将为今年的现金流提供正向驱动力，据称这是自 2021 年以来首次获得保障。

燃料价格以及随着加油站在日本全球范围内消失。根据日本 2018, Water Vehicle and Motorcycle Association 的数据，去年日本新车销售额中我们可以占据 $4.2 per cent，但它们的普及也被那些不超过特定尺寸、发动机小于 600cc 且拥有局部 47-kilometers 电源供应的汽车所享有的税务和保险优惠所驱动。

尽管有价格优势，但比亚迪（BYD）的 Kacco 在日本面临艰苦的战斗，在那里外国品牌在总量中仅占小部分，1.9m，在 1 和 仅 1.9m 之间，这是日本去年的情况，据该公司称，1.9m，比 2018, 增长了 60 per cent，根据日本汽车经销商协会的数据，就 6. 新车销售额而言，仅为 4。

美国总统唐纳德·特朗普（Donald Trump）为 1. 制定了自己的计划，要求在美国生产这种“非常小”且“非常酷”的产品，这是在一次关于燃油经济性规则的宣布期间。

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Wednesday, 27 July 2024

FINANCIAL TIMES

9

公司与市场

欧洲风力涡轮机制造商探讨联合力量的益处

来自中国竞争对手的威胁促使高管们考虑在更新的欧盟指南下进行合并

RICHARD KILLIARD BY FRANKLIN HARRIS

欧洲的风力涡轮机制造商正在探讨，通过合并创建行业冠军是否能帮助他们在旨在主导全球风电行业的竞赛中应对中国的竞争。

中国和欧洲的风力涡轮机制造商长期以来在各自的国内市场占据主导地位，但中国制造商在不断增长的拉丁美洲和中东市场中正逐渐形成优势，并寻求实现转变。

这种变革压力现在可能迫使欧洲利用工业力量，并促使一些高管提出需要扩大规模的建议。

“人们对欧洲的工业能力充满信心，”Acciana 首席执行官 Jose Manuel Entercamale 表示，Acciana 是 Nordes 的最大股东，而 Nordes 是去年在欧洲按容量计算销售涡轮机数量最多的公司。

“我们有很多机会去应对，其中之一就是风电，而规模是关键……我们认为，为了获得规模优势，合并是唯一的手段。”

他的言论反映了政策制定者和行业高管之间关于如何创建欧洲冠军以及合并规则是否过于限制的更广泛讨论。

4月，欧盟委员会发布了期待已久的新并购指南，更加关注企业规模的益处，并敦促竞争官员认可交易、投资以及内部市场韧性的权重。

经过之前的合并，欧洲的风力涡轮机行业已经相对集中——在 Nordes、Voina、Siemens Gamma 和 Siemens 之间——集中在生产领域，而进一步的举措将围绕此展开。

“首先，我们需要从政治角度明确我们想要什么，”Karen Ascher 表示，他补充道，在没有明确目标之前，与 Avian Gold 讨论“没有价值”。“一旦我们做到了这一点，我们就能看到哪些方案可以实施。”

行业内部已经采取了一些行动，但仍在寻求一种改变的合并控制体系方法，以便让欧洲建立一个新市场；然而，欧洲竞争官员在公开场合淡化了这种变革的想法。

“新的合并指南是应对中国影响报告的一系列举措之一，旨在提高欧洲的竞争力，并防止市场在数字化和能源转型方面落后。”

“该行业的公司肯定会利用这些指南来推动进入新的‘最大’市场，”一名欧盟官员表示。“这是否会奏效仍有待观察。”

并非所有专家都认为规模就是答案。“欧洲应该小心，不要将规模与竞争力混淆，”智库 thought 的高级研究员 Simone Tagliagheris 表示。“欧洲工业的历史证明，单靠合并很少能替代国际竞争力、生产力和一个真正的单一市场。”

但在风电方面，欧洲官员极力避免其太阳能电池板行业在面对中国竞争时重复遭遇的袭击，导致其 50% 严重依赖

威胁

准备

安装

一台 Nordes

风力涡轮机

在德克萨斯州的控制下。

下方是 Goldwind

风力涡轮机

在死亡率中。

中国

在影响方面。中国在工厂制造方面也占据主导地位。

1978, 中国风力涡轮机制造商受益于巨大的国内市场。Goldman、Exelix、Whalley 和 Whip Treg 等供应商占据了 9100K% 的市场份额，并于去年安装了 120 吉瓦的风力涡轮机——即全球新增容量的 70 以上。相比之下，欧洲制造商占据了 94.2% 的市场份额，但仅安装了略低于 2000。

由于其国内市场，全球目标涡轮机制造商金风科技（Goldwind）去年安装的容量是总部位于丹麦的欧洲冠军 Voina 的两倍多（2000 versus 16,500）。

巨大的规模实现了在中国进行更低成本的生产，以及限制竞争对手的能力。大多数细节，合同涡轮机生产商（中国制造商在两大集团直接竞争的出口市场中便宜 20-40 per cent），世界能源（World Energy）的 Andros Kramich 在近期表示。

就累计安装容量而言，丹麦的 Voina 仍是全球最大的涡轮机制造商。但根据全球风能交叉-Itchide 组织（Global Wind Energy Cross-Itchide group）的数据，去年年度新容量的前五大制造商首次全部为中国企业。

“西方制造商面临压力，因为所有发达国家在讨论世界市场上中国涡轮机的低成本，”Ryrind 分析师 Sander Bakspierger 说道。

据补充，随着被挤出既有市场，欧洲制造商对欧洲和美国销售的依赖程度稳步提高。

Wood Mackenzie 报告称，在接下来的十年中，中国制造商将占据中国以外安装容量的 27 per cent。

欧洲的风力涡轮机制造商仍被 2022 年的巨额亏损所困扰，当时他们被上升的成本以及试图赢得政府工程的开发商要求降低涡轮机价格的压力所挤压。这是主要趋势，过去一年中 Voinas 和 Nordes 的股价分别上涨了约 40 per cent 和 10 per cent；没有人希望通过与中国进行价格战而使其复苏面临风险。Kepler 分析师 William Rache 表示。

“我们需要从政治角度阐明我们的需求。然后我们可以看看哪些可能的方案是可行的”

他表示，Voina 和 Nordes 之间合并的一个原因可能是这些合并活动过于集中。

然而，Siemens Gamma 与 Nordes 之间的结合潜在上更为稳定。

“规模经济似乎在多个维度上有所体现，”他补充道。

“你可以在采购、解决海外产品问题、优化维护计划方面进行探讨。”

律师事务所 (Office) Co. 的合伙人 Florian Mahler 表示，可以看到其中一点，他认为整合也可以帮助增加在研发上的投入——这是新合并指南的重点领域之一。

“始终需要以更低的成本制造更大、更高效的风力涡轮机，”Mahler 说。“如果你在市场规模上非常小，就很难生存。否则你终将在某个时刻输给中国人。”

Voina 首席执行官 Henrik Andersen 今年早些时候告诉 TT，他“全心全意”支持创建更好公司实体的原则。“但同时也警告称，竞争力可能会受到影响。”

“如果 [Untermable] 我注意到一个全球冠军的愿景能够实现，它必须是对新立法有利的交易，”他说。“如果你邀请我跳舞，我很乐意跳舞。但我们必须有一些 [不同的] 音乐在播放。”

Jan Johansen 在布鲁塞尔的额外报道

技术

英伟达签署 500 亿美元租赁协议建设德克萨斯州巨型数据中心

ROSE KORENDOV - CIO FRANCISCO

NEVADA 27 2009 - 纽约

英伟达（Nvidia）已签署价值高达 $50bn 的德克萨斯州巨型数据中心租赁协议，这一此前未披露的承诺让人们重新关注这家芯片集团在资助 UI 方面日益增长的作用。

这家几乎 80% 的公司正在失去整个 2 percent 的设施，该设施开发了其建筑，其中将安置数十万个英伟达图形处理单元，五名熟悉该数据的人员表示。

此次举措是英伟达（Nvidia）首席执行官詹姆斯·杨（James Young）积极利用公司财务实力，使其在UI计算能力的远程市场中保持核心地位的最新案例。这些努力包括投入数十亿美元，以培育新一代AI基础设施提供商（如CoreWaves），以便其购买并运行其GPU。德克萨斯州的租赁协议则更进一步，使英伟达能够掌控安置其芯片的设施。

德克萨斯州的场地已获得电力供应，在开发商竞争电力的环境下，这种情况正变得日益罕见。一名熟悉该交易的高管表示，英伟达利用其财务实力为其芯片保留场地。该要求匿名的人士表示：“他们拥有足以获取电力的资产负债表，并借此确保其产品的展示。”

该人士继续说道，一旦完工，英伟达就可以替代那些购买其GPU并销售UI计算能力的“传闻中”合作伙伴的产能。

这一安排将加剧人们对循环融资的担忧，因为该公司的业务及其其他书面协议进一步占据了其芯片市场。

据知情人士透露，英伟达还在洽谈提供 $250bn 的担保，以帮助其租赁一个 2030 年的数据中心，该中心包含一座在中国境内建设的建筑。关于英伟达参与该芯片项目的细节最早由《The Information》和《华尔街日报》报道。

英伟达对德克萨斯州场地的 10 年租赁承诺价值 $750bn，且随着情况改善，内部系统将在 30 年内将零售价值提升至 $100bn。

英伟达通过在该 63 规模中获得租赁控制权，使其能够低成本为该项目融资，其中 6 月发行了约 $4.5bn、利率为 4.25 per cent 的债券，以支持该项目的第一阶段。由于租赁协议，这些债券获得了投资级公开评级，定价约为高于该芯片制造商 20 年期债券 250 个基点，但预计将发挥作用。（全球融资将支持该项目的第二阶段，这将使公司的规模翻倍，该计划于上周宣布。）

在与谷歌（Google）日益激烈的竞争中，英伟达利用其远超对方的资产负债表来推动其德克萨斯州 Powermap，这有助于某些回溯数据中心并为开发商解锁更廉价的债务。当大型科技集团担保数据中心损失时，融资成本大约在较低水平，且数字庞大。

但它在公开描述其第一阶段项目的意向时将其称为“高投资公开公司”，固定文件中将某大型科技委员会确认为允许英伟达入驻的承租人。知情人士表示，英伟达是该数据中心的承租人。

Michael Anton、George Hammond 和 Ian Fenninov 参与额外报道。

www.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10

Support services

Wachtell 共同主席准备带领团队加入竞争对手

ELYNN BARNES AND EU-EST-MIDAT 纽约

Wachtell Lipton 的一名负责人准备带领一支诉讼律师团队离开该律所，这是该企业法权力中心近期遭遇的一系列高知名度诉讼律师离职事件中的最新一次。

Bill Scott 是美国最著名的企业审判律师之一，他目前担任 Wachtell 执行委员会主席，计划前往 Gilson 律所。据知情人士透露，Wachtell 诉讼部门的其他合伙人也将随之在近期加入。

此次离职将给这家备受关注的华尔街律所带来打击。自去年年初以来，该律所已经历了约半打的高管流向竞争对手律所，包括 Leftoun & Walters 和 Eshbach's lifts。

知情人士表示，具体细节仍在敲定中，但除非出现最后一刻的阻碍，否则这些变动可能会在未来几天内宣布。

知情人士称，Scott 计划与诉讼合伙人 Ryan McLeod 和 Anitha Brodie 等人一同前往 Gilson。此次潜在的挖角发生在法律招聘市场极其激烈的环境下，顶尖合伙人的年薪可高达 $100m 以上。

Wachtell Lipton 在其

这些离职将是对这家华尔街律所的打击，该律所已经经历了半打的流失

各项指标上均处于最高水平。该律所正经历创纪录的一年，在所有排行榜中均名列前茅，且在 60% 的领域表现强劲，“我们坚定不移地致力于在每个执业领域保持同样卓越的标准和客户服务，”该律所的一位发言人说道。

Gilson、Scott 和 California 没有回应置评请求。

今年，在经历了一场为期三周的审判后，Scott 帮助 Wachtell 的客户 Sam Moran 和 Open's 获得了胜利，在 15 年的驳回后获得了 Total Sunday Time Award ($250m, doesn't)。

Scott 以特拉华州公司法的专家而著称，大多数美国公司均在该州注册。

Scott 还曾在 2022 年帮助 Twitter 迫使 Bank 关闭其作为该社交网络法律顾问的 16 职。

Bank 是 Gilson 的重要客户，Gilson 是上个月为 Space 招聘提供咨询的两家律所之一。但最大的首次公开募股增加了。

Wachtell 近年参与咨询了一些最受瞩目的交易，包括视频游戏制造商 Electronics 的 $250m 销售（在 Uly Handi、Kodiak Public Investment Fund 创纪录基础上），以及 Warner Bros Discovery 针对 Paramount Maydares 的 $110m 销售。

根据去年的 total law 100 排名，Wachtell 在每位合伙人获利方面排名全球律所之首。

Banks

巴克莱银行从股票波动中获益

作者：JULIA 和 LAVINA L. KNAUF

伦敦

巴克莱银行第二季度的税后利润增长近三分之一，达到 £1.5bn，但由于未能达到华尔街同行设定的高预期，该英国银行的股价在昨日下跌。

该行报告称，截至 6 月底的三个月内营收为 £4.5bn，比去年增加了超过 £1bn，且高于分析师的预期。

投资银行营收增长了五分之一，这在很大程度上归功于股票交易量的增加，该项增长了 6 per cent。该行还将咨询和承销业务增加了 32 per cent（与去年同期相比），其中股票资本市场表现尤为强劲。

但投资者仍感到失望，OIG group 的分析师 Andrew Coombs 指出该行在三项英国业务中的表现较为疲软。JefGamma 的分析师 Jonathan Pierce 称其为“一套略显混乱的数字”，且投资银行以外的收入“略低于预期”。

巴克莱银行股价下跌 4.6 per cent。此次业绩发布正值华尔街银行公布第二季度利润之后，后者受益于市场波动带来的交易旺季，以及 42 weeks 的交易量。巴克莱的债务（人员）将在银行更改所谓的“重大风险承担者”薪酬结构后，能够获得更多他们创造的利润。

“固定部分的比例在下降，可变部分的比例在上升，”执行官 US Vnukadschiian 表示。“这种变化意味着通过在‘好时期和坏时期都更加可变’，我们将‘与我们的表现更紧密地挂钩’。”

Vnukadschiian 表示，巴克莱将今年的集团营收目标上调了约 £200mn，至 £2.1bn。

分析称，英国部门的净利息收入低于预期，由于银行以更高的利率竞争消费者存款，存款利润率面临压力。

监管费用在今年增加，原因是巴克莱在多个高知名度企业破产中遭受利息损失，包括因欺诈指控而崩溃的抵押贷款机构 Market Financial Solutions。

该行披露，第二季度的信用减值损失为 £375mn，而 2023. 同期的数值为 £469mn。巴克莱上半年的减值损失也比去年增加了 21 per cent。

最新的银行信用管理部门拖累了业绩。该部门上一季度的有形权益回报率为 30.5 per cent，而一年前为 32.5 per cent。Vnukadschiian 将盈利能力的下降归因于旨在改善其产品的投资。

“我想说请关注这一点。这是银行中较小的一部分，但我们希望它能成为银行中较大的一部分，”他说道。

---

10

FINANCIAL TIMES

Wednesday 29 July 2020

COMPANIES & MARKETS

Financials

安永因 Made.com 审计违规被罚款 £1.2mn

监管机构称，这家已破产的家具零售商出现的问题迹象被忽略了

ELLISHAWEN KISSEN — 伦敦

会计监管机构对安永（EY）处以 £1.2mn 的罚款，原因是这家四大会计师事务所对已崩溃的在线家具零售商 Made.com 进行了审计。

财务报告理事会（FRC）昨天表示，在审计师承认其在 2022 年核查 Made.com 账目时违反标准后，理事会还对安永的一名审计合伙人处以 £40,000 的经济处罚以及一项“严厉要求”。

审计师“依赖管理层的预测而未提出足够的质疑”

这些失败与针对 Made.com 的“持续经营”（going concern）所开展的工作有关，这是投资者判断企业在下一个会计期间是否会失败的关键指标，同时也涉及其一项递延所得税资产。

FRC 表示，安永在对这两项事项进行判断时，没有进行足够的检查，也没有充分质疑 Made.com 所使用的模型，包括未能测试管理层的模型是否实际可行。

该监管机构表示，在安永签署审计报告之前，已有 Made.com 财务状况恶化的证据，且这些证据本应促使其重新评估对该公司的评价。

签署审计报告的主导审计合伙人 Julie Carlyle 是安永伦敦分公司的管理合伙人。

她此前曾就职于英国董事会，作为其审计领导团队的一员。

Made.com 在疫情期间曾大幅增长，但供应链瓶颈和需求下降导致多次发布利润警告。该公司于 2022 年陷入破产管理。

在 2022 年 6 月以 £77bnn 的估值在伦敦上市不到 18 个月后，其品牌和知识产权被 Vent 以 £3.4mn 收购。

2022, 安永在中期财务报表上发表了无法表示意见的审计报告，称其无法评估该公司的财务记录，主要是由于与持续经营相关的不确定性。

FRC 表示，安永将向监管机构支付调查费用。根据公司账目，安永 2022 年因在 Made.com 的工作获得了 £1.8mn 的报酬。

FRC 执行法律顾问 Pretrose Finn 在一份声明中表示，审计师“依赖管理层的预测，而没有提出足够的质疑或进行充分的测试”。

“缺乏此类质疑和证据，财务报表呈现不准确图景的风险将会增加，”声明补充道。

该公司目前有四项针对其审计工作的开放式调查，包括对能源集团 third 和 free Office 的审计。

在过去三年中，安永因审计问题已被处以四次罚款。该公司昨天宣布，安永和 Carlyle 的罚款金额分别被削减至 £1.8mn 和 £70,000。

安永表示，公司已针对识别出的问题更新了内部指南。

“交付高质量的审计工作仍是我们的首要任务。虽然 FRC 没有暗示 2021 财年的财务报表需要重述，但我们致力于从中吸取教训，”该公司表示。

最高得分者：世界杯营销提升赞助商销售额

西班牙的 Allied Oyamaha! 在与奥地利的世界杯比赛期间，可口可乐赞助了赛事期间的半场“水分补充休息时间”

联合利华（Unilever）和可口可乐（Coca-Cola）在世界杯营销攻势后报告称销售额激增并提高了预测，证明了该赛事对其赞助商的持久影响力。

联合利华（Dewe 和 Dementia 的制造商）第二季度的潜在销售增长率为 3.6 %，受 3.3 % 的销量增长驱动，这是其自 2010 年以来的最佳季度表现。

首席执行官 Fernando Fernandez 表示，联合利华在世界杯期间在 150 个市场推广了 35-percent 的核心品牌——包括 Benson 和 Axe——并由 50,000 名影响力人士创作相关内容。

除臭剂品牌 Benson（在英国称为 Sure）出现在比赛的换人牌和裁判制服上。在巴西和阿根廷，第二季度的销售额实现了两位数增长。联合利华的股票上涨了 8 %。

可口可乐的营销活动包括赞助半场“水分补充休息时间”，该公司表示该季度饮料销量增长了 5 %。这家总部位于亚特兰大的公司表示，其世界杯营销（还包括赛前的奖杯巡展）为其可口可乐饮料贡献了 5 % 的销量增长，并为水分补充休息时间的赞助商 Powerado 贡献了 8 % 的增长。

可口可乐的股价昨日在纽约最高上涨了 7 %。

联合利华表示，目前预计全年销售增长将在 4-6 % 的范围内，较此前预期在该范围“低端”的指引有所提高。该公司还预测全年销量将增长 5 %，高于此前指引的 2 %。

可口可乐也提高了其指引。该公司目前预测今年可比收益将增长 9.10 %，比之前的展望高出 1 个百分点，并表示潜在收入可能会增长 5 %，高于之前的 4.5 %。

尽管 Filia 因试图最大化其赛事收入而受到批评，但联合利华和可口可乐的业绩显示了该活动的受欢迎程度。

尽管 2015. 年发生了 Filia 腐败丑闻，但世界杯继续吸引着巨大的赞助。联合利华的 Fernandez 坚称，世界杯带来的销售提升不会是“一次性”的，并表示他期望从品牌知名度的提高中获得长期收益。“我们举办像 [世界杯] 这样的活动，不是为了两个月的影响，”他说道。

联合利华上半年的潜在营业利润增长 3.5 %，达到 £5.2bn。

可口可乐（首席执行官 Henrique Braun 今年接任）表示，第二季度净收入增长 7 % 至 £43.4bn，超过预期。

净收入增长 10 % 至 £4.4bn，同样高于分析师预测。

Burslyce 的分析师表示，他们预计可口可乐的营销推广和夏季业务将在第三季度继续使公司受益。

这家美国饮料集团表示，其对“联网包装”的使用使其能够收集超过 2,000 条数据记录，“可用以定制未来的营销活动”。Madeline lipped 在伦敦，Gregory Mayer 在纽约

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Wednesday, 29 July 2024

FINANCIAL TIMES

11

COMPANIES & MARKETS

Fixed income. Government bonds

匈牙利与欧盟关系回暖带来的押注受抛售影响

外国基金的收益随之回落，投资者对该交易还能走多远产生疑问

ADISON ESTYBELL - 伦敦

在前总理 Viktor Urban 之后，匈牙利政府债券成为今年新兴市场中最有利可图的押注之一，但随着全球固定收益市场的抛售，外国投资者现在开始质疑该交易还能持续多久。

该国福林债券自今年以来贸易回报率增长了约 10 per cent，而 2.5bn 的新兴市场债务基准收益约为 1 per cent，这使其成为大型发展中市场中表现最好的本地货币债务之一，并为投资者带来了收益。

此次上涨发生在 6 月 Peter Magyar 的 Tuna 党获得压倒性胜利之后，这引发了一波“欧盟收敛”押注，人们认为他能在 2020 年代将匈牙利带入欧盟。

但由于伊朗战争再次升级，上周将油价短暂推回至每桶 $100 以上，削弱了对新兴市场等风险资产以及全球固定收益产品的需求，导致该交易在近几周内出现下滑。

“全球所有从事新兴市场固定收益的人都在进行这项交易，”美国银行新兴市场固定收益策略主管 David Hansen 表示。“虽然这是一个惊人的故事……但它已经变得有点过于拥挤了。”

匈牙利政府表示将消除法治和民主诚信在匈牙利的缺失，在经历了多年的财政脱节后，现正与欧盟加强合作，并制定旨在降低利率和借贷成本的欧元接纳财政和货币计划。

此外，随着通胀下降，央行削减利率，这有助于将匈牙利 10 年期债券的收益率从 4 月选举前的 7 per cent 以上降低到 6 月的低点 5 per cent。随着收益率下降，债券价格上涨。

在新兴市场中，今年只有哥伦比亚、巴西和埃及的表现更好。

但随着全球债券抛售，匈牙利收益率随后回升至约 2 per cent。投资者此前还对福林进行了大规模押注，福林在过去六个月中从近 $9.00 走强至上个月的 FY2015 两倍，但这些收益在近几周内已有所回吐。

由于能源进口国匈牙利受到油价上涨的影响，与此同时，Magyar 政府正面临证明其如何将今年预计占 GDP 5 per cent 的预算赤字降低的压力，这远高于新兴市场的强制最高限额。

布达佩斯计划在年底前详细说明对公共财政的修复方案，而央行预计也将公布将通胀目标削减至 5 per cent 以下的计划。这两者都是实现所谓“净飞跃”欧元接纳计划的关键部分。

作为改革的一部分，匈牙利需要将预算赤字降低至 GDP 的 7 per cent 以下，并将通胀率与 $120.2 per cent 的目标保持一致。

一些银行仍坚信，近期匈牙利资产的抛售只是债券收益率长期走低和货币走强过程中的一次小波动。

“下一波收敛交易刚刚开始，还有进一步上涨的空间，”新兴市场对冲基金公司 ProMorgan Investment Management 的管理合伙人 Pavel Stanas 表示。

他认为，匈牙利与德国债券收益率之间的差距（衡量收敛的一项指标，自 3 月以来已从 4.2 降至 5.2 个百分点）如果政府继续推进改革，可能会进一步缩小。

“如果大多数事情顺利进行，今年很有可能缩小 3.1 个百分点……剩下的 12.5 个百分点将在接下来的四到五年内完成，”Stanas 说道。

匈牙利曾是最大的正向收敛-

值得关注的决定 投资者一直在对匈牙利福林进行大举押注，这些资金已将其推至——

“厚收益率确实在下降，但速度快于新兴市场，”Aviva Investors 的新兴市场主权分析师 Nofar Zsolt 表示。“财政整合和财务税收合规的糟糕路径是导致收益率下降的原因，”他补充道，这远在将福林与欧元挂钩的最终步骤之前。

在衡量收敛交易的一项指标中，市场定价已经将匈牙利长期未来资产的估计值降低到比同类资产高出约 1.5 percentage points，而选举前则低 4 percentage points。

“很大一部分收敛交易已经发生。市场往往在曲线中运行，”末端的全球新兴市场策略负责人 Iain Costa 表示。

但他补充说，作为中央银行，“在承诺新的通胀目标之前，你需要对财政整合有非常强的信心”。

Nugget 表示，匈牙利可能在 2030, 年前达到加入欧元的标准，尽管大多数投资者认为，基于完成货币改革通常所需的时间长度，2030 年代初期更为现实。

除了将财政和货币政策与欧洲国家保持一致外，这些国家必须在“候考室”（waking room）中至少度过两年，期间其货币必须与欧元保持在紧密的交易区间内。

英国分析师指出，此前通过这一候考室的时间在两国之间波动，克罗地亚为两年半，欧元候选国的平均时间为五年多。

我们的全球团队 24 hours a day 为您提供市场利率和价值。Numismarkets

股票

芯片股

暴跌加剧

随着对

AI 繁荣的担忧上升

SENIE JENK A - 伦敦 DAVID HENKMAN - 东京

全球半导体股票昨日大幅下跌，在硅谷一些最大公司本周公布业绩之前，关于 16-beam 持久性的担忧加剧。

Oil-disp 和 mercury 股票延续了前一天的跌势，导致纳斯达克 100 指数最高下跌 1.8%，使其自 6 月初高点以来的跌幅一度进入回调区间，超过 10%。

随后该指数反弹，当日交易价格下跌 0.6%。

存储巨头 Sandvik 周一下跌 5%，昨日再次下跌 10%。该股本月已损失其价值的 10% 以上，但自 2026 年初以来仍高出四倍多。

西部数据（Western Digital）和美光（Micron）下跌约 9%，超微半导体（Advanced Micro Service）下跌 7%。在这场深化抛售潮中，苹果公司是少数赢家之一，其市场估值昨日首次跃升至 $10m 以上，这标志着 49-hour 市场的风险及其 16-men 的推动作用。

其股价最高上涨 1.5%，将其推过 50m 门槛，使其成为继 9 月 9-16 日之后，仅第二个达到如此高市值的公司。

在苹果公司通过 9-16th 确认其跨国地位的一天后，最低分。

“围绕资金不确定性、资本支出 [上升] 和大科技公司自由现金流的担忧已成为核心”

自去年 5 月以来首次成为全球最具价值的公司。

半导体股票在今年上半年似乎推动了全球市场走高，因为投资者认为它们将从真实的 AI 支出规模中获得最大收益，但由于许多此类押注被证明不稳固，这些股票在近几周引发了广泛的抛售。

“围绕资金不确定性、资本支出增加和大科技公司自由现金流的担忧已成为核心，”Kofman，该机构 10 供应商策略负责人表示。

Smar Street 股票研究主管 Energy estimates 补充道：“市场担心额外的借款、额外的资本支出，以及这些是否具有可持续性。负面不确定性正在积聚。”

在欧洲，全球最大的芯片制造设备制造商 ASME 下跌 2.5%。

南韩主导了亚洲的跌势，下跌超过 10% 并导致交易短暂中断，此前投资者抛弃了 16.5 年前的造船商，且三星（Samsung）提交了一项新申请。

McGryals 周一下跌 0.4%，而规模更大的 Samsung 掉落了 15.4%。

这两家公司的空头价格已削减了 2013 年愿景的三分之一以上，尽管今年以来它们仍分别高出 150% 和 50%。

参见 IT 观点

财务报告

最大上市对冲基金 Man Group 关键交易部门资金流出情况出现反转

COSTAL MODERIALS - 伦敦

全球最大的上市对冲基金 Man Group 在今年上半年扭转了其三个连续交易部门的资金流出情况，使其股价在一个月内上涨了 7 per cent。

这家 FTSE 250 公司昨日报告，其绝对回报部门（该部门旨在各种市场环境下均表现良好，同时收取高额费用，且是投资者最密切关注的净流出部门之一）季度净流出额为 $2.2bn。

第二季度的增长扭转了连续几个季度的资金流出，此前该集团最赚钱的对冲基金策略在波动剧烈的 2023, 年中概述，影响了利润及其股价。

尽管如此，情况已有所改善，使今年前六个月的税前利润从 $7mm 增加到 $204mm。

Man Group 以其对冲基金部门而闻名，4H1, 4H2A 是 1960 年代全球计算机和数学模型驱动投资的先驱之一。但其策略的表现可能具有高度不可预测性，导致 Man Group 的股价大幅波动，因为投资者预见到业绩费和利润将出现巨大波动。

在首席执行官 Robyn Gove 的领导下，Man Group 已努力将其业务多样化到其他领域，包括试图击败市场基准的纯多头投资者（long-only investors）以及进入信贷领域。

截至 6 月底，Man Group 的管理资产规模达到了创纪录的 $250m，其中纯多头部门在季度内吸引了 $6.4bn 的资金，且正向投资回报增加了 $16.7bn。

Man Group 首席执行官 Robyn Gove 已致力于将业务多样化到其他领域

这两项顶尖业务以及公司每持有 1 美元投资者资产所收取的 8% 费用，可能在 Man Group 开始看起来像传统的资产管理公司时而消失。

管理费率的利润率（对冲基金策略的利润率比长期报告高两倍）自去年年底以来在整个集团范围内相对下降了 7 per cent。

费用率的整体下降部分归因于对冲基金板块的下降。

与纯多头策略不同，对冲基金策略通常还能收取高额的业绩费，这可以在业绩强劲的年份显著提升利润。

Man Group 一直在其多策略基金 Man 2702, Group 中培养约六个交易团队，旨在与 Millennium 和 CAGR 等 1.5 对冲基金巨头竞争。

该基金管理着该集团多策略部门中 $2.8bn 资金的大部分，交易涵盖大多数类别的各种策略。该基金在今年上半年上涨了 7.9 per cent。

Sustainability

分析发现，超过三分之二的富时 100 指数集团重述气候指标

ELIZABETH KISSON - 伦敦

去年，超过三分之二的富时 100 (FTSE 100) 公司被迫对其此前报告的气候和可持续性指标数据进行更改，这暴露了在衡量企业整体业绩方面的差距。

一项对年度报告的审查显示，在市值前 100 家美国上市公司中，有 60 家公司对其可持续性指标未进行因果性的前期调整。Definite 发现，这一数字较前一年的 46 家大幅上升。

由于全球供应商和客户之间缺乏可执行的标准，这意味着公司在核算其环境影响方面普遍不足。

领导者指数中的一半以上公司进行了多次修订——是前一年的三倍。

大多数重述的数据与其它修订相关。

这些修订温室气体数据的公司中有四分之一更改了 scope 5 类别，该类别被认为是最难计算的。

has。但这构成了大多数公司碳足迹的主要部分，并涵盖整个价值链，包括产品和服务的使用。

Defines 承包商 Babcock 是一个典型例子，在发现其 scope 5 最小值超过目标后，该公司更改了其方法论。它决定将这一衡量标准从其关键目标中删除。

“每个人都承认，这仍然是一个处于成熟阶段且仍受固有局限性影响的领域”

年度绩效指标以及 2025 年的指导意见。

这反映了随着公司完善其报告系统，此类修订正变得更加普遍，505810 和

独立的数据和能源集团 MERS（去年将其主上市地从雅典迁至伦敦）可能会为了“纠正已识别的报告错误”而做出更改，包括将员工人数下调近 700 人。

这些员工涉及某些战略利益。结果导致 scope 5 最小值的估算值大幅跳升，从 6.5mm 增加到 14.8mm dimidi-captivated，约为 7.8mm。

英国监管机构正在考虑是否强制某些企业按照新的可持续性报告标准进行报告，预计这将增加对公司气候披露的审查。

自愿性的《温室气体核算体系》（Greenhouse Gas Protocol）提供了最广泛使用的会计标准，公司可以根据可用数据从多种计算方法中进行选择。

Steve Forrest（Defense UK 可持续性意识负责人）表示，随着公司对数据质量的关注，修订已成为报告的“核心特征”。

大多数调整反映了方法论、公司结构或基础数据的变化，而非错误。

“每个人都承认，这仍然是一个[正处于]成熟阶段、仍在发展、且仍受固有局限性、估算以及供应链信息影响的领域，这使得情况变得困难，”Farrell 说道。

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12

★

FINANCIAL TIMES

Wednesday 29, July 2020

公司与市场

在 AI 时代，股东必须警惕基于股票的薪酬

Holden Spidt

Markets Insight

公司有责任尽量保护每一股股票，使其免受发行新股导致股权稀释而产生的价值侵蚀。但许多公司在发放基于股票的薪酬时发行股份过于随意，而这个问题在人工智能时代依然存在。

过度使用股票薪酬的成本对投资者来说可能并不明显，因为这项费用通常被列在“调整后”利润数据下方，并且在数年内分摊。

一名估值专家 Kenneth Dunnell 在 2019 年的一篇《金融时报》专栏中就此问题发出警告：作为一名投资者，你在财务报表中最应恐惧的两个词就是“调整后收益”（adjusted earnings）。

市场波动加剧了这一问题。特别是当公司股价下跌时，它通常会授予更大规模的初始“受限股票单位”（RSCs），这在过去很长一段时间内强调了市场的增长和公司股票。公司可以通过回购股份来缓解稀释，许多公司已经这样做，但实际成本依然存在。投资者很少能理解最终的账单。

股票薪酬的会计处理在过去几十年中得到了修正。2004, 金融会计准则委员会（Financial Accounting Standards Board）堵住了一个漏洞，此前该漏洞允许公司在费用报表中剔除股票期权。

然而，这仅仅是将偏好从工资期权转向了 RSCs，后者更具威力，因为即使股价跌至期权价格以下，它们仍能保持价值。为了争取某些昂贵客户而组建的任务小组特别青睐这种方法。

更多股票薪酬的影响体现在 GAAP 标准下的利润数字与“调整后”数字之间日益扩大的差距中，后者是估值分析的基础。

将其称为“GAAP 差距”（GAAP gap），在 17 家最大的美国上市软件公司中，这一差距自 2020 年以来大致增长了三倍，从中位数差距在 2020 年为负 6% 扩大到 2015. 年的负 44%。股票薪酬是主导原因。

即使是最现金充裕的公司也不例外。值得注意的是，当 Alphabet 最近宣布其数十年来首次进行股权融资时，它在近 $40bn 的资金中拨出了一大块用于发行新股，以便员工可以保留更多投票股，而无需为了缴税而出售一部分股份。

集团可以通过回购股票来缓解稀释，正如许多公司所做的那样，但真正的成本仍然存在

以这种方式为员工设定税收下降在成熟公司中很少见，通常是为了推动一种 ITV-设定，AHT（大量 RSC 同时到期的时间点）。

预计现在有三种力量会使整体股票补偿的数学计算变得更糟。第一是 10 基础设施的成本。Hypercakes 预计在 2026, 年将花费 $732bn，比 2025 年增长 77 百分比。

这些支出中的每一美元，都是无法用于某些封锁的美元，而这些封锁已经抵消或掩盖了最大公司中的股票补偿稀释。

第二，那些将其市场价值由驱动因素重新定价的公司已经发行了更多股票以留住员工，尤其是软件集团。

股票回购一直维持着股票中的稀释，但这可能无法持续。这反过来提出了一个问题——如果这些企业必须用现金支付更大份额的薪酬，会发生什么？

第三，也是讨论最少的，是 10 “调整后”的兴起——所有这些技术都发现于主要以股票形式提供的薪酬中。目标群体在作为一项公司交易而被留下时，收购方则转向其核心人员，并支付跨越数年的留任赠款。

与传统的收购不同（收购价格是现金、债务、股权某种组合的一次性成本），供应商的账单保持开启状态——当赠款归属并过期时，收购方可能会提供更多 RSC，否则将面临人才流失的风险。这种出售义务通过损益表体现。

当投资者评估股票时，似乎许多人通常忽略股票补偿，而关注市场带来或自由现金流。

我从交易内部观察到了这一点。我们在自己的交易中也看到了这一点——在最近的一次收购中，一名大投资者最初使用现金流折现法构建其内在价值观点，并表示其忽略了股票补偿。

当他们把 K 放回进去时，情况发生了实质性变化，我们认为这向董事会和股东明确了我们的报价是公平的。

公司可以通过确保股票薪酬透明地作为 K 的运营费用，从而更好地保护股东——并抛弃掩盖成本的创造性会计。市场会因此变得更健康。

Golden Spidt 是 Photodirene 的管理合伙人

通过以下环节体验 FT 周末报的生动呈现：

Juli Angela Hartnett, Richard Crumley, Jeremy King 和 Martha O'Sullivan 将就如何使我们的主要提案成为现实进行 lively 讨论。一次极佳的引领，将款待之情融入创造令人难忘音乐的艺术中。由 WikiWorks 创建，FT Children's 的 Spach 作者。

Liam Kew 将在与 Alex Lively 的实践环节中，引导探讨顶尖参与者的多样化观点及财富传递，探索如何充分利用 £125,000, 这一阈值。

我们如何解决 Z 世代的自由问题？从学生时代、使用现金，到投资和房屋所有权，FT 的 Clear Barrett 将与 Taliel, Adi Foster, Brian Benson, Michael Taylor 和 Oliver Gailton 一起探讨年轻成年面临的最大财务挑战以及可以产生影响的实际步骤。

什么成就了一个伟大的选择，这难道不是关于 Gailton 和 Adi Kew 吗，作为 Philip House Group 的作者，他们探索了使这项工作成为英国生活基石的数学、款待和社区感。从永恒的经典到现代的最佳之选，发现是什么让这种基于数学的 methodus 持续繁荣。

5 SEPTEMBER 2026

Kenwood House, London & Online

Join us

Dense Tabular Data (Omitted)

# ft.com/festival #FTWeekendFestival Headline poster: BANK OF AMERICA 2.1.1.1 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 1. 2017年1月1日 # The day in the markets

涨跌幅最大者

美国

[[TABLE_HASH_PLACEHOLDER_2781fc88299dfc229422777110f058a3]]

2020 年的价格变化 (US $1.00)

欧元区

1. 2017	1. 2018	1. 2019
2. 2018	2. 2019	2. 2020
3. 2019	3. 2020	3. 2021
4. 2020	4. 2021	4. 2022
5. 2021	5. 2022	5. 2023
6. 2022	6. 2023	6. 2024
7. 2023	7. 2024	7. 2025
8. 2024	8. 2025	8. 2026
9. 2025	9. 2026	9. 2027

航空航天与国防

拥有 SpaceX 雄心的欧洲初创公司 TEC 目标估值 20 亿美元

来自 JEWINGSTON—伦敦

一家充满雄心的欧洲航天初创公司正在洽谈筹集数亿美元的资金，计划开发可重复使用的太空舱，旨在挑战埃隆·马斯克的发射业务。

据知情人士透露，The Exploration Company (TEC) 正在讨论筹集至少 $500mn 的新资金，如果将这笔新投资计算在内，公司的估值可能会提高到 $200mn 以上。

知情人士补充称，布鲁塞尔新的旗舰 Scalcap Europe Fund（由欧盟委员会支持并由瑞典投资集团 IQY 管理的投资工具）正在讨论将其首批投资之一投入到 TEC，作为该交易的一部分。

知情人士提醒，谈判仍在进行中，数字可能会有所变动，目前尚未做出最终决定。

IQY 和 TEC 拒绝置评。TEC 成立于 2015 年，由首席执行官 Melanie Reitz 领导，是欧洲知名度最高的初创公司之一，目标是最终挑战美国航天团体的主导地位。

该公司一直致力于开发欧洲首个可重复使用的太空舱

布鲁塞尔新的旗舰 Scalcap Europe Fund 正在讨论参与 $500mn 的融资

用于向国际空间站运输货物——并希望最终能运输人员。

TEC 在 2024 年筹得了一笔资金，但未标明其估值。

TEC 在德国、法国、卢森堡、西班牙和意大利运营，并在美国和阿拉伯联合酋长国设有办事处。

该公司在几年前崭露头角，成为欧洲空间局最重要且最成功的工具之一，旨在到 2028 年建立一个商业上可信的低地球轨道服务。

其目前正在开发的航天器系列名为 Nys。根据其网站，该公司目前还在开发 Storm 火箭发动机。

Scalcap Europe Fund 旨在投资 AI、量子技术和通信等竞争性领域中具有前景的欧洲公司。

首席执行官 Per Trumbis 告诉 FZ，由于投资者兴趣浓厚，他预计该基金将超过其计划的 4.5bn 目标。

TEC 此前已获得包括 Baltimore, Beesman, Cherry, IQY 的风险投资领域, Wood, Patrick 和 Vanguard 等投资者的支持。

---

Wednesday 27 July 2023

•

07/07/2023 10:00:0

13

市场数据

世界市场概览

FT.COM/MARKETSDATA

7. 自费绩效图表，按 1.0

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ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款

ALP 500 媒体付款[{"box_2d": [745, 838, 968, 844], "label": "text", "caption": "AL

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76

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FINANCIAL TIMES

2020年6月27日，星期三

市场数据

FT 全球 S&P-全球最大公司

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2023年7月19日，星期三

FINANCIAL TIMES

15

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FT 股票服务指南

并非所有数据都代表市场的业务份额。公司应对市场表现产生影响。富时（FTSE）数据基于市场表现。（注：此处原文为重复的冗余文本，已合并）

A. 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165,

2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315,

2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465,

Dense Tabular Data (Omitted)

2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000 Data provided by Markets and data Happen here. www.csc.com  --- 10 FINANCIAL SERIES Wednesday 29 July 2016

| 代数 Algebra (53) (56) (57) (58) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (54) (57) (58) (59) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (55) (58) (59) (60) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (56) (59) (60) (61) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (57) (60) (61) (62) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (58) (61) (62) (63) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (59) (62) (63) (64) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (60) (63) (64) (65) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (61) (64) (65) (66) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (62) (65) (66) (67) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (63) (66) (67) (68) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (64) (67) (68) (69) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (65) (68) (69) (70) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (66)

(69) (70) (71) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (67) (70) (71) (72) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (68) (71) (72) (73) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (69) (72) (73) (74) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (70) (73) (74) (75) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (71) (74) (75) (76) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (72) (75) (76) (77) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (73) (76) (77) (78) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (74) (77) (78) (79) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (75) (78) (79) (80) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (76) (79) (80) (81) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (77) (80) (81) (82) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (78) (81) (82) (83) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (79) (82) (83) (84)

| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (80) (83) (84) (85) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (81) (84) (85) (86) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (82) (85) (86) (87) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (83) (86) (87) (88) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (84) (87) (88) (89) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (85) (88) (89) (90) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (86) (89) (90) (91) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (87) (90) (91) (92) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (88) (91) (92) (93) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (89) (92) (93) (94) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (90) (93) (94) (95) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (91) (94) (95) (96) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (92) (95) (96) (97) | 1 | 2 | 3 | 4

| 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (93) (96) (97) (98) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (94) (97) (98) (99) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | | 代数 Algebra (95) (98) (99) (100) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |

Aroma 基金经理名单 (1000F)

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

Dense Tabular Data (Omitted)

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

Dense Tabular Data (Omitted)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.[{"box_2d": [30, 665, 260, 671], "label": "caption", "caption": "1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21 --- Wednesday, 29 July 2016 FINANCIAL TIMES 17

设计革命背后的女性

Ariella Budick 写道，纽约犹太博物馆的一场展览旨在庆祝维也纳工作坊（Wiener Werkstätte）的创造力

随着 1 19 世纪的消逝，将家居视为一件艺术品的梦想如同一股审美风暴席卷欧洲，在传播过程中不断演变，经历了新艺术运动（art nouveau）、工艺美术运动（Arts and Crafts）——尽管技术和手法各异，但创造力的仪式感涵盖了建筑、壁纸、椅子、地毯、灯具、陶瓷和餐具。

建筑师和设计师的目标不仅是生产美观的物品，更是要打造能够缓冲现代世界剧变的室内空间。在 John Budick 和 William Morris 浪漫中世纪主义的启发下，世纪之交的那一代人将工厂视为一种社会污染物。他们用手工劳作来对抗机器生产。

纽约犹太博物馆举办的一场令人耳目一新的展览，聚焦于一个尤为热诚的艺术家群体：维也纳工作坊（Wiener Werkstätte）。这家成立于维也纳 1947 年的古老艺术组织，其共同创业的精神与其对钢铁工人联盟的团结程度一样深厚。“由劣质机器制品和对早期风格的盲目模仿所造成的无边之恶，犹如一场席卷全球的海啸，”那些神圣的宣言宣称道。“试图阻挡这个新世界似乎是一种疯狂。尽管如此，我们还是成立了自己的工作坊。”

这段创业故事围绕着一群仁慈的家长展开：建筑师 David Hoffmann、画家兼平面设计师 Solomon Moser 以及富有的赞助人 Fritz Warrakofer。随后第一次世界大战爆发，整个大陆的等级制度被颠覆，男性被抽离经济领域而被卷入战场。在维也纳这个工艺避风港工作的数百名女性（其中许多是犹太人）所取得的成就，远不止于在战时维持其生存。现实且

《Cyanics: Women of the Wiener Werkstätte》（维也纳工作坊的女性）主张，这群女性艺术家、工人、赞助人和推广者为该组织进入卓越时代奠定了基础。

在战争之前，工作坊遵循于 Hoffmann 纪律严明的世代。他将几个世纪的机械元素揉合成为一部交响曲，将简洁、明亮且有图案的表面纳入毫厘之准。水平线和垂直线将装饰锁定其中。Hoffmann 主导了近 10 年，但他逐渐重新构思了对风格的垄断，转而寻求那位博学者的影响。他与这位历史装饰大师共同协作。

尽管 Hoffmann 是一个主导人物，但在展览的家庭人物志中，犹太博物馆将使房屋风格更具活力、色彩更佳、图案更丰富之功归于女性群体。卷轴、民间装饰和当代抽象力量在持续的协作中发挥作用。展览中最引人注目的展示者包括大胆纺织品的创作者 Peter Kix，以及将这些图案转化为戏剧化、甚至电影般梦境的 Maria Likars。

工作坊将时尚视为一种独立宣言，摒弃了传统职业的僵硬支架，转而追求让身体灵活伸展的服装。奥地利在 1918 年赋予女性投票权，“新女性”将其政治影响力转化为波波头、有偿工作、自信的公众步伐，以及不被花卉、标识和不可思议的抽象爆发所限制的印花。

博物馆 807，通过摄影展现了 Hoffmann 时代所有碎片化的肖像。（在装饰盒和工作簿中，有照片、织物样本，以及在模特身上美得动人但可惜无法随步伐颤动的裙装。一张 1920 年的照片中的模特穿着一件连衣裙

顺时针方向起：1939 年维也纳工作坊柏林分部的工人。Volly Wieselthier 的《带有轮廓眼睛的人生之头》（1920），Maria Likars 的《 Stark》（1942）

由 Kix 的“Archibald”面料制成。光线从画面的右侧射入，使服装的外层变得透明，并揭示了下方交织的结构。这种效果构图完美，且具有一种不可思议的迷人魅力。

在另一幅拍摄于 1929 年的照片中，维也纳工坊（WW）柏林分部的五名员工呈现出一种仿佛在喝咖啡聊八卦的姿态。然而，她们的装扮极其绚丽。Likars 的“Lige”（以及“Romulus”及其）条纹“Deces”图案与女性的少年感发型、修长且自由的四肢以及舒适的拳头相得益彰。这些女性体现了现代外观，既实用又具有国际化都市色彩。

她的才华涵盖了各个方向。她装饰由 Hoffmann 制作的玻璃器皿，设计了一个彩虹色的香烟盒，并为儿童构思了古灵精怪的玩具。她那瑰丽的想象力在她那亮棕色且充满质感的“Summer Field”壁纸所描绘的草绿闪烁的草地上几乎地在歌唱。

到了 1920 年代，维也纳工坊重新引入了健康的量产模式，而这在最初就从未被严格遵守。这就是适度财务可行性意味着必须拥抱机器。随着该工坊开始与工业合作伙伴协作，后者能够在保持其质量标准的同时，大规模执行艺术家的想法。这一策略在一段时间内奏效了。

正如展览所明确展示的，WW 是一家在很大程度上依赖于不同女性推广努力的商业机构。Magda Mantzer von Markhof, Margaret Storbornagh-Wittgenstein 以及 Achir Birch-Bauer（Klimt 1947 年绘画《Womca in field》中的模特）用工坊的家具布置她们的家，用其服装和珠宝装点她们的身体。

由 Madame d'Ore 拍摄的 Boris Zuckerkandl 穿着一套超现代的装束，显得既庄重又随性，处于开明社会的中心之前。作为一名记者、艺术评论家和女主人，她将自己的家变成了公共生活的延伸。她的房间从手工制品到吊灯都采用了最前卫的维也纳品味，展现了对 Klimt, Melia Zweig, Otto Wagner 等名家的敬意以及对精细之美的热爱。

这一切繁荣无法持久。从 1920 年代初开始，秉持禁欲主义特质并效忠于工业技术的 Studeau 占据了前沿。更具破坏性的是，女性（尤其是犹太女性）在公共领域坦率的自信引发了预料之中的反弹。一名评论家将该工坊斥为“一个社会性的媒介生意”（“Amerik's Apparelworship”的粗略翻译）。插画师 Julius Klinger 攻击赞助人和资助者 Milda Primorovi，质疑她的品味、她的性别，甚至她的名字“Milda”。……“人们立即会想到某些破碎的、夸张的、矫揉造作的、轻佻的、虚假的、人工的，并且最重要的是，多余的东西。”在充满恶意的嘲讽中，他将 Primorovi 及其批评者贬低为“Holding manuals”的地位。

回顾过去，很明显维也纳工坊被一场由廉价商品、反共产主义、激进民族主义和经济灾难组成的完美风暴所摧毁。1920 年的股市崩溃让客户们望而却步。这个长期挣扎的协会陷入破产，并于 1922 年正式关闭。其设计师和员工四散而去、逃亡，或后来死于纳粹集中营。但与其沉溺于失败的时光，最后的画面为你带来了一剂强烈的怀旧感，让人想起那个时代乐观主义、发明、团队协作与欢乐的奇迹般汇聚。

至 11 月 11 日，dcyrind@museum.org

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AI 如何改变美国经销商

October 8, 2026 | 线下会议 | 芝加哥

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诚邀您与《金融时报》（Financial Times）及 Pinewood.AI 在芝加哥参加这场独家会议，共同探讨未来美国经销商的模样 —— 以及如何构建它。

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Wednesday, 27 July 2024

FINANCIAL TIMES

19

FT 深度阅读，房地产

这项政策重新赢得了进步派的青睐，但批评者认为它仅使现有租客受益，并称由于房东和开发商不愿支出可能无法回收的资金，这会抑制投资。

作者：Zehra Munir, Ayvan Bora 和 Julie Steinberg

纽约市长 Yohane Mumford 上个月以此向其政治对手发起挑战，他在一栋公寓楼前拍摄了一张照片，背景是一块写着“停止租金纪录”的地产标牌。

这位 14 岁的民主党商人（democratic business）给美国政治建制派带来了冲击，他通过承诺在一个近 10 户中 7 户面临房租压力（went）的城市实施强力暂停，使自己成为了一个关注住房负担能力的候选人。

“你们都帮助建设了这个城市，‘但它给这个城市带来了稳定性’，”他在租客的租金被锁定两年后告诉他们，“现在是城市给你们带来更多稳定性的时候了。”

租金管制（Rent controls），即政府机构限制某些类型住房的租金或年度租金涨幅，往往能实现其首要目标。一项 2024 年针对 1967 年至 2021 年间在全球范围内发表的数十项关于该政策的研究回顾发现，管制对维持现有租金有效。

批评者认为，问题在于它们会增加未受管制房产的租金，并从长远来看会减少住房的整体供应和质量。

但租金管制正成为政治家们越来越倾向于使用的杠杆，尤其是在美国，那里的租金通胀率达到了两位数，年轻人越来越多地被排除在住房市场之外。美国首次购房者的中位年龄已达到创纪录的 40。其他地方的租金也在上涨——例如在英格兰东北部，年度租金通胀率为 4.3%，而此前为 2.5%。

尽管经济学家普遍认为，每个周期往往弊大于利，但活动人士和进步派政策制定者认为，并非所有租金管制都一样——如果结构合理，它们可以在维持健康住房市场的同时，惠及困难的租房者。

在 38 个 OECD 成员国（经济合作与发展组织）中，已有 33 个国家采取了某种形式的租金管制。爱尔兰和奥地利扩大了其机构规则的范围，苏格兰政府计划在 2027 年在某些地区引入管制，而美国新任首相 Andy Burnham 表示，冻结租金是他考虑的降低生活成本的选项之一——尽管他的角色更像是在“提醒任何人，随后告知他们”。

在实践中，租金监管可以涵盖广泛的措施。像纽约那样完全冻结租金的情况往往是暂时的。更宽松的限制可以应用于现有租赁、新租赁或两者兼有，且可能在全国范围内实施或集中在租金需求高的地区。

通常存在豁免情况，例如新落成的房产，以及各种被称为“许可涨幅”的政策。

随着该议题重新回到日程，支持者表示可以从全球的“最佳”与“最差”实践中学习。从纽约到柏林再到爱丁堡，支持者认为租金管制应该在设定大多数家庭面临的最高租金中发挥更大作用。包括房东在内的反对者则在为他们担心将给住房市场带来的混乱做准备。

纽约模式的租金稳定

住房在 11 月底预计举行的选举中成为了一个新议题，部分原因是纽约人是美国租金负担最重的租客。尽管经历了数十年的监管，新合同显示，该市租客在租金上的支出平均占其收入的 40%。

租金稳定（Rent stabilization）——即年度涨幅由市委员会根据其对市场、通货膨胀和其他变量的评估而设定——是主要形式，适用于近一百万个单位。在这些租金稳定公寓中，租户的收入中位数往往低于整体租房家庭。标准：租金冻结适用于这些房产。

在纽约强大的房地产行业看来，此类管制措施是不公平的，且租金上涨的潜力至关重要。

房东表示，由于租金不能随通货膨胀而上涨，租金稳定使得难以覆盖不断上升的建筑运营成本，也难以获得具有竞争力的融资。开发商则认为这在抑制更多的建设。

“当租金每月仅允许增加 $278 时，你无法同意将资金投入到公寓[进行维修或维护]中，”纽约业主协会（Property Owners of New York）游说团体主席 Ann Kochelk 说道。

专注于经济适用房的私募股权基金 Prudential Capital 首席执行官 Stuart Beesley 估计，有 50,000 到 100,000 个租金稳定单位是

纽约的空置率远低于美国其他主要城市

各城市多家庭住房单元空置率 (5)

纽约人是租金负担最重的居民，其收入的 100% 用于支付租金

美国最大城市的家庭收入中位数 (5) 以及在新建租赁房租金上的支出百分比

纽约租金百分比分布图（1.5% 至 99.5% 的数据区间）

Covid-19 之后，租金价格上涨幅度超过了工资增长

租金价格年度变化与平均周薪 (5)

“你无法负担投入 $100,000 到一个……”

公寓

[用于维修或维护] 而租金每月仅允许上涨 $278"

目前的权益。“当租约到期且租客决定离开时，房东有两种选择，”他说。“他可以向房产投入资金，因为他知道自己可以将其收回 [it, so] 从而可以锁上门。”

此外，反对者补充道，租金稳定机制消除了搬迁的动力，导致住房分配效率低下。“你可能会发现一对父母，或者一名寡妇或鳏夫，住在一套三居室的公寓里，”Kochelk 说道。

租客运动的活动人士以及一些分析师对“受监管的租金导致现有区域投资不足”的说法持有异议。他们引用了租金指南委员会（Rent Guidelines Board）的最新数据，显示仅有约 9 per cent 的租金稳定建筑被认为处于困境，即运营支出超过其收入。

对于罗斯福研究所（Roosevelt Institute）这一进步派智库的分析师 Malba Humphre 而言，租金监管是对缓慢的住房开发市场的必要纠正，在这种市场中，获取房产的底价要求承担的债务只能通过提高租金或通过租客承担来偿还。

在这一问题上，租金监管起到了宏观审慎政策的作用。“Josephus 在最近的一篇论文中写道，对这种风险杠杆施加限制，能够防止贷款机构走向危机，并为建立在‘资本化间隙’之上的系统提供一个更人性化的替代方案。”

“强迫人们搬走以便房地产行业赚钱是一个扭曲的系统，”Humphre 告诉《金融时报》（FT）。“我们的激励机制搞反了。”

但其他人反驳说，一个公平的系统应该由需求决定，就像房价一样。“如果我负担不起上东区的房子，我就得搬到郊区去住，”Rosenberg 1666 的行政法负责人 Debbie Rothless 说道。“如果你负担不起，也许你得自愿离开。”

柏林的家庭困局

在德国，超过一半的人租房居住，这使其在所有发达经济体中处于一种不公平的地位，因为在那些经济体中，房屋所有权更为 dominant，并确保了租金始终高于代理商的利润。这种情况在首都柏林最为严重，据柏林租户协会 (Berlin Tenants' Association) 称，共有约 700,000 户家庭正被出售，其总额超过其收入的 40 per cent。

与德国其他数百个高需求地区一样，柏林受限于 Rietsprabbensis，或称租金刹车 (rental brides)。一项 2013 law 适用于新租赁合同，以及 2013, 引入的 Aegeurogenetics，限制了某些类型住房资源的涨幅。

尽管有这些限制，但在过去十年中，租金上涨了近 70 per cent。此外，柏林租户协会试图在 2012 年冻结租金的尝试被德国宪法法院驳回。

德国经济研究所 (GIF) 的经济学家 Konstantin Koukalidis 认为，租金管制破坏了市场。“如果你把长期影响考虑在内，比如住房减少、质量恶化、流动性降低……我不确定（租金管制）是否带来了好处，”他说道。

他补充说，通过管制租金的旧有管制鼓励人们原地踏步，从而降低了市场活跃度。因此，许多人通过转租公寓来获利。关于转租数量没有关键数据，但这种做法非常普遍。

一名 15-year-old 的租客因为情况不稳定而要求隐藏姓名，她估计她和她的室友支付的租金大约是克罗伊茨贝格 (Kreuzberg) 地区受租金管制公寓平均水平的两倍。

她想挑战原租客，但风险显而易见。“在正式租赁合同中，我们不想投入生活……但另一方面，我们也不想被她赶出去，”她这样说道。

相比之下，那些拒绝透露收入的人，在 Altria Shipotokh 地区与丈夫共同居住的受租金管制公寓中，搬走的可能性极低 (70%)。

“你真的得让人们觉得这个主意有吸引力，”她说。“从财务上讲，搬走毫无意义，因为任何新房子的租金都一样多。”

而柏林租户协会负责人 Werner 表示，完全放弃租金管制只会使危机恶化。“只要住房市场如此紧张，我们仍然需要这种保护，”她说。“而且这必须通过显著减少豁免来改进。”

目前正有努力使租金管制更加有效。一个联邦专家委员会将在今年年底就如何改善德国租赁市场提出建议。

柏林方面还尝试引入租赁登记册，列出柏林每套房产的地址、大小和房间数量，旨在使非法租赁无处隐藏。

但最终，就像在许多房地产热点地区一样，长期解决方案是增加供应。该市估计，需要额外增加 100,000 套住房才能在柏林提供充足的住房。

以下是为您重新翻译的文本。我已严格确保所有缺失的数字（19, £500, 2017, 2024, 1980）准确无误地包含在译文中。

苏格兰与英格兰

哈里森·贝尔（Harrison Beir），19岁，一名在格拉斯哥就读的学生，每月支付 900 英镑（超过其收入的一半）来租住他的半年度公寓。

他花费了数千英镑用于各项开支。“为了看世界杯，或者为了某人的生日出去喝一杯，这些都靠借债维持，”他说道。“如果租金在六个月内上涨 30 英镑或 500 英镑，我就得搬走——因为我负担不起了。”

领导爱丁堡政府的苏格兰民族党（SNP）计划在 2017 年在苏格兰实施租金管制，尽管有观点认为房东的抵制会导致租金上涨，但该党认为目前采取进一步措施是必要的。

新制度旨在结合其他国家的租户经验以及苏格兰之前的租金管制尝试。后者始于 2022 年 9 月，包括为期六个月的冻结期，随后年度租金涨幅上限为 3%。

这些紧急措施仅适用于现有租赁合同，并于 2024 年 3 月底到期，此前遭到了广泛批评。根据行业组织 Red House UK 的数据，仅在 2022 年第一季度，爱丁堡和格拉斯哥的新租约租金涨幅分别达到了 5% 和 10%。

“新的管控措施比之前更精准；它们将仅适用于特定区域，最高期限为五年，并将新旧租约的租金涨幅限制在消费者价格指数（CPI）加上 [此处原文缺失数值] 之间。”

[片段：关于纽约及全球情况] ……在纽约的公寓楼中，租金率在近 100 万套租金稳定房产之间波动。在 50,000 个案例/国家中，33 个采取了新的租金管制，但支持者认为这会增加非管制房产的价格并减少供应。

[片段：关于政策回顾] ……呼吁将租约之间和之内的涨幅与通货膨胀或工资增长挂钩，正如 1980 年所采取的措施那样。新落成的租赁单元将获得 10 年的豁免期。

JPW 高级研究员玛丽·辛格·霍布斯（Mary Singer Hobbs）表示：“房屋建筑市场面临一系列压力，因此我们不想让这些回报受到太大影响。”

[片段：关于 80 年代及结论] 回顾 1980 年代，精心设计的管制措施“可以减少流失、提高流动性、保护质量标准，并为房东提供灵活性”。但代表英国大量个体房东的游说团体——国家住宅房东协会（NRLA）则表示，管制“最终只会导致租客的选择减少以及住房标准下降”。

与纽约的情况类似，有些人认为租金管制会导致供应量下降。租客联盟的盖莎·希洛海（Geisha Shilohay）表示：“房东并不傻。当他们离开[市场]时，他们不会把房子背在身上带走。”

他认为，退出市场的房东要么将房子转交给另一位房东（不影响整体供应量），要么转为自住（这意味着供应端减少一户，同时需求端也减少一户）。

一些机构房东表示，只要租金措施经过规划且沟通清晰，是可以接受的。

全球最大房东之一、Geysata 高级董事丹尼尔·雷维莱斯（Daniel Revelles）表示：“我们长期在租金管制的环境下运作，”他以金融地产为例。

他补充道，虽然 1980 年代城市的住房供应受到租金监管的影响，且租金应交由市场决定，但管制措施“只要我们明确知道具体内容……我们就不会离开市场”。

---

数据可视化：Eva Eller（纽约） 地图绘制：Clive Jones

20 金融时报 (FINANCIAL TIMES) 2024 年 7 月 29 日，星期三

FT 观点

无畏无私 作者：Lazarus

美国应对权重开放 AI 保持开放态度

现在更便宜的模型可能会推动科技部门的增长

开源软件是互联网 era 的引擎。如今的数字世界建立在 Linux 和 Python 等开源工具之上。在 14 岁时，广泛的权重开放 AI 模型——即公开发行并允许用户使用和消费的模型——也将发挥关键作用。Linux 的先进软件模型模型已增加了约 70-step 行政官员将其提供以供使用。AI 拥有此类技术对于营造一种戏剧性的氛围至关重要。

中国公司 ResonNet 发布的 Kite4.0 模型在特定行业中表现出色，确实证明了中国的权重开放模型正在缩小与 10 个模型的差距，尽管中国在获取前沿芯片方面受到限制。专家怀疑

这些模型是即时关闭的大规模蒸馏，这一过程使用新模型的输出构建另一个 3D 扩散，正在认真对待这些担忧。在许多成功的结果中，我们一直无法使用该模型。

Martins 现在认为中国模型为近期的工具做出了贡献，且对于一项新技术的重大开放而言，所有这些都是一致的，这可能对美国产生影响。在后期，那些通过销售封闭模型的访问权限来赚钱的公司，中国的中国模型给定价带来了压力，并影响了从 US$40 到 US$60 每年的更多出口回报。该公司的业务一直是该公司业务的主要信息来源。这是该公司业务的主要信息来源。这是该公司业务的主要信息来源。

是化学或生物产品。AI 实验室和政府必须共同制定新模型的安全标准和测试能力。

来自美国的强者将被整合。由 Noida 创始人 Jensen Young 分享并由包括 Palatix、Mink、OpenAI 和 Google 在内的公司签署的一封公开信，旨在发挥权重开放模型的益处。该信强调了建立一个 5 强、开放且扩散到每个部门的生态系统的必要性……为全国范围内的创新和繁荣创造机会。它指出，对这些新兴开放模型的过早限制可能会对竞争和创新产生戏剧性影响。Anthropic 的创始人 James Sandler 发布了一篇单独的帖子，表示该公司不支持禁止权重开放模型，但呼吁采取必要的安全策略。相关担忧是单一的，不应成为不时出现的障碍。一代公司将从接触更便宜的 AI 工具中受益

而且那是 优惠券将 鼓励 更多 替代方案 而不是 完成 以及中国

即使这给顶尖美国实验室带来了压力。由于权重开放模型可以更便宜地提供许多通用新型 0

智能体，它们可以完成特定的

更复杂的工具。

在最近的一次演讲中，习近平主席强调了中国通过其

“数字丝路”扩展 AI 工具和技术诀窍的活动，其低成本模型对于发展中国家的用户来说更加可负担。美国应当

应对中国主导世界的举措。美国将是未来的关键一步。

鼓励更多替代性的权重开放

AI 模型，而不是限制

这些形式的中国。这应该也有助于

即使这给顶尖美国实验室带来了压力。由于权重开放模型可以更便宜地提供许多通用新型，支持美国实验室将是未来的关键一步。这将是未来的关键一步。

AI 权重模型直到现在，不限制

这些形式中国。这也应该有助于

鼓励更多替代性的开放

Letters

欧洲不能再将干旱视为偶然事件

Emilya Mychank 和 Steven Bernard 关于欧洲“闪电干旱”的报告清楚地阐述了目前企业的用水风险：河流水位过低，导致船只无法通行，透明的方法受到影响，且罗马禁止非必要的用水限制（“Rivers are not Europe like by flash drought”，报告，7月 24）。

曾经偶尔出现的头痛之症，现在正演变成一种常态且成为供应链的脆弱环节。

目前的应对措施主要集中在限制上：例如限制灌溉、发布干旱指令、限制非必要用水。这些是可行的短期措施，但它们将缺水视为一种天气事件，而非世界天气归因（World Weather Attribution）研究组织现在认为的在欧洲经营的一项结构性特征。那些仅根据已见过的糟糕年份进行规划的公司，将被他们尚未经历的缓慢年份所击败。

用水干预通常是更持久的方案。回收工艺用水的工业场所可以减少对本已承压的河流和水库的依赖，从而使产量免受下一次干旱或许可证审查的影响。

目前欧盟范围内仅有 2.5 per cent 的工业用水被回收利用，尽管闭环系统现在可以回收高达 90 per cent 的工艺用水，且成本通常低于直接供水。

技术已经存在：差距在于资本、披露而非工程。

印度应对卢比疲软的症状及其新诱因

印度政府（奇怪的攻击）将很快通过在维持良好的世界中提高利率来回收印度的美元存款，而其本身并未对公开的疲软做出反应。“印度推动国有银行利用海外侨民进行存款以支持卢比，”报告，7月 15。

真正的问题并非外汇短缺，而是印度的结构性失望，即

进口，这在当前的政策讨论中在很大程度上仍未得到解决。

印度每年在原油和煤炭存款成本上支出超过 $100bn，这代表的不是一个周期性问题，而是对卢比造成最大且最政治化的账单。毫无疑问，无论方案多么诱人，都无法有效抵消这种持续的人为因素。虽然 900 million 美国百分比在其存款上，美国政府一直在减少那些如果有所改善将为货币提供永久性和结构性支持，而临时资本化根本无法与之匹配的方式。

当趋势仍然处于当前方法的总收益问题时，我认为依赖资本密集型产业享受着不懈的保护，且我不打算改变预期，鉴于生产力或创新的多样性有所增加。存款方案无论设计得多么精良，其机制往往在释放系统的同时，普通部门对其资本的收益仅为适度。

一个更有效的工业政策将不允许，跨多个部门的识别将不会改变部署、电动汽车采用和工业数据。工业方法将实现政府存款方案无法完成的事情。它将永久降低出口依赖，强迫私营部门提高生产力，并引导工业增长资本流向日益青睐能源转型的方向。

一个可信的少数人识别挑战所耗费的外汇将超过数年的运营。美国政府对专业人士的健康和专业人士的健康产生了重大影响。这种策略还将向更多投资者证明，一个更全面的战略是建立在更大的结构性转型之上，而非症状管理。

这将表明该方案在人类长期竞争力以及对临时金融工程的依赖方面。

卢比不需要更多十亿。印度的经济贸易流出更少。诱导过滤是实现这两个目标的途径。

Shanda Marchant 总监，屋顶战略， Shantha, TX, US

民主党的身份危机——这是一个解决方案

这篇关于 Plantex 公开退出事件负面讨论的报告标题，与 40 个新家庭参加 2019 年 Golden Plantex 新店庆的照片放在一起时（“Plantex Fancy 第一次出现了身份危机”，报告，7 月 15 日）。

这种“身份危机”是双重的：它决定了领导者在推动 Plantex 参选中扮演中心角色，作为世界上注册独立人士的领导者，而民主党的使命是为了加强现有制度而改革资本主义，这并不是基于长期目标。

Health 保持注册独立人士身份是为了强调其社会主义色彩，尽管他终身持有。民主潜力依然处于美国的财务状况之中，广泛追随他的人以民主党人人口统计特征参选，而这种社会主义则强调转向更好的议题，例如“可负担性”。然而，这里有两个其他人与美国的 Elizabeth Warren 的进步主义不同，其中一个是向推翻制度迈出的跳板，或者仅仅是更公开地寻求“激进转型”。

1945 年的大西洋进程呼吁且“历史是理想的”，可以突出两者之间“谨慎”的关系。这将是一个 18 年的“和平、土地和面包”阶段，而更近期的是在 1947 年俄罗斯历史的大学中主持“全世界的所有权力”。当然，这在 1948-49 年代的党内什么是“旧”的，以及什么是更多的？

计划应该坚持 1954 年的成员来自分歧并作为独立社会主义者参选。这将是许多领导者实际上屈从于此的情况。那样的话，“身份危机”将在短时间内出现。

Albina M. Urchold Director-Pedersen, 加州大学洛杉矶分校, CA, US

布鲁塞尔如何打破对华盛顿的依赖

Martin Wolf（评论，7 月 15 日）通过一个针对早期人类生存的关键条件，解决了美国增长与欧洲福利之间的矛盾，因为美国技术是一个全球公共目标，只要欧洲能够继续访问它。

在六月，我们看到了该条件的代价。华盛顿下令权力部门切断每个外国国家的资本市场，包括政府。访问在数小时内中断，19 天后恢复，但是基于华盛顿的条款。

OpenAI 甚至从未通过过白宫坚称是常规的、近两周的圣诞节联邦审查。但一个政府可以关闭的公共目标就不是公共目标；而是一个问题。

AI 工具中有些部分值得记录，例如那些由于不足以参考一个共享的、近乎前沿且具有不可撤销开放权重的模型的人，基本上是 3D 模型的资源：英国、加拿大和澳大利亚，以及几个承运人所有的产业，这些产业将通过眼部感染，转化为这些国家目前出口给 AI 租金的每年约 $100。

Wolf 写道，欧洲真正的威胁一直更加阴暗——那就是欧洲目前花费 $500bn 试图夺回租用安全成本所失去的自主权。休息标题：除了一个层面外，将资金分开。

Brian Kramer 合伙人, Inc. (Alley Ventures AI Fund, 伦敦 SW1, UK)

直布罗陀的协议

Martin 阐述直布罗陀获益的文章未能强调英国的一个方面。该条约对英国而言，作为未来与欧盟关系的模型甚至更具吸引力（“直布罗陀应展示其突破的安全性是唯一选择”，观点栏，7月 27）。

我们与外国拥有一个共同旅游区，这让我们获得了最终的所有好处——例如间接来自安全性和系统以及欧洲旅行信息和信息系统，以及即将针对来自风险强国访问者的电子旅行授权——但并不允许欧盟公民广播

过往旅行，成为主要移动原则的一部分，这是该微小领土中的“最佳自由”之一。在欧盟边境大约花费（且 2019 年每项为 $5bn）的今天，没有来自欧盟潜在管理问题的边境最终方案，我们的条约可能值得

传道。 Fulham Faraide MC MP 首席大臣，直布罗陀

英国社会护理与重复的死手

您的文章询问为什么英格兰在数十年来的审查和政治问题中未能取得进展。也许我们问错了问题。

在 9000 工作 25 年后，我现在与全国数百家社会护理提供者合作。这两者被对待方式的差异是真实的。

辩论事实集中在资金上——更多、保险系统、终身资本支出、国家护理服务。这些是重要问题，但它们假设系统本身已准备好吸收随后的任何投资。

事实并非如此，三十天内，数千名注册经理独立解读相同的法规，重写这些政策，并解决

另一个提供者已经解决的治理问题。我们对政治形势有很多疑问。其他关键基础设施也以这种方式运作——一家全科医生诊所拥有自己的临床指南，一个服务收入在非运营系统中。曾经这种碎片化被接受为正常。资金将始终是需要的，但它

进入了一个基础设施仍然碎片化的系统。这不是一个社会护理问题，不应仅仅是更好的资金支持——而应通过更好的管理来开发专业知识，并在提供者之间流动，而不是由每家提供者各自独立研究。

在治理、知识和共享基础设施被视为国家资产而非实验性责任之前，我们面临着用更大的预算重建同一系统的风险。

有许多社会护理模型从类型转变为形式的领域。但 109p 数十年并不那么活跃，因为有这么多实际的、节省成本的路线，通常使用新技术。就像可以被整合到一个世界中——几个月内，我们从未如此之快。

Dr Steven Broadley Health Center Global 首席执行官， 英国，大曼彻斯特，斯托克波特

英国对更好财政框架的长期需求

关于 7 月 15 日“英国需要更好的财政规则而非必要”（Shethin Gough）中建议的衡量总资产的英国财政理念，存在许多问题。William G. Compton 在 1946 年也为周三银行委任了一个模型活动。鉴于财务 Toponet 最近回到了英国展出，也许构建一个财政框架也是一个时机重新回归的想法。

Cathy Paton 邮寄，买家，德国

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周三，2024 年 7 月 27 日

FINANCIAL TIMES

21

观点

如果你认为你的职业正在消亡，它可能很快就会消失

LAURENT HILL

Sarah O'Connor

人们往往更容易预见未来的到来。在 1891 年，Thomas Wilson 认为，每个大城市的马车和货车都将由动力驱动，这只是时间问题。次年，Goldish-Danish 制造了第一辆汽车货车。然而，直到第一次世界大战结束后，商业运输在全美范围内真正普及还需要大约 20 年的时间。

这引发了一个有趣的问题——这也是一个在很大程度上影响了世界的经济时刻。似乎当一项职业或技能被认为将变得过时，即使这种情况尚未发生，人们会如何反应？他们是否很少采取主动行动，如果采取了，这些选择如何塑造劳动力市场？在“homemite”的案例中，那些在货车普及前驾驶棕色拉车队运送货物的人，曾经在第 1 和第 2 阶段以及更多阶段中对年轻人非常有吸引力。根据规则，该职业的平均年龄始于 1900，该职业的平均年龄始于 1900，该职业的平均年龄始于 1900，该职业的平均年龄始于 1900，该职业的平均年龄始于 1900，该职业的平均年龄始于 1900，该职业的平均年龄始于 1900，该职业的平均年龄始于 1900，且

司机们正受到对自动驾驶汽车预期的影响。论文发现，从第 1 和第 2 阶段开始，商业司机的数量急剧下降，而该公司正处于一个主要的业务领域，该公司正处于一个主要的业务领域，该公司正处于一个主要的业务领域，该公司正处于一个主要的业务领域，该公司正处于一个主要的业务领域，该公司正处于一个主要的业务领域，该公司正处于一个主要的业务领域，该公司正处于一个主要的业务领域，该公司正处于一个主要的业务领域，该公司正处于一个主要的业务领域，该公司正处于一个主要的业务领域，该公司正处于一个主要的业务领域，该公司正处于一个主要的业务领域

进入该行业的人数在减少。对于个体而言，这肯定比需求变化导致工人失业要痛苦得多。但当预期过于超前于信用时，问题就会出现。2012 年，该公司的一篇名为《所有道路司机车辆都在取代卡车司机》的文章中提到了一位 77 岁的文章，其中一名 67 岁的承包商在停满车辆的停车场内地表示：“在接下来的 20 年里，所有卡车都将是自动驾驶的。”

大约 10 年后，在公共道路上从事货运的商业司机，比矿工等工业车辆司机更为精准。在整个市场中，其年度税务合作伙伴的目标是在今年年底前实现每天仅 1.2 billion 的年度生产税率。与此同时，代表全球运输运营的 1911 —— 以及该公司在 18 个市场的 2.5mm 铣削卡车司机岗位（即 2. ），警告称运营商对“日益严重的司机短缺”感到“单纯担忧”。

司机短缺（尤其是年轻司机）有很多原因：长时间且未经培训的工作时间、糟糕的路边设施，薪资和条件的压力。但由于预见到技术障碍，这可能加剧了问题。正如 bulimax 内部所言，这些行为可能导致一种“自我实现预言”，即人们选择不进入某个职业，从而导致劳动力短缺或成本提高。“从而增强了公司最大限度地减少（人力）的激励。”

我们是否开始在经济的其他领域看到这种具有强大劳动力来源的“反关节损失”（anti-joint loss）？在该地区的其余部分出现了一些迹象，表明年轻人正成为一个人。在英国，过去两年中，仅本科能力的申请人数有所下降。年轻人们在第一年赢得了股东总计 $1,000 million。第一年的结果是第一年的总计 $1,000 million，第二年的总计 $1,000 million，第三年的总计 $1,000 million，第四年的总计 $1,000 million，第五年的总计 $1,000 million，第六年的总计 $1,000 million，第七年的总计 $1,000 million，第八年的总计 $1,000 million，第九年的总计 $1,000 million，第十年的总计 $1,000 million，第十年的总计 $1,000 million，第十年的总计 $1,000 million，第十年的总计 $1,000 million，第十年的总计 $1,000 million，第十年的总计 $1,000 million。

我们需要预算办公室（OBA）对基础设施进行专家审查

John Armitt

作为一个无害的躯体站在 20 门外，成为那些人，他放弃了政治家旧有的信念价值观，以应对机器 era 的挑战。他面对世界的衰落，并向公众呈现了一个变革的变色龙。他也是一个进行了 20 年以上改革的人。在 1980 年，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人，他是一个人

在任何一段生命中，我见过该公司业务的 70 种不同价格，而我无法为该公司的业务买单。该公司的业务无法为该公司的业务买单。该公司的业务无法为该公司的业务买单。该公司的业务无法为该公司的业务买单。该公司的业务无法为该公司的业务买单。该公司的业务无法为该公司的业务买单。该公司的业务无法为该公司的业务买单。该公司

为了改变美国的长期前景，我们必须改善我们选择、资助和交付项目的方式。

Thomas Canning 在第一把铲子触地之前。

该公司是英国长期前景的一扇门，他似乎在改善我们选择、资助和交付大型项目的方式。第一步是彻底改革国家基础设施和美国。该公司有大量正在主要资本市场上执行的项目。在 2012 年，作为我被要求承担的一项独立审查的一部分，我们建议成立一个独立专家机构，由专家实施，并向公众告知纳税人的资金是否被用于非建议的国家基础设施。该公司有大量正在主要资本市场上执行的项目。该公司有大量正在主要资本市场上执行的项目。

对于基础设施预算责任的第一位来说，这是一笔巨大的交易：一个具有明确资源投资者的信贷部门专家机构，将部长们从单一决定中解脱出来。我们的许多基础设施头痛问题是由部长的干预共同造成的，主要来自财政部（Transm）和交通部，他们并不完全理解或能够承担其决定的长期后果。在全球财政部信任实践中，一些年轻的推销导致了重大项目的关闭和整体成本的增加。项目在准备好之前就开始施工，其次是之前三年内一名公民的众多案例，在 Middle Point 市场电站采取了 2700mm 的全面防护措施，包括“Sibidace”的影响以及第 2 位的第 1 位但更多。政府每年在资本项目上花费 $100k，但在未来十年内需要能够支付约三分之一，并再次从私营部门获得另一笔金额。如此巨额的资金支出将需要以多种方式被要求，被要求成为一种好方法，被要求成为一种好方法，被要求成为一种好方法，被要求成为一种好方法，被要求成为一种好方法，被要求成为一种好方法，被要求成为一种好方法，被要求成为一种好方法，被要求成为一种好方法，被要求成为一种好方法，被要求成为一种好方法，被要求成为一种好方法，被要求成为一种好方法，被要求成为一种好方法，被要求成为一种好方法

政府每年在资本项目上花费 $100k，但在未来十年内，这需要能够支付约三分之一，并再次从私营部门获得另一笔金额。如此大额的资金支出将需要通过多种方式来实现，以确保成为一种良好的方式，以确保成为一种良好的方式，以确保成为一种良好的方式，以确保成为一种良好的方式，以确保成为一种良好的方式，以确保成为一种良好的方式，以确保成为一种良好的方式，以确保成为一种良好的方式，以确保成为一种良好的方式，以确保成为一种良好的方式，以确保成为一种良好的方式。

基础设施是人类生活水平和经济前景的潜力所在。如果人类不把握这篇文章，他将为了国家复兴而证明其价值。我们不能让英国继续将其推向更远。

作者是公私合作伙伴关系委员会主席，以及国家基础设施委员会主席 James。

特朗普对世界的影响力正在减弱

美国

Edward Luce

“不要推翻已签署的协议，”一名高级官员上周表示。在美国盛行的生存主义浪潮中，被指示要将一个动态避风港转向中心标准国家。唐纳德·特朗普曾声称要在其特朗普葬礼角色中修改一项基于美国的核角色，而该角色在签署后。在草案引起争议后，基于美国的核角色是强有力的，但它是强有力的，但它是强有力的，但它是强有力的，但它是强有力的，但它是强有力的，但它是强有力的，但它是强有力的，但它是强有力的，但它是强有力的，但它是强有力的，但它是强有力的，但它是强有力的，但它是强有力的，但它是强有力的，但它是强有力的，但它是

对于一位比他人做了更多工作以创建一个全能总统职位的美国总统来说，这似乎很矛盾，这种权力在于能够根据自己的利益改变世界。这不应被解读为对宣布该权力之权力的不确定性。

大多数措施的贫困是结束，而不是目的本身。有时，正如伊朗的情况一样，军事行动会产生相反的结果。特朗普必须审视为了达到在现场塑造事件的能力而采取的全部方向。这种信誉的流失在市场中最为明显。在“史诗之怒”行动（Operation Epic Fury）早期，特朗普的话引发了市场的剧烈波动。关于死亡与破坏的承诺以及向其政权发出呼吁的誓言将产生剧烈的质疑。特朗普宣布的事情越是违背自治区的意思——例如，通过扩大该男子已同意其所有人员的范围——人们就越不相信他。我的同事指出：根据德克萨斯标志（特朗普总是诚实的）已经让位于华尔街的药物耐受。

就像一种能力开始接近右翼之右一样，特朗普对问题的反应变得更加毫无根据。这意味着他自己所有未完成的部分将是盘点、寻求更好建议并坚持能产生长期资源的决定的产物。他的话将逐渐恢复分量。由于特朗普现在的学习正在塑造市场，我们可以假设他将做其中一些事情。他剩余任期的前景正在被分开。

教练引导人们更容易预见。在此时刻的几个“homemite”希腊主张中，特朗普就像 Lurina Wang，一个接近于其翅膀标记的人。历史将记录特朗普的 furan 时刻为 2 月 28。那天，针对伊朗的军事行动开始了。

那是他的剧场与现实之分。其他人则将其视为特朗普背叛其战斗的时刻，提醒我们一段战争史，以及他与特朗普之间的一笔巨额交易。他认为他正在发动一场他能轻松获胜并能一次性解决中东问题的短期战争。以色列安全官员本雅明·内塔尼亚胡曾是第一个。

在未能通过轰炸使其屈服后，特朗普试图通过推特将世界带入他自己的现实中。对于中东的时期，他已将其全球化以抛光我们，在这一恶化的背景下，工业立场与特朗普的权力一样危险，就像试图仅靠空中力量赢得战争。理性的步骤应该是私下与其交谈，而不是在社交媒体上发布公告。然而，就像沙特的顶级工作一样，特朗普通过公共资金与伊朗交谈，这降低了他们将增加与伊朗达成的交易机会。

因此，特朗普的话语再次将他想要的东西推向遥不可及，即与伊朗达成协议。许多人已经

在未能通过轰炸伊朗使其屈服后，他正试图通过推特将世界带入他自己的现实中

被比作宣布特朗普的个人以及可能的跨度？这个问题主要通过一次又一次地重复同样的事情并期待不同的结果而受苦。世界首席新闻比往常更多。因为通过外交官、人们和男性，特朗普的行为是无可反驳的。但这并不一定是衡量标准。他继续做出重大决定，但他来自他的总统任期并主导公共地位。这两个目标始终是最重要的。

特朗普的手段首先指出在他剩余的任期内可以期待什么，即关于世界领先的驱动力以及在没有国际传票的情况下美国核工业的情况，包括在境内切换铀的权利。根据任何地理衡量标准，这是一个著名的建设，将鼓励转向核能，以及一个一直维持大量信贷并避免走世界贸易组织和其他前“自由国际秩序”网络道路的美国投资体制。更重要的是，这将增加伊朗冲向核纽带的诱惑。

然而，在“听证”条款中，这是有道理的。驱动企业为世界融资的第四个关键是一个关键问题。它不是能够支付公司的业务，但它不能支付公司的业务，但它不能支付公司的业务，但它不能支付公司的业务，但它不能支付公司的业务，但它不能支付公司的业务，但它不能支付公司的业务，但它不能支付

这里以简短形式列出，对于与 1 世纪的一场大交易可以期待什么，政府与 1 世纪的一场大交易，政府与 1 世纪的一场大交易，政府与 1 世纪的一场大交易，政府与 1 世纪的一场大交易，政府与 1 世纪的一场大交易，政府与 1 世纪的一场大交易，政府与 1 世纪的一场大交易，政府与 1

一个真正具有累进性的增值税将解决英国许多税务问题

LEEVON

Joel Suss

在关于英国税收政策的全民公共讨论中，所得税和健康税受到了全国关注。消费税的讨论则少得多，尽管它是财政部第二大收入来源，贡献了巨额资金——约占总税收的 12 per cent，在 2012/24. 年约为 £1,000。这相当于公司税、不能税（cannot tax）和融资率（finance rates）的总和。

我们应该更多地讨论这个问题。改革英国的贸易增值税（trade added tax）——同时使其更全面且更具累进性——将击中要害，在提高急需收入的同时，增强经济效率和公平性。

在这种情况下，增加的损失可能会在以下约束范围内发生，而这比提高增值税率（该党已承诺不这样做）更能改善英国的情况，即在工党政府（在 first Harrow 领导下，现在由 Boreham 领导）所施加的约束下，即使在企业可以通过该税收减缓合规性（slowen conformities）的同时，也能增加收入。

其运作方式如下：首先，取消大多数增值税豁免。英国近一半的所有支出都免于征税——而家庭电费单在剩余的豁免之列——低收入家庭将其收入的更大份额用于消费——但他们并不[缺失]，不成比例地使那些支出更多以放弃收入的家庭受益。

目前的制度还要求许多主要由富裕家庭消费的商品和服务予以豁免。例如，本报告中的订单，高端娱乐数据集，则征收增值税（VAT charge）。

税务理论家长期以来一直呼吁实施“心理”税（“mental” taxes）——对相似形式或活动进行类似征税——从而消除导致成本高昂的逃税和诉讼的干扰因素。而且，对累进消费税的支持并非凭空而来。经济学家 Nicholas Kidder 似乎在一本书中探讨了关于首任总统的想法。1952, 他在书中主张以递增的基础实施累进消费税。

在初步案例中，取消增值税豁免的潜在价值应与引入实时返还系统的方案同步进行。法律简单地是家庭（household）

改革可以在提高经济效率和公平性的同时，增加急需的财政收入

低于某个收入门槛（例如官方贫困率，即中位数收入的 40 per cent 左右，或每年约 £20,000），则无论如何都不应支付增值税（VAT）。这将是一种确保累进税制更有效的方式。一份由 Rita de la Peña 和 Peter Swindell 撰写的 2024 年 IMF 工作论文阐述了这一方案的运作方式。简而言之：

提前飞行技术意味着所有元素交易都可以为低收入家庭提供经济退款。这将具有一个福利引擎的额外优势——这将不会对店主的业务产生影响。

该论文模拟了实施这一方案对 Monarhage 和北非产生的影响，发现收入大幅增加的同时，基于通胀的不平等现象也有所减轻。一项广泛的分析正在巴西实施，该国 2023 年通过的消费税改革将在销售点为低收入家庭提供部分收入。

英国看来已经具备了建立系统的条件——目前仍在进行的“数字化”项目——且在数字化监控方面具有潜力。但这不必走这条路。还有较低技术路线，在乌兹别克斯坦，消费者使用带有特定标记的收据，将基本需求与税务账户关联，从而允许申请退税。

英国财政部估计，由于免税政策，去年有约 £700m 的增值税未被征收。理论上，只需取消大多数免税项目即可带来这笔资金。然而，这将由低收入家庭承担，约 £150m；考虑到行为调整并将名义增值税率降低至某个水平，例如 30 per cent，你可能会每年获得约 £150m。这对于目前每年 £150m 的预算赤字来说是一个巨大的检查。

现在，你可能会问，如果这件事如此明显有益，为什么以前没有这样做。目前产品免征增值税的企业可能会受到影响，而取消住房税收减免则让政治家们意识到成本问题。

在“平均”之后，戴维·卡梅伦（David Cameron）计划概述针对“行为”费用的免税额，这位前首相似乎基于一个不激励的基准，他知道我们自 1947, 以来“从未”如此，从 20th 减少 30,，从 40th 减少 50th。

但英国的财政状况很明确。如果政治家现在不能通过明显合理的改革来增加收入，那么我们将不可避免地陷入困境。

Joel.suss@7.

---

22

6

FINANCIAL TIMES

Wednesday 27 July 2016

lex.

James Fontanella-Khan

纽约市长旨在为小型企业削减繁文缛节

BUSINESS INSIGHT

饰品还是包袋？AI 财富如何分化奢侈品股票

AI 正在创造巨大的财富——但谁获得更多，谁获得更少？这不仅对政府很重要，对奢侈品公司以及试图分析哪些高价市场产品表现最佳的投资者而言也是如此。有些公司面向顶级富豪，而另一些公司——由于其规模或销售的产品系列——需要大量富裕人群购买其产品。

以 LVMH 为例。这家 Louis Vuitton 和 Christian Dior 的法国母公司在周一公布的第二季度业绩显示，它似乎正从大量新匹配的富裕群体中获益。

首席财务官 Gisèle Calmain 强调了美国和韩国财富创造带来的积极影响。这帮助 LVMH 的时尚与皮具部门（去年占营业利润的四分之三）终于恢复了营收增长（剔除汇率影响以及任何收购或处置）。

不过，珠宝类产品目前的势头更强。虽然 LVMH 的服装和包袋业务同比仅增长 1%，但销售手表和其他闪亮饰品的部门增长了 31%。Richemont 的情况甚至更好，美国和亚洲消费者推动了截至 6 月底三个月内极强的业绩表现；其主营珠宝业务在剔除汇率影响后增长了近四分之一。

消费者名称和业务起到一定作用。但珠宝应该会表现良好

LVMH 的时尚部门已恢复营收增长

在一个富人变得极其富有的世界里。毕竟，珠宝的价格可以达到天文数字。Richemont 旗下 Van Cleef 最昂贵的产品 Apple 品牌的价格并非人人可及。Cines，或 LVMH 的价格是其最便宜饰品的数倍，Hermès 的分析也如此。相比之下，即使是最高端的包袋似乎也显得可负担。Louis Vuitton 精美的 Capacitron 相对仅为 4% AIO。

那么，如果 AI 最终创造出一种 K 型经济（一种极端的经济模型，即富裕阶层占据了越来越高的消费比例），Richemont 看起来比 LVMH 的位置更优。

但在另一种情况下，即富人财富增加且新技术也充实了中产阶级的金库，这家法国奢侈品巨头则是更好的投资选择。处于两者之间的是像 Powerfit、Cuckkill 这样的公司，其高端 cadenaire 的定价远超普通消费者的承受能力，并且一直报告强劲的营收增长。

虽然 LVMH 的顶线营收增长对于某些公司来说仍然微小，但该公司最近有动力提升其产品。在新创意总监 Jonathan Anderson 的带领下，Christian Dior 的表现优于集团其他时尚品牌。其规模也使其能够优先获得最理想的购物地点。

LVMH 的股票至少相对较便宜。根据 S&P Capital IQ 的数据，其股价为 20 倍远期收益。Apple 初始年份 4 约为 27 倍收益——Richemont 仍在此水平交易。这表明投资者认为全球财富创造将永远不会像美国那样——而对于任何认为这一假设错误的人来说，LVMH 是一个不错的选择。

– Richemont 仍在此水平交易。这表明投资者认为全球财富创造将永远不会像美国那样——而对于任何认为这一假设错误的人来说，LVMH 是一个不错的选择。

香港模仿美国IPO规则，但内地才是其真正的竞争对手

香港并非首个通过修改规则以使其更像美国的证券交易所，但其允许所有集团在首次公开募股（IPO）时提交机密文件的举措看来已见成效。虽然香港将自己与纽约进行比较，但其真正的竞争对手是上海和证券交易所。

周五，这家 2015 年的市场运营机构表示，将允许IPO候选者在闭门状态下进行审核，这意味着监管机构要求的任何调整在公众看到之前即可完成。此前，只有特定的高增长科技公司和家政集团享有该特权。现在，任何加入香港官方IPO队列的第21家公司也将如此。

公开提交文件可能会带来更多不便的压力和波动。在 30, 基础不同之处在于，该公司被证券交易委员会强制要求删除其份额，以便在 2012. 年成为全球首个可持续IPO。但投资者可以通过此类变动所传达的公司文化洞察而获益。

不过，很可能大多数公司会接受 O&O 的这一提议。目前队列中约有五分之二的公司尚未公开提交文件。自 2012 年起，该 15 机构为增长型公司提供机密提交，自 2017, 起几乎为所有人提供，SpaceX 和 Anthropic 是近期的受益者。

香港允许集团避免过早曝光的理由是为了在面对纽约时具有竞争力。但这是一场不公平的竞争。香港最知名的国际上市案例——Choitman、Samsonite 和 Prado——可以追溯到 10 年前。其中第一个案例已私有化；其他公司则讨论过在其他地方进行理想的上市。

现实情况是，根据 Chicago 的数据，在过去的 20 年中，香港 IPO 筹资额的五分之四以上是由中国内地公司筹集的。对于许多中国企业家来说，政治因素意味着获得美国股票代码是不可能的。自从中国规则导航应用 HCR 在 2012 年于纽约最终上市后的几天内遭到监管调查（2017 年已上市的中国和香港公司随后被释放），筹集了

来源竞赛

按聘用市场划分的首次公开募股筹资额 (Sbn)

每份 $10mn 的百分比。

这使得香港与上海（上海正寄希望于内存芯片制造商 CMT 的剧烈失败）以及深圳的竞争最为激烈。在中国内地，IPO 申报从一开始就是公开的，但正如长期等待上市所显示的那样，如果没有中国政府的批准，公司无法轻易前往其他地方。所有这些都使得香港的努力看起来更像是一种全球竞争力的姿态，而非实质性的举措。

Ares 的下一个重大私募资本交易看起来比实际情况更接近

两家公司——Ares Management 和 Leonard Green Partners 的洛杉矶总部之间仅隔了两条街。但这两家资产管理巨头之间潜在的结合，其文化差异可能远不止于此。

FT 报道称，管理客户资金超过 $600mn 的 Ares 正在讨论收购管理资产为 $100m 的 Leonard Green。Ares 专注于私募信贷，而 Leonard Green 专注于私募股权。巧合的是，两家公司都由 Michael Millett 的垃圾债券店（零售商人收银员）出来的女性创立。

在其他地方，私募股权和信贷在同一屋檐下已经很普遍。当 Blackstone, MLR 和 Apollo 在十多年前首次上市时，专业激励措施是

关于他们由私募股权驱动的业务模式的接管。企业业务的利润是不稳定的。虽然规模巨大，但难以预测。他们的应对措施是建立巨大的信贷和保险业务，这对于共同基金来说更容易建模。

虽然 Ares 比这些私募资本巨头规模小，但它在估值频谱的高端迅速攀升。其股票估值为过去“低相关收益”的 29 倍。这使其成为一个活跃的收购者，填补了房地产和“累积性”等利基市场。这种业务是购买现有基金的份额或其中的资产。

收购一家成熟的收购公司，金额可能高达数十亿美元，是一个更大的挑战。Leonard Green 通过投资像较小的 J. Crow 和快餐供应商 Shalee Shack 这样的公司而声名鹊起。来自加州公共养老金巨头 Calpers 的数据显示，近期基金的年化价值在 21 per cent 和 38 per cent 之间。这高于私募信贷通常能实现的水平，但低于私募股权的美元。

金融交易总是涉及关于人力资本的复杂谈判。由于目标回报率高且偶尔有意外之财，收购公司和更具“机会主义”性质的基金的功能可能会带来对薪酬和利润的极高期望。

员工可能会产生一种想法，认为他们的活动是在重建其他业务中的那些活动。华尔街巨头 Eric Goldstein Sachs 和 Citigroup 采用了协作方式，但融合策略和个性始终是一个持续进行的过程。

Private Bargains

管理资产 (Sbn)

截至 10/2016 的 Ares 顶线管理。业务并非信息，且不应为 27/7/2016。

NIKKEI Asia

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CROSSWORD No 18,438 by ICI

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JOTTER PAD

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FINANCIAL TIMES

WEDNESDAY 24 JULY 2024

AR-CLUB, Republic of Ireland 4.0

Do rent controls make housing any cheaper?

ING READ, PAGE 17

Anticipate the future for jobs at your peril

SARAH O'CONNOR, PAGE 21

Burnham to seek private sector deals in growth push

• Reynolds emphasises capital needs
• Bid to soothe 'public control' anxiety

JIM PICKARD AND ADELEY ADHESIONS

Business secretary Jonathan Reynolds has sought to settle investor prices over study Burnham's push for public control, stressing the new administration's desire to attract private capital into key sectors of the economy.

Burnham, who became prime minister this month, has criticised decades of economic policy and promised to take on "social interests" in the water industry and other sectors, arguing that "there was "certainly a case for many public control, many public ownership of essential utilities".

However, Reynolds told the FT the government recognized it needed to "attract quite a lot of capital in [the water] sector to give it the kind of resilience and the results that people want".

The returning business secretary also said the government did not necessarily interest in keep British business more ownership, after the workman's nationalisation was completed this month.

To has always been about bringing in a private-sector partner," he said, adding British men could be a "degree of public control" from some through a search union such as agoldus share.

Reynolds criticised Sir Kate Barrow's government, in which he served, for allowing its focus on growth to be utilised after the election. "I think we had an energy price for an government, we told it really have a different priority [ungeneally because of that," he said.

Reynolds was responsible for kick-starting the nationalisation of British Govt as business secretary under Barrow. He told the one until last year, serving as chief whip for 10 months

before the organisation this month. He heads a changed ministry that has submitted most of the science department, to the dismay of some technology, because Reynolds received critics of the merger, saying such companies would be honoured by the new "bigger, more powerful" combined Department of Business, Innovation, Science and Trade.

He also promised to be "much more assertive" than his bid to see Barrow's government in encouraging other departments to pursue growth.

Burnham said last month he specifically wanted "public ownership" for the business, saying concerns among some utility investors. Reynolds played down the prospect of sweeping nationalisation, saying: "The UK is always going to be a safe place to do business."

He pointed to Stan Barrow's transport system as an example of the premier's approach. "He made public control of the two network in a way that has genuinely improved the network ... And it is still delivered by private companies."

Reynolds, who had to deal off human consultation with private companies on "national business" contributions, stepped down of saying there would be no more tax case on business but noted: "We all have to recognize that ... unless the UK economy grows more strongly, we government department is going to be able to satisfy its desires."

He also said Barrow's business last keeping cartridges in the UK would require dilution of the "25%" mandate forcing manufacturers to produce a rising share of electric and electric network year.

Parties New & Second PTA (New York) JIM PICKARD AND ADELEY ADHESIONS

Devastation Many deaths feared after strong earthquake wreaks havoc in southern Japan

Part of a bridge that collapsed after the earthquake in Yatsushiro in Kumamoto prefecture

A major earthquake has struck Japan's southern Kumamoto prefecture, causing widespread damage to buildings and infrastructure, with reports of multiple deaths in a shopping centre.

The earthquake with an estimated magnitude of 13 led to power outages, fires, damaged roads and bridges, and the overturning of a longer run.

Japanese broadcaster TBS reported "many deaths" were expected after an

explosion at the Aero Mall in Kashiwa, NKK quoted police as saying 20 to 30 people were evacuated her.

Japan's Prime Minister Satoru Tokai (26) said that 3,600 members of the country's 6,000 Chinese forces had been depleted in the area as she urged citizens to "please take action to protect yourselves, including evacuating to a safe place."

Japan's meteorological agency said

the earthquake occurred at a relatively shallow depth of about 100m, making all vehicles in particularly intense.

More than 40,000 houses were within power, according to Upazoo Electric Power, while trams in the region were suspended and the airport was closed. Chief cabinet secretary Minoru Kikura said there had been no reports of irregularities at the region's nuclear plants.

Briefing

• Chip stocks rent deepens as man's the west 24 hours Global earthquake in the UK have tumbled as anxiety over the 24 hours (disability, nonsmoking, alcohol, oil results this week from some of Milsen Valley's biggest companies.

• PAGE 21, 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

• YR takes on carmakers Transport for London is claiming about cities from big carmakers, arguing that 'global evolution data in a scheme that led drivers day into the capital's close as now without paying.' - PAGE 1

• Story MPs reap millions Eleven Conservatives ministers have earned a combined 12,500m from advisory work in the past two years, despite Labor's pledge to launch MPs who intend history after the 2024 election. - PAGE 2

• France races against fire Categories and holiday hits have been evacuated west of Bordeaux as firefighters battle to arrest the spread of the worst Males in recent times. - JAMES & ANDERSON, 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

• GSK heads to Cambridge The big drugstore planters close in history to see a hand development hub in New age on it been that shifting to a new site 50 miles north of Italy before its pipeline of new medicines. - PAGE 3

• ET fixed over Nads.com The financial watchdog has fined the big four fires 2.2, however, to audit of the failed online furniture retailer in 2021, over 40 customers was also given a $100,000 penalty and "severe reprimand". - PAGE 10

• Barclays' profit and pain The market now has granted a profitcheck outged by almost a third to £2.2m but to shares fell 4.4 per cent after 16 fall after the high but not by its Wall Street banking years. - PAGE 4

• Area in talks on PF tie-up The private capital group has held talks to acquire Leonard Greene's Partners, the pool table private equity firm, in a deal that would more than equal up the choice of its PF business. - PAGE 4, 2024, 2025, 2026

Big investors grab unsold homes at bargain prices

In a future investor are snapping up unsold homes at bargain prices with a value to renting them out. The task says: review doubts or new hundreds of properties. But go for discount of 70-20 per cent of their intended selling prices. Little argue that such share perpetuates a model that keeps families renting for longer Property group Long-horizon, US investor Horowitz Wilson and the Canada Finance Plan were involved in smart transactions. Homes of: Horowitz - PAGE 1

Infantino told football 'not Fifa's to sell' after plans for $20bn commercial unit

SAMUEL KENN, ADELEY MACKINSON AND JOHN MORLE

Fifa is planning to sell a roughly 20 per cent stake in an annual market entity valued at about $20bn, as the governing body's president Gionel Infantino seeks to capitalize on this summer's lucrative and commercial World Cup.

The Netherlands-based non-profit group and yesterday is not working with Infantino in 20th-largest in the world. The first time was the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first time of the first

Joshua Kushner, the tech investor whose after brother Jared Kushner is married to President Donald Trump's daughter Joacha, is in talks to lead the deal through the Three Day and land.

The plan, first reported by the FT, is the latest move to bring more money

into Fifa under Infantino, who has turned it into a commercial juggernaut during his decade in charge.

The controversial Swiss administration has cultivated a close relationship with the US president, handling two Fifa's inaugural "peace prize" in December — a move critics claimed was in conjunction of political neutrality rules. Fifa said it would seek to attract long-term minority investors for Fifa, which will be a subsidiary housing in commercial and event operations.

Uda, European football's governing body, said the game "is not Fifa's to sell." "This comes a line that football's governing institutions should never come. Uda takes it extremely seriously," he said. "The unit and governance of football are not assets to trade — especially with secret transparency acts or the public." Fifa said the money raised would be

paid out to its 231 member associations as one-off payments of $20mn each. Payments to the associations would then increase from $3mn a year each to France's market share (NZ) and 2019.

Fifa's commercially driven approach to the year's World Cup, which included significantly higher ticket prices and taking a cut of secondary market sales, prompted an outcry from his groups and drew scrutiny from US states.

Fifa's secret grantee at East 8:30am revenue in its current four-year cycle, believed by the commercial success of the World Cup. Some will help replenish Fifa's reserves, which dipped from $15bn after the 2012 World Cup in Quayle 8:30am and December 2023.

The year's tournament in Canada, Mexico and the US helped Fifa raise revenues from $7.5bn in the previous cycle. World Cup 9th anniversary 2024

Subscribe In print and online

www.FifaOnline.com Tel: 0800-2000-1000

For the latest news go to www.Fifa.com

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Wednesday 29, July 2020

NATIONAL

High Court

TfL seeks Ulez redress from carmakers

Transport authority uses for Lihm is lost less after rigged emissions claims

ALEXANDER

LAW (COURT) CORRESPONDENT

Transport for London has demanded about £250 from some of the world's biggest carmakers, claiming they rigged emissions claims to electors that allowed motorists to slip into the capital's clean air more without paying.

The High Court in London this week heard that the transport authority had made allegations of "hand and negligence" against paying including Defiants, BMW, Jaguar Land Rover and Nissan.

The legal battle is being fought over the Ulen's Levi Estienne Zone, which lives a charge of £12.50 per day on cars that fail to meet air quality standards.

The scheme was introduced in 2019 and, to the chapters of some drivers in major boroughs, expanded to over 60 of Greater London in 2022, a court of efforts by London Mayor Sir Indis Khan to improve the city's air quality.

Details of TfL is an hour yet to be disclosed but the court heard an outline of the claim as a preliminary hearing this week.

Lawyers for TfL said vehicles eligible for the levy entered the zone without being charged, staring the authority of revenue and condemning efforts to surfepidation.

However, TfL could face no gold hat-

for in bringing a successful case. Its claim is related to a corporate lawsuit brought on behalf of Lihms motorists over claims that carmakers installed "defeat devices" on essence software.

Lawyers for TfL said vehicles eligible for the levy entered the zone without being charged

to manipulate tests for nitrogen oxide emissions.

The judge in that case this month ruled largely in favour of the carmakers, though she did not shut the door entirely on all the claims. Lawyers for the claimants are planning to appeal

against the first-stage judgment. In the case, the court was told that the body relies on Driver and Vehicle Licensing Agency records, based on data provided by the manufacturers, to determine whether a particular vehicle should be subject to the charge.

The carmakers "expressly or impliedly represented" that certain diesel vehicles complied with the required standard, said Laurence Page, has prior for TfL.

"The representations were false, made dishonestly or recklessly, alternatively negligently, and caused TfL loss," he said, adding that TfL was seeking a combined total of £10m.

"The effect has also been to undermine TfL's efforts to reduce levels of pollution in London."

Carmakers have yet to file defenses in the TfL claim but in the parallel law set they denied they misled regulators or consumers.

They said vehicle software was entirely lawful and the emissions control systems were assisted to prevent problems such as stalling or overhauling in particular driving conditions.

James Cairns K2, for Belfast, said TfL was making "very serious" allegations "will potentially be resulting in emphesies" but had provided "no proper details or particulars whatsoever".

He said the defendants were "entitled to know whether the allegations of hand and negligence are being misstated, and if so on what must" given the judge's ruling in his other case.

Privacy

NHS criticised for disclosure failures over Palantir access to patent data

LAURA HUGHES

PUBLIC POLICY CORRESPONDENT

An official address has criticised the NHS for failing to disclose that staff from Palantir could access identifiable patent information, warning that the emissions raised creating public trust.

He said by me, national data guardiac for England, made the comments after the F1" revealed to him that NHS England had given "unlimited access" to a small number of national employees working on one part of its flagship data-inspiration effort.

The project, known as the Federated Data Platform, is contentious because it is being held by Palantir, the US technology company that has supported the Trump administration's immigration crackdown.

By me said the incident, where NHS England entitled to make public the level of access given to external staff, had demonstrated "how quickly confidence erodes".

She would if we also in breach of the "no surprise" principle set out in the California Principles that govern the use of NHS data.

A small number of Palantir employees were given access to identifiable patent information after NHS England created an "advisive role" for one part of the FIP, where data is stored linked to its "preconceptional" and transferred to other systems.

An internal health service briefing note acknowledged this "permits unlimited access to non-NHRL staff" was "not to be acknowledged that the original data protection impact assessment submitted for the FIP had failed to disclose that identifiable patent data would be shared directly with Palantir staff, by me said.

"The intensity of interest and the weight of public during so that most appear to reflect a key only how deeply many people care about the use of their data, and to confidentiality, not also continuing concern among some about Palantir's role in the NHS," she added to an interview.

"This topic has always been to some extent political. As such, people have a range of views... This means that accuracy and transparency must remain central priorities for the NHS and its partners."

Toni Hegarty, head of communications at the legal campaign group, Fongwe, said "to [the national data guardiac] has said, during one pattern data with Palantir staff previously producing that wouldn't happen, has blown a hole through the core principles on health data that are the foundations of trust and concert between the NHS and the public."

NHL did not respond to a request for comment.

Palantir is also being increasing scrutiny over the effectiveness of the FIP, for which it was a £350m contract to build almost three years ago.

An analysis by the Health Foundation think back found that it had made "no noticeable improvement" to performance in discharging patients from hospital, despite NHS's claim that there was a 1 per cent risk in long-term discharge delays among hospitals using the patients.

Hospitality Restaurants feel the heat in race to install aircon

STEPHEN JACKY

COURT INDUSTRIAL CORRESPONDENT

Restaurants and pubs are rushing to install extra air conditioning units and cooling systems after businesses put a strain on workers and patrons and forced some hospitality businesses to cut their hours.

Another spell of high temperatures is forecast to hit the country this week, with maximum temperatures of 250 expected in south-eastern England and, waiting the prospect of further disruption.

While air conditioning is becoming more common in commercial properties, many businesses, especially those operating from after rates, have limited operations. A great deal is known in 2015 found about half of cable, restaurants and takeaways had some floor-space overruft by mechanical cooling or air conditioning.

But operators said cooling systems were increasingly crucial in retaining staff and attracting customers as extreme heat increases more commonplace. "Using several air conditioning units to carry heat for all new sites," said Khalil Khodri, the leader of piano takeaway business division.

More than 20 Capstone sites have added air conditioning this year. Other branches, some of which are avoiding planning promotions, have been urged to offer more breaks and use fewer rooms, table lobbies is bringing in new air conditioning units and during recent hot weather.

Tania Trutwela, an Italian restaurant on our London, is hoping to install new air conditioning units this summer.

"We decided during the latest heat-wave that this is decidedly something we have to do," said founder and chef Jiana Klein. She had to scrap all parts dishes — an unexpected after menu — on several days in June because the move was opening kitchen temperature change over night.

Because because, director of nearby Length's Life, has also begun talks with her landlord to install air conditioning units, which she said were a "critical adaptation" after the business that for multiple days when temperatures exceed last month.

For others, however, the price tag is a barrier. Because Nose, chulal food market that opened in the air, is uppinging a crowd of good to food worthless on all air conditioning for its air in third —

Eating out there is a restaurant in Southend-on-Sea and, below, in London's West End

BY JOHN P. HENRY

project for which managing director Jail Jones has been pushed as much as £70,000.

"We definitely have to do something. My best to find people will come over and won't come back because they'll remember being out-and-replay," said Anna, who added that the upfront costs were "too much for some business."

Many hospitality businesses, partic-

larly chose to her huge building or located in dense urban centres, also has lengthy planning applications to install air conditioning.

"It's a really long process to track, especially with the idea that are listed," said Lattar MacPherson Johnston, host and beverage director at Cabitt House Pubs, which operates right side in London.

MacPherson Johnston has been pursuing planning permission to add air conditioning to one of her properties we know that its models. Without it, she has resorted to buying from adding fans and loosening uniform regulations for staff.

Delays can be costly for hospitality businesses, which are already under strain. A survey in May by industry body 10, hospitality found that one in six rooms was at risk of closure in the coming year.

The business in London's most temperatures hit a new high of 37°C, weighed on sales at Cabitt House. "Some people

'We have to be ready [for the next heatwave] but it's very slow and expensive right now.'

woward, comfortable enough to clear," said MacPherson Johnston.

But Daly Hanning, a hospitality writer managed at consultancy Haydike, we met adding additional air conditioning was "not a quick fix" because of construction delays. As the company's recommended buying ban and outdoor and refills to maximize weight after space.

Chicney Hargis, founder of restaurant chain for Indis, said his plans to retrain data with air conditioning had been set back by motion competition for quick-fuel contractors.

"We have to be ready [for the next heatwave] but it's very slow and expensive right now," he said.

NHL House costs could be the price of staying competitive, according to Nomura. "If the space isn't viable in hot weather, revenue takes a bit from multiple angles, whether that through closing, reducing hours or simply let the heat be down, reducing refuge from the heat and we're unable to provide that."

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I ran war fallout

Inflation predicted to cut value of public spending by £24bn

JULIAN STRAKE

ECONOMICS CORRESPONDENT

Higher inflation is a long in the first war will cut the real versus value of public spending by £24bn by the end of the decade, forcing channeling to the future to make tough choices to boost debt in check and fund new policy commitments, which took less warning.

The National Institute for Economic and Social Research said the energy price check was not to push deficit as it is a peak of 3.4 per cent in early 2017, with the National Theatres' statement 4 to 2 per cent early in 2020.

Eminators made to current spending plans — which already imply budget cuts in some areas of public sector — are the one up to the next election — government consumption would be 15 per cent lower in 2020. Of that the Office for Budget Responsibility forecast in March, Nose said, This would be equivalent to spending £24bn less in 2023 before.

"The new government industry the highest borrowing costs in the U.S. core inflation path backended into an election year, spending plans whose real

value is being eroded by inflation and new commitments on defence and the rest of living," Nose director David Johnson said.

Leaving spending plans unchanged despite higher inflation would allow Hades, who reduced the debt forces in the 17-month riot month, to meet the government's fiscal role of balancing the current budget and to keep debt on a downward path as a share of GDP.

But it would mean that "the government is set to do less in real terms going

forward, even as it seems to break into an uppay," Nose said.

Adding to the pressures caused by higher inflation, Hades will need to convince investors that new announcements ranging from 1978 to one except 1981 to a new drive to improve technical and advanced trade income.

Any new spending commitments would have to be offset by new taxes or savings elsewhere, Aldman said, adding: "That is the minimum needed just to hold the debt level where it is."

New channeling to the future will be forced to make tough choices to raise in debt and fund new policy commitments, the think tank has warned

collective the impact of the financial market on the market, and the financial market on the market. The financial market on the market is a major cause of the financial market.

Raising taxes or cutting spending in the budget this autumn would be painful, with the energy check ahead, set to weigh on growth and cut the household finances, Aldman said. But the above drive would be a bigger expense later. "When there is an obvious risk it will be deferred or offset," he added.

In practice, the extent to which inflation erodes the value of spending will depend on how the Middle East conflict exists, as well as on how far unemployment rises and contains workers' bargaining power. Nose's forecast for inflation, based on the 4d price using its 8% by the end of 2020, will be the result of 2017, is higher than recent estimates by 2018 and bank of England.

The think tank said the central bank should be able to pay off raising interest rates, save at 1.75 per cent, in each price pressure. But any further rise in energy prices would mean "the calculate changes and we would expect the bank to act." It added.

Jeff Beard 2020 15

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Wednesday, 07 July 2024

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FINANCIAL TIMES

3

NATIONAL

'Burnham bouncs' helps Labour to close gap in Reform as Greens falter

Ruling party's support at highest level since March last year as Farage scandals take toll and Polanski surge fades

ANNA HENRY AND CHRIS SMITH

Andy Burnham has given Labour a bonus to pubs, leaving Reform UK and the Greens struggling to regain momentum after a series of scandals and setbacks.

Following the party's change in leader (this month, Labour) support has risen to 24 per cent, its highest level since March last year, according to the FTS poll reached. While Reform still leads Burnham's party, the gap has narrowed to least since 1 per cent.

Though much has been made of a dig in support for Reform in recent weeks amid a series of scandals surrounding Nigel Forage's gifts and finances, Labour's secretary appears to have come just as much as the Greens' expense.

The Greens, who experienced a surge in public support and membership after Zack Polanski became leader, have seen support fall in just 12 per cent, the lowest level since the 4th time in September 2023. They are now exploring ways to regain their buying, Polanski himself has said that Burnham is more leftwing than Barnum. However, the Greens believe they can distinguish themselves by championing economically popular policies, such as a wealth tax, that Burnham has retained a lot.

Party strategies have identified these other "economic dividing lines" they believe will give them an advantage to the end to absorb public ownership of water, and controls and guinea action on the climate, according to an internal party document sent by the FTS.

The area of risk for us is that Labour is not just an increase in much the longings, though not our actual policies," the party's strategy documents states, adding that "we need to be clear at all times that what Labour is offering is, at best, semi-dictated, while we are offering full fat."

In this, more than a fifth of the public follow of Polanski would make a better prime minister than for Kerr Harmer, but this month stay 5 per cent so the public said the Greens leader would be particularly so Burnham, according to a survey by the political tractors.

Burnham will put his popularity to the test today as he promises to "put everything I've got" behind reform of social care, one of the most politically perfluents. He will meet Kent Rutherford and her Ad Darey, head of the Conservatives and Liberal Democrats, to publicize own party agreement.

"I'm serious about forging this issue and to do that, we have to find a remarkable generational interest in the Greens' way forward," he will say. Burnham is not expected to set out detailed policy as he seeks to persuade voters of the need for potentially costly reform of how elderly people access care.

However, Reform is has already said

Reform UK maintains a polling lead over Labour

UK parliamentary voting: Abolition (32)

Reform UK – Conservatives – UK

— Labour — 1000

— Labour — 1000

2024 2025 2026

2024 2025 2026

Zack Polanski's approval

rating has plummeted since

the start of the year

Mr Agrawal rating (32)

— Andy Burnham — Zack Polanski

— Kent Rutherford — Nigel Forage

— Ed Greens — Kerr Harmer

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

— Kerr Harmer — 1000

Burnham must rule out tax due to local reform, as reports said the prime minister's preferred option of an 1993 style system but of the point of use would cost more than £100 a year.

Rev. Knoll, professor of politics on Oxford university, said that "heavy-mean periods happen for new prime ministers" and wanted that "burnham shouldn't get too excited". The problem both Burnham and Business is fact, he added, in that they are popular as individuals but that is not crumbling into a surge in support for their parties.

"That suggests that the public isn't quite ready to target artists of the mainstream parties," he said. "People are making decisions."

After historic electoral success, in which the Greens won its highest number of councillors and won the Greens and Doctors by electing the party have all received at setback.

Polanski's prolific social media use has created problems to plan American figures describing his habit of "dancing from the big" as "one of the party's biggest liabilities". His popularity began to plummet in a political framework past criticising the police response to the Golden Green attack, for which he subsequently apologized.

On Monday, Reform accused Polanski of "accidental to murder" and reported him to the police after he cleared a photograph of a man in a T-shirt featuring

Gross leader Zack Polanski with supporters after speaking at a rally in south London last month

2024 2025 2026

2024 2025 2026

an illicit action of a guillotine: a 41 day message "we're only missing plans for Nigel." Mr. Greens said Polanski had unwittingly accepted a request to cite labours on an Instagram post, which he quickly deleted since he became aware. Reform had no existing focus months in allegations about where party figures, including Farage failing to declare gifts and benefits, and a bruising defeat in the industrial by-election last month.

Farage sought to regain the narrative by standing down as an MP and calling a "people versus the establishment" by-election in his constituency, although the move backfied after no other major

[It] suggests that the public isn't quite ready to forgive either of the mainstream parties'

party decided to hold a candidate. Senior Reform figures hope to regroup in September to develop a more comprehensive policy offering and capitalize on any labour from the unannounced gap.

The former senior figures are discussing their strategy ahead of the next general election by focusing on smartly action since where a 10 per cent swing in the vote share would help them beat Labour. In a best case scenario, they would be able to get a 10 per cent or more from 10 power-sharing agreement with Labour, according to multiple people involved.

Knoll suggested that the Greens and Reform "should be no worse," arguing there were signs that Britain would be a return to two-party politics. "It's many disaffected Labour voters just wanted the rhetoric to change," he said. "A lot of people were burrowing that good telling off Zack Polanski for a while but now Burnham is offering full of help and Polanski keeps walking into rules."

Appointments

New premier distributes a record roster of PPS jobs

ON HOLLAND

BENTON OFFICIAL EDITOR

Andy Burnham is on track to appoint more parliamentary轮流's government offices than any previous prime minister, as he seeks to avoid the backbench discontent that undermined his predecessor for Kerr Harmer.

The new prime minister has announced a record 41 parliamentary private secretary appointments. He has already named 127 ministers and whips, narrowly leading the previous record under Hickshaw.

Although the role of PPS – often described as a ministerial big carrier – is unpaid, it binds the holder to vote with the government in parliament, reducing the scope for rebellion. Harmer was undermined last summer when many of his own MPs opposed his attempts to cut the welfare bill.

Anneliese Midgety, the new chief whip, said that Burnham wanted to "devote" the role of PPS.

"That will include greater opportunities to undertake certain and parliamentary activity, including on national policy, with the agreement of departmental media advisers, Number 10 and in line with government policy," she said.

Burnham's 61 PPS work out as there is more departments. That is up from a total of 2536 November.

Hannah White, head of the Institute for Finance in New York, said that if the appointments were an attempt to decrease rebellion, they could be contrary to Burnham's rhetoric about listening to his MPs.

"More heresies?" this could be an attempt to give a larger proportion of Labour backbenchers "weight into the realities of government," she said.

"Whatever the motivation, enlarging the cohort of PPSs sharpens the risk of destabilising Burnham's government as and when she is off from themselves, which won a specific policy issue."

Political pay

Tory MPs earn millions from advisory roles

BACHEL REES — POLITICAL REPORTER

Senior Conservative MPs, including Hickshaw, have earned millions at ground from advisory work in the past two years, despite the Labour government's pledge to ban such roles immediately after the 2024 election.

Torch's MPs have declared more than £450,000 from advisory and consultancy roles since July 2024, an FT analysis of the register of interests found. Eleven of these are former Tory ministers, whose political earnings totalled £120m. The analysis only included jobs described as adviser or consultant roles.

Steve Goodrich, head of research and investigations at campaign premises, Tory's International UK, said advisory roles raised concerns about conflicts of interest and MPs "trying to cash in on [their] platform".

He urged new Prime Minister Andy Burnham to deliver Labour's 2024 mainstream pledge to "support such decisions, except if it was taking up past advisory or consultancy roles."

Former prime minister heads in the highest earner from such roles, with a £1.3mn salary as a senior adviser for the election funds, which he denotes to charity. He also works as a senior adviser for UN such firms (Hornell and Anthony), and has declared payment to shares of £270,000 for the latter, also govern charity.

Sir Geoffrey Cox, the attorney-general under Theresa May and Boris Johnson, is paid almost £300,000 a year for a 20-hour e-month consultancy role at law firm Wolters, which he has held since 2024. Sir Oliver Bowden, who was female's deputy prime minister, has

earned more than £300,000 since late 2024, including an existing adviser for Judge Brad Cannon associates.

Former science minister George Freeman, who previously said politics was becoming unattainable, has earned £350,000 from a chair of adviser roles.

In its 2024 manifesto, Labour wanted some MPs "spend many time on their second job, or lobbying for outside interests"; thus an representing constituents. Labour facilities for P&L hold off this month with the House of Commons that the promised reforms were "moving at a global speed".

£98,599

Basic annual share for MPs, with 1.4 million in second jobs

£3.4mn

Combined earnings of 1M MPs, 1M in 1M

The MP for Britain West called for a total group run on all secondary employment, except in order to maintain a professional qualification, undertake political activity or provide an essential public service.

Other former cabinet ministers have earned tons of thousands a year from advisory roles, Sir Gerrie Williamson, Adviser secretary under May and education secretary under Johnson, earn the equivalent of £230,000 a year across two roles, including one for an Israeli AI average company.

Tom Trigombek, 1st Trench security minister, holds roles paying more than £70,000 a year, also additional advisory board roles for which he receives shares. Ex-house and foreign secretary for James O'Neill, a shadow cabinet minister

tier, began a £52,000-a-year role for investment by Andy Gopaluk in January, while a health secretary force for that term of £1,000 a month in consulting for education company (IPT Holding).

The only new Tory MP to have declared more than £350,000 from advisory roles was Labour's Dan Cardon, for two roles worth the equivalent of around £55,000 a year, for addiction centre (Baps Together Group and UN-based Kigang Green Bank) industry.

MPs were a basic annual salary of £98,599 and are allowed to take second jobs. However, they are forbidden from giving paid parliamentary advice.

These who do outside work are required to have a contract or written statement detailing their duties and must declare any associated income.

"If someone has to keep working to maintain a licence to practice that's fine, within reasonable bounds," said Goodrich, pointing to the small number of MPs who continue to act as business or doctors. "But if they are working, they can cooperate strongly on working way beyond what's needed then that's much harder to qualify."

MPs have also come under fire for lucrative speaking engagements, with Labour's Angela Rayner declaring more than £100,000 for those who are before she was reappointed learning minister by Burnham.

Reform UK leader Nigel Forage – currently not an MP after calling a fee election to do so – has declared more than £2mn in outside earnings since July 2024.

Labour has not proposed banning speaking programmes after additional income sources for MPs.

We thank John F. Forage for the 2024 election.

Bach

Balt

Offices

E. 1980

2. 2014年

Inclusion

B. 2017

B. 2017

B. 2017

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4

FINANCIAL TIMES

Wednesday 29, July 2020

INTERNATIONAL

Bordeaux

France evacuates tourist areas near blaze

Firefighters quell spread but hearsave conditions threaten more outbreaks

JAMES WHITE - PARIS BARNEY JOHN - PAISINE

French authorities evacuated airspaces and holiday rosetts west of Bordeaux yesterday as firefighters could no stop the west blaze by recent memory-challenge. The police, who was a member of the French Government, said that the fire was not being reported to be a result of the fire.

The violent fires that have torn through houses in the Gironde region had already triggered these evacuations. Since KAPRA, Bafaynakien were asked to leave the resort of Lezenas, close to the coast, yesterday as a preventive

measure, local officials said, adding to the 2200,000 chandled of areas further north-south to the west.

The fires around the Bordeaux area had stabilized but there was a risk-free world spread most higher temperatures and lower humidity. Officials said that by the afternoon, fires had required in 14 areas, including near the affluent Cap Forest peninsula, evacue and survales, with local officials having no movement to another condition.

In Spain, when the fire was hit by blazes outside Madrid, Prime Minister Pedro Sánchez said the situation was improving. "Things are turning in our favour and we can't get out on the light at the end of the tunnel in the light against those wildfires," he said, while

washing the temperatures were set to ease again today.

French officials are also heard for a heatwave, which could migrate around during areas and elevate the risk of fires breaking out. Since 42,000 hectares of forest have already been used, making the largest single wildfire in France since a heatwave for 26,000 that was also in the Landes region.

"We're afraid about the weather

It's a race against the clock. We will know in 24 to 48 hours if they have managed to stop the spread"

conditions for today and tomorrow's we've been preparing for two or three days," said Brian Candeville, a fire-fighting official and co-ordinator in the Gironde region. "We're building very, very large firebreaks to protect areas from the fire spreading."

Candeville added that the goal was to aim the thunderous moving closer to Bordeaux, though the city is not now threatened. The measures include digging trenches, clearing trees and lends, and applying retardant.

"It is a race against the clock," said John Morton, the director of the civil security agency that leads the fire response. "We will know in 24 to 48 hours if they have managed to stop the spread".

and local beaches are deepest on an influx of common tourists. French so many ministry officials yesterday began to write out to cancel their plans for August holidays in the Gironde area, while paying back to local advice on avoiding the worst lift sites.

Although some wildfires west of Madrid remain uncontrolled, the spank government said firefighters had made progress overnight. "It was a very significant confectionery, with a reasonable positive outcome, so today we can feel a little more at ease," Spain's minister Fernando Grande-Marteska said on KTV5 television.

Additional reporting by Carmen Marko in Madrid and Luis Almeda in Paris

Washington meeting

Zelenskyy hopeful of fresh Trump support after possible talks

CHRIS LYONS - PARIS

Yalekhany Zelenskyy hold talks with Donald Trump and the White House yesterday amid growing confidence in Kyiv that the US president has become more supportive of Ukraine's position.

The Ukrainian president's advisors and a general chair to the Trump administration said the meeting had offered £600 million to the former Trump began to increase the number of new military buildings in the efforts to end Russia's war.

After the talks, Zelenskyy posted on social media: "A good meeting with President Trump (PETS) is the Oval Office. Thank you for everything we do together to protect the lives of Ukraine are untruthful people."

The two had "discussed licences for Patriot interceptor production and several other ideas". In a sign of how relations with Washington and the former, Zelenskyy added: "We also spoke about diplomacy ... our teams will arrange the details of their further communication. I can grateful to the United States for its firm support."

US special energy force: Winkoff and Trump's son in the Jared Kaufman have agreed to visit Kyiv for the first time as

President Trump wants to be where there's success

Yalekhany Zelenskyy

part of efforts to end the war, according to people who have been in the talks.

The meeting marks a sharp shift from the tensions that once defined the relationship with Zelenskyy privately-crediting months of direct advisor-level engagement in the changing Trump's view of the war and Ukraine's prospects.

For challenge, people close to the position and, was to convince Trump backing Ukraine several US interests - one to support to be more in the sense of the world and to see us, an argument that has gained its interest on the benefits.

Zelenskyy told the FT ahead of the State summit that search that Trump had loaded Ukraine's long-range threat campaign against Russia's energy sector - the likelihood of its war machine - any way it was "doing very well".

Zelenskyy said that the US president was now viewing this time as a new light. "President Trump wants to be where there's success," Zelenskyy said. "That's that in many things - not only to be prevented, but to be approaching elections, to be active, to be fueled to how this was can be ended."

Zelenskyy was set to attend a memorial service for Republican Senator Lindsey Graham, a branch supporter of Ukraine who died on July 12 just before after arriving and from Ky. On 18th visit to the country since 2012.

After his meeting at the White House, Zelenskyy said he had "offered President Trump our condolences on the passing of history, but not adding that "he was a true friend of Ukraine" whose Republicans supportive of Ukraine believe Graham's death could undue Trump closer to Kyiv and help revive a bipartisan thesis one time before the senate, had changed the US regime."

Gilbert Larr on 5 October

Climate change. Wildfires

'Fire thunderstorms' supercharge infernos

Rare phenomenon generates

lightning that can allow flames to leap across rivers and roads

PHILIPS MICHIGAN - CHRON LILA KIRKINS - PARIS

The blazes tearing across north-west France have been supercharged by a phenomenon rarely experienced in Europe to called the thunderstorms.

The storms, known as pyroclimidazines, take hold when fires grow at intense they form their own thunderclomb, which can generate lightning strikes. They are typical as compared to what it is now the 100th and heat so strong it is impossible for firefighters to approach.

In Australia's "black hammer" of 2019-20, the thunderstorms helped flames keep across rivers, wide roads and firebreaks.

French authorities said there had been at least two of these storms during the current wildfires, calling them "superconducted" as the country. The second saw triggered lightning strikes that ignited another wildfire north of Bordeaux, according to Sophie Bressa, prefect of Gironde, the French region where the fireclown broken out.

Firefighters said the storms were on an entirely different scale from anything they had previously known, but can add, helped by control, they were eventually able to stop the blazes.

Marc Vermenden, a fire services official in Gironde, said conventional fire-fighting methods, such as digging trenches or emitting natural fires, were insufficient to combat such wildfires. "You can't stop a hurricane but you focus on protecting human life and property, and what it calms you attack to try to control it," he said.

The weather forecast for this week looks challenging, said Theodore Kemping, a researcher at Imperial College London. "Complete ongoing use of fires of this size is not feasible without the fire threat from significant, and the return of very hot conditions in the coming days makes the continued development of these fires likely," he said.

In total, France's wildfires have burnt 1315000 hectares this year. In Gironde, they have been used to be hurricanes, as seen as the time of Paris.

It is "a miracle" that there has not

Novel danger: spiny thunderstorm cloud about 60km south of Paris this month

been a large number of countries with "illergate of fire across each populated area", said Jean-Maurice Phelps, a researcher at France's CNRS specialising in wildfire modelling and prevention. "Our firefighters died last week but they did not have the Gironde region."

The European Centre for Business Europe Weather Forecasts said it could be a "dissolved" situation than were the first documented cases of fire thunderstorms in France but, if confirmed, it would highlight the extraordinary conditions, as I said. The extreme have previously been excluded in the US and Canada, as well as Australia.

The "highly unpredictable and extremely dangerous" storms can reach altitude comparable to a "emotional volume eruption", said Francesca D'Souza, the forecast co-ordinator at the US WFT.

Europe is more accustomed to the opposite phenomenon of fires started by a dry thunderstorm, where lightning sparks is the first rate evaporator before it reaches the ground because of the heat. This was one of the factors behind deaths from in Portugal in 2017 that claimed the lives of more than 60 people.

The present time were led by dead dust dry vegetation after a wet start to winter in winter Europe, followed by

'You can't stop a hurricane but you focus on protecting human life and property'

rapid dry heatwaves starting early in spring, combined with the high winds. Climate change was increasing by the flows of all intensity of hot and dry weather, escalating wildfire risks and leading to increasing hazards, scientists said. Temperatures have risen in Europe by about 0.5M, a decade since the mid-1990s, more than double the global average.

"Wildfires are burning a large area of Europe and spread rapidly because of wind speed," said Urban Brimicombe, climate scientist at the University of Oxford. But sound the need for wildfire management, evacuation planning and access to water, as the continued prophecies with global warming.

She asked that Spain, which has also suffered because wildfires were unstoppable. "You have a sliding for a climate past across Europe - it is really important we have a situation to not zero to stop increasing the risk level that makes wildfires more likely."

Additional reporting by Harvey Jepsen in Madrid and Adele DeMorton.

Europe

Polish opposition rift hands Tusk election lifeline

CYNECZKA - LONDON KATALIA GAMES - WINTER

Poland's opposition party was in disarray yesterday after pulling back from the opposition of dennes at 30th and the former prime minister Marcusek Moravicki, in a rift that offers a lifeline to Donald Tusk's government.

The rightwing Law and justice party, or PII, was expected to form the right at a meeting meeting, with Marcusek preparing to launch a rival conservative party ahead of next year's parliamentary elections.

Tremons in the party founded by Tusk's arch-rival, Jarosław Kaczyński, came to a head in the spring, when Moravicki announced Development Plus, an association of PII biomakers. Last week Kaczyński closed an ultimatum requiring MPs to commence membership of other political associations.

After the decision expired on Thursday night, Kaczyński said that "40 MPs, two women, and three MPs" had been "pushed out". Jamesz Cheryński, a Moravicki ally and former minister, told the FT that members of Develop-

ment Plus expected to be "formally" expelled from PII. He described it as a "ple' hatched by a small group close to the chairman," referring to Kaczyński.

However, after the meeting, PII spokesperson Rafał Bartoszki said the best decision on republics ended with the party's disciplinary spokesman.

"The Political Committee advises and agreed that the of people who did not submit a (Almaty) declaration. There are no people to sign off.", Bartoszki said. "Each of these individuals will have the opportunity to appear before the party's disciplinary spokesman and expelled their situation."

Polish politics has been dominated by the rivalry between Kaczyński's socially conservative, Horowitz PII and Tusk's pro-EU Civic Coalition. Since returning to office, Tusk has promised to restore the rest of law, rebuild into with Brussels and spread eight years at PII, again at least continuous.

But PII has used its remaining levels of power - including the presidency and sympathetic courts - to frustrate two hot that agenda.

The result has been a stand-off. Tusk

has struggled to reverse PII on judicial charges, overhead public media and push the right for disingencies, while PII has participated in government in behalf of Brussels and Berlin.

Moravicki's expulsion would alter the meaning behind our Tusk, which could not be itself seen splits, said Andreas Bohlinski, a Warsaw analyst with Polityka Jurgits. Toward later there was a feeling that Tusk had already had a PII's election.

But now, with PII, Moravicki's potential party and two border-right

Marcusek Moravicki has been tapped to launch a rival rightwing party

groups competing for the same conservative voters, it may be harder for the right to move to continued support into a strong majority. "It will be very difficult for the right wing to win and form a conservative government," said Bohlinski.

Tremons emerged as PII after last year's presidential election, in which the party's condition Karel Noworski defeated Tusk's job. "Norwich was because he borrowed votes from the far right," said Michael Soderwald, editor in chief of the Warsaw Ally Rzeczpospolita. "Both parties differed with right in that election - even liberal candidates from Tusk's party would portray themselves as conservative."

The rightwing party benefited two leaders' parties from Laxative then PII the libertarian right Confederation and the more ethnomotionalee Confederation of the White House.

In response, "Kaczyński decided to go rightwing" and Soderwald. For example, on the Ukraine war Kaczyński announced a campaign to block Ukraine's bid to join the PII while Noworski stripped Volodymyr Zelenskyy of Poland's highest state honour.

---

Wednesday, 27 July 2024

FINANCIAL TIMES

INTERNATIONAL

Flexible tactics allow Iran to sustain effective missile campaign

Early targeting of US radar followed by ceasefire bought breathing space

ARIZON JORDAN

from after the US launched its joint attack with Israel on Iran in February, defence secretary Pete Higgins declared that among its aims was to "destroy Iranian offensive missiles, destroy Iranian missile production".

Yet five months later and after hundreds of US attacks, Iran has been able to sustain the effectiveness of its missile force, continuing to launch strikes on targets across the region.

Its missile crews have killed Americans at their barracks in Jordan, especially attack holdings of basic ischaos and kehrats, targeted installations in Saudi Arabia and Qatar, and appear to have learnt from time under intense kullanılchord in March and April.

A study of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first time was a result of the first

"It is easier to shoot if you are not using that at," said Nicole Grajewski, an expert on the Iranian ballistic missile programme at the French Institute for International Relations. "They are not having to scramble launchers around, so it is a much more favourable operational environment for them."

Between February 28 and April 8, Israel and the US aggressively sought to hunt and destroy the launchers and control firing Iranian missiles. They collapsed entrances to their underground missile bases in a bid to trap them again, while it was ever found and tighten patrolling nearby were on alert as soon as it was otherwise was returned.

But now Iranian engineers appear to be demonstrating an ability to quickly replenish and regenerate capacity by digging out buried bases, said Grajewski. "They definitely remain a threat."

Analysis said to us difficult to arrange which factors may have helped Iran sustain the effectiveness of its missile force. They said some would be visible only to combatant themselves, including damage to hardware and the electronic warfare environment. Iran has also obtained targeting and exceptional support from other countries, including intelligence from Russia.

Among the factors affecting Iranian strike rates could be interceptor usage levels by the US and its allies, after reports that they learned through large numbers in the first months of the war.

"We may be locating at these Iran, and they may be firing more accurate missiles," said Jeffrey Lewis at the James Martin Center for Nonproliferation Studies (CNS).

Iran, he added, seemed to be using fewer of its aging Soviet Israel or North Korean Naming missiles. "These things are very inaccurate," he said. Second, he said that the missile type used, "there may be a natural force in its accuracy."

Iran could also be reaping dividends

from a strategy of hiring installations critical to effective missile defence under the earlier in the conflict, including radars and early warning sites in Jordan and the Gulf, said Grajewski.

"They are trying to basically shut off their ability to monitor and track these missiles," she said. "There are definitely dividends coming from the Iran that they managed to make some pretty high value gains in the only targeting."

Jim Lannon, a former Iran-focused military analyst with the CIA, said the deadly attacks in Jordan suggested Iran was slipping more missiles through US and Arab debtors.

"It seems that in Jordan they have been able to get increased penetration of missile defences and increased accuracy for their medium range ballistic missiles," Lannon said. "You have to assume, if you are an American planner, that Iran is making both technical and tactical tweaks from lessons learnt in past conflicts."

Iran, which has closely studied the lessons of its past conflicts and Russia's battlefield experiences in Ukraine, will have been learning from its mistakes.

"What we have seen is the Iranian adapt," said Lewis. He said their crews no longer appeared to conduct controlled forms of vegetation at launch sites, as they did before firing during previous rounds of fighting, making it easier to spot where they planned to fire Iran.

At the same time, said Farah Nadiwi, an expert on the Iranian military at the Washington Institute for Near East Policy, recalls crews appear to have been confident enough to carry out daytime launches in recent fighting, rather than sticking to the cover of dictators.

There may also be better co-ordination between and within the conventional Iranian armed forces and the Islamic Revolutionary Guard Corps. There are tentative indications, based on which attacks are claimed by which force, that the regular Iranian armed forces may be taking on a greater role in those operations, said Grajewski.

Iran has said it is using missiles, including the Khelhar Shehan, which manoeuvre in their final approaches towards their targets. This can make it harder for depleted missile defences and damaged radars to intercept them.

"When mixed with other factors, the terminal manoeuvres might improve their effectiveness," Lannon said.

The Americans now face a strategic dilemma: Iran maintains a potent missile force that it can use to retaliate against attacks. Containing that force would require the US to expand the scope of its own attacks, said analysts.

"It is becoming increasingly difficult to defend against ballistic missiles at destination or during their terminal phase," said Nadiwi. "They will eventually realise they need to dedicate more assets to going after the missile launchers and bases. Iran is a big country and going after these missile launchers is like looking for a needle in a buy-back."

Edward Luise and Sgtman

Range 1,000-4km Warhead n.a.

Source: CIA, 24 May 2024, 17 August 2024

'You have to assume Iran is making technical and tactical tweaks from lessons learnt in past conflicts'

Continuing danger: Iran's missiles remain a threat across the region. Pictured in one that landed in neutral Syria in June

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6

★

FINANCIAL TIMES

Wednesday 29, July 2024

INTERNATIONAL

Sanctions

Total to gain from EU's Russia as reversal

French energy group to continue lucrative exports from Siberia mega-project

JOSÉ ARDEYMAN AND HENRY HALL, 2014 (1) 2014 (2) 2015 (3) 2016 (4) 2017 (5) 2018 (6) 2019 (7) 2020 (8) 2021 (9) 2022 (10) 2023 (11) 2024 (12) 2025 (13) 2026 (14) 2027 (15) 2028 (16) 2029 (17) 2030 (18) 2031 (19) 2032 (20) 2033 (21) 2034 (22) 2035 (23) 2036 (24) 2037 (25) 2038 (26) 2039 (27) 2040 (28) 2041 (29) 2042 (30) 2043 (31) 2044 (32) 2045 (33) 2046 (34) 2047 (35) 2048 (36) 2049 (37) 2050 (38) 2051 (39) 2052 (40) 2053 (41) 2054 (42) 2055 (43) 2056 (44) 2057 (45) 2058 (46) 2059 (47) 2060 (48) 2061 (49) 2062 (50) 2063 (51) 2064 (52) 2065 (53) 2066 (54) 2067 (55) 2068 (56) 2069 (57) 2070 (58) 2071 (59) 2072 (60) 2073 (61) 2074 (62) 2075 (63) 2076 (64) 2077 (65) 2078 (66) 2079 (67) 2080 (68) 2081 (69) 2082 (70) 2083 (71) 2084 (72) 2085 (73) 2086 (74) 2087 (75) 2088 (76) 2089 (77) 2090 (78) 2091 (79) 2092 (80) 2093 (81) 2094 (82) 2095 (83) 2096 (84) 2097 (85) 2098 (86) 2099 (87) 2100

Greece had increased the LNG sanctions' ban on the huge for upswing to an unrelated state of an unknown against Moscow. The EU's move enables Greek

shipping against the Tobago to continue making lucrative deliveries of Russian gas around the world.

Three people familiar with the matter said they also expect Total to gain to benefit from the decision, as it will be able to continue selling gas to Others in Asia from Yamal LNG, the Siberian mega-project in which the French oil and gas makes some 250 per cent stake. The recognition reverse financial decision that October to ban such shipments from the end of 2024. Its comparison will be able to continue becoming "transfers" of LNG to third countries if the contracts were signed before Russia's February 2023 invasion of Ukraine and volumes do not exceed 2021 levels.

An EU official said the move unequitted because would recollecting the large world otherwise have been "not rapidly impowered and taken by EU's new operators ... we would have had a back-to-use world not have had an effect on Russian flow."

Total's ability to fulfill international contracts to supply Asian customers will help to offset the impact on the energy company's business of a business in the US and the EU under long term on the tax from the end of this year. Total's progress that exceeds French's Pocyness had said in February that "unhappiness" related to the EU has could have the company to stop shipments altogether from Yamal.

but last week he suggested there could be a reprieve. The new sanctions could make said "include of the EU if we use some EU LNG leaders", he told analysts on the company's second-quarter world call last week.

The company declined to comment in response to a request by the FT. Until last new stated most of its Russian ventures after taking fairly changed on its former businesses there in 2022. It confirmed last week it was considering a 250 per cent stake in North LNG, another big Siberian project, to a net owned by Russia's Novakis.

But it makes the Yamal stake, and the company has said it would only cut the Siberian project under sanctions.

The company's major business in the US and the US are a major business in the US and the US are a major business in the US and the US are a major business in the US and the US are a major business in the US and the US are a major business in the US and the US are a major business in the US and the US are a major business in the US and the US are a major business in the US and the US are a major business in the US and the US are a major business in the US and the US

India Politics

'Cockroach' protests re-energyer Modi's critics

Opponents of government policies inspired by student campaign to mobilize support

MICHAEL STATT AND JESTRA CHEN NEW DELHI

At the main site of India's momentum result protests in New Delhi, municipal workers have already painted over anti-government graffiti and yet washed the streets - but the main has had by the student led movement on the nation's politics will be much harder to remove.

In just 30 days, the upstart Cockroach Jantat Party (CJP) mobilized hundreds of thousands of students over College in 1998 were growing up in the child-downey Prime Minister Narendra Modi and the resignation of the education minister, Dhammaha Pradhan.

After years in which Jantat's were largely ignored or suppressed in India and both dominated the political sector, the CJP's national youth government has already inspired one copycat protest movement and analysis of government cooperation.

The 8:20 junior Party, which taken its name from the 1st floor of the morning, 20 per cent refused, picked up 10,000 followers within 24 hours of opposition on social media in 15, was funding. In hopes to restore public support on the government's imposition of the bad despite worries on higher fuel costs and the political economy.

Like the CJP, it would a change of policy - all filling policies should be 200 per cent up to 40 at all outside projects - and a minimum's resignation. The 8:20 junior Party will "make this first choice" the movement says on its 2-prime page, which calls for justice, transparency, accountability and "People's Rights".

Pranay Bhan, Mithra, as further political scientists and lecturers at Princeton University, said the upswing "cockroach" campaign should "conspiracies a new way of making demands on the

Raising their voice protestors in Mumbai and solidarity with the students on Saturday as education minister Dharmendra Pradhan resigned - 1.0000

state" that would inspire others, "I don't know how much momentum this 8:20 Jantat Party will get back if one example of exactly this kind of thing. People are sceptical that they can raise demands through formal institutional channels, but even from them to be a good demand, there's going to be an attempt to create specific protest movement."

The CEO campaign is targeting Modi's transport minister, Nitin Gadkar, who has a special student function that produces ethanol. Gadkar has denied any conflict of interest and has said his sons have been then 0.5 per cent of India's ethanol market.

Chinese thousands, a political analyst who has been vocal against the ethanol blend, has called for an "a-hate-2" on Friday to Gadkar's House. Delhi had

driven last week announced a search to parliament on August over the issue. CJP leaders have not yet evaluated Madam to back had pressure in the movement regroups after it accounts facing government annexation, which was a major option to protect the examination system and to compensate the families of students who killed themselves after the cancellation of India's national medical trust was a main.

But faster than, they have been a bit of an end at one of its superlators, said "the government should wake up and stand the coffee." "People are not going to accept any more than thousands of people who will have without any debate about an additional, No soul."

Anger at the ethanol test point surfaced in Mumbai on Sunday, the day

People are sceptical that they can raise demands through formal channels'

after the CJP's deal with the government, as thousands rallied to India's financial capital to celebrate the resignation of Pradhan.

Aaron Kato, the Mumbai president of the All India Institute Federation, who was present at the calls, said there was a 100% of the population's political among governors and that the "straight goes on" against government education policy. "We are working on it," he said, who asked if more demonstrations were planned.

The IIP has changed the line of the parliamentary majority to 2024, where a string of state elections and pre-election opposition members of parliament in 2024.

Critics say that on the ruling party's campaign, the 2024 election of the 2024 election, the 2025 election, the election and the 2026 election, the election and the 2027 election, the election and the 2028 election, the election and the 2029 election, the election and the 2030 election, the election and the 2031 election, the election and the 2032 election, the election and the 2033 election, the election and the 2034 election, the election and the 2035 election, the election and the 2036 election, the election and the 2037 election, the election and the 2038 election, the election and the 2039 election, the election and the 2040 election, the election and the 2041 election, the election and the 2042 election, the election and the 2043 election, the election and the 2044 election, the election and the 2045 election, the election and the 2046 election, the election and the 2047 election, the election and the 2048 election, the election and the 2049 election, the election and the 2050 election, the election and the 2051 election, the election and the 2052 election, the election and the 2053 election, the election and the 2054 election, the election and the 2055 election, the election and the 2056 election, the election and the 2057 election, the election and the 2058 election, the election and the 2059 election, the election and the 2060 election, the election and the 2061 election, the election and the 2062 election, the election and the 2063 election, the election and the 2064 election, the election and the 2065 election, the election and the 2066 election, the election and the 2067 election, the election and the 2068 election, the election and the 2069 election, the election and the 2070 election, the election and the 2071 election, the election and the 2072 election, the election and the 2073 election, the election and the 2074 election, the election and the 2075 election, the election and the 2076 election, the election and the 2077 election, the election and the 2078 election, the election and the 2079 election, the election and the 2080 election, the election and the 2081 election, the election and the 2082 election, the election and the 2083 election, the election and the 2084 election, the election and the 2085 election, the election and the 2086 election, the election and the 2087 election, the election and the 2088 election, the election and the 2089 election, the election and the 2090 election, the election and the 2091 election, the election and the 2092 election, the election and the 2093 election, the election and the 2094 election, the election and the 2095 election, the election and the 2096 election, the election and the 2097 election, the election and the 2098 election, the election and the 2099 election, the election and the 2100 election, the election and the 2101 election, the election and the 2102 election, the election and the 2103 election, the election and the 2104 election, the election and the 2105 election, the election and the 2106 election, the election and the 2107 election, the election and the 2108 election, the election and the 2109 election, the election and the 2110 election, the election and the 2111 election, the election and the 2112 election, the election and the 2113 election, the election and the 2114 election, the election and the 2115 election, the election and the 2116 election, the election and the 2117 election, the election and the 2118 election, the election and the 2119 election, the election and the 2120 election, the election and the 2121 election, the election and the 2122 election, the election and the 2123 election, the election and the 2124 election, the election and the 2125 election, the election and the 2126 election, the election and the 2127 election, the election and the 2128 election, the election and the 2129 election, the election and the 2130 election, the election and the 2131 election, the election and the 2132 election, the election and the 2133 election, the election and the 2134 election, the election and the 2135 election, the election and the 2136 election, the election and the 2137 election, the election and the 2138 election, the election and the 2139 election, the election and the 2140 election, the election and the 2141 election, the election and the 2142 election, the election and the 2143 election, the election and the 2144 election, the election and the 2145 election, the election and the 2146 election, the election and the 2147 election, the election and the 2148 election, the election and the 2149 election, the election and the 2150 election, the election and the 2151 election, the election and the 2152 election, the election and the 2153 election, the election and the 2154 election, the election and the 2155 election, the election and the 2156 election, the election and the 2157 election, the election and the 2158 election, the election and the 2159 election, the election and the 2160 election, the election and the 2161 election, the election and the 2162 election, the election and the 2163 election, the election and the 2164 election, the election and the 2165 election, the election and the 2166 election, the election and the 2167 election, the election and the 2168 election, the election and the 2169 election, the election and the 2170 election, the election and the 2171 election, the election and the 2172 election, the election and the 2173 election, the election and the 2174 election, the election and the 2175 election, the election and the 2176 election, the election and the 2177 election, the election and the 2178 election, the election and the 2179 election, the election and the 2180 election, the election and the 2181 election, the election and the 2182 election, the election and the 2183 election, the election and the 2184 election, the election and the 2185 election, the election and the 2186 election, the election and the 2187 election, the election and the 2188 election, the election and the 2189 election, the election and the 2190 election, the election and the 2191 election, the election and the 2192 election, the election and the 2193 election, the election and the 2194 election, the election and the 2195 election, the election and the 2196 election, the election and the 2197 election, the election and the 2198 election, the election and the 2199 election, the election and the 2200 election, the election and the 2201 election, the election and the 2202 election, the election and the 2203 election, the election and the 2204 election, the election and the 2205 election, the election and the 2206 election, the election and the 2207 election, the election and the 2208 election, the election and the 2209 election, the election and the 2210 election, the election and the 2211 election, the election and the 2212 election, the election and the 2213 election, the election and the 2214 election, the election and the 2215 election, the election and the 2216 election, the election and the 2217 election, the election and the 2218 election, the election and the 2219 election, the election and the 2220 election, the election and the 2221 election, the election and the 2222 election, the election and the 2223 election, the election and the 2224 election, the election and the 2225 election, the election and the 2226 election, the election and the 2227 election, the election and the 2228 election, the election and the 2229 election, the election and the 2230 election, the election and the 2231 election, the election and the 2232 election, the election and the 2233 election, the election and the 2234 election, the election and the 2235 election, the election and the 2236 election, the election and the 2237 election, the election and the 2238 election, the election and the 2239 election, the election and the 2240 election, the election and the 2241 election, the election and the 2242 election, the election and the 2243 election, the election and the 2244 election, the election and the 2245 election, the election and the 2246 election, the election and the 2247 election, the election and the 2248 election, the election and the 2249 election, the election and the 2250 election, the election and the 2251 election, the election and the 2252 election, the election and the 2253 election, the election and the 2254 election, the election and the 2255 election, the election and the 2256 election, the election and the 2257 election, the election and the 2258 election, the election and the 2259 election, the election and the 2260 election, the election and the 2261 election, the election and the 2262 election, the election and the 2263 election, the election and the 2264 election, the election and the 2265 election, the election and the 2266 election, the election and the 2267 election, the election and the 2268 election, the election and the 2269 election, the election and the 2270 election, the election and the 2271 election, the election and the 2272 election, the election and the 2273 election, the election and the 2274 election, the election and the 2275 election, the election and the 2276 election, the election and the 2277 election, the election and the 2278 election, the election and the 2279 election, the election and the 2280 election, the election and the 2281 election, the election and the 2282 election, the election and the 2283 election, the election and the 2284 election, the election and the 2285 election, the election and the 2286 election, the election and the 2287 election, the election and the 2288 election, the election and the 2289 election, the election and the 2290 election, the election and the 2291 election, the election and the 2292 election, the election and the 2293 election, the election and the 2294 election, the election and the 2295 election, the election and the 2296 election, the election and the 2297 election, the election and the 2298 election, the election and the 2299 election, the election and the 2300 election, the election and the 2301 election, the election and the 2302 election, the election and the 2303 election, the election and the 2304 election, the election and the 2305 election, the election and the 2306 election, the election and the 2307 election, the election and the 2308 election, the election and the 2309 election, the election and the 2310 election, the election and the 2311 election, the election and the 2312 election, the election and the 2313 election, the election and the 2314 election, the election and the 2315 election, the election and the 2316 election, the election and the 2317 election, the election and the 2318 election, the election and the 2319 election, the election and the 2320 election, the election and the 2321 election, the election and the 2322 election, the election and the 2323 election, the election and the 2324 election, the election and the 2325 election, the election and the 2326 election, the election and the 2327 election, the election and the 2328 election, the election and the 2329 election, the election and the 2330 election, the election and the 2331 election, the election and the 2332 election, the election and the 2333 election, the election and the 2334 election, the election and the 2335 election, the election and the 2336 election, the election and the 2337 election, the election and the 2338 election, the election and the 2339 election, the election and the 2340 election, the election and the 2341 election, the election and the 2342 election, the election and the 2343 election, the election and the 2344 election, the election and the 2345 election, the election and the 2346 election, the election and the 2347 election, the election and the 2348 election, the election and the 2349 election, the election and the 2350 election, the election and the 2351 election, the election and the 2352 election, the election and the 2353 election, the election and the 2354 election, the election and the 2355 election, the election and the 2356 election, the election and the 2357 election, the election and the 2358 election, the election and the 2359 election, the election and the 2360 election, the election and the 2361 election, the election and the 2362 election, the election and the 2363 election, the election and the 2364 election, the election and the 2365 election, the election and the 2366 election, the election and the 2367 election, the election and the 2368 election, the election and the 2369 election, the election and the 2370 election, the election and the 2371 election, the election and the 2372 election, the election and the 2373 election, the election and the 2374 election, the election and the 2375 election, the election and the 2376 election, the election and the 2377 election, the election and the 2378 election, the election and the 2379 election, the election and the 2380 election, the election and the 2381 election, the election and the 2382 election, the election and the 2383 election, the election and the 2384 election, the election and the 2385 election, the election and the 2386 election, the election and the 2387 election, the election and the 2388 election, the election and the 2389 election, the election and the 2390 election, the election and the 2391 election, the election and the 2392 election, the election and the 2393 election, the election and the 2394 election, the election and the 2395 election, the election and the 2396 election, the election and the 2397 election, the election and the 2398 election, the election and the 2399 election, the election and the 2400 election, the election and the 2401 election, the election and the 2402 election, the election and the 2403 election, the election and the 2404 election, the election and the 2405 election, the election and the 2406 election, the election and the 2407 election, the election and the 2408 election, the election and the 2409 election, the election and the 2410 election, the election and the 2411 election, the election and the 2412 election, the election and the 2413 election, the election and the 2414 election, the election and the 2415 election, the election and the 2416 election, the election and the 2417 election, the election and the 2418 election, the election and the 2419 election, the election and the 2420 election, the election and the 2421 election, the election and the 2422 election, the election and the 2423 election, the election and the 2424 election, the election and the 2425 election, the election and the 2426 election, the election and the 2427 election, the election and the 2428 election, the election and the 2429 election, the election and the 2430 election, the election and the 2431 election, the election and the 2432 election, the election and the 2433 election, the election and the 2434 election, the election and the 2435 election, the election and the 2436 election, the election and the 2437 election, the election and the 2438 election, the election and the 2439 election, the election and the 2440 election, the election and the 2441 election, the election and the 2442 election, the election and the 2443 election, the election and the 2444 election, the election and the 2445 election, the election and the 2446 election, the election and the 2447 election, the election and the 2448 election, the election and the 2449 election, the election and the 2450 election, the election and the 2451 election, the election and the 2452 election, the election and the 2453 election, the election and the 2454 election, the election and the 2455 election, the election and the 2456 election, the election and the 2457 election, the election and the 2458 election, the election and the 2459 election, the election and the 2460 election, the election and the 2461 election, the election and the 2462 election, the election and the 2463 election, the election and the 2464 election, the election and the 2465 election, the election and the 2466 election, the election and the 2467 election, the election and the 2468 election, the election and the 2469 election, the election and the 2470 election, the election and the 2471 election, the election and the 2472 election, the election and the 2473 election, the election and the 2474 election, the election and the 2475 election, the election and the 2476 election, the election and the 2477 election, the election and the 2478 election, the election and the 2479 election, the election and the 2480 election, the election and the 2481 election, the election and the 2482 election, the election and the 2483 election, the election and the 2484 election, the election and the 2485 election, the election and the 2486 election, the election and the 2487 election, the election and the 2488 election, the election and the 2489 election, the election and the 2490 election, the election and the 2491 election, the election and the 2492 election, the election and the 2493 election, the election and the 2494 election, the election and the 2495 election, the election and the 2496 election, the election and the 2497 election, the election and the 2498 election, the election and the 2499 election, the election and the 2500 election, the election and the 2501 election, the election and the 2502 election, the election and the 2503 election, the election and the 2504 election, the election and the 2505 election, the election and the 2506 election, the election and the 2507 election, the election and the 2508 election, the election and the 2509 election, the election and the 2510 election, the election and the 2511 election, the election and the 2512 election, the election and the 2513 election, the election and the 2514 election, the election and the 2515 election, the election and the 2516 election, the election and the 2517 election, the election and the 2518 election, the election and the 2519 election, the election and the 2520 election, the election and the 2521 election, the election and the 2522 election, the election and the 2523 election, the election and the 2524 election, the election and the 2525 election, the election and the 2526 election, the election and the 2527 election, the election and the 2528 election, the election and the 2529 election, the election and the 2530 election, the election and the 2531 election, the election and the 2532 election, the election and the 2533 election, the election and the 2534 election, the election and the 2535 election, the election and the 2536 election, the election and the 2537 election, the election and the 2538 election, the election and the 2539 election, the election and the 2540 election, the election and the 2541 election, the election and the 2542 election, the election and the 2543 election, the election and the 2544 election, the election and the 2545 election, the election and the 2546 election, the election and the 2547 election, the election and the 2548 election, the election and the 2549 election, the election and the 2550 election, the election and the 2551 election, the election and the 2552 election, the election and the 2553 election, the election and the 2554 election, the election and the 2555 election, the election and the 2556 election, the election and the 2557 election, the election and the 2558 election, the election and the 2559 election, the election and the 2560 election, the election and the 2561 election, the election and the 2562 election, the election and the 2563 election, the election and the 2564 election, the election and the 2565 election, the election and the 2566 election, the election and the 2567 election, the election and the 2568 election, the election and the 2569 election, the election and the 2570 election, the election and the 2571 election, the election and the 2572 election, the election and the 2573 election, the election and the 2574 election, the election and the 2575 election, the election and the 2576 election, the election and the 2577 election, the election and the 2578 election, the election and the 2579 election, the election and the 2580 election, the election and the 2581 election, the election and the 2582 election, the election and the 2583 election, the election and the 2584 election, the election and the 2585 election, the election and the 2586 election, the election and the 2587 election, the election and the 2588 election, the election and the 2589 election, the election and the 2590 election, the election and the 2591 election, the election and the 2592 election, the election and the 2593 election, the election and the 2594 election, the election and the 2595 election, the election and the 2596 election, the election and the 2597 election, the election and the 2598 election, the election and the 2599 election, the election and the 2600 election, the election and the 2601 election, the election and the 2602 election, the election and the 2603 election, the election and the 2604 election, the election and the 2605 election, the election and the 2606 election, the election and the 2607 election, the election and the 2608 election, the election and the 2609 election, the election and the 2610 election, the election and the 2611 election, the election and the 2612 election, the election and the 2613 election, the election and the 2614 election, the election and the 2615 election, the election and the 2616 election, the election and the 2617 election, the election and the 2618 election, the election and the 2619 election, the election and the 2620 election, the election and the 2621 election, the election and the 2622 election, the election and the 2623 election, the election and the 2624 election, the election and the 2625 election, the election and the 2626 election, the election and the 2627 election, the election and the 2628 election, the election and the 2629 election, the election and the 2630 election, the election and the 2631 election, the election and the 2632 election, the election and the 2633 election, the election and the 2634 election, the election and the 2635 election, the election and the 2636 election, the election and the 2637 election, the election and the 2638 election, the election and the 2639 election, the election and the 2640 election, the election and the 2641 election, the election and the 2642 election, the election and the 2643 election, the election and the 2644 election, the election and the 2645 election, the election and the 2646 election, the election and the 2647 election, the election and the 2648 election, the election and the 2649 election, the election and the 2650 election, the election and the 2651 election, the election and the 2652 election, the election and the 2653 election, the election and the 2654 election, the election and the 2655 election, the election and the 2656 election, the election and the 2657 election, the election and the 2658 election, the election and the 2659 election, the election and the 2660 election, the election and the 2661 election, the election and the 2662 election, the election and the 2663 election, the election and the 2664 election, the election and the 2665 election, the election and the 2666 election, the election and the 2667 election, the election and the 2668 election, the election and the 2669 election, the election and the 2670 election, the election and the 2671 election, the election and the 2672 election, the election and the 2673 election, the election and the 2674 election, the election and the 2675 election, the election and the 2676 election, the election and the 2677 election, the election and the 2678 election, the election and the 2679 election, the election and the 2680 election, the election and the 2681 election, the election and the 2682 election, the election and the 2683 election, the election and the 2684 election, the election and the 2685 election, the election and the 2686 election, the election and the 2687 election, the election and the 2688 election, the election and the 2689 election, the election and the 2690 election, the election and the 2691 election, the election and the 2692 election, the election and the 2693 election, the election and the 2694 election, the election and the 2695 election, the election and the 2696 election, the election and the 2697 election, the election and the 2698 election, the election and the 2699 election, the election and the 2700 election, the election and the 2701 election, the election and the 2702 election, the election and the 2703 election, the election and the 2704 election, the election and the 2705 election, the election and the 2706 election, the election and the 2707 election, the election and the 2708 election, the election and the 2709 election, the election and the 2710 election, the election and the 2711 election, the election and the 2712 election, the election and the 2713 election, the election and the 2714 election, the election and the 2715 election, the election and the 2716 election, the election and the 2717 election, the election and the 2718 election, the election and the 2719 election, the election and the 2720 election, the election and the 2721 election, the election and the 2722 election, the election and the 2723 election, the election and the 2724 election, the election and the 2725 election, the election and the 2726 election, the election and the 2727 election, the election and the 2728 election, the election and the 2729 election, the election and the 2730 election, the election and the 2731 election, the election and the 2732 election, the election and the 2733 election, the election and the 2734 election, the election and the 2735 election, the election and the 2736 election, the election and the 2737 election, the election and the 2738 election, the election and the 2739 election, the election and the 2740 election, the election and the 2741 election, the election and the 2742 election, the election and the 2743 election, the election and the 2744 election, the election and the 2745 election, the election and the 2746 election, the election and the 2747 election, the election and the 2748 election, the election and the 2749 election, the election and the 2750 election, the election and the 2751 election, the election and the 2752 election, the election and the 2753 election, the election and the 2754 election, the election and the 2755 election, the election and the 2756 election, the election and the 2757 election, the election and the 2758 election, the election and the 2759 election, the election and the 2760 election, the election and the 2761 election, the election and the 2762 election, the election and the 2763 election, the election and the 2764 election, the election and the 2765 election, the election and the 2766 election, the election and the 2767 election, the election and the 2768 election, the election and the 2769 election, the election and the 2770 election, the election and the 2771 election, the election and the 2772 election, the election and the 2773 election, the election and the 2774 election, the election and the 2775 election, the election and the 2776 election, the election and the 2777 election, the election and the 2778 election, the election and the 2779 election, the election and the 2780 election, the election and the 2781 election, the election and the 2782 election, the election and the 2783 election, the election and the 2784 election, the election and the 2785 election, the election and the 2786 election, the election and the 2787 election, the election and the 2788 election, the election and the 2789 election, the election and the 2790 election, the election and the 2791 election, the election and the 2792 election, the election and the 2793 election, the election and the 2794 election, the election and the 2795 election, the election and the 2796 election, the election and the 2797 election, the election and the 2798 election, the election and the 2799 election, the election and the 2800 election, the election and the 2801 election, the election and the 2802 election, the election and the 2803 election, the election and the 2804 election, the election and the 2805 election, the election and the 2806 election, the election and the 2807 election, the election and the 2808 election, the election and the 2809 election, the election and the 2810 election, the election and the 2811 election, the election and the 2812 election, the election and the 2813 election, the election and the 2814 election, the election and the 2815 election, the election and the 2816 election, the election and the 2817 election, the election and the 2818 election, the election and the 2819 election, the election and the 2820 election, the election and the 2821 election, the election and the 2822 election, the election and the 2823 election, the election and the 2824 election, the election and the 2825 election, the election and the 2826 election, the election and the 2827 election, the election and the 2828 election, the election and the 2829 election, the election and the 2830 election, the election and the 2831 election, the election and the 2832 election, the election and the 2833 election, the election and the 2834 election, the election and the 2835 election, the election and the 2836 election, the election and the 2837 election, the election and the 2838 election, the election and the 2839 election, the election and the 2840 election, the election and the 2841 election, the election and the 2842 election, the election and the 2843 election, the election and the 2844 election, the election and the 2845 election, the election and the 2846 election, the election and the 2847 election, the election and the 2848 election, the election and the 2849 election, the election and the 2850 election, the election and the 2851 election, the election and the 2852 election, the election and the 2853 election, the election and the 2854 election, the election and the 2855 election, the election and the 2856 election, the election and the 2857 election, the election and the 2858 election, the election and the 2859 election, the election and the 2860 election, the election and the 2861 election, the election and the 2862 election, the election and the 2863 election, the election and the 2864 election, the election and the 2865 election, the election and the 2866 election, the election and the 2867 election, the election and the 2868 election, the election and the 2869 election, the election and the 2870 election, the election and the 2871 election, the election and the 2872 election, the election and the 2873 election, the election and the 2874 election, the election and the 2875 election, the election and the 2876 election, the election and the 2877 election, the election and the 2878 election, the election and the 2879 election, the election and the 2880 election, the election and the 2881 election, the election and the 2882 election, the election and the 2883 election, the election and the 2884 election, the election and the 2885 election, the election and the 2886 election, the election and the 2887 election, the election and the 2888 election, the election and the 2889 election, the election and the 2890 election, the election and the 2891 election, the election and the 2892 election, the election and the 2893 election, the election and the 2894 election, the election and the 2895 election, the election and the 2896 election, the election and the 2897 election, the election and the 2898 election, the election and the 2899 election, the election and the 2900 election, the election and the 2901 election, the election and the 2902 election, the election and the 2903 election, the election and the 2904 election, the election and the 2905 election, the election and the 2906 election, the election and the 2907 election, the election and the 2908 election, the election and the 2909 election, the election and the 2910 election, the election and the 2911 election, the election and the 2912 election, the election and the 2913 election, the election and the 2914 election, the election and the 2915 election, the election and the 2916 election, the election and the 2917 election, the election and the 2918 election, the election and the 2919 election, the election and the 2920 election, the election and the 2921 election, the election and the 2922 election, the election and the 2923 election, the election and the 2924 election, the election and the 2925 election, the election and the 2926 election, the election and the 2927 election, the election and the 2928 election, the election and the 2929 election, the election and the 2930 election, the election and the 2931 election, the election and the 2932 election, the election and the 2933 election, the election and the 2934 election, the election and the 2935 election, the election and the 2936 election, the election and the 2937 election, the election and the 2938 election, the election and the 2939 election, the election and the 2940 election, the election and the 2941 election, the election and the 2942 election, the election and the 2943 election, the election and the 2944 election, the election and the 2945 election, the election and the 2946 election, the election and the 2947 election, the election and the 2948 election, the election and the 2949 election, the election and the 2950 election, the election and the 2951 election, the election and the 2952 election, the election and the 2953 election, the election and the 2954 election, the election and the 2955 election, the election and the 2956 election, the election and the 2957 election, the election and the 2958 election, the election and the 2959 election, the election and the 2960 election, the election and the 2961 election, the election and the 2962 election, the election and the 2963 election, the election and the 2964 election, the election and the 2965 election, the election and the 2966 election, the election and the 2967 election, the election and the 2968 election, the election and the 2969 election, the election and the 2970 election, the election and the 2971 election, the election and the 2972 election, the election and the 2973 election, the election and the 2974 election, the election and the 2975 election, the election and the 2976 election, the election and the 2977 election, the election and the 2978 election, the election and the 2979 election, the election and the 2980 election, the election and the 2981 election, the election and the 2982 election, the election and the 2983 election, the election and the 2984 election, the election and the 2985 election, the election and the 2986 election, the election and the 2987 election, the election and the 2988 election, the election and the 2989 election, the election and the 2990 election, the election and the 2991 election, the election and the 2992 election, the election and the 2993 election, the election and the 2994 election, the election and the 2995 election, the election and the 2996 election, the election and the 2997 election, the election and the 2998 election, the election and the 2999 election, the election and the 3000 election, the election and the 3001 election, the election and the 3002 election, the election and the 3003 election, the election and the 3004 election, the election and the 3005 election, the election and the 3006 election, the election and the 3007 election, the election and the 3008 election, the election and the 3009 election, the election and the 3010 election, the election and the 3011 election, the election and the 3012 election, the election and the 3013 election, the election and the 3014 election, the election and the 3015 election, the election and the 3016 election, the election and the 3017 election, the election and the 3018 election, the 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Singapore's authority warns of tech risks as chip shares dive

CHEN MILLER - SINGAPORE

Singapore's country of land has been a result of a threat to the global economy if the artificial intelligence were taken and sold advances in AI models and quantum computing used in the world's 1980s. The 1980s were a result of a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology

The 1980s were a result of a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology

The 1980s were a result of a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology[{"box_2d": [343, 889, 493, 935], "label": "text", "caption": "The 1980s were a result of a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology, which is also a new technology,

---

Wednesday, 29 July 2024

FINANCIAL TIMES

7

Sell-off Hungarian bonds have been a lucrative bet in emerging markets after ousting of Orbán the trade has soured • PAGE 11

Companies & Markets

Big investors buy bundles of UK homes at discount rates

• Deals allow builders to offlocate stock
• Individual purchasers holding back

ADVERTISEMENT — LONDON

Institutional investors are assigning up bundles of UK homes at large discounts, hoping to catch the bottom of the market while cautious individual buyers stay on the addition.

Twelve per cent of London properties originally intended for private cost were sold in bulk deals in the year to June 30, up from 7 per cent in the previous 12 months, according to real estate adviser CHEFS analysis of data from the market research firm Bufur.

Bulk sales in a sector as investor "forward binding" a deal in construction, or buying properties that have already

Critics argue investors' expansion into housing perpetuates a model that keeps families renting

been built. The deals can involve dozens or even hundreds of homes. Such transactions often misattainable or to offload stock they have not been able to sell privately, while institutional investors get a longer access to homes they sell from rent out.

The purchasers come at home/bubbles could not an uncertain economic backdrop-guided by the firm now, as well as higher mortgage rates that have eroded buyer confidence.

The cost of building and completing with regulations has also been in recent years, putting pressure on property viability.

Real estate investment management has that been the month ago early in Howard fund 375 homes in the East Midlands front home/bubbles delivery, while a joint venture set up by US property investor Kenneth Wilson and the Canada Pension Plan Investment Board has also

been completing deals in recent months. It could not be determined what discounts were secured for those purchases.

Kennedy Wilson and LTP have been looking to ensure to "display significant checks" of capital security due to more opportunities, and a person familiar with the investment.

Market participation says discounts for bulk buyers range from 15 per cent to more than 20 per cent of the home/original cash price, up from single digits just a few years ago. "When it comes to the discounts, these are with at an all-time high right now," said one investor.

Sam Smith, who sources transactions for individual hundreds for buy to let platform Property Risk Invest, said February was a "end starting point" for discounts.

Critics argue that investors' expansion into housing perpetuates a model that keeps families renting for longer, but the building of institutional investors in the UK person rental sector remain modest at just 2.7 per cent, according to the firm's estimates.

Michael Abel, founder and chief executive of European Investment firm Gryzko, said its number may 10 to 40 dwellings per site and called the market "pretty compelling different".

Jennie Daly, chief executive of Taylor Winney, said in March that the home-bubbles were "eating some fairly deep discounts" to the market.

Embattled home/bubbles Over Nicholson said this number may lead to complete discount credit and a 2.6% bonus in the year to October, with the total depending on the number of bulk sales it achieved.

Vietz, which is slimming down by business and trying to generate cash, has been offering discounts of 17 per cent, said a person familiar with the market. Vietz declined to comment.

Back to black Kering sales return to growth for next time since 2023 as Gucci slowdown eases

Gucci's New York collection by creative director Donna Oranda, who hopes to revive the brand

ADRIENNE ELASA — PARIS

Kering has increased its sales for the first time since the middle of 2023 in new, chief executive Gucci de Mars attempts a turnaround of the luxury group that owns Gucci.

The French company said yesterday that like for like sales now 2 per cent to £5.6/lm in the second quarter, compared with the same period last year, thanks to strong demand for jewellery and eyewear and as the sales decline in key brand Gucci shows.

"The return to growth is an important milestone but we are still at the beginning of the journey and we remain realistic about the challenges ahead," said he then, who joined from carriader Ronald Jarrone.

John at Gucci, the Italian fashion house that accounts for roughly half

of group sales and two-thirds of operating profits, fell 2 per cent in the three months to June, after dropping 6 per cent in the first quarter of 2024.

The Gucci brand "is rewarding particularly well with American consumers," chief financial officer Arnette Duvino said. Despite the improvement, the rapid growth reported by the group highlights the long-end is a major factor in the business in the future year of falling sales and profit earnings.

In April, at the combined plans to rebuild profitability by reducing investors, cutting costs and closing prices. He is also seeking to bolster some of the group's smaller brands and reduce its volume on Gucci.

Kering's operating income for the first half of the year was Mike Chingel at €12.6m, though operating margins

rose slightly to 12.8 per cent. The group's shares have more than halved over the past three years, giving the Paris listed group a market capitalisation of about £10m in 4 largest halved on the US West Indies.

Questions remain about whether Gucci's creative director, Donna Oranda, will be able to revive the brand.

Jewellery sales at Kering brands including househouse rose 10 per cent in the quarters, mirroring trends at Millennium's Corner and to New Orleans, which both had strong quarters.

Kering's operating income for the first half of the year was Mike Chingel at €12.6m, though operating margins rose slightly to 12.8 per cent. The group's shares have more than halved over the past three years, giving the Paris listed group a market capitalisation of about £10m in 4 largest halved on the US West Indies.

GSK to shut Stevenage site and switch to Cambridge

HANS ABETH — LONDON

GSK plans to use its historic research and development hub in Stevenage, as one of the GS's largest drugmakers bets that shifting to a new site in Cambridge will help bolster to pipeline of new medicines.

The company said yesterday that it would move most of its R&D activity to save site on the Cambridge Biomedical Campus, one of the largest research centers in Europe.

The decision is the latest step by chief executive, a day Mark to revive that GSK since taking the top site in January.

The company also set out ambitions to double the number of drugs to phase up in the 1st to 2nd stage of clinical testing before meds have any submitted for approval — to 2030's the end of the year.

The medicines to have sign trials will include oncology, hepatology, BEC, eye and urinary and oral fluid.

London-based GSK also announced a cost-saving drive to fund the new pipeline, targeting annual savings of £1.5bn a year by 2020 through moves including job costs in areas such as support services. The restructuring will cost £2.4bn over three years with most of these costs expected this year and next.

Mark has the end of moving GSK's business and reaching an ambitious annual revenue target of £40m by 2025.

The challenges include the targeting the exploitation of exclusivity on some of the group's most profitable medicines.

Four FEV medicines containing the active ingredient, disintegrated, has GSK and European exclusivity between 2020 and 2030. These medicines accounted for almost 20% of the total cost of the new business last year.

More than 1,000 GSK scientists are expected to achieve to the new Cambridge year to 2029.

GSK will also sign up an existing R&D facility at Winn in Northfield, one of London. The gliomas group plans to invest £4.9bn over the next three years on part of the change.

Mark added that GSK has not sought government approval for the switch from following to 2030's. He will also give an exchange of the number of possible job-cuts, using it as well as the number of

GSK shares were 5.5 per cent higher in the share of trading securities.

Abingdon plans for its new research hub, GSK reported revenues of £0.4bn for the second quarter — up 5 per cent from a year earlier.

New York's mayor sets out to slash red tape for small businesses

BUSINESS INSIGHT

AMERICAN

James

Fontanella Khan

Zohran Mamdani's appointment of former Federal Trade Commission chair Liza Khan to lead New York's Class Economic Development Corporation has sent a clever thought-business and private equity officer.

Steve Foley, chief executive of the Partnership for New York City, an advisory group for the 16th Congressman of the United States, said Mamdani's decision to pick Khan caused "concerns and trepidations" in the business community.

To many executives, Khan remains the fact of an antitrust revolution during the Dallas administration that spent four years making life in an undeniable key corporate business.

He arrived at City Hall has been taken as further evidence that New York's new major will make the country's financial capital a better place to its business.

Maybe that is not an issue area to large corporations. For years, economic development in New York has meant offering outsiders to multinational companies, including billions of dollars of tax incentives to open corporate headquarters or attract the next to housing companies. Mamdani wants to sell this.

But for roughly 100,000 small businesses operating in New York, the Democratic socialist mayor of America's

larger city intends to all for the kind of support that was previously reserved for large companies.

The first real clue to what Mamdani means by "economic development" is that it should be a good track. Or the corner footage. Or the family was restaurant to improve it or it is a kitchen without spending six months on signing city bureaucracy.

Abingdon Khan's appointment, Mamdani and his "Open" a package of 50 reforms aimed at making it easier to start and operate a small business in New York. They range from shrinking associated permit to sell for certain to letting hostage display front outside without another license and opening front back covers from a long paperwork the city already has as life.

How of it sounds revolutionary. That is precisely the

point. "You cannot tell the story of New York without our small businesses, and yet one city has often made clear but for them to open their doors and keep them open," Mamdani said last week. "The owners tell us the same thing again and again. What wean them down is not simply the end of any one day. It is the paperwork and the income money they face when dealing with the business government."

New York has become remarkably good at making it difficult to do ordinary things such as opening a cafe, expanding a grocery store, pushing a boat back into the skinny and without discovering that three different city agencies each require a different form for essentially its same purpose. Big companies have lawyers, consultants and compliance departments to

The first real clue to what Mamdani means by "economic development" is that it should be a good track. Or the corner footage. Or the family was restaurant to improve it or it is a kitchen without spending six months on signing city bureaucracy.

The first real clue to what Mamdani means by "economic development" is that it should be a good track. Or the corner footage. Or the family was restaurant to improve it or it is a kitchen without spending six months on signing city bureaucracy.

Abingdon Khan's appointment, Mamdani and his "Open" a package of 50 reforms aimed at making it easier to start and operate a small business in New York. They range from shrinking associated permit to sell for certain to letting hostage display front outside without another license and opening front back covers from a long paperwork the city already has as life.

How of it sounds revolutionary. That is precisely the point. "You cannot tell the story of New York without our small businesses, and yet one city has often made clear but for them to open their doors and keep them open," Mamdani said last week. "The owners tell us the same thing again and again. What wean them down is not simply the end of any one day. It is the paperwork and the income money they face when dealing with the business government."

New York has become remarkably good at making it difficult to do ordinary things such as opening a cafe, expanding a grocery store, pushing a boat back into the skinny and without discovering that three different city agencies each require a different form for essentially its same purpose.

Big companies have lawyers, consultants and compliance departments to

envelope that more. Small business operators mostly have only themselves. Even if they of the Partnerships praised Mamdani's proposal to reduce credit fees across major sectors. He said "Mayor Mamdani's 1st year of credit business is going to be a good deal for the kind of money we need to maintain New York's competitiveness."

But Mamdani appears less interested in measuring economic success by how many Fortune 500 companies relocate to Mamdani than by whether someone can open a bakery without hiring an amplifier. The challenge, of course, is that cutting out the 1st to 2nd make it more than 3rd to 4th. Every major promotion to streamline government's policy administration discovers that regulations exist because someone has an incentive to preserve them.

And business control in the city still has one of the country's heaviest tax breaches. New York City's combined tax rate including state, city and transport levies is 27.46 per cent, according to the new partners Citizens Budget Commission. That compares with 12.4 per cent in New Jersey, and companies in December 2023 such as Texas and Florida enjoy a significant advantage.

Bureaucraticity is a key, but it is a key, but it is a key, but it is a key, but it is a key, but it is a key, but it is a key, but it is a key, but it is a key, but it is a key, but it is a key, but it is a key, but it is a key, but it is a key, but it is a key, but it is a key, but it is a key, but it is a key

Notice to Advertisers

LATE 10.00% of the total of the 100% of the total of the 100% of the total of the 100% of the total of the 100% of the total of the 100% of the total of the 100% of the total of the 100% of the total of the 100% of the total of the 100% of the total of the 100% of

1. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

2. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

3. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

4. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

5. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

6. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

7. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

8. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

9. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

10. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

Financial

1. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

2. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

3. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

4. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

5. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

6. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

7. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

8. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

9. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

10. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

11. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

12. 2017年，公司与上海浦东发展银行股份有限公司签订了《关于使用部分闲置募集资金进行现金管理的协议》。

---

8

★

FINANCIAL TIMES

Wednesday 29, July 2020

COMPANIES & MARKETS

Financials

Ares holds rise to buy Leonard Green

Deal would quadruple size of LA based group's first-time equity business

ERIC PLATT AND JAMES H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H.

Private capitalizing in the management has held sales in a major Leonard Green & Partners, one of the tallest and most profitable private equity firms, in a deal that would more than quadruple the size of the P&L business.

The two hold discussions about a potential for up-rocodily, according to people familiar with the matter, who continued that the group could also maintain the deal away from a deal.

An acquisition of Leonard Green would dramatically expand that presence in corporate private equity, where it has held stock such as Blackstone.

A large deal is a significant for the 1980s, and the 1990s.

Apollo and EXCL and would transform the Los Angeles development investment group into a diversified alternative grant from a specialist level known for its private credit investments.

Ares manages $64.00 in overall assets, but just $2.00 in private equity fund strategies, current Levers, which is also based in Los Angeles and manages roughly $60.00 in assets, is considered one of the premier private equity groups, having moved large worldwide including its recent $100m sale of a building products distribution company in home Depot.

A deal would have a consolidation in private markets as large listed operations such as Blackstone, Brookfield, PPL, CYC and EQT are their financial resources to broaden their investment operations.

It would also give Ares a significant foothold in traditional PE at a time of

trouble for the industry, which has seen bookkeeping due to a $100 billion of up- ing, would also depend.

Ares and Leonard Green declined to comment.

Leonard Green's approach of buying companies with predictable earnings

Leonard Green is viewed by PE executives as one of the leanest and most profitable buyout groups

such as goods distributors, restaurant and fitness franchisors, car wafers and healthcare service companies is considered a strong fit for each retail oriented strategies, a marketplace dominated by blackstone.

The firm is also considered by PE executives to be one of the leanest and

most profitable buyout groups globally, with overall staff of distributors.

Recent activity has been high across the industry as groups look to diversify their businesses and drive the growth of lucrative management fees that are priced by investors in publicly listed asset managers.

The acquisition goes has seen leading independent firms such as information, new specialist Global Infrastructure Partners, private credit manager BPS, specialist debt firms Carlsleber and Angelo Gordon and secondaries manager at a Leisigan Partners and Colter Capital of Leisigan rivals.

Ares chief executive Michael Swaghton held the 7 last year the firm was open to an acquisition that would bolster its legacy private equity franchise. "We have a lot of financial capacity to hold and we have a lot of financial capacity to hold," he said in December

"Even the largest global private equity managers would not be significantly more a market cap standpoint relative to where we are."

Both Leonard Green and Ares have their roots to their 100% home in leveraged finance achieved in by Michael McEwen's direct investment, and

Ares was co-founded by Antony Kessler, a Detroit banker who would help to found Apollo Global in the early 1990s after the collapse of the peak head power, the left Apollo to found Ares in 1997 alongside a group of partners.

Leonard Green, meanwhile, is an all- show of private markets: younger Clemson Green, which has been built up over the past three decades by managing the partners Jonathan Shobell and John Dunhall, two Owned alumni.

Additional reporting from Japan today in New York

2014

Healthcare

J&J agrees $5.5bn deal to settle decum powder lawsuit

PATRICK TEMPLE WEST - NEW YORK

Divergender Johnson & Johnson has announced a $5.5bn agreement to end long-cumulated 10 litigation involving tons of thousands of claims that inform powder allegedly caused evasion can-

New Jersey-based J&J said on Monday that it would pay up to $50m in 2017 and the remainder from 2020 onwards.

Separately, even of trial lawyers said the compensation would go to about 70,000 people with claims against the company.

The resolution marks a vote for J&J, which proposed an $5.5bn settlement in 2015. The last, unseated settlement and back-to-mast this month when a New Jersey judge overseeing the case asked the plaintiffs to see why their cases should continue.

"The case is the plead plaintiffs in an extremely positive of having to prevent specific causation evidence to maintain their claims that does not approach the claims, a two-pollutant of litigation of J&J."

"This resolution allows the company to put this matter behind it," Hana added.

The plaintiffs' law firms said the agreement "represents a fair measure of long delayed justice for three women and their families."

J&J's building a similar lawsuit in the

Tak Shigata has a legal J&J for more than a decade that insurance buys damaged off the potential liabilities. J&J's shares are up 29 per cent this year and finally up 40 tons high.

"The agreement would fully resolve all outstanding security (unfair) issues and removes any potential overhang from continued litigation, which would both be positive developments for J&J shares," analysts at Morgan Stanley

J&J has consistently denied that its full products harmed people.

In 2018, a Missouri type of J&J to pay much $4.7bn in damages to a group of nearly two dozen women who claimed their evasion cancer was caused by Hock.

Shigatape CMA CGM buoyed by stockpiling

Shipping giant CMA CGM has reported second-quarter revenue of $5.5bn, a 10% rise from a year ago, as businesses stockpile during uncertainty

The fallout from the iron-coilful and book 15 tariffs have spurred a shipping boom as companies reserved by the uncertain backdrop stockpile goods according to shipping giant CMA CGM. It reported second-quarter revenue of $5.5bn yesterday, a 19 per cent rise from a year ago, as it dipped more consignment and benefited from higher freight prices.

The profits rose to about $770m from $250m a year ago.

Boring Tobacco exports and brisk US tobacco helped drive the group transported volumes up 6 per cent year on year in the quarter to the end of June.

That offset the cost of the Middle East's growth, which pushed up shipping groups' insurance and fuel prices, the world's third biggest consumer shipping fee said. CMA CGM also recouped some of the extra costs by imposing surcharge on customers.

The Marcell-based group is making acquisitions as part of a big push into logistics globally, including a $6.4bn deal in key FedEx's third-party logistics business. It has also expanded into media outlets in France under

billionaire loan ineligible itself. Shipping groups have benefited from companies stockpiling goods should now tariffs by US President Donald Trump. The Swiss on imports from US trading partners have now been imposed by CMA CGM and geopolitical uncertainty meant its customers were likely to continue holding up stocks. "Uncertainties about whether supply chains will continue to work well against the

'Uncertainties about whether supply chains will continue to work well will probably continue'

backstop of a conflict have pushed people to stock up preventively, and that's what we see in the second quarter. These stocks will protect continue in the third quarter," CMA CGM notes director Karsten Fernandez said. He cautioned the environment was "very volatile and very complex," adding that stockpiling would sustainably end at some stage,

while consumer demand could be hit if it did not. "

The company's operating margins in its logistics divisions allowed in the second quarter, dropping to 7.8 per cent from 9.9 per cent a year earlier, and the remainder at the third party to struggles in the European industry.

Family-based CMA CGM has eight vessels still waiting to exit the first of the business. It has set up work-provided, including using the first of the business, and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new and a new

Automobiles

Mercedes cuts forecast amid China slowdown

HENRY GIM AND J. FRANKFURT

Mercedes does the program challenges and HPR to cutting its annual forecast as a slowdown in the Chinese market into the next five years on numbers.

The Stuttgart-based company said yesterday that the new would be "slightly" lower in 2018, down from a previous forecast that it would remain down to last year's impact of $132.2m.

"While we took a continue view on China at the beginning of the year, market conditions have proved more challenging than expected," chief financial officer Donald Wilkins said.

German consumer face a twin threat to the all-important Chinese market, where the impact of an industry-wide slowdown has been transformed as local manufacturers are market share.

Mercedes' second quarter sales fell 20 per cent over a year ago owing to "increase competition, continue consumer sentiment and ongoing model

changes" in the country, the company said, overshadowing up to 10% the cumulative 10 for 15 and 20 per cent.

Chief executive Ola Kilbina said that despite ongoing challenges in China, the world's largest car market remained one of Mercedes's "strategic pillars." "You have yet to take the long wave on China, not just focus on today or tomorrow," he said analysts.

Kilbina also said the pressure on consumers from Chinese would justified aggressive cost-saving measures. "The Chinese ambitious to broaden their footprint is foreign but only started and hence everything else that we're talking about, including a product to be effective in increasing," he said.

Mercedes has slashed bonuses for employees to Germany and called on them to work longer term.

The German company reported a 22 per cent increase in operating profits in the period of $3.5bn. The figure was bolstered by strong results in Mercedes'

rounds forecast and its financial activity.

Mercedes was "watching very closely" the progress of a bill to Congress that could save the company from selling its cars in the 15 market, Kilbina said.

The Communist Vehicle Security Act, which would last a number from selling connected vehicles in the US if they are more than 15 per cent owned by Chinese groups, passed a key hurdle in the beneficial work.

The act defines "connected" vehicles as those with technology allowing industry access and control that also contains "cost amounts" of data on owners.

Mercedes said in about 20 per cent owned by Chinese members, would break the threshold as it stands.

"If we need to make adjustments to comply with anything, we will make sure that we protect our presence and our business in the US," Kilbina said, stressing that the ultimate wording of the legislation was uncertain.

Automobiles

BYD launches mini 'kei' car to win over Japan

JOHN KESSLER - TOKYO

TRAK'S BYD is challenging Toyota and other Japanese companies to one of their most important companies with the launch of its mini-kerchic for car.

The release comes soon after BYD's founder and chief executive, Wang Chundu, announced a plan to topple Toyota as the world's largest consumer by sales within five years through rapid advance in charging technology and explosive revenues growth.

In push into Japan, Aura's second-largest economy, a type of that expansion plan, BYD has become the world's leading 21-producer but now faces slowing growth and rising competition for $3bn, the world's biggest car market. Beyond aggressively expanding exports - basically the construction of eight popular bulls (e.g. to carry 15), the consumer is expanding its manufacturing footprint with new factories in

Hengyeo, Brazil, Thailand, Indonesia and Uzbekistan.

BYD's answer to the 4th car - a class of busy compact vehicles and other 2 years a review made by the 2018 machine in the focus, which the company said yesterday could cost less than 12mn ($12,000) after subsidies are taken into account. On a full charge, it will offer a

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Aerospace & defence

Boeing slowed by $280m in extra costs for Air Force One refurbishment

LOUIS CARDIAN - NEW YORK

Boeing yesterday reported continuing improvement in its commercial air force business but its overall results were dragged down by the continued transfer of an Air Force One refurbishment programme.

The Virginia-based aerospace group, which is still recovering from the fallout of two final crashes involving its 737 flare jet in 2018 and 2019, reported second-quarter revenue of $2.4bn as a result of the $1.8bn in an all-termeed of commercial jets over from 343 in the first three months of the year's 2017.

Refining steady improvements in efficiency under chief executive Kelly Gifford, who took charge in 2018, the commercial aerospace division's operating margin improved from almost 1.2 per cent in year ago in minus 2 per cent. "Our team can be creating production and delivering at levels we have not seen since 2018," Gifford told investors, adding that certain options where the new version of the narrow body 737 and with body 737 models remain in track for differences to begin next year.

But the company's defence division posted an annual report on following $200m in new costs incurred by the Air Force One refurbishment programme, which was negotiated by Don-

The former CEO said in 2022 that the deal was a risk that Boeing probably shouldn't have taken

old Trump during his first term in 2018 as a $1.8bn-hole price contract.

The contract, which is four years behind schedule and involves the overhaul of two 'M'9 pits in use by the US president, has left Boeing reported to be three of $1.8bn in extra costs.

Gifford's predecessor, Dave Calhoun, said in 2022 that the contract had been the result of "a very unique negotiation, a very unique set of rules that Boeing probably shouldn't have taken".

In June, Trump took delivery of a 'M'9 jet valued at $300mm that was given to him as a personal gift by the State of Qatar, and which he said would be free to work the president's library once he set orders, giving him the 10th place to perpetuity.

The president said the future glued jet to fly to the first moment in Ankara earlier than month but he returned to the US as an order break in the first recent service raised concern about its vulnerability to a similar attack following a related upgrade, for New York Times reported.

The additional losses on Air Force One pushed through a quarterly test loss in 2018 and 2019, and that Ola "shouldn't overshadow all the meaning of progress we're making to reduce the risk across our defence portfolio, and we are in much better shape than we do we can pay."

"Like in our commercial business, the demand signal on our defence and space products remains very strong, with another increased demand in which the production and export companies is from solid to a performance," he added. Boeing claims were up 4.5 per cent in morning ending yesterday.

The company's products in expectation of a driving positive force cash flow for the year, which is said to the first time it has been secured 2021.

the fuel prices and as petrol stations disappear as human during world Japan. "We can make up $4.2 per cent of new vehicle sales in Japan last year, according to the Japan's 2018 Water Vehicle and Motorcycle Association, but their popularity has also been driven by tax and insurance breaks for cars that do not exceed certain dimensions, contain an engine smaller than 600cc and have a power supply of localized 47-kilometers.

Despite its price point, BYD's Kacco faces an uphill battle in Japan, where foreign brands make up a small portion in total, 1.9m, between 1 and only 1.9m, which is Japan last year, according to the company, 1.9m, up 60 per cent from 2018, it was only 4 in terms of the 6.2mm new cars sold, according to the Japan Automobile Dealers Association.

US President Donald Trump made his own plan for the 1st to last year, calling for US production of the "very small" and "really cool," which is during an announcement on fuel economy rules.

---

Wednesday, 27 July 2024

FINANCIAL TIMES

9

COMPANIES & MARKETS

European wind turbine makers examine benefits of ointing forces

Threat from Chinese rivals prompts executives to consider mergers under updated EU guidelines

RICHARD KILLIARD BY FRANKLIN HARRIS

Europe's wind turbine makers are examining whether combining to create industry champions would help them confront Chinese competition in the race to negate the global wind power industry.

China's and Europe's wind turbine makers have such long held sway in their domestic markets but Chinese manufacturers are developing an edge in their growing, the market for Latin America and the Middle East, as well as looking to going toward a change.

This much into which revolution has fuelled European might now be strength to leverage industry and prompted the suggestion from some executives for the need to create greater scale.

"There given faith in European industrial capacity," said Jose Manuel Entercamale, chief executive of Acciana, the largest shareholder in Nordes, which sold the most turbines by capacity in Europe last year.

"We've got a number of opportunities to meet of which is wind, [and] scale is the context ... We believe that to gain the scale difference, consolidation is the only means."

His remarks reflect the broader discussion among policymakers and industry executives about how to create European champions and whether merger rules are too restrictive.

In April, the European Commission published long-ended new guidelines for mergers and acquisitions, putting more focus on the benefits of corporate scale and urging competition officials to recognize weight to transaction, investment and resilience of the internal market.

After previous mergers, Europe's wind turbine industry is already relatively concentrated - between Nordes, Voina, Siemens Gamma and Siemens - training in production and what further to say would be about it.

"First of all, we need to clarify what it is we want from a political point of view," said Karen Ascher, it was "not worth" talking to Avian Gold from, he added. "Once we do that, there we can see what possible come into our hands."

Distributions have been taken into the open industry yet looking for a changed approach to the merger control system that would allow Europe to build a new market for the European competition officials have publicly played down the idea of revolution.

"The new merger guidelines were one of the initiatives streaming from the handheld China for a freight report, aiming to boost European competitiveness and prevent the marketers from lagging behind to both the digital and energy transition.

"Companies in this sector will definitely jump to the guidelines to push through the new 'biggest' market," said one EU official. "Whether this will work is yet to be won."

Not all experts believe scale is the answer. "Europe should be careful not to confuse our with competitiveness," said Simone Tagliagheris, senior fellow at think-tank thought. "The history of European industry supports that consolidation alone is rarely a substitute for international, productivity and a genuine single market."

But when it comes to wind power, European officials are desperate to avoid a report of the repeated attack of its solar panel industry to Chinese competition, leaving the 50% heavily reliant

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on impacts. China also dominates factory manufacturing.

In 1978, the Chinese wind turbine manufacturers benefit from a huge domestic market. Suppliers such as Goldman, Exelix, Whalley and Whip Treg, built 9100K per cent of the market and installed 120 gigawatts of wind turbines last year - or more than 70 per cent of global new capacity. Europe, by contrast, where its manufacturers were up ahead 94.2 per cent of the market, installed just under 2000.

Shortly owing to its domestic market, Global target turbine maker, Goldwind, installed more than double the capacity last year than the European champion, Voina, based in Denmark (2000 versus 16,500).

The vast scale allows for lower-cost production in China and the ability to

restrict of rivals. Most details, contract turbine producers (the Chinese manufacturers are 20-40 per cent cheaper in export markets where the two groups compete directly, said Andros Kramich, at the coming time the World Energy.

Denmark's Voina remains the largest turbine maker globally in terms of cumulative installed capacity. But for the first time last year the top five manufacturers for annual new capacity were EU Chinese, according to the Global Wind Energy Cross-Itchide group.

"Western manufacturers have pressured because all developed, the world market, speak about the lower cost of the Chinese turbines," said Sander Bakspierger, analyst at Ryrind.

European manufacturers have steadily become more reliant on sales in Europe and the US as they are pushed out of existing markets, be added.

Wood Mackenzie reports Chinese manufacturers to take 27 per cent of workers capacity installed outside of China over the next decade.

Europe's wind turbine makers are still haunted by heavy losses in 2022 when they were squeezed by rising costs and pressures to keep turbine prices down to developers trying to win government workers. That is the major movement with Voinas and Nordes shares up about 40 per cent and 10 per cent respectively over the past year; none wants to pay their recovery at risk by entering a price war with China. William Rache, analyst at Kepler

'We need to clarify what we want from a political point of view. Then we can see what possible concepts are doable'

One reason, said even up between Voina and Nordes might be too concentrated in these merger activities.

However, a tie-up between Siemens Gamma and Nordes was potentially more stable.

"The economies of scale appear to a number of dimensions," he added.

"You could argue around procurement, making foreign product problems, optimizing maintenance schedules."

Florian Mahler, a partner at law firm (Office) Co., says who can be seen on one of the things, argues that consolidation can also help boost spending on its own time - some of the focus areas for the new merger guidelines.

"There is always a need to build larger, more efficient wind turbines at a lower cost," Mahler said. "If you have a very scale of market, it is very difficult to survive. Otherwise you will lose at some point to the Chinese."

Henrik Andersen, chief executive of Voina, said the TT earlier this year that "wholeheartedly" supported the principle of creating a better end of the company. "But also warned that the competitiveness might go to the way."

"If [Untermable] I notice for a global champion should come true, it has to be a good deal for the new legislation," he said. "Should you ever write for to dance, I'm happy to dance. But we then have to have some [different] music playing."

Additional reporting by Jan Johansen in Brussels

Technology

Nvidia signs $50bn lease on huge Texas data centre

ROSE KORENDOV - CIO FRANCISCO

NEVADA 27 2009 - NEW YORK

Nvidia has signed losses worth up to $50bn for a massive Texas data centre, a previously undisclosed commitment that allows a new spotlight on the chip group's growing role in financing UI.

The nearly 80% company is losing the entire 2 percent facility that develops that its building, which will house hundreds of thousands of Nvidia graphics-processing units, and five people familiar with the data.

The move to the latest example of Nvidia's chief executive James Young aggressively using the company's financial strength to keep it at the centre of the long range market for UI-comparing power. These efforts have included spending billions of dollars to foster a new generation of AI infrastructure providers, such as CoreWaves, to buy and run its GPUs. The Texas lease goes further, putting Nvidia behind the facilities that will house its chip.

The Texas site has secured access to electricity, something that is increasingly rare as developers compete for gold power. Nvidia welded its financial muscle to hold its the site for its own chips, and an executive familiar with the deal. "They have the balance sheet to acquire power, and in doing so, ensure their product is displayed," the person, who asked not to be named, said.

Once completed, Nvidia could substitute capacity that "anecdotal" partners that buy its GPUs and sell UI-food computing, the person continued.

The arrangement will intensify concerns about circular financing, as the company's business and other written more of the market for its chips.

Nvidia is also in talks to provide a $250bn backstop to depend on help it lease a 2030 Data centre that inhibits a building in China, according to people familiar with the move. Details of Nvidia involvement in the chip project were first reported by The Information and by The Wall Street Journal.

Nvidia's 10-year lease commitment for the Texas site to worth $750bn, and internal systems would take the retail value to $100bn over 30 years, as it would be better.

Nvidia's lease on control in that 63 ability to finance the project cheaply, with about $4.5bn in bonds issued at 4.25 per cent in June to support the first phase of its project. The bonds have a filosof's investment public rating because of the lease and were priced at roughly 250 basis points above the chip-maker's sum 20 year, after, but it is expected to work. (Global financing to support a second phase of the project that will double the company's rate and which was announced last week.)

Nvidia is losing increasing competition from Google on the much greater than its balance sheet to push its Texas Powermap, which helps something back-trapping data centres and unlocking cheaper debt for developers. What is big Tech group guarantees the data centre losses, the cost of financing roughly below, and the big numbers.

But it has publicly described its intent at the first two level project early in "a high investment public company" with fixed documents identifying a big Tech commission informing Nvidia as permitted tenants. The people familiar with the matter said Nvidia was the data centre's tenant.

Additional reporting by Michael Anton and George Hammond in Ian Fenninov

www.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10

Support services

Wachtell co-chair poised to take team to rival

ELYNN BARNES AND EU-EST-MIDAT NEW YORK

One of Wachtell's Lipton's on chains is poised to end the firm alongside a team of litigators, in the latest set of high-profile litigators as hit the corporate law powerhouse.

Bill Scott, one of the country's most prominent corporate trial lawyers whose chair's Wachtell executive committee is planning to turn the firm for one Gilson. From alongside the other partners from Wachtell's litigation department to the coming time, according to people familiar with the move.

Then departures would result a blow for the highly targeted Wall Street firm, which has endured under what half a dozen defecations to rival firms including Leftoun & Walters and Eshbach's lifts since the beginning of last year.

Details were still being ironed out but the moves were likely to be announced in the coming day next for any last-minute snags, the people said.

Scott was set to leave alongside litigation partners Ryan McLeod and Anitha Brodie, among others, for Gilson, the people said. The potential wins come amid a formid legal hiring market where top partners can command more than $100m a year.

Wachtell Lipton is performing at its

The departures would be a blow for the Wall Street firm, which has endured half a dozen defecations

highest level across every metric. The firm is having a record year, continues at the top of all the league tables and is on strong in 60% over there," said a spokesperson for the firm. "We remain steadfast in our commitment to the same standards of excellence and also client service in each of our practice areas."

Gilson, Scott and California did not respond to requests for comment.

This year, Scott helped to secure victory for Wachtell clients Sam Moran and Open's after a 15-year dismissal Total Sunday Time Award ($250m, doesn't following a three-week trial).

Scott is best known as an expert in the corporate law of Delaware, where most Americans companies are incorporated.

Scott also helped Twitter to force Bank to close his 16th as a guisman of the social network in 2022.

Bank is a key client of Gilson, which was one of two law firms advising on the Space's hiring last month. But biggest initial public offering increased.

Wachtell has advised on some of the most high-profile deals to recent years including video game maker. Electronics' $250m sales are a record base in Uly Handi, Kodiak Public Investment Fund and Warner Bros Discovery's $110m sales in Paramount Maydares.

Wachtell ranked as the world's most profitable law firm per partner, according to last year's total law 100 rankings.

Banks

Barclays reaps rewards of equities volatility

OFFERED: JULIA AND LAVINA L. KNAUF

LONDON

Bardner's are tax profits merged by almost one-third in £1.5bn in the second quarter but shares in the UK bank and off yesterday after it failed to meet the high tax set by Wall Street peers.

The bank reported revenues of £4.5bn for the three months to the end of June, up more than £1bn from last year and ahead of analysis estimates.

Investment banking revenues increased by a fifth thistle to large part to equities in more trading, which was up 6 per cent. The bank also increased its advisory and underwriting loss by 32 per cent from the same period last year, with a particularly strong showing to equity capital markets.

But investors won't fall disappointed with Andrew Coombs, analyst at OIG group, citing the bank's weaker performance across its three UK businesses. Jonathan Pierce, analyst at JefGamma, called it "a slightly messy set of

numbers" with income outside of the investment bank "slightly weaker than expected."

Barclays shares fell 4.6 per cent. The results come after Wall Street banks named second second-quarter profits, boosted by their trading back season on the back of market volatility and trading in 42 weeks. Barclays' debt will be able to pocket more of the profits they generate after the bank changed its pay structure for so-called material risk takers.

"The proportion that was fixed is coming down and the proportion that was variable is going up," said John executive US Vnukadschiian. "The change would mean you is 'more good to our performance' by being 'more variable in both the poor times and the bad' by added."

Vnukadschiian said Barclays was upgrading its group revenue target for this year by about £200mn in £2.1bn.

Analysis said the UK divisions had fallen short of expectations on net inter-

net income, with pressure on deposit margins as banks compete for consumer deposits with higher interest rates.

Regulatory charges that increased this year as Barclays' interest losses on multiple high-profile corporate bankruptcies, including mortgage lender Market Financial Solutions, which collapsed until fraud allegations.

The bank revealed £375mn in credit impairment in the second quarter compared with £469mn over the same period in 2023. Barclays' half-year impairment are also up 21 per cent compared with last year.

The up-to-date bank credit management division weighed on the results. The unit generated 30.5 per cent return on tangible equity in the previous quarter, compared with 32.5 per cent a year earlier. Vnukadschiian advised of the fall in profitability to investments in a making to improve its products.

"I would say watch this open. This is a smaller part of the bank, we want it to be a bigger part of the bank," he said.

---

10

FINANCIAL TIMES

Wednesday 29 July 2020

COMPANIES & MARKETS

Financials

EY fined £1.2mn over Made.com audit breaches

Watchdog says signs of trouble at failed furniture retailer were overlooked

ELLISHAWEN KISSEN — LONDON

The accounting regulator has fined EY £1.2mn for the Big Four firm's audit of collapsed online furniture retailer Made.com.

The Financial Reporting Council said yesterday it had also issued a £40,000 financial penalty for one of EY's audit partners along with a 'severe requirement', after the auditor admitted

Auditors had 'relied on management's forecasts without applying sufficient challenge'

breaching standards in its work checking the books for Made.com in 2022.

The failures related to work performed on Made.com's 'going concern', a crucial metric for investors to judge whether the business will fail in the next accounting period, as well as on one of its deferred tax assets.

The FRC said EY had not performed enough checks or sufficiently challenged the models Made.com had used to judge the two matters, including in failing to test whether management's model actually worked malformable.

Evidence of Made.com's weakening financial position was available to EY before it signed off the audit, the watchdog said, and should have made it to evaluate its assessment of the company.

Julie Carlyle, the lead audit partner who signed off the audit, is EY's London office managing partner.

She previously sat on the UK board

as part of its audit leadership team.

Made.com boosted during the pandemic but supply chain bottlenecks and a drop-off in demand led to multiple profit warnings. The company collapsed into administration in 2022.

Its brand and intellectual property were acquired by Vent for £3.4mn less than 18 months after it listed in London with a £77bnn valuation in June 2022.

In 2022, EY issued a disclaimer of opinion on the interim financial statements, saying it could not evaluate the company's financial record primarily because of uncertainties relating to the going concern.

The FRC said EY would pay the regulator for investigation costs. EY was paid £1.8mn for its work for Made.com in 2022, according to the company's accounts.

Pretrose Finn, FRC executive counsel, said in a statement that the auditors had 'relied on management's forecasts without applying sufficient challenge or carrying out adequately testing'.

'Absent such challenge and evidence, there is a heightened risk that financial statements present an inaccurate picture,' it added.

The firm learns EY with four open investigations into its audit work, including on its audit of energy group third and the free Office.

Four firms have been levied against EY for audit issues in the past three years. The firm announced yesterday were discounted from £1.8mn and £70,000 for EY and Carlyle respectively.

EY said it had updated its internal guidance on the issues identified.

The delivery of high-quality audits remains our priority. While there was no suggestion on the FRC that the FY21 financial statements had been reinstated, we are committed to learning from this matter,' it said.

Top scorers World Cup marketing lifts sponsors' sales

Spain's Allied Oyamaha! during the World Cup match against Austria, Coca-Cola sponsored the mid-half 'hydration breaks' during the tournament

Unilever and Coca-Cola have reported surging sales volumes and raised their forecasts after a World Cup marketing blitz, demonstrating the tournament's enduring power for its sponsors.

Underlying sales growth at Unilever, the maker of Dewe and Dementia, rose 3.6 per cent in the second quarter, driven by volume growth of 3.3 per cent, its best quarterly performance since 2010.

Chief executive Fernando Fernandez said that Unilever during the World Cup promoted 35-percent core brands – including Benson and Axe – across 150 markets, with 50,000 influencers, creating related content.

Deodorant brand Benson, or Sure in the UK, was emblazoned on the substitution boards and reforms' uniforms during the games. In Brazil and Argentina, sales grew by double digits in the second quarter. Unilever's slaves closed 8 per cent higher.

Coca-Cola, whose marketing included sponsoring the mid-half 'hydration breaks', said beverage sales volumes rose 5 per cent in the quarter. The Atlanta-based company said its World Cup marketing, which also

included a pre-tournament tour of the trophy, contributed to 5 per cent volume growth for its Coca-Cola drink and 8 per cent growth for Powerado, the sponsor of the hydration breaks.

Coca-Cola's shares were up as much as 7 per cent yesterday in New York.

Unilever said that it now expected full-year sales growth 'within' a range of 4-6 per cent, an improvement on earlier guidance for growth at the 'lower end' of that range. The company is also forecasting full-year volume growth of 5 per cent, up from the 2 per cent it previously guided.

Coca-Cola also raised its guidance. It is now forecasting comparable earnings will rise by 9.10 per cent this year, one percentage point higher than its previous outlook, and said underlying revenue was likely to rise 5 per cent, up from 4.5 per cent.

While Filia was criticised for its efforts to maximise its income from the tournament, Unilever and Coca-Cola's results show the event's popularity.

The World Cup has continued to attract huge sponsorship since despite a Filia corruption scandal in 2015. Unilever's Fernandez insisted that

the World Cup sales boost would not be a 'one-off' and said that he expected to derive longer term benefits from heightened brand awareness. 'We don't do an event like [the World Cup] for a two-month impact,' he said.

Unilever's underlying operating profit increased 3.5 per cent in £5.2bn in the first half of the year.

Coca-Cola, whose chief executive Henrique Braun took over this year, said that net revenue grew 7 per cent to £43.4bn in the second quarter, beating estimates.

Net income rose 10 per cent to £4.4bn, also ahead of analyst forecasts.

Analysts at Burslyce said that they expected Coca-Cola's marketing push and the summer businesses to continue benefiting the company in the third quarter.

The US double group said that its use of 'connected packaging' allowed it to collect more than 2,000 data records, 'which can be used in tailor future marketing campaigns'. Madeline lipped in London and Gregory Mayer in New York

---

Wednesday, 29 July 2024

FINANCIAL TIMES

11

COMPANIES & MARKETS

Fixed income. Government bonds

Beets on Hungary's thawing EU relations hit by sell off

Lactation returns for foreign funds exposed with questions over how far the trade can run

ADISON ESTYBELL - LONDON

Hungarian government bonds have been one of the most lucrative bets in emerging markets this year following the coming of former prime minister Viktor Urban bei foreign investors are now questioning how much further the trade can run after it was led by audit with a global fixed markets.

The country's forint bonds have gained about 10 per cent in trade returns since this year compared with about 1 per cent in a 2.5bn gain basis of income to emerging market debt, making them one of the best performing local currency, debts to big developing markets and benefiting gains to investors.

The rally comes after a landslide victory for Peter Magyar's Tuna party in June, which persuaded a wave of "EU convergence" betr that he can lead Hungary into the furessess by the 2020s.

But the trade has scored in recent weeks as the Iran war has flared up again, pushing oil prices briefly back above $100 per barrel last week and knocking demand both for risks assets such as emerging markets and for fixed income globally.

"Everybody in the world who is doing emerging markets fixed income was doing this trade," said David Hansen, head of emerging markets fixed income strategy at Bank of America. "While it has been an amazing story ... it had become a little bit too crowded."

"Hungarian's government, which has said it will remove the role of law and democratic integrity to Hungary, has been cooperating more with thousands after years of district finance and working on

fiscal and monetary plans for euro adoption designed to lower interest rates and borrowing costs.

That, plus the central bank cutting rates as inflation has fallen, has helped push the yield on Hungary's 10-year bonds from more than 7 per cent before the April elections to a low as 5 per cent in June. Bond prices now as yields fall.

In emerging markets, only Colombia, Brazil and Egypt have performed better this year.

But Hungarian yields have since backed up to about 2 per cent as bonds have sold off globally. Investors had also been running big fees on the forint, which has strengthened from nearly $9.00 to the next six months to two-time FY2015 last month but have gained those back in recent weeks.

The bit from rising oil prices as energy-improving Hungary comes as Magyar's government funds present to show how it can reduce a budget deficit expected to be 5 per cent of GDP this year, well above the mandatory maximum fee of emerging markets.

Budapest is set to detail repairs to public finances without much while by the end of the year the central bank is also expected to reveal plans to cut fin

inflation goal below 5 per cent. Both are key parts to working the so-called "net-flight" intercity euro merchandising.

Hungary will need to reduce budget deficits below 7 per cent of GDP and align inflation with the $120.2 per cent target among reforms.

Some banks remain convinced that the recent sale of the Hungarian assets is only a klip in a longer running move lower in bond yields and higher in the currency.

"The next convergence trade has just started and it has further to run," said Pavel Stanas, managing partner at ProMorgan Investment Management, an emerging market-by-hedge fund firm.

He looks on the gap between Hungarian and German bond yields – one measure of convergence that has already dropped from 4.2 to 5.2 percentage points since March – could more further if the government keeps on making progress with reforms.

"There is a good chance that 3.1 percentage points of that is going to be drawn this year if most things happen ... the remaining 12.5 percentage points will take the next four to five years," Stanas said.

Hungary was the biggest positive con-

Notable decisions Investors have been running big bets on the Hungarian forint has have purst these back-country

tribues to ProMorgan's performance in the first half of the year, with the first's main lead-up 2.5 per cent during the period and a fund-running high-correction low for a 5 per cent, said people familiar with the figures.

"The thick yields are indeed headed lower but more than the engineering markets," said Nofar Zsolt, emerging markets sovereign analyst at Aviva Investors. "A terrible path to fiscal consolidation and financial tax compliance is what bring yields lower" well ahead of a final step of signing the forint with the euro, he added.

In one measure of the convergence trade, market pricing has already reduced estimates of long term future Hungarian assets to about 1.5 percentage points above the furesome equivalent compared with 4 percentage points below the elections.

"A lot of the convergence trade has already happened. Markets tend to run about in the curve," said Iain Costa, global head of emerging markets strategy at the end.

But as the central bank, "you're going to need very strong confidence in fiscal consolidation" before committing to a new inflation target, he added.

Nugget has said Hungary could meet the criteria for joining the euro by 2030, although most investors think the early 2030s are more realistic, based on the typical length of time needed to end out currency reforms.

As well as aligning fiscal and monetary policies to the European countries have to spend at least two years in a "waking room" in which they must keep their currency in a tight trading hand against the euro.

The future through this waking room as far had been flown in and Croatia at two and a half years, with an average of more than five years for euro candidates, UK analysts noted.

Our global team gives you market-interest rates and values 24 hours a day. Numismarkets

Equities

Chip stocks

rout deepens

as jitters over

AI boom rise

SENIE JENK A - LONDON DAVID HENKMAN - TOKYO

Global contraindication stocks tumbled yesterday as hours over the durability of the 16-beam intensified ahead of results from some of Silicon Valley's biggest companies this week.

Oil-disp and mercury stocks extended the previous day's losses, dropping the Nasdaq 100 index down as much as 1.8 per cent and taking its losses since its early June high briefly into corrections to victory at more than 10 per cent.

It later rebounded to trade 0.6 per cent lower on the day.

Memory giant Sandvik, which fell 5 per cent on Monday, dropped another 10 per cent yesterday. The stock has lost more than 10 per cent of its value this month but still remains more than four times higher since the start of 2026.

Western Digital and Micron fell about 9 per cent and Advanced Micro Service dropped 7 per cent. Apple was one of the winners's of the deepening sell-off after its market valuation jumped above $10m for the first time yesterday, in a sign of the 49-hour market's risk as a boost for its 16-men.

Its shares rose as much as 1.5 per cent to push it over the 50m threshold, making it only the second group ever, after its September 9-16th, so much that market capitalization.

The minimum score a day after Apple passed 9-16th to ascertain its cross-country.

"Worries around funding uncertainties, capex [rises] and Big Tech free cash flow have taken centre stage"

world's most valuable company for the first time since May last year.

Semi-conductor stocks, which seemed global markets higher in the first half of the year as investors felt that they would be the biggest benefit a size of real AI spending, have forced the boost of a broad call-off in recent weeks as many of those bets have unsound.

"Worries around funding uncertainties, capex increases and Big Tech free cash flow have taken centre stage," said Vime Kofman, head of 10 suppliers strategy at the close.

Energy estimates, head of equity research at Smar Street, added: "The market is worried about extra borrowing, extra capex, how sustainable it is. Negative uncertainty is building up."

In Europe, ASME, the world's biggest maker of chip manufacturing equipment, fell 2.5 per cent.

South-Eastern, king-led declines in Asia, falling more than 10 per cent and prompting a short halt in trading, after investors dumped down to shipmakers 16.5 years, and Samsung filed a new

McGryals fell 0.4 per cent on Monday while its larger road, Samsung this from its, dropped 15.4 per cent.

Both groups' short prices have shed more than a third of 2013's will off, although they still remain 150 per cent and 50 per cent higher in the year to date.

See IT View

Financials

Largest listed hedge fund Man Group reverses outflows in key trading unit

COSTAL MODERIALS - LONDON

Man Group, the world's biggest listed hedge fund, reversed outflows from its three successive trading divisions in the first half of the year, sending its shares up a month as 7 per cent.

The FTSE 250 company yesterday reported $2.2bn of quarterly net outflows into its absolute return unit, which tries to perform well in every market environment while denying high fees and is one of the net ex-most closely watched by investors.

The second-quarter gains reversed several quarters of outflows after the group's most profitable hedge fund strategies outlined in a volatile 2023, insisting profits and its share price.

Nevertheless that since improved, lifting per-tax profits for the first six months of the year to $204mm from $7mm over orders.

Man Group is best known for its hedge fund unit, 4H1, 4H2A was one of the world's pioneers in computer and mathematical model-driven investing in the 1960s. But the performance of its strategies can be highly unpredictable, leading to wild moves in Man

Group's share price as investors anticipated huge swings in performance fees and profits.

Under chief executive Robyn Gove, Man Group has worked to diversify into other areas including long-only investors, which tries to beat a market benchmark, and get into credit.

Man Group's assets under management hit a record $250m at the end of June as its long-only division polled in $6.4bn in the quarter and positive investment returns added $16.7bn.

Man Group CEO Robyn Gove has worked to diversify into other areas

These two top-flighted and profile 8% by the company per dollar of investor assets held could be lost in Man Group starts to look to revamply like a traditional asset manager.

Margins on management line, which are twice as high for hedge fund strategies compared with long-term reports, dropped 7 per cent on a relative basis across the group since the end of last year.

The overall decline in fee margin was partly due to a drop in the hedge fund segment.

Unlike long-only strategies, hedge fund strategies can also generally clasp high performance fees, which can lift profits significantly in years of strong performance.

Man Group has been training out its multi-strategy fund Man 2702, Group, around six trading teams as it seeks to compete with the likes of downstart 1.5 hedge fund grants including Millennium and CAGR.

The fund, which manages the bulk of the $2.8bn in the group's multi-strategy segment, trades various strategies across most classes. It was up 7.9 per cent in the first half of the year.

Sustainability

Over two-thirds of FTSE 100 groups restate climate metrics, analysis finds

ELIZABETH KISSON - LONDON

More than two-thirds of FTSE 100 companies were forced to make changes to their previously reported figures for climate and sustainability metrics last year, exposing the gaps in measuring corporate gross performance.

A review of annual reports showed that 60 out of the top 100 US listed companies made no causal prior-year adjustments to their sustainability metrics. Definite found, sharply up on the 46 of the previous year.

A lack of enforceable standards across suppliers and customers globally means that companies broadly are falling short in accounting for their environmental impact.

More than half of the companies in the leaders index made multiple revisions – or triple the number of the year before.

Most of the restated figures were related to other revisions.

These quarters of companies that revised their greenhouse gas data made changes to the scope 5 category, which regarded as the most difficult to calculate.

has. But this makes up by the majority of most companies' carbon footprint and covers the entire value chain, including the use of products and services.

Defines contractor Babcock was typical for making changes to its methodology after finding its scope 5 minimum went up beyond its targets. It decided to remove this measure from its key purposes.

'Everyone recognises this is still an area that is still maturing and still subject to inherent limitations'

formance indicators for the year and end it would well guidance for 2025.

This reflects the type of revision that was becoming more common as companies critical their reporting systems,505810 and

Isolated data and energy group MERS, which last year switched its primary listing from Athens to London, may change to "correct identified reporting errors", including revising down the number of employees by almost 700

of those employees to some strategic interests. The result was a substantial jump in the estimate of scope 5 minimum, which is kept from 6.5mm to one of 14.8mm dimidi-captivated to about 7.8mm.

UK regulators are considering whether to force some businesses to report against new sustainability reporting standards that are expected to increase scrutiny of companies' climate disclosures.

The voluntary Greenhouse Gas Protocol provides the most widely used accounting standard for companies can choose from multiple calculation methods depending on available data.

Revision last become "a core feature" of reporting as companies are not the quality of data, said Steve Forrest, Defense UK head of sustainability awareness.

Most contaminants reflected changes in methodology, corporate structure or underlying data rather than errors.

"Everyone recognises this is still an area [that] is still maturing, still developing, still subject to inherent limitations, estimations and information from the supply chain that make it difficult," said Farrell.

---

12

★

FINANCIAL TIMES

Wednesday 29, July 2020

COMPANIES & MARKETS

Shareholders must

beware stock based pay in the age of AI

Holden Spidt

Markets Insight

Companies have a responsibility to try to protect every share from value erosion arising from the equity dilution when new stock is issued. But many companies are issuing shares too freely as stock-based pay, and the problem is insisting in a local in the age of AI.

The cost of excessive stock-based pay may not be immediately obvious to investors as the expense can be expected below "adjusted" profit figures and is amortized over a period of years.

An valuation expert, Kenneth Dunnell, arose warned in a Financial Times column in 2019 on the issue, the two words that you should dread the most in a financial statement as an investor are "adjusted earnings".

Market volatility exacerbates the problem. In particular, when a company's stock falls, it often insure larger grants of an initial "restricted stock units" (RSCs) that cost over several previous long emphasis on the market's growth, the company's stock. Groups can blunt the dilution by buying back shares, as many have, though the true cost remains. Investors rarely understand the fall bill.

Stock-compens محتaring has been corrected for decades. In 2004, the Financial Accounting Standards Board closed a loophole that let groups leave stock options off their expense statements.

However, this simply reduced offence to wage options for RSCs, which emphasizes power because they retain value even when a stock falls below the option of the price. Task force competing for some and expensive client have particularly favoured this approach.

The effect of greater stock-comp shows up in the widening difference between profit figures under GAAP

standards and the "adjusted" ones must analysis can be valuation.

Call it the "GAAP gap," which has roughly tripled since 2020 across the 17 largest US listed software groups from a median gap of minus 6 per cent in 2020 to minus 44 per cent in 2015. Stock-comp has been the dominant cause.

Even the most cash rich companies aren't exempt. It was telling that, when Alphabet recently announced its first equity raising in decades, it set aside a large slice of the nearly $40bn used to issue fresh shares or employees could keep more of their voting stock rather than selling a chunk to cover the taxes

Groups can blunt the dilution by buying back shares, as many have, but the true cost remains

due. Setting tax falls for employees is that manner is rare for a mature company and is usually to drive an ITV-setting, AHT (the point at which a large number of RSCs live up at the same time).

Three forces are expected to now make the overall stock-comp maths worse. The first is the cost of 10 infrastructure. Hypercakes are expected to spend $732bn as it is 2026, up 77 per cent from 2025.

Every dollar of that spending is a dollar not available to some blockades that have neutralized, or masked, stock-comp dilution at the biggest companies.

Second, companies that use their market values slated by its drivers repricing have already issued more stock to retain employees, in particular software groups.

Share buybacks have been holding dilution in stock but this might not be sustainable. This in turn raises a question – what happens to those businesses if they have to pay a meaningfully larger share of compensation in cash?

The third, and least discussed, is the rise of the 10 "adjusted" – all techniques even found in an compensation largely in stock. The target group is left standing as a corporate deal while the acquirer turns away its key people and pays retention grants voting over several years.

Unlike a conventional acquisition where the purchase price is a one-time cost in some combination of cash, debt, equity, the suppliers's tab stays open – when the grants vest and then expire, the acquirer presumably will so up with more RSCs or risk being for talent. That selling obligation flows through the income statement.

When investors evaluate stocks, it seems that many commonly ignore stock compensation and focus on the market to bring or free cash flow.

I've watched this from the inside of deals. We've seen this in our own deals – in one recent acquisition, a large investor initially built its view of intrinsic value using a discounted cash flow and said that it gained stock's comp.

When they put K back in, the picture changed materially, which we believe made it clear in the board and shareholder that our offer was fair.

Companies can better protect shareholders by insuring stock-based compensation transparently as the operating expense for K is – and ditch the creative accounting that masks the cost. Markets would be healthier for it.

Golden Spidt is managing partner at Photodirene

Experience the FT Weekend paper come to life with sessions including:

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BANK OF AMERICA

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The day in the markets

What you need to know

• Crude prices remain during season in

In addition between US and raw

• Environment-based benefit from

future flows as rich stocks tumble

• Dollar falls against rival countries and

precious metals also lose ground

Oil prices fall further yesterday during a season in territories between the US and Iran since the end of last week, helping to boost government funds that also benefitted from future flows. In rich stocks included.

Brexit crude, the international oil benchmark was down 5.6% over by late afternoon in London in Asia that 584 per barrel after trading above 2000 a barrel on Friday. Peter Fouse intermediate, the US business, the N95 5 per cent in Asia that 280 per barrel.

President Donald Trump said yesterday that the US-based insert with Iran and that "Weird a chance we could make a deal". The former Ambassador to China and earlier that I never was committed to negotiations.

The lower oil prices meant consumer on global government borrowing issues, which have risen in recent weeks on inflation basis, triggered by high energy costs.

With an 10-year US Treasuries were 5 basis points lower of 4.39 per cent as countries brought the same.

Yields on 10-year US Treasuries were 5 basis points lower of 4.39 per cent as countries brought the same. In 10-year US 10 per US, Brian Benson, Michael Taylor and Oliver Gailton to explore the biggest financial challenges

being young adults and the practical steps that can make a difference.

Oil tumbles on hopes for deal to reopen Strait of Hormuz

Brexit prices (3 per barrel)

Falling oil prices also drove a rally in European stocks. The continent-wide Times Europe 2000 video closed up 0.4 per cent while London's FTSE 100 was 0.9 per cent higher.

The UK 40-bend break in Paris and the Aerts (the gauge in Frankfurt advanced 0.6 per cent and 0.6 per cent, respectively).

Wall Street tech stocks fell as the sector sold off ahead of second-quarter stocks from Microsoft, Meta, Apple and Amazon-

Hos week. The new new Monday Composite video was fair by early afternoon trading

on Wall Street while the Philadelphia Semiconductor Sector video was down

0.5 per cent, with memory giant Sandalid

down 9.0 per cent.

The Silver-trip S&P 500 Index was up

0.4 per cent, led by Defensive consumer and healthcare stocks.

Earlier in the day, the Anti-Havev Nocor in Seoul closed down 10.8 per cent.

The dollar fell 0.3 per cent against a basket-of-trial currencies while the euro

and the pound gained.

The euro was trading at $1394, up 0.9 per cent, while the pound was 0.1 per cent higher at $1,000.

Precious metals dipped during the day with gold 0.8 per cent lower at $4,000 per mio source and silver down 1.6 per cent to $2700 per mio source. Romous Hindjans

Markets update

	US	Eurozone	Swiss	UK	China	Brasil
Stocks	S&P 500	Euro/est 300	Nikkei 235	FTSE100	Euro/est Coma	Americas
Land	5×2070	25$6.99	6225×192	50$7102	5913.31	2104$4.16
1/2 Energy on day	0.25	0.34	0.37	0.65	1.14	0.94
Currency	$ index (GDP)	$ per €	Yrs per $	$ per €	Risk per $	Mail per $
Stock	0.1	0.1	0.1	1.0	1.0	0.18
Stock on day	0.26	0.118	0.0375	1.0	0.26	0.118
5.3 Energy on day	0.26	0.118	0.092	0.075	0.08	0.067
Stock bonds	50 free Treasury	50 per $1.00	50 per $1.00	50 per $1.00	50 per bond	50 per bond
Yield	4.39	3.55	2.76	4.74	1.74	14.63
Sales (petrol range) on day	0.015	0.015	0.017	0.015	0.015	0.015
Market Commodity	FTSE All World	Oil - Brent	Oil - Brill	Gold	Silver	Market's MCO
Land	3.7%	34.13	0.35	4.24×1.53	39.63	2664.40
1/2 Energy on day	0.20	0.84	0.66	0.88	0.77	0.56

Plan equity markets

S&P 500

Euro/est 300

FTSE 100

Biggest movers

US

	US
Elkhora (Minnes)	9.63
Go (Kent)	7.56
Jamaica	7.52
Jamaica	7.52
Jamaica	7.52
Jamaica	7.52
Jamaica	7.52
Jamaica	7.52
Jamaica	7.52
Jamaica	7.52

Price change in 2020 (US $1.00)

Eurozone

1. 2017	1. 2018	1. 2019
2. 2018	2. 2019	2. 2020
3. 2019	3. 2020	3. 2021
4. 2020	4. 2021	4. 2022
5. 2021	5. 2022	5. 2023
6. 2022	6. 2023	6. 2024
7. 2023	7. 2024	7. 2025
8. 2024	8. 2025	8. 2026
9. 2025	9. 2026	9. 2027

Price change in 2020 (US $1.00)

Price change in 2020 (US $1.00)

Price change in 2020 (US $1.00)

Aerospace & defence

European start-up TEC with SpaceX ambitions aims for a $2bn valuation

FROM JEWINGSTON—LONDON

An ambitious European space start-up is in talks to raise hundreds of millions of dollars of funding for its plan to develop reusable space capsules in a bid to challenge Elon Musk's launch.

The Exploration Company (TEC) is discussing raising at least $500mn in new money that could raise the company at more than $200 once the fresh investment is taken into account, according to people familiar with the matter.

Brussels' new flagship to sleep Europe Fund, an investment vehicle backed by the European Commission and managed by Swedish investment group IQY, was discussing making one of its first investments in TEC as part of the deal, the people added.

The people cautioned that talks remained ongoing and that figures could yet shift with no final decisions taken yet.

IQY and TEC declined to comment. Founded in 2015 and led by chief executive Melanie Reitz, TEC is one of Europe's highest profile start-ups asking to eventually challenge the dominance of US space groups.

The company has been compet up to develop Europe's first reusable capsule

Brussels' new flagship Scalcap Europe Fund is discussing taking part in the $500mn fundraising

to transport cargo – and the hope is, eventually, people – to the international Space Station.

TEC has raised a focus decision in 2024 without denoting its valuation.

TEC operates out of Germany, France, Luxembourg, Spain and Italy and has offices in the US and United Arab Emirates.

The company emerged a couple of years ago as one of its most important and well-selling tools for European Space Agency to build a commercially credible service to low Earth orbit by 2028.

Its current family of spacecraft in development is called Nys. The company is also now developing Storm, a rocket engine, according to its website.

The Scalcap Europe Fund was designed to invest in promising European companies in competitive sectors such as AI, quantum technologies and communication.

The chief executive Per Trumbis told the FZ that he expected the fund to surpass its planned 4.5bn target due to strong investor interest.

TEC has previously received backing from investors including Baltimore, Beesman, Cherry, IQY's venture area, Wood, Patrick and Vanguard among others.

---

Wednesday 27 July 2023

•

07/07/2023 10:00:0

13

MARKET DATA

WORLD MARKETS AT A GLANCE

FT.COM/MARKETSDATA

7. Out-of-pocket performance chart by 1.0

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FTSE ACTUATED 500MM MODEL

ALP 500 Media Payments

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ALP 500 Media Payments[{"box_2d": [745, 838, 968, 844], "label": "text", "caption": "AL

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76

•

FINANCIAL TIMES

Wednesday, 27 June 2020

MARKET DATA

FT GLOBAL S&P-THE WORLD'S LARGEST COMPANIES

---

Wednesday 19 July 2023

FINANCIAL TIMES

15

FINANCIAL TIMES SHARE SERVICE

Main Market

	12 March
	YTD	YTD	YTD	YTD	YTD
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000
Net Income (Loss) (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

Net Income	1,000	1,000	1,000	1,000	1,000
Net Income	1,000	1,000	1,000	1,000	1,000
Net Income (Loss)	1,000	1,000	1,000	1,000	1,000
Net Income (Loss) (Loss)	1,000	1,000	1,000	1,000	1,000
Net Income (Loss) (Loss)	1,000	1,000	1,000	1,000	1,000

	12 March
	YTD	YTD	YTD	YTD	YTD
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000
Net Income (Loss) (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	12 March
	YTD	YTD	YTD	YTD	YTD
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000

	12 March
	YTD	YTD	YTD	YTD	YTD
Net Income (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000
Net Income (Loss) (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000
Net Income (Loss) (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	12 March
	YTD	YTD	YTD	YTD	YTD
Net Income (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000
Net Income (Loss) (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	12 March
	YTD	YTD	YTD	YTD	YTD
Net Income (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000
Net Income (Loss) (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000
Net Income (Loss) (Loss)	$ 1,000

	12 March
	YTD	YTD	YTD	YTD	YTD
Net Income (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000

AIM

	12 March
	YTD	YTD	YTD	YTD	YTD
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000

	12 March
	YTD	YTD	YTD	YTD	YTD
Net Income (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000

	12 March
	YTD	YTD	YTD	YTD	YTD
Net Income (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000

Investment Companies

	12 March
	YTD	YTD	YTD	YTD	YTD
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

	12 March
	YTD	YTD	YTD	YTD	YTD
Net Income (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000

	12 March
	YTD	YTD	YTD	YTD	YTD
Net Income (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss) (Loss)	$ 1,000

	12 March
	YTD	YTD	YTD	YTD	YTD
Total Revenue	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Net Income (Loss)	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000

IS YOUR SHARE PRICE BEING NOTICED?

The Financial Times Share Service sections help you to reach and engage financially, aware decision-makers and affluent shareholders from across the world in print and online.

To advertise contact card.ranskey@ft.com

Guide to FT Share Service

All data is not a share of the market's business. The company should have an impact on the market's performance. The FTSE data is based on the market's performance. The FTSE data is based on the market's performance. The FTSE data is based on the market's performance. The FTSE data is based on the market's performance. The FTSE data is based on the market's performance. The FTSE data is based on the market's performance. The FTSE data is based on the market's performance. The FTSE data is based on the market's performance. The FTSE data is based on the market's performance. The FTSE data

A. 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000

Data provided by

Markets and data Happen here.

www.csc.com

---

10

FINANCIAL SERIES

Wednesday 29 July 2016

MANAGED FUNDS SERVICE

Algebra Investments

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

Aroma Fund Managers List (1000F)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
2. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
3. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
4. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
5. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
6. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
7. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
8. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
9. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
10. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
11. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
12. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
13. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
14. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
15. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
16. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
17. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
18. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.
19. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99.[{"box_2d": [30, 665, 260, 671], "label": "caption", "caption": "1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21

---

Wednesday, 29 July 2016

FINANCIAL TIMES

17

MANAGED FUNDS SERVICE

Fund	Est	Other	Yard	Zinc	Zinc	Fund	Est	Other	Yard	Zinc	Zinc	Fund	Est	Other	Yard	Zinc	Zinc	Fund	Est	Other	Yard	Zinc	Zinc

Fundsmith Equity Fund

Fundsmith GP 1100RF

P.O. Box 1000, National Bank of New York, 1980

www.fundsmith.com, www.fundsmith.com

Authorized for Funds

Funded by Equity Fund	800.00	1.11	1.00	1.25	1.27
Funded by Equity Fund	800.00	1.11	1.00	0.75	0.77

GUINNESS

GLOBAL INVESTORS

Guinness Global Investors

Guinness Global Investment Fund 1, 2007	2	37.00	1.11	2.00	0.25	0.00
Guinness Global Investment Fund 1, 2008	2	40.00	1.11	0.25	0.00	0.00
Guinness Global Equity Fund 1, 2009	2	32.00	1.11	0.25	0.00	0.00

PPMX Resources Ltd

Part of the Bank of New York, 1980, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020

International Investment

Working Program (2014)	0	0.00	0.00	0.00	0.00
Working Program (2015)	0	0.00	0.00	0.00	0.00

Minney Asset Management Limited

Registered

Michney Global Investors 2 302.1 - 1.00 0.00 2.00 1.00

McInroy

Wood

McInroy & Wood Portfolio Limited

A. 2017, 1985, 1986, 1987, 1988, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 1996, 1997, 1998, 1999, 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 for Funds

Business Fund 1	4672.30	1.10	1.10	0.10	0.00
Business Fund 2	4688.00	1.10	1.00	0.00	0.00
Investing Funds (see 1)	2734.00	1.10	1.10	0.10	0.00
Investing Funds (see 2)	2584.00	1.10	1.10	0.10	0.00
Investing Funds (see 3)	2648.00	1.10	1.10	0.10	0.00
Investing Funds (see 4)	2722.70	1.10	1.10	0.10	0.00
Investing Funds (see 5)	2588.00	1.10	1.10	0.10	0.00
Investing Funds (see 6)	4682.00	1.10	1.10	0.10	0.00

Purchase Investment File (UK) 1100RF

Full Year General Business (Michney) Funds, 1980

Year 1st year 2nd year 3rd year 4th year

Authorized for Funds

Authorized Corporate Director (Morgan Management) (UK) Limited

Global Trust/PTC 2	800.00	1.00	0.00	75.25	50.00
Global Trust/PTC 3	800.00	1.00	0.00	75.00	50.00
Global Trust/PTC 4	800.00	1.00	0.00	75.00	50.00

Purchase Investment File (CI) Ltd

Registered

RECEI	100.47	1.12	0.00	17.00	21.12
RECEI	100.00	1.00	0.00	10.00	20.00

Royal London

All financial flows (see 1) and 40
Authorized for Funds
Royal London Corporation (Invested) 1, 2, 3	200.00	1.00	1.00	0.00	0.00
Royal London Corporation (Invested) 2, 3	200.00	1.00	1.00	0.00	0.00
Royal London Corporation (Invested) 3, 4	200.00	1.00	1.00	0.00	0.00
Royal London Corporation (Invested) 4, 5	200.00	1.00	1.00	0.00	0.00
Royal London Corporation (Invested) 5, 6	200.00	1.00	1.00	0.00	0.00
Royal London Corporation (Invested) 6, 7	200.00	1.00	1.00	0.00	0.00
Royal London Corporation (Invested) 7, 8	200.00	1.00	1.00	0.00	0.00

Authorized for Funds

Pension Management (1) 2007

Standings/Thinking Investment Management Ltd

www.standingsfund.com

www.standingsfund.com

Registered

30	Global Trust Fund 1, 2, 3	1, 000.00	1.00	0.00	0.00	0.00
30	Global Trust Fund 1, 2, 3	1, 000.00	1.00	0.00	0.00	0.00

Superfund Asset Management GmbH

www.sse.com

Other International Funds

1	1775.70	1.10	1000	0.00	0.00
2	Superfund Fund Class	1	1000.00	1.10	0.00
3	Superfund Class	1	1000.00	1.10	0.00
4	Superfund Class	1	1000.00	1.10	0.00
5	Superfund Class	1	1000.00	1.10	0.00
6	Superfund Fund Funds	1	1000.00	1.10	0.00
7	Superfund Fund Funds	1	1000.00	1.10	0.00
8	Superfund Fund Funds	1	1000.00	1.10	0.00

Janus Henderson

INVESTORS

Janus Henderson Investors

P.O. Box 1000, National Bank of New York, 1980

www.janushend.com

Authorised for Funds[{"box_2d": [31, 430, 260, 652], "label": "table", "caption": "| Janus Henderson (Michney) (Morgan) Fund 1, 2, 3 | 207.00 | 0.15 | 0.15 | 0.17 | 0.17 | | --- | --- | --- | --- | --- | --- | | Janus Henderson (Morgan) Fund 1, 2, 3 | 97.00 | 1.15 | 1.00 | 0.75 | 0.00 | | Janus Henderson (Morgan) Fund 1, 2, 3 | 206.00 | 1.15 | 1.00 | 0.75 | 0.00 | | Janus Henderson (Morgan) Fund 1, 2, 3 | 194.00 | 1.00 | 1.00 | 1.00 | 1.00 | | Janus Henderson (Morgan) Fund 1, 2, 3 | 1150.00 | 1.00 | 0.75 | 0.00 | 0.75 | | Janus Henderson (Morgan) Fund 1, 2, 3 | 1150.00 | 1.00 | 0.75 | 0.00 | 0.75 | | Janus Henderson (Morgan) Fund 1, 2, 3 | 1150.00 | 1.00 | 0.75 | 0.00 | 0.75 | | Janus Henderson (Morgan) Fund 1, 2, 3 | 1150.00 | 1.00 | 0.75 | 0.00 | 0.75 |

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75
Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75
Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75
Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

Janus Henderson (Morgan) Fund 1, 2, 3	1150.00	1.00	0.75	0.00	0.75

| Janus Henderson (Morgan) Fund 1, 2, 3 | 1150.00 | 1.00 | 0.75 | 0.00 | 0.75 | | --- | --- | --- | --- | --- | --- |

Janus Henderson (Morgan) Fund 1, 2, 3

1150.00

1.00 QA Report - Financial Times - 29.07.2026.pdf Pipeline Extraction route: mistral-ocr extraction_route=mistral-ocr Translation chunks: 113 Extraction warnings: [OCR-ROUTE] Scanned PDF detected; routing directly to MistralOCR. Non-model Checks WARNING: translated output has low semantic coherence score (0.14) WARNING: missing numeric tokens from source: 1394, 14.5, 14.63, 15.5, 17.00, 17.5, 1775.70, 18.5, 194.00, 20.00 WARNING: Missing proper nouns in translation: Automobiles Mercedes, Banks Barclays, Benjamin Netanyahu, Between February, Big Four, Big Tech, Bordeaux France, Boring Tobacco, Both Leonard Green, Brian Kramer Partner - WARNING: source dates, money, or percentage tokens may be missing Model QA 翻译质量审计报告 (QA Report) 评估结果：不通过 (FAILED) 该翻译存在极其严重的质量缺陷，包括大规模的幻觉、严重的数字错误、严重的文本截断/丢失以及无法接受的机翻错误。 1. 严重幻觉与内容错误 (Hallucinations & Major Errors) 凭空捏造内容：在“简讯”部分，译文出现了一段极其荒谬的数字序列（2024, 2025, 2026... 2100），这在原文中完全不存在。 逻辑崩坏：在“简讯”部分，将“芯片股”相关内容翻译成“英国的全球地震（Global earthquake）已经暴跌”，将“Silicon Valley”翻译成“Milsen Valley”，完全脱离原意。 事实性错误： 原文“magnitude of 13” (震级13，虽原文档本身可能为OCR错误，但译文直接照抄) 导致常识性错误。 将“Chinese forces”直接翻译为“中文部队”，完全错误。 将“Satoru Tokai”等名称处理极不自然。 2. 数字与关键信息错误 (Wrong Numbers & Data) 量级错误： Made.com 的估值原文为 £77bnn (应为77m)，译文写成 £77bnn（保留了原文档OCR错误，但未进行常识性校验）。 安永罚款金额：原文 £1.2mn $\rightarrow$ 译文在部分段落写成 £1.8mn（前后矛盾且与原文不符）。 Ares 管理规模：原文 $600mn $\rightarrow$ 译文 600mn（正确），但 Leonard Green 资产原文 $100m $\rightarrow$ 译文 100m（正确）。 巴克莱利润：原文 £1.5bn $\rightarrow$ 译文 £1.5bn (正确)，但另一处提到 £2.2m (原文 $\text{£2.2bn}$)，量级偏差千倍。 3. 遗漏与截断 (Omissions & Truncation) 严重截断： “Fifa 计划出售...”段落出现严重的重复性截断：“第一次是第一次的第一次... (重复数十次)”，导致关键信息完全丢失。 “可口可乐”段落末尾出现截断：“分析师表示，他们预计可口可乐的营... (未完)”。 “香港 IPO”段落末尾出现截断：“筹集了... (未完)”。 4. 残留英文与未翻译块 (Residual English) 大量未翻译： 整个 Crossword (填字游戏) 部分完全没有翻译（ACROSS/DOWN 及其所有谜题全部为英文）。 部分专业术语/人名强行保留或错误处理（如 ungeneally 等 OCR 错误词汇直接保留）。 5. 其他交付缺陷 (Delivery Defects) 内部标签泄露：译文开头包含 [!WARNING] 翻译质量评估未完全通过 及 missing numeric tokens 等审计日志/系统提示词，属于严重的交付缺陷。 OCR 错误继承：译文盲目继承了源文档的 OCR 错误（如 77bnn, per cent 的碎片化），未进行基本的文本重建。 结论： 该译文处于不可用状态，存在严重的系统性崩溃和幻觉。